Financial Performance & Outlook - Clearwater reported Net Sales from continuing operations of $399 million in Q3 2025, a 3% increase compared to Q3 2024 and a 6% increase compared to Q2 2025[10] - The company experienced a Net Loss from continuing operations of $54 million in Q3 2025, which includes a non-cash goodwill impairment of $45 million[10, 11] - Adjusted EBITDA from continuing operations was $178 million with a margin of 4%, towards the higher end of the guidance range[10, 11] - Q4 2025 Adjusted EBITDA is projected to be between $13 million and $23 million, influenced by seasonality and a major maintenance outage at the Augusta, GA mill costing approximately $16 million[15] - For FY 2026, revenue is projected to be $145 billion to $155 billion, with a capacity utilization rate in the mid-80% range[15] Strategic Initiatives & Industry Trends - The company is targeting Adjusted EBITDA margins of 13% to 14% across the paperboard industry cycle, aiming for a 40-50% Adjusted EBITDA to free cash flow conversion rate, or over $100 million per year[5] - Clearwater is focused on reducing its fixed cost structure by $30 million to $40 million in 2025, with current tracking suggesting savings of approximately $50 million[5] - The company is exploring options to expand its product offering, including post-consumer recycled content, compostable plates, lightweight folding carton, poly-free coatings/barriers, unbleached paperboard grade (CUK), and recycled paperboard grade (CRB)[7] - Industry trends indicate a modest shipment growth expected in 2025 and a demand growth of approximately 3% projected for 2026[8] - Bleached paperboard net exports are expected to improve in 2025, with imports forecasted to decrease by approximately 4% and exports forecasted to decrease by approximately 2% compared to 2024[8]

NVIDIA now produces more free cash flow than Microsoft. https://t.co/f1BzrTALze ...

Core Insights - Artificial intelligence (AI) is a significant driver for large-cap ETFs focused on growth, with companies like Broadcom, Palantir, and Nvidia being essential for AI infrastructure [1][2] - The global AI infrastructure market is projected to reach $356 billion by 2032, with big tech expected to invest $155 billion in AI development by 2025, indicating substantial growth potential [2] Company Summaries - **Broadcom**: Holds a 3.52% allocation in the VictoryShares Free Cash Flow Growth ETF (GFLW). It designs semiconductors and networking solutions crucial for AI data flow and connectivity, widely used in data centers and communications networks [3][10] - **Nvidia**: Allocated 4.04% in GFLW. It develops GPUs and platforms that are foundational for AI workloads, utilized globally by enterprises and governments for training and deploying AI models [4][10] - **Palantir**: With a 2.56% allocation in GFLW, it focuses on software platforms that assist organizations in managing data and applying AI for operational decision-making, serving both public and private sectors [5][6][10] Financial Performance - All three companies—Broadcom, Nvidia, and Palantir—exhibit consistent cash generation and disciplined capital management, emphasizing financial flexibility through effective free cash flow utilization [7][10] - GFLW tracks the Victory Free Cash Flow Growth Index, which targets large-cap companies with the potential for future free cash flow generation, rather than solely relying on past performance [9][10]

Core Insights - Tenet Healthcare Corporation reported strong financial results for the third quarter of 2025, with a focus on high acuity service lines and operational discipline leading to revenue growth and free cash flow [3][4][11] - The company raised its financial outlook for the full year 2025, reflecting confidence in continued growth across its markets [4][15] Financial Performance - Net operating revenues for Q3 2025 were $5,289 million, a 3.2% increase from $5,126 million in Q3 2024 [4][39] - Net income available to common shareholders decreased to $342 million, or $3.86 per diluted share, compared to $472 million, or $4.89 per diluted share in Q3 2024 [5][39] - Adjusted EBITDA for Q3 2025 was $1,099 million, up 12.4% from $978 million in Q3 2024, with an adjusted EBITDA margin of 20.8% [4][39] Segment Performance - The Ambulatory Care segment generated net operating revenues of $1,275 million in Q3 2025, up from $1,139 million in Q3 2024, with an adjusted EBITDA of $492 million [9][39] - The Hospital Operations and Services segment reported net operating revenues of $4,014 million in Q3 2025, slightly up from $3,987 million in Q3 2024, with an adjusted EBITDA of $607 million [13][39] Cash Flow and Capital Management - Cash flows from operating activities for the nine months ended September 30, 2025, were $2,809 million, compared to $2,378 million for the same period in 2024 [10][37] - Free cash flow for the nine months ended September 30, 2025, was $2,163 million, an increase from $1,777 million in the prior year [10][37] - The company repurchased 0.6 million shares for $93 million in Q3 2025 and 7.8 million shares for $1,188 million in the nine months ended September 30, 2025 [10][37] 2025 Financial Outlook - The full-year 2025 outlook for net operating revenues is projected to be between $21,150 million and $21,350 million, with adjusted EBITDA expected in the range of $4,470 million to $4,570 million [15][17] - The company anticipates adjusted diluted earnings per share to be between $15.93 and $16.26 for the full year 2025 [15][17]

Core Insights - Applied Industrial Technologies reported a net sales increase of 9.2% year-over-year for the first quarter of fiscal 2026, reaching $1.2 billion, with organic sales growth of 3.0% [2][7] - The company achieved a net income of $100.8 million, or $2.63 per diluted share, reflecting an 11.4% increase compared to the previous year [2][7] - EBITDA for the quarter was reported at $146.3 million, marking a 13.4% year-over-year growth [2][7] Financial Performance - Net sales for the quarter were $1.2 billion, up 9.2% from $1.1 billion in the prior year [2][9] - Organic sales growth was 3.0%, driven by a 4.4% increase in the Service Center segment, while the Engineered Solutions segment saw a slight decline of 0.4% [2][3] - The company reported an EBITDA margin of 12.2%, an increase of nearly 50 basis points from the prior year [3] Guidance and Outlook - The company has modestly increased its fiscal 2026 EPS guidance to a range of $10.10 to $10.85, up from the previous range of $10.00 to $10.75 [3][7] - Sales guidance remains at an increase of 4% to 7%, with organic growth expected to be between 1% to 4% [3] - The company anticipates gradual improvement in end-market demand, despite ongoing macroeconomic uncertainties and inflationary pressures [3] Dividend Announcement - The Board of Directors declared a quarterly cash dividend of $0.46 per common share, payable on November 28, 2025 [4]

Core Insights - The Inspire 500 ETF (NYSEARCA: PTL) is a passively managed fund focusing on the 500 most generously valued U.S. companies [1] - The fund's strategy is informed by the research of individual investor Vasily Zyryanov, who emphasizes the importance of Free Cash Flow and Return on Capital in investment analysis [1] - Zyryanov's research spans various sectors, particularly the energy sector, while also covering industries such as mining, chemicals, and luxury goods [1] Investment Strategy - The ETF targets both underpriced equities with strong upside potential and overappreciated companies with inflated valuations [1] - A meticulous approach is advocated, where investors should assess deeper financial metrics beyond simple profit and sales analysis [1] - The analysis acknowledges that some growth stocks may justify their premium valuations, highlighting the need for thorough investigation into market perceptions [1]

the busiest week of earning season is upon us. We want to bring in Stephanie Link for this stuff. It's not just earning season, man.We've we've got this potential trade deal that looks like it's a much better situation. We are have the markets at new highs. We've got the futures up sharply this morning.Kind of on a roll here. Does that make you feel good or do you get nervous when things are this good. >> Oh, I feel really good, Becky, and thanks for having me.Good morning. Uh the economy is hanging in ther ...

Financial Performance & Capital Allocation - Diamondback generated $1,242 million in Free Cash Flow ("FCF") in Q2 2025, which translates to $425 per share[17] - Adjusted FCF for Q2 2025 was $1,334 million, or $457 per share, excluding $40 million of merger and transaction expenses and $52 million of early derivative termination payments[17] - The company expects to generate at least $58 billion of Adjusted FCF in 2025 at current commodity prices[17] - Approximately 52% of Q2 2025 Adjusted FCF was returned to stockholders, totaling $691 million, through base dividends and share repurchases[15, 17] - The share repurchase authorization was increased by $20 billion, bringing the total to $80 billion, with approximately $35 billion remaining[17] Operational Highlights & Asset Overview - Diamondback's market capitalization is $42,306 million, with net debt of $15,098 million, resulting in an enterprise value of $61,342 million[16] - The company has significant scale with approximately 859,000 net acres and run-rate production of approximately 490 Mbo/d (~905 Mboe/d) beginning in Q3[19] - Diamondback possesses best-in-class inventory depth and quality, with approximately 9,600 gross Permian Basin locations economic at $50 / Bbl[20] - The company's unhedged realized cash margin was 73% in Q2 2025[24] Updated Guidance - The company anticipates full year 2025 oil production to be between 485 and 492 Mbo/d (890 – 910 Mboe/d)[69, 71] - The full year 2025 CAPEX budget is projected to be between $34 and $36 billion[69, 71]

Core Insights - Equity investors are concerned about the market rally's lack of breadth, indicating that a small number of companies are driving the market's performance [1] Group 1: Investment Strategies - The individual investor and writer, Vasily Zyryanov, focuses on identifying underpriced equities with strong upside potential and overappreciated companies with inflated valuations [1] - Zyryanov emphasizes the importance of analyzing Free Cash Flow and Return on Capital in addition to profit and sales to gain deeper insights into investments [1] - While favoring underappreciated equities, Zyryanov acknowledges that some growth stocks may warrant their premium valuations, highlighting the need for thorough analysis to determine market correctness [1] Group 2: Sector Focus - Zyryanov pays particular attention to the energy sector, including oil & gas supermajors, mid-cap, and small-cap exploration & production companies, as well as oilfield services firms [1] - His research also encompasses various other industries, such as mining, chemicals, and luxury goods [1]

Core Insights - The company is optimistic about its future, focusing on improving healthcare experiences and operational performance while maintaining financial discipline [4][29][30] Financial Performance - The third quarter results showed a 6% year-over-year increase in same store net revenue, driven by a 5.6% rise in net revenue per adjusted admission [5][10] - Adjusted EBITDA for the third quarter was $376 million, up from $347 million in the prior year, with a margin increase of 100 basis points to 12.2% [9][10] - The company recognized a $28 million gain from a legal settlement, which contributed to the reported results [5][10] Operational Highlights - Inpatient volume growth continued, although the business mix remains skewed towards medical cases rather than surgical ones [6][11] - The company is expanding its service lines, including new urology and neurosurgery programs, and has successfully recruited approximately 160 more employed physicians and advanced practice providers [7][8] - The capital structure improved, with leverage reduced to 6.7 times from 7.4 times at year-end 2024 [8][15] Strategic Initiatives - A leadership conference is planned for 150 CEOs and CFOs to discuss the company's vision and commitment to quality investments [4] - The company is pursuing divestitures and has ongoing discussions for potential deals, indicating a strategic approach to capital deployment [22][25] Market Trends - There is a noted improvement in payer mix, which is expected to positively impact future volumes as consumer confidence stabilizes [20][36] - The company is observing a slight recovery in outpatient elective surgeries, although overall outpatient volumes remain under pressure [19][20] Future Outlook - The adjusted EBITDA guidance for the full year 2025 has been tightened to a range of $1.5 to $1.55 billion, reflecting the impact of the legal settlement and operational performance [16] - Anticipated Medicare rate increases and potential new state-directed payment programs are expected to provide incremental benefits in 2026 [25][40]