Hennessy Advisors, Inc. 4.875% Notes due 2026 (HNNAZ)

Analysis: Growth Rates Industry: Asset Management Sector: Financial Services Live Price: $24.97

Enterprise Value

Metric / Stat	3Y	5Y	10Y	15Y	20Y	25Y
Stock Price
Avg YoY	27.21%	5.34%	-5.88%	25.07%	11.91%	17.92%
Slope	21.01%	3.24%	-10.22%	1.27%	3.59%	4.51%
CAGR	25.26%	2.09%	-8.68%	12.54%	-0.32%	6.77%
LSR	25.26%	3.08%	-8.45%	5.93%	6.46%	6.16%
Market Capitalization
Avg YoY	27.05%	5.29%	-5.83%	24.98%	12.03%	18.22%
Slope	20.92%	3.29%	-10.09%	1.30%	3.77%	4.69%
CAGR	25.13%	2.10%	-8.57%	12.52%	0.02%	7.34%
LSR	25.13%	3.13%	-8.36%	5.93%	6.62%	6.39%
(-) Cash & Equivalents
Avg YoY	7.92%	70.17%	75.55%	45.84%	34.75%	248.86%
Slope	7.64%	20.88%	21.43%	18.56%	13.64%	12.50%
CAGR	7.85%	44.24%	39.65%	17.47%	11.60%	35.90%
LSR	7.85%	34.96%	31.03%	22.05%	12.27%	16.48%
(+) Total Debt
Avg YoY	-0.13%	938.36%	423.09%	331.11%	240.24%	221.04%
Slope	-0.13%	24.06%	8.38%	8.69%	9.59%	9.32%
CAGR	-0.13%	148.51%	3.16%	22.67%	8.06%	11.44%
LSR	-0.13%	107.21%	7.88%	9.99%	9.15%	—
Enterprise Value
Avg YoY	34.63%	3.33%	-10.12%	44.10%	25.01%	28.24%
Slope	21.49%	-2.78%	-18.00%	-2.37%	2.12%	3.53%
CAGR	27.71%	-4.41%	-14.81%	11.83%	-2.59%	4.34%
LSR	27.71%	-2.35%	-14.90%	3.27%	5.54%	5.03%

Income Statement

Metric / Stat	3Y	5Y	10Y	15Y	20Y	25Y
Revenue
Avg YoY	21.65%	3.71%	-2.73%	21.30%	12.92%	23.26%
Slope	19.37%	1.83%	-7.82%	2.41%	5.54%	7.03%
CAGR	21.64%	2.06%	-4.02%	11.60%	3.98%	13.58%
LSR	21.64%	1.63%	-7.35%	6.14%	8.27%	11.19%
Cost of Revenue
Avg YoY	-3.55%	7.12%	-3.14%	21.22%	21.22%	21.22%
Slope	-6.40%	3.91%	-11.91%	0.52%	7.81%	9.80%
CAGR	-5.81%	4.01%	-7.51%	—	—	—
LSR	-5.81%	4.08%	-10.78%	—	—	—
Gross Profit
Avg YoY	45.97%	9.62%	2.28%	22.91%	14.11%	24.20%
Slope	33.55%	0.83%	-5.32%	3.63%	4.32%	5.65%
CAGR	43.83%	1.27%	-2.02%	8.81%	2.05%	11.91%
LSR	43.83%	0.65%	-5.44%	6.79%	5.62%	8.27%
Gross Margin
Avg YoY	19.72%	2.16%	4.19%	0.26%	0.19%	0.15%
Slope	15.79%	-1.03%	2.10%	0.28%	-2.80%	-2.71%
CAGR	18.25%	-0.77%	2.08%	-2.51%	-1.85%	-1.47%
LSR	18.25%	-0.97%	2.07%	0.61%	-2.44%	-2.63%
SG&A Expenses
Avg YoY	7.76%	-11.53%	8.32%	11.85%	27.71%	33.44%
Slope	6.75%	-20.60%	1.76%	6.07%	3.48%	6.44%
CAGR	7.24%	-15.86%	0.91%	1.11%	7.29%	15.33%
LSR	7.24%	-17.61%	1.86%	7.48%	4.23%	12.14%
Operating Expenses
Avg YoY	52.83%	11.29%	17.73%	18.01%	10.92%	19.03%
Slope	31.13%	-1.74%	6.91%	8.60%	3.39%	4.50%
CAGR	43.57%	-2.09%	7.46%	5.59%	1.43%	9.88%
LSR	43.57%	-1.49%	7.53%	10.22%	3.27%	5.45%
Operating Income (EBIT)
Avg YoY	44.12%	10.76%	-2.43%	34.34%	-32.63%	-5.26%
Slope	36.04%	3.63%	-12.79%	0.79%	4.96%	6.48%
CAGR	44.06%	4.84%	-6.38%	13.82%	2.68%	15.12%
LSR	44.06%	2.78%	-11.80%	5.67%	—	—
Operating Margin
Avg YoY	18.55%	4.12%	-1.63%	3.21%	-43.27%	-30.93%
Slope	17.08%	1.35%	-5.00%	-0.58%	0.81%	0.18%
CAGR	18.44%	2.73%	-2.46%	1.99%	-1.25%	1.35%
LSR	18.44%	1.13%	-4.80%	-0.44%	—	—
Interest Income
Avg YoY	6.17%	337.88%	337.88%	337.88%	337.88%	337.88%
Slope	4.39%	48.77%	42.13%	32.01%	25.49%	21.11%
CAGR	4.76%	—	—	—	—	—
LSR	4.76%	—	—	—	—	—
Interest Expense
Avg YoY	-49.58%	-30.95%	-32.95%	77.08%	53.12%	53.12%
Slope	-74.69%	1.15%	1.96%	7.32%	8.86%	10.47%
CAGR	—	—	—	—	—	—
LSR	—	—	—	—	—	—
Net Interest Income
Avg YoY	222.68%	110.44%	20.07%	109.71%	78.07%	78.07%
Slope	96.95%	208.95%	104.11%	27.33%	10.55%	1.94%
CAGR	222.58%	—	—	—	—	—
LSR	222.58%	—	—	—	—	—
Other Income / Expense
Avg YoY	154.19%	-47,301.42%	-21,043.20%	-13,429.62%	-9,897.73%	-8,164.70%
Slope	74.63%	358.62%	65.97%	18.12%	5.64%	0.42%
CAGR	146.90%	534.57%	—	—	—	—
LSR	146.90%	—	—	—	—	—
Unusual Items
Avg YoY	154.19%	-47,301.42%	-21,043.20%	-13,429.62%	-9,897.73%	-8,164.70%
Slope	-74.63%	-358.62%	-65.97%	-18.12%	-5.64%	-0.42%
CAGR	—	—	—	—	—	—
LSR	—	—	—	—	—	—
EBT excl. Unusual
Avg YoY	53.87%	29.35%	7.64%	35.69%	-8.44%	32.00%
Slope	41.26%	19.02%	-8.54%	2.87%	6.16%	7.40%
CAGR	53.77%	11.57%	-1.93%	16.64%	4.97%	—
LSR	53.77%	20.71%	-8.50%	7.44%	—	—
Pre-Tax Income
Avg YoY	43.69%	10.87%	-1.84%	32.96%	-23.38%	11.73%
Slope	35.19%	7.42%	-11.82%	1.29%	5.23%	6.76%
CAGR	43.65%	5.77%	-5.45%	14.35%	3.31%	19.24%
LSR	43.65%	6.70%	-10.85%	6.23%	—	—
Pre-Tax Margin
Avg YoY	18.11%	4.86%	-0.72%	3.47%	-35.31%	-19.61%
Slope	16.51%	5.10%	-3.92%	-0.04%	1.10%	0.99%
CAGR	18.10%	3.64%	-1.49%	2.47%	-0.64%	4.99%
LSR	18.10%	4.99%	-3.78%	0.09%	—	—
Income Tax Expense
Avg YoY	41.46%	11.51%	0.29%	31.29%	-69.75%	230.00%
Slope	33.92%	8.62%	-14.29%	-1.77%	2.82%	5.04%
CAGR	41.46%	5.28%	-8.56%	10.83%	1.18%	42.07%
LSR	41.46%	8.40%	-11.49%	1.67%	—	—
Net Income
Avg YoY	44.55%	11.13%	1.32%	37.28%	-10.13%	13.38%
Slope	35.66%	6.99%	-10.90%	2.64%	6.34%	7.56%
CAGR	44.49%	5.96%	-3.99%	16.22%	4.39%	17.72%
LSR	44.49%	6.18%	-10.09%	8.62%	—	—
Net Margin
Avg YoY	18.80%	4.82%	1.79%	5.95%	-26.11%	-16.59%
Slope	17.05%	4.66%	-3.10%	1.88%	2.72%	1.76%
CAGR	18.79%	3.82%	0.03%	4.13%	0.40%	3.64%
LSR	18.79%	4.47%	-2.96%	2.34%	—	—
Depreciation & Amortization
Avg YoY	12.47%	6.32%	4.20%	10.34%	1.98%	29.10%
Slope	11.78%	6.36%	2.26%	3.75%	-3.84%	-0.74%
CAGR	12.29%	5.74%	3.87%	7.75%	-4.03%	-0.09%
LSR	12.29%	6.30%	2.16%	4.86%	-1.22%	2.28%
EBITDA
Avg YoY	43.13%	10.50%	-2.44%	33.15%	-119.92%	-79.66%
Slope	35.41%	3.69%	-12.56%	0.84%	4.74%	6.30%
CAGR	43.07%	4.86%	-6.24%	13.62%	2.38%	12.81%
LSR	43.07%	2.86%	-11.58%	5.60%	—	—
EBITDA Margin
Avg YoY	17.74%	4.00%	-1.55%	2.88%	-108.18%	-84.78%
Slope	16.39%	1.42%	-4.76%	-0.62%	0.32%	-0.69%
CAGR	17.62%	2.75%	-2.31%	1.81%	-1.53%	-0.68%
LSR	17.62%	1.21%	-4.57%	-0.51%	—	—
NOPAT
Avg YoY	44.12%	10.76%	-2.43%	34.34%	-32.63%	-5.26%
Slope	36.04%	3.63%	-12.79%	0.79%	4.96%	6.48%
CAGR	44.06%	4.84%	-6.38%	13.82%	2.68%	15.12%
LSR	44.06%	2.78%	-11.80%	5.67%	—	—
NOPAT Margin
Avg YoY	18.55%	4.12%	-1.63%	3.21%	-43.27%	-30.93%
Slope	17.08%	1.35%	-5.00%	-0.58%	0.81%	0.18%
CAGR	18.44%	2.73%	-2.46%	1.99%	-1.25%	1.35%
LSR	18.44%	1.13%	-4.80%	-0.44%	—	—
Owner's Earnings
Avg YoY	43.21%	10.56%	0.92%	36.69%	6.04%	18.11%
Slope	34.85%	6.58%	-11.02%	2.57%	6.49%	7.52%
CAGR	43.17%	5.61%	-4.17%	15.76%	3.99%	13.27%
LSR	43.17%	5.82%	-10.21%	8.47%	—	—
Owner's Earnings Margin
Avg YoY	17.71%	4.40%	1.49%	5.53%	-20.53%	-16.29%
Slope	16.17%	4.28%	-3.23%	1.76%	4.58%	0.95%
CAGR	17.70%	3.49%	-0.15%	3.72%	0.01%	-0.27%
LSR	17.70%	4.11%	-3.08%	2.20%	—	—
EPS (Basic)
Avg YoY	42.61%	9.61%	0.73%	37.79%	-9.69%	8.61%
Slope	34.40%	5.39%	-10.83%	3.28%	6.85%	7.88%
CAGR	42.55%	4.50%	-4.25%	17.03%	4.81%	14.72%
LSR	42.55%	4.74%	-10.07%	9.91%	—	—
EPS (Diluted)
Avg YoY	42.45%	9.58%	0.79%	37.74%	-9.51%	8.73%
Slope	34.31%	5.44%	-10.72%	3.31%	6.97%	7.99%
CAGR	42.39%	4.51%	-4.14%	17.01%	5.17%	15.33%
LSR	42.39%	4.79%	-9.98%	9.91%	—	—
Shares (Basic)
Avg YoY	1.36%	1.40%	0.29%	-0.61%	-0.34%	3.30%
Slope	1.35%	1.37%	-0.03%	-1.21%	-0.84%	0.11%
CAGR	1.36%	1.40%	0.27%	-0.70%	-0.40%	2.61%
LSR	1.36%	1.38%	-0.03%	-1.18%	-0.85%	0.27%
Shares (Diluted)
Avg YoY	1.47%	1.39%	0.18%	-0.59%	-0.67%	2.48%
Slope	1.46%	1.32%	-0.12%	-1.20%	-1.00%	-0.07%
CAGR	1.47%	1.39%	0.16%	-0.68%	-0.74%	2.07%
LSR	1.47%	1.33%	-0.12%	-1.17%	-0.99%	0.05%

Product Segments

Metric / Stat	3Y	5Y	10Y	15Y	20Y
Investment Advice
Avg YoY	20.79%	2.12%	-4.91%	-4.91%	-4.91%
Slope	18.66%	0.13%	-8.90%	-8.90%	-8.90%
CAGR	20.77%	0.35%	-6.56%	-6.56%	-6.56%
LSR	20.77%	0.09%	-7.84%	-7.84%	-7.84%
Shareholder Service
Avg YoY	9.07%	-2.67%	-8.69%	-8.69%	-8.69%
Slope	8.69%	-3.60%	-11.80%	-11.80%	-11.80%
CAGR	9.07%	-3.39%	-9.56%	-9.56%	-9.56%
LSR	9.07%	-3.28%	-10.24%	-10.24%	-10.24%

Balance Sheet

Metric / Stat	3Y	5Y	10Y	15Y	20Y	25Y
Cash & Cash Equivalents
Avg YoY	7.92%	70.17%	75.55%	45.84%	34.75%	248.86%
Slope	7.64%	20.88%	21.43%	18.56%	13.64%	12.50%
CAGR	7.85%	44.24%	39.65%	17.47%	11.60%	35.90%
LSR	7.85%	34.96%	31.03%	22.05%	12.27%	16.48%
Short-Term Investments
Avg YoY	7.96%	3.65%	4.69%	6.25%	1,242.66%	982.19%
Slope	7.64%	4.40%	4.08%	5.50%	-21.40%	-8.99%
CAGR	7.96%	3.23%	4.44%	5.80%	5.50%	2.27%
LSR	7.96%	4.43%	4.15%	5.88%	-10.70%	-1.48%
Cash & Short-Term Investments
Avg YoY	7.92%	70.13%	75.44%	45.78%	34.61%	220.23%
Slope	7.64%	20.88%	21.42%	18.56%	13.46%	12.39%
CAGR	7.85%	44.22%	39.62%	17.47%	11.60%	35.10%
LSR	7.85%	34.94%	31.01%	22.04%	11.98%	16.22%
Net Receivables
Avg YoY	13.99%	2.48%	-2.83%	25.40%	13.39%	19.41%
Slope	10.35%	3.74%	-6.24%	3.80%	7.65%	8.15%
CAGR	11.77%	0.22%	-4.33%	14.40%	5.32%	11.38%
LSR	11.77%	3.85%	-5.76%	8.58%	—	—
Inventory
Avg YoY	—	-100.00%	-100.00%	-100.00%	-100.00%	-100.00%
Slope	—	100.00%	6.76%	-10.40%	-13.36%	-13.35%
CAGR	—	—	—	—	—	—
LSR	—	—	—	—	—	—
Other Current Assets
Avg YoY	—	-100.00%	-100.00%	-3.97%	-44.75%	-7.99%
Slope	150.00%	-57.50%	-4.23%	2.97%	9.16%	10.38%
CAGR	—	-27.92%	2.91%	11.89%	6.55%	—
LSR	—	—	—	—	—	—
Total Current Assets
Avg YoY	8.63%	58.93%	44.29%	29.81%	22.25%	58.02%
Slope	8.30%	20.21%	18.83%	16.77%	12.79%	11.91%
CAGR	8.58%	39.87%	26.71%	17.23%	11.04%	25.98%
LSR	8.58%	31.85%	23.02%	18.95%	12.04%	14.82%
Property, Plant & Equipment
Avg YoY	56.53%	11.64%	30.34%	27.50%	15.62%	24.08%
Slope	27.08%	0.09%	16.16%	15.32%	10.96%	10.76%
CAGR	39.37%	-3.71%	16.64%	17.63%	6.99%	12.60%
LSR	39.37%	0.34%	20.49%	18.58%	10.41%	12.45%
Intangible Assets
Avg YoY	-100.00%	-100.00%	-100.00%	-83.16%	136.99%	122.43%
Slope	0.00%	-25.81%	-1.86%	7.29%	6.00%	8.57%
CAGR	—	—	—	—	—	—
LSR	—	—	—	—	—	—
Long-Term Investments
Avg YoY	—	-100.00%	-100.00%	-75.03%	-55.47%	-24.35%
Slope	—	100.00%	17.16%	-5.92%	-13.97%	-22.19%
CAGR	—	—	—	—	—	—
LSR	—	—	—	—	—	—
Tax Assets
Avg YoY	—	-100.00%	-100.00%	-100.00%	-100.00%	-49.91%
Slope	—	-100.00%	-5.67%	10.89%	13.33%	12.97%
CAGR	—	—	—	—	—	—
LSR	—	—	—	—	—	—
Other Non-Current Assets
Avg YoY	22,198.30%	11,103.13%	4,934.65%	13,261.11%	9,765.18%	7,754.51%
Slope	-0.98%	-9.74%	-3.43%	5.49%	10.58%	12.02%
CAGR	-0.65%	3.42%	1.01%	68.74%	43.87%	—
LSR	-0.65%	-44.26%	-21.74%	26.18%	—	—
Other Assets
Avg YoY	—	—	—	—	—	-91.07%
Slope	—	—	—	—	—	-22.79%
CAGR	—	—	—	—	—	—
LSR	—	—	—	—	—	—
Total Non-Current Assets
Avg YoY	-0.29%	-0.84%	1.16%	15.43%	12.14%	353.55%
Slope	-0.30%	-0.68%	1.34%	6.24%	8.18%	9.17%
CAGR	-0.30%	-0.85%	1.13%	10.51%	8.42%	25.38%
LSR	-0.30%	-0.67%	1.38%	8.76%	10.90%	20.24%
Total Assets
Avg YoY	3.66%	11.69%	7.99%	16.33%	12.19%	38.36%
Slope	3.60%	7.84%	7.01%	9.38%	9.58%	10.00%
CAGR	3.65%	10.70%	7.32%	13.00%	9.51%	25.66%
LSR	3.65%	8.86%	7.26%	11.75%	11.44%	16.81%
Accounts Payable
Avg YoY	—	—	—	-37.86%	-21.33%	19.27%
Slope	—	—	—	-34.53%	-21.28%	-13.88%
CAGR	—	—	—	—	—	—
LSR	—	—	—	—	—	—
Short-Term Debt
Avg YoY	—	-100.00%	-39.66%	12.13%	3.92%	13.49%
Slope	150.00%	-1.93%	-33.55%	-8.72%	-3.17%	1.11%
CAGR	—	-0.96%	-23.95%	-3.11%	-8.10%	—
LSR	—	—	—	—	—	—
Tax Payables
Avg YoY	92.01%	37.81%	32.09%	10.00%	-5.71%	-17.50%
Slope	-10.14%	-21.87%	0.60%	9.60%	12.56%	12.67%
CAGR	-7.36%	-12.14%	6.08%	—	—	—
LSR	-7.36%	-22.65%	-1.18%	—	—	—
Deferred Revenue
Avg YoY	—	—	-100.00%	-100.00%	-100.00%	-100.00%
Slope	—	—	-42.42%	-5.36%	4.51%	7.69%
CAGR	—	—	—	—	—	—
LSR	—	—	—	—	—	—
Other Current Liabilities
Avg YoY	58.76%	27.56%	312.69%	232.48%	213.50%	176.68%
Slope	45.46%	22.10%	27.78%	24.80%	21.35%	28.31%
CAGR	55.79%	22.43%	77.40%	48.72%	—	—
LSR	55.79%	20.75%	69.77%	49.63%	—	—
Total Current Liabilities
Avg YoY	56.49%	22.52%	8.89%	17.29%	8.68%	43.30%
Slope	41.47%	13.39%	-1.70%	4.41%	2.97%	4.63%
CAGR	46.80%	13.63%	3.95%	11.90%	3.06%	—
LSR	46.80%	10.88%	-2.54%	6.00%	3.28%	—
Long-Term Debt
Avg YoY	-0.23%	-0.10%	-23.17%	77.42%	46.93%	86.37%
Slope	-0.23%	24.89%	11.33%	10.15%	10.90%	10.19%
CAGR	-0.23%	—	4.80%	25.07%	9.26%	11.40%
LSR	-0.23%	—	—	—	—	—
Capital Lease Obligations
Avg YoY	114.61%	33.79%	67.69%	67.69%	67.69%	67.69%
Slope	30.22%	-4.82%	26.13%	24.94%	21.52%	18.57%
CAGR	55.54%	-10.06%	—	—	—	—
LSR	55.54%	-3.98%	—	—	—	—
Deferred Tax Liabilities
Avg YoY	4.96%	5.98%	6.04%	12.77%	16.55%	28.40%
Slope	4.83%	5.88%	5.72%	8.81%	10.52%	11.32%
CAGR	4.96%	5.97%	5.11%	11.76%	15.58%	—
LSR	4.96%	6.10%	5.89%	10.86%	15.07%	—
Other Non-Current Liabilities
Avg YoY	—	-100.00%	-100.00%	-100.00%	-100.00%	-100.00%
Slope	—	-100.00%	8.67%	-2.83%	5.93%	14.22%
CAGR	—	—	—	—	—	—
LSR	—	—	—	—	—	—
Total Non-Current Liabilities
Avg YoY	1.56%	26.32%	14.99%	43.92%	33.69%	219.53%
Slope	1.54%	12.32%	9.53%	9.23%	10.64%	10.76%
CAGR	1.56%	20.37%	5.03%	18.63%	10.56%	—
LSR	1.56%	16.41%	9.37%	12.85%	14.72%	—
Total Liabilities
Avg YoY	4.46%	23.82%	12.21%	35.17%	23.44%	79.72%
Slope	4.37%	12.40%	8.38%	8.72%	9.70%	9.96%
CAGR	4.43%	19.57%	4.91%	17.59%	9.08%	—
LSR	4.43%	15.78%	8.13%	12.00%	12.38%	—
Preferred Stock
Avg YoY	—	-100.00%	-100.00%	-100.00%	-100.00%	-100.00%
Slope	—	-100.00%	-13.67%	7.35%	11.65%	12.25%
CAGR	—	—	—	—	—	—
LSR	—	—	—	—	—	—
Common Stock
Avg YoY	2.27%	2.71%	6.43%	8.19%	-6.24%	38.60%
Slope	2.25%	2.67%	5.84%	9.56%	10.64%	8.59%
CAGR	2.27%	2.71%	6.37%	—	6.95%	15.14%
LSR	2.27%	2.72%	6.32%	—	—	—
Retained Earnings
Avg YoY	4.59%	2.68%	14.48%	19.63%	16.93%	-71.87%
Slope	4.50%	2.41%	8.13%	11.73%	10.93%	11.43%
CAGR	4.57%	2.65%	13.16%	12.63%	11.54%	—
LSR	4.57%	2.41%	10.29%	15.41%	12.89%	—
Accumulated OCI
Avg YoY	—	-100.00%	-100.00%	-88.59%	-44.94%	-44.94%
Slope	—	-100.00%	6.98%	16.64%	17.01%	15.69%
CAGR	—	—	—	—	—	—
LSR	—	—	—	—	—	—
Minority Interest
Avg YoY	—	-100.00%	-100.00%	-100.00%	-100.00%	-100.00%
Slope	—	100.00%	-31.18%	-27.17%	-22.77%	-19.37%
CAGR	—	—	—	—	—	—
LSR	—	—	—	—	—	—
Total Shareholders’ Equity
Avg YoY	4.02%	-13.52%	33.52%	32.54%	24.59%	158.83%
Slope	3.95%	-23.42%	4.15%	11.04%	11.39%	11.21%
CAGR	4.01%	-20.35%	11.11%	14.96%	10.03%	28.65%
LSR	4.01%	-16.35%	6.28%	16.00%	14.73%	17.73%
Total Equity
Avg YoY	4.02%	-12.88%	33.03%	32.22%	24.36%	158.65%
Slope	3.95%	-21.40%	3.81%	10.85%	11.27%	11.12%
CAGR	4.01%	-19.01%	11.11%	14.96%	10.03%	28.65%
LSR	4.01%	-15.23%	5.85%	15.84%	14.66%	17.69%
Total Liabilities & Equity
Avg YoY	4.19%	-8.36%	21.05%	26.09%	17.96%	159.85%
Slope	4.11%	-10.82%	5.17%	10.16%	10.76%	10.74%
CAGR	4.18%	-11.05%	8.22%	15.90%	9.64%	31.38%
LSR	4.18%	-8.62%	6.19%	14.26%	13.96%	18.25%
Tangible Assets
Avg YoY	38.06%	165.31%	120.96%	124.94%	88.14%	98.29%
Slope	4.39%	18.17%	10.23%	10.07%	10.92%	10.52%
CAGR	3.65%	65.03%	7.32%	23.11%	9.68%	25.66%
LSR	3.65%	38.52%	12.26%	14.21%	14.21%	15.65%
Tangible Equity
Avg YoY	437.14%	209.58%	125.24%	147.67%	67.93%	192.93%
Slope	5.61%	-19.67%	6.49%	12.56%	14.32%	12.53%
CAGR	4.01%	-8.91%	11.11%	—	10.34%	28.65%
LSR	4.01%	-26.08%	3.71%	—	—	—
Tangible Book Value
Avg YoY	437.14%	209.58%	125.24%	147.67%	67.93%	192.93%
Slope	5.61%	-19.67%	6.49%	12.56%	14.32%	12.53%
CAGR	4.01%	-8.91%	11.11%	—	10.34%	28.65%
LSR	4.01%	-26.08%	3.71%	—	—	—
Total Investments
Avg YoY	7.96%	-18.41%	-200,254.06%	-128,737.90%	-94,869.15%	-75,098.16%
Slope	7.64%	100.07%	5.78%	-11.03%	-19.39%	-33.94%
CAGR	7.96%	—	4.44%	-20.52%	-31.71%	-22.97%
LSR	7.96%	—	—	—	—	—
Net Debt
Avg YoY	20.89%	18.50%	8.61%	3.97%	-84.07%	-84.55%
Slope	-19.04%	-15.44%	-55.55%	-75.04%	-33.07%	-30.33%
CAGR	—	—	—	—	—	—
LSR	—	—	—	—	—	—

Capital Structure

Metric / Stat	3Y	5Y	10Y	15Y	20Y	25Y
Working Capital
Avg YoY	7.30%	78.27%	-71.92%	-108.67%	-76.21%	-61.97%
Slope	7.06%	21.55%	25.47%	21.80%	15.58%	14.18%
CAGR	7.27%	47.37%	—	17.82%	13.02%	—
LSR	7.27%	37.53%	—	—	—	—
Total Capital
Avg YoY	2.74%	13.08%	9.09%	15.04%	11.00%	20.75%
Slope	2.71%	8.17%	7.76%	10.17%	9.78%	9.87%
CAGR	2.74%	11.62%	8.12%	13.03%	9.25%	16.78%
LSR	2.74%	9.47%	8.15%	12.68%	11.33%	13.44%
Capital Employed
Avg YoY	2.95%	12.13%	9.05%	15.44%	12.06%	21.76%
Slope	2.91%	7.95%	8.16%	10.10%	10.04%	10.18%
CAGR	2.95%	10.98%	8.39%	13.02%	10.06%	17.32%
LSR	2.95%	9.08%	8.60%	12.41%	11.87%	14.26%
Invested Capital
Avg YoY	-2.10%	-2.31%	0.24%	12.93%	9.75%	17.00%
Slope	-2.13%	-2.01%	0.60%	6.31%	7.98%	8.65%
CAGR	-2.13%	-2.33%	0.15%	10.02%	7.47%	13.29%
LSR	-2.13%	-1.99%	0.62%	9.02%	10.41%	12.52%

Cash Flow

Metric / Stat	3Y	5Y	10Y	15Y	20Y	25Y
Net Income
Avg YoY	42.45%	9.58%	0.79%	37.74%	49.93%	55.79%
Slope	34.31%	5.44%	-10.72%	3.31%	6.97%	7.99%
CAGR	42.39%	4.51%	-4.14%	17.01%	5.17%	15.33%
LSR	42.39%	4.79%	-9.98%	9.91%	—	—
Depreciation & Amortization
Avg YoY	10.84%	4.90%	4.06%	10.76%	2.46%	27.06%
Slope	10.30%	4.97%	2.33%	4.78%	-2.62%	-1.02%
CAGR	10.66%	4.29%	3.71%	8.49%	-3.32%	-2.11%
LSR	10.66%	4.91%	2.29%	6.10%	-0.23%	2.22%
Deferred Income Tax
Avg YoY	-11.17%	-1.07%	-14.78%	3.57%	7.95%	12.01%
Slope	-11.74%	-1.42%	3.12%	-0.39%	3.62%	6.23%
CAGR	-11.24%	-1.64%	-7.52%	3.42%	7.30%	—
LSR	-11.24%	-1.52%	—	—	—	—
Stock-Based Compensation
Avg YoY	4.50%	-6.40%	-0.75%	25.86%	25.86%	25.86%
Slope	4.22%	-8.87%	-7.78%	9.02%	12.58%	12.85%
CAGR	4.20%	-7.18%	-2.65%	—	—	—
LSR	4.20%	-8.05%	-7.83%	—	—	—
Change in Working Capital
Avg YoY	151.78%	-91.44%	-51.35%	-16.10%	-52.05%	-29.16%
Slope	506.70%	1,108.03%	-40.59%	4.48%	10.58%	-0.08%
CAGR	—	—	4.89%	—	7.92%	4.73%
LSR	—	—	—	—	—	—
Accounts Receivable
Avg YoY	-9,637.48%	-4,772.06%	-1,958.29%	-1,392.35%	-1,008.64%	-835.84%
Slope	50.01%	-56.94%	-20.12%	41.22%	12.98%	9.85%
CAGR	—	—	—	—	—	—
LSR	—	—	—	—	—	—
Inventory
Avg YoY	—	100.00%	218.20%	218.20%	218.20%	162.19%
Slope	—	100.00%	-17.58%	5.62%	10.68%	11.76%
CAGR	—	—	—	—	—	—
LSR	—	—	—	—	—	—
Accounts Payable
Avg YoY	421.67%	145.94%	1.24%	73.36%	61.04%	129.64%
Slope	56.12%	108.51%	-356.45%	-26.15%	-8.64%	-5.55%
CAGR	—	4.32%	-15.40%	—	0.66%	—
LSR	—	—	—	—	—	—
Other Working Capital
Avg YoY	-145.58%	-102.89%	-375.95%	-256.51%	-1,638.15%	-1,314.74%
Slope	246.99%	-70.32%	18.41%	0.75%	-0.78%	-6.76%
CAGR	—	—	—	—	—	—
LSR	—	—	—	—	—	—
Other Non-Cash Items
Avg YoY	6.97%	121.16%	39.03%	10.94%	5.51%	5,615.48%
Slope	5.86%	37.78%	45.79%	23.07%	-4.17%	2.83%
CAGR	6.29%	—	—	8.51%	-2.76%	21.75%
LSR	6.29%	—	—	—	—	—
Net Cash from Operating Activities
Avg YoY	37.34%	9.58%	-0.39%	25.17%	18.37%	29.86%
Slope	31.66%	6.01%	-9.03%	3.77%	6.74%	7.82%
CAGR	37.03%	5.88%	-3.18%	16.10%	5.01%	10.71%
LSR	37.03%	5.17%	-8.51%	9.10%	11.06%	12.15%
Capital Expenditures (PPE)
Avg YoY	-41.00%	-16.50%	-17.02%	-29.61%	-23.47%	-65.03%
Slope	-33.51%	-15.26%	-6.40%	-7.50%	-6.63%	-7.89%
CAGR	40.98%	13.72%	10.00%	17.28%	1.67%	22.02%
LSR	40.98%	14.77%	6.27%	9.68%	9.68%	13.10%
Acquisitions (Net)
Avg YoY	—	—	—	—	100.00%	-332.91%
Slope	—	—	—	—	22.56%	17.03%
CAGR	—	—	—	—	—	—
LSR	—	—	—	—	—	—
Purchases of Investments
Avg YoY	—	—	—	—	—	-2,663.79%
Slope	—	—	—	—	—	17.45%
CAGR	—	—	—	—	—	—
LSR	—	—	—	—	—	—
Sales / Maturities of Investments
Avg YoY	—	—	—	-100.00%	-100.00%	-100.00%
Slope	—	—	—	-26.79%	-7.52%	0.00%
CAGR	—	—	—	—	—	—
LSR	—	—	—	—	—	—
Other Investing Activities
Avg YoY	9.98%	-1,294.17%	-596.91%	-1,584.64%	-1,344.14%	-1,041.07%
Slope	35.99%	-37.26%	36.47%	16.56%	2.58%	-4.20%
CAGR	-45.16%	—	-36.93%	—	—	—
LSR	-45.16%	—	—	—	—	—
Net Cash from Investing Activities
Avg YoY	-2.06%	-61.87%	-82.44%	-681.75%	-562.55%	-589.85%
Slope	11.62%	-27.47%	31.58%	15.15%	2.13%	0.36%
CAGR	-13.77%	24.25%	-27.98%	20.28%	3.58%	23.50%
LSR	-13.77%	41.13%	-18.74%	-3.88%	5.98%	8.12%
Net Debt Issuance
Avg YoY	—	-100.00%	-53.44%	174.97%	111.02%	90.82%
Slope	—	-50.00%	346.77%	2.76%	20.97%	7.35%
CAGR	—	—	—	—	—	—
LSR	—	—	—	—	—	—
Long-Term Debt Issuance
Avg YoY	—	-100.00%	-53.44%	193.36%	123.45%	99.57%
Slope	—	-50.00%	346.77%	2.13%	19.14%	6.92%
CAGR	—	—	—	—	—	—
LSR	—	—	—	—	—	—
Short-Term Debt Issuance
Avg YoY	—	—	—	100.00%	65.44%	65.44%
Slope	—	—	—	37.50%	15.31%	4.98%
CAGR	—	—	—	—	—	—
LSR	—	—	—	—	—	—
Net Stock Issuance
Avg YoY	-41.93%	-17.32%	-558.78%	-492.89%	-384.33%	-276.80%
Slope	-31.21%	-9.13%	9.11%	7.38%	-3.87%	-14.63%
CAGR	39.99%	10.78%	—	—	—	—
LSR	39.99%	8.90%	—	—	—	—
Common Stock Issuance
Avg YoY	60.49%	28.20%	63.77%	63.77%	37.00%	69.60%
Slope	-7.79%	-24.79%	1.29%	13.96%	-19.08%	-19.57%
CAGR	-13.09%	-35.38%	-8.27%	—	-20.06%	—
LSR	-13.09%	-16.71%	1.36%	—	—	—
Common Stock Repurchased
Avg YoY	-41.33%	-14.02%	-77.53%	-57.80%	-29.11%	-29.11%
Slope	-29.67%	-7.63%	8.94%	7.28%	-3.31%	-6.92%
CAGR	38.32%	7.77%	—	—	—	—
LSR	38.32%	7.27%	—	—	—	—
Preferred Stock Issuance
Avg YoY	—	100.00%	100.00%	100.00%	100.00%	100.00%
Slope	—	50.00%	18.38%	-5.27%	-10.48%	-11.51%
CAGR	—	—	—	—	—	—
LSR	—	—	—	—	—	—
Net Dividends Paid
Avg YoY	56.75%	28.22%	-0.48%	-5.82%	-11.87%	-12.60%
Slope	149.22%	49.75%	4.59%	-6.44%	-9.05%	-10.43%
CAGR	-95.93%	-79.79%	-45.01%	-29.07%	-17.59%	—
LSR	-95.93%	-85.10%	-40.37%	-12.53%	-1.03%	—
Common Dividends Paid
Avg YoY	99.90%	49.79%	9.11%	0.35%	-7.32%	-8.28%
Slope	149.71%	49.83%	4.61%	-6.43%	-9.05%	-10.42%
CAGR	—	—	—	—	—	—
LSR	—	—	—	—	—	—
Other Financing Activities
Avg YoY	0.11%	50.05%	5.86%	-133.56%	-94.25%	-81.84%
Slope	-74.96%	-68.69%	-45.97%	-31.86%	-25.30%	-4.75%
CAGR	—	—	86.72%	—	—	5.72%
LSR	—	—	—	—	—	—
Net Cash from Financing Activities
Avg YoY	-2.24%	192.77%	73.24%	112.45%	56.08%	46.91%
Slope	-2.21%	-116.99%	30.28%	-3.91%	-3.15%	-13.73%
CAGR	2.24%	—	-2.71%	9.08%	5.81%	5.96%
LSR	2.24%	—	—	—	—	—
Net Change in Cash
Avg YoY	107.07%	182.43%	137.03%	39.48%	-9.48%	266.45%
Slope	68.98%	-28.01%	11.19%	20.53%	17.71%	13.20%
CAGR	103.84%	8.17%	38.44%	27.62%	4.74%	25.46%
LSR	103.84%	-17.38%	—	—	—	—
Cash at Beginning of Period
Avg YoY	3.04%	82.28%	76.43%	44.75%	37.30%	295.81%
Slope	2.99%	35.72%	23.94%	18.16%	12.90%	12.37%
CAGR	3.03%	57.01%	39.82%	16.74%	13.82%	44.55%
LSR	3.03%	63.68%	36.72%	18.97%	10.69%	22.08%
Cash at End of Period
Avg YoY	7.92%	70.17%	75.55%	45.84%	34.75%	248.86%
Slope	7.64%	20.88%	21.43%	18.56%	13.64%	12.50%
CAGR	7.85%	44.24%	39.65%	17.47%	11.60%	35.90%
LSR	7.85%	34.96%	31.03%	22.05%	12.27%	16.48%
Operating Cash Flow
Avg YoY	37.34%	9.58%	-0.39%	25.17%	18.37%	29.86%
Slope	31.66%	6.01%	-9.03%	3.77%	6.74%	7.82%
CAGR	37.03%	5.88%	-3.18%	16.10%	5.01%	10.71%
LSR	37.03%	5.17%	-8.51%	9.10%	11.06%	12.15%
Capital Expenditure
Avg YoY	-41.00%	-16.50%	-17.02%	-29.61%	-223.55%	-223.42%
Slope	-33.51%	-15.26%	-6.40%	-7.50%	3.96%	-1.75%
CAGR	40.98%	13.72%	10.00%	17.28%	1.67%	22.02%
LSR	40.98%	14.77%	6.27%	9.68%	4.72%	11.47%
Free Cash Flow
Avg YoY	37.24%	9.40%	-0.63%	25.38%	15.35%	27.59%
Slope	31.60%	5.73%	-9.33%	3.69%	7.13%	8.04%
CAGR	36.90%	5.66%	-3.42%	16.06%	5.17%	10.57%
LSR	36.90%	4.90%	-8.78%	9.12%	—	—

Free Cash Flow

Metric / Stat	3Y	5Y	10Y	15Y	20Y	25Y
EBITDA
Avg YoY	68.93%	23.08%	3.35%	36.66%	208.88%	174.12%
Slope	44.17%	14.08%	-8.51%	3.25%	5.37%	5.55%
CAGR	64.38%	12.06%	-2.99%	16.85%	1.66%	8.15%
LSR	64.38%	13.04%	-8.12%	8.63%	12.73%	8.43%
(-) Tax Adjustment
Avg YoY	65.77%	21.42%	5.14%	37.81%	386.59%	396.53%
Slope	43.13%	15.57%	-10.56%	1.16%	3.60%	4.70%
CAGR	61.87%	11.54%	-5.80%	14.67%	0.26%	28.86%
LSR	61.87%	14.84%	-8.52%	5.64%	10.86%	13.22%
Change In Working Capital
Avg YoY	151.78%	-91.44%	-51.35%	-16.10%	-52.05%	-29.16%
Slope	506.70%	1,108.03%	-40.59%	4.48%	10.58%	-0.08%
CAGR	—	—	4.89%	—	7.92%	4.73%
LSR	—	—	—	—	—	—
Capital Expenditure
Avg YoY	-41.00%	-16.50%	-17.02%	-29.61%	-223.55%	-223.42%
Slope	-33.51%	-15.26%	-6.40%	-7.50%	3.96%	-1.75%
CAGR	—	—	—	—	—	—
LSR	—	—	—	—	—	—
Unlevered Free Cash Flow
Avg YoY	61.75%	20.83%	5.03%	51.74%	33.35%	33.07%
Slope	37.81%	11.00%	-7.71%	4.00%	6.48%	6.10%
CAGR	54.34%	9.54%	-2.41%	16.15%	2.00%	6.86%
LSR	54.34%	10.34%	-7.41%	10.35%	—	—
Net Interest After Taxes
Avg YoY	219.81%	184.20%	88.04%	-43.43%	-27.29%	-27.29%
Slope	96.36%	235.56%	96.49%	26.13%	9.66%	1.37%
CAGR	219.75%	—	—	—	—	—
LSR	219.75%	—	—	—	—	—
Net Debt Issuance
Avg YoY	—	-100.00%	-53.44%	174.97%	111.02%	90.82%
Slope	—	-50.00%	346.77%	2.76%	20.97%	7.35%
CAGR	—	—	—	—	—	—
LSR	—	—	—	—	—	—
Levered Free Cash Flow
Avg YoY	53.17%	127.37%	55.68%	536.34%	353.23%	292.75%
Slope	31.22%	-21.86%	2.71%	3.09%	7.90%	6.13%
CAGR	43.77%	4.69%	-1.41%	17.88%	2.34%	6.16%
LSR	43.77%	-11.61%	—	—	—	—