Methodology

EllTec Analysis Score

The EllTec Analysis Score sums up the fundamental situation of a stock in one number from −100 to +100. It answers one question: is today's share price justified by the strength of the company? Values around 0 mean fairly valued, positive values undervalued, negative values overvalued. EllTec Analysis calculates it for every stock it analyses, automatically and anew every week.

−100 … +100

0 = fairly valued

5 pillars

25 key figures

2000 companies

10 sectors, 4 regions

Every week

recalculated at the weekend

Reading the scale

The EllTec Analysis Score falls into one of seven bands. The further from 0, the clearer the picture across all figures.

+60 … +100Significantly undervaluedCheap and strong at the same time: the price lags clearly behind the company's fundamentals.

+25 … +59UndervaluedThe fundamentals justify a higher price than the market pays today.

+10 … +24Slightly undervaluedSomewhat cheaper than the company's strength suggests.

−9 … +9Fairly valuedPrice and fundamentals are in balance: an expensive but excellent company can land here, as can a cheap but weak one.

−24 … −10Slightly overvaluedSomewhat more expensive than the company's strength justifies.

−59 … −25OvervaluedThe market pays clearly more than the fundamentals justify.

−100 … −60Significantly overvaluedExpensive and weak at the same time, or a very high price with no profits to back it.

The idea: price against strength

45 % of the EllTec Analysis Score measure how cheap the share is (valuation, including a growth-adjusted P/E). The other 55 % measure how strong the company is (profitability, growth, balance sheet, capital allocation). An excellent company may cost more: if it is expensive and strong, the two sides cancel out and the EllTec Analysis Score lands near 0. A score is only clearly positive when the share is cheap although the company is strong, and only clearly negative when it is expensive although the company is weak.

Cheap shareExpensive shareStrong company

Cheap + strong

undervalued (positive)

Expensive + strong

fair (around 0)

Weak company

Cheap + weak

fair, cheap for a reason (around 0)

Expensive + weak

overvalued (negative)

The five pillars and their key figures

25 figures in five pillars. Each pillar answers a question about the company:

1Valuation

Weight in the EllTec Analysis Score: 45 %

What do you get for the price?

Earnings yield: profit ÷ market value (the inverse of the P/E ratio)
Expected earnings yield (the inverse of the forward P/E)
Free cash flow yield: free cash flow ÷ market value
EBITDA ÷ enterprise value (the inverse of EV/EBITDA)
Sales ÷ enterprise value (the inverse of EV/Sales)
Growth-adjusted valuation: expected EPS growth ÷ P/E (the inverse of the PEG ratio)

Yields instead of multiples, so losses are ranked correctly too: a loss gives a negative yield and the last place. Cyclicality guard: if analysts expect earnings to fall clearly (trailing earnings yield more than 1.5 times the expected one, or a loss ahead), the trailing earnings yield is replaced by the average of both, because the current profit is probably above normal. The expected earnings yield counts at most three times the trailing one, and expected EPS growth counts up to 40 % a year in the growth-adjusted valuation, so a hoped-for rebound from depressed earnings cannot carry the valuation.

2Profitability & quality

Weight in the EllTec Analysis Score: 17.5 %

How profitable is the business?

Return on invested capital (ROIC)
Return on equity
Gross margin
Operating margin
Free cash flow margin

3Growth

Weight in the EllTec Analysis Score: 17.5 %

How fast is it growing, and how fast is it expected to grow?

Expected revenue growth per year over the next three years
Expected growth of earnings per share over the next three years
Revenue growth per year over the last three fiscal years
Growth of earnings per share per year over the last three fiscal years
Revenue growth of the last twelve months
Consistency: in how many of the last five years revenue rose

Analyst consensus estimates plus the growth the company actually delivered, so the pillar also works without estimates and estimates alone cannot carry it.

4Financial stability

Weight in the EllTec Analysis Score: 10 %

How solid is the balance sheet?

Debt ÷ EBITDA (negative EBITDA ranks last)
Interest cover
Current ratio (counted up to 3)
Altman Z-Score (insolvency risk)
Net cash ÷ market value

Normal debt levels differ a lot between sectors (a utility always carries more debt than a software company), so these figures are always ranked within the sector, also in the global comparison.

5Capital allocation & earnings quality

Weight in the EllTec Analysis Score: 10 %

How well is capital used, and how real are the profits?

Piotroski F-Score (nine checks of profitability, financing and efficiency)
Shareholder yield: dividends plus buybacks, dilution counts negative
Cash conversion: free cash flow ÷ net profit

Banks, insurers and brokers are valued differently: price/book and price/sales instead of enterprise-value figures, return on equity and on assets instead of ROIC; debt ratios are left out because borrowed money is their raw material.

Manufacturers with a large financing arm (car makers such as Volkswagen, Mercedes-Benz, BMW or Toyota, truck and machinery makers such as Daimler Truck, Caterpillar or Deere) lend money to their customers. That loan book shows up as debt and its new loans as cash outflow, which would make enterprise value, debt, free cash flow and ROIC look far worse than the manufacturing business is. For them the EllTec Analysis Score uses the earnings yields, price/book, price/sales, the growth-adjusted P/E, return on equity and the margins, and leaves out the financial stability pillar. Their price/book and price/sales are compared with all industrial and service companies of the sector, not with banks.

Sector comparison and global comparison

No figure is judged in isolation. Each one is ranked: what share of the comparison companies does worse? A rank of 50 is the middle of the group, 100 the best, 0 the worst. Ranks keep one extreme value (a one-off profit, a tiny base) from dominating the result.

Sector comparison: the stock against about 200 leading companies of its own sector from North America, Europe, Asia and emerging markets. This is the fairer view, because sectors have very different normal valuations (a software company always looks expensive next to a utility).

Global comparison: the stock against all reference companies of all ten sectors. It shows whether a whole sector is currently expensive or cheap. Only the balance sheet figures stay within the sector here too.

EllTec Analysis Score = 60 % sector comparison + 40 % global comparison

The calculation step by step

1Data: the company's latest figures (last four quarters, balance sheet, analyst consensus) are read in every weekend.
2Rank per figure: for each of the 25 figures, the share of comparison companies that do worse (equal values count half). Example: a free cash flow yield of 6 %, higher than at 27 of 39 sector companies → rank 0.69, rescaled to −1 … +1: +0.38.
3Pillars: the average of their figures. Fundamental strength = the four non-valuation pillars, weighted about 32 % quality, 32 % growth, 18 % stability, 18 % capital allocation.
4Missing figures: a pillar with fewer than half of its figures is scaled down (one of six valuation figures counts a third), and a strength pillar without any figure counts as 0. Thin data therefore pulls the EllTec Analysis Score towards 0 instead of letting a few figures decide; a note appears at the EllTec Analysis Score when fewer than 70 % of the figures are available.
5Price against strength: raw value = 0.45 × valuation + 0.55 × strength. Example: valuation +0.40, strength +0.10 → raw value +0.235.
6Scale: 100 × tanh(1.5 × raw value), so the scale is softly capped: +0.235 becomes +34. Values near ±100 need a company at the top or bottom in almost every figure.
7Sector and global: the steps run once against the sector and once against all reference companies; the headline is 60 % / 40 %.

When is it updated?

Every weekend. From Saturday 00:00 (UTC), the figures of all companies are read in again after Friday's close; once everything is in (usually during Saturday, at the latest early Monday), the new EllTec Analysis Scores appear. Each analysis shows the change against the previous week. A stock analysis published during the week gets its EllTec Analysis Score immediately, based on that week's figures.

Current ranking

All stocks EllTec Analysis analyses, sorted by their EllTec Analysis Score. Published on October 27, 2026.

#	Stock	EllTec Analysis Score	Sector	Sector	Global	vs. last week
1	StoneCoSTNEFinancials	+71Significantly undervalued	Financials	+71	+71	–
2	AdobeADBEInformation Technology	+63Significantly undervalued	Information Technology	+64	+61	–
3	Hello GroupMOMOCommunication Services	+54Undervalued	Communication Services	+53	+56	–
4	PayPal HoldingsPYPLFinancials	+50Undervalued	Financials	+48	+52	–
5	Tencent Music EntertainmentTMECommunication Services	+45Undervalued	Communication Services	+42	+49	–
6	Charter CommunicationsCHTRCommunication Services	+42Undervalued	Communication Services	+41	+44	–
7	Fair Isaac CorporationFICOInformation Technology	+41Undervalued	Information Technology	+46	+34	–
8	Lululemon AthleticaLULUConsumer Discretionary	+40Undervalued	Consumer Discretionary	+40	+41	–
9	JD.comJDConsumer Discretionary	+38Undervalued	Consumer Discretionary	+38	+39	–
10	Match Group Inc.MTCHCommunication Services	+35Undervalued	Communication Services	+30	+42	–
11	TeleperformanceTEPIndustrials	+30Undervalued	Industrials	+30	+31	–
11	Volkswagen AGVOW3Consumer Discretionary	+30Undervalued	Consumer Discretionary	+28	+32	–
13	ARYZTAARYNConsumer Staples	+28Undervalued	Consumer Staples	+32	+23	–
14	VipshopVIPSConsumer Discretionary	+27Undervalued	Consumer Discretionary	+25	+30	–
15	Dell TechnologiesDELLInformation Technology	+16Slightly undervalued	Information Technology	+22	+7	–
16	ZalandoZALConsumer Discretionary	+15Slightly undervalued	Consumer Discretionary	+15	+15	–
17	Bumble Inc.BMBLCommunication Services	0Fairly valued	Communication Services	0	+1	–
18	Wizz Air Holdings PLCWIZZIndustrials	−5Fairly valued	Industrials	−4	−7	–
19	Pfizer Inc.PFEHealth Care	−6Fairly valued	Health Care	0	−15	–
20	Alibaba GroupBABAConsumer Discretionary	−13Slightly overvalued	Consumer Discretionary	−14	−11	–
21	Robinhood MarketsHOODFinancials	−15Slightly overvalued	Financials	−16	−14	–
22	CoStar GroupCSGPFinancials	−21Slightly overvalued	Financials	−19	−24	–
23	Corsair GamingCRSRConsumer Discretionary	−23Slightly overvalued	Consumer Discretionary	−25	−20	–
23	Mobileye Global Inc.MBLYInformation Technology	−23Slightly overvalued	Information Technology	−24	−21	–
25	CorbionCRBNMaterials	−24Slightly overvalued	Materials	−28	−18	–
26	Appian CorporationAPPNInformation Technology	−34Overvalued	Information Technology	−36	−30	–
26	Clover Health Investments CorporationCLOVHealth Care	−34Overvalued	Health Care	−31	−38	–
28	BaiduBIDUCommunication Services	−41Overvalued	Communication Services	−40	−42	–
29	ThyssenKrupp AGTKAIndustrials	−44Overvalued	Industrials	−44	−45	–
29	WayfairWConsumer Discretionary	−44Overvalued	Consumer Discretionary	−46	−42	–
31	FMC CorporationFMCMaterials	−51Overvalued	Materials	−51	−50	–
32	XPeng Inc.XPEVConsumer Discretionary	−53Overvalued	Consumer Discretionary	−54	−52	–
33	Canadian Solar Inc.CSIQInformation Technology	−67Significantly overvalued	Information Technology	−65	−69	–
34	StrategyMSTRInformation Technology	−73Significantly overvalued	Information Technology	−75	−70	–

Compare all scores in the screener →Stock analyses

The reference universe

2000 large, liquid companies in ten sectors, about 200 per sector. Stocks EllTec Analysis covers are never part of it: if EllTec Analysis starts covering a reference company, it leaves the comparison groups automatically. So the benchmark does not depend on which stocks happen to be analysed.

North America: 968 · Europe: 503 · Asia-Pacific: 322 · Emerging markets: 207

Energy

median EllTec Analysis Score +10

Exxon Mobil, Chevron, ConocoPhillips, EOG Resources, SLB (Schlumberger), Phillips 66, Occidental Petroleum, Enbridge, Shell, TotalEnergies, BP, Equinor, Eni, Petrobras, Kinder Morgan, Williams Companies, Marathon Petroleum, Valero Energy, Halliburton, Baker Hughes, Diamondback Energy, Canadian Natural Resources, Suncor Energy, Woodside Energy, Ecopetrol, Cheniere Energy, ONEOK, Targa Resources, TC Energy, Enterprise Products Partners, Energy Transfer, Devon Energy, EQT, Cenovus Energy, Imperial Oil, Tenaris, Repsol, YPF, MPLX, Cameco, Cheniere Energy Partners, Pembina Pipeline, TechnipFMC, OMV, Neste, Texas Pacific Land, Aker BP, HF Sinclair, Expand Energy, Permian Resources, Santos, Ovintiv, Tourmaline Oil, Western Midstream, Plains All American, Galp Energia, APA Corporation, Viper Energy, Vår Energi, DT Midstream, Antero Resources, Range Resources, Sunoco, PBF Energy, Sasol, Antero Midstream, Saipem, SM Energy, Subsea 7, Kinetik, Ultrapar, Chord Energy, Vista Energy, Harbour Energy, Matador Resources, Noble Corporation, NOV, Vopak, Transocean, SBM Offshore, Ampol, CVR Energy, Murphy Oil, Valaris, Magnolia Oil & Gas, Weatherford International, NexGen Energy, CNX Resources, Archrock, Delek US, Patterson-UTI Energy, Oceaneering, Whitehaven Coal, Comstock Resources, Tidewater, Uranium Energy, Helmerich & Payne, USA Compression Partners, Alliance Resource Partners, Talos Energy, Saudi Aramco, PetroChina, Reliance Industries, China Shenhua Energy, CNOOC, Sinopec, Orlen, Shaanxi Coal Industry, Adani Enterprises, Venture Global, PTT, Formosa Petrochemical, ONGC, Inpex, Coal India, China Coal Energy, ENEOS Holdings, Yankuang Energy Group, China Merchants Energy Shipping, Bayan Resources, PTT Exploration and Production, Indian Oil, China National Uranium, Whitecap Resources, SK Innovation, COSCO SHIPPING Energy Transportation, Yantai Jereh Oilfield Services Group, Türkiye Petrol Rafinerileri, Inner Mongolia Dian Tou Energy, Bharat Petroleum, AltaGas, Prio, Frontline, Idemitsu Kosan, Keyera, S-Oil, Edison, Inner Mongolia Yitai Coal, Rabigh Refining and Petrochemical, Gaztransport & Technigaz, Motor Oil Hellas, Kunlun Energy, Oil India, Hindustan Petroleum, South Bow, DCC Energy, HD Hyundai, China Oilfield Services, Seplat Energy, Strathcona Resources, Plains GP Holdings, Ithaca Energy, Shanxi Lu'an Environmental Energy Development, Guanghui Energy, HELLENiQ ENERGY Holdings, Hess Midstream, LandBridge, PrairieSky Royalty, CNOOC Energy Technology & Services, Technip Energies, Crescent Energy, International Seaways, Cmb.Tech, Tamarack Valley Energy, Cactus, California Resources, Golar LNG, Core Natural Resources, Solaris Energy Infrastructure, Kodiak Gas Services, Gibson Energy, Athabasca Oil, TORM, DHT Holdings, Scorpio Tankers, Par Pacific Holdings, Baytex Energy, BW LPG, SunocoCorp LLC, Peyto Exploration & Development, Excelerate Energy, WaterBridge Infrastructure LLC, Paramount Resources, Teekay Tankers, Topaz Energy, Delek Logistics Partners, Seadrill, International Petroleum, Black Stone Minerals, CES Energy Solutions, Northern Oil and Gas, Gulfport Energy, TGS, Peabody Energy, Odfjell Drilling, DNO, Aker Solutions, BW Energy, Etablissements Maurel & Prom, BlueNord

Materials

median EllTec Analysis Score −1

Linde, Sherwin-Williams, Air Products, Ecolab, Newmont, Freeport-McMoRan, Nucor, Albemarle, Corteva, BASF, Sika, CRH, BHP Group, Rio Tinto, Vale, SQM, Dow, DuPont, PPG Industries, Martin Marietta Materials, Vulcan Materials, Steel Dynamics, Southern Copper, Nutrien, ArcelorMittal, International Flavors & Fragrances, Air Liquide, Heidelberg Materials, Symrise, AkzoNobel, Givaudan, Holcim, LyondellBasell, CF Industries, International Paper, Ball Corporation, Agnico Eagle Mines, Teck Resources, POSCO Holdings, Suzano, Glencore, Barrick Mining, Wheaton Precious Metals, Anglo American, Franco-Nevada, AngloGold Ashanti, Antofagasta, Saint-Gobain, Gold Fields, Novonesis, Fortescue, DSM-Firmenich, Kinross Gold, Fresnillo, EMS-Chemie, Northern Star Resources, Smurfit Westrock, Reliance, Packaging Corp of America, Amcor, Royal Gold, Pan American Silver, Coeur Mining, James Hardie, Cemex, UPM-Kymmene, Weyerhaeuser, Boliden, Norsk Hydro, Avery Dennison, Alamos Gold, South32, RPM International, Crown Holdings, Ternium, Alcoa, Evonik, Hudbay Minerals, Harmony Gold, IAMGOLD, Hecla Mining, Brenntag, Gerdau, SSAB, Yara International, Thyssenkrupp, Eldorado Gold, Syensqo, Element Solutions, Stora Enso, SCA, Westlake, Cleveland-Cliffs, Eastman Chemical, Axalta Coating Systems, Commercial Metals, Orica, Sibanye Stillwater, MP Materials, Aurubis, Zijin Mining Group, Grupo México, Nan Ya Plastics, Shin-Etsu Chemical, Maaden, CMOC Group, Zijin Gold International, SABIC, UltraTech Cement, Wanhua Chemical Group, JSW Steel, Shandong Hongqiao Aluminum Industry Holding, China Hongqiao Group, Asian Paints, Ningxia Baofeng Energy Group, Hindustan Zinc, Tata Steel, Nippon Steel, Amrize, Aluminum Corporation of China, Grasim Industries, Hindalco Industries, China Northern Rare Earth (Group) High-Tech, First Quantum Minerals, China Jushi, Baoshan Iron & Steel, Nippon Paint Holdings, Lundin Mining, Valterra Platinum, Qinghai Salt Lake Industry, Solar Industries India, Industrias Peñoles, Rongsheng Petrochemical, Jiangxi Copper, Hengli Petrochemical, Shandong Gold Mining, Zangge Mining, Evolution Mining, Amman Mineral Internasional, Pidilite Industries, Resonac Holdings, Zhongjin Gold, Nitto Denko, KGHM Polska Miedz, Lundin Gold, Endeavour Mining, Equinox Gold, Solstice Advanced Materials, Ivanhoe Mines, China Gold International Resources, DPM Metals, G Mining Ventures, Voestalpine, NewMarket, Buzzi, Simpson Manufacturing, First Majestic Silver, Croda International, IMCD, Aura Minerals, Artemis Gold, B2Gold, Fuchs, OR Royalties, Capstone Copper, Holmen, Triple Flag Precious Metals, SOL, Discovery Mining, SSR Mining, The Mosaic, Sensient Technologies, Balchem, OceanaGold, West Fraser Timber, Eagle Materials, Celanese, Methanex, Dottikon ES Holding, Vallourec, Acerinox, Arkema, Materion, Perimeter Solutions, Warrior Met Coal, UFP Industries, Torex Gold Resources, Wacker Chemie, Montage Gold, K92 Mining, Calumet, Clariant, Centerra Gold, Cabot, HEXPOL, Azelis Group, Constellium, Grupa Kety, Vicat, Aperam

Industrials

median EllTec Analysis Score −1

GE Aerospace, Caterpillar, Honeywell, Union Pacific, RTX, Deere & Company, Lockheed Martin, UPS, Eaton, ADP, Delta Air Lines, Siemens, Airbus, ABB, Ryanair, 3M, Emerson Electric, Illinois Tool Works, Waste Management, FedEx, Northrop Grumman, General Dynamics, CSX, Parker-Hannifin, Cintas, DHL Group, Rheinmetall, MTU Aero Engines, Daimler Truck, Schneider Electric, Safran, Trane Technologies, Johnson Controls, Norfolk Southern, Canadian Pacific Kansas City, W.W. Grainger, L3Harris Technologies, TransDigm, PACCAR, Boeing, Cummins, Rolls-Royce, Quanta Services, Atlas Copco, Howmet Aerospace, Vertiv, Canadian National Railway, Republic Services, BAE Systems, RELX, United Rentals, Vinci, Volvo, Fastenal, AMETEK, Thales, Comfort Systems USA, Thomson Reuters, A.P. Moller-Maersk, Wabtec, Rockwell Automation, Carrier Global, DSV, Waste Connections, HEICO, Aena, Sandvik, Paychex, Roper Technologies, Old Dominion Freight Line, Assa Abloy, Legrand, Ferrovial, Prysmian, Experian, Saab, Schindler, Axon Enterprise, United Airlines, Kuehne + Nagel, EMCOR, Leonardo, Ingersoll Rand, Hochtief, Kone, Teledyne, Epiroc, Otis Worldwide, Dover, Vestas Wind Systems, ACS, Expeditors International, Copart, Verisk Analytics, Xylem, Hubbell, International Airlines Group, SGS, Alfa Laval, XPO, Space Exploration Technologies, GE Vernova, Contemporary Amperex Technology, Hitachi, Siemens Energy, Mitsubishi, ITOCHU, Mitsui & Co., Delta Electronics (Thailand), Mitsubishi Heavy Industries, LG Energy Solution, Mitsubishi Electric, Bloom Energy, Larsen & Toubro, Honeywell Aerospace, Marubeni, Sumitomo, Ferguson Enterprises, Toyota Tsusho, Fujikura, Adani Ports and Special Economic Zone, Poste Italiane, China CSSC Holdings, Komatsu, Beijing-Shanghai High-Speed Railway, Daikin Industries, WEG, COSCO SHIPPING Holdings, Samsung C&T, Elbit Systems, Hindustan Aeronautics, Fanuc, Sunbelt Rentals Holdings, Rocket Lab, CK Hutchison Holdings, Transurban Group, ASELSAN, Hanwha Aerospace, Techtronic Industries, Samsung SDI, Doosan Enerbility, Kongsberg Gruppen, Bharat Electronics, International Container Terminal Services, Dassault Aviation, Veralto, Airports of Thailand, Hapag-Lloyd, Symbotic, Bombardier, AerCap Holdings, Arxis, Geberit, Wolters Kluwer, Global Payments, ATI, Equifax, J.B. Hunt Transport Services, Southwest Airlines, VAT Group, nVent Electric, Grupo Carso, GFL Environmental, InterGlobe Aviation, Snap-on, Traton, Kingspan Group, Wärtsilä, Woodward, Nordson, WSP Global, Bouygues, Curtiss-Wright, APi Group, ITT, Jacobs Solutions, IDEX, Clean Harbors, FedEx Freight Holding, C.H. Robinson Worldwide, FTAI Aviation, RB Global, WESCO International, CSG, Metso, Allegion, Stanley Black & Decker, Masco, RBC Bearings, UL Solutions, Bureau Veritas, CNH Industrial, Bharat Heavy Electricals, ABB India, CG Power and Industrial Solutions, Lifco, GEA Group, Strabag, Diploma, AB SKF

Consumer Discretionary

median EllTec Analysis Score +1

Amazon, Tesla, Home Depot, McDonald's, Nike, TJX Companies, Booking Holdings, Starbucks, Lowe's, LVMH, adidas, Ferrari, Toyota, PDD Holdings, MercadoLibre, Chipotle Mexican Grill, O'Reilly Automotive, AutoZone, Ross Stores, General Motors, Ford Motor, Marriott International, eBay, Yum! Brands, Deckers Outdoor, Honda Motor, Sony Group, Mercedes-Benz Group, BMW, Porsche AG, Continental, Stellantis, Renault, Hermès, Richemont, Inditex, Airbnb, Royal Caribbean, Hilton Worldwide, D.R. Horton, Trip.com Group, Alibaba, DoorDash, Prosus, Carvana, Garmin, Compass Group, Carnival, Expedia, JD.com, Restaurant Brands International, Williams-Sonoma, Kering, H&M, Ulta Beauty, Coupang, InterContinental Hotels, Las Vegas Sands, Darden Restaurants, Dollar Tree, Tapestry, Michelin, Ralph Lauren, Next, PulteGroup, Best Buy, Lennar, Rivian, Magna International, Tractor Supply, Genuine Parts, Hyatt Hotels, Burlington Stores, NVR, Wayfair, Hasbro, Yum China, Aramark, H World, Evolution, Flutter Entertainment, Dick's Sporting Goods, Toll Brothers, Moncler, Five Below, Delivery Hero, BorgWarner, On Holding, Li Auto, Accor, Lotus Bakeries, Service Corporation International, Texas Roadhouse, Lululemon, Swatch Group, Domino's Pizza, DraftKings, D'Ieteren, XPeng, New Oriental Education, Fast Retailing, Midea Group, BYD, Christian Dior, Wesfarmers, Meituan, Hyundai Motor, Titan, Maruti Suzuki India, Viking Holdings, Sumitomo Electric Industries, Oriental Land, Mahindra & Mahindra, Bridgestone, Kia, Gree Electric Appliances, Naspers, Eternal, DENSO, Bajaj Auto, King Slide Works, Weichai Power, SharkNinja, Guangdong Songfa Ceramics, Aristocrat Leisure, ANTA Sports Products, Haier Smart Home, BANDAI NAMCO Holdings, Suzuki Motor, Pop Mart International Group, Hyundai Mobis, ASICS, Aeon, SHEIN Global Holdings, Eicher Motors, TVS Motor, Knorr-Bremse, Samvardhana Motherson International, Falabella, Rollins, Amer Sports, Hyundai Motor India, Tata Motors, Trent, Allegro.eu, Penske Automotive Group, Bosch, Somnigroup International, Maplebear, LPP, Aritzia, GameStop, CCL Industries, The Indian Hotels, Marks and Spencer Group, Dillard's, Allwyn, Murphy USA, Aurora Innovation, Life Time Group Holdings, Aptiv, Chewy, Allison Transmission Holdings, Pandora, HELLA GmbH, Autoliv, Levi Strauss, Pirelli & C., Etsy, The Gap, Dutch Bros, Canadian Tire, Kingfisher, Brinker International, Mohawk Industries, Gildan Activewear, Urban Outfitters, Wynn Resorts, CarMax, Avolta, Victoria's Secret, Andersen Group, Games Workshop Group, Modine Manufacturing, MGM Resorts International, Norwegian Cruise Line Holdings, De'Longhi, V.F., Abercrombie & Fitch, Lottomatica Group, Lithia Motors, Brunello Cucinelli, SIG Group, Macy's, CAVA Group, H&R Block, Barratt Redrow, Caesars Entertainment, Churchill Downs, Howden Joinery

Consumer Staples

median EllTec Analysis Score +1

Procter & Gamble, Coca-Cola, PepsiCo, Walmart, Costco, Philip Morris, Mondelez, Colgate-Palmolive, General Mills, Kraft Heinz, Nestlé, Unilever, Diageo, Danone, Altria, Kimberly-Clark, Constellation Brands, Hershey, Kroger, Target, Archer-Daniels-Midland, Sysco, Keurig Dr Pepper, Anheuser-Busch InBev, British American Tobacco, L'Oréal, Pernod Ricard, Beiersdorf, Henkel, Heineken, Ahold Delhaize, Coca-Cola Europacific Partners, Clorox, Estée Lauder, Monster Beverage, Kenvue, Dollar General, Church & Dwight, FEMSA, Ambev, Loblaw, Alimentation Couche-Tard, Reckitt, Haleon, Tesco, Dollarama, George Weston, Imperial Brands, Casey's, Coca-Cola FEMSA, Lindt & Sprüngli, US Foods, Bunge, Tyson Foods, Carlsberg, Essity, Associated British Foods, Performance Food Group, Metro, Coca-Cola Consolidated, J.M. Smucker, BJ's Wholesale, Brown-Forman, McCormick, Saputo, Hormel Foods, Carrefour, Mowi, Kesko, Sainsbury, Darling Ingredients, Orkla, Campari, Celsius Holdings, Molson Coors, Lamb Weston, Barry Callebaut, SalMar, Primo Brands, Conagra Brands, e.l.f. Beauty, Pilgrim's Pride, Albertsons, Ingredion, Sprouts Farmers Market, Campbell's, Emmi, Axfood, Colruyt, Chefs' Warehouse, Interparfums, Post Holdings, Freshpet, Ebro Foods, Dia, Bic, Cal-Maine Foods, Coty, United Natural Foods, WD-40, Kweichow Moutai, Japan Tobacco, Nongfu Spring, Walmex, Hindustan Unilever, Wuliangye Yibin, Woolworths Group, Muyuan Foods Group, ITC, Ajinomoto, Seven & i Holdings, Foshan Haitian Flavouring and Food, Inner Mongolia Yili Industrial Group, Nestlé India, Coles Group, Coca-Cola HBC, Kao, Avenue Supermarts, Yihai Kerry Arawana Holdings, Shanxi Xinghuacun Fen Wine Factory, Arca Continental, Kerry Group, Wilmar International, Wens Foodstuff Group, Asahi Group Holdings, Luzhou Laojiao, Kirin Holdings, KT&G, Grupo Bimbo, Varun Beverages, Uni-President Enterprises, JBS, Jerónimo Martins, Henan Shuanghui Investment & Development, Bunzl, Puig Brands, The Magnum Ice Cream, CP ALL, Britannia Industries, Unicharm, Eastroc Beverage (Group), Almarai, Kikkoman, Marico, SM Investments, Tata Consumer Products, Dino Polska, Bid, Empire, Zabka Group, Smithfield Foods, Pepco Group, Glanbia, Laureate Education, Ollie's Bargain Outlet Holdings, PriceSmart, AAK, Sonae, Covista, Grand Canyon Education, L.D.C., National Beverage, Stride, The Vita Coco, Royal Unibrew, Rémy Cointreau, The Marzetti, P/F Bakkafrost, Central Garden & Pet, McGraw Hill, Lerøy Seafood Group, Premium Brands Holdings, Tootsie Roll Industries, Maple Leaf Foods, Newell Brands, The Andersons, Perdoceo Education, Utz Brands, The Boston Beer, Weis Markets, BioMar Group, Sanoma, Bell Food Group, The North West, Spectrum Brands Holdings, UIE, Strategic Education, Austevoll Seafood, Nomad Foods, Ingles Markets, Cloetta, Spadel, J&J Snack Foods, Yesway, Kernel Holding, Adecoagro, Europris, Herbalife, Del Monte, Jamieson Wellness

Health Care

median EllTec Analysis Score −3

Eli Lilly, UnitedHealth, Johnson & Johnson, AbbVie, Merck & Co., Pfizer, Thermo Fisher, Abbott, Elevance Health, CVS Health, Humana, Novo Nordisk, AstraZeneca, Novartis, Amgen, Gilead Sciences, Bristol-Myers Squibb, Intuitive Surgical, Stryker, Medtronic, Boston Scientific, Vertex Pharmaceuticals, Regeneron, Danaher, Sanofi, GSK, Takeda, Roche, Lonza, EssilorLuxottica, Bayer, Merck KGaA, Siemens Healthineers, Alcon, Cigna Group, McKesson, HCA Healthcare, Zoetis, Becton Dickinson, IDEXX Laboratories, Moderna, Cencora, CSL, Cardinal Health, argenx, Veeva Systems, Edwards Lifesciences, Agilent Technologies, Teva, Galderma, UCB, IQVIA, BeOne Medicines, Waters, Illumina, Biogen, Centene, ResMed, Mettler-Toledo, DexCom, GE HealthCare, Alnylam, Fresenius, West Pharmaceutical, Labcorp, Quest Diagnostics, Philips, United Therapeutics, Incyte, Genmab, BioNTech, Sartorius Stedim, Steris, Tenet Healthcare, Viatris, Sonova, Zimmer Biomet, Sartorius, Revvity, Medpace, Straumann, Exelixis, Coloplast, Charles River, Eurofins Scientific, Solventum, Neurocrine Biosciences, Halozyme, Jazz Pharmaceuticals, Orion, Ipsen, Penumbra, Pro Medicus, Baxter, Corcept, Smith & Nephew, Encompass Health, Recordati, Molina Healthcare, Bio-Techne, Chugai Pharmaceutical, WuXi AppTec, Natera, HOYA, Samsung Biologics, Jiangsu Hengrui Pharmaceuticals, Medline, Sun Pharmaceutical Industries, Sandoz Group, Otsuka Holdings, Revolution Medicines, Royalty Pharma, Celltrion, Daiichi Sankyo, Shenzhen Mindray Bio-Medical Electronics, Astellas Pharma, Roivant Sciences, Hansoh Pharmaceutical Group, Divi's Laboratories, WuXi Biologics (Cayman), Guardant Health, Terumo, Sigma Healthcare, Insmed, Dr. Sulaiman Al Habib Medical Services Group, Rede D'Or São Luiz, Innovent Biologics, Torrent Pharmaceuticals, Sichuan Biokin Pharmaceutical, Shionogi & Co., Fisher & Paykel Healthcare, Ascendis Pharma, Swedish Orphan Biovitrum, JD Health International, PharmaEssentia, ICON Public, Sichuan Kelun-Biotech Biopharmaceutical, Yunnan Baiyao Group, Shanghai United Imaging Healthcare, BridgeBio Pharma, BrightSpring Health Services, Summit Therapeutics, Tempus AI, CSPC Pharmaceutical Group, Fresenius Medical Care, Zydus Lifesciences, Zhejiang NHU, bioMérieux, DaVita, Apollo Hospitals Enterprise, Avantor, The Cooper Companies, Lenskart Solutions, Cipla, Demant, Elanco Animal Health, Laurus Labs, Universal Health Services, Align Technology, Globus Medical, BioMarin Pharmaceutical, Dr. Reddy's Laboratories, Glaukos, Qiagen, Insulet, The Ensign Group, Madrigal Pharmaceuticals, Repligen, Bio-Rad Laboratories, Bradsaúde, Mankind Pharma, Oscar Health, Aurobindo Pharma, Vaxcyte, Henry Schein, 10x Genomics, Lupin, Krystal Biotech, Kymera Therapeutics, Caris Life Sciences, Hinge Health, Protagonist Therapeutics, Bruker, Twist Bioscience, ImmunityBio, HealthEquity, ALK-Abelló, ABIVAX, H. Lundbeck, Bachem Holding, Getinge, Grifols, Sectra, Convatec Group, Ypsomed Holding, Stevanato Group, Galenica, DiaSorin, SCHOTT Pharma, Medicover

Financials

median EllTec Analysis Score +9

JPMorgan Chase, American Express, Charles Schwab, Interactive Brokers, Visa, Mastercard, S&P Global, MSCI, Intercontinental Exchange, CME Group, BlackRock, Prologis, HSBC, Allianz, Adyen, Bank of America, Wells Fargo, Goldman Sachs, Morgan Stanley, Citigroup, Chubb, Progressive, Marsh McLennan, American Tower, UBS Group, ING Groep, Mitsubishi UFJ, HDFC Bank, Itaú Unibanco, BNP Paribas, Banco Santander, Deutsche Bank, Munich Re, Zurich Insurance, Deutsche Börse, PNC Financial, Capital One, MetLife, Blackstone, Sumitomo Mitsui Financial, Royal Bank of Canada, Toronto-Dominion Bank, Commonwealth Bank, BBVA, UniCredit, Mizuho, Bank of Montreal, Bank of Nova Scotia, Intesa Sanpaolo, ICICI Bank, CIBC, AXA, U.S. Bancorp, Robinhood, CaixaBank, Brookfield Corporation, Moody's, National Australia Bank, Travelers, KKR, Westpac, ANZ, Lloyds Banking Group, Barclays, Manulife, Brookfield Asset Management, Nu Holdings, Generali, NatWest, Arthur J. Gallagher, Apollo Global, Allstate, Aon, Macquarie Group, Aflac, Standard Chartered, Truist, London Stock Exchange Group, Nasdaq, Swiss Re, Crédit Agricole, KBC Group, PayPal, Société Générale, Fifth Third, State Street, Sun Life, Ameriprise, AIG, KB Financial, DNB Bank, Banco Bradesco, Danske Bank, SEB, Prudential Financial, Ares Management, Hartford, Hannover Re, ABN AMRO, Talanx, Berkshire Hathaway, ICBC, Agricultural Bank of China, China Construction Bank, Bank of China, Welltower, DBS Group Holdings, China Merchants Bank, China Life Insurance, Ping An Insurance, Investor, Tokio Marine Holdings, Oversea-Chinese Banking, Bank of Communications, The Bank of New York Mellon, Postal Savings Bank of China, Al Rajhi Banking and Investment, Equinix, AIA Group, State Bank of India, Simon Property Group, Banco BTG Pactual, China CITIC Bank, Fubon Financial Holding, JAPAN POST BANK, BOC Hong Kong (Holdings), Digital Realty Trust, Bajaj Finance, Public Storage, Hong Kong Exchanges and Clearing, Industrial Bank, Nordea Bank, Great-West Lifeco, National Bank of Canada, CITIC Securities, The Saudi National Bank, Realty Income, United Overseas Bank, Emirates NBD Bank, Cathay Financial Holding, Life Insurance Corporation of India, Vivmark Residential, MS&AD Insurance Group Holdings, Shanghai Pudong Development Bank, Erste Group Bank, CTBC Financial Holding, Kotak Mahindra Bank, Ventas, Commerzbank, Coinbase Global, Swedbank, Power Corporation of Canada, Axis Bank, Qatar National Bank, Crown Castle, Banca Monte dei Paschi di Siena, Cboe Global Markets, CBRE Group, EQT, Bank Leumi le-Israel, Fairfax Financial Holdings, PKO Bank Polski, Arch Capital Group, Bank Central Asia, Intact Financial, Rocket Companies, Iron Mountain, Grupo Financiero Banorte, Bank Hapoalim, M&T Bank, Huntington Bancshares, Capitec, Extra Space Storage, 3i Group, Swiss Life Holding, Northern Trust, Raymond James Financial, Willis Towers Watson Public, Svenska Handelsbanken, BPER Banca, Prudential, Tradeweb Markets, W. R. Berkley, Aviva, Citizens Financial Group, Sampo, Cincinnati Financial, First Citizens BancShares, VICI Properties, Helvetia Baloise Holding, AIB Group, LPL Financial Holdings, Brown & Brown, Regions Financial, Affirm Holdings, Principal Financial Group, Markel Group, Mediobanca Banca di Credito Finanziario, NN Group, Banco BPM

Information Technology

median EllTec Analysis Score 0

Apple, Microsoft, Nvidia, Broadcom, Oracle, Salesforce, Intuit, ServiceNow, Cisco, IBM, Texas Instruments, SAP, ASML, TSMC, Advanced Micro Devices, Qualcomm, Analog Devices, Applied Materials, Lam Research, KLA, Micron Technology, Accenture, Palo Alto Networks, Synopsys, Arista Networks, Infosys, Infineon, STMicroelectronics, Capgemini, Dassault Systèmes, Ericsson, Nokia, Shopify, Autodesk, Cadence Design Systems, Fortinet, Marvell Technology, NXP Semiconductors, Amphenol, HP Inc., Intel, Palantir, Dell Technologies, Arm Holdings, CrowdStrike, Seagate, Western Digital, Corning, Snowflake, Cloudflare, Adobe, ASE Technology, Datadog, AppLovin, Hewlett Packard Enterprise, TE Connectivity, Monolithic Power Systems, Keysight, Atlassian, Teradyne, Constellation Software, Workday, United Microelectronics, Ciena, Coherent, NetApp, Microchip Technology, ASM International, Zscaler, Celestica, Okta, Flex, Cognizant, MongoDB, ON Semiconductor, Jabil, VeriSign, Hexagon, F5, GlobalFoundries, Amadeus IT, Entegris, Super Micro Computer, PTC, CDW, Wipro, Nutanix, Dynatrace, Zebra Technologies, Fair Isaac, Halma, CGI, Tyler Technologies, Lattice Semiconductor, Guidewire, DocuSign, Logitech, Trimble, Gen Digital, Check Point Software, Samsung Electronics, SK hynix, CXMT, MediaTek, Sandisk, Advantest, Foxconn Industrial Internet, Tokyo Electron, Uber Technologies, Kioxia Holdings, Delta Electronics, Keyence, Zhongji Innolight, Hon Hai (Foxconn), Tata Consultancy Services, Xiaomi, Cambricon Technologies, Motorola Solutions, SK Square, SMIC, Murata Manufacturing, Hygon Information Technology, Lumentum Holdings, Nintendo, Samsung Electro-Mechanics, Luxshare Precision Industry, NAURA Technology Group, Elite Material, Unimicron Technology, Eoptolink Technology, Block, Astera Labs, Everpure, HCL Technologies, Twilio, Ubiquiti, CoreWeave, Zoom Communications, Credo Technology Group Holding, Corpay, Rubrik, Fiserv, Bending Spoons, Cerebras Systems, Samsara, Qnity Electronics, Broadridge Financial Solutions, TD SYNNEX, SS&C Technologies Holdings, Fidelity National Information Services, Tower Semiconductor, Toast, First Solar, Fortive, MACOM Technology Solutions Holdings, Joint Stock Company Kaspi.kz, Leidos Holdings, Technoprobe, Tech Mahindra, Gartner, GoDaddy, The Sage Group, CACI International Inc, Manhattan Associates, SiTime, HubSpot, Akamai Technologies, IonQ, MKS, BE Semiconductor Industries, Figma, LTM, Skyworks Solutions, SailPoint, JFrog, Indra Sistemas, LG Electronics India, Rexel, Elm, One97 Communications, Nova, Nemetschek, Persistent Systems, Coforge, Oracle Financial Services Software, Dixon Technologies (India), Waaree Energies, Airtel Mobile Commerce, Computacenter, Temenos, AT&S, Nexi, IONOS Group, Reply, Asseco Poland, Bechtle, Renishaw, INFICON Holding, Soitec, Sopra Steria Group

Communication Services

median EllTec Analysis Score +8

Alphabet, Meta Platforms, Netflix, Walt Disney, T-Mobile US, Verizon, AT&T, Comcast, Take-Two Interactive, Pinterest, Deutsche Telekom, Spotify, NetEase, Omnicom, Live Nation, Roblox, BCE, Orange, Vodafone, Telefónica, América Movil, SK Telecom, Chunghwa Telecom, Sea Limited, WPP, Publicis, Universal Music Group, KPN, Swisscom, Fox Corporation, The Trade Desk, Snap, Reddit, Telus, Rogers Communications, Telkom Indonesia, KT Corporation, Telstra, TKO Group, Baidu, BT Group, Roku, Formula One Group, Telefônica Brasil, Cellnex, Charter Communications, Unity Software, Telia, News Corp, Warner Music Group, AST SpaceMobile, Telenor, Informa, Tencent Music, REA Group, Millicom, Telecom Italia, New York Times, Bolloré, Globalstar, Match Group, Pearson, Quebecor, Tele2, Madison Square Garden Sports, Sirius XM, TIM Brasil, Infrastrutture Wireless Italiane, Zillow, CTS Eventim, CAR Group, Elisa, Dolby, Bilibili, JCDecaux, Telecom Argentina, VEON, Auto Trader, Nexstar Media, TPG Telecom, Rightmove, Iridium, Lumen Technologies, Cinemark, 1&1, United Internet, PLDT, MSG Entertainment, Sunrise, Seek, ITV, IMAX, freenet, IHS Holding, AMC Entertainment, Liberty Global, Autohome, Ströer, Ziff Davis, Proximus, Tencent Holdings, China Mobile, Recruit Holdings, SoftBank Group, Bharti Airtel, NTT, China Telecom, KDDI, stc (Saudi Telecom), Singtel, Nebius Group, Skydance, Advanced Info Service, EchoStar, MTN Group, China United Network Communications, China Unicom (Hong Kong), NAVER, China Tower, Vodacom Group, Kuaishou Technology, du (Emirates Integrated Telecommunications), China Satellite Communications, Airtel Africa, True, Vodafone Idea, Far EasTone Telecommunications, Zhejiang Century Huatong Group, Etihad Etisalat, HKT Trust and HKT, Focus Media Information Technology, Indus Towers, Ooredoo, Kakao, Toho, Bharti Hexacom, Mora Telematika Indonesia, Hellenic Telecommunications Organization, Info Edge (India), Kunlun Tech, Kanzhun, CD Projekt Red, International Games System, BlueFocus Intelligent Communications Group, Scout24, Bezeq The Israel Telecommunication, Dentsu Group, Telekom Austria, Orange Polska, RTL Group, Zegona Communications, Vend Marketplaces, Springer Nature, Versant Media Group, Telephone and Data Systems, Sphere Entertainment, Banijay Group, Manchester United, SMG Swiss Marketplace Group Holding, Sinch, Magnite, Atlanta Braves Holdings, NOS, Array Digital Infrastructure, People, Liftoff Mobile, CarGurus, John Wiley & Sons, Cyfrowy Polsat, Eutelsat Communications, RUM Group, TX Group, StubHub Holdings, Stagwell, DIGI Spain Telecom, DoubleVerify Holdings, IDT, Embracer Group, SES, Havas, Trump Media & Technology Group, Vivendi, Genius Sports, Orange Belgium, Cogeco Communications, Hacksaw, Liberty Latin America, Opera, Anterix, Atresmedia, Métropole Télévision, WEBTOON Entertainment, Upwork, Yelp, Newsmax, KRAFTON, TBS Holdings, Giant Network Group, HYBE, 37 Interactive Entertainment Network Technology Group

Utilities

median EllTec Analysis Score −11

NextEra Energy, Duke Energy, Southern Company, Dominion Energy, American Electric Power, Exelon, Sempra, Xcel Energy, PG&E, Brookfield Renewable, National Grid, E.ON, RWE, Engie, Public Service Enterprise, Consolidated Edison, WEC Energy, Edison International, Entergy, American Water Works, Constellation Energy, Fortis, NiSource, Korea Electric Power, Iberdrola, Endesa, Redeia, Naturgy, CenterPoint Energy, DTE Energy, Eversource Energy, FirstEnergy, PPL Corporation, Ameren, CMS Energy, Atmos Energy, Vistra, Sabesp, Cemig, Enel, SSE, ČEZ, Veolia, Ørsted, EnBW, Hydro One, Fortum, Snam, EDP, NRG Energy, Terna, Evergy, Alliant Energy, Brookfield Infrastructure, Talen Energy, Emera, Elia Group, EDP Renováveis, Origin Energy, Severn Trent, Pinnacle West, Acciona, Essential Utilities, AES, APA Group, OGE Energy, Italgas, Canadian Utilities, PGE, Centrica, UGI, A2A, IDACORP, Acciona Energía, National Fuel Gas, BKW, Capital Power, Southwest Gas, ATCO, Clearway Energy, Enel Chile, Black Hills, Hera, EVN, Ormat Technologies, New Jersey Resources, Portland General Electric, Spire, Enagás, ONE Gas, NorthWestern Energy, Pampa Energía, TransAlta, Northland Power, Algonquin Power, Rubis, AGL Energy, Otter Tail, Aris Water, ERG, China Yangtze Power, Adani Power, Dubai Electricity and Water Authority, AXIA Energia, CGN Power, ACWA Power, NTPC, Huaneng Lancang River Hydropower, China National Nuclear Power, Gulf Development, VERBUND, Huadian New Energy Group, CLP Holdings, Power Grid Corporation of India, China Resources New Energy Holdings, CK Infrastructure Holdings, Adani Green Energy, Uniper, The Kansai Electric Power, SDIC Power Holdings, Barito Renewables Energy, The Hong Kong and China Gas, Power Assets Holdings, Saudi Energy, Adani Energy Solutions, Huaneng Power International, United Utilities Group, Public Power, China Three Gorges Renewables (Group), Osaka Gas, SPIC Industry-Finance Holdings, GD Power Development, Tokyo Gas, China Longyuan Power Group, Chubu Electric Power, Sichuan Chuantou Energy, Equatorial, China Resources Power Holdings, Eneva, The Tata Power, CPFL Energia, Datang International Power Generation, Guangxi Guiguan Electric Power, Zhejiang Zheneng Electric Power, TXNM Energy, Oklo, ACEA, SOLV Energy, TAURON Polska Energia, MDU Resources Group, Iren, American States Water, Chesapeake Utilities, Avista, California Water Service Group, ENEA, MGE Energy, REN - Redes Energéticas Nacionais, ReNew Energy Global, H2O America, Fervo Energy, Northwest Natural Holding, Solaria Energía y Medio Ambiente, Centuri Holdings, Admie Holding, Athens Water Supply and Sewerage, Romande Energie Holding, Hawaiian Electric Industries, Scatec, Électricite de Strasbourg, EnergyVision, Suburban Propane Partners, naturenergie holding, Middlesex Water, Superior Plus, Polenergia, Cox Infrastructure Group, Fluence Energy, Unitil, GAIL (India), Copel, Siemens Energy India, Enel Américas, Enlight Renewable Energy, OPC Energy, ENN Natural Gas, Engie Brasil Energia, JSW Energy, Huadian Power International, Meridian Energy, Sembcorp Industries, Manila Electric, NHPC, NTPC Green Energy, Guangdong Investment, HK Electric Investments, ENN Energy Holdings, SPIC Hydropower, Shenergy, Torrent Power

Limits of the EllTec Analysis Score

Figures look back and estimates can be wrong: the EllTec Analysis Score uses the last four quarters and analyst consensus. One-off effects (write-downs, sale gains) and cyclical peaks or troughs can distort single figures; ranks and the cyclicality guard dampen that, but do not remove it.
Not captured: competitive advantages, management quality, product cycles, regulation or the value of individual business units. That is what the Fundamentals part of each analysis is for.
Special cases: companies in a build-up phase with little revenue, holding companies (for example Strategy with its Bitcoin), banks, manufacturers with a large financing arm. A note appears directly at the EllTec Analysis Score when this applies.
Relative, not absolute: the EllTec Analysis Score compares with leading companies worldwide. If the whole market is expensive, a stock with an EllTec Analysis Score of 0 can still be expensive in absolute terms.
No timing signal: in the short term prices often move independently of valuation. EllTec Analysis therefore combines the EllTec Analysis Score with the technical analysis (Elliott Waves): the fundamentals say what, the chart says when.

The EllTec Analysis Score is a purely quantitative, automatically calculated assessment based on published figures and third-party estimates. It is not investment advice and no recommendation to buy or sell; figures can be incomplete or wrong. Disclaimer