$46.44

-0.55 (-1.17%)

After Hours: $41.64 (-4.80, -10.33%)

Weekly Expected Move ±1.6%

$46 $46 $47 $48 $49

NYSE · Technology · Software - Application · Tech Score Buy · Power 61 · $3.5B mcap · 73M float · 1.02% daily turnover · Short 42% of daily vol

Credit Risk of going bust: lower than 64% of companies Debt: 45.8% of company value Bonds: $219.7M held by 177 funds, 263 bp over Treasuries → details ▾

Of US companies ranked in the safest four tenths, about 1 in 3,500 filed for bankruptcy within a year (2020-2025).
If the stock fell to about $1.84 (down 96%), NCR Atleos Corporation would be worth roughly what it owes.
Total debt $2.94B against a stock market value of $3.47B.
Distance to default 6.75 (Merton model): prices to 2026-10-26, balance sheet 2026-06-30, debt counted $1.44B (short-term plus half of long-term), stock volatility 25.7%; Altman Z'' 0.98. A ranking and a back-test, not a forecast.
Bond figures are fund-reported marks (SEC N-PORT) as of Jul 2026. How these are computed.

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

40.9 / 100

NoneWeakNarrowWide

Primary source: Cost Advantage · ROIC: 14.3%

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. NATL shows a Weak competitive edge (40.9/100) — limited structural advantages that may face competitive pressure. The primary source of advantage is Cost Advantage. ROIC of 14.3% 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

Low

$50

Avg Target

$50

High

Based on 1 analyst ratings (12 mo)

Analyst Recommendations

Strong Buy: 0Buy: 0Hold: 4Sell: 0Strong Sell: 0

Rating Summary

ConsensusHold

Avg Target$50.40

Analysts1

Consensus Change History

Date	Field	From	To
2026-02-27	consensus	Buy	Hold

Price Target Change History

Date	Firm	Analyst	Old	New	Change	Upside @ Call	Stock@Call
2026-03-04	Stifel Nicolaus	Shlomo Rosenbaum	$31	$50	+19	+6.7%	$47.24
2024-10-01	Stifel Nicolaus	Shlomo Rosenbaum	Initiated	$31	—	+10.2%	$28.12
2024-08-14	Goldman Sachs	George Tong	$23	$29	+6	+5.5%	$27.49
2024-05-16	D.A. Davidson	Matt Summerville	Initiated	$48	—	+81.5%	$26.44
2024-03-17	Goldman Sachs	George Tong	Initiated	$23	—	+16.4%	$19.76

Financial Rating

Composite financial health rating (A+ to F) based on discounted cash flow valuation, return on equity, return on assets, debt-to-equity leverage, and relative P/E and P/B multiples.

Oct 27, 2026

DCF

ROE

ROA

D/E

P/E

P/B

The Financial Rating evaluates six fundamental factors — discounted cash flow (DCF) valuation, return on equity (ROE), return on assets (ROA), debt-to-equity leverage (D/E), and relative price-to-earnings (P/E) and price-to-book (P/B) multiples — each scored 1–5. NATL receives an overall rating of B. Strongest factors: ROE (5/5). Areas of concern: D/E (1/5), P/B (2/5).

Rating Change History

Date	From	To
2026-08-12	B+	B
2026-08-07	B	B+
2026-08-06	B+	B
2026-08-05	B	B+
2026-06-16	B+	B
2026-05-04	B	B+
2026-04-21	B+	B
2026-04-01	B	B+
2026-03-02	B+	B
2026-02-26	B	B+

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.

★ ★ ★ ★ ★ 39 Grade C

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. NATL scores highest in Momentum (86/100) and lowest in Balance Sheet (27/100). A grade of C represents mixed fundamentals — strengths in some areas offset by weaknesses.

Risk & Quality Signals

Academic financial models used by institutional investors to assess bankruptcy risk, earnings manipulation, financial strength, and credit quality.

Altman Z-Score

1.56

Distress Zone

Piotroski F-Score

7/9

✓ ✓ ✓ ✓ ✓ ✗ ✗ ✓ ✓

Beneish M-Score

-2.69

Unlikely Manipulator

Ohlson O-Score

-5.14

Bankruptcy prob: 0.6%

Low Risk

Credit Rating

Score: 27.1/100

Trend: Stable

Earnings Quality

100/100

OCF/NI: 1.38x

Accruals: -1.3%

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. NATL scores 1.56, 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. NATL scores 7/9, signaling strong financial health across all three dimensions. The Beneish M-Score (1999) is an 8-variable model that detects earnings manipulation by comparing year-over-year changes in receivables, gross margins, asset quality, sales growth, depreciation, SG&A, leverage, and accruals. Scores above −1.78 statistically resemble past manipulators. NATL's score of -2.69 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. NATL'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. NATL receives an estimated rating of B (score: 27.1/100), 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). NATL's score of 100/100 is high — cash flows strongly support reported earnings.

Valuation

Key valuation multiples comparing the stock's market price to its earnings, revenue, book value, and cash flows. Lower multiples may indicate relative undervaluation versus peers.

P/E

17.61x

PEG

0.38x

P/S

0.78x

P/B

7.39x

P/FCF

30.47x

P/OCF

12.28x

EV/EBITDA

7.97x

EV/Revenue

1.32x

EV/EBIT

11.17x

EV/FCF

53.68x

Earnings Yield

5.90%

FCF Yield

3.28%

Shareholder Yield

1.82%

Graham Number

$18.78

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 17.6x earnings, NATL trades at a reasonable valuation. An earnings yield of 5.9% exceeds typical risk-free rates, suggesting equities are being compensated for risk. Graham's intrinsic value formula yields $18.78 per share, 150% 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

0.819

NI / EBT

Interest Burden

0.457

EBT / EBIT

EBIT Margin

0.119

EBIT / Rev

Asset Turnover

0.763

Rev / Assets

Equity Multiplier

14.101

Assets / Equity

ROE

47.7%

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. NATL's ROE of 47.7% is driven by financial leverage (equity multiplier: 14.10x). Note: high leverage means ROE is amplified by debt rather than operational performance.

Graham-Dodd Adjusted Valuation

Our adaptation of Graham's growth formula (Fair P/E = 8.5 + 2g) from The Intelligent Investor. The classic version relies on analyst growth projections, which can be unreliable. This adjusted model substitutes the company's realized 3-year EPS CAGR — a backward-looking, verifiable measure of actual earnings power — grounding the valuation in demonstrated performance rather than forecasts.

Two adjustments we make, and why. Growth is capped at 15%. Graham defined g as expected growth over the next seven to ten years, not last year's rate. Across US companies since 1994 the median realized 7-year EPS growth is 5–8% regardless of how fast a company grew beforehand, and of 4,457 company-quarters that grew faster than 200%, none sustained it. Uncapped, the formula assigned fair multiples in the hundreds to companies that had never held that rate — and scored worse than simply reading the P/E. Capped, it carries real information. The verdict has three states, not two. Tested over 377,249 stock-months, this ratio only separates outcomes at its extremes: below 0.25 beat the universe by 1.3 points a year, above 3.0 lagged by 2.7, and everything in between sat inside a one-point band. Rather than call two-thirds of the market "undervalued" on a threshold of 1.0, we say Neutral where the model cannot tell — which is most of the time.

Adj. Growth Rate

15.00%

Fair P/E

38.50x

Intrinsic Value

$98.54

Price/Value

0.44x

Margin of Safety

55.94%

Premium

-55.94%

Assessment

Neutral

Graham's classic formula uses analyst-projected growth to estimate a fair P/E (8.5 + 2g). Our adjusted version replaces that projection with NATL's realized 15.0% 3-year EPS CAGR, capped at 15% — demonstrated performance rather than forecasts, held to a rate companies have historically sustained. NATL trades at a -56% premium to its adjusted intrinsic value of $98.54, suggesting the market is pricing in future growth beyond what historical earnings support. The adjusted fair P/E of 38.5x compares to the current market P/E of 17.6x.

Profitability Trends

Historical profitability ratios tracking how efficiently the company converts revenue into returns for shareholders over time.

Leverage & Solvency Trends

Debt and liquidity metrics showing the company's financial leverage and ability to meet short-term and long-term obligations.

Efficiency & Working Capital Trends

Operating efficiency metrics measuring how quickly the company converts inventory to sales, collects receivables, and manages its cash conversion cycle.

Growth Trends (YoY %)

Year-over-year growth rates for key financial metrics, showing the trajectory of revenue, earnings, and cash flow generation.

Earnings Stability

R-squared of linear regression measuring how predictably revenue, earnings, and margins follow a trend over the trailing 5 years. 1.0 = perfectly predictable; lower values indicate erratic or cyclical behavior.

Monte Carlo Price Simulation

Geometric Brownian Motion with 1,000 antithetic paths over 1 year, seeded from 728 days of historical volatility. Percentile bands show the range of statistically plausible outcomes — this is a statistical model, not a forecast.

Current Price

$46.46

Median 1Y

$55.89

5th Pctile

$30.71

95th Pctile

$101.65

Ann. Volatility

37.1%

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

Executive Compensation

C-suite compensation breakdown including salary, stock awards, options, and incentive pay. The CEO-to-employee pay ratio and Gini coefficient measure pay distribution fairness.

C-Suite Compensation

Executive	Salary	Stock	Total
Timothy C. Oliver Chief Executive Officer	$900,000	$8,283,262	$10,291,882
Andrew Wamser Financial ancial Officer	$550,000	$3,840,749	$4,811,225
Stuart Mackinnon Operating rating Officer	$600,000	$2,454,317	$3,560,309
Ricardo J. Nuñez Chief Legal Officer, General Counsel, and Secretary	$525,000	$1,349,874	$2,247,188
Andrea Burson Human Human Resources Officer	$375,000	$521,527	$1,244,521
Paul J. Campbell Former Chief Financial Officer	$131,539	$—	$1,214,996

CEO Pay Ratio

401:1

CEO-to-Employee Pay Ratio

CEO Total Comp: $10,291,882

Avg Employee Cost (SGA/emp): $25,650

Employees: 20,000

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

20,000

0.0% YoY

Revenue / Employee

$217,700

Rev: $4,354,000,000

Profit / Employee

$8,100

NI: $162,000,000

SGA / Employee

$25,650

Avg labor cost proxy

R&D / Employee

$3,500

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	Q4'23	Q1'24	Q2'24	Q3'24	Q4'24	Q1'25	Q2'25	Q3'25	Q4'25	Q1'26	Q2'26	Current
ROE	-58.1%	-61.1%	-57.2%	-45.1%	33.8%	41.9%	44.0%	44.4%	51.0%	51.9%	47.7%	47.67%
ROA	-2.9%	-3.0%	-2.5%	-2.1%	1.6%	2.0%	2.3%	2.3%	3.0%	3.1%	3.4%	3.38%
ROIC	0.9%	2.8%	-0.0%	3.1%	5.4%	6.0%	5.9%	1.3%	1.2%	6.8%	14.3%	14.26%
ROCE	-1.1%	0.8%	3.6%	6.5%	11.7%	12.1%	12.4%	12.6%	12.8%	13.0%	13.4%	13.44%
Gross Margin	18.0%	21.0%	23.2%	24.3%	26.8%	24.0%	22.9%	24.3%	26.6%	22.4%	28.0%	28.01%
Operating Margin	3.2%	6.9%	-10.0%	11.0%	13.6%	9.8%	-10.9%	11.0%	13.5%	8.1%	14.1%	14.14%
Net Margin	-15.0%	-0.8%	2.8%	2.2%	4.2%	1.7%	4.1%	2.2%	7.2%	2.1%	5.9%	5.89%
EBITDA Margin	2.4%	14.1%	16.9%	17.6%	19.4%	16.5%	18.5%	10.8%	18.1%	16.3%	21.0%	21.03%
FCF Margin	-3.6%	3.7%	2.0%	3.1%	5.1%	4.4%	3.3%	1.3%	4.6%	1.9%	2.5%	2.47%
OCF Margin	0.7%	7.3%	5.1%	6.3%	8.0%	7.5%	6.7%	4.8%	8.3%	5.1%	6.1%	6.12%
ROE 3Y Avg	snapshot only											7.44%
ROA 3Y Avg	snapshot only											1.07%
ROIC 3Y Avg	snapshot only											4.56%
ROIC Economic	snapshot only											12.79%
Cash ROA	snapshot only											4.73%
Cash ROIC	snapshot only											9.02%
CROIC	snapshot only											3.64%
NOPAT Margin	snapshot only											9.68%
Pretax Margin	snapshot only											5.42%
R&D / Revenue	snapshot only											1.69%
SGA / Revenue	snapshot only											11.93%
SBC / Revenue	snapshot only											0.78%

Valuation

Metric	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	-10.39	-8.17	-13.93	-17.86	27.65	16.96	16.19	22.19	17.21	18.93	16.96	17.610
P/S Ratio	1.56	0.66	0.62	0.49	0.59	0.47	0.50	0.69	0.67	0.75	0.75	0.777
P/B Ratio	6.04	5.00	7.97	8.05	9.78	7.21	6.11	8.87	7.22	8.32	7.09	7.394
P/FCF	-43.97	17.90	30.64	15.86	11.46	10.67	15.05	53.25	14.54	40.18	30.47	30.467
P/OCF	214.36	9.06	12.07	7.81	7.40	6.22	7.45	14.29	8.17	14.71	12.28	12.278
EV/EBITDA	173.03	23.64	13.24	8.82	7.03	6.20	5.86	3.91	3.87	8.28	7.97	7.975
EV/Revenue	4.10	1.91	1.46	1.12	1.20	1.10	1.06	0.64	0.62	1.32	1.32	1.325
EV/EBIT	-99.97	137.10	33.29	18.71	11.52	9.96	9.28	5.59	5.53	11.79	11.17	11.170
EV/FCF	-115.36	52.06	72.73	36.02	23.29	25.00	31.82	49.52	13.38	70.62	53.68	53.680
Earnings Yield	-9.6%	-12.2%	-7.2%	-5.6%	3.6%	5.9%	6.2%	4.5%	5.8%	5.3%	5.9%	5.90%
FCF Yield	-2.3%	5.6%	3.3%	6.3%	8.7%	9.4%	6.6%	1.9%	6.9%	2.5%	3.3%	3.28%
PEG Ratio	snapshot only											0.377
EV/OCF	snapshot only											21.632
EV/Gross Profit	snapshot only											5.218
Acquirers Multiple	snapshot only											11.257
Shareholder Yield	snapshot only											1.82%
Graham Number	snapshot only											$18.78

Leverage & Solvency

Metric	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	1.08	1.05	1.07	1.07	1.04	1.03	1.05	1.02	0.96	0.98	1.03	1.026
Quick Ratio	0.89	0.88	0.89	0.88	0.86	0.84	0.84	0.80	0.78	0.78	0.83	0.831
Debt/Equity	11.00	10.75	12.44	11.73	11.72	10.97	8.62	0.63	0.56	7.40	6.33	6.328
Net Debt/Equity	9.80	9.54	10.94	10.23	10.10	9.69	6.80	-0.62	-0.57	6.30	5.40	5.403
Debt/Assets	0.54	0.53	0.54	0.54	0.55	0.53	0.52	0.04	0.04	0.52	0.52	0.518
Debt/EBITDA	120.12	17.48	8.71	5.66	4.14	4.02	3.91	0.30	0.33	4.19	4.04	4.039
Net Debt/EBITDA	107.08	15.51	7.66	4.94	3.57	3.55	3.09	-0.29	-0.33	3.57	3.45	3.448
Interest Coverage	-0.60	0.19	0.59	0.81	1.39	1.50	1.62	1.62	1.67	1.72	1.89	1.894
Equity Multiplier	20.21	20.41	23.06	21.77	21.35	20.87	16.61	17.12	14.06	14.24	12.21	12.207
Cash Ratio	snapshot only											0.238
Debt Service Coverage	snapshot only											2.653
Cash to Debt	snapshot only											0.146
FCF to Debt	snapshot only											0.037
Defensive Interval	snapshot only											665.7 days

Efficiency & Turnover

Metric	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	0.19	0.37	0.56	0.75	0.76	0.74	0.74	0.75	0.77	0.77	0.76	0.763
Inventory Turnover	2.70	5.24	7.78	9.61	10.27	9.33	8.84	8.78	10.04	9.20	8.70	8.695
Receivables Turnover	1.54	2.89	4.57	6.91	6.63	6.07	6.21	7.16	7.58	7.10	6.89	6.891
Payables Turnover	1.80	3.26	4.48	6.19	6.19	5.97	5.54	6.00	5.53	5.83	5.49	5.487
DSO	237	126	80	53	55	60	59	51	48	51	53	53.0 days
DIO	135	70	47	38	36	39	41	42	36	40	42	42.0 days
DPO	203	112	81	59	59	61	66	61	66	63	67	66.5 days
Cash Conversion Cycle	170	84	45	32	32	38	34	32	18	29	28	28.4 days
Fixed Asset Turnover	snapshot only											6.216
Operating Cycle	snapshot only											94.9 days
Cash Velocity	snapshot only											10.200
Capital Intensity	snapshot only											1.294

Growth (YoY)

Metric	Q4'23	Q1'24	Q2'24	Q3'24	Q4'24	Q1'25	Q2'25	Q3'25	Q4'25	Q1'26	Q2'26	Current
Revenue	—	—	—	—	2.9%	97.7%	32.3%	-0.8%	-0.0%	3.1%	2.5%	2.48%
Net Income	—	—	—	—	1.6%	1.7%	1.9%	2.1%	83.7%	48.7%	47.0%	46.97%
EPS	—	—	—	—	1.5%	1.6%	1.9%	2.1%	80.6%	47.9%	45.2%	45.22%
FCF	—	—	—	—	6.7%	1.4%	1.2%	-59.0%	-9.9%	-55.9%	-23.9%	-23.94%
EBITDA	—	—	—	—	27.3%	3.3%	1.2%	27.4%	-6.1%	-6.8%	-5.7%	-5.71%
Op. Income	—	—	—	—	5.7%	1.4%	247.0%	1.1%	7.3%	-7.4%	1.1%	1.09%
OCF Growth	snapshot only											-6.62%
Asset Growth	snapshot only											-2.58%
Equity Growth	snapshot only											32.57%
Debt Growth	snapshot only											-2.68%
Shares Change	snapshot only											1.20%

Growth Quality

Metric	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	—	—	—	—	—	—	—	—	0.75	0.79	0.82	0.819
Earnings Stability	—	—	—	—	—	—	—	—	0.91	0.87	0.88	0.882
Margin Stability	—	—	—	—	—	—	—	—	0.84	0.88	0.90	0.895
Rev. Growth Consistency	0.00	0.00	0.00	0.00	0.50	0.50	0.50	0.00	0.00	1.00	1.00	1.000
Earn. Growth Consistency	0.00	0.00	0.00	0.00	0.50	0.50	0.50	0.50	1.00	1.00	1.00	1.000
FCF Positive Streak	0	0	0	0	0	1	1	1	1	1	1	1
Earnings Persistence	—	—	—	—	—	—	—	—	0.50	0.50	0.50	0.500
Earnings Smoothness	—	—	—	—	—	—	—	—	0.41	0.61	0.62	0.620
ROE Trend	—	—	—	—	—	—	—	—	0.53	0.53	0.52	0.516
Gross Margin Trend	—	—	—	—	—	—	—	—	0.04	0.02	0.03	0.028
FCF Margin Trend	—	—	—	—	—	—	—	—	0.04	-0.02	-0.00	-0.002
Sustainable Growth Rate	—	—	—	—	33.8%	41.9%	44.0%	44.4%	51.0%	51.9%	47.7%	47.67%
Internal Growth Rate	—	—	—	—	1.7%	2.1%	2.3%	2.4%	3.1%	3.2%	3.5%	3.50%

Cash Flow Quality

Metric	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	-0.05	-0.90	-1.15	-2.29	3.74	2.73	2.17	1.55	2.11	1.29	1.38	1.381
FCF/OCF	-4.88	0.51	0.39	0.49	0.65	0.58	0.49	0.27	0.56	0.37	0.40	0.403
FCF/Net Income	snapshot only											0.557
OCF/EBITDA	snapshot only											0.369
CapEx/Revenue	4.3%	3.6%	3.1%	3.2%	2.8%	3.1%	3.4%	3.5%	3.6%	3.2%	3.7%	3.66%
CapEx/Depreciation	snapshot only											0.769
Accruals Ratio	-0.03	-0.06	-0.05	-0.07	-0.04	-0.04	-0.03	-0.01	-0.03	-0.01	-0.01	-0.013
Sloan Accruals	snapshot only											-0.044
Cash Flow Adequacy	snapshot only											1.675
Earnings Quality Score	snapshot only											1.000

Dividends & Buybacks

Metric	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%	0.00%
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
Payout Ratio	—	—	—	—	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.00%
FCF Payout Ratio	—	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.00%
Total Payout Ratio	—	—	—	—	0.0%	0.0%	0.0%	0.0%	16.6%	25.3%	30.9%	30.93%
Div. Increase Streak	—	—	—	—	—	—	—	—	—	—	—	—
Chowder Number	—	—	—	—	—	—	—	—	—	—	—	—
Buyback Yield	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	1.0%	1.3%	1.8%	1.82%
Net Buyback Yield	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.8%	1.2%	1.7%	1.70%
Total Shareholder Return	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.8%	1.2%	1.7%	1.70%

DuPont Factors

Metric	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)	1.38	1.40	1.57	2.20	0.66	0.69	0.66	0.66	0.83	0.83	0.82	0.819
Interest Burden (EBT/EBIT)	2.67	-4.13	-0.64	-0.21	0.31	0.36	0.41	0.41	0.42	0.43	0.46	0.457
EBIT Margin	-0.04	0.01	0.04	0.06	0.10	0.11	0.11	0.11	0.11	0.11	0.12	0.119
Asset Turnover	0.19	0.37	0.56	0.75	0.76	0.74	0.74	0.75	0.77	0.77	0.76	0.763
Equity Multiplier	20.21	20.41	23.06	21.77	20.76	20.64	19.30	19.19	16.92	16.96	14.10	14.101

Per Share

Metric	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)	$-2.34	$-2.42	$-1.94	$-1.60	$1.23	$1.56	$1.76	$1.77	$2.21	$2.30	$2.56	$2.56
Book Value/Share	$4.02	$3.95	$3.39	$3.54	$3.47	$3.66	$4.67	$4.43	$5.28	$5.24	$6.12	$6.29
Tangible Book/Share	$-32.62	$-31.76	$-31.17	$-30.51	$-29.87	$-29.64	$-28.53	$-28.83	$-26.91	$-26.93	$-25.65	$-25.65
Revenue/Share	$15.55	$30.00	$43.80	$57.80	$57.55	$56.46	$57.01	$57.32	$56.54	$57.90	$57.73	$59.88
FCF/Share	$-0.55	$1.10	$0.88	$1.80	$2.96	$2.47	$1.90	$0.74	$2.62	$1.08	$1.42	$1.46
OCF/Share	$0.11	$2.18	$2.24	$3.65	$4.59	$4.24	$3.83	$2.75	$4.67	$2.96	$3.54	$3.63
Cash/Share	$4.80	$4.79	$5.07	$5.30	$5.59	$4.68	$8.49	$5.53	$5.98	$5.73	$5.66	$5.81
EBITDA/Share	$0.37	$2.43	$4.84	$7.34	$9.81	$9.97	$10.29	$9.36	$9.06	$9.25	$9.59	$9.59
Debt/Share	$44.24	$42.49	$42.20	$41.56	$40.61	$40.13	$40.28	$2.78	$2.95	$38.74	$38.73	$38.73
Net Debt/Share	$39.43	$37.70	$37.12	$36.26	$35.03	$35.45	$31.79	$-2.75	$-3.03	$33.02	$33.07	$33.07

Academic Models

Metric	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	—	—	—	—	—	—	—	—	—	—	—	1.556
Altman Z-Prime	snapshot only											1.547
Piotroski F-Score	3	3	3	3	6	7	6	7	5	6	7	7
Beneish M-Score	—	—	—	—	-2.95	-2.82	-2.62	-2.63	-2.78	-2.60	-2.69	-2.693
Ohlson O-Score	snapshot only											-5.137
Net-Net WC	snapshot only											$-44.22
EVA	snapshot only											$126634177.22

Credit

Metric	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											B
Credit Score	10.78	14.80	14.92	20.74	25.25	24.77	27.12	43.05	51.51	23.56	27.08	27.082
Credit Grade	snapshot only											15
Credit Trend	snapshot only											-0.042
Implied Spread (bps)	snapshot only											750.000
Industry Credit Rank	snapshot only											17
Sector Credit Rank	snapshot only											12

NATL 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

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