$54.39

+1.20 (+2.26%)

Weekly Expected Move ±2.8%

$51 $53 $54 $56 $57

NYSE · Consumer Cyclical · Auto - Parts · Tech Score Neutral · Power 43 · $619.8M mcap · 11M float · 0.805% daily turnover · Short 49% 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

34.0 / 100

NoneWeakNarrowWide

Primary source: Cost Advantage · ROIC: 4.1% · 5Y Avg: 11.3%

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. MLR has No discernible competitive edge (34.0/100). The business operates without significant structural advantages. The primary source of advantage is Cost Advantage. ROIC of 4.1% suggests modest returns relative to capital deployed.

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

$64

Low

$64

Avg Target

$64

High

Based on 1 analyst since Aug 5, 2026 earnings

Analyst Recommendations

Strong Buy: 0Buy: 1Hold: 2Sell: 0Strong Sell: 0

Rating Summary

ConsensusHold

Avg Target$64.00

Analysts1

Consensus Change History

Date	Field	From	To
2026-03-25	consensus	Buy	Hold

Price Target Change History

Date	Firm	Analyst	Old	New	Change	Upside @ Call	Stock@Call
2026-08-10	D.A. Davidson	Michael Shlisky	$56	$64	+8	+19.3%	$53.65
2026-05-11	D.A. Davidson	—	$53	$56	+3	+16.2%	$48.20
2026-03-09	Loop Capital Markets	Dmitriy Pozdnyakov	$46	$44	-2	-2.2%	$44.98
2026-03-09	D.A. Davidson	Michael Shlisky	$82	$53	-29	+19.9%	$44.20
2025-11-10	Loop Capital Markets	Dmitriy Pozdnyakov	Initiated	$46	—	+18.0%	$38.99
2024-10-01	D.A. Davidson	Michael Shlisky	Initiated	$82	—	+37.0%	$59.86

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-

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. MLR receives an overall rating of B-. Strongest factors: ROA (4/5). Areas of concern: ROE (2/5), D/E (2/5), P/E (1/5).

Rating Change History

Date	From	To
2026-10-01	B	B-
2026-07-01	B+	B
2026-05-26	B	B+
2026-05-22	B+	B
2026-05-06	A-	B+
2026-05-04	B+	A-
2026-03-30	B	B+
2026-03-09	B+	B
2026-02-23	A-	B+
2026-01-30	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.

★ ★ ★ ★ ★ 49 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. MLR scores highest in Safety (100/100) and lowest in Growth (4/100). 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 Z-Score

4.41

Safe Zone

Piotroski F-Score

5/9

✓ ✓ ✗ ✓ ✓ ✗ ✓ ✗ ✗

Beneish M-Score

-3.39

Unlikely Manipulator

Ohlson O-Score

-9.36

Bankruptcy prob: 0.0%

Low Risk

Credit Rating

AAA

Score: 96.1/100

Trend: Stable

Earnings Quality

75/100

OCF/NI: 9.20x

Accruals: -19.1%

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. MLR scores 4.41, placing it in the Safe Zone (safe > 2.99, distress < 1.81). 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. MLR scores 5/9, 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. MLR's score of -3.39 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. MLR's implied 0.0% 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. MLR receives an estimated rating of AAA (score: 96.1/100), 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). MLR's score of 75/100 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

43.17x

PEG

-0.65x

P/S

0.80x

P/B

1.47x

P/FCF

5.23x

P/OCF

4.47x

EV/EBITDA

16.16x

EV/Revenue

0.70x

EV/EBIT

24.72x

EV/FCF

4.78x

Earnings Yield

2.43%

FCF Yield

19.13%

Shareholder Yield

2.95%

Graham Number

$31.93

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 43.2x earnings, MLR is priced for high growth expectations. Graham's intrinsic value formula yields $31.93 per share, 70% 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

0.681

NI / EBT

Interest Burden

0.965

EBT / EBIT

EBIT Margin

0.028

EBIT / Rev

Asset Turnover

1.251

Rev / Assets

Equity Multiplier

1.469

Assets / Equity

ROE

3.4%

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. MLR's ROE of 3.4% is driven by Asset Turnover (1.251), indicating efficient use of assets to generate revenue.

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

$10.56

Price/Value

4.84x

Margin of Safety

-384.28%

Premium

384.28%

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 MLR's realized 0.0% 3-year EPS CAGR, capped at 15% — demonstrated performance rather than forecasts, held to a rate companies have historically sustained. MLR trades at a 384% premium to its adjusted intrinsic value of $10.56, 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 43.2x.

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

$54.38

Median 1Y

$57.16

5th Pctile

$34.96

95th Pctile

$93.48

Ann. Volatility

32.2%

Analyst Target

$64.00

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
William G. Miller II President and Chief Executive Officer	$827,424	$2,556,840	$4,748,987
Deborah L. Whitmire Executive Vice President, Chief Financial Officer, and Treasurer	$486,720	$778,182	$1,743,141
William G. Miller Executive Chairman of the Board of Directors	$716,560	$—	$1,398,989
Jeffrey I. Badgley President of International and Military	$652,410	$444,676	$1,382,076
Vincent Tiano Revenue esident and Chief Revenue Officer	$378,560	$444,676	$1,120,387
Josias W. Reyneke Vice President and Chief Information Officer	$378,560	$444,676	$1,108,780

CEO Pay Ratio

82:1

CEO-to-Employee Pay Ratio

CEO Total Comp: $4,748,987

Avg Employee Cost (SGA/emp): $57,969

Employees: 1,535

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

1,535

-10.3% YoY

Revenue / Employee

$514,835

Rev: $790,271,000

Profit / Employee

$14,993

NI: $23,014,000

SGA / Employee

$57,969

Avg labor cost proxy

R&D / Employee

$5,342

Innovation spend

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	9.1%	5.7%	5.3%	4.3%	4.8%	7.0%	9.3%	12.8%	16.4%	18.2%	19.9%	20.6%	19.1%	17.0%	14.2%	10.6%	7.4%	5.6%	3.8%	3.4%	3.41%
ROA	6.3%	3.9%	3.4%	2.7%	3.1%	4.3%	5.4%	7.0%	9.6%	10.1%	10.5%	10.6%	10.4%	9.7%	8.2%	6.2%	4.4%	3.7%	2.5%	2.3%	2.32%
ROIC	11.0%	6.5%	5.1%	3.9%	4.6%	6.8%	8.7%	11.3%	14.0%	15.2%	16.8%	16.8%	16.3%	14.0%	11.4%	8.7%	6.0%	5.6%	4.0%	4.1%	4.07%
ROCE	11.5%	8.1%	7.2%	5.7%	6.4%	8.6%	11.1%	14.1%	17.3%	19.2%	21.1%	21.3%	20.0%	18.0%	15.0%	11.6%	8.5%	6.9%	5.1%	5.1%	5.13%
Gross Margin	10.8%	7.7%	7.1%	9.1%	11.3%	11.3%	10.8%	13.3%	15.6%	13.0%	12.6%	13.8%	13.4%	15.1%	15.0%	16.2%	14.2%	15.5%	14.2%	15.0%	14.97%
Operating Margin	3.6%	0.4%	1.4%	2.8%	4.1%	3.7%	4.4%	6.8%	8.6%	5.5%	6.5%	7.6%	6.3%	3.4%	4.7%	5.2%	2.3%	3.2%	1.0%	4.5%	4.48%
Net Margin	2.3%	1.3%	1.0%	1.9%	2.5%	4.1%	3.3%	5.0%	6.4%	5.6%	4.9%	5.5%	4.9%	4.7%	3.6%	4.0%	1.7%	2.0%	0.3%	3.0%	3.03%
EBITDA Margin	5.2%	3.6%	2.7%	4.2%	5.6%	6.9%	5.5%	8.0%	9.8%	8.7%	7.5%	8.6%	7.4%	7.8%	6.4%	7.0%	4.4%	5.3%	3.3%	4.3%	4.34%
FCF Margin	1.6%	0.9%	-3.6%	-6.6%	-6.0%	-5.7%	-2.6%	0.6%	0.3%	-0.1%	1.0%	-0.5%	1.4%	0.1%	-0.5%	3.5%	3.4%	10.8%	14.8%	14.6%	14.63%
OCF Margin	3.4%	2.1%	-2.2%	-3.2%	-2.8%	-2.3%	0.3%	1.8%	1.5%	1.0%	2.2%	0.5%	2.7%	1.3%	0.9%	5.0%	4.5%	12.5%	17.0%	17.1%	17.09%
ROE 3Y Avg	snapshot only																				10.81%
ROE 5Y Avg	snapshot only																				9.79%
ROA 3Y Avg	snapshot only																				6.25%
ROIC 3Y Avg	snapshot only																				8.66%
ROIC Economic	snapshot only																				3.67%
Cash ROA	snapshot only																				21.63%
Cash ROIC	snapshot only																				35.69%
CROIC	snapshot only																				30.54%
NOPAT Margin	snapshot only																				1.95%
Pretax Margin	snapshot only																				2.73%
R&D / Revenue	snapshot only																				0.00%
SGA / Revenue	snapshot only																				11.87%
SBC / Revenue	snapshot only																				0.47%

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	13.96	21.66	19.74	19.56	16.65	14.21	14.03	10.15	8.56	8.10	8.52	8.65	9.94	11.72	8.89	12.02	15.47	18.79	33.87	41.16	43.167
P/S Ratio	0.51	0.49	0.39	0.31	0.28	0.34	0.42	0.39	0.40	0.41	0.46	0.48	0.52	0.59	0.43	0.52	0.55	0.55	0.71	0.76	0.804
P/B Ratio	1.23	1.24	1.03	0.84	0.79	0.99	1.28	1.24	1.31	1.36	1.55	1.63	1.75	1.86	1.19	1.22	1.11	1.03	1.26	1.40	1.473
P/FCF	32.59	57.54	-10.96	-4.72	-4.60	-6.01	-16.36	66.82	139.81	-416.21	48.19	-89.39	36.65	490.10	-93.25	14.94	16.49	5.09	4.76	5.23	5.228
P/OCF	15.11	23.06	—	—	—	—	127.87	21.12	26.13	43.05	21.08	97.68	19.59	44.10	45.72	10.52	12.22	4.38	4.14	4.47	4.473
EV/EBITDA	6.87	8.63	8.46	8.33	7.30	7.13	7.84	6.35	5.73	5.45	5.76	6.02	6.69	7.97	6.15	7.65	8.70	9.13	13.16	16.16	16.164
EV/Revenue	0.44	0.42	0.37	0.32	0.29	0.35	0.44	0.42	0.43	0.44	0.48	0.52	0.54	0.62	0.47	0.55	0.56	0.53	0.67	0.70	0.699
EV/EBIT	9.05	12.66	12.88	13.31	11.20	9.96	10.27	7.82	6.79	6.37	6.64	6.89	7.71	9.29	7.36	9.65	11.82	13.39	22.06	24.72	24.721
EV/FCF	28.10	48.86	-10.30	-4.91	-4.86	-6.13	-17.05	71.98	150.69	-443.47	50.66	-96.14	37.97	517.25	-102.51	15.63	16.74	4.96	4.51	4.78	4.776
Earnings Yield	7.2%	4.6%	5.1%	5.1%	6.0%	7.0%	7.1%	9.9%	11.7%	12.3%	11.7%	11.6%	10.1%	8.5%	11.2%	8.3%	6.5%	5.3%	3.0%	2.4%	2.43%
FCF Yield	3.1%	1.7%	-9.1%	-21.2%	-21.7%	-16.6%	-6.1%	1.5%	0.7%	-0.2%	2.1%	-1.1%	2.7%	0.2%	-1.1%	6.7%	6.1%	19.7%	21.0%	19.1%	19.13%
Price/Tangible Book	snapshot only																				1.474
EV/OCF	snapshot only																				4.086
EV/Gross Profit	snapshot only																				4.744
Acquirers Multiple	snapshot only																				24.427
Shareholder Yield	snapshot only																				2.95%
Graham Number	snapshot only																				$31.93

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	2.61	2.24	2.19	2.27	2.55	2.41	2.12	2.09	2.38	2.17	2.03	2.08	2.12	2.68	3.23	3.32	3.46	3.22	2.98	2.46	2.459
Quick Ratio	1.65	1.46	1.43	1.41	1.50	1.42	1.32	1.34	1.45	1.37	1.36	1.44	1.46	1.74	2.16	2.19	2.13	1.87	1.78	1.61	1.606
Debt/Equity	0.00	0.00	0.04	0.14	0.16	0.16	0.15	0.19	0.18	0.17	0.15	0.19	0.17	0.16	0.19	0.13	0.11	0.08	0.06	0.01	0.011
Net Debt/Equity	-0.17	-0.19	-0.06	0.03	0.04	0.02	0.05	0.10	0.10	0.09	0.08	0.12	0.06	0.10	0.12	0.06	0.02	-0.03	-0.07	-0.12	-0.121
Debt/Assets	0.00	0.00	0.02	0.08	0.10	0.09	0.08	0.10	0.10	0.09	0.08	0.09	0.09	0.10	0.12	0.09	0.08	0.06	0.04	0.01	0.008
Debt/EBITDA	0.03	0.04	0.34	1.36	1.39	1.11	0.90	0.91	0.74	0.66	0.54	0.64	0.61	0.67	0.87	0.79	0.83	0.73	0.66	0.14	0.141
Net Debt/EBITDA	-1.10	-1.53	-0.55	0.33	0.38	0.14	0.32	0.46	0.41	0.34	0.28	0.42	0.23	0.42	0.56	0.34	0.13	-0.24	-0.74	-1.53	-1.530
Interest Coverage	30.97	17.43	14.55	10.61	8.50	8.76	9.85	10.72	11.89	13.22	14.37	14.77	18.62	21.51	26.09	54.05	46.24	47.69	31.74	28.36	28.355
Equity Multiplier	1.41	1.54	1.62	1.73	1.65	1.71	1.85	1.92	1.77	1.86	1.92	1.97	1.91	1.66	1.57	1.49	1.44	1.40	1.40	1.45	1.450
Cash Ratio	snapshot only																				0.301
Debt Service Coverage	snapshot only																				43.367
Cash to Debt	snapshot only																				11.862
FCF to Debt	snapshot only																				24.036
Defensive Interval	snapshot only																				1120.1 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	1.72	1.72	1.71	1.69	1.86	1.81	1.78	1.84	2.03	2.01	1.95	1.91	1.98	1.91	1.70	1.42	1.24	1.26	1.22	1.25	1.251
Inventory Turnover	6.27	6.51	6.63	6.14	5.94	5.70	5.66	5.80	5.89	5.83	6.05	6.29	6.30	5.78	5.57	4.72	3.84	3.61	3.75	4.07	4.072
Receivables Turnover	4.94	4.85	4.22	4.44	5.51	5.12	4.29	4.45	5.30	4.97	4.27	3.94	4.33	4.19	3.59	2.95	2.77	3.09	3.11	3.11	3.111
Payables Turnover	6.81	6.25	5.49	5.83	7.70	6.20	5.30	5.48	7.43	6.31	5.30	5.16	6.07	6.44	5.68	4.88	4.51	5.96	6.35	5.83	5.831
DSO	74	75	86	82	66	71	85	82	69	73	85	93	84	87	102	124	132	118	117	117	117.3 days
DIO	58	56	55	59	61	64	64	63	62	63	60	58	58	63	66	77	95	101	97	90	89.6 days
DPO	54	58	66	63	47	59	69	67	49	58	69	71	60	57	64	75	81	61	57	63	62.6 days
Cash Conversion Cycle	79	73	75	79	80	76	81	78	82	78	77	80	82	93	103	126	146	158	157	144	144.3 days
Fixed Asset Turnover	snapshot only																				5.905
Operating Cycle	snapshot only																				206.9 days
Cash Velocity	snapshot only																				13.853
Capital Intensity	snapshot only																				0.790

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	2.7%	10.2%	18.3%	12.3%	18.8%	18.3%	19.9%	29.4%	31.4%	35.9%	33.4%	27.4%	23.0%	9.0%	-7.2%	-24.5%	-36.9%	-37.2%	-34.3%	-21.0%	-21.02%
Net Income	-13.4%	-45.5%	-45.1%	-56.2%	-46.1%	25.2%	81.6%	2.1%	2.7%	1.9%	1.4%	85.4%	36.9%	8.9%	-17.5%	-40.7%	-56.7%	-63.8%	-71.6%	-66.3%	-66.30%
EPS	-13.4%	-45.5%	-45.1%	-56.2%	-46.2%	25.1%	81.5%	2.1%	2.7%	1.8%	1.4%	85.1%	35.9%	8.2%	-17.9%	-41.0%	-56.7%	-63.7%	-71.4%	-66.1%	-66.07%
FCF	-70.1%	-85.8%	-1.6%	-2.9%	-5.5%	-8.9%	13.5%	1.1%	1.1%	97.6%	1.5%	-2.2%	5.1%	2.3%	-1.4%	5.9%	49.7%	55.0%	22.2%	2.3%	2.30%
EBITDA	-7.5%	-28.2%	-27.3%	-35.8%	-26.0%	19.3%	54.4%	1.2%	1.5%	1.2%	1.0%	66.2%	30.8%	6.8%	-15.7%	-36.9%	-49.3%	-53.2%	-56.4%	-52.3%	-52.30%
Op. Income	-12.8%	-48.1%	-49.2%	-58.2%	-47.0%	27.6%	92.7%	2.2%	2.6%	1.8%	1.4%	82.2%	34.0%	7.6%	-20.1%	-45.9%	-61.5%	-59.9%	-66.1%	-55.2%	-55.15%
OCF Growth	snapshot only																				1.71%
Asset Growth	snapshot only																				-2.23%
Equity Growth	snapshot only																				0.36%
Debt Growth	snapshot only																				-91.54%
Shares Change	snapshot only																				-0.68%
Dividend Growth	snapshot only																				5.48%

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	0.1%	0.3%	0.6%	-0.5%	1.2%	1.2%	4.7%	13.0%	17.0%	21.0%	23.7%	22.8%	24.3%	20.6%	14.1%	7.6%	0.6%	-2.4%	-6.6%	-8.7%	-8.74%
Revenue 5Y	3.3%	3.6%	4.9%	5.5%	6.4%	6.6%	7.9%	9.3%	9.4%	10.1%	10.2%	10.2%	10.9%	9.0%	7.3%	6.8%	4.4%	3.9%	2.9%	2.0%	2.01%
EPS 3Y	-7.5%	-21.6%	-24.9%	-31.7%	-28.9%	-19.6%	-8.6%	7.2%	19.5%	24.6%	33.3%	35.8%	38.9%	56.6%	52.4%	50.0%	29.2%	3.7%	-17.6%	-28.2%	-28.18%
EPS 5Y	5.7%	-4.0%	-5.9%	-8.5%	-5.5%	-2.5%	1.2%	6.4%	9.3%	11.3%	12.8%	12.8%	12.4%	9.8%	8.3%	6.1%	0.1%	-5.3%	-11.1%	-12.9%	-12.89%
Net Income 3Y	-7.5%	-21.6%	-24.9%	-31.7%	-28.8%	-19.6%	-8.5%	7.6%	19.9%	25.0%	33.8%	36.4%	39.7%	57.5%	53.3%	50.8%	29.8%	4.2%	-17.4%	-28.2%	-28.19%
Net Income 5Y	5.7%	-4.0%	-5.8%	-8.4%	-5.4%	-2.4%	1.2%	6.6%	9.6%	11.6%	13.1%	13.1%	12.8%	10.2%	8.7%	6.5%	0.4%	-5.1%	-10.9%	-12.7%	-12.72%
EBITDA 3Y	-3.5%	-12.6%	-15.3%	-19.5%	-16.8%	-12.5%	-3.6%	9.3%	19.2%	24.1%	31.1%	32.9%	33.7%	41.7%	37.7%	32.1%	17.9%	3.7%	-9.7%	-20.6%	-20.62%
EBITDA 5Y	4.7%	-1.3%	-3.0%	-4.0%	-1.6%	1.6%	4.0%	8.4%	10.4%	12.2%	13.5%	13.8%	13.3%	9.8%	8.6%	6.5%	2.3%	-0.9%	-3.7%	-6.7%	-6.70%
Gross Profit 3Y	-0.5%	-5.7%	-7.5%	-9.8%	-7.5%	-5.1%	1.8%	11.9%	19.6%	24.7%	29.9%	31.1%	30.9%	34.7%	32.3%	29.0%	20.7%	13.5%	4.8%	-1.6%	-1.58%
Gross Profit 5Y	4.0%	1.7%	0.8%	0.6%	2.6%	4.2%	6.8%	10.0%	11.7%	12.8%	13.6%	14.1%	13.9%	12.1%	11.7%	11.1%	9.5%	9.0%	8.2%	7.6%	7.65%
Op. Income 3Y	-5.4%	-20.1%	-24.1%	-30.0%	-26.8%	-21.3%	-9.9%	6.3%	18.5%	23.5%	32.3%	35.2%	36.8%	57.5%	53.8%	47.3%	23.0%	7.1%	-13.9%	-23.8%	-23.82%
Op. Income 5Y	2.5%	-8.4%	-10.6%	-12.7%	-8.8%	-3.7%	0.2%	6.1%	10.1%	13.1%	14.8%	15.1%	13.6%	8.3%	6.7%	3.5%	-3.0%	-4.1%	-8.9%	-9.7%	-9.73%
FCF 3Y	61.9%	-10.6%	—	—	—	—	—	-43.9%	-56.0%	—	-38.0%	—	19.9%	-37.2%	—	—	—	—	—	1.7%	1.68%
FCF 5Y	—	—	—	—	—	—	—	—	3.8%	—	—	—	0.5%	-38.8%	—	0.5%	-5.0%	14.5%	17.6%	32.6%	32.58%
OCF 3Y	4.5%	-11.3%	—	—	—	—	-61.1%	-28.0%	-31.2%	-43.5%	-25.8%	-47.1%	14.4%	3.4%	—	—	—	—	2.5%	92.1%	92.11%
OCF 5Y	32.9%	-6.1%	—	—	—	—	-27.6%	-0.1%	-4.2%	-12.9%	35.0%	-23.4%	0.5%	-13.6%	-27.0%	-0.5%	-5.7%	10.2%	14.1%	25.2%	25.16%
Assets 3Y	4.4%	5.9%	5.1%	5.6%	6.0%	8.6%	10.1%	18.6%	13.7%	17.6%	17.7%	20.5%	22.7%	15.1%	11.0%	7.8%	8.2%	5.6%	1.6%	0.1%	0.11%
Assets 5Y	6.6%	8.0%	8.7%	9.1%	8.1%	9.6%	11.2%	11.7%	10.4%	11.9%	11.6%	12.1%	13.5%	11.2%	8.9%	11.3%	8.6%	8.2%	6.5%	7.3%	7.34%
Equity 3Y	9.7%	7.7%	7.2%	6.0%	5.2%	4.4%	4.9%	6.0%	6.9%	7.2%	8.4%	9.5%	10.9%	12.1%	12.1%	13.2%	13.4%	12.7%	11.4%	10.0%	9.99%
Book Value 3Y	9.7%	7.7%	7.1%	5.9%	5.2%	4.3%	4.8%	5.7%	6.5%	6.8%	7.9%	9.0%	10.3%	11.5%	11.4%	12.6%	12.8%	12.2%	11.1%	10.0%	10.00%
Dividend 3Y	-0.0%	-0.0%	-0.0%	-0.0%	-0.0%	-0.0%	-0.0%	-0.3%	-0.3%	-0.2%	0.2%	0.7%	1.0%	1.3%	1.2%	1.1%	1.1%	1.2%	1.3%	1.6%	1.58%

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	0.27	0.19	0.26	0.41	0.43	0.38	0.54	0.70	0.61	0.58	0.59	0.60	0.65	0.66	0.69	0.55	0.31	0.25	0.14	0.04	0.040
Earnings Stability	0.24	0.00	0.02	0.06	0.09	0.21	0.19	0.03	0.00	0.04	0.13	0.22	0.32	0.33	0.39	0.33	0.21	0.14	0.06	0.02	0.017
Margin Stability	0.97	0.91	0.90	0.88	0.88	0.90	0.90	0.87	0.87	0.87	0.86	0.84	0.85	0.84	0.82	0.81	0.81	0.84	0.86	0.88	0.875
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	0.00	0.00	0.00	0.00	0.00	0.00	0.000
Earn. Growth Consistency	0.00	0.00	0.00	0.00	0.00	0.50	0.50	0.50	0.50	1.00	1.00	1.00	1.00	1.00	0.00	0.00	0.00	0.00	0.00	0.00	0.000
FCF Positive Streak	1	1	0	0	0	0	0	0	0	0	0	0	1	0	0	0	1	1	0	1	0
Earnings Persistence	0.95	0.82	0.82	0.50	0.82	0.90	0.50	0.50	0.50	0.50	0.50	0.50	0.85	0.96	0.93	0.84	0.50	0.50	0.50	0.50	0.500
Earnings Smoothness	0.86	0.41	0.42	0.22	0.40	0.78	0.42	0.00	0.00	0.03	0.18	0.40	0.69	0.91	0.81	0.49	0.21	0.06	0.00	0.01	0.008
ROE Trend	-0.04	-0.07	-0.06	-0.06	-0.05	-0.01	0.02	0.05	0.09	0.10	0.11	0.11	0.08	0.04	-0.00	-0.05	-0.09	-0.11	-0.12	-0.11	-0.111
Gross Margin Trend	-0.00	-0.02	-0.03	-0.03	-0.03	-0.01	0.00	0.02	0.03	0.03	0.04	0.04	0.02	0.02	0.02	0.02	0.02	0.02	0.01	0.01	0.005
FCF Margin Trend	-0.02	-0.04	-0.09	-0.11	-0.10	-0.09	-0.05	0.02	0.03	0.02	0.04	0.02	0.04	0.03	0.00	0.03	0.03	0.11	0.15	0.13	0.131
Sustainable Growth Rate	6.2%	2.8%	2.4%	1.4%	1.9%	4.2%	6.5%	10.1%	13.7%	15.6%	17.4%	18.2%	16.8%	14.6%	11.9%	8.4%	5.2%	3.4%	1.5%	1.2%	1.18%
Internal Growth Rate	4.5%	2.0%	1.6%	0.9%	1.3%	2.7%	3.9%	5.8%	8.7%	9.5%	10.1%	10.3%	10.0%	9.1%	7.3%	5.1%	3.2%	2.3%	1.0%	0.8%	0.81%

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	0.92	0.94	-1.09	-2.00	-1.70	-0.94	0.11	0.48	0.33	0.19	0.40	0.09	0.51	0.27	0.19	1.14	1.27	4.29	8.17	9.20	9.203
FCF/OCF	0.46	0.40	1.65	2.07	2.13	2.51	-7.82	0.32	0.19	-0.10	0.44	-1.09	0.53	0.09	-0.49	0.70	0.74	0.86	0.87	0.86	0.856
FCF/Net Income	snapshot only																				7.874
OCF/EBITDA	snapshot only																				3.956
CapEx/Revenue	1.8%	1.3%	1.4%	3.4%	3.2%	3.4%	2.9%	1.3%	1.3%	1.0%	1.2%	1.0%	1.2%	1.2%	1.4%	1.5%	1.2%	1.7%	2.2%	2.5%	2.47%
CapEx/Depreciation	snapshot only																				1.649
Accruals Ratio	0.00	0.00	0.07	0.08	0.08	0.08	0.05	0.04	0.06	0.08	0.06	0.10	0.05	0.07	0.07	-0.01	-0.01	-0.12	-0.18	-0.19	-0.191
Sloan Accruals	snapshot only																				-0.132
Cash Flow Adequacy	snapshot only																				4.644
Earnings Quality Score	snapshot only																				0.750

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	2.3%	2.3%	2.7%	3.4%	3.6%	2.8%	2.1%	2.1%	1.9%	1.7%	1.5%	1.4%	1.2%	1.2%	1.8%	1.7%	1.9%	2.1%	1.8%	1.6%	1.53%
Dividend/Share	$0.72	$0.72	$0.72	$0.72	$0.72	$0.72	$0.72	$0.71	$0.71	$0.72	$0.72	$0.74	$0.74	$0.75	$0.76	$0.77	$0.78	$0.79	$0.80	$0.81	$0.83
Payout Ratio	32.1%	50.5%	54.3%	66.4%	59.7%	40.4%	29.9%	21.3%	16.2%	14.2%	12.7%	11.9%	12.4%	13.7%	16.2%	21.0%	30.0%	39.8%	59.7%	65.4%	65.35%
FCF Payout Ratio	75.0%	1.3%	—	—	—	—	—	1.4%	2.6%	—	71.6%	—	45.6%	5.7%	—	26.1%	32.0%	10.8%	8.4%	8.3%	8.30%
Total Payout Ratio	32.1%	50.5%	54.3%	66.4%	59.7%	40.4%	29.9%	21.3%	16.2%	14.2%	12.7%	14.7%	16.5%	18.3%	25.4%	29.2%	42.5%	65.8%	98.8%	1.2%	1.21%
Div. Increase Streak	0	0	0	0	0	0	0	0	0	0	0	1	1	1	1	1	1	1	1	1	1
Chowder Number	0.02	0.02	0.03	0.03	0.04	0.03	0.02	0.02	0.02	0.02	0.03	0.05	0.06	0.07	0.07	0.07	0.07	0.07	0.07	0.06	0.063
Buyback Yield	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.3%	0.4%	0.4%	1.0%	0.7%	0.8%	1.4%	1.2%	1.4%	1.36%
Net Buyback Yield	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.3%	0.4%	0.4%	1.0%	0.7%	0.8%	1.4%	1.2%	1.4%	1.36%
Total Shareholder Return	2.3%	2.3%	2.7%	3.4%	3.6%	2.8%	2.1%	2.1%	1.9%	1.7%	1.5%	1.7%	1.7%	1.6%	2.8%	2.4%	2.7%	3.5%	2.9%	3.0%	2.95%

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)	0.78	0.75	0.76	0.75	0.76	0.79	0.78	0.79	0.79	0.79	0.79	0.79	0.79	0.79	0.79	0.78	0.77	0.73	0.70	0.68	0.681
Interest Burden (EBT/EBIT)	0.96	0.92	0.92	0.87	0.83	0.87	0.90	0.91	0.93	0.93	0.94	0.94	0.95	0.95	0.96	0.99	0.98	1.00	0.99	0.96	0.965
EBIT Margin	0.05	0.03	0.03	0.02	0.03	0.03	0.04	0.05	0.06	0.07	0.07	0.07	0.07	0.07	0.06	0.06	0.05	0.04	0.03	0.03	0.028
Asset Turnover	1.72	1.72	1.71	1.69	1.86	1.81	1.78	1.84	2.03	2.01	1.95	1.91	1.98	1.91	1.70	1.42	1.24	1.26	1.22	1.25	1.251
Equity Multiplier	1.44	1.47	1.56	1.60	1.53	1.62	1.74	1.83	1.71	1.79	1.89	1.95	1.85	1.75	1.74	1.72	1.67	1.53	1.49	1.47	1.469

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)	$2.24	$1.42	$1.33	$1.08	$1.21	$1.78	$2.41	$3.35	$4.42	$5.06	$5.72	$6.21	$6.01	$5.47	$4.70	$3.66	$2.60	$1.99	$1.34	$1.24	$1.24
Book Value/Share	$25.40	$24.94	$25.29	$25.27	$25.27	$25.70	$26.39	$27.39	$28.87	$30.19	$31.36	$32.89	$34.08	$34.57	$35.00	$36.09	$36.28	$36.34	$36.20	$36.46	$36.92
Tangible Book/Share	$24.38	$23.92	$24.27	$24.25	$24.25	$24.69	$25.37	$25.61	$27.08	$28.46	$29.62	$31.16	$32.36	$32.84	$33.28	$34.36	$34.55	$34.61	$34.44	$34.70	$34.70
Revenue/Share	$60.83	$62.88	$66.82	$68.62	$72.20	$74.32	$80.06	$87.97	$94.05	$100.09	$105.65	$111.87	$114.85	$108.40	$97.58	$84.13	$72.47	$68.23	$64.60	$66.89	$67.74
FCF/Share	$0.96	$0.54	$-2.39	$-4.50	$-4.36	$-4.21	$-2.06	$0.51	$0.27	$-0.10	$1.01	$-0.60	$1.63	$0.13	$-0.45	$2.95	$2.44	$7.35	$9.56	$9.78	$9.91
OCF/Share	$2.07	$1.34	$-1.45	$-2.17	$-2.05	$-1.68	$0.26	$1.61	$1.45	$0.95	$2.31	$0.55	$3.05	$1.45	$0.91	$4.18	$3.29	$8.53	$11.00	$11.44	$11.58
Cash/Share	$4.42	$4.76	$2.56	$2.73	$2.91	$3.52	$2.60	$2.65	$2.33	$2.60	$2.32	$2.06	$3.50	$2.10	$2.36	$2.74	$3.31	$3.86	$4.60	$4.83	$4.89
EBITDA/Share	$3.93	$3.04	$2.91	$2.65	$2.90	$3.62	$4.48	$5.78	$7.12	$8.00	$8.90	$9.58	$9.24	$8.50	$7.46	$6.02	$4.69	$3.99	$3.28	$2.89	$2.89
Debt/Share	$0.11	$0.11	$0.98	$3.60	$4.02	$4.02	$4.01	$5.28	$5.27	$5.28	$4.82	$6.12	$5.66	$5.65	$6.50	$4.78	$3.91	$2.90	$2.17	$0.41	$0.41
Net Debt/Share	$-4.31	$-4.65	$-1.59	$0.87	$1.12	$0.50	$1.41	$2.63	$2.94	$2.68	$2.50	$4.06	$2.16	$3.55	$4.14	$2.04	$0.60	$-0.96	$-2.43	$-4.42	$-4.42

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 Z-Score	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	4.410
Altman Z-Prime	snapshot only																				7.869
Piotroski F-Score	6	4	2	2	3	5	5	5	5	5	6	6	5	6	4	6	7	7	5	5	5
Beneish M-Score	-2.58	-1.99	-1.84	-1.85	-1.90	-2.15	-2.26	-1.89	-1.76	-1.51	-1.71	-1.55	-1.75	-1.86	-2.24	-2.78	-2.84	-3.34	-3.59	-3.39	-3.395
Ohlson O-Score	snapshot only																				-9.356
ROIC (Greenblatt)	snapshot only																				5.45%
Net-Net WC	snapshot only																				$22.98
EVA	snapshot only																				$-21897649.88

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																				AAA
Credit Score	96.16	95.09	79.86	75.53	77.80	76.31	77.77	84.30	86.74	84.44	89.33	82.86	90.60	90.36	89.19	96.06	95.78	95.66	95.70	96.11	96.112
Credit Grade	snapshot only																				1
Credit Trend	snapshot only																				0.052
Implied Spread (bps)	snapshot only																				50.000
Industry Credit Rank	snapshot only																				91
Sector Credit Rank	snapshot only																				94

MLR NYSE

Edge Score

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

Sign in to InsiderStreet