| Profitability | 78/100 |
| Growth | 45/100 |
| Momentum | 74/100 |
| Quality | 83/100 |
| Earnings Quality | 80/100 |
| Balance Sheet | 46/100 |
| Value | 45/100 |
| Risk (safety) | 65/100 |
| Overall | 65.9/100 |
| Symbol | IS Score |
|---|---|
| NSC | 59 |
| WAB | 66 |
| UNP | 67 |
| EMR | 63 |
| WM | 57 |
| HWM | 73 |
| CSX | 66 |
Both readings sit above the midpoint — business quality at 66 and price structure at 74 out of 100 — so they are not in conflict. The fundamentals and the tape are saying the same thing, which is the case in which either one alone would have been enough.
| Trigger | Where it stands now | What it would mean |
|---|---|---|
| IS Score reaches 75 and holds two consecutive quarters | now 65.9 | would move us up one band |
| IS Score stops falling - one quarter higher than the prior | last four: 53 → 55 → 61 → 66 | the direction matters more than the level |
| Technical vote share back above 50% | now 91% | price structure no longer broken |
| Institutional holder count rises two quarters running | peak 2,003 → now 2,003 | fewer institutions willing to hold is our clearest warning |
This page is InsiderStreet's own reading, produced from the data in the rest of this document. It is not a price target and not investment advice. Analyst consensus and street price targets appear later under their own heading and are the street's numbers, not ours.
| Quarter | Holders | 13F shares | Value | Reported own% |
|---|---|---|---|---|
| 2026 Q2 | 2,003 | 1485.5M | $65.8B | 80.1% |
| 2026 Q1 | 1,875 | 1436.7M | $55.3B | 77.5% |
| 2025 Q4 | 1,820 | 1440.1M | $49.6B | 77.6% |
| 2025 Q3 | 1,738 | 1378.0M | $48.0B | 74.3% |
| 2025 Q2 | 1,703 | 1406.8M | $44.4B | 75.8% |
| 2025 Q1 | 1,674 | 1417.2M | $40.1B | 76.4% |
| 2024 Q4 | 1,730 | 1466.5M | $45.4B | 79.0% |
| 2024 Q3 | 1,672 | 1420.9M | $46.0B | 76.6% |
| 2024 Q2 | 1,663 | 1430.7M | $44.8B | 77.1% |
| 2024 Q1 | 1,701 | 1445.5M | $50.4B | 77.9% |
| 2023 Q4 | 1,671 | 1441.2M | $47.2B | 77.7% |
| 2023 Q3 | 1,550 | 1452.4M | $41.9B | 78.3% |
| Insider | Role | Date | Type | Shares | Value | Post-Txn Owned |
|---|---|---|---|---|---|---|
| Angel Stephen F | director, President & CEO | 2026-10-01 | A-Award | 194 | — | 2,588 |
| Cory Michael A. | EVP & COO | 2026-09-25 | TAX W/H | 12,611 | $0.59M | 85,150 |
| Whisler J Steven | director | 2026-09-15 | A-Award | 771 | $0.04M | 98,377 |
| Angel Stephen F | director, President & CEO | 2026-09-01 | A-Award | 185 | — | 2,387 |
| Angel Stephen F | director, President & CEO | 2026-08-03 | A-Award | 181 | — | 2,202 |
| Williams Angela C | VP & Chief Accounting Officer | 2026-07-24 | SELL | 30,000 | $1.60M | 10,437 |
| Burns Michael S. | SVP - CLO & Corp Secy | 2026-07-24 | EXERCISE | 13,000 | $0.34M | 72,643 |
| Burns Michael S. | SVP - CLO & Corp Secy | 2026-07-24 | SELL | 13,000 | $0.68M | 59,643 |
| 6-mo decomposition (Form 4) | Txns | Shares | Value | Signal weight |
|---|---|---|---|---|
| S — Open-market sales | 4 | 189,708 | $9.1M | Counted |
| P — Open-market purchases | 1 | 25,000 | $1.0M | Counted |
| M — Exercises (paired A/D) | 3 | 149,708 | $3.5M | None — mechanics |
| F — Tax withholding | 1 | 12,611 | $0.6M | None — compensation |
| G — Gifts | 1 | 5,850 | — | None |
| Filed | Filer | Shares registered | Est. proceeds |
|---|---|---|---|
| 2026-07-24 | Michael S Burns | 13,000 | $0.7M |
| 2026-07-24 | Angela C Williams | 30,000 | $1.6M |
| 2026-06-04 | Zillmer John J | 10,000 | $0.5M |
| 2026-06-03 | Kevin Boone | 136,708 | $6.4M |
| Trailing 12 mo | 11 filings | 574,278 | $24M |
| Filed | Form | Reporting person | % of class | Shares |
|---|---|---|---|---|
| 2026-04-29 | SCHEDULE 13G | Vanguard Capital Management | 7.52% | 140.0M sh |
| 2026-03-26 | SCHEDULE 13G/A | The Vanguard Group | — | exit/reporting change |
| 2025-02-12 | SCHEDULE 13G | JPMORGAN CHASE & CO. | 5.50% | 106.7M sh |
| Member | Chamber | Trade | Size band | Traded | Disclosed |
|---|---|---|---|---|---|
| Kevin Hern | House | SELL | $1,001 - $15,000 | 2026-08-31 | 2026-09-28 |
| Kevin Hern | House | SELL | $1,001 - $15,000 | 2026-08-31 | 2026-09-25 |
| Kevin Hern | House | SELL | $1,001 - $15,000 | 2026-08-31 | 2026-09-25 |
| Tommy Tuberville | Senate | SELL | $15,001 - $50,000 | 2026-06-08 | 2026-07-16 |
| Thomas Hawley Tuberville | Senate | SELL | $15,001 - $50,000 | 2026-06-08 | 2026-07-16 |
| Markwayne Mullin | Senate | SELL | $15,001 - $50,000 | 2025-11-10 | 2025-12-05 |
| Manager | Shares | Value |
|---|---|---|
| Td Waterhouse Canada Inc. | 1.1M | $53M |
| Wealth Enhancement Advisory Servic | 1.1M | $31M |
| Gateway Investment Advisers Llc | 867,417 | $40M |
| Ifm Investors Pty Ltd | 584,333 | $27M |
| Czech National Bank | 532,261 | $25M |
| Fjarde Ap-Fonden /Fourth Swedish N | 482,892 | $22M |
| Fund | Weight | Position |
|---|---|---|
| VITSX | 0.1% | $2.7B |
| VTI | 0.1% | $2.7B |
| VSMPX | 0.1% | $2.7B |
| VTSAX | 0.1% | $2.7B |
| VOO | 0.1% | $2.3B |
| VFINX | 0.1% | $2.3B |
| ATS Venue (4-wk) | Shares | Avg trade |
|---|---|---|
| Incr Intelligent Cross Llc | 14.5M | 113 sh |
| Ebxl Level Ats | 8.9M | 71 sh |
| Ubsa Ubs Ats | 7.8M | 100 sh |
| Mstx Ms Trajectory Cross (Ats-1) | 7.0M | 127 sh |
| Bids Bids Ats | 5.4M | 508 sh |
| Pure Purestream | 5.2M | 55 sh |
Moat score 55/100 — Narrow; primary source Efficient Scale.
| Officer | Title |
|---|---|
| Michael A. Cory | Executive Vice President & Chief Operating Officer |
| Stephen F. Angel | Chief Executive Officer, President & Director |
| Kevin S. Boone | Executive Vice President & Chief Financial Officer |
| Arthur Adams | Senior Vice President of Sales & Marketing |
| Period | EPS est. | EPS actual | EPS surprise | Rev est. ($M) | Rev actual ($M) | Rev surprise |
|---|
| YoY growth | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| Revenue | +18.3% | +18.6% | -1.3% | -0.8% | -3.1% |
| Gross profit | +19.1% | +12.1% | -5.5% | -1.7% | -14.9% |
| Operating income | +19.0% | +12.1% | -5.5% | -1.8% | -15.7% |
| Net income | +36.7% | +10.2% | -12.0% | -5.4% | -16.7% |
| $B · FY ends | FY21 | FY22 | FY23 | FY24 | FY25 | Trend |
|---|---|---|---|---|---|---|
| Revenue | 12.5 | 14.9 | 14.7 | 14.5 | 14.1 | |
| Cost of revenue | 7.2 | 8.9 | 9.1 | 9.0 | 9.4 | |
| Gross profit | 5.3 | 5.9 | 5.6 | 5.5 | 4.7 | |
| R&D expense | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | |
| SG&A expense | -0.1 | -0.1 | -0.0 | -0.1 | 0.0 | |
| Operating income | 5.2 | 5.8 | 5.5 | 5.4 | 4.5 | |
| EBITDA | 7.1 | 7.7 | 7.3 | 7.1 | 5.9 | |
| D&A | 1.4 | 1.5 | 1.6 | 1.7 | 1.3 | |
| Pretax income | 5.0 | 5.4 | 4.8 | 4.6 | 3.8 | |
| Income tax | 1.2 | 1.2 | 1.2 | 1.1 | 0.9 | |
| Net income | 3.8 | 4.2 | 3.7 | 3.5 | 2.9 | |
| Diluted EPS ($) | 1.68 | 1.95 | 1.85 | 1.79 | 1.54 | |
| Diluted shares (M) | 2,255 | 2,141 | 2,013 | 1,943 | 1,864 |
| $B | FY22 | FY23 | FY24 | FY25 | |
|---|---|---|---|---|---|
| Cash & equivalents | 2.0 | 1.4 | 0.9 | 0.7 | |
| ST investments | 0.1 | 0.1 | 0.1 | 0.0 | |
| Receivables (net) | 1.3 | 1.4 | 1.3 | 1.3 | |
| Total current assets | 3.8 | 3.4 | 2.8 | 2.6 | |
| PP&E (net) | 34.7 | 35.2 | 36.1 | 37.3 | |
| Goodwill + intangibles | 0.5 | 0.5 | 0.4 | 0.3 | |
| Total assets | 41.9 | 42.2 | 42.8 | 43.7 | |
| Accounts payable | 1.1 | 1.2 | 1.3 | 1.1 | |
| Short-term debt | 0.2 | 0.6 | 0.6 | 0.7 | |
| Deferred revenue | 0.0 | 0.0 | 0.0 | 0.0 | |
| Total current liabilities | 2.5 | 3.2 | 3.3 | 3.1 | |
| Long-term debt | 17.9 | 18.0 | 17.9 | 18.2 | |
| Total liabilities | 29.3 | 30.2 | 30.3 | 30.5 | |
| Shareholders' equity | 12.6 | 12.0 | 12.5 | 13.2 |
| $B | FY22 | FY23 | FY24 | FY25 | |
|---|---|---|---|---|---|
| Net income | 4.2 | 3.7 | 3.5 | 2.9 | |
| D&A | 1.5 | 1.6 | 1.7 | 1.7 | |
| Stock-based compensation | 0.1 | 0.0 | 0.0 | 0.0 | |
| Working capital change | 0.1 | 0.1 | 0.1 | (0.2) | |
| Operating cash flow | 5.6 | 5.5 | 5.2 | 4.6 | |
| Capital expenditures | (2.1) | (2.3) | (2.5) | (2.9) | |
| Investing cash flow | (2.1) | (2.3) | (2.6) | (2.9) | |
| Buybacks | (4.7) | (3.5) | (2.2) | (1.4) | |
| Dividends paid | (0.9) | (0.9) | (0.9) | (1.0) | |
| Debt issuance / (repay) | 1.8 | 0.4 | (0.0) | 0.3 | |
| Financing cash flow | (3.8) | (3.9) | (3.1) | (2.0) | |
| Free cash flow | 3.5 | 3.3 | 2.7 | 1.7 |
| Ratio | FY21 | FY22 | FY23 | FY24 | FY25 | TTM | Trend |
|---|---|---|---|---|---|---|---|
| PROFITABILITY | |||||||
| ROE | 28.4% | 31.9% | 29.9% | 28.3% | 22.5% | 24% | |
| ROA | 9.4% | 10.1% | 8.8% | 8.2% | 6.7% | 7.2% | |
| ROIC | 14.0% | 15.2% | 14.0% | 13.3% | 10.9% | 9.0% | |
| Gross margin | 42.2% | 39.9% | 38.2% | 37.9% | 33.2% | 35.3% | |
| Operating margin | 41.2% | 38.9% | 37.3% | 36.9% | 32.1% | 34.2% | |
| Net margin | 30.2% | 28.0% | 25.0% | 23.9% | 20.5% | 22.2% | |
| EBITDA margin | 56.6% | 51.5% | 49.6% | 48.6% | 41.6% | 46.2% | |
| FCF margin | 26.4% | 23.5% | 22.2% | 18.7% | 27.9% | — | |
| VALUATION | |||||||
| P/E | 20.84 | 14.79 | 18.01 | 17.58 | 23.39 | 28.1 | |
| P/B | 5.84 | 4.88 | 5.53 | 4.88 | 5.13 | 6.4 | |
| P/S | 6.29 | 4.15 | 4.52 | 4.20 | 4.79 | 6.21 | |
| P/FCF | 23.83 | 17.68 | 20.35 | 22.45 | 17.17 | 18.0 | |
| EV/EBITDA | 13.16 | 10.20 | 11.55 | 11.21 | 13.71 | 16.2 | |
| EV/Revenue | 7.45 | 5.26 | 5.72 | 5.43 | 6.12 | 7.5 | |
| Earnings yield | 4.8% | 6.8% | 5.6% | 5.7% | 4.3% | 3.57% | |
| FCF yield | 4.2% | 5.7% | 4.9% | 4.5% | 5.8% | 5.57% | |
| Ratio | FY21 | FY22 | FY23 | FY24 | FY25 | TTM | Trend |
|---|---|---|---|---|---|---|---|
| LEVERAGE & SOLVENCY | |||||||
| Current ratio | 1.73 | 1.56 | 1.04 | 0.86 | 0.81 | 0.82 | |
| Quick ratio | 1.58 | 1.42 | 0.91 | 0.73 | 0.69 | 0.72 | |
| Debt / equity | 1.25 | 1.47 | 1.59 | 1.52 | 1.47 | 1.37 | |
| Debt / assets | 41.6% | 44.2% | 45.1% | 44.4% | 44.3% | 43.3% | |
| Net debt / EBITDA | 2.05 | 2.15 | 2.42 | 2.55 | 2.97 | 2.74 | |
| Interest coverage | 7.86 | 8.30 | 6.99 | 6.47 | 5.47 | — | |
| Ratio | FY21 | FY22 | FY23 | FY24 | FY25 | TTM | Trend |
|---|---|---|---|---|---|---|---|
| EFFICIENCY | |||||||
| Asset turnover | 0.31 | 0.36 | 0.35 | 0.34 | 0.33 | 0.32 | |
| Receivables turnover | 15.30 | 14.94 | 14.09 | 14.36 | 14.79 | 10.0 | |
| DSO (days) | 24 | 24 | 26 | 25 | 25 | 37 | |
| DPO (days) | 44 | 42 | 47 | 50 | 47 | 43 | |
| Cash conversion cycle | -4 | -4 | -6 | -8 | -7 | 9 | |
| GROWTH (YoY) | |||||||
| Revenue growth | 18.3% | 18.6% | -1.3% | -0.8% | -3.1% | — | |
| Net income growth | 36.7% | 10.2% | -11.6% | -5.7% | -16.7% | — | |
| EPS growth | 41.7% | 17.6% | -6.8% | -3.4% | -14.2% | — | |
| FCF growth | 25.4% | 5.4% | -6.6% | -16.5% | 44.8% | — | |
| PER SHARE ($) | |||||||
| EPS (diluted, TTM) | 1.71 | 2.01 | 1.87 | 1.81 | 1.55 | 1.74 | |
| Book value / share | 6.09 | 6.08 | 6.08 | 6.51 | 7.06 | 7.59 | |
| Revenue / share | 5.65 | 7.15 | 7.44 | 7.57 | 7.56 | 7.82 | |
| FCF / share | 1.49 | 1.68 | 1.65 | 1.41 | 2.11 | 2.71 | |
| Cash / share | 1.04 | 1.00 | 0.73 | 0.52 | 0.36 | 0.75 | |
| SHAREHOLDER RETURN & SCORES | |||||||
| Buyback yield | 3.7% | 7.7% | 5.3% | 3.7% | 2.1% | 0.84% | |
| Altman Z-Score | 2.97 | 2.49 | 2.43 | 2.28 | 2.32 | 2.8 | |
| Piotroski F-Score | 7 | 6 | 4 | 5 | 5 | 9/9 | |
| Beneish M-Score | -2.26 | -2.47 | -2.56 | -2.68 | -2.64 | -2.70 | |
| Model | Score | Zone | Note |
|---|---|---|---|
| Piotroski F-Score | 9 / 9 | Strong | |
| Altman Z-Score | 2.8 | Grey zone | Grey |
| Income quality | 1.65 | Cash-backed | OCF ÷ net income |
| Beneish M-Score | -2.70 | Non-manipulator | vs −2.22 threshold |
| DuPont Decomposition (TTM) | Value |
|---|---|
| Tax burden | 0.77 |
| Interest burden | 0.83 |
| Operating margin | 34.8% |
| Asset turnover | 0.33× |
| Financial leverage | 3.31× |
| = ROE | 24% |
| Growth Quality (live) | Value |
|---|---|
| Revenue stability | 0.50 |
| Earnings stability | 0.26 |
| Earnings persistence | 0.98 |
| Revenue CAGR 3y | -1.2% |
| EPS CAGR 3y | -5.0% |
| FCF CAGR 3y | 15.7% |
| Company | Mkt cap | P/E | ROE | Net margin | Rev growth | Piotroski | 1-yr ret |
|---|---|---|---|---|---|---|---|
| NSC | $73.4B | 27.9 | 17% | 21.2% | +3.0% | 7/9 | +13.8% |
| WAB | $48.4B | 38.5 | 12% | 12.4% | +13.4% | 7/9 | +48.2% |
| UNP | $171.7B | 23.4 | 40% | 29.0% | +4.2% | 8/9 | +29.7% |
| EMR | $90.1B | 35.2 | 13% | 14.7% | +4.8% | 8/9 | +25.8% |
| WM | $90.7B | 32.0 | 30% | 11.7% | +7.2% | 9/9 | — |
| HWM | $88.1B | 47.3 | 35% | 21.0% | +18.1% | 7/9 | — |
| GD | $93.1B | 20.7 | 18% | 8.2% | +9.1% | 8/9 | — |
| PWR | $95.0B | 71.5 | 15% | 4.7% | +25.8% | 7/9 | — |
| Consensus estimates | Revenue mean | High / Low | EPS mean | High / Low | # EPS est. |
|---|---|---|---|---|---|
| FY2026 | $15.29B | $15.60B / $15.00B | $2.00 | $2.06 / $1.94 | 13 |
| FY2027 | $16.10B | $16.33B / $15.68B | $2.29 | $2.41 / $2.20 | 13 |
| FY2028 | $16.66B | $17.22B / $16.27B | $2.53 | $2.62 / $2.37 | 8 |
| Window | Avg Target | vs. Price | # Targets |
|---|---|---|---|
| Last Month | $53.00 | +8.9% | 2 |
| Last Quarter | $54.67 | +12.3% | 9 |
| Last Year | $47.83 | -1.7% | 36 |
| All Time | $41.61 | -14.5% | 107 |
| Moving Average | Value | Distance | % Distance | Signal |
|---|---|---|---|---|
| SMA 20 | $47.26 | +1.42 | +3.00% | Above |
| SMA 50 | $48.77 | -0.09 | -0.18% | Below |
| SMA 200 | $44.82 | +3.86 | +8.61% | Above |
| EMA 9 | $47.97 | +0.71 | +1.48% | Above |
| EMA 21 | $47.81 | +0.87 | +1.82% | Above |
| EMA 50 | $48.22 | +0.46 | +0.95% | Above |
| EMA 200 | $45.09 | +3.59 | +7.96% | Above |
| Level | Value | Level | Value |
|---|---|---|---|
| Pivot / R1 / R2 | $48.58 / $48.89 / $49.10 | S1 / S2 | $48.37 / $48.06 |
| Bollinger (20,2) | $45.86 – $48.65 | Squeeze | Off |
| 52-wk range | $33.51 – $53.60 | Off 52-wk high | -9.2% |
| ATR (14) | $0.77 (1.6%) | Historical vol | 16.2% |
| Computed from live weekly prices | CSX | S&P 500 |
|---|---|---|
| Weekly volatility (σ, 1y) | 2.57% | 1.83% |
| Best / worst week (1y) | +6.6% / -5.8% | — |
| Max drawdown (5y, monthly) | -37.8% | — |
| 1-week VaR (95%) | -3.9% | — |
| Beta (5y) | 1.21 | 1.00 |
| Reading | CSX | Railroads n=169 | Industrials n=9,922 | All US symbols n=70,435 |
|---|---|---|---|---|
| Overall | +1.2 | -18.3 | -24.1 | -20.5 |
| Trend | -21.3 | -22.6 | -26.2 | -21.3 |
| Momentum | +40.6 | -10.5 | -24.5 | -15.8 |
| Volume | +48.1 | +1.5 | -22.6 | -3.8 |
| Executive | Total comp | Structure |
|---|---|---|
| James M. Foote President & Chief Executive O | $15.3M | 40% equity+incentive |
| Mark K. Wallace Executive Vice President & C | $3.9M | 37% equity+incentive |
| Jamie J. Boychuk Executive Vice President – | $3.7M | 38% equity+incentive |
| Kevin S. Boone Executive Vice President & Ch | $3.6M | 39% equity+incentive |
| Nathan D. Goldman Executive Vice President & | $3.2M | 35% equity+incentive |
| Pillar (live disclosure scores) | Score |
|---|---|
| Environmental | 60 |
| Social | 63 |
| Governance | 73 |
| Composite ESG | 65 |
| Filed | 8-K contents | Items |
|---|---|---|
| 2026-10-13 | Officer/Director Change; Regulation FD; Exhibits | 5.02,7.01,9.01 |
| 2026-07-22 | Earnings Release; Exhibits | 2.02,9.01 |
| 2026-05-14 | Officer/Director Change; Shareholder Vote; Other Events | 5.02,5.07,8.01 |
| 2026-04-22 | Earnings Release; Exhibits | 2.02,9.01 |
| 2026-01-22 | Results of Operations and Financial Condition; Financial Statements an | 2.02,9.01 |
| 2025-10-29 | Departure/Election of Directors; Appointment of Officers; Regulation F | 5.02,7.01,8.01,9.01 |
| 2025-10-23 | Creation of Direct Financial Obligation; Other Events; Financial State | 2.03,8.01,9.01 |
| 2025-10-22 | Entry into Material Definitive Agreement; Financial Statements and Exh | 1.01,9.01 |
Methodology. Every figure originates in InsiderStreet's production data layer and is computed deterministically by the same engines that power insiderstreet.ai. This factsheet contains no model-written text. Sections without underlying data are omitted rather than estimated.
| Data domain | Source | Coverage for this report |
|---|---|---|
| Price & volume | market_db.historical_prices | 52 rows |
| Fundamentals | income_statements_annual | 6 rows · 2020 to 2025 |
| Reported vs consensus | fact/earnings_calendar | 24 rows · 2020-10-21 to 2026-07-22 |
| Analyst estimates | dim/forward_estimates | 3 rows · 2026-12-31 to 2028-12-31 |
| Institutional ownership (13F) | holdings_db.institutional_ownership_summary | 121 rows · 1996 to 2026 |
| Insider transactions (Form 4) | edgar/form4 | 12 rows · 2026-06-03 to 2026-10-01 |
| Proposed sales (Form 144) | edgar/form144 | 1 record |
| Beneficial ownership (13D/G) | edgar/13dg | 3 rows · 2025-02-12 to 2026-04-29 |
| Short-sale volume (FINRA) | edgar/short_volume_daily | 60 rows · 2026-07-23 to 2026-10-15 |
| Dark pool (ATS, tier 1) | edgar/darkpool_weekly | 12 rows · 2026-06-15 to 2026-08-31 |
| ETF & fund holding | etf_holdings_changelog (30d) | 1 record |
| Peer set | stock_peers_dynamic | 8 rows |
| Industry medians | industry_medians | 1 record |
| Congressional trades | congress_db (House + Senate) | 1 record |
| ESG | fact/esg_disclosures | 1 record |
Method. Every figure in this factsheet is looked up from a named field computed in code. It contains no model-written text.
Not covered. Short interest as a percent of float and days-to-cover are not in this data set — the short-sale figures above are FINRA volume, a flow, and cannot support squeeze or covering analysis. Options positioning and intraday data are also absent. 13F ownership is filed 45 days after quarter end and congressional trades are disclosed on a lag, so both describe a past position, not a current one.