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Also trades as: 0HBH.L (LSE) · $vol 3M

APD NYSE

Air Products and Chemicals, Inc.
1W: -3.2% 1M: -2.2% 3M: +3.2% YTD: +15.8% 1Y: +6.6% 3Y: +12.2% 5Y: +7.7%
$289.47
-0.72 (-0.25%)
 
Weekly Expected Move ±3.0%
$277 $286 $295 $304 $313
NYSE · Basic Materials · Chemicals - Specialty · Alpha Radar Sell · Power 46 · $64.5B mcap · 222M float · 0.567% daily turnover · Short 37% 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
47.1 / 100
NoneWeakNarrowWide
Primary source: Efficient Scale  ·  ROIC: 5.7%  ·  5Y Avg: 9.0%
Cost Advantage
59
Intangibles
55
Switching Cost
23
Network Effect
30
Scale ★
75
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. APD shows a Weak competitive edge (47.1/100) — limited structural advantages that may face competitive pressure. The primary source of advantage is Efficient Scale. ROIC of 5.7% suggests modest returns relative to capital deployed.

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
$310
Low
$332
Avg Target
$360
High
Based on 4 analysts since Apr 30, 2026 earnings
Analyst Recommendations
Strong Buy: 0Buy: 23Hold: 19Sell: 0Strong Sell: 0
Rating Summary
ConsensusBuy
Avg Target$334.17
Analysts6
Price Target Change History
DateFirmAnalystOldNewChangeUpside @ CallStock@Call
2026-05-05 Morgan Stanley Vincent Andrews Initiated $310 +3.0% $301.07
2026-05-04 Deutsche Bank $255 $315 +60 +5.8% $297.76
2026-05-01 Mizuho Securities John Roberts $290 $345 +55 +13.9% $302.95
2026-05-01 BMO Capital $282 $360 +78 +20.0% $300.05
2026-04-20 Berenberg Bank $320 $350 +30 +19.9% $291.81
2026-03-13 Wells Fargo Michael Sison $270 $325 +55 +11.9% $290.48
2026-02-02 BMO Capital John McNulty $350 $282 -68 +2.7% $274.48
2026-02-02 UBS $250 $285 +35 +5.0% $271.53
2026-02-02 Bernstein James Hooper Initiated $315 +15.8% $272.02
2026-02-02 Wells Fargo Michael Sison $250 $270 +20 -0.9% $272.50
2025-12-19 Wells Fargo Michael Sison $243 $250 +7 +2.6% $243.75
2025-12-18 Mizuho Securities $300 $290 -10 +17.7% $246.38
2025-12-11 UBS $350 $250 -100 +2.6% $243.68
2025-12-11 Argus Research Initiated $265 +10.4% $239.97
2025-12-10 Deutsche Bank $290 $255 -35 +10.5% $230.81
2025-12-08 Wolfe Research Chris Parkinson $331 $315 -16 +30.5% $241.40
2025-11-07 Mizuho Securities $385 $300 -85 +16.8% $256.86
2025-10-06 UBS $324 $350 +26 +28.2% $272.95
2025-10-01 Goldman Sachs Initiated $335 +22.8% $272.72
2025-05-02 UBS Joshua Spector $335 $324 -11 +16.7% $277.62
2025-04-15 UBS Joshua Spector $375 $335 -40 +26.3% $265.30
2024-12-02 Mizuho Securities John Roberts $286 $385 +99 +15.5% $333.37
2024-11-18 UBS Joshua Spector Initiated $375 +34.8% $278.23
2024-11-14 BMO Capital John McNulty Initiated $350 +11.5% $313.80
2024-10-07 Jefferies Laurence Alexander $257 $364 +107 +27.5% $285.50
2024-10-07 Evercore ISI Stephen Richardson $330 $365 +35 +27.8% $285.50
2024-10-07 Citigroup Patrick Cunningham Initiated $345 +20.8% $285.50
2024-08-05 Barclays Michael Leithead $295 $295 0 +4.7% $281.74
2024-05-01 Vertical Research Kevin McCarthy $335 $261 -74 +10.4% $236.34
2022-08-08 Barclays Initiated $295 +12.3% $262.64
2022-08-05 Deutsche Bank Initiated $290 +11.4% $260.32
2022-07-18 Wells Fargo Initiated $243 +6.8% $227.59
2022-07-07 Mizuho Securities Initiated $286 +20.1% $238.06
2022-06-16 Jefferies Initiated $257 +7.4% $239.29
2022-01-03 Vertical Research Kevin McCarthy Initiated $335 +12.6% $297.50
2021-12-08 Wolfe Research Josh Silverstein Initiated $331 +14.2% $289.87
2021-12-06 Evercore ISI Stephen Richardson Initiated $330 +12.8% $292.58
2021-11-09 Berenberg Bank Anthony Manning Initiated $320 +3.0% $310.72
2021-06-21 Societe Generale Peter Clark Initiated $334 +14.6% $291.42
2021-06-10 Susquehanna Sandy Klugman Initiated $350 +19.1% $293.80
2021-06-02 HSBC Sriharsha Pappu Initiated $269 -9.5% $297.38

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-
May 22, 2026
DCF
1
ROE
4
ROA
5
D/E
1
P/E
2
P/B
2
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. APD receives an overall rating of B-. Strongest factors: ROE (4/5), ROA (5/5). Areas of concern: DCF (1/5), D/E (1/5), P/E (2/5), P/B (2/5).
Rating Change History
DateFromTo
2026-04-30 D+ 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.

57 Grade A
Profitability
57
Balance Sheet
55
Earnings Quality
70
Growth
60
Value
46
Momentum
87
Safety
65
Cash Flow
46
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. APD scores highest in Momentum (87/100) and lowest in Value (46/100). An overall grade of A places APD 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
2.80
Grey Zone
Piotroski F-Score
7/9
Beneish M-Score
-2.58
Unlikely Manipulator
Ohlson O-Score
-8.31
Bankruptcy prob: 0.0%
Low Risk
Credit Rating
BBB+
Score: 62.1/100
Trend: Deteriorating
Earnings Quality
100/100
OCF/NI: 1.96x
Accruals: -5.0%
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. APD scores 2.80, 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. APD 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. APD's score of -2.58 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. APD'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. APD receives an estimated rating of BBB+ (score: 62.1/100), 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). APD's score of 100/100 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
30.60x
PEG
-0.09x
P/S
5.17x
P/B
4.12x
P/FCF
58.08x
P/OCF
15.61x
EV/EBITDA
18.56x
EV/Revenue
6.49x
EV/EBIT
28.90x
EV/FCF
73.02x
Earnings Yield
3.27%
FCF Yield
1.72%
Shareholder Yield
2.48%
Graham Number
$119.74
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 30.6x earnings, APD commands a growth premium. Graham's intrinsic value formula yields $119.74 per share, 142% 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
0.767
NI / EBT
×
Interest Burden
0.981
EBT / EBIT
×
EBIT Margin
0.225
EBIT / Rev
×
Asset Turnover
0.309
Rev / Assets
×
Equity Multiplier
2.515
Assets / Equity
=
ROE
13.1%
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. APD's ROE of 13.1% is driven by Asset Turnover (0.309), 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.

Adj. Growth Rate
37.31%
Fair P/E
83.12x
Intrinsic Value
$785.86
Price/Value
0.37x
Margin of Safety
63.27%
Premium
-63.27%
Assessment
Undervalued
Graham's classic formula uses analyst-projected growth to estimate a fair P/E (8.5 + 2g). Our adjusted version replaces that projection with APD's realized 37.3% 3-year EPS CAGR — what the company actually delivered, not what analysts hope for. At an intrinsic value of $785.86, APD appears undervalued with a 63% margin of safety. The adjusted fair P/E of 83.1x compares to the current market P/E of 30.6x.

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
$289.38
Median 1Y
$301.70
5th Pctile
$189.60
95th Pctile
$481.82
Ann. Volatility
28.8%
Analyst Target
$334.17
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
Brian Galovich Information
ice President and Chief Information Officer Francesco Maione President, Americas and Global Helium & Rare Gases Seifi Ghasemi Former Chairman, President and Chief Executive Officer
$488,077 $15,544,683 $23,418,863
Eduardo Menezes
Chief Executive Officer
$810,846 $10,918,501 $11,809,287
Sean D. Major
Former Executive Vice President, General Counsel and Secretary
$540,385 $2,563,538 $4,712,266
Melissa N. Schaeffer
Executive Vice President and Chief Financial Officer
$782,692 $3,204,915 $4,708,479
Victoria Brifo Human
tive Vice President and Chief Human Resources Officer, Corporate Communications and Corporate Relations
$586,338 $1,281,601 $2,417,520

CEO Pay Ratio

551:1
CEO-to-Employee Pay Ratio
CEO Total Comp: $23,418,863
Avg Employee Cost (SGA/emp): $42,540
Employees: 21,300

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
21,300
-7.4% YoY
Revenue / Employee
$565,131
Rev: $12,037,300,000
Profit / Employee
$-18,521
NI: $-394,500,000
SGA / Employee
$42,540
Avg labor cost proxy
R&D / Employee
$4,521
Innovation spend

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 17.1% 16.4% 17.0% 17.4% 17.8% 16.9% 17.0% 16.3% 16.4% 16.8% 17.0% 18.0% 18.7% 24.4% 24.5% 9.8% 9.9% -2.5% -2.1% 13.1% 13.15%
ROA 9.0% 8.1% 8.4% 8.6% 8.8% 8.3% 8.4% 8.1% 8.1% 7.8% 7.9% 8.3% 8.7% 10.7% 10.7% 4.3% 4.3% -1.0% -0.8% 5.2% 5.23%
ROIC 13.0% 11.7% 11.7% 11.8% 12.0% 10.5% 11.1% 10.5% 10.6% 8.6% 8.7% 9.4% 9.8% 12.4% 12.3% 4.2% 4.4% -2.2% -2.0% 5.7% 5.71%
ROCE 11.2% 11.0% 11.3% 11.5% 11.9% 12.1% 12.4% 12.1% 12.3% 10.9% 11.1% 11.6% 12.0% 14.2% 14.3% 5.9% 6.0% -0.6% -0.4% 7.6% 7.60%
Gross Margin 30.8% 29.4% 25.7% 26.9% 26.6% 26.6% 28.4% 28.7% 31.7% 30.8% 31.1% 32.0% 32.8% 34.0% 31.2% 29.6% 32.5% 32.3% 32.1% 31.1% 31.13%
Operating Margin 22.2% 21.7% 17.5% 19.1% 19.7% 17.5% 20.5% 14.4% 21.2% 23.1% 22.3% 21.7% 24.7% 76.1% 22.0% -79.8% 26.2% 0.5% 23.7% 23.7% 23.73%
Net Margin 20.5% 21.5% 18.7% 18.0% 18.3% 16.3% 18.0% 13.7% 19.6% 21.7% 20.3% 19.5% 23.3% 61.2% 21.1% -59.3% 23.6% 0.2% 21.9% 22.4% 22.40%
EBITDA Margin 38.3% 37.2% 34.2% 34.9% 34.2% 30.1% 34.1% 29.7% 37.5% 39.1% 38.7% 38.6% 42.4% 92.0% 40.9% -62.3% 44.8% 19.0% 41.1% 35.6% 35.55%
FCF Margin 14.8% 8.5% 8.1% 3.4% 2.4% 2.4% 0.5% -0.4% -5.6% -11.3% -17.1% -21.6% -20.6% -26.0% -30.2% -36.0% -38.4% -31.3% -23.0% 8.9% 8.89%
OCF Margin 38.4% 32.4% 30.6% 26.9% 25.4% 25.4% 24.6% 25.0% 24.8% 25.4% 25.1% 27.0% 30.5% 30.1% 31.8% 27.9% 24.5% 27.1% 27.4% 33.1% 33.07%
ROE 3Y Avg snapshot only 13.43%
ROE 5Y Avg snapshot only 14.67%
ROA 3Y Avg snapshot only 5.57%
ROIC 3Y Avg snapshot only 6.35%
ROIC Economic snapshot only 5.43%
Cash ROA snapshot only 10.04%
Cash ROIC snapshot only 13.05%
CROIC snapshot only 3.51%
NOPAT Margin snapshot only 14.46%
Pretax Margin snapshot only 22.03%
R&D / Revenue snapshot only 0.75%
SGA / Revenue snapshot only 7.20%
SBC / Revenue snapshot only 0.39%
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 29.14 24.56 28.27 22.76 21.58 21.29 28.21 27.56 28.75 26.07 24.94 21.03 21.53 16.80 16.43 42.03 40.03 -153.08 -163.81 30.54 30.605
P/S Ratio 5.87 4.99 5.63 4.47 4.12 3.78 4.97 4.57 4.85 4.76 4.69 4.27 4.57 5.31 5.24 5.36 5.15 5.02 4.48 5.16 5.172
P/B Ratio 4.77 3.81 4.55 3.76 3.64 3.65 4.87 4.57 4.79 4.19 4.07 3.63 3.87 3.77 3.70 3.78 3.64 4.02 3.64 4.28 4.121
P/FCF 39.55 58.73 69.29 130.48 173.53 158.15 949.22 -1181.32 -86.22 -42.22 -27.45 -19.80 -22.21 -20.41 -17.33 -14.87 -13.41 -16.04 -19.45 58.08 58.080
P/OCF 15.28 15.42 18.36 16.63 16.21 14.87 20.22 18.28 19.56 18.70 18.73 15.86 14.99 17.63 16.45 19.19 21.02 18.54 16.34 15.61 15.613
EV/EBITDA 15.43 13.59 15.82 12.97 12.31 12.57 16.13 15.48 16.01 15.63 14.99 13.05 13.41 11.76 11.49 21.35 20.19 57.53 50.38 18.56 18.559
EV/Revenue 6.07 5.23 5.85 4.68 4.32 4.18 5.36 4.95 5.24 5.48 5.42 5.02 5.32 6.31 6.24 6.36 6.14 6.39 5.83 6.49 6.491
EV/EBIT 23.28 20.37 23.56 19.22 18.05 18.40 23.39 22.66 23.34 22.56 21.67 18.67 19.08 15.14 14.83 36.58 34.66 -339.39 -460.92 28.90 28.899
EV/FCF 40.89 61.48 72.01 136.68 182.04 174.69 1023.78 -1280.24 -93.10 -48.62 -31.72 -23.26 -25.86 -24.23 -20.64 -17.65 -16.01 -20.43 -25.34 73.02 73.018
Earnings Yield 3.4% 4.1% 3.5% 4.4% 4.6% 4.7% 3.5% 3.6% 3.5% 3.8% 4.0% 4.8% 4.6% 6.0% 6.1% 2.4% 2.5% -0.7% -0.6% 3.3% 3.27%
FCF Yield 2.5% 1.7% 1.4% 0.8% 0.6% 0.6% 0.1% -0.1% -1.2% -2.4% -3.6% -5.1% -4.5% -4.9% -5.8% -6.7% -7.5% -6.2% -5.1% 1.7% 1.72%
Price/Tangible Book snapshot only 4.674
EV/OCF snapshot only 19.629
EV/Gross Profit snapshot only 20.293
Acquirers Multiple snapshot only 35.255
Shareholder Yield snapshot only 2.48%
Graham Number snapshot only $119.74
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 3.59 2.99 2.99 2.99 2.99 1.81 1.81 1.81 1.81 1.33 1.33 1.33 1.33 1.52 1.52 1.52 1.52 1.38 1.38 1.38 1.381
Quick Ratio 3.43 2.83 2.83 2.83 2.83 1.66 1.66 1.66 1.66 1.17 1.17 1.17 1.17 1.34 1.34 1.34 1.34 1.20 1.20 1.20 1.197
Debt/Equity 0.69 0.61 0.61 0.61 0.61 0.63 0.63 0.63 0.63 0.77 0.77 0.77 0.77 0.88 0.88 0.88 0.88 1.23 1.23 1.23 1.225
Net Debt/Equity 0.16 0.18 0.18 0.18 0.18 0.38 0.38 0.38 0.38 0.63 0.63 0.63 0.63 0.71 0.71 0.71 0.71 1.10 1.10 1.10 1.102
Debt/Assets 0.33 0.31 0.31 0.31 0.31 0.31 0.31 0.31 0.31 0.34 0.34 0.34 0.34 0.38 0.38 0.38 0.38 0.45 0.45 0.45 0.448
Debt/EBITDA 2.16 2.07 2.03 2.00 1.96 1.97 1.95 1.98 1.96 2.50 2.45 2.36 2.30 2.31 2.30 4.19 4.09 13.76 13.02 4.22 4.223
Net Debt/EBITDA 0.51 0.61 0.60 0.59 0.58 1.19 1.17 1.20 1.18 2.06 2.02 1.94 1.89 1.85 1.84 3.36 3.28 12.37 11.71 3.80 3.797
Interest Coverage 17.33 18.68 20.03 21.03 22.23 22.52 21.27 19.49 17.99 17.24 16.38 15.65 15.55 23.03 24.35 10.99 10.91 -1.06 -0.68 12.00 12.004
Equity Multiplier 2.08 1.98 1.98 1.98 1.98 2.07 2.07 2.07 2.07 2.24 2.24 2.24 2.24 2.32 2.32 2.32 2.32 2.73 2.73 2.73 2.733
Cash Ratio snapshot only 0.440
Debt Service Coverage snapshot only 18.691
Cash to Debt snapshot only 0.101
FCF to Debt snapshot only 0.060
Defensive Interval snapshot only 942.7 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 0.44 0.40 0.42 0.44 0.46 0.47 0.48 0.49 0.48 0.43 0.42 0.41 0.41 0.34 0.34 0.34 0.34 0.30 0.30 0.31 0.309
Inventory Turnover 17.01 16.74 18.11 19.06 20.32 19.29 19.39 19.66 19.10 15.15 14.80 14.30 14.19 11.52 11.45 11.54 11.59 10.70 10.82 10.99 10.992
Receivables Turnover 7.73 7.57 8.03 8.35 8.78 7.82 7.94 8.09 8.00 7.21 7.11 6.95 6.93 6.87 6.83 6.83 6.85 6.08 6.16 6.29 6.294
Payables Turnover 12.56 11.20 12.12 12.76 13.60 10.05 10.11 10.25 9.96 7.57 7.39 7.14 7.09 6.13 6.09 6.14 6.17 5.72 5.78 5.87 5.870
DSO 47 48 45 44 42 47 46 45 46 51 51 52 53 53 53 53 53 60 59 58 58.0 days
DIO 21 22 20 19 18 19 19 19 19 24 25 26 26 32 32 32 31 34 34 33 33.2 days
DPO 29 33 30 29 27 36 36 36 37 48 49 51 51 60 60 59 59 64 63 62 62.2 days
Cash Conversion Cycle 40 37 36 34 33 29 29 28 28 26 27 27 27 25 25 26 26 30 30 29 29.0 days
Fixed Asset Turnover snapshot only 0.474
Operating Cycle snapshot only 91.2 days
Cash Velocity snapshot only 6.715
Capital Intensity snapshot only 3.294
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 11.1% 16.6% 21.9% 22.9% 22.1% 23.0% 17.7% 15.4% 8.4% -0.8% -3.5% -7.5% -6.7% -4.0% -3.1% -1.1% -0.4% -0.5% 1.4% 3.7% 3.69%
Net Income 3.8% 11.3% 15.0% 18.3% 15.6% 7.5% 4.2% -2.6% -4.1% 2.0% 3.1% 13.4% 17.4% 66.4% 64.1% -37.9% -39.7% -1.1% -1.1% 37.4% 37.44%
EPS 3.8% 11.3% 15.0% 18.3% 15.6% 7.5% 4.2% -2.7% -4.2% 1.8% 3.0% 13.4% 17.4% 66.4% 64.1% -37.9% -39.7% -1.1% -1.1% 37.3% 37.31%
FCF 2.2% 16.1% 37.4% -51.7% -80.5% -65.4% -92.4% -1.1% -3.6% -5.7% -32.5% -50.6% -2.4% -1.2% -71.2% -65.1% -85.7% -19.5% 22.7% 1.3% 1.26%
EBITDA 2.9% 6.8% 7.8% 9.6% 8.9% 6.3% 5.8% 2.3% 1.1% 4.7% 5.1% 11.3% 13.1% 46.9% 45.3% -23.4% -23.6% -79.4% -78.4% 21.7% 21.70%
Op. Income -2.4% 2.0% 2.2% 4.2% 4.7% 2.5% 8.9% 3.8% 2.3% 6.7% 1.7% 13.6% 16.7% 79.0% 77.0% -45.0% -45.0% -1.2% -1.2% 55.3% 55.29%
OCF Growth snapshot only 22.73%
Asset Growth snapshot only 3.75%
Equity Growth snapshot only -11.81%
Debt Growth snapshot only 22.66%
Shares Change snapshot only 0.09%
Dividend Growth snapshot only 1.23%
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 3.5% 4.9% 7.0% 8.3% 10.2% 12.5% 12.9% 13.5% 13.7% 12.5% 11.4% 9.5% 7.3% 5.4% 3.2% 1.8% 0.2% -1.8% -1.8% -1.7% -1.73%
Revenue 5Y 4.1% 5.2% 6.4% 6.7% 7.2% 9.2% 8.6% 8.6% 8.0% 7.1% 6.8% 6.3% 6.3% 6.3% 6.1% 6.0% 6.5% 6.3% 6.3% 6.1% 6.12%
EPS 3Y 9.0% 11.6% 8.5% 9.5% 10.0% 8.6% 6.2% 3.8% 4.7% 6.8% 7.2% 9.3% 9.1% 22.1% 20.7% -11.8% -12.2% -1.1% -1.11%
EPS 5Y 27.2% 26.8% 30.5% -7.0% -5.1% -5.7% -4.7% 13.6% 7.5% 8.8% 6.5% 7.7% 8.4% 16.7% 15.2% -4.7% -4.1% 2.2% 2.18%
Net Income 3Y 9.3% 11.9% 8.8% 9.6% 10.1% 8.6% 6.3% 3.8% 4.8% 6.8% 7.3% 9.4% 9.2% 22.2% 20.8% -11.8% -12.1% -1.1% -1.08%
Net Income 5Y 27.7% 27.2% 30.9% -6.8% -4.8% -5.5% -4.5% 13.8% 7.7% 9.0% 6.7% 7.8% 8.5% 16.8% 15.2% -4.6% -4.0% 2.2% 2.22%
EBITDA 3Y 8.3% 8.4% 8.2% 7.8% 7.8% 6.3% 5.5% 3.7% 4.3% 5.9% 6.2% 7.6% 7.6% 17.8% 17.3% -4.5% -4.4% -31.8% -30.9% 1.2% 1.23%
EBITDA 5Y 8.1% 8.0% 8.8% 8.9% 11.2% 11.9% 11.0% 9.7% 7.0% 7.2% 7.1% 7.4% 7.4% 13.1% 12.4% -1.0% -0.4% -18.5% -17.7% 3.1% 3.06%
Gross Profit 3Y 4.7% 4.6% 4.5% 4.1% 4.0% 4.5% 4.8% 5.6% 7.1% 7.9% 8.5% 8.7% 7.9% 7.8% 7.4% 6.2% 5.8% 4.0% 3.4% 3.3% 3.31%
Gross Profit 5Y 4.3% 4.3% 4.5% 4.7% 4.6% 6.7% 6.8% 6.9% 7.0% 6.6% 6.5% 6.1% 5.9% 6.0% 5.3% 4.5% 4.8% 4.8% 5.4% 6.0% 6.04%
Op. Income 3Y 5.6% 5.1% 4.9% 4.1% 3.9% 2.9% 3.1% 0.8% 1.5% 3.7% 4.2% 7.1% 7.7% 25.1% 25.2% -13.4% -13.1% -1.0% -1.01%
Op. Income 5Y 6.7% 6.2% 6.7% 6.5% 8.8% 10.2% 9.5% 7.7% 4.8% 4.9% 5.1% 5.9% 6.0% 15.8% 14.6% -8.6% -7.7% 1.0% 0.97%
FCF 3Y 7.2% -3.4% -1.2% -20.0% -28.5% -32.3% -58.6%
FCF 5Y 1.3% -11.9% -12.2% -16.5% -16.5% -10.5% -34.5% 6.5% 6.54%
OCF 3Y 13.6% 9.5% 8.3% 4.0% 4.1% 2.8% 2.0% 4.0% 2.6% -0.6% -2.6% -3.2% -0.7% 3.0% 4.6% 3.1% -1.0% 0.3% 1.9% 7.9% 7.87%
OCF 5Y 7.9% 4.8% 5.3% 9.9% 12.3% 15.6% 14.4% 7.1% 4.6% 4.7% 3.4% 3.8% 6.5% 4.2% 5.1% 2.8% -0.2% -0.0% -0.2% 2.7% 2.67%
Assets 3Y 10.9% 11.9% 11.9% 11.9% 11.9% 12.8% 12.8% 12.8% 12.8% 8.3% 8.3% 8.3% 8.3% 13.8% 13.8% 13.8% 13.8% 14.7% 14.7% 14.7% 14.72%
Assets 5Y 7.7% 8.3% 8.3% 8.3% 8.3% 8.0% 8.0% 8.0% 8.0% 10.8% 10.8% 10.8% 10.8% 15.9% 15.9% 15.9% 15.9% 10.3% 10.3% 10.3% 10.28%
Equity 3Y 6.2% 7.6% 7.6% 7.6% 7.6% 5.9% 5.9% 5.9% 5.9% 5.8% 5.8% 5.8% 5.8% 8.0% 8.0% 8.0% 8.0% 4.6% 4.6% 4.6% 4.56%
Book Value 3Y 5.9% 7.4% 7.4% 7.5% 7.5% 5.9% 5.9% 5.9% 5.9% 5.8% 5.8% 5.8% 5.8% 7.9% 7.9% 7.9% 7.9% 4.5% 4.5% 4.5% 4.53%
Dividend 3Y 4.5% 4.2% 3.9% 3.7% 3.5% 3.2% 2.9% 2.6% 2.6% 2.6% 2.6% 2.6% 2.0% 1.5% 0.9% 0.4% 0.3% 0.3% 0.4% 0.4% 0.38%
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 0.82 0.75 0.72 0.71 0.69 0.76 0.75 0.77 0.80 0.79 0.80 0.77 0.80 0.76 0.71 0.61 0.58 0.49 0.49 0.47 0.469
Earnings Stability 0.08 0.09 0.15 0.03 0.03 0.03 0.04 0.82 0.92 0.97 0.95 0.89 0.91 0.70 0.67 0.00 0.00 0.06 0.06 0.01 0.014
Margin Stability 0.95 0.95 0.94 0.93 0.91 0.90 0.91 0.91 0.91 0.91 0.92 0.93 0.93 0.91 0.91 0.91 0.91 0.91 0.92 0.94 0.937
Rev. Growth Consistency 0.50 0.50 1.00 1.00 1.00 1.00 1.00 1.00 1.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.50 0.50 0.500
Earn. Growth Consistency 1.00 1.00 1.00 0.50 1.00 1.00 1.00 0.00 0.00 1.00 1.00 0.50 0.50 1.00 1.00 0.00 0.00 0.00 0.00 0.50 0.500
FCF Positive Streak 1 1 1 1 1 1 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Earnings Persistence 0.98 0.95 0.94 0.93 0.94 0.97 0.98 0.99 0.98 0.99 0.99 0.95 0.93 0.50 0.50 0.85 0.84 0.20 0.20 0.85 0.850
Earnings Smoothness 0.96 0.89 0.86 0.83 0.86 0.93 0.96 0.97 0.96 0.98 0.97 0.87 0.84 0.50 0.51 0.53 0.50 0.68 0.685
ROE Trend -0.00 -0.00 -0.00 -0.00 0.00 0.02 0.01 0.00 0.00 -0.00 -0.00 0.01 0.01 0.06 0.06 -0.08 -0.08 -0.22 -0.22 0.01 0.009
Gross Margin Trend -0.02 -0.03 -0.05 -0.05 -0.06 -0.06 -0.04 -0.03 -0.00 0.01 0.03 0.04 0.04 0.04 0.04 0.02 0.02 0.00 0.00 0.00 0.003
FCF Margin Trend 0.08 -0.01 -0.01 -0.06 -0.08 -0.06 -0.07 -0.06 -0.14 -0.17 -0.21 -0.23 -0.19 -0.22 -0.22 -0.25 -0.25 -0.13 0.01 0.38 0.377
Sustainable Growth Rate 6.5% 6.6% 6.9% 7.1% 7.2% 6.5% 6.4% 5.5% 5.4% 5.9% 5.9% 6.7% 7.4% 14.4% 14.5% -0.3% -0.2% 3.2% 3.20%
Internal Growth Rate 3.5% 3.3% 3.5% 3.6% 3.7% 3.3% 3.3% 2.8% 2.8% 2.8% 2.8% 3.2% 3.5% 6.8% 6.8% 1.3% 1.29%
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 1.91 1.59 1.54 1.37 1.33 1.43 1.40 1.51 1.47 1.39 1.33 1.33 1.44 0.95 1.00 2.19 1.90 -8.26 -10.03 1.96 1.956
FCF/OCF 0.39 0.26 0.27 0.13 0.09 0.09 0.02 -0.02 -0.23 -0.44 -0.68 -0.80 -0.67 -0.86 -0.95 -1.29 -1.57 -1.16 -0.84 0.27 0.269
FCF/Net Income snapshot only 0.526
OCF/EBITDA snapshot only 0.946
CapEx/Revenue 23.6% 23.9% 22.5% 23.5% 23.0% 23.0% 24.0% 25.4% 30.4% 36.7% 42.2% 48.6% 51.1% 56.2% 62.1% 64.0% 62.9% 58.3% 50.4% 24.2% 24.18%
CapEx/Depreciation snapshot only 1.932
Accruals Ratio -0.08 -0.05 -0.05 -0.03 -0.03 -0.04 -0.03 -0.04 -0.04 -0.03 -0.03 -0.03 -0.04 0.01 0.00 -0.05 -0.04 -0.09 -0.09 -0.05 -0.050
Sloan Accruals snapshot only -0.053
Cash Flow Adequacy snapshot only 0.895
Earnings Quality Score snapshot only 1.000
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 2.1% 2.4% 2.1% 2.6% 2.8% 2.9% 2.2% 2.4% 2.3% 2.5% 2.6% 3.0% 2.8% 2.4% 2.5% 2.4% 2.5% 2.6% 2.9% 2.5% 2.48%
Dividend/Share $5.49 $5.65 $5.81 $5.97 $6.09 $6.22 $6.34 $6.46 $6.59 $6.72 $6.85 $6.98 $7.00 $7.02 $7.04 $7.07 $7.08 $7.11 $7.13 $7.15 $7.18
Payout Ratio 61.8% 59.9% 59.4% 59.5% 59.4% 61.3% 62.2% 66.0% 67.0% 65.1% 65.3% 63.0% 60.7% 40.9% 40.9% 1.0% 1.0% 75.6% 75.63%
FCF Payout Ratio 83.9% 1.4% 1.5% 3.4% 4.8% 4.6% 20.9% 1.4% 1.44%
Total Payout Ratio 61.8% 59.9% 59.4% 59.5% 59.4% 61.3% 62.2% 66.0% 67.0% 65.1% 65.3% 63.0% 60.7% 40.9% 40.9% 1.0% 1.0% 75.6% 75.63%
Div. Increase Streak 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1
Chowder Number 0.17 0.16 0.15 0.15 0.14 0.13 0.11 0.11 0.11 0.11 0.11 0.11 0.09 0.07 0.05 0.04 0.04 0.04 0.04 0.04 0.037
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% 0.0% 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% -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%
Total Shareholder Return 2.1% 2.4% 2.1% 2.6% 2.7% 2.8% 2.2% 2.4% 2.3% 2.5% 2.6% 3.0% 2.8% 2.4% 2.5% 2.4% 2.5% 2.6% 2.9% 2.5% 2.48%
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) 0.82 0.84 0.84 0.85 0.83 0.82 0.81 0.80 0.80 0.80 0.80 0.81 0.81 0.79 0.79 0.81 0.80 0.90 0.88 0.77 0.767
Interest Burden (EBT/EBIT) 0.94 0.95 0.95 0.95 0.96 0.96 0.95 0.95 0.94 0.94 0.94 0.94 0.94 0.96 0.96 0.91 0.91 1.94 2.46 0.98 0.981
EBIT Margin 0.26 0.26 0.25 0.24 0.24 0.23 0.23 0.22 0.22 0.24 0.25 0.27 0.28 0.42 0.42 0.17 0.18 -0.02 -0.01 0.22 0.225
Asset Turnover 0.44 0.40 0.42 0.44 0.46 0.47 0.48 0.49 0.48 0.43 0.42 0.41 0.41 0.34 0.34 0.34 0.34 0.30 0.30 0.31 0.309
Equity Multiplier 1.91 2.03 2.03 2.03 2.03 2.03 2.03 2.03 2.03 2.16 2.16 2.16 2.16 2.28 2.28 2.28 2.28 2.51 2.51 2.51 2.515
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) $8.88 $9.43 $9.78 $10.04 $10.26 $10.14 $10.19 $9.78 $9.83 $10.32 $10.49 $11.09 $11.54 $17.18 $17.21 $6.89 $6.96 $-1.77 $-1.50 $9.45 $9.45
Book Value/Share $54.29 $60.85 $60.83 $60.85 $60.85 $59.07 $59.05 $59.02 $58.99 $64.24 $64.24 $64.27 $64.24 $76.47 $76.43 $76.50 $76.43 $67.41 $67.41 $67.41 $81.46
Tangible Book/Share $48.33 $54.87 $54.84 $54.87 $54.87 $53.81 $53.79 $53.77 $53.74 $58.87 $58.87 $58.90 $58.87 $71.00 $70.97 $71.04 $70.97 $61.77 $61.77 $61.77 $61.77
Revenue/Share $44.05 $46.40 $49.16 $51.17 $53.80 $57.07 $57.86 $58.98 $58.25 $56.55 $55.76 $54.57 $54.33 $54.31 $53.99 $53.98 $54.10 $54.00 $54.77 $55.92 $55.94
FCF/Share $6.54 $3.94 $3.99 $1.75 $1.28 $1.36 $0.30 $-0.23 $-3.28 $-6.37 $-9.53 $-11.78 $-11.18 $-14.14 $-16.32 $-19.46 $-20.76 $-16.89 $-12.61 $4.97 $4.97
OCF/Share $16.93 $15.02 $15.06 $13.75 $13.66 $14.52 $14.22 $14.74 $14.45 $14.39 $13.97 $14.71 $16.57 $16.37 $17.19 $15.08 $13.25 $14.61 $15.01 $18.49 $18.50
Cash/Share $28.57 $26.07 $26.06 $26.07 $26.07 $14.84 $14.83 $14.83 $14.82 $8.75 $8.75 $8.75 $8.75 $13.40 $13.39 $13.40 $13.39 $8.33 $8.33 $8.33 $4.27
EBITDA/Share $17.33 $17.84 $18.17 $18.46 $18.88 $18.96 $19.22 $18.87 $19.07 $19.83 $20.18 $21.00 $21.56 $29.13 $29.30 $16.08 $16.46 $6.00 $6.34 $19.55 $19.55
Debt/Share $37.37 $36.94 $36.92 $36.94 $36.94 $37.42 $37.41 $37.39 $37.37 $49.51 $49.51 $49.54 $49.51 $67.35 $67.32 $67.38 $67.32 $82.58 $82.58 $82.58 $82.58
Net Debt/Share $8.79 $10.87 $10.86 $10.87 $10.87 $22.59 $22.58 $22.56 $22.55 $40.76 $40.76 $40.78 $40.76 $53.96 $53.93 $53.98 $53.93 $74.25 $74.25 $74.25 $74.25
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 2.803
Altman Z-Prime snapshot only 4.959
Piotroski F-Score 5 7 7 7 7 7 8 6 6 5 5 7 7 7 6 6 5 3 5 7 7
Beneish M-Score -2.70 -2.41 -2.35 -2.35 -2.30 -2.24 -2.36 -2.39 -2.43 -2.52 -2.47 -2.47 -2.48 -2.50 -2.48 -2.63 -2.63 -2.71 -2.75 -2.58 -2.583
Ohlson O-Score snapshot only -8.307
ROIC (Greenblatt) snapshot only 10.04%
Net-Net WC snapshot only $-80.23
EVA snapshot only $-1354932261.87
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 BBB+
Credit Score 84.20 82.81 85.05 82.48 84.87 77.85 82.46 79.64 80.14 72.57 73.02 69.89 73.47 72.21 73.47 66.72 67.18 28.34 28.85 62.15 62.149
Credit Grade snapshot only 8
Credit Trend snapshot only -4.570
Implied Spread (bps) snapshot only 225.000
Industry Credit Rank snapshot only 50
Sector Credit Rank snapshot only 57

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