January 8, 2026 Fast Retailing Results for September to November 2025 and Estimates for FY2026 Takeshi Okazaki FAST RETAILING CO., LTD. Group Senior Executive Officer & CFO １ Unless otherwise indicated, business profit shall be used to illustrate business profitability in Fast Retailing Co., Ltd. corporate results announcements from the year ended August 31, 2025. Business profit = Revenue – (Cost of sales + SG&A expenses) Group Operations: UNIQLO Japan: UNIQLO Japan operations UNIQLO International: All UNI ...

Core Insights - Constellation Brands, Inc. (STZ) reported strong financial performance for Q3 of fiscal 2026, with earnings per share (EPS) of $3.06, exceeding estimates of $2.65, and revenue of approximately $2.22 billion, surpassing expectations of $2.16 billion [2][6] Financial Performance - The Beer Business segment achieved notable gains in both dollar and volume share, contributing positively to overall financial results [3] - The Wine and Spirit Business continued to outperform the U.S. wine industry, further solidifying the company's market position [3] Market Valuation - STZ has a price-to-earnings (P/E) ratio of approximately 22.10, indicating strong investor confidence in its earnings potential [4] - The price-to-sales ratio stands at about 2.62, reflecting the value placed on each dollar of sales [4] - The company maintains a low debt-to-equity ratio of 0.047, suggesting prudent financial management [4] Financial Stability - The current ratio of approximately 1.34 indicates the company's ability to cover short-term liabilities with short-term assets [5] - An earnings yield of about 4.53% represents a solid return on investment for shareholders [5]

Core Insights - Coeur Mining, Inc. is a significant player in the mining industry, focusing on precious metals extraction from five North American mines, with a price target of $23 set by Roth Capital, indicating a potential upside of 33.33% from its current price of $17.25 [1] Financial Performance - In Q3, Coeur Mining reported a 77% year-over-year increase in revenue, reaching approximately $555 million, driven by balanced output from its mines and stronger metal prices [2][6] - The company's ability to capitalize on favorable market conditions has significantly enhanced its valuation and cash flow [6] Market Valuation - Coeur Mining's forward 12-month price-to-sales multiple is 6.37X, higher than the peer group average of 3.95X, with Southern Copper Corporation and Lundin Mining Corporation having multiples of 9.1X and 4.31X, respectively [3] - Both Coeur Mining and Southern Copper have a Value Score of D, while Lundin Mining holds a score of C, indicating varying levels of perceived value among investors [3] Market Performance - Year to date, Coeur Mining has gained 205.5%, outperforming the Zacks Mining-Non Ferrous industry's increase of 37.6% and the S&P 500's rise of 19.4% [4][6] - The stock has shown volatility, trading between $16.62 and $18.10 during the day, with a yearly high of $23.62 and a low of $4.58 [5]

Core Insights - Cracker Barrel Old Country Store, Inc. reported a Q1 2026 EPS of -$0.74 (Adjusted EPS), exceeding consensus estimates despite a revenue decline of 5.7% year-over-year [2][6] - The company's revenue for the quarter ending October 2025 was approximately $797.2 million, slightly below the estimated $800.3 million and reflecting a 5.7% decline from the previous year [1][2][3] Financial Performance - The EPS for December 9, 2025, was -$1.10 (GAAP earnings), which fell short of the estimated EPS of -$0.78 [1] - Year-over-year earnings have significantly declined from $0.45 per share in the previous year [3] - Despite the revenue shortfall, Cracker Barrel has managed to exceed consensus EPS estimates in three of the past four quarters [3][6] Financial Ratios - The price-to-sales ratio is approximately 0.17, indicating a relatively low valuation compared to sales [4] - The enterprise value to sales ratio stands at about 0.54, reflecting the company's total valuation in relation to its revenue [4] - The enterprise value to operating cash flow ratio is around 11.01, providing insight into the company's valuation compared to its cash flow from operations [5] - The debt-to-equity ratio is about 2.98, suggesting a higher level of debt compared to equity [5] - The current ratio is approximately 0.51, indicating potential challenges in covering short-term liabilities with current assets [5]

Core Insights - Gencor Industries, Inc. reported a net revenue of $18.8 million for Q4 2025, a decrease of 10.0% from $20.9 million in Q4 2024 [1] - The company's gross profit margin for Q4 2025 was 24.2%, down from 25.6% in Q4 2024, attributed to reduced manufacturing overhead absorption [1] - For the fiscal year 2025, net revenue increased by 2.0% to $115.4 million from $113.2 million in fiscal 2024 [3] Financial Performance - The operating loss for Q4 2025 was ($0.2) million, compared to an operating income of $1.2 million in Q4 2024, due to lower gross profit margins and higher SG&A expenses [2] - The company had net non-operating income of $1.9 million in Q4 2025, down from $2.5 million in Q4 2024 [2] - Net income for Q4 2025 was $1.9 million, an increase from $1.5 million in Q4 2024 [2] Yearly Overview - For the year ended September 30, 2025, the gross profit margin was relatively stable at 27.5%, compared to 27.7% in fiscal 2024 [3] - Operating income for fiscal 2025 was $14.0 million, up from $13.7 million in fiscal 2024, driven by increased sales [5] - The effective income tax rate for fiscal 2025 was 22.5%, down from 29.8% in fiscal 2024 [7] Expenses and Income - Product engineering and development expenses decreased by $555,000 to $2.758 million in fiscal 2025, while SG&A expenses increased by $610,000 to $14.937 million [4] - Interest and dividend income for the year ended September 30, 2025, was $4.373 million, up from $3.435 million in the previous year [6] - Net other income for the year was $6.181 million, down from $7.043 million in fiscal 2024 [6] Balance Sheet and Cash Position - As of September 30, 2025, the company had $136.3 million in cash and marketable securities, an increase of $20.9 million from $115.4 million in 2024 [8] - The company's working capital rose to $197.7 million at September 30, 2025, compared to $182.2 million at the same time in 2024 [8] - Gencor had no short-term or long-term debt as of September 30, 2025 [8] Market Position and Outlook - The company's backlog was $23.6 million as of December 1, 2025, a significant decrease from $56.2 million a year earlier [8] - Gencor's President noted that the company faced increased competition but still achieved improved net income and cash reserves [9] - The company is a diversified heavy machinery manufacturer focused on highway construction materials and environmental control machinery [10]

Company Overview - Proactive is a financial news publisher that provides fast, accessible, informative, and actionable business and finance news content to a global investment audience [2] - The company operates with a team of experienced and qualified news journalists, ensuring independent content production [2] Market Focus - Proactive specializes in medium and small-cap markets while also covering blue-chip companies, commodities, and broader investment stories [3] - The news team delivers insights across various sectors, including biotech and pharma, mining and natural resources, battery metals, oil and gas, crypto, and emerging digital and EV technologies [3] Technology Adoption - Proactive is recognized for its forward-looking approach and enthusiastic adoption of technology to enhance workflows [4] - The company utilizes automation and software tools, including generative AI, while ensuring that all content is edited and authored by humans [5]

Core Insights - Watches of Switzerland Group PLC (WOSGF) is a leading luxury-watch retailer with a strong presence in the UK and US markets, focusing on high-end timepieces and exceptional customer service [1] Financial Performance - On December 4, 2025, WOSGF reported earnings per share of $0.25, exceeding the estimated $0.23, indicating strong financial performance [2] - For the first half of 2026, the company experienced a 10% increase in group revenue to £845 million, primarily driven by a 20% revenue growth in the US market, which accounted for nearly 60% of profitability [3] - Despite a decrease in EBIT margin to 8.1%, adjusted earnings before interest and taxes rose by 6% to £69 million, with strong free cash flow reported at £48 million, reflecting financial stability [4][6] Market Valuation Metrics - WOSGF has a price-to-earnings (P/E) ratio of approximately 20.85, a price-to-sales ratio of about 0.66, and an enterprise value to sales ratio of around 1.01, indicating its market valuation relative to earnings and sales [5] - The company's debt-to-equity ratio is approximately 1.20, suggesting balanced financial leverage, while a current ratio of around 1.95 indicates a strong ability to cover short-term liabilities [5]

Core Insights - HealthEquity, Inc. is a leading player in the medical services industry, focusing on health savings accounts (HSAs) and related financial services, with a strong emphasis on financial performance and strategic initiatives to enhance member savings and investment strategies [1] Financial Performance - For Q3 2026, HealthEquity reported earnings of $1.01 per share, exceeding the Zacks Consensus Estimate of $0.90 per share, resulting in a 12.22% earnings surprise and an increase from $0.78 per share in the same quarter last year [3] - The company's revenue for the quarter ending October 2025 was $322.16 million, surpassing the Zacks Consensus Estimate by 0.69% and reflecting a 7% increase from $300.43 million reported in the same period last year [4][6] Strategic Initiatives - HealthEquity returned $93.7 million to shareholders through stock repurchases and implemented a $2.25 billion 5-year Treasury bond hedge to mitigate HSA cash repricing risk [5] - Total HSA assets grew by 15% to $34.4 billion, demonstrating the company's commitment to enhancing member savings and investment strategies [5] Market Position and Analyst Ratings - Citigroup maintained an "Outperform" rating for HealthEquity with a stock price of $98.64 and raised the price target from $117 to $122, indicating positive expectations for the company's future performance [2][6]

Core Insights - Thor Industries, Inc. is a leading player in the recreational vehicle (RV) industry, recognized for its diverse range of RV manufacturing and strong market position [1] Financial Performance - The company reported earnings per share (EPS) of $0.40, significantly exceeding the estimated loss of $0.11, resulting in a 472.73% positive surprise compared to analyst estimates [2][6] - Thor Industries achieved revenue of approximately $2.39 billion for the quarter ended October 2025, surpassing the estimated $1.98 billion and reflecting an 11.5% year-over-year growth [3][6] - The gross profit for the quarter grew by 14% year over year to $321 million, with the gross margin expanding by 30 basis points to 13.4% [4] - The adjusted EBITDA rose by 21.5% year over year to $131 million, indicating strong operational efficiency [4][6] Cash Flow and Financial Stability - Despite reporting an operating cash outflow of $44.9 million for the quarter, the company ended the period with $509.9 million in cash and equivalents, demonstrating a strong liquidity position [5] - Thor Industries maintains a low debt-to-equity ratio of nearly 0.00066, highlighting its financial stability and attractiveness to investors [5]

Core Viewpoint - American Eagle Outfitters (AEO) has demonstrated strong financial performance, exceeding market expectations and raising its outlook for the holiday quarter and the entire year [2][3]. Financial Performance - AEO reported earnings per share (EPS) of $0.52, surpassing the estimated $0.43 and last year's EPS of $0.48, indicating positive growth [2]. - The company's revenue for the quarter was approximately $1.36 billion, exceeding the estimated $1.32 billion [2]. Sales Outlook - AEO anticipates a rise in comparable sales by 8% to 9%, driven by improved sales trends and a strong start to the holiday season [3]. Valuation Metrics - AEO has a price-to-earnings (P/E) ratio of approximately 16.88 and a price-to-sales ratio of about 0.66 [3]. - The enterprise value to sales ratio is around 0.97, while the enterprise value to operating cash flow ratio is approximately 12.63 [3]. Financial Stability - AEO's debt-to-equity ratio is 1.08, indicating slightly more debt than equity, but it has a current ratio of 1.63, demonstrating good liquidity to cover short-term liabilities [4]. - The company's financial health, combined with strong sales momentum, supports confidence in its future prospects [4].