Health Catalyst, Inc.
HCATAbout the company
Health Catalyst, Inc. provides data and analytics technology and services to healthcare organizations in the United States. The company operates in two segments: Technology and Professional Services.
Investment snapshot
Positive
2
BUY / PASS
Neutral / negative
1 / 13
NEUTRAL / FAIL
Median fair value
—
No comparable estimates
Models with upside
0 / 17
Positive margin of safety
Strongest signal
9 of 12 pass — Buffett, Piotroski and Marks object
Key risk
No clean pass — all 13 investors flag at least one valuation criterion
Framework analysis
| Verdict | Meaning |
|---|---|
| BUY | Positive purchase signal: the framework's buy requirements are met. |
| PASS | The company clears the framework's checklist or screen, but the framework does not produce a buy signal. For valuation frameworks this often means margin of safety is missing, insufficient, or unavailable; some screen-only frameworks have no intrinsic-value BUY state. |
| NEUTRAL | Neither a positive nor negative conclusion. It does not mean to hold an existing position. |
| FAIL | The company does not clear the framework's requirements. |
| Ranked | Ranked strategies do not use PASS: selected cohort is BUY, outside the cohort is FAIL, and unranked is NEUTRAL. |
Current investor scores use trailing 12-month flows and the latest balance sheet where supported. Multi-year and EPS tests retain annual history; each framework shows its financial basis below. Intrinsic values use annual financials.
| Metric | Graham Defensive Value | Buffett Quality Compounder | Lynch GARP | Greenblatt Magic Formula | Piotroski F-Score | Dreman Contrarian Value | Munger Quality Focus | Pabrai Dhandho Framework | Akre Three-Legged Stool | Marks Risk-Aware Value | Ackman Activist Value | Templeton Global Bargain Hunter | Sleep Scale Economies Shared | Asness Systematic Factors | Neff Low-P/E Total Return | Schloss Asset-Value Discipline | O'Shaughnessy Systematic Factor Composite |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Verdict | FAIL | FAIL | FAIL | FAIL · Rank #3033 (Top 97.9%) | PASS | FAIL | FAIL | FAIL | FAIL | FAIL | PASS | FAIL | FAIL | FAIL | FAIL | FAIL | NEUTRAL |
| Score | |||||||||||||||||
| Analysis | Checking access… | Checking access… | Checking access… | Checking access… | Checking access… | Checking access… | Checking access… | Checking access… | Checking access… | Checking access… | Checking access… | Checking access… | Checking access… | Checking access… | Checking access… | Checking access… | Checking access… |
| Intrinsic Value (annual) | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Margin of Safety | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Financial Basis | TTM ended 2026-09-30 · Balance sheet at 2026-09-30 · Annual history · FY 2025 Latest source filing: 2026-11-05 Score computed: 2026-11-14 | Annual history · FY 2025 Latest source filing: 2026-03-12 Score computed: 2026-11-14 | Annual history · FY 2025 · Balance sheet at 2026-09-30 · TTM ended 2026-09-30 Latest source filing: 2026-11-05 Score computed: 2026-11-14 | TTM ended 2026-09-30 Latest source filing: 2026-11-05 Score computed: 2026-11-14 | Annual history · FY 2025 Latest source filing: 2026-03-12 Score computed: 2026-11-14 | Annual history · FY 2025 · TTM ended 2026-09-30 · Balance sheet at 2026-09-30 · Market data at 2026-11-01 Latest source filing: 2026-11-05 Score computed: 2026-11-14 | Qualitative assessment · Annual history · FY 2025 · TTM ended 2026-09-30 · Balance sheet at 2026-09-30 Latest source filing: 2026-11-05 Score computed: 2026-11-14 | Qualitative assessment · Annual history · FY 2025 Latest source filing: 2026-03-12 Score computed: 2026-11-14 | Annual history · FY 2025 · Qualitative assessment · TTM ended 2026-09-30 · Balance sheet at 2026-09-30 Latest source filing: 2026-11-05 Score computed: 2026-11-14 | Annual history · FY 2025 · Qualitative assessment Latest source filing: 2026-03-12 Score computed: 2026-11-14 | Annual history · FY 2025 · TTM ended 2026-09-30 · Balance sheet at 2026-09-30 · Market data at 2026-11-01 Latest source filing: 2026-11-05 Score computed: 2026-11-14 | Annual history · FY 2025 · Price history 2025-01-01–2026-11-01 · Balance sheet at 2026-09-30 Latest source filing: 2026-11-05 Score computed: 2026-11-14 | Annual history · FY 2025 · Qualitative assessment Latest source filing: 2026-03-12 Score computed: 2026-11-14 | TTM ended 2026-09-30 · Balance sheet at 2026-09-30 · Price history 2025-01-01–2026-11-01 · Annual history · FY 2025 Latest source filing: 2026-11-05 Score computed: 2026-11-14 | Annual history · FY 2025 · TTM ended 2026-09-30 Latest source filing: 2026-11-05 Score computed: 2026-11-14 | Annual history · FY 2025 · Balance sheet at 2026-09-30 Latest source filing: 2026-11-05 Score computed: 2026-11-14 | TTM ended 2026-09-30 · Annual history · FY 2025 · Price history 2025-01-01–2026-11-01 Latest source filing: 2026-11-05 Score computed: 2026-11-14 |
Where It Passes
- Debt & Leverage75% pass✓ 12✗ 3▾
9 of 12 pass — Buffett, Piotroski and Marks object
LT Debt vs Net Current AssetsLT Debt $0.0M vs NCA $54.8M✓GrahamLT Debt <= Net Current AssetsDebt/Equity & Interest CoverageD/E: 0.62, IC: -7.3x✗BuffettD/E < 0.5 AND Interest Coverage > 5xTotal Debt / Equity0✓Lynch< 0.33Cash - Long-term Debt$53.7M✓LynchPositive preferredLT Debt / Total Assets Change17.60% -> 30.17%✗PiotroskiDecreased YoYCurrent Assets / Current Liabilities1.70✓Dreman> 1.5✓SchlossCurrent ratio >= 1.50x (app cutoff)Total Debt / Shareholders' Equity0✓Dreman< 0.8✓Templeton< 1.0 (fixed cap; proxy for below-sector-median leverage)✓SchlossD/E < 1.00xDebt Levels0✓MungerDebt/Equity < 0.5✓AkreDebt/Equity < 0.3Interest Coverage & Debt/EBITDAIC=-7.3x, D/EBITDA=N/A✗MarksInterest Coverage > 3x; Debt/EBITDA < 4xTotal Debt / Shareholders Equity0✓Ackman<= 1.0Negative debt-to-equity (higher means less debt)-0.0000; #1/4210 (top 0.0%)✓AsnessTop 30% of eligible cross-section
Where It Falls Short
- Valuation0% pass✓ 7✗ 21▾
No clean pass — all 13 investors flag at least one valuation criterion
Price / 3-yr avg EPS✗Graham<= 15xPrice-to-Book Ratio0.4x✓Graham<= 1.5xP/E x P/B✗Graham<= 22.5Basic earnings-growth PEG (dividends excluded)✗Lynch< 1.0 (ideally < 0.5)EBIT / Enterprise Value-292.1%✗Greenblatt> 10%Earnings Yield + ROC AssessmentEY=-292.1%, ROC=-503.5%✗GreenblattBoth EY > 10% and ROC > 25%Price / EPS✗Dreman< 12x✗Templeton< 12x (fixed ceiling; proxy for the market's cheapest 40%)Price / (CFO / Shares)148.8x✗Dreman< 8xPrice / Book Value per Share0.4x✓Dreman< 1.2x✓Templeton< 1.5x✓SchlossP/B <= 0.80x (app cutoff)Valuation ReasonablenessOE Yield=-118.1%✗MungerP/E < 25 or Owner Earnings Yield > 5%P/E or FCF YieldFCF Yield=-0.2%✗PabraiP/E < 15 or FCF Yield > 10%P/B or P/E vs. Historical AverageP/B=0.4x✓MarksP/E < 15 or P/B < 2.0Discount to Intrinsic ValueN/A (negative normalized EPS)✗Marks>= 20% below intrinsic valuePrice / FCF per ShareN/A (negative FCF)✗Ackman<= 25Price vs. Trailing Low152% of trailing low ($1.00)✗Templeton<= 120% of trailing low (certified split-adjusted live window)Net income / market capitalization-175.74%; #5625/6340 (top 88.7%)✗AsnessTop 30% of eligible cross-section✗OshaughnessyTop 10% of eligible cross-sectionPositive book equity / market capitalization+1.2660; #1122/6449 (top 17.4%)✓AsnessTop 30% of eligible cross-sectionPrice / Diluted EPS✗NeffP/E <= 15x (app proxy for a P/E 40%-60% below the market)(EPS CAGR % + Dividend Yield %) / P/E✗Neff> 0.7 (Neff's published traditional edge)Price / Tangible Book Value per ShareN/A (non-positive TBVPS)✗SchlossP/TBV <= 1.00x (app cutoff)Book Value per Share Change-45.6%✗SchlossLatest BVPS >= earliest BVPS over >= 3 years (app rule)Revenue / market capitalization+2.3671; #960/5247 (top 18.3%)✗OshaughnessyTop 10% of eligible cross-section(Operating cash flow - capex) / market capitalization+22.36%; #255/4519 (top 5.6%)✓OshaughnessyTop 10% of eligible cross-sectionTrailing six-month price return through the evaluation date+51.56%; #629/6202 (top 10.1%)✗OshaughnessyTop 10% of eligible cross-section - Growth0% pass✓ 3✗ 10▾
No clean pass — all 8 investors flag at least one growth criterion
EPS Growth (3-yr avg, 10-yr window)N/A (negative base EPS)✗Graham>= 33% growthBasic earnings-growth PEG (dividends excluded)✗Lynch< 1.0 (ideally < 0.5)3-5 Year EPS CAGR✗Lynch15-30% (Fast Grower); > 0% to passInventory Growth vs Revenue GrowthN/A (no inventory)✓LynchInventory growth < Revenue growthEPS Growth Direction$-12.13 (2017) -> $-2.55 (2025)✗DremanPositive over recent yearsEPS CAGR✗Dreman> 5% annualizedPositive Net Income Frequency0/9 years positive✗MarksPositive net income in >= 7 of last 10 years3yr Median Revenue Growth3.6%✗Ackman>= 5%Positive EPS Growth Frequency3/5 years with positive EPS growth✓AckmanPositive EPS growth in >= 3 of last 5 years5-Year EPS CAGR✗Templeton> 0% (5-year EPS CAGR)Revenue growth vs. gross and operating margin trendgross margin 44.5% -> 48.7%, operating margin -42.9% -> -51.7%✗SleepRevenue rising; gross margin flat or falling; operating margin holding5-year Revenue CAGR10.5%✓SleepCAGR > 7%3-5 Year Diluted EPS CAGR✗Neff7%-20% annualized - Profitability6% pass✓ 4✗ 31▾
15 of 16 flag HCAT's profitability — Graham, Buffett, Lynch +12 more
Positive EPS (10 years)0/10 years positive✗GrahamPositive EPS every year for 10 yearsEPS Growth (3-yr avg, 10-yr window)N/A (negative base EPS)✗Graham>= 33% growthNet Income Positive (10+ years)0/10 years positive✗BuffettPositive every year for 10+ yearsROE (up to 5-year arithmetic mean)-37.1%✗Buffett> 15% arithmetic mean (app rule)Operating Margin (10-yr trend)-51.7% (latest)✓BuffettStable or rising over 10 yearsFree Cash Flow Proxy$-128.4M✗BuffettPositive and growingEarnings Variance (10-yr CoV)N/A (negative mean EPS)✗BuffettCoV < 0.3Retained Earnings Effectiveness✗Buffett$1 retained -> > $1 market value createdBasic earnings-growth PEG (dividends excluded)✗Lynch< 1.0 (ideally < 0.5)3-5 Year EPS CAGR✗Lynch15-30% (Fast Grower); > 0% to passROE-138.8%✗Lynch> 15%EBIT / Enterprise Value-292.1%✗Greenblatt> 10%Earnings Yield + ROC AssessmentEY=-292.1%, ROC=-503.5%✗GreenblattBoth EY > 10% and ROC > 25%Net Income / Total Assets-35.41%✗PiotroskiROA > 0ROA Change YoY-8.09% -> -35.41% (delta: -27.32%)✗PiotroskiCurrent ROA > Prior ROA(CFO / Total Assets) vs ROACFO/Assets=0.15%, ROA=-35.41%✓PiotroskiCFO/Assets > ROAGross Margin Change YoY45.9% -> 48.7%✓PiotroskiImproved YoYPre-Tax Income / Revenue-57.0%✗Dreman>= 8%Net Income / Shareholders' Equity-138.8%✗Dreman> 12%Margin of SafetyP/B=0.4x✓PabraiP/B < 1.5 or P/E < 15Return on Equity-41.2% (3-yr avg)✗AkreROE > 20% (3-year avg)Discount to Intrinsic ValueN/A (negative normalized EPS)✗Marks>= 20% below intrinsic valuePositive Net Income Frequency0/9 years positive✗MarksPositive net income in >= 7 of last 10 yearsOperating Income / Revenue-65.7%✗Ackman>= 15%Net Income / Shareholders Equity-138.8%✗Ackman>= 15%5-Year EPS CAGR✗Templeton> 0% (5-year EPS CAGR)Operating Margin Trend-42.9% (2023) -> -51.7% (2025)✗TempletonNon-negative operating-margin trend over 3 yearsRevenue growth vs. gross and operating margin trendgross margin 44.5% -> 48.7%, operating margin -42.9% -> -51.7%✗SleepRevenue rising; gross margin flat or falling; operating margin holdingNet income / market capitalization-175.74%; #5625/6340 (top 88.7%)✗AsnessTop 30% of eligible cross-section✗OshaughnessyTop 10% of eligible cross-sectionGross profit / total assets+30.18%; #1420/3702 (top 38.4%)✗AsnessTop 30% of eligible cross-sectionNet income / positive book equity-138.81%; #4747/5226 (top 90.8%)✗AsnessTop 30% of eligible cross-sectionNegative 5-year standard deviation of ROA-0.0887; #3329/5884 (top 56.6%)✗AsnessTop 30% of eligible cross-section3-5 Year Diluted EPS CAGR✗Neff7%-20% annualizedPositive Diluted-EPS Years0/9 years positive✗Schloss>= 70% positive over 5-10 observed years (app rule) - Verdicts13% pass✓ 2✗ 14▾
Split decision: 13 FAIL · 2 PASS · 1 NEUTRAL
Overall verdict✗GrahamFAIL (3/9)✗BuffettFAIL (1/9)✗LynchFAIL (3/7)✗GreenblattRank #3033✓PiotroskiPASS (F-Score 5)✗DremanFAIL (3/11)✗MungerFAIL (1/4)✗PabraiFAIL (1/3)✗AkreFAIL (2/6)✗MarksFAIL (1/5)✓AckmanPASS (4/9)✗TempletonFAIL (3/8)✗SleepFAIL (2/6)✗AsnessFAIL (Rank #1784/2370 (Top 75.3%))✗NeffFAIL (2/6)✗SchlossFAIL (3/7)•OshaughnessyNEUTRAL (Not ranked) - Efficiency25% pass✓ 3✗ 8▾
6 of 8 flag HCAT's efficiency — Graham, Buffett, Greenblatt +3 more
Current Ratio1.70✗Graham>= 2.0ROIC (3-5 yr avg)-22.2%✗Buffett> 10%ROIC - WACC-32.2%✗BuffettPositive (WACC = 10%)EBIT / (NWC + Net Fixed Assets)-503.5%✗Greenblatt> 25%Current Ratio Change YoY1.43 -> 1.89✓PiotroskiIncreased YoYRevenue / Total Assets Change YoY0.36x -> 0.62x✓PiotroskiImproved YoYCurrent Assets / Current Liabilities1.70✓Dreman> 1.5Return on Invested Capital-97.1%✗Munger> 15%ROIC (high and growing)FY2023: ROIC=-16.8%; FY2024: ROIC=-7.4%; FY2025: ROIC=-31.8%✗AkreLatest 3 consecutive FYs: ROIC > 15% in eachReinvestment Rate x ROICN/A (non-positive net income)✗AkreReinvestment Rate * ROIC > 10%ROIC (5-year)0/5 years above 12% (latest -31.8%)✗SleepROIC > 12% in a majority of years - Cash Flow30% pass✓ 5✗ 7▾
7 of 10 flag HCAT's cash flow — Buffett, Lynch, Dreman +4 more
Free Cash Flow Proxy$-128.4M✗BuffettPositive and growingFCF Positive and Growing$-0.2M✗LynchPositive and growingOperating Cash Flow$0.7M✓PiotroskiCFO > 0(CFO / Total Assets) vs ROACFO/Assets=0.15%, ROA=-35.41%✓PiotroskiCFO/Assets > ROAPrice / (CFO / Shares)148.8x✗Dreman< 8xP/E or FCF YieldFCF Yield=-0.2%✗PabraiP/E < 15 or FCF Yield > 10%FCF Positive1/9 years FCF positive✗MarksPositive FCF in majority of recent years(OCF - CapEx) / Market Cap23.6%✓Ackman>= 4%Price / FCF per ShareN/A (negative FCF)✗Ackman<= 25Positive Operating Cash Flow frequency2/9 years positive✗SleepPositive OCF in >= 70% of available yearsOperating Cash Flow - Capital Expenditures$25.7M✓Neff> $0 (app proxy for a strong fundamental case)(Operating cash flow - capex) / market capitalization+22.36%; #255/4519 (top 5.6%)✓OshaughnessyTop 10% of eligible cross-section
Business & financials
Financial snapshot: annual FY 2025. Current investor scores may use newer quarterly data.
Company Profile
Financial Snapshot
Shareholder Return
Fiscal 2025
Issued 12.5% of shares last year, 23.0% issued over two.
- Buybacks
- $5.0M
- Dividends
- —
Company Financials
Latest TTM and quarters alongside annual years
TTM sums four consecutive quarters and uses the latest quarter-end balances. Quarter columns show three-month results; annual columns show full-year totals. Growth compares the same period a year earlier. EPS is not added for TTM; full-year ratios are blank for quarters.
The latest annual period end is unavailable. Showing the latest fiscal cycle’s quarters; quarter and annual columns may overlap. Quarterly shows the full quarter history.
| Metric | TTM · 2026-09-30 2025-10-01 – 2026-09-30 Sources · derived quarter valuesDerived from cumulative filings: revenue, net income, operating income, ebit, operating cash flow, depreciation amortization, capex, buybacks. | Q3 FY 2026 2026-07-01 – 2026-09-30 Sources · derived quarter valuesDerived from cumulative filings: operating cash flow, capex, buybacks. | Q2 FY 2026 2026-04-01 – 2026-06-30 Sources · derived quarter valuesDerived from cumulative filings: operating cash flow, capex, buybacks. | Q1 FY 2026 2026-01-01 – 2026-03-31 Sources | FY 2025Sources
| FY 2024Sources
| FY 2023Sources
| FY 2022Sources
| FY 2021Sources
|
|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $115.0Mcurrent | -- | -- | -- | $154.9Mest. | $360.6Mest. | $572.2Mest. | $775.7Mest. | $1.6Best. |
| Revenue | $272.2M↓14% | $56.3M↓26% | $70.5M↓13% | $70.8M↓11% | $311.1M↑1% | $306.6M↑4% | $295.9M↑7% | $276.2M↑14% | $241.9M |
| Operating Income | -$178.9M↓94% | $50.1M↑386% | -$36.5M↑2% | -$106.5M↓428% | -$160.9M↓130% | -$69.8M↑45% | -$126.9M↑9% | -$140.0M↑3% | -$143.7M |
| Net Income | -$202.1M↓88% | $40.5M↑282% | -$40.5M↑1% | -$111.0M↓368% | -$178.0M↓156% | -$69.5M↑41% | -$118.1M↑14% | -$137.4M↑10% | -$153.2M |
| EPS (Diluted) | -- | $0.53↑266% | $-0.55↑7% | $-1.53↓337% | $-2.55↓122% | $-1.15↑45% | $-2.09↑21% | $-2.63↑19% | $-3.23 |
| Gross Margin | — | — | — | — | 48.7%↑6% | 45.9%↑3% | 44.5%↓8% | 48.2%↓1% | 48.6% |
| Operating Margin | -65.7%↓125% | 89.1%↑488% | -51.8%↓13% | -150.5%↓492% | -51.7%↓127% | -22.8%↑47% | -42.9%↑15% | -50.7%↑15% | -59.4% |
| ROE | -138.8%↓328% | — | — | — | -72.4%↓280% | -19.0%↑41% | -32.2% | -32.3%↓10% | -29.3% |
| Total Debt | $0↓100% | $0↓100% | $153.5M | $153.4M↓60% | $153.3M↓60% | $382.4M↑68% | $228.0M↑1% | $226.5M↑25% | $180.9M |
| Shareholders' Equity | $145.6M↓56% | $145.6M↓56% | $100.8M↓71% | $138.1M↓63% | $245.8M↓33% | $365.2M | $366.9M↓14% | $425.0M↓19% | $522.1M |
| Current Ratio | 1.70↓10% | 1.70↓10% | 2.70↑48% | 1.69↑36% | 1.89↑32% | 1.43↓68% | 4.42↓15% | 5.18↓5% | 5.46 |
| Debt / Equity | 0.00↓100% | 0.00↓100% | 1.52↑246% | 1.11↑9% | 0.62↓40% | 1.05↑68% | 0.62↑17% | 0.53↑54% | 0.35 |
| Operating Cash Flow | $26.8M↑311% | -$1.9M↓304% | $275.0K↑103% | $18.5M↑6511% | $731.0K↓95% | $14.6M↑144% | -$33.1M↑6% | -$35.3M↓53% | -$23.1M |
| Free Cash Flow | $25.7M | -$2.0M↓182% | -$70.0K | $18.2M↑4760% | -$237.0K↓102% | $12.9M↑138% | -$34.3M↑8% | -$37.4M↓12% | -$33.6M |
Score history
Historical Score Timeline
Industry peers
Industry Peers
Similar companies in Business Services
HCAT vs Peers — Financial Grading
| Company | Market Cap | Price | Revenue | Net Income | ROE | D/E | Op. Margin | Curr. Ratio | Graham | Buffett | Lynch | Greenblatt | Piotroski | Dreman |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| AUTOMATIC DATA PROCESSING INCADP | $122.3B | $309.93 | $21.9B | $4.4B | 73.2% | 0.82 | 24.2% | 1.05 | 4/9 | 5/9 | 3/7 | 0/3 | F-Score 6 | 5/11 |
| ELECTRONIC ARTS INC.EA | $52.9B | $209.70 | $7.5B | $887.0M | 13.1% | 0.22 | 15.4% | 1.05 | 1/9 | 4/9 | 4/7 | 0/3 | F-Score 6 | 6/11 |
| Rubrik, Inc.RBRK | $22.6B | $109.88 | $1.3B | $348.8M | 67.1% | — | -26.2% | 1.69 | 1/9 | 0/9 | 2/7 | 0/3 | F-Score 6 | 2/11 |
| AECOMACM | $9.1B | $70.50 | $16.1B | $561.8M | 22.5% | 1.09 | 6.4% | 1.14 | 1/9 | 3/9 | 3/7 | 1/3 | F-Score 8 | 2/11 |
| COMMVAULT SYSTEMS INCCVLT | $6.2B | $152.07 | $1.2B | $70.7M | 942.8% | — | 6.3% | 1.95 | 1/9 | 2/9 | 4/7 | 0/3 | F-Score 6 | 6/11 |
| WPP plcWPP | $6.0B | $27.79 | $18.2B | $289.5M | -8.5% | 1.94 | 2.8% | 0.89 | 1/9 | 2/9 | 1/7 | 0/3 | F-Score 3 | 2/11 |
| VARONIS SYSTEMS INCVRNS | $5.6B | $48.94 | $623.5M | $129.3M | -21.6% | 0.76 | -23.5% | 1.97 | 1/9 | 0/9 | 1/7 | 0/3 | F-Score 5 | 1/11 |
| ROBERT HALF INC.RHI | $4.3B | $42.00 | $5.4B | $133.0M | 10.4% | — | 1.4% | 1.53 | 2/9 | 5/9 | 1/7 | 0/3 | F-Score 5 | 2/11 |