COMP <GO>

LZMH vs TSM // OPTIONS IMPLIED MOVE & PUT/CALL SKEW

LZ Technology Holdings Limited (Class B) (NASDAQ) VS. Taiwan Semiconductor Manufacturing Company Ltd. (NYSE) • 15-METRIC TALLY: LZMH 1 — TSM 7

■ METRIC PARITY

LZMH — LZ Technology Holdings Limited (Class B) ROARABLE E • RQD 24/100

LAST: $0.79 (+12.86%) • MKT CAP: $7.1M

DES <GO> FA <GO> 10-K RED <GO>

options-implied-move

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TSM — Taiwan Semiconductor Manufacturing Company Ltd. ROARABLE C+ • RQD 69/100

LAST: $431.81 (-1.75%) • MKT CAP: $2.24T

DES <GO> FA <GO> 10-K RED <GO>

options-implied-move

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

INSTITUTIONAL METRIC	LZMH	TSM	SPREAD (A - B)	ADVANTAGE	DEDICATED URL
Gross Profit Margin	3.30%	—	—	TIE	/gross-margins <GO>
Return on Invested Capital (ROIC)	-35.00%	14.90%	-49.90	TSM	/roic <GO>
EV/EBITDA & P/E Valuation	—	14.9x	—	TIE	/valuation <GO>
Free Cash Flow Yield	—	3.99%	—	TIE	/fcf-yield <GO>
Operating Margin	-15.60%	21.10%	-36.70	TSM	/operating-margins <GO>
Net Profit Margin	-15.40%	16.40%	-31.80	TSM	/net-margins <GO>
Revenue Growth (YoY)	43.20%	-3.30%	+46.50	LZMH	/revenue-growth <GO>
Dividend Yield & FCF Payout Safety	0.00%	0.00%	0.00	TIE	/dividend-safety <GO>
Altman Z-Score & Debt/Equity	0.44	3.87	-3.43	TSM	/balance-sheet <GO>
Piotroski F-Score Quality	3/9	7/9	-4.00	TSM	/piotroski-score <GO>
Options Implied Move & Put/Call Skew ACTIVE	—	—	—	TIE	/options-implied-move <GO>
RSI-14 & 200D SMA Momentum	37.0	49.4	-12.40	TSM	/rsi-technicals <GO>
10Y Yield & FRED Macro Beta	—	1.42	—	TIE	/macro-sensitivity <GO>
Forward P/E Multiple	—	20.2x	—	TIE	/forward-pe <GO>
Enterprise Scale & Market Cap	$7.1M	$2.24T	-$2.24T	TSM	/market-cap <GO>

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

FISCAL YEAR	LZMH REV	TSM REV	LZMH GROSS %	TSM GROSS %	LZMH FCF	TSM FCF
FY 2025	$161.4M	—	3.3%	—	-$6.0M	—
FY 2024	$112.7M	—	4.2%	—	$592.0K	—

FRED MACRO REGIME CORRELATION COMPARISON PEARSON r

LZMH // BETA —

TSM // BETA 1.42