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APAM NYSE

Artisan Partners Asset Management Inc.
1W: -3.5% 1M: -15.3% 3M: -3.6% YTD: -12.6% 1Y: -16.0% 3Y: +12.7% 5Y: -3.2%
$34.88
-1.32 (-3.65%)
 
Weekly Expected Move ±3.5%
$32 $34 $35 $36 $37
NYSE · Financial Services · Asset Management · Tech Score Sell · Power 33 · $2.5B mcap · 69M float · 1.24% daily turnover · Short 47% of daily vol

Edge Score

Quantitative competitive moat analysis scoring five pillars of durable advantage — cost leadership, brand intangibles, switching costs, network effects, and efficient scale — using industry percentile rankings on a 0–100 scale.

WEAK EDGE
42.0 / 100
NoneWeakNarrowWide
Primary source: Cost Advantage  ·  ROIC: 74.2%  ·  5Y Avg: 94.1%
Cost Advantage ★
61
Intangibles
40
Switching Cost
34
Network Effect
28
Scale
47
The Edge Score quantifies a company's competitive moat using five pillars: Cost Advantage (20%, operating margin and SG&A efficiency vs industry peers), Intangible Assets (25%, gross margin premium, R&D intensity, brand pricing power), Switching Costs (25%, revenue stability, earnings consistency, customer retention proxied by operating leverage), Network Effects (15%, revenue growth with expanding margins, market share dominance), and Efficient Scale (15%, market concentration, ROIC sustainability). Each pillar is scored 0–100 using industry percentile rankings, then weighted into a composite. Wide ≥ 70, Narrow ≥ 55, Weak ≥ 40, None < 40. APAM shows a Weak competitive edge (42.0/100) — limited structural advantages that may face competitive pressure. The primary source of advantage is Cost Advantage. ROIC of 74.2% confirms the company is generating returns well above its cost of capital — a hallmark of durable competitive advantages.

Analyst Insights

Wall Street analyst consensus based on price targets and buy/sell/hold recommendations from institutional research coverage over the trailing 12 months.

Analyst Price Targets
$31
Low
$31
Avg Target
$31
High
Based on 1 analyst since Jul 28, 2026 earnings
Analyst Recommendations
Strong Buy: 0Buy: 5Hold: 8Sell: 2Strong Sell: 0
Rating Summary
ConsensusHold
Avg Target$37.00
Analysts3
Price Target Change History
DateFirmAnalystOldNewChangeUpside @ CallStock@Call
2026-10-02 Goldman Sachs — $40 $31 -8 -14.4% $36.20
2026-07-23 RBC Capital Kenneth Lee $43 $44 +1 +13.5% $38.77
2026-07-10 Evercore ISI — $39 $36 -3 -2.7% $37.01
2026-06-08 Evercore ISI Glenn Schorr $37 $39 +2 +9.0% $35.77
2026-04-30 RBC Capital — $48 $43 -5 +16.0% $37.06
2026-04-21 RBC Capital Kenneth Lee Initiated $48 — +27.6% $37.61
2026-04-10 Evercore ISI Glenn Schorr $45 $37 -8 +0.8% $36.72
2025-09-05 Evercore ISI John Dunn $40 $45 +5 -2.8% $46.30
2024-10-03 Goldman Sachs Alexander Blostein Initiated $40 — -5.9% $41.99
2024-04-25 Evercore ISI John Dunn Initiated $40 — -5.2% $42.20

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.

A
Oct 02, 2026
DCF
5
ROE
5
ROA
5
D/E
2
P/E
4
P/B
1
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. APAM receives an overall rating of A. Strongest factors: DCF (5/5), ROE (5/5), ROA (5/5), P/E (4/5). Areas of concern: D/E (2/5), P/B (1/5).
Rating Change History
DateFromTo
2026-10-01 A- A
2026-04-30 B+ A-
2026-04-28 A- B+
2026-04-27 B+ A-
2026-04-24 A- B+
2026-04-21 B+ A-
2026-04-06 A- B+
2026-02-17 B+ A-
2026-02-09 A- B+

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.

★ ★ ★ ★ ★ 70 Grade A
Profitability
72
Balance Sheet
86
Earnings Quality
75
Growth
74
Value
80
Momentum
79
Safety
90
Cash Flow
56
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. APAM scores highest in Safety (90/100) and lowest in Cash Flow (56/100). An overall grade of A places APAM 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
3.87
Safe Zone
Piotroski F-Score
5/9
✓ ✓ ✓ ✗ ✗ ✓ ✗ ✗ ✓
Beneish M-Score
-1.62
Possible Manipulator
Ohlson O-Score
-7.46
Bankruptcy prob: 0.1%
Low Risk
Credit Rating
AA
Score: 89.9/100
Trend: Deteriorating
Earnings Quality
75/100
OCF/NI: 0.87x
Accruals: 2.7%
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. APAM scores 3.87, placing it in the Safe Zone (safe > 2.99, distress < 1.81). Bankruptcy is statistically unlikely within the next two years. 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. APAM scores 5/9, 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. APAM's score of -1.62 exceeds the −1.78 red flag threshold — this does not confirm manipulation but indicates the earnings profile resembles past manipulators statistically. 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. APAM's implied 0.1% 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. APAM receives an estimated rating of AA (score: 89.9/100), 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). APAM'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
8.23x
PEG
0.64x
P/S
1.74x
P/B
5.37x
P/FCF
9.45x
P/OCF
9.46x
EV/EBITDA
5.34x
EV/Revenue
1.72x
EV/EBIT
5.39x
EV/FCF
9.37x
Earnings Yield
12.19%
FCF Yield
10.58%
Shareholder Yield
11.43%
Graham Number
$24.79
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 8.2x earnings, APAM trades at a deep value multiple. An earnings yield of 12.2% exceeds typical risk-free rates, suggesting equities are being compensated for risk. Graham's intrinsic value formula yields $24.79 per share, 41% below 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
0.621
NI / EBT
×
Interest Burden
1.066
EBT / EBIT
×
EBIT Margin
0.319
EBIT / Rev
×
Asset Turnover
0.980
Rev / Assets
×
Equity Multiplier
3.436
Assets / Equity
=
ROE
71.1%
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. APAM's ROE of 71.1% is driven by financial leverage (equity multiplier: 3.44x). Note: high leverage means ROE is amplified by debt rather than operational performance.

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
9.90%
Fair P/E
28.30x
Intrinsic Value
$119.12
Price/Value
0.29x
Margin of Safety
71.01%
Premium
-71.01%
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 APAM's realized 9.9% 3-year EPS CAGR, capped at 15% — demonstrated performance rather than forecasts, held to a rate companies have historically sustained. APAM trades at a -71% premium to its adjusted intrinsic value of $119.12, suggesting the market is pricing in future growth beyond what historical earnings support. The adjusted fair P/E of 28.3x compares to the current market P/E of 8.2x.

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
$34.88
Median 1Y
$36.52
5th Pctile
$20.18
95th Pctile
$65.87
Ann. Volatility
36.0%
Analyst Target
$37.00
25th–75th percentile 5th–95th percentile Median path Historical Analyst target

Executive Compensation

C-suite compensation breakdown including salary, stock awards, options, and incentive pay. The CEO-to-employee pay ratio and Gini coefficient measure pay distribution fairness.

C-Suite Compensation

ExecutiveSalaryStockTotal
Eric R. Colson
Executive Chair
$385,000 $1,891,879 $7,244,255
Jason A. Gottlieb
Chief Executive Officer
$300,000 $1,548,400 $5,482,136
Christopher J. Krein
Head of Global Distribution
$300,000 $995,754 $3,082,700
Charles J. Daley,
Jr. Chief Financial Officer
$300,000 $816,493 $3,056,223
Samuel B. Sellers
Chief Operating Officer
$300,000 $627,323 $2,636,193
Eileen L. Kwei
Chief Administrative Officer
$300,000 $697,045 $2,572,572

CEO Pay Ratio

21:1
CEO-to-Employee Pay Ratio
CEO Total Comp: $5,482,136
Avg Employee Cost (SGA/emp): $260,102
Employees: 567

C-Suite Pay Equality (Gini)

CEO Compensation Mix

Workforce & Productivity

Workforce efficiency metrics measuring revenue, profit, and R&D spend per employee — key indicators of operational leverage and human capital productivity.

Employees
567
-2.9% YoY
Revenue / Employee
$2,110,552
Rev: $1,196,683,000
Profit / Employee
$512,035
NI: $290,324,000
SGA / Employee
$260,102
Avg labor cost proxy

Scaling Efficiency

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 Q3'21 Q4'21 Q1'22 Q2'22 Q3'22 Q4'22 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 1.6% 1.4% 1.5% 1.2% 94.3% 76.8% 79.5% 79.4% 78.4% 75.8% 80.3% 75.5% 76.1% 72.9% 77.2% 75.1% 68.5% 70.1% 77.0% 71.1% 71.11%
ROA 27.8% 27.8% 24.9% 21.7% 17.7% 16.9% 14.8% 14.9% 15.2% 16.8% 16.2% 16.1% 16.8% 17.2% 18.1% 18.4% 16.6% 18.2% 20.4% 20.7% 20.70%
ROIC 1.7% 1.2% 1.3% 99.6% 87.2% 62.5% 60.4% 58.8% 63.6% 53.8% 63.5% 62.8% 67.7% 69.0% 75.1% 80.0% 77.1% 54.0% 80.3% 74.2% 74.17%
ROCE 69.8% 76.7% 50.1% 42.3% 45.1% 41.0% 35.5% 35.9% 36.5% 36.9% 35.0% 33.2% 34.7% 40.2% 50.3% 48.1% 42.0% 32.0% 50.2% 35.0% 34.96%
Gross Margin 55.1% 54.5% 50.3% 49.3% 47.9% 46.6% 43.9% 46.3% 47.5% 45.1% 43.3% 45.8% 46.7% 50.0% 44.0% 41.3% 45.8% 99.4% 99.2% 23.6% 23.58%
Operating Margin 45.2% 43.7% 38.0% 35.2% 33.6% 31.0% 29.1% 31.6% 33.0% 30.7% 29.4% 32.0% 33.3% 36.7% 31.2% 28.2% 33.8% 41.8% 29.4% 19.4% 19.37%
Net Margin 27.3% 24.3% 23.2% 17.6% 18.9% 23.4% 21.6% 22.1% 21.4% 26.0% 22.5% 21.3% 26.1% 23.5% 22.1% 23.9% 22.2% 27.0% 19.6% 17.0% 17.03%
EBITDA Margin 46.1% 44.6% 37.5% 25.8% 30.9% 38.8% 40.3% 39.8% 37.3% 31.7% 42.8% 34.9% 47.8% 39.6% 36.8% 44.4% 42.5% 43.2% 30.7% 18.5% 18.53%
FCF Margin 41.6% 37.7% 33.3% 29.7% 26.2% 29.5% 23.6% 28.1% 27.2% 25.1% 27.0% 27.6% 30.0% 33.1% 33.9% 31.5% 24.7% 14.2% 15.9% 18.3% 18.34%
OCF Margin 42.1% 38.2% 34.0% 30.7% 27.8% 31.5% 25.6% 29.6% 28.2% 25.9% 27.8% 28.4% 30.6% 33.5% 34.1% 31.6% 24.7% 14.2% 15.9% 18.3% 18.33%
ROE 3Y Avg snapshot only 68.27%
ROE 5Y Avg snapshot only 79.37%
ROA 3Y Avg snapshot only 18.33%
ROIC 3Y Avg snapshot only 65.53%
ROIC Economic snapshot only 43.90%
Cash ROA snapshot only 17.86%
Cash ROIC snapshot only 58.75%
CROIC snapshot only 58.79%
NOPAT Margin snapshot only 23.14%
Pretax Margin snapshot only 34.03%
R&D / Revenue snapshot only 0.00%
SGA / Revenue snapshot only 8.01%
SBC / Revenue snapshot only 2.00%
Valuation
Metric Trend Q3'21 Q4'21 Q1'22 Q2'22 Q3'22 Q4'22 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 6.38 6.40 5.81 6.26 5.72 7.18 8.58 10.26 9.52 11.76 11.20 10.16 10.03 10.78 10.06 11.17 11.38 9.96 9.02 8.20 8.226
P/S Ratio 1.77 1.71 1.51 1.47 1.22 1.50 1.74 2.20 2.10 2.68 2.57 2.31 2.40 2.52 2.34 2.67 2.61 2.39 2.11 1.73 1.741
P/B Ratio 8.31 7.61 8.08 7.54 5.52 5.66 6.46 7.36 6.73 8.06 8.07 7.00 6.87 7.20 7.38 7.94 7.51 6.59 6.66 5.32 5.374
P/FCF 4.25 4.55 4.54 4.94 4.64 5.07 7.38 7.86 7.72 10.70 9.52 8.38 8.01 7.61 6.91 8.48 10.56 16.86 13.26 9.45 9.450
P/OCF 4.20 4.49 4.45 4.78 4.38 4.75 6.81 7.45 7.45 10.33 9.27 8.15 7.84 7.51 6.86 8.45 10.54 16.82 13.23 9.46 9.456
EV/EBITDA 3.71 3.87 3.58 4.07 3.79 5.03 5.61 6.21 5.60 7.57 6.99 6.49 6.14 6.17 5.96 6.30 6.32 6.01 5.24 5.34 5.336
EV/Revenue 1.76 1.79 1.60 1.60 1.34 1.67 1.89 2.33 2.19 2.82 2.65 2.38 2.43 2.55 2.37 2.65 2.58 2.51 2.11 1.72 1.720
EV/EBIT 3.75 3.92 3.63 4.13 3.87 5.17 5.78 6.39 5.75 7.77 7.17 6.66 6.29 6.31 6.10 6.44 6.45 6.12 5.34 5.39 5.387
EV/FCF 4.24 4.76 4.81 5.39 5.12 5.67 8.02 8.30 8.03 11.24 9.82 8.64 8.09 7.70 7.01 8.43 10.46 17.77 13.30 9.37 9.375
Earnings Yield 15.7% 15.6% 17.2% 16.0% 17.5% 13.9% 11.6% 9.7% 10.5% 8.5% 8.9% 9.8% 10.0% 9.3% 9.9% 8.9% 8.8% 10.0% 11.1% 12.2% 12.19%
FCF Yield 23.5% 22.0% 22.0% 20.2% 21.5% 19.7% 13.5% 12.7% 12.9% 9.3% 10.5% 11.9% 12.5% 13.1% 14.5% 11.8% 9.5% 5.9% 7.5% 10.6% 10.58%
PEG Ratio snapshot only 0.644
Price/Tangible Book snapshot only 5.935
EV/OCF snapshot only 9.381
EV/Gross Profit snapshot only 2.742
Acquirers Multiple snapshot only 5.724
Shareholder Yield snapshot only 11.43%
Graham Number snapshot only $24.79
Leverage & Solvency
Metric Trend Q3'21 Q4'21 Q1'22 Q2'22 Q3'22 Q4'22 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 0.95 0.71 1.88 1.48 0.71 0.58 0.70 0.73 0.84 0.69 0.78 0.91 1.34 0.82 0.83 0.93 0.98 20.33 0.97 2.84 2.844
Quick Ratio 0.95 0.71 1.88 1.48 0.71 0.58 0.70 0.75 0.86 0.69 0.78 0.91 1.34 0.82 0.83 0.93 0.98 20.33 0.97 2.84 2.844
Debt/Equity 1.14 1.09 1.37 1.41 1.35 1.22 1.24 1.12 1.04 0.96 0.96 0.90 0.82 0.77 0.84 0.77 0.78 0.93 0.80 0.68 0.680
Net Debt/Equity -0.02 0.36 0.48 0.68 0.57 0.67 0.56 0.41 0.27 0.41 0.25 0.22 0.07 0.08 0.11 -0.04 -0.07 0.35 0.02 -0.04 -0.042
Debt/Assets 0.23 0.25 0.25 0.25 0.24 0.26 0.24 0.22 0.22 0.22 0.20 0.20 0.19 0.19 0.22 0.20 0.20 0.26 0.21 0.22 0.216
Debt/EBITDA 0.51 0.53 0.57 0.70 0.84 0.97 0.99 0.89 0.83 0.86 0.81 0.81 0.73 0.66 0.67 0.62 0.66 0.81 0.62 0.69 0.687
Net Debt/EBITDA -0.01 0.18 0.20 0.34 0.35 0.53 0.45 0.33 0.21 0.37 0.21 0.20 0.06 0.07 0.09 -0.03 -0.06 0.31 0.02 -0.04 -0.043
Interest Coverage 50.86 51.92 49.61 41.51 35.34 32.17 33.16 38.88 42.21 41.26 43.36 42.97 48.25 52.17 50.89 54.57 53.83 58.20 56.62 25225.78 25225.778
Equity Multiplier 5.04 4.37 5.52 5.71 5.62 4.71 5.21 5.00 4.76 4.34 4.73 4.41 4.33 4.16 3.84 3.78 3.93 3.59 3.70 3.15 3.149
Cash Ratio snapshot only 2.082
Debt Service Coverage snapshot only 25466.944
Cash to Debt snapshot only 1.062
FCF to Debt snapshot only 0.829
Defensive Interval snapshot only 359.2 days
Efficiency & Turnover
Metric Trend Q3'21 Q4'21 Q1'22 Q2'22 Q3'22 Q4'22 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 1.00 1.04 0.96 0.93 0.83 0.81 0.73 0.69 0.69 0.74 0.71 0.71 0.70 0.74 0.78 0.77 0.73 0.76 0.88 0.98 0.980
Inventory Turnover — — — — — — — — — — — — — — — — — — — — —
Receivables Turnover 10.84 11.28 11.32 9.83 8.52 9.63 8.71 8.45 8.22 9.85 9.02 9.38 9.38 9.64 9.64 9.86 9.30 18.17 9.08 12.04 12.037
Payables Turnover 7.45 6.15 6.83 6.81 6.05 10.21 10.30 5.95 5.96 9.26 8.22 8.89 7.87 5.85 8.36 12.70 8.98 6.98 5.00 10.56 10.559
DSO 34 32 32 37 43 38 42 43 44 37 40 39 39 38 38 37 39 20 40 30 30.3 days
DIO 0 0 0 0 0 0 0 -4 -3 0 0 -3 -2 0 0 0 0 0 0 0 0.0 days
DPO 49 59 53 54 60 36 35 61 61 39 44 41 46 62 44 29 41 52 73 35 34.6 days
Cash Conversion Cycle -15 -27 -21 -16 -17 2 6 -22 -19 -2 -4 -5 -10 -24 -6 8 -1 -32 -33 -4 -4.2 days
Fixed Asset Turnover snapshot only 12.861
Cash Velocity snapshot only 4.252
Capital Intensity snapshot only 1.026
Growth (YoY)
Metric Trend Q3'21 Q4'21 Q1'22 Q2'22 Q3'22 Q4'22 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 38.6% 36.4% 23.4% 6.9% -7.8% -19.1% -22.3% -19.5% -12.0% -1.8% 6.2% 10.1% 11.7% 14.0% 11.9% 10.0% 8.9% 9.0% 9.4% 25.2% 25.15%
Net Income 76.6% 54.4% 24.1% -8.3% -29.1% -37.0% -39.3% -26.1% -8.7% 7.5% 20.3% 16.7% 21.1% 16.9% 13.2% 15.5% 4.1% 11.8% 9.9% 10.7% 10.74%
EPS 66.1% 44.0% 17.5% -12.0% -32.1% -38.8% -40.4% -27.5% -10.0% -2.1% 18.2% 14.0% 18.2% 14.4% 2.9% 5.9% -4.5% 11.1% 9.2% 10.0% 9.96%
FCF 49.1% 46.5% -7.9% -21.1% -41.8% -36.6% -44.9% -23.9% -8.7% -16.6% 21.6% 8.2% 23.1% 50.6% 40.2% 25.6% -10.5% -53.4% -48.7% -27.1% -27.06%
EBITDA 61.4% 47.0% 18.3% -12.0% -31.2% -41.9% -41.2% -23.1% -3.1% 9.8% 19.3% 8.0% 13.1% 26.5% 17.4% 26.2% 12.6% 10.5% 10.7% -4.2% -4.24%
Op. Income 59.2% 50.8% 28.5% 1.3% -20.2% -36.3% -41.9% -38.3% -27.9% -11.8% 2.5% 9.9% 12.4% 20.8% 20.0% 14.2% 13.0% 13.1% 10.5% 15.9% 15.92%
OCF Growth snapshot only -27.32%
Asset Growth snapshot only 1.03%
Equity Growth snapshot only 21.37%
Debt Growth snapshot only 6.68%
Shares Change snapshot only 0.71%
Dividend Growth snapshot only 11.52%
Growth (CAGR)
Metric Trend Q3'21 Q4'21 Q1'22 Q2'22 Q3'22 Q4'22 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 11.4% 14.0% 14.9% 13.7% 11.4% 7.5% 5.1% 4.7% 4.0% 2.7% 0.6% -1.8% -3.2% -3.2% -2.6% -0.8% 2.3% 6.9% 9.1% 14.9% 14.90%
Revenue 5Y 9.9% 11.2% 10.8% 9.3% 7.1% 4.5% 2.8% 2.2% 2.3% 3.3% 4.6% 5.5% 6.3% 6.8% 6.7% 6.8% 6.5% 6.1% 4.5% 5.5% 5.48%
EPS 3Y 39.6% 19.9% 20.9% 16.5% 10.4% 2.8% 0.4% 2.0% 0.5% -4.8% -6.1% -10.0% -10.3% -11.8% -10.2% -4.3% 0.5% 7.5% 9.9% 9.9% 9.90%
EPS 5Y 23.2% 23.4% 22.3% 18.5% 11.9% 25.2% 15.1% 12.5% 10.7% 0.7% 4.5% 5.5% 7.4% 4.0% 4.2% 5.1% 2.7% 1.9% -1.5% -3.3% -3.25%
Net Income 3Y 49.0% 28.6% 29.8% 24.3% 17.9% 9.7% 6.3% 6.5% 4.6% 1.5% -3.2% -7.5% -7.8% -7.5% -6.2% -0.1% 4.8% 12.0% 14.3% 14.3% 14.27%
Net Income 5Y 34.5% 35.1% 32.8% 26.3% 19.0% 33.0% 22.0% 18.4% 16.4% 7.6% 9.8% 10.6% 12.6% 10.7% 10.3% 10.2% 7.6% 6.4% 2.4% 0.2% 0.23%
EBITDA 3Y -4.2% 21.2% 22.7% 16.8% 13.8% 4.9% 4.5% 5.8% 2.5% -2.1% -6.0% -9.9% -9.0% -6.9% -6.3% 1.6% 7.3% 15.3% 15.8% 9.3% 9.27%
EBITDA 5Y 17.6% 18.7% 17.3% 12.6% 7.2% -10.9% -12.3% -11.1% -10.1% 2.6% 5.3% 5.8% 10.1% 9.9% 9.8% 10.0% 6.5% 5.6% 1.5% -2.5% -2.45%
Gross Profit 3Y 13.7% 17.0% 18.2% 16.2% 12.8% 6.6% 2.8% 1.8% 0.6% -1.3% -4.0% -7.0% -8.7% -8.0% -7.1% -5.4% -1.5% 14.5% 26.3% 27.2% 27.23%
Gross Profit 5Y 12.9% 14.5% 13.9% 11.8% 8.3% 4.2% 1.4% 0.3% 0.4% 1.4% 2.9% 3.8% 4.7% 5.4% 5.1% 4.8% 4.0% 9.4% 11.6% 8.9% 8.87%
Op. Income 3Y 17.0% 21.0% 23.0% 20.1% 15.4% 6.7% 1.0% -1.0% -2.9% -5.4% -8.6% -11.8% -13.5% -12.1% -10.6% -8.2% -2.9% 6.4% 10.8% 13.3% 13.31%
Op. Income 5Y 16.4% 18.2% 17.2% 14.2% 9.3% 3.7% -0.2% -1.7% -1.6% -0.1% 2.1% 3.3% 4.5% 5.3% 4.8% 4.0% 3.1% 3.0% 0.3% -1.9% -1.90%
FCF 3Y 21.4% 13.1% 18.8% 11.5% 5.0% 2.1% -9.9% -5.3% -7.5% -8.2% -14.9% -13.4% -13.2% -7.3% -2.1% 1.1% 0.2% -16.4% -4.4% -0.3% -0.29%
FCF 5Y 12.5% 11.9% 8.5% 4.5% 0.6% 6.2% -3.5% 0.1% -1.0% -5.2% 2.3% 2.7% 5.4% 6.0% 4.5% 2.9% -2.7% -11.5% -15.0% -9.8% -9.85%
OCF 3Y 20.4% 12.0% 16.8% 9.1% 4.1% 2.2% -8.8% -4.0% -6.6% -7.4% -14.4% -13.0% -12.9% -7.3% -2.5% 0.1% -1.6% -18.1% -6.8% -2.1% -2.07%
OCF 5Y 12.0% 11.6% 8.3% 4.8% 1.4% 7.0% -2.3% 0.7% -1.0% -5.4% 1.4% 1.3% 4.1% 5.0% 3.7% 2.7% -2.8% -11.6% -15.1% -10.1% -10.10%
Assets 3Y 12.8% 14.5% 11.5% 11.7% 11.6% 9.8% 11.0% 12.0% 9.4% 6.9% 5.7% 7.3% 8.6% 10.2% 2.9% 3.8% 5.6% 8.5% 2.7% 1.2% 1.25%
Assets 5Y 4.6% 5.2% 2.6% 2.6% 3.0% 8.1% 6.9% 8.1% 10.1% 11.8% 10.8% 10.1% 10.8% 11.6% 7.1% 7.6% 7.9% 6.5% 2.3% 3.7% 3.65%
Equity 3Y 24.8% 26.9% 36.4% 29.2% 26.3% 25.4% 34.1% 32.5% 27.0% 21.6% 20.4% 15.7% 14.2% 12.1% 16.1% 19.0% 18.9% 18.7% 15.1% 18.1% 18.15%
Book Value 3Y 17.0% 18.4% 27.0% 21.0% 18.3% 17.5% 26.7% 26.9% 22.0% 14.0% 16.8% 12.6% 11.1% 6.8% 11.1% 14.0% 14.1% 14.0% 10.6% 13.6% 13.63%
Dividend 3Y 3.8% 3.2% 5.8% 2.8% -3.3% -9.4% -19.4% -20.3% -17.7% -15.3% -3.0% 1.7% 2.8% 1.6% 3.8% 3.2% 2.2% 0.9% -0.2% -0.0% -0.03%
Growth Quality
Metric Trend Q3'21 Q4'21 Q1'22 Q2'22 Q3'22 Q4'22 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 0.60 0.69 0.79 0.80 0.69 0.50 0.39 0.33 0.27 0.22 0.23 0.24 0.24 0.23 0.26 0.41 0.69 0.86 0.67 0.41 0.409
Earnings Stability 0.81 0.88 0.93 0.87 0.72 0.63 0.57 0.54 0.44 0.26 0.24 0.23 0.22 0.15 0.09 0.08 0.04 0.05 0.00 0.00 0.004
Margin Stability 0.95 0.95 0.95 0.95 0.95 0.96 0.95 0.94 0.94 0.94 0.93 0.93 0.93 0.93 0.93 0.93 0.94 0.89 0.78 0.85 0.851
Rev. Growth Consistency 1.00 1.00 1.00 1.00 0.00 0.00 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 1.00 1.00 1.00 0.00 0.00 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 1.00 1.000
FCF Positive Streak 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1
Earnings Persistence 0.50 0.50 0.90 0.97 0.88 0.85 0.84 0.90 0.97 0.97 0.92 0.93 0.92 0.93 0.95 0.94 0.98 0.95 0.96 0.96 0.957
Earnings Smoothness 0.45 0.57 0.79 0.91 0.66 0.55 0.51 0.70 0.91 0.93 0.82 0.85 0.81 0.84 0.88 0.86 0.96 0.89 0.91 0.90 0.898
ROE Trend 0.08 0.01 -0.06 -0.16 -0.32 -0.39 -0.64 -0.56 -0.43 -0.30 -0.35 -0.27 -0.15 -0.07 -0.00 0.01 -0.04 -0.02 0.01 -0.05 -0.051
Gross Margin Trend 0.04 0.03 0.02 0.01 -0.02 -0.04 -0.06 -0.07 -0.06 -0.06 -0.05 -0.04 -0.03 -0.01 0.00 -0.00 -0.00 0.14 0.27 0.17 0.172
FCF Margin Trend 0.07 0.03 -0.08 -0.09 -0.14 -0.07 -0.15 -0.07 -0.07 -0.09 -0.01 -0.01 0.03 0.06 0.09 0.04 -0.04 -0.15 -0.15 -0.11 -0.112
Sustainable Growth Rate 35.3% 23.5% 2.7% -14.9% -20.9% -15.6% -0.4% 10.1% 12.5% 13.3% 13.4% 10.9% 13.7% 10.6% 4.7% 5.7% 3.3% 8.0% 3.3% 4.4% 4.44%
Internal Growth Rate 6.3% 4.8% 0.4% — — — — 1.9% 2.5% 3.0% 2.8% 2.4% 3.1% 2.6% 1.1% 1.4% 0.8% 2.1% 0.9% 1.3% 1.31%
Cash Flow Quality
Metric Trend Q3'21 Q4'21 Q1'22 Q2'22 Q3'22 Q4'22 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 1.52 1.43 1.31 1.31 1.31 1.51 1.26 1.38 1.28 1.14 1.21 1.25 1.28 1.44 1.47 1.32 1.08 0.59 0.68 0.87 0.868
FCF/OCF 0.99 0.99 0.98 0.97 0.94 0.94 0.92 0.95 0.96 0.97 0.97 0.97 0.98 0.99 0.99 1.00 1.00 1.00 1.00 1.00 1.001
FCF/Net Income snapshot only 0.868
OCF/EBITDA snapshot only 0.569
CapEx/Revenue 0.6% 0.5% 0.7% 1.0% 1.6% 2.0% 2.0% 1.5% 1.0% 0.9% 0.7% 0.8% 0.6% 0.4% 0.3% 0.1% 0.1% 0.1% 0.1% 0.0% 0.03%
CapEx/Depreciation snapshot only 0.085
Accruals Ratio -0.14 -0.12 -0.08 -0.07 -0.05 -0.09 -0.04 -0.06 -0.04 -0.02 -0.03 -0.04 -0.05 -0.07 -0.08 -0.06 -0.01 0.07 0.06 0.03 0.027
Sloan Accruals snapshot only 0.223
Cash Flow Adequacy snapshot only 0.924
Earnings Quality Score snapshot only 0.750
Dividends & Buybacks
Metric Trend Q3'21 Q4'21 Q1'22 Q2'22 Q3'22 Q4'22 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 12.3% 13.1% 16.9% 17.9% 21.3% 16.7% 11.7% 8.5% 8.8% 7.0% 7.4% 8.4% 8.2% 7.9% 9.3% 8.3% 8.4% 8.9% 10.6% 11.4% 11.55%
Dividend/Share $4.26 $4.49 $5.01 $4.90 $4.49 $3.95 $3.05 $2.77 $2.78 $2.65 $2.99 $3.09 $3.21 $3.14 $3.47 $3.54 $3.56 $3.62 $3.86 $3.95 $4.03
Payout Ratio 78.6% 83.7% 98.2% 1.1% 1.2% 1.2% 1.0% 87.3% 84.1% 82.5% 83.3% 85.5% 82.0% 85.5% 94.0% 92.4% 95.2% 88.5% 95.7% 93.7% 93.75%
FCF Payout Ratio 52.4% 59.4% 76.6% 88.4% 99.2% 84.8% 86.4% 66.8% 68.2% 75.0% 70.9% 70.6% 65.4% 60.3% 64.5% 70.1% 88.4% 1.5% 1.4% 1.1% 1.08%
Total Payout Ratio 83.1% 98.4% 1.0% 1.2% 1.3% 1.2% 1.0% 87.5% 84.1% 82.5% 86.3% 88.4% 84.7% 88.1% 97.2% 95.7% 98.6% 91.6% 95.8% 93.7% 93.75%
Div. Increase Streak 1 1 1 1 1 0 0 0 0 0 0 0 0 0 0 1 1 1 1 1 1
Chowder Number 0.48 0.48 0.64 0.50 0.32 0.07 -0.26 -0.34 -0.28 -0.19 0.07 0.23 0.26 0.29 0.37 0.33 0.29 0.25 0.22 0.24 0.237
Buyback Yield 0.7% 2.3% 0.5% 0.5% 0.6% 0.5% 0.0% 0.0% 0.0% 0.0% 0.3% 0.3% 0.3% 0.2% 0.3% 0.3% 0.3% 0.3% 0.0% 0.0% 0.00%
Net Buyback Yield -0.1% 0.1% 0.1% 0.5% 0.6% 0.5% 0.0% 0.0% 0.0% 0.0% 0.3% 0.3% 0.3% 0.2% 0.3% 0.3% 0.3% 0.3% 0.0% 0.0% 0.00%
Total Shareholder Return 12.2% 13.1% 17.0% 18.4% 21.9% 17.3% 11.7% 8.5% 8.8% 7.0% 7.7% 8.7% 8.4% 8.2% 9.7% 8.6% 8.7% 9.2% 10.6% 11.4% 11.43%
DuPont Factors
Metric Trend Q3'21 Q4'21 Q1'22 Q2'22 Q3'22 Q4'22 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) 0.60 0.60 0.60 0.62 0.63 0.66 0.64 0.61 0.59 0.58 0.57 0.59 0.58 0.59 0.61 0.59 0.58 0.59 0.60 0.62 0.621
Interest Burden (EBT/EBIT) 0.98 0.98 0.98 0.98 0.97 0.97 0.97 0.97 0.98 1.09 1.08 1.08 1.07 0.98 0.98 0.98 0.98 0.98 0.98 1.07 1.066
EBIT Margin 0.47 0.46 0.44 0.39 0.35 0.32 0.33 0.36 0.38 0.36 0.37 0.36 0.39 0.40 0.39 0.41 0.40 0.41 0.40 0.32 0.319
Asset Turnover 1.00 1.04 0.96 0.93 0.83 0.81 0.73 0.69 0.69 0.74 0.71 0.71 0.70 0.74 0.78 0.77 0.73 0.76 0.88 0.98 0.980
Equity Multiplier 5.93 5.17 6.18 5.63 5.33 4.54 5.36 5.32 5.15 4.50 4.94 4.68 4.52 4.24 4.26 4.08 4.12 3.86 3.77 3.44 3.436
Per Share
Metric Trend Q3'21 Q4'21 Q1'22 Q2'22 Q3'22 Q4'22 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) $5.42 $5.37 $5.10 $4.37 $3.68 $3.29 $3.04 $3.17 $3.31 $3.22 $3.59 $3.61 $3.91 $3.68 $3.69 $3.83 $3.74 $4.09 $4.03 $4.21 $4.21
Book Value/Share $4.16 $4.52 $3.67 $3.63 $3.81 $4.17 $4.04 $4.42 $4.68 $4.69 $4.98 $5.25 $5.71 $5.51 $5.04 $5.39 $5.66 $6.18 $5.46 $6.49 $7.72
Tangible Book/Share $4.16 $4.52 $3.67 $3.63 $3.81 $4.17 $4.04 $4.38 $4.74 $4.69 $4.98 $5.25 $5.71 $5.51 $5.04 $5.39 $5.66 $6.18 $4.79 $5.82 $5.82
Revenue/Share $19.56 $20.07 $19.63 $18.68 $17.28 $15.79 $14.96 $14.76 $14.98 $14.11 $15.62 $15.89 $16.32 $15.75 $15.88 $16.03 $16.31 $17.07 $17.28 $19.92 $19.92
FCF/Share $8.13 $7.56 $6.53 $5.54 $4.53 $4.66 $3.53 $4.14 $4.08 $3.54 $4.22 $4.38 $4.90 $5.21 $5.38 $5.05 $4.03 $2.42 $2.74 $3.65 $3.65
OCF/Share $8.24 $7.66 $6.67 $5.73 $4.81 $4.97 $3.83 $4.37 $4.23 $3.66 $4.34 $4.51 $5.00 $5.28 $5.42 $5.06 $4.03 $2.42 $2.75 $3.65 $3.65
Cash/Share $4.83 $3.27 $3.27 $2.62 $2.99 $2.28 $2.74 $3.11 $3.63 $2.58 $3.55 $3.58 $4.29 $3.80 $3.66 $4.39 $4.82 $3.60 $4.22 $4.68 $4.68
EBITDA/Share $9.29 $9.30 $8.76 $7.33 $6.12 $5.26 $5.05 $5.53 $5.85 $5.25 $5.93 $5.84 $6.45 $6.50 $6.32 $6.75 $6.66 $7.14 $6.97 $6.42 $6.42
Debt/Share $4.75 $4.90 $5.03 $5.10 $5.15 $5.09 $5.01 $4.93 $4.87 $4.52 $4.80 $4.75 $4.68 $4.26 $4.22 $4.16 $4.42 $5.78 $4.34 $4.41 $4.41
Net Debt/Share $-0.08 $1.63 $1.76 $2.48 $2.16 $2.81 $2.27 $1.82 $1.25 $1.94 $1.25 $1.16 $0.39 $0.46 $0.56 $-0.23 $-0.40 $2.18 $0.13 $-0.27 $-0.27
Academic Models
Metric Trend Q3'21 Q4'21 Q1'22 Q2'22 Q3'22 Q4'22 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 — — — — — — — — — — — — — — — — — — — — 3.874
Altman Z-Prime snapshot only 6.274
Piotroski F-Score 8 8 6 5 3 3 4 4 5 6 6 7 7 8 7 7 5 6 7 5 5
Beneish M-Score -2.77 -2.86 -2.93 -2.78 -2.35 -2.92 -2.35 -2.69 -2.90 -2.41 -2.55 -2.53 -2.45 -2.70 -2.74 -2.73 -2.54 -2.14 -2.38 -1.62 -1.621
Ohlson O-Score snapshot only -7.460
ROIC (Greenblatt) snapshot only 1.12%
Net-Net WC snapshot only $-6.32
EVA snapshot only $284793742.66
Credit
Metric Trend Q3'21 Q4'21 Q1'22 Q2'22 Q3'22 Q4'22 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 AA
Credit Score 87.23 89.98 87.36 84.16 81.15 82.05 81.41 80.61 82.48 86.35 86.53 85.70 86.52 88.72 89.86 93.83 90.40 95.24 90.58 89.91 89.912
Credit Grade snapshot only 3
Credit Trend snapshot only -3.921
Implied Spread (bps) snapshot only 80.000
Industry Credit Rank snapshot only 82
Sector Credit Rank snapshot only 87

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