— Know what they know.
Not Investment Advice
Also trades as: SMFTF (OTC) · $vol 152M · SK3.IR (DUB) · $vol 67M · SMFKY (OTC) · $vol 3M

SKG.L LSE

Smurfit Kappa Group Plc
1W: -3.6% 1M: -20.9% 3M: -5.7% 1Y: +31.9% 3Y: +5.0% 5Y: +65.0%
£4,180.00
Last traded 2025-03-14 — delisted
LSE · Consumer Cyclical · Packaging & Containers · £21.9B mcap

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: 1Hold: 1Sell: 0Strong Sell: 0
Rating Summary
ConsensusBuy
Avg Target$—
Analysts0

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 C
Profitability
18
Balance Sheet
47
Earnings Quality
65
Growth
41
Value
—
Momentum
70
Safety
—
Cash Flow
44

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
3/9
✓ ✓ ✗ ✓ ✗ ✗ ✗ ✗ ✗
Beneish M-Score
-1.15
Possible Manipulator
Ohlson O-Score
-7.82
Bankruptcy prob: 0.0%
Low Risk
Credit Rating
BB+
Score: 46.7/100
Trend: Deteriorating
Earnings Quality
75/100
OCF/NI: 5.55x
Accruals: -8.7%
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. SKG.L scores 3/9, suggesting weak financial fundamentals — the company fails the majority of these accounting tests. 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. SKG.L's score of -1.15 exceeds the −1.78 red flag threshold — this does not confirm manipulation but indicates the earnings profile resembles past manipulators statistically. 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. SKG.L'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. SKG.L receives an estimated rating of BB+ (score: 46.7/100), 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). SKG.L'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
132.88x
PEG
-2.26x
P/S
1.82x
P/B
1.57x
P/FCF
—
P/OCF
—
EV/EBITDA
—
EV/Revenue
—
EV/EBIT
—
EV/FCF
—
Earnings Yield
—
FCF Yield
—
Shareholder Yield
—
Graham Number
$28.84
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 132.9x earnings, SKG.L is priced for high growth expectations. Graham's intrinsic value formula yields $28.84 per share, 14392% 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
0.628
NI / EBT
×
Interest Burden
0.490
EBT / EBIT
×
EBIT Margin
0.068
EBIT / Rev
×
Asset Turnover
0.908
Rev / Assets
×
Equity Multiplier
2.426
Assets / Equity
=
ROE
4.6%
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. SKG.L's ROE of 4.6% is driven by Asset Turnover (0.908), 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
0.00%
Fair P/E
8.50x
Intrinsic Value
$8.97
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 SKG.L's realized 0.0% 3-year EPS CAGR, capped at 15% — demonstrated performance rather than forecasts, held to a rate companies have historically sustained. SKG.L trades at a premium to its adjusted intrinsic value of $8.97, suggesting the market is pricing in future growth beyond what historical earnings support. The adjusted fair P/E of 8.5x compares to the current market P/E of 132.9x.

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
$3405.00
Median 1Y
$3495.23
5th Pctile
$2001.83
95th Pctile
$6105.02
Ann. Volatility
35.7%
25th–75th percentile 5th–95th percentile Median path Historical
All Ratios & Metrics

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

Profitability
Metric Trend Q2'16 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 Current
ROE 33.0% 37.0% 38.6% 36.7% 41.2% -9.0% -2.8% -6.2% -6.8% 31.3% 29.1% 33.4% 30.6% 26.2% 28.2% 24.8% 45.2% 9.8% 5.0% 4.6% 4.63%
ROA 8.2% 9.7% 9.9% 9.8% 10.4% -2.5% -0.8% -1.8% -1.9% 10.3% 9.8% 11.3% 10.9% 10.1% 11.6% 10.1% 18.1% 3.9% 2.0% 1.9% 1.91%
ROIC 18.7% 20.1% 20.7% 20.4% 22.1% -38.1% -4.1% -18.8% -23.4% 23.0% 20.8% 20.0% 17.4% 17.4% 18.5% 19.5% -124109.3% 5.0% 3.2% 2.9% 2.95%
ROCE 24.1% 24.6% 25.7% 28.0% 21.7% 19.9% 17.9% 10.6% 12.5% 8.9% 11.4% 10.3% 9.5% 9.4% 8.4% 14.9% 91122.2% 4.8% 4.9% 4.7% 4.72%
Gross Margin 30.1% 30.4% 28.8% 30.8% 32.6% 33.5% 33.2% 33.3% 33.5% 33.9% 31.1% 30.2% 31.4% 32.1% 33.5% 32.5% 24.2% 19.1% 13.9% 19.6% 19.61%
Operating Margin 9.6% 10.3% 8.5% 7.9% 11.7% 12.6% 11.9% 11.2% 10.6% 10.8% 10.1% 10.9% 13.1% 12.7% 12.6% 12.0% 10.5% 5.3% 3.2% 6.6% 6.57%
Net Margin 5.2% 5.6% 4.1% 5.6% 6.6% -20.8% 7.2% 3.3% 6.6% 6.2% 6.6% 6.8% 9.0% 5.8% 8.2% 5.0% 6.5% 1.9% -0.4% 3.1% 3.07%
EBITDA Margin 15.7% 14.4% 13.6% 16.6% 8.1% 8.6% 8.7% 15.3% 17.1% 15.0% 15.9% 14.2% 17.9% 15.9% 18.0% 16.0% 15.4% 13.5% 22.1% 15.0% 14.98%
FCF Margin 3.2% 3.9% 3.7% 3.5% 3.6% 3.1% 3.7% 4.5% 5.6% 7.4% 6.9% 5.1% 4.0% 4.7% 4.8% 7.0% 7.9% 4.8% 5.0% 4.6% 4.56%
OCF Margin 9.0% 9.3% 9.3% 8.8% 8.2% 7.2% 8.1% 9.3% 11.3% 13.7% 12.2% 9.3% 9.4% 11.8% 13.2% 16.6% 16.3% 12.0% 12.1% 11.7% 11.67%
ROE 3Y Avg snapshot only 17.69%
ROE 5Y Avg snapshot only 16.32%
ROA 3Y Avg snapshot only 7.14%
ROIC 3Y Avg snapshot only 7.78%
ROIC Economic snapshot only 2.92%
Cash ROA snapshot only 6.77%
Cash ROIC snapshot only 9.73%
CROIC snapshot only 3.80%
NOPAT Margin snapshot only 3.54%
Pretax Margin snapshot only 3.35%
R&D / Revenue snapshot only 0.00%
SGA / Revenue snapshot only 16.15%
SBC / Revenue snapshot only 0.53%
Valuation
Metric Trend Q2'16 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 Current
P/E Ratio — — — — — — — — — — — — — — — — — — — — 132.880
P/S Ratio — — — — — — — — — — — — — — — — — — — — 1.821
P/B Ratio — — — — — — — — — — — — — — — — — — — — 1.567
P/FCF — — — — — — — — — — — — — — — — — — — — —
P/OCF — — — — — — — — — — — — — — — — — — — — —
EV/EBITDA — — — — — — — — — — — — — — — — — — — — —
EV/Revenue — — — — — — — — — — — — — — — — — — — — —
EV/EBIT — — — — — — — — — — — — — — — — — — — — —
EV/FCF — — — — — — — — — — — — — — — — — — — — —
Earnings Yield — — — — — — — — — — — — — — — — — — — — —
FCF Yield — — — — — — — — — — — — — — — — — — — — —
Graham Number snapshot only $28.84
Leverage & Solvency
Metric Trend Q2'16 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 Current
Current Ratio 1.43 1.42 1.43 1.17 1.75 1.39 1.18 1.21 1.47 1.46 1.45 1.44 1.47 1.49 1.57 1.52 2.18 1.37 1.45 1.48 1.482
Quick Ratio 1.03 1.01 1.05 0.84 1.36 0.99 0.84 0.84 1.07 1.11 1.08 1.07 1.05 1.08 1.15 1.12 2.18 0.89 0.95 0.97 0.967
Debt/Equity 1.63 1.45 1.47 1.33 1.59 1.28 1.40 1.25 1.28 0.87 0.80 0.86 0.76 0.75 0.71 0.67 0.00 0.78 0.78 0.77 0.766
Net Debt/Equity 1.49 1.27 1.28 1.12 1.16 1.14 1.31 1.18 1.07 0.63 0.64 0.66 0.66 0.60 0.59 0.49 -1.85 0.73 0.74 0.72 0.719
Debt/Assets 0.40 0.38 0.39 0.37 0.41 0.37 0.40 0.37 0.38 0.32 0.31 0.32 0.30 0.30 0.30 0.30 0.00 0.31 0.31 0.31 0.310
Debt/EBITDA 1.49 1.41 1.40 1.32 1.75 1.73 2.14 2.02 1.78 1.34 1.14 1.30 1.39 1.45 1.31 1.23 0.00 3.97 3.48 3.19 3.187
Net Debt/EBITDA 1.36 1.23 1.22 1.11 1.29 1.53 2.01 1.91 1.49 0.97 0.92 1.01 1.21 1.16 1.09 0.90 -0.00 3.72 3.29 2.99 2.995
Interest Coverage 3.58 4.67 4.29 4.16 4.80 6.28 11.39 — — — — — — — 11.52 7.75 5.94 4.10 2.43 2.09 2.094
Equity Multiplier 4.11 3.81 3.78 3.59 3.85 3.44 3.50 3.36 3.33 2.73 2.60 2.67 2.50 2.48 2.32 2.27 1.85 2.52 2.50 2.47 2.472
Cash Ratio snapshot only 0.116
Debt Service Coverage snapshot only 5.143
Cash to Debt snapshot only 0.060
FCF to Debt snapshot only 0.085
Defensive Interval snapshot only 537.0 days
Efficiency & Turnover
Metric Trend Q2'16 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 Current
Asset Turnover 1.88 1.88 1.93 1.91 1.88 1.91 1.90 1.90 1.80 1.78 1.73 1.72 1.55 1.45 1.55 1.47 2.81 0.78 0.83 0.91 0.908
Inventory Turnover 15.55 15.17 15.40 14.70 15.01 14.57 14.67 14.33 14.16 14.25 13.64 13.44 11.23 11.25 12.11 10.68 18.50 6.68 7.74 8.66 8.663
Receivables Turnover 10.49 11.41 10.25 12.90 10.08 13.30 10.32 14.85 10.53 14.35 9.42 13.72 8.04 10.21 8.09 10.80 12.58 7.12 6.58 8.16 8.159
Payables Turnover 5.70 10.33 6.00 9.72 5.90 10.49 5.97 9.97 5.73 9.66 5.30 9.22 4.88 8.39 4.93 8.73 8.18 6.66 6.45 9.78 9.781
DSO 35 32 36 28 36 27 35 25 35 25 39 27 45 36 45 34 29 51 55 45 44.7 days
DIO 23 24 24 25 24 25 25 25 26 26 27 27 32 32 30 34 20 55 47 42 42.1 days
DPO 64 35 61 38 62 35 61 37 64 38 69 40 75 43 74 42 45 55 57 37 37.3 days
Cash Conversion Cycle -6 21 -1 16 -1 18 -1 13 -3 13 -3 14 3 25 1 26 4 51 46 50 49.6 days
Fixed Asset Turnover snapshot only 1.146
Operating Cycle snapshot only 91.5 days
Cash Velocity snapshot only 31.036
Capital Intensity snapshot only 1.725
Growth (YoY)
Metric Trend Q2'16 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 Current
Revenue 4.7% 1.4% 2.4% 3.3% 4.9% 7.6% 8.4% 7.6% 3.9% 0.4% -1.5% 3.6% -0.8% -6.1% 0.2% -4.1% -0.1% 32.8% 36.0% 47.7% 47.74%
Net Income 52.9% 96.5% 62.0% 34.2% 32.5% -1.3% -1.1% -1.2% -1.2% 5.5% 14.8% 8.2% 7.6% 12.7% 32.3% 0.5% -8.1% -4.9% -55.2% -54.9% -54.88%
EPS 48.7% 88.3% 60.2% 37.0% 31.9% -1.3% -1.1% -1.2% -1.2% 5.3% 13.7% 7.6% 7.1% 4.6% 31.8% 0.9% -8.5% -44.2% -77.8% -77.6% -77.61%
FCF -16.2% 11.0% 8.8% -8.1% 17.8% -15.2% 9.1% 38.8% 61.0% 1.4% 82.2% 18.2% -29.9% -40.6% -29.4% 32.1% 99.4% 35.6% 41.7% -4.0% -3.98%
EBITDA 1.1% 3.2% 9.5% 10.8% -2.2% -14.9% -23.9% -27.6% -2.5% 20.0% 49.3% 57.7% 25.0% 6.1% 4.0% 5.3% 6.6% 31.8% 42.3% 45.9% 45.87%
Op. Income 8.7% 17.1% 18.7% 10.3% 16.5% 17.0% 25.0% 40.7% 25.3% 9.4% -5.0% -7.3% -5.3% -3.2% 14.7% 13.4% 9.2% 12.1% -24.0% -33.7% -33.71%
OCF Growth snapshot only 3.84%
Asset Growth snapshot only 2.61%
Equity Growth snapshot only 2.32%
Debt Growth snapshot only 2.77%
Shares Change snapshot only 1.02%
Dividend Growth snapshot only -33.13%
Growth (CAGR)
Metric Trend Q2'16 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 Current
Revenue 3Y 71.6% 34.6% 16.8% 6.0% 5.7% 6.0% 6.2% 5.6% 4.5% 3.1% 3.0% 4.8% 2.7% 0.5% 2.3% 2.3% 1.0% 7.8% 10.3% 13.6% 13.65%
Revenue 5Y — — — — — — — — 40.7% 21.4% 11.3% 5.8% 4.0% 2.4% 3.4% 3.2% 2.5% 6.5% 8.3% 10.3% 10.28%
EPS 3Y — 1.5% 90.6% 48.3% 31.0% — — — — 30.9% 20.0% 20.8% 16.6% 7.6% 12.5% 9.1% 3.2% — — — —
EPS 5Y — — — — — — — — — 80.7% 49.5% 33.2% 22.0% 17.3% 21.1% 20.0% 16.6% 5.5% -12.7% -16.8% -16.81%
Net Income 3Y — 1.6% 92.5% 49.8% 32.4% — — — — 33.5% 23.9% 24.1% 20.2% 10.9% 15.8% 12.7% 6.4% — — — —
Net Income 5Y — — — — — — — — — 82.8% 53.0% 36.7% 24.9% 20.5% 23.6% 23.1% 19.5% 20.6% 2.4% -2.8% -2.84%
EBITDA 3Y 75.6% 34.3% 13.7% 4.9% -2.5% -3.8% -5.5% -7.5% -1.2% 1.8% 7.6% 8.1% 6.0% 2.7% 5.7% 6.3% 9.1% 18.8% 30.3% 34.3% 34.29%
EBITDA 5Y — — — — — — — — 38.9% 19.8% 10.8% 5.7% 2.5% 2.5% 5.6% 5.6% 5.1% 8.1% 13.0% 14.2% 14.20%
Gross Profit 3Y 76.4% 38.3% 19.8% 8.8% 8.8% 9.9% 11.1% 10.7% 9.5% 7.9% 6.8% 7.4% 4.6% 1.5% 4.5% 5.0% 1.8% 2.5% -4.4% -6.8% -6.81%
Gross Profit 5Y — — — — — — — — 46.3% 26.0% 15.1% 8.9% 6.4% 4.3% 5.8% 5.8% 4.1% 4.9% 1.3% 0.0% 0.04%
Op. Income 3Y 1.1% 55.1% 32.0% 14.9% 11.6% 13.5% 17.5% 18.7% 16.6% 14.5% 12.1% 12.9% 11.4% 7.4% 10.8% 13.9% 9.0% 5.9% -6.1% -11.4% -11.36%
Op. Income 5Y — — — — — — — — 68.8% 36.7% 22.3% 14.6% 10.5% 9.1% 12.1% 11.9% 10.4% 10.2% 4.2% 1.6% 1.57%
FCF 3Y — 1.2% 72.8% 12.4% 6.8% -3.3% 3.2% 15.3% 16.7% 31.7% 29.3% 14.7% 10.0% 6.9% 12.0% 29.4% 31.1% 25.0% 22.1% 14.5% 14.46%
FCF 5Y — — — — — — — — — 87.7% 59.3% 18.4% 6.6% 5.4% 7.2% 19.1% 17.3% 13.0% 16.7% 13.8% 13.85%
OCF 3Y 2.3% 61.7% 40.9% 14.2% 7.8% 1.5% 5.8% 11.6% 15.0% 20.6% 15.2% 4.7% 4.2% 8.7% 14.8% 26.2% 26.8% 27.9% 26.3% 22.4% 22.44%
OCF 5Y — — — — — — — — 1.2% 46.4% 31.3% 11.9% 8.1% 10.1% 13.9% 19.7% 16.8% 13.9% 15.6% 15.3% 15.27%
Assets 3Y 1.8% 3.7% 3.0% 2.3% 4.8% 4.0% 6.1% 6.4% 5.1% 6.6% 7.8% 11.2% 13.3% 12.1% 12.0% 11.9% -98.6% 66.4% 65.9% 66.2% 66.21%
Assets 5Y — — — — — — — — 4.4% 5.3% 5.1% 6.8% 8.6% 8.2% 8.2% 8.9% -92.1% 38.8% 40.7% 39.9% 39.87%
Equity 3Y 8.4% 9.7% 9.0% 7.9% 5.6% 6.9% 9.4% 8.5% 11.3% 19.3% 24.7% 26.2% 33.8% 29.2% 31.7% 30.4% -98.2% 84.6% 85.6% 84.1% 84.14%
Book Value 3Y 7.4% 8.2% 7.9% 6.9% 4.5% 6.0% 8.9% 7.2% 10.0% 16.9% 20.8% 22.9% 29.8% 25.3% 27.9% 26.3% -98.3% 49.0% 42.7% 41.6% 41.57%
Dividend 3Y 26.4% 17.5% 18.0% 8.1% 29.1% 16.3% 48.7% 45.3% 12.0% 42.7% 6.2% 3.3% 31.1% -4.0% 10.7% 15.6% 2.7% -2.2% -17.4% -15.1% -15.08%
Growth Quality
Metric Trend Q2'16 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 Current
Revenue Stability 0.71 0.73 0.80 0.97 0.99 0.94 0.96 0.97 0.78 0.79 0.84 0.99 0.92 0.56 0.81 0.80 0.78 0.50 0.59 0.58 0.583
Earnings Stability 0.91 0.88 0.95 1.00 0.95 0.00 0.00 0.03 0.02 0.14 0.17 0.13 0.07 0.20 0.28 0.22 0.15 0.31 0.10 0.05 0.045
Margin Stability 0.96 0.96 0.97 0.97 0.96 0.95 0.94 0.94 0.93 0.93 0.93 0.93 0.94 0.94 0.94 0.94 0.95 0.92 0.83 0.79 0.787
Rev. Growth Consistency 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 0.00 1.00 0.00 0.00 0.50 0.00 0.00 0.50 1.00 0.50 0.500
Earn. Growth Consistency 1.00 0.50 1.00 1.00 1.00 0.00 0.00 0.00 0.00 0.50 0.50 0.50 0.50 1.00 1.00 1.00 0.00 0.00 0.00 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 0.50 0.50 0.50 0.86 0.87 0.20 0.20 0.20 0.20 0.20 0.20 0.20 0.20 0.50 0.50 0.50 0.50 0.98 0.50 0.50 0.500
Earnings Smoothness 0.58 0.35 0.53 0.71 0.72 — — — — — — — — 0.88 0.72 1.00 0.92 0.95 0.24 0.24 0.244
ROE Trend 0.14 0.17 0.13 0.10 0.11 -0.36 -0.33 -0.38 -0.42 0.13 0.08 0.14 0.09 0.14 0.13 0.11 78412.30 -0.19 -0.22 -0.22 -0.220
Gross Margin Trend 0.01 0.01 0.01 0.01 0.01 0.02 0.03 0.03 0.03 0.03 0.02 0.00 -0.00 -0.01 -0.01 -0.00 -0.01 -0.05 -0.11 -0.14 -0.140
FCF Margin Trend -0.01 0.00 -0.00 -0.00 -0.00 -0.01 0.00 0.01 0.02 0.04 0.03 0.01 -0.01 -0.01 -0.00 0.02 0.03 -0.01 -0.01 -0.01 -0.015
Sustainable Growth Rate 29.2% 32.7% 34.0% 32.1% 33.1% — — — — 16.0% 16.3% 22.2% 14.2% 15.2% 14.3% 10.7% 13.9% 2.1% -1.8% -3.2% -3.23%
Internal Growth Rate 7.8% 9.4% 9.6% 9.4% 9.1% — — — — 5.6% 5.8% 8.1% 5.3% 6.2% 6.2% 4.6% 5.9% 0.8% — — —
Cash Flow Quality
Metric Trend Q2'16 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 Current
OCF/Net Income 2.07 1.79 1.81 1.72 1.50 -5.50 -20.02 -9.88 -10.77 2.36 2.15 1.42 1.35 1.69 1.77 2.41 2.53 2.41 4.91 5.55 5.555
FCF/OCF 0.36 0.42 0.40 0.39 0.44 0.43 0.46 0.48 0.50 0.54 0.56 0.55 0.42 0.40 0.37 0.42 0.49 0.40 0.42 0.39 0.391
FCF/Net Income snapshot only 2.171
OCF/EBITDA snapshot only 0.696
CapEx/Revenue 5.8% 5.4% 5.6% 5.4% 4.6% 4.1% 4.3% 4.9% 5.7% 6.3% 5.3% 4.2% 5.5% 7.1% 8.3% 9.6% 8.4% 7.2% 7.0% 7.1% 7.11%
CapEx/Depreciation snapshot only 0.715
Accruals Ratio -0.09 -0.08 -0.08 -0.07 -0.05 -0.16 -0.16 -0.20 -0.22 -0.14 -0.11 -0.05 -0.04 -0.07 -0.09 -0.14 -0.28 -0.05 -0.08 -0.09 -0.087
Sloan Accruals snapshot only -0.022
Cash Flow Adequacy snapshot only 1.093
Earnings Quality Score snapshot only 0.750
Dividends & Buybacks
Metric Trend Q2'16 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 Current
Dividend Yield — — — — — — — — — — — — — — — — — — — — 3.15%
Dividend/Share $0.35 $0.42 $0.42 $0.46 $0.78 $0.68 $1.40 $1.44 $1.13 $2.04 $1.70 $1.57 $2.55 $1.84 $2.51 $2.68 $3.02 $1.92 $1.54 $1.79 $1.74
Payout Ratio 11.7% 11.9% 11.8% 12.6% 19.6% — — — — 48.8% 44.0% 33.6% 53.6% 42.0% 49.3% 56.8% 69.1% 78.4% 1.4% 1.7% 1.70%
FCF Payout Ratio 15.7% 15.8% 16.4% 18.7% 29.7% 30.0% 50.2% 42.9% 26.8% 38.2% 36.3% 43.3% 94.2% 62.3% 76.1% 55.7% 56.0% 81.7% 66.4% 78.2% 78.17%
Total Payout Ratio 14.8% 14.6% 14.1% 15.1% 21.2% — — — — 52.6% 46.5% 35.8% 56.6% 48.9% 56.6% 64.7% 75.2% 80.9% 1.4% 1.7% 1.70%
Div. Increase Streak 1 1 1 1 1 1 1 1 1 1 1 1 1 0 1 1 1 0 1 1 1
Chowder Number — — — — — — — — — — — — — — — — — — — — —
Buyback Yield — — — — — — — — — — — — — — — — — — — — —
Net Buyback Yield — — — — — — — — — — — — — — — — — — — — —
Total Shareholder Return — — — — — — — — — — — — — — — — — — — — —
DuPont Factors
Metric Trend Q2'16 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 Current
Tax Burden (NI/EBT) 0.67 0.67 0.68 0.70 0.71 -1.33 -0.19 -0.62 -0.78 0.72 0.72 0.74 0.74 0.74 0.73 0.72 0.72 0.71 0.63 0.63 0.628
Interest Burden (EBT/EBIT) 0.65 0.73 0.71 0.68 0.83 0.12 0.29 0.33 0.24 1.98 1.51 1.81 1.87 1.75 2.21 1.19 1.20 0.89 0.50 0.49 0.490
EBIT Margin 0.10 0.11 0.11 0.11 0.09 0.08 0.08 0.05 0.06 0.04 0.05 0.05 0.05 0.05 0.05 0.08 0.07 0.08 0.08 0.07 0.068
Asset Turnover 1.88 1.88 1.93 1.91 1.88 1.91 1.90 1.90 1.80 1.78 1.73 1.72 1.55 1.45 1.55 1.47 2.81 0.78 0.83 0.91 0.908
Equity Multiplier 4.03 3.81 3.90 3.74 3.97 3.61 3.63 3.47 3.56 3.03 2.98 2.95 2.81 2.59 2.44 2.45 2.50 2.51 2.46 2.43 2.426
Per Share
Metric Trend Q2'16 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 Current
EPS (Diluted TTM) $3.01 $3.51 $3.58 $3.63 $3.97 $-0.97 $-0.30 $-0.71 $-0.79 $4.18 $3.86 $4.67 $4.76 $4.38 $5.09 $4.71 $4.36 $2.44 $1.13 $1.06 $1.06
Book Value/Share $8.87 $9.70 $9.88 $10.58 $10.45 $11.69 $12.06 $12.35 $12.81 $15.45 $15.47 $16.71 $19.39 $19.11 $20.68 $21.30 $0.00 $38.71 $35.05 $35.04 $35.36
Tangible Book/Share $-1.65 $-0.62 $-0.35 $0.34 $0.42 $0.72 $0.81 $1.41 $2.00 $4.99 $5.56 $6.32 $8.74 $8.95 $10.41 $11.07 $0.00 $21.01 $19.12 $19.29 $19.29
Revenue/Share $68.92 $67.79 $69.62 $70.57 $72.01 $74.18 $75.36 $75.29 $74.66 $72.04 $68.35 $71.13 $68.06 $62.79 $68.23 $68.49 $67.75 $48.92 $46.06 $50.21 $30.54
FCF/Share $2.23 $2.64 $2.57 $2.44 $2.62 $2.28 $2.80 $3.36 $4.21 $5.35 $4.69 $3.63 $2.71 $2.95 $3.30 $4.81 $5.38 $2.34 $2.32 $2.29 $1.59
OCF/Share $6.21 $6.30 $6.50 $6.23 $5.94 $5.34 $6.07 $7.03 $8.46 $9.88 $8.32 $6.64 $6.42 $7.40 $8.99 $11.38 $11.05 $5.88 $5.56 $5.86 $3.76
Cash/Share $1.22 $1.82 $1.90 $2.24 $4.43 $1.72 $0.99 $0.79 $2.68 $3.65 $2.41 $3.26 $1.86 $2.95 $2.37 $3.83 $0.00 $1.91 $1.49 $1.62 $1.63
EBITDA/Share $9.71 $9.99 $10.36 $10.66 $9.45 $8.65 $7.87 $7.65 $9.20 $10.04 $10.82 $11.00 $10.56 $9.88 $11.21 $11.63 $11.22 $7.63 $7.91 $8.42 $8.42
Debt/Share $14.46 $14.10 $14.53 $14.11 $16.58 $14.99 $16.83 $15.42 $16.40 $13.43 $12.35 $14.33 $14.67 $14.37 $14.63 $14.35 $0.00 $30.31 $27.52 $26.83 $26.83
Net Debt/Share $13.24 $12.28 $12.62 $11.88 $12.15 $13.27 $15.85 $14.63 $13.71 $9.77 $9.94 $11.06 $12.81 $11.42 $12.26 $10.52 $-0.00 $28.41 $26.02 $25.21 $25.21
Academic Models
Metric Trend Q2'16 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 Current
Altman Z-Score — — — — — — — — — — — — — — — — — — — — —
Piotroski F-Score 8 5 6 8 6 6 4 5 5 7 6 6 5 6 7 7 7 3 3 3 3
Beneish M-Score -2.79 -2.87 -2.82 -2.90 -2.68 -3.29 -3.13 -3.37 -3.61 -3.21 -2.95 -3.56 -1.56 -1.91 -2.63 -8.61 -457452.94 -0.94 -1.02 -1.15 -1.151
Ohlson O-Score snapshot only -7.821
ROIC (Greenblatt) snapshot only 6.78%
Net-Net WC snapshot only $-30.85
EVA snapshot only $-2235295475.11
Credit
Metric Trend Q2'16 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 Current
Credit Rating snapshot only BB+
Credit Score 51.92 52.53 52.82 50.32 52.66 56.86 59.68 62.80 67.07 69.95 69.15 66.98 66.71 68.02 69.69 67.78 68.38 50.59 46.17 46.65 46.655
Credit Grade snapshot only 11
Credit Trend snapshot only -21.129
Implied Spread (bps) snapshot only 400.000
Industry Credit Rank snapshot only 36
Sector Credit Rank snapshot only 36

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