Also trades as: REL.L (LSE) · $vol 172M · REN.AS (AMS) · $vol 41M · RLXXF (OTC) · $vol 1M · RDEB.DE (XETRA) · $vol 0M

$38.99

-1.19 (-2.96%)

After Hours: $39.30 (+0.31, +0.80%)

Weekly Expected Move ±3.1%

$38 $39 $41 $42 $43

NYSE · Industrials · Specialty Business Services · Tech Score Strong Buy · Power 72 · $68.7B mcap · 1.74B float · 0.142% daily turnover · Short 34% of daily vol

Credit Risk of going bust: lower than 68% of companies Debt: 14.5% of company value Bonds: none of note held by US funds details ▾

If the stock fell to about $0.62 (down 98%), RELX Plc would be worth roughly what it owes.
Total debt $11.89B against a stock market value of $70.02B.
Distance to default 7.33 (Merton model): prices to 2026-10-26, balance sheet 2026-06-30, debt counted $7.45B (short-term plus half of long-term), stock volatility 35.0%; Altman Z'' -0.08. 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 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

Analyst Recommendations

Strong Buy: 0Buy: 4Hold: 3Sell: 0Strong Sell: 0

Rating Summary

ConsensusBuy

Avg Target$—

Analysts0

Price Target Change History

Date	Firm	Analyst	Old	New	Change	Upside @ Call	Stock@Call
2022-09-26	JonesTrading	—	Initiated	$28	—	+17.4%	$23.86
2022-05-12	Morgan Stanley	—	Initiated	$24	—	-11.9%	$27.25

Financial Rating

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

B+

Oct 27, 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. RELX receives an overall rating of B+. Strongest factors: DCF (4/5), ROE (5/5), ROA (5/5). Areas of concern: D/E (1/5), P/B (1/5).

Rating Change History

Date	From	To
2026-05-15	A-	B+
2026-05-14	B+	A-
2026-02-17	B	B+
2026-02-13	B+	B
2026-01-03	B	B+

InsiderStreet Scorecard

Proprietary multi-factor scorecard rating companies across seven fundamental dimensions — profitability, balance sheet strength, earnings quality, growth, value, momentum, and safety — each scored 0–100.

★ ★ ★ ★ ★ — Grade B

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

5/9

✓ ✓ ✓ ✓ ✗ ✗ ✓ ✗ ✗

Beneish M-Score

-2.59

Unlikely Manipulator

Ohlson O-Score

-5.61

Bankruptcy prob: 0.4%

Low Risk

Credit Rating

Score: 70.2/100

Trend: Improving

Earnings Quality

100/100

OCF/NI: 1.31x

Accruals: -4.8%

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. RELX 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. RELX's score of -2.59 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. RELX's implied 0.4% 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. RELX receives an estimated rating of A (score: 70.2/100), with a improving 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). RELX's score of 100/100 is high — cash flows strongly support reported earnings.

Valuation

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

P/E

23.33x

PEG

1.10x

P/S

5.25x

P/B

42.41x

P/FCF

—

P/OCF

—

EV/EBITDA

—

EV/Revenue

—

EV/EBIT

—

EV/FCF

—

Earnings Yield

—

FCF Yield

—

Shareholder Yield

—

Graham Number

$4.42

Equity-based multiples (P/E, P/B, P/FCF) compare the stock price to per-share fundamentals and are affected by capital structure. Enterprise value multiples (EV/EBITDA, EV/Revenue, EV/FCF) strip out debt and cash, making them more useful for cross-company comparisons regardless of how companies are financed. The Graham Number — √(22.5 × EPS × Book Value) — is Benjamin Graham's formula for the maximum price a defensive investor should pay. At 23.3x earnings, RELX commands a growth premium. Graham's intrinsic value formula yields $4.42 per share, 783% below the current price.

DuPont Decomposition (5-Factor)

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

Tax Burden

0.757

NI / EBT

Interest Burden

0.958

EBT / EBIT

EBIT Margin

0.321

EBIT / Rev

Asset Turnover

0.660

Rev / Assets

Equity Multiplier

8.589

Assets / Equity

ROE

132.0%

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. RELX's ROE of 132.0% is driven by financial leverage (equity multiplier: 8.59x). Note: high leverage means ROE is amplified by debt rather than operational performance.

Graham-Dodd Adjusted Valuation

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

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

11.18%

Fair P/E

30.85x

Intrinsic Value

$38.78

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 RELX's realized 11.2% 3-year EPS CAGR, capped at 15% — demonstrated performance rather than forecasts, held to a rate companies have historically sustained. RELX trades at a premium to its adjusted intrinsic value of $38.78, suggesting the market is pricing in future growth beyond what historical earnings support. The adjusted fair P/E of 30.9x compares to the current market P/E of 23.3x.

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

$38.99

Median 1Y

$41.14

5th Pctile

$27.33

95th Pctile

$61.78

Ann. Volatility

25.6%

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

Workforce & Productivity

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

Employees

37,000

+1.6% YoY

Revenue / Employee

$253,509

Rev: $9,379,839,330

Profit / Employee

$54,588

NI: $2,019,746,424

SGA / Employee

$82,635

Avg labor cost proxy

Scaling Efficiency

All Ratios & Metrics

Complete fundamental data with up to 20 periods of history, sparkline trends, and current values across 13 categories and 130+ financial metrics.

Profitability

Metric	Q4'16	Q2'17	Q4'17	Q2'18	Q4'18	Q2'19	Q4'19	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	52.0%	66.7%	70.5%	81.6%	60.7%	70.0%	67.0%	59.5%	57.4%	59.6%	55.2%	51.6%	46.6%	50.5%	49.2%	58.4%	55.7%	71.4%	70.5%	1.3%	1.32%
ROA	9.5%	10.5%	12.9%	12.9%	10.8%	11.2%	10.8%	8.8%	8.8%	9.5%	10.5%	11.0%	11.0%	13.1%	11.6%	14.5%	12.9%	13.3%	13.8%	15.4%	15.36%
ROIC	18.8%	20.7%	25.0%	21.3%	18.6%	18.8%	20.7%	16.0%	13.6%	14.8%	16.2%	15.7%	18.0%	20.1%	21.3%	21.7%	22.0%	23.4%	23.7%	23.6%	23.64%
ROCE	20.7%	21.9%	23.9%	22.4%	22.2%	21.9%	26.9%	17.4%	16.7%	18.5%	18.9%	19.8%	21.6%	40.0%	27.3%	29.8%	30.0%	33.9%	34.6%	36.4%	36.44%
Gross Margin	63.9%	63.4%	65.0%	64.4%	65.0%	61.1%	61.5%	59.5%	59.9%	61.3%	59.8%	61.0%	60.9%	61.3%	62.4%	65.3%	64.7%	66.3%	63.7%	64.1%	64.09%
Operating Margin	23.7%	24.7%	25.8%	25.9%	25.5%	27.4%	27.1%	21.9%	20.9%	25.4%	25.2%	27.5%	27.8%	29.1%	29.7%	30.8%	29.8%	31.4%	31.3%	32.3%	32.31%
Net Margin	16.6%	18.4%	26.6%	18.6%	19.4%	20.0%	18.2%	15.7%	18.7%	19.6%	21.0%	19.2%	19.0%	19.4%	19.5%	21.2%	19.8%	20.6%	22.5%	24.1%	24.08%
EBITDA Margin	29.8%	30.5%	30.3%	30.6%	30.1%	36.3%	34.6%	31.8%	37.8%	36.3%	36.4%	35.6%	36.4%	35.7%	36.9%	24.2%	32.5%	31.4%	39.6%	40.2%	40.18%
FCF Margin	23.7%	24.7%	25.4%	25.5%	25.7%	26.0%	23.7%	20.4%	17.8%	22.3%	23.5%	21.8%	23.4%	22.4%	21.8%	24.6%	27.4%	28.7%	30.2%	30.3%	30.33%
OCF Margin	24.4%	25.5%	26.1%	26.3%	26.5%	26.7%	26.6%	25.5%	22.9%	27.2%	28.1%	26.7%	28.5%	27.6%	27.0%	27.4%	27.6%	29.0%	30.4%	30.6%	30.55%
ROE 3Y Avg	snapshot only																				1.10%
ROE 5Y Avg	snapshot only																				85.14%
ROA 3Y Avg	snapshot only																				13.77%
ROIC 3Y Avg	snapshot only																				18.09%
ROIC Economic	snapshot only																				23.58%
Cash ROA	snapshot only																				19.70%
Cash ROIC	snapshot only																				29.83%
CROIC	snapshot only																				29.62%
NOPAT Margin	snapshot only																				24.21%
Pretax Margin	snapshot only																				30.76%
R&D / Revenue	snapshot only																				0.00%
SGA / Revenue	snapshot only																				34.85%
SBC / Revenue	snapshot only																				0.00%

Valuation

Metric	Q4'16	Q2'17	Q4'17	Q2'18	Q4'18	Q2'19	Q4'19	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	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	23.325
P/S Ratio	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	5.249
P/B Ratio	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	42.411
P/FCF	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—
P/OCF	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—
EV/EBITDA	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—
EV/Revenue	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—
EV/EBIT	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—
EV/FCF	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—
Earnings Yield	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—
FCF Yield	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—
PEG Ratio	snapshot only																				1.103
Graham Number	snapshot only																				$4.42

Leverage & Solvency

Metric	Q4'16	Q2'17	Q4'17	Q2'18	Q4'18	Q2'19	Q4'19	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	0.44	0.47	0.48	0.41	0.44	0.45	0.41	0.47	0.52	0.53	0.63	0.51	0.59	0.02	0.52	0.48	0.52	0.47	0.49	0.45	0.449
Quick Ratio	0.40	0.43	0.43	0.37	0.40	0.40	0.37	0.42	0.52	0.46	0.56	0.45	0.53	-0.04	0.47	0.42	0.47	0.42	0.44	0.40	0.398
Debt/Equity	2.09	2.76	2.08	2.97	2.73	3.12	2.96	3.77	3.39	2.68	1.91	1.89	1.78	2.08	1.88	2.17	1.88	3.46	3.10	7.19	7.194
Net Debt/Equity	2.02	2.68	2.03	2.92	2.68	3.06	2.90	3.67	3.35	2.65	1.87	1.86	1.69	2.05	1.83	2.12	1.85	3.36	3.04	7.02	7.016
Debt/Assets	0.36	0.42	0.40	0.49	0.45	0.49	0.47	0.52	0.50	0.49	0.45	0.45	0.43	0.60	0.44	0.47	0.43	0.53	0.50	0.59	0.592
Debt/EBITDA	2.34	2.35	2.19	2.88	2.80	2.68	2.30	3.14	2.88	2.49	2.34	2.45	2.19	2.08	1.95	2.45	2.44	2.47	2.16	2.30	2.305
Net Debt/EBITDA	2.26	2.28	2.14	2.83	2.75	2.63	2.25	3.07	2.84	2.47	2.30	2.42	2.08	2.05	1.91	2.40	2.40	2.40	2.12	2.25	2.248
Interest Coverage	—	—	—	—	—	20.78	7.00	6.20	9.95	11.65	13.54	14.19	11.47	9.40	7.96	8.68	10.41	8.13	10.17	16.59	16.588
Equity Multiplier	5.74	6.56	5.22	6.12	6.01	6.39	6.37	7.20	6.74	5.51	4.29	4.18	4.19	3.49	4.31	4.58	4.35	6.57	6.24	12.14	12.142
Cash Ratio	snapshot only																				0.034
Debt Service Coverage	snapshot only																				20.607
Cash to Debt	snapshot only																				0.025
FCF to Debt	snapshot only																				0.330
Defensive Interval	snapshot only																				300.6 days

Efficiency & Turnover

Metric	Q4'16	Q2'17	Q4'17	Q2'18	Q4'18	Q2'19	Q4'19	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	0.56	0.60	0.57	0.57	0.57	0.57	0.57	0.52	0.51	0.50	0.52	0.55	0.58	0.68	0.60	0.71	0.63	0.66	0.64	0.66	0.660
Inventory Turnover	13.56	13.68	12.95	12.83	12.93	13.84	14.21	13.10	26.39	11.62	22.60	11.78	11.88	11.82	11.15	10.56	10.17	10.40	10.44	11.05	11.046
Receivables Turnover	4.40	4.82	4.41	4.59	4.48	4.59	4.48	4.20	4.15	4.08	4.40	4.33	4.61	4.58	4.47	4.49	4.48	4.42	4.11	4.31	4.309
Payables Turnover	9.20	0.95	9.79	0.88	12.38	0.95	16.94	0.94	17.51	0.88	21.74	0.95	28.06	1.03	23.30	0.96	16.75	0.90	1.50	0.91	0.908
DSO	83	76	83	80	81	80	81	87	88	89	83	84	79	80	82	81	81	83	89	85	84.7 days
DIO	27	27	28	28	28	26	26	28	14	31	16	31	31	31	33	35	36	35	35	33	33.0 days
DPO	40	386	37	413	29	385	22	390	21	414	17	383	13	355	16	382	22	404	244	402	401.8 days
Cash Conversion Cycle	70	-283	74	-305	80	-279	86	-275	81	-293	82	-268	97	-244	99	-266	96	-287	-120	-284	-284.0 days
Fixed Asset Turnover	snapshot only																				53.834
Operating Cycle	snapshot only																				117.8 days
Cash Velocity	snapshot only																				44.046
Capital Intensity	snapshot only																				1.551

Growth (YoY)

Metric	Q4'16	Q2'17	Q4'17	Q2'18	Q4'18	Q2'19	Q4'19	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	15.5%	17.2%	6.5%	-0.7%	2.1%	6.0%	5.1%	-3.1%	-9.7%	-6.5%	1.9%	11.7%	18.1%	16.2%	7.1%	2.4%	3.0%	2.5%	1.3%	1.6%	1.64%
Net Income	15.2%	16.6%	41.9%	27.9%	-13.7%	-7.4%	5.8%	-16.3%	-18.7%	5.2%	20.2%	17.0%	11.1%	11.4%	9.0%	8.3%	8.6%	1.7%	6.4%	17.2%	17.16%
EPS	17.7%	19.3%	44.9%	30.8%	-11.8%	-5.6%	7.6%	-15.2%	-18.2%	5.2%	20.7%	17.1%	11.4%	12.9%	10.6%	8.7%	11.7%	5.0%	7.0%	20.4%	20.40%
FCF	21.5%	25.9%	14.2%	2.5%	3.5%	7.8%	-3.2%	-23.8%	-32.2%	2.1%	34.3%	9.4%	17.6%	19.1%	0.2%	12.4%	29.3%	19.7%	11.4%	7.3%	7.32%
EBITDA	16.5%	18.4%	7.9%	0.2%	1.8%	15.8%	22.8%	-3.0%	-11.3%	4.3%	6.4%	8.3%	16.9%	16.5%	8.1%	-13.2%	-19.6%	7.2%	26.9%	26.9%	26.86%
Op. Income	17.4%	18.6%	11.8%	5.9%	3.8%	8.5%	11.5%	-9.5%	-29.0%	-12.5%	20.5%	27.6%	29.0%	25.1%	13.8%	8.9%	6.3%	3.8%	4.9%	5.6%	5.64%
OCF Growth	snapshot only																				7.16%
Asset Growth	snapshot only																				4.94%
Equity Growth	snapshot only																				-43.21%
Debt Growth	snapshot only																				18.20%
Shares Change	snapshot only																				-2.69%
Dividend Growth	snapshot only																				8.84%

Growth (CAGR)

Metric	Q4'16	Q2'17	Q4'17	Q2'18	Q4'18	Q2'19	Q4'19	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	4.5%	7.8%	8.3%	7.4%	7.9%	7.2%	4.5%	0.7%	-1.1%	-1.3%	-1.1%	0.4%	2.8%	6.7%	8.8%	9.9%	9.2%	6.8%	3.8%	2.2%	2.18%
Revenue 5Y	16.8%	9.6%	3.7%	3.7%	4.4%	5.7%	6.4%	4.9%	3.6%	2.3%	1.0%	1.3%	3.1%	4.5%	4.1%	3.8%	3.7%	5.0%	6.1%	6.7%	6.71%
EPS 3Y	-0.8%	9.3%	22.7%	22.2%	14.6%	13.8%	11.2%	1.5%	-8.1%	-5.6%	2.0%	1.5%	3.2%	11.7%	14.1%	12.9%	11.2%	8.8%	9.7%	11.2%	11.18%
EPS 5Y	36.4%	17.7%	13.3%	8.4%	4.5%	10.0%	11.9%	7.9%	5.8%	5.6%	6.3%	5.2%	0.8%	2.2%	5.5%	5.1%	6.3%	9.7%	12.2%	12.7%	12.70%
Net Income 3Y	1.5%	6.8%	19.9%	19.4%	12.2%	11.4%	9.0%	-0.3%	-9.4%	-6.6%	1.1%	1.0%	2.8%	11.1%	13.3%	12.2%	9.6%	7.1%	8.0%	8.9%	8.89%
Net Income 5Y	31.9%	13.6%	9.0%	9.5%	5.1%	7.6%	9.5%	5.7%	4.0%	4.0%	4.8%	4.1%	-0.2%	1.2%	4.6%	4.4%	5.1%	8.6%	11.0%	11.0%	10.97%
EBITDA 3Y	33.7%	8.9%	9.2%	8.1%	8.6%	11.2%	10.5%	4.0%	3.5%	5.4%	5.0%	3.1%	3.3%	9.6%	10.4%	3.1%	0.6%	2.7%	3.3%	5.7%	5.67%
EBITDA 5Y	3.7%	4.1%	3.2%	18.4%	21.3%	8.4%	10.3%	7.3%	6.9%	6.8%	5.0%	4.9%	6.7%	8.1%	7.9%	2.0%	-0.8%	4.1%	6.5%	8.3%	8.28%
Gross Profit 3Y	4.0%	7.0%	7.8%	7.1%	8.1%	6.9%	3.1%	-1.0%	-3.4%	-3.5%	-3.3%	-1.0%	2.6%	7.0%	10.1%	11.9%	11.8%	9.7%	6.0%	3.7%	3.73%
Gross Profit 5Y	16.5%	9.2%	3.5%	3.5%	4.4%	5.0%	5.1%	3.4%	2.0%	1.3%	-0.1%	0.2%	2.0%	3.3%	3.2%	4.1%	4.9%	6.6%	7.9%	7.9%	7.85%
Op. Income 3Y	7.7%	10.0%	11.1%	10.6%	10.8%	10.9%	9.0%	1.3%	-6.3%	-4.9%	-1.6%	0.4%	3.3%	11.8%	20.9%	20.3%	16.0%	12.3%	8.2%	6.1%	6.09%
Op. Income 5Y	25.8%	13.5%	6.4%	7.0%	7.7%	8.9%	9.7%	5.8%	1.5%	1.5%	2.1%	3.0%	5.0%	6.5%	7.0%	6.6%	5.9%	9.6%	14.5%	13.8%	13.79%
FCF 3Y	7.1%	8.6%	12.5%	13.9%	12.9%	11.7%	4.6%	-5.6%	-12.1%	-5.7%	-4.1%	-5.2%	2.3%	10.0%	16.5%	13.6%	15.1%	17.0%	13.0%	13.0%	13.04%
FCF 5Y	—	38.2%	11.6%	11.1%	7.7%	7.2%	7.3%	3.9%	-1.2%	1.6%	0.8%	-1.2%	1.4%	1.8%	0.7%	2.7%	6.7%	12.4%	17.9%	13.5%	13.49%
OCF 3Y	6.7%	8.2%	11.6%	13.0%	12.2%	11.3%	7.6%	0.6%	-5.3%	-0.2%	0.8%	0.4%	5.1%	9.6%	15.1%	10.2%	8.6%	9.8%	6.1%	5.7%	5.72%
OCF 5Y	—	21.7%	6.5%	8.4%	7.4%	6.9%	8.8%	7.5%	2.9%	4.9%	3.9%	2.2%	4.9%	5.5%	4.5%	4.3%	4.5%	7.7%	12.3%	9.2%	9.22%
Assets 3Y	8.3%	7.7%	3.5%	7.9%	7.8%	5.3%	1.2%	6.6%	4.8%	0.5%	-0.3%	2.7%	4.7%	-8.6%	1.8%	3.4%	3.0%	-2.1%	-2.4%	9.6%	9.62%
Assets 5Y	17.0%	3.0%	2.2%	4.0%	5.9%	7.4%	4.5%	7.4%	4.8%	2.0%	0.8%	4.4%	5.2%	-2.8%	1.3%	0.9%	1.9%	-0.9%	0.8%	2.4%	2.43%
Equity 3Y	-1.0%	-0.4%	3.8%	6.2%	2.8%	3.8%	-2.3%	3.4%	-3.7%	4.1%	11.5%	18.3%	20.4%	16.3%	18.1%	9.9%	2.5%	-15.8%	-14.5%	-27.7%	-27.67%
Book Value 3Y	-3.2%	2.0%	6.1%	8.6%	5.0%	6.0%	-0.3%	5.3%	-2.3%	5.2%	12.5%	18.9%	20.8%	16.9%	19.0%	10.6%	4.1%	-14.4%	-13.1%	-26.2%	-26.15%
Dividend 3Y	3.0%	8.3%	6.1%	4.4%	3.6%	3.8%	3.9%	4.0%	3.0%	1.7%	2.4%	3.1%	2.6%	2.9%	3.2%	2.6%	3.5%	3.5%	4.1%	4.1%	4.08%

Growth Quality

Metric	Q4'16	Q2'17	Q4'17	Q2'18	Q4'18	Q2'19	Q4'19	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	0.82	0.93	0.57	0.67	0.83	0.90	0.96	0.76	0.52	0.35	0.07	0.02	0.21	0.49	0.56	0.58	0.65	0.89	0.93	0.84	0.841
Earnings Stability	0.44	0.70	0.44	0.67	0.58	0.80	0.72	0.45	0.18	0.08	0.01	0.01	0.00	0.05	0.47	0.63	0.72	0.96	0.99	0.96	0.961
Margin Stability	0.99	0.99	0.99	0.99	0.99	0.99	0.98	0.97	0.96	0.97	0.97	0.97	0.97	0.97	0.97	0.98	0.97	0.96	0.96	0.97	0.967
Rev. Growth Consistency	1.00	1.00	1.00	0.00	1.00	0.50	1.00	0.00	0.00	0.00	0.50	0.50	1.00	1.00	1.00	1.00	1.00	1.00	1.00	1.00	1.000
Earn. Growth Consistency	1.00	1.00	1.00	1.00	0.00	0.00	0.50	0.00	0.00	0.50	0.50	1.00	1.00	1.00	1.00	1.00	1.00	1.00	1.00	1.00	1.000
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	0.93	0.83	0.89	0.95	0.97	0.98	0.93	0.93	0.98	0.92	0.93	0.96	0.95	0.96	0.97	0.97	0.99	0.97	0.93	0.931
Earnings Smoothness	0.86	0.85	0.65	0.75	0.85	0.92	0.94	0.82	0.79	0.95	0.82	0.84	0.90	0.89	0.91	0.92	0.92	0.98	0.94	0.84	0.842
ROE Trend	0.04	0.13	0.22	0.15	0.01	-0.03	0.04	-0.12	-0.07	-0.10	-0.18	-0.15	-0.09	0.04	0.07	0.11	0.08	0.32	0.34	1.09	1.086
Gross Margin Trend	-0.01	-0.01	0.00	0.01	0.01	-0.01	-0.03	-0.03	-0.03	-0.01	0.00	-0.00	0.01	0.01	0.01	0.03	0.04	0.03	0.02	-0.01	-0.007
FCF Margin Trend	0.01	0.03	0.02	0.02	0.01	0.01	-0.02	-0.05	-0.07	-0.01	0.03	0.00	0.03	0.00	-0.02	0.02	0.05	0.05	0.06	0.04	0.037
Sustainable Growth Rate	21.4%	28.2%	37.9%	42.6%	26.7%	32.0%	29.5%	18.3%	16.1%	19.7%	20.7%	19.8%	18.6%	20.5%	20.0%	24.3%	23.4%	28.3%	29.2%	59.9%	59.89%
Internal Growth Rate	4.1%	4.7%	7.4%	7.2%	5.0%	5.4%	5.0%	2.8%	2.5%	3.2%	4.1%	4.4%	4.6%	5.6%	4.9%	6.4%	5.7%	5.5%	6.1%	7.5%	7.50%

Cash Flow Quality

Metric	Q4'16	Q2'17	Q4'17	Q2'18	Q4'18	Q2'19	Q4'19	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	1.45	1.46	1.16	1.16	1.40	1.35	1.39	1.50	1.33	1.42	1.38	1.33	1.49	1.43	1.39	1.35	1.35	1.44	1.41	1.31	1.313
FCF/OCF	0.97	0.97	0.97	0.97	0.97	0.97	0.89	0.80	0.78	0.82	0.83	0.82	0.82	0.81	0.81	0.90	0.99	0.99	0.99	0.99	0.993
FCF/Net Income	snapshot only																				1.303
OCF/EBITDA	snapshot only																				0.766
CapEx/Revenue	0.7%	0.8%	0.7%	0.7%	0.7%	0.7%	2.9%	5.0%	5.1%	4.9%	4.7%	4.8%	5.1%	5.2%	5.2%	2.8%	0.2%	0.3%	0.2%	0.2%	0.22%
CapEx/Depreciation	snapshot only																				0.028
Accruals Ratio	-0.04	-0.05	-0.02	-0.02	-0.04	-0.04	-0.04	-0.04	-0.03	-0.04	-0.04	-0.04	-0.05	-0.06	-0.05	-0.05	-0.04	-0.06	-0.06	-0.05	-0.048
Sloan Accruals	snapshot only																				-0.088
Cash Flow Adequacy	snapshot only																				2.363
Earnings Quality Score	snapshot only																				1.000

Dividends & Buybacks

Metric	Q4'16	Q2'17	Q4'17	Q2'18	Q4'18	Q2'19	Q4'19	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	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	2.34%
Dividend/Share	$0.33	$0.36	$0.38	$0.39	$0.40	$0.42	$0.43	$0.45	$0.45	$0.46	$0.48	$0.50	$0.51	$0.54	$0.56	$0.58	$0.61	$0.63	$0.66	$0.69	$0.69
Payout Ratio	58.8%	57.7%	46.2%	47.9%	56.0%	54.2%	55.9%	69.2%	71.9%	66.9%	62.5%	61.7%	60.2%	59.5%	59.5%	58.3%	58.0%	60.4%	58.5%	54.6%	54.62%
FCF Payout Ratio	41.9%	40.9%	40.9%	42.3%	41.3%	41.2%	45.1%	57.6%	69.6%	57.5%	54.1%	56.7%	49.2%	51.1%	52.9%	48.2%	43.3%	42.5%	41.8%	41.9%	41.90%
Total Payout Ratio	1.2%	1.1%	91.1%	94.2%	1.1%	96.1%	98.3%	99.5%	91.5%	71.0%	65.7%	87.0%	93.8%	1.1%	1.1%	1.1%	1.1%	1.3%	1.3%	1.6%	1.58%
Div. Increase Streak	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1
Chowder Number	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—
Buyback Yield	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—
Net Buyback Yield	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—
Total Shareholder Return	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—

DuPont Factors

Metric	Q4'16	Q2'17	Q4'17	Q2'18	Q4'18	Q2'19	Q4'19	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)	0.79	0.80	0.96	0.95	0.83	0.83	0.82	0.84	0.83	0.82	0.82	0.80	0.77	0.78	0.78	0.78	0.76	0.76	0.75	0.76	0.757
Interest Burden (EBT/EBIT)	0.89	0.90	0.93	0.92	0.89	0.89	0.87	0.85	0.90	0.92	0.94	0.94	0.92	0.91	0.88	0.89	0.91	0.88	0.91	0.96	0.958
EBIT Margin	0.24	0.24	0.25	0.26	0.26	0.27	0.27	0.24	0.23	0.25	0.26	0.27	0.27	0.27	0.28	0.29	0.30	0.30	0.32	0.32	0.321
Asset Turnover	0.56	0.60	0.57	0.57	0.57	0.57	0.57	0.52	0.51	0.50	0.52	0.55	0.58	0.68	0.60	0.71	0.63	0.66	0.64	0.66	0.660
Equity Multiplier	5.49	6.34	5.48	6.33	5.61	6.26	6.18	6.78	6.55	6.29	5.25	4.71	4.24	3.85	4.25	4.03	4.33	5.39	5.11	8.59	8.589

Per Share

Metric	Q4'16	Q2'17	Q4'17	Q2'18	Q4'18	Q2'19	Q4'19	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)	$0.56	$0.63	$0.81	$0.82	$0.72	$0.78	$0.77	$0.66	$0.63	$0.69	$0.76	$0.81	$0.85	$0.91	$0.94	$0.99	$1.05	$1.04	$1.12	$1.26	$1.26
Book Value/Share	$1.12	$0.92	$1.16	$1.07	$1.18	$1.12	$1.11	$1.07	$1.08	$1.25	$1.68	$1.89	$1.96	$1.71	$1.82	$1.69	$1.89	$1.18	$1.29	$0.69	$0.70
Tangible Book/Share	$-3.72	$-3.69	$-3.36	$-3.91	$-4.09	$-4.29	$-4.17	$-4.89	$-4.41	$-4.13	$-3.86	$-4.27	$-4.23	$-4.23	$-4.11	$-4.24	$-4.28	$-4.69	$-4.70	$-5.56	$-5.56
Revenue/Share	$3.34	$3.59	$3.63	$3.64	$3.78	$3.93	$4.04	$3.86	$3.67	$3.61	$3.75	$4.04	$4.45	$4.76	$4.83	$4.89	$5.12	$5.17	$5.21	$5.40	$5.44
FCF/Share	$0.79	$0.89	$0.92	$0.93	$0.97	$1.02	$0.96	$0.79	$0.65	$0.81	$0.88	$0.88	$1.04	$1.07	$1.06	$1.20	$1.40	$1.49	$1.57	$1.64	$1.63
OCF/Share	$0.81	$0.91	$0.95	$0.96	$1.00	$1.05	$1.08	$0.98	$0.84	$0.98	$1.06	$1.08	$1.27	$1.31	$1.31	$1.34	$1.41	$1.50	$1.58	$1.65	$1.64
Cash/Share	$0.08	$0.08	$0.05	$0.05	$0.06	$0.06	$0.07	$0.10	$0.05	$0.03	$0.06	$0.05	$0.17	$0.05	$0.08	$0.07	$0.06	$0.11	$0.07	$0.12	$0.12
EBITDA/Share	$1.00	$1.08	$1.10	$1.11	$1.15	$1.31	$1.43	$1.28	$1.28	$1.34	$1.36	$1.45	$1.60	$1.71	$1.76	$1.49	$1.45	$1.65	$1.85	$2.15	$2.15
Debt/Share	$2.34	$2.54	$2.41	$3.19	$3.21	$3.50	$3.29	$4.04	$3.68	$3.34	$3.20	$3.56	$3.50	$3.56	$3.43	$3.66	$3.55	$4.09	$3.99	$4.96	$4.96
Net Debt/Share	$2.27	$2.46	$2.36	$3.13	$3.16	$3.44	$3.22	$3.94	$3.63	$3.31	$3.14	$3.51	$3.33	$3.51	$3.34	$3.58	$3.48	$3.97	$3.92	$4.84	$4.84

Academic Models

Metric	Q4'16	Q2'17	Q4'17	Q2'18	Q4'18	Q2'19	Q4'19	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	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—
Piotroski F-Score	7	7	8	6	4	6	6	5	5	8	8	7	8	7	7	7	9	7	6	5	5
Beneish M-Score	-2.40	-2.63	-2.77	-2.54	-2.56	-2.50	-2.50	-2.63	-2.66	-2.81	-2.64	-2.40	-2.49	-2.81	-2.87	-2.66	-2.52	-2.77	-2.75	-2.59	-2.591
Ohlson O-Score	snapshot only																				-5.611
Net-Net WC	snapshot only																				$-6.05
EVA	snapshot only																				$1353675243.63

Credit

Metric	Q4'16	Q2'17	Q4'17	Q2'18	Q4'18	Q2'19	Q4'19	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																				A
Credit Score	70.40	68.90	70.40	59.30	68.90	61.80	56.80	51.30	55.50	59.30	60.50	59.30	60.50	56.80	67.90	66.40	70.40	66.40	70.40	70.15	70.150
Credit Grade	snapshot only																				6
Credit Trend	snapshot only																				3.750
Implied Spread (bps)	snapshot only																				150.000

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