$3.80

-0.15 (-3.80%)

Weekly Expected Move ±10.3%

$3 $3 $4 $4 $5

NASDAQ · Healthcare · Biotechnology · Tech Score Neutral · Power 48 · $1.2B mcap · 303M float · 1.60% 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.

WEAK EDGE

50.2 / 100

NoneWeakNarrowWide

Primary source: Switching Costs · ROIC: 4.0%

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. MNKD shows a Weak competitive edge (50.2/100) — limited structural advantages that may face competitive pressure. The primary source of advantage is Switching Costs. ROIC of 4.0% 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

$13

Low

$13

Avg Target

$13

High

Based on 1 analyst since Aug 5, 2026 earnings

Analyst Recommendations

Strong Buy: 0Buy: 10Hold: 3Sell: 7Strong Sell: 0

Rating Summary

ConsensusBuy

Avg Target$13.50

Analysts2

Price Target Change History

Date	Firm	Analyst	Old	New	Change	Upside @ Call	Stock@Call
2026-08-06	Wells Fargo	—	$14	$13	-1	+217.1%	$4.10
2026-07-30	Wells Fargo	—	$11	$14	+3	+251.8%	$3.98
2026-05-31	Wells Fargo	—	$10	$11	+1	+191.8%	$3.77
2026-05-07	Mizuho Securities	Anthony Petrone	$8	$7	-1	+96.6%	$3.56
2026-05-07	Wells Fargo	—	Initiated	$10	—	+180.9%	$3.56
2026-05-07	H.C. Wainwright	—	$11	$10	-1	+180.9%	$3.56
2026-04-13	Mizuho Securities	—	Initiated	$8	—	+210.7%	$2.58
2026-04-08	Truist Financial	—	$9	$6	-3	+129.9%	$2.61
2025-11-24	Truist Financial	—	Initiated	$9	—	+78.9%	$5.03
2025-09-02	H.C. Wainwright	—	$9	$11	+2	+91.6%	$5.74
2025-08-26	RBC Capital	Douglas Miehm	Initiated	$8	—	+100.0%	$4.00
2025-08-25	H.C. Wainwright	—	Initiated	$9	—	+130.8%	$3.90
2024-08-28	Oppenheimer	Steven Lichtman	Initiated	$12	—	+123.0%	$5.38
2023-10-10	Wedbush	Andreas Argyrides	Initiated	$10	—	+136.4%	$4.23

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

Rating Change History

Date	From	To
2026-09-24	C+	B-
2026-05-06	C	C+
2026-05-04	C+	C
2026-03-19	C	C+
2026-03-18	C+	C
2026-03-16	C	C+
2026-03-13	C+	C
2026-03-09	C	C+
2026-02-26	C+	C

InsiderStreet Scorecard

Proprietary multi-factor scorecard rating companies across seven fundamental dimensions — profitability, balance sheet strength, earnings quality, growth, value, momentum, and safety — each scored 0–100.

★ ★ ★ ★ ★ 18 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. MNKD scores highest in Earnings Quality (59/100) and lowest in Safety (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

-4.44

Distress Zone

Piotroski F-Score

2/9

✗ ✗ ✗ ✓ ✗ ✗ ✓ ✗ ✗

Beneish M-Score

-0.69

Possible Manipulator

Ohlson O-Score

-4.24

Bankruptcy prob: 1.4%

Low Risk

Credit Rating

CCC

Score: 16.1/100

Trend: Deteriorating

Earnings Quality

—

OCF/NI: 0.19x

Accruals: -6.1%

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. MNKD scores -4.44, 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. MNKD scores 2/9, 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. MNKD's score of -0.69 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. MNKD's implied 1.4% 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. MNKD receives an estimated rating of CCC (score: 16.1/100), with a deteriorating trend.

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

-27.24x

PEG

0.24x

P/S

3.08x

P/B

-17.48x

P/FCF

-70.94x

P/OCF

—

EV/EBITDA

49.99x

EV/Revenue

3.90x

EV/EBIT

154.54x

EV/FCF

-82.77x

Earnings Yield

-3.31%

FCF Yield

-1.41%

Shareholder Yield

0.00%

Graham Number

—

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. MNKD currently has negative earnings — the P/E ratio is not meaningful.

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

0.896

NI / EBT

Interest Burden

-4.892

EBT / EBIT

EBIT Margin

0.025

EBIT / Rev

Asset Turnover

0.688

Rev / Assets

Equity Multiplier

-9.359

Assets / Equity

ROE

71.4%

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. MNKD's ROE of 71.4% is driven by Asset Turnover (0.688), 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

—

Price/Value

—

Margin of Safety

—

Premium

—

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

$3.80

Median 1Y

$3.64

5th Pctile

$1.18

95th Pctile

$11.22

Ann. Volatility

66.7%

Analyst Target

$13.50

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 E. Castagna Chief Executive Officer	$789,436	$7,689,480	$9,300,485
Dominic Marasco President, Endocrine Business Unit	$447,596	$6,269,015	$6,980,472
David B. Thomson EVP, General Counsel and Secretary	$520,748	$2,133,480	$3,155,248
Stuart A. Tross EVP, Human Resources	$438,709	$2,133,480	$2,945,695
Christopher B. Prentiss Chief Financial Officer	$470,085	$2,133,480	$2,886,799

CEO Pay Ratio

38:1

CEO-to-Employee Pay Ratio

CEO Total Comp: $9,300,485

Avg Employee Cost (SGA/emp): $243,471

Employees: 592

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

592

+45.5% YoY

Revenue / Employee

$589,470

Rev: $348,966,000

Profit / Employee

$9,904

NI: $5,863,000

SGA / Employee

$243,471

Avg labor cost proxy

R&D / Employee

$112,074

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	42.7%	41.5%	46.3%	40.6%	46.2%	38.0%	29.2%	18.7%	12.8%	4.8%	-3.5%	-4.8%	-9.3%	-17.0%	-20.9%	-23.4%	-23.0%	-9.0%	40.6%	71.4%	71.36%
ROA	-47.5%	-37.7%	-30.0%	-32.5%	-36.7%	-28.4%	-23.5%	-15.8%	-10.2%	-3.1%	2.2%	3.1%	5.5%	6.3%	6.8%	7.7%	6.1%	1.0%	-4.1%	-7.6%	-7.62%
ROIC	87.6%	29.9%	47.8%	46.5%	48.0%	38.1%	27.0%	16.8%	8.2%	-2.6%	-9.8%	-16.1%	-21.0%	-28.7%	-36.7%	-32.6%	-88.0%	64.2%	4.3%	4.0%	4.02%
ROCE	-34.2%	-23.6%	-30.9%	-29.3%	-31.5%	-27.5%	-21.4%	-10.3%	-2.8%	4.0%	10.4%	12.8%	15.5%	22.0%	24.7%	22.9%	16.2%	6.2%	1.7%	1.7%	1.69%
Gross Margin	55.5%	8.6%	8.3%	31.6%	46.8%	55.3%	60.1%	70.7%	72.2%	69.1%	71.9%	71.8%	74.3%	74.5%	77.6%	73.1%	75.4%	78.5%	75.8%	73.0%	72.99%
Operating Margin	-29.7%	-1.9%	-1.8%	-1.1%	-29.3%	-35.5%	-14.8%	3.5%	9.9%	13.4%	25.2%	22.9%	18.2%	34.5%	28.5%	6.9%	22.9%	-6.9%	-3.3%	-0.3%	-0.32%
Net Margin	-19.9%	-2.2%	-2.2%	-1.5%	-44.0%	-49.8%	-24.1%	-10.8%	3.4%	2.4%	16.0%	-2.8%	16.5%	9.7%	16.8%	0.9%	9.7%	-14.2%	-18.4%	-17.4%	-17.40%
EBITDA Margin	-2.1%	-1.8%	-1.7%	-90.9%	-23.9%	-29.7%	-7.8%	11.5%	16.3%	16.9%	33.0%	18.3%	34.0%	24.2%	34.3%	12.7%	21.8%	-2.2%	2.7%	11.8%	11.83%
FCF Margin	-73.6%	-97.0%	-1.2%	-1.4%	-1.3%	-88.5%	-56.2%	-36.2%	-17.9%	-4.2%	1.4%	7.3%	10.8%	11.5%	7.3%	9.5%	13.8%	3.9%	3.5%	-4.7%	-4.72%
OCF Margin	-60.4%	-81.8%	-96.0%	-1.2%	-1.2%	-80.9%	-47.7%	-16.9%	5.7%	17.1%	17.6%	16.5%	15.5%	14.9%	9.9%	11.4%	15.5%	5.2%	5.2%	-2.2%	-2.16%
ROA 3Y Avg	snapshot only																				1.55%
ROIC Economic	snapshot only																				2.39%
Cash ROA	snapshot only																				-1.16%
Cash ROIC	snapshot only																				-5.56%
CROIC	snapshot only																				-12.17%
NOPAT Margin	snapshot only																				1.56%
Pretax Margin	snapshot only																				-12.36%
R&D / Revenue	snapshot only																				19.53%
SGA / Revenue	snapshot only																				50.78%
SBC / Revenue	snapshot only																				4.37%

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	-13.71	-13.56	-9.86	-11.04	-8.22	-15.88	-15.20	-22.79	-35.47	-98.75	173.33	121.43	83.03	67.74	53.60	35.52	57.25	303.77	-31.58	-30.20	-27.240
P/S Ratio	13.36	14.54	13.24	14.73	10.51	13.91	8.43	6.84	6.29	5.93	6.55	5.74	6.70	6.55	5.42	3.86	5.33	5.10	2.09	3.35	3.083
P/B Ratio	-5.89	-5.24	-3.99	-3.91	-3.37	-5.54	-4.24	-4.15	-4.41	-4.79	-6.40	-6.31	-8.53	-23.71	-27.54	-21.16	-37.56	-34.91	-12.76	-19.60	-17.485
P/FCF	-18.15	-14.99	-11.20	-10.81	-8.15	-15.72	-15.01	-18.89	-35.10	-141.24	474.07	78.16	62.02	56.94	73.99	40.47	38.71	131.59	59.38	-70.94	-70.937
P/OCF	—	—	—	—	—	—	—	—	110.54	34.58	37.11	34.87	43.10	43.96	54.84	33.72	34.36	98.39	40.10	—	—
EV/EBITDA	-20.45	-20.08	-14.40	-18.31	-13.66	-27.02	-30.71	-75.28	26518.58	56.08	31.50	26.43	25.87	22.17	17.92	13.06	22.42	40.06	38.40	49.99	49.989
EV/Revenue	15.11	15.67	15.09	16.62	12.00	15.09	9.31	7.69	7.06	5.81	6.40	5.67	6.66	6.02	4.97	3.42	5.22	5.97	2.93	3.90	3.904
EV/EBIT	-19.08	-18.37	-13.41	-16.44	-12.38	-24.04	-25.79	-54.42	-201.26	78.22	36.38	30.19	29.22	25.10	20.39	15.07	26.26	53.81	100.46	154.54	154.537
EV/FCF	-20.53	-16.16	-12.76	-12.20	-9.30	-17.06	-16.57	-21.24	-39.41	-138.55	463.46	77.24	61.63	52.39	67.83	35.88	37.92	153.90	83.19	-82.77	-82.770
Earnings Yield	-7.3%	-7.4%	-10.1%	-9.1%	-12.2%	-6.3%	-6.6%	-4.4%	-2.8%	-1.0%	0.6%	0.8%	1.2%	1.5%	1.9%	2.8%	1.7%	0.3%	-3.2%	-3.3%	-3.31%
FCF Yield	-5.5%	-6.7%	-8.9%	-9.3%	-12.3%	-6.4%	-6.7%	-5.3%	-2.8%	-0.7%	0.2%	1.3%	1.6%	1.8%	1.4%	2.5%	2.6%	0.8%	1.7%	-1.4%	-1.41%
PEG Ratio	snapshot only																				0.240
EV/Gross Profit	snapshot only																				5.159
Acquirers Multiple	snapshot only																				198.204
Shareholder Yield	snapshot only																				0.00%

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	3.18	4.54	3.44	3.25	3.66	3.49	2.73	2.37	2.34	3.59	3.84	4.07	4.54	3.28	2.36	2.50	3.29	1.70	1.87	1.72	1.719
Quick Ratio	3.03	4.39	3.29	2.90	3.36	3.17	2.46	2.11	2.06	3.31	3.57	3.76	4.17	2.94	2.11	2.24	3.04	1.50	1.50	1.41	1.409
Debt/Equity	-1.52	-1.38	-1.26	-1.13	-1.17	-1.15	-1.09	-1.07	-1.10	-1.11	-1.16	-1.02	-1.14	-0.61	-0.81	-0.85	-5.07	-9.28	-7.38	-4.92	-4.924
Net Debt/Equity	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—
Debt/Assets	1.18	0.90	0.95	0.97	0.95	0.98	0.94	0.89	0.87	0.57	0.56	0.52	0.52	0.12	0.12	0.11	0.46	0.60	0.59	0.45	0.452
Debt/EBITDA	-4.68	-4.91	-3.98	-4.67	-4.16	-5.18	-7.17	-17.28	5904.81	13.22	5.87	4.33	3.49	0.62	0.57	0.59	3.09	9.10	15.85	10.76	10.761
Net Debt/EBITDA	-2.37	-1.45	-1.76	-2.09	-1.70	-2.11	-2.90	-8.34	2904.47	-1.09	-0.72	-0.31	-0.16	-1.93	-1.63	-1.67	-0.47	5.81	10.99	7.15	7.147
Interest Coverage	-4.34	-3.88	-5.17	-3.14	-3.13	-2.53	-1.86	-0.89	-0.25	0.59	1.35	1.42	1.70	1.80	1.84	2.10	1.97	1.04	0.27	0.22	0.222
Equity Multiplier	-1.29	-1.53	-1.33	-1.16	-1.24	-1.18	-1.17	-1.20	-1.27	-1.93	-2.09	-1.97	-2.21	-5.00	-7.00	-7.48	-11.10	-15.53	-12.58	-10.90	-10.898
Cash Ratio	snapshot only																				0.778
Debt Service Coverage	snapshot only																				0.686
Cash to Debt	snapshot only																				0.336
FCF to Debt	snapshot only																				-0.056
Defensive Interval	snapshot only																				194.1 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	0.49	0.35	0.22	0.24	0.29	0.32	0.42	0.53	0.57	0.52	0.58	0.66	0.68	0.66	0.67	0.71	0.65	0.59	0.62	0.69	0.688
Inventory Turnover	5.45	6.41	6.45	3.22	4.10	3.98	4.17	2.79	2.68	2.50	2.69	2.85	2.79	2.71	2.73	2.84	2.90	2.61	2.22	2.63	2.625
Receivables Turnover	11.98	16.85	10.45	6.15	4.63	9.26	8.69	7.39	7.79	12.55	11.34	9.71	13.36	21.38	12.19	11.95	17.64	13.91	12.65	11.19	11.191
Payables Turnover	4.40	6.20	5.48	5.91	5.44	6.39	5.55	5.13	4.57	6.08	6.19	5.34	6.47	9.36	12.39	7.64	11.36	10.41	8.19	8.99	8.987
DSO	30	22	35	59	79	39	42	49	47	29	32	38	27	17	30	31	21	26	29	33	32.6 days
DIO	67	57	57	113	89	92	87	131	136	146	136	128	131	134	134	128	126	140	164	139	139.0 days
DPO	83	59	67	62	67	57	66	71	80	60	59	68	56	39	29	48	32	35	45	41	40.6 days
Cash Conversion Cycle	14	20	25	111	101	74	64	109	103	115	109	97	102	113	134	111	114	131	149	131	131.0 days
Fixed Asset Turnover	snapshot only																				4.622
Operating Cycle	snapshot only																				171.6 days
Cash Velocity	snapshot only																				3.542
Capital Intensity	snapshot only																				1.860

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	29.8%	15.8%	5.5%	-11.9%	-6.3%	32.2%	83.4%	1.4%	1.3%	99.4%	74.9%	57.1%	51.3%	43.5%	32.5%	21.5%	17.4%	22.2%	21.2%	30.5%	30.46%
Net Income	-75.8%	-41.4%	-54.5%	-1.6%	-23.0%	-8.0%	24.3%	45.8%	67.9%	86.3%	1.1%	1.2%	1.7%	3.3%	2.5%	1.8%	35.5%	-78.7%	-1.8%	-2.3%	-2.33%
EPS	-61.6%	-32.1%	-51.3%	0.1%	-18.6%	-3.0%	27.7%	48.2%	69.0%	88.9%	1.1%	1.2%	1.7%	3.6%	2.6%	1.4%	23.8%	-80.3%	-1.8%	-2.3%	-2.34%
FCF	-76.7%	-1.2%	-1.3%	-65.8%	-64.2%	-20.6%	12.9%	36.0%	67.8%	90.5%	1.0%	1.3%	1.9%	4.9%	6.0%	57.9%	49.7%	-58.8%	-41.7%	-1.6%	-1.64%
EBITDA	-84.4%	-31.8%	-66.8%	12.3%	-11.3%	5.4%	47.0%	72.9%	1.0%	1.4%	2.2%	4.3%	1462.6%	2.8%	80.9%	48.4%	6.3%	-32.9%	-66.6%	-61.1%	-61.13%
Op. Income	-31.8%	1.9%	-32.1%	-46.5%	-60.9%	-36.3%	21.3%	63.1%	84.1%	1.1%	1.6%	2.7%	5.5%	7.4%	1.5%	44.4%	35.1%	-46.7%	-82.9%	-88.4%	-88.40%
OCF Growth	snapshot only																				-1.25%
Asset Growth	snapshot only																				77.87%
Debt Growth	snapshot only																				6.07%
Shares Change	snapshot only																				-0.74%

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	70.7%	39.4%	18.7%	7.4%	6.5%	16.5%	27.6%	36.7%	41.2%	45.1%	50.2%	49.4%	48.6%	55.8%	62.0%	66.3%	60.3%	51.8%	41.1%	35.5%	35.53%
Revenue 5Y	-12.9%	-15.5%	-17.0%	-18.3%	31.2%	53.4%	60.1%	62.6%	60.9%	48.2%	39.9%	36.2%	33.5%	35.3%	36.9%	37.3%	38.0%	39.9%	40.3%	39.5%	39.50%
EPS 3Y	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—
EPS 5Y	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—
Net Income 3Y	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—
Net Income 5Y	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—
EBITDA 3Y	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—
EBITDA 5Y	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—
Gross Profit 3Y	—	70.5%	11.9%	-11.7%	-13.4%	6.4%	27.3%	42.1%	45.8%	49.8%	56.5%	57.3%	59.1%	78.7%	1.0%	1.2%	1.2%	84.7%	61.0%	46.8%	46.85%
Gross Profit 5Y	-9.5%	-22.0%	-26.8%	-31.3%	—	—	—	—	—	79.2%	51.7%	43.1%	39.7%	42.9%	47.4%	47.1%	44.6%	45.8%	45.8%	45.6%	45.61%
Op. Income 3Y	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—
Op. Income 5Y	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—
FCF 3Y	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—
FCF 5Y	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—
OCF 3Y	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—
OCF 5Y	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—
Assets 3Y	73.8%	43.9%	45.1%	51.7%	45.6%	46.6%	54.9%	45.0%	49.6%	63.6%	14.6%	20.6%	24.9%	7.0%	10.0%	12.9%	19.0%	39.0%	35.7%	32.7%	32.69%
Assets 5Y	19.9%	24.6%	29.3%	29.2%	39.1%	28.4%	37.0%	38.2%	47.8%	34.6%	36.6%	40.2%	37.3%	33.3%	38.6%	32.0%	38.9%	48.8%	18.4%	23.7%	23.70%
Equity 3Y	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—
Book Value 3Y	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—
Dividend 3Y	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—

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	0.24	0.36	0.48	0.55	0.85	0.94	0.87	0.77	0.79	0.80	0.76	0.72	0.72	0.79	0.84	0.86	0.89	0.92	0.96	0.98	0.977
Earnings Stability	0.29	0.25	0.27	0.34	0.16	0.13	0.15	0.19	0.12	0.20	0.20	0.27	0.23	0.41	0.46	0.60	0.59	0.64	0.49	0.46	0.462
Margin Stability	0.18	0.67	0.75	0.72	0.04	0.00	0.00	0.00	0.10	0.67	0.77	0.73	0.72	0.77	0.74	0.70	0.71	0.79	0.85	0.89	0.888
Rev. Growth Consistency	0.50	1.00	1.00	0.00	0.00	1.00	1.00	0.50	0.50	1.00	1.00	1.00	1.00	1.00	1.00	1.00	1.00	1.00	1.00	1.00	1.000
Earn. Growth Consistency	0.00	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	1.00	1.00	0.00	0.00	0.00	0.000
FCF Positive Streak	0	0	0	0	0	0	0	0	0	0	0	0	0	0	1	1	1	1	1	0	0
Earnings Persistence	0.50	0.83	0.50	0.99	0.91	0.97	0.90	0.82	0.50	0.50	0.20	0.20	0.20	0.20	0.50	0.50	0.50	0.50	0.20	0.20	0.200
Earnings Smoothness	—	—	—	—	—	—	—	—	—	—	—	—	—	—	0.00	0.05	0.70	0.00	—	—	—
ROE Trend	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—
Gross Margin Trend	0.00	-0.10	-0.17	-0.26	-0.28	-0.13	-0.00	0.13	0.21	0.23	0.26	0.26	0.24	0.18	0.14	0.10	0.06	0.06	0.03	0.03	0.026
FCF Margin Trend	0.02	0.00	-0.18	-0.41	-0.65	-0.15	0.30	0.68	0.83	0.89	0.89	0.94	0.84	0.58	0.35	0.24	0.17	0.00	-0.01	-0.13	-0.132
Sustainable Growth Rate	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—
Internal Growth Rate	—	—	—	—	—	—	—	—	—	—	2.2%	3.2%	5.8%	6.8%	7.2%	8.3%	6.5%	1.0%	—	—	—

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	0.62	0.76	0.72	0.89	0.93	0.92	0.86	0.56	-0.32	-2.86	4.67	3.48	1.93	1.54	0.98	1.05	1.67	3.09	-0.79	0.19	0.195
FCF/OCF	1.22	1.19	1.23	1.15	1.08	1.09	1.18	2.14	-3.15	-0.24	0.08	0.45	0.70	0.77	0.74	0.83	0.89	0.75	0.68	2.19	2.188
FCF/Net Income	snapshot only																				0.426
OCF/EBITDA	snapshot only																				-0.276
CapEx/Revenue	13.2%	15.2%	22.2%	17.8%	10.1%	7.6%	8.4%	19.3%	23.6%	21.3%	16.3%	9.1%	4.7%	3.4%	2.6%	1.9%	1.7%	1.3%	1.7%	2.6%	2.56%
CapEx/Depreciation	snapshot only																				0.485
Accruals Ratio	-0.18	-0.09	-0.09	-0.04	-0.03	-0.02	-0.03	-0.07	-0.13	-0.12	-0.08	-0.08	-0.05	-0.03	0.00	-0.00	-0.04	-0.02	-0.07	-0.06	-0.061
Sloan Accruals	snapshot only																				-0.149
Cash Flow Adequacy	snapshot only																				-0.842

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	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%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	—	—	—
FCF Payout Ratio	—	—	—	—	—	—	—	—	—	—	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	—	—
Total Payout Ratio	—	—	—	—	—	—	—	—	—	—	0.0%	0.0%	7.0%	5.5%	5.0%	4.6%	0.0%	0.0%	—	—	—
Div. Increase Streak	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—
Chowder Number	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—
Buyback Yield	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.1%	0.1%	0.1%	0.1%	0.0%	0.0%	0.0%	0.0%	0.00%
Net Buyback Yield	-1.0%	-0.2%	-0.1%	-0.0%	-2.6%	-1.4%	-1.9%	-2.1%	-0.6%	-0.5%	-0.4%	-0.2%	0.0%	-0.0%	-0.1%	0.0%	-0.1%	-0.1%	-0.3%	-0.2%	-0.20%
Total Shareholder Return	-1.0%	-0.2%	-0.1%	-0.0%	-2.6%	-1.4%	-1.9%	-2.1%	-0.6%	-0.5%	-0.4%	-0.2%	0.0%	-0.0%	-0.1%	0.0%	-0.1%	-0.1%	-0.3%	-0.2%	-0.20%

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)	1.00	1.00	1.00	1.00	1.00	1.00	1.00	1.00	1.00	1.15	0.82	0.85	0.86	0.90	0.91	0.91	0.95	4.17	0.84	0.90	0.896
Interest Burden (EBT/EBIT)	1.23	1.26	1.19	1.32	1.32	1.40	1.54	2.12	5.05	-0.70	0.26	0.30	0.41	0.45	0.46	0.52	0.49	0.04	-2.71	-4.89	-4.892
EBIT Margin	-0.79	-0.85	-1.13	-1.01	-0.97	-0.63	-0.36	-0.14	-0.04	0.07	0.18	0.19	0.23	0.24	0.24	0.23	0.20	0.11	0.03	0.03	0.025
Asset Turnover	0.49	0.35	0.22	0.24	0.29	0.32	0.42	0.53	0.57	0.52	0.58	0.66	0.68	0.66	0.67	0.71	0.65	0.59	0.62	0.69	0.688
Equity Multiplier	-0.90	-1.10	-1.55	-1.25	-1.26	-1.34	-1.24	-1.18	-1.25	-1.55	-1.61	-1.56	-1.70	-2.67	-3.09	-3.05	-3.77	-9.13	-9.80	-9.36	-9.359

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)	$-0.32	$-0.32	$-0.37	$-0.35	$-0.38	$-0.33	$-0.27	$-0.18	$-0.12	$-0.04	$0.03	$0.04	$0.08	$0.09	$0.09	$0.11	$0.09	$0.02	$-0.08	$-0.14	$-0.14
Book Value/Share	$-0.74	$-0.83	$-0.92	$-0.97	$-0.92	$-0.95	$-0.97	$-0.98	$-0.94	$-0.76	$-0.71	$-0.83	$-0.74	$-0.27	$-0.18	$-0.18	$-0.14	$-0.16	$-0.19	$-0.22	$-0.22
Tangible Book/Share	$-0.74	$-0.83	$-0.92	$-0.99	$-0.93	$-0.96	$-0.98	$-0.99	$-0.95	$-0.77	$-0.72	$-0.84	$-0.76	$-0.30	$-0.20	$-0.20	$-0.17	$-0.39	$-1.45	$-1.46	$-1.46
Revenue/Share	$0.33	$0.30	$0.28	$0.26	$0.29	$0.38	$0.49	$0.60	$0.66	$0.61	$0.69	$0.91	$0.94	$0.98	$0.93	$0.97	$1.01	$1.11	$1.17	$1.27	$1.27
FCF/Share	$-0.24	$-0.29	$-0.33	$-0.35	$-0.38	$-0.34	$-0.27	$-0.22	$-0.12	$-0.03	$0.01	$0.07	$0.10	$0.11	$0.07	$0.09	$0.14	$0.04	$0.04	$-0.06	$-0.06
OCF/Share	$-0.20	$-0.25	$-0.27	$-0.31	$-0.35	$-0.31	$-0.23	$-0.10	$0.04	$0.11	$0.12	$0.15	$0.15	$0.15	$0.09	$0.11	$0.16	$0.06	$0.06	$-0.03	$-0.03
Cash/Share	$0.56	$0.81	$0.64	$0.61	$0.64	$0.65	$0.63	$0.54	$0.52	$0.91	$0.93	$0.91	$0.88	$0.68	$0.57	$0.57	$0.83	$0.55	$0.43	$0.36	$0.36
EBITDA/Share	$-0.24	$-0.23	$-0.29	$-0.23	$-0.26	$-0.21	$-0.15	$-0.06	$0.00	$0.06	$0.14	$0.20	$0.24	$0.27	$0.26	$0.25	$0.23	$0.17	$0.09	$0.10	$0.10
Debt/Share	$1.13	$1.15	$1.16	$1.10	$1.07	$1.09	$1.06	$1.05	$1.03	$0.84	$0.82	$0.85	$0.84	$0.16	$0.15	$0.15	$0.73	$1.51	$1.42	$1.07	$1.07
Net Debt/Share	$0.57	$0.34	$0.51	$0.49	$0.44	$0.45	$0.43	$0.51	$0.51	$-0.07	$-0.10	$-0.06	$-0.04	$-0.51	$-0.42	$-0.42	$-0.11	$0.96	$0.98	$0.71	$0.71

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	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	-4.439
Altman Z-Prime	snapshot only																				-11.644
Piotroski F-Score	3	4	3	4	3	3	5	5	6	7	8	8	8	8	7	7	7	4	3	2	2
Beneish M-Score	-0.05	3.43	9.74	-0.63	-1.53	-1.36	-1.54	-2.11	-3.31	-2.82	-2.69	-2.32	-1.99	-2.12	-0.83	-2.18	-2.70	0.70	-1.45	-0.69	-0.692
Ohlson O-Score	snapshot only																				-4.239
Net-Net WC	snapshot only																				$-1.79
EVA	snapshot only																				$-9126440.00

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																				CCC
Credit Score	20.00	20.00	20.00	20.00	20.00	20.00	20.00	20.00	17.53	20.00	20.00	20.00	20.00	20.00	20.00	20.00	20.00	20.00	18.40	16.10	16.104
Credit Grade	snapshot only																				17
Credit Trend	snapshot only																				-3.896
Implied Spread (bps)	snapshot only																				1200.000
Industry Credit Rank	snapshot only																				6
Sector Credit Rank	snapshot only																				6

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Growth Trends (YoY %)

Earnings Stability

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CEO Pay Ratio

C-Suite Pay Equality (Gini)

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