Also trades as: NIMC (NYSE) · $vol 22M · NI-PB (NYSE) · $vol 3M · 0K87.L (LSE) · $vol 2M

$47.85

+0.14 (+0.29%)

Weekly Expected Move ±2.7%

$44 $45 $46 $48 $49

NYSE · Utilities · Regulated Gas · Alpha Radar Neutral · Power 59 · $22.9B mcap · 477M float · 0.910% daily turnover · Short 56% 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.

NARROW EDGE

57.2 / 100

NoneWeakNarrowWide

Primary source: Intangible Assets · ROIC: 6.3% · 5Y Avg: 4.5%

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. NI has a Narrow competitive edge (57.2/100) — meaningful but not impregnable advantages over competitors. The primary source of advantage is Intangible Assets. ROIC of 6.3% 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

$52

Low

$52

Avg Target

$52

High

Based on 1 analyst since May 6, 2026 earnings

Analyst Recommendations

Strong Buy: 0Buy: 16Hold: 6Sell: 0Strong Sell: 0

Rating Summary

ConsensusBuy

Avg Target$50.75

Analysts4

Price Target Change History

Date	Firm	Analyst	Old	New	Change	Upside @ Call	Stock@Call
2026-05-11	Evercore ISI	—	$45	$52	+7	+10.7%	$46.98
2026-04-21	Wells Fargo	Shahriar Pourreza	$47	$51	+4	+6.7%	$47.78
2026-04-20	BMO Capital	—	$50	$51	+1	+5.4%	$48.39
2026-04-17	Barclays	—	$45	$49	+4	+2.7%	$47.72
2026-02-12	BMO Capital	—	$49	$50	+1	+10.6%	$45.23
2026-01-29	BMO Capital	—	$47	$49	+2	+10.5%	$44.33
2025-12-17	UBS	—	Initiated	$48	—	+15.9%	$41.43
2025-12-08	Barclays	—	$46	$45	-1	+7.1%	$42.00
2025-12-03	Mizuho Securities	Gabriel Moreen	$44	$50	+6	+19.4%	$41.88
2025-10-27	Wells Fargo	—	$35	$47	+12	+7.5%	$43.73
2025-10-21	Barclays	—	$44	$46	+2	+4.9%	$43.85
2025-10-06	Evercore ISI	—	Initiated	$45	—	+1.9%	$44.17
2025-09-29	BMO Capital	—	$36	$47	+11	+10.4%	$42.57
2025-08-04	Barclays	—	Initiated	$44	—	+1.5%	$43.33
2025-03-25	Mizuho Securities	Gabriel Moreen	Initiated	$44	—	+11.1%	$39.61
2024-12-31	Argus Research	John Eade	Initiated	$41	—	+11.5%	$36.76
2024-10-28	Jefferies	Julien Dumoulin-Smith	Initiated	$39	—	+11.0%	$35.13
2024-09-12	BMO Capital	James Thalacker	$34	$36	+2	+7.4%	$33.53
2024-09-12	Bank of America Securities	Ross Fowler	Initiated	$37	—	+10.3%	$33.56
2024-08-09	BMO Capital	James Thalacker	$31	$34	+3	+9.5%	$31.05
2024-05-09	BMO Capital	James Thalacker	Initiated	$31	—	+9.0%	$28.45
2022-04-26	Credit Suisse	—	Initiated	$32	—	+4.6%	$30.58
2022-04-19	Wells Fargo	—	Initiated	$35	—	+10.0%	$31.80

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-

May 22, 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. NI receives an overall rating of B-. Strongest factors: ROE (4/5). Areas of concern: DCF (1/5), D/E (2/5), P/E (2/5), P/B (2/5).

Rating Change History

Date	From	To
2026-05-18	B	B-
2026-05-15	B-	B
2026-05-15	B	B-
2026-05-11	C+	B
2026-05-06	B+	C+
2026-05-05	B	B+
2026-05-04	B-	B
2026-04-01	B	B-
2026-03-31	B-	B
2026-03-27	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.

★ ★ ★ ★ ★ 45 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. NI scores highest in Momentum (85/100) and lowest in Safety (15/100). An overall grade of A places NI 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

0.85

Distress Zone

Piotroski F-Score

8/9

✓ ✓ ✓ ✓ ✓ ✓ ✗ ✓ ✓

Beneish M-Score

-22.68

Unlikely Manipulator

Ohlson O-Score

-7.20

Bankruptcy prob: 0.1%

Low Risk

Credit Rating

B-

Score: 24.2/100

Trend: Deteriorating

Earnings Quality

100/100

OCF/NI: 2.20x

Accruals: -3.4%

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. NI scores 0.85, 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. NI scores 8/9, 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. NI's score of -22.68 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. NI's implied 0.1% 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. NI receives an estimated rating of B- (score: 24.2/100), 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). NI'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

23.83x

PEG

2.77x

P/S

3.36x

P/B

2.37x

P/FCF

-26.97x

P/OCF

10.59x

EV/EBITDA

12.42x

EV/Revenue

5.65x

EV/EBIT

20.23x

EV/FCF

-46.33x

Earnings Yield

4.29%

FCF Yield

-3.71%

Shareholder Yield

2.44%

Graham Number

$29.74

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 23.8x earnings, NI commands a growth premium. Graham's intrinsic value formula yields $29.74 per share, 61% 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

0.785

NI / EBT

Interest Burden

0.644

EBT / EBIT

EBIT Margin

0.279

EBIT / Rev

Asset Turnover

0.200

Rev / Assets

Equity Multiplier

3.769

Assets / Equity

ROE

10.6%

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. NI's ROE of 10.6% is driven by financial leverage (equity multiplier: 3.77x). 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.

Adj. Growth Rate

7.98%

Fair P/E

24.45x

Intrinsic Value

$48.91

Price/Value

0.95x

Margin of Safety

4.60%

Premium

-4.60%

Assessment

Undervalued

Graham's classic formula uses analyst-projected growth to estimate a fair P/E (8.5 + 2g). Our adjusted version replaces that projection with NI's realized 8.0% 3-year EPS CAGR — what the company actually delivered, not what analysts hope for. At an intrinsic value of $48.91, NI appears undervalued with a 5% margin of safety. The adjusted fair P/E of 24.5x compares to the current market P/E of 23.8x.

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

$47.85

Median 1Y

$51.44

5th Pctile

$33.88

95th Pctile

$78.12

Ann. Volatility

25.0%

Analyst Target

$50.75

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
Christopher A. Helms Executive Vice President and Group Chief Executive Officer	$458,333	$607,555	$5,491,805
Robert C. Skaggs, Jr. President and Chief Executive Officer	$900,000	$2,223,823	$4,976,200
Jimmy D. Staton Executive Vice President and Group Chief Executive Officer	$550,000	$607,555	$1,850,201
Stephen P. Smith Executive Vice President and Chief Financial Officer	$550,000	$607,555	$1,777,693
Carrie J. Hightman Executive Vice President and Chief Legal Officer	$464,583	$447,666	$1,327,266
Glen L. Kettering Senior Vice President, Corporate Affairs	$340,000	$431,685	$1,121,106

CEO Pay Ratio

25:1

CEO-to-Employee Pay Ratio

CEO Total Comp: $5,491,805

Avg Employee Cost (SGA/emp): $223,031

Employees: 7,668

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

7,668

-0.2% YoY

Revenue / Employee

$866,223

Rev: $6,642,200,000

Profit / Employee

$121,218

NI: $929,500,000

SGA / Employee

$223,031

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	Q2'21	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	Current
ROE	4.6%	8.6%	9.2%	11.3%	11.4%	11.4%	11.1%	9.8%	9.7%	9.9%	9.0%	9.4%	9.8%	9.8%	9.0%	10.3%	10.5%	10.6%	10.3%	10.6%	10.61%
ROA	1.2%	2.3%	2.5%	3.1%	3.1%	3.1%	3.2%	2.8%	2.8%	2.8%	2.5%	2.6%	2.7%	2.7%	2.4%	2.8%	2.8%	2.8%	2.7%	2.8%	2.81%
ROIC	4.5%	4.7%	5.0%	5.8%	5.8%	5.8%	5.5%	5.1%	5.2%	5.7%	5.3%	5.7%	6.0%	5.9%	5.5%	6.1%	6.1%	6.4%	6.0%	6.3%	6.30%
ROCE	3.5%	5.0%	4.9%	5.7%	5.7%	5.7%	6.0%	5.7%	5.7%	6.0%	5.1%	5.3%	5.6%	5.7%	5.5%	6.1%	6.2%	6.4%	5.6%	5.8%	5.76%
Gross Margin	40.1%	41.7%	39.0%	41.2%	35.3%	37.7%	38.1%	41.2%	43.0%	49.1%	48.8%	52.9%	51.8%	51.4%	49.7%	50.7%	48.7%	53.3%	58.1%	59.5%	59.48%
Operating Margin	14.4%	15.3%	20.2%	32.0%	12.1%	14.4%	21.4%	27.0%	15.5%	22.7%	25.5%	34.2%	21.8%	20.3%	26.3%	34.8%	20.5%	23.4%	27.1%	34.7%	34.67%
Net Margin	6.1%	6.6%	11.8%	22.8%	5.7%	6.0%	14.3%	16.9%	5.4%	8.3%	16.7%	21.4%	7.9%	8.0%	14.1%	21.7%	8.0%	7.4%	13.5%	21.5%	21.46%
EBITDA Margin	34.6%	36.5%	34.0%	42.9%	30.5%	34.0%	36.0%	37.6%	37.1%	43.1%	44.8%	48.9%	46.4%	48.0%	45.0%	46.9%	42.9%	48.3%	43.6%	46.9%	46.87%
FCF Margin	-13.7%	-12.2%	-12.7%	-10.9%	-9.9%	-13.6%	-13.6%	-13.4%	-12.9%	-11.3%	-12.9%	-18.5%	-20.2%	-18.4%	-15.8%	-11.4%	-10.7%	-8.5%	-6.3%	-12.2%	-12.20%
OCF Margin	23.7%	25.2%	24.9%	25.8%	26.2%	23.7%	24.1%	25.5%	28.9%	33.0%	35.1%	32.6%	31.4%	31.0%	32.7%	33.9%	33.6%	34.6%	35.6%	31.0%	31.05%
ROE 3Y Avg	snapshot only																				9.74%
ROE 5Y Avg	snapshot only																				9.78%
ROA 3Y Avg	snapshot only																				2.59%
ROIC 3Y Avg	snapshot only																				4.37%
ROIC Economic	snapshot only																				6.30%
Cash ROA	snapshot only																				5.80%
Cash ROIC	snapshot only																				8.29%
CROIC	snapshot only																				-3.26%
NOPAT Margin	snapshot only																				23.61%
Pretax Margin	snapshot only																				17.97%
R&D / Revenue	snapshot only																				0.00%
SGA / Revenue	snapshot only																				14.28%
SBC / Revenue	snapshot only																				0.00%

Valuation

Metric	Q2'21	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	Current
P/E Ratio	33.30	17.95	17.77	17.28	15.96	13.79	13.72	16.06	16.02	14.24	15.67	15.78	16.04	19.64	22.09	21.33	21.20	22.75	21.32	23.33	23.830
P/S Ratio	1.92	1.92	2.12	2.37	2.13	1.80	1.89	1.92	1.92	1.78	2.03	2.25	2.37	2.87	3.08	3.13	3.07	3.22	2.98	3.29	3.363
P/B Ratio	1.55	1.57	1.50	1.78	1.66	1.44	1.46	1.51	1.49	1.36	1.35	1.42	1.50	1.84	1.93	2.14	2.16	2.35	2.10	2.37	2.373
P/FCF	-13.96	-15.74	-16.76	-21.65	-21.57	-13.28	-13.90	-14.31	-14.91	-15.65	-15.75	-12.14	-11.73	-15.62	-19.50	-27.33	-28.58	-38.05	-47.18	-26.97	-26.970
P/OCF	8.10	7.63	8.53	9.17	8.11	7.61	7.83	7.54	6.64	5.38	5.78	6.90	7.54	9.26	9.43	9.23	9.12	9.31	8.39	10.59	10.593
EV/EBITDA	13.18	10.88	11.29	11.29	10.76	9.89	10.48	10.98	10.68	9.89	10.38	10.20	10.05	10.86	11.91	11.73	11.62	11.78	11.90	12.42	12.423
EV/Revenue	4.03	4.01	4.14	4.26	3.95	3.59	3.85	3.85	3.89	3.76	4.19	4.51	4.64	5.12	5.61	5.46	5.32	5.40	5.41	5.65	5.650
EV/EBIT	27.30	19.05	19.33	18.30	17.65	16.32	16.95	18.32	17.92	16.32	17.55	17.21	16.70	18.42	20.06	19.05	19.04	19.29	19.40	20.23	20.231
EV/FCF	-29.38	-32.87	-32.74	-38.98	-40.10	-26.44	-28.37	-28.72	-30.12	-33.14	-32.47	-24.39	-22.97	-27.82	-35.52	-47.66	-49.57	-63.82	-85.52	-46.33	-46.326
Earnings Yield	3.0%	5.6%	5.6%	5.8%	6.3%	7.2%	7.3%	6.2%	6.2%	7.0%	6.4%	6.3%	6.2%	5.1%	4.5%	4.7%	4.7%	4.4%	4.7%	4.3%	4.29%
FCF Yield	-7.2%	-6.4%	-6.0%	-4.6%	-4.6%	-7.5%	-7.2%	-7.0%	-6.7%	-6.4%	-6.4%	-8.2%	-8.5%	-6.4%	-5.1%	-3.7%	-3.5%	-2.6%	-2.1%	-3.7%	-3.71%
PEG Ratio	snapshot only																				2.770
Price/Tangible Book	snapshot only																				2.817
EV/OCF	snapshot only																				18.196
EV/Gross Profit	snapshot only																				10.103
Acquirers Multiple	snapshot only																				20.339
Shareholder Yield	snapshot only																				2.44%
Graham Number	snapshot only																				$29.74

Leverage & Solvency

Metric	Q2'21	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	Current
Current Ratio	0.73	0.73	0.70	0.70	0.70	0.70	0.55	0.55	0.55	0.55	0.85	0.85	0.85	0.85	0.51	0.51	0.51	0.51	0.69	0.69	0.688
Quick Ratio	0.55	0.55	0.52	0.52	0.52	0.52	0.39	0.39	0.39	0.39	0.76	0.76	0.76	0.76	0.41	0.41	0.41	0.41	0.56	0.56	0.558
Debt/Equity	1.73	1.73	1.44	1.44	1.44	1.44	1.52	1.52	1.52	1.52	1.71	1.71	1.71	1.71	1.61	1.61	1.61	1.61	1.72	1.72	1.719
Net Debt/Equity	1.71	1.71	1.43	1.43	1.43	1.43	1.52	1.52	1.52	1.52	1.44	1.44	1.44	1.44	1.59	1.59	1.59	1.59	1.70	1.70	1.704
Debt/Assets	0.45	0.45	0.41	0.41	0.41	0.41	0.43	0.43	0.43	0.43	0.45	0.45	0.45	0.45	0.44	0.44	0.44	0.44	0.44	0.44	0.444
Debt/EBITDA	7.00	5.74	5.56	5.06	5.01	4.96	5.36	5.53	5.42	5.24	6.35	6.09	5.84	5.67	5.43	5.06	4.98	4.81	5.38	5.23	5.235
Net Debt/EBITDA	6.92	5.67	5.51	5.02	4.97	4.92	5.34	5.51	5.40	5.22	5.34	5.12	4.91	4.77	5.37	5.00	4.92	4.76	5.33	5.19	5.191
Interest Coverage	1.96	2.92	3.08	3.58	3.57	3.51	3.57	3.15	3.00	2.89	2.69	2.77	2.82	2.82	2.95	3.18	3.15	3.01	2.90	2.73	2.730
Equity Multiplier	3.83	3.83	3.48	3.48	3.48	3.48	3.53	3.53	3.53	3.53	3.76	3.76	3.76	3.76	3.66	3.66	3.66	3.66	3.87	3.87	3.868
Cash Ratio	snapshot only																				0.039
Debt Service Coverage	snapshot only																				4.446
Cash to Debt	snapshot only																				0.008
FCF to Debt	snapshot only																				-0.051
Defensive Interval	snapshot only																				266.0 days

Efficiency & Turnover

Metric	Q2'21	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	Current
Asset Turnover	0.21	0.21	0.21	0.23	0.23	0.24	0.23	0.23	0.23	0.23	0.19	0.18	0.18	0.18	0.17	0.19	0.20	0.20	0.19	0.20	0.200
Inventory Turnover	6.48	6.57	6.33	6.91	7.30	7.57	5.76	5.85	5.61	5.37	4.83	4.26	4.11	4.11	5.93	6.54	6.85	7.01	7.45	7.17	7.172
Receivables Turnover	5.64	5.71	6.06	6.47	6.71	6.87	6.27	6.36	6.27	6.20	5.78	5.51	5.50	5.56	5.97	6.50	6.71	6.93	5.96	6.12	6.125
Payables Turnover	4.26	4.32	4.43	4.84	5.11	5.29	4.51	4.58	4.40	4.20	3.67	3.24	3.12	3.13	3.28	3.62	3.79	3.88	2.96	2.85	2.846
DSO	65	64	60	56	54	53	58	57	58	59	63	66	66	66	61	56	54	53	61	60	59.6 days
DIO	56	56	58	53	50	48	63	62	65	68	76	86	89	89	62	56	53	52	49	51	50.9 days
DPO	86	84	82	75	71	69	81	80	83	87	99	112	117	117	111	101	96	94	123	128	128.2 days
Cash Conversion Cycle	35	35	35	34	33	32	41	40	40	40	39	39	38	38	11	11	11	11	-13	-18	-17.7 days
Fixed Asset Turnover	snapshot only																				0.238
Operating Cycle	snapshot only																				110.5 days
Cash Velocity	snapshot only																				50.273
Capital Intensity	snapshot only																				5.358

Growth (YoY)

Metric	Q2'21	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	Current
Revenue	-5.1%	-3.4%	4.7%	13.1%	16.8%	18.1%	19.4%	13.7%	7.8%	4.2%	-5.9%	-11.7%	-10.4%	-8.6%	-0.9%	13.1%	17.0%	19.6%	21.8%	15.0%	15.01%
Net Income	5.3%	3.1%	34.2%	2.5%	1.7%	44.1%	37.5%	-0.8%	-2.9%	-0.6%	-11.2%	5.1%	10.1%	7.3%	6.5%	16.6%	14.7%	15.7%	22.2%	10.5%	10.53%
EPS	4.9%	2.9%	30.6%	2.2%	1.6%	39.9%	33.0%	-2.1%	-4.3%	-1.7%	-12.0%	4.5%	9.3%	5.8%	1.8%	10.9%	9.3%	11.0%	21.1%	8.6%	8.60%
FCF	-54.2%	0.1%	5.2%	-16.5%	16.1%	-31.3%	-28.0%	-39.4%	-41.1%	12.8%	10.5%	-21.7%	-40.1%	-48.2%	-21.2%	30.0%	37.8%	45.0%	51.2%	-22.5%	-22.52%
EBITDA	38.4%	1.2%	68.8%	45.5%	40.2%	16.1%	19.5%	5.6%	6.7%	9.3%	3.4%	11.2%	13.6%	13.3%	15.6%	19.0%	16.0%	16.4%	17.5%	12.5%	12.48%
Op. Income	2.0%	2.2%	82.8%	40.5%	32.6%	26.0%	25.7%	1.9%	4.0%	9.6%	2.3%	12.7%	15.9%	7.9%	12.4%	21.0%	17.0%	23.9%	26.1%	16.2%	16.16%
OCF Growth	snapshot only																				5.29%
Asset Growth	snapshot only																				14.99%
Equity Growth	snapshot only																				8.82%
Debt Growth	snapshot only																				16.33%
Shares Change	snapshot only																				1.78%
Dividend Growth	snapshot only																				10.70%

Growth (CAGR)

Metric	Q2'21	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	Current
Revenue 3Y	-2.7%	-2.2%	-1.4%	-0.0%	1.2%	1.7%	3.9%	6.3%	6.1%	5.9%	5.6%	4.3%	4.1%	4.0%	3.6%	4.3%	4.2%	4.4%	4.3%	4.7%	4.70%
Revenue 5Y	1.8%	1.8%	1.8%	2.3%	2.7%	2.9%	3.7%	3.4%	3.0%	2.9%	1.5%	0.0%	0.0%	0.1%	0.9%	3.7%	4.6%	5.4%	7.2%	8.1%	8.10%
EPS 3Y	-5.0%	—	—	—	55.3%	6.2%	21.8%	36.5%	—	—	—	47.9%	39.5%	13.3%	6.0%	4.3%	4.6%	4.9%	2.7%	8.0%	7.98%
EPS 5Y	-4.9%	5.1%	6.3%	8.2%	13.5%	15.1%	36.6%	22.7%	16.3%	—	—	—	31.4%	4.5%	10.1%	24.2%	—	—	—	31.2%	31.25%
Net Income 3Y	0.6%	—	—	—	63.8%	12.4%	28.0%	43.6%	—	—	—	54.5%	42.5%	15.4%	9.1%	6.7%	7.0%	7.3%	4.9%	10.6%	10.63%
Net Income 5Y	0.3%	11.3%	12.5%	15.0%	20.6%	21.9%	44.3%	29.7%	21.8%	—	—	—	36.3%	8.7%	14.7%	29.4%	—	—	—	36.6%	36.59%
EBITDA 3Y	-1.9%	18.0%	34.4%	40.4%	22.2%	8.7%	10.3%	14.4%	27.5%	40.7%	27.8%	19.6%	19.4%	12.9%	12.6%	11.8%	12.1%	13.0%	12.0%	14.2%	14.17%
EBITDA 5Y	0.4%	4.4%	4.8%	6.1%	8.0%	8.3%	9.2%	8.3%	7.2%	15.8%	24.6%	26.6%	17.2%	9.7%	9.9%	14.6%	22.3%	29.7%	23.2%	18.0%	18.00%
Gross Profit 3Y	4.0%	14.4%	27.0%	27.8%	15.4%	5.3%	-1.0%	-1.3%	3.8%	4.5%	7.6%	8.8%	10.6%	10.9%	11.0%	12.5%	12.9%	14.2%	16.0%	18.6%	18.58%
Gross Profit 5Y	4.0%	4.1%	4.5%	4.5%	4.8%	4.8%	5.1%	5.6%	6.0%	12.8%	19.9%	20.5%	13.9%	8.1%	3.9%	4.8%	8.0%	8.5%	12.1%	13.8%	13.84%
Op. Income 3Y	-0.5%	25.7%	1.0%	1.3%	38.4%	11.7%	12.4%	21.6%	61.0%	63.9%	33.0%	17.3%	16.9%	14.2%	13.1%	11.6%	12.1%	13.6%	13.2%	16.6%	16.57%
Op. Income 5Y	0.9%	2.0%	3.2%	5.6%	6.0%	6.2%	6.6%	5.7%	6.3%	22.4%	59.7%	68.8%	26.1%	10.5%	10.3%	19.7%	41.4%	42.6%	27.2%	17.8%	17.79%
FCF 3Y	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—
FCF 5Y	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—
OCF 3Y	6.9%	1.3%	31.1%	34.8%	29.4%	15.9%	-3.8%	-0.9%	7.5%	16.4%	20.6%	13.0%	14.4%	11.5%	13.5%	14.2%	13.2%	18.5%	18.8%	11.9%	11.87%
OCF 5Y	5.8%	8.3%	8.7%	8.2%	8.0%	10.4%	13.7%	16.0%	13.5%	10.9%	29.1%	25.4%	20.2%	14.2%	2.4%	5.3%	8.6%	12.6%	16.4%	12.4%	12.37%
Assets 3Y	3.4%	3.4%	3.5%	3.5%	3.5%	3.5%	5.7%	5.7%	5.7%	5.7%	12.1%	12.1%	12.1%	12.1%	9.6%	9.6%	9.6%	9.6%	11.0%	11.0%	10.99%
Assets 5Y	4.7%	4.7%	5.3%	5.3%	5.3%	5.3%	6.0%	6.0%	6.0%	6.0%	7.3%	7.3%	7.3%	7.3%	7.0%	7.0%	7.0%	7.0%	10.6%	10.6%	10.65%
Equity 3Y	10.0%	10.0%	6.5%	6.5%	6.5%	6.5%	8.2%	8.2%	8.2%	8.2%	12.9%	12.9%	12.9%	12.9%	7.7%	7.7%	7.7%	7.7%	7.6%	7.6%	7.65%
Book Value 3Y	3.8%	4.0%	1.6%	0.8%	1.0%	0.6%	2.9%	2.8%	2.8%	2.7%	7.1%	8.0%	10.5%	10.8%	4.6%	5.3%	5.2%	5.4%	5.4%	5.1%	5.07%
Dividend 3Y	-3.7%	-3.5%	-2.7%	-3.2%	-2.8%	-2.9%	-2.1%	-2.3%	-2.4%	-2.6%	-3.2%	-1.9%	-0.4%	-0.3%	-1.1%	-1.2%	-0.2%	0.3%	0.5%	1.0%	0.96%

Growth Quality

Metric	Q2'21	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	Current
Revenue Stability	0.17	0.18	0.11	0.13	0.16	0.18	0.28	0.35	0.39	0.45	0.32	0.14	0.14	0.14	0.22	0.52	0.59	0.64	0.67	0.74	0.741
Earnings Stability	0.20	0.00	0.08	0.19	0.17	0.22	0.57	0.68	0.52	0.49	0.69	0.86	0.78	0.39	0.54	0.80	0.83	0.70	0.68	0.76	0.758
Margin Stability	0.82	0.81	0.73	0.71	0.82	0.90	0.92	0.88	0.92	0.82	0.73	0.71	0.78	0.86	0.89	0.88	0.88	0.88	0.87	0.86	0.857
Rev. Growth Consistency	0.00	0.00	0.50	0.50	0.50	0.50	1.00	1.00	1.00	1.00	0.00	0.00	0.00	0.00	0.00	0.50	0.50	0.50	0.50	1.00	1.000
Earn. Growth Consistency	0.50	0.50	0.50	0.50	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	1.00	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	0.20	0.20	0.20	0.50	0.50	0.50	0.50	1.00	0.99	1.00	0.96	0.98	0.96	0.97	0.97	0.93	0.94	0.94	0.91	0.96	0.958
Earnings Smoothness	—	—	—	0.00	0.08	0.64	0.68	0.99	0.97	0.99	0.88	0.95	0.90	0.93	0.94	0.85	0.86	0.85	0.80	0.90	0.900
ROE Trend	0.04	0.06	0.05	0.07	0.09	0.08	0.07	0.02	0.02	-0.00	-0.01	-0.01	-0.00	-0.01	-0.01	0.01	0.01	0.01	0.01	0.01	0.007
Gross Margin Trend	0.08	0.03	-0.02	-0.05	-0.03	-0.04	-0.04	-0.03	-0.01	0.02	0.05	0.10	0.11	0.11	0.10	0.07	0.05	0.04	0.05	0.06	0.060
FCF Margin Trend	0.02	0.03	-0.04	-0.02	0.01	-0.02	-0.00	-0.03	-0.01	0.02	0.00	-0.06	-0.09	-0.06	-0.03	0.05	0.06	0.06	0.08	0.03	0.028
Sustainable Growth Rate	-2.1%	1.9%	2.9%	4.8%	4.8%	4.7%	5.1%	3.7%	3.4%	3.6%	3.2%	3.4%	3.8%	3.7%	3.2%	4.4%	4.5%	4.4%	4.4%	4.6%	4.57%
Internal Growth Rate	—	0.5%	0.8%	1.3%	1.3%	1.3%	1.5%	1.1%	1.0%	1.0%	0.9%	0.9%	1.0%	1.0%	0.9%	1.2%	1.2%	1.2%	1.2%	1.2%	1.23%

Cash Flow Quality

Metric	Q2'21	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	Current
OCF/Net Income	4.11	2.35	2.08	1.88	1.97	1.81	1.75	2.13	2.41	2.65	2.71	2.29	2.13	2.12	2.34	2.31	2.33	2.44	2.54	2.20	2.202
FCF/OCF	-0.58	-0.48	-0.51	-0.42	-0.38	-0.57	-0.56	-0.53	-0.45	-0.34	-0.37	-0.57	-0.64	-0.59	-0.48	-0.34	-0.32	-0.24	-0.18	-0.39	-0.393
FCF/Net Income	snapshot only																				-0.865
OCF/EBITDA	snapshot only																				0.683
CapEx/Revenue	37.4%	37.4%	37.5%	36.8%	36.1%	37.2%	37.7%	38.9%	41.8%	44.3%	48.1%	51.1%	51.6%	49.4%	48.5%	45.4%	44.4%	43.1%	41.9%	43.2%	43.24%
CapEx/Depreciation	snapshot only																				2.464
Accruals Ratio	-0.04	-0.03	-0.03	-0.03	-0.03	-0.03	-0.02	-0.03	-0.04	-0.05	-0.04	-0.03	-0.03	-0.03	-0.03	-0.04	-0.04	-0.04	-0.04	-0.03	-0.034
Sloan Accruals	snapshot only																				-0.007
Cash Flow Adequacy	snapshot only																				0.606
Earnings Quality Score	snapshot only																				1.000

Dividends & Buybacks

Metric	Q2'21	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	Current
Dividend Yield	4.4%	4.4%	3.9%	3.3%	3.6%	4.3%	4.0%	3.9%	4.0%	4.5%	4.1%	4.1%	3.8%	3.2%	2.9%	2.7%	2.7%	2.6%	2.7%	2.4%	2.42%
Dividend/Share	$0.92	$0.92	$0.93	$0.93	$0.95	$0.96	$0.98	$0.99	$1.01	$1.03	$1.03	$1.07	$1.06	$1.06	$1.04	$1.05	$1.07	$1.10	$1.12	$1.14	$1.16
Payout Ratio	1.5%	78.3%	68.4%	57.2%	57.9%	58.9%	54.3%	62.6%	64.5%	63.9%	64.9%	64.2%	61.5%	62.4%	64.3%	56.8%	57.2%	58.1%	57.1%	56.9%	56.91%
FCF Payout Ratio	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—
Total Payout Ratio	1.5%	78.3%	68.4%	57.2%	57.9%	58.9%	54.3%	62.6%	64.5%	63.9%	64.9%	1.3%	1.3%	1.3%	1.3%	56.8%	57.2%	58.1%	57.1%	56.9%	56.91%
Div. Increase Streak	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1
Chowder Number	0.11	0.11	0.10	0.10	0.11	0.13	0.13	0.12	0.12	0.12	0.10	0.12	0.09	0.08	0.08	0.06	0.09	0.10	0.11	0.13	0.131
Buyback Yield	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	4.2%	4.0%	3.3%	3.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.00%
Net Buyback Yield	-11.8%	-11.6%	-11.0%	-9.2%	-2.6%	-3.0%	-1.4%	-1.4%	-1.4%	-1.5%	-0.1%	4.1%	3.9%	-0.1%	-0.7%	-3.3%	-3.3%	-1.8%	-1.6%	-1.4%	-1.39%
Total Shareholder Return	-7.4%	-7.2%	-7.1%	-5.9%	1.0%	1.3%	2.6%	2.5%	2.6%	3.0%	4.0%	8.2%	7.8%	3.1%	2.2%	-0.6%	-0.6%	0.8%	1.1%	1.0%	1.05%

DuPont Factors

Metric	Q2'21	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	Current
Tax Burden (NI/EBT)	0.80	0.77	0.83	0.82	0.83	0.83	0.84	0.83	0.83	0.83	0.88	0.86	0.83	0.83	0.76	0.75	0.76	0.76	0.76	0.78	0.785
Interest Burden (EBT/EBIT)	0.49	0.66	0.67	0.72	0.72	0.71	0.72	0.68	0.67	0.65	0.62	0.63	0.64	0.64	0.66	0.68	0.68	0.66	0.66	0.64	0.644
EBIT Margin	0.15	0.21	0.21	0.23	0.22	0.22	0.23	0.21	0.22	0.23	0.24	0.26	0.28	0.28	0.28	0.29	0.28	0.28	0.28	0.28	0.279
Asset Turnover	0.21	0.21	0.21	0.23	0.23	0.24	0.23	0.23	0.23	0.23	0.19	0.18	0.18	0.18	0.17	0.19	0.20	0.20	0.19	0.20	0.200
Equity Multiplier	3.81	3.81	3.64	3.64	3.64	3.64	3.50	3.50	3.50	3.50	3.65	3.65	3.65	3.65	3.71	3.71	3.71	3.71	3.77	3.77	3.769

Per Share

Metric	Q2'21	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	Current
EPS (Diluted TTM)	$0.63	$1.17	$1.36	$1.62	$1.64	$1.64	$1.81	$1.59	$1.57	$1.61	$1.59	$1.66	$1.72	$1.70	$1.62	$1.84	$1.88	$1.89	$1.96	$2.00	$2.00
Book Value/Share	$13.60	$13.37	$16.15	$15.74	$15.78	$15.67	$17.03	$16.94	$16.95	$16.90	$18.41	$18.40	$18.37	$18.19	$18.48	$18.38	$18.39	$18.33	$19.92	$19.65	$24.90
Tangible Book/Share	$10.09	$9.91	$12.69	$12.37	$12.41	$12.32	$13.69	$13.62	$13.63	$13.58	$15.10	$15.10	$15.07	$14.93	$15.32	$15.23	$15.25	$15.20	$16.78	$16.56	$16.56
Revenue/Share	$10.98	$10.93	$11.39	$11.84	$12.32	$12.53	$13.15	$13.29	$13.09	$12.91	$12.25	$11.67	$11.64	$11.64	$11.61	$12.55	$12.99	$13.36	$14.00	$14.19	$14.24
FCF/Share	$-1.51	$-1.33	$-1.44	$-1.30	$-1.21	$-1.70	$-1.78	$-1.78	$-1.69	$-1.46	$-1.58	$-2.16	$-2.35	$-2.14	$-1.83	$-1.44	$-1.39	$-1.13	$-0.89	$-1.73	$-1.74
OCF/Share	$2.60	$2.75	$2.83	$3.06	$3.23	$2.97	$3.17	$3.38	$3.79	$4.26	$4.31	$3.80	$3.66	$3.61	$3.79	$4.26	$4.37	$4.62	$4.98	$4.40	$4.42
Cash/Share	$0.28	$0.27	$0.20	$0.19	$0.19	$0.19	$0.09	$0.09	$0.09	$0.09	$5.00	$5.00	$4.99	$4.94	$0.33	$0.33	$0.33	$0.33	$0.29	$0.28	$0.15
EBITDA/Share	$3.36	$4.03	$4.18	$4.47	$4.53	$4.54	$4.83	$4.66	$4.76	$4.91	$4.95	$5.16	$5.37	$5.48	$5.47	$5.84	$5.94	$6.13	$6.36	$6.45	$6.45
Debt/Share	$23.52	$23.12	$23.22	$22.64	$22.70	$22.54	$25.91	$25.78	$25.80	$25.71	$31.44	$31.44	$31.38	$31.08	$29.71	$29.55	$29.57	$29.47	$34.23	$33.77	$33.77
Net Debt/Share	$23.25	$22.85	$23.03	$22.45	$22.51	$22.35	$25.82	$25.69	$25.71	$25.62	$26.45	$26.44	$26.39	$26.14	$29.38	$29.21	$29.24	$29.14	$33.94	$33.49	$33.49

Academic Models

Metric	Q2'21	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	Current
Altman Z-Score	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	0.852
Altman Z-Prime	snapshot only																				1.075
Piotroski F-Score	5	5	5	6	6	6	6	5	6	5	6	6	7	6	6	6	6	7	8	8	8
Beneish M-Score	-2.99	-5.04	-2.71	-2.33	-2.28	-2.29	-2.34	-2.15	-2.12	-2.05	-2.69	-2.90	-2.81	-2.75	-2.48	-2.58	-2.36	-2.43	-23.36	-22.68	-22.684
Ohlson O-Score	snapshot only																				-7.204
ROIC (Greenblatt)	snapshot only																				6.89%
Net-Net WC	snapshot only																				$-46.82
EVA	snapshot only																				$-944645000.00

Credit

Metric	Q2'21	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	Current
Credit Rating	snapshot only																				B-
Credit Score	18.77	23.03	28.78	28.84	28.39	30.37	26.08	27.27	22.22	22.61	23.95	24.65	24.78	25.49	21.57	26.77	28.05	29.49	23.44	24.21	24.213
Credit Grade	snapshot only																				16
Credit Trend	snapshot only																				-2.555
Implied Spread (bps)	snapshot only																				900.000
Industry Credit Rank	snapshot only																				13
Sector Credit Rank	snapshot only																				20

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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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