Also trades as: JPM (NYSE) · $vol 2702M · 0Q1F.L (LSE) · $vol 14M · JPM-PD (NYSE) · $vol 5M · JPM-PL (NYSE) · $vol 4M · JPM-PK (NYSE) · $vol 4M · JPM-PJ (NYSE) · $vol 2M · JPM.NE (NEO) · $vol 1M · JPM.TO (TSX) · $vol 1M · CMC.DE (XETRA) · $vol 0M

$15.97

+0.06 (+0.38%)

Weekly Expected Move ±1.6%

$15 $16 $16 $16 $16

NYSE · Financial Services · Banks - Diversified · Tech Score Neutral · Power 49 · $898.5B mcap · 80M float · 0.355% 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.

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: 1Buy: 24Hold: 19Sell: 3Strong 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.

S-

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. JPM-PM receives an overall rating of S-. Strongest factors: DCF (5/5), ROE (5/5), ROA (4/5), P/E (5/5), P/B (5/5). Areas of concern: D/E (2/5).

Rating Change History

Date	From	To
2026-10-22	A+	S-
2026-10-01	A	A+
2026-08-12	A+	A
2026-07-27	A-	A+
2026-07-14	A	A-
2026-07-06	A+	A
2026-07-01	A	A+
2026-05-18	A+	A
2026-05-01	C	A+
2026-04-14	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.

★ ★ ★ ★ ★ 56 Grade B

Profitability

Balance Sheet

Earnings Quality

Growth

Value

Momentum

Safety

100

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. JPM-PM scores highest in Safety (100/100) and lowest in Balance Sheet (47/100). 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

4.52

Safe Zone

Piotroski F-Score

8/9

✓ ✓ ✓ ✓ ✗ ✓ ✓ ✓ ✓

Beneish M-Score

-2.48

Unlikely Manipulator

Ohlson O-Score

-7.49

Bankruptcy prob: 0.1%

Low Risk

Credit Rating

Score: 74.9/100

Trend: Improving

Earnings Quality

100/100

OCF/NI: 2.37x

Accruals: -1.9%

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. JPM-PM scores 4.52, 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. JPM-PM 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. JPM-PM's score of -2.48 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. JPM-PM's implied 0.1% 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. JPM-PM receives an estimated rating of A (score: 74.9/100), 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). JPM-PM'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

14.06x

PEG

0.78x

P/S

2.96x

P/B

2.42x

P/FCF

0.27x

P/OCF

0.27x

EV/EBITDA

-15.45x

EV/Revenue

-4.72x

EV/EBIT

-16.72x

EV/FCF

-9.11x

Earnings Yield

155.54%

FCF Yield

369.05%

Shareholder Yield

116.26%

Graham Number

$277.11

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 14.1x earnings, JPM-PM trades at a reasonable valuation. An earnings yield of 155.5% exceeds typical risk-free rates, suggesting equities are being compensated for risk. Graham's intrinsic value formula yields $277.11 per share, suggesting a potential 1635% 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

0.774

NI / EBT

Interest Burden

1.000

EBT / EBIT

EBIT Margin

0.282

EBIT / Rev

Asset Turnover

0.063

Rev / Assets

Equity Multiplier

13.175

Assets / Equity

ROE

18.0%

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. JPM-PM's ROE of 18.0% is driven by financial leverage (equity multiplier: 13.18x). 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

12.05%

Fair P/E

32.60x

Intrinsic Value

$801.72

Price/Value

0.02x

Margin of Safety

98.03%

Premium

-98.03%

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 JPM-PM's realized 12.1% 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 $801.72, JPM-PM appears undervalued with a 98% margin of safety. The adjusted fair P/E of 32.6x compares to the current market P/E of 14.1x.

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 1322 days of historical volatility. Percentile bands show the range of statistically plausible outcomes — this is a statistical model, not a forecast.

Current Price

$15.97

Median 1Y

$15.19

5th Pctile

$12.10

95th Pctile

$19.08

Ann. Volatility

13.9%

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

318,512

+0.4% YoY

Revenue / Employee

$878,287

Rev: $279,745,000,000

Profit / Employee

$179,108

NI: $57,048,000,000

SGA / Employee

$188,432

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	Q4'21	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	Q3'26	Current
ROE	7.5%	10.6%	13.6%	12.8%	12.8%	14.3%	16.0%	16.9%	16.0%	15.7%	16.5%	16.2%	17.4%	17.4%	16.2%	16.4%	16.1%	16.5%	17.8%	18.0%	18.01%
ROA	0.6%	0.8%	1.0%	1.0%	1.0%	1.1%	1.2%	1.3%	1.3%	1.3%	1.3%	1.3%	1.5%	1.4%	1.3%	1.3%	1.4%	1.3%	1.4%	1.4%	1.37%
ROIC	-11.7%	-16.3%	-1.9%	88.1%	53.1%	26.6%	16.0%	17.2%	30.2%	15.9%	13.7%	12.3%	25.4%	11.0%	-1.2%	-11.6%	4.8%	-22.1%	-6.4%	-6.0%	-6.02%
ROCE	4.3%	4.0%	5.3%	5.1%	7.5%	5.9%	6.1%	6.4%	8.2%	5.9%	6.5%	6.3%	9.7%	7.1%	6.1%	6.2%	1.7%	6.3%	6.7%	6.9%	6.89%
Gross Margin	99.5%	90.5%	86.5%	76.4%	68.1%	66.0%	61.1%	62.3%	57.9%	60.4%	57.5%	56.8%	59.9%	61.0%	60.1%	59.8%	59.1%	64.3%	66.5%	62.2%	62.25%
Operating Margin	41.2%	31.1%	31.7%	29.4%	27.9%	29.2%	30.1%	27.2%	18.3%	26.1%	34.5%	24.4%	25.9%	26.7%	26.2%	26.1%	24.7%	27.8%	33.4%	26.4%	26.43%
Net Margin	33.9%	25.6%	25.3%	23.9%	23.2%	23.1%	24.8%	21.4%	15.0%	20.3%	26.8%	18.5%	20.9%	21.3%	21.4%	20.0%	18.7%	22.4%	25.7%	20.1%	20.09%
EBITDA Margin	47.5%	36.7%	37.0%	33.8%	31.5%	32.2%	31.0%	30.4%	23.7%	29.1%	37.5%	27.2%	28.9%	29.7%	29.3%	29.2%	28.0%	31.0%	36.2%	26.4%	26.43%
FCF Margin	1.8%	73.1%	1.1%	65.9%	69.2%	21.3%	-4.6%	24.3%	5.5%	-12.1%	-4.0%	-48.8%	-15.5%	-51.1%	-53.9%	-43.1%	36.0%	49.4%	28.9%	51.8%	51.85%
OCF Margin	1.8%	73.1%	1.1%	65.9%	69.2%	21.3%	-4.6%	24.3%	5.5%	-12.1%	-4.0%	-48.8%	-15.5%	-51.1%	-53.9%	-43.1%	36.0%	49.4%	28.9%	51.8%	51.85%
ROE 3Y Avg	snapshot only																				16.46%
ROE 5Y Avg	snapshot only																				15.68%
ROA 3Y Avg	snapshot only																				1.28%
ROIC Economic	snapshot only																				4.12%
Cash ROA	snapshot only																				3.07%
NOPAT Margin	snapshot only																				21.85%
Pretax Margin	snapshot only																				28.25%
R&D / Revenue	snapshot only																				0.00%
SGA / Revenue	snapshot only																				26.15%
SBC / Revenue	snapshot only																				0.00%

Valuation

Metric	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	Q3'26	Current
P/E Ratio	2.76	1.68	1.16	1.20	1.16	1.20	1.03	0.91	1.00	1.06	0.94	1.05	0.87	0.83	0.86	0.90	0.89	0.83	0.71	0.64	14.062
P/S Ratio	0.99	0.54	0.35	0.32	0.28	0.28	0.25	0.21	0.21	0.21	0.20	0.21	0.19	0.18	0.18	0.19	0.18	0.17	0.16	0.14	2.956
P/B Ratio	0.21	0.18	0.16	0.15	0.15	0.17	0.16	0.15	0.15	0.16	0.15	0.16	0.15	0.14	0.14	0.14	0.14	0.13	0.12	0.11	2.415
P/FCF	0.55	0.74	0.34	0.49	0.41	1.33	-5.28	0.87	3.83	-1.78	-4.91	-0.44	-1.21	-0.36	-0.33	-0.43	0.51	0.35	0.54	0.27	0.271
P/OCF	0.55	0.74	0.34	0.49	0.41	1.33	—	0.87	3.83	—	—	—	—	—	—	—	0.51	0.35	0.54	0.27	0.271
EV/EBITDA	-13.75	-9.92	-4.74	-3.81	-3.34	-1.61	0.55	0.40	-1.65	0.47	1.34	1.90	-0.77	2.86	-4.51	-9.93	-3.68	-6.94	-14.37	-15.45	-15.452
EV/Revenue	-6.82	-4.48	-2.04	-1.46	-1.15	-0.54	0.18	0.13	-0.48	0.14	0.41	0.56	-0.24	0.88	-1.30	-2.91	-1.07	-2.04	-4.50	-4.72	-4.723
EV/EBIT	-15.73	-11.45	-5.48	-4.42	-3.85	-1.82	0.60	0.44	-1.85	0.53	1.53	2.16	-0.85	3.16	-5.03	-11.08	-4.13	-7.79	-15.95	-16.72	-16.719
EV/FCF	-3.80	-6.13	-1.94	-2.21	-1.66	-2.51	-3.77	0.52	-8.78	-1.12	-10.16	-1.15	1.53	-1.72	2.40	6.74	-2.97	-4.13	-15.54	-9.11	-9.109
Earnings Yield	36.2%	59.6%	86.3%	83.1%	86.0%	83.3%	96.8%	1.1%	99.7%	94.6%	1.1%	95.2%	1.2%	1.2%	1.2%	1.1%	1.1%	1.2%	1.4%	1.6%	1.56%
FCF Yield	1.8%	1.3%	3.0%	2.0%	2.4%	75.0%	-18.9%	1.2%	26.1%	-56.2%	-20.4%	-2.3%	-82.9%	-2.8%	-3.1%	-2.3%	2.0%	2.9%	1.9%	3.7%	3.69%
PEG Ratio	snapshot only																				0.779
Price/Tangible Book	snapshot only																				0.138
EV/OCF	snapshot only																				-9.109
EV/Gross Profit	snapshot only																				-7.476
Acquirers Multiple	snapshot only																				-16.719
Shareholder Yield	snapshot only																				1.16%
Graham Number	snapshot only																				$277.11

Leverage & Solvency

Metric	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	Q3'26	Current
Current Ratio	0.36	0.39	0.35	0.33	0.29	0.30	0.27	0.28	0.30	0.30	0.30	0.28	0.30	0.28	0.30	0.68	14.85	0.62	0.84	0.83	0.830
Quick Ratio	0.36	0.39	0.35	0.33	0.29	0.30	0.27	0.28	0.30	0.30	0.30	0.28	0.30	0.28	0.30	0.68	14.85	0.62	0.84	0.83	0.830
Debt/Equity	1.87	2.01	1.99	2.00	1.86	1.93	2.15	2.13	1.99	2.28	2.47	2.46	2.18	2.86	1.36	2.95	1.38	3.39	3.30	3.32	3.316
Net Debt/Equity	-1.64	-1.65	-1.07	-0.85	-0.76	-0.48	-0.05	-0.06	-0.50	-0.06	0.16	0.27	-0.33	0.54	-1.14	-2.38	-0.97	-1.73	-3.70	-3.94	-3.943
Debt/Assets	0.15	0.15	0.15	0.15	0.15	0.16	0.17	0.17	0.17	0.19	0.20	0.20	0.19	0.23	0.11	0.23	0.11	0.25	0.25	0.24	0.243
Debt/EBITDA	17.92	13.52	10.32	10.88	10.19	9.91	10.43	9.76	9.45	10.84	10.78	10.85	9.05	11.94	6.12	13.09	6.14	14.72	13.29	13.38	13.382
Net Debt/EBITDA	-15.74	-11.12	-5.56	-4.65	-4.16	-2.47	-0.22	-0.27	-2.37	-0.28	0.69	1.18	-1.38	2.27	-5.12	-10.57	-4.31	-7.52	-14.86	-15.91	-15.911
Interest Coverage	9.50	8.29	5.99	3.11	1.77	1.28	1.03	0.90	0.76	0.70	0.72	0.69	0.74	0.76	0.71	0.74	0.74	0.76	0.85	0.86	0.864
Equity Multiplier	12.73	13.83	13.42	13.10	12.54	12.35	12.38	12.28	11.82	12.15	12.17	12.17	11.61	12.40	12.75	12.66	12.21	13.46	13.39	13.67	13.673
Cash Ratio	snapshot only																				0.702
Debt Service Coverage	snapshot only																				0.934
Cash to Debt	snapshot only																				2.189
FCF to Debt	snapshot only																				0.127
Defensive Interval	snapshot only																				11070.4 days

Efficiency & Turnover

Metric	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	Q3'26	Current
Asset Turnover	0.02	0.02	0.03	0.04	0.04	0.05	0.05	0.06	0.06	0.06	0.06	0.07	0.07	0.06	0.06	0.06	0.07	0.06	0.06	0.06	0.063
Inventory Turnover	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—
Receivables Turnover (trade)	0.60	0.62	0.88	1.06	1.36	1.32	1.57	1.63	2.03	2.03	2.08	2.12	2.60	2.21	2.12	2.10	2.63	2.19	1.96	1.97	1.968
Payables Turnover	0.00	0.01	0.02	0.06	0.18	0.16	0.22	0.27	0.52	0.34	0.73	0.76	0.71	0.75	0.74	—	1.46	—	0.73	—	—
DSO (trade)	606	590	414	344	269	276	233	223	179	180	175	172	141	165	172	174	139	167	187	185	185.5 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	1286412	37323	14759	5937	2014	2269	1659	1357	706	1071	502	479	513	488	496	0	249	0	498	0	—
Cash Conversion Cycle (trade)	-1285806	-36733	-14345	-5593	-1745	-1994	-1426	-1134	-527	-891	-327	-307	-373	-323	-323	174	-111	167	-311	185	—
Fixed Asset Turnover	snapshot only																				7.806
Cash Velocity	snapshot only																				0.112
Capital Intensity	snapshot only																				16.864

Growth (YoY)

Metric	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	Q3'26	Current
Revenue	—	—	—	3.4%	1.5%	88.1%	56.8%	60.8%	52.9%	40.2%	28.0%	19.7%	14.4%	10.1%	6.9%	4.5%	3.5%	4.3%	8.0%	8.7%	8.71%
Net Income	—	—	—	2.2%	70.6%	38.4%	22.6%	38.3%	31.5%	19.8%	12.9%	4.9%	18.0%	18.6%	4.6%	7.9%	-2.4%	-1.3%	15.1%	13.7%	13.70%
EPS	—	—	—	2.2%	71.4%	38.7%	23.4%	39.8%	33.7%	22.3%	15.0%	7.3%	21.2%	22.3%	8.4%	10.7%	-0.7%	-0.3%	19.3%	18.4%	18.39%
FCF	—	—	—	2.6%	-3.2%	-45.1%	-1.1%	-40.7%	-87.9%	-1.8%	-10.5%	-3.4%	-4.2%	-3.7%	-13.4%	7.6%	3.4%	2.0%	1.6%	2.3%	2.31%
EBITDA	—	—	—	2.3%	73.8%	38.7%	16.7%	31.1%	29.9%	20.1%	21.4%	12.9%	20.1%	18.9%	1.4%	3.8%	-1.9%	-0.4%	17.6%	13.5%	13.53%
Op. Income	—	—	—	2.2%	72.5%	41.4%	23.3%	39.3%	33.5%	20.9%	17.0%	8.7%	21.9%	21.1%	3.3%	5.5%	-3.3%	-2.0%	18.1%	17.1%	17.14%
OCF Growth	snapshot only																				2.31%
Asset Growth	snapshot only																				11.65%
Equity Growth	snapshot only																				3.37%
Debt Growth	snapshot only																				16.05%
Shares Change	snapshot only																				-3.96%
Dividend Growth	snapshot only																				12.05%

Growth (CAGR)

Metric	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	Q3'26	Current
Revenue 3Y	—	—	—	—	—	—	—	—	—	—	—	1.0%	63.7%	42.7%	29.0%	26.2%	21.9%	17.2%	13.9%	10.8%	10.78%
Revenue 5Y	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	57.6%	57.59%
EPS 3Y	—	—	—	—	—	—	—	—	—	—	—	69.0%	40.6%	27.5%	15.4%	18.4%	17.2%	14.3%	14.2%	12.1%	12.05%
EPS 5Y	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	44.6%	44.61%
Net Income 3Y	—	—	—	—	—	—	—	—	—	—	—	66.3%	38.3%	25.3%	13.2%	16.1%	14.8%	11.9%	10.8%	8.8%	8.78%
Net Income 5Y	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	41.4%	41.36%
EBITDA 3Y	—	—	—	—	—	—	—	—	—	—	—	69.7%	39.4%	25.6%	12.8%	15.4%	15.2%	12.4%	13.1%	10.0%	9.98%
EBITDA 5Y	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	41.9%	41.90%
Gross Profit 3Y	—	—	—	—	—	—	—	—	—	—	—	70.5%	37.0%	20.9%	10.7%	11.5%	11.2%	10.4%	11.3%	10.2%	10.23%
Gross Profit 5Y	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	43.7%	43.66%
Op. Income 3Y	—	—	—	—	—	—	—	—	—	—	—	69.8%	41.0%	27.4%	14.2%	16.9%	16.3%	12.8%	12.6%	10.3%	10.32%
Op. Income 5Y	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	43.3%	43.31%
FCF 3Y	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	-2.0%	55.1%	—	42.6%	42.62%
FCF 5Y	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	43.6%	43.62%
OCF 3Y	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	-2.0%	55.1%	—	42.6%	42.62%
OCF 5Y	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	43.6%	43.62%
Assets 3Y	—	—	—	—	—	—	—	—	—	—	—	3.9%	2.3%	3.3%	5.8%	6.5%	6.5%	9.4%	9.0%	9.3%	9.31%
Assets 5Y	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	6.3%	6.26%
Equity 3Y	—	—	—	—	—	—	—	—	—	—	—	6.0%	5.4%	7.1%	7.6%	7.7%	7.4%	6.3%	6.2%	5.5%	5.47%
Book Value 3Y	—	—	—	—	—	—	—	—	—	—	—	7.7%	7.1%	9.1%	9.8%	9.9%	9.6%	8.5%	9.5%	8.6%	8.64%
Dividend 3Y	—	—	—	—	—	—	—	—	—	—	—	3.9%	4.8%	5.5%	5.4%	5.9%	6.1%	6.5%	6.8%	5.6%	5.55%

Growth Quality

Metric	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	Q3'26	Current
Revenue Stability	—	—	—	—	—	—	—	1.00	1.00	1.00	0.99	0.97	0.96	0.95	0.94	0.89	0.86	0.87	0.92	0.87	0.873
Earnings Stability	—	—	—	—	—	—	—	0.97	0.99	0.99	0.99	0.88	0.98	1.00	0.95	0.84	0.89	0.92	0.97	0.86	0.858
Margin Stability	—	—	—	—	—	—	—	0.78	0.76	0.76	0.75	0.74	0.75	0.76	0.77	0.80	0.85	0.90	0.94	0.75	0.746
Rev. Growth Consistency	0.00	0.00	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	1.000
Earn. Growth Consistency	0.00	0.00	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	0.00	0.00	1.00	1.00	1.000
FCF Positive Streak	0	0	0	1	1	1	0	1	1	0	0	0	0	0	0	0	0	0	0	0	0
Earnings Persistence	—	—	—	—	—	—	—	0.85	0.87	0.92	0.95	0.98	0.93	0.93	0.98	0.97	0.99	0.99	0.94	0.95	0.945
Earnings Smoothness	—	—	—	0.00	0.48	0.68	0.80	0.68	0.73	0.82	0.88	0.95	0.83	0.83	0.95	0.92	0.98	0.99	0.86	0.87	0.872
ROE Trend	—	—	—	—	—	—	—	0.08	0.05	0.03	0.01	0.01	0.03	0.03	0.00	0.00	-0.00	0.00	0.02	0.02	0.019
Gross Margin Trend	—	—	—	—	—	—	—	-0.30	-0.28	-0.24	-0.21	-0.18	-0.12	-0.08	-0.04	-0.01	-0.00	0.01	0.03	0.04	0.040
FCF Margin Trend	—	—	—	—	—	—	—	-0.50	-1.19	-0.59	-0.54	-0.94	-0.53	-0.56	-0.50	-0.31	0.41	0.81	0.58	0.98	0.978
Sustainable Growth Rate	5.3%	7.1%	9.0%	8.1%	8.2%	9.7%	11.5%	12.5%	11.6%	11.5%	12.2%	11.9%	13.0%	13.0%	11.8%	11.9%	11.4%	11.7%	13.1%	13.3%	13.29%
Internal Growth Rate	0.4%	0.5%	0.7%	0.6%	0.7%	0.7%	0.9%	1.0%	1.0%	0.9%	1.0%	1.0%	1.1%	1.1%	1.0%	1.0%	1.0%	0.9%	1.0%	1.0%	1.02%

Cash Flow Quality

Metric	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	Q3'26	Current
OCF/Net Income	5.01	2.27	3.46	2.45	2.84	0.90	-0.20	1.05	0.26	-0.59	-0.19	-2.41	-0.72	-2.34	-2.63	-2.06	1.77	2.39	1.32	2.37	2.373
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																				2.373
OCF/EBITDA	snapshot only																				1.696
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	-0.02	-0.01	-0.02	-0.01	-0.02	0.00	0.01	-0.00	0.01	0.02	0.02	0.05	0.03	0.05	0.05	0.04	-0.01	-0.02	-0.00	-0.02	-0.019
Sloan Accruals	snapshot only																				0.084
Cash Flow Adequacy	snapshot only																				9.055
Earnings Quality Score	snapshot only																				1.000

Dividends & Buybacks

Metric	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	Q3'26	Current
Dividend Yield	10.7%	19.6%	29.4%	30.4%	30.9%	26.8%	27.2%	28.7%	27.1%	25.5%	27.7%	25.4%	29.2%	30.5%	32.0%	30.9%	32.6%	35.1%	37.4%	40.8%	1.83%
Dividend/Share	$2.19	$3.35	$4.49	$4.58	$4.57	$4.54	$4.56	$4.57	$4.61	$4.66	$4.86	$5.01	$5.20	$5.35	$5.56	$5.75	$5.95	$6.15	$6.43	$6.44	$6.15
Payout Ratio	29.6%	32.8%	34.1%	36.6%	36.0%	32.1%	28.1%	26.2%	27.2%	27.0%	26.1%	26.7%	25.3%	25.3%	27.5%	27.7%	29.1%	29.2%	26.6%	26.2%	26.20%
FCF Payout Ratio	5.9%	14.5%	9.9%	14.9%	12.7%	35.7%	—	24.9%	1.0%	—	—	—	—	—	—	—	16.5%	12.2%	20.1%	11.0%	11.04%
Total Payout Ratio	63.2%	71.9%	66.4%	56.3%	64.1%	53.2%	50.3%	51.5%	47.0%	46.8%	60.9%	73.3%	74.3%	86.3%	85.1%	83.2%	89.8%	84.2%	75.3%	74.7%	74.74%
Div. Increase Streak	0	0	0	1	1	1	1	0	0	1	1	0	0	1	1	1	1	1	1	1	1
Chowder Number	—	—	—	3.60	1.38	0.62	0.28	0.28	0.26	0.26	0.33	0.32	0.39	0.42	0.42	0.43	0.45	0.49	0.49	0.48	0.484
Buyback Yield	12.1%	23.3%	27.8%	16.3%	24.2%	17.5%	21.4%	27.8%	19.8%	18.7%	37.1%	44.4%	56.6%	73.3%	66.9%	62.0%	67.8%	66.2%	68.5%	75.5%	75.50%
Net Buyback Yield	8.9%	19.3%	23.4%	16.3%	24.2%	17.5%	21.4%	27.8%	19.8%	14.0%	32.1%	39.9%	51.6%	67.3%	60.7%	56.2%	61.9%	66.2%	68.5%	73.7%	73.73%
Total Shareholder Return	19.6%	38.9%	52.8%	46.8%	55.1%	44.3%	48.6%	56.4%	46.9%	39.5%	59.8%	65.3%	80.8%	97.8%	92.7%	87.1%	94.5%	1.0%	1.1%	1.1%	1.14%

DuPont Factors

Metric	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	Q3'26	Current
Tax Burden (NI/EBT)	0.83	0.82	0.82	0.81	0.82	0.81	0.81	0.81	0.80	0.80	0.79	0.78	0.78	0.78	0.80	0.80	0.79	0.79	0.78	0.77	0.774
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	0.43	0.39	0.37	0.33	0.30	0.29	0.29	0.29	0.26	0.25	0.27	0.26	0.28	0.28	0.26	0.26	0.26	0.26	0.28	0.28	0.282
Asset Turnover	0.02	0.02	0.03	0.04	0.04	0.05	0.05	0.06	0.06	0.06	0.06	0.07	0.07	0.06	0.06	0.06	0.07	0.06	0.06	0.06	0.063
Equity Multiplier	12.73	13.83	13.42	13.03	12.63	13.07	12.88	12.67	12.16	12.25	12.27	12.23	11.71	12.28	12.47	12.42	11.92	12.94	13.08	13.18	13.175

Per Share

Metric	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	Q3'26	Current
EPS (Diluted TTM)	$7.41	$10.19	$13.15	$12.50	$12.70	$14.13	$16.23	$17.48	$16.98	$17.29	$18.66	$18.76	$20.57	$21.14	$20.24	$20.77	$20.42	$21.08	$24.15	$24.59	$24.59
Book Value/Share	$98.64	$95.91	$96.46	$97.13	$98.52	$101.96	$106.00	$108.24	$112.32	$115.57	$117.64	$120.67	$121.29	$124.43	$127.76	$128.94	$129.73	$130.31	$139.04	$138.79	$139.02
Tangible Book/Share	$79.63	$76.29	$76.45	$76.62	$78.01	$81.07	$84.21	$86.10	$90.27	$93.47	$95.35	$98.18	$98.58	$101.58	$104.69	$105.87	$106.66	$107.29	$115.17	$114.61	$114.61
Revenue/Share	$20.71	$31.57	$43.26	$46.56	$52.15	$59.55	$68.26	$75.73	$81.06	$85.22	$88.99	$92.71	$95.26	$96.81	$98.61	$99.41	$100.34	$102.05	$110.47	$112.53	$112.72
FCF/Share	$37.13	$23.08	$45.45	$30.68	$36.10	$12.71	$-3.17	$18.40	$4.44	$-10.28	$-3.57	$-45.20	$-14.78	$-49.46	$-53.20	$-42.86	$36.11	$50.45	$31.96	$58.35	$-43.80
OCF/Share	$37.13	$23.08	$45.45	$30.68	$36.10	$12.71	$-3.17	$18.40	$4.44	$-10.28	$-3.57	$-45.20	$-14.78	$-49.46	$-53.20	$-42.86	$36.11	$50.45	$31.96	$58.35	$-43.80
Cash/Share	$345.79	$351.32	$295.37	$276.93	$257.47	$245.40	$232.51	$237.35	$279.76	$270.35	$272.18	$264.39	$304.67	$288.17	$318.90	$688.37	$304.45	$667.28	$973.41	$1007.54	$1009.19
EBITDA/Share	$10.27	$14.26	$18.60	$17.84	$17.94	$19.83	$21.84	$23.66	$23.68	$24.31	$27.00	$27.34	$29.21	$29.80	$28.36	$29.10	$29.14	$30.00	$34.58	$34.40	$34.40
Debt/Share	$184.10	$192.78	$191.94	$194.00	$182.84	$196.50	$227.71	$230.90	$223.72	$263.60	$290.91	$296.64	$264.26	$355.93	$173.64	$380.90	$178.97	$441.51	$459.46	$460.27	$460.27
Net Debt/Share	$-161.70	$-158.54	$-103.43	$-82.93	$-74.63	$-48.91	$-4.80	$-6.46	$-56.03	$-6.75	$18.74	$32.24	$-40.41	$67.76	$-145.26	$-307.46	$-125.48	$-225.77	$-513.95	$-547.27	$-547.27

Academic Models

Metric	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	Q3'26	Current
Altman-B Score	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	4.521
Altman Z-Prime	snapshot only																				-0.431
Piotroski F-Score	4	4	4	7	6	5	4	6	6	5	5	4	6	5	5	6	6	6	8	8	8
Beneish M-Score	—	—	—	-2.11	-1.96	-2.09	-1.97	-2.21	-2.35	-2.17	-2.17	-2.22	-2.41	-2.33	-2.34	-0.51	-2.39	-0.47	-0.13	-2.48	-2.476
Ohlson O-Score	snapshot only																				-7.489
Net-Net WC	snapshot only																				$-566.94

Credit

Metric	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	Q3'26	Current
Credit Rating	snapshot only																				A
Credit Score	53.00	56.00	62.00	58.40	61.10	59.60	59.70	62.10	65.70	59.70	58.50	58.50	64.20	58.50	59.10	68.40	79.50	68.10	73.35	74.85	74.850
Credit Grade	snapshot only																				6
Credit Trend	snapshot only																				6.450
Implied Spread (bps)	snapshot only																				150.000

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Risk & Quality Signals

Valuation

DuPont Decomposition (5-Factor)

Graham-Dodd Adjusted Valuation

Profitability Trends

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Efficiency & Working Capital Trends

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Earnings Stability

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