$65.72

+0.64 (+0.98%)

Weekly Expected Move ±2.4%

$63 $64 $66 $67 $69

NYSE · Real Estate · REIT - Healthcare Facilities · Tech Score Sell · Power 38 · $3.2B mcap · 47M float · 1.12% daily turnover · Short 62% 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

41.0 / 100

NoneWeakNarrowWide

Primary source: Efficient Scale · ROIC: 6.9% · 5Y Avg: 4.8%

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. NHI shows a Weak competitive edge (41.0/100) — limited structural advantages that may face competitive pressure. The primary source of advantage is Efficient Scale. ROIC of 6.9% 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

$78

Low

$79

Avg Target

$80

High

Based on 3 analysts since Aug 10, 2026 earnings

Analyst Recommendations

Strong Buy: 0Buy: 6Hold: 12Sell: 1Strong Sell: 0

Rating Summary

ConsensusHold

Avg Target$79.00

Analysts3

Price Target Change History

Date	Firm	Analyst	Old	New	Change	Upside @ Call	Stock@Call
2026-09-09	National Bank	—	$85	$79	-6	+12.6%	$70.19
2026-09-02	Truist Financial	—	$81	$80	-1	+11.9%	$71.47
2026-09-01	Wells Fargo	—	$86	$78	-8	+9.7%	$71.11
2026-06-25	Deutsche Bank	Omotayo Okusanya	Initiated	$80	—	+5.1%	$76.11
2026-06-15	BMO Capital	—	$61	$80	+19	+11.8%	$71.56
2026-06-12	Truist Financial	—	$83	$81	-2	+12.8%	$71.82
2026-03-27	Wells Fargo	—	$85	$86	+1	+4.6%	$82.20
2026-01-20	National Bank	Omotayo Okusanya	$90	$85	-5	+6.0%	$80.17
2026-01-05	Cantor Fitzgerald	—	Initiated	$85	—	+10.6%	$76.85
2025-12-15	Truist Financial	Michael Lewis	$77	$83	+6	+6.4%	$78.03
2025-12-04	KeyBanc	—	Initiated	$88	—	+11.6%	$78.85
2025-11-25	Wells Fargo	John Kilichowski	$63	$85	+22	+7.0%	$79.47
2025-10-01	National Bank	—	$67	$90	+23	+13.2%	$79.50
2025-07-02	Truist Financial	—	$78	$77	-1	+9.2%	$70.52
2024-09-24	Bank of America Securities	Joshua Dennerlein	Initiated	$92	—	+8.6%	$84.71
2024-08-30	Truist Financial	Michael Lewis	$58	$78	+20	-3.4%	$80.74
2024-04-03	Truist Financial	Michael Lewis	$61	$58	-3	-3.2%	$59.89
2024-03-12	National Bank	John Kim	$58	$67	+9	+12.5%	$59.56
2024-02-26	Wells Fargo	Connor Siversky	Initiated	$63	—	+9.1%	$57.76
2022-12-09	National Bank	Tayo Okusanya	Initiated	$58	—	+2.6%	$56.54
2022-09-26	Truist Financial	—	Initiated	$61	—	+10.0%	$55.44
2022-04-18	BMO Capital	John Kim	Initiated	$61	—	+11.7%	$54.59

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

Rating Change History

Date	From	To
2026-10-01	A-	B+
2026-08-12	B+	A-
2026-08-04	A-	B+
2026-08-03	B+	A-
2026-07-08	A-	B+
2026-07-06	B+	A-
2026-07-02	A-	B+
2026-07-01	B+	A-
2026-05-20	A-	B+
2026-05-18	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.

★ ★ ★ ★ ★ 62 Grade A

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. NHI scores highest in Momentum (95/100) and lowest in Safety (30/100). An overall grade of A places NHI among the highest-quality companies in its peer group.

Risk & Quality Signals

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

Altman Z-Score

1.73

Distress Zone

Piotroski F-Score

6/9

✓ ✓ ✓ ✓ ✗ ✗ ✗ ✓ ✓

Beneish M-Score

-3.19

Unlikely Manipulator

Ohlson O-Score

-7.66

Bankruptcy prob: 0.0%

Low Risk

Credit Rating

BBB-

Score: 53.3/100

Trend: Deteriorating

Earnings Quality

100/100

OCF/NI: 1.50x

Accruals: -3.0%

The Altman Z-Score (1968) combines five ratios — working capital, retained earnings, EBIT, market value of equity, and sales, all relative to total assets or liabilities — into a single bankruptcy predictor. NHI scores 1.73, 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. NHI 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. NHI's score of -3.19 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. NHI'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. NHI receives an estimated rating of BBB- (score: 53.3/100), with a deteriorating 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). NHI'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

18.94x

PEG

1.93x

P/S

7.35x

P/B

2.03x

P/FCF

15.69x

P/OCF

14.74x

EV/EBITDA

15.67x

EV/Revenue

11.42x

EV/EBIT

22.16x

EV/FCF

21.01x

Earnings Yield

4.51%

FCF Yield

6.37%

Shareholder Yield

4.75%

Graham Number

$50.07

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 18.9x earnings, NHI trades at a reasonable valuation. Graham's intrinsic value formula yields $50.07 per share, 31% 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

1.004

NI / EBT

Interest Burden

0.743

EBT / EBIT

EBIT Margin

0.515

EBIT / Rev

Asset Turnover

0.153

Rev / Assets

Equity Multiplier

1.855

Assets / Equity

ROE

10.9%

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. NHI's ROE of 10.9% is driven by a balanced combination of operating margin, asset efficiency, and leverage. A tax burden ratio of 1.00 indicates minimal tax leakage — the company retains over 90% of pre-tax earnings.

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

10.50%

Fair P/E

29.50x

Intrinsic Value

$101.47

Price/Value

0.75x

Margin of Safety

24.85%

Premium

-24.85%

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 NHI's realized 10.5% 3-year EPS CAGR, capped at 15% — demonstrated performance rather than forecasts, held to a rate companies have historically sustained. NHI trades at a -25% premium to its adjusted intrinsic value of $101.47, suggesting the market is pricing in future growth beyond what historical earnings support. The adjusted fair P/E of 29.5x compares to the current market P/E of 18.9x.

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

$65.74

Median 1Y

$63.22

5th Pctile

$35.12

95th Pctile

$114.30

Ann. Volatility

36.1%

Analyst Target

$79.00

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
D. Eric Mendelsohn CEO and President	$700,000	$586,720	$3,652,795
John L. Spaid Chief Financial Officer	$520,000	$476,710	$2,180,555
Kevin C. Pascoe Chief Investment Officer	$400,000	$403,370	$1,987,215
David L. Travis Chief Accounting Officer	$330,000	$403,370	$1,438,600
Kristin S. Gaines Chief Transaction Officer	$225,000	$293,360	$1,326,552

CEO Pay Ratio

Insufficient data for pay ratio.

C-Suite Pay Equality (Gini)

CEO Compensation Mix

Workforce & Productivity

Workforce efficiency metrics measuring revenue, profit, and R&D spend per employee — key indicators of operational leverage and human capital productivity.

Employees

+6.7% YoY

Revenue / Employee

$11,829,031

Rev: $378,529,000

Profit / Employee

$4,443,031

NI: $142,177,000

SGA / Employee

—

Avg labor cost proxy

Scaling Efficiency

All Ratios & Metrics

Complete fundamental data with up to 20 periods of history, sparkline trends, and current values across 13 categories and 130+ financial metrics.

Profitability

Metric	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	9.4%	7.4%	5.6%	4.6%	5.0%	4.8%	6.7%	8.3%	8.2%	10.7%	10.5%	10.2%	10.2%	10.5%	10.6%	10.5%	10.9%	9.8%	10.1%	10.9%	10.93%
ROA	4.7%	3.8%	2.8%	2.4%	2.6%	2.5%	3.5%	4.3%	4.2%	5.4%	5.3%	5.1%	5.1%	5.4%	5.4%	5.5%	5.7%	5.3%	5.2%	5.9%	5.89%
ROIC	7.1%	7.7%	7.4%	7.2%	7.2%	6.0%	6.2%	7.0%	7.1%	7.6%	7.5%	7.8%	7.9%	7.4%	7.3%	7.2%	7.3%	7.2%	7.1%	6.9%	6.94%
ROCE	6.5%	5.6%	4.5%	4.4%	4.6%	4.5%	6.3%	6.7%	6.6%	8.8%	8.7%	8.5%	8.8%	8.8%	8.6%	8.8%	8.0%	7.3%	8.1%	9.2%	9.19%
Gross Margin	95.7%	94.1%	95.7%	96.4%	96.9%	96.8%	96.8%	95.9%	96.4%	96.5%	96.6%	96.7%	96.6%	96.7%	96.8%	96.8%	97.1%	33.6%	31.1%	1.0%	1.00%
Operating Margin	63.1%	94.5%	55.9%	42.1%	55.2%	50.9%	56.3%	54.6%	56.3%	56.3%	55.5%	57.9%	56.1%	50.0%	53.6%	53.7%	49.1%	47.2%	45.2%	41.5%	41.48%
Net Margin	41.7%	9.3%	11.8%	36.2%	45.2%	2.6%	41.9%	51.1%	36.6%	40.3%	38.0%	41.5%	34.4%	50.4%	38.3%	40.8%	36.6%	35.8%	34.6%	45.9%	45.89%
EBITDA Margin	85.3%	53.8%	50.6%	82.6%	82.0%	43.4%	79.2%	90.9%	76.0%	79.3%	76.3%	78.2%	72.4%	88.0%	74.3%	77.9%	73.2%	69.0%	68.4%	80.3%	80.33%
FCF Margin	67.4%	70.2%	66.2%	70.6%	68.3%	65.7%	59.8%	54.4%	55.5%	55.6%	58.8%	60.6%	60.1%	60.4%	61.3%	60.5%	61.8%	59.0%	56.1%	54.4%	54.37%
OCF Margin	68.7%	70.9%	66.9%	72.3%	69.7%	66.6%	61.4%	55.8%	57.1%	57.7%	60.9%	62.8%	62.0%	62.1%	62.3%	61.4%	64.1%	63.7%	61.2%	57.9%	57.86%
ROE 3Y Avg	snapshot only																				10.18%
ROE 5Y Avg	snapshot only																				8.82%
ROA 3Y Avg	snapshot only																				5.36%
ROIC 3Y Avg	snapshot only																				5.75%
ROIC Economic	snapshot only																				6.89%
Cash ROA	snapshot only																				8.46%
Cash ROIC	snapshot only																				8.88%
CROIC	snapshot only																				8.34%
NOPAT Margin	snapshot only																				45.25%
Pretax Margin	snapshot only																				38.32%
R&D / Revenue	snapshot only																				0.00%
SGA / Revenue	snapshot only																				3.52%
SBC / Revenue	snapshot only																				1.06%

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	13.60	18.91	25.96	34.00	29.68	29.15	21.05	18.20	19.03	16.35	19.18	21.77	27.74	22.00	23.42	22.70	25.71	25.27	26.50	22.17	18.939
P/S Ratio	6.24	7.08	7.62	8.34	7.60	6.96	6.73	6.55	6.45	6.93	7.94	8.52	10.70	9.05	9.64	9.31	10.65	9.55	9.74	8.53	7.347
P/B Ratio	1.26	1.40	1.49	1.65	1.61	1.52	1.54	1.59	1.59	1.77	2.03	2.23	2.86	2.22	2.32	2.19	2.56	2.36	2.59	2.35	2.026
P/FCF	9.27	10.08	11.51	11.81	11.13	10.60	11.26	12.05	11.63	12.47	13.51	14.06	17.80	14.98	15.72	15.39	17.22	16.18	17.36	15.69	15.691
P/OCF	9.08	9.99	11.39	11.53	10.92	10.44	10.95	11.74	11.30	12.02	13.03	13.56	17.26	14.58	15.48	15.16	16.61	14.98	15.91	14.74	14.743
EV/EBITDA	11.96	14.23	16.95	18.02	17.21	17.13	14.95	13.65	13.77	12.81	14.25	15.43	18.42	15.74	16.53	15.94	17.30	17.14	17.88	15.67	15.673
EV/Revenue	10.26	11.14	11.82	12.20	11.52	11.01	10.75	10.19	10.08	10.41	11.48	11.96	14.10	12.40	12.93	12.46	13.54	12.59	12.83	11.42	11.423
EV/EBIT	17.29	21.66	27.66	30.30	28.34	28.39	22.57	19.68	19.91	17.53	19.57	21.31	25.50	21.57	22.72	22.06	24.03	24.34	25.56	22.16	22.165
EV/FCF	15.23	15.87	17.84	17.27	16.87	16.78	17.98	18.73	18.16	18.73	19.52	19.73	23.47	20.52	21.08	20.60	21.90	21.34	22.87	21.01	21.011
Earnings Yield	7.4%	5.3%	3.9%	2.9%	3.4%	3.4%	4.8%	5.5%	5.3%	6.1%	5.2%	4.6%	3.6%	4.5%	4.3%	4.4%	3.9%	4.0%	3.8%	4.5%	4.51%
FCF Yield	10.8%	9.9%	8.7%	8.5%	9.0%	9.4%	8.9%	8.3%	8.6%	8.0%	7.4%	7.1%	5.6%	6.7%	6.4%	6.5%	5.8%	6.2%	5.8%	6.4%	6.37%
PEG Ratio	snapshot only																				1.931
Price/Tangible Book	snapshot only																				2.354
EV/OCF	snapshot only																				19.742
EV/Gross Profit	snapshot only																				17.663
Acquirers Multiple	snapshot only																				25.135
Shareholder Yield	snapshot only																				4.75%
Graham Number	snapshot only																				$50.07

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	6.54	7.34	8.96	5.50	5.22	3.42	0.41	1.08	1.05	1.16	1.19	1.13	0.90	0.96	0.97	0.82	2.09	2.48	0.83	0.59	0.589
Quick Ratio	6.54	7.34	8.96	5.50	5.22	3.42	0.41	1.08	1.05	1.16	1.19	1.13	0.90	0.96	0.97	0.82	2.09	2.48	0.83	0.59	0.589
Debt/Equity	0.84	0.83	0.84	0.79	0.85	0.90	0.93	0.89	0.91	0.91	0.91	0.91	0.92	0.84	0.89	0.76	0.75	0.76	0.84	0.82	0.817
Net Debt/Equity	0.81	0.81	0.82	0.76	0.83	0.89	0.92	0.88	0.90	0.89	0.90	0.90	0.91	0.82	0.79	0.74	0.69	0.75	0.82	0.80	0.798
Debt/Assets	0.44	0.44	0.45	0.43	0.44	0.46	0.46	0.45	0.46	0.46	0.46	0.46	0.46	0.44	0.45	0.42	0.41	0.42	0.44	0.43	0.433
Debt/EBITDA	4.86	5.35	6.20	5.94	6.01	6.42	5.65	4.95	5.03	4.37	4.43	4.50	4.51	4.34	4.71	4.11	3.99	4.21	4.39	4.06	4.065
Net Debt/EBITDA	4.68	5.19	6.02	5.71	5.85	6.31	5.59	4.87	4.96	4.28	4.39	4.44	4.45	4.25	4.20	4.04	3.69	4.14	4.30	3.97	3.969
Interest Coverage	14.98	12.51	10.06	9.01	9.18	9.13	11.64	13.45	13.31	—	—	13.09	6.29	4.49	3.41	3.43	4.72	4.66	4.76	5.05	5.054
Equity Multiplier	1.89	1.88	1.89	1.86	1.92	1.97	2.00	1.97	1.98	1.98	1.99	1.99	2.00	1.91	1.95	1.82	1.82	1.84	1.91	1.89	1.886
Cash Ratio	snapshot only																				0.057
Debt Service Coverage	snapshot only																				7.147
Cash to Debt	snapshot only																				0.024
FCF to Debt	snapshot only																				0.184
Defensive Interval	snapshot only																				1049.4 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	0.10	0.10	0.10	0.10	0.10	0.10	0.11	0.12	0.12	0.13	0.13	0.13	0.13	0.13	0.13	0.13	0.14	0.14	0.14	0.15	0.153
Inventory Turnover	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—
Receivables Turnover	3.23	3.02	3.00	3.10	3.05	3.07	3.18	3.65	3.64	3.73	3.56	3.61	3.63	3.66	3.66	3.74	4.01	1.96	4.36	2.85	2.854
Payables Turnover	0.38	0.56	0.58	0.49	0.53	0.40	0.52	0.45	0.49	0.38	0.53	0.41	0.41	0.31	0.40	0.35	0.34	4.19	4.66	3.85	3.854
DSO	113	121	122	118	120	119	115	100	100	98	103	101	101	100	100	98	91	186	84	128	127.9 days
DIO	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0.0 days
DPO	970	646	624	746	686	915	706	819	745	954	689	889	894	1178	902	1058	1089	87	78	95	94.7 days
Cash Conversion Cycle	-857	-526	-502	-628	-566	-796	-591	-719	-645	-856	-587	-788	-793	-1078	-803	-960	-998	99	5	33	33.2 days
Fixed Asset Turnover	snapshot only																				0.169
Cash Velocity	snapshot only																				14.268
Capital Intensity	snapshot only																				6.837

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	-7.0%	-10.2%	-12.5%	-14.4%	-10.7%	-6.9%	0.0%	11.8%	12.2%	15.0%	10.3%	6.1%	5.7%	4.8%	7.5%	6.9%	8.1%	12.3%	17.5%	24.4%	24.35%
Net Income	-25.0%	-39.6%	-46.8%	-56.3%	-50.2%	-40.6%	9.0%	64.2%	48.5%	1.0%	42.8%	15.4%	20.2%	1.7%	6.9%	12.0%	16.1%	3.0%	4.9%	16.7%	16.70%
EPS	-27.0%	-40.9%	-47.3%	-56.2%	-48.5%	-37.2%	15.1%	73.0%	52.0%	1.0%	42.7%	14.9%	18.6%	-2.9%	1.2%	4.2%	7.3%	-0.5%	-0.9%	12.7%	12.66%
FCF	-10.1%	-8.5%	-16.4%	-12.2%	-9.4%	-12.9%	-9.7%	-13.9%	-8.8%	-2.6%	8.5%	18.3%	14.4%	13.9%	12.2%	6.7%	11.2%	9.6%	7.5%	11.8%	11.77%
EBITDA	-17.7%	-26.4%	-30.9%	-33.2%	-30.3%	-23.6%	3.2%	23.3%	22.6%	45.4%	23.5%	10.2%	10.6%	1.6%	4.4%	7.9%	10.5%	4.6%	7.8%	16.0%	15.95%
Op. Income	-13.2%	-6.9%	-9.2%	-14.0%	-12.1%	-31.4%	-24.7%	-6.0%	-1.8%	24.9%	18.7%	10.4%	9.2%	2.8%	4.9%	0.9%	-1.2%	3.8%	4.8%	6.0%	5.96%
OCF Growth	snapshot only																				17.22%
Asset Growth	snapshot only																				9.95%
Equity Growth	snapshot only																				6.20%
Debt Growth	snapshot only																				14.81%
Shares Change	snapshot only																				3.58%
Dividend Growth	snapshot only																				4.96%

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	2.1%	0.5%	-1.0%	-3.2%	-3.6%	-4.4%	-3.8%	-2.5%	-2.3%	-1.3%	-1.2%	0.5%	2.0%	3.9%	5.9%	8.3%	8.7%	10.6%	11.7%	12.2%	12.17%
Revenue 5Y	5.1%	3.7%	2.5%	0.8%	0.3%	-0.0%	0.3%	1.3%	1.3%	1.7%	1.4%	1.5%	1.2%	1.1%	1.1%	1.0%	1.3%	2.5%	4.0%	6.2%	6.21%
EPS 3Y	-5.3%	-12.4%	-19.2%	-25.3%	-23.3%	-24.9%	-20.0%	-15.7%	-17.0%	-8.8%	-4.7%	-4.5%	-2.5%	7.6%	18.5%	27.5%	24.6%	25.5%	12.7%	10.5%	10.50%
EPS 5Y	-5.6%	-8.4%	-14.6%	-17.3%	-16.4%	-16.7%	-10.4%	-7.0%	-7.8%	-2.9%	-2.8%	-3.7%	-4.1%	-3.4%	-5.9%	-6.4%	-6.2%	-6.0%	-2.8%	0.4%	0.45%
Net Income 3Y	-2.8%	-10.2%	-17.6%	-24.0%	-23.0%	-25.5%	-20.7%	-16.5%	-17.8%	-9.8%	-6.1%	-6.1%	-3.8%	7.3%	18.5%	28.5%	27.5%	28.9%	17.0%	14.7%	14.68%
Net Income 5Y	-2.9%	-5.9%	-12.2%	-15.5%	-15.3%	-16.1%	-9.6%	-6.3%	-7.4%	-2.5%	-2.7%	-3.7%	-4.0%	-3.0%	-5.3%	-5.6%	-5.0%	-5.1%	-1.5%	1.6%	1.58%
EBITDA 3Y	-1.2%	-5.7%	-10.2%	-13.0%	-13.5%	-15.0%	-13.2%	-10.9%	-11.1%	-6.5%	-4.1%	-3.2%	-1.8%	4.1%	10.0%	13.6%	14.5%	15.6%	11.6%	11.3%	11.29%
EBITDA 5Y	3.0%	-0.2%	-3.7%	-5.9%	-6.5%	-7.6%	-5.2%	-3.4%	-3.8%	-1.4%	-1.6%	-2.2%	-2.6%	-1.9%	-3.3%	-3.4%	-3.0%	-2.8%	-0.2%	2.6%	2.55%
Gross Profit 3Y	1.1%	-0.7%	-2.2%	-4.4%	-4.6%	-4.9%	-4.2%	-3.0%	-2.6%	-1.6%	-1.4%	0.5%	1.9%	4.1%	6.2%	8.7%	9.0%	3.5%	-4.1%	-1.9%	-1.88%
Gross Profit 5Y	4.5%	3.0%	1.7%	-0.1%	-0.5%	-0.7%	-0.3%	0.7%	0.6%	1.0%	0.7%	1.0%	0.8%	0.7%	0.8%	0.7%	1.2%	-1.7%	-5.1%	-2.0%	-1.97%
Op. Income 3Y	-1.6%	-0.1%	-1.8%	-5.7%	-7.1%	-13.3%	-12.4%	-9.9%	-9.2%	-7.2%	-6.7%	-3.7%	-1.9%	-4.1%	-2.1%	1.6%	2.0%	10.1%	9.3%	5.7%	5.67%
Op. Income 5Y	3.8%	3.3%	1.8%	-1.1%	-2.2%	-6.3%	-5.9%	-4.0%	-3.8%	-3.1%	-3.3%	-2.8%	-3.0%	-3.5%	-3.5%	-4.0%	-4.2%	-3.1%	-2.2%	-0.9%	-0.94%
FCF 3Y	68.9%	51.6%	59.2%	1.7%	3.2%	1.2%	46.5%	-8.2%	-9.4%	-8.1%	-6.4%	-3.7%	-1.9%	-1.1%	3.2%	2.8%	5.1%	6.7%	9.4%	12.2%	12.16%
FCF 5Y	—	—	—	—	—	52.7%	6.2%	37.2%	31.8%	24.2%	31.7%	80.9%	1.4%	63.3%	30.8%	-0.5%	-1.1%	-0.6%	-0.3%	1.3%	1.30%
OCF 3Y	0.9%	0.6%	-6.0%	-5.2%	-6.6%	-8.4%	-7.5%	-9.4%	-8.6%	-7.4%	-5.7%	-2.9%	-1.5%	-0.6%	3.4%	2.5%	5.7%	9.0%	11.6%	13.5%	13.53%
OCF 5Y	4.3%	3.6%	1.0%	1.0%	-0.1%	-1.2%	-2.1%	-3.4%	-3.1%	-2.4%	-3.6%	-2.5%	-2.9%	-2.9%	-1.0%	-1.5%	-0.4%	0.7%	1.2%	2.3%	2.31%
Assets 3Y	2.9%	1.1%	-0.0%	-4.8%	-6.0%	-6.2%	-7.2%	-7.6%	-7.3%	-7.3%	-8.0%	-7.0%	-5.5%	-2.7%	-0.2%	1.4%	2.4%	3.7%	4.5%	5.9%	5.86%
Assets 5Y	4.1%	3.4%	2.2%	0.6%	-0.1%	-0.3%	-0.2%	-1.3%	-1.3%	-2.0%	-2.5%	-3.7%	-4.0%	-3.0%	-2.6%	-3.2%	-3.0%	-2.2%	-1.9%	-0.7%	-0.75%
Equity 3Y	4.1%	2.7%	1.5%	-0.6%	-3.7%	-5.3%	-5.4%	-5.3%	-5.5%	-6.1%	-7.0%	-7.0%	-7.2%	-3.2%	-1.2%	2.1%	4.3%	6.2%	6.1%	7.4%	7.39%
Book Value 3Y	1.5%	0.2%	-0.6%	-2.3%	-4.1%	-4.7%	-4.5%	-4.4%	-4.6%	-5.0%	-5.7%	-5.4%	-5.9%	-2.9%	-1.2%	1.2%	1.9%	3.4%	2.2%	3.5%	3.47%
Dividend 3Y	-2.6%	-4.4%	-6.0%	-7.6%	-5.3%	-3.3%	-2.0%	-0.6%	-0.7%	-0.0%	0.8%	1.5%	1.4%	0.4%	0.5%	0.3%	-0.5%	-0.0%	-0.8%	-0.9%	-0.92%

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	0.78	0.59	0.38	0.11	0.04	0.00	0.00	0.00	0.00	0.00	0.00	0.05	0.06	0.08	0.09	0.11	0.13	0.27	0.40	0.57	0.571
Earnings Stability	0.01	0.07	0.28	0.28	0.38	0.50	0.50	0.40	0.49	0.33	0.37	0.33	0.37	0.16	0.17	0.12	0.09	0.01	0.07	0.21	0.210
Margin Stability	0.99	0.98	0.98	0.98	0.98	0.99	0.98	0.98	0.98	0.99	0.99	0.99	0.99	0.99	0.99	0.99	0.99	0.91	0.82	0.84	0.842
Rev. 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	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	1.00	1.00	1.00	1.000
FCF Positive Streak	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1
Earnings Persistence	0.90	0.84	0.81	0.50	0.50	0.84	0.96	0.50	0.81	0.50	0.83	0.94	0.92	0.99	0.97	0.95	0.94	0.99	0.98	0.93	0.933
Earnings Smoothness	0.71	0.51	0.39	0.22	0.33	0.49	0.91	0.51	0.61	0.31	0.65	0.86	0.82	0.98	0.93	0.89	0.85	0.97	0.95	0.85	0.846
ROE Trend	-0.02	-0.04	-0.06	-0.07	-0.06	-0.05	-0.01	0.01	0.01	0.04	0.04	0.03	0.03	0.02	0.01	0.00	0.01	-0.01	-0.00	0.01	0.007
Gross Margin Trend	-0.01	-0.02	-0.02	-0.02	-0.01	-0.00	0.00	0.01	0.00	0.00	0.00	0.01	0.00	0.00	0.00	0.00	0.00	-0.18	-0.35	-0.32	-0.320
FCF Margin Trend	0.32	0.33	0.23	0.04	-0.00	-0.04	-0.08	-0.15	-0.12	-0.12	-0.04	-0.02	-0.02	-0.00	0.02	0.03	0.04	0.01	-0.04	-0.06	-0.062
Sustainable Growth Rate	-3.2%	-4.7%	-5.9%	-6.6%	-6.5%	-6.9%	-4.9%	-3.5%	-4.0%	-1.6%	-1.9%	-2.3%	-2.4%	-1.4%	-1.3%	-1.4%	-1.3%	-1.9%	-1.7%	-0.6%	-0.58%
Internal Growth Rate	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—

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	1.50	1.89	2.28	2.95	2.72	2.79	1.92	1.55	1.68	1.36	1.47	1.61	1.61	1.51	1.51	1.50	1.55	1.69	1.67	1.50	1.504
FCF/OCF	0.98	0.99	0.99	0.98	0.98	0.99	0.97	0.97	0.97	0.96	0.97	0.96	0.97	0.97	0.98	0.99	0.96	0.93	0.92	0.94	0.940
FCF/Net Income	snapshot only																				1.413
OCF/EBITDA	snapshot only																				0.794
CapEx/Revenue	1.4%	0.7%	0.7%	1.7%	1.3%	1.0%	1.7%	1.4%	1.6%	2.1%	2.1%	2.2%	1.9%	1.7%	1.0%	0.9%	2.3%	4.7%	5.1%	3.5%	3.50%
CapEx/Depreciation	snapshot only																				0.164
Accruals Ratio	-0.02	-0.03	-0.04	-0.05	-0.05	-0.04	-0.03	-0.02	-0.03	-0.02	-0.02	-0.03	-0.03	-0.03	-0.03	-0.03	-0.03	-0.04	-0.03	-0.03	-0.030
Sloan Accruals	snapshot only																				-0.080
Cash Flow Adequacy	snapshot only																				1.315
Earnings Quality Score	snapshot only																				1.000

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	9.9%	8.6%	7.9%	7.2%	7.8%	8.4%	8.2%	7.8%	7.8%	7.0%	6.2%	5.6%	4.4%	5.2%	4.8%	5.0%	4.4%	4.7%	4.4%	4.7%	5.63%
Dividend/Share	$4.16	$3.99	$3.80	$3.61	$3.69	$3.73	$3.68	$3.63	$3.60	$3.60	$3.60	$3.59	$3.55	$3.44	$3.46	$3.45	$3.47	$3.61	$3.56	$3.62	$3.70
Payout Ratio	1.3%	1.6%	2.1%	2.5%	2.3%	2.4%	1.7%	1.4%	1.5%	1.2%	1.2%	1.2%	1.2%	1.1%	1.1%	1.1%	1.1%	1.2%	1.2%	1.1%	1.05%
FCF Payout Ratio	91.4%	87.2%	91.0%	85.1%	86.6%	88.6%	92.3%	94.2%	90.5%	87.9%	83.3%	79.1%	79.1%	77.2%	75.4%	76.6%	75.1%	76.4%	76.5%	74.5%	74.49%
Total Payout Ratio	1.8%	2.2%	2.8%	3.5%	4.4%	4.7%	3.4%	2.2%	1.5%	1.2%	1.2%	1.2%	1.3%	1.2%	1.2%	1.2%	1.1%	1.2%	1.2%	1.1%	1.05%
Div. Increase Streak	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	1	1	1	0
Chowder Number	0.10	0.03	-0.04	-0.10	-0.06	-0.03	-0.00	0.03	0.03	0.04	0.04	0.05	0.05	0.05	0.06	0.08	0.10	0.13	0.14	0.13	0.135
Buyback Yield	3.4%	3.1%	3.0%	3.1%	7.2%	7.9%	7.8%	4.1%	0.0%	0.0%	0.0%	0.0%	0.2%	0.2%	0.2%	0.2%	0.0%	0.0%	0.0%	0.0%	0.00%
Net Buyback Yield	-0.6%	0.9%	3.0%	3.1%	7.2%	7.9%	7.8%	4.1%	0.0%	0.0%	0.0%	0.0%	0.2%	0.2%	-1.8%	-3.6%	-3.6%	-5.1%	-3.0%	-2.8%	-2.78%
Total Shareholder Return	9.3%	9.5%	10.9%	10.3%	15.0%	16.2%	16.0%	11.9%	7.8%	7.0%	6.2%	5.6%	4.6%	5.3%	3.0%	1.3%	0.8%	-0.3%	1.5%	2.0%	1.96%

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	1.01	1.01	1.01	1.01	1.01	1.01	1.01	1.01	1.01	1.01	1.01	1.01	1.01	1.01	1.01	1.00	1.004
Interest Burden (EBT/EBIT)	0.77	0.73	0.69	0.61	0.63	0.61	0.66	0.69	0.66	0.71	0.70	0.69	0.69	0.71	0.72	0.72	0.73	0.72	0.73	0.74	0.743
EBIT Margin	0.59	0.51	0.43	0.40	0.41	0.39	0.48	0.52	0.51	0.59	0.59	0.56	0.55	0.57	0.57	0.57	0.56	0.52	0.50	0.52	0.515
Asset Turnover	0.10	0.10	0.10	0.10	0.10	0.10	0.11	0.12	0.12	0.13	0.13	0.13	0.13	0.13	0.13	0.13	0.14	0.14	0.14	0.15	0.153
Equity Multiplier	2.00	1.97	1.97	1.93	1.91	1.92	1.94	1.91	1.95	1.98	1.99	1.98	1.99	1.95	1.97	1.90	1.90	1.87	1.93	1.86	1.855

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)	$3.11	$2.44	$1.85	$1.47	$1.60	$1.53	$2.13	$2.55	$2.43	$3.13	$3.04	$2.93	$2.88	$3.04	$3.08	$3.05	$3.09	$3.02	$3.05	$3.44	$3.44
Book Value/Share	$33.57	$32.87	$32.26	$30.45	$29.42	$29.27	$29.21	$29.25	$29.04	$28.90	$28.74	$28.57	$27.94	$30.08	$31.09	$31.60	$31.10	$32.34	$31.20	$32.40	$32.68
Tangible Book/Share	$33.57	$32.87	$32.26	$30.45	$29.42	$29.27	$29.21	$29.25	$29.04	$28.90	$28.74	$28.57	$27.94	$30.08	$31.09	$31.60	$31.10	$32.34	$31.20	$32.40	$32.40
Revenue/Share	$6.77	$6.51	$6.31	$6.01	$6.24	$6.41	$6.67	$7.08	$7.17	$7.37	$7.35	$7.48	$7.48	$7.38	$7.48	$7.45	$7.47	$8.00	$8.30	$8.94	$8.95
FCF/Share	$4.56	$4.57	$4.18	$4.24	$4.27	$4.21	$3.98	$3.85	$3.98	$4.10	$4.32	$4.54	$4.49	$4.46	$4.59	$4.50	$4.62	$4.72	$4.66	$4.86	$4.87
OCF/Share	$4.65	$4.62	$4.22	$4.35	$4.35	$4.27	$4.10	$3.95	$4.09	$4.25	$4.48	$4.70	$4.63	$4.58	$4.66	$4.57	$4.79	$5.10	$5.08	$5.17	$5.18
Cash/Share	$1.06	$0.82	$0.79	$0.95	$0.65	$0.44	$0.32	$0.40	$0.38	$0.52	$0.26	$0.34	$0.35	$0.53	$2.94	$0.40	$1.71	$0.42	$0.51	$0.63	$0.63
EBITDA/Share	$5.80	$5.10	$4.40	$4.07	$4.18	$4.12	$4.79	$5.28	$5.25	$5.99	$5.92	$5.80	$5.72	$5.81	$5.85	$5.82	$5.84	$5.87	$5.96	$6.52	$6.52
Debt/Share	$28.22	$27.30	$27.24	$24.16	$25.11	$26.44	$27.10	$26.15	$26.38	$26.16	$26.24	$26.08	$25.83	$25.22	$27.53	$23.90	$23.29	$24.73	$26.15	$26.49	$26.49
Net Debt/Share	$27.17	$26.48	$26.45	$23.21	$24.46	$26.00	$26.78	$25.75	$25.99	$25.64	$25.97	$25.74	$25.48	$24.69	$24.59	$23.50	$21.57	$24.32	$25.64	$25.86	$25.86

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	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	1.725
Altman Z-Prime	snapshot only																				2.396
Piotroski F-Score	6	5	5	5	5	5	7	6	6	7	7	7	6	6	7	7	8	6	6	6	6
Beneish M-Score	-2.67	3.72	-2.74	-3.18	-3.02	-3.00	-3.56	-3.33	-3.56	-2.47	3.63	3.02	2.79	-2.54	-2.62	-2.60	-2.71	-1.56	-1.38	-3.19	-3.188
Ohlson O-Score	snapshot only																				-7.659
ROIC (Greenblatt)	snapshot only																				9.52%
Net-Net WC	snapshot only																				$-21.99
EVA	snapshot only																				$-86379050.30

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																				BBB-
Credit Score	72.33	68.30	69.64	65.72	67.77	76.95	51.20	64.63	66.24	74.40	78.59	78.65	74.42	67.70	67.49	66.94	78.72	67.32	67.60	53.28	53.278
Credit Grade	snapshot only																				10
Credit Trend	snapshot only																				-13.658
Implied Spread (bps)	snapshot only																				350.000
Industry Credit Rank	snapshot only																				74
Sector Credit Rank	snapshot only																				59

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