Quality
Return on invested capital, after tax
9.3% Computed
From the FY2026 filing
ValueScreener company report
STERIS plc (STE)
NYSE / Healthcare / Medical - Devices
Share price
217.26 USD Market dataClose of Oct 14, 2026Market capitalisation
21.17B USD Market dataClose of Oct 14, 2026- Market data
- Oct 14, 2026
- Filed accounts
- FY2026, filed May 29, 2026
- Ratios computed
- Oct 14, 2026
- Filed years
- 10, FY2017 to FY2026
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
0.29 Computed
From the FY2026 filing
Valuation
Price to earnings
27.26x Computed
FY2026 accounts, priced at the latest close
Cash generation
Free cash flow yield
4.5% Computed
FY2026 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 27.26x at the close of 2026-10-14 on FY2026 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 Medical - Devices industry (32 companies), 27.26x sits at the 55th percentile; the middle half of that group runs from 19.84x to 39.18x.
- Is it good
Return on invested capital was 9.3% in FY2026, in the band labelled "Around the cost of capital" (8.0% to 12.0%), on lines anchored on Damodaran's cost-of-capital data.
Today, against the Healthcare sector (192 companies), 9.3% sits at the 65th percentile; the middle half of that group runs from -20.2% to 14.2%.
- Is it safe
Interest coverage was 18.15x in FY2026, 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 STERIS plc's return on invested capital stayed above the median of the Healthcare sector, year by year. (FY2023 to FY2026, 4 fiscal years of STERIS plc with a comparable figure)
- The direction
- Which way STERIS plc's gross margin has moved, and how steadily. (FY2017 to FY2026, 10 filed years of STERIS plc)
- What could explain it
- What in STERIS plc's filed statements could explain the movements. (6 readings drawn from the statement lines STERIS plc filed)
- What to check next
- What to check next on STERIS plc, and where in its filings. (2 questions for STERIS plc)
- In one paragraph
- One paragraph on STERIS plc's returns, cash, balance sheet and price. (16 of sixteen figures read for STERIS plc)
These are STE’s filed figures. The research desk says what they mean, against peers and its own years, with what to check next.
Research STEPart 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 FY2026 annual report: 10-K, filed May 29, 2026, accession 0001628280-26-039136.
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 | 9.3% ComputedFY2026 10-K, filed May 29, 2026, 0001628280-26-039136 |
| Return on equity | 10.9% ComputedFY2026 10-K, filed May 29, 2026, 0001628280-26-039136 |
| Return on capital employed, pre-tax | 11.5% ComputedFY2026 10-K, filed May 29, 2026, 0001628280-26-039136 |
| Return on assets | 7.3% ComputedFY2026 10-K, filed May 29, 2026, 0001628280-26-039136 |
| Gross margin | 44.3% ComputedFY2026 10-K, filed May 29, 2026, 0001628280-26-039136 |
| Operating margin | 18.6% ComputedFY2026 10-K, filed May 29, 2026, 0001628280-26-039136 |
| Net margin | 13.2% ComputedFY2026 10-K, filed May 29, 2026, 0001628280-26-039136 |
STE 13.2%
8.6%17.9%
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 | 0.29 ComputedFY2026 10-K, filed May 29, 2026, 0001628280-26-039136 |
| Current ratio | 2.09 ComputedFY2026 10-K, filed May 29, 2026, 0001628280-26-039136 |
| Quick ratio | 1.54 ComputedFY2026 10-K, filed May 29, 2026, 0001628280-26-039136 |
| Interest coverage | 18.15x ComputedFY2026 10-K, filed May 29, 2026, 0001628280-26-039136 |
| Altman Z-score | 5.06 ComputedClose of Oct 14, 2026 · FY2026 10-K, filed May 29, 2026, 0001628280-26-039136 |
| Net debt | 1.65B ComputedFY2026 10-K, filed May 29, 2026, 0001628280-26-039136 |
The balance sheet, line by line
Financial health
What STERIS plc owned and owed at the end of fiscal 2026, from the balance sheet it filed (10-K, filed May 29, 2026, 0001628280-26-039136).
| Total assets | 10.74B FiledFY2026 10-K, filed May 29, 2026 |
|---|---|
| Total liabilities | 3.54B FiledFY2026 10-K, filed May 29, 2026 |
| Shareholders' equity | 7.18B FiledFY2026 10-K, filed May 29, 2026 |
| Cash | 439.6M FiledFY2026 10-K, filed May 29, 2026 |
| Total debt | 2.09B FiledFY2026 10-K, filed May 29, 2026 |
| Net debt | 1.65B |
| Current ratio | 2.09 |
| Debt to equity | 0.29 |
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 | 27.26x ComputedClose of Oct 14, 2026 · FY2026 10-K, filed May 29, 2026, 0001628280-26-039136 |
| P/E on trailing twelve months | 26.77x ComputedClose of Oct 14, 2026 · Trailing four quarters, each as known on the day; the quarterly filings are listed under Filings |
| Price to book | 2.99x ComputedClose of Oct 14, 2026 · FY2026 10-K, filed May 29, 2026, 0001628280-26-039136 |
| Price to sales | 3.61x ComputedClose of Oct 14, 2026 · FY2026 10-K, filed May 29, 2026, 0001628280-26-039136 |
| Enterprise value to EBIT | 20.96x ComputedClose of Oct 14, 2026 · FY2026 10-K, filed May 29, 2026, 0001628280-26-039136 |
| Enterprise value to EBITDA | 14.54x ComputedClose of Oct 14, 2026 · FY2026 10-K, filed May 29, 2026, 0001628280-26-039136 |
| Price to earnings over growth | 2.41 ComputedClose of Oct 14, 2026 · FY2026 10-K, filed May 29, 2026, 0001628280-26-039136 |
| Diluted earnings per share | 7.93 USD FiledFY2026 10-K, filed May 29, 2026, 0001628280-26-039136 |
| Graham number | 114.24 USD ComputedFY2026 10-K, filed May 29, 2026, 0001628280-26-039136 |
We publish no fair value or price target of our own. Value STE 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 STERIS plc today, and the multiples it has carried. No value of ours: the figures are the filings’ and the market’s.
| Share price | 217.26 USD |
|---|---|
| Market capitalisation | 21.17B USD |
| Enterprise value to EBITDA | 14.54x |
| Graham number | 114.24 USD |
| Diluted earnings per share, FY2026 | 7.93 USD |
Price to earnings on trailing twelve months, a different basis from the fiscal-year P/E above, since Aug 7, 2019: low 25.07x, median 41.64x, high 217.78x, latest 26.77x. 1,669 trading days with a meaningful ratio, 136 more on a loss and left out. Each close over the trailing twelve months of earnings as known that day: a quarter counts from the day it was filed.
Companies like STERIS plc
- Edwards Lifesciences Corporation (EW)Market cap 49.82B USD
- Stryker Corporation (SYK)Market cap 108.00B USD
- Zimmer Biomet Holdings, Inc. (ZBH)Market cap 17.75B USD
- DexCom, Inc. (DXCM)Market cap 31.50B USD
- Smith & Nephew plc (SNN)Market cap 11.71B USD
Same industry (Medical - Devices) and size band (Large, 10B to 200B), 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 | 4.5% ComputedClose of Oct 14, 2026 · FY2026 10-K, filed May 29, 2026, 0001628280-26-039136 |
| Free cash flow | 972.4M USD ComputedFY2026 10-K, filed May 29, 2026, 0001628280-26-039136 |
| Free cash flow margin | 16.4% ComputedFY2026 10-K, filed May 29, 2026, 0001628280-26-039136 |
| Dividend yield | 1.2% ComputedClose of Oct 14, 2026 · FY2026 10-K, filed May 29, 2026, 0001628280-26-039136 |
| Payout ratio | 30.9% ComputedFY2026 10-K, filed May 29, 2026, 0001628280-26-039136 |
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 |
|---|---|---|---|
| 27.26x | FY2026 | 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 FY2026: a price is in this figure, and it moved after the filing. Form10-KFiledMay 29, 2026PeriodFY2026Accession0001628280-26-039136What we read from itIncome statementFY2026Open on SEC.gov, accession 0001628280-26-039136, leaves this page and opens in a new tab | |||
| 2.99x | FY2026 | Oct 14, 2026 | |
FormulaMarket capitalisation / shareholders equity As ofThe close on Oct 14, 2026, over the filed figures of FY2026: a price is in this figure, and it moved after the filing. Form10-KFiledMay 29, 2026PeriodFY2026Accession0001628280-26-039136What we read from itBalance sheetFY2026Open on SEC.gov, accession 0001628280-26-039136, leaves this page and opens in a new tab | |||
| 20.96x | FY2026 | 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 FY2026: a price is in this figure, and it moved after the filing. Form10-KFiledMay 29, 2026PeriodFY2026Accession0001628280-26-039136What we read from itIncome statementFY2026Open on SEC.gov, accession 0001628280-26-039136, leaves this page and opens in a new tabForm10-KFiledMay 29, 2026PeriodFY2026Accession0001628280-26-039136What we read from itBalance sheetFY2026Open on SEC.gov, accession 0001628280-26-039136, leaves this page and opens in a new tab | |||
| 4.5% | FY2026 | Oct 14, 2026 | |
FormulaFree cash flow per share / share price x 100 As ofThe close on Oct 14, 2026, over the filed figures of FY2026: a price is in this figure, and it moved after the filing. Form10-KFiledMay 29, 2026PeriodFY2026Accession0001628280-26-039136What we read from itCash flow statementFY2026Open on SEC.gov, accession 0001628280-26-039136, leaves this page and opens in a new tab | |||
| 9.3% | FY2026 | May 29, 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 FY2026. Form10-KFiledMay 29, 2026PeriodFY2026Accession0001628280-26-039136What we read from itIncome statementFY2026Open on SEC.gov, accession 0001628280-26-039136, leaves this page and opens in a new tabForm10-KFiledMay 29, 2026PeriodFY2026Accession0001628280-26-039136What we read from itBalance sheetFY2026Open on SEC.gov, accession 0001628280-26-039136, leaves this page and opens in a new tab | |||
| 1.2% | FY2026 | 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 FY2026: a price is in this figure, and it moved after the filing. Form10-KFiledMay 29, 2026PeriodFY2026Accession0001628280-26-039136What we read from itCash flow statementFY2026Open on SEC.gov, accession 0001628280-26-039136, leaves this page and opens in a new tab | |||
| 0.29 | FY2026 | May 29, 2026 | |
FormulaTotal debt / shareholders equity As ofThe filing date of the statements below, for FY2026. Form10-KFiledMay 29, 2026PeriodFY2026Accession0001628280-26-039136What we read from itBalance sheetFY2026Open on SEC.gov, accession 0001628280-26-039136, leaves this page and opens in a new tab | |||
| 2.09 | FY2026 | May 29, 2026 | |
FormulaCurrent assets / current liabilities As ofThe filing date of the statements below, for FY2026. Form10-KFiledMay 29, 2026PeriodFY2026Accession0001628280-26-039136What we read from itBalance sheetFY2026Open on SEC.gov, accession 0001628280-26-039136, leaves this page and opens in a new tab | |||
| 3.61x | FY2026 | Oct 14, 2026 | |
FormulaMarket capitalisation / revenue As ofThe close on Oct 14, 2026, over the filed figures of FY2026: a price is in this figure, and it moved after the filing. Form10-KFiledMay 29, 2026PeriodFY2026Accession0001628280-26-039136What we read from itIncome statementFY2026Open on SEC.gov, accession 0001628280-26-039136, leaves this page and opens in a new tab | |||
| 2.41 | FY2026 | 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 FY2026: a price is in this figure, and it moved after the filing. Form10-KFiledMay 29, 2026PeriodFY2026Accession0001628280-26-039136What we read from itIncome statementFY2026Open on SEC.gov, accession 0001628280-26-039136, leaves this page and opens in a new tab | |||
| 5.06 | FY2026 | 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 FY2026: a price is in this figure, and it moved after the filing. Form10-KFiledMay 29, 2026PeriodFY2026Accession0001628280-26-039136What we read from itIncome statementFY2026Open on SEC.gov, accession 0001628280-26-039136, leaves this page and opens in a new tabForm10-KFiledMay 29, 2026PeriodFY2026Accession0001628280-26-039136What we read from itBalance sheetFY2026Open on SEC.gov, accession 0001628280-26-039136, leaves this page and opens in a new tab | |||
| -2.64 | FY2026 | May 29, 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 FY2026. Form10-KFiledMay 29, 2026PeriodFY2026Accession0001628280-26-039136What we read from itIncome statementFY2026Open on SEC.gov, accession 0001628280-26-039136, leaves this page and opens in a new tabForm10-KFiledMay 29, 2026PeriodFY2026Accession0001628280-26-039136What we read from itBalance sheetFY2026Open on SEC.gov, accession 0001628280-26-039136, leaves this page and opens in a new tabForm10-KFiledMay 29, 2026PeriodFY2026Accession0001628280-26-039136What we read from itCash flow statementFY2026Open on SEC.gov, accession 0001628280-26-039136, leaves this page and opens in a new tab | |||
| 9/9 | FY2026 | May 29, 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 FY2026. Form10-KFiledMay 29, 2026PeriodFY2026Accession0001628280-26-039136What we read from itIncome statementFY2026Open on SEC.gov, accession 0001628280-26-039136, leaves this page and opens in a new tabForm10-KFiledMay 29, 2026PeriodFY2026Accession0001628280-26-039136What we read from itBalance sheetFY2026Open on SEC.gov, accession 0001628280-26-039136, leaves this page and opens in a new tabForm10-KFiledMay 29, 2026PeriodFY2026Accession0001628280-26-039136What we read from itCash flow statementFY2026Open on SEC.gov, accession 0001628280-26-039136, leaves this page and opens in a new tab | |||
The figures are computed from the accounts for fiscal 2026, the newest full year on file. 10 filed fiscal years on record, FY2017 to FY2026, 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, FY2017 to FY2026, read from the annual reports STERIS plc 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 |
|---|---|---|---|---|---|---|---|---|
| FY2026 | 5.94B | 1.10B | 782.3M | 7.93 | 972.4M | 18.6% | 10.9% | 10-K, May 29, 20260001628280-26-039136 |
| FY2025 | 5.46B | 866.6M | 614.6M | 6.20 | 778.0M | 15.9% | 9.3% | 10-K, May 29, 20250001757898-25-000005 |
| FY2024 | 5.14B | 836.1M | 378.2M | 3.81 | 613.0M | 16.3% | 6.0% | 10-K, May 29, 20240001757898-24-000008 |
| FY2023 | 4.54B | 791.1M | 107.0M | 1.07 | 395.0M | 17.4% | 1.8% | 10-K, May 26, 20230001757898-23-000005 |
| FY2022 | 4.22B | 477.8M | 243.9M | 2.48 | 397.2M | 11.3% | 3.7% | 10-K, May 31, 20220001757898-22-000011 |
| FY2021 | 3.11B | 548.4M | 397.4M | 4.63 | 450.4M | 17.6% | 10.2% | 10-K, May 28, 20210001757898-21-000017 |
| FY2020 | 3.03B | 537.0M | 407.7M | 4.76 | 376.0M | 17.7% | 12.0% | 10-K, May 29, 20200001757898-20-000012 |
| FY2019 | 2.78B | 411.0M | 303.7M | 3.55 | 349.8M | 14.8% | 9.6% | 10-K, May 30, 20190001757898-19-000005 |
| FY2018 | 2.62B | 399.9M | 290.9M | 3.39 | 292.2M | 15.3% | 9.1% | 10-K, May 30, 20190001757898-19-000005 |
| FY2017 | 2.61B | 226.2M | 110.0M | 1.28 | 251.2M | 8.7% | n/a | 10-K, May 30, 20190001757898-19-000005 |
- Revenue, compound annual growth FY2017 to FY2026: 9.5%
- Earnings, compound annual growth FY2017 to FY2026: 24.4%
- Earnings per share, compound annual growth FY2017 to FY2026: 22.5%
- Free cash flow, compound annual growth FY2017 to FY2026: 16.2%
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 | -2.64 ComputedFY2026 10-K, filed May 29, 2026, 0001628280-26-039136 |
| Piotroski F-score | 9/9 ComputedFY2026 10-K, filed May 29, 2026, 0001628280-26-039136 |
| Named tests met | 5 of 30 Computed |
| Beta | 0.41 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
- Three forensic scores; Low beta, profitable; ROIC at or above WACC; Z-score and coverage (Edward Altman); 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); Low PEG, low debt (Peter Lynch); High returns and growth; Gross margin, turnover (Robert Novy-Marx); EV/EBITDA and coverage; High yield, low payout; Dividends and buybacks; Near the 52-week low; Two thirds of NCAV (Benjamin Graham); P/E times P/B (Benjamin Graham); High returns, low debt; 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)
Figures we could not read(1)
- Positive Earnings Streak: We hold 8 profitable filed years in a row; the test needs 10.
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
- One figure could not be read on this company: Positive Earnings Streak.
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.