Also trades as: FRME (NASDAQ) · $vol 17M

$25.16

-0.03 (-0.14%)

Weekly Expected Move ±0.6%

$25 $25 $25 $25 $25

NASDAQ · Financial Services · Banks - Regional · Tech Score Sell · Power 52 · $2.8B mcap · 62M float · 0.0020% daily turnover · Short 67% of daily vol

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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: 8Hold: 0Sell: 0Strong 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.

A-

Oct 02, 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. FRMEP receives an overall rating of A-. Strongest factors: DCF (5/5), ROA (4/5), P/E (4/5), P/B (4/5). Areas of concern: D/E (1/5).

Rating Change History

Date	From	To
2026-10-01	B+	A-
2026-08-12	B	B+
2026-08-10	B+	B
2026-07-23	A-	B+
2026-07-07	None	ADDED
2026-07-06	EXISTED	None
2026-06-30	None	ADDED
2026-06-30	EXISTED	None
2026-05-27	None	ADDED
2026-05-27	EXISTED	None

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.

★ ★ ★ ★ ★ 47 Grade B

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. FRMEP scores highest in Earnings Quality (89/100) and lowest in Growth (30/100). A grade of B indicates above-average fundamentals with room for improvement in select areas.

Risk & Quality Signals

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

Altman-B Score

3.08

Safe Zone

Piotroski F-Score

4/9

✓ ✓ ✗ ✓ ✗ ✓ ✗ ✗ ✗

Beneish M-Score

-2.45

Unlikely Manipulator

Ohlson O-Score

-4.56

Bankruptcy prob: 1.0%

Low Risk

Credit Rating

BBB+

Score: 64.1/100

Trend: Improving

Earnings Quality

100/100

OCF/NI: 1.69x

Accruals: -0.6%

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. FRMEP scores 3.08, placing it in the Safe Zone (safe > 3.0, distress < 1.5). Bankruptcy is statistically unlikely within the next two years. 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. FRMEP 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. FRMEP's score of -2.45 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. FRMEP's implied 1.0% 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. FRMEP receives an estimated rating of BBB+ (score: 64.1/100), 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). FRMEP'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

12.83x

PEG

-0.67x

P/S

2.32x

P/B

0.93x

P/FCF

5.11x

P/OCF

5.11x

EV/EBITDA

-3.04x

EV/Revenue

-0.64x

EV/EBIT

-3.37x

EV/FCF

-2.21x

Earnings Yield

11.56%

FCF Yield

19.57%

Shareholder Yield

9.00%

Graham Number

$53.69

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 12.8x earnings, FRMEP trades at a reasonable valuation. An earnings yield of 11.6% exceeds typical risk-free rates, suggesting equities are being compensated for risk. Graham's intrinsic value formula yields $53.69 per share, suggesting a potential 113% 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

0.904

NI / EBT

Interest Burden

0.997

EBT / EBIT

EBIT Margin

0.190

EBIT / Rev

Asset Turnover

0.055

Rev / Assets

Equity Multiplier

7.917

Assets / Equity

ROE

7.4%

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. FRMEP's ROE of 7.4% is driven by financial leverage (equity multiplier: 7.92x). Note: high leverage means ROE is amplified by debt rather than operational performance. A tax burden ratio of 0.90 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

$25.26

Price/Value

1.02x

Margin of Safety

-1.78%

Premium

1.78%

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 FRMEP's realized 0.0% 3-year EPS CAGR, capped at 15% — demonstrated performance rather than forecasts, held to a rate companies have historically sustained. FRMEP trades at a 2% premium to its adjusted intrinsic value of $25.26, suggesting the market is pricing in future growth beyond what historical earnings support. The adjusted fair P/E of 8.5x compares to the current market P/E of 12.8x.

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 1539 days of historical volatility. Percentile bands show the range of statistically plausible outcomes — this is a statistical model, not a forecast.

Current Price

$25.16

Median 1Y

$26.47

5th Pctile

$20.52

95th Pctile

$34.20

Ann. Volatility

16.4%

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
Mark K. Hardwick Chief Executive Officer	$826,538	$787,290	$2,398,488
Michael J. Stewart President	$658,023	$599,840	$1,751,499
Michele M. Kawiecki Executive Vice President and Chief Financial Officer	$494,793	$487,370	$1,369,650
John J. Martin Executive Vice President and Chief Credit Officer	$453,985	$299,920	$1,045,915
Joseph C. Peterson Executive Vice President and Chief Commercial Officer	$453,985	$299,920	$983,176

CEO Pay Ratio

18:1

CEO-to-Employee Pay Ratio

CEO Total Comp: $2,398,488

Avg Employee Cost (SGA/emp): $135,233

Employees: 2,086

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

2,086

-1.6% YoY

Revenue / Employee

$503,452

Rev: $1,050,201,000

Profit / Employee

$108,342

NI: $226,001,000

SGA / Employee

$135,233

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	11.0%	10.9%	11.3%	9.8%	10.5%	11.3%	12.1%	12.6%	12.6%	10.5%	9.6%	8.6%	8.2%	8.8%	9.2%	9.9%	9.9%	9.5%	7.9%	7.4%	7.37%
ROA	1.4%	1.4%	1.4%	1.2%	1.2%	1.3%	1.4%	1.5%	1.4%	1.2%	1.1%	1.0%	1.0%	1.1%	1.1%	1.2%	1.3%	1.2%	1.0%	0.9%	0.93%
ROIC	-49.6%	-46.8%	-67.6%	51.0%	24.9%	19.8%	23.7%	21.7%	22.0%	20.3%	21.7%	12.5%	13.0%	11.9%	9.6%	8.1%	8.0%	11.4%	7.0%	47.5%	47.51%
ROCE	9.5%	9.5%	10.0%	7.4%	7.8%	8.0%	8.4%	9.4%	9.3%	7.6%	7.3%	6.0%	5.3%	6.6%	6.6%	7.3%	7.5%	2.3%	1.1%	4.6%	4.61%
Gross Margin	93.8%	93.6%	94.6%	82.7%	88.1%	80.5%	73.1%	66.3%	62.0%	58.8%	57.8%	50.6%	56.8%	59.4%	61.8%	60.8%	60.5%	60.9%	59.7%	54.7%	54.73%
Operating Margin	43.5%	40.3%	41.2%	25.3%	38.1%	38.8%	32.6%	28.9%	25.4%	17.8%	20.9%	16.4%	21.2%	29.8%	25.0%	24.9%	24.4%	24.3%	10.7%	16.3%	16.26%
Net Margin	37.1%	35.1%	35.9%	23.0%	33.0%	32.9%	27.7%	24.6%	21.9%	16.1%	18.3%	14.9%	18.5%	25.0%	21.9%	21.8%	21.2%	21.2%	11.1%	14.8%	14.76%
EBITDA Margin	45.4%	42.2%	43.2%	27.1%	39.7%	40.2%	33.9%	30.0%	26.6%	19.0%	22.1%	17.7%	22.7%	36.1%	28.1%	28.0%	27.4%	26.4%	14.2%	16.3%	16.26%
FCF Margin	39.4%	37.3%	36.7%	35.6%	30.1%	37.6%	37.8%	32.2%	33.3%	27.9%	24.3%	27.4%	26.9%	25.3%	25.8%	25.0%	26.0%	27.0%	26.7%	28.9%	28.93%
OCF Margin	39.4%	37.3%	36.7%	35.6%	30.1%	37.6%	37.8%	32.2%	33.3%	27.9%	24.3%	27.4%	26.9%	25.3%	25.8%	25.0%	26.0%	27.0%	26.7%	28.9%	28.93%
ROE 3Y Avg	snapshot only																				8.32%
ROE 5Y Avg	snapshot only																				9.31%
ROA 3Y Avg	snapshot only																				1.04%
ROIC Economic	snapshot only																				4.36%
Cash ROA	snapshot only																				1.48%
Cash ROIC	snapshot only																				80.18%
CROIC	snapshot only																				80.18%
NOPAT Margin	snapshot only																				17.14%
Pretax Margin	snapshot only																				18.89%
R&D / Revenue	snapshot only																				0.00%
SGA / Revenue	snapshot only																				28.94%
SBC / Revenue	snapshot only																				0.71%

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	5.38	5.34	5.20	6.36	5.89	5.45	4.89	4.61	4.85	5.68	6.34	7.01	7.54	6.89	6.60	6.29	6.23	6.54	8.02	8.65	12.827
P/S Ratio	1.95	1.97	1.91	2.05	1.85	1.70	1.44	1.35	1.29	1.27	1.28	1.25	1.28	1.32	1.32	1.37	1.40	1.41	1.52	1.48	2.316
P/B Ratio	0.58	0.57	0.59	0.60	0.62	0.59	0.55	0.56	0.58	0.57	0.59	0.59	0.59	0.60	0.59	0.60	0.60	0.60	0.60	0.60	0.931
P/FCF	4.94	5.29	5.20	5.77	6.16	4.51	3.80	4.18	3.86	4.55	5.25	4.54	4.75	5.21	5.12	5.47	5.37	5.21	5.69	5.11	5.109
P/OCF	4.94	5.29	5.20	5.77	6.16	4.51	3.80	4.18	3.86	4.55	5.25	4.54	4.75	5.21	5.12	5.47	5.37	5.21	5.69	5.11	5.109
EV/EBITDA	-4.74	-4.99	-4.20	-1.83	0.27	1.12	0.15	0.77	0.89	0.46	0.19	2.64	2.03	2.99	4.53	6.20	6.27	3.42	6.98	-3.04	-3.038
EV/Revenue	-2.11	-2.26	-1.88	-0.71	0.10	0.42	0.05	0.28	0.29	0.12	0.05	0.56	0.41	0.73	1.18	1.78	1.87	0.94	1.68	-0.64	-0.639
EV/EBIT	-4.96	-5.21	-4.39	-1.92	0.28	1.17	0.16	0.80	0.93	0.48	0.20	2.79	2.17	3.33	5.12	7.05	7.19	3.81	7.94	-3.37	-3.372
EV/FCF	-5.36	-6.05	-5.11	-1.99	0.34	1.11	0.14	0.85	0.87	0.45	0.19	2.04	1.54	2.90	4.57	7.09	7.19	3.48	6.31	-2.21	-2.209
Earnings Yield	18.6%	18.7%	19.2%	15.7%	17.0%	18.4%	20.4%	21.7%	20.6%	17.6%	15.8%	14.3%	13.3%	14.5%	15.2%	15.9%	16.1%	15.3%	12.5%	11.6%	11.56%
FCF Yield	20.2%	18.9%	19.2%	17.3%	16.2%	22.2%	26.3%	23.9%	25.9%	22.0%	19.0%	22.0%	21.0%	19.2%	19.5%	18.3%	18.6%	19.2%	17.6%	19.6%	19.57%
Price/Tangible Book	snapshot only																				0.860
EV/OCF	snapshot only																				-2.209
EV/Gross Profit	snapshot only																				-1.086
Acquirers Multiple	snapshot only																				-3.372
Shareholder Yield	snapshot only																				9.00%
Graham Number	snapshot only																				$53.69

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	0.24	0.24	0.21	0.18	0.16	0.16	0.16	0.14	0.14	0.15	0.15	0.13	0.14	0.13	0.11	0.06	0.05	0.20	6.04	0.24	0.242
Quick Ratio	0.24	0.24	0.21	0.18	0.16	0.16	0.16	0.14	0.14	0.15	0.15	0.13	0.14	0.13	0.11	0.06	0.05	0.20	6.04	0.24	0.242
Debt/Equity	0.34	0.33	0.33	0.52	0.62	0.65	0.54	0.48	0.49	0.46	0.39	0.53	0.47	0.50	0.58	0.49	0.49	0.41	0.62	0.59	0.595
Net Debt/Equity	-1.22	-1.23	-1.17	-0.81	-0.58	-0.45	-0.53	-0.44	-0.45	-0.51	-0.57	-0.32	-0.40	-0.27	-0.06	0.18	0.20	-0.20	0.07	-0.85	-0.854
Debt/Assets	0.04	0.04	0.04	0.06	0.07	0.07	0.06	0.06	0.06	0.06	0.05	0.06	0.06	0.06	0.07	0.06	0.06	0.05	0.08	0.08	0.075
Debt/EBITDA	2.55	2.52	2.40	4.58	4.93	4.91	4.02	3.25	3.33	3.80	3.44	5.25	5.01	4.48	4.94	3.91	3.80	3.47	6.49	7.00	7.003
Net Debt/EBITDA	-9.12	-9.35	-8.48	-7.11	-4.65	-3.41	-3.89	-3.02	-3.09	-4.23	-5.07	-3.21	-4.25	-2.38	-0.55	1.42	1.58	-1.70	0.69	-10.06	-10.062
Interest Coverage	6.26	6.70	7.04	5.77	4.41	3.01	1.97	1.44	1.04	0.74	0.60	0.50	0.47	0.54	0.59	0.65	0.69	0.67	0.57	0.52	0.517
Equity Multiplier	8.06	8.08	8.56	8.99	9.29	8.82	8.57	8.37	8.60	8.19	8.23	8.27	7.97	7.94	7.91	7.92	7.80	7.71	7.88	7.92	7.915
Cash Ratio	snapshot only																				0.232
Debt Service Coverage	snapshot only																				0.574
Cash to Debt	snapshot only																				2.437
FCF to Debt	snapshot only																				0.196
Defensive Interval	snapshot only																				3372.5 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	0.04	0.04	0.04	0.04	0.04	0.04	0.05	0.05	0.05	0.06	0.06	0.06	0.06	0.06	0.06	0.06	0.06	0.06	0.05	0.05	0.055
Inventory Turnover	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—
Receivables Turnover	10.57	10.01	10.07	9.48	10.16	10.02	11.43	11.19	11.77	10.94	11.58	11.22	11.64	11.12	11.54	10.87	11.47	11.35	11.35	11.16	11.155
Payables Turnover	9.72	11.89	8.89	18.30	15.68	19.74	20.12	25.45	26.64	26.62	25.64	27.95	27.00	26.42	27.53	24.08	22.51	50.93	62.50	55.44	55.438
DSO	35	36	36	38	36	36	32	33	31	33	32	33	31	33	32	34	32	32	32	33	32.7 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	38	31	41	20	23	18	18	14	14	14	14	13	14	14	13	15	16	7	6	7	6.6 days
Cash Conversion Cycle	-3	6	-5	19	13	18	14	18	17	20	17	19	18	19	18	18	16	25	26	26	26.1 days
Fixed Asset Turnover	snapshot only																				7.348
Cash Velocity	snapshot only																				0.279
Capital Intensity	snapshot only																				19.610

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	3.2%	1.0%	37.0%	5.7%	13.0%	28.2%	45.1%	52.2%	50.1%	40.2%	27.4%	18.4%	11.4%	5.4%	1.3%	-1.3%	-2.0%	-0.3%	0.8%	5.0%	4.99%
Net Income	4.6%	1.5%	56.4%	0.9%	-1.9%	8.1%	16.1%	37.9%	26.6%	0.8%	-12.6%	-28.0%	-28.8%	-10.0%	0.6%	20.9%	29.9%	12.2%	-4.8%	-17.6%	-17.61%
EPS	4.6%	1.6%	58.0%	-9.2%	-10.8%	-2.4%	4.7%	39.7%	26.3%	0.5%	-12.4%	-26.7%	-27.3%	-8.0%	2.3%	22.0%	31.8%	13.8%	-9.1%	-23.9%	-23.93%
FCF	6.5%	1.3%	44.2%	12.5%	-13.8%	29.3%	49.1%	37.9%	66.1%	4.2%	-18.0%	0.8%	-10.0%	-4.7%	7.4%	-9.9%	-5.1%	6.5%	4.3%	21.3%	21.25%
EBITDA	4.6%	1.5%	54.2%	-1.6%	-4.6%	6.4%	15.5%	39.6%	29.0%	1.3%	-12.8%	-29.2%	-29.8%	-4.6%	8.4%	32.9%	43.8%	11.6%	-6.7%	-22.9%	-22.94%
Op. Income	4.7%	1.5%	55.7%	-1.7%	-5.0%	6.2%	15.5%	41.2%	30.3%	1.4%	-13.3%	-30.6%	-31.7%	-10.6%	0.7%	23.8%	33.8%	11.8%	-7.2%	-21.0%	-21.05%
OCF Growth	snapshot only																				21.25%
Asset Growth	snapshot only																				14.82%
Equity Growth	snapshot only																				14.87%
Debt Growth	snapshot only																				38.13%
Shares Change	snapshot only																				8.31%
Dividend Growth	snapshot only																				-1.77%

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	—	—	—	—	—	—	—	—	93.0%	54.1%	36.3%	24.0%	23.6%	23.8%	23.2%	21.2%	17.9%	13.8%	9.1%	7.1%	7.06%
Revenue 5Y	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	51.0%	30.9%	20.9%	14.6%	14.58%
EPS 3Y	—	—	—	—	—	—	—	—	84.8%	35.9%	13.2%	-2.4%	-6.4%	-3.4%	-2.1%	7.7%	6.6%	1.7%	-6.6%	-12.0%	-12.02%
EPS 5Y	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	43.3%	21.3%	6.2%	-2.9%	-2.88%
Net Income 3Y	—	—	—	—	—	—	—	—	90.9%	40.1%	16.7%	0.1%	-4.0%	-0.7%	0.7%	6.3%	5.4%	0.6%	-5.8%	-10.5%	-10.51%
Net Income 5Y	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	45.1%	22.7%	8.7%	-0.0%	-0.04%
EBITDA 3Y	—	—	—	—	—	—	—	—	90.3%	39.3%	15.8%	-0.9%	-4.8%	0.9%	3.0%	9.5%	9.2%	2.6%	-4.1%	-10.2%	-10.16%
EBITDA 5Y	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	47.4%	23.6%	9.5%	-0.1%	-0.08%
Gross Profit 3Y	—	—	—	—	—	—	—	—	84.2%	40.8%	20.9%	7.0%	4.6%	4.4%	4.4%	5.4%	3.7%	1.6%	-0.8%	-1.8%	-1.81%
Gross Profit 5Y	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	42.7%	22.6%	12.3%	5.4%	5.43%
Op. Income 3Y	—	—	—	—	—	—	—	—	91.9%	39.9%	16.0%	-1.2%	-5.4%	-1.3%	0.3%	6.7%	6.0%	0.4%	-6.8%	-12.1%	-12.11%
Op. Income 5Y	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	45.2%	22.3%	7.8%	-1.2%	-1.18%
FCF 3Y	—	—	—	—	—	—	—	—	1.2%	46.3%	20.8%	16.1%	8.8%	8.7%	9.5%	7.8%	12.4%	1.9%	-2.8%	3.3%	3.27%
FCF 5Y	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	55.6%	26.0%	14.6%	11.3%	11.30%
OCF 3Y	—	—	—	—	—	—	—	—	1.2%	46.3%	20.8%	16.1%	8.8%	8.7%	9.5%	7.8%	12.4%	1.9%	-2.8%	3.3%	3.27%
OCF 5Y	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	55.6%	26.0%	14.6%	11.3%	11.30%
Assets 3Y	—	—	—	—	—	—	—	—	9.4%	9.4%	7.8%	7.0%	6.8%	5.8%	6.0%	1.5%	2.0%	2.0%	5.0%	5.9%	5.91%
Assets 5Y	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	6.5%	6.2%	7.6%	7.4%	7.42%
Equity 3Y	—	—	—	—	—	—	—	—	4.5%	6.2%	7.2%	5.7%	7.2%	6.4%	8.9%	5.9%	8.2%	6.6%	8.0%	7.9%	7.93%
Book Value 3Y	—	—	—	—	—	—	—	—	1.2%	3.0%	4.0%	3.2%	4.5%	3.5%	5.9%	7.3%	9.3%	7.8%	7.1%	6.1%	6.10%
Dividend 3Y	—	—	—	—	—	—	—	—	1.4%	0.3%	-1.0%	-0.9%	-1.5%	-2.1%	-2.4%	1.8%	1.5%	1.6%	0.4%	0.4%	0.36%

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	—	—	—	—	0.86	0.97	0.98	0.82	0.94	0.99	0.99	0.93	0.94	0.95	0.90	0.82	0.91	0.89	0.87	0.88	0.877
Earnings Stability	—	—	—	—	0.73	0.84	0.95	0.77	0.78	0.70	0.56	0.07	0.42	0.47	0.40	0.14	0.45	0.47	0.23	0.00	0.004
Margin Stability	—	—	—	—	0.93	0.95	0.92	0.91	0.88	0.85	0.82	0.80	0.78	0.77	0.76	0.78	0.81	0.80	0.80	0.79	0.795
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	1.00	0.00	0.00	0.00	1.00	0.50	0.500
Earn. Growth Consistency	0.50	0.50	0.50	0.50	0.00	1.00	1.00	1.00	0.50	1.00	0.00	0.00	0.00	0.00	0.50	0.50	0.50	0.50	0.00	0.00	0.000
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	—	—	—	—	0.99	0.97	0.94	0.85	0.89	1.00	0.95	0.89	0.88	0.96	1.00	0.92	0.88	0.95	0.98	0.93	0.930
Earnings Smoothness	0.00	0.13	0.56	0.99	0.98	0.92	0.85	0.68	0.77	0.99	0.87	0.67	0.66	0.89	0.99	0.81	0.74	0.88	0.95	0.81	0.807
ROE Trend	—	—	—	—	0.04	0.03	0.02	0.02	0.01	-0.01	-0.02	-0.02	-0.03	-0.02	-0.01	-0.01	-0.00	-0.00	-0.02	-0.02	-0.021
Gross Margin Trend	—	—	—	—	0.03	-0.03	-0.10	-0.14	-0.21	-0.25	-0.26	-0.26	-0.24	-0.19	-0.14	-0.07	-0.02	0.01	0.01	0.00	0.004
FCF Margin Trend	—	—	—	—	-0.01	0.03	0.02	-0.02	-0.01	-0.09	-0.13	-0.06	-0.05	-0.08	-0.05	-0.05	-0.04	0.00	0.02	0.03	0.027
Sustainable Growth Rate	7.7%	7.6%	7.9%	6.3%	6.8%	7.5%	8.1%	8.7%	8.6%	6.6%	5.7%	4.8%	4.4%	5.2%	5.5%	6.2%	6.3%	5.9%	4.5%	3.8%	3.82%
Internal Growth Rate	1.0%	1.0%	1.0%	0.7%	0.8%	0.9%	1.0%	1.0%	1.0%	0.8%	0.7%	0.6%	0.5%	0.6%	0.7%	0.8%	0.8%	0.8%	0.6%	0.5%	0.49%

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	1.09	1.01	1.00	1.10	0.96	1.21	1.29	1.10	1.26	1.25	1.21	1.54	1.59	1.32	1.29	1.15	1.16	1.26	1.41	1.69	1.693
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																				1.693
OCF/EBITDA	snapshot only																				1.375
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%
CapEx/Depreciation	snapshot only																				0.000
Accruals Ratio	-0.00	-0.00	-0.00	-0.00	0.00	-0.00	-0.00	-0.00	-0.00	-0.00	-0.00	-0.01	-0.01	-0.00	-0.00	-0.00	-0.00	-0.00	-0.00	-0.01	-0.006
Sloan Accruals	snapshot only																				0.069
Cash Flow Adequacy	snapshot only																				3.517
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	5.5%	5.6%	5.9%	5.6%	6.0%	6.1%	6.7%	6.6%	6.6%	6.4%	6.3%	6.4%	6.2%	6.0%	6.1%	5.9%	5.8%	5.7%	5.5%	5.6%	3.64%
Dividend/Share	$1.11	$1.14	$1.17	$1.10	$1.18	$1.25	$1.31	$1.34	$1.36	$1.38	$1.40	$1.43	$1.43	$1.43	$1.44	$1.46	$1.47	$1.48	$1.43	$1.43	$1.46
Payout Ratio	29.4%	29.8%	30.6%	35.3%	35.3%	33.4%	32.9%	30.6%	32.0%	36.6%	40.0%	44.6%	46.4%	41.5%	40.1%	37.3%	36.2%	37.5%	43.8%	48.2%	48.15%
FCF Payout Ratio	27.0%	29.5%	30.6%	32.0%	36.9%	27.7%	25.6%	27.8%	25.5%	29.3%	33.1%	28.9%	29.3%	31.4%	31.2%	32.4%	31.2%	29.9%	31.1%	28.4%	28.44%
Total Payout Ratio	39.7%	42.2%	43.1%	48.9%	37.6%	33.4%	32.9%	30.6%	32.0%	36.6%	54.4%	71.3%	74.3%	69.3%	56.5%	53.3%	54.5%	58.3%	76.0%	77.8%	77.82%
Div. Increase Streak	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1
Chowder Number	3.29	1.23	0.54	0.20	0.24	0.27	0.31	0.26	0.21	0.17	0.13	0.11	0.10	0.08	0.07	0.07	0.07	0.07	0.09	0.12	0.120
Buyback Yield	1.9%	2.3%	2.4%	2.1%	0.4%	0.0%	0.0%	0.0%	0.0%	0.0%	2.3%	3.8%	3.7%	4.0%	2.5%	2.6%	2.9%	3.2%	4.0%	3.4%	3.43%
Net Buyback Yield	1.7%	2.1%	2.2%	2.0%	0.2%	-0.2%	-0.2%	-0.2%	-0.2%	-0.2%	2.1%	3.6%	3.5%	3.9%	2.3%	2.4%	2.8%	3.0%	3.8%	3.2%	3.22%
Total Shareholder Return	7.2%	7.7%	8.1%	7.5%	6.2%	6.0%	6.5%	6.5%	6.4%	6.3%	8.4%	10.0%	9.7%	9.9%	8.4%	8.3%	8.6%	8.7%	9.3%	8.8%	8.78%

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)	0.85	0.85	0.86	0.87	0.88	0.87	0.86	0.85	0.85	0.86	0.87	0.88	0.89	0.87	0.87	0.86	0.86	0.87	0.89	0.90	0.904
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	0.997
EBIT Margin	0.43	0.43	0.43	0.37	0.36	0.36	0.34	0.34	0.31	0.26	0.23	0.20	0.19	0.22	0.23	0.25	0.26	0.25	0.21	0.19	0.190
Asset Turnover	0.04	0.04	0.04	0.04	0.04	0.04	0.05	0.05	0.05	0.06	0.06	0.06	0.06	0.06	0.06	0.06	0.06	0.06	0.05	0.05	0.055
Equity Multiplier	7.78	7.79	8.33	8.50	8.68	8.46	8.56	8.67	8.93	8.49	8.40	8.32	8.27	8.07	8.07	8.09	7.88	7.82	7.89	7.92	7.917

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)	$3.76	$3.83	$3.82	$3.12	$3.35	$3.74	$4.00	$4.36	$4.24	$3.76	$3.50	$3.20	$3.08	$3.46	$3.59	$3.91	$4.06	$3.93	$3.26	$2.97	$2.97
Book Value/Share	$34.62	$35.64	$33.71	$32.86	$32.13	$34.26	$35.71	$36.09	$35.17	$37.74	$37.53	$37.93	$39.50	$39.57	$40.04	$40.64	$41.99	$42.94	$43.81	$43.10	$43.10
Tangible Book/Share	$24.01	$25.00	$23.09	$20.34	$19.48	$21.67	$23.16	$23.59	$22.71	$25.33	$25.10	$25.32	$26.91	$27.01	$27.50	$28.03	$29.33	$30.31	$30.29	$29.88	$29.88
Revenue/Share	$10.39	$10.36	$10.40	$9.68	$10.68	$12.01	$13.61	$14.92	$15.99	$16.78	$17.39	$18.01	$18.18	$18.09	$17.92	$17.95	$18.08	$18.30	$17.24	$17.40	$17.40
FCF/Share	$4.10	$3.86	$3.82	$3.44	$3.21	$4.51	$5.14	$4.81	$5.32	$4.69	$4.23	$4.94	$4.89	$4.57	$4.62	$4.50	$4.71	$4.94	$4.60	$5.03	$5.03
OCF/Share	$4.10	$3.86	$3.82	$3.44	$3.21	$4.51	$5.14	$4.81	$5.32	$4.69	$4.23	$4.94	$4.89	$4.57	$4.62	$4.50	$4.71	$4.94	$4.60	$5.03	$5.03
Cash/Share	$53.99	$55.64	$50.50	$43.95	$38.48	$37.47	$38.23	$33.30	$33.17	$36.53	$35.96	$32.45	$34.27	$30.44	$25.61	$12.80	$11.95	$25.96	$24.10	$62.46	$62.46
EBITDA/Share	$4.63	$4.69	$4.64	$3.76	$4.02	$4.50	$4.83	$5.31	$5.17	$4.55	$4.23	$3.83	$3.70	$4.44	$4.66	$5.14	$5.40	$5.02	$4.16	$3.66	$3.66
Debt/Share	$11.79	$11.82	$11.14	$17.22	$19.79	$22.13	$19.41	$17.28	$17.22	$17.27	$14.54	$20.13	$18.55	$19.88	$23.06	$20.10	$20.50	$17.41	$26.96	$25.63	$25.63
Net Debt/Share	$-42.20	$-43.82	$-39.36	$-26.73	$-18.68	$-15.35	$-18.82	$-16.02	$-15.95	$-19.26	$-21.42	$-12.32	$-15.72	$-10.55	$-2.55	$7.30	$8.55	$-8.55	$2.86	$-36.83	$-36.83

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	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	3.084
Altman Z-Prime	snapshot only																				-3.554
Piotroski F-Score	9	9	8	3	3	5	5	7	6	5	6	5	6	6	7	7	6	8	4	4	4
Beneish M-Score	-2.55	-2.43	-2.45	-2.13	-2.04	-1.83	-1.70	-1.96	-1.97	-2.15	-2.26	-2.24	-2.43	-2.53	-2.55	-2.60	-2.51	-2.49	-2.42	-2.45	-2.445
Ohlson O-Score	snapshot only																				-4.564
Net-Net WC	snapshot only																				$-232.74
EVA	snapshot only																				$147320185.72

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	83.40	83.40	82.20	63.05	65.40	66.30	68.40	68.40	78.00	68.10	66.05	64.25	63.35	64.25	64.25	60.75	65.25	65.85	74.30	64.10	64.100
Credit Grade	snapshot only																				8
Credit Trend	snapshot only																				3.350
Implied Spread (bps)	snapshot only																				225.000

FRMEP NASDAQ

Analyst Insights

Financial Rating

InsiderStreet Scorecard

Risk & Quality Signals

Valuation

DuPont Decomposition (5-Factor)

Graham-Dodd Adjusted Valuation

Profitability Trends

Leverage & Solvency Trends

Efficiency & Working Capital Trends

Growth Trends (YoY %)

Earnings Stability

Monte Carlo Price Simulation

Executive Compensation

C-Suite Compensation

CEO Pay Ratio

C-Suite Pay Equality (Gini)

CEO Compensation Mix

Workforce & Productivity

Scaling Efficiency

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