— Know what they know.
Not Investment Advice
Also trades as: GTWCF (OTC) · $vol 0M

3900.HK HKSE

Greentown China Holdings Limited
1W: +5.4% 1M: +6.7% 3M: -12.7% YTD: -44.2% 1Y: -43.5% 3Y: -21.4% 5Y: -33.4%
HK$6.09 ($0.78)
-0.14 (-2.25%)
 
Weekly Expected Move ±8.3%
HK$5 HK$6 HK$6 HK$7 HK$7
HKSE · Real Estate · Real Estate - Development · Tech Score Neutral · Power 54 · HK$15.8B mcap · 1.04B float · 1.16% daily turnover

Financial Rating

Composite financial health rating (A+ to F) based on discounted cash flow valuation, return on equity, return on assets, debt-to-equity leverage, and relative P/E and P/B multiples.

C-
Oct 02, 2026
DCF
1
ROE
1
ROA
1
D/E
1
P/E
1
P/B
4
The Financial Rating evaluates six fundamental factors — discounted cash flow (DCF) valuation, return on equity (ROE), return on assets (ROA), debt-to-equity leverage (D/E), and relative price-to-earnings (P/E) and price-to-book (P/B) multiples — each scored 1–5. 3900.HK receives an overall rating of C-. Strongest factors: P/B (4/5). Areas of concern: DCF (1/5), ROE (1/5), ROA (1/5), D/E (1/5), P/E (1/5).
Rating Change History
DateFromTo
2026-09-01 C C-
2026-05-20 C+ C
2026-04-08 C- C+
2026-04-08 None ADDED
2026-04-07 EXISTED None

InsiderStreet Scorecard

Proprietary multi-factor scorecard rating companies across seven fundamental dimensions — profitability, balance sheet strength, earnings quality, growth, value, momentum, and safety — each scored 0–100.

★ ★ ★ ★ ★ — Grade D
Profitability
6
Balance Sheet
43
Earnings Quality
65
Growth
39
Value
—
Momentum
40
Safety
—
Cash Flow
41

Risk & Quality Signals

Academic financial models used by institutional investors to assess bankruptcy risk, earnings manipulation, financial strength, and credit quality.

Altman Z-Score
—
—
Piotroski F-Score
4/9
✗ ✓ ✗ ✓ ✗ ✓ ✗ ✗ ✓
Beneish M-Score
-2.21
Unlikely Manipulator
Ohlson O-Score
-7.71
Bankruptcy prob: 0.0%
Low Risk
Credit Rating
BBB+
Score: 63.5/100
Trend: Deteriorating
Earnings Quality
—
OCF/NI: -129.24x
Accruals: -7.9%
The Piotroski F-Score (2000) is a 9-point binary checklist — four profitability tests (positive ROA, positive cash flow, improving ROA, cash flow exceeding net income), three leverage tests (declining debt ratio, improving current ratio, no share dilution), and two efficiency tests (improving gross margin, improving asset turnover). Each pass scores 1 point. 3900.HK scores 4/9, indicating moderate financial health — some areas of strength offset by weaknesses in others. The Beneish M-Score (1999) is an 8-variable model that detects earnings manipulation by comparing year-over-year changes in receivables, gross margins, asset quality, sales growth, depreciation, SG&A, leverage, and accruals. Scores above −1.78 statistically resemble past manipulators. 3900.HK's score of -2.21 falls below this threshold, suggesting earnings are unlikely to be manipulated. The Ohlson O-Score (1980) is a 9-variable logistic regression that estimates bankruptcy probability using firm size, leverage, working capital, current ratio, profitability (ROA), cash flow coverage, negative equity flag, consecutive losses flag, and earnings trajectory. The raw score is converted to a probability via logistic transformation. 3900.HK's implied 0.0% bankruptcy probability is well within safe territory. Our Credit Rating model scores companies on five weighted components — solvency (30%), earning power (25%), leverage (20%), liquidity (15%), and cash flow quality (10%) — then blends the absolute score with sector and industry peer rankings. For companies with large buyback programs, equity is adjusted by adding back cumulative 5-year repurchases (capped at 80% of FCF generated) to avoid penalizing shareholder-friendly capital allocation. 3900.HK receives an estimated rating of BBB+ (score: 63.5/100), with a deteriorating trend.

Valuation

Key valuation multiples comparing the stock's market price to its earnings, revenue, book value, and cash flows. Lower multiples may indicate relative undervaluation versus peers.

P/E
-236.63x
PEG
0.79x
P/S
0.10x
P/B
0.39x
P/FCF
—
P/OCF
—
EV/EBITDA
—
EV/Revenue
—
EV/EBIT
—
EV/FCF
—
Earnings Yield
—
FCF Yield
—
Shareholder Yield
—
Graham Number
—
Equity-based multiples (P/E, P/B, P/FCF) compare the stock price to per-share fundamentals and are affected by capital structure. Enterprise value multiples (EV/EBITDA, EV/Revenue, EV/FCF) strip out debt and cash, making them more useful for cross-company comparisons regardless of how companies are financed. The Graham Number — √(22.5 × EPS × Book Value) — is Benjamin Graham's formula for the maximum price a defensive investor should pay. 3900.HK currently has negative earnings — the P/E ratio is not meaningful.

DuPont Decomposition (5-Factor)

The 5-factor DuPont framework breaks Return on Equity into its component drivers — tax efficiency, interest burden, operating profitability, asset utilization, and financial leverage — to reveal what truly drives shareholder returns.

Tax Burden
-0.039
NI / EBT
×
Interest Burden
0.474
EBT / EBIT
×
EBIT Margin
0.056
EBIT / Rev
×
Asset Turnover
0.578
Rev / Assets
×
Equity Multiplier
13.650
Assets / Equity
=
ROE
-0.8%
The 5-factor DuPont identity decomposes ROE as: Tax Burden × Interest Burden × EBIT Margin × Asset Turnover × Equity Multiplier = ROE. This reveals whether returns are driven by operating performance, financial leverage, or tax efficiency — three very different sources of profitability. 3900.HK's ROE of -0.8% is driven by financial leverage (equity multiplier: 13.65x). Note: high leverage means ROE is amplified by debt rather than operational performance. A tax burden ratio of -0.04 suggests the company retains less than 60% of pre-tax earnings after taxes.

Graham-Dodd Adjusted Valuation

Our adaptation of Graham's growth formula (Fair P/E = 8.5 + 2g) from The Intelligent Investor. The classic version relies on analyst growth projections, which can be unreliable. This adjusted model substitutes the company's realized 3-year EPS CAGR — a backward-looking, verifiable measure of actual earnings power — grounding the valuation in demonstrated performance rather than forecasts.

Two adjustments we make, and why. Growth is capped at 15%. Graham defined g as expected growth over the next seven to ten years, not last year's rate. Across US companies since 1994 the median realized 7-year EPS growth is 5–8% regardless of how fast a company grew beforehand, and of 4,457 company-quarters that grew faster than 200%, none sustained it. Uncapped, the formula assigned fair multiples in the hundreds to companies that had never held that rate — and scored worse than simply reading the P/E. Capped, it carries real information. The verdict has three states, not two. Tested over 377,249 stock-months, this ratio only separates outcomes at its extremes: below 0.25 beat the universe by 1.3 points a year, above 3.0 lagged by 2.7, and everything in between sat inside a one-point band. Rather than call two-thirds of the market "undervalued" on a threshold of 1.0, we say Neutral where the model cannot tell — which is most of the time.

Adj. Growth Rate
0.00%
Fair P/E
8.50x
Intrinsic Value
—
Price/Value
—
Margin of Safety
—
Premium
—

Profitability Trends

Historical profitability ratios tracking how efficiently the company converts revenue into returns for shareholders over time.

Leverage & Solvency Trends

Debt and liquidity metrics showing the company's financial leverage and ability to meet short-term and long-term obligations.

Efficiency & Working Capital Trends

Operating efficiency metrics measuring how quickly the company converts inventory to sales, collects receivables, and manages its cash conversion cycle.

Growth Trends (YoY %)

Year-over-year growth rates for key financial metrics, showing the trajectory of revenue, earnings, and cash flow generation.

Earnings Stability

R-squared of linear regression measuring how predictably revenue, earnings, and margins follow a trend over the trailing 5 years. 1.0 = perfectly predictable; lower values indicate erratic or cyclical behavior.

Monte Carlo Price Simulation

Geometric Brownian Motion with 1,000 antithetic paths over 1 year, seeded from 1800 days of historical volatility. Percentile bands show the range of statistically plausible outcomes — this is a statistical model, not a forecast.

Current Price
$6.24
Median 1Y
$5.59
5th Pctile
$2.37
95th Pctile
$13.29
Ann. Volatility
55.6%
25th–75th percentile 5th–95th percentile Median path Historical
All Ratios & Metrics

Complete fundamental data with up to 20 periods of history, sparkline trends, and current values across 13 categories and 130+ financial metrics.

Profitability
Metric Trend Q4'16 Q2'17 Q4'17 Q2'18 Q4'18 Q2'19 Q4'19 Q2'20 Q4'20 Q2'21 Q4'21 Q2'22 Q4'22 Q2'23 Q4'23 Q2'24 Q4'24 Q2'25 Q4'25 Q2'26 Current
ROE 7.2% 9.2% 10.2% 14.1% 5.6% 6.5% 3.8% 2.2% 7.7% 8.1% 12.1% 12.9% 12.9% 14.9% 13.9% 16.2% 12.7% 6.6% 4.7% -0.8% -0.82%
ROA 1.4% 1.6% 1.7% 2.3% 0.9% 1.0% 0.6% 0.3% 1.1% 1.0% 1.3% 1.3% 1.2% 1.3% 1.1% 1.1% 0.9% 0.4% 0.3% -0.1% -0.06%
ROIC 2.8% 2.3% 3.9% 6.1% 4.8% 6.8% 4.6% 5.5% 7.1% 7.5% 10.5% 11.3% 14.0% 14.5% 13.6% 12.8% 12.5% 9.4% 10.5% 6.5% 6.47%
ROCE 3.7% 3.1% 5.4% 8.1% 8.3% 10.1% 12.1% 10.1% 9.7% 9.7% 8.8% 10.1% 10.3% 11.6% 9.7% 9.2% 9.2% 7.3% 4.8% 3.9% 3.86%
Gross Margin 19.1% 19.2% 18.1% 18.1% 26.9% 32.0% 21.3% 25.9% 22.4% 22.0% 16.0% 17.4% 17.3% 17.4% 9.6% 13.1% 12.5% 13.4% 11.1% 11.1% 11.11%
Operating Margin 5.6% 5.5% 8.5% 12.8% 12.1% 20.9% 11.3% 15.9% 10.9% 15.0% 7.3% 12.5% 8.9% 12.7% 2.3% 8.9% 5.9% 8.2% 4.7% 4.0% 4.00%
Net Margin 5.6% 9.6% 2.1% 6.1% -6.1% 7.8% -0.6% 6.1% 2.4% 4.9% 2.3% 2.6% 1.5% 4.4% 0.8% 2.9% -0.5% 0.4% -0.1% 0.2% 0.21%
EBITDA Margin 6.3% 6.7% 9.1% 13.4% 13.0% 22.2% 11.9% 16.9% 11.5% 15.6% 7.6% 13.0% 9.3% 13.2% 2.7% 9.3% 6.2% 8.7% 5.0% 4.7% 4.69%
FCF Margin 6.9% -13.5% -17.2% -16.3% -32.8% -20.0% -22.0% -22.6% -9.7% -14.4% 1.0% 0.3% 8.6% 17.6% 14.2% 23.4% 17.6% 14.5% 15.0% 13.2% 13.23%
OCF Margin 7.6% -12.8% -16.4% -14.4% -30.9% -18.1% -20.3% -21.6% -8.9% -13.6% 1.7% 0.9% 9.0% 18.0% 14.5% 23.7% 17.9% 14.6% 15.2% 13.5% 13.49%
ROE 3Y Avg snapshot only 10.40%
ROE 5Y Avg snapshot only 9.15%
ROA 3Y Avg snapshot only 0.73%
ROIC 3Y Avg snapshot only 5.97%
ROIC Economic snapshot only 4.21%
Cash ROA snapshot only 8.59%
Cash ROIC snapshot only 36.61%
CROIC snapshot only 35.91%
NOPAT Margin snapshot only 2.38%
Pretax Margin snapshot only 2.67%
R&D / Revenue snapshot only 0.00%
SGA / Revenue snapshot only 5.00%
SBC / Revenue snapshot only -0.00%
Valuation
Metric Trend Q4'16 Q2'17 Q4'17 Q2'18 Q4'18 Q2'19 Q4'19 Q2'20 Q4'20 Q2'21 Q4'21 Q2'22 Q4'22 Q2'23 Q4'23 Q2'24 Q4'24 Q2'25 Q4'25 Q2'26 Current
P/E Ratio — — — — — — — — — — — — — — — — — — — — -236.625
P/S Ratio — — — — — — — — — — — — — — — — — — — — 0.096
P/B Ratio — — — — — — — — — — — — — — — — — — — — 0.385
P/FCF — — — — — — — — — — — — — — — — — — — — —
P/OCF — — — — — — — — — — — — — — — — — — — — —
EV/EBITDA — — — — — — — — — — — — — — — — — — — — —
EV/Revenue — — — — — — — — — — — — — — — — — — — — —
EV/EBIT — — — — — — — — — — — — — — — — — — — — —
EV/FCF — — — — — — — — — — — — — — — — — — — — —
Earnings Yield — — — — — — — — — — — — — — — — — — — — —
FCF Yield — — — — — — — — — — — — — — — — — — — — —
PEG Ratio snapshot only 0.788
Leverage & Solvency
Metric Trend Q4'16 Q2'17 Q4'17 Q2'18 Q4'18 Q2'19 Q4'19 Q2'20 Q4'20 Q2'21 Q4'21 Q2'22 Q4'22 Q2'23 Q4'23 Q2'24 Q4'24 Q2'25 Q4'25 Q2'26 Current
Current Ratio 1.68 1.58 1.47 1.52 1.66 1.67 1.49 1.54 1.55 1.49 1.47 1.52 1.52 1.46 1.53 1.49 1.53 1.61 5.59 4.76 4.759
Quick Ratio 0.68 0.66 0.57 0.60 0.64 0.65 0.60 0.64 0.57 0.55 0.55 0.58 0.58 0.56 0.58 0.60 0.65 0.67 -3.07 4.76 4.759
Debt/Equity 1.58 1.93 1.60 1.90 1.86 1.83 2.51 2.04 2.26 2.43 2.74 3.56 3.67 3.91 4.06 4.04 3.79 4.03 3.80 3.74 3.740
Net Debt/Equity 0.83 0.91 0.74 0.87 0.85 0.83 1.56 0.99 1.13 1.34 1.23 2.03 1.90 2.11 2.13 2.11 1.89 2.28 2.01 1.98 1.976
Debt/Assets 0.28 0.30 0.24 0.28 0.29 0.28 0.36 0.29 0.29 0.26 0.24 0.26 0.26 0.26 0.27 0.28 0.27 0.28 0.30 0.29 0.295
Debt/EBITDA 13.33 18.44 10.08 7.73 6.92 5.68 7.13 6.56 6.60 6.45 6.42 5.72 5.58 5.34 6.19 6.82 6.40 7.71 6.17 7.69 7.686
Net Debt/EBITDA 7.01 8.69 4.68 3.53 3.17 2.56 4.42 3.19 3.31 3.57 2.88 3.26 2.89 2.88 3.25 3.56 3.20 4.36 3.25 4.06 4.062
Interest Coverage — — — — — — — — — — — — — — — — 42.61 19.77 10.55 5.20 5.202
Equity Multiplier 5.61 6.41 6.72 6.82 6.51 6.46 6.90 6.97 7.84 9.24 11.47 13.85 14.25 14.98 14.82 14.58 13.98 14.57 12.79 12.68 12.679
Cash Ratio snapshot only 2.039
Debt Service Coverage snapshot only 5.549
Cash to Debt snapshot only 0.472
FCF to Debt snapshot only 0.286
Defensive Interval snapshot only 1362.1 days
Efficiency & Turnover
Metric Trend Q4'16 Q2'17 Q4'17 Q2'18 Q4'18 Q2'19 Q4'19 Q2'20 Q4'20 Q2'21 Q4'21 Q2'22 Q4'22 Q2'23 Q4'23 Q2'24 Q4'24 Q2'25 Q4'25 Q2'26 Current
Asset Turnover 0.37 0.32 0.37 0.45 0.45 0.44 0.43 0.35 0.37 0.37 0.39 0.46 0.48 0.48 0.49 0.49 0.56 0.54 0.64 0.58 0.578
Inventory Turnover 0.58 0.49 0.56 0.68 0.68 0.64 0.60 0.50 0.50 0.52 0.57 0.70 0.72 0.74 0.77 0.80 0.94 0.92 1.10 1.79 1.795
Receivables Turnover 75.73 70.73 88.84 132.64 118.89 107.48 118.25 122.26 121.96 128.55 126.76 162.07 160.62 161.63 145.01 135.39 136.17 69.42 149.85 74.24 74.238
Payables Turnover 3.69 3.78 4.50 5.82 4.87 4.62 4.15 3.73 3.39 3.63 3.40 4.24 4.49 5.18 4.60 4.70 5.33 5.05 6.06 6.21 6.209
DSO 5 5 4 3 3 3 3 3 3 3 3 2 2 2 3 3 3 5 2 5 4.9 days
DIO 626 742 647 533 539 570 604 731 727 705 641 524 505 494 475 455 388 397 333 203 203.4 days
DPO 99 97 81 63 75 79 88 98 108 101 107 86 81 70 79 78 69 72 60 59 58.8 days
Cash Conversion Cycle 532 651 570 473 467 495 519 636 622 607 537 440 426 426 399 380 322 330 275 150 149.5 days
Fixed Asset Turnover snapshot only 22.705
Operating Cycle snapshot only 208.3 days
Cash Velocity snapshot only 4.582
Capital Intensity snapshot only 1.569
Growth (YoY)
Metric Trend Q4'16 Q2'17 Q4'17 Q2'18 Q4'18 Q2'19 Q4'19 Q2'20 Q4'20 Q2'21 Q4'21 Q2'22 Q4'22 Q2'23 Q4'23 Q2'24 Q4'24 Q2'25 Q4'25 Q2'26 Current
Revenue -9.9% -11.1% 22.1% 71.6% 85.8% 1.0% 71.9% 18.4% 24.6% 31.1% 36.2% 84.3% 78.5% 71.4% 55.7% 27.3% 27.5% 15.3% 21.3% 7.6% 7.62%
Net Income -68.2% -47.2% 40.7% 1.1% 0.4% -5.6% -50.1% -79.2% 78.5% 57.9% 2.6% 5.0% 59.3% 65.9% -0.9% 1.8% -19.7% -63.9% -70.6% -1.0% -1.05%
EPS -68.2% -47.2% 40.5% 1.1% 0.4% -5.6% -50.1% -79.5% 54.3% 37.1% 2.1% 4.3% 56.9% 63.5% -2.0% 1.5% -19.3% -63.9% -70.7% -1.0% -1.05%
FCF 3.6% -22.5% -14.9% -18.4% -9.8% -2.0% -1.2% -64.5% 63.2% 5.3% 1.1% 1.0% 2.6% 3.1% 20.2% 93.3% 1.6% -5.2% 27.6% -39.3% -39.25%
EBITDA -70.2% -69.9% -20.9% 59.7% 2.2% 3.6% 2.1% 81.1% 56.8% 30.7% 12.5% 41.3% 36.6% 35.9% 22.3% -8.0% -13.0% -30.0% -8.3% -21.7% -21.74%
Op. Income -74.2% -74.0% -23.9% 65.4% 2.6% 4.2% 2.3% 82.9% 58.7% 32.0% 13.5% 44.2% 38.8% 37.4% 22.6% -8.9% -14.1% -31.5% -9.0% -22.8% -22.80%
OCF Growth snapshot only -38.63%
Asset Growth snapshot only -17.06%
Equity Growth snapshot only -4.65%
Debt Growth snapshot only -11.83%
Shares Change snapshot only 0.32%
Dividend Growth snapshot only -13.12%
Growth (CAGR)
Metric Trend Q4'16 Q2'17 Q4'17 Q2'18 Q4'18 Q2'19 Q4'19 Q2'20 Q4'20 Q2'21 Q4'21 Q2'22 Q4'22 Q2'23 Q4'23 Q2'24 Q4'24 Q2'25 Q4'25 Q2'26 Current
Revenue 3Y 44.3% 30.0% 28.9% 28.0% 21.3% 25.0% 23.7% 23.7% 27.8% 33.0% 41.9% 55.3% 60.5% 65.5% 53.9% 40.6% 41.5% 37.4% 37.0% 36.2% 36.17%
Revenue 5Y 76.6% 55.2% 51.3% 50.5% 52.6% 51.4% 54.6% 47.5% 47.4% 42.2% 38.0% 35.5% 31.7% 34.4% 32.1% 34.8% 36.6% 36.0% 40.1% 38.7% 38.70%
EPS 3Y -14.9% -20.5% -16.0% -10.2% -36.0% -25.7% -42.2% -48.1% -21.0% -11.9% 30.0% 30.8% 34.4% 28.3% 15.3% 3.1% 25.0% -6.9% -3.5% — —
EPS 5Y 11.3% 10.2% 6.4% 11.8% -1.0% 3.2% -4.9% -19.8% -1.0% -8.3% -1.5% -4.8% -8.7% -1.7% -10.0% -5.6% -9.0% -16.6% -8.8% — —
Net Income 3Y -7.2% -13.2% -8.2% -8.1% -34.8% -29.3% -45.1% -47.6% -17.1% -7.7% 36.4% 37.7% 41.9% 35.2% 21.4% 8.1% 31.7% -1.9% 1.7% — —
Net Income 5Y 26.0% 18.4% 14.0% 19.9% 5.9% 9.6% 0.3% -14.9% 7.5% -0.5% 6.9% -0.8% -4.7% -1.6% -9.9% -2.7% -6.1% -14.0% -5.9% — —
EBITDA 3Y 1.5% -14.9% -15.5% -10.1% -14.2% -5.6% -0.7% 4.5% 14.6% 21.8% 40.2% 59.9% 90.2% 1.0% 62.1% 33.0% 23.1% 7.5% 8.1% 0.6% 0.57%
EBITDA 5Y 24.9% 9.6% 14.9% 22.2% 27.6% 35.2% 39.3% 33.0% 39.4% 29.9% 16.0% 13.2% 6.2% 8.3% 6.2% 8.2% 12.3% 11.4% 25.3% 24.1% 24.10%
Gross Profit 3Y 26.9% 10.1% 8.2% 6.5% 5.0% 12.4% 13.4% 18.0% 22.2% 26.6% 36.9% 47.1% 53.8% 58.3% 41.9% 28.3% 21.1% 11.4% 10.8% 6.0% 6.02%
Gross Profit 5Y 52.4% 34.9% 32.0% 32.1% 39.8% 43.8% 48.9% 43.8% 41.5% 32.6% 25.6% 21.8% 17.3% 19.1% 14.9% 16.3% 17.2% 16.5% 24.1% 22.7% 22.74%
Op. Income 3Y -2.2% -18.9% -15.4% -9.6% -13.3% -4.3% -0.7% 4.7% 13.6% 21.4% 41.4% 63.4% 99.0% 1.1% 65.8% 33.9% 23.7% 7.5% 8.2% 0.5% 0.48%
Op. Income 5Y 20.8% 5.8% 12.6% 21.0% 26.6% 34.6% 39.0% 32.5% 39.6% 29.8% 17.7% 14.2% 7.5% 9.7% 6.4% 8.6% 11.8% 11.0% 25.9% 25.1% 25.15%
FCF 3Y — — — — — — — — — — — — 72.6% — — — — — — — —
FCF 5Y — — — — — — — — — — — — 46.9% 79.4% 60.6% — — 1.6% — — —
OCF 3Y — — — — — — — — — — 49.7% — 69.8% — — — — — — — —
OCF 5Y — — — — — — — — — — — — 34.9% 57.2% 44.4% — 1.1% 78.0% 1.3% — —
Assets 3Y 10.6% 16.6% 22.6% 26.7% 37.5% 36.7% 40.2% 42.1% 48.3% 50.4% 53.3% 48.0% 46.6% 39.6% 31.4% 27.7% 22.0% 20.0% 10.1% 5.8% 5.80%
Assets 5Y 56.9% 62.2% 48.3% 50.9% 45.6% 47.6% 34.9% 30.6% 27.0% 30.7% 32.4% 33.1% 37.8% 35.8% 34.4% 32.6% 31.9% 29.7% 25.5% 22.3% 22.26%
Equity 3Y 43.7% 44.1% 43.2% 35.6% 26.7% 28.2% 25.1% 28.5% 25.6% 24.6% 18.9% 8.2% 7.4% 5.2% 1.0% -0.8% -5.5% -8.5% -10.4% -13.3% -13.34%
Book Value 3Y 31.7% 32.0% 31.1% 32.5% 24.4% 34.8% 31.6% 27.3% 19.6% 18.8% 13.3% 2.9% 1.8% -0.2% -4.1% -5.4% -10.2% -13.2% -14.9% -17.0% -17.00%
Dividend 3Y — — -42.1% -36.1% — — 61.0% 51.7% 15.8% 16.0% 14.6% 14.3% 11.4% 11.6% 8.6% 9.0% -0.2% 3.4% -9.3% -8.5% -8.52%
Growth Quality
Metric Trend Q4'16 Q2'17 Q4'17 Q2'18 Q4'18 Q2'19 Q4'19 Q2'20 Q4'20 Q2'21 Q4'21 Q2'22 Q4'22 Q2'23 Q4'23 Q2'24 Q4'24 Q2'25 Q4'25 Q2'26 Current
Revenue Stability 0.80 0.82 0.90 0.90 0.83 0.80 0.86 0.94 0.92 0.87 0.88 0.78 0.75 0.78 0.82 0.87 0.89 0.92 0.95 0.95 0.954
Earnings Stability 0.26 0.25 0.07 0.14 0.00 0.00 0.03 0.11 0.12 0.27 0.07 0.14 0.14 0.03 0.04 0.00 0.02 0.00 0.06 0.01 0.007
Margin Stability 0.74 0.75 0.73 0.74 0.78 0.81 0.82 0.81 0.83 0.81 0.78 0.76 0.76 0.76 0.74 0.71 0.72 0.72 0.74 0.70 0.700
Rev. Growth Consistency 0.00 0.00 0.50 0.50 0.50 0.50 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.000
Earn. Growth Consistency 0.00 0.00 0.50 0.50 0.50 0.00 0.00 0.00 1.00 0.50 0.50 0.50 1.00 1.00 0.00 1.00 0.00 0.00 0.00 0.00 0.000
FCF Positive Streak 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 1 1 1 1 1 1
Earnings Persistence 0.50 0.81 0.84 0.50 1.00 0.98 0.50 0.50 0.50 0.50 0.50 0.50 0.50 0.50 1.00 0.99 0.92 0.50 0.50 0.20 0.200
Earnings Smoothness 0.00 0.38 0.66 0.29 1.00 0.94 0.33 0.00 0.44 0.55 0.00 0.00 0.54 0.50 0.99 0.98 0.78 0.06 0.00 — —
ROE Trend -0.23 -0.17 -0.14 -0.05 -0.11 -0.08 -0.05 -0.08 0.01 0.01 0.06 0.08 0.10 0.12 0.08 0.08 0.02 -0.06 -0.09 -0.17 -0.169
Gross Margin Trend -0.10 -0.09 -0.07 -0.07 -0.03 -0.00 0.02 0.05 0.04 0.02 -0.01 -0.03 -0.05 -0.06 -0.07 -0.08 -0.08 -0.08 -0.05 -0.04 -0.044
FCF Margin Trend 0.06 -0.16 -0.19 -0.12 -0.35 -0.14 -0.13 -0.14 0.03 0.02 0.21 0.20 0.30 0.35 0.25 0.35 0.18 0.13 0.07 0.01 0.014
Sustainable Growth Rate 7.2% 9.2% 9.4% 13.4% 3.7% 4.7% 1.6% 0.1% 5.0% 5.5% 8.7% 9.4% 8.4% 10.3% 8.0% 9.7% 6.3% -0.7% -1.2% — —
Internal Growth Rate 1.4% 1.6% 1.6% 2.2% 0.6% 0.7% 0.2% 0.0% 0.7% 0.7% 1.0% 1.0% 0.8% 0.9% 0.6% 0.7% 0.4% — — — —
Cash Flow Quality
Metric Trend Q4'16 Q2'17 Q4'17 Q2'18 Q4'18 Q2'19 Q4'19 Q2'20 Q4'20 Q2'21 Q4'21 Q2'22 Q4'22 Q2'23 Q4'23 Q2'24 Q4'24 Q2'25 Q4'25 Q2'26 Current
OCF/Net Income 2.04 -2.64 -3.66 -2.84 -15.40 -7.93 -15.60 -24.37 -3.08 -4.97 0.48 0.30 3.50 6.77 6.62 10.29 11.05 17.60 28.55 -129.24 -129.236
FCF/OCF 0.91 1.05 1.05 1.13 1.06 1.11 1.09 1.04 1.10 1.06 0.63 0.37 0.96 0.98 0.98 0.99 0.99 0.99 0.99 0.98 0.981
FCF/Net Income snapshot only -126.760
OCF/EBITDA snapshot only 2.239
CapEx/Revenue 0.7% 0.6% 0.8% 1.9% 1.9% 1.9% 1.7% 0.9% 0.8% 0.8% 0.6% 0.5% 0.4% 0.4% 0.3% 0.2% 0.2% 0.2% 0.2% 0.3% 0.26%
CapEx/Depreciation snapshot only 0.685
Accruals Ratio -0.01 0.06 0.08 0.09 0.15 0.09 0.09 0.08 0.04 0.06 0.01 0.01 -0.03 -0.07 -0.06 -0.11 -0.09 -0.07 -0.09 -0.08 -0.079
Sloan Accruals snapshot only -0.083
Cash Flow Adequacy snapshot only 13.448
Dividends & Buybacks
Metric Trend Q4'16 Q2'17 Q4'17 Q2'18 Q4'18 Q2'19 Q4'19 Q2'20 Q4'20 Q2'21 Q4'21 Q2'22 Q4'22 Q2'23 Q4'23 Q2'24 Q4'24 Q2'25 Q4'25 Q2'26 Current
Dividend Yield — — — — — — — — — — — — — — — — — — — — 0.00%
Dividend/Share $0.00 $0.00 $0.12 $0.12 $0.32 $0.32 $0.43 $0.42 $0.50 $0.50 $0.65 $0.64 $0.80 $0.80 $0.96 $0.96 $0.93 $1.03 $0.83 $0.83 $0.00
Payout Ratio 0.0% 0.0% 8.2% 5.4% 33.7% 27.5% 58.9% 93.6% 34.0% 31.4% 28.3% 27.3% 34.7% 30.8% 42.7% 40.0% 50.2% 1.1% 1.3% — —
FCF Payout Ratio 0.0% — — — — — — — — — 93.4% 2.5% 10.4% 4.6% 6.6% 3.9% 4.6% 6.3% 4.5% 5.6% 5.63%
Total Payout Ratio 0.0% 0.0% 8.2% 5.4% 33.7% 29.1% 61.2% 97.4% 35.1% 31.4% 28.3% 27.3% 34.7% 30.8% 42.7% 40.0% 50.8% 1.1% 1.3% — —
Div. Increase Streak — — 0 0 0 0 0 0 1 1 1 1 1 1 1 1 1 1 0 0 0
Chowder Number — — — — — — — — — — — — — — — — — — — — —
Buyback Yield — — — — — — — — — — — — — — — — — — — — —
Net Buyback Yield — — — — — — — — — — — — — — — — — — — — —
Total Shareholder Return — — — — — — — — — — — — — — — — — — — — —
DuPont Factors
Metric Trend Q4'16 Q2'17 Q4'17 Q2'18 Q4'18 Q2'19 Q4'19 Q2'20 Q4'20 Q2'21 Q4'21 Q2'22 Q4'22 Q2'23 Q4'23 Q2'24 Q4'24 Q2'25 Q4'25 Q2'26 Current
Tax Burden (NI/EBT) 0.31 0.34 0.31 0.33 0.14 0.15 0.09 0.06 0.18 0.18 0.25 0.23 0.23 0.24 0.25 0.30 0.28 0.20 0.14 -0.04 -0.039
Interest Burden (EBT/EBIT) 2.22 2.88 2.04 1.67 1.33 1.19 1.10 1.07 1.21 1.16 1.26 1.16 1.09 1.06 1.02 0.96 0.82 0.68 0.58 0.47 0.474
EBIT Margin 0.05 0.05 0.07 0.09 0.11 0.13 0.13 0.14 0.13 0.13 0.11 0.11 0.10 0.10 0.09 0.08 0.07 0.06 0.07 0.06 0.056
Asset Turnover 0.37 0.32 0.37 0.45 0.45 0.44 0.43 0.35 0.37 0.37 0.39 0.46 0.48 0.48 0.49 0.49 0.56 0.54 0.64 0.58 0.578
Equity Multiplier 5.21 5.88 6.12 6.20 6.14 6.44 6.82 6.91 7.24 7.93 9.10 9.82 10.50 11.60 12.95 14.21 14.12 14.77 13.82 13.65 13.650
Per Share
Metric Trend Q4'16 Q2'17 Q4'17 Q2'18 Q4'18 Q2'19 Q4'19 Q2'20 Q4'20 Q2'21 Q4'21 Q2'22 Q4'22 Q2'23 Q4'23 Q2'24 Q4'24 Q2'25 Q4'25 Q2'26 Current
EPS (Diluted TTM) $0.94 $1.23 $1.46 $2.18 $0.95 $1.16 $0.73 $0.45 $1.46 $1.59 $2.29 $2.35 $2.29 $2.60 $2.24 $2.39 $1.85 $0.94 $0.66 $-0.12 $-0.12
Book Value/Share $13.98 $14.39 $16.16 $17.17 $19.83 $21.40 $22.51 $24.15 $21.06 $20.80 $18.15 $15.10 $14.74 $14.31 $14.27 $14.53 $14.34 $14.01 $13.86 $13.81 $42.52
Tangible Book/Share $13.32 $13.74 $15.47 $16.50 $19.06 $21.05 $22.16 $23.81 $20.76 $20.44 $17.79 $14.48 $14.12 $13.70 $13.66 $13.93 $13.78 $13.46 $13.36 $13.32 $13.32
Revenue/Share $25.39 $25.24 $32.68 $43.15 $47.17 $50.91 $56.15 $50.31 $50.77 $57.96 $66.31 $81.93 $89.27 $97.87 $102.11 $104.02 $114.48 $112.76 $123.43 $111.58 $55.55
FCF/Share $1.76 $-3.40 $-5.64 $-7.02 $-15.49 $-10.17 $-12.36 $-11.36 $-4.93 $-8.36 $0.69 $0.26 $7.68 $17.21 $14.54 $24.37 $20.17 $16.30 $18.50 $14.76 $7.14
OCF/Share $1.93 $-3.24 $-5.36 $-6.19 $-14.59 $-9.19 $-11.39 $-10.89 $-4.50 $-7.91 $1.10 $0.70 $8.03 $17.59 $14.84 $24.60 $20.45 $16.49 $18.74 $15.05 $7.31
Cash/Share $10.46 $14.69 $13.86 $17.72 $20.00 $21.52 $21.45 $25.35 $23.74 $22.63 $27.34 $23.09 $26.08 $25.77 $27.57 $28.11 $27.19 $24.60 $24.91 $24.35 $24.36
EBITDA/Share $1.66 $1.51 $2.56 $4.22 $5.32 $6.91 $7.93 $7.52 $7.21 $7.84 $7.74 $9.39 $9.70 $10.49 $9.36 $8.61 $8.49 $7.33 $8.55 $6.72 $6.72
Debt/Share $22.07 $27.78 $25.86 $32.61 $36.84 $39.22 $56.53 $49.33 $47.57 $50.57 $49.65 $53.75 $54.13 $56.02 $57.95 $58.76 $54.37 $56.52 $52.72 $51.64 $51.64
Net Debt/Share $11.61 $13.09 $12.00 $14.89 $16.84 $17.70 $35.07 $23.97 $23.83 $27.94 $22.31 $30.66 $28.05 $30.26 $30.38 $30.65 $27.18 $31.93 $27.81 $27.29 $27.29
Academic Models
Metric Trend Q4'16 Q2'17 Q4'17 Q2'18 Q4'18 Q2'19 Q4'19 Q2'20 Q4'20 Q2'21 Q4'21 Q2'22 Q4'22 Q2'23 Q4'23 Q2'24 Q4'24 Q2'25 Q4'25 Q2'26 Current
Altman Z-Score — — — — — — — — — — — — — — — — — — — — —
Piotroski F-Score 5 1 4 4 3 5 4 3 3 4 5 5 6 6 5 5 6 5 6 4 4
Beneish M-Score -2.60 -2.17 -1.92 -0.15 -1.54 -1.55 0.86 -1.49 -2.27 -0.95 -2.32 -0.93 1.51 -2.64 0.57 -1.78 -2.52 -3.42 -0.92 -2.21 -2.214
Ohlson O-Score snapshot only -7.706
ROIC (Greenblatt) snapshot only 12.65%
Net-Net WC snapshot only $-75.75
EVA snapshot only $-3683622289.77
Credit
Metric Trend Q4'16 Q2'17 Q4'17 Q2'18 Q4'18 Q2'19 Q4'19 Q2'20 Q4'20 Q2'21 Q4'21 Q2'22 Q4'22 Q2'23 Q4'23 Q2'24 Q4'24 Q2'25 Q4'25 Q2'26 Current
Credit Rating snapshot only BBB+
Credit Score 56.20 53.59 51.61 55.01 55.25 57.23 52.14 55.62 54.83 52.86 54.40 56.16 59.79 65.15 60.77 64.63 65.92 61.37 63.63 63.54 63.540
Credit Grade snapshot only 8
Credit Trend snapshot only -1.085
Implied Spread (bps) snapshot only 225.000
Industry Credit Rank snapshot only 74
Sector Credit Rank snapshot only 76

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