— Know what they know.
Not Investment Advice
Also trades as: ASBA (NYSE) · $vol 1M · ASB-PF (NYSE) · $vol 0M · ASB-PE (NYSE) · $vol 0M

ASB NYSE

Associated Banc-Corp
1W: +0.9% 1M: +0.7% 3M: -0.9% YTD: +9.9% 1Y: +20.2% 3Y: +117.3% 5Y: +45.5%
$28.01
-0.04 (-0.14%)
 
Weekly Expected Move ±3.3%
$25 $26 $27 $28 $29
NYSE · Financial Services · Banks - Regional · Alpha Radar Buy · Power 57 · $4.6B mcap · 142M float · 1.59% daily turnover · Short 71% 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
46.2 / 100
NoneWeakNarrowWide
Primary source: Network Effects  ·  ROIC: 15.5%  ·  5Y Avg: 39.9%
Cost Advantage
42
Intangibles
43
Switching Cost
35
Network Effect
62
Scale
60
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. ASB shows a Weak competitive edge (46.2/100) — limited structural advantages that may face competitive pressure. The primary source of advantage is Network Effects. ROIC of 15.5% 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
$30
Low
$30
Avg Target
$31
High
Based on 2 analysts since Apr 23, 2026 earnings
Analyst Recommendations
Strong Buy: 0Buy: 6Hold: 12Sell: 2Strong Sell: 0
Rating Summary
ConsensusHold
Avg Target$30.00
Analysts3
Price Target Change History
DateFirmAnalystOldNewChangeUpside @ CallStock@Call
2026-04-27 Raymond James $30 $31 +1 +11.2% $27.88
2026-04-24 Robert W. Baird $25 $30 +5 +7.5% $27.91
2026-03-27 Stephens Brandon Rud $26 $29 +3 +16.6% $24.87
2026-01-26 Truist Financial $29 $30 +1 +13.8% $26.36
2026-01-23 RBC Capital $29 $30 +1 +11.0% $27.02
2026-01-23 Piper Sandler $24 $30 +6 +9.2% $27.47
2026-01-12 RBC Capital $28 $29 +1 +10.8% $26.18
2025-12-22 Truist Financial Brian Foran Initiated $29 +8.7% $26.69
2025-12-02 UBS Initiated $28 +8.3% $25.86
2025-11-11 Barclays Jared Shaw $32 $30 -2 +17.0% $25.64
2025-10-27 Raymond James $27 $30 +3 +17.1% $25.63
2025-10-10 RBC Capital Jon Arfstrom Initiated $28 +6.8% $26.21
2025-10-08 Barclays $22 $32 +10 +20.6% $26.53
2025-04-28 Raymond James Dan Tamayo Initiated $27 +20.9% $22.33
2025-04-25 Stephens Initiated $26 +16.4% $22.33
2025-01-29 Neuberger Berman Brandon Berman Initiated $29 +17.3% $24.73
2024-12-05 Robert W. Baird David George Initiated $25 -5.5% $26.45
2024-07-26 Piper Sandler Scott Siefers Initiated $24 +0.4% $23.89
2024-06-24 Barclays Jared Shaw Initiated $22 +8.4% $20.29

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
4
ROE
3
ROA
3
D/E
2
P/E
3
P/B
3
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. ASB receives an overall rating of B+. Strongest factors: DCF (4/5). Areas of concern: D/E (2/5).
Rating Change History
DateFromTo
2026-04-30 A- B+
2026-04-27 B- A-
2026-04-23 B+ B-
2026-04-21 A- B+
2026-04-01 B+ A-
2026-02-04 B B+
2026-01-26 C- B
2026-01-26 B- C-

InsiderStreet Scorecard

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

63 Grade A+
Profitability
59
Balance Sheet
47
Earnings Quality
93
Growth
70
Value
87
Momentum
96
Safety
65
Cash Flow
76
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. ASB scores highest in Momentum (96/100) and lowest in Balance Sheet (47/100). An overall grade of A+ places ASB 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-B Score
2.77
Grey Zone
Piotroski F-Score
9/9
Beneish M-Score
-2.57
Unlikely Manipulator
Ohlson O-Score
-5.58
Bankruptcy prob: 0.4%
Low Risk
Credit Rating
BBB
Score: 57.7/100
Trend: Improving
Earnings Quality
100/100
OCF/NI: 1.33x
Accruals: -0.4%
The Altman-B Score replaces the traditional Z-Score for banks and financial institutions. It weights equity-to-assets, return on assets, retained earnings, market value coverage, and cash reserves — metrics that better capture bank solvency than manufacturing-oriented ratios. ASB scores 2.77, placing it in the Grey Zone (safe > 3.0, distress < 1.5). 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. ASB scores 9/9, 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. ASB's score of -2.57 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. ASB's implied 0.4% 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. ASB receives an estimated rating of BBB (score: 57.7/100), with a improving 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). ASB'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
9.39x
PEG
0.04x
P/S
1.88x
P/B
0.93x
P/FCF
6.99x
P/OCF
6.59x
EV/EBITDA
3.78x
EV/Revenue
1.01x
EV/EBIT
4.11x
EV/FCF
4.07x
Earnings Yield
11.44%
FCF Yield
14.30%
Shareholder Yield
4.67%
Graham Number
$44.59
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 9.4x earnings, ASB trades at a deep value multiple. An earnings yield of 11.4% exceeds typical risk-free rates, suggesting equities are being compensated for risk. Graham's intrinsic value formula yields $44.59 per share, suggesting a potential 59% 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
0.808
NI / EBT
×
Interest Burden
1.000
EBT / EBIT
×
EBIT Margin
0.246
EBIT / Rev
×
Asset Turnover
0.056
Rev / Assets
×
Equity Multiplier
9.208
Assets / Equity
=
ROE
10.3%
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. ASB's ROE of 10.3% is driven by financial leverage (equity multiplier: 9.21x). 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.

Adj. Growth Rate
4.19%
Fair P/E
16.89x
Intrinsic Value
$49.96
Price/Value
0.52x
Margin of Safety
48.24%
Premium
-48.24%
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 ASB's realized 4.2% 3-year EPS CAGR — what the company actually delivered, not what analysts hope for. At an intrinsic value of $49.96, ASB appears undervalued with a 48% margin of safety. The adjusted fair P/E of 16.9x compares to the current market P/E of 9.4x.

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
$28.00
Median 1Y
$28.21
5th Pctile
$14.60
95th Pctile
$54.55
Ann. Volatility
37.4%
Analyst Target
$30.00
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
Andrew J. Harmening
President and CEO
$1,120,000 $2,799,980 $6,354,626
Derek S. Meyer
Executive Vice President, Chief Financial Officer
$600,000 $659,994 $1,934,559
John A. Utz
Executive Vice President, Head of Specialized Industries & Capital Markets and Milwaukee Market President
$490,000 $538,966 $1,575,723
Randall J. Erickson
Executive Vice President, General Counsel & Corporate Secretary
$498,000 $497,988 $1,513,331
Julio N. Manso
Executive Vice President, Chief Human Resources Officer
$262,500 $605,080 $1,414,456

CEO Pay Ratio

Insufficient data for pay ratio.

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
Revenue / Employee
Rev: $2,459,156,000
Profit / Employee
NI: $474,777,000
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 Trend Q2'21 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 Current
ROE 7.4% 8.5% 8.6% 8.2% 8.1% 8.2% 9.1% 9.8% 9.8% 9.5% 4.5% 3.9% 4.6% 4.7% 2.8% 3.3% 3.2% 4.0% 9.9% 10.3% 10.29%
ROA 0.9% 1.0% 1.0% 1.0% 1.0% 1.0% 1.0% 1.1% 1.1% 1.0% 0.5% 0.4% 0.5% 0.5% 0.3% 0.3% 0.3% 0.4% 1.1% 1.1% 1.12%
ROIC 10.9% 12.5% 39.4% 37.1% 36.6% 37.5% 6.3% 6.8% 6.8% 6.5% 7.4% 6.6% 7.7% 7.9% 5.6% 6.6% 6.4% 8.0% 15.0% 15.5% 15.53%
ROCE 4.8% 6.8% 7.4% 6.9% 6.9% 7.0% 8.4% 9.0% 9.1% 8.7% 3.5% 3.0% 2.8% 2.9% 2.0% 2.3% 2.9% 3.6% 2.3% 2.5% 2.46%
Gross Margin 1.1% 1.0% 96.8% 96.2% 93.3% 82.5% 73.0% 62.9% 55.0% 51.8% 25.6% 50.6% 50.0% 50.6% 13.9% 56.5% 56.8% 58.0% 61.3% 61.6% 61.61%
Operating Margin 42.0% 39.8% 32.7% 33.8% 35.4% 31.9% 29.7% 25.9% 20.3% 17.9% -35.0% 17.3% 17.3% 18.0% -55.5% 20.8% 22.9% 24.3% 26.1% 25.3% 25.32%
Net Margin 33.7% 31.6% 27.3% 27.0% 27.9% 25.1% 24.1% 20.5% 16.0% 14.5% -23.1% 13.8% 19.5% 14.6% -50.5% 17.5% 18.2% 19.6% 22.0% 19.8% 19.81%
EBITDA Margin 48.4% 45.4% 39.5% 40.8% 41.3% 36.1% 33.0% 28.7% 25.8% 22.3% -28.5% 21.6% 21.4% 22.0% -46.6% 24.7% 27.2% 28.4% 26.1% 25.3% 25.32%
FCF Margin 39.1% 38.8% 42.6% 50.1% 62.9% 65.9% 55.1% 35.6% 25.3% 21.3% 18.9% 23.5% 22.3% 17.8% 25.4% 22.8% 24.0% 26.2% 23.6% 24.9% 24.89%
OCF Margin 43.7% 43.6% 47.2% 55.8% 68.7% 71.0% 59.5% 39.3% 28.5% 24.2% 22.0% 26.2% 24.8% 20.1% 27.6% 24.9% 26.1% 28.2% 25.1% 26.4% 26.41%
ROE 3Y Avg snapshot only 5.62%
ROE 5Y Avg snapshot only 6.99%
ROA 3Y Avg snapshot only 0.61%
ROIC 3Y Avg snapshot only 14.14%
ROIC Economic snapshot only 5.42%
Cash ROA snapshot only 1.45%
Cash ROIC snapshot only 20.59%
CROIC snapshot only 19.41%
NOPAT Margin snapshot only 19.92%
Pretax Margin snapshot only 24.65%
R&D / Revenue snapshot only 0.00%
SGA / Revenue snapshot only 24.63%
SBC / Revenue snapshot only 0.00%
Valuation
Metric Trend Q2'21 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 Current
P/E Ratio 8.83 8.02 8.23 8.89 7.28 7.91 8.41 6.13 5.60 6.18 16.25 18.95 16.00 16.07 29.49 25.42 28.61 24.13 9.05 8.74 9.385
P/S Ratio 2.32 2.43 2.58 2.66 2.07 2.11 2.17 1.47 1.17 1.14 1.47 1.45 1.41 1.43 1.73 1.74 1.88 1.98 1.75 1.74 1.879
P/B Ratio 0.64 0.67 0.72 0.73 0.59 0.66 0.77 0.60 0.55 0.59 0.71 0.73 0.73 0.75 0.79 0.79 0.87 0.92 0.86 0.87 0.925
P/FCF 5.94 6.26 6.05 5.30 3.29 3.21 3.93 4.12 4.64 5.35 7.81 6.18 6.31 8.04 6.79 7.61 7.83 7.55 7.41 6.99 6.995
P/OCF 5.32 5.57 5.45 4.76 3.02 2.98 3.64 3.74 4.13 4.70 6.72 5.54 5.69 7.12 6.26 6.97 7.22 7.02 6.98 6.59 6.592
EV/EBITDA 3.22 2.70 -0.48 -0.40 -1.57 -1.00 9.30 7.59 7.07 7.47 4.18 4.72 4.88 5.12 5.15 4.88 5.37 5.38 3.82 3.78 3.783
EV/Revenue 1.11 1.22 -0.22 -0.17 -0.66 -0.39 3.46 2.58 2.15 2.03 0.62 0.63 0.61 0.64 0.58 0.59 0.74 0.85 1.02 1.01 1.013
EV/EBIT 4.16 3.20 -0.56 -0.46 -1.85 -1.17 10.70 8.57 8.14 8.79 6.10 7.52 7.77 8.04 9.07 8.03 8.23 7.74 4.31 4.11 4.109
EV/FCF 2.85 3.13 -0.51 -0.34 -1.04 -0.59 6.27 7.24 8.49 9.52 3.30 2.70 2.73 3.61 2.28 2.58 3.09 3.26 4.30 4.07 4.068
Earnings Yield 11.3% 12.5% 12.2% 11.2% 13.7% 12.6% 11.9% 16.3% 17.9% 16.2% 6.2% 5.3% 6.2% 6.2% 3.4% 3.9% 3.5% 4.1% 11.1% 11.4% 11.44%
FCF Yield 16.8% 16.0% 16.5% 18.9% 30.4% 31.2% 25.5% 24.3% 21.6% 18.7% 12.8% 16.2% 15.8% 12.4% 14.7% 13.1% 12.8% 13.3% 13.5% 14.3% 14.30%
PEG Ratio snapshot only 0.040
Price/Tangible Book snapshot only 1.119
EV/OCF snapshot only 3.834
EV/Gross Profit snapshot only 1.705
Acquirers Multiple snapshot only 4.109
Shareholder Yield snapshot only 4.67%
Graham Number snapshot only $44.59
Leverage & Solvency
Metric Trend Q2'21 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 Current
Current Ratio 0.14 0.14 0.19 0.19 0.19 0.19 0.10 0.10 0.10 0.10 0.13 0.13 0.13 0.13 0.16 0.16 0.16 0.16 0.30 0.30 0.301
Quick Ratio 0.14 0.14 0.19 0.19 0.19 0.19 0.10 0.10 0.10 0.10 0.13 0.13 0.13 0.13 0.16 0.16 0.16 0.16 0.30 0.30 0.301
Debt/Equity 0.60 0.60 0.55 0.55 0.55 0.55 1.29 1.29 1.29 1.29 0.67 0.67 0.67 0.67 0.69 0.69 0.69 0.69 0.84 0.84 0.838
Net Debt/Equity -0.33 -0.33 -0.78 -0.78 -0.78 -0.78 0.46 0.46 0.46 0.46 -0.41 -0.41 -0.41 -0.41 -0.52 -0.52 -0.52 -0.52 -0.36 -0.36 -0.362
Debt/Assets 0.07 0.07 0.06 0.06 0.06 0.06 0.13 0.13 0.13 0.13 0.07 0.07 0.07 0.07 0.07 0.07 0.07 0.07 0.09 0.09 0.092
Debt/EBITDA 6.21 4.80 4.36 4.62 4.64 4.54 9.79 9.22 9.03 9.20 9.35 9.95 10.46 10.26 13.34 12.44 10.79 9.28 6.39 6.30 6.297
Net Debt/EBITDA -3.48 -2.70 -6.14 -6.51 -6.54 -6.39 3.48 3.28 3.21 3.27 -5.71 -6.08 -6.39 -6.27 -10.18 -9.49 -8.23 -7.08 -2.76 -2.72 -2.721
Interest Coverage 3.18 5.28 6.03 6.23 6.08 4.15 2.45 1.45 0.91 0.64 0.22 0.17 0.16 0.16 0.13 0.15 0.19 0.24 0.60 0.64 0.640
Equity Multiplier 8.17 8.17 8.72 8.72 8.72 8.72 9.81 9.81 9.81 9.81 9.83 9.83 9.83 9.83 9.34 9.34 9.34 9.34 9.09 9.09 9.085
Cash Ratio snapshot only 0.293
Debt Service Coverage snapshot only 0.696
Cash to Debt snapshot only 1.432
FCF to Debt snapshot only 0.148
Defensive Interval snapshot only 2603.6 days
Efficiency & Turnover
Metric Trend Q2'21 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 Current
Asset Turnover 0.03 0.03 0.03 0.03 0.03 0.04 0.04 0.04 0.05 0.06 0.05 0.05 0.05 0.05 0.05 0.05 0.05 0.05 0.06 0.06 0.056
Inventory Turnover
Receivables Turnover 12.47 12.41 13.13 12.96 13.44 14.65 12.64 14.67 16.76 18.44 12.84 13.37 13.67 13.88 12.48 12.45 12.55 12.74 14.91 15.04 15.042
Payables Turnover
DSO 29 29 28 28 27 25 29 25 22 20 28 27 27 26 29 29 29 29 24 24 24.3 days
DIO 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0.0 days
DPO 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Cash Conversion Cycle 29 29 27 25 29 25 22 20 28 27 27 26 29 29 29 29 24 24
Fixed Asset Turnover snapshot only 6.482
Cash Velocity snapshot only 0.414
Capital Intensity snapshot only 18.274
Growth (YoY)
Metric Trend Q2'21 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 Current
Revenue -28.5% -23.9% -20.3% -17.2% 1.4% 11.1% 26.8% 49.1% 64.2% 65.8% 41.8% 27.1% 13.9% 5.0% 4.4% 0.1% -1.4% -1.4% 16.5% 17.8% 17.77%
Net Income -15.0% 9.4% 14.4% -6.8% 9.8% -2.0% 4.3% 19.4% 21.0% 14.4% -50.0% -59.3% -52.2% -49.3% -32.7% -10.6% -26.4% -9.2% 2.9% 2.4% 2.43%
EPS -15.1% 10.9% 16.9% -4.9% 12.2% -1.4% 3.7% 18.9% 20.5% 13.9% -49.8% -59.4% -52.3% -49.5% -35.9% -18.9% -33.0% -17.5% 2.6% 2.4% 2.43%
FCF -39.4% -8.2% -3.6% -18.1% 63.3% 88.8% 64.2% 6.0% -33.9% -46.4% -51.4% -16.2% 0.5% -12.2% 40.5% -2.7% 6.1% 45.2% 8.2% 28.3% 28.30%
EBITDA -29.9% 14.1% 17.3% -2.4% 22.2% -3.2% 3.5% 16.5% 19.6% 14.6% -43.2% -49.7% -53.1% -51.3% -21.1% -9.9% 9.1% 24.5% 1.8% 1.6% 1.61%
Op. Income -32.6% 28.7% 33.4% 5.3% 34.2% -2.5% 5.3% 21.2% 22.3% 14.5% -55.2% -64.4% -66.1% -63.4% -34.4% -12.4% 13.3% 35.6% 3.3% 2.9% 2.94%
OCF Growth snapshot only 24.71%
Asset Growth snapshot only 5.07%
Equity Growth snapshot only 8.03%
Debt Growth snapshot only 31.89%
Shares Change snapshot only -0.03%
Dividend Growth snapshot only 8.40%
Growth (CAGR)
Metric Trend Q2'21 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 Current
Revenue 3Y -6.0% -7.6% -9.3% -10.6% -9.8% -7.4% -2.7% 3.1% 6.0% 11.9% 12.7% 16.2% 23.8% 24.6% 23.4% 23.8% 22.6% 19.7% 19.9% 14.4% 14.43%
Revenue 5Y 0.6% 0.0% -0.4% -0.8% -0.5% 0.9% 3.1% 5.2% 6.7% 7.8% 6.1% 6.3% 6.5% 6.7% 6.4% 6.9% 6.0% 7.7% 11.8% 13.1% 13.09%
EPS 3Y 7.1% 9.8% 5.3% 1.2% 0.9% 1.3% 5.6% 12.5% 4.7% 7.6% -15.2% -22.8% -13.6% -17.2% -30.6% -26.8% -27.3% -22.0% 5.5% 4.2% 4.19%
EPS 5Y 9.5% 12.5% 12.1% 9.6% 8.5% 7.8% 10.2% 12.4% 10.7% 8.2% -9.5% -12.9% -10.0% -9.8% -17.7% -14.0% -18.2% -12.3% 7.3% 5.1% 5.06%
Net Income 3Y 2.8% 5.0% 1.7% -1.9% -1.9% -0.9% 3.9% 11.4% 4.2% 7.0% -15.8% -23.2% -14.0% -17.2% -29.5% -24.3% -24.7% -19.2% 9.0% 7.6% 7.63%
Net Income 5Y 10.1% 12.6% 11.9% 9.1% 8.0% 7.4% 9.8% 10.3% 7.6% 5.4% -11.3% -14.4% -11.4% -10.8% -17.7% -12.9% -16.8% -10.8% 9.1% 6.8% 6.76%
EBITDA 3Y -5.0% 3.0% 2.1% -1.9% -2.8% -2.3% 1.2% 6.9% 0.8% 8.2% -11.6% -17.0% -11.9% -18.5% -22.6% -19.2% -15.1% -11.4% 7.3% 5.7% 5.68%
EBITDA 5Y 1.6% 6.4% 5.3% 3.4% 3.0% 2.8% 4.0% 4.9% 4.6% 3.9% -9.0% -11.1% -12.4% -12.2% -14.2% -11.1% -12.1% -5.2% 8.4% 6.1% 6.07%
Gross Profit 3Y -3.6% -2.4% -2.5% -3.3% -2.8% -1.8% 0.3% 3.3% 1.2% 3.3% -2.2% -4.1% -1.4% -3.4% -6.0% -4.2% -2.7% -1.6% 5.9% 5.4% 5.44%
Gross Profit 5Y 1.6% 2.8% 2.8% 2.0% 1.9% 2.0% 2.8% 2.7% 1.8% 0.8% -3.8% -4.1% -4.0% -3.7% -4.5% -3.0% -3.4% -0.7% 5.7% 5.4% 5.42%
Op. Income 3Y -6.8% 3.2% 1.8% -1.9% -2.2% -1.0% 4.2% 12.1% 3.4% 12.9% -14.3% -23.2% -17.7% -25.8% -32.3% -27.7% -22.2% -17.2% 7.9% 7.0% 7.02%
Op. Income 5Y 3.0% 9.8% 8.7% 6.2% 5.5% 5.0% 6.3% 7.4% 5.9% 4.2% -13.0% -16.5% -17.2% -16.5% -19.8% -15.2% -15.7% -6.5% 12.1% 9.4% 9.36%
FCF 3Y 29.5% 4.1% 3.5% 14.4% 24.1% 11.8% 15.6% 5.4% -13.2% -2.4% -8.4% -10.0% 2.8% -3.9% 3.9% -4.7% -11.0% -11.9% -9.6% 1.5% 1.53%
FCF 5Y 19.3% 3.4% -2.2% -5.3% -2.3% 10.9% 13.8% 14.7% 18.6% 2.6% -2.4% 5.9% 4.9% -8.1% 1.1% -0.9% -7.0% 3.4% 3.2% -1.9% -1.90%
OCF 3Y 24.6% 3.4% 2.2% 12.0% 20.5% 10.2% 13.8% 4.5% -12.1% -1.6% -7.0% -8.9% 2.5% -3.8% 3.1% -5.4% -11.2% -12.0% -10.1% 0.3% 0.28%
OCF 5Y 11.1% 0.5% -3.6% -4.5% -1.5% 10.6% 13.1% 13.8% 16.0% 2.5% -2.3% 4.6% 3.4% -8.0% 0.2% -1.6% -6.9% 2.8% 2.3% -2.1% -2.14%
Assets 3Y 3.1% 3.1% 1.4% 1.4% 1.4% 1.4% 6.8% 6.8% 6.8% 6.8% 7.1% 7.1% 7.1% 7.1% 7.0% 7.0% 7.0% 7.0% 4.7% 4.7% 4.68%
Assets 5Y 3.8% 3.8% 3.8% 3.8% 3.8% 3.8% 5.3% 5.3% 5.3% 5.3% 4.0% 4.0% 4.0% 4.0% 5.8% 5.8% 5.8% 5.8% 6.2% 6.2% 6.23%
Equity 3Y 8.1% 8.1% 2.1% 2.1% 2.1% 2.1% 0.8% 0.8% 0.8% 0.8% 0.7% 0.7% 0.7% 0.7% 4.6% 4.6% 4.6% 4.6% 7.4% 7.4% 7.41%
Book Value 3Y 12.6% 13.0% 5.7% 5.4% 5.1% 4.3% 2.4% 1.8% 1.3% 1.3% 1.4% 1.2% 1.1% 0.6% 2.9% 1.1% 1.1% 1.0% 3.9% 4.0% 3.98%
Dividend 3Y 5.3% 5.6% 4.2% 3.8% 3.5% 1.9% 2.0% 1.6% 1.4% 2.2% 2.3% 2.1% 2.0% 1.4% 0.6% -0.4% 0.2% 0.8% 0.1% -0.5% -0.55%
Growth Quality
Metric Trend Q2'21 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 Current
Revenue Stability 0.09 0.03 0.00 0.01 0.04 0.02 0.01 0.07 0.07 0.16 0.17 0.24 0.31 0.37 0.44 0.53 0.49 0.62 0.86 0.95 0.950
Earnings Stability 0.67 0.81 0.72 0.60 0.42 0.61 0.63 0.58 0.39 0.61 0.23 0.17 0.22 0.20 0.55 0.40 0.50 0.46 0.00 0.00 0.002
Margin Stability 0.93 0.89 0.88 0.89 0.90 0.89 0.88 0.88 0.86 0.82 0.77 0.75 0.73 0.71 0.67 0.67 0.69 0.71 0.73 0.73 0.729
Rev. Growth Consistency 0.00 0.00 0.00 0.00 0.50 0.50 0.50 0.50 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 0.00 0.00 1.00 1.00 1.000
Earn. Growth Consistency 0.00 0.50 0.50 0.00 0.50 0.00 1.00 0.50 1.00 0.50 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.50 0.50 0.500
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 0.94 0.96 0.94 0.97 0.96 0.99 0.98 0.92 0.92 0.94 0.50 0.50 0.50 0.80 0.87 0.96 0.89 0.96 0.50 0.50 0.500
Earnings Smoothness 0.84 0.91 0.87 0.93 0.91 0.98 0.96 0.82 0.81 0.87 0.33 0.16 0.29 0.35 0.61 0.89 0.70 0.90 0.00 0.00 0.000
ROE Trend -0.02 -0.00 0.01 0.00 0.00 0.00 0.01 0.01 0.02 0.01 -0.05 -0.05 -0.04 -0.04 -0.04 -0.04 -0.04 -0.03 0.06 0.06 0.064
Gross Margin Trend 0.14 0.22 0.24 0.20 0.13 0.04 -0.05 -0.16 -0.27 -0.35 -0.43 -0.41 -0.36 -0.30 -0.23 -0.15 -0.08 -0.02 0.11 0.12 0.125
FCF Margin Trend 0.04 0.04 0.09 0.08 0.20 0.30 0.16 -0.15 -0.26 -0.31 -0.30 -0.19 -0.22 -0.26 -0.12 -0.07 0.00 0.07 0.01 0.02 0.017
Sustainable Growth Rate 4.1% 5.2% 5.4% 4.9% 4.7% 5.0% 5.8% 6.4% 6.4% 6.0% 1.0% 0.4% 1.1% 1.2% -0.6% -0.3% -0.5% 0.2% 6.4% 6.8% 6.76%
Internal Growth Rate 0.5% 0.6% 0.6% 0.6% 0.6% 0.6% 0.6% 0.7% 0.7% 0.7% 0.1% 0.0% 0.1% 0.1% 0.0% 0.7% 0.7% 0.74%
Cash Flow Quality
Metric Trend Q2'21 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 Current
OCF/Net Income 1.66 1.44 1.51 1.87 2.41 2.66 2.31 1.64 1.36 1.31 2.42 3.42 2.81 2.26 4.71 3.65 3.96 3.44 1.30 1.33 1.326
FCF/OCF 0.90 0.89 0.90 0.90 0.92 0.93 0.93 0.91 0.89 0.88 0.86 0.90 0.90 0.89 0.92 0.92 0.92 0.93 0.94 0.94 0.942
FCF/Net Income snapshot only 1.250
OCF/EBITDA snapshot only 0.987
CapEx/Revenue 4.6% 4.8% 4.7% 5.7% 5.7% 5.1% 4.4% 3.6% 3.1% 2.9% 3.1% 2.7% 2.4% 2.3% 2.1% 2.1% 2.0% 1.9% 1.5% 1.5% 1.52%
CapEx/Depreciation snapshot only 0.715
Accruals Ratio -0.01 -0.00 -0.01 -0.01 -0.01 -0.02 -0.01 -0.01 -0.00 -0.00 -0.01 -0.01 -0.01 -0.01 -0.01 -0.01 -0.01 -0.01 -0.00 -0.00 -0.004
Sloan Accruals snapshot only 0.370
Cash Flow Adequacy snapshot only 3.166
Earnings Quality Score snapshot only 1.000
Dividends & Buybacks
Metric Trend Q2'21 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 Current
Dividend Yield 5.0% 4.9% 4.6% 4.5% 5.6% 5.0% 4.4% 5.6% 6.2% 5.9% 4.7% 4.7% 4.8% 4.7% 4.1% 4.3% 4.0% 3.9% 3.9% 3.9% 3.36%
Dividend/Share $0.86 $0.88 $0.89 $0.89 $0.89 $0.88 $0.89 $0.90 $0.91 $0.92 $0.94 $0.94 $0.95 $0.96 $0.96 $0.93 $0.97 $0.99 $1.00 $1.01 $0.94
Payout Ratio 44.3% 39.1% 37.9% 40.4% 41.0% 39.7% 36.8% 34.4% 34.8% 36.4% 77.1% 88.7% 76.1% 75.1% 1.2% 1.1% 1.2% 94.1% 35.2% 34.3% 34.26%
FCF Payout Ratio 29.8% 30.6% 27.9% 24.1% 18.6% 16.1% 17.2% 23.1% 28.9% 31.6% 37.0% 28.9% 30.0% 37.6% 28.2% 32.4% 31.6% 29.4% 28.9% 27.4% 27.41%
Total Payout Ratio 62.1% 72.2% 77.2% 77.0% 69.0% 49.1% 38.5% 36.1% 36.5% 38.2% 80.7% 1.0% 89.0% 87.7% 1.4% 1.3% 1.4% 1.1% 41.3% 40.9% 40.85%
Div. Increase Streak 1 1 1 1 1 0 1 1 1 0 1 1 1 1 1 1 1 1 1 1 1
Chowder Number 0.08 0.08 0.07 0.06 0.07 0.04 0.05 0.07 0.09 0.11 0.09 0.09 0.09 0.09 0.11 0.13 0.16 0.18 0.15 0.12 0.123
Buyback Yield 2.0% 4.1% 4.8% 4.1% 3.8% 1.2% 0.2% 0.3% 0.3% 0.3% 0.2% 0.8% 0.8% 0.8% 0.7% 0.8% 0.7% 0.7% 0.7% 0.8% 0.75%
Net Buyback Yield 1.3% 3.4% 3.9% 3.4% 3.2% 0.6% -0.1% 0.0% 0.0% 0.1% 0.1% 0.6% 0.6% 0.6% 0.6% 0.8% 0.7% 0.6% 0.5% 0.5% 0.48%
Total Shareholder Return 6.3% 8.3% 8.5% 7.9% 8.9% 5.6% 4.2% 5.6% 6.2% 6.0% 4.8% 5.3% 5.4% 5.3% 4.7% 5.0% 4.7% 4.5% 4.4% 4.4% 4.40%
DuPont Factors
Metric Trend Q2'21 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 Current
Tax Burden (NI/EBT) 0.98 0.80 0.80 0.81 0.80 0.80 0.80 0.79 0.79 0.80 0.89 0.91 1.12 1.11 0.92 0.93 0.73 0.74 0.82 0.81 0.808
Interest Burden (EBT/EBIT) 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.000
EBIT Margin 0.27 0.38 0.39 0.37 0.35 0.33 0.32 0.30 0.26 0.23 0.10 0.08 0.08 0.08 0.06 0.07 0.09 0.11 0.24 0.25 0.246
Asset Turnover 0.03 0.03 0.03 0.03 0.03 0.04 0.04 0.04 0.05 0.06 0.05 0.05 0.05 0.05 0.05 0.05 0.05 0.05 0.06 0.06 0.056
Equity Multiplier 8.21 8.21 8.44 8.44 8.44 8.44 9.27 9.27 9.27 9.27 9.82 9.82 9.82 9.82 9.57 9.57 9.57 9.57 9.21 9.21 9.208
Per Share
Metric Trend Q2'21 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 Current
EPS (Diluted TTM) $1.94 $2.26 $2.34 $2.20 $2.18 $2.22 $2.43 $2.62 $2.62 $2.53 $1.22 $1.06 $1.25 $1.28 $0.78 $0.86 $0.84 $1.06 $2.85 $2.96 $2.96
Book Value/Share $26.67 $27.07 $26.82 $26.74 $26.80 $26.79 $26.61 $26.57 $26.62 $26.59 $27.81 $27.59 $27.59 $27.55 $29.20 $27.64 $27.69 $27.63 $29.84 $29.87 $30.27
Tangible Book/Share $18.72 $19.00 $18.71 $18.65 $18.69 $18.68 $18.45 $18.42 $18.45 $18.43 $19.62 $19.46 $19.46 $19.43 $21.44 $20.29 $20.33 $20.28 $23.07 $23.10 $23.10
Revenue/Share $7.38 $7.45 $7.47 $7.36 $7.64 $8.33 $9.42 $10.92 $12.49 $13.74 $13.43 $13.87 $14.19 $14.38 $13.35 $12.61 $12.72 $12.89 $14.70 $14.85 $14.98
FCF/Share $2.88 $2.89 $3.18 $3.69 $4.81 $5.49 $5.20 $3.89 $3.16 $2.92 $2.54 $3.26 $3.17 $2.56 $3.39 $2.88 $3.06 $3.38 $3.47 $3.70 $3.73
OCF/Share $3.22 $3.25 $3.53 $4.11 $5.25 $5.91 $5.61 $4.29 $3.55 $3.33 $2.95 $3.63 $3.52 $2.89 $3.68 $3.14 $3.32 $3.63 $3.69 $3.92 $3.96
Cash/Share $24.78 $25.14 $35.70 $35.60 $35.67 $35.65 $22.11 $22.07 $22.11 $22.09 $30.15 $29.91 $29.91 $29.87 $35.34 $33.46 $33.51 $33.44 $35.82 $35.86 $36.22
EBITDA/Share $2.56 $3.35 $3.40 $3.20 $3.19 $3.26 $3.50 $3.71 $3.80 $3.72 $2.00 $1.86 $1.78 $1.81 $1.50 $1.53 $1.76 $2.04 $3.92 $3.98 $3.98
Debt/Share $15.87 $16.11 $14.83 $14.78 $14.81 $14.81 $34.29 $34.24 $34.29 $34.26 $18.71 $18.56 $18.56 $18.54 $20.05 $18.98 $19.01 $18.97 $25.01 $25.04 $25.04
Net Debt/Share $-8.90 $-9.04 $-20.88 $-20.82 $-20.86 $-20.85 $12.18 $12.16 $12.18 $12.17 $-11.44 $-11.35 $-11.35 $-11.33 $-15.30 $-14.48 $-14.50 $-14.47 $-10.81 $-10.82 $-10.82
Academic Models
Metric Trend Q2'21 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 Current
Altman-B Score 2.775
Altman Z-Prime snapshot only -1.634
Piotroski F-Score 5 7 8 6 7 7 5 6 6 6 7 6 6 6 6 6 6 6 8 9 9
Beneish M-Score -2.44 -2.65 -2.68 -2.61 -2.53 -2.38 -1.60 -1.37 -1.30 -1.43 -1.41 -2.23 -2.31 -2.34 -2.05 -2.58 -2.60 -2.61 -2.43 -2.57 -2.570
Ohlson O-Score snapshot only -5.578
Net-Net WC snapshot only $-204.69
EVA snapshot only $175394001.00
Credit
Metric Trend Q2'21 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 Current
Credit Rating snapshot only BBB
Credit Score 52.16 56.01 55.60 54.85 66.94 66.63 47.91 48.99 48.37 47.80 42.81 43.37 42.97 43.04 39.03 43.33 42.98 41.65 56.01 57.74 57.737
Credit Grade snapshot only 9
Credit Trend snapshot only 14.412
Implied Spread (bps) snapshot only 275.000
Industry Credit Rank snapshot only 40
Sector Credit Rank snapshot only 45

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