LUMN // Lumen Technologies Inc.

DES <GO> NASDAQ CIK 0000018926 ↗

Communication Services • Telecommunications Equipment

$4.79 ▼ -0.01 (-0.21%)

MKT CAP: $4.94B • VOL: 12.23M

52W L $4 52W H $12

ALTMAN Z

0.45 RISK

PIOTROSKI

6 / 9

LUMN // ROARABLE RATING & 5-PILLAR RQD CONFIDENCE 02:00 EST DETERMINISTIC ENGINE

PRIOR: RQD 56/100 [D+] (+0 PT) • UNCHANGED AS OF 2026-11-01

ROARABLE D+

RQD CONFIDENCE

56 / 100 +0D

5 X 20-PT QUANT PILLARS

E 0 D 35 C 59 B 70 A 86+

Roarable Sell — Weak Fundamentals / Trim

01 MASSIVE / SEC XBRL

Forensic Fundamentals

[LOCKED] FLAGGED

UNLOCK BELOW TO REVEAL

02 OPRA GEX + SEC 13F

Whale & Options Flow

10 / 20

NEUTRAL

NET GEX +0% • CALL SWEEP 52% • P/C 0.88

03 SEC FORM 4 (90D)

Insider Conviction

[LOCKED] FLAGGED

UNLOCK BELOW TO REVEAL

04 FRED 90D r-MATRIX

Macro Regime Fit

13 / 20

SOLID

TAILWIND • r(10Y)=+0.00 (+23bp) • r(OAS)=+0.00

05 10-K REDLINE AUDIT

Forensic 10-K Risk

13 / 20

SOLID

20 BASE - 7 DEDUCT • 0 CRIT / 0 MED • STABLE

ALERT

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SIG <GO> CROSS-FEED TRIANGULATION // PROPRIETARY ANOMALY ENGINE (1 ACTIVE ON LUMN)

STAGE 2 DETERMINISTIC Z-SCORE + STAGE 3 GEEK DESK BRIEF ALL MARKET ANOMALIES <SIG>

▼ BEARISH // F-RATED EARNINGS MIRAGE // ACCRUAL WATCHSIFTER 02 // ACCRUAL & RECEIVABLES FORENSICS

SEVERITY: 94/100 Z-SCORE: +4.56σ

LUMN Accounting Gap: Net Income (-120%) Outpaced OCF (+9.3%) With +182.3% Working-Capital Build

CASH CONVERSION GAP

-129.3% (NI vs OCF)

RECEIVABLES / WC BLOAT

+182.3% VS REV

60D C-SUITE FORM 4 SALES

0 OPEN-MKT DUMPS

[GEEK DESK FORENSIC NOTE // SEC XBRL × FORM 4 CROSS-CHECK]

SEC EDGAR XBRL CompanyFacts10-K/10-Q Working Capital ScheduleSEC Form 4 Executive Sales

SEC EDGAR XBRL triangulation on Lumen Technologies Inc. (LUMN) exposes a +-129.3% Cash Conversion Gap as YoY Net Income growth (-120.0%) diverged from Operating Cash Flow growth (+9.3%). Non-cash current assets and receivables expanded +182.3% relative to top-line revenue growth. Monitor upcoming 10-Q cash realization closely for accrual mean-reversion.

LUMN // CANDLESTICK & AUTO-TRENDLINE WORKSTATION6M: -44.80%📐 HORIZONTAL RANGE

2026-10-30O $4.66H $4.92L $4.63C $4.88VOL 12.00M

RES: $7.66SUP: $4.09SMA50: $5.73SMA200: $7.26

LUMN // INSTITUTIONAL BULL VS. BEAR FORENSIC DEBATE

UNDERWEIGHT CONVICTION: 28/100

BEAR 0

100 BULL

Lumen Technologies Inc. (LUMN) exhibits 41.4% gross margins and -13.4% return on invested capital within Communication Services (Telecommunications Equipment), balanced against a 24.0x enterprise multiple and 7.0% implied options volatility.

▲ INSTITUTIONAL BULL THESIS (LONG)

01. Operating Leverage & Capital Efficiency Moat

Sustained 41.4% gross profitability converts into -7.2% operating margin and -13.4% ROIC, outpacing sector cost of capital.

ROIC: -13.4% // GM: 41.4%

02. Top-Line Expansion & Cash Conversion

YoY revenue trajectory of -6.6% paired with 22.00% free cash flow yield supports self-funded R&D and capital return.

REV YOY: -6.6% // FCF YLD: 22.00%

03. Balance Sheet Solvency & Forensic Quality

Altman Z-Score of 0.45 and Piotroski F-Score of 6/9 indicate low near-term refinancing stress.

ALTMAN Z: 0.45 // F-SCORE: 6/9

▼ INSTITUTIONAL BEAR THESIS (SHORT / RISK)

01. Multiple Compression & Duration Sensitivity

Trading at 24.0x trailing P/E (18.0x Fwd P/E) leaves valuation vulnerable if real 10Y TIPS yields spike.

P/E: 24.0x // EV/EBITDA: —

02. Options Skew & Event Volatility Risk

Options market prices a ±7.0% implied move with a 0.88 put/call ratio around $5.00 max pain.

IMPL MOVE: ±7.0% // P/C: 0.88

03. Competitive Margin & CapEx Cycle Pressure

Elevated industry capital intensity and customer concentration in Telecommunications Equipment require continuous execution to defend -15.3% net margins.

NET MARGIN: -15.3% // D/E: 0.85x

KEY CATALYST // Upcoming 10-Q/10-K XBRL margin progression, guidance revision vs 18.0x forward consensus, and institutional 13F positioning.

MACRO REGIME // Monitor US 10Y Real Yields (DFII10) and High-Yield Credit Spreads (OAS) for beta-adjusted multiple impact (Beta 1.04).

FORM 4 & 13F FLOW OPEN OWN <GO>

FILER	SIDE	$ VALUE
INSPECT FULL OWNERSHIP LEDGER IN OWN <GO>

UNUSUAL OPTIONS TAPE OPEN OPT <GO>

STRIKE / EXP	TYPE	PREMIUM
INSPECT GEX & CHAIN IN OPT <GO>

KEY VALUATION & PROFITABILITY RATIOS XBRL FA <GO>

TRAILING P/E —

FORWARD P/E 18.0x

EV / EBITDA —

FCF YIELD 22.00%

GROSS MARGIN 41.4%

OPERATING MARGIN -7.2%

NET MARGIN -15.3%

ROIC % -13.4%

REV GROWTH YOY -6.6%

DILUTED EPS TTM $-1.69

DEBT / EQUITY 0.85x

DIVIDEND YIELD 0.02%

RSI-14 MOMENTUM 43.8

5Y EQUITY BETA 1.04

FRED MACRO SENSITIVITY (PEARSON r) ECST <GO>

MACRO CORRELATION CALIBRATION ACTIVE BELOW.

FRED MACRO REGIME STRESS-TEST SIMULATOR // LUMNPEARSON R VARIANCE ENGINE

01 // SELECT FEDERAL RESERVE & CREDIT SHOCK SCENARIO

02 // POSITION NOTIONAL EXPOSURE

HEADLINE STRESS SCORE

75/100SEVERE DRAWDOWN PRESSURE

PRIMARY FACTOR EXPOSURE

DFII10 // -0.61 r

Latest: 2.08%

EST. DIRECTIONAL MOVE

-8.50%

Implied Px: $4.38

EST. DOLLAR VARIANCE

-$4,248

On $50,000 Notional

[LOCKED // MULTI-FACTOR DRAWDOWN HEDGE & MACRO TRIGGER ALERT]

Unblur the exact $50,000 delta-adjusted ETF/options hedge ratio for LUMN & activate live FRED threshold breach alerts.

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