Reliance Global Group, Inc.

Where It Passes

Where It Falls Short

• Profitability0% pass✓ 3✗ 29▾

  No clean pass — all 15 investors flag at least one profitability criterion

  Positive EPS (10 years)0/8 years positive

  ✗GrahamPositive EPS every year for 10 years

  EPS Growth (3-yr avg, 10-yr window)N/A (negative base EPS)

  ✗Graham>= 33% growth

  Net Income Positive (10+ years)1/8 years positive

  ✗BuffettPositive every year for 10+ years

  ROE (up to 5-year arithmetic mean)-194.9%

  ✗Buffett> 15% arithmetic mean (app rule)

  Operating Margin (10-yr trend)-72.5% (latest)

  ✗BuffettStable or rising over 10 years

  Free Cash Flow Proxy$-5.7M

  ✗BuffettPositive and growing

  Earnings Variance (10-yr CoV)N/A (negative mean EPS)

  ✗BuffettCoV < 0.3

  Retained Earnings Effectiveness

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

  Basic earnings-growth PEG (dividends excluded)

  ✗Lynch< 1.0 (ideally < 0.5)

  3-5 Year EPS CAGR

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

  ROE-90.3%

  ✗Lynch> 15%

  Net Income / Total Assets-51.58%

  ✗PiotroskiROA > 0

  ROA Change YoY-52.39% -> -51.58% (delta: +0.82%)

  ✓PiotroskiCurrent ROA > Prior ROA

  (CFO / Total Assets) vs ROACFO/Assets=-22.84%, ROA=-51.58%

  ✓PiotroskiCFO/Assets > ROA

  Pre-Tax Income / Revenue-56.2%

  ✗Dreman>= 8%

  Net Income / Shareholders' Equity-90.3%

  ✗Dreman> 12%

  Margin of SafetyP/B=3.0x

  ✗PabraiP/B < 1.5 or P/E < 15

  Return on Equity-193.1% (3-yr avg)

  ✗AkreROE > 20% (3-year avg)

  Discount to Intrinsic ValueN/A (negative normalized EPS)

  ✗Marks>= 20% below intrinsic value

  Positive Net Income Frequency1/7 years positive

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

  Operating Income / Revenue-75.1%

  ✗Ackman>= 15%

  Net Income / Shareholders Equity-90.3%

  ✗Ackman>= 15%

  5-Year EPS CAGR

  ✗Templeton> 0% (5-year EPS CAGR)

  Operating Margin Trend-101.1% (2023) -> -72.5% (2025)

  ✓TempletonNon-negative operating-margin trend over 3 years

  Revenue growth vs. gross and operating margin trendrevenue flat/down, operating margin -101.1% -> -72.5%

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

  Net income / market capitalization-136.90%; #5534/6340 (top 87.3%)

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

  Gross profit / total assets

  ✗AsnessTop 30% of eligible cross-section

  Net income / positive book equity-90.26%; #4542/5226 (top 86.9%)

  ✗AsnessTop 30% of eligible cross-section

  Negative 5-year standard deviation of ROA-0.3140; #4636/5884 (top 78.8%)

  ✗AsnessTop 30% of eligible cross-section

  3-5 Year Diluted EPS CAGR

  ✗Neff7%-20% annualized

  Positive Diluted-EPS Years0/7 years positive

  ✗Schloss>= 70% positive over 5-10 observed years (app rule)
• Valuation0% pass✓ 2✗ 24▾

  No clean pass — all 12 investors flag at least one valuation criterion

  Price / 3-yr avg EPS

  ✗Graham<= 15x

  Price-to-Book Ratio3.0x

  ✗Graham<= 1.5x

  P/E x P/B

  ✗Graham<= 22.5

  Basic earnings-growth PEG (dividends excluded)

  ✗Lynch< 1.0 (ideally < 0.5)

  Price / EPS

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

  Price / (CFO / Shares)N/A (negative CFPS)

  ✗Dreman< 8x

  Price / Book Value per Share3.0x

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

  Valuation ReasonablenessOE Yield=-29.0%

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

  P/E or FCF YieldFCF Yield=-70.9%

  ✗PabraiP/E < 15 or FCF Yield > 10%

  P/B or P/E vs. Historical AverageP/B=3.0x

  ✗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 Low100% of trailing low ($1.84)

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

  Net income / market capitalization-136.90%; #5534/6340 (top 87.3%)

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

  Positive book equity / market capitalization+1.5167; #901/6449 (top 14.0%)

  ✓AsnessTop 30% of eligible cross-section

  Price / Diluted EPS

  ✗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 ShareN/A (non-positive TBVPS)

  ✗SchlossP/TBV <= 1.00x (app cutoff)

  Book Value per Share Change

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

  Revenue / market capitalization+2.5192; #922/5247 (top 17.6%)

  ✗OshaughnessyTop 10% of eligible cross-section

  (Operating cash flow - capex) / market capitalization-70.94%; #3971/4519 (top 87.9%)

  ✗OshaughnessyTop 10% of eligible cross-section

  Trailing six-month price return through the evaluation date-76.88%; #5782/6202 (top 93.2%)

  ✗OshaughnessyTop 10% of eligible cross-section
• Cash Flow0% pass✓ 1✗ 11▾

  No clean pass — all 10 investors flag at least one cash flow criterion

  Free Cash Flow Proxy$-5.7M

  ✗BuffettPositive and growing

  FCF Positive and Growing$-3.1M

  ✗LynchPositive and growing

  Operating Cash Flow$-3.1M

  ✗PiotroskiCFO > 0

  (CFO / Total Assets) vs ROACFO/Assets=-22.84%, ROA=-51.58%

  ✓PiotroskiCFO/Assets > ROA

  Price / (CFO / Shares)N/A (negative CFPS)

  ✗Dreman< 8x

  P/E or FCF YieldFCF Yield=-70.9%

  ✗PabraiP/E < 15 or FCF Yield > 10%

  FCF Positive0/6 years FCF positive

  ✗MarksPositive FCF in majority of recent years

  (OCF - CapEx) / Market Cap-15.9%

  ✗Ackman>= 4%

  Price / FCF per ShareN/A (negative FCF)

  ✗Ackman<= 25

  Positive Operating Cash Flow frequency0/7 years positive

  ✗SleepPositive OCF in >= 70% of available years

  Operating Cash Flow - Capital Expenditures$-3.1M

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

  (Operating cash flow - capex) / market capitalization-70.94%; #3971/4519 (top 87.9%)

  ✗OshaughnessyTop 10% of eligible cross-section
• Growth0% pass✓ 1✗ 11▾

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

  EPS Growth (3-yr avg, 10-yr window)N/A (negative base EPS)

  ✗Graham>= 33% growth

  Basic earnings-growth PEG (dividends excluded)

  ✗Lynch< 1.0 (ideally < 0.5)

  3-5 Year EPS CAGR

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

  EPS Growth Direction$-1.21 (2019) -> $-1.28 (2025)

  ✗DremanPositive over recent years

  EPS CAGR

  ✗Dreman> 5% annualized

  Positive Net Income Frequency1/7 years positive

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

  3yr Median Revenue Growth2.3%

  ✗Ackman>= 5%

  Positive EPS Growth Frequency2/5 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 trendrevenue flat/down, operating margin -101.1% -> -72.5%

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

  5-year Revenue CAGR11.2%

  ✓SleepCAGR > 7%

  3-5 Year Diluted EPS CAGR

  ✗Neff7%-20% annualized
• Verdicts14% pass✓ 2✗ 12▾

  Split decision: 12 FAIL · 2 PASS · 2 NEUTRAL

  Overall verdict

  ✗GrahamFAIL (0/7)✗BuffettFAIL (0/7)✗LynchFAIL (0/6)✓PiotroskiPASS (F-Score 4)✗DremanFAIL (2/10)✗MungerFAIL (1/4)✗PabraiFAIL (0/3)✗AkreFAIL (1/6)✗MarksFAIL (0/5)✗AckmanFAIL (2/9)✓TempletonPASS (4/8)✗SleepFAIL (2/6)•AsnessNEUTRAL (Not ranked)✗NeffFAIL (2/6)✗SchlossFAIL (2/7)•OshaughnessyNEUTRAL (Not ranked)
• Efficiency25% pass✓ 1✗ 4▾

  3 of 4 flag EZRA's efficiency — Munger, Akre and Sleep

  Revenue / Total Assets Change YoY0.81x -> 0.92x

  ✓PiotroskiImproved YoY

  Return on Invested Capital-59.5%

  ✗Munger> 15%

  ROIC (high and growing)FY2023: ROIC=-56.0%; FY2024: ROIC=-43.2%; FY2025: ROIC=-61.8%

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

  Reinvestment Rate x ROICN/A (non-positive net income)

  ✗AkreReinvestment Rate * ROIC > 10%

  ROIC (5-year)0/4 years above 12% (latest -61.8%)

  ✗SleepROIC > 12% in a majority of years
• Debt & Leverage45% pass✓ 6✗ 7▾

  6 of 11 flag EZRA's debt & leverage — Buffett, Lynch, Munger +3 more

  Debt/Equity & Interest CoverageD/E: 0.79, IC: -8.6x

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

  Total Debt / Equity0.66

  ✗Lynch< 0.33

  Cash - Long-term Debt$-2.9M

  ✗LynchPositive preferred

  LT Debt / Total Assets Change54.68% -> 29.99%

  ✓PiotroskiDecreased YoY

  Total Debt / Shareholders' Equity0.66

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

  Debt Levels0.66

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

  Interest Coverage & Debt/EBITDAIC=-8.6x, D/EBITDA=N/A

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

  Total Debt / Shareholders Equity0.66

  ✓Ackman<= 1.0

  Negative debt-to-equity (higher means less debt)-0.6562; #2756/4210 (top 65.5%)

  ✗AsnessTop 30% of eligible cross-section

  Current Assets / Current Liabilities1.63x

  ✓SchlossCurrent ratio >= 1.50x (app cutoff)