New Risk • May 29
New minor risk - Insider selling There has been significant insider selling in the company's shares over the past 3 months. Total value of shares sold: US$194k This is considered a minor risk. There are several reasons why an insider may be selling, including to cover a tax obligation or pay for some other expense. However, we generally consider it a negative if insiders have been selling, especially if they do so below the current price. It implies that they considered a lower price to be reasonable. This is a weak signal, but if there is a pattern of unexplained selling, it can be a sign the insider believes the company's stock is overpriced. Note: We only include open market transactions and private dispositions of directly owned stock by individuals, not by corporations or trusts. Currently, the following risks have been identified for the company: Major Risk Earnings have declined by 39% per year over the past 5 years. Minor Risks Share price has been volatile over the past 3 months (13% average weekly change). Significant insider selling over the past 3 months (US$194k sold). Market cap is less than US$100m (US$58.5m market cap). Recent Insider Transactions Derivative • May 17
Independent Director notifies of intention to sell stock David Garcia intends to sell 11k shares in the next 90 days after lodging an Intent To Sell Form on the 14th of May. If the sale is conducted around the recent share price of US$5.84, it would amount to US$65k. Since September 2025, David has owned 14.15k shares directly. Company insiders have collectively sold US$79k more than they bought, via options and on-market transactions in the last 12 months. Reported Earnings • May 11
First quarter 2026 earnings released: EPS: US$0.069 (vs US$0.057 in 1Q 2025) First quarter 2026 results: EPS: US$0.069 (up from US$0.057 in 1Q 2025). Revenue: US$14.6m (up 5.5% from 1Q 2025). Net income: US$702.0k (up 14% from 1Q 2025). Profit margin: 4.8% (up from 4.4% in 1Q 2025). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 11% per year but the company’s share price has increased by 19% per year, which means it is tracking significantly ahead of earnings growth. Valuation Update With 7 Day Price Move • May 07
Investor sentiment improves as stock rises 41% After last week's 41% share price gain to US$6.48, the stock trades at a trailing P/E ratio of 18.7x. Average trailing P/E is 22x in the Building industry in the US. Total returns to shareholders of 66% over the past three years. 공시 • May 04
Alpha Pro Tech, Ltd., Annual General Meeting, Jun 10, 2026 Alpha Pro Tech, Ltd., Annual General Meeting, Jun 10, 2026. Location: at the microtel inn & suites, 180 goulding avenue, aurora, canada l4g 3z2, ontario, Canada Reported Earnings • Mar 12
Full year 2025 earnings released: EPS: US$0.34 (vs US$0.35 in FY 2024) Full year 2025 results: EPS: US$0.34 (down from US$0.35 in FY 2024). Revenue: US$59.1m (up 2.3% from FY 2024). Net income: US$3.53m (down 10% from FY 2024). Profit margin: 6.0% (down from 6.8% in FY 2024). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 13% per year whereas the company’s share price has increased by 8% per year. Reported Earnings • Nov 06
Third quarter 2025 earnings released: EPS: US$0.094 (vs US$0.078 in 3Q 2024) Third quarter 2025 results: EPS: US$0.094 (up from US$0.078 in 3Q 2024). Revenue: US$14.8m (up 3.7% from 3Q 2024). Net income: US$976.0k (up 13% from 3Q 2024). Profit margin: 6.6% (up from 6.0% in 3Q 2024). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 15% per year but the company’s share price has only increased by 4% per year, which means it is significantly lagging earnings growth. Reported Earnings • Aug 08
Second quarter 2025 earnings released: EPS: US$0.12 (vs US$0.15 in 2Q 2024) Second quarter 2025 results: EPS: US$0.12 (down from US$0.15 in 2Q 2024). Revenue: US$16.7m (up 2.4% from 2Q 2024). Net income: US$1.24m (down 24% from 2Q 2024). Profit margin: 7.5% (down from 10% in 2Q 2024). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 16% per year but the company’s share price has only increased by 2% per year, which means it is significantly lagging earnings growth. 공시 • Jun 30
Alpha Pro Tech, Ltd.(NYSEAM:APT) dropped from Russell Microcap Growth Index Alpha Pro Tech, Ltd.(NYSEAM:APT) dropped from Russell Microcap Growth Index Reported Earnings • May 09
First quarter 2025 earnings released: EPS: US$0.057 (vs US$0.051 in 1Q 2024) First quarter 2025 results: EPS: US$0.057 (up from US$0.051 in 1Q 2024). Revenue: US$13.8m (up 2.5% from 1Q 2024). Net income: US$613.0k (up 6.4% from 1Q 2024). Profit margin: 4.4% (up from 4.3% in 1Q 2024). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 13% per year but the company’s share price has only increased by 5% per year, which means it is significantly lagging earnings growth. 공시 • May 01
Alpha Pro Tech, Ltd., Annual General Meeting, Jun 10, 2025 Alpha Pro Tech, Ltd., Annual General Meeting, Jun 10, 2025. Location: the microtel inn & suites, 180 goulding avenue, aurora, canada l4g3z2, ontario Canada Reported Earnings • Mar 12
Full year 2024 earnings released: EPS: US$0.35 (vs US$0.35 in FY 2023) Full year 2024 results: EPS: US$0.35 (down from US$0.35 in FY 2023). Revenue: US$57.8m (down 5.5% from FY 2023). Net income: US$3.93m (down 6.2% from FY 2023). Profit margin: 6.8% (in line with FY 2023). Over the last 3 years on average, earnings per share has increased by 2% per year whereas the company’s share price has increased by 7% per year. Reported Earnings • Nov 07
Third quarter 2024 earnings released: EPS: US$0.078 (vs US$0.12 in 3Q 2023) Third quarter 2024 results: EPS: US$0.078 (down from US$0.12 in 3Q 2023). Revenue: US$14.3m (down 11% from 3Q 2023). Net income: US$862.0k (down 40% from 3Q 2023). Profit margin: 6.0% (down from 8.9% in 3Q 2023). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has fallen by 23% per year but the company’s share price has increased by 3% per year, which means it is well ahead of earnings. Valuation Update With 7 Day Price Move • Aug 19
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to US$6.30, the stock trades at a trailing P/E ratio of 14.9x. Average trailing P/E is 20x in the Building industry in the US. Total loss to shareholders of 21% over the past three years. Reported Earnings • Aug 08
Second quarter 2024 earnings released: EPS: US$0.15 (vs US$0.096 in 2Q 2023) Second quarter 2024 results: EPS: US$0.15 (up from US$0.096 in 2Q 2023). Revenue: US$16.3m (up 1.1% from 2Q 2023). Net income: US$1.64m (up 44% from 2Q 2023). Profit margin: 10% (up from 7.1% in 2Q 2023). The increase in margin was primarily driven by lower expenses. Over the last 3 years on average, earnings per share has fallen by 52% per year but the company’s share price has only fallen by 16% per year, which means it has not declined as severely as earnings. 공시 • Aug 08
Alpha Pro Tech, Ltd. Provides Sales Guidance for the Remainder of 2024 Alpha Pro Tech, Ltd. provided sales guidance for the remainder of 2024. Management expects the remainder of 2024 to be challenging from a sales standpoint, as single family and multi-family housing starts are both projected to finish lower than 2023. The company expected growth in the building supply segment when uncertainty in the housing market abates. Reported Earnings • May 09
First quarter 2024 earnings released: EPS: US$0.051 (vs US$0.045 in 1Q 2023) First quarter 2024 results: EPS: US$0.051 (up from US$0.045 in 1Q 2023). Revenue: US$13.5m (down 2.3% from 1Q 2023). Net income: US$576.0k (up 4.3% from 1Q 2023). Profit margin: 4.3% (up from 4.0% in 1Q 2023). The increase in margin was driven by lower expenses. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 60 percentage points per year, which is a significant difference in performance. 공시 • May 01
Alpha Pro Tech, Ltd., Annual General Meeting, Jun 12, 2024 Alpha Pro Tech, Ltd., Annual General Meeting, Jun 12, 2024, at 09:30 Eastern Daylight. Location: Microtel Inn & Suites, 180 Goulding Avenue Aurora Ontario Canada Agenda: To elect seven (7) directors of the Company to serve until the 2025 Annual Meeting of Shareholders; to ratify the appointment of Tanner LLC as the Company’s independent registered public accounting firm for the year ending December 31, 2024; to approve, on an advisory basis, the compensation of the Company’s named executive officers; and to transact such other business as may properly come before the Annual Meeting or any adjournments or postponements thereof. Recent Insider Transactions • Mar 26
Chief Financial Officer recently sold US$123k worth of stock On the 21st of March, Colleen McDonald sold around 20k shares on-market at roughly US$6.16 per share. This transaction amounted to 26% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. This was Colleen's only on-market trade for the last 12 months. Valuation Update With 7 Day Price Move • Mar 22
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to US$6.67, the stock trades at a trailing P/E ratio of 18.3x. Average trailing P/E is 24x in the Building industry in the US. Total loss to shareholders of 31% over the past three years. Recent Insider Transactions Derivative • Mar 17
Independent Director notifies of intention to sell stock James W. Buchan intends to sell 15k shares in the next 90 days after lodging an Intent To Sell Form on the 15th of March. If the sale is conducted around the recent share price of US$6.00, it would amount to US$90k. Since June 2023, James W.'s direct individual holding has decreased from 9.41k shares to 6.01k. Company insiders have collectively bought US$45k more than they sold, via options and on-market transactions, in the last 12 months. Reported Earnings • Mar 13
Full year 2023 earnings released: EPS: US$0.35 (vs US$0.26 in FY 2022) Full year 2023 results: EPS: US$0.35 (up from US$0.26 in FY 2022). Revenue: US$61.2m (down 1.2% from FY 2022). Net income: US$4.19m (up 28% from FY 2022). Profit margin: 6.8% (up from 5.3% in FY 2022). The increase in margin was driven by lower expenses. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 64 percentage points per year, which is a significant difference in performance. Reported Earnings • Nov 09
Third quarter 2023 earnings released: EPS: US$0.12 (vs US$0.04 in 3Q 2022) Third quarter 2023 results: EPS: US$0.12 (up from US$0.04 in 3Q 2022). Revenue: US$16.1m (up 9.0% from 3Q 2022). Net income: US$1.43m (up 184% from 3Q 2022). Profit margin: 8.9% (up from 3.4% in 3Q 2022). The increase in margin was driven by higher revenue. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 47 percentage points per year, which is a significant difference in performance. Valuation Update With 7 Day Price Move • Aug 23
Investor sentiment improves as stock rises 27% After last week's 27% share price gain to US$5.18, the stock trades at a trailing P/E ratio of 22.3x. Average trailing P/E is 17x in the Building industry in the US. Total loss to shareholders of 66% over the past three years. Reported Earnings • Aug 09
Second quarter 2023 earnings released: EPS: US$0.096 (vs US$0.054 in 2Q 2022) Second quarter 2023 results: EPS: US$0.096 (up from US$0.054 in 2Q 2022). Revenue: US$16.1m (down 7.2% from 2Q 2022). Net income: US$1.15m (up 65% from 2Q 2022). Profit margin: 7.1% (up from 4.0% in 2Q 2022). The increase in margin was driven by lower expenses. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 30 percentage points per year, which is a significant difference in performance. Reported Earnings • May 09
First quarter 2023 earnings released: EPS: US$0.045 (vs US$0.12 in 1Q 2022) First quarter 2023 results: EPS: US$0.045 (down from US$0.12 in 1Q 2022). Revenue: US$13.8m (down 22% from 1Q 2022). Net income: US$552.0k (down 64% from 1Q 2022). Profit margin: 4.0% (down from 8.6% in 1Q 2022). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has fallen by 50% per year but the company’s share price has only fallen by 34% per year, which means it has not declined as severely as earnings. Recent Insider Transactions Derivative • May 06
Independent Director exercised options to buy US$59k worth of stock. On the 1st of May, John Ritota exercised options to buy 15k shares at a strike price of around US$3.60, costing a total of US$54k. This transaction amounted to 29% of their direct individual holding at the time of the trade. Since June 2022, John's direct individual holding has increased from 43.06k shares to 46.46k. Company insiders have collectively bought US$361k more than they sold, via options and on-market transactions, in the last 12 months. Recent Insider Transactions Derivative • Mar 17
Senior VP of Manufacturing & Director exercised options to buy US$63k worth of stock. On the 14th of March, Charles Montgomery exercised options to buy 16k shares at a strike price of around US$3.20, costing a total of US$51k. Since June 2022, Charles has not owned shares directly. Company insiders have collectively bought US$104k more than they sold, via options and on-market transactions, in the last 12 months. Board Change • Nov 16
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 3 experienced directors. 4 highly experienced directors. Investor Relations & Director Donna Millar was the last director to join the board, commencing their role in 2017. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Reported Earnings • Nov 08
Third quarter 2022 earnings released: EPS: US$0.04 (vs US$0.058 in 3Q 2021) Third quarter 2022 results: EPS: US$0.04 (down from US$0.058 in 3Q 2021). Revenue: US$14.7m (up 1.7% from 3Q 2021). Net income: US$503.0k (down 34% from 3Q 2021). Profit margin: 3.4% (down from 5.3% in 3Q 2021). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has fallen by 8% per year but the company’s share price has increased by 6% per year, which means it is well ahead of earnings. Reported Earnings • Aug 05
Second quarter 2022 earnings released: EPS: US$0.054 (vs US$0.13 in 2Q 2021) Second quarter 2022 results: EPS: US$0.054 (down from US$0.13 in 2Q 2021). Revenue: US$17.4m (down 2.4% from 2Q 2021). Net income: US$693.0k (down 59% from 2Q 2021). Profit margin: 4.0% (down from 9.4% in 2Q 2021). The decrease in margin was primarily driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 11% per year whereas the company’s share price has increased by 10% per year. Reported Earnings • May 11
First quarter 2022 earnings: EPS misses analyst expectations First quarter 2022 results: EPS: US$0.12 (down from US$0.28 in 1Q 2021). Revenue: US$17.7m (down 24% from 1Q 2021). Net income: US$1.52m (down 59% from 1Q 2021). Profit margin: 8.6% (down from 16% in 1Q 2021). The decrease in margin was driven by lower revenue. Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 18%. Over the last 3 years on average, earnings per share has increased by 30% per year but the company’s share price has only increased by 2% per year, which means it is significantly lagging earnings growth. Board Change • Apr 27
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 3 experienced directors. 4 highly experienced directors. Investor Relations & Director Donna Millar was the last director to join the board, commencing their role in 2017. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Reported Earnings • Mar 11
Full year 2021 earnings: EPS misses analyst expectations Full year 2021 results: EPS: US$0.51 (down from US$2.01 in FY 2020). Revenue: US$68.6m (down 33% from FY 2020). Net income: US$6.76m (down 75% from FY 2020). Profit margin: 9.8% (down from 26% in FY 2020). The decrease in margin was driven by lower revenue. Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 18%. Over the last 3 years on average, earnings per share has increased by 49% per year but the company’s share price has only increased by 3% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Jan 20
Investor sentiment deteriorated over the past week After last week's 17% share price decline to US$5.06, the stock trades at a trailing P/E ratio of 4.9x. Average trailing P/E is 21x in the Building industry in the US. Total returns to shareholders of 26% over the past three years. Valuation Update With 7 Day Price Move • Jan 04
Investor sentiment deteriorated over the past week After last week's 15% share price decline to US$6.06, the stock trades at a trailing P/E ratio of 5.9x. Average trailing P/E is 22x in the Building industry in the US. Total returns to shareholders of 49% over the past three years. Valuation Update With 7 Day Price Move • Dec 17
Investor sentiment improved over the past week After last week's 17% share price gain to US$6.13, the stock trades at a trailing P/E ratio of 6x. Average trailing P/E is 21x in the Building industry in the US. Total returns to shareholders of 64% over the past three years. Valuation Update With 7 Day Price Move • Nov 27
Investor sentiment improved over the past week After last week's 22% share price gain to US$6.41, the stock trades at a trailing P/E ratio of 6.2x. Average trailing P/E is 23x in the Building industry in the US. Total returns to shareholders of 71% over the past three years. Valuation Update With 7 Day Price Move • Nov 11
Investor sentiment deteriorated over the past week After last week's 18% share price decline to US$5.27, the stock trades at a trailing P/E ratio of 5.1x. Average trailing P/E is 26x in the Building industry in the US. Total returns to shareholders of 44% over the past three years. Reported Earnings • Nov 05
Third quarter 2021 earnings released: EPS US$0.058 (vs US$0.60 in 3Q 2020) The company reported a poor third quarter result with weaker earnings, revenues and profit margins. Third quarter 2021 results: Revenue: US$14.5m (down 52% from 3Q 2020). Net income: US$766.0k (down 91% from 3Q 2020). Profit margin: 5.3% (down from 27% in 3Q 2020). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has increased by 67% per year but the company’s share price has only increased by 15% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Sep 28
Investor sentiment deteriorated over the past week After last week's 15% share price decline to US$6.85, the stock trades at a trailing P/E ratio of 4.3x. Average trailing P/E is 22x in the Building industry in the US. Total returns to shareholders of 95% over the past three years. Valuation Update With 7 Day Price Move • Aug 18
Investor sentiment deteriorated over the past week After last week's 16% share price decline to US$7.92, the stock trades at a trailing P/E ratio of 5.1x. Average trailing P/E is 22x in the Building industry in the US. Total returns to shareholders of 123% over the past three years. Reported Earnings • Aug 05
Second quarter 2021 earnings released: EPS US$0.13 (vs US$0.47 in 2Q 2020) The company reported a poor second quarter result with weaker earnings, revenues and profit margins. Second quarter 2021 results: Revenue: US$17.8m (down 30% from 2Q 2020). Net income: US$1.67m (down 73% from 2Q 2020). Profit margin: 9.4% (down from 24% in 2Q 2020). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has increased by 80% per year but the company’s share price has only increased by 36% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Jul 23
Investor sentiment improved over the past week After last week's 28% share price gain to US$9.06, the stock trades at a trailing P/E ratio of 4.8x. Average trailing P/E is 24x in the Building industry in the US. Total returns to shareholders of 166% over the past three years. Valuation Update With 7 Day Price Move • Jul 08
Investor sentiment deteriorated over the past week After last week's 15% share price decline to US$7.27, the stock trades at a trailing P/E ratio of 3.9x. Average trailing P/E is 24x in the Building industry in the US. Total returns to shareholders of 111% over the past three years. Reported Earnings • May 07
First quarter 2021 earnings released: EPS US$0.28 (vs US$0.41 in 1Q 2020) The company reported a soft first quarter result with weaker earnings and profit margins, although revenues improved. First quarter 2021 results: Revenue: US$23.2m (up 28% from 1Q 2020). Net income: US$3.72m (down 30% from 1Q 2020). Profit margin: 16% (down from 29% in 1Q 2020). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 87% per year but the company’s share price has only increased by 32% per year, which means it is significantly lagging earnings growth. Recent Insider Transactions Derivative • Mar 24
Independent Director notifies of intention to sell stock John Ritota intends to sell 15k shares in the next 90 days after lodging an Intent To Sell Form on the 19th of March. If the sale is conducted around the recent share price of US$11.25, it would amount to US$169k. Since June 2020, John's direct individual holding has increased from 50.85k shares to 53.08k. Company insiders have collectively sold US$281k more than they bought, via options and on-market transactions in the last 12 months. Reported Earnings • Mar 11
Full year 2020 earnings released: EPS US$2.01 (vs US$0.23 in FY 2019) The company reported a strong full year result with improved earnings, revenues and profit margins. Full year 2020 results: Revenue: US$102.7m (up 120% from FY 2019). Net income: US$27.1m (up US$24.1m from FY 2019). Profit margin: 26% (up from 6.4% in FY 2019). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 86% per year but the company’s share price has only increased by 44% per year, which means it is significantly lagging earnings growth. Analyst Estimate Surprise Post Earnings • Mar 11
Revenue and earnings beat expectations Revenue exceeded analyst estimates by 1.0%. Earnings per share (EPS) also surpassed analyst estimates by 8.4%. Over the next year, revenue is forecast to grow 39%, compared to a 11% growth forecast for the Building industry in the US. Is New 90 Day High Low • Mar 10
New 90-day low: US$10.70 The company is down 13% from its price of US$12.35 on 09 December 2020. The American market is up 7.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Building industry, which is up 14% over the same period. Valuation Update With 7 Day Price Move • Feb 23
Investor sentiment deteriorated over the past week After last week's 16% share price decline to US$15.07, the stock is trading at a trailing P/E ratio of 10x, down from the previous P/E ratio of 11.9x. This compares to an average P/E of 22x in the Building industry in the US. Total returns to shareholders over the past three years are 313%. Valuation Update With 7 Day Price Move • Feb 05
Investor sentiment improved over the past week After last week's 17% share price gain to US$16.47, the stock is trading at a trailing P/E ratio of 11x, up from the previous P/E ratio of 9.4x. This compares to an average P/E of 22x in the Building industry in the US. Total returns to shareholders over the past three years are 339%. Is New 90 Day High Low • Feb 04
New 90-day high: US$16.96 The company is up 10.0% from its price of US$15.48 on 05 November 2020. The American market is up 16% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Building industry, which is up 11% over the same period. Is New 90 Day High Low • Dec 31
New 90-day low: US$11.15 The company is down 30% from its price of US$16.03 on 02 October 2020. The American market is up 13% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Building industry, which is up 14% over the same period. Recent Insider Transactions Derivative • Dec 15
Independent Director exercised options and sold US$87k worth of stock On the 10th of December, David Garcia exercised 10.00k options at a strike price of around US$3.42 and sold these shares for an average price of US$12.11 per share. This trade did not impact their existing holding. Company insiders have collectively sold US$38m more than they bought, via options and on-market transactions in the last 12 months. Is New 90 Day High Low • Nov 10
New 90-day low: US$11.50 The company is down 30% from its price of US$16.53 on 11 August 2020. The American market is up 7.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Building industry, which is up 8.0% over the same period. Reported Earnings • Nov 07
Third quarter 2020 earnings released: EPS US$0.60 The company reported a strong third quarter result with improved earnings, revenues and profit margins. Third quarter 2020 results: Revenue: US$30.0m (up 150% from 3Q 2019). Net income: US$8.11m (up US$7.67m from 3Q 2019). Profit margin: 27% (up from 3.6% in 3Q 2019). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 70% per year but the company’s share price has only increased by 58% per year, which means it is significantly lagging earnings growth.