Also trades as: 0JRR.L (LSE) · $vol 0M

$5.14

+0.29 (+5.98%)

Weekly Expected Move ±15.8%

$3 $4 $5 $6 $7

NASDAQ · Technology · Consumer Electronics · Alpha Radar Buy · Power 63 · $940.2M mcap · 152M float · 4.36% daily turnover · Short 46% of daily vol

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

39.4 / 100

NoneWeakNarrowWide

Primary source: Intangible Assets · ROIC: 151.0%

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. KOPN has No discernible competitive edge (39.4/100). The business operates without significant structural advantages. The primary source of advantage is Intangible Assets. ROIC of 151.0% confirms the company is generating returns well above its cost of capital — a hallmark of durable competitive advantages.

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

$10

High

Based on 3 analysts since May 12, 2026 earnings

Analyst Recommendations

Strong Buy: 0Buy: 5Hold: 2Sell: 0Strong Sell: 0

Rating Summary

ConsensusBuy

Avg Target$7.06

Analysts4

Price Target Change History

Date	Firm	Analyst	Old	New	Change	Upside @ Call	Stock@Call
2026-05-14	Canaccord Genuity	Austing Mueller	$3	$6	+3	+24.5%	$5.02
2026-05-13	Lake Street	—	$5	$7	+2	+36.6%	$5.12
2026-05-12	Craig-Hallum	Christian Schwab	$6	$10	+4	+87.1%	$5.34
2026-04-29	Lake Street	Jason Schmidt	Initiated	$5	—	+31.1%	$3.81
2025-10-22	Craig-Hallum	—	Initiated	$6	—	+47.8%	$4.06
2025-10-17	Stifel Nicolaus	—	Initiated	$6	—	+50.7%	$3.65
2025-09-16	Canaccord Genuity	George Gianarikas	$2	$3	+1	+20.2%	$2.50
2025-01-02	Canaccord Genuity	George Gianarikas	Initiated	$2	—	+55.0%	$1.29

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.

B-

May 22, 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. KOPN receives an overall rating of B-. Strongest factors: D/E (4/5). Areas of concern: DCF (1/5), P/E (1/5), P/B (2/5).

Rating Change History

Date	From	To
2026-05-18	C+	B-
2026-05-15	B	C+
2026-05-13	C+	B
2026-05-12	C	C+
2026-04-21	B+	C
2026-04-15	C-	B+
2026-04-13	D+	C-
2026-04-01	C-	D+

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.

★ ★ ★ ★ ★ 2 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. KOPN scores highest in Balance Sheet (78/100) and lowest in Earnings Quality (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

-3.34

Distress Zone

Piotroski F-Score

3/9

✓ ✗ ✓ ✗ ✗ ✗ ✗ ✓ ✗

Beneish M-Score

-1.76

Possible Manipulator

Ohlson O-Score

-5.05

Bankruptcy prob: 0.6%

Low Risk

Credit Rating

BB-

Score: 35.3/100

Trend: Stable

Earnings Quality

25/100

OCF/NI: -6.77x

Accruals: 21.0%

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. KOPN scores -3.34, 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. KOPN scores 3/9, suggesting weak financial fundamentals — the company fails the majority of these accounting tests. 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. KOPN's score of -1.76 exceeds the −1.78 red flag threshold — this does not confirm manipulation but indicates the earnings profile resembles past manipulators statistically. 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. KOPN's implied 0.6% 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. KOPN receives an estimated rating of BB- (score: 35.3/100), with a stable 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). KOPN's score of 25/100 is low — reported earnings may not be fully supported by 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

502.75x

PEG

1.85x

P/S

23.90x

P/B

14.04x

P/FCF

-22.42x

P/OCF

—

EV/EBITDA

-27.56x

EV/Revenue

7.80x

EV/EBIT

-25.59x

EV/FCF

-20.21x

Earnings Yield

0.56%

FCF Yield

-4.46%

Shareholder Yield

0.01%

Graham Number

$0.17

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 502.7x earnings, KOPN is priced for high growth expectations. Graham's intrinsic value formula yields $0.17 per share, 2936% below 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

0.876

NI / EBT

Interest Burden

-0.182

EBT / EBIT

EBIT Margin

-0.305

EBIT / Rev

Asset Turnover

0.556

Rev / Assets

Equity Multiplier

3.040

Assets / Equity

ROE

8.2%

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. KOPN's ROE of 8.2% is driven by financial leverage (equity multiplier: 3.04x). 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.

Adj. Growth Rate

0.00%

Fair P/E

8.50x

Intrinsic Value

$0.09

Price/Value

20.94x

Margin of Safety

-1994.30%

Premium

1994.30%

Assessment

Overvalued

Graham's classic formula uses analyst-projected growth to estimate a fair P/E (8.5 + 2g). Our adjusted version replaces that projection with KOPN's realized 0.0% 3-year EPS CAGR — what the company actually delivered, not what analysts hope for. KOPN trades at a 1994% premium to its adjusted intrinsic value of $0.09, 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 502.7x.

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

$5.14

Median 1Y

$4.04

5th Pctile

$0.85

95th Pctile

$19.29

Ann. Volatility

94.6%

Analyst Target

$7.06

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

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
Michael Murray President and Chief Executive Officer	$506,191	$600,692	$2,257,423
Erich Manz	$85,385	$856,000	$973,656
Paul Baker Chief Operating Officer of Kopin Government and Industrial and Strategic Business Officer	$348,861	$326,135	$715,997
Richard A. Sneider Treasurer and Chief Financial Officer (terminating September 1, 2025)	$269,843	$228,552	$519,459

CEO Pay Ratio

Insufficient data for pay ratio.

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

145

-19.9% YoY

Revenue / Employee

—

Profit / Employee

—

SGA / Employee

—

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	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	Q2'25	Q3'25	Q4'25	Q1'26	Current
ROE	-27.0%	-31.1%	-40.3%	-32.1%	-37.4%	-49.2%	-60.4%	-64.4%	-72.3%	-60.7%	-73.6%	-1.9%	-1.8%	-1.8%	-1.7%	-54.7%	-51.9%	-23.3%	11.0%	8.2%	8.21%
ROA	-17.0%	-19.6%	-24.8%	-19.8%	-23.1%	-30.4%	-36.2%	-38.6%	-43.3%	-36.4%	-42.4%	-1.1%	-1.0%	-1.0%	-73.1%	-24.1%	-22.8%	-10.2%	3.6%	2.7%	2.70%
ROIC	-68.6%	-76.4%	-76.0%	-86.5%	-95.0%	-1.1%	-1.2%	-98.4%	-95.1%	-88.2%	-93.0%	-2.5%	-2.6%	-2.6%	3.3%	1.1%	1.1%	94.3%	1.4%	1.5%	1.51%
ROCE	-26.9%	-29.9%	-30.2%	-34.3%	-37.7%	-42.1%	-74.4%	-63.3%	-61.1%	-56.7%	-51.4%	-66.4%	-68.2%	-68.5%	-67.1%	-49.3%	-48.0%	-22.2%	-33.8%	-44.7%	-44.69%
Gross Margin	1.2%	18.3%	43.4%	-13.9%	-9.6%	31.9%	-57.3%	38.4%	15.6%	48.7%	-67.5%	-6.1%	14.7%	37.6%	27.5%	27.6%	16.4%	29.8%	43.4%	46.8%	46.84%
Operating Margin	-39.6%	-18.8%	-27.4%	-52.5%	-45.9%	-34.3%	-51.1%	-26.3%	-46.2%	-25.7%	-79.1%	-3.3%	-44.2%	-21.0%	-15.1%	-37.1%	-64.6%	-4.7%	-60.0%	-56.7%	-56.74%
Net Margin	-38.9%	-19.6%	-27.3%	-11.9%	-47.4%	-52.4%	-50.5%	-24.4%	-78.2%	-23.1%	-75.6%	-3.2%	-48.0%	-26.0%	-13.3%	-29.5%	-61.1%	34.1%	80.7%	-35.6%	-35.56%
EBITDA Margin	-37.5%	-17.4%	-26.3%	-50.2%	-43.7%	-33.2%	-50.6%	-24.2%	-44.7%	-24.7%	-77.8%	-76.2%	-43.1%	-20.0%	-11.9%	-27.0%	-57.8%	36.2%	-57.7%	-54.4%	-54.40%
FCF Margin	-9.5%	-17.9%	-25.8%	-30.7%	-36.9%	-37.4%	-39.1%	-43.2%	-32.8%	-33.1%	-40.1%	-38.2%	-34.6%	-38.2%	-29.9%	-30.7%	-37.0%	-24.3%	-43.2%	-38.6%	-38.57%
OCF Margin	-7.2%	-15.5%	-23.5%	-28.1%	-34.9%	-35.7%	-37.3%	-42.0%	-31.6%	-31.5%	-37.8%	-35.8%	-32.4%	-36.4%	-28.3%	-28.6%	-33.3%	-20.3%	-39.5%	-32.9%	-32.88%
ROE 3Y Avg	snapshot only																				-74.05%
ROE 5Y Avg	snapshot only																				-66.97%
ROA 3Y Avg	snapshot only																				-39.48%
ROIC Economic	snapshot only																				-62.44%
Cash ROA	snapshot only																				-18.28%
NOPAT Margin	snapshot only																				-39.07%
Pretax Margin	snapshot only																				5.54%
R&D / Revenue	snapshot only																				32.90%
SGA / Revenue	snapshot only																				44.78%
SBC / Revenue	snapshot only																				5.74%

Valuation

Metric	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	Q2'25	Q3'25	Q4'25	Q1'26	Current
P/E Ratio	-93.10	-56.80	-26.39	-20.97	-9.27	-5.96	-5.89	-5.56	-10.22	-6.93	-11.37	-4.35	-2.15	-1.82	-4.12	-10.93	-18.84	-62.85	163.51	178.02	502.746
P/S Ratio	15.90	10.85	7.94	5.04	2.49	2.07	2.40	2.46	5.24	3.06	5.56	5.45	2.45	1.99	3.59	3.10	5.49	8.47	10.60	8.65	23.902
P/B Ratio	25.17	17.70	9.11	5.77	2.97	2.51	4.71	4.74	9.78	5.57	7.61	7.33	3.46	2.99	7.76	6.78	11.08	16.59	17.91	14.61	14.042
P/FCF	-167.70	-60.57	-30.76	-16.42	-6.74	-5.53	-6.14	-5.69	-15.94	-9.26	-13.85	-14.25	-7.10	-5.21	-12.01	-10.11	-14.86	-34.79	-24.56	-22.42	-22.419
P/OCF	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—
EV/EBITDA	-92.73	-57.44	-25.80	-13.73	-5.67	-4.06	-4.96	-5.89	-13.10	-7.81	-12.65	-9.31	-3.91	-3.28	-8.48	-9.90	-18.50	-68.65	-46.57	-27.56	-27.557
EV/Revenue	15.48	10.44	7.38	4.48	1.95	1.54	2.20	2.26	5.03	2.85	5.19	5.07	2.10	1.65	2.93	2.45	4.78	7.74	9.75	7.80	7.797
EV/EBIT	-84.61	-52.79	-24.54	-13.08	-5.41	-3.90	-4.79	-5.67	-12.68	-7.55	-12.20	-9.07	-3.82	-3.20	-8.18	-9.41	-17.42	-59.35	-42.31	-25.59	-25.587
EV/FCF	-163.26	-58.29	-28.60	-14.60	-5.29	-4.12	-5.64	-5.23	-15.32	-8.62	-12.93	-13.27	-6.06	-4.33	-9.79	-7.97	-12.93	-31.78	-22.58	-20.21	-20.214
Earnings Yield	-1.1%	-1.8%	-3.8%	-4.8%	-10.8%	-16.8%	-17.0%	-18.0%	-9.8%	-14.4%	-8.8%	-23.0%	-46.5%	-55.0%	-24.3%	-9.2%	-5.3%	-1.6%	0.6%	0.6%	0.56%
FCF Yield	-0.6%	-1.7%	-3.3%	-6.1%	-14.8%	-18.1%	-16.3%	-17.6%	-6.3%	-10.8%	-7.2%	-7.0%	-14.1%	-19.2%	-8.3%	-9.9%	-6.7%	-2.9%	-4.1%	-4.5%	-4.46%
PEG Ratio	snapshot only																				1.851
Price/Tangible Book	snapshot only																				14.611
EV/Gross Profit	snapshot only																				22.676
Shareholder Yield	snapshot only																				0.01%
Graham Number	snapshot only																				$0.17

Leverage & Solvency

Metric	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	Q2'25	Q3'25	Q4'25	Q1'26	Current
Current Ratio	2.34	2.34	2.98	2.98	2.98	2.98	2.13	2.13	2.13	2.13	2.51	2.51	2.51	2.51	1.43	1.43	1.43	1.43	1.43	1.43	1.430
Quick Ratio	2.07	2.07	2.60	2.60	2.60	2.60	1.69	1.69	1.69	1.69	2.03	2.03	2.03	2.03	1.29	1.29	1.29	1.29	1.29	1.29	1.290
Debt/Equity	0.06	0.06	0.10	0.10	0.10	0.10	0.14	0.14	0.14	0.14	0.08	0.08	0.08	0.08	0.09	0.09	0.09	0.09	0.09	0.09	0.091
Net Debt/Equity	-0.67	-0.67	-0.64	-0.64	-0.64	-0.64	-0.38	-0.38	-0.38	-0.38	-0.51	-0.51	-0.51	-0.51	-1.44	-1.44	-1.44	-1.44	-1.44	-1.44	-1.437
Debt/Assets	0.04	0.04	0.06	0.06	0.06	0.06	0.08	0.08	0.08	0.08	0.05	0.05	0.05	0.05	0.03	0.03	0.03	0.03	0.03	0.03	0.030
Debt/EBITDA	-0.24	-0.21	-0.29	-0.26	-0.23	-0.21	-0.16	-0.19	-0.19	-0.21	-0.15	-0.11	-0.11	-0.11	-0.12	-0.17	-0.17	-0.41	-0.26	-0.19	-0.190
Net Debt/EBITDA	2.52	2.25	1.95	1.71	1.56	1.39	0.44	0.52	0.54	0.58	0.90	0.69	0.67	0.67	1.93	2.66	2.76	6.51	4.06	3.01	3.006
Interest Coverage	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—
Equity Multiplier	1.67	1.67	1.58	1.58	1.58	1.58	1.81	1.81	1.81	1.81	1.67	1.67	1.67	1.67	3.04	3.04	3.04	3.04	3.04	3.04	3.040
Cash Ratio	snapshot only																				0.810
Cash to Debt	snapshot only																				16.786
FCF to Debt	snapshot only																				-7.158
Defensive Interval	snapshot only																				651.0 days

Efficiency & Turnover

Metric	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	Q2'25	Q3'25	Q4'25	Q1'26	Current
Asset Turnover	0.99	1.02	0.83	0.82	0.86	0.88	0.89	0.87	0.85	0.82	0.87	0.85	0.89	0.95	0.84	0.85	0.78	0.76	0.56	0.56	0.556
Inventory Turnover	8.24	8.57	6.54	7.13	7.72	7.56	8.21	7.20	6.55	6.16	5.03	5.60	5.84	6.25	5.84	5.40	4.90	4.91	4.54	4.21	4.208
Receivables Turnover	5.89	6.07	4.27	4.26	4.45	4.53	5.08	5.00	4.84	4.72	4.97	4.88	5.12	5.45	4.67	4.72	4.36	4.23	3.32	3.32	3.319
Payables Turnover	7.06	7.34	6.51	7.09	7.68	7.52	9.78	8.57	7.80	7.33	6.79	7.56	7.89	8.44	7.37	6.81	6.18	6.19	4.68	4.34	4.344
DSO	62	60	85	86	82	81	72	73	75	77	73	75	71	67	78	77	84	86	110	110	110.0 days
DIO	44	43	56	51	47	48	44	51	56	59	73	65	62	58	63	68	75	74	80	87	86.7 days
DPO	52	50	56	51	48	49	37	43	47	50	54	48	46	43	50	54	59	59	78	84	84.0 days
Cash Conversion Cycle	55	53	85	85	82	80	79	81	84	87	92	92	88	82	91	91	99	102	113	113	112.7 days
Fixed Asset Turnover	snapshot only																				9.289
Operating Cycle	snapshot only																				196.7 days
Cash Velocity	snapshot only																				1.106
Capital Intensity	snapshot only																				1.799

Growth (YoY)

Metric	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	Q2'25	Q3'25	Q4'25	Q1'26	Current
Revenue	42.6%	32.8%	13.8%	3.7%	5.7%	4.4%	3.8%	2.2%	-5.1%	-9.1%	-14.8%	-14.8%	-7.9%	0.6%	24.6%	28.2%	13.0%	3.0%	-21.9%	-22.6%	-22.63%
Net Income	58.7%	31.7%	-2.1%	-1.2%	-65.9%	-89.4%	-40.7%	-87.8%	-81.2%	-15.7%	-2.2%	-1.4%	-1.1%	-1.5%	-1.2%	70.9%	71.1%	87.3%	1.1%	1.1%	1.13%
EPS	61.6%	37.6%	-1.9%	-1.1%	-63.2%	-83.3%	-35.9%	-61.1%	-48.9%	1.9%	15.2%	-1.1%	-85.7%	-1.2%	-84.9%	79.0%	78.9%	90.7%	1.0%	1.1%	1.12%
FCF	74.4%	23.3%	-1.4%	-8.2%	-3.1%	-1.2%	-57.2%	-43.6%	15.5%	19.7%	12.5%	24.5%	3.1%	-16.2%	7.2%	-2.9%	-20.8%	34.3%	-12.9%	2.8%	2.76%
EBITDA	44.6%	2.3%	-2.2%	-2.1%	-1.2%	-1.2%	-61.3%	-20.0%	-5.8%	12.6%	21.4%	-21.0%	-28.5%	-38.9%	-4.8%	41.9%	45.5%	77.0%	52.6%	11.4%	11.39%
Op. Income	43.6%	1.4%	-1.9%	-1.9%	-1.1%	-1.1%	-58.2%	-18.4%	-4.0%	13.4%	21.2%	-1.5%	-1.7%	-1.9%	-1.5%	69.4%	69.8%	74.5%	65.3%	-18.5%	-18.49%
OCF Growth	snapshot only																				11.00%
Asset Growth	snapshot only																				0.00%
Equity Growth	snapshot only																				0.00%
Debt Growth	snapshot only																				0.00%
Shares Change	snapshot only																				12.51%

Growth (CAGR)

Metric	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	Q2'25	Q3'25	Q4'25	Q1'26	Current
Revenue 3Y	15.6%	18.2%	23.1%	23.2%	20.0%	19.3%	17.1%	13.5%	12.7%	8.0%	0.2%	-3.3%	-2.6%	-1.6%	3.3%	3.7%	-0.4%	-2.0%	-6.0%	-5.5%	-5.48%
Revenue 5Y	14.3%	17.3%	15.1%	16.9%	16.2%	16.2%	11.2%	9.9%	9.1%	9.4%	10.5%	10.2%	8.6%	9.2%	11.3%	9.8%	8.3%	5.5%	-0.4%	-2.2%	-2.18%
EPS 3Y	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—
EPS 5Y	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—
Net Income 3Y	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—
Net Income 5Y	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—
EBITDA 3Y	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—
EBITDA 5Y	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—
Gross Profit 3Y	1.3%	3.1%	3.5%	-2.4%	-15.1%	-6.1%	—	—	-24.5%	-14.9%	-24.3%	-68.8%	-62.9%	-66.7%	2.3%	30.2%	38.9%	20.9%	—	—	—
Gross Profit 5Y	24.0%	36.3%	14.9%	6.4%	-5.8%	-2.1%	—	—	-25.0%	-17.2%	-9.9%	-43.4%	-41.2%	-44.9%	8.3%	11.6%	17.8%	13.2%	-0.6%	1.1%	1.09%
Op. Income 3Y	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—
Op. Income 5Y	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—
FCF 3Y	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—
FCF 5Y	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—
OCF 3Y	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—
OCF 5Y	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—
Assets 3Y	-19.3%	-19.3%	1.7%	1.7%	1.7%	1.7%	0.5%	0.5%	0.5%	0.5%	1.2%	1.2%	1.2%	1.2%	3.9%	3.9%	3.9%	3.9%	17.4%	17.4%	17.38%
Assets 5Y	-14.8%	-14.8%	-6.4%	-6.4%	-6.4%	-6.4%	-13.5%	-13.5%	-13.5%	-13.5%	-3.8%	-3.8%	-3.8%	-3.8%	10.5%	10.5%	10.5%	10.5%	8.3%	8.3%	8.28%
Equity 3Y	-28.2%	-28.2%	-6.2%	-6.2%	-6.2%	-6.2%	-5.5%	-5.5%	-5.5%	-5.5%	1.2%	1.2%	1.2%	1.2%	-16.4%	-16.4%	-16.4%	-16.4%	-1.2%	-1.2%	-1.23%
Book Value 3Y	-32.5%	-33.1%	-11.9%	-11.7%	-9.2%	-10.2%	-8.9%	-12.8%	-14.1%	-14.2%	-8.1%	-8.9%	-8.8%	-8.9%	-26.9%	-31.8%	-31.8%	-31.4%	-20.4%	-18.5%	-18.49%
Dividend 3Y	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—

Growth Quality

Metric	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	Q2'25	Q3'25	Q4'25	Q1'26	Current
Revenue Stability	0.73	0.87	0.86	0.90	0.90	0.93	0.89	0.86	0.78	0.76	0.61	0.48	0.46	0.50	0.62	0.58	0.50	0.43	0.01	0.02	0.016
Earnings Stability	0.24	0.46	0.31	0.36	0.57	0.55	0.35	0.29	0.25	0.30	0.23	0.02	0.07	0.14	0.24	0.13	0.16	0.09	0.03	0.00	0.000
Margin Stability	0.67	0.60	0.76	0.74	0.64	0.68	0.03	0.31	0.36	0.48	0.00	0.01	0.15	0.27	0.00	0.02	0.16	0.30	0.00	0.09	0.086
Rev. Growth Consistency	1.00	1.00	1.00	1.00	1.00	1.00	1.00	1.00	0.00	0.00	0.00	0.00	0.00	0.50	0.50	0.50	0.50	1.00	0.00	0.00	0.000
Earn. Growth Consistency	1.00	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	1.00	1.000
FCF Positive Streak	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Earnings Persistence	0.50	0.87	0.50	0.50	0.50	0.50	0.84	0.50	0.50	0.94	0.99	0.50	0.50	0.50	0.50	0.50	0.50	0.50	0.20	0.20	0.200
Earnings Smoothness	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—
ROE Trend	0.43	0.26	0.25	0.19	0.14	-0.04	-0.55	-0.63	-0.66	-0.44	-0.10	-1.12	-0.97	-1.03	-1.15	0.65	0.69	0.96	1.39	1.23	1.234
Gross Margin Trend	0.01	0.01	-0.05	-0.13	-0.11	-0.07	-0.38	-0.22	-0.12	-0.10	0.09	-0.06	-0.07	-0.10	0.20	0.27	0.25	0.21	0.13	0.20	0.204
FCF Margin Trend	0.66	0.42	0.16	-0.02	-0.06	-0.13	-0.20	-0.26	-0.10	-0.05	-0.08	-0.01	0.00	-0.03	0.10	0.10	-0.03	0.11	-0.08	-0.04	-0.041
Sustainable Growth Rate	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	11.0%	8.1%	8.08%
Internal Growth Rate	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	3.7%	2.7%	2.73%

Cash Flow Quality

Metric	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	Q2'25	Q3'25	Q4'25	Q1'26	Current
OCF/Net Income	0.42	0.81	0.78	1.17	1.30	1.03	0.92	0.95	0.62	0.71	0.77	0.29	0.28	0.33	0.32	1.01	1.14	1.51	-6.10	-6.77	-6.769
FCF/OCF	1.31	1.15	1.10	1.09	1.06	1.05	1.05	1.03	1.04	1.05	1.06	1.07	1.07	1.05	1.06	1.07	1.11	1.20	1.09	1.17	1.173
FCF/Net Income	snapshot only																				-7.940
CapEx/Revenue	2.2%	2.4%	2.3%	2.7%	2.0%	1.7%	1.8%	1.1%	1.3%	1.5%	2.4%	2.5%	2.2%	1.8%	1.6%	2.1%	3.7%	4.0%	3.7%	5.7%	5.69%
CapEx/Depreciation	snapshot only																				2.611
Accruals Ratio	-0.10	-0.04	-0.05	0.03	0.07	0.01	-0.03	-0.02	-0.17	-0.10	-0.10	-0.76	-0.73	-0.69	-0.49	0.00	0.03	0.05	0.26	0.21	0.210
Sloan Accruals	snapshot only																				-0.012
Cash Flow Adequacy	snapshot only																				-5.705
Earnings Quality Score	snapshot only																				0.250

Dividends & Buybacks

Metric	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	Q2'25	Q3'25	Q4'25	Q1'26	Current
Dividend Yield	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%
Dividend/Share	$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	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Payout Ratio	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	0.0%	1.5%	1.53%
FCF Payout Ratio	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—
Total Payout Ratio	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	0.0%	1.5%	1.53%
Div. Increase Streak	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	0	0
Chowder Number	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—
Buyback Yield	0.0%	0.0%	0.2%	0.3%	0.6%	0.7%	0.2%	0.1%	0.0%	0.1%	0.0%	0.0%	0.0%	0.0%	0.1%	0.2%	0.1%	0.1%	0.0%	0.0%	0.00%
Net Buyback Yield	-2.8%	-4.9%	-5.6%	-2.1%	-5.1%	-2.2%	-2.3%	-21.0%	-9.3%	-15.8%	-9.5%	-3.3%	-7.1%	-36.8%	-18.5%	-16.6%	-10.2%	-0.3%	-9.2%	-11.2%	-11.24%
Total Shareholder Return	-2.8%	-4.9%	-5.6%	-2.1%	-5.1%	-2.2%	-2.3%	-21.0%	-9.3%	-15.8%	-9.5%	-3.3%	-7.1%	-36.8%	-18.5%	-16.6%	-10.2%	-0.3%	-9.2%	-11.2%	-11.23%

DuPont Factors

Metric	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	Q2'25	Q3'25	Q4'25	Q1'26	Current
Tax Burden (NI/EBT)	1.01	1.01	1.01	1.01	1.01	1.01	1.01	1.01	1.01	1.01	1.01	1.00	1.00	1.00	1.00	1.02	1.02	1.03	0.91	0.88	0.876
Interest Burden (EBT/EBIT)	0.93	0.96	0.99	0.69	0.74	0.87	0.88	1.10	1.28	1.16	1.14	2.23	2.07	2.11	2.43	1.08	1.04	1.00	-0.31	-0.18	-0.182
EBIT Margin	-0.18	-0.20	-0.30	-0.34	-0.36	-0.40	-0.46	-0.40	-0.40	-0.38	-0.43	-0.56	-0.55	-0.52	-0.36	-0.26	-0.27	-0.13	-0.23	-0.30	-0.305
Asset Turnover	0.99	1.02	0.83	0.82	0.86	0.88	0.89	0.87	0.85	0.82	0.87	0.85	0.89	0.95	0.84	0.85	0.78	0.76	0.56	0.56	0.556
Equity Multiplier	1.59	1.59	1.62	1.62	1.62	1.62	1.67	1.67	1.67	1.67	1.73	1.73	1.73	1.73	2.27	2.27	2.27	2.27	3.04	3.04	3.040

Per Share

Metric	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	Q2'25	Q3'25	Q4'25	Q1'26	Current
EPS (Diluted TTM)	$-0.09	$-0.10	$-0.15	$-0.12	$-0.14	$-0.18	$-0.21	$-0.20	$-0.21	$-0.18	$-0.18	$-0.41	$-0.39	$-0.39	$-0.33	$-0.09	$-0.08	$-0.04	$0.01	$0.01	$0.01
Book Value/Share	$0.32	$0.31	$0.45	$0.44	$0.44	$0.43	$0.26	$0.23	$0.22	$0.22	$0.27	$0.25	$0.24	$0.24	$0.18	$0.14	$0.14	$0.14	$0.13	$0.12	$0.37
Tangible Book/Share	$0.32	$0.31	$0.45	$0.44	$0.44	$0.43	$0.26	$0.23	$0.22	$0.22	$0.27	$0.25	$0.24	$0.24	$0.18	$0.14	$0.14	$0.14	$0.13	$0.12	$0.12
Revenue/Share	$0.51	$0.51	$0.52	$0.51	$0.53	$0.52	$0.52	$0.44	$0.41	$0.40	$0.37	$0.33	$0.34	$0.36	$0.38	$0.31	$0.28	$0.27	$0.22	$0.21	$0.21
FCF/Share	$-0.05	$-0.09	$-0.13	$-0.16	$-0.19	$-0.19	$-0.20	$-0.19	$-0.13	$-0.13	$-0.15	$-0.13	$-0.12	$-0.14	$-0.11	$-0.09	$-0.10	$-0.07	$-0.10	$-0.08	$-0.08
OCF/Share	$-0.04	$-0.08	$-0.12	$-0.14	$-0.18	$-0.18	$-0.19	$-0.19	$-0.13	$-0.13	$-0.14	$-0.12	$-0.11	$-0.13	$-0.11	$-0.09	$-0.09	$-0.05	$-0.09	$-0.07	$-0.07
Cash/Share	$0.23	$0.23	$0.33	$0.33	$0.32	$0.31	$0.14	$0.12	$0.12	$0.11	$0.16	$0.14	$0.14	$0.14	$0.27	$0.21	$0.21	$0.21	$0.20	$0.19	$0.32
EBITDA/Share	$-0.08	$-0.09	$-0.15	$-0.17	$-0.18	$-0.20	$-0.23	$-0.17	$-0.16	$-0.15	$-0.15	$-0.18	$-0.18	$-0.18	$-0.13	$-0.08	$-0.07	$-0.03	$-0.05	$-0.06	$-0.06
Debt/Share	$0.02	$0.02	$0.04	$0.04	$0.04	$0.04	$0.04	$0.03	$0.03	$0.03	$0.02	$0.02	$0.02	$0.02	$0.02	$0.01	$0.01	$0.01	$0.01	$0.01	$0.01
Net Debt/Share	$-0.21	$-0.21	$-0.29	$-0.28	$-0.28	$-0.27	$-0.10	$-0.09	$-0.08	$-0.08	$-0.13	$-0.12	$-0.12	$-0.12	$-0.25	$-0.20	$-0.20	$-0.20	$-0.19	$-0.18	$-0.18

Academic Models

Metric	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	Q2'25	Q3'25	Q4'25	Q1'26	Current
Altman Z-Score	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	-3.338
Altman Z-Prime	snapshot only																				-10.385
Piotroski F-Score	4	4	3	2	2	3	2	3	3	3	4	3	3	3	4	4	3	2	3	3	3
Beneish M-Score	6.15	-1.92	-2.46	-3.30	-2.66	-2.55	-3.53	-3.23	-4.18	-3.16	-2.53	-9.45	-5.61	-5.32	-5.87	-2.82	-1.76	-1.65	-1.48	-1.76	-1.763
Ohlson O-Score	snapshot only																				-5.046
ROIC (Greenblatt)	snapshot only																				-51.82%
Net-Net WC	snapshot only																				$0.08

Credit

Metric	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	Q2'25	Q3'25	Q4'25	Q1'26	Current
Credit Rating	snapshot only																				BB-
Credit Score	68.83	67.88	59.28	39.59	40.78	39.47	39.77	38.19	38.32	38.32	40.89	39.67	40.51	39.57	35.13	34.83	35.89	34.58	36.52	35.28	35.278
Credit Grade	snapshot only																				13
Credit Trend	snapshot only																				0.444
Implied Spread (bps)	snapshot only																				550.000
Industry Credit Rank	snapshot only																				25
Sector Credit Rank	snapshot only																				17

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