Also trades as: SAP.DE (XETRA) · $vol 571M

$208.57

-2.22 (-1.05%)

Weekly Expected Move ±3.7%

$193 $201 $209 $216 $224

NYSE · Technology · Software - Application · Tech Score Neutral · Power 52 · $243.0B mcap · 1.15B float · 0.235% daily turnover · Short 66% 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

$177

Low

$236

Avg Target

$265

High

Based on 4 analysts since Jul 23, 2026 earnings

Analyst Recommendations

Strong Buy: 0Buy: 22Hold: 14Sell: 7Strong Sell: 0

Rating Summary

ConsensusBuy

Avg Target$239.80

Analysts5

Price Target Change History

Date	Firm	Analyst	Old	New	Change	Upside @ Call	Stock@Call
2026-09-22	Jefferies	—	$206	$260	+54	+23.4%	$210.74
2026-09-10	Argus Research	Joseph Bonner	Initiated	$265	—	+28.4%	$206.33
2026-07-27	Barclays	—	$255	$242	-13	+51.2%	$160.00
2026-07-24	BMO Capital	—	$200	$177	-23	+20.9%	$146.38
2026-07-21	Barclays	—	$257	$255	-2	+61.0%	$158.35
2026-06-10	Goldman Sachs	Mohammed Moawalla	Initiated	$265	—	+48.1%	$178.92
2026-04-27	Barclays	Raimo Lenschow	$256	$257	+1	+46.7%	$175.23
2026-04-24	BMO Capital	—	$245	$200	-45	+15.2%	$173.56
2026-04-20	Barclays	—	$283	$256	-27	+42.7%	$179.46
2026-02-02	Barclays	—	$106	$283	+177	+40.8%	$201.04
2026-01-30	BMO Capital	—	$320	$245	-75	+21.1%	$202.32
2025-12-04	Arete Research	Rocco Strauss	Initiated	$718	—	+194.5%	$243.82
2025-10-23	BMO Capital	—	$265	$320	+55	+15.8%	$276.22
2024-10-22	CFRA	Angelo Zino	Initiated	$259	—	+11.7%	$231.94
2024-10-22	BMO Capital	Keith Bachman	$248	$265	+17	+15.5%	$229.48
2024-07-23	BMO Capital	Keith Bachman	$237	$248	+11	+16.8%	$212.36
2024-06-28	BMO Capital	Keith Bachman	$118	$237	+119	+18.1%	$200.75
2024-05-23	Bernstein	Mark Moerdler	Initiated	$227	—	+15.6%	$196.30
2024-04-23	JMP Securities	Patrick Walravens	Initiated	$220	—	+23.5%	$178.18
2024-03-20	KeyBanc	Jackson Ader	Initiated	$230	—	+20.8%	$190.38
2024-02-01	Jefferies	Charles Brennan	Initiated	$206	—	+16.3%	$177.06
2023-10-20	Loop Capital Markets	Keith Bachman	Initiated	$147	—	+12.1%	$131.19
2023-08-24	Robert W. Baird	Robert Burns	Initiated	$66	—	-51.5%	$135.98
2022-07-22	Barclays	Raimo Lenschow	Initiated	$106	—	+13.3%	$93.54
2022-07-05	Berenberg Bank	Nay Soe Naing	Initiated	$110	—	+25.0%	$88.01
2022-07-04	BNP Paribas	Stefan Slowinski	Initiated	$105	—	+15.8%	$90.70
2022-04-29	BMO Capital	Keith Bachman	$155	$118	-37	+14.0%	$103.51
2022-01-29	Cowen & Co.	Derrick Wood	Initiated	$136	—	+11.5%	$121.97
2022-01-21	BMO Capital	Keith Bachman	Initiated	$155	—	+14.1%	$135.80

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

Rating Change History

Date	From	To
2026-09-22	A-	B+
2026-08-18	B+	A-
2026-07-25	B	B+
2026-07-01	B+	B
2026-05-11	A-	B+
2026-04-30	B+	A-
2026-04-28	B	B+
2026-04-27	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 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

8/9

✓ ✓ ✓ ✓ ✓ ✓ ✓ ✗ ✓

Beneish M-Score

-2.43

Unlikely Manipulator

Ohlson O-Score

-9.94

Bankruptcy prob: 0.0%

Low Risk

Credit Rating

A-

Score: 68.1/100

Trend: Deteriorating

Earnings Quality

100/100

OCF/NI: 1.21x

Accruals: -2.3%

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. SAP scores 8/9, signaling strong financial health across all three dimensions. 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. SAP's score of -2.43 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. SAP'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. SAP receives an estimated rating of A- (score: 68.1/100), with a deteriorating 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). SAP'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

26.85x

PEG

1.19x

P/S

5.56x

P/B

4.74x

P/FCF

—

P/OCF

—

EV/EBITDA

—

EV/Revenue

—

EV/EBIT

—

EV/FCF

—

Earnings Yield

—

FCF Yield

—

Shareholder Yield

—

Graham Number

$76.50

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 26.8x earnings, SAP commands a growth premium. Graham's intrinsic value formula yields $76.50 per share, 173% 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

0.705

NI / EBT

Interest Burden

0.952

EBT / EBIT

EBIT Margin

0.304

EBIT / Rev

Asset Turnover

0.530

Rev / Assets

Equity Multiplier

1.680

Assets / Equity

ROE

18.2%

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. SAP's ROE of 18.2% is driven by Asset Turnover (0.530), 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

15.00%

Fair P/E

38.50x

Intrinsic Value

$259.19

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 SAP's realized 15.0% 3-year EPS CAGR, capped at 15% — demonstrated performance rather than forecasts, held to a rate companies have historically sustained. SAP actually compounded EPS at 18.5% over three years; the model uses 15%, the highest rate it will extrapolate — of 4,457 company-quarters that grew faster than 200%, none sustained it over the following seven years. SAP trades at a premium to its adjusted intrinsic value of $259.19, suggesting the market is pricing in future growth beyond what historical earnings support. The adjusted fair P/E of 38.5x compares to the current market P/E of 26.8x.

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

$208.58

Median 1Y

$217.12

5th Pctile

$126.98

95th Pctile

$371.13

Ann. Volatility

31.9%

Analyst Target

$239.80

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

110,650

+0.6% YoY

Revenue / Employee

$332,580

Rev: $36,800,000,000

Profit / Employee

$63,604

NI: $7,037,823,000

SGA / Employee

$90,827

Avg labor cost proxy

R&D / Employee

$57,536

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	17.7%	15.3%	14.3%	10.7%	8.9%	6.5%	4.9%	11.2%	12.5%	14.8%	11.8%	6.1%	6.7%	7.1%	12.4%	15.8%	16.9%	15.9%	15.5%	18.2%	18.19%
ROA	9.2%	8.1%	7.3%	5.6%	4.9%	3.6%	2.6%	6.3%	7.4%	8.8%	6.7%	3.6%	4.1%	4.4%	7.4%	9.4%	10.3%	9.9%	9.4%	10.8%	10.83%
ROIC	11.0%	8.6%	8.8%	8.7%	7.7%	8.8%	7.3%	7.9%	8.6%	9.6%	9.5%	9.4%	9.6%	9.2%	11.4%	16.1%	20.5%	15.9%	20.4%	22.2%	22.19%
ROCE	16.3%	13.0%	13.0%	11.5%	9.9%	8.4%	7.6%	7.9%	9.8%	12.0%	8.8%	9.5%	10.3%	10.5%	15.6%	21.1%	21.6%	20.3%	21.0%	20.8%	20.78%
Gross Margin	71.4%	73.0%	72.2%	72.7%	72.7%	71.9%	71.0%	71.6%	72.8%	73.3%	71.7%	72.6%	73.3%	74.0%	73.3%	73.3%	73.5%	71.4%	73.0%	73.2%	73.17%
Operating Margin	18.2%	18.3%	21.7%	14.7%	20.8%	20.2%	10.8%	18.1%	22.2%	22.5%	9.8%	14.7%	26.1%	21.5%	25.9%	27.2%	27.4%	24.2%	28.8%	26.8%	26.84%
Net Margin	20.5%	18.2%	15.1%	4.6%	8.9%	6.4%	5.5%	41.8%	16.5%	15.5%	-10.3%	10.7%	17.3%	17.1%	19.7%	18.8%	22.1%	17.3%	20.2%	22.1%	22.07%
EBITDA Margin	32.8%	31.4%	27.0%	19.3%	22.4%	16.3%	17.9%	23.9%	30.6%	27.4%	-5.3%	23.4%	32.0%	30.4%	34.4%	34.2%	37.3%	26.0%	35.0%	36.9%	36.90%
FCF Margin	23.8%	20.4%	18.7%	16.7%	14.3%	16.7%	14.9%	16.9%	18.1%	17.8%	19.2%	20.8%	21.5%	13.3%	15.6%	18.1%	17.8%	22.8%	21.6%	22.8%	22.80%
OCF Margin	26.5%	23.6%	22.2%	20.3%	18.0%	19.8%	18.1%	19.8%	20.6%	20.3%	21.5%	23.1%	23.6%	15.6%	17.8%	20.3%	20.0%	24.8%	23.7%	24.7%	24.71%
ROE 3Y Avg	snapshot only																				13.25%
ROE 5Y Avg	snapshot only																				12.15%
ROA 3Y Avg	snapshot only																				7.88%
ROIC 3Y Avg	snapshot only																				12.82%
ROIC Economic	snapshot only																				16.71%
Cash ROA	snapshot only																				12.48%
Cash ROIC	snapshot only																				28.50%
CROIC	snapshot only																				26.29%
NOPAT Margin	snapshot only																				19.24%
Pretax Margin	snapshot only																				28.94%
R&D / Revenue	snapshot only																				18.03%
SGA / Revenue	snapshot only																				27.80%
SBC / Revenue	snapshot only																				3.10%

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	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	26.850
P/S Ratio	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	5.558
P/B Ratio	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	4.740
P/FCF	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—
P/OCF	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—
EV/EBITDA	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—
EV/Revenue	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—
EV/EBIT	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—
EV/FCF	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—
Earnings Yield	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—
FCF Yield	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—
PEG Ratio	snapshot only																				1.191
Graham Number	snapshot only																				$76.50

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	1.17	1.24	1.11	0.96	1.03	1.06	1.41	1.42	1.55	1.40	1.25	1.12	1.10	1.12	1.17	1.03	1.10	1.17	1.07	1.15	1.148
Quick Ratio	1.17	1.21	1.11	0.96	1.03	1.06	1.01	1.42	1.55	1.40	1.25	1.12	1.10	1.12	1.17	1.03	1.10	1.17	1.07	1.15	1.148
Debt/Equity	0.44	0.39	0.43	0.35	0.42	0.33	0.32	0.26	0.25	0.20	0.22	0.21	0.26	0.23	0.22	0.21	0.00	0.18	0.00	0.00	0.000
Net Debt/Equity	0.17	0.09	0.14	0.13	0.22	0.08	0.08	-0.07	-0.04	-0.06	-0.09	-0.07	-0.03	-0.01	-0.03	-0.03	-0.23	-0.04	-0.22	-0.26	-0.260
Debt/Assets	0.24	0.21	0.23	0.18	0.23	0.18	0.18	0.16	0.16	0.13	0.13	0.12	0.16	0.14	0.13	0.13	0.00	0.11	0.00	0.00	0.000
Debt/EBITDA	1.55	1.70	1.93	1.74	2.45	2.09	2.24	1.95	1.58	1.12	1.58	1.41	1.66	1.51	1.03	0.75	0.00	0.67	0.00	0.00	0.000
Net Debt/EBITDA	0.60	0.39	0.64	0.67	1.26	0.51	0.53	-0.54	-0.23	-0.32	-0.66	-0.47	-0.18	-0.08	-0.13	-0.12	-0.80	-0.14	-0.81	-0.90	-0.902
Interest Coverage	12.85	24.21	23.69	21.62	17.53	11.58	6.77	5.08	4.95	5.74	4.41	5.15	5.75	5.62	8.69	9.53	9.52	8.14	8.28	8.36	8.356
Equity Multiplier	1.85	1.83	1.92	1.90	1.82	1.80	1.83	1.66	1.58	1.58	1.69	1.69	1.69	1.63	1.65	1.67	1.60	1.57	1.64	1.69	1.690
Cash Ratio	snapshot only																				0.589
Debt Service Coverage	snapshot only																				9.273
Defensive Interval	snapshot only																				403.0 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	0.44	0.43	0.40	0.38	0.41	0.42	0.41	0.41	0.43	0.44	0.43	0.44	0.48	0.48	0.45	0.52	0.53	0.51	0.48	0.53	0.530
Inventory Turnover	—	27.02	—	—	—	28.10	2.31	—	—	—	2.38	—	—	—	—	—	—	—	—	—	—
Receivables Turnover	5.16	4.61	3.52	4.98	4.26	5.12	3.79	5.62	4.41	5.35	4.51	5.69	6.14	5.64	4.38	6.24	6.48	5.70	4.34	5.94	5.939
Payables Turnover	6.35	5.39	5.49	4.95	5.24	4.43	5.17	4.75	4.96	4.42	4.98	4.95	5.11	4.90	4.35	4.65	4.82	4.52	4.12	4.19	4.194
DSO	71	79	104	73	86	71	96	65	83	68	81	64	59	65	83	59	56	64	84	61	61.5 days
DIO	0	14	0	0	0	13	158	0	0	0	153	0	0	0	0	0	0	0	0	0	0.0 days
DPO	57	68	67	74	70	82	71	77	74	83	73	74	71	74	84	79	76	81	89	87	87.0 days
Cash Conversion Cycle	13	25	37	-0	16	2	184	-12	9	-14	161	-10	-12	-10	-1	-20	-19	-17	-5	-26	-25.6 days
Fixed Asset Turnover	snapshot only																				8.480
Cash Velocity	snapshot only																				3.285
Capital Intensity	snapshot only																				1.980

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	-1.6%	1.8%	4.1%	6.3%	7.4%	7.4%	8.1%	7.3%	5.9%	4.4%	4.1%	5.3%	6.7%	9.5%	10.5%	10.3%	9.7%	7.7%	6.2%	6.4%	6.43%
Net Income	17.6%	2.2%	-2.4%	-28.0%	-39.1%	-51.2%	-62.8%	13.3%	54.8%	1.4%	1.5%	-44.5%	-47.4%	-49.3%	16.4%	1.5%	1.5%	1.3%	27.6%	19.2%	19.19%
EPS	17.6%	2.4%	0.7%	-27.7%	-38.7%	-50.8%	-62.6%	12.7%	53.9%	1.4%	1.5%	-44.0%	-47.3%	-49.2%	16.6%	1.5%	1.5%	1.3%	28.6%	21.1%	21.14%
FCF	44.5%	-11.1%	-20.7%	-26.2%	-35.4%	-12.0%	-13.7%	8.6%	33.9%	11.2%	34.4%	29.4%	26.6%	-18.1%	-10.7%	-4.2%	-9.2%	84.8%	47.4%	34.2%	34.15%
EBITDA	8.2%	-8.5%	-10.1%	-23.0%	-26.1%	-29.7%	-35.1%	-22.3%	-6.9%	24.8%	5.1%	0.2%	-4.9%	-9.6%	74.5%	89.1%	89.6%	70.8%	16.4%	9.7%	9.73%
Op. Income	-3.6%	-29.7%	-18.9%	-13.7%	-5.1%	24.4%	-0.8%	3.7%	0.9%	0.1%	12.8%	3.6%	9.3%	7.6%	34.6%	60.1%	51.7%	54.2%	28.9%	13.4%	13.45%
OCF Growth	snapshot only																				29.66%
Asset Growth	snapshot only																				10.54%
Equity Growth	snapshot only																				9.13%
Debt Growth	snapshot only																				-1.00%
Shares Change	snapshot only																				-1.61%
Dividend Growth	snapshot only																				19.46%

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	4.4%	4.1%	3.4%	3.2%	3.0%	2.8%	3.0%	3.2%	3.8%	4.5%	5.4%	6.3%	6.7%	7.1%	7.5%	7.6%	7.4%	7.2%	6.9%	7.3%	7.31%
Revenue 5Y	4.8%	4.8%	4.6%	4.5%	4.7%	5.0%	5.5%	5.5%	5.3%	4.8%	4.5%	4.5%	4.3%	4.4%	4.7%	5.0%	5.6%	6.1%	6.6%	7.1%	7.11%
EPS 3Y	10.8%	9.2%	17.7%	11.3%	1.5%	-7.7%	-22.5%	1.7%	3.5%	6.3%	-1.8%	-23.0%	-20.8%	-15.8%	3.1%	15.7%	26.6%	40.8%	55.6%	18.5%	18.47%
EPS 5Y	11.3%	7.9%	8.2%	4.6%	-0.8%	-8.2%	-13.9%	2.6%	5.1%	8.9%	8.9%	-2.7%	-3.2%	-0.9%	6.4%	7.6%	7.9%	7.0%	7.2%	6.3%	6.27%
Net Income 3Y	10.4%	8.8%	17.1%	10.7%	0.9%	-8.2%	-22.9%	1.7%	3.5%	6.2%	-2.8%	-23.2%	-20.8%	-15.9%	3.0%	15.8%	26.7%	40.8%	55.3%	17.7%	17.73%
Net Income 5Y	10.9%	7.6%	7.8%	4.1%	-1.2%	-8.6%	-14.2%	2.3%	4.9%	8.6%	8.6%	-3.1%	-3.5%	-1.2%	6.2%	7.5%	7.8%	6.8%	6.4%	5.9%	5.88%
EBITDA 3Y	13.2%	6.7%	11.6%	7.9%	2.0%	-4.4%	-11.9%	-11.5%	-9.4%	-7.0%	-15.1%	-15.7%	-13.2%	-7.4%	6.0%	13.8%	18.9%	24.4%	28.7%	27.7%	27.66%
EBITDA 5Y	10.4%	6.9%	7.0%	5.4%	2.6%	-0.9%	-3.4%	-2.4%	-0.0%	1.3%	-1.0%	-0.4%	-1.2%	-0.3%	4.6%	5.6%	6.1%	4.4%	4.5%	4.5%	4.48%
Gross Profit 3Y	5.4%	4.9%	4.7%	4.8%	4.5%	4.1%	4.0%	3.9%	4.4%	5.0%	5.7%	6.7%	7.1%	7.8%	8.2%	8.2%	7.9%	7.4%	7.3%	7.8%	7.78%
Gross Profit 5Y	5.5%	5.2%	5.1%	5.3%	5.6%	5.7%	6.0%	6.0%	5.9%	5.5%	5.4%	5.5%	5.2%	5.4%	5.6%	5.9%	6.4%	6.6%	6.9%	7.4%	7.37%
Op. Income 3Y	3.5%	-6.5%	4.4%	6.6%	5.2%	9.0%	-4.1%	-4.7%	-2.6%	-4.3%	-3.2%	-2.5%	1.5%	10.3%	14.6%	19.8%	18.7%	18.4%	25.1%	23.5%	23.47%
Op. Income 5Y	3.7%	-1.9%	0.7%	2.4%	2.7%	3.5%	-0.4%	0.3%	1.2%	0.3%	4.9%	5.4%	5.1%	6.9%	6.0%	7.5%	8.9%	7.7%	9.5%	11.0%	11.00%
FCF 3Y	30.3%	25.8%	19.0%	19.6%	10.5%	23.0%	16.4%	11.1%	7.8%	-4.6%	-2.8%	1.2%	3.1%	-7.1%	1.1%	10.4%	15.5%	19.0%	20.9%	18.5%	18.49%
FCF 5Y	15.7%	9.3%	6.3%	3.7%	1.9%	5.8%	6.4%	11.5%	13.9%	14.3%	14.3%	19.2%	18.0%	11.2%	13.6%	11.2%	7.5%	5.6%	3.9%	5.9%	5.92%
OCF 3Y	18.1%	15.2%	11.5%	13.6%	8.5%	19.3%	14.5%	10.1%	6.8%	-4.2%	-2.2%	1.4%	2.7%	-6.7%	-0.2%	7.5%	11.4%	15.5%	17.1%	15.6%	15.57%
OCF 5Y	12.5%	7.3%	4.6%	2.3%	0.6%	3.3%	3.0%	6.3%	7.8%	8.0%	8.6%	13.4%	13.7%	8.9%	11.2%	9.7%	6.7%	4.9%	4.0%	5.6%	5.58%
Assets 3Y	12.5%	11.4%	8.0%	9.4%	9.4%	2.2%	5.3%	7.8%	4.7%	5.3%	3.1%	-2.0%	2.3%	1.4%	2.3%	-3.3%	-4.4%	-0.9%	-0.0%	-0.2%	-0.20%
Assets 5Y	9.3%	9.9%	9.9%	12.0%	13.6%	11.2%	10.1%	10.8%	8.3%	5.8%	3.8%	4.0%	3.1%	1.9%	5.4%	2.4%	2.9%	3.8%	2.0%	0.2%	0.21%
Equity 3Y	9.3%	10.5%	11.0%	13.0%	12.5%	5.2%	9.5%	16.4%	13.7%	13.2%	8.7%	2.5%	5.4%	5.4%	7.4%	1.0%	-0.1%	3.7%	3.7%	-0.7%	-0.75%
Book Value 3Y	9.7%	10.9%	11.5%	13.7%	13.2%	5.8%	10.0%	16.4%	13.7%	13.4%	9.8%	2.8%	5.5%	5.5%	7.4%	0.9%	-0.2%	3.7%	3.9%	-0.1%	-0.12%
Dividend 3Y	—	—	—	—	4.7%	2.9%	2.9%	-7.3%	-5.3%	-4.0%	-3.1%	4.9%	3.3%	2.4%	2.3%	-0.3%	0.9%	1.2%	1.3%	6.2%	6.20%

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	0.89	0.89	0.86	0.86	0.89	0.89	0.87	0.88	0.94	0.98	0.96	0.92	0.89	0.84	0.84	0.87	0.92	0.95	0.98	0.98	0.985
Earnings Stability	0.67	0.52	0.64	0.31	0.08	0.01	0.03	0.19	0.14	0.11	0.00	0.02	0.02	0.00	0.01	0.00	0.02	0.05	0.19	0.18	0.182
Margin Stability	0.99	0.99	0.98	0.98	0.98	0.98	0.99	0.99	0.98	0.99	0.98	0.98	0.98	0.98	0.98	0.98	0.98	0.99	0.99	0.99	0.990
Rev. 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	1.00	1.000
Earn. Growth Consistency	1.00	1.00	0.00	0.00	0.00	0.00	0.00	0.50	0.50	0.50	0.50	0.00	0.00	0.00	1.00	0.50	0.50	0.50	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	0.93	0.99	0.99	0.89	0.84	0.50	0.50	0.95	0.50	0.50	0.50	0.82	0.81	0.80	0.93	0.50	0.50	0.50	0.89	0.92	0.923
Earnings Smoothness	0.84	0.98	0.98	0.67	0.51	0.31	0.09	0.88	0.57	0.18	0.14	0.43	0.38	0.35	0.85	0.15	0.14	0.21	0.76	0.82	0.825
ROE Trend	0.02	0.00	-0.02	-0.05	-0.08	-0.09	-0.10	-0.02	0.00	0.04	0.02	-0.04	-0.03	-0.03	0.03	0.08	0.07	0.05	0.05	0.06	0.063
Gross Margin Trend	0.02	0.01	0.01	0.01	0.01	0.01	0.00	-0.00	-0.00	0.00	0.00	0.01	0.00	0.01	0.01	0.01	0.01	0.00	-0.00	-0.00	-0.003
FCF Margin Trend	0.10	0.04	0.01	-0.02	-0.06	-0.05	-0.07	-0.03	-0.01	-0.01	0.02	0.04	0.05	-0.04	-0.02	-0.01	-0.02	0.07	0.04	0.03	0.033
Sustainable Growth Rate	17.7%	15.2%	14.1%	3.6%	1.9%	-0.4%	-1.9%	5.9%	7.1%	9.0%	6.1%	0.2%	0.6%	1.3%	6.9%	9.7%	10.6%	10.0%	9.9%	11.2%	11.21%
Internal Growth Rate	10.1%	8.7%	7.8%	1.9%	1.0%	—	—	3.5%	4.4%	5.7%	3.6%	0.1%	0.4%	0.8%	4.3%	6.1%	6.9%	6.7%	6.4%	7.1%	7.15%

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	1.27	1.25	1.20	1.39	1.52	2.31	2.83	1.28	1.19	1.03	1.39	2.83	2.77	1.71	1.09	1.11	1.03	1.28	1.21	1.21	1.211
FCF/OCF	0.90	0.86	0.84	0.82	0.80	0.84	0.83	0.86	0.88	0.88	0.90	0.90	0.91	0.85	0.88	0.89	0.89	0.92	0.91	0.92	0.923
FCF/Net Income	snapshot only																				1.117
OCF/EBITDA	snapshot only																				0.733
CapEx/Revenue	2.7%	3.3%	3.5%	3.6%	3.7%	3.1%	3.1%	2.8%	2.5%	2.5%	2.2%	2.3%	2.2%	2.3%	2.2%	2.2%	2.3%	2.0%	2.2%	1.9%	1.92%
CapEx/Depreciation	snapshot only																				0.574
Accruals Ratio	-0.02	-0.02	-0.01	-0.02	-0.03	-0.05	-0.05	-0.02	-0.01	-0.00	-0.03	-0.07	-0.07	-0.03	-0.01	-0.01	-0.00	-0.03	-0.02	-0.02	-0.023
Sloan Accruals	snapshot only																				0.015
Cash Flow Adequacy	snapshot only																				2.535
Earnings Quality Score	snapshot only																				1.000

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	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	1.36%
Dividend/Share	$0.01	$0.04	$0.04	$2.40	$2.34	$2.32	$2.31	$1.90	$1.98	$2.03	$2.03	$2.19	$2.18	$2.18	$2.18	$2.16	$2.24	$2.26	$2.27	$2.58	$2.50
Payout Ratio	0.3%	0.9%	0.9%	66.9%	78.9%	1.1%	1.4%	47.0%	43.3%	38.9%	48.6%	96.8%	90.4%	82.1%	44.7%	38.9%	37.3%	37.1%	36.3%	38.4%	38.38%
FCF Payout Ratio	0.2%	0.8%	0.9%	58.5%	65.2%	54.4%	59.6%	42.9%	41.4%	43.2%	39.1%	37.9%	35.9%	56.4%	46.9%	39.2%	40.7%	31.6%	32.9%	34.4%	34.36%
Total Payout Ratio	13.4%	0.9%	13.3%	92.2%	1.2%	1.7%	1.8%	56.8%	56.0%	54.3%	76.7%	1.7%	1.6%	1.5%	76.1%	79.6%	69.9%	62.8%	90.9%	75.8%	75.76%
Div. Increase Streak	0	0	0	0	1	1	1	0	0	0	0	0	0	0	0	0	1	1	1	0	0
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)	0.75	0.77	0.76	0.70	0.64	0.61	0.55	1.29	1.26	1.15	1.34	0.67	0.65	0.66	0.70	0.70	0.71	0.70	0.69	0.71	0.705
Interest Burden (EBT/EBIT)	0.92	0.96	0.96	0.95	0.94	0.91	0.85	0.80	0.80	0.83	0.78	0.81	0.83	0.82	0.88	0.90	0.89	0.95	0.95	0.95	0.952
EBIT Margin	0.30	0.26	0.25	0.22	0.20	0.15	0.14	0.15	0.17	0.21	0.15	0.15	0.16	0.17	0.26	0.29	0.30	0.29	0.30	0.30	0.304
Asset Turnover	0.44	0.43	0.40	0.38	0.41	0.42	0.41	0.41	0.43	0.44	0.43	0.44	0.48	0.48	0.45	0.52	0.53	0.51	0.48	0.53	0.530
Equity Multiplier	1.93	1.89	1.95	1.91	1.83	1.81	1.87	1.77	1.70	1.69	1.76	1.68	1.64	1.61	1.67	1.68	1.64	1.60	1.65	1.68	1.680

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)	$4.84	$4.46	$4.45	$3.59	$2.97	$2.19	$1.66	$4.05	$4.57	$5.23	$4.18	$2.27	$2.41	$2.66	$4.87	$5.56	$6.02	$6.11	$6.26	$6.73	$6.73
Book Value/Share	$29.83	$32.94	$33.83	$33.94	$36.62	$34.24	$34.28	$38.78	$36.41	$36.64	$36.54	$35.63	$34.98	$38.64	$41.95	$34.83	$36.37	$38.17	$38.41	$38.64	$39.24
Tangible Book/Share	$1.47	$3.22	$3.11	$1.39	$2.49	$2.73	$7.95	$10.27	$9.85	$9.82	$9.39	$8.14	$7.65	$9.85	$11.84	$8.59	$9.68	$11.48	$11.22	$10.10	$10.10
Revenue/Share	$23.22	$23.60	$24.00	$24.53	$25.09	$25.51	$26.03	$26.19	$26.42	$26.49	$26.98	$27.84	$28.24	$29.06	$29.86	$30.49	$31.01	$31.40	$31.97	$32.98	$33.12
FCF/Share	$5.52	$4.81	$4.48	$4.11	$3.59	$4.26	$3.88	$4.44	$4.78	$4.71	$5.19	$5.79	$6.06	$3.86	$4.64	$5.51	$5.51	$7.16	$6.90	$7.52	$7.57
OCF/Share	$6.15	$5.57	$5.32	$4.99	$4.51	$5.06	$4.70	$5.18	$5.44	$5.38	$5.80	$6.42	$6.67	$4.54	$5.31	$6.19	$6.21	$7.79	$7.59	$8.15	$8.21
Cash/Share	$8.05	$9.88	$9.75	$7.22	$7.52	$8.41	$8.42	$13.08	$10.53	$9.58	$11.54	$9.99	$10.25	$9.56	$10.41	$8.65	$8.44	$8.33	$8.60	$10.04	$10.08
EBITDA/Share	$8.48	$7.56	$7.56	$6.79	$6.31	$5.35	$4.92	$5.25	$5.84	$6.65	$5.15	$5.31	$5.56	$6.02	$9.00	$9.98	$10.55	$10.31	$10.56	$11.13	$11.13
Debt/Share	$13.18	$12.84	$14.61	$11.78	$15.47	$11.16	$11.01	$10.26	$9.21	$7.46	$8.14	$7.47	$9.26	$9.06	$9.28	$7.45	$0.00	$6.88	$0.00	$0.00	$0.00
Net Debt/Share	$5.12	$2.96	$4.86	$4.56	$7.95	$2.75	$2.59	$-2.82	$-1.32	$-2.11	$-3.40	$-2.52	$-0.99	$-0.50	$-1.14	$-1.20	$-8.44	$-1.45	$-8.60	$-10.04	$-10.04

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	8	6	6	7	6	6	7	7	8	8	7	7	7	6	7	6	9	8	7	8	8
Beneish M-Score	-2.65	-2.57	-2.10	-2.34	-1.93	-2.72	-3.02	-2.86	-2.97	-2.42	-2.47	-2.78	-2.79	-2.49	-2.30	-2.50	-2.46	-2.66	-2.60	-2.43	-2.433
Ohlson O-Score	snapshot only																				-9.942
ROIC (Greenblatt)	snapshot only																				1.57%
Net-Net WC	snapshot only																				$-6.66
EVA	snapshot only																				$4036208794.79

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																				A-
Credit Score	74.00	76.50	75.90	76.50	69.85	72.50	67.50	69.00	68.40	73.75	69.00	73.75	72.75	70.00	75.65	77.75	68.10	77.75	68.10	68.10	68.100
Credit Grade	snapshot only																				7
Credit Trend	snapshot only																				-9.650
Implied Spread (bps)	snapshot only																				175.000

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