COMP <GO>

RYZ vs TSAT // OPERATING MARGIN

Ryerson Holding Corporation (NYSE) VS. Telesat Corporation and Class B Variable Voting Shares (Class A) (NASDAQ) • 15-METRIC TALLY: RYZ 3 — TSAT 0

■ METRIC PARITY

RYZ — Ryerson Holding Corporation ROARABLE D+ • RQD 53/100

LAST: $31.00 (+4.48%) • MKT CAP: $1.60B

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

operating-margins

-0.70%

TSAT — Telesat Corporation and Class B Variable Voting Shares (Class A) ROARABLE D • RQD 48/100

LAST: $42.52 (-6.65%) • MKT CAP: $1.54B

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

operating-margins

—

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

INSTITUTIONAL METRIC	RYZ	TSAT	SPREAD (A - B)	ADVANTAGE	DEDICATED URL
Gross Profit Margin	17.10%	—	—	TIE	/gross-margins <GO>
Return on Invested Capital (ROIC)	-3.40%	—	—	TIE	/roic <GO>
EV/EBITDA & P/E Valuation	—	—	—	TIE	/valuation <GO>
Free Cash Flow Yield	2.21%	—	—	TIE	/fcf-yield <GO>
Operating Margin ACTIVE	-0.70%	—	—	TIE	/operating-margins <GO>
Net Profit Margin	-1.20%	—	—	TIE	/net-margins <GO>
Revenue Growth (YoY)	-0.60%	—	—	TIE	/revenue-growth <GO>
Dividend Yield & FCF Payout Safety	1.50%	0.00%	+1.50	RYZ	/dividend-safety <GO>
Altman Z-Score & Debt/Equity	3.13	—	—	TIE	/balance-sheet <GO>
Piotroski F-Score Quality	4/9	—	—	TIE	/piotroski-score <GO>
Options Implied Move & Put/Call Skew	—	—	—	TIE	/options-implied-move <GO>
RSI-14 & 200D SMA Momentum	78.0	45.8	+32.20	RYZ	/rsi-technicals <GO>
10Y Yield & FRED Macro Beta	—	—	—	TIE	/macro-sensitivity <GO>
Forward P/E Multiple	—	—	—	TIE	/forward-pe <GO>
Enterprise Scale & Market Cap	$1.60B	$1.54B	$65.6M	RYZ	/market-cap <GO>

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

FISCAL YEAR	RYZ REV	TSAT REV	RYZ GROSS %	TSAT GROSS %	RYZ FCF	TSAT FCF
FY 2025	$4.57B	—	17.1%	—	$35.5M	—
FY 2024	$4.60B	—	18.1%	—	$105.3M	—
FY 2023	$5.11B	—	—	—	$365.1M	—

FRED MACRO REGIME CORRELATION COMPARISON PEARSON r

RYZ // BETA —

TSAT // BETA —