$3.74

+0.01 (+0.40%)

After Hours: $3.66 (-0.08, -2.14%)

Weekly Expected Move ±6.8%

$3 $3 $4 $4 $4

NYSE · Financial Services · Asset Management · Tech Score Neutral · Power 36 · $142.4M mcap · 38M float · 1.10% daily turnover · Short 68% 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.

NO EDGE

38.7 / 100

NoneWeakNarrowWide

Primary source: Intangible Assets · ROIC: -5.2% · 5Y Avg: -1.0%

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. EARN has No discernible competitive edge (38.7/100). The business operates without significant structural advantages. The primary source of advantage is Intangible Assets. Negative ROIC of -5.2% indicates the company is currently destroying value, though this may reflect a growth investment phase.

Analyst Insights

Wall Street analyst consensus based on price targets and buy/sell/hold recommendations from institutional research coverage over the trailing 12 months.

Analyst Price Targets

Low

Avg Target

High

Based on 1 analyst since Aug 12, 2026 earnings

Analyst Recommendations

Strong Buy: 0Buy: 1Hold: 6Sell: 0Strong Sell: 0

Rating Summary

ConsensusHold

Avg Target$4.50

Analysts1

Price Target Change History

Date	Firm	Analyst	Old	New	Change	Upside @ Call	Stock@Call
2026-10-19	Piper Sandler	—	$5	$4	-0	+30.1%	$3.46
2026-07-13	Piper Sandler	—	$8	$5	-3	+12.9%	$4.43
2025-12-23	UBS	—	$5	$6	+1	+13.2%	$5.30
2025-10-14	UBS	—	Initiated	$5	—	+3.3%	$5.08
2024-05-16	Piper Sandler	Crispin Love	Initiated	$8	—	+12.8%	$7.09

Financial Rating

Composite financial health rating (A+ to F) based on discounted cash flow valuation, return on equity, return on assets, debt-to-equity leverage, and relative P/E and P/B multiples.

C-

Oct 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. EARN receives an overall rating of C-. Areas of concern: DCF (1/5), ROE (1/5), ROA (1/5), D/E (2/5), P/E (1/5).

Rating Change History

Date	From	To
2026-08-17	D+	C-
2026-08-13	C-	D+
2026-03-06	B-	C-
2026-03-05	C+	B-
2026-02-18	C-	C+

InsiderStreet Scorecard

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

★ ★ ★ ★ ★ 29 Grade D

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. EARN scores highest in Cash Flow (74/100) and lowest in Safety (0/100). A grade of D flags significant fundamental concerns across multiple dimensions.

Risk & Quality Signals

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

Altman Z-Score

-0.09

Distress Zone

Piotroski F-Score

4/9

✗ ✓ ✗ ✓ ✓ ✗ ✗ ✓ ✗

Beneish M-Score

-4.61

Unlikely Manipulator

Ohlson O-Score

-4.32

Bankruptcy prob: 1.3%

Low Risk

Credit Rating

CCC

Score: 15.8/100

Trend: Improving

Earnings Quality

—

OCF/NI: -0.61x

Accruals: -8.5%

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. EARN scores -0.09, 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. EARN scores 4/9, 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. EARN's score of -4.61 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. EARN's implied 1.3% 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. EARN receives an estimated rating of CCC (score: 15.8/100), with a improving trend.

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

-3.83x

PEG

-0.13x

P/S

2.63x

P/B

0.88x

P/FCF

9.15x

P/OCF

9.15x

EV/EBITDA

-14.11x

EV/Revenue

10.95x

EV/EBIT

-14.11x

EV/FCF

19.19x

Earnings Yield

-17.93%

FCF Yield

10.93%

Shareholder Yield

16.24%

Graham Number

—

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. EARN currently has negative earnings — the P/E ratio is not meaningful.

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

0.994

NI / EBT

Interest Burden

1.215

EBT / EBIT

EBIT Margin

-0.775

EBIT / Rev

Asset Turnover

0.056

Rev / Assets

Equity Multiplier

3.230

Assets / Equity

ROE

-17.0%

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. EARN's ROE of -17.0% is driven by financial leverage (equity multiplier: 3.23x). Note: high leverage means ROE is amplified by debt rather than operational performance. A tax burden ratio of 0.99 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

0.00%

Fair P/E

8.50x

Intrinsic Value

—

Price/Value

—

Margin of Safety

—

Premium

—

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

$3.75

Median 1Y

$3.35

5th Pctile

$1.64

95th Pctile

$6.84

Ann. Volatility

43.6%

Analyst Target

$4.50

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

Workforce & Productivity

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

Employees

160

0.0% YoY

Revenue / Employee

$266,081

Rev: $42,573,000

Profit / Employee

$-90,325

NI: $-14,452,000

SGA / Employee

$3,250

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	Q4'20	Q1'21	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	Q1'26	Q2'26	Current
ROE	12.3%	24.4%	6.9%	2.4%	-3.9%	-16.1%	-21.5%	-34.1%	-22.7%	-8.4%	1.3%	3.5%	3.7%	4.8%	3.2%	13.9%	4.0%	-2.8%	-24.5%	-17.0%	-16.98%
ROA	1.5%	2.7%	0.8%	0.3%	-0.5%	-1.6%	-2.4%	-3.5%	-2.3%	-0.8%	0.1%	0.3%	0.5%	0.6%	0.4%	2.3%	0.7%	-0.6%	-5.6%	-5.3%	-5.26%
ROIC	1.8%	3.0%	0.9%	0.3%	-0.4%	-1.4%	-2.3%	-3.5%	-2.6%	-10.5%	0.2%	0.4%	1.9%	2.1%	2.5%	4.9%	0.9%	-0.5%	-6.7%	-5.2%	-5.18%
ROCE	11.4%	11.5%	4.6%	1.3%	-1.2%	-8.8%	-20.1%	-21.9%	-18.9%	-0.9%	1.0%	2.2%	10.2%	8.2%	7.8%	13.9%	3.1%	-1.9%	-15.5%	-10.7%	-10.72%
Gross Margin	92.5%	67.1%	1.3%	80.7%	2.0%	1.1%	1.3%	1.5%	63.4%	27.3%	18.8%	-4.4%	65.9%	36.8%	11.1%	52.7%	1.2%	-5.7%	1.0%	1.0%	1.00%
Operating Margin	77.7%	5.4%	1.9%	30.1%	3.8%	1.2%	1.4%	1.7%	57.2%	17.5%	8.4%	-5.0%	15.9%	26.7%	-7.7%	36.1%	-32.2%	-8.6%	-2.2%	1.3%	1.30%
Net Margin	77.7%	5.4%	1.9%	30.1%	3.8%	1.2%	1.4%	1.7%	57.2%	17.5%	8.4%	-5.0%	8.3%	24.8%	-7.1%	33.2%	-29.5%	-8.5%	-2.6%	1.0%	1.04%
EBITDA Margin	77.7%	5.4%	1.9%	30.1%	3.8%	1.2%	1.4%	1.7%	57.2%	17.5%	8.4%	-5.0%	15.9%	26.7%	-7.7%	36.1%	-32.2%	-8.6%	-2.4%	1.3%	1.30%
FCF Margin	67.9%	53.5%	1.5%	2.4%	12.9%	-1.8%	-1.3%	-77.7%	-2.2%	72.4%	10.0%	-7.0%	-31.8%	-25.9%	-13.3%	5.4%	18.0%	54.8%	52.5%	57.0%	57.03%
OCF Margin	67.9%	53.5%	1.5%	2.4%	12.9%	-1.8%	-1.3%	-77.7%	-2.2%	72.4%	10.0%	-7.0%	-31.8%	-25.9%	-13.3%	5.4%	18.0%	54.8%	52.5%	57.0%	57.03%
ROE 3Y Avg	snapshot only																				-1.43%
ROE 5Y Avg	snapshot only																				-9.04%
ROA 3Y Avg	snapshot only																				-1.55%
ROIC 3Y Avg	snapshot only																				-0.79%
ROIC Economic	snapshot only																				-4.86%
Cash ROA	snapshot only																				4.75%
Cash ROIC	snapshot only																				5.31%
CROIC	snapshot only																				5.31%
NOPAT Margin	snapshot only																				-55.62%
Pretax Margin	snapshot only																				-94.19%
R&D / Revenue	snapshot only																				0.00%
SGA / Revenue	snapshot only																				3.03%
SBC / Revenue	snapshot only																				1.32%

Valuation

Metric	Q4'20	Q1'21	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	Q1'26	Q2'26	Current
P/E Ratio	4.16	2.18	7.19	20.98	-12.31	-3.27	-1.98	-1.14	-1.96	-6.42	44.89	17.84	16.74	16.95	27.27	7.05	24.87	-32.06	-4.54	-5.58	-3.830
P/S Ratio	2.33	1.69	4.01	6.51	35.83	-5.12	-2.93	-1.62	-5.77	3.68	1.74	1.34	2.42	3.07	3.63	3.26	3.23	4.72	4.57	5.22	2.631
P/B Ratio	0.50	0.49	0.49	0.51	0.50	0.59	0.50	0.50	0.53	0.58	0.60	0.61	0.56	0.73	0.78	0.77	0.85	0.74	1.08	1.04	0.875
P/FCF	3.43	3.17	2.68	2.75	2.78	2.78	2.18	2.09	2.64	5.07	17.36	-19.17	-7.61	-11.85	-27.20	60.93	17.97	8.61	8.70	9.15	9.152
P/OCF	3.43	3.17	2.68	2.75	2.78	2.78	2.18	2.09	2.64	5.07	17.36	—	—	—	—	60.93	17.97	8.61	8.70	9.15	9.152
EV/EBITDA	51.75	30.69	104.18	281.39	-170.15	-53.26	-32.30	-21.59	-28.70	-2.89	581.57	220.78	47.75	42.54	36.05	18.34	97.93	-132.49	-11.33	-14.11	-14.114
EV/Revenue	28.99	23.83	58.17	87.27	495.36	-83.49	-47.75	-30.69	-84.56	1.66	22.52	16.63	24.34	22.40	18.32	13.43	13.71	18.77	10.62	10.95	10.945
EV/EBIT	51.75	30.69	104.18	281.39	-170.15	-53.26	-32.30	-21.59	-28.70	-2.89	581.57	220.78	47.75	42.54	36.05	18.34	97.93	-132.49	-11.33	-14.11	-14.114
EV/FCF	42.71	44.54	38.84	36.83	38.50	45.30	35.51	39.48	38.67	2.29	224.88	-237.20	-76.56	-86.56	-137.29	250.55	76.26	34.22	20.21	19.19	19.192
Earnings Yield	24.0%	45.8%	13.9%	4.8%	-8.1%	-30.6%	-50.5%	-87.5%	-51.1%	-15.6%	2.2%	5.6%	6.0%	5.9%	3.7%	14.2%	4.0%	-3.1%	-22.0%	-17.9%	-17.93%
FCF Yield	29.1%	31.6%	37.3%	36.4%	35.9%	36.0%	45.9%	47.9%	37.9%	19.7%	5.8%	-5.2%	-13.1%	-8.4%	-3.7%	1.6%	5.6%	11.6%	11.5%	10.9%	10.93%
Price/Tangible Book	snapshot only																				1.041
EV/OCF	snapshot only																				19.192
EV/Gross Profit	snapshot only																				18.411
Shareholder Yield	snapshot only																				16.24%

Leverage & Solvency

Metric	Q4'20	Q1'21	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	Q1'26	Q2'26	Current
Current Ratio	0.11	0.10	0.12	0.12	0.15	0.26	0.12	0.15	0.10	—	0.09	0.10	0.12	0.09	0.27	0.17	0.13	0.05	0.00	0.15	0.154
Quick Ratio	0.11	0.10	0.12	0.12	0.15	0.26	0.12	0.15	0.10	—	0.09	0.10	0.12	0.09	0.27	0.17	0.13	0.05	0.00	0.15	0.154
Debt/Equity	6.10	6.78	7.02	6.68	6.90	9.11	8.01	9.11	7.49	0.00	7.50	7.28	5.35	4.78	3.96	2.54	2.91	2.26	1.43	1.29	1.289
Net Debt/Equity	5.75	6.46	6.65	6.30	6.46	8.99	7.70	8.86	7.18	-0.32	7.12	6.92	5.07	4.62	3.15	2.41	2.74	2.19	1.43	1.14	1.142
Debt/Assets	0.85	0.77	0.82	0.78	0.67	0.80	0.85	0.79	0.80	0.00	0.81	0.76	0.77	0.71	0.62	0.65	0.68	0.66	0.57	0.54	0.538
Debt/EBITDA	50.48	29.92	102.28	276.33	-168.78	-50.67	-31.57	-21.01	-27.90	-0.00	564.90	213.47	45.40	37.96	36.37	14.65	79.34	-102.60	-6.45	-8.33	-8.334
Net Debt/EBITDA	47.59	28.50	96.99	260.41	-157.84	-49.99	-30.32	-20.45	-26.74	3.53	536.68	202.94	43.00	36.71	28.91	13.88	74.85	-99.16	-6.45	-7.38	-7.384
Interest Coverage	2.02	7.96	3.73	1.42	-2.32	-7.85	-6.91	-5.53	-2.04	-0.44	0.05	0.09	0.36	0.39	0.36	0.84	0.20	-0.16	-1.49	-1.36	-1.356
Equity Multiplier	7.18	8.78	8.53	8.60	10.36	11.34	9.46	11.55	9.37	9.78	9.29	9.55	6.94	6.74	6.39	3.93	4.25	3.43	2.52	2.40	2.395
Cash Ratio	snapshot only																				0.154
Debt Service Coverage	snapshot only																				-1.356
Cash to Debt	snapshot only																				0.114
FCF to Debt	snapshot only																				0.088
Defensive Interval	snapshot only																				207.0 days

Efficiency & Turnover

Metric	Q4'20	Q1'21	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	Q1'26	Q2'26	Current
Asset Turnover	0.03	0.04	0.01	0.01	0.00	-0.01	-0.02	-0.02	-0.01	0.01	0.04	0.04	0.03	0.03	0.03	0.05	0.06	0.04	0.06	0.06	0.056
Inventory Turnover	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—
Receivables Turnover	7.87	11.41	4.92	2.97	0.50	-3.98	-5.99	-8.22	-2.62	5.17	11.19	11.40	8.03	8.40	7.71	9.95	6.73	6.44	18.29	15.42	15.424
Payables Turnover	3.76	1.02	2.36	2.58	1.24	0.22	0.41	0.34	0.56	0.65	0.89	0.68	0.64	0.64	0.33	0.58	0.77	0.98	0.28	1.09	1.086
DSO	46	32	74	123	726	-92	-61	-44	-139	71	33	32	45	43	47	37	54	57	20	24	23.7 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	97	357	155	141	293	1668	892	1072	655	560	412	539	573	570	1112	632	471	372	1307	336	336.1 days
Cash Conversion Cycle	-51	-325	-81	-18	432	—	—	—	—	-490	-379	-507	-528	-527	-1064	-595	-417	-315	-1288	-312	-312.5 days
Cash Velocity	snapshot only																				1.358
Capital Intensity	snapshot only																				12.005

Growth (YoY)

Metric	Q4'20	Q1'21	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	Q1'26	Q2'26	Current
Revenue	-42.8%	41.7%	-58.7%	-72.2%	-94.0%	-1.3%	-2.0%	-3.5%	-5.7%	2.2%	3.0%	2.6%	4.1%	88.3%	-21.8%	-10.0%	60.7%	4.2%	16.4%	-29.8%	-29.79%
Net Income	-9.6%	11.8%	-38.4%	-82.9%	-1.3%	-1.6%	-3.7%	-12.6%	-3.8%	56.5%	1.1%	1.1%	1.2%	1.6%	1.7%	4.5%	44.5%	-1.8%	-9.8%	-2.4%	-2.42%
EPS	-8.8%	11.9%	-39.0%	-83.7%	-1.3%	-1.6%	-3.6%	-12.4%	-3.7%	58.3%	1.0%	1.1%	1.1%	1.4%	84.1%	2.3%	-16.2%	-1.5%	-5.8%	-2.0%	-1.96%
FCF	39.0%	39.0%	70.0%	38.8%	14.4%	10.3%	-8.0%	-16.9%	-19.6%	-53.2%	-85.4%	-1.1%	-1.4%	-1.7%	-2.0%	1.7%	1.9%	3.2%	5.6%	6.5%	6.47%
EBITDA	-9.6%	11.8%	-38.4%	-82.9%	-1.3%	-1.6%	-3.7%	-12.6%	-3.8%	56.5%	1.1%	1.1%	1.5%	2.7%	9.3%	7.7%	-55.8%	-1.3%	-3.1%	-1.7%	-1.74%
Op. Income	-9.6%	11.8%	-38.4%	-82.9%	-1.3%	-1.6%	-3.7%	-12.6%	-3.8%	56.5%	1.1%	1.1%	1.5%	2.7%	9.3%	7.7%	-55.8%	-1.3%	-3.0%	-1.7%	-1.68%
OCF Growth	snapshot only																				6.47%
Asset Growth	snapshot only																				-49.15%
Equity Growth	snapshot only																				-16.66%
Debt Growth	snapshot only																				-57.71%
Shares Change	snapshot only																				47.03%
Dividend Growth	snapshot only																				-8.15%

Growth (CAGR)

Metric	Q4'20	Q1'21	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	Q1'26	Q2'26	Current
Revenue 3Y	0.3%	12.1%	-19.2%	-29.2%	-56.7%	—	—	—	—	-18.6%	-6.0%	4.2%	-4.2%	-10.5%	16.3%	54.1%	1.9%	—	—	—	—
Revenue 5Y	25.8%	42.1%	10.1%	-12.6%	-39.2%	—	—	—	—	-11.7%	1.2%	7.6%	3.4%	-3.9%	-5.6%	0.2%	-4.2%	1.2%	-5.4%	-6.5%	-6.51%
EPS 3Y	26.3%	1.0%	31.8%	—	—	—	—	—	—	—	-57.7%	-48.4%	-44.8%	-52.7%	-38.8%	40.3%	—	—	—	—	—
EPS 5Y	2.5%	—	—	-24.2%	—	—	—	—	—	—	-22.2%	—	—	20.0%	—	32.8%	-33.7%	—	—	—	—
Net Income 3Y	23.1%	97.8%	30.8%	—	—	—	—	—	—	—	-55.9%	-44.7%	-39.0%	-44.9%	-27.9%	76.2%	—	—	—	—	—
Net Income 5Y	2.7%	—	—	-18.8%	—	—	—	—	—	—	-20.8%	—	—	31.3%	—	53.4%	-21.6%	—	—	—	—
EBITDA 3Y	23.1%	97.8%	30.8%	—	—	—	—	—	—	—	-55.9%	-44.7%	-7.2%	-21.3%	12.7%	1.1%	—	—	—	—	—
EBITDA 5Y	2.7%	—	—	-18.8%	—	—	—	—	—	—	-20.8%	—	—	62.5%	—	68.1%	-20.4%	—	—	—	—
Gross Profit 3Y	16.3%	58.8%	15.7%	21.8%	—	—	—	—	—	—	-33.8%	-31.0%	—	—	—	20.1%	—	—	—	—	—
Gross Profit 5Y	38.0%	1.0%	30.2%	-9.5%	—	—	—	—	—	—	-8.9%	11.5%	—	—	—	16.8%	-10.4%	21.3%	-7.8%	-7.6%	-7.60%
Op. Income 3Y	23.1%	97.8%	30.8%	—	—	—	—	—	—	—	-55.9%	-44.7%	-7.2%	-21.3%	12.7%	1.1%	—	—	—	—	—
Op. Income 5Y	2.7%	—	—	-18.8%	—	—	—	—	—	—	-20.8%	—	—	62.5%	—	68.1%	-20.4%	—	—	—	—
FCF 3Y	-26.0%	-12.6%	-12.9%	-8.5%	11.5%	19.8%	25.4%	7.3%	8.5%	-10.5%	-38.8%	—	—	—	—	-56.4%	-31.1%	-11.4%	-11.3%	-9.4%	-9.37%
FCF 5Y	-0.4%	-5.8%	-2.1%	-6.7%	6.9%	-6.7%	-0.9%	-3.3%	-17.9%	-19.2%	-38.4%	—	—	—	—	-34.2%	-12.3%	1.3%	1.8%	-3.0%	-2.99%
OCF 3Y	-26.0%	-12.6%	-12.9%	-8.5%	11.5%	19.8%	25.4%	7.3%	8.5%	-10.5%	-38.8%	—	—	—	—	-56.4%	-31.1%	-11.4%	-11.3%	-9.4%	-9.37%
OCF 5Y	-0.4%	-5.8%	-2.1%	-6.7%	6.9%	-6.7%	-0.9%	-3.3%	-17.9%	-19.2%	-38.4%	—	—	—	—	-34.2%	-12.3%	1.3%	1.8%	-3.0%	-2.99%
Assets 3Y	-14.1%	-8.1%	-7.6%	-8.0%	-1.6%	-3.0%	-12.9%	-10.8%	-10.9%	-4.3%	-5.7%	-5.6%	-7.5%	-12.4%	-12.2%	-18.0%	-19.8%	-19.6%	-29.9%	-31.5%	-31.48%
Assets 5Y	-5.2%	0.7%	-1.3%	-0.9%	2.3%	0.5%	-10.7%	-9.3%	-11.0%	-9.5%	-9.1%	-9.5%	-10.8%	-10.2%	-11.3%	-14.8%	-11.2%	-9.4%	-21.4%	-21.3%	-21.26%
Equity 3Y	-4.8%	-2.9%	-2.4%	-2.3%	0.1%	-5.6%	-8.5%	-12.7%	-11.3%	-6.3%	-9.5%	-11.8%	-6.4%	-4.3%	-3.3%	6.4%	7.9%	19.8%	9.0%	15.7%	15.74%
Book Value 3Y	-2.3%	-0.7%	-1.7%	-2.8%	-1.0%	-7.2%	-10.0%	-14.2%	-13.2%	-9.2%	-13.2%	-17.8%	-15.4%	-17.9%	-18.0%	-15.2%	-17.1%	-13.5%	-23.2%	-18.5%	-18.48%
Dividend 3Y	-1.1%	0.2%	0.5%	0.3%	6.5%	6.9%	7.3%	4.7%	-8.9%	-12.0%	-14.0%	-14.3%	-9.1%	-9.6%	-7.0%	-10.1%	-10.7%	-14.6%	-18.6%	-22.1%	-22.15%

Growth Quality

Metric	Q4'20	Q1'21	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	Q1'26	Q2'26	Current
Revenue Stability	0.48	0.80	0.15	0.00	0.04	0.20	0.38	0.50	0.52	0.24	0.13	0.05	0.09	0.10	0.01	0.00	0.02	0.06	0.00	0.02	0.018
Earnings Stability	0.21	0.26	0.25	0.00	0.01	0.07	0.29	0.34	0.25	0.09	0.13	0.11	0.08	0.02	0.05	0.00	0.17	0.05	0.39	0.10	0.099
Margin Stability	0.06	0.00	0.35	0.39	0.00	0.09	0.41	0.51	0.00	0.00	0.34	0.28	0.00	0.00	0.00	0.24	0.00	0.00	0.02	0.53	0.530
Rev. Growth Consistency	0.00	0.50	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.50	0.50	0.50	0.50	1.00	0.00	0.00	1.00	1.00	0.50	0.00	0.000
Earn. Growth Consistency	0.00	0.50	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.50	0.50	0.50	0.50	1.00	1.00	1.00	1.00	0.00	0.00	0.00	0.000
FCF Positive Streak	1	1	1	1	1	1	1	1	1	1	1	0	0	0	0	0	0	0	0	1	0
Earnings Persistence	0.50	0.20	0.50	0.50	0.20	0.20	0.20	0.20	0.50	0.50	0.20	0.20	0.20	0.20	0.50	0.50	0.50	0.20	0.20	0.20	0.200
Earnings Smoothness	0.90	—	0.52	0.00	—	—	—	—	—	—	—	—	—	—	0.08	0.00	0.64	—	—	—	—
ROE Trend	0.09	0.23	0.01	-0.05	-0.17	-0.28	-0.35	-0.51	-0.31	-0.11	0.11	0.24	0.19	0.18	0.15	0.31	0.15	0.00	-0.26	-0.26	-0.259
Gross Margin Trend	0.61	0.79	0.55	0.38	-0.84	—	—	—	—	—	—	—	—	—	—	—	—	0.28	0.38	0.32	0.318
FCF Margin Trend	0.16	0.07	1.15	1.91	12.39	—	—	—	—	—	—	—	—	—	—	—	—	0.32	0.54	0.58	0.579
Sustainable Growth Rate	3.8%	15.3%	-1.7%	-6.5%	—	—	—	—	—	—	-9.7%	-8.9%	-7.7%	-7.2%	-9.8%	1.2%	-9.5%	—	—	—	—
Internal Growth Rate	0.5%	1.7%	—	—	—	—	—	—	—	—	—	—	—	—	—	0.2%	—	—	—	—	—

Cash Flow Quality

Metric	Q4'20	Q1'21	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	Q1'26	Q2'26	Current
OCF/Net Income	1.21	0.69	2.68	7.64	-4.42	-1.18	-0.91	-0.55	-0.74	-1.26	2.59	-0.93	-2.20	-1.43	-1.00	0.12	1.38	-3.72	-0.52	-0.61	-0.609
FCF/OCF	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
FCF/Net Income	snapshot only																				-0.609
CapEx/Revenue	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%
Accruals Ratio	-0.00	0.01	-0.01	-0.02	-0.02	-0.04	-0.05	-0.05	-0.04	-0.02	-0.00	0.01	0.01	0.01	0.01	0.02	-0.00	-0.03	-0.08	-0.08	-0.085
Sloan Accruals	snapshot only																				0.528
Cash Flow Adequacy	snapshot only																				0.698

Dividends & Buybacks

Metric	Q4'20	Q1'21	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	Q1'26	Q2'26	Current
Dividend Yield	16.5%	17.1%	17.3%	17.7%	22.2%	22.7%	30.1%	33.8%	23.6%	19.9%	18.6%	19.8%	18.5%	14.8%	15.0%	13.0%	13.6%	15.2%	15.8%	15.7%	25.84%
Dividend/Share	$1.12	$1.12	$1.11	$1.10	$1.33	$1.35	$1.37	$1.31	$1.05	$0.97	$0.93	$0.88	$0.85	$0.79	$0.84	$0.75	$0.77	$0.74	$0.70	$0.69	$0.96
Payout Ratio	68.8%	37.3%	1.2%	3.7%	—	—	—	—	—	—	8.3%	3.5%	3.1%	2.5%	4.1%	91.7%	3.4%	—	—	—	—
FCF Payout Ratio	56.8%	54.2%	46.4%	48.5%	62.0%	63.2%	65.6%	70.6%	62.2%	1.0%	3.2%	—	—	—	—	7.9%	2.4%	1.3%	1.4%	1.4%	1.43%
Total Payout Ratio	73.7%	37.3%	1.2%	3.7%	—	—	—	—	—	—	8.4%	3.5%	3.1%	2.5%	4.1%	91.7%	3.4%	—	—	—	—
Div. Increase Streak	0	0	0	0	0	0	0	1	0	0	0	0	0	0	0	0	1	1	1	1	0
Chowder Number	0.06	0.11	0.17	0.20	0.47	0.51	0.60	0.55	0.04	-0.05	-0.09	-0.03	0.20	0.32	0.47	0.57	0.71	0.81	0.71	0.51	0.507
Buyback Yield	1.2%	0.0%	0.0%	0.0%	0.0%	0.0%	0.3%	0.5%	0.4%	0.4%	0.1%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.6%	0.6%	0.6%	0.59%
Net Buyback Yield	1.2%	0.0%	0.0%	0.0%	-2.5%	-2.5%	-2.9%	-5.7%	-3.1%	-8.0%	-13.5%	-26.7%	-44.3%	-36.0%	-37.8%	-53.7%	-45.2%	-70.1%	-76.5%	-59.8%	-59.78%
Total Shareholder Return	17.7%	17.1%	17.3%	17.7%	19.8%	20.2%	27.2%	28.1%	20.4%	11.9%	5.1%	-6.9%	-25.8%	-21.2%	-22.8%	-40.7%	-31.7%	-54.9%	-60.7%	-44.1%	-44.12%

DuPont Factors

Metric	Q4'20	Q1'21	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	Q1'26	Q2'26	Current
Tax Burden (NI/EBT)	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	0.95	0.95	0.97	0.93	1.04	1.01	0.99	0.994
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	0.28	0.36	0.28	0.65	1.00	1.00	1.07	1.21	1.215
EBIT Margin	0.56	0.78	0.56	0.31	-2.91	1.57	1.48	1.42	2.95	-0.57	0.04	0.08	0.51	0.53	0.51	0.73	0.14	-0.14	-0.94	-0.78	-0.775
Asset Turnover	0.03	0.04	0.01	0.01	0.00	-0.01	-0.02	-0.02	-0.01	0.01	0.04	0.04	0.03	0.03	0.03	0.05	0.06	0.04	0.06	0.06	0.056
Equity Multiplier	8.20	8.96	8.37	8.19	8.71	9.93	8.92	9.76	9.95	10.61	9.37	10.51	8.04	8.10	7.68	5.99	5.36	4.70	4.40	3.23	3.230

Per Share

Metric	Q4'20	Q1'21	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	Q1'26	Q2'26	Current
EPS (Diluted TTM)	$1.63	$3.00	$0.89	$0.30	$-0.48	$-1.82	$-2.30	$-3.40	$-2.27	$-0.76	$0.11	$0.25	$0.27	$0.32	$0.20	$0.82	$0.23	$-0.15	$-0.98	$-0.79	$-0.79
Book Value/Share	$13.49	$13.22	$13.02	$12.30	$11.84	$10.14	$9.05	$7.84	$8.46	$8.41	$8.37	$7.33	$8.18	$7.31	$7.18	$7.49	$6.74	$6.56	$4.09	$4.24	$4.24
Tangible Book/Share	$13.49	$13.22	$13.02	$12.30	$11.84	$10.14	$9.05	$7.84	$8.46	$8.41	$8.37	$7.33	$8.18	$7.31	$7.18	$7.49	$6.74	$6.56	$4.09	$4.24	$4.24
Revenue/Share	$2.91	$3.86	$1.60	$0.96	$0.17	$-1.16	$-1.55	$-2.39	$-0.77	$1.33	$2.87	$3.32	$1.89	$1.75	$1.54	$1.77	$1.76	$1.02	$0.97	$0.85	$1.43
FCF/Share	$1.98	$2.06	$2.40	$2.27	$2.14	$2.14	$2.09	$1.86	$1.69	$0.96	$0.29	$-0.23	$-0.60	$-0.45	$-0.21	$0.10	$0.32	$0.56	$0.51	$0.48	$4.84
OCF/Share	$1.98	$2.06	$2.40	$2.27	$2.14	$2.14	$2.09	$1.86	$1.69	$0.96	$0.29	$-0.23	$-0.60	$-0.45	$-0.21	$0.10	$0.32	$0.56	$0.51	$0.48	$4.84
Cash/Share	$4.72	$4.25	$4.72	$4.73	$5.30	$1.24	$2.86	$1.93	$2.62	$2.68	$3.14	$2.63	$2.31	$1.15	$5.83	$1.01	$1.11	$0.50	$0.00	$0.62	$0.62
EBITDA/Share	$1.63	$3.00	$0.89	$0.30	$-0.48	$-1.82	$-2.30	$-3.40	$-2.27	$-0.76	$0.11	$0.25	$0.96	$0.92	$0.78	$1.30	$0.25	$-0.14	$-0.91	$-0.66	$-0.66
Debt/Share	$82.30	$89.66	$91.34	$82.20	$81.74	$92.39	$72.51	$71.35	$63.40	$0.00	$62.79	$53.37	$43.78	$34.95	$28.42	$19.03	$19.59	$14.87	$5.86	$5.47	$5.47
Net Debt/Share	$77.58	$85.41	$86.62	$77.47	$76.44	$91.15	$69.65	$69.42	$60.78	$-2.68	$59.65	$50.74	$41.47	$33.80	$22.59	$18.02	$18.48	$14.37	$5.86	$4.85	$4.85

Academic Models

Metric	Q4'20	Q1'21	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	Q1'26	Q2'26	Current
Altman Z-Score	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	-0.085
Altman Z-Prime	snapshot only																				-1.853
Piotroski F-Score	8	6	3	5	4	3	3	3	2	5	6	4	6	4	4	7	7	4	5	4	4
Beneish M-Score	-2.29	—	—	-0.33	—	—	—	—	—	—	—	—	6.77	-3.02	-0.91	-2.60	27.89	-5.30	-4.66	-4.61	-4.606
Ohlson O-Score	snapshot only																				-4.324
Net-Net WC	snapshot only																				$-5.30
EVA	snapshot only																				$-51941450.00

Credit

Metric	Q4'20	Q1'21	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	Q1'26	Q2'26	Current
Credit Rating	snapshot only																				CCC
Credit Score	11.66	20.18	15.02	7.93	11.00	10.93	10.96	11.02	10.94	27.59	6.19	5.13	5.13	5.84	5.88	7.96	8.08	12.85	20.71	15.80	15.799
Credit Grade	snapshot only																				17
Credit Trend	snapshot only																				7.842
Implied Spread (bps)	snapshot only																				1200.000
Industry Credit Rank	snapshot only																				3
Sector Credit Rank	snapshot only																				3

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