$20.21

+0.75 (+3.85%)

Weekly Expected Move ±5.0%

$18 $19 $20 $21 $22

NYSE · Industrials · Waste Management · Tech Score Sell · Power 35 · $569.7M mcap · 82M float · 0.895% 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.

NO EDGE

29.4 / 100

NoneWeakNarrowWide

Primary source: Efficient Scale · ROIC: -22.8% · 5Y Avg: -10.0%

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. NVRI has No discernible competitive edge (29.4/100). The business operates without significant structural advantages. The primary source of advantage is Efficient Scale. Negative ROIC of -22.8% indicates the company is currently destroying value, though this may reflect a growth investment phase.

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

$24

Low

$24

Avg Target

$24

High

Based on 1 analyst since Aug 11, 2026 earnings

Analyst Recommendations

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

Rating Summary

ConsensusHold

Avg Target$24.00

Analysts1

Consensus Change History

Date	Field	From	To
2026-06-06	_new_coverage	None	ADDED
2026-06-03	_lost_coverage	EXISTED	None

Price Target Change History

Date	Firm	Analyst	Old	New	Change	Upside @ Call	Stock@Call
2026-08-12	BMO Capital	—	$20	$24	+4	+19.2%	$20.14
2026-05-12	BMO Capital	Devin Dodge	$9	$20	+10	+2.3%	$19.06
2026-02-25	Lake Street	Rob Brown	Initiated	$25	—	+42.6%	$17.53
2024-06-21	BMO Capital	Devin Dodge	$8	$9	+0	-0.4%	$9.04
2024-06-21	Stifel Nicolaus	Michael Hoffman	Initiated	$13	—	+43.8%	$9.04
2024-05-03	BMO Capital	Devin Dodge	Initiated	$8	—	+14.9%	$7.40

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 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. NVRI receives an overall rating of C-. Strongest factors: P/B (4/5). Areas of concern: DCF (1/5), 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-
2026-08-11	D+	C
2026-06-11	None	ADDED
2026-06-07	EXISTED	None
2026-06-02	None	ADDED
2026-06-02	EXISTED	None
2026-01-03	C-	D+

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.

★ ★ ★ ★ ★ 13 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. NVRI scores highest in Balance Sheet (51/100) and lowest in Profitability (0/100). 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

1.10

Distress Zone

Piotroski F-Score

5/9

✗ ✗ ✗ ✓ ✓ ✓ ✓ ✗ ✓

Beneish M-Score

-3.69

Unlikely Manipulator

Ohlson O-Score

-4.79

Bankruptcy prob: 0.8%

Low Risk

Credit Rating

Score: 29.2/100

Trend: Improving

Earnings Quality

—

OCF/NI: 0.46x

Accruals: -12.4%

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. NVRI scores 1.10, 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. NVRI scores 5/9, 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. NVRI's score of -3.69 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. NVRI's implied 0.8% 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. NVRI receives an estimated rating of B (score: 29.2/100), with a improving 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

-1.35x

PEG

0.04x

P/S

0.77x

P/B

0.82x

P/FCF

-1.63x

P/OCF

—

EV/EBITDA

-9.06x

EV/Revenue

0.42x

EV/EBIT

-2.96x

EV/FCF

-2.08x

Earnings Yield

-85.10%

FCF Yield

-61.32%

Shareholder Yield

6.32%

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. NVRI 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

1.368

NI / EBT

Interest Burden

1.441

EBT / EBIT

EBIT Margin

-0.140

EBIT / Rev

Asset Turnover

0.832

Rev / Assets

Equity Multiplier

4.243

Assets / Equity

ROE

-97.6%

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. NVRI's ROE of -97.6% is driven by financial leverage (equity multiplier: 4.24x). Note: high leverage means ROE is amplified by debt rather than operational performance. A tax burden ratio of 1.37 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

$20.20

Median 1Y

$13.21

5th Pctile

$2.43

95th Pctile

$72.25

Ann. Volatility

93.0%

Analyst Target

$24.00

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

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	2.1%	-0.5%	-6.3%	-25.2%	-26.4%	-27.3%	-23.2%	-9.5%	-12.0%	-15.8%	-17.7%	-18.2%	-18.9%	-27.4%	-27.1%	-36.5%	-39.4%	-51.3%	1.3%	-97.6%	-97.56%
ROA	0.5%	-0.1%	-1.4%	-5.6%	-5.8%	-6.2%	-5.1%	-2.0%	-2.4%	-3.1%	-3.4%	-3.4%	-3.5%	-4.6%	-4.5%	-5.7%	-6.0%	-6.4%	-7.7%	-23.0%	-22.99%
ROIC	1.8%	2.6%	2.0%	-2.7%	-2.5%	-2.3%	-1.4%	3.9%	3.8%	0.0%	-0.2%	-0.4%	0.0%	1.3%	1.5%	-0.1%	-0.9%	0.9%	-0.6%	-22.8%	-22.76%
ROCE	4.1%	3.5%	3.0%	-2.2%	-2.3%	-2.2%	-1.5%	3.9%	3.5%	2.7%	2.4%	2.5%	2.9%	0.5%	0.6%	-0.8%	-1.8%	0.6%	-1.4%	-22.4%	-22.36%
Gross Margin	20.2%	12.0%	16.7%	16.2%	19.3%	18.8%	19.4%	22.1%	21.1%	13.5%	20.3%	21.3%	20.7%	12.4%	22.7%	17.6%	21.0%	15.6%	19.2%	-84.5%	-84.46%
Operating Margin	5.7%	-1.3%	1.7%	-20.2%	6.2%	0.4%	5.7%	5.5%	4.8%	-15.7%	4.3%	5.1%	6.5%	-11.2%	5.6%	-1.3%	2.9%	-3.3%	0.1%	-1.3%	-1.30%
Net Margin	1.6%	-11.8%	-8.8%	-22.0%	0.4%	-7.8%	-1.7%	-1.9%	-1.8%	-9.1%	-3.0%	-2.2%	-2.3%	-14.9%	-2.4%	-8.5%	-3.9%	-15.7%	-1.9%	-2.1%	-2.11%
EBITDA Margin	15.6%	21.1%	11.6%	-10.6%	14.6%	9.3%	11.9%	11.4%	11.0%	4.4%	10.9%	11.9%	13.4%	-4.4%	12.3%	7.4%	9.6%	5.3%	6.5%	-1.1%	-1.10%
FCF Margin	-4.9%	-5.4%	-6.4%	1.5%	0.4%	0.7%	4.8%	-3.8%	-2.9%	-1.1%	-2.7%	-0.3%	-1.6%	-2.5%	-2.1%	-3.2%	-1.2%	-1.8%	-2.6%	-19.9%	-19.92%
OCF Margin	3.1%	4.5%	3.8%	11.0%	9.6%	8.0%	11.1%	2.9%	2.9%	4.8%	3.3%	5.3%	4.6%	3.3%	3.6%	3.0%	4.4%	4.5%	3.6%	-12.7%	-12.71%
ROE 3Y Avg	snapshot only																				-45.81%
ROE 5Y Avg	snapshot only																				-34.88%
ROA 3Y Avg	snapshot only																				-13.05%
ROIC 3Y Avg	snapshot only																				-11.46%
ROIC Economic	snapshot only																				-18.15%
Cash ROA	snapshot only																				-13.79%
Cash ROIC	snapshot only																				-27.89%
CROIC	snapshot only																				-43.71%
NOPAT Margin	snapshot only																				-10.37%
Pretax Margin	snapshot only																				-20.21%
R&D / Revenue	snapshot only																				0.14%
SGA / Revenue	snapshot only																				13.09%
SBC / Revenue	snapshot only																				1.15%

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	92.03	-411.93	-22.47	-3.49	-1.77	-2.78	-3.63	-14.17	-8.42	-8.35	-7.74	-7.15	-8.37	-4.83	-4.33	-4.45	-6.15	-8.52	-3.28	-1.18	-1.352
P/S Ratio	0.72	0.84	0.61	0.35	0.18	0.26	0.27	0.37	0.26	0.30	0.30	0.29	0.35	0.26	0.23	0.31	0.46	0.65	0.25	0.32	0.773
P/B Ratio	1.96	1.79	1.34	0.95	0.52	0.88	0.96	1.36	1.02	1.37	1.46	1.42	1.71	1.50	1.31	1.86	2.83	5.71	-0.84	0.89	0.819
P/FCF	-14.73	-15.54	-9.45	22.71	49.18	37.70	5.71	-9.71	-9.00	-28.71	-11.19	-104.20	-22.12	-10.53	-11.09	-9.91	-36.75	-36.34	-9.56	-1.63	-1.631
P/OCF	23.34	18.54	15.91	3.20	1.90	3.32	2.45	12.92	8.80	6.28	9.27	5.46	7.53	7.91	6.41	10.56	10.31	14.35	6.77	—	—
EV/EBITDA	10.33	10.86	10.08	16.02	14.32	16.17	14.69	8.76	8.18	9.31	9.64	9.23	9.44	11.06	10.47	13.95	18.41	16.30	13.58	-9.06	-9.056
EV/Revenue	1.45	1.72	1.52	1.18	1.02	0.99	0.96	1.03	0.90	0.90	0.91	0.89	0.96	0.90	0.88	1.00	1.15	1.41	0.98	0.42	0.415
EV/EBIT	27.43	31.91	32.91	-38.76	-33.64	-39.26	-59.13	25.36	25.68	36.44	41.18	39.62	36.40	199.61	149.24	-132.81	-66.39	269.66	-131.51	-2.96	-2.961
EV/FCF	-29.66	-31.73	-23.61	76.13	274.38	141.38	20.08	-27.09	-31.38	-85.07	-33.60	-320.89	-60.86	-35.89	-41.73	-31.80	-92.46	-78.86	-38.08	-2.08	-2.085
Earnings Yield	1.1%	-0.2%	-4.4%	-28.7%	-56.4%	-36.0%	-27.5%	-7.1%	-11.9%	-12.0%	-12.9%	-14.0%	-12.0%	-20.7%	-23.1%	-22.5%	-16.3%	-11.7%	-30.5%	-85.1%	-85.10%
FCF Yield	-6.8%	-6.4%	-10.6%	4.4%	2.0%	2.7%	17.5%	-10.3%	-11.1%	-3.5%	-8.9%	-1.0%	-4.5%	-9.5%	-9.0%	-10.1%	-2.7%	-2.8%	-10.5%	-61.3%	-61.32%
PEG Ratio	snapshot only																				0.045
Price/Tangible Book	snapshot only																				2.069
EV/Gross Profit	snapshot only																				5.025
Shareholder Yield	snapshot only																				6.32%

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	1.53	1.45	1.50	1.32	1.35	1.29	1.28	1.36	1.40	1.26	1.36	1.32	1.30	1.25	1.28	1.19	1.20	1.14	1.54	1.43	1.435
Quick Ratio	1.25	1.34	1.37	1.18	1.21	1.15	1.15	1.22	1.26	0.97	1.03	1.00	0.99	0.93	0.94	0.88	0.90	0.85	1.18	1.19	1.192
Debt/Equity	2.09	1.97	2.13	2.40	2.51	2.56	2.57	2.60	2.71	2.94	3.13	3.18	3.23	3.83	3.86	4.37	4.62	7.08	-2.66	0.62	0.619
Net Debt/Equity	1.98	1.86	2.01	2.24	2.37	2.42	2.41	2.44	2.54	2.70	2.92	2.96	3.00	3.62	3.61	4.11	4.30	6.68	—	0.25	0.247
Debt/Assets	0.48	0.48	0.51	0.51	0.52	0.52	0.52	0.53	0.54	0.54	0.56	0.56	0.56	0.59	0.59	0.59	0.60	0.67	1.06	0.25	0.245
Debt/EBITDA	5.48	5.87	6.40	12.06	12.46	12.56	11.22	5.98	6.22	6.71	6.88	6.70	6.47	8.28	8.22	10.21	11.92	9.33	10.82	-4.93	-4.929
Net Debt/EBITDA	5.20	5.54	6.05	11.24	11.75	11.86	10.52	5.62	5.83	6.17	6.43	6.23	6.01	7.82	7.68	9.60	11.09	8.79	10.17	-1.97	-1.971
Interest Coverage	1.63	1.43	1.24	-0.80	-0.76	-0.66	-0.39	0.92	0.76	0.52	0.46	0.46	0.52	0.09	0.11	-0.14	-0.34	0.10	-0.15	-2.83	-2.825
Equity Multiplier	4.37	4.08	4.22	4.72	4.82	4.90	4.96	4.94	5.03	5.46	5.57	5.70	5.79	6.44	6.58	7.36	7.74	10.62	-2.52	2.52	2.524
Cash Ratio	snapshot only																				0.460
Debt Service Coverage	snapshot only																				-0.924
Cash to Debt	snapshot only																				0.600
FCF to Debt	snapshot only																				-0.881
Defensive Interval	snapshot only																				485.8 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	0.63	0.53	0.53	0.55	0.56	0.65	0.68	0.75	0.80	0.84	0.86	0.86	0.85	0.85	0.84	0.81	0.80	0.84	1.03	0.83	0.832
Inventory Turnover	9.10	19.60	10.53	11.20	11.11	20.46	20.16	20.52	21.51	14.15	14.13	14.26	13.76	10.25	9.64	9.53	9.35	9.99	10.24	10.39	10.392
Receivables Turnover	4.58	4.34	3.97	4.65	4.67	5.88	5.98	7.46	8.46	7.09	8.15	7.03	7.43	7.06	7.17	6.69	6.76	7.45	8.02	6.96	6.959
Payables Turnover	6.59	7.36	6.54	6.38	6.25	7.93	7.84	7.99	8.76	8.54	8.64	8.78	8.62	8.31	8.09	7.76	7.37	7.97	8.97	8.66	8.664
DSO	80	84	92	78	78	62	61	49	43	51	45	52	49	52	51	55	54	49	45	52	52.5 days
DIO	40	19	35	33	33	18	18	18	17	26	26	26	27	36	38	38	39	37	36	35	35.1 days
DPO	55	50	56	57	58	46	47	46	42	43	42	42	42	44	45	47	50	46	41	42	42.1 days
Cash Conversion Cycle	64	53	71	54	53	34	33	21	18	35	28	36	33	43	44	46	44	40	40	45	45.4 days
Fixed Asset Turnover	snapshot only																				4.291
Operating Cycle	snapshot only																				87.6 days
Cash Velocity	snapshot only																				7.373
Capital Intensity	snapshot only																				0.922

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	8.0%	-14.5%	-16.5%	-16.8%	-14.2%	18.7%	25.0%	32.0%	37.4%	25.2%	20.5%	13.3%	6.6%	-1.0%	-4.8%	-6.8%	-5.8%	-4.3%	-2.1%	-16.7%	-16.70%
Net Income	19.3%	92.7%	-64.1%	-67.8%	-12.3%	-54.4%	-2.5%	65.7%	59.2%	52.2%	36.9%	-73.9%	-44.7%	-48.6%	-30.5%	-62.8%	-68.1%	-33.6%	-36.3%	-2.3%	-2.28%
EPS	19.0%	92.8%	-63.5%	-68.9%	-12.4%	-54.8%	-2.5%	65.9%	59.3%	52.4%	37.1%	-73.2%	-44.1%	-48.0%	-29.9%	-61.8%	-67.1%	-31.9%	-2.9%	-8.6%	-8.57%
FCF	26.2%	-29.4%	-32.5%	1.3%	1.1%	1.2%	1.9%	-4.3%	-11.6%	-2.9%	-1.7%	91.8%	41.5%	-1.3%	26.3%	-9.6%	25.7%	31.7%	-19.9%	-4.3%	-4.27%
EBITDA	19.3%	14.6%	-0.7%	-53.3%	-56.3%	-53.9%	-45.9%	1.1%	1.1%	97.2%	74.8%	-8.0%	-1.8%	-16.8%	-15.7%	-30.2%	-42.1%	1.8%	-15.7%	-1.5%	-1.53%
Op. Income	1.9%	2.5%	56.4%	-2.1%	-1.7%	-1.8%	-1.6%	2.5%	2.6%	1.0%	81.6%	-1.1%	-99.9%	—	7.0%	78.2%	-292.7%	-31.5%	-1.2%	-131.0%	-130.98%
OCF Growth	snapshot only																				-4.58%
Asset Growth	snapshot only																				-37.81%
Equity Growth	snapshot only																				81.44%
Debt Growth	snapshot only																				-74.32%
Shares Change	snapshot only																				-65.70%
Dividend Growth	snapshot only																				-1.00%

Growth (CAGR)

Metric	Q3'21	Q4'21	Q1'22	Q2'22	Q3'22	Q4'22	Q1'23	Q2'23	Q3'23	Q4'23	Q1'24	Q2'24	Q3'24	Q4'24	Q1'25	Q2'25	Q3'25	Q4'25	Q1'26	Q2'26	Current
Revenue 3Y	2.9%	-2.6%	-3.2%	-1.4%	-0.6%	5.2%	8.3%	8.4%	8.4%	8.3%	8.0%	7.6%	7.9%	13.7%	12.8%	11.7%	11.3%	5.9%	4.0%	-4.2%	-4.20%
Revenue 5Y	5.1%	1.9%	1.7%	1.5%	1.5%	3.3%	4.0%	4.8%	5.1%	6.6%	6.4%	7.4%	7.5%	7.6%	7.8%	6.1%	5.1%	3.8%	3.2%	-0.7%	-0.68%
EPS 3Y	-35.6%	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—
EPS 5Y	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—
Net Income 3Y	-36.5%	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—
Net Income 5Y	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—
EBITDA 3Y	-2.2%	-2.0%	-2.9%	-20.9%	-21.9%	-22.0%	-17.3%	1.2%	3.4%	1.4%	-2.1%	-3.0%	-3.1%	-8.9%	-7.3%	10.9%	6.5%	18.6%	7.5%	—	—
EBITDA 5Y	7.7%	15.1%	11.0%	-8.2%	-12.5%	-16.0%	-13.9%	-1.6%	-2.8%	-3.0%	-2.8%	-0.7%	-0.2%	-4.9%	-3.6%	-7.8%	-8.8%	-2.5%	-7.8%	—	—
Gross Profit 3Y	-4.4%	-11.3%	-13.5%	-13.1%	-12.7%	-4.8%	1.2%	6.2%	10.4%	8.1%	7.7%	6.4%	6.1%	13.3%	15.3%	14.6%	14.9%	8.7%	3.8%	-28.6%	-28.65%
Gross Profit 5Y	5.2%	1.5%	-0.4%	-4.5%	-5.3%	-2.8%	-1.5%	0.7%	1.1%	0.7%	0.8%	1.9%	2.0%	2.5%	4.4%	3.0%	4.0%	3.9%	2.1%	-16.5%	-16.51%
Op. Income 3Y	-23.4%	-28.5%	-32.8%	—	—	—	—	11.7%	50.2%	—	—	—	-90.2%	-23.1%	-14.4%	—	—	—	—	—	—
Op. Income 5Y	12.9%	1.9%	-6.6%	—	—	—	—	-9.7%	-12.3%	—	—	—	-77.9%	-23.7%	-15.7%	—	—	2.0%	—	—	—
FCF 3Y	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—
FCF 5Y	—	—	—	-24.3%	-35.5%	-29.9%	7.4%	—	—	—	—	—	—	—	—	—	—	—	—	—	—
OCF 3Y	-32.4%	-27.8%	-34.3%	5.4%	2.1%	—	—	56.2%	—	28.6%	23.2%	40.3%	23.6%	2.6%	10.9%	-27.9%	-14.1%	-12.3%	-28.4%	—	—
OCF 5Y	-15.7%	-14.7%	-17.2%	-0.2%	2.6%	-3.2%	4.9%	-19.2%	-19.1%	-9.8%	-18.2%	-3.4%	-5.6%	—	—	32.9%	—	13.5%	14.1%	—	—
Assets 3Y	22.3%	23.2%	20.6%	3.4%	2.7%	5.6%	6.4%	-0.8%	-1.2%	-1.6%	-2.3%	-2.9%	-2.7%	-4.6%	-4.1%	-0.3%	0.3%	-1.0%	-16.3%	-15.5%	-15.47%
Assets 5Y	12.5%	14.1%	13.7%	11.2%	10.6%	12.1%	12.3%	12.1%	11.3%	11.8%	9.9%	1.8%	1.8%	2.3%	2.8%	-1.1%	-1.1%	-2.0%	-11.1%	-10.6%	-10.63%
Equity 3Y	38.5%	40.8%	36.1%	25.4%	-6.6%	-8.4%	-7.1%	-6.9%	-7.6%	-7.3%	-8.8%	-11.2%	-11.4%	-18.1%	-17.3%	-14.1%	-14.3%	-23.5%	—	5.7%	5.74%
Book Value 3Y	40.6%	42.6%	37.3%	25.9%	-6.0%	-8.2%	-7.5%	-7.2%	-7.9%	-7.7%	-9.1%	-11.0%	-11.3%	-18.1%	-17.6%	-14.5%	-14.7%	-24.0%	—	50.5%	50.54%
Dividend 3Y	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—

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	0.83	0.28	0.20	0.29	0.34	0.32	0.31	0.32	0.29	0.43	0.44	0.58	0.64	0.78	0.80	0.71	0.62	0.62	0.58	0.01	0.010
Earnings Stability	0.04	0.02	0.01	0.02	0.14	0.19	0.21	0.20	0.36	0.47	0.51	0.43	0.57	0.55	0.57	0.56	0.53	0.48	0.70	0.58	0.578
Margin Stability	0.87	0.86	0.86	0.86	0.84	0.86	0.87	0.87	0.85	0.85	0.85	0.86	0.86	0.88	0.91	0.92	0.93	0.97	0.97	0.71	0.709
Rev. Growth Consistency	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	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.000
Earn. Growth Consistency	0.50	0.50	0.00	0.00	0.00	0.00	0.00	0.50	0.50	0.50	0.50	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.000
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	0.50	0.50	0.50	0.50	0.20	0.50	0.50	0.50	0.50	0.50	0.85	0.50	0.82	0.81	0.88	0.50	0.50	0.87	0.85	0.50	0.500
Earnings Smoothness	0.00	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—
ROE Trend	-0.34	-0.31	-0.37	-0.58	-0.30	-0.28	-0.21	0.04	0.01	-0.00	-0.03	-0.01	0.00	-0.07	-0.08	-0.27	-0.30	-0.43	—	-0.45	-0.448
Gross Margin Trend	-0.02	-0.03	-0.03	-0.03	-0.03	-0.01	-0.00	0.02	0.02	0.01	0.01	0.01	0.00	0.00	0.00	-0.01	-0.01	0.00	-0.01	-0.10	-0.104
FCF Margin Trend	-0.00	0.02	0.02	0.08	0.06	0.05	0.10	-0.02	-0.01	0.01	-0.02	0.01	-0.00	-0.02	-0.03	-0.01	0.01	-0.00	-0.00	-0.18	-0.182
Sustainable Growth Rate	2.1%	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—
Internal Growth Rate	0.5%	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—

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	3.94	-22.22	-1.41	-1.09	-0.93	-0.84	-1.48	-1.10	-0.96	-1.33	-0.83	-1.31	-1.11	-0.61	-0.68	-0.42	-0.60	-0.59	-0.48	0.46	0.460
FCF/OCF	-1.58	-1.19	-1.68	0.14	0.04	0.09	0.43	-1.33	-0.98	-0.22	-0.83	-0.05	-0.34	-0.75	-0.58	-1.07	-0.28	-0.39	-0.71	1.57	1.567
FCF/Net Income	snapshot only																				0.721
CapEx/Revenue	8.0%	9.9%	10.3%	9.4%	9.3%	7.3%	6.3%	6.7%	5.8%	5.9%	6.0%	5.5%	6.2%	5.8%	5.7%	6.1%	5.7%	6.3%	6.2%	7.2%	7.21%
CapEx/Depreciation	snapshot only																				0.764
Accruals Ratio	-0.01	-0.02	-0.03	-0.12	-0.11	-0.11	-0.13	-0.04	-0.05	-0.07	-0.06	-0.08	-0.07	-0.07	-0.08	-0.08	-0.10	-0.10	-0.11	-0.12	-0.124
Sloan Accruals	snapshot only																				-0.026
Cash Flow Adequacy	snapshot only																				-1.763

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	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.5%	0.7%	0.8%	0.6%	0.0%	0.0%	0.0%	0.0%	0.00%
Dividend/Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.05	$0.05	$0.05	$0.05	$0.00	$0.00	$0.00	$0.00	$0.00
Payout Ratio	0.0%	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—
FCF Payout Ratio	—	—	—	0.0%	0.0%	0.0%	0.0%	—	—	—	—	—	—	—	—	—	—	—	—	—	—
Total Payout Ratio	0.8%	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—
Div. Increase Streak	—	—	—	—	—	—	—	—	—	—	—	—	0	0	0	0	—	—	—	—	—
Chowder Number	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—
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%	6.3%	6.32%
Net 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%	6.3%	6.32%
Total Shareholder Return	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.5%	0.7%	0.8%	0.6%	0.0%	0.0%	0.0%	6.3%	6.32%

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)	0.50	-0.17	-3.43	1.46	1.45	1.46	1.27	6.58	2.77	1.61	1.53	1.55	1.81	1.26	1.27	1.13	1.04	1.28	1.03	1.37	1.368
Interest Burden (EBT/EBIT)	0.30	0.23	0.17	2.27	2.34	2.58	3.63	-0.10	-0.32	-0.91	-1.16	-1.16	-0.87	-9.64	-7.20	8.22	4.14	-11.42	9.78	1.44	1.441
EBIT Margin	0.05	0.05	0.05	-0.03	-0.03	-0.03	-0.02	0.04	0.04	0.02	0.02	0.02	0.03	0.00	0.01	-0.01	-0.02	0.01	-0.01	-0.14	-0.140
Asset Turnover	0.63	0.53	0.53	0.55	0.56	0.65	0.68	0.75	0.80	0.84	0.86	0.86	0.85	0.85	0.84	0.81	0.80	0.84	1.03	0.83	0.832
Equity Multiplier	4.24	4.30	4.37	4.52	4.57	4.44	4.55	4.83	4.93	5.17	5.25	5.29	5.38	5.89	6.02	6.43	6.62	8.04	-17.44	4.24	4.243

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)	$0.18	$-0.04	$-0.54	$-2.04	$-2.11	$-2.26	$-1.88	$-0.70	$-0.86	$-1.08	$-1.18	$-1.21	$-1.24	$-1.60	$-1.54	$-1.95	$-2.06	$-2.10	$-5.98	$-18.68	$-18.68
Book Value/Share	$8.66	$9.34	$9.11	$7.46	$7.22	$7.16	$7.15	$7.24	$7.06	$6.55	$6.27	$6.06	$6.04	$5.13	$5.09	$4.67	$4.48	$3.14	$-23.42	$24.69	$24.69
Tangible Book/Share	$-7.66	$-6.71	$-6.93	$-6.90	$-6.82	$-6.81	$-6.77	$-6.60	$-6.59	$-7.33	$-7.38	$-7.43	$-7.34	$-7.81	$-7.85	$-8.31	$-8.38	$-9.56	$-37.28	$10.61	$10.61
Revenue/Share	$23.60	$19.87	$20.13	$20.24	$20.44	$23.74	$25.08	$26.62	$27.99	$29.62	$30.09	$30.03	$29.73	$29.20	$28.51	$27.82	$27.82	$27.60	$79.79	$67.56	$26.66
FCF/Share	$-1.15	$-1.08	$-1.30	$0.31	$0.08	$0.17	$1.20	$-1.02	$-0.80	$-0.31	$-0.82	$-0.08	$-0.47	$-0.73	$-0.60	$-0.88	$-0.35	$-0.49	$-2.05	$-13.46	$-13.17
OCF/Share	$0.73	$0.90	$0.77	$2.22	$1.97	$1.89	$2.78	$0.76	$0.82	$1.43	$0.99	$1.58	$1.37	$0.97	$1.04	$0.82	$1.23	$1.25	$2.90	$-8.59	$-11.22
Cash/Share	$0.94	$1.04	$1.07	$1.22	$1.03	$1.02	$1.15	$1.12	$1.20	$1.56	$1.30	$1.34	$1.38	$1.10	$1.28	$1.21	$1.43	$1.28	$3.76	$9.16	$9.16
EBITDA/Share	$3.30	$3.14	$3.04	$1.49	$1.46	$1.46	$1.64	$3.14	$3.08	$2.87	$2.85	$2.88	$3.01	$2.37	$2.39	$2.00	$1.73	$2.39	$5.76	$-3.10	$-3.10
Debt/Share	$18.11	$18.45	$19.43	$17.94	$18.15	$18.32	$18.36	$18.80	$19.15	$19.23	$19.61	$19.29	$19.48	$19.65	$19.64	$20.40	$20.67	$22.25	$62.32	$15.27	$15.27
Net Debt/Share	$17.17	$17.41	$18.35	$16.72	$17.13	$17.30	$17.21	$17.68	$17.95	$17.67	$18.31	$17.95	$18.10	$18.55	$18.37	$19.19	$19.24	$20.97	$58.56	$6.11	$6.11

Academic Models

Metric	Q3'21	Q4'21	Q1'22	Q2'22	Q3'22	Q4'22	Q1'23	Q2'23	Q3'23	Q4'23	Q1'24	Q2'24	Q3'24	Q4'24	Q1'25	Q2'25	Q3'25	Q4'25	Q1'26	Q2'26	Current
Altman Z-Score	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	1.100
Altman Z-Prime	snapshot only																				0.503
Piotroski F-Score	7	3	2	3	3	5	4	6	6	4	6	3	3	3	3	2	3	3	5	5	5
Beneish M-Score	-2.43	-1.25	-2.73	-3.36	-3.44	-2.79	-3.36	-2.66	-2.76	-2.21	-2.52	-2.66	-2.38	-2.99	-3.00	-2.66	-2.88	-3.14	-3.46	-3.69	-3.693
Ohlson O-Score	snapshot only																				-4.790
ROIC (Greenblatt)	snapshot only																				-38.81%
Net-Net WC	snapshot only																				$-9.01
EVA	snapshot only																				$-278995000.00

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	37.64	34.64	27.35	21.28	21.65	21.52	24.19	31.71	30.89	29.28	29.46	28.22	27.05	26.22	21.22	16.16	18.44	24.27	20.00	29.20	29.203
Credit Grade	snapshot only																				15
Credit Trend	snapshot only																				13.039
Implied Spread (bps)	snapshot only																				750.000
Industry Credit Rank	snapshot only																				25
Sector Credit Rank	snapshot only																				14

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Valuation

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Graham-Dodd Adjusted Valuation

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Growth Trends (YoY %)

Earnings Stability

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