Quality
Return on invested capital, after tax
23.8% Computed
From the FY2025 filing
ValueScreener company report
Alphabet Inc. (GOOG)
NASDAQ / Communication Services / Internet Content & Information
Share price
343.65 USD Market dataClose of Oct 14, 2026Market capitalisation
4.20T USD Market dataClose of Oct 14, 2026- Market data
- Oct 14, 2026
- Filed accounts
- FY2025, filed Feb 5, 2026
- Ratios computed
- Oct 14, 2026
- Filed years
- 10, FY2016 to FY2025
Four kinds of sourceSEC filingCompany statementMarket dataComputedWhat each means
- SEC filingFiled with the SEC
- Read from a statement the company filed with the SEC, with the form, fiscal year, filing date and accession beside it.
- Company statementCompany statement
- What the company says about itself in a filing: an 8-K item, the auditor, its own segment names.
- Market dataMarket data
- Prices, market value and what analysts publish, with the date they are as of.
- ComputedComputed by ValueScreener
- Worked out by us from the other three, with the inputs and the formula one press away. A score is a research output, not a rating or a recommendation.
Reading
1 of 10
Overview
What the business is, what it costs, and how it reads on four questions.
Market dataSEC filingComputed
Four questions, at a glance
Financial strength
Debt to equity
0.16 Computed
From the FY2025 filing
Valuation
Price to earnings
31.50x Computed
FY2025 accounts, priced at the latest close
Cash generation
Free cash flow yield
1.7% Computed
FY2025 accounts, priced at the latest close
Revenue and net income, as filed
- Named tests met
- 5 of 30 Which tests
The business, and the score behind its five axes
The reading, in brief
- Is it cheap
Price to earnings is 31.50x at the close of 2026-10-14 on FY2025 figures; the lines are 15.00x (Graham's defensive ceiling) and, by market convention, 10.00x, 25.00x and 40.00x, and this sits between 25.00x and 40.00x.
Today, against the Internet Content & Information industry (33 companies), 31.50x sits at the 68th percentile; the middle half of that group runs from 5.65x to 35.09x.
- Is it good
Return on invested capital was 23.8% in FY2025, in the band labelled "Exceptional" (20.0% and above), on lines anchored on Damodaran's cost-of-capital data, suggesting returns on the capital in the business well above the usual cost of that capital.
Today, against the Communication Services sector (80 companies), 23.8% sits at the 91st percentile; the middle half of that group runs from -2.3% to 8.8%.
- Is it safe
Interest coverage was 175.32x in FY2025, in the band labelled "Comfortable" (6.00x and above), on lines anchored on Damodaran's interest-coverage table, suggesting an interest bill operating profit covers many times over.
- Year by year against peers
- Whether Alphabet Inc.'s return on invested capital stayed above the median of the Communication Services sector, year by year. (FY2018 to FY2025, 8 fiscal years of Alphabet Inc. with a comparable figure)
- The direction
- Which way Alphabet Inc.'s return on equity has moved, and how steadily. (FY2016 to FY2025, 10 filed years of Alphabet Inc.)
- What could explain it
- What in Alphabet Inc.'s filed statements could explain the movements. (11 readings drawn from the statement lines Alphabet Inc. filed)
- What to check next
- What to check next on Alphabet Inc., and where in its filings. (4 questions for Alphabet Inc.)
- In one paragraph
- One paragraph on Alphabet Inc.'s returns, cash, balance sheet and price. (16 of sixteen figures read for Alphabet Inc.)
These are GOOG’s filed figures. The research desk says what they mean, against peers and its own years, with what to check next.
Research GOOGPart of Serious. New accounts start with 30 days of Professional, free, no card.
2 of 10
What changed
The newest filing, what it moved, and when the next one is due.
SEC filingCompany statement
The newest accounts on file are the FY2025 annual report: 10-K, filed Feb 5, 2026, accession 0001652044-26-000018.
3 of 10
Quality
The returns the business earns on its capital, and the margins behind them.
SEC filingComputed
| Figure | Value, source and document |
|---|---|
| Return on invested capital, after tax | 23.8% ComputedFY2025 10-K, filed Feb 5, 2026, 0001652044-26-000018 |
| Return on equity | 31.8% ComputedFY2025 10-K, filed Feb 5, 2026, 0001652044-26-000018 |
| Return on capital employed, pre-tax | 26.2% ComputedFY2025 10-K, filed Feb 5, 2026, 0001652044-26-000018 |
| Return on assets | 22.2% ComputedFY2025 10-K, filed Feb 5, 2026, 0001652044-26-000018 |
| Gross margin | 59.6% ComputedFY2025 10-K, filed Feb 5, 2026, 0001652044-26-000018 |
| Operating margin | 32.0% ComputedFY2025 10-K, filed Feb 5, 2026, 0001652044-26-000018 |
| Net margin | 32.8% ComputedFY2025 10-K, filed Feb 5, 2026, 0001652044-26-000018 |
GOOG 32.8%
24.3%32.8%
4 of 10
Financial strength
What it owes against what it owns, and whether it can meet what falls due.
SEC filingComputedCompany statement
| Figure | Value, source and document |
|---|---|
| Debt to equity | 0.16 ComputedFY2025 10-K, filed Feb 5, 2026, 0001652044-26-000018 |
| Current ratio | 2.01 ComputedFY2025 10-K, filed Feb 5, 2026, 0001652044-26-000018 |
| Quick ratio | 1.98 ComputedFY2025 10-K, filed Feb 5, 2026, 0001652044-26-000018 |
| Interest coverage | 175.32x ComputedFY2025 10-K, filed Feb 5, 2026, 0001652044-26-000018 |
| Altman Z-score | 16.37 ComputedClose of Oct 14, 2026 · FY2025 10-K, filed Feb 5, 2026, 0001652044-26-000018 |
| Net debt | -59.85B ComputedFY2025 10-K, filed Feb 5, 2026, 0001652044-26-000018 |
The balance sheet, line by line
Financial health
What Alphabet Inc owned and owed at the end of fiscal 2025, from the balance sheet it filed (10-K, filed Feb 5, 2026, 0001652044-26-000018).
| Total assets | 595.28B FiledFY2025 10-K, filed Feb 5, 2026 |
|---|---|
| Total liabilities | 180.02B FiledFY2025 10-K, filed Feb 5, 2026 |
| Shareholders' equity | 415.26B FiledFY2025 10-K, filed Feb 5, 2026 |
| Cash | 126.84B FiledFY2025 10-K, filed Feb 5, 2026 |
| Total debt | 67.00B FiledFY2025 10-K, filed Feb 5, 2026 |
| Net debt | -59.85B |
| Current ratio | 2.01 |
| Debt to equity | 0.16 |
Read from the filed balance sheet for each year, with the income statement of the same year supplying operating profit where a ratio needs it. Nothing here is a view on whether this company is sound.
5 of 10
Valuation context
What the market charges for it, against its own record and companies like it.
Market dataSEC filingComputed
| Figure | Value, source and document |
|---|---|
| Price to earnings | 31.50x ComputedClose of Oct 14, 2026 · FY2025 10-K, filed Feb 5, 2026, 0001652044-26-000018 |
| P/E on trailing twelve months | 17.26x ComputedClose of Oct 14, 2026 · Trailing four quarters, each as known on the day; the quarterly filings are listed under Filings |
| Price to book | 10.12x ComputedClose of Oct 14, 2026 · FY2025 10-K, filed Feb 5, 2026, 0001652044-26-000018 |
| Price to sales | 10.43x ComputedClose of Oct 14, 2026 · FY2025 10-K, filed Feb 5, 2026, 0001652044-26-000018 |
| Enterprise value to EBIT | 32.85x ComputedClose of Oct 14, 2026 · FY2025 10-K, filed Feb 5, 2026, 0001652044-26-000018 |
| Enterprise value to EBITDA | 28.23x ComputedClose of Oct 14, 2026 · FY2025 10-K, filed Feb 5, 2026, 0001652044-26-000018 |
| Price to earnings over growth | 1.06 ComputedClose of Oct 14, 2026 · FY2025 10-K, filed Feb 5, 2026, 0001652044-26-000018 |
| Diluted earnings per share | 10.81 USD FiledFY2025 10-K, filed Feb 5, 2026, 0001652044-26-000018 |
| Graham number | 91.30 USD ComputedFY2025 10-K, filed Feb 5, 2026, 0001652044-26-000018 |
We publish no fair value or price target of our own. Value GOOG on your own assumptions in the DCF workbench, starting from the filed figures.
Its own record, and companies like it
Valuation
What the market charges for Alphabet Inc today, and the multiples it has carried. No value of ours: the figures are the filings’ and the market’s.
| Share price | 343.65 USD |
|---|---|
| Market capitalisation | 4.20T USD |
| Enterprise value to EBITDA | 28.23x |
| Graham number | 91.30 USD |
| Diluted earnings per share, FY2025 | 10.81 USD |
Price to earnings on trailing twelve months, a different basis from the fiscal-year P/E above, since Jul 25, 2017: low 15.99x, median 27.70x, high 64.70x, latest 17.26x. 2,319 trading days with a meaningful ratio. Each close over the trailing twelve months of earnings as known that day: a quarter counts from the day it was filed.
Companies like Alphabet Inc
Same sector (Communication Services) and size band (Mega, 200B and over), nearest in market value, net margin and current ratio. Each of those counts equally, by how many of the companies considered sit between the two on it. Closest first: the order is likeness and nothing else.
6 of 10
Cash generation
Whether profit arrives as cash, and what is paid back to shareholders.
SEC filingComputed
| Figure | Value, source and document |
|---|---|
| Free cash flow yield | 1.7% ComputedClose of Oct 14, 2026 · FY2025 10-K, filed Feb 5, 2026, 0001652044-26-000018 |
| Free cash flow | 73.27B USD ComputedFY2025 10-K, filed Feb 5, 2026, 0001652044-26-000018 |
| Free cash flow margin | 18.2% ComputedFY2025 10-K, filed Feb 5, 2026, 0001652044-26-000018 |
| Dividend yield | 0.3% ComputedClose of Oct 14, 2026 · FY2025 10-K, filed Feb 5, 2026, 0001652044-26-000018 |
| Payout ratio | 7.6% ComputedFY2025 10-K, filed Feb 5, 2026, 0001652044-26-000018 |
7 of 10
Filings
Every figure, the year it is for and the document it was read from.
SEC filingMarket data
The filed figures
Computed from the accounts this company filed with the SEC and, in a ratio with a price in it, the last close, dated on this page. Every filed figure below carries the fiscal year and the filing date its accounts were read from, and every blank carries the reason it is blank. Nothing here is a view on this company.
| Figure | Value | Year | As of |
|---|---|---|---|
| 31.50x | FY2025 | Oct 14, 2026 | |
FormulaShare price / earnings per share. Where the filing states no earnings per share this listing can be priced on, which is every 20-F and 40-F filer because theirs is stated per ordinary share, it is market capitalisation / net income: the same multiple, undiluted. As ofThe close on Oct 14, 2026, over the filed figures of FY2025: a price is in this figure, and it moved after the filing. Form10-KFiledFeb 5, 2026PeriodFY2025Accession0001652044-26-000018What we read from itIncome statementFY2025Open on SEC.gov, accession 0001652044-26-000018, leaves this page and opens in a new tab | |||
| 10.12x | FY2025 | Oct 14, 2026 | |
FormulaMarket capitalisation / shareholders equity As ofThe close on Oct 14, 2026, over the filed figures of FY2025: a price is in this figure, and it moved after the filing. Form10-KFiledFeb 5, 2026PeriodFY2025Accession0001652044-26-000018What we read from itBalance sheetFY2025Open on SEC.gov, accession 0001652044-26-000018, leaves this page and opens in a new tab | |||
| 32.85x | FY2025 | Oct 14, 2026 | |
Formula(Market capitalisation + total debt - cash) / operating income, or over the filing's own EBIT (income before tax + interest expense) where the filer tags no operating line, as Johnson & Johnson does not in any of its ten filed years. As ofThe close on Oct 14, 2026, over the filed figures of FY2025: a price is in this figure, and it moved after the filing. Form10-KFiledFeb 5, 2026PeriodFY2025Accession0001652044-26-000018What we read from itIncome statementFY2025Open on SEC.gov, accession 0001652044-26-000018, leaves this page and opens in a new tabForm10-KFiledFeb 5, 2026PeriodFY2025Accession0001652044-26-000018What we read from itBalance sheetFY2025Open on SEC.gov, accession 0001652044-26-000018, leaves this page and opens in a new tab | |||
| 1.7% | FY2025 | Oct 14, 2026 | |
FormulaFree cash flow per share / share price x 100 As ofThe close on Oct 14, 2026, over the filed figures of FY2025: a price is in this figure, and it moved after the filing. Form10-KFiledFeb 5, 2026PeriodFY2025Accession0001652044-26-000018What we read from itCash flow statementFY2025Open on SEC.gov, accession 0001652044-26-000018, leaves this page and opens in a new tab | |||
| 23.8% | FY2025 | Feb 5, 2026 | |
FormulaVendor trailing-twelve-month return on invested capital where one is published, which uses after-tax operating profit over total assets less current liabilities. Otherwise our own recompute: NOPAT / (shareholders equity + total debt - cash) x 100, where NOPAT is the filed operating profit after tax, or the filing's own EBIT after tax where the filer tags no operating line. As ofThe filing date of the statements below, for FY2025. Form10-KFiledFeb 5, 2026PeriodFY2025Accession0001652044-26-000018What we read from itIncome statementFY2025Open on SEC.gov, accession 0001652044-26-000018, leaves this page and opens in a new tabForm10-KFiledFeb 5, 2026PeriodFY2025Accession0001652044-26-000018What we read from itBalance sheetFY2025Open on SEC.gov, accession 0001652044-26-000018, leaves this page and opens in a new tab | |||
| 0.3% | FY2025 | Oct 14, 2026 | |
FormulaCommon dividends paid in the latest filed year / market capitalisation x 100. n/a where the filing cannot support it: a special or first-year payment, a total that mixes preferred dividends, or a cash-flow statement over 15 months old. As ofThe close on Oct 14, 2026, over the filed figures of FY2025: a price is in this figure, and it moved after the filing. Form10-KFiledFeb 5, 2026PeriodFY2025Accession0001652044-26-000018What we read from itCash flow statementFY2025Open on SEC.gov, accession 0001652044-26-000018, leaves this page and opens in a new tab | |||
| 0.16 | FY2025 | Feb 5, 2026 | |
FormulaTotal debt / shareholders equity As ofThe filing date of the statements below, for FY2025. Form10-KFiledFeb 5, 2026PeriodFY2025Accession0001652044-26-000018What we read from itBalance sheetFY2025Open on SEC.gov, accession 0001652044-26-000018, leaves this page and opens in a new tab | |||
| 2.01 | FY2025 | Feb 5, 2026 | |
FormulaCurrent assets / current liabilities As ofThe filing date of the statements below, for FY2025. Form10-KFiledFeb 5, 2026PeriodFY2025Accession0001652044-26-000018What we read from itBalance sheetFY2025Open on SEC.gov, accession 0001652044-26-000018, leaves this page and opens in a new tab | |||
| 10.43x | FY2025 | Oct 14, 2026 | |
FormulaMarket capitalisation / revenue As ofThe close on Oct 14, 2026, over the filed figures of FY2025: a price is in this figure, and it moved after the filing. Form10-KFiledFeb 5, 2026PeriodFY2025Accession0001652044-26-000018What we read from itIncome statementFY2025Open on SEC.gov, accession 0001652044-26-000018, leaves this page and opens in a new tab | |||
| 1.06 | FY2025 | Oct 14, 2026 | |
FormulaPrice to earnings / the annual earnings growth rate, in percentage points As ofThe close on Oct 14, 2026, over the filed figures of FY2025: a price is in this figure, and it moved after the filing. Form10-KFiledFeb 5, 2026PeriodFY2025Accession0001652044-26-000018What we read from itIncome statementFY2025Open on SEC.gov, accession 0001652044-26-000018, leaves this page and opens in a new tab | |||
| 16.37 | FY2025 | Oct 14, 2026 | |
Formula1.2 x working capital/assets + 1.4 x retained earnings/assets + 3.3 x EBIT/assets + 0.6 x market value of equity/total liabilities + 1.0 x revenue/assets As ofThe close on Oct 14, 2026, over the filed figures of FY2025: a price is in this figure, and it moved after the filing. Form10-KFiledFeb 5, 2026PeriodFY2025Accession0001652044-26-000018What we read from itIncome statementFY2025Open on SEC.gov, accession 0001652044-26-000018, leaves this page and opens in a new tabForm10-KFiledFeb 5, 2026PeriodFY2025Accession0001652044-26-000018What we read from itBalance sheetFY2025Open on SEC.gov, accession 0001652044-26-000018, leaves this page and opens in a new tab | |||
| -2.43 | FY2025 | Feb 5, 2026 | |
FormulaAn eight-variable index of year-on-year changes in receivables, gross margin, asset quality, revenue, depreciation, overheads, leverage and accruals As ofThe filing date of the statements below, for FY2025. Form10-KFiledFeb 5, 2026PeriodFY2025Accession0001652044-26-000018What we read from itIncome statementFY2025Open on SEC.gov, accession 0001652044-26-000018, leaves this page and opens in a new tabForm10-KFiledFeb 5, 2026PeriodFY2025Accession0001652044-26-000018What we read from itBalance sheetFY2025Open on SEC.gov, accession 0001652044-26-000018, leaves this page and opens in a new tabForm10-KFiledFeb 5, 2026PeriodFY2025Accession0001652044-26-000018What we read from itCash flow statementFY2025Open on SEC.gov, accession 0001652044-26-000018, leaves this page and opens in a new tab | |||
| 6/9 | FY2025 | Feb 5, 2026 | |
FormulaOne point each for: positive return on assets, positive operating cash flow, rising return on assets, operating cash flow above net income, falling leverage, rising current ratio, no new shares issued, rising gross margin, rising asset turnover. As ofThe filing date of the statements below, for FY2025. Form10-KFiledFeb 5, 2026PeriodFY2025Accession0001652044-26-000018What we read from itIncome statementFY2025Open on SEC.gov, accession 0001652044-26-000018, leaves this page and opens in a new tabForm10-KFiledFeb 5, 2026PeriodFY2025Accession0001652044-26-000018What we read from itBalance sheetFY2025Open on SEC.gov, accession 0001652044-26-000018, leaves this page and opens in a new tabForm10-KFiledFeb 5, 2026PeriodFY2025Accession0001652044-26-000018What we read from itCash flow statementFY2025Open on SEC.gov, accession 0001652044-26-000018, leaves this page and opens in a new tab | |||
The figures are computed from the accounts for fiscal 2025, the newest full year on file. 10 filed fiscal years on record, FY2016 to FY2025, from SEC EDGAR. Prices as of Oct 14, 2026. Ratios recomputed Oct 14, 2026. Two facts, because a recompute is not a fresh quote.
The year and the filing date name the statement each figure’s accounts are read from, and they stand even where the figure itself could not be computed: the line beneath a blank says what that statement did not carry. A figure’s name opens its formula and the filings behind it; a statement that names no SEC filing has no filing date, and reads n/a.
Ten years of filed figures, year by year
Ten years of filed figures
10 filed fiscal years, FY2016 to FY2025, read from the annual reports Alphabet Inc filed with the SEC. Each year names its filing. Amounts in USD, as filed.
| Year | Revenue | Operating income | Net income | EPS, diluted | Free cash flow | Operating margin | Return on equity | Filing |
|---|---|---|---|---|---|---|---|---|
| FY2025 | 402.84B | 129.04B | 132.17B | 10.81 | 73.27B | 32.0% | 31.8% | 10-K, Feb 5, 20260001652044-26-000018 |
| FY2024 | 350.02B | 112.39B | 100.12B | 8.04 | 72.76B | 32.1% | 30.8% | 10-K, Feb 5, 20250001652044-25-000014 |
| FY2023 | 307.39B | 84.29B | 73.80B | 5.80 | 69.50B | 27.4% | 26.0% | 10-K, Jan 31, 20240001652044-24-000022 |
| FY2022 | 282.84B | 74.84B | 59.97B | 4.56 | 60.01B | 26.5% | 23.4% | 10-K, Feb 3, 20230001652044-23-000016 |
| FY2021 | 257.64B | 78.71B | 76.03B | 5.61 | 67.01B | 30.6% | 30.2% | 10-K, Feb 2, 20220001652044-22-000019 |
| FY2020 | 182.53B | 41.22B | 40.27B | 2.93 | 42.84B | 22.6% | 18.1% | 10-K, Feb 3, 20210001652044-21-000010 |
| FY2019 | 161.86B | 34.23B | 34.34B | 2.46 | 30.97B | 21.1% | 17.1% | 10-K, Feb 4, 20200001652044-20-000008 |
| FY2018 | 136.82B | 27.52B | 30.74B | 2.19 | 22.83B | 20.1% | 17.3% | 10-K, Feb 5, 20190001652044-19-000004 |
| FY2017 | 110.86B | 26.18B | 12.66B | 0.90 | 23.91B | 23.6% | 8.3% | 10-K, Feb 6, 20180001652044-18-000007 |
| FY2016 | 90.27B | 23.72B | 19.48B | 1.39 | 25.82B | 26.3% | 14.0% | 10-K, Feb 3, 20170001652044-17-000008 |
- Revenue, compound annual growth FY2016 to FY2025: 18.1%
- Earnings, compound annual growth FY2016 to FY2025: 23.7%
- Earnings per share, compound annual growth FY2016 to FY2025: 25.6%
- Free cash flow, compound annual growth FY2016 to FY2025: 12.3%
Every figure in this section is a line of a filed annual statement or a ratio of two of them. Nothing here is estimated or smoothed. Earnings per share filed before a share split are put on today's share count, and say so. Nothing here is a verdict on the company.
8 of 10
Risks and guardrails
The accounting screens, the published tests, and the lines you can set to be told.
ComputedCompany statement
| Figure | Value, source and document |
|---|---|
| Beneish M-score | -2.43 ComputedFY2025 10-K, filed Feb 5, 2026, 0001652044-26-000018 |
| Piotroski F-score | 6/9 ComputedFY2025 10-K, filed Feb 5, 2026, 0001652044-26-000018 |
| Named tests met | 5 of 30 Computed |
| Beta | 1.19 ComputedClose of Oct 14, 2026 |
The named tests
Of 30 tests value investors published: 5 met, 25 not met, 0 we could not complete. Counts, never a score: a single figure would have to decide that meeting one investor’s criteria and meeting another’s are worth the same.
Which tests, by name(all 30)
- Meets
- High returns and growth; ROIC at or above WACC; Z-score and coverage (Edward Altman); High returns, low debt; Cash-covered dividend
- Does not
- Defensive investor (Benjamin Graham); Deep value; Large cap, low P/E; Earnings yield and ROIC (Joel Greenblatt); High F-score, low P/B (Joseph Piotroski); Three forensic scores; Low PEG, low debt (Peter Lynch); Gross margin, turnover (Robert Novy-Marx); EV/EBITDA and coverage; High yield, low payout; Dividends and buybacks; Low beta, profitable; Near the 52-week low; Two thirds of NCAV (Benjamin Graham); P/E times P/B (Benjamin Graham); Owner earnings yield; High return on tangibles; Low P/S, rising earnings (James O'Shaughnessy); Book or below, low debt (Walter Schloss); Tangible book or below; Cash-flow yield and ROIC; Clean books, high ROIC; Cheapest quarter on P/E (David Dreman); Cheapest quarter on P/B (David Dreman); Low P/E, growth, yield (John Neff)
9 of 10
Declared positions
Whether anybody here owns this company.
Positions declared by the founder: no holding in any company shown here, as of October 3, 2026.
10 of 10
Next step
What to do with what you have read.
A thesis is your reason for owning it, in your words, with the figures that must stay true. Checking those figures every night against the newest filed accounts, and telling you once when one breaks, is what the subscription adds.
What this cannot tell you
And the one that is true of all of it: This is what the numbers say today. It cannot tell you the day one of them stops being true. Nothing here can, because the reasons are not written down.
Running this once is arithmetic on public documents and you are welcome to it. Writing down why you own each company, in your own words and with the numbers that have to stay true for it to hold, and then having those numbers re-checked every night against the newest filed accounts, and against the latest close where a rule watches a price, is Professional, the plan a new account starts on for 30 days, one trial per person. It writes to you the day one breaks, and stays quiet when nothing does. The check runs every night at 23:30 UTC. A filing is picked up the night after it is published.
No card. 30 free days, and nothing is charged unless you choose a plan.
ValueScreener · valuescreener.ai · Computed from accounts filed with the SEC by this company, read from EDGAR, and from dated closing prices. On this page a filed figure opens into its formula, its inputs and the statement, fiscal year and filing date it was read from, and a price into the day of its close. A figure that cannot show that trail says so.
A computation on accounts filed with the SEC, not a recommendation and not advice. Past filings do not indicate future results. Risk disclaimer.