Trade Mark

09-18-2026:  Tetra Tek Inc. (TTEK):  Worldwide Infrastructure Consulting Engineering

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TTEK chart

     Description of Company

Tetra Tech, Inc. (NASDAQ: TTEK) - Investment Overview

Nature of Business
Tetra Tech provides consulting and engineering services focused on water, environment, infrastructure, resource management, energy, and international development. It operates through segments including Government Services and Commercial and International Services, serving both public agencies and private clients, with a particular specialty in water-related engineering work. It's essentially a "picks and shovels" play on environmental remediation, infrastructure modernization, and climate-adaptation spending rather than a product company.

How Long They've Been Around
The company's IPO dates back to December 17, 1991, trading on Nasdaq — originally under the ticker WATR before becoming TTEK. So it's a well-established, ~35-year-old public company, not a speculative newcomer. It currently employs around 25,000 people.

Size & Financial Snapshot
    Market cap around $9.2 billion
  
Revenue (TTM) approximately $4.4 billion, net income around $440 million, EPS of $1.68
P/E ratio near 18.9x, forward P/E around 19.7x
Dividend yield around 0.8% — modest, this isn't an income stock
Beta of 0.92, meaning it moves roughly in line with the broader market, not dramatically more volatile

Trading Characteristics
    52-week range of $25.81 to $43.14 — a wide swing (nearly 70% top-to-bottom), so it's had real volatility despite the low beta

Average daily volume in the 2–3 million share range — reasonably liquid, not a thinly-traded name
Since its 1991 IPO, the stock is up over 13,000%, though that long-term return has come with cyclical swings tied to government/infrastructure spending cycles and episodes of contract or guidance disappointments

Prospects
    Analyst consensus is a "Moderate Buy" with a price target near $41.67, and other sources show similar Buy-leaning sentiment with targets in the low-to-mid $40s — implying moderate upside from recent trading levels in the mid-$30s
    marketbeat
    Tailwinds: infrastructure bill spending, water/environmental remediation demand, PFAS cleanup work, and international development contracts
    Risks: heavy reliance on government contracts (funding/political risk), competitive bidding pressure on margins, and past stock volatility tied to guidance misses

Buy/Sell/Hold view
This reads as a hold-to-modest-buy for a patient, long-term investor rather than a high-conviction trade:
    It's a mature, profitable, well-diversified engineering services firm with a multi-decade track record — not speculative.
    Valuation (high-teens P/E) is reasonable but not cheap for the sector, and the dividend is too small to matter for income investors.
    The wide 52-week range shows it can be volatile around earnings and government-funding headlines, so entry timing matters more than with a truly defensive stock.
    Analyst sentiment leans positive with real (though not enormous) upside to price targets.

     Corporate Website Excerpts

     News Items







     More Charts

The trades in the above charts and backtest results indicate a high profit where most signals generated were from the long side or buy or short sell.



     Zenith Index

TTEK  Tetra Tek Inc.
------------------------------------------------------------------------------
Parameter (ideal threshold)                           Score         Value
------------------------------------------------------------------------------
Gross Profit Margin > 35%?                         .5046673      17.66335
Operating Profit Margin > 10%?                     .7499609      7.499609
Net Profit Margin > 5%?                            .9103166      4.551583
Return on Assets > 4%?                                    1      5.785006
Return on Equity > 12%?                                   1       13.9158
Return on Capital Employed > 10%?                         1      14.05976
Current Ratio > 1.5?                                .783581      1.175372
Quick Ratio > 0.8?                                        1      1.175372
Cash Ratio > 0.2?                                  .6071562      .1214312
Debt to Equity Ratio > 1.1?                               1      1.405494
Debt to Assets Ratio > 0.4?                               1       .584285
Interest Coverage Ratio > 3.0?                            1      10.04387
Debt Service Coverage Ratio > 1.5?                 .3493809      .5240714
Asset Turnover Ratio > 0.5?                               1      .7867897
Inventory Turnover Ratio > 5?                             1             5
Receivables Turnover Ratio > 5?                    .9269806      4.634903
Payables Turnover Ratio > 7?                              1      26.58488
P/E Ratio < 15?                                     .641574         23.38
Price / Book < 1.0?                                .1968504          5.08
Price / Sales < 1.0?                               .5813953          1.72
Price / CashFlow < 5?                              .3113325         16.06
Earnings Yield > 5%?                                .855432       4.27716
Dividend Yield > 5%?                               .1590226      .7951131
Dividend Payout > 30%?                             .6196581      18.58974
Operating Cash Flow Ratio > 0.5?                   .6637715      .3318857
Free Cash Flow to Firm > 5% of Revenue?                   1      8.083853
Free Cash Flow to Equity > 10% of Revenue?         .6910699      6.910699
Sales Growth > 5%?                                 .9383582      4.691791
Earnings Growth > 5%?                                    -1     -25.69365
Market Capitalization > $5B?                              1      9.338641
------------------------------------------------------------------------------

Zenith Index for Tetra Tek Inc. (TTEK) = .7163503

SCORING: each metric's Z-score = 1.00 exactly at its ideal threshold above;
an average ZIndex greater than 1.00 leans BUY, less than 1.00 leans SELL.
This run's ZIndex => SELL candidate

The two versions of Zenith Index rating system are sucy that the second version above fabors
shorter term predictions while the first version favor longer-term predictions.
That is because of te nature of the financial parameters they eacy are using.

The earnings growth isholding this stock back from a better rating.
Keep an eye on earnings reports.


A second version of Zenith Index is shown below for confirmation or lack thereof:

     Management's Discussion: Results of Operations

Revenue Recognition and Contract Costs

To determine the proper revenue recognition method for contracts under Accounting Standards Codification Topic 606, "Revenue from Contracts with Customers", we evaluate whether multiple contracts should be combined and accounted for as a single contract and whether the combined or single contract should be accounted for as having more than one performance obligation. The decision to combine a group of contracts or separate a combined or single contract into multiple performance obligations may impact the amount of revenue recorded in a given period. Contracts are considered to have a single performance obligation if the promises are not separately identifiable from other promises in the contracts.

At contract inception, we assess the goods or services promised in a contract and identify, as a separate performance obligation, each distinct promise to transfer goods or services to the customer. The identified performance obligations represent the ?units of account? for purposes of determining revenue recognition. In order to properly identify separate performance obligations, we apply judgment in determining whether each good or service provided is: (a) capable of being distinct, whereby the customer can benefit from the good or service either on its own or together with other resources that are readily available to the customer, and (b) distinct within the context of the contract, whereby the transfer of the good or service to the customer is separately identifiable from other promises in the contract.


Contracts are often modified to account for changes in contract specifications and requirements. We consider contract modifications to exist when the modification either creates new or changes the existing enforceable rights and obligations. Most of our contract modifications are for goods or services that are not distinct from existing contracts due to the significant integration provided or significant interdependencies in the context of the contract and are accounted for as if they were part of the original contract. The effect of a contract modification on the transaction price and our measure of progress for the performance obligation to which it relates, is recognized as an adjustment to revenue (either as an increase in or a reduction of revenue) on a cumulative catch-up basis.

We account for contract modifications as a separate contract when the modification results in the promise to deliver additional goods or services that are distinct and the increase in price of the contract is for the same amount as the stand-alone selling price of the additional goods or services included in the modification.

The transaction price represents the amount of consideration to which we expect to be entitled in exchange for transferring promised goods or services to our customers. The consideration promised within a contract may include fixed amounts, variable amounts or both. The nature of our contracts gives rise to several types of variable consideration, including claims, award fee incentives, fiscal funding clauses and liquidated damages. We recognize revenue for variable consideration when it is probable that a significant reversal in the amount of cumulative revenue recognized for the contract will not occur. We estimate the amount of revenue to be recognized on variable consideration using either the expected value or the most likely amount method, whichever is expected to better predict the amount of consideration to be received. Project mobilization costs are generally charged to project costs as incurred when they are an integrated part of the performance obligation being transferred to the client.

For contracts with multiple performance obligations, we allocate the transaction price to each performance obligation using a best estimate of the standalone selling price of each distinct good or service in the contract. The standalone selling price is typically determined using the estimated cost of the contract plus a margin approach. For contracts containing variable consideration, we allocate the variability to a specific performance obligation within the contract if such variability relates
specifically to our efforts to satisfy the performance obligation or transfer the distinct good or service, and the allocation depicts the amount of consideration to which we expect to be entitled.

We recognize revenue over time as the related performance obligation is satisfied by transferring control of a promised good or service to our customers. Progress toward complete satisfaction of the performance obligation is primarily measured using a cost-to-cost measure of progress method. The cost input is based primarily on contract cost incurred to date compared to total estimated contract cost. This measure includes forecasts based on the best information available and reflects our judgment to faithfully depict the value of the services transferred to the customer. For certain on-call engineering or consulting and similar contracts, we recognize revenue in the amount which we have the right to invoice the customer if that amount corresponds directly with the value of our performance completed to date.

Due to uncertainties inherent in the estimation process, it is possible that estimates of costs to complete a performance obligation will be revised in the near-term. For those performance obligations for which revenue is recognized using a cost-to-cost measure of progress method, changes in total estimated costs, and related progress towards complete satisfaction of the performance obligation, are recognized on a cumulative catch-up basis in the period in which the revisions to the estimates are made. When the current estimate of total costs indicates a loss, a provision for the entire estimated loss on the contract is made in the period in which the loss becomes evident.

Contract Types

Our services are performed under three principal types of contracts: fixed-price, time-and-materials and cost-plus. Customer payments on contracts are typically due within 30 to 45 days of billing, depending on the contract.
Fixed-Price. Under fixed-price contracts, clients pay us an agreed fixed-amount negotiated in advance for a specified scope of work.

Time-and-Materials. Under time-and-materials contracts, we negotiate hourly billing rates and charge our clients based on the actual time that we spend on a project. In addition, clients reimburse us for our actual out-of-pocket costs for materials and other direct incidental expenditures that we incur in connection with our performance under the contract. Most of our time-and-material contracts are subject to maximum contract values, and also may include annual billing rate adjustment provisions.
Cost-Plus. Under cost-plus contracts, we are reimbursed for allowed or otherwise defined costs incurred plus a negotiated fee. The contracts may also include incentives for various performance criteria, including quality, timeliness, ingenuity, safety and cost-effectiveness. In addition, our costs are generally subject to review by our clients and regulatory audit agencies, and such reviews could result in costs being disputed as non-reimbursable under the terms of the contract.

Goodwill and Intangibles
The cost of an acquired company is assigned to the tangible and intangible assets purchased and the liabilities assumed on the basis of their fair values at the date of acquisition. The determination of fair values of assets and liabilities acquired requires us to make estimates and use valuation techniques when a market value is not readily available. Any excess of purchase price over the fair value of net tangible and intangible assets acquired is allocated to goodwill. Goodwill typically represents the value paid for the assembled workforce and enhancement of our service offerings.
Identifiable intangible assets primarily include backlog, client relations and trade names. The costs of these intangible assets are amortized over their contractual or economic lives, which range from one to 12 years. We assess the recoverability of the unamortized balance of our intangible assets when indicators of impairment are present based on expected future profitability and undiscounted expected cash flows and their contribution to our overall operations. Should the review indicate that the carrying value is not fully recoverable, the excess of the carrying value over the fair value of the intangible assets would be recognized as an impairment loss.

Estimated fair value measurements for intangible assets are made using Level 3 inputs including discounted cash flow techniques. Fair value is estimated using a multi-period excess earnings method for backlog and client relations and a relief from royalty method for trade names. The significant assumptions used in estimating fair value of backlog and client relations include (i) the estimated life the asset will contribute to cash flows, such as remaining contractual terms, (ii) revenue growth rates and EBITDA margins, (iii) attrition rate of customers, and (iv) the estimated discount rates that reflect the level of risk associated with receiving future cash flows. The significant assumptions used in estimating fair value of trade names include the royalty rates and discount rates.

We perform our annual goodwill impairment review at the beginning of our fiscal fourth quarter. In addition, we regularly evaluate whether events and circumstances have occurred that may indicate a potential change in recoverability of goodwill. We perform interim goodwill impairment reviews between our annual reviews if certain events and circumstances have occurred, including a deterioration in general economic conditions, an increased competitive environment, a change in management, key personnel, strategy or customers, negative or declining cash flows or a decline in actual or planned revenue or
earnings compared with actual and projected results of relevant prior periods

We believe the methodology that we use to review impairment of goodwill, which includes a significant amount of judgment and estimates, provides us with a reasonable basis to determine whether impairment has occurred. However, many of the factors employed in determining whether our goodwill is impaired are outside of our control, and it is reasonably likely that assumptions and estimates will change in future periods. These changes could result in future impairments.

The goodwill impairment review involves the determination of the fair value of our reporting units, which for us are the components one level below our reportable segments. This process requires us to make significant judgments and estimates, including assumptions about our strategic plans with regard to our operations as well as the interpretation of current economic indicators and market valuations. Furthermore, the development of the present value of future cash flow projections includes assumptions and estimates derived from a review of our expected revenue growth rates, operating profit margins, business plans, discount rates and terminal growth rates. We also make certain assumptions about future market conditions, market prices, interest rates and changes in business strategies. Changes in assumptions or estimates could materially affect the determination of the fair value of a reporting unit. This could eliminate the excess of fair value over carrying value of a reporting unit entirely and, in some cases, result in impairment. Such changes in assumptions could be caused by a loss of one or more significant contracts, reductions in government or commercial client spending or a decline in the demand for our services due to changing economic conditions. In the event that we determine that our goodwill is impaired, we would be required to record a non-cash charge that could result in a material adverse effect on our results of operations or financial position.

We use two methods to determine the fair value of our reporting units: (i) the Income Approach and (ii) the Market Approach. While each of these approaches is initially considered in the valuation of the business enterprises, the nature and characteristics of the reporting units indicate which approach is most applicable. The Income Approach utilizes the discounted cash flow method, which focuses on the expected cash flow of the reporting unit. In applying this approach, the cash flow available for distribution is calculated for a finite period of years. Cash flow available for distribution is defined, for purposes of this analysis, as the amount of cash that could be distributed as a dividend without impairing the future profitability or operations of the reporting unit. The cash flow available for distribution and the terminal value (the value of the reporting unit at the end of the estimation period) are then discounted to present value to derive an indication of the value of the business enterprise. The Market Approach is comprised of the guideline company method and the similar transactions method. The guideline company method focuses on comparing the reporting unit to select reasonably similar (or "guideline") publicly traded companies. Under this method, valuation multiples are (i) derived from the operating data of selected guideline companies; (ii) evaluated and adjusted based on the strengths and weaknesses of the reporting units relative to the selected guideline companies; and (iii) applied to the operating data of the reporting unit to arrive at an indication of value. In the similar transactions method, consideration is given to prices paid in recent transactions that have occurred in the reporting unit's industry or in related industries. For our annual impairment analysis, we weighted the Income Approach and the Market Approach at 70% and 30%, respectively. The Income Approach was given a higher weight because it has the most direct correlation to the specific economics of the reporting unit, as compared to the Market Approach, which is based on multiples of broad-based (i.e., less comparable) companies. Our last review at June 30, 2025 (i.e., the first day of our fourth quarter in fiscal 2025), indicated that we had no impairment of goodwill, and all of our reporting units had estimated fair values that were in excess of their carrying values, including goodwill. We had no reporting units that had estimated fair values that exceeded their carrying values by less than 38%, except for our Global Development Services reporting unit which was impaired in the second quarter of fiscal 2025.

Contingent Consideration

Certain of our acquisition agreements include contingent earn-out arrangements, which are generally based on the achievement of future operating income thresholds. The contingent earn-out arrangements are based upon our valuations of the acquired companies and reduce the risk of overpaying for acquisitions if the projected financial results are not achieved.

The fair values of these earn-out arrangements are included as part of the purchase price of the acquired companies on their respective acquisition dates. For each transaction, we estimate the fair value of contingent earn-out payments as part of the initial purchase price and record the estimated fair value of contingent consideration as a liability in "Estimated contingent earn-out liabilities" and "Long-term estimated contingent earn-out liabilities" on the consolidated balance sheets. We consider several factors when determining that contingent earn-out liabilities are part of the purchase price, including the following: (1) the valuation of our acquisitions is not supported solely by the initial consideration paid, and the contingent earn-out formula is a critical and material component of the valuation approach to determining the purchase price; and (2) the former shareholders of acquired companies that remain as key employees receive compensation other than contingent earn-out payments at a reasonable level compared with the compensation of our other key employees. The contingent earn-out payments are not affected by employment termination.

We measure our contingent earn-out liabilities at fair value on a recurring basis using significant unobservable inputs classified within Level 3 of the fair value hierarchy (See Note 2, "Basis of Presentation ? Fair Value of Financial Instruments" of the "Notes to Consolidated Financial Statements" included in Item 8). We use a probability weighted discounted income approach as a valuation technique to convert future estimated cash flows to a single present value amount. The significant unobservable inputs used in the fair value measurements are operating income projections over the earn-out period (generally two or three years), and the probability outcome percentages we assign to each scenario. Significant increases or decreases to either of these inputs in isolation would result in a significantly higher or lower liability with a higher liability capped by the contractual maximum of the contingent earn-out obligation. Ultimately, the liability will be equivalent to the amount paid, and the difference between the fair value estimate and amount paid will be recorded in earnings. The amount paid that is less than or equal to the liability on the acquisition date is reflected as cash used in financing activities in our consolidated statements of cash flows. Any amount paid in excess of the liability on the acquisition date is reflected as cash used in operating activities in our consolidated statements of cash flows.

We review and re-assess the estimated fair value of contingent consideration on a quarterly basis, and the updated fair value could differ materially from the initial estimates. Changes in the estimated fair value of our contingent earn-out liabilities related to the time component of the present value calculation are reported in interest expense. Adjustments to the estimated fair value related to changes in all other unobservable inputs are reported in operating income.

Quantitative and Qualitative Disclosures about Market Risk

We do not enter into derivative financial instruments for trading or speculation purposes. In the normal course of business, we have exposure to both interest rate risk and foreign currency transaction and translation risk, primarily related to the Canadian and Australian dollars, the Euro, and the British Pound.

We are exposed to interest rate risk under our Amended Credit Agreement. We can borrow, at our option, under the 5Y Term Loan Facility and Amended Revolving Credit Facility. We may borrow on the Amended Revolving Credit Facility, at our option, at either (a) a benchmark rate plus a margin that ranges from 1.000% to 1.750% per annum, or (b) a base rate for loans in U.S. dollars (the highest of the U.S. federal funds rate plus 0.50% per annum, the bank?s prime rate or the SOFR rate plus 1.00%, plus a margin that ranges from 0% to 0.75% per annum). In each case, the applicable margin is based on our Consolidated Leverage Ratio, calculated quarterly. The 5Y Term Loan Facility is subject to the same interest rate provisions. The Amended Credit Agreement expires on May 5, 2030, or earlier at our discretion upon payment in full of loans and other obligations. At September 28, 2025, we had $200 million in outstanding borrowings under the Amended Credit Agreement, which consisted of $200 million under the 5Y Term Loan Facility and no borrowings under the Amended Revolving Credit Facility. The year-to-date weighted-average interest rate of the outstanding borrowings under the Amended Credit Agreement during fiscal 2025 was 5.63%.

The majority of our transactions are in U.S. dollars; however, some of our subsidiaries conduct business in foreign currencies, primarily the Canadian and Australian dollars, the Euro, and British Pound. Therefore, we are subject to currency exposure and volatility because of currency fluctuations. We attempt to minimize our exposure to these fluctuations by matching revenue and expenses in the same currency for our contracts. We reported $2.5 million and $1.8 million of foreign currency losses in fiscal 2025 and 2024, respectively, in ?Selling, general and administrative expenses? on our consolidated statements of income.

We have foreign currency exchange rate exposure in our results of operations and equity primarily because of the currency translation related to our foreign subsidiaries where the local currency is the functional currency. To the extent the U.S. dollar strengthens against foreign currencies, the translation of these foreign currency denominated transactions will result in reduced revenue, operating expenses, assets and liabilities. Similarly, our revenue, operating expenses, assets and liabilities will increase if the U.S. dollar weakens against foreign currencies. For fiscal 2025 and 2024, 37.4% and 38.5% of our consolidated revenue, respectively, was generated by our international business. For fiscal 2025, the effect of foreign exchange rate translation on the consolidated balance sheets was a decrease in equity of $17.2 million compared to an increase in equity of $115.1 million in fiscal 2024. These amounts were recognized as an adjustment to equity through other comprehensive income.

     Analysts' Ratings




     Recommendation


Overall Recommendation

Decision Weighting Factors
FactorsWeighted Points
Moving Average+ 1
A.I. Description+ 1
News+ 1
Amibroker+ 1
Pattern Match- 1
Heiken Ashi+ 1
Market Profile- 1
Zenith Index+ 0
Mgmt Discussion- 1
Analysts+ 1
Co. Website Description+ 1
Total+ 4




     Stocks Recent Momentum Changes



Below is a look at our current stocks of interest sorted by a five-(or more) year average p/e divided by current p/e, as of 09/15/2026 (bottom charts).
This is useful in relating recent performance to past valuation.
As one indicator, 1.0 is the break point between potentially weaker and strong stocks.
It should not be used by itself to predict without regard for many other extraneous factors.
"% Change" entries close to 0.000 are about at equal levels because of recent sideways market movement.

Zenith Benchmark Performance Report (1st Quarter):

Below is an interim report on a portion of Zenith's First Quarter covering 01-02-2026 to 02-19-2026. We commit around $30,000 per stock and do not compound investments so share alotments stay constant. Reports are made at odd intervals and trades closed out at the end of each quarter starting with March 31st, then given a fresh start each quarter with new cumulative totals and previous totals out.

Closed Trades
_____________
                                                        Trade   Total     Gain
Date    Sym   Company                        BS Shares  Price   Aft Cm  (-Loss)

260102  ADBE  Adobe Systems Inc              S    113 347.61 $  39,279 $      0
260209  ADBE  Adobe Systems Inc              B    226 265.58 $  60,021 $  9,269
260901  ADBE  Adobe Systems Inc              S    226 291.58 $  65,897 $ 11,250
260102  AMCX  AMC Networks Cl A              S   3906   9.48 $  37,028 $      0
260209  AMCX  AMC Networks Cl A              B   7812   7.32 $  57,183 $  8,437
260825  AMCX  AMC Global Media Inc           S   7812  12.80 $  99,993 $ 24,490
260102  AVGO  Broadcom Ltd                   S     88 357.05 $  31,420 $      0
260204  AVGO  Broadcom Ltd                   B    176 298.25 $  52,492 $  5,174
260603  AVGO  Broadcom Ltd                   S    176 490.05 $  86,248 $ 17,353
260203  AXTA  Axalta Coating Systems Ltd     B    871  31.76 $  27,662 $      0
260210  AXTA  Axalta Coating Systems Ltd     S   1742  34.77 $  60,569 $  2,622
260106  BFAM  Bright Horizons Family Solutio S    352 103.41 $  36,400 $      0
260209  BFAM  Bright Horizons Family Solutio B    704  83.81 $  59,002 $  6,899
260102  BG    Bunge Ltd                      B    253  89.59 $  22,666 $      0
260204  BG    Bunge Ltd                      S    506 120.42 $  60,932 $  7,800
260730  BG    Bunge Ltd                      B    506 103.84 $  52,543 $  7,509
260108  BP    BP Plc ADR                     B    811  33.73 $  27,355 $      0
260204  BP    BP Plc ADR                     S   1622  39.11 $  63,436 $  4,363
260701  BP    BP Plc ADR                     B   1622  36.40 $  59,040 $  9,237
260102  CAT   Caterpillar Inc                B     40 581.06 $  23,242 $      0
260210  CAT   Caterpillar Inc                S     80 744.48 $  59,558 $  6,537
260108  CCB   Coastal Financial Corp         S    341 118.57 $  40,432 $      0
260205  CCB   Coastal Financial Corp         B    682  84.39 $  57,553 $ 11,656
260102  CELH  Celsius Holdings Inc           B    647  46.23 $  29,910 $      0
260120  CELH  Celsius Holdings Inc           S   1294  57.27 $  74,107 $  7,143
260806  CELH  Celsius Holdings Inc           B   1294  23.79 $  30,784 $ 22,599
260116  CENTA Central Garden & Pet           B    889  28.71 $  25,523 $      0
260206  CENTA Central Garden & Pet           S   1778  34.16 $  60,736 $  4,845
260114  CHEF  The Chefs Warehouse            B    458  57.96 $  26,545 $      0
260209  CHEF  The Chefs Warehouse            S    916  67.45 $  61,784 $  4,347
260105  EPD   Enterprise Products Partners L B    852  31.87 $  27,153 $      0
260205  EPD   Enterprise Products Partners L S   1704  35.19 $  59,963 $  2,828
260114  FOUR  Shift4 Payments Inc            S    501  67.88 $  34,007 $      0
260203  FOUR  Shift4 Payments Inc            B   1002  53.18 $  53,286 $  7,364
260102  HLX   Helix Energy Solutions Group   B   3546   6.21 $  22,020 $      0
260209  HLX   Helix Energy Solutions Group   S   7092   8.69 $  61,629 $  8,794
260224  HLX   Helix Energy Solutions Group   S   7092  10.64 $  75,458 $  8,901
260624  HLX   Helix Energy Solutions Group   B   7092   8.50 $  60,282 $  7,588
260102  INTC  Intel Corp                     B    636  38.14 $  24,257 $      0
260122  INTC  Intel Corp                     S   1272  54.05 $  68,751 $ 10,118
260102  JBHT  J B Hunt Transport             B    130 195.48 $  25,412 $      0
260210  JBHT  J B Hunt Transport             S    260 228.60 $  59,436 $  4,306
260102  KEYS  Keysight Technologies Inc      B    127 205.76 $  26,131 $      0
260210  KEYS  Keysight Technologies Inc      S    254 235.59 $  59,839 $  3,788
260107  KKR   KKR & Company LP               S    279 135.91 $  37,918 $      0
260205  KKR   KKR & Company LP               B    558  98.34 $  54,873 $ 10,482
260813  KKR   KKR & Company LP               S    558 115.40 $  64,393 $  8,900
260918  KKR   KKR & Company LP               B    279   0.00 $       0 $ 32,519
260121  LEU   Centrus Energy Corp            S    113 342.14 $  38,661 $      0
260204  LEU   Centrus Energy Corp            B    226 232.82 $  52,617 $ 12,353
260102  LHX   L3Harris Technologies Inc      B     86 293.92 $  25,277 $      0
260129  LHX   L3Harris Technologies Inc      S    172 365.89 $  62,933 $  6,189
260826  LHX   L3Harris Technologies          B    172 261.12 $  44,912 $  9,831
260102  LVS   Las Vegas Sands                S    526  64.96 $  34,168 $      0
260129  LVS   Las Vegas Sands                B   1052  52.44 $  55,166 $  6,585
260115  MPAA  Motorcar Parts Amer            S   2795  13.60 $  38,012 $      0
260209  MPAA  Motorcar Parts Amer            B   5590   9.38 $  52,434 $ 11,795
260630  MPAA  Motorcar Parts Amer            S   5590  16.27 $  90,949 $ 17,776
260105  PCVX  Vaxcyte Inc                    B    545  44.38 $  24,187 $      0
260203  PCVX  Vaxcyte Inc                    S   1090  58.36 $  63,612 $  7,619
260611  PCVX  Vaxcyte Inc                    B   1090  45.75 $  49,867 $ 10,137
260107  PLTR  Palantir Technologies Inc Cl A S    215 185.41 $  39,863 $      0
260205  PLTR  Palantir Technologies Inc Cl A B    430 129.60 $  55,728 $ 11,999
260828  PLTR  Palantir Technologies Cl A     S    430 186.49 $  80,190 $ 16,998
260108  SNOW  Snowflake Inc Cl A             S    164 233.95 $  38,367 $      0
260205  SNOW  Snowflake Inc Cl A             B    328 157.64 $  51,705 $ 12,515
260903  SNOW  Snowflake Cl A                 S    328 380.71 $ 124,872 $ 42,842
260106  TMHC  Taylor Morrison Home Corp      B    451  57.82 $  26,076 $      0
260210  TMHC  Taylor Morrison Home Corp      S    902  66.62 $  60,091 $  3,969
260106  TT    Trane Technologies Plc         B     65 351.54 $  22,850 $      0
260210  TT    Trane Technologies Plc         S    130 460.80 $  59,903 $  7,101
260515  TTEK  Tetra Tech Inc                 B    816  26.07 $  21,273 $      0
260824  TTEK  Tetra Tech Inc                 S   1632  37.21 $  60,726 $  9,090
260113  VOD   Vodafone Grp Plc ADR           B   1967  13.28 $  26,121 $      0
260204  VOD   Vodafone Grp Plc ADR           S   3934  15.74 $  61,921 $  4,839
260108  VRT   Vertiv Holdings Llc.           B    150 160.36 $  24,054 $      0
260209  VRT   Vertiv Holdings Llc.           S    300 206.35 $  61,905 $  6,898
260729  VRT   Vertiv Holdings                B    300 223.13 $  66,939 $ 22,952
260109  WDFC  W D 40 Company                 B    125 177.13 $  22,141 $      0
260205  WDFC  W D 40 Company                 S    250 250.71 $  62,677 $  9,197
260915  WDFC  W D 40 Company                 B    250 191.90 $  47,974 $ 13,001
260129  ZBH   Zimmer Biomet Holdings         B    328  85.44 $  28,024 $      0
260210  ZBH   Zimmer Biomet Holdings         S    656  94.48 $  61,978 $  2,965
260120  ZM    Zoom Communications Inc        B    315  80.57 $  25,379 $      0
260128  ZM    Zoom Communications Inc        S    630  96.60 $  60,857 $  5,049
                                                                      _________
                                                                     $  465,307
Open Positions, Only
_____________________

                                                        Recent  Total     Gain
Date    Sym   Company                        BS Shares  Price   Aft Cm  (-Loss)

260825  AMCX  AMC Global Media Inc           S   3906  12.23 $  47,770 $  2,249
260901  ADBE  Adobe Systems Inc              S    113 263.32 $  29,755 $  3,225
260807  AXTA  Axalta Coating Systems Ltd     S    871  33.15 $  28,873 $  4,460
260331  BP    BP Plc ADR                     S    811  46.92 $  38,048 $  8,442
260422  BFAM  Bright Horizons Family Solutio S    352  67.00 $  23,582 $  3,061
260603  AVGO  Broadcom Ltd                   S     88 338.26 $  29,766 $ 13,491
260603  BG    Bunge Ltd                      S    253 122.26 $  30,931 $  4,614
260630  CAT   Caterpillar Inc                S     40 782.45 $  31,298 $ 11,323
260226  CELH  Celsius Holdings Inc           S    647  27.80 $  17,986 $  2,569
260806  CENTA Central Garden & Pet           S    889  34.60 $  30,757 $  5,201
260507  LEU   Centrus Energy Corp            S    113 141.46 $  15,984 $    -32
260428  CCB   Coastal Financial Corp         S    341  47.25 $  16,112 $  3,467
260519  EPD   Enterprise Products Partners L S    852  38.76 $  33,023 $    861
260224  HLX   Helix Energy Solutions Group   S   3546  10.60 $  37,587 $    143
260630  INTC  Intel Corp                     S    636  97.86 $  62,240 $ 27,665
260716  JBHT  J B Hunt Transport             S    130 272.94 $  35,482 $  3,128
260622  KEYS  Keysight Technologies          S    127 311.94 $  39,616 $  7,603
260302  LHX   L3Harris Technologies          S     86 251.83 $  21,657 $    393
260417  LVS   Las Vegas Sands                S    526  42.03 $  22,107 $   -198
260630  MPAA  Motorcar Parts Amer            S   2795  10.91 $  30,493 $ 15,131
260828  PLTR  Palantir Technologies Cl A     S    215 176.09 $  37,859 $  2,258
260220  FOUR  Shift4 Payments Inc            S    501  43.56 $  21,821 $  4,288
260903  SNOW  Snowflake Cl A                 S    164 322.80 $  52,940 $  9,591
260721  TMHC  Taylor Morrison Home Corp      S    451  72.45 $  32,674 $   -314
260824  TTEK  Tetra Tech Inc                 S    816  36.76 $  29,996 $    371
260901  CHEF  The Chefs Warehouse            S    458 106.00 $  48,548 $  4,843
260625  TT    Trane Technologies Plc         S     65 415.67 $  27,018 $  5,589
260225  PCVX  Vaxcyte Inc                    S    545  59.03 $  32,171 $  7,165
260514  VRT   Vertiv Holdings                S    150 236.24 $  35,436 $  1,947
260915  VOD   Vodafone Grp Plc ADR           S   1967  17.65 $  34,717 $   -298
260710  WDFC  W D 40 Company                 S    125 192.44 $  24,055 $     67
260901  ZBH   Zimmer Biomet Holdings         S    328  98.26 $  32,229 $  1,183
260601  ZM    Zoom Communications Inc        S    315  93.72 $  29,521 $  6,322
                                                                      _________
                                                                     $  159,808

                             Grand Total (non-option trades):       $   625,115


Below is a look at our current stocks of interest sorted by a five-(or more) year average p/e divided by current p/e, as of 09/15/2026.
Summary (sorted by AVPE/CUPE, desc):
Ticker  Name                                      AVPE/CUPE
BP      BP                                           16.359
ZM      Zoom Communications                           7.623
AMCX    AMC Global Media                              5.217
BFAM    Bright Horizons Family Solutions              3.325
CELH    Celsius Holdings                              3.166
ADBE    Adobe                                         2.934
ZBH     Zimmer Biomet Holdings                        2.196
VOD     Vodafone Group                                1.894
TTEK    Tetra Tech                                    1.519
WDFC    WD-40                                         1.439
PLTR    Palantir Technologies                         1.380
LVS     Las Vegas Sands                               1.377
MPAA    Motorcar Parts Of America                     1.285
CENTA   Central Garden & Pet                          1.267
AXTA    Axalta Coating Systems                        1.223
AVGO    Broadcom                                      1.216
LHX     L3Harris Technologies Inc                     1.159
FOUR    Shift4 Payments                               1.057
VRT     Vertiv Holdings                               0.917
CCB     Coastal Financial                             0.799
TT      Trane Technologies                            0.790
JBHT    J.B Hunt Transport Services                   0.765
KEYS    Keysight Technologies                         0.719
CHEF    Chefs' Warehouse                              0.709
EPD     Enterprise Products Partners                  0.644
CAT     Caterpillar                                   0.474
BG      Bunge Global SA                               0.384
LEU     Centrus Energy                                0.275
INTC    Intel                                         0.009
SNOW    Snowflake                                     0.000
PCVX    Vaxcyte                                       0.000
This is useful in relating recent performance to past valuation.
As one indicator, 1.0 is the break point between potentially weaker and strong stocks.
It should not be used by itself to predict without regard for many other extraneous factors.
Note: 0.000 entries are way down on the list because successive annual losses reported.

Archive List

09-07-2026: Celsius Holding Co. (CELH):  Controversial Leadership Shuffle

04-15-2026: Keysight Technologies (KEYS):  Artificial Intelligence Periphery

02-24-2026: Bright Horizons Family Soluntions, Inc. (BFAM):  Childrens' Future in Weak Economy

02-05-2026: Bunge Ltd. (BG):   Stronger Through Recent Acquisition

12-08-2025: Chefs Warehouse (CHEF):  Wholesale or Retail?

11-07-2025: J.B. Hunt Transport Services (JBHT):  Billion Dollar Buyback

11-05-2025: Helix Energy Solutions Group (HLX):  New Gulf of America Contract

11-04-2025: AMC Networks Inc. (AMCX):     Declining Streaming Customer Base

10-31-2025: Zoom Communications, Inc. (ZM):    Free Meeting Rooms Lead to Upscale Add-Ons

10-20-2025: Snowflake Inc. Cl A (SNOW):      Understanding What They Do Is Difficult

09-12-2025: Taylor Morrison Home Corp. (TMHC): Real Estate Housing Price Cycle Peaking?

08-27-2025:   Axalta Coating Systems Ltd. (AXTA:     Protective Coatings are a Big Business

08-07-2025:   Vodafone Group PLC ADR (VOD):     Connecting the World

08-01-2025:   MotorCar Parts of America (MPAA):      Small Cap Heading Toward Big Cap

07-28-2025: Plantir Technologies Inc. CL A (PLTR)     Another "Dot".Com Era" Lookalike?

05-25-2025: Why Most Seniors Have a Short Lifespan After 80 and 5 Secrets to Living Beyond

04-30-2025: Plan to Insulate Manipulated U.S. Markets

04-27-2025: How Fools Become World's Most Powerful Leaders

10-25-2024:  W D 40 Company:      Swing Tradeable?

10-19-2024: Centrus Energy, Inc. (LEU): World's Only Publicly Held Nuclear Fuels Processor

10-11-2024: Pennant Investment Corp.: 7 % Per Annum Paid Out Monthly

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