Are you really shorting Blade (USA Stocks:BLDE) based on its volatility?

BLDE Stock

USD 3.21 0.06 1.90%

Macroaxis Story

34% of stocks are less volatile than Blade, and 99% of all traded equity instruments are projected to make higher returns than the company over the 90 days investment horizon. Since many greedy investors are excited about industrials space, let's digest Blade Air against its current volatility. We will discuss why it could be a different year for Blade Air shareholders.

Published over a month ago

View all stories for Blade Air | View All Stories

Macroaxis uses a strict editorial review process to publish our stories and blog posts. Our publishers support our company and may receive a small commission when the partner links or references are utilized. Commissions do not affect the opinions or evaluations of our editorial team. The information our editors and media partners deliver is confidential and licensed for your sole use as a Macroaxis user. We reserve all rights to the content of this article, and therefore copying or distributing this story in whole or in part is strictly prohibited.

Reviewed by Ellen Johnson

Blade Air Mobility currently holds 6.11 M in liabilities with Debt to Equity (D/E) ratio of 0.02, which may suggest Blade Air is not taking enough advantage from borrowing. The entity has a current ratio of 14.73, suggesting that it is liquid enough and is able to pay its financial obligations when due. Debt can assist Blade Air until it has trouble settling it off, either with new capital or with free cash flow. So, Blade Air's shareholders could walk away with nothing if the company can't fulfill its legal obligations to repay debt. However, a more frequent occurrence is when companies like Blade Air Mobility sell additional shares at bargain prices, diluting existing shareholders. Debt, in this case, can be an excellent and much better tool for Blade to invest in growth at high rates of return. When we think about Blade Air's use of debt, we should always consider it together with cash and equity.

Are you really shorting Blade (USA Stocks:BLDE) based on its volatility?

Volatility is a rate at which the price of Blade Air or any other equity instrument increases or decreases for a given set of returns. It is measured by calculating the standard deviation of the annualized returns over a given period of time and shows the range to which the price of Blade Air may increase or decrease. In other words, similar to Blade's beta indicator, it measures the risk of Blade Air and helps estimate the fluctuations that may happen in a short period of time. So if prices of Blade Air fluctuate rapidly in a short time span, it is termed to have high volatility, and if it swings slowly in a more extended period, it is understood to have low volatility.

Please read more on our technical analysis page.

How important is Blade Air's Liquidity

Blade Air financial leverage refers to using borrowed capital as a funding source to finance Blade Air Mobility ongoing operations. It is usually used to expand the firm's asset base and generate returns on borrowed capital. Blade Air financial leverage is typically calculated by taking the company's all interest-bearing debt and dividing it by total capital. So the higher the debt-to-capital ratio (i.e., financial leverage), the riskier the company. Please check the breakdown between Blade Air's total debt and its cash.

How does Blade utilize its cash?

To perform a cash flow analysis of Blade Air, investors first need to understand how to read the cash flow statement. A cash flow statement shows the amount of cash Blade Air is receiving and how much cash it distributes out in a given period. The Blade Air cash flow statement breaks down these inflows and outflows into different buckets, including operating activities, investing activities, and financing activities.

Blade Air Net Cash Flow from Operations is projected to decrease significantly based on the last few years of reporting. The past year's Net Cash Flow from Operations was at (33.42 Million)

Blade Air Volatility Drivers

Blade Air unsystematic risk is unique to Blade Air Mobility and usually not directly affected by the market or economic environment. An example of unsystematic risk is the possibility of poor earnings or a layoff due to coronavirus. One may mitigate nonsystematic risk by buying different securities in the same industry or by buying in different sectors. For example, if you have a position in Blade Air you can also buy Wheels Up Experience. You can also mitigate this risk by investing in the airports & air services sector as well as in companies having nothing to do with it. This type of risk is also called diversifiable risk and can be understood from analyzing Blade Air important indicators over time. Here we run a correlation analysis between relevant fundamental ratios over at least ten year period to find a relationship in the way they react to changes in Blade Air income statement and balance sheet. Here are more details about Blade volatility.

	Total Assets	Current Assets	Cash and Equivalents	Total Debt	Debt Current	Deferred Revenue	Shareholders Equity	Investments Current	Total Liabilities	Current Liabilities	Consolidated Income	Cost of Revenue	Gross Profit	Net Income	Net Income Common Stock	Operating Expenses	Operating Income	Weighted Average Shares	Income Tax Expense	Capital Expenditure	Share Based Compensation	Asset Turnover	Book Value per Share	Current Ratio	Debt to Equity Ratio	EBITDA Margin	Earnings per Basic Share	Free Cash Flow per Share	Gross Margin	Profit Margin	Price to Book Value	Price to Earnings Ratio	Price to Sales Ratio	Return on Average Assets	Return on Average Equity	Return on Sales	Sales per Share	Average Assets	Earnings before Tax	Average Equity	Enterprise Value	Free Cash Flow	Invested Capital	Invested Capital Average	Market Capitalization	Tangible Asset Value	Working Capital
Total Assets		0.98	0.61	0.81	0.79	0.91	1.0	-0.82	1.0	0.85	-0.93	0.84	0.9	-0.93	-0.93	0.89	-0.91	0.93	0.81	0.28	1.0	0.95	0.95	0.7	-0.6	-0.02	-0.27	-0.34	0.63	-0.02	-0.88	0.99	-0.77	-0.69	0.99	-0.08	0.79	0.72	-0.92	0.94	0.25	-0.87	0.97	-0.95	0.39	0.99	0.97
Current Assets	0.98		0.47	0.7	0.68	0.83	0.98	-0.7	0.98	0.76	-0.98	0.75	0.82	-0.98	-0.98	0.81	-0.83	0.85	0.7	0.39	0.99	0.88	0.99	0.82	-0.6	-0.19	-0.43	-0.19	0.71	-0.2	-0.86	0.97	-0.65	-0.81	0.97	-0.25	0.68	0.59	-0.97	0.87	0.42	-0.78	1.0	-0.98	0.54	1.0	1.0
Cash and Equivalents	0.61	0.47		0.93	0.87	0.82	0.6	-0.92	0.61	0.91	-0.32	0.93	0.89	-0.32	-0.32	0.89	-0.85	0.83	0.93	-0.48	0.56	0.81	0.36	-0.07	-0.48	0.76	0.55	-0.88	0.13	0.74	-0.67	0.64	-0.96	0.12	0.66	0.71	0.94	0.96	-0.28	0.83	-0.51	-0.88	0.43	-0.46	-0.39	0.51	0.43
Total Debt	0.81	0.7	0.93		0.98	0.96	0.8	-0.99	0.82	1.0	-0.57	0.99	0.98	-0.57	-0.57	0.98	-0.97	0.96	0.99	-0.13	0.78	0.95	0.6	0.19	-0.42	0.54	0.33	-0.79	0.2	0.52	-0.72	0.82	-0.95	-0.15	0.85	0.48	0.95	0.97	-0.53	0.96	-0.28	-0.98	0.67	-0.68	-0.14	0.73	0.66
Debt Current	0.79	0.68	0.87	0.98		0.96	0.78	-0.96	0.8	0.97	-0.56	0.96	0.94	-0.56	-0.56	0.95	-0.94	0.93	0.96	0.01	0.77	0.92	0.58	0.18	-0.25	0.49	0.32	-0.76	0.1	0.47	-0.61	0.78	-0.88	-0.16	0.83	0.43	0.88	0.94	-0.53	0.93	-0.25	-0.95	0.66	-0.67	-0.12	0.71	0.64
Deferred Revenue	0.91	0.83	0.82	0.96	0.96		0.91	-0.97	0.92	0.97	-0.71	0.97	0.97	-0.71	-0.71	0.98	-0.97	0.99	0.96	0.08	0.9	0.99	0.74	0.37	-0.44	0.35	0.13	-0.63	0.32	0.33	-0.76	0.9	-0.9	-0.35	0.93	0.28	0.93	0.93	-0.69	0.98	-0.11	-0.97	0.81	-0.8	0.03	0.86	0.8
Shareholders Equity	1.0	0.98	0.6	0.8	0.78	0.91		-0.82	1.0	0.85	-0.93	0.84	0.9	-0.93	-0.93	0.89	-0.91	0.93	0.81	0.28	1.0	0.95	0.95	0.7	-0.6	-0.02	-0.27	-0.34	0.63	-0.03	-0.88	0.99	-0.76	-0.69	0.99	-0.08	0.79	0.72	-0.92	0.93	0.25	-0.87	0.97	-0.95	0.39	0.99	0.97
Investments Current	-0.82	-0.7	-0.92	-0.99	-0.96	-0.97	-0.82		-0.83	-0.98	0.56	-0.98	-0.96	0.56	0.56	-0.97	0.97	-0.97	-1.0	0.14	-0.79	-0.96	-0.6	-0.17	0.47	-0.56	-0.33	0.79	-0.21	-0.55	0.74	-0.83	0.96	0.15	-0.85	-0.5	-0.97	-0.98	0.53	-0.95	0.33	0.98	-0.67	0.65	0.19	-0.74	-0.66
Total Liabilities	1.0	0.98	0.61	0.82	0.8	0.92	1.0	-0.83		0.86	-0.92	0.85	0.9	-0.92	-0.92	0.9	-0.91	0.93	0.82	0.29	1.0	0.95	0.94	0.69	-0.58	-0.01	-0.25	-0.35	0.61	-0.01	-0.86	0.99	-0.77	-0.68	0.99	-0.07	0.79	0.74	-0.91	0.94	0.24	-0.88	0.97	-0.95	0.38	0.99	0.97
Current Liabilities	0.85	0.76	0.91	1.0	0.97	0.97	0.85	-0.98	0.86		-0.64	1.0	0.99	-0.64	-0.64	1.0	-0.98	0.97	0.98	-0.09	0.83	0.97	0.67	0.28	-0.47	0.47	0.24	-0.74	0.29	0.45	-0.77	0.86	-0.95	-0.24	0.89	0.4	0.95	0.96	-0.61	0.98	-0.19	-0.98	0.73	-0.75	-0.05	0.79	0.73
Consolidated Income	-0.93	-0.98	-0.32	-0.57	-0.56	-0.71	-0.93	0.56	-0.92	-0.64		-0.62	-0.71	1.0	1.0	-0.69	0.73	-0.73	-0.57	-0.49	-0.95	-0.77	-0.99	-0.9	0.56	0.35	0.59	0.06	-0.75	0.36	0.81	-0.92	0.52	0.9	-0.91	0.41	-0.53	-0.43	1.0	-0.78	-0.56	0.67	-0.99	0.96	-0.68	-0.97	-0.99
Cost of Revenue	0.84	0.75	0.93	0.99	0.96	0.97	0.84	-0.98	0.85	1.0	-0.62		0.99	-0.62	-0.62	1.0	-0.98	0.97	0.99	-0.13	0.82	0.96	0.65	0.26	-0.5	0.49	0.26	-0.75	0.31	0.47	-0.79	0.86	-0.96	-0.22	0.88	0.43	0.96	0.96	-0.59	0.98	-0.21	-0.98	0.72	-0.73	-0.08	0.78	0.71
Gross Profit	0.9	0.82	0.89	0.98	0.94	0.97	0.9	-0.96	0.9	0.99	-0.71	0.99		-0.71	-0.71	1.0	-0.98	0.98	0.97	-0.08	0.87	0.98	0.74	0.37	-0.57	0.39	0.14	-0.68	0.41	0.38	-0.85	0.91	-0.95	-0.33	0.93	0.33	0.95	0.93	-0.68	0.99	-0.11	-0.98	0.79	-0.8	0.03	0.84	0.79
Net Income	-0.93	-0.98	-0.32	-0.57	-0.56	-0.71	-0.93	0.56	-0.92	-0.64	1.0	-0.62	-0.71		1.0	-0.69	0.73	-0.73	-0.57	-0.49	-0.95	-0.77	-0.99	-0.9	0.56	0.35	0.59	0.06	-0.75	0.36	0.81	-0.92	0.52	0.9	-0.91	0.41	-0.53	-0.43	1.0	-0.78	-0.56	0.67	-0.99	0.96	-0.68	-0.97	-0.99
Net Income Common Stock	-0.93	-0.98	-0.32	-0.57	-0.56	-0.71	-0.93	0.56	-0.92	-0.64	1.0	-0.62	-0.71	1.0		-0.69	0.73	-0.73	-0.57	-0.49	-0.95	-0.77	-0.99	-0.9	0.56	0.35	0.59	0.06	-0.75	0.36	0.81	-0.92	0.52	0.9	-0.91	0.41	-0.53	-0.43	1.0	-0.78	-0.56	0.67	-0.99	0.96	-0.68	-0.97	-0.99
Operating Expenses	0.89	0.81	0.89	0.98	0.95	0.98	0.89	-0.97	0.9	1.0	-0.69	1.0	1.0	-0.69	-0.69		-0.98	0.98	0.97	-0.07	0.87	0.98	0.72	0.35	-0.53	0.41	0.17	-0.69	0.38	0.39	-0.82	0.9	-0.95	-0.32	0.92	0.34	0.95	0.94	-0.67	0.99	-0.13	-0.98	0.78	-0.79	0.02	0.83	0.77
Operating Income	-0.91	-0.83	-0.85	-0.97	-0.94	-0.97	-0.91	0.97	-0.91	-0.98	0.73	-0.98	-0.98	0.73	0.73	-0.98		-0.98	-0.98	0.0	-0.89	-0.98	-0.74	-0.37	0.54	-0.38	-0.13	0.7	-0.36	-0.37	0.83	-0.93	0.94	0.35	-0.94	-0.32	-0.93	-0.91	0.7	-0.98	0.13	1.0	-0.8	0.78	-0.01	-0.85	-0.79
Weighted Average Shares	0.93	0.85	0.83	0.96	0.93	0.99	0.93	-0.97	0.93	0.97	-0.73	0.97	0.98	-0.73	-0.73	0.98	-0.98		0.96	0.03	0.91	1.0	0.76	0.39	-0.54	0.35	0.11	-0.63	0.39	0.34	-0.82	0.93	-0.92	-0.37	0.94	0.29	0.95	0.93	-0.7	0.98	-0.12	-0.98	0.82	-0.8	0.03	0.87	0.82
Income Tax Expense	0.81	0.7	0.93	0.99	0.96	0.96	0.81	-1.0	0.82	0.98	-0.57	0.99	0.97	-0.57	-0.57	0.97	-0.98	0.96		-0.14	0.78	0.95	0.59	0.17	-0.46	0.56	0.33	-0.82	0.21	0.55	-0.75	0.83	-0.97	-0.15	0.86	0.5	0.96	0.97	-0.54	0.95	-0.32	-0.99	0.67	-0.65	-0.18	0.73	0.66
Capital Expenditure	0.28	0.39	-0.48	-0.13	0.01	0.08	0.28	0.14	0.29	-0.09	-0.49	-0.13	-0.08	-0.49	-0.49	-0.07	0.0	0.03	-0.14		0.33	0.07	0.44	0.61	0.34	-0.74	-0.68	0.46	0.1	-0.76	0.11	0.22	0.34	-0.68	0.24	-0.76	-0.29	-0.25	-0.51	0.05	0.68	0.05	0.43	-0.38	0.7	0.36	0.42
Share Based Compensation	1.0	0.99	0.56	0.78	0.77	0.9	1.0	-0.79	1.0	0.83	-0.95	0.82	0.87	-0.95	-0.95	0.87	-0.89	0.91	0.78	0.33		0.93	0.96	0.74	-0.58	-0.07	-0.32	-0.3	0.64	-0.08	-0.86	0.99	-0.73	-0.73	0.99	-0.13	0.76	0.69	-0.93	0.92	0.3	-0.85	0.98	-0.96	0.44	1.0	0.98
Asset Turnover	0.95	0.88	0.81	0.95	0.92	0.99	0.95	-0.96	0.95	0.97	-0.77	0.96	0.98	-0.77	-0.77	0.98	-0.98	1.0	0.95	0.07	0.93		0.8	0.45	-0.55	0.29	0.05	-0.59	0.43	0.28	-0.84	0.95	-0.91	-0.43	0.96	0.23	0.93	0.9	-0.75	0.99	-0.05	-0.97	0.86	-0.84	0.1	0.9	0.85
Book Value per Share	0.95	0.99	0.36	0.6	0.58	0.74	0.95	-0.6	0.94	0.67	-0.99	0.65	0.74	-0.99	-0.99	0.72	-0.74	0.76	0.59	0.44	0.96	0.8		0.89	-0.6	-0.32	-0.55	-0.06	0.78	-0.32	-0.83	0.93	-0.56	-0.88	0.92	-0.38	0.58	0.48	-0.99	0.8	0.54	-0.68	0.99	-0.98	0.65	0.98	1.0
Current Ratio	0.7	0.82	-0.07	0.19	0.18	0.37	0.7	-0.17	0.69	0.28	-0.9	0.26	0.37	-0.9	-0.9	0.35	-0.37	0.39	0.17	0.61	0.74	0.45	0.89		-0.47	-0.7	-0.86	0.36	0.83	-0.7	-0.61	0.68	-0.14	-0.99	0.66	-0.74	0.16	0.03	-0.92	0.46	0.85	-0.29	0.84	-0.84	0.92	0.79	0.85
Debt to Equity Ratio	-0.6	-0.6	-0.48	-0.42	-0.25	-0.44	-0.6	0.47	-0.58	-0.47	0.56	-0.5	-0.57	0.56	0.56	-0.53	0.54	-0.54	-0.46	0.34	-0.58	-0.55	-0.6	-0.47		-0.07	0.22	0.18	-0.83	-0.1	0.9	-0.65	0.63	0.42	-0.58	-0.05	-0.61	-0.41	0.56	-0.54	-0.11	0.5	-0.57	0.55	-0.19	-0.6	-0.59
EBITDA Margin	-0.02	-0.19	0.76	0.54	0.49	0.35	-0.02	-0.56	-0.01	0.47	0.35	0.49	0.39	0.35	0.35	0.41	-0.38	0.35	0.56	-0.74	-0.07	0.29	-0.32	-0.7	-0.07		0.95	-0.88	-0.44	1.0	-0.1	0.03	-0.61	0.72	0.06	1.0	0.58	0.66	0.39	0.29	-0.93	-0.46	-0.24	0.23	-0.89	-0.14	-0.24
Earnings per Basic Share	-0.27	-0.43	0.55	0.33	0.32	0.13	-0.27	-0.33	-0.25	0.24	0.59	0.26	0.14	0.59	0.59	0.17	-0.13	0.11	0.33	-0.68	-0.32	0.05	-0.55	-0.86	0.22	0.95		-0.74	-0.67	0.94	0.21	-0.24	-0.35	0.88	-0.2	0.96	0.34	0.47	0.62	0.05	-0.96	-0.21	-0.47	0.45	-0.95	-0.39	-0.48
Free Cash Flow per Share	-0.34	-0.19	-0.88	-0.79	-0.76	-0.63	-0.34	0.79	-0.35	-0.74	0.06	-0.75	-0.68	0.06	0.06	-0.69	0.7	-0.63	-0.82	0.46	-0.3	-0.59	-0.06	0.36	0.18	-0.88	-0.74		0.26	-0.87	0.37	-0.41	0.81	-0.37	-0.43	-0.85	-0.75	-0.82	0.02	-0.62	0.72	0.76	-0.14	0.13	0.64	-0.23	-0.14
Gross Margin	0.63	0.71	0.13	0.2	0.1	0.32	0.63	-0.21	0.61	0.29	-0.75	0.31	0.41	-0.75	-0.75	0.38	-0.36	0.39	0.21	0.1	0.64	0.43	0.78	0.83	-0.83	-0.44	-0.67	0.26		-0.43	-0.79	0.63	-0.32	-0.78	0.58	-0.47	0.32	0.12	-0.76	0.44	0.63	-0.29	0.71	-0.73	0.69	0.69	0.73
Profit Margin	-0.02	-0.2	0.74	0.52	0.47	0.33	-0.03	-0.55	-0.01	0.45	0.36	0.47	0.38	0.36	0.36	0.39	-0.37	0.34	0.55	-0.76	-0.08	0.28	-0.32	-0.7	-0.1	1.0	0.94	-0.87	-0.43		-0.11	0.03	-0.6	0.72	0.04	1.0	0.57	0.64	0.39	0.28	-0.94	-0.44	-0.25	0.25	-0.9	-0.15	-0.25
Price to Book Value	-0.88	-0.86	-0.67	-0.72	-0.61	-0.76	-0.88	0.74	-0.86	-0.77	0.81	-0.79	-0.85	0.81	0.81	-0.82	0.83	-0.82	-0.75	0.11	-0.86	-0.84	-0.83	-0.61	0.9	-0.1	0.21	0.37	-0.79	-0.11		-0.91	0.82	0.56	-0.87	-0.06	-0.81	-0.66	0.79	-0.84	-0.15	0.79	-0.83	0.82	-0.28	-0.86	-0.85
Price to Earnings Ratio	0.99	0.97	0.64	0.82	0.78	0.9	0.99	-0.83	0.99	0.86	-0.92	0.86	0.91	-0.92	-0.92	0.9	-0.93	0.93	0.83	0.22	0.99	0.95	0.93	0.68	-0.65	0.03	-0.24	-0.41	0.63	0.03	-0.91		-0.8	-0.66	0.99	-0.03	0.81	0.73	-0.91	0.94	0.21	-0.89	0.96	-0.92	0.35	0.98	0.96
Price to Sales Ratio	-0.77	-0.65	-0.96	-0.95	-0.88	-0.9	-0.76	0.96	-0.77	-0.95	0.52	-0.96	-0.95	0.52	0.52	-0.95	0.94	-0.92	-0.97	0.34	-0.73	-0.91	-0.56	-0.14	0.63	-0.61	-0.35	0.81	-0.32	-0.6	0.82	-0.8		0.11	-0.81	-0.56	-0.98	-0.95	0.49	-0.91	0.36	0.95	-0.61	0.61	0.22	-0.69	-0.61
Return on Average Assets	-0.69	-0.81	0.12	-0.15	-0.16	-0.35	-0.69	0.15	-0.68	-0.24	0.9	-0.22	-0.33	0.9	0.9	-0.32	0.35	-0.37	-0.15	-0.68	-0.73	-0.43	-0.88	-0.99	0.42	0.72	0.88	-0.37	-0.78	0.72	0.56	-0.66	0.11		-0.64	0.76	-0.12	0.0	0.92	-0.43	-0.85	0.27	-0.83	0.81	-0.91	-0.78	-0.84
Return on Average Equity	0.99	0.97	0.66	0.85	0.83	0.93	0.99	-0.85	0.99	0.89	-0.91	0.88	0.93	-0.91	-0.91	0.92	-0.94	0.94	0.86	0.24	0.99	0.96	0.92	0.66	-0.58	0.06	-0.2	-0.43	0.58	0.04	-0.87	0.99	-0.81	-0.64		-0.01	0.82	0.76	-0.89	0.96	0.2	-0.91	0.95	-0.93	0.34	0.98	0.95
Return on Sales	-0.08	-0.25	0.71	0.48	0.43	0.28	-0.08	-0.5	-0.07	0.4	0.41	0.43	0.33	0.41	0.41	0.34	-0.32	0.29	0.5	-0.76	-0.13	0.23	-0.38	-0.74	-0.05	1.0	0.96	-0.85	-0.47	1.0	-0.06	-0.03	-0.56	0.76	-0.01		0.53	0.61	0.44	0.23	-0.95	-0.39	-0.3	0.3	-0.92	-0.21	-0.3
Sales per Share	0.79	0.68	0.94	0.95	0.88	0.93	0.79	-0.97	0.79	0.95	-0.53	0.96	0.95	-0.53	-0.53	0.95	-0.93	0.95	0.96	-0.29	0.76	0.93	0.58	0.16	-0.61	0.58	0.34	-0.75	0.32	0.57	-0.81	0.81	-0.98	-0.12	0.82	0.53		0.97	-0.5	0.91	-0.35	-0.94	0.64	-0.63	-0.21	0.71	0.64
Average Assets	0.72	0.59	0.96	0.97	0.94	0.93	0.72	-0.98	0.74	0.96	-0.43	0.96	0.93	-0.43	-0.43	0.94	-0.91	0.93	0.97	-0.25	0.69	0.9	0.48	0.03	-0.41	0.66	0.47	-0.82	0.12	0.64	-0.66	0.73	-0.95	0.0	0.76	0.61	0.97		-0.4	0.89	-0.44	-0.94	0.56	-0.56	-0.31	0.63	0.55
Earnings before Tax	-0.92	-0.97	-0.28	-0.53	-0.53	-0.69	-0.92	0.53	-0.91	-0.61	1.0	-0.59	-0.68	1.0	1.0	-0.67	0.7	-0.7	-0.54	-0.51	-0.93	-0.75	-0.99	-0.92	0.56	0.39	0.62	0.02	-0.76	0.39	0.79	-0.91	0.49	0.92	-0.89	0.44	-0.5	-0.4		-0.75	-0.59	0.64	-0.98	0.95	-0.7	-0.96	-0.98
Average Equity	0.94	0.87	0.83	0.96	0.93	0.98	0.93	-0.95	0.94	0.98	-0.78	0.98	0.99	-0.78	-0.78	0.99	-0.98	0.98	0.95	0.05	0.92	0.99	0.8	0.46	-0.54	0.29	0.05	-0.62	0.44	0.28	-0.84	0.94	-0.91	-0.43	0.96	0.23	0.91	0.89	-0.75		-0.02	-0.97	0.85	-0.85	0.13	0.89	0.84
Enterprise Value	0.25	0.42	-0.51	-0.28	-0.25	-0.11	0.25	0.33	0.24	-0.19	-0.56	-0.21	-0.11	-0.56	-0.56	-0.13	0.13	-0.12	-0.32	0.68	0.3	-0.05	0.54	0.85	-0.11	-0.93	-0.96	0.72	0.63	-0.94	-0.15	0.21	0.36	-0.85	0.2	-0.95	-0.35	-0.44	-0.59	-0.02		0.21	0.46	-0.49	0.99	0.37	0.46
Free Cash Flow	-0.87	-0.78	-0.88	-0.98	-0.95	-0.97	-0.87	0.98	-0.88	-0.98	0.67	-0.98	-0.98	0.67	0.67	-0.98	1.0	-0.98	-0.99	0.05	-0.85	-0.97	-0.68	-0.29	0.5	-0.46	-0.21	0.76	-0.29	-0.44	0.79	-0.89	0.95	0.27	-0.91	-0.39	-0.94	-0.94	0.64	-0.97	0.21		-0.75	0.72	0.07	-0.8	-0.74
Invested Capital	0.97	1.0	0.43	0.67	0.66	0.81	0.97	-0.67	0.97	0.73	-0.99	0.72	0.79	-0.99	-0.99	0.78	-0.8	0.82	0.67	0.43	0.98	0.86	0.99	0.84	-0.57	-0.24	-0.47	-0.14	0.71	-0.25	-0.83	0.96	-0.61	-0.83	0.95	-0.3	0.64	0.56	-0.98	0.85	0.46	-0.75		-0.98	0.58	1.0	1.0
Invested Capital Average	-0.95	-0.98	-0.46	-0.68	-0.67	-0.8	-0.95	0.65	-0.95	-0.75