Also trades as: CFR (NYSE) · $vol 85M

$15.59

+0.12 (+0.74%)

Weekly Expected Move ±2.2%

$15 $15 $15 $16 $16

NYSE · Financial Services · Banks - Regional · Tech Score Strong Sell · Power 33 · $10.0B mcap · 6M float · 0.264% daily turnover

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.

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

Dividends 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: 5Hold: 19Sell: 3Strong Sell: 0

Rating Summary

ConsensusHold

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.

A+

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

Rating Change History

Date	From	To
2026-10-26	A	A+
2026-10-12	A+	A
2026-10-01	A	A+
2026-08-18	A-	A
2026-08-17	A	A-
2026-05-11	A+	A
2026-04-30	C+	A+
2026-02-02	A	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.

★ ★ ★ ★ ★ 52 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. CFR-PB scores highest in Value (91/100) and lowest in Balance Sheet (21/100). An overall grade of A places CFR-PB 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

2.00

Grey Zone

Piotroski F-Score

6/9

✓ ✓ ✓ ✓ ✗ ✗ ✓ ✓ ✗

Beneish M-Score

-2.69

Unlikely Manipulator

Ohlson O-Score

-5.46

Bankruptcy prob: 0.4%

Low Risk

Credit Rating

BBB+

Score: 60.3/100

Trend: Deteriorating

Earnings Quality

100/100

OCF/NI: 1.05x

Accruals: -0.1%

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. CFR-PB scores 2.00, 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. CFR-PB 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. CFR-PB's score of -2.69 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. CFR-PB'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. CFR-PB receives an estimated rating of BBB+ (score: 60.3/100), with a deteriorating trend. The Earnings Quality score measures how well reported earnings are backed by real cash. It evaluates the operating cash flow to net income ratio (OCF/NI ≥ 1.0 means every dollar of earnings is cash-backed) and the accruals ratio (the gap between earnings and cash flow relative to assets — lower is better). CFR-PB'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

14.85x

PEG

1.05x

P/S

3.71x

P/B

2.14x

P/FCF

1.60x

P/OCF

1.43x

EV/EBITDA

6.41x

EV/Revenue

2.18x

EV/EBIT

7.08x

EV/FCF

8.92x

Earnings Yield

66.25%

FCF Yield

62.56%

Shareholder Yield

56.45%

Graham Number

$134.33

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 14.9x earnings, CFR-PB trades at a reasonable valuation. An earnings yield of 66.2% exceeds typical risk-free rates, suggesting equities are being compensated for risk. Graham's intrinsic value formula yields $134.33 per share, suggesting a potential 762% 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

0.841

NI / EBT

Interest Burden

1.000

EBT / EBIT

EBIT Margin

0.308

EBIT / Rev

Asset Turnover

0.050

Rev / Assets

Equity Multiplier

11.934

Assets / Equity

ROE

15.5%

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. CFR-PB's ROE of 15.5% is driven by financial leverage (equity multiplier: 11.93x). 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.

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

Adj. Growth Rate

0.05%

Fair P/E

8.59x

Intrinsic Value

$93.57

Price/Value

0.18x

Margin of Safety

82.43%

Premium

-82.43%

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 CFR-PB's realized 0.0% 3-year EPS CAGR, capped at 15% — demonstrated performance rather than forecasts, held to a rate companies have historically sustained. At an intrinsic value of $93.57, CFR-PB appears undervalued with a 82% margin of safety. The adjusted fair P/E of 8.6x compares to the current market P/E of 14.9x.

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 1494 days of historical volatility. Percentile bands show the range of statistically plausible outcomes — this is a statistical model, not a forecast.

Current Price

$15.59

Median 1Y

$14.88

5th Pctile

$11.33

95th Pctile

$19.55

Ann. Volatility

16.6%

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

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
Phillip D. Green Chairman of the Board and CEO of Cullen/Frost and Frost Bank	$1,260,000	$4,000,081	$7,625,974
Paul H. Bracher President, Group Executive Vice President and Chief Banking Officer of Cullen/Frost and Frost Bank	$690,000	$950,474	$2,465,940
Jimmy Stead Group Executive Vice President and Chief Consumer Banking and Technology Officer of Cullen/Frost and Frost Bank	$655,000	$900,005	$2,330,057
Coolidge E. Rhodes, Jr. Group Executive Vice President and General Counsel and Corporate Secretary of Cullen/Frost and Frost Bank	$640,000	$699,980	$2,102,556
Daniel J. Geddes Group Executive Vice President and CFO of Cullen/Frost and Frost Bank	$500,000	$650,484	$1,700,948

CEO Pay Ratio

51:1

CEO-to-Employee Pay Ratio

CEO Total Comp: $7,625,974

Avg Employee Cost (SGA/emp): $149,195

Employees: 6,008

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

6,008

+2.6% YoY

Revenue / Employee

$485,992

Rev: $2,919,842,000

Profit / Employee

$107,949

NI: $648,557,000

SGA / Employee

$149,195

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	9.8%	10.1%	10.6%	11.1%	13.6%	15.3%	18.2%	20.8%	23.6%	17.4%	15.6%	15.3%	14.9%	15.3%	15.4%	15.5%	14.8%	15.3%	15.5%	15.5%	15.50%
ROA	0.9%	1.0%	0.9%	0.9%	1.0%	1.1%	1.3%	1.4%	1.4%	1.2%	1.1%	1.1%	1.1%	1.1%	1.2%	1.2%	1.2%	1.2%	1.3%	1.3%	1.30%
ROIC	-2.0%	-1.9%	-1.7%	-1.7%	-1.9%	-2.6%	-3.4%	-4.1%	-4.1%	-3.5%	-3.5%	-3.7%	-3.3%	-3.5%	-1.4%	-7.0%	-6.8%	-1.0%	7.8%	7.3%	7.31%
ROCE	10.3%	10.5%	11.9%	13.6%	18.5%	19.9%	20.8%	22.8%	25.2%	14.9%	14.1%	13.6%	12.0%	12.8%	13.9%	13.7%	14.0%	13.8%	1.6%	1.7%	1.66%
Gross Margin	98.2%	98.3%	98.0%	95.5%	89.6%	82.1%	77.4%	74.1%	72.0%	70.1%	70.0%	69.6%	69.1%	71.9%	74.3%	74.2%	75.2%	76.4%	98.8%	98.8%	98.83%
Operating Margin	35.1%	31.2%	31.2%	34.6%	38.9%	36.0%	32.9%	30.0%	28.0%	17.4%	23.2%	24.8%	24.3%	25.4%	25.3%	25.9%	27.9%	26.5%	35.2%	35.5%	35.45%
Net Margin	31.3%	28.4%	27.7%	29.4%	33.4%	31.3%	27.7%	25.1%	23.3%	14.8%	19.5%	20.6%	20.3%	21.4%	21.3%	21.8%	23.4%	22.3%	29.7%	29.8%	29.82%
EBITDA Margin	40.2%	36.2%	36.1%	39.0%	42.4%	39.0%	35.8%	32.9%	30.9%	20.3%	26.1%	27.6%	27.1%	28.4%	28.3%	29.0%	30.9%	29.5%	39.1%	38.7%	38.69%
FCF Margin	39.9%	41.7%	49.2%	36.1%	33.9%	33.0%	19.5%	24.6%	22.6%	12.1%	24.0%	23.0%	25.2%	30.2%	2.6%	3.0%	4.1%	7.9%	27.5%	24.4%	24.42%
OCF Margin	43.6%	46.5%	53.9%	40.6%	39.1%	38.4%	25.8%	31.2%	29.0%	18.1%	29.6%	28.0%	29.9%	34.7%	7.2%	7.5%	5.4%	9.4%	29.0%	27.2%	27.22%
ROE 3Y Avg	snapshot only																				14.67%
ROE 5Y Avg	snapshot only																				15.49%
ROA 3Y Avg	snapshot only																				1.19%
ROIC 3Y Avg	snapshot only																				7.30%
ROIC Economic	snapshot only																				6.84%
Cash ROA	snapshot only																				1.34%
Cash ROIC	snapshot only																				7.70%
CROIC	snapshot only																				6.91%
NOPAT Margin	snapshot only																				25.86%
Pretax Margin	snapshot only																				30.75%
R&D / Revenue	snapshot only																				0.00%
SGA / Revenue	snapshot only																				39.67%
SBC / Revenue	snapshot only																				1.00%

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	3.12	3.00	2.65	2.35	2.00	1.72	1.60	1.51	1.36	1.69	2.02	1.91	2.43	1.80	1.81	1.78	1.79	1.70	1.61	1.51	14.852
P/S Ratio	0.97	0.95	0.80	0.69	0.60	0.53	0.49	0.44	0.36	0.38	0.41	0.37	0.46	0.37	0.38	0.38	0.39	0.38	0.39	0.39	3.705
P/B Ratio	0.31	0.30	0.30	0.30	0.35	0.32	0.30	0.31	0.31	0.27	0.31	0.28	0.31	0.27	0.26	0.26	0.26	0.24	0.24	0.22	2.140
P/FCF	2.43	2.28	1.62	1.90	1.78	1.61	2.49	1.79	1.61	3.15	1.73	1.62	1.81	1.22	14.53	12.65	9.51	4.77	1.41	1.60	1.599
P/OCF	2.23	2.05	1.48	1.69	1.54	1.38	1.88	1.41	1.25	2.11	1.40	1.33	1.53	1.06	5.28	5.03	7.24	4.03	1.34	1.43	1.434
EV/EBITDA	-44.47	-46.79	-50.09	-49.40	-43.75	-32.60	-25.74	-21.67	-21.16	-25.11	-24.60	-23.75	-26.55	-25.20	-4.33	-14.63	-14.98	-4.78	5.76	6.41	6.414
EV/Revenue	-17.52	-18.74	-19.40	-18.72	-16.98	-12.83	-10.00	-8.06	-7.31	-7.49	-6.75	-6.22	-6.73	-6.89	-1.21	-4.13	-4.37	-1.41	1.83	2.18	2.179
EV/EBIT	-50.85	-53.41	-57.43	-56.61	-49.30	-36.08	-28.16	-23.59	-23.10	-27.81	-27.50	-26.70	-29.97	-28.20	-4.84	-16.36	-16.70	-5.33	6.40	7.08	7.084
EV/FCF	-43.85	-44.89	-39.39	-51.80	-50.10	-38.92	-51.26	-32.81	-32.34	-61.86	-28.13	-27.08	-26.65	-22.77	-46.40	-137.96	-105.56	-17.76	6.63	8.92	8.921
Earnings Yield	32.1%	33.3%	37.7%	42.5%	49.9%	58.0%	62.6%	66.1%	73.5%	59.3%	49.6%	52.4%	41.2%	55.4%	55.2%	56.0%	55.9%	58.7%	61.9%	66.2%	66.25%
FCF Yield	41.1%	43.8%	61.6%	52.6%	56.2%	62.1%	40.2%	55.8%	62.1%	31.8%	57.8%	61.8%	55.2%	82.0%	6.9%	7.9%	10.5%	21.0%	71.1%	62.6%	62.56%
PEG Ratio	snapshot only																				1.054
Price/Tangible Book	snapshot only																				0.223
EV/OCF	snapshot only																				8.003
EV/Gross Profit	snapshot only																				2.539
Acquirers Multiple	snapshot only																				7.084
Shareholder Yield	snapshot only																				56.45%
Graham Number	snapshot only																				$134.33

Leverage & Solvency

Metric	Q3'21	Q4'21	Q1'22	Q2'22	Q3'22	Q4'22	Q1'23	Q2'23	Q3'23	Q4'23	Q1'24	Q2'24	Q3'24	Q4'24	Q1'25	Q2'25	Q3'25	Q4'25	Q1'26	Q2'26	Current
Current Ratio	0.66	0.67	0.66	0.65	0.64	0.63	0.59	0.56	0.56	0.55	0.53	0.50	0.54	0.54	0.20	0.38	0.40	0.21	0.20	0.19	0.194
Quick Ratio	0.66	0.67	0.66	0.65	0.64	0.63	0.59	0.56	0.56	0.55	0.53	0.50	0.54	0.54	0.20	0.38	0.40	0.21	0.20	0.19	0.194
Debt/Equity	0.56	0.67	0.56	0.58	0.83	1.57	1.30	1.12	1.32	1.17	1.16	1.10	1.03	1.18	1.15	1.11	1.08	1.04	1.03	1.17	1.174
Net Debt/Equity	-5.83	-6.19	-7.56	-8.49	-10.17	-8.01	-6.54	-6.04	-6.56	-5.60	-5.32	-4.97	-4.90	-5.30	-1.10	-3.08	-3.09	-1.14	0.88	1.02	1.023
Debt/Assets	0.05	0.06	0.04	0.04	0.04	0.09	0.09	0.08	0.08	0.09	0.08	0.08	0.08	0.09	0.09	0.09	0.09	0.09	0.09	0.10	0.101
Debt/EBITDA	4.53	5.35	3.84	3.48	3.69	6.67	5.38	4.25	4.48	5.53	5.68	5.55	5.96	5.89	5.91	5.76	5.70	5.55	5.26	6.04	6.042
Net Debt/EBITDA	-46.94	-49.17	-52.15	-51.21	-45.31	-33.95	-26.99	-22.85	-22.21	-26.39	-26.11	-25.17	-28.35	-26.55	-5.68	-15.97	-16.33	-6.07	4.54	5.26	5.265
Interest Coverage	19.50	20.48	18.82	12.78	6.63	3.63	2.46	1.82	1.41	1.08	0.92	0.85	0.80	0.89	0.94	0.99	1.07	1.13	1.21	1.31	1.306
Equity Multiplier	10.95	11.46	13.58	15.47	18.83	16.86	14.78	14.35	16.25	13.68	13.61	13.32	12.34	13.47	12.64	12.24	11.78	11.60	11.64	11.66	11.656
Cash Ratio	snapshot only																				0.142
Debt Service Coverage	snapshot only																				1.443
Cash to Debt	snapshot only																				0.129
FCF to Debt	snapshot only																				0.119
Defensive Interval	snapshot only																				238.9 days

Efficiency & Turnover

Metric	Q3'21	Q4'21	Q1'22	Q2'22	Q3'22	Q4'22	Q1'23	Q2'23	Q3'23	Q4'23	Q1'24	Q2'24	Q3'24	Q4'24	Q1'25	Q2'25	Q3'25	Q4'25	Q1'26	Q2'26	Current
Asset Turnover	0.03	0.03	0.03	0.03	0.03	0.04	0.04	0.05	0.05	0.05	0.05	0.06	0.06	0.06	0.06	0.06	0.06	0.06	0.05	0.05	0.050
Inventory Turnover	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—
Receivables Turnover	2.16	2.33	2.21	1.83	1.89	2.22	2.45	2.42	1.65	4.91	5.46	5.51	2.78	—	—	—	—	—	29.02	20.72	20.721
Payables Turnover	0.03	0.03	0.03	0.04	0.06	0.23	0.31	0.59	0.60	1.63	1.43	2.33	2.18	—	—	—	—	—	—	—	—
DSO	169	157	165	200	193	164	149	151	222	74	67	66	131	0	0	0	0	0	13	18	17.6 days
DIO	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0.0 days
DPO	13500	11305	12115	9716	5729	1578	1161	621	609	224	255	157	167	0	0	0	0	0	0	0	—
Cash Conversion Cycle	-13331	-11148	-11950	-9517	-5536	-1414	-1012	-470	-387	-150	-188	-91	-36	0	0	0	0	0	13	18	—
Fixed Asset Turnover	snapshot only																				1.929
Cash Velocity	snapshot only																				3.789
Capital Intensity	snapshot only																				20.384

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	—	3.1%	1.1%	41.5%	17.9%	34.8%	53.1%	64.3%	57.6%	40.7%	24.9%	15.0%	10.0%	7.7%	5.9%	4.0%	2.8%	2.5%	-2.7%	-8.0%	-8.02%
Net Income	—	4.0%	1.1%	32.5%	13.6%	30.7%	54.3%	64.0%	40.4%	3.3%	-15.5%	-23.0%	-22.8%	-2.6%	7.5%	13.0%	20.2%	11.3%	11.9%	12.2%	12.21%
EPS	—	3.9%	1.1%	31.8%	12.9%	30.1%	53.9%	64.1%	41.0%	3.8%	-15.1%	-22.9%	-22.6%	-2.5%	7.6%	12.9%	20.1%	12.4%	13.1%	15.0%	15.01%
FCF	—	15.4%	1.9%	48.5%	0.0%	6.5%	-39.4%	11.7%	5.2%	-48.4%	53.7%	7.5%	22.8%	1.7%	-88.5%	-86.5%	-83.1%	-73.1%	9.3%	6.5%	6.51%
EBITDA	—	3.9%	1.2%	37.1%	16.1%	32.5%	53.5%	61.4%	40.3%	6.6%	-11.8%	-19.1%	-19.4%	-1.3%	7.6%	11.9%	18.3%	10.4%	10.7%	10.7%	10.74%
Op. Income	—	4.1%	1.2%	36.7%	17.9%	36.6%	60.9%	69.8%	44.9%	6.5%	-13.7%	-21.6%	-22.0%	-2.3%	7.6%	12.5%	19.8%	10.9%	11.4%	12.1%	12.13%
OCF Growth	snapshot only																				2.33%
Asset Growth	snapshot only																				4.81%
Equity Growth	snapshot only																				10.05%
Debt Growth	snapshot only																				16.24%
Shares Change	snapshot only																				-2.43%
Dividend Growth	snapshot only																				5.74%

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	—	—	—	—	—	—	—	—	—	98.1%	58.4%	38.8%	26.9%	26.9%	26.5%	25.2%	21.2%	15.8%	8.8%	3.2%	3.20%
Revenue 5Y	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	53.7%	32.6%	20.6%	20.64%
EPS 3Y	—	—	—	—	—	—	—	—	—	88.2%	39.2%	18.6%	7.2%	9.6%	12.0%	12.6%	9.4%	4.4%	1.1%	0.0%	0.05%
EPS 5Y	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	48.8%	26.8%	16.7%	16.71%
Net Income 3Y	—	—	—	—	—	—	—	—	—	89.2%	39.6%	18.7%	7.2%	9.6%	11.9%	12.6%	9.2%	3.8%	0.6%	-0.8%	-0.82%
Net Income 5Y	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	49.0%	26.8%	16.2%	16.23%
EBITDA 3Y	—	—	—	—	—	—	—	—	—	90.8%	42.8%	21.4%	9.5%	11.7%	13.4%	13.5%	10.2%	5.1%	1.7%	0.1%	0.11%
EBITDA 5Y	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	49.9%	28.3%	17.3%	17.28%
Gross Profit 3Y	—	—	—	—	—	—	—	—	—	82.4%	43.5%	24.8%	13.6%	13.4%	13.7%	13.4%	11.6%	9.0%	6.7%	5.5%	5.51%
Gross Profit 5Y	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	46.9%	27.8%	17.7%	17.75%
Op. Income 3Y	—	—	—	—	—	—	—	—	—	94.4%	44.3%	22.1%	10.0%	12.4%	14.3%	14.4%	10.6%	4.9%	1.2%	-0.4%	-0.37%
Op. Income 5Y	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	51.4%	29.2%	18.1%	18.09%
FCF 3Y	—	—	—	—	—	—	—	—	—	1.1%	38.8%	21.3%	8.9%	13.9%	-52.5%	-45.4%	-39.9%	-28.0%	22.1%	3.0%	2.99%
FCF 5Y	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	45.4%	25.9%	12.6%	12.63%
OCF 3Y	—	—	—	—	—	—	—	—	—	1.1%	43.8%	24.8%	11.9%	15.1%	-35.4%	-28.6%	-37.2%	-27.6%	13.1%	-1.4%	-1.40%
OCF 5Y	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	41.0%	24.6%	12.6%	12.59%
Assets 3Y	—	—	—	—	—	—	—	—	—	6.2%	4.0%	1.5%	2.1%	1.1%	0.5%	-0.2%	-0.3%	0.1%	1.0%	3.5%	3.50%
Assets 5Y	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	4.6%	3.7%	2.9%	2.90%
Equity 3Y	—	—	—	—	—	—	—	—	—	-4.7%	-5.2%	-5.7%	-1.8%	-4.2%	2.9%	7.9%	16.6%	13.4%	9.3%	10.9%	10.93%
Book Value 3Y	—	—	—	—	—	—	—	—	—	-5.2%	-5.5%	-5.8%	-1.8%	-4.2%	3.0%	7.9%	16.9%	14.0%	9.9%	11.9%	11.89%
Dividend 3Y	—	—	—	—	—	—	—	—	—	2.8%	2.2%	1.7%	1.6%	1.4%	1.3%	1.5%	1.8%	2.3%	2.3%	1.9%	1.93%

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	—	—	—	—	—	0.96	1.00	0.96	0.90	0.98	0.99	0.97	0.94	0.96	0.93	0.86	0.81	0.91	0.85	0.74	0.745
Earnings Stability	—	—	—	—	—	0.94	1.00	0.94	0.91	0.83	0.72	0.54	0.34	0.70	0.65	0.53	0.46	0.69	0.68	0.62	0.618
Margin Stability	—	—	—	—	—	0.96	0.92	0.89	0.87	0.88	0.86	0.85	0.84	0.84	0.84	0.85	0.86	0.87	0.87	0.87	0.867
Rev. Growth Consistency	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	1.00	1.00	1.00	1.00	1.00	0.00	0.00	0.000
Earn. Growth Consistency	0.00	0.50	0.50	0.50	0.50	1.00	1.00	1.00	1.00	1.00	0.00	0.00	0.00	0.00	0.50	0.50	0.50	0.50	1.00	1.00	1.000
FCF Positive Streak	0	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1
Earnings Persistence	—	—	—	—	—	0.88	0.50	0.50	0.84	0.99	0.94	0.91	0.91	0.99	0.97	0.95	0.92	0.95	0.95	0.95	0.951
Earnings Smoothness	—	0.00	0.30	0.72	0.87	0.73	0.57	0.52	0.66	0.97	0.83	0.74	0.74	0.97	0.93	0.88	0.82	0.89	0.89	0.88	0.885
ROE Trend	—	—	—	—	—	0.12	0.11	0.11	0.09	0.02	0.00	-0.02	-0.07	-0.02	-0.03	-0.03	-0.04	-0.01	-0.00	0.00	0.002
Gross Margin Trend	—	—	—	—	—	-0.06	-0.12	-0.17	-0.20	-0.21	-0.20	-0.18	-0.16	-0.12	-0.07	-0.03	0.01	0.03	0.09	0.14	0.144
FCF Margin Trend	—	—	—	—	—	0.07	-0.23	-0.11	-0.14	-0.25	-0.10	-0.07	-0.03	0.08	-0.19	-0.21	-0.20	-0.13	0.14	0.11	0.114
Sustainable Growth Rate	5.5%	5.7%	5.7%	5.9%	7.8%	9.6%	12.0%	13.9%	15.5%	10.5%	8.8%	8.3%	7.9%	8.8%	8.9%	9.0%	8.8%	9.1%	9.4%	9.5%	9.51%
Internal Growth Rate	0.5%	0.5%	0.5%	0.5%	0.6%	0.7%	0.9%	0.9%	0.9%	0.7%	0.6%	0.6%	0.6%	0.6%	0.7%	0.7%	0.7%	0.7%	0.8%	0.8%	0.80%

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	1.40	1.46	1.79	1.39	1.30	1.25	0.85	1.07	1.08	0.80	1.44	1.43	1.59	1.70	0.34	0.35	0.25	0.42	1.21	1.05	1.053
FCF/OCF	0.92	0.90	0.91	0.89	0.87	0.86	0.76	0.79	0.78	0.67	0.81	0.82	0.84	0.87	0.36	0.40	0.76	0.84	0.95	0.90	0.897
FCF/Net Income	snapshot only																				0.944
OCF/EBITDA	snapshot only																				0.801
CapEx/Revenue	3.7%	4.7%	4.6%	4.5%	5.2%	5.5%	6.3%	6.6%	6.4%	6.0%	5.6%	5.0%	4.6%	4.5%	4.6%	4.5%	1.3%	1.5%	1.4%	2.8%	2.80%
CapEx/Depreciation	snapshot only																				0.871
Accruals Ratio	-0.00	-0.00	-0.01	-0.00	-0.00	-0.00	0.00	-0.00	-0.00	0.00	-0.00	-0.00	-0.01	-0.01	0.01	0.01	0.01	0.01	-0.00	-0.00	-0.001
Sloan Accruals	snapshot only																				0.465
Cash Flow Adequacy	snapshot only																				2.128
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	14.3%	14.7%	17.5%	19.9%	21.2%	21.7%	21.4%	21.9%	25.2%	23.7%	21.6%	23.9%	19.2%	23.7%	23.2%	23.6%	22.7%	23.7%	24.5%	25.6%	2.58%
Dividend/Share	$2.99	$3.05	$3.07	$3.10	$3.23	$3.35	$3.48	$3.61	$3.67	$3.72	$3.76	$3.82	$3.86	$3.88	$3.90	$3.98	$4.05	$4.12	$4.16	$4.21	$4.06
Payout Ratio	44.6%	44.2%	46.4%	46.8%	42.6%	37.4%	34.2%	33.2%	34.3%	40.0%	43.6%	45.5%	46.7%	42.8%	42.0%	42.0%	40.7%	40.4%	39.5%	38.6%	38.65%
FCF Payout Ratio	34.8%	33.6%	28.4%	37.8%	37.8%	34.9%	53.3%	39.3%	40.7%	74.6%	37.4%	38.6%	34.8%	28.9%	3.4%	3.0%	2.2%	1.1%	34.5%	40.9%	40.93%
Total Payout Ratio	45.3%	45.1%	47.2%	47.7%	43.3%	38.1%	34.9%	37.8%	40.7%	47.1%	51.4%	54.0%	56.9%	53.2%	52.3%	47.2%	53.4%	64.7%	73.6%	85.2%	85.21%
Div. Increase Streak	0	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1
Chowder Number	—	3.42	1.28	0.61	0.30	0.32	0.35	0.38	0.38	0.34	0.29	0.29	0.24	0.28	0.27	0.28	0.28	0.29	0.30	0.29	0.288
Buyback Yield	0.2%	0.3%	0.3%	0.4%	0.4%	0.4%	0.4%	3.1%	4.7%	4.2%	3.9%	4.5%	4.2%	5.8%	5.7%	2.9%	7.1%	14.3%	21.1%	30.8%	30.85%
Net Buyback Yield	0.2%	0.3%	0.3%	0.4%	0.4%	0.4%	0.4%	3.1%	4.7%	4.2%	3.9%	4.5%	4.2%	5.8%	5.7%	2.9%	6.9%	13.8%	20.5%	30.3%	30.27%
Total Shareholder Return	14.5%	15.0%	17.8%	20.3%	21.6%	22.1%	21.8%	25.0%	29.9%	27.9%	25.5%	28.3%	23.4%	29.5%	28.9%	26.4%	29.7%	37.5%	45.0%	55.9%	55.87%

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)	0.91	0.91	0.89	0.88	0.87	0.87	0.86	0.85	0.85	0.84	0.84	0.84	0.84	0.84	0.84	0.84	0.84	0.84	0.84	0.84	0.841
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	0.34	0.35	0.34	0.33	0.34	0.36	0.35	0.34	0.32	0.27	0.25	0.23	0.22	0.24	0.25	0.25	0.26	0.26	0.29	0.31	0.308
Asset Turnover	0.03	0.03	0.03	0.03	0.03	0.04	0.04	0.05	0.05	0.05	0.05	0.06	0.06	0.06	0.06	0.06	0.06	0.06	0.05	0.05	0.050
Equity Multiplier	10.95	10.68	11.85	12.76	14.03	13.70	14.16	14.91	17.50	15.14	14.18	13.82	13.98	13.57	13.09	12.74	12.05	12.46	12.11	11.93	11.934

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)	$6.71	$6.89	$6.61	$6.63	$7.58	$8.96	$10.18	$10.88	$10.69	$9.30	$8.64	$8.38	$8.27	$9.07	$9.29	$9.47	$9.94	$10.20	$10.51	$10.89	$10.89
Book Value/Share	$68.21	$69.00	$58.58	$51.92	$43.60	$48.53	$53.65	$52.57	$46.70	$57.79	$56.52	$56.98	$64.53	$60.69	$63.95	$65.28	$69.57	$71.90	$71.23	$73.64	$73.64
Tangible Book/Share	$57.98	$58.81	$48.41	$41.75	$33.44	$38.39	$43.52	$42.40	$46.70	$57.79	$56.52	$56.98	$64.53	$60.69	$63.95	$65.28	$69.57	$71.90	$71.23	$73.64	$73.64
Revenue/Share	$21.53	$21.69	$21.92	$22.70	$25.21	$29.09	$33.47	$37.32	$39.91	$41.14	$41.98	$42.97	$43.99	$44.36	$44.49	$44.66	$45.19	$45.91	$43.80	$42.11	$42.11
FCF/Share	$8.60	$9.05	$10.80	$8.20	$8.55	$9.59	$6.53	$9.17	$9.02	$4.98	$10.07	$9.88	$11.10	$13.42	$1.16	$1.34	$1.87	$3.64	$12.06	$10.28	$10.28
OCF/Share	$9.39	$10.08	$11.81	$9.23	$9.85	$11.18	$8.64	$11.65	$11.59	$7.45	$12.41	$12.03	$13.14	$15.40	$3.19	$3.36	$2.46	$4.31	$12.69	$11.46	$11.46
Cash/Share	$436.39	$473.50	$475.35	$470.55	$479.50	$465.05	$420.75	$376.53	$368.12	$391.53	$366.02	$345.95	$382.43	$393.27	$143.83	$273.81	$290.31	$156.96	$10.04	$11.11	$11.11
EBITDA/Share	$8.48	$8.69	$8.49	$8.60	$9.79	$11.45	$13.00	$13.89	$13.79	$12.26	$11.52	$11.26	$11.15	$12.12	$12.40	$12.60	$13.18	$13.51	$13.88	$14.30	$14.30
Debt/Share	$38.42	$46.45	$32.58	$29.94	$36.14	$76.33	$69.89	$59.07	$61.81	$67.85	$65.36	$62.51	$66.46	$71.42	$73.31	$72.54	$75.15	$74.96	$73.02	$86.41	$86.41
Net Debt/Share	$-397.97	$-427.05	$-442.77	$-440.61	$-443.35	$-388.72	$-350.85	$-317.46	$-306.31	$-323.67	$-300.66	$-283.43	$-315.96	$-321.85	$-70.52	$-201.28	$-215.17	$-82.00	$62.98	$75.30	$75.30

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-B Score	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	2.004
Altman Z-Prime	snapshot only																				-0.085
Piotroski F-Score	4	7	7	7	6	5	4	6	6	6	6	5	5	6	6	5	5	6	8	6	6
Beneish M-Score	—	-2.51	-2.10	-1.99	-1.83	-1.64	-1.77	-2.02	-1.61	-3.14	-3.24	-3.25	-3.29	-2.44	-2.21	-2.37	-2.35	-2.21	-2.82	-2.69	-2.690
Ohlson O-Score	snapshot only																				-5.456
Net-Net WC	snapshot only																				$-769.49
EVA	snapshot only																				$-251291200.00

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																				BBB+
Credit Score	71.45	72.80	82.10	73.70	73.40	73.10	75.00	76.50	76.50	74.00	75.50	75.50	75.80	75.50	60.80	71.10	69.60	63.60	62.10	60.30	60.300
Credit Grade	snapshot only																				8
Credit Trend	snapshot only																				-10.800
Implied Spread (bps)	snapshot only																				225.000

CFR-PB NYSE

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