09-23-2026: Wyndham Hotels & Resorts Inc. (WH): World's Largest Hotel Franchisor
Description:
Wyndham Hotels and Resorts provide hotel and resort chain. It operates primarily in Canada, Mexico, Colombia, Ecuador, Turkey, Germany, the UK, the Caribbean and Margarita Island in Venezuela. Wyndham Hotels and Resorts is headquartered in New Jersey, United States.
Wyndham Hotels & Resorts (NYSE: WH): Company Profile and Investment Assessment
As of September 22, 2026
Next earnings: October 28th
Morningstar shows a Sept 21 close of $67.15, a 52-week range of $66.87-$90.35, 74.21M shares outstanding, a $4.98B market cap, and a 2.56% forward dividend yield. TradingView lists the next earnings report on October 28, 2026 and a one-year beta of 0.39.
morningstar
What the company does
Wyndham is the world's largest hotel franchisor by number of properties. It franchises over 9,000 hotels in nearly 95 countries. Its brands include Super 8, Days Inn, La Quinta, Microtel, Ramada, Wingate, and Wyndham.
Wyndham doesn't own most of these hotels. It collects royalty and marketing fees from the independent owners who run them. This "asset-light" model means low capital spending and steady cash flow. Its niche is the budget end of the market. It holds a 50% share of all US economy and midscale branded hotels, and runs the industry's fourth-largest loyalty program. The CEO is Geoff Ballotti, and headquarters are in Parsippany, NJ.
Recent results (Q2 2026, reported July 22)
The good:
Net income rose 17% to $102 million.
The development pipeline hit a record of about 261,000 rooms.
US hotels near AI, data center, transportation and industrial construction projects are getting a boost, especially in the Midwest.
Adjusted EPS was $1.48 against a $1.41 consensus, and full-year EPS guidance was raised to $4.71-$4.83.
The bad:
Revenue was $375M against a $400.8M consensus, and sales fell 5.5% year over year.
tipranks
Global RevPAR (revenue per available room) fell 1%, with the US up 2% but international down 6%.
lodgingmagazine
Middle East RevPAR fell 45% in Q2. Germany suffered from the insolvent Revo hotel portfolio, and Latin America was hurt by fewer Americans traveling to Mexico.
Sources: June 30 net debt leverage of 3.5x at the midpoint of the 3-4x target, $1.0B liquidity, $105M Q2 free cash flow, and the raised EBITDA outlook; debt-to-equity of 5.37 and a current ratio of 0.86; nearest debt maturity in the second half of 2028, with nearly all debt at fixed rates.
Wyndham Q2 Earnings: 2026 EBITDA Outlook Raised +2
Verdict: Solid but leveraged. There's no refinancing risk soon, and the fixed-rate debt protects against rate changes. The debt load does limit flexibility if travel weakens. Wyndham has raised its dividend five years in a row.
investing
Valuation
Forward P/E: about 14x ($67 ÷ $4.77 guidance midpoint). That's cheap compared with hotel peers like Hilton, Marriott, and Choice, which usually trade at 18-30x.
EV/EBITDA: about 10x (about $7.6B enterprise value ÷ $740M EBITDA). This is also at the low end for franchisors.
Analyst consensus: "Moderate Buy," though targets are being cut. Goldman lowered its target to $80 from $87, JPMorgan to $97 from $100, and Barclays to $102 from $104. The range of targets runs from $80 to $115.
tipranks
tradingview
Dissenting view: StockStory rates it "Underperform," citing weak five-year sales growth of 1.1% per year and falling returns on capital.
Price trend
The stock is in a clear downtrend. It has made repeated 52-week lows: $68.93 on September 9 and $67.41 on September 18, then $66.87 yesterday. It is down 10.6% over the past month and 19.5% over the past year. Over the last three years it has traded between $65.63 and $113.07, so the $65-66 area is the next major support level.
Wyndham Hotels stock hits 52-week low at 68.93 USD By Investing.com.
Where the price might go (scenarios, not predictions)
Scenario Next 6-12 months What would cause it
Bull $85-95 Q3 beat on Oct 28, US RevPAR stays positive, international stabilizes, buybacks continue
Base $68-80 Earnings grow in the low-to-mid single digits; the stock drifts back toward 15-16x earnings
Bear $55-62 Consumer recession hits budget travelers, $65 support breaks, guidance is cut
The base case assumes the low valuation eventually attracts buyers. The problem is that no one knows when. Stocks in steady downtrends often stay cheap longer than seems reasonable.
Prospects
Positives:
A record development pipeline supports about 4% annual room growth.
Ancillary revenue, such as co-branded credit card fees, is growing.
US infrastructure and data-center construction brings work crews to economy hotels in small markets.
The dividend and share buybacks give a combined shareholder yield near 7%.
Negatives:
Its core customers are price-sensitive, lower-income travelers, the first group to cut back in a slowdown.
International markets are weak: China, the Middle East, Latin America, and the Revo problem in Germany.
Revenue growth has stalled for years. Earnings growth depends heavily on buybacks.
Insider selling, including the General Counsel selling 41.5% of his holding in March at about $76.
marketbeat
Buy / sell assessment
As a long-term value holding: modest Buy / accumulate on weakness. At about 14x earnings with a 2.5% dividend and a durable franchise business, WH looks undervalued if the US economy avoids a recession.
As a trade right now: wait. The trend is down and the stock keeps making new lows. A more cautious entry would be one of these:
after the October 28 earnings report shows US RevPAR holding up, or
after the price holds the $65-66 area and turns up.
A stop below about $63 would limit losses if support fails.
As a short candidate: may not be a good one. The business itself isn't deteriorating badly. The problems are slow growth and international softness, not a broken company. It is cheap, profitable, and generates cash, and a single good quarter could spark a sharp rally. It will may score middling rather than poor on fundamental ratios.
Might be considered a Hold, with a Buy bias for patient investors.
Corporate Website Excerpts |


Beginning with the first quarter of 2023, as a result of the changes in our Hotel Management segment including the exit from the select-service management business, the sale of our two owned hotels and the exit from substantially all of its U.S. full-service management business, the Hotel Management segment no longer met the quantitative thresholds to be disclosed as a reportable segment. As a result, we aggregated, on a prospective basis, the remaining hotel management business, which is predominately the full-service international managed business within our Hotel Franchising segment.
Beginning in the second quarter of 2025, we revised our reporting methodology to exclude the impact of all rooms under the Super 8 China master license agreement from our reported system size, RevPAR and royalty rate, and corresponding growth metrics. Our financial results will continue to reflect fees due from the Super 8 master licensee in China, which contributed approximately $2 million to our full-year 2025 consolidated adjusted EBITDA. All system size, RevPAR and royalty rates presented for prior years have been recasted throughout this Annual Report to exclude the impact from all rooms associated with our Super 8 master licensee in China to conform to current year presentation.
During the preparation of our year-end 2025 financial statements, we became aware that a large European franchisee, Revo Hospitality Group (Revo) filed for insolvency proceedings under self-administration for most of its operating entities. As a result, we have evaluated the recoverability of the carrying value of assets associated with Revo as of December 31, 2025 and have recorded charges of $160 million, of which $86 million were reported within impairments and $74 million were reported within operating expenses on the Consolidated Statements of Income.
RESULTS OF OPERATIONS
Discussed below are our key operating statistics, consolidated results of operations and the results of operations for our reportable segment. The reportable segment presented below represents our operating segment for which discrete financial information is available and used on a regular basis by our chief operating decision maker to assess performance and to allocate resources. In identifying our reportable segment, we also consider the nature of services provided by our operating segment. Management evaluates the operating results of our reportable segment based upon net revenues and adjusted EBITDA. Hotel Franchising adjusted EBITDA, Corporate adjusted EBITDA and adjusted EBITDA are defined as net income/(loss) excluding net interest expense, depreciation and amortization, early extinguishment of debt charges, impairment and other-related charges (including Revo-related charges), restructuring and other-related charges, contract termination costs, separation-related items, transaction-related items (acquisition-, disposition-, or debt-related), (gain)/loss on asset sales, foreign currency impacts of highly inflationary countries, stock-based compensation expense, income taxes and development advance notes amortization. Adjusted EBITDA is reported on a consolidated basis, while Hotel Franchising adjusted EBITDA and Corporate adjusted EBITDA are reported at a segment level. We believe that Hotel Franchising adjusted EBITDA, Corporate adjusted EBITDA and adjusted EBITDA are useful measures of performance and, when considered with U.S. Generally Accepted Accounting Principles (GAAP) measures, gives a more complete understanding of our operating performance. We use these measures internally to assess operating performance, both absolutely and in comparison to other companies, and to make day to day operating decisions, including in the evaluation of selected compensation decisions. Hotel Franchising adjusted EBITDA, Corporate adjusted EBITDA and adjusted EBITDA are not recognized terms under U.S. GAAP and should not be considered as an alternative to net income or other measures of financial performance or liquidity derived in accordance with U.S. GAAP. Our presentation of Hotel Franchising adjusted EBITDA, Corporate adjusted EBITDA and adjusted EBITDA may not be comparable to similarly-titled measures used by other companies.
We generate royalties and franchise fees, management fees and other revenues from hotel franchising and hotel management activities, as well as fees from licensing our "Wyndham" trademark, certain other trademarks and intellectual property. In addition, pursuant to our franchise and management contracts with third-party hotel owners, we generate
marketing, reservation and loyalty fee revenues and cost reimbursement revenues that over time are offset, respectively, by the marketing, reservation and loyalty costs and property operating costs that we incur.
Neet revenues during 2025 increased by $21 million, or 1%, compared to the prior year primarily driven by $41 million of higher ancillary revenues due to growth in our co-branded credit card program, as well as a larger global system and higher pass-through revenues due to our global franchisee conference in May, partially offset by lower global RevPAR.
Total expenses during 2025 increased $114 million, or 12%, compared to the prior year, primarily driven by:
$82 million of higher operating and general and administrative expenses primarily due to a $74 million loss provision on accounts and loans receivables from Revo, higher costs associated with growth in our co-branded credit card program and the absence of a benefit from insurance recoveries, and elevated costs associated with insurance, litigation defense and employee benefits, all of which were partially offset by cost containment measures, including both operational efficiencies and one-time variable cost reductions;
$74 million of higher impairment charges due to $86 million of charges in 2025 associated with our Vienna House trademark and related-franchise agreements as well as development advance notes of which all were related to the insolvency filing of Revo compared to a $12 million impairment charge incurred in 2024, primarily related to development advance notes;
$12 million of higher separation-related expenses primarily due to a benefit received in 2024 in connection with the reversal of a spin-off related matter; and
$3 million of higher restructuring and other-related costs; partially offset by
$45 million of lower transaction-related expenses primarily due to the failed hostile takeover attempt in 2024;
$9 million of lower depreciation and amortization expense; and
$4 million of lower cost reimbursement expenses which have no impact on net income.
Interest expense, net increased $15 million, or 12% in 2025, compared to the prior year primarily due to a higher average debt balance and higher weighted average interest rate.
Early extinguishment of debt was $3 million in 2024 which was related to the repricing of our term loan B.
Our effective tax rate increased to 26.6% in 2025 from 21.5% in 2024. During 2024 the effective rate was lower primarily due to tax credits received in Puerto Rico and a non-taxable reversal of a separation-related reserve.
As a result of these items, net income decreased $96 million during 2025.
Hotel Franchising
Net revenues during 2025 increased $21 million, or 1% compared to the prior year as discussed above.
Adjusted EBITDA during 2025 increased $14 million compared to the prior-year period primarily driven by:
$32 million of higher fee-related revenues, excluding development advance note amortization, as discussed above; partially offset by
$17 million of higher operating expenses primarily due to higher costs associated with growth in our co-branded credit card program, the absence of a benefit from insurance recoveries, and elevated costs associated with insurance, litigation defense and employee benefits, which were partially offset by cost containment measures, including both operational efficiencies and one-time variable cost reductions.
Corporate
Corporate adjusted EBITDA during 2025 was favorable by $10 million compared to the prior year due to one-time variable cost reductions.
DEVELOPMENT
On December 31, 2025, our global development pipeline consisted of approximately 2,200 hotels and 259,000 rooms, representing another record-high level and a 3% year-over-year increase, including 3% growth in both the U.S. and internationally. Approximately 70% of our pipeline is in the midscale and above segments and 17% is in the extended stay segment. Approximately 42% of our pipeline is in the U.S. Additionally, approximately 77% of our pipeline is new construction, of which approximately 36% has broken ground.
RESTRUCTURING AND OTHER-RELATED
Restructuring
During the second quarter of 2025, the Company approved a restructuring plan focused on streamlining our organizational structure, primarily within our marketing, reservation and loyalty functions. As a result, we incurred $16 million of restructuring expenses, primarily in our Hotel Franchising segment and impacting a total of 181 employees. Such expenses included $8 million related to the closure of a leased call center facility in Canada, of which $3 million were personnel-related and impacting 74 employees. We expect that annualized savings realized will be approximately $15 million primarily in marketing, reservation and loyalty expenses which will be reinvested for other revenue-generating activities.
During the first quarter of 2024, the Company approved a restructuring plan focused on enhancing our organizational efficiency. As a result, we incurred $15 million of restructuring expenses, all of which were personnel-related and primarily in our Hotel Franchising segment. Such plan resulted in a reduction of 135 employees in 2024.
FINANCIAL CONDITION, LIQUIDITY AND CAPITAL RESOURCES
Total assets decreased $41 million from December 31, 2024 to December 31, 2025 primarily related to the impairment and other charges related to the insolvency filing of Revo which resulted in a $160 million reduction in the carrying values of the related assets, partially offset by an increase in development advance notes in support of our growth strategy. Total liabilities increased $141 million year-over-year primarily related to a $97 million increase in our outstanding debt and an increase in deferred revenues. Total equity decreased $182 million year-over-year primarily due to $266 million of stock repurchases and $127 million of dividends declared, partially offset by our net income.
We have outstanding development advance notes, loans and accounts receivables with Revo that has filed for insolvency. Such insolvency proceeding may not be resolved for several years and thus we are subject to uncertainty with respect to the value of our collateral and any potential recovery we may receive, as well as the ongoing viability of our franchise agreements and related loss of rooms and any future revenues.
Liquidity and Capital Resources
Historically, our business generates sufficient cash flow to support current operations, future growth initiatives, and dividend payments to stockholders, while also enabling us to create additional value for our stockholders in the form of share repurchases.
In October 2025, we completed an amendment and extension of our revolving credit facility, increasing the capacity under this facility to $1.0 billion, extending the maturity to 2030 and reducing borrowing costs by 35 basis points.
As of December 31, 2025, our liquidity approximated $840 million. Given the minimal capital needs and flexible cost structure of our business, we believe that our existing cash, cash equivalents, cash generated through operations, together with funding through our revolving credit facility, will be sufficient to fund our operating activities, anticipated capital expenditures and growth needs.
As of December 31, 2025, we were in compliance with the financial covenants of our credit agreement and expect to remain in such compliance. As of December 31, 2025, we had a term loan B with a principal outstanding balance of $1.5 billion maturing in 2030, a term loan A with a principal outstanding balance of $337 million maturing in 2027, $500 million senior unsecured notes due in August 2028 and a five-year revolving credit facility maturing in 2030 with a maximum aggregate principal amount of $1.0 billion, of which $224 million was outstanding.
The interest rate per annum applicable to our term loan B is equal to, at our option, either a base rate plus an applicable rate of 0.75% or the Secured Overnight Financing Rate (SOFR) plus an applicable rate of 1.75%. Our revolving credit facility is subject to an interest rate per annum equal to, at our option, either SOFR, plus a margin of 1.75%, subject to reductions to 1.50%, 1.25%, and 1.00% or a base rate, plus a margin of 0.75%, subject to reductions to 0.50%, 0.25% and 0.00%, in either case based upon our total leverage ratio and our restricted subsidiaries. Our term loan A is subject to an interest rate per annum equal to, at our option, either a base rate plus a margin ranging from 0.50% to 1.00% or SOFR plus a 0.10% SOFR adjustment, plus a margin ranging from 1.50% to 2.00%, in either case based upon our total leverage ratio and the total leverage of our restricted subsidiaries. As of December 31, 2025 the margin on our term loan A was 1.75%.
As of December 31, 2025, we had pay-fixed/receive-variable interest rate swaps which hedge the interest rate exposure on $1.4 billion, effectively representing nearly 95% of the outstanding amount of our term loan B. The interest rate swaps have weighted average fixed rates (plus applicable spreads) ranging from 3.31% to 3.84% based on various effective dates for each of the swap agreements, with $475 million expiring in the fourth quarter of 2027, $600 million expiring in the second quarter of 2028 and $350 million expiring in the third quarter of 2028.
As of December 31, 2025, our credit rating was Ba1 from Moody's Investors Service and BB+ from both Standard and Poor's Rating Agency and Fitch Ratings. A credit rating is not a recommendation to buy, sell or hold securities and is subject to revision or withdrawal by the assigning rating organization. Reference in this report to any such credit rating is intended for the limited purpose of discussing or referring to aspects of our liquidity and of our costs of funds. Any reference to a credit rating is not intended to be any guarantee or assurance of, nor should there be any undue reliance upon, any credit rating or change in credit rating, nor is any such reference intended as any inference concerning future performance, future liquidity or any future credit rating. Our liquidity and access to capital may be impacted by our credit ratings, financial performance and global credit market conditions.
CASH FLOW
During 2025, net cash provided by operating activities increased $77 million compared to the prior year primarily due to the absence of $47 million of transaction-related payments related to the unsuccessful hostile takeover attempt in 2024. Net cash used in investing activities increased $38 million compared to the prior year primarily due to an increase in cash used for loans in connection with development activities. Net cash used in financing activities increased $139 million compared to the prior year primarily due to a reduction in net borrowings, partially offset by $44 million of lower stock repurchases.
During 2024, net cash provided by operating activities decreased $86 million compared to the prior year primarily due to $47 million of transaction-related payments related to the unsuccessful hostile takeover attempt and $37 million of higher development advance notes provided to franchisees in support of system growth. Net cash used in investing activities decreased $1 million compared to the prior year primarily due to the purchase of our corporate headquarters, partially offset by lower loan advances. Net cash used in financing activities decreased $227 million compared to the prior year primarily due to $163 million of higher net debt borrowings, $83 million of lower stock repurchases and $22 million of stock options exercises, partially offset by a $34 million finance lease payment associated with the purchase of our corporate headquarters.
Capital Deployment
Our first priority is to invest in the business in support of our strategies in driving long-term growth and enhancing our competitive position. This includes deploying capital to attract high quality assets into our system, funding technology initiatives aligned with our strategic objectives, supporting brand refresh programs that improve quality and protect brand equity, and pursuing acquisitions or similar transactions that are accretive and strategically enhancing to our business. We also expect to maintain a regular dividend payment. Excess cash generated beyond these needs is expected to be available for enhanced stockholder return in the form of stock repurchases.
During 2025, we invested $46 million in capital expenditures primarily related to information technology, including digital innovation. For 2026, we anticipate total capital expenditures of approximately $45 million.
In addition, we deployed $105 million during 2025 in development advance notes (net of repayments) and expect to invest approximately $110 million for 2026. These investments play a crucial role in attracting higher fee-per-available-room (FeePAR) hotels into our system, strengthening our portfolio with more premium properties. We may also offer other forms of financial support, such as enhanced credit support, to drive our business growth and increase our competitive position.
We allocated $57 million on loans, net of repayments, to franchisees during 2025 to support hotel development activities.
We expect all our cash needs to be funded from cash on hand, cash generated through operations, and/or availability under our revolving credit facility.
Contractual Obligations
Material contractual obligations arising in the normal course of business primarily consist of long-term debt and related interest payments, purchase commitments and lease payments. See Note 11 - Long-Term Debt and Borrowing Arrangements and Note 18 - Leases to the Consolidated Financial Statements contained in Part IV of this report for more information. As of December 31, 2025, we had future long-term interest payment obligations of approximately $515 million, of which $141 million is payable within twelve months.
As of December 31, 2025, we had purchase commitments primarily consisting of
non-cancelable obligations for marketing and technology related services of $168 million, of which $79 million is payable within twelve months.
Stock Repurchase Program
In May 2018, our Board approved a share repurchase plan pursuant to which we were authorized to purchase up to $300 million of our common stock. Our Board has increased the capacity of the program by $300 million in 2019, $800 million in 2022, $400 million in 2023 and $400 million in 2024. Under the plan, we may, from time to time, purchase our common stock through various means, including, without limitation, open market transactions, privately negotiated transactions or tender offers, subject to the terms of the tax matters agreement entered into in connection with our spin-off.
Under our current stock repurchase program, we repurchased approximately 3.1 million shares at an average price of $85.73 for a cost of $266 million during 2025. Since inception of our stock repurchase program, we repurchased 27.9 million shares at an average price of $69.37 per share for a cost of $1.9 billion. As of December 31, 2025, we had $274 million of remaining availability under our program.
In the fourth quarter of 2025, we retired 28 million treasury shares with a cost of $1.9 billion.
Dividend Policy
We declared cash dividends of $0.41 per share in each of the first, second, third and fourth quarters of 2025 ($127 million in aggregate). In February 2026, the Board approved an increase in the quarterly cash dividend to $0.43 per share.
The declaration and payment of future dividends to holders of our common stock is at the discretion of our Board and depends upon many factors, including our financial condition, earnings, capital requirements of our business, covenants associated with certain debt obligations, legal requirements, regulatory constraints, industry practice and other factors that our Board deems relevant.
Foreign Earnings
Although the one-time mandatory deemed repatriation tax during 2017 and the territorial tax system created as a result of U.S. tax reform generally eliminate U.S. federal income taxes on dividends from foreign subsidiaries, we continue to assert that all of our undistributed foreign earnings will be reinvested indefinitely as of December 31, 2025. In the event the Company determines not to continue to assert that all or part of its undistributed foreign earnings are permanently reinvested, such a determination in the future could result in the accrual and payment of additional foreign withholding taxes and U.S. taxes on currency transaction gains and losses, the determination of which is not practicable due to the complexities associated with the hypothetical calculation.
LONG-TERM DEBT COVENANTS
Our credit facilities contain customary covenants that, among other things, impose limitations on indebtedness; liens; mergers, consolidations, liquidations and dissolutions; dispositions, restricted debt payments, restricted payments and transactions with affiliates. Events of default in these credit facilities include, among others, failure to pay interest, principal and fees when due; breach of a covenant or warranty; acceleration of or failure to pay other debt in excess of a threshold amount; unpaid judgments in excess of a threshold amount; insolvency matters; and a change of control. The credit facilities require us to comply with a financial covenant to be tested quarterly, consisting of a maximum first-lien leverage ratio of 5.0 times. The ratio is calculated by dividing consolidated first lien indebtedness (as defined in the credit agreement) net of consolidated unrestricted cash as of the measurement date by consolidated EBITDA (as defined in the credit agreement), as measured on a trailing four-fiscal-quarter basis preceding the measurement date. As of December 31, 2025, our annualized first-lien leverage ratio was 2.8 times.
The indenture, as supplemented, under which the senior notes due 2028 were issued, contains covenants that limit, among other things, our ability and that of certain of our subsidiaries to (i) create liens on certain assets; (ii) enter into sale and leaseback transactions; and (iii) merge, consolidate or sell all or substantially all of our assets. These covenants are subject to a number of important exceptions and qualifications.
SEASONALITY
While the hotel industry is seasonal in nature, periods of higher revenues vary property-by-property and performance is dependent on location and guest base. Based on historical performance, revenues from franchise contracts are generally higher in the second and third quarters than in the first or fourth quarters due to increased leisure travel during the spring and summer months. Our cash from operating activities may not necessarily follow the same seasonality as our revenues and may vary due to timing of working capital requirements and other investment activities. The seasonality of our business may cause fluctuations in our quarterly operating results, earnings, profit margins and cash flows. As we expand into new markets and geographical locations, we may experience increased or different seasonality dynamics that create fluctuations in operating results different from the fluctuations we have experienced in the past.
COMMITMENTS AND CONTINGENCIES
We are involved in claims, legal and regulatory proceedings and governmental inquiries related to our business. Litigation is inherently unpredictable and, although we believe that our accruals are adequate and/or that we have valid defenses in these matters, unfavorable results could occur. As such, an adverse outcome from such proceedings for which claims are awarded in excess of the amounts accrued, if any, could be material to us with respect to earnings and/or cash flows in any given reporting period. As of December 31, 2025, the potential exposure resulting from adverse outcomes of such legal proceedings could, in the aggregate, range up to approximately $7 million in excess of recorded accruals. However, we do not believe that the impact of such litigation should result in a material liability to us in relation to our financial position or liquidity.
Income Taxes
We recognize deferred tax assets and liabilities based on the differences between the financial statement carrying amounts and the tax basis of assets and liabilities using currently enacted tax rates. We regularly review our deferred tax assets to assess their potential realization and establish a valuation allowance for portions of such assets that we believe will not be ultimately realized. In performing this review, we make estimates and assumptions regarding projected future taxable income, the expected timing of the reversals of existing temporary differences and the implementation of tax planning strategies. A change in these assumptions may increase or decrease our valuation allowance resulting in an increase or decrease in our effective tax rate, which could materially impact our results of operations.
For tax positions we have taken or expect to take in our tax return, we apply a more likely than not threshold, under which we must conclude a tax position is more likely than not to be sustained, assuming that the position will be examined by the appropriate taxing authority that has full knowledge of all relevant information, in order to recognize or continue to recognize the benefit. In determining our provision for income taxes, we use judgment, reflecting our estimates and assumptions, in applying the more likely than not threshold. A change in the assumptions and estimates utilized could materially impact our results of operations.
Quantitative and Qualitative Disclosures About Market Risk.
We use various financial instruments, including interest swap contracts, to reduce the interest rate risk related to our debt. We also use foreign currency forwards to manage and reduce the foreign currency exchange rate risk associated with our foreign currency denominated receivables and payables, forecasted royalties, forecasted earnings and cash flows of foreign subsidiaries and
other transactions.
We are exclusively an end user of these instruments, which are commonly referred to as derivatives. We do not engage in trading, market making or other speculative activities in the derivatives markets. More detailed information about these financial instruments is provided in Note 12 - Fair Value to the Consolidated Financial Statements. Our principal market exposures are interest rate and currency exchange rate risks.
We assess our exposures to changes in interest rates utilizing a sensitivity analysis. The sensitivity analysis measures the potential impact in earnings, fair values and cash flows based on a hypothetical 10% change (increase and decrease) in interest rates. Our variable-rate borrowings, which include our term loan, a portion of which has been swapped to a fixed interest rate, and any borrowings we make under our revolving credit facility, expose us to risks caused by fluctuations in the applicable interest rates. The total outstanding balance of such variable-rate borrowings, net of swaps, was $649 million as of December 31, 2025. A hypothetical 10% change in our effective weighted average interest rate on our variable-rate borrowings would result in a $2 million increase or decrease to our annual long-term debt interest expense, and a one-point change in the underlying interest rates would result in approximately a $6 million increase or decrease in our annual interest expense.
The fair values of cash and cash equivalents, trade receivables, accounts payable and accrued expenses and other current liabilities approximate their carrying values due to the short-term nature of these assets and liabilities.
We have foreign currency rate exposure to exchange rate fluctuations worldwide, particularly with respect to the Canadian Dollar, the Chinese Yuan, the Euro, the Brazilian Real, the British Pound and the Argentine Peso. We anticipate that such foreign currency exchange rate risk will remain a market risk exposure for the foreseeable future.
We use a current market pricing model to assess the changes in the value of our foreign currency derivatives used by us to hedge underlying exposure that primarily consists of our non-functional-currency current assets and liabilities. The primary assumption used in these models is a hypothetical 10% weakening or strengthening of the U.S. dollar against all our currency exposures as of December 31, 2025. The gains and losses on the hedging instruments are largely offset by the gains and losses on the underlying assets, liabilities or expected cash flows. As of December 31, 2025, the absolute notional amount of our outstanding foreign exchange hedging instruments was $294 million. We have determined through such analyses that a hypothetical 10% change in foreign currency exchange rates would have resulted in approximately an $8 million increase or decrease to the fair value of our outstanding forward foreign currency exchange contracts, which would generally be offset by an opposite effect on the underlying exposure being economically hedged.
Argentina is considered to be a highly inflationary economy. As of December 31, 2025, we had total net exposure in Argentina relating to foreign currency of approximately $8 million. Foreign currency exchange losses related to Argentina were immaterial during both 2025 and 2024 and $14 million during 2023.
Our total market risk is influenced by a wide variety of factors including the volatility present within the markets and the liquidity of the markets. There are certain limitations inherent in the sensitivity analyses presented. While probably the most meaningful analysis, these "shock tests" are constrained by several factors, including the necessity to conduct the analysis based on a single point in time and the inability to include the complex market reactions that normally would arise from the market shifts modeled.

Overall Market Comparison |
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6 BALY Ballys Corporation 14 +47.52% +34.49% -3.18% +33.97% -15.25%
7 ACVA Acv Auctions Inc Cl A 10.46 +43.68% -0.19% +59.21% +4.91% +30.42%
8 GOTU Gaotu Techedu Inc ADR 2.46 +43.02% +13.89% +41.38% -25.00% +6.03%
9 DNA Ginkgo Bioworks Holdings 10.66 +41.38% +35.28% +11.39% -5.24% +28.28%
10 CVI Cvr Energy Inc 51.52 +35.97% -4.04% +88.65% +43.11% +102.52%
11 SEI Solaris Energy Infrastructure Inc 70.97 +34.18% +1.88% -10.65% +85.79% +54.38%
12 BE Bloom Energy Corp Cl A 288.7 +32.77% +8.69% -6.62% +320.29% +232.26%
13 FIRY Firy Inc 12.42 +32.41% +20.12% +48.56% +70.14% +188.17%
14 PS Pershing Square Inc 56.16 +31.68% +12.70% +89.60% N/A N/A
15 RSKD Riskified Ltd Cl A 7.78 +30.98% +25.28% +58.45% +65.18% +56.54%
16 GME Gamestop Corp 23.39 +29.30% +3.31% +11.33% -7.44% +16.48%
17 NET Cloudflare Inc Cl A 349.02 +25.74% +7.86% +53.99% +59.95% +77.03%
18 DELL Dell Technologies 562.89 +24.67% -0.91% +37.47% +329.82% +347.16%
19 JILL J. Jill Inc 24.63 +24.65% +2.88% +63.22% +39.47% +79.52%
20 ANF Abercrombie & Fitch Company 135.71 +24.62% -0.04% +51.89% +54.46% +7.82%
21 DOCN Digitalocean Holdings Inc 139.75 +24.14% +7.38% -3.85% +297.81% +190.42%
22 PRLB Proto Labs Inc 96.25 +24.03% +9.69% +18.51% +95.71% +90.25%
23 UMC United Microelectronics Corp ADR 24.31 +24.03% -1.22% -12.33% +226.31% +209.29%
24 TWLO Twilio 275.8 +23.14% +13.11% +44.49% +172.18% +93.90%
25 FTK Flotek Industries 29.53 +23.04% -5.96% +35.03% +106.22% +71.39%
26 P Everpure Inc 126 +22.56% +20.99% +75.76% +50.95% +88.03%
27 SSL Sasol Ltd ADR 14.03 +22.53% +2.26% +38.23% +124.48% +115.51%
28 ADCT Adc Therapeutics Sa 1.27 +22.12% +20.95% +22.12% -63.19% -64.02%
29 LVWR Livewire Group Inc 1.5 +21.95% -7.98% +48.51% -68.55% -66.06%
30 GCTS Gct Semiconductor Holding Inc 2.23 +21.20% +7.73% -9.72% +42.95% +85.83%
31 FPS Forgent Power Solutions Inc Cl A 38.97 +21.06% -1.19% -33.61% N/A N/A
32 RVTY Revvity Inc 151.11 +21.04% +5.34% +33.10% +81.97% +56.19%
33 SIG Signet Jewelers Ltd 102.26 +20.87% +1.87% +22.28% +7.38% +23.38%
34 TISI Team Inc 29.06 +20.63% +3.97% +71.95% +71.14% +105.66%
35 EBS Emergent Biosolutions 6.79 +20.39% -0.15% -14.91% -22.31% -45.06%
36 LUXE Luxexperience B.V. ADR 9.38 +20.26% -6.94% +26.93% +11.40% +12.34%
37 ECO Okeanis Eco Tankers Corp 77.9 +19.77% -8.30% +50.15% +164.43% +130.20%
38 EFXT Enerflex Ltd 23.57 +19.52% +3.65% -4.26% +111.96% +52.75%
39 ASX Ase Industrial Holding Ltd ADR 44.31 +19.50% +6.44% +5.88% +286.65% +175.22%
40 SG Sweetgreen Inc Cl A 8.24 +19.42% +14.13% -8.04% +0.86% +21.89%
41 CLS Celestica Inc 365.44 +19.09% +9.86% +1.12% +49.38% +23.62%
42 ZH Zhihu Inc ADR 3.76 +18.99% +17.13% +27.46% -28.11% +14.63%
43 RBLX Roblox Corp Cl A 46.44 +18.71% -2.89% +0.11% -64.83% -42.69%
44 RBRK Rubrik Inc Cl A 109.55 +18.24% +2.66% +54.25% +33.61% +43.24%
45 CRT Cross Timbers Royalty Trust 12.5 +17.81% -1.96% +40.61% +69.84% +57.23%
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PAGE 2 - SECTION CONTAINING WH - WH is rank 1131 of 1876
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Rank Ticker Company Price 1-Mo % 5-Day % 3-Mo % 52-Wk % YTD %
-------------------------------------------------------------------------------------------------------------------
1109 PNC PNC Bank 225.64 -7.57% -3.23% -8.01% +11.30% +8.10%
1110 GNL Global Net Lease Inc 8.55 -7.57% -2.51% -5.32% +5.82% -0.58%
1111 HLIO Helios Technologies Inc 68.64 -7.58% -0.94% -26.10% +30.74% +28.32%
1112 MFA MFA Financial Inc 8.17 -7.58% -2.27% -15.16% -14.81% -12.24%
1113 BGSF Bgsf Inc 5 -7.58% +1.01% -10.55% -26.25% +7.99%
1114 XYZ Block Inc 76.42 -7.62% +0.18% +3.16% +3.72% +17.41%
1115 DEO Diageo Plc ADR 87.52 -7.63% +2.25% +5.94% -6.54% +1.45%
1116 ESNT Essent Group Ltd 63.73 -7.64% -5.15% +3.04% -0.84% -1.97%
1117 U Unity Software Inc 41.55 -7.65% +0.36% +55.56% -1.33% -5.93%
1118 CHH Choice Hotels International 101.81 -7.66% +5.12% -8.43% -6.22% +6.88%
1119 CRI Carter's Inc 31.31 -7.67% +5.63% -27.34% +10.95% -3.45%
1120 XHR Xenia Hotels & Resorts Inc 18.17 -7.67% +2.54% -10.93% +27.60% +28.50%
1121 BLK Blackrock Inc 1086.3101 -7.68% +1.55% +11.77% -5.32% +1.49%
1122 SOBO South Bow Corp 33.99 -7.69% -5.27% -7.05% +19.10% +23.73%
1123 SPOT Spotify Technology S.A. 510.01 -7.70% +0.11% +15.59% -28.43% -12.17%
1124 BF.A Brown Forman Inc Cl A 26.69 -7.71% +0.64% -5.15% +0.64% +1.44%
1125 BVN Compania Mina Buenaventura S.A. A. 33.17 -7.71% -3.38% +8.12% +44.72% +19.19%
1126 CIA Citizens Inc 3.59 -7.71% +0.28% -39.66% -39.05% -25.67%
1127 VTR Ventas Inc 86.59 -7.72% -0.12% -0.96% +27.00% +11.90%
1128 OTIS Otis Worldwide Corp 65.94 -7.72% -3.77% -10.44% -26.27% -24.51%
1129 BXDC Blackstone Digital Infrastructure. 19.08 -7.74% -1.29% -11.50% N/A N/A
1130 NPK National Presto Industries 144.66 -7.74% -2.64% +16.93% +30.04% +35.50%
1131 WH Wyndham Hotels & Resorts Inc 69.99 -7.75% +2.84% -18.73% -13.55% -7.37%
1132 RDDT Reddit Cl A 149.84 -7.76% -0.67% -5.18% -35.62% -34.82%
1133 BKSY Blacksky Technology Inc 23.25 -7.77% +7.29% -4.52% +17.25% +24.00%
1134 FDS Factset Research Systems 273.08 -7.77% -3.79% +30.76% -3.80% -5.90%
1135 GTN.A Gray Television Inc Cl A 5.34 -7.77% +4.71% -31.54% -45.73% -55.50%
1136 LPX Louisiana-Pacific Corp 66.7 -7.77% +2.11% -18.26% -20.01% -17.41%
1137 AR Antero Resources Corp 35 -7.77% +0.40% +1.45% +2.79% +1.57%
1138 TECK Teck Resources Ltd 66.05 -7.78% +0.81% +11.95% +65.25% +37.92%
1139 OTF Blue Owl Technology Finance Corp 10.31 -7.78% -2.64% +0.59% -27.50% -29.09%
1140 NOA North American Construction Group. 12.3 -7.80% -3.15% -10.55% -10.61% -14.41%
1141 GPN Global Payments Inc 86.49 -7.81% +1.68% +26.89% +1.87% +11.74%
1142 SCI Service Corp International 77.84 -7.83% +0.10% +7.10% -3.70% -0.17%
1143 GBX Greenbrier Companies 42.54 -7.84% +1.72% -14.75% -6.26% -8.99%
1144 CIB Bancolombia S.A. ADR 95.15 -7.85% -1.53% +20.61% +81.45% +49.58%
1145 ASR Grupo Aeroportuario Del Sureste A. 243.21 -7.86% -0.05% -21.45% -27.69% -24.80%
1146 CMRE Costamare Inc 14.53 -7.86% -6.02% -1.16% +14.23% -7.98%
1147 IRM Iron Mountain Inc 111.38 -7.87% -2.59% -15.02% +10.50% +34.27%
1148 CP Canadian Pacific Kansas City Ltd 86.91 -7.88% -0.65% -0.15% +17.11% +18.04%
1149 SO Southern Company 82.88 -7.88% -3.09% -13.59% -11.54% -4.95%
1150 LION Lionsgate Studios Corp 10.85 -7.89% +1.02% -31.42% +55.67% +18.84%
1151 SNN Smith & Nephew Snats ADR 26.91 -7.91% -2.36% -10.95% -23.72% -17.98%
1152 INGR Ingredion Inc 96.72 -7.91% -0.63% -0.10% -20.07% -12.28%
1153 AVEX Aevex Corp Cl A 16.07 -7.91% -0.80% +4.15% N/A N/A
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PAGE 3 - BOTTOM 45 BY 1-MONTH % CHANGE (ranks 1832-1876)
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Rank Ticker Company Price 1-Mo % 5-Day % 3-Mo % 52-Wk % YTD %
-------------------------------------------------------------------------------------------------------------------
1832 XPOF Xponential Fitness Inc Cl A 3.92 -25.19% +7.40% -43.92% -49.87% -52.37%
1833 PATH Uipath Inc Cl A 12.46 -25.21% -6.95% +25.48% +2.64% -23.98%
1834 LFT Lument Finance Trust Inc 5.19 -25.37% -21.00% -51.04% -75.17% -63.19%
1835 CAVA Cava Group Inc 51.58 -25.56% -0.12% -38.08% -17.62% -12.11%
1836 AHT Ashford Hospitality Trust Inc 2.49 -25.56% -9.12% -22.43% -57.14% -41.55%
1837 FUN Six Flags Entertainment Corp 12.32 -25.74% +0.82% -45.17% -41.50% -19.69%
1838 BROS Dutch Bros Inc Cl A 37.89 -25.82% -5.35% -43.11% -28.99% -38.11%
1839 CHWY Chewy Inc 18.27 -26.00% -11.40% +0.72% -51.86% -44.72%
1840 EVH Evolent Health Inc Cl A Com 3.61 -26.18% -2.17% -28.23% -59.53% -9.75%
1841 DFH Dream Finders Homes Inc Cl A 11.3 -26.19% -0.44% -32.70% -56.30% -33.92%
1842 FOA Finance of America Companies Inc . 14.49 -26.33% +3.43% -33.10% -36.81% -40.15%
1843 ALIT Alight Inc Cl A 11.02 -26.34% -6.37% -2.36% -82.05% -71.74%
1844 BRBR Bellring Brands Inc Cl A 7.91 -26.49% -11.92% -30.55% -78.41% -70.41%
1845 TROX Tronox Inc 4.03 -26.86% -4.28% -41.08% +3.33% -3.36%
1846 ANRO Alto Neuroscience Inc 26.49 -27.04% -12.49% +4.70% +597.11% +48.82%
1847 SLQT Selectquote Inc 0.4 -27.05% -14.38% -55.06% -80.00% -71.63%
1848 CCM Concord Medical Services ADR 3.6 -27.27% -7.46% -18.37% -45.21% -6.74%
1849 PAR Par Technology Corp 14.06 -27.38% -7.80% -11.68% -64.76% -61.25%
1850 LDI Loandepot Inc Cl A 0.6701 -27.46% -3.96% -43.69% -79.06% -67.63%
1851 KRMN Karman Holdings Inc 35.69 -27.46% -0.17% -22.87% -47.05% -51.22%
1852 TPB Turning Point Brands 62.07 -27.66% -8.91% -26.02% -36.68% -42.74%
1853 ENOV Enovis Corp 18.46 -27.83% +2.33% -16.13% -38.51% -30.71%
1854 MAX Mediaalpha Inc Cl A 9.27 -27.86% -11.63% -15.73% -23.13% -28.42%
1855 ANVS Annovis Bio Inc 1.31 -28.02% +14.91% -20.61% -38.50% -62.14%
1856 ENVA Enova International Inc 173.48 -28.72% -0.71% -21.64% +41.24% +10.36%
1857 FINV Finvolution Group ADR 3.11 -28.83% -5.76% -33.97% -59.19% -40.54%
1858 ACR Acres Commercial Realty Corp 10.48 -29.48% -21.56% -38.43% -50.28% -50.89%
1859 OXM Oxford Industries 25.95 -29.48% -8.85% -26.30% -36.15% -24.12%
1860 EIX Edison International 52.65 -29.59% -4.81% -29.57% -2.59% -12.28%
1861 CXM Sprinklr Inc Cl A 5.07 -32.13% -4.88% +3.26% -35.08% -34.83%
1862 VACI Viking Acquisition Corp. I Cl A 6.93 -32.32% -11.27% -32.13% N/A -30.00%
1863 PCG Pacific Gas & Electric Company 12.34 -32.79% -6.52% -27.75% -14.54% -23.21%
1864 GLAS Glass House Brands Inc 6.8 -32.87% -14.68% -46.62% +4.45% -23.16%
1865 RC Ready Capital Corp 1.33 -33.17% -19.88% -23.12% -67.95% -38.99%
1866 BBW Build-A-Bear Workshop 25.77 -34.54% +5.44% -19.47% -64.41% -57.94%
1867 JKS Jinkosolar Holding Company ADR 9.67 -37.61% -6.93% -43.12% -61.91% -62.53%
1868 CTEV Claritev Corporation 23.2 -38.36% -24.70% -33.18% -53.46% -45.73%
1869 EVMN Evommune Inc 8.49 -38.43% -12.02% -64.82% N/A -50.41%
1870 ACH Accendra Health Inc 0.708 -38.97% -20.42% -77.67% -85.37% -74.71%
1871 DAVA Endava Plc ADR 1.81 -44.31% -34.89% -30.65% -79.43% -71.36%
1872 CABO Cable One Inc 14.65 -44.38% -15.66% -63.96% -90.94% -87.02%
1873 GWH Ess Tech Inc 0.21 -44.44% -41.78% -72.51% -87.86% -88.83%
1874 GETY Getty Images Holdings Inc Cl A 0.1404 -47.26% -37.10% -85.81% -92.84% -89.52%
1875 MSC Studio City Intl Holdings Ltd ADR 0.88 -52.46% -11.11% -55.22% -76.22% -75.21%
1876 SOS Sos Ltd ADR 0.3589 -62.70% -48.45% -65.82% -82.32% -74.18%
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Overall Recommendation
| Decision Weighting Factors |
| Factors | Weighted Points |
| Moving Average | - 1 |
| A.I. Description | + 1 |
| News | - 1 |
| Amibroker | - 1 |
| Pattern Match | - 1 |
| Heiken Ashi | - 1 |
| Market Profile | - 1 |
| Zenith Index | - 1 |
| Mgmt Discussion | + 1 |
| Analysts | + 1 |
| Co. Website Description | + 1 |
| Overall Mkt. Comparisoon | - 1 |
| Total | - 4 |
Stocks Recent Momentum Changes |
Below is a look at our current stocks of interest sorted by
a five-(or more) year average p/e divided by current p/e, as of 09/15/2026 (bottom charts).
This is useful in relating recent performance to past valuation.
As one indicator, 1.0 is the break point between potentially weaker and strong stocks.
It should not be used by itself to predict without regard for many other extraneous factors.
"% Change" entries close to 0.000 are about at equal levels because of recent sideways market movement.
Zenith Benchmark Performance Report (1st Quarter):
Below is an interim report on a portion of Zenith's First Quarter covering 01-02-2026 to 02-19-2026. We commit around $30,000 per stock and do not compound investments so share alotments stay constant. Reports are made at odd intervals and trades closed out at the end of each quarter starting with March 31st, then given a fresh start each quarter with new cumulative totals and previous totals out.
Closed Trades
_____________
Trade Total Gain
Date Sym Company BS Shares Price Aft Cm (-Loss)
260102 ADBE Adobe Systems Inc S 113 347.61 $ 39,279 $ 0
260209 ADBE Adobe Systems Inc B 226 265.58 $ 60,021 $ 9,269
260901 ADBE Adobe Systems Inc S 226 291.58 $ 65,897 $ 11,250
260102 AMCX AMC Networks Cl A S 3906 9.48 $ 37,028 $ 0
260209 AMCX AMC Networks Cl A B 7812 7.32 $ 57,183 $ 8,437
260825 AMCX AMC Global Media Inc S 7812 12.80 $ 99,993 $ 24,490
260102 AVGO Broadcom Ltd S 88 357.05 $ 31,420 $ 0
260204 AVGO Broadcom Ltd B 176 298.25 $ 52,492 $ 5,174
260603 AVGO Broadcom Ltd S 176 490.05 $ 86,248 $ 17,353
260203 AXTA Axalta Coating Systems Ltd B 871 31.76 $ 27,662 $ 0
260210 AXTA Axalta Coating Systems Ltd S 1742 34.77 $ 60,569 $ 2,622
260106 BFAM Bright Horizons Family Solutio S 352 103.41 $ 36,400 $ 0
260209 BFAM Bright Horizons Family Solutio B 704 83.81 $ 59,002 $ 6,899
260102 BG Bunge Ltd B 253 89.59 $ 22,666 $ 0
260204 BG Bunge Ltd S 506 120.42 $ 60,932 $ 7,800
260730 BG Bunge Ltd B 506 103.84 $ 52,543 $ 7,509
260108 BP BP Plc ADR B 811 33.73 $ 27,355 $ 0
260204 BP BP Plc ADR S 1622 39.11 $ 63,436 $ 4,363
260701 BP BP Plc ADR B 1622 36.40 $ 59,040 $ 9,237
260102 CAT Caterpillar Inc B 40 581.06 $ 23,242 $ 0
260210 CAT Caterpillar Inc S 80 744.48 $ 59,558 $ 6,537
260108 CCB Coastal Financial Corp S 341 118.57 $ 40,432 $ 0
260205 CCB Coastal Financial Corp B 682 84.39 $ 57,553 $ 11,656
260102 CELH Celsius Holdings Inc B 647 46.23 $ 29,910 $ 0
260120 CELH Celsius Holdings Inc S 1294 57.27 $ 74,107 $ 7,143
260806 CELH Celsius Holdings Inc B 1294 23.79 $ 30,784 $ 22,599
260116 CENTA Central Garden & Pet B 889 28.71 $ 25,523 $ 0
260206 CENTA Central Garden & Pet S 1778 34.16 $ 60,736 $ 4,845
260114 CHEF The Chefs Warehouse B 458 57.96 $ 26,545 $ 0
260209 CHEF The Chefs Warehouse S 916 67.45 $ 61,784 $ 4,347
260105 EPD Enterprise Products Partners L B 852 31.87 $ 27,153 $ 0
260205 EPD Enterprise Products Partners L S 1704 35.19 $ 59,963 $ 2,828
260114 FOUR Shift4 Payments Inc S 501 67.88 $ 34,007 $ 0
260203 FOUR Shift4 Payments Inc B 1002 53.18 $ 53,286 $ 7,364
260102 HLX Helix Energy Solutions Group B 3546 6.21 $ 22,020 $ 0
260209 HLX Helix Energy Solutions Group S 7092 8.69 $ 61,629 $ 8,794
260224 HLX Helix Energy Solutions Group S 7092 10.64 $ 75,458 $ 8,901
260624 HLX Helix Energy Solutions Group B 7092 8.50 $ 60,282 $ 7,588
260102 INTC Intel Corp B 636 38.14 $ 24,257 $ 0
260122 INTC Intel Corp S 1272 54.05 $ 68,751 $ 10,118
260102 JBHT J B Hunt Transport B 130 195.48 $ 25,412 $ 0
260210 JBHT J B Hunt Transport S 260 228.60 $ 59,436 $ 4,306
260102 KEYS Keysight Technologies Inc B 127 205.76 $ 26,131 $ 0
260210 KEYS Keysight Technologies Inc S 254 235.59 $ 59,839 $ 3,788
260107 KKR KKR & Company LP S 279 135.91 $ 37,918 $ 0
260205 KKR KKR & Company LP B 558 98.34 $ 54,873 $ 10,482
260813 KKR KKR & Company LP S 558 115.40 $ 64,393 $ 8,900
260918 KKR KKR & Company LP B 279 0.00 $ 0 $ 32,519
260121 LEU Centrus Energy Corp S 113 342.14 $ 38,661 $ 0
260204 LEU Centrus Energy Corp B 226 232.82 $ 52,617 $ 12,353
260102 LHX L3Harris Technologies Inc B 86 293.92 $ 25,277 $ 0
260129 LHX L3Harris Technologies Inc S 172 365.89 $ 62,933 $ 6,189
260826 LHX L3Harris Technologies B 172 261.12 $ 44,912 $ 9,831
260102 LVS Las Vegas Sands S 526 64.96 $ 34,168 $ 0
260129 LVS Las Vegas Sands B 1052 52.44 $ 55,166 $ 6,585
260115 MPAA Motorcar Parts Amer S 2795 13.60 $ 38,012 $ 0
260209 MPAA Motorcar Parts Amer B 5590 9.38 $ 52,434 $ 11,795
260630 MPAA Motorcar Parts Amer S 5590 16.27 $ 90,949 $ 17,776
260105 PCVX Vaxcyte Inc B 545 44.38 $ 24,187 $ 0
260203 PCVX Vaxcyte Inc S 1090 58.36 $ 63,612 $ 7,619
260611 PCVX Vaxcyte Inc B 1090 45.75 $ 49,867 $ 10,137
260107 PLTR Palantir Technologies Inc Cl A S 215 185.41 $ 39,863 $ 0
260205 PLTR Palantir Technologies Inc Cl A B 430 129.60 $ 55,728 $ 11,999
260828 PLTR Palantir Technologies Cl A S 430 186.49 $ 80,190 $ 16,998
260108 SNOW Snowflake Inc Cl A S 164 233.95 $ 38,367 $ 0
260205 SNOW Snowflake Inc Cl A B 328 157.64 $ 51,705 $ 12,515
260903 SNOW Snowflake Cl A S 328 380.71 $ 124,872 $ 42,842
260106 TMHC Taylor Morrison Home Corp B 451 57.82 $ 26,076 $ 0
260210 TMHC Taylor Morrison Home Corp S 902 66.62 $ 60,091 $ 3,969
260106 TT Trane Technologies Plc B 65 351.54 $ 22,850 $ 0
260210 TT Trane Technologies Plc S 130 460.80 $ 59,903 $ 7,101
260515 TTEK Tetra Tech Inc B 816 26.07 $ 21,273 $ 0
260824 TTEK Tetra Tech Inc S 1632 37.21 $ 60,726 $ 9,090
260113 VOD Vodafone Grp Plc ADR B 1967 13.28 $ 26,121 $ 0
260204 VOD Vodafone Grp Plc ADR S 3934 15.74 $ 61,921 $ 4,839
260108 VRT Vertiv Holdings Llc. B 150 160.36 $ 24,054 $ 0
260209 VRT Vertiv Holdings Llc. S 300 206.35 $ 61,905 $ 6,898
260729 VRT Vertiv Holdings B 300 223.13 $ 66,939 $ 22,952
260109 WDFC W D 40 Company B 125 177.13 $ 22,141 $ 0
260205 WDFC W D 40 Company S 250 250.71 $ 62,677 $ 9,197
260915 WDFC W D 40 Company B 250 191.90 $ 47,974 $ 13,001
260129 ZBH Zimmer Biomet Holdings B 328 85.44 $ 28,024 $ 0
260210 ZBH Zimmer Biomet Holdings S 656 94.48 $ 61,978 $ 2,965
260120 ZM Zoom Communications Inc B 315 80.57 $ 25,379 $ 0
260128 ZM Zoom Communications Inc S 630 96.60 $ 60,857 $ 5,049
_________
$ 465,307
Open Positions, Only
_____________________
Recent Total Gain
Date Sym Company BS Shares Price Aft Cm (-Loss)
260825 AMCX AMC Global Media Inc S 3906 12.23 $ 47,770 $ 2,249
260901 ADBE Adobe Systems Inc S 113 263.32 $ 29,755 $ 3,225
260807 AXTA Axalta Coating Systems Ltd S 871 33.15 $ 28,873 $ 4,460
260331 BP BP Plc ADR S 811 46.92 $ 38,048 $ 8,442
260422 BFAM Bright Horizons Family Solutio S 352 67.00 $ 23,582 $ 3,061
260603 AVGO Broadcom Ltd S 88 338.26 $ 29,766 $ 13,491
260603 BG Bunge Ltd S 253 122.26 $ 30,931 $ 4,614
260630 CAT Caterpillar Inc S 40 782.45 $ 31,298 $ 11,323
260226 CELH Celsius Holdings Inc S 647 27.80 $ 17,986 $ 2,569
260806 CENTA Central Garden & Pet S 889 34.60 $ 30,757 $ 5,201
260507 LEU Centrus Energy Corp S 113 141.46 $ 15,984 $ -32
260428 CCB Coastal Financial Corp S 341 47.25 $ 16,112 $ 3,467
260519 EPD Enterprise Products Partners L S 852 38.76 $ 33,023 $ 861
260224 HLX Helix Energy Solutions Group S 3546 10.60 $ 37,587 $ 143
260630 INTC Intel Corp S 636 97.86 $ 62,240 $ 27,665
260716 JBHT J B Hunt Transport S 130 272.94 $ 35,482 $ 3,128
260622 KEYS Keysight Technologies S 127 311.94 $ 39,616 $ 7,603
260302 LHX L3Harris Technologies S 86 251.83 $ 21,657 $ 393
260417 LVS Las Vegas Sands S 526 42.03 $ 22,107 $ -198
260630 MPAA Motorcar Parts Amer S 2795 10.91 $ 30,493 $ 15,131
260828 PLTR Palantir Technologies Cl A S 215 176.09 $ 37,859 $ 2,258
260220 FOUR Shift4 Payments Inc S 501 43.56 $ 21,821 $ 4,288
260903 SNOW Snowflake Cl A S 164 322.80 $ 52,940 $ 9,591
260721 TMHC Taylor Morrison Home Corp S 451 72.45 $ 32,674 $ -314
260824 TTEK Tetra Tech Inc S 816 36.76 $ 29,996 $ 371
260901 CHEF The Chefs Warehouse S 458 106.00 $ 48,548 $ 4,843
260625 TT Trane Technologies Plc S 65 415.67 $ 27,018 $ 5,589
260225 PCVX Vaxcyte Inc S 545 59.03 $ 32,171 $ 7,165
260514 VRT Vertiv Holdings S 150 236.24 $ 35,436 $ 1,947
260915 VOD Vodafone Grp Plc ADR S 1967 17.65 $ 34,717 $ -298
260710 WDFC W D 40 Company S 125 192.44 $ 24,055 $ 67
260901 ZBH Zimmer Biomet Holdings S 328 98.26 $ 32,229 $ 1,183
260601 ZM Zoom Communications Inc S 315 93.72 $ 29,521 $ 6,322
_________
$ 159,808
Grand Total (non-option trades): $ 625,115
Below is a look at our current stocks of interest sorted by
a five-(or more) year average p/e divided by current p/e, as of 09/15/2026.
Summary (sorted by AVPE/CUPE, desc):
Ticker Name AVPE/CUPE
BP BP 16.359
ZM Zoom Communications 7.623
AMCX AMC Global Media 5.217
BFAM Bright Horizons Family Solutions 3.325
CELH Celsius Holdings 3.166
ADBE Adobe 2.934
ZBH Zimmer Biomet Holdings 2.196
VOD Vodafone Group 1.894
TTEK Tetra Tech 1.519
WDFC WD-40 1.439
PLTR Palantir Technologies 1.380
LVS Las Vegas Sands 1.377
MPAA Motorcar Parts Of America 1.285
CENTA Central Garden & Pet 1.267
AXTA Axalta Coating Systems 1.223
AVGO Broadcom 1.216
LHX L3Harris Technologies Inc 1.159
FOUR Shift4 Payments 1.057
VRT Vertiv Holdings 0.917
CCB Coastal Financial 0.799
TT Trane Technologies 0.790
JBHT J.B Hunt Transport Services 0.765
KEYS Keysight Technologies 0.719
CHEF Chefs' Warehouse 0.709
EPD Enterprise Products Partners 0.644
CAT Caterpillar 0.474
BG Bunge Global SA 0.384
LEU Centrus Energy 0.275
INTC Intel 0.009
SNOW Snowflake 0.000
PCVX Vaxcyte 0.000
This is useful in relating recent performance to past valuation.
As one indicator, 1.0 is the break point between potentially weaker and strong stocks.
It should not be used by itself to predict without regard for many other extraneous factors.
Note: 0.000 entries are way down on the list because successive annual losses reported.