COMP <GO>

CNH vs TMO // OPTIONS IMPLIED MOVE & PUT/CALL SKEW

CNH Industrial N.V. (NYSE) VS. Thermo Fisher Scientific Inc (NYSE) • 15-METRIC TALLY: CNH 5 — TMO 10

▲ OPTIONS IMPLIED MOVE & PUT/CALL SKEW LEADER: TMO

LAST: $11.76 (+4.16%) • MKT CAP: $13.97B

options-implied-move

6.90%

LAST: $697.00 (-1.72%) • MKT CAP: $262.22B

options-implied-move

6.70%

15-METRIC INSTITUTIONAL SIDE-BY-SIDE SCORECARD (CNH VS. TMO) EMERALD CELL = QUANTITATIVE EDGE

INSTITUTIONAL METRIC	CNH	TMO	SPREAD (A - B)	ADVANTAGE	DEDICATED URL
Gross Profit Margin	19.30%	41.00%	-21.70	TMO	/gross-margins <GO>
Return on Invested Capital (ROIC)	2.50%	9.30%	-6.80	TMO	/roic <GO>
EV/EBITDA & P/E Valuation	21.6x	30.4x	-8.80	CNH	/valuation <GO>
Free Cash Flow Yield	13.22%	2.40%	+10.82	CNH	/fcf-yield <GO>
Operating Margin	4.10%	17.40%	-13.30	TMO	/operating-margins <GO>
Net Profit Margin	3.30%	15.10%	-11.80	TMO	/net-margins <GO>
Revenue Growth (YoY)	-10.00%	3.90%	-13.90	TMO	/revenue-growth <GO>
Dividend Yield & FCF Payout Safety	2.38%	0.24%	+2.14	CNH	/dividend-safety <GO>
Altman Z-Score & Debt/Equity	1.13	4.50	-3.37	TMO	/balance-sheet <GO>
Piotroski F-Score Quality	5/9	8/9	-3.00	TMO	/piotroski-score <GO>
Options Implied Move & Put/Call Skew ACTIVE	6.90%	6.70%	+0.20	TMO	/options-implied-move <GO>
RSI-14 & 200D SMA Momentum	47.7	59.1	-11.45	TMO	/rsi-technicals <GO>
10Y Yield & FRED Macro Beta	0.99	0.94	+0.05	CNH	/macro-sensitivity <GO>
Forward P/E Multiple	25.5x	36.3x	-10.80	CNH	/forward-pe <GO>
Enterprise Scale & Market Cap	$13.97B	$262.22B	-$248.24B	TMO	/market-cap <GO>

5-YEAR HISTORICAL XBRL REVENUE & MARGIN TRAJECTORY SEC FORM 10-K FY

FISCAL YEAR	CNH REV	TMO REV	CNH GROSS %	TMO GROSS %	CNH FCF	TMO FCF
FY 2025	$15.35B	$44.56B	19.3%	44.0%	$1.85B	$6.29B
FY 2024	$17.06B	$42.88B	21.7%	44.0%	$1.20B	$7.27B
FY 2023	$22.08B	$42.86B	44.0%	44.0%	-$86.6M	$6.48B

FRED MACRO REGIME CORRELATION COMPARISON PEARSON r

CNH // BETA 0.99

TMO // BETA 0.94