NT$108.00 ($3.40)

-0.50 (-0.46%)

Weekly Expected Move ±1.5%

NT$105 NT$107 NT$108 NT$110 NT$112

TWO · Technology · Consumer Electronics · Tech Score Buy · Power 68 · NT$3.3B mcap · 12M float · 0.264% daily turnover

Overview Chart Financials Income Statement Cash Flow Balance Sheet Earnings

Analysis Technicals Weather Peers

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.

B+

Oct 02, 2026

DCF

ROE

ROA

D/E

P/E

P/B

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. 6728.TWO receives an overall rating of B+. Strongest factors: DCF (4/5), ROA (4/5), P/B (4/5). Areas of concern: D/E (1/5).

Rating Change History

Date	From	To
2026-10-01	A-	B+
2026-08-24	C	A-
2026-08-12	B+	C
2026-08-11	A-	B+
2026-05-22	C	A-
2026-05-18	C+	C
2026-05-11	A-	C+
2026-04-01	B+	A-
2026-03-23	C	B+
2026-03-09	B+	C

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.

★ ★ ★ ★ ★ 50 Grade A

Profitability

Balance Sheet

Earnings Quality

Growth

Value

Momentum

Safety

Cash Flow

The InsiderStreet Scorecard rates companies across eight dimensions: Profitability (margins, ROA, ROE), Balance Sheet (leverage, liquidity, coverage), Earnings Quality (accruals, cash conversion), Growth (revenue and earnings trajectory), Value (P/E, P/B, earnings yield, Graham criteria), Momentum (revenue and earnings acceleration), Safety (Altman Z-Score risk adjustment), and Cash Flow (operating cash flow quality, FCF conversion, cash coverage). The overall score blends 35% quality, 35% value, and 30% momentum, with a penalty for distress-zone Altman scores. 6728.TWO scores highest in Value (83/100) and lowest in Growth (29/100). An overall grade of A places 6728.TWO among the highest-quality companies in its peer group.

Risk & Quality Signals

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

Altman Z-Score

2.37

Grey Zone

Piotroski F-Score

7/9

✓ ✓ ✗ ✓ ✓ ✗ ✓ ✓ ✓

Beneish M-Score

-2.89

Unlikely Manipulator

Ohlson O-Score

-7.64

Bankruptcy prob: 0.0%

Low Risk

Credit Rating

BBB+

Score: 60.7/100

Trend: Deteriorating

Earnings Quality

75/100

OCF/NI: 2.44x

Accruals: -8.5%

The Altman Z-Score (1968) combines five ratios — working capital, retained earnings, EBIT, market value of equity, and sales, all relative to total assets or liabilities — into a single bankruptcy predictor. 6728.TWO scores 2.37, placing it in the Grey Zone (safe > 2.99, distress < 1.81). Financial distress is possible and warrants monitoring. 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. 6728.TWO scores 7/9, signaling strong financial health across all three dimensions. 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. 6728.TWO's score of -2.89 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. 6728.TWO'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. 6728.TWO receives an estimated rating of BBB+ (score: 60.7/100), with a deteriorating trend. The Earnings Quality score measures how well reported earnings are backed by real cash. It evaluates the operating cash flow to net income ratio (OCF/NI ≥ 1.0 means every dollar of earnings is cash-backed) and the accruals ratio (the gap between earnings and cash flow relative to assets — lower is better). 6728.TWO's score of 75/100 is high — cash flows strongly support reported earnings.

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

11.90x

PEG

-0.44x

P/S

0.68x

P/B

1.51x

P/FCF

6.58x

P/OCF

4.60x

EV/EBITDA

9.14x

EV/Revenue

0.91x

EV/EBIT

12.42x

EV/FCF

9.72x

Earnings Yield

8.92%

FCF Yield

15.21%

Shareholder Yield

8.18%

Graham Number

$124.58

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. At 11.9x earnings, 6728.TWO trades at a reasonable valuation. An earnings yield of 8.9% exceeds typical risk-free rates, suggesting equities are being compensated for risk. Graham's intrinsic value formula yields $124.58 per share, suggesting a potential 15% margin of safety at the current price.

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

0.797

NI / EBT

Interest Burden

0.941

EBT / EBIT

EBIT Margin

0.073

EBIT / Rev

Asset Turnover

1.074

Rev / Assets

Equity Multiplier

2.315

Assets / Equity

ROE

13.6%

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. 6728.TWO's ROE of 13.6% is driven by Asset Turnover (1.074), indicating efficient use of assets to generate revenue.

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

15.00%

Fair P/E

38.50x

Intrinsic Value

$369.34

Price/Value

0.29x

Margin of Safety

70.89%

Premium

-70.89%

Assessment

Neutral

Graham's classic formula uses analyst-projected growth to estimate a fair P/E (8.5 + 2g). Our adjusted version replaces that projection with 6728.TWO's realized 15.0% 3-year EPS CAGR, capped at 15% — demonstrated performance rather than forecasts, held to a rate companies have historically sustained. 6728.TWO actually compounded EPS at 26.0% over three years; the model uses 15%, the highest rate it will extrapolate — of 4,457 company-quarters that grew faster than 200%, none sustained it over the following seven years. 6728.TWO trades at a -71% premium to its adjusted intrinsic value of $369.34, suggesting the market is pricing in future growth beyond what historical earnings support. The adjusted fair P/E of 38.5x compares to the current market P/E of 11.9x.

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

$108.50

Median 1Y

$117.82

5th Pctile

$61.36

95th Pctile

$225.93

Ann. Volatility

39.3%

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	Q1'23	Q2'23	Q3'23	Q4'23	Q1'24	Q2'24	Q3'24	Q4'24	Q1'25	Q2'25	Q3'25	Q4'25	Q1'26	Q2'26	Current
ROE	6.1%	12.4%	16.5%	23.3%	25.7%	26.0%	20.7%	20.5%	25.9%	25.1%	17.6%	14.8%	14.7%	13.6%	13.63%
ROA	2.6%	5.8%	7.1%	12.1%	9.3%	9.9%	10.6%	11.5%	10.2%	9.8%	8.6%	7.5%	6.3%	5.9%	5.89%
ROIC	3.9%	8.7%	9.0%	15.3%	9.9%	10.8%	11.7%	12.3%	11.4%	11.1%	9.5%	8.9%	8.2%	8.0%	8.00%
ROCE	6.7%	13.6%	14.6%	21.0%	16.2%	17.9%	14.2%	14.5%	17.5%	16.5%	15.1%	13.1%	12.7%	12.1%	12.06%
Gross Margin	35.8%	37.0%	34.3%	39.3%	35.0%	37.9%	36.8%	38.5%	35.7%	32.8%	36.4%	31.0%	36.9%	37.1%	37.11%
Operating Margin	10.6%	10.2%	8.6%	15.0%	7.8%	11.8%	11.4%	12.8%	10.6%	9.4%	7.1%	6.1%	6.8%	8.1%	8.09%
Net Margin	8.2%	7.9%	6.6%	11.6%	5.7%	8.8%	8.9%	10.1%	8.2%	6.5%	6.0%	4.5%	5.4%	6.1%	6.15%
EBITDA Margin	13.8%	12.9%	11.7%	18.1%	11.4%	14.3%	14.2%	16.1%	13.8%	10.7%	11.8%	6.1%	10.9%	11.4%	11.37%
FCF Margin	-35.2%	-5.2%	-13.6%	0.0%	-22.2%	-23.3%	-11.6%	-15.2%	-10.9%	-10.6%	-11.1%	-7.1%	5.5%	9.3%	9.34%
OCF Margin	-35.0%	-5.1%	3.4%	13.7%	12.7%	11.1%	8.9%	4.1%	-8.5%	-9.0%	-9.1%	-5.6%	8.2%	13.4%	13.36%
ROE 3Y Avg	snapshot only														19.08%
ROA 3Y Avg	snapshot only														7.39%
ROIC 3Y Avg	snapshot only														8.31%
ROIC Economic	snapshot only														7.66%
Cash ROA	snapshot only														14.01%
Cash ROIC	snapshot only														18.97%
CROIC	snapshot only														13.26%
NOPAT Margin	snapshot only														5.63%
Pretax Margin	snapshot only														6.88%
R&D / Revenue	snapshot only														0.26%
SGA / Revenue	snapshot only														26.75%
SBC / Revenue	snapshot only														0.05%

Valuation

Metric	Q1'23	Q2'23	Q3'23	Q4'23	Q1'24	Q2'24	Q3'24	Q4'24	Q1'25	Q2'25	Q3'25	Q4'25	Q1'26	Q2'26	Current
P/E Ratio	58.68	26.60	17.57	12.37	13.06	11.46	10.93	10.72	11.61	15.07	12.59	13.42	12.38	11.21	11.897
P/S Ratio	4.84	2.15	1.33	1.07	1.05	0.96	0.97	0.93	1.05	1.24	0.96	0.83	0.69	0.61	0.682
P/B Ratio	3.57	3.31	2.89	2.88	3.22	2.84	1.70	1.67	2.26	2.88	2.16	1.96	1.78	1.50	1.509
P/FCF	-13.75	-41.38	-9.82	3310.78	-4.73	-4.11	-8.35	-6.08	-9.60	-11.76	-8.64	-11.78	12.52	6.58	6.576
P/OCF	—	—	39.63	7.82	8.26	8.63	10.87	22.56	—	—	—	—	8.42	4.60	4.599
EV/EBITDA	41.07	18.48	13.61	9.04	11.56	10.19	8.17	7.72	9.58	11.91	10.50	11.10	10.54	9.14	9.137
EV/Revenue	5.69	2.46	1.74	1.28	1.57	1.43	1.19	1.10	1.40	1.59	1.35	1.14	1.03	0.91	0.908
EV/EBIT	53.48	24.00	17.98	11.57	15.09	13.03	10.19	9.66	11.83	14.80	13.49	13.84	13.79	12.42	12.425
EV/FCF	-16.16	-47.40	-12.82	3969.12	-7.07	-6.15	-10.26	-7.22	-12.81	-15.08	-12.19	-16.23	18.59	9.72	9.717
Earnings Yield	1.7%	3.8%	5.7%	8.1%	7.7%	8.7%	9.1%	9.3%	8.6%	6.6%	7.9%	7.5%	8.1%	8.9%	8.92%
FCF Yield	-7.3%	-2.4%	-10.2%	0.0%	-21.1%	-24.4%	-12.0%	-16.4%	-10.4%	-8.5%	-11.6%	-8.5%	8.0%	15.2%	15.21%
Price/Tangible Book	snapshot only														1.495
EV/OCF	snapshot only														6.795
EV/Gross Profit	snapshot only														2.574
Acquirers Multiple	snapshot only														12.846
Shareholder Yield	snapshot only														8.18%
Graham Number	snapshot only														$124.58

Leverage & Solvency

Metric	Q1'23	Q2'23	Q3'23	Q4'23	Q1'24	Q2'24	Q3'24	Q4'24	Q1'25	Q2'25	Q3'25	Q4'25	Q1'26	Q2'26	Current
Current Ratio	1.45	1.50	1.55	1.97	1.18	1.10	2.64	2.79	1.64	1.62	1.59	1.67	1.46	1.47	1.467
Quick Ratio	0.42	0.46	0.52	0.76	0.40	0.37	1.20	1.41	0.64	0.63	0.60	0.86	0.64	0.65	0.648
Debt/Equity	0.70	0.52	0.95	0.63	1.67	1.48	0.50	0.47	0.80	0.86	0.99	0.88	1.00	0.84	0.839
Net Debt/Equity	0.62	0.48	0.89	0.57	1.59	1.41	0.39	0.31	0.75	0.81	0.89	0.74	0.86	0.71	0.714
Debt/Assets	0.30	0.24	0.41	0.33	0.52	0.49	0.28	0.27	0.36	0.37	0.43	0.40	0.41	0.36	0.362
Debt/EBITDA	6.81	2.56	3.41	1.66	4.00	3.55	1.94	1.82	2.53	2.77	3.41	3.64	3.97	3.47	3.469
Net Debt/EBITDA	6.11	2.35	3.19	1.50	3.82	3.38	1.52	1.22	2.40	2.62	3.06	3.04	3.44	2.95	2.953
Interest Coverage	32.88	32.42	28.60	29.88	23.70	19.36	19.88	20.45	22.91	24.14	20.09	14.88	12.04	11.30	11.303
Equity Multiplier	2.30	2.16	2.31	1.93	3.21	3.04	1.76	1.71	2.21	2.31	2.33	2.24	2.43	2.32	2.320
Cash Ratio	snapshot only														0.148
Debt Service Coverage	snapshot only														15.370
Cash to Debt	snapshot only														0.149
FCF to Debt	snapshot only														0.271
Defensive Interval	snapshot only														239.7 days

Efficiency & Turnover

Metric	Q1'23	Q2'23	Q3'23	Q4'23	Q1'24	Q2'24	Q3'24	Q4'24	Q1'25	Q2'25	Q3'25	Q4'25	Q1'26	Q2'26	Current
Asset Turnover	0.32	0.71	0.94	1.40	1.15	1.19	1.20	1.32	1.12	1.19	1.13	1.21	1.13	1.07	1.074
Inventory Turnover	0.41	0.95	1.56	2.78	1.91	2.05	2.42	3.08	2.17	2.38	2.34	3.08	2.29	2.18	2.178
Receivables Turnover	2.38	5.21	7.16	9.23	9.40	9.93	9.35	9.93	9.00	9.00	9.43	8.19	8.38	7.45	7.453
Payables Turnover	17.03	48.72	128.36	393.91	112.55	122.03	177.78	186.20	115.88	107.69	185.84	104.51	67.55	51.80	51.803
DSO	154	70	51	40	39	37	39	37	41	41	39	45	44	49	49.0 days
DIO	899	386	234	131	191	178	151	118	168	153	156	118	159	168	167.6 days
DPO	21	7	3	1	3	3	2	2	3	3	2	3	5	7	7.0 days
Cash Conversion Cycle	1031	448	283	170	227	211	188	153	206	190	193	159	198	210	209.5 days
Fixed Asset Turnover	snapshot only														2.568
Operating Cycle	snapshot only														216.6 days
Cash Velocity	snapshot only														19.497
Capital Intensity	snapshot only														0.953

Growth (YoY)

Metric	Q1'23	Q2'23	Q3'23	Q4'23	Q1'24	Q2'24	Q3'24	Q4'24	Q1'25	Q2'25	Q3'25	Q4'25	Q1'26	Q2'26	Current
Revenue	—	—	—	—	3.5%	1.1%	60.5%	28.5%	39.7%	49.6%	36.1%	34.9%	24.9%	9.7%	9.68%
Net Income	—	—	—	—	3.4%	1.2%	87.2%	28.6%	56.7%	48.0%	16.6%	-3.5%	-22.7%	-27.1%	-27.11%
EPS	—	—	—	—	3.4%	1.2%	55.3%	6.9%	19.4%	13.2%	7.9%	-9.4%	-18.9%	-19.5%	-19.50%
FCF	—	—	—	—	-1.9%	-8.6%	-36.8%	-607.4%	31.3%	32.0%	-29.9%	37.6%	1.6%	2.0%	1.97%
EBITDA	—	—	—	—	3.4%	1.2%	82.3%	29.1%	50.0%	42.8%	20.1%	-2.4%	-16.7%	-18.6%	-18.65%
Op. Income	—	—	—	—	3.5%	1.3%	89.5%	29.3%	55.2%	48.1%	16.0%	-1.2%	-20.4%	-28.8%	-28.84%
OCF Growth	snapshot only														2.62%
Asset Growth	snapshot only														4.89%
Equity Growth	snapshot only														4.42%
Debt Growth	snapshot only														1.83%
Shares Change	snapshot only														-9.45%
Dividend Growth	snapshot only														77.94%

Growth (CAGR)

Metric	Q1'23	Q2'23	Q3'23	Q4'23	Q1'24	Q2'24	Q3'24	Q4'24	Q1'25	Q2'25	Q3'25	Q4'25	Q1'26	Q2'26	Current
Revenue 3Y	—	—	—	—	—	—	—	—	—	—	—	—	99.0%	51.8%	51.83%
Revenue 5Y	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—
EPS 3Y	—	—	—	—	—	—	—	—	—	—	—	—	62.1%	26.0%	26.00%
EPS 5Y	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—
Net Income 3Y	—	—	—	—	—	—	—	—	—	—	—	—	74.8%	33.4%	33.42%
Net Income 5Y	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—
EBITDA 3Y	—	—	—	—	—	—	—	—	—	—	—	—	77.0%	37.7%	37.70%
EBITDA 5Y	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—
Gross Profit 3Y	—	—	—	—	—	—	—	—	—	—	—	—	95.6%	50.2%	50.15%
Gross Profit 5Y	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—
Op. Income 3Y	—	—	—	—	—	—	—	—	—	—	—	—	76.7%	33.4%	33.44%
Op. Income 5Y	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—
FCF 3Y	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—
FCF 5Y	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—
OCF 3Y	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—
OCF 5Y	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—
Assets 3Y	—	—	—	—	—	—	—	—	—	—	—	—	33.6%	33.5%	33.52%
Assets 5Y	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—
Equity 3Y	—	—	—	—	—	—	—	—	—	—	—	—	31.2%	30.4%	30.35%
Book Value 3Y	—	—	—	—	—	—	—	—	—	—	—	—	21.7%	23.1%	23.11%
Dividend 3Y	—	—	—	—	—	—	—	—	—	—	—	—	8.7%	10.7%	10.72%

Growth Quality

Metric	Q1'23	Q2'23	Q3'23	Q4'23	Q1'24	Q2'24	Q3'24	Q4'24	Q1'25	Q2'25	Q3'25	Q4'25	Q1'26	Q2'26	Current
Revenue Stability	—	—	—	—	—	—	—	—	0.97	1.00	1.00	0.98	0.96	0.95	0.950
Earnings Stability	—	—	—	—	—	—	—	—	0.99	1.00	0.93	0.62	0.64	0.52	0.518
Margin Stability	—	—	—	—	—	—	—	—	0.98	0.98	0.97	0.95	0.96	0.98	0.980
Rev. Growth Consistency	0.00	0.00	0.00	0.00	0.50	0.50	0.50	0.50	1.00	1.00	1.00	1.00	1.00	1.00	1.000
Earn. Growth Consistency	0.00	0.00	0.00	0.00	0.50	0.50	0.50	0.50	1.00	1.00	1.00	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	0
Earnings Persistence	—	—	—	—	—	—	—	—	0.50	0.81	0.93	0.99	0.91	0.89	0.892
Earnings Smoothness	—	—	—	—	0.00	0.25	0.39	0.75	0.56	0.61	0.85	0.96	0.74	0.69	0.686
ROE Trend	—	—	—	—	—	—	—	—	0.04	0.00	0.01	-0.05	-0.08	-0.09	-0.086
Gross Margin Trend	—	—	—	—	—	—	—	—	0.01	-0.01	-0.01	-0.03	-0.03	-0.01	-0.010
FCF Margin Trend	—	—	—	—	—	—	—	—	0.18	0.04	0.02	0.01	0.22	0.26	0.263
Sustainable Growth Rate	6.1%	12.4%	-8.2%	0.6%	-0.9%	1.4%	9.9%	10.4%	14.8%	14.7%	5.0%	2.7%	1.6%	1.1%	1.14%
Internal Growth Rate	2.7%	6.1%	—	0.3%	—	0.6%	5.4%	6.2%	6.2%	6.1%	2.5%	1.4%	0.7%	0.5%	0.49%

Cash Flow Quality

Metric	Q1'23	Q2'23	Q3'23	Q4'23	Q1'24	Q2'24	Q3'24	Q4'24	Q1'25	Q2'25	Q3'25	Q4'25	Q1'26	Q2'26	Current
OCF/Net Income	-4.25	-0.63	0.44	1.58	1.58	1.33	1.01	0.48	-0.94	-1.09	-1.20	-0.91	1.47	2.44	2.437
FCF/OCF	1.00	1.02	-4.04	0.00	-1.74	-2.10	-1.30	-3.71	1.29	1.17	1.21	1.25	0.67	0.70	0.699
FCF/Net Income	snapshot only														1.704
OCF/EBITDA	snapshot only														1.345
CapEx/Revenue	0.2%	0.1%	17.0%	13.6%	35.0%	34.3%	20.5%	19.4%	2.5%	1.5%	1.9%	1.4%	2.7%	4.0%	4.02%
CapEx/Depreciation	snapshot only														1.138
Accruals Ratio	0.14	0.09	0.04	-0.07	-0.05	-0.03	-0.00	0.06	0.20	0.21	0.19	0.14	-0.03	-0.08	-0.085
Sloan Accruals	snapshot only														-0.071
Cash Flow Adequacy	snapshot only														1.477
Earnings Quality Score	snapshot only														0.750

Dividends & Buybacks

Metric	Q1'23	Q2'23	Q3'23	Q4'23	Q1'24	Q2'24	Q3'24	Q4'24	Q1'25	Q2'25	Q3'25	Q4'25	Q1'26	Q2'26	Current
Dividend Yield	0.0%	0.0%	8.5%	7.9%	7.9%	8.2%	4.8%	4.6%	3.7%	2.8%	5.7%	6.1%	7.2%	8.2%	5.99%
Dividend/Share	$0.00	$0.00	$9.95	$9.93	$9.96	$9.94	$5.36	$5.36	$4.93	$4.94	$8.00	$8.11	$8.34	$8.79	$6.50
Payout Ratio	0.0%	0.0%	1.5%	97.3%	1.0%	94.4%	52.1%	49.2%	42.9%	41.5%	71.9%	82.1%	89.4%	91.7%	91.67%
FCF Payout Ratio	—	—	—	260.5%	—	—	—	—	—	—	—	—	90.4%	53.8%	53.80%
Total Payout Ratio	0.0%	0.0%	1.5%	97.3%	1.0%	94.4%	52.1%	49.2%	42.9%	41.5%	71.9%	82.1%	89.4%	91.7%	91.67%
Div. Increase Streak	—	—	0	0	0	0	0	0	0	0	0	0	0	0	0
Chowder Number	—	—	—	—	—	—	-0.30	-0.30	-0.31	-0.32	0.67	0.67	0.68	0.69	0.693
Buyback Yield	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.00%
Net Buyback Yield	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	-24.0%	-23.1%	-18.6%	-13.9%	0.0%	0.0%	0.0%	0.0%	0.00%
Total Shareholder Return	0.0%	0.0%	8.5%	7.9%	7.9%	8.2%	-19.3%	-18.6%	-14.9%	-11.1%	5.7%	6.1%	7.2%	8.2%	8.18%

DuPont Factors

Metric	Q1'23	Q2'23	Q3'23	Q4'23	Q1'24	Q2'24	Q3'24	Q4'24	Q1'25	Q2'25	Q3'25	Q4'25	Q1'26	Q2'26	Current
Tax Burden (NI/EBT)	0.80	0.80	0.80	0.80	0.80	0.80	0.80	0.80	0.80	0.80	0.80	0.80	0.80	0.80	0.797
Interest Burden (EBT/EBIT)	0.97	0.98	0.98	0.98	0.97	0.95	0.95	0.95	0.96	0.96	0.95	0.94	0.94	0.94	0.941
EBIT Margin	0.11	0.10	0.10	0.11	0.10	0.11	0.12	0.11	0.12	0.11	0.10	0.08	0.07	0.07	0.073
Asset Turnover	0.32	0.71	0.94	1.40	1.15	1.19	1.20	1.32	1.12	1.19	1.13	1.21	1.13	1.07	1.074
Equity Multiplier	2.30	2.16	2.31	1.93	2.77	2.62	1.94	1.79	2.55	2.56	2.05	1.98	2.32	2.31	2.315

Per Share

Metric	Q1'23	Q2'23	Q3'23	Q4'23	Q1'24	Q2'24	Q3'24	Q4'24	Q1'25	Q2'25	Q3'25	Q4'25	Q1'26	Q2'26	Current
EPS (Diluted TTM)	$2.19	$4.80	$6.63	$10.20	$9.63	$10.53	$10.30	$10.90	$11.50	$11.92	$11.12	$9.88	$9.33	$9.59	$9.59
Book Value/Share	$35.98	$38.54	$40.30	$43.77	$39.00	$42.46	$66.31	$69.98	$59.14	$62.35	$64.67	$67.63	$64.86	$71.91	$71.93
Tangible Book/Share	$35.98	$38.54	$40.30	$43.77	$38.51	$42.46	$66.31	$69.98	$59.14	$62.35	$64.67	$67.63	$64.86	$71.91	$71.91
Revenue/Share	$26.52	$59.37	$87.35	$117.98	$119.48	$126.33	$116.30	$125.97	$127.24	$144.48	$146.48	$159.42	$166.78	$175.01	$175.01
FCF/Share	$-9.34	$-3.08	$-11.88	$0.04	$-26.58	$-29.39	$-13.48	$-19.21	$-13.91	$-15.28	$-16.20	$-11.24	$9.22	$16.35	$16.35
OCF/Share	$-9.29	$-3.03	$2.94	$16.14	$15.23	$13.99	$10.36	$5.18	$-10.77	$-13.05	$-13.39	$-8.97	$13.72	$23.38	$23.38
Cash/Share	$2.56	$1.63	$2.48	$2.66	$2.78	$2.97	$7.13	$10.80	$2.51	$2.86	$6.69	$9.80	$8.64	$8.98	$8.98
EBITDA/Share	$3.67	$7.91	$11.19	$16.74	$16.26	$17.73	$16.92	$17.96	$18.59	$19.35	$18.81	$16.45	$16.26	$17.38	$17.38
Debt/Share	$25.01	$20.20	$38.18	$27.76	$64.98	$62.95	$32.85	$32.68	$47.10	$53.63	$64.16	$59.79	$64.57	$60.31	$60.31
Net Debt/Share	$22.45	$18.57	$35.70	$25.09	$62.20	$59.98	$25.72	$21.88	$44.58	$50.78	$57.47	$49.98	$55.93	$51.33	$51.33

Academic Models

Metric	Q1'23	Q2'23	Q3'23	Q4'23	Q1'24	Q2'24	Q3'24	Q4'24	Q1'25	Q2'25	Q3'25	Q4'25	Q1'26	Q2'26	Current
Altman Z-Score	—	—	—	—	—	—	—	—	—	—	—	—	—	—	2.366
Altman Z-Prime	snapshot only														3.239
Piotroski F-Score	2	2	3	4	5	6	8	4	6	5	2	2	6	7	7
Beneish M-Score	—	—	—	—	-2.48	-2.56	-1.99	-1.82	-1.12	-0.75	-1.47	-0.96	-2.45	-2.89	-2.886
Ohlson O-Score	snapshot only														-7.640
ROIC (Greenblatt)	snapshot only														13.24%
Net-Net WC	snapshot only														$-5.69
EVA	snapshot only														$-67587763.89

Credit

Metric	Q1'23	Q2'23	Q3'23	Q4'23	Q1'24	Q2'24	Q3'24	Q4'24	Q1'25	Q2'25	Q3'25	Q4'25	Q1'26	Q2'26	Current
Credit Rating	snapshot only														BBB+
Credit Score	56.02	67.75	68.18	82.13	53.79	54.15	78.18	79.90	63.28	69.71	62.92	62.10	59.75	60.74	60.737
Credit Grade	snapshot only														8
Credit Trend	snapshot only														-8.971
Implied Spread (bps)	snapshot only														225.000
Industry Credit Rank	snapshot only														56
Sector Credit Rank	snapshot only														43

6728.TWO TWO

Financial Rating

InsiderStreet Scorecard

Risk & Quality Signals

Valuation

DuPont Decomposition (5-Factor)

Graham-Dodd Adjusted Valuation

Profitability Trends

Leverage & Solvency Trends

Efficiency & Working Capital Trends

Growth Trends (YoY %)

Earnings Stability

Monte Carlo Price Simulation

Sign in to InsiderStreet