— Know what they know.
Not Investment Advice
Also trades as: VLNSF (OTC) · $vol 0M

VLN.TO TSX

Velan Inc.
1W: +0.3% 1M: +1.8% 3M: +13.8% YTD: +22.9% 1Y: +28.2% 3Y: +89.5% 5Y: +134.8%
C$18.70 ($13.12)
+0.06 (+0.32%)
 
Weekly Expected Move ±2.5%
C$18 C$18 C$19 C$19 C$19
TSX · Industrials · Industrial - Machinery · Tech Score Buy · Power 66 · C$403.7M mcap · 17M float · 0.016% daily turnover

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 02, 2026
DCF
1
ROE
1
ROA
1
D/E
2
P/E
1
P/B
3
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. VLN.TO receives an overall rating of C-. Areas of concern: DCF (1/5), ROE (1/5), ROA (1/5), D/E (2/5), P/E (1/5).
Rating Change History
DateFromTo
2026-10-01 C C-
2026-09-16 None ADDED
2026-09-16 EXISTED None
2026-08-05 None ADDED
2026-08-05 EXISTED None
2026-07-13 A- C
2026-07-02 A A-
2026-06-30 None ADDED
2026-06-30 EXISTED None
2026-05-11 None ADDED

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
44
Balance Sheet
75
Earnings Quality
0
Growth
53
Value
—
Momentum
0
Safety
—
Cash Flow
8

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
5/9
✓ ✗ ✓ ✗ ✗ ✓ ✓ ✗ ✓
Beneish M-Score
0.63
Possible Manipulator
Ohlson O-Score
-6.26
Bankruptcy prob: 0.2%
Low Risk
Credit Rating
BB-
Score: 39.3/100
Trend: Deteriorating
Earnings Quality
25/100
OCF/NI: -2.21x
Accruals: 55.9%
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. VLN.TO scores 5/9, 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. VLN.TO's score of 0.63 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. VLN.TO's implied 0.2% 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. VLN.TO receives an estimated rating of BB- (score: 39.3/100), 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). VLN.TO's score of 25/100 is low — reported earnings may not be fully supported by cash flows.

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
-23.56x
PEG
-0.66x
P/S
1.00x
P/B
1.70x
P/FCF
—
P/OCF
—
EV/EBITDA
—
EV/Revenue
—
EV/EBIT
—
EV/FCF
—
Earnings Yield
—
FCF Yield
—
Shareholder Yield
—
Graham Number
$25.43
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. VLN.TO currently has negative earnings — the P/E ratio is not meaningful. Graham's intrinsic value formula yields $25.43 per share, suggesting a potential 36% 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
-17941.045
NI / EBT
×
Interest Burden
-0.002
EBT / EBIT
×
EBIT Margin
0.006
EBIT / Rev
×
Asset Turnover
0.700
Rev / Assets
×
Equity Multiplier
3.038
Assets / Equity
=
ROE
52.9%
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. VLN.TO's ROE of 52.9% is driven by financial leverage (equity multiplier: 3.04x). Note: high leverage means ROE is amplified by debt rather than operational performance. A tax burden ratio of -17941.05 suggests the company retains less than 60% of pre-tax earnings after taxes.

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
$29.09
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 VLN.TO's realized 0.0% 3-year EPS CAGR, capped at 15% — demonstrated performance rather than forecasts, held to a rate companies have historically sustained. VLN.TO trades at a premium to its adjusted intrinsic value of $29.09, 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 -23.6x.

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
$18.55
Median 1Y
$17.64
5th Pctile
$6.78
95th Pctile
$45.81
Ann. Volatility
55.7%
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 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 Q3'26 Q4'26 Current
ROE -0.1% 3.4% 1.6% -3.4% -4.4% -7.7% -8.3% -23.9% -25.4% -25.4% -30.1% -10.3% -6.7% -5.5% -43.3% -53.9% 1.6% 0.1% 43.3% 52.9% 52.93%
ROA -0.1% 1.7% 0.9% -1.8% -2.2% -3.8% -4.3% -11.3% -11.7% -11.6% -13.8% -4.1% -2.7% -2.1% -13.4% -15.4% 0.7% 0.1% 15.3% 17.4% 17.42%
ROIC -0.3% 3.4% 1.7% -4.4% -5.6% -9.3% -9.7% 9.9% 10.5% 9.7% 6.3% -2.6% 0.8% 1.7% -40.0% -70.0% -45.2% -44.0% -6.9% 0.6% 0.58%
ROCE -0.0% 3.4% 3.5% 11.0% 11.1% 8.8% 6.8% -13.3% -14.0% -13.5% -16.4% -1.7% 0.6% 1.2% -25.5% -60.4% -38.2% -39.9% -6.8% 0.9% 0.89%
Gross Margin 26.8% 30.8% 32.6% 38.2% 26.8% 27.6% 30.4% 34.7% 22.2% 29.1% 20.2% 32.6% 30.7% 27.0% 38.6% 23.8% 28.6% 31.8% 37.9% 20.7% 20.75%
Operating Margin -5.2% 7.4% 9.1% 20.0% -7.5% -1.3% 3.7% 23.5% -9.5% 0.4% -6.4% 4.5% 1.6% 2.3% -85.0% -22.3% -5.3% 0.6% 8.2% -1.5% -1.46%
Net Margin -6.8% 4.9% 4.1% -11.2% -9.8% -4.3% 2.9% -41.0% -12.3% -2.6% -9.0% -1.8% -1.4% 0.1% -84.6% -14.9% 1.1% -3.6% 4.2% -4.5% -4.54%
EBITDA Margin -1.0% 10.3% 11.8% 22.3% -3.7% 1.6% 4.2% -34.3% -5.5% 3.8% -5.6% 12.7% 4.7% 5.3% -82.1% -19.2% -2.0% 4.9% 11.4% 1.4% 1.41%
FCF Margin -12.5% -11.0% -4.2% 2.2% 1.6% -1.6% -4.4% -1.6% 2.0% -0.7% -1.2% -1.4% -3.1% 5.5% 6.0% 3.4% -46.9% -60.8% -62.6% -56.0% -56.01%
OCF Margin -9.1% -7.7% -1.8% 4.3% 3.4% 0.2% -2.7% 0.1% 3.9% 1.3% 0.9% 1.2% -0.4% 8.0% 9.4% 6.5% -43.7% -58.8% -61.7% -54.9% -54.89%
ROE 3Y Avg snapshot only -15.75%
ROE 5Y Avg snapshot only -15.72%
ROA 3Y Avg snapshot only 0.73%
ROIC 3Y Avg snapshot only -31.04%
ROIC Economic snapshot only 0.45%
Cash ROA snapshot only -47.08%
Cash ROIC snapshot only -99.87%
CROIC snapshot only -1.02%
NOPAT Margin snapshot only 0.32%
Pretax Margin snapshot only -0.00%
R&D / Revenue snapshot only 0.00%
SGA / Revenue snapshot only 22.37%
SBC / Revenue snapshot only 0.00%
Valuation
Metric Trend 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 Q3'26 Q4'26 Current
P/E Ratio — — — — — — — — — — — — — — — — — — — — -23.565
P/S Ratio — — — — — — — — — — — — — — — — — — — — 1.002
P/B Ratio — — — — — — — — — — — — — — — — — — — — 1.701
P/FCF — — — — — — — — — — — — — — — — — — — — —
P/OCF — — — — — — — — — — — — — — — — — — — — —
EV/EBITDA — — — — — — — — — — — — — — — — — — — — —
EV/Revenue — — — — — — — — — — — — — — — — — — — — —
EV/EBIT — — — — — — — — — — — — — — — — — — — — —
EV/FCF — — — — — — — — — — — — — — — — — — — — —
Earnings Yield — — — — — — — — — — — — — — — — — — — — —
FCF Yield — — — — — — — — — — — — — — — — — — — — —
Graham Number snapshot only $25.43
Leverage & Solvency
Metric Trend 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 Q3'26 Q4'26 Current
Current Ratio 1.99 2.00 2.06 2.66 2.57 2.59 2.53 2.83 2.74 2.69 2.69 2.41 2.63 2.55 1.34 1.12 2.25 2.37 2.34 2.13 2.125
Quick Ratio 0.95 0.95 0.98 1.22 1.09 1.12 1.11 1.35 1.18 1.10 1.04 1.11 1.12 1.13 0.83 0.76 1.10 1.08 1.05 1.03 1.028
Debt/Equity 0.30 0.30 0.21 0.17 0.18 0.18 0.19 0.20 0.21 0.25 0.24 0.23 0.15 0.21 0.22 0.25 0.14 0.16 0.19 0.20 0.196
Net Debt/Equity 0.03 0.03 -0.06 -0.07 -0.05 0.01 0.03 -0.05 -0.10 0.04 0.07 -0.00 -0.13 -0.06 -0.09 -0.11 -0.20 -0.12 -0.00 -0.10 -0.100
Debt/Assets 0.15 0.14 0.11 0.09 0.09 0.09 0.10 0.09 0.08 0.10 0.10 0.09 0.06 0.08 0.05 0.05 0.07 0.09 0.10 0.10 0.103
Debt/EBITDA 7.20 3.48 2.48 0.87 0.94 1.11 1.55 -1.11 -1.05 -1.34 -0.99 4.20 1.54 1.97 -0.70 -0.37 -0.33 -0.38 -6.04 3.16 3.160
Net Debt/EBITDA 0.61 0.37 -0.70 -0.37 -0.28 0.04 0.21 0.26 0.50 -0.20 -0.31 -0.03 -1.41 -0.56 0.28 0.15 0.49 0.29 0.14 -1.60 -1.603
Interest Coverage -0.04 5.24 4.36 13.96 15.39 12.77 10.89 -22.51 -15.25 -10.89 -10.36 -0.81 0.37 0.71 -11.78 -36.60 -32.90 -69.07 -15.47 0.95 0.952
Equity Multiplier 2.06 2.06 1.95 1.92 1.95 1.95 1.94 2.39 2.44 2.47 2.50 2.63 2.63 2.74 4.40 5.13 1.87 1.82 1.85 1.91 1.910
Cash Ratio snapshot only 0.400
Debt Service Coverage snapshot only 5.704
Cash to Debt snapshot only 1.507
FCF to Debt snapshot only -4.671
Defensive Interval snapshot only 571.9 days
Efficiency & Turnover
Metric Trend 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 Q3'26 Q4'26 Current
Asset Turnover 0.53 0.58 0.66 0.76 0.75 0.74 0.73 0.75 0.76 0.76 0.73 0.72 0.75 0.77 0.76 0.68 0.81 0.73 0.69 0.70 0.700
Inventory Turnover 1.08 1.12 1.24 1.29 1.19 1.17 1.16 1.21 1.15 1.13 1.12 1.23 1.17 1.20 1.31 1.36 1.30 1.14 1.33 1.49 1.489
Receivables Turnover 2.76 3.01 3.59 3.58 4.13 3.52 3.72 3.36 4.25 3.61 3.59 3.11 4.08 3.67 4.81 4.07 4.20 2.84 4.09 4.86 4.855
Payables Turnover 2.56 2.68 3.06 7.74 2.99 3.12 3.05 6.95 3.24 3.48 3.24 5.88 3.08 3.18 3.28 6.13 2.71 2.09 2.66 5.44 5.437
DSO 132 121 102 102 88 104 98 109 86 101 102 117 89 99 76 90 87 128 89 75 75.2 days
DIO 337 325 294 282 307 311 314 301 318 322 326 296 313 305 278 268 282 321 274 245 245.1 days
DPO 143 136 119 47 122 117 120 52 113 105 113 62 118 115 111 60 135 175 137 67 67.1 days
Cash Conversion Cycle 327 310 276 337 273 298 293 358 291 318 315 351 284 290 243 298 234 275 227 253 253.1 days
Fixed Asset Turnover snapshot only 5.836
Operating Cycle snapshot only 294.0 days
Cash Velocity snapshot only 5.533
Capital Intensity snapshot only 1.166
Growth (YoY)
Metric Trend 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 Q3'26 Q4'26 Current
Revenue -17.7% -4.0% 12.6% 36.1% 37.3% 18.4% 2.2% -9.9% -11.8% -9.3% -9.5% -6.4% -1.8% 4.6% 6.8% -4.1% -8.2% -20.9% -19.8% -10.7% -10.74%
Net Income 97.4% 1.5% 1.6% -4.3% -36.1% -3.1% -5.7% -4.8% -3.8% -1.7% -1.9% 64.4% 77.7% 81.2% -0.4% -2.8% 1.2% 1.0% 2.0% 2.0% 1.98%
EPS 97.4% 1.5% 1.6% -4.3% -36.1% -3.1% -5.7% -4.8% -3.8% -1.7% -1.9% 64.4% 77.7% 81.2% -0.4% -2.8% 1.2% 1.0% 2.0% 2.0% 1.98%
FCF -3.9% -4.3% -75.8% 1.5% 1.2% 83.2% -7.7% -1.7% 11.6% 56.2% 74.8% 18.6% -2.5% 8.7% 6.2% 3.3% -13.1% -9.8% -9.4% -15.5% -15.52%
EBITDA -14.9% 3.0% 42.3% 2.2% 3.0% 57.7% 25.7% -1.7% -1.8% -1.9% -2.5% 1.3% 1.5% 1.5% 18.8% -7.8% -5.2% -4.8% 83.6% 1.2% 1.17%
Op. Income -8.1% 2.6% 2.5% 16.2% 32.0% 1.3% 88.1% -38.1% -37.5% -13.4% -27.8% -1.3% -92.7% -85.2% -4.4% -11.9% -50.2% -24.3% 69.9% 1.0% 1.02%
OCF Growth snapshot only -8.52%
Asset Growth snapshot only -31.01%
Equity Growth snapshot only 85.28%
Debt Growth snapshot only 43.18%
Shares Change snapshot only 0.00%
Dividend Growth snapshot only 22.59%
Growth (CAGR)
Metric Trend 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 Q3'26 Q4'26 Current
Revenue 3Y -4.5% -2.5% 0.7% 3.9% 3.4% 2.5% 1.5% -0.1% -0.1% 1.0% 1.4% 4.7% 5.9% 4.0% -0.4% -6.8% -7.3% -9.1% -8.1% -7.1% -7.10%
Revenue 5Y -5.6% -1.6% 2.0% 4.4% 4.8% 3.6% 2.4% 1.9% 1.0% -0.1% -1.1% -1.1% -0.9% 0.4% 0.2% -2.2% -2.1% -3.1% -2.2% -0.3% -0.34%
EPS 3Y — — — — — — — — — — — — — — — — — — — — —
EPS 5Y — — — — — — — — — — — — — — — — — — — 91.5% 91.52%
Net Income 3Y — — — — — — — — — — — — — — — — — — — — —
Net Income 5Y — — — — — — — — — — — — — — — — — — — 91.5% 91.52%
EBITDA 3Y — 84.4% 1.2% 89.5% 1.2% 64.8% 53.0% — — — — -14.5% 12.1% -8.2% — — — — — — —
EBITDA 5Y -14.6% 3.0% 3.7% 9.1% 13.9% 22.1% 20.4% — — — — 5.8% 30.4% 17.1% — — — — — -6.5% -6.49%
Gross Profit 3Y 4.1% 7.8% 12.7% 16.4% 17.2% 13.7% 11.8% 8.5% 5.9% 7.9% 3.5% 5.0% 7.5% 2.9% 2.0% -9.9% -10.9% -10.8% -9.5% -8.2% -8.18%
Gross Profit 5Y -3.7% 1.0% 4.7% 8.8% 10.1% 9.9% 8.5% 10.4% 8.1% 6.8% 4.2% 1.7% 4.0% 4.0% 6.4% 2.3% 1.1% 1.1% 0.9% 1.6% 1.57%
Op. Income 3Y — — — — — — — — 4.2% — 68.1% — — -33.0% — — — — — -63.2% -63.20%
Op. Income 5Y — 30.5% — 24.2% 39.0% — — — — — — — — — — — — — — -11.9% -11.88%
FCF 3Y — — — — — — — — -18.3% — — — — — — 7.4% — — — — —
FCF 5Y — — — — — — — — — — — — — — — — — — — — —
OCF 3Y — — — — — — — -62.2% -19.3% -43.5% -7.9% — — — — 6.7% — — — — —
OCF 5Y — — — 20.1% — — — — 50.0% — — — — — 30.5% 17.6% — — — — —
Assets 3Y 4.7% 5.8% 4.0% -1.0% -2.5% -4.2% -4.4% -3.9% -3.6% -4.7% -5.9% -6.2% -7.6% -6.3% -3.6% -0.4% -11.9% -12.3% -10.4% -10.2% -10.18%
Assets 5Y 3.0% 3.3% 2.4% -0.4% -1.9% -2.7% -2.2% -2.4% -2.2% -1.5% -1.8% -1.8% -2.1% -1.4% -1.3% -1.4% -8.6% -10.4% -9.2% -9.8% -9.83%
Equity 3Y -1.4% -1.0% -1.3% -4.6% -5.2% -6.7% -5.7% -10.8% -11.8% -12.3% -14.4% -15.0% -14.8% -14.8% -26.5% -28.2% -10.7% -10.3% -8.9% -3.2% -3.20%
Book Value 3Y -1.4% -0.9% -1.2% -4.6% -5.2% -6.6% -5.7% -10.8% -11.8% -12.3% -14.4% -15.0% -14.8% -14.8% -26.5% -28.2% -10.7% -10.3% -8.9% -3.2% -3.20%
Dividend 3Y — — — — — — — — — -0.4% -0.4% -0.4% -0.4% — — -2.0% -2.0% — — 1.9% 1.87%
Growth Quality
Metric Trend 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 Q3'26 Q4'26 Current
Revenue Stability 0.62 0.52 0.13 0.14 0.15 0.33 0.45 0.16 0.10 0.06 0.00 0.00 0.00 0.05 0.03 0.41 0.31 0.16 0.08 0.01 0.007
Earnings Stability 0.08 0.02 0.15 0.04 0.04 0.01 0.03 0.23 0.28 0.31 0.41 0.29 0.21 0.18 0.75 0.53 0.00 0.00 0.02 0.04 0.039
Margin Stability 0.90 0.89 0.88 0.86 0.85 0.86 0.87 0.81 0.84 0.84 0.85 0.87 0.87 0.89 0.88 0.88 0.90 0.90 0.91 0.94 0.941
Rev. Growth Consistency 0.00 0.00 0.50 0.50 0.50 0.50 1.00 0.00 0.00 0.00 0.00 0.00 0.00 0.50 0.50 0.00 0.00 0.00 0.00 0.00 0.000
Earn. Growth Consistency 0.50 0.50 0.50 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.50 0.50 0.50 0.00 0.00 1.00 1.00 0.50 0.50 0.500
FCF Positive Streak 0 0 0 0 0 0 0 0 1 0 0 0 0 0 0 0 0 0 0 0 0
Earnings Persistence 0.50 0.20 0.20 0.20 0.50 0.20 0.20 0.50 0.50 0.50 0.50 0.50 0.50 0.50 1.00 0.50 0.20 0.20 0.20 0.20 0.200
Earnings Smoothness — — — — — — — — — — — — — — — — — — — — —
ROE Trend 0.03 0.07 0.04 -0.01 -0.02 -0.07 -0.08 -0.26 -0.27 -0.26 -0.31 0.05 0.10 0.13 -0.34 -0.58 0.20 0.17 0.81 0.85 0.847
Gross Margin Trend 0.04 0.05 0.05 0.08 0.07 0.05 0.04 0.01 -0.01 -0.01 -0.03 -0.05 -0.03 -0.03 0.02 0.01 0.00 0.01 0.01 0.01 0.011
FCF Margin Trend -0.13 -0.11 -0.03 0.06 0.06 0.02 -0.01 0.01 0.07 0.06 0.03 -0.02 -0.05 0.07 0.09 0.05 -0.46 -0.63 -0.65 -0.57 -0.570
Sustainable Growth Rate — 3.4% 1.6% — — — — — — — — — — — — — 1.3% -5.4% 35.8% 45.1% 45.12%
Internal Growth Rate — 1.7% 0.9% — — — — — — — — — — — — — 0.6% — 14.5% 17.4% 17.44%
Cash Flow Quality
Metric Trend 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 Q3'26 Q4'26 Current
OCF/Net Income 85.76 -2.63 -1.43 -1.86 -1.17 -0.04 0.45 -0.01 -0.25 -0.08 -0.05 -0.22 0.12 -2.89 -0.53 -0.29 -50.98 -699.91 -2.78 -2.21 -2.207
FCF/OCF 1.37 1.42 2.27 0.52 0.46 -7.21 1.66 -11.62 0.50 -0.58 -1.34 -1.15 7.31 0.69 0.63 0.53 1.07 1.03 1.01 1.02 1.020
FCF/Net Income snapshot only -2.252
OCF/EBITDA snapshot only -14.467
CapEx/Revenue 3.4% 3.2% 2.3% 2.1% 1.8% 1.8% 1.7% 1.8% 2.0% 2.0% 2.1% 2.7% 2.6% 2.5% 3.4% 3.1% 3.2% 3.3% 2.2% 2.4% 2.39%
CapEx/Depreciation snapshot only 0.757
Accruals Ratio 0.05 0.06 0.02 -0.05 -0.05 -0.04 -0.02 -0.11 -0.15 -0.13 -0.14 -0.05 -0.02 -0.08 -0.21 -0.20 0.36 0.43 0.58 0.56 0.559
Sloan Accruals snapshot only 0.228
Cash Flow Adequacy snapshot only -9.053
Earnings Quality Score snapshot only 0.250
Dividends & Buybacks
Metric Trend 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 Q3'26 Q4'26 Current
Dividend Yield — — — — — — — — — — — — — — — — — — — — 0.53%
Dividend/Share $0.00 $0.00 $0.00 $0.00 $0.00 $0.02 $0.02 $0.02 $0.02 $0.02 $0.02 $0.02 $0.02 $0.00 $0.00 $0.02 $0.02 $0.46 $0.53 $0.50 $0.07
Payout Ratio — 0.0% 0.0% — — — — — — — — — — — — — 16.4% 39.5% 17.4% 14.8% 14.75%
FCF Payout Ratio — — — 0.0% 0.0% — — — 7.0% — — — — 0.0% 0.0% 4.0% — — — — —
Total Payout Ratio — 0.0% 0.0% — — — — — — — — — — — — — 16.4% 39.5% 17.4% 14.8% 14.75%
Div. Increase Streak — — — — — 0 0 0 0 0 0 0 0 — — 0 0 0 0 0 0
Chowder Number — — — — — — — — — — — — — — — — — — — — —
Buyback Yield — — — — — — — — — — — — — — — — — — — — —
Net Buyback Yield — — — — — — — — — — — — — — — — — — — — —
Total Shareholder Return — — — — — — — — — — — — — — — — — — — — —
DuPont Factors
Metric Trend 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 Q3'26 Q4'26 Current
Tax Burden (NI/EBT) 0.14 0.94 0.50 -0.27 -0.34 -0.78 -1.12 1.17 1.15 1.13 1.11 1.60 2.61 3.50 1.10 0.95 -0.03 -0.00 -4.17 -17941.05 -17941.045
Interest Burden (EBT/EBIT) 23.37 0.81 0.77 0.93 0.94 0.92 0.91 1.04 1.06 1.09 1.10 2.23 -2.40 -0.74 1.11 1.03 1.02 1.01 1.03 -0.00 -0.002
EBIT Margin -0.00 0.04 0.03 0.09 0.09 0.07 0.06 -0.12 -0.13 -0.12 -0.15 -0.02 0.01 0.01 -0.15 -0.23 -0.25 -0.28 -0.05 0.01 0.006
Asset Turnover 0.53 0.58 0.66 0.76 0.75 0.74 0.73 0.75 0.76 0.76 0.73 0.72 0.75 0.77 0.76 0.68 0.81 0.73 0.69 0.70 0.700
Equity Multiplier 1.97 1.99 1.92 1.94 2.01 2.01 1.95 2.12 2.16 2.18 2.18 2.51 2.53 2.60 3.23 3.50 2.25 2.30 2.83 3.04 3.038
Per Share
Metric Trend 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 Q3'26 Q4'26 Current
EPS (Diluted TTM) $-0.01 $0.45 $0.22 $-0.44 $-0.55 $-0.95 $-1.03 $-2.57 $-2.61 $-2.54 $-3.01 $-0.91 $-0.58 $-0.48 $-3.02 $-3.50 $0.13 $0.01 $3.03 $3.42 $3.42
Book Value/Share $13.59 $13.60 $13.53 $12.27 $11.66 $11.10 $11.38 $9.26 $8.92 $8.90 $8.57 $8.44 $8.40 $8.41 $5.37 $4.53 $8.31 $8.02 $8.61 $8.40 $7.74
Tangible Book/Share $12.79 $12.82 $12.77 $11.50 $10.93 $10.38 $10.66 $8.51 $8.17 $8.15 $7.82 $7.67 $7.61 $7.67 $5.01 $4.26 $8.01 $7.65 $8.31 $8.19 $8.19
Revenue/Share $13.90 $15.45 $17.23 $19.05 $19.07 $18.29 $17.61 $17.16 $16.82 $16.60 $15.94 $16.07 $16.52 $17.37 $17.02 $15.42 $15.17 $13.73 $13.65 $13.76 $13.09
FCF/Share $-1.74 $-1.70 $-0.72 $0.43 $0.30 $-0.28 $-0.78 $-0.28 $0.33 $-0.12 $-0.20 $-0.23 $-0.51 $0.95 $1.02 $0.53 $-7.12 $-8.35 $-8.55 $-7.71 $-1.09
OCF/Share $-1.27 $-1.19 $-0.32 $0.83 $0.64 $0.04 $-0.47 $0.02 $0.66 $0.22 $0.15 $0.20 $-0.07 $1.38 $1.61 $1.00 $-6.64 $-8.07 $-8.43 $-7.55 $-0.82
Cash/Share $3.74 $3.62 $3.58 $2.91 $2.75 $1.95 $1.89 $2.34 $2.73 $1.92 $1.40 $1.93 $2.36 $2.28 $1.64 $1.63 $2.76 $2.32 $1.70 $2.49 $1.66
EBITDA/Share $0.57 $1.16 $1.12 $2.34 $2.25 $1.83 $1.41 $-1.71 $-1.75 $-1.68 $-2.07 $0.46 $0.80 $0.90 $-1.68 $-3.12 $-3.36 $-3.44 $-0.28 $0.52 $0.52
Debt/Share $4.09 $4.05 $2.79 $2.04 $2.12 $2.03 $2.19 $1.90 $1.84 $2.25 $2.04 $1.92 $1.23 $1.78 $1.17 $1.15 $1.12 $1.32 $1.66 $1.65 $1.65
Net Debt/Share $0.35 $0.43 $-0.79 $-0.87 $-0.63 $0.08 $0.30 $-0.45 $-0.88 $0.33 $0.64 $-0.01 $-1.13 $-0.51 $-0.47 $-0.48 $-1.63 $-1.00 $-0.04 $-0.84 $-0.84
Academic Models
Metric Trend 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 Q3'26 Q4'26 Current
Altman Z-Score — — — — — — — — — — — — — — — — — — — — —
Piotroski F-Score 4 5 6 7 6 6 5 5 5 5 5 4 5 6 7 4 4 4 4 5 5
Beneish M-Score -2.28 -2.02 -2.22 -3.05 -3.19 -2.96 -2.79 -2.95 -3.14 -3.26 -3.03 -2.82 -2.53 -2.49 -3.37 -3.49 -0.89 -0.28 0.66 0.63 0.627
Ohlson O-Score snapshot only -6.259
ROIC (Greenblatt) snapshot only 0.93%
Net-Net WC snapshot only $5.58
EVA snapshot only $-15384523.15
Credit
Metric Trend 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 Q3'26 Q4'26 Current
Credit Rating snapshot only BB-
Credit Score 29.80 51.01 48.67 72.64 73.10 65.02 64.42 41.75 46.03 41.57 41.51 35.64 43.33 50.79 49.51 46.50 41.08 41.20 41.27 39.30 39.301
Credit Grade snapshot only 13
Credit Trend snapshot only -7.199
Implied Spread (bps) snapshot only 550.000
Industry Credit Rank snapshot only 20
Sector Credit Rank snapshot only 29

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