Global Crossing Airlines Group Inc.
JETMFInvestment snapshot
Positive
3
BUY / PASS
Neutral / negative
1 / 12
NEUTRAL / FAIL
Median fair value
$4.69
+857.1% vs price
Models with upside
3 / 17
Positive margin of safety
Strongest signal
JETMF undervalued: all 3 models price fair value above $0.49 (median $4.69)
Key risk
15 of 16 flag JETMF's profitability — Graham, Buffett, Lynch +12 more
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 | Not ranked | PASS | FAIL | PASS | FAIL | FAIL | FAIL | PASS | FAIL | FAIL | NEUTRAL | FAIL | FAIL | FAIL |
| 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 | |||
| Margin of Safety | N/A | N/A | N/A | N/A | N/A | N/A | +89.6% | +50.0% | N/A | N/A | +94.7% | 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 · 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 · TTM ended 2026-09-30 vs 2025-09-30 · TTM ended 2026-09-30 Latest source filing: 2026-11-05 Score computed: 2026-11-14 | Annual history · FY 2025 Latest source filing: 2026-03-05 Score computed: 2026-11-14 | Annual history · FY 2025 Latest source filing: 2026-03-05 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: 2026-03-05 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 · TTM ended 2026-09-30 · Qualitative assessment Latest source filing: 2026-11-05 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: 2026-03-05 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
- Valuation models100% pass✓ 3▾
JETMF undervalued: all 3 models price fair value above $0.49 (median $4.69)
Munger fair value$4.69✓Munger+89.6% margin vs $0.49Pabrai fair value$0.98✓Pabrai+50.0% margin vs $0.49Ackman fair value$9.22✓Ackman+94.7% margin vs $0.49 - Cash Flow70% pass✓ 9✗ 3▾
7 of 10 pass — Buffett, Marks and Sleep object
Free Cash Flow Proxy$-2.7M✗BuffettPositive and growingFCF Positive and Growing$25.9M✓LynchPositive and growingOperating Cash Flow$28.1M✓PiotroskiCFO > 0(CFO / Total Assets) vs ROACFO/Assets=13.84%, ROA=-1.50%✓PiotroskiCFO/Assets > ROAPrice / (CFO / Shares)1.1x✓Dreman< 8xP/E or FCF YieldFCF Yield=48.2%✓PabraiP/E < 15 or FCF Yield > 10%FCF Positive2/5 years FCF positive✗MarksPositive FCF in majority of recent years(OCF - CapEx) / Market Cap82.6%✓Ackman>= 4%Price / FCF per Share1.9x✓Ackman<= 25Positive Operating Cash Flow frequency2/5 years positive✗SleepPositive OCF in >= 70% of available yearsOperating Cash Flow - Capital Expenditures$25.9M✓Neff> $0 (app proxy for a strong fundamental case)(Operating cash flow - capex) / market capitalization+75.88%; #68/4519 (top 1.5%)✓OshaughnessyTop 10% of eligible cross-section
Where It Falls Short
- Profitability6% pass✓ 6✗ 29▾
15 of 16 flag JETMF's profitability — Graham, Buffett, Lynch +12 more
Positive EPS (10 years)0/6 years positive✗GrahamPositive EPS every year for 10 yearsEPS Growth (3-yr avg, 10-yr window)N/A (negative base EPS)✗Graham>= 33% growthNet Income Positive (10+ years)0/6 years positive✗BuffettPositive every year for 10+ yearsROE (up to 5-year arithmetic mean)-466.8%✗Buffett> 15% arithmetic mean (app rule)Operating Margin (10-yr trend)3.6% (latest)✓BuffettStable or rising over 10 yearsFree Cash Flow Proxy$-2.7M✗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 passROEN/A (negative equity)✗Lynch> 15%EBIT / Enterprise Value14.6%✓Greenblatt> 10%Earnings Yield + ROC AssessmentEY=14.6%, ROC=N/A (invested capital <= 0)✗GreenblattBoth EY > 10% and ROC > 25%Net Income / Total Assets-1.50%✗PiotroskiROA > 0ROA Change YoY-6.88% -> -1.50% (delta: +5.38%)✓PiotroskiCurrent ROA > Prior ROA(CFO / Total Assets) vs ROACFO/Assets=13.84%, ROA=-1.50%✓PiotroskiCFO/Assets > ROAGross Margin Change YoY✗PiotroskiImproved YoYPre-Tax Income / Revenue✗Dreman>= 8%Net Income / Shareholders' Equity✗Dreman> 12%Margin of Safety✗PabraiP/B < 1.5 or P/E < 15Return on Equity-466.8% (3-yr avg)✗AkreROE > 20% (3-year avg)Discount to Intrinsic ValueN/A (negative normalized EPS)✗Marks>= 20% below intrinsic valuePositive Net Income Frequency0/5 years positive✗MarksPositive net income in >= 7 of last 10 yearsOperating Income / Revenue4.8%✗Ackman>= 15%Net Income / Shareholders Equity✗Ackman>= 15%5-Year EPS CAGR✗Templeton> 0% (5-year EPS CAGR)Operating Margin Trend-9.9% (2023) -> 3.6% (2025)✓TempletonNon-negative operating-margin trend over 3 yearsRevenue growth vs. gross and operating margin trendrevenue up, operating margin -9.9% -> 3.6%✓SleepRevenue rising; gross margin flat or falling; operating margin holdingNet income / market capitalization-0.77%; #3369/6340 (top 53.1%)✗AsnessTop 30% of eligible cross-section✗OshaughnessyTop 10% of eligible cross-sectionGross profit / total assets✗AsnessTop 30% of eligible cross-sectionNet income / positive book equity✗AsnessTop 30% of eligible cross-sectionNegative 5-year standard deviation of ROA-0.1781; #4103/5884 (top 69.7%)✗AsnessTop 30% of eligible cross-section3-5 Year Diluted EPS CAGR✗Neff7%-20% annualizedPositive Diluted-EPS Years0/5 years positive✗Schloss>= 70% positive over 5-10 observed years (app rule) - Debt & Leverage8% pass✓ 1✗ 14▾
11 of 12 flag JETMF's debt & leverage — Graham, Buffett, Lynch +8 more
LT Debt vs Net Current Assets✗GrahamLT Debt <= Net Current AssetsDebt/Equity & Interest CoverageD/E: N/A (negative equity), IC: 0.9x✗BuffettD/E < 0.5 AND Interest Coverage > 5xTotal Debt / EquityN/A (negative equity)✗Lynch< 0.33Cash - Long-term Debt✗LynchPositive preferredLT Debt / Total Assets Change0.00% -> 0.00%✓PiotroskiDecreased YoYCurrent Assets / Current Liabilities0.27✗Dreman> 1.5✗SchlossCurrent ratio >= 1.50x (app cutoff)Total Debt / Shareholders' Equity✗Dreman< 0.8✗Templeton< 1.0 (fixed cap; proxy for below-sector-median leverage)✗SchlossD/E < 1.00xDebt LevelsN/A (non-positive equity)✗MungerDebt/Equity < 0.5✗AkreDebt/Equity < 0.3Interest Coverage & Debt/EBITDAIC=0.9x, D/EBITDA=1.2x✗MarksInterest Coverage > 3x; Debt/EBITDA < 4xTotal Debt / Shareholders Equity✗Ackman<= 1.0Negative debt-to-equity (higher means less debt)✗AsnessTop 30% of eligible cross-section - Growth13% pass✓ 4✗ 9▾
7 of 8 flag JETMF's growth — Graham, Lynch, Dreman +4 more
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$-0.43 (2021) -> $-0.05 (2025)✗DremanPositive over recent yearsEPS CAGR✗Dreman> 5% annualizedPositive Net Income Frequency0/5 years positive✗MarksPositive net income in >= 7 of last 10 years3yr Median Revenue Growth39.7%✓Ackman>= 5%Positive EPS Growth Frequency3/4 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 trendrevenue up, operating margin -9.9% -> 3.6%✓SleepRevenue rising; gross margin flat or falling; operating margin holding5-year Revenue CAGR✗SleepCAGR > 7%3-5 Year Diluted EPS CAGR✗Neff7%-20% annualized - Efficiency13% pass✓ 1✗ 10▾
7 of 8 flag JETMF's efficiency — Graham, Buffett, Greenblatt +4 more
Current Ratio0.27✗Graham>= 2.0ROIC (3-5 yr avg)-2349.0%✗Buffett> 10%ROIC - WACC-2359.0%✗BuffettPositive (WACC = 10%)EBIT / (NWC + Net Fixed Assets)N/A (invested capital <= 0)✗Greenblatt> 25%Current Ratio Change YoY0.35 -> 0.34✗PiotroskiIncreased YoYRevenue / Total Assets Change YoY1.34x -> 1.21x✗PiotroskiImproved YoYCurrent Assets / Current Liabilities0.27✗Dreman> 1.5Return on Invested Capital67.9%✓Munger> 15%ROIC (high and growing)FY2023: ROIC=-129.5%; FY2024: ROIC=-24.7%; FY2025: ROIC=50.3%✗AkreLatest 3 consecutive FYs: ROIC > 15% in eachReinvestment Rate x ROICN/A (non-positive net income)✗AkreReinvestment Rate * ROIC > 10%ROIC (5-year)1/4 years above 12% (latest 50.3%)✗SleepROIC > 12% in a majority of years - Valuation15% pass✓ 7✗ 21▾
11 of 13 flag JETMF's valuation — Graham, Lynch, Greenblatt +8 more
Price / 3-yr avg EPS✗Graham<= 15xPrice-to-Book Ratio✗Graham<= 1.5xP/E x P/B✗Graham<= 22.5Basic earnings-growth PEG (dividends excluded)✗Lynch< 1.0 (ideally < 0.5)EBIT / Enterprise Value14.6%✓Greenblatt> 10%Earnings Yield + ROC AssessmentEY=14.6%, ROC=N/A (invested capital <= 0)✗GreenblattBoth EY > 10% and ROC > 25%Price / EPS✗Dreman< 12x✗Templeton< 12x (fixed ceiling; proxy for the market's cheapest 40%)Price / (CFO / Shares)1.1x✓Dreman< 8xPrice / Book Value per ShareN/A (negative BVPS)✗Dreman< 1.2x✗Templeton< 1.5x✗SchlossP/B <= 0.80x (app cutoff)Valuation ReasonablenessOE Yield=-8.6%✗MungerP/E < 25 or Owner Earnings Yield > 5%P/E or FCF YieldFCF Yield=48.2%✓PabraiP/E < 15 or FCF Yield > 10%P/B or P/E vs. Historical Average✗MarksP/E < 15 or P/B < 2.0Discount to Intrinsic ValueN/A (negative normalized EPS)✗Marks>= 20% below intrinsic valuePrice / FCF per Share1.9x✓Ackman<= 25Price vs. Trailing Low105% of trailing low ($0.47)✓Templeton<= 120% of trailing low (certified split-adjusted live window)Net income / market capitalization-0.77%; #3369/6340 (top 53.1%)✗AsnessTop 30% of eligible cross-section✗OshaughnessyTop 10% of eligible cross-sectionPositive book equity / market capitalization-0.7780; #6005/6449 (top 93.1%)✗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-656.0%✗SchlossLatest BVPS >= earliest BVPS over >= 3 years (app rule)Revenue / market capitalization+7.9176; #378/5247 (top 7.2%)✓OshaughnessyTop 10% of eligible cross-section(Operating cash flow - capex) / market capitalization+75.88%; #68/4519 (top 1.5%)✓OshaughnessyTop 10% of eligible cross-sectionTrailing six-month price return through the evaluation date-40.24%; #4809/6202 (top 77.5%)✗OshaughnessyTop 10% of eligible cross-section - Verdicts20% pass✓ 3✗ 12▾
Split decision: 12 FAIL · 3 PASS · 1 NEUTRAL
Overall verdict✗GrahamFAIL (1/9)✗BuffettFAIL (1/9)✗LynchFAIL (2/7)•GreenblattNot ranked✓PiotroskiPASS (F-Score 4)✗DremanFAIL (1/11)✓MungerPASS (2/4)✗PabraiFAIL (1/3)✗AkreFAIL (2/6)✗MarksFAIL (0/5)✓AckmanPASS (5/9)✗TempletonFAIL (3/8)✗SleepFAIL (2/6)•AsnessNEUTRAL (Not ranked)✗NeffFAIL (3/6)✗SchlossFAIL (0/7)✗OshaughnessyFAIL (Rank #800/963 (Top 83.1%))
Business & financials
Financial snapshot: annual FY 2025. Current investor scores may use newer quarterly data.
Company Profile
Financial Snapshot
Shareholder Return
Fiscal 2025
Issued 3.8% of shares last year, 8.8% issued over two.
- Buybacks
- —
- Dividends
- $468.0K
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, interest expense, operating cash flow, depreciation amortization, capex, dividends paid. | Q3 FY 2026 2026-07-01 – 2026-09-30 Sources · derived quarter valuesDerived from cumulative filings: operating cash flow, depreciation amortization, capex. | Q2 FY 2026 2026-04-01 – 2026-06-30 Sources · derived quarter valuesDerived from cumulative filings: operating cash flow, capex. | Q1 FY 2026 2026-01-01 – 2026-03-31 Sources | FY 2025Sources
| FY 2024Sources
| FY 2023Sources
| FY 2022Sources
| FY 2021Sources
|
|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $34.2Mcurrent | -- | -- | -- | $38.5Mest. | $45.1Mest. | $33.0Mest. | $48.1Mest. | $62.9Mest. |
| Revenue | $270.7M↑10% | $71.8M↑24% | $62.0M↑1% | $76.6M↑15% | $246.3M↑10% | $223.8M↑40% | $160.1M↑65% | $97.1M↑579% | $14.3M |
| Operating Income | $13.0M↑20% | $4.0M↑291% | $1.4M↓58% | $6.1M↑96% | $8.9M↑889% | -$1.1M↑93% | -$15.9M↓41% | -$11.2M↑35% | -$17.2M |
| Net Income | -$262.0K↑84% | $238.0K↑112% | -$1.3M↓320% | $2.7M↑1647% | -$3.1M↑73% | -$11.5M↑45% | -$21.0M↓33% | -$15.8M↑20% | -$19.8M |
| EPS (Diluted) | -- | $0.00↑100% | $-0.02↓300% | $0.04 | $-0.05↑74% | $-0.19↑49% | $-0.37↓23% | $-0.30↑30% | $-0.43 |
| Gross Margin | — | — | — | — | — | — | — | — | — |
| Operating Margin | 4.8%↑9% | 5.6%↑216% | 2.2%↓59% | 8.0%↑71% | 3.6%↑817% | -0.5%↑95% | -9.9%↑14% | -11.6%↑90% | -120.1% |
| ROE | 1.0%↓83% | — | — | — | 10.3%↓73% | 38.8%↓63% | 104.6%↓52% | 218.1%↑147% | -466.8% |
| Total Debt | $41.7M↓5% | $41.7M↓5% | $42.2M↑18% | $42.8M↑21% | $43.5M↑31% | $33.2M↑11% | $29.8M↑332% | $6.9M↑338% | $1.6M |
| Shareholders' Equity | -$26.6M↑6% | -$26.6M↑6% | -$26.9M↑1% | -$26.3M↑9% | -$29.5M | -$29.6M↓47% | -$20.1M↓177% | -$7.3M↓271% | $4.2M |
| Current Ratio | 0.27↑17% | 0.27↑17% | 0.25↓29% | 0.31↓4% | 0.34↓4% | 0.35↓39% | 0.58↑37% | 0.42↓36% | 0.66 |
| Debt / Equity | -1.57↓1% | -1.57↓1% | -1.57↓19% | -1.62↓32% | -1.47↓31% | -1.12↑24% | -1.48↓56% | -0.95↓356% | 0.37 |
| Operating Cash Flow | $35.0M↑76% | $9.0M↑1413% | -$1.6M↓118% | $9.0M↑8402% | $28.1M↑248% | $8.1M↑685% | -$1.4M↑62% | -$3.6M↑67% | -$10.8M |
| Free Cash Flow | $25.9M↑241% | $7.7M↑292% | -$4.1M↓166% | $5.3M↑303% | $16.5M↑1833% | $853.0K↑116% | -$5.4M↑2% | -$5.5M↑52% | -$11.5M |
Score history
Historical Score Timeline
Industry peers
Industry Peers
Similar companies in Transportation
JETMF vs Peers — Financial Grading
| Company | Market Cap | Price | Revenue | Net Income | ROE | D/E | Op. Margin | Curr. Ratio | Graham | Buffett | Lynch | Greenblatt | Piotroski | Dreman |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| UNION PACIFIC CORPUNP | $179.7B | $302.44 | $24.5B | $7.1B | 38.7% | 1.72 | 40.2% | 0.91 | 2/9 | 4/9 | 4/7 | 0/3 | F-Score 7 | 3/11 |
| CSX CORPCSX | $95.9B | $52.05 | $14.1B | $2.9B | 22.0% | 1.43 | 32.1% | 0.81 | 2/9 | 4/9 | 3/7 | 0/3 | F-Score 5 | 3/11 |
| ROYAL CARIBBEAN CRUISES LTDRCL | $86.5B | $323.27 | $17.9B | $4.3B | 42.5% | 2.13 | 27.4% | 0.18 | 1/9 | 1/9 | 1/7 | 0/3 | F-Score 7 | 3/11 |
| CANADIAN NATIONAL RAILWAY COCNI | $76.3B | $127.18 | — | — | — | — | — | — | — | — | — | — | — | — |
| NORFOLK SOUTHERN CORPNSC | $73.6B | $327.88 | $12.2B | $2.9B | 18.5% | 1.10 | 35.8% | 0.85 | 3/9 | 6/9 | 3/7 | 0/3 | F-Score 6 | 5/11 |
| MPLX LPMPLX | $58.0B | $57.25 | $13.0B | $5.0B | 34.6% | 1.79 | 45.7% | 1.23 | 2/9 | 4/9 | 4/7 | 1/3 | F-Score 6 | 8/11 |
| Carnival Corp Ltd.CCL | $39.3B | $29.23 | $26.6B | $2.8B | 22.5% | 2.17 | 16.8% | 0.32 | 1/9 | 1/9 | 2/7 | 0/3 | F-Score 7 | 4/11 |
| OLD DOMINION FREIGHT LINE, INC.ODFL | $36.0B | $174.54 | $5.5B | $1.0B | 23.7% | 0.01 | 24.8% | 1.44 | 3/9 | 7/9 | 5/7 | 1/3 | F-Score 6 | 5/11 |