import { useEffect, useMemo, useRef, useState } from 'react'; import { useDiveState, useSQLQuery } from '@motherduck/react-sql-query'; import { CartesianGrid, Line, LineChart, ReferenceLine, ResponsiveContainer, Scatter, ScatterChart, Tooltip, XAxis, YAxis, } from 'recharts'; export const REQUIRED_DATABASES = [ { type: 'share', path: 'md:_share/growth_cost_unreviewed_e0890c38e186548d21790ef9/24dd839d-fc9a-4ef0-938b-42f03df16c6b', alias: 'growth_cost_unreviewed_e0890c38e186548d21790ef9' } ]; const DB = 'growth_cost_unreviewed_e0890c38e186548d21790ef9'; const T = (name: string) => `"${DB}"."main"."${name}"`; const BG = 'var(--dos-bg)'; const FG = 'var(--dos-fg)'; const MUTED = 'var(--dos-muted)'; const DIM = 'var(--dos-dim)'; const ACCENT = 'var(--dos-accent)'; const LINK = 'var(--dos-link)'; const ON_ACCENT = 'var(--dos-on-accent)'; const ACCENT_TEXT = 'var(--dos-accent-text)'; const SELECT_BG = 'var(--dos-select-bg)'; const MARK = 'var(--dos-mark)'; const classic = (id: string, name: string, bg: string, fg: string, muted: string, dim: string) => ({ id, name, bg, fg, muted, dim, accent: fg, onAccent: bg, accentText: fg, selectBg: 'transparent', mark: muted, link: fg, alert: fg, }); const THEMES = [ classic('norton', 'NORTON', '#0000aa', '#55ffff', '#ffff55', '#5555ff'), { id: 'quack', name: 'QUACK', bg: '#FFFFFF', fg: '#3A3A38', muted: 'rgba(58, 58, 56, 0.75)', dim: 'rgba(58, 58, 56, 0.3)', accent: '#FFDE00', onAccent: '#3A3A38', accentText: '#3A3A38', selectBg: '#FFDE00', mark: '#74BAF9', link: '#3A3A38', alert: '#FF7168', }, classic('mono', 'MONO', '#000000', '#ffffff', '#a8a8a8', '#555555'), classic('dos-blue', 'DOS BLUE', '#0000aa', '#ffffff', '#aaaaaa', '#5555ff'), classic('green', 'GREEN', '#001a00', '#33ff00', '#22bb00', '#116600'), classic('amber', 'AMBER', '#2a1500', '#ffb000', '#d08f00', '#7a5000'), classic('solarized', 'SOLARIZED', '#002b36', '#eee8d5', '#93a1a1', '#586e75'), ]; const themeVars = (theme: (typeof THEMES)[number]): any => ({ '--dos-bg': theme.bg, '--dos-fg': theme.fg, '--dos-muted': theme.muted, '--dos-dim': theme.dim, '--dos-accent': theme.accent, '--dos-link': theme.link, '--dos-alert': theme.alert, '--dos-on-accent': theme.onAccent, '--dos-accent-text': theme.accentText, '--dos-select-bg': theme.selectBg, '--dos-mark': theme.mark, }); const FONT = '"Courier New", Consolas, Menlo, monospace'; const SCREENS = ['OVERVIEW', 'GROWTH/MARGIN', 'OP/FCF', 'COMPANY', 'SOURCES', 'GAPS', 'HELP']; const METRICS = [ { key: 'revenue_growth', short: 'GROWTH', unit: '%' }, { key: 'operating_margin', short: 'OP MARGIN', unit: '%' }, { key: 'operating_margin_change', short: 'MARGIN CHG', unit: ' pt' }, { key: 'free_cash_flow_margin', short: 'FCF MARGIN', unit: '%' }, { key: 'stock_compensation_intensity', short: 'SBC/REV', unit: '%' }, { key: 'basic_share_growth', short: 'SHARES', unit: '%' }, ]; const FLAGS: Record = { termination_fee: { code: 'FEE', meaning: 'Merger termination fee' }, acquisition: { code: 'ACQ', meaning: 'Material acquisition' }, share_basis_change: { code: 'SHR', meaning: 'Share basis not comparable' }, investment_scope: { code: 'SCOPE', meaning: 'Investment or compensation scope differs' }, software_accounting_change: { code: 'SW', meaning: 'Software accounting change' }, large_change_review: { code: 'LARGE', meaning: 'Growth above 100% or a margin move above 50 points' }, negative_stock_compensation: { code: 'NEG', meaning: 'Negative stock compensation reported' }, later_value_under_lower_priority_concept: { code: 'LATER', meaning: 'A later filing reports a different value under another concept' }, }; const INPUTS: Record = { revenue: 'REVENUE', operating_income: 'OPERATING INCOME', operating_cash_flow: 'OPERATING CASH FLOW', capex: 'PP&E PURCHASES', stock_compensation: 'STOCK COMPENSATION', basic_shares: 'BASIC SHARES (WTD AVG)', }; const LIMITS = [ 'UNREVIEWED. Companies and concepts were chosen by rule. Automated checks flag tagging questions across all years. A random audit compared 20 companies\' latest-year inputs with their filing lines and found 0 wrong values, which suggests fewer than about 14% of the unread companies have a wrong latest-year input. Earlier years were not audited, and no one with accounting training reviewed this.', 'No flag does not mean no issue. Acquisitions, one-off charges and scope notes exist only for Adobe, Salesforce and Snowflake.', 'SIC 7372 is a filing code, not an industry definition. It includes games, payments and hardware-related companies.', 'Today\'s surviving filers only, and today\'s view of history: it uses the latest eligible filing, not what investors knew at the time.', 'Period ends differ by company, so the latest period is not the same date across rows.', 'Concept fallbacks and company-specific overrides were added for this cohort, and their scope can differ from the main concepts. Some capex lines can include software, intangibles or other assets. See the CONCEPT column on SOURCES.', 'Free cash flow is project-defined: operating cash flow less PP&E purchases. It can differ from a company\'s own figure.', 'Describes reported numbers only. Does not establish causes or future results. Not investment advice.', ]; const GROWTH_RANGE: [number, number] = [-20, 60]; const MARGIN_RANGE: [number, number] = [-60, 50]; const GROWTH_TICKS = [-20, 0, 20, 40, 60]; const MARGIN_TICKS = [-60, -40, -20, 0, 20, 40]; const cellStyle = { padding: '3px 8px', textAlign: 'left' as const, verticalAlign: 'top' as const }; const numStyle = { ...cellStyle, textAlign: 'right' as const, whiteSpace: 'nowrap' as const }; const stickyHead = { position: 'sticky' as const, top: 0, background: BG, color: MUTED, fontWeight: 'normal' as const, borderBottom: `1px solid ${FG}`, zIndex: 1 }; const linkStyle = { color: LINK, textDecoration: 'underline', outlineColor: ACCENT_TEXT }; const rowsOf = (query: { data?: unknown }): any[] => (Array.isArray(query.data) ? query.data : []); const num = (value: unknown): number | null => (value == null ? null : Number(value)); const fmt = (value: number | null | undefined, unit: string) => (value == null ? 'N/A' : `${value.toFixed(1)}${unit}`); const usd = (value: number | null | undefined) => { if (value == null) return 'N/A'; const sign = value < 0 ? '-' : ''; const size = Math.abs(value); return size >= 1e9 ? `${sign}$${(size / 1e9).toFixed(1)}B` : `${sign}$${(size / 1e6).toFixed(0)}M`; }; const codesOf = (flags: unknown): string[] => String(flags ?? '') .split(';') .filter((flag) => FLAGS[flag]) .map((flag) => FLAGS[flag].code); const uniqueCodes = (rows: any[]) => Array.from(new Set(rows.flatMap((row) => codesOf(row.quality_flags)))).sort().join(' '); const median = (values: number[]) => { if (!values.length) return null; const sorted = [...values].sort((a, b) => a - b); const middle = Math.floor(sorted.length / 2); return sorted.length % 2 ? sorted[middle] : (sorted[middle - 1] + sorted[middle]) / 2; }; const within = (value: number, range: [number, number]) => value >= range[0] && value <= range[1]; function buildCompanies(metricRows: any[], revenueRows: any[]) { const revenue = new Map(); for (const row of revenueRows) revenue.set(`${row.ticker}|${row.period_end}`, num(row.value)); const grouped = new Map(); for (const row of metricRows) { const own = grouped.get(row.ticker) ?? []; own.push(row); grouped.set(row.ticker, own); } return Array.from(grouped.entries()) .map(([ticker, rows]) => { const ends = Array.from(new Set(rows.map((row) => String(row.period_end)))).sort(); const end = ends[ends.length - 1]; const latest = rows.filter((row) => row.period_end === end); const values: Record = {}; for (const row of latest) values[row.metric] = num(row.value); return { ticker, name: String(rows[0].name), cik: String(rows[0].cik), rows, ends, end, values, revenue: revenue.get(`${ticker}|${end}`) ?? null, revenueByEnd: revenue, flags: uniqueCodes(latest), }; }) .sort((a, b) => (b.revenue ?? -1) - (a.revenue ?? -1)); } function Status({ query, children }: { query: any; children: any }) { if (query.isLoading) { return (

READING DATA...

); } if (query.isError) { return

ERROR: {String(query.error)}

; } return children; } function Heading({ children }: { children: any }) { return

{children}

; } function Key({ label, active, onClick }: { label: string; active: boolean; onClick: () => void }) { return ( ); } function TickerLink({ ticker, onPick }: { ticker: string; onPick: (ticker: string) => void }) { return ( ); } function DosTooltip({ active, payload, lines }: any) { if (!active || !payload || !payload.length) return null; return (

{lines(payload[0].payload).map((line: string) => (

{line}

))}

); } function FindBar({ find, setFind, inputRef, matches, selected, onPick, showMatches }: any) { return (

[/] FIND setFind(event.target.value)} onKeyDown={(event) => { if (event.key === 'Enter' && matches.length) { onPick(matches[0].ticker); setFind(''); event.currentTarget.blur(); } if (event.key === 'Escape') { setFind(''); event.currentTarget.blur(); } }} style={{ background: BG, color: FG, border: `1px solid ${FG}`, padding: '2px 6px', fontFamily: FONT, fontSize: 12, width: 180, outlineColor: ACCENT_TEXT }} /> {selected && ( SELECTED {selected.ticker} {selected.name} )} [ ] PREV/NEXT

{showMatches && find.trim() !== '' && (

{matches.length === 0 && NO MATCH} {matches.slice(0, 10).map((company: any) => ( { onPick(company.ticker); setFind(''); }} /> ))}

)}

); } function Overview({ companies, visible, sort, setSort, openCompany, selected }: any) { const sortValue = (company: any) => { if (sort.key === 'ticker') return company.ticker; if (sort.key === 'revenue') return company.revenue; return company.values[sort.key] ?? null; }; const sorted = [...visible].sort((a, b) => { const left = sortValue(a); const right = sortValue(b); if (left == null && right == null) return 0; if (left == null) return 1; if (right == null) return -1; const order = left < right ? -1 : left > right ? 1 : 0; return sort.desc ? -order : order; }); const header = (key: string, label: string, numeric = true) => ( ); return (

WHAT THIS IS

Annual results for {companies.length} US-listed companies that file under SEC software code 7372, taken by rule from the 10-K annual reports they file with the SEC. They show revenue growth, profitability, cash generation, stock compensation and share count, so you can see how the picture changes with the measure used.

It describes reported numbers. It does not rank the companies or say what they are worth. Press [7] for exact definitions and limits.

LATEST ANNUAL PERIOD ({visible.length} OF {companies.length})

{header('ticker', 'TICKER', false)} {header('revenue', 'REVENUE')} {METRICS.map((metric) => header(metric.key, metric.short))} {visible.length === 0 && ( )} {visible.length > 0 && {METRICS.map((metric) => ( ))} } {sorted.map((company: any) => ( {METRICS.map((metric) => ( ))} ))}

PERIOD END	FLAGS
NO MATCH
MEDIAN	-	{usd(median(visible.map((c: any) => c.revenue).filter((v: any) => v != null)))}	{fmt(median(visible.map((c: any) => c.values[metric.key]).filter((v: any) => v != null)), metric.unit)}
	{company.end}	{usd(company.revenue)}	{fmt(company.values[metric.key], metric.unit)}	{company.flags}

GROWTH = revenue compared with the prior year. OP MARGIN = GAAP operating income / revenue. MARGIN CHG = change in operating margin, in points. FCF MARGIN = (operating cash flow - PP&E purchases) / revenue. SBC/REV = stock-based compensation / revenue. SHARES = change in weighted-average basic shares.

Select a column to sort, a ticker to open it. N/A means withheld or unavailable, never zero; it sorts last. The median covers the rows shown and leaves out N/A.

); } function Comparison({ companies, selected, onPick, xKey, yKey, xLabel, yLabel, xRange, yRange, xTicks, yTicks, diagonal }: any) { const complete = companies.filter((c: any) => c.values[xKey] != null && c.values[yKey] != null); const points = complete.map((c: any) => ({ ticker: c.ticker, name: c.name, end: c.end, x: c.values[xKey], y: c.values[yKey] })); const inside = points .filter((p: any) => within(p.x, xRange) && within(p.y, yRange)) .sort((a: any, b: any) => Number(a.ticker === selected?.ticker) - Number(b.ticker === selected?.ticker)); const outside = points.filter((p: any) => !within(p.x, xRange) || !within(p.y, yRange)); const left = companies.filter((c: any) => c.values[xKey] == null || c.values[yKey] == null); const tick = { fill: FG, fontSize: 11, fontFamily: FONT }; const choose = (ticker: string) => { onPick(ticker); (document.activeElement as HTMLElement | null)?.blur(); }; const Mark = (props: any) => { const { cx, cy, payload } = props; const isSelected = payload.ticker === selected?.ticker; if (cx == null || cy == null) return null; return isSelected ? ( choose(payload.ticker)}> {payload.ticker} ) : ( choose(payload.ticker)} /> ); }; return (

{diagonal && ( )} [ `${point.ticker} ${point.end}`, point.name, `${xLabel} ${point.x.toFixed(1)}%`, `${yLabel} ${point.y.toFixed(1)}%`, ]} /> } />

{inside.length} PLOTTED.{' '} {outside.length > 0 && `OFF CHART: ${outside.map((p: any) => `${p.ticker} (${p.x.toFixed(1)}%, ${p.y.toFixed(1)}%)`).join(', ')}. `} {left.length > 0 && `N/A, LEFT OUT: ${left.map((c: any) => c.ticker).join(', ')}.`}

); } function OpFcfTrail({ company }: { company: any }) { if (!company) return null; const tick = { fill: FG, fontSize: 10, fontFamily: FONT }; const data = company.ends.map((end: string) => ({ end, label: end.slice(2, 7), op: num(company.rows.find((row: any) => row.period_end === end && row.metric === 'operating_margin')?.value), fcf: num(company.rows.find((row: any) => row.period_end === end && row.metric === 'free_cash_flow_margin')?.value), })); return (

{company.ticker} OVER TIME

SOLID = OPERATING DASHED = FREE CASH FLOW

[`${company.ticker} ${point.end}`, `OP ${fmt(point.op, '%')}`, `FCF ${fmt(point.fcf, '%')}`]} /> } />

); } function Company({ company, annotationsQuery }: { company: any; annotationsQuery: any }) { if (!company) return

NO COMPANY SELECTED.

; const notes = new Map(); for (const row of rowsOf(annotationsQuery)) { if (row.ticker !== company.ticker) continue; const key = `${row.flag}|${row.explanation}`; const note = notes.get(key) ?? { ...row, ends: [] }; note.ends.push(row.period_end); notes.set(key, note); } const unavailable = company.rows.filter((row: any) => row.value == null); const reasons = new Map(); for (const row of unavailable) { const short = METRICS.find((metric) => metric.key === row.metric)?.short ?? row.metric; const list = reasons.get(row.unavailable_reason) ?? []; list.push(`${row.period_end} ${short}`); reasons.set(row.unavailable_reason, list); } return (

{company.ticker} {String(company.name).toUpperCase()} BY ANNUAL PERIOD END

{company.ends.map((end: string) => ( ))} {company.ends.map((end: string) => ( ))} {METRICS.map((metric) => ( {company.ends.map((end: string) => { const row = company.rows.find((item: any) => item.period_end === end && item.metric === metric.key); return ( ); })} ))} {company.ends.map((end: string) => ( ))}

MEASURE	{end}
REVENUE	{usd(company.revenueByEnd.get(`${company.ticker}\|${end}`))}
{metric.short}	{fmt(num(row?.value), metric.unit)}
FLAGS	{uniqueCodes(company.rows.filter((row: any) => row.period_end === end))}

{reasons.size > 0 && (

WHY N/A {Array.from(reasons.entries()).map(([reason, items]) => (

{String(reason).replace('; inspect metric_inputs', '')}
{items.join(', ')}

))}

)}

NOTES {notes.size === 0 ? (

No notes recorded. This company has not been reviewed, so that says nothing about its comparability.

) : ( Array.from(notes.values()).map((note) => (

{FLAGS[note.flag]?.code ?? note.flag}{' '} {note.ends.sort().join(', ')}
{note.explanation}{' '} [SOURCE]

)) )}

); } function Sources({ company, period, setPeriod }: { company: any; period: string | null; setPeriod: (value: string) => void }) { const query = useSQLQuery( ` SELECT strftime(s.period_end, '%Y-%m-%d') AS period_end, s.canonical, s.value, s.unit, s.status, c.concept, strftime(f.filing_date, '%Y-%m-%d') AS filing_date, f.primary_document_url AS source_url FROM ${T('selected_facts')} s LEFT JOIN ${T('fact_candidates')} c ON c.observation_id = s.observation_id LEFT JOIN ${T('filings')} f ON f.cik = c.cik AND f.accession = c.accession WHERE s.cik = '${company?.cik}' ORDER BY s.period_end DESC, s.canonical `, { enabled: company != null }, ); if (!company) return

NO COMPANY SELECTED.

; const own = rowsOf(query); const ends: string[] = Array.from(new Set(own.map((row) => String(row.period_end)))); const selected = period && ends.includes(period) ? period : ends[0]; const shown = own.filter((row) => row.period_end === selected); return (

{company.ticker} INPUTS AND SOURCE FILINGS

{ends.map((end) => ( setPeriod(end)} /> ))}

{shown.map((row) => { const value = num(row.value); return ( ); })}

INPUT	AMOUNT	CONCEPT	FILED	SOURCE
{INPUTS[row.canonical] ?? row.canonical}	{value == null ? `N/A (${String(row.status).toUpperCase()})` : `${value < 0 ? '-' : ''}${row.unit === 'USD' ? '$' : ''}${Math.abs(value).toLocaleString('en-US')}`}	{row.concept ?? '-'}	{row.filing_date ?? '-'}	{row.source_url ? ( [FILING] ) : ( '-' )}

Amounts are as selected from SEC data and were not systematically compared with filings. The oldest period is used only as a prior-year input.

); } function Gaps({ companies, openCompany }: { companies: any[]; openCompany: (ticker: string) => void }) { const exceptions = useSQLQuery(` SELECT code, category, count(*) AS records, count(DISTINCT cik) AS companies FROM ${T('exceptions')} GROUP BY code, category ORDER BY records DESC `); const gaps = companies .map((company) => { const lastTwo = company.ends.slice(-2); const rows = company.rows.filter((row: any) => lastTwo.includes(row.period_end) && row.value == null); return { company, rows }; }) .filter((item) => item.rows.length > 0) .sort((a, b) => a.company.ticker.localeCompare(b.company.ticker)); return (

LATEST TWO PERIODS: {companies.length - gaps.length} OF {companies.length} COMPANIES HAVE ALL 12 VALUES

{gaps.map(({ company, rows }) => ( ))}

TICKER	UNAVAILABLE
	{rows .map((row: any) => { const short = METRICS.find((metric) => metric.key === row.metric)?.short ?? row.metric; const why = row.eligibility_status === 'missing' ? 'INPUT MISSING' : 'WITHHELD'; return `${row.period_end} ${short} ${why}`; }) .join(', ')}

EXCEPTION RECORDS BY CODE

{rowsOf(exceptions).map((row) => ( ))}

CODE	CATEGORY	RECORDS	COMPANIES
{row.code}	{row.category}	{Number(row.records).toLocaleString('en-US')}	{Number(row.companies)}

WITHHELD = periods or share bases are not comparable, or shares moved 50% or more. Some of those moves may be real.

); } function Help() { const query = useSQLQuery(`SELECT metric, label, unit, formula, interpretation FROM ${T('metric_definitions')} ORDER BY metric`); return (

HOW COMPANIES WERE CHOSEN

SEC SIC code 7372, listed on NYSE or Nasdaq, with a 10-K filed since 2025-05-04. Ranked by calendar 2025 revenue from SEC frames data; the first 100 of 194 are included. Foreign filers without a 10-K were left out.

DEFINITIONS

{rowsOf(query).map((row) => (

{String(row.label).toUpperCase()}
{row.formula}
{row.interpretation}

))}

FLAGS

{Object.values(FLAGS).map((flag) => ( {flag.code} {flag.meaning}
))} A flag can come from the period or from a prior-year input it uses.

LIMITS {LIMITS.map((limit) => (

- {limit}

))}

); } export default function GrowthAtWhatCostCohort() { const [screen, setScreen] = useDiveState('screen', 1); const [ticker, setTicker] = useDiveState('company', 'MSFT'); const [period, setPeriod] = useDiveState('period', null); const [themeId, setThemeId] = useDiveState('theme', 'norton'); const [sort, setSort] = useDiveState<{ key: string; desc: boolean }>('sort', { key: 'revenue', desc: true }); const [find, setFind] = useState(''); const findRef = useRef(null); const theme = THEMES.find((item) => item.id === themeId) ?? THEMES[0]; const release = useSQLQuery(`SELECT release_id, strftime(cutoff, '%Y-%m-%d') AS cutoff, mapping_reviewed FROM ${T('releases')}`); const metrics = useSQLQuery(` SELECT c.ticker, c.name, c.cik, strftime(m.period_end, '%Y-%m-%d') AS period_end, m.metric, m.value, m.eligibility_status, m.unavailable_reason, m.quality_flags FROM ${T('metrics')} m JOIN ${T('companies')} c ON c.cik = m.cik ORDER BY c.ticker, m.period_end, m.metric `); const revenue = useSQLQuery(` SELECT c.ticker, strftime(s.period_end, '%Y-%m-%d') AS period_end, s.value FROM ${T('selected_facts')} s JOIN ${T('companies')} c ON c.cik = s.cik WHERE s.canonical = 'revenue' `); const annotations = useSQLQuery(` SELECT c.ticker, strftime(a.period_end, '%Y-%m-%d') AS period_end, a.flag, a.explanation, a.source_url FROM ${T('annotations')} a JOIN ${T('companies')} c ON c.cik = a.cik ORDER BY c.ticker, a.period_end `); const metricRows = rowsOf(metrics); const revenueRows = rowsOf(revenue); const companies = useMemo(() => buildCompanies(metricRows, revenueRows), [metricRows.length, revenueRows.length]); const selected = companies.find((company) => company.ticker === ticker) ?? companies[0]; const needle = find.trim().toLowerCase(); const matches = needle ? companies.filter((company) => company.ticker.toLowerCase().includes(needle) || company.name.toLowerCase().includes(needle)) : companies; const info = rowsOf(release)[0]; const openCompany = (next: string) => { setTicker(next); setPeriod(null); setScreen(4); }; const pick = (next: string) => { setTicker(next); setPeriod(null); }; useEffect(() => { const onKey = (event: KeyboardEvent) => { if (event.ctrlKey || event.metaKey || event.altKey) return; if ((event.target as HTMLElement | null)?.tagName === 'INPUT') return; const number = Number(event.key); if (number >= 1 && number <= SCREENS.length) setScreen(number); if (event.key.toLowerCase() === 't') { setThemeId(THEMES[(THEMES.indexOf(theme) + 1) % THEMES.length].id); } if (event.key === '/') { event.preventDefault(); findRef.current?.focus(); } if ((event.key === '[' || event.key === ']') && companies.length) { const index = companies.findIndex((company) => company.ticker === selected?.ticker); const step = event.key === ']' ? 1 : -1; setTicker(companies[(index + step + companies.length) % companies.length].ticker); setPeriod(null); } }; window.addEventListener('keydown', onKey); return () => window.removeEventListener('keydown', onKey); }, [setScreen, setThemeId, setTicker, setPeriod, theme, companies, selected]); return (

GROWTH AT WHAT COST? 100 COMPANIES

{info ? `RELEASE ${String(info.release_id).slice(0, 8)} CUTOFF ${info.cutoff}` : 'READING...'}

{screen <= 5 && ( )}

{screen === 5 ? ( ) : screen === 7 ? ( ) : ( {screen === 1 ? ( ) : screen === 2 ? (

REVENUE GROWTH VS GAAP OPERATING MARGIN, LATEST PERIOD

Each point is one company. Select a point to select that company. Reported growth includes acquisitions.

) : screen === 3 ? (

GAAP OPERATING MARGIN VS PROJECT FREE CASH FLOW MARGIN, LATEST PERIOD

Above the dashed line, the free cash flow margin is higher than the operating margin.

) : screen === 4 ? ( ) : ( )} )}

); }

Growth at What Cost? 100 Companies

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