$17.18

-0.04 (-0.23%)

Weekly Expected Move ±3.0%

$16 $17 $17 $18 $18

NYSE · Real Estate · REIT - Diversified · Tech Score Strong Sell · Power 39 · $3.3B mcap · 190M float · 1.15% daily turnover · Short 41% of daily vol

Credit Risk of going bust: not rated, financial company (lending is its business) Bonds: none of note held by US funds details ▾

Not rated: lending and leverage are a financial company's business, which the model misreads.
US fund filings (SEC N-PORT) show under $25M of this company's bonds, so there is no bond page. Its debt may be bank loans or privately placed. How these are computed.

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

46.6 / 100

NoneWeakNarrowWide

Primary source: Efficient Scale · ROIC: 4.1% · 5Y Avg: 3.1%

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. BNL shows a Weak competitive edge (46.6/100) — limited structural advantages that may face competitive pressure. The primary source of advantage is Efficient Scale. ROIC of 4.1% 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

$21

Low

$24

Avg Target

$26

High

Based on 3 analysts since Jul 29, 2026 earnings

Analyst Recommendations

Strong Buy: 0Buy: 10Hold: 3Sell: 0Strong Sell: 0

Rating Summary

ConsensusBuy

Avg Target$23.67

Analysts3

Price Target Change History

Date	Firm	Analyst	Old	New	Change	Upside @ Call	Stock@Call
2026-10-01	Truist Financial	—	$22	$21	-1	+15.1%	$18.25
2026-07-31	Goldman Sachs	Caitlin Burrows	Initiated	$26	—	+21.4%	$21.41
2026-07-31	Cantor Fitzgerald	—	$22	$24	+2	+12.2%	$21.39
2026-07-10	BMO Capital	—	$20	$26	+6	+18.9%	$21.86
2026-07-09	KeyBanc	Upal Rana	Initiated	$24	—	+9.8%	$21.85
2026-06-26	BTIG	—	$21	$23	+2	+9.4%	$21.02
2026-06-08	Truist Financial	Ki Bin Kim	$20	$22	+2	+6.8%	$20.59
2026-05-04	Cantor Fitzgerald	—	$20	$22	+2	+12.0%	$19.64
2026-03-09	UBS	—	$18	$20	+2	+3.8%	$19.27
2026-01-05	Cantor Fitzgerald	—	$21	$20	-1	+14.5%	$17.46
2025-12-29	Morgan Stanley	—	Initiated	$19	—	+8.5%	$17.52
2025-12-05	BTIG	—	Initiated	$21	—	+19.8%	$17.53
2025-11-25	Truist Financial	—	$18	$20	+2	+7.4%	$18.61
2025-10-01	Cantor Fitzgerald	—	Initiated	$21	—	+17.5%	$17.87
2025-07-28	Wolfe Research	Andrew Rosivach	Initiated	$19	—	+19.6%	$15.88
2025-03-24	BMO Capital	—	Initiated	$20	—	+16.3%	$17.20
2024-11-14	UBS	Michael Goldsmith	Initiated	$18	—	+5.8%	$17.02
2024-08-16	Truist Financial	Ki Bin Kim	$16	$18	+2	+2.9%	$17.50
2024-05-14	Truist Financial	Ki Bin Kim	Initiated	$16	—	+4.2%	$15.35

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.

Oct 27, 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. BNL receives an overall rating of B. Strongest factors: DCF (4/5). Areas of concern: P/E (2/5), P/B (2/5).

Rating Change History

Date	From	To
2026-10-26	B+	B
2026-10-20	B	B+
2026-10-01	B-	B
2026-08-07	B	B-
2026-08-03	B+	B
2026-07-31	B	B+
2026-07-30	C+	B
2026-07-29	B	C+
2026-07-22	B-	B
2026-07-16	B	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.

★ ★ ★ ★ ★ 59 Grade A

Profitability

Balance Sheet

Earnings Quality

Growth

Value

Momentum

Safety

Cash Flow

The InsiderStreet Scorecard rates companies across eight dimensions: Profitability (margins, ROA, ROE), Balance Sheet (leverage, liquidity, coverage), Earnings Quality (accruals, cash conversion), Growth (revenue and earnings trajectory), Value (P/E, P/B, earnings yield, Graham criteria), Momentum (revenue and earnings acceleration), Safety (Altman Z-Score risk adjustment), and Cash Flow (operating cash flow quality, FCF conversion, cash coverage). The overall score blends 35% quality, 35% value, and 30% momentum, with a penalty for distress-zone Altman scores. BNL scores highest in Earnings Quality (94/100) and lowest in Safety (15/100). An overall grade of A places BNL 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

0.94

Distress Zone

Piotroski F-Score

6/9

✓ ✓ ✓ ✓ ✗ ✓ ✗ ✗ ✓

Beneish M-Score

-3.39

Unlikely Manipulator

Ohlson O-Score

-7.87

Bankruptcy prob: 0.0%

Low Risk

Credit Rating

BB+

Score: 49.0/100

Trend: Improving

Earnings Quality

100/100

OCF/NI: 1.96x

Accruals: -2.5%

The Altman Z-Score (1968) combines five ratios — working capital, retained earnings, EBIT, market value of equity, and sales, all relative to total assets or liabilities — into a single bankruptcy predictor. BNL scores 0.94, 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. BNL scores 6/9, 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. BNL's score of -3.39 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. BNL'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. BNL receives an estimated rating of BB+ (score: 49.0/100), 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). BNL'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

22.61x

PEG

0.55x

P/S

6.90x

P/B

1.14x

P/FCF

15.32x

P/OCF

14.63x

EV/EBITDA

16.06x

EV/Revenue

14.34x

EV/EBIT

26.85x

EV/FCF

25.36x

Earnings Yield

3.49%

FCF Yield

6.53%

Shareholder Yield

5.30%

Graham Number

$15.28

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 22.6x earnings, BNL commands a growth premium. Graham's intrinsic value formula yields $15.28 per share, 12% 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

0.971

NI / EBT

Interest Burden

0.583

EBT / EBIT

EBIT Margin

0.534

EBIT / Rev

Asset Turnover

0.085

Rev / Assets

Equity Multiplier

1.934

Assets / Equity

ROE

5.0%

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. BNL's ROE of 5.0% is driven by a balanced combination of operating margin, asset efficiency, and leverage. A tax burden ratio of 0.97 indicates minimal tax leakage — the company retains over 90% of pre-tax earnings.

Graham-Dodd Adjusted Valuation

Our adaptation of Graham's growth formula (Fair P/E = 8.5 + 2g) from The Intelligent Investor. The classic version relies on analyst growth projections, which can be unreliable. This adjusted model substitutes the company's realized 3-year EPS CAGR — a backward-looking, verifiable measure of actual earnings power — grounding the valuation in demonstrated performance rather than forecasts.

Two adjustments we make, and why. Growth is capped at 15%. Graham defined g as expected growth over the next seven to ten years, not last year's rate. Across US companies since 1994 the median realized 7-year EPS growth is 5–8% regardless of how fast a company grew beforehand, and of 4,457 company-quarters that grew faster than 200%, none sustained it. Uncapped, the formula assigned fair multiples in the hundreds to companies that had never held that rate — and scored worse than simply reading the P/E. Capped, it carries real information. The verdict has three states, not two. Tested over 377,249 stock-months, this ratio only separates outcomes at its extremes: below 0.25 beat the universe by 1.3 points a year, above 3.0 lagged by 2.7, and everything in between sat inside a one-point band. Rather than call two-thirds of the market "undervalued" on a threshold of 1.0, we say Neutral where the model cannot tell — which is most of the time.

Adj. Growth Rate

15.00%

Fair P/E

38.50x

Intrinsic Value

$27.77

Price/Value

0.74x

Margin of Safety

25.57%

Premium

-25.57%

Assessment

Neutral

Graham's classic formula uses analyst-projected growth to estimate a fair P/E (8.5 + 2g). Our adjusted version replaces that projection with BNL's realized 15.0% 3-year EPS CAGR, capped at 15% — demonstrated performance rather than forecasts, held to a rate companies have historically sustained. BNL trades at a -26% premium to its adjusted intrinsic value of $27.77, suggesting the market is pricing in future growth beyond what historical earnings support. The adjusted fair P/E of 38.5x compares to the current market P/E of 22.6x.

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 1535 days of historical volatility. Percentile bands show the range of statistically plausible outcomes — this is a statistical model, not a forecast.

Current Price

$17.17

Median 1Y

$17.78

5th Pctile

$12.13

95th Pctile

$26.06

Ann. Volatility

22.8%

Analyst Target

$23.67

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

Executive	Salary	Stock	Total
John D. Moragne Chief Executive Officer	$600,000	$3,918,506	$6,065,001
Ryan M. Albano President and Chief Operating Officer	$500,000	$2,020,498	$3,605,706
Kevin M. Fennell Executive Vice President and Chief Financial Officer	$425,000	$1,010,260	$2,339,432
Michael B. Caruso Senior Vice President, Underwriting and Strategy	$285,000	$351,210	$1,002,346
Jennie O'Brien President, e President, Chief Accounting Officer	$275,000	$452,149	$986,089

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

-15.1% YoY

Revenue / Employee

$7,405,500

Rev: $459,141,000

Profit / Employee

$1,659,871

NI: $102,912,000

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	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	3.7%	4.2%	4.2%	4.4%	4.4%	4.3%	4.6%	5.5%	6.2%	5.1%	5.9%	5.1%	4.7%	5.4%	3.8%	3.3%	3.0%	3.2%	4.3%	5.0%	4.99%
ROA	2.0%	2.3%	2.4%	2.5%	2.4%	2.4%	2.6%	3.1%	3.5%	2.9%	3.4%	2.9%	2.7%	3.1%	2.2%	1.9%	1.6%	1.7%	2.3%	2.6%	2.58%
ROIC	5.2%	4.6%	4.5%	5.3%	4.6%	4.4%	4.8%	4.2%	5.1%	6.0%	6.0%	5.7%	5.0%	4.3%	4.3%	4.3%	4.2%	33.9%	39.7%	4.1%	4.14%
ROCE	4.0%	3.9%	3.8%	3.9%	3.9%	3.8%	4.3%	5.0%	5.1%	4.9%	4.6%	4.2%	4.2%	4.1%	3.9%	3.9%	3.7%	3.7%	4.2%	4.4%	4.35%
Gross Margin	96.1%	95.2%	94.6%	95.2%	94.6%	94.3%	95.1%	95.4%	94.8%	94.3%	60.2%	95.0%	93.5%	94.0%	95.0%	95.6%	24.6%	24.8%	26.5%	95.2%	95.24%
Operating Margin	59.2%	51.5%	47.5%	85.7%	47.7%	44.7%	50.1%	49.6%	85.5%	84.0%	48.1%	50.3%	50.4%	46.8%	49.7%	49.4%	50.2%	50.7%	52.2%	42.5%	42.47%
Net Margin	23.3%	32.6%	28.4%	34.2%	26.1%	31.0%	33.0%	54.9%	45.4%	6.2%	59.7%	33.4%	32.8%	23.5%	15.4%	17.8%	21.9%	27.7%	38.2%	32.5%	32.54%
EBITDA Margin	67.8%	86.0%	84.0%	84.5%	85.7%	85.4%	85.2%	85.3%	84.6%	83.1%	82.7%	86.5%	86.0%	80.9%	71.2%	87.1%	80.9%	88.7%	93.5%	93.6%	93.59%
FCF Margin	61.4%	63.6%	63.8%	60.2%	60.2%	55.1%	52.0%	53.6%	50.9%	50.8%	54.0%	59.0%	57.4%	59.6%	57.2%	56.9%	55.6%	59.2%	61.3%	56.5%	56.54%
OCF Margin	62.6%	64.0%	64.0%	64.8%	65.2%	62.8%	62.7%	61.8%	60.2%	61.2%	61.8%	65.1%	63.7%	63.4%	63.6%	63.8%	62.1%	65.7%	64.9%	59.2%	59.20%
ROE 3Y Avg	snapshot only																				4.51%
ROE 5Y Avg	snapshot only																				4.60%
ROA 3Y Avg	snapshot only																				2.43%
ROIC 3Y Avg	snapshot only																				3.15%
ROIC Economic	snapshot only																				4.14%
Cash ROA	snapshot only																				4.83%
Cash ROIC	snapshot only																				5.06%
CROIC	snapshot only																				4.83%
NOPAT Margin	snapshot only																				48.46%
Pretax Margin	snapshot only																				31.10%
R&D / Revenue	snapshot only																				0.00%
SGA / Revenue	snapshot only																				2.49%
SBC / Revenue	snapshot only																				1.66%

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	36.69	32.50	27.98	24.74	19.61	20.10	20.76	16.03	13.29	19.22	15.30	18.27	24.41	18.24	28.41	31.45	39.93	36.12	29.24	28.66	22.605
P/S Ratio	8.68	8.66	7.57	7.23	5.93	6.01	6.46	5.82	5.42	6.75	6.40	6.66	8.12	6.80	7.45	7.03	7.87	7.54	7.79	8.66	6.896
P/B Ratio	1.27	1.29	1.09	1.05	0.81	0.79	0.91	0.83	0.78	0.98	0.90	0.94	1.16	0.99	1.10	1.07	1.22	1.18	1.26	1.44	1.137
P/FCF	14.13	13.63	11.87	12.00	9.85	10.92	12.42	10.86	10.65	13.29	11.86	11.28	14.16	11.42	13.02	12.37	14.17	12.74	12.70	15.32	15.316
P/OCF	13.85	13.54	11.82	11.15	9.09	9.58	10.30	9.41	9.01	11.03	10.37	10.23	12.75	10.72	11.71	11.03	12.67	11.48	12.00	14.63	14.626
EV/EBITDA	15.84	16.40	15.15	14.70	12.96	12.86	12.94	12.04	11.37	13.03	12.40	13.25	15.09	13.29	14.93	14.59	16.22	3.21	3.29	16.06	16.057
EV/Revenue	13.00	13.02	11.98	11.72	11.03	10.93	11.03	10.28	9.68	11.02	10.40	11.16	12.76	11.16	12.11	11.87	12.99	2.63	2.88	14.34	14.337
EV/EBIT	27.20	28.43	26.14	25.05	22.16	21.82	21.56	17.79	16.59	19.46	18.74	22.74	25.93	23.19	27.02	26.69	30.02	5.70	5.52	26.85	26.855
EV/FCF	21.17	20.48	18.79	19.46	18.30	19.83	21.21	19.18	19.00	21.71	19.27	18.91	22.24	18.73	21.17	20.87	23.39	4.45	4.70	25.36	25.358
Earnings Yield	2.7%	3.1%	3.6%	4.0%	5.1%	5.0%	4.8%	6.2%	7.5%	5.2%	6.5%	5.5%	4.1%	5.5%	3.5%	3.2%	2.5%	2.8%	3.4%	3.5%	3.49%
FCF Yield	7.1%	7.3%	8.4%	8.3%	10.2%	9.2%	8.1%	9.2%	9.4%	7.5%	8.4%	8.9%	7.1%	8.8%	7.7%	8.1%	7.1%	7.8%	7.9%	6.5%	6.53%
PEG Ratio	snapshot only																				0.555
Price/Tangible Book	snapshot only																				1.807
EV/OCF	snapshot only																				24.216
EV/Gross Profit	snapshot only																				33.192
Acquirers Multiple	snapshot only																				29.336
Shareholder Yield	snapshot only																				5.30%
Graham Number	snapshot only																				$15.28

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	1.95	1.55	1.79	1.69	0.68	1.46	0.73	0.75	1.03	1.58	3.69	0.90	0.70	1.60	0.62	0.61	1.19	288.34	304.89	22.61	22.608
Quick Ratio	1.95	1.55	1.79	1.95	0.88	1.46	0.73	0.75	1.03	1.58	4.27	0.90	0.70	1.60	0.62	0.61	1.19	288.34	304.89	22.61	22.608
Debt/Equity	0.64	0.66	0.66	0.66	0.72	0.65	0.65	0.64	0.62	0.63	0.64	0.64	0.67	0.64	0.69	0.74	0.83	0.90	0.93	0.95	0.946
Net Debt/Equity	0.63	0.65	0.64	0.65	0.70	0.65	0.64	0.64	0.61	0.62	0.56	0.63	0.66	0.63	0.69	0.74	0.80	-0.77	-0.79	0.94	0.942
Debt/Assets	0.36	0.37	0.37	0.37	0.39	0.37	0.37	0.37	0.37	0.36	0.37	0.37	0.38	0.37	0.39	0.41	0.43	0.46	0.46	0.46	0.465
Debt/EBITDA	5.32	5.56	5.75	5.69	6.22	5.84	5.41	5.28	5.09	5.10	5.37	5.40	5.51	5.23	5.77	6.00	6.62	6.98	6.52	6.38	6.385
Net Debt/EBITDA	5.27	5.49	5.58	5.64	5.99	5.78	5.37	5.22	5.00	5.05	4.76	5.35	5.49	5.19	5.74	5.94	6.39	-5.97	-5.60	6.36	6.359
Interest Coverage	2.77	2.73	2.78	2.83	2.69	2.59	2.67	3.01	3.09	3.13	3.10	2.81	2.87	2.83	2.58	2.49	2.18	2.23	2.46	2.45	2.446
Equity Multiplier	1.76	1.79	1.78	1.78	1.84	1.76	1.73	1.73	1.71	1.73	1.71	1.72	1.75	1.74	1.78	1.83	1.91	1.97	2.02	2.04	2.036
Cash Ratio	snapshot only																				14.484
Debt Service Coverage	snapshot only																				4.091
Cash to Debt	snapshot only																				0.004
FCF to Debt	snapshot only																				0.099

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	0.09	0.09	0.09	0.09	0.08	0.08	0.08	0.09	0.09	0.08	0.08	0.08	0.08	0.08	0.08	0.08	0.08	0.08	0.08	0.09	0.085
Inventory Turnover	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—
Receivables Turnover	2.71	262.78	361.15	303.14	5.42	306.52	273.49	224.02	416.11	312.33	304.94	190.96	245.09	182.70	254.68	142.44	157.54	118.67	150.86	97.28	97.281
Payables Turnover	0.38	0.50	0.34	0.36	0.34	0.51	0.52	0.62	0.47	0.47	1.39	1.39	1.33	1.30	0.55	0.49	2.01	3.43	4.92	4.18	4.181
DSO	135	1	1	1	67	1	1	2	1	1	1	2	1	2	1	3	2	3	2	4	3.8 days
DIO	0	0	0	-255	-613	0	0	-212	-529	0	-176	0	0	0	-430	0	0	0	0	0	0.0 days
DPO	962	729	1079	1006	1059	717	700	586	774	769	263	262	274	282	662	752	181	106	74	87	87.3 days
Cash Conversion Cycle	-827	-727	-1078	-1260	-1605	-716	-698	-796	-1302	-767	-438	-260	-272	-280	-1090	-750	-179	-103	-72	-84	-83.5 days
Fixed Asset Turnover	snapshot only																				41.816
Cash Velocity	snapshot only																				43.086
Capital Intensity	snapshot only																				12.269

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	3.6%	1.3%	60.3%	23.2%	4.2%	6.4%	9.8%	9.0%	16.0%	8.7%	0.1%	-3.3%	-4.8%	-1.7%	0.5%	2.9%	4.7%	4.7%	7.7%	8.1%	8.10%
Net Income	9.1%	3.1%	1.3%	74.3%	33.2%	19.5%	26.3%	35.4%	56.5%	27.5%	34.7%	-2.8%	-22.4%	4.5%	-37.1%	-36.8%	-37.9%	-41.4%	9.4%	46.0%	46.05%
EPS	6.3%	2.7%	1.0%	52.2%	23.5%	12.0%	12.2%	24.3%	45.9%	19.2%	34.6%	-2.9%	-22.6%	4.3%	-37.2%	-37.0%	-38.2%	-41.8%	7.8%	43.7%	43.65%
FCF	3.6%	1.6%	75.6%	28.9%	2.2%	-7.7%	-10.4%	-3.0%	-1.9%	0.1%	3.9%	6.6%	7.2%	15.4%	6.4%	-0.8%	1.4%	4.0%	15.5%	7.5%	7.46%
EBITDA	4.6%	1.2%	50.1%	17.0%	8.0%	13.9%	18.3%	16.8%	16.0%	8.2%	-1.4%	-4.6%	-5.4%	-2.3%	-2.9%	-0.6%	-0.8%	2.4%	16.4%	18.7%	18.67%
Op. Income	2.1%	43.7%	17.9%	16.1%	3.6%	15.5%	18.4%	-14.4%	14.2%	29.7%	18.8%	34.9%	-3.5%	-28.0%	-25.7%	-24.6%	-11.5%	7.2%	10.8%	7.7%	7.68%
OCF Growth	snapshot only																				0.38%
Asset Growth	snapshot only																				10.11%
Equity Growth	snapshot only																				-0.88%
Debt Growth	snapshot only																				26.24%
Shares Change	snapshot only																				1.67%
Dividend Growth	snapshot only																				-1.88%

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	—	—	—	—	—	—	—	—	77.3%	39.5%	20.8%	9.1%	4.8%	4.4%	3.4%	2.8%	5.0%	3.8%	2.7%	2.5%	2.49%
Revenue 5Y	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	40.9%	22.8%	13.8%	7.7%	7.66%
EPS 3Y	—	—	—	—	—	—	—	—	1.4%	70.3%	45.3%	22.5%	11.7%	11.7%	-1.8%	-8.7%	-11.3%	-10.2%	-3.1%	-4.2%	-4.21%
EPS 5Y	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	44.5%	24.6%	15.7%	10.7%	10.72%
Net Income 3Y	—	—	—	—	—	—	—	—	1.8%	83.9%	56.7%	31.9%	17.4%	16.8%	2.3%	-6.0%	-9.0%	-7.9%	-2.5%	-3.6%	-3.56%
Net Income 5Y	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	58.8%	30.6%	21.5%	16.2%	16.18%
EBITDA 3Y	—	—	—	—	—	—	—	—	91.0%	40.0%	20.5%	9.3%	5.8%	6.4%	4.2%	3.5%	2.9%	2.7%	3.7%	4.0%	4.03%
EBITDA 5Y	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	45.6%	22.4%	14.6%	9.0%	9.00%
Gross Profit 3Y	—	—	—	—	—	—	—	—	77.3%	39.8%	17.1%	5.7%	1.2%	0.8%	3.1%	2.5%	-2.2%	-11.3%	-21.6%	-21.1%	-21.14%
Gross Profit 5Y	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	35.1%	11.8%	-3.1%	-7.9%	-7.93%
Op. Income 3Y	—	—	—	—	—	—	—	—	54.9%	29.1%	18.3%	10.3%	4.5%	2.5%	1.5%	-4.5%	-0.8%	0.0%	-0.8%	3.1%	3.08%
Op. Income 5Y	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	26.0%	10.7%	6.4%	1.7%	1.73%
FCF 3Y	—	—	—	—	—	—	—	—	66.5%	34.4%	17.8%	10.0%	2.4%	2.2%	-0.3%	0.8%	2.2%	6.3%	8.5%	4.3%	4.35%
FCF 5Y	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	38.1%	23.8%	15.0%	7.3%	7.27%
OCF 3Y	—	—	—	—	—	—	—	—	71.7%	39.6%	20.9%	12.1%	5.4%	4.1%	3.1%	2.2%	3.3%	5.4%	3.9%	1.0%	1.02%
OCF 5Y	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	39.1%	24.6%	15.0%	7.3%	7.34%
Assets 3Y	—	—	—	—	—	—	—	—	8.3%	7.4%	7.8%	6.0%	5.3%	4.1%	2.6%	2.3%	1.8%	1.6%	3.1%	3.0%	3.00%
Assets 5Y	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	5.6%	6.1%	6.8%	5.8%	5.80%
Equity 3Y	—	—	—	—	—	—	—	—	12.5%	9.9%	9.9%	6.1%	5.5%	5.2%	2.7%	1.3%	0.5%	-2.1%	-2.1%	-2.5%	-2.49%
Book Value 3Y	—	—	—	—	—	—	—	—	-3.6%	1.7%	2.0%	-1.4%	0.4%	0.7%	-1.4%	-1.7%	-2.0%	-4.5%	-2.7%	-3.2%	-3.15%
Dividend 3Y	—	—	—	—	—	—	—	—	-10.2%	-3.1%	-4.0%	-4.7%	-2.9%	-3.0%	-2.7%	-1.8%	-1.9%	-2.2%	-0.6%	-0.8%	-0.76%

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	—	—	—	—	0.79	0.82	0.90	0.96	0.77	0.78	0.76	0.73	0.69	0.82	0.65	0.48	0.76	0.77	0.78	0.82	0.817
Earnings Stability	—	—	—	—	0.93	0.90	0.96	1.00	0.97	0.92	0.98	0.85	0.76	0.88	0.46	0.16	0.32	0.37	0.32	0.22	0.216
Margin Stability	—	—	—	—	1.00	1.00	1.00	1.00	1.00	1.00	0.95	0.95	0.95	0.95	0.95	0.95	0.91	0.82	0.72	0.73	0.730
Rev. Growth Consistency	0.50	0.50	0.50	0.50	1.00	1.00	1.00	1.00	1.00	1.00	1.00	0.00	0.00	0.00	1.00	0.50	0.50	0.50	1.00	1.00	1.000
Earn. Growth Consistency	0.50	0.50	0.50	0.50	1.00	1.00	1.00	1.00	1.00	1.00	1.00	0.00	0.00	1.00	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	—	—	—	—	0.87	0.92	0.89	0.86	0.50	0.89	0.86	0.99	0.91	0.98	0.85	0.85	0.85	0.83	0.96	0.82	0.816
Earnings Smoothness	0.00	0.00	0.23	0.46	0.72	0.82	0.77	0.70	0.56	0.76	0.70	0.97	0.75	0.96	0.54	0.55	0.53	0.48	0.91	0.63	0.626
ROE Trend	—	—	—	—	0.02	0.01	0.01	0.02	0.02	0.01	0.02	0.00	-0.00	0.01	-0.01	-0.02	-0.02	-0.02	-0.01	0.01	0.007
Gross Margin Trend	—	—	—	—	0.00	-0.00	-0.00	-0.00	-0.00	-0.00	-0.09	-0.09	-0.09	-0.09	0.04	0.04	-0.13	-0.31	-0.48	-0.47	-0.470
FCF Margin Trend	—	—	—	—	-0.01	-0.05	-0.09	-0.05	-0.10	-0.09	-0.04	0.02	0.02	0.07	0.04	0.01	0.01	0.04	0.06	-0.01	-0.014
Sustainable Growth Rate	-1.9%	-2.2%	-2.2%	-1.9%	-2.2%	-2.1%	-1.9%	-1.2%	-0.6%	-1.7%	-0.9%	-1.8%	-2.3%	-1.8%	-3.5%	-4.1%	-4.4%	-4.2%	-3.2%	-2.6%	-2.58%
Internal Growth Rate	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—

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	2.65	2.40	2.37	2.22	2.16	2.10	2.02	1.70	1.47	1.74	1.48	1.78	1.91	1.70	2.43	2.85	3.15	3.15	2.44	1.96	1.959
FCF/OCF	0.98	0.99	1.00	0.93	0.92	0.88	0.83	0.87	0.85	0.83	0.87	0.91	0.90	0.94	0.90	0.89	0.89	0.90	0.95	0.95	0.955
FCF/Net Income	snapshot only																				1.871
OCF/EBITDA	snapshot only																				0.663
CapEx/Revenue	1.2%	0.4%	0.3%	4.6%	5.0%	7.7%	10.7%	8.3%	9.3%	10.4%	7.8%	6.0%	6.3%	3.9%	6.4%	6.9%	6.6%	6.5%	3.6%	2.7%	2.67%
CapEx/Depreciation	snapshot only																				0.074
Accruals Ratio	-0.03	-0.03	-0.03	-0.03	-0.03	-0.03	-0.03	-0.02	-0.02	-0.02	-0.02	-0.02	-0.02	-0.02	-0.03	-0.03	-0.04	-0.04	-0.03	-0.02	-0.025
Sloan Accruals	snapshot only																				-0.005
Cash Flow Adequacy	snapshot only																				1.220
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	4.1%	4.7%	5.4%	5.8%	7.6%	7.4%	6.8%	7.6%	8.3%	6.9%	7.6%	7.4%	6.2%	7.3%	6.7%	7.1%	6.2%	6.4%	6.0%	5.3%	6.80%
Dividend/Share	$0.78	$0.90	$0.93	$0.94	$0.96	$0.99	$0.97	$1.00	$1.03	$1.06	$1.07	$1.08	$1.09	$1.10	$1.11	$1.12	$1.11	$1.11	$1.09	$1.09	$1.17
Payout Ratio	1.5%	1.5%	1.5%	1.4%	1.5%	1.5%	1.4%	1.2%	1.1%	1.3%	1.2%	1.4%	1.5%	1.3%	1.9%	2.2%	2.5%	2.3%	1.7%	1.5%	1.52%
FCF Payout Ratio	57.9%	63.5%	64.3%	69.1%	75.0%	80.7%	84.2%	82.6%	88.1%	92.3%	89.9%	83.8%	87.2%	83.5%	87.8%	87.4%	87.7%	81.1%	75.9%	81.1%	81.11%
Total Payout Ratio	1.5%	1.5%	1.5%	1.4%	1.5%	1.5%	1.4%	1.2%	1.1%	1.3%	1.2%	1.4%	1.5%	1.3%	1.9%	2.2%	2.5%	2.3%	1.7%	1.5%	1.52%
Div. Increase Streak	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	0	0	0
Chowder Number	397.80	7.28	1.98	0.90	0.40	0.25	0.24	0.23	0.23	0.21	0.18	0.16	0.12	0.12	0.11	0.11	0.08	0.07	0.06	0.05	0.051
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	-9.5%	-8.4%	-13.9%	-7.8%	-10.9%	-20.2%	-12.9%	-11.3%	-11.2%	-3.2%	-3.5%	-3.3%	-2.7%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.00%
Total Shareholder Return	-5.4%	-3.8%	-8.5%	-2.0%	-3.2%	-12.8%	-6.1%	-3.7%	-2.9%	3.7%	4.1%	4.1%	3.4%	7.3%	6.7%	7.1%	6.2%	6.4%	6.0%	5.3%	5.30%

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)	0.87	0.87	0.87	0.92	0.93	0.93	0.94	0.94	0.95	0.95	0.95	0.96	0.96	0.95	0.96	0.96	0.96	0.96	0.97	0.97	0.971
Interest Burden (EBT/EBIT)	0.57	0.67	0.68	0.68	0.66	0.64	0.65	0.67	0.74	0.65	0.79	0.78	0.70	0.81	0.61	0.52	0.47	0.47	0.52	0.58	0.583
EBIT Margin	0.48	0.46	0.46	0.47	0.50	0.50	0.51	0.58	0.58	0.57	0.56	0.49	0.49	0.48	0.45	0.44	0.43	0.46	0.52	0.53	0.534
Asset Turnover	0.09	0.09	0.09	0.09	0.08	0.08	0.08	0.09	0.09	0.08	0.08	0.08	0.08	0.08	0.08	0.08	0.08	0.08	0.08	0.09	0.085
Equity Multiplier	1.84	1.82	1.80	1.76	1.81	1.78	1.76	1.75	1.77	1.75	1.72	1.73	1.73	1.73	1.74	1.78	1.83	1.85	1.90	1.93	1.934

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)	$0.52	$0.59	$0.61	$0.66	$0.64	$0.66	$0.69	$0.82	$0.94	$0.79	$0.92	$0.80	$0.72	$0.83	$0.58	$0.50	$0.45	$0.48	$0.62	$0.72	$0.72
Book Value/Share	$15.05	$14.98	$15.63	$15.53	$15.53	$16.85	$15.70	$15.84	$15.89	$15.53	$15.65	$15.55	$15.23	$15.27	$14.98	$14.76	$14.60	$14.66	$14.48	$14.39	$15.77
Tangible Book/Share	$11.27	$11.24	$11.90	$11.89	$11.91	$13.20	$12.35	$12.53	$12.65	$12.33	$12.53	$12.38	$12.10	$12.18	$11.91	$11.73	$11.57	$11.59	$11.47	$11.44	$11.44
Revenue/Share	$2.20	$2.22	$2.26	$2.26	$2.12	$2.22	$2.21	$2.26	$2.29	$2.26	$2.20	$2.19	$2.18	$2.21	$2.21	$2.24	$2.27	$2.30	$2.35	$2.39	$2.51
FCF/Share	$1.35	$1.41	$1.44	$1.36	$1.28	$1.22	$1.15	$1.21	$1.17	$1.14	$1.19	$1.29	$1.25	$1.32	$1.26	$1.28	$1.26	$1.36	$1.44	$1.35	$1.42
OCF/Share	$1.38	$1.42	$1.45	$1.46	$1.38	$1.39	$1.38	$1.40	$1.38	$1.38	$1.36	$1.42	$1.39	$1.40	$1.41	$1.43	$1.41	$1.51	$1.52	$1.41	$1.48
Cash/Share	$0.10	$0.13	$0.31	$0.09	$0.41	$0.12	$0.08	$0.11	$0.18	$0.10	$1.13	$0.09	$0.05	$0.08	$0.05	$0.11	$0.41	$24.51	$24.92	$0.06	$0.06
EBITDA/Share	$1.80	$1.77	$1.79	$1.80	$1.80	$1.89	$1.88	$1.93	$1.95	$1.91	$1.85	$1.84	$1.84	$1.86	$1.79	$1.83	$1.82	$1.89	$2.06	$2.13	$2.13
Debt/Share	$9.59	$9.82	$10.29	$10.25	$11.22	$11.02	$10.16	$10.20	$9.93	$9.73	$9.94	$9.94	$10.14	$9.73	$10.35	$10.96	$12.05	$13.21	$13.41	$13.61	$13.61
Net Debt/Share	$9.50	$9.69	$9.98	$10.16	$10.81	$10.90	$10.08	$10.09	$9.75	$9.63	$8.81	$9.84	$10.09	$9.65	$10.30	$10.85	$11.63	$-11.30	$-11.51	$13.55	$13.55

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	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	0.943
Altman Z-Prime	snapshot only																				1.472
Piotroski F-Score	7	7	8	6	4	4	6	6	8	7	7	5	3	5	5	5	5	4	6	6	6
Beneish M-Score	-2.40	-2.44	-2.41	-2.43	-0.43	-2.37	-2.38	-2.37	-2.39	-2.51	-2.03	-2.57	-2.53	-2.49	-2.85	-2.51	-0.88	-2.15	-2.19	-3.39	-3.387
Ohlson O-Score	snapshot only																				-7.875
ROIC (Greenblatt)	snapshot only																				9.12%
Net-Net WC	snapshot only																				$-14.18
EVA	snapshot only																				$-327868958.66

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																				BB+
Credit Score	52.17	43.70	44.27	43.76	33.74	42.57	34.53	38.29	48.02	52.34	56.74	38.62	35.49	46.54	35.04	32.57	42.11	62.99	61.27	48.97	48.974
Credit Grade	snapshot only																				11
Credit Trend	snapshot only																				16.407
Implied Spread (bps)	snapshot only																				400.000
Industry Credit Rank	snapshot only																				67
Sector Credit Rank	snapshot only																				54

BNL NYSE

Edge Score

Analyst Insights

Financial Rating

InsiderStreet Scorecard

Risk & Quality Signals

Valuation

DuPont Decomposition (5-Factor)

Graham-Dodd Adjusted Valuation

Profitability Trends

Leverage & Solvency Trends

Efficiency & Working Capital Trends

Growth Trends (YoY %)

Earnings Stability

Monte Carlo Price Simulation

Executive Compensation

C-Suite Compensation

CEO Pay Ratio

C-Suite Pay Equality (Gini)

CEO Compensation Mix

Workforce & Productivity

Scaling Efficiency

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