View Future GrowthThis company listing is no longer activeThis company may still be operating, however this listing is no longer active. Find out why through their latest events.See Latest EventsODP 過去の業績過去 基準チェック /16ODPは、平均年間6.5%の収益成長を遂げていますが、 Specialty Retail業界の収益は、年間 減少しています。収益は、平均年間5.7% 5.9%収益成長率で 減少しています。 ODPの自己資本利益率は0.6%であり、純利益率は0.08%です。主要情報6.46%収益成長率12.58%EPS成長率Specialty Retail 業界の成長4.13%収益成長率-5.87%株主資本利益率0.61%ネット・マージン0.076%前回の決算情報27 Sep 2025最近の業績更新Reported Earnings • Aug 06Second quarter 2025 earnings releasedSecond quarter 2025 results: Revenue: US$1.59b (down 7.6% from 2Q 2024). Net income: US$0 (up US$4.00m from 2Q 2024). Profit margin: 0% (up from net loss in 2Q 2024). Revenue is expected to decline by 1.9% p.a. on average during the next 3 years, while revenues in the Specialty Retail industry in Germany are expected to grow by 7.5%.お知らせ • Jul 24The ODP Corporation to Report Q2, 2025 Results on Aug 06, 2025The ODP Corporation announced that they will report Q2, 2025 results Pre-Market on Aug 06, 2025Reported Earnings • May 07First quarter 2025 earnings released: US$0.97 loss per share (vs US$0.84 profit in 1Q 2024)First quarter 2025 results: US$0.97 loss per share (down from US$0.84 profit in 1Q 2024). Revenue: US$1.70b (down 9.1% from 1Q 2024). Net loss: US$29.0m (down 194% from profit in 1Q 2024). Revenue is expected to decline by 2.6% p.a. on average during the next 3 years, while revenues in the Specialty Retail industry in Germany are expected to grow by 6.7%.お知らせ • Apr 24The ODP Corporation to Report Q1, 2025 Results on May 07, 2025The ODP Corporation announced that they will report Q1, 2025 results Pre-Market on May 07, 2025Reported Earnings • Feb 26Full year 2024 earnings released: EPS: US$2.83 (vs US$3.56 in FY 2023)Full year 2024 results: EPS: US$2.83 (down from US$3.56 in FY 2023). Revenue: US$6.99b (down 11% from FY 2023). Net income: US$106.0m (down 24% from FY 2023). Profit margin: 1.5% (down from 1.8% in FY 2023). The decrease in margin was driven by lower revenue. Revenue is expected to decline by 1.2% p.a. on average during the next 2 years, while revenues in the Specialty Retail industry in Germany are expected to grow by 6.4%.お知らせ • Feb 13The ODP Corporation to Report Q4, 2024 Results on Feb 26, 2025The ODP Corporation announced that they will report Q4, 2024 results Pre-Market on Feb 26, 2025すべての更新を表示Recent updatesお知らせ • Dec 12The ODP Corporation(NasdaqGM:ODP) dropped from NASDAQ Composite IndexThe ODP Corporation has been dropped from the NASDAQ Composite Index.お知らせ • Dec 11+ 23 more updatesThe ODP Corporation(NasdaqGS:ODP) dropped from Russell Small Cap Comp Value IndexThe ODP Corporation(NasdaqGS:ODP) dropped from Russell Small Cap Comp Value Indexお知らせ • Dec 10The ODP Corporation Announces Chief Executive Officer ChangesAtlas Holdings (Atlas) completed the previously announced acquisition of The ODP Corporation (ODP) in an all-cash transaction valued at approximately $1 billion. In connection with the closing of the transaction, Craig Gunckel has been appointed CEO of ODP and will lead the company’s more than 16,000 coworkers in its retail business, which includes the Office Depot and OfficeMax stores in the United States and Canada, as well as in its vast B2B distribution network across North America. Gunckel brings nearly three decades of leadership experience in the paper and packaging industry in both public and private companies, most recently serving as CEO of Iconex, previously owned by Atlas, where he led a transformation that strengthened operations, improved safety and efficiency across the company’s manufacturing network, and drove meaningful growth in revenue and profitability. Prior to Iconex, Gunckel spent twenty years in leadership roles at WestRock. He succeeds Gerry P. Smith, who has departed the company in conjunction with completion of the transaction.お知らせ • Sep 24The ODP Corporation's Shares of Common Stock to No Longer Be Listed on the Nasdaq Stock Exchange Upon Completion of the TransactionThe ODP Corporation announced that it has entered into a definitive agreement to be acquired by an affiliate of Atlas Holdings, which owns and operates a global family of manufacturing and distribution businesses, for $28 per share in cash. The purchase price represents a premium of 34% to The ODP Corporation's closing share price on September 19, 2025, valuing The ODP Corporation at approximately $1 billion. Upon completion of the transaction, The ODP Corporation will become a privately held company, and shares of common stock will no longer be listed on the NASDAQ stock exchange.Valuation Update With 7 Day Price Move • Sep 23Investor sentiment improves as stock rises 35%After last week's 35% share price gain to €23.40, the stock trades at a forward P/E ratio of 16x. Average forward P/E is 7x in the Specialty Retail industry in Germany. Total loss to shareholders of 36% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at €33.68 per share.Buy Or Sell Opportunity • Sep 22Now 23% undervaluedOver the last 90 days, the stock has risen 19% to €17.70. The fair value is estimated to be €22.86, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 8.7% over the last 3 years. Earnings per share has declined by 18%. Revenue is forecast to decline by 2.8% in a year. Earnings are forecast to grow by 4.8% in the next year.お知らせ • Sep 22ACR Ocean Resources LLC entered into a definitive agreement to acquire The ODP Corporation (NasdaqGS:ODP) for approximately $840 million.ACR Ocean Resources LLC entered into a definitive agreement to acquire The ODP Corporation (NasdaqGS:ODP) for approximately $840 million on September 22, 2025. The ODP Corporation Shareholders to Receive $28 Per Share in Cash. Upon completion of the transaction, The ODP Corporation will become a privately held company, and shares of common stock will no longer be listed on the NASDAQ stock exchange. The Board of Directors of The ODP Corporation unanimously approved the transaction, which is expected to be completed by the end of 2025. The transaction is subject to customary closing conditions, including regulatory approvals and approval by The ODP Corporation shareholders. J.P. Morgan Securities LLC, Simpson Thacher & Bartlett LLP acted as legal advisor for The ODP Corporation. Lazard, Inc. (NYSE:LAZ) acted as financial advisor and Willkie Farr & Gallagher LLP acted as legal advisor for Atlas Holdings.Reported Earnings • Aug 06Second quarter 2025 earnings releasedSecond quarter 2025 results: Revenue: US$1.59b (down 7.6% from 2Q 2024). Net income: US$0 (up US$4.00m from 2Q 2024). Profit margin: 0% (up from net loss in 2Q 2024). Revenue is expected to decline by 1.9% p.a. on average during the next 3 years, while revenues in the Specialty Retail industry in Germany are expected to grow by 7.5%.お知らせ • Jul 31ODP Reportedly Explores a SaleThe ODP Corporation (NasdaqGS:ODP) rose 2.1% after a report that the office supply retailer is exploring a sale that has attracted private equity interest. ODP, the owner of the Office Depot and OfficeMax brands, is evaluating a sale alongside adviser JPMorgan, according to a Dealreporter item on July 29, 2025, which cited sources familiar with the matter. ODP recently asked for initial offers from potential buyers, according to the report. Private equity firms are most interested in the wholesale side of the business and see opportunities for cost cutting in the retail business. A potential bidder may decide to keep the retail and B2B businesses or may split them.お知らせ • Jul 24The ODP Corporation to Report Q2, 2025 Results on Aug 06, 2025The ODP Corporation announced that they will report Q2, 2025 results Pre-Market on Aug 06, 2025お知らせ • Jun 30+ 1 more updateThe ODP Corporation(NasdaqGS:ODP) dropped from Russell 2000 Defensive IndexThe ODP Corporation(NasdaqGS:ODP) dropped from Russell 2000 Defensive IndexValuation Update With 7 Day Price Move • May 14Investor sentiment improves as stock rises 36%After last week's 36% share price gain to €16.40, the stock trades at a forward P/E ratio of 10x. Average forward P/E is 9x in the Specialty Retail industry in Germany. Total loss to shareholders of 56% over the past year.Reported Earnings • May 07First quarter 2025 earnings released: US$0.97 loss per share (vs US$0.84 profit in 1Q 2024)First quarter 2025 results: US$0.97 loss per share (down from US$0.84 profit in 1Q 2024). Revenue: US$1.70b (down 9.1% from 1Q 2024). Net loss: US$29.0m (down 194% from profit in 1Q 2024). Revenue is expected to decline by 2.6% p.a. on average during the next 3 years, while revenues in the Specialty Retail industry in Germany are expected to grow by 6.7%.お知らせ • Apr 24The ODP Corporation to Report Q1, 2025 Results on May 07, 2025The ODP Corporation announced that they will report Q1, 2025 results Pre-Market on May 07, 2025New Risk • Apr 10New major risk - Share price stabilityThe company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of German stocks, typically moving 12% a week. This is considered a major risk. Share price volatility increases the risk of potential losses in the short-term as the stock tends to have larger drops in price more frequently than other stocks. It may also indicate the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (12% average weekly change). Earnings are forecast to decline by an average of 18% per year for the foreseeable future. Minor Risks Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (1.5% net profit margin).Valuation Update With 7 Day Price Move • Apr 09Investor sentiment deteriorates as stock falls 21%After last week's 21% share price decline to €10.70, the stock trades at a forward P/E ratio of 6x. Average forward P/E is 8x in the Specialty Retail industry in Germany. Total loss to shareholders of 77% over the past year.お知らせ • Mar 21The ODP Corporation, Annual General Meeting, May 01, 2025The ODP Corporation, Annual General Meeting, May 01, 2025.Valuation Update With 7 Day Price Move • Mar 05Investor sentiment deteriorates as stock falls 26%After last week's 26% share price decline to €13.70, the stock trades at a forward P/E ratio of 6x. Average forward P/E is 7x in the Specialty Retail industry in Germany. Total loss to shareholders of 72% over the past year.New Risk • Feb 28New minor risk - Earnings qualityThe company has large one-off items impacting its financial results. One-off items were 30% of the size of the rest of the company's trailing 12-month earnings before tax. This is considered a minor risk. One-off items are incomes or expenses that the company does not expect to repeat in future periods. Examples include profits from the sale of a business or expenses from a restructuring or legal settlements. If the company's reported statutory earnings include a large proportion of one-off items it means they may be an unreliable indicator of its true business performance as the earnings were skewed by these incomes or expenses. Currently, the following risks have been identified for the company: Major Risk Earnings are forecast to decline by an average of 19% per year for the foreseeable future. Minor Risks Share price has been volatile over the past 3 months (9.1% average weekly change). Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (1.5% net profit margin).New Risk • Feb 27New major risk - Revenue and earnings growthEarnings are forecast to decline by an average of 19% per year for the foreseeable future. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are expected to decline, then in most cases the share price will decline over time as well. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. This is currently the only risk that has been identified for the company.Reported Earnings • Feb 26Full year 2024 earnings released: EPS: US$2.83 (vs US$3.56 in FY 2023)Full year 2024 results: EPS: US$2.83 (down from US$3.56 in FY 2023). Revenue: US$6.99b (down 11% from FY 2023). Net income: US$106.0m (down 24% from FY 2023). Profit margin: 1.5% (down from 1.8% in FY 2023). The decrease in margin was driven by lower revenue. Revenue is expected to decline by 1.2% p.a. on average during the next 2 years, while revenues in the Specialty Retail industry in Germany are expected to grow by 6.4%.お知らせ • Feb 13The ODP Corporation to Report Q4, 2024 Results on Feb 26, 2025The ODP Corporation announced that they will report Q4, 2024 results Pre-Market on Feb 26, 2025お知らせ • Dec 14+ 1 more updateThe ODP Corporation Announces Co-Principal Financial Officers AppointmentsOn December 12, 2024, The ODP Corporation announced the appointment of Max Hood, age 46 the Company’s Senior Vice President, Chief Accounting Officer & Controller, and Adam Haggard, the Company’s Senior Vice President – Financial Planning & Analysis (“FP&A”), to each serve as the Company’s Co-ChiefFinancial Officers and co-principal financial officers. Mr. Hood will continue to serve as the Company’s principal accounting officer. Mr. Haggard, age 45, has been with the Company for more than 20 years in various roles in the Accounting and Finance departments. His most recent positions have been Senior Vice President of FP&A, preceded by his tenures as Vice President of FP&A and Real Estate Development, Vice President of FP&A, and Senior Director of Retail Real Estate and Supply Chain. Prior to joining the Company, Mr. Haggard began his career at a mid-sized auditing firm. Further, there are no arrangements or understandings between Mr. Haggard and any other persons pursuant to which he was selected as the Company’s Co-Chief Financial Officer and co-principal financial officer.Valuation Update With 7 Day Price Move • Nov 13Investor sentiment deteriorates as stock falls 20%After last week's 20% share price decline to €23.60, the stock trades at a forward P/E ratio of 7x. Average forward P/E is 6x in the Specialty Retail industry in Germany. Total loss to shareholders of 47% over the past year.Reported Earnings • Nov 07Third quarter 2024 earnings released: EPS: US$2.05 (vs US$1.84 in 3Q 2023)Third quarter 2024 results: EPS: US$2.05. Revenue: US$1.78b (down 11% from 3Q 2023). Net income: US$68.0m (down 2.9% from 3Q 2023). Profit margin: 3.8% (up from 3.5% in 3Q 2023). Revenue is expected to decline by 1.6% p.a. on average during the next 3 years, while revenues in the Specialty Retail industry in Germany are expected to grow by 5.8%.お知らせ • Oct 24The ODP Corporation to Report Q3, 2024 Results on Nov 06, 2024The ODP Corporation announced that they will report Q3, 2024 results Pre-Market on Nov 06, 2024お知らせ • Aug 28The ODP Corporation Enhances Customer Experience with Gen AI Data IntegrationThe ODP Corporation announced the implementation of cutting-edge Generative AI (Gen AI) technology across its nationwide network of Office Depot and OfficeMax stores. This technology has significantly enhanced its customer experience since its last announcement, and further demonstrates the Company’s continued commitment to adopting artificial intelligence technologies. The ODP Personal Assistant—an internally developed AI application that leverages the same technology as ChatGPT and maintains all data within ODP's secure environment—launched in February 2023 to thousands of associates across all business units. Based on early successes realized after its launch, the decision was made to integrate comprehensive knowledge bases into the application, to help associates obtain quick answers to common questions to enhance the service provided to customers. To further enhance customer service in the Company’s store locations, a retail knowledge base was developed and has been accessible since December 2023 on store computers and handheld devices used by store associates. Key enhancements and benefits of the knowledge base integration in retail stores include: Immediate Access to Information: Associates can seamlessly interact with the ODP Personal Assistant application using natural English-language queries to receive prompt answers. This replaces traditional methods of consulting other associates or searching company portals, thus vastly improving efficiency. Comprehensive Knowledge Bases: Associates can leverage Gen AI technology by accessing relevant internal information ingested into Gen AI knowledge bases via the ODP Personal Assistant application. Associates can use natural language and receive immediate responses, complete with citations for the information used. This enhances associates’ abilities to assist customers. Approximately 900 stores and 12,000 associates are empowered with this AI integration. Enhanced Customer Experience: With quick access to essential data, associates can dedicate more time to customer engagement, providing faster and more accurate responses. This allows associates to continue to provide world-class customer service. This initiative has helped modernize the Company’s retail environments since the end of 2023, enriching the customer experience and paving the way for future applications of AI-related technologies.Valuation Update With 7 Day Price Move • Aug 14Investor sentiment deteriorates as stock falls 34%After last week's 34% share price decline to €22.80, the stock trades at a forward P/E ratio of 6x. Average forward P/E is 6x in the Specialty Retail industry in Germany. Total loss to shareholders of 48% over the past year.お知らせ • Aug 14+ 1 more updateD. Anthony Scaglione to Step Down as Chief Financial Officer of The ODP Corporation, Effective September 13, 2024The ODP Corporation announced that D. Anthony Scaglione, chief financial officer is stepping down from his role to pursue another career opportunity and that his last day will be September 13, 2024. As the Company formulates its plans to fill the chief financial officer role and to ensure a smooth transition, Mr. Scaglione will continue to work closely with Mr. Smith until his departure date, supported by the Company’s experienced financial reporting and accounting team.New Risk • Aug 08New major risk - Share price stabilityThe company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of German stocks, typically moving 6.2% a week. This is considered a major risk. Share price volatility increases the risk of potential losses in the short-term as the stock tends to have larger drops in price more frequently than other stocks. It may also indicate the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. Currently, the following risks have been identified for the company: Major Risk Share price has been highly volatile over the past 3 months (6.2% average weekly change). Minor Risks Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (0.5% net profit margin).Reported Earnings • Aug 08Second quarter 2024 earnings released: US$0.11 loss per share (vs US$0.90 profit in 2Q 2023)Second quarter 2024 results: US$0.11 loss per share (down from US$0.90 profit in 2Q 2023). Revenue: US$1.72b (down 10.0% from 2Q 2023). Net loss: US$4.00m (down 112% from profit in 2Q 2023). Revenue is expected to decline by 2.8% p.a. on average during the next 3 years, while revenues in the Specialty Retail industry in Germany are expected to grow by 5.9%.お知らせ • Aug 07The ODP Corporation Updates Earnings Guidance for the Full Year 2024The ODP Corporation updated earnings guidance for the full year 2024. For the period, the company updates sales At least $7 billion.お知らせ • Jul 25The ODP Corporation to Report Q2, 2024 Results on Aug 07, 2024The ODP Corporation announced that they will report Q2, 2024 results Pre-Market on Aug 07, 2024お知らせ • Jun 05The ODP Corporation Announces Board Changes, Effective June 10, 2024The ODP Corporation announced the appointment of financial executives Amy Schioldager and Evan Levitt to its Board of Directors. The Company also announced that Wendy Schoppert, ODP Board member since 2020, will assume the role of independent Board Chair as Joseph Vassalluzzo steps down from the Board after 11 years of service. These changes will be effective on June 10, 2024. ODP’s Board size will be increased from seven members to eight, with directors having an average tenure of approximately five years. Amy Schioldager has over 25 years of experience in various leadership positions at BlackRock Inc., where she led investment teams across global equity markets and client segments. Most recently, Amy served as Senior Managing Director and Global Head of Beta Strategies. In this role, she oversaw $2.5 trillion in assets under management across seven global offices. She also served on BlackRock’s Global Executive Committee, which oversaw $11 billion in profit and loss and 13,000 employees across 30 countries. In addition to her investment and business leadership experience, Amy has strong board experience: she currently serves on the public company boards of Intermediate Capital Group plc and Corebridge Financial Inc, as well as the private organization boards of Boardspan Inc. and California State University – East Bay. She previously served on the board of American International Group Inc. Evan Levitt brings over 30 years of experience in finance and accounting and has served in numerous leadership positions across industries. Most recently, Evan was Interim Executive Vice President and Chief Financial Officer at BrandSafway, a leading construction company providing solutions to the industrial, commercial and infrastructure markets. Prior to that, he held various leadership roles at The Home Depot Inc. /HD Supply Holdings over the course of 17 years, during which time he played a pivotal role in negotiating the sale of HD Supply to The Home Depot Inc. His most recent role at the company was as Senior Vice President, Chief Financial Officer, Chief Administrative Officer of HD Supply Holdings Inc. He currently serves on the private company boards of Artera Services, where he is a member of the Audit Committee, and WASH, where he serves as the Chairman of the Audit and Risk Committee.Valuation Update With 7 Day Price Move • May 15Investor sentiment deteriorates as stock falls 21%After last week's 21% share price decline to €38.00, the stock trades at a forward P/E ratio of 7x. Average forward P/E is 4x in the Specialty Retail industry in Germany. Total returns to shareholders of 2.2% over the past year.お知らせ • May 09The ODP Corporation Provides Earnings Guidance for the Full Year Guidance of 2024The ODP Corporation provided earnings guidance for the full year guidance of 2024. For the year, the company Affirmed Lower End of the sales guidance of Decline of 2% - 5% previously given.Reported Earnings • May 08First quarter 2024 earnings released: EPS: US$0.42 (vs US$1.80 in 1Q 2023)First quarter 2024 results: EPS: US$0.42 (down from US$1.80 in 1Q 2023). Revenue: US$1.87b (down 11% from 1Q 2023). Net income: US$15.0m (down 79% from 1Q 2023). Profit margin: 0.8% (down from 3.4% in 1Q 2023). Revenue is forecast to stay flat during the next 3 years compared to a 5.4% growth forecast for the Specialty Retail industry in Germany.お知らせ • Apr 26The ODP Corporation to Report Q1, 2024 Results on May 08, 2024The ODP Corporation announced that they will report Q1, 2024 results Pre-Market on May 08, 2024お知らせ • Mar 16The ODP Corporation, Annual General Meeting, Apr 25, 2024The ODP Corporation, Annual General Meeting, Apr 25, 2024, at 09:00 US Eastern Standard Time. Agenda: To elect seven members of the Company’s Board of Directors named in, and for the term, described in the Proxy Statement; To ratify the appointment of Deloitte & Touche LLP as the Company’s independent registered public accounting firm for fiscal year 2024; To approve, in a non-binding, advisory vote, the Company’s executive compensation; To consider such other business as may properly come before the Annual Meeting or any adjournment or postponement thereof.Board Change • Mar 13Insufficient new directorsNo new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 5 experienced directors. 2 highly experienced directors. Independent Director Wendy Schoppert was the last director to join the board, commencing their role in 2020. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model.収支内訳ODP の稼ぎ方とお金の使い方。LTMベースの直近の報告された収益に基づく。収益と収入の歴史BST:ODP1 収益、費用、利益 ( )USD Millions日付収益収益G+A経費研究開発費27 Sep 256,53451,180028 Jun 256,690501,210029 Mar 256,820461,233028 Dec 246,9901061,267028 Sep 247,1701341,308029 Jun 247,3961471,342030 Mar 247,5861941,378030 Dec 237,8232471,399030 Sep 238,1262441,444001 Jul 238,2922301,474001 Apr 238,4192071,505031 Dec 228,4842261,475024 Sep 228,4271741,531025 Jun 228,4331801,521026 Mar 228,4691791,532025 Dec 218,4651871,537025 Sep 218,5081861,568026 Jun 218,6761471,599027 Mar 218,321-451,530026 Dec 208,872-631,651026 Sep 209,295-391,715027 Jun 209,731-131,834028 Mar 2010,6031362,029028 Dec 199,6671271,876028 Sep 1910,809302,099029 Jun 1910,913312,134030 Mar 1910,954742,153029 Dec 1811,015992,152029 Sep 1810,926642,177030 Jun 1810,6591032,116031 Mar 1810,3941052,062030 Dec 1710,2401462,013030 Sep 1710,3852502,047001 Jul 1710,6014802,113001 Apr 1710,8216912,169031 Dec 1611,0216792,236024 Sep 1611,0616562,267025 Jun 1611,2713682,324026 Mar 1610,7261092,215026 Dec 1511,727922,412026 Sep 1512,794-242,666027 Jun 1513,817-362,900028 Mar 1515,619-2003,337027 Dec 1412,710-2952,7330質の高い収益: ODP1には$172.0M } という大きな 一回限りの 損失があり、過去 12 か月の財務実績が27th September, 2025に影響を及ぼしています。利益率の向上: ODP1の現在の純利益率 (0.08%)は、昨年(1.9%)よりも低くなっています。フリー・キャッシュフローと収益の比較過去の収益成長分析収益動向: ODP1過去 5 年間で収益を上げており、収益は年間6.5%増加しています。成長の加速: ODP1は過去 1 年間の収益成長がマイナスであったため、5 年間の平均と比較することはできません。収益対業界: ODP1は過去 1 年間で収益成長率がマイナス ( -96.3% ) となったため、 Specialty Retail業界平均 ( -0.3% ) と比較することが困難です。株主資本利益率高いROE: ODP1の 自己資本利益率 ( 0.6% ) は 低い とみなされます。総資産利益率使用総資本利益率過去の好業績企業の発掘7D1Y7D1Y7D1YRetail 、過去の業績が好調な企業。View Financial Health企業分析と財務データの現状データ最終更新日（UTC時間）企業分析2025/12/10 03:05終値2025/12/10 00:00収益2025/09/27年間収益2024/12/28データソース企業分析に使用したデータはS&P Global Market Intelligence LLC のものです。本レポートを作成するための分析モデルでは、以下のデータを使用しています。データは正規化されているため、ソースが利用可能になるまでに時間がかかる場合があります。パッケージデータタイムフレーム米国ソース例会社財務10年損益計算書キャッシュ・フロー計算書貸借対照表SECフォーム10-KSECフォーム10-Qアナリストのコンセンサス予想+プラス3年予想財務アナリストの目標株価アナリストリサーチレポートBlue Matrix市場価格30年株価配当、分割、措置ICEマーケットデータSECフォームS-1所有権10年トップ株主インサイダー取引SECフォーム4SECフォーム13Dマネジメント10年リーダーシップ・チーム取締役会SECフォーム10-KSECフォームDEF 14A主な進展10年会社からのお知らせSECフォーム8-K* 米国証券を対象とした例であり、非米国証券については、同等の規制書式および情報源を使用。特に断りのない限り、すべての財務データは1年ごとの期間に基づいていますが、四半期ごとに更新されます。これは、TTM（Trailing Twelve Month）またはLTM（Last Twelve Month）データとして知られています。詳細はこちら。分析モデルとスノーフレーク本レポートを生成するために使用した分析モデルの詳細は当社のGithubページでご覧いただけます。また、レポートの使用方法に関するガイドやYoutubeのチュートリアルも掲載しています。シンプリー・ウォールストリート分析モデルを設計・構築した世界トップクラスのチームについてご紹介します。業界およびセクターの指標私たちの業界とセクションの指標は、Simply Wall Stによって6時間ごとに計算されます。アナリスト筋The ODP Corporation 3 これらのアナリストのうち、弊社レポートのインプットとして使用した売上高または利益の予想を提出したのは、 。アナリストの投稿は一日中更新されます。20 アナリスト機関Alan RifkinBarclaysMichael LasserBarclaysColin McGranahanBernstein17 その他のアナリストを表示
Reported Earnings • Aug 06Second quarter 2025 earnings releasedSecond quarter 2025 results: Revenue: US$1.59b (down 7.6% from 2Q 2024). Net income: US$0 (up US$4.00m from 2Q 2024). Profit margin: 0% (up from net loss in 2Q 2024). Revenue is expected to decline by 1.9% p.a. on average during the next 3 years, while revenues in the Specialty Retail industry in Germany are expected to grow by 7.5%.
お知らせ • Jul 24The ODP Corporation to Report Q2, 2025 Results on Aug 06, 2025The ODP Corporation announced that they will report Q2, 2025 results Pre-Market on Aug 06, 2025
Reported Earnings • May 07First quarter 2025 earnings released: US$0.97 loss per share (vs US$0.84 profit in 1Q 2024)First quarter 2025 results: US$0.97 loss per share (down from US$0.84 profit in 1Q 2024). Revenue: US$1.70b (down 9.1% from 1Q 2024). Net loss: US$29.0m (down 194% from profit in 1Q 2024). Revenue is expected to decline by 2.6% p.a. on average during the next 3 years, while revenues in the Specialty Retail industry in Germany are expected to grow by 6.7%.
お知らせ • Apr 24The ODP Corporation to Report Q1, 2025 Results on May 07, 2025The ODP Corporation announced that they will report Q1, 2025 results Pre-Market on May 07, 2025
Reported Earnings • Feb 26Full year 2024 earnings released: EPS: US$2.83 (vs US$3.56 in FY 2023)Full year 2024 results: EPS: US$2.83 (down from US$3.56 in FY 2023). Revenue: US$6.99b (down 11% from FY 2023). Net income: US$106.0m (down 24% from FY 2023). Profit margin: 1.5% (down from 1.8% in FY 2023). The decrease in margin was driven by lower revenue. Revenue is expected to decline by 1.2% p.a. on average during the next 2 years, while revenues in the Specialty Retail industry in Germany are expected to grow by 6.4%.
お知らせ • Feb 13The ODP Corporation to Report Q4, 2024 Results on Feb 26, 2025The ODP Corporation announced that they will report Q4, 2024 results Pre-Market on Feb 26, 2025
お知らせ • Dec 12The ODP Corporation(NasdaqGM:ODP) dropped from NASDAQ Composite IndexThe ODP Corporation has been dropped from the NASDAQ Composite Index.
お知らせ • Dec 11+ 23 more updatesThe ODP Corporation(NasdaqGS:ODP) dropped from Russell Small Cap Comp Value IndexThe ODP Corporation(NasdaqGS:ODP) dropped from Russell Small Cap Comp Value Index
お知らせ • Dec 10The ODP Corporation Announces Chief Executive Officer ChangesAtlas Holdings (Atlas) completed the previously announced acquisition of The ODP Corporation (ODP) in an all-cash transaction valued at approximately $1 billion. In connection with the closing of the transaction, Craig Gunckel has been appointed CEO of ODP and will lead the company’s more than 16,000 coworkers in its retail business, which includes the Office Depot and OfficeMax stores in the United States and Canada, as well as in its vast B2B distribution network across North America. Gunckel brings nearly three decades of leadership experience in the paper and packaging industry in both public and private companies, most recently serving as CEO of Iconex, previously owned by Atlas, where he led a transformation that strengthened operations, improved safety and efficiency across the company’s manufacturing network, and drove meaningful growth in revenue and profitability. Prior to Iconex, Gunckel spent twenty years in leadership roles at WestRock. He succeeds Gerry P. Smith, who has departed the company in conjunction with completion of the transaction.
お知らせ • Sep 24The ODP Corporation's Shares of Common Stock to No Longer Be Listed on the Nasdaq Stock Exchange Upon Completion of the TransactionThe ODP Corporation announced that it has entered into a definitive agreement to be acquired by an affiliate of Atlas Holdings, which owns and operates a global family of manufacturing and distribution businesses, for $28 per share in cash. The purchase price represents a premium of 34% to The ODP Corporation's closing share price on September 19, 2025, valuing The ODP Corporation at approximately $1 billion. Upon completion of the transaction, The ODP Corporation will become a privately held company, and shares of common stock will no longer be listed on the NASDAQ stock exchange.
Valuation Update With 7 Day Price Move • Sep 23Investor sentiment improves as stock rises 35%After last week's 35% share price gain to €23.40, the stock trades at a forward P/E ratio of 16x. Average forward P/E is 7x in the Specialty Retail industry in Germany. Total loss to shareholders of 36% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at €33.68 per share.
Buy Or Sell Opportunity • Sep 22Now 23% undervaluedOver the last 90 days, the stock has risen 19% to €17.70. The fair value is estimated to be €22.86, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 8.7% over the last 3 years. Earnings per share has declined by 18%. Revenue is forecast to decline by 2.8% in a year. Earnings are forecast to grow by 4.8% in the next year.
お知らせ • Sep 22ACR Ocean Resources LLC entered into a definitive agreement to acquire The ODP Corporation (NasdaqGS:ODP) for approximately $840 million.ACR Ocean Resources LLC entered into a definitive agreement to acquire The ODP Corporation (NasdaqGS:ODP) for approximately $840 million on September 22, 2025. The ODP Corporation Shareholders to Receive $28 Per Share in Cash. Upon completion of the transaction, The ODP Corporation will become a privately held company, and shares of common stock will no longer be listed on the NASDAQ stock exchange. The Board of Directors of The ODP Corporation unanimously approved the transaction, which is expected to be completed by the end of 2025. The transaction is subject to customary closing conditions, including regulatory approvals and approval by The ODP Corporation shareholders. J.P. Morgan Securities LLC, Simpson Thacher & Bartlett LLP acted as legal advisor for The ODP Corporation. Lazard, Inc. (NYSE:LAZ) acted as financial advisor and Willkie Farr & Gallagher LLP acted as legal advisor for Atlas Holdings.
Reported Earnings • Aug 06Second quarter 2025 earnings releasedSecond quarter 2025 results: Revenue: US$1.59b (down 7.6% from 2Q 2024). Net income: US$0 (up US$4.00m from 2Q 2024). Profit margin: 0% (up from net loss in 2Q 2024). Revenue is expected to decline by 1.9% p.a. on average during the next 3 years, while revenues in the Specialty Retail industry in Germany are expected to grow by 7.5%.
お知らせ • Jul 31ODP Reportedly Explores a SaleThe ODP Corporation (NasdaqGS:ODP) rose 2.1% after a report that the office supply retailer is exploring a sale that has attracted private equity interest. ODP, the owner of the Office Depot and OfficeMax brands, is evaluating a sale alongside adviser JPMorgan, according to a Dealreporter item on July 29, 2025, which cited sources familiar with the matter. ODP recently asked for initial offers from potential buyers, according to the report. Private equity firms are most interested in the wholesale side of the business and see opportunities for cost cutting in the retail business. A potential bidder may decide to keep the retail and B2B businesses or may split them.
お知らせ • Jul 24The ODP Corporation to Report Q2, 2025 Results on Aug 06, 2025The ODP Corporation announced that they will report Q2, 2025 results Pre-Market on Aug 06, 2025
お知らせ • Jun 30+ 1 more updateThe ODP Corporation(NasdaqGS:ODP) dropped from Russell 2000 Defensive IndexThe ODP Corporation(NasdaqGS:ODP) dropped from Russell 2000 Defensive Index
Valuation Update With 7 Day Price Move • May 14Investor sentiment improves as stock rises 36%After last week's 36% share price gain to €16.40, the stock trades at a forward P/E ratio of 10x. Average forward P/E is 9x in the Specialty Retail industry in Germany. Total loss to shareholders of 56% over the past year.
Reported Earnings • May 07First quarter 2025 earnings released: US$0.97 loss per share (vs US$0.84 profit in 1Q 2024)First quarter 2025 results: US$0.97 loss per share (down from US$0.84 profit in 1Q 2024). Revenue: US$1.70b (down 9.1% from 1Q 2024). Net loss: US$29.0m (down 194% from profit in 1Q 2024). Revenue is expected to decline by 2.6% p.a. on average during the next 3 years, while revenues in the Specialty Retail industry in Germany are expected to grow by 6.7%.
お知らせ • Apr 24The ODP Corporation to Report Q1, 2025 Results on May 07, 2025The ODP Corporation announced that they will report Q1, 2025 results Pre-Market on May 07, 2025
New Risk • Apr 10New major risk - Share price stabilityThe company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of German stocks, typically moving 12% a week. This is considered a major risk. Share price volatility increases the risk of potential losses in the short-term as the stock tends to have larger drops in price more frequently than other stocks. It may also indicate the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (12% average weekly change). Earnings are forecast to decline by an average of 18% per year for the foreseeable future. Minor Risks Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (1.5% net profit margin).
Valuation Update With 7 Day Price Move • Apr 09Investor sentiment deteriorates as stock falls 21%After last week's 21% share price decline to €10.70, the stock trades at a forward P/E ratio of 6x. Average forward P/E is 8x in the Specialty Retail industry in Germany. Total loss to shareholders of 77% over the past year.
お知らせ • Mar 21The ODP Corporation, Annual General Meeting, May 01, 2025The ODP Corporation, Annual General Meeting, May 01, 2025.
Valuation Update With 7 Day Price Move • Mar 05Investor sentiment deteriorates as stock falls 26%After last week's 26% share price decline to €13.70, the stock trades at a forward P/E ratio of 6x. Average forward P/E is 7x in the Specialty Retail industry in Germany. Total loss to shareholders of 72% over the past year.
New Risk • Feb 28New minor risk - Earnings qualityThe company has large one-off items impacting its financial results. One-off items were 30% of the size of the rest of the company's trailing 12-month earnings before tax. This is considered a minor risk. One-off items are incomes or expenses that the company does not expect to repeat in future periods. Examples include profits from the sale of a business or expenses from a restructuring or legal settlements. If the company's reported statutory earnings include a large proportion of one-off items it means they may be an unreliable indicator of its true business performance as the earnings were skewed by these incomes or expenses. Currently, the following risks have been identified for the company: Major Risk Earnings are forecast to decline by an average of 19% per year for the foreseeable future. Minor Risks Share price has been volatile over the past 3 months (9.1% average weekly change). Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (1.5% net profit margin).
New Risk • Feb 27New major risk - Revenue and earnings growthEarnings are forecast to decline by an average of 19% per year for the foreseeable future. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are expected to decline, then in most cases the share price will decline over time as well. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. This is currently the only risk that has been identified for the company.
Reported Earnings • Feb 26Full year 2024 earnings released: EPS: US$2.83 (vs US$3.56 in FY 2023)Full year 2024 results: EPS: US$2.83 (down from US$3.56 in FY 2023). Revenue: US$6.99b (down 11% from FY 2023). Net income: US$106.0m (down 24% from FY 2023). Profit margin: 1.5% (down from 1.8% in FY 2023). The decrease in margin was driven by lower revenue. Revenue is expected to decline by 1.2% p.a. on average during the next 2 years, while revenues in the Specialty Retail industry in Germany are expected to grow by 6.4%.
お知らせ • Feb 13The ODP Corporation to Report Q4, 2024 Results on Feb 26, 2025The ODP Corporation announced that they will report Q4, 2024 results Pre-Market on Feb 26, 2025
お知らせ • Dec 14+ 1 more updateThe ODP Corporation Announces Co-Principal Financial Officers AppointmentsOn December 12, 2024, The ODP Corporation announced the appointment of Max Hood, age 46 the Company’s Senior Vice President, Chief Accounting Officer & Controller, and Adam Haggard, the Company’s Senior Vice President – Financial Planning & Analysis (“FP&A”), to each serve as the Company’s Co-ChiefFinancial Officers and co-principal financial officers. Mr. Hood will continue to serve as the Company’s principal accounting officer. Mr. Haggard, age 45, has been with the Company for more than 20 years in various roles in the Accounting and Finance departments. His most recent positions have been Senior Vice President of FP&A, preceded by his tenures as Vice President of FP&A and Real Estate Development, Vice President of FP&A, and Senior Director of Retail Real Estate and Supply Chain. Prior to joining the Company, Mr. Haggard began his career at a mid-sized auditing firm. Further, there are no arrangements or understandings between Mr. Haggard and any other persons pursuant to which he was selected as the Company’s Co-Chief Financial Officer and co-principal financial officer.
Valuation Update With 7 Day Price Move • Nov 13Investor sentiment deteriorates as stock falls 20%After last week's 20% share price decline to €23.60, the stock trades at a forward P/E ratio of 7x. Average forward P/E is 6x in the Specialty Retail industry in Germany. Total loss to shareholders of 47% over the past year.
Reported Earnings • Nov 07Third quarter 2024 earnings released: EPS: US$2.05 (vs US$1.84 in 3Q 2023)Third quarter 2024 results: EPS: US$2.05. Revenue: US$1.78b (down 11% from 3Q 2023). Net income: US$68.0m (down 2.9% from 3Q 2023). Profit margin: 3.8% (up from 3.5% in 3Q 2023). Revenue is expected to decline by 1.6% p.a. on average during the next 3 years, while revenues in the Specialty Retail industry in Germany are expected to grow by 5.8%.
お知らせ • Oct 24The ODP Corporation to Report Q3, 2024 Results on Nov 06, 2024The ODP Corporation announced that they will report Q3, 2024 results Pre-Market on Nov 06, 2024
お知らせ • Aug 28The ODP Corporation Enhances Customer Experience with Gen AI Data IntegrationThe ODP Corporation announced the implementation of cutting-edge Generative AI (Gen AI) technology across its nationwide network of Office Depot and OfficeMax stores. This technology has significantly enhanced its customer experience since its last announcement, and further demonstrates the Company’s continued commitment to adopting artificial intelligence technologies. The ODP Personal Assistant—an internally developed AI application that leverages the same technology as ChatGPT and maintains all data within ODP's secure environment—launched in February 2023 to thousands of associates across all business units. Based on early successes realized after its launch, the decision was made to integrate comprehensive knowledge bases into the application, to help associates obtain quick answers to common questions to enhance the service provided to customers. To further enhance customer service in the Company’s store locations, a retail knowledge base was developed and has been accessible since December 2023 on store computers and handheld devices used by store associates. Key enhancements and benefits of the knowledge base integration in retail stores include: Immediate Access to Information: Associates can seamlessly interact with the ODP Personal Assistant application using natural English-language queries to receive prompt answers. This replaces traditional methods of consulting other associates or searching company portals, thus vastly improving efficiency. Comprehensive Knowledge Bases: Associates can leverage Gen AI technology by accessing relevant internal information ingested into Gen AI knowledge bases via the ODP Personal Assistant application. Associates can use natural language and receive immediate responses, complete with citations for the information used. This enhances associates’ abilities to assist customers. Approximately 900 stores and 12,000 associates are empowered with this AI integration. Enhanced Customer Experience: With quick access to essential data, associates can dedicate more time to customer engagement, providing faster and more accurate responses. This allows associates to continue to provide world-class customer service. This initiative has helped modernize the Company’s retail environments since the end of 2023, enriching the customer experience and paving the way for future applications of AI-related technologies.
Valuation Update With 7 Day Price Move • Aug 14Investor sentiment deteriorates as stock falls 34%After last week's 34% share price decline to €22.80, the stock trades at a forward P/E ratio of 6x. Average forward P/E is 6x in the Specialty Retail industry in Germany. Total loss to shareholders of 48% over the past year.
お知らせ • Aug 14+ 1 more updateD. Anthony Scaglione to Step Down as Chief Financial Officer of The ODP Corporation, Effective September 13, 2024The ODP Corporation announced that D. Anthony Scaglione, chief financial officer is stepping down from his role to pursue another career opportunity and that his last day will be September 13, 2024. As the Company formulates its plans to fill the chief financial officer role and to ensure a smooth transition, Mr. Scaglione will continue to work closely with Mr. Smith until his departure date, supported by the Company’s experienced financial reporting and accounting team.
New Risk • Aug 08New major risk - Share price stabilityThe company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of German stocks, typically moving 6.2% a week. This is considered a major risk. Share price volatility increases the risk of potential losses in the short-term as the stock tends to have larger drops in price more frequently than other stocks. It may also indicate the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. Currently, the following risks have been identified for the company: Major Risk Share price has been highly volatile over the past 3 months (6.2% average weekly change). Minor Risks Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (0.5% net profit margin).
Reported Earnings • Aug 08Second quarter 2024 earnings released: US$0.11 loss per share (vs US$0.90 profit in 2Q 2023)Second quarter 2024 results: US$0.11 loss per share (down from US$0.90 profit in 2Q 2023). Revenue: US$1.72b (down 10.0% from 2Q 2023). Net loss: US$4.00m (down 112% from profit in 2Q 2023). Revenue is expected to decline by 2.8% p.a. on average during the next 3 years, while revenues in the Specialty Retail industry in Germany are expected to grow by 5.9%.
お知らせ • Aug 07The ODP Corporation Updates Earnings Guidance for the Full Year 2024The ODP Corporation updated earnings guidance for the full year 2024. For the period, the company updates sales At least $7 billion.
お知らせ • Jul 25The ODP Corporation to Report Q2, 2024 Results on Aug 07, 2024The ODP Corporation announced that they will report Q2, 2024 results Pre-Market on Aug 07, 2024
お知らせ • Jun 05The ODP Corporation Announces Board Changes, Effective June 10, 2024The ODP Corporation announced the appointment of financial executives Amy Schioldager and Evan Levitt to its Board of Directors. The Company also announced that Wendy Schoppert, ODP Board member since 2020, will assume the role of independent Board Chair as Joseph Vassalluzzo steps down from the Board after 11 years of service. These changes will be effective on June 10, 2024. ODP’s Board size will be increased from seven members to eight, with directors having an average tenure of approximately five years. Amy Schioldager has over 25 years of experience in various leadership positions at BlackRock Inc., where she led investment teams across global equity markets and client segments. Most recently, Amy served as Senior Managing Director and Global Head of Beta Strategies. In this role, she oversaw $2.5 trillion in assets under management across seven global offices. She also served on BlackRock’s Global Executive Committee, which oversaw $11 billion in profit and loss and 13,000 employees across 30 countries. In addition to her investment and business leadership experience, Amy has strong board experience: she currently serves on the public company boards of Intermediate Capital Group plc and Corebridge Financial Inc, as well as the private organization boards of Boardspan Inc. and California State University – East Bay. She previously served on the board of American International Group Inc. Evan Levitt brings over 30 years of experience in finance and accounting and has served in numerous leadership positions across industries. Most recently, Evan was Interim Executive Vice President and Chief Financial Officer at BrandSafway, a leading construction company providing solutions to the industrial, commercial and infrastructure markets. Prior to that, he held various leadership roles at The Home Depot Inc. /HD Supply Holdings over the course of 17 years, during which time he played a pivotal role in negotiating the sale of HD Supply to The Home Depot Inc. His most recent role at the company was as Senior Vice President, Chief Financial Officer, Chief Administrative Officer of HD Supply Holdings Inc. He currently serves on the private company boards of Artera Services, where he is a member of the Audit Committee, and WASH, where he serves as the Chairman of the Audit and Risk Committee.
Valuation Update With 7 Day Price Move • May 15Investor sentiment deteriorates as stock falls 21%After last week's 21% share price decline to €38.00, the stock trades at a forward P/E ratio of 7x. Average forward P/E is 4x in the Specialty Retail industry in Germany. Total returns to shareholders of 2.2% over the past year.
お知らせ • May 09The ODP Corporation Provides Earnings Guidance for the Full Year Guidance of 2024The ODP Corporation provided earnings guidance for the full year guidance of 2024. For the year, the company Affirmed Lower End of the sales guidance of Decline of 2% - 5% previously given.
Reported Earnings • May 08First quarter 2024 earnings released: EPS: US$0.42 (vs US$1.80 in 1Q 2023)First quarter 2024 results: EPS: US$0.42 (down from US$1.80 in 1Q 2023). Revenue: US$1.87b (down 11% from 1Q 2023). Net income: US$15.0m (down 79% from 1Q 2023). Profit margin: 0.8% (down from 3.4% in 1Q 2023). Revenue is forecast to stay flat during the next 3 years compared to a 5.4% growth forecast for the Specialty Retail industry in Germany.
お知らせ • Apr 26The ODP Corporation to Report Q1, 2024 Results on May 08, 2024The ODP Corporation announced that they will report Q1, 2024 results Pre-Market on May 08, 2024
お知らせ • Mar 16The ODP Corporation, Annual General Meeting, Apr 25, 2024The ODP Corporation, Annual General Meeting, Apr 25, 2024, at 09:00 US Eastern Standard Time. Agenda: To elect seven members of the Company’s Board of Directors named in, and for the term, described in the Proxy Statement; To ratify the appointment of Deloitte & Touche LLP as the Company’s independent registered public accounting firm for fiscal year 2024; To approve, in a non-binding, advisory vote, the Company’s executive compensation; To consider such other business as may properly come before the Annual Meeting or any adjournment or postponement thereof.
Board Change • Mar 13Insufficient new directorsNo new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 5 experienced directors. 2 highly experienced directors. Independent Director Wendy Schoppert was the last director to join the board, commencing their role in 2020. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model.