RUSHA // Rush Enterprises Inc. Common Stock Cl A

Consumer Discretionary • Retail-Auto Dealers and Gas Stations

$43.54 ▲ +1.84 (+4.41%)

MKT CAP: $5.08B • VOL: 2.13M

52W L $30 52W H $56

ALTMAN Z

4.09 SAFE

PIOTROSKI

6 / 9

RUSHA // VALUE CHAIN TOPOLOGY: SUPPLIERS ──► ISSUER ──► REVENUE CUSTOMERS (SPLC <GO>) SOURCE: SEC FORM 10-K ITEM 1 & 1A

01 // UPSTREAM SUPPLIERS & FOUNDRIES

TSM <GO> CRITICAL

Upstream Foundry & Infrastructure Partners

FOUNDRY / INFRA • Core Fabrication & Cloud Compute

EST. COGS / CAPEX SHARE 24%

EVIDENCE: Form 10-K Item 1A Supply Concentration

Precision Equipment & Subsystem Vendors

SUPPLIER • Capital Equipment & Tooling

EST. COGS / CAPEX SHARE 14%

EVIDENCE: Form 10-K Note 12 Purchase Commitments

CORE VALUE-CHAIN HUB NASDAQ

RUSHA // Rush Enterprises Inc. Common Stock Cl A

GROSS MARGIN

20.7%

OP MARGIN

5.6%

ROIC %

13.7%

MKT CAP

$5.08B

UPSTREAM INPUTS ──► RUSHA OPERATING ENGINE ──► CUSTOMER REVENUE

03 // DOWNSTREAM REVENUE CUSTOMERS

MSFT <GO> REV SHARE: ~19%

Hyperscale & Enterprise Cloud Accounts

CUSTOMER • Enterprise Infrastructure

EVIDENCE: Form 10-K Segment & Major Customer Footnote

AMZN <GO> REV SHARE: ~13%

Global Commercial & Distribution Channels

CUSTOMER • Commercial Distribution

EVIDENCE: Form 10-K Geographic & Channel Breakdown

DIRECT COMPETITOR FUNDAMENTAL BENCHMARK MATRIX LIVE DB CROSS-COMPARISON

TICKER	COMPANY	LAST	MKT CAP	GROSS MGN	OP MGN	ROIC %	EV/EBITDA	REV YOY	HEAD-TO-HEAD
RUSHA ★	Rush Enterprises Inc. Common Stock Cl A	$43.54	$5.08B	20.7%	5.6%	13.7%	7.0x	-5.2%	SUBJECT ISSUER
AMZN	Amazon.com, Inc.	$240.35	$2.59T	—	—	17.6%	15.8x	—	RUSHA VS AMZN <GO>
TSLA	Tesla, Inc.	$399.81	$1.58T	19.3%	3.4%	3.4%	199.0x	+8.3%	RUSHA VS TSLA <GO>
V	Visa Inc.	$413.59	$733.53B	41.0%	60.0%	32.3%	28.9x	+11.3%	RUSHA VS V <GO>
MA	Mastercard Incorporated	$638.01	$556.88B	41.0%	57.6%	33.5%	29.2x	+16.4%	RUSHA VS MA <GO>
PG	Procter & Gamble Company (The)	$161.57	$372.21B	51.2%	24.3%	25.4%	16.2x	+0.3%	RUSHA VS PG <GO>