MC · Financials(investment advice) · 10 years of annual accounts filed with the SEC · latest fiscal year ended 2025-12-31
Signed in, this page also says what this company is inside your own portfolio: its weight, its share of your risk, and what buying or selling some of it would change. Sign in ›
Of the $3.6 billion its operations generated over 10 years, 61.7% went to dividends. On the accounting screens, it passes 4 of 4 Piotroski tests; none of the six cross-checks between its statements fires.
Revenue, fiscal 2025—
Operating margin—gross margin —
Return on invested capital—
Free cash flow after stock pay309.7M
Net debt ÷ EBITDA—net debt —
Piotroski F-score4/4tests of improvement passed
Is it growing?
Revenue and the operating income it turns into. Growth that does not reach operating income is growth bought with margin.
RevenueOperating income
-200.0M0200.0M400.0M600.0M
2016Operating income 161.1M
2017Operating income 164.3M
2018Operating income 226.8M
2019Operating income 114.5M
2020Operating income 265.7M
2021Operating income 495.9M
2022Operating income 216.1M
2023Operating income -40.4M
2024Operating income 172.9M
2025Operating income 273.9M
2016201720182019202020212022202320242025
Compound growth a year
3 yrs
5 yrs
9 yrs
Operating income
+8.2%
+0.6%
+6.1%
Net income
+15.5%
+3.5%
+6.9%
Falling shares are buybacks: each remaining share owns more of the company.
Does it earn more than its capital costs?
Margins say how much of each sale is kept; return on invested capital says how much the business earns on the money it needs to operate. Growth only creates value when that return is above the cost of the capital.
Return on invested capital
Economic profit
Needs a cost of capital, which comes from the valuation below.
Return on equity
45.7%
Return on assets
14.9%
Asset turnover
—
Is the profit cash, and where does the cash go?
Net income is an accounting opinion; free cash flow is what was left in the bank after investing. Stock-based pay does not leave the bank — shareholders pay it through dilution — so it is shown taken off as well.
Net incomeFree cash flowAfter stock-based pay
-500.0M0500.0M1.0B
2016Net income 141.9MFree cash flow 228.7MAfter stock-based pay 151.7M
2017Net income 126.5MFree cash flow 227.5MAfter stock-based pay 131.2M
2018Net income 208.0MFree cash flow 384.0MAfter stock-based pay 260.9M
2019Net income 135.7MFree cash flow 202.8MAfter stock-based pay 78.6M
2020Net income 218.4MFree cash flow 388.6MAfter stock-based pay 254.9M
2021Net income 423.0MFree cash flow 920.6MAfter stock-based pay 752.6M
2022Net income 168.7MFree cash flow 27.0MAfter stock-based pay -101.9M
2023Net income -27.5MFree cash flow 141.8MAfter stock-based pay -16.4M
2024Net income 151.5MFree cash flow 415.4MAfter stock-based pay 253.9M
2025Net income 259.6MFree cash flow 540.0MAfter stock-based pay 309.7M
2016201720182019202020212022202320242025
Where 10 years of operating cash went, 2016–2025
3.6B generated by the business. Each band is its share of that total.
Reinvested in the business 4%150.1M
Acquisitions 0%0
Dividends 62%2.2B
Share buybacks 0%3.3M
Kept, or used to pay down debt 34%1.2B
Over the same years it paid 1.4B in stock. The buybacks did not even cover what was handed out in stock.
Per share
Shares outstanding
How strong is the balance sheet?
Debt is not bad in itself; debt the business cannot service in a bad year is. Net debt is debt minus cash, and below zero the company holds more cash than it owes.
Net debt ÷ EBITDA
—
Interest coverage
— operating income ÷ interest
Current ratio
— current assets ÷ current liabilities
Cash conversion cycle
—
Three classic screens of the accounts
Each asks a different question of the same statements — is it improving, does it look like a company heading for distress, do the accounts resemble ones that were manipulated. None is a verdict; each shows what moves it.
Piotroski F-score
Is the business improving? Nine yes-or-no tests, this year against last.
4of 4 tests passed
✓ProfitableReturn on assets above zeropassed
✓Cash from operationsOperating cash flow above zeropassed
✓Profitability improvedReturn on assets higher than a year beforepassed
✓Profit backed by cashOperating cash flow above net income (low accruals)passed
–Less long-term debtLong-term debt as a share of assets fell — not reportedno data
–More liquidCurrent ratio higher than a year before — not reportedno data
–No new sharesShare count did not grow — not reportedno data
–Better gross marginGross margin higher than a year before — not reportedno data
–Sells more per assetAsset turnover higher than a year before — not reportedno data
Where it misleads: it measures change, not level. An excellent business that stood still for a year scores low; a poor one recovering from a disaster scores high.
Altman Z''-score
Does the balance sheet look like those of companies that went bankrupt?
The accounts lack a line it needs (retained earnings, current assets or liabilities).
Beneish M-score
Do the accounts resemble those of companies that manipulated their earnings?
The accounts lack too many of the lines it needs.
Where the statements disagree
Cross-checks between the income statement, the balance sheet and the cash flow for the latest year, each with the benign reading and the worrying one.
None of the six cross-checks fires for the latest year: receivables and inventory move with revenue, profit turns into cash, investment keeps up with depreciation, the tax rate is ordinary and debt is moderate.
What is it worth, under which assumptions?
A company is worth the cash it will generate, brought back to today. This model projects revenue with growth that fades over the years, applies a free cash flow margin, and discounts the result at the cost of capital. Every assumption says where it came from, and all of them can be changed.
The SEC accounts lack the lines needed for revenue, free cash flow or the share count, so there is no DCF for this company.
What it has filed lately
The last twelve months at the SEC, most important first: annual and quarterly reports, events, large holders and insiders.
Every Form 4 filed in the last twelve months, read line by line: 9 filings by 9 people. Open-market purchases and sales are counted apart from awards, option exercises and shares withheld for taxes.
Bought on the open market—none in the period
Sold on the open market—none in the period
Under pre-arranged plans—of the sales followed a 10b5-1 plan set months earlier
A Form 4 says what happened, when, how many shares and at what price. It does not say why: a sale can be diversification, a tax bill or a plan fixed months earlier, and an award is pay, not a purchase. Nothing here is a reason to buy or sell anything.
Which large funds report holding it
From the Form 13F of the 28 institutions followed on this site, as of the end of their last reported quarter. A 13F is filed up to 45 days later and shows only long positions in US-listed shares.
Accounts from the company's own SEC filings; lines some companies do not report are shown as a dash rather than estimated. The risk-free rate is the 10-year US Treasury yield. A DCF is a way of making assumptions explicit, not a forecast: it states what the company would be worth if the assumptions held. The scores are screens that point where to look, not verdicts. Nothing here is a recommendation to buy or sell.
