What the filings show

The decline is close to the sector cohort's own median decline, so the cohort — not something specific to this company — accounts for most of what the price did.

The drawdown sits within 5 percentage points of the cohort median, so the cohort explains the move before anything company-specific needs to.

• Filed revenue grew about 7.8% a year across 6 annual periods (2021-03-27 to 2026-03-28), from $1.37B to $2.00B. SEC EDGAR annual revenue · 6 filed period(s)
• Operating margin widened 5.7 percentage points across 6 annual periods, from 17.3% (2021-03-27) to 23.0% (2026-03-28). SEC EDGAR operating income / revenue · 6 filed period(s)
• Free cash flow went from $330.69M (2021-03-27) to $636.61M (2026-03-28), a change of +92.5% across 6 filed annual periods. SEC EDGAR cash from operations minus capital expenditure · 6 filed period(s)
• Interest coverage in the latest filed year (2023-03-25) is 277.3x operating income to interest expense, at or above the 8.0x strong threshold. 3 filed annual period(s) report both inputs. SEC EDGAR operating income / interest expense · 3 filed period(s)
• The share price is 25.3% below its 52-week high, which is at or above the 20% mark this screen treats as a material decline. Adjusted close panel: % below 52-week high · 1 filed period(s)
• The drawdown is in line with the cohort: -2.5 percentage points against a median of 27.8% below the 52-week high across 29 peers. Adjusted close panel: % below 52-week high minus the cohort median of the same figure · 1 filed period(s)

What would change this classification

• The gap between this drawdown and the cohort median widening past 5 percentage points would move this to a company-specific classification.
• Any filed fundamental trend turning down would reclassify this as fundamentals_deteriorating regardless of what the cohort did.
• Total debt trend is unavailable (only 0 filed annual period(s) of long-term or short-term debt); it is not counted in the confidence above, and computing it could change the classification.

Fair-value inputs, method by method

• At the cohort median trailing P/E → $489.43 (+266%) implied price = cohort median trailing P/E x trailing earnings per share trailing_eps=8.24 · peer_count=21 · cohort_median_trailing_pe=59.3971
• At the cohort median EV/EBITDA → $425.40 (+218%) implied price = (cohort median EV/EBITDA x EBITDA - (total debt - cash)) / shares outstanding shares_outstanding=50452718.0 · peer_count=27 · net_debt=-800930000.0 · cohort_median_ev_ebitda=40.301 · total_debt=0.0 · debt_and_cash_source=SEC EDGAR (cited) · implied_enterprise_value=20661516680.0 · ebitda=512680000.0 · cash=800930000.0 · implied_equity_value=21462446680.0
• At the cohort median P/B → $328.24 (+146%) implied price = cohort median price-to-book x book value per share book_value_per_share=42.059 · peer_count=29 · cohort_median_price_to_book=7.8043

How the rank was computed

• Cheapness percentile within the peer cohort: 88.4 × 40.0% = 35.36
• Business quality score: 87.2 × 25.0% = 21.8
• Confidence in the discount classification: 85.0 × 15.0% = 12.75
• Distance to the central peer-relative fair-value estimate: 100.0 × 20.0% = 20.0

Blended score 89.9/100. Cheapness is a percentile against 29 peers in Semiconductors (industry), built on 6 valuation metric(s). Quality used 7 component(s). The price sits 25% below its 52-week high.

Purification: 0.02% of dividends and gains — see the full receipts in the portal report.

What the filings show

The share price declined materially while the filed fundamentals held or grew. This is a description of what the filings and the price panel show, and nothing more.

The price fell at least 20% from its 52-week high while 3 filed fundamental trends (fcf_trend, margin_trend, revenue_trend) held or grew, and none went backwards.

• Filed revenue grew about 6.9% a year across 6 annual periods (2020-10-31 to 2025-10-31), from $609.69M to $849.29M. SEC EDGAR annual revenue · 6 filed period(s)
• Operating margin widened 14.0 percentage points across 6 annual periods, from 10.5% (2020-10-31) to 24.5% (2025-10-31). SEC EDGAR operating income / revenue · 6 filed period(s)
• Free cash flow went from $72.23M (2020-10-31) to $59.66M (2025-10-31), a change of -17.4% across 6 filed annual periods. SEC EDGAR cash from operations minus capital expenditure · 6 filed period(s)
• Total debt (long-term plus short-term) went from $63.95M (2020-10-31) to $42.33M (2022-10-31), a change of -33.8% across 3 filed annual periods. SEC EDGAR long-term plus short-term debt · 3 filed period(s)
• The share price is 40.7% below its 52-week high, which is at or above the 20% mark this screen treats as a material decline. Adjusted close panel: % below 52-week high · 1 filed period(s)
• The drawdown is further than the cohort: +12.2 percentage points against a median of 28.5% below the 52-week high across 17 peers. Adjusted close panel: % below 52-week high minus the cohort median of the same figure · 1 filed period(s)

Fundamentals appearing intact does not establish that the decline will reverse. Filings lag the market, and the price may reflect information that has not reached a filing yet.

What would change this classification

• A filed annual period in which revenue falls at or beyond 5% a year, operating margin narrows by 2 percentage points or more, or free cash flow turns negative, would reclassify this as fundamentals_deteriorating.
• Total debt rising 25% or more across the filed periods, or interest coverage falling below 3.0x, would reclassify this as leverage_stress.
• The cohort median drawdown moving to within 5 percentage points of this name's would reclassify this as sector_wide.

Fair-value inputs, method by method

• At the cohort median trailing P/E → $160.46 (+392%) implied price = cohort median trailing P/E x trailing earnings per share trailing_eps=2.71 · peer_count=14 · cohort_median_trailing_pe=59.2094
• At the cohort median EV/EBITDA → $205.88 (+531%) implied price = (cohort median EV/EBITDA x EBITDA - (total debt - cash)) / shares outstanding shares_outstanding=58963698.0 · peer_count=17 · net_debt=-524215000.0 · cohort_median_ev_ebitda=42.339 · total_debt=63950000.0 · debt_and_cash_source=SEC EDGAR (cited) · implied_enterprise_value=11615111904.0 · ebitda=274336000.0 · cash=588165000.0 · implied_equity_value=12139326904.0
• At the cohort median P/B → $116.06 (+256%) implied price = cohort median price-to-book x book value per share book_value_per_share=21.345 · peer_count=17 · cohort_median_price_to_book=5.4372

How the rank was computed

• Cheapness percentile within the peer cohort: 95.0 × 40.0% = 38.0
• Business quality score: 69.2 × 25.0% = 17.3
• Confidence in the discount classification: 85.0 × 15.0% = 12.75
• Distance to the central peer-relative fair-value estimate: 100.0 × 20.0% = 20.0

Blended score 88.0/100. Cheapness is a percentile against 17 peers in Semiconductor Equipment & Materials (industry), built on 6 valuation metric(s). Quality used 7 component(s). The price sits 41% below its 52-week high.

Purification: 0.00% of dividends and gains — see the full receipts in the portal report.

What the filings show

The share price declined materially while the filed fundamentals held or grew. This is a description of what the filings and the price panel show, and nothing more.

The price fell at least 20% from its 52-week high while 3 filed fundamental trends (fcf_trend, margin_trend, revenue_trend) held or grew, and none went backwards.

• Filed revenue grew about 4.7% a year across 6 annual periods (2021-01-03 to 2025-12-28), from $1.73B to $2.18B. SEC EDGAR annual revenue · 6 filed period(s)
• Operating margin held within a point of 0.2 percentage points across 6 annual periods, from 15.5% (2021-01-03) to 15.8% (2025-12-28). SEC EDGAR operating income / revenue · 6 filed period(s)
• Free cash flow went from $215.39M (2021-01-03) to $242.62M (2025-12-28), a change of +12.6% across 6 filed annual periods. SEC EDGAR cash from operations minus capital expenditure · 6 filed period(s)
• Total debt (long-term plus short-term) went from $2.28B (2021-01-03) to $2.79B (2025-12-28), a change of +22.6% across 6 filed annual periods. SEC EDGAR long-term plus short-term debt · 6 filed period(s)
• Interest coverage in the latest filed year (2023-12-31) is 3.1x operating income to interest expense, between the 3.0x and 8.0x thresholds. 4 filed annual period(s) report both inputs. SEC EDGAR operating income / interest expense · 4 filed period(s)
• The share price is 23.0% below its 52-week high, which is at or above the 20% mark this screen treats as a material decline. Adjusted close panel: % below 52-week high · 1 filed period(s)
• The drawdown is further than the cohort: +10.3 percentage points against a median of 12.7% below the 52-week high across 16 peers. Adjusted close panel: % below 52-week high minus the cohort median of the same figure · 1 filed period(s)

Fundamentals appearing intact does not establish that the decline will reverse. Filings lag the market, and the price may reflect information that has not reached a filing yet.

What would change this classification

• A filed annual period in which revenue falls at or beyond 5% a year, operating margin narrows by 2 percentage points or more, or free cash flow turns negative, would reclassify this as fundamentals_deteriorating.
• Total debt rising 25% or more across the filed periods, or interest coverage falling below 3.0x, would reclassify this as leverage_stress.
• The cohort median drawdown moving to within 5 percentage points of this name's would reclassify this as sector_wide.

Fair-value inputs, method by method

• At the cohort median trailing P/E → $25.35 (+230%) implied price = cohort median trailing P/E x trailing earnings per share trailing_eps=0.78 · peer_count=16 · cohort_median_trailing_pe=32.5053

Methods excluded, and why

• At the cohort median EV/EBITDA — EBITDA or shares outstanding was not reported, so an enterprise value cannot be converted to a per-share figure — excluded, not estimated.
• At the cohort median P/B — Book value per share was not reported, so the multiple cannot be applied — excluded, not estimated.

How the rank was computed

• Cheapness percentile within the peer cohort: 98.5 × 40.0% = 39.4
• Business quality score: 55.5 × 25.0% = 13.88
• Confidence in the discount classification: 85.0 × 15.0% = 12.75
• Distance to the central peer-relative fair-value estimate: 100.0 × 20.0% = 20.0

Blended score 86.0/100. Cheapness is a percentile against 16 peers in Restaurants (industry), built on 4 valuation metric(s). Quality used 6 component(s). The price sits 23% below its 52-week high.

Purification: 4.00% of dividends and gains — see the full receipts in the portal report.

What the filings show

The share price declined materially while the filed fundamentals held or grew. This is a description of what the filings and the price panel show, and nothing more.

The price fell at least 20% from its 52-week high while 3 filed fundamental trends (fcf_trend, margin_trend, revenue_trend) held or grew, and none went backwards.

• Filed revenue grew about 5.8% a year across 6 annual periods (2020-12-31 to 2025-12-31), from $2.90B to $3.83B. SEC EDGAR annual revenue · 6 filed period(s)
• Operating margin held within a point of 1.6 percentage points across 6 annual periods, from 17.4% (2020-12-31) to 19.0% (2025-12-31). SEC EDGAR operating income / revenue · 6 filed period(s)
• Free cash flow went from $505.30M (2020-12-31) to $546.00M (2025-12-31), a change of +8.1% across 6 filed annual periods. SEC EDGAR cash from operations minus capital expenditure · 6 filed period(s)
• Total debt (long-term plus short-term) went from $113.20M (2020-12-31) to $155.00M (2025-12-31), a change of +36.9% across 6 filed annual periods. SEC EDGAR long-term plus short-term debt · 6 filed period(s)
• Interest coverage in the latest filed year (2025-12-31) is 54.0x operating income to interest expense, at or above the 8.0x strong threshold. 6 filed annual period(s) report both inputs. SEC EDGAR operating income / interest expense · 6 filed period(s)
• The share price is 20.3% below its 52-week high, which is at or above the 20% mark this screen treats as a material decline. Adjusted close panel: % below 52-week high · 1 filed period(s)
• The drawdown is further than the cohort: +10.8 percentage points against a median of 9.5% below the 52-week high across 36 peers. Adjusted close panel: % below 52-week high minus the cohort median of the same figure · 1 filed period(s)

Fundamentals appearing intact does not establish that the decline will reverse. Filings lag the market, and the price may reflect information that has not reached a filing yet.

What would change this classification

• A filed annual period in which revenue falls at or beyond 5% a year, operating margin narrows by 2 percentage points or more, or free cash flow turns negative, would reclassify this as fundamentals_deteriorating.
• Total debt rising 25% or more across the filed periods, or interest coverage falling below 3.0x, would reclassify this as leverage_stress.
• The cohort median drawdown moving to within 5 percentage points of this name's would reclassify this as sector_wide.

Fair-value inputs, method by method

• At the cohort median trailing P/E → $128.17 (+102%) implied price = cohort median trailing P/E x trailing earnings per share trailing_eps=3.75 · peer_count=37 · cohort_median_trailing_pe=34.1796
• At the cohort median EV/EBITDA → $129.58 (+104%) implied price = (cohort median EV/EBITDA x EBITDA - (total debt - cash)) / shares outstanding shares_outstanding=110047214.0 · peer_count=37 · net_debt=138500000.0 · cohort_median_ev_ebitda=18.373 · total_debt=313000000.0 · debt_and_cash_source=SEC EDGAR (cited) · implied_enterprise_value=14398919512.06 · ebitda=783699968.0 · cash=174500000.0 · implied_equity_value=14260419512.06
• At the cohort median P/B → $60.37 (-5%) implied price = cohort median price-to-book x book value per share book_value_per_share=13.625 · peer_count=36 · cohort_median_price_to_book=4.431

How the rank was computed

• Cheapness percentile within the peer cohort: 81.2 × 40.0% = 32.48
• Business quality score: 79.4 × 25.0% = 19.85
• Confidence in the discount classification: 85.0 × 15.0% = 12.75
• Distance to the central peer-relative fair-value estimate: 100.0 × 20.0% = 20.0

Blended score 85.1/100. Cheapness is a percentile against 37 peers in Specialty Industrial Machinery (industry), built on 7 valuation metric(s). Quality used 7 component(s). The price sits 20% below its 52-week high.

Purification: 0.00% of dividends and gains — see the full receipts in the portal report.

What the filings show

The share price declined materially while the filed fundamentals held or grew. This is a description of what the filings and the price panel show, and nothing more.

The price fell at least 20% from its 52-week high while 3 filed fundamental trends (fcf_trend, margin_trend, revenue_trend) held or grew, and none went backwards.

• Filed revenue grew about 10.9% a year across 6 annual periods (2020-12-31 to 2025-12-31), from $872.93M to $1.46B. SEC EDGAR annual revenue · 6 filed period(s)
• Operating margin widened 17.0 percentage points across 6 annual periods, from -4.4% (2020-12-31) to 12.6% (2025-12-31). SEC EDGAR operating income / revenue · 6 filed period(s)
• Free cash flow went from $144.70M (2020-12-31) to $323.68M (2025-12-31), a change of +123.7% across 6 filed annual periods. SEC EDGAR cash from operations minus capital expenditure · 6 filed period(s)
• The share price is 22.1% below its 52-week high, which is at or above the 20% mark this screen treats as a material decline. Adjusted close panel: % below 52-week high · 1 filed period(s)
• The drawdown is further than the cohort: +5.5 percentage points against a median of 16.6% below the 52-week high across 47 peers. Adjusted close panel: % below 52-week high minus the cohort median of the same figure · 1 filed period(s)

Fundamentals appearing intact does not establish that the decline will reverse. Filings lag the market, and the price may reflect information that has not reached a filing yet.

What would change this classification

• A filed annual period in which revenue falls at or beyond 5% a year, operating margin narrows by 2 percentage points or more, or free cash flow turns negative, would reclassify this as fundamentals_deteriorating.
• Total debt rising 25% or more across the filed periods, or interest coverage falling below 3.0x, would reclassify this as leverage_stress.
• The cohort median drawdown moving to within 5 percentage points of this name's would reclassify this as sector_wide.

Fair-value inputs, method by method

• At the cohort median trailing P/E → $45.85 (+72%) implied price = cohort median trailing P/E x trailing earnings per share trailing_eps=2.18 · peer_count=38 · cohort_median_trailing_pe=21.0319
• At the cohort median EV/EBITDA → $52.89 (+99%) implied price = (cohort median EV/EBITDA x EBITDA - (total debt - cash)) / shares outstanding shares_outstanding=54990704.0 · peer_count=46 · net_debt=-208441000.0 · cohort_median_ev_ebitda=13.0815 · total_debt=17621000.0 · debt_and_cash_source=SEC EDGAR (cited) · implied_enterprise_value=2699995437.0 · ebitda=206398000.0 · cash=226062000.0 · implied_equity_value=2908436437.0
• At the cohort median P/B → $30.02 (+13%) implied price = cohort median price-to-book x book value per share book_value_per_share=11.287 · peer_count=42 · cohort_median_price_to_book=2.66

How the rank was computed

• Cheapness percentile within the peer cohort: 81.7 × 40.0% = 32.68
• Business quality score: 78.0 × 25.0% = 19.5
• Confidence in the discount classification: 85.0 × 15.0% = 12.75
• Distance to the central peer-relative fair-value estimate: 100.0 × 20.0% = 20.0

Blended score 84.9/100. Cheapness is a percentile against 47 peers in Communication Services (sector) (widened from the industry bucket, which had too few peers), built on 6 valuation metric(s). Quality used 7 component(s). The price sits 22% below its 52-week high.

Purification: 0.16% of dividends and gains — see the full receipts in the portal report.

What the filings show

The share price declined materially while the filed fundamentals held or grew. This is a description of what the filings and the price panel show, and nothing more.

The price fell at least 20% from its 52-week high while 2 filed fundamental trends (fcf_trend, revenue_trend) held or grew, and none went backwards.

• Filed revenue grew about 6.7% a year across 6 annual periods (2020-12-31 to 2025-12-31), from $9.29B to $12.83B. SEC EDGAR annual revenue · 6 filed period(s)
• Free cash flow went from $41.00M (2020-12-31) to $567.00M (2025-12-31), a change of +1282.9% across 6 filed annual periods. SEC EDGAR cash from operations minus capital expenditure · 6 filed period(s)
• Total debt (long-term plus short-term) went from $2.47B (2020-12-31) to $2.44B (2025-12-31), a change of -1.1% across 6 filed annual periods. SEC EDGAR long-term plus short-term debt · 6 filed period(s)
• The share price is 44.1% below its 52-week high, which is at or above the 20% mark this screen treats as a material decline. Adjusted close panel: % below 52-week high · 1 filed period(s)
• The drawdown is further than the cohort: +31.9 percentage points against a median of 12.2% below the 52-week high across 67 peers. Adjusted close panel: % below 52-week high minus the cohort median of the same figure · 1 filed period(s)

Fundamentals appearing intact does not establish that the decline will reverse. Filings lag the market, and the price may reflect information that has not reached a filing yet.

What would change this classification

• A filed annual period in which revenue falls at or beyond 5% a year, operating margin narrows by 2 percentage points or more, or free cash flow turns negative, would reclassify this as fundamentals_deteriorating.
• Total debt rising 25% or more across the filed periods, or interest coverage falling below 3.0x, would reclassify this as leverage_stress.
• The cohort median drawdown moving to within 5 percentage points of this name's would reclassify this as sector_wide.

Fair-value inputs, method by method

• At the cohort median trailing P/E → $115.90 (+147%) implied price = cohort median trailing P/E x trailing earnings per share trailing_eps=4.81 · peer_count=53 · cohort_median_trailing_pe=24.0947
• At the cohort median EV/EBITDA → $101.80 (+117%) implied price = (cohort median EV/EBITDA x EBITDA - (total debt - cash)) / shares outstanding shares_outstanding=263909445.0 · peer_count=66 · net_debt=851000000.0 · cohort_median_ev_ebitda=11.9935 · total_debt=2448000000.0 · debt_and_cash_source=SEC EDGAR (cited) · implied_enterprise_value=27716979267.58 · ebitda=2311000064.0 · cash=1597000000.0 · implied_equity_value=26865979267.58
• At the cohort median P/B → $75.29 (+61%) implied price = cohort median price-to-book x book value per share book_value_per_share=27.926 · peer_count=65 · cohort_median_price_to_book=2.6961

How the rank was computed

• Cheapness percentile within the peer cohort: 86.7 × 40.0% = 34.68
• Business quality score: 64.8 × 25.0% = 16.2
• Confidence in the discount classification: 85.0 × 15.0% = 12.75
• Distance to the central peer-relative fair-value estimate: 100.0 × 20.0% = 20.0

Blended score 83.6/100. Cheapness is a percentile against 67 peers in Basic Materials (sector) (widened from the industry bucket, which had too few peers), built on 6 valuation metric(s). Quality used 7 component(s). The price sits 44% below its 52-week high.

Purification: 0.00% of dividends and gains — see the full receipts in the portal report.

What the filings show

The share price declined materially while the filed fundamentals held or grew. This is a description of what the filings and the price panel show, and nothing more.

The price fell at least 20% from its 52-week high while 3 filed fundamental trends (fcf_trend, margin_trend, revenue_trend) held or grew, and none went backwards.

• Filed revenue was roughly unchanged at about 0.2% a year across 5 annual periods (2021-12-31 to 2025-12-31), from $14.30B to $14.43B. SEC EDGAR annual revenue · 5 filed period(s)
• Operating margin held within a point of 0.0 percentage points across 5 annual periods, from 14.7% (2021-12-31) to 14.8% (2025-12-31). SEC EDGAR operating income / revenue · 5 filed period(s)
• Free cash flow went from $1.59B (2021-12-31) to $1.44B (2025-12-31), a change of -9.4% across 5 filed annual periods. SEC EDGAR cash from operations minus capital expenditure · 5 filed period(s)
• Total debt (long-term plus short-term) went from $7.27B (2021-12-31) to $7.96B (2025-12-31), a change of +9.4% across 6 filed annual periods. SEC EDGAR long-term plus short-term debt · 6 filed period(s)
• Interest coverage in the latest filed year (2025-12-31) is 9.8x operating income to interest expense, at or above the 8.0x strong threshold. 5 filed annual period(s) report both inputs. SEC EDGAR operating income / interest expense · 5 filed period(s)
• The share price is 20.9% below its 52-week high, which is at or above the 20% mark this screen treats as a material decline. Adjusted close panel: % below 52-week high · 1 filed period(s)
• The drawdown is further than the cohort: +11.4 percentage points against a median of 9.5% below the 52-week high across 36 peers. Adjusted close panel: % below 52-week high minus the cohort median of the same figure · 1 filed period(s)

Fundamentals appearing intact does not establish that the decline will reverse. Filings lag the market, and the price may reflect information that has not reached a filing yet.

What would change this classification

• A filed annual period in which revenue falls at or beyond 5% a year, operating margin narrows by 2 percentage points or more, or free cash flow turns negative, would reclassify this as fundamentals_deteriorating.
• Total debt rising 25% or more across the filed periods, or interest coverage falling below 3.0x, would reclassify this as leverage_stress.
• The cohort median drawdown moving to within 5 percentage points of this name's would reclassify this as sector_wide.

Fair-value inputs, method by method

• At the cohort median trailing P/E → $135.69 (+84%) implied price = cohort median trailing P/E x trailing earnings per share trailing_eps=3.97 · peer_count=37 · cohort_median_trailing_pe=34.1796
• At the cohort median EV/EBITDA → $109.40 (+49%) implied price = (cohort median EV/EBITDA x EBITDA - (total debt - cash)) / shares outstanding shares_outstanding=380669339.0 · peer_count=37 · net_debt=6860000000.0 · cohort_median_ev_ebitda=18.373 · total_debt=7956000000.0 · debt_and_cash_source=SEC EDGAR (cited) · implied_enterprise_value=48504720000.0 · ebitda=2640000000.0 · cash=1096000000.0 · implied_equity_value=41644720000.0

Methods excluded, and why

• At the cohort median P/B — Book value per share is -15.10. A negative or zero book value makes a price-to-book multiple meaningless rather than cheap, so this method is excluded.

How the rank was computed

• Cheapness percentile within the peer cohort: 84.1 × 40.0% = 33.64
• Business quality score: 67.6 × 25.0% = 16.9
• Confidence in the discount classification: 85.0 × 15.0% = 12.75
• Distance to the central peer-relative fair-value estimate: 100.0 × 20.0% = 20.0

Blended score 83.3/100. Cheapness is a percentile against 37 peers in Specialty Industrial Machinery (industry), built on 6 valuation metric(s). Quality used 4 component(s). The price sits 21% below its 52-week high.

Purification: 1.04% of dividends and gains — see the full receipts in the portal report.

What the filings show

The share price declined materially while the filed fundamentals held or grew. This is a description of what the filings and the price panel show, and nothing more.

The price fell at least 20% from its 52-week high while 3 filed fundamental trends (fcf_trend, margin_trend, revenue_trend) held or grew, and none went backwards.

• Filed revenue grew about 16.0% a year across 6 annual periods (2021-01-31 to 2026-02-01), from $3.64B to $7.65B. SEC EDGAR annual revenue · 6 filed period(s)
• Operating margin widened 4.4 percentage points across 6 annual periods, from 5.1% (2021-01-31) to 9.4% (2026-02-01). SEC EDGAR operating income / revenue · 6 filed period(s)
• Free cash flow went from $202.00M (2021-01-31) to $604.00M (2026-02-01), a change of +199.0% across 6 filed annual periods. SEC EDGAR cash from operations minus capital expenditure · 6 filed period(s)
• Total debt (long-term plus short-term) went from $2.27B (2021-01-31) to $2.15B (2026-02-01), a change of -5.2% across 6 filed annual periods. SEC EDGAR long-term plus short-term debt · 6 filed period(s)
• Interest coverage in the latest filed year (2024-01-28) is 9.1x operating income to interest expense, at or above the 8.0x strong threshold. 4 filed annual period(s) report both inputs. SEC EDGAR operating income / interest expense · 4 filed period(s)
• The share price is 30.9% below its 52-week high, which is at or above the 20% mark this screen treats as a material decline. Adjusted close panel: % below 52-week high · 1 filed period(s)
• The drawdown is further than the cohort: +24.3 percentage points against a median of 6.5% below the 52-week high across 10 peers. Adjusted close panel: % below 52-week high minus the cohort median of the same figure · 1 filed period(s)

Fundamentals appearing intact does not establish that the decline will reverse. Filings lag the market, and the price may reflect information that has not reached a filing yet.

What would change this classification

• A filed annual period in which revenue falls at or beyond 5% a year, operating margin narrows by 2 percentage points or more, or free cash flow turns negative, would reclassify this as fundamentals_deteriorating.
• Total debt rising 25% or more across the filed periods, or interest coverage falling below 3.0x, would reclassify this as leverage_stress.
• The cohort median drawdown moving to within 5 percentage points of this name's would reclassify this as sector_wide.

Fair-value inputs, method by method

• At the cohort median trailing P/E → $72.61 (+57%) implied price = cohort median trailing P/E x trailing earnings per share trailing_eps=2.39 · peer_count=8 · cohort_median_trailing_pe=30.3815
• At the cohort median EV/EBITDA → $78.17 (+69%) implied price = (cohort median EV/EBITDA x EBITDA - (total debt - cash)) / shares outstanding shares_outstanding=187192831.0 · peer_count=10 · net_debt=1928000000.0 · cohort_median_ev_ebitda=18.0215 · total_debt=2148000000.0 · debt_and_cash_source=SEC EDGAR (cited) · implied_enterprise_value=16561758500.0 · ebitda=919000000.0 · cash=220000000.0 · implied_equity_value=14633758500.0
• At the cohort median P/B → $55.18 (+19%) implied price = cohort median price-to-book x book value per share book_value_per_share=10.859 · peer_count=10 · cohort_median_price_to_book=5.0814

How the rank was computed

• Cheapness percentile within the peer cohort: 84.4 × 40.0% = 33.76
• Business quality score: 61.1 × 25.0% = 15.28
• Confidence in the discount classification: 85.0 × 15.0% = 12.75
• Distance to the central peer-relative fair-value estimate: 100.0 × 20.0% = 20.0

Blended score 81.8/100. Cheapness is a percentile against 10 peers in Industrial Distribution (industry), built on 4 valuation metric(s). Quality used 7 component(s). The price sits 31% below its 52-week high.

Purification: 0.00% of dividends and gains — see the full receipts in the portal report.

What the filings show

The share price declined materially while the filed fundamentals held or grew. This is a description of what the filings and the price panel show, and nothing more.

The price fell at least 20% from its 52-week high while 3 filed fundamental trends (fcf_trend, margin_trend, revenue_trend) held or grew, and none went backwards.

• Filed revenue grew about 45.8% a year across 6 annual periods (2020-06-30 to 2025-06-30), from $3.34B to $21.97B. SEC EDGAR annual revenue · 6 filed period(s)
• Operating margin widened 3.1 percentage points across 6 annual periods, from 2.6% (2020-06-30) to 5.7% (2025-06-30). SEC EDGAR operating income / revenue · 6 filed period(s)
• Free cash flow went from -$74.67M (2020-06-30) to $1.53B (2025-06-30), a change of +2152.1% across 6 filed annual periods. SEC EDGAR cash from operations minus capital expenditure · 6 filed period(s)
• Total debt (long-term plus short-term) went from $29.40M (2020-06-30) to $290.30M (2023-06-30), a change of +887.4% across 4 filed annual periods. SEC EDGAR long-term plus short-term debt · 4 filed period(s)
• Interest coverage in the latest filed year (2023-06-30) is 72.6x operating income to interest expense, at or above the 8.0x strong threshold. 4 filed annual period(s) report both inputs. SEC EDGAR operating income / interest expense · 4 filed period(s)
• The share price is 46.0% below its 52-week high, which is at or above the 20% mark this screen treats as a material decline. Adjusted close panel: % below 52-week high · 1 filed period(s)
• The drawdown is further than the cohort: +35.3 percentage points against a median of 10.7% below the 52-week high across 8 peers. Adjusted close panel: % below 52-week high minus the cohort median of the same figure · 1 filed period(s)

Fundamentals appearing intact does not establish that the decline will reverse. Filings lag the market, and the price may reflect information that has not reached a filing yet.

What would change this classification

• A filed annual period in which revenue falls at or beyond 5% a year, operating margin narrows by 2 percentage points or more, or free cash flow turns negative, would reclassify this as fundamentals_deteriorating.
• Total debt rising 25% or more across the filed periods, or interest coverage falling below 3.0x, would reclassify this as leverage_stress.
• The cohort median drawdown moving to within 5 percentage points of this name's would reclassify this as sector_wide.

Fair-value inputs, method by method

• At the cohort median trailing P/E → $110.20 (+248%) implied price = cohort median trailing P/E x trailing earnings per share trailing_eps=2.1 · peer_count=8 · cohort_median_trailing_pe=52.4765
• At the cohort median EV/EBITDA → $105.15 (+232%) implied price = (cohort median EV/EBITDA x EBITDA - (total debt - cash)) / shares outstanding shares_outstanding=646873027.0 · peer_count=8 · net_debt=-4879609000.0 · cohort_median_ev_ebitda=39.994 · total_debt=290302000.0 · debt_and_cash_source=SEC EDGAR (cited) · implied_enterprise_value=63136486506.24 · ebitda=1578648960.0 · cash=5169911000.0 · implied_equity_value=68016095506.24

Methods excluded, and why

• At the cohort median P/B — Only 5 cohort members report a positive price to book; 8 are required before a median is used, so this method is excluded rather than run against a thin cohort.

How the rank was computed

• Cheapness percentile within the peer cohort: 87.5 × 40.0% = 35.0
• Business quality score: 55.5 × 25.0% = 13.88
• Confidence in the discount classification: 85.0 × 15.0% = 12.75
• Distance to the central peer-relative fair-value estimate: 100.0 × 20.0% = 20.0

Blended score 81.6/100. Cheapness is a percentile against 8 peers in Computer Hardware (industry), built on 3 valuation metric(s). Quality used 7 component(s). The price sits 46% below its 52-week high.

Purification: 0.21% of dividends and gains — see the full receipts in the portal report.

What the filings show

The share price declined materially while the filed fundamentals held or grew. This is a description of what the filings and the price panel show, and nothing more.

The price fell at least 20% from its 52-week high while 3 filed fundamental trends (fcf_trend, margin_trend, revenue_trend) held or grew, and none went backwards.

• Filed revenue was roughly unchanged at about 1.7% a year across 6 annual periods (2020-12-31 to 2025-12-31), from $2.17B to $2.37B. SEC EDGAR annual revenue · 6 filed period(s)
• Operating margin widened 13.7 percentage points across 6 annual periods, from -0.5% (2020-12-31) to 13.2% (2025-12-31). SEC EDGAR operating income / revenue · 6 filed period(s)
• Free cash flow went from $63.31M (2020-12-31) to $383.06M (2025-12-31), a change of +505.1% across 6 filed annual periods. SEC EDGAR cash from operations minus capital expenditure · 6 filed period(s)
• Total debt (long-term plus short-term) went from $920.94M (2020-12-31) to $1.25B (2025-12-31), a change of +35.5% across 6 filed annual periods. SEC EDGAR long-term plus short-term debt · 6 filed period(s)
• Interest coverage in the latest filed year (2023-12-31) is 15.4x operating income to interest expense, at or above the 8.0x strong threshold. 4 filed annual period(s) report both inputs. SEC EDGAR operating income / interest expense · 4 filed period(s)
• The share price is 23.1% below its 52-week high, which is at or above the 20% mark this screen treats as a material decline. Adjusted close panel: % below 52-week high · 1 filed period(s)
• The drawdown is further than the cohort: +14.5 percentage points against a median of 8.6% below the 52-week high across 13 peers. Adjusted close panel: % below 52-week high minus the cohort median of the same figure · 1 filed period(s)

Fundamentals appearing intact does not establish that the decline will reverse. Filings lag the market, and the price may reflect information that has not reached a filing yet.

What would change this classification

• A filed annual period in which revenue falls at or beyond 5% a year, operating margin narrows by 2 percentage points or more, or free cash flow turns negative, would reclassify this as fundamentals_deteriorating.
• Total debt rising 25% or more across the filed periods, or interest coverage falling below 3.0x, would reclassify this as leverage_stress.
• The cohort median drawdown moving to within 5 percentage points of this name's would reclassify this as sector_wide.

Fair-value inputs, method by method

• At the cohort median trailing P/E → $309.65 (+191%) implied price = cohort median trailing P/E x trailing earnings per share trailing_eps=5.98 · peer_count=13 · cohort_median_trailing_pe=51.7815
• At the cohort median EV/EBITDA → $186.88 (+76%) implied price = (cohort median EV/EBITDA x EBITDA - (total debt - cash)) / shares outstanding shares_outstanding=43786753.0 · peer_count=13 · net_debt=704125000.0 · cohort_median_ev_ebitda=24.589 · total_debt=1724522000.0 · debt_and_cash_source=SEC EDGAR (cited) · implied_enterprise_value=8886980772.29 · ebitda=361420992.0 · cash=1020397000.0 · implied_equity_value=8182855772.29
• At the cohort median P/B → $193.32 (+82%) implied price = cohort median price-to-book x book value per share book_value_per_share=36.262 · peer_count=13 · cohort_median_price_to_book=5.3312

How the rank was computed

• Cheapness percentile within the peer cohort: 83.9 × 40.0% = 33.56
• Business quality score: 55.2 × 25.0% = 13.8
• Confidence in the discount classification: 85.0 × 15.0% = 12.75
• Distance to the central peer-relative fair-value estimate: 100.0 × 20.0% = 20.0

Blended score 80.1/100. Cheapness is a percentile against 13 peers in Scientific & Technical Instruments (industry), built on 6 valuation metric(s). Quality used 7 component(s). The price sits 23% below its 52-week high.

Purification: 2.04% of dividends and gains — see the full receipts in the portal report.

What the filings show

The share price declined materially while the filed fundamentals held or grew. This is a description of what the filings and the price panel show, and nothing more.

The price fell at least 20% from its 52-week high while 3 filed fundamental trends (fcf_trend, margin_trend, revenue_trend) held or grew, and none went backwards.

• Filed revenue grew about 16.0% a year across 4 annual periods (2022-12-31 to 2025-12-31), from $704.87M to $1.10B. SEC EDGAR annual revenue · 4 filed period(s)
• Operating margin widened 10.0 percentage points across 4 annual periods, from 12.7% (2022-12-31) to 22.7% (2025-12-31). SEC EDGAR operating income / revenue · 4 filed period(s)
• Free cash flow went from $85.20M (2022-12-31) to $283.19M (2025-12-31), a change of +232.4% across 4 filed annual periods. SEC EDGAR cash from operations minus capital expenditure · 4 filed period(s)
• Total debt (long-term plus short-term) went from $2.22B (2023-12-31) to $1.47B (2025-12-31), a change of -33.6% across 3 filed annual periods. SEC EDGAR long-term plus short-term debt · 3 filed period(s)
• The share price is 41.9% below its 52-week high, which is at or above the 20% mark this screen treats as a material decline. Adjusted close panel: % below 52-week high · 1 filed period(s)
• The drawdown is further than the cohort: +14.2 percentage points against a median of 27.7% below the 52-week high across 9 peers. Adjusted close panel: % below 52-week high minus the cohort median of the same figure · 1 filed period(s)

Fundamentals appearing intact does not establish that the decline will reverse. Filings lag the market, and the price may reflect information that has not reached a filing yet.

What would change this classification

• A filed annual period in which revenue falls at or beyond 5% a year, operating margin narrows by 2 percentage points or more, or free cash flow turns negative, would reclassify this as fundamentals_deteriorating.
• Total debt rising 25% or more across the filed periods, or interest coverage falling below 3.0x, would reclassify this as leverage_stress.
• The cohort median drawdown moving to within 5 percentage points of this name's would reclassify this as sector_wide.

Fair-value inputs, method by method

• At the cohort median EV/EBITDA → $34.57 (+45%) implied price = (cohort median EV/EBITDA x EBITDA - (total debt - cash)) / shares outstanding shares_outstanding=191748416.0 · peer_count=8 · net_debt=1434085000.0 · cohort_median_ev_ebitda=18.576 · total_debt=1495440000.0 · debt_and_cash_source=SEC EDGAR (cited) · implied_enterprise_value=8062114180.61 · ebitda=434007008.0 · cash=61355000.0 · implied_equity_value=6628029180.61
• At the cohort median P/B → $81.57 (+243%) implied price = cohort median price-to-book x book value per share book_value_per_share=20.541 · peer_count=9 · cohort_median_price_to_book=3.971

Methods excluded, and why

• At the cohort median trailing P/E — Only 7 cohort members report a positive trailing pe; 8 are required before a median is used, so this method is excluded rather than run against a thin cohort.

How the rank was computed

• Cheapness percentile within the peer cohort: 82.2 × 40.0% = 32.88
• Business quality score: 53.5 × 25.0% = 13.38
• Confidence in the discount classification: 85.0 × 15.0% = 12.75
• Distance to the central peer-relative fair-value estimate: 100.0 × 20.0% = 20.0

Blended score 79.0/100. Cheapness is a percentile against 9 peers in Health Information Services (industry), built on 5 valuation metric(s). Quality used 7 component(s). The price sits 42% below its 52-week high.

Purification: 0.13% of dividends and gains — see the full receipts in the portal report.