Also trades as: SN.L (LSE) · $vol 43M · SNNUF (OTC) · $vol 0M

$30.10

-0.37 (-1.21%)

Weekly Expected Move ±3.7%

$29 $30 $31 $32 $33

NYSE · Healthcare · Medical - Devices · Tech Score Buy · Power 71 · $12.7B mcap · 418M float · 0.373% daily turnover · Short 56% of daily vol

Credit Risk of going bust: lower than 72% of companies Debt: 22.9% of company value Bonds: $65.7M held by 141 funds, 84 bp over Treasuries → details ▾

If the stock fell to about $0.58 (down 98%), Smith & Nephew plc would be worth roughly what it owes.
Total debt $3.79B against a stock market value of $12.72B.
Distance to default 7.89 (Merton model): prices to 2026-10-27, balance sheet 2026-06-27, debt counted $2.05B (short-term plus half of long-term), stock volatility 29.0%; Altman Z'' 4.54. A ranking and a back-test, not a forecast.
Bond figures are fund-reported marks (SEC N-PORT) as of Jul 2026. 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

$34

Low

$34

Avg Target

$34

High

Based on 1 analyst since Aug 4, 2026 earnings

Analyst Recommendations

Strong Buy: 0Buy: 6Hold: 15Sell: 2Strong Sell: 0

Rating Summary

ConsensusHold

Avg Target$33.88

Analysts1

Price Target Change History

Date	Firm	Analyst	Old	New	Change	Upside @ Call	Stock@Call
2026-09-11	Berenberg Bank	—	Initiated	$34	—	+23.4%	$27.46
2026-05-11	Bernstein	—	$38	$32	-6	+6.3%	$29.95
2026-05-11	Canaccord Genuity	—	$32	$30	-2	+0.2%	$29.95
2026-04-24	Canaccord Genuity	Caitlin Cronin	$36	$32	-4	+0.3%	$31.92
2025-10-14	Bernstein	—	Initiated	$38	—	+6.5%	$35.21
2025-08-18	Canaccord Genuity	Caitlin Cronin	$27	$36	+9	-1.5%	$36.54
2024-11-04	Canaccord Genuity	Kyle Rose	Initiated	$27	—	+6.8%	$25.28

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

Rating Change History

Date	From	To
2026-10-26	B	B+
2026-10-14	B+	B
2026-08-12	B	B+
2026-08-10	B+	B
2026-08-03	B	B+
2026-07-30	B+	B
2026-05-12	B	B+
2026-05-06	B+	B
2026-03-20	B	B+
2026-03-12	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.

★ ★ ★ ★ ★ 67 Grade A

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. SNN scores highest in Momentum (88/100) and lowest in Profitability (52/100). An overall grade of A places SNN among the highest-quality companies in its peer group.

Risk & Quality Signals

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

Altman Z-Score

3.13

Safe Zone

Piotroski F-Score

7/9

✓ ✓ ✓ ✓ ✗ ✗ ✓ ✓ ✓

Beneish M-Score

-2.75

Unlikely Manipulator

Ohlson O-Score

-8.43

Bankruptcy prob: 0.0%

Low Risk

Credit Rating

A+

Score: 77.6/100

Trend: Improving

Earnings Quality

75/100

OCF/NI: 2.11x

Accruals: -6.5%

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. SNN scores 3.13, placing it in the Safe Zone (safe > 2.99, distress < 1.81). Bankruptcy is statistically unlikely within the next two years. 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. SNN scores 7/9, 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. SNN's score of -2.75 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. SNN'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. SNN receives an estimated rating of A+ (score: 77.6/100), 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). SNN'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

19.64x

PEG

0.59x

P/S

1.96x

P/B

2.43x

P/FCF

14.95x

P/OCF

9.55x

EV/EBITDA

9.86x

EV/Revenue

2.51x

EV/EBIT

15.73x

EV/FCF

18.50x

Earnings Yield

4.96%

FCF Yield

6.69%

Shareholder Yield

7.44%

Graham Number

$19.97

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 19.6x earnings, SNN trades at a reasonable valuation. Graham's intrinsic value formula yields $19.97 per share, 51% 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

0.797

NI / EBT

Interest Burden

0.791

EBT / EBIT

EBIT Margin

0.160

EBIT / Rev

Asset Turnover

0.580

Rev / Assets

Equity Multiplier

2.026

Assets / Equity

ROE

11.8%

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. SNN's ROE of 11.8% is driven by Asset Turnover (0.580), 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

$56.70

Price/Value

0.52x

Margin of Safety

47.63%

Premium

-47.63%

Assessment

Neutral

Graham's classic formula uses analyst-projected growth to estimate a fair P/E (8.5 + 2g). Our adjusted version replaces that projection with SNN's realized 15.0% 3-year EPS CAGR, capped at 15% — demonstrated performance rather than forecasts, held to a rate companies have historically sustained. SNN actually compounded EPS at 80.7% 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. SNN trades at a -48% premium to its adjusted intrinsic value of $56.70, 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 19.6x.

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

$30.11

Median 1Y

$27.67

5th Pctile

$16.79

95th Pctile

$45.89

Ann. Volatility

30.2%

Analyst Target

$33.88

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

17,530

-2.9% YoY

Revenue / Employee

$352,447

Rev: $6,178,404,470

Profit / Employee

$35,736

NI: $626,460,544

SGA / Employee

$165,417

Avg labor cost proxy

R&D / Employee

$16,925

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	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	19.8%	21.3%	17.8%	16.2%	13.9%	14.5%	12.0%	7.9%	8.6%	10.7%	9.7%	9.2%	4.1%	4.1%	5.0%	5.8%	7.9%	9.2%	11.9%	11.8%	11.83%
ROA	10.8%	11.6%	10.1%	9.5%	8.3%	8.4%	6.9%	4.2%	4.4%	5.4%	4.8%	4.7%	2.1%	2.2%	2.6%	3.0%	4.1%	4.7%	6.0%	5.8%	5.84%
ROIC	12.2%	12.4%	13.0%	11.9%	13.9%	12.4%	11.5%	9.2%	10.9%	9.9%	8.4%	8.0%	8.1%	7.8%	7.7%	8.1%	6.8%	7.4%	10.0%	9.9%	9.88%
ROCE	15.2%	14.8%	13.6%	13.0%	14.8%	13.7%	12.7%	6.9%	4.6%	7.7%	8.1%	9.0%	8.1%	8.6%	8.8%	8.4%	7.4%	8.5%	11.3%	11.2%	11.22%
Gross Margin	72.7%	74.2%	73.4%	73.2%	73.8%	73.9%	74.3%	68.3%	70.9%	69.0%	72.9%	70.3%	71.4%	69.4%	70.8%	69.8%	69.5%	70.6%	65.6%	70.9%	70.91%
Operating Margin	22.0%	17.7%	19.4%	15.2%	24.5%	16.9%	21.2%	-0.2%	17.3%	9.2%	18.1%	9.3%	16.2%	10.1%	14.5%	11.6%	11.0%	14.6%	17.9%	14.5%	14.47%
Net Margin	23.2%	13.9%	18.2%	11.2%	15.8%	12.4%	11.0%	4.9%	13.8%	7.9%	12.2%	6.8%	1.8%	6.3%	3.2%	7.6%	6.6%	9.9%	10.4%	9.8%	9.78%
EBITDA Margin	29.0%	27.1%	26.7%	24.6%	30.8%	26.8%	27.0%	13.1%	24.4%	20.5%	24.7%	21.2%	21.5%	20.5%	19.4%	18.4%	24.0%	24.2%	26.8%	24.2%	24.15%
FCF Margin	13.4%	13.0%	16.4%	15.0%	11.9%	15.4%	14.8%	7.4%	10.8%	15.5%	9.0%	6.0%	2.1%	0.4%	3.3%	5.3%	10.4%	13.4%	13.8%	13.6%	13.59%
OCF Margin	23.9%	19.9%	22.9%	21.3%	19.0%	21.9%	22.7%	16.9%	20.5%	23.9%	16.8%	13.8%	9.0%	7.0%	11.0%	13.0%	17.0%	19.2%	20.8%	21.3%	21.29%
ROE 3Y Avg	snapshot only																				9.01%
ROE 5Y Avg	snapshot only																				8.08%
ROA 3Y Avg	snapshot only																				4.42%
ROIC 3Y Avg	snapshot only																				5.90%
ROIC Economic	snapshot only																				9.18%
Cash ROA	snapshot only																				12.15%
Cash ROIC	snapshot only																				16.30%
CROIC	snapshot only																				10.41%
NOPAT Margin	snapshot only																				12.90%
Pretax Margin	snapshot only																				12.65%
R&D / Revenue	snapshot only																				4.81%
SGA / Revenue	snapshot only																				47.19%
SBC / Revenue	snapshot only																				0.54%

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	27.07	28.22	32.21	37.57	40.57	45.58	58.80	72.64	70.91	59.85	50.65	43.69	94.07	117.83	83.61	33.38	24.93	26.35	22.25	20.16	19.635
P/S Ratio	4.54	5.23	5.19	5.53	5.48	6.43	6.87	6.06	6.97	6.46	5.09	4.16	4.02	4.80	3.96	1.80	1.77	2.18	2.26	2.03	1.959
P/B Ratio	5.36	5.82	5.32	5.80	5.52	6.42	6.86	5.73	6.02	6.21	4.77	4.02	3.99	4.91	4.21	1.96	1.95	2.35	2.64	2.47	2.434
P/FCF	34.01	40.31	31.60	37.00	46.05	41.69	46.42	81.85	64.57	41.63	56.59	68.79	190.72	1167.57	121.48	33.82	16.95	16.28	16.32	14.95	14.951
P/OCF	18.98	26.28	22.67	26.00	28.89	29.32	30.21	35.95	33.97	27.02	30.26	30.05	44.83	68.68	36.17	13.89	10.41	11.33	10.82	9.55	9.547
EV/EBITDA	17.62	19.85	20.27	22.69	20.58	23.72	26.77	31.23	38.16	30.68	24.27	20.11	21.10	25.39	22.40	12.46	10.49	10.96	10.58	9.86	9.855
EV/Revenue	4.88	5.57	5.45	5.82	5.71	6.84	7.21	6.55	7.39	6.88	5.49	4.61	4.51	5.33	4.46	2.35	2.23	2.64	2.70	2.51	2.514
EV/EBIT	24.97	28.09	29.37	33.62	28.68	33.09	37.77	55.11	77.82	52.11	40.15	33.63	35.34	40.88	36.32	18.05	19.75	20.31	16.62	15.73	15.726
EV/FCF	36.49	42.94	33.23	38.93	47.94	44.37	48.75	88.46	68.48	44.38	60.96	76.34	213.64	1297.07	136.85	44.08	21.41	19.75	19.57	18.50	18.498
Earnings Yield	3.7%	3.5%	3.1%	2.7%	2.5%	2.2%	1.7%	1.4%	1.4%	1.7%	2.0%	2.3%	1.1%	0.8%	1.2%	3.0%	4.0%	3.8%	4.5%	5.0%	4.96%
FCF Yield	2.9%	2.5%	3.2%	2.7%	2.2%	2.4%	2.2%	1.2%	1.5%	2.4%	1.8%	1.5%	0.5%	0.1%	0.8%	3.0%	5.9%	6.1%	6.1%	6.7%	6.69%
PEG Ratio	snapshot only																				0.589
Price/Tangible Book	snapshot only																				15.304
EV/OCF	snapshot only																				11.812
EV/Gross Profit	snapshot only																				3.687
Acquirers Multiple	snapshot only																				15.523
Shareholder Yield	snapshot only																				7.44%
Graham Number	snapshot only																				$19.97

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	1.88	2.18	2.03	2.13	2.10	2.00	2.06	2.18	2.76	2.10	2.08	1.78	2.25	2.19	1.77	2.51	2.89	3.00	2.57	2.14	2.139
Quick Ratio	0.95	1.08	1.06	1.05	1.15	0.96	1.03	1.04	1.76	1.27	1.21	0.84	0.96	0.83	0.72	1.11	1.33	1.40	1.25	1.11	1.109
Debt/Equity	0.42	0.40	0.31	0.32	0.30	0.44	0.40	0.53	0.70	0.67	0.60	0.54	0.55	0.58	0.59	0.70	0.63	0.62	0.63	0.73	0.731
Net Debt/Equity	0.39	0.38	0.28	0.30	0.23	0.41	0.34	0.46	0.37	0.41	0.37	0.44	0.48	0.54	0.53	0.59	0.51	0.50	0.52	0.59	0.585
Debt/Assets	0.22	0.22	0.18	0.20	0.18	0.24	0.22	0.28	0.34	0.33	0.31	0.29	0.29	0.31	0.31	0.35	0.32	0.32	0.32	0.34	0.344
Debt/EBITDA	1.28	1.27	1.13	1.21	1.08	1.53	1.48	2.68	4.18	3.10	2.83	2.42	2.58	2.70	2.79	3.43	2.68	2.40	2.11	2.36	2.359
Net Debt/EBITDA	1.20	1.22	1.00	1.13	0.81	1.43	1.28	2.33	2.18	1.89	1.74	1.99	2.26	2.53	2.52	2.90	2.18	1.93	1.75	1.89	1.889
Interest Coverage	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	7.22	4.50	6.43	7.76	7.755
Equity Multiplier	1.86	1.77	1.69	1.66	1.65	1.81	1.81	1.92	2.09	2.05	1.96	1.87	1.90	1.88	1.91	2.03	1.97	1.93	1.98	2.13	2.126
Cash Ratio	snapshot only																				0.368
Debt Service Coverage	snapshot only																				12.375
Cash to Debt	snapshot only																				0.199
FCF to Debt	snapshot only																				0.226
Defensive Interval	snapshot only																				250.2 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	0.64	0.63	0.63	0.64	0.62	0.59	0.59	0.51	0.45	0.50	0.48	0.50	0.50	0.54	0.56	0.55	0.57	0.56	0.59	0.58	0.580
Inventory Turnover	1.03	0.96	0.98	0.98	0.96	0.90	0.88	0.82	0.84	0.89	0.86	0.79	0.75	0.72	0.72	0.68	0.74	0.72	0.88	0.87	0.874
Receivables Turnover	4.85	3.93	4.66	4.03	4.54	3.98	4.70	3.89	4.58	4.37	5.54	4.29	5.22	4.30	5.32	4.30	5.49	4.28	5.00	4.31	4.306
Payables Turnover	1.58	1.52	1.49	1.60	1.50	1.49	1.48	1.49	1.51	1.60	1.57	1.44	1.47	1.61	1.62	1.69	1.68	1.69	1.75	1.71	1.706
DSO	75	93	78	91	80	92	78	94	80	83	66	85	70	85	69	85	67	85	73	85	84.8 days
DIO	353	380	373	373	379	407	413	447	437	411	426	461	486	507	507	534	495	506	416	418	417.8 days
DPO	232	240	246	228	243	245	246	245	242	228	233	254	249	227	225	216	217	216	209	214	214.0 days
Cash Conversion Cycle	197	233	205	235	217	254	244	296	274	267	259	292	307	365	350	404	344	375	280	289	288.5 days
Fixed Asset Turnover	snapshot only																				3.893
Operating Cycle	snapshot only																				502.6 days
Cash Velocity	snapshot only																				8.339
Capital Intensity	snapshot only																				1.752

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	0.8%	-0.3%	2.1%	4.1%	2.9%	1.6%	4.8%	-5.3%	-11.2%	9.3%	14.3%	1.7%	0.1%	2.6%	6.4%	5.5%	4.7%	5.8%	6.3%	5.3%	5.31%
Net Income	91.2%	1.4%	-2.2%	-17.3%	-13.6%	-2.6%	-9.5%	-44.0%	-25.3%	41.4%	17.0%	-10.3%	-57.4%	-56.0%	17.9%	39.9%	56.7%	61.9%	52.1%	28.4%	28.40%
EPS	93.0%	1.5%	-0.4%	-17.5%	-13.5%	-2.6%	-9.7%	-43.9%	-25.7%	41.0%	17.3%	-9.9%	-57.0%	-55.9%	17.5%	1.8%	2.1%	60.7%	53.2%	31.2%	31.24%
FCF	-14.2%	3.2%	25.3%	19.9%	-25.3%	4.8%	30.1%	-54.5%	-35.3%	1.3%	-4.7%	-60.4%	-76.5%	-93.0%	64.5%	12.7%	2.3%	1.7%	40.9%	6.9%	6.92%
EBITDA	-4.1%	4.0%	-0.8%	-4.9%	6.1%	14.3%	1.8%	-31.1%	-36.2%	17.0%	33.4%	4.0%	-5.4%	-6.0%	-0.7%	-5.2%	11.8%	35.3%	27.7%	11.4%	11.37%
Op. Income	-2.6%	7.5%	-3.0%	-9.2%	10.3%	21.4%	0.5%	-45.6%	-55.9%	21.5%	64.4%	5.6%	-6.6%	-2.4%	2.6%	5.3%	-3.7%	3.9%	53.0%	33.3%	33.32%
OCF Growth	snapshot only																				16.53%
Asset Growth	snapshot only																				3.09%
Equity Growth	snapshot only																				-6.35%
Debt Growth	snapshot only																				9.68%
Shares Change	snapshot only																				-2.17%
Dividend Growth	snapshot only																				3.19%

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	3.6%	3.7%	2.4%	2.1%	1.9%	1.8%	3.2%	0.1%	-1.5%	1.7%	2.1%	1.7%	0.5%	4.5%	6.8%	3.3%	3.7%	4.6%	5.8%	5.5%	5.54%
Revenue 5Y	2.3%	2.1%	3.2%	3.7%	3.1%	3.3%	3.0%	0.5%	-0.3%	1.8%	2.2%	2.2%	1.8%	1.9%	2.5%	2.7%	2.5%	5.0%	6.3%	4.2%	4.18%
EPS 3Y	14.5%	17.8%	16.3%	13.7%	18.5%	26.0%	-8.0%	-23.4%	-16.6%	-8.3%	-7.7%	-10.7%	-27.9%	-17.6%	-16.0%	3.6%	16.2%	25.6%	77.6%	80.7%	80.68%
EPS 5Y	6.4%	8.6%	6.0%	6.1%	5.3%	5.6%	4.2%	-4.3%	2.2%	9.6%	-7.5%	-10.6%	-21.8%	-21.1%	-16.9%	-2.6%	6.5%	20.3%	23.0%	18.6%	18.56%
Net Income 3Y	13.9%	16.8%	15.0%	12.8%	17.4%	25.2%	-8.5%	-23.3%	-16.4%	-8.3%	-7.5%	-10.8%	-28.1%	-17.7%	-16.3%	-18.0%	-7.7%	-0.2%	41.1%	42.7%	42.73%
Net Income 5Y	6.3%	8.1%	5.4%	5.3%	4.6%	5.1%	3.5%	-4.8%	1.8%	9.2%	-7.7%	-10.6%	-21.9%	-21.2%	-16.9%	-15.3%	-7.2%	4.8%	6.9%	2.8%	2.77%
EBITDA 3Y	4.3%	2.7%	-0.7%	-2.3%	0.3%	4.2%	2.3%	-9.2%	-11.7%	-2.7%	-4.7%	-5.7%	-7.0%	4.6%	7.8%	-2.5%	1.6%	6.4%	12.3%	12.6%	12.59%
EBITDA 5Y	2.3%	2.2%	1.6%	1.8%	3.6%	3.3%	1.1%	-6.0%	-8.1%	-1.8%	-1.8%	-1.8%	-2.8%	-2.1%	-4.1%	-5.7%	-2.2%	7.9%	12.3%	6.9%	6.88%
Gross Profit 3Y	2.6%	3.0%	2.0%	1.6%	1.1%	1.6%	3.9%	-0.7%	-3.3%	0.1%	0.8%	0.7%	-1.0%	3.9%	7.0%	3.5%	3.0%	3.9%	4.4%	4.4%	4.42%
Gross Profit 5Y	2.1%	1.9%	3.0%	3.4%	2.8%	3.1%	2.8%	-0.3%	-1.9%	0.6%	1.7%	1.7%	1.0%	1.1%	1.5%	1.7%	1.2%	4.5%	5.7%	3.7%	3.66%
Op. Income 3Y	5.6%	4.3%	4.4%	2.1%	1.4%	5.8%	2.5%	-15.6%	-21.2%	-7.0%	-10.0%	-11.3%	-12.2%	7.8%	16.3%	2.8%	-2.6%	2.2%	14.8%	13.4%	13.42%
Op. Income 5Y	1.6%	1.7%	0.9%	1.4%	4.7%	4.6%	4.7%	-6.8%	-14.3%	-4.7%	-4.8%	-5.1%	-5.6%	-3.7%	-6.9%	-6.4%	-7.7%	6.5%	18.3%	8.5%	8.51%
FCF 3Y	5.8%	13.3%	36.4%	14.7%	-7.0%	9.1%	6.8%	-17.0%	-14.3%	3.0%	-7.0%	-25.5%	-47.5%	-60.1%	-28.3%	-27.7%	8.9%	36.4%	98.0%	2.4%	2.39%
FCF 5Y	2.4%	0.4%	4.2%	4.6%	2.1%	12.8%	19.8%	-6.4%	-7.5%	6.2%	-5.6%	-12.3%	-32.4%	-50.3%	-20.9%	-17.0%	-4.4%	18.2%	11.7%	1.5%	1.46%
OCF 3Y	8.8%	6.3%	16.9%	7.6%	-3.3%	0.2%	1.5%	-5.3%	-5.0%	5.7%	-2.0%	-12.7%	-26.3%	-22.1%	-13.4%	-15.7%	4.0%	16.8%	40.1%	53.0%	52.96%
OCF 5Y	6.0%	1.6%	3.9%	3.2%	1.4%	7.0%	11.3%	-1.0%	-1.9%	2.6%	-4.7%	-5.0%	-15.6%	-18.4%	-8.2%	-7.5%	-3.3%	7.8%	6.6%	1.8%	1.79%
Assets 3Y	8.1%	-1.3%	2.5%	2.2%	4.0%	6.0%	8.2%	8.6%	11.9%	12.3%	10.7%	4.1%	2.3%	1.1%	-3.2%	-1.2%	-1.8%	1.9%	1.6%	3.8%	3.81%
Assets 5Y	9.1%	9.1%	6.9%	7.2%	6.7%	2.9%	4.9%	5.7%	9.0%	7.8%	8.3%	6.3%	4.8%	5.0%	4.4%	3.3%	2.2%	2.3%	-1.0%	0.1%	0.15%
Equity 3Y	-0.7%	0.4%	4.8%	4.7%	7.1%	7.9%	9.1%	5.7%	4.4%	4.7%	4.5%	2.9%	0.8%	1.8%	-0.4%	-0.8%	-1.8%	0.8%	0.2%	-0.3%	-0.34%
Book Value 3Y	-0.2%	1.2%	5.9%	5.5%	8.1%	8.6%	9.7%	5.6%	4.1%	4.6%	4.4%	3.0%	1.0%	2.0%	-0.1%	25.3%	23.6%	26.9%	26.1%	26.2%	26.16%
Dividend 3Y	18.8%	-14.6%	-14.8%	4.8%	7.1%	1.8%	0.2%	1.3%	0.8%	0.0%	-0.1%	-0.0%	0.0%	-0.0%	0.3%	26.6%	25.9%	25.9%	26.3%	27.0%	26.99%

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	0.88	0.78	0.95	0.90	0.94	0.93	0.97	0.34	0.05	0.37	0.20	0.63	0.27	0.66	0.55	0.92	0.77	0.99	1.00	0.95	0.947
Earnings Stability	0.04	0.06	0.31	0.24	0.41	0.32	0.20	0.01	0.03	0.02	0.87	0.68	0.86	0.69	0.83	0.61	0.43	0.04	0.04	0.03	0.027
Margin Stability	0.99	0.99	0.99	0.99	0.99	0.99	0.99	0.99	0.97	0.98	0.97	0.98	0.97	0.98	0.98	0.98	0.98	0.99	0.98	0.99	0.987
Rev. Growth Consistency	1.00	0.00	1.00	0.50	1.00	1.00	1.00	0.00	0.00	0.50	0.50	1.00	1.00	1.00	1.00	1.00	1.00	1.00	1.00	1.00	1.000
Earn. Growth Consistency	0.50	0.50	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.50	0.50	0.00	0.00	0.00	0.50	0.50	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	0.50	0.50	0.99	0.93	0.95	0.99	0.96	0.82	0.90	0.83	0.93	0.96	0.50	0.50	0.93	0.84	0.50	0.50	0.50	0.89	0.886
Earnings Smoothness	0.37	0.16	0.98	0.81	0.85	0.97	0.90	0.44	0.71	0.66	0.84	0.89	0.19	0.22	0.84	0.67	0.56	0.53	0.59	0.75	0.751
ROE Trend	0.08	0.10	0.01	0.01	-0.05	-0.04	-0.03	-0.07	-0.04	-0.01	-0.01	0.00	-0.05	-0.06	-0.02	-0.01	0.03	0.04	0.05	0.05	0.048
Gross Margin Trend	-0.02	-0.01	-0.00	-0.00	0.00	0.00	0.00	-0.02	-0.04	-0.03	-0.01	0.01	0.01	-0.00	-0.01	-0.01	-0.01	-0.00	-0.02	-0.02	-0.020
FCF Margin Trend	0.02	0.01	0.02	0.02	-0.03	0.01	0.01	-0.08	-0.03	0.04	-0.04	-0.05	-0.08	-0.10	-0.02	0.02	0.08	0.11	0.07	0.04	0.042
Sustainable Growth Rate	8.5%	14.6%	11.6%	9.3%	7.2%	8.0%	5.6%	1.3%	2.3%	4.4%	3.6%	3.1%	-1.9%	-2.0%	-1.2%	-0.4%	1.6%	3.1%	5.6%	5.6%	5.64%
Internal Growth Rate	4.8%	8.7%	7.0%	5.8%	4.5%	4.8%	3.4%	0.7%	1.2%	2.2%	1.8%	1.6%	—	—	—	—	0.8%	1.6%	2.9%	2.9%	2.86%

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	1.43	1.07	1.42	1.44	1.40	1.55	1.95	2.02	2.09	2.22	1.67	1.45	2.10	1.72	2.31	2.40	2.40	2.33	2.06	2.11	2.112
FCF/OCF	0.56	0.65	0.72	0.70	0.63	0.70	0.65	0.44	0.53	0.65	0.53	0.44	0.24	0.06	0.30	0.41	0.61	0.70	0.66	0.64	0.639
FCF/Net Income	snapshot only																				1.348
OCF/EBITDA	snapshot only																				0.834
CapEx/Revenue	10.6%	6.9%	6.5%	6.3%	7.1%	6.5%	7.9%	9.4%	9.7%	8.4%	7.8%	7.8%	6.9%	6.6%	7.7%	7.7%	6.6%	5.8%	7.0%	7.7%	7.69%
CapEx/Depreciation	snapshot only																				0.808
Accruals Ratio	-0.05	-0.01	-0.04	-0.04	-0.03	-0.05	-0.07	-0.04	-0.05	-0.07	-0.03	-0.02	-0.02	-0.02	-0.03	-0.04	-0.06	-0.06	-0.06	-0.06	-0.065
Sloan Accruals	snapshot only																				-0.124
Cash Flow Adequacy	snapshot only																				1.641
Earnings Quality Score	snapshot only																				0.750

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	2.1%	1.1%	1.1%	1.1%	1.2%	1.0%	0.9%	1.2%	1.0%	1.0%	1.2%	1.5%	1.6%	1.3%	1.5%	3.2%	3.2%	2.5%	2.4%	2.6%	2.62%
Dividend/Share	$0.50	$0.31	$0.31	$0.35	$0.37	$0.36	$0.36	$0.37	$0.37	$0.37	$0.37	$0.37	$0.38	$0.37	$0.37	$0.75	$0.74	$0.75	$0.76	$0.77	$0.78
Payout Ratio	57.3%	31.3%	35.1%	42.5%	48.4%	45.1%	53.0%	83.9%	73.2%	59.5%	62.8%	66.1%	1.5%	1.5%	1.2%	1.1%	79.4%	66.6%	52.8%	52.4%	52.37%
FCF Payout Ratio	72.0%	44.6%	34.4%	41.9%	55.0%	41.3%	41.8%	94.5%	66.7%	41.4%	70.1%	1.0%	3.0%	14.8%	1.8%	1.1%	54.0%	41.1%	38.7%	38.8%	38.84%
Total Payout Ratio	1.1%	72.3%	41.9%	49.4%	55.7%	53.6%	63.5%	93.1%	76.8%	59.5%	62.8%	92.9%	2.2%	1.6%	1.2%	1.1%	79.4%	66.6%	1.3%	1.5%	1.50%
Div. Increase Streak	1	0	0	0	0	1	0	1	0	1	1	0	0	0	0	0	0	1	0	1	1
Chowder Number	0.67	-0.38	-0.39	0.14	0.21	0.04	-0.00	0.05	0.04	0.01	0.02	0.01	0.01	0.01	0.01	0.04	0.03	0.03	0.04	0.04	0.035
Buyback Yield	2.0%	1.5%	0.2%	0.2%	0.2%	0.2%	0.2%	0.1%	0.1%	0.0%	0.0%	0.6%	0.8%	0.1%	0.0%	0.0%	0.0%	0.0%	3.6%	4.8%	4.85%
Net Buyback Yield	2.0%	1.5%	0.2%	0.2%	0.2%	0.2%	0.2%	0.1%	0.1%	0.0%	0.0%	0.6%	0.8%	0.1%	0.0%	0.0%	-0.0%	-0.0%	3.5%	4.8%	4.76%
Total Shareholder Return	4.1%	2.6%	1.3%	1.3%	1.4%	1.2%	1.1%	1.3%	1.1%	1.0%	1.2%	2.1%	2.3%	1.4%	1.5%	3.2%	3.2%	2.5%	5.9%	7.4%	7.36%

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)	0.74	0.78	0.87	0.86	0.85	0.85	0.81	1.20	1.82	1.10	0.89	0.87	0.95	0.90	0.91	0.91	0.82	0.81	0.80	0.80	0.797
Interest Burden (EBT/EBIT)	1.16	1.20	0.99	0.99	0.80	0.80	0.76	0.59	0.57	0.74	0.82	0.79	0.35	0.35	0.43	0.45	0.76	0.79	0.78	0.79	0.791
EBIT Margin	0.20	0.20	0.19	0.17	0.20	0.21	0.19	0.12	0.09	0.13	0.14	0.14	0.13	0.13	0.12	0.13	0.11	0.13	0.16	0.16	0.160
Asset Turnover	0.64	0.63	0.63	0.64	0.62	0.59	0.59	0.51	0.45	0.50	0.48	0.50	0.50	0.54	0.56	0.55	0.57	0.56	0.59	0.58	0.580
Equity Multiplier	1.83	1.83	1.77	1.71	1.67	1.74	1.73	1.86	1.95	1.99	2.02	1.96	1.93	1.88	1.90	1.95	1.94	1.98	1.97	2.03	2.026

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)	$0.88	$0.99	$0.88	$0.82	$0.76	$0.80	$0.68	$0.45	$0.51	$0.63	$0.60	$0.57	$0.26	$0.25	$0.30	$0.70	$0.94	$1.12	$1.44	$1.47	$1.47
Book Value/Share	$4.45	$4.80	$5.31	$5.29	$5.58	$5.64	$5.87	$5.65	$6.00	$6.06	$6.34	$6.16	$6.05	$5.99	$5.98	$11.92	$11.97	$12.57	$12.12	$12.04	$12.26
Tangible Book/Share	$0.40	$0.70	$1.03	$1.14	$1.52	$0.64	$0.90	$0.64	$0.98	$0.96	$1.35	$1.21	$1.14	$1.15	$1.28	$2.26	$2.74	$3.32	$2.98	$1.94	$1.94
Revenue/Share	$5.25	$5.34	$5.45	$5.54	$5.61	$5.64	$5.86	$5.34	$5.18	$5.82	$5.94	$5.95	$6.00	$6.13	$6.36	$12.92	$13.21	$13.57	$14.16	$14.61	$15.02
FCF/Share	$0.70	$0.69	$0.89	$0.83	$0.67	$0.87	$0.87	$0.40	$0.56	$0.90	$0.53	$0.36	$0.13	$0.03	$0.21	$0.69	$1.38	$1.82	$1.96	$1.99	$2.00
OCF/Share	$1.26	$1.06	$1.25	$1.18	$1.07	$1.24	$1.33	$0.90	$1.06	$1.39	$1.00	$0.82	$0.54	$0.43	$0.70	$1.68	$2.24	$2.61	$2.95	$3.11	$3.12
Cash/Share	$0.11	$0.08	$0.19	$0.11	$0.42	$0.16	$0.32	$0.40	$2.00	$1.58	$1.47	$0.59	$0.40	$0.22	$0.35	$1.30	$1.41	$1.54	$1.28	$1.75	$1.78
EBITDA/Share	$1.45	$1.50	$1.47	$1.42	$1.56	$1.63	$1.58	$1.12	$1.00	$1.31	$1.34	$1.36	$1.28	$1.29	$1.27	$2.44	$2.81	$3.27	$3.62	$3.73	$3.73
Debt/Share	$1.85	$1.90	$1.66	$1.71	$1.68	$2.48	$2.34	$3.01	$4.19	$4.05	$3.80	$3.30	$3.30	$3.48	$3.53	$8.37	$7.55	$7.84	$7.62	$8.79	$8.79
Net Debt/Share	$1.74	$1.83	$1.47	$1.60	$1.26	$2.33	$2.02	$2.61	$2.19	$2.48	$2.33	$2.71	$2.90	$3.26	$3.19	$7.07	$6.14	$6.31	$6.35	$7.04	$7.04

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	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	3.131
Altman Z-Prime	snapshot only																				5.913
Piotroski F-Score	6	9	7	5	8	5	4	5	4	6	8	7	7	6	5	8	7	8	7	7	7
Beneish M-Score	-2.60	-2.51	-2.61	-2.66	-2.60	-2.57	-2.73	-2.75	-2.81	-2.65	-2.58	-2.60	-2.56	-2.53	-2.63	-2.61	-2.62	-2.69	-2.53	-2.75	-2.750
Ohlson O-Score	snapshot only																				-8.426
ROIC (Greenblatt)	snapshot only																				25.45%
Net-Net WC	snapshot only																				$-3.36
EVA	snapshot only																				$-9698903.58

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	89.60	90.65	92.75	91.25	91.25	89.45	90.65	85.25	84.05	84.65	85.25	82.10	81.65	81.05	80.00	72.65	77.65	72.75	79.05	77.65	77.650
Credit Grade	snapshot only																				5
Credit Trend	snapshot only																				5.000
Implied Spread (bps)	snapshot only																				125.000

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Analyst Insights

Financial Rating

InsiderStreet Scorecard

Risk & Quality Signals

Valuation

DuPont Decomposition (5-Factor)

Graham-Dodd Adjusted Valuation

Profitability Trends

Leverage & Solvency Trends

Efficiency & Working Capital Trends

Growth Trends (YoY %)

Earnings Stability

Monte Carlo Price Simulation

Workforce & Productivity

Scaling Efficiency

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