Also trades as: TRTX-PC (NYSE) · $vol 0M

$6.14

-0.20 (-3.15%)

Weekly Expected Move ±3.8%

$6 $6 $6 $6 $7

NYSE · Real Estate · REIT - Mortgage · Tech Score Sell · Power 35 · $471.4M mcap · 67M float · 1.23% daily turnover · Short 67% of daily vol

Edge Score

Quantitative competitive moat analysis scoring five pillars of durable advantage — cost leadership, brand intangibles, switching costs, network effects, and efficient scale — using industry percentile rankings on a 0–100 scale.

WEAK EDGE

40.0 / 100

NoneWeakNarrowWide

Primary source: Intangible Assets · ROIC: 4.1% · 5Y Avg: 0.9%

Cost Advantage

Intangibles

Switching Cost

Network Effect

Scale

The Edge Score quantifies a company's competitive moat using five pillars: Cost Advantage (20%, operating margin and SG&A efficiency vs industry peers), Intangible Assets (25%, gross margin premium, R&D intensity, brand pricing power), Switching Costs (25%, revenue stability, earnings consistency, customer retention proxied by operating leverage), Network Effects (15%, revenue growth with expanding margins, market share dominance), and Efficient Scale (15%, market concentration, ROIC sustainability). Each pillar is scored 0–100 using industry percentile rankings, then weighted into a composite. Wide ≥ 70, Narrow ≥ 55, Weak ≥ 40, None < 40. TRTX shows a Weak competitive edge (40.0/100) — limited structural advantages that may face competitive pressure. The primary source of advantage is Intangible Assets. ROIC of 4.1% suggests modest returns relative to capital deployed.

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

Low

$10

Avg Target

$10

High

Based on 1 analyst ratings (12 mo)

Analyst Recommendations

Strong Buy: 0Buy: 7Hold: 3Sell: 1Strong Sell: 0

Rating Summary

ConsensusBuy

Avg Target$10.00

Analysts1

Price Target Change History

Date	Firm	Analyst	Old	New	Change	Upside @ Call	Stock@Call
2026-02-19	Wells Fargo	—	$9	$10	+1	+18.3%	$8.45
2024-07-19	BTIG	Sarah Barcomb	$18	$11	-8	+18.3%	$9.30
2024-05-07	Wells Fargo	Donald Fandetti	Initiated	$9	—	+4.7%	$8.60
2022-07-01	JMP Securities	—	Initiated	$13	—	+44.3%	$9.01
2022-05-01	BTIG	Eric Hagen	Initiated	$18	—	+76.1%	$10.51
2022-04-25	J.P. Morgan	—	Initiated	$12	—	+5.1%	$10.94

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

Rating Change History

Date	From	To
2026-10-01	B	B+
2026-05-14	B+	B
2026-04-01	B	B+
2026-02-19	B-	B
2026-02-19	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.

★ ★ ★ ★ ★ 45 Grade D

Profitability

Balance Sheet

Earnings Quality

Growth

Value

Momentum

Safety

Cash Flow

The InsiderStreet Scorecard rates companies across eight dimensions: Profitability (margins, ROA, ROE), Balance Sheet (leverage, liquidity, coverage), Earnings Quality (accruals, cash conversion), Growth (revenue and earnings trajectory), Value (P/E, P/B, earnings yield, Graham criteria), Momentum (revenue and earnings acceleration), Safety (Altman Z-Score risk adjustment), and Cash Flow (operating cash flow quality, FCF conversion, cash coverage). The overall score blends 35% quality, 35% value, and 30% momentum, with a penalty for distress-zone Altman scores. TRTX scores highest in Earnings Quality (87/100) and lowest in Safety (15/100). A grade of D flags significant fundamental concerns across multiple dimensions.

Risk & Quality Signals

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

Altman Z-Score

0.11

Distress Zone

Piotroski F-Score

6/9

✓ ✓ ✗ ✓ ✗ ✗ ✓ ✓ ✓

Beneish M-Score

43.64

Possible Manipulator

Ohlson O-Score

-5.54

Bankruptcy prob: 0.4%

Low Risk

Credit Rating

CCC

Score: 17.8/100

Trend: Deteriorating

Earnings Quality

100/100

OCF/NI: 1.61x

Accruals: -0.8%

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. TRTX scores 0.11, placing it in the Distress Zone (safe > 2.99, distress < 1.81). Historically, companies in this range face elevated bankruptcy risk. The Piotroski F-Score (2000) is a 9-point binary checklist — four profitability tests (positive ROA, positive cash flow, improving ROA, cash flow exceeding net income), three leverage tests (declining debt ratio, improving current ratio, no share dilution), and two efficiency tests (improving gross margin, improving asset turnover). Each pass scores 1 point. TRTX scores 6/9, 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. TRTX's score of 43.64 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. TRTX'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. TRTX receives an estimated rating of CCC (score: 17.8/100), 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). TRTX'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

11.12x

PEG

-0.72x

P/S

1.77x

P/B

0.45x

P/FCF

7.88x

P/OCF

7.05x

EV/EBITDA

15.27x

EV/Revenue

15.34x

EV/EBIT

15.89x

EV/FCF

49.37x

Earnings Yield

8.83%

FCF Yield

12.69%

Shareholder Yield

16.12%

Graham Number

$14.92

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 11.1x earnings, TRTX trades at a reasonable valuation. An earnings yield of 8.8% exceeds typical risk-free rates, suggesting equities are being compensated for risk. Graham's intrinsic value formula yields $14.92 per share, suggesting a potential 143% margin of safety at 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

0.986

NI / EBT

Interest Burden

0.227

EBT / EBIT

EBIT Margin

0.966

EBIT / Rev

Asset Turnover

0.061

Rev / Assets

Equity Multiplier

4.102

Assets / Equity

ROE

5.4%

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. TRTX's ROE of 5.4% is driven by financial leverage (equity multiplier: 4.10x). Note: high leverage means ROE is amplified by debt rather than operational performance. A tax burden ratio of 0.99 indicates minimal tax leakage — the company retains over 90% of pre-tax earnings.

Graham-Dodd Adjusted Valuation

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

Two adjustments we make, and why. Growth is capped at 15%. Graham defined g as expected growth over the next seven to ten years, not last year's rate. Across US companies since 1994 the median realized 7-year EPS growth is 5–8% regardless of how fast a company grew beforehand, and of 4,457 company-quarters that grew faster than 200%, none sustained it. Uncapped, the formula assigned fair multiples in the hundreds to companies that had never held that rate — and scored worse than simply reading the P/E. Capped, it carries real information. The verdict has three states, not two. Tested over 377,249 stock-months, this ratio only separates outcomes at its extremes: below 0.25 beat the universe by 1.3 points a year, above 3.0 lagged by 2.7, and everything in between sat inside a one-point band. Rather than call two-thirds of the market "undervalued" on a threshold of 1.0, we say Neutral where the model cannot tell — which is most of the time.

Adj. Growth Rate

0.00%

Fair P/E

8.50x

Intrinsic Value

$6.28

Price/Value

1.33x

Margin of Safety

-33.29%

Premium

33.29%

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 TRTX's realized 0.0% 3-year EPS CAGR, capped at 15% — demonstrated performance rather than forecasts, held to a rate companies have historically sustained. TRTX trades at a 33% premium to its adjusted intrinsic value of $6.28, 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 11.1x.

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

$6.15

Median 1Y

$4.91

5th Pctile

$1.89

95th Pctile

$12.69

Ann. Volatility

60.2%

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

—

Revenue / Employee

—

Rev: $332,575,000

Profit / Employee

—

NI: $60,319,000

SGA / Employee

—

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	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	7.4%	9.5%	8.9%	6.4%	-3.7%	-4.3%	-5.5%	-10.5%	-7.1%	-9.5%	-8.8%	-1.1%	6.2%	6.6%	6.4%	6.1%	6.0%	5.5%	6.0%	5.4%	5.40%
ROA	2.1%	2.7%	2.4%	1.7%	-0.9%	-1.1%	-1.4%	-2.7%	-1.7%	-2.4%	-2.3%	-0.3%	1.7%	1.9%	1.8%	1.7%	1.7%	1.5%	1.5%	1.3%	1.32%
ROIC	3.9%	4.5%	4.2%	3.7%	0.9%	1.2%	0.5%	0.3%	1.9%	0.4%	0.4%	2.2%	2.4%	2.4%	4.0%	3.2%	5.1%	5.7%	5.8%	4.1%	4.14%
ROCE	3.8%	4.0%	3.7%	2.9%	0.7%	1.6%	0.8%	0.7%	2.6%	1.8%	1.9%	4.0%	5.6%	3.8%	5.2%	4.6%	4.6%	6.5%	5.7%	5.9%	5.88%
Gross Margin	84.6%	70.7%	83.7%	73.8%	55.6%	62.6%	1.0%	94.3%	-53.2%	-61.6%	1.0%	24.6%	20.8%	67.5%	1.9%	80.6%	80.5%	85.1%	80.5%	1.0%	1.00%
Operating Margin	1.3%	1.2%	1.2%	38.0%	-2.4%	2.5%	0.0%	5.6%	10.2%	6.7%	0.0%	6.5%	-5.4%	35.0%	4.7%	72.9%	81.8%	66.1%	78.7%	-66.4%	-66.43%
Net Margin	75.9%	83.4%	62.5%	-10.7%	-3.8%	1.0%	29.0%	-2.1%	-62.8%	6.8%	43.5%	2.1%	2.0%	35.5%	1.1%	25.1%	24.9%	4.7%	22.1%	1.3%	1.27%
EBITDA Margin	1.3%	96.9%	1.2%	30.9%	-2.5%	3.0%	0.0%	7.6%	11.6%	67.9%	0.0%	6.8%	6.9%	0.0%	5.0%	77.6%	85.0%	69.2%	81.7%	6.4%	6.41%
FCF Margin	81.3%	77.8%	81.3%	75.1%	68.2%	61.9%	60.9%	49.6%	35.4%	30.0%	33.2%	43.0%	66.6%	1.2%	1.4%	66.0%	41.1%	31.8%	26.0%	31.1%	31.07%
OCF Margin	81.3%	77.8%	81.3%	75.1%	68.2%	65.1%	64.5%	53.8%	39.3%	32.1%	35.8%	46.4%	70.7%	1.2%	1.4%	68.8%	43.2%	34.1%	28.3%	34.7%	34.72%
ROE 3Y Avg	snapshot only																				3.50%
ROE 5Y Avg	snapshot only																				1.08%
ROA 3Y Avg	snapshot only																				0.84%
ROIC 3Y Avg	snapshot only																				1.84%
ROIC Economic	snapshot only																				4.09%
Cash ROA	snapshot only																				2.02%
Cash ROIC	snapshot only																				2.07%
CROIC	snapshot only																				1.85%
NOPAT Margin	snapshot only																				69.64%
Pretax Margin	snapshot only																				21.91%
R&D / Revenue	snapshot only																				0.00%
SGA / Revenue	snapshot only																				1.40%
SBC / Revenue	snapshot only																				3.20%

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	5.97	4.75	4.93	5.13	-7.44	-6.33	-5.61	-3.19	-4.88	-3.63	-4.85	-44.78	9.09	8.57	8.82	8.96	10.13	11.25	9.48	11.33	11.115
P/S Ratio	4.14	3.88	3.78	2.62	2.22	2.46	3.03	3.63	2.22	1.70	1.98	2.47	4.10	6.99	9.69	4.45	3.20	2.54	1.82	2.45	1.767
P/B Ratio	0.45	0.45	0.44	0.33	0.29	0.29	0.33	0.37	0.37	0.38	0.46	0.53	0.57	0.57	0.57	0.55	0.62	0.63	0.58	0.63	0.453
P/FCF	5.09	4.98	4.64	3.49	3.25	3.98	4.97	7.32	6.28	5.67	5.96	5.76	6.15	5.97	7.03	6.74	7.78	8.01	7.01	7.88	7.879
P/OCF	5.09	4.98	4.64	3.49	3.25	3.78	4.69	6.76	5.66	5.29	5.53	5.33	5.79	5.68	6.70	6.47	7.40	7.46	6.45	7.05	7.050
EV/EBITDA	21.21	19.65	21.08	24.39	111.53	45.34	88.78	109.75	27.91	41.86	38.24	18.44	13.26	19.51	14.33	17.41	17.78	15.15	14.64	15.27	15.266
EV/Revenue	26.19	24.18	25.23	22.17	25.75	27.79	30.20	31.12	17.66	13.05	11.33	11.83	18.66	33.07	47.44	25.57	16.65	14.62	11.48	15.34	15.340
EV/EBIT	21.04	19.65	21.25	25.62	120.42	48.75	102.90	113.87	29.78	43.82	42.40	19.79	14.06	21.05	15.02	18.32	18.66	15.89	15.32	15.89	15.888
EV/FCF	32.22	31.07	31.02	29.51	37.77	44.92	49.56	62.68	49.91	43.56	34.09	27.55	28.03	28.24	34.41	38.73	40.54	46.01	44.15	49.37	49.373
Earnings Yield	16.7%	21.0%	20.3%	19.5%	-13.4%	-15.8%	-17.8%	-31.3%	-20.5%	-27.5%	-20.6%	-2.2%	11.0%	11.7%	11.3%	11.2%	9.9%	8.9%	10.5%	8.8%	8.83%
FCF Yield	19.6%	20.1%	21.5%	28.7%	30.8%	25.1%	20.1%	13.7%	15.9%	17.6%	16.8%	17.4%	16.3%	16.8%	14.2%	14.8%	12.9%	12.5%	14.3%	12.7%	12.69%
Price/Tangible Book	snapshot only																				0.625
EV/OCF	snapshot only																				44.179
EV/Gross Profit	snapshot only																				18.547
Acquirers Multiple	snapshot only																				21.874
Shareholder Yield	snapshot only																				16.12%
Graham Number	snapshot only																				$14.92

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	128.31	117.05	131.93	104.23	100.08	90.56	—	70.99	58.83	—	71.55	83.90	—	—	81.29	105.63	—	0.18	5.24	0.44	0.442
Quick Ratio	128.31	117.05	131.93	104.23	100.08	90.56	—	70.99	58.83	—	71.55	83.90	—	—	81.29	105.63	—	0.18	5.24	0.44	0.442
Debt/Equity	2.57	2.53	2.73	2.70	3.29	3.15	3.06	3.03	2.85	2.70	2.37	2.24	2.21	2.31	2.55	2.77	2.71	3.08	3.17	3.36	3.356
Net Debt/Equity	2.38	2.35	2.49	2.46	3.11	2.95	2.94	2.78	2.59	2.52	2.19	2.01	2.01	2.14	2.22	2.62	2.62	3.00	3.08	3.29	3.293
Debt/Assets	0.71	0.71	0.73	0.72	0.76	0.75	0.74	0.74	0.73	0.72	0.69	0.68	0.68	0.69	0.71	0.73	0.72	0.75	0.75	0.76	0.762
Debt/EBITDA	19.26	17.75	19.65	23.67	107.86	44.01	83.23	105.74	26.91	39.07	34.16	16.25	11.38	16.62	13.09	15.22	14.84	12.86	12.66	13.07	13.074
Net Debt/EBITDA	17.86	16.50	17.93	21.51	101.93	41.32	79.88	96.94	24.40	36.42	31.55	14.58	10.35	15.39	11.40	14.38	14.36	12.51	12.31	12.83	12.830
Interest Coverage	2.29	2.46	2.32	1.68	0.31	0.55	0.20	0.13	0.41	0.27	0.27	0.60	0.95	0.72	1.10	1.04	1.04	1.29	1.31	1.29	1.293
Equity Multiplier	3.60	3.56	3.76	3.74	4.34	4.19	4.11	4.09	3.92	3.75	3.42	3.29	3.26	3.35	3.59	3.82	3.75	4.13	4.21	4.40	4.401
Cash Ratio	snapshot only																				0.304
Debt Service Coverage	snapshot only																				1.346
Cash to Debt	snapshot only																				0.019
FCF to Debt	snapshot only																				0.024
Defensive Interval	snapshot only																				1029.8 days

Efficiency & Turnover

Metric	Q3'21	Q4'21	Q1'22	Q2'22	Q3'22	Q4'22	Q1'23	Q2'23	Q3'23	Q4'23	Q1'24	Q2'24	Q3'24	Q4'24	Q1'25	Q2'25	Q3'25	Q4'25	Q1'26	Q2'26	Current
Asset Turnover	0.03	0.03	0.03	0.03	0.03	0.03	0.03	0.02	0.04	0.05	0.06	0.06	0.04	0.02	0.02	0.03	0.05	0.07	0.08	0.06	0.061
Inventory Turnover	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—
Receivables Turnover	0.03	0.04	0.04	0.04	0.04	0.03	0.05	0.03	0.04	0.10	0.15	0.07	0.08	1.44	0.02	0.04	3.11	9.33	0.21	0.14	0.143
Payables Turnover	—	—	—	—	—	—	7.55	—	—	59.37	57.51	—	51.14	3.23	—	—	4.97	5.11	17.48	—	—
DSO	11179	10020	10285	9453	10352	11414	6703	13209	8451	3570	2384	5606	4429	253	18292	9227	117	39	1768	2556	2556.2 days
DIO	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0.0 days
DPO	0	0	0	0	0	0	48	0	0	6	6	0	7	113	0	0	73	71	21	0	—
Cash Conversion Cycle	11179	10020	10285	9453	10352	11414	6655	13209	8451	3564	2377	5606	4422	140	18292	9227	44	-32	1747	2556	—
Fixed Asset Turnover	snapshot only																				1.187
Cash Velocity	snapshot only																				4.068
Capital Intensity	snapshot only																				17.231

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	7.1%	7.1%	0.1%	9.4%	10.5%	-9.1%	-16.8%	-32.1%	10.5%	61.7%	85.4%	96.5%	-18.5%	-63.4%	-75.3%	-44.1%	35.9%	1.9%	4.2%	97.1%	97.14%
Net Income	1.9%	2.0%	1.9%	-21.2%	-1.5%	-1.4%	-1.6%	-2.5%	-69.0%	-94.2%	-40.3%	90.5%	1.8%	1.6%	1.7%	6.0%	-4.9%	-19.4%	-8.6%	-14.3%	-14.25%
EPS	1.9%	2.0%	0.5%	-21.5%	-1.5%	-1.5%	-1.6%	-2.5%	-68.3%	-91.5%	-40.7%	90.5%	1.8%	1.6%	1.6%	5.9%	-1.8%	-18.1%	-5.5%	-11.9%	-11.85%
FCF	-6.6%	0.1%	14.5%	11.2%	-7.3%	-27.8%	-37.7%	-55.1%	-42.7%	-21.7%	1.1%	70.0%	53.3%	42.9%	2.5%	-14.0%	-16.2%	-21.1%	-1.5%	-7.2%	-7.22%
EBITDA	2.5%	3.3%	30.1%	15.7%	-79.3%	-54.7%	-76.4%	-78.8%	2.0%	-17.7%	61.5%	3.4%	81.2%	98.7%	1.8%	28.0%	-9.5%	65.5%	23.7%	34.9%	34.91%
Op. Income	3.1%	3.5%	37.8%	26.8%	-69.5%	-64.1%	-84.3%	-90.8%	67.7%	-77.5%	-47.1%	4.5%	-17.8%	3.7%	6.9%	38.0%	1.4%	1.8%	77.0%	46.9%	46.90%
OCF Growth	snapshot only																				-0.46%
Asset Growth	snapshot only																				10.45%
Equity Growth	snapshot only																				-4.25%
Debt Growth	snapshot only																				15.92%
Shares Change	snapshot only																				-2.72%
Dividend Growth	snapshot only																				0.32%

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	5.4%	7.1%	6.1%	6.5%	2.8%	-2.2%	—	—	—	—	15.6%	13.5%	-0.2%	-18.7%	-27.5%	-9.3%	6.9%	19.8%	33.7%	29.4%	29.39%
Revenue 5Y	—	—	—	—	44.4%	21.2%	9.0%	-0.5%	7.4%	12.5%	13.0%	10.0%	-0.4%	-11.2%	—	—	—	—	14.8%	10.0%	9.99%
EPS 3Y	-6.3%	2.6%	-0.4%	-8.5%	—	—	—	—	—	—	—	—	-13.3%	-17.9%	-18.2%	-11.3%	—	—	—	—	—
EPS 5Y	—	—	—	—	—	—	—	—	—	—	—	—	-12.2%	-10.8%	—	—	—	—	-12.3%	-13.5%	-13.51%
Net Income 3Y	1.6%	9.0%	5.8%	-7.2%	—	—	—	—	—	—	—	—	-13.5%	-18.7%	-18.2%	-10.1%	—	—	—	—	—
Net Income 5Y	—	—	—	—	—	—	—	—	—	—	—	—	-10.5%	-10.1%	—	—	—	—	-12.6%	-13.3%	-13.26%
EBITDA 3Y	-3.6%	-3.6%	-6.6%	-15.4%	-48.5%	-25.4%	—	—	—	—	-20.8%	2.9%	4.3%	-9.6%	1.8%	6.4%	70.5%	39.4%	76.7%	97.3%	97.26%
EBITDA 5Y	—	—	—	—	-0.0%	1.8%	-18.9%	-29.1%	-11.0%	-19.7%	-20.8%	-10.6%	-5.6%	-7.4%	—	—	—	—	11.2%	13.5%	13.50%
Gross Profit 3Y	1.4%	-0.3%	-1.4%	-2.2%	-7.9%	-13.1%	—	—	—	—	—	—	—	-22.4%	-29.1%	-7.2%	13.1%	28.7%	39.6%	32.6%	32.56%
Gross Profit 5Y	—	—	—	—	35.1%	12.9%	2.0%	-5.6%	-27.8%	—	—	—	—	-17.3%	—	—	—	—	10.9%	7.4%	7.37%
Op. Income 3Y	-3.4%	-1.2%	-4.5%	-12.4%	-41.2%	-32.4%	—	—	—	—	-51.4%	-13.8%	-25.1%	-27.4%	-13.0%	-11.3%	49.7%	44.6%	95.0%	1.2%	1.24%
Op. Income 5Y	—	—	—	—	8.2%	-1.4%	-24.3%	-38.8%	-14.3%	-40.0%	-40.8%	-19.4%	-22.5%	-19.9%	—	—	—	—	9.9%	5.4%	5.38%
FCF 3Y	7.5%	7.1%	7.9%	7.9%	0.1%	-7.8%	-13.5%	-24.0%	-20.8%	-17.3%	-10.3%	-5.3%	-6.6%	-6.9%	-13.5%	-13.1%	-9.7%	-4.1%	0.7%	10.7%	10.67%
FCF 5Y	—	—	—	—	51.5%	19.8%	6.8%	-7.6%	-8.0%	-7.0%	-4.6%	-0.9%	-2.5%	-2.6%	-7.6%	-8.5%	-8.6%	-8.6%	-6.1%	-7.5%	-7.51%
OCF 3Y	7.5%	7.1%	7.9%	7.9%	0.1%	-6.2%	-11.8%	-22.0%	-18.0%	-15.3%	-8.0%	-2.9%	-4.7%	-5.3%	-12.1%	-11.9%	-8.1%	-3.5%	1.6%	11.8%	11.85%
OCF 5Y	—	—	—	—	51.8%	21.1%	8.1%	-6.1%	-6.0%	-5.7%	-3.1%	0.7%	-1.3%	-1.6%	-6.7%	-7.8%	-7.7%	-7.3%	-4.5%	-5.4%	-5.43%
Assets 3Y	6.5%	4.9%	2.5%	-2.5%	-1.1%	-2.0%	-2.6%	-2.0%	-4.7%	-5.0%	-10.1%	-10.8%	-11.0%	-10.6%	-10.4%	-8.3%	-10.5%	-7.4%	-6.0%	-2.7%	-2.66%
Assets 5Y	—	—	—	—	13.2%	10.6%	7.0%	3.9%	0.7%	-1.4%	-5.6%	-8.7%	-9.0%	-8.7%	-7.4%	-4.7%	-4.6%	-2.1%	-3.2%	-2.4%	-2.45%
Equity 3Y	2.8%	3.3%	0.6%	-0.5%	-3.8%	-4.2%	2.1%	-6.0%	-8.5%	-8.5%	-8.8%	-7.9%	-8.0%	-8.7%	-9.1%	-8.9%	-6.1%	-6.9%	-6.7%	-5.0%	-5.03%
Book Value 3Y	-5.2%	-2.8%	-5.3%	-1.9%	-5.2%	-4.3%	1.3%	-6.3%	-8.3%	-7.3%	-7.7%	-8.2%	-7.8%	-7.8%	-9.1%	-10.0%	-6.6%	-7.5%	-7.1%	-5.3%	-5.28%
Dividend 3Y	-14.2%	-9.8%	-13.1%	-13.6%	-3.3%	1.3%	1.9%	2.3%	0.8%	-4.7%	-3.0%	-4.6%	-1.5%	3.0%	2.2%	1.1%	0.2%	-0.5%	-0.7%	-1.1%	-1.07%

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	0.03	0.02	0.14	0.14	0.26	0.13	0.24	0.09	0.21	0.27	0.42	0.23	0.09	0.02	0.26	0.50	0.72	0.56	0.12	0.23	0.225
Earnings Stability	0.01	0.01	0.04	0.00	0.10	0.11	0.04	0.19	0.37	0.34	0.15	0.10	0.03	0.03	0.00	0.03	0.19	0.12	0.07	0.02	0.020
Margin Stability	0.93	0.88	0.89	0.87	0.85	0.83	0.85	0.87	0.44	0.06	0.29	0.18	0.09	0.21	0.13	0.00	0.00	0.04	0.28	0.18	0.177
Rev. Growth Consistency	0.50	0.50	1.00	1.00	1.00	0.00	0.00	0.00	1.00	0.50	0.50	0.50	0.00	0.00	0.00	0.00	0.50	0.50	0.50	0.50	0.500
Earn. Growth Consistency	0.50	0.50	1.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.50	0.50	0.50	0.50	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	0.20	0.20	0.50	0.50	0.20	0.20	0.20	0.20	0.50	0.50	0.50	0.50	0.20	0.20	0.20	0.20	0.50	0.50	0.50	0.50	0.500
Earnings Smoothness	—	—	0.98	0.76	—	—	—	—	—	—	—	—	—	—	—	—	0.95	0.79	0.91	0.85	0.847
ROE Trend	0.07	0.10	0.10	0.07	-0.04	-0.05	-0.15	-0.19	-0.09	-0.13	-0.11	0.01	0.12	0.14	0.14	0.13	0.07	0.07	0.08	0.03	0.030
Gross Margin Trend	—	—	—	—	—	—	-0.17	-0.08	-0.67	-0.97	-0.92	-1.05	-0.52	0.46	0.47	0.59	0.83	0.63	0.52	0.55	0.555
FCF Margin Trend	—	—	—	—	—	—	-0.15	-0.25	-0.39	-0.40	-0.38	-0.19	0.15	0.71	0.91	0.20	-0.10	-0.42	-0.60	-0.23	-0.234
Sustainable Growth Rate	0.7%	2.7%	2.7%	0.2%	—	—	—	—	—	—	—	—	-1.7%	-1.4%	-1.8%	-2.2%	-2.3%	-2.9%	-2.3%	-3.0%	-3.01%
Internal Growth Rate	0.2%	0.8%	0.8%	0.0%	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—

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	1.17	0.95	1.06	1.47	-2.29	-1.67	-1.19	-0.47	-0.86	-0.69	-0.88	-8.39	1.57	1.51	1.32	1.38	1.37	1.51	1.47	1.61	1.607
FCF/OCF	1.00	1.00	1.00	1.00	1.00	0.95	0.94	0.92	0.90	0.93	0.93	0.93	0.94	0.95	0.95	0.96	0.95	0.93	0.92	0.89	0.895
FCF/Net Income	snapshot only																				1.438
OCF/EBITDA	snapshot only																				0.346
CapEx/Revenue	0.0%	0.0%	0.0%	0.0%	0.0%	3.3%	3.6%	4.1%	3.9%	2.2%	2.6%	3.4%	4.1%	5.8%	6.8%	2.8%	2.1%	2.3%	2.3%	3.7%	3.65%
CapEx/Depreciation	snapshot only																				0.928
Accruals Ratio	-0.00	0.00	-0.00	-0.01	-0.03	-0.03	-0.03	-0.04	-0.03	-0.04	-0.04	-0.03	-0.01	-0.01	-0.01	-0.01	-0.01	-0.01	-0.01	-0.01	-0.008
Sloan Accruals	snapshot only																				-0.913
Cash Flow Adequacy	snapshot only																				0.931
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	15.2%	14.9%	14.0%	19.0%	24.3%	26.9%	22.7%	21.8%	22.3%	20.1%	16.4%	14.3%	14.1%	14.2%	14.5%	15.3%	13.6%	13.5%	14.6%	13.7%	15.63%
Dividend/Share	$1.20	$1.20	$1.10	$1.17	$1.20	$1.33	$1.24	$1.26	$1.22	$1.10	$1.10	$1.10	$1.10	$1.14	$1.12	$1.15	$1.16	$1.16	$1.14	$1.15	$0.96
Payout Ratio	90.7%	70.9%	69.0%	97.3%	—	—	—	—	—	—	—	—	1.3%	1.2%	1.3%	1.4%	1.4%	1.5%	1.4%	1.6%	1.56%
FCF Payout Ratio	77.3%	74.4%	65.0%	66.2%	78.8%	1.1%	1.1%	1.6%	1.4%	1.1%	97.9%	82.4%	86.7%	84.7%	1.0%	1.0%	1.1%	1.1%	1.0%	1.1%	1.08%
Total Payout Ratio	90.7%	70.9%	69.0%	97.3%	—	—	—	—	—	—	—	—	1.3%	1.2%	1.3%	1.4%	1.4%	1.6%	1.5%	1.8%	1.83%
Div. Increase Streak	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	1	0	0	0
Chowder Number	-0.04	0.03	-0.07	-0.14	0.19	0.31	0.31	0.30	0.24	0.03	0.04	0.02	0.09	0.20	0.21	0.23	0.16	0.14	0.14	0.11	0.113
Buyback Yield	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.4%	0.5%	0.4%	0.5%	0.7%	2.4%	2.37%
Net Buyback Yield	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.4%	0.0%	0.0%	0.1%	0.3%	2.4%	2.36%
Total Shareholder Return	15.2%	14.9%	14.0%	19.0%	24.3%	26.9%	22.7%	21.8%	22.3%	20.1%	16.4%	14.3%	14.1%	14.2%	15.0%	15.3%	13.6%	13.6%	14.9%	16.1%	16.11%

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)	0.99	0.99	1.00	1.00	1.00	1.01	1.01	1.00	1.00	1.00	1.00	1.04	0.99	0.99	1.00	1.00	0.99	0.99	0.99	0.99	0.986
Interest Burden (EBT/EBIT)	0.56	0.67	0.65	0.59	-1.39	-0.68	-1.82	-4.15	-0.76	-1.57	-1.52	-0.09	0.34	0.52	0.35	0.36	0.36	0.25	0.26	0.23	0.227
EBIT Margin	1.24	1.23	1.19	0.87	0.21	0.57	0.29	0.27	0.59	0.30	0.27	0.60	1.33	1.57	3.16	1.40	0.89	0.92	0.75	0.97	0.966
Asset Turnover	0.03	0.03	0.03	0.03	0.03	0.03	0.03	0.02	0.04	0.05	0.06	0.06	0.04	0.02	0.02	0.03	0.05	0.07	0.08	0.06	0.061
Equity Multiplier	3.53	3.45	3.66	3.68	3.95	3.86	3.92	3.90	4.14	3.99	3.79	3.70	3.59	3.55	3.50	3.55	3.50	3.73	3.89	4.10	4.102

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)	$1.32	$1.69	$1.59	$1.20	$-0.66	$-0.78	$-0.98	$-1.81	$-1.12	$-1.50	$-1.38	$-0.17	$0.86	$0.93	$0.87	$0.84	$0.85	$0.77	$0.82	$0.74	$0.74
Book Value/Share	$17.62	$17.86	$17.95	$18.68	$16.88	$17.25	$16.76	$15.75	$14.63	$14.47	$14.39	$14.44	$13.82	$14.00	$13.50	$13.60	$13.74	$13.64	$13.43	$13.39	$13.56
Tangible Book/Share	$17.62	$17.86	$17.95	$18.68	$16.88	$17.25	$16.76	$15.75	$14.63	$14.47	$14.39	$14.44	$13.82	$14.00	$13.50	$13.60	$13.74	$13.48	$13.43	$13.39	$13.39
Revenue/Share	$1.90	$2.07	$2.08	$2.35	$2.23	$2.01	$1.81	$1.59	$2.45	$3.21	$3.37	$3.11	$1.91	$1.15	$0.79	$1.69	$2.68	$3.38	$4.28	$3.42	$3.46
FCF/Share	$1.55	$1.61	$1.69	$1.76	$1.52	$1.24	$1.11	$0.79	$0.87	$0.96	$1.12	$1.33	$1.27	$1.34	$1.09	$1.11	$1.10	$1.08	$1.11	$1.06	$1.08
OCF/Share	$1.55	$1.61	$1.69	$1.76	$1.52	$1.31	$1.17	$0.86	$0.96	$1.03	$1.21	$1.44	$1.35	$1.41	$1.15	$1.16	$1.16	$1.15	$1.21	$1.19	$1.20
Cash/Share	$3.28	$3.18	$4.30	$4.61	$3.05	$3.31	$2.07	$3.97	$3.89	$2.65	$2.61	$3.33	$2.78	$2.39	$4.44	$2.07	$1.19	$1.13	$1.16	$0.84	$0.85
EBITDA/Share	$2.35	$2.55	$2.49	$2.13	$0.51	$1.23	$0.62	$0.45	$1.55	$1.00	$1.00	$1.99	$2.69	$1.94	$2.63	$2.48	$2.51	$3.27	$3.36	$3.44	$3.44
Debt/Share	$45.29	$45.20	$48.95	$50.53	$55.54	$54.27	$51.34	$47.70	$41.75	$39.10	$34.13	$32.41	$30.58	$32.29	$34.39	$37.70	$37.22	$42.00	$42.54	$44.92	$44.92
Net Debt/Share	$42.00	$42.02	$44.65	$45.92	$52.49	$50.96	$49.28	$43.73	$37.86	$36.44	$31.52	$29.08	$27.80	$29.90	$29.95	$35.63	$36.03	$40.87	$41.38	$44.08	$44.08

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	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	0.109
Altman Z-Prime	snapshot only																				-0.099
Piotroski F-Score	5	5	3	4	4	3	4	3	4	4	5	6	6	6	6	6	6	6	5	6	6
Beneish M-Score	-2.09	-2.31	-2.57	-2.54	-2.37	-1.76	1168.25	4.63	10.78	357.86	11.42	-1.81	60.54	-5.37	-1.85	1.75	2.97	-1.41	42.55	43.64	43.638
Ohlson O-Score	snapshot only																				-5.544
ROIC (Greenblatt)	snapshot only																				2.47%
Net-Net WC	snapshot only																				$-44.31
EVA	snapshot only																				$-262607577.70

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																				CCC
Credit Score	48.32	47.83	49.09	44.62	32.03	36.79	22.60	30.94	33.94	21.50	33.93	40.53	22.37	20.92	37.91	37.48	29.74	22.05	38.89	17.79	17.792
Credit Grade	snapshot only																				17
Credit Trend	snapshot only																				-19.690
Implied Spread (bps)	snapshot only																				1200.000
Industry Credit Rank	snapshot only																				27
Sector Credit Rank	snapshot only																				4

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