— Know what they know.
Not Investment Advice
Also trades as: NED.JO (JNB) · $vol 23M

NDBKF OTC

Nedbank Group
1W: -5.6% 1M: -8.6% 3M: -1.2% YTD: +25.6% 1Y: +25.6% 3Y: +91.1% 5Y: +102.8%
$16.95
-0.56 (-3.20%)
 
Weekly Expected Move ±2.2%
$16 $17 $17 $17 $18
OTC · Financial Services · Banks - Regional · Tech Score Sell · Power 46 · $7.7B mcap · 412M float · 0.0000% daily turnover · Short 47% of daily vol

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.

A-
Oct 02, 2026
DCF
4
ROE
3
ROA
4
D/E
2
P/E
3
P/B
5
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. NDBKF receives an overall rating of A-. Strongest factors: DCF (4/5), ROA (4/5), P/B (5/5). Areas of concern: D/E (2/5).
Rating Change History
DateFromTo
2026-10-02 B+ A-
2026-09-30 B B+
2026-09-22 None ADDED
2026-09-19 EXISTED None
2026-09-15 None ADDED
2026-09-13 EXISTED None
2026-09-09 None ADDED
2026-09-05 EXISTED None
2026-09-01 None ADDED
2026-08-30 EXISTED None

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.

★ ★ ★ ★ ★ — Grade A
Profitability
53
Balance Sheet
37
Earnings Quality
95
Growth
75
Value
—
Momentum
92
Safety
—
Cash Flow
81

Risk & Quality Signals

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

Altman-B Score
2.03
Grey Zone
Piotroski F-Score
6/9
✓ ✓ ✓ ✓ ✗ ✗ ✓ ✗ ✓
Beneish M-Score
3.50
Possible Manipulator
Ohlson O-Score
-4.43
Bankruptcy prob: 1.2%
Low Risk
Credit Rating
A+
Score: 77.4/100
Trend: Improving
Earnings Quality
100/100
OCF/NI: 1.10x
Accruals: -0.2%
The Altman-B Score replaces the traditional Z-Score for banks and financial institutions. It weights equity-to-assets, return on assets, retained earnings, market value coverage, and cash reserves — metrics that better capture bank solvency than manufacturing-oriented ratios. NDBKF scores 2.03, placing it in the Grey Zone (safe > 3.0, distress < 1.5). Financial distress is possible and warrants monitoring. 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. NDBKF scores 6/9, 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. NDBKF's score of 3.50 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. NDBKF's implied 1.2% 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. NDBKF receives an estimated rating of A+ (score: 77.4/100), with a improving trend. The Earnings Quality score measures how well reported earnings are backed by real cash. It evaluates the operating cash flow to net income ratio (OCF/NI ≥ 1.0 means every dollar of earnings is cash-backed) and the accruals ratio (the gap between earnings and cash flow relative to assets — lower is better). NDBKF'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
14.77x
PEG
-0.33x
P/S
0.80x
P/B
1.12x
P/FCF
—
P/OCF
—
EV/EBITDA
—
EV/Revenue
—
EV/EBIT
—
EV/FCF
—
Earnings Yield
—
FCF Yield
—
Shareholder Yield
—
Graham Number
$10268.81
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 14.8x earnings, NDBKF trades at a reasonable valuation. Graham's intrinsic value formula yields $10268.81 per share, suggesting a potential 60483% margin of safety at the current price.

DuPont Decomposition (5-Factor)

The 5-factor DuPont framework breaks Return on Equity into its component drivers — tax efficiency, interest burden, operating profitability, asset utilization, and financial leverage — to reveal what truly drives shareholder returns.

Tax Burden
0.741
NI / EBT
×
Interest Burden
3.975
EBT / EBIT
×
EBIT Margin
0.047
EBIT / Rev
×
Asset Turnover
0.158
Rev / Assets
×
Equity Multiplier
13.221
Assets / Equity
=
ROE
28.7%
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. NDBKF's ROE of 28.7% is driven by financial leverage (equity multiplier: 13.22x). 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
$43798.56
Price/Value
—
Margin of Safety
—
Premium
—
Graham's classic formula uses analyst-projected growth to estimate a fair P/E (8.5 + 2g). Our adjusted version replaces that projection with NDBKF's realized 15.0% 3-year EPS CAGR, capped at 15% — demonstrated performance rather than forecasts, held to a rate companies have historically sustained. NDBKF actually compounded EPS at 200.6% over three years; the model uses 15%, the highest rate it will extrapolate — of 4,457 company-quarters that grew faster than 200%, none sustained it over the following seven years. NDBKF trades at a premium to its adjusted intrinsic value of $43798.56, 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 14.8x.

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
$16.95
Median 1Y
$14.61
5th Pctile
$4.90
95th Pctile
$43.75
Ann. Volatility
64.5%
25th–75th percentile 5th–95th percentile Median path Historical
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 Trend Q4'16 Q2'17 Q4'17 Q2'18 Q4'18 Q2'19 Q4'19 Q2'20 Q4'20 Q2'21 Q4'21 Q2'22 Q4'22 Q2'23 Q4'23 Q2'24 Q4'24 Q2'25 Q4'25 Q2'26 Current
ROE 27.5% 26.6% 26.2% 27.3% 29.2% 30.1% 27.7% 22.0% 16.8% 14.4% 14.7% 19.8% 24.1% 25.1% 27.6% 24.4% 28.1% 29.3% 24.3% 28.7% 28.66%
ROA 2.3% 2.3% 2.3% 2.3% 2.5% 2.6% 2.4% 1.8% 1.4% 1.3% 1.3% 1.7% 2.1% 2.2% 2.4% 2.1% 2.5% 2.4% 1.9% 2.2% 2.17%
ROIC 33.1% 22.4% 30.7% 22.8% 30.1% 20.9% 19.3% 11.6% 9.4% 6.5% 9.2% 9.5% 12.3% 12.4% 42.2% 57.6% 78.0% 54.9% 48.3% 37.4% 37.42%
ROCE 14.0% 11.7% 9.6% 6.5% 6.9% 5.7% 4.6% 3.0% 1.8% 1.7% 1.8% 2.6% 2.8% 3.2% 3.4% 2.9% 1.0% 1.1% 0.6% 4.2% 4.25%
Gross Margin 1.1% 1.0% 98.5% 1.0% 95.7% 24.2% 23.4% 24.5% 27.9% 30.5% 28.7% 31.1% 24.5% 1.0% -35.2% 2.0% 1.1% 1.0% 47.3% 45.5% 45.54%
Operating Margin 30.7% 37.2% 35.3% 37.6% 34.9% 8.4% 6.6% 2.7% 4.8% 8.8% 9.8% 9.4% 7.9% 7.2% 1.6% 1.0% 42.2% 1.0% 4.7% 13.9% 13.86%
Net Margin 21.2% 22.2% 25.9% 27.3% 25.2% 12.9% 9.6% 2.7% 5.0% 12.3% 13.2% 13.6% 11.5% 10.2% 25.4% 25.5% 41.8% 22.5% 1.4% 10.9% 10.91%
EBITDA Margin -0.4% -5.9% -1.2% -0.8% -0.6% -0.1% -0.5% -0.5% -1.3% -0.7% -1.1% 20.3% 17.4% 15.1% 39.5% -2.5% 1.1% 0.0% 7.1% 14.7% 14.69%
FCF Margin -1.3% -1.4% -52.8% -44.6% -62.9% -42.6% -64.2% -51.7% -21.1% -24.8% -0.9% 1.2% 2.4% 7.6% -2.4% -5.7% -4.4% -4.1% 73.4% 49.0% 48.95%
OCF Margin -1.2% -1.3% -41.3% -33.1% -51.6% -34.2% -58.0% -46.4% -17.3% -20.7% 3.2% 5.0% 5.6% 10.3% 0.8% -1.7% -54.9% -70.3% 25.4% 15.1% 15.09%
ROE 3Y Avg snapshot only 23.66%
ROE 5Y Avg snapshot only 23.60%
ROA 3Y Avg snapshot only 1.88%
ROIC 3Y Avg snapshot only 24.22%
ROIC Economic snapshot only 26.59%
Cash ROA snapshot only 2.19%
Cash ROIC snapshot only 28.09%
CROIC snapshot only 91.16%
NOPAT Margin snapshot only 20.09%
Pretax Margin snapshot only 18.54%
R&D / Revenue snapshot only 0.00%
SGA / Revenue snapshot only 10.92%
SBC / Revenue snapshot only 0.32%
Valuation
Metric Trend Q4'16 Q2'17 Q4'17 Q2'18 Q4'18 Q2'19 Q4'19 Q2'20 Q4'20 Q2'21 Q4'21 Q2'22 Q4'22 Q2'23 Q4'23 Q2'24 Q4'24 Q2'25 Q4'25 Q2'26 Current
P/E Ratio — — — — — — — — — — — — — — — — — — — — 14.765
P/S Ratio — — — — — — — — — — — — — — — — — — — — 0.798
P/B Ratio — — — — — — — — — — — — — — — — — — — — 1.118
P/FCF — — — — — — — — — — — — — — — — — — — — —
P/OCF — — — — — — — — — — — — — — — — — — — — —
EV/EBITDA — — — — — — — — — — — — — — — — — — — — —
EV/Revenue — — — — — — — — — — — — — — — — — — — — —
EV/EBIT — — — — — — — — — — — — — — — — — — — — —
EV/FCF — — — — — — — — — — — — — — — — — — — — —
Earnings Yield — — — — — — — — — — — — — — — — — — — — —
FCF Yield — — — — — — — — — — — — — — — — — — — — —
Graham Number snapshot only $10268.81
Leverage & Solvency
Metric Trend Q4'16 Q2'17 Q4'17 Q2'18 Q4'18 Q2'19 Q4'19 Q2'20 Q4'20 Q2'21 Q4'21 Q2'22 Q4'22 Q2'23 Q4'23 Q2'24 Q4'24 Q2'25 Q4'25 Q2'26 Current
Current Ratio 6.30 — 4.83 — 7.27 107.26 5.61 214.41 6.67 230.91 5.86 0.24 4.46 0.27 0.12 — — — 2.37 0.04 0.043
Quick Ratio 18.00 — 13.96 — 19.76 107.26 14.40 214.41 6.67 230.91 15.45 0.24 18.61 0.27 0.57 — — — 2.37 0.04 0.043
Debt/Equity 0.64 0.67 0.59 0.61 0.61 0.60 0.65 0.64 0.52 0.56 0.46 0.47 0.38 0.43 0.37 0.41 0.33 0.46 0.93 0.56 0.560
Net Debt/Equity -0.20 0.20 -0.11 0.24 -0.01 0.22 0.07 0.24 -0.07 0.19 -0.13 0.08 -0.02 0.05 0.15 -0.01 -0.29 0.46 -0.10 0.08 0.080
Debt/Assets 0.05 0.06 0.05 0.05 0.05 0.05 0.06 0.05 0.04 0.05 0.04 0.04 0.03 0.04 0.03 0.03 0.03 0.04 0.07 0.04 0.041
Debt/EBITDA -112.96 -26.89 -21.03 -27.25 -27.18 -81.16 -91.37 -80.25 -43.76 -40.81 -30.20 5.93 2.10 1.56 0.89 1.29 1.75 4.17 18.04 3.48 3.484
Net Debt/EBITDA 35.00 -8.21 4.05 -10.59 0.53 -30.12 -9.77 -30.76 5.97 -14.21 8.48 0.98 -0.09 0.16 0.37 -0.03 -1.55 4.17 -1.84 0.50 0.498
Interest Coverage 1.60 1.27 0.98 0.70 0.75 0.74 0.70 0.58 0.44 0.46 0.56 0.71 0.95 1.04 1.03 1.14 0.15 0.17 0.08 0.07 0.070
Equity Multiplier 11.93 11.52 11.21 11.59 11.55 11.74 11.71 12.53 12.28 11.17 11.21 11.18 10.88 11.25 12.17 12.56 11.33 13.09 13.66 13.83 13.833
Cash Ratio snapshot only 0.041
Debt Service Coverage snapshot only 0.121
Cash to Debt snapshot only 0.857
FCF to Debt snapshot only 1.757
Defensive Interval snapshot only 319.3 days
Efficiency & Turnover
Metric Trend Q4'16 Q2'17 Q4'17 Q2'18 Q4'18 Q2'19 Q4'19 Q2'20 Q4'20 Q2'21 Q4'21 Q2'22 Q4'22 Q2'23 Q4'23 Q2'24 Q4'24 Q2'25 Q4'25 Q2'26 Current
Asset Turnover 0.10 0.10 0.10 0.10 0.10 0.13 0.15 0.17 0.18 0.17 0.16 0.15 0.17 0.19 0.17 0.14 0.12 0.08 0.12 0.16 0.158
Inventory Turnover — — — — — — — — — — — — — — — — — — — — —
Receivables Turnover 25.73 — — — — — — — 35.51 — 41.57 — 20.65 — 22.06 — 15.54 — 30.13 457.24 457.243
Payables Turnover -1.20 — -0.28 — — — 13.51 — 29.41 — 20.51 — 15.02 — 9.86 — 2.32 — 4.08 — —
DSO 14 0 0 0 0 0 0 0 10 0 9 0 18 0 17 0 23 0 12 1 0.8 days
DIO — — — — — 0 -526 0 -142 0 -315 0 -178 0 -302 0 -1039 0 -597 0 0.0 days
DPO — — — — — 0 27 0 12 0 18 0 24 0 37 0 157 0 89 0 —
Cash Conversion Cycle — — — — — 0 -553 0 -145 0 -324 0 -185 0 -323 0 -1173 0 -674 1 —
Fixed Asset Turnover snapshot only 17.574
Cash Velocity snapshot only 4.189
Capital Intensity snapshot only 6.877
Growth (YoY)
Metric Trend Q4'16 Q2'17 Q4'17 Q2'18 Q4'18 Q2'19 Q4'19 Q2'20 Q4'20 Q2'21 Q4'21 Q2'22 Q4'22 Q2'23 Q4'23 Q2'24 Q4'24 Q2'25 Q4'25 Q2'26 Current
Revenue 15.4% 15.5% 16.4% 13.8% 16.7% 45.8% 73.5% 97.7% 1.1% 51.2% 16.5% -0.3% 0.3% 19.8% 17.5% -1.4% -25.6% -51.3% -25.1% 27.0% 26.96%
Net Income 13.1% 4.6% 6.0% 7.5% 19.9% 28.6% 18.1% -11.1% -36.1% -46.1% -40.8% 1.6% 62.3% 93.8% 96.3% 29.6% 30.3% 20.9% -10.1% 19.5% 19.55%
EPS 10.6% 0.9% 4.2% 4.2% 19.0% 29.1% 18.8% -10.3% -35.5% -46.6% -41.9% -0.8% 58.3% 92.2% 1.0% 34.9% 40.3% 25.7% 14.8% 19.3% 19.29%
FCF -8.1% -9.6% 29.0% 40.6% 42.8% 54.7% -1.1% -1.3% 30.7% 11.9% 98.3% 1.0% 1.1% 1.4% -2.0% -5.6% -2.4% -1.3% 24.2% 11.9% 11.93%
EBITDA 10.0% -13.1% -29.2% -3.7% -3.4% 66.7% 71.8% 60.6% 42.3% -1.1% -1.4% 12.6% 18.7% 23.1% 28.1% 2.8% 12.6% -60.7% -87.0% -45.5% -45.50%
Op. Income 13.2% 14.1% 18.1% 15.2% 25.1% 3.4% -17.4% -43.6% -67.4% -65.0% -55.2% -18.6% 56.4% 77.1% 4.6% 4.1% 3.7% 4.8% -0.7% -19.3% -19.27%
OCF Growth snapshot only 12.52%
Asset Growth snapshot only 18.84%
Equity Growth snapshot only 7.90%
Debt Growth snapshot only 47.08%
Shares Change snapshot only -94.11%
Dividend Growth snapshot only 18.96%
Growth (CAGR)
Metric Trend Q4'16 Q2'17 Q4'17 Q2'18 Q4'18 Q2'19 Q4'19 Q2'20 Q4'20 Q2'21 Q4'21 Q2'22 Q4'22 Q2'23 Q4'23 Q2'24 Q4'24 Q2'25 Q4'25 Q2'26 Current
Revenue 3Y — — — — 78.5% 56.3% 45.2% 38.3% 40.8% 36.5% 33.0% 30.9% 34.4% 38.2% 33.4% 24.8% 15.7% -4.1% 0.8% 7.7% 7.65%
Revenue 5Y — — — — — — — — — — — — 63.9% 47.2% 33.2% 21.1% 15.8% 8.2% 15.7% 22.9% 22.93%
EPS 3Y — — — — 82.7% 49.0% 26.0% 5.2% -5.3% -11.4% -10.4% -2.5% 6.7% 9.8% 11.7% 6.3% 12.7% 8.9% 1.6% 2.0% 2.01%
EPS 5Y — — — — — — — — — — — — 44.2% 27.7% 18.6% 9.3% 13.5% 10.9% 87.3% 91.0% 90.97%
Net Income 3Y — — — — 85.7% 50.6% 27.0% 6.0% -4.7% -10.1% -9.5% -1.0% 7.5% 10.4% 11.1% 5.4% 10.6% 8.1% 1.5% 16.3% 16.33%
Net Income 5Y — — — — — — — — — — — — 46.0% 29.0% 18.9% 9.4% 12.9% 11.2% 5.5% 8.5% 8.51%
EBITDA 3Y — — — — — — — — — — — — — — — — — — — — —
EBITDA 5Y — — — — — — — — — — — — 3.1% 12.6% 20.8% 14.6% — — 1.3% — —
Gross Profit 3Y — — — — 78.6% 34.1% 11.4% -5.6% -13.6% -14.2% -14.8% -14.0% -13.3% 8.2% -1.0% 3.4% 8.9% 0.2% 21.7% 31.7% 31.69%
Gross Profit 5Y — — — — — — — — — — — — 27.4% 26.2% 10.7% 7.2% 10.1% 1.7% 10.6% 11.0% 10.98%
Op. Income 3Y — — — — 88.9% 43.2% 15.6% -7.2% -22.7% -25.5% -24.1% -19.1% -13.9% -13.8% 27.5% 32.4% 34.3% 53.4% 35.6% 49.2% 49.18%
Op. Income 5Y — — — — — — — — — — — — 28.0% 12.7% 31.1% 26.9% 27.9% 33.6% 19.4% 16.6% 16.64%
FCF 3Y — — — — — — — — — — — — — — — — — — — — —
FCF 5Y — — — — — — — — — — — — 6.6% 8.1% — — — — — — —
OCF 3Y — — — — — — — — — — — — — — — — — — — — —
OCF 5Y — — — — — — — — — — — — 21.0% 13.2% -35.6% — — — — — —
Assets 3Y — — — — 15.2% 15.5% 15.1% 16.0% 14.9% 11.1% 9.7% 10.0% 9.1% 10.6% 10.1% 10.0% 10.8% 10.7% 10.6% 9.6% 9.63%
Assets 5Y — — — — — — — — — — — — 12.9% 12.8% 11.8% 11.6% 11.9% 11.5% 10.8% 11.3% 11.26%
Equity 3Y — — — — 16.3% 16.3% 15.1% 13.4% 12.3% 13.8% 11.6% 11.8% 12.5% 11.5% 7.1% 7.0% 11.5% 6.8% 5.1% 6.1% 6.07%
Book Value 3Y — — — — 14.4% 15.1% 14.2% 12.6% 11.6% 12.2% 10.5% 10.2% 11.6% 10.9% 7.7% 8.0% 13.6% 7.5% 1.7% 1.7% 1.74%
Dividend 3Y — — — — 10.1% 7.0% 2.3% -1.6% -13.2% -16.2% -33.5% -24.8% -8.8% 8.5% 41.6% 31.4% 24.8% 11.4% 1.8% 1.7% 1.73%
Growth Quality
Metric Trend Q4'16 Q2'17 Q4'17 Q2'18 Q4'18 Q2'19 Q4'19 Q2'20 Q4'20 Q2'21 Q4'21 Q2'22 Q4'22 Q2'23 Q4'23 Q2'24 Q4'24 Q2'25 Q4'25 Q2'26 Current
Revenue Stability 0.87 0.90 0.96 1.00 0.86 0.96 0.90 0.77 0.76 0.91 0.94 0.84 0.91 0.97 0.96 0.80 0.54 0.26 0.61 0.84 0.837
Earnings Stability 0.85 0.80 0.85 0.94 0.86 0.88 0.91 0.36 0.37 0.20 0.10 0.22 0.51 0.40 0.39 0.54 0.48 0.37 0.22 0.59 0.587
Margin Stability 0.96 0.98 0.98 0.98 0.96 0.80 0.69 0.59 0.53 0.51 0.45 0.39 0.42 0.51 0.44 0.44 0.43 0.54 0.48 0.49 0.485
Rev. Growth Consistency 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 0.00 1.00 1.00 1.00 0.00 0.00 0.00 0.00 0.50 0.500
Earn. Growth Consistency 1.00 1.00 1.00 1.00 1.00 1.00 1.00 0.00 0.00 0.00 0.00 0.50 0.50 0.50 0.50 1.00 1.00 1.00 0.00 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 0.95 0.98 0.98 0.97 0.92 0.89 0.93 0.96 0.86 0.82 0.84 0.99 0.50 0.50 0.50 0.88 0.88 0.92 0.96 0.92 0.922
Earnings Smoothness 0.88 0.95 0.94 0.93 0.82 0.75 0.83 0.88 0.56 0.40 0.49 0.98 0.52 0.36 0.35 0.74 0.74 0.81 0.89 0.82 0.822
ROE Trend 0.09 0.04 0.02 0.00 0.02 0.02 0.01 -0.05 -0.11 -0.13 -0.12 -0.05 0.01 0.03 0.08 0.05 0.08 0.11 0.03 0.06 0.059
Gross Margin Trend 0.02 -0.03 -0.03 -0.03 -0.06 -0.37 -0.56 -0.69 -0.78 -0.60 -0.48 -0.39 -0.34 0.03 0.04 0.27 0.57 0.40 0.49 0.19 0.185
FCF Margin Trend -1.49 -1.64 -0.25 -0.09 -0.09 0.17 0.06 0.13 0.75 0.65 0.58 0.49 0.44 0.41 0.30 0.20 0.05 0.05 0.75 0.51 0.512
Sustainable Growth Rate 9.1% 8.2% 4.7% 5.4% 6.3% 9.6% 6.6% 2.7% 3.1% 3.2% 9.0% 12.2% 14.7% 12.1% 12.3% 8.4% 12.7% 12.3% 5.8% 10.1% 10.15%
Internal Growth Rate 0.8% 0.7% 0.4% 0.5% 0.5% 0.8% 0.6% 0.2% 0.3% 0.3% 0.8% 1.0% 1.3% 1.1% 1.1% 0.7% 1.2% 1.0% 0.4% 0.8% 0.77%
Cash Flow Quality
Metric Trend Q4'16 Q2'17 Q4'17 Q2'18 Q4'18 Q2'19 Q4'19 Q2'20 Q4'20 Q2'21 Q4'21 Q2'22 Q4'22 Q2'23 Q4'23 Q2'24 Q4'24 Q2'25 Q4'25 Q2'26 Current
OCF/Net Income -4.76 -5.37 -1.76 -1.37 -2.05 -1.66 -3.63 -4.27 -2.23 -2.82 0.40 0.45 0.45 0.87 0.06 -0.11 -2.50 -2.38 1.56 1.10 1.099
FCF/OCF 1.10 1.09 1.28 1.35 1.22 1.24 1.11 1.11 1.22 1.20 -0.28 0.25 0.43 0.74 -2.83 3.42 0.08 0.06 2.89 3.24 3.245
FCF/Net Income snapshot only 3.566
OCF/EBITDA snapshot only 1.887
CapEx/Revenue 11.8% 11.6% 11.6% 11.5% 11.4% 8.4% 6.2% 5.3% 3.8% 4.1% 4.1% 3.7% 3.2% 2.7% 3.2% 4.0% 5.5% 9.2% 4.4% 3.0% 3.01%
CapEx/Depreciation snapshot only 0.299
Accruals Ratio 0.14 0.14 0.06 0.06 0.08 0.07 0.11 0.10 0.05 0.05 0.01 0.01 0.01 0.00 0.02 0.02 0.09 0.08 -0.01 -0.00 -0.002
Sloan Accruals snapshot only -0.920
Cash Flow Adequacy snapshot only 1.270
Earnings Quality Score snapshot only 1.000
Dividends & Buybacks
Metric Trend Q4'16 Q2'17 Q4'17 Q2'18 Q4'18 Q2'19 Q4'19 Q2'20 Q4'20 Q2'21 Q4'21 Q2'22 Q4'22 Q2'23 Q4'23 Q2'24 Q4'24 Q2'25 Q4'25 Q2'26 Current
Dividend Yield — — — — — — — — — — — — — — — — — — — — 7.56%
Dividend/Share $28.44 $29.43 $36.35 $37.42 $39.58 $37.41 $40.11 $36.77 $26.65 $22.76 $11.92 $15.99 $20.15 $29.23 $34.26 $36.82 $39.75 $41.19 $745.96 $734.89 $21.56
Payout Ratio 66.9% 69.3% 82.1% 80.1% 78.3% 68.2% 76.2% 87.8% 81.7% 77.7% 39.0% 38.5% 39.0% 51.9% 55.5% 65.7% 54.9% 58.2% 76.2% 64.6% 64.60%
FCF Payout Ratio — — — — — — — — — — — 3.5% 2.0% 81.1% — — — — 16.9% 18.1% 18.12%
Total Payout Ratio 70.8% 72.0% 82.7% 80.8% 87.1% 76.2% 84.3% 97.9% 81.8% 77.7% 39.0% 38.5% 39.0% 69.6% 72.4% 84.5% 74.7% 67.4% 94.5% 83.4% 83.41%
Div. Increase Streak 1 1 1 1 1 1 1 0 0 0 0 0 0 0 0 0 0 1 1 1 0
Chowder Number — — — — — — — — — — — — — — — — — — — — —
Buyback Yield — — — — — — — — — — — — — — — — — — — — —
Net Buyback Yield — — — — — — — — — — — — — — — — — — — — —
Total Shareholder Return — — — — — — — — — — — — — — — — — — — — —
DuPont Factors
Metric Trend Q4'16 Q2'17 Q4'17 Q2'18 Q4'18 Q2'19 Q4'19 Q2'20 Q4'20 Q2'21 Q4'21 Q2'22 Q4'22 Q2'23 Q4'23 Q2'24 Q4'24 Q2'25 Q4'25 Q2'26 Current
Tax Burden (NI/EBT) 0.71 0.70 0.70 0.70 0.71 0.73 0.74 0.73 0.72 0.69 0.69 0.73 0.75 0.76 0.74 0.73 0.76 0.74 0.72 0.74 0.741
Interest Burden (EBT/EBIT) 0.22 0.26 0.34 0.50 0.50 0.58 0.66 0.76 1.00 1.00 1.00 1.00 1.00 1.00 1.05 0.93 3.00 2.90 3.85 3.98 3.975
EBIT Margin 1.56 1.27 1.00 0.70 0.72 0.48 0.33 0.20 0.11 0.11 0.12 0.15 0.17 0.16 0.17 0.21 0.10 0.14 0.06 0.05 0.047
Asset Turnover 0.10 0.10 0.10 0.10 0.10 0.13 0.15 0.17 0.18 0.17 0.16 0.15 0.17 0.19 0.17 0.14 0.12 0.08 0.12 0.16 0.158
Equity Multiplier 11.72 11.74 11.50 11.66 11.73 11.64 11.47 12.08 11.93 11.44 11.45 11.81 11.53 11.21 11.69 11.86 11.11 12.16 12.93 13.22 13.221
Per Share
Metric Trend Q4'16 Q2'17 Q4'17 Q2'18 Q4'18 Q2'19 Q4'19 Q2'20 Q4'20 Q2'21 Q4'21 Q2'22 Q4'22 Q2'23 Q4'23 Q2'24 Q4'24 Q2'25 Q4'25 Q2'26 Current
EPS (Diluted TTM) $42.49 $42.48 $44.30 $46.69 $50.56 $54.86 $52.63 $41.90 $32.63 $29.29 $30.58 $41.57 $51.65 $56.28 $61.79 $56.07 $72.46 $70.77 $978.88 $1137.62 $1137.62
Book Value/Share $164.95 $171.50 $178.55 $178.79 $182.85 $192.63 $200.10 $200.16 $204.20 $216.20 $218.90 $225.44 $229.45 $234.11 $223.01 $224.99 $268.38 $239.38 $4134.31 $4119.64 $256.99
Tangible Book/Share $144.40 $149.90 $155.37 $154.03 $157.35 $165.69 $172.72 $172.05 $176.12 $188.11 $192.33 $223.86 $204.26 $232.78 $198.22 $200.08 $241.25 $213.13 $3647.04 $3645.83 $3645.83
Revenue/Share $173.55 $182.06 $188.73 $192.89 $201.07 $266.44 $329.35 $385.08 $420.99 $398.72 $376.41 $374.66 $411.93 $473.59 $455.23 $384.60 $329.93 $239.87 $6010.72 $8286.43 $357.74
FCF/Share $-222.95 $-249.20 $-99.67 $-86.02 $-126.57 $-113.39 $-211.43 $-199.21 $-88.62 $-98.91 $-3.44 $4.57 $9.86 $36.06 $-10.78 $-21.87 $-14.36 $-9.78 $4412.30 $4056.23 $16.77
OCF/Share $-202.43 $-228.17 $-77.85 $-63.83 $-103.66 $-91.12 $-191.17 $-178.84 $-72.63 $-82.49 $12.18 $18.59 $23.07 $48.76 $3.81 $-6.39 $-181.24 $-168.64 $1527.01 $1250.14 $19.49
Cash/Share $138.98 $79.51 $125.25 $66.71 $114.64 $72.68 $115.43 $78.76 $119.80 $78.39 $129.39 $88.94 $90.86 $89.99 $48.84 $94.37 $166.18 $0.00 $4255.14 $1978.37 $124.26
EBITDA/Share $-0.94 $-4.25 $-4.99 $-4.00 $-4.14 $-1.42 $-1.41 $-1.59 $-2.41 $-2.95 $-3.35 $17.96 $41.48 $64.52 $93.31 $71.63 $50.28 $26.37 $214.09 $662.55 $662.55
Debt/Share $106.11 $114.42 $105.03 $109.12 $112.44 $115.57 $129.26 $127.71 $105.42 $120.29 $101.01 $106.51 $87.30 $100.53 $83.15 $92.49 $88.14 $109.95 $3861.16 $2308.44 $2308.44
Net Debt/Share $-32.88 $34.91 $-20.22 $42.41 $-2.19 $42.89 $13.82 $48.95 $-14.39 $41.90 $-28.38 $17.57 $-3.57 $10.54 $34.31 $-1.89 $-78.04 $109.95 $-393.97 $330.07 $330.07
Academic Models
Metric Trend Q4'16 Q2'17 Q4'17 Q2'18 Q4'18 Q2'19 Q4'19 Q2'20 Q4'20 Q2'21 Q4'21 Q2'22 Q4'22 Q2'23 Q4'23 Q2'24 Q4'24 Q2'25 Q4'25 Q2'26 Current
Altman-B Score — — — — — — — — — — — — — — — — — — — — 2.026
Piotroski F-Score 4 2 3 4 5 5 5 4 4 5 6 5 4 6 6 5 5 4 6 6 6
Beneish M-Score -2.78 -1.66 -2.08 -2.05 -1.79 0.88 1.03 0.84 -0.18 -2.71 -2.81 -2.37 -2.71 -2.06 -3.14 -3.42 -1.78 -2.56 -3.10 3.50 3.497
Ohlson O-Score snapshot only -4.434
Net-Net WC snapshot only $-50304.30
EVA snapshot only $34472258767.41
Credit
Metric Trend Q4'16 Q2'17 Q4'17 Q2'18 Q4'18 Q2'19 Q4'19 Q2'20 Q4'20 Q2'21 Q4'21 Q2'22 Q4'22 Q2'23 Q4'23 Q2'24 Q4'24 Q2'25 Q4'25 Q2'26 Current
Credit Rating snapshot only A+
Credit Score 71.80 58.30 71.80 58.30 71.80 71.80 71.80 70.00 66.00 70.50 65.70 62.50 78.10 76.00 61.60 63.70 65.50 63.70 75.55 77.35 77.350
Credit Grade snapshot only 5
Credit Trend snapshot only 13.650
Implied Spread (bps) snapshot only 125.000

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