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Data as of Q3 2026
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Ranked against 19 sector peers with collected financials. Valuation from latest close × latest fiscal-year fundamentals; 13F conviction as of 2026-09-30.
Percentile is “goodness” within the peer set (100 = best). For valuation and leverage that means cheaper / less-levered ranks higher.
| Company | Mkt cap ▼ | P/E | EV/EBITDA | P/S | Rev gr | Gross | Net | ROE | ROIC | Net D/EBITDA | 13F |
|---|---|---|---|---|---|---|---|---|---|---|---|
| SBLK | $3.4B | 39.6× | 9.4× | 3.2× | -17.6% | — | 8.1% | 3.4% | 3.4% | -1.6× | 37 |
| DAC | $2.9B | 5.9× | 4.5× | 2.8× | 2.8% | — | 47.4% | 13.0% | 10.0% | 0.2× | 25 |
| LPG | $2.3B | 12.0× | 9.1× | 4.9× | 36.3% | — | 40.2% | 17.0% | 11.4% | 0.8× | 58 |
| SFL | $1.8B | — | 11.4× | 2.5× | -18.9% | — | -3.6% | -2.8% | -0.7% | 6.5× | 45 |
| CMRE | $1.7B | — | 4.7× | 2.0× | -1.2% | — | 41.5% | 17.5% | 10.1% | 1.7× | — |
| TEN | $1.6B | 12.3× | 7.8× | 2.1× | -0.7% | — | 20.1% | 8.8% | 4.5% | 3.7× | — |
| GSL | $1.5B | — | 3.5× | 2.0× | 7.8% | — | 54.3% | 23.1% | 16.7% | 0.8× | — |
| NVGS | $1.3B | 14.8× | — | 2.3× | 3.6% | — | 17.1% | 8.2% | 7.2% | — | 26 |
| TK | $1.3B | 13.2× | 0.9× | 1.4× | -22.2% | 66.6% | 10.3% | 4.5% | 4.5% | -2.4× | 26 |
| GNK | $1.2B | — | 15.5× | 3.4× | -19.1% | — | -1.3% | -0.5% | -0.4% | 1.6× | 36 |
| ASC | $870M | 24.2× | — | 2.8× | -23.6% | — | 13.2% | 6.5% | 5.4% | — | 34 |
| HSHP | $792M | 44.2× | 14.9× | 6.0× | 6.7% | 78.8% | 13.4% | 10.9% | 2.1% | 6.7× | 19 |
| PANL | $526M | 26.8× | 6.2× | 0.8× | 17.8% | — | 3.1% | 4.5% | 3.7% | -0.1× | 24 |
| ESEA | $476M | 3.4× | 2.9× | 2.1× | 7.0% | — | 60.1% | 29.6% | 20.1% | 0.2× | 11 |
| SHIP | $349M | 15.9× | — | 2.2× | -5.6% | — | 13.4% | 7.5% | 3.7% | — | — |
| DSX | $316M | 23.1× | 8.9× | 1.5× | -6.4% | — | 8.3% | 3.5% | 1.7% | 5.3× | — |
| GASS | $312M | 5.0× | 2.6× | 1.8× | 3.5% | — | 35.0% | 8.8% | 8.8% | -1.2× | 3 |
| SMHI | $267M | — | 8.8× | 1.2× | -16.0% | 20.2% | -12.2% | -10.5% | -4.6% | 4.4× | 16 |
| IMPP | $230M | 3.9× | 3.4× | 1.4× | 9.2% | — | 31.0% | 9.4% | 9.4% | -0.1× | — |
| TORO | $153M | 55.3× | — | 7.3× | -5.9% | — | 28.1% | 3.6% | 3.6% | — | — |
Peers = companies sharing TK's sector (Deep Sea Foreign Transportation of Freight) with collected SEC financials. Multiples use the most recent end-of-day close and latest fiscal-year fundamentals (trailing, not forward). Missing cells mean the peer never reported that line item, has no collected price, or has a non-positive denominator. Not investment advice.
How management deployed cash over 10 years — and what it earned on reinvestment.
A reinvestment story — most cash went back into growth rather than to shareholders.
Operating income fell despite reinvestment — a warning on capital productivity. Current ROIC on all capital: 5%. Rough measure (includes maintenance capex).
Cash uses aggregated from the SEC cash-flow statement over 10 fiscal years. "Return on reinvestment" is a rough proxy — operating-income change ÷ cumulative CapEx + M&A — and includes maintenance capex. Educational — not a recommendation.
How much the company owes, how it's trended, and how comfortably it's serviced.
Cash of $109.0M is below the $259.2M due within a year — relies on refinancing or operating cash flow. Scheduled principal only (excludes interest & revolver draws). As of 2021-12-31 (20-F).
Green ≤ 1.5× · amber ≤ 3× · red > 3× (leverage relative to cash earnings).
Interest is easily covered by operating profit.
Cash vs short-term debt unavailable.
Short-term / long-term split not separately reported.
Debt, cash, interest and equity from the SEC balance sheet & income statement. Effective rate = interest ÷ average debt. Maturity ladder from the SEC long-term-debt repayment schedule. Educational — not a recommendation.
Total shares institutions bought (green) vs sold (red) each quarter across all holders.
Inferred from quarter-over-quarter change in each fund's 13F position (new stakes count as buys, exits as sells). Not tick-level trades.
What the company returns to shareholders — and whether it's covered by cash.
The dividend takes 76% of free cash flow — sustainable but with limited headroom. Last year: $85.3M dividends + $4.9M buybacks = $90.2M returned on $111.5M FCF.
Yields use the latest fiscal-year dividends/buybacks over current market cap. Dividends and buybacks from the SEC cash-flow statement; payout coverage vs net income and free cash flow. Educational — not a recommendation.
EOD close · as of 2026-10-29
How a revenue dollar becomes profit — FY2025
Dividends and buybacks are cash paid out, shown here against the same year's profit for scale — not funded from it.
Each value shows its share of revenue below it (common-size).
| Line Item | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $949.5M 100.0% | $1.22B 100.0% | $1.46B 100.0% | $1.19B 100.0% | $682.5M 100.0% | $1.15B 100.0% | $1.28B 100.0% | $1.73B 100.0% | $1.88B 100.0% | $2.33B 100.0% |
| Cost of Revenue | $317.4M 33.4% | $405.5M 33.2% | $474.4M 32.4% | $495.6M 41.6% | $315.1M 46.2% | $297.2M 25.9% | $402.3M 31.6% | $409.6M 23.7% | $153.8M 8.2% | — |
| Cost of Services | — | — | — | — | — | — | — | $388.9M 22.5% | $153.8M 8.2% | $138.3M 5.9% |
| Selling, General & Admin | $54.8M 5.8% | $61.1M 5.0% | $57.6M 3.9% | $57.6M 4.8% | $74.4M 10.9% | $64.2M 5.6% | $69.7M 5.5% | $96.6M 5.6% | $106.2M 5.6% | $119.9M 5.1% |
| Operating Income | $302.8M 31.9% | $365.2M 29.9% | $531.7M 36.3% | $245.8M 20.6% | -$185.4M -27.2% | $70.2M 6.1% | -$109.2M -8.6% | $164.3M 9.5% | $6.7M 0.4% | $384.3M 16.5% |
| Interest Expense | $2.9M 0.3% | $7.5M 0.6% | $28.0M 1.9% | $38.6M 3.2% | $68.4M 10.0% | $89.1M 7.8% | $111.4M 8.7% | $254.1M 14.7% | $268.4M 14.3% | $283.0M 12.2% |
| Interest & Investment Income | $36.2M 3.8% | $37.2M 3.0% | $24.1M 1.6% | $6.7M 0.6% | $169K 0.0% | $1.4M 0.1% | $3.4M 0.3% | $8.5M 0.5% | $6.3M 0.3% | $4.8M 0.2% |
| Other Income (Expense), net | $1.7M 0.2% | $4.3M 0.4% | -$1.7M -0.1% | -$3.1M -0.3% | -$15.2M -2.2% | -$5.4M -0.5% | -$12.5M -1.0% | -$2.0M -0.1% | -$54.0M -2.9% | -$39.0M -1.7% |
| Pretax Income | $347.4M 36.6% | $402.0M 32.9% | $529.6M 36.1% | $211.1M 17.7% | -$282.4M -41.4% | -$18.7M -1.6% | -$306.9M -24.1% | -$38.0M -2.2% | -$516.8M -27.5% | $111.1M 4.8% |
| Income Tax Expense | -$4.6M -0.5% | $405K 0.0% | $12.2M 0.8% | $1.4M 0.1% | -$5.0M -0.7% | $5.6M 0.5% | $17.8M 1.4% | $19.7M 1.1% | $12.2M 0.7% | $24.5M 1.1% |
| Net Income | $98.1M 10.3% | $133.8M 11.0% | $150.6M 10.3% | $78.4M 6.6% | $7.8M 1.1% | -$82.9M -7.2% | -$310.6M -24.4% | -$79.2M -4.6% | -$163.3M -8.7% | -$123.2M -5.3% |
| Per Share | ||||||||||
| EPS (Basic) | $1.14 | $1.47 | $1.59 | $0.77 | $0.08 | -$0.82 | -$3.08 | -$0.79 | -$1.89 | -$1.62 |
| EPS (Diluted) | $1.13 | $1.42 | $1.54 | $0.76 | $0.08 | -$0.82 | -$3.08 | -$0.79 | -$1.89 | -$1.62 |
| Weighted Avg Shares (Basic) | 86.0M | 91.3M | 94.5M | 102.1M | 102.1M | 101.1M | 100.7M | 99.7M | 86.3M | 79.2M |
| Weighted Avg Shares (Diluted) | 86.7M | 93.3M | 96.6M | 104.4M | 102.1M | 101.1M | 100.7M | 99.7M | 86.3M | 79.2M |
Source: SEC EDGAR XBRL filings (annual, fiscal year). Quarterly flow items are derived from cumulative filings; balance-sheet figures are as-of each period end. Ratios and margins are computed, not reported.
Solve the discounted cash flow backwards, then stress-test the assumptions.
Average free cash flow across the last 3 positive fiscal years (FY2023, FY2024, FY2025). Smooths the cycle. Stock compensation is NOT charged — it is added back inside operating cash flow.
To be worth $14.90 today, the market must believe free cash flow compounds -46.7%/yr for a decade (off $379.3M on the 3-yr avg basis).
The market's -46.7% is more conservative than its 9-yr track record.
Default is 9.2% — this company's computed cost of capital (computed WACC), the same rate the Analysis tab discounts at.
2-stage DCF · 0.09B shares (market data) · net debt -$940.7M
Today's price is outside this grid at every discount rate shown — the assumptions it requires lie beyond the plotted range, which is itself the finding.
mean -211.6% · volatility σ 761% · implied rate exceeded in 4/7 yrs
Central path = implied -46.7%/yr growth; shaded band = ±1σ (761%) of this company's historical FCF volatility, widening with time. The wider the band, the less certain the growth.
Reverse DCF: rather than guessing a fair value, we solve for the growth the current price implies, then you stress-test the assumptions. Enterprise value of the FCF stream, less net debt, ÷ shares. Educational — not a recommendation.
Top 31 institutional holders — bubble size is position value, color is the move since last quarter. Hover any holder for detail.
Drag any bubble to rearrange · size = dollar value of the position
Last reported position per insider, carried forward. Steps can be a holding disclosed for the first time rather than a trade.
| Date | Insider | What it was | Shares | Price | Value |
|---|---|---|---|---|---|
| 2026-09-17 | 3 co-filers Group filing | Option exercise | 400 | $5.81 | $2k |
| 2026-09-17 | 3 co-filers Group filing | Exercise & sell | 400 | $14.93 | $6k |
| 2026-09-17 | 3 co-filers Group filing | Option exercise | 400 | $5.81 | — |
| 2026-09-11 | 3 co-filers President and CEO | Option exercise |
Every row is classified by what it MEANT, not by its SEC code. A code is not a meaning: code P (“purchase”) also covers dividend reinvestment and employee stock purchase plans, and code S (“sale”) also covers 10b5-1 plan sales scheduled months earlier and option exercises sold the same day.
Across 30 days of all filings, $5.08bn of insider selling contained $3.50bn of plan sales and $0.46bn of exercise-and-sell. Only 29% was discretionary. Reading an unclassified feed badly overstates how much insiders decided.
Buys and sales are counted separately and never netted. They are different decisions by different people; a company where one officer bought while another sold is not “neutral”.
The holding line carries each insider's last reported position forward, so it shows the total held rather than a sawtooth of whoever traded that day. It covers only insiders who filed in the window.
“Filed late” counts calendar days past the two-business-day deadline with five days' grace, so a Thursday or Friday trade crossing a weekend is never flagged. It describes the company's filing discipline, not the trade.
Insider activity is descriptive. Nothing here is investment advice.
| 132,884 |
| $5.81 |
| $772k |
| 2026-09-11 | 3 co-filers President and CEO | Exercise & sell | 132,884 | $14.28 | $1.9m |
| 2026-09-11 | 3 co-filers President and CEO | Option exercise | 132,884 | $5.81 | — |
| 2026-09-10 | 3 co-filers Group filing | Option exercise | 11,585 | $5.81 | $67k |
| 2026-09-10 | 3 co-filers Group filing | Exercise & sell | 11,585 | $14.08 | $163k |
| 2026-09-10 | 3 co-filers Group filing | Option exercise | 11,585 | $5.81 | — |
| 2026-08-21 | 3 co-filers Group filing | Open-market sale | 1,000 | $13.64 | $14k |
| 2026-08-20 | 3 co-filers Group filing | Open-market sale | 485 | $13.24 | $6k |
| 2026-08-19 | 3 co-filers Group filing | Open-market sale | 96 | $13.19 | $1k |
| 2026-08-19 | 2 co-filers Chief Financial Officer | Open-market sale | 2,000 | $13.08 | $26k |
| 2026-08-19 | 2 co-filers Chief Financial Officer | Open-market sale | 350 | $13.20 | $5k |
| 2026-08-03 | 3 co-filers Group filing | Option exercise | 41,457 | $3.98 | $165k |
| 2026-08-03 | 3 co-filers Group filing | Exercise & sell | 41,457 | $11.45 | $475k |
| 2026-08-03 | 3 co-filers Group filing | Option exercise | 41,457 | $3.98 | — |
| 2026-06-22 | 3 co-filers Group filing | Option exercise | 18,119 | $3.98 | $72k |
| 2026-06-22 | 3 co-filers Group filing | Exercise & sell | 18,119 | $12.37 | $224k |
| 2026-06-22 | 3 co-filers Group filing | Option exercise | 18,119 | $3.98 | — |
| 2026-06-17 | 5 co-filers Group filing | Option exercise | 21,585 | $5.81 | $125k |
| 2026-06-17 | 5 co-filers Group filing | Option exercise | 41,457 | $3.98 | $165k |
| 2026-06-17 | 5 co-filers Group filing | Exercise & sell | 63,042 | $11.80 | $744k |
| 2026-06-17 | 5 co-filers Group filing | Option exercise | 21,585 | $5.81 | — |
| 2026-06-17 | 5 co-filers Group filing | Option exercise | 41,457 | $3.98 | — |
| 2026-06-12 | Hvid Kenneth President and CEO | Open-market sale | 6,822 | $12.04 | $82k |
| 2026-06-11 | Speers Brody Chief Financial Officer | Open-market sale | 5,500 | $12.15 | $67k |
| 2026-06-11 | 4 co-filers President and CEO | Option exercise | 165,151 | $10.18 | $1.7m |
| 2026-06-11 | 4 co-filers President and CEO | Exercise & sell | 165,151 | $12.16 | $2.0m |
| 2026-06-11 | 4 co-filers President and CEO | Exercise & sell | 150,184 | $12.06 | $1.8m |
| 2026-06-11 | 4 co-filers President and CEO | Option exercise | 165,151 | $10.18 | — |
| 2026-06-09 | Antturi Peter Director | Grant | 6,350 | $0.00 | — |
| 2026-06-09 | Karlshoej Poul Ulrich Director | Grant | 6,350 | $11.81 | $75k |
| 2026-06-09 | Locke Simon Heidi Director | Grant | 6,350 | $11.81 | $75k |
| 2026-06-09 | Krediet Rudolph Director | Grant | 6,350 | $11.81 | $75k |
| 2026-06-02 | Antturi Peter Director | Grant | 2,380 | — | — |
| 2026-06-02 | 4 co-filers President and CEO | Grant | 38,620 | $0.00 | — |
| 2026-06-02 | 7 co-filers Chief Financial Officer | Option exercise | 17,553 | — | — |
| 2026-06-02 | 7 co-filers Chief Financial Officer | Option exercise | 1,512 | — | — |
| 2026-06-02 | 4 co-filers President and CEO | Option exercise | 76,420 | $0.00 | — |
Total return (dividends reinvested) vs the market, from quarter-end prices.
Above 0 = ahead of the S&P 500 since the window start; below 0 = behind. Rising means it's pulling ahead.
How far the stock fell below its prior peak. Deeper, longer drawdowns = a rougher ride to the same return.
Quarter-end, dividend-adjusted (total return). Beta & volatility from quarterly returns (annualized). Benchmark is the S&P 500 (SPY total return). Annual returns compound the quarters ending in each calendar year; the first and last years in a window may be partial. Past performance doesn't predict future results.
EOD close · as of 2026-10-29
Where each multiple sits in its own 14-yr range · 72th pct blended
Dot = today · shaded = middle 50% · line = median. Lower percentile = cheaper vs its own 14-yr history.
Is the profit real, and how strong is the balance sheet?
FY2025 · every deduction from revenue to net income
DuPont — the three levers
ROE 5% against ROIC 5% — 0% of the return on equity comes from leverage and buybacks rather than from the operating business.
What the company owes vs. what it holds
This shows debt/cash structure and net leverage. The year-by-year maturity schedule is on the Debt & Leverage tab.
Latest year: profit growth vs revenue growth
Low operating leverage — profit tracks sales closely (stable, less cyclical).
Each line as % of revenue — the trend in color
| % of revenue | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|
| Cost of Revenue | 23.7 | 31.6 | 25.9 | 46.2 | 41.6 | 32.4 | 33.2 | 33.4 |
| SG&A | 5.6 | 5.5 | 5.6 | 10.9 | 4.8 | 3.9 | 5.0 | 5.8 |
| Operating Income | 9.5 | -8.6 | 6.1 | -27.2 | 20.6 | 36.3 | 29.9 | 31.9 |
| Income Tax | 1.1 | 1.4 | 0.5 | -0.7 | 0.1 | 0.8 | 0.0 | -0.5 |
| Net Income | -4.6 | -24.4 | -7.2 | 1.1 | 6.6 | 10.3 | 11.0 | 10.3 |
Green = margin-favorable vs the row's own range · red = unfavorable.
The metrics that matter, over time
A 30-second read on TK: price, valuation and headline fundamentals from SEC filings. The four questions at the top of the page are where the judgements live.
Earns -1.65pts against its cost of capital — capital is being consumed, not created.
| Period | ROIC | Cost of capital | Spread |
|---|---|---|---|
| FY2019 | -1.6% | 9.2% (today's — no rate published for this year) | -10.8pts |
| FY2020 | 2.1% | 9.2% (today's — no rate published for this year) | -7.1pts |
| FY2021 | -6.0% | 7.3% | -13.3pts |
| FY2022 | 14.4% | 8.6% | 5.8pts |
| FY2023 | 33.8% | 7.7% | 26.1pts |
| FY2024 | 27.4% | 7.8% | 19.6pts |
| FY2025 | 23.6% | 8.6% | 15.0pts |
| Now | 4.5% | 9.2% | -4.6pts |
| Fiscal year | Gross margin | Operating margin | Net margin |
|---|---|---|---|
| FY2016 | not reported | 16.5% | -5.3% |
| FY2017 | 91.8% | 0.4% | -8.7% |
| FY2018 | 76.3% | 9.5% | -4.6% |
| FY2019 | 68.4% | -8.6% | -24.4% |
| FY2020 | 74.1% | 6.1% | -7.2% |
| FY2021 | 53.8% | -27.2% | 1.1% |
| FY2022 | 58.4% | 20.6% | 6.6% |
| FY2023 | 67.6% | 36.3% | 10.3% |
| FY2024 | 66.8% | 29.9% | 11.0% |
| FY2025 | 66.6% | 31.9% | 10.3% |
Return on equity (5%) and return on invested capital (5%) are within a couple of points in FY2025, so the headline return is the operating return — there is no meaningful leverage effect to strip out.
$2M of goodwill — 0% of invested capital. The gap is what was paid above the fair value of what was bought; it is real capital shareholders provided, so neither bar is the whole answer.
The spread is -1.65pts and would invert under a ±2% move in WACC, so the verdict rests on the cost-of-capital assumption rather than on the business.
Converts 3.62x of reported profit into free cash flow over 5 years, with accruals negative.
Conversion has deteriorated: 2.76x over three years against 3.62x over 5.
Missing from our data, so excluded from this answer: share_based_compensation.
Covers interest 73.2x even after a 30% EBITDA decline.
| EBITDA decline | Interest coverage |
|---|---|
| 0% | 104.56x |
| 5% | 99.33x |
| 10% | 94.11x |
| 15% | 88.88x |
| 20% | 83.65x |
| 25% | 78.42x |
| 30% | 73.19x |
| 35% | 67.97x |
| 40% | 62.74x |
| 45% | 57.51x |
| 50% | 52.28x |
| 55% | 47.05x |
| 60% | 41.83x |
This schedule comes from a filing dated 2021-12-31, 1764 days old. Maturities are shown relative to that date, not to today.
Ladder as of 2021-12-31 (20-F); cash from the 2021-12-31 balance sheet; FCF from FY2021.
Balance sheet at 2021-12-31. Undrawn revolving credit is not shown: the tag is collected but not yet mapped through to the API.
Operating leases are $38,161,000 of the $38,161,000 total — a fixed obligation that does not appear in a headline debt figure.
At $14.90, free cash flow must compound -44.15%/yr for 10 years. It has done -18.18%/yr over 6 years.
| Fiscal year | FCF growth | Price requires |
|---|---|---|
| FY2020 | 160.4% | −44.1% |
| FY2021 | −94.1% | −44.1% |
| FY2022 | 251.4% | −44.1% |
| FY2023 | 216.2% | −44.1% |
| FY2024 | −37.0% | −44.1% |
| FY2025 | −71.9% | −44.1% |
The implied rate has been matched or beaten in 4 of the last 6 years.
| Step | Amount | Running total |
|---|---|---|
| Net income | $98M | $98M |
| Share-based comp | not reported | not reported |
| Other non-cash & working capital | $204M | $302M |
| Operating cash flow | $302M | $302M |
| Capex | −$190M | $112M |
| Free cash flow | $112M | $112M |
| Fiscal year | Revenue growth | Receivables growth | Gap |
|---|---|---|---|
| FY2020 | -10.1% | -28.6% | -18.5 points |
| FY2021 | -40.5% | -58.0% | -17.6 points |
| FY2022 | 74.4% | 134.9% | 60.5 points |
| FY2023 | 23.1% | -16.4% | -39.5 points |
| FY2024 | -16.7% | -29.3% | -12.6 points |
| FY2025 | -22.2% | -0.2% | 22.0 points |
| Fiscal year | DSO | DIO | DPO | Cash conversion cycle |
|---|---|---|---|---|
| FY2019 | 57.2 days | not reported | 122.9 days | -65.7 days |
| FY2020 | 45.5 days | not reported | not reported | not reported |
| FY2021 | 32.1 days | 56.8 days | not reported | not reported |
| FY2022 | 43.2 days | 44.8 days | not reported | not reported |
| FY2023 | 29.3 days | 40.9 days | not reported | not reported |
| FY2024 | 24.9 days | 41.4 days | 23.1 days | 43.2 days |
| FY2025 | 32 days | 33.8 days | 23 days | 42.8 days |
| Fiscal year | Accruals / assets |
|---|---|
| FY2019 | -8.6 percent |
| FY2020 | -15.4 percent |
| FY2021 | -1.1 percent |
| FY2022 | -5.6 percent |
| FY2023 | -21.8 percent |
| FY2024 | -15.5 percent |
| FY2025 | -8.6 percent |
Below the line, the asset base is being consumed faster than it is replaced.
Depreciation here includes amortisation of acquired intangibles — goodwill written down over time, customer lists, acquired technology. Capex does not replace those and is not meant to, so an acquisitive or asset-light company sits below 1.0 permanently and correctly. The signal is cleanest for capital-intensive businesses, where the two measure the same physical base. For that reason this informs the earnings-quality verdict but never caps it.