Also trades as: NIC.AX (ASX) · $vol 3M

$0.49

+0.00 (+0.00%)

OTC · Basic Materials · Industrial Materials · Tech Score Sell · Power 40 · $2.1B mcap · 2.01B float · 0.0002% daily turnover · Short 100% of daily vol

Credit Risk of going bust: higher than 68% of companies Debt: 36.5% of company value Bonds: none of note held by US funds details ▾

If the stock fell to about $0.03 (down 95%), Nickel Industries Limited would be worth roughly what it owes.
Total debt $1.22B against a stock market value of $2.13B.
Distance to default 3.56 (Merton model): prices to 2026-10-26, balance sheet 2026-06-30, debt counted $642.7M (short-term plus half of long-term), stock volatility 51.3%; Altman Z'' 2.70. A ranking and a back-test, not a forecast.
US fund filings (SEC N-PORT) show under $25M of this company's bonds, so there is no bond page. Its debt may be bank loans or privately placed. How these are computed.

Overview Chart Smart Money Financials Income Statement Cash Flow Balance Sheet Earnings

Analysis Technicals Weather Peers ESG Institutions Dark Pool Short Interest

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

Analyst Recommendations

Strong Buy: 0Buy: 1Hold: 1Sell: 0Strong Sell: 0

Rating Summary

ConsensusBuy

Avg Target$—

Analysts0

Price Target Change History

Date	Firm	Analyst	Old	New	Change	Upside @ Call	Stock@Call
2024-10-30	Jefferies	Mitch Ryan	Initiated	$1	—	+61.3%	$0.62

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.

C+

Oct 26, 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. NICMF receives an overall rating of C+. Strongest factors: DCF (5/5), P/B (4/5). Areas of concern: ROE (1/5), ROA (1/5), D/E (1/5), P/E (1/5).

Rating Change History

Date	From	To
2026-10-27	None	ADDED
2026-10-25	EXISTED	None
2026-10-21	None	ADDED
2026-10-21	EXISTED	None
2026-10-12	None	ADDED
2026-10-12	EXISTED	None
2026-10-07	None	ADDED
2026-10-07	EXISTED	None
2026-10-03	None	ADDED
2026-09-30	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.

★ ★ ★ ★ ★ 40 Grade C

Profitability

Balance Sheet

Earnings Quality

Growth

Value

Momentum

Safety

Cash Flow

The InsiderStreet Scorecard rates companies across eight dimensions: Profitability (margins, ROA, ROE), Balance Sheet (leverage, liquidity, coverage), Earnings Quality (accruals, cash conversion), Growth (revenue and earnings trajectory), Value (P/E, P/B, earnings yield, Graham criteria), Momentum (revenue and earnings acceleration), Safety (Altman Z-Score risk adjustment), and Cash Flow (operating cash flow quality, FCF conversion, cash coverage). The overall score blends 35% quality, 35% value, and 30% momentum, with a penalty for distress-zone Altman scores. NICMF scores highest in Growth (70/100) and lowest in Profitability (19/100). A grade of C represents mixed fundamentals — strengths in some areas offset by weaknesses.

Risk & Quality Signals

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

Altman Z-Score

1.74

Distress Zone

Piotroski F-Score

6/9

✗ ✓ ✓ ✓ ✗ ✓ ✗ ✓ ✓

Beneish M-Score

-2.21

Unlikely Manipulator

Ohlson O-Score

-8.48

Bankruptcy prob: 0.0%

Low Risk

Credit Rating

Score: 43.9/100

Trend: Deteriorating

Earnings Quality

—

OCF/NI: -6.43x

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. NICMF scores 1.74, 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. NICMF 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. NICMF's score of -2.21 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. NICMF'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. NICMF receives an estimated rating of BB (score: 43.9/100), with a deteriorating trend.

Valuation

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

P/E

-109.32x

PEG

-0.61x

P/S

1.11x

P/B

0.93x

P/FCF

24.98x

P/OCF

21.86x

EV/EBITDA

11.38x

EV/Revenue

1.97x

EV/EBIT

19.75x

EV/FCF

34.47x

Earnings Yield

-0.71%

FCF Yield

4.00%

Shareholder Yield

0.02%

Graham Number

—

Equity-based multiples (P/E, P/B, P/FCF) compare the stock price to per-share fundamentals and are affected by capital structure. Enterprise value multiples (EV/EBITDA, EV/Revenue, EV/FCF) strip out debt and cash, making them more useful for cross-company comparisons regardless of how companies are financed. The Graham Number — √(22.5 × EPS × Book Value) — is Benjamin Graham's formula for the maximum price a defensive investor should pay. NICMF currently has negative earnings — the P/E ratio is not meaningful.

DuPont Decomposition (5-Factor)

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

Tax Burden

-0.442

NI / EBT

Interest Burden

0.230

EBT / EBIT

EBIT Margin

0.100

EBIT / Rev

Asset Turnover

0.445

Rev / Assets

Equity Multiplier

1.880

Assets / Equity

ROE

-0.9%

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. NICMF's ROE of -0.9% is driven by Asset Turnover (0.445), indicating efficient use of assets to generate revenue. A tax burden ratio of -0.44 suggests the company retains less than 60% of pre-tax earnings after taxes.

Graham-Dodd Adjusted Valuation

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

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

Adj. Growth Rate

0.00%

Fair P/E

8.50x

Intrinsic Value

—

Price/Value

—

Margin of Safety

—

Premium

—

Profitability Trends

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

Leverage & Solvency Trends

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

Efficiency & Working Capital Trends

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

Growth Trends (YoY %)

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

Earnings Stability

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

Monte Carlo Price Simulation

Geometric Brownian Motion with 1,000 antithetic paths over 1 year, seeded from 1639 days of historical volatility. Percentile bands show the range of statistically plausible outcomes — this is a statistical model, not a forecast.

Current Price

$0.49

Median 1Y

$0.00

5th Pctile

$0.00

95th Pctile

$0.00

Ann. Volatility

554.6%

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	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	4.3%	16.6%	18.9%	18.9%	11.4%	13.6%	4.5%	6.7%	4.5%	-6.9%	-6.8%	-2.8%	-0.9%	-0.85%
ROA	2.9%	9.8%	12.9%	9.1%	7.4%	4.9%	2.4%	3.1%	2.5%	-4.0%	-3.9%	-1.4%	-0.5%	-0.45%
ROIC	9.7%	35.4%	20.4%	22.4%	12.5%	13.3%	8.5%	11.2%	8.3%	4.3%	4.5%	3.5%	0.8%	0.76%
ROCE	6.0%	14.8%	14.9%	10.8%	10.9%	9.6%	9.1%	10.1%	7.7%	-1.6%	-1.6%	3.3%	4.7%	4.67%
Gross Margin	24.8%	36.8%	32.3%	34.5%	31.1%	18.6%	13.6%	22.0%	19.0%	10.0%	13.8%	6.2%	17.5%	17.51%
Operating Margin	22.6%	35.9%	31.0%	32.5%	29.7%	17.6%	12.8%	20.8%	10.4%	8.5%	11.9%	3.3%	16.1%	16.09%
Net Margin	10.7%	29.2%	22.6%	20.3%	17.9%	9.5%	2.9%	10.0%	0.6%	-19.3%	1.4%	-8.3%	5.6%	5.59%
EBITDA Margin	29.2%	44.0%	36.4%	34.3%	31.7%	21.9%	18.2%	25.4%	18.6%	-10.5%	17.8%	10.3%	23.7%	23.69%
FCF Margin	32.3%	25.1%	23.3%	27.9%	4.5%	-7.1%	-7.5%	-3.1%	8.7%	8.1%	2.8%	5.1%	5.7%	5.73%
OCF Margin	34.5%	26.5%	24.4%	29.0%	14.6%	3.1%	2.8%	9.8%	17.4%	11.6%	3.9%	6.1%	6.5%	6.54%
ROE 3Y Avg	snapshot only													-1.20%
ROE 5Y Avg	snapshot only													2.01%
ROA 3Y Avg	snapshot only													-0.57%
ROIC 3Y Avg	snapshot only													0.22%
ROIC Economic	snapshot only													0.70%
Cash ROA	snapshot only													2.83%
Cash ROIC	snapshot only													3.77%
CROIC	snapshot only													3.30%
NOPAT Margin	snapshot only													1.31%
Pretax Margin	snapshot only													2.30%
R&D / Revenue	snapshot only													0.00%
SGA / Revenue	snapshot only													1.06%
SBC / Revenue	snapshot only													0.00%

Valuation

Metric	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	—	—	—	—	9.04	10.11	17.17	11.98	20.97	-13.42	-13.09	-42.74	-140.51	-109.319
P/S Ratio	—	—	—	—	1.73	1.31	0.99	0.79	1.19	1.25	1.16	1.46	1.43	1.106
P/B Ratio	—	—	—	—	0.85	1.22	0.73	0.62	0.92	1.00	0.94	1.21	1.20	0.929
P/FCF	—	—	—	—	38.11	-18.44	-13.28	-25.22	13.57	15.44	41.85	28.40	24.98	24.983
P/OCF	—	—	—	—	11.86	42.66	36.05	8.06	6.82	10.85	30.02	23.94	21.86	21.864
EV/EBITDA	—	—	—	—	6.33	7.22	6.38	3.76	6.30	43.85	45.38	13.90	11.38	11.384
EV/Revenue	—	—	—	—	2.09	1.87	1.26	0.82	1.40	1.75	1.70	1.96	1.97	1.974
EV/EBIT	—	—	—	—	6.18	6.28	5.96	4.32	9.19	-51.67	-52.24	27.55	19.75	19.746
EV/FCF	—	—	—	—	46.03	-26.38	-16.87	-26.40	16.04	21.60	61.49	38.12	34.47	34.475
Earnings Yield	—	—	—	—	11.1%	9.9%	5.8%	8.3%	4.8%	-7.4%	-7.6%	-2.3%	-0.7%	-0.71%
FCF Yield	—	—	—	—	2.6%	-5.4%	-7.5%	-4.0%	7.4%	6.5%	2.4%	3.5%	4.0%	4.00%
Price/Tangible Book	snapshot only													1.272
EV/OCF	snapshot only													30.171
EV/Gross Profit	snapshot only													16.251
Acquirers Multiple	snapshot only													19.746
Shareholder Yield	snapshot only													0.02%

Leverage & Solvency

Metric	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	4.25	9.33	9.90	5.22	3.61	3.05	2.13	2.81	3.59	2.10	1.60	1.85	3.00	3.003
Quick Ratio	2.92	8.27	8.21	3.77	2.30	2.06	1.66	2.40	3.03	1.70	1.17	1.49	2.12	2.121
Debt/Equity	0.09	0.05	0.18	0.33	0.25	0.64	0.44	0.35	0.32	0.50	0.49	0.59	0.58	0.585
Net Debt/Equity	-0.06	-0.33	-0.02	0.19	0.18	0.52	0.20	0.03	0.17	0.40	0.44	0.41	0.46	0.457
Debt/Assets	0.06	0.03	0.13	0.13	0.15	0.21	0.22	0.21	0.19	0.27	0.27	0.28	0.30	0.301
Debt/EBITDA	0.79	0.16	0.73	1.08	1.53	2.63	3.05	2.02	1.85	15.64	16.24	5.04	4.01	4.013
Net Debt/EBITDA	-0.52	-1.09	-0.07	0.62	1.09	2.17	1.36	0.17	0.97	12.51	14.49	3.54	3.13	3.134
Interest Coverage	18.36	29.77	36.53	14.51	12.99	10.69	4.52	4.13	2.93	-0.52	-0.57	0.92	1.30	1.304
Equity Multiplier	1.50	1.70	1.44	2.43	1.63	3.03	2.02	1.68	1.65	1.84	1.82	2.09	1.94	1.943
Cash Ratio	snapshot only													0.888
Debt Service Coverage	snapshot only													2.261
Cash to Debt	snapshot only													0.219
FCF to Debt	snapshot only													0.082
Defensive Interval	snapshot only													5414.1 days

Efficiency & Turnover

Metric	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	0.27	0.47	0.50	0.43	0.38	0.38	0.42	0.48	0.44	0.42	0.44	0.42	0.44	0.445
Inventory Turnover	2.65	8.48	5.48	6.81	3.66	5.92	4.53	7.74	6.14	8.50	9.43	8.37	6.94	6.937
Receivables Turnover	10.08	8.01	12.10	10.06	8.06	9.77	8.45	8.33	7.22	6.57	7.34	8.29	9.35	9.350
Payables Turnover	9.20	15.45	18.09	13.74	10.37	8.40	9.59	9.05	7.87	8.07	9.37	7.57	11.11	11.106
DSO	36	46	30	36	45	37	43	44	51	56	50	44	39	39.0 days
DIO	138	43	67	54	100	62	81	47	59	43	39	44	53	52.6 days
DPO	40	24	20	27	35	43	38	40	46	45	39	48	33	32.9 days
Cash Conversion Cycle	134	65	77	63	110	56	86	51	64	53	49	39	59	58.8 days
Fixed Asset Turnover	snapshot only													1.237
Operating Cycle	snapshot only													91.7 days
Cash Velocity	snapshot only													6.562
Capital Intensity	snapshot only													2.313

Growth (YoY)

Metric	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	—	—	1.3%	14.1%	25.2%	40.2%	66.4%	57.6%	12.2%	-11.5%	-7.0%	0.5%	3.2%	3.22%
Net Income	—	—	4.5%	17.6%	-8.0%	-15.0%	-49.6%	-19.9%	9.6%	-2.3%	-2.5%	63.2%	88.1%	88.14%
EPS	—	—	2.9%	17.6%	-12.0%	-21.7%	-55.5%	-38.4%	-23.8%	-2.0%	-2.4%	63.7%	88.2%	88.22%
FCF	—	—	62.7%	26.8%	-75.6%	-1.4%	-3.7%	30.6%	2.3%	3.3%	-70.5%	-36.4%	1.1%	1.13%
EBITDA	—	—	2.1%	8.0%	2.3%	3.1%	0.0%	33.6%	26.0%	-83.9%	-84.3%	2.5%	3.8%	3.77%
Op. Income	—	—	2.3%	21.9%	16.2%	-0.8%	-20.3%	18.3%	20.6%	-50.6%	-40.8%	-18.9%	1.3%	1.31%
OCF Growth	snapshot only													74.77%
Asset Growth	snapshot only													6.01%
Equity Growth	snapshot only													-0.83%
Debt Growth	snapshot only													17.76%
Shares Change	snapshot only													0.73%
Dividend Growth	snapshot only													-99.34%

Growth (CAGR)

Metric	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	—	—	—	—	—	—	67.6%	36.1%	32.7%	25.0%	20.2%	11.9%	2.5%	2.50%
Revenue 5Y	—	—	—	—	—	—	—	—	—	—	37.5%	17.5%	17.6%	17.55%
EPS 3Y	—	—	—	—	—	—	14.7%	-17.3%	-33.2%	—	—	—	—	—
EPS 5Y	—	—	—	—	—	—	—	—	—	—	—	—	—	—
Net Income 3Y	—	—	—	—	—	—	36.6%	-7.1%	-20.2%	—	—	—	—	—
Net Income 5Y	—	—	—	—	—	—	—	—	—	—	—	—	—	—
EBITDA 3Y	—	—	—	—	—	—	47.3%	14.1%	8.9%	-39.4%	-41.7%	-8.6%	-2.0%	-1.97%
EBITDA 5Y	—	—	—	—	—	—	—	—	—	—	-8.8%	-3.2%	-0.7%	-0.73%
Gross Profit 3Y	—	—	—	—	—	—	44.1%	13.0%	11.6%	-5.6%	-14.3%	-15.9%	-6.0%	-6.01%
Gross Profit 5Y	—	—	—	—	—	—	—	—	—	—	18.7%	-6.3%	-4.7%	-4.68%
Op. Income 3Y	—	—	—	—	—	—	45.7%	12.7%	3.7%	-16.6%	-17.2%	-22.0%	-10.3%	-10.26%
Op. Income 5Y	—	—	—	—	—	—	—	—	—	—	17.2%	-10.5%	-7.7%	-7.72%
FCF 3Y	—	—	—	—	—	—	—	—	-4.2%	-17.2%	2.0%	—	—	—
FCF 5Y	—	—	—	—	—	—	—	—	—	—	-15.9%	-14.4%	-11.2%	-11.21%
OCF 3Y	—	—	—	—	—	—	-27.8%	-2.4%	18.6%	-7.9%	-22.8%	40.8%	36.7%	36.68%
OCF 5Y	—	—	—	—	—	—	—	—	—	—	-11.3%	-12.4%	-9.6%	-9.63%
Assets 3Y	—	—	—	—	—	—	51.4%	36.5%	28.1%	17.0%	5.6%	2.7%	-3.4%	-3.39%
Assets 5Y	—	—	—	—	—	—	—	—	—	—	24.2%	21.7%	17.0%	17.04%
Equity 3Y	—	—	—	—	—	—	37.2%	37.1%	22.3%	28.3%	2.0%	16.3%	-2.2%	-2.17%
Book Value 3Y	—	—	—	—	—	—	15.2%	22.2%	2.4%	7.4%	-13.6%	-0.3%	-13.8%	-13.76%
Dividend 3Y	—	—	—	—	—	—	-17.9%	-5.7%	-4.9%	-2.9%	-23.9%	-57.3%	-83.4%	-83.41%

Growth Quality

Metric	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	—	—	—	—	0.95	0.91	0.96	0.89	0.95	0.76	0.88	0.73	0.70	0.705
Earnings Stability	—	—	—	—	0.67	0.00	0.07	0.43	0.00	0.59	0.31	0.65	0.71	0.710
Margin Stability	—	—	—	—	0.83	0.82	0.68	0.73	0.64	0.63	0.62	0.58	0.50	0.504
Rev. Growth Consistency	0.00	0.00	0.50	0.50	1.00	1.00	1.00	1.00	1.00	0.00	0.00	0.50	0.50	0.500
Earn. Growth Consistency	0.00	0.00	0.50	0.50	0.00	0.00	0.00	0.00	0.50	0.00	0.00	0.50	0.50	0.500
FCF Positive Streak	0	0	1	1	1	0	0	0	0	0	1	1	1	1
Earnings Persistence	—	—	—	—	0.97	0.94	0.80	0.92	0.96	0.20	0.20	0.50	0.50	0.500
Earnings Smoothness	—	—	0.00	0.84	0.92	0.84	0.34	0.78	0.91	—	—	—	—	—
ROE Trend	—	—	—	—	-0.01	-0.05	-0.08	-0.10	-0.02	-0.16	-0.11	-0.02	0.01	0.005
Gross Margin Trend	—	—	—	—	0.03	-0.09	-0.18	-0.11	-0.04	-0.06	-0.06	-0.06	-0.04	-0.041
FCF Margin Trend	—	—	—	—	-0.23	-0.34	-0.21	-0.14	0.10	0.13	0.02	0.03	-0.00	-0.000
Sustainable Growth Rate	4.3%	14.4%	12.3%	8.4%	6.2%	7.1%	0.7%	2.0%	-0.6%	—	—	—	—	—
Internal Growth Rate	2.9%	9.2%	9.2%	4.2%	4.1%	2.6%	0.4%	0.9%	—	—	—	—	—	—

Cash Flow Quality

Metric	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	3.23	1.28	0.94	1.36	0.76	0.24	0.48	1.49	3.07	-1.24	-0.44	-1.78	-6.43	-6.427
FCF/OCF	0.94	0.95	0.96	0.96	0.31	-2.31	-2.72	-0.32	0.50	0.70	0.72	0.84	0.88	0.875
FCF/Net Income	snapshot only													-5.624
OCF/EBITDA	snapshot only													0.377
CapEx/Revenue	2.2%	1.4%	1.1%	1.0%	10.0%	10.2%	10.3%	12.9%	8.7%	3.4%	1.1%	1.0%	0.8%	0.82%
CapEx/Depreciation	snapshot only													0.111
Accruals Ratio	-0.06	-0.03	0.01	-0.03	0.02	0.04	0.01	-0.02	-0.05	-0.09	-0.06	-0.04	-0.03	-0.034
Sloan Accruals	snapshot only													0.057
Cash Flow Adequacy	snapshot only													7.704

Dividends & Buybacks

Metric	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	—	—	—	—	5.1%	4.7%	5.0%	5.9%	5.4%	6.5%	4.3%	0.7%	0.0%	0.00%
Dividend/Share	$0.00	$0.01	$0.03	$0.04	$0.03	$0.03	$0.03	$0.02	$0.03	$0.03	$0.02	$0.00	$0.00	$0.00
Payout Ratio	0.0%	13.7%	35.1%	55.8%	46.0%	47.6%	85.2%	70.5%	1.1%	—	—	—	—	—
FCF Payout Ratio	0.0%	11.2%	39.2%	42.6%	1.9%	—	—	—	73.7%	1.0%	1.8%	19.6%	0.6%	0.57%
Total Payout Ratio	0.0%	13.7%	35.1%	55.8%	46.0%	47.6%	85.2%	70.5%	1.1%	—	—	—	—	—
Div. Increase Streak	—	0	0	1	1	0	0	0	0	1	0	0	0	0
Chowder Number	—	—	—	—	0.26	-0.23	-0.02	0.25	0.52	0.63	-0.23	-0.87	-0.99	-0.993
Buyback Yield	—	—	—	—	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.00%
Net Buyback Yield	—	—	—	—	-5.8%	-6.7%	-12.8%	-56.7%	-29.9%	0.0%	0.0%	0.0%	0.0%	0.00%
Total Shareholder Return	—	—	—	—	-0.7%	-2.0%	-7.8%	-50.8%	-24.5%	6.5%	4.3%	0.7%	0.0%	0.02%

DuPont Factors

Metric	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)	0.54	0.71	0.78	0.77	0.76	0.73	0.63	0.60	0.55	0.98	1.04	9.87	-0.44	-0.442
Interest Burden (EBT/EBIT)	0.95	0.97	0.97	0.93	0.74	0.59	0.44	0.57	0.67	2.80	2.61	-0.05	0.23	0.230
EBIT Margin	0.21	0.30	0.34	0.30	0.34	0.30	0.21	0.19	0.15	-0.03	-0.03	0.07	0.10	0.100
Asset Turnover	0.27	0.47	0.50	0.43	0.38	0.38	0.42	0.48	0.44	0.42	0.44	0.42	0.44	0.445
Equity Multiplier	1.50	1.70	1.46	2.08	1.56	2.77	1.84	2.15	1.83	1.75	1.73	1.96	1.88	1.880

Per Share

Metric	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)	$0.02	$0.06	$0.08	$0.07	$0.07	$0.06	$0.03	$0.04	$0.02	$-0.04	$-0.03	$-0.01	$-0.00	$-0.00
Book Value/Share	$0.49	$0.37	$0.51	$0.40	$0.76	$0.48	$0.75	$0.68	$0.55	$0.49	$0.49	$0.47	$0.48	$0.58
Tangible Book/Share	$0.46	$0.32	$0.49	$0.31	$0.73	$0.36	$0.72	$0.63	$0.51	$0.47	$0.46	$0.44	$0.45	$0.45
Revenue/Share	$0.20	$0.30	$0.31	$0.34	$0.37	$0.44	$0.55	$0.54	$0.43	$0.39	$0.39	$0.39	$0.40	$0.41
FCF/Share	$0.06	$0.08	$0.07	$0.10	$0.02	$-0.03	$-0.04	$-0.02	$0.04	$0.03	$0.01	$0.02	$0.02	$0.02
OCF/Share	$0.07	$0.08	$0.08	$0.10	$0.05	$0.01	$0.02	$0.05	$0.07	$0.05	$0.02	$0.02	$0.03	$0.03
Cash/Share	$0.07	$0.14	$0.10	$0.05	$0.05	$0.05	$0.18	$0.22	$0.08	$0.05	$0.03	$0.08	$0.06	$0.06
EBITDA/Share	$0.06	$0.11	$0.13	$0.12	$0.12	$0.11	$0.11	$0.12	$0.10	$0.02	$0.01	$0.06	$0.07	$0.07
Debt/Share	$0.05	$0.02	$0.09	$0.13	$0.19	$0.30	$0.33	$0.24	$0.18	$0.25	$0.24	$0.28	$0.28	$0.28
Net Debt/Share	$-0.03	$-0.12	$-0.01	$0.08	$0.13	$0.25	$0.15	$0.02	$0.09	$0.20	$0.21	$0.20	$0.22	$0.22

Academic Models

Metric	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 Z-Score	—	—	—	—	—	—	—	—	—	—	—	—	—	1.737
Altman Z-Prime	snapshot only													2.990
Piotroski F-Score	4	4	6	4	2	3	3	6	8	2	2	3	6	6
Beneish M-Score	—	—	0.18	-2.72	-1.91	-1.02	-1.20	-2.00	-0.75	-1.90	-2.77	-1.73	-2.21	-2.214
Ohlson O-Score	snapshot only													-8.477
ROIC (Greenblatt)	snapshot only													8.68%
Net-Net WC	snapshot only													$-0.15
EVA	snapshot only													$-281820661.26

Credit

Metric	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													BB
Credit Score	81.50	82.75	82.75	77.75	75.20	62.60	51.90	62.10	65.10	37.55	32.30	36.20	43.90	43.900
Credit Grade	snapshot only													12
Credit Trend	snapshot only													-21.200
Implied Spread (bps)	snapshot only													475.000

NICMF OTC

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

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