Celanese Corporation (NYSE:CE) is among the 9 Undervalued Chemical Stocks to Buy According to Hedge Funds. Analysts Highlight Celanese Corporation (CE)'s Operating Leverage Amid Potential Demand Cycle Celanese Corporation (NYSE:CE) is one of the best chemical stocks.  On February 18, CE’s price target was raised at Evercore ISI and Mizhou. Evercore ISI raised it by $18 while Mizhou raised it by $10. Similarly, earlier on February 5, Jefferies also upgraded CE from Hold to Buy and raised the price target ...

Geographically, the Americas grew 21% and exceeded $1 billion in quarterly revenue for the first time, while EMEA grew 14% and APAC grew 8%.Chief Financial Officer Doug Boessen added that fourth-quarter GAAP EPS was $2.73 and noted operating expenses increased about $80 million, or 14%, driven by higher research and development (personnel-related) and increased SG&A from advertising and personnel-related expenses. By segment in the quarter, Garmin posted double-digit growth in three of five segments, led by ...

RB Global (NYSE:RBA) Q4 2025 Earnings call February 17, 2026 04:30 PM ET Speaker8Hello, everyone. Thank you for joining us, and welcome to the RB Global Fourth Quarter 2025 Earnings Call. After today's prepared remarks, we will host a question and answer session. If you would like to ask a question, please press star one on your telephone keypad. To withdraw your question, press star one again. I will now hand the call over to Sameer Rathod, Vice President, Investor Relations and Market Intelligence. Please ...

Core Insights - Analysts have increased their price targets for McDonald's Corp. (MCD) stock following a strong earnings report, indicating positive market sentiment towards the company [1] - MCD's stock has shown significant growth, rising 9.2% from a low of $299.86 on January 5 to a closing price of $327.58 on February 13, despite a slight dip after the earnings release [2] Financial Performance - McDonald's operating cash flow (OCF) margin improved to 39.2% from 36.5%, reflecting a 7.4% increase, while revenue grew by 3.7% to $26.9 billion in 2024, demonstrating enhanced operational efficiency [5][6] - The company's capital expenditures (capex) as a percentage of sales increased to 12.5% from 10.7%, yet free cash flow (FCF) as a percentage of sales also rose to 26.7% from 25.7%, indicating a strong ability to invest while maintaining cash generation [7] Future Projections - A revised price target of $371.30 has been set based on an expected $9 billion in FCF for 2026, representing a 25% increase over 2025, supported by a 40% OCF margin assumption and $3.2 billion in capex spending [8]

Core Viewpoint - NetEase Cloud Music reported a slight decline in total revenue for FY25, but adjusted net profit showed significant growth, indicating a mixed financial performance with concerns over revenue growth in online music services and overall gross profit margin [1]. Financial Performance - Total revenue for FY25 decreased by 2% YoY to RMB7.76 billion, slightly below the Bloomberg consensus estimate of RMB7.91 billion [1]. - Adjusted net profit increased by 68% YoY to RMB2.86 billion, aligning with consensus estimates [1]. - Adjusted operating profit grew by 32% YoY to RMB1.73 billion, excluding the impact of deferred income tax credit [1]. Revenue Breakdown - Online music services revenue grew by 8% YoY to RMB3.0 billion in 2H25, a slowdown from 16% YoY growth in 1H25 [2]. - Membership subscription revenue rose by 12% YoY to RMB2.6 billion in 2H25, driven by subscriber base growth but offset by a decline in monthly ARPPU [2]. - Non-subscription music revenue fell by 7% YoY in 2H25, primarily due to decreased revenue from digital album sales [2]. - Revenue from social entertainment and others dropped by 17% YoY to RMB905 million in 2H25, although it stabilized with a 5% HoH growth [2]. Margin Analysis - Overall gross profit margin (GPM) increased by 2.7 percentage points YoY but declined by 1.4 percentage points HoH to 35.0% in 2H25, mainly due to reduced revenue from higher-margin non-subscription business [3]. - Adjusted operating margin improved by 4.6 percentage points YoY to 21.1% in 2H25, attributed to operating leverage and effective expense control [3]. Future Outlook - For FY26E, total revenue is forecasted to increase by 8% YoY to RMB8.4 billion, driven by solid growth in the online music business [4]. - Music subscription revenue is expected to rise by 13% YoY to RMB5.7 billion in FY26E, supported by growth in both subscriber base and ARPPU [4]. - Adjusted operating profit is projected to grow by 19% YoY in FY26E, with operating profit margin increasing by 2 percentage points YoY [4].

Financial Data and Key Metrics Changes - For Q4 2025, the company reported GAAP net income of $18.3 million, or $0.13 per share, compared to a GAAP loss of $9.5 million, or $0.08 per share in Q3 2025 [22] - Book value per common share was $7.36 at December 31, 2025, slightly up from $7.35 at September 30, 2025 [22] - Economic return on book value was 2.6% for the quarter, including $0.04 from share repurchases and $0.18 per share common dividend [22] - Non-GAAP earnings available for distribution (EAD) increased from $0.01 in Q3 to $0.20 in Q4, exceeding the common dividend [22][23] Business Line Data and Key Metrics Changes - The Sequoia platform locked $5.3 billion of loans in Q4 2025, a 5% increase from Q3 and up 130% from Q4 2024 [12] - Aspire locked a record $1.5 billion of loans during Q4 2025, a 20% sequential increase, with total 2025 lock volume exceeding $3 billion [16] - CoreVest closed out 2025 with full-year volumes up 13% versus 2024, with nearly 40% of Q4 production coming from residential transition loans [17] Market Data and Key Metrics Changes - The company estimates that between $200 billion and $300 billion of jumbo mortgages could become refinanceable as mortgage rates hover just above 6% [8] - The company’s full-year 2025 jumbo market share was approximately 7%, significantly up from prior years [13] - Institutional participation in housing has drawn renewed focus, with proposals to limit ownership of single-family homes by large institutional investors [9] Company Strategy and Development Direction - The company is shifting towards increasing capital to mortgage banking platforms, with over 80% of capital now invested in core operating activities, up from 57% in 2024 [6] - The company plans to leverage AI to enhance risk management, accelerate capital deployment, and improve operating leverage [10] - The focus is on maintaining a capital-efficient, originate-to-distribute model, where earnings power is driven by margin and capital velocity rather than balance sheet size [25] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the potential for a broader refinance wave, which could significantly expand volume expectations for the Sequoia business [8] - The company expects core operating performance to drive consolidated earnings above the common dividend in 2026, enabling earnings retention and reinvestment for organic growth [11] - Management highlighted the importance of affordability initiatives in Washington and their potential impact on housing activity [7] Other Important Information - The company reduced its legacy bridge portfolio's principal balance by nearly 40% during Q4 2025, leading to a significant decline in 90-day plus delinquencies [18] - The company is focused on technology enablement through RWT Horizons, which has resulted in a reduction of operating costs per loan by 44% year-over-year [20] Q&A Session Summary Question: Impact of recent mortgage rate movements on business volume - Management reported January volume at $3.6 billion, indicating continued acceleration from Q4 [30] Question: Opportunities in the Aspire non-QM platform and potential GSE reform impacts - Management noted strong momentum in Aspire, with expectations for continued growth and limited impact from GSE reforms [32][36] Question: Thoughts on third-party capital providers - Management indicated strong demand for production and ongoing discussions with capital partners to support growth [40][41] Question: Current margins in the non-QM channel compared to jumbo - Management targets gain on sale margins in non-QM similar to Sequoia, with expectations for improved execution through securitization [44][46] Question: Competitive landscape in the non-QM market - Management acknowledged increased competition but expressed confidence in their ability to grow market share [48][49] Question: CoreVest originations and first-quarter volume expectations - Management projected higher volumes in Q1 with consistent margins, focusing on smaller balance products [75][76]

Financial Data and Key Metrics Changes - The company reported adjusted EPS of $17.14 for 2025, exceeding initial guidance of approximately $16.25 [17] - The full-year insurance segment benefit ratio was 90.4%, slightly better than guidance [18] - For 2026, the company expects full-year adjusted EPS of at least $9, with a year-over-year decline anticipated due to a stars headwind [19] Business Line Data and Key Metrics Changes - The company experienced approximately 1 million member growth, or 20%, during the Annual Enrollment Period (AEP) [8] - Retention rate improved by over 500 basis points year-over-year, with over 70% of new sales coming from switches from competitor plans [9] - The company expects individual Medicare Advantage (MA) membership growth of approximately 25% for full year 2026 [10] Market Data and Key Metrics Changes - The company absorbed approximately 12% of members impacted by competitor plan exits, which is less than its market share [9] - Nearly 30% of new sales were bounce-back members, indicating a positive mix of new sales [9] Company Strategy and Development Direction - The company remains committed to a consumer-centric strategy, focusing on maximizing customer lifetime value and member retention [6] - Plans are designed to be priced for sustainable margins, moving away from loss leader strategies [8] - The company is expanding its Medicaid and CenterWell footprint, with Medicaid now spanning 13 states [14] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the operational capacity to absorb growth and maintain quality care for members [10] - The company is adapting to the funding environment and expects to unlock earnings potential by 2028 [15] - Management acknowledged the challenges posed by the Advance Rate Notice but emphasized a commitment to protect consumers [15] Other Important Information - The company is focused on capital efficiency and plans to fund membership growth and strategic acquisitions while maintaining credit ratings [24] - A new President of Medicare Advantage, Aaron Martin, joined the company, bringing extensive healthcare experience [16] Q&A Session Summary Question: Can you expand on the level of earnings outside of MA underwriting? - Management indicated that earnings associated with CenterWell will contribute positively, with significant tailwinds expected from new membership [30] Question: How is the typical progress of margins for new members over time? - Management noted that margins typically improve significantly from year one to year two, with ongoing improvements expected in subsequent years [35] Question: What are the expectations for 2026 compared to Investor Day? - Management highlighted that the biggest difference is the embedded conservatism in their numbers, leading to a broader haircut in guidance [45] Question: How did the D-SNP membership growth compare to expectations? - The absolute number of new D-SNP members exceeded expectations, although the percentage growth was slightly lower [48] Question: What is the impact of the stars headwind on margins? - Management explained that the stars headwind affects both new and existing members, with similar margins expected for both cohorts [32] Question: How will the company adjust to the rate notice? - Management stated that they will adapt to the final rate notice and advocate for appropriate funding levels [59]

Core Insights - Roku is expected to report fourth-quarter 2025 results on February 12, 2026, with projected total net revenues of approximately $1.35 billion, reflecting a year-over-year increase of 12% [1][2] - The company anticipates Platform revenues to grow by 15% year over year, while Devices revenues are expected to remain flat compared to the previous year [1][8] Revenue and Earnings Expectations - The Zacks Consensus Estimate for fourth-quarter revenues is set at $1.35 billion, indicating a year-over-year growth of 12.62%, with earnings estimated at 28 cents per share, a significant improvement from a loss of 24 cents per share in the previous year [2] - Roku delivered an earnings surprise of 128.57% in the last reported quarter, consistently beating the Zacks Consensus Estimate in the past four quarters, with an average surprise of 86.85% [3] Platform Monetization and Growth Factors - The company enters the fourth quarter of 2025 with strong platform monetization momentum, driven by sustained advertiser demand, expanding subscription distribution, and improved programmatic execution [4] - Third-quarter platform revenue growth was 17% year over year, and management expects a continued growth rate of approximately 15% for the fourth quarter, supported by healthier organic performance and gross margins near 52% [4][6] Subscription and Streaming Distribution - Subscription and streaming distribution have strengthened Roku's platform monetization, with third-quarter gains attributed to higher premium subscriptions and improved discovery features [5] - Management noted that subscription revenues are growing faster than advertising, indicating stable demand and a stronger recurring revenue base [5] Operating Leverage and Profitability - Roku has achieved its first operating profit since 2021, reflecting tighter expense control and a higher-margin platform contribution [6] - The company projects a record fourth-quarter adjusted EBITDA of approximately $145 million, alongside healthy free cash flow and active capital returns, indicating improved earnings efficiency [6] Devices Business Challenges - The Devices segment continues to face margin pressure, with third-quarter results showing declining revenues and a negative margin, which is expected to worsen into the high-20% range due to seasonal promotional activities [7] - This segment is anticipated to negatively impact consolidated profitability in the upcoming quarter [7]

Financial Data and Key Metrics Changes - In Q4 2025, the company achieved GAAP net income of $34 million and operating cash flow of $80 million, marking a significant turnaround from a loss of $238 million in the previous year [5][30] - For the full year 2025, revenues reached $1.3 billion, up 26% year-over-year, with adjusted EBITDA of $371 million, up 76% year-over-year, and GAAP net income of $81 million, an improvement of $483 million compared to 2024 [5][23][30] - The fourth quarter revenue was $335 million, with a 29% adjusted EBITDA margin, and FRLPC (Fee Revenue Less Production Costs) was $131 million, up 12% year-over-year [24][26] Business Line Data and Key Metrics Changes - Personal loans accounted for approximately 65% of total network volume, growing 10% year-over-year, while auto and point-of-sale (POS) represented 19% and 16% of quarterly network volume, respectively [24] - The company reported a total network volume of $2.7 billion for Q4, up 3% year-over-year, with full-year network volume at $10.5 billion, up 9% [24][25] Market Data and Key Metrics Changes - The company has diversified its funding sources, creating almost $3 billion of revolving capacity through ABS (Asset-Backed Securities) structures across personal loans and point-of-sale [12][33] - The capital markets environment remains supportive, with strong demand from insurance funds and traditional asset managers, despite increased volatility in private credit [19][55] Company Strategy and Development Direction - The company is focused on sustainable, profitable growth, emphasizing prudent risk management over short-term gains, and aims to build a B2B2C platform that integrates into the U.S. financial ecosystem [6][13][14] - Future growth is expected to come from deepening existing partner relationships and onboarding new partners, with a robust pipeline of new partnerships [9][10][14] Management's Comments on Operating Environment and Future Outlook - Management noted that while consumer performance remains strong, there is increased uncertainty in the market, prompting a cautious approach to credit exposure [6][19][60] - The guidance for 2026 reflects a cautious outlook, with expected GAAP net income ranging from $100 million to $150 million, and a focus on maintaining profitability while managing risk [39][46] Other Important Information - The company has made significant investments in data and risk infrastructure, enhancing its ability to manage credit risk effectively [21][22] - The fourth quarter saw proactive steps taken to reduce exposure to higher-risk segments, which impacted network volumes but did not affect profitability targets [20][25] Q&A Session Summary Question: Can you elaborate on the decision to move away from variable outcomes? - Management emphasized the importance of prudent risk management over short-term growth, highlighting the ability to proactively manage risk based on data from multiple lenders [39][40] Question: How is the funding environment affecting your outlook for 2026? - The company noted strong demand for its products and a more disciplined private credit market, which is beneficial for its funding strategy [55] Question: What specific actions were taken to pull back on credit exposure? - The company indicated that the pullback was across the entire portfolio, with a focus on personal and auto loans due to the growth seen in POS [63]

Financial Data and Key Metrics Changes - In 2025, normalized FFO per share increased by 9%, with same-store SHOP cash net operating income growing by 15%, marking the fourth consecutive year of double-digit SHOP NOI growth [7][28] - The enterprise value exceeded $50 billion, with fourth quarter annualized NOI and SHOP NOI reaching $2.5 billion and $1.3 billion, respectively [7][28] - Total shareholder returns for 2025 were 35%, significantly outperforming industry benchmarks and the S&P 500 [8] Business Line Data and Key Metrics Changes - The SHOP same-store portfolio revenue grew over 8%, driven by a 300 basis points year-over-year occupancy increase [14] - NOI for SHOP grew by 15.4% year-over-year in the fourth quarter, with margins increasing by 180 basis points to over 28% [15] - The outpatient medical and research (OMR) business saw same-store cash NOI growth of nearly 4% year-over-year in the fourth quarter [27] Market Data and Key Metrics Changes - The over 80 population is projected to grow by 28% in the next five years, creating significant demand for senior housing [8][10] - New supply of senior housing remains constrained, with only about 2,500 new units started in the fourth quarter of 2025 [9][10] - The company operates in a consumer-driven, private pay business model, which has shown resilience during adverse conditions [9] Company Strategy and Development Direction - The company aims to capitalize on the multi-year growth opportunity in senior housing through its 1, 2, 3 strategy, focusing on organic growth, value-creating investments, and cash flow generation [6][10] - The strategic vision includes enhancing financial strength and flexibility while expanding the senior housing business through aggressive investment activity [10][11] - The company plans to maintain a high single-digit growth in normalized FFO per share for 2026, with expectations of continued double-digit same-store cash NOI growth [11][12] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the long-term growth potential driven by demographic trends and the aging population [8][10] - The company is well-positioned to manage the increasing demand for senior housing, with a focus on operational excellence and strong partnerships with operators [20][22] - Management acknowledged the competitive landscape but emphasized the company's unique advantages in capital deployment and operator relationships [24][25] Other Important Information - The board approved an 8% increase in the quarterly dividend, reflecting strong performance and a positive outlook [12] - The company raised $7 billion in capital during the year, enhancing its financial flexibility for future investments [30] Q&A Session Summary Question: On the Brookdale reset on the triple net side - Management indicated a reasonable assumption for the triple net business would be around 3% on average for escalators, with the January increases being an outlier [35] Question: Acquisition guidance and market competition - Management noted that the investment pipeline is active, with a mix of off-market and marketed deals, and emphasized their strong track record with repeat sellers [42][43] Question: Impact of flu season on occupancy - Management reported minimal flu impacts and highlighted improved infection control measures since the pandemic [45][46] Question: Future growth opportunities and potential dispositions - Management acknowledged ongoing pruning within the portfolio, with some underperforming senior housing assets identified for potential disposition [52] Question: Occupancy upside for acquired assets - Management indicated that many acquired assets have occupancy upside, with a focus on high-quality, stabilized properties [72][73] Question: Supply concerns in senior housing - Management expressed confidence that demand from the aging population will outpace any new supply, projecting significant growth in the over 80 demographic [96][97]