# TDG · TransDigm Group Inc Snapshot 2026-10-26 · CIK 0001260221 · NYSE · Aircraft Parts & Auxiliary Equipment, Nec Price 1104.84 (2026-10-23, Alpaca Market Data (consolidated SIP daily bar)) · Market cap 61.07 B Machine-readable: https://theclaudetrader.com/s/TDG.json · index: https://theclaudetrader.com/llms.txt ## Scores ### Graham Defensive: 43.2 (partial: 5) · complete: False · missing tests: 5 · current inputs as of 2025-09-30 · stale inputs: Revenue, current_assets, current_liabilities, lt_debt, equity, equity · history 2013–2025 · price 2026-10-23 · verification {'verified': 8, 'mismatch': 4, 'unverified': 19, 'not_cross_checked': 1} · computed 2026-10-26 · rules https://theclaudetrader.com/p/graham - 1 Adequate size: 8.83 revenue $B · threshold >= 1 · points 5.0/5 - 2a Current ratio: 3.02 · threshold >= 2.0 · points 15.0/15 - 2b Long-term debt vs working capital: 6.28 LTD / WC · threshold <= 1.0 · points 0.0/15 - 3 Positive earnings each of 10 years: 10 of 10 · threshold 10 of 10 · points 15.0/15 - 4 Dividends every year for 20 years: 11 of 20 · threshold 20 of 20 · points 8.25/15 - 5 EPS growth, 3-yr avg now vs 10 yrs ago: None · threshold >= +33% · points None/10 - 6 P/E on 3-year average EPS: 41.6 · threshold <= 15 · points 0.0/15 - 7 P/B <= 1.5, or P/E x P/B <= 22.5: None · threshold <= 1.5 or <= 22.5 · points 0.0/10 Inputs: - Price (close, per traded unit): 1104.84 · 2026-10-23 · Alpaca Market Data (consolidated SIP daily bar) · https://docs.alpaca.markets/docs/historical-stock-data-1 - Revenue: 8831000000.0 · 2025-09-30 · SEC XBRL Revenues · https://www.sec.gov/Archives/edgar/data/1260221/000126022125000081/ · unverified - current_assets: 7771000000.0 · 2026-06-27 · SEC XBRL AssetsCurrent · https://www.sec.gov/Archives/edgar/data/1260221/000126022126000053/ · unverified - current_liabilities: 2574000000.0 · 2026-06-27 · SEC XBRL LiabilitiesCurrent · https://www.sec.gov/Archives/edgar/data/1260221/000126022126000053/ · unverified - lt_debt: 32621000000.0 · 2026-06-27 · SEC XBRL LongTermDebtAndCapitalLeaseObligations · https://www.sec.gov/Archives/edgar/data/1260221/000126022126000053/ · unverified - equity: -9809000000.0 · 2026-06-27 · SEC XBRL StockholdersEquity · https://www.sec.gov/Archives/edgar/data/1260221/000126022126000053/ · unverified - Net income FY2016: 586414000.0 · 2016-09-30 · SEC XBRL NetIncomeLoss · https://www.sec.gov/Archives/edgar/data/1260221/000126022118000070/ · unverified - Net income FY2017: 596887000.0 · 2017-09-30 · SEC XBRL NetIncomeLoss · https://www.sec.gov/Archives/edgar/data/1260221/000126022119000043/ · unverified - Net income FY2018: 957000000.0 · 2018-09-30 · SEC XBRL NetIncomeLoss · https://www.sec.gov/Archives/edgar/data/1260221/000126022120000099/ · unverified - Net income FY2019: 890000000.0 · 2019-09-30 · SEC XBRL NetIncomeLoss · https://www.sec.gov/Archives/edgar/data/1260221/000126022121000134/ · unverified - Net income FY2020: 699000000.0 · 2020-09-30 · SEC XBRL NetIncomeLoss · https://www.sec.gov/Archives/edgar/data/1260221/000126022122000065/ · unverified - Net income FY2021: 680000000.0 · 2021-09-30 · SEC XBRL NetIncomeLoss · https://www.sec.gov/Archives/edgar/data/1260221/000126022123000081/ · unverified - Net income FY2022: 866000000.0 · 2022-09-30 · SEC XBRL NetIncomeLoss · https://www.sec.gov/Archives/edgar/data/1260221/000126022124000083/ · unverified - Net income FY2023: 1298000000.0 · 2023-09-30 · SEC XBRL NetIncomeLoss · https://www.sec.gov/Archives/edgar/data/1260221/000126022125000081/ · unverified - Net income FY2024: 1714000000.0 · 2024-09-30 · SEC XBRL NetIncomeLoss · https://www.sec.gov/Archives/edgar/data/1260221/000126022125000081/ · unverified - Net income FY2025: 2074000000.0 · 2025-09-30 · SEC XBRL NetIncomeLoss · https://www.sec.gov/Archives/edgar/data/1260221/000126022125000081/ · unverified - Dividend years (Yahoo): [2009, 2012, 2013, 2014, 2016, 2017, 2019, 2022, 2023, 2024, 2025] · · Yahoo Finance dividend history · https://finance.yahoo.com/quote/TDG/history?filter=div · mismatch - Dividends per share FY2013 (XBRL): 34.85 · 2013-09-30 · SEC XBRL CommonStockDividendsPerShareCashPaid · https://www.sec.gov/Archives/edgar/data/1260221/000126022115000013/ · verified - Dividends per share FY2014 (XBRL): 25.0 · 2014-09-30 · SEC XBRL CommonStockDividendsPerShareCashPaid · https://www.sec.gov/Archives/edgar/data/1260221/000126022116000107/ · verified - Dividends per share FY2015 (XBRL): 0.0 · 2015-09-30 · SEC XBRL CommonStockDividendsPerShareCashPaid · https://www.sec.gov/Archives/edgar/data/1260221/000126022117000060/ · verified - Dividends per share FY2016 (XBRL): 0.0 · 2016-09-30 · SEC XBRL CommonStockDividendsPerShareCashPaid · https://www.sec.gov/Archives/edgar/data/1260221/000126022118000070/ · mismatch - Dividends per share FY2017 (XBRL): 46.0 · 2017-09-30 · SEC XBRL CommonStockDividendsPerShareCashPaid · https://www.sec.gov/Archives/edgar/data/1260221/000126022119000043/ · verified - Dividends per share FY2018 (XBRL): 0.0 · 2018-09-30 · SEC XBRL CommonStockDividendsPerShareCashPaid · https://www.sec.gov/Archives/edgar/data/1260221/000126022120000099/ · verified - Dividends per share FY2019 (XBRL): 30.0 · 2019-09-30 · SEC XBRL CommonStockDividendsPerShareCashPaid · https://www.sec.gov/Archives/edgar/data/1260221/000126022121000134/ · verified - Dividends per share FY2020 (XBRL): 32.5 · 2020-09-30 · SEC XBRL CommonStockDividendsPerShareCashPaid · https://www.sec.gov/Archives/edgar/data/1260221/000126022122000065/ · mismatch - Dividends per share FY2021 (XBRL): 0.0 · 2021-09-30 · SEC XBRL CommonStockDividendsPerShareCashPaid · https://www.sec.gov/Archives/edgar/data/1260221/000126022123000081/ · verified - Dividends per share FY2022 (XBRL): 18.5 · 2022-09-30 · SEC XBRL CommonStockDividendsPerShareCashPaid · https://www.sec.gov/Archives/edgar/data/1260221/000126022123000081/ · verified - Dividends per share FY2023 (XBRL): 0.0 · 2023-09-30 · SEC XBRL CommonStockDividendsPerShareCashPaid · https://www.sec.gov/Archives/edgar/data/1260221/000126022123000081/ · mismatch - EPS diluted FY2023: 22.03 · 2023-09-30 · SEC XBRL EarningsPerShareDiluted · https://www.sec.gov/Archives/edgar/data/1260221/000126022125000081/ · unverified - EPS diluted FY2024: 25.62 · 2024-09-30 · SEC XBRL EarningsPerShareDiluted · https://www.sec.gov/Archives/edgar/data/1260221/000126022125000081/ · unverified - EPS diluted FY2025: 32.08 · 2025-09-30 · SEC XBRL EarningsPerShareDiluted · https://www.sec.gov/Archives/edgar/data/1260221/000126022125000081/ · unverified - equity: -9809000000.0 · 2026-06-27 · SEC XBRL StockholdersEquity · https://www.sec.gov/Archives/edgar/data/1260221/000126022126000053/ · unverified ### Magic Formula: 75.6 (ok) · complete: True · missing tests: none · current inputs as of 2025-12-27 · stale inputs: operating_income_q, operating_income_q, operating_income_q, current_assets, current_liabilities, cash, ppe_net, debt_incl_current · history None–None · price 2026-10-23 · verification None · computed 2026-10-26 · rules https://theclaudetrader.com/p/magic_formula - Earnings yield (EBIT/EV): 5.06 % · threshold · points / - Return on capital (EBIT/(NWC+PPE)): 66.43 % · threshold · points / - Combined rank: 133 · threshold · points / Inputs: - operating_income: 4165000000.0 · 2025-09-30 · SEC XBRL OperatingIncomeLoss · https://www.sec.gov/Archives/edgar/data/1260221/000126022125000081/ - operating_income_q: 1042000000.0 · 2025-12-27 · SEC XBRL OperatingIncomeLoss (quarter CY2025Q4) · https://www.sec.gov/Archives/edgar/data/1260221/000126022126000017/ - operating_income_q: 974000000.0 · 2024-12-28 · SEC XBRL OperatingIncomeLoss (quarter CY2024Q4) · https://www.sec.gov/Archives/edgar/data/1260221/000126022126000017/ - operating_income_q: 1178000000.0 · 2026-03-28 · SEC XBRL OperatingIncomeLoss (quarter CY2026Q1) · https://www.sec.gov/Archives/edgar/data/1260221/000126022126000040/ - operating_income_q: 991000000.0 · 2025-03-29 · SEC XBRL OperatingIncomeLoss (quarter CY2025Q1) · https://www.sec.gov/Archives/edgar/data/1260221/000126022126000040/ - operating_income_q: 1227000000.0 · 2026-06-27 · SEC XBRL OperatingIncomeLoss (quarter CY2026Q2) · https://www.sec.gov/Archives/edgar/data/1260221/000126022126000053/ - operating_income_q: 1039000000.0 · 2025-06-28 · SEC XBRL OperatingIncomeLoss (quarter CY2025Q2) · https://www.sec.gov/Archives/edgar/data/1260221/000126022126000053/ - current_assets: 7771000000.0 · 2026-06-27 · SEC XBRL AssetsCurrent · https://www.sec.gov/Archives/edgar/data/1260221/000126022126000053/ - current_liabilities: 2574000000.0 · 2026-06-27 · SEC XBRL LiabilitiesCurrent · https://www.sec.gov/Archives/edgar/data/1260221/000126022126000053/ - cash: 2773000000.0 · 2026-06-27 · SEC XBRL CashAndCashEquivalentsAtCarryingValue · https://www.sec.gov/Archives/edgar/data/1260221/000126022126000053/ - ppe_net: 1740000000.0 · 2026-06-27 · SEC XBRL PropertyPlantAndEquipmentNet · https://www.sec.gov/Archives/edgar/data/1260221/000126022126000053/ - debt_incl_current: 32760000000.0 · 2026-06-27 · SEC XBRL LongTermDebt · https://www.sec.gov/Archives/edgar/data/1260221/000126022126000053/ - shares_out: 55276525.0 · 2026-07-31 · SEC cover page 10-Q 0001260221-26-000053 (55,276,525 shares (single class on cover)); filing document https://www.sec.gov/Archives/edgar/data/1260221/000126022126000053/tdg-20260627.htm · https://www.sec.gov/Archives/edgar/data/1260221/000126022126000053/R1.htm - Price (close): 1104.84 · 2026-10-23 · Yahoo Finance / Alpaca Market Data · - note: debt = LongTermDebt (incl. current maturities) · · · ### Momentum: 37.6 (ok) · complete: True · missing tests: none · current inputs as of 2026-10-23 · stale inputs: none · history None–None · price 2026-10-23 · verification None · computed 2026-10-26 · rules https://theclaudetrader.com/p/momentum - 12-1 month return: -18.1 % · threshold · points 8.4/50 - 6 month return: -5.2 % · threshold · points 5.9/20 - Price / 52-week high: 0.762 · threshold · points 11.4/15 - Volatility penalty (60d annualised): 21.0 % · threshold · points 11.9/15 Inputs: - Adjusted close series (14 months): 1104.84 · 2026-10-23 · Yahoo Finance / Alpaca Market Data daily history · ### Insider: 0.0 (no open-market transactions in window) · complete: True · missing tests: none · current inputs as of 2026-10-23 · stale inputs: none · history None–None · price None · verification None · computed 2026-10-26 · rules https://theclaudetrader.com/p/insider - Open-market buy value / market cap (percentile among buyers): 0.0 bp · threshold · points 0.0/35 - Distinct buyers: 0 · threshold · points 0.0/25 - Buyer seniority: 0.0 · threshold · points 0.0/20 - Recency (half-life 30d): 0.0 · threshold · points 0.0/10 - Sales penalty (excludes 10b5-1 plan sales): 0.0 bp · threshold · points -0.0/0 Inputs: - excluded 2026-10-15 S: 10b5-1 plan · · rule · - excluded 2026-10-15 S: 10b5-1 plan · · rule · - excluded 2026-10-15 S: 10b5-1 plan · · rule · - excluded 2026-10-15 S: 10b5-1 plan · · rule · - excluded 2026-10-15 S: 10b5-1 plan · · rule · - excluded 2026-10-15 S: 10b5-1 plan · · rule · - excluded 2026-10-15 S: 10b5-1 plan · · rule · - excluded 2026-10-15 S: 10b5-1 plan · · rule · - excluded 2026-10-15 S: 10b5-1 plan · · rule · - excluded 2026-10-15 S: 10b5-1 plan · · rule · - excluded 2026-10-15 S: 10b5-1 plan · · rule · - excluded 2026-10-15 S: 10b5-1 plan · · rule · - excluded 2026-10-15 S: 10b5-1 plan · · rule · - excluded 2026-10-15 S: 10b5-1 plan · · rule · - excluded 2026-10-15 S: 10b5-1 plan · · rule · - excluded 2026-10-15 S: 10b5-1 plan · · rule · - excluded 2026-10-15 S: 10b5-1 plan · · rule · - excluded 2026-10-15 S: 10b5-1 plan · · rule · - excluded 2026-10-15 S: 10b5-1 plan · · rule · - excluded 2026-10-15 S: 10b5-1 plan · · rule · - excluded 2026-10-15 S: 10b5-1 plan · · rule · - excluded 2026-09-15 S: 10b5-1 plan · · rule · - excluded 2026-09-15 S: 10b5-1 plan · · rule · - excluded 2026-09-15 S: 10b5-1 plan · · rule · - excluded 2026-09-15 S: 10b5-1 plan · · rule · - excluded 2026-09-15 S: 10b5-1 plan · · rule · - excluded 2026-09-15 S: 10b5-1 plan · · rule · - excluded 2026-09-15 S: 10b5-1 plan · · rule · - excluded 2026-09-15 S: 10b5-1 plan · · rule · - excluded 2026-09-15 S: 10b5-1 plan · · rule · ### Buffett Quality: 44.8 (partial: 1) · complete: False · missing tests: 1 · current inputs as of 2026-06-27 · stale inputs: debt_incl_current · history 2016–2025 · price 2026-10-23 · verification {'verified': 0, 'mismatch': 0, 'unverified': 31, 'not_cross_checked': 2} · computed 2026-10-26 · rules https://theclaudetrader.com/p/buffett - 1 Average return on equity (net income / year-end equity): 0 years with positive equity · threshold >= 15% · points None/25 - 2 Profitable every year: 10 of 10 · threshold all years · points 15.0/15 - 3 Net income growth, 3-yr average now vs start of window: +13.2% a year · threshold >= +10% · points 10.0/10 - 4 Borrowings / 3-yr average earnings (years to repay): 19.3 years · threshold <= 4 · points 0.0/15 - 5 Operating margin, 5-yr average: 42.4% · threshold >= 20% · points 10.0/10 - 6 Free cash flow / net income, 5-yr (operating cash flow minus capex): 0.99 · threshold >= 1.0 · points 9.8/10 - 7 Owner-earnings yield (3-yr avg free cash flow / market cap): 2.7% · threshold >= 7% · points 0.0/15 Inputs: - Price (close, per traded unit): 1104.84 · 2026-10-23 · Alpaca Market Data (consolidated SIP daily bar) · https://docs.alpaca.markets/docs/historical-stock-data-1 - Net income FY2016: 586414000.0 · 2016-09-30 · SEC XBRL NetIncomeLoss · https://www.sec.gov/Archives/edgar/data/1260221/000126022118000070/ · unverified - Net income FY2017: 596887000.0 · 2017-09-30 · SEC XBRL NetIncomeLoss · https://www.sec.gov/Archives/edgar/data/1260221/000126022119000043/ · unverified - Net income FY2018: 957000000.0 · 2018-09-30 · SEC XBRL NetIncomeLoss · https://www.sec.gov/Archives/edgar/data/1260221/000126022120000099/ · unverified - Net income FY2019: 890000000.0 · 2019-09-30 · SEC XBRL NetIncomeLoss · https://www.sec.gov/Archives/edgar/data/1260221/000126022121000134/ · unverified - Net income FY2020: 699000000.0 · 2020-09-30 · SEC XBRL NetIncomeLoss · https://www.sec.gov/Archives/edgar/data/1260221/000126022122000065/ · unverified - Net income FY2021: 680000000.0 · 2021-09-30 · SEC XBRL NetIncomeLoss · https://www.sec.gov/Archives/edgar/data/1260221/000126022123000081/ · unverified - Net income FY2022: 866000000.0 · 2022-09-30 · SEC XBRL NetIncomeLoss · https://www.sec.gov/Archives/edgar/data/1260221/000126022124000083/ · unverified - Net income FY2023: 1298000000.0 · 2023-09-30 · SEC XBRL NetIncomeLoss · https://www.sec.gov/Archives/edgar/data/1260221/000126022125000081/ · unverified - Net income FY2024: 1714000000.0 · 2024-09-30 · SEC XBRL NetIncomeLoss · https://www.sec.gov/Archives/edgar/data/1260221/000126022125000081/ · unverified - Net income FY2025: 2074000000.0 · 2025-09-30 · SEC XBRL NetIncomeLoss · https://www.sec.gov/Archives/edgar/data/1260221/000126022125000081/ · unverified - debt_incl_current: 32760000000.0 · 2026-06-27 · SEC XBRL LongTermDebt · https://www.sec.gov/Archives/edgar/data/1260221/000126022126000053/ · unverified - Operating income FY2021: 1691000000.0 · 2021-09-30 · SEC XBRL OperatingIncomeLoss · https://www.sec.gov/Archives/edgar/data/1260221/000126022123000081/ · unverified - Revenue FY2021: 4798000000.0 · 2021-09-30 · SEC XBRL Revenues · https://www.sec.gov/Archives/edgar/data/1260221/000126022123000081/ · unverified - Operating income FY2022: 2215000000.0 · 2022-09-30 · SEC XBRL OperatingIncomeLoss · https://www.sec.gov/Archives/edgar/data/1260221/000126022124000083/ · unverified - Revenue FY2022: 5429000000.0 · 2022-09-30 · SEC XBRL Revenues · https://www.sec.gov/Archives/edgar/data/1260221/000126022124000083/ · unverified - Operating income FY2023: 2923000000.0 · 2023-09-30 · SEC XBRL OperatingIncomeLoss · https://www.sec.gov/Archives/edgar/data/1260221/000126022125000081/ · unverified - Revenue FY2023: 6585000000.0 · 2023-09-30 · SEC XBRL Revenues · https://www.sec.gov/Archives/edgar/data/1260221/000126022125000081/ · unverified - Operating income FY2024: 3531000000.0 · 2024-09-30 · SEC XBRL OperatingIncomeLoss · https://www.sec.gov/Archives/edgar/data/1260221/000126022125000081/ · unverified - Revenue FY2024: 7940000000.0 · 2024-09-30 · SEC XBRL Revenues · https://www.sec.gov/Archives/edgar/data/1260221/000126022125000081/ · unverified - Operating income FY2025: 4165000000.0 · 2025-09-30 · SEC XBRL OperatingIncomeLoss · https://www.sec.gov/Archives/edgar/data/1260221/000126022125000081/ · unverified - Revenue FY2025: 8831000000.0 · 2025-09-30 · SEC XBRL Revenues · https://www.sec.gov/Archives/edgar/data/1260221/000126022125000081/ · unverified - Operating cash flow FY2021: 913000000.0 · 2021-09-30 · SEC XBRL NetCashProvidedByUsedInOperatingActivities · https://www.sec.gov/Archives/edgar/data/1260221/000126022123000081/ · unverified - Capital expenditure FY2021: 105000000.0 · 2021-09-30 · SEC XBRL PaymentsToAcquirePropertyPlantAndEquipment · https://www.sec.gov/Archives/edgar/data/1260221/000126022123000081/ · unverified - Operating cash flow FY2022: 948000000.0 · 2022-09-30 · SEC XBRL NetCashProvidedByUsedInOperatingActivities · https://www.sec.gov/Archives/edgar/data/1260221/000126022124000083/ · unverified - Capital expenditure FY2022: 119000000.0 · 2022-09-30 · SEC XBRL PaymentsToAcquirePropertyPlantAndEquipment · https://www.sec.gov/Archives/edgar/data/1260221/000126022124000083/ · unverified - Operating cash flow FY2023: 1375000000.0 · 2023-09-30 · SEC XBRL NetCashProvidedByUsedInOperatingActivities · https://www.sec.gov/Archives/edgar/data/1260221/000126022125000081/ · unverified - Capital expenditure FY2023: 139000000.0 · 2023-09-30 · SEC XBRL PaymentsToAcquirePropertyPlantAndEquipment · https://www.sec.gov/Archives/edgar/data/1260221/000126022125000081/ · unverified - Operating cash flow FY2024: 2045000000.0 · 2024-09-30 · SEC XBRL NetCashProvidedByUsedInOperatingActivities · https://www.sec.gov/Archives/edgar/data/1260221/000126022125000081/ · unverified - Capital expenditure FY2024: 165000000.0 · 2024-09-30 · SEC XBRL PaymentsToAcquirePropertyPlantAndEquipment · https://www.sec.gov/Archives/edgar/data/1260221/000126022125000081/ · unverified - Operating cash flow FY2025: 2038000000.0 · 2025-09-30 · SEC XBRL NetCashProvidedByUsedInOperatingActivities · https://www.sec.gov/Archives/edgar/data/1260221/000126022125000081/ · unverified - Capital expenditure FY2025: 222000000.0 · 2025-09-30 · SEC XBRL PaymentsToAcquirePropertyPlantAndEquipment · https://www.sec.gov/Archives/edgar/data/1260221/000126022125000081/ · unverified - Shares outstanding: 55276525.0 · 2026-07-31 · SEC cover page 10-Q 0001260221-26-000053 (55,276,525 shares (single class on cover)); filing document https://www.sec.gov/Archives/edgar/data/1260221/000126022126000053/tdg-20260627.htm · https://www.sec.gov/Archives/edgar/data/1260221/000126022126000053/R1.htm ### Lynch GARP: 63.1 (ok) · complete: True · missing tests: none · current inputs as of 2026-06-27 · stale inputs: cash · history 2020–2025 · price 2026-10-23 · verification {'verified': 0, 'mismatch': 0, 'unverified': 3, 'not_cross_checked': 1} · computed 2026-10-26 · rules https://theclaudetrader.com/p/lynch - 1 PEG: P/E divided by 5-yr EPS growth (in % points): 1.19 · threshold <= 1.0 · points 24.4/30 - 2 EPS growth, 5-yr compound rate: +29.1% a year · threshold 12% to 35% a year · points 20.0/20 - 3 P/E on latest annual EPS: 34.4 · threshold <= 25 · points 3.7/10 - 4 Borrowings / equity: None · threshold <= 0.5 · points 0.0/15 - 5 Years of the last 5 in which EPS rose: 5 of 5 · threshold 5 of 5 · points 15.0/15 - 6 Net cash (cash minus borrowings) / market cap: -49.1% · threshold >= +10% · points 0.0/10 Inputs: - Price (close, per traded unit): 1104.84 · 2026-10-23 · Alpaca Market Data (consolidated SIP daily bar) · https://docs.alpaca.markets/docs/historical-stock-data-1 - EPS diluted FY2025: 32.08 · 2025-09-30 · SEC XBRL EarningsPerShareDiluted · https://www.sec.gov/Archives/edgar/data/1260221/000126022125000081/ · unverified - EPS diluted FY2020: 8.96 · 2020-09-30 · SEC XBRL EarningsPerShareDiluted · https://www.sec.gov/Archives/edgar/data/1260221/000126022122000065/ · unverified - cash: 2773000000.0 · 2026-06-27 · SEC XBRL CashAndCashEquivalentsAtCarryingValue · https://www.sec.gov/Archives/edgar/data/1260221/000126022126000053/ · unverified ### Graham Enterprising: 50.0 (ok) · complete: True · missing tests: none · current inputs as of 2026-06-27 · stale inputs: current_assets, current_liabilities, debt_incl_current · history 2020–2025 · price 2026-10-23 · verification {'verified': 0, 'mismatch': 0, 'unverified': 10, 'not_cross_checked': 2} · computed 2026-10-26 · rules https://theclaudetrader.com/p/graham_enterprising - 1 Current ratio: 3.02 · threshold >= 1.5 · points 15.0/15 - 2 Borrowings vs working capital: 6.3 x · threshold <= 1.1x · points 0.0/15 - 3 No earnings deficit in the last 5 years: 5 of 5 profitable · threshold 5 of 5 · points 15.0/15 - 4 Pays a current dividend: yes · threshold yes · points 10.0/10 - 5 EPS higher than five years earlier: 8.96 -> 32.08 · threshold higher · points 10.0/10 - 6 Price / book value per share: None · threshold <= 1.2 · points 0.0/20 - 7 Price / net current asset value per share (current assets minus all liabilities): None · threshold <= 0.67 · points 0.0/15 Inputs: - Price (close, per traded unit): 1104.84 · 2026-10-23 · Alpaca Market Data (consolidated SIP daily bar) · https://docs.alpaca.markets/docs/historical-stock-data-1 - current_assets: 7771000000.0 · 2026-06-27 · SEC XBRL AssetsCurrent · https://www.sec.gov/Archives/edgar/data/1260221/000126022126000053/ · unverified - current_liabilities: 2574000000.0 · 2026-06-27 · SEC XBRL LiabilitiesCurrent · https://www.sec.gov/Archives/edgar/data/1260221/000126022126000053/ · unverified - debt_incl_current: 32760000000.0 · 2026-06-27 · SEC XBRL LongTermDebt · https://www.sec.gov/Archives/edgar/data/1260221/000126022126000053/ · unverified - Net income FY2021: 680000000.0 · 2021-09-30 · SEC XBRL NetIncomeLoss · https://www.sec.gov/Archives/edgar/data/1260221/000126022123000081/ · unverified - Net income FY2022: 866000000.0 · 2022-09-30 · SEC XBRL NetIncomeLoss · https://www.sec.gov/Archives/edgar/data/1260221/000126022124000083/ · unverified - Net income FY2023: 1298000000.0 · 2023-09-30 · SEC XBRL NetIncomeLoss · https://www.sec.gov/Archives/edgar/data/1260221/000126022125000081/ · unverified - Net income FY2024: 1714000000.0 · 2024-09-30 · SEC XBRL NetIncomeLoss · https://www.sec.gov/Archives/edgar/data/1260221/000126022125000081/ · unverified - Net income FY2025: 2074000000.0 · 2025-09-30 · SEC XBRL NetIncomeLoss · https://www.sec.gov/Archives/edgar/data/1260221/000126022125000081/ · unverified - Dividend years (Yahoo): [2014, 2016, 2017, 2019, 2022, 2023, 2024, 2025] · · Yahoo Finance dividend history · https://finance.yahoo.com/quote/TDG/history?filter=div - EPS diluted FY2025: 32.08 · 2025-09-30 · SEC XBRL EarningsPerShareDiluted · https://www.sec.gov/Archives/edgar/data/1260221/000126022125000081/ · unverified - EPS diluted FY2020: 8.96 · 2020-09-30 · SEC XBRL EarningsPerShareDiluted · https://www.sec.gov/Archives/edgar/data/1260221/000126022122000065/ · unverified ### Piotroski F-Score: 77.8 (ok) · complete: True · missing tests: none · current inputs as of None · stale inputs: none · history 2024–2026 · price None · verification {'verified': 0, 'mismatch': 0, 'unverified': 27, 'not_cross_checked': 0} · computed 2026-10-26 · rules https://theclaudetrader.com/p/piotroski - 1 Return on assets is positive: 9.1% · threshold pass = 1 · points 11.11111111111111/11.11111111111111 - 2 Operating cash flow is positive: 2,038M · threshold pass = 1 · points 11.11111111111111/11.11111111111111 - 3 Return on assets improved on the prior year: 6.7% -> 9.1% · threshold pass = 1 · points 11.11111111111111/11.11111111111111 - 4 Operating cash flow exceeds net income (accruals): 2,038M vs 2,074M · threshold pass = 1 · points 0.0/11.11111111111111 - 5 Long-term debt / assets fell: 95.0% -> 127.3% · threshold pass = 1 · points 0.0/11.11111111111111 - 6 Current ratio improved: 1.58 -> 3.21 · threshold pass = 1 · points 11.11111111111111/11.11111111111111 - 7 No new shares issued (share count did not rise): 56M -> 55M · threshold pass = 1 · points 11.11111111111111/11.11111111111111 - 8 Operating margin improved (stand-in for gross margin, which the dataset does not carry): 44.5% -> 47.2% · threshold pass = 1 · points 11.11111111111111/11.11111111111111 - 9 Asset turnover (revenue / assets) improved: 0.31 -> 0.39 · threshold pass = 1 · points 11.11111111111111/11.11111111111111 Inputs: - net_income 2025-09-30: 2074000000.0 · 2025-09-30 · SEC XBRL NetIncomeLoss · https://www.sec.gov/Archives/edgar/data/1260221/000126022125000081/ · unverified - total_assets 2025-09-30: 22909000000.0 · 2025-09-30 · SEC XBRL Assets · https://www.sec.gov/Archives/edgar/data/1260221/000126022126000053/ · unverified - cfo 2025-09-30: 2038000000.0 · 2025-09-30 · SEC XBRL NetCashProvidedByUsedInOperatingActivities · https://www.sec.gov/Archives/edgar/data/1260221/000126022125000081/ · unverified - net_income 2025-09-30: 2074000000.0 · 2025-09-30 · SEC XBRL NetIncomeLoss · https://www.sec.gov/Archives/edgar/data/1260221/000126022125000081/ · unverified - net_income 2024-09-30: 1714000000.0 · 2024-09-30 · SEC XBRL NetIncomeLoss · https://www.sec.gov/Archives/edgar/data/1260221/000126022125000081/ · unverified - total_assets 2025-09-30: 22909000000.0 · 2025-09-30 · SEC XBRL Assets · https://www.sec.gov/Archives/edgar/data/1260221/000126022126000053/ · unverified - total_assets 2024-09-30: 25586000000.0 · 2024-09-30 · SEC XBRL Assets · https://www.sec.gov/Archives/edgar/data/1260221/000126022125000081/ · unverified - cfo 2025-09-30: 2038000000.0 · 2025-09-30 · SEC XBRL NetCashProvidedByUsedInOperatingActivities · https://www.sec.gov/Archives/edgar/data/1260221/000126022125000081/ · unverified - net_income 2025-09-30: 2074000000.0 · 2025-09-30 · SEC XBRL NetIncomeLoss · https://www.sec.gov/Archives/edgar/data/1260221/000126022125000081/ · unverified - lt_debt 2025-09-30: 29167000000.0 · 2025-09-30 · SEC XBRL LongTermDebtAndCapitalLeaseObligations · https://www.sec.gov/Archives/edgar/data/1260221/000126022126000053/ · unverified - lt_debt 2024-09-30: 24296000000.0 · 2024-09-30 · SEC XBRL LongTermDebtAndCapitalLeaseObligations · https://www.sec.gov/Archives/edgar/data/1260221/000126022125000081/ · unverified - total_assets 2025-09-30: 22909000000.0 · 2025-09-30 · SEC XBRL Assets · https://www.sec.gov/Archives/edgar/data/1260221/000126022126000053/ · unverified - total_assets 2024-09-30: 25586000000.0 · 2024-09-30 · SEC XBRL Assets · https://www.sec.gov/Archives/edgar/data/1260221/000126022125000081/ · unverified - current_assets 2025-09-30: 7012000000.0 · 2025-09-30 · SEC XBRL AssetsCurrent · https://www.sec.gov/Archives/edgar/data/1260221/000126022126000053/ · unverified - current_assets 2024-09-30: 10029000000.0 · 2024-09-30 · SEC XBRL AssetsCurrent · https://www.sec.gov/Archives/edgar/data/1260221/000126022125000081/ · unverified - current_liabilities 2025-09-30: 2182000000.0 · 2025-09-30 · SEC XBRL LiabilitiesCurrent · https://www.sec.gov/Archives/edgar/data/1260221/000126022126000053/ · unverified - current_liabilities 2024-09-30: 6339000000.0 · 2024-09-30 · SEC XBRL LiabilitiesCurrent · https://www.sec.gov/Archives/edgar/data/1260221/000126022125000081/ · unverified - shares_out 2026-07-31: 55276525.0 · 2026-07-31 · SEC XBRL EntityCommonStockSharesOutstanding · https://www.sec.gov/Archives/edgar/data/1260221/000126022126000053/ · unverified - shares_out 2025-07-31: 56350285.0 · 2025-07-31 · SEC XBRL EntityCommonStockSharesOutstanding · https://www.sec.gov/Archives/edgar/data/1260221/000126022125000051/ · unverified - operating_income 2025-09-30: 4165000000.0 · 2025-09-30 · SEC XBRL OperatingIncomeLoss · https://www.sec.gov/Archives/edgar/data/1260221/000126022125000081/ · unverified - operating_income 2024-09-30: 3531000000.0 · 2024-09-30 · SEC XBRL OperatingIncomeLoss · https://www.sec.gov/Archives/edgar/data/1260221/000126022125000081/ · unverified - revenue 2025-09-30: 8831000000.0 · 2025-09-30 · SEC XBRL Revenues · https://www.sec.gov/Archives/edgar/data/1260221/000126022125000081/ · unverified - revenue 2024-09-30: 7940000000.0 · 2024-09-30 · SEC XBRL Revenues · https://www.sec.gov/Archives/edgar/data/1260221/000126022125000081/ · unverified - revenue 2025-09-30: 8831000000.0 · 2025-09-30 · SEC XBRL Revenues · https://www.sec.gov/Archives/edgar/data/1260221/000126022125000081/ · unverified - revenue 2024-09-30: 7940000000.0 · 2024-09-30 · SEC XBRL Revenues · https://www.sec.gov/Archives/edgar/data/1260221/000126022125000081/ · unverified - total_assets 2025-09-30: 22909000000.0 · 2025-09-30 · SEC XBRL Assets · https://www.sec.gov/Archives/edgar/data/1260221/000126022126000053/ · unverified - total_assets 2024-09-30: 25586000000.0 · 2024-09-30 · SEC XBRL Assets · https://www.sec.gov/Archives/edgar/data/1260221/000126022125000081/ · unverified ## Market value, source trail - Formula: market_value = traded_price (price date) / depositary_ratio x latest point-in-time SEC shares outstanding (share-count date shown; from the filing cover page, summed across share classes only where the issuer filing verifies the classes are economically equivalent (rule + evidence URL in the source text), else withheld; priced at the primary listed class, so where other classes trade at a different price the value is an approximation; restated only for issuer-verified splits after the count date); weighted-average share counts are never used - Traded price: 1104.84 on 2026-10-23 (USD per traded unit (share or ADS)) · https://docs.alpaca.markets/docs/historical-stock-data-1 - SEC shares outstanding: 55,276,525 underlying shares, period 2026-07-31, SEC cover page 10-Q 0001260221-26-000053 (55,276,525 shares (single class on cover)); filing document https://www.sec.gov/Archives/edgar/data/1260221/000126022126000053/tdg-20260627.htm, accession 0001260221-26-000053 · https://www.sec.gov/Archives/edgar/data/1260221/000126022126000053/R1.htm - Depositary ratio: 1.0 (domestic; 10-K filer; SEC shares are the traded units) · None - Market value (price date x latest reported shares): 61,071,715,881 USD; 1104.84 (price 2026-10-23) / 1 x 55,276,525 (shares at 2026-07-31) = 61,071,715,881 ## Revenue by fiscal year (SEC XBRL; FY = calendar year in which the fiscal year ends) - FY2013 (ended 2013-09-30): 1924400000.0 · https://www.sec.gov/Archives/edgar/data/1260221/000126022115000013/ - FY2014 (ended 2014-09-30): 2372906000.0 · https://www.sec.gov/Archives/edgar/data/1260221/000126022116000107/ - FY2015 (ended 2015-09-30): 2707115000.0 · https://www.sec.gov/Archives/edgar/data/1260221/000126022117000060/ - FY2016 (ended 2016-09-30): 3171411000.0 · https://www.sec.gov/Archives/edgar/data/1260221/000126022118000070/ - FY2017 (ended 2017-09-30): 3504286000.0 · https://www.sec.gov/Archives/edgar/data/1260221/000126022119000043/ - FY2018 (ended 2018-09-30): 3811000000.0 · https://www.sec.gov/Archives/edgar/data/1260221/000126022120000099/ - FY2019 (ended 2019-09-30): 5223000000.0 · https://www.sec.gov/Archives/edgar/data/1260221/000126022121000134/ - FY2020 (ended 2020-09-30): 5103000000.0 · https://www.sec.gov/Archives/edgar/data/1260221/000126022122000065/ - FY2021 (ended 2021-09-30): 4798000000.0 · https://www.sec.gov/Archives/edgar/data/1260221/000126022123000081/ - FY2022 (ended 2022-09-30): 5429000000.0 · https://www.sec.gov/Archives/edgar/data/1260221/000126022124000083/ - FY2023 (ended 2023-09-30): 6585000000.0 · https://www.sec.gov/Archives/edgar/data/1260221/000126022125000081/ - FY2024 (ended 2024-09-30): 7940000000.0 · https://www.sec.gov/Archives/edgar/data/1260221/000126022125000081/ - FY2025 (ended 2025-09-30): 8831000000.0 · https://www.sec.gov/Archives/edgar/data/1260221/000126022125000081/ ## Net income by fiscal year (SEC XBRL) - FY2013 (ended 2013-09-30): 302789000.0 · https://www.sec.gov/Archives/edgar/data/1260221/000126022115000013/ - FY2014 (ended 2014-09-30): 306910000.0 · https://www.sec.gov/Archives/edgar/data/1260221/000126022116000107/ - FY2015 (ended 2015-09-30): 447212000.0 · https://www.sec.gov/Archives/edgar/data/1260221/000126022117000060/ - FY2016 (ended 2016-09-30): 586414000.0 · https://www.sec.gov/Archives/edgar/data/1260221/000126022118000070/ - FY2017 (ended 2017-09-30): 596887000.0 · https://www.sec.gov/Archives/edgar/data/1260221/000126022119000043/ - FY2018 (ended 2018-09-30): 957000000.0 · https://www.sec.gov/Archives/edgar/data/1260221/000126022120000099/ - FY2019 (ended 2019-09-30): 890000000.0 · https://www.sec.gov/Archives/edgar/data/1260221/000126022121000134/ - FY2020 (ended 2020-09-30): 699000000.0 · https://www.sec.gov/Archives/edgar/data/1260221/000126022122000065/ - FY2021 (ended 2021-09-30): 680000000.0 · https://www.sec.gov/Archives/edgar/data/1260221/000126022123000081/ - FY2022 (ended 2022-09-30): 866000000.0 · https://www.sec.gov/Archives/edgar/data/1260221/000126022124000083/ - FY2023 (ended 2023-09-30): 1298000000.0 · https://www.sec.gov/Archives/edgar/data/1260221/000126022125000081/ - FY2024 (ended 2024-09-30): 1714000000.0 · https://www.sec.gov/Archives/edgar/data/1260221/000126022125000081/ - FY2025 (ended 2025-09-30): 2074000000.0 · https://www.sec.gov/Archives/edgar/data/1260221/000126022125000081/ ## EPS diluted by fiscal year (split-adjusted to today's share basis; as filed in brackets) - FY2020 (ended 2020-09-30): 8.96 [filed 8.96, split factor 1.0] - FY2021 (ended 2021-09-30): 10.41 [filed 10.41, split factor 1.0] - FY2022 (ended 2022-09-30): 13.4 [filed 13.4, split factor 1.0] - FY2023 (ended 2023-09-30): 22.03 [filed 22.03, split factor 1.0] - FY2024 (ended 2024-09-30): 25.62 [filed 25.62, split factor 1.0] - FY2025 (ended 2025-09-30): 32.08 [filed 32.08, split factor 1.0] ## Dividend years (Yahoo history) 2009, 2012, 2013, 2014, 2016, 2017, 2019, 2022, 2023, 2024, 2025 ## Insider transactions (SEC Form 4 data set, latest 40) - 2026-10-15 S Reiss Joel (COO) 438 @ 1135.95 = 497548 · https://www.sec.gov/Archives/edgar/data/1260221/000165610926000009/#live - 2026-10-15 S Reiss Joel (COO) 495 @ 1135.00 = 561823 · https://www.sec.gov/Archives/edgar/data/1260221/000165610926000009/#live - 2026-10-15 S Reiss Joel (COO) 317 @ 1133.89 = 359442 · https://www.sec.gov/Archives/edgar/data/1260221/000165610926000009/#live - 2026-10-15 S Reiss Joel (COO) 210 @ 1132.30 = 237783 · https://www.sec.gov/Archives/edgar/data/1260221/000165610926000009/#live - 2026-10-15 S Reiss Joel (COO) 130 @ 1131.33 = 147072 · https://www.sec.gov/Archives/edgar/data/1260221/000165610926000009/#live - 2026-10-15 S Reiss Joel (COO) 100 @ 1130.06 = 113006 · https://www.sec.gov/Archives/edgar/data/1260221/000165610926000009/#live - 2026-10-15 S Reiss Joel (COO) 150 @ 1129.38 = 169407 · https://www.sec.gov/Archives/edgar/data/1260221/000165610926000009/#live - 2026-10-15 S Reiss Joel (COO) 120 @ 1127.90 = 135348 · https://www.sec.gov/Archives/edgar/data/1260221/000165610926000009/#live - 2026-10-15 S Reiss Joel (COO) 305 @ 1127.01 = 343739 · https://www.sec.gov/Archives/edgar/data/1260221/000165610926000009/#live - 2026-10-15 S Reiss Joel (COO) 278 @ 1125.86 = 312989 · https://www.sec.gov/Archives/edgar/data/1260221/000165610926000009/#live - 2026-10-15 S Reiss Joel (COO) 600 @ 1125.00 = 675001 · https://www.sec.gov/Archives/edgar/data/1260221/000165610926000009/#live - 2026-10-15 S Reiss Joel (COO) 306 @ 1124.00 = 343944 · https://www.sec.gov/Archives/edgar/data/1260221/000165610926000009/#live - 2026-10-15 S Reiss Joel (COO) 131 @ 1123.09 = 147124 · https://www.sec.gov/Archives/edgar/data/1260221/000165610926000009/#live - 2026-10-15 S Reiss Joel (COO) 60 @ 1121.58 = 67295 · https://www.sec.gov/Archives/edgar/data/1260221/000165610926000009/#live - 2026-10-15 S Reiss Joel (COO) 30 @ 1120.30 = 33609 · https://www.sec.gov/Archives/edgar/data/1260221/000165610926000009/#live - 2026-10-15 S Reiss Joel (COO) 100 @ 1119.01 = 111901 · https://www.sec.gov/Archives/edgar/data/1260221/000165610926000009/#live - 2026-10-15 S Reiss Joel (COO) 60 @ 1117.11 = 67027 · https://www.sec.gov/Archives/edgar/data/1260221/000165610926000009/#live - 2026-10-15 S Reiss Joel (COO) 50 @ 1116.02 = 55801 · https://www.sec.gov/Archives/edgar/data/1260221/000165610926000009/#live - 2026-10-15 S Reiss Joel (COO) 100 @ 1114.82 = 111482 · https://www.sec.gov/Archives/edgar/data/1260221/000165610926000009/#live - 2026-10-15 S Reiss Joel (COO) 100 @ 1113.58 = 111358 · https://www.sec.gov/Archives/edgar/data/1260221/000165610926000009/#live - 2026-10-15 S Reiss Joel (COO) 20 @ 1112.27 = 22245 · https://www.sec.gov/Archives/edgar/data/1260221/000165610926000009/#live - 2026-09-15 S Reiss Joel (COO) 20 @ 1119.00 = 22380 · https://www.sec.gov/Archives/edgar/data/1260221/000165610926000008/ - 2026-09-15 S Reiss Joel (COO) 20 @ 1113.37 = 22267 · https://www.sec.gov/Archives/edgar/data/1260221/000165610926000008/ - 2026-09-15 S Reiss Joel (COO) 30 @ 1112.38 = 33371 · https://www.sec.gov/Archives/edgar/data/1260221/000165610926000008/ - 2026-09-15 S Reiss Joel (COO) 30 @ 1108.34 = 33250 · https://www.sec.gov/Archives/edgar/data/1260221/000165610926000008/ - 2026-09-15 S Reiss Joel (COO) 40 @ 1106.69 = 44268 · https://www.sec.gov/Archives/edgar/data/1260221/000165610926000008/ - 2026-09-15 S Reiss Joel (COO) 5 @ 1105.28 = 5526 · https://www.sec.gov/Archives/edgar/data/1260221/000165610926000008/ - 2026-09-15 S Reiss Joel (COO) 125 @ 1104.58 = 138072 · https://www.sec.gov/Archives/edgar/data/1260221/000165610926000008/ - 2026-09-15 S Reiss Joel (COO) 210 @ 1103.44 = 231722 · https://www.sec.gov/Archives/edgar/data/1260221/000165610926000008/ - 2026-09-15 S Reiss Joel (COO) 274 @ 1102.49 = 302082 · https://www.sec.gov/Archives/edgar/data/1260221/000165610926000008/ - 2026-09-15 S Reiss Joel (COO) 166 @ 1101.52 = 182852 · https://www.sec.gov/Archives/edgar/data/1260221/000165610926000008/ - 2026-09-15 S Reiss Joel (COO) 60 @ 1100.41 = 66025 · https://www.sec.gov/Archives/edgar/data/1260221/000165610926000008/ - 2026-09-15 S Reiss Joel (COO) 90 @ 1099.14 = 98923 · https://www.sec.gov/Archives/edgar/data/1260221/000165610926000008/ - 2026-09-15 S Reiss Joel (COO) 150 @ 1098.41 = 164762 · https://www.sec.gov/Archives/edgar/data/1260221/000165610926000008/ - 2026-09-15 S Reiss Joel (COO) 294 @ 1097.26 = 322594 · https://www.sec.gov/Archives/edgar/data/1260221/000165610926000008/ - 2026-09-15 S Reiss Joel (COO) 196 @ 1096.17 = 214849 · https://www.sec.gov/Archives/edgar/data/1260221/000165610926000008/ - 2026-09-15 S Reiss Joel (COO) 225 @ 1095.11 = 246400 · https://www.sec.gov/Archives/edgar/data/1260221/000165610926000008/ - 2026-09-15 S Reiss Joel (COO) 383 @ 1094.06 = 419025 · https://www.sec.gov/Archives/edgar/data/1260221/000165610926000008/ - 2026-09-15 S Reiss Joel (COO) 282 @ 1093.10 = 308254 · https://www.sec.gov/Archives/edgar/data/1260221/000165610926000008/ - 2026-09-15 S Reiss Joel (COO) 170 @ 1092.13 = 185662 · https://www.sec.gov/Archives/edgar/data/1260221/000165610926000008/ ## Links - sec_filings: https://www.sec.gov/edgar/browse/?CIK=0001260221 - sec_xbrl_companyfacts: https://data.sec.gov/api/xbrl/companyfacts/CIK0001260221.json - sec_form4: https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0001260221&type=4 - sec_8k: https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0001260221&type=8-K - yahoo: https://finance.yahoo.com/quote/TDG - stooq: https://stooq.com/q/d/?s=tdg.us - morningstar (link only, nothing stored): https://www.morningstar.com/search?query=TDG - finviz (link only, nothing stored): https://finviz.com/quote.ashx?t=TDG - stockanalysis (link only, nothing stored): https://stockanalysis.com/stocks/tdg/ - seeking_alpha (link only, nothing stored): https://seekingalpha.com/symbol/TDG - openinsider (link only, nothing stored): http://openinsider.com/search?q=TDG - google_news (link only, nothing stored): https://news.google.com/rss/search?q=TDG+stock Cite as: The Claude Trader snapshot 2026-10-26, https://theclaudetrader.com/s/TDG; data from SEC EDGAR XBRL and market prices (Alpaca Market Data, Yahoo Finance) to 2026-10-23. Scores are deterministic rule outputs from public filings. fair_value_model is a labelled model estimate from the same filings (method at /fair-value), not an opinion or recommendation.