Centuri Holdings, Inc.

Where It Passes

Where It Falls Short

• Valuation0% pass✓ 1✗ 27▾

  No clean pass — all 13 investors flag at least one valuation criterion

  Price / 3-yr avg EPS

  ✗Graham<= 15x

  Price-to-Book Ratio2.5x

  ✗Graham<= 1.5x

  P/E x P/B

  ✗Graham<= 22.5

  Basic earnings-growth PEG (dividends excluded)P/E 87.3x (growth N/A)

  ✗Lynch< 1.0 (ideally < 0.5)

  EBIT / Enterprise Value4.0%

  ✗Greenblatt> 10%

  Earnings Yield + ROC AssessmentEY=4.0%, ROC=12.6%

  ✗GreenblattBoth EY > 10% and ROC > 25%

  Price / EPS87.3x

  ✗Dreman< 12x✗Templeton< 12x (fixed ceiling; proxy for the market's cheapest 40%)

  Price / (CFO / Shares)28.2x

  ✗Dreman< 8x

  Price / Book Value per Share2.5x

  ✗Dreman< 1.2x✗Templeton< 1.5x✗SchlossP/B <= 0.80x (app cutoff)

  Valuation ReasonablenessP/E=87.3x

  ✗MungerP/E < 25 or Owner Earnings Yield > 5%

  P/E or FCF YieldP/E=87.3x, FCF Yield=-0.4%

  ✗PabraiP/E < 15 or FCF Yield > 10%

  P/B or P/E vs. Historical AverageP/E=87.3x, P/B=2.5x

  ✗MarksP/E < 15 or P/B < 2.0

  Discount to Intrinsic ValueN/A (negative normalized EPS)

  ✗Marks>= 20% below intrinsic value

  Price / FCF per ShareN/A (negative FCF)

  ✗Ackman<= 25

  Price vs. Trailing Low133% of trailing low ($16.39)

  ✗Templeton<= 120% of trailing low (certified split-adjusted live window)

  Net income / market capitalization+2.43%; #2575/6340 (top 40.6%)

  ✗AsnessTop 30% of eligible cross-section✗OshaughnessyTop 10% of eligible cross-section

  Positive book equity / market capitalization+0.4074; #3241/6449 (top 50.3%)

  ✗AsnessTop 30% of eligible cross-section

  Price / Diluted EPS87.3x

  ✗NeffP/E <= 15x (app proxy for a P/E 40%-60% below the market)

  (EPS CAGR % + Dividend Yield %) / P/E

  ✗Neff> 0.7 (Neff's published traditional edge)

  Price / Tangible Book Value per Share16.41x

  ✗SchlossP/TBV <= 1.00x (app cutoff)

  Book Value per Share Change+60.5%

  ✓SchlossLatest BVPS >= earliest BVPS over >= 3 years (app rule)

  Revenue / market capitalization+1.6957; #1218/5247 (top 23.2%)

  ✗OshaughnessyTop 10% of eligible cross-section

  (Operating cash flow - capex) / market capitalization-2.14%; #2769/4519 (top 61.3%)

  ✗OshaughnessyTop 10% of eligible cross-section

  Trailing six-month price return through the evaluation date-35.23%; #4637/6202 (top 74.8%)

  ✗OshaughnessyTop 10% of eligible cross-section
• Growth0% pass✓ 4✗ 9▾

  No clean pass — all 8 investors flag at least one growth criterion

  EPS Growth (3-yr avg, 10-yr window)

  ✗Graham>= 33% growth

  Basic earnings-growth PEG (dividends excluded)P/E 87.3x (growth N/A)

  ✗Lynch< 1.0 (ideally < 0.5)

  3-5 Year EPS CAGR

  ✗Lynch15-30% (Fast Grower); > 0% to pass

  Inventory Growth vs Revenue GrowthN/A (no inventory)

  ✓LynchInventory growth < Revenue growth

  EPS Growth Direction$-2.35 (2022) -> $0.25 (2025)

  ✓DremanPositive over recent years

  EPS CAGR

  ✗Dreman> 5% annualized

  Positive Net Income Frequency1/4 years positive

  ✗MarksPositive net income in >= 7 of last 10 years

  3yr Median Revenue Growth5.0%

  ✓Ackman>= 5%

  Positive EPS Growth Frequency2/3 years with positive EPS growth

  ✗AckmanPositive EPS growth in >= 3 of last 5 years

  5-Year EPS CAGR

  ✗Templeton> 0% (5-year EPS CAGR)

  Revenue growth vs. gross and operating margin trendgross margin 9.4% -> 8.3%, operating margin -2.7% -> 3.1%

  ✓SleepRevenue rising; gross margin flat or falling; operating margin holding

  5-year Revenue CAGR

  ✗SleepCAGR > 7%

  3-5 Year Diluted EPS CAGR

  ✗Neff7%-20% annualized
• Valuation models0% pass✗ 2▾

  CTRI overvalued: all 2 models price fair value below $21.82 (median $4.83)

  Graham fair value$6.98

  ✗Graham-212.6% margin vs $21.82

  Greenblatt fair value$2.67

  ✗Greenblatt-717.2% margin vs $21.82
• Profitability6% pass✓ 6✗ 29▾

  15 of 16 flag CTRI's profitability — Graham, Buffett, Lynch +12 more

  Positive EPS (10 years)1/5 years positive

  ✗GrahamPositive EPS every year for 10 years

  EPS Growth (3-yr avg, 10-yr window)

  ✗Graham>= 33% growth

  Net Income Positive (10+ years)1/5 years positive

  ✗BuffettPositive every year for 10+ years

  ROE (up to 5-year arithmetic mean)-31.1%

  ✗Buffett> 15% arithmetic mean (app rule)

  Operating Margin (10-yr trend)3.1% (latest)

  ✓BuffettStable or rising over 10 years

  Free Cash Flow Proxy

  ✗BuffettPositive and growing

  Earnings Variance (10-yr CoV)

  ✗BuffettCoV < 0.3

  Retained Earnings Effectiveness

  ✗Buffett$1 retained -> > $1 market value created

  Basic earnings-growth PEG (dividends excluded)P/E 87.3x (growth N/A)

  ✗Lynch< 1.0 (ideally < 0.5)

  3-5 Year EPS CAGR

  ✗Lynch15-30% (Fast Grower); > 0% to pass

  ROE6.0%

  ✗Lynch> 15%

  EBIT / Enterprise Value4.0%

  ✗Greenblatt> 10%

  Earnings Yield + ROC AssessmentEY=4.0%, ROC=12.6%

  ✗GreenblattBoth EY > 10% and ROC > 25%

  Net Income / Total Assets0.93%

  ✓PiotroskiROA > 0

  ROA Change YoY-0.32% -> 0.93% (delta: +1.25%)

  ✓PiotroskiCurrent ROA > Prior ROA

  (CFO / Total Assets) vs ROACFO/Assets=3.24%, ROA=0.93%

  ✓PiotroskiCFO/Assets > ROA

  Gross Margin Change YoY8.4% -> 8.3%

  ✗PiotroskiImproved YoY

  Pre-Tax Income / Revenue1.7%

  ✗Dreman>= 8%

  Net Income / Shareholders' Equity6.0%

  ✗Dreman> 12%

  Margin of SafetyP/E=87.3x, P/B=2.5x

  ✗PabraiP/B < 1.5 or P/E < 15

  Return on Equity-27.0% (3-yr avg)

  ✗AkreROE > 20% (3-year avg)

  Discount to Intrinsic ValueN/A (negative normalized EPS)

  ✗Marks>= 20% below intrinsic value

  Positive Net Income Frequency1/4 years positive

  ✗MarksPositive net income in >= 7 of last 10 years

  Operating Income / Revenue3.1%

  ✗Ackman>= 15%

  Net Income / Shareholders Equity6.0%

  ✗Ackman>= 15%

  5-Year EPS CAGR

  ✗Templeton> 0% (5-year EPS CAGR)

  Operating Margin Trend-2.7% (2023) -> 3.1% (2025)

  ✓TempletonNon-negative operating-margin trend over 3 years

  Revenue growth vs. gross and operating margin trendgross margin 9.4% -> 8.3%, operating margin -2.7% -> 3.1%

  ✓SleepRevenue rising; gross margin flat or falling; operating margin holding

  Net income / market capitalization+2.43%; #2575/6340 (top 40.6%)

  ✗AsnessTop 30% of eligible cross-section✗OshaughnessyTop 10% of eligible cross-section

  Gross profit / total assets+11.14%; #2718/3702 (top 73.4%)

  ✗AsnessTop 30% of eligible cross-section

  Net income / positive book equity+5.97%; #2336/5226 (top 44.7%)

  ✗AsnessTop 30% of eligible cross-section

  Negative 5-year standard deviation of ROA-0.0418; #2344/5884 (top 39.8%)

  ✗AsnessTop 30% of eligible cross-section

  3-5 Year Diluted EPS CAGR

  ✗Neff7%-20% annualized

  Positive Diluted-EPS Years

  ✗Schloss>= 70% positive over 5-10 observed years (app rule)
• Verdicts7% pass✓ 1✗ 14▾

  Split decision: 13 FAIL · 2 NEUTRAL · 1 PASS

  Overall verdict

  ✗GrahamFAIL (1/9)✗BuffettFAIL (1/9)✗LynchFAIL (1/7)✗GreenblattRank #1473•PiotroskiNEUTRAL (F-Score 6)✗DremanFAIL (3/11)✗MungerFAIL (0/4)✗PabraiFAIL (0/3)✗AkreFAIL (1/6)✗MarksFAIL (0/5)✗AckmanFAIL (3/9)✗TempletonFAIL (3/8)✓SleepPASS (3/6)✗AsnessFAIL (Rank #1595/2370 (Top 67.3%))✗NeffFAIL (1/6)✗SchlossFAIL (3/7)•OshaughnessyNEUTRAL (Not ranked)
• Efficiency13% pass✓ 2✗ 9▾

  7 of 8 flag CTRI's efficiency — Graham, Buffett, Greenblatt +4 more

  Current Ratio1.84

  ✗Graham>= 2.0

  ROIC (3-5 yr avg)1.8%

  ✗Buffett> 10%

  ROIC - WACC-8.2%

  ✗BuffettPositive (WACC = 10%)

  EBIT / (NWC + Net Fixed Assets)12.6%

  ✗Greenblatt> 25%

  Current Ratio Change YoY1.57 -> 1.78

  ✓PiotroskiIncreased YoY

  Revenue / Total Assets Change YoY1.27x -> 1.24x

  ✗PiotroskiImproved YoY

  Current Assets / Current Liabilities1.84

  ✓Dreman> 1.5

  Return on Invested Capital5.5%

  ✗Munger> 15%

  ROIC (high and growing)FY2023: ROIC=-4.5%; FY2024: ROIC=4.8%; FY2025: ROIC=4.6%

  ✗AkreLatest 3 consecutive FYs: ROIC > 15% in each

  Reinvestment Rate x ROIC4.6% (RR=100% x ROIC=4.6%)

  ✗AkreReinvestment Rate * ROIC > 10%

  ROIC (5-year)0/3 years above 12% (latest 4.6%)

  ✗SleepROIC > 12% in a majority of years
• Cash Flow20% pass✓ 3✗ 9▾

  8 of 10 flag CTRI's cash flow — Buffett, Lynch, Dreman +5 more

  Free Cash Flow Proxy

  ✗BuffettPositive and growing

  FCF Positive and Growing$-47.1M

  ✗LynchPositive and growing

  Operating Cash Flow$78.1M

  ✓PiotroskiCFO > 0

  (CFO / Total Assets) vs ROACFO/Assets=3.24%, ROA=0.93%

  ✓PiotroskiCFO/Assets > ROA

  Price / (CFO / Shares)28.2x

  ✗Dreman< 8x

  P/E or FCF YieldP/E=87.3x, FCF Yield=-0.4%

  ✗PabraiP/E < 15 or FCF Yield > 10%

  FCF Positive2/4 years FCF positive

  ✗MarksPositive FCF in majority of recent years

  (OCF - CapEx) / Market Cap-2.1%

  ✗Ackman>= 4%

  Price / FCF per ShareN/A (negative FCF)

  ✗Ackman<= 25

  Positive Operating Cash Flow frequency4/4 years positive

  ✓SleepPositive OCF in >= 70% of available years

  Operating Cash Flow - Capital Expenditures$-47.1M

  ✗Neff> $0 (app proxy for a strong fundamental case)

  (Operating cash flow - capex) / market capitalization-2.14%; #2769/4519 (top 61.3%)

  ✗OshaughnessyTop 10% of eligible cross-section
• Debt & Leverage33% pass✓ 6✗ 9▾

  8 of 12 flag CTRI's debt & leverage — Graham, Buffett, Lynch +5 more

  Total Debt / Shareholders' Equity0.90

  ✗Dreman< 0.8✓Templeton< 1.0 (fixed cap; proxy for below-sector-median leverage)✓SchlossD/E < 1.00x

  LT Debt vs Net Current AssetsLT Debt $787.8M vs NCA $518.0M

  ✗GrahamLT Debt <= Net Current Assets

  Debt/Equity & Interest CoverageD/E: 0.84, IC: 1.4x

  ✗BuffettD/E < 0.5 AND Interest Coverage > 5x

  Total Debt / Equity0.90

  ✗Lynch< 0.33

  Cash - Long-term Debt$-745.7M

  ✗LynchPositive preferred

  LT Debt / Total Assets Change40.68% -> 29.41%

  ✓PiotroskiDecreased YoY

  Current Assets / Current Liabilities1.84

  ✓Dreman> 1.5✓SchlossCurrent ratio >= 1.50x (app cutoff)

  Debt Levels0.90

  ✗MungerDebt/Equity < 0.5✗AkreDebt/Equity < 0.3

  Interest Coverage & Debt/EBITDAIC=1.4x, D/EBITDA=N/A (D&A unavailable)

  ✗MarksInterest Coverage > 3x; Debt/EBITDA < 4x

  Total Debt / Shareholders Equity0.90

  ✓Ackman<= 1.0

  Negative debt-to-equity (higher means less debt)-0.8959; #3101/4210 (top 73.7%)

  ✗AsnessTop 30% of eligible cross-section