Also trades as: 9999.HK (HKSE) · $vol 194M · NETTF (OTC) · $vol 0M

$117.21

-3.40 (-2.82%)

Weekly Expected Move ±4.1%

$108 $112 $117 $122 $127

NASDAQ · Technology · Electronic Gaming & Multimedia · Tech Score Neutral · Power 53 · $74.8B mcap · 638M float · 0.138% daily turnover · Short 58% of daily vol

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

Analysis Technicals Weather Peers ESG Institutions ETF Exposure 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

$160

Low

$168

Avg Target

$180

High

Based on 3 analysts since Aug 20, 2026 earnings

Analyst Recommendations

Strong Buy: 0Buy: 27Hold: 5Sell: 1Strong Sell: 0

Rating Summary

ConsensusBuy

Avg Target$167.67

Analysts3

Price Target Change History

Date	Firm	Analyst	Old	New	Change	Upside @ Call	Stock@Call
2026-09-28	Morgan Stanley	Yang Liu	$158	$163	+5	+41.2%	$115.41
2026-09-22	BNP Paribas	—	Initiated	$180	—	+53.2%	$117.47
2026-08-21	Bernstein	Robin Zhu	$155	$160	+5	+25.6%	$127.38
2026-07-01	Goldman Sachs	—	$161	$169	+8	+30.3%	$129.70
2026-05-26	Morgan Stanley	Yang Liu	$154	$158	+4	+27.6%	$123.86
2026-03-02	Morgan Stanley	Yang Liu	$170	$154	-16	+34.4%	$114.62
2026-02-12	Macquarie	—	$129	$158	+29	+33.7%	$118.14
2026-02-12	Barclays	—	$135	$132	-3	+11.4%	$118.47
2025-11-21	Barclays	—	$120	$135	+15	+0.8%	$133.95
2025-11-20	Bernstein	—	$105	$155	+50	+15.7%	$133.95
2025-10-08	Morgan Stanley	—	$120	$170	+50	+13.6%	$149.59
2025-09-15	Goldman Sachs	Lincoln Kong	Initiated	$161	—	+4.0%	$154.83
2025-09-02	Arete Research	Zixiao Yang	Initiated	$150	—	+10.5%	$135.71
2025-08-18	Barclays	Jiong Shao	$82	$120	+38	-7.1%	$129.22
2024-12-09	Bernstein	Robin Zhu	$120	$105	-15	+3.6%	$101.36
2024-08-26	Barclays	Jiong Shao	$104	$82	-22	-0.1%	$82.08
2024-08-22	Jefferies	Thomas Chong	$216	$103	-113	+25.2%	$82.25
2024-08-05	Jefferies	Thomas Chong	$129	$216	+87	+145.5%	$88.00
2024-06-12	Barclays	Jiong Shao	Initiated	$104	—	+11.9%	$92.92
2024-05-24	CFRA	Ahmad Halim	Initiated	$130	—	+37.2%	$94.74
2024-05-23	Jefferies	Thomas Chong	$133	$129	-4	+36.2%	$94.74
2024-04-12	Morgan Stanley	Alex Poon	$135	$120	-15	+23.5%	$97.15
2024-04-02	Jefferies	Thomas Chong	Initiated	$133	—	+34.7%	$98.71
2024-04-02	Morgan Stanley	Alex Poon	Initiated	$135	—	+36.8%	$98.71
2023-06-05	Bernstein	Robin Zhu	Initiated	$120	—	+38.2%	$86.85
2022-08-19	Citigroup	—	Initiated	$140	—	+62.6%	$86.11
2022-07-13	Macquarie	Esme Pau	$118	$129	+11	+43.7%	$89.78
2022-05-25	HSBC	—	Initiated	$122	—	+25.1%	$97.49
2021-10-04	CMB International Securities	Sophie Huang	Initiated	$123	—	+48.9%	$82.63
2021-05-19	UOB Kay Hian	Julia Pan	Initiated	$110	—	-6.5%	$117.68
2021-05-18	Macquarie	Han Joon Kim	Initiated	$118	—	+8.3%	$108.97

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. NTES receives an overall rating of A. Strongest factors: DCF (5/5), ROE (4/5), ROA (5/5).

Rating Change History

Date	From	To
2026-10-01	A+	A
2026-08-20	A	A+
2026-08-18	A+	A
2026-08-14	A	A+
2026-08-03	A+	A
2026-07-25	A	A+
2026-07-01	A+	A
2026-05-22	A	A+
2026-05-11	A+	A
2026-05-04	A	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.

★ ★ ★ ★ ★ — Grade A+

Profitability

Balance Sheet

Earnings Quality

Growth

Value

—

Momentum

Safety

—

Cash Flow

Risk & Quality Signals

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

Altman Z-Score

—

Piotroski F-Score

6/9

✓ ✓ ✗ ✓ ✗ ✓ ✗ ✓ ✓

Beneish M-Score

-2.94

Unlikely Manipulator

Ohlson O-Score

-13.08

Bankruptcy prob: 0.0%

Low Risk

Credit Rating

AA-

Score: 80.2/100

Trend: Stable

Earnings Quality

75/100

OCF/NI: 1.57x

Accruals: -8.5%

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. NTES 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. NTES's score of -2.94 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. NTES'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. NTES receives an estimated rating of AA- (score: 80.2/100), with a stable 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). NTES's score of 75/100 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

15.67x

PEG

-2.76x

P/S

4.37x

P/B

3.05x

P/FCF

—

P/OCF

—

EV/EBITDA

—

EV/Revenue

—

EV/EBIT

—

EV/FCF

—

Earnings Yield

—

FCF Yield

—

Shareholder Yield

—

Graham Number

$542.54

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 15.7x earnings, NTES trades at a reasonable valuation. Graham's intrinsic value formula yields $542.54 per share, suggesting a potential 363% margin of safety at the current price.

DuPont Decomposition (5-Factor)

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

Tax Burden

0.798

NI / EBT

Interest Burden

0.991

EBT / EBIT

EBIT Margin

0.352

EBIT / Rev

Asset Turnover

0.529

Rev / Assets

Equity Multiplier

1.392

Assets / Equity

ROE

20.5%

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. NTES's ROE of 20.5% is driven by Asset Turnover (0.529), indicating efficient use of assets to generate revenue.

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

8.51%

Fair P/E

25.51x

Intrinsic Value

$1286.60

Price/Value

—

Margin of Safety

—

Premium

—

Graham's classic formula uses analyst-projected growth to estimate a fair P/E (8.5 + 2g). Our adjusted version replaces that projection with NTES's realized 8.5% 3-year EPS CAGR, capped at 15% — demonstrated performance rather than forecasts, held to a rate companies have historically sustained. NTES trades at a premium to its adjusted intrinsic value of $1286.60, suggesting the market is pricing in future growth beyond what historical earnings support. The adjusted fair P/E of 25.5x compares to the current market P/E of 15.7x.

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

$117.21

Median 1Y

$125.49

5th Pctile

$59.18

95th Pctile

$266.48

Ann. Volatility

43.1%

Analyst Target

$167.67

25th–75th percentile 5th–95th percentile Median path Historical Analyst target

Workforce & Productivity

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

Employees

25,382

-2.5% YoY

Revenue / Employee

$4,437,231

Rev: $112,625,807,000

Profit / Employee

$1,330,069

NI: $33,759,800,000

SGA / Employee

$742,569

Avg labor cost proxy

R&D / Employee

$698,097

Innovation spend

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	14.4%	19.0%	18.3%	19.9%	23.3%	20.3%	22.0%	23.8%	23.8%	25.7%	25.7%	23.5%	21.8%	22.6%	23.9%	24.4%	25.2%	22.6%	22.1%	20.5%	20.52%
ROA	8.3%	11.4%	10.9%	11.5%	13.8%	12.5%	13.5%	15.3%	15.6%	16.4%	16.2%	16.4%	15.4%	15.6%	16.3%	17.5%	18.2%	16.2%	15.8%	14.7%	14.74%
ROIC	94.1%	67.8%	67.5%	73.7%	88.3%	98.9%	88.2%	92.7%	1.0%	1.3%	1.4%	1.1%	1.3%	1.8%	2.0%	2.1%	2.1%	-122.3%	6.7%	-229.6%	-229.58%
ROCE	15.0%	15.9%	16.4%	17.0%	17.1%	16.9%	17.8%	17.9%	19.8%	21.0%	20.8%	21.1%	20.6%	20.2%	21.4%	21.8%	21.5%	20.8%	21.9%	23.2%	23.24%
Gross Margin	53.2%	53.0%	54.5%	55.9%	56.3%	52.2%	59.5%	59.9%	62.2%	62.0%	63.4%	62.9%	62.9%	60.8%	64.1%	64.7%	64.1%	64.2%	69.4%	70.5%	70.47%
Operating Margin	17.0%	18.9%	23.4%	21.4%	19.4%	17.5%	28.8%	25.2%	27.7%	25.3%	28.4%	27.4%	27.3%	29.2%	36.2%	32.5%	28.3%	30.2%	41.4%	40.2%	40.16%
Net Margin	14.3%	23.4%	18.7%	22.8%	27.4%	15.6%	27.0%	34.3%	28.7%	24.3%	28.4%	26.5%	24.9%	32.8%	35.7%	30.8%	30.4%	22.7%	34.9%	23.2%	23.19%
EBITDA Margin	20.6%	22.3%	26.6%	24.0%	22.3%	20.5%	33.1%	28.0%	30.1%	27.7%	30.5%	29.9%	29.3%	31.8%	37.9%	34.0%	30.4%	30.2%	45.1%	41.6%	41.61%
FCF Margin	26.2%	24.9%	22.9%	24.7%	25.3%	26.0%	26.4%	27.0%	27.9%	30.0%	33.7%	32.4%	34.1%	35.7%	37.3%	40.5%	41.9%	43.1%	44.0%	42.8%	42.84%
OCF Margin	29.8%	28.5%	26.4%	27.7%	28.3%	28.7%	29.7%	30.5%	32.0%	34.1%	36.9%	35.4%	36.4%	37.7%	39.4%	42.4%	43.8%	44.7%	45.5%	43.9%	43.89%
ROE 3Y Avg	snapshot only																				21.44%
ROE 5Y Avg	snapshot only																				21.03%
ROA 3Y Avg	snapshot only																				15.37%
ROIC Economic	snapshot only																				18.85%
Cash ROA	snapshot only																				22.02%
NOPAT Margin	snapshot only																				28.70%
Pretax Margin	snapshot only																				34.93%
R&D / Revenue	snapshot only																				15.52%
SGA / Revenue	snapshot only																				16.40%
SBC / Revenue	snapshot only																				1.30%

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	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	15.671
P/S Ratio	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	4.367
P/B Ratio	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	3.047
P/FCF	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—
P/OCF	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—
EV/EBITDA	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—
EV/Revenue	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—
EV/EBIT	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—
EV/FCF	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—
Earnings Yield	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—
FCF Yield	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—
Graham Number	snapshot only																				$542.54

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	2.22	2.24	2.30	2.23	2.31	2.32	2.33	2.93	2.91	2.65	2.53	3.01	3.08	3.09	3.21	3.23	3.42	3.45	3.28	3.45	3.453
Quick Ratio	2.20	2.22	2.28	2.21	2.29	2.30	2.31	2.91	2.89	2.64	2.52	3.00	3.06	3.08	3.20	3.22	3.41	3.44	3.28	3.44	3.444
Debt/Equity	0.23	0.23	0.26	0.31	0.28	0.27	0.29	0.14	0.10	0.16	0.20	0.10	0.08	0.09	0.07	0.08	0.05	0.04	0.07	0.08	0.075
Net Debt/Equity	-0.86	-0.80	-0.78	-0.80	-0.83	-0.85	-0.82	-0.82	-0.83	-0.85	-0.86	-0.83	-0.85	-0.90	-0.91	-0.91	-0.91	-1.00	-0.97	-1.00	-1.001
Debt/Assets	0.13	0.14	0.16	0.19	0.17	0.16	0.17	0.09	0.07	0.11	0.13	0.07	0.06	0.07	0.05	0.05	0.03	0.03	0.05	0.05	0.054
Debt/EBITDA	1.08	1.10	1.24	1.44	1.28	1.27	1.27	0.62	0.41	0.67	0.82	0.43	0.36	0.40	0.28	0.31	0.20	0.17	0.27	0.29	0.291
Net Debt/EBITDA	-3.94	-3.85	-3.67	-3.67	-3.84	-3.96	-3.64	-3.66	-3.49	-3.45	-3.57	-3.46	-3.64	-3.90	-3.75	-3.70	-3.77	-4.30	-3.97	-3.87	-3.868
Interest Coverage	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—
Equity Multiplier	1.76	1.61	1.63	1.67	1.64	1.65	1.64	1.47	1.43	1.50	1.53	1.40	1.40	1.41	1.40	1.39	1.37	1.38	1.40	1.39	1.390
Cash Ratio	snapshot only																				3.233
Cash to Debt	snapshot only																				14.268
FCF to Debt	snapshot only																				3.959
Defensive Interval	snapshot only																				1821.6 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	0.57	0.59	0.59	0.58	0.60	0.59	0.58	0.59	0.59	0.58	0.56	0.61	0.59	0.55	0.54	0.56	0.56	0.54	0.53	0.53	0.529
Inventory Turnover	49.92	52.22	48.26	49.50	43.70	44.66	49.68	51.59	51.00	47.84	54.17	57.77	58.89	62.34	71.32	69.28	65.30	63.79	73.79	69.35	69.347
Receivables Turnover	16.00	17.37	17.54	19.30	17.97	18.36	17.24	18.73	17.38	18.11	15.19	18.24	16.69	17.42	14.79	18.07	18.43	20.46	17.29	20.22	20.221
Payables Turnover	37.23	38.34	41.98	46.70	43.82	35.09	49.17	50.61	48.77	33.84	47.10	52.07	48.59	49.31	55.69	54.32	55.43	58.97	58.32	54.76	54.758
DSO	23	21	21	19	20	20	21	19	21	20	24	20	22	21	25	20	20	18	21	18	18.1 days
DIO	7	7	8	7	8	8	7	7	7	8	7	6	6	6	5	5	6	6	5	5	5.3 days
DPO	10	10	9	8	8	10	7	7	7	11	8	7	8	7	7	7	7	6	6	7	6.7 days
Cash Conversion Cycle	20	18	20	18	20	18	21	19	21	17	23	19	21	19	23	19	19	17	20	17	16.6 days
Fixed Asset Turnover	snapshot only																				14.239
Operating Cycle	snapshot only																				23.3 days
Cash Velocity	snapshot only																				0.648
Capital Intensity	snapshot only																				1.994

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	19.2%	18.9%	17.5%	17.4%	15.1%	10.1%	8.1%	6.0%	6.5%	7.2%	7.4%	8.0%	3.9%	1.8%	1.9%	2.7%	5.8%	7.0%	6.6%	6.2%	6.24%
Net Income	-14.2%	39.7%	29.8%	55.3%	81.9%	20.6%	35.0%	38.2%	21.3%	44.6%	33.5%	12.3%	2.7%	1.0%	6.8%	18.7%	31.9%	13.7%	5.5%	-5.0%	-5.01%
EPS	-12.4%	43.5%	33.1%	59.0%	85.6%	22.6%	37.5%	40.6%	23.0%	45.3%	33.8%	12.1%	2.5%	2.4%	8.3%	20.3%	33.2%	12.9%	4.8%	-5.2%	-5.22%
FCF	17.4%	1.0%	1.8%	13.2%	11.2%	14.9%	25.0%	15.5%	17.2%	23.9%	37.0%	29.6%	27.3%	21.0%	12.7%	28.4%	29.9%	29.1%	25.8%	12.4%	12.45%
EBITDA	3.0%	9.4%	16.5%	25.4%	24.7%	14.2%	17.5%	17.5%	25.1%	36.8%	25.0%	22.9%	9.0%	4.0%	13.3%	16.0%	21.1%	16.8%	15.9%	18.2%	18.19%
Op. Income	2.2%	12.9%	23.2%	35.4%	33.6%	19.6%	20.9%	19.2%	27.6%	41.2%	31.7%	29.3%	13.3%	6.8%	15.3%	18.7%	23.4%	21.1%	17.4%	19.1%	19.07%
OCF Growth	snapshot only																				9.86%
Asset Growth	snapshot only																				11.41%
Equity Growth	snapshot only																				11.74%
Debt Growth	snapshot only																				11.82%
Shares Change	snapshot only																				0.22%
Dividend Growth	snapshot only																				6.07%

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	12.5%	11.3%	12.5%	14.7%	14.7%	17.7%	16.6%	14.6%	13.4%	12.0%	10.9%	10.3%	8.4%	6.3%	5.8%	5.5%	5.4%	5.3%	5.3%	5.6%	5.64%
Revenue 5Y	19.6%	18.1%	15.6%	14.1%	13.1%	12.3%	12.4%	11.4%	11.8%	10.3%	10.6%	11.5%	10.8%	12.2%	11.6%	10.8%	9.9%	8.9%	8.2%	8.0%	7.96%
EPS 3Y	26.6%	38.5%	28.2%	27.7%	3.2%	-1.5%	0.6%	2.8%	26.0%	36.7%	34.8%	35.8%	32.8%	22.2%	25.8%	23.7%	18.9%	18.9%	14.9%	8.5%	8.51%
EPS 5Y	3.4%	7.7%	5.2%	6.9%	11.2%	14.0%	25.1%	31.0%	35.9%	36.5%	31.1%	26.9%	6.7%	7.3%	8.1%	7.9%	22.3%	24.2%	22.7%	23.4%	23.36%
Net Income 3Y	28.4%	39.9%	29.3%	28.5%	3.6%	-1.4%	0.4%	2.4%	23.7%	34.6%	32.7%	34.1%	31.4%	20.8%	24.4%	22.6%	18.0%	18.4%	14.6%	8.2%	8.20%
Net Income 5Y	3.8%	7.8%	5.2%	6.9%	11.0%	13.7%	24.7%	30.9%	36.1%	36.7%	31.2%	26.9%	6.7%	6.9%	7.6%	7.5%	20.7%	22.9%	21.4%	22.1%	22.14%
EBITDA 3Y	25.7%	23.7%	16.6%	14.1%	13.2%	11.1%	12.4%	12.7%	17.1%	19.6%	19.6%	21.9%	19.4%	17.6%	18.5%	18.8%	18.2%	18.5%	18.0%	19.0%	18.98%
EBITDA 5Y	9.7%	8.7%	6.9%	7.3%	8.4%	11.7%	20.6%	23.8%	25.4%	24.2%	18.4%	16.5%	14.7%	14.3%	15.0%	15.3%	16.2%	15.7%	17.6%	19.9%	19.94%
Gross Profit 3Y	18.4%	18.3%	16.9%	17.1%	18.2%	17.8%	17.7%	16.9%	16.9%	17.4%	17.0%	16.7%	14.7%	11.9%	11.3%	11.1%	10.6%	11.1%	11.1%	11.6%	11.62%
Gross Profit 5Y	17.8%	16.7%	14.7%	14.2%	14.5%	15.3%	17.6%	17.7%	17.6%	17.3%	16.4%	16.3%	15.9%	15.3%	14.9%	14.5%	13.8%	13.2%	13.1%	13.2%	13.22%
Op. Income 3Y	25.5%	25.4%	17.5%	15.4%	14.9%	12.5%	13.7%	14.5%	20.3%	24.0%	25.2%	27.8%	24.5%	21.7%	22.4%	22.3%	21.3%	22.2%	21.3%	22.3%	22.26%
Op. Income 5Y	5.8%	5.4%	4.0%	4.8%	6.3%	10.1%	20.0%	24.5%	27.5%	27.2%	20.9%	18.8%	17.0%	16.5%	17.4%	18.2%	19.5%	19.8%	21.6%	24.2%	24.15%
FCF 3Y	66.2%	49.5%	38.8%	26.8%	18.9%	22.0%	13.5%	15.0%	15.2%	12.9%	20.4%	19.2%	18.4%	19.9%	24.5%	24.3%	24.7%	24.6%	24.8%	23.2%	23.23%
FCF 5Y	12.3%	8.7%	6.4%	10.4%	15.8%	20.1%	29.1%	36.5%	43.0%	36.6%	35.6%	25.0%	20.2%	22.2%	17.7%	20.4%	20.4%	17.6%	19.8%	19.6%	19.60%
OCF 3Y	29.7%	22.9%	17.2%	14.1%	15.3%	17.2%	12.7%	13.5%	13.6%	12.4%	17.6%	16.5%	15.8%	16.8%	20.8%	21.6%	21.8%	22.1%	21.3%	19.2%	19.23%
OCF 5Y	13.4%	10.0%	7.8%	10.8%	15.1%	18.4%	24.4%	26.3%	23.4%	21.4%	21.2%	16.7%	16.9%	18.2%	15.7%	17.7%	17.1%	15.2%	16.8%	16.5%	16.45%
Assets 3Y	22.7%	20.9%	20.3%	21.9%	17.7%	15.5%	14.5%	5.2%	5.8%	9.4%	9.0%	5.8%	7.8%	8.5%	8.0%	7.4%	7.5%	8.6%	9.1%	11.4%	11.43%
Assets 5Y	24.4%	21.5%	20.4%	20.9%	21.0%	19.5%	19.3%	17.4%	16.5%	16.4%	16.4%	14.6%	11.8%	11.8%	11.1%	7.7%	8.2%	9.3%	9.0%	8.4%	8.45%
Equity 3Y	24.5%	28.2%	26.9%	25.5%	18.5%	19.4%	20.2%	10.0%	12.1%	14.8%	14.1%	15.0%	16.4%	13.3%	13.8%	14.1%	14.0%	15.3%	14.9%	13.5%	13.52%
Book Value 3Y	22.8%	26.9%	25.8%	24.8%	18.0%	19.4%	20.4%	10.4%	14.1%	16.6%	15.8%	16.5%	17.6%	14.7%	15.1%	15.1%	14.9%	15.8%	15.2%	13.8%	13.84%
Dividend 3Y	-31.7%	-7.4%	10.0%	9.5%	17.6%	24.2%	8.4%	11.7%	13.3%	7.7%	25.3%	21.1%	15.0%	13.0%	1.3%	3.0%	5.7%	7.7%	4.5%	2.3%	2.35%

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	0.98	0.92	0.93	0.95	0.95	0.92	0.94	0.95	0.97	0.97	0.99	0.99	0.97	0.93	0.93	0.94	0.94	0.94	0.95	0.97	0.968
Earnings Stability	0.10	0.21	0.22	0.23	0.28	0.41	0.54	0.57	0.60	0.62	0.61	0.57	0.52	0.57	0.59	0.56	0.91	0.96	0.96	0.91	0.909
Margin Stability	0.92	0.91	0.94	0.97	0.97	0.95	0.92	0.90	0.91	0.89	0.91	0.92	0.91	0.93	0.93	0.92	0.92	0.92	0.91	0.91	0.907
Rev. Growth Consistency	1.00	1.00	1.00	1.00	1.00	1.00	1.00	1.00	1.00	1.00	1.00	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	0.50	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	1.00	1.00	1.00	1.00	0.00	0.000
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	0.94	0.84	0.88	0.50	0.50	0.92	0.86	0.85	0.91	0.82	0.87	0.95	0.99	1.00	0.97	0.93	0.87	0.95	0.98	0.98	0.980
Earnings Smoothness	0.85	0.67	0.74	0.57	0.42	0.81	0.70	0.68	0.81	0.64	0.71	0.88	0.97	0.99	0.93	0.83	0.73	0.87	0.95	0.95	0.949
ROE Trend	-0.09	-0.07	-0.08	-0.02	0.05	0.03	0.05	0.06	0.05	0.05	0.05	0.02	-0.01	-0.00	0.00	0.01	0.02	-0.01	-0.02	-0.03	-0.030
Gross Margin Trend	0.01	-0.00	0.00	0.01	0.02	0.01	0.03	0.03	0.05	0.07	0.07	0.07	0.06	0.05	0.04	0.03	0.03	0.03	0.03	0.04	0.043
FCF Margin Trend	0.02	-0.01	-0.05	-0.01	-0.01	-0.01	0.02	0.02	0.02	0.05	0.09	0.07	0.08	0.08	0.07	0.11	0.11	0.10	0.08	0.06	0.064
Sustainable Growth Rate	10.3%	15.0%	13.0%	14.4%	17.4%	13.6%	15.9%	17.4%	16.9%	18.7%	15.7%	13.8%	12.7%	14.1%	15.2%	15.4%	16.0%	13.4%	13.5%	12.0%	12.04%
Internal Growth Rate	6.3%	9.9%	8.3%	9.1%	11.4%	9.1%	10.8%	12.5%	12.4%	13.6%	11.0%	10.7%	9.9%	10.7%	11.6%	12.4%	13.0%	10.6%	10.6%	9.5%	9.47%

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	2.04	1.48	1.43	1.39	1.23	1.36	1.28	1.18	1.21	1.20	1.28	1.31	1.40	1.34	1.30	1.36	1.35	1.49	1.52	1.57	1.574
FCF/OCF	0.88	0.88	0.86	0.89	0.89	0.90	0.89	0.88	0.87	0.88	0.91	0.92	0.94	0.95	0.95	0.95	0.96	0.96	0.97	0.98	0.976
FCF/Net Income	snapshot only																				1.536
OCF/EBITDA	snapshot only																				1.182
CapEx/Revenue	3.6%	3.5%	3.6%	3.0%	3.0%	2.7%	3.3%	3.5%	4.1%	4.1%	3.2%	3.0%	2.3%	2.0%	2.1%	2.0%	1.8%	1.7%	1.5%	1.1%	1.06%
CapEx/Depreciation	snapshot only																				0.562
Accruals Ratio	-0.09	-0.05	-0.05	-0.05	-0.03	-0.05	-0.04	-0.03	-0.03	-0.03	-0.05	-0.05	-0.06	-0.05	-0.05	-0.06	-0.06	-0.08	-0.08	-0.08	-0.085
Sloan Accruals	snapshot only																				0.099
Cash Flow Adequacy	snapshot only																				3.491
Earnings Quality Score	snapshot only																				0.750

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	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	2.47%
Dividend/Share	$5.10	$5.28	$7.43	$7.65	$8.57	$10.28	$9.60	$10.72	$11.96	$12.32	$18.07	$18.26	$17.57	$17.41	$18.41	$19.63	$20.53	$21.34	$20.68	$20.82	$19.61
Payout Ratio	28.2%	20.8%	29.3%	27.2%	25.6%	33.1%	27.5%	27.2%	29.0%	27.2%	38.8%	41.3%	41.6%	37.6%	36.5%	36.9%	36.5%	40.8%	39.1%	41.3%	41.29%
FCF Payout Ratio	15.8%	16.1%	23.8%	21.9%	23.3%	26.8%	24.1%	26.1%	27.4%	25.8%	33.1%	34.4%	31.7%	29.7%	29.5%	28.4%	28.2%	28.4%	26.5%	26.9%	26.88%
Total Payout Ratio	1.2%	97.5%	1.0%	90.7%	59.2%	74.0%	68.1%	63.3%	57.5%	45.0%	53.1%	55.7%	70.2%	67.3%	60.9%	55.2%	42.6%	42.7%	43.9%	50.8%	50.78%
Div. Increase Streak	0	0	0	0	0	0	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1
Chowder Number	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—
Buyback Yield	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—
Net Buyback Yield	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—
Total Shareholder Return	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—

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)	0.76	0.80	0.81	0.84	0.85	0.84	0.84	0.85	0.86	0.86	0.87	0.84	0.83	0.83	0.83	0.83	0.83	0.83	0.82	0.80	0.798
Interest Burden (EBT/EBIT)	1.08	1.29	1.18	1.17	1.32	1.24	1.27	1.34	1.23	1.23	1.25	1.18	1.16	1.21	1.20	1.20	1.23	1.16	1.10	0.99	0.991
EBIT Margin	0.18	0.19	0.19	0.20	0.21	0.20	0.22	0.23	0.25	0.27	0.27	0.27	0.27	0.28	0.30	0.31	0.32	0.31	0.33	0.35	0.352
Asset Turnover	0.57	0.59	0.59	0.58	0.60	0.59	0.58	0.59	0.59	0.58	0.56	0.61	0.59	0.55	0.54	0.56	0.56	0.54	0.53	0.53	0.529
Equity Multiplier	1.73	1.67	1.69	1.73	1.69	1.63	1.64	1.56	1.53	1.57	1.58	1.43	1.41	1.45	1.46	1.40	1.38	1.40	1.40	1.39	1.392

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)	$18.05	$25.36	$25.35	$28.08	$33.52	$31.11	$34.85	$39.47	$41.22	$45.21	$46.62	$44.24	$42.24	$46.31	$50.47	$53.20	$56.28	$52.29	$52.88	$50.43	$50.43
Book Value/Share	$124.61	$143.44	$147.27	$152.52	$159.95	$160.18	$166.81	$175.85	$184.60	$191.02	$195.84	$201.00	$202.90	$216.28	$224.30	$232.66	$242.37	$248.46	$255.20	$259.42	$267.76
Tangible Book/Share	$118.49	$132.42	$141.01	$146.23	$153.67	$147.33	$160.48	$169.47	$178.28	$179.01	$189.61	$194.82	$196.45	$204.68	$217.84	$226.27	$236.04	$242.19	$248.98	$259.42	$259.42
Revenue/Share	$123.44	$131.82	$136.67	$141.10	$144.99	$147.59	$150.45	$152.11	$156.45	$159.03	$161.99	$163.90	$162.27	$164.21	$167.28	$170.59	$173.46	$174.46	$177.22	$180.84	$181.82
FCF/Share	$32.37	$32.83	$31.24	$34.92	$36.73	$38.34	$39.76	$41.05	$43.62	$47.73	$54.61	$53.09	$55.42	$58.62	$62.36	$69.04	$72.73	$75.16	$77.93	$77.46	$78.64
OCF/Share	$36.84	$37.51	$36.14	$39.14	$41.09	$42.38	$44.72	$46.44	$50.05	$54.30	$59.84	$57.95	$59.07	$61.88	$65.85	$72.41	$75.89	$78.05	$80.59	$79.38	$80.58
Cash/Share	$135.84	$146.76	$154.55	$168.73	$176.45	$179.65	$184.93	$168.99	$170.52	$194.77	$207.11	$188.63	$190.37	$214.56	$218.49	$228.15	$231.26	$258.74	$264.78	$279.21	$280.68
EBITDA/Share	$27.10	$29.63	$31.47	$33.06	$34.50	$34.39	$37.64	$39.53	$43.76	$47.28	$47.17	$48.45	$47.61	$49.91	$54.16	$56.92	$58.26	$57.89	$62.36	$67.13	$67.13
Debt/Share	$29.17	$32.64	$38.98	$47.47	$44.02	$43.53	$47.79	$24.37	$17.92	$31.48	$38.89	$20.90	$16.92	$19.99	$15.32	$17.54	$11.40	$9.90	$16.97	$19.57	$19.57
Net Debt/Share	$-106.67	$-114.11	$-115.57	$-121.26	$-132.43	$-136.12	$-137.14	$-144.62	$-152.60	$-163.28	$-168.22	$-167.73	$-173.44	$-194.57	$-203.18	$-210.62	$-219.86	$-248.84	$-247.80	$-259.64	$-259.64

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	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—
Piotroski F-Score	7	8	8	8	8	7	8	9	9	9	9	8	7	6	9	8	8	8	6	6	6
Beneish M-Score	-2.65	-2.59	-2.59	-2.55	-2.68	-2.87	-2.54	-2.59	-2.44	-2.01	-2.54	-2.56	-2.82	-2.78	-2.77	-2.84	-2.83	-3.23	-2.93	-2.94	-2.940
Ohlson O-Score	snapshot only																				-13.076
ROIC (Greenblatt)	snapshot only																				28.38%
Net-Net WC	snapshot only																				$204.03

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																				AA-
Credit Score	78.75	78.75	78.75	77.75	78.75	78.75	78.75	80.25	80.25	80.25	80.25	80.25	80.25	80.25	80.25	80.25	80.25	80.25	80.25	80.25	80.250
Credit Grade	snapshot only																				4
Credit Trend	snapshot only																				0.000
Implied Spread (bps)	snapshot only																				100.000

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