COMP <GO>

SPH vs RERE // REVENUE GROWTH (YOY)

Suburban Propane Partners L.P. (NYSE) VS. ATRenew Inc. (every three of which representing two ) (Class A) (NYSE) • 15-METRIC TALLY: SPH 5 — RERE 2

■ METRIC PARITY

SPH — Suburban Propane Partners L.P. ROARABLE C • RQD 64/100

LAST: $17.85 (+1.08%) • MKT CAP: $1.19B

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

revenue-growth

7.90%

RERE — ATRenew Inc. (every three of which representing two ) (Class A) ROARABLE D • RQD 47/100

LAST: $4.12 (+4.04%) • MKT CAP: $903.4M

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

revenue-growth

—

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

INSTITUTIONAL METRIC	SPH	RERE	SPREAD (A - B)	ADVANTAGE	DEDICATED URL
Gross Profit Margin	60.60%	—	—	TIE	/gross-margins <GO>
Return on Invested Capital (ROIC)	8.40%	14.70%	-6.30	RERE	/roic <GO>
EV/EBITDA & P/E Valuation	9.4x	8.3x	+1.10	RERE	/valuation <GO>
Free Cash Flow Yield	9.60%	-8.85%	+18.45	SPH	/fcf-yield <GO>
Operating Margin	14.40%	—	—	TIE	/operating-margins <GO>
Net Profit Margin	7.40%	—	—	TIE	/net-margins <GO>
Revenue Growth (YoY) ACTIVE	7.90%	—	—	TIE	/revenue-growth <GO>
Dividend Yield & FCF Payout Safety	0.00%	0.00%	0.00	TIE	/dividend-safety <GO>
Altman Z-Score & Debt/Equity	1.27	—	—	TIE	/balance-sheet <GO>
Piotroski F-Score Quality	7/9	3/9	+4.00	SPH	/piotroski-score <GO>
Options Implied Move & Put/Call Skew	—	—	—	TIE	/options-implied-move <GO>
RSI-14 & 200D SMA Momentum	62.1	49.1	+12.95	SPH	/rsi-technicals <GO>
10Y Yield & FRED Macro Beta	—	—	—	TIE	/macro-sensitivity <GO>
Forward P/E Multiple	10.4x	17.5x	-7.10	SPH	/forward-pe <GO>
Enterprise Scale & Market Cap	$1.19B	$903.4M	$287.4M	SPH	/market-cap <GO>

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

FISCAL YEAR	SPH REV	RERE REV	SPH GROSS %	RERE GROSS %	SPH FCF	RERE FCF
FY 2025	$1.43B	$0	60.6%	—	$114.3M	-$79.9M
FY 2024	$1.33B	$0	60.7%	—	$101.2M	$79.9M
FY 2023	$1.43B	$0	—	—	$225.2M	$34.4M

FRED MACRO REGIME CORRELATION COMPARISON PEARSON r

SPH // BETA —

RERE // BETA —