Also trades as: AQN.TO (TSX) · $vol 14M · AQNU (NYSE) · $vol 3M · AQNB (NYSE) · $vol 1M · AQN-PA.TO (TSX) · $vol 0M

$5.10

+0.07 (+1.39%)

Weekly Expected Move ±3.2%

$5 $5 $5 $5 $5

NYSE · Utilities · Diversified Utilities · Tech Score Strong Sell · Power 31 · $3.9B mcap · 769M float · 0.565% daily turnover · Short 46% of daily vol

Overview Chart Smart Money Financials Income Statement Cash Flow Balance Sheet Earnings

Analysis Technicals Weather Peers ESG Institutions ETF Exposure Dark Pool Short Interest

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

47.7 / 100

NoneWeakNarrowWide

Primary source: Intangible Assets · ROIC: 3.0% · 5Y Avg: -1.8%

Cost Advantage

Intangibles

Switching Cost

Network Effect

Scale

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. AQN shows a Weak competitive edge (47.7/100) — limited structural advantages that may face competitive pressure. The primary source of advantage is Intangible Assets. ROIC of 3.0% 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

Low

Avg Target

High

Based on 1 analyst since Aug 7, 2026 earnings

Analyst Recommendations

Strong Buy: 0Buy: 4Hold: 9Sell: 1Strong Sell: 0

Rating Summary

ConsensusHold

Avg Target$6.00

Analysts1

Price Target Change History

Date	Firm	Analyst	Old	New	Change	Upside @ Call	Stock@Call
2026-10-01	Barclays	Michael Lonegan	Initiated	$6	—	+19.3%	$5.03
2026-04-20	CIBC	—	$6	$6	+0	+2.1%	$6.37
2026-03-10	CIBC	Mark Jarvi	$6	$6	+1	+1.3%	$6.17
2026-03-09	TD Securities	Sean Steuart	$10	$6	-4	-3.1%	$6.19
2026-03-09	Raymond James	—	Initiated	$7	—	+17.1%	$6.19
2026-01-07	National Bank	—	$7	$8	+1	+20.8%	$6.21
2025-12-16	Scotiabank	Robert Hope	$6	$6	+1	+6.1%	$6.12
2025-11-10	Janney Montgomery	Michael Gaugler	Initiated	$7	—	+12.2%	$6.24
2024-10-22	CIBC	Mark Jarvi	Initiated	$6	—	+8.5%	$5.07
2024-10-16	Wells Fargo	Neil Kalton	$6	$6	-0	+8.1%	$5.09
2024-08-13	Scotiabank	Robert Hope	Initiated	$6	—	+11.3%	$5.17
2024-08-12	National Bank	Rupert Merer	$14	$7	-8	+31.1%	$5.15
2024-08-12	Wells Fargo	Neil Kalton	$8	$6	-2	+10.9%	$5.41
2024-05-29	Wells Fargo	Neil Kalton	Initiated	$8	—	+33.2%	$6.38
2024-03-11	Desjardins	Brent Stadler	Initiated	$6	—	-10.4%	$6.42
2024-01-07	BMO Capital	Ben Pham	$8	$8	0	+15.2%	$6.51
2023-01-13	BMO Capital	—	Initiated	$8	—	+5.0%	$7.14
2023-01-13	Credit Suisse	—	$11	$10	-0	+47.1%	$7.14
2022-12-21	RBC Capital	—	$12	$8	-4	+19.4%	$6.70
2022-11-30	Credit Suisse	—	$12	$11	-1	+47.3%	$7.30
2022-11-14	TD Securities	—	Initiated	$10	—	+25.5%	$7.97
2022-11-14	Credit Suisse	—	Initiated	$12	—	+29.0%	$9.30
2022-11-14	RBC Capital	—	Initiated	$12	—	+29.0%	$9.30
2022-10-07	National Bank	Rupert Merer	Initiated	$14	—	+31.6%	$10.83

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

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

Rating Change History

Date	From	To
2026-05-11	B-	C+
2026-04-30	C+	B-
2026-04-28	B-	C+
2026-04-27	C+	B-
2026-04-24	B-	C+
2026-04-21	C+	B-
2026-03-16	C	C+
2026-02-24	C+	C
2026-02-18	C-	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.

★ ★ ★ ★ ★ 41 Grade B

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. AQN scores highest in Momentum (89/100) and lowest in Safety (15/100). A grade of B indicates above-average fundamentals with room for improvement in select areas.

Risk & Quality Signals

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

Altman Z-Score

0.30

Distress Zone

Piotroski F-Score

5/9

✓ ✓ ✓ ✓ ✗ ✗ ✗ ✗ ✓

Beneish M-Score

-2.84

Unlikely Manipulator

Ohlson O-Score

-7.52

Bankruptcy prob: 0.1%

Low Risk

Credit Rating

B-

Score: 22.5/100

Trend: Stable

Earnings Quality

100/100

OCF/NI: 4.00x

Accruals: -3.3%

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. AQN scores 0.30, placing it in the Distress Zone (safe > 2.99, distress < 1.81). Historically, companies in this range face elevated bankruptcy risk. 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. AQN 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. AQN's score of -2.84 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. AQN'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. AQN receives an estimated rating of B- (score: 22.5/100), with a stable 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). AQN'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

28.13x

PEG

0.06x

P/S

1.56x

P/B

0.85x

P/FCF

-77.58x

P/OCF

7.56x

EV/EBITDA

11.80x

EV/Revenue

4.36x

EV/EBIT

20.99x

EV/FCF

-190.30x

Earnings Yield

3.31%

FCF Yield

-1.29%

Shareholder Yield

4.67%

Graham Number

$5.10

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 28.1x earnings, AQN commands a growth premium. Graham's intrinsic value formula yields $5.10 per share, suggesting a potential 0% 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

0.766

NI / EBT

Interest Burden

0.369

EBT / EBIT

EBIT Margin

0.208

EBIT / Rev

Asset Turnover

0.185

Rev / Assets

Equity Multiplier

2.969

Assets / Equity

ROE

3.2%

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. AQN's ROE of 3.2% is driven by a balanced combination of operating margin, asset efficiency, and leverage.

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

$1.65

Price/Value

3.56x

Margin of Safety

-255.93%

Premium

255.93%

Assessment

Overvalued

Graham's classic formula uses analyst-projected growth to estimate a fair P/E (8.5 + 2g). Our adjusted version replaces that projection with AQN's realized 0.0% 3-year EPS CAGR, capped at 15% — demonstrated performance rather than forecasts, held to a rate companies have historically sustained. AQN trades at a 256% premium to its adjusted intrinsic value of $1.65, suggesting the market is pricing in future growth beyond what historical earnings support. The adjusted fair P/E of 8.5x compares to the current market P/E of 28.1x.

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

$5.11

Median 1Y

$4.48

5th Pctile

$2.64

95th Pctile

$7.64

Ann. Volatility

31.9%

Analyst Target

$6.00

25th–75th percentile 5th–95th percentile Median path Historical Analyst target

Workforce & Productivity

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

Employees

—

Revenue / Employee

—

Rev: $2,449,237,570

Profit / Employee

—

NI: $184,779,004

SGA / Employee

—

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	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	12.1%	4.8%	6.2%	3.8%	0.7%	-3.8%	-0.6%	-4.7%	-4.5%	0.6%	-6.4%	2.2%	-20.6%	-28.3%	-25.0%	-25.3%	-0.6%	3.9%	3.6%	3.2%	3.22%
ROA	4.2%	1.8%	2.1%	1.2%	0.2%	-1.2%	-0.2%	-1.4%	-1.3%	0.2%	-1.8%	0.7%	-5.6%	-7.8%	-7.5%	-8.4%	-0.2%	1.2%	1.2%	1.1%	1.08%
ROIC	3.3%	4.6%	3.8%	5.6%	3.1%	2.5%	2.4%	2.3%	2.3%	2.9%	2.6%	3.9%	3.2%	-0.2%	1.8%	-0.4%	0.2%	3.2%	2.9%	3.0%	3.04%
ROCE	4.9%	2.3%	2.7%	1.8%	1.0%	-0.4%	1.0%	-0.3%	-0.2%	1.6%	-0.4%	2.6%	4.4%	3.6%	5.6%	4.0%	4.1%	4.3%	4.3%	4.1%	4.12%
Gross Margin	76.4%	68.7%	66.2%	72.7%	72.0%	65.0%	64.7%	77.4%	75.6%	73.4%	68.7%	77.6%	78.9%	35.1%	70.4%	76.4%	78.3%	70.8%	67.1%	75.7%	75.71%
Operating Margin	21.5%	22.5%	18.7%	17.3%	20.3%	2.5%	18.3%	14.9%	22.2%	14.4%	22.2%	16.6%	19.4%	18.1%	25.8%	12.3%	25.7%	18.1%	22.8%	15.4%	15.37%
Net Margin	-5.3%	29.5%	12.4%	-5.4%	-29.4%	-10.1%	34.7%	-40.3%	-30.9%	27.9%	-13.8%	38.9%	-2.3%	-31.9%	14.0%	4.6%	6.7%	3.3%	10.9%	0.7%	0.66%
EBITDA Margin	16.9%	51.5%	33.6%	15.8%	-6.2%	12.4%	61.6%	-17.8%	-4.7%	58.4%	23.7%	84.5%	43.6%	20.6%	39.1%	37.8%	43.3%	36.4%	36.0%	32.2%	32.16%
FCF Margin	-50.6%	-51.8%	-33.8%	-24.8%	-25.3%	-17.1%	-15.9%	-11.2%	-9.0%	-15.1%	-13.7%	-13.7%	-12.4%	-16.5%	-19.0%	-17.2%	-14.4%	-7.1%	-4.4%	-2.3%	-2.29%
OCF Margin	9.5%	7.0%	23.9%	29.7%	25.4%	27.3%	22.1%	21.8%	23.7%	23.8%	28.9%	29.2%	26.4%	20.8%	18.0%	18.9%	20.2%	25.1%	22.9%	23.5%	23.48%
ROE 3Y Avg	snapshot only																				-8.02%
ROE 5Y Avg	snapshot only																				-5.05%
ROA 3Y Avg	snapshot only																				-2.76%
ROIC 3Y Avg	snapshot only																				-1.47%
ROIC Economic	snapshot only																				3.04%
Cash ROA	snapshot only																				4.30%
Cash ROIC	snapshot only																				5.34%
CROIC	snapshot only																				-0.52%
NOPAT Margin	snapshot only																				13.34%
Pretax Margin	snapshot only																				7.67%
R&D / Revenue	snapshot only																				0.00%
SGA / Revenue	snapshot only																				8.57%
SBC / Revenue	snapshot only																				0.25%

Valuation

Metric	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	12.09	29.50	24.82	36.06	161.56	-17.80	-152.69	-19.68	-15.65	139.13	-12.16	31.38	-3.96	-2.46	-3.24	-3.19	-155.83	26.38	27.88	30.25	28.132
P/S Ratio	3.29	3.42	3.56	2.99	2.35	1.37	1.79	1.77	1.34	1.51	1.60	1.62	1.66	1.46	1.64	1.84	1.74	1.96	1.87	1.78	1.555
P/B Ratio	1.40	1.33	1.46	1.32	1.15	0.72	0.92	0.96	0.74	0.79	0.83	0.63	0.82	0.72	0.82	0.93	0.89	1.03	1.02	0.98	0.853
P/FCF	-6.50	-6.60	-10.52	-12.05	-9.30	-8.03	-11.29	-15.76	-14.94	-10.04	-11.72	-11.79	-13.38	-8.87	-8.61	-10.71	-12.05	-27.51	-43.05	-77.58	-77.579
P/OCF	34.43	48.53	14.87	10.06	9.25	5.01	8.08	8.11	5.65	6.34	5.55	5.54	6.30	7.04	9.10	9.72	8.62	7.81	8.19	7.56	7.565
EV/EBITDA	12.37	18.42	17.73	19.98	22.56	28.52	20.41	31.02	27.50	15.68	32.17	12.64	9.28	10.49	9.40	12.67	12.49	11.84	11.80	11.80	11.799
EV/Revenue	6.35	6.08	6.54	5.97	5.26	4.07	4.57	4.61	4.39	4.35	5.20	5.03	4.75	4.33	4.28	4.48	4.41	4.63	4.50	4.36	4.357
EV/EBIT	18.73	39.51	34.38	49.31	87.38	-181.55	75.41	-285.44	-442.70	43.39	-185.93	26.26	15.65	17.86	14.16	20.93	19.96	20.44	20.61	20.99	20.986
EV/FCF	-12.55	-11.74	-19.32	-24.04	-20.80	-23.89	-28.83	-41.05	-48.99	-28.86	-37.97	-36.65	-38.25	-26.31	-22.53	-26.08	-30.56	-64.99	-103.39	-190.30	-190.300
Earnings Yield	8.3%	3.4%	4.0%	2.8%	0.6%	-5.6%	-0.7%	-5.1%	-6.4%	0.7%	-8.2%	3.2%	-25.3%	-40.7%	-30.9%	-31.4%	-0.6%	3.8%	3.6%	3.3%	3.31%
FCF Yield	-15.4%	-15.2%	-9.5%	-8.3%	-10.7%	-12.5%	-8.9%	-6.3%	-6.7%	-10.0%	-8.5%	-8.5%	-7.5%	-11.3%	-11.6%	-9.3%	-8.3%	-3.6%	-2.3%	-1.3%	-1.29%
PEG Ratio	snapshot only																				0.062
Price/Tangible Book	snapshot only																				1.401
EV/OCF	snapshot only																				18.557
EV/Gross Profit	snapshot only																				6.015
Acquirers Multiple	snapshot only																				21.033
Shareholder Yield	snapshot only																				4.67%
Graham Number	snapshot only																				$5.10

Leverage & Solvency

Metric	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	0.62	0.69	0.96	0.77	0.72	0.71	0.75	0.71	0.66	0.63	0.98	0.97	0.92	0.76	1.16	1.09	1.23	1.00	1.05	0.88	0.885
Quick Ratio	0.51	0.56	0.79	0.61	0.56	0.57	0.61	0.56	0.50	0.50	0.79	0.78	0.73	0.61	0.94	0.86	0.98	0.82	0.87	0.69	0.690
Debt/Equity	1.34	1.06	1.24	1.33	1.44	1.44	1.43	1.56	1.70	1.49	1.87	1.34	1.54	1.42	1.35	1.35	1.39	1.41	1.44	1.44	1.436
Net Debt/Equity	1.31	1.04	1.22	1.31	1.42	1.43	1.42	1.54	1.68	1.48	1.85	1.32	1.53	1.42	1.33	1.34	1.37	1.40	1.42	1.42	1.424
Debt/Assets	0.41	0.37	0.41	0.42	0.44	0.43	0.44	0.45	0.47	0.41	0.50	0.44	0.42	0.39	0.46	0.46	0.47	0.46	0.48	0.48	0.477
Debt/EBITDA	6.13	8.23	8.18	10.08	12.66	19.08	12.52	19.35	19.33	10.26	22.45	8.71	6.09	6.99	5.88	7.53	7.64	6.86	6.94	7.05	7.047
Net Debt/EBITDA	5.96	8.06	8.08	9.97	12.47	18.94	12.42	19.11	19.11	10.22	22.24	8.58	6.04	6.95	5.81	7.47	7.56	6.83	6.89	6.99	6.989
Interest Coverage	3.61	1.68	2.08	1.34	0.63	-0.22	0.56	-0.14	-0.08	0.80	-0.21	1.26	1.94	1.43	1.87	1.45	1.59	1.62	1.61	1.59	1.595
Equity Multiplier	3.27	2.87	3.04	3.16	3.30	3.38	3.27	3.47	3.66	3.65	3.76	3.05	3.67	3.60	2.91	2.92	2.97	3.05	3.02	3.01	3.013
Cash Ratio	snapshot only																				0.051
Debt Service Coverage	snapshot only																				2.837
Cash to Debt	snapshot only																				0.008
FCF to Debt	snapshot only																				-0.009
Defensive Interval	snapshot only																				114.8 days

Efficiency & Turnover

Metric	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	0.15	0.15	0.14	0.14	0.15	0.16	0.16	0.16	0.15	0.15	0.14	0.13	0.13	0.13	0.15	0.15	0.15	0.16	0.18	0.18	0.185
Inventory Turnover	4.66	4.60	4.93	4.40	3.89	4.28	4.77	4.05	3.40	3.27	3.04	2.73	2.63	3.67	3.72	3.69	3.68	2.85	3.37	3.32	3.324
Receivables Turnover	8.28	7.31	5.94	6.54	6.89	8.11	5.89	6.08	6.34	7.90	5.18	5.73	6.76	7.85	5.23	6.43	6.39	6.11	5.33	7.71	7.707
Payables Turnover	4.54	3.81	5.42	4.65	5.66	4.64	6.89	5.07	5.14	4.00	4.13	3.80	4.26	4.75	5.79	7.28	8.37	4.14	7.11	8.10	8.100
DSO	44	50	61	56	53	45	62	60	58	46	70	64	54	46	70	57	57	60	69	47	47.4 days
DIO	78	79	74	83	94	85	77	90	107	111	120	134	139	99	98	99	99	128	108	110	109.8 days
DPO	80	96	67	78	65	79	53	72	71	91	88	96	86	77	63	50	44	88	51	45	45.1 days
Cash Conversion Cycle	42	33	68	60	82	52	86	78	94	66	102	101	107	69	105	105	113	100	126	112	112.1 days
Fixed Asset Turnover	snapshot only																				0.261
Operating Cycle	snapshot only																				157.2 days
Cash Velocity	snapshot only																				46.358
Capital Intensity	snapshot only																				5.461

Growth (YoY)

Metric	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	34.5%	36.2%	29.1%	21.9%	19.6%	20.6%	17.5%	13.5%	3.7%	-4.3%	-10.5%	-14.8%	-11.4%	-12.1%	-5.6%	-0.6%	-0.6%	4.9%	7.1%	7.2%	7.21%
Net Income	31.8%	-66.2%	-60.3%	-69.7%	-93.6%	-1.8%	-1.1%	-2.2%	-7.1%	1.1%	-9.1%	1.5%	-3.3%	-49.1%	-2.6%	-12.1%	97.4%	1.1%	1.1%	1.1%	1.11%
EPS	25.3%	-69.8%	-64.5%	-72.1%	-94.1%	-1.8%	-1.1%	-2.2%	-7.0%	1.1%	-9.1%	1.5%	-2.9%	-43.5%	-2.2%	-11.1%	97.4%	1.1%	1.1%	1.1%	1.11%
FCF	-4.4%	-3.2%	-10.4%	38.0%	40.2%	60.3%	45.0%	48.6%	63.2%	15.5%	22.7%	-4.0%	-22.6%	3.8%	-30.9%	-24.3%	-15.5%	54.6%	75.5%	85.7%	85.70%
EBITDA	23.5%	-41.4%	-36.3%	-37.1%	-45.6%	-47.8%	-28.7%	-43.5%	-28.9%	85.7%	-35.4%	1.3%	1.8%	31.1%	1.7%	-11.7%	-31.4%	-0.7%	-10.2%	12.1%	12.07%
Op. Income	4.8%	9.1%	34.2%	30.6%	29.8%	-5.1%	-14.3%	-20.8%	-25.9%	15.1%	13.9%	15.7%	14.8%	-2.6%	4.9%	2.2%	14.4%	13.8%	5.8%	14.7%	14.65%
OCF Growth	snapshot only																				33.10%
Asset Growth	snapshot only																				1.68%
Equity Growth	snapshot only																				-1.30%
Debt Growth	snapshot only																				4.85%
Shares Change	snapshot only																				0.06%
Dividend Growth	snapshot only																				-14.06%

Growth (CAGR)

Metric	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	10.3%	11.5%	13.5%	15.5%	17.6%	19.2%	20.2%	20.3%	18.6%	16.3%	10.7%	5.6%	3.2%	0.5%	-0.3%	-1.3%	-2.9%	-4.1%	-3.3%	-3.2%	-3.18%
Revenue 5Y	23.1%	22.7%	19.5%	16.5%	14.2%	12.6%	11.8%	11.7%	10.7%	9.9%	9.0%	8.3%	8.4%	7.4%	8.0%	8.1%	8.0%	7.7%	6.5%	4.7%	4.65%
EPS 3Y	34.6%	1.5%	-0.5%	-24.0%	-58.8%	—	—	—	—	-68.3%	—	-45.7%	—	—	—	—	—	—	—	—	—
EPS 5Y	23.8%	6.6%	15.4%	2.9%	-30.7%	—	—	—	—	-35.7%	—	-24.0%	—	—	—	—	—	-29.0%	-31.1%	-29.2%	-29.25%
Net Income 3Y	46.9%	12.7%	10.4%	-15.9%	-54.5%	—	—	—	—	-66.8%	—	-43.3%	—	—	—	—	—	—	—	—	—
Net Income 5Y	45.7%	22.0%	32.0%	14.8%	-22.6%	—	—	—	—	-31.1%	—	-18.6%	—	—	—	—	—	-25.4%	-27.7%	-26.1%	-26.06%
EBITDA 3Y	17.8%	2.2%	7.5%	-4.1%	-12.8%	-27.2%	-9.7%	-25.4%	-21.9%	-17.2%	-33.5%	-6.8%	3.1%	8.3%	7.0%	4.4%	11.4%	34.2%	15.5%	31.1%	31.12%
EBITDA 5Y	29.2%	16.8%	15.9%	8.4%	1.1%	-9.3%	-1.1%	-9.0%	-8.8%	0.7%	-10.6%	2.6%	6.0%	-1.3%	4.8%	-3.6%	-1.5%	-5.9%	-6.9%	-4.3%	-4.33%
Gross Profit 3Y	9.4%	10.4%	12.9%	14.8%	16.4%	17.0%	16.8%	17.3%	15.7%	14.3%	11.8%	7.5%	5.4%	-1.4%	-2.6%	-4.0%	-5.2%	-1.8%	-1.3%	-1.8%	-1.75%
Gross Profit 5Y	22.2%	21.2%	18.4%	15.4%	12.8%	10.9%	10.5%	10.9%	10.3%	10.4%	9.7%	8.8%	9.1%	4.9%	5.2%	5.1%	4.9%	7.0%	6.9%	5.4%	5.44%
Op. Income 3Y	1.6%	3.6%	8.0%	10.9%	12.6%	2.9%	2.9%	2.1%	0.3%	6.0%	9.4%	6.1%	3.4%	2.1%	0.8%	-2.2%	-0.9%	8.5%	8.1%	10.7%	10.67%
Op. Income 5Y	19.2%	18.9%	16.1%	13.2%	10.1%	1.6%	1.3%	0.5%	0.2%	3.9%	4.2%	4.6%	3.9%	4.1%	5.4%	4.7%	5.8%	5.7%	7.8%	7.0%	6.98%
FCF 3Y	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—
FCF 5Y	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—
OCF 3Y	-25.0%	-32.8%	0.9%	9.8%	2.7%	7.2%	3.7%	2.7%	8.8%	7.6%	55.0%	65.1%	44.8%	44.1%	-9.3%	-15.1%	-10.2%	-6.7%	-2.3%	-0.8%	-0.79%
OCF 5Y	1.7%	-5.7%	19.2%	22.2%	13.7%	13.8%	7.7%	6.0%	5.4%	3.5%	5.5%	4.7%	0.7%	-4.7%	-5.2%	-4.5%	-0.7%	3.9%	24.4%	31.0%	31.00%
Assets 3Y	22.6%	21.4%	22.3%	20.9%	18.5%	17.3%	18.0%	17.1%	15.3%	11.6%	6.2%	4.7%	2.1%	0.3%	-8.2%	-8.3%	-7.9%	-7.1%	-7.7%	-8.2%	-8.15%
Assets 5Y	29.5%	22.3%	16.7%	17.0%	16.3%	16.0%	14.9%	15.0%	14.7%	14.4%	13.6%	13.5%	10.9%	9.2%	4.6%	4.1%	3.3%	1.3%	-1.6%	-3.3%	-3.28%
Equity 3Y	18.5%	22.6%	21.6%	18.8%	16.2%	10.4%	14.0%	8.7%	1.3%	-1.1%	-2.6%	6.1%	-1.8%	-7.0%	-6.8%	-5.8%	-4.6%	-3.9%	-5.2%	-3.8%	-3.77%
Book Value 3Y	8.5%	10.4%	9.5%	7.3%	5.0%	1.4%	4.1%	-0.1%	-3.8%	-5.6%	-6.8%	1.7%	-8.5%	-11.7%	-10.7%	-10.0%	-8.6%	-8.1%	-8.7%	-7.4%	-7.44%
Dividend 3Y	-2.4%	-4.1%	-3.4%	-1.6%	-3.0%	-2.2%	-4.8%	-7.9%	-6.6%	-9.0%	-10.9%	-9.1%	-9.6%	-8.7%	-8.3%	-11.7%	-16.6%	-14.1%	-11.3%	-8.5%	-8.53%

Growth Quality

Metric	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	0.86	0.88	0.92	0.92	0.85	0.77	0.80	0.84	0.85	0.81	0.79	0.72	0.69	0.52	0.48	0.41	0.39	0.30	0.31	0.21	0.213
Earnings Stability	0.95	0.38	0.47	0.28	0.04	0.04	0.00	0.16	0.29	0.28	0.38	0.40	0.75	0.74	0.79	0.70	0.49	0.32	0.41	0.29	0.285
Margin Stability	0.97	0.96	0.98	0.97	0.96	0.95	0.97	0.97	0.97	0.96	0.97	0.98	0.97	0.95	0.95	0.95	0.94	0.94	0.95	0.95	0.953
Rev. Growth Consistency	1.00	1.00	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	0.50	0.50	0.50	0.500
Earn. Growth Consistency	1.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.50	0.00	0.50	0.00	0.00	0.00	0.00	0.50	0.50	0.50	0.50	0.500
FCF Positive Streak	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Earnings Persistence	0.87	0.50	0.50	0.50	0.50	0.20	0.20	0.20	0.20	0.20	0.50	0.20	0.50	0.20	0.50	0.20	0.50	0.20	0.20	0.20	0.200
Earnings Smoothness	0.73	0.01	0.14	0.00	0.00	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—
ROE Trend	0.01	-0.10	-0.07	-0.09	-0.10	-0.14	-0.12	-0.13	-0.11	0.00	-0.09	0.03	-0.19	-0.28	-0.22	-0.28	0.12	0.18	0.20	0.17	0.169
Gross Margin Trend	-0.04	-0.06	-0.03	-0.02	-0.03	-0.04	-0.02	-0.01	0.00	0.04	0.04	0.04	0.04	-0.06	-0.06	-0.06	-0.07	0.05	0.03	0.03	0.031
FCF Margin Trend	-0.47	-0.44	-0.12	0.04	0.06	0.17	0.21	0.26	0.29	0.19	0.11	0.04	0.05	-0.00	-0.04	-0.05	-0.04	0.09	0.12	0.13	0.132
Sustainable Growth Rate	6.0%	-0.9%	0.0%	-2.9%	-6.3%	—	—	—	—	-5.9%	—	-3.3%	—	—	—	—	—	-0.7%	-0.9%	-1.3%	-1.33%
Internal Growth Rate	2.1%	—	0.0%	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—

Cash Flow Quality

Metric	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	0.35	0.61	1.67	3.59	17.48	-3.55	-18.91	-2.43	-2.77	21.94	-2.19	5.67	-0.63	-0.35	-0.36	-0.33	-18.09	3.38	3.40	4.00	3.999
FCF/OCF	-5.29	-7.35	-1.41	-0.83	-0.99	-0.62	-0.72	-0.51	-0.38	-0.63	-0.47	-0.47	-0.47	-0.79	-1.06	-0.91	-0.72	-0.28	-0.19	-0.10	-0.098
FCF/Net Income	snapshot only																				-0.390
OCF/EBITDA	snapshot only																				0.636
CapEx/Revenue	60.1%	58.9%	57.8%	54.5%	50.7%	44.4%	38.0%	33.1%	32.7%	38.9%	42.6%	42.9%	38.8%	37.2%	37.0%	36.1%	34.6%	32.2%	27.2%	25.8%	25.77%
CapEx/Depreciation	snapshot only																				1.594
Accruals Ratio	0.03	0.01	-0.01	-0.03	-0.04	-0.06	-0.04	-0.05	-0.05	-0.03	-0.06	-0.03	-0.09	-0.11	-0.10	-0.11	-0.03	-0.03	-0.03	-0.03	-0.033
Sloan Accruals	snapshot only																				-0.045
Cash Flow Adequacy	snapshot only																				0.689
Earnings Quality Score	snapshot only																				1.000

Dividends & Buybacks

Metric	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	4.2%	4.0%	4.0%	4.9%	6.0%	10.1%	7.7%	7.3%	9.7%	8.3%	7.7%	8.1%	8.1%	8.7%	7.0%	5.6%	5.1%	4.5%	4.5%	4.7%	4.94%
Dividend/Share	$0.48	$0.47	$0.50	$0.54	$0.54	$0.56	$0.56	$0.53	$0.51	$0.48	$0.45	$0.44	$0.42	$0.37	$0.35	$0.32	$0.27	$0.28	$0.28	$0.27	$0.25
Payout Ratio	50.4%	1.2%	99.3%	1.8%	9.7%	—	—	—	—	11.6%	—	2.5%	—	—	—	—	—	1.2%	1.2%	1.4%	1.41%
FCF Payout Ratio	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—
Total Payout Ratio	51.6%	1.2%	1.0%	1.8%	9.8%	—	—	—	—	11.6%	—	2.5%	—	—	—	—	—	1.2%	1.2%	1.4%	1.41%
Div. Increase Streak	1	1	1	1	1	1	1	1	0	0	0	0	0	0	0	0	0	0	0	0	0
Chowder Number	0.25	0.25	0.27	0.34	0.30	0.31	0.21	0.08	0.05	-0.05	-0.12	-0.07	-0.00	-0.02	-0.05	-0.16	-0.29	-0.23	-0.17	-0.09	-0.093
Buyback Yield	0.1%	0.1%	0.1%	0.1%	0.1%	0.1%	0.1%	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	-5.1%	-12.6%	-10.1%	-9.7%	-10.7%	-1.1%	-0.8%	-0.9%	-0.1%	-0.1%	-0.1%	-29.6%	-28.7%	-34.1%	-29.8%	-0.3%	-0.2%	-0.0%	-0.0%	-0.0%	-0.02%
Total Shareholder Return	-0.9%	-8.5%	-6.1%	-4.8%	-4.7%	9.1%	6.9%	6.5%	9.5%	8.2%	7.6%	-21.5%	-20.7%	-25.4%	-22.8%	5.4%	4.9%	4.5%	4.5%	4.6%	4.64%

DuPont Factors

Metric	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)	1.11	1.86	1.49	3.24	-0.36	0.57	0.21	0.65	0.61	-0.31	0.75	2.01	-3.19	-7.79	-3.46	-8.08	-0.12	0.86	0.81	0.77	0.766
Interest Burden (EBT/EBIT)	0.72	0.40	0.51	0.21	-0.67	5.98	-0.93	8.60	14.09	-0.35	6.27	0.13	0.43	0.31	0.48	0.33	0.41	0.38	0.38	0.37	0.369
EBIT Margin	0.34	0.15	0.19	0.12	0.06	-0.02	0.06	-0.02	-0.01	0.10	-0.03	0.19	0.30	0.24	0.30	0.21	0.22	0.23	0.22	0.21	0.208
Asset Turnover	0.15	0.15	0.14	0.14	0.15	0.16	0.16	0.16	0.15	0.15	0.14	0.13	0.13	0.13	0.15	0.15	0.15	0.16	0.18	0.18	0.185
Equity Multiplier	2.89	2.71	2.97	3.17	3.29	3.11	3.16	3.31	3.47	3.51	3.50	3.24	3.66	3.63	3.34	3.00	3.33	3.33	2.96	2.97	2.969

Per Share

Metric	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)	$0.95	$0.39	$0.50	$0.30	$0.06	$-0.31	$-0.05	$-0.37	$-0.34	$0.04	$-0.48	$0.18	$-1.31	$-1.75	$-1.55	$-1.78	$-0.03	$0.23	$0.22	$0.19	$0.19
Book Value/Share	$8.22	$8.64	$8.56	$8.31	$7.88	$7.69	$7.93	$7.54	$7.14	$7.23	$7.06	$8.78	$6.29	$5.96	$6.09	$6.06	$6.01	$5.97	$6.04	$5.98	$6.47
Tangible Book/Share	$6.11	$6.71	$6.48	$6.24	$5.83	$5.60	$5.86	$5.46	$5.09	$5.22	$5.03	$6.78	$4.48	$4.21	$4.29	$4.26	$4.22	$4.18	$4.24	$4.18	$4.18
Revenue/Share	$3.51	$3.37	$3.52	$3.67	$3.85	$4.06	$4.06	$4.08	$3.93	$3.78	$3.63	$3.40	$3.12	$2.93	$3.07	$3.08	$3.09	$3.14	$3.28	$3.30	$3.29
FCF/Share	$-1.78	$-1.75	$-1.19	$-0.91	$-0.97	$-0.69	$-0.64	$-0.46	$-0.35	$-0.57	$-0.50	$-0.47	$-0.39	$-0.48	$-0.58	$-0.53	$-0.45	$-0.22	$-0.14	$-0.08	$-0.08
OCF/Share	$0.34	$0.24	$0.84	$1.09	$0.98	$1.11	$0.90	$0.89	$0.93	$0.90	$1.05	$0.99	$0.82	$0.61	$0.55	$0.58	$0.62	$0.79	$0.75	$0.77	$0.78
Cash/Share	$0.31	$0.18	$0.14	$0.13	$0.17	$0.08	$0.09	$0.15	$0.14	$0.04	$0.13	$0.19	$0.08	$0.04	$0.09	$0.07	$0.08	$0.04	$0.07	$0.07	$0.07
EBITDA/Share	$1.80	$1.11	$1.30	$1.10	$0.90	$0.58	$0.91	$0.61	$0.63	$1.05	$0.59	$1.35	$1.59	$1.21	$1.40	$1.09	$1.09	$1.23	$1.25	$1.22	$1.22
Debt/Share	$11.06	$9.16	$10.60	$11.05	$11.35	$11.07	$11.37	$11.75	$12.14	$10.75	$13.18	$11.78	$9.71	$8.48	$8.20	$8.19	$8.33	$8.42	$8.68	$8.59	$8.59
Net Debt/Share	$10.75	$8.97	$10.47	$10.92	$11.19	$10.98	$11.28	$11.61	$12.01	$10.72	$13.06	$11.59	$9.63	$8.43	$8.11	$8.12	$8.25	$8.38	$8.61	$8.51	$8.51

Academic Models

Metric	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	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	0.303
Altman Z-Prime	snapshot only																				0.032
Piotroski F-Score	4	3	7	6	5	4	3	4	4	6	5	7	5	4	6	4	5	8	5	5	5
Beneish M-Score	-1.74	-2.17	-2.40	-2.35	-2.38	-2.44	-2.37	-2.51	-2.85	-2.64	-2.71	-2.73	-2.59	-2.30	-3.04	-2.95	-2.54	-2.80	-2.60	-2.84	-2.839
Ohlson O-Score	snapshot only																				-7.522
ROIC (Greenblatt)	snapshot only																				5.48%
Net-Net WC	snapshot only																				$-10.35
EVA	snapshot only																				$-780004603.58

Credit

Metric	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																				B-
Credit Score	30.65	19.91	25.39	17.04	14.82	12.34	15.02	10.79	10.71	14.57	12.11	18.08	20.90	18.06	27.41	22.83	27.00	25.72	25.86	22.50	22.498
Credit Grade	snapshot only																				16
Credit Trend	snapshot only																				-0.334
Implied Spread (bps)	snapshot only																				900.000
Industry Credit Rank	snapshot only																				14
Sector Credit Rank	snapshot only																				15

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