Also trades as: 2057.HK (HKSE) · $vol 32M

$20.05

+0.07 (+0.35%)

After Hours: $20.10 (+0.05, +0.27%)

Weekly Expected Move ±2.3%

$19 $19 $20 $20 $21

NYSE · Industrials · Integrated Freight & Logistics · Tech Score Neutral · Power 57 · $15.0B mcap · 746M float · 0.280% daily turnover · Short 22% of daily vol

Credit Risk of going bust: lower than 78% of companies Debt: 18.0% of company value Bonds: none of note held by US funds details ▾

If the stock fell to about $0.35 (down 98%), ZTO Express (Cayman) Inc. would be worth roughly what it owes.
Total debt $3.31B against a stock market value of $15.04B.
Distance to default 9.27 (Merton model): prices to 2026-10-26, balance sheet 2026-06-30, debt counted $2.53B (short-term plus half of long-term), stock volatility 24.5%; Altman Z'' 5.21. A ranking and a back-test, not a forecast.
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 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

$22

Low

$22

Avg Target

$22

High

Based on 1 analyst since Aug 18, 2026 earnings

Analyst Recommendations

Strong Buy: 0Buy: 6Hold: 4Sell: 0Strong Sell: 0

Rating Summary

ConsensusBuy

Avg Target$22.00

Analysts1

Price Target Change History

Date	Firm	Analyst	Old	New	Change	Upside @ Call	Stock@Call
2026-10-14	Goldman Sachs	Ronald Keung	Initiated	$22	—	+8.1%	$20.36
2026-07-08	Macquarie	Jason Zhang	$27	$32	+5	+36.1%	$23.21
2026-05-20	Morgan Stanley	—	$24	$30	+6	+27.8%	$23.55
2026-02-08	Macquarie	—	$21	$27	+5	+10.4%	$24.09
2025-07-02	Morgan Stanley	—	$28	$24	-4	+34.1%	$18.04
2024-09-25	Morgan Stanley	Qianlei Fan	Initiated	$28	—	+24.4%	$22.27
2024-06-26	Macquarie	Ellie Jiang	Initiated	$21	—	+0.1%	$21.18
2024-03-21	HSBC	Parash Jain	$33	$30	-3	+38.4%	$21.67
2022-11-23	Citigroup	—	Initiated	$33	—	+42.3%	$23.05
2022-11-23	HSBC	Parash Jain	Initiated	$33	—	+48.0%	$22.29

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. ZTO receives an overall rating of A. Strongest factors: DCF (4/5), ROE (4/5), ROA (5/5), P/E (4/5).

Rating Change History

Date	From	To
2026-05-22	A-	A
2026-05-21	A	A-
2026-04-06	A-	A
2026-04-01	A	A-
2026-03-20	A-	A
2026-03-19	A	A-
2026-02-24	A-	A
2026-02-18	C	A-

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 A

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

6/9

✓ ✓ ✗ ✓ ✗ ✓ ✓ ✗ ✓

Beneish M-Score

-3.03

Unlikely Manipulator

Ohlson O-Score

-10.52

Bankruptcy prob: 0.0%

Low Risk

Credit Rating

A+

Score: 75.6/100

Trend: Improving

Earnings Quality

100/100

OCF/NI: 1.31x

Accruals: -2.9%

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. ZTO 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. ZTO's score of -3.03 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. ZTO's implied 0.0% bankruptcy probability is well within safe territory. Our Credit Rating model scores companies on five weighted components — solvency (30%), earning power (25%), leverage (20%), liquidity (15%), and cash flow quality (10%) — then blends the absolute score with sector and industry peer rankings. For companies with large buyback programs, equity is adjusted by adding back cumulative 5-year repurchases (capped at 80% of FCF generated) to avoid penalizing shareholder-friendly capital allocation. ZTO receives an estimated rating of A+ (score: 75.6/100), with a improving trend. The Earnings Quality score measures how well reported earnings are backed by real cash. It evaluates the operating cash flow to net income ratio (OCF/NI ≥ 1.0 means every dollar of earnings is cash-backed) and the accruals ratio (the gap between earnings and cash flow relative to assets — lower is better). ZTO'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

10.23x

PEG

0.50x

P/S

1.86x

P/B

1.61x

P/FCF

—

P/OCF

—

EV/EBITDA

—

EV/Revenue

—

EV/EBIT

—

EV/FCF

—

Earnings Yield

—

FCF Yield

—

Shareholder Yield

—

Graham Number

$140.04

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 10.2x earnings, ZTO trades at a reasonable valuation. Graham's intrinsic value formula yields $140.04 per share, suggesting a potential 601% 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

0.816

NI / EBT

Interest Burden

0.999

EBT / EBIT

EBIT Margin

0.221

EBIT / Rev

Asset Turnover

0.529

Rev / Assets

Equity Multiplier

1.520

Assets / Equity

ROE

14.5%

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. ZTO's ROE of 14.5% is driven by Asset Turnover (0.529), indicating efficient use of assets to generate revenue.

Graham-Dodd Adjusted Valuation

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

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

Adj. Growth Rate

11.29%

Fair P/E

31.08x

Intrinsic Value

$346.71

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 ZTO's realized 11.3% 3-year EPS CAGR, capped at 15% — demonstrated performance rather than forecasts, held to a rate companies have historically sustained. ZTO trades at a premium to its adjusted intrinsic value of $346.71, suggesting the market is pricing in future growth beyond what historical earnings support. The adjusted fair P/E of 31.1x compares to the current market P/E of 10.2x.

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

$20.06

Median 1Y

$18.96

5th Pctile

$10.29

95th Pctile

$35.12

Ann. Volatility

37.8%

Analyst Target

$22.00

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

Workforce & Productivity

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

Employees

23,399

-4.4% YoY

Revenue / Employee

$2,041,155

Rev: $47,760,982,000

Profit / Employee

$377,505

NI: $8,833,250,000

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	Q1'21	Q2'21	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	Q1'26	Q2'26	Current
ROE	10.5%	9.8%	9.0%	9.7%	10.6%	11.4%	13.0%	13.3%	14.9%	15.6%	15.9%	15.4%	15.3%	14.7%	14.6%	14.5%	15.6%	14.0%	13.7%	14.5%	14.46%
ROA	8.4%	7.9%	7.2%	7.8%	8.2%	8.7%	9.3%	9.6%	10.4%	11.0%	10.6%	10.5%	10.0%	9.9%	9.5%	9.8%	10.3%	9.4%	8.8%	9.5%	9.51%
ROIC	12.3%	10.9%	10.3%	11.2%	11.9%	12.2%	13.1%	12.5%	13.9%	13.9%	13.8%	14.8%	15.4%	14.7%	15.5%	15.6%	16.3%	15.1%	15.4%	16.1%	16.06%
ROCE	10.8%	10.2%	11.1%	11.8%	12.8%	13.6%	13.2%	13.6%	15.3%	16.2%	16.2%	16.0%	16.3%	16.1%	18.3%	18.8%	19.6%	17.8%	15.6%	14.9%	14.91%
Gross Margin	16.9%	22.8%	21.2%	24.4%	20.5%	25.4%	27.3%	28.1%	28.1%	33.9%	29.8%	29.5%	30.1%	33.8%	31.2%	29.1%	24.7%	24.9%	24.4%	25.7%	25.66%
Operating Margin	9.8%	19.9%	18.4%	22.3%	14.1%	22.9%	24.3%	24.9%	21.7%	29.6%	26.7%	25.9%	22.8%	30.0%	26.6%	26.7%	22.1%	20.9%	18.8%	21.8%	21.83%
Net Margin	8.2%	17.6%	15.8%	19.1%	11.5%	20.9%	21.6%	21.9%	18.6%	26.1%	25.8%	20.6%	14.3%	24.4%	22.4%	18.4%	18.3%	16.4%	15.9%	21.0%	20.97%
EBITDA Margin	11.2%	21.4%	19.6%	23.1%	15.4%	25.5%	26.6%	27.1%	24.4%	32.6%	29.7%	27.5%	20.9%	31.6%	27.9%	27.6%	24.2%	22.1%	20.6%	27.5%	27.52%
FCF Margin	-16.6%	-18.4%	-16.9%	-16.8%	-14.0%	-5.7%	-8.6%	-2.6%	1.9%	-1.4%	4.5%	6.2%	4.3%	7.9%	8.0%	8.1%	8.6%	5.0%	4.1%	12.5%	12.46%
OCF Margin	18.9%	20.7%	21.2%	23.7%	24.7%	29.2%	30.9%	32.4%	36.0%	34.9%	35.1%	34.8%	32.1%	30.6%	29.9%	25.8%	26.0%	22.6%	20.7%	23.5%	23.53%
ROE 3Y Avg	snapshot only																				14.37%
ROE 5Y Avg	snapshot only																				13.10%
ROA 3Y Avg	snapshot only																				9.55%
ROIC 3Y Avg	snapshot only																				18.22%
ROIC Economic	snapshot only																				10.30%
Cash ROA	snapshot only																				12.03%
Cash ROIC	snapshot only																				21.86%
CROIC	snapshot only																				11.58%
NOPAT Margin	snapshot only																				17.28%
Pretax Margin	snapshot only																				22.07%
R&D / Revenue	snapshot only																				0.00%
SGA / Revenue	snapshot only																				5.41%
SBC / Revenue	snapshot only																				0.88%

Valuation

Metric	Q1'21	Q2'21	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	Q1'26	Q2'26	Current
P/E Ratio	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	10.230
P/S Ratio	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	1.862
P/B Ratio	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	1.610
P/FCF	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—
P/OCF	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—
EV/EBITDA	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—
EV/Revenue	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—
EV/EBIT	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—
EV/FCF	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—
Earnings Yield	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—
FCF Yield	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—
PEG Ratio	snapshot only																				0.504
Graham Number	snapshot only																				$140.04

Leverage & Solvency

Metric	Q1'21	Q2'21	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	Q1'26	Q2'26	Current
Current Ratio	1.90	1.82	1.45	1.44	1.26	1.25	1.59	1.49	1.32	1.32	1.17	1.34	1.15	1.26	0.96	1.07	1.05	1.21	1.64	1.67	1.672
Quick Ratio	1.90	1.82	1.45	1.43	1.26	1.25	1.58	1.49	1.32	1.31	1.17	1.34	1.15	1.26	0.96	1.07	1.05	1.21	1.64	1.64	1.639
Debt/Equity	0.08	0.09	0.12	0.09	0.14	0.16	0.29	0.24	0.27	0.26	0.30	0.26	0.27	0.30	0.30	0.28	0.27	0.29	0.35	0.35	0.346
Net Debt/Equity	-0.27	-0.22	-0.15	-0.17	-0.15	-0.14	-0.13	-0.08	-0.08	-0.02	0.01	-0.07	-0.07	-0.04	-0.08	-0.08	-0.10	-0.12	-0.14	-0.15	-0.146
Debt/Assets	0.06	0.07	0.09	0.07	0.11	0.12	0.19	0.17	0.18	0.18	0.20	0.17	0.18	0.20	0.20	0.19	0.18	0.20	0.22	0.22	0.223
Debt/EBITDA	0.72	0.89	1.06	0.76	1.08	1.15	1.88	1.55	1.51	1.40	1.63	1.41	1.45	1.63	1.61	1.44	1.36	1.60	1.89	1.84	1.841
Net Debt/EBITDA	-2.43	-2.11	-1.33	-1.39	-1.11	-1.01	-0.84	-0.51	-0.44	-0.11	0.05	-0.40	-0.35	-0.21	-0.41	-0.41	-0.47	-0.65	-0.75	-0.78	-0.778
Interest Coverage	104.34	67.50	46.81	46.37	37.26	43.80	56.97	44.49	46.65	41.39	35.32	37.92	36.03	32.10	34.67	35.55	38.92	38.64	39.96	38.77	38.769
Equity Multiplier	1.25	1.25	1.29	1.29	1.35	1.36	1.49	1.45	1.51	1.47	1.51	1.48	1.55	1.51	1.54	1.49	1.50	1.47	1.57	1.55	1.551
Cash Ratio	snapshot only																				1.308
Debt Service Coverage	snapshot only																				41.638
Cash to Debt	snapshot only																				1.423
FCF to Debt	snapshot only																				0.286
Defensive Interval	snapshot only																				6070.3 days

Efficiency & Turnover

Metric	Q1'21	Q2'21	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	Q1'26	Q2'26	Current
Asset Turnover	0.52	0.52	0.49	0.50	0.51	0.51	0.50	0.50	0.50	0.50	0.46	0.46	0.46	0.47	0.46	0.49	0.49	0.50	0.51	0.53	0.529
Inventory Turnover	401.18	437.13	465.34	350.16	445.38	747.13	457.09	426.53	600.30	956.79	571.50	779.94	772.25	1020.39	1046.10	917.23	826.50	883.98	1088.47	91.35	91.353
Receivables Turnover	34.47	38.68	38.70	18.52	35.77	36.33	36.08	18.55	41.75	45.65	27.60	22.09	34.42	33.42	22.62	20.17	25.41	22.93	25.40	23.44	23.441
Payables Turnover	15.88	16.78	15.02	13.26	15.12	14.56	15.39	12.66	14.04	13.80	13.99	11.24	12.41	13.53	14.08	12.18	13.05	14.55	16.01	14.96	14.960
DSO	11	9	9	20	10	10	10	20	9	8	13	17	11	11	16	18	14	16	14	16	15.6 days
DIO	1	1	1	1	1	0	1	1	1	0	1	0	0	0	0	0	0	0	0	4	4.0 days
DPO	23	22	24	28	24	25	24	29	26	26	26	32	29	27	26	30	28	25	23	24	24.4 days
Cash Conversion Cycle	-11	-11	-14	-7	-13	-15	-13	-8	-17	-18	-12	-15	-18	-16	-9	-11	-13	-9	-8	-5	-4.8 days
Fixed Asset Turnover	snapshot only																				1.395
Operating Cycle	snapshot only																				19.6 days
Cash Velocity	snapshot only																				1.611
Capital Intensity	snapshot only																				1.955

Growth (YoY)

Metric	Q1'21	Q2'21	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	Q1'26	Q2'26	Current
Revenue	29.5%	27.9%	23.7%	20.6%	14.6%	15.6%	17.9%	16.3%	14.5%	13.2%	8.5%	8.6%	8.1%	7.6%	11.4%	15.3%	14.8%	14.7%	16.5%	14.1%	14.08%
Net Income	-16.7%	-20.9%	-20.0%	10.3%	14.7%	30.7%	49.7%	43.2%	47.7%	47.3%	36.1%	28.5%	12.3%	3.2%	-1.1%	0.8%	10.3%	1.6%	-2.2%	3.1%	3.12%
EPS	-21.3%	-25.1%	-23.1%	13.6%	17.5%	31.7%	48.9%	37.6%	42.1%	44.0%	33.3%	29.1%	12.9%	3.3%	-1.1%	0.8%	10.9%	2.5%	2.6%	5.9%	5.90%
FCF	-12.6%	-1.5%	-1.4%	-4.1%	2.8%	63.8%	40.1%	81.7%	1.2%	72.6%	1.6%	3.6%	1.4%	7.1%	99.1%	49.9%	1.3%	-27.6%	-40.9%	76.2%	76.15%
EBITDA	-15.1%	-19.6%	-13.0%	15.7%	20.4%	37.8%	48.9%	44.5%	48.7%	48.8%	35.3%	29.5%	15.0%	6.4%	5.9%	9.4%	15.6%	6.3%	1.6%	-0.3%	-0.29%
Op. Income	-1.2%	-7.7%	0.4%	15.7%	19.4%	35.1%	46.2%	40.6%	43.2%	45.2%	32.5%	29.4%	20.5%	12.6%	14.1%	17.7%	15.4%	4.8%	-2.3%	-10.5%	-10.49%
OCF Growth	snapshot only																				3.98%
Asset Growth	snapshot only																				6.97%
Equity Growth	snapshot only																				2.59%
Debt Growth	snapshot only																				27.11%
Shares Change	snapshot only																				-2.62%
Dividend Growth	snapshot only																				-53.93%

Growth (CAGR)

Metric	Q1'21	Q2'21	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	Q1'26	Q2'26	Current
Revenue 3Y	25.7%	23.5%	21.8%	20.0%	19.5%	18.6%	18.5%	17.0%	19.3%	18.7%	16.5%	15.1%	12.4%	12.1%	12.5%	13.3%	12.4%	11.8%	12.1%	12.6%	12.61%
Revenue 5Y	—	—	—	57.0%	40.5%	30.5%	23.8%	22.1%	21.1%	19.8%	18.2%	16.9%	16.2%	15.3%	15.0%	14.9%	16.1%	15.6%	15.5%	14.9%	14.91%
EPS 3Y	6.1%	-1.9%	-1.5%	1.9%	3.4%	7.3%	9.7%	3.7%	9.5%	12.4%	15.1%	26.4%	23.5%	25.1%	25.2%	21.4%	21.2%	15.1%	10.6%	11.3%	11.29%
EPS 5Y	—	—	—	40.6%	29.7%	20.3%	15.9%	12.8%	14.8%	12.4%	13.6%	13.4%	12.2%	12.9%	11.7%	7.8%	10.5%	8.5%	9.2%	16.6%	16.60%
Net Income 3Y	11.6%	2.7%	-0.4%	2.8%	4.4%	8.8%	11.5%	6.3%	12.2%	15.0%	17.7%	26.6%	23.9%	25.7%	26.3%	22.9%	22.3%	15.6%	9.6%	10.1%	10.12%
Net Income 5Y	—	—	—	45.1%	32.7%	23.5%	19.1%	16.6%	18.7%	15.8%	15.0%	14.8%	13.5%	14.4%	13.3%	9.2%	11.8%	9.8%	9.5%	16.1%	16.09%
EBITDA 3Y	10.8%	2.2%	1.7%	3.2%	5.0%	9.7%	13.4%	8.8%	15.0%	18.1%	20.6%	29.4%	27.2%	29.7%	28.7%	27.0%	25.5%	19.0%	13.3%	12.2%	12.22%
EBITDA 5Y	—	—	—	42.6%	30.5%	21.6%	17.1%	17.2%	19.5%	16.9%	16.2%	15.5%	14.6%	15.9%	15.9%	12.8%	15.1%	13.3%	13.5%	18.8%	18.76%
Gross Profit 3Y	9.6%	6.5%	6.2%	7.1%	8.3%	9.0%	11.3%	10.9%	17.2%	21.3%	23.7%	26.0%	25.7%	27.4%	28.3%	27.7%	23.5%	18.5%	14.0%	11.7%	11.68%
Gross Profit 5Y	—	—	—	41.5%	30.3%	20.4%	15.4%	15.8%	16.4%	17.3%	17.0%	16.8%	16.8%	16.1%	16.2%	15.7%	16.7%	15.5%	16.1%	16.6%	16.62%
Op. Income 3Y	9.8%	5.9%	6.1%	8.3%	10.9%	11.5%	13.6%	12.3%	19.1%	21.9%	24.8%	28.2%	27.2%	30.3%	30.2%	28.9%	25.8%	19.7%	13.9%	10.9%	10.86%
Op. Income 5Y	—	—	—	41.5%	29.8%	20.7%	16.0%	15.6%	17.7%	18.5%	18.2%	18.2%	18.6%	17.8%	17.2%	16.6%	18.6%	16.4%	16.7%	17.3%	17.26%
FCF 3Y	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—
FCF 5Y	—	—	—	—	—	—	—	—	-5.7%	—	3.9%	17.2%	2.3%	47.0%	28.3%	98.0%	—	—	—	—	—
OCF 3Y	14.3%	13.2%	16.2%	17.9%	17.6%	22.0%	22.4%	22.1%	30.9%	36.9%	36.7%	39.2%	34.1%	27.8%	26.2%	16.5%	14.4%	2.5%	-1.9%	1.2%	1.16%
OCF 5Y	—	—	—	45.5%	40.4%	32.9%	26.1%	25.9%	30.1%	26.2%	27.2%	24.9%	21.3%	18.3%	16.5%	12.6%	15.0%	15.4%	14.4%	19.1%	19.14%
Assets 3Y	34.3%	21.3%	17.6%	16.5%	17.6%	19.1%	22.2%	19.6%	20.2%	19.2%	14.1%	14.3%	14.3%	14.1%	15.4%	13.7%	12.5%	11.4%	8.0%	7.9%	7.95%
Assets 5Y	—	—	—	21.8%	22.3%	23.5%	26.0%	24.9%	26.6%	19.1%	18.6%	17.4%	17.5%	17.6%	17.0%	15.0%	14.9%	14.3%	10.7%	10.8%	10.78%
Equity 3Y	32.3%	17.7%	12.3%	12.4%	13.0%	13.4%	12.7%	12.1%	12.7%	12.9%	6.3%	6.9%	6.5%	7.2%	8.9%	8.5%	8.7%	8.5%	6.2%	5.6%	5.63%
Book Value 3Y	25.7%	12.5%	11.0%	11.5%	11.9%	11.8%	10.9%	9.5%	10.0%	10.3%	3.9%	6.7%	6.2%	6.7%	7.9%	7.2%	7.7%	8.0%	7.2%	6.7%	6.75%
Dividend 3Y	0.3%	0.2%	3.7%	-4.0%	-4.1%	-5.3%	-5.4%	-3.3%	-3.3%	6.0%	6.1%	16.1%	16.0%	18.1%	17.6%	29.0%	29.2%	10.0%	11.6%	-22.6%	-22.64%

Growth Quality

Metric	Q1'21	Q2'21	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	Q1'26	Q2'26	Current
Revenue Stability	0.98	0.98	0.99	0.97	0.99	0.99	0.99	1.00	0.99	0.99	0.99	0.99	1.00	1.00	1.00	0.99	0.99	0.99	0.99	0.99	0.991
Earnings Stability	0.72	0.59	0.47	0.60	0.70	0.69	0.69	0.59	0.71	0.66	0.67	0.63	0.74	0.77	0.78	0.72	0.84	0.78	0.75	0.90	0.898
Margin Stability	0.83	0.82	0.82	0.79	0.83	0.80	0.80	0.82	0.82	0.82	0.84	0.85	0.84	0.83	0.84	0.86	0.88	0.89	0.89	0.87	0.871
Rev. Growth Consistency	1.00	1.00	1.00	1.00	1.00	1.00	1.00	1.00	1.00	1.00	1.00	1.00	1.00	1.00	1.00	1.00	1.00	1.00	1.00	1.00	1.000
Earn. Growth Consistency	0.00	0.00	0.00	0.50	0.50	0.50	0.50	1.00	1.00	1.00	1.00	1.00	1.00	1.00	0.00	1.00	1.00	1.00	0.00	1.00	1.000
FCF Positive Streak	0	0	0	0	0	0	0	0	0	0	0	0	1	0	1	1	1	1	1	1	1
Earnings Persistence	0.93	0.92	0.92	0.96	0.94	0.88	0.80	0.83	0.81	0.81	0.86	0.89	0.95	0.99	1.00	1.00	0.96	0.99	0.99	0.99	0.988
Earnings Smoothness	0.82	0.77	0.78	0.90	0.86	0.73	0.60	0.64	0.61	0.62	0.69	0.75	0.88	0.97	0.99	0.99	0.90	0.98	0.98	0.97	0.969
ROE Trend	-0.05	-0.05	-0.03	-0.02	-0.01	-0.00	0.02	0.03	0.04	0.05	0.04	0.03	0.02	0.01	0.01	0.01	0.01	-0.01	-0.01	-0.00	-0.001
Gross Margin Trend	-0.07	-0.08	-0.06	-0.05	-0.03	-0.01	0.01	0.03	0.05	0.07	0.07	0.07	0.06	0.05	0.04	0.03	0.01	-0.03	-0.05	-0.06	-0.057
FCF Margin Trend	-0.20	-0.15	-0.15	-0.07	-0.05	0.08	0.04	0.15	0.17	0.11	0.17	0.16	0.10	0.11	0.10	0.06	0.06	0.02	-0.02	0.05	0.053
Sustainable Growth Rate	3.5%	3.0%	2.7%	4.2%	5.0%	6.0%	7.6%	8.1%	9.7%	9.3%	9.7%	8.1%	7.8%	5.0%	5.0%	-0.6%	0.3%	1.7%	1.3%	7.9%	7.89%
Internal Growth Rate	2.9%	2.5%	2.2%	3.5%	4.0%	4.8%	5.7%	6.3%	7.3%	7.0%	6.9%	5.8%	5.4%	3.5%	3.4%	—	0.2%	1.1%	0.8%	5.5%	5.48%

Cash Flow Quality

Metric	Q1'21	Q2'21	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	Q1'26	Q2'26	Current
OCF/Net Income	1.17	1.37	1.46	1.52	1.53	1.72	1.67	1.69	1.73	1.58	1.51	1.53	1.49	1.44	1.45	1.30	1.25	1.20	1.20	1.31	1.307
FCF/OCF	-0.88	-0.89	-0.80	-0.71	-0.57	-0.20	-0.28	-0.08	0.05	-0.04	0.13	0.18	0.13	0.26	0.27	0.31	0.33	0.22	0.20	0.53	0.530
FCF/Net Income	snapshot only																				0.693
OCF/EBITDA	snapshot only																				0.992
CapEx/Revenue	35.5%	39.0%	38.0%	40.5%	38.7%	35.0%	39.5%	35.1%	34.0%	36.3%	30.6%	28.6%	27.9%	22.7%	21.9%	17.7%	17.4%	17.6%	16.6%	11.1%	11.06%
CapEx/Depreciation	snapshot only																				6.770
Accruals Ratio	-0.01	-0.03	-0.03	-0.04	-0.04	-0.06	-0.06	-0.07	-0.08	-0.06	-0.05	-0.06	-0.05	-0.04	-0.04	-0.03	-0.03	-0.02	-0.02	-0.03	-0.029
Sloan Accruals	snapshot only																				0.138
Cash Flow Adequacy	snapshot only																				1.223
Earnings Quality Score	snapshot only																				1.000

Dividends & Buybacks

Metric	Q1'21	Q2'21	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	Q1'26	Q2'26	Current
Dividend Yield	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	3.43%
Dividend/Share	$3.60	$3.63	$3.68	$3.35	$3.35	$3.24	$3.24	$3.13	$3.13	$4.04	$4.05	$4.95	$4.96	$6.76	$6.77	$11.00	$11.06	$9.21	$9.60	$5.07	$4.60
Payout Ratio	66.7%	69.6%	70.1%	56.9%	52.8%	47.2%	41.5%	38.7%	34.8%	40.9%	38.9%	47.4%	48.7%	66.2%	65.8%	1.0%	98.1%	88.0%	90.8%	45.4%	45.42%
FCF Payout Ratio	—	—	—	—	—	—	—	—	3.8%	—	2.0%	1.7%	2.5%	1.8%	1.7%	2.6%	2.4%	3.3%	3.8%	65.6%	65.58%
Total Payout Ratio	94.1%	1.1%	1.1%	1.5%	1.4%	1.1%	1.0%	39.9%	35.9%	45.3%	43.2%	62.2%	64.0%	77.9%	77.4%	1.2%	1.1%	1.0%	1.1%	1.0%	1.02%
Div. Increase Streak	1	1	1	0	0	0	0	0	0	0	0	0	0	1	1	1	1	1	1	0	0
Chowder Number	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—
Buyback Yield	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—
Net Buyback Yield	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—
Total Shareholder Return	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—

DuPont Factors

Metric	Q1'21	Q2'21	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	Q1'26	Q2'26	Current
Tax Burden (NI/EBT)	0.86	0.87	0.83	0.83	0.83	0.83	0.82	0.82	0.82	0.82	0.83	0.82	0.80	0.80	0.78	0.75	0.76	0.75	0.74	0.82	0.816
Interest Burden (EBT/EBIT)	0.98	0.98	0.97	0.97	0.97	0.97	0.98	0.98	0.98	0.98	0.98	0.97	0.97	0.97	0.97	0.98	0.98	0.98	0.98	1.00	0.999
EBIT Margin	0.19	0.18	0.18	0.19	0.20	0.21	0.23	0.24	0.26	0.28	0.28	0.29	0.28	0.27	0.27	0.27	0.28	0.25	0.24	0.22	0.221
Asset Turnover	0.52	0.52	0.49	0.50	0.51	0.51	0.50	0.50	0.50	0.50	0.46	0.46	0.46	0.47	0.46	0.49	0.49	0.50	0.51	0.53	0.529
Equity Multiplier	1.25	1.25	1.26	1.25	1.30	1.31	1.40	1.38	1.43	1.42	1.50	1.47	1.53	1.49	1.53	1.48	1.52	1.49	1.56	1.52	1.520

Per Share

Metric	Q1'21	Q2'21	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	Q1'26	Q2'26	Current
EPS (Diluted TTM)	$5.40	$5.22	$5.24	$5.88	$6.34	$6.87	$7.81	$8.09	$9.01	$9.89	$10.40	$10.45	$10.17	$10.21	$10.29	$10.53	$11.28	$10.47	$10.56	$11.16	$11.16
Book Value/Share	$57.82	$59.32	$57.48	$60.16	$59.87	$61.28	$63.23	$64.23	$63.73	$66.54	$69.06	$71.42	$69.18	$71.96	$72.28	$74.16	$74.77	$77.16	$77.81	$78.13	$83.30
Tangible Book/Share	$46.93	$48.19	$45.99	$48.27	$47.97	$49.46	$51.49	$52.68	$51.91	$54.71	$57.24	$59.60	$57.29	$60.00	$59.92	$61.69	$62.08	$64.61	$63.93	$72.98	$72.98
Revenue/Share	$33.52	$34.70	$36.07	$37.61	$39.37	$40.40	$42.29	$42.05	$43.37	$44.68	$44.94	$45.88	$47.12	$48.09	$50.08	$52.91	$54.34	$55.67	$61.28	$61.98	$70.26
FCF/Share	$-5.56	$-6.37	$-6.08	$-6.31	$-5.53	$-2.32	$-3.62	$-1.11	$0.83	$-0.62	$2.02	$2.85	$2.01	$3.81	$4.02	$4.27	$4.69	$2.78	$2.50	$7.73	$6.55
OCF/Share	$6.34	$7.17	$7.64	$8.93	$9.71	$11.81	$13.07	$13.65	$15.60	$15.58	$15.76	$15.96	$15.13	$14.73	$14.97	$13.66	$14.14	$12.56	$12.68	$14.58	$19.38
Cash/Share	$20.04	$18.42	$15.58	$15.54	$17.19	$18.44	$26.24	$20.74	$21.93	$18.73	$20.21	$23.63	$23.47	$24.34	$27.34	$26.66	$27.67	$31.88	$38.19	$38.48	$40.97
EBITDA/Share	$6.37	$6.14	$6.53	$7.26	$7.86	$8.53	$9.66	$10.08	$11.24	$12.40	$12.80	$13.11	$13.00	$13.20	$13.56	$14.35	$15.10	$14.17	$14.47	$14.70	$14.70
Debt/Share	$4.56	$5.46	$6.89	$5.49	$8.50	$9.79	$18.12	$15.60	$17.00	$17.37	$20.86	$18.44	$18.88	$21.54	$21.82	$20.72	$20.53	$22.68	$27.30	$27.05	$27.05
Net Debt/Share	$-15.48	$-12.96	$-8.70	$-10.05	$-8.69	$-8.64	$-8.12	$-5.14	$-4.94	$-1.36	$0.66	$-5.20	$-4.59	$-2.80	$-5.52	$-5.94	$-7.14	$-9.19	$-10.89	$-11.43	$-11.43

Academic Models

Metric	Q1'21	Q2'21	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	Q1'26	Q2'26	Current
Altman Z-Score	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—
Piotroski F-Score	4	4	5	7	7	7	7	7	7	7	6	7	8	5	6	5	6	5	6	6	6
Beneish M-Score	-2.08	-2.20	-2.34	-2.29	-2.49	-2.64	-2.59	-2.75	-3.07	-3.03	-1.49	-2.70	-1.55	-1.04	-2.79	-2.30	-2.30	-2.24	-2.45	-3.03	-3.027
Ohlson O-Score	snapshot only																				-10.521
ROIC (Greenblatt)	snapshot only																				21.32%
Net-Net WC	snapshot only																				$6.22
EVA	snapshot only																				$3293102866.13

Credit

Metric	Q1'21	Q2'21	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	Q1'26	Q2'26	Current
Credit Rating	snapshot only																				A+
Credit Score	73.98	73.29	68.32	70.74	68.30	68.99	69.86	67.87	68.45	68.20	68.87	71.91	69.96	72.48	66.85	71.60	71.22	71.45	72.58	75.62	75.625
Credit Grade	snapshot only																				5
Credit Trend	snapshot only																				4.024
Implied Spread (bps)	snapshot only																				125.000
Industry Credit Rank	snapshot only																				76
Sector Credit Rank	snapshot only																				65

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Analyst Insights

Financial Rating

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Risk & Quality Signals

Valuation

DuPont Decomposition (5-Factor)

Graham-Dodd Adjusted Valuation

Profitability Trends

Leverage & Solvency Trends

Efficiency & Working Capital Trends

Growth Trends (YoY %)

Earnings Stability

Monte Carlo Price Simulation

Workforce & Productivity

Scaling Efficiency

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