−46% below 5y medianEV / revenue vs. its own five years
Board median EV / revenue12.0×five-year median 11.8× · +1%
Median Rule of 405320 of 24 above the line
Median revenue growth18%a year ago 15% · accelerating
Median SBC / revenue11%FCF margin 30% → 16% ex-SBC
Lights on0 of 3prices Oct 26, 2026 · TTM through Sep 30, 2026
Against the line
growth + FCF margin, in points
line 40score 40
growth 9 ptFCF margin 31 pt
Growth +9% plus FCF margin +31% is 40 points, 0 below the line at 40. Counting the stock as an expense: 37 points.
Where it has traded
quarter-end EV / revenue · 20 quarters · Dec 31, 2021 → Sep 30, 2026
Five-year median 9.6×, middle half 8.3–10.1×, range 4.1–11.9×. Now 5.2×: −46% below its own median, higher than 5% of those quarters.Each quarter at its own close, shares and balance sheet · the band is the 25th–75th percentile
What the cash flow really is
TTM through Sep 30, 2026 · $B
FCF 2.58B − SBC 0.20B = 2.37B ex-SBC · operating income 2.37B is the GAAP figure after SBC
Against its scale group
ROP (blue) vs. the other Large companies on the board (14), grey
Revenue growth+9% vs. +28%
Gross margin70% vs. 76%
FCF margin+31% vs. +33%
SBC / revenue2% vs. 15%
Rule of 4040 vs. 61
EV / revenue5.2× vs. 21.5×
Group averages are the plain mean of the other companies in the same scale group with a usable window.
Quarter by quarter
8 quarters · Dec 31, 2024 → Sep 30, 2026 · a gap is a dropped quarter