| Profitability | 56/100 |
| Growth | 44/100 |
| Momentum | 74/100 |
| Quality | 73/100 |
| Earnings Quality | 66/100 |
| Balance Sheet | 39/100 |
| Value | 45/100 |
| Risk (safety) | 65/100 |
| Overall | 57.7/100 |
| Symbol | IS Score |
|---|---|
| WM | 57 |
| WCN | 64 |
| CLH | 54 |
| FDX | 54 |
| UPS | 44 |
| CMI | 58 |
| RSG | 58 |
Both readings sit above the midpoint — business quality at 58 and price structure at 84 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 57.7 | would move us up one band |
| IS Score stops falling - one quarter higher than the prior | last four: 62 → 61 → 60 → 58 | the direction matters more than the level |
| Technical vote share back above 50% | now 100% | price structure no longer broken |
| Institutional holder count rises two quarters running | peak 1,339 → now 1,313 | 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 | 1,313 | 183.5M | $36.9B | 59.7% |
| 2026 Q1 | 1,331 | 180.3M | $37.3B | 58.6% |
| 2025 Q4 | 1,323 | 184.6M | $37.0B | 60.0% |
| 2025 Q3 | 1,270 | 180.9M | $39.4B | 58.8% |
| 2025 Q2 | 1,339 | 182.7M | $43.3B | 59.4% |
| 2025 Q1 | 1,265 | 183.3M | $42.7B | 59.6% |
| 2024 Q4 | 1,233 | 182.5M | $35.3B | 59.4% |
| 2024 Q3 | 1,184 | 181.7M | $35.1B | 59.1% |
| 2024 Q2 | 1,158 | 183.6M | $34.2B | 59.7% |
| 2024 Q1 | 1,137 | 183.3M | $34.3B | 59.6% |
| 2023 Q4 | 1,092 | 182.6M | $29.6B | 59.4% |
| 2023 Q3 | 966 | 182.5M | $25.7B | 59.4% |
| Insider | Role | Date | Type | Shares | Value | Post-Txn Owned |
|---|---|---|---|---|---|---|
| Cascade Investment, L.L.C. | 10 percent owner | 2026-09-11 | BUY | 7,596 | $1.68M | 116,741,230 |
| Cascade Investment, L.L.C. | 10 percent owner | 2026-09-11 | BUY | 135,482 | $30.16M | 116,876,712 |
| Cascade Investment, L.L.C. | 10 percent owner | 2026-09-11 | BUY | 176,547 | $39.40M | 117,053,259 |
| Cascade Investment, L.L.C. | 10 percent owner | 2026-09-11 | BUY | 5,185 | $1.16M | 117,058,444 |
| Cascade Investment, L.L.C. | 10 percent owner | 2026-09-10 | BUY | 108,147 | $23.96M | 116,585,781 |
| Cascade Investment, L.L.C. | 10 percent owner | 2026-09-10 | BUY | 97,992 | $21.81M | 116,683,773 |
| Cascade Investment, L.L.C. | 10 percent owner | 2026-09-10 | BUY | 47,819 | $10.68M | 116,731,592 |
| Cascade Investment, L.L.C. | 10 percent owner | 2026-09-10 | BUY | 2,042 | $0.46M | 116,733,634 |
| 6-mo decomposition (Form 4) | Txns | Shares | Value | Signal weight |
|---|---|---|---|---|
| S — Open-market sales | 3 | 2,160 | $0.5M | Counted |
| P — Open-market purchases | 107 | 7,241,612 | $1582.7M | Counted |
| M — Exercises (paired A/D) | 16 | 9,784 | — | None — mechanics |
| F — Tax withholding | 17 | 4,247 | $1.0M | None — compensation |
| Filed | Filer | Shares registered | Est. proceeds |
|---|---|---|---|
| 2026-06-11 | Sandra M. Volpe | 1,800 | $0.4M |
| 2026-05-19 | Carlsen Elyse | 221 | $0.0M |
| 2026-05-19 | Elyse Carlsen | 139 | $0.0M |
| 2025-08-22 | Brummer Gregg | 7,338 | $1.7M |
| Trailing 12 mo | 3 filings | 2,160 | $0M |
| Filed | Form | Reporting person | % of class | Shares |
|---|---|---|---|---|
| 2026-09-09 | SCHEDULE 13D/A | Cascade Investment, L.L.C. | 37.90% | 116.2M sh |
| 2026-09-09 | SCHEDULE 13D/A | William H. Gates III | 37.90% | 116.2M sh |
| 2026-08-20 | SCHEDULE 13D/A | Cascade Investment, L.L.C. | 36.70% | 112.4M sh |
| 2026-08-20 | SCHEDULE 13D/A | William H. Gates III | 36.70% | 112.4M sh |
| Member | Chamber | Trade | Size band | Traded | Disclosed |
|---|---|---|---|---|---|
| Josh Gottheimer | House | BUY | $1,001 - $15,000 | 2026-08-06 | 2026-09-15 |
| Ro Khanna | House | BUY | $1,001 - $15,000 | 2026-06-02 | 2026-07-08 |
| Ro Khanna | House | BUY | $1,001 - $15,000 | 2026-01-13 | 2026-02-10 |
| Alan Armstrong | Senate | BUY | $1,001 - $15,000 | 2026-03-27 | 2026-07-21 |
| Manager | Shares | Value |
|---|---|---|
| Davenport & Co Llc | 358,147 | $75M |
| Guyasuta Investment Advisors Inc | 346,671 | $73M |
| Fenimore Asset Management Inc | 265,824 | $56M |
| Wealth Enhancement Advisory Servic | 216,751 | $42M |
| Border To Coast Pensions Partnersh | 182,463 | $38M |
| Fjarde Ap-Fonden /Fourth Swedish N | 173,845 | $36M |
| Fund | Weight | Position |
|---|---|---|
| VITSX | 0.1% | $1.3B |
| VSMPX | 0.1% | $1.3B |
| VTI | 0.1% | $1.3B |
| VTSAX | 0.1% | $1.3B |
| VFIAX | 0.1% | $1.1B |
| VFFSX | 0.1% | $1.1B |
| ATS Venue (4-wk) | Shares | Avg trade |
|---|---|---|
| Incr Intelligent Cross Llc | 1.8M | 41 sh |
| Ubsa Ubs Ats | 1.6M | 43 sh |
| Sgmt Sigma X2 | 1.0M | 37 sh |
| Ebxl Level Ats | 0.9M | 26 sh |
| Mlix Instinct X | 0.8M | 56 sh |
| Mspl Ms Pool (Ats-4) | 0.8M | 143 sh |
| Region | Revenue | Share |
|---|---|---|
| CANADA | $188M | 100% |
Moat score 66/100 — Narrow; primary source Efficient Scale.
| Officer | Title |
|---|---|
| Jon Vander Ark | President, Chief Executive Officer & Director |
| Brian DelGhiaccio | Executive Vice President & Chief Financial Officer |
| Gregg Brummer | Executive Vice President & Chief Operating Officer |
| Catharine D. Ellingsen | Executive Vice President, Chief Legal Officer, Chief Ethics & Compliance Officer and Corporate Secretary |
| Period | EPS est. | EPS actual | EPS surprise | Rev est. ($M) | Rev actual ($M) | Rev surprise |
|---|
| YoY growth | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| Revenue | +11.2% | +19.6% | +10.8% | +7.1% | +3.5% |
| Gross profit | -18.8% | +17.5% | +14.4% | +10.7% | +2.8% |
| Operating income | +22.5% | +15.2% | +17.9% | +13.4% | +3.0% |
| Net income | +33.4% | +15.3% | +16.4% | +18.0% | +4.7% |
| $B · FY ends | FY21 | FY22 | FY23 | FY24 | FY25 | Trend |
|---|---|---|---|---|---|---|
| Revenue | 11.3 | 13.5 | 15.0 | 16.0 | 16.6 | |
| Cost of revenue | 8.0 | 9.6 | 10.5 | 11.1 | 11.6 | |
| Gross profit | 3.3 | 3.9 | 4.4 | 4.9 | 5.0 | |
| R&D expense | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | |
| SG&A expense | 1.2 | 1.5 | 1.5 | 1.6 | 1.7 | |
| Operating income | 2.1 | 2.4 | 2.8 | 3.2 | 3.3 | |
| EBITDA | 3.1 | 3.7 | 4.3 | 4.8 | 5.2 | |
| D&A | 1.3 | 1.4 | 1.6 | 1.8 | 1.9 | |
| Pretax income | 1.6 | 1.8 | 2.2 | 2.4 | 2.6 | |
| Income tax | 0.3 | 0.3 | 0.5 | 0.4 | 0.5 | |
| Net income | 1.3 | 1.5 | 1.7 | 2.0 | 2.1 | |
| Diluted EPS ($) | 4.04 | 4.69 | 5.47 | 6.49 | 6.85 | |
| Diluted shares (M) | 319 | 317 | 317 | 315 | 312 |
| $B | FY22 | FY23 | FY24 | FY25 | |
|---|---|---|---|---|---|
| Cash & equivalents | 0.1 | 0.1 | 0.1 | 0.1 | |
| ST investments | 0.0 | 0.0 | 0.0 | 0.3 | |
| Receivables (net) | 2.0 | 2.0 | 2.1 | 1.9 | |
| Total current assets | 2.4 | 2.4 | 2.4 | 2.5 | |
| PP&E (net) | 11.0 | 11.6 | 12.1 | 12.6 | |
| Goodwill + intangibles | 14.8 | 16.3 | 16.5 | 17.4 | |
| Total assets | 29.1 | 31.4 | 32.4 | 34.4 | |
| Accounts payable | 1.2 | 1.4 | 1.3 | 1.4 | |
| Short-term debt | 0.5 | 0.9 | 0.9 | 0.6 | |
| Deferred revenue | 0.4 | 0.5 | 0.5 | 0.5 | |
| Total current liabilities | 3.4 | 4.2 | 4.1 | 3.9 | |
| Long-term debt | 11.3 | 11.9 | 11.9 | 0.0 | |
| Total liabilities | 19.4 | 20.9 | 21.0 | 22.4 | |
| Shareholders' equity | 9.7 | 10.5 | 11.4 | 12.0 |
| $B | FY22 | FY23 | FY24 | FY25 | |
|---|---|---|---|---|---|
| Net income | 1.5 | 1.7 | 2.0 | 2.1 | |
| D&A | 1.4 | 1.6 | 1.8 | 1.9 | |
| Stock-based compensation | 0.0 | 0.0 | 0.0 | 0.0 | |
| Working capital change | (0.1) | 0.0 | (0.3) | (0.4) | |
| Operating cash flow | 3.2 | 3.6 | 3.9 | 4.3 | |
| Capital expenditures | (1.5) | (1.6) | (1.9) | (1.9) | |
| Investing cash flow | (4.4) | (3.7) | (2.6) | (3.3) | |
| Buybacks | (0.2) | (0.3) | (0.5) | (0.9) | |
| Dividends paid | (0.6) | (0.6) | (0.7) | (0.7) | |
| Debt issuance / (repay) | 2.2 | 1.0 | (0.2) | 0.7 | |
| Financing cash flow | 1.3 | 0.1 | (1.4) | (0.9) | |
| Free cash flow | 1.7 | 2.0 | 2.1 | 2.4 |
| Ratio | FY21 | FY22 | FY23 | FY24 | FY25 | TTM | Trend |
|---|---|---|---|---|---|---|---|
| PROFITABILITY | |||||||
| ROE | 14.8% | 15.9% | 17.1% | 18.6% | 18.3% | 18% | |
| ROA | 5.3% | 5.5% | 5.7% | 6.4% | 6.4% | 6.2% | |
| ROIC | 9.1% | 9.0% | 9.5% | 11.2% | 22.4% | 9.1% | |
| Gross margin | 29.1% | 28.6% | 29.6% | 30.6% | 30.3% | 39.1% | |
| Operating margin | 18.5% | 17.9% | 19.0% | 20.1% | 20.0% | 20.0% | |
| Net margin | 11.4% | 11.0% | 11.6% | 12.7% | 12.9% | 12.9% | |
| EBITDA margin | 27.9% | 27.1% | 28.9% | 29.7% | 31.6% | 33.3% | |
| FCF margin | 13.0% | 12.8% | 13.3% | 13.0% | 14.5% | — | |
| VALUATION | |||||||
| P/E | 32.83 | 26.61 | 29.51 | 30.64 | 30.59 | 32.8 | |
| P/B | 4.72 | 4.09 | 4.85 | 5.49 | 5.47 | 5.9 | |
| P/S | 3.75 | 2.93 | 3.41 | 3.90 | 3.94 | 4.20 | |
| P/FCF | 28.81 | 22.80 | 25.72 | 30.08 | 27.16 | 20.8 | |
| EV/EBITDA | 16.59 | 14.08 | 14.86 | 15.88 | 12.90 | 15.1 | |
| EV/Revenue | 4.62 | 3.81 | 4.28 | 4.71 | 3.96 | 5.0 | |
| Earnings yield | 3.0% | 3.8% | 3.4% | 3.3% | 3.3% | 3.07% | |
| FCF yield | 3.5% | 4.4% | 3.9% | 3.3% | 3.7% | 4.80% | |
| Ratio | FY21 | FY22 | FY23 | FY24 | FY25 | TTM | Trend |
|---|---|---|---|---|---|---|---|
| LEVERAGE & SOLVENCY | |||||||
| Current ratio | 0.71 | 0.70 | 0.56 | 0.58 | 0.64 | 0.64 | |
| Quick ratio | 0.68 | 0.67 | 0.54 | 0.56 | 0.64 | 0.62 | |
| Debt / equity | 1.09 | 1.25 | 1.24 | 1.14 | 0.05 | 1.19 | |
| Debt / assets | 39.4% | 41.6% | 41.6% | 40.0% | 1.7% | 40.7% | |
| Net debt / EBITDA | 3.12 | 3.26 | 3.00 | 2.71 | 0.05 | 2.52 | |
| Interest coverage | 6.23 | 5.75 | 5.24 | 5.52 | 5.52 | — | |
| Ratio | FY21 | FY22 | FY23 | FY24 | FY25 | TTM | Trend |
|---|---|---|---|---|---|---|---|
| EFFICIENCY | |||||||
| Asset turnover | 0.47 | 0.50 | 0.49 | 0.50 | 0.50 | 0.48 | |
| Receivables turnover | 9.56 | 9.16 | 8.69 | 8.93 | 8.92 | 7.7 | |
| DSO (days) | 38 | 40 | 42 | 41 | 41 | 48 | |
| DPO (days) | 38 | 42 | 46 | 45 | 45 | 51 | |
| Cash conversion cycle | 3 | 1 | -0 | -1 | -2 | 1 | |
| GROWTH (YoY) | |||||||
| Revenue growth | 11.3% | 19.6% | 10.8% | 7.1% | 3.5% | — | |
| Net income growth | 33.4% | 15.3% | 16.4% | 18.0% | 4.7% | — | |
| EPS growth | 34.0% | 15.8% | 16.9% | 18.5% | 6.3% | — | |
| FCF growth | 15.1% | 18.1% | 14.4% | 4.7% | 15.8% | — | |
| PER SHARE ($) | |||||||
| EPS (diluted, TTM) | 4.05 | 4.69 | 5.48 | 6.50 | 6.91 | 7.11 | |
| Book value / share | 28.19 | 30.55 | 33.39 | 36.28 | 38.64 | 39.13 | |
| Revenue / share | 35.47 | 42.61 | 47.40 | 50.99 | 53.57 | 54.93 | |
| FCF / share | 4.62 | 5.47 | 6.29 | 6.62 | 7.78 | 11.07 | |
| Cash / share | 0.09 | 0.45 | 0.44 | 0.24 | 1.08 | 0.35 | |
| SHAREHOLDER RETURN & SCORES | |||||||
| Buyback yield | 0.6% | 0.5% | 0.5% | 0.8% | 1.3% | 2.70% | |
| Altman Z-Score | 2.62 | 2.26 | 2.54 | 2.94 | 2.95 | 3.0 | |
| Piotroski F-Score | 7 | 6 | 7 | 9 | 9 | 5/9 | |
| Beneish M-Score | -2.62 | -2.44 | -2.76 | -2.74 | -2.95 | -3.03 | |
| Model | Score | Zone | Note |
|---|---|---|---|
| Piotroski F-Score | 5 / 9 | Middling | |
| Altman Z-Score | 3.0 | Safe (>2.99) | Grey |
| Income quality | 2.13 | Cash-backed | OCF ÷ net income |
| Beneish M-Score | -3.03 | Non-manipulator | vs −2.22 threshold |
| DuPont Decomposition (TTM) | Value |
|---|---|
| Tax burden | 0.85 |
| Interest burden | 0.81 |
| Operating margin | 18.7% |
| Asset turnover | 0.49× |
| Financial leverage | 2.85× |
| = ROE | 18% |
| Growth Quality (live) | Value |
|---|---|
| Revenue stability | 0.94 |
| Earnings stability | 0.98 |
| Earnings persistence | 0.99 |
| Revenue CAGR 3y | 5.4% |
| EPS CAGR 3y | 12.7% |
| FCF CAGR 3y | 22.1% |
| Company | Mkt cap | P/E | ROE | Net margin | Rev growth | Piotroski | 1-yr ret |
|---|---|---|---|---|---|---|---|
| WM | $90.7B | 32.0 | 30% | 11.7% | +7.2% | 9/9 | +6.8% |
| WCN | $42.3B | 40.6 | 13% | 11.6% | +6.1% | 7/9 | -1.5% |
| CLH | $16.9B | 38.7 | 16% | 9.8% | +5.1% | 7/9 | +37.9% |
| FDX | $69.5B | 16.0 | 15% | 6.4% | +7.7% | 6/9 | +55.9% |
| UPS | $73.1B | 18.1 | 30% | 2.6% | -0.3% | 4/9 | — |
| CMI | $73.1B | 27.0 | 22% | 9.9% | +2.9% | 6/9 | — |
| NSC | $73.4B | 27.9 | 17% | 21.2% | +3.0% | 7/9 | — |
| NOC | $73.9B | 16.5 | 27% | 10.1% | +5.9% | 8/9 | — |
| Consensus estimates | Revenue mean | High / Low | EPS mean | High / Low | # EPS est. |
|---|---|---|---|---|---|
| FY2026 | $17.32B | $17.47B / $17.03B | $7.27 | $7.39 / $7.20 | 16 |
| FY2027 | $18.16B | $18.37B / $17.97B | $8.09 | $8.35 / $7.95 | 16 |
| FY2028 | $19.03B | $19.31B / $18.67B | $8.96 | $9.85 / $8.54 | 10 |
| Window | Avg Target | vs. Price | # Targets |
|---|---|---|---|
| Last Month | $234.80 | +1.4% | 5 |
| Last Quarter | $234.43 | +1.2% | 7 |
| Last Year | $238.42 | +3.0% | 24 |
| All Time | $226.87 | -2.0% | 55 |
| Moving Average | Value | Distance | % Distance | Signal |
|---|---|---|---|---|
| SMA 20 | $215.68 | +15.86 | +7.35% | Above |
| SMA 50 | $217.80 | +13.74 | +6.31% | Above |
| SMA 200 | $214.26 | +17.28 | +8.06% | Above |
| EMA 9 | $222.54 | +9.00 | +4.04% | Above |
| EMA 21 | $218.91 | +12.63 | +5.77% | Above |
| EMA 50 | $217.25 | +14.29 | +6.58% | Above |
| EMA 200 | $215.56 | +15.98 | +7.41% | Above |
| Level | Value | Level | Value |
|---|---|---|---|
| Pivot / R1 / R2 | $229.63 / $230.84 / $232.04 | S1 / S2 | $228.43 / $227.22 |
| Bollinger (20,2) | $202.85 – $228.51 | Squeeze | Off |
| 52-wk range | $195.21 – $232.02 | Off 52-wk high | -0.2% |
| ATR (14) | $3.85 (1.7%) | Historical vol | 17.6% |
| Computed from live weekly prices | RSG | S&P 500 |
|---|---|---|
| Weekly volatility (σ, 1y) | 2.74% | 1.83% |
| Best / worst week (1y) | +6.0% / -5.9% | — |
| Max drawdown (5y, monthly) | -27.8% | — |
| 1-week VaR (95%) | -4.5% | — |
| Beta (5y) | 0.40 | 1.00 |
| Reading | RSG | Waste Management n=226 | Industrials n=9,922 | All US symbols n=70,435 |
|---|---|---|---|---|
| Overall | +24.7 | -28.2 | -24.1 | -20.5 |
| Trend | +44.0 | -37.8 | -26.2 | -21.3 |
| Momentum | +77.8 | -26.4 | -24.5 | -15.8 |
| Volume | +21.1 | -21.5 | -22.6 | -3.8 |
| Executive | Total comp | Structure |
|---|---|---|
| Jon Vander Ark President and Chief Executive | $14.9M | 88% equity+incentive |
| Brian M. DelGhiaccio Executive Vice Presiden | $4.1M | 80% equity+incentive |
| Gregg K. Brummer Executive Vice President, C | $3.6M | 78% equity+incentive |
| Catharine D. Ellingsen Executive Vice Presid | $3.2M | 77% equity+incentive |
| Brian A. Bales Executive Vice President, Chi | $2.6M | 74% equity+incentive |
| Pillar (live disclosure scores) | Score |
|---|---|
| Environmental | 49 |
| Social | 51 |
| Governance | 70 |
| Composite ESG | 57 |
| Filed | 8-K contents | Items |
|---|---|---|
| 2026-07-30 | Other Events | 8.01 |
| 2026-06-24 | Other Events; Exhibits | 8.01,9.01 |
| 2026-05-07 | Earnings Release; Other Events; Exhibits | 2.02,8.01,9.01 |
| 2026-02-17 | Amendments to Articles of Incorporation or Bylaws | 5.03 |
| 2026-02-17 | Results of Operations and Financial Condition; Regulation FD Disclosur | 2.02,7.01,9.01 |
| 2026-02-12 | Departure/Election of Directors; Appointment of Officers; Other Events | 5.02,8.01,9.01 |
| 2025-10-30 | Results of Operations and Financial Condition; Other Events; Financial | 2.02,8.01,9.01 |
| 2025-10-23 | Other Events | 8.01 |
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 · 2020-11-05 to 2026-08-06 |
| Analyst estimates | dim/forward_estimates | 3 rows · 2026-12-31 to 2028-12-31 |
| Institutional ownership (13F) | holdings_db.institutional_ownership_summary | 112 rows · 1998 to 2026 |
| Insider transactions (Form 4) | edgar/form4 | 12 rows · 2026-09-08 to 2026-09-11 |
| Proposed sales (Form 144) | edgar/form144 | 1 record |
| Beneficial ownership (13D/G) | edgar/13dg | 4 rows · 2026-08-20 to 2026-09-09 |
| 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.