COMP <GO>

XMAX vs V // FORWARD P/E MULTIPLE

XMAX Inc. (NASDAQ) VS. Visa Inc. (NYSE) • 15-METRIC TALLY: XMAX 1 — V 8

■ METRIC PARITY

LAST: $8.09 (-0.98%) • MKT CAP: $524.8M

forward-pe

—

LAST: $410.54 (+2.48%) • MKT CAP: $733.53B

forward-pe

34.0x

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

INSTITUTIONAL METRIC	XMAX	V	SPREAD (A - B)	ADVANTAGE	DEDICATED URL
Gross Profit Margin	25.00%	—	—	TIE	/gross-margins <GO>
Return on Invested Capital (ROIC)	-5.80%	32.30%	-38.10	V	/roic <GO>
EV/EBITDA & P/E Valuation	—	28.9x	—	TIE	/valuation <GO>
Free Cash Flow Yield	-0.08%	2.90%	-2.98	V	/fcf-yield <GO>
Operating Margin	-11.50%	60.00%	-71.50	V	/operating-margins <GO>
Net Profit Margin	-20.40%	50.10%	-70.50	V	/net-margins <GO>
Revenue Growth (YoY)	72.60%	11.30%	+61.30	XMAX	/revenue-growth <GO>
Dividend Yield & FCF Payout Safety	0.00%	0.63%	-0.63	V	/dividend-safety <GO>
Altman Z-Score & Debt/Equity	—	9.09	—	TIE	/balance-sheet <GO>
Piotroski F-Score Quality	4/9	9/9	-5.00	V	/piotroski-score <GO>
Options Implied Move & Put/Call Skew	—	—	—	TIE	/options-implied-move <GO>
RSI-14 & 200D SMA Momentum	19.2	65.6	-46.39	V	/rsi-technicals <GO>
10Y Yield & FRED Macro Beta	—	1.06	—	TIE	/macro-sensitivity <GO>
Forward P/E Multiple ACTIVE	—	34.0x	—	TIE	/forward-pe <GO>
Enterprise Scale & Market Cap	$524.8M	$733.53B	-$733.01B	V	/market-cap <GO>

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

FISCAL YEAR	XMAX REV	V REV	XMAX GROSS %	V GROSS %	XMAX FCF	V FCF
FY 2025	$16.7M	$40.00B	25.0%	—	-$445.8K	$21.26B
FY 2024	$9.7M	$35.93B	43.9%	—	-$1.4M	$18.33B
FY 2023	$11.1M	$32.65B	—	—	-$1.6M	$19.29B

FRED MACRO REGIME CORRELATION COMPARISON PEARSON r

XMAX // BETA —

V // BETA 1.06