Also trades as: VNO (NYSE) · $vol 51M · VNO-PL (NYSE) · $vol 0M · VNO-PM (NYSE) · $vol 0M · VNO-PN (NYSE) · $vol 0M · 0LR2.L (LSE) · $vol 0M · VNORP (OTC) · $vol 0M

$13.37

-0.07 (-0.52%)

Weekly Expected Move ±2.2%

$13 $13 $13 $14 $14

NYSE · Real Estate · REIT - Office · Tech Score Strong Sell · Power 33 · $6.3B mcap · 12M float · 0.161% daily turnover

Credit Risk of going bust: not rated, financial company (lending is its business) Bonds: none of note held by US funds details ▾

Not rated: lending and leverage are a financial company's business, which the model misreads.
US fund filings (SEC N-PORT) show under $25M of this company's bonds, so there is no bond page. Its debt may be bank loans or privately placed. How these are computed.

Overview News Chart Smart Money Financials Income Statement Cash Flow Balance Sheet Earnings

Dividends 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: 2Hold: 12Sell: 7Strong Sell: 0

Rating Summary

ConsensusHold

Avg Target$—

Analysts0

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.

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. VNO-PO receives an overall rating of B. Strongest factors: DCF (5/5), P/B (5/5). Areas of concern: ROE (2/5), D/E (1/5), P/E (1/5).

Rating Change History

Date	From	To
2026-10-12	B+	B
2026-10-01	B	B+
2026-08-04	A+	B
2026-05-05	S-	A+
2026-05-04	A+	S-

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.

★ ★ ★ ★ ★ 27 Grade C

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. VNO-PO scores highest in Earnings Quality (71/100) and lowest in Profitability (10/100). A grade of C represents mixed fundamentals — strengths in some areas offset by weaknesses.

Risk & Quality Signals

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

Altman Z-Score

0.16

Distress Zone

Piotroski F-Score

6/9

✓ ✓ ✗ ✓ ✗ ✓ ✓ ✗ ✓

Beneish M-Score

-5.45

Unlikely Manipulator

Ohlson O-Score

-7.18

Bankruptcy prob: 0.1%

Low Risk

Credit Rating

B+

Score: 33.0/100

Trend: Deteriorating

Earnings Quality

100/100

OCF/NI: 5.76x

Accruals: -2.1%

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. VNO-PO scores 0.16, 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. VNO-PO 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. VNO-PO's score of -5.45 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. VNO-PO'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. VNO-PO receives an estimated rating of B+ (score: 33.0/100), 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). VNO-PO'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

1111.00x

PEG

-11.19x

P/S

3.51x

P/B

1.11x

P/FCF

10.04x

P/OCF

6.95x

EV/EBITDA

11.97x

EV/Revenue

6.07x

EV/EBIT

28.28x

EV/FCF

41.02x

Earnings Yield

2.50%

FCF Yield

9.96%

Shareholder Yield

12.40%

Graham Number

$15.88

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 1111.0x earnings, VNO-PO is priced for high growth expectations. Graham's intrinsic value formula yields $15.88 per share, suggesting a potential 19% 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

1.281

NI / EBT

Interest Burden

0.135

EBT / EBIT

EBIT Margin

0.215

EBIT / Rev

Asset Turnover

0.117

Rev / Assets

Equity Multiplier

2.628

Assets / Equity

ROE

1.1%

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. VNO-PO's ROE of 1.1% is driven by a balanced combination of operating margin, asset efficiency, and leverage. A tax burden ratio of 1.28 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

$3.08

Price/Value

4.71x

Margin of Safety

-370.62%

Premium

370.62%

Assessment

Overvalued

Graham's classic formula uses analyst-projected growth to estimate a fair P/E (8.5 + 2g). Our adjusted version replaces that projection with VNO-PO's realized 0.0% 3-year EPS CAGR, capped at 15% — demonstrated performance rather than forecasts, held to a rate companies have historically sustained. VNO-PO trades at a 371% premium to its adjusted intrinsic value of $3.08, 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 1111.0x.

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 1285 days of historical volatility. Percentile bands show the range of statistically plausible outcomes — this is a statistical model, not a forecast.

Current Price

$13.37

Median 1Y

$12.24

5th Pctile

$8.05

95th Pctile

$18.53

Ann. Volatility

24.8%

25th–75th percentile 5th–95th percentile Median path Historical

Executive Compensation

C-suite compensation breakdown including salary, stock awards, options, and incentive pay. The CEO-to-employee pay ratio and Gini coefficient measure pay distribution fairness.

C-Suite Compensation

Executive	Salary	Stock	Total
Michael D. Fascitelli President and Chief Executive Officer (Principal Executive Officer) (resigned April 15, 2013)	$1,000,000	$6,472,987	$7,709,646

CEO Pay Ratio

155:1

CEO-to-Employee Pay Ratio

CEO Total Comp: $7,709,646

Avg Employee Cost (SGA/emp): $49,639

Employees: 3,145

C-Suite Pay Equality (Gini)

CEO Compensation Mix

Workforce & Productivity

Workforce efficiency metrics measuring revenue, profit, and R&D spend per employee — key indicators of operational leverage and human capital productivity.

Employees

3,145

+5.0% YoY

Revenue / Employee

$575,652

Rev: $1,810,425,000

Profit / Employee

$287,744

NI: $904,955,000

SGA / Employee

$49,639

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	1.0%	1.5%	2.1%	3.1%	2.5%	-5.7%	-6.2%	-6.1%	-5.3%	1.9%	1.6%	1.4%	0.1%	1.3%	3.1%	14.9%	16.0%	16.2%	14.0%	1.1%	1.14%
ROA	0.4%	0.5%	0.8%	1.2%	0.9%	-2.1%	-2.2%	-2.2%	-1.9%	0.6%	0.6%	0.5%	0.1%	0.4%	1.0%	5.5%	5.7%	5.7%	5.0%	0.4%	0.43%
ROIC	0.8%	1.1%	1.4%	1.9%	1.7%	1.7%	1.7%	1.8%	1.8%	1.2%	0.7%	-0.6%	1.5%	0.9%	1.8%	2.1%	2.1%	2.1%	1.8%	1.1%	1.10%
ROCE	0.6%	1.3%	1.9%	2.8%	2.8%	-0.7%	-0.8%	-0.6%	-0.2%	2.6%	2.5%	2.4%	1.9%	2.7%	3.6%	8.8%	8.9%	8.9%	7.8%	2.6%	2.57%
Gross Margin	48.0%	51.9%	51.0%	51.0%	51.6%	52.2%	48.7%	52.8%	48.2%	50.2%	1.0%	1.0%	1.0%	1.0%	1.0%	1.0%	1.0%	1.0%	-5.4%	-22.5%	-22.47%
Operating Margin	17.1%	13.7%	15.1%	17.8%	15.8%	15.2%	15.5%	21.8%	15.8%	13.0%	14.6%	16.1%	12.5%	15.7%	17.8%	15.1%	12.6%	14.6%	11.0%	5.5%	5.54%
Net Margin	15.5%	6.5%	9.5%	14.5%	5.1%	-1.1%	4.6%	13.1%	15.2%	-10.3%	1.5%	11.3%	-0.8%	3.7%	22.2%	1.7%	6.0%	3.6%	-1.6%	6.9%	6.91%
EBITDA Margin	49.8%	58.6%	52.1%	55.4%	51.1%	-66.2%	46.8%	54.8%	59.5%	24.8%	45.7%	55.9%	45.4%	49.8%	69.1%	2.3%	47.4%	46.7%	41.7%	66.8%	66.79%
FCF Margin	1.3%	34.8%	36.2%	41.7%	52.4%	49.2%	44.7%	45.5%	42.0%	40.5%	37.4%	33.0%	30.6%	30.1%	30.8%	77.1%	72.7%	69.5%	69.4%	14.8%	14.79%
OCF Margin	1.3%	34.8%	36.2%	41.7%	47.5%	44.4%	39.9%	40.8%	37.2%	35.8%	32.6%	28.1%	30.6%	30.1%	30.8%	77.1%	72.7%	69.5%	69.4%	21.4%	21.37%
ROE 3Y Avg	snapshot only																				5.65%
ROE 5Y Avg	snapshot only																				2.72%
ROA 3Y Avg	snapshot only																				2.18%
ROIC 3Y Avg	snapshot only																				2.23%
ROIC Economic	snapshot only																				1.05%
Cash ROA	snapshot only																				2.50%
Cash ROIC	snapshot only																				2.76%
CROIC	snapshot only																				1.91%
NOPAT Margin	snapshot only																				8.51%
Pretax Margin	snapshot only																				2.90%
R&D / Revenue	snapshot only																				0.00%
SGA / Revenue	snapshot only																				8.69%
SBC / Revenue	snapshot only																				1.39%

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	53.59	38.35	21.57	12.48	14.97	-5.92	-4.78	-5.81	-6.21	21.08	23.32	29.24	347.59	41.73	16.71	3.19	3.11	3.02	3.40	40.00	1111.003
P/S Ratio	8.32	4.20	2.25	1.44	1.34	1.14	0.97	1.19	1.12	1.23	1.18	1.32	1.60	1.64	1.53	1.55	1.55	1.51	1.50	1.48	3.505
P/B Ratio	0.54	0.56	0.46	0.39	0.37	0.35	0.31	0.38	0.35	0.40	0.38	0.42	0.54	0.57	0.52	0.46	0.46	0.46	0.45	0.47	1.111
P/FCF	631.13	12.06	6.23	3.45	2.55	2.32	2.18	2.61	2.66	3.03	3.16	4.00	5.23	5.46	4.98	2.01	2.14	2.17	2.16	10.04	10.037
P/OCF	631.13	12.06	6.23	3.45	2.82	2.57	2.44	2.91	3.00	3.43	3.62	4.69	5.23	5.46	4.98	2.01	2.14	2.17	2.16	6.95	6.947
EV/EBITDA	50.41	23.78	16.50	11.39	11.07	23.39	24.15	24.79	22.81	12.08	12.23	12.60	14.49	12.71	10.74	5.31	5.44	5.53	6.12	11.97	11.967
EV/Revenue	25.12	12.90	8.83	6.15	6.00	5.45	5.33	5.51	5.53	5.64	5.68	5.87	6.23	6.26	5.92	5.21	5.35	5.40	5.55	6.07	6.069
EV/EBIT	110.92	51.91	35.71	23.91	23.87	-95.29	-83.57	-104.63	-266.82	26.31	27.09	28.49	37.51	27.23	20.51	7.30	7.47	7.61	8.65	28.28	28.281
EV/FCF	1905.82	37.06	24.41	14.75	11.45	11.08	11.93	12.12	13.17	13.91	15.16	17.82	20.35	20.82	19.23	6.75	7.36	7.77	8.00	41.02	41.023
Earnings Yield	1.9%	2.6%	4.6%	8.0%	6.7%	-16.9%	-20.9%	-17.2%	-16.1%	4.7%	4.3%	3.4%	0.3%	2.4%	6.0%	31.3%	32.1%	33.1%	29.4%	2.5%	2.50%
FCF Yield	0.2%	8.3%	16.0%	29.0%	39.2%	43.2%	45.8%	38.4%	37.5%	33.0%	31.7%	25.0%	19.1%	18.3%	20.1%	49.8%	46.8%	46.1%	46.4%	10.0%	9.96%
Price/Tangible Book	snapshot only																				0.478
EV/OCF	snapshot only																				28.395
EV/Gross Profit	snapshot only																				14.249
Acquirers Multiple	snapshot only																				55.637
Shareholder Yield	snapshot only																				12.40%
Graham Number	snapshot only																				$15.88

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	2.88	2.20	1.75	1.79	1.68	2.17	2.02	1.91	1.97	2.00	1.98	1.95	1.86	1.76	1.65	2.52	1.93	1.80	2.08	4.77	4.774
Quick Ratio	2.88	2.20	1.75	1.79	1.68	2.17	2.02	1.91	1.97	2.00	1.98	1.95	1.86	1.76	1.65	2.52	1.93	1.80	2.08	4.77	4.774
Debt/Equity	1.43	1.44	1.51	1.43	1.42	1.56	1.58	1.57	1.55	1.63	1.62	1.60	1.70	1.74	1.60	1.28	1.30	1.32	1.40	1.57	1.565
Net Debt/Equity	1.09	1.16	1.35	1.27	1.29	1.33	1.38	1.38	1.38	1.45	1.46	1.44	1.55	1.60	1.50	1.08	1.13	1.18	1.22	1.45	1.449
Debt/Assets	0.51	0.52	0.53	0.53	0.53	0.55	0.55	0.55	0.55	0.56	0.55	0.55	0.56	0.56	0.55	0.50	0.50	0.51	0.53	0.58	0.580
Debt/EBITDA	44.16	19.95	13.72	9.78	9.48	21.75	22.67	22.26	20.47	10.62	10.75	10.83	11.79	10.21	8.53	4.41	4.43	4.46	5.13	9.77	9.767
Net Debt/EBITDA	33.72	16.04	12.28	8.72	8.60	18.51	19.73	19.46	18.20	9.45	9.68	9.77	10.76	9.38	7.96	3.73	3.86	3.99	4.47	9.04	9.039
Interest Coverage	2.00	1.75	1.90	2.00	1.81	-0.40	-0.40	-0.30	-0.12	1.19	1.54	1.43	1.09	1.45	1.40	3.53	3.67	3.74	3.39	1.12	1.125
Equity Multiplier	2.78	2.77	2.83	2.68	2.67	2.82	2.86	2.87	2.83	2.94	2.93	2.88	3.05	3.10	2.94	2.56	2.60	2.59	2.65	2.70	2.697
Cash Ratio	snapshot only																				1.907
Debt Service Coverage	snapshot only																				2.658
Cash to Debt	snapshot only																				0.075
FCF to Debt	snapshot only																				0.030
Defensive Interval	snapshot only																				993.2 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	0.02	0.05	0.07	0.10	0.10	0.11	0.11	0.11	0.11	0.11	0.11	0.11	0.11	0.11	0.11	0.11	0.11	0.11	0.11	0.12	0.117
Inventory Turnover	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—
Receivables Turnover	0.55	1.13	1.67	2.26	2.34	2.38	2.33	2.36	2.33	2.34	2.30	2.28	2.28	2.33	2.32	2.34	2.29	2.27	2.18	2.19	2.194
Payables Turnover	—	0.68	—	—	—	2.85	—	—	—	—	—	—	1.21	0.00	0.00	0.00	0.00	0.00	2.49	3.04	3.040
DSO	665	324	218	162	156	153	157	155	157	156	159	160	160	157	158	156	159	161	167	166	166.4 days
DIO	0	0	0	0	0	0	0	0	0	0	0	0	0	—	—	—	—	—	0	0	0.0 days
DPO	0	539	0	0	0	128	0	0	0	0	0	0	301	—	—	—	—	—	146	120	120.1 days
Cash Conversion Cycle	665	-216	218	162	156	25	157	155	157	156	159	160	-140	—	—	—	—	—	21	46	46.3 days
Fixed Asset Turnover	snapshot only																				2.737
Cash Velocity	snapshot only																				2.708
Capital Intensity	snapshot only																				8.536

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	—	—	—	—	3.3%	1.2%	41.8%	5.6%	2.4%	0.6%	-0.1%	-2.4%	-2.4%	-1.3%	0.6%	1.4%	2.4%	1.3%	-0.3%	1.4%	1.37%
Net Income	—	—	—	—	1.5%	-4.8%	-3.8%	-2.9%	-3.1%	1.3%	1.2%	1.2%	1.0%	-33.3%	82.1%	9.9%	109.8%	11.9%	3.8%	-92.2%	-92.24%
EPS	—	—	—	—	1.5%	-4.8%	-3.8%	-2.8%	-3.0%	1.3%	1.3%	1.2%	1.0%	-36.5%	72.8%	9.5%	108.9%	12.4%	4.1%	-91.7%	-91.67%
FCF	—	—	—	—	171.5%	2.1%	75.1%	15.2%	-18.1%	-17.1%	-16.3%	-29.2%	-28.8%	-26.7%	-17.3%	1.4%	1.4%	1.3%	1.2%	-80.5%	-80.54%
EBITDA	—	—	—	—	3.7%	-6.9%	-41.6%	-56.5%	-54.3%	1.0%	1.1%	1.0%	73.3%	4.1%	19.5%	1.1%	1.3%	1.0%	63.9%	-47.6%	-47.57%
Op. Income	—	—	—	—	3.0%	1.3%	48.8%	13.4%	12.2%	4.4%	1.8%	-15.2%	-19.9%	-12.2%	-4.3%	4.3%	11.5%	3.1%	-14.9%	-27.8%	-27.79%
OCF Growth	snapshot only																				-71.89%
Asset Growth	snapshot only																				0.02%
Equity Growth	snapshot only																				-5.00%
Debt Growth	snapshot only																				16.05%
Shares Change	snapshot only																				-6.86%
Dividend Growth	snapshot only																				7.45%

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	—	—	—	—	—	—	—	—	—	—	—	—	63.0%	29.1%	12.5%	1.5%	0.8%	0.2%	0.1%	0.1%	0.11%
Revenue 5Y	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—
EPS 3Y	—	—	—	—	—	—	—	—	—	—	—	—	-49.4%	-9.4%	6.2%	61.4%	78.7%	—	—	—	—
EPS 5Y	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—
Net Income 3Y	—	—	—	—	—	—	—	—	—	—	—	—	-49.5%	-8.2%	7.7%	63.8%	78.7%	—	—	—	—
Net Income 5Y	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—
EBITDA 3Y	—	—	—	—	—	—	—	—	—	—	—	—	55.2%	25.0%	13.7%	23.8%	22.8%	61.5%	60.3%	31.8%	31.78%
EBITDA 5Y	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—
Gross Profit 3Y	—	—	—	—	—	—	—	—	—	—	—	—	99.1%	62.7%	41.5%	27.4%	25.8%	25.0%	13.0%	-5.9%	-5.94%
Gross Profit 5Y	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—
Op. Income 3Y	—	—	—	—	—	—	—	—	—	—	—	—	52.6%	27.3%	13.2%	0.1%	0.1%	-1.9%	-6.0%	-13.9%	-13.88%
Op. Income 5Y	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—
FCF 3Y	—	—	—	—	—	—	—	—	—	—	—	—	3.7%	23.0%	6.7%	24.5%	12.3%	12.4%	15.9%	-31.1%	-31.15%
FCF 5Y	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—
OCF 3Y	—	—	—	—	—	—	—	—	—	—	—	—	3.7%	23.0%	6.7%	24.5%	16.0%	16.3%	20.3%	-19.3%	-19.27%
OCF 5Y	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—
Assets 3Y	—	—	—	—	—	—	—	—	—	—	—	—	-2.8%	-2.5%	-3.7%	-3.1%	-2.9%	-2.0%	-0.7%	-1.7%	-1.71%
Assets 5Y	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—
Equity 3Y	—	—	—	—	—	—	—	—	—	—	—	—	-5.7%	-6.1%	-4.9%	-1.6%	-2.0%	0.8%	1.9%	0.3%	0.31%
Book Value 3Y	—	—	—	—	—	—	—	—	—	—	—	—	-5.5%	-7.4%	-6.3%	-3.1%	-2.0%	0.8%	2.3%	1.6%	1.63%
Dividend 3Y	—	—	—	—	—	—	—	—	—	—	—	—	-28.2%	-11.2%	-2.0%	-2.1%	19.4%	0.0%	0.4%	1.4%	1.35%

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	—	—	—	—	—	—	—	—	0.77	0.76	0.75	0.31	0.60	0.59	0.61	0.35	0.16	0.01	0.38	0.06	0.062
Earnings Stability	—	—	—	—	—	—	—	—	0.58	0.00	0.01	0.04	0.16	0.05	0.08	0.39	0.29	0.51	0.50	0.12	0.120
Margin Stability	—	—	—	—	—	—	—	—	0.97	0.98	0.87	0.77	0.68	0.61	0.64	0.66	0.65	0.62	0.71	0.62	0.617
Rev. Growth Consistency	0.00	0.00	0.00	0.00	0.50	0.50	0.50	0.50	1.00	1.00	0.00	0.00	0.00	0.00	0.50	0.50	0.50	0.50	0.00	1.00	1.000
Earn. Growth Consistency	0.00	0.00	0.00	0.00	0.50	0.00	0.00	0.00	0.00	0.50	0.50	0.50	0.50	0.00	1.00	1.00	1.00	0.50	1.00	0.00	0.000
FCF Positive Streak	0	0	0	0	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1
Earnings Persistence	—	—	—	—	—	—	—	—	0.20	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	—	—	—	—	0.14	—	—	—	—	—	—	—	—	0.60	0.42	0.00	0.00	0.00	0.00	0.00	0.000
ROE Trend	—	—	—	—	—	—	—	—	-0.07	0.04	0.04	0.03	0.02	0.03	0.06	0.17	0.18	0.13	0.11	-0.07	-0.067
Gross Margin Trend	—	—	—	—	—	—	—	—	0.01	-0.01	0.12	0.24	0.37	0.49	0.43	0.37	0.31	0.25	-0.08	-0.45	-0.447
FCF Margin Trend	—	—	—	—	—	—	—	—	0.15	-0.01	-0.03	-0.11	-0.17	-0.15	-0.10	0.38	0.36	0.34	0.35	-0.40	-0.402
Sustainable Growth Rate	-0.9%	-2.3%	-3.6%	-4.2%	-4.9%	—	—	—	—	-3.1%	-2.1%	-2.2%	-2.0%	-2.5%	-0.7%	11.5%	12.4%	12.6%	10.4%	-2.3%	-2.28%
Internal Growth Rate	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	4.4%	4.6%	4.7%	3.9%	—	—

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	0.08	3.18	3.46	3.62	5.32	-2.31	-1.96	-2.00	-2.07	6.14	6.44	6.23	66.41	7.64	3.36	1.59	1.46	1.39	1.58	5.76	5.758
FCF/OCF	1.00	1.00	1.00	1.00	1.10	1.11	1.12	1.12	1.13	1.13	1.15	1.17	1.00	1.00	1.00	1.00	1.00	1.00	1.00	0.69	0.692
FCF/Net Income	snapshot only																				3.986
OCF/EBITDA	snapshot only																				0.421
CapEx/Revenue	0.0%	0.0%	0.0%	0.0%	4.9%	4.8%	4.8%	4.7%	4.7%	4.7%	4.8%	4.9%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	6.6%	6.58%
CapEx/Depreciation	snapshot only																				0.225
Accruals Ratio	0.00	-0.01	-0.02	-0.03	-0.04	-0.07	-0.06	-0.07	-0.06	-0.03	-0.03	-0.03	-0.03	-0.03	-0.02	-0.03	-0.03	-0.02	-0.03	-0.02	-0.021
Sloan Accruals	snapshot only																				-0.037
Cash Flow Adequacy	snapshot only																				1.208
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	3.5%	6.8%	12.3%	18.9%	19.8%	22.9%	25.0%	15.6%	15.9%	12.5%	9.7%	8.8%	4.2%	6.9%	7.3%	7.3%	7.2%	7.4%	7.5%	7.5%	2.16%
Dividend/Share	$0.62	$1.23	$1.84	$2.45	$2.45	$2.44	$2.29	$1.73	$1.68	$1.46	$1.09	$1.06	$0.63	$1.02	$1.01	$1.01	$1.06	$1.06	$1.07	$1.09	$0.74
Payout Ratio	1.9%	2.6%	2.7%	2.4%	3.0%	—	—	—	—	2.6%	2.3%	2.6%	14.6%	2.9%	1.2%	23.2%	22.4%	22.5%	25.6%	3.0%	3.00%
FCF Payout Ratio	21.9%	81.7%	76.8%	65.4%	50.5%	52.9%	54.5%	40.7%	42.4%	38.0%	30.6%	35.2%	22.0%	37.8%	36.4%	14.6%	15.4%	16.2%	16.2%	75.2%	75.17%
Total Payout Ratio	1.9%	2.6%	2.7%	2.4%	3.0%	—	—	—	—	2.7%	2.3%	2.7%	14.6%	2.9%	1.2%	23.2%	22.4%	22.5%	35.6%	5.0%	4.96%
Div. Increase Streak	0	0	0	0	1	1	1	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Chowder Number	—	—	—	—	3.18	1.21	0.49	-0.13	-0.15	-0.28	-0.43	-0.30	-0.59	-0.20	0.06	0.06	0.78	0.08	0.08	0.08	0.076
Buyback Yield	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.3%	0.3%	0.3%	0.3%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	3.0%	4.9%	4.91%
Net Buyback Yield	-8.6%	-8.4%	-10.2%	-11.7%	0.0%	0.0%	-0.0%	-0.0%	0.3%	0.3%	0.3%	0.3%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	3.0%	4.9%	4.91%
Total Shareholder Return	-5.1%	-1.6%	2.2%	7.2%	19.8%	22.9%	25.0%	15.6%	16.2%	12.8%	10.0%	9.1%	4.2%	6.9%	7.3%	7.3%	7.2%	7.4%	10.5%	12.4%	12.40%

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)	1.37	1.03	0.89	0.90	0.80	0.96	0.91	0.90	0.90	1.70	1.95	3.22	-0.13	1.64	1.11	0.95	0.95	0.95	0.96	1.28	1.281
Interest Burden (EBT/EBIT)	0.50	0.43	0.47	0.50	0.45	3.50	3.53	4.28	9.67	0.16	0.12	0.07	-0.21	0.10	0.29	0.72	0.73	0.74	0.71	0.14	0.135
EBIT Margin	0.23	0.25	0.25	0.26	0.25	-0.06	-0.06	-0.05	-0.02	0.21	0.21	0.21	0.17	0.23	0.29	0.71	0.72	0.71	0.64	0.21	0.215
Asset Turnover	0.02	0.05	0.07	0.10	0.10	0.11	0.11	0.11	0.11	0.11	0.11	0.11	0.11	0.11	0.11	0.11	0.11	0.11	0.11	0.12	0.117
Equity Multiplier	2.78	2.77	2.83	2.68	2.72	2.80	2.84	2.77	2.75	2.88	2.89	2.87	2.93	3.02	2.93	2.72	2.81	2.83	2.78	2.63	2.628

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)	$0.33	$0.47	$0.69	$1.04	$0.83	$-1.81	$-1.92	$-1.91	$-1.69	$0.55	$0.48	$0.41	$0.04	$0.35	$0.83	$4.35	$4.72	$4.72	$4.19	$0.36	$0.36
Book Value/Share	$32.86	$32.47	$32.21	$33.31	$33.53	$30.44	$29.66	$29.44	$30.12	$28.94	$29.09	$28.94	$27.70	$25.78	$26.47	$30.30	$31.59	$31.22	$31.73	$30.90	$35.76
Tangible Book/Share	$32.03	$31.67	$31.43	$32.56	$32.79	$29.71	$28.95	$28.75	$29.45	$28.27	$28.43	$28.31	$27.07	$25.19	$25.89	$29.73	$31.00	$30.64	$31.16	$30.33	$30.33
Revenue/Share	$2.14	$4.32	$6.63	$8.99	$9.24	$9.38	$9.40	$9.36	$9.41	$9.51	$9.46	$9.15	$9.30	$8.93	$9.03	$8.97	$9.45	$9.44	$9.53	$9.76	$9.76
FCF/Share	$0.03	$1.51	$2.40	$3.75	$4.85	$4.62	$4.20	$4.26	$3.95	$3.86	$3.54	$3.02	$2.85	$2.69	$2.78	$6.92	$6.86	$6.56	$6.61	$1.44	$1.44
OCF/Share	$0.03	$1.51	$2.40	$3.75	$4.39	$4.16	$3.75	$3.81	$3.50	$3.40	$3.09	$2.57	$2.85	$2.69	$2.78	$6.92	$6.86	$6.56	$6.61	$2.09	$2.09
Cash/Share	$11.11	$9.17	$5.07	$5.15	$4.40	$7.10	$6.09	$5.82	$5.19	$5.24	$4.69	$4.49	$4.11	$3.67	$2.83	$5.99	$5.26	$4.38	$5.70	$3.61	$3.61
EBITDA/Share	$1.06	$2.35	$3.55	$4.85	$5.01	$2.19	$2.07	$2.08	$2.28	$4.44	$4.39	$4.27	$4.00	$4.40	$4.98	$8.80	$9.28	$9.21	$8.64	$4.95	$4.95
Debt/Share	$47.00	$46.79	$48.62	$47.49	$47.51	$47.57	$47.00	$46.31	$46.68	$47.20	$47.22	$46.19	$47.16	$44.94	$42.47	$38.82	$41.10	$41.12	$44.36	$48.37	$48.37
Net Debt/Share	$35.89	$37.63	$43.55	$42.35	$43.11	$40.47	$40.92	$40.49	$41.50	$41.96	$42.53	$41.70	$43.05	$41.28	$39.64	$32.83	$35.85	$36.74	$38.66	$44.77	$44.77

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	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	0.160
Altman Z-Prime	snapshot only																				0.292
Piotroski F-Score	3	4	4	4	6	5	5	5	4	6	7	7	6	4	6	7	7	8	7	6	6
Beneish M-Score	—	—	—	—	-2.65	-2.75	-2.77	-2.85	-2.78	-2.70	-2.88	-2.85	-2.93	-2.84	-2.59	-2.49	-2.38	-2.35	-12.72	-5.45	-5.451
Ohlson O-Score	snapshot only																				-7.181
ROIC (Greenblatt)	snapshot only																				19.58%
Net-Net WC	snapshot only																				$-38.57
EVA	snapshot only																				$-1261560672.47

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																				B+
Credit Score	38.55	35.15	32.20	34.10	35.00	23.05	23.05	21.10	21.10	30.60	33.10	30.60	30.60	30.60	30.60	48.30	45.45	45.45	45.80	33.00	33.000
Credit Grade	snapshot only																				14
Credit Trend	snapshot only																				-15.300
Implied Spread (bps)	snapshot only																				650.000

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Valuation

DuPont Decomposition (5-Factor)

Graham-Dodd Adjusted Valuation

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Growth Trends (YoY %)

Earnings Stability

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CEO Pay Ratio

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