Also trades as: BUD (NYSE) · $vol 174M · ABI.BR (BRU) · $vol 141M · 1NBA.DE (XETRA) · $vol 0M

$81.70

-0.76 (-0.92%)

Weekly Expected Move ±5.4%

$75 $79 $84 $88 $93

OTC · Consumer Defensive · Beverages - Alcoholic · Tech Score Strong Buy · Power 72 · $142.9B mcap · 934M float · 0.0028% daily turnover · Short 32% of daily vol

Credit Risk of going bust: lower than 75% of companies Debt: 30.9% of company value Bonds: none of note held by US funds details ▾

If the stock fell to about $1.85 (down 98%), Anheuser-Busch InBev SA/NV would be worth roughly what it owes.
Total debt $72.32B against a stock market value of $161.80B.
Distance to default 8.54 (Merton model): prices to 2026-10-27, balance sheet 2026-06-30, debt counted $36.43B (short-term plus half of long-term), stock volatility 24.3%; Altman Z'' 1.85. A ranking and a back-test, not a forecast.
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.

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

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

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

Analyst Recommendations

Strong Buy: 0Buy: 19Hold: 11Sell: 5Strong Sell: 0

Rating Summary

ConsensusBuy

Avg Target$—

Analysts0

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+

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. BUDFF receives an overall rating of B+. Strongest factors: ROE (4/5), ROA (4/5). Areas of concern: D/E (2/5).

Rating Change History

Date	From	To
2026-10-12	A-	B+
2026-10-08	B+	A-
2026-10-06	A-	B+
2026-10-01	B+	A-
2026-07-31	B-	B+
2026-07-09	C	B-
2026-06-22	None	ADDED
2026-06-22	EXISTED	None
2026-05-11	B+	C
2026-04-30	None	ADDED

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.

★ ★ ★ ★ ★ 73 Grade A+

Profitability

Balance Sheet

Earnings Quality

Growth

Value

Momentum

100

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. BUDFF scores highest in Momentum (100/100) and lowest in Balance Sheet (45/100). An overall grade of A+ places BUDFF 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

1.90

Grey Zone

Piotroski F-Score

8/9

✓ ✓ ✓ ✓ ✓ ✗ ✓ ✓ ✓

Beneish M-Score

-1.93

Unlikely Manipulator

Ohlson O-Score

-9.21

Bankruptcy prob: 0.0%

Low Risk

Credit Rating

BBB-

Score: 52.0/100

Trend: Improving

Earnings Quality

100/100

OCF/NI: 1.78x

Accruals: -5.0%

The Altman Z-Score (1968) combines five ratios — working capital, retained earnings, EBIT, market value of equity, and sales, all relative to total assets or liabilities — into a single bankruptcy predictor. BUDFF scores 1.90, placing it in the Grey Zone (safe > 2.99, distress < 1.81). Financial distress is possible and warrants monitoring. The Piotroski F-Score (2000) is a 9-point binary checklist — four profitability tests (positive ROA, positive cash flow, improving ROA, cash flow exceeding net income), three leverage tests (declining debt ratio, improving current ratio, no share dilution), and two efficiency tests (improving gross margin, improving asset turnover). Each pass scores 1 point. BUDFF scores 8/9, 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. BUDFF's score of -1.93 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. BUDFF'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. BUDFF receives an estimated rating of BBB- (score: 52.0/100), 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). BUDFF'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

13.69x

PEG

0.56x

P/S

1.84x

P/B

1.72x

P/FCF

9.04x

P/OCF

6.77x

EV/EBITDA

7.22x

EV/Revenue

2.45x

EV/EBIT

9.23x

EV/FCF

12.61x

Earnings Yield

8.28%

FCF Yield

11.06%

Shareholder Yield

7.69%

Graham Number

$85.10

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 13.7x earnings, BUDFF trades at a reasonable valuation. An earnings yield of 8.3% exceeds typical risk-free rates, suggesting equities are being compensated for risk. Graham's intrinsic value formula yields $85.10 per share, suggesting a potential 4% 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

0.556

NI / EBT

Interest Burden

0.984

EBT / EBIT

EBIT Margin

0.266

EBIT / Rev

Asset Turnover

0.435

Rev / Assets

Equity Multiplier

2.475

Assets / Equity

ROE

15.7%

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. BUDFF's ROE of 15.7% is driven by Asset Turnover (0.435), indicating efficient use of assets to generate revenue. A tax burden ratio of 0.56 suggests the company retains less than 60% of pre-tax earnings after taxes.

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

$262.16

Price/Value

0.31x

Margin of Safety

68.62%

Premium

-68.62%

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 BUDFF's realized 15.0% 3-year EPS CAGR, capped at 15% — demonstrated performance rather than forecasts, held to a rate companies have historically sustained. BUDFF actually compounded EPS at 22.2% over three years; the model uses 15%, the highest rate it will extrapolate — of 4,457 company-quarters that grew faster than 200%, none sustained it over the following seven years. BUDFF trades at a -69% premium to its adjusted intrinsic value of $262.16, 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 13.7x.

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

$81.71

Median 1Y

$76.60

5th Pctile

$43.77

95th Pctile

$134.00

Ann. Volatility

33.3%

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

Workforce & Productivity

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

Employees

137,000

-4.9% YoY

Revenue / Employee

$450,615

Rev: $61,734,268,000

Profit / Employee

$51,936

NI: $7,115,259,000

SGA / Employee

$137,744

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	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	Q4'25	Q1'26	Q2'26	Current
ROE	9.0%	7.7%	6.8%	6.1%	5.6%	7.3%	8.4%	10.6%	8.4%	8.4%	8.9%	8.2%	9.6%	10.3%	7.3%	8.6%	8.9%	9.7%	11.4%	15.7%	15.68%
ROA	2.6%	2.2%	2.1%	1.9%	1.8%	2.4%	2.8%	3.5%	2.9%	2.9%	3.2%	2.9%	3.5%	3.8%	2.7%	3.2%	3.4%	3.8%	4.4%	6.3%	6.34%
ROIC	6.7%	6.6%	6.8%	6.7%	6.7%	6.9%	8.4%	8.7%	8.0%	8.1%	9.1%	8.9%	9.1%	9.2%	7.7%	8.0%	10.5%	12.3%	12.7%	14.3%	14.32%
ROCE	7.6%	7.3%	7.0%	6.8%	6.7%	7.3%	7.7%	8.6%	7.6%	7.6%	7.2%	7.0%	7.7%	8.0%	8.5%	9.0%	9.0%	10.7%	11.1%	13.3%	13.30%
Gross Margin	57.8%	57.7%	57.1%	54.7%	54.1%	54.5%	54.6%	54.1%	53.6%	53.9%	53.9%	54.3%	13.3%	55.6%	55.2%	55.6%	56.3%	55.9%	56.6%	57.1%	57.08%
Operating Margin	25.4%	28.2%	21.4%	24.9%	25.1%	25.3%	28.8%	24.3%	23.2%	25.9%	23.5%	25.0%	25.3%	27.2%	25.9%	26.3%	52.3%	25.5%	26.7%	26.0%	26.02%
Net Margin	13.8%	1.8%	13.8%	0.7%	10.8%	9.5%	19.4%	11.5%	2.2%	9.5%	11.2%	7.5%	9.6%	13.8%	8.2%	15.8%	11.2%	9.8%	16.8%	19.8%	19.78%
EBITDA Margin	46.2%	27.5%	58.8%	22.5%	52.6%	25.3%	49.6%	31.2%	32.0%	31.8%	35.0%	31.5%	60.6%	33.4%	45.5%	36.6%	32.4%	35.9%	30.1%	34.7%	34.66%
FCF Margin	23.8%	23.6%	24.7%	24.3%	21.2%	20.9%	22.1%	21.3%	19.4%	18.8%	17.1%	17.1%	19.7%	20.0%	25.1%	26.6%	27.8%	32.3%	22.8%	19.5%	19.46%
OCF Margin	37.6%	36.9%	39.5%	39.2%	35.4%	35.3%	36.4%	35.1%	33.5%	32.6%	26.7%	26.7%	28.7%	29.0%	35.6%	36.8%	37.6%	41.3%	30.3%	26.0%	25.96%
ROE 3Y Avg	snapshot only																				10.33%
ROE 5Y Avg	snapshot only																				9.46%
ROA 3Y Avg	snapshot only																				4.13%
ROIC 3Y Avg	snapshot only																				7.07%
ROIC Economic	snapshot only																				13.78%
Cash ROA	snapshot only																				11.00%
Cash ROIC	snapshot only																				15.23%
CROIC	snapshot only																				11.41%
NOPAT Margin	snapshot only																				24.42%
Pretax Margin	snapshot only																				26.16%
R&D / Revenue	snapshot only																				0.00%
SGA / Revenue	snapshot only																				36.07%
SBC / Revenue	snapshot only																				0.00%

Valuation

Metric	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	Q4'25	Q1'26	Q2'26	Current
P/E Ratio	24.42	21.75	25.18	27.79	26.41	17.21	19.68	17.13	17.90	17.27	18.56	18.81	15.68	16.11	16.79	17.53	19.52	15.79	14.59	12.08	13.688
P/S Ratio	2.74	2.05	2.17	2.10	1.83	1.53	2.03	2.19	1.89	1.82	1.69	1.57	1.54	1.72	1.64	2.06	2.37	1.72	1.84	1.76	1.845
P/B Ratio	2.05	1.58	1.71	1.69	1.44	1.22	1.60	1.75	1.45	1.40	1.56	1.46	1.49	1.66	1.26	1.55	1.72	1.46	1.58	1.74	1.722
P/FCF	11.48	8.65	8.76	8.64	8.60	7.30	9.19	10.27	9.78	9.71	9.91	9.16	7.80	8.58	6.55	7.74	8.54	5.31	8.07	9.04	9.038
P/OCF	7.28	5.55	5.48	5.35	5.15	4.33	5.59	6.24	5.66	5.60	6.33	5.89	5.36	5.93	4.63	5.60	6.31	4.16	6.07	6.77	6.773
EV/EBITDA	9.85	8.28	9.17	8.94	7.78	7.14	8.58	8.53	9.13	8.50	7.84	7.45	6.36	6.78	6.20	6.98	9.58	6.81	7.77	7.22	7.224
EV/Revenue	4.36	3.63	3.57	3.48	3.17	2.86	3.24	3.38	3.15	3.07	2.59	2.46	2.47	2.65	2.66	3.09	3.54	2.54	2.65	2.45	2.454
EV/EBIT	15.75	14.09	15.10	15.49	14.76	12.32	13.71	12.99	13.47	13.17	14.86	14.71	13.49	13.90	10.78	11.68	12.89	9.53	9.71	9.23	9.231
EV/FCF	18.30	15.34	14.45	14.34	14.94	13.65	14.67	15.86	16.23	16.31	15.17	14.37	12.50	13.25	10.59	11.62	12.74	7.86	11.66	12.61	12.610
Earnings Yield	4.1%	4.6%	4.0%	3.6%	3.8%	5.8%	5.1%	5.8%	5.6%	5.8%	5.4%	5.3%	6.4%	6.2%	6.0%	5.7%	5.1%	6.3%	6.9%	8.3%	8.28%
FCF Yield	8.7%	11.6%	11.4%	11.6%	11.6%	13.7%	10.9%	9.7%	10.2%	10.3%	10.1%	10.9%	12.8%	11.7%	15.3%	12.9%	11.7%	18.8%	12.4%	11.1%	11.06%
PEG Ratio	snapshot only																				0.559
EV/OCF	snapshot only																				9.450
EV/Gross Profit	snapshot only																				4.344
Acquirers Multiple	snapshot only																				8.116
Shareholder Yield	snapshot only																				7.69%
Graham Number	snapshot only																				$85.10

Leverage & Solvency

Metric	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	Q4'25	Q1'26	Q2'26	Current
Current Ratio	0.65	0.65	0.70	0.70	0.67	0.67	0.67	0.67	0.64	0.64	0.63	0.63	0.69	0.69	0.70	0.70	0.64	0.72	0.72	0.66	0.664
Quick Ratio	0.47	0.47	0.55	0.55	0.47	0.47	0.48	0.48	0.43	0.43	0.48	0.48	0.51	0.51	0.55	0.55	0.48	0.57	0.57	0.50	0.499
Debt/Equity	1.32	1.32	1.29	1.29	1.17	1.17	1.09	1.09	1.04	1.04	0.96	0.96	1.00	1.00	0.92	0.92	0.94	0.84	0.84	0.77	0.773
Net Debt/Equity	1.22	1.22	1.11	1.11	1.06	1.06	0.95	0.95	0.95	0.95	0.83	0.83	0.90	0.90	0.78	0.78	0.85	0.70	0.70	0.69	0.688
Debt/Assets	0.42	0.42	0.41	0.41	0.39	0.39	0.38	0.38	0.37	0.37	0.36	0.36	0.37	0.37	0.35	0.35	0.36	0.33	0.33	0.33	0.331
Debt/EBITDA	3.98	3.91	4.20	4.13	3.62	3.64	3.66	3.43	3.97	3.76	3.13	3.11	2.65	2.64	2.81	2.77	3.49	2.64	2.86	2.30	2.301
Net Debt/EBITDA	3.67	3.61	3.61	3.55	3.30	3.32	3.20	3.00	3.63	3.44	2.72	2.70	2.39	2.39	2.37	2.33	3.16	2.20	2.39	2.05	2.046
Interest Coverage	4.48	3.34	2.37	2.25	2.21	2.34	3.02	3.38	2.96	3.01	2.25	2.20	2.55	2.70	3.12	3.37	2.81	3.14	3.94	4.13	4.128
Equity Multiplier	3.17	3.17	3.17	3.17	2.97	2.97	2.90	2.90	2.79	2.79	2.68	2.68	2.69	2.69	2.64	2.64	2.62	2.51	2.51	2.34	2.336
Cash Ratio	snapshot only																				0.239
Debt Service Coverage	snapshot only																				5.275
Cash to Debt	snapshot only																				0.111
FCF to Debt	snapshot only																				0.249
Defensive Interval	snapshot only																				226.3 days

Efficiency & Turnover

Metric	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	Q4'25	Q1'26	Q2'26	Current
Asset Turnover	0.23	0.24	0.24	0.25	0.26	0.27	0.27	0.27	0.28	0.28	0.35	0.35	0.36	0.35	0.28	0.28	0.28	0.35	0.35	0.44	0.435
Inventory Turnover	4.47	4.63	4.77	4.93	4.35	4.49	4.46	4.54	4.18	4.23	5.82	5.84	6.65	6.57	6.40	6.28	4.70	6.16	6.54	7.69	7.690
Receivables Turnover	13.95	14.34	16.09	16.37	14.26	14.47	16.25	16.52	13.75	13.86	18.91	18.99	16.03	15.92	14.69	14.46	11.96	13.43	15.03	20.71	20.707
Payables Turnover	1.23	1.28	1.37	1.41	1.10	1.13	1.45	1.47	1.17	1.19	1.92	1.93	1.83	1.81	1.97	1.94	1.18	1.39	1.58	1.98	1.982
DSO	26	25	23	22	26	25	22	22	27	26	19	19	23	23	25	25	31	27	24	18	17.6 days
DIO	82	79	76	74	84	81	82	80	87	86	63	63	55	56	57	58	78	59	56	47	47.5 days
DPO	297	286	266	258	333	322	253	248	311	307	190	189	199	202	185	188	309	262	230	184	184.1 days
Cash Conversion Cycle	-189	-182	-167	-162	-224	-216	-148	-145	-197	-195	-108	-108	-122	-123	-103	-105	-201	-175	-150	-119	-119.0 days
Fixed Asset Turnover	snapshot only																				4.024
Operating Cycle	snapshot only																				65.1 days
Cash Velocity	snapshot only																				11.551
Capital Intensity	snapshot only																				2.360

Growth (YoY)

Metric	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	Q4'25	Q1'26	Q2'26	Current
Revenue	7.6%	11.4%	15.8%	14.7%	9.9%	8.4%	6.4%	6.4%	4.6%	3.9%	30.8%	29.2%	28.8%	26.9%	-20.9%	-22.5%	-23.1%	-1.6%	25.2%	57.1%	57.07%
Net Income	3.7%	7.6%	2.3%	-1.8%	-32.2%	2.3%	27.8%	80.1%	60.2%	23.7%	15.3%	-15.7%	19.4%	28.2%	-14.9%	9.1%	-4.7%	0.1%	60.9%	94.7%	94.69%
EPS	3.6%	7.6%	2.2%	-2.3%	-32.3%	2.0%	27.4%	79.9%	59.6%	23.5%	15.2%	-15.7%	20.0%	28.9%	-12.8%	10.2%	-3.9%	1.5%	63.0%	96.5%	96.47%
FCF	48.6%	58.1%	31.2%	28.1%	-2.1%	-4.1%	-4.8%	-6.6%	-4.5%	-6.6%	0.8%	3.8%	31.1%	35.2%	16.5%	20.4%	8.3%	58.6%	13.4%	14.9%	14.88%
EBITDA	39.4%	42.2%	12.2%	13.7%	1.1%	-1.1%	3.2%	8.3%	-11.6%	-6.2%	14.2%	7.7%	45.0%	37.7%	2.8%	3.8%	-26.8%	-6.4%	-0.3%	20.5%	20.50%
Op. Income	6.2%	11.2%	6.9%	5.8%	-0.8%	-4.0%	10.5%	10.2%	6.7%	9.8%	21.0%	21.0%	25.0%	23.7%	-15.0%	-16.2%	3.3%	23.1%	51.3%	81.4%	81.35%
OCF Growth	snapshot only																				10.95%
Asset Growth	snapshot only																				5.57%
Equity Growth	snapshot only																				19.38%
Debt Growth	snapshot only																				0.10%
Shares Change	snapshot only																				-0.90%
Dividend Growth	snapshot only																				1.07%

Growth (CAGR)

Metric	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	Q4'25	Q1'26	Q2'26	Current
Revenue 3Y	-3.1%	-1.3%	-0.2%	0.7%	1.7%	2.3%	3.1%	4.8%	7.3%	7.9%	17.3%	16.4%	14.0%	12.7%	3.2%	2.1%	1.2%	9.1%	9.0%	16.3%	16.30%
Revenue 5Y	4.0%	4.7%	3.6%	2.4%	1.5%	0.4%	0.5%	0.8%	0.9%	1.6%	6.7%	7.0%	7.2%	7.1%	2.6%	2.9%	4.1%	9.4%	9.8%	13.9%	13.92%
EPS 3Y	-11.6%	-11.0%	1.2%	-16.3%	-20.3%	-19.2%	-14.6%	29.7%	71.0%	—	67.9%	14.0%	9.1%	17.5%	8.6%	18.7%	22.6%	17.3%	17.9%	22.2%	22.23%
EPS 5Y	4.0%	5.4%	31.0%	10.2%	-0.6%	-1.4%	-6.4%	-0.7%	-5.6%	-2.4%	8.7%	-2.3%	-0.6%	-3.5%	-9.0%	15.2%	42.0%	—	46.4%	26.3%	26.27%
Net Income 3Y	-10.5%	-10.5%	2.2%	-15.5%	-19.4%	-18.8%	-13.3%	30.9%	72.7%	—	69.9%	14.2%	9.0%	17.5%	7.8%	18.3%	22.1%	16.7%	16.4%	21.4%	21.44%
Net Income 5Y	7.9%	9.7%	30.3%	10.6%	0.2%	-1.0%	-5.7%	-0.3%	-4.9%	-2.0%	9.5%	-1.8%	-0.0%	-3.2%	-8.6%	15.6%	42.4%	—	46.3%	25.9%	25.93%
EBITDA 3Y	5.0%	8.0%	8.9%	7.8%	7.6%	8.6%	-0.6%	3.6%	7.6%	9.7%	9.8%	9.9%	9.1%	8.5%	6.6%	6.6%	-2.1%	6.5%	5.4%	10.5%	10.45%
EBITDA 5Y	15.0%	16.0%	15.7%	12.3%	10.0%	6.5%	3.1%	4.8%	0.7%	3.2%	8.8%	7.9%	9.8%	10.6%	2.9%	4.5%	5.8%	11.2%	6.3%	10.7%	10.67%
Gross Profit 3Y	-5.6%	-4.1%	-3.1%	-2.5%	-1.9%	-1.7%	-0.8%	1.0%	4.2%	5.0%	14.3%	13.7%	5.2%	4.4%	-5.3%	-5.9%	1.1%	9.5%	10.0%	17.8%	17.81%
Gross Profit 5Y	3.0%	3.6%	2.4%	1.1%	-0.2%	-1.7%	-2.1%	-2.1%	-2.1%	-1.5%	3.5%	3.8%	0.8%	0.9%	-3.8%	-3.3%	2.9%	8.3%	9.0%	13.4%	13.38%
Op. Income 3Y	-8.3%	-7.0%	-7.0%	-6.3%	-6.1%	-6.2%	-3.1%	-0.8%	4.0%	5.4%	12.7%	12.2%	9.8%	9.2%	4.4%	3.8%	11.3%	18.7%	15.9%	22.5%	22.50%
Op. Income 5Y	2.6%	3.1%	1.3%	-0.0%	-0.9%	-3.2%	-3.5%	-3.5%	-4.0%	-3.3%	1.5%	1.9%	2.0%	2.3%	-1.3%	-0.2%	7.7%	12.3%	13.0%	16.5%	16.48%
FCF 3Y	9.6%	5.4%	8.8%	9.8%	4.1%	5.0%	1.4%	1.6%	11.6%	12.3%	8.0%	7.5%	7.0%	6.6%	3.8%	5.3%	10.7%	26.0%	10.0%	12.8%	12.81%
FCF 5Y	5.3%	5.9%	10.1%	13.1%	14.1%	18.5%	14.4%	9.6%	4.3%	0.9%	4.4%	5.1%	7.1%	7.9%	4.1%	5.6%	14.5%	24.9%	10.7%	11.4%	11.42%
OCF 3Y	11.1%	8.1%	12.1%	12.9%	7.5%	8.2%	1.5%	1.4%	7.3%	7.4%	6.1%	5.9%	4.2%	4.0%	-0.3%	-0.0%	3.2%	15.0%	2.5%	5.2%	5.16%
OCF 5Y	6.5%	6.7%	10.4%	12.3%	12.5%	14.9%	12.9%	10.1%	7.0%	4.7%	5.8%	6.1%	6.3%	6.6%	1.1%	1.8%	6.6%	14.4%	6.0%	7.1%	7.07%
Assets 3Y	-2.9%	-2.9%	-2.1%	-2.1%	-3.6%	-3.6%	-3.5%	-3.5%	-1.4%	-1.4%	-1.1%	-1.1%	-1.0%	-1.0%	-1.7%	-1.7%	-0.2%	1.0%	0.9%	0.8%	0.81%
Assets 5Y	2.6%	2.6%	-3.4%	-3.4%	-3.4%	-3.4%	-2.9%	-2.9%	-1.8%	-1.8%	-1.1%	-1.1%	-2.4%	-2.4%	-2.7%	-2.7%	-1.3%	-0.6%	-0.7%	-0.7%	-0.74%
Equity 3Y	0.0%	0.0%	2.1%	2.1%	0.6%	0.6%	-1.0%	-1.0%	8.8%	8.8%	6.3%	6.3%	4.6%	4.6%	4.4%	4.4%	4.1%	6.9%	5.9%	8.4%	8.36%
Book Value 3Y	-1.1%	-0.5%	1.1%	1.2%	-0.5%	0.1%	-2.5%	-2.0%	7.8%	8.5%	5.1%	6.1%	4.6%	4.6%	5.2%	4.8%	4.4%	7.5%	7.2%	9.1%	9.07%
Dividend 3Y	-21.2%	-24.4%	-8.8%	-1.6%	-4.2%	5.4%	1.8%	2.1%	9.6%	9.9%	4.0%	5.5%	1.1%	1.7%	-0.6%	-2.6%	5.3%	7.3%	17.3%	27.9%	27.92%

Growth Quality

Metric	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	Q4'25	Q1'26	Q2'26	Current
Revenue Stability	0.17	0.29	0.21	0.14	0.06	0.00	0.00	0.03	0.11	0.27	0.46	0.53	0.59	0.64	0.37	0.38	0.45	0.90	0.62	0.64	0.640
Earnings Stability	0.00	0.01	0.00	0.02	0.07	0.08	0.11	0.05	0.10	0.03	0.02	0.09	0.09	0.04	0.00	0.73	0.70	0.80	0.81	0.70	0.695
Margin Stability	0.97	0.96	0.96	0.96	0.96	0.95	0.95	0.94	0.94	0.94	0.94	0.94	0.89	0.89	0.88	0.89	0.91	0.91	0.90	0.90	0.902
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	1.00	1.00	1.00	0.00	0.00	0.00	0.00	0.50	0.50	0.500
Earn. Growth Consistency	0.50	0.50	0.50	0.00	0.00	1.00	1.00	0.50	0.50	1.00	1.00	0.00	1.00	1.00	0.00	0.50	0.00	1.00	0.50	1.00	1.000
FCF Positive Streak	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1
Earnings Persistence	0.50	0.20	0.50	0.99	0.87	0.50	0.89	0.50	0.50	0.91	0.94	0.94	0.92	0.89	0.94	0.96	0.98	1.00	0.50	0.50	0.500
Earnings Smoothness	0.00	—	0.00	0.98	0.62	0.98	0.76	0.43	0.54	0.79	0.86	0.83	0.82	0.75	0.84	0.91	0.95	1.00	0.53	0.36	0.357
ROE Trend	0.02	0.01	-0.00	0.01	0.00	0.04	0.04	0.04	0.01	0.01	0.01	-0.00	0.03	0.03	-0.01	-0.00	0.00	0.00	0.03	0.06	0.061
Gross Margin Trend	-0.03	-0.02	-0.02	-0.02	-0.03	-0.03	-0.03	-0.03	-0.03	-0.02	-0.02	-0.02	-0.09	-0.09	-0.10	-0.10	0.06	0.06	0.07	0.07	0.073
FCF Margin Trend	0.05	0.06	0.02	0.02	0.01	0.01	-0.01	-0.02	-0.03	-0.03	-0.06	-0.06	-0.01	0.00	0.06	0.07	0.08	0.13	0.02	-0.02	-0.024
Sustainable Growth Rate	3.3%	3.3%	2.0%	1.1%	0.9%	2.4%	3.2%	5.3%	2.4%	2.4%	3.3%	2.5%	3.7%	4.3%	2.2%	3.6%	2.3%	2.8%	3.6%	6.0%	6.00%
Internal Growth Rate	1.0%	1.0%	0.6%	0.3%	0.3%	0.8%	1.1%	1.8%	0.8%	0.8%	1.2%	0.9%	1.4%	1.6%	0.8%	1.4%	0.9%	1.1%	1.4%	2.5%	2.48%

Cash Flow Quality

Metric	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	Q4'25	Q1'26	Q2'26	Current
OCF/Net Income	3.36	3.92	4.60	5.19	5.13	3.97	3.52	2.75	3.16	3.08	2.93	3.19	2.93	2.72	3.63	3.13	3.09	3.80	2.40	1.78	1.784
FCF/OCF	0.63	0.64	0.63	0.62	0.60	0.59	0.61	0.61	0.58	0.58	0.64	0.64	0.69	0.69	0.71	0.72	0.74	0.78	0.75	0.75	0.749
FCF/Net Income	snapshot only																				1.337
OCF/EBITDA	snapshot only																				0.764
CapEx/Revenue	13.8%	13.2%	14.8%	14.9%	14.2%	14.3%	14.2%	13.8%	14.1%	13.8%	9.6%	9.4%	8.9%	8.8%	10.2%	10.0%	9.7%	9.0%	7.5%	6.5%	6.51%
CapEx/Depreciation	snapshot only																				0.881
Accruals Ratio	-0.06	-0.07	-0.08	-0.08	-0.07	-0.07	-0.07	-0.06	-0.06	-0.06	-0.06	-0.06	-0.07	-0.06	-0.07	-0.07	-0.07	-0.11	-0.06	-0.05	-0.050
Sloan Accruals	snapshot only																				-0.038
Cash Flow Adequacy	snapshot only																				1.676
Earnings Quality Score	snapshot only																				1.000

Dividends & Buybacks

Metric	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	Q4'25	Q1'26	Q2'26	Current
Dividend Yield	2.6%	2.6%	2.8%	3.0%	3.2%	3.9%	3.1%	2.9%	4.0%	4.2%	3.4%	3.7%	3.9%	3.6%	4.2%	3.3%	3.8%	4.5%	4.7%	5.1%	1.57%
Dividend/Share	$1.77	$1.41	$1.63	$1.70	$1.61	$1.68	$1.80	$1.86	$2.17	$2.24	$2.09	$2.20	$2.26	$2.37	$2.06	$2.03	$2.63	$2.91	$3.25	$4.20	$1.28
Payout Ratio	62.7%	57.1%	71.5%	82.1%	84.2%	66.3%	61.8%	49.8%	71.3%	71.7%	62.4%	69.9%	61.7%	58.8%	70.6%	58.6%	74.8%	71.3%	68.3%	61.8%	61.75%
FCF Payout Ratio	29.5%	22.7%	24.9%	25.5%	27.4%	28.1%	28.9%	29.9%	38.9%	40.3%	33.3%	34.0%	30.7%	31.3%	27.5%	25.9%	32.7%	24.0%	37.8%	46.2%	46.20%
Total Payout Ratio	97.5%	1.4%	1.6%	1.3%	1.4%	66.3%	61.8%	49.8%	71.3%	71.7%	67.8%	77.1%	79.0%	75.9%	89.5%	76.6%	1.1%	1.0%	1.0%	92.9%	92.94%
Div. Increase Streak	0	0	0	0	0	0	0	0	0	1	1	1	1	1	0	0	1	1	0	0	0
Chowder Number	-0.47	-0.53	-0.19	0.01	-0.06	0.23	0.14	0.12	0.40	0.38	0.20	0.22	0.07	0.09	0.00	-0.05	0.19	0.26	0.60	1.10	1.104
Buyback Yield	1.4%	3.7%	3.4%	1.7%	1.9%	0.0%	0.0%	0.0%	0.0%	0.0%	0.3%	0.4%	1.1%	1.1%	1.1%	1.0%	1.8%	2.1%	2.3%	2.6%	2.58%
Net Buyback Yield	-0.6%	1.1%	1.0%	0.5%	0.6%	0.0%	0.0%	0.0%	0.0%	0.0%	-0.0%	0.0%	0.7%	0.7%	1.1%	1.0%	1.8%	2.1%	2.3%	2.6%	2.58%
Total Shareholder Return	2.0%	3.8%	3.9%	3.5%	3.8%	3.9%	3.1%	2.9%	4.0%	4.2%	3.3%	3.7%	4.7%	4.4%	5.3%	4.4%	5.6%	6.6%	7.0%	7.7%	7.69%

DuPont Factors

Metric	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	Q4'25	Q1'26	Q2'26	Current
Tax Burden (NI/EBT)	0.60	0.55	0.55	0.53	0.50	0.56	0.63	0.66	0.65	0.64	0.59	0.56	0.51	0.53	0.46	0.51	0.46	0.46	0.50	0.56	0.556
Interest Burden (EBT/EBIT)	0.68	0.67	0.66	0.63	0.65	0.68	0.70	0.74	0.70	0.70	0.89	0.89	1.06	1.06	0.86	0.87	0.96	0.89	0.92	0.98	0.984
EBIT Margin	0.28	0.26	0.24	0.22	0.21	0.23	0.24	0.26	0.23	0.23	0.17	0.17	0.18	0.19	0.25	0.26	0.27	0.27	0.27	0.27	0.266
Asset Turnover	0.23	0.24	0.24	0.25	0.26	0.27	0.27	0.27	0.28	0.28	0.35	0.35	0.36	0.35	0.28	0.28	0.28	0.35	0.35	0.44	0.435
Equity Multiplier	3.44	3.44	3.25	3.25	3.07	3.07	3.03	3.03	2.88	2.88	2.79	2.79	2.74	2.74	2.66	2.66	2.65	2.59	2.57	2.47	2.475

Per Share

Metric	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	Q4'25	Q1'26	Q2'26	Current
EPS (Diluted TTM)	$2.82	$2.48	$2.28	$2.07	$1.91	$2.53	$2.91	$3.73	$3.05	$3.12	$3.35	$3.14	$3.66	$4.03	$2.92	$3.47	$3.51	$4.08	$4.76	$6.81	$6.81
Book Value/Share	$33.54	$34.20	$33.58	$34.13	$34.95	$35.56	$35.78	$36.43	$37.71	$38.42	$39.82	$40.59	$38.41	$39.16	$39.06	$39.24	$39.82	$44.14	$44.13	$47.27	$51.20
Tangible Book/Share	$-44.81	$-45.68	$-42.82	$-43.52	$-41.16	$-41.88	$-38.91	$-39.61	$-38.79	$-39.52	$-37.27	$-37.99	$-37.05	$-37.77	$-36.08	$-36.25	$-37.12	$-36.71	$-36.71	$-34.74	$-34.74
Revenue/Share	$25.14	$26.36	$26.55	$27.46	$27.60	$28.49	$28.17	$29.16	$28.77	$29.55	$36.79	$37.67	$37.26	$37.72	$29.84	$29.51	$28.88	$37.61	$37.82	$46.78	$39.09
FCF/Share	$5.99	$6.23	$6.56	$6.67	$5.86	$5.96	$6.23	$6.22	$5.58	$5.55	$6.27	$6.46	$7.35	$7.56	$7.50	$7.85	$8.03	$12.14	$8.61	$9.10	$7.82
OCF/Share	$9.46	$9.72	$10.50	$10.76	$9.78	$10.04	$10.24	$10.24	$9.62	$9.62	$9.82	$10.04	$10.70	$10.94	$10.61	$10.85	$10.86	$15.52	$11.44	$12.15	$10.44
Cash/Share	$3.46	$3.53	$6.06	$6.16	$3.60	$3.66	$4.87	$4.96	$3.38	$3.44	$5.06	$5.16	$3.69	$3.77	$5.69	$5.71	$3.59	$6.04	$6.04	$4.05	$4.05
EBITDA/Share	$11.14	$11.55	$10.35	$10.69	$11.25	$11.39	$10.65	$11.56	$9.91	$10.67	$12.15	$12.45	$14.46	$14.77	$12.80	$13.07	$10.68	$14.01	$12.92	$15.89	$15.89
Debt/Share	$44.32	$45.18	$43.44	$44.15	$40.76	$41.47	$39.00	$39.70	$39.39	$40.13	$38.06	$38.79	$38.28	$39.02	$36.03	$36.19	$37.31	$36.93	$36.92	$36.56	$36.56
Net Debt/Share	$40.86	$41.66	$37.38	$37.99	$37.16	$37.81	$34.12	$34.74	$36.01	$36.69	$33.00	$33.64	$34.58	$35.26	$30.34	$30.48	$33.72	$30.89	$30.88	$32.51	$32.51

Academic Models

Metric	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	Q4'25	Q1'26	Q2'26	Current
Altman Z-Score	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	1.898
Altman Z-Prime	snapshot only																				2.649
Piotroski F-Score	7	6	6	6	6	7	6	6	6	6	6	7	8	9	7	8	6	7	9	8	8
Beneish M-Score	-2.60	-2.65	-2.79	-2.79	-2.77	-2.76	-2.75	-2.73	-2.13	-2.12	-1.93	-2.12	-1.16	-2.85	-2.60	-2.97	-3.33	-2.47	-2.52	-1.93	-1.932
Ohlson O-Score	snapshot only																				-9.211
Net-Net WC	snapshot only																				$-48.00
EVA	snapshot only																				$6806170329.19

Credit

Metric	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	Q4'25	Q1'26	Q2'26	Current
Credit Rating	snapshot only																				BBB-
Credit Score	41.55	37.05	33.00	33.00	34.80	34.80	43.65	42.15	33.30	37.05	39.90	39.90	42.60	42.60	47.25	47.25	40.80	56.25	47.25	52.05	52.050
Credit Grade	snapshot only																				10
Credit Trend	snapshot only																				4.800
Implied Spread (bps)	snapshot only																				350.000

BUDFF OTC

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

Workforce & Productivity

Scaling Efficiency

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