Gentex Corporation (GNTX): what the price assumes
boothcheck covers Gentex Corporation (GNTX) but does not put one priced-in number on it: here the defensible answer is the evidence rather than a point estimate. boothcheck publishes no house fair value, target price, or buy/sell rating. Narrative composed 2026-06-27.
Generated: 2026-08-30 · Exported: 2026-08-31 · Source: https://boothcheck.com/report/GNTX
Headline
| Field | Value |
|---|---|
| Ticker | GNTX |
| Company | Gentex Corporation |
| Current price | $22.67/sh |
| Composition | Automotive Products - U.S. 28% / Automotive Products - China 6% / Automotive Products - Germany 10% / Automotive Products - Japan 15% / Automotive Products - Mexico 7% / Automotive Products - Republic of Korea 7% / Automotive Products - Other countries 17% / Premium Audio Products - U.S. 4% / Premium Audio Products - Other countries 2% / Other 5% |
What The Price Assumes (Inversion)
The assumption today's price embeds, recovered by inverting the valuation.
| Field | Value |
|---|---|
| Inversion basis | whole-company |
| Operating margin (value-band context) | 4.6% |
| Operating margin today | 18.4% |
| Margin compression (value-band) | -13.8pp |
| Multiple paid | 10x operating income |
The operating-margin figure is value-band context at year 12: derived from the framework's value band, a separate calculation — not part of the priced-in solve.
The price sits below what even a 5%/yr operating-profit decline would warrant; the inversion reports a bound, not a solved growth path.
Solve inputs: computed at a 9.2% cost of capital with 4% terminal growth over a 5-year stage.
How unusual the bet is: within-range (limited comparison data)
| Reference | Value |
|---|---|
| vs own history | -0.84σ |
| cohort percentile (of 212 peers) | 16 |
Valuation X-Ray
The price is supported by asset-based and earnings-power and growth-DCF value. A value/asset-supported name, not a pure growth bet.
How the valuation models price the stock relative to the market price. Price/FV above 1.0 means the market pays more than that lens defends (expensive); at or below 1.0 the lens can defend the price.
| Family | Median price/FV | Models | Reads |
|---|---|---|---|
| Asset | 1.05x | 5 | expensive |
| Earnings | 1.01x | 5 | expensive |
| Relative | 1.28x | 2 | expensive |
| Growth | 0.61x | 3 | justifies |
Families that justify the price: Asset, Earnings, Growth
The models below discount at their own flat-beta convention rates (cost of equity 9.3%, WACC 9.2%); the inversion above states its own rate.
Per-Model Detail (n=15)
| Model | Family | FV | Price/FV | Applicable | Methodology |
|---|---|---|---|---|---|
| DCF Perpetual Growth | Growth | $62.58 | 0.36x | yes | FCF base $0.5B, growth 15% (input: historical growth), terminal g 4.0%, WACC 9.2%, 6yr projection |
| DCF Exit Multiple | Growth | $37.29 | 0.61x | yes | Exit EV/EBITDA: 5.9x / 7.9x / 9.9x (bear / base = today's held flat / bull), 6yr |
| Relative Valuation | Relative | — | — | no | P/E 20x (static sector reference · 2026-04), scenarios: 16.5x / 20.0x / 23.5x (bear / base = reference held flat / bull), EV/EBITDA 13x |
| Simple DDM | Growth | — | — | no | — |
| Two-Stage DDM | Growth | — | — | no | — |
| Simple Excess Return | Asset | $19.72 | 1.15x | yes | BV/sh $11.75, ROE (TTM) 15.5%, ke 9.3% |
| Two-Stage Excess Return | Asset | $25.23 | 0.90x | yes | 5yr excess ROE then converge to ke=9.3% |
| Discounted Future Market Cap | Growth | $22.17 | 1.02x | yes | Rev $2.6B, growth 15% (input: historical growth; tapered), Terminal P/S: 1.5x / 1.8x / 2.2x (bear / base = today's held flat / bull, cap 8x) |
| Peter Lynch Fair Value | Relative | $21.36 | 1.06x | yes | EPS $1.78, growth 6% (input: historical EPS growth), PEG=2.18 (Overvalued) |
| Margin Trajectory | Growth | — | — | no | — |
| Earnings Power Value | Earnings | $19.39 | 1.17x | yes | Normalized EBIT (5y avg op income, one-time charges added back) $0.44B × (1−17%) / WACC 9.2% → EPV (no growth) |
| Residual Income | Asset | $25.76 | 0.88x | yes | BV $11.75 + 5yr PV of (ROE (TTM) 15.5% − Kₑ 9.3%) × BV; BV grows 8.8%/yr |
| Graham Number | Asset | $21.69 | 1.05x | yes | √(22.5 × EPS $1.78 × BVPS $11.75) — Graham's conservative floor |
| EV/EBITDA Relative | Relative | — | — | no | EBITDA $0.59B × sector EV/EBITDA 13.0x |
| FCF Yield | Earnings | $24.40 | 0.93x | yes | FCF $466.3M / Kₑ 9.3% — zero-growth perpetuity |
| SBC-Adj FCF Yield | Earnings | $22.45 | 1.01x | yes | SBC-adj FCF $0.43B (FCF $0.47B − SBC $0.04B) capitalized at Kₑ |
| Ben Graham Formula | Earnings | $29.68 | 0.76x | yes | EPS $1.78 × (8.5 + 2×5.7%) × (4.4 / 5.3%) |
| ROIC-Justified P/B | Asset | $5.58 | 4.06x | yes | BV $11.75 × (ROIC 4.4% / WACC 9.2%) |
| P/Sales Sector | Relative | — | — | no | Revenue $2.63B × sector P/S 1.5x |
| PEG Fair Value | Relative | $15.21 | 1.49x | yes | EPS $1.78 × (PEG 1.5 × growth 5.7% (input: historical EPS growth)) → PE 8.5x |
| Earnings Yield | Earnings | $19.24 | 1.18x | yes | EPS $1.78 / required return 9.3% (Rf 4.3% + ERP 5.0%) |
| Funds From Operations Multiple | Relative | — | — | no | — |
| Clinical Phase NPV | Growth | — | — | no | — |
| Merton | Asset | — | — | no | — |
| V5 Mechanical | — | — | — | no | — |
Economic-Unit Decomposition (Sum Of The Parts)
One or more material disclosed units has unresolved economics. Unknown/general is not evidence of homogeneity: segment SOTP is primary but incomplete, consolidated cash flow may remain only a secondary cross-check when every unit shares an enterprise basis, and one sector multiple or target margin is withheld.
| Unit | Role | Valuation basis | Revenue | Reported profit | Value evidence | Status |
|---|---|---|---|---|---|---|
| Automotive Products | operating | enterprise | 2.3B reported-currency | — | withheld | unresolved no unit value |
| Premium Audio Products | operating | enterprise | 0.2B reported-currency | — | withheld | unresolved no unit value |
| Other | operating | enterprise | 0.1B reported-currency | — | withheld | unresolved no unit value |
No total common-equity value is stated. One or more material units lack a supported unit value. The displayed values are an indicative subtotal; consolidated debt and cash cannot be applied to a fraction of the company.
Solvency
| Field | Value |
|---|---|
| Net cash | $171.2m |
| Net debt / NOPAT (after-tax) | -0.42x (net cash) |
| Net debt / operating income (pre-tax) | -0.35x (net cash) |
| Share count CAGR (buyback) | -2.4% |
| Burning cash | no |
Interest expense is not separately reported in the latest filings, so interest coverage cannot be computed.
Bullet Takeaways
- At about $25.95 the price is supported by every valuation family rather than resting on a single bet. The asset and earnings-power methods land in the high teens to mid twenties, the residual-income method lands almost exactly on the price, and the growth and relative methods land higher, near $40 to $63.
- The balance sheet is unusually clean: roughly $171 million of net cash, essentially no debt, and a share count shrinking at about 2% a year through buybacks, which gives management room to absorb cyclical and tariff pressure.
- The first quarter showed growth despite a weak auto market: net sales rose 17% to $675.4 million, helped by core product strength and the VOXX acquisition, and core gross margin improved 80 basis points to 34.0%, while management raised the 2026 revenue outlook to $2.65 billion to $2.75 billion.
Bull Case
Take the loudest bear worry first: Gentex sells into the global auto market, vehicle production is forecast to decline, and electric-vehicle programs are being delayed or canceled. That headwind is real, and yet the first quarter showed the company growing straight through it. Consolidated net sales rose 17% year over year to $675.4 million while its primary markets contracted about 2%, because Gentex is increasing the dollar value of content it puts in each vehicle even as the number of vehicles falls. The data undermines the simple cyclical-victim thesis: when the market shrank and Gentex still grew double digits, the growth was coming from content and mix, not from a rising tide. That is the difference between a commodity supplier and one with pricing power.
The economics behind that growth are high quality. Core Gentex gross margin improved 80 basis points to 34.0% in the quarter, driven by operational efficiency and favorable product mix toward higher-end items such as the Full Display Mirror and cabin-monitoring systems. The company's FY2025 10-K describes a portfolio spanning "digital vision, connected car, and other automotive products and electronics" that it develops and manufactures itself (FY2025 10-K, accession 0000355811-26-000010), which is what lets it hold a mid-30s gross margin in a cost-cutting industry. The VOXX International acquisition reached profitability in its first year, adding scale and a consumer-electronics adjacency that broadens the base beyond mirrors.
Gentex holds about $171 million of net cash against essentially no debt, so it funds research, capacity, and acquisitions internally and never depends on credit markets. It returns cash steadily, shrinking the share count at roughly 2% a year. With that structure, management raised its 2026 revenue outlook to $2.65 billion to $2.75 billion, held gross-margin guidance at 34% to 35%, and set a 2027 target of $2.80 billion to $2.90 billion.
Bear Case
The bear case has to start somewhere other than the balance sheet, because Gentex's balance sheet is its strongest asset: net cash, no meaningful debt, and self-funded operations leave essentially no financial-structure fragility. The fragility is on the demand side, and it is concentrated. Gentex is overwhelmingly an automotive supplier, so its fortunes track global vehicle production and the OEMs' willingness to keep specifying its features. When the cycle turns or automakers cut costs, a clean balance sheet does not protect revenue; it only protects solvency. The structural risk here is single-end-market exposure, and the price assumes that content growth keeps outrunning a shrinking vehicle market indefinitely.
The recent quarter shows where the pressure points are. Revenue in China fell about 29% quarter over quarter to roughly $28 million, reflecting tariffs and counter-tariff actions, and management flagged elevated costs for tariffs and for precious metals such as silver, gold, and ruthenium, plus petroleum-based materials and memory components where DRAM pricing has been a headwind. Primary markets declined about 2%, hurt by delayed and canceled EV programs and the removal of certain tax credits. These are not one-time items; they are the ongoing conditions of an industry that is simultaneously cutting features to lower sticker prices and producing fewer cars. A supplier whose growth depends on adding content faces a customer base actively trying to remove content.
The valuation leaves modest room for that to go wrong. The price already sits above the asset and earnings-power methods, which land in the high teens to mid twenties, so the cushion comes from the growth methods that assume content-per-vehicle keeps compounding. Analyst sentiment reflects the standoff: the consensus is neutral with a median target near $26.50, the stock carries no Sell ratings but also no strong conviction, and recent target cuts at Baird and B. Riley signal that some of the Street is trimming expectations as the production outlook softens. If vehicle production disappoints or a major program is decontented, the growth premium compresses toward the earnings-power methods, and the clean balance sheet, while reassuring, does nothing to stop that re-rating.
Valuation
Gentex is the rare case where the valuation families broadly agree the price is reasonable, and the agreement is the signal. The asset-based excess-return and residual-income methods land between about $20 and $26, with residual income landing almost exactly on the $25.95 price, anchored to a book value that the business earns a solid return on. The earnings-power methods, including a normalized EBIT value near $19.50 and an FCF capitalization near $24.57, sit just below the price. The relative and growth methods land higher: a peer-multiple method near $39.57, an exit-multiple DCF near $40.59, and a perpetual-growth DCF near $63. The central blended read is about $32.49, modestly above the current price.
The inverted view confirms the price is not a stretch. In plain terms, at today's price the market is asking only that Gentex hold roughly its current economics, not that it accelerate; the implied near-term operating pace is modest and consistent with what the company has recently delivered. That is the profile of a value-supported name rather than a growth bet.
The honest synthesis is that the downside and upside are framed by the same fact: content-per-vehicle growth against a shrinking auto market. If that content growth holds, the methods that land in the $38 to $50 range come into view, and the clean balance sheet and steady buybacks compound the return. If the auto cycle and tariff pressure overwhelm the content story, the price drifts toward the earnings-power methods in the low-to-mid twenties. The valuation is balanced, with a real asset and earnings floor underneath and a credible path higher, which is why so many of the methods cluster near the current price.
Catalysts
The near-term catalyst is the revenue and margin trajectory against the raised outlook: management lifted 2026 consolidated revenue guidance to $2.65 billion to $2.75 billion, held gross-margin guidance at 34% to 35%, and set a 2027 target of $2.80 billion to $2.90 billion, so each print is a test of whether content growth keeps outrunning soft vehicle production. Product adoption is the engine, with management citing good demand for higher-end items such as the Full Display Mirror and cabin-monitoring systems; new program wins and content-per-vehicle gains are the forward drivers. Tariffs are a two-sided catalyst: China revenue fell about 29% quarter over quarter to roughly $28 million on tariff and counter-tariff actions, and management is assessing potential tariff refunds, so policy developments move the model directly. Input costs are a watch item, with elevated prices for silver, gold, ruthenium, petroleum-based materials, and memory components pressuring margins. The VOXX integration is a smaller catalyst after the acquisition reached profitability in its first year, with further scaling underway. Sentiment is neutral, with a median target near $26.50, no Sell ratings, and recent target trims at Baird and B. Riley against a JP Morgan target of $28, so a clean beat on content growth would be needed to shift the consensus.
Sources: StockTitan Q1, Seeking Alpha outlook, Motley Fool transcript, Benzinga ratings
Peer Cohorts (Per Segment, With Filing Citations)
Automotive Products (reported)
- APTV (APTIV PLC)
- FY2025 10-K: …for products that address the trends of automation, electrification and digitalization. With our offerings, we believe we are well-positioned to benefit from the growing demand for vehicle content and technology related to safety, electrification, high speed data, connectivity to the global information network and…
- FY2025 10-K: …structure and management reporting support the management of these core product lines: Advanced Safety and User Experience . This segment provides critical technologies and services to enhance vehicle safety, security, comfort and convenience, including intelligent sensors, high-performance compute, advanced software…
- VC (VISTEON CORPORATION)
- FY2025 10-K: …the Company's core business: Electronics. The Electronics segment provides products and services to customers, including digital instrument clusters, information displays, infotainment, cockpit domain controllers, CognitoAI TM , battery management systems, high voltage power electronics, and engineering services. As…
- FY2025 10-K: …In addition, certain customers have communicated an intent to manufacture components internally that are currently produced by outside suppliers, such as the Company. If the Company's OEM customers successfully insource products currently manufactured by the Company, the discontinuation or loss of business for…
- MBLY (Mobileye Global Inc.)
- FY2025 10-K: …efficiency of our solutions; ● engineering capabilities, the ability to innovate and continuously improve our technology; ● pricing; ● design and development support for our customers; ● manufacturing reliability and the ability to make on-time delivery of appropriate quantities of product at a consistent level of…
- FY2025 10-K: …In addition, our Tier 1 customers may be developing or may in the future develop competing solutions. Tier 1 automotive supplier competitors include Bosch, Continental, and Denso. Our competitors in the silicon provider category include Ambarella, Advanced Micro Devices, Arriver / Qualcomm, Black Sesame Technologies,…
- ALV (AUTOLIV, INC.)
- FY2025 10-K: Pont-de-Buis Inflator and pyrotechnic development Germany Autoliv B.V. & Co. KG Dachau Customer applications and platform development, airbags with full-scale test laboratory India Autoliv India Private Ltd. Bangalore Airbags and seatbelts with sled testing Japan Autoliv Japan Ltd. Tsukuba Airbags and seatbelts…
- FY2025 10-K: …in the event of a recall. The Company's pursuit of quality excellence extends from the earliest phases of product development to the proper disposal of a product following many years of use in a vehicle. Autoliv's comprehensive Autoliv Product Development System ("APS") includes several key check points during the…
- LEA (LEAR CORP)
- FY2025 10-K: …consolidated financial statements included in this Report. Our customers award business to their suppliers in a number of ways, including the award of complete systems, which allows suppliers either to manufacture components internally or to purchase components from other suppliers at their discretion. Certain of our…
- FY2025 10-K: …to facilitate these functions. Key components of this portfolio include zonal controllers, body domain control modules, and smart and passive power distribution modules. Our software offerings include embedded control, cybersecurity software and software to control hardware devices. Our customers traditionally have…
- MGA (Magna International Inc.)
- FY2025 40-F: 40-F false FY 0000749098 Cumulative unrealized gains and losses on equity securities held as at December 31, 2025 were $19 million and $18 million [$29 million and $18 million as at December 31, 2024], respectively. The non-cash impairment charge relates to the impairment of a private equity investment. During 2025,…
- FY2025 40-F: Statements as at and for the years ended December 31, 2025 and 2024. Exhibit 99.4 Consent of Deloitte LLP. Exhibit 99.5 Certificate of Principal Executive Officer Pursuant to Exchange Act Rules 13a-14(a) and 15d-14(a), as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002. (S. Kotagiri). Exhibit 99.6…
Premium Audio Products (reported)
- SONO (SONOS, INC.)
- FY2025 10-K: …TV, music, and more, with support for Dolby Atmos. Originally introduced as Beam (Gen 1) in June 2018. (General availability: October 2021) • Arc : Our premium smart soundbar for TV, movies, music, gaming, and more, with support for Dolby Atmos. Replaced Playbar, our first smart soundbar released in April 2013 and…
- FY2025 10-K: 00 streaming content providers, such as Apple Music, Spotify, Deezer, and Pandora. These partners find value in our independent platform and access to our millions of desirable and engaged customers. Our partner ecosystem spans across content, control, and third-party applications: • Content . We partner with a broad…
- SONY (SONY)
- (no filing in the citation store)
- LOGI (LOGITECH INTERNATIONAL S.A.)
- FY2025 10-K: …pressure in our business, including in the terms and conditions that our competitors offer customers, which may be more favorable than our terms and conditions and may require us to take actions to increase our customer incentive programs, which could impact our sales and operating margins. Gaming Competitors for our…
- FY2025 10-K: …("Cisco"), Poly (owned by HP), Jabra (owned by GN), AVer Information Inc., Neat, Yealink (Xiamen) Network Technology Co.Ltd, and Owl Labs, among others. Webcams Our primary competitors for webcams are HP, Dell, Lenovo and other manufacturers taking smaller market share such as Razer, HIKVision and Insta360. Tablet…
Other (reported)
- APTV (APTIV PLC)
- FY2025 10-K: …us-gaap:OtherCurrentAssetsMember us-gaap:DesignatedAsHedgingInstrumentMember us-gaap:CashFlowHedgingMember 2025-12-31 0001521332 us-gaap:CommodityContractMember us-gaap:AccruedLiabilitiesMember us-gaap:DesignatedAsHedgingInstrumentMember us-gaap:CashFlowHedgingMember 2025-12-31 0001521332…
- FY2025 10-K: …us-gaap:CashFlowHedgingMember 2023-01-01 2023-12-31 0001521332 us-gaap:ForeignExchangeContractMember us-gaap:DesignatedAsHedgingInstrumentMember us-gaap:NetInvestmentHedgingMember 2023-01-01 2023-12-31 0001521332 us-gaap:DesignatedAsHedgingInstrumentMember 2023-01-01 2023-12-31 0001521332…
- VC (VISTEON CORPORATION)
- FY2025 10-K: …us-gaap:OtherInvestmentsMember us-gaap:FairValueInputsLevel3Member 2025-12-31 0001111335 us-gaap:EstimateOfFairValueFairValueDisclosureMember us-gaap:ForeignPlanMember us-gaap:OtherInvestmentsMember us-gaap:FairValueMeasuredAtNetAssetValuePerShareMember 2025-12-31 0001111335…
- FY2025 10-K: 12-31 0001111335 vc:OtherEuropeMember 2025-01-01 2025-12-31 0001111335 vc:OtherEuropeMember 2024-01-01 2024-12-31 0001111335 vc:OtherEuropeMember 2025-12-31 0001111335 vc:OtherEuropeMember 2024-12-31 0001111335 srt:EuropeMember 2025-01-01 2025-12-31 0001111335 srt:EuropeMember 2024-01-01 2024-12-31 0001111335…
- ALV (AUTOLIV, INC.)
- FY2025 10-K: Pont-de-Buis Inflator and pyrotechnic development Germany Autoliv B.V. & Co. KG Dachau Customer applications and platform development, airbags with full-scale test laboratory India Autoliv India Private Ltd. Bangalore Airbags and seatbelts with sled testing Japan Autoliv Japan Ltd. Tsukuba Airbags and seatbelts…
- FY2025 10-K: …joint ventures and joint development agreements, which could increase our exposure to patent and other intellectual property claims from competitors and other parties. If claims alleging patent, copyright or trademark infringement are brought against us and are successfully prosecuted against us, they could result in…
- LEA (LEAR CORP)
- FY2025 10-K: …craftsmanship and industrial design activity. We have numerous registered trademarks in the United States and in many foreign countries. The most important of these marks include LEAR CORPORATION ® (including our stylized version thereof) and LEAR ® , which are widely used in connection with our products and…
- FY2025 10-K: …benefit plans, see Note 8, "Pension and Other Postretirement Benefit Plans," to the consolidated financial statements included in this Report. Other Matters Legal and Environmental Matters We are involved from time to time in various legal proceedings and claims, including, without limitation, commercial and…
- MGA (Magna International Inc.)
- FY2025 40-F: Province of Ontario , Canada (Province of other jurisdiction of incorporation or organization) 3714 (Primary Standard Industrial Classification Code number (if applicable)) Not Applicable (I.R.S. Employer Identification Number (if applicable)) 337 Magna Drive , Aurora , Ontario , Canada L4G 7K1 ( 905 ) 726-2462…
- FY2025 40-F: …Over Financial Reporting included in Exhibit 99.2 : Management's Discussion and Analysis is incorporated by reference herein. Changes in Internal Controls Over Financial Reporting The disclosure provided under the heading Controls and Procedures - Changes in Internal Controls Over Financial Reporting included in…
- BWA (BORGWARNER INC)
- FY2025 10-K: …us-gaap:OtherNoncurrentAssetsMember us-gaap:DesignatedAsHedgingInstrumentMember us-gaap:NetInvestmentHedgingMember 2025-12-31 0000908255 us-gaap:CrossCurrencyInterestRateContractMember us-gaap:OtherNoncurrentAssetsMember us-gaap:DesignatedAsHedgingInstrumentMember us-gaap:NetInvestmentHedgingMember 2024-12-31…
- FY2025 10-K: 255 bwa:OtherForeignMember bwa:DrivetrainMorseSystemsMember 2023-01-01 2023-12-31 0000908255 bwa:OtherForeignMember bwa:PowerDriveSystemsMember 2023-01-01 2023-12-31 0000908255 bwa:OtherForeignMember bwa:BatteryChargingSystemsMember 2023-01-01 2023-12-31 0000908255 bwa:OtherForeignMember 2023-01-01 2023-12-31…
- PHIN (PHINIA INC.)
- FY2025 10-K: …The ongoing energy transition away from fossil fuels in certain jurisdictions and the adoption of electrified powertrains in some markets (notably the passenger car segment, and to some degree in the light and medium duty commercial vehicle segments) has resulted, and could continue to result, in lower demand for…
- FY2025 10-K: …are well-known in the markets in which we 7 Table of Contents operate, and are key differentiators in particular for our aftermarket business. In certain instances, we also license some of our intellectual property assets to third parties, and in some cases, receive royalties in return. While we consider our…
- MOD (MODINE MANUFACTURING CO)
- FY2025 10-K: ANAGEMENT AND RELATED STOCKHOLDER MATTERS. 96 ITEM 13. CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS, AND DIRECTOR INDEPENDENCE. 96 ITEM 14. PRINCIPAL ACCOUNTANT FEES AND SERVICES. 97 PART IV ITEM 15. EXHIBITS AND FINANCIAL STATEMENT SCHEDULES. 97 ITEM 16. FORM 10-K SUMMARY. 97 SCHEDULE II - VALUATION AND…
- FY2025 10-K: -gaap:OtherComprehensiveIncomeMember 2022-04-01 2023-03-31 0000067347 us-gaap:NondesignatedMember 2022-04-01 2023-03-31 0000067347 us-gaap:OtherCurrentLiabilitiesMember us-gaap:ForeignExchangeContractMember us-gaap:NondesignatedMember 2025-03-31 0000067347 us-gaap:OtherCurrentLiabilitiesMember…
Methodology Note
- Priced-in inversion: the valuation is inverted on the current price to recover the operating-income growth, duration, and steady-state margin the price embeds (ROE for financials, FFO growth for REITs).
- Valuation x-ray: the valuation models, grouped into four families (asset, earnings, relative, growth). Each model is expressed as a price/FV ratio (distance from price), not a point fair-value estimate. The spread across families is the disagreement.
- Economic-unit decomposition (SOTP): each disclosed business unit is assigned its native valuation basis before any multiple is applied. Operating units are valued on enterprise value; funded financial units are valued on their own common equity, because their borrowings fund earning assets rather than levering the parent. A company total is stated only once every material unit carries a supported value and the parent capital bridge reconciles.
- Solvency: net cash/debt, net-debt-to-NOPAT, interest coverage, and share-count CAGR from EDGAR financials (net debt / FFO and fixed-charge coverage for REITs; regulatory-capital framing for financials).
- Peer cohorts: per-segment comparables with deep-linkable SEC filing citations.
Fundamentals sourced from SEC EDGAR filings. Current price from Databento. The priced-in inversion and valuation x-ray are computed by the boothcheck engine; narrative composed by AI from the structured data.