Financial research as of 10 October 2026. Retained filing-metadata checks completed 11 October 2026, 09:49 UTC. These checks do not update the financial figures or establish complete filing coverage. Later disclosures may be missing.
Inspect individual source and verification dates →A clearer view of company earnings
What could today’s cash flow mean for today’s shareholders? Explore growth, required return and dilution. Then inspect the filing evidence beneath the assumptions.
Research preview · SEC filing snapshot · 10 Oct 2026
1. An analytical proxy. Not GAAP profit or a precise estimate of Buffett-style owner earnings.
01 / The earnings desk
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A cash-generative software business with meaningful equity compensation.
USD millionsTHE MAIN CALCULATOR / SCENARIO
If these same awards are charged to cash flow, positive dilution counts their cost again. Change the treatment or dilution explicitly; the calculator will not change your rates.
10% return, 3% growth and 2% share growth are illustrative defaults, not estimates for this company. Historical share shrinkage is not a free forecast of buybacks.
VALUE ATTRIBUTABLE TO TODAY’S COMMON SHARE BASE
Enter a valid basisThis is an equity cash-flow scenario, not enterprise value or a price target. No quote, upside or investment recommendation is implied.
PV = CF₀ × (1 + g) / [(1 + d) × (1 + y) − (1 + g)]. Shares grow before each year-end distribution. Company cash flow is divided by future shares; the output belongs to today’s share base. Per-share output divides once by N₀.
The reported starting proxy is before the historical SBC deduction. A custom numerator requires an explicit compensation treatment. Charging the same awards to cash flow and future dilution would count their cost twice. The separate historical switches below do not change this valuation numerator.
Valuation principles ↗ · Employee awards and equity value ↗ · Perpetual growth limits ↗
SUPPORTING EVIDENCE / REPORTED HISTORY
The historical reconciliation below is separate from the valuation scenario above.
Operating cash flow → FCF after SBC
23.5% of free cash flow is the noncash SBC add-back.
Working-capital timing and noncash adjustments are already included in CFO. This bridge is explanatory; it does not deduct them again.
Build an illustrative earnings scenario from GAAP net income.
SBC is already an expense in GAAP net income. This view only adds back selected exclusions; it never subtracts SBC again. These choices do not alter the cash-flow lens.
Actual fiscal periods, from one filing set. USD millions. Scroll the table to compare all figures.
| Fiscal year ended | GAAP net income | Operating cash flow | Mapped cash capex | Noncash SBC | FCF after SBC |
|---|
| Figure / adjustment | Raw value · USD | Direction / use | Type & source |
|---|
A missing value means unavailable, not zero. Only same-period, compatible-unit inputs can be reconciled. Estimates stay labeled; no missing source figures are filled with synthetic values.
FCF after SBC is our analytical proxy: operating cash flow less cash capex and the noncash stock compensation added back in operating cash flow. It isn’t GAAP profit, cash available for distribution, or a precise estimate of Buffett-style owner earnings. It uses the cash capital-spending lines disclosed for each company, includes growth spending and working-capital timing, and does not deduct every financing obligation. Company FCF definitions can differ. Inspect the source receipts.
02 / No black box
Useful analysis starts with knowing
what a number can—and cannot—tell you.
GAAP net income already includes recognized SBC expense. Under the indirect cash-flow method, noncash SBC is added back. Our cash lens reverses that add-back once; it does not deduct it twice from earnings.
See an actual cash-flow statement ↗Buffett’s owner-earnings framework considers the reinvestment needed to maintain a business’s competitive position and volume. Total capex is observable, but it can include growth. Our proxy does not make that estimation for you.
Berkshire’s 1986 shareholder letter ↗The SEC warns that some non-GAAP exclusions can mislead, including normal recurring cash operating costs. Free cash flow has no uniform definition. Inspect the reconciliation before accepting the headline.
SEC guidance · 100.01 & 102.07 ↗Stock compensation is an estimate of cost. Accounting SBC is not an exact measure of future dilution or the cash required to offset it. Buybacks, share count, and financing obligations need separate analysis; we do not subtract buybacks as another SBC charge.
Cash timing can move the result. Working-capital movements are already in CFO. Our proxy neither normalizes them nor subtracts them again. The capex input is cash capital expenditure, not total noncash asset additions.
Adjustments need context. The earnings audit is a separate synthetic illustration. It uses a simplified 20% tax effect and three possible expense exclusions. It is not a comprehensive real-company reconciliation.
One dated filing snapshot. The real-company desk uses SEC CompanyFacts observations reconciled to original annual cash-flow statements. Each history comes from one latest 10-K accession and may include recast earlier periods. It is not point-in-time backtest data. This snapshot was acquired on 10 October 2026; it does not update automatically.
Cash capex has a stated scope. We use cash property and equipment plus separately presented cash software, or an identified combined line. Separate purchased intangibles, acquisitions and financing payments may be excluded; the company receipt identifies those limits. No missing value is treated as zero.
Review coverage is explicit. Filing notes are a bounded review for the companies with retained notes, not an audit or an assurance of accounting quality. Notes distinguish disclosures from interpretation and never automatically alter the arithmetic. Three synthetic companies remain available for exploring the illustrative adjustment audit.
COVERAGE IS PART OF THE PRODUCT
Membership uses a dated, independently maintained reference, not a licensed official S&P dataset. Securities are grouped by SEC issuer CIK; financials are acquired once per issuer. All coverage statuses are separate. Missing and unsuitable data stay visible.
Pinned reference · 9 Oct 2026 · declared PDDL ↗ · Upstream Wikipedia contributors ↗ · CC BY-SA 4.0 ↗
Adapted membership reference: grouped by CIK, added six nonmembers and omitted classification columns. No index weights are reproduced. SEC observation values are from the linked filings; reference membership is not financial verification.
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