Also trades as: KEY (NYSE) · $vol 274M · KEY-PL (NYSE) · $vol 1M · KEY-PI (NYSE) · $vol 1M · KEY-PK (NYSE) · $vol 1M · 0JQR.L (LSE) · $vol 0M

$18.61

+0.02 (+0.11%)

Weekly Expected Move ±2.2%

$18 $18 $19 $19 $19

NYSE · Financial Services · Banks - Regional · Tech Score Strong Sell · Power 32 · $22.9B mcap · 17M float · 0.289% 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: 0Buy: 22Hold: 16Sell: 1Strong 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.

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. KEY-PJ receives an overall rating of C. Areas of concern: ROE (1/5), ROA (2/5), D/E (1/5), P/E (2/5), P/B (1/5).

Rating Change History

Date	From	To
2026-10-22	C+	C
2026-10-20	B	C+
2026-10-19	B+	B
2026-10-01	B-	B+
2026-09-30	B	B-
2026-05-14	B-	B
2026-05-04	B	B-
2026-04-28	B+	B
2026-04-16	A-	B+
2026-04-01	B	A-

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.

★ ★ ★ ★ ★ 44 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. KEY-PJ scores highest in Value (84/100) and lowest in Cash Flow (38/100). 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

3.20

Safe Zone

Piotroski F-Score

7/9

✓ ✓ ✓ ✗ ✓ ✗ ✓ ✓ ✓

Beneish M-Score

-3.84

Unlikely Manipulator

Ohlson O-Score

-5.98

Bankruptcy prob: 0.3%

Low Risk

Credit Rating

A-

Score: 66.8/100

Trend: Improving

Earnings Quality

50/100

OCF/NI: 0.65x

Accruals: 0.4%

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. KEY-PJ scores 3.20, 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. KEY-PJ scores 7/9, 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. KEY-PJ's score of -3.84 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. KEY-PJ's implied 0.3% 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. KEY-PJ receives an estimated rating of A- (score: 66.8/100), 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). KEY-PJ's score of 50/100 is moderate — some divergence between reported earnings and underlying cash flows.

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

11.56x

PEG

0.09x

P/S

2.17x

P/B

1.25x

P/FCF

18.65x

P/OCF

17.05x

EV/EBITDA

-1.66x

EV/Revenue

-0.30x

EV/EBIT

-1.67x

EV/FCF

-2.64x

Earnings Yield

9.08%

FCF Yield

5.36%

Shareholder Yield

9.02%

Graham Number

$28.07

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 11.6x earnings, KEY-PJ trades at a reasonable valuation. An earnings yield of 9.1% exceeds typical risk-free rates, suggesting equities are being compensated for risk. Graham's intrinsic value formula yields $28.07 per share, suggesting a potential 51% 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

0.795

NI / EBT

Interest Burden

1.350

EBT / EBIT

EBIT Margin

0.181

EBIT / Rev

Asset Turnover

0.056

Rev / Assets

Equity Multiplier

9.593

Assets / Equity

ROE

10.3%

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. KEY-PJ's ROE of 10.3% is driven by financial leverage (equity multiplier: 9.59x). 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

4.73%

Fair P/E

17.96x

Intrinsic Value

$34.03

Price/Value

0.61x

Margin of Safety

38.67%

Premium

-38.67%

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 KEY-PJ's realized 4.7% 3-year EPS CAGR, capped at 15% — demonstrated performance rather than forecasts, held to a rate companies have historically sustained. KEY-PJ trades at a -39% premium to its adjusted intrinsic value of $34.03, suggesting the market is pricing in future growth beyond what historical earnings support. The adjusted fair P/E of 18.0x compares to the current market P/E of 11.6x.

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

$18.66

Median 1Y

$18.19

5th Pctile

$12.53

95th Pctile

$26.58

Ann. Volatility

24.9%

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
Beth E. Mooney — Chairman and Chief Executive Officer	$923,077	$1,674,994	$6,272,426
Christopher M. Gorman — President, Key Corporate Bank	$600,000	$874,999	$3,815,860
Thomas C. Stevens — Vice Chair and Chief Administrative Officer	$720,000	$669,993	$2,709,577
Jeffrey B. Weeden — Chief Financial Officer	$644,615	$689,999	$2,696,014
William R. Koehler — President, Key Community Bank	$523,077	$499,995	$2,429,944

CEO Pay Ratio

33:1

CEO-to-Employee Pay Ratio

CEO Total Comp: $6,272,426

Avg Employee Cost (SGA/emp): $190,642

Employees: 17,226

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

17,226

+2.8% YoY

Revenue / Employee

$649,483

Rev: $11,188,000,000

Profit / Employee

$106,177

NI: $1,829,000,000

SGA / Employee

$190,642

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	14.6%	14.8%	14.9%	13.9%	14.0%	12.4%	12.0%	10.9%	9.7%	6.9%	6.1%	6.0%	1.0%	-1.0%	0.1%	1.0%	5.8%	9.5%	10.0%	10.3%	10.34%
ROA	1.4%	1.5%	1.4%	1.2%	1.1%	1.0%	0.9%	0.8%	0.7%	0.5%	0.5%	0.5%	0.1%	-0.1%	0.0%	0.1%	0.6%	1.0%	1.0%	1.1%	1.08%
ROIC	23.4%	-9.7%	10.1%	6.7%	6.3%	-9.0%	4.7%	4.9%	5.5%	-8.3%	5.6%	6.4%	1.8%	-2.4%	-0.4%	1.4%	6.7%	9.2%	-8.0%	-26.3%	-26.26%
ROCE	10.4%	11.0%	10.7%	8.2%	7.3%	7.1%	4.6%	4.4%	3.6%	2.9%	2.4%	2.5%	0.4%	-0.9%	-0.2%	0.1%	3.5%	7.6%	7.2%	5.5%	5.48%
Gross Margin	1.0%	96.2%	91.3%	92.3%	82.8%	67.9%	63.8%	53.5%	54.3%	52.9%	52.3%	51.4%	29.3%	40.2%	59.5%	60.5%	62.8%	66.0%	67.4%	60.7%	60.71%
Operating Margin	44.2%	39.5%	31.5%	36.2%	31.9%	20.4%	16.4%	13.3%	13.9%	2.2%	10.5%	12.5%	-27.1%	-22.0%	19.1%	19.3%	21.2%	22.7%	25.7%	-2.9%	-2.87%
Net Margin	35.3%	32.4%	26.3%	29.1%	26.1%	17.1%	13.1%	11.1%	11.4%	2.5%	8.3%	10.2%	-22.0%	-13.0%	15.0%	15.2%	17.3%	17.8%	19.1%	24.7%	24.72%
EBITDA Margin	47.4%	37.1%	33.9%	38.1%	33.2%	22.0%	18.1%	14.9%	15.3%	3.2%	11.4%	13.4%	-26.1%	-21.8%	19.2%	19.6%	21.5%	22.8%	25.7%	-2.9%	-2.87%
FCF Margin	28.4%	14.8%	29.8%	22.2%	36.6%	55.1%	48.7%	51.7%	33.4%	27.0%	23.0%	15.6%	-1.1%	6.6%	1.1%	16.7%	30.7%	18.8%	19.4%	11.4%	11.44%
OCF Margin	29.0%	15.7%	30.8%	23.4%	38.0%	56.5%	50.1%	53.1%	34.8%	28.4%	24.3%	16.5%	-0.3%	7.3%	1.8%	17.5%	31.5%	19.7%	20.4%	12.5%	12.51%
ROE 3Y Avg	snapshot only																				5.66%
ROE 5Y Avg	snapshot only																				8.74%
ROA 3Y Avg	snapshot only																				0.54%
ROIC Economic	snapshot only																				4.39%
Cash ROA	snapshot only																				0.69%
NOPAT Margin	snapshot only																				14.34%
Pretax Margin	snapshot only																				24.38%
R&D / Revenue	snapshot only																				0.00%
SGA / Revenue	snapshot only																				37.03%
SBC / Revenue	snapshot only																				1.27%

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	7.47	7.34	7.58	7.73	8.30	8.29	8.99	9.49	11.91	16.95	20.37	19.91	133.43	-123.75	877.39	128.00	23.20	12.71	11.59	11.01	11.557
P/S Ratio	2.65	2.63	2.56	2.39	2.37	2.01	1.86	1.56	1.56	1.60	1.70	1.62	2.02	2.20	2.41	2.44	2.45	2.08	2.01	2.13	2.169
P/B Ratio	1.10	1.11	1.21	1.21	1.34	1.18	1.12	1.05	1.16	1.12	1.22	1.16	1.17	1.10	1.15	1.16	1.24	1.14	1.13	1.13	1.253
P/FCF	9.35	17.71	8.57	10.76	6.46	3.64	3.82	3.01	4.65	5.94	7.37	10.38	-177.91	33.26	215.05	14.60	7.96	11.06	10.36	18.65	18.646
P/OCF	9.13	16.70	8.30	10.20	6.22	3.56	3.72	2.93	4.47	5.65	7.00	9.83	—	30.01	132.94	13.94	7.75	10.53	9.87	17.05	17.053
EV/EBITDA	3.91	-7.68	8.87	12.84	14.42	0.90	16.81	16.01	14.69	-7.57	16.03	13.63	42.27	-50.07	-961.99	92.63	16.56	9.80	-8.82	-1.66	-1.665
EV/Revenue	1.75	-3.44	3.76	5.03	5.12	0.28	4.55	3.45	2.56	-0.97	1.80	1.48	1.12	1.29	1.79	1.71	2.06	2.04	-1.97	-0.30	-0.302
EV/EBIT	4.00	-7.75	9.03	13.23	14.70	0.95	17.87	17.25	16.17	-8.54	18.06	15.15	67.01	-38.12	-237.01	116.65	16.87	9.89	-8.89	-1.67	-1.674
EV/FCF	6.17	-23.21	12.61	22.67	13.99	0.51	9.33	6.67	7.67	-3.59	7.82	9.51	-99.01	19.48	160.33	10.21	6.69	10.85	-10.17	-2.64	-2.641
Earnings Yield	13.4%	13.6%	13.2%	12.9%	12.0%	12.1%	11.1%	10.5%	8.4%	5.9%	4.9%	5.0%	0.7%	-0.8%	0.1%	0.8%	4.3%	7.9%	8.6%	9.1%	9.08%
FCF Yield	10.7%	5.6%	11.7%	9.3%	15.5%	27.4%	26.2%	33.2%	21.5%	16.8%	13.6%	9.6%	-0.6%	3.0%	0.5%	6.8%	12.6%	9.0%	9.7%	5.4%	5.36%
PEG Ratio	snapshot only																				0.092
Price/Tangible Book	snapshot only																				1.312
EV/OCF	snapshot only																				-2.415
EV/Gross Profit	snapshot only																				-0.469
Acquirers Multiple	snapshot only																				-1.674
Shareholder Yield	snapshot only																				9.02%
Graham Number	snapshot only																				$28.07

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	0.16	0.39	0.06	0.05	0.07	0.30	0.10	0.11	0.13	0.35	0.18	0.18	0.19	0.17	0.15	7.85	0.11	0.77	0.42	0.35	0.349
Quick Ratio	0.16	0.39	0.06	0.05	0.07	0.30	0.10	0.11	0.13	0.35	0.18	0.18	0.19	0.17	0.15	7.85	0.11	0.77	0.42	0.35	0.349
Debt/Equity	0.81	0.73	0.89	1.57	2.04	2.14	2.39	2.22	1.86	1.55	1.63	1.50	1.07	0.78	0.78	0.76	0.61	0.54	0.85	0.74	0.740
Net Debt/Equity	-0.37	-2.55	0.57	1.34	1.57	-1.02	1.61	1.28	0.75	-1.80	0.07	-0.10	-0.52	-0.45	-0.29	-0.35	-0.20	-0.02	-2.24	-1.29	-1.289
Debt/Assets	0.08	0.07	0.08	0.12	0.14	0.15	0.17	0.16	0.13	0.12	0.13	0.12	0.10	0.08	0.08	0.08	0.07	0.06	0.09	0.08	0.077
Debt/EBITDA	4.35	3.90	4.43	7.92	10.08	11.65	14.70	15.25	14.34	17.30	20.12	19.24	69.54	-61.15	-867.18	87.28	9.69	4.73	6.80	7.70	7.701
Net Debt/EBITDA	-2.01	-13.54	2.84	6.75	7.76	-5.53	9.93	8.78	5.78	-20.09	0.92	-1.24	-33.68	35.44	328.29	-39.89	-3.14	-0.19	-17.82	-13.42	-13.419
Interest Coverage	10.05	10.99	10.81	9.16	5.48	2.64	1.42	0.75	0.47	0.29	0.24	0.22	0.03	-0.07	-0.02	0.03	0.31	0.61	0.70	0.56	0.556
Equity Multiplier	10.68	10.70	11.84	12.96	14.30	14.11	13.79	14.09	14.06	12.86	12.89	12.67	11.26	10.30	9.93	9.52	9.32	9.05	9.44	9.66	9.663
Cash Ratio	snapshot only																				0.256
Debt Service Coverage	snapshot only																				0.559
Cash to Debt	snapshot only																				2.743
FCF to Debt	snapshot only																				0.082
Defensive Interval	snapshot only																				3013.8 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	0.05	0.05	0.06	0.05	0.05	0.05	0.05	0.05	0.06	0.06	0.06	0.056
Inventory Turnover	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—
Receivables Turnover	1.74	1.75	1.83	1.84	1.94	1.99	2.26	2.43	2.65	2.77	2.99	3.09	3.00	2.92	3.13	3.35	3.93	0.21	8.83	8.59	8.590
Payables Turnover	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	0.06	—	—	—
DSO	210	209	200	198	188	183	162	150	138	132	122	118	122	125	117	109	93	1759	41	42	42.5 days
DIO	—	—	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0.0 days
DPO	—	—	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	6430	0	0	—
Cash Conversion Cycle	—	—	200	198	188	183	162	150	138	132	122	118	122	125	117	109	93	-4671	41	42	—
Fixed Asset Turnover	snapshot only																				16.903
Cash Velocity	snapshot only																				0.261
Capital Intensity	snapshot only																				18.255

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	1.6%	2.7%	0.4%	1.6%	4.0%	7.9%	18.4%	28.0%	31.3%	29.2%	21.9%	13.2%	-1.2%	-11.5%	-13.0%	-12.7%	4.1%	23.6%	23.1%	13.5%	13.49%
Net Income	1.1%	95.5%	34.7%	-4.5%	-16.5%	-27.0%	-27.3%	-31.9%	-39.8%	-49.6%	-50.9%	-43.9%	-88.6%	-1.2%	-97.1%	-79.6%	6.3%	12.4%	76.8%	10.5%	10.53%
EPS	1.1%	1.0%	40.6%	-0.9%	-14.7%	-26.9%	-27.3%	-31.8%	-39.7%	-49.6%	-51.1%	-44.4%	-88.8%	-1.2%	-97.6%	-82.6%	5.3%	11.2%	78.4%	10.8%	10.84%
FCF	23.9%	-32.5%	37.3%	-7.3%	34.3%	3.0%	93.4%	2.0%	19.9%	-36.7%	-42.4%	-65.9%	-1.0%	-78.3%	-95.8%	-6.6%	29.2%	2.5%	20.3%	-22.3%	-22.29%
EBITDA	1.1%	97.1%	38.3%	-1.3%	-17.5%	-24.8%	-24.5%	-29.5%	-35.5%	-47.0%	-49.4%	-42.8%	-85.0%	-1.2%	-1.0%	-85.3%	3.9%	11.0%	148.5%	10.2%	10.19%
Op. Income	1.3%	1.1%	40.5%	-2.7%	-17.1%	-28.3%	-27.7%	-32.6%	-40.2%	-50.3%	-52.2%	-44.5%	-89.6%	-1.3%	-1.1%	-87.0%	6.6%	8.5%	37.1%	13.0%	13.01%
OCF Growth	snapshot only																				-18.87%
Asset Growth	snapshot only																				3.14%
Equity Growth	snapshot only																				1.61%
Debt Growth	snapshot only																				-1.28%
Shares Change	snapshot only																				-2.62%
Dividend Growth	snapshot only																				7.53%

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	59.1%	27.6%	10.9%	0.3%	0.9%	1.8%	5.2%	8.5%	11.5%	12.7%	13.2%	13.8%	10.5%	7.3%	7.9%	8.1%	10.5%	12.2%	9.3%	3.9%	3.88%
Revenue 5Y	—	—	—	—	—	—	—	—	40.6%	23.7%	14.5%	7.9%	5.9%	3.8%	4.3%	4.7%	7.4%	9.4%	9.2%	7.8%	7.83%
EPS 3Y	80.7%	44.2%	24.8%	10.7%	10.0%	5.6%	8.5%	9.6%	3.3%	-9.0%	-20.7%	-27.8%	-61.4%	—	-79.5%	-59.6%	-24.9%	-6.7%	-2.0%	4.7%	4.73%
EPS 5Y	—	—	—	—	—	—	—	—	24.8%	2.0%	-7.1%	-12.5%	-38.2%	—	-56.7%	-33.7%	-5.0%	4.0%	-0.8%	-4.9%	-4.94%
Net Income 3Y	74.9%	39.5%	21.3%	7.8%	7.5%	3.7%	6.9%	8.0%	1.8%	-10.4%	-21.7%	-28.6%	-61.4%	—	-78.3%	-57.3%	-20.7%	-1.6%	3.0%	9.8%	9.76%
Net Income 5Y	—	—	—	—	—	—	—	—	21.9%	0.0%	-8.6%	-13.7%	-38.9%	—	-55.6%	-32.1%	-2.7%	6.4%	1.4%	-3.0%	-2.98%
EBITDA 3Y	69.9%	35.2%	18.0%	5.3%	4.8%	3.0%	6.3%	7.7%	3.1%	-7.7%	-19.1%	-26.4%	-56.9%	—	—	-61.0%	-22.1%	-2.0%	2.5%	-1.9%	-1.91%
EBITDA 5Y	—	—	—	—	—	—	—	—	21.1%	-0.3%	-8.9%	-14.0%	-35.5%	—	—	-36.2%	-4.3%	6.9%	2.4%	-8.1%	-8.07%
Gross Profit 3Y	70.2%	37.6%	19.2%	6.6%	6.6%	4.4%	6.5%	6.8%	4.5%	1.5%	-3.4%	-7.1%	-13.9%	-18.4%	-16.0%	-13.0%	-5.1%	2.2%	3.5%	3.0%	2.97%
Gross Profit 5Y	—	—	—	—	—	—	—	—	31.7%	14.9%	5.5%	-0.6%	-3.6%	-6.7%	-4.5%	-2.0%	2.4%	5.0%	3.0%	-0.6%	-0.59%
Op. Income 3Y	77.4%	41.7%	22.9%	9.0%	8.6%	4.9%	8.7%	9.9%	3.8%	-9.3%	-21.4%	-28.6%	-62.8%	—	—	-63.5%	-22.1%	-0.4%	4.4%	0.4%	0.39%
Op. Income 5Y	—	—	—	—	—	—	—	—	22.6%	0.3%	-8.5%	-13.5%	-39.7%	—	—	-37.4%	-2.5%	8.2%	3.0%	-7.9%	-7.87%
FCF 3Y	80.7%	-18.9%	-5.7%	-15.9%	-7.9%	15.5%	25.9%	29.6%	25.9%	19.7%	15.2%	-1.9%	—	-18.0%	-63.9%	-1.6%	4.2%	-21.6%	-19.6%	-37.2%	-37.19%
FCF 5Y	—	—	—	—	—	—	—	—	56.9%	6.3%	-1.3%	-9.5%	—	-26.7%	-45.4%	-7.0%	13.5%	5.5%	6.6%	-7.3%	-7.26%
OCF 3Y	76.1%	-18.1%	-5.6%	-15.5%	-7.4%	15.2%	25.3%	29.3%	25.8%	20.2%	15.7%	-1.3%	—	-16.8%	-58.1%	-1.8%	3.8%	-20.9%	-19.0%	-35.8%	-35.85%
OCF 5Y	—	—	—	—	—	—	—	—	55.0%	6.7%	-0.9%	-9.2%	—	-25.6%	-40.4%	-6.8%	13.2%	5.7%	6.9%	-6.3%	-6.31%
Assets 3Y	10.5%	10.1%	8.6%	9.0%	9.0%	9.4%	8.1%	4.4%	3.3%	3.4%	2.1%	1.2%	0.5%	0.1%	1.4%	-0.3%	-0.5%	-1.0%	-1.5%	-0.6%	-0.64%
Assets 5Y	—	—	—	—	—	—	—	—	6.2%	6.2%	5.8%	5.3%	5.3%	5.2%	3.9%	1.6%	1.9%	1.6%	1.4%	1.1%	1.10%
Equity 3Y	4.8%	3.8%	-1.3%	-5.3%	-8.1%	-7.6%	-6.3%	-7.6%	-9.0%	-6.6%	-6.2%	-6.2%	-1.3%	1.4%	7.5%	10.5%	14.8%	14.8%	11.8%	12.7%	12.66%
Book Value 3Y	8.3%	7.2%	1.5%	-2.8%	-6.0%	-5.9%	-4.9%	-6.2%	-7.6%	-5.2%	-5.0%	-5.3%	-1.1%	-0.4%	1.6%	4.6%	8.6%	8.9%	6.3%	7.5%	7.50%
Dividend 3Y	2.9%	3.1%	2.7%	2.7%	2.9%	3.0%	3.5%	4.1%	4.5%	3.7%	2.8%	1.8%	0.3%	-1.2%	-3.8%	-2.6%	-1.6%	-1.0%	-2.1%	-3.1%	-3.11%

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	0.59	0.56	0.54	0.02	0.30	0.31	0.52	0.59	0.88	0.93	0.93	0.69	0.67	0.54	0.59	0.61	0.82	0.78	0.77	0.68	0.676
Earnings Stability	0.72	0.70	0.90	0.39	0.66	0.50	0.45	0.03	0.23	0.03	0.01	0.12	0.26	0.40	0.45	0.44	0.31	0.15	0.21	0.28	0.280
Margin Stability	0.85	0.86	0.87	0.85	0.85	0.86	0.86	0.80	0.80	0.79	0.79	0.76	0.71	0.69	0.70	0.73	0.75	0.76	0.76	0.72	0.718
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	0.00	0.00	0.00	0.00	0.50	0.50	0.50	0.50	0.500
Earn. Growth Consistency	0.50	0.50	1.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.50	0.50	0.50	0.50	0.500
FCF Positive Streak	1	1	1	1	1	1	1	1	1	1	1	1	0	1	1	1	0	1	1	1	1
Earnings Persistence	0.50	0.50	0.86	0.98	0.93	0.89	0.89	0.87	0.84	0.80	0.50	0.82	0.50	0.20	0.50	0.50	0.50	0.20	0.50	0.50	0.500
Earnings Smoothness	0.29	0.35	0.70	0.95	0.82	0.69	0.68	0.62	0.50	0.34	0.32	0.44	0.00	—	0.00	0.00	0.00	—	0.00	0.00	0.000
ROE Trend	0.06	0.06	0.07	0.06	0.05	0.03	-0.01	-0.03	-0.06	-0.08	-0.08	-0.08	-0.12	-0.11	-0.09	-0.08	0.00	0.06	0.07	0.07	0.069
Gross Margin Trend	0.27	0.25	0.20	0.12	0.04	-0.07	-0.17	-0.30	-0.36	-0.36	-0.34	-0.28	-0.27	-0.24	-0.17	-0.10	0.03	0.12	0.14	0.13	0.132
FCF Margin Trend	-0.07	-0.15	0.05	-0.05	0.11	0.36	0.23	0.28	0.01	-0.08	-0.16	-0.21	-0.36	-0.34	-0.35	-0.17	0.15	0.02	0.07	-0.05	-0.047
Sustainable Growth Rate	10.0%	10.2%	9.9%	8.8%	8.6%	6.9%	6.1%	4.5%	2.9%	0.4%	-0.3%	-0.4%	-5.1%	—	-5.6%	-4.8%	0.2%	4.0%	4.6%	5.0%	5.03%
Internal Growth Rate	1.0%	1.0%	0.9%	0.8%	0.7%	0.6%	0.5%	0.3%	0.2%	0.0%	—	—	—	—	—	—	0.0%	0.4%	0.5%	0.5%	0.53%

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	0.82	0.44	0.91	0.76	1.34	2.33	2.42	3.24	2.66	3.00	2.91	2.03	-0.18	-4.12	6.60	9.18	2.99	1.21	1.17	0.65	0.646
FCF/OCF	0.98	0.94	0.97	0.95	0.96	0.98	0.97	0.97	0.96	0.95	0.95	0.95	4.27	0.90	0.62	0.95	0.97	0.95	0.95	0.91	0.915
FCF/Net Income	snapshot only																				0.591
OCF/EBITDA	snapshot only																				0.689
CapEx/Revenue	0.7%	0.9%	1.0%	1.2%	1.4%	1.4%	1.3%	1.4%	1.4%	1.4%	1.2%	0.9%	0.9%	0.7%	0.7%	0.8%	0.8%	1.0%	1.0%	1.1%	1.07%
CapEx/Depreciation	snapshot only																				11.200
Accruals Ratio	0.00	0.01	0.00	0.00	-0.00	-0.01	-0.01	-0.02	-0.01	-0.01	-0.01	-0.00	0.00	-0.00	-0.00	-0.01	-0.01	-0.00	-0.00	0.00	0.004
Sloan Accruals	snapshot only																				-0.642
Cash Flow Adequacy	snapshot only																				1.135
Earnings Quality Score	snapshot only																				0.500

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	4.3%	4.3%	4.4%	4.7%	4.7%	5.4%	5.5%	6.1%	5.9%	5.6%	5.1%	5.3%	4.6%	4.7%	4.4%	4.4%	4.1%	4.5%	4.6%	4.7%	3.88%
Dividend/Share	$0.86	$0.88	$0.88	$0.89	$0.90	$0.91	$0.94	$0.96	$0.98	$0.98	$0.97	$0.97	$0.97	$0.94	$0.87	$0.91	$0.94	$0.96	$0.97	$0.97	$0.82
Payout Ratio	31.8%	31.4%	33.6%	36.7%	38.8%	44.5%	49.1%	58.2%	70.3%	94.2%	1.0%	1.1%	6.2%	—	38.5%	5.7%	95.8%	57.6%	53.9%	51.4%	51.38%
FCF Payout Ratio	39.9%	75.7%	38.0%	51.0%	30.2%	19.6%	20.8%	18.5%	27.5%	33.0%	37.8%	55.3%	—	1.5%	9.4%	64.5%	32.9%	50.2%	48.1%	87.0%	86.99%
Total Payout Ratio	76.9%	74.9%	74.8%	68.1%	66.2%	75.3%	84.3%	99.1%	73.2%	98.1%	1.0%	1.1%	6.2%	—	38.5%	5.7%	95.8%	68.6%	86.5%	99.4%	99.36%
Div. Increase Streak	0	0	0	0	0	0	0	0	1	1	1	1	1	1	1	1	1	1	1	1	1
Chowder Number	0.03	0.04	0.04	0.05	0.06	0.09	0.12	0.14	0.15	0.12	0.09	0.08	0.05	0.06	0.10	0.13	0.16	0.18	0.13	0.09	0.094
Buyback Yield	6.0%	5.9%	5.4%	4.1%	3.3%	3.7%	3.9%	4.3%	0.2%	0.2%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.9%	2.8%	4.4%	4.36%
Net Buyback Yield	5.9%	5.8%	5.3%	4.0%	-0.1%	-0.0%	0.2%	0.2%	0.2%	0.2%	-0.0%	-0.0%	-4.1%	-0.1%	-0.0%	-0.0%	-3.2%	0.8%	2.8%	4.3%	4.30%
Total Shareholder Return	10.2%	10.1%	9.8%	8.7%	4.6%	5.3%	5.7%	6.4%	6.1%	5.8%	5.1%	5.3%	0.5%	4.6%	4.3%	4.4%	0.9%	5.4%	7.4%	9.0%	8.96%

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)	0.81	0.81	0.81	0.81	0.82	0.82	0.81	0.82	0.82	0.83	0.84	0.83	0.90	0.53	-0.36	1.30	0.86	0.79	0.80	0.79	0.795
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	0.98	1.35	1.350
EBIT Margin	0.44	0.44	0.42	0.38	0.35	0.29	0.25	0.20	0.16	0.11	0.10	0.10	0.02	-0.03	-0.01	0.01	0.12	0.21	0.22	0.18	0.181
Asset Turnover	0.04	0.04	0.04	0.04	0.04	0.04	0.05	0.05	0.05	0.05	0.05	0.06	0.05	0.05	0.05	0.05	0.05	0.06	0.06	0.06	0.056
Equity Multiplier	10.15	10.07	10.85	11.37	12.24	12.18	12.78	13.51	14.18	13.46	13.34	13.36	12.50	11.44	11.21	10.88	10.21	9.64	9.68	9.59	9.593

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)	$2.71	$2.81	$2.63	$2.42	$2.31	$2.05	$1.91	$1.65	$1.39	$1.04	$0.93	$0.92	$0.16	$-0.16	$0.02	$0.16	$0.98	$1.67	$1.79	$1.90	$1.90
Book Value/Share	$18.38	$18.64	$16.40	$15.48	$14.25	$14.41	$15.34	$14.88	$14.33	$15.67	$15.52	$15.76	$17.76	$18.42	$17.18	$17.71	$18.26	$18.61	$18.43	$18.48	$16.88
Tangible Book/Share	$15.43	$15.62	$13.38	$12.40	$11.19	$11.36	$12.30	$11.84	$11.31	$12.67	$12.54	$12.78	$14.82	$15.60	$14.67	$15.19	$15.75	$16.09	$15.89	$15.91	$15.91
Revenue/Share	$7.63	$7.85	$7.78	$7.84	$8.10	$8.48	$9.21	$10.05	$10.64	$10.95	$11.18	$11.27	$10.32	$9.18	$8.24	$8.39	$9.27	$10.22	$10.35	$9.78	$9.98
FCF/Share	$2.16	$1.16	$2.32	$1.74	$2.97	$4.67	$4.49	$5.20	$3.56	$2.96	$2.58	$1.76	$-0.12	$0.61	$0.09	$1.40	$2.85	$1.92	$2.01	$1.12	$1.14
OCF/Share	$2.21	$1.23	$2.40	$1.83	$3.08	$4.79	$4.61	$5.34	$3.70	$3.11	$2.72	$1.86	$-0.03	$0.67	$0.15	$1.47	$2.92	$2.02	$2.11	$1.22	$1.24
Cash/Share	$21.74	$61.29	$5.23	$3.61	$6.69	$45.45	$11.89	$14.00	$15.90	$52.40	$24.14	$25.17	$28.28	$22.81	$18.37	$19.65	$14.76	$10.45	$56.95	$37.50	$35.88
EBITDA/Share	$3.42	$3.52	$3.30	$3.07	$2.88	$2.65	$2.49	$2.17	$1.86	$1.40	$1.26	$1.23	$0.27	$-0.24	$-0.02	$0.15	$1.15	$2.12	$2.31	$1.78	$1.78
Debt/Share	$14.87	$13.70	$14.60	$24.32	$29.02	$30.81	$36.61	$33.02	$26.63	$24.24	$25.29	$23.64	$19.05	$14.44	$13.33	$13.49	$11.14	$10.05	$15.73	$13.67	$13.67
Net Debt/Share	$-6.88	$-47.59	$9.38	$20.71	$22.33	$-14.64	$24.72	$19.02	$10.73	$-28.15	$1.16	$-1.53	$-9.23	$-8.37	$-5.05	$-6.16	$-3.61	$-0.41	$-41.21	$-23.83	$-23.83

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	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	3.202
Altman Z-Prime	snapshot only																				-3.026
Piotroski F-Score	6	7	5	3	5	5	5	6	7	6	6	6	3	3	5	6	7	8	8	7	7
Beneish M-Score	-2.62	-2.51	-2.42	-2.33	-2.33	-2.24	-2.19	-2.06	-2.23	-2.44	-2.52	-2.68	-2.27	-2.55	-2.74	-2.81	-2.73	20.06	-3.62	-3.84	-3.843
Ohlson O-Score	snapshot only																				-5.984
Net-Net WC	snapshot only																				$-109.03

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																				A-
Credit Score	64.50	70.50	60.60	55.50	56.00	59.90	53.30	52.40	49.25	56.00	45.50	44.00	38.60	35.10	41.90	57.50	53.90	61.85	69.05	66.80	66.800
Credit Grade	snapshot only																				7
Credit Trend	snapshot only																				9.300
Implied Spread (bps)	snapshot only																				175.000

KEY-PJ NYSE

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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

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