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Research · S&P 500 · Financials
MSCI · MSCI
The numbers, the scorecard and what analysts say, with the source for each. Information, not advice.
Value Scorecard · run 2026-10-18
13 value checks: 12 scored 1 to 5 where the data allows, plus moat evidence
31/50
moderate value score10 of 12 checks scored10 of the 12 checks that carry a score were scored from the data available. 2 could not be scored (ROE Trend, Debt-to-Equity) and were left out, so the score is out of 50 instead of 60. The label uses the same share of the available points as for a full scorecard. The moat is shown as evidence from the filings, without a score.
Earnings & returns
EPS Trend
4/5Diluted EPS: $10.72 (2022), $14.39 (2023), $14.05 (2024), $15.69 (2025). It rose every year but one and ended above 2022; the framework scores that as 4.
ROE Trend
Not scoredShareholder equity is negative in 2022, 2023, 2024, 2025, so ROE has no meaningful value and is not scored.
ROIC
5/5ROIC of 44.2%: operating income of $1.71B divided by $3.87B of capital (total assets $5.70B minus current liabilities $1.83B), fiscal year to Dec 31, 2025, as filed in the 10-K (SEC EDGAR). The framework scores above 20% as 5.
Profit Margins
5/5Net margin of 40.7%; the framework scores above 20% as 5; gross margin 83.0%, operating margin 56.3%.
Balance sheet & cash
Debt-to-Equity
Not scoredDebt-to-equity not available from the data source (total debt $6.54B, total cash $352.70M).
Free Cash Flow
5/5Free cash flow (operating cash flow minus capital expenditure): $1.02B (2022), $1.15B (2023), $1.39B (2024), $1.46B (2025). It rose every year; the framework scores that as 5.
Retained Earnings
5/5Retained earnings, as filed in the 10-Ks (SEC EDGAR): $3.47B (2022), $4.18B (2023), $4.78B (2024), $5.43B (2025). It rose every year; the framework scores that as 5.
Valuation models
Graham IV
1/5IV = EPS x (8.5 + 2g) x (4.4 / Y) = $18.30 x (8.5 + 2 x 4.4) x (4.4 / 4.5) = $309.55. Current price $569.08; price is 83.8% above the model value.
DCF Value
1/5FCF/share = $16.433, stage 1 growth = 11.3% for 5 years, terminal growth = 3%, discount rate = 10%. Stage 1 PV = $85.13, PV of terminal value = $256.44, DCF value = $341.56. Current price $569.08; price is 66.6% above the model value.
Margin of Safety
1/5Graham value $309.55 (price is 83.8% above the model value); DCF value $341.56 (price is 66.6% above the model value).
Price-to-Book
1/5Book value is negative; the framework scores negative book value as 1.
Business quality
Moat Evidence
Not scoredA moat (a brand, a network, switching costs, patents, scale, a licence) is not a number in the filings, so Valerius doesn’t score it. Below are the figures and the words moat analysis starts from, from the company’s own 10-K filings. The conclusion is yours.
Return on capital, each year
Above 15% in 10 of 10 years (2016-2025); lowest 19.2%, highest 44.2%.
Gross margin, each year
Between 78.1% and 82.8% over 5 years (a range of 4.7 points).
Competition, in the company’s own words · 10-K filed Feb 6, 2026
Index. Many industry participants compete with us by offering one or more indexes in similar categories. Such indexes vary widely in scope, including by geographic region, business sector and weighting methodology, and may be used by clients in a variety of ways in many different markets around the world. Among our Index competitors are S&P Dow Jones Indices LLC (a joint venture of S&P Global Inc. and CME Group Inc.); FTSE Russell, a subsidiary of the London Stock Exchange Group plc; Nasdaq Inc; Bloomberg Finance L.P. (“Bloomberg”); and Solactive AG. Competition also exists from industry participants, including asset managers and investment banks, that create their own indexes, often in cooperation with index providers who provide some form of calculation agent service. Some asset managers also manage funds, including ETFs, based on their proprietary indexes, and some investment banks launch structured products or create over-the-counter derivatives based on their proprietary indexes. This is often referred to as self-indexing. Analytics. Our Analytics offerings compete with those from a range of competitors, including Axioma (part of SimCorp), BlackRock Solutions, Bloomberg, and FactSet Research Systems Inc. Additionally, some of the larger broker-dealers have developed proprietary analytics tools for their clients.
The opening of the company’s “Competition” section in its 10-K, quoted word for word, not summarized or edited. It is the company’s own description, not Valerius’s view, and may include the company’s expectations. Open the filing.
Return on capital = operating income / (total assets − current liabilities), the ROIC row’s definition; 15% is the framework’s return threshold. Gross margin = gross profit / revenue. Both from each year’s 10-K via SEC EDGAR. Moat analysis commonly looks at whether returns and margins held up over many years. These figures don’t say whether the company has an advantage, what it is, or whether it will last.
Capital Allocation
3/5Capital allocation, 2022-2025: dividends or buybacks paid in every year (pass); $7.15B paid out against $5.01B of free cash flow (fail: paid out more than free cash flow); total debt $4.64B to $6.31B, up 35.9%, 3.3x EBITDA (fail: up more than 10% and above 2x EBITDA); shares outstanding 0.08B to 0.07B, down 8.0% (pass). 2 of 4 tests passed; the framework scores that as 3.
Filings
Company notices to the SEC
Not scoredThree kinds of event the company reported to the SEC in the last 5 years, from its filings on SEC EDGAR.
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These are events the company reported to the SEC. An auditor change or a late filing can have many causes; each date links to the filing, where the company explains it. Valerius does not score these.
How the Graham and DCF values were calculated
Graham Formula:
IV = EPS x (8.5 + 2g) x (4.4 / Y)
EPS = $18.30, g = 4.4%, Y = 4.5
IV = $309.55
Current price $569.08 vs Graham value $309.55 — price is 83.8% above the model value.
DCF:
FCF/share = $16.433
Stage 1 growth = 11.3% for 5 years | terminal growth = 3.0% | discount rate = 10.0%
Y1: $18.290 → PV $16.628
Y2: $20.357 → PV $16.824
Y3: $22.658 → PV $17.023
Y4: $25.218 → PV $17.224
Y5: $28.067 → PV $17.428
Stage 1 PV sum = $85.13
Terminal value at end of Y5 = $412.99
PV of terminal value = $256.44
DCF value = $341.56
Current price $569.08 vs DCF value $341.56 — price is 66.6% above the model value.Data from yfinance summary figures and financial statements, and from the company’s 10-K filings via SEC EDGAR; computed at a price of $569.08. Every score is calculated from the figures by the framework’s fixed rules, and the explanation beside it is generated from the same figures: Graham value, DCF value, margin of safety, ROIC, profit margins, debt-to-equity, price-to-book, EPS trend, ROE trend, free cash flow, retained earnings and capital allocation. No AI is involved in this scorecard. The moat is shown as evidence, without a score. Read each score with the figures beside it. A check that cannot be scored from the available data is shown as not scored and left out of the composite score. Intrinsic value calculations are model outputs based on stated assumptions, not predictions.
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