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Unum Group (UNM)

NYSE / Financial Services / Insurance - Life

Share price

92.41 USD Market dataClose of Oct 15, 2026

Market capitalisation

14.63B USD Market dataClose of Oct 15, 2026
Market data
Oct 15, 2026
Filed accounts
FY2025, filed Feb 17, 2026
Ratios computed
Oct 15, 2026
Filed years
18, FY2007 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

Quality

Return on equity

6.6% Computed

From the FY2025 filing

Read quality

Valuation

Price to earnings

21.59x Computed

FY2025 accounts, priced at the latest close

Read valuation

Cash generation

Dividend yield

2.0% Computed

FY2025 accounts, priced at the latest close

Read cash generation

Revenue and net income, as filed

FY2016 Revenue: 11.05B USDFY2016 Net income: 931.4M USDFY2017 Revenue: 11.29B USDFY2017 Net income: 994.2M USDFY2018 Revenue: 11.60B USDFY2018 Net income: 523.4M USDFY2019 Revenue: 12.00B USDFY2019 Net income: 1.10B USDFY2020 Revenue: 13.16B USDFY2020 Net income: 793.0M USDFY2021 Revenue: 12.01B USDFY2021 Net income: 981.0M USDFY2022 Revenue: 11.98B USDFY2022 Net income: 1.41B USDFY2023 Revenue: 12.39B USDFY2023 Net income: 1.28B USDFY2024 Revenue: 12.89B USDFY2024 Net income: 1.78B USDFY2025 Revenue: 13.08B USDFY2025 Net income: 738.5M USD
Revenue Net income10 filed fiscal years, from the annual reports; the table in Filings names each document.
Named tests met
0 of 30 Which tests
The business, and the score behind its five axes

The reading, in brief

Is it cheap

Price to earnings is 21.59x at the close of 2026-10-15 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 15.00x and 25.00x.

Today, against the Financial Services sector (657 companies), 21.59x sits at the 72nd percentile; the middle half of that group runs from 11.29x to 24.29x.

Is it good

Return on equity was 6.6% in FY2025, in the band labelled "Likely below the cost of equity" (below 8.0%), on lines anchored on Damodaran's cost-of-capital data, suggesting returns on shareholders' money below the usual cost of equity.

Today, against the Financial Services sector (739 companies), 6.6% sits at the 35th percentile; the middle half of that group runs from 3.6% to 13.7%.

Is it safe

Debt to equity was 0.35 in FY2025, in the band labelled "Conservative" (below 0.50), on lines anchored on Graham's defensive-investor criteria, suggesting a balance sheet that relies little on borrowing.

Today, against the Financial Services sector (80 companies), 0.35 sits at the 37th percentile; the middle half of that group runs from 0.21 to 1.42.

Year by year against peers
Whether Unum Group's return on equity stayed above the median of the Financial Services sector, year by year. (FY2021 to FY2025, 5 fiscal years of Unum Group with a comparable figure)
The direction
Which way Unum Group's return on equity has moved, and how steadily. (FY2016 to FY2025, 10 filed years of Unum Group)
What could explain it
What in Unum Group's filed statements could explain the movements. (3 readings drawn from the statement lines Unum Group filed)
What to check next
What to check next on Unum Group, and where in its filings. (2 questions for Unum Group)
In one paragraph
One paragraph on Unum Group's returns, cash, balance sheet and price. (5 of sixteen figures read for Unum Group)

These are UNM’s filed figures. The research desk says what they mean, against peers and its own years, with what to check next.

Research UNMPart 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 17, 2026, accession 0000005513-26-000008.

3 of 10

Quality

The returns the business earns on its capital, and the margins behind them.

SEC filingComputed

Unum Group: returns on capital and margins, each with its source
FigureValue, source and document
Return on invested capital, after tax
Why n/m

Invested capital is equity plus debt less cash. A financial company's debt and cash are operating positions, so returns measured against that base are not comparable to an operating business.

n/m ComputedFY2025 10-K, filed Feb 17, 2026, 0000005513-26-000008
Return on equity6.6% ComputedFY2025 10-K, filed Feb 17, 2026, 0000005513-26-000008
Return on capital employed, pre-tax
Why n/m

Invested capital is equity plus debt less cash. A financial company's debt and cash are operating positions, so returns measured against that base are not comparable to an operating business.

n/m ComputedFY2025 10-K, filed Feb 17, 2026, 0000005513-26-000008
Return on assets1.2% ComputedFY2025 10-K, filed Feb 17, 2026, 0000005513-26-000008
Gross margin
Why n/m

This filer reports no gross profit line, so there is no gross margin to compute. Banks, insurers and REITs do not present cost of revenue.

n/m ComputedFY2025 10-K, filed Feb 17, 2026, 0000005513-26-000008
Operating margin
Why n/a

No operating income line is filed for this year.

n/a ComputedFY2025 10-K, filed Feb 17, 2026, 0000005513-26-000008
Net margin5.7% ComputedFY2025 10-K, filed Feb 17, 2026, 0000005513-26-000008
UNM 5.7%
GL 19.4%PRU 5.9%PUK 34.6%MET 4.4%AFL 21.2%
4.4%34.6%
Net margin: UNM against the 5 companies named under Valuation context, each as filed for its own latest year. Placement only: no average is drawn.

4 of 10

Financial strength

What it owes against what it owns, and whether it can meet what falls due.

SEC filingComputedCompany statement

Unum Group: leverage, liquidity and distress, each with its source
FigureValue, source and document
Debt to equity0.35 ComputedFY2025 10-K, filed Feb 17, 2026, 0000005513-26-000008
Current ratio
Why n/m

Banks and insurers present an unclassified balance sheet under Regulation S-X, with no split between current and non-current. A current ratio needs that split, so there is none to show.

n/m ComputedFY2025 10-K, filed Feb 17, 2026, 0000005513-26-000008
Quick ratio
Why n/m

Banks and insurers present an unclassified balance sheet under Regulation S-X, with no split between current and non-current. A current ratio needs that split, so there is none to show.

n/m ComputedFY2025 10-K, filed Feb 17, 2026, 0000005513-26-000008
Interest coverage
Why n/a

No operating income line is filed for this year.

n/a ComputedFY2025 10-K, filed Feb 17, 2026, 0000005513-26-000008
Altman Z-score
Why n/m

Altman's Z-Score was estimated on manufacturers and explicitly excludes financial firms. A financial company scores in the distress zone by construction, so the number would be wrong rather than alarming. Not applicable to financials.

n/m ComputedClose of Oct 15, 2026 · FY2025 10-K, filed Feb 17, 2026, 0000005513-26-000008
Net debt3.69B ComputedFY2025 10-K, filed Feb 17, 2026, 0000005513-26-000008
Total assets 63.52BTotal liabilities 52.40BShareholders' equity 11.12BOwnsOwes, and equity
Total assets Total liabilities Shareholders’ equity
The balance sheet, line by line

Financial health

What Unum Group owned and owed at the end of fiscal 2025, from the balance sheet it filed (10-K, filed Feb 17, 2026, 0000005513-26-000008).

Unum Group: balance sheet position
Total assets63.52B FiledFY2025 10-K, filed Feb 17, 2026
Total liabilities52.40B FiledFY2025 10-K, filed Feb 17, 2026
Shareholders' equity11.12B FiledFY2025 10-K, filed Feb 17, 2026
Cash158.2M FiledFY2025 10-K, filed Feb 17, 2026
Total debt3.85B FiledFY2025 10-K, filed Feb 17, 2026
Net debt3.69B
Current ration/m
Debt to equity0.35
  • Current ratio: FY2025: Banks and insurers present an unclassified balance sheet under Regulation S-X, with no split between current and non-current. A current ratio needs that split, so there is none to show.
  • Interest cover: FY2025: No operating income line is filed for this year.

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

Unum Group: what the market charges, each with its source
FigureValue, source and document
Price to earnings21.59x ComputedClose of Oct 15, 2026 · FY2025 10-K, filed Feb 17, 2026, 0000005513-26-000008
P/E on trailing twelve months21.46x ComputedClose of Oct 15, 2026 · Trailing four quarters, each as known on the day; the quarterly filings are listed under Filings
Price to book1.44x ComputedClose of Oct 15, 2026 · FY2025 10-K, filed Feb 17, 2026, 0000005513-26-000008
Price to sales1.22x ComputedClose of Oct 15, 2026 · FY2025 10-K, filed Feb 17, 2026, 0000005513-26-000008
Enterprise value to EBIT
Why n/m

Enterprise value adds debt and subtracts cash. For a financial company both are the business itself, so the resulting multiple has no economic meaning.

n/m ComputedClose of Oct 15, 2026 · FY2025 10-K, filed Feb 17, 2026, 0000005513-26-000008
Enterprise value to EBITDA
Why n/m

Enterprise value adds debt and subtracts cash. For a financial company both are the business itself, so the resulting multiple has no economic meaning.

n/m ComputedClose of Oct 15, 2026 · FY2025 10-K, filed Feb 17, 2026, 0000005513-26-000008
Price to earnings over growth11.19 ComputedClose of Oct 15, 2026 · FY2025 10-K, filed Feb 17, 2026, 0000005513-26-000008
Diluted earnings per share4.27 USD FiledFY2025 10-K, filed Feb 17, 2026, 0000005513-26-000008
Graham number78.69 USD ComputedFY2025 10-K, filed Feb 17, 2026, 0000005513-26-000008

We publish no fair value or price target of our own. Value UNM 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 Unum Group today, and the multiples it has carried. No value of ours: the figures are the filings’ and the market’s.

Unum Group: valuation
Share price92.41 USD
Market capitalisation14.63B USD
Enterprise value to EBITDAn/m
Graham number78.69 USD
Diluted earnings per share, FY20254.27 USD

Price to earnings on trailing twelve months, a different basis from the fiscal-year P/E above, since Oct 3, 2016: low 1.98x, median 7.99x, high 22.41x, latest 21.46x. 2,520 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 Unum Group

  1. Globe Life Inc. (GL)Market cap 12.88B USD
  2. Prudential Financial, Inc. (PRU)Market cap 40.14B USD
  3. Prudential plc (PUK)Market cap 29.55B USD
  4. MetLife, Inc. (MET)Market cap 63.72B USD
  5. Aflac Incorporated (AFL)Market cap 59.20B USD

Same industry (Insurance - Life) and size band (Large, 10B to 200B), nearest in market value and net margin. 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

Unum Group: cash generation and what is paid out, each with its source
FigureValue, source and document
Free cash flow yield
Why n/m

For a bank, an insurer, a broker or investment firm, or a mortgage trust, operating cash flow swings with the size of the loan, trading and funding book rather than with operating performance, so free cash flow is not the measure of the business. Look at earnings and capital adequacy.

n/m ComputedClose of Oct 15, 2026 · FY2025 10-K, filed Feb 17, 2026, 0000005513-26-000008
Free cash flow555.4M USD ComputedFY2025 10-K, filed Feb 17, 2026, 0000005513-26-000008
Free cash flow margin
Why n/m

For a bank, an insurer, a broker or investment firm, or a mortgage trust, operating cash flow swings with the size of the loan, trading and funding book rather than with operating performance, so free cash flow is not the measure of the business. Look at earnings and capital adequacy.

n/m ComputedFY2025 10-K, filed Feb 17, 2026, 0000005513-26-000008
Dividend yield2.0% ComputedClose of Oct 15, 2026 · FY2025 10-K, filed Feb 17, 2026, 0000005513-26-000008
Payout ratio41.5% ComputedFY2025 10-K, filed Feb 17, 2026, 0000005513-26-000008
FY2016 Free cash flow: 1.04B USDFY2016 Net income: 931.4M USDFY2017 Free cash flow: 1.06B USDFY2017 Net income: 994.2M USDFY2018 Free cash flow: 1.39B USDFY2018 Net income: 523.4M USDFY2019 Free cash flow: 1.46B USDFY2019 Net income: 1.10B USDFY2020 Free cash flow: 350.2M USDFY2020 Net income: 793.0M USDFY2021 Free cash flow: 1.28B USDFY2021 Net income: 981.0M USDFY2022 Free cash flow: 1.32B USDFY2022 Net income: 1.41B USDFY2023 Free cash flow: 1.07B USDFY2023 Net income: 1.28B USDFY2024 Free cash flow: 1.39B USDFY2024 Net income: 1.78B USDFY2025 Free cash flow: 555.4M USDFY2025 Net income: 738.5M USD
Free cash flow Net incomeProfit that arrives as cash stands level with net income; a gap year after year is worth reading about.

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.

Unum Group: the eight ratios, with the fiscal year and filing date behind each.
FigureValueYearAs of
21.59xFY2025Oct 15, 2026
1.44xFY2025Oct 15, 2026
n/mFY2025Oct 15, 2026
n/m Not meaningful for this company, such as a P/E on negative earnings or a bank's EV/EBIT.
n/mFY2025Oct 15, 2026
n/m Not meaningful for this company, such as a P/E on negative earnings or a bank's EV/EBIT.
n/mFY2025Feb 17, 2026
n/m Not meaningful for this company, such as a P/E on negative earnings or a bank's EV/EBIT.
2.0%FY2025Oct 15, 2026
0.35FY2025Feb 17, 2026
n/mFY2025Feb 17, 2026
n/m Not meaningful for this company, such as a P/E on negative earnings or a bank's EV/EBIT.
1.22xFY2025Oct 15, 2026
11.19FY2025Oct 15, 2026
n/mFY2025Oct 15, 2026
n/m Not meaningful for this company, such as a P/E on negative earnings or a bank's EV/EBIT.
n/mFY2025Feb 17, 2026
n/m Not meaningful for this company, such as a P/E on negative earnings or a bank's EV/EBIT.
n/mFY2025Feb 17, 2026
n/m Not meaningful for this company, such as a P/E on negative earnings or a bank's EV/EBIT.

The figures are computed from the accounts for fiscal 2025, the newest full year on file. 18 filed fiscal years on record, FY2007 to FY2025, from SEC EDGAR. Prices as of Oct 15, 2026. Ratios recomputed Oct 15, 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 Unum Group filed with the SEC. Each year names its filing. Amounts in USD, as filed.

Unum Group: revenue, earnings, free cash flow and returns, by fiscal year, with the filing each year was read from
YearRevenueOperating incomeNet incomeEPS, dilutedFree cash flowOperating marginReturn on equityFiling
FY202513.08B1.14B738.5M4.27555.4Mn/a6.6%10-K, Feb 17, 20260000005513-26-000008
FY202412.89B2.45B1.78B9.461.39Bn/a16.2%10-K, Feb 27, 20250000005513-25-000015
FY202312.39B1.83B1.28B6.501.07Bn/a13.3%10-K, Feb 20, 20240000005513-24-000015
FY202211.98B1.94B1.41B6.961.32Bn/a16.1%10-K, Feb 23, 20230000005513-23-000034
FY202112.01B1.45B981.0M4.791.28Bn/a16.3%10-K, Feb 25, 20220000005513-22-000030
FY202013.16B1.15B793.0M3.89350.2Mn/a7.3%10-K, Feb 17, 20210000005513-21-000015
FY201912.00B1.56B1.10B5.241.46Bn/a11.0%10-K, Feb 18, 20200000005513-20-000027
FY201811.60B795.1M523.4M2.381.39Bn/a6.1%10-K, Feb 19, 20190000005513-19-000004
FY201711.29B1.56B994.2M4.371.06Bn/a10.4%10-K, Feb 21, 20180000005513-18-000016
FY201611.05B1.51B931.4M3.951.04Bn/a10.4%10-K, Feb 22, 20170000005513-17-000018
  • Revenue, compound annual growth FY2016 to FY2025: 1.9%
  • Earnings, compound annual growth FY2016 to FY2025: -2.5%
  • Earnings per share, compound annual growth FY2016 to FY2025: 0.9%
  • Free cash flow, compound annual growth FY2016 to FY2025: -6.7%

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

Unum Group: accounting screens and published tests, each with its source
FigureValue, source and document
Beneish M-score
Why n/m

The Beneish M-Score is built on gross margin, receivables and asset quality indices estimated on non-financial firms. Those inputs are not defined here.

n/m ComputedFY2025 10-K, filed Feb 17, 2026, 0000005513-26-000008
Piotroski F-score
Why n/m

4 of the nine Piotroski signals are undefined for an insurer: signal 5 (falling long-term leverage), signal 6 (rising current ratio), signal 8 (rising gross margin), signal 9 (rising asset turnover). We do not publish a partial score under the full score's name.

n/m ComputedFY2025 10-K, filed Feb 17, 2026, 0000005513-26-000008
Named tests met0 of 30 Computed
Beta0.75 ComputedClose of Oct 15, 2026

The named tests

Of 30 tests value investors published: 0 met, 17 not met, 13 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
None of the named tests.
Does not
Deep value; Large cap, low P/E; High F-score, low P/B (Joseph Piotroski); Low PEG, low debt (Peter Lynch); High returns and growth; High yield, low payout; Low beta, profitable; Near the 52-week low; P/E times P/B (Benjamin Graham); High returns, low debt; High return on tangibles; Low P/S, rising earnings (James O'Shaughnessy); Book or below, low debt (Walter Schloss); Tangible book or below; Cheapest quarter on P/E (David Dreman); Cheapest quarter on P/B (David Dreman); Low P/E, growth, yield (John Neff)
Not measured
Defensive investor (Benjamin Graham); Earnings yield and ROIC (Joel Greenblatt); Three forensic scores; Gross margin, turnover (Robert Novy-Marx); EV/EBITDA and coverage; Dividends and buybacks; ROIC at or above WACC; Z-score and coverage (Edward Altman); Two thirds of NCAV (Benjamin Graham); Owner earnings yield; Cash-covered dividend; Cash-flow yield and ROIC; Clean books, high ROIC. A test with a figure we could not read is incomplete, never met and never failed.
Figures we could not read(16)
  • Current Ratio: Banks and insurers present an unclassified balance sheet under Regulation S-X, with no split between current and non-current. A current ratio needs that split, so there is none to show.
  • Piotroski F-Score: 4 of the nine Piotroski signals are undefined for an insurer: signal 5 (falling long-term leverage), signal 6 (rising current ratio), signal 8 (rising gross margin), signal 9 (rising asset turnover). We do not publish a partial score under the full score's name.
  • EV/EBIT: Enterprise value adds debt and subtracts cash. For a financial company both are the business itself, so the resulting multiple has no economic meaning.
  • Return on Invested Capital: Invested capital is equity plus debt less cash. A financial company's debt and cash are operating positions, so returns measured against that base are not comparable to an operating business.
  • Altman Z-Score: Altman's Z-Score was estimated on manufacturers and explicitly excludes financial firms. A financial company scores in the distress zone by construction, so the number would be wrong rather than alarming. Not applicable to financials.
  • Beneish M-Score: The Beneish M-Score is built on gross margin, receivables and asset quality indices estimated on non-financial firms. Those inputs are not defined here.
  • Gross Margin: This filer reports no gross profit line, so there is no gross margin to compute. Banks, insurers and REITs do not present cost of revenue.
  • Asset Turnover: A lender's assets are loans and securities that earn interest, not plant used to produce sales. Revenue over assets is not a turnover measure here.
  • EV/EBITDA: Enterprise value adds debt and subtracts cash. For a financial company both are the business itself, so the resulting multiple has no economic meaning.
  • Interest Coverage: No operating income line is filed for this year.
  • Free Cash Flow Yield: For a bank, an insurer, a broker or investment firm, or a mortgage trust, operating cash flow swings with the size of the loan, trading and funding book rather than with operating performance, so free cash flow is not the measure of the business. Look at earnings and capital adequacy.
  • ROIC-WACC Spread: Invested capital is equity plus debt less cash. A financial company's debt and cash are operating positions, so returns measured against that base are not comparable to an operating business.
  • Price To Ncav: Net current asset value needs current assets, which an unclassified balance sheet does not report.
  • Owner Earnings Yield: For a bank, an insurer, a broker or investment firm, or a mortgage trust, operating cash flow swings with the size of the loan, trading and funding book rather than with operating performance, so free cash flow is not the measure of the business. Look at earnings and capital adequacy.
  • Capex To Ocf: For a bank, an insurer, a broker or investment firm, or a mortgage trust, operating cash flow swings with the size of the loan, trading and funding book rather than with operating performance, so free cash flow is not the measure of the business. Look at earnings and capital adequacy.
  • Dividend Coverage Ratio: For a bank, an insurer, a broker or investment firm, or a mortgage trust, operating cash flow swings with the size of the loan, trading and funding book rather than with operating performance, so free cash flow is not the measure of the business. Look at earnings and capital adequacy.

9 of 10

Declared positions

Whether anybody here owns this company.

Positions declared by Javier Sanz Alvarez: 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.

More on this company

What this cannot tell you

  • 16 figures could not be read on this company, among them Current Ratio, Piotroski F-Score, EV/EBIT. Each blank in the table above names the rest, with its reason. 13 named tests come back incomplete because of them, which is neither met nor missed.

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.

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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.

Margin Notes

Once a week, what changed in the filings of US-listed companies, why it can matter to a thesis, and what deserves a closer review. Grounded in filings, not market noise.

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