# Specialty Business Services — company-by-company sector analysis > Specialty Business Services: ABM Industries Incorporated owns the largest revenue base; Resolute Holdings Management, Inc. has the fastest current growth. Sector Alpha — machine-written from the numbers. Data as of 2026-07-28. Not investment advice. ## Bottom line Specialty Business Services has outperformed S&P 500 by 13.4% over 52 weeks and 3.4% over 13 weeks. 15 of 29 covered companies beat the S&P 500 on Mansfield relative strength, while 8 of 29 beat the sector itself. ABM Industries Incorporated leads with revenue of $9,053 million, based on 23 of 30 comparable companies through Jun 2026. ### Is the Specialty Business Services sector outperforming S&P 500? Specialty Business Services has outperformed S&P 500 by 13.4% over 52 weeks and 3.4% over 13 weeks. 15 of 29 covered companies beat the S&P 500 on Mansfield relative strength, while 8 of 29 beat the sector itself. ### Which Specialty Business Services company is largest by revenue? ABM Industries Incorporated leads with revenue of $9,053 million, based on 23 of 30 comparable companies through Jun 2026. ### Which Specialty Business Services company is growing fastest? Resolute Holdings Management, Inc. has the fastest current revenue growth at 82.2%, across 22 of 30 comparable companies. ### Which Specialty Business Services company has the strongest 4-Factor Sector Score? First Advantage Corporation ranks first at 61.3/100 with 64.6% evidence confidence. The score prioritizes research; it is not a buy recommendation. ### Which Specialty Business Services company reports the most CAPEX? Global Payments Inc. reports the largest latest CAPEX at $261 million, with 30 of 30 companies comparable. ### Which Specialty Business Services company has the least gross debt? Spire Global, Inc. has the lowest comparable gross debt at $8 million. Global Payments Inc. has the highest at $23,577 million. ### Which Specialty Business Services company has the lowest comparable PEG? Maximus, Inc. has the lowest comparable Guarded PEG at 0.29, among 13 of 30 companies that pass the metric’s comparability rules. ### How much history does this Specialty Business 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 Specialty Business Services has outperformed S&P 500 by 13.4% over the last 52 weeks. Over 13 weeks the gap is a lead of 3.4%. 15 of 29 covered companies currently beat the S&P 500 on Mansfield relative strength, so leadership inside the sector is selective. First Advantage Corporation is the strongest against the sector itself at +21.3%. 13-week sector return versus NIFTY 500: 3.4% 52-week sector return versus NIFTY 500: 13% Stocks leading NIFTY: 15/29 Stocks leading sector: 8/29 Central tension: The central tension: the companies with the most scale are not necessarily the companies creating the most change. Companies: 30 Combined market value: ₹3.6 L 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. First Advantage Corporation (FA): 61/100 — Mixed-positive evidence; evidence 65% - Growth & earnings 24.6/35 | Capital efficiency 8.1/25 | Valuation 8.6/20 | Relative strength 20.0/20 - Exact sum: 24.6 + 8.1 + 8.6 + 20 = 61.3 - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. 2. Cintas Corporation (CTAS): 60/100 — Thin evidence · provisional; evidence 59% - Growth & earnings 20.2/35 | Capital efficiency 16.2/25 | Valuation 9.8/20 | Relative strength 13.6/20 - Exact sum: 20.2 + 16.2 + 9.8 + 13.6 = 59.8 - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral. 3. ABM Industries Incorporated (ABM): 59/100 — Mixed-positive evidence; evidence 86% - Growth & earnings 22.1/35 | Capital efficiency 10.1/25 | Valuation 15.1/20 | Relative strength 11.9/20 - Exact sum: 22.1 + 10.1 + 15.1 + 11.9 = 59.2 - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. 4. Aramark (ARMK): 58/100 — Thin evidence · provisional; evidence 59% - Growth & earnings 20.0/35 | Capital efficiency 9.8/25 | Valuation 9.9/20 | Relative strength 18.5/20 - Exact sum: 20 + 9.8 + 9.9 + 18.5 = 58.2 - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral. 5. AZZ Inc. (AZZ): 55/100 — Mixed-positive evidence; evidence 86% - Growth & earnings 17.9/35 | Capital efficiency 14.5/25 | Valuation 10.8/20 | Relative strength 11.4/20 - Exact sum: 17.9 + 14.5 + 10.8 + 11.4 = 54.6 - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. 6. UL Solutions Inc. (ULS): 54/100 — Mixed-positive evidence; evidence 82% - Growth & earnings 23.4/35 | Capital efficiency 16.4/25 | Valuation 5.2/20 | Relative strength 8.7/20 - Exact sum: 23.4 + 16.4 + 5.2 + 8.7 = 53.7 - Decision use: Strong business, demanding price: keep it on the quality list, but require either earnings upgrades or valuation compression. 7. Cass Information Systems, Inc. (CASS): 53/100 — Thin evidence · provisional; evidence 59% - Growth & earnings 17.3/35 | Capital efficiency 8.0/25 | Valuation 10.7/20 | Relative strength 17.1/20 - Exact sum: 17.3 + 8 + 10.7 + 17.1 = 53.1 - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral. 8. UniFirst Corporation (UNF): 53/100 — Mixed-positive evidence; evidence 86% - Growth & earnings 10.3/35 | Capital efficiency 13.3/25 | Valuation 11.3/20 | Relative strength 17.8/20 - Exact sum: 10.3 + 13.3 + 11.3 + 17.8 = 52.7 - Decision use: Price leads the evidence: RS versus the benchmark is 28.5%, but earnings trajectory is weak. Wait for revenue and profit confirmation. 9. Cimpress plc (CMPR): 53/100 — Thin evidence · provisional; evidence 59% - Growth & earnings 18.7/35 | Capital efficiency 10.9/25 | Valuation 9.7/20 | Relative strength 13.4/20 - Exact sum: 18.7 + 10.9 + 9.7 + 13.4 = 52.7 - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral. 10. Maximus, Inc. (MMS): 51/100 — Mixed-positive evidence; evidence 82% - Growth & earnings 18.2/35 | Capital efficiency 13.3/25 | Valuation 16.4/20 | Relative strength 3.2/20 - Exact sum: 18.2 + 13.3 + 16.4 + 3.2 = 51.1 - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. 11. CBIZ, Inc. (CBZ): 51/100 — Mixed-positive evidence; evidence 82% - Growth & earnings 20.0/35 | Capital efficiency 12.9/25 | Valuation 6.6/20 | Relative strength 11.3/20 - Exact sum: 20 + 12.9 + 6.6 + 11.3 = 50.8 - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. 12. Global Payments Inc. (GPN): 50/100 — Mixed-positive evidence; evidence 82% - Growth & earnings 12.7/35 | Capital efficiency 8.0/25 | Valuation 15.6/20 | Relative strength 13.7/20 - Exact sum: 12.7 + 8 + 15.6 + 13.7 = 50 - Decision use: Price leads the evidence: RS versus the benchmark is 5.9%, but earnings trajectory is weak. Wait for revenue and profit confirmation. 13. RB Global, Inc. (RBA): 50/100 — Mixed-negative evidence; evidence 82% - Growth & earnings 21.6/35 | Capital efficiency 13.4/25 | Valuation 4.4/20 | Relative strength 10.4/20 - Exact sum: 21.6 + 13.4 + 4.4 + 10.4 = 49.8 - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. 14. Dolby Laboratories, Inc. (DLB): 49/100 — Mixed-negative evidence; evidence 82% - Growth & earnings 15.6/35 | Capital efficiency 17.6/25 | Valuation 12.7/20 | Relative strength 3.3/20 - Exact sum: 15.6 + 17.6 + 12.7 + 3.3 = 49.2 - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. 15. Eastman Kodak Company (KODK): 48/100 — Thin evidence · provisional; evidence 59% - Growth & earnings 20.7/35 | Capital efficiency 9.5/25 | Valuation 11.0/20 | Relative strength 6.9/20 - Exact sum: 20.7 + 9.5 + 11 + 6.9 = 48.1 - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral. 16. Thomson Reuters Corporation (TRI): 48/100 — Mixed-negative evidence; evidence 82% - Growth & earnings 18.7/35 | Capital efficiency 17.1/25 | Valuation 5.8/20 | Relative strength 6.2/20 - Exact sum: 18.7 + 17.1 + 5.8 + 6.2 = 47.8 - Decision use: Strong business, demanding price: keep it on the quality list, but require either earnings upgrades or valuation compression. 17. Quad/Graphics, Inc. (QUAD): 47/100 — Thin evidence · provisional; evidence 59% - Growth & earnings 13.3/35 | Capital efficiency 7.1/25 | Valuation 11.2/20 | Relative strength 15.1/20 - Exact sum: 13.3 + 7.1 + 11.2 + 15.1 = 46.7 - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral. 18. Transcat, Inc. (TRNS): 46/100 — Mixed-negative evidence; evidence 76% - Growth & earnings 12.7/35 | Capital efficiency 11.3/25 | Valuation 9.8/20 | Relative strength 12.6/20 - Exact sum: 12.7 + 11.3 + 9.8 + 12.6 = 46.4 - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. 19. Copart, Inc. (CPRT): 45/100 — Mixed-negative evidence; evidence 86% - Growth & earnings 16.2/35 | Capital efficiency 18.6/25 | Valuation 6.8/20 | Relative strength 3.8/20 - Exact sum: 16.2 + 18.6 + 6.8 + 3.8 = 45.4 - Decision use: Strong business, demanding price: keep it on the quality list, but require either earnings upgrades or valuation compression. 20. Target Hospitality Corp. (TH): 42/100 — Mixed-negative evidence; evidence 65% - Growth & earnings 9.5/35 | Capital efficiency 9.4/25 | Valuation 9.1/20 | Relative strength 13.5/20 - Exact sum: 9.5 + 9.4 + 9.1 + 13.5 = 41.5 - Decision use: Price leads the evidence: RS versus the benchmark is 27.2%, but earnings trajectory is weak. Wait for revenue and profit confirmation. 21. Amentum Holdings, Inc. (AMTM): 41/100 — Thin evidence · provisional; evidence 59% - Growth & earnings 19.7/35 | Capital efficiency 9.2/25 | Valuation 9.3/20 | Relative strength 3.1/20 - Exact sum: 19.7 + 9.2 + 9.3 + 3.1 = 41.3 - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral. 22. LegalZoom.com, Inc. (LZ): 40/100 — Mixed-negative evidence; evidence 76% - Growth & earnings 10.2/35 | Capital efficiency 11.6/25 | Valuation 12.3/20 | Relative strength 5.6/20 - Exact sum: 10.2 + 11.6 + 12.3 + 5.6 = 39.7 - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. 23. BrightView Holdings, Inc. (BV): 39/100 — Mixed-negative evidence; evidence 66% - Growth & earnings 12.6/35 | Capital efficiency 9.2/25 | Valuation 8.8/20 | Relative strength 8.0/20 - Exact sum: 12.6 + 9.2 + 8.8 + 8 = 38.6 - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. 24. Resolute Holdings Management, Inc. (RHLD): 35/100 — Mixed-negative evidence; evidence 63% - Growth & earnings 10.7/35 | Capital efficiency 8.5/25 | Valuation 10.0/20 | Relative strength 6.2/20 - Exact sum: 10.7 + 8.5 + 10 + 6.2 = 35.4 - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. 25. TIC Solutions, Inc. (TIC): 32/100 — Thin evidence · provisional; evidence 54% - Growth & earnings 14.7/35 | Capital efficiency 6.3/25 | Valuation 10.0/20 | Relative strength 0.6/20 - Exact sum: 14.7 + 6.3 + 10 + 0.6 = 31.6 - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral. 26. Spire Global, Inc. (SPIR): 29/100 — Adverse evidence; evidence 65% - Growth & earnings 7.2/35 | Capital efficiency 7.8/25 | Valuation 11.5/20 | Relative strength 2.3/20 - Exact sum: 7.2 + 7.8 + 11.5 + 2.3 = 28.8 - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. 27. BlackSky Technology Inc. (BKSY): 27/100 — Thin evidence · provisional; evidence 56% - Growth & earnings 9.1/35 | Capital efficiency 3.2/25 | Valuation 10.0/20 | Relative strength 4.6/20 - Exact sum: 9.1 + 3.2 + 10 + 4.6 = 26.9 - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral. 28. RELX PLC (RELX): 52/100 — Thin evidence · provisional; evidence 39% - Growth & earnings 18.9/35 | Capital efficiency 15.2/25 | Valuation 10.6/20 | Relative strength 7.4/20 - Exact sum: 18.9 + 15.2 + 10.6 + 7.4 = 52.1 - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral. 29. Rentokil Initial plc (RTO): 44/100 — Thin evidence · provisional; evidence 35% - Growth & earnings 17.8/35 | Capital efficiency 12.0/25 | Valuation 10.0/20 | Relative strength 3.9/20 - Exact sum: 17.8 + 12 + 10 + 3.9 = 43.7 - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral. 30. BUUU Group Limited (BUUU): 43/100 — Thin evidence · provisional; evidence 15% - Growth & earnings 16.0/35 | Capital efficiency 8.5/25 | Valuation 8.5/20 | Relative strength 10.0/20 - Exact sum: 16 + 8.5 + 8.5 + 10 = 43 - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral. ## Revenue Scale & Growth Durability What the numbers say: ABM Industries Incorporated is the scale leader at $9,053 million, 2.1% ahead of Global Payments Inc.. Resolute Holdings Management, Inc.'s growth is 82.2% from a $767 million base, with 9 reported observations in the 20-quarter window. Treat the growth leader as an acceleration candidate, not as equally proven scale. Investor read: ABM Industries Incorporated is the scale benchmark; Resolute Holdings Management, Inc. is the acceleration watch. Promote the challenger only if growth persists and converts into margin and returns. This conclusion weakens if: ABM Industries Incorporated's growth falls below Resolute Holdings Management, Inc.'s for two consecutive comparable reports while operating margin also compresses. Evidence: ABM Industries Incorporated · $9,053 million | 2.1% versus #2 · Global Payments Inc. | 8/8 recent comparable periods | 23/30 companies · 508 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. ABM Industries Incorporated (ABM): ₹9.1K Cr 2. Global Payments Inc. (GPN): ₹8.9K Cr 3. Thomson Reuters Corporation (TRI): ₹7.7K Cr 4. Maximus, Inc. (MMS): ₹5.3K Cr 5. Copart, Inc. (CPRT): ₹4.6K Cr ### Revenue growth — fastest growers 1. Resolute Holdings Management, Inc. (RHLD): 82% 2. First Advantage Corporation (FA): 53% 3. CBIZ, Inc. (CBZ): 28% 4. Transcat, Inc. (TRNS): 19% 5. Global Payments Inc. (GPN): 15% ### 20-quarter Revenue history - CTAS: Sep 2021 ₹1.9K Cr | Dec 2021 ₹1.9K Cr | Mar 2022 ₹2.0K Cr | Jun 2022 ₹2.1K Cr | Sep 2022 ₹2.2K Cr | Dec 2022 ₹2.2K Cr | Mar 2023 ₹2.2K Cr | Jun 2023 ₹2.3K Cr | Sep 2023 ₹2.3K Cr | Dec 2023 ₹2.4K Cr | Mar 2024 ₹2.4K Cr | Jun 2024 ₹2.5K Cr | Sep 2024 ₹2.5K Cr | Dec 2024 ₹2.6K Cr | Mar 2025 ₹2.6K Cr | Jun 2025 ₹2.7K Cr | Sep 2025 ₹2.7K Cr | Dec 2025 ₹2.8K Cr | Mar 2026 ₹2.8K Cr | Jun 2026 — - RELX: Sep 2021 — | Dec 2021 ₹3.9K Cr | Mar 2022 — | Jun 2022 ₹4.0K Cr | Sep 2022 — | Dec 2022 ₹4.6K Cr | Mar 2023 — | Jun 2023 ₹4.5K Cr | Sep 2023 — | Dec 2023 ₹4.7K Cr | Mar 2024 — | Jun 2024 ₹4.6K Cr | Sep 2024 — | Dec 2024 ₹4.8K Cr | Mar 2025 — | Jun 2025 ₹4.7K Cr | Sep 2025 — | Dec 2025 ₹4.8K Cr | Mar 2026 — | Jun 2026 — - TRI: Sep 2021 ₹1.5K Cr | Dec 2021 ₹1.7K Cr | Mar 2022 ₹1.7K Cr | Jun 2022 ₹1.6K Cr | Sep 2022 ₹1.6K Cr | Dec 2022 ₹1.8K Cr | Mar 2023 ₹1.7K Cr | Jun 2023 ₹1.6K Cr | Sep 2023 ₹1.6K Cr | Dec 2023 ₹1.8K Cr | Mar 2024 ₹1.9K Cr | Jun 2024 ₹1.7K Cr | Sep 2024 ₹1.7K Cr | Dec 2024 ₹1.9K Cr | Mar 2025 ₹1.9K Cr | Jun 2025 ₹1.8K Cr | Sep 2025 ₹1.8K Cr | Dec 2025 ₹2.0K Cr | Mar 2026 ₹2.1K Cr | Jun 2026 — - CPRT: Sep 2021 ₹749 Cr | Dec 2021 ₹810 Cr | Mar 2022 ₹867 Cr | Jun 2022 ₹940 Cr | Sep 2022 ₹883 Cr | Dec 2022 ₹893 Cr | Mar 2023 ₹957 Cr | Jun 2023 ₹1.0K Cr | Sep 2023 ₹998 Cr | Dec 2023 ₹1.0K Cr | Mar 2024 ₹1.0K Cr | Jun 2024 ₹1.1K Cr | Sep 2024 ₹1.1K Cr | Dec 2024 ₹1.1K Cr | Mar 2025 ₹1.2K Cr | Jun 2025 ₹1.2K Cr | Sep 2025 ₹1.1K Cr | Dec 2025 ₹1.2K Cr | Mar 2026 ₹1.1K Cr | Jun 2026 ₹1.2K Cr - GPN: Sep 2021 ₹2.2K Cr | Dec 2021 ₹2.2K Cr | Mar 2022 ₹2.2K Cr | Jun 2022 ₹2.3K Cr | Sep 2022 ₹2.3K Cr | Dec 2022 ₹2.3K Cr | Mar 2023 ₹2.3K Cr | Jun 2023 ₹2.5K Cr | Sep 2023 ₹2.5K Cr | Dec 2023 ₹2.4K Cr | Mar 2024 ₹2.4K Cr | Jun 2024 ₹2.0K Cr | Sep 2024 ₹2.0K Cr | Dec 2024 ₹1.9K Cr | Mar 2025 ₹1.8K Cr | Jun 2025 ₹2.0K Cr | Sep 2025 ₹2.0K Cr | Dec 2025 ₹1.9K Cr | Mar 2026 ₹3.0K Cr | Jun 2026 — - RBA: Sep 2021 ₹330 Cr | Dec 2021 ₹359 Cr | Mar 2022 ₹394 Cr | Jun 2022 ₹485 Cr | Sep 2022 ₹412 Cr | Dec 2022 ₹444 Cr | Mar 2023 ₹512 Cr | Jun 2023 ₹1.1K Cr | Sep 2023 ₹1.0K Cr | Dec 2023 ₹1.0K Cr | Mar 2024 ₹1.1K Cr | Jun 2024 ₹1.1K Cr | Sep 2024 ₹982 Cr | Dec 2024 ₹1.1K Cr | Mar 2025 ₹770 Cr | Jun 2025 ₹1.2K Cr | Sep 2025 ₹1.1K Cr | Dec 2025 ₹1.2K Cr | Mar 2026 ₹888 Cr | Jun 2026 — - ULS: Sep 2021 — | Dec 2021 ₹649 Cr | Mar 2022 ₹623 Cr | Jun 2022 ₹645 Cr | Sep 2022 ₹623 Cr | Dec 2022 ₹629 Cr | Mar 2023 ₹629 Cr | Jun 2023 ₹689 Cr | Sep 2023 ₹676 Cr | Dec 2023 ₹684 Cr | Mar 2024 ₹670 Cr | Jun 2024 ₹730 Cr | Sep 2024 ₹731 Cr | Dec 2024 ₹739 Cr | Mar 2025 ₹705 Cr | Jun 2025 ₹776 Cr | Sep 2025 ₹783 Cr | Dec 2025 ₹789 Cr | Mar 2026 ₹758 Cr | Jun 2026 — - ARMK: Sep 2021 ₹3.0K Cr | Dec 2021 ₹3.6K Cr | Mar 2022 — | Jun 2022 ₹3.9K Cr | Sep 2022 ₹4.1K Cr | Dec 2022 ₹3.9K Cr | Mar 2023 ₹3.9K Cr | Jun 2023 ₹4.1K Cr | Sep 2023 ₹4.2K Cr | Dec 2023 ₹4.4K Cr | Mar 2024 ₹4.2K Cr | Jun 2024 ₹4.4K Cr | Sep 2024 ₹4.4K Cr | Dec 2024 ₹4.6K Cr | Mar 2025 ₹4.3K Cr | Jun 2025 ₹4.6K Cr | Sep 2025 — | Dec 2025 ₹5.0K Cr | Mar 2026 ₹4.8K Cr | Jun 2026 ₹4.9K Cr - RTO: Sep 2021 — | Dec 2021 ₹2.0K Cr | Mar 2022 — | Jun 2022 ₹1.9K Cr | Sep 2022 — | Dec 2022 ₹2.6K Cr | Mar 2023 — | Jun 2023 ₹3.4K Cr | Sep 2023 — | Dec 2023 ₹3.5K Cr | Mar 2024 — | Jun 2024 ₹3.3K Cr | Sep 2024 — | Dec 2024 ₹3.4K Cr | Mar 2025 — | Jun 2025 ₹3.4K Cr | Sep 2025 — | Dec 2025 ₹3.5K Cr | Mar 2026 — | Jun 2026 — - AMTM: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹1.8K Cr | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 ₹2.0K Cr | Mar 2024 ₹2.1K Cr | Jun 2024 ₹2.1K Cr | Sep 2024 ₹2.2K Cr | Dec 2024 ₹3.4K Cr | Mar 2025 ₹3.5K Cr | Jun 2025 ₹3.6K Cr | Sep 2025 — | Dec 2025 ₹3.9K Cr | Mar 2026 ₹3.2K Cr | Jun 2026 ₹3.5K Cr - UNF: Sep 2021 ₹465 Cr | Dec 2021 ₹486 Cr | Mar 2022 ₹487 Cr | Jun 2022 ₹512 Cr | Sep 2022 ₹516 Cr | Dec 2022 ₹542 Cr | Mar 2023 ₹543 Cr | Jun 2023 ₹577 Cr | Sep 2023 ₹572 Cr | Dec 2023 ₹594 Cr | Mar 2024 ₹591 Cr | Jun 2024 ₹603 Cr | Sep 2024 ₹640 Cr | Dec 2024 ₹605 Cr | Mar 2025 ₹602 Cr | Jun 2025 ₹611 Cr | Sep 2025 ₹614 Cr | Dec 2025 ₹621 Cr | Mar 2026 ₹623 Cr | Jun 2026 ₹634 Cr - DLB: Sep 2021 ₹285 Cr | Dec 2021 ₹352 Cr | Mar 2022 — | Jun 2022 ₹334 Cr | Sep 2022 ₹290 Cr | Dec 2022 ₹335 Cr | Mar 2023 ₹376 Cr | Jun 2023 ₹298 Cr | Sep 2023 ₹291 Cr | Dec 2023 ₹316 Cr | Mar 2024 ₹365 Cr | Jun 2024 ₹289 Cr | Sep 2024 ₹305 Cr | Dec 2024 ₹357 Cr | Mar 2025 ₹370 Cr | Jun 2025 ₹316 Cr | Sep 2025 ₹307 Cr | Dec 2025 ₹347 Cr | Mar 2026 ₹396 Cr | Jun 2026 — - AZZ: Sep 2021 ₹131 Cr | Dec 2021 ₹135 Cr | Mar 2022 ₹130 Cr | Jun 2022 ₹207 Cr | Sep 2022 ₹407 Cr | Dec 2022 ₹373 Cr | Mar 2023 ₹337 Cr | Jun 2023 ₹391 Cr | Sep 2023 ₹399 Cr | Dec 2023 ₹382 Cr | Mar 2024 ₹367 Cr | Jun 2024 ₹413 Cr | Sep 2024 ₹409 Cr | Dec 2024 ₹404 Cr | Mar 2025 ₹352 Cr | Jun 2025 ₹422 Cr | Sep 2025 ₹417 Cr | Dec 2025 ₹426 Cr | Mar 2026 ₹385 Cr | Jun 2026 ₹449 Cr - FA: Sep 2021 ₹193 Cr | Dec 2021 ₹213 Cr | Mar 2022 ₹190 Cr | Jun 2022 ₹202 Cr | Sep 2022 ₹206 Cr | Dec 2022 ₹213 Cr | Mar 2023 ₹176 Cr | Jun 2023 ₹185 Cr | Sep 2023 ₹200 Cr | Dec 2023 ₹203 Cr | Mar 2024 ₹169 Cr | Jun 2024 ₹185 Cr | Sep 2024 ₹199 Cr | Dec 2024 ₹307 Cr | Mar 2025 ₹355 Cr | Jun 2025 ₹391 Cr | Sep 2025 ₹409 Cr | Dec 2025 ₹420 Cr | Mar 2026 ₹385 Cr | Jun 2026 — - MMS: Sep 2021 ₹1.1K Cr | Dec 2021 ₹1.2K Cr | Mar 2022 ₹1.2K Cr | Jun 2022 ₹1.1K Cr | Sep 2022 ₹1.2K Cr | Dec 2022 ₹1.2K Cr | Mar 2023 ₹1.2K Cr | Jun 2023 ₹1.2K Cr | Sep 2023 ₹1.3K Cr | Dec 2023 ₹1.3K Cr | Mar 2024 ₹1.3K Cr | Jun 2024 ₹1.3K Cr | Sep 2024 ₹1.3K Cr | Dec 2024 ₹1.4K Cr | Mar 2025 ₹1.4K Cr | Jun 2025 ₹1.3K Cr | Sep 2025 ₹1.3K Cr | Dec 2025 ₹1.3K Cr | Mar 2026 ₹1.3K Cr | Jun 2026 — - ABM: Sep 2021 ₹1.5K Cr | Dec 2021 ₹1.7K Cr | Mar 2022 ₹1.9K Cr | Jun 2022 ₹1.9K Cr | Sep 2022 ₹2.0K Cr | Dec 2022 ₹2.0K Cr | Mar 2023 ₹2.0K Cr | Jun 2023 ₹2.0K Cr | Sep 2023 ₹2.0K Cr | Dec 2023 ₹2.1K Cr | Mar 2024 ₹2.1K Cr | Jun 2024 ₹2.0K Cr | Sep 2024 ₹2.1K Cr | Dec 2024 ₹2.2K Cr | Mar 2025 ₹2.1K Cr | Jun 2025 ₹2.1K Cr | Sep 2025 ₹2.2K Cr | Dec 2025 ₹2.3K Cr | Mar 2026 ₹2.2K Cr | Jun 2026 ₹2.3K Cr - CBZ: Sep 2021 ₹283 Cr | Dec 2021 ₹243 Cr | Mar 2022 ₹392 Cr | Jun 2022 ₹362 Cr | Sep 2022 ₹363 Cr | Dec 2022 ₹295 Cr | Mar 2023 ₹455 Cr | Jun 2023 ₹399 Cr | Sep 2023 ₹411 Cr | Dec 2023 ₹328 Cr | Mar 2024 ₹494 Cr | Jun 2024 ₹420 Cr | Sep 2024 ₹439 Cr | Dec 2024 ₹460 Cr | Mar 2025 ₹838 Cr | Jun 2025 ₹683 Cr | Sep 2025 ₹694 Cr | Dec 2025 ₹543 Cr | Mar 2026 ₹849 Cr | Jun 2026 — - CMPR: Sep 2021 ₹658 Cr | Dec 2021 ₹850 Cr | Mar 2022 ₹657 Cr | Jun 2022 ₹723 Cr | Sep 2022 ₹703 Cr | Dec 2022 ₹845 Cr | Mar 2023 ₹742 Cr | Jun 2023 ₹789 Cr | Sep 2023 ₹757 Cr | Dec 2023 ₹921 Cr | Mar 2024 ₹781 Cr | Jun 2024 ₹833 Cr | Sep 2024 ₹805 Cr | Dec 2024 ₹939 Cr | Mar 2025 ₹789 Cr | Jun 2025 ₹869 Cr | Sep 2025 ₹863 Cr | Dec 2025 ₹1.0K Cr | Mar 2026 ₹886 Cr | Jun 2026 — - TIC: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 ₹223 Cr | Jun 2024 ₹309 Cr | Sep 2024 ₹303 Cr | Dec 2024 — | Mar 2025 ₹234 Cr | Jun 2025 ₹314 Cr | Sep 2025 ₹474 Cr | Dec 2025 ₹508 Cr | Mar 2026 ₹488 Cr | Jun 2026 — - TH: Sep 2021 ₹89 Cr | Dec 2021 ₹82 Cr | Mar 2022 ₹80 Cr | Jun 2022 ₹110 Cr | Sep 2022 ₹160 Cr | Dec 2022 ₹152 Cr | Mar 2023 ₹148 Cr | Jun 2023 ₹144 Cr | Sep 2023 ₹146 Cr | Dec 2023 ₹126 Cr | Mar 2024 ₹107 Cr | Jun 2024 ₹101 Cr | Sep 2024 ₹95 Cr | Dec 2024 ₹84 Cr | Mar 2025 ₹70 Cr | Jun 2025 ₹62 Cr | Sep 2025 ₹99 Cr | Dec 2025 ₹90 Cr | Mar 2026 ₹73 Cr | Jun 2026 — - LZ: Sep 2021 ₹148 Cr | Dec 2021 ₹142 Cr | Mar 2022 ₹155 Cr | Jun 2022 ₹163 Cr | Sep 2022 ₹155 Cr | Dec 2022 ₹147 Cr | Mar 2023 ₹166 Cr | Jun 2023 ₹169 Cr | Sep 2023 ₹167 Cr | Dec 2023 ₹159 Cr | Mar 2024 ₹174 Cr | Jun 2024 ₹177 Cr | Sep 2024 ₹169 Cr | Dec 2024 ₹162 Cr | Mar 2025 ₹183 Cr | Jun 2025 ₹193 Cr | Sep 2025 ₹190 Cr | Dec 2025 ₹190 Cr | Mar 2026 ₹207 Cr | Jun 2026 — - BV: Sep 2021 ₹674 Cr | Dec 2021 ₹592 Cr | Mar 2022 ₹712 Cr | Jun 2022 ₹747 Cr | Sep 2022 ₹723 Cr | Dec 2022 ₹656 Cr | Mar 2023 ₹650 Cr | Jun 2023 ₹766 Cr | Sep 2023 ₹744 Cr | Dec 2023 ₹627 Cr | Mar 2024 ₹673 Cr | Jun 2024 ₹739 Cr | Sep 2024 ₹729 Cr | Dec 2024 ₹599 Cr | Mar 2025 ₹663 Cr | Jun 2025 ₹708 Cr | Sep 2025 ₹703 Cr | Dec 2025 ₹615 Cr | Mar 2026 ₹703 Cr | Jun 2026 — - RHLD: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 ₹104 Cr | Jun 2024 ₹109 Cr | Sep 2024 ₹107 Cr | Dec 2024 ₹101 Cr | Mar 2025 ₹104 Cr | Jun 2025 ₹120 Cr | Sep 2025 ₹121 Cr | Dec 2025 ₹118 Cr | Mar 2026 ₹408 Cr | Jun 2026 — - BKSY: Sep 2021 ₹8 Cr | Dec 2021 ₹11 Cr | Mar 2022 ₹14 Cr | Jun 2022 ₹15 Cr | Sep 2022 ₹17 Cr | Dec 2022 ₹19 Cr | Mar 2023 ₹18 Cr | Jun 2023 ₹19 Cr | Sep 2023 ₹21 Cr | Dec 2023 ₹36 Cr | Mar 2024 ₹24 Cr | Jun 2024 ₹25 Cr | Sep 2024 ₹23 Cr | Dec 2024 ₹30 Cr | Mar 2025 ₹30 Cr | Jun 2025 ₹22 Cr | Sep 2025 ₹20 Cr | Dec 2025 ₹35 Cr | Mar 2026 ₹21 Cr | Jun 2026 — - KODK: Sep 2021 ₹287 Cr | Dec 2021 ₹307 Cr | Mar 2022 ₹290 Cr | Jun 2022 ₹321 Cr | Sep 2022 ₹289 Cr | Dec 2022 ₹305 Cr | Mar 2023 ₹278 Cr | Jun 2023 ₹295 Cr | Sep 2023 ₹269 Cr | Dec 2023 ₹275 Cr | Mar 2024 ₹249 Cr | Jun 2024 ₹267 Cr | Sep 2024 ₹261 Cr | Dec 2024 ₹266 Cr | Mar 2025 ₹247 Cr | Jun 2025 ₹263 Cr | Sep 2025 ₹269 Cr | Dec 2025 ₹290 Cr | Mar 2026 ₹265 Cr | Jun 2026 — - TRNS: Sep 2021 ₹50 Cr | Dec 2021 ₹51 Cr | Mar 2022 ₹56 Cr | Jun 2022 ₹55 Cr | Sep 2022 ₹56 Cr | Dec 2022 ₹57 Cr | Mar 2023 ₹62 Cr | Jun 2023 ₹61 Cr | Sep 2023 ₹63 Cr | Dec 2023 ₹65 Cr | Mar 2024 ₹71 Cr | Jun 2024 ₹67 Cr | Sep 2024 ₹68 Cr | Dec 2024 ₹67 Cr | Mar 2025 ₹77 Cr | Jun 2025 ₹76 Cr | Sep 2025 ₹82 Cr | Dec 2025 ₹84 Cr | Mar 2026 ₹89 Cr | Jun 2026 — - CASS: Sep 2021 ₹28 Cr | Dec 2021 ₹29 Cr | Mar 2022 ₹30 Cr | Jun 2022 ₹31 Cr | Sep 2022 ₹32 Cr | Dec 2022 ₹32 Cr | Mar 2023 ₹32 Cr | Jun 2023 ₹32 Cr | Sep 2023 ₹33 Cr | Dec 2023 ₹33 Cr | Mar 2024 ₹29 Cr | Jun 2024 ₹28 Cr | Sep 2024 ₹29 Cr | Dec 2024 ₹28 Cr | Mar 2025 ₹28 Cr | Jun 2025 ₹25 Cr | Sep 2025 ₹29 Cr | Dec 2025 ₹28 Cr | Mar 2026 ₹28 Cr | Jun 2026 — - SPIR: Sep 2021 ₹10 Cr | Dec 2021 ₹15 Cr | Mar 2022 ₹18 Cr | Jun 2022 ₹19 Cr | Sep 2022 ₹20 Cr | Dec 2022 ₹22 Cr | Mar 2023 ₹23 Cr | Jun 2023 ₹28 Cr | Sep 2023 ₹22 Cr | Dec 2023 ₹24 Cr | Mar 2024 ₹35 Cr | Jun 2024 ₹25 Cr | Sep 2024 ₹29 Cr | Dec 2024 ₹22 Cr | Mar 2025 ₹24 Cr | Jun 2025 ₹19 Cr | Sep 2025 ₹13 Cr | Dec 2025 ₹16 Cr | Mar 2026 ₹16 Cr | Jun 2026 — - QUAD: Sep 2021 ₹706 Cr | Dec 2021 ₹855 Cr | Mar 2022 ₹744 Cr | Jun 2022 ₹758 Cr | Sep 2022 ₹830 Cr | Dec 2022 ₹885 Cr | Mar 2023 ₹767 Cr | Jun 2023 ₹703 Cr | Sep 2023 ₹700 Cr | Dec 2023 ₹788 Cr | Mar 2024 ₹655 Cr | Jun 2024 ₹634 Cr | Sep 2024 ₹675 Cr | Dec 2024 ₹708 Cr | Mar 2025 ₹629 Cr | Jun 2025 ₹572 Cr | Sep 2025 ₹588 Cr | Dec 2025 ₹631 Cr | Mar 2026 ₹581 Cr | Jun 2026 — - BUUU: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 ₹3 Cr | Mar 2024 — | Jun 2024 ₹3 Cr | Sep 2024 — | Dec 2024 ₹3 Cr | Mar 2025 — | Jun 2025 ₹3 Cr | Sep 2025 — | Dec 2025 ₹3 Cr | Mar 2026 — | Jun 2026 — ### 20-quarter Revenue growth history - CTAS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 13% | Sep 2022 14% | Dec 2022 13% | Mar 2023 12% | Jun 2023 10% | Sep 2023 8.1% | Dec 2023 9.3% | Mar 2024 9.9% | Jun 2024 8.2% | Sep 2024 6.8% | Dec 2024 7.8% | Mar 2025 8.4% | Jun 2025 8.0% | Sep 2025 8.6% | Dec 2025 9.3% | Mar 2026 8.9% | Jun 2026 — - RELX: Sep 2021 — | Dec 2021 6.7% | Mar 2022 — | Jun 2022 17% | Sep 2022 — | Dec 2022 19% | Mar 2023 — | Jun 2023 13% | Sep 2023 — | Dec 2023 1.7% | Mar 2024 — | Jun 2024 3.2% | Sep 2024 — | Dec 2024 2.8% | Mar 2025 — | Jun 2025 2.2% | Sep 2025 — | Dec 2025 1.2% | Mar 2026 — | Jun 2026 — - TRI: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 5.4% | Sep 2022 3.2% | Dec 2022 3.2% | Mar 2023 3.8% | Jun 2023 2.0% | Sep 2023 1.3% | Dec 2023 2.8% | Mar 2024 8.5% | Jun 2024 5.7% | Sep 2024 8.2% | Dec 2024 5.2% | Mar 2025 0.8% | Jun 2025 2.6% | Sep 2025 3.4% | Dec 2025 5.2% | Mar 2026 9.8% | Jun 2026 — - CPRT: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 18% | Dec 2022 10% | Mar 2023 10% | Jun 2023 8.7% | Sep 2023 13% | Dec 2023 14% | Mar 2024 6.6% | Jun 2024 10% | Sep 2024 7.1% | Dec 2024 12% | Mar 2025 14% | Jun 2025 7.5% | Sep 2025 5.2% | Dec 2025 0.7% | Mar 2026 -3.5% | Jun 2026 2.1% - GPN: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 6.7% | Sep 2022 3.8% | Dec 2022 2.7% | Mar 2023 6.3% | Jun 2023 7.5% | Sep 2023 8.4% | Dec 2023 8.0% | Mar 2024 5.6% | Jun 2024 -20% | Sep 2024 -19% | Dec 2024 -21% | Mar 2025 -25% | Jun 2025 -0.7% | Sep 2025 0.5% | Dec 2025 0.0% | Mar 2026 63% | Jun 2026 — - RBA: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 22% | Sep 2022 25% | Dec 2022 24% | Mar 2023 30% | Jun 2023 128% | Sep 2023 148% | Dec 2023 134% | Mar 2024 108% | Jun 2024 -1.0% | Sep 2024 -3.7% | Dec 2024 9.7% | Mar 2025 -28% | Jun 2025 8.2% | Sep 2025 11% | Dec 2025 5.3% | Mar 2026 15% | Jun 2026 — - ULS: Sep 2021 — | Dec 2021 — | Mar 2022 8.2% | Jun 2022 — | Sep 2022 — | Dec 2022 -3.1% | Mar 2023 1.0% | Jun 2023 6.8% | Sep 2023 8.5% | Dec 2023 8.7% | Mar 2024 6.5% | Jun 2024 6.0% | Sep 2024 8.1% | Dec 2024 8.0% | Mar 2025 5.2% | Jun 2025 6.3% | Sep 2025 7.1% | Dec 2025 6.8% | Mar 2026 7.5% | Jun 2026 — - ARMK: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 38% | Dec 2022 10% | Mar 2023 — | Jun 2023 5.0% | Sep 2023 1.8% | Dec 2023 13% | Mar 2024 7.3% | Jun 2024 8.0% | Sep 2024 5.2% | Dec 2024 3.3% | Mar 2025 1.9% | Jun 2025 5.7% | Sep 2025 — | Dec 2025 11% | Mar 2026 13% | Jun 2026 6.1% - RTO: Sep 2021 — | Dec 2021 -11% | Mar 2022 — | Jun 2022 -5.0% | Sep 2022 — | Dec 2022 30% | Mar 2023 — | Jun 2023 77% | Sep 2023 — | Dec 2023 34% | Mar 2024 — | Jun 2024 -3.6% | Sep 2024 — | Dec 2024 -3.0% | Mar 2025 — | Jun 2025 3.0% | Sep 2025 — | Dec 2025 5.8% | Mar 2026 — | Jun 2026 — - AMTM: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 7.6% | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 72% | Mar 2025 70% | Jun 2025 66% | Sep 2025 — | Dec 2025 15% | Mar 2026 -7.3% | Jun 2026 -2.3% - UNF: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 11% | Dec 2022 12% | Mar 2023 12% | Jun 2023 13% | Sep 2023 11% | Dec 2023 9.6% | Mar 2024 8.8% | Jun 2024 4.5% | Sep 2024 12% | Dec 2024 1.9% | Mar 2025 1.9% | Jun 2025 1.3% | Sep 2025 -4.1% | Dec 2025 2.6% | Mar 2026 3.5% | Jun 2026 3.8% - DLB: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 16% | Sep 2022 1.8% | Dec 2022 -4.8% | Mar 2023 — | Jun 2023 -11% | Sep 2023 0.3% | Dec 2023 -5.7% | Mar 2024 -2.9% | Jun 2024 -3.0% | Sep 2024 4.8% | Dec 2024 13% | Mar 2025 1.4% | Jun 2025 9.3% | Sep 2025 0.7% | Dec 2025 -2.8% | Mar 2026 7.0% | Jun 2026 — - AZZ: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 211% | Dec 2022 176% | Mar 2023 159% | Jun 2023 89% | Sep 2023 -2.0% | Dec 2023 2.4% | Mar 2024 8.9% | Jun 2024 5.6% | Sep 2024 2.5% | Dec 2024 5.8% | Mar 2025 -4.1% | Jun 2025 2.2% | Sep 2025 2.0% | Dec 2025 5.5% | Mar 2026 9.4% | Jun 2026 6.4% - FA: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 15% | Sep 2022 6.7% | Dec 2022 0.0% | Mar 2023 -7.4% | Jun 2023 -8.4% | Sep 2023 -2.9% | Dec 2023 -4.7% | Mar 2024 -4.0% | Jun 2024 0.0% | Sep 2024 -0.5% | Dec 2024 51% | Mar 2025 110% | Jun 2025 111% | Sep 2025 106% | Dec 2025 37% | Mar 2026 8.5% | Jun 2026 — - MMS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -9.5% | Sep 2022 6.4% | Dec 2022 8.5% | Mar 2023 2.6% | Jun 2023 5.6% | Sep 2023 7.1% | Dec 2023 6.2% | Mar 2024 12% | Jun 2024 11% | Sep 2024 4.4% | Dec 2024 5.7% | Mar 2025 1.0% | Jun 2025 2.5% | Sep 2025 0.2% | Dec 2025 -4.1% | Mar 2026 -4.1% | Jun 2026 — - ABM: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 27% | Dec 2022 19% | Mar 2023 2.8% | Jun 2023 4.5% | Sep 2023 3.4% | Dec 2023 4.1% | Mar 2024 4.0% | Jun 2024 1.7% | Sep 2024 3.3% | Dec 2024 4.0% | Mar 2025 2.2% | Jun 2025 4.7% | Sep 2025 6.2% | Dec 2025 5.4% | Mar 2026 6.1% | Jun 2026 8.4% - CBZ: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 30% | Sep 2022 28% | Dec 2022 21% | Mar 2023 16% | Jun 2023 10% | Sep 2023 13% | Dec 2023 11% | Mar 2024 8.6% | Jun 2024 5.3% | Sep 2024 6.8% | Dec 2024 40% | Mar 2025 70% | Jun 2025 63% | Sep 2025 58% | Dec 2025 18% | Mar 2026 1.3% | Jun 2026 — - CMPR: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 14% | Sep 2022 6.8% | Dec 2022 -0.6% | Mar 2023 13% | Jun 2023 9.1% | Sep 2023 7.7% | Dec 2023 9.0% | Mar 2024 5.3% | Jun 2024 5.6% | Sep 2024 6.3% | Dec 2024 2.0% | Mar 2025 1.0% | Jun 2025 4.3% | Sep 2025 7.2% | Dec 2025 11% | Mar 2026 12% | Jun 2026 — - TIC: 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 4.9% | Jun 2025 1.6% | Sep 2025 56% | Dec 2025 — | Mar 2026 109% | Jun 2026 — - TH: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 47% | Sep 2022 80% | Dec 2022 85% | Mar 2023 85% | Jun 2023 31% | Sep 2023 -8.8% | Dec 2023 -17% | Mar 2024 -28% | Jun 2024 -30% | Sep 2024 -35% | Dec 2024 -33% | Mar 2025 -35% | Jun 2025 -39% | Sep 2025 4.2% | Dec 2025 7.1% | Mar 2026 4.3% | Jun 2026 — - LZ: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 8.7% | Sep 2022 4.7% | Dec 2022 3.5% | Mar 2023 7.1% | Jun 2023 3.7% | Sep 2023 7.7% | Dec 2023 8.2% | Mar 2024 4.8% | Jun 2024 4.7% | Sep 2024 1.2% | Dec 2024 1.9% | Mar 2025 5.2% | Jun 2025 9.0% | Sep 2025 12% | Dec 2025 17% | Mar 2026 13% | Jun 2026 — - BV: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 11% | Sep 2022 7.3% | Dec 2022 11% | Mar 2023 -8.7% | Jun 2023 2.5% | Sep 2023 2.9% | Dec 2023 -4.4% | Mar 2024 3.5% | Jun 2024 -3.5% | Sep 2024 -2.0% | Dec 2024 -4.5% | Mar 2025 -1.5% | Jun 2025 -4.2% | Sep 2025 -3.6% | Dec 2025 2.7% | Mar 2026 6.0% | Jun 2026 — - RHLD: 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 0.0% | Jun 2025 10% | Sep 2025 13% | Dec 2025 17% | Mar 2026 292% | Jun 2026 — - BKSY: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 114% | Sep 2022 113% | Dec 2022 73% | Mar 2023 29% | Jun 2023 27% | Sep 2023 24% | Dec 2023 89% | Mar 2024 33% | Jun 2024 32% | Sep 2024 9.5% | Dec 2024 -17% | Mar 2025 25% | Jun 2025 -12% | Sep 2025 -13% | Dec 2025 17% | Mar 2026 -30% | Jun 2026 — - KODK: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 10% | Sep 2022 0.7% | Dec 2022 -0.7% | Mar 2023 -4.1% | Jun 2023 -8.1% | Sep 2023 -6.9% | Dec 2023 -9.8% | Mar 2024 -10% | Jun 2024 -9.5% | Sep 2024 -3.0% | Dec 2024 -3.3% | Mar 2025 -0.8% | Jun 2025 -1.5% | Sep 2025 3.1% | Dec 2025 9.0% | Mar 2026 7.3% | Jun 2026 — - TRNS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 15% | Sep 2022 12% | Dec 2022 12% | Mar 2023 11% | Jun 2023 11% | Sep 2023 13% | Dec 2023 14% | Mar 2024 15% | Jun 2024 9.8% | Sep 2024 7.9% | Dec 2024 3.1% | Mar 2025 8.5% | Jun 2025 13% | Sep 2025 21% | Dec 2025 25% | Mar 2026 16% | Jun 2026 — - CASS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 15% | Sep 2022 14% | Dec 2022 10% | Mar 2023 6.7% | Jun 2023 3.2% | Sep 2023 3.1% | Dec 2023 3.1% | Mar 2024 -9.4% | Jun 2024 -13% | Sep 2024 -12% | Dec 2024 -15% | Mar 2025 -3.5% | Jun 2025 -11% | Sep 2025 0.0% | Dec 2025 0.0% | Mar 2026 0.0% | Jun 2026 — - SPIR: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 111% | Sep 2022 100% | Dec 2022 47% | Mar 2023 28% | Jun 2023 47% | Sep 2023 10% | Dec 2023 9.1% | Mar 2024 52% | Jun 2024 -11% | Sep 2024 32% | Dec 2024 -8.3% | Mar 2025 -31% | Jun 2025 -24% | Sep 2025 -55% | Dec 2025 -27% | Mar 2026 -33% | Jun 2026 — - QUAD: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 9.2% | Sep 2022 18% | Dec 2022 3.5% | Mar 2023 3.1% | Jun 2023 -7.3% | Sep 2023 -16% | Dec 2023 -11% | Mar 2024 -15% | Jun 2024 -9.8% | Sep 2024 -3.6% | Dec 2024 -10% | Mar 2025 -4.0% | Jun 2025 -9.8% | Sep 2025 -13% | Dec 2025 -11% | Mar 2026 -7.6% | Jun 2026 — - BUUU: 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 0.0% | Mar 2025 — | Jun 2025 0.0% | Sep 2025 — | Dec 2025 0.0% | Mar 2026 — | Jun 2026 — ## Operating Economics & Margin Trend What the numbers say: Copart, Inc. leads opm at 37.5%; First Advantage Corporation leads margin change at +6.6 percentage points. Investor read: Copart, 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: Copart, Inc. · 37.5% | 22.5% versus #2 · Thomson Reuters Corporation | 3/8 recent comparable periods | 27/30 companies · 485 observations Definition: Operating margin compares operating profit with revenue. Improvement is measured in percentage points, not percentage growth. ### OPM — highest 1. Copart, Inc. (CPRT): 38% 2. Thomson Reuters Corporation (TRI): 31% 3. Dolby Laboratories, Inc. (DLB): 29% 4. CBIZ, Inc. (CBZ): 23% 5. Cintas Corporation (CTAS): 23% ### Margin change — fastest expanders 1. First Advantage Corporation (FA): +6.6 pp 2. Eastman Kodak Company (KODK): +4.9 pp 3. UL Solutions Inc. (ULS): +2.7 pp 4. Amentum Holdings, Inc. (AMTM): +1.4 pp 5. Thomson Reuters Corporation (TRI): +1.0 pp ### 20-quarter OPM history - CTAS: Sep 2021 21% | Dec 2021 20% | Mar 2022 21% | Jun 2022 20% | Sep 2022 20% | Dec 2022 21% | Mar 2023 20% | Jun 2023 21% | Sep 2023 21% | Dec 2023 21% | Mar 2024 22% | Jun 2024 22% | Sep 2024 22% | Dec 2024 23% | Mar 2025 23% | Jun 2025 22% | Sep 2025 23% | Dec 2025 23% | Mar 2026 23% | Jun 2026 — - TRI: Sep 2021 19% | Dec 2021 15% | Mar 2022 25% | Jun 2022 24% | Sep 2022 25% | Dec 2022 36% | Mar 2023 29% | Jun 2023 50% | Sep 2023 28% | Dec 2023 31% | Mar 2024 30% | Jun 2024 24% | Sep 2024 24% | Dec 2024 38% | Mar 2025 30% | Jun 2025 24% | Sep 2025 33% | Dec 2025 27% | Mar 2026 31% | Jun 2026 — - CPRT: Sep 2021 40% | Dec 2021 41% | Mar 2022 40% | Jun 2022 40% | Sep 2022 37% | Dec 2022 35% | Mar 2023 38% | Jun 2023 41% | Sep 2023 39% | Dec 2023 39% | Mar 2024 37% | Jun 2024 39% | Sep 2024 34% | Dec 2024 35% | Mar 2025 37% | Jun 2025 37% | Sep 2025 37% | Dec 2025 37% | Mar 2026 35% | Jun 2026 38% - GPN: Sep 2021 18% | Dec 2021 15% | Mar 2022 17% | Jun 2022 -23% | Sep 2022 17% | Dec 2022 18% | Mar 2023 2.5% | Jun 2023 25% | Sep 2023 23% | Dec 2023 21% | Mar 2024 19% | Jun 2024 24% | Sep 2024 22% | Dec 2024 36% | Mar 2025 20% | Jun 2025 22% | Sep 2025 39% | Dec 2025 8.8% | Mar 2026 -0.5% | Jun 2026 — - RBA: Sep 2021 16% | Dec 2021 15% | Mar 2022 59% | Jun 2022 19% | Sep 2022 15% | Dec 2022 15% | Mar 2023 -4.9% | Jun 2023 16% | Sep 2023 14% | Dec 2023 16% | Mar 2024 19% | Jun 2024 18% | Sep 2024 16% | Dec 2024 18% | Mar 2025 17% | Jun 2025 16% | Sep 2025 15% | Dec 2025 15% | Mar 2026 18% | Jun 2026 — - ULS: Sep 2021 — | Dec 2021 13% | Mar 2022 17% | Jun 2022 16% | Sep 2022 19% | Dec 2022 15% | Mar 2023 12% | Jun 2023 17% | Sep 2023 13% | Dec 2023 13% | Mar 2024 14% | Jun 2024 17% | Sep 2024 18% | Dec 2024 16% | Mar 2025 16% | Jun 2025 18% | Sep 2025 20% | Dec 2025 15% | Mar 2026 18% | Jun 2026 — - ARMK: Sep 2021 2.5% | Dec 2021 3.7% | Mar 2022 — | Jun 2022 3.7% | Sep 2022 3.6% | Dec 2022 3.9% | Mar 2023 3.2% | Jun 2023 3.3% | Sep 2023 5.1% | Dec 2023 3.8% | Mar 2024 3.8% | Jun 2024 3.7% | Sep 2024 5.0% | Dec 2024 4.8% | Mar 2025 4.1% | Jun 2025 3.9% | Sep 2025 — | Dec 2025 4.3% | Mar 2026 4.5% | Jun 2026 4.5% - AMTM: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 -7.1% | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 4.3% | Mar 2024 4.3% | Jun 2024 4.2% | Sep 2024 1.2% | Dec 2024 3.9% | Mar 2025 3.2% | Jun 2025 2.9% | Sep 2025 — | Dec 2025 3.4% | Mar 2026 4.3% | Jun 2026 4.3% - UNF: Sep 2021 9.7% | Dec 2021 9.2% | Mar 2022 4.6% | Jun 2022 6.6% | Sep 2022 6.4% | Dec 2022 8.0% | Mar 2023 3.8% | Jun 2023 5.8% | Sep 2023 6.3% | Dec 2023 9.0% | Mar 2024 4.7% | Jun 2024 8.0% | Sep 2024 8.4% | Dec 2024 9.2% | Mar 2025 5.2% | Jun 2025 7.9% | Sep 2025 8.1% | Dec 2025 7.3% | Mar 2026 4.2% | Jun 2026 3.6% - DLB: Sep 2021 14% | Dec 2021 26% | Mar 2022 — | Jun 2022 13% | Sep 2022 16% | Dec 2022 28% | Mar 2023 29% | Jun 2023 5.3% | Sep 2023 -1.2% | Dec 2023 21% | Mar 2024 30% | Jun 2024 13% | Sep 2024 15% | Dec 2024 22% | Mar 2025 29% | Jun 2025 15% | Sep 2025 9.7% | Dec 2025 18% | Mar 2026 29% | Jun 2026 — - AZZ: Sep 2021 15% | Dec 2021 16% | Mar 2022 13% | Jun 2022 14% | Sep 2022 16% | Dec 2022 12% | Mar 2023 11% | Jun 2023 17% | Sep 2023 15% | Dec 2023 14% | Mar 2024 12% | Jun 2024 17% | Sep 2024 17% | Dec 2024 15% | Mar 2025 12% | Jun 2025 17% | Sep 2025 16% | Dec 2025 16% | Mar 2026 15% | Jun 2026 17% - FA: Sep 2021 13% | Dec 2021 12% | Mar 2022 9.0% | Jun 2022 11% | Sep 2022 13% | Dec 2022 14% | Mar 2023 6.4% | Jun 2023 9.5% | Sep 2023 12% | Dec 2023 15% | Mar 2024 -0.4% | Jun 2024 5.4% | Sep 2024 4.6% | Dec 2024 -26% | Mar 2025 2.1% | Jun 2025 9.7% | Sep 2025 10% | Dec 2025 11% | Mar 2026 8.7% | Jun 2026 — - MMS: Sep 2021 6.2% | Dec 2021 7.1% | Mar 2022 6.4% | Jun 2022 4.8% | Sep 2022 9.7% | Dec 2022 6.0% | Mar 2023 5.2% | Jun 2023 4.9% | Sep 2023 7.9% | Dec 2023 8.1% | Mar 2024 9.5% | Jun 2024 11% | Sep 2024 8.5% | Dec 2024 6.2% | Mar 2025 11% | Jun 2025 12% | Sep 2025 9.3% | Dec 2025 11% | Mar 2026 11% | Jun 2026 — - ABM: Sep 2021 -0.6% | Dec 2021 3.3% | Mar 2022 5.5% | Jun 2022 4.0% | Sep 2022 4.5% | Dec 2022 3.9% | Mar 2023 3.6% | Jun 2023 4.7% | Sep 2023 6.8% | Dec 2023 5.1% | Mar 2024 3.6% | Jun 2024 4.0% | Sep 2024 1.8% | Dec 2024 0.9% | Mar 2025 3.7% | Jun 2025 3.9% | Sep 2025 3.8% | Dec 2025 3.0% | Mar 2026 3.3% | Jun 2026 3.8% - CBZ: Sep 2021 11% | Dec 2021 -7.6% | Mar 2022 22% | Jun 2022 17% | Sep 2022 11% | Dec 2022 -6.6% | Mar 2023 22% | Jun 2023 9.7% | Sep 2023 14% | Dec 2023 -8.2% | Mar 2024 20% | Jun 2024 7.5% | Sep 2024 11% | Dec 2024 -23% | Mar 2025 24% | Jun 2025 8.8% | Sep 2025 8.5% | Dec 2025 -16% | Mar 2026 23% | Jun 2026 — - CMPR: Sep 2021 2.6% | Dec 2021 10% | Mar 2022 -4.3% | Jun 2022 -3.8% | Sep 2022 -2.6% | Dec 2022 4.0% | Mar 2023 -1.6% | Jun 2023 6.8% | Sep 2023 4.5% | Dec 2023 12% | Mar 2024 5.0% | Jun 2024 8.0% | Sep 2024 4.9% | Dec 2024 8.6% | Mar 2025 5.1% | Jun 2025 7.5% | Sep 2025 5.7% | Dec 2025 8.5% | Mar 2026 5.5% | Jun 2026 — - TIC: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 6.3% | Jun 2024 6.4% | Sep 2024 -26% | Dec 2024 — | Mar 2025 -4.0% | Jun 2025 5.8% | Sep 2025 -1.4% | Dec 2025 -3.8% | Mar 2026 -6.0% | Jun 2026 — - TH: Sep 2021 19% | Dec 2021 17% | Mar 2022 15% | Jun 2022 35% | Sep 2022 38% | Dec 2022 42% | Mar 2023 42% | Jun 2023 45% | Sep 2023 46% | Dec 2023 37% | Mar 2024 29% | Jun 2024 29% | Sep 2024 29% | Dec 2024 25% | Mar 2025 -1.5% | Jun 2025 -28% | Sep 2025 0.1% | Dec 2025 -19% | Mar 2026 -20% | Jun 2026 — - LZ: Sep 2021 -19% | Dec 2021 -18% | Mar 2022 -16% | Jun 2022 -7.0% | Sep 2022 -6.6% | Dec 2022 3.4% | Mar 2023 -0.5% | Jun 2023 2.8% | Sep 2023 6.1% | Dec 2023 4.3% | Mar 2024 2.9% | Jun 2024 0.6% | Sep 2024 9.6% | Dec 2024 8.1% | Mar 2025 4.9% | Jun 2025 -1.6% | Sep 2025 3.4% | Dec 2025 6.6% | Mar 2026 1.3% | Jun 2026 — - BV: Sep 2021 4.9% | Dec 2021 -1.4% | Mar 2022 1.6% | Jun 2022 6.0% | Sep 2022 5.6% | Dec 2022 -0.3% | Mar 2023 -0.4% | Jun 2023 6.7% | Sep 2023 7.3% | Dec 2023 -1.0% | Mar 2024 9.2% | Jun 2024 6.6% | Sep 2024 7.1% | Dec 2024 -0.1% | Mar 2025 3.4% | Jun 2025 8.1% | Sep 2025 7.9% | Dec 2025 -1.2% | Mar 2026 2.3% | Jun 2026 — - RHLD: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 31% | Jun 2024 31% | Sep 2024 31% | Dec 2024 28% | Mar 2025 25% | Jun 2025 34% | Sep 2025 34% | Dec 2025 30% | Mar 2026 -1.4% | Jun 2026 — - BKSY: Sep 2021 -617% | Dec 2021 -278% | Mar 2022 -195% | Jun 2022 -144% | Sep 2022 -115% | Dec 2022 -94% | Mar 2023 -92% | Jun 2023 -103% | Sep 2023 -68% | Dec 2023 -13% | Mar 2024 -55% | Jun 2024 -47% | Sep 2024 -59% | Dec 2024 -20% | Mar 2025 -41% | Jun 2025 -63% | Sep 2025 -86% | Dec 2025 -12% | Mar 2026 -89% | Jun 2026 — - KODK: Sep 2021 -3.5% | Dec 2021 -8.8% | Mar 2022 -6.9% | Jun 2022 0.3% | Sep 2022 -2.4% | Dec 2022 -0.7% | Mar 2023 1.8% | Jun 2023 3.4% | Sep 2023 0.7% | Dec 2023 -2.5% | Mar 2024 2.8% | Jun 2024 0.7% | Sep 2024 -3.1% | Dec 2024 -0.8% | Mar 2025 -5.3% | Jun 2025 -1.9% | Sep 2025 7.1% | Dec 2025 1.0% | Mar 2026 -0.4% | Jun 2026 — - TRNS: Sep 2021 7.1% | Dec 2021 4.6% | Mar 2022 8.1% | Jun 2022 6.6% | Sep 2022 6.4% | Dec 2022 5.5% | Mar 2023 9.4% | Jun 2023 7.7% | Sep 2023 2.6% | Dec 2023 6.6% | Mar 2024 13% | Jun 2024 7.6% | Sep 2024 5.5% | Dec 2024 3.1% | Mar 2025 9.0% | Jun 2025 7.0% | Sep 2025 4.3% | Dec 2025 0.1% | Mar 2026 4.8% | Jun 2026 — - CASS: Sep 2021 -13% | Dec 2021 -11% | Mar 2022 -5.3% | Jun 2022 -10% | Sep 2022 -16% | Dec 2022 70% | Mar 2023 -25% | Jun 2023 -22% | Sep 2023 -23% | Dec 2023 68% | Mar 2024 -26% | Jun 2024 -36% | Sep 2024 -48% | Dec 2024 43% | Mar 2025 -30% | Jun 2025 -53% | Sep 2025 -33% | Dec 2025 -41% | Mar 2026 -37% | Jun 2026 — - SPIR: Sep 2021 -182% | Dec 2021 -160% | Mar 2022 -111% | Jun 2022 -85% | Sep 2022 -80% | Dec 2022 -73% | Mar 2023 -70% | Jun 2023 -45% | Sep 2023 -76% | Dec 2023 -54% | Mar 2024 -34% | Jun 2024 -49% | Sep 2024 -48% | Dec 2024 -144% | Mar 2025 -119% | Jun 2025 -123% | Sep 2025 -166% | Dec 2025 -146% | Mar 2026 -155% | Jun 2026 — - QUAD: Sep 2021 0.9% | Dec 2021 -0.5% | Mar 2022 0.7% | Jun 2022 1.9% | Sep 2022 3.0% | Dec 2022 1.0% | Mar 2023 0.0% | Jun 2023 1.2% | Sep 2023 2.0% | Dec 2023 0.4% | Mar 2024 -1.6% | Jun 2024 2.4% | Sep 2024 -0.7% | Dec 2024 2.8% | Mar 2025 3.1% | Jun 2025 2.4% | Sep 2025 4.5% | Dec 2025 5.9% | Mar 2026 3.0% | Jun 2026 — ### 20-quarter Margin change history - CTAS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 +0.1 pp | Sep 2022 −0.5 pp | Dec 2022 +0.7 pp | Mar 2023 −0.4 pp | Jun 2023 +1.1 pp | Sep 2023 +1.1 pp | Dec 2023 +0.5 pp | Mar 2024 +1.2 pp | Jun 2024 +1.6 pp | Sep 2024 +1.0 pp | Dec 2024 +2.1 pp | Mar 2025 +1.8 pp | Jun 2025 +0.2 pp | Sep 2025 +0.3 pp | Dec 2025 +0.3 pp | Mar 2026 −0.2 pp | Jun 2026 — - TRI: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 +3.6 pp | Sep 2022 +6.8 pp | Dec 2022 +20.8 pp | Mar 2023 +4.5 pp | Jun 2023 +25.9 pp | Sep 2023 +2.4 pp | Dec 2023 −5.1 pp | Mar 2024 +0.3 pp | Jun 2024 −26.2 pp | Sep 2024 −3.6 pp | Dec 2024 +7.1 pp | Mar 2025 +0.1 pp | Jun 2025 +0.5 pp | Sep 2025 +9.2 pp | Dec 2025 −10.9 pp | Mar 2026 +1.0 pp | Jun 2026 — - CPRT: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −3.5 pp | Dec 2022 −5.8 pp | Mar 2023 −1.8 pp | Jun 2023 +1.3 pp | Sep 2023 +2.4 pp | Dec 2023 +3.8 pp | Mar 2024 −1.0 pp | Jun 2024 −2.2 pp | Sep 2024 −5.6 pp | Dec 2024 −3.3 pp | Mar 2025 −0.6 pp | Jun 2025 −1.5 pp | Sep 2025 +3.1 pp | Dec 2025 +1.9 pp | Mar 2026 −1.9 pp | Jun 2026 +0.2 pp - GPN: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 −40.2 pp | Sep 2022 −1.3 pp | Dec 2022 +3.5 pp | Mar 2023 −14.9 pp | Jun 2023 +47.8 pp | Sep 2023 +5.6 pp | Dec 2023 +2.4 pp | Mar 2024 +16.2 pp | Jun 2024 −0.5 pp | Sep 2024 −0.3 pp | Dec 2024 +15.5 pp | Mar 2025 +1.7 pp | Jun 2025 −2.3 pp | Sep 2025 +16.6 pp | Dec 2025 −27.2 pp | Mar 2026 −20.9 pp | Jun 2026 — - RBA: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 −3.7 pp | Sep 2022 −0.9 pp | Dec 2022 0.0 pp | Mar 2023 −64.0 pp | Jun 2023 −2.7 pp | Sep 2023 −1.1 pp | Dec 2023 +1.6 pp | Mar 2024 +23.6 pp | Jun 2024 +2.2 pp | Sep 2024 +1.3 pp | Dec 2024 +1.7 pp | Mar 2025 −1.6 pp | Jun 2025 −2.5 pp | Sep 2025 −1.1 pp | Dec 2025 −3.4 pp | Mar 2026 +0.5 pp | Jun 2026 — - ULS: Sep 2021 — | Dec 2021 — | Mar 2022 +4.3 pp | Jun 2022 — | Sep 2022 — | Dec 2022 +1.7 pp | Mar 2023 −4.6 pp | Jun 2023 +1.2 pp | Sep 2023 −5.3 pp | Dec 2023 −2.0 pp | Mar 2024 +1.7 pp | Jun 2024 +0.3 pp | Sep 2024 +4.6 pp | Dec 2024 +3.0 pp | Mar 2025 +1.9 pp | Jun 2025 +0.6 pp | Sep 2025 +2.1 pp | Dec 2025 −0.6 pp | Mar 2026 +2.7 pp | Jun 2026 — - ARMK: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +1.1 pp | Dec 2022 +0.2 pp | Mar 2023 — | Jun 2023 −0.4 pp | Sep 2023 +1.5 pp | Dec 2023 −0.1 pp | Mar 2024 +0.6 pp | Jun 2024 +0.4 pp | Sep 2024 −0.1 pp | Dec 2024 +1.0 pp | Mar 2025 +0.3 pp | Jun 2025 +0.2 pp | Sep 2025 — | Dec 2025 −0.5 pp | Mar 2026 +0.4 pp | Jun 2026 +0.6 pp - AMTM: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 +11.4 pp | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 −0.4 pp | Mar 2025 −1.1 pp | Jun 2025 −1.3 pp | Sep 2025 — | Dec 2025 −0.5 pp | Mar 2026 +1.1 pp | Jun 2026 +1.4 pp - UNF: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −3.3 pp | Dec 2022 −1.2 pp | Mar 2023 −0.8 pp | Jun 2023 −0.8 pp | Sep 2023 −0.1 pp | Dec 2023 +1.0 pp | Mar 2024 +0.9 pp | Jun 2024 +2.2 pp | Sep 2024 +2.1 pp | Dec 2024 +0.2 pp | Mar 2025 +0.5 pp | Jun 2025 −0.1 pp | Sep 2025 −0.3 pp | Dec 2025 −1.9 pp | Mar 2026 −1.0 pp | Jun 2026 −4.3 pp - DLB: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 −6.6 pp | Sep 2022 +1.5 pp | Dec 2022 +2.3 pp | Mar 2023 — | Jun 2023 −7.7 pp | Sep 2023 −16.9 pp | Dec 2023 −7.1 pp | Mar 2024 +0.8 pp | Jun 2024 +7.4 pp | Sep 2024 +16.4 pp | Dec 2024 +1.4 pp | Mar 2025 −0.7 pp | Jun 2025 +2.4 pp | Sep 2025 −5.5 pp | Dec 2025 −4.5 pp | Mar 2026 −0.7 pp | Jun 2026 — - AZZ: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +0.6 pp | Dec 2022 −3.6 pp | Mar 2023 −1.9 pp | Jun 2023 +3.3 pp | Sep 2023 −0.5 pp | Dec 2023 +1.6 pp | Mar 2024 +0.7 pp | Jun 2024 +0.1 pp | Sep 2024 +1.2 pp | Dec 2024 +0.7 pp | Mar 2025 0.0 pp | Jun 2025 −0.4 pp | Sep 2025 −0.1 pp | Dec 2025 +1.8 pp | Mar 2026 +3.3 pp | Jun 2026 +0.7 pp - FA: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 +1.4 pp | Sep 2022 −0.1 pp | Dec 2022 +1.6 pp | Mar 2023 −2.6 pp | Jun 2023 −1.8 pp | Sep 2023 −0.9 pp | Dec 2023 +1.0 pp | Mar 2024 −6.8 pp | Jun 2024 −4.1 pp | Sep 2024 −7.0 pp | Dec 2024 −40.8 pp | Mar 2025 +2.5 pp | Jun 2025 +4.3 pp | Sep 2025 +5.7 pp | Dec 2025 +37.0 pp | Mar 2026 +6.6 pp | Jun 2026 — - MMS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 −6.4 pp | Sep 2022 +3.5 pp | Dec 2022 −1.1 pp | Mar 2023 −1.2 pp | Jun 2023 +0.1 pp | Sep 2023 −1.8 pp | Dec 2023 +2.1 pp | Mar 2024 +4.3 pp | Jun 2024 +5.9 pp | Sep 2024 +0.6 pp | Dec 2024 −1.9 pp | Mar 2025 +1.7 pp | Jun 2025 +1.5 pp | Sep 2025 +0.8 pp | Dec 2025 +4.7 pp | Mar 2026 +0.2 pp | Jun 2026 — - ABM: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +5.1 pp | Dec 2022 +0.6 pp | Mar 2023 −1.9 pp | Jun 2023 +0.7 pp | Sep 2023 +2.3 pp | Dec 2023 +1.2 pp | Mar 2024 0.0 pp | Jun 2024 −0.7 pp | Sep 2024 −5.0 pp | Dec 2024 −4.2 pp | Mar 2025 +0.1 pp | Jun 2025 −0.1 pp | Sep 2025 +2.0 pp | Dec 2025 +2.1 pp | Mar 2026 −0.4 pp | Jun 2026 −0.1 pp - CBZ: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 +17.8 pp | Sep 2022 +0.3 pp | Dec 2022 +1.0 pp | Mar 2023 −0.1 pp | Jun 2023 −7.2 pp | Sep 2023 +2.1 pp | Dec 2023 −1.6 pp | Mar 2024 −1.6 pp | Jun 2024 −2.2 pp | Sep 2024 −2.2 pp | Dec 2024 −15.0 pp | Mar 2025 +3.9 pp | Jun 2025 +1.3 pp | Sep 2025 −2.8 pp | Dec 2025 +7.5 pp | Mar 2026 −0.7 pp | Jun 2026 — - CMPR: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 −5.2 pp | Sep 2022 −5.2 pp | Dec 2022 −6.1 pp | Mar 2023 +2.7 pp | Jun 2023 +10.6 pp | Sep 2023 +7.1 pp | Dec 2023 +7.7 pp | Mar 2024 +6.6 pp | Jun 2024 +1.2 pp | Sep 2024 +0.4 pp | Dec 2024 −3.1 pp | Mar 2025 +0.1 pp | Jun 2025 −0.5 pp | Sep 2025 +0.8 pp | Dec 2025 −0.1 pp | Mar 2026 +0.4 pp | Jun 2026 — - TIC: 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 −10.3 pp | Jun 2025 −0.6 pp | Sep 2025 +24.2 pp | Dec 2025 — | Mar 2026 −2.0 pp | Jun 2026 — - TH: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 +20.0 pp | Sep 2022 +18.9 pp | Dec 2022 +25.4 pp | Mar 2023 +26.5 pp | Jun 2023 +10.6 pp | Sep 2023 +8.8 pp | Dec 2023 −5.5 pp | Mar 2024 −13.4 pp | Jun 2024 −15.8 pp | Sep 2024 −17.0 pp | Dec 2024 −11.7 pp | Mar 2025 −30.0 pp | Jun 2025 −56.8 pp | Sep 2025 −29.3 pp | Dec 2025 −43.6 pp | Mar 2026 −18.2 pp | Jun 2026 — - LZ: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 +11.3 pp | Sep 2022 +12.0 pp | Dec 2022 +21.5 pp | Mar 2023 +15.6 pp | Jun 2023 +9.8 pp | Sep 2023 +12.7 pp | Dec 2023 +0.9 pp | Mar 2024 +3.4 pp | Jun 2024 −2.2 pp | Sep 2024 +3.5 pp | Dec 2024 +3.8 pp | Mar 2025 +2.0 pp | Jun 2025 −2.2 pp | Sep 2025 −6.2 pp | Dec 2025 −1.5 pp | Mar 2026 −3.6 pp | Jun 2026 — - BV: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 −0.4 pp | Sep 2022 +0.7 pp | Dec 2022 +1.1 pp | Mar 2023 −2.0 pp | Jun 2023 +0.7 pp | Sep 2023 +1.7 pp | Dec 2023 −0.7 pp | Mar 2024 +9.6 pp | Jun 2024 −0.1 pp | Sep 2024 −0.2 pp | Dec 2024 +0.9 pp | Mar 2025 −5.8 pp | Jun 2025 +1.5 pp | Sep 2025 +0.8 pp | Dec 2025 −1.1 pp | Mar 2026 −1.1 pp | Jun 2026 — - RHLD: 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 −6.6 pp | Jun 2025 +3.2 pp | Sep 2025 +3.6 pp | Dec 2025 +2.6 pp | Mar 2026 −26.0 pp | Jun 2026 — - BKSY: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 +261.0 pp | Sep 2022 +502.1 pp | Dec 2022 +183.4 pp | Mar 2023 +103.4 pp | Jun 2023 +40.7 pp | Sep 2023 +46.3 pp | Dec 2023 +81.1 pp | Mar 2024 +37.2 pp | Jun 2024 +56.1 pp | Sep 2024 +9.6 pp | Dec 2024 −6.9 pp | Mar 2025 +14.2 pp | Jun 2025 −15.8 pp | Sep 2025 −27.1 pp | Dec 2025 +8.2 pp | Mar 2026 −48.7 pp | Jun 2026 — - KODK: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 −1.1 pp | Sep 2022 +1.1 pp | Dec 2022 +8.1 pp | Mar 2023 +8.7 pp | Jun 2023 +3.1 pp | Sep 2023 +3.1 pp | Dec 2023 −1.8 pp | Mar 2024 +1.0 pp | Jun 2024 −2.7 pp | Sep 2024 −3.8 pp | Dec 2024 +1.7 pp | Mar 2025 −8.1 pp | Jun 2025 −2.6 pp | Sep 2025 +10.2 pp | Dec 2025 +1.8 pp | Mar 2026 +4.9 pp | Jun 2026 — - TRNS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 −1.1 pp | Sep 2022 −0.7 pp | Dec 2022 +0.9 pp | Mar 2023 +1.3 pp | Jun 2023 +1.1 pp | Sep 2023 −3.8 pp | Dec 2023 +1.1 pp | Mar 2024 +3.6 pp | Jun 2024 −0.1 pp | Sep 2024 +2.9 pp | Dec 2024 −3.5 pp | Mar 2025 −4.0 pp | Jun 2025 −0.6 pp | Sep 2025 −1.2 pp | Dec 2025 −3.0 pp | Mar 2026 −4.2 pp | Jun 2026 — - CASS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 −1.8 pp | Sep 2022 −3.5 pp | Dec 2022 +80.9 pp | Mar 2023 −19.4 pp | Jun 2023 −12.3 pp | Sep 2023 −6.5 pp | Dec 2023 −1.8 pp | Mar 2024 −1.7 pp | Jun 2024 −14.1 pp | Sep 2024 −25.7 pp | Dec 2024 −25.2 pp | Mar 2025 −3.5 pp | Jun 2025 −16.5 pp | Sep 2025 +15.6 pp | Dec 2025 −84.2 pp | Mar 2026 −7.1 pp | Jun 2026 — - SPIR: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 +64.3 pp | Sep 2022 +101.6 pp | Dec 2022 +87.3 pp | Mar 2023 +41.3 pp | Jun 2023 +39.2 pp | Sep 2023 +4.1 pp | Dec 2023 +19.1 pp | Mar 2024 +35.1 pp | Jun 2024 −3.2 pp | Sep 2024 +28.0 pp | Dec 2024 −90.1 pp | Mar 2025 −84.1 pp | Jun 2025 −74.1 pp | Sep 2025 −118.1 pp | Dec 2025 −2.0 pp | Mar 2026 −36.7 pp | Jun 2026 — - QUAD: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 −1.1 pp | Sep 2022 +2.1 pp | Dec 2022 +1.5 pp | Mar 2023 −0.7 pp | Jun 2023 −0.7 pp | Sep 2023 −1.0 pp | Dec 2023 −0.6 pp | Mar 2024 −1.6 pp | Jun 2024 +1.2 pp | Sep 2024 −2.7 pp | Dec 2024 +2.4 pp | Mar 2025 +4.7 pp | Jun 2025 0.0 pp | Sep 2025 +5.2 pp | Dec 2025 +3.1 pp | Mar 2026 −0.1 pp | Jun 2026 — ## Profit Scale & Acceleration What the numbers say: Thomson Reuters Corporation leads with $1,564 million of TTM profit, 1% above Copart, Inc.. ABM Industries Incorporated shows ≥100% on the scoring scale (101.3% uncapped) growth from a $159 million profit base. Compare the size of the base and persistence before ranking acceleration above profit scale. Investor read: Thomson Reuters Corporation 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: Thomson Reuters Corporation · $1,564 million | 1% versus #2 · Copart, Inc. | 4/8 recent comparable periods | 23/30 companies · 509 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. Thomson Reuters Corporation (TRI): ₹1.6K Cr 2. Copart, Inc. (CPRT): ₹1.5K Cr 3. Global Payments Inc. (GPN): ₹570 Cr 4. RB Global, Inc. (RBA): ₹412 Cr 5. Maximus, Inc. (MMS): ₹373 Cr ### Profit growth — fastest growers 1. ABM Industries Incorporated (ABM): 100% 2. CBIZ, Inc. (CBZ): 69% 3. Maximus, Inc. (MMS): 24% 4. RB Global, Inc. (RBA): 7.3% 5. Copart, Inc. (CPRT): 5.0% ### 20-quarter Net profit history - CTAS: Sep 2021 ₹331 Cr | Dec 2021 ₹295 Cr | Mar 2022 ₹315 Cr | Jun 2022 ₹294 Cr | Sep 2022 ₹352 Cr | Dec 2022 ₹324 Cr | Mar 2023 ₹326 Cr | Jun 2023 ₹346 Cr | Sep 2023 ₹385 Cr | Dec 2023 ₹375 Cr | Mar 2024 ₹398 Cr | Jun 2024 ₹414 Cr | Sep 2024 ₹452 Cr | Dec 2024 ₹448 Cr | Mar 2025 ₹463 Cr | Jun 2025 ₹448 Cr | Sep 2025 ₹491 Cr | Dec 2025 ₹495 Cr | Mar 2026 ₹502 Cr | Jun 2026 — - RELX: Sep 2021 — | Dec 2021 ₹810 Cr | Mar 2022 — | Jun 2022 ₹760 Cr | Sep 2022 — | Dec 2022 ₹872 Cr | Mar 2023 — | Jun 2023 ₹873 Cr | Sep 2023 — | Dec 2023 ₹915 Cr | Mar 2024 — | Jun 2024 ₹986 Cr | Sep 2024 — | Dec 2024 ₹958 Cr | Mar 2025 — | Jun 2025 ₹979 Cr | Sep 2025 — | Dec 2025 ₹1.1K Cr | Mar 2026 — | Jun 2026 — - TRI: Sep 2021 ₹431 Cr | Dec 2021 ₹300 Cr | Mar 2022 ₹220 Cr | Jun 2022 ₹754 Cr | Sep 2022 ₹790 Cr | Dec 2022 ₹59 Cr | Mar 2023 ₹167 Cr | Jun 2023 ₹470 Cr | Sep 2023 ₹544 Cr | Dec 2023 ₹390 Cr | Mar 2024 ₹472 Cr | Jun 2024 ₹783 Cr | Sep 2024 ₹285 Cr | Dec 2024 ₹612 Cr | Mar 2025 ₹431 Cr | Jun 2025 ₹301 Cr | Sep 2025 ₹441 Cr | Dec 2025 ₹338 Cr | Mar 2026 ₹484 Cr | Jun 2026 — - CPRT: Sep 2021 ₹256 Cr | Dec 2021 ₹260 Cr | Mar 2022 ₹287 Cr | Jun 2022 ₹279 Cr | Sep 2022 ₹264 Cr | Dec 2022 ₹246 Cr | Mar 2023 ₹294 Cr | Jun 2023 ₹350 Cr | Sep 2023 ₹348 Cr | Dec 2023 ₹333 Cr | Mar 2024 ₹326 Cr | Jun 2024 ₹382 Cr | Sep 2024 ₹322 Cr | Dec 2024 ₹361 Cr | Mar 2025 ₹387 Cr | Jun 2025 ₹405 Cr | Sep 2025 ₹395 Cr | Dec 2025 ₹402 Cr | Mar 2026 ₹350 Cr | Jun 2026 ₹401 Cr - GPN: Sep 2021 ₹274 Cr | Dec 2021 ₹199 Cr | Mar 2022 ₹232 Cr | Jun 2022 ₹-679 Cr | Sep 2022 ₹257 Cr | Dec 2022 ₹247 Cr | Mar 2023 ₹-24 Cr | Jun 2023 ₹267 Cr | Sep 2023 ₹359 Cr | Dec 2023 ₹371 Cr | Mar 2024 ₹307 Cr | Jun 2024 ₹297 Cr | Sep 2024 ₹288 Cr | Dec 2024 ₹470 Cr | Mar 2025 ₹218 Cr | Jun 2025 ₹192 Cr | Sep 2025 ₹456 Cr | Dec 2025 ₹135 Cr | Mar 2026 ₹-213 Cr | Jun 2026 — - RBA: Sep 2021 ₹32 Cr | Dec 2021 ₹31 Cr | Mar 2022 ₹178 Cr | Jun 2022 ₹53 Cr | Sep 2022 ₹43 Cr | Dec 2022 ₹45 Cr | Mar 2023 ₹-28 Cr | Jun 2023 ₹87 Cr | Sep 2023 ₹63 Cr | Dec 2023 ₹84 Cr | Mar 2024 ₹107 Cr | Jun 2024 ₹111 Cr | Sep 2024 ₹76 Cr | Dec 2024 ₹118 Cr | Mar 2025 ₹79 Cr | Jun 2025 ₹110 Cr | Sep 2025 ₹95 Cr | Dec 2025 ₹109 Cr | Mar 2026 ₹98 Cr | Jun 2026 — - ULS: Sep 2021 — | Dec 2021 ₹72 Cr | Mar 2022 ₹89 Cr | Jun 2022 ₹65 Cr | Sep 2022 ₹73 Cr | Dec 2022 ₹82 Cr | Mar 2023 ₹58 Cr | Jun 2023 ₹99 Cr | Sep 2023 ₹57 Cr | Dec 2023 ₹62 Cr | Mar 2024 ₹60 Cr | Jun 2024 ₹106 Cr | Sep 2024 ₹94 Cr | Dec 2024 ₹85 Cr | Mar 2025 ₹71 Cr | Jun 2025 ₹97 Cr | Sep 2025 ₹106 Cr | Dec 2025 ₹71 Cr | Mar 2026 ₹97 Cr | Jun 2026 — - ARMK: Sep 2021 ₹33 Cr | Dec 2021 ₹34 Cr | Mar 2022 — | Jun 2022 ₹36 Cr | Sep 2022 ₹40 Cr | Dec 2022 ₹38 Cr | Mar 2023 ₹14 Cr | Jun 2023 ₹287 Cr | Sep 2023 ₹108 Cr | Dec 2023 ₹29 Cr | Mar 2024 ₹53 Cr | Jun 2024 ₹58 Cr | Sep 2024 ₹134 Cr | Dec 2024 ₹106 Cr | Mar 2025 ₹62 Cr | Jun 2025 ₹72 Cr | Sep 2025 — | Dec 2025 ₹128 Cr | Mar 2026 ₹97 Cr | Jun 2026 ₹102 Cr - RTO: Sep 2021 — | Dec 2021 ₹191 Cr | Mar 2022 — | Jun 2022 ₹151 Cr | Sep 2022 — | Dec 2022 ₹130 Cr | Mar 2023 — | Jun 2023 ₹235 Cr | Sep 2023 — | Dec 2023 ₹250 Cr | Mar 2024 — | Jun 2024 ₹229 Cr | Sep 2024 — | Dec 2024 ₹117 Cr | Mar 2025 — | Jun 2025 ₹164 Cr | Sep 2025 — | Dec 2025 ₹126 Cr | Mar 2026 — | Jun 2026 — - AMTM: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹-212 Cr | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 ₹-39 Cr | Mar 2024 ₹-42 Cr | Jun 2024 ₹-24 Cr | Sep 2024 ₹22 Cr | Dec 2024 ₹21 Cr | Mar 2025 ₹2 Cr | Jun 2025 ₹-1 Cr | Sep 2025 — | Dec 2025 ₹37 Cr | Mar 2026 ₹44 Cr | Jun 2026 ₹54 Cr - UNF: Sep 2021 ₹35 Cr | Dec 2021 ₹34 Cr | Mar 2022 ₹18 Cr | Jun 2022 ₹25 Cr | Sep 2022 ₹26 Cr | Dec 2022 ₹34 Cr | Mar 2023 ₹18 Cr | Jun 2023 ₹24 Cr | Sep 2023 ₹28 Cr | Dec 2023 ₹42 Cr | Mar 2024 ₹20 Cr | Jun 2024 ₹38 Cr | Sep 2024 ₹45 Cr | Dec 2024 ₹43 Cr | Mar 2025 ₹24 Cr | Jun 2025 ₹40 Cr | Sep 2025 ₹41 Cr | Dec 2025 ₹34 Cr | Mar 2026 ₹20 Cr | Jun 2026 ₹20 Cr - DLB: Sep 2021 ₹44 Cr | Dec 2021 ₹80 Cr | Mar 2022 — | Jun 2022 ₹37 Cr | Sep 2022 ₹40 Cr | Dec 2022 ₹79 Cr | Mar 2023 ₹96 Cr | Jun 2023 ₹16 Cr | Sep 2023 ₹10 Cr | Dec 2023 ₹68 Cr | Mar 2024 ₹98 Cr | Jun 2024 ₹40 Cr | Sep 2024 ₹59 Cr | Dec 2024 ₹68 Cr | Mar 2025 ₹92 Cr | Jun 2025 ₹47 Cr | Sep 2025 ₹50 Cr | Dec 2025 ₹54 Cr | Mar 2026 ₹95 Cr | Jun 2026 — - AZZ: Sep 2021 ₹19 Cr | Dec 2021 ₹21 Cr | Mar 2022 ₹22 Cr | Jun 2022 ₹24 Cr | Sep 2022 ₹-58 Cr | Dec 2022 ₹-21 Cr | Mar 2023 ₹1 Cr | Jun 2023 ₹29 Cr | Sep 2023 ₹28 Cr | Dec 2023 ₹27 Cr | Mar 2024 ₹18 Cr | Jun 2024 ₹40 Cr | Sep 2024 ₹35 Cr | Dec 2024 ₹34 Cr | Mar 2025 ₹20 Cr | Jun 2025 ₹171 Cr | Sep 2025 ₹89 Cr | Dec 2025 ₹41 Cr | Mar 2026 ₹16 Cr | Jun 2026 ₹52 Cr - FA: Sep 2021 ₹16 Cr | Dec 2021 ₹15 Cr | Mar 2022 ₹13 Cr | Jun 2022 ₹14 Cr | Sep 2022 ₹17 Cr | Dec 2022 ₹20 Cr | Mar 2023 ₹2 Cr | Jun 2023 ₹10 Cr | Sep 2023 ₹11 Cr | Dec 2023 ₹15 Cr | Mar 2024 ₹-3 Cr | Jun 2024 ₹2 Cr | Sep 2024 ₹-9 Cr | Dec 2024 ₹-100 Cr | Mar 2025 ₹-41 Cr | Jun 2025 ₹0 Cr | Sep 2025 ₹3 Cr | Dec 2025 ₹3 Cr | Mar 2026 ₹2 Cr | Jun 2026 — - MMS: Sep 2021 ₹52 Cr | Dec 2021 ₹53 Cr | Mar 2022 ₹50 Cr | Jun 2022 ₹31 Cr | Sep 2022 ₹69 Cr | Dec 2022 ₹40 Cr | Mar 2023 ₹32 Cr | Jun 2023 ₹31 Cr | Sep 2023 ₹59 Cr | Dec 2023 ₹64 Cr | Mar 2024 ₹81 Cr | Jun 2024 ₹90 Cr | Sep 2024 ₹73 Cr | Dec 2024 ₹41 Cr | Mar 2025 ₹97 Cr | Jun 2025 ₹106 Cr | Sep 2025 ₹75 Cr | Dec 2025 ₹94 Cr | Mar 2026 ₹98 Cr | Jun 2026 — - ABM: Sep 2021 ₹-14 Cr | Dec 2021 ₹50 Cr | Mar 2022 ₹76 Cr | Jun 2022 ₹49 Cr | Sep 2022 ₹57 Cr | Dec 2022 ₹49 Cr | Mar 2023 ₹39 Cr | Jun 2023 ₹52 Cr | Sep 2023 ₹98 Cr | Dec 2023 ₹63 Cr | Mar 2024 ₹45 Cr | Jun 2024 ₹44 Cr | Sep 2024 ₹5 Cr | Dec 2024 ₹-12 Cr | Mar 2025 ₹44 Cr | Jun 2025 ₹42 Cr | Sep 2025 ₹42 Cr | Dec 2025 ₹35 Cr | Mar 2026 ₹39 Cr | Jun 2026 ₹43 Cr - CBZ: Sep 2021 ₹22 Cr | Dec 2021 ₹-10 Cr | Mar 2022 ₹58 Cr | Jun 2022 ₹31 Cr | Sep 2022 ₹27 Cr | Dec 2022 ₹-11 Cr | Mar 2023 ₹73 Cr | Jun 2023 ₹27 Cr | Sep 2023 ₹34 Cr | Dec 2023 ₹-13 Cr | Mar 2024 ₹77 Cr | Jun 2024 ₹20 Cr | Sep 2024 ₹35 Cr | Dec 2024 ₹-91 Cr | Mar 2025 ₹123 Cr | Jun 2025 ₹42 Cr | Sep 2025 ₹26 Cr | Dec 2025 ₹-83 Cr | Mar 2026 ₹162 Cr | Jun 2026 — - CMPR: Sep 2021 ₹4 Cr | Dec 2021 ₹56 Cr | Mar 2022 ₹-70 Cr | Jun 2022 ₹-32 Cr | Sep 2022 ₹-25 Cr | Dec 2022 ₹-139 Cr | Mar 2023 ₹-50 Cr | Jun 2023 ₹27 Cr | Sep 2023 ₹5 Cr | Dec 2023 ₹60 Cr | Mar 2024 ₹-5 Cr | Jun 2024 ₹118 Cr | Sep 2024 ₹-12 Cr | Dec 2024 ₹62 Cr | Mar 2025 ₹-8 Cr | Jun 2025 ₹-28 Cr | Sep 2025 ₹7 Cr | Dec 2025 ₹49 Cr | Mar 2026 ₹15 Cr | Jun 2026 — - TIC: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 ₹-1 Cr | Jun 2024 ₹-5 Cr | Sep 2024 ₹-99 Cr | Dec 2024 ₹0 Cr | Mar 2025 ₹-26 Cr | Jun 2025 ₹0 Cr | Sep 2025 ₹-14 Cr | Dec 2025 ₹-47 Cr | Mar 2026 ₹-42 Cr | Jun 2026 — - TH: Sep 2021 ₹7 Cr | Dec 2021 ₹3 Cr | Mar 2022 ₹0 Cr | Jun 2022 ₹23 Cr | Sep 2022 ₹19 Cr | Dec 2022 ₹32 Cr | Mar 2023 ₹44 Cr | Jun 2023 ₹46 Cr | Sep 2023 ₹46 Cr | Dec 2023 ₹38 Cr | Mar 2024 ₹20 Cr | Jun 2024 ₹18 Cr | Sep 2024 ₹20 Cr | Dec 2024 ₹13 Cr | Mar 2025 ₹-6 Cr | Jun 2025 ₹-15 Cr | Sep 2025 ₹-1 Cr | Dec 2025 ₹-15 Cr | Mar 2026 ₹-13 Cr | Jun 2026 — - LZ: Sep 2021 ₹-40 Cr | Dec 2021 ₹-21 Cr | Mar 2022 ₹-26 Cr | Jun 2022 ₹-13 Cr | Sep 2022 ₹-12 Cr | Dec 2022 ₹2 Cr | Mar 2023 ₹-2 Cr | Jun 2023 ₹1 Cr | Sep 2023 ₹8 Cr | Dec 2023 ₹7 Cr | Mar 2024 ₹5 Cr | Jun 2024 ₹1 Cr | Sep 2024 ₹11 Cr | Dec 2024 ₹13 Cr | Mar 2025 ₹5 Cr | Jun 2025 ₹0 Cr | Sep 2025 ₹5 Cr | Dec 2025 ₹6 Cr | Mar 2026 ₹1 Cr | Jun 2026 — - BV: Sep 2021 ₹32 Cr | Dec 2021 ₹-13 Cr | Mar 2022 ₹1 Cr | Jun 2022 ₹11 Cr | Sep 2022 ₹15 Cr | Dec 2022 ₹-19 Cr | Mar 2023 ₹-22 Cr | Jun 2023 ₹17 Cr | Sep 2023 ₹16 Cr | Dec 2023 ₹-16 Cr | Mar 2024 ₹34 Cr | Jun 2024 ₹24 Cr | Sep 2024 ₹26 Cr | Dec 2024 ₹-10 Cr | Mar 2025 ₹6 Cr | Jun 2025 ₹32 Cr | Sep 2025 ₹28 Cr | Dec 2025 ₹-15 Cr | Mar 2026 ₹2 Cr | Jun 2026 — - RHLD: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 ₹26 Cr | Jun 2024 ₹28 Cr | Sep 2024 ₹28 Cr | Dec 2024 ₹28 Cr | Mar 2025 ₹23 Cr | Jun 2025 ₹38 Cr | Sep 2025 ₹39 Cr | Dec 2025 ₹34 Cr | Mar 2026 ₹-93 Cr | Jun 2026 — - BKSY: Sep 2021 ₹-47 Cr | Dec 2021 ₹6 Cr | Mar 2022 ₹-20 Cr | Jun 2022 ₹-26 Cr | Sep 2022 ₹-27 Cr | Dec 2022 ₹-16 Cr | Mar 2023 ₹-17 Cr | Jun 2023 ₹-33 Cr | Sep 2023 ₹1 Cr | Dec 2023 ₹-3 Cr | Mar 2024 ₹-16 Cr | Jun 2024 ₹-9 Cr | Sep 2024 ₹-13 Cr | Dec 2024 ₹-19 Cr | Mar 2025 ₹-13 Cr | Jun 2025 ₹-41 Cr | Sep 2025 ₹-15 Cr | Dec 2025 ₹-1 Cr | Mar 2026 ₹-30 Cr | Jun 2026 — - KODK: Sep 2021 ₹8 Cr | Dec 2021 ₹-6 Cr | Mar 2022 ₹-3 Cr | Jun 2022 ₹20 Cr | Sep 2022 ₹2 Cr | Dec 2022 ₹7 Cr | Mar 2023 ₹33 Cr | Jun 2023 ₹35 Cr | Sep 2023 ₹2 Cr | Dec 2023 ₹5 Cr | Mar 2024 ₹32 Cr | Jun 2024 ₹26 Cr | Sep 2024 ₹18 Cr | Dec 2024 ₹26 Cr | Mar 2025 ₹-7 Cr | Jun 2025 ₹-26 Cr | Sep 2025 ₹13 Cr | Dec 2025 ₹-108 Cr | Mar 2026 ₹-16 Cr | Jun 2026 — - TRNS: Sep 2021 ₹3 Cr | Dec 2021 ₹2 Cr | Mar 2022 ₹3 Cr | Jun 2022 ₹3 Cr | Sep 2022 ₹2 Cr | Dec 2022 ₹2 Cr | Mar 2023 ₹4 Cr | Jun 2023 ₹3 Cr | Sep 2023 ₹0 Cr | Dec 2023 ₹3 Cr | Mar 2024 ₹7 Cr | Jun 2024 ₹4 Cr | Sep 2024 ₹3 Cr | Dec 2024 ₹2 Cr | Mar 2025 ₹4 Cr | Jun 2025 ₹3 Cr | Sep 2025 ₹1 Cr | Dec 2025 ₹-1 Cr | Mar 2026 ₹2 Cr | Jun 2026 — - CASS: Sep 2021 ₹7 Cr | Dec 2021 ₹8 Cr | Mar 2022 ₹8 Cr | Jun 2022 ₹9 Cr | Sep 2022 ₹9 Cr | Dec 2022 ₹9 Cr | Mar 2023 ₹7 Cr | Jun 2023 ₹7 Cr | Sep 2023 ₹7 Cr | Dec 2023 ₹8 Cr | Mar 2024 ₹0 Cr | Jun 2024 ₹0 Cr | Sep 2024 ₹0 Cr | Dec 2024 ₹0 Cr | Mar 2025 ₹0 Cr | Jun 2025 ₹-4 Cr | Sep 2025 ₹0 Cr | Dec 2025 ₹0 Cr | Mar 2026 ₹0 Cr | Jun 2026 — - SPIR: Sep 2021 ₹-56 Cr | Dec 2021 ₹82 Cr | Mar 2022 ₹-12 Cr | Jun 2022 ₹-38 Cr | Sep 2022 ₹-22 Cr | Dec 2022 ₹-24 Cr | Mar 2023 ₹-19 Cr | Jun 2023 ₹-18 Cr | Sep 2023 ₹-23 Cr | Dec 2023 ₹-17 Cr | Mar 2024 ₹-26 Cr | Jun 2024 ₹-17 Cr | Sep 2024 ₹-12 Cr | Dec 2024 ₹-49 Cr | Mar 2025 ₹-24 Cr | Jun 2025 ₹120 Cr | Sep 2025 ₹-20 Cr | Dec 2025 ₹-25 Cr | Mar 2026 ₹-26 Cr | Jun 2026 — - QUAD: Sep 2021 ₹14 Cr | Dec 2021 ₹-21 Cr | Mar 2022 ₹-1 Cr | Jun 2022 ₹5 Cr | Sep 2022 ₹14 Cr | Dec 2022 ₹-9 Cr | Mar 2023 ₹-25 Cr | Jun 2023 ₹-6 Cr | Sep 2023 ₹-3 Cr | Dec 2023 ₹-22 Cr | Mar 2024 ₹-28 Cr | Jun 2024 ₹-3 Cr | Sep 2024 ₹-25 Cr | Dec 2024 ₹5 Cr | Mar 2025 ₹6 Cr | Jun 2025 ₹0 Cr | Sep 2025 ₹10 Cr | Dec 2025 ₹24 Cr | Mar 2026 ₹6 Cr | Jun 2026 — - BUUU: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 ₹0 Cr | Mar 2024 — | Jun 2024 ₹0 Cr | Sep 2024 — | Dec 2024 ₹0 Cr | Mar 2025 — | Jun 2025 ₹1 Cr | Sep 2025 — | Dec 2025 ₹-1 Cr | Mar 2026 — | Jun 2026 — ### 20-quarter Profit growth history - CTAS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 9.7% | Sep 2022 6.3% | Dec 2022 9.8% | Mar 2023 3.5% | Jun 2023 18% | Sep 2023 9.4% | Dec 2023 16% | Mar 2024 22% | Jun 2024 20% | Sep 2024 17% | Dec 2024 19% | Mar 2025 16% | Jun 2025 8.2% | Sep 2025 8.6% | Dec 2025 10% | Mar 2026 8.4% | Jun 2026 — - RELX: Sep 2021 — | Dec 2021 22% | Mar 2022 — | Jun 2022 15% | Sep 2022 — | Dec 2022 7.7% | Mar 2023 — | Jun 2023 15% | Sep 2023 — | Dec 2023 4.9% | Mar 2024 — | Jun 2024 13% | Sep 2024 — | Dec 2024 4.7% | Mar 2025 — | Jun 2025 -0.7% | Sep 2025 — | Dec 2025 15% | Mar 2026 — | Jun 2026 — - TRI: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 83% | Dec 2022 -80% | Mar 2023 -24% | Jun 2023 -38% | Sep 2023 -31% | Dec 2023 561% | Mar 2024 183% | Jun 2024 67% | Sep 2024 -48% | Dec 2024 57% | Mar 2025 -8.7% | Jun 2025 -62% | Sep 2025 55% | Dec 2025 -45% | Mar 2026 12% | Jun 2026 — - CPRT: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 3.1% | Dec 2022 -5.4% | Mar 2023 2.4% | Jun 2023 25% | Sep 2023 32% | Dec 2023 35% | Mar 2024 11% | Jun 2024 9.1% | Sep 2024 -7.5% | Dec 2024 8.4% | Mar 2025 19% | Jun 2025 6.0% | Sep 2025 23% | Dec 2025 11% | Mar 2026 -9.6% | Jun 2026 -1.0% - GPN: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -399% | Sep 2022 -6.2% | Dec 2022 24% | Mar 2023 -110% | Jun 2023 — | Sep 2023 40% | Dec 2023 50% | Mar 2024 — | Jun 2024 11% | Sep 2024 -20% | Dec 2024 27% | Mar 2025 -29% | Jun 2025 -35% | Sep 2025 58% | Dec 2025 -71% | Mar 2026 -198% | Jun 2026 — - RBA: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -13% | Sep 2022 34% | Dec 2022 45% | Mar 2023 -116% | Jun 2023 64% | Sep 2023 47% | Dec 2023 87% | Mar 2024 — | Jun 2024 28% | Sep 2024 21% | Dec 2024 40% | Mar 2025 -26% | Jun 2025 -0.9% | Sep 2025 25% | Dec 2025 -7.6% | Mar 2026 24% | Jun 2026 — - ULS: Sep 2021 — | Dec 2021 — | Mar 2022 98% | Jun 2022 — | Sep 2022 — | Dec 2022 14% | Mar 2023 -35% | Jun 2023 52% | Sep 2023 -22% | Dec 2023 -24% | Mar 2024 3.5% | Jun 2024 7.1% | Sep 2024 65% | Dec 2024 37% | Mar 2025 18% | Jun 2025 -8.5% | Sep 2025 13% | Dec 2025 -16% | Mar 2026 37% | Jun 2026 — - ARMK: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 21% | Dec 2022 12% | Mar 2023 — | Jun 2023 697% | Sep 2023 170% | Dec 2023 -24% | Mar 2024 279% | Jun 2024 -80% | Sep 2024 24% | Dec 2024 266% | Mar 2025 17% | Jun 2025 24% | Sep 2025 — | Dec 2025 21% | Mar 2026 56% | Jun 2026 42% - RTO: Sep 2021 — | Dec 2021 -2.6% | Mar 2022 — | Jun 2022 -8.5% | Sep 2022 — | Dec 2022 -32% | Mar 2023 — | Jun 2023 56% | Sep 2023 — | Dec 2023 92% | Mar 2024 — | Jun 2024 -2.6% | Sep 2024 — | Dec 2024 -53% | Mar 2025 — | Jun 2025 -28% | Sep 2025 — | Dec 2025 7.7% | Mar 2026 — | Jun 2026 — - AMTM: 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 76% | Mar 2026 2,100% | Jun 2026 — - UNF: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 -26% | Dec 2022 0.0% | Mar 2023 0.0% | Jun 2023 -4.0% | Sep 2023 7.7% | Dec 2023 24% | Mar 2024 11% | Jun 2024 58% | Sep 2024 61% | Dec 2024 2.4% | Mar 2025 20% | Jun 2025 5.3% | Sep 2025 -8.9% | Dec 2025 -21% | Mar 2026 -17% | Jun 2026 -50% - DLB: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -33% | Sep 2022 -9.1% | Dec 2022 -1.3% | Mar 2023 — | Jun 2023 -57% | Sep 2023 -75% | Dec 2023 -14% | Mar 2024 2.1% | Jun 2024 150% | Sep 2024 490% | Dec 2024 0.0% | Mar 2025 -6.1% | Jun 2025 18% | Sep 2025 -15% | Dec 2025 -21% | Mar 2026 3.3% | Jun 2026 — - AZZ: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 -405% | Dec 2022 -200% | Mar 2023 -95% | Jun 2023 21% | Sep 2023 — | Dec 2023 — | Mar 2024 1,700% | Jun 2024 38% | Sep 2024 25% | Dec 2024 26% | Mar 2025 11% | Jun 2025 328% | Sep 2025 154% | Dec 2025 21% | Mar 2026 -20% | Jun 2026 -70% - FA: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 250% | Sep 2022 6.3% | Dec 2022 33% | Mar 2023 -85% | Jun 2023 -29% | Sep 2023 -35% | Dec 2023 -25% | Mar 2024 -250% | Jun 2024 -80% | Sep 2024 -182% | Dec 2024 -767% | Mar 2025 — | Jun 2025 -100% | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 — - MMS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -67% | Sep 2022 33% | Dec 2022 -25% | Mar 2023 -36% | Jun 2023 0.0% | Sep 2023 -14% | Dec 2023 60% | Mar 2024 153% | Jun 2024 190% | Sep 2024 24% | Dec 2024 -36% | Mar 2025 20% | Jun 2025 18% | Sep 2025 2.7% | Dec 2025 129% | Mar 2026 1.0% | Jun 2026 — - ABM: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 -2.0% | Mar 2023 -49% | Jun 2023 6.1% | Sep 2023 72% | Dec 2023 29% | Mar 2024 15% | Jun 2024 -15% | Sep 2024 -95% | Dec 2024 -119% | Mar 2025 -2.2% | Jun 2025 -4.6% | Sep 2025 740% | Dec 2025 — | Mar 2026 -11% | Jun 2026 2.4% - CBZ: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 244% | Sep 2022 23% | Dec 2022 — | Mar 2023 26% | Jun 2023 -13% | Sep 2023 26% | Dec 2023 — | Mar 2024 5.5% | Jun 2024 -26% | Sep 2024 2.9% | Dec 2024 — | Mar 2025 60% | Jun 2025 110% | Sep 2025 -26% | Dec 2025 — | Mar 2026 32% | Jun 2026 — - CMPR: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 -725% | Dec 2022 -348% | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 337% | Sep 2024 -340% | Dec 2024 3.3% | Mar 2025 — | Jun 2025 -124% | Sep 2025 — | Dec 2025 -21% | Mar 2026 — | Jun 2026 — - TH: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 171% | Dec 2022 967% | Mar 2023 — | Jun 2023 100% | Sep 2023 142% | Dec 2023 19% | Mar 2024 -55% | Jun 2024 -61% | Sep 2024 -57% | Dec 2024 -66% | Mar 2025 -130% | Jun 2025 -183% | Sep 2025 -105% | Dec 2025 -215% | Mar 2026 — | Jun 2026 — - LZ: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 250% | Mar 2024 — | Jun 2024 0.0% | Sep 2024 38% | Dec 2024 86% | Mar 2025 0.0% | Jun 2025 -100% | Sep 2025 -55% | Dec 2025 -54% | Mar 2026 -80% | Jun 2026 — - BV: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -56% | Sep 2022 -53% | Dec 2022 — | Mar 2023 -2,300% | Jun 2023 55% | Sep 2023 6.7% | Dec 2023 — | Mar 2024 — | Jun 2024 41% | Sep 2024 63% | Dec 2024 — | Mar 2025 -82% | Jun 2025 33% | Sep 2025 7.7% | Dec 2025 — | Mar 2026 -67% | Jun 2026 — - RHLD: 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 -12% | Jun 2025 36% | Sep 2025 39% | Dec 2025 21% | Mar 2026 -504% | Jun 2026 — - BKSY: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 -367% | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 -1,400% | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 — - KODK: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 25% | Sep 2022 -75% | Dec 2022 — | Mar 2023 — | Jun 2023 75% | Sep 2023 0.0% | Dec 2023 -29% | Mar 2024 -3.0% | Jun 2024 -26% | Sep 2024 800% | Dec 2024 420% | Mar 2025 -122% | Jun 2025 -200% | Sep 2025 -28% | Dec 2025 -515% | Mar 2026 — | Jun 2026 — - TRNS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -25% | Sep 2022 -33% | Dec 2022 0.0% | Mar 2023 33% | Jun 2023 0.0% | Sep 2023 -100% | Dec 2023 50% | Mar 2024 75% | Jun 2024 33% | Sep 2024 — | Dec 2024 -33% | Mar 2025 -43% | Jun 2025 -25% | Sep 2025 -67% | Dec 2025 -150% | Mar 2026 -50% | Jun 2026 — - CASS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 29% | Sep 2022 29% | Dec 2022 13% | Mar 2023 -13% | Jun 2023 -22% | Sep 2023 -22% | Dec 2023 -11% | Mar 2024 -100% | Jun 2024 -100% | Sep 2024 -100% | Dec 2024 -100% | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 — - SPIR: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 -129% | 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 — | Jun 2026 — - QUAD: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -85% | Sep 2022 0.0% | Dec 2022 — | Mar 2023 — | Jun 2023 -220% | Sep 2023 -121% | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 380% | Mar 2026 0.0% | Jun 2026 — ## Capacity Spending & Returns On It What the numbers say: Global Payments Inc. reports $261 million of CAPEX; BlackSky Technology Inc. has the highest covered intensity at 76.2%. Coverage is only 30 of 30 companies and 505 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: Global Payments Inc. · $261 million | 67.3% versus #2 · Thomson Reuters Corporation | 8/8 recent comparable periods | 30/30 companies · 505 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. Global Payments Inc. (GPN): ₹261 Cr 2. Thomson Reuters Corporation (TRI): ₹156 Cr 3. Aramark (ARMK): ₹101 Cr 4. Rentokil Initial plc (RTO): ₹100 Cr — older report 5. Cintas Corporation (CTAS): ₹96 Cr ### CAPEX intensity — highest reinvestment intensity 1. BlackSky Technology Inc. (BKSY): 76% 2. Spire Global, Inc. (SPIR): 50% 3. Target Hospitality Corp. (TH): 45% 4. UL Solutions Inc. (ULS): 9.1% 5. Global Payments Inc. (GPN): 8.8% ### 20-quarter CAPEX history - CTAS: Sep 2021 ₹49 Cr | Dec 2021 ₹60 Cr | Mar 2022 ₹57 Cr | Jun 2022 ₹75 Cr | Sep 2022 ₹70 Cr | Dec 2022 ₹76 Cr | Mar 2023 ₹78 Cr | Jun 2023 ₹107 Cr | Sep 2023 ₹107 Cr | Dec 2023 ₹94 Cr | Mar 2024 ₹107 Cr | Jun 2024 ₹102 Cr | Sep 2024 ₹93 Cr | Dec 2024 ₹101 Cr | Mar 2025 ₹100 Cr | Jun 2025 ₹115 Cr | Sep 2025 ₹102 Cr | Dec 2025 ₹106 Cr | Mar 2026 ₹91 Cr | Jun 2026 ₹96 Cr - RELX: Sep 2021 — | Dec 2021 ₹18 Cr | Mar 2022 — | Jun 2022 ₹13 Cr | Sep 2022 — | Dec 2022 ₹23 Cr | Mar 2023 — | Jun 2023 ₹13 Cr | Sep 2023 — | Dec 2023 ₹17 Cr | Mar 2024 — | Jun 2024 ₹8 Cr | Sep 2024 — | Dec 2024 ₹12 Cr | Mar 2025 — | Jun 2025 ₹12 Cr | Sep 2025 — | Dec 2025 ₹9 Cr | Mar 2026 — | Jun 2026 ₹12 Cr - TRI: Sep 2021 ₹131 Cr | Dec 2021 ₹123 Cr | Mar 2022 ₹171 Cr | Jun 2022 ₹137 Cr | Sep 2022 ₹152 Cr | Dec 2022 ₹135 Cr | Mar 2023 ₹140 Cr | Jun 2023 ₹127 Cr | Sep 2023 ₹145 Cr | Dec 2023 ₹132 Cr | Mar 2024 ₹145 Cr | Jun 2024 ₹152 Cr | Sep 2024 ₹149 Cr | Dec 2024 ₹161 Cr | Mar 2025 ₹151 Cr | Jun 2025 ₹163 Cr | Sep 2025 ₹162 Cr | Dec 2025 ₹158 Cr | Mar 2026 ₹156 Cr | Jun 2026 — - CPRT: Sep 2021 ₹99 Cr | Dec 2021 ₹65 Cr | Mar 2022 ₹92 Cr | Jun 2022 ₹79 Cr | Sep 2022 ₹103 Cr | Dec 2022 ₹153 Cr | Mar 2023 ₹104 Cr | Jun 2023 ₹90 Cr | Sep 2023 ₹170 Cr | Dec 2023 ₹162 Cr | Mar 2024 ₹123 Cr | Jun 2024 ₹88 Cr | Sep 2024 ₹138 Cr | Dec 2024 ₹237 Cr | Mar 2025 ₹117 Cr | Jun 2025 ₹128 Cr | Sep 2025 ₹88 Cr | Dec 2025 ₹108 Cr | Mar 2026 ₹70 Cr | Jun 2026 ₹81 Cr - GPN: Sep 2021 ₹131 Cr | Dec 2021 ₹142 Cr | Mar 2022 ₹156 Cr | Jun 2022 ₹168 Cr | Sep 2022 ₹139 Cr | Dec 2022 ₹152 Cr | Mar 2023 ₹162 Cr | Jun 2023 ₹169 Cr | Sep 2023 ₹170 Cr | Dec 2023 ₹157 Cr | Mar 2024 ₹145 Cr | Jun 2024 ₹179 Cr | Sep 2024 ₹166 Cr | Dec 2024 ₹184 Cr | Mar 2025 ₹128 Cr | Jun 2025 ₹152 Cr | Sep 2025 ₹170 Cr | Dec 2025 ₹168 Cr | Mar 2026 ₹261 Cr | Jun 2026 — - RBA: Sep 2021 ₹3 Cr | Dec 2021 ₹4 Cr | Mar 2022 ₹2 Cr | Jun 2022 ₹3 Cr | Sep 2022 ₹31 Cr | Dec 2022 ₹7 Cr | Mar 2023 ₹32 Cr | Jun 2023 ₹90 Cr | Sep 2023 ₹87 Cr | Dec 2023 ₹93 Cr | Mar 2024 ₹61 Cr | Jun 2024 ₹40 Cr | Sep 2024 ₹49 Cr | Dec 2024 ₹90 Cr | Mar 2025 ₹54 Cr | Jun 2025 ₹111 Cr | Sep 2025 ₹76 Cr | Dec 2025 ₹6 Cr | Mar 2026 ₹52 Cr | Jun 2026 — - ULS: Sep 2021 — | Dec 2021 ₹29 Cr | Mar 2022 ₹43 Cr | Jun 2022 ₹34 Cr | Sep 2022 ₹41 Cr | Dec 2022 ₹46 Cr | Mar 2023 ₹63 Cr | Jun 2023 ₹50 Cr | Sep 2023 ₹43 Cr | Dec 2023 ₹59 Cr | Mar 2024 ₹57 Cr | Jun 2024 ₹56 Cr | Sep 2024 ₹66 Cr | Dec 2024 ₹58 Cr | Mar 2025 ₹51 Cr | Jun 2025 ₹42 Cr | Sep 2025 ₹46 Cr | Dec 2025 ₹58 Cr | Mar 2026 ₹69 Cr | Jun 2026 — - ARMK: Sep 2021 ₹106 Cr | Dec 2021 ₹153 Cr | Mar 2022 — | Jun 2022 ₹99 Cr | Sep 2022 ₹87 Cr | Dec 2022 ₹89 Cr | Mar 2023 ₹82 Cr | Jun 2023 ₹88 Cr | Sep 2023 ₹125 Cr | Dec 2023 ₹116 Cr | Mar 2024 ₹87 Cr | Jun 2024 ₹85 Cr | Sep 2024 ₹139 Cr | Dec 2024 ₹120 Cr | Mar 2025 ₹116 Cr | Jun 2025 ₹111 Cr | Sep 2025 — | Dec 2025 ₹142 Cr | Mar 2026 ₹122 Cr | Jun 2026 ₹101 Cr - RTO: Sep 2021 — | Dec 2021 ₹91 Cr | Mar 2022 — | Jun 2022 ₹83 Cr | Sep 2022 — | Dec 2022 ₹102 Cr | Mar 2023 — | Jun 2023 ₹103 Cr | Sep 2023 — | Dec 2023 ₹104 Cr | Mar 2024 — | Jun 2024 ₹106 Cr | Sep 2024 — | Dec 2024 ₹113 Cr | Mar 2025 — | Jun 2025 ₹108 Cr | Sep 2025 — | Dec 2025 ₹100 Cr | Mar 2026 — | Jun 2026 — - AMTM: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹1 Cr | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 ₹2 Cr | Mar 2024 ₹3 Cr | Jun 2024 ₹2 Cr | Sep 2024 ₹4 Cr | Dec 2024 ₹8 Cr | Mar 2025 ₹4 Cr | Jun 2025 ₹6 Cr | Sep 2025 — | Dec 2025 ₹9 Cr | Mar 2026 ₹6 Cr | Jun 2026 ₹5 Cr - UNF: Sep 2021 ₹37 Cr | Dec 2021 ₹31 Cr | Mar 2022 ₹29 Cr | Jun 2022 ₹37 Cr | Sep 2022 ₹47 Cr | Dec 2022 ₹39 Cr | Mar 2023 ₹36 Cr | Jun 2023 ₹49 Cr | Sep 2023 ₹48 Cr | Dec 2023 ₹39 Cr | Mar 2024 ₹34 Cr | Jun 2024 ₹49 Cr | Sep 2024 ₹38 Cr | Dec 2024 ₹34 Cr | Mar 2025 ₹33 Cr | Jun 2025 ₹44 Cr | Sep 2025 ₹45 Cr | Dec 2025 ₹39 Cr | Mar 2026 ₹38 Cr | Jun 2026 ₹30 Cr - DLB: Sep 2021 ₹12 Cr | Dec 2021 ₹14 Cr | Mar 2022 — | Jun 2022 ₹12 Cr | Sep 2022 ₹11 Cr | Dec 2022 ₹7 Cr | Mar 2023 ₹8 Cr | Jun 2023 ₹7 Cr | Sep 2023 ₹8 Cr | Dec 2023 ₹6 Cr | Mar 2024 ₹9 Cr | Jun 2024 ₹8 Cr | Sep 2024 ₹7 Cr | Dec 2024 — | Mar 2025 — | Jun 2025 ₹6 Cr | Sep 2025 ₹16 Cr | Dec 2025 — | Mar 2026 — | Jun 2026 — - AZZ: Sep 2021 ₹6 Cr | Dec 2021 ₹5 Cr | Mar 2022 ₹8 Cr | Jun 2022 ₹6 Cr | Sep 2022 ₹12 Cr | Dec 2022 ₹16 Cr | Mar 2023 ₹22 Cr | Jun 2023 ₹17 Cr | Sep 2023 ₹26 Cr | Dec 2023 ₹24 Cr | Mar 2024 ₹28 Cr | Jun 2024 ₹27 Cr | Sep 2024 ₹32 Cr | Dec 2024 ₹26 Cr | Mar 2025 ₹30 Cr | Jun 2025 ₹21 Cr | Sep 2025 ₹19 Cr | Dec 2025 ₹19 Cr | Mar 2026 ₹22 Cr | Jun 2026 ₹19 Cr - FA: Sep 2021 ₹2 Cr | Dec 2021 ₹2 Cr | Mar 2022 ₹3 Cr | Jun 2022 ₹2 Cr | Sep 2022 ₹1 Cr | Dec 2022 ₹0 Cr | Mar 2023 ₹0 Cr | Jun 2023 ₹1 Cr | Sep 2023 ₹1 Cr | Dec 2023 ₹0 Cr | Mar 2024 ₹0 Cr | Jun 2024 ₹1 Cr | Sep 2024 ₹0 Cr | Dec 2024 ₹0 Cr | Mar 2025 ₹0 Cr | Jun 2025 ₹1 Cr | Sep 2025 ₹1 Cr | Dec 2025 ₹4 Cr | Mar 2026 ₹3 Cr | Jun 2026 — - MMS: Sep 2021 ₹4 Cr | Dec 2021 ₹6 Cr | Mar 2022 ₹17 Cr | Jun 2022 ₹13 Cr | Sep 2022 ₹20 Cr | Dec 2022 ₹16 Cr | Mar 2023 ₹18 Cr | Jun 2023 ₹25 Cr | Sep 2023 ₹32 Cr | Dec 2023 ₹22 Cr | Mar 2024 ₹25 Cr | Jun 2024 ₹35 Cr | Sep 2024 ₹32 Cr | Dec 2024 ₹23 Cr | Mar 2025 ₹17 Cr | Jun 2025 ₹15 Cr | Sep 2025 ₹8 Cr | Dec 2025 ₹6 Cr | Mar 2026 ₹11 Cr | Jun 2026 — - ABM: Sep 2021 ₹8 Cr | Dec 2021 ₹11 Cr | Mar 2022 ₹10 Cr | Jun 2022 ₹10 Cr | Sep 2022 ₹18 Cr | Dec 2022 ₹13 Cr | Mar 2023 ₹14 Cr | Jun 2023 ₹10 Cr | Sep 2023 ₹11 Cr | Dec 2023 ₹18 Cr | Mar 2024 ₹14 Cr | Jun 2024 ₹16 Cr | Sep 2024 ₹15 Cr | Dec 2024 ₹15 Cr | Mar 2025 ₹17 Cr | Jun 2025 ₹17 Cr | Sep 2025 ₹23 Cr | Dec 2025 ₹23 Cr | Mar 2026 ₹13 Cr | Jun 2026 ₹44 Cr - CBZ: Sep 2021 ₹3 Cr | Dec 2021 ₹3 Cr | Mar 2022 ₹1 Cr | Jun 2022 ₹3 Cr | Sep 2022 ₹2 Cr | Dec 2022 ₹3 Cr | Mar 2023 ₹4 Cr | Jun 2023 ₹8 Cr | Sep 2023 ₹7 Cr | Dec 2023 ₹4 Cr | Mar 2024 ₹5 Cr | Jun 2024 ₹2 Cr | Sep 2024 ₹3 Cr | Dec 2024 ₹3 Cr | Mar 2025 ₹5 Cr | Jun 2025 ₹8 Cr | Sep 2025 ₹2 Cr | Dec 2025 ₹2 Cr | Mar 2026 ₹3 Cr | Jun 2026 — - CMPR: Sep 2021 ₹9 Cr | Dec 2021 ₹18 Cr | Mar 2022 ₹16 Cr | Jun 2022 ₹12 Cr | Sep 2022 ₹12 Cr | Dec 2022 ₹15 Cr | Mar 2023 ₹11 Cr | Jun 2023 ₹16 Cr | Sep 2023 ₹23 Cr | Dec 2023 ₹11 Cr | Mar 2024 ₹10 Cr | Jun 2024 ₹11 Cr | Sep 2024 ₹17 Cr | Dec 2024 ₹26 Cr | Mar 2025 ₹25 Cr | Jun 2025 ₹21 Cr | Sep 2025 ₹26 Cr | Dec 2025 ₹25 Cr | Mar 2026 ₹23 Cr | Jun 2026 — - TIC: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 ₹6 Cr | Jun 2024 ₹6 Cr | Sep 2024 ₹6 Cr | Dec 2024 ₹4 Cr | Mar 2025 ₹4 Cr | Jun 2025 ₹8 Cr | Sep 2025 ₹9 Cr | Dec 2025 ₹13 Cr | Mar 2026 ₹6 Cr | Jun 2026 — - TH: Sep 2021 ₹10 Cr | Dec 2021 ₹12 Cr | Mar 2022 ₹3 Cr | Jun 2022 ₹28 Cr | Sep 2022 ₹73 Cr | Dec 2022 ₹37 Cr | Mar 2023 ₹24 Cr | Jun 2023 ₹20 Cr | Sep 2023 ₹12 Cr | Dec 2023 ₹7 Cr | Mar 2024 ₹9 Cr | Jun 2024 ₹7 Cr | Sep 2024 ₹8 Cr | Dec 2024 ₹6 Cr | Mar 2025 ₹17 Cr | Jun 2025 ₹8 Cr | Sep 2025 ₹16 Cr | Dec 2025 ₹27 Cr | Mar 2026 ₹33 Cr | Jun 2026 — - LZ: Sep 2021 ₹2 Cr | Dec 2021 ₹3 Cr | Mar 2022 ₹5 Cr | Jun 2022 ₹5 Cr | Sep 2022 ₹6 Cr | Dec 2022 ₹6 Cr | Mar 2023 ₹7 Cr | Jun 2023 ₹8 Cr | Sep 2023 ₹8 Cr | Dec 2023 ₹8 Cr | Mar 2024 ₹9 Cr | Jun 2024 ₹10 Cr | Sep 2024 ₹10 Cr | Dec 2024 ₹7 Cr | Mar 2025 ₹9 Cr | Jun 2025 ₹8 Cr | Sep 2025 ₹7 Cr | Dec 2025 ₹6 Cr | Mar 2026 ₹6 Cr | Jun 2026 — - BV: Sep 2021 ₹17 Cr | Dec 2021 ₹29 Cr | Mar 2022 ₹36 Cr | Jun 2022 ₹24 Cr | Sep 2022 ₹19 Cr | Dec 2022 ₹27 Cr | Mar 2023 ₹16 Cr | Jun 2023 ₹15 Cr | Sep 2023 ₹13 Cr | Dec 2023 ₹10 Cr | Mar 2024 ₹13 Cr | Jun 2024 ₹23 Cr | Sep 2024 ₹32 Cr | Dec 2024 ₹59 Cr | Mar 2025 ₹34 Cr | Jun 2025 ₹104 Cr | Sep 2025 ₹58 Cr | Dec 2025 ₹55 Cr | Mar 2026 ₹59 Cr | Jun 2026 — - RHLD: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 ₹2 Cr | Jun 2024 ₹2 Cr | Sep 2024 ₹2 Cr | Dec 2024 ₹3 Cr | Mar 2025 ₹1 Cr | Jun 2025 ₹1 Cr | Sep 2025 ₹1 Cr | Dec 2025 ₹4 Cr | Mar 2026 ₹7 Cr | Jun 2026 — - BKSY: Sep 2021 ₹38 Cr | Dec 2021 ₹14 Cr | Mar 2022 ₹13 Cr | Jun 2022 ₹12 Cr | Sep 2022 ₹9 Cr | Dec 2022 ₹10 Cr | Mar 2023 ₹16 Cr | Jun 2023 ₹13 Cr | Sep 2023 ₹8 Cr | Dec 2023 ₹8 Cr | Mar 2024 ₹15 Cr | Jun 2024 ₹13 Cr | Sep 2024 ₹13 Cr | Dec 2024 ₹10 Cr | Mar 2025 ₹9 Cr | Jun 2025 ₹10 Cr | Sep 2025 ₹15 Cr | Dec 2025 ₹13 Cr | Mar 2026 ₹16 Cr | Jun 2026 — - KODK: Sep 2021 ₹5 Cr | Dec 2021 ₹11 Cr | Mar 2022 ₹5 Cr | Jun 2022 ₹4 Cr | Sep 2022 ₹10 Cr | Dec 2022 ₹12 Cr | Mar 2023 ₹5 Cr | Jun 2023 ₹6 Cr | Sep 2023 ₹4 Cr | Dec 2023 ₹17 Cr | Mar 2024 ₹10 Cr | Jun 2024 ₹9 Cr | Sep 2024 ₹20 Cr | Dec 2024 ₹17 Cr | Mar 2025 ₹12 Cr | Jun 2025 ₹12 Cr | Sep 2025 ₹4 Cr | Dec 2025 ₹6 Cr | Mar 2026 ₹6 Cr | Jun 2026 — - TRNS: Sep 2021 ₹3 Cr | Dec 2021 ₹2 Cr | Mar 2022 ₹4 Cr | Jun 2022 ₹2 Cr | Sep 2022 ₹2 Cr | Dec 2022 ₹2 Cr | Mar 2023 ₹2 Cr | Jun 2023 ₹3 Cr | Sep 2023 ₹3 Cr | Dec 2023 ₹4 Cr | Mar 2024 ₹4 Cr | Jun 2024 ₹4 Cr | Sep 2024 ₹4 Cr | Dec 2024 ₹3 Cr | Mar 2025 ₹3 Cr | Jun 2025 ₹5 Cr | Sep 2025 ₹4 Cr | Dec 2025 ₹3 Cr | Mar 2026 ₹4 Cr | Jun 2026 — - CASS: Sep 2021 ₹1 Cr | Dec 2021 ₹2 Cr | Mar 2022 ₹2 Cr | Jun 2022 ₹1 Cr | Sep 2022 ₹1 Cr | Dec 2022 ₹2 Cr | Mar 2023 ₹2 Cr | Jun 2023 ₹4 Cr | Sep 2023 ₹3 Cr | Dec 2023 ₹5 Cr | Mar 2024 ₹3 Cr | Jun 2024 ₹3 Cr | Sep 2024 ₹2 Cr | Dec 2024 ₹0 Cr | Mar 2025 ₹3 Cr | Jun 2025 ₹1 Cr | Sep 2025 ₹1 Cr | Dec 2025 ₹1 Cr | Mar 2026 ₹2 Cr | Jun 2026 — - SPIR: Sep 2021 ₹4 Cr | Dec 2021 ₹6 Cr | Mar 2022 ₹4 Cr | Jun 2022 ₹8 Cr | Sep 2022 ₹3 Cr | Dec 2022 ₹16 Cr | Mar 2023 ₹3 Cr | Jun 2023 ₹3 Cr | Sep 2023 ₹5 Cr | Dec 2023 ₹5 Cr | Mar 2024 ₹7 Cr | Jun 2024 ₹6 Cr | Sep 2024 ₹9 Cr | Dec 2024 ₹5 Cr | Mar 2025 ₹9 Cr | Jun 2025 ₹4 Cr | Sep 2025 ₹8 Cr | Dec 2025 ₹12 Cr | Mar 2026 ₹8 Cr | Jun 2026 — - QUAD: Sep 2021 ₹14 Cr | Dec 2021 ₹8 Cr | Mar 2022 ₹19 Cr | Jun 2022 ₹14 Cr | Sep 2022 ₹16 Cr | Dec 2022 ₹11 Cr | Mar 2023 ₹29 Cr | Jun 2023 ₹17 Cr | Sep 2023 ₹14 Cr | Dec 2023 ₹11 Cr | Mar 2024 ₹18 Cr | Jun 2024 ₹16 Cr | Sep 2024 ₹12 Cr | Dec 2024 ₹12 Cr | Mar 2025 ₹11 Cr | Jun 2025 ₹13 Cr | Sep 2025 ₹12 Cr | Dec 2025 ₹9 Cr | Mar 2026 ₹13 Cr | Jun 2026 — - BUUU: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 ₹0 Cr | Mar 2024 — | Jun 2024 ₹0 Cr | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 ₹0 Cr | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 — ### 20-quarter CAPEX intensity history - CTAS: Sep 2021 2.6% | Dec 2021 3.1% | Mar 2022 2.9% | Jun 2022 3.6% | Sep 2022 3.2% | Dec 2022 3.5% | Mar 2023 3.6% | Jun 2023 4.7% | Sep 2023 4.6% | Dec 2023 4.0% | Mar 2024 4.4% | Jun 2024 4.1% | Sep 2024 3.7% | Dec 2024 3.9% | Mar 2025 3.8% | Jun 2025 4.3% | Sep 2025 3.8% | Dec 2025 3.8% | Mar 2026 3.2% | Jun 2026 — - RELX: Sep 2021 — | Dec 2021 0.5% | Mar 2022 — | Jun 2022 0.3% | Sep 2022 — | Dec 2022 0.5% | Mar 2023 — | Jun 2023 0.3% | Sep 2023 — | Dec 2023 0.4% | Mar 2024 — | Jun 2024 0.2% | Sep 2024 — | Dec 2024 0.3% | Mar 2025 — | Jun 2025 0.3% | Sep 2025 — | Dec 2025 0.2% | Mar 2026 — | Jun 2026 — - TRI: Sep 2021 8.6% | Dec 2021 7.2% | Mar 2022 10% | Jun 2022 8.5% | Sep 2022 9.7% | Dec 2022 7.6% | Mar 2023 8.1% | Jun 2023 7.7% | Sep 2023 9.1% | Dec 2023 7.3% | Mar 2024 7.7% | Jun 2024 8.7% | Sep 2024 8.6% | Dec 2024 8.4% | Mar 2025 7.9% | Jun 2025 9.1% | Sep 2025 9.1% | Dec 2025 7.9% | Mar 2026 7.5% | Jun 2026 — - CPRT: Sep 2021 13% | Dec 2021 8.0% | Mar 2022 11% | Jun 2022 8.4% | Sep 2022 12% | Dec 2022 17% | Mar 2023 11% | Jun 2023 8.8% | Sep 2023 17% | Dec 2023 16% | Mar 2024 12% | Jun 2024 7.8% | Sep 2024 13% | Dec 2024 21% | Mar 2025 10% | Jun 2025 11% | Sep 2025 7.8% | Dec 2025 9.4% | Mar 2026 6.2% | Jun 2026 6.5% - GPN: Sep 2021 5.9% | Dec 2021 6.5% | Mar 2022 7.2% | Jun 2022 7.4% | Sep 2022 6.1% | Dec 2022 6.7% | Mar 2023 7.1% | Jun 2023 6.9% | Sep 2023 6.9% | Dec 2023 6.5% | Mar 2024 6.0% | Jun 2024 9.1% | Sep 2024 8.3% | Dec 2024 9.5% | Mar 2025 7.0% | Jun 2025 7.8% | Sep 2025 8.5% | Dec 2025 8.7% | Mar 2026 8.8% | Jun 2026 — - RBA: Sep 2021 0.9% | Dec 2021 1.1% | Mar 2022 0.5% | Jun 2022 0.6% | Sep 2022 7.5% | Dec 2022 1.6% | Mar 2023 6.3% | Jun 2023 8.1% | Sep 2023 8.5% | Dec 2023 8.9% | Mar 2024 5.7% | Jun 2024 3.6% | Sep 2024 5.0% | Dec 2024 7.9% | Mar 2025 7.0% | Jun 2025 9.4% | Sep 2025 7.0% | Dec 2025 0.5% | Mar 2026 5.9% | Jun 2026 — - ULS: Sep 2021 — | Dec 2021 4.5% | Mar 2022 6.9% | Jun 2022 5.3% | Sep 2022 6.6% | Dec 2022 7.3% | Mar 2023 10% | Jun 2023 7.3% | Sep 2023 6.4% | Dec 2023 8.6% | Mar 2024 8.5% | Jun 2024 7.7% | Sep 2024 9.0% | Dec 2024 7.8% | Mar 2025 7.2% | Jun 2025 5.4% | Sep 2025 5.9% | Dec 2025 7.4% | Mar 2026 9.1% | Jun 2026 — - ARMK: Sep 2021 3.6% | Dec 2021 4.3% | Mar 2022 — | Jun 2022 2.6% | Sep 2022 2.1% | Dec 2022 2.3% | Mar 2023 2.1% | Jun 2023 2.2% | Sep 2023 3.0% | Dec 2023 2.6% | Mar 2024 2.1% | Jun 2024 1.9% | Sep 2024 3.1% | Dec 2024 2.6% | Mar 2025 2.7% | Jun 2025 2.4% | Sep 2025 — | Dec 2025 2.8% | Mar 2026 2.5% | Jun 2026 2.1% - RTO: Sep 2021 — | Dec 2021 4.6% | Mar 2022 — | Jun 2022 4.3% | Sep 2022 — | Dec 2022 4.0% | Mar 2023 — | Jun 2023 3.0% | Sep 2023 — | Dec 2023 3.0% | Mar 2024 — | Jun 2024 3.2% | Sep 2024 — | Dec 2024 3.4% | Mar 2025 — | Jun 2025 3.2% | Sep 2025 — | Dec 2025 2.8% | Mar 2026 — | Jun 2026 — - AMTM: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 0.1% | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 0.1% | Mar 2024 0.1% | Jun 2024 0.1% | Sep 2024 0.2% | Dec 2024 0.2% | Mar 2025 0.1% | Jun 2025 0.2% | Sep 2025 — | Dec 2025 0.2% | Mar 2026 0.2% | Jun 2026 0.1% - UNF: Sep 2021 8.0% | Dec 2021 6.4% | Mar 2022 6.0% | Jun 2022 7.2% | Sep 2022 9.1% | Dec 2022 7.2% | Mar 2023 6.6% | Jun 2023 8.5% | Sep 2023 8.4% | Dec 2023 6.6% | Mar 2024 5.8% | Jun 2024 8.1% | Sep 2024 5.9% | Dec 2024 5.6% | Mar 2025 5.5% | Jun 2025 7.2% | Sep 2025 7.3% | Dec 2025 6.3% | Mar 2026 6.1% | Jun 2026 4.7% - DLB: Sep 2021 4.2% | Dec 2021 4.0% | Mar 2022 — | Jun 2022 3.6% | Sep 2022 3.8% | Dec 2022 2.1% | Mar 2023 2.1% | Jun 2023 2.3% | Sep 2023 2.7% | Dec 2023 1.9% | Mar 2024 2.5% | Jun 2024 2.8% | Sep 2024 2.3% | Dec 2024 — | Mar 2025 — | Jun 2025 1.9% | Sep 2025 5.2% | Dec 2025 — | Mar 2026 — | Jun 2026 — - AZZ: Sep 2021 4.6% | Dec 2021 3.7% | Mar 2022 6.2% | Jun 2022 2.9% | Sep 2022 2.9% | Dec 2022 4.3% | Mar 2023 6.5% | Jun 2023 4.3% | Sep 2023 6.5% | Dec 2023 6.3% | Mar 2024 7.6% | Jun 2024 6.5% | Sep 2024 7.8% | Dec 2024 6.4% | Mar 2025 8.5% | Jun 2025 5.0% | Sep 2025 4.6% | Dec 2025 4.5% | Mar 2026 5.7% | Jun 2026 4.2% - FA: Sep 2021 1.0% | Dec 2021 0.9% | Mar 2022 1.6% | Jun 2022 1.0% | Sep 2022 0.5% | Dec 2022 0.0% | Mar 2023 0.0% | Jun 2023 0.5% | Sep 2023 0.5% | Dec 2023 0.0% | Mar 2024 0.0% | Jun 2024 0.5% | Sep 2024 0.0% | Dec 2024 0.0% | Mar 2025 0.0% | Jun 2025 0.3% | Sep 2025 0.2% | Dec 2025 1.0% | Mar 2026 0.8% | Jun 2026 — - MMS: Sep 2021 0.4% | Dec 2021 0.5% | Mar 2022 1.4% | Jun 2022 1.2% | Sep 2022 1.7% | Dec 2022 1.3% | Mar 2023 1.5% | Jun 2023 2.1% | Sep 2023 2.5% | Dec 2023 1.7% | Mar 2024 1.9% | Jun 2024 2.7% | Sep 2024 2.4% | Dec 2024 1.6% | Mar 2025 1.2% | Jun 2025 1.1% | Sep 2025 0.6% | Dec 2025 0.4% | Mar 2026 0.8% | Jun 2026 — - ABM: Sep 2021 0.5% | Dec 2021 0.6% | Mar 2022 0.5% | Jun 2022 0.5% | Sep 2022 0.9% | Dec 2022 0.6% | Mar 2023 0.7% | Jun 2023 0.5% | Sep 2023 0.5% | Dec 2023 0.9% | Mar 2024 0.7% | Jun 2024 0.8% | Sep 2024 0.7% | Dec 2024 0.7% | Mar 2025 0.8% | Jun 2025 0.8% | Sep 2025 1.0% | Dec 2025 1.0% | Mar 2026 0.6% | Jun 2026 1.9% - CBZ: Sep 2021 1.1% | Dec 2021 1.2% | Mar 2022 0.3% | Jun 2022 0.8% | Sep 2022 0.6% | Dec 2022 1.0% | Mar 2023 0.9% | Jun 2023 2.0% | Sep 2023 1.7% | Dec 2023 1.2% | Mar 2024 1.0% | Jun 2024 0.5% | Sep 2024 0.7% | Dec 2024 0.7% | Mar 2025 0.6% | Jun 2025 1.2% | Sep 2025 0.3% | Dec 2025 0.4% | Mar 2026 0.4% | Jun 2026 — - CMPR: Sep 2021 1.4% | Dec 2021 2.1% | Mar 2022 2.4% | Jun 2022 1.7% | Sep 2022 1.7% | Dec 2022 1.8% | Mar 2023 1.5% | Jun 2023 2.0% | Sep 2023 3.0% | Dec 2023 1.2% | Mar 2024 1.3% | Jun 2024 1.3% | Sep 2024 2.1% | Dec 2024 2.8% | Mar 2025 3.2% | Jun 2025 2.4% | Sep 2025 3.0% | Dec 2025 2.4% | Mar 2026 2.6% | Jun 2026 — - TIC: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 2.7% | Jun 2024 1.9% | Sep 2024 2.0% | Dec 2024 — | Mar 2025 1.7% | Jun 2025 2.5% | Sep 2025 1.9% | Dec 2025 2.6% | Mar 2026 1.2% | Jun 2026 — - TH: Sep 2021 11% | Dec 2021 15% | Mar 2022 3.8% | Jun 2022 26% | Sep 2022 46% | Dec 2022 24% | Mar 2023 16% | Jun 2023 14% | Sep 2023 8.2% | Dec 2023 5.6% | Mar 2024 8.4% | Jun 2024 6.9% | Sep 2024 8.4% | Dec 2024 7.1% | Mar 2025 24% | Jun 2025 13% | Sep 2025 16% | Dec 2025 30% | Mar 2026 45% | Jun 2026 — - LZ: Sep 2021 1.4% | Dec 2021 2.1% | Mar 2022 3.2% | Jun 2022 3.1% | Sep 2022 3.9% | Dec 2022 4.1% | Mar 2023 4.2% | Jun 2023 4.7% | Sep 2023 4.8% | Dec 2023 5.0% | Mar 2024 5.2% | Jun 2024 5.6% | Sep 2024 5.9% | Dec 2024 4.3% | Mar 2025 4.9% | Jun 2025 4.1% | Sep 2025 3.7% | Dec 2025 3.2% | Mar 2026 2.9% | Jun 2026 — - BV: Sep 2021 2.5% | Dec 2021 4.9% | Mar 2022 5.1% | Jun 2022 3.2% | Sep 2022 2.6% | Dec 2022 4.1% | Mar 2023 2.5% | Jun 2023 2.0% | Sep 2023 1.7% | Dec 2023 1.6% | Mar 2024 1.9% | Jun 2024 3.1% | Sep 2024 4.4% | Dec 2024 9.8% | Mar 2025 5.1% | Jun 2025 15% | Sep 2025 8.3% | Dec 2025 8.9% | Mar 2026 8.4% | Jun 2026 — - RHLD: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 1.9% | Jun 2024 1.8% | Sep 2024 1.9% | Dec 2024 3.0% | Mar 2025 1.0% | Jun 2025 0.8% | Sep 2025 0.8% | Dec 2025 3.4% | Mar 2026 1.7% | Jun 2026 — - BKSY: Sep 2021 475% | Dec 2021 127% | Mar 2022 93% | Jun 2022 80% | Sep 2022 53% | Dec 2022 53% | Mar 2023 89% | Jun 2023 68% | Sep 2023 38% | Dec 2023 22% | Mar 2024 63% | Jun 2024 52% | Sep 2024 57% | Dec 2024 33% | Mar 2025 30% | Jun 2025 46% | Sep 2025 75% | Dec 2025 37% | Mar 2026 76% | Jun 2026 — - KODK: Sep 2021 1.7% | Dec 2021 3.6% | Mar 2022 1.7% | Jun 2022 1.2% | Sep 2022 3.5% | Dec 2022 3.9% | Mar 2023 1.8% | Jun 2023 2.0% | Sep 2023 1.5% | Dec 2023 6.2% | Mar 2024 4.0% | Jun 2024 3.4% | Sep 2024 7.7% | Dec 2024 6.4% | Mar 2025 4.9% | Jun 2025 4.6% | Sep 2025 1.5% | Dec 2025 2.1% | Mar 2026 2.3% | Jun 2026 — - TRNS: Sep 2021 6.0% | Dec 2021 3.9% | Mar 2022 7.1% | Jun 2022 3.6% | Sep 2022 3.6% | Dec 2022 3.5% | Mar 2023 3.2% | Jun 2023 4.9% | Sep 2023 4.8% | Dec 2023 6.2% | Mar 2024 5.6% | Jun 2024 6.0% | Sep 2024 5.9% | Dec 2024 4.5% | Mar 2025 3.9% | Jun 2025 6.6% | Sep 2025 4.9% | Dec 2025 3.6% | Mar 2026 4.5% | Jun 2026 — - CASS: Sep 2021 3.6% | Dec 2021 6.9% | Mar 2022 6.7% | Jun 2022 3.2% | Sep 2022 3.1% | Dec 2022 6.3% | Mar 2023 6.3% | Jun 2023 13% | Sep 2023 9.1% | Dec 2023 15% | Mar 2024 10% | Jun 2024 11% | Sep 2024 6.9% | Dec 2024 0.0% | Mar 2025 11% | Jun 2025 4.0% | Sep 2025 3.4% | Dec 2025 3.6% | Mar 2026 7.1% | Jun 2026 — - SPIR: Sep 2021 40% | Dec 2021 40% | Mar 2022 22% | Jun 2022 42% | Sep 2022 15% | Dec 2022 73% | Mar 2023 13% | Jun 2023 11% | Sep 2023 23% | Dec 2023 21% | Mar 2024 20% | Jun 2024 24% | Sep 2024 31% | Dec 2024 23% | Mar 2025 38% | Jun 2025 21% | Sep 2025 62% | Dec 2025 75% | Mar 2026 50% | Jun 2026 — - QUAD: Sep 2021 2.0% | Dec 2021 0.9% | Mar 2022 2.6% | Jun 2022 1.8% | Sep 2022 1.9% | Dec 2022 1.2% | Mar 2023 3.8% | Jun 2023 2.4% | Sep 2023 2.0% | Dec 2023 1.4% | Mar 2024 2.7% | Jun 2024 2.5% | Sep 2024 1.8% | Dec 2024 1.7% | Mar 2025 1.7% | Jun 2025 2.3% | Sep 2025 2.0% | Dec 2025 1.4% | Mar 2026 2.2% | Jun 2026 — - BUUU: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 0.0% | Mar 2024 — | Jun 2024 0.0% | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 0.0% | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 — ## Debt Load & Balance-Sheet Headroom What the numbers say: Copart, Inc. has the clearest covered balance-sheet capacity with $4,107 million net cash and gross debt of $93 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: Spire Global, Inc. · $8 million | 46.7% versus #2 · LegalZoom.com, Inc. | 4/8 recent comparable periods | 27/30 companies · 493 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. Spire Global, Inc. (SPIR): ₹8 Cr 2. LegalZoom.com, Inc. (LZ): ₹15 Cr 3. Target Hospitality Corp. (TH): ₹39 Cr 4. Dolby Laboratories, Inc. (DLB): ₹50 Cr 5. Cass Information Systems, Inc. (CASS): ₹80 Cr ### Net debt — lowest net debt 1. Copart, Inc. (CPRT): ₹-4.1K Cr 2. Cass Information Systems, Inc. (CASS): ₹-885 Cr 3. Dolby Laboratories, Inc. (DLB): ₹-545 Cr 4. LegalZoom.com, Inc. (LZ): ₹-168 Cr 5. UniFirst Corporation (UNF): ₹-84 Cr ### 20-quarter Gross debt history - CTAS: Sep 2021 ₹2.8K Cr | Dec 2021 ₹2.6K Cr | Mar 2022 ₹3.0K Cr | Jun 2022 ₹3.0K Cr | Sep 2022 ₹3.2K Cr | Dec 2022 ₹3.1K Cr | Mar 2023 ₹2.9K Cr | Jun 2023 ₹2.7K Cr | Sep 2023 ₹2.7K Cr | Dec 2023 ₹2.9K Cr | Mar 2024 ₹2.7K Cr | Jun 2024 ₹2.7K Cr | Sep 2024 ₹2.8K Cr | Dec 2024 ₹2.8K Cr | Mar 2025 ₹2.7K Cr | Jun 2025 ₹2.7K Cr | Sep 2025 ₹2.7K Cr | Dec 2025 ₹3.2K Cr | Mar 2026 ₹2.9K Cr | Jun 2026 ₹2.7K Cr - TRI: Sep 2021 ₹3.8K Cr | Dec 2021 ₹3.8K Cr | Mar 2022 ₹3.8K Cr | Jun 2022 ₹3.8K Cr | Sep 2022 ₹4.1K Cr | Dec 2022 ₹4.8K Cr | Mar 2023 ₹4.4K Cr | Jun 2023 ₹5.6K Cr | Sep 2023 ₹4.4K Cr | Dec 2023 ₹3.3K Cr | Mar 2024 ₹3.8K Cr | Jun 2024 ₹3.1K Cr | Sep 2024 ₹2.9K Cr | Dec 2024 ₹2.8K Cr | Mar 2025 ₹2.8K Cr | Jun 2025 ₹1.8K Cr | Sep 2025 ₹2.2K Cr | Dec 2025 ₹2.1K Cr | Mar 2026 ₹2.4K Cr | Jun 2026 — - CPRT: Sep 2021 ₹518 Cr | Dec 2021 ₹176 Cr | Mar 2022 ₹525 Cr | Jun 2022 ₹525 Cr | Sep 2022 ₹119 Cr | Dec 2022 ₹116 Cr | Mar 2023 ₹110 Cr | Jun 2023 ₹129 Cr | Sep 2023 ₹120 Cr | Dec 2023 ₹133 Cr | Mar 2024 ₹116 Cr | Jun 2024 ₹112 Cr | Sep 2024 ₹119 Cr | Dec 2024 ₹117 Cr | Mar 2025 ₹119 Cr | Jun 2025 ₹101 Cr | Sep 2025 ₹104 Cr | Dec 2025 ₹100 Cr | Mar 2026 ₹96 Cr | Jun 2026 ₹93 Cr - GPN: Sep 2021 ₹11.3K Cr | Dec 2021 ₹12.0K Cr | Mar 2022 ₹12.3K Cr | Jun 2022 ₹12.6K Cr | Sep 2022 ₹13.9K Cr | Dec 2022 ₹14.2K Cr | Mar 2023 ₹18.2K Cr | Jun 2023 ₹17.6K Cr | Sep 2023 ₹17.4K Cr | Dec 2023 ₹17.3K Cr | Mar 2024 ₹18.2K Cr | Jun 2024 ₹18.2K Cr | Sep 2024 ₹17.6K Cr | Dec 2024 ₹16.6K Cr | Mar 2025 ₹16.9K Cr | Jun 2025 ₹16.6K Cr | Sep 2025 ₹16.2K Cr | Dec 2025 ₹21.8K Cr | Mar 2026 ₹23.6K Cr | Jun 2026 — - RBA: Sep 2021 ₹652 Cr | Dec 2021 ₹1.7K Cr | Mar 2022 ₹1.6K Cr | Jun 2022 ₹653 Cr | Sep 2022 ₹639 Cr | Dec 2022 ₹735 Cr | Mar 2023 ₹4.6K Cr | Jun 2023 ₹4.5K Cr | Sep 2023 ₹4.6K Cr | Dec 2023 ₹4.6K Cr | Mar 2024 ₹4.4K Cr | Jun 2024 ₹4.3K Cr | Sep 2024 ₹4.2K Cr | Dec 2024 ₹2.9K Cr | Mar 2025 ₹4.2K Cr | Jun 2025 ₹4.2K Cr | Sep 2025 ₹4.2K Cr | Dec 2025 ₹3.0K Cr | Mar 2026 ₹3.0K Cr | Jun 2026 — - ULS: Sep 2021 ₹154 Cr | Dec 2021 ₹154 Cr | Mar 2022 ₹817 Cr | Jun 2022 — | Sep 2022 ₹732 Cr | Dec 2022 ₹660 Cr | Mar 2023 ₹684 Cr | Jun 2023 ₹649 Cr | Sep 2023 ₹648 Cr | Dec 2023 ₹1.1K Cr | Mar 2024 ₹1.0K Cr | Jun 2024 ₹938 Cr | Sep 2024 ₹987 Cr | Dec 2024 ₹935 Cr | Mar 2025 ₹843 Cr | Jun 2025 ₹805 Cr | Sep 2025 ₹736 Cr | Dec 2025 ₹683 Cr | Mar 2026 ₹539 Cr | Jun 2026 — - ARMK: Sep 2021 ₹8.1K Cr | Dec 2021 ₹7.8K Cr | Mar 2022 — | Jun 2022 ₹8.2K Cr | Sep 2022 ₹8.6K Cr | Dec 2022 ₹8.5K Cr | Mar 2023 ₹8.4K Cr | Jun 2023 ₹8.0K Cr | Sep 2023 ₹6.9K Cr | Dec 2023 ₹6.3K Cr | Mar 2024 ₹6.2K Cr | Jun 2024 ₹6.3K Cr | Sep 2024 ₹5.5K Cr | Dec 2024 ₹6.2K Cr | Mar 2025 ₹6.8K Cr | Jun 2025 ₹6.6K Cr | Sep 2025 — | Dec 2025 ₹5.7K Cr | Mar 2026 ₹6.6K Cr | Jun 2026 ₹6.4K Cr - AMTM: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 ₹4.4K Cr | Sep 2022 ₹4.4K Cr | Dec 2022 — | Mar 2023 — | Jun 2023 ₹4.1K Cr | Sep 2023 ₹4.1K Cr | Dec 2023 ₹4.3K Cr | Mar 2024 — | Jun 2024 ₹4.7K Cr | Sep 2024 ₹4.7K Cr | Dec 2024 ₹4.7K Cr | Mar 2025 ₹4.7K Cr | Jun 2025 ₹4.5K Cr | Sep 2025 — | Dec 2025 ₹3.9K Cr | Mar 2026 ₹3.9K Cr | Jun 2026 ₹3.9K Cr - UNF: Sep 2021 ₹43 Cr | Dec 2021 ₹46 Cr | Mar 2022 ₹53 Cr | Jun 2022 ₹51 Cr | Sep 2022 ₹52 Cr | Dec 2022 ₹49 Cr | Mar 2023 ₹50 Cr | Jun 2023 ₹64 Cr | Sep 2023 ₹65 Cr | Dec 2023 ₹67 Cr | Mar 2024 ₹72 Cr | Jun 2024 ₹69 Cr | Sep 2024 ₹69 Cr | Dec 2024 ₹67 Cr | Mar 2025 ₹177 Cr | Jun 2025 ₹155 Cr | Sep 2025 ₹72 Cr | Dec 2025 ₹77 Cr | Mar 2026 ₹80 Cr | Jun 2026 ₹85 Cr - DLB: Sep 2021 ₹72 Cr | Dec 2021 ₹68 Cr | Mar 2022 — | Jun 2022 ₹64 Cr | Sep 2022 ₹59 Cr | Dec 2022 ₹47 Cr | Mar 2023 ₹48 Cr | Jun 2023 ₹50 Cr | Sep 2023 ₹51 Cr | Dec 2023 ₹47 Cr | Mar 2024 ₹52 Cr | Jun 2024 ₹48 Cr | Sep 2024 ₹47 Cr | Dec 2024 ₹44 Cr | Mar 2025 ₹40 Cr | Jun 2025 ₹39 Cr | Sep 2025 ₹39 Cr | Dec 2025 ₹41 Cr | Mar 2026 ₹50 Cr | Jun 2026 — - AZZ: Sep 2021 ₹229 Cr | Dec 2021 ₹236 Cr | Mar 2022 ₹241 Cr | Jun 2022 ₹1.7K Cr | Sep 2022 ₹1.3K Cr | Dec 2022 ₹1.0K Cr | Mar 2023 ₹1.1K Cr | Jun 2023 ₹1.1K Cr | Sep 2023 ₹1.0K Cr | Dec 2023 ₹1.0K Cr | Mar 2024 ₹977 Cr | Jun 2024 ₹953 Cr | Sep 2024 ₹935 Cr | Dec 2024 ₹906 Cr | Mar 2025 ₹879 Cr | Jun 2025 ₹598 Cr | Sep 2025 ₹597 Cr | Dec 2025 ₹567 Cr | Mar 2026 ₹538 Cr | Jun 2026 ₹543 Cr - FA: Sep 2021 ₹555 Cr | Dec 2021 ₹555 Cr | Mar 2022 ₹573 Cr | Jun 2022 ₹573 Cr | Sep 2022 ₹572 Cr | Dec 2022 ₹569 Cr | Mar 2023 ₹569 Cr | Jun 2023 ₹569 Cr | Sep 2023 ₹567 Cr | Dec 2023 ₹568 Cr | Mar 2024 ₹568 Cr | Jun 2024 ₹567 Cr | Sep 2024 ₹567 Cr | Dec 2024 ₹2.2K Cr | Mar 2025 ₹2.2K Cr | Jun 2025 ₹2.1K Cr | Sep 2025 ₹2.1K Cr | Dec 2025 ₹2.1K Cr | Mar 2026 ₹2.1K Cr | Jun 2026 — - MMS: Sep 2021 ₹1.7K Cr | Dec 2021 ₹1.8K Cr | Mar 2022 ₹1.6K Cr | Jun 2022 ₹1.6K Cr | Sep 2022 ₹1.5K Cr | Dec 2022 ₹1.7K Cr | Mar 2023 ₹1.5K Cr | Jun 2023 ₹1.5K Cr | Sep 2023 ₹1.4K Cr | Dec 2023 ₹1.5K Cr | Mar 2024 ₹1.4K Cr | Jun 2024 ₹1.3K Cr | Sep 2024 ₹1.3K Cr | Dec 2024 ₹1.5K Cr | Mar 2025 ₹1.6K Cr | Jun 2025 ₹1.8K Cr | Sep 2025 ₹1.4K Cr | Dec 2025 ₹1.7K Cr | Mar 2026 ₹1.6K Cr | Jun 2026 — - ABM: Sep 2021 ₹807 Cr | Dec 2021 ₹1.0K Cr | Mar 2022 ₹1.1K Cr | Jun 2022 ₹1.3K Cr | Sep 2022 ₹1.3K Cr | Dec 2022 ₹1.4K Cr | Mar 2023 ₹1.5K Cr | Jun 2023 ₹1.5K Cr | Sep 2023 ₹1.5K Cr | Dec 2023 ₹1.4K Cr | Mar 2024 ₹1.5K Cr | Jun 2024 ₹1.4K Cr | Sep 2024 ₹1.5K Cr | Dec 2024 ₹1.5K Cr | Mar 2025 ₹1.7K Cr | Jun 2025 ₹1.7K Cr | Sep 2025 ₹1.6K Cr | Dec 2025 ₹1.7K Cr | Mar 2026 ₹1.7K Cr | Jun 2026 ₹2.0K Cr - CBZ: Sep 2021 ₹366 Cr | Dec 2021 ₹331 Cr | Mar 2022 ₹519 Cr | Jun 2022 ₹490 Cr | Sep 2022 ₹487 Cr | Dec 2022 ₹474 Cr | Mar 2023 ₹622 Cr | Jun 2023 ₹620 Cr | Sep 2023 ₹611 Cr | Dec 2023 ₹551 Cr | Mar 2024 ₹675 Cr | Jun 2024 ₹447 Cr | Sep 2024 ₹565 Cr | Dec 2024 ₹1.8K Cr | Mar 2025 ₹2.0K Cr | Jun 2025 ₹2.0K Cr | Sep 2025 ₹2.0K Cr | Dec 2025 ₹1.8K Cr | Mar 2026 ₹2.0K Cr | Jun 2026 — - CMPR: Sep 2021 ₹1.8K Cr | Dec 2021 ₹1.8K Cr | Mar 2022 ₹1.8K Cr | Jun 2022 ₹1.8K Cr | Sep 2022 ₹1.7K Cr | Dec 2022 ₹1.8K Cr | Mar 2023 ₹1.8K Cr | Jun 2023 ₹1.7K Cr | Sep 2023 ₹1.7K Cr | Dec 2023 ₹1.7K Cr | Mar 2024 ₹1.7K Cr | Jun 2024 ₹1.7K Cr | Sep 2024 ₹1.7K Cr | Dec 2024 ₹1.7K Cr | Mar 2025 ₹1.7K Cr | Jun 2025 ₹1.7K Cr | Sep 2025 ₹1.7K Cr | Dec 2025 ₹1.7K Cr | Mar 2026 ₹1.7K Cr | Jun 2026 — - TIC: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹0 Cr | Mar 2023 — | Jun 2023 — | Sep 2023 ₹730 Cr | Dec 2023 ₹730 Cr | Mar 2024 — | Jun 2024 — | Sep 2024 ₹813 Cr | Dec 2024 ₹813 Cr | Mar 2025 ₹810 Cr | Jun 2025 ₹813 Cr | Sep 2025 ₹1.7K Cr | Dec 2025 ₹1.7K Cr | Mar 2026 ₹1.7K Cr | Jun 2026 — - TH: Sep 2021 ₹329 Cr | Dec 2021 ₹332 Cr | Mar 2022 ₹349 Cr | Jun 2022 ₹355 Cr | Sep 2022 ₹335 Cr | Dec 2022 ₹355 Cr | Mar 2023 ₹230 Cr | Jun 2023 ₹229 Cr | Sep 2023 ₹227 Cr | Dec 2023 ₹200 Cr | Mar 2024 ₹199 Cr | Jun 2024 ₹197 Cr | Sep 2024 ₹196 Cr | Dec 2024 ₹210 Cr | Mar 2025 ₹55 Cr | Jun 2025 ₹38 Cr | Sep 2025 ₹13 Cr | Dec 2025 ₹11 Cr | Mar 2026 ₹39 Cr | Jun 2026 — - LZ: Sep 2021 ₹0 Cr | Dec 2021 ₹0 Cr | Mar 2022 ₹5 Cr | Jun 2022 ₹6 Cr | Sep 2022 ₹12 Cr | Dec 2022 ₹11 Cr | Mar 2023 ₹11 Cr | Jun 2023 ₹10 Cr | Sep 2023 ₹10 Cr | Dec 2023 ₹9 Cr | Mar 2024 ₹8 Cr | Jun 2024 ₹8 Cr | Sep 2024 ₹8 Cr | Dec 2024 ₹8 Cr | Mar 2025 ₹15 Cr | Jun 2025 ₹14 Cr | Sep 2025 ₹15 Cr | Dec 2025 ₹14 Cr | Mar 2026 ₹15 Cr | Jun 2026 — - BV: Sep 2021 ₹1.2K Cr | Dec 2021 ₹1.3K Cr | Mar 2022 ₹1.4K Cr | Jun 2022 ₹1.4K Cr | Sep 2022 ₹1.4K Cr | Dec 2022 ₹1.5K Cr | Mar 2023 ₹1.4K Cr | Jun 2023 ₹1.4K Cr | Sep 2023 ₹981 Cr | Dec 2023 ₹972 Cr | Mar 2024 ₹971 Cr | Jun 2024 ₹896 Cr | Sep 2024 ₹890 Cr | Dec 2024 ₹881 Cr | Mar 2025 ₹881 Cr | Jun 2025 ₹871 Cr | Sep 2025 ₹852 Cr | Dec 2025 ₹882 Cr | Mar 2026 ₹903 Cr | Jun 2026 — - RHLD: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 ₹345 Cr | Dec 2023 ₹345 Cr | Mar 2024 ₹335 Cr | Jun 2024 ₹335 Cr | Sep 2024 ₹202 Cr | Dec 2024 ₹202 Cr | Mar 2025 ₹204 Cr | Jun 2025 ₹201 Cr | Sep 2025 ₹198 Cr | Dec 2025 ₹195 Cr | Mar 2026 ₹2.2K Cr | Jun 2026 — - BKSY: Sep 2021 ₹78 Cr | Dec 2021 ₹71 Cr | Mar 2022 ₹72 Cr | Jun 2022 ₹72 Cr | Sep 2022 ₹73 Cr | Dec 2022 ₹79 Cr | Mar 2023 ₹79 Cr | Jun 2023 ₹83 Cr | Sep 2023 ₹83 Cr | Dec 2023 ₹87 Cr | Mar 2024 ₹92 Cr | Jun 2024 ₹115 Cr | Sep 2024 ₹106 Cr | Dec 2024 ₹116 Cr | Mar 2025 ₹123 Cr | Jun 2025 ₹130 Cr | Sep 2025 ₹203 Cr | Dec 2025 ₹209 Cr | Mar 2026 ₹210 Cr | Jun 2026 — - KODK: Sep 2021 ₹312 Cr | Dec 2021 ₹313 Cr | Mar 2022 ₹312 Cr | Jun 2022 ₹361 Cr | Sep 2022 ₹362 Cr | Dec 2022 ₹364 Cr | Mar 2023 ₹366 Cr | Jun 2023 ₹368 Cr | Sep 2023 ₹492 Cr | Dec 2023 ₹496 Cr | Mar 2024 ₹486 Cr | Jun 2024 ₹490 Cr | Sep 2024 ₹495 Cr | Dec 2024 ₹500 Cr | Mar 2025 ₹511 Cr | Jun 2025 ₹1.0K Cr | Sep 2025 ₹1.0K Cr | Dec 2025 ₹251 Cr | Mar 2026 ₹250 Cr | Jun 2026 — - TRNS: Sep 2021 ₹50 Cr | Dec 2021 ₹48 Cr | Mar 2022 ₹58 Cr | Jun 2022 ₹63 Cr | Sep 2022 ₹64 Cr | Dec 2022 ₹62 Cr | Mar 2023 ₹62 Cr | Jun 2023 ₹63 Cr | Sep 2023 ₹68 Cr | Dec 2023 ₹19 Cr | Mar 2024 ₹19 Cr | Jun 2024 ₹19 Cr | Sep 2024 ₹18 Cr | Dec 2024 ₹63 Cr | Mar 2025 ₹54 Cr | Jun 2025 ₹62 Cr | Sep 2025 ₹144 Cr | Dec 2025 ₹129 Cr | Mar 2026 ₹129 Cr | Jun 2026 — - CASS: 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 ₹145 Cr | Jun 2026 ₹80 Cr - SPIR: Sep 2021 ₹45 Cr | Dec 2021 ₹51 Cr | Mar 2022 ₹63 Cr | Jun 2022 ₹106 Cr | Sep 2022 ₹106 Cr | Dec 2022 ₹109 Cr | Mar 2023 ₹131 Cr | Jun 2023 ₹132 Cr | Sep 2023 ₹131 Cr | Dec 2023 ₹127 Cr | Mar 2024 ₹128 Cr | Jun 2024 ₹118 Cr | Sep 2024 ₹108 Cr | Dec 2024 ₹104 Cr | Mar 2025 ₹109 Cr | Jun 2025 ₹9 Cr | Sep 2025 ₹8 Cr | Dec 2025 ₹9 Cr | Mar 2026 ₹8 Cr | Jun 2026 — - QUAD: Sep 2021 ₹937 Cr | Dec 2021 ₹932 Cr | Mar 2022 ₹924 Cr | Jun 2022 ₹825 Cr | Sep 2022 ₹851 Cr | Dec 2022 ₹685 Cr | Mar 2023 ₹749 Cr | Jun 2023 ₹721 Cr | Sep 2023 ₹694 Cr | Dec 2023 ₹625 Cr | Mar 2024 ₹652 Cr | Jun 2024 ₹640 Cr | Sep 2024 ₹593 Cr | Dec 2024 ₹465 Cr | Mar 2025 ₹552 Cr | Jun 2025 ₹535 Cr | Sep 2025 ₹549 Cr | Dec 2025 ₹444 Cr | Mar 2026 ₹503 Cr | Jun 2026 — ### 20-quarter Net debt history - CTAS: Sep 2021 ₹2.7K Cr | Dec 2021 ₹2.5K Cr | Mar 2022 ₹2.9K Cr | Jun 2022 ₹2.9K Cr | Sep 2022 ₹3.1K Cr | Dec 2022 ₹3.0K Cr | Mar 2023 ₹2.8K Cr | Jun 2023 ₹2.5K Cr | Sep 2023 ₹2.6K Cr | Dec 2023 ₹2.8K Cr | Mar 2024 ₹2.5K Cr | Jun 2024 ₹2.3K Cr | Sep 2024 ₹2.7K Cr | Dec 2024 ₹2.7K Cr | Mar 2025 ₹2.4K Cr | Jun 2025 ₹2.4K Cr | Sep 2025 ₹2.5K Cr | Dec 2025 ₹3.0K Cr | Mar 2026 ₹2.7K Cr | Jun 2026 ₹2.4K Cr - TRI: Sep 2021 ₹2.3K Cr | Dec 2021 ₹3.0K Cr | Mar 2022 ₹3.1K Cr | Jun 2022 ₹3.4K Cr | Sep 2022 ₹3.6K Cr | Dec 2022 ₹3.7K Cr | Mar 2023 ₹2.7K Cr | Jun 2023 ₹2.7K Cr | Sep 2023 ₹1.8K Cr | Dec 2023 ₹2.0K Cr | Mar 2024 ₹1.9K Cr | Jun 2024 ₹1.4K Cr | Sep 2024 ₹1.2K Cr | Dec 2024 ₹852 Cr | Mar 2025 ₹1.4K Cr | Jun 2025 ₹1.2K Cr | Sep 2025 ₹1.6K Cr | Dec 2025 ₹1.6K Cr | Mar 2026 ₹1.6K Cr | Jun 2026 — - CPRT: Sep 2021 ₹-530 Cr | Dec 2021 ₹-1.1K Cr | Mar 2022 ₹-822 Cr | Jun 2022 ₹-1.2K Cr | Sep 2022 ₹-1.3K Cr | Dec 2022 ₹-1.4K Cr | Mar 2023 ₹-1.6K Cr | Jun 2023 ₹-2.0K Cr | Sep 2023 ₹-2.2K Cr | Dec 2023 ₹-2.5K Cr | Mar 2024 ₹-2.6K Cr | Jun 2024 ₹-3.0K Cr | Sep 2024 ₹-3.3K Cr | Dec 2024 ₹-3.6K Cr | Mar 2025 ₹-3.7K Cr | Jun 2025 ₹-4.3K Cr | Sep 2025 ₹-4.7K Cr | Dec 2025 ₹-5.1K Cr | Mar 2026 ₹-5.0K Cr | Jun 2026 ₹-4.1K Cr - GPN: Sep 2021 ₹9.0K Cr | Dec 2021 ₹10.0K Cr | Mar 2022 ₹10.3K Cr | Jun 2022 ₹10.7K Cr | Sep 2022 ₹11.9K Cr | Dec 2022 ₹12.2K Cr | Mar 2023 ₹16.2K Cr | Jun 2023 ₹15.7K Cr | Sep 2023 ₹15.4K Cr | Dec 2023 ₹15.2K Cr | Mar 2024 ₹16.1K Cr | Jun 2024 ₹16.1K Cr | Sep 2024 ₹14.6K Cr | Dec 2024 ₹14.2K Cr | Mar 2025 ₹14.0K Cr | Jun 2025 ₹14.0K Cr | Sep 2025 ₹13.6K Cr | Dec 2025 ₹13.5K Cr | Mar 2026 ₹17.7K Cr | Jun 2026 — - RBA: Sep 2021 ₹192 Cr | Dec 2021 ₹1.3K Cr | Mar 2022 ₹1.1K Cr | Jun 2022 ₹180 Cr | Sep 2022 ₹32 Cr | Dec 2022 ₹64 Cr | Mar 2023 ₹3.8K Cr | Jun 2023 ₹4.0K Cr | Sep 2023 ₹4.0K Cr | Dec 2023 ₹3.8K Cr | Mar 2024 ₹3.8K Cr | Jun 2024 ₹3.5K Cr | Sep 2024 ₹3.3K Cr | Dec 2024 ₹2.4K Cr | Mar 2025 ₹3.4K Cr | Jun 2025 ₹3.2K Cr | Sep 2025 ₹3.3K Cr | Dec 2025 ₹2.4K Cr | Mar 2026 ₹2.4K Cr | Jun 2026 — - ULS: Sep 2021 ₹-1.2K Cr | Dec 2021 ₹-1.2K Cr | Mar 2022 ₹344 Cr | Jun 2022 — | Sep 2022 ₹311 Cr | Dec 2022 ₹287 Cr | Mar 2023 ₹201 Cr | Jun 2023 ₹209 Cr | Sep 2023 ₹191 Cr | Dec 2023 ₹748 Cr | Mar 2024 ₹676 Cr | Jun 2024 ₹643 Cr | Sep 2024 ₹660 Cr | Dec 2024 ₹637 Cr | Mar 2025 ₹576 Cr | Jun 2025 ₹533 Cr | Sep 2025 ₹481 Cr | Dec 2025 ₹388 Cr | Mar 2026 ₹281 Cr | Jun 2026 — - ARMK: Sep 2021 ₹7.6K Cr | Dec 2021 ₹7.3K Cr | Mar 2022 — | Jun 2022 ₹7.7K Cr | Sep 2022 ₹8.1K Cr | Dec 2022 ₹8.2K Cr | Mar 2023 ₹8.1K Cr | Jun 2023 ₹7.6K Cr | Sep 2023 ₹5.0K Cr | Dec 2023 ₹6.0K Cr | Mar 2024 ₹5.9K Cr | Jun 2024 ₹5.8K Cr | Sep 2024 ₹4.9K Cr | Dec 2024 ₹5.7K Cr | Mar 2025 ₹5.9K Cr | Jun 2025 ₹6.1K Cr | Sep 2025 — | Dec 2025 ₹5.0K Cr | Mar 2026 ₹6.1K Cr | Jun 2026 ₹5.9K Cr - AMTM: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 ₹4.1K Cr | Sep 2022 ₹4.1K Cr | Dec 2022 — | Mar 2023 — | Jun 2023 ₹3.8K Cr | Sep 2023 ₹3.8K Cr | Dec 2023 ₹4.1K Cr | Mar 2024 — | Jun 2024 ₹4.2K Cr | Sep 2024 ₹4.2K Cr | Dec 2024 ₹4.2K Cr | Mar 2025 ₹4.1K Cr | Jun 2025 ₹3.7K Cr | Sep 2025 — | Dec 2025 ₹3.5K Cr | Mar 2026 — | Jun 2026 ₹3.5K Cr - UNF: Sep 2021 ₹-470 Cr | Dec 2021 ₹-432 Cr | Mar 2022 ₹-373 Cr | Jun 2022 ₹-360 Cr | Sep 2022 ₹-324 Cr | Dec 2022 ₹-302 Cr | Mar 2023 ₹-295 Cr | Jun 2023 ₹-5 Cr | Sep 2023 ₹-25 Cr | Dec 2023 ₹-22 Cr | Mar 2024 ₹-30 Cr | Jun 2024 ₹-56 Cr | Sep 2024 ₹-106 Cr | Dec 2024 ₹-114 Cr | Mar 2025 ₹-24 Cr | Jun 2025 ₹-57 Cr | Sep 2025 ₹-137 Cr | Dec 2025 ₹-53 Cr | Mar 2026 ₹-77 Cr | Jun 2026 ₹-84 Cr - DLB: Sep 2021 ₹-1.2K Cr | Dec 2021 ₹-1.1K Cr | Mar 2022 — | Jun 2022 ₹-978 Cr | Sep 2022 ₹-957 Cr | Dec 2022 ₹-712 Cr | Mar 2023 ₹-767 Cr | Jun 2023 ₹-839 Cr | Sep 2023 ₹-834 Cr | Dec 2023 ₹-751 Cr | Mar 2024 ₹-773 Cr | Jun 2024 ₹-821 Cr | Sep 2024 ₹-435 Cr | Dec 2024 ₹-477 Cr | Mar 2025 ₹-587 Cr | Jun 2025 ₹-660 Cr | Sep 2025 ₹-664 Cr | Dec 2025 ₹-604 Cr | Mar 2026 ₹-545 Cr | Jun 2026 — - AZZ: Sep 2021 ₹214 Cr | Dec 2021 ₹216 Cr | Mar 2022 ₹229 Cr | Jun 2022 ₹1.6K Cr | Sep 2022 ₹1.3K Cr | Dec 2022 ₹1.0K Cr | Mar 2023 ₹1.1K Cr | Jun 2023 ₹1.1K Cr | Sep 2023 ₹1.0K Cr | Dec 2023 ₹996 Cr | Mar 2024 ₹973 Cr | Jun 2024 ₹942 Cr | Sep 2024 ₹933 Cr | Dec 2024 ₹905 Cr | Mar 2025 ₹878 Cr | Jun 2025 ₹595 Cr | Sep 2025 ₹596 Cr | Dec 2025 ₹566 Cr | Mar 2026 ₹537 Cr | Jun 2026 ₹542 Cr - FA: Sep 2021 ₹261 Cr | Dec 2021 ₹261 Cr | Mar 2022 ₹264 Cr | Jun 2022 ₹220 Cr | Sep 2022 ₹182 Cr | Dec 2022 ₹175 Cr | Mar 2023 ₹167 Cr | Jun 2023 ₹168 Cr | Sep 2023 ₹400 Cr | Dec 2023 ₹354 Cr | Mar 2024 ₹322 Cr | Jun 2024 ₹297 Cr | Sep 2024 ₹260 Cr | Dec 2024 ₹2.0K Cr | Mar 2025 ₹2.0K Cr | Jun 2025 ₹2.0K Cr | Sep 2025 ₹1.9K Cr | Dec 2025 ₹1.8K Cr | Mar 2026 ₹1.8K Cr | Jun 2026 — - MMS: Sep 2021 ₹1.6K Cr | Dec 2021 ₹1.6K Cr | Mar 2022 ₹1.5K Cr | Jun 2022 ₹1.6K Cr | Sep 2022 ₹1.5K Cr | Dec 2022 ₹1.7K Cr | Mar 2023 ₹1.4K Cr | Jun 2023 ₹1.4K Cr | Sep 2023 ₹1.4K Cr | Dec 2023 ₹1.4K Cr | Mar 2024 ₹1.3K Cr | Jun 2024 ₹1.2K Cr | Sep 2024 ₹1.1K Cr | Dec 2024 ₹1.4K Cr | Mar 2025 ₹1.5K Cr | Jun 2025 ₹1.7K Cr | Sep 2025 ₹1.2K Cr | Dec 2025 ₹1.5K Cr | Mar 2026 ₹1.5K Cr | Jun 2026 — - ABM: Sep 2021 ₹302 Cr | Dec 2021 ₹970 Cr | Mar 2022 ₹1.1K Cr | Jun 2022 ₹1.3K Cr | Sep 2022 ₹1.3K Cr | Dec 2022 ₹1.3K Cr | Mar 2023 ₹1.4K Cr | Jun 2023 ₹1.4K Cr | Sep 2023 ₹1.4K Cr | Dec 2023 ₹1.4K Cr | Mar 2024 ₹1.4K Cr | Jun 2024 ₹1.3K Cr | Sep 2024 ₹1.4K Cr | Dec 2024 ₹1.4K Cr | Mar 2025 ₹1.6K Cr | Jun 2025 ₹1.6K Cr | Sep 2025 ₹1.6K Cr | Dec 2025 ₹1.6K Cr | Mar 2026 ₹1.6K Cr | Jun 2026 ₹1.9K Cr - CBZ: Sep 2021 ₹363 Cr | Dec 2021 ₹329 Cr | Mar 2022 ₹518 Cr | Jun 2022 ₹486 Cr | Sep 2022 ₹485 Cr | Dec 2022 ₹469 Cr | Mar 2023 ₹620 Cr | Jun 2023 ₹616 Cr | Sep 2023 ₹610 Cr | Dec 2023 ₹543 Cr | Mar 2024 ₹674 Cr | Jun 2024 ₹446 Cr | Sep 2024 ₹564 Cr | Dec 2024 ₹1.8K Cr | Mar 2025 ₹1.9K Cr | Jun 2025 ₹1.9K Cr | Sep 2025 ₹1.9K Cr | Dec 2025 ₹1.8K Cr | Mar 2026 ₹2.0K Cr | Jun 2026 — - CMPR: Sep 2021 ₹1.5K Cr | Dec 2021 ₹1.4K Cr | Mar 2022 ₹1.5K Cr | Jun 2022 ₹1.4K Cr | Sep 2022 ₹1.5K Cr | Dec 2022 ₹1.6K Cr | Mar 2023 ₹1.6K Cr | Jun 2023 ₹1.5K Cr | Sep 2023 ₹1.5K Cr | Dec 2023 ₹1.4K Cr | Mar 2024 ₹1.5K Cr | Jun 2024 ₹1.5K Cr | Sep 2024 ₹1.5K Cr | Dec 2024 ₹1.4K Cr | Mar 2025 ₹1.5K Cr | Jun 2025 ₹1.4K Cr | Sep 2025 ₹1.5K Cr | Dec 2025 ₹1.5K Cr | Mar 2026 ₹1.5K Cr | Jun 2026 — - TIC: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 ₹643 Cr | Dec 2023 ₹643 Cr | Mar 2024 — | Jun 2024 — | Sep 2024 ₹674 Cr | Dec 2024 ₹674 Cr | Mar 2025 ₹654 Cr | Jun 2025 ₹683 Cr | Sep 2025 ₹1.6K Cr | Dec 2025 ₹1.3K Cr | Mar 2026 ₹1.3K Cr | Jun 2026 — - TH: Sep 2021 ₹298 Cr | Dec 2021 ₹309 Cr | Mar 2022 ₹343 Cr | Jun 2022 ₹345 Cr | Sep 2022 ₹158 Cr | Dec 2022 ₹173 Cr | Mar 2023 ₹188 Cr | Jun 2023 ₹159 Cr | Sep 2023 ₹122 Cr | Dec 2023 ₹96 Cr | Mar 2024 ₹75 Cr | Jun 2024 ₹43 Cr | Sep 2024 ₹18 Cr | Dec 2024 ₹19 Cr | Mar 2025 ₹21 Cr | Jun 2025 ₹19 Cr | Sep 2025 ₹-17 Cr | Dec 2025 ₹3 Cr | Mar 2026 ₹34 Cr | Jun 2026 — - LZ: Sep 2021 ₹-311 Cr | Dec 2021 ₹-239 Cr | Mar 2022 ₹-243 Cr | Jun 2022 ₹-210 Cr | Sep 2022 ₹-200 Cr | Dec 2022 ₹-178 Cr | Mar 2023 ₹-193 Cr | Jun 2023 ₹-229 Cr | Sep 2023 ₹-202 Cr | Dec 2023 ₹-217 Cr | Mar 2024 ₹-220 Cr | Jun 2024 ₹-111 Cr | Sep 2024 ₹-104 Cr | Dec 2024 ₹-134 Cr | Mar 2025 ₹-195 Cr | Jun 2025 ₹-203 Cr | Sep 2025 ₹-222 Cr | Dec 2025 ₹-189 Cr | Mar 2026 ₹-168 Cr | Jun 2026 — - BV: Sep 2021 ₹1.1K Cr | Dec 2021 ₹1.2K Cr | Mar 2022 ₹1.3K Cr | Jun 2022 ₹1.4K Cr | Sep 2022 ₹1.4K Cr | Dec 2022 ₹1.5K Cr | Mar 2023 ₹1.4K Cr | Jun 2023 ₹1.4K Cr | Sep 2023 ₹914 Cr | Dec 2023 ₹907 Cr | Mar 2024 ₹794 Cr | Jun 2024 ₹780 Cr | Sep 2024 ₹750 Cr | Dec 2024 ₹783 Cr | Mar 2025 ₹740 Cr | Jun 2025 ₹792 Cr | Sep 2025 ₹777 Cr | Dec 2025 ₹845 Cr | Mar 2026 ₹893 Cr | Jun 2026 — - RHLD: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 ₹307 Cr | Dec 2023 ₹307 Cr | Mar 2024 ₹300 Cr | Jun 2024 ₹300 Cr | Sep 2024 ₹130 Cr | Dec 2024 ₹130 Cr | Mar 2025 ₹133 Cr | Jun 2025 ₹101 Cr | Sep 2025 ₹50 Cr | Dec 2025 ₹-10 Cr | Mar 2026 ₹2.1K Cr | Jun 2026 — - BKSY: Sep 2021 ₹-117 Cr | Dec 2021 ₹-95 Cr | Mar 2022 ₹-64 Cr | Jun 2022 ₹-37 Cr | Sep 2022 ₹-15 Cr | Dec 2022 ₹7 Cr | Mar 2023 ₹10 Cr | Jun 2023 ₹25 Cr | Sep 2023 ₹33 Cr | Dec 2023 ₹34 Cr | Mar 2024 ₹57 Cr | Jun 2024 ₹74 Cr | Sep 2024 ₹43 Cr | Dec 2024 ₹64 Cr | Mar 2025 ₹47 Cr | Jun 2025 ₹36 Cr | Sep 2025 ₹57 Cr | Dec 2025 ₹85 Cr | Mar 2026 ₹94 Cr | Jun 2026 — - KODK: Sep 2021 ₹-68 Cr | Dec 2021 ₹-49 Cr | Mar 2022 ₹3 Cr | Jun 2022 ₹72 Cr | Sep 2022 ₹146 Cr | Dec 2022 ₹147 Cr | Mar 2023 ₹141 Cr | Jun 2023 ₹145 Cr | Sep 2023 ₹246 Cr | Dec 2023 ₹241 Cr | Mar 2024 ₹224 Cr | Jun 2024 ₹239 Cr | Sep 2024 ₹281 Cr | Dec 2024 ₹299 Cr | Mar 2025 ₹353 Cr | Jun 2025 ₹858 Cr | Sep 2025 ₹878 Cr | Dec 2025 ₹-86 Cr | Mar 2026 ₹-49 Cr | Jun 2026 — - TRNS: Sep 2021 ₹47 Cr | Dec 2021 ₹45 Cr | Mar 2022 ₹57 Cr | Jun 2022 ₹63 Cr | Sep 2022 ₹63 Cr | Dec 2022 ₹60 Cr | Mar 2023 ₹60 Cr | Jun 2023 ₹61 Cr | Sep 2023 ₹67 Cr | Dec 2023 ₹-16 Cr | Mar 2024 ₹-16 Cr | Jun 2024 ₹-4 Cr | Sep 2024 ₹-6 Cr | Dec 2024 ₹58 Cr | Mar 2025 ₹52 Cr | Jun 2025 ₹60 Cr | Sep 2025 ₹139 Cr | Dec 2025 ₹126 Cr | Mar 2026 ₹124 Cr | Jun 2026 — - CASS: Sep 2021 ₹-1.0K Cr | Dec 2021 ₹-1.2K Cr | Mar 2022 ₹-966 Cr | Jun 2022 ₹-1.0K Cr | Sep 2022 ₹-1.1K Cr | Dec 2022 ₹-955 Cr | Mar 2023 ₹-914 Cr | Jun 2023 ₹-908 Cr | Sep 2023 ₹-1.0K Cr | Dec 2023 ₹-1.0K Cr | Mar 2024 ₹-815 Cr | Jun 2024 ₹-765 Cr | Sep 2024 ₹-781 Cr | Dec 2024 ₹-878 Cr | Mar 2025 ₹-797 Cr | Jun 2025 ₹-818 Cr | Sep 2025 ₹-976 Cr | Dec 2025 ₹-1.2K Cr | Mar 2026 ₹-885 Cr | Jun 2026 ₹-885 Cr - SPIR: Sep 2021 ₹-201 Cr | Dec 2021 ₹-58 Cr | Mar 2022 ₹-29 Cr | Jun 2022 ₹13 Cr | Sep 2022 ₹24 Cr | Dec 2022 ₹39 Cr | Mar 2023 ₹58 Cr | Jun 2023 ₹68 Cr | Sep 2023 ₹81 Cr | Dec 2023 ₹86 Cr | Mar 2024 ₹64 Cr | Jun 2024 ₹72 Cr | Sep 2024 ₹71 Cr | Dec 2024 ₹85 Cr | Mar 2025 ₹73 Cr | Jun 2025 ₹-109 Cr | Sep 2025 ₹-89 Cr | Dec 2025 ₹-73 Cr | Mar 2026 ₹-41 Cr | Jun 2026 — - QUAD: Sep 2021 ₹910 Cr | Dec 2021 ₹752 Cr | Mar 2022 ₹786 Cr | Jun 2022 ₹813 Cr | Sep 2022 ₹837 Cr | Dec 2022 ₹660 Cr | Mar 2023 ₹740 Cr | Jun 2023 ₹710 Cr | Sep 2023 ₹683 Cr | Dec 2023 ₹572 Cr | Mar 2024 ₹642 Cr | Jun 2024 ₹627 Cr | Sep 2024 ₹580 Cr | Dec 2024 ₹436 Cr | Mar 2025 ₹544 Cr | Jun 2025 ₹528 Cr | Sep 2025 ₹543 Cr | Dec 2025 ₹381 Cr | Mar 2026 ₹496 Cr | Jun 2026 — ## Return On Capital Employed What the numbers say: RELX PLC leads ROCE at 9.3%, 0.9 percentage points above Cintas Corporation. Cass Information Systems, Inc. has the strongest latest improvement at +1.6 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: RELX 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: RELX PLC · 9.3% | 10.7% versus #2 · Cintas Corporation | 8/8 recent comparable periods | 30/30 companies · 535 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. RELX PLC (RELX): 9.3% 2. Cintas Corporation (CTAS): 8.4% 3. UL Solutions Inc. (ULS): 6.7% 4. Copart, Inc. (CPRT): 5.2% 5. CBIZ, Inc. (CBZ): 5.0% ### ROCE change — fastest improvers 1. Cass Information Systems, Inc. (CASS): +1.6 pp 2. UL Solutions Inc. (ULS): +1.3 pp 3. RELX PLC (RELX): +0.9 pp 4. Cintas Corporation (CTAS): +0.7 pp 5. First Advantage Corporation (FA): +0.6 pp ### 20-quarter ROCE history - CTAS: Sep 2021 6.3% | Dec 2021 6.0% | Mar 2022 6.5% | Jun 2022 6.2% | Sep 2022 7.2% | Dec 2022 7.0% | Mar 2023 7.1% | Jun 2023 6.7% | Sep 2023 7.0% | Dec 2023 7.0% | Mar 2024 7.0% | Jun 2024 7.5% | Sep 2024 7.7% | Dec 2024 8.0% | Mar 2025 7.9% | Jun 2025 7.7% | Sep 2025 8.0% | Dec 2025 8.5% | Mar 2026 8.2% | Jun 2026 8.4% - RELX: Sep 2021 5.2% | Dec 2021 5.2% | Mar 2022 5.3% | Jun 2022 5.3% | Sep 2022 6.0% | Dec 2022 6.0% | Mar 2023 6.5% | Jun 2023 6.5% | Sep 2023 6.8% | Dec 2023 6.8% | Mar 2024 7.7% | Jun 2024 7.7% | Sep 2024 7.6% | Dec 2024 7.6% | Mar 2025 8.4% | Jun 2025 8.4% | Sep 2025 8.5% | Dec 2025 8.5% | Mar 2026 9.3% | Jun 2026 9.3% - TRI: Sep 2021 1.6% | Dec 2021 1.5% | Mar 2022 2.0% | Jun 2022 1.9% | Sep 2022 2.1% | Dec 2022 3.5% | Mar 2023 2.7% | Jun 2023 4.7% | Sep 2023 2.7% | Dec 2023 3.5% | Mar 2024 3.4% | Jun 2024 2.7% | Sep 2024 2.7% | Dec 2024 4.7% | Mar 2025 3.7% | Jun 2025 2.9% | Sep 2025 4.1% | Dec 2025 3.7% | Mar 2026 4.3% | Jun 2026 — - CPRT: Sep 2021 — | Dec 2021 8.5% | Mar 2022 8.4% | Jun 2022 8.4% | Sep 2022 7.2% | Dec 2022 6.5% | Mar 2023 7.2% | Jun 2023 7.7% | Sep 2023 7.0% | Dec 2023 6.7% | Mar 2024 6.1% | Jun 2024 6.6% | Sep 2024 5.1% | Dec 2024 5.5% | Mar 2025 5.5% | Jun 2025 5.5% | Sep 2025 4.8% | Dec 2025 4.8% | Mar 2026 4.2% | Jun 2026 5.2% - GPN: Sep 2021 1.0% | Dec 2021 0.8% | Mar 2022 0.9% | Jun 2022 -1.3% | Sep 2022 1.0% | Dec 2022 1.0% | Mar 2023 0.1% | Jun 2023 1.5% | Sep 2023 1.4% | Dec 2023 1.2% | Mar 2024 1.1% | Jun 2024 1.1% | Sep 2024 1.1% | Dec 2024 1.7% | Mar 2025 0.9% | Jun 2025 1.0% | Sep 2025 1.9% | Dec 2025 0.4% | Mar 2026 0.0% | Jun 2026 — - RBA: Sep 2021 2.9% | Dec 2021 2.2% | Mar 2022 9.6% | Jun 2022 4.6% | Sep 2022 3.2% | Dec 2022 2.6% | Mar 2023 -0.4% | Jun 2023 2.8% | Sep 2023 2.3% | Dec 2023 2.7% | Mar 2024 1.9% | Jun 2024 1.9% | Sep 2024 1.5% | Dec 2024 2.3% | Mar 2025 1.2% | Jun 2025 1.8% | Sep 2025 1.5% | Dec 2025 2.4% | Mar 2026 1.7% | Jun 2026 — - ULS: Sep 2021 0.0% | Dec 2021 2.9% | Mar 2022 10% | Jun 2022 — | Sep 2022 4.8% | Dec 2022 3.8% | Mar 2023 3.7% | Jun 2023 11% | Sep 2023 4.4% | Dec 2023 4.2% | Mar 2024 4.5% | Jun 2024 6.1% | Sep 2024 6.1% | Dec 2024 5.6% | Mar 2025 5.4% | Jun 2025 6.7% | Sep 2025 7.3% | Dec 2025 5.6% | Mar 2026 6.7% | Jun 2026 — - ARMK: Sep 2021 — | Dec 2021 1.1% | Mar 2022 — | Jun 2022 1.2% | Sep 2022 1.2% | Dec 2022 1.2% | Mar 2023 1.0% | Jun 2023 1.1% | Sep 2023 1.8% | Dec 2023 1.5% | Mar 2024 1.4% | Jun 2024 1.5% | Sep 2024 2.2% | Dec 2024 2.3% | Mar 2025 1.7% | Jun 2025 1.9% | Sep 2025 — | Dec 2025 2.4% | Mar 2026 2.2% | Jun 2026 2.1% - RTO: Sep 2021 3.1% | Dec 2021 3.1% | Mar 2022 2.1% | Jun 2022 2.1% | Sep 2022 1.2% | Dec 2022 1.2% | Mar 2023 2.3% | Jun 2023 2.3% | Sep 2023 1.9% | Dec 2023 1.9% | Mar 2024 1.7% | Jun 2024 1.7% | Sep 2024 1.3% | Dec 2024 1.3% | Mar 2025 1.4% | Jun 2025 1.4% | Sep 2025 1.3% | Dec 2025 1.3% | Mar 2026 — | Jun 2026 — - AMTM: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 0.0% | Sep 2022 0.0% | Dec 2022 — | Mar 2023 — | Jun 2023 0.0% | Sep 2023 0.0% | Dec 2023 3.5% | Mar 2024 — | Jun 2024 1.2% | Sep 2024 0.4% | Dec 2024 1.8% | Mar 2025 2.2% | Jun 2025 1.1% | Sep 2025 — | Dec 2025 1.4% | Mar 2026 1.3% | Jun 2026 1.6% - UNF: Sep 2021 — | Dec 2021 2.1% | Mar 2022 1.1% | Jun 2022 1.6% | Sep 2022 1.5% | Dec 2022 2.0% | Mar 2023 0.9% | Jun 2023 1.5% | Sep 2023 1.6% | Dec 2023 2.3% | Mar 2024 1.2% | Jun 2024 2.1% | Sep 2024 2.3% | Dec 2024 2.3% | Mar 2025 1.3% | Jun 2025 2.0% | Sep 2025 2.0% | Dec 2025 1.8% | Mar 2026 1.0% | Jun 2026 0.9% - DLB: Sep 2021 1.5% | Dec 2021 3.2% | Mar 2022 — | Jun 2022 1.6% | Sep 2022 1.7% | Dec 2022 3.6% | Mar 2023 4.1% | Jun 2023 0.6% | Sep 2023 -0.1% | Dec 2023 2.6% | Mar 2024 4.3% | Jun 2024 1.4% | Sep 2024 1.8% | Dec 2024 3.0% | Mar 2025 4.0% | Jun 2025 1.8% | Sep 2025 1.1% | Dec 2025 2.3% | Mar 2026 4.1% | Jun 2026 — - AZZ: Sep 2021 — | Dec 2021 2.4% | Mar 2022 1.8% | Jun 2022 1.7% | Sep 2022 4.1% | Dec 2022 3.1% | Mar 2023 2.4% | Jun 2023 2.9% | Sep 2023 2.9% | Dec 2023 2.6% | Mar 2024 2.1% | Jun 2024 3.5% | Sep 2024 3.4% | Dec 2024 2.9% | Mar 2025 2.0% | Jun 2025 3.6% | Sep 2025 3.4% | Dec 2025 3.5% | Mar 2026 2.9% | Jun 2026 3.9% - FA: Sep 2021 1.4% | Dec 2021 1.5% | Mar 2022 1.0% | Jun 2022 1.3% | Sep 2022 1.4% | Dec 2022 1.6% | Mar 2023 0.6% | Jun 2023 1.0% | Sep 2023 1.4% | Dec 2023 1.8% | Mar 2024 0.0% | Jun 2024 0.6% | Sep 2024 0.6% | Dec 2024 -3.1% | Mar 2025 0.3% | Jun 2025 1.5% | Sep 2025 1.6% | Dec 2025 1.2% | Mar 2026 0.9% | Jun 2026 — - MMS: Sep 2021 2.8% | Dec 2021 3.3% | Mar 2022 2.9% | Jun 2022 1.6% | Sep 2022 3.5% | Dec 2022 2.1% | Mar 2023 1.9% | Jun 2023 1.8% | Sep 2023 3.1% | Dec 2023 3.1% | Mar 2024 3.9% | Jun 2024 4.3% | Sep 2024 3.4% | Dec 2024 2.6% | Mar 2025 4.5% | Jun 2025 4.7% | Sep 2025 3.7% | Dec 2025 4.2% | Mar 2026 4.2% | Jun 2026 — - ABM: Sep 2021 — | Dec 2021 1.9% | Mar 2022 3.5% | Jun 2022 2.5% | Sep 2022 2.9% | Dec 2022 2.4% | Mar 2023 2.1% | Jun 2023 2.6% | Sep 2023 3.9% | Dec 2023 2.9% | Mar 2024 2.0% | Jun 2024 2.1% | Sep 2024 1.0% | Dec 2024 0.5% | Mar 2025 2.0% | Jun 2025 2.1% | Sep 2025 2.2% | Dec 2025 1.8% | Mar 2026 1.9% | Jun 2026 2.1% - CBZ: Sep 2021 2.6% | Dec 2021 -1.6% | Mar 2022 6.3% | Jun 2022 4.6% | Sep 2022 3.0% | Dec 2022 -1.5% | Mar 2023 6.4% | Jun 2023 2.6% | Sep 2023 3.6% | Dec 2023 -1.8% | Mar 2024 6.0% | Jun 2024 1.9% | Sep 2024 3.0% | Dec 2024 -4.0% | Mar 2025 7.1% | Jun 2025 2.1% | Sep 2025 2.1% | Dec 2025 -2.3% | Mar 2026 5.0% | Jun 2026 — - CMPR: Sep 2021 1.2% | Dec 2021 6.1% | Mar 2022 -2.1% | Jun 2022 -1.8% | Sep 2022 -1.2% | Dec 2022 2.4% | Mar 2023 -0.9% | Jun 2023 4.0% | Sep 2023 2.6% | Dec 2023 8.6% | Mar 2024 3.3% | Jun 2024 5.4% | Sep 2024 3.3% | Dec 2024 6.7% | Mar 2025 3.5% | Jun 2025 5.3% | Sep 2025 4.0% | Dec 2025 7.2% | Mar 2026 3.9% | Jun 2026 — - TIC: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 0.0% | Dec 2023 0.0% | Mar 2024 — | Jun 2024 — | Sep 2024 -4.8% | Dec 2024 -2.4% | Mar 2025 -0.9% | Jun 2025 1.7% | Sep 2025 -0.2% | Dec 2025 -0.6% | Mar 2026 -1.0% | Jun 2026 — - TH: Sep 2021 3.5% | Dec 2021 2.9% | Mar 2022 2.6% | Jun 2022 8.2% | Sep 2022 12% | Dec 2022 13% | Mar 2023 17% | Jun 2023 16% | Sep 2023 15% | Dec 2023 7.7% | Mar 2024 6.7% | Jun 2024 7.4% | Sep 2024 6.3% | Dec 2024 3.7% | Mar 2025 -0.2% | Jun 2025 -3.6% | Sep 2025 0.0% | Dec 2025 -3.6% | Mar 2026 -2.9% | Jun 2026 — - LZ: Sep 2021 -22% | Dec 2021 -20% | Mar 2022 -21% | Jun 2022 -10% | Sep 2022 -5.6% | Dec 2022 2.8% | Mar 2023 -0.4% | Jun 2023 2.7% | Sep 2023 6.3% | Dec 2023 4.0% | Mar 2024 2.9% | Jun 2024 0.9% | Sep 2024 14% | Dec 2024 9.0% | Mar 2025 4.6% | Jun 2025 -2.1% | Sep 2025 4.3% | Dec 2025 8.4% | Mar 2026 1.5% | Jun 2026 — - BV: Sep 2021 1.2% | Dec 2021 -0.3% | Mar 2022 0.4% | Jun 2022 1.6% | Sep 2022 1.5% | Dec 2022 -0.1% | Mar 2023 -0.1% | Jun 2023 1.8% | Sep 2023 1.9% | Dec 2023 -0.2% | Mar 2024 2.2% | Jun 2024 1.7% | Sep 2024 1.7% | Dec 2024 0.0% | Mar 2025 0.8% | Jun 2025 2.0% | Sep 2025 1.9% | Dec 2025 -0.3% | Mar 2026 0.6% | Jun 2026 — - RHLD: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 0.0% | Dec 2023 0.0% | Mar 2024 20% | Jun 2024 20% | Sep 2024 23% | Dec 2024 20% | Mar 2025 16% | Jun 2025 23% | Sep 2025 22% | Dec 2025 17% | Mar 2026 -0.2% | Jun 2026 — - BKSY: Sep 2021 -16% | Dec 2021 -19% | Mar 2022 -9.5% | Jun 2022 -7.9% | Sep 2022 -7.6% | Dec 2022 -7.6% | Mar 2023 -7.1% | Jun 2023 -8.9% | Sep 2023 -7.1% | Dec 2023 -2.3% | Mar 2024 -6.4% | Jun 2024 -5.6% | Sep 2024 -6.3% | Dec 2024 -2.9% | Mar 2025 -5.4% | Jun 2025 -5.8% | Sep 2025 -6.1% | Dec 2025 -1.5% | Mar 2026 -6.5% | Jun 2026 — - KODK: Sep 2021 -0.9% | Dec 2021 -1.9% | Mar 2022 -1.3% | Jun 2022 0.1% | Sep 2022 -0.4% | Dec 2022 -0.1% | Mar 2023 0.3% | Jun 2023 0.5% | Sep 2023 0.1% | Dec 2023 -0.3% | Mar 2024 0.3% | Jun 2024 0.1% | Sep 2024 -0.4% | Dec 2024 -0.1% | Mar 2025 -0.7% | Jun 2025 -0.3% | Sep 2025 1.1% | Dec 2025 0.2% | Mar 2026 -0.1% | Jun 2026 — - TRNS: Sep 2021 3.0% | Dec 2021 1.9% | Mar 2022 3.5% | Jun 2022 2.7% | Sep 2022 2.4% | Dec 2022 2.1% | Mar 2023 3.7% | Jun 2023 2.7% | Sep 2023 0.9% | Dec 2023 2.1% | Mar 2024 4.4% | Jun 2024 2.2% | Sep 2024 1.4% | Dec 2024 0.7% | Mar 2025 2.3% | Jun 2025 1.6% | Sep 2025 0.9% | Dec 2025 0.0% | Mar 2026 1.1% | Jun 2026 — - CASS: Sep 2021 -1.1% | Dec 2021 -1.0% | Mar 2022 -0.6% | Jun 2022 -1.1% | Sep 2022 -1.9% | Dec 2022 8.5% | Mar 2023 -3.1% | Jun 2023 -2.8% | Sep 2023 -3.1% | Dec 2023 8.9% | Mar 2024 -2.9% | Jun 2024 -3.9% | Sep 2024 -5.3% | Dec 2024 4.5% | Mar 2025 -3.0% | Jun 2025 -4.8% | Sep 2025 -3.3% | Dec 2025 -4.1% | Mar 2026 -3.7% | Jun 2026 -3.2% - SPIR: Sep 2021 -12% | Dec 2021 -16% | Mar 2022 -8.2% | Jun 2022 -6.7% | Sep 2022 -6.7% | Dec 2022 -6.8% | Mar 2023 -6.7% | Jun 2023 -5.2% | Sep 2023 -7.5% | Dec 2023 -6.4% | Mar 2024 -5.5% | Jun 2024 -7.7% | Sep 2024 -9.3% | Dec 2024 -27% | Mar 2025 -22% | Jun 2025 -17% | Sep 2025 -17% | Dec 2025 -26% | Mar 2026 -30% | Jun 2026 — - QUAD: Sep 2021 0.5% | Dec 2021 -0.4% | Mar 2022 0.5% | Jun 2022 1.4% | Sep 2022 2.5% | Dec 2022 0.9% | Mar 2023 0.0% | Jun 2023 0.9% | Sep 2023 1.5% | Dec 2023 0.4% | Mar 2024 -1.3% | Jun 2024 1.9% | Sep 2024 -0.7% | Dec 2024 3.0% | Mar 2025 2.6% | Jun 2025 1.9% | Sep 2025 3.7% | Dec 2025 6.1% | Mar 2026 2.5% | Jun 2026 — - BUUU: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 0.0% | Jun 2023 0.0% | Sep 2023 — | Dec 2023 — | Mar 2024 26% | Jun 2024 26% | Sep 2024 51% | Dec 2024 51% | Mar 2025 32% | Jun 2025 32% | Sep 2025 -13% | Dec 2025 -13% | Mar 2026 — | Jun 2026 — ### 20-quarter ROCE change history - CTAS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +0.9 pp | Dec 2022 +1.0 pp | Mar 2023 +0.6 pp | Jun 2023 +0.5 pp | Sep 2023 −0.2 pp | Dec 2023 0.0 pp | Mar 2024 −0.1 pp | Jun 2024 +0.8 pp | Sep 2024 +0.7 pp | Dec 2024 +1.0 pp | Mar 2025 +0.9 pp | Jun 2025 +0.2 pp | Sep 2025 +0.3 pp | Dec 2025 +0.5 pp | Mar 2026 +0.3 pp | Jun 2026 +0.7 pp - RELX: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +0.8 pp | Dec 2022 +0.8 pp | Mar 2023 +1.2 pp | Jun 2023 +1.2 pp | Sep 2023 +0.8 pp | Dec 2023 +0.8 pp | Mar 2024 +1.2 pp | Jun 2024 +1.2 pp | Sep 2024 +0.8 pp | Dec 2024 +0.8 pp | Mar 2025 +0.7 pp | Jun 2025 +0.7 pp | Sep 2025 +0.9 pp | Dec 2025 +0.9 pp | Mar 2026 +0.9 pp | Jun 2026 +0.9 pp - TRI: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +0.5 pp | Dec 2022 +2.0 pp | Mar 2023 +0.7 pp | Jun 2023 +2.8 pp | Sep 2023 +0.6 pp | Dec 2023 0.0 pp | Mar 2024 +0.7 pp | Jun 2024 −2.0 pp | Sep 2024 0.0 pp | Dec 2024 +1.2 pp | Mar 2025 +0.3 pp | Jun 2025 +0.2 pp | Sep 2025 +1.4 pp | Dec 2025 −1.0 pp | Mar 2026 +0.6 pp | Jun 2026 — - CPRT: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 −2.0 pp | Mar 2023 −1.2 pp | Jun 2023 −0.7 pp | Sep 2023 −0.2 pp | Dec 2023 +0.2 pp | Mar 2024 −1.1 pp | Jun 2024 −1.1 pp | Sep 2024 −1.9 pp | Dec 2024 −1.2 pp | Mar 2025 −0.6 pp | Jun 2025 −1.1 pp | Sep 2025 −0.3 pp | Dec 2025 −0.7 pp | Mar 2026 −1.3 pp | Jun 2026 −0.3 pp - GPN: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 0.0 pp | Dec 2022 +0.2 pp | Mar 2023 −0.8 pp | Jun 2023 +2.8 pp | Sep 2023 +0.4 pp | Dec 2023 +0.2 pp | Mar 2024 +1.0 pp | Jun 2024 −0.4 pp | Sep 2024 −0.3 pp | Dec 2024 +0.5 pp | Mar 2025 −0.2 pp | Jun 2025 −0.1 pp | Sep 2025 +0.8 pp | Dec 2025 −1.3 pp | Mar 2026 −0.9 pp | Jun 2026 — - RBA: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +0.3 pp | Dec 2022 +0.4 pp | Mar 2023 −10.0 pp | Jun 2023 −1.8 pp | Sep 2023 −0.9 pp | Dec 2023 +0.1 pp | Mar 2024 +2.3 pp | Jun 2024 −0.9 pp | Sep 2024 −0.8 pp | Dec 2024 −0.4 pp | Mar 2025 −0.7 pp | Jun 2025 −0.1 pp | Sep 2025 0.0 pp | Dec 2025 +0.1 pp | Mar 2026 +0.5 pp | Jun 2026 — - ULS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +4.8 pp | Dec 2022 +0.9 pp | Mar 2023 −6.6 pp | Jun 2023 — | Sep 2023 −0.4 pp | Dec 2023 +0.4 pp | Mar 2024 +0.8 pp | Jun 2024 −5.0 pp | Sep 2024 +1.7 pp | Dec 2024 +1.4 pp | Mar 2025 +0.9 pp | Jun 2025 +0.6 pp | Sep 2025 +1.2 pp | Dec 2025 0.0 pp | Mar 2026 +1.3 pp | Jun 2026 — - ARMK: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 +0.1 pp | Mar 2023 — | Jun 2023 −0.1 pp | Sep 2023 +0.6 pp | Dec 2023 +0.3 pp | Mar 2024 +0.4 pp | Jun 2024 +0.4 pp | Sep 2024 +0.4 pp | Dec 2024 +0.8 pp | Mar 2025 +0.3 pp | Jun 2025 +0.4 pp | Sep 2025 — | Dec 2025 +0.1 pp | Mar 2026 +0.5 pp | Jun 2026 +0.2 pp - RTO: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −1.9 pp | Dec 2022 −1.9 pp | Mar 2023 +0.2 pp | Jun 2023 +0.2 pp | Sep 2023 +0.7 pp | Dec 2023 +0.7 pp | Mar 2024 −0.6 pp | Jun 2024 −0.6 pp | Sep 2024 −0.6 pp | Dec 2024 −0.6 pp | Mar 2025 −0.3 pp | Jun 2025 −0.3 pp | Sep 2025 0.0 pp | Dec 2025 0.0 pp | Mar 2026 — | Jun 2026 — - AMTM: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 0.0 pp | Sep 2023 0.0 pp | Dec 2023 — | Mar 2024 — | Jun 2024 +1.2 pp | Sep 2024 +0.4 pp | Dec 2024 −1.7 pp | Mar 2025 — | Jun 2025 −0.1 pp | Sep 2025 — | Dec 2025 −0.4 pp | Mar 2026 −0.9 pp | Jun 2026 +0.5 pp - UNF: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 −0.1 pp | Mar 2023 −0.2 pp | Jun 2023 −0.1 pp | Sep 2023 +0.1 pp | Dec 2023 +0.3 pp | Mar 2024 +0.3 pp | Jun 2024 +0.6 pp | Sep 2024 +0.7 pp | Dec 2024 0.0 pp | Mar 2025 +0.1 pp | Jun 2025 −0.1 pp | Sep 2025 −0.3 pp | Dec 2025 −0.5 pp | Mar 2026 −0.3 pp | Jun 2026 −1.1 pp - DLB: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +0.2 pp | Dec 2022 +0.4 pp | Mar 2023 — | Jun 2023 −1.0 pp | Sep 2023 −1.8 pp | Dec 2023 −1.0 pp | Mar 2024 +0.2 pp | Jun 2024 +0.8 pp | Sep 2024 +1.9 pp | Dec 2024 +0.4 pp | Mar 2025 −0.3 pp | Jun 2025 +0.4 pp | Sep 2025 −0.7 pp | Dec 2025 −0.7 pp | Mar 2026 +0.1 pp | Jun 2026 — - AZZ: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 +0.7 pp | Mar 2023 +0.6 pp | Jun 2023 +1.2 pp | Sep 2023 −1.2 pp | Dec 2023 −0.5 pp | Mar 2024 −0.3 pp | Jun 2024 +0.6 pp | Sep 2024 +0.5 pp | Dec 2024 +0.3 pp | Mar 2025 −0.1 pp | Jun 2025 +0.1 pp | Sep 2025 0.0 pp | Dec 2025 +0.6 pp | Mar 2026 +0.9 pp | Jun 2026 +0.3 pp - FA: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 0.0 pp | Dec 2022 +0.1 pp | Mar 2023 −0.4 pp | Jun 2023 −0.3 pp | Sep 2023 0.0 pp | Dec 2023 +0.2 pp | Mar 2024 −0.6 pp | Jun 2024 −0.4 pp | Sep 2024 −0.8 pp | Dec 2024 −4.9 pp | Mar 2025 +0.3 pp | Jun 2025 +0.9 pp | Sep 2025 +1.0 pp | Dec 2025 +4.3 pp | Mar 2026 +0.6 pp | Jun 2026 — - MMS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +0.7 pp | Dec 2022 −1.2 pp | Mar 2023 −1.0 pp | Jun 2023 +0.2 pp | Sep 2023 −0.4 pp | Dec 2023 +1.0 pp | Mar 2024 +2.0 pp | Jun 2024 +2.5 pp | Sep 2024 +0.3 pp | Dec 2024 −0.5 pp | Mar 2025 +0.6 pp | Jun 2025 +0.4 pp | Sep 2025 +0.3 pp | Dec 2025 +1.6 pp | Mar 2026 −0.3 pp | Jun 2026 — - ABM: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 +0.5 pp | Mar 2023 −1.4 pp | Jun 2023 +0.1 pp | Sep 2023 +1.0 pp | Dec 2023 +0.5 pp | Mar 2024 −0.1 pp | Jun 2024 −0.5 pp | Sep 2024 −2.9 pp | Dec 2024 −2.4 pp | Mar 2025 0.0 pp | Jun 2025 0.0 pp | Sep 2025 +1.2 pp | Dec 2025 +1.3 pp | Mar 2026 −0.1 pp | Jun 2026 0.0 pp - CBZ: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +0.4 pp | Dec 2022 +0.1 pp | Mar 2023 +0.1 pp | Jun 2023 −2.0 pp | Sep 2023 +0.6 pp | Dec 2023 −0.3 pp | Mar 2024 −0.4 pp | Jun 2024 −0.7 pp | Sep 2024 −0.6 pp | Dec 2024 −2.2 pp | Mar 2025 +1.1 pp | Jun 2025 +0.2 pp | Sep 2025 −0.9 pp | Dec 2025 +1.7 pp | Mar 2026 −2.1 pp | Jun 2026 — - CMPR: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −2.4 pp | Dec 2022 −3.7 pp | Mar 2023 +1.2 pp | Jun 2023 +5.8 pp | Sep 2023 +3.8 pp | Dec 2023 +6.2 pp | Mar 2024 +4.2 pp | Jun 2024 +1.4 pp | Sep 2024 +0.7 pp | Dec 2024 −1.9 pp | Mar 2025 +0.2 pp | Jun 2025 −0.1 pp | Sep 2025 +0.7 pp | Dec 2025 +0.5 pp | Mar 2026 +0.4 pp | Jun 2026 — - TIC: 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 −4.8 pp | Dec 2024 −2.4 pp | Mar 2025 — | Jun 2025 — | Sep 2025 +4.6 pp | Dec 2025 +1.8 pp | Mar 2026 −0.1 pp | Jun 2026 — - TH: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +8.9 pp | Dec 2022 +9.7 pp | Mar 2023 +14.1 pp | Jun 2023 +7.3 pp | Sep 2023 +2.2 pp | Dec 2023 −4.9 pp | Mar 2024 −10.0 pp | Jun 2024 −8.1 pp | Sep 2024 −8.3 pp | Dec 2024 −4.0 pp | Mar 2025 −6.9 pp | Jun 2025 −11.0 pp | Sep 2025 −6.3 pp | Dec 2025 −7.3 pp | Mar 2026 −2.7 pp | Jun 2026 — - LZ: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +16.6 pp | Dec 2022 +23.0 pp | Mar 2023 +20.4 pp | Jun 2023 +12.9 pp | Sep 2023 +11.9 pp | Dec 2023 +1.2 pp | Mar 2024 +3.3 pp | Jun 2024 −1.8 pp | Sep 2024 +7.5 pp | Dec 2024 +5.0 pp | Mar 2025 +1.7 pp | Jun 2025 −3.0 pp | Sep 2025 −9.5 pp | Dec 2025 −0.6 pp | Mar 2026 −3.1 pp | Jun 2026 — - BV: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +0.3 pp | Dec 2022 +0.2 pp | Mar 2023 −0.5 pp | Jun 2023 +0.2 pp | Sep 2023 +0.4 pp | Dec 2023 −0.1 pp | Mar 2024 +2.3 pp | Jun 2024 −0.1 pp | Sep 2024 −0.2 pp | Dec 2024 +0.2 pp | Mar 2025 −1.4 pp | Jun 2025 +0.3 pp | Sep 2025 +0.2 pp | Dec 2025 −0.3 pp | Mar 2026 −0.2 pp | Jun 2026 — - RHLD: 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 +23.0 pp | Dec 2024 +19.5 pp | Mar 2025 −4.2 pp | Jun 2025 +2.7 pp | Sep 2025 −0.8 pp | Dec 2025 −2.1 pp | Mar 2026 −15.7 pp | Jun 2026 — - BKSY: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +8.4 pp | Dec 2022 +11.2 pp | Mar 2023 +2.4 pp | Jun 2023 −1.0 pp | Sep 2023 +0.5 pp | Dec 2023 +5.3 pp | Mar 2024 +0.7 pp | Jun 2024 +3.3 pp | Sep 2024 +0.8 pp | Dec 2024 −0.6 pp | Mar 2025 +1.0 pp | Jun 2025 −0.2 pp | Sep 2025 +0.2 pp | Dec 2025 +1.4 pp | Mar 2026 −1.1 pp | Jun 2026 — - KODK: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +0.5 pp | Dec 2022 +1.8 pp | Mar 2023 +1.6 pp | Jun 2023 +0.4 pp | Sep 2023 +0.5 pp | Dec 2023 −0.2 pp | Mar 2024 0.0 pp | Jun 2024 −0.4 pp | Sep 2024 −0.5 pp | Dec 2024 +0.2 pp | Mar 2025 −1.0 pp | Jun 2025 −0.4 pp | Sep 2025 +1.5 pp | Dec 2025 +0.3 pp | Mar 2026 +0.6 pp | Jun 2026 — - TRNS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −0.6 pp | Dec 2022 +0.2 pp | Mar 2023 +0.2 pp | Jun 2023 0.0 pp | Sep 2023 −1.5 pp | Dec 2023 0.0 pp | Mar 2024 +0.7 pp | Jun 2024 −0.5 pp | Sep 2024 +0.5 pp | Dec 2024 −1.4 pp | Mar 2025 −2.1 pp | Jun 2025 −0.6 pp | Sep 2025 −0.5 pp | Dec 2025 −0.7 pp | Mar 2026 −1.2 pp | Jun 2026 — - CASS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −0.8 pp | Dec 2022 +9.5 pp | Mar 2023 −2.5 pp | Jun 2023 −1.7 pp | Sep 2023 −1.2 pp | Dec 2023 +0.4 pp | Mar 2024 +0.2 pp | Jun 2024 −1.1 pp | Sep 2024 −2.2 pp | Dec 2024 −4.4 pp | Mar 2025 −0.1 pp | Jun 2025 −0.9 pp | Sep 2025 +2.0 pp | Dec 2025 −8.6 pp | Mar 2026 −0.7 pp | Jun 2026 +1.6 pp - SPIR: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +5.3 pp | Dec 2022 +9.4 pp | Mar 2023 +1.5 pp | Jun 2023 +1.5 pp | Sep 2023 −0.8 pp | Dec 2023 +0.4 pp | Mar 2024 +1.2 pp | Jun 2024 −2.5 pp | Sep 2024 −1.8 pp | Dec 2024 −20.5 pp | Mar 2025 −16.4 pp | Jun 2025 −9.3 pp | Sep 2025 −7.9 pp | Dec 2025 +1.3 pp | Mar 2026 −8.5 pp | Jun 2026 — - QUAD: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +2.0 pp | Dec 2022 +1.3 pp | Mar 2023 −0.5 pp | Jun 2023 −0.5 pp | Sep 2023 −1.0 pp | Dec 2023 −0.5 pp | Mar 2024 −1.3 pp | Jun 2024 +1.0 pp | Sep 2024 −2.2 pp | Dec 2024 +2.6 pp | Mar 2025 +3.9 pp | Jun 2025 0.0 pp | Sep 2025 +4.4 pp | Dec 2025 +3.1 pp | Mar 2026 −0.1 pp | Jun 2026 — - BUUU: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 +25.5 pp | Jun 2024 +25.5 pp | Sep 2024 — | Dec 2024 — | Mar 2025 +6.6 pp | Jun 2025 +6.6 pp | Sep 2025 −63.6 pp | Dec 2025 −63.6 pp | Mar 2026 — | Jun 2026 — ## Valuation Against Growth & Quality What the numbers say: Maximus, Inc. has the lowest comparable Guarded PEG at 0.29×, 14.7% below Global Payments Inc.. Only 13 of 30 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: Maximus, Inc. · 0.29× | 14.7% versus #2 · Global Payments Inc. | 0/8 recent comparable periods | 13/30 companies · 78 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. Maximus, Inc. (MMS): 0.3 2. Global Payments Inc. (GPN): 0.3 3. ABM Industries Incorporated (ABM): 0.4 4. LegalZoom.com, Inc. (LZ): 0.9 5. Dolby Laboratories, Inc. (DLB): 1.1 ### P/E — lowest P/E 1. Spire Global, Inc. (SPIR): 8.3 2. Maximus, Inc. (MMS): 9.6 3. CBIZ, Inc. (CBZ): 10.8 4. Quad/Graphics, Inc. (QUAD): 11.8 5. Eastman Kodak Company (KODK): 12.9 ### 20-quarter Guarded PEG history - CTAS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 3.4 | Jun 2023 3.1 | Sep 2023 3.2 | Dec 2023 3.2 | Mar 2024 2.7 | Jun 2024 2.7 | Sep 2024 2.7 | Dec 2024 2.7 | Mar 2025 2.5 | Jun 2025 3.2 | Sep 2025 3.4 | Dec 2025 3.5 | Mar 2026 4.4 | Jun 2026 — - TRI: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 1.8 | Sep 2024 4.6 | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 — - CPRT: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 2.8 | Dec 2023 1.4 | Mar 2024 1.4 | Jun 2024 1.9 | Sep 2024 4.0 | Dec 2024 — | Mar 2025 5.4 | Jun 2025 5.7 | Sep 2025 1.9 | Dec 2025 1.7 | Mar 2026 3.4 | Jun 2026 3.5 - GPN: 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 0.3 | Dec 2024 — | Mar 2025 0.7 | Jun 2025 — | Sep 2025 0.3 | Dec 2025 — | Mar 2026 — | Jun 2026 — - RBA: 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 2.2 | Jun 2025 3.9 | Sep 2025 3.8 | Dec 2025 — | Mar 2026 7.5 | Jun 2026 — - ULS: 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 3.8 | Dec 2024 1.3 | Mar 2025 1.2 | Jun 2025 2.2 | Sep 2025 4.0 | Dec 2025 — | Mar 2026 — | Jun 2026 — - ARMK: 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 0.7 | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 — - UNF: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 3.4 | Mar 2024 2.4 | Jun 2024 0.9 | Sep 2024 0.6 | Dec 2024 0.8 | Mar 2025 0.9 | Jun 2025 1.2 | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 — - DLB: 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 0.9 | Dec 2024 0.7 | Mar 2025 0.9 | Jun 2025 1.1 | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 — - AZZ: 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 1.4 | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 — - MMS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 0.6 | Jun 2024 — | Sep 2024 — | Dec 2024 0.3 | Mar 2025 0.4 | Jun 2025 0.9 | Sep 2025 1.5 | Dec 2025 0.3 | Mar 2026 0.3 | Jun 2026 — - ABM: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 0.4 | Sep 2023 1.1 | Dec 2023 0.9 | Mar 2024 0.3 | Jun 2024 0.4 | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 — - CBZ: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 0.4 | Jun 2023 1.3 | Sep 2023 1.2 | Dec 2023 — | Mar 2024 5.7 | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 — - TH: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 0.4 | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 — - LZ: 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 0.9 | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 — - KODK: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 0.7 | Jun 2023 0.2 | Sep 2023 — | Dec 2023 — | Mar 2024 0.1 | Jun 2024 — | Sep 2024 0.6 | Dec 2024 0.2 | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 — - TRNS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 5.0 | Jun 2024 3.2 | Sep 2024 — | Dec 2024 1.4 | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 — - CASS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 1.1 | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 — ### 20-quarter P/E history - CTAS: Sep 2021 37.4 | Dec 2021 39.4 | Mar 2022 33.2 | Jun 2022 34.2 | Sep 2022 34.1 | Dec 2022 37.6 | Mar 2023 35.2 | Jun 2023 36.3 | Sep 2023 37.9 | Dec 2023 40.1 | Mar 2024 43.4 | Jun 2024 44.7 | Sep 2024 50.8 | Dec 2024 54.4 | Mar 2025 48.0 | Jun 2025 51.5 | Sep 2025 46.6 | Dec 2025 40.2 | Mar 2026 42.4 | Jun 2026 34.9 - RELX: Sep 2021 29.6 | Dec 2021 31.8 | Mar 2022 30.2 | Jun 2022 27.4 | Sep 2022 26.4 | Dec 2022 27.0 | Mar 2023 29.9 | Jun 2023 28.9 | Sep 2023 29.9 | Dec 2023 33.3 | Mar 2024 35.4 | Jun 2024 36.2 | Sep 2024 34.9 | Dec 2024 35.1 | Mar 2025 37.8 | Jun 2025 38.3 | Sep 2025 33.0 | Dec 2025 26.8 | Mar 2026 21.1 | Jun 2026 19.2 - TRI: Sep 2021 8.6 | Dec 2021 10.4 | Mar 2022 32.4 | Jun 2022 106.5 | Sep 2022 53.4 | Dec 2022 43.0 | Mar 2023 59.5 | Jun 2023 30.6 | Sep 2023 25.8 | Dec 2023 25.2 | Mar 2024 29.7 | Jun 2024 32.4 | Sep 2024 33.6 | Dec 2024 32.8 | Mar 2025 36.2 | Jun 2025 55.8 | Sep 2025 40.1 | Dec 2025 39.6 | Mar 2026 26.6 | Jun 2026 — - CPRT: Sep 2021 — | Dec 2021 37.5 | Mar 2022 28.5 | Jun 2022 25.3 | Sep 2022 28.4 | Dec 2022 25.9 | Mar 2023 30.0 | Jun 2023 33.5 | Sep 2023 34.5 | Dec 2023 32.0 | Mar 2024 34.6 | Jun 2024 38.3 | Sep 2024 37.4 | Dec 2024 36.3 | Mar 2025 38.9 | Jun 2025 40.2 | Sep 2025 28.5 | Dec 2025 26.2 | Mar 2026 25.4 | Jun 2026 20.6 - GPN: Sep 2021 49.7 | Dec 2021 41.1 | Mar 2022 39.2 | Jun 2022 614.7 | Sep 2022 491.1 | Dec 2022 248.3 | Mar 2023 — | Jun 2023 32.8 | Sep 2023 34.6 | Dec 2023 33.7 | Mar 2024 26.5 | Jun 2024 17.7 | Sep 2024 19.3 | Dec 2024 18.2 | Mar 2025 15.8 | Jun 2025 14.0 | Sep 2025 11.7 | Dec 2025 13.4 | Mar 2026 — | Jun 2026 — - RBA: Sep 2021 40.3 | Dec 2021 45.0 | Mar 2022 21.8 | Jun 2022 24.6 | Sep 2022 22.9 | Dec 2022 20.2 | Mar 2023 57.4 | Jun 2023 65.2 | Sep 2023 74.4 | Dec 2023 64.3 | Mar 2024 45.9 | Jun 2024 42.9 | Sep 2024 43.7 | Dec 2024 44.9 | Mar 2025 49.4 | Jun 2025 52.6 | Sep 2025 51.9 | Dec 2025 50.4 | Mar 2026 44.6 | Jun 2026 — - ULS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 31.5 | Sep 2024 32.7 | Dec 2024 30.8 | Mar 2025 33.8 | Jun 2025 45.0 | Sep 2025 42.4 | Dec 2025 49.3 | Mar 2026 50.1 | Jun 2026 — - ARMK: Sep 2021 — | Dec 2021 190.0 | Mar 2022 — | Jun 2022 47.0 | Sep 2022 36.6 | Dec 2022 34.3 | Mar 2023 27.5 | Jun 2023 15.0 | Sep 2023 9.8 | Dec 2023 13.9 | Mar 2024 16.2 | Jun 2024 36.2 | Sep 2024 38.8 | Dec 2024 29.5 | Mar 2025 26.3 | Jun 2025 31.2 | Sep 2025 — | Dec 2025 32.0 | Mar 2026 31.0 | Jun 2026 32.0 - RTO: Sep 2021 — | Dec 2021 42.2 | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 44.0 | Mar 2023 50.0 | Jun 2023 51.3 | Sep 2023 43.7 | Dec 2023 30.5 | Mar 2024 32.3 | Jun 2024 32.0 | Sep 2024 29.3 | Dec 2024 32.7 | Mar 2025 32.2 | Jun 2025 37.2 | Sep 2025 32.1 | Dec 2025 31.8 | Mar 2026 — | Jun 2026 — - AMTM: 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 301.2 | Jun 2025 60.1 | Sep 2025 — | Dec 2025 96.1 | Mar 2026 76.2 | Jun 2026 45.1 - UNF: Sep 2021 — | Dec 2021 25.6 | Mar 2022 26.7 | Jun 2022 28.0 | Sep 2022 33.5 | Dec 2022 34.9 | Mar 2023 35.9 | Jun 2023 31.4 | Sep 2023 31.5 | Dec 2023 28.7 | Mar 2024 27.3 | Jun 2024 23.7 | Sep 2024 24.4 | Dec 2024 25.7 | Mar 2025 26.7 | Jun 2025 23.2 | Sep 2025 22.3 | Dec 2025 22.8 | Mar 2026 31.8 | Jun 2026 41.9 - DLB: Sep 2021 31.1 | Dec 2021 39.0 | Mar 2022 — | Jun 2022 38.2 | Sep 2022 36.5 | Dec 2022 38.1 | Mar 2023 34.6 | Jun 2023 37.2 | Sep 2023 38.7 | Dec 2023 44.7 | Mar 2024 42.7 | Jun 2024 36.2 | Sep 2024 28.1 | Dec 2024 28.9 | Mar 2025 30.2 | Jun 2025 27.1 | Sep 2025 27.6 | Dec 2025 26.5 | Mar 2026 22.9 | Jun 2026 — - AZZ: Sep 2021 — | Dec 2021 18.5 | Mar 2022 24.7 | Jun 2022 16.6 | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 55.8 | Dec 2023 17.8 | Mar 2024 21.0 | Jun 2024 78.4 | Sep 2024 65.0 | Dec 2024 62.9 | Mar 2025 53.7 | Jun 2025 10.5 | Sep 2025 10.9 | Dec 2025 9.9 | Mar 2026 13.0 | Jun 2026 20.7 - FA: Sep 2021 — | Dec 2021 173.1 | Mar 2022 61.2 | Jun 2022 32.5 | Sep 2022 32.9 | Dec 2022 30.2 | Mar 2023 41.1 | Jun 2023 48.2 | Sep 2023 49.3 | Dec 2023 63.7 | Mar 2024 73.7 | Jun 2024 100.4 | Sep 2024 661.7 | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 294.0 | Jun 2026 — - MMS: Sep 2021 17.8 | Dec 2021 14.8 | Mar 2022 15.3 | Jun 2022 16.1 | Sep 2022 17.6 | Dec 2022 23.7 | Mar 2023 28.0 | Jun 2023 30.2 | Sep 2023 28.4 | Dec 2023 27.8 | Mar 2024 22.0 | Jun 2024 18.0 | Sep 2024 18.7 | Dec 2024 16.1 | Mar 2025 13.6 | Jun 2025 12.9 | Sep 2025 16.6 | Dec 2025 13.1 | Mar 2026 9.6 | Jun 2026 — - ABM: Sep 2021 — | Dec 2021 23.7 | Mar 2022 22.3 | Jun 2022 22.7 | Sep 2022 14.1 | Dec 2022 13.1 | Mar 2023 16.3 | Jun 2023 14.5 | Sep 2023 13.0 | Dec 2023 10.4 | Mar 2024 10.4 | Jun 2024 11.4 | Sep 2024 23.0 | Dec 2024 41.5 | Mar 2025 42.4 | Jun 2025 39.3 | Sep 2025 25.1 | Dec 2025 16.6 | Mar 2026 18.1 | Jun 2026 15.7 - CBZ: Sep 2021 21.6 | Dec 2021 29.6 | Mar 2022 28.4 | Jun 2022 20.8 | Sep 2022 21.0 | Dec 2022 23.3 | Mar 2023 21.2 | Jun 2023 23.5 | Sep 2023 21.5 | Dec 2023 26.2 | Mar 2024 31.8 | Jun 2024 31.8 | Sep 2024 28.5 | Dec 2024 104.9 | Mar 2025 51.6 | Jun 2025 41.2 | Sep 2025 34.8 | Dec 2025 27.6 | Mar 2026 10.8 | Jun 2026 — - CMPR: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 53.0 | Mar 2024 27.3 | Jun 2024 13.6 | Sep 2024 14.1 | Dec 2024 11.9 | Mar 2025 7.7 | Jun 2025 81.0 | Sep 2025 48.1 | Dec 2025 74.0 | Mar 2026 41.0 | Jun 2026 — - TH: Sep 2021 — | Dec 2021 — | Mar 2022 60.0 | Jun 2022 16.3 | Sep 2022 26.3 | Dec 2022 20.5 | Mar 2023 11.6 | Jun 2023 10.1 | Sep 2023 10.2 | Dec 2023 6.2 | Mar 2024 8.0 | Jun 2024 7.9 | Sep 2024 8.9 | Dec 2024 13.8 | Mar 2025 15.3 | Jun 2025 71.2 | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 — - LZ: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 218.8 | Dec 2023 161.4 | Mar 2024 121.3 | Jun 2024 76.3 | Sep 2024 48.9 | Dec 2024 46.9 | Mar 2025 50.7 | Jun 2025 55.7 | Sep 2025 86.5 | Dec 2025 124.1 | Mar 2026 94.5 | Jun 2026 — - BV: Sep 2021 33.6 | Dec 2021 32.7 | Mar 2022 35.8 | Jun 2022 46.2 | Sep 2022 56.7 | Dec 2022 76.6 | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 59.5 | Jun 2024 110.8 | Sep 2024 78.7 | Dec 2024 88.8 | Mar 2025 — | Jun 2025 555.0 | Sep 2025 103.1 | Dec 2025 — | Mar 2026 — | Jun 2026 — - KODK: Sep 2021 3.5 | Dec 2021 17.3 | Mar 2022 15.6 | Jun 2022 10.3 | Sep 2022 12.1 | Dec 2022 19.1 | Mar 2023 8.7 | Jun 2023 7.7 | Sep 2023 6.7 | Dec 2023 5.8 | Mar 2024 5.9 | Jun 2024 7.3 | Sep 2024 6.7 | Dec 2024 7.3 | Mar 2025 12.9 | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 — - TRNS: Sep 2021 41.9 | Dec 2021 61.1 | Mar 2022 49.5 | Jun 2022 43.7 | Sep 2022 51.5 | Dec 2022 53.0 | Mar 2023 62.0 | Jun 2023 63.2 | Sep 2023 84.1 | Dec 2023 82.8 | Mar 2024 68.4 | Jun 2024 70.8 | Sep 2024 61.4 | Dec 2024 57.3 | Mar 2025 46.7 | Jun 2025 59.3 | Sep 2025 60.4 | Dec 2025 69.3 | Mar 2026 125.1 | Jun 2026 — - CASS: Sep 2021 22.1 | Dec 2021 19.7 | Mar 2022 17.5 | Jun 2022 15.0 | Sep 2022 14.4 | Dec 2022 18.1 | Mar 2023 17.8 | Jun 2023 16.6 | Sep 2023 16.6 | Dec 2023 20.7 | Mar 2024 21.9 | Jun 2024 20.0 | Sep 2024 24.8 | Dec 2024 29.4 | Mar 2025 28.5 | Jun 2025 23.4 | Sep 2025 16.9 | Dec 2025 15.9 | Mar 2026 16.7 | Jun 2026 18.5 - SPIR: 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 33.1 | Sep 2025 44.0 | Dec 2025 5.0 | Mar 2026 8.3 | Jun 2026 — - QUAD: Sep 2021 — | Dec 2021 5.6 | Mar 2022 13.9 | Jun 2022 — | Sep 2022 — | Dec 2022 22.7 | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 15.3 | Dec 2025 11.6 | Mar 2026 11.8 | Jun 2026 — - BUUU: 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 543.3 | Dec 2025 — | Mar 2026 — | Jun 2026 — ## Enterprise Value & Book Value What the numbers say: Cass Information Systems, Inc. leads ev/ebitda at 3.33×; TIC Solutions, Inc. leads p/bv at 0.68×. 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: Cass Information Systems, Inc. · 3.33× | 31.8% versus #2 · Quad/Graphics, Inc. | 0/8 recent comparable periods | 29/30 companies · 436 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. Cass Information Systems, Inc. (CASS): 3.3 2. Quad/Graphics, Inc. (QUAD): 4.9 3. Maximus, Inc. (MMS): 6.8 4. BrightView Holdings, Inc. (BV): 7.9 5. Cimpress plc (CMPR): 8.4 ### P/BV — lowest P/BV 1. TIC Solutions, Inc. (TIC): 0.7 2. CBIZ, Inc. (CBZ): 0.8 3. Global Payments Inc. (GPN): 0.8 4. BrightView Holdings, Inc. (BV): 0.9 5. ABM Industries Incorporated (ABM): 1.4 ### 20-quarter EV/EBITDA history - CTAS: Sep 2021 24.0 | Dec 2021 25.1 | Mar 2022 21.4 | Jun 2022 21.8 | Sep 2022 21.8 | Dec 2022 23.8 | Mar 2023 22.1 | Jun 2023 22.8 | Sep 2023 23.7 | Dec 2023 25.1 | Mar 2024 27.4 | Jun 2024 28.1 | Sep 2024 32.5 | Dec 2024 34.9 | Mar 2025 30.9 | Jun 2025 32.8 | Sep 2025 29.9 | Dec 2025 26.0 | Mar 2026 27.4 | Jun 2026 22.7 - RELX: Sep 2021 25.0 | Dec 2021 17.3 | Mar 2022 22.3 | Jun 2022 20.2 | Sep 2022 17.6 | Dec 2022 16.0 | Mar 2023 17.9 | Jun 2023 17.2 | Sep 2023 17.5 | Dec 2023 18.7 | Mar 2024 20.2 | Jun 2024 20.7 | Sep 2024 25.6 | Dec 2024 18.3 | Mar 2025 24.3 | Jun 2025 24.2 | Sep 2025 21.5 | Dec 2025 14.9 | Mar 2026 15.6 | Jun 2026 14.4 - TRI: Sep 2021 25.7 | Dec 2021 30.4 | Mar 2022 36.1 | Jun 2022 33.4 | Sep 2022 31.0 | Dec 2022 23.5 | Mar 2023 29.7 | Jun 2023 21.7 | Sep 2023 20.0 | Dec 2023 22.3 | Mar 2024 27.9 | Jun 2024 31.7 | Sep 2024 28.4 | Dec 2024 23.7 | Mar 2025 32.1 | Jun 2025 36.8 | Sep 2025 26.5 | Dec 2025 18.6 | Mar 2026 16.0 | Jun 2026 — - CPRT: Sep 2021 — | Dec 2021 26.6 | Mar 2022 20.8 | Jun 2022 17.4 | Sep 2022 19.3 | Dec 2022 17.3 | Mar 2023 19.8 | Jun 2023 22.7 | Sep 2023 24.3 | Dec 2023 22.7 | Mar 2024 24.9 | Jun 2024 27.6 | Sep 2024 26.7 | Dec 2024 25.8 | Mar 2025 28.4 | Jun 2025 29.5 | Sep 2025 20.5 | Dec 2025 18.8 | Mar 2026 17.9 | Jun 2026 13.8 - GPN: Sep 2021 18.0 | Dec 2021 15.5 | Mar 2022 15.1 | Jun 2022 17.5 | Sep 2022 17.6 | Dec 2022 16.1 | Mar 2023 21.5 | Jun 2023 13.0 | Sep 2023 13.3 | Dec 2023 15.3 | Mar 2024 12.5 | Jun 2024 10.5 | Sep 2024 10.8 | Dec 2024 10.8 | Mar 2025 9.8 | Jun 2025 9.1 | Sep 2025 8.6 | Dec 2025 9.9 | Mar 2026 11.2 | Jun 2026 — - RBA: Sep 2021 20.6 | Dec 2021 24.9 | Mar 2022 14.8 | Jun 2022 14.3 | Sep 2022 13.3 | Dec 2022 12.1 | Mar 2023 48.4 | Jun 2023 32.4 | Sep 2023 25.1 | Dec 2023 22.7 | Mar 2024 16.5 | Jun 2024 16.0 | Sep 2024 16.3 | Dec 2024 18.3 | Mar 2025 20.5 | Jun 2025 21.5 | Sep 2025 21.6 | Dec 2025 20.7 | Mar 2026 20.6 | Jun 2026 — - ULS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 16.4 | Sep 2024 17.6 | Dec 2024 16.8 | Mar 2025 18.1 | Jun 2025 22.5 | Sep 2025 21.0 | Dec 2025 22.9 | Mar 2026 23.7 | Jun 2026 — - ARMK: Sep 2021 — | Dec 2021 18.8 | Mar 2022 — | Jun 2022 14.3 | Sep 2022 12.6 | Dec 2022 14.1 | Mar 2023 13.6 | Jun 2023 15.0 | Sep 2023 11.2 | Dec 2023 12.7 | Mar 2024 13.2 | Jun 2024 13.1 | Sep 2024 13.2 | Dec 2024 13.1 | Mar 2025 12.2 | Jun 2025 13.7 | Sep 2025 — | Dec 2025 12.1 | Mar 2026 12.3 | Jun 2026 12.8 - RTO: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 32.7 | Dec 2022 18.5 | Mar 2023 39.8 | Jun 2023 42.3 | Sep 2023 33.4 | Dec 2023 14.0 | Mar 2024 13.9 | Jun 2024 13.7 | Sep 2024 12.4 | Dec 2024 13.0 | Mar 2025 12.8 | Jun 2025 13.7 | Sep 2025 14.1 | Dec 2025 16.2 | Mar 2026 — | Jun 2026 — - AMTM: 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 18.4 | Dec 2024 14.1 | Mar 2025 11.7 | Jun 2025 11.7 | Sep 2025 — | Dec 2025 10.2 | Mar 2026 11.6 | Jun 2026 10.3 - UNF: Sep 2021 — | Dec 2021 11.0 | Mar 2022 11.1 | Jun 2022 10.8 | Sep 2022 12.7 | Dec 2022 13.6 | Mar 2023 13.9 | Jun 2023 12.9 | Sep 2023 12.7 | Dec 2023 11.8 | Mar 2024 10.9 | Jun 2024 9.8 | Sep 2024 10.5 | Dec 2024 11.0 | Mar 2025 12.0 | Jun 2025 10.4 | Sep 2025 9.6 | Dec 2025 9.7 | Mar 2026 13.4 | Jun 2026 16.5 - DLB: Sep 2021 18.5 | Dec 2021 23.5 | Mar 2022 — | Jun 2022 21.6 | Sep 2022 19.2 | Dec 2022 20.6 | Mar 2023 20.7 | Jun 2023 22.0 | Sep 2023 22.7 | Dec 2023 28.0 | Mar 2024 27.4 | Jun 2024 23.8 | Sep 2024 20.3 | Dec 2024 26.1 | Mar 2025 26.2 | Jun 2025 17.5 | Sep 2025 17.7 | Dec 2025 23.0 | Mar 2026 16.7 | Jun 2026 — - AZZ: Sep 2021 — | Dec 2021 14.7 | Mar 2022 11.8 | Jun 2022 31.1 | Sep 2022 17.9 | Dec 2022 13.5 | Mar 2023 9.4 | Jun 2023 6.6 | Sep 2023 7.9 | Dec 2023 7.6 | Mar 2024 10.1 | Jun 2024 11.2 | Sep 2024 10.9 | Dec 2024 11.5 | Mar 2025 11.8 | Jun 2025 10.4 | Sep 2025 12.4 | Dec 2025 11.1 | Mar 2026 13.0 | Jun 2026 12.7 - FA: Sep 2021 — | Dec 2021 15.4 | Mar 2022 14.8 | Jun 2022 9.4 | Sep 2022 9.3 | Dec 2022 9.1 | Mar 2023 9.9 | Jun 2023 11.1 | Sep 2023 11.3 | Dec 2023 13.1 | Mar 2024 13.6 | Jun 2024 14.1 | Sep 2024 18.4 | Dec 2024 62.6 | Mar 2025 35.8 | Jun 2025 26.4 | Sep 2025 18.4 | Dec 2025 11.5 | Mar 2026 9.5 | Jun 2026 — - MMS: Sep 2021 13.5 | Dec 2021 12.9 | Mar 2022 12.6 | Jun 2022 13.0 | Sep 2022 10.9 | Dec 2022 13.5 | Mar 2023 13.9 | Jun 2023 14.5 | Sep 2023 13.3 | Dec 2023 13.7 | Mar 2024 12.1 | Jun 2024 10.4 | Sep 2024 10.9 | Dec 2024 9.6 | Mar 2025 8.6 | Jun 2025 8.8 | Sep 2025 9.4 | Dec 2025 8.6 | Mar 2026 6.8 | Jun 2026 — - ABM: Sep 2021 — | Dec 2021 13.3 | Mar 2022 13.1 | Jun 2022 13.7 | Sep 2022 9.8 | Dec 2022 9.2 | Mar 2023 10.6 | Jun 2023 9.5 | Sep 2023 8.7 | Dec 2023 7.3 | Mar 2024 7.5 | Jun 2024 8.0 | Sep 2024 11.9 | Dec 2024 14.7 | Mar 2025 15.3 | Jun 2025 14.4 | Sep 2025 12.0 | Dec 2025 10.0 | Mar 2026 10.5 | Jun 2026 10.1 - CBZ: Sep 2021 15.4 | Dec 2021 23.7 | Mar 2022 21.8 | Jun 2022 13.4 | Sep 2022 13.3 | Dec 2022 14.0 | Mar 2023 14.5 | Jun 2023 17.0 | Sep 2023 15.4 | Dec 2023 18.2 | Mar 2024 22.6 | Jun 2024 21.2 | Sep 2024 20.6 | Dec 2024 48.7 | Mar 2025 25.4 | Jun 2025 20.5 | Sep 2025 15.7 | Dec 2025 13.7 | Mar 2026 10.4 | Jun 2026 — - CMPR: Sep 2021 13.7 | Dec 2021 12.4 | Mar 2022 12.7 | Jun 2022 11.6 | Sep 2022 12.3 | Dec 2022 18.0 | Mar 2023 19.7 | Jun 2023 14.2 | Sep 2023 12.6 | Dec 2023 10.3 | Mar 2024 9.7 | Jun 2024 9.3 | Sep 2024 9.1 | Dec 2024 8.8 | Mar 2025 7.2 | Jun 2025 7.1 | Sep 2025 8.1 | Dec 2025 8.0 | Mar 2026 8.4 | Jun 2026 — - TIC: 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 289.4 | Dec 2025 16.5 | Mar 2026 190.3 | Jun 2026 — - TH: Sep 2021 7.6 | Dec 2021 6.2 | Mar 2022 7.4 | Jun 2022 6.1 | Sep 2022 7.3 | Dec 2022 7.0 | Mar 2023 5.1 | Jun 2023 4.6 | Sep 2023 5.1 | Dec 2023 3.3 | Mar 2024 4.0 | Jun 2024 3.6 | Sep 2024 3.8 | Dec 2024 5.4 | Mar 2025 4.5 | Jun 2025 7.2 | Sep 2025 11.2 | Dec 2025 20.7 | Mar 2026 35.2 | Jun 2026 — - LZ: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 1,433.0 | Sep 2023 40.7 | Dec 2023 39.6 | Mar 2024 40.3 | Jun 2024 24.4 | Sep 2024 15.4 | Dec 2024 16.1 | Mar 2025 17.2 | Jun 2025 18.0 | Sep 2025 23.2 | Dec 2025 21.8 | Mar 2026 12.1 | Jun 2026 — - BV: Sep 2021 11.6 | Dec 2021 11.9 | Mar 2022 12.1 | Jun 2022 11.2 | Sep 2022 9.0 | Dec 2022 8.5 | Mar 2023 8.3 | Jun 2023 8.7 | Sep 2023 8.5 | Dec 2023 9.1 | Mar 2024 9.3 | Jun 2024 9.9 | Sep 2024 9.1 | Dec 2024 10.6 | Mar 2025 9.0 | Jun 2025 9.9 | Sep 2025 8.4 | Dec 2025 8.2 | Mar 2026 7.9 | Jun 2026 — - RHLD: 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 2.9 | Jun 2025 2.7 | Sep 2025 4.8 | Dec 2025 11.9 | Mar 2026 36.3 | Jun 2026 — - BKSY: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 706.4 | Sep 2024 130.4 | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 — - KODK: Sep 2021 662.3 | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 197.1 | Mar 2023 24.0 | Jun 2023 19.4 | Sep 2023 17.5 | Dec 2023 22.4 | Mar 2024 20.8 | Jun 2024 27.7 | Sep 2024 38.1 | Dec 2024 27.5 | Mar 2025 135.5 | Jun 2025 1,536.5 | Sep 2025 59.1 | Dec 2025 25.4 | Mar 2026 19.3 | Jun 2026 — - TRNS: Sep 2021 23.9 | Dec 2021 32.3 | Mar 2022 25.9 | Jun 2022 21.7 | Sep 2022 23.1 | Dec 2022 22.8 | Mar 2023 26.4 | Jun 2023 25.6 | Sep 2023 30.6 | Dec 2023 32.2 | Mar 2024 29.1 | Jun 2024 31.1 | Sep 2024 29.0 | Dec 2024 28.4 | Mar 2025 20.2 | Jun 2025 22.3 | Sep 2025 20.6 | Dec 2025 16.6 | Mar 2026 20.0 | Jun 2026 — - CASS: Sep 2021 177.6 | Dec 2021 — | Mar 2022 115.0 | Jun 2022 66.9 | Sep 2022 49.5 | Dec 2022 3.7 | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 3.3 | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 8.4 | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 17.8 | Mar 2026 8.6 | Jun 2026 3.3 - QUAD: Sep 2021 6.9 | Dec 2021 5.2 | Mar 2022 6.1 | Jun 2022 5.7 | Sep 2022 5.3 | Dec 2022 4.5 | Mar 2023 5.2 | Jun 2023 5.1 | Sep 2023 5.8 | Dec 2023 5.5 | Mar 2024 6.6 | Jun 2024 6.5 | Sep 2024 7.2 | Dec 2024 6.6 | Mar 2025 5.8 | Jun 2025 6.0 | Sep 2025 5.3 | Dec 2025 4.0 | Mar 2026 4.9 | Jun 2026 — - BUUU: 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 226.8 | Dec 2025 — | Mar 2026 — | Jun 2026 — ### 20-quarter P/BV history - CTAS: Sep 2021 12.4 | Dec 2021 12.3 | Mar 2022 11.7 | Jun 2022 12.3 | Sep 2022 12.8 | Dec 2022 13.7 | Mar 2023 12.3 | Jun 2023 12.4 | Sep 2023 12.6 | Dec 2023 14.0 | Mar 2024 15.1 | Jun 2024 15.9 | Sep 2024 50.6 | Dec 2024 21.2 | Mar 2025 18.2 | Jun 2025 19.5 | Sep 2025 17.8 | Dec 2025 16.7 | Mar 2026 16.8 | Jun 2026 13.3 - RELX: Sep 2021 12.8 | Dec 2021 14.4 | Mar 2022 12.5 | Jun 2022 11.6 | Sep 2022 11.1 | Dec 2022 11.6 | Mar 2023 15.3 | Jun 2023 15.2 | Sep 2023 15.1 | Dec 2023 16.9 | Mar 2024 20.1 | Jun 2024 21.0 | Sep 2024 19.0 | Dec 2024 19.4 | Mar 2025 33.1 | Jun 2025 33.3 | Sep 2025 27.4 | Dec 2025 23.1 | Mar 2026 36.5 | Jun 2026 33.8 - TRI: Sep 2021 3.9 | Dec 2021 4.2 | Mar 2022 3.6 | Jun 2022 3.8 | Sep 2022 4.1 | Dec 2022 4.7 | Mar 2023 4.9 | Jun 2023 5.5 | Sep 2023 5.0 | Dec 2023 6.0 | Mar 2024 6.4 | Jun 2024 6.6 | Sep 2024 6.5 | Dec 2024 6.0 | Mar 2025 6.3 | Jun 2025 7.2 | Sep 2025 5.9 | Dec 2025 4.9 | Mar 2026 3.4 | Jun 2026 — - CPRT: Sep 2021 — | Dec 2021 9.7 | Mar 2022 7.5 | Jun 2022 6.2 | Sep 2022 6.6 | Dec 2022 5.6 | Mar 2023 6.1 | Jun 2023 6.8 | Sep 2023 7.1 | Dec 2023 6.5 | Mar 2024 6.8 | Jun 2024 7.3 | Sep 2024 6.7 | Dec 2024 6.3 | Mar 2025 6.7 | Jun 2025 6.7 | Sep 2025 4.8 | Dec 2025 4.3 | Mar 2026 4.0 | Jun 2026 3.5 - GPN: Sep 2021 1.8 | Dec 2021 1.5 | Mar 2022 1.5 | Jun 2022 1.3 | Sep 2022 1.3 | Dec 2022 1.2 | Mar 2023 1.3 | Jun 2023 1.2 | Sep 2023 1.3 | Dec 2023 1.4 | Mar 2024 1.5 | Jun 2024 1.1 | Sep 2024 1.1 | Dec 2024 1.3 | Mar 2025 1.1 | Jun 2025 0.9 | Sep 2025 0.9 | Dec 2025 0.8 | Mar 2026 0.8 | Jun 2026 — - RBA: Sep 2021 6.4 | Dec 2021 6.3 | Mar 2022 5.3 | Jun 2022 5.8 | Sep 2022 5.6 | Dec 2022 5.0 | Mar 2023 2.1 | Jun 2023 2.2 | Sep 2023 2.3 | Dec 2023 2.4 | Mar 2024 2.8 | Jun 2024 2.7 | Sep 2024 2.9 | Dec 2024 4.6 | Mar 2025 3.5 | Jun 2025 3.6 | Sep 2025 3.7 | Dec 2025 4.7 | Mar 2026 4.4 | Jun 2026 — - ULS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 11.0 | Sep 2024 11.3 | Dec 2024 11.0 | Mar 2025 11.6 | Jun 2025 13.4 | Sep 2025 11.9 | Dec 2025 12.6 | Mar 2026 13.1 | Jun 2026 — - ARMK: Sep 2021 — | Dec 2021 2.4 | Mar 2022 — | Jun 2022 2.4 | Sep 2022 2.0 | Dec 2022 2.5 | Mar 2023 2.1 | Jun 2023 2.3 | Sep 2023 1.8 | Dec 2023 2.6 | Mar 2024 3.0 | Jun 2024 3.0 | Sep 2024 3.4 | Dec 2024 3.2 | Mar 2025 3.0 | Jun 2025 3.6 | Sep 2025 — | Dec 2025 3.3 | Mar 2026 3.0 | Jun 2026 3.4 - RTO: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 2.0 | Dec 2022 3.1 | Mar 2023 3.7 | Jun 2023 3.9 | Sep 2023 3.6 | Dec 2023 2.8 | Mar 2024 2.9 | Jun 2024 2.8 | Sep 2024 2.4 | Dec 2024 2.4 | Mar 2025 2.2 | Jun 2025 2.3 | Sep 2025 2.3 | Dec 2025 2.7 | Mar 2026 — | Jun 2026 — - AMTM: 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 1.4 | Dec 2024 1.1 | Mar 2025 1.0 | Jun 2025 1.3 | Sep 2025 — | Dec 2025 1.4 | Mar 2026 1.6 | Jun 2026 1.4 - UNF: Sep 2021 — | Dec 2021 1.9 | Mar 2022 1.8 | Jun 2022 1.6 | Sep 2022 1.8 | Dec 2022 1.9 | Mar 2023 1.9 | Jun 2023 1.6 | Sep 2023 1.6 | Dec 2023 1.6 | Mar 2024 1.5 | Jun 2024 1.5 | Sep 2024 1.7 | Dec 2024 1.8 | Mar 2025 1.9 | Jun 2025 1.6 | Sep 2025 1.5 | Dec 2025 1.4 | Mar 2026 1.9 | Jun 2026 2.2 - DLB: Sep 2021 3.6 | Dec 2021 3.7 | Mar 2022 — | Jun 2022 3.1 | Sep 2022 2.9 | Dec 2022 3.0 | Mar 2023 3.5 | Jun 2023 3.4 | Sep 2023 3.2 | Dec 2023 3.5 | Mar 2024 3.3 | Jun 2024 3.1 | Sep 2024 2.9 | Dec 2024 3.0 | Mar 2025 3.0 | Jun 2025 2.7 | Sep 2025 2.6 | Dec 2025 2.4 | Mar 2026 2.1 | Jun 2026 — - AZZ: Sep 2021 — | Dec 2021 2.0 | Mar 2022 1.8 | Jun 2022 1.6 | Sep 2022 1.2 | Dec 2022 1.2 | Mar 2023 1.6 | Jun 2023 1.0 | Sep 2023 1.4 | Dec 2023 1.3 | Mar 2024 2.6 | Jun 2024 2.6 | Sep 2024 2.5 | Dec 2024 2.7 | Mar 2025 2.8 | Jun 2025 2.2 | Sep 2025 2.6 | Dec 2025 2.4 | Mar 2026 3.0 | Jun 2026 3.0 - FA: Sep 2021 2.6 | Dec 2021 2.6 | Mar 2022 2.7 | Jun 2022 1.7 | Sep 2022 1.7 | Dec 2022 1.7 | Mar 2023 1.9 | Jun 2023 2.0 | Sep 2023 2.3 | Dec 2023 2.7 | Mar 2024 2.6 | Jun 2024 2.6 | Sep 2024 3.1 | Dec 2024 2.5 | Mar 2025 1.9 | Jun 2025 2.2 | Sep 2025 2.1 | Dec 2025 1.9 | Mar 2026 1.6 | Jun 2026 — - MMS: Sep 2021 3.5 | Dec 2021 3.2 | Mar 2022 3.0 | Jun 2022 2.5 | Sep 2022 2.3 | Dec 2022 2.8 | Mar 2023 3.0 | Jun 2023 3.2 | Sep 2023 2.7 | Dec 2023 3.0 | Mar 2024 2.9 | Jun 2024 2.9 | Sep 2024 3.1 | Dec 2024 2.6 | Mar 2025 2.3 | Jun 2025 2.2 | Sep 2025 3.0 | Dec 2025 2.7 | Mar 2026 2.0 | Jun 2026 — - ABM: Sep 2021 — | Dec 2021 1.8 | Mar 2022 1.7 | Jun 2022 1.9 | Sep 2022 1.8 | Dec 2022 1.7 | Mar 2023 1.8 | Jun 2023 1.6 | Sep 2023 1.6 | Dec 2023 1.4 | Mar 2024 1.4 | Jun 2024 1.5 | Sep 2024 1.9 | Dec 2024 1.9 | Mar 2025 1.9 | Jun 2025 1.7 | Sep 2025 1.6 | Dec 2025 1.5 | Mar 2026 1.6 | Jun 2026 1.4 - CBZ: Sep 2021 2.4 | Dec 2021 2.9 | Mar 2022 2.9 | Jun 2022 2.7 | Sep 2022 2.8 | Dec 2022 3.3 | Mar 2023 3.2 | Jun 2023 3.4 | Sep 2023 3.2 | Dec 2023 3.9 | Mar 2024 4.5 | Jun 2024 4.2 | Sep 2024 3.6 | Dec 2024 2.3 | Mar 2025 2.1 | Jun 2025 2.1 | Sep 2025 1.5 | Dec 2025 1.6 | Mar 2026 0.8 | Jun 2026 — - CMPR: Sep 2021 -5.0 | Dec 2021 -4.9 | Mar 2022 -3.6 | Jun 2022 -2.1 | Sep 2022 -1.3 | Dec 2022 -1.2 | Mar 2023 -1.7 | Jun 2023 -2.5 | Sep 2023 -3.0 | Dec 2023 -3.9 | Mar 2024 -3.6 | Jun 2024 -4.0 | Sep 2024 -3.6 | Dec 2024 -3.2 | Mar 2025 -2.0 | Jun 2025 -2.0 | Sep 2025 -2.7 | Dec 2025 -3.1 | Mar 2026 -3.4 | Jun 2026 — - TIC: 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 1.2 | Jun 2025 1.1 | Sep 2025 1.4 | Dec 2025 1.0 | Mar 2026 0.7 | Jun 2026 — - TH: Sep 2021 4.1 | Dec 2021 3.7 | Mar 2022 5.9 | Jun 2022 4.5 | Sep 2022 8.4 | Dec 2022 7.6 | Mar 2023 5.5 | Jun 2023 4.7 | Sep 2023 4.8 | Dec 2023 2.6 | Mar 2024 2.9 | Jun 2024 2.2 | Sep 2024 1.9 | Dec 2024 2.3 | Mar 2025 1.6 | Jun 2025 1.8 | Sep 2025 2.1 | Dec 2025 2.1 | Mar 2026 2.5 | Jun 2026 — - LZ: Sep 2021 27.2 | Dec 2021 16.1 | Mar 2022 14.8 | Jun 2022 13.0 | Sep 2022 10.8 | Dec 2022 10.4 | Mar 2023 12.0 | Jun 2023 13.8 | Sep 2023 13.9 | Dec 2023 12.6 | Mar 2024 15.0 | Jun 2024 24.3 | Sep 2024 18.3 | Dec 2024 14.0 | Mar 2025 8.3 | Jun 2025 8.3 | Sep 2025 9.2 | Dec 2025 10.3 | Mar 2026 6.7 | Jun 2026 — - BV: Sep 2021 1.2 | Dec 2021 1.1 | Mar 2022 1.1 | Jun 2022 0.9 | Sep 2022 0.6 | Dec 2022 0.5 | Mar 2023 0.4 | Jun 2023 0.6 | Sep 2023 0.6 | Dec 2023 0.7 | Mar 2024 0.9 | Jun 2024 1.0 | Sep 2024 1.2 | Dec 2024 1.2 | Mar 2025 1.0 | Jun 2025 1.2 | Sep 2025 0.9 | Dec 2025 1.0 | Mar 2026 0.9 | Jun 2026 — - RHLD: 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 30.1 | Jun 2025 28.3 | Sep 2025 56.8 | Dec 2025 269.0 | Mar 2026 44.2 | Jun 2026 — - BKSY: Sep 2021 7.7 | Dec 2021 2.9 | Mar 2022 1.3 | Jun 2022 1.9 | Sep 2022 1.3 | Dec 2022 1.5 | Mar 2023 1.7 | Jun 2023 3.5 | Sep 2023 1.8 | Dec 2023 4.3 | Mar 2024 2.4 | Jun 2024 2.1 | Sep 2024 1.3 | Dec 2024 3.5 | Mar 2025 2.7 | Jun 2025 8.2 | Sep 2025 7.9 | Dec 2025 7.1 | Mar 2026 11.5 | Jun 2026 — - KODK: Sep 2021 3.7 | Dec 2021 0.5 | Mar 2022 0.7 | Jun 2022 0.4 | Sep 2022 0.4 | Dec 2022 0.2 | Mar 2023 0.3 | Jun 2023 0.4 | Sep 2023 0.4 | Dec 2023 0.3 | Mar 2024 0.4 | Jun 2024 0.5 | Sep 2024 0.4 | Dec 2024 0.8 | Mar 2025 0.9 | Jun 2025 0.9 | Sep 2025 0.8 | Dec 2025 1.3 | Mar 2026 1.5 | Jun 2026 — - TRNS: Sep 2021 6.0 | Dec 2021 8.4 | Mar 2022 6.5 | Jun 2022 5.2 | Sep 2022 5.6 | Dec 2022 5.6 | Mar 2023 6.6 | Jun 2023 6.0 | Sep 2023 5.5 | Dec 2023 4.4 | Mar 2024 4.4 | Jun 2024 4.2 | Sep 2024 4.2 | Dec 2024 3.5 | Mar 2025 2.4 | Jun 2025 2.7 | Sep 2025 2.3 | Dec 2025 1.9 | Mar 2026 2.2 | Jun 2026 — - CASS: Sep 2021 2.4 | Dec 2021 2.2 | Mar 2022 2.3 | Jun 2022 2.3 | Sep 2022 2.5 | Dec 2022 3.0 | Mar 2023 2.7 | Jun 2023 2.5 | Sep 2023 2.5 | Dec 2023 2.7 | Mar 2024 2.9 | Jun 2024 2.4 | Sep 2024 2.4 | Dec 2024 2.4 | Mar 2025 2.5 | Jun 2025 2.4 | Sep 2025 2.1 | Dec 2025 2.2 | Mar 2026 2.3 | Jun 2026 2.7 - SPIR: Sep 2021 16.8 | Dec 2021 2.5 | Mar 2022 1.6 | Jun 2022 1.1 | Sep 2022 1.2 | Dec 2022 1.5 | Mar 2023 1.0 | Jun 2023 0.9 | Sep 2023 1.3 | Dec 2023 4.4 | Mar 2024 5.6 | Jun 2024 6.7 | Sep 2024 8.1 | Dec 2024 -31.0 | Mar 2025 45.1 | Jun 2025 2.6 | Sep 2025 2.7 | Dec 2025 2.2 | Mar 2026 4.6 | Jun 2026 — - QUAD: Sep 2021 1.6 | Dec 2021 1.6 | Mar 2022 2.8 | Jun 2022 1.1 | Sep 2022 1.0 | Dec 2022 1.3 | Mar 2023 1.5 | Jun 2023 1.3 | Sep 2023 1.8 | Dec 2023 2.3 | Mar 2024 3.1 | Jun 2024 3.6 | Sep 2024 4.7 | Dec 2024 7.3 | Mar 2025 3.2 | Jun 2025 3.3 | Sep 2025 3.3 | Dec 2025 2.5 | Mar 2026 2.7 | Jun 2026 — - BUUU: 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 20.1 | Dec 2025 17.6 | Mar 2026 — | Jun 2026 — ## Market action BUUU Group Limited has the strongest one-year price move in Specialty Business Services at +501.9%. First Advantage Corporation leads on Mansfield relative strength against the S&P 500 at +32.5%. 15 of 29 covered companies are above zero on that measure. Every line covers 314 weekly closes through 2026-07-28. ### Strongest one-year price performers 1. BUUU Group Limited (BUUU): 502% 2. Resolute Holdings Management, Inc. (RHLD): 235% 3. Target Hospitality Corp. (TH): 99% 4. Cimpress plc (CMPR): 88% 5. UniFirst Corporation (UNF): 77% ### Strongest relative strength versus NIFTY 500 1. First Advantage Corporation (FA): 33% 2. UniFirst Corporation (UNF): 29% 3. Target Hospitality Corp. (TH): 27% 4. Aramark (ARMK): 24% 5. Cimpress plc (CMPR): 23% ## 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. - 2 companies have older fundamental reporting dates than the sector’s freshest reporters; their ranks carry a stale marker. ## Every company - Cintas Corporation (CTAS) — market value ₹86.0K Cr; latest fundamentals Jun 2026 - RELX PLC (RELX) — market value ₹65.8K Cr; latest fundamentals Jun 2026 - Thomson Reuters Corporation (TRI) — market value ₹42.6K Cr; latest fundamentals Mar 2026 - Copart, Inc. (CPRT) — market value ₹28.4K Cr; latest fundamentals Jun 2026 - Global Payments Inc. (GPN) — market value ₹23.9K Cr; latest fundamentals Mar 2026 - RB Global, Inc. (RBA) — market value ₹21.7K Cr; latest fundamentals Mar 2026 - UL Solutions Inc. (ULS) — market value ₹18.5K Cr; latest fundamentals Mar 2026 - Aramark (ARMK) — market value ₹15.1K Cr; latest fundamentals Jun 2026 - Rentokil Initial plc (RTO) — market value ₹14.4K Cr; latest fundamentals Dec 2025 - Amentum Holdings, Inc. (AMTM) — market value ₹5.7K Cr; latest fundamentals Jun 2026 - UniFirst Corporation (UNF) — market value ₹5.4K Cr; latest fundamentals Jun 2026 - Dolby Laboratories, Inc. (DLB) — market value ₹5.0K Cr; latest fundamentals Mar 2026 - AZZ Inc. (AZZ) — market value ₹4.4K Cr; latest fundamentals Jun 2026 - First Advantage Corporation (FA) — market value ₹3.6K Cr; latest fundamentals Mar 2026 - Maximus, Inc. (MMS) — market value ₹3.3K Cr; latest fundamentals Mar 2026 - ABM Industries Incorporated (ABM) — market value ₹2.9K Cr; latest fundamentals Jun 2026 - CBIZ, Inc. (CBZ) — market value ₹2.4K Cr; latest fundamentals Mar 2026 - Cimpress plc (CMPR) — market value ₹2.4K Cr; latest fundamentals Mar 2026 - TIC Solutions, Inc. (TIC) — market value ₹1.6K Cr; latest fundamentals Mar 2026 - Target Hospitality Corp. (TH) — market value ₹1.5K Cr; latest fundamentals Mar 2026 - LegalZoom.com, Inc. (LZ) — market value ₹1.4K Cr; latest fundamentals Mar 2026 - BrightView Holdings, Inc. (BV) — market value ₹1.3K Cr; latest fundamentals Mar 2026 - Resolute Holdings Management, Inc. (RHLD) — market value ₹1.1K Cr; latest fundamentals Mar 2026 - BlackSky Technology Inc. (BKSY) — market value ₹815 Cr; latest fundamentals Mar 2026 - Eastman Kodak Company (KODK) — market value ₹812 Cr; latest fundamentals Mar 2026 - Transcat, Inc. (TRNS) — market value ₹804 Cr; latest fundamentals Mar 2026 - Cass Information Systems, Inc. (CASS) — market value ₹715 Cr; latest fundamentals Jun 2026 - Spire Global, Inc. (SPIR) — market value ₹440 Cr; latest fundamentals Mar 2026 - Quad/Graphics, Inc. (QUAD) — market value ₹434 Cr; latest fundamentals Mar 2026 - BUUU Group Limited (BUUU) — market value ₹415 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 Specialty Business Services company is the biggest? ABM Industries Incorporated is the largest, with trailing-twelve-month revenue of $9,053 million, ahead of Global Payments Inc. at $8,868 million. That covers 23 of 30 companies with comparable reporting through Jun 2026. ### Which Specialty Business Services company is growing fastest? Resolute Holdings Management, Inc. has the fastest revenue growth at 82.2% year on year, across 22 of 30 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 Specialty Business Services company has the best profit margins? Copart, Inc. has the highest operating margin at 37.5%, from 27 of 30 comparable companies. First Advantage Corporation shows the biggest recent improvement, at +6.6 percentage points. A high margin matters most when it is holding or rising, not when it is peaking. ### Which Specialty Business Services company makes the most profit? Thomson Reuters Corporation earns the most, at $1,564 million of trailing-twelve-month net profit, from 23 of 30 comparable companies. ABM Industries Incorporated has the fastest profit growth at 100%, though growth off a small or recovering profit base overstates how much has actually changed. ### Which Specialty Business Services company earns the highest return on capital? RELX PLC leads on return on capital employed at 9.3%, across 30 of 30 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 Specialty Business Services stock is the cheapest? On guarded PEG — where a LOWER number is cheaper — Maximus, Inc. screens cheapest at 0.29×. Only 13 of 30 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 Specialty Business Services company has the strongest balance sheet? Spire Global, Inc. carries the lowest comparable gross debt at $8 million, from 27 of 30 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 Specialty Business Services company is investing most in new capacity? Global Payments Inc. reports the largest capital spending at $261 million, across 30 of 30 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 Specialty Business Services sector beating the market? Specialty Business Services has outperformed S&P 500 by 13.4% over the last 52 weeks and 3.4% over 13 weeks, measured on an equal-weight index of its current members. Inside the sector, 15 of 29 covered companies are beating the market on their own. Sector strength does not transfer evenly to every stock in it. ### Which Specialty Business Services stock has the strongest price momentum? First Advantage Corporation 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 Specialty Business Services company scores highest for research priority? First Advantage Corporation scores 61.3 out of 100 with 64.6% evidence confidence, from 24.6 points on growth and earnings, 8.1 on capital efficiency, 8.6 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 Specialty Business Services companies does this comparison cover, and over what period? It compares 30 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 Specialty Business Services sector? The 30 Specialty Business Services companies on this page carry $362,961 million of combined market value. Cintas Corporation is the largest at $85,992 million, about 24% of the sector's total on its own. Market value moves with price, so this reading is dated 2026-07-28. ### What is the Specialty Business Services sector's P/E ratio? The median price-to-earnings ratio across the 30 Specialty Business Services companies on this page is 31.8×, measured on the 27 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 Specialty Business Services sector performing? 15 of the 29 covered Specialty Business Services companies are beating S&P 500 on Mansfield relative strength. The sector itself is 13.4% 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 Specialty Business Services stocks are listed in the US? This comparison covers 30 listed Specialty Business 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/specialty-business-services