# Chesapeake Utilities share price today (Chesapeake Utilities Corporation, CPK) > Chesapeake Utilities Corporation's earnings have grown faster than its share price. Earnings per share grew +13.5% in a year while the price moved +8.5%. CPK · Utilities · Utilities - Regulated Gas · data as of 3 November 2026. Page: https://www.sectoralpha.in/us/stocks/cpk Sector Alpha also publishes a daily newsletter that explains one Indian stock at a time: https://newsletter.sectoralpha.in/?utm_source=sectoralpha&utm_medium=ai_text&utm_campaign=llms ## Key numbers - Business trend: Mixed, from the last 12 quarters - Price: $138.05 (+8.5% in a year) - P/E: 22.0× (lower than 68% of the last 4.3 years) - Revenue (Jun 2026): $202 M (+4.7% on a year ago) - Profit (Jun 2026): $25.4 M (+6.3% on a year ago) - Operating margin: 26.2% (−0.1 points on a year ago) - ROE: 9%, FY25 - ROIC: 5.3%, against a 6.3% cost of capital: −1.0 points Biggest thing to watch: the price is not yet in a clear uptrend, so timing is the risk more than the business. ## What is the Chesapeake Utilities share price today? Chesapeake Utilities Corporation's share price was $138.05 at the close on 3 November 2026. It has been stalling near its high for 4 weeks. That is 6.7% above its average price over the last 200 trading days. In the last 52 weeks it traded between $121 and $139, and at that close it sat 95% of the way up from that low. Over the past 13 weeks it has done better than the S&P 500, and it has stayed ahead for 2 weeks in a row. Over the last 10 years the share price moved +112% while the S&P 500 moved +255%, so it is behind the index over that whole period. The chart above shows the 13-week comparison for every week. This page treats a rise as over when the price closes below its 200-day average on two Fridays in a row. ## What dividend does Chesapeake Utilities pay? Chesapeake Utilities Corporation paid $2.79 per share over the last four reported quarters. The most recent declaration was $0.73 for Jun 2026. At today's price of $138.05 that is a yield of 2.02%, based on dividends already paid, not a forecast. ## Which stock lists is Chesapeake Utilities on? Chesapeake Utilities is not in the Nasdaq 100, the S&P 500 or the Dow Jones 30, and is not on the US tech stocks list. ## Is Chesapeake Utilities profitable? Chesapeake Utilities Corporation earned $25.4 M of net profit in the Jun 2026 quarter, +6.3% on the same quarter a year earlier. That is the 10th quarter in a row of profit growth. Full-year FY25 profit was $140 M. Over 4 years profit has grown 13.9% a year on average. That is 12.6% of the quarter's revenue. The same quarter a year earlier earned $23.9 M. For the full year, FY25 profit was $140 M (+18.3% on the year before). Why profit moved: revenue changed +4.7% on a year earlier and the margin moved −0.1 percentage points. Sales did the work, and the margin was about flat. On average over the last four quarters, profit changed +14.8% and revenue +13.9%. Profit and revenue are moving at about the same pace. ## How much revenue does Chesapeake Utilities make, and is it growing? Chesapeake Utilities Corporation reported $202 M of revenue in the Jun 2026 quarter, +4.7% on the same quarter a year earlier. That is the 10th quarter in a row with growth on the year before. Over 4 years it has grown 13.0% a year on average. The last full year, FY25, came in at $930 M. The last four reported quarters add to $994 M. FY25 revenue was $930 M, +18.1% on the year before. Recent pace: the last four quarters grew +13.9% on average, against 13.0% a year over the longer run, so this year is growing at about the same pace as its own long-run rate. Is growth speeding up? Revenue over the last 12 months grew +14.6%, against +16.7% a year over the last 8 quarters (stabilising); profit over the last 12 months grew +16.4%, against +23.1% a year (rolling over). ## How much of every $100 of sales does Chesapeake Utilities keep? Chesapeake Utilities Corporation's operating margin was 26.2% in the Jun 2026 quarter, 0.1 percentage points lower than the same quarter a year ago. Across 5 years it has been between 21.1% and 29.5%. The latest quarter is within that range. Why: the operating margin move is clear, but the cost details behind it are not in our data, so we show the move without guessing the reason. ## Is Chesapeake Utilities' profit turning into cash? Over the last 3 years, 195% of Chesapeake Utilities Corporation's reported profit came in as cash from its operations, so the profit is backed by cash. In FY25 it brought in $234 M of operating cash against $140 M of profit. After $449 M of spending on assets, free cash was −$215 M: it spent more than its operations brought in. Cash-flow figures here are yearly, because quarterly cash statements are not published, so this section changes once a year. Why: the cash figure is clear, but the day counts behind it are not in our data, so we show it without guessing the reason. What to look at next: the main use of cash is spending on assets. The next section checks what that spending is building. ## Where does Chesapeake Utilities' cash go? Chesapeake Utilities Corporation does not report the customer, stock and supplier day counts a cash cycle needs, so this section looks at its spending on assets instead. It spent $993 M on assets over the last 3 years. Averaged over those years that is 35.6% of FY25 revenue a year. Nothing is estimated in place of the missing day counts, so no cash-cycle chart is drawn. Spending on assets: $993 M over the last 3 years. In short: the cash is going into new capacity, not getting stuck in the daily cycle. The question is whether the new capacity earns. ## What is Chesapeake Utilities' P/E ratio, and how does it compare with its own history? Chesapeake Utilities Corporation's P/E is 22.0×, near the low end of its own history: it has been lower only 32% of the time. Its usual P/E (the middle reading) is 23.0×, over 4.3 years of weekly prices. This compares the share price with the company’s own past. It does not say what the business is worth. Why the multiple is where it is: over the past year earnings per share moved +13.5% while the price moved +8.5%. Earnings did better than the price, which pulled the multiple down within its own range. Where the price move came from: over 3 years the price moved +14.2% a year; about +8.4% a year came from earnings growth and about +5.8 percentage points from the multiple (the market paying more). The split is approximate (price return minus earnings growth). It shows how much of the move came from the market paying a different multiple. In short: the multiple is low against its own past, so the earnings trend underneath matters more than the multiple. ## Is the Chesapeake Utilities business getting better or worse? Chesapeake Utilities Corporation's business is giving mixed signals. Growth has been steadily positive, but ROCE at 7.9% is below the 15% level needed to call it steady growth. This is based on 12 quarters of 4 measures. Why it matters: when the lines disagree, each line above matters more than any single label. ## How much does Chesapeake Utilities earn on its capital? Chesapeake Utilities Corporation earned a ROE of 9% in FY25. That is up from a low of 7% in FY23. Its return on capital used (ROIC) is 1.0 percentage points below its cost of capital, so growth here does not yet pay for the capital it uses. It comes from a 15.1% net margin and 0.23× asset turnover (sales divided by assets). Why the return is what it is (FY25): a 15.1% net margin × 0.23× asset turnover × 2.50× leverage (assets divided by equity) ≈ 8.7% on equity. The margin does most of the work; borrowing is a big part of it. The key test, return on capital used minus the cost of capital: 5.3% − 6.3% = −1.0 percentage points. The 6.3% is an estimate of this company's own cost of capital. Read the sign and size of the gap, not the decimals. Negative: growth at these returns loses value until returns improve. ## Does Chesapeake Utilities have too much debt? Chesapeake Utilities Corporation has total debt of $1.7 B against shareholder equity of $1.7 B as of Jun 2026, so its debt is 1.01× its equity. Year by year, that ratio went from 1.03 in FY21 to 1.02 in FY25. Keep that borrowing in mind when reading the returns on this page. ## What is the Chesapeake Utilities shareholding pattern? 4.0% of Chesapeake Utilities Corporation's tradable shares are in short positions, which are bets that the price will fall, so some traders are betting against it. At normal trading volumes, closing those positions would take about 5.0 days. US companies do not publish a quarter-by-quarter list of owners, so this page uses short interest instead. It is a single reading at one point in time; we do not have its history. Why it is at this level: the figure does not say who holds the short positions or why, so we show the level without guessing the story. ## How far is Chesapeake Utilities from balance-sheet trouble? For Chesapeake Utilities Corporation, the Z-score is not available, so we say so rather than guess one. It estimates how far the balance sheet is from trouble; it is not a forecast of failure. The debt, cash-flow and return sections show the balance-sheet figures we do have, each with its own date. ## How does Chesapeake Utilities rank in its industry? 62.5 out of 100, rank 1 of 16 in Utilities - Regulated Gas, with 79% of the evidence available. Chesapeake Utilities Corporation scores 62.5 out of 100 against the 16 companies it is compared with in Utilities - Regulated Gas, ranking 1. The evidence is balanced: no factor stands out, so another reported quarter is needed before the picture is clearer. The four parts add up to the total exactly: 21.5 + 15.3 + 8.6 + 17.1 = 62.5. This is the same number shown on the industry page; it is worked out once for the whole group and read here. What would change it: The score would fall if profit growth turns negative or margins stop improving while the share price lags its sector. ## Which companies is Chesapeake Utilities compared with? Chesapeake Utilities ranks 1 of 16 Utilities - Regulated Gas companies on the 4-Factor Sector Score, with 62.5 out of 100. 1. Chesapeake Utilities Corporation this page CPK · turning · Evidence leans up · 79% evidence 62.5 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 21.5/35 · Revenue 14.7% · Profit 14.6% · Operating margin change n/a · 76% evidence Capital efficiency 15.3/25 · ROCE 7.6% · Operating margin 20.3% · 76% evidence Valuation 8.6/20 · P/E 19.6× · PEG 1.64 · 65% evidence Relative strength 17.1/20 · Lead over its industry 8% · Lead over S&P 500 1.4% · 1 year 1.7% · 100% evidence · 3 of 12 weeks ahead Exact sum: 21.5 + 15.3 + 8.6 + 17.1 = 62.5 · What this means: The evidence is balanced: no factor stands out, so another reported quarter is needed before the picture is clearer. 2. [UGI Corporation](https://www.sectoralpha.in/us/stocks/ugi) UGI · breaking out · Evidence leans up · 70% evidence 59.5 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 14.1/35 · Revenue -0.5% · Profit 60.5% · Operating margin change n/a · 52% evidence Capital efficiency 13.8/25 · ROCE 8.3% · Operating margin 25.5% · 76% evidence Valuation 15.2/20 · P/E 12.2× · PEG 0.71 · 65% evidence Relative strength 16.4/20 · Lead over its industry 4.9% · Lead over S&P 500 -1.5% · 1 year 12.4% · 100% evidence · 5 of 12 weeks ahead Exact sum: 14.1 + 13.8 + 15.2 + 16.4 = 59.5 · What this means: Relative strength against the index is -1.5%, and revenue and profit growth are weak. 3. [Atmos Energy Corporation](https://www.sectoralpha.in/us/stocks/ato) ATO · turning · Evidence leans up · 79% evidence 58.1 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 24.0/35 · Revenue 6.4% · Profit 21.3% · Operating margin change n/a · 76% evidence Capital efficiency 14.4/25 · ROCE 6.2% · Operating margin 22% · 76% evidence Valuation 10.1/20 · P/E 20.5× · PEG 1.31 · 65% evidence Relative strength 9.6/20 · Lead over its industry 1.6% · Lead over S&P 500 -5% · 1 year -1.8% · 100% evidence · 0 of 12 weeks ahead Exact sum: 24 + 14.4 + 10.1 + 9.6 = 58.1 · What this means: The evidence is balanced: no factor stands out, so another reported quarter is needed before the picture is clearer. 4. [Spire Inc.](https://www.sectoralpha.in/us/stocks/sr) SR · turning · Evidence leans up · 79% evidence 57.7 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 18.9/35 · Revenue 10.3% · Profit 96.7% · Operating margin change n/a · 76% evidence Capital efficiency 6.1/25 · ROCE 4.2% · Operating margin 10.1% · 76% evidence Valuation 15.9/20 · P/E 8.7× · PEG 0.4 · 65% evidence Relative strength 16.8/20 · Lead over its industry 5.5% · Lead over S&P 500 -1.3% · 1 year -1.9% · 100% evidence · 2 of 12 weeks ahead Exact sum: 18.9 + 6.1 + 15.9 + 16.8 = 57.7 · What this means: The evidence is balanced: no factor stands out, so another reported quarter is needed before the picture is clearer. 5. [Black Hills Corporation](https://www.sectoralpha.in/us/stocks/bkh) BKH · turning · Evidence leans up · 79% evidence 53.3 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 14.5/35 · Revenue 2.5% · Profit 5.5% · Operating margin change n/a · 76% evidence Capital efficiency 12.9/25 · ROCE 5.7% · Operating margin 18.1% · 76% evidence Valuation 6.4/20 · P/E 18.9× · PEG 2.44 · 65% evidence Relative strength 19.5/20 · Lead over its industry 14% · Lead over S&P 500 7% · 1 year 17.9% · 100% evidence · 2 of 12 weeks ahead Exact sum: 14.5 + 12.9 + 6.4 + 19.5 = 53.3 · What this means: Relative strength against the index is 7%, and revenue and profit growth are weak. 6. [ONE Gas, Inc.](https://www.sectoralpha.in/us/stocks/ogs) OGS · turning · Evidence leans up · 79% evidence 52.8 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 18.5/35 · Revenue -0.8% · Profit 16.6% · Operating margin change n/a · 76% evidence Capital efficiency 14.1/25 · ROCE 6.4% · Operating margin 16.2% · 76% evidence Valuation 9.7/20 · P/E 16.8× · PEG 1.57 · 65% evidence Relative strength 10.5/20 · Lead over its industry 2% · Lead over S&P 500 -4.6% · 1 year -1.4% · 100% evidence · 0 of 12 weeks ahead Exact sum: 18.5 + 14.1 + 9.7 + 10.5 = 52.8 · What this means: The evidence is balanced: no factor stands out, so another reported quarter is needed before the picture is clearer. 7. [Southwest Gas Holdings, Inc.](https://www.sectoralpha.in/us/stocks/swx) SWX · turning · Evidence leans up · 60% evidence 52.1 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 17.2/35 · Revenue -15.2% · Profit 100% · Operating margin change n/a · 52% evidence Capital efficiency 8.3/25 · ROCE 5.3% · Operating margin 7.2% · 76% evidence Valuation 10.7/20 · P/E 12.4× · PEG n/a · 15% evidence Relative strength 15.9/20 · Lead over its industry 8.5% · Lead over S&P 500 1.8% · 1 year 16.6% · 100% evidence · 0 of 12 weeks ahead Exact sum: 17.2 + 8.3 + 10.7 + 15.9 = 52.1 · What this means: Relative strength against the index is 1.8%, and revenue and profit growth are weak. 8. [New Jersey Resources Corporation](https://www.sectoralpha.in/us/stocks/njr) NJR · quiet · Evidence leans down · 70% evidence 48.5 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 15.0/35 · Revenue 6.3% · Profit -10.9% · Operating margin change n/a · 52% evidence Capital efficiency 11.3/25 · ROCE 7.8% · Operating margin -7.5% · 76% evidence Valuation 13.0/20 · P/E 15.4× · PEG 1.06 · 65% evidence Relative strength 9.2/20 · Lead over its industry 2.6% · Lead over S&P 500 -3.7% · 1 year 17.2% · 100% evidence · 0 of 12 weeks ahead Exact sum: 15 + 11.3 + 13 + 9.2 = 48.5 · What this means: The evidence is balanced: no factor stands out, so another reported quarter is needed before the picture is clearer. 9. [Northwest Natural Holding Company](https://www.sectoralpha.in/us/stocks/nwn) NWN · turning · Evidence leans down · 70% evidence 46.3 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 15.5/35 · Revenue 4.4% · Profit 22.3% · Operating margin change n/a · 52% evidence Capital efficiency 7.1/25 · ROCE 4.9% · Operating margin 8.5% · 76% evidence Valuation 13.5/20 · P/E 16.4× · PEG 0.88 · 65% evidence Relative strength 10.2/20 · Lead over its industry 2.7% · Lead over S&P 500 -3.8% · 1 year 7.3% · 100% evidence · 0 of 12 weeks ahead Exact sum: 15.5 + 7.1 + 13.5 + 10.2 = 46.3 · What this means: The valuation scores well, but earnings are not improving yet, so the business does not back up the low multiple so far. 10. [Brookfield Infrastructure Corporation](https://www.sectoralpha.in/us/stocks/bipc) BIPC · basing · Too little evidence to rank firmly · 56% evidence 45.2 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 16.1/35 · Revenue 1.3% · Profit n/a · Operating margin change n/a · 52% evidence Capital efficiency 13.9/25 · ROCE 13.6% · Operating margin n/a · 61% evidence Valuation 11.5/20 · P/E -31.4× · PEG n/a · 15% evidence Relative strength 3.7/20 · Lead over its industry -8.7% · Lead over S&P 500 -14.7% · 1 year -17% · 100% evidence · 0 of 12 weeks ahead Exact sum: 16.1 + 13.9 + 11.5 + 3.7 = 45.2 · What this means: Some evidence is missing, so the score is pulled toward the middle on purpose. 11. [NiSource Inc.](https://www.sectoralpha.in/us/stocks/ni) NI · turning · Evidence leans down · 79% evidence 45.1 out of 100 Growth Capital Valuation Relative 12. [RGC Resources, Inc.](https://www.sectoralpha.in/us/stocks/rgco) RGCO · turning · Evidence leans down · 79% evidence 45.0 out of 100 Growth Capital Valuation Relative 13. [Suburban Propane Partners, L.P.](https://www.sectoralpha.in/us/stocks/sph) SPH · basing · Evidence leans down · 77% evidence 44.3 out of 100 Growth Capital Valuation Relative 14. [MDU Resources Group, Inc.](https://www.sectoralpha.in/us/stocks/mdu) MDU · basing · Evidence leans down · 85% evidence 38.1 out of 100 Growth Capital Valuation Relative 15. [Centuri Holdings, Inc.](https://www.sectoralpha.in/us/stocks/ctri) CTRI · basing · Most evidence points down · 67% evidence 30.1 out of 100 Growth Capital Valuation Relative 16. [OPAL Fuels Inc.](https://www.sectoralpha.in/us/stocks/opal) OPAL · quiet · Most evidence points down · 75% evidence 29.6 out of 100 Growth Capital Valuation Relative Missing figures are not scored as bad. They lower the confidence and pull the final score toward the middle. Relative strength counts only when the company has a reading for this week; with no reading, that factor is left out and its 20 points are shared across the other three in proportion. PEG is not shown when the ratio cannot mean anything: the company must be making a profit, its price-to-earnings must be positive, and its three-year earnings growth must fall between 5% and 60%. Dividing a price multiple by a loss, or by growth measured off a tiny base, produces a number that looks precise and tells you nothing. Under relative strength, one mark per week shows the last 12 weeks: a mark is filled where the company led S&P 500 by 5% or more over the 13 weeks ending that week, which is the same test used everywhere on this site. Price stage places the company on the same six-step path the industry is placed on (basing, turning, breaking out, leader, fading, asleep), read from how many weeks running it has led S&P 500 and whether that lead is growing or shrinking. It describes where the share price stands, not the direction of earnings, and it is not a recommendation; it is left blank for a company whose weekly history is too short or too stale to read. The figures in this ranking come from the industry comparison: results through the Jun 2026 quarter, and the P/E at that quarter's end. The sections above use the latest weekly price, so a P/E or return there can differ a little from the one here. The stage words in this ranking (such as losing its lead or breaking out) describe the lead over the index, not the price phase in the price section. Related companies: [Utilities - Regulated Gas](https://www.sectoralpha.in/us/sectors/utilities-regulated-gas), all 16 compared on one page. ## Which companies are close to Chesapeake Utilities in size? Chesapeake Utilities is the 11th largest of 16 Utilities - Regulated Gas companies on Sector Alpha by market value (scores of 3 November 2026). Just above it: ONE Gas, Inc., Brookfield Infrastructure Corporation and MDU Resources Group, Inc. Just below it: Centuri Holdings, Inc., Northwest Natural Holding Company and Suburban Propane Partners, L.P. ### Utilities - Regulated Gas companies close in size 1. [ONE Gas, Inc.](https://www.sectoralpha.in/us/stocks/ogs) $5.1 billion 2. [Brookfield Infrastructure Corporation](https://www.sectoralpha.in/us/stocks/bipc) $4.6 billion 3. [MDU Resources Group, Inc.](https://www.sectoralpha.in/us/stocks/mdu) $4.1 billion 4. Chesapeake Utilities Corporation $3.3 billion 5. [Centuri Holdings, Inc.](https://www.sectoralpha.in/us/stocks/ctri) $2.2 billion 6. [Northwest Natural Holding Company](https://www.sectoralpha.in/us/stocks/nwn) $2.1 billion 7. [Suburban Propane Partners, L.P.](https://www.sectoralpha.in/us/stocks/sph) $1.1 billion [All 16 Utilities - Regulated Gas companies, largest first](https://www.sectoralpha.in/us/sectors/utilities-regulated-gas#all-companies) ### Companies close in size in other industries 1. [National Health Investors, Inc.](https://www.sectoralpha.in/us/stocks/nhi) $3.4 billion · REIT - Healthcare Facilities 2. [Cushman & Wakefield Limited](https://www.sectoralpha.in/us/stocks/cwk) $3.4 billion · Real Estate Services 3. Chesapeake Utilities Corporation $3.4 billion 4. [Corporación Inmobiliaria Vesta, S.A.B. de C.V.](https://www.sectoralpha.in/us/stocks/vtmx) $3.4 billion · Real Estate - Development 5. [Orla Mining Ltd.](https://www.sectoralpha.in/us/stocks/orla) $3.4 billion · Gold ## What else do people ask about Chesapeake Utilities? ### What were Chesapeake Utilities's latest quarterly results? Chesapeake Utilities Corporation reported revenue of $202 M and net profit of $25.4 M for the Jun 2026 quarter. Revenue rose 4.7% and profit rose 6.3% compared with a year earlier. Earnings per share were $1.05. The operating margin was 26.2%, 0.1 percentage points lower than a year earlier (as of 3 November 2026). ### What is Chesapeake Utilities's market cap? Chesapeake Utilities Corporation's market capitalisation is $3.3 B at a stock price of $138.05. Market cap is the share price times the number of shares, so it changes whenever the price moves (as of 3 November 2026). ### How is Chesapeake Utilities performing? Chesapeake Utilities Corporation's share price has been stalling near its high for 4 weeks. In its latest quarter, revenue rose 4.7% and profit rose 6.3% compared with a year earlier. Over the past 13 weeks it has done better than the S&P 500, for 2 weeks running (as of 3 November 2026). ### Will Chesapeake Utilities's stock price go up? This page does not forecast Chesapeake Utilities Corporation's stock price. What it shows instead: the stock price is $138.05, and it has been stalling near its high for 4 weeks. Its P/E of 22.0× is higher than 32% of its own last 4 years (as of 3 November 2026). ### Is Chesapeake Utilities's profit real cash? Yes, over the last 3 years, 195% of Chesapeake Utilities Corporation's reported profit came in as cash from operations. The latest year was lower at 167%, so the trend is worth watching. In FY25, operating cash was $234 M against reported profit of $140 M. Most of that cash then goes into building new capacity. These are yearly figures (as of 3 November 2026). ### Where is Chesapeake Utilities in its business cycle? Chesapeake Utilities Corporation's FY25 operating margin was 27.6%, against a 5-year range of 21.1% to 29.5%: the middle of its own range, neither a peak nor a low. The latest quarter was 26.2%. Comparing margins with a company's own long history is a good way to see where it is in its cycle (as of 3 November 2026). ### What could break the Chesapeake Utilities story? Biggest thing to watch: the price is not yet in a clear uptrend, so timing is the risk more than the business. On price, this page treats a rise as over when the share price closes below its 200-day average on two Fridays in a row (as of 3 November 2026). ### Is Chesapeake Utilities a stock worth studying right now? What the numbers show: Chesapeake Utilities Corporation's earnings have grown faster than its share price. Earnings per share grew +13.5% in a year while the price moved +8.5%. The main open question: the next one or two quarters of results. Every number on this page is worked out by code from the published figures, with no forecasts and no price opinions (as of 3 November 2026). This is research, not advice. We’re not SEBI-registered.