Also trades as: VET.TO (TSX) · $vol 14M

$13.61

-0.49 (-3.48%)

After Hours: $13.20 (-0.41, -2.98%)

Weekly Expected Move ±3.9%

$13 $13 $14 $14 $15

NYSE · Energy · Oil & Gas Exploration & Production · Tech Score Strong Buy · Power 71 · $2.2B mcap · 151M float · 0.948% daily turnover · Short 45% of daily vol

Credit Risk of going bust: higher than 60% of companies Debt: 31.0% of company value Bonds: $69.1M held by 73 funds, 276 bp over Treasuries → details ▾

If the stock fell to about $0.54 (down 96%), Vermilion Energy Inc. would be worth roughly what it owes.
Total debt $967.7M against a stock market value of $2.15B.
Distance to default 4.22 (Merton model): prices to 2026-10-26, balance sheet 2026-06-30, debt counted $467.1M (short-term plus half of long-term), stock volatility 48.1%; Altman Z'' -1.12. 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

Analyst Recommendations

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

Rating Summary

ConsensusHold

Avg Target$—

Analysts0

Consensus Change History

Date	Field	From	To
2026-03-06	consensus	Buy	Hold

Price Target Change History

Date	Firm	Analyst	Old	New	Change	Upside @ Call	Stock@Call
2021-06-22	Canaccord Genuity	Anthony Petrucci	Initiated	$14	—	+48.7%	$9.08

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.

C+

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. VET receives an overall rating of C+. Strongest factors: DCF (4/5), P/B (4/5). Areas of concern: ROE (1/5), ROA (1/5), D/E (2/5), P/E (1/5).

Rating Change History

Date	From	To
2026-10-16	B-	C+
2026-10-12	C+	B-
2026-10-01	B-	C+
2026-09-28	C+	B-
2026-09-25	B-	C+
2026-09-22	C+	B-
2026-08-28	B-	C+
2026-08-24	C+	B-
2026-08-21	B-	C+
2026-07-31	C+	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 D

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

3/9

✗ ✓ ✗ ✓ ✓ ✗ ✗ ✗ ✗

Beneish M-Score

-2.75

Unlikely Manipulator

Ohlson O-Score

-6.53

Bankruptcy prob: 0.1%

Low Risk

Credit Rating

BB-

Score: 37.1/100

Trend: Deteriorating

Earnings Quality

—

OCF/NI: -2.06x

Accruals: -22.4%

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. VET 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. VET'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. VET's implied 0.1% 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. VET receives an estimated rating of BB- (score: 37.1/100), with a deteriorating trend.

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

-6.47x

PEG

0.04x

P/S

1.57x

P/B

1.36x

P/FCF

—

P/OCF

—

EV/EBITDA

—

EV/Revenue

—

EV/EBIT

—

EV/FCF

—

Earnings Yield

—

FCF Yield

—

Shareholder Yield

—

Graham Number

—

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. VET currently has negative earnings — the P/E ratio is not meaningful.

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

0.902

NI / EBT

Interest Burden

1.022

EBT / EBIT

EBIT Margin

-0.260

EBIT / Rev

Asset Turnover

0.305

Rev / Assets

Equity Multiplier

2.512

Assets / Equity

ROE

-18.4%

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. VET's ROE of -18.4% is driven by Asset Turnover (0.305), indicating efficient use of assets to generate revenue. A tax burden ratio of 0.90 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

—

Price/Value

—

Margin of Safety

—

Premium

—

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

$13.61

Median 1Y

$11.16

5th Pctile

$3.71

95th Pctile

$33.99

Ann. Volatility

66.4%

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: $1,763,702,526

Profit / Employee

—

NI: $-653,068,358

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	55.0%	76.8%	49.9%	37.2%	54.6%	48.0%	46.1%	36.1%	28.5%	-7.4%	-18.2%	-24.8%	-24.7%	-1.6%	-1.2%	-6.7%	-8.4%	-26.0%	-33.0%	-18.4%	-18.38%
ROA	15.1%	22.9%	17.1%	14.4%	20.4%	20.4%	20.9%	17.5%	14.0%	-3.6%	-9.0%	-12.4%	-12.6%	-0.8%	-0.5%	-2.9%	-3.9%	-11.4%	-12.9%	-7.3%	-7.32%
ROIC	17.9%	26.7%	37.7%	37.8%	44.7%	35.3%	31.0%	24.8%	14.8%	11.4%	7.2%	2.5%	3.5%	4.6%	4.4%	5.6%	8.4%	8.5%	8.7%	10.5%	10.50%
ROCE	20.6%	28.8%	19.8%	19.5%	29.8%	35.9%	34.6%	27.9%	21.3%	-7.9%	-10.5%	-14.3%	-14.1%	0.8%	0.5%	4.2%	4.0%	-3.7%	-9.5%	-9.8%	-9.85%
Gross Margin	74.7%	81.4%	82.5%	82.6%	83.5%	79.6%	67.1%	62.6%	55.5%	39.0%	51.4%	52.2%	53.0%	58.3%	58.6%	52.7%	58.9%	6.6%	25.4%	31.8%	31.84%
Operating Margin	70.6%	78.0%	77.1%	79.6%	81.2%	77.2%	58.1%	56.7%	0.0%	5.7%	11.3%	4.8%	10.8%	16.1%	19.1%	9.2%	53.0%	-0.8%	20.8%	25.9%	25.92%
Net Margin	-30.1%	48.7%	38.4%	46.8%	30.7%	51.1%	78.4%	30.1%	10.9%	-1.4%	0.4%	-21.6%	10.2%	-3.6%	2.6%	-49.4%	0.6%	-1.0%	-29.8%	25.9%	25.87%
EBITDA Margin	-1.4%	75.5%	58.1%	91.0%	70.5%	1.4%	80.2%	75.3%	45.5%	-1.1%	46.2%	27.1%	53.7%	19.8%	40.6%	74.0%	59.0%	-53.7%	-6.7%	61.6%	61.62%
FCF Margin	29.2%	24.3%	29.5%	34.0%	33.5%	39.8%	42.5%	32.4%	25.2%	28.6%	24.3%	32.2%	33.7%	17.3%	13.7%	6.8%	18.7%	16.0%	16.6%	18.1%	18.13%
OCF Margin	48.8%	44.1%	45.9%	49.2%	50.6%	57.2%	63.8%	58.7%	53.2%	51.3%	48.1%	53.7%	55.1%	49.7%	45.0%	37.0%	51.3%	49.4%	49.1%	49.5%	49.54%
ROE 3Y Avg	snapshot only																				-18.90%
ROE 5Y Avg	snapshot only																				1.10%
ROA 3Y Avg	snapshot only																				-8.08%
ROIC 3Y Avg	snapshot only																				-2.29%
ROIC Economic	snapshot only																				10.36%
Cash ROA	snapshot only																				16.78%
Cash ROIC	snapshot only																				26.81%
CROIC	snapshot only																				9.81%
NOPAT Margin	snapshot only																				19.40%
Pretax Margin	snapshot only																				-26.62%
R&D / Revenue	snapshot only																				0.00%
SGA / Revenue	snapshot only																				5.92%
SBC / Revenue	snapshot only																				0.32%

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	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	-6.471
P/S Ratio	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	1.575
P/B Ratio	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	1.357
P/FCF	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—
P/OCF	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—
EV/EBITDA	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—
EV/Revenue	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—
EV/EBIT	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—
EV/FCF	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—
Earnings Yield	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—
FCF Yield	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—
PEG Ratio	snapshot only																				0.041

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	0.51	0.63	0.52	0.55	0.61	0.80	0.83	0.85	0.90	1.18	1.16	1.09	1.25	0.95	0.71	1.94	0.81	0.84	0.63	1.00	0.999
Quick Ratio	0.49	0.61	0.50	0.53	0.58	0.78	0.80	0.83	0.86	1.10	1.11	1.02	1.19	0.89	0.64	1.84	0.71	0.76	0.58	0.90	0.900
Debt/Equity	1.05	0.83	0.62	0.59	0.51	0.33	0.26	0.25	0.26	0.31	0.32	0.36	0.36	0.36	0.67	0.74	0.49	0.59	0.64	0.63	0.627
Net Debt/Equity	1.05	0.83	0.61	0.59	0.50	0.33	0.23	0.24	0.26	0.27	0.24	0.26	0.29	0.32	0.66	0.72	0.47	0.58	0.63	0.59	0.589
Debt/Assets	0.32	0.29	0.23	0.25	0.22	0.16	0.13	0.13	0.14	0.15	0.15	0.16	0.17	0.17	0.27	0.30	0.22	0.24	0.23	0.25	0.247
Debt/EBITDA	1.15	0.83	0.87	0.95	0.64	0.40	0.35	0.39	0.49	3.01	5.41	-26.40	-153.44	1.40	2.71	2.09	1.41	2.15	3.90	4.44	4.436
Net Debt/EBITDA	1.15	0.83	0.87	0.95	0.64	0.39	0.31	0.37	0.49	2.56	3.98	-19.39	-124.86	1.22	2.67	2.02	1.36	2.12	3.85	4.17	4.168
Interest Coverage	13.06	20.36	14.86	14.61	21.87	26.46	24.07	19.76	16.16	-5.12	-7.14	-9.54	-9.40	0.53	0.33	2.21	1.71	-1.33	-3.59	-4.21	-4.214
Equity Multiplier	3.31	2.86	2.66	2.34	2.29	2.06	1.93	1.88	1.86	2.06	2.12	2.18	2.11	2.18	2.46	2.49	2.20	2.41	2.71	2.54	2.539
Cash Ratio	snapshot only																				0.143
Debt Service Coverage	snapshot only																				2.659
Cash to Debt	snapshot only																				0.060
FCF to Debt	snapshot only																				0.249
Defensive Interval	snapshot only																				1237.6 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	0.30	0.38	0.42	0.46	0.50	0.49	0.43	0.38	0.32	0.30	0.30	0.30	0.30	0.32	0.30	0.32	0.33	0.33	0.29	0.30	0.305
Inventory Turnover	24.18	29.29	20.89	19.10	20.22	28.59	21.91	26.37	24.65	23.27	31.71	30.72	36.64	18.36	21.65	16.95	22.94	23.83	26.49	21.64	21.636
Receivables Turnover	6.40	7.22	7.22	9.42	9.22	9.03	7.98	7.81	6.38	6.48	5.88	7.38	6.92	7.20	5.92	7.72	8.63	6.82	6.31	6.59	6.591
Payables Turnover	1.58	1.33	1.42	1.35	1.34	1.23	1.38	1.46	1.75	2.08	2.29	2.60	2.88	2.23	1.84	2.40	2.25	2.35	2.37	3.17	3.171
DSO	57	51	51	39	40	40	46	47	57	56	62	49	53	51	62	47	42	54	58	55	55.4 days
DIO	15	12	17	19	18	13	17	14	15	16	12	12	10	20	17	22	16	15	14	17	16.9 days
DPO	231	275	256	270	273	296	265	250	209	176	160	141	127	163	198	152	162	156	154	115	115.1 days
Cash Conversion Cycle	-159	-212	-188	-212	-215	-243	-203	-189	-137	-104	-86	-79	-64	-93	-119	-83	-104	-87	-82	-43	-42.8 days
Fixed Asset Turnover	snapshot only																				0.409
Operating Cycle	snapshot only																				72.3 days
Cash Velocity	snapshot only																				22.738
Capital Intensity	snapshot only																				2.952

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	37.4%	86.9%	1.2%	1.2%	1.1%	67.4%	26.8%	-5.3%	-28.8%	-37.0%	-29.4%	-21.4%	-9.8%	-2.5%	-3.5%	3.1%	0.1%	-2.0%	-8.7%	-10.5%	-10.48%
Net Income	1.5%	1.8%	2.1%	2.5%	69.1%	14.3%	51.1%	39.2%	-23.9%	-1.2%	-1.4%	-1.7%	-1.9%	80.3%	94.5%	77.6%	71.8%	-13.0%	-22.9%	-1.4%	-1.41%
EPS	1.5%	1.8%	2.0%	-0.0%	62.5%	13.4%	51.6%	40.7%	-22.9%	-1.2%	-1.4%	-1.7%	-1.9%	80.0%	94.2%	76.8%	70.7%	-13.7%	-23.3%	-1.4%	-1.41%
FCF	1.1%	2.5%	4.5%	1.7%	1.4%	1.7%	82.5%	-10.0%	-46.6%	-54.8%	-59.6%	-21.7%	20.8%	-40.8%	-45.6%	-78.2%	-44.5%	-9.5%	10.5%	1.4%	1.38%
EBITDA	1.9%	3.8%	53.9%	-1.3%	43.9%	39.0%	70.5%	46.4%	-10.5%	-89.0%	-93.7%	-1.0%	-1.0%	1.3%	3.0%	26.1%	141.4%	-16.9%	-53.0%	-68.2%	-68.15%
Op. Income	84.5%	2.1%	2.5%	2.1%	1.8%	91.0%	31.0%	-11.9%	-54.4%	-77.8%	-84.9%	-93.9%	-85.1%	-60.9%	-20.1%	1.6%	1.8%	72.9%	36.8%	56.0%	56.03%
OCF Growth	snapshot only																				19.99%
Asset Growth	snapshot only																				-18.13%
Equity Growth	snapshot only																				-19.70%
Debt Growth	snapshot only																				-32.35%
Shares Change	snapshot only																				0.10%
Dividend Growth	snapshot only																				32.63%

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	-1.4%	4.1%	7.1%	11.0%	17.7%	20.9%	22.6%	26.9%	27.2%	25.4%	25.3%	17.7%	10.6%	0.9%	-4.8%	-8.5%	-13.7%	-15.6%	-14.7%	-10.2%	-10.17%
Revenue 5Y	11.5%	16.5%	18.9%	21.5%	24.4%	23.6%	20.3%	14.9%	7.5%	3.6%	1.9%	0.4%	0.9%	1.6%	4.7%	10.6%	13.2%	13.5%	11.6%	8.5%	8.51%
EPS 3Y	—	58.9%	43.9%	30.8%	48.6%	2.4%	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—
EPS 5Y	—	—	—	52.5%	78.9%	74.2%	89.4%	—	—	—	—	—	—	—	—	—	—	—	—	—	—
Net Income 3Y	—	61.4%	48.0%	34.1%	52.7%	2.4%	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—
Net Income 5Y	—	—	—	62.6%	91.1%	84.0%	1.0%	—	—	—	—	—	—	—	—	—	—	—	—	—	—
EBITDA 3Y	38.0%	42.0%	26.9%	20.6%	33.4%	46.7%	51.0%	55.1%	55.1%	-10.0%	-45.1%	—	—	-29.3%	-24.4%	-16.7%	-25.7%	-40.4%	-50.8%	-49.9%	-49.92%
EBITDA 5Y	33.0%	42.3%	31.7%	27.0%	37.4%	40.1%	37.6%	35.1%	27.6%	-15.2%	-26.1%	—	—	-4.3%	-2.7%	8.0%	11.3%	7.0%	-20.8%	-28.9%	-28.92%
Gross Profit 3Y	5.3%	15.0%	21.1%	30.2%	42.7%	44.4%	44.9%	46.5%	36.8%	27.8%	21.6%	8.7%	-0.9%	-9.3%	-14.8%	-19.1%	-23.6%	-30.6%	-34.5%	-33.7%	-33.68%
Gross Profit 5Y	27.7%	36.1%	35.5%	37.1%	39.4%	37.3%	32.1%	23.7%	12.0%	3.6%	0.9%	-0.0%	1.9%	3.9%	7.8%	13.4%	14.3%	10.5%	2.0%	-6.0%	-5.96%
Op. Income 3Y	37.9%	53.3%	63.3%	83.7%	1.3%	96.3%	79.1%	69.7%	32.3%	9.4%	-11.5%	-44.9%	-42.9%	-45.0%	-45.9%	-48.0%	-42.7%	-46.8%	-45.1%	-37.1%	-37.11%
Op. Income 5Y	—	—	—	1.2%	1.0%	86.5%	75.2%	54.2%	26.9%	8.9%	-2.9%	-19.7%	-4.3%	-8.0%	-7.0%	-4.9%	-0.9%	-2.4%	-5.4%	-7.4%	-7.35%
FCF 3Y	1.2%	2.1%	2.5%	1.3%	73.8%	61.4%	51.2%	51.1%	39.0%	62.6%	59.3%	23.2%	16.0%	-9.8%	-26.3%	-46.5%	-29.0%	-37.7%	-37.6%	-25.9%	-25.94%
FCF 5Y	18.6%	22.2%	23.9%	29.0%	41.0%	38.7%	50.9%	52.3%	67.3%	1.0%	1.0%	55.2%	27.7%	2.4%	-5.4%	-10.1%	12.5%	18.1%	19.4%	-0.6%	-0.61%
OCF 3Y	-2.8%	1.0%	7.8%	15.6%	26.1%	30.1%	27.5%	27.8%	26.2%	27.0%	42.7%	21.7%	15.2%	5.1%	-5.4%	-16.8%	-13.3%	-19.6%	-21.8%	-15.1%	-15.09%
OCF 5Y	6.9%	10.4%	11.7%	16.8%	21.1%	25.0%	25.7%	19.6%	8.5%	4.8%	3.3%	4.6%	7.0%	3.3%	-0.1%	1.3%	11.8%	13.5%	21.2%	8.9%	8.91%
Assets 3Y	-1.0%	-2.0%	-0.1%	1.3%	3.5%	6.0%	18.6%	18.1%	20.2%	14.9%	10.2%	4.6%	1.9%	1.2%	4.5%	2.2%	-3.4%	-8.6%	-8.6%	-8.5%	-8.55%
Assets 5Y	8.0%	7.6%	9.2%	9.4%	10.5%	12.0%	11.7%	4.8%	3.9%	-0.1%	0.3%	0.5%	0.4%	0.8%	10.1%	9.0%	7.6%	5.4%	3.3%	0.3%	0.31%
Equity 3Y	-11.8%	-9.8%	-5.2%	0.5%	4.5%	11.5%	48.6%	54.8%	57.9%	48.5%	28.3%	15.0%	18.4%	10.8%	7.4%	0.2%	-2.1%	-13.3%	-18.4%	-17.3%	-17.29%
Book Value 3Y	-13.5%	-11.2%	-7.9%	-2.0%	1.7%	10.0%	45.2%	51.9%	55.3%	47.9%	27.8%	15.9%	18.6%	11.0%	10.2%	2.9%	0.6%	-11.4%	-15.8%	-15.3%	-15.32%
Dividend 3Y	—	—	—	—	—	—	—	71.8%	41.5%	23.4%	12.1%	10.2%	6.7%	5.8%	7.7%	6.6%	5.9%	12.8%	13.6%	12.5%	12.53%

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	0.16	0.28	0.32	0.36	0.45	0.55	0.64	0.61	0.37	0.26	0.21	0.12	0.06	0.03	0.09	0.17	0.10	0.07	0.09	0.16	0.160
Earnings Stability	0.01	0.01	0.08	0.10	0.15	0.15	0.36	0.32	0.30	0.04	0.05	0.01	0.01	0.03	0.05	0.01	0.00	0.00	0.42	0.56	0.555
Margin Stability	0.76	0.73	0.75	0.74	0.74	0.74	0.76	0.78	0.83	0.79	0.78	0.77	0.76	0.77	0.76	0.76	0.78	0.76	0.72	0.69	0.694
Rev. Growth Consistency	0.50	0.50	0.50	0.50	1.00	1.00	1.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.50	0.50	0.00	0.00	0.00	0.000
Earn. Growth Consistency	0.50	0.50	1.00	1.00	1.00	1.00	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	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	0.50	0.50	0.50	0.84	0.90	0.20	0.20	0.20	0.20	0.50	0.50	0.50	0.50	0.50	0.50	0.50	0.500
Earnings Smoothness	—	—	0.00	0.98	0.49	0.87	0.59	0.67	0.73	—	—	—	—	—	—	—	—	—	—	—	—
ROE Trend	1.10	1.37	0.87	0.77	0.97	0.93	0.07	-0.07	-0.18	-0.55	-0.59	-0.60	-0.63	-0.17	-0.10	-0.08	-0.07	-0.25	-0.29	-0.03	-0.026
Gross Margin Trend	0.17	0.24	0.26	0.25	0.22	0.19	0.12	0.04	-0.07	-0.23	-0.27	-0.29	-0.27	-0.15	-0.10	-0.07	-0.01	-0.09	-0.18	-0.22	-0.220
FCF Margin Trend	0.14	0.09	0.12	0.10	0.09	0.21	0.22	0.01	-0.06	-0.03	-0.12	-0.01	0.04	-0.17	-0.20	-0.25	-0.11	-0.07	-0.02	-0.01	-0.014
Sustainable Growth Rate	55.0%	76.8%	49.9%	36.7%	53.7%	46.8%	44.7%	34.5%	26.8%	—	—	—	—	—	—	—	—	—	—	—	—
Internal Growth Rate	17.8%	29.8%	20.6%	16.7%	25.2%	24.8%	25.4%	20.0%	15.1%	—	—	—	—	—	—	—	—	—	—	—	—

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	0.96	0.73	1.13	1.58	1.24	1.38	1.32	1.28	1.22	-4.31	-1.61	-1.31	-1.32	-20.71	-26.22	-4.15	-4.37	-1.44	-1.09	-2.06	-2.065
FCF/OCF	0.60	0.55	0.64	0.69	0.66	0.70	0.67	0.55	0.47	0.56	0.51	0.60	0.61	0.35	0.30	0.18	0.36	0.32	0.34	0.37	0.366
FCF/Net Income	snapshot only																				-0.756
OCF/EBITDA	snapshot only																				3.015
CapEx/Revenue	19.6%	19.8%	16.4%	15.2%	17.0%	17.4%	21.3%	26.3%	28.0%	22.7%	23.8%	21.5%	21.4%	32.3%	31.3%	30.2%	32.6%	33.4%	32.5%	31.4%	31.41%
CapEx/Depreciation	snapshot only																				0.740
Accruals Ratio	0.01	0.06	-0.02	-0.08	-0.05	-0.08	-0.07	-0.05	-0.03	-0.19	-0.24	-0.29	-0.29	-0.16	-0.14	-0.15	-0.21	-0.28	-0.27	-0.22	-0.224
Sloan Accruals	snapshot only																				-0.223
Cash Flow Adequacy	snapshot only																				1.344

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	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	2.79%
Dividend/Share	$0.00	$0.00	$0.00	$0.06	$0.12	$0.20	$0.27	$0.31	$0.35	$0.38	$0.40	$0.42	$0.44	$0.45	$0.48	$0.49	$0.50	$0.64	$0.66	$0.65	$0.54
Payout Ratio	0.0%	0.0%	0.0%	1.2%	1.6%	2.5%	3.2%	4.4%	6.1%	—	—	—	—	—	—	—	—	—	—	—	—
FCF Payout Ratio	0.0%	0.0%	0.0%	1.1%	1.9%	2.6%	3.7%	6.3%	10.5%	10.9%	13.0%	10.5%	10.5%	21.6%	27.7%	53.8%	20.7%	32.2%	33.4%	30.0%	30.00%
Total Payout Ratio	0.0%	0.0%	0.0%	1.2%	7.2%	7.9%	10.5%	15.2%	13.0%	—	—	—	—	—	—	—	—	—	—	—	—
Div. Increase Streak	—	—	—	0	0	0	0	1	1	1	1	1	1	1	1	1	1	1	1	1	1
Chowder Number	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—
Buyback Yield	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—
Net Buyback Yield	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—
Total Shareholder Return	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—

DuPont Factors

Metric	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)	0.71	0.77	0.84	0.77	0.79	0.64	0.65	0.64	0.64	0.85	1.01	0.95	0.96	1.18	0.51	-1.33	-2.55	2.11	1.40	0.90	0.902
Interest Burden (EBT/EBIT)	1.04	1.00	1.09	1.05	0.95	0.94	1.00	1.05	1.09	0.64	1.05	1.10	1.11	-0.87	-2.06	0.55	0.42	1.75	1.28	1.02	1.022
EBIT Margin	0.68	0.79	0.44	0.38	0.54	0.69	0.74	0.69	0.62	-0.22	-0.28	-0.39	-0.39	0.02	0.02	0.12	0.11	-0.09	-0.25	-0.26	-0.260
Asset Turnover	0.30	0.38	0.42	0.46	0.50	0.49	0.43	0.38	0.32	0.30	0.30	0.30	0.30	0.32	0.30	0.32	0.33	0.33	0.29	0.30	0.305
Equity Multiplier	3.64	3.35	2.92	2.57	2.67	2.36	2.21	2.07	2.04	2.06	2.01	2.01	1.97	2.11	2.29	2.33	2.15	2.28	2.56	2.51	2.512

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)	$4.61	$7.09	$5.54	$4.99	$7.49	$8.04	$8.40	$7.02	$5.78	$-1.45	$-3.76	$-5.13	$-5.16	$-0.29	$-0.22	$-1.19	$-1.51	$-4.27	$-5.33	$-2.86	$-2.86
Book Value/Share	$10.71	$12.76	$13.83	$15.85	$17.15	$20.84	$22.52	$22.84	$23.15	$18.53	$18.22	$17.57	$17.87	$17.45	$18.52	$17.29	$17.48	$14.51	$13.42	$13.87	$14.12
Tangible Book/Share	$10.71	$12.76	$13.83	$15.85	$17.15	$20.84	$22.52	$22.84	$23.15	$18.53	$18.22	$17.57	$17.87	$17.45	$18.52	$17.29	$17.48	$14.51	$13.42	$13.87	$13.87
Revenue/Share	$9.10	$11.69	$13.67	$16.02	$18.42	$19.42	$17.38	$15.33	$13.29	$12.21	$12.58	$12.52	$12.38	$12.09	$12.77	$13.34	$12.88	$12.48	$11.87	$11.93	$12.14
FCF/Share	$2.66	$2.84	$4.04	$5.45	$6.18	$7.73	$7.39	$4.96	$3.34	$3.49	$3.06	$4.03	$4.17	$2.10	$1.75	$0.91	$2.41	$2.00	$1.97	$2.16	$2.21
OCF/Share	$4.44	$5.15	$6.28	$7.88	$9.31	$11.11	$11.09	$8.99	$7.07	$6.26	$6.05	$6.72	$6.82	$6.01	$5.74	$4.93	$6.60	$6.17	$5.83	$5.91	$6.02
Cash/Share	$0.00	$0.04	$0.03	$0.00	$0.05	$0.08	$0.59	$0.30	$0.00	$0.86	$1.56	$1.66	$1.19	$0.82	$0.15	$0.44	$0.30	$0.12	$0.11	$0.52	$0.53
EBITDA/Share	$9.83	$12.70	$9.82	$9.83	$13.59	$17.52	$16.80	$14.54	$12.33	$1.92	$1.09	$-0.24	$-0.04	$4.52	$4.59	$6.16	$6.05	$3.96	$2.20	$1.96	$1.96
Debt/Share	$11.28	$10.57	$8.53	$9.34	$8.69	$6.94	$5.84	$5.70	$6.03	$5.79	$5.88	$6.26	$6.36	$6.32	$12.41	$12.86	$8.55	$8.50	$8.55	$8.69	$8.69
Net Debt/Share	$11.28	$10.53	$8.50	$9.33	$8.64	$6.86	$5.24	$5.40	$6.03	$4.92	$4.32	$4.60	$5.18	$5.51	$12.26	$12.42	$8.26	$8.38	$8.45	$8.17	$8.17

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	6	7	7	6	8	7	8	7	6	4	4	4	4	5	5	6	6	4	5	3	3
Beneish M-Score	-1.92	-1.36	-1.68	-1.98	-2.19	-2.70	-3.02	-2.86	-2.81	-3.36	-3.13	-3.84	-4.00	-3.31	-3.50	-3.08	-3.95	0.31	-2.24	-2.75	-2.751
Ohlson O-Score	snapshot only																				-6.530
ROIC (Greenblatt)	snapshot only																				-10.64%
Net-Net WC	snapshot only																				$-17.68
EVA	snapshot only																				$17134117.99

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																				BB-
Credit Score	60.70	68.28	74.99	76.80	80.10	80.26	79.95	80.14	79.92	49.08	47.64	54.58	55.44	53.53	39.37	55.38	52.01	41.02	36.77	37.12	37.119
Credit Grade	snapshot only																				13
Credit Trend	snapshot only																				-18.259
Implied Spread (bps)	snapshot only																				550.000
Industry Credit Rank	snapshot only																				30
Sector Credit Rank	snapshot only																				28

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