Also trades as: NPIFF (OTC) · $vol 4M

C$22.61 ($15.86)

-0.02 (-0.09%)

Weekly Expected Move ±3.0%

C$21 C$22 C$23 C$23 C$24

TSX · Utilities · Renewable Utilities · Tech Score Strong Buy · Power 68 · C$5.9B mcap · 261M float · 0.363% daily turnover

Overview Chart Financials Income Statement Cash Flow Balance Sheet Earnings

Analysis Technicals Weather Peers ETF Exposure

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: 2Hold: 0Sell: 0Strong Sell: 0

Rating Summary

ConsensusBuy

Avg Target$—

Analysts0

Financial Rating

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

Oct 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. NPI.TO receives an overall rating of C. Strongest factors: DCF (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
2026-10-01	C+	C
2026-05-15	B-	C+
2026-05-04	C+	B-
2026-04-27	C	C+
2026-04-22	C+	C
2026-03-02	C	C+
2026-02-27	C+	C

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.

★ ★ ★ ★ ★ 33 Grade D

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. NPI.TO scores highest in Cash Flow (61/100) and lowest in Safety (15/100). A grade of D flags significant fundamental concerns across multiple dimensions.

Risk & Quality Signals

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

Altman Z-Score

0.52

Distress Zone

Piotroski F-Score

6/9

✗ ✓ ✗ ✓ ✓ ✓ ✓ ✗ ✓

Beneish M-Score

-2.78

Unlikely Manipulator

Ohlson O-Score

-6.44

Bankruptcy prob: 0.2%

Low Risk

Credit Rating

B+

Score: 30.8/100

Trend: Stable

Earnings Quality

—

OCF/NI: -7.69x

Accruals: -9.1%

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. NPI.TO scores 0.52, 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. NPI.TO 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. NPI.TO's score of -2.78 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. NPI.TO's implied 0.2% 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. NPI.TO receives an estimated rating of B+ (score: 30.8/100), with a stable 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

-41.11x

PEG

0.07x

P/S

2.31x

P/B

1.38x

P/FCF

6.37x

P/OCF

5.41x

EV/EBITDA

10.82x

EV/Revenue

4.69x

EV/EBIT

31.20x

EV/FCF

13.11x

Earnings Yield

-2.41%

FCF Yield

15.69%

Shareholder Yield

4.43%

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. NPI.TO 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

35.113

NI / EBT

Interest Burden

-0.010

EBT / EBIT

EBIT Margin

0.150

EBIT / Rev

Asset Turnover

0.191

Rev / Assets

Equity Multiplier

3.177

Assets / Equity

ROE

-3.3%

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. NPI.TO's ROE of -3.3% is driven by financial leverage (equity multiplier: 3.18x). Note: high leverage means ROE is amplified by debt rather than operational performance. A tax burden ratio of 35.11 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

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 1800 days of historical volatility. Percentile bands show the range of statistically plausible outcomes — this is a statistical model, not a forecast.

Current Price

$22.74

Median 1Y

$22.22

5th Pctile

$13.44

95th Pctile

$36.74

Ann. Volatility

30.5%

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	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	5.5%	9.1%	13.9%	19.3%	20.5%	23.2%	17.4%	10.9%	9.1%	-4.1%	-3.9%	1.7%	-3.3%	6.5%	6.1%	-1.1%	-7.0%	-4.0%	-3.3%	-3.3%	-3.32%
ROA	0.9%	1.7%	2.7%	4.8%	5.0%	6.1%	4.9%	3.2%	2.7%	-1.3%	-1.2%	0.5%	-1.0%	2.0%	1.9%	-0.3%	-2.1%	-1.2%	-1.0%	-1.0%	-1.05%
ROIC	4.4%	0.0%	0.4%	1.1%	2.0%	7.9%	6.8%	5.7%	5.1%	4.2%	-11.8%	4.1%	-10.1%	4.3%	3.8%	1.4%	5.6%	6.0%	6.9%	6.8%	6.76%
ROCE	5.8%	6.8%	7.1%	8.2%	8.7%	8.4%	7.6%	6.6%	6.0%	6.0%	6.9%	7.5%	6.9%	7.0%	5.9%	5.7%	0.9%	2.8%	3.2%	3.2%	3.20%
Gross Margin	67.1%	77.5%	79.9%	73.3%	69.4%	74.5%	76.6%	67.8%	70.7%	72.9%	92.4%	68.7%	64.4%	74.7%	73.1%	67.4%	30.9%	47.0%	51.4%	66.4%	66.36%
Operating Margin	20.6%	-80.2%	52.3%	38.8%	36.3%	42.1%	43.8%	21.8%	28.5%	8.9%	45.9%	28.6%	0.0%	37.2%	40.4%	23.9%	22.5%	39.5%	45.6%	23.4%	23.40%
Net Margin	-0.9%	18.9%	33.0%	42.8%	14.7%	43.5%	11.2%	0.9%	7.0%	-44.8%	10.0%	46.3%	-36.3%	22.0%	10.3%	-12.3%	-74.4%	33.9%	11.4%	-12.1%	-12.07%
EBITDA Margin	59.2%	69.0%	74.6%	67.0%	62.2%	64.9%	69.0%	55.5%	59.9%	60.2%	74.3%	61.1%	54.9%	66.7%	66.7%	59.9%	-57.3%	87.8%	63.9%	58.3%	58.30%
FCF Margin	39.7%	41.0%	38.6%	34.1%	41.1%	42.6%	39.8%	34.9%	20.8%	0.8%	-5.7%	-11.0%	-8.3%	6.3%	20.4%	42.0%	46.8%	40.0%	42.7%	35.8%	35.75%
OCF Margin	55.0%	63.4%	61.8%	56.3%	62.1%	61.1%	58.0%	55.6%	40.1%	20.5%	19.0%	17.1%	19.2%	29.7%	36.5%	48.5%	52.3%	45.6%	49.0%	42.1%	42.13%
ROE 3Y Avg	snapshot only																				-0.92%
ROE 5Y Avg	snapshot only																				4.70%
ROA 3Y Avg	snapshot only																				-0.30%
ROIC 3Y Avg	snapshot only																				2.32%
ROIC Economic	snapshot only																				6.39%
Cash ROA	snapshot only																				8.20%
Cash ROIC	snapshot only																				10.45%
CROIC	snapshot only																				8.87%
NOPAT Margin	snapshot only																				27.23%
Pretax Margin	snapshot only																				-0.16%
R&D / Revenue	snapshot only																				1.28%
SGA / Revenue	snapshot only																				6.79%
SBC / Revenue	snapshot only																				0.08%

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	67.54	34.64	23.61	12.84	12.19	9.45	10.97	13.98	12.69	-31.26	-30.24	76.72	-39.43	16.02	18.74	-119.33	-21.52	-28.59	-43.14	-41.56	-41.109
P/S Ratio	3.80	3.42	3.64	3.23	3.34	3.20	3.09	2.65	2.20	2.44	2.16	2.27	2.32	1.85	2.19	2.44	2.62	1.91	2.38	2.28	2.306
P/B Ratio	3.01	2.60	2.48	2.12	2.01	1.78	1.64	1.37	1.11	1.31	1.21	1.29	1.36	1.04	1.13	1.27	1.54	1.15	1.48	1.41	1.377
P/FCF	9.58	8.35	9.43	9.48	8.12	7.49	7.75	7.60	10.56	299.89	-37.52	-20.73	-27.96	29.30	10.73	5.82	5.61	4.78	5.57	6.37	6.373
P/OCF	6.92	5.40	5.89	5.74	5.37	5.23	5.33	4.77	5.49	11.92	11.36	13.33	12.09	6.21	5.99	5.04	5.02	4.20	4.86	5.41	5.407
EV/EBITDA	11.86	10.41	9.85	8.61	8.22	8.19	8.71	8.64	8.65	8.81	7.94	7.99	8.25	7.24	8.22	8.54	15.30	10.56	10.79	10.82	10.825
EV/Revenue	7.71	6.99	6.68	5.89	5.64	5.53	5.73	5.48	5.44	5.43	5.06	5.17	5.26	4.74	5.16	5.34	5.40	4.58	4.71	4.69	4.689
EV/EBIT	23.55	18.82	17.21	14.36	12.87	13.01	14.34	15.00	15.66	16.42	13.96	13.79	14.68	12.96	15.83	16.92	119.62	33.35	31.15	31.20	31.198
EV/FCF	19.41	17.05	17.31	17.29	13.72	12.97	14.39	15.70	26.13	666.55	-88.00	-47.10	-63.39	75.23	25.36	12.71	11.55	11.44	11.02	13.11	13.115
Earnings Yield	1.5%	2.9%	4.2%	7.8%	8.2%	10.6%	9.1%	7.2%	7.9%	-3.2%	-3.3%	1.3%	-2.5%	6.2%	5.3%	-0.8%	-4.6%	-3.5%	-2.3%	-2.4%	-2.41%
FCF Yield	10.4%	12.0%	10.6%	10.6%	12.3%	13.3%	12.9%	13.1%	9.5%	0.3%	-2.7%	-4.8%	-3.6%	3.4%	9.3%	17.2%	17.8%	20.9%	18.0%	15.7%	15.69%
PEG Ratio	snapshot only																				0.067
Price/Tangible Book	snapshot only																				1.922
EV/OCF	snapshot only																				11.128
EV/Gross Profit	snapshot only																				9.622
Acquirers Multiple	snapshot only																				13.605
Shareholder Yield	snapshot only																				4.43%

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	0.66	1.01	1.42	1.28	1.54	1.23	1.09	1.13	0.91	1.13	1.16	0.86	1.17	1.05	0.95	0.91	1.03	1.07	1.16	1.04	1.044
Quick Ratio	0.66	0.98	1.42	1.28	1.54	1.23	1.09	1.13	0.91	1.13	1.16	0.86	1.17	1.05	0.95	0.91	1.03	1.07	1.16	1.04	1.044
Debt/Equity	3.30	2.95	2.45	2.01	1.76	1.63	1.62	1.69	1.80	1.78	1.79	1.81	1.87	1.78	1.73	1.68	1.86	1.77	1.69	1.64	1.644
Net Debt/Equity	3.08	2.71	2.08	1.74	1.38	1.30	1.40	1.46	1.64	1.60	1.63	1.63	1.73	1.63	1.54	1.50	1.63	1.60	1.45	1.49	1.488
Debt/Assets	0.63	0.63	0.59	0.54	0.51	0.50	0.52	0.53	0.55	0.55	0.54	0.55	0.56	0.55	0.54	0.53	0.54	0.54	0.52	0.52	0.518
Debt/EBITDA	6.43	5.79	5.30	4.49	4.27	4.34	4.64	5.15	5.66	5.38	5.01	4.95	5.00	4.82	5.33	5.16	8.98	6.79	6.23	6.15	6.146
Net Debt/EBITDA	6.00	5.31	4.49	3.89	3.35	3.46	4.02	4.46	5.15	4.85	4.55	4.47	4.61	4.42	4.74	4.63	7.87	6.15	5.34	5.56	5.565
Interest Coverage	1.88	2.27	2.51	2.81	3.23	3.26	3.03	2.65	2.37	1.97	2.22	2.33	2.11	2.33	2.02	1.89	0.29	0.97	1.13	1.15	1.148
Equity Multiplier	5.21	4.67	4.18	3.70	3.44	3.24	3.13	3.20	3.29	3.26	3.30	3.28	3.35	3.25	3.23	3.18	3.42	3.26	3.26	3.17	3.173
Cash Ratio	snapshot only																				0.569
Debt Service Coverage	snapshot only																				3.309
Cash to Debt	snapshot only																				0.095
FCF to Debt	snapshot only																				0.134
Defensive Interval	snapshot only																				982.8 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	0.16	0.17	0.18	0.19	0.18	0.18	0.17	0.17	0.16	0.16	0.17	0.17	0.17	0.17	0.16	0.16	0.17	0.18	0.19	0.19	0.191
Inventory Turnover	—	17.82	—	—	—	34.00	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—
Receivables Turnover	4.87	5.72	5.23	5.99	6.15	7.33	6.67	5.97	6.26	7.46	5.87	5.78	5.56	8.09	4.50	5.34	4.56	8.36	5.50	8.21	8.207
Payables Turnover	1.35	1.47	1.38	1.34	0.97	1.93	1.99	1.89	1.48	3.94	4.01	4.52	4.99	3.30	4.52	5.34	6.86	5.71	9.89	13.79	13.794
DSO	75	64	70	61	59	50	55	61	58	49	62	63	66	45	81	68	80	44	66	44	44.5 days
DIO	0	20	0	0	0	11	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0.0 days
DPO	270	248	265	272	375	189	183	193	246	93	91	81	73	110	81	68	53	64	37	26	26.5 days
Cash Conversion Cycle	-195	-163	-195	-211	-316	-129	-128	-132	-188	-44	-29	-18	-8	-65	0	0	27	-20	29	18	18.0 days
Fixed Asset Turnover	snapshot only																				0.318
Cash Velocity	snapshot only																				3.970
Capital Intensity	snapshot only																				5.139

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	-3.0%	1.6%	8.5%	17.1%	25.8%	17.0%	9.2%	-1.5%	-8.2%	-8.4%	0.1%	6.4%	7.4%	5.2%	-5.1%	-8.3%	-4.8%	3.4%	13.7%	14.7%	14.70%
Net Income	-71.3%	-42.7%	27.4%	2.0%	5.1%	3.0%	99.5%	-25.6%	-41.9%	-1.2%	-1.3%	-83.4%	-1.4%	2.6%	2.6%	-1.6%	-97.3%	-1.6%	-1.5%	-2.1%	-2.07%
EPS	-74.4%	-49.0%	13.3%	1.8%	4.8%	2.7%	81.1%	-31.5%	-45.4%	-1.2%	-1.2%	-83.7%	-1.4%	2.5%	2.5%	-1.6%	-94.6%	-1.6%	-1.5%	-2.1%	-2.07%
FCF	-0.3%	9.2%	0.3%	-4.7%	30.2%	21.7%	12.7%	0.9%	-53.5%	-98.3%	-1.1%	-1.3%	-1.4%	7.1%	4.4%	4.5%	6.4%	5.6%	1.4%	-2.4%	-2.41%
EBITDA	-11.8%	-0.7%	10.2%	20.4%	32.8%	17.6%	6.0%	-8.6%	-15.8%	-16.4%	-3.2%	8.6%	8.8%	11.7%	-6.4%	-11.3%	-47.3%	-31.5%	-21.0%	-20.6%	-20.56%
Op. Income	-25.5%	-100.0%	-93.0%	-80.1%	-61.2%	1050783999.0%	15.8%	4.5%	2.0%	-45.0%	-32.1%	-17.2%	-29.9%	23.7%	-3.0%	-14.1%	30.9%	11.3%	40.2%	46.8%	46.82%
OCF Growth	snapshot only																				-0.38%
Asset Growth	snapshot only																				-3.78%
Equity Growth	snapshot only																				-3.56%
Debt Growth	snapshot only																				-5.37%
Shares Change	snapshot only																				0.00%
Dividend Growth	snapshot only																				10.35%

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	7.4%	10.4%	11.5%	13.9%	15.2%	13.9%	9.1%	6.2%	3.9%	2.9%	5.8%	7.1%	7.4%	4.1%	1.2%	-1.3%	-2.1%	-0.1%	2.6%	3.8%	3.84%
Revenue 5Y	19.7%	13.8%	11.1%	10.2%	10.9%	12.2%	9.7%	8.6%	7.4%	7.6%	8.7%	9.1%	8.6%	7.3%	4.3%	3.2%	2.8%	3.4%	5.0%	5.3%	5.26%
EPS 3Y	-31.4%	-15.0%	-3.8%	14.9%	18.4%	27.8%	12.3%	-2.7%	-6.8%	—	—	-31.9%	—	5.1%	-11.8%	—	—	—	—	—	—
EPS 5Y	—	6.6%	3.5%	14.1%	12.0%	31.3%	18.1%	6.6%	0.5%	—	—	-29.9%	—	-8.1%	-11.7%	—	—	—	—	—	—
Net Income 3Y	-27.1%	-9.4%	2.6%	23.4%	28.1%	37.2%	21.1%	4.8%	0.6%	—	—	-28.4%	—	9.5%	-7.8%	—	—	—	—	—	—
Net Income 5Y	—	11.2%	8.0%	20.8%	19.2%	38.7%	25.2%	13.1%	6.6%	—	—	-25.3%	—	-3.3%	-6.9%	—	—	—	—	—	—
EBITDA 3Y	2.8%	7.3%	8.8%	11.1%	12.1%	10.2%	4.4%	1.1%	-0.5%	-0.8%	4.2%	6.1%	6.8%	3.2%	-1.3%	-4.2%	-21.5%	-13.8%	-10.6%	-8.5%	-8.55%
EBITDA 5Y	22.7%	14.1%	10.5%	9.3%	9.9%	10.9%	7.3%	5.5%	4.0%	3.9%	5.8%	6.4%	5.2%	4.5%	0.6%	-0.1%	-10.8%	-5.7%	-3.5%	-3.4%	-3.40%
Gross Profit 3Y	4.4%	8.5%	10.1%	12.4%	13.2%	11.2%	5.8%	3.0%	1.8%	1.4%	7.5%	9.0%	9.3%	5.3%	-0.8%	-3.5%	-8.2%	-10.0%	-10.4%	-9.0%	-9.01%
Gross Profit 5Y	22.5%	14.4%	10.9%	9.7%	10.3%	11.4%	8.2%	6.9%	5.7%	6.0%	8.6%	8.9%	7.7%	6.4%	1.5%	0.7%	-1.7%	-3.1%	-3.3%	-3.1%	-3.05%
Op. Income 3Y	-3.1%	-99.9%	-57.4%	-41.0%	-30.0%	8.9%	1.4%	-2.9%	-5.1%	-13.7%	-7.1%	-3.5%	-7.0%	893.2%	1.2%	57.2%	39.5%	-8.8%	-2.6%	1.4%	1.43%
Op. Income 5Y	18.7%	-98.2%	-38.1%	-26.3%	-17.8%	10.7%	5.8%	3.5%	0.8%	-4.6%	-2.5%	-1.4%	-6.6%	-2.6%	-7.3%	-8.2%	-4.7%	-2.4%	1.8%	2.5%	2.51%
FCF 3Y	66.5%	26.6%	31.7%	1.0%	1.4%	83.3%	43.3%	10.0%	-15.5%	-71.5%	—	—	—	-44.3%	-18.2%	5.9%	2.2%	-2.2%	5.0%	4.7%	4.68%
FCF 5Y	—	—	—	1.0%	81.5%	—	—	—	22.8%	-46.7%	—	—	—	-2.6%	7.4%	9.4%	6.8%	4.4%	5.5%	2.0%	1.99%
OCF 3Y	10.8%	17.4%	17.8%	16.4%	19.7%	16.9%	11.6%	8.2%	-4.7%	-23.2%	-24.5%	-26.5%	-24.4%	-19.2%	-15.1%	-6.1%	-7.5%	-9.4%	-3.0%	-5.3%	-5.32%
OCF 5Y	24.7%	19.0%	15.1%	14.1%	16.6%	21.0%	17.2%	9.9%	2.8%	-10.9%	-11.3%	-12.9%	-12.2%	-5.6%	-3.7%	1.5%	2.9%	1.9%	3.6%	0.6%	0.59%
Assets 3Y	8.2%	7.6%	9.2%	8.5%	10.0%	10.7%	5.3%	7.4%	8.2%	6.1%	7.9%	7.7%	2.3%	1.8%	1.9%	1.5%	-1.4%	-2.4%	-1.3%	-2.4%	-2.43%
Assets 5Y	8.4%	8.2%	8.5%	7.4%	7.4%	6.7%	5.4%	6.5%	7.7%	5.7%	6.4%	6.6%	5.5%	5.4%	3.2%	3.7%	3.0%	3.0%	3.9%	3.1%	3.10%
Equity 3Y	33.0%	37.0%	42.1%	49.9%	58.3%	60.4%	47.4%	41.4%	42.8%	32.7%	37.9%	19.9%	18.6%	14.9%	11.0%	6.7%	-1.3%	-2.6%	-2.7%	-2.2%	-2.16%
Book Value 3Y	25.1%	28.5%	33.2%	39.6%	46.3%	49.5%	36.5%	31.2%	32.4%	22.9%	27.6%	13.9%	13.5%	10.3%	6.1%	2.6%	-4.3%	-4.5%	-4.0%	-3.3%	-3.32%
Dividend 3Y	-14.6%	-13.2%	-9.0%	-6.4%	-4.4%	-2.8%	-4.4%	-4.9%	-5.7%	-6.9%	-7.1%	-5.0%	-4.8%	-4.7%	-5.4%	-0.4%	4.5%	10.0%	10.4%	2.1%	2.12%

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	0.90	0.96	0.99	0.92	0.86	0.96	1.00	0.94	0.79	0.81	0.95	0.92	0.80	0.74	0.68	0.51	0.38	0.54	0.68	0.71	0.711
Earnings Stability	0.14	0.37	0.39	0.41	0.19	0.49	0.55	0.38	0.15	0.02	0.08	0.04	0.11	0.04	0.09	0.35	0.42	0.24	0.27	0.56	0.562
Margin Stability	0.92	0.96	0.97	0.97	0.97	0.97	0.96	0.96	0.96	0.97	0.97	0.97	0.96	0.96	0.95	0.95	0.91	0.87	0.83	0.83	0.834
Rev. Growth Consistency	0.00	1.00	1.00	1.00	0.50	1.00	1.00	0.00	0.00	0.00	1.00	0.50	0.50	0.50	0.00	0.00	0.00	1.00	0.50	0.50	0.500
Earn. Growth Consistency	0.00	0.00	0.50	0.50	0.50	0.50	1.00	0.00	0.00	0.00	0.00	0.00	0.00	0.50	0.50	0.00	0.00	0.00	0.00	0.00	0.000
FCF Positive Streak	1	1	1	1	1	1	1	1	1	1	0	0	0	1	0	0	0	1	1	1	0
Earnings Persistence	0.50	0.83	0.89	0.50	0.50	0.50	0.50	0.90	0.83	0.20	0.20	0.50	0.20	0.20	0.20	0.20	0.50	0.20	0.20	0.50	0.500
Earnings Smoothness	0.00	0.46	0.76	0.01	0.00	0.00	0.34	0.71	0.47	—	—	0.00	—	—	—	—	—	—	—	—	—
ROE Trend	-0.24	-0.18	-0.11	0.01	0.02	0.05	0.02	-0.02	-0.02	-0.17	-0.17	-0.11	-0.16	-0.01	0.01	-0.07	-0.10	-0.05	-0.04	-0.04	-0.037
Gross Margin Trend	-0.06	-0.04	-0.02	-0.01	0.00	-0.00	-0.01	-0.02	-0.01	-0.02	0.03	0.04	0.02	0.03	-0.05	-0.05	-0.12	-0.20	-0.25	-0.25	-0.252
FCF Margin Trend	0.18	0.17	0.09	-0.03	0.02	0.03	-0.00	-0.03	-0.20	-0.41	-0.45	-0.45	-0.39	-0.15	0.03	0.30	0.41	0.36	0.35	0.20	0.202
Sustainable Growth Rate	-3.6%	1.0%	6.0%	12.8%	14.3%	17.3%	12.0%	5.6%	4.2%	—	—	-3.2%	—	1.6%	1.3%	—	—	—	—	—	—
Internal Growth Rate	—	0.2%	1.2%	3.3%	3.6%	4.8%	3.5%	1.7%	1.3%	—	—	—	—	0.5%	0.4%	—	—	—	—	—	—

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	9.76	6.42	4.01	2.24	2.27	1.81	2.06	2.93	2.31	-2.62	-2.66	5.75	-3.26	2.58	3.13	-23.69	-4.29	-6.81	-8.87	-7.69	-7.686
FCF/OCF	0.72	0.65	0.62	0.61	0.66	0.70	0.69	0.63	0.52	0.04	-0.30	-0.64	-0.43	0.21	0.56	0.87	0.89	0.88	0.87	0.85	0.849
FCF/Net Income	snapshot only																				-6.522
OCF/EBITDA	snapshot only																				0.973
CapEx/Revenue	15.3%	22.4%	23.2%	22.2%	21.0%	18.5%	18.2%	20.7%	19.2%	19.7%	24.7%	28.0%	27.5%	23.4%	16.1%	6.5%	5.5%	5.6%	6.2%	6.4%	6.38%
CapEx/Depreciation	snapshot only																				0.226
Accruals Ratio	-0.08	-0.09	-0.08	-0.06	-0.06	-0.05	-0.05	-0.06	-0.04	-0.05	-0.04	-0.02	-0.04	-0.03	-0.04	-0.08	-0.11	-0.10	-0.10	-0.09	-0.091
Sloan Accruals	snapshot only																				-0.041
Cash Flow Adequacy	snapshot only																				2.558

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	2.5%	2.6%	2.4%	2.6%	2.5%	2.7%	2.9%	3.5%	4.3%	3.9%	4.1%	3.8%	3.7%	4.7%	4.2%	4.3%	4.4%	6.3%	4.7%	4.4%	3.54%
Dividend/Share	$0.80	$0.81	$0.84	$0.84	$0.85	$0.84	$0.84	$0.84	$0.84	$0.83	$0.83	$0.82	$0.81	$0.80	$0.79	$0.90	$1.00	$1.12	$1.11	$0.99	$0.80
Payout Ratio	1.7%	88.7%	57.0%	33.6%	30.0%	25.1%	31.3%	48.5%	54.5%	—	—	2.9%	—	76.0%	78.3%	—	—	—	—	—	—
FCF Payout Ratio	23.5%	21.4%	22.7%	24.8%	20.0%	19.9%	22.1%	26.4%	45.4%	11.6%	—	—	—	1.4%	44.9%	25.0%	24.4%	29.9%	26.4%	28.2%	28.22%
Total Payout Ratio	1.7%	88.7%	57.0%	33.6%	30.0%	25.1%	31.3%	48.5%	54.5%	—	—	2.9%	—	76.0%	78.3%	—	—	—	—	—	—
Div. Increase Streak	0	0	0	0	0	0	0	1	1	1	1	0	0	0	0	0	0	0	0	1	0
Chowder Number	-0.23	-0.18	-0.06	0.04	0.13	0.16	0.13	0.11	0.10	0.05	0.06	0.04	0.02	0.03	0.01	0.15	0.30	0.48	0.45	0.15	0.148
Buyback Yield	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.00%
Net Buyback Yield	-12.8%	-13.2%	-13.6%	-3.9%	-7.9%	-10.9%	-10.4%	-10.6%	-6.2%	-1.9%	-1.2%	-0.3%	-0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.00%
Total Shareholder Return	-10.4%	-10.7%	-11.2%	-1.3%	-5.5%	-8.2%	-7.6%	-7.1%	-1.9%	2.0%	2.9%	3.5%	3.7%	4.7%	4.2%	4.3%	4.4%	6.3%	4.7%	4.4%	4.43%

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)	0.42	0.49	0.55	0.60	0.62	0.66	0.66	0.60	0.59	3.07	-6.31	0.26	-6.18	0.48	0.53	-0.67	0.91	1.09	1.78	35.11	35.113
Interest Burden (EBT/EBIT)	0.41	0.54	0.72	1.02	1.00	1.21	1.07	0.86	0.85	-0.08	0.03	0.31	0.03	0.65	0.68	0.10	-2.96	-0.45	-0.21	-0.01	-0.010
EBIT Margin	0.33	0.37	0.39	0.41	0.44	0.42	0.40	0.37	0.35	0.33	0.36	0.37	0.36	0.37	0.33	0.32	0.05	0.14	0.15	0.15	0.150
Asset Turnover	0.16	0.17	0.18	0.19	0.18	0.18	0.17	0.17	0.16	0.16	0.17	0.17	0.17	0.17	0.16	0.16	0.17	0.18	0.19	0.19	0.191
Equity Multiplier	6.11	5.34	5.09	4.04	4.11	3.79	3.57	3.42	3.36	3.25	3.21	3.24	3.32	3.25	3.26	3.23	3.38	3.25	3.24	3.18	3.177

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)	$0.49	$0.91	$1.47	$2.52	$2.82	$3.36	$2.67	$1.72	$1.54	$-0.69	$-0.66	$0.28	$-0.55	$1.06	$1.01	$-0.18	$-1.07	$-0.62	$-0.54	$-0.54	$-0.54
Book Value/Share	$10.90	$12.11	$14.01	$15.27	$17.11	$17.82	$17.85	$17.57	$17.58	$16.45	$16.59	$16.80	$15.92	$16.27	$16.75	$16.47	$15.00	$15.53	$15.80	$15.88	$17.95
Tangible Book/Share	$5.23	$6.61	$8.36	$9.99	$12.07	$12.84	$12.96	$12.65	$12.66	$12.18	$12.35	$12.75	$11.94	$12.34	$12.73	$12.54	$11.04	$11.47	$11.73	$11.62	$11.62
Revenue/Share	$8.61	$9.19	$9.55	$10.00	$10.28	$9.94	$9.47	$9.08	$8.87	$8.82	$9.30	$9.49	$9.36	$9.17	$8.65	$8.55	$8.79	$9.33	$9.80	$9.81	$10.14
FCF/Share	$3.42	$3.77	$3.69	$3.41	$4.23	$4.24	$3.77	$3.17	$1.85	$0.07	$-0.53	$-1.04	$-0.78	$0.58	$1.76	$3.59	$4.11	$3.73	$4.19	$3.51	$3.62
OCF/Share	$4.74	$5.83	$5.90	$5.63	$6.39	$6.07	$5.49	$5.04	$3.55	$1.81	$1.77	$1.62	$1.80	$2.72	$3.16	$4.15	$4.60	$4.25	$4.80	$4.13	$4.27
Cash/Share	$2.36	$2.96	$5.29	$4.06	$6.44	$5.93	$3.90	$3.98	$2.85	$2.91	$2.69	$2.92	$2.31	$2.38	$3.17	$2.82	$3.44	$2.60	$3.81	$2.47	$2.55
EBITDA/Share	$5.60	$6.18	$6.48	$6.84	$7.05	$6.71	$6.23	$5.75	$5.58	$5.43	$5.93	$6.14	$5.97	$6.00	$5.43	$5.35	$3.10	$4.04	$4.28	$4.25	$4.25
Debt/Share	$35.96	$35.73	$34.37	$30.69	$30.11	$29.12	$28.94	$29.61	$31.60	$29.23	$29.68	$30.39	$29.84	$28.91	$28.94	$27.59	$27.85	$27.46	$26.64	$26.10	$26.10
Net Debt/Share	$33.60	$32.77	$29.08	$26.63	$23.66	$23.19	$25.04	$25.63	$28.75	$26.32	$26.99	$27.47	$27.53	$26.53	$25.76	$24.77	$24.41	$24.86	$22.83	$23.63	$23.63

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	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	0.516
Altman Z-Prime	snapshot only																				0.499
Piotroski F-Score	4	5	7	8	8	7	6	4	4	2	5	5	4	6	5	4	3	5	5	6	6
Beneish M-Score	-2.86	-2.53	-2.93	-2.21	-2.58	-2.77	-2.70	-3.10	-2.71	-2.67	-2.39	-1.77	-1.92	-2.63	-2.37	-3.33	-2.53	-2.31	-2.91	-2.78	-2.777
Ohlson O-Score	snapshot only																				-6.438
ROIC (Greenblatt)	snapshot only																				4.76%
Net-Net WC	snapshot only																				$-28.50
EVA	snapshot only																				$-335258910.00

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																				B+
Credit Score	19.71	32.19	35.39	36.98	46.53	43.66	41.45	36.67	31.13	28.81	31.86	29.58	32.42	35.64	33.01	30.89	25.09	26.51	30.76	30.82	30.820
Credit Grade	snapshot only																				14
Credit Trend	snapshot only																				-0.072
Implied Spread (bps)	snapshot only																				650.000
Industry Credit Rank	snapshot only																				36
Sector Credit Rank	snapshot only																				25

NPI.TO TSX

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

Sign in to InsiderStreet