COMP <GO>

PDM vs EDU // EV/EBITDA & P/E VALUATION

Piedmont Realty Trust Inc. (Class A) (NYSE) VS. New Oriental Education & Technology Group Inc. Sponsored ADR representing 10 Ordinary Share (Cayman Islands) (NYSE) • 15-METRIC TALLY: PDM 3 — EDU 5

■ METRIC PARITY

PDM — Piedmont Realty Trust Inc. (Class A) ROARABLE D+ • RQD 54/100

LAST: $9.51 (+3.60%) • MKT CAP: $1.18B

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

valuation

—

EDU — New Oriental Education & Technology Group Inc. Sponsored ADR representing 10 Ordinary Share (Cayman Islands) ROARABLE B- • RQD 70/100

LAST: $49.09 (-3.21%) • MKT CAP: $7.61B

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

valuation

9.3x

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

INSTITUTIONAL METRIC	PDM	EDU	SPREAD (A - B)	ADVANTAGE	DEDICATED URL
Gross Profit Margin	—	54.60%	—	TIE	/gross-margins <GO>
Return on Invested Capital (ROIC)	-5.60%	21.30%	-26.90	EDU	/roic <GO>
EV/EBITDA & P/E Valuation ACTIVE	—	9.3x	—	TIE	/valuation <GO>
Free Cash Flow Yield	11.94%	10.25%	+1.69	PDM	/fcf-yield <GO>
Operating Margin	—	11.40%	—	TIE	/operating-margins <GO>
Net Profit Margin	-14.80%	8.40%	-23.20	EDU	/net-margins <GO>
Revenue Growth (YoY)	-0.90%	15.50%	-16.40	EDU	/revenue-growth <GO>
Dividend Yield & FCF Payout Safety	2.62%	1.27%	+1.35	PDM	/dividend-safety <GO>
Altman Z-Score & Debt/Equity	—	4.92	—	TIE	/balance-sheet <GO>
Piotroski F-Score Quality	3/9	9/9	-6.00	EDU	/piotroski-score <GO>
Options Implied Move & Put/Call Skew	—	—	—	TIE	/options-implied-move <GO>
RSI-14 & 200D SMA Momentum	58.2	26.9	+31.32	PDM	/rsi-technicals <GO>
10Y Yield & FRED Macro Beta	—	0.96	—	TIE	/macro-sensitivity <GO>
Forward P/E Multiple	—	13.4x	—	TIE	/forward-pe <GO>
Enterprise Scale & Market Cap	$1.18B	$7.61B	-$6.43B	EDU	/market-cap <GO>

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

FISCAL YEAR	PDM REV	EDU REV	PDM GROSS %	EDU GROSS %	PDM FCF	EDU FCF
FY 2025	$565.0M	$5.66B	—	54.6%	$140.6M	$780.2M
FY 2024	$570.3M	$4.90B	—	55.4%	$198.1M	$654.7M
FY 2023	$577.8M	$4.31B	—	—	$210.1M	$928.5M

FRED MACRO REGIME CORRELATION COMPARISON PEARSON r

PDM // BETA —

EDU // BETA 0.96