| Profitability | 31/100 |
| Growth | 77/100 |
| Momentum | 100/100 |
| Quality | 70/100 |
| Earnings Quality | 60/100 |
| Balance Sheet | 52/100 |
| Value | 27/100 |
| Risk (safety) | 100/100 |
| Overall | 66.6/100 |
| Symbol | IS Score |
|---|---|
| FIX | 81 |
| EME | 67 |
| APG | 56 |
| J | 48 |
| MTZ | 55 |
| STRL | 75 |
| PWR | 67 |
These two disagree — business quality 67, price structure 32 out of 100, so the business reads better than the price does. We publish the disagreement rather than resolving it: they answer different questions, and the gap between them is information, not an error.
| Trigger | Where it stands now | What it would mean |
|---|---|---|
| IS Score reaches 75 and holds two consecutive quarters | now 66.6 | would move us up one band |
| IS Score stops falling - one quarter higher than the prior | last four: 59 → 63 → 61 → 67 | the direction matters more than the level |
| Technical vote share back above 50% | now 36% | price structure no longer broken |
| Institutional holder count rises two quarters running | peak 1,933 → now 1,933 | 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 | 1,933 | 134.5M | $94.6B | 89.5% |
| 2026 Q1 | 1,736 | 135.6M | $72.3B | 90.3% |
| 2025 Q4 | 1,611 | 139.7M | $57.3B | 93.0% |
| 2025 Q3 | 1,440 | 135.4M | $54.8B | 90.2% |
| 2025 Q2 | 1,383 | 138.9M | $50.9B | 92.5% |
| 2025 Q1 | 1,274 | 134.9M | $33.7B | 89.8% |
| 2024 Q4 | 1,284 | 136.5M | $42.0B | 90.9% |
| 2024 Q3 | 1,175 | 132.4M | $38.4B | 88.2% |
| 2024 Q2 | 1,129 | 132.8M | $33.0B | 88.4% |
| 2024 Q1 | 1,060 | 129.7M | $32.6B | 86.3% |
| 2023 Q4 | 1,011 | 132.0M | $27.8B | 87.9% |
| 2023 Q3 | 950 | 128.9M | $23.8B | 85.8% |
| Insider | Role | Date | Type | Shares | Value | Post-Txn Owned |
|---|---|---|---|---|---|---|
| Rubin Ellen | director | 2026-09-09 | A-Award | 203 | — | 203 |
| Baxter Warner L | director | 2026-06-01 | EXERCISE | 559 | — | 1,181 |
| Baxter Warner L | director | 2026-06-01 | EXERCISE | 559 | — | 249 |
| Beneby Doyle N | director | 2026-06-01 | EXERCISE | 870 | — | 29,657 |
| Beneby Doyle N | director | 2026-06-01 | EXERCISE | 870 | — | 387 |
| Fried Bernard | director | 2026-06-01 | EXERCISE | 559 | — | 10,165 |
| Fried Bernard | director | 2026-06-01 | EXERCISE | 559 | — | 14,999 |
| Ladhani Holli C. | director | 2026-06-01 | EXERCISE | 559 | — | 4,743 |
| 6-mo decomposition (Form 4) | Txns | Shares | Value | Signal weight |
|---|---|---|---|---|
| S — Open-market sales | 27 | 159,992 | $123.2M | Counted |
| M — Exercises (paired A/D) | 9 | 9,606 | — | None — mechanics |
| F — Tax withholding | 18 | 69,476 | $39.0M | None — compensation |
| G — Gifts | 3 | 6,553 | — | None |
| P — Open-market purchases | 0 | 0 | $0 | Counted — none occurred |
| Filed | Filer | Shares registered | Est. proceeds |
|---|---|---|---|
| 2026-05-05 | Earl Austin Jr. | 155,992 | $123.3M |
| 2026-05-04 | Nobel Paul | 4,000 | $3.0M |
| 2025-11-06 | Ducey Gerald A Jr | 7,653 | $3.4M |
| 2025-11-06 | Wayne Donald | 14,000 | $6.2M |
| Trailing 12 mo | 6 filings | 191,994 | $141M |
| Filed | Form | Reporting person | % of class | Shares |
|---|---|---|---|---|
| 2026-04-30 | SCHEDULE 13G | Vanguard Capital Management | 7.45% | 11.2M sh |
| 2025-11-13 | SCHEDULE 13G/A | Capital World Investors | 4.60% | 6.8M sh |
| 2025-10-30 | SCHEDULE 13G/A | The Vanguard Group | 12.17% | 18.1M sh |
| 2025-05-13 | SCHEDULE 13G | Capital World Investors | 5.60% | 8.3M sh |
| Member | Chamber | Trade | Size band | Traded | Disclosed |
|---|---|---|---|---|---|
| Ro Khanna | House | SELL | $1,001 - $15,000 | 2026-09-11 | 2026-10-09 |
| Gilbert Cisneros | House | BUY | $15,001 - $50,000 | 2026-08-27 | 2026-09-11 |
| Ro Khanna | House | BUY | $1,001 - $15,000 | 2026-08-10 | 2026-09-07 |
| Alan Armstrong | Senate | BUY | $1,001 - $15,000 | 2026-03-27 | 2026-07-21 |
| Alan Armstrong | Senate | BUY | $1,001 - $15,000 | 2026-03-27 | 2026-07-20 |
| Angus King | Senate | BUY | $1,001 - $15,000 | 2025-07-21 | 2025-08-18 |
| Manager | Shares | Value |
|---|---|---|
| Vontobel Holding Ltd. | 210,407 | $135M |
| Sarasin & Partners Llp | 161,906 | $104M |
| Congress Asset Management Co | 134,630 | $87M |
| Neville Rodie & Shaw Inc | 105,456 | $68M |
| Td Waterhouse Canada Inc. | 84,799 | $56M |
| Wealth Enhancement Advisory Servic | 78,559 | $38M |
| Fund | Weight | Position |
|---|---|---|
| VITSX | 0.1% | $3.1B |
| VTSAX | 0.1% | $3.1B |
| VTI | 0.1% | $3.1B |
| VSMPX | 0.1% | $3.1B |
| VFINX | 0.1% | $2.5B |
| VFFSX | 0.1% | $2.5B |
| ATS Venue (4-wk) | Shares | Avg trade |
|---|---|---|
| Incr Intelligent Cross Llc | 1.5M | 22 sh |
| Ubsa Ubs Ats | 1.3M | 27 sh |
| Sgmt Sigma X2 | 0.8M | 22 sh |
| Ebxl Level Ats | 0.7M | 13 sh |
| Mlix Instinct X | 0.6M | 33 sh |
| Mspl Ms Pool (Ats-4) | 0.6M | 64 sh |
| Region | Revenue | Share |
|---|---|---|
| UNITED STATES | $26.5B | 93% |
| CANADA | $1.0B | 4% |
| AUSTRALIA | $780M | 3% |
| Non-US | $198M | 1% |
Moat score 57/100 — Narrow; primary source Efficient Scale.
| Officer | Title |
|---|---|
| Earl C. Austin Jr. | President, Chief Executive Officer & Director |
| Karl Studer | President of Electric Power |
| Jayshree S. Desai | Chief Financial Officer |
| Gerald A. Ducey Jr. | President of Strategic Operations |
| Period | EPS est. | EPS actual | EPS surprise | Rev est. ($M) | Rev actual ($M) | Rev surprise |
|---|
| YoY growth | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| Revenue | +15.9% | +31.5% | +22.3% | +13.4% | +19.8% |
| Gross profit | +12.9% | +21.7% | +21.7% | +18.1% | +18.1% |
| Operating income | +6.9% | +40.6% | +18.7% | +17.9% | +22.4% |
| Net income | +9.1% | +1.1% | +51.6% | +21.5% | +13.7% |
| $B · FY ends | FY21 | FY22 | FY23 | FY24 | FY25 | Trend |
|---|---|---|---|---|---|---|
| Revenue | 13.0 | 17.1 | 20.9 | 23.7 | 28.4 | |
| Cost of revenue | 11.2 | 14.9 | 18.2 | 20.5 | 24.7 | |
| Gross profit | 1.8 | 2.2 | 2.6 | 3.1 | 3.7 | |
| R&D expense | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | |
| SG&A expense | 1.1 | 1.2 | 1.5 | 1.8 | 2.1 | |
| Operating income | 0.7 | 1.0 | 1.1 | 1.3 | 1.6 | |
| EBITDA | 1.1 | 1.5 | 1.8 | 2.2 | 2.5 | |
| D&A | 0.4 | 0.6 | 0.6 | 0.7 | 0.8 | |
| Pretax income | 0.6 | 0.7 | 1.0 | 1.2 | 1.4 | |
| Income tax | 0.1 | 0.2 | 0.2 | 0.3 | 0.4 | |
| Net income | 0.5 | 0.5 | 0.7 | 0.9 | 1.0 | |
| Diluted EPS ($) | 3.34 | 3.32 | 5.00 | 6.03 | 6.80 | |
| Diluted shares (M) | 145 | 148 | 149 | 150 | 152 |
| $B | FY22 | FY23 | FY24 | FY25 | |
|---|---|---|---|---|---|
| Cash & equivalents | 0.4 | 1.3 | 0.7 | 0.4 | |
| ST investments | 0.0 | 0.0 | 0.0 | 0.0 | |
| Receivables (net) | 4.8 | 5.8 | 6.4 | 6.8 | |
| Total current assets | 5.5 | 7.7 | 7.9 | 9.9 | |
| PP&E (net) | 2.3 | 2.6 | 3.0 | 3.9 | |
| Goodwill + intangibles | 5.0 | 5.4 | 7.2 | 10.2 | |
| Total assets | 13.5 | 16.2 | 18.7 | 24.9 | |
| Accounts payable | 1.3 | 2.0 | 2.1 | 0.0 | |
| Short-term debt | 0.0 | 0.5 | 0.1 | 0.9 | |
| Deferred revenue | 1.1 | 1.5 | 2.1 | 0.0 | |
| Total current liabilities | 3.4 | 5.2 | 6.0 | 8.7 | |
| Long-term debt | 3.7 | 3.7 | 4.1 | 0.3 | |
| Total liabilities | 8.1 | 10.0 | 11.4 | 15.9 | |
| Shareholders' equity | 5.4 | 6.3 | 7.3 | 9.0 |
| $B | FY22 | FY23 | FY24 | FY25 | |
|---|---|---|---|---|---|
| Net income | 0.5 | 0.7 | 0.9 | 1.0 | |
| D&A | 0.6 | 0.6 | 0.7 | 0.9 | |
| Stock-based compensation | 0.1 | 0.1 | 0.2 | 0.2 | |
| Working capital change | (0.2) | 0.1 | 0.2 | 0.0 | |
| Operating cash flow | 1.1 | 1.6 | 2.1 | 2.2 | |
| Capital expenditures | (0.4) | (0.4) | (0.6) | (0.6) | |
| Investing cash flow | (0.6) | (1.0) | (2.3) | (3.8) | |
| Buybacks | (0.1) | (0.0) | (0.2) | (0.1) | |
| Dividends paid | (0.0) | (0.0) | (0.1) | (0.1) | |
| Debt issuance / (repay) | (0.0) | 0.4 | (0.1) | 1.7 | |
| Financing cash flow | (0.3) | 0.3 | (0.3) | 1.3 | |
| Free cash flow | 0.7 | 1.1 | 1.5 | 1.6 |
| Ratio | FY21 | FY22 | FY23 | FY24 | FY25 | TTM | Trend |
|---|---|---|---|---|---|---|---|
| PROFITABILITY | |||||||
| ROE | 10.3% | 9.4% | 12.8% | 13.3% | 12.7% | 15% | |
| ROA | 4.6% | 3.7% | 5.0% | 5.2% | 4.7% | 4.7% | |
| ROIC | 5.6% | 7.4% | 9.3% | 9.3% | 12.5% | 8.4% | |
| Gross margin | 13.8% | 12.7% | 12.7% | 13.2% | 13.0% | 14.4% | |
| Operating margin | 5.2% | 5.6% | 5.4% | 5.6% | 5.8% | 6.2% | |
| Net margin | 3.7% | 2.9% | 3.6% | 3.8% | 3.6% | 4.1% | |
| EBITDA margin | 8.6% | 8.6% | 8.5% | 9.1% | 8.9% | 9.5% | |
| FCF margin | 1.5% | 4.1% | 5.4% | 6.2% | 5.7% | — | |
| VALUATION | |||||||
| P/E | 34.64 | 42.63 | 43.06 | 52.55 | 62.23 | 71.5 | |
| P/B | 3.29 | 3.89 | 5.11 | 6.50 | 7.16 | 9.8 | |
| P/S | 1.30 | 1.23 | 1.54 | 2.01 | 2.26 | 2.90 | |
| P/FCF | 86.03 | 29.85 | 28.30 | 32.19 | 39.49 | 39.7 | |
| EV/EBITDA | 18.52 | 16.63 | 19.90 | 23.78 | 25.73 | 32.6 | |
| EV/Revenue | 1.59 | 1.43 | 1.69 | 2.17 | 2.28 | 3.1 | |
| Earnings yield | 2.9% | 2.3% | 2.3% | 1.9% | 1.6% | 1.41% | |
| FCF yield | 1.2% | 3.4% | 3.5% | 3.1% | 2.5% | 2.52% | |
| Ratio | FY21 | FY22 | FY23 | FY24 | FY25 | TTM | Trend |
|---|---|---|---|---|---|---|---|
| LEVERAGE & SOLVENCY | |||||||
| Current ratio | 1.50 | 1.63 | 1.47 | 1.30 | 1.14 | 1.10 | |
| Quick ratio | 1.47 | 1.59 | 1.44 | 1.26 | 1.09 | 1.05 | |
| Debt / equity | 0.78 | 0.74 | 0.71 | 0.61 | 0.13 | 0.69 | |
| Debt / assets | 31.1% | 29.5% | 27.5% | 24.0% | 4.8% | 23.3% | |
| Net debt / EBITDA | 3.39 | 2.41 | 1.79 | 1.73 | 0.30 | 1.97 | |
| Interest coverage | 10.04 | 6.66 | 6.19 | 6.98 | 6.39 | — | |
| Ratio | FY21 | FY22 | FY23 | FY24 | FY25 | TTM | Trend |
|---|---|---|---|---|---|---|---|
| EFFICIENCY | |||||||
| Asset turnover | 1.22 | 1.30 | 1.41 | 1.36 | 1.30 | 1.16 | |
| Receivables turnover | 4.24 | 4.83 | 5.17 | 4.94 | 4.72 | 3.3 | |
| DSO (days) | 86 | 76 | 71 | 74 | 77 | 112 | |
| DPO (days) | 33 | 31 | 33 | 37 | 16 | 46 | |
| Cash conversion cycle | 55 | 47 | 40 | 41 | 67 | 72 | |
| GROWTH (YoY) | |||||||
| Revenue growth | 15.9% | 31.5% | 22.3% | 13.4% | 19.8% | — | |
| Net income growth | 9.1% | 1.1% | 51.6% | 21.5% | 13.7% | — | |
| EPS growth | 7.0% | 1.3% | 50.2% | 20.1% | 12.9% | — | |
| FCF growth | -77.1% | 258.5% | 61.5% | 30.4% | 9.7% | — | |
| PER SHARE ($) | |||||||
| EPS (diluted, TTM) | 3.29 | 3.33 | 5.00 | 6.01 | 6.78 | 8.91 | |
| Book value / share | 34.58 | 36.49 | 42.12 | 48.58 | 58.93 | 64.86 | |
| Revenue / share | 87.81 | 115.72 | 140.24 | 157.17 | 186.91 | 218.21 | |
| FCF / share | 1.32 | 4.75 | 7.61 | 9.81 | 10.69 | 15.92 | |
| Cash / share | 1.55 | 2.90 | 8.66 | 4.93 | 2.90 | 3.37 | |
| SHAREHOLDER RETURN & SCORES | |||||||
| Buyback yield | 0.4% | 0.6% | 0.3% | 0.3% | 0.2% | 0.14% | |
| Altman Z-Score | 3.04 | 3.65 | 4.05 | 4.57 | 4.21 | 4.9 | |
| Piotroski F-Score | 3 | 8 | 6 | 7 | 5 | 5/9 | |
| Beneish M-Score | -1.89 | -2.61 | -2.42 | -2.69 | -2.41 | -2.35 | |
| Model | Score | Zone | Note |
|---|---|---|---|
| Piotroski F-Score | 5 / 9 | Middling | |
| Altman Z-Score | 4.9 | Safe (>2.99) | Safe |
| Income quality | 2.36 | Cash-backed | OCF ÷ net income |
| Beneish M-Score | -2.35 | Non-manipulator | vs −2.22 threshold |
| DuPont Decomposition (TTM) | Value |
|---|---|
| Tax burden | 0.75 |
| Interest burden | 0.86 |
| Operating margin | 6.3% |
| Asset turnover | 1.36× |
| Financial leverage | 2.75× |
| = ROE | 15% |
| Growth Quality (live) | Value |
|---|---|
| Revenue stability | 0.98 |
| Earnings stability | 0.86 |
| Earnings persistence | 0.85 |
| Revenue CAGR 3y | 21.3% |
| EPS CAGR 3y | 31.1% |
| FCF CAGR 3y | 50.0% |
| Company | Mkt cap | P/E | ROE | Net margin | Rev growth | Piotroski | 1-yr ret |
|---|---|---|---|---|---|---|---|
| FIX | $50.6B | 35.4 | 55% | 13.5% | +46.1% | 9/9 | +71.6% |
| EME | $31.8B | 22.5 | 40% | 7.8% | +18.9% | 8/9 | +4.9% |
| APG | $17.4B | -59.9 | 10% | 4.4% | +14.1% | 6/9 | +16.6% |
| J | $16.5B | 49.2 | 9% | 3.3% | +84.3% | 5/9 | -9.4% |
| MTZ | $15.3B | 30.1 | 16% | 3.0% | +23.5% | 8/9 | — |
| STRL | $13.0B | 30.2 | 39% | 13.3% | +60.8% | 7/9 | — |
| IESC | $10.1B | 22.1 | 45% | 12.3% | +22.7% | 5/9 | — |
| BLD | $10.0B | 19.8 | 22% | 7.2% | +6.4% | 4/9 | — |
| Consensus estimates | Revenue mean | High / Low | EPS mean | High / Low | # EPS est. |
|---|---|---|---|---|---|
| FY2026 | $39.56B | $39.76B / $39.15B | $16.74 | $17.19 / $16.09 | 19 |
| FY2027 | $45.97B | $49.15B / $43.35B | $19.73 | $22.38 / $17.77 | 18 |
| FY2028 | $52.41B | $58.67B / $48.46B | $23.26 | $25.15 / $21.17 | 10 |
| Window | Avg Target | vs. Price | # Targets |
|---|---|---|---|
| Last Month | $758.75 | +20.1% | 4 |
| Last Quarter | $759.08 | +20.1% | 13 |
| Last Year | $665.73 | +5.4% | 45 |
| All Time | $535.31 | -15.3% | 70 |
| Moving Average | Value | Distance | % Distance | Signal |
|---|---|---|---|---|
| SMA 20 | $665.17 | -33.31 | -5.01% | Below |
| SMA 50 | $650.39 | -18.53 | -2.85% | Below |
| SMA 200 | $618.23 | +13.63 | +2.20% | Above |
| EMA 9 | $665.24 | -33.38 | -5.02% | Below |
| EMA 21 | $662.93 | -31.07 | -4.69% | Below |
| EMA 50 | $656.44 | -24.58 | -3.74% | Below |
| EMA 200 | $609.03 | +22.83 | +3.75% | Above |
| Level | Value | Level | Value |
|---|---|---|---|
| Pivot / R1 / R2 | $634.29 / $655.59 / $668.96 | S1 / S2 | $620.92 / $599.62 |
| Bollinger (20,2) | $612.83 – $717.51 | Squeeze | Off |
| 52-wk range | $404.51 – $788.75 | Off 52-wk high | -19.9% |
| ATR (14) | $26.30 (4.2%) | Historical vol | 37.0% |
| Computed from live weekly prices | PWR | S&P 500 |
|---|---|---|
| Weekly volatility (σ, 1y) | 6.02% | 1.83% |
| Best / worst week (1y) | +21.7% / -12.7% | — |
| Max drawdown (5y, monthly) | -40.2% | — |
| 1-week VaR (95%) | -8.1% | — |
| Beta (5y) | 1.20 | 1.00 |
| Reading | PWR | Engineering & Construction n=1,306 | Industrials n=9,922 | All US symbols n=70,435 |
|---|---|---|---|---|
| Overall | -34.0 | -30.7 | -24.1 | -20.5 |
| Trend | -16.8 | -36.2 | -26.2 | -21.3 |
| Momentum | -41.3 | -28.1 | -24.5 | -15.8 |
| Volume | -32.2 | -34.5 | -22.6 | -3.8 |
| Executive | Total comp | Structure |
|---|---|---|
| Earl C. (Duke) Austin, Jr. President & Chief | $15.7M | 88% equity+incentive |
| Jayshree Desai Chief Financial Officer | $5.4M | 82% equity+incentive |
| Karl Studer President – Electric Power | $4.9M | 77% equity+incentive |
| Gerald A. (BJ) Ducey, Jr. President – Strate | $3.4M | 75% equity+incentive |
| Donald C. Wayne Executive Vice President and | $2.7M | 73% equity+incentive |
| Pillar (live disclosure scores) | Score |
|---|---|
| Environmental | 50 |
| Social | 48 |
| Governance | 59 |
| Composite ESG | 52 |
| Filed | 8-K contents | Items |
|---|---|---|
| 2026-09-15 | Officer/Director Change; Regulation FD; Exhibits | 5.02,7.01,9.01 |
| 2026-08-06 | Material Agreement; Financial Obligation; Exhibits | 1.01,2.03,9.01 |
| 2026-08-04 | Material Agreement; Regulation FD; Exhibits | 1.01,7.01,9.01 |
| 2026-07-30 | Earnings Release; Regulation FD; Exhibits | 2.02,7.01,9.01 |
| 2026-05-27 | Shareholder Vote; Other Events; Exhibits | 5.07,8.01,9.01 |
| 2026-04-30 | Earnings Release; Regulation FD; Exhibits | 2.02,7.01,9.01 |
| 2026-04-16 | Officer/Director Change; Exhibits | 5.02,9.01 |
| 2026-03-04 | Departure/Election of Directors; Appointment of Officers; Financial St | 5.02,9.01 |
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 · 2020-10-29 to 2026-07-30 |
| Analyst estimates | dim/forward_estimates | 3 rows · 2026-12-31 to 2028-12-31 |
| Institutional ownership (13F) | holdings_db.institutional_ownership_summary | 111 rows · 1998 to 2026 |
| Insider transactions (Form 4) | edgar/form4 | 12 rows · 2026-06-01 to 2026-09-09 |
| Proposed sales (Form 144) | edgar/form144 | 1 record |
| Beneficial ownership (13D/G) | edgar/13dg | 4 rows · 2025-05-13 to 2026-04-30 |
| 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.