# Security & Protection Services — company-by-company sector analysis

> Security & Protection Services: ADT Inc. owns the largest revenue base; Evolv Technologies Holdings, Inc. has the fastest current growth.

Sector Alpha — machine-written from the numbers. Data as of 2026-07-28. Not investment advice.

## Bottom line

Security & Protection Services has outperformed S&P 500 by 7.5% over 52 weeks and 1.5% over 13 weeks. 5 of 14 covered companies beat the S&P 500 on Mansfield relative strength, while 5 of 14 beat the sector itself. ADT Inc. leads with revenue of $10,279 million, based on 12 of 14 comparable companies through Mar 2026.

### Is the Security & Protection Services sector outperforming S&P 500?

Security & Protection Services has outperformed S&P 500 by 7.5% over 52 weeks and 1.5% over 13 weeks. 5 of 14 covered companies beat the S&P 500 on Mansfield relative strength, while 5 of 14 beat the sector itself.

### Which Security & Protection Services company is largest by revenue?

ADT Inc. leads with revenue of $10,279 million, based on 12 of 14 comparable companies through Mar 2026.

### Which Security & Protection Services company is growing fastest?

Evolv Technologies Holdings, Inc. has the fastest current revenue growth at 42.5%, across 12 of 14 comparable companies.

### Which Security & Protection Services company has the strongest 4-Factor Sector Score?

The GEO Group, Inc. ranks first at 73.1/100 with 82% evidence confidence. The score prioritizes research; it is not a buy recommendation.

### Which Security & Protection Services company reports the most CAPEX?

ADT Inc. reports the largest latest CAPEX at $140 million, with 14 of 14 companies comparable.

### Which Security & Protection Services company has the least gross debt?

CompX International Inc. has the lowest comparable gross debt at $1 million. ADT Inc. has the highest at $7,669 million.

### Which Security & Protection Services company has the lowest comparable PEG?

The GEO Group, Inc. has the lowest comparable Guarded PEG at 0.4, among 9 of 14 companies that pass the metric’s comparability rules.

### How much history does this Security & Protection Services comparison include?

The page compares up to 20 reported quarters per company for fundamentals, CAPEX, debt and valuation, ending Jun 2026. Missing observations remain blank rather than being estimated.

### How is the 4-Factor Sector Score calculated?

The four visible contributions add directly: growth and earnings up to 35 points, capital efficiency up to 25, valuation up to 20, and relative strength up to 20. Missing or stale evidence moves only the affected contribution toward neutral.

## Sector relative strength

Security & Protection Services has outperformed S&P 500 by 7.5% over the last 52 weeks. Over 13 weeks the gap is a lead of 1.5%. 5 of 14 covered companies currently beat the S&P 500 on Mansfield relative strength, so leadership inside the sector is selective. The GEO Group, Inc. is the strongest against the sector itself at +40.7%.

13-week sector return versus NIFTY 500: 1.5%
52-week sector return versus NIFTY 500: 7.5%
Stocks leading NIFTY: 5/14
Stocks leading sector: 5/14

Central tension: The central tension: the companies with the most scale are not necessarily the companies creating the most change.

Companies: 14
Combined market value: ₹46.2K Cr

## 4-Factor Sector Score

An additive sector-relative research score. The four displayed point contributions always equal the total: Growth & earnings (35), Capital efficiency (25), Valuation (20), and Relative strength (20). Missing or stale evidence is absorbed inside the affected factor, never applied as a hidden adjustment.

1. The GEO Group, Inc. (GEO): 73/100 — Favorable setup; evidence 82%
   - Growth & earnings 25.9/35 | Capital efficiency 11.0/25 | Valuation 16.2/20 | Relative strength 20.0/20
   - Exact sum: 25.9 + 11 + 16.2 + 20 = 73.1
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
2. CoreCivic, Inc. (CXW): 71/100 — Favorable setup; evidence 82%
   - Growth & earnings 25.7/35 | Capital efficiency 11.6/25 | Valuation 14.7/20 | Relative strength 18.7/20
   - Exact sum: 25.7 + 11.6 + 14.7 + 18.7 = 70.7
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
3. CompX International Inc. (CIX): 68/100 — Favorable setup; evidence 76%
   - Growth & earnings 23.0/35 | Capital efficiency 17.5/25 | Valuation 12.3/20 | Relative strength 14.9/20
   - Exact sum: 23 + 17.5 + 12.3 + 14.9 = 67.7
   - Decision use: Confirmed research leader: earnings, capital efficiency and relative strength agree. Move to management, catalyst and risk diligence.
4. Brady Corporation (BRC): 57/100 — Mixed-positive evidence; evidence 86%
   - Growth & earnings 15.7/35 | Capital efficiency 17.0/25 | Valuation 7.6/20 | Relative strength 16.7/20
   - Exact sum: 15.7 + 17 + 7.6 + 16.7 = 57
   - Decision use: Price leads the evidence: RS versus the benchmark is 10.3%, but earnings trajectory is weak. Wait for revenue and profit confirmation.
5. Mistras Group, Inc. (MG): 54/100 — Mixed-positive evidence; evidence 69%
   - Growth & earnings 18.9/35 | Capital efficiency 8.2/25 | Valuation 13.8/20 | Relative strength 13.2/20
   - Exact sum: 18.9 + 8.2 + 13.8 + 13.2 = 54.1
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
6. Allegion plc (ALLE): 51/100 — Thin evidence · provisional; evidence 59%
   - Growth & earnings 16.1/35 | Capital efficiency 15.8/25 | Valuation 10.1/20 | Relative strength 9.0/20
   - Exact sum: 16.1 + 15.8 + 10.1 + 9 = 51
   - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.
7. Evolv Technologies Holdings, Inc. (EVLV): 46/100 — Thin evidence · provisional; evidence 56%
   - Growth & earnings 25.3/35 | Capital efficiency 7.3/25 | Valuation 10.0/20 | Relative strength 3.7/20
   - Exact sum: 25.3 + 7.3 + 10 + 3.7 = 46.3
   - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.
8. MSA Safety Incorporated (MSA): 44/100 — Mixed-negative evidence; evidence 82%
   - Growth & earnings 14.0/35 | Capital efficiency 14.9/25 | Valuation 4.9/20 | Relative strength 9.8/20
   - Exact sum: 14 + 14.9 + 4.9 + 9.8 = 43.6
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
9. Bridger Aerospace Group Holdings, Inc. (BAER): 43/100 — Thin evidence · provisional; evidence 56%
   - Growth & earnings 17.4/35 | Capital efficiency 9.7/25 | Valuation 10.0/20 | Relative strength 5.8/20
   - Exact sum: 17.4 + 9.7 + 10 + 5.8 = 42.9
   - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.
10. NLI Holdings, Inc. (NL): 41/100 — Mixed-negative evidence; evidence 66%
   - Growth & earnings 14.2/35 | Capital efficiency 11.4/25 | Valuation 8.8/20 | Relative strength 6.5/20
   - Exact sum: 14.2 + 11.4 + 8.8 + 6.5 = 40.9
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
11. The Brink's Company (BCO): 38/100 — Mixed-negative evidence; evidence 82%
   - Growth & earnings 13.3/35 | Capital efficiency 7.6/25 | Valuation 9.1/20 | Relative strength 8.1/20
   - Exact sum: 13.3 + 7.6 + 9.1 + 8.1 = 38.1
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
12. ADT Inc. (ADT): 38/100 — Mixed-negative evidence; evidence 82%
   - Growth & earnings 11.7/35 | Capital efficiency 8.3/25 | Valuation 14.5/20 | Relative strength 3.4/20
   - Exact sum: 11.7 + 8.3 + 14.5 + 3.4 = 37.9
   - Decision use: Cheap but unconfirmed: require improving earnings before treating the valuation as an opportunity.
13. Napco Security Technologies, Inc. (NSSC): 30/100 — Adverse evidence; evidence 76%
   - Growth & earnings 9.1/35 | Capital efficiency 10.7/25 | Valuation 5.5/20 | Relative strength 4.4/20
   - Exact sum: 9.1 + 10.7 + 5.5 + 4.4 = 29.7
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
14. Concorde International Group Ltd. (YOOV): 39/100 — Thin evidence · provisional; evidence 29%
   - Growth & earnings 15.9/35 | Capital efficiency 8.2/25 | Valuation 11.5/20 | Relative strength 3.0/20
   - Exact sum: 15.9 + 8.2 + 11.5 + 3 = 38.6
   - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.

## Revenue Scale & Growth Durability

What the numbers say: ADT Inc. is the scale leader at $10,279 million, 90.7% ahead of The Brink's Company. Evolv Technologies Holdings, Inc.'s growth is 42.5% from a $161 million base, with 19 reported observations in the 20-quarter window. Treat the growth leader as an acceleration candidate, not as equally proven scale.

Investor read: ADT Inc. is the scale benchmark; Evolv Technologies Holdings, Inc. is the acceleration watch. Promote the challenger only if growth persists and converts into margin and returns.

This conclusion weakens if: ADT Inc.'s growth falls below Evolv Technologies Holdings, Inc.'s for two consecutive comparable reports while operating margin also compresses.

Evidence: ADT Inc. · $10,279 million | 90.7% versus #2 · The Brink's Company | 8/8 recent comparable periods | 12/14 companies · 253 observations

Definition: Revenue is compared on a common reported-currency basis. Growth is year-on-year, so seasonality does not masquerade as progress.

### Revenue — largest
1. ADT Inc. (ADT): ₹10.3K Cr
2. The Brink's Company (BCO): ₹5.4K Cr
3. The GEO Group, Inc. (GEO): ₹2.7K Cr
4. CoreCivic, Inc. (CXW): ₹2.3K Cr
5. MSA Safety Incorporated (MSA): ₹1.9K Cr

### Revenue growth — fastest growers
1. Evolv Technologies Holdings, Inc. (EVLV): 43%
2. CoreCivic, Inc. (CXW): 20%
3. The GEO Group, Inc. (GEO): 13%
4. Brady Corporation (BRC): 11%
5. Napco Security Technologies, Inc. (NSSC): 8.8%

### 20-quarter Revenue history
- ALLE: Sep 2021 ₹717 Cr | Dec 2021 ₹709 Cr | Mar 2022 ₹724 Cr | Jun 2022 ₹773 Cr | Sep 2022 ₹914 Cr | Dec 2022 ₹862 Cr | Mar 2023 ₹923 Cr | Jun 2023 ₹913 Cr | Sep 2023 ₹918 Cr | Dec 2023 ₹897 Cr | Mar 2024 ₹894 Cr | Jun 2024 ₹966 Cr | Sep 2024 ₹967 Cr | Dec 2024 ₹946 Cr | Mar 2025 ₹942 Cr | Jun 2025 ₹1.0K Cr | Sep 2025 ₹1.1K Cr | Dec 2025 ₹1.0K Cr | Mar 2026 ₹1.0K Cr | Jun 2026 —
- MSA: Sep 2021 ₹340 Cr | Dec 2021 ₹410 Cr | Mar 2022 ₹331 Cr | Jun 2022 ₹372 Cr | Sep 2022 ₹382 Cr | Dec 2022 ₹443 Cr | Mar 2023 ₹398 Cr | Jun 2023 ₹447 Cr | Sep 2023 ₹447 Cr | Dec 2023 ₹495 Cr | Mar 2024 ₹413 Cr | Jun 2024 ₹462 Cr | Sep 2024 ₹433 Cr | Dec 2024 ₹500 Cr | Mar 2025 ₹421 Cr | Jun 2025 ₹474 Cr | Sep 2025 ₹468 Cr | Dec 2025 ₹511 Cr | Mar 2026 ₹464 Cr | Jun 2026 —
- ADT: Sep 2021 ₹2.6K Cr | Dec 2021 ₹1.1K Cr | Mar 2022 ₹3.1K Cr | Jun 2022 ₹3.2K Cr | Sep 2022 ₹2.6K Cr | Dec 2022 ₹1.0K Cr | Mar 2023 ₹2.6K Cr | Jun 2023 ₹2.3K Cr | Sep 2023 ₹2.4K Cr | Dec 2023 ₹2.3K Cr | Mar 2024 ₹2.4K Cr | Jun 2024 ₹2.4K Cr | Sep 2024 ₹2.5K Cr | Dec 2024 ₹2.5K Cr | Mar 2025 ₹2.5K Cr | Jun 2025 ₹2.6K Cr | Sep 2025 ₹2.6K Cr | Dec 2025 ₹2.6K Cr | Mar 2026 ₹2.6K Cr | Jun 2026 —
- BCO: Sep 2021 ₹1.1K Cr | Dec 2021 ₹1.1K Cr | Mar 2022 ₹1.1K Cr | Jun 2022 ₹1.1K Cr | Sep 2022 ₹1.1K Cr | Dec 2022 ₹1.2K Cr | Mar 2023 ₹1.2K Cr | Jun 2023 ₹1.2K Cr | Sep 2023 ₹1.2K Cr | Dec 2023 ₹1.2K Cr | Mar 2024 ₹1.2K Cr | Jun 2024 ₹1.3K Cr | Sep 2024 ₹1.3K Cr | Dec 2024 ₹1.3K Cr | Mar 2025 ₹1.2K Cr | Jun 2025 ₹1.3K Cr | Sep 2025 ₹1.3K Cr | Dec 2025 ₹1.4K Cr | Mar 2026 ₹1.4K Cr | Jun 2026 —
- BRC: Sep 2021 ₹306 Cr | Dec 2021 ₹321 Cr | Mar 2022 ₹318 Cr | Jun 2022 ₹339 Cr | Sep 2022 ₹324 Cr | Dec 2022 ₹323 Cr | Mar 2023 ₹326 Cr | Jun 2023 ₹337 Cr | Sep 2023 ₹346 Cr | Dec 2023 ₹332 Cr | Mar 2024 ₹323 Cr | Jun 2024 ₹343 Cr | Sep 2024 ₹343 Cr | Dec 2024 ₹377 Cr | Mar 2025 ₹357 Cr | Jun 2025 ₹383 Cr | Sep 2025 ₹397 Cr | Dec 2025 ₹405 Cr | Mar 2026 ₹384 Cr | Jun 2026 ₹435 Cr
- GEO: Sep 2021 ₹557 Cr | Dec 2021 ₹558 Cr | Mar 2022 ₹551 Cr | Jun 2022 ₹588 Cr | Sep 2022 ₹617 Cr | Dec 2022 ₹621 Cr | Mar 2023 ₹608 Cr | Jun 2023 ₹594 Cr | Sep 2023 ₹603 Cr | Dec 2023 ₹608 Cr | Mar 2024 ₹606 Cr | Jun 2024 ₹607 Cr | Sep 2024 ₹603 Cr | Dec 2024 ₹608 Cr | Mar 2025 ₹605 Cr | Jun 2025 ₹636 Cr | Sep 2025 ₹682 Cr | Dec 2025 ₹708 Cr | Mar 2026 ₹705 Cr | Jun 2026 —
- CXW: Sep 2021 ₹471 Cr | Dec 2021 ₹472 Cr | Mar 2022 ₹453 Cr | Jun 2022 ₹457 Cr | Sep 2022 ₹464 Cr | Dec 2022 ₹471 Cr | Mar 2023 ₹458 Cr | Jun 2023 ₹464 Cr | Sep 2023 ₹484 Cr | Dec 2023 ₹491 Cr | Mar 2024 ₹501 Cr | Jun 2024 ₹490 Cr | Sep 2024 ₹492 Cr | Dec 2024 ₹479 Cr | Mar 2025 ₹489 Cr | Jun 2025 ₹538 Cr | Sep 2025 ₹580 Cr | Dec 2025 ₹604 Cr | Mar 2026 ₹615 Cr | Jun 2026 —
- NSSC: Sep 2021 ₹31 Cr | Dec 2021 ₹33 Cr | Mar 2022 ₹36 Cr | Jun 2022 ₹43 Cr | Sep 2022 ₹39 Cr | Dec 2022 ₹42 Cr | Mar 2023 ₹44 Cr | Jun 2023 ₹45 Cr | Sep 2023 ₹42 Cr | Dec 2023 ₹48 Cr | Mar 2024 ₹49 Cr | Jun 2024 ₹50 Cr | Sep 2024 ₹44 Cr | Dec 2024 ₹43 Cr | Mar 2025 ₹44 Cr | Jun 2025 ₹51 Cr | Sep 2025 ₹49 Cr | Dec 2025 ₹48 Cr | Mar 2026 ₹49 Cr | Jun 2026 —
- EVLV: Sep 2021 ₹8 Cr | Dec 2021 ₹7 Cr | Mar 2022 ₹9 Cr | Jun 2022 ₹9 Cr | Sep 2022 ₹17 Cr | Dec 2022 ₹21 Cr | Mar 2023 ₹19 Cr | Jun 2023 ₹20 Cr | Sep 2023 ₹20 Cr | Dec 2023 ₹21 Cr | Mar 2024 ₹22 Cr | Jun 2024 ₹25 Cr | Sep 2024 ₹27 Cr | Dec 2024 ₹29 Cr | Mar 2025 ₹32 Cr | Jun 2025 ₹33 Cr | Sep 2025 ₹43 Cr | Dec 2025 ₹39 Cr | Mar 2026 ₹46 Cr | Jun 2026 —
- MG: Sep 2021 ₹175 Cr | Dec 2021 ₹171 Cr | Mar 2022 ₹162 Cr | Jun 2022 ₹179 Cr | Sep 2022 ₹178 Cr | Dec 2022 ₹168 Cr | Mar 2023 ₹168 Cr | Jun 2023 ₹176 Cr | Sep 2023 ₹179 Cr | Dec 2023 ₹182 Cr | Mar 2024 ₹184 Cr | Jun 2024 ₹190 Cr | Sep 2024 ₹183 Cr | Dec 2024 ₹173 Cr | Mar 2025 ₹162 Cr | Jun 2025 ₹185 Cr | Sep 2025 ₹196 Cr | Dec 2025 ₹181 Cr | Mar 2026 ₹169 Cr | Jun 2026 —
- CIX: Sep 2021 ₹35 Cr | Dec 2021 ₹34 Cr | Mar 2022 ₹42 Cr | Jun 2022 ₹42 Cr | Sep 2022 ₹43 Cr | Dec 2022 ₹40 Cr | Mar 2023 ₹41 Cr | Jun 2023 ₹37 Cr | Sep 2023 ₹40 Cr | Dec 2023 ₹43 Cr | Mar 2024 ₹38 Cr | Jun 2024 ₹36 Cr | Sep 2024 ₹34 Cr | Dec 2024 ₹38 Cr | Mar 2025 ₹40 Cr | Jun 2025 ₹40 Cr | Sep 2025 ₹40 Cr | Dec 2025 ₹38 Cr | Mar 2026 ₹41 Cr | Jun 2026 —
- NL: Sep 2021 ₹35 Cr | Dec 2021 ₹34 Cr | Mar 2022 ₹42 Cr | Jun 2022 ₹42 Cr | Sep 2022 ₹43 Cr | Dec 2022 ₹40 Cr | Mar 2023 ₹41 Cr | Jun 2023 ₹37 Cr | Sep 2023 ₹40 Cr | Dec 2023 ₹43 Cr | Mar 2024 ₹38 Cr | Jun 2024 ₹36 Cr | Sep 2024 ₹34 Cr | Dec 2024 ₹38 Cr | Mar 2025 ₹40 Cr | Jun 2025 ₹40 Cr | Sep 2025 ₹40 Cr | Dec 2025 ₹38 Cr | Mar 2026 ₹41 Cr | Jun 2026 —
- BAER: Sep 2021 — | Dec 2021 ₹1 Cr | Mar 2022 ₹69 Cr | Jun 2022 ₹13 Cr | Sep 2022 ₹32 Cr | Dec 2022 ₹1 Cr | Mar 2023 ₹0 Cr | Jun 2023 ₹12 Cr | Sep 2023 ₹54 Cr | Dec 2023 ₹1 Cr | Mar 2024 ₹6 Cr | Jun 2024 ₹13 Cr | Sep 2024 ₹65 Cr | Dec 2024 ₹16 Cr | Mar 2025 ₹16 Cr | Jun 2025 ₹31 Cr | Sep 2025 ₹68 Cr | Dec 2025 ₹9 Cr | Mar 2026 ₹9 Cr | Jun 2026 —
- YOOV: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 ₹6 Cr | Sep 2023 — | Dec 2023 ₹5 Cr | Mar 2024 — | Jun 2024 ₹5 Cr | Sep 2024 — | Dec 2024 ₹5 Cr | Mar 2025 — | Jun 2025 ₹6 Cr | Sep 2025 — | Dec 2025 ₹6 Cr | Mar 2026 — | Jun 2026 —

### 20-quarter Revenue growth history
- ALLE: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 3.5% | Sep 2022 27% | Dec 2022 22% | Mar 2023 27% | Jun 2023 18% | Sep 2023 0.4% | Dec 2023 4.1% | Mar 2024 -3.1% | Jun 2024 5.8% | Sep 2024 5.3% | Dec 2024 5.5% | Mar 2025 5.4% | Jun 2025 5.8% | Sep 2025 11% | Dec 2025 9.2% | Mar 2026 9.8% | Jun 2026 —
- MSA: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 9.1% | Sep 2022 12% | Dec 2022 8.1% | Mar 2023 20% | Jun 2023 20% | Sep 2023 17% | Dec 2023 12% | Mar 2024 3.8% | Jun 2024 3.4% | Sep 2024 -3.1% | Dec 2024 1.0% | Mar 2025 1.9% | Jun 2025 2.6% | Sep 2025 8.1% | Dec 2025 2.2% | Mar 2026 10% | Jun 2026 —
- ADT: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 23% | Sep 2022 -2.1% | Dec 2022 -7.2% | Mar 2023 -17% | Jun 2023 -27% | Sep 2023 -8.5% | Dec 2023 129% | Mar 2024 -6.9% | Jun 2024 3.1% | Sep 2024 5.4% | Dec 2024 7.5% | Mar 2025 6.6% | Jun 2025 6.9% | Sep 2025 4.3% | Dec 2025 1.2% | Mar 2026 0.9% | Jun 2026 —
- BCO: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 8.1% | Sep 2022 5.7% | Dec 2022 8.5% | Mar 2023 10% | Jun 2023 7.2% | Sep 2023 7.9% | Dec 2023 4.6% | Mar 2024 4.3% | Jun 2024 3.0% | Sep 2024 2.6% | Dec 2024 1.4% | Mar 2025 0.9% | Jun 2025 3.8% | Sep 2025 6.0% | Dec 2025 9.1% | Mar 2026 10% | Jun 2026 —
- BRC: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 5.9% | Dec 2022 0.6% | Mar 2023 2.5% | Jun 2023 -0.6% | Sep 2023 6.8% | Dec 2023 2.8% | Mar 2024 -0.9% | Jun 2024 1.8% | Sep 2024 -0.9% | Dec 2024 14% | Mar 2025 11% | Jun 2025 12% | Sep 2025 16% | Dec 2025 7.4% | Mar 2026 7.6% | Jun 2026 14%
- GEO: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 4.1% | Sep 2022 11% | Dec 2022 11% | Mar 2023 10% | Jun 2023 1.0% | Sep 2023 -2.3% | Dec 2023 -2.1% | Mar 2024 -0.3% | Jun 2024 2.2% | Sep 2024 0.0% | Dec 2024 0.0% | Mar 2025 -0.2% | Jun 2025 4.8% | Sep 2025 13% | Dec 2025 16% | Mar 2026 17% | Jun 2026 —
- CXW: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -1.7% | Sep 2022 -1.5% | Dec 2022 -0.2% | Mar 2023 1.1% | Jun 2023 1.5% | Sep 2023 4.3% | Dec 2023 4.3% | Mar 2024 9.4% | Jun 2024 5.6% | Sep 2024 1.7% | Dec 2024 -2.4% | Mar 2025 -2.4% | Jun 2025 9.8% | Sep 2025 18% | Dec 2025 26% | Mar 2026 26% | Jun 2026 —
- NSSC: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 23% | Sep 2022 26% | Dec 2022 27% | Mar 2023 22% | Jun 2023 4.7% | Sep 2023 7.7% | Dec 2023 14% | Mar 2024 11% | Jun 2024 11% | Sep 2024 4.8% | Dec 2024 -10% | Mar 2025 -10% | Jun 2025 2.0% | Sep 2025 11% | Dec 2025 12% | Mar 2026 11% | Jun 2026 —
- EVLV: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 80% | Sep 2022 113% | Dec 2022 200% | Mar 2023 111% | Jun 2023 122% | Sep 2023 18% | Dec 2023 0.0% | Mar 2024 16% | Jun 2024 25% | Sep 2024 35% | Dec 2024 38% | Mar 2025 45% | Jun 2025 32% | Sep 2025 59% | Dec 2025 34% | Mar 2026 44% | Jun 2026 —
- MG: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 0.6% | Sep 2022 1.7% | Dec 2022 -1.8% | Mar 2023 3.7% | Jun 2023 -1.7% | Sep 2023 0.6% | Dec 2023 8.3% | Mar 2024 9.5% | Jun 2024 8.0% | Sep 2024 2.2% | Dec 2024 -5.0% | Mar 2025 -12% | Jun 2025 -2.6% | Sep 2025 7.1% | Dec 2025 4.6% | Mar 2026 4.3% | Jun 2026 —
- CIX: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 17% | Sep 2022 23% | Dec 2022 18% | Mar 2023 -2.4% | Jun 2023 -12% | Sep 2023 -7.0% | Dec 2023 7.5% | Mar 2024 -7.3% | Jun 2024 -2.7% | Sep 2024 -15% | Dec 2024 -12% | Mar 2025 5.3% | Jun 2025 11% | Sep 2025 18% | Dec 2025 0.0% | Mar 2026 2.5% | Jun 2026 —
- NL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 17% | Sep 2022 23% | Dec 2022 18% | Mar 2023 -2.4% | Jun 2023 -12% | Sep 2023 -7.0% | Dec 2023 7.5% | Mar 2024 -7.3% | Jun 2024 -2.7% | Sep 2024 -15% | Dec 2024 -12% | Mar 2025 5.3% | Jun 2025 11% | Sep 2025 18% | Dec 2025 0.0% | Mar 2026 2.5% | Jun 2026 —
- BAER: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 0.0% | Mar 2023 -100% | Jun 2023 -7.7% | Sep 2023 69% | Dec 2023 0.0% | Mar 2024 — | Jun 2024 8.3% | Sep 2024 20% | Dec 2024 1,500% | Mar 2025 167% | Jun 2025 138% | Sep 2025 4.6% | Dec 2025 -44% | Mar 2026 -44% | Jun 2026 —
- YOOV: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 -17% | Sep 2024 — | Dec 2024 0.0% | Mar 2025 — | Jun 2025 20% | Sep 2025 — | Dec 2025 20% | Mar 2026 — | Jun 2026 —

## Operating Economics & Margin Trend

What the numbers say: Bridger Aerospace Group Holdings, Inc. leads both opm at 96.3% and margin change at +51.4 percentage points.

Investor read: Bridger Aerospace Group Holdings, Inc. sets the level benchmark; use the change leader as an inflection watch only after another comparable report confirms it.

This conclusion weakens if: The next two comparable reports reverse the current margin change signal.

Evidence: Bridger Aerospace Group Holdings, Inc. · 96.3% | 379.1% versus #2 · MSA Safety Incorporated | 7/8 recent comparable periods | 13/14 companies · 245 observations

Definition: Operating margin compares operating profit with revenue. Improvement is measured in percentage points, not percentage growth.

### OPM — highest
1. Bridger Aerospace Group Holdings, Inc. (BAER): 96%
2. MSA Safety Incorporated (MSA): 20%
3. Allegion plc (ALLE): 19%
4. CompX International Inc. (CIX): 17%
5. Brady Corporation (BRC): 17%

### Margin change — fastest expanders
1. Bridger Aerospace Group Holdings, Inc. (BAER): +51.4 pp
2. Evolv Technologies Holdings, Inc. (EVLV): +26.7 pp
3. Mistras Group, Inc. (MG): +3.4 pp
4. CompX International Inc. (CIX): +2.8 pp
5. The GEO Group, Inc. (GEO): +2.6 pp

### 20-quarter OPM history
- ALLE: Sep 2021 19% | Dec 2021 16% | Mar 2022 16% | Jun 2022 19% | Sep 2022 18% | Dec 2022 19% | Mar 2023 19% | Jun 2023 20% | Sep 2023 21% | Dec 2023 18% | Mar 2024 19% | Jun 2024 22% | Sep 2024 22% | Dec 2024 20% | Mar 2025 21% | Jun 2025 22% | Sep 2025 22% | Dec 2025 20% | Mar 2026 19% | Jun 2026 —
- MSA: Sep 2021 9.5% | Dec 2021 -22% | Mar 2022 13% | Jun 2022 17% | Sep 2022 17% | Dec 2022 16% | Mar 2023 -15% | Jun 2023 21% | Sep 2023 21% | Dec 2023 21% | Mar 2024 19% | Jun 2024 22% | Sep 2024 21% | Dec 2024 24% | Mar 2025 19% | Jun 2025 18% | Sep 2025 20% | Dec 2025 22% | Mar 2026 20% | Jun 2026 —
- ADT: Sep 2021 0.9% | Dec 2021 0.9% | Mar 2022 2.5% | Jun 2022 6.6% | Sep 2022 0.1% | Dec 2022 44% | Mar 2023 -1.0% | Jun 2023 14% | Sep 2023 13% | Dec 2023 13% | Mar 2024 12% | Jun 2024 12% | Sep 2024 13% | Dec 2024 12% | Mar 2025 13% | Jun 2025 13% | Sep 2025 12% | Dec 2025 13% | Mar 2026 13% | Jun 2026 —
- BCO: Sep 2021 6.9% | Dec 2021 13% | Mar 2022 5.8% | Jun 2022 8.5% | Sep 2022 5.2% | Dec 2022 12% | Mar 2023 6.7% | Jun 2023 8.7% | Sep 2023 11% | Dec 2023 8.2% | Mar 2024 9.8% | Jun 2024 9.3% | Sep 2024 8.9% | Dec 2024 8.3% | Mar 2025 9.6% | Jun 2025 10% | Sep 2025 11% | Dec 2025 13% | Mar 2026 8.0% | Jun 2026 —
- BRC: Sep 2021 13% | Dec 2021 14% | Mar 2022 14% | Jun 2022 16% | Sep 2022 16% | Dec 2022 16% | Mar 2023 15% | Jun 2023 19% | Sep 2023 18% | Dec 2023 18% | Mar 2024 17% | Jun 2024 19% | Sep 2024 19% | Dec 2024 16% | Mar 2025 14% | Jun 2025 18% | Sep 2025 15% | Dec 2025 17% | Mar 2026 16% | Jun 2026 17%
- GEO: Sep 2021 13% | Dec 2021 14% | Mar 2022 15% | Jun 2022 16% | Sep 2022 16% | Dec 2022 18% | Mar 2023 15% | Jun 2023 16% | Sep 2023 14% | Dec 2023 14% | Mar 2024 13% | Jun 2024 13% | Sep 2024 14% | Dec 2024 11% | Mar 2025 10% | Jun 2025 11% | Sep 2025 6.0% | Dec 2025 12% | Mar 2026 13% | Jun 2026 —
- CXW: Sep 2021 13% | Dec 2021 14% | Mar 2022 10% | Jun 2022 9.2% | Sep 2022 6.5% | Dec 2022 11% | Mar 2023 8.7% | Jun 2023 8.1% | Sep 2023 7.7% | Dec 2023 11% | Mar 2024 11% | Jun 2024 9.9% | Sep 2024 9.0% | Dec 2024 8.0% | Mar 2025 9.7% | Jun 2025 12% | Sep 2025 8.7% | Dec 2025 9.2% | Mar 2026 11% | Jun 2026 —
- NSSC: Sep 2021 14% | Dec 2021 3.8% | Mar 2022 13% | Jun 2022 19% | Sep 2022 9.2% | Dec 2022 10% | Mar 2023 24% | Jun 2023 26% | Sep 2023 28% | Dec 2023 29% | Mar 2024 29% | Jun 2024 28% | Sep 2024 27% | Dec 2024 26% | Mar 2025 25% | Jun 2025 24% | Sep 2025 28% | Dec 2025 31% | Mar 2026 -2.4% | Jun 2026 —
- EVLV: Sep 2021 -230% | Dec 2021 -304% | Mar 2022 -274% | Jun 2022 -279% | Sep 2022 -161% | Dec 2022 -130% | Mar 2023 -121% | Jun 2023 -119% | Sep 2023 -106% | Dec 2023 -108% | Mar 2024 -99% | Jun 2024 -89% | Sep 2024 -70% | Dec 2024 -65% | Mar 2025 -45% | Jun 2025 -54% | Sep 2025 -20% | Dec 2025 -21% | Mar 2026 -18% | Jun 2026 —
- MG: Sep 2021 5.3% | Dec 2021 1.3% | Mar 2022 -2.9% | Jun 2022 5.3% | Sep 2022 5.5% | Dec 2022 3.0% | Mar 2023 -1.1% | Jun 2023 2.2% | Sep 2023 -2.6% | Dec 2023 0.4% | Mar 2024 3.0% | Jun 2024 6.3% | Sep 2024 6.5% | Dec 2024 6.1% | Mar 2025 -0.6% | Jun 2025 4.5% | Sep 2025 10% | Dec 2025 7.0% | Mar 2026 2.8% | Jun 2026 —
- CIX: Sep 2021 15% | Dec 2021 11% | Mar 2022 15% | Jun 2022 19% | Sep 2022 14% | Dec 2022 14% | Mar 2023 17% | Jun 2023 12% | Sep 2023 16% | Dec 2023 17% | Mar 2024 9.8% | Jun 2024 14% | Sep 2024 9.9% | Dec 2024 13% | Mar 2025 15% | Jun 2025 16% | Sep 2025 12% | Dec 2025 15% | Mar 2026 17% | Jun 2026 —
- NL: Sep 2021 6.6% | Dec 2021 4.0% | Mar 2022 9.2% | Jun 2022 10% | Sep 2022 7.5% | Dec 2022 6.1% | Mar 2023 10% | Jun 2023 3.9% | Sep 2023 9.1% | Dec 2023 11% | Mar 2024 3.6% | Jun 2024 2.2% | Sep 2024 6.0% | Dec 2024 88% | Mar 2025 7.8% | Jun 2025 6.9% | Sep 2025 4.6% | Dec 2025 7.6% | Mar 2026 10% | Jun 2026 —
- BAER: Sep 2021 — | Dec 2021 -556% | Mar 2022 -16% | Jun 2022 -19% | Sep 2022 5.5% | Dec 2022 -962% | Mar 2023 — | Jun 2023 -121% | Sep 2023 42% | Dec 2023 — | Mar 2024 -278% | Jun 2024 -37% | Sep 2024 51% | Dec 2024 -48% | Mar 2025 45% | Jun 2025 18% | Sep 2025 58% | Dec 2025 -222% | Mar 2026 96% | Jun 2026 —

### 20-quarter Margin change history
- ALLE: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 −0.5 pp | Sep 2022 −1.5 pp | Dec 2022 +2.3 pp | Mar 2023 +2.3 pp | Jun 2023 +1.2 pp | Sep 2023 +3.2 pp | Dec 2023 −0.7 pp | Mar 2024 +0.8 pp | Jun 2024 +1.4 pp | Sep 2024 +1.2 pp | Dec 2024 +1.7 pp | Mar 2025 +1.6 pp | Jun 2025 −0.1 pp | Sep 2025 −0.4 pp | Dec 2025 +0.8 pp | Mar 2026 −2.0 pp | Jun 2026 —
- MSA: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 +6.2 pp | Sep 2022 +7.3 pp | Dec 2022 +37.6 pp | Mar 2023 −28.0 pp | Jun 2023 +4.7 pp | Sep 2023 +4.3 pp | Dec 2023 +4.7 pp | Mar 2024 +34.5 pp | Jun 2024 +0.4 pp | Sep 2024 0.0 pp | Dec 2024 +2.9 pp | Mar 2025 −0.9 pp | Jun 2025 −3.5 pp | Sep 2025 −1.0 pp | Dec 2025 −1.2 pp | Mar 2026 +1.6 pp | Jun 2026 —
- ADT: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 +6.7 pp | Sep 2022 −0.8 pp | Dec 2022 +43.0 pp | Mar 2023 −3.5 pp | Jun 2023 +7.6 pp | Sep 2023 +12.9 pp | Dec 2023 −30.8 pp | Mar 2024 +13.3 pp | Jun 2024 −2.4 pp | Sep 2024 +0.1 pp | Dec 2024 −1.0 pp | Mar 2025 +0.3 pp | Jun 2025 +1.5 pp | Sep 2025 −1.0 pp | Dec 2025 +0.9 pp | Mar 2026 +0.1 pp | Jun 2026 —
- BCO: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 +1.5 pp | Sep 2022 −1.7 pp | Dec 2022 −1.2 pp | Mar 2023 +0.9 pp | Jun 2023 +0.2 pp | Sep 2023 +6.0 pp | Dec 2023 −3.8 pp | Mar 2024 +3.1 pp | Jun 2024 +0.6 pp | Sep 2024 −2.3 pp | Dec 2024 +0.1 pp | Mar 2025 −0.2 pp | Jun 2025 +1.0 pp | Sep 2025 +2.5 pp | Dec 2025 +4.8 pp | Mar 2026 −1.6 pp | Jun 2026 —
- BRC: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +3.0 pp | Dec 2022 +2.1 pp | Mar 2023 +1.5 pp | Jun 2023 +3.1 pp | Sep 2023 +1.6 pp | Dec 2023 +2.1 pp | Mar 2024 +1.7 pp | Jun 2024 −0.2 pp | Sep 2024 +1.4 pp | Dec 2024 −2.4 pp | Mar 2025 −2.3 pp | Jun 2025 −0.9 pp | Sep 2025 −4.4 pp | Dec 2025 +1.2 pp | Mar 2026 +1.8 pp | Jun 2026 −0.8 pp
- GEO: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 +3.4 pp | Sep 2022 +2.6 pp | Dec 2022 +4.0 pp | Mar 2023 +0.4 pp | Jun 2023 −0.6 pp | Sep 2023 −2.0 pp | Dec 2023 −3.8 pp | Mar 2024 −2.1 pp | Jun 2024 −2.4 pp | Sep 2024 −0.2 pp | Dec 2024 −2.6 pp | Mar 2025 −3.0 pp | Jun 2025 −1.9 pp | Sep 2025 −7.7 pp | Dec 2025 +0.6 pp | Mar 2026 +2.6 pp | Jun 2026 —
- CXW: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 −3.5 pp | Sep 2022 −6.1 pp | Dec 2022 −2.7 pp | Mar 2023 −1.3 pp | Jun 2023 −1.1 pp | Sep 2023 +1.2 pp | Dec 2023 −0.1 pp | Mar 2024 +2.2 pp | Jun 2024 +1.8 pp | Sep 2024 +1.3 pp | Dec 2024 −2.9 pp | Mar 2025 −1.2 pp | Jun 2025 +2.1 pp | Sep 2025 −0.3 pp | Dec 2025 +1.2 pp | Mar 2026 +1.7 pp | Jun 2026 —
- NSSC: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 +0.4 pp | Sep 2022 −4.3 pp | Dec 2022 +6.4 pp | Mar 2023 +11.4 pp | Jun 2023 +7.4 pp | Sep 2023 +18.5 pp | Dec 2023 +18.8 pp | Mar 2024 +5.2 pp | Jun 2024 +1.3 pp | Sep 2024 −0.8 pp | Dec 2024 −3.0 pp | Mar 2025 −4.0 pp | Jun 2025 −3.9 pp | Sep 2025 +0.8 pp | Dec 2025 +4.6 pp | Mar 2026 −27.8 pp | Jun 2026 —
- EVLV: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 −130.9 pp | Sep 2022 +68.9 pp | Dec 2022 +173.4 pp | Mar 2023 +153.0 pp | Jun 2023 +159.5 pp | Sep 2023 +54.7 pp | Dec 2023 +22.4 pp | Mar 2024 +22.2 pp | Jun 2024 +30.5 pp | Sep 2024 +36.2 pp | Dec 2024 +43.0 pp | Mar 2025 +53.8 pp | Jun 2025 +34.9 pp | Sep 2025 +49.9 pp | Dec 2025 +44.2 pp | Mar 2026 +26.7 pp | Jun 2026 —
- MG: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 −1.1 pp | Sep 2022 +0.2 pp | Dec 2022 +1.7 pp | Mar 2023 +1.8 pp | Jun 2023 −3.1 pp | Sep 2023 −8.1 pp | Dec 2023 −2.6 pp | Mar 2024 +4.1 pp | Jun 2024 +4.1 pp | Sep 2024 +9.1 pp | Dec 2024 +5.7 pp | Mar 2025 −3.6 pp | Jun 2025 −1.8 pp | Sep 2025 +3.9 pp | Dec 2025 +0.9 pp | Mar 2026 +3.4 pp | Jun 2026 —
- CIX: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 +2.7 pp | Sep 2022 −1.0 pp | Dec 2022 +2.5 pp | Mar 2023 +2.1 pp | Jun 2023 −6.7 pp | Sep 2023 +2.4 pp | Dec 2023 +3.6 pp | Mar 2024 −7.3 pp | Jun 2024 +2.3 pp | Sep 2024 −6.3 pp | Dec 2024 −4.6 pp | Mar 2025 +4.8 pp | Jun 2025 +1.5 pp | Sep 2025 +2.0 pp | Dec 2025 +2.3 pp | Mar 2026 +2.8 pp | Jun 2026 —
- NL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 +2.1 pp | Sep 2022 +0.9 pp | Dec 2022 +2.1 pp | Mar 2023 +1.0 pp | Jun 2023 −6.2 pp | Sep 2023 +1.6 pp | Dec 2023 +5.1 pp | Mar 2024 −6.6 pp | Jun 2024 −1.7 pp | Sep 2024 −3.1 pp | Dec 2024 +76.5 pp | Mar 2025 +4.2 pp | Jun 2025 +4.7 pp | Sep 2025 −1.4 pp | Dec 2025 −80.1 pp | Mar 2026 +2.3 pp | Jun 2026 —
- BAER: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 −405.8 pp | Mar 2023 −10,973.3 pp | Jun 2023 −102.4 pp | Sep 2023 +36.6 pp | Dec 2023 −1,374.4 pp | Mar 2024 +10,711.6 pp | Jun 2024 +84.7 pp | Sep 2024 +8.8 pp | Dec 2024 +2,288.2 pp | Mar 2025 +322.9 pp | Jun 2025 +54.5 pp | Sep 2025 +6.6 pp | Dec 2025 −174.4 pp | Mar 2026 +51.4 pp | Jun 2026 —

## Profit Scale & Acceleration

What the numbers say: ADT Inc. leads with $627 million of TTM profit, 115.5% above MSA Safety Incorporated. The GEO Group, Inc. shows ≥100% on the scoring scale (841.4% uncapped) growth from a $273 million profit base. Compare the size of the base and persistence before ranking acceleration above profit scale.

Investor read: ADT Inc. sets the level benchmark; use the change leader as an inflection watch only after another comparable report confirms it.

This conclusion weakens if: The next two comparable reports reverse the current profit growth signal.

Evidence: ADT Inc. · $627 million | 115.5% versus #2 · MSA Safety Incorporated | 5/8 recent comparable periods | 12/14 companies · 253 observations

Definition: Net profit is the residual after operating costs, interest and tax. Growth off a loss or near-zero base is excluded from the fastest-grower rank.

### Net profit — largest
1. ADT Inc. (ADT): ₹627 Cr
2. MSA Safety Incorporated (MSA): ₹291 Cr
3. The GEO Group, Inc. (GEO): ₹273 Cr
4. Brady Corporation (BRC): ₹210 Cr
5. The Brink's Company (BCO): ₹193 Cr

### Profit growth — fastest growers
1. The GEO Group, Inc. (GEO): 100%
2. CoreCivic, Inc. (CXW): 55%
3. CompX International Inc. (CIX): 11%
4. The Brink's Company (BCO): 9.7%
5. Brady Corporation (BRC): 8.3%

### 20-quarter Net profit history
- ALLE: Sep 2021 ₹144 Cr | Dec 2021 ₹113 Cr | Mar 2022 ₹93 Cr | Jun 2022 ₹115 Cr | Sep 2022 ₹115 Cr | Dec 2022 ₹135 Cr | Mar 2023 ₹124 Cr | Jun 2023 ₹142 Cr | Sep 2023 ₹156 Cr | Dec 2023 ₹119 Cr | Mar 2024 ₹124 Cr | Jun 2024 ₹155 Cr | Sep 2024 ₹174 Cr | Dec 2024 ₹144 Cr | Mar 2025 ₹148 Cr | Jun 2025 ₹160 Cr | Sep 2025 ₹188 Cr | Dec 2025 ₹148 Cr | Mar 2026 ₹138 Cr | Jun 2026 —
- MSA: Sep 2021 ₹21 Cr | Dec 2021 ₹-61 Cr | Mar 2022 ₹36 Cr | Jun 2022 ₹48 Cr | Sep 2022 ₹45 Cr | Dec 2022 ₹51 Cr | Mar 2023 ₹-150 Cr | Jun 2023 ₹67 Cr | Sep 2023 ₹65 Cr | Dec 2023 ₹76 Cr | Mar 2024 ₹58 Cr | Jun 2024 ₹72 Cr | Sep 2024 ₹67 Cr | Dec 2024 ₹88 Cr | Mar 2025 ₹60 Cr | Jun 2025 ₹63 Cr | Sep 2025 ₹70 Cr | Dec 2025 ₹87 Cr | Mar 2026 ₹71 Cr | Jun 2026 —
- ADT: Sep 2021 ₹-109 Cr | Dec 2021 ₹-56 Cr | Mar 2022 ₹52 Cr | Jun 2022 ₹92 Cr | Sep 2022 ₹-168 Cr | Dec 2022 ₹350 Cr | Mar 2023 ₹-124 Cr | Jun 2023 ₹182 Cr | Sep 2023 ₹126 Cr | Dec 2023 ₹93 Cr | Mar 2024 ₹164 Cr | Jun 2024 ₹126 Cr | Sep 2024 ₹132 Cr | Dec 2024 ₹202 Cr | Mar 2025 ₹142 Cr | Jun 2025 ₹168 Cr | Sep 2025 ₹144 Cr | Dec 2025 ₹146 Cr | Mar 2026 ₹169 Cr | Jun 2026 —
- BCO: Sep 2021 ₹23 Cr | Dec 2021 ₹50 Cr | Mar 2022 ₹74 Cr | Jun 2022 ₹38 Cr | Sep 2022 ₹23 Cr | Dec 2022 ₹50 Cr | Mar 2023 ₹18 Cr | Jun 2023 ₹35 Cr | Sep 2023 ₹50 Cr | Dec 2023 ₹-6 Cr | Mar 2024 ₹52 Cr | Jun 2024 ₹50 Cr | Sep 2024 ₹32 Cr | Dec 2024 ₹40 Cr | Mar 2025 ₹54 Cr | Jun 2025 ₹48 Cr | Sep 2025 ₹38 Cr | Dec 2025 ₹72 Cr | Mar 2026 ₹35 Cr | Jun 2026 —
- BRC: Sep 2021 ₹33 Cr | Dec 2021 ₹35 Cr | Mar 2022 ₹34 Cr | Jun 2022 ₹40 Cr | Sep 2022 ₹41 Cr | Dec 2022 ₹39 Cr | Mar 2023 ₹38 Cr | Jun 2023 ₹48 Cr | Sep 2023 ₹49 Cr | Dec 2023 ₹47 Cr | Mar 2024 ₹44 Cr | Jun 2024 ₹51 Cr | Sep 2024 ₹55 Cr | Dec 2024 ₹47 Cr | Mar 2025 ₹40 Cr | Jun 2025 ₹52 Cr | Sep 2025 ₹50 Cr | Dec 2025 ₹54 Cr | Mar 2026 ₹48 Cr | Jun 2026 ₹58 Cr
- GEO: Sep 2021 ₹35 Cr | Dec 2021 ₹-50 Cr | Mar 2022 ₹38 Cr | Jun 2022 ₹54 Cr | Sep 2022 ₹38 Cr | Dec 2022 ₹42 Cr | Mar 2023 ₹28 Cr | Jun 2023 ₹30 Cr | Sep 2023 ₹25 Cr | Dec 2023 ₹25 Cr | Mar 2024 ₹23 Cr | Jun 2024 ₹-33 Cr | Sep 2024 ₹26 Cr | Dec 2024 ₹16 Cr | Mar 2025 ₹20 Cr | Jun 2025 ₹29 Cr | Sep 2025 ₹174 Cr | Dec 2025 ₹32 Cr | Mar 2026 ₹38 Cr | Jun 2026 —
- CXW: Sep 2021 ₹30 Cr | Dec 2021 ₹28 Cr | Mar 2022 ₹19 Cr | Jun 2022 ₹11 Cr | Sep 2022 ₹68 Cr | Dec 2022 ₹24 Cr | Mar 2023 ₹12 Cr | Jun 2023 ₹15 Cr | Sep 2023 ₹14 Cr | Dec 2023 ₹26 Cr | Mar 2024 ₹10 Cr | Jun 2024 ₹19 Cr | Sep 2024 ₹21 Cr | Dec 2024 ₹19 Cr | Mar 2025 ₹25 Cr | Jun 2025 ₹39 Cr | Sep 2025 ₹26 Cr | Dec 2025 ₹27 Cr | Mar 2026 ₹38 Cr | Jun 2026 —
- NSSC: Sep 2021 ₹8 Cr | Dec 2021 ₹1 Cr | Mar 2022 ₹3 Cr | Jun 2022 ₹8 Cr | Sep 2022 ₹3 Cr | Dec 2022 ₹4 Cr | Mar 2023 ₹10 Cr | Jun 2023 ₹11 Cr | Sep 2023 ₹10 Cr | Dec 2023 ₹13 Cr | Mar 2024 ₹13 Cr | Jun 2024 ₹14 Cr | Sep 2024 ₹11 Cr | Dec 2024 ₹10 Cr | Mar 2025 ₹10 Cr | Jun 2025 ₹12 Cr | Sep 2025 ₹12 Cr | Dec 2025 ₹14 Cr | Mar 2026 ₹0 Cr | Jun 2026 —
- EVLV: Sep 2021 ₹21 Cr | Dec 2021 ₹5 Cr | Mar 2022 ₹-14 Cr | Jun 2022 ₹-26 Cr | Sep 2022 ₹-19 Cr | Dec 2022 ₹-29 Cr | Mar 2023 ₹-29 Cr | Jun 2023 ₹-67 Cr | Sep 2023 ₹5 Cr | Dec 2023 ₹-17 Cr | Mar 2024 ₹-11 Cr | Jun 2024 ₹3 Cr | Sep 2024 ₹-30 Cr | Dec 2024 ₹-16 Cr | Mar 2025 ₹-2 Cr | Jun 2025 ₹-41 Cr | Sep 2025 ₹-2 Cr | Dec 2025 ₹11 Cr | Mar 2026 ₹-5 Cr | Jun 2026 —
- MG: Sep 2021 ₹3 Cr | Dec 2021 ₹0 Cr | Mar 2022 ₹-5 Cr | Jun 2022 ₹5 Cr | Sep 2022 ₹4 Cr | Dec 2022 ₹3 Cr | Mar 2023 ₹-5 Cr | Jun 2023 ₹0 Cr | Sep 2023 ₹-10 Cr | Dec 2023 ₹-3 Cr | Mar 2024 ₹1 Cr | Jun 2024 ₹6 Cr | Sep 2024 ₹6 Cr | Dec 2024 ₹5 Cr | Mar 2025 ₹-3 Cr | Jun 2025 ₹3 Cr | Sep 2025 ₹13 Cr | Dec 2025 ₹4 Cr | Mar 2026 ₹2 Cr | Jun 2026 —
- CIX: Sep 2021 ₹4 Cr | Dec 2021 ₹3 Cr | Mar 2022 ₹5 Cr | Jun 2022 ₹6 Cr | Sep 2022 ₹5 Cr | Dec 2022 ₹5 Cr | Mar 2023 ₹6 Cr | Jun 2023 ₹4 Cr | Sep 2023 ₹6 Cr | Dec 2023 ₹7 Cr | Mar 2024 ₹4 Cr | Jun 2024 ₹5 Cr | Sep 2024 ₹3 Cr | Dec 2024 ₹5 Cr | Mar 2025 ₹5 Cr | Jun 2025 ₹5 Cr | Sep 2025 ₹4 Cr | Dec 2025 ₹5 Cr | Mar 2026 ₹6 Cr | Jun 2026 —
- NL: Sep 2021 ₹11 Cr | Dec 2021 ₹15 Cr | Mar 2022 ₹19 Cr | Jun 2022 ₹31 Cr | Sep 2022 ₹-8 Cr | Dec 2022 ₹-5 Cr | Mar 2023 ₹-6 Cr | Jun 2023 ₹-3 Cr | Sep 2023 ₹1 Cr | Dec 2023 ₹8 Cr | Mar 2024 ₹7 Cr | Jun 2024 ₹8 Cr | Sep 2024 ₹36 Cr | Dec 2024 ₹17 Cr | Mar 2025 ₹1 Cr | Jun 2025 ₹1 Cr | Sep 2025 ₹-7 Cr | Dec 2025 ₹-30 Cr | Mar 2026 ₹5 Cr | Jun 2026 —
- BAER: Sep 2021 — | Dec 2021 ₹-7 Cr | Mar 2022 ₹-15 Cr | Jun 2022 ₹-5 Cr | Sep 2022 ₹-6 Cr | Dec 2022 ₹-17 Cr | Mar 2023 ₹-45 Cr | Jun 2023 ₹-19 Cr | Sep 2023 ₹17 Cr | Dec 2023 ₹-31 Cr | Mar 2024 ₹-20 Cr | Jun 2024 ₹-11 Cr | Sep 2024 ₹27 Cr | Dec 2024 ₹-13 Cr | Mar 2025 ₹-16 Cr | Jun 2025 ₹1 Cr | Sep 2025 ₹33 Cr | Dec 2025 ₹-15 Cr | Mar 2026 ₹-31 Cr | Jun 2026 —
- YOOV: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 ₹1 Cr | Sep 2023 — | Dec 2023 ₹0 Cr | Mar 2024 — | Jun 2024 ₹-83 Cr | Sep 2024 — | Dec 2024 ₹0 Cr | Mar 2025 — | Jun 2025 ₹-3 Cr | Sep 2025 — | Dec 2025 ₹-13 Cr | Mar 2026 — | Jun 2026 —

### 20-quarter Profit growth history
- ALLE: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -3.4% | Sep 2022 -20% | Dec 2022 19% | Mar 2023 33% | Jun 2023 23% | Sep 2023 36% | Dec 2023 -12% | Mar 2024 0.0% | Jun 2024 9.2% | Sep 2024 12% | Dec 2024 21% | Mar 2025 19% | Jun 2025 3.2% | Sep 2025 8.1% | Dec 2025 2.8% | Mar 2026 -6.8% | Jun 2026 —
- MSA: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 92% | Sep 2022 114% | Dec 2022 — | Mar 2023 -517% | Jun 2023 40% | Sep 2023 44% | Dec 2023 49% | Mar 2024 — | Jun 2024 7.5% | Sep 2024 3.1% | Dec 2024 16% | Mar 2025 3.5% | Jun 2025 -13% | Sep 2025 4.5% | Dec 2025 -1.1% | Mar 2026 18% | Jun 2026 —
- ADT: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 -338% | Jun 2023 98% | Sep 2023 — | Dec 2023 -73% | Mar 2024 — | Jun 2024 -31% | Sep 2024 4.8% | Dec 2024 117% | Mar 2025 -13% | Jun 2025 33% | Sep 2025 9.1% | Dec 2025 -28% | Mar 2026 19% | Jun 2026 —
- BCO: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 41% | Sep 2022 0.0% | Dec 2022 0.0% | Mar 2023 -76% | Jun 2023 -7.9% | Sep 2023 117% | Dec 2023 -112% | Mar 2024 189% | Jun 2024 43% | Sep 2024 -36% | Dec 2024 — | Mar 2025 3.9% | Jun 2025 -4.0% | Sep 2025 19% | Dec 2025 80% | Mar 2026 -35% | Jun 2026 —
- BRC: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 24% | Dec 2022 11% | Mar 2023 12% | Jun 2023 20% | Sep 2023 20% | Dec 2023 21% | Mar 2024 16% | Jun 2024 6.3% | Sep 2024 12% | Dec 2024 0.0% | Mar 2025 -9.1% | Jun 2025 2.0% | Sep 2025 -9.1% | Dec 2025 15% | Mar 2026 20% | Jun 2026 12%
- GEO: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 29% | Sep 2022 8.6% | Dec 2022 — | Mar 2023 -26% | Jun 2023 -44% | Sep 2023 -34% | Dec 2023 -40% | Mar 2024 -18% | Jun 2024 -210% | Sep 2024 4.0% | Dec 2024 -36% | Mar 2025 -13% | Jun 2025 — | Sep 2025 569% | Dec 2025 100% | Mar 2026 90% | Jun 2026 —
- CXW: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -31% | Sep 2022 127% | Dec 2022 -14% | Mar 2023 -37% | Jun 2023 36% | Sep 2023 -79% | Dec 2023 8.3% | Mar 2024 -17% | Jun 2024 27% | Sep 2024 50% | Dec 2024 -27% | Mar 2025 150% | Jun 2025 105% | Sep 2025 24% | Dec 2025 42% | Mar 2026 52% | Jun 2026 —
- NSSC: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 33% | Sep 2022 -63% | Dec 2022 300% | Mar 2023 233% | Jun 2023 38% | Sep 2023 233% | Dec 2023 225% | Mar 2024 30% | Jun 2024 27% | Sep 2024 10% | Dec 2024 -23% | Mar 2025 -23% | Jun 2025 -14% | Sep 2025 9.1% | Dec 2025 40% | Mar 2026 -100% | Jun 2026 —
- EVLV: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 -190% | Dec 2022 -680% | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 -700% | Dec 2024 — | Mar 2025 — | Jun 2025 -1,467% | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —
- MG: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -17% | Sep 2022 33% | Dec 2022 — | Mar 2023 — | Jun 2023 -100% | Sep 2023 -350% | Dec 2023 -200% | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 -400% | Jun 2025 -50% | Sep 2025 117% | Dec 2025 -20% | Mar 2026 — | Jun 2026 —
- CIX: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 20% | Sep 2022 25% | Dec 2022 67% | Mar 2023 20% | Jun 2023 -33% | Sep 2023 20% | Dec 2023 40% | Mar 2024 -33% | Jun 2024 25% | Sep 2024 -50% | Dec 2024 -29% | Mar 2025 25% | Jun 2025 0.0% | Sep 2025 33% | Dec 2025 0.0% | Mar 2026 20% | Jun 2026 —
- NL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 138% | Sep 2022 -173% | Dec 2022 -133% | Mar 2023 -132% | Jun 2023 -110% | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 3,500% | Dec 2024 113% | Mar 2025 -86% | Jun 2025 -88% | Sep 2025 -119% | Dec 2025 -276% | Mar 2026 400% | Jun 2026 —
- BAER: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 59% | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 22% | Dec 2025 — | Mar 2026 — | Jun 2026 —
- YOOV: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 -8,400% | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —

## Capacity Spending & Returns On It

What the numbers say: ADT Inc. reports $140 million of CAPEX; Bridger Aerospace Group Holdings, Inc. has the highest covered intensity at 66.7%. Coverage is only 14 of 14 companies and 253 reported observations, so this is partial evidence—not a complete sector rank.

Investor read: Use the CAPEX rank as a diligence queue. Verify commissioning, utilization, cash conversion and post-investment ROCE before treating spend as value creation.

This conclusion weakens if: CAPEX rises without higher utilization, operating cash flow or incremental returns.

Evidence: ADT Inc. · $140 million | 250% versus #2 · The Brink's Company | 8/8 recent comparable periods | 14/14 companies · 253 observations

Definition: CAPEX is cash spent on property, plant, equipment and other reported capital assets. CAPEX intensity divides that spend by revenue; high intensity is a reinvestment signal, not proof that the reinvestment will earn attractive returns.

### CAPEX — largest spenders
1. ADT Inc. (ADT): ₹140 Cr
2. The Brink's Company (BCO): ₹40 Cr
3. CoreCivic, Inc. (CXW): ₹23 Cr
4. The GEO Group, Inc. (GEO): ₹22 Cr
5. Allegion plc (ALLE): ₹18 Cr

### CAPEX intensity — highest reinvestment intensity
1. Bridger Aerospace Group Holdings, Inc. (BAER): 67%
2. Evolv Technologies Holdings, Inc. (EVLV): 8.7%
3. ADT Inc. (ADT): 5.5%
4. CoreCivic, Inc. (CXW): 3.7%
5. Mistras Group, Inc. (MG): 3.6%

### 20-quarter CAPEX history
- ALLE: Sep 2021 ₹11 Cr | Dec 2021 ₹17 Cr | Mar 2022 ₹9 Cr | Jun 2022 ₹16 Cr | Sep 2022 ₹17 Cr | Dec 2022 ₹23 Cr | Mar 2023 ₹22 Cr | Jun 2023 ₹18 Cr | Sep 2023 ₹21 Cr | Dec 2023 ₹24 Cr | Mar 2024 ₹27 Cr | Jun 2024 ₹21 Cr | Sep 2024 ₹20 Cr | Dec 2024 ₹24 Cr | Mar 2025 ₹21 Cr | Jun 2025 ₹18 Cr | Sep 2025 ₹20 Cr | Dec 2025 ₹40 Cr | Mar 2026 ₹21 Cr | Jun 2026 ₹18 Cr
- MSA: Sep 2021 ₹11 Cr | Dec 2021 ₹13 Cr | Mar 2022 ₹8 Cr | Jun 2022 ₹12 Cr | Sep 2022 ₹9 Cr | Dec 2022 ₹14 Cr | Mar 2023 ₹8 Cr | Jun 2023 ₹10 Cr | Sep 2023 ₹13 Cr | Dec 2023 ₹12 Cr | Mar 2024 ₹11 Cr | Jun 2024 ₹14 Cr | Sep 2024 ₹14 Cr | Dec 2024 ₹14 Cr | Mar 2025 ₹11 Cr | Jun 2025 ₹29 Cr | Sep 2025 ₹12 Cr | Dec 2025 ₹16 Cr | Mar 2026 ₹11 Cr | Jun 2026 —
- ADT: Sep 2021 ₹222 Cr | Dec 2021 ₹217 Cr | Mar 2022 ₹220 Cr | Jun 2022 ₹246 Cr | Sep 2022 ₹242 Cr | Dec 2022 ₹203 Cr | Mar 2023 ₹219 Cr | Jun 2023 ₹191 Cr | Sep 2023 ₹202 Cr | Dec 2023 ₹195 Cr | Mar 2024 ₹181 Cr | Jun 2024 ₹190 Cr | Sep 2024 ₹165 Cr | Dec 2024 ₹150 Cr | Mar 2025 ₹151 Cr | Jun 2025 ₹141 Cr | Sep 2025 ₹141 Cr | Dec 2025 ₹139 Cr | Mar 2026 ₹140 Cr | Jun 2026 —
- BCO: Sep 2021 ₹41 Cr | Dec 2021 ₹54 Cr | Mar 2022 ₹37 Cr | Jun 2022 ₹46 Cr | Sep 2022 ₹48 Cr | Dec 2022 ₹51 Cr | Mar 2023 ₹45 Cr | Jun 2023 ₹44 Cr | Sep 2023 ₹44 Cr | Dec 2023 ₹70 Cr | Mar 2024 ₹52 Cr | Jun 2024 ₹57 Cr | Sep 2024 ₹51 Cr | Dec 2024 ₹63 Cr | Mar 2025 ₹59 Cr | Jun 2025 ₹52 Cr | Sep 2025 ₹45 Cr | Dec 2025 ₹48 Cr | Mar 2026 ₹40 Cr | Jun 2026 —
- BRC: Sep 2021 ₹6 Cr | Dec 2021 ₹11 Cr | Mar 2022 ₹5 Cr | Jun 2022 ₹6 Cr | Sep 2022 ₹21 Cr | Dec 2022 ₹4 Cr | Mar 2023 ₹4 Cr | Jun 2023 ₹5 Cr | Sep 2023 ₹6 Cr | Dec 2023 ₹11 Cr | Mar 2024 ₹50 Cr | Jun 2024 ₹8 Cr | Sep 2024 ₹11 Cr | Dec 2024 ₹7 Cr | Mar 2025 ₹7 Cr | Jun 2025 ₹4 Cr | Sep 2025 ₹9 Cr | Dec 2025 ₹11 Cr | Mar 2026 ₹11 Cr | Jun 2026 ₹11 Cr
- GEO: Sep 2021 ₹13 Cr | Dec 2021 ₹12 Cr | Mar 2022 ₹14 Cr | Jun 2022 ₹22 Cr | Sep 2022 ₹36 Cr | Dec 2022 ₹18 Cr | Mar 2023 ₹14 Cr | Jun 2023 ₹18 Cr | Sep 2023 ₹22 Cr | Dec 2023 ₹19 Cr | Mar 2024 ₹15 Cr | Jun 2024 ₹24 Cr | Sep 2024 ₹19 Cr | Dec 2024 ₹21 Cr | Mar 2025 ₹31 Cr | Jun 2025 ₹37 Cr | Sep 2025 ₹94 Cr | Dec 2025 ₹36 Cr | Mar 2026 ₹22 Cr | Jun 2026 —
- CXW: Sep 2021 ₹20 Cr | Dec 2021 ₹28 Cr | Mar 2022 ₹12 Cr | Jun 2022 ₹22 Cr | Sep 2022 ₹17 Cr | Dec 2022 ₹30 Cr | Mar 2023 ₹9 Cr | Jun 2023 ₹17 Cr | Sep 2023 ₹18 Cr | Dec 2023 ₹26 Cr | Mar 2024 ₹12 Cr | Jun 2024 ₹19 Cr | Sep 2024 ₹18 Cr | Dec 2024 ₹22 Cr | Mar 2025 ₹26 Cr | Jun 2025 ₹35 Cr | Sep 2025 ₹38 Cr | Dec 2025 ₹42 Cr | Mar 2026 ₹23 Cr | Jun 2026 —
- NSSC: Sep 2021 ₹1 Cr | Dec 2021 ₹0 Cr | Mar 2022 ₹0 Cr | Jun 2022 ₹0 Cr | Sep 2022 ₹0 Cr | Dec 2022 ₹0 Cr | Mar 2023 ₹2 Cr | Jun 2023 ₹0 Cr | Sep 2023 ₹0 Cr | Dec 2023 ₹0 Cr | Mar 2024 ₹0 Cr | Jun 2024 ₹1 Cr | Sep 2024 ₹1 Cr | Dec 2024 ₹1 Cr | Mar 2025 ₹0 Cr | Jun 2025 ₹0 Cr | Sep 2025 ₹0 Cr | Dec 2025 ₹1 Cr | Mar 2026 ₹1 Cr | Jun 2026 —
- EVLV: Sep 2021 — | Dec 2021 ₹6 Cr | Mar 2022 ₹7 Cr | Jun 2022 ₹5 Cr | Sep 2022 ₹6 Cr | Dec 2022 ₹4 Cr | Mar 2023 ₹13 Cr | Jun 2023 ₹20 Cr | Sep 2023 ₹18 Cr | Dec 2023 ₹17 Cr | Mar 2024 ₹20 Cr | Jun 2024 ₹2 Cr | Sep 2024 ₹3 Cr | Dec 2024 ₹29 Cr | Mar 2025 ₹13 Cr | Jun 2025 ₹3 Cr | Sep 2025 ₹13 Cr | Dec 2025 ₹29 Cr | Mar 2026 ₹4 Cr | Jun 2026 —
- MG: Sep 2021 ₹5 Cr | Dec 2021 ₹3 Cr | Mar 2022 ₹3 Cr | Jun 2022 ₹4 Cr | Sep 2022 ₹2 Cr | Dec 2022 ₹4 Cr | Mar 2023 ₹4 Cr | Jun 2023 ₹5 Cr | Sep 2023 ₹5 Cr | Dec 2023 ₹6 Cr | Mar 2024 ₹5 Cr | Jun 2024 ₹5 Cr | Sep 2024 ₹5 Cr | Dec 2024 ₹4 Cr | Mar 2025 ₹5 Cr | Jun 2025 ₹5 Cr | Sep 2025 ₹9 Cr | Dec 2025 ₹6 Cr | Mar 2026 ₹6 Cr | Jun 2026 —
- CIX: Sep 2021 ₹1 Cr | Dec 2021 ₹2 Cr | Mar 2022 ₹2 Cr | Jun 2022 ₹0 Cr | Sep 2022 ₹1 Cr | Dec 2022 ₹1 Cr | Mar 2023 ₹0 Cr | Jun 2023 ₹0 Cr | Sep 2023 ₹0 Cr | Dec 2023 ₹1 Cr | Mar 2024 ₹0 Cr | Jun 2024 ₹0 Cr | Sep 2024 ₹0 Cr | Dec 2024 ₹0 Cr | Mar 2025 ₹1 Cr | Jun 2025 ₹1 Cr | Sep 2025 ₹1 Cr | Dec 2025 ₹1 Cr | Mar 2026 ₹0 Cr | Jun 2026 —
- NL: Sep 2021 ₹1 Cr | Dec 2021 ₹2 Cr | Mar 2022 ₹2 Cr | Jun 2022 ₹0 Cr | Sep 2022 ₹1 Cr | Dec 2022 ₹1 Cr | Mar 2023 ₹0 Cr | Jun 2023 ₹0 Cr | Sep 2023 ₹0 Cr | Dec 2023 ₹1 Cr | Mar 2024 ₹0 Cr | Jun 2024 ₹0 Cr | Sep 2024 ₹0 Cr | Dec 2024 ₹0 Cr | Mar 2025 ₹1 Cr | Jun 2025 ₹1 Cr | Sep 2025 ₹1 Cr | Dec 2025 ₹1 Cr | Mar 2026 ₹0 Cr | Jun 2026 —
- BAER: Sep 2021 — | Dec 2021 ₹2 Cr | Mar 2022 ₹3 Cr | Jun 2022 ₹7 Cr | Sep 2022 ₹22 Cr | Dec 2022 ₹6 Cr | Mar 2023 ₹12 Cr | Jun 2023 ₹3 Cr | Sep 2023 ₹6 Cr | Dec 2023 ₹3 Cr | Mar 2024 ₹1 Cr | Jun 2024 ₹1 Cr | Sep 2024 ₹1 Cr | Dec 2024 ₹1 Cr | Mar 2025 ₹3 Cr | Jun 2025 ₹1 Cr | Sep 2025 ₹6 Cr | Dec 2025 ₹70 Cr | Mar 2026 ₹6 Cr | Jun 2026 —
- YOOV: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 ₹0 Cr | Sep 2023 — | Dec 2023 ₹0 Cr | Mar 2024 — | Jun 2024 ₹0 Cr | Sep 2024 — | Dec 2024 ₹1 Cr | Mar 2025 — | Jun 2025 ₹0 Cr | Sep 2025 — | Dec 2025 ₹0 Cr | Mar 2026 — | Jun 2026 —

### 20-quarter CAPEX intensity history
- ALLE: Sep 2021 1.5% | Dec 2021 2.4% | Mar 2022 1.2% | Jun 2022 2.1% | Sep 2022 1.9% | Dec 2022 2.7% | Mar 2023 2.4% | Jun 2023 2.0% | Sep 2023 2.3% | Dec 2023 2.7% | Mar 2024 3.0% | Jun 2024 2.2% | Sep 2024 2.1% | Dec 2024 2.5% | Mar 2025 2.2% | Jun 2025 1.8% | Sep 2025 1.9% | Dec 2025 3.9% | Mar 2026 2.0% | Jun 2026 —
- MSA: Sep 2021 3.2% | Dec 2021 3.2% | Mar 2022 2.4% | Jun 2022 3.2% | Sep 2022 2.4% | Dec 2022 3.2% | Mar 2023 2.0% | Jun 2023 2.2% | Sep 2023 2.9% | Dec 2023 2.4% | Mar 2024 2.7% | Jun 2024 3.0% | Sep 2024 3.2% | Dec 2024 2.8% | Mar 2025 2.6% | Jun 2025 6.1% | Sep 2025 2.6% | Dec 2025 3.1% | Mar 2026 2.4% | Jun 2026 —
- ADT: Sep 2021 8.4% | Dec 2021 20% | Mar 2022 7.1% | Jun 2022 7.7% | Sep 2022 9.4% | Dec 2022 20% | Mar 2023 8.6% | Jun 2023 8.2% | Sep 2023 8.6% | Dec 2023 8.3% | Mar 2024 7.6% | Jun 2024 7.9% | Sep 2024 6.6% | Dec 2024 6.0% | Mar 2025 6.0% | Jun 2025 5.5% | Sep 2025 5.4% | Dec 2025 5.4% | Mar 2026 5.5% | Jun 2026 —
- BCO: Sep 2021 3.8% | Dec 2021 4.9% | Mar 2022 3.4% | Jun 2022 4.1% | Sep 2022 4.2% | Dec 2022 4.3% | Mar 2023 3.8% | Jun 2023 3.6% | Sep 2023 3.6% | Dec 2023 5.6% | Mar 2024 4.2% | Jun 2024 4.5% | Sep 2024 4.1% | Dec 2024 5.0% | Mar 2025 4.7% | Jun 2025 4.0% | Sep 2025 3.4% | Dec 2025 3.5% | Mar 2026 2.9% | Jun 2026 —
- BRC: Sep 2021 2.0% | Dec 2021 3.4% | Mar 2022 1.6% | Jun 2022 1.8% | Sep 2022 6.5% | Dec 2022 1.2% | Mar 2023 1.2% | Jun 2023 1.5% | Sep 2023 1.7% | Dec 2023 3.3% | Mar 2024 16% | Jun 2024 2.3% | Sep 2024 3.2% | Dec 2024 1.9% | Mar 2025 2.0% | Jun 2025 1.0% | Sep 2025 2.3% | Dec 2025 2.7% | Mar 2026 2.9% | Jun 2026 2.5%
- GEO: Sep 2021 2.3% | Dec 2021 2.2% | Mar 2022 2.5% | Jun 2022 3.7% | Sep 2022 5.8% | Dec 2022 2.9% | Mar 2023 2.3% | Jun 2023 3.0% | Sep 2023 3.6% | Dec 2023 3.1% | Mar 2024 2.5% | Jun 2024 4.0% | Sep 2024 3.2% | Dec 2024 3.5% | Mar 2025 5.1% | Jun 2025 5.8% | Sep 2025 14% | Dec 2025 5.1% | Mar 2026 3.1% | Jun 2026 —
- CXW: Sep 2021 4.2% | Dec 2021 5.9% | Mar 2022 2.6% | Jun 2022 4.8% | Sep 2022 3.7% | Dec 2022 6.4% | Mar 2023 2.0% | Jun 2023 3.7% | Sep 2023 3.7% | Dec 2023 5.3% | Mar 2024 2.4% | Jun 2024 3.9% | Sep 2024 3.7% | Dec 2024 4.6% | Mar 2025 5.3% | Jun 2025 6.5% | Sep 2025 6.6% | Dec 2025 7.0% | Mar 2026 3.7% | Jun 2026 —
- NSSC: Sep 2021 3.2% | Dec 2021 0.0% | Mar 2022 0.0% | Jun 2022 0.0% | Sep 2022 0.0% | Dec 2022 0.0% | Mar 2023 4.5% | Jun 2023 0.0% | Sep 2023 0.0% | Dec 2023 0.0% | Mar 2024 0.0% | Jun 2024 2.0% | Sep 2024 2.3% | Dec 2024 2.3% | Mar 2025 0.0% | Jun 2025 0.0% | Sep 2025 0.0% | Dec 2025 2.1% | Mar 2026 2.0% | Jun 2026 —
- EVLV: Sep 2021 — | Dec 2021 86% | Mar 2022 78% | Jun 2022 56% | Sep 2022 35% | Dec 2022 19% | Mar 2023 68% | Jun 2023 100% | Sep 2023 90% | Dec 2023 81% | Mar 2024 91% | Jun 2024 8.0% | Sep 2024 11% | Dec 2024 100% | Mar 2025 41% | Jun 2025 9.1% | Sep 2025 30% | Dec 2025 74% | Mar 2026 8.7% | Jun 2026 —
- MG: Sep 2021 2.9% | Dec 2021 1.8% | Mar 2022 1.9% | Jun 2022 2.2% | Sep 2022 1.1% | Dec 2022 2.4% | Mar 2023 2.4% | Jun 2023 2.8% | Sep 2023 2.8% | Dec 2023 3.3% | Mar 2024 2.7% | Jun 2024 2.6% | Sep 2024 2.7% | Dec 2024 2.3% | Mar 2025 3.1% | Jun 2025 2.7% | Sep 2025 4.6% | Dec 2025 3.3% | Mar 2026 3.6% | Jun 2026 —
- CIX: Sep 2021 2.9% | Dec 2021 5.9% | Mar 2022 4.8% | Jun 2022 0.0% | Sep 2022 2.3% | Dec 2022 2.5% | Mar 2023 0.0% | Jun 2023 0.0% | Sep 2023 0.0% | Dec 2023 2.3% | Mar 2024 0.0% | Jun 2024 0.0% | Sep 2024 0.0% | Dec 2024 0.0% | Mar 2025 2.5% | Jun 2025 2.5% | Sep 2025 2.5% | Dec 2025 2.6% | Mar 2026 0.0% | Jun 2026 —
- NL: Sep 2021 2.9% | Dec 2021 5.9% | Mar 2022 4.8% | Jun 2022 0.0% | Sep 2022 2.3% | Dec 2022 2.5% | Mar 2023 0.0% | Jun 2023 0.0% | Sep 2023 0.0% | Dec 2023 2.3% | Mar 2024 0.0% | Jun 2024 0.0% | Sep 2024 0.0% | Dec 2024 0.0% | Mar 2025 2.5% | Jun 2025 2.5% | Sep 2025 2.5% | Dec 2025 2.6% | Mar 2026 0.0% | Jun 2026 —
- BAER: Sep 2021 — | Dec 2021 200% | Mar 2022 4.3% | Jun 2022 54% | Sep 2022 69% | Dec 2022 600% | Mar 2023 — | Jun 2023 25% | Sep 2023 11% | Dec 2023 300% | Mar 2024 17% | Jun 2024 7.7% | Sep 2024 1.5% | Dec 2024 6.3% | Mar 2025 19% | Jun 2025 3.2% | Sep 2025 8.8% | Dec 2025 778% | Mar 2026 67% | Jun 2026 —
- YOOV: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 0.0% | Sep 2023 — | Dec 2023 0.0% | Mar 2024 — | Jun 2024 0.0% | Sep 2024 — | Dec 2024 20% | Mar 2025 — | Jun 2025 0.0% | Sep 2025 — | Dec 2025 0.0% | Mar 2026 — | Jun 2026 —

## Debt Load & Balance-Sheet Headroom

What the numbers say: Napco Security Technologies, Inc. has the clearest covered balance-sheet capacity with $120 million net cash and gross debt of $5 million. Absolute debt alone does not identify the strongest balance sheet because company scale differs; net debt and debt-to-equity carry more information.

Investor read: Prioritize net-cash capacity and leverage relative to operating scale, not the smallest absolute rupee debt.

This conclusion weakens if: Net debt rises faster than revenue and profit for two consecutive reported periods.

Evidence: CompX International Inc. · $1 million | 0% versus #2 · NLI Holdings, Inc. | 8/8 recent comparable periods | 13/14 companies · 246 observations

Definition: Gross debt shows contractual borrowings. Net debt subtracts reported cash; a negative value means net cash. Lower debt can create capacity, but should be read against the scale and capital intensity of the business.

### Gross debt — lowest gross debt
1. CompX International Inc. (CIX): ₹1 Cr
2. NLI Holdings, Inc. (NL): ₹1 Cr
3. Napco Security Technologies, Inc. (NSSC): ₹5 Cr
4. Evolv Technologies Holdings, Inc. (EVLV): ₹42 Cr
5. Brady Corporation (BRC): ₹89 Cr

### Net debt — lowest net debt
1. Napco Security Technologies, Inc. (NSSC): ₹-120 Cr
2. NLI Holdings, Inc. (NL): ₹-104 Cr
3. Brady Corporation (BRC): ₹-86 Cr
4. CompX International Inc. (CIX): ₹-48 Cr
5. Evolv Technologies Holdings, Inc. (EVLV): ₹-19 Cr

### 20-quarter Gross debt history
- ALLE: Sep 2021 ₹1.7K Cr | Dec 2021 ₹1.5K Cr | Mar 2022 ₹1.5K Cr | Jun 2022 ₹2.0K Cr | Sep 2022 ₹2.2K Cr | Dec 2022 ₹2.1K Cr | Mar 2023 ₹2.1K Cr | Jun 2023 ₹2.1K Cr | Sep 2023 ₹2.0K Cr | Dec 2023 ₹2.4K Cr | Mar 2024 ₹2.4K Cr | Jun 2024 ₹2.8K Cr | Sep 2024 ₹2.8K Cr | Dec 2024 ₹2.0K Cr | Mar 2025 ₹2.0K Cr | Jun 2025 ₹2.1K Cr | Sep 2025 ₹2.1K Cr | Dec 2025 ₹2.0K Cr | Mar 2026 ₹2.0K Cr | Jun 2026 ₹2.0K Cr
- MSA: Sep 2021 ₹654 Cr | Dec 2021 ₹638 Cr | Mar 2022 ₹640 Cr | Jun 2022 ₹661 Cr | Sep 2022 ₹640 Cr | Dec 2022 ₹608 Cr | Mar 2023 ₹904 Cr | Jun 2023 ₹848 Cr | Sep 2023 ₹783 Cr | Dec 2023 ₹646 Cr | Mar 2024 ₹641 Cr | Jun 2024 ₹635 Cr | Sep 2024 ₹604 Cr | Dec 2024 ₹554 Cr | Mar 2025 ₹548 Cr | Jun 2025 ₹726 Cr | Sep 2025 ₹674 Cr | Dec 2025 ₹627 Cr | Mar 2026 ₹658 Cr | Jun 2026 —
- ADT: Sep 2021 ₹9.6K Cr | Dec 2021 ₹9.7K Cr | Mar 2022 ₹9.9K Cr | Jun 2022 ₹9.8K Cr | Sep 2022 ₹9.8K Cr | Dec 2022 ₹9.8K Cr | Mar 2023 ₹9.8K Cr | Jun 2023 ₹9.7K Cr | Sep 2023 ₹9.7K Cr | Dec 2023 ₹7.8K Cr | Mar 2024 ₹7.9K Cr | Jun 2024 ₹7.7K Cr | Sep 2024 ₹7.7K Cr | Dec 2024 ₹7.7K Cr | Mar 2025 ₹7.8K Cr | Jun 2025 ₹7.8K Cr | Sep 2025 ₹7.8K Cr | Dec 2025 ₹7.7K Cr | Mar 2026 ₹7.7K Cr | Jun 2026 —
- BCO: Sep 2021 ₹3.1K Cr | Dec 2021 ₹3.2K Cr | Mar 2022 ₹3.4K Cr | Jun 2022 ₹3.4K Cr | Sep 2022 ₹3.6K Cr | Dec 2022 ₹3.7K Cr | Mar 2023 ₹3.6K Cr | Jun 2023 ₹3.7K Cr | Sep 2023 ₹3.7K Cr | Dec 2023 ₹3.8K Cr | Mar 2024 ₹3.9K Cr | Jun 2024 ₹4.0K Cr | Sep 2024 ₹4.1K Cr | Dec 2024 ₹4.2K Cr | Mar 2025 ₹4.2K Cr | Jun 2025 ₹4.4K Cr | Sep 2025 ₹4.3K Cr | Dec 2025 ₹4.5K Cr | Mar 2026 ₹4.5K Cr | Jun 2026 —
- BRC: Sep 2021 ₹84 Cr | Dec 2021 ₹108 Cr | Mar 2022 ₹120 Cr | Jun 2022 ₹110 Cr | Sep 2022 ₹129 Cr | Dec 2022 ₹129 Cr | Mar 2023 ₹111 Cr | Jun 2023 ₹80 Cr | Sep 2023 ₹81 Cr | Dec 2023 ₹80 Cr | Mar 2024 ₹73 Cr | Jun 2024 ₹92 Cr | Sep 2024 ₹130 Cr | Dec 2024 ₹159 Cr | Mar 2025 ₹130 Cr | Jun 2025 ₹162 Cr | Sep 2025 ₹159 Cr | Dec 2025 ₹177 Cr | Mar 2026 ₹145 Cr | Jun 2026 ₹89 Cr
- GEO: Sep 2021 ₹3.1K Cr | Dec 2021 ₹3.1K Cr | Mar 2022 ₹3.1K Cr | Jun 2022 ₹3.0K Cr | Sep 2022 ₹2.1K Cr | Dec 2022 ₹2.1K Cr | Mar 2023 ₹2.0K Cr | Jun 2023 ₹2.0K Cr | Sep 2023 ₹2.0K Cr | Dec 2023 ₹1.9K Cr | Mar 2024 ₹1.9K Cr | Jun 2024 ₹1.9K Cr | Sep 2024 ₹1.8K Cr | Dec 2024 — | Mar 2025 ₹1.8K Cr | Jun 2025 ₹1.8K Cr | Sep 2025 ₹1.6K Cr | Dec 2025 ₹1.7K Cr | Mar 2026 ₹1.7K Cr | Jun 2026 —
- CXW: Sep 2021 ₹1.6K Cr | Dec 2021 ₹1.5K Cr | Mar 2022 ₹1.5K Cr | Jun 2022 ₹1.3K Cr | Sep 2022 ₹1.3K Cr | Dec 2022 ₹1.3K Cr | Mar 2023 ₹1.1K Cr | Jun 2023 ₹1.1K Cr | Sep 2023 ₹1.1K Cr | Dec 2023 ₹1.1K Cr | Mar 2024 ₹1.1K Cr | Jun 2024 ₹1.0K Cr | Sep 2024 ₹992 Cr | Dec 2024 ₹985 Cr | Mar 2025 ₹983 Cr | Jun 2025 ₹1.0K Cr | Sep 2025 ₹1.0K Cr | Dec 2025 ₹1.2K Cr | Mar 2026 ₹1.4K Cr | Jun 2026 —
- NSSC: Sep 2021 ₹7 Cr | Dec 2021 ₹7 Cr | Mar 2022 ₹7 Cr | Jun 2022 ₹7 Cr | Sep 2022 ₹6 Cr | Dec 2022 ₹6 Cr | Mar 2023 ₹6 Cr | Jun 2023 ₹6 Cr | Sep 2023 ₹6 Cr | Dec 2023 ₹6 Cr | Mar 2024 ₹6 Cr | Jun 2024 ₹6 Cr | Sep 2024 ₹5 Cr | Dec 2024 ₹5 Cr | Mar 2025 ₹5 Cr | Jun 2025 ₹5 Cr | Sep 2025 ₹5 Cr | Dec 2025 ₹5 Cr | Mar 2026 ₹5 Cr | Jun 2026 —
- EVLV: Sep 2021 ₹15 Cr | Dec 2021 ₹10 Cr | Mar 2022 ₹13 Cr | Jun 2022 ₹12 Cr | Sep 2022 ₹11 Cr | Dec 2022 ₹32 Cr | Mar 2023 ₹2 Cr | Jun 2023 ₹1 Cr | Sep 2023 ₹2 Cr | Dec 2023 ₹1 Cr | Mar 2024 ₹3 Cr | Jun 2024 ₹2 Cr | Sep 2024 ₹15 Cr | Dec 2024 ₹15 Cr | Mar 2025 ₹14 Cr | Jun 2025 ₹14 Cr | Sep 2025 ₹42 Cr | Dec 2025 ₹42 Cr | Mar 2026 ₹42 Cr | Jun 2026 —
- MG: Sep 2021 ₹230 Cr | Dec 2021 ₹216 Cr | Mar 2022 ₹222 Cr | Jun 2022 ₹214 Cr | Sep 2022 ₹215 Cr | Dec 2022 ₹205 Cr | Mar 2023 ₹205 Cr | Jun 2023 ₹201 Cr | Sep 2023 ₹211 Cr | Dec 2023 ₹207 Cr | Mar 2024 ₹214 Cr | Jun 2024 ₹215 Cr | Sep 2024 ₹205 Cr | Dec 2024 ₹190 Cr | Mar 2025 ₹193 Cr | Jun 2025 ₹211 Cr | Sep 2025 ₹223 Cr | Dec 2025 ₹202 Cr | Mar 2026 ₹206 Cr | Jun 2026 —
- CIX: Sep 2021 ₹0 Cr | Dec 2021 ₹0 Cr | Mar 2022 ₹0 Cr | Jun 2022 ₹0 Cr | Sep 2022 ₹0 Cr | Dec 2022 ₹0 Cr | Mar 2023 ₹0 Cr | Jun 2023 ₹0 Cr | Sep 2023 ₹0 Cr | Dec 2023 ₹0 Cr | Mar 2024 ₹0 Cr | Jun 2024 ₹0 Cr | Sep 2024 ₹0 Cr | Dec 2024 ₹0 Cr | Mar 2025 ₹0 Cr | Jun 2025 ₹0 Cr | Sep 2025 ₹0 Cr | Dec 2025 ₹0 Cr | Mar 2026 ₹1 Cr | Jun 2026 —
- NL: Sep 2021 ₹1 Cr | Dec 2021 ₹1 Cr | Mar 2022 ₹1 Cr | Jun 2022 ₹1 Cr | Sep 2022 ₹1 Cr | Dec 2022 ₹1 Cr | Mar 2023 ₹1 Cr | Jun 2023 ₹1 Cr | Sep 2023 ₹1 Cr | Dec 2023 ₹1 Cr | Mar 2024 ₹1 Cr | Jun 2024 ₹1 Cr | Sep 2024 ₹1 Cr | Dec 2024 ₹1 Cr | Mar 2025 ₹1 Cr | Jun 2025 ₹1 Cr | Sep 2025 ₹1 Cr | Dec 2025 ₹1 Cr | Mar 2026 ₹1 Cr | Jun 2026 —
- BAER: Sep 2021 ₹61 Cr | Dec 2021 ₹61 Cr | Mar 2022 — | Jun 2022 — | Sep 2022 ₹209 Cr | Dec 2022 ₹209 Cr | Mar 2023 ₹208 Cr | Jun 2023 ₹209 Cr | Sep 2023 ₹215 Cr | Dec 2023 ₹215 Cr | Mar 2024 ₹214 Cr | Jun 2024 ₹213 Cr | Sep 2024 ₹213 Cr | Dec 2024 ₹213 Cr | Mar 2025 ₹214 Cr | Jun 2025 ₹213 Cr | Sep 2025 ₹211 Cr | Dec 2025 ₹245 Cr | Mar 2026 ₹252 Cr | Jun 2026 —

### 20-quarter Net debt history
- ALLE: Sep 2021 ₹1.2K Cr | Dec 2021 ₹1.1K Cr | Mar 2022 ₹1.1K Cr | Jun 2022 ₹1.1K Cr | Sep 2022 ₹2.0K Cr | Dec 2022 ₹1.8K Cr | Mar 2023 ₹1.8K Cr | Jun 2023 ₹1.7K Cr | Sep 2023 ₹1.7K Cr | Dec 2023 ₹2.0K Cr | Mar 2024 ₹2.0K Cr | Jun 2024 ₹2.1K Cr | Sep 2024 ₹1.9K Cr | Dec 2024 ₹1.5K Cr | Mar 2025 ₹1.5K Cr | Jun 2025 ₹1.4K Cr | Sep 2025 ₹1.8K Cr | Dec 2025 ₹1.6K Cr | Mar 2026 ₹1.7K Cr | Jun 2026 ₹1.7K Cr
- MSA: Sep 2021 ₹488 Cr | Dec 2021 ₹448 Cr | Mar 2022 ₹453 Cr | Jun 2022 ₹492 Cr | Sep 2022 ₹455 Cr | Dec 2022 ₹435 Cr | Mar 2023 ₹765 Cr | Jun 2023 ₹701 Cr | Sep 2023 ₹619 Cr | Dec 2023 ₹500 Cr | Mar 2024 ₹493 Cr | Jun 2024 ₹488 Cr | Sep 2024 ₹450 Cr | Dec 2024 ₹389 Cr | Mar 2025 ₹377 Cr | Jun 2025 ₹579 Cr | Sep 2025 ₹504 Cr | Dec 2025 ₹462 Cr | Mar 2026 ₹478 Cr | Jun 2026 —
- ADT: Sep 2021 ₹9.5K Cr | Dec 2021 ₹9.7K Cr | Mar 2022 ₹9.8K Cr | Jun 2022 ₹9.8K Cr | Sep 2022 ₹9.8K Cr | Dec 2022 ₹9.5K Cr | Mar 2023 ₹9.7K Cr | Jun 2023 ₹9.5K Cr | Sep 2023 ₹9.4K Cr | Dec 2023 ₹7.8K Cr | Mar 2024 ₹7.9K Cr | Jun 2024 ₹7.7K Cr | Sep 2024 ₹7.6K Cr | Dec 2024 ₹7.6K Cr | Mar 2025 ₹7.8K Cr | Jun 2025 ₹7.8K Cr | Sep 2025 ₹7.7K Cr | Dec 2025 ₹7.6K Cr | Mar 2026 ₹7.6K Cr | Jun 2026 —
- BCO: Sep 2021 ₹2.4K Cr | Dec 2021 ₹2.5K Cr | Mar 2022 ₹2.6K Cr | Jun 2022 ₹2.7K Cr | Sep 2022 ₹2.6K Cr | Dec 2022 ₹2.7K Cr | Mar 2023 ₹2.8K Cr | Jun 2023 ₹2.8K Cr | Sep 2023 ₹2.8K Cr | Dec 2023 ₹2.6K Cr | Mar 2024 ₹2.7K Cr | Jun 2024 ₹2.8K Cr | Sep 2024 ₹2.9K Cr | Dec 2024 ₹2.8K Cr | Mar 2025 ₹2.9K Cr | Jun 2025 ₹3.1K Cr | Sep 2025 ₹3.0K Cr | Dec 2025 ₹2.8K Cr | Mar 2026 ₹2.9K Cr | Jun 2026 —
- BRC: Sep 2021 ₹-63 Cr | Dec 2021 ₹-50 Cr | Mar 2022 ₹-27 Cr | Jun 2022 ₹7 Cr | Sep 2022 ₹15 Cr | Dec 2022 ₹15 Cr | Mar 2023 ₹3 Cr | Jun 2023 ₹-55 Cr | Sep 2023 ₹-71 Cr | Dec 2023 ₹-95 Cr | Mar 2024 ₹-71 Cr | Jun 2024 ₹-68 Cr | Sep 2024 ₹-120 Cr | Dec 2024 ₹13 Cr | Mar 2025 ₹-8 Cr | Jun 2025 ₹10 Cr | Sep 2025 ₹-15 Cr | Dec 2025 ₹-6 Cr | Mar 2026 ₹-31 Cr | Jun 2026 ₹-86 Cr
- GEO: Sep 2021 ₹2.5K Cr | Dec 2021 ₹2.6K Cr | Mar 2022 ₹2.5K Cr | Jun 2022 ₹2.4K Cr | Sep 2022 ₹2.0K Cr | Dec 2022 ₹2.0K Cr | Mar 2023 ₹1.9K Cr | Jun 2023 ₹1.9K Cr | Sep 2023 ₹1.8K Cr | Dec 2023 ₹1.8K Cr | Mar 2024 ₹1.7K Cr | Jun 2024 ₹1.8K Cr | Sep 2024 ₹1.7K Cr | Dec 2024 — | Mar 2025 ₹1.7K Cr | Jun 2025 ₹1.7K Cr | Sep 2025 ₹1.4K Cr | Dec 2025 ₹1.7K Cr | Mar 2026 ₹1.6K Cr | Jun 2026 —
- CXW: Sep 2021 ₹1.2K Cr | Dec 2021 ₹1.2K Cr | Mar 2022 ₹1.1K Cr | Jun 2022 ₹1.2K Cr | Sep 2022 ₹1.1K Cr | Dec 2022 ₹1.1K Cr | Mar 2023 ₹1.1K Cr | Jun 2023 ₹1.0K Cr | Sep 2023 ₹966 Cr | Dec 2023 ₹973 Cr | Mar 2024 ₹984 Cr | Jun 2024 ₹959 Cr | Sep 2024 ₹884 Cr | Dec 2024 ₹878 Cr | Mar 2025 ₹909 Cr | Jun 2025 ₹889 Cr | Sep 2025 ₹986 Cr | Dec 2025 ₹1.1K Cr | Mar 2026 ₹1.2K Cr | Jun 2026 —
- NSSC: Sep 2021 ₹-36 Cr | Dec 2021 ₹-40 Cr | Mar 2022 ₹-40 Cr | Jun 2022 ₹-40 Cr | Sep 2022 ₹-38 Cr | Dec 2022 ₹-41 Cr | Mar 2023 ₹-51 Cr | Jun 2023 ₹-61 Cr | Sep 2023 ₹-69 Cr | Dec 2023 ₹-73 Cr | Mar 2024 ₹-82 Cr | Jun 2024 ₹-92 Cr | Sep 2024 ₹-97 Cr | Dec 2024 ₹-94 Cr | Mar 2025 ₹-84 Cr | Jun 2025 ₹-94 Cr | Sep 2025 ₹-101 Cr | Dec 2025 ₹-110 Cr | Mar 2026 ₹-120 Cr | Jun 2026 —
- EVLV: Sep 2021 ₹-319 Cr | Dec 2021 ₹-297 Cr | Mar 2022 ₹-258 Cr | Jun 2022 ₹-231 Cr | Sep 2022 ₹-207 Cr | Dec 2022 ₹-198 Cr | Mar 2023 ₹-179 Cr | Jun 2023 ₹-155 Cr | Sep 2023 ₹-137 Cr | Dec 2023 ₹-117 Cr | Mar 2024 ₹-78 Cr | Jun 2024 ₹-54 Cr | Sep 2024 ₹-41 Cr | Dec 2024 ₹-37 Cr | Mar 2025 ₹-21 Cr | Jun 2025 ₹-23 Cr | Sep 2025 ₹-14 Cr | Dec 2025 ₹-27 Cr | Mar 2026 ₹-19 Cr | Jun 2026 —
- MG: Sep 2021 ₹207 Cr | Dec 2021 ₹192 Cr | Mar 2022 ₹202 Cr | Jun 2022 ₹195 Cr | Sep 2022 ₹197 Cr | Dec 2022 ₹185 Cr | Mar 2023 ₹188 Cr | Jun 2023 ₹183 Cr | Sep 2023 ₹198 Cr | Dec 2023 ₹189 Cr | Mar 2024 ₹197 Cr | Jun 2024 ₹198 Cr | Sep 2024 ₹185 Cr | Dec 2024 ₹172 Cr | Mar 2025 ₹174 Cr | Jun 2025 ₹191 Cr | Sep 2025 ₹195 Cr | Dec 2025 ₹174 Cr | Mar 2026 ₹181 Cr | Jun 2026 —
- CIX: Sep 2021 ₹-76 Cr | Dec 2021 ₹-77 Cr | Mar 2022 ₹-70 Cr | Jun 2022 ₹-70 Cr | Sep 2022 ₹-53 Cr | Dec 2022 ₹-60 Cr | Mar 2023 ₹-61 Cr | Jun 2023 ₹-65 Cr | Sep 2023 ₹-64 Cr | Dec 2023 ₹-77 Cr | Mar 2024 ₹-76 Cr | Jun 2024 ₹-82 Cr | Sep 2024 ₹-59 Cr | Dec 2024 ₹-61 Cr | Mar 2025 ₹-56 Cr | Jun 2025 ₹-56 Cr | Sep 2025 ₹-46 Cr | Dec 2025 ₹-54 Cr | Mar 2026 ₹-48 Cr | Jun 2026 —
- NL: Sep 2021 ₹-144 Cr | Dec 2021 ₹-149 Cr | Mar 2022 ₹-147 Cr | Jun 2022 ₹-153 Cr | Sep 2022 ₹-130 Cr | Dec 2022 ₹-141 Cr | Mar 2023 ₹-146 Cr | Jun 2023 ₹-156 Cr | Sep 2023 ₹-148 Cr | Dec 2023 ₹-167 Cr | Mar 2024 ₹-170 Cr | Jun 2024 ₹-181 Cr | Sep 2024 ₹-175 Cr | Dec 2024 ₹-183 Cr | Mar 2025 ₹-130 Cr | Jun 2025 ₹-131 Cr | Sep 2025 ₹-122 Cr | Dec 2025 ₹-113 Cr | Mar 2026 ₹-104 Cr | Jun 2026 —
- BAER: Sep 2021 ₹44 Cr | Dec 2021 ₹44 Cr | Mar 2022 — | Jun 2022 — | Sep 2022 ₹103 Cr | Dec 2022 ₹112 Cr | Mar 2023 ₹163 Cr | Jun 2023 ₹183 Cr | Sep 2023 ₹181 Cr | Dec 2023 ₹177 Cr | Mar 2024 ₹198 Cr | Jun 2024 ₹190 Cr | Sep 2024 ₹170 Cr | Dec 2024 ₹160 Cr | Mar 2025 ₹182 Cr | Jun 2025 ₹182 Cr | Sep 2025 ₹147 Cr | Dec 2025 ₹214 Cr | Mar 2026 ₹243 Cr | Jun 2026 —

## Return On Capital Employed

What the numbers say: Allegion plc leads ROCE at 5.8%, 0.7 percentage points above Brady Corporation. Evolv Technologies Holdings, Inc. has the strongest latest improvement at +2.9 percentage points. Read the leader beside the density of its reported history: a sparse high return is a candidate; a repeated high return is evidence of durability.

Investor read: Allegion plc sets the level benchmark; use the change leader as an inflection watch only after another comparable report confirms it.

This conclusion weakens if: The next two comparable reports reverse the current roce change signal.

Evidence: Allegion plc · 5.8% | 13.7% versus #2 · Brady Corporation | 4/8 recent comparable periods | 14/14 companies · 258 observations

Definition: ROCE asks how much operating return the business earns on the capital employed. Direction matters, but a single exceptional year should not be mistaken for durability.

### ROCE — highest
1. Allegion plc (ALLE): 5.8%
2. Brady Corporation (BRC): 5.1%
3. CompX International Inc. (CIX): 4.9%
4. MSA Safety Incorporated (MSA): 4.4%
5. Bridger Aerospace Group Holdings, Inc. (BAER): 3.0%

### ROCE change — fastest improvers
1. Evolv Technologies Holdings, Inc. (EVLV): +2.9 pp
2. Mistras Group, Inc. (MG): +1.3 pp
3. CompX International Inc. (CIX): +1.2 pp
4. The GEO Group, Inc. (GEO): +0.8 pp
5. CoreCivic, Inc. (CXW): +0.6 pp

### 20-quarter ROCE history
- ALLE: Sep 2021 5.7% | Dec 2021 4.6% | Mar 2022 4.8% | Jun 2022 5.3% | Sep 2022 5.8% | Dec 2022 5.6% | Mar 2023 5.8% | Jun 2023 5.6% | Sep 2023 5.7% | Dec 2023 4.9% | Mar 2024 5.1% | Jun 2024 5.8% | Sep 2024 5.8% | Dec 2024 5.3% | Mar 2025 5.5% | Jun 2025 5.5% | Sep 2025 5.6% | Dec 2025 5.1% | Mar 2026 4.6% | Jun 2026 5.8%
- MSA: Sep 2021 1.9% | Dec 2021 -4.8% | Mar 2022 2.3% | Jun 2022 3.3% | Sep 2022 3.2% | Dec 2022 3.4% | Mar 2023 -3.0% | Jun 2023 4.8% | Sep 2023 4.8% | Dec 2023 5.3% | Mar 2024 4.3% | Jun 2024 5.3% | Sep 2024 4.8% | Dec 2024 6.3% | Mar 2025 4.1% | Jun 2025 4.1% | Sep 2025 4.5% | Dec 2025 5.4% | Mar 2026 4.4% | Jun 2026 —
- ADT: Sep 2021 0.2% | Dec 2021 0.1% | Mar 2022 0.5% | Jun 2022 1.4% | Sep 2022 0.0% | Dec 2022 3.0% | Mar 2023 -0.2% | Jun 2023 2.2% | Sep 2023 2.0% | Dec 2023 2.1% | Mar 2024 1.9% | Jun 2024 1.9% | Sep 2024 2.2% | Dec 2024 2.1% | Mar 2025 2.2% | Jun 2025 2.4% | Sep 2025 2.1% | Dec 2025 2.2% | Mar 2026 2.2% | Jun 2026 —
- BCO: Sep 2021 1.9% | Dec 2021 3.7% | Mar 2022 1.5% | Jun 2022 2.2% | Sep 2022 1.4% | Dec 2022 3.2% | Mar 2023 1.8% | Jun 2023 2.3% | Sep 2023 3.0% | Dec 2023 2.2% | Mar 2024 2.6% | Jun 2024 2.4% | Sep 2024 2.3% | Dec 2024 2.2% | Mar 2025 2.5% | Jun 2025 2.7% | Sep 2025 3.1% | Dec 2025 3.7% | Mar 2026 2.2% | Jun 2026 —
- BRC: Sep 2021 — | Dec 2021 4.2% | Mar 2022 4.0% | Jun 2022 4.9% | Sep 2022 4.7% | Dec 2022 4.6% | Mar 2023 4.2% | Jun 2023 5.6% | Sep 2023 5.5% | Dec 2023 5.3% | Mar 2024 4.7% | Jun 2024 5.5% | Sep 2024 5.6% | Dec 2024 4.8% | Mar 2025 4.1% | Jun 2025 5.3% | Sep 2025 4.5% | Dec 2025 4.9% | Mar 2026 4.4% | Jun 2026 5.1%
- GEO: Sep 2021 1.9% | Dec 2021 1.9% | Mar 2022 2.0% | Jun 2022 2.3% | Sep 2022 2.6% | Dec 2022 2.9% | Mar 2023 2.5% | Jun 2023 2.5% | Sep 2023 2.5% | Dec 2023 2.5% | Mar 2024 2.4% | Jun 2024 2.4% | Sep 2024 2.5% | Dec 2024 4.2% | Mar 2025 1.9% | Jun 2025 2.3% | Sep 2025 1.2% | Dec 2025 4.8% | Mar 2026 2.7% | Jun 2026 —
- CXW: Sep 2021 1.7% | Dec 2021 2.0% | Mar 2022 1.4% | Jun 2022 1.4% | Sep 2022 1.0% | Dec 2022 1.7% | Mar 2023 1.3% | Jun 2023 1.3% | Sep 2023 1.3% | Dec 2023 1.9% | Mar 2024 2.0% | Jun 2024 1.8% | Sep 2024 1.6% | Dec 2024 1.4% | Mar 2025 1.8% | Jun 2025 2.4% | Sep 2025 1.9% | Dec 2025 2.0% | Mar 2026 2.4% | Jun 2026 —
- NSSC: Sep 2021 4.1% | Dec 2021 1.2% | Mar 2022 4.3% | Jun 2022 7.3% | Sep 2022 3.1% | Dec 2022 3.6% | Mar 2023 8.3% | Jun 2023 8.8% | Sep 2023 8.3% | Dec 2023 9.4% | Mar 2024 9.3% | Jun 2024 8.4% | Sep 2024 7.0% | Dec 2024 6.5% | Mar 2025 6.5% | Jun 2025 6.7% | Sep 2025 7.4% | Dec 2025 8.0% | Mar 2026 -0.7% | Jun 2026 —
- EVLV: Sep 2021 -10% | Dec 2021 -12% | Mar 2022 -9.7% | Jun 2022 -11% | Sep 2022 -8.2% | Dec 2022 -8.7% | Mar 2023 -7.8% | Jun 2023 -8.8% | Sep 2023 -8.3% | Dec 2023 -8.8% | Mar 2024 -9.6% | Jun 2024 -10% | Sep 2024 -9.2% | Dec 2024 -9.8% | Mar 2025 -7.9% | Jun 2025 -11% | Sep 2025 -4.6% | Dec 2025 -4.5% | Mar 2026 -5.0% | Jun 2026 —
- MG: Sep 2021 2.0% | Dec 2021 0.5% | Mar 2022 -1.0% | Jun 2022 2.2% | Sep 2022 2.2% | Dec 2022 1.2% | Mar 2023 -0.4% | Jun 2023 0.9% | Sep 2023 -1.1% | Dec 2023 0.2% | Mar 2024 1.3% | Jun 2024 2.8% | Sep 2024 2.8% | Dec 2024 2.5% | Mar 2025 -0.2% | Jun 2025 1.9% | Sep 2025 4.5% | Dec 2025 3.0% | Mar 2026 1.1% | Jun 2026 —
- CIX: Sep 2021 3.0% | Dec 2021 2.2% | Mar 2022 3.6% | Jun 2022 4.4% | Sep 2022 3.5% | Dec 2022 3.2% | Mar 2023 4.1% | Jun 2023 2.5% | Sep 2023 4.0% | Dec 2023 4.5% | Mar 2024 2.2% | Jun 2024 3.0% | Sep 2024 2.1% | Dec 2024 3.1% | Mar 2025 3.7% | Jun 2025 3.9% | Sep 2025 3.3% | Dec 2025 3.9% | Mar 2026 4.9% | Jun 2026 —
- NL: Sep 2021 0.4% | Dec 2021 0.2% | Mar 2022 0.7% | Jun 2022 0.7% | Sep 2022 0.6% | Dec 2022 0.4% | Mar 2023 0.7% | Jun 2023 0.2% | Sep 2023 0.7% | Dec 2023 0.9% | Mar 2024 0.2% | Jun 2024 0.1% | Sep 2024 0.4% | Dec 2024 6.5% | Mar 2025 0.6% | Jun 2025 0.5% | Sep 2025 0.4% | Dec 2025 0.6% | Mar 2026 0.9% | Jun 2026 —
- BAER: Sep 2021 0.0% | Dec 2021 -3.0% | Mar 2022 — | Jun 2022 — | Sep 2022 0.8% | Dec 2022 -5.3% | Mar 2023 -33% | Jun 2023 -12% | Sep 2023 7.8% | Dec 2023 -9.8% | Mar 2024 -6.4% | Jun 2024 -1.9% | Sep 2024 12% | Dec 2024 -2.9% | Mar 2025 2.9% | Jun 2025 2.2% | Sep 2025 14% | Dec 2025 -6.5% | Mar 2026 3.0% | Jun 2026 —
- YOOV: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 0.0% | Dec 2022 0.0% | Mar 2023 — | Jun 2023 — | Sep 2023 2.1% | Dec 2023 2.1% | Mar 2024 -1,477% | Jun 2024 -1,477% | Sep 2024 6.0% | Dec 2024 6.0% | Mar 2025 -22% | Jun 2025 -22% | Sep 2025 -92% | Dec 2025 -92% | Mar 2026 — | Jun 2026 —

### 20-quarter ROCE change history
- ALLE: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +0.1 pp | Dec 2022 +1.0 pp | Mar 2023 +1.0 pp | Jun 2023 +0.3 pp | Sep 2023 −0.1 pp | Dec 2023 −0.7 pp | Mar 2024 −0.7 pp | Jun 2024 +0.2 pp | Sep 2024 +0.1 pp | Dec 2024 +0.4 pp | Mar 2025 +0.4 pp | Jun 2025 −0.3 pp | Sep 2025 −0.2 pp | Dec 2025 −0.2 pp | Mar 2026 −0.9 pp | Jun 2026 +0.3 pp
- MSA: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +1.3 pp | Dec 2022 +8.2 pp | Mar 2023 −5.3 pp | Jun 2023 +1.5 pp | Sep 2023 +1.6 pp | Dec 2023 +1.9 pp | Mar 2024 +7.3 pp | Jun 2024 +0.5 pp | Sep 2024 0.0 pp | Dec 2024 +1.0 pp | Mar 2025 −0.2 pp | Jun 2025 −1.2 pp | Sep 2025 −0.3 pp | Dec 2025 −0.9 pp | Mar 2026 +0.3 pp | Jun 2026 —
- ADT: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −0.2 pp | Dec 2022 +2.9 pp | Mar 2023 −0.7 pp | Jun 2023 +0.8 pp | Sep 2023 +2.0 pp | Dec 2023 −0.9 pp | Mar 2024 +2.1 pp | Jun 2024 −0.3 pp | Sep 2024 +0.2 pp | Dec 2024 0.0 pp | Mar 2025 +0.3 pp | Jun 2025 +0.5 pp | Sep 2025 −0.1 pp | Dec 2025 +0.1 pp | Mar 2026 0.0 pp | Jun 2026 —
- BCO: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −0.5 pp | Dec 2022 −0.5 pp | Mar 2023 +0.3 pp | Jun 2023 +0.1 pp | Sep 2023 +1.6 pp | Dec 2023 −1.0 pp | Mar 2024 +0.8 pp | Jun 2024 +0.1 pp | Sep 2024 −0.7 pp | Dec 2024 0.0 pp | Mar 2025 −0.1 pp | Jun 2025 +0.3 pp | Sep 2025 +0.8 pp | Dec 2025 +1.5 pp | Mar 2026 −0.3 pp | Jun 2026 —
- BRC: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 +0.4 pp | Mar 2023 +0.2 pp | Jun 2023 +0.7 pp | Sep 2023 +0.8 pp | Dec 2023 +0.7 pp | Mar 2024 +0.5 pp | Jun 2024 −0.1 pp | Sep 2024 +0.1 pp | Dec 2024 −0.5 pp | Mar 2025 −0.6 pp | Jun 2025 −0.2 pp | Sep 2025 −1.1 pp | Dec 2025 +0.1 pp | Mar 2026 +0.3 pp | Jun 2026 −0.2 pp
- GEO: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +0.7 pp | Dec 2022 +1.0 pp | Mar 2023 +0.5 pp | Jun 2023 +0.2 pp | Sep 2023 −0.1 pp | Dec 2023 −0.4 pp | Mar 2024 −0.1 pp | Jun 2024 −0.1 pp | Sep 2024 0.0 pp | Dec 2024 +1.7 pp | Mar 2025 −0.5 pp | Jun 2025 −0.1 pp | Sep 2025 −1.3 pp | Dec 2025 +0.6 pp | Mar 2026 +0.8 pp | Jun 2026 —
- CXW: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −0.7 pp | Dec 2022 −0.3 pp | Mar 2023 −0.1 pp | Jun 2023 −0.1 pp | Sep 2023 +0.3 pp | Dec 2023 +0.2 pp | Mar 2024 +0.7 pp | Jun 2024 +0.5 pp | Sep 2024 +0.3 pp | Dec 2024 −0.5 pp | Mar 2025 −0.2 pp | Jun 2025 +0.6 pp | Sep 2025 +0.3 pp | Dec 2025 +0.6 pp | Mar 2026 +0.6 pp | Jun 2026 —
- NSSC: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −1.0 pp | Dec 2022 +2.4 pp | Mar 2023 +4.0 pp | Jun 2023 +1.5 pp | Sep 2023 +5.2 pp | Dec 2023 +5.8 pp | Mar 2024 +1.0 pp | Jun 2024 −0.4 pp | Sep 2024 −1.3 pp | Dec 2024 −2.9 pp | Mar 2025 −2.8 pp | Jun 2025 −1.7 pp | Sep 2025 +0.4 pp | Dec 2025 +1.5 pp | Mar 2026 −7.2 pp | Jun 2026 —
- EVLV: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +2.2 pp | Dec 2022 +2.8 pp | Mar 2023 +1.9 pp | Jun 2023 +2.1 pp | Sep 2023 −0.1 pp | Dec 2023 −0.1 pp | Mar 2024 −1.8 pp | Jun 2024 −1.6 pp | Sep 2024 −0.9 pp | Dec 2024 −1.0 pp | Mar 2025 +1.7 pp | Jun 2025 −0.3 pp | Sep 2025 +4.6 pp | Dec 2025 +5.3 pp | Mar 2026 +2.9 pp | Jun 2026 —
- MG: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +0.2 pp | Dec 2022 +0.7 pp | Mar 2023 +0.6 pp | Jun 2023 −1.3 pp | Sep 2023 −3.3 pp | Dec 2023 −1.0 pp | Mar 2024 +1.7 pp | Jun 2024 +1.9 pp | Sep 2024 +3.9 pp | Dec 2024 +2.3 pp | Mar 2025 −1.5 pp | Jun 2025 −0.9 pp | Sep 2025 +1.7 pp | Dec 2025 +0.5 pp | Mar 2026 +1.3 pp | Jun 2026 —
- CIX: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +0.5 pp | Dec 2022 +1.0 pp | Mar 2023 +0.5 pp | Jun 2023 −1.9 pp | Sep 2023 +0.5 pp | Dec 2023 +1.3 pp | Mar 2024 −1.9 pp | Jun 2024 +0.5 pp | Sep 2024 −1.9 pp | Dec 2024 −1.4 pp | Mar 2025 +1.5 pp | Jun 2025 +0.9 pp | Sep 2025 +1.2 pp | Dec 2025 +0.8 pp | Mar 2026 +1.2 pp | Jun 2026 —
- NL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +0.2 pp | Dec 2022 +0.2 pp | Mar 2023 0.0 pp | Jun 2023 −0.5 pp | Sep 2023 +0.1 pp | Dec 2023 +0.5 pp | Mar 2024 −0.5 pp | Jun 2024 −0.1 pp | Sep 2024 −0.3 pp | Dec 2024 +5.6 pp | Mar 2025 +0.4 pp | Jun 2025 +0.4 pp | Sep 2025 0.0 pp | Dec 2025 −5.9 pp | Mar 2026 +0.3 pp | Jun 2026 —
- BAER: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +0.8 pp | Dec 2022 −2.3 pp | Mar 2023 — | Jun 2023 — | Sep 2023 +7.0 pp | Dec 2023 −4.5 pp | Mar 2024 +26.7 pp | Jun 2024 +10.0 pp | Sep 2024 +3.9 pp | Dec 2024 +6.9 pp | Mar 2025 +9.3 pp | Jun 2025 +4.1 pp | Sep 2025 +1.9 pp | Dec 2025 −3.6 pp | Mar 2026 +0.1 pp | Jun 2026 —
- YOOV: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 +2.1 pp | Dec 2023 +2.1 pp | Mar 2024 — | Jun 2024 — | Sep 2024 +3.9 pp | Dec 2024 +3.9 pp | Mar 2025 +1,455.6 pp | Jun 2025 +1,455.6 pp | Sep 2025 −98.2 pp | Dec 2025 −98.2 pp | Mar 2026 — | Jun 2026 —

## Valuation Against Growth & Quality

What the numbers say: The GEO Group, Inc. has the lowest comparable Guarded PEG at 0.4×, 7% below CoreCivic, Inc.. Only 9 of 14 companies pass the guard, so no broad “cheapest stock” conclusion is defensible unless the current multiple, own-history position and growth durability agree.

Investor read: Treat valuation as permission to investigate, never as a standalone reason to buy.

This conclusion weakens if: The next two comparable reports reverse the current p/e signal.

Evidence: The GEO Group, Inc. · 0.4× | 7% versus #2 · CoreCivic, Inc. | 0/8 recent comparable periods | 9/14 companies · 51 observations

Definition: PEG is shown only when earnings are positive and three-year EPS growth is between 5% and 60%. It is recomputed consistently as the trailing P/E divided by that growth rate — reported earnings, never an expected-earnings multiple. On Indian companies it is shown only where the two data sources reconciled. A missing PEG is more honest than a low-base fiction.

### Guarded PEG — lowest PEG
1. The GEO Group, Inc. (GEO): 0.4
2. CoreCivic, Inc. (CXW): 0.4
3. Mistras Group, Inc. (MG): 0.4
4. ADT Inc. (ADT): 0.6
5. CompX International Inc. (CIX): 1.2

### P/E — lowest P/E
1. Concorde International Group Ltd. (YOOV): 5.2 — older report
2. The GEO Group, Inc. (GEO): 8.5
3. ADT Inc. (ADT): 9.3
4. CompX International Inc. (CIX): 14.2
5. CoreCivic, Inc. (CXW): 15.4

### 20-quarter Guarded PEG history
- ALLE: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 3.0 | Jun 2023 1.6 | Sep 2023 0.6 | Dec 2023 1.2 | Mar 2024 2.1 | Jun 2024 2.5 | Sep 2024 — | Dec 2024 1.7 | Mar 2025 1.1 | Jun 2025 1.4 | Sep 2025 1.8 | Dec 2025 2.4 | Mar 2026 — | Jun 2026 —
- MSA: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 2.7 | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —
- ADT: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 0.5 | Sep 2025 0.4 | Dec 2025 1.9 | Mar 2026 0.6 | Jun 2026 —
- BCO: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 5.8 | Jun 2024 1.6 | Sep 2024 — | Dec 2024 — | Mar 2025 0.6 | Jun 2025 1.0 | Sep 2025 0.6 | Dec 2025 0.8 | Mar 2026 1.5 | Jun 2026 —
- BRC: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 0.6 | Sep 2023 0.7 | Dec 2023 0.6 | Mar 2024 0.7 | Jun 2024 0.8 | Sep 2024 1.1 | Dec 2024 1.7 | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 3.0 | Jun 2026 2.2
- CXW: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 0.3 | Jun 2023 0.2 | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 1.1 | Dec 2024 — | Mar 2025 0.8 | Jun 2025 0.4 | Sep 2025 0.4 | Dec 2025 — | Mar 2026 — | Jun 2026 —
- NSSC: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 1.6 | Jun 2023 1.3 | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 0.6 | Dec 2024 2.3 | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —
- MG: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 0.4 | Jun 2026 —
- CIX: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 0.3 | Jun 2023 1.5 | Sep 2023 1.3 | Dec 2023 1.7 | Mar 2024 — | Jun 2024 2.3 | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 0.9 | Mar 2026 1.2 | Jun 2026 —
- NL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 0.7 | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —

### 20-quarter P/E history
- ALLE: Sep 2021 26.0 | Dec 2021 24.8 | Mar 2022 21.1 | Jun 2022 18.8 | Sep 2022 18.3 | Dec 2022 20.3 | Mar 2023 19.3 | Jun 2023 20.5 | Sep 2023 16.5 | Dec 2023 20.7 | Mar 2024 22.0 | Jun 2024 18.8 | Sep 2024 22.4 | Dec 2024 19.2 | Mar 2025 18.3 | Jun 2025 20.0 | Sep 2025 24.0 | Dec 2025 21.4 | Mar 2026 19.9 | Jun 2026 18.4
- MSA: Sep 2021 58.8 | Dec 2021 279.6 | Mar 2022 260.2 | Jun 2022 112.1 | Sep 2022 65.1 | Dec 2022 31.6 | Mar 2023 — | Jun 2023 669.1 | Sep 2023 204.7 | Dec 2023 114.1 | Mar 2024 28.7 | Jun 2024 27.3 | Sep 2024 25.6 | Dec 2024 23.0 | Mar 2025 20.2 | Jun 2025 23.9 | Sep 2025 24.3 | Dec 2025 22.6 | Mar 2026 22.2 | Jun 2026 —
- ADT: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 27.5 | Mar 2023 — | Jun 2023 603.0 | Sep 2023 18.2 | Dec 2023 14.5 | Mar 2024 11.2 | Jun 2024 14.1 | Sep 2024 13.4 | Dec 2024 10.5 | Mar 2025 13.3 | Jun 2025 12.6 | Sep 2025 12.4 | Dec 2025 11.9 | Mar 2026 9.3 | Jun 2026 —
- BCO: Sep 2021 39.6 | Dec 2021 31.8 | Mar 2022 20.6 | Jun 2022 17.1 | Sep 2022 13.5 | Dec 2022 14.8 | Mar 2023 27.0 | Jun 2023 28.0 | Sep 2023 24.4 | Dec 2023 47.0 | Mar 2024 35.3 | Jun 2024 34.6 | Sep 2024 43.8 | Dec 2024 25.6 | Mar 2025 23.4 | Jun 2025 24.1 | Sep 2025 29.9 | Dec 2025 24.9 | Mar 2026 24.2 | Jun 2026 —
- BRC: Sep 2021 — | Dec 2021 20.8 | Mar 2022 20.3 | Jun 2022 17.0 | Sep 2022 16.5 | Dec 2022 15.1 | Mar 2023 17.0 | Jun 2023 15.4 | Sep 2023 14.7 | Dec 2023 14.0 | Mar 2024 15.7 | Jun 2024 15.1 | Sep 2024 17.6 | Dec 2024 17.5 | Mar 2025 18.6 | Jun 2025 17.4 | Sep 2025 17.9 | Dec 2025 18.6 | Mar 2026 20.3 | Jun 2026 18.6
- GEO: Sep 2021 7.2 | Dec 2021 13.4 | Mar 2022 17.4 | Jun 2022 14.4 | Sep 2022 16.0 | Dec 2022 9.4 | Mar 2023 7.2 | Jun 2023 7.7 | Sep 2023 9.9 | Dec 2023 15.0 | Mar 2024 21.1 | Jun 2024 65.3 | Sep 2024 51.4 | Dec 2024 127.2 | Mar 2025 153.7 | Jun 2025 36.9 | Sep 2025 12.1 | Dec 2025 8.9 | Mar 2026 8.5 | Jun 2026 —
- CXW: Sep 2021 — | Dec 2021 — | Mar 2022 14.5 | Jun 2022 15.2 | Sep 2022 8.3 | Dec 2022 11.2 | Mar 2023 9.3 | Jun 2023 9.1 | Sep 2023 19.7 | Dec 2023 24.6 | Mar 2024 27.9 | Jun 2024 21.6 | Sep 2024 18.9 | Dec 2024 35.1 | Mar 2025 26.7 | Jun 2025 22.4 | Sep 2025 20.6 | Dec 2025 17.7 | Mar 2026 15.4 | Jun 2026 —
- NSSC: Sep 2021 37.8 | Dec 2021 49.0 | Mar 2022 42.8 | Jun 2022 38.9 | Sep 2022 72.7 | Dec 2022 57.3 | Mar 2023 57.8 | Jun 2023 47.5 | Sep 2023 23.9 | Dec 2023 29.5 | Mar 2024 31.9 | Jun 2024 38.8 | Sep 2024 29.8 | Dec 2024 27.4 | Mar 2025 18.9 | Jun 2025 25.0 | Sep 2025 34.9 | Dec 2025 31.4 | Mar 2026 37.9 | Jun 2026 —
- MG: Sep 2021 72.6 | Dec 2021 57.2 | Mar 2022 50.9 | Jun 2022 74.3 | Sep 2022 40.6 | Dec 2022 23.5 | Mar 2023 32.3 | Jun 2023 110.3 | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 32.5 | Dec 2024 15.1 | Mar 2025 22.5 | Jun 2025 21.7 | Sep 2025 17.0 | Dec 2025 23.9 | Mar 2026 21.1 | Jun 2026 —
- CIX: Sep 2021 16.6 | Dec 2021 16.8 | Mar 2022 17.4 | Jun 2022 15.7 | Sep 2022 10.5 | Dec 2022 10.9 | Mar 2023 10.2 | Jun 2023 13.5 | Sep 2023 11.1 | Dec 2023 13.7 | Mar 2024 20.8 | Jun 2024 14.4 | Sep 2024 19.2 | Dec 2024 19.4 | Mar 2025 14.2 | Jun 2025 17.6 | Sep 2025 14.9 | Dec 2025 14.7 | Mar 2026 14.2 | Jun 2026 —
- NL: Sep 2021 6.9 | Dec 2021 7.1 | Mar 2022 6.2 | Jun 2022 6.5 | Sep 2022 6.8 | Dec 2022 9.9 | Mar 2023 35.7 | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 30.5 | Jun 2024 13.1 | Sep 2024 6.2 | Dec 2024 5.6 | Mar 2025 6.3 | Jun 2025 5.8 | Sep 2025 30.8 | Dec 2025 — | Mar 2026 — | Jun 2026 —
- YOOV: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 8.5 | Sep 2025 5.2 | Dec 2025 — | Mar 2026 — | Jun 2026 —

## Enterprise Value & Book Value

What the numbers say: ADT Inc. leads ev/ebitda at 7.56×; NLI Holdings, Inc. leads p/bv at 0.79×.

Investor read: Treat valuation as permission to investigate, never as a standalone reason to buy.

This conclusion weakens if: The next two comparable reports reverse the current p/bv signal.

Evidence: ADT Inc. · 7.56× | 7.4% versus #2 · CoreCivic, Inc. | 0/8 recent comparable periods | 12/14 companies · 220 observations

Definition: EV/EBITDA includes debt in enterprise value and is useful across different capital structures. P/BV prices the company against its own book. Both are market multiples on reported figures, not intrinsic-value estimates and not forecasts.

### EV/EBITDA — lowest EV/EBITDA
1. ADT Inc. (ADT): 7.6
2. CoreCivic, Inc. (CXW): 8.2
3. The Brink's Company (BCO): 8.4
4. CompX International Inc. (CIX): 8.8
5. The GEO Group, Inc. (GEO): 9.1

### P/BV — lowest P/BV
1. NLI Holdings, Inc. (NL): 0.8
2. CoreCivic, Inc. (CXW): 1.3
3. ADT Inc. (ADT): 1.4
4. The GEO Group, Inc. (GEO): 1.5
5. Mistras Group, Inc. (MG): 2.0

### 20-quarter EV/EBITDA history
- ALLE: Sep 2021 21.2 | Dec 2021 20.8 | Mar 2022 18.0 | Jun 2022 16.2 | Sep 2022 15.6 | Dec 2022 16.2 | Mar 2023 15.1 | Jun 2023 15.5 | Sep 2023 13.2 | Dec 2023 15.9 | Mar 2024 16.8 | Jun 2024 14.6 | Sep 2024 16.7 | Dec 2024 14.2 | Mar 2025 13.8 | Jun 2025 14.7 | Sep 2025 17.7 | Dec 2025 15.4 | Mar 2026 14.3 | Jun 2026 13.2
- MSA: Sep 2021 34.1 | Dec 2021 87.3 | Mar 2022 75.3 | Jun 2022 50.3 | Sep 2022 35.0 | Dec 2022 20.6 | Mar 2023 31.1 | Jun 2023 33.1 | Sep 2023 26.3 | Dec 2023 24.5 | Mar 2024 18.7 | Jun 2024 17.9 | Sep 2024 17.0 | Dec 2024 15.2 | Mar 2025 13.6 | Jun 2025 16.3 | Sep 2025 16.3 | Dec 2025 15.1 | Mar 2026 14.8 | Jun 2026 —
- ADT: Sep 2021 6.6 | Dec 2021 9.0 | Mar 2022 8.2 | Jun 2022 7.1 | Sep 2022 8.0 | Dec 2022 7.4 | Mar 2023 7.3 | Jun 2023 6.5 | Sep 2023 5.9 | Dec 2023 5.5 | Mar 2024 5.4 | Jun 2024 5.8 | Sep 2024 5.6 | Dec 2024 5.4 | Mar 2025 8.8 | Jun 2025 8.9 | Sep 2025 5.0 | Dec 2025 4.8 | Mar 2026 7.6 | Jun 2026 —
- BCO: Sep 2021 10.2 | Dec 2021 9.7 | Mar 2022 10.0 | Jun 2022 9.1 | Sep 2022 8.2 | Dec 2022 8.7 | Mar 2023 9.6 | Jun 2023 9.4 | Sep 2023 8.4 | Dec 2023 9.5 | Mar 2024 9.3 | Jun 2024 9.8 | Sep 2024 10.9 | Dec 2024 9.2 | Mar 2025 9.1 | Jun 2025 9.3 | Sep 2025 10.1 | Dec 2025 8.8 | Mar 2026 8.4 | Jun 2026 —
- BRC: Sep 2021 — | Dec 2021 13.4 | Mar 2022 12.9 | Jun 2022 10.6 | Sep 2022 10.6 | Dec 2022 9.8 | Mar 2023 11.1 | Jun 2023 9.9 | Sep 2023 9.5 | Dec 2023 9.1 | Mar 2024 10.6 | Jun 2024 10.1 | Sep 2024 12.0 | Dec 2024 12.4 | Mar 2025 12.9 | Jun 2025 11.9 | Sep 2025 11.9 | Dec 2025 12.5 | Mar 2026 13.5 | Jun 2026 12.3
- GEO: Sep 2021 8.9 | Dec 2021 8.3 | Mar 2022 7.4 | Jun 2022 7.0 | Sep 2022 6.1 | Dec 2022 6.5 | Mar 2023 5.5 | Jun 2023 5.5 | Sep 2023 5.7 | Dec 2023 6.6 | Mar 2024 7.6 | Jun 2024 8.5 | Sep 2024 7.8 | Dec 2024 9.0 | Mar 2025 14.0 | Jun 2025 12.4 | Sep 2025 11.6 | Dec 2025 9.9 | Mar 2026 9.1 | Jun 2026 —
- CXW: Sep 2021 6.7 | Dec 2021 7.5 | Mar 2022 6.7 | Jun 2022 7.2 | Sep 2022 6.8 | Dec 2022 8.2 | Mar 2023 7.1 | Jun 2023 7.2 | Sep 2023 7.7 | Dec 2023 8.8 | Mar 2024 8.7 | Jun 2024 7.4 | Sep 2024 6.9 | Dec 2024 10.4 | Mar 2025 10.2 | Jun 2025 9.7 | Sep 2025 9.6 | Dec 2025 8.7 | Mar 2026 8.2 | Jun 2026 —
- NSSC: Sep 2021 35.7 | Dec 2021 46.7 | Mar 2022 38.9 | Jun 2022 35.8 | Sep 2022 52.9 | Dec 2022 42.9 | Mar 2023 46.6 | Jun 2023 37.6 | Sep 2023 18.6 | Dec 2023 23.8 | Mar 2024 26.0 | Jun 2024 32.6 | Sep 2024 24.7 | Dec 2024 22.4 | Mar 2025 14.6 | Jun 2025 19.9 | Sep 2025 28.4 | Dec 2025 25.6 | Mar 2026 31.0 | Jun 2026 —
- MG: Sep 2021 7.9 | Dec 2021 6.7 | Mar 2022 14.7 | Jun 2022 11.1 | Sep 2022 7.8 | Dec 2022 4.3 | Mar 2023 8.3 | Jun 2023 10.0 | Sep 2023 8.8 | Dec 2023 7.2 | Mar 2024 10.8 | Jun 2024 8.5 | Sep 2024 9.8 | Dec 2024 4.6 | Mar 2025 8.9 | Jun 2025 8.5 | Sep 2025 8.2 | Dec 2025 6.1 | Mar 2026 9.4 | Jun 2026 —
- CIX: Sep 2021 8.0 | Dec 2021 8.3 | Mar 2022 8.9 | Jun 2022 8.1 | Sep 2022 5.3 | Dec 2022 5.7 | Mar 2023 5.4 | Jun 2023 7.6 | Sep 2023 6.0 | Dec 2023 8.0 | Mar 2024 13.3 | Jun 2024 8.3 | Sep 2024 12.9 | Dec 2024 12.6 | Mar 2025 8.7 | Jun 2025 11.2 | Sep 2025 9.5 | Dec 2025 8.9 | Mar 2026 8.8 | Jun 2026 —
- NL: Sep 2021 12.2 | Dec 2021 16.4 | Mar 2022 15.9 | Jun 2022 22.5 | Sep 2022 16.1 | Dec 2022 12.0 | Mar 2023 9.4 | Jun 2023 8.8 | Sep 2023 6.7 | Dec 2023 7.1 | Mar 2024 13.8 | Jun 2024 9.3 | Sep 2024 16.2 | Dec 2024 5.2 | Mar 2025 6.3 | Jun 2025 4.4 | Sep 2025 4.3 | Dec 2025 12.0 | Mar 2026 13.1 | Jun 2026 —
- BAER: Sep 2021 — | Dec 2021 69.2 | Mar 2022 30.7 | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 568.3 | Sep 2024 262.6 | Dec 2024 14.4 | Mar 2025 13.6 | Jun 2025 11.7 | Sep 2025 10.6 | Dec 2025 12.0 | Mar 2026 12.8 | Jun 2026 —

### 20-quarter P/BV history
- ALLE: Sep 2021 13.7 | Dec 2021 15.4 | Mar 2022 13.0 | Jun 2022 11.1 | Sep 2022 10.0 | Dec 2022 9.8 | Mar 2023 9.0 | Jun 2023 9.3 | Sep 2023 7.4 | Dec 2023 8.4 | Mar 2024 8.7 | Jun 2024 7.2 | Sep 2024 8.1 | Dec 2024 7.5 | Mar 2025 7.0 | Jun 2025 6.9 | Sep 2025 7.8 | Dec 2025 6.6 | Mar 2026 5.9 | Jun 2026 5.6
- MSA: Sep 2021 6.9 | Dec 2021 7.1 | Mar 2022 6.1 | Jun 2022 5.7 | Sep 2022 5.1 | Dec 2022 6.1 | Mar 2023 6.8 | Jun 2023 8.2 | Sep 2023 7.1 | Dec 2023 6.9 | Mar 2024 7.7 | Jun 2024 7.2 | Sep 2024 6.4 | Dec 2024 5.7 | Mar 2025 4.8 | Jun 2025 5.3 | Sep 2025 5.2 | Dec 2025 4.6 | Mar 2026 4.7 | Jun 2026 —
- ADT: Sep 2021 2.5 | Dec 2021 2.3 | Mar 2022 2.1 | Jun 2022 1.7 | Sep 2022 2.2 | Dec 2022 2.5 | Mar 2023 2.1 | Jun 2023 1.7 | Sep 2023 1.7 | Dec 2023 1.7 | Mar 2024 1.6 | Jun 2024 1.8 | Sep 2024 1.7 | Dec 2024 1.6 | Mar 2025 1.9 | Jun 2025 1.9 | Sep 2025 2.0 | Dec 2025 1.8 | Mar 2026 1.4 | Jun 2026 —
- BCO: Sep 2021 25.6 | Dec 2021 25.3 | Mar 2022 13.5 | Jun 2022 11.9 | Sep 2022 11.2 | Dec 2022 5.6 | Mar 2023 6.5 | Jun 2023 5.8 | Sep 2023 7.1 | Dec 2023 9.9 | Mar 2024 10.4 | Jun 2024 14.1 | Sep 2024 18.2 | Dec 2024 21.5 | Mar 2025 17.9 | Jun 2025 14.7 | Sep 2025 18.1 | Dec 2025 17.3 | Mar 2026 16.3 | Jun 2026 —
- BRC: Sep 2021 — | Dec 2021 2.8 | Mar 2022 2.8 | Jun 2022 2.5 | Sep 2022 2.6 | Dec 2022 2.5 | Mar 2023 2.7 | Jun 2023 2.5 | Sep 2023 2.5 | Dec 2023 2.5 | Mar 2024 2.8 | Jun 2024 2.7 | Sep 2024 3.2 | Dec 2024 3.1 | Mar 2025 3.2 | Jun 2025 2.9 | Sep 2025 2.8 | Dec 2025 2.9 | Mar 2026 3.1 | Jun 2026 2.9
- GEO: Sep 2021 0.9 | Dec 2021 1.0 | Mar 2022 0.8 | Jun 2022 0.8 | Sep 2022 0.9 | Dec 2022 1.2 | Mar 2023 0.8 | Jun 2023 0.7 | Sep 2023 0.8 | Dec 2023 1.1 | Mar 2024 1.4 | Jun 2024 1.6 | Sep 2024 1.4 | Dec 2024 — | Mar 2025 3.1 | Jun 2025 2.5 | Sep 2025 1.9 | Dec 2025 1.5 | Mar 2026 1.5 | Jun 2026 —
- CXW: Sep 2021 0.8 | Dec 2021 0.9 | Mar 2022 1.0 | Jun 2022 1.0 | Sep 2022 0.7 | Dec 2022 0.9 | Mar 2023 0.7 | Jun 2023 0.7 | Sep 2023 0.9 | Dec 2023 1.1 | Mar 2024 1.2 | Jun 2024 1.0 | Sep 2024 0.9 | Dec 2024 1.6 | Mar 2025 1.5 | Jun 2025 1.5 | Sep 2025 1.5 | Dec 2025 1.4 | Mar 2026 1.3 | Jun 2026 —
- NSSC: Sep 2021 7.8 | Dec 2021 8.9 | Mar 2022 7.1 | Jun 2022 6.7 | Sep 2022 9.1 | Dec 2022 8.3 | Mar 2023 10.5 | Jun 2023 9.1 | Sep 2023 5.5 | Dec 2023 8.0 | Mar 2024 8.8 | Jun 2024 10.7 | Sep 2024 8.3 | Dec 2024 7.4 | Mar 2025 5.1 | Jun 2025 6.3 | Sep 2025 8.7 | Dec 2025 8.1 | Mar 2026 7.9 | Jun 2026 —
- EVLV: Sep 2021 3.0 | Dec 2021 2.2 | Mar 2022 1.4 | Jun 2022 1.5 | Sep 2022 1.2 | Dec 2022 1.7 | Mar 2023 2.3 | Jun 2023 6.2 | Sep 2023 4.7 | Dec 2023 5.0 | Mar 2024 4.9 | Jun 2024 2.6 | Sep 2024 5.0 | Dec 2024 5.4 | Mar 2025 4.2 | Jun 2025 11.5 | Sep 2025 12.8 | Dec 2025 10.5 | Mar 2026 9.0 | Jun 2026 —
- MG: Sep 2021 1.5 | Dec 2021 1.1 | Mar 2022 1.0 | Jun 2022 0.9 | Sep 2022 0.7 | Dec 2022 0.7 | Mar 2023 1.1 | Jun 2023 1.2 | Sep 2023 0.9 | Dec 2023 1.2 | Mar 2024 1.6 | Jun 2024 1.3 | Sep 2024 1.7 | Dec 2024 1.4 | Mar 2025 1.7 | Jun 2025 1.2 | Sep 2025 1.4 | Dec 2025 1.7 | Mar 2026 2.0 | Jun 2026 —
- CIX: Sep 2021 1.5 | Dec 2021 1.6 | Mar 2022 1.7 | Jun 2022 1.6 | Sep 2022 1.3 | Dec 2022 1.4 | Mar 2023 1.4 | Jun 2023 1.7 | Sep 2023 1.4 | Dec 2023 1.8 | Mar 2024 2.5 | Jun 2024 1.8 | Sep 2024 2.5 | Dec 2024 2.2 | Mar 2025 1.7 | Jun 2025 2.2 | Sep 2025 2.1 | Dec 2025 2.1 | Mar 2026 2.0 | Jun 2026 —
- NL: Sep 2021 0.8 | Dec 2021 1.0 | Mar 2022 0.9 | Jun 2022 1.2 | Sep 2022 1.0 | Dec 2022 0.9 | Mar 2023 0.8 | Jun 2023 0.7 | Sep 2023 0.6 | Dec 2023 0.7 | Mar 2024 1.0 | Jun 2024 0.8 | Sep 2024 0.9 | Dec 2024 1.0 | Mar 2025 1.0 | Jun 2025 0.8 | Sep 2025 0.8 | Dec 2025 0.7 | Mar 2026 0.8 | Jun 2026 —
- BAER: Sep 2021 — | Dec 2021 -4.5 | Mar 2022 — | Jun 2022 — | Sep 2022 -1.0 | Dec 2022 -1.0 | Mar 2023 -0.7 | Jun 2023 -0.9 | Sep 2023 -1.3 | Dec 2023 -0.9 | Mar 2024 -0.7 | Jun 2024 -0.6 | Sep 2024 -0.4 | Dec 2024 -0.4 | Mar 2025 -0.2 | Jun 2025 -0.3 | Sep 2025 -0.3 | Dec 2025 -0.3 | Mar 2026 -0.3 | Jun 2026 —
- YOOV: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 79.5 | Sep 2025 17.1 | Dec 2025 12.1 | Mar 2026 — | Jun 2026 —

## Market action

Mistras Group, Inc. has the strongest one-year price move in Security & Protection Services at +96.6%. The GEO Group, Inc. leads on Mansfield relative strength against the S&P 500 at +44%. 5 of 14 covered companies are above zero on that measure. Every line covers 314 weekly closes through 2026-07-28.

### Strongest one-year price performers
1. Mistras Group, Inc. (MG): 97%
2. CoreCivic, Inc. (CXW): 56%
3. Brady Corporation (BRC): 39%
4. The Brink's Company (BCO): 39%
5. CompX International Inc. (CIX): 26%

### Strongest relative strength versus NIFTY 500
1. The GEO Group, Inc. (GEO): 44%
2. CoreCivic, Inc. (CXW): 36%
3. Brady Corporation (BRC): 10%
4. CompX International Inc. (CIX): 8.4%
5. Mistras Group, Inc. (MG): 4.5%

## What can make this comparison misleading?
- A high growth rate can be a low-base artefact. The page keeps level and change separate for that reason.
- A high ROCE can be temporary or flattered by a small capital base. Read it beside margin, cash conversion and reinvestment.
- The 4-Factor Sector Score ranks research priority, not portfolio action. Management quality, catalysts and risks need equally fresh evidence before capital is deployed.
- An “all companies” line chart preserves completeness, but rank changes should be checked against reporting dates before drawing a conclusion.
- 1 company has an older fundamental reporting date than the sector’s freshest reporters; its rank carries a stale marker.

## Every company
- Allegion plc (ALLE) — market value ₹13.7K Cr; latest fundamentals Jun 2026
- MSA Safety Incorporated (MSA) — market value ₹6.9K Cr; latest fundamentals Mar 2026
- ADT Inc. (ADT) — market value ₹5.3K Cr; latest fundamentals Mar 2026
- The Brink's Company (BCO) — market value ₹4.9K Cr; latest fundamentals Mar 2026
- Brady Corporation (BRC) — market value ₹4.6K Cr; latest fundamentals Jun 2026
- The GEO Group, Inc. (GEO) — market value ₹4.0K Cr; latest fundamentals Mar 2026
- CoreCivic, Inc. (CXW) — market value ₹3.0K Cr; latest fundamentals Mar 2026
- Napco Security Technologies, Inc. (NSSC) — market value ₹1.3K Cr; latest fundamentals Mar 2026
- Evolv Technologies Holdings, Inc. (EVLV) — market value ₹1.0K Cr; latest fundamentals Mar 2026
- Mistras Group, Inc. (MG) — market value ₹490 Cr; latest fundamentals Mar 2026
- CompX International Inc. (CIX) — market value ₹346 Cr; latest fundamentals Mar 2026
- NLI Holdings, Inc. (NL) — market value ₹291 Cr; latest fundamentals Mar 2026
- Bridger Aerospace Group Holdings, Inc. (BAER) — market value ₹112 Cr; latest fundamentals Mar 2026
- Concorde International Group Ltd. (YOOV) — market value ₹94 Cr; latest fundamentals Dec 2025

## Methodology and freshness

Fundamentals through Jun 2026; prices through 2026-07-28.
Up to 20 quarters per company. Reported history is normalized to Indian rupees crore. Missing values are not interpolated. Derived metrics are calculated only when their inputs are comparable.

## Frequently asked questions

### Which Security & Protection Services company is the biggest?

ADT Inc. is the largest, with trailing-twelve-month revenue of $10,279 million, ahead of The Brink's Company at $5,390 million. That covers 12 of 14 companies with comparable reporting through Mar 2026.

### Which Security & Protection Services company is growing fastest?

Evolv Technologies Holdings, Inc. has the fastest revenue growth at 42.5% year on year, across 12 of 14 comparable companies. Fast growth off a small base is not the same as proven scale — check whether the rate holds across several quarters on the chart above before treating it as a trend.

### Which Security & Protection Services company has the best profit margins?

Bridger Aerospace Group Holdings, Inc. has the highest operating margin at 96.3%, from 13 of 14 comparable companies. Bridger Aerospace Group Holdings, Inc. shows the biggest recent improvement, at +51.4 percentage points. A high margin matters most when it is holding or rising, not when it is peaking.

### Which Security & Protection Services company makes the most profit?

ADT Inc. earns the most, at $627 million of trailing-twelve-month net profit, from 12 of 14 comparable companies. The GEO Group, Inc. has the fastest profit growth at 100%, though growth off a small or recovering profit base overstates how much has actually changed.

### Which Security & Protection Services company earns the highest return on capital?

Allegion plc leads on return on capital employed at 5.8%, across 14 of 14 companies. Read it beside the length of its reported history: a high return that repeats for years is evidence of a durable business, while a single high reading can be a small capital base or one good year.

### Which Security & Protection Services stock is the cheapest?

On guarded PEG — where a LOWER number is cheaper — The GEO Group, Inc. screens cheapest at 0.4×. Only 9 of 14 companies pass the comparability guard, so this is not a sector-wide "cheapest stock" verdict. Cheap on a multiple is a reason to investigate, never a reason to buy on its own.

### Which Security & Protection Services company has the strongest balance sheet?

CompX International Inc. carries the lowest comparable gross debt at $1 million, from 13 of 14 companies. Absolute rupee debt alone does not settle it, because company scale differs — net debt and debt-to-equity in the chart above carry more information, and a very low-debt balance sheet can also mean under-investment.

### Which Security & Protection Services company is investing most in new capacity?

ADT Inc. reports the largest capital spending at $140 million, across 14 of 14 companies. Spending consumes cash before it earns anything, so treat the ranking as a diligence queue: check commissioning, utilisation and the return earned on the completed assets before reading spend as value creation.

### Is the Security & Protection Services sector beating the market?

Security & Protection Services has outperformed S&P 500 by 7.5% over the last 52 weeks and 1.5% over 13 weeks, measured on an equal-weight index of its current members. Inside the sector, 5 of 14 covered companies are beating the market on their own. Sector strength does not transfer evenly to every stock in it.

### Which Security & Protection Services stock has the strongest price momentum?

The GEO Group, Inc. has the strongest relative strength against S&P 500. Relative strength answers last, after growth, quality and valuation: price can move well before the fundamentals confirm it, and sometimes without them confirming at all.

### Which Security & Protection Services company scores highest for research priority?

The GEO Group, Inc. scores 73.1 out of 100 with 82% evidence confidence, from 25.9 points on growth and earnings, 11 on capital efficiency, 16.2 on valuation and 20 on relative strength. This ranks what deserves work next. It is not a buy recommendation, and management quality, catalysts and risk still need separate research.

### How many Security & Protection Services companies does this comparison cover, and over what period?

It compares 14 listed companies over up to 20 reported quarters of fundamentals and 6 fiscal years of capital allocation, ending Jun 2026, plus weekly price and relative-strength history. Membership is the full sector list — nothing is dropped for having thin data.

### What is the total market cap of the Security & Protection Services sector?

The 14 Security & Protection Services companies on this page carry $46,176 million of combined market value. Allegion plc is the largest at $13,710 million, about 30% of the sector's total on its own. Market value moves with price, so this reading is dated 2026-07-28.

### What is the Security & Protection Services sector's P/E ratio?

The median price-to-earnings ratio across the 14 Security & Protection Services companies on this page is 18.6×, measured on the 12 that report a comparable figure. A sector-level history for this multiple is not held here, so this is a cross-section of today, not a comparison with the sector’s own past. Figures are as of 2026-07-28.

### How is the Security & Protection Services sector performing?

5 of the 14 covered Security & Protection Services companies are beating S&P 500 on Mansfield relative strength. The sector itself is 7.5% ahead of S&P 500 over 52 weeks on an equal-weight index of its current members. Readings are as of 2026-07-28.

### How many Security & Protection Services stocks are listed in the US?

This comparison covers 14 listed Security & Protection Services companies in the US, each above the size floor the site applies. The full ranked list is on this page, with reported fundamentals through Jun 2026. Membership is the full industry list — nothing is dropped for having thin data.

### Why are some values on this page blank?

A blank means that company did not report a comparable figure for that period, so nothing is shown. Missing observations are never interpolated, carried forward, or replaced with a similar-looking accounting line, and a company with missing evidence has its research score pulled toward neutral rather than being scored as bad.

### Is this investment advice?

No. Every figure here is a deterministic calculation from reported company filings and market data, published for research. It contains no recommendation to buy or sell any security, does not account for your circumstances, and is not a substitute for advice from a licensed adviser.

Narrative sector analysis: https://www.sectoralpha.in/sectors/security-protection-services