CMT - Core Molding Technologies Inc Stock Price, Fair Value and News

19.66USD-0.39 (-1.95%)Market Closed

Market Summary

USD19.66-0.39

Market Closed

-1.95%

CMT Stock Price

View Fullscreen

CMT RSI Chart

CMT Valuation

Market Cap

179.8M

Price/Earnings (Trailing)

9.86

Price/Sales (Trailing)

0.53

EV/EBITDA

4.77

Price/Free Cashflow

6.81

CMT Price/Sales (Trailing)

CMT Profitability

Operating Margin

17.86%

EBT Margin

6.77%

Return on Equity

12.77%

Return on Assets

8.59%

Free Cashflow Yield

14.68%

CMT Fundamentals

CMT Revenue

Revenue (TTM)

336.4M

Rev. Growth (Yr)

-21.47%

Rev. Growth (Qtr)

5.92%

CMT Earnings

Earnings (TTM)

18.2M

Earnings Growth (Yr)

-35.77%

Earnings Growth (Qtr)

72.27%

Breaking Down CMT Revenue

Last 7 days

1.8%

Last 30 days

6.9%

Last 90 days

17.1%

Trailing 12 Months

-3.8%

How does CMT drawdown profile look like?

CMT Financial Health

Current Ratio

2.45

Debt/Equity

0.15

Debt/Cashflow

1.67

CMT Investor Care

Shares Dilution (1Y)

0.40%

Diluted EPS (TTM)

2.08

Historical Charts for Stock Metrics

Get all data in R, Python etc through our Historical Stock Data APIs

Net sales

Year	Q1	Q2	Q3	Q4
2024	336.4M	0	0	0
2023	386.3M	385.3M	370.4M	357.7M
2022	325.2M	343.5M	364.1M	377.4M
2021	231.2M	273.8M	295.0M	307.5M
2020	276.0M	232.6M	217.8M	222.4M
2019	278.7M	291.4M	301.3M	284.3M
2018	188.0M	209.2M	235.4M	269.5M
2017	166.2M	174.5M	171.7M	161.7M
2016	194.9M	179.1M	172.4M	174.9M
2015	183.7M	192.5M	196.9M	199.1M
2014	150.8M	162.3M	168.4M	175.2M
2013	152.3M	142.4M	142.2M	144.1M
2012	159.0M	168.2M	168.1M	162.4M
2011	111.0M	121.8M	132.6M	143.4M
2010	0	0	0	100.3M

Get all data in R, Python etc through our Historical Stock Data APIs

GRUFITY'S FAIR VALUE MODEL

Stocks Marked 'Very Cheap' by Grufity's Fair Value Model Have Outperformed Russell 2000 Index

Small Caps and Mid Caps are mostly overlooked by investors as all the focus goes to Magnificent 7. These stocks that are not part of the beauty contest require a deeper look. However, all large cap stocks were once small caps. Grufity's Fair Value model opens up this unverse as it separates high-performing, rewarding stocks from low-performing risky stocks. <b>Russell 2000 stocks that were marked 'Very Cheap' by the model doubled in three years while the index was flat.</b>

Returns of $10,000 invested in:

Very Cheap Stocks: $21,859
Russell 2000 Index: $10,334
Very Expensive Stocks: $8,224

Russell 2000 stocks considered 'Very Cheap' by the model greatly outperformed Russell 2000 index and the 'Very Expensive' bucket over past three years.

Russell 2000 Index

Very Expensive Stocks

Very Cheap Stocks

Try For Just $1.99

Tracking the Latest Insider Buys and Sells of Core Molding Technologies Inc

Filter Transactions

Datesorted ascending	Name	Buy/Sell	$ Value	Avg. Price	# Shares	Title
Mar 08, 2024	anderson renee r	sold (taxes)	-45,773	19.33	-2,368	evp, human resources
Mar 08, 2024	duvall david l.	sold (taxes)	-111,186	19.33	-5,752	chief executive officer
Mar 08, 2024	palomaki eric	sold (taxes)	-49,794	19.33	-2,576	evp,operations
Mar 08, 2024	zimmer john p	sold (taxes)	-59,671	19.33	-3,087	evp, treasurer, secretary, cfo
Mar 07, 2024	duvall david l.	acquired	-	-	26,825	chief executive officer
Mar 07, 2024	minarro salvador	acquired	-	-	4,106	-
Mar 07, 2024	smith andrew o	acquired	-	-	4,367	-
Mar 07, 2024	kowaleski sandra lee	acquired	-	-	4,367	-
Mar 07, 2024	hellmold ralph o	acquired	-	-	4,106	-
Mar 07, 2024	cellitti thomas r	acquired	-	-	6,022	-

Which funds bought or sold CMT recently?

View All Details

Datesorted ascending	Fund Name	Type	% Chg	$ Change	$ Held	% Portfolio
May 10, 2024	OSAIC HOLDINGS, INC.	reduced	-35.27	-12,991	25,365	-%
May 10, 2024	Tieton Capital Management, LLC	new	-	1,334,000	1,334,000	0.70%
May 10, 2024	CORNERCAP INVESTMENT COUNSEL INC	sold off	-100	-352,163	-	-%
May 10, 2024	BlackRock Inc.	reduced	-7.05	-451,973	8,504,190	-%
May 10, 2024	Hillsdale Investment Management Inc.	reduced	-33.23	-786,618	1,688,060	0.13%
May 10, 2024	PNC Financial Services Group, Inc.	new	-	1,098	1,098	-%
May 10, 2024	DIMENSIONAL FUND ADVISORS LP	unchanged	-	167,231	7,914,250	-%
May 10, 2024	CITIGROUP INC	added	31.66	6,604	25,745	-%
May 10, 2024	JPMORGAN CHASE & CO	reduced	-42.15	-39,881	57,623	-%
May 10, 2024	WELLS FARGO & COMPANY/MN	reduced	-80.64	-1,487,000	366,504	-%

Are Funds Buying or Selling CMT?

Are funds buying CMT calls or puts?

Calls

Puts

No. of funds holding Calls - Puts

Net Call Options

No. of funds that own CMT

No. of Funds

Unveiling Core Molding Technologies Inc's Major ShareHolders

Date Filed	Name of Filer	Percent of Class	No. of Shares	Form Type
May 01, 2024	gamco investors, inc. et al	3.42%	312,500	SC 13D/A
Feb 13, 2024	renaissance technologies llc	5.72%	516,764	SC 13G/A
Feb 09, 2024	dimensional fund advisors lp	4.6%	418,080	SC 13G/A
Feb 08, 2024	wax asset management, llc	0%	0	SC 13G/A
Jan 29, 2024	blackrock inc.	5.6%	483,333	SC 13G
Mar 16, 2023	gamco investors, inc. et al	3.48%	317,100	SC 13D/A
Feb 13, 2023	renaissance technologies llc	5.27%	470,259	SC 13G/A
Feb 10, 2023	dimensional fund advisors lp	5.0%	446,153	SC 13G/A
Feb 07, 2023	wax asset management, llc	7.5%	670,499	SC 13G/A
Feb 11, 2022	renaissance technologies llc	6.66%	580,664	SC 13G/A

Recent SEC filings of Core Molding Technologies Inc

View All Filings

Date Filed	Form Type	Document
May 13, 2024	144	Notice of Insider Sale Intent
May 13, 2024	144	Notice of Insider Sale Intent
May 08, 2024	SC 13G/A	Major Ownership Report
May 07, 2024	10-Q	Quarterly Report
May 07, 2024	8-K	Current Report
May 01, 2024	SC 13D/A	13D - Major Acquisition
Apr 12, 2024	ARS	ARS
Apr 11, 2024	DEF 14A	DEF 14A
Apr 10, 2024	8-K	Current Report
Mar 29, 2024	PRER14A	PRER14A

Peers (Alternatives to Core Molding Technologies Inc)

Name	Mkt Capsorted ascending	Revenue	Price %, 1M	Returns, 1Y	P/E	P/S	Rev 1-Yr	Inc 1-Yr
LARGE-CAP
APD	55.7B	12.2B	8.12%	-9.95%	22.55	4.58	-7.47%	13.44%
DOW	41.8B	43.5B	2.91%	13.50%	32.96	0.96	-18.61%	-57.39%
CE	17.5B	10.7B	2.74%	59.05%	8.8	1.64	7.11%	34.19%
AVTR	16.5B	6.9B	-2.68%	20.01%	63.46	2.4	-6.48%	-57.90%
ALB	15.5B	8.4B	7.29%	-32.83%	45.82	1.84	-4.27%	-90.82%
EMN	11.9B	9.1B	3.11%	28.37%	12.85	1.31	-11.38%	33.67%
MID-CAP
CBT	5.6B	3.9B	9.48%	47.75%	12.64	1.44	-8.19%	39.97%
BCPC	5.0B	929.6M	4.54%	23.17%	43.66	5.39	-1.74%	15.81%
AVNT	4.2B	3.1B	10.25%	17.84%	39.53	1.33	-6.69%	-83.56%
ARCH	2.9B	3.0B	2.14%	29.62%	9.05	0.98	-20.68%	-74.38%
SMALL-CAP
CCF	1.2B	404.0M	0.11%	32.60%	36.59	3	24.06%	-25.72%
ASIX	672.6M	1.5B	-8.67%	-24.85%	295.92	0.46	-21.27%	-97.94%
CMT	179.8M	336.4M	6.91%	-3.82%	9.86	0.53	-12.92%	28.47%
AREC	103.7M	16.7M	-5.76%	-12.08%	-8.76	6.19	-57.58%	-718.66%
AMRS	3.7M	-	-80.00%	-99.58%	-0.01	0.01	-	-

Core Molding Technologies Inc News

Latest updates

Core Molding Technologies Inc Earnings Report: Key Takeaways & Analysis

Income Statement (Last 12 Months)

(In Thousands)

(*) denotes actual numbers (not divided by Thousands)
Income Statement (Quarterly)																					(In Thousands)
Description	(%) Q/Q	2024Q1	2023Q4	2023Q3	2023Q2	2023Q1	2022Q4	2022Q3	2022Q2	2022Q1	2021Q4	2021Q3	2021Q2	2021Q1	2020Q4	2020Q3	2020Q2	2020Q1	2019Q4	2019Q3	2019Q2	2019Q1
Revenue	5.9%	78,145	73,778	86,728	97,725	99,507	86,443	101,606	98,735	90,592	73,168	81,025	80,461	72,829	60,654	59,873	37,806	64,023	56,122	74,655	81,247	72,266
Cost Of Revenue	3.2%	64,840	62,840	71,450	77,163	81,764	74,928	88,303	85,690	76,085	64,693	74,610	66,725	60,111	50,689	49,035	34,903	53,257	52,741	68,171	72,756	69,117
Gross Profit	21.7%	13,305	10,937	15,278	20,562	17,743	11,547	13,303	13,045	14,507	8,475	6,415	13,736	12,718	9,967	10,838	2,903	10,766	3,382	6,484	8,491	3,149
S&GA Expenses	1.8%	8,573	8,421	9,403	10,492	9,668	8,542	8,671	8,660	8,495	6,533	8,808	7,563	7,372	6,951	6,517	4,109	6,505	7,503	7,041	7,224	7,166
EBITDA Margin	-2.1%	0.11*	0.11*	0.11*	0.09*	0.08*	0.08*	0.07*	0.06*	0.07*	0.07*	0.09*	0.12*	-	-	-	-	-	-	-	-	-
Interest Expenses	66.3%	291	175	187	293	356	449	511	459	541	586	563	584	579	-	966	1,197	1,174	1,266	1,113	869	896
Income Taxes	359.4%	1,029	224	1,386	1,893	1,919	-2,276	1,251	1,769	1,638	958	396	1,543	1,351	1,315	32.00	-111	-4,854	98.00	378	213	-1,044
Earnings Before Taxes	99.0%	4,788	2,406	5,740	9,829	7,771	2,556	2,570	3,957	5,502	1,399	-2,916	5,629	4,807	448	3,375	-2,383	3,107	-5,364	-5,747	422	-4,889
EBT Margin	-6.0%	0.07*	0.07*	0.07*	0.06*	0.04*	0.04*	0.04*	0.02*	0.03*	0.03*	0.03*	0.05*	-	-	-	-	-	-	-	-	-
Net Income	72.3%	3,759	2,182	4,354	7,936	5,852	4,832	1,319	2,188	3,864	441	-3,312	4,086	3,456	-867	3,343	-2,272	7,961	-5,462	-6,125	209	-3,845
Net Income Margin	-4.6%	0.05*	0.06*	0.06*	0.05*	0.04*	0.03*	0.02*	0.01*	0.02*	0.02*	0.01*	0.04*	-	-	-	-	-	-	-	-	-
Free Cashflow	-50.3%	3,179	6,396	4,953	11,873	2,520	6,189	1,882	-1,538	-4,139	4,230	-6,362	6,057	-	-	-	-	-	-	-	-	-

Balance Sheet

(In Millions)

(*) denotes actual numbers (not divided by Millions)
Balance Sheet																					(In Millions)
Description	(%) Q/Q	2024Q1	2023Q4	2023Q3	2023Q2	2023Q1	2022Q4	2022Q3	2022Q2	2022Q1	2021Q4	2021Q3	2021Q2	2021Q1	2020Q4	2020Q3	2020Q2	2020Q1	2019Q4	2019Q3	2019Q2	2019Q1
Assets	-0.5%	212	213	217	214	207	199	202	205	200	187	179	188	180	166	174	165	175	179	195	202	210
Current Assets	0.3%	103	103	102	99.00	91.00	81.00	89.00	92.00	89.00	75.00	71.00	79.00	70.00	56.00	63.00	52.00	59.00	61.00	75.00	78.00	85.00
Cash Equivalents	10.4%	27.00	24.00	18.00	14.00	4.00	4.00	1.00	0.00	1.00	6.00	1.00	6.00	3.00	4.00	15.00	5.00	1.00	2.00	-	1.00	1.00
Inventory	8.1%	24.00	22.00	25.00	24.00	25.00	24.00	27.00	29.00	28.00	25.00	22.00	22.00	20.00	18.00	15.00	16.00	20.00	22.00	23.00	24.00	26.00
Net PPE	-1.0%	80.00	81.00	82.00	82.00	82.00	83.00	81.00	79.00	76.00	76.00	74.00	75.00	74.00	74.00	75.00	77.00	77.00	79.00	80.00	81.00	82.00
Goodwill	0%	17.00	17.00	17.00	17.00	17.00	17.00	17.00	17.00	17.00	17.00	17.00	17.00	17.00	17.00	17.00	17.00	17.00	17.00	17.00	21.00	21.00
Liabilities	-6.7%	69.00	74.00	83.00	84.00	84.00	82.00	94.00	98.00	95.00	87.00	80.00	86.00	82.00	72.00	80.00	76.00	84.00	95.00	105	106	114
Current Liabilities	-8.6%	42.00	46.00	53.00	53.00	53.00	51.00	59.00	64.00	63.00	53.00	47.00	52.00	46.00	36.00	37.00	64.00	72.00	84.00	95.00	41.00	50.00
Long Term Debt	-2.1%	21.00	22.00	22.00	22.00	23.00	23.00	23.00	22.00	20.00	21.00	22.00	23.00	24.00	25.00	32.00	0.00	-	-	-	35.00	37.00
LT Debt, Current	10.6%	2.00	1.00	1.00	1.00	1.00	1.00	1.00	1.00	4.00	4.00	4.00	3.00	3.00	3.00	3.00	35.00	44.00	49.00	38.00	4.00	3.00
LT Debt, Non Current	-100.0%	-	22.00	22.00	22.00	23.00	23.00	23.00	22.00	20.00	21.00	22.00	23.00	24.00	25.00	32.00	0.00	-	-	-	35.00	37.00
Shareholder's Equity	2.8%	143	139	134	130	123	116	109	107	104	100	99.00	102	98.00	94.00	94.00	89.00	91.00	84.00	90.00	96.00	96.00
Retained Earnings	3.1%	126	122	120	116	108	102	97.00	96.00	93.00	90.00	89.00	92.00	88.00	85.00	86.00	82.00	85.00	77.00	82.00	88.00	88.00
Additional Paid-In Capital	1.7%	44.00	43.00	43.00	42.00	41.00	40.00	40.00	39.00	39.00	38.00	38.00	37.00	36.00	36.00	36.00	35.00	35.00	35.00	34.00	34.00	34.00
Accumulated Depreciation	2.2%	131	128	-	-	-	117	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Shares Outstanding	0.5%	9.00	9.00	9.00	9.00	8.00	8.00	8.00	8.00	8.00	8.00	8.00	8.00	-	-	-	-	-	-	-	-	-
Float	-	-	-	-	138	-	-	-	61.00	-	-	-	91.00	-	-	-	22.00	-	-	-	44.00	-

Cashflow (Last 12 Months)

(In Thousands)

(*) denotes actual numbers (not divided by Thousands)
Cashflow (Quarterly)																					(In Thousands)
Description	(%) Q/Q	2024Q1	2023Q4	2023Q3	2023Q2	2023Q1	2022Q4	2022Q3	2022Q2	2022Q1	2021Q4	2021Q3	2021Q2	2021Q1	2020Q4	2020Q3	2020Q2	2020Q1	2019Q4	2019Q3	2019Q2	2019Q1
Cashflow From Operations	-41.7%	5,072	8,693	7,245	14,257	4,647	10,493	5,543	4,603	-1,657	7,498	-3,448	9,008	-512	-2,888	12,569	13,104	5,379	12,728	676	412	2,885
Share Based Compensation	5.6%	739	700	736	756	731	624	623	581	501	470	612	486	318	296	355	388	316	300	398	516	350
Cashflow From Investing	17.6%	-1,893	-2,297	-2,292	-2,384	-2,127	-4,304	-3,661	-6,141	-2,482	-3,114	-2,914	-2,951	-2,436	-967	-1,072	-1,188	-456	-13,740	11,481	-1,797	-3,404
Cashflow From Financing	-103.4%	-665	-327	-1,080	-2,203	-2,211	-2,515	-1,487	326	-681	1,147	1,381	-3,488	1,844	-6,823	-1,292	-8,734	-5,357	-9,692	-130	1,128	-582
Dividend Payments	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Buy Backs	-	343	-	762	1,884	23.00	-	-	482	-	-	49.00	-	47.00	-	20.00	-	-	-	-	-	-

Get Full Access to Grufity – and Unlimited Downloads

Gain full access to fair value, watchlists, stock screener, unlimited page visits, and additional features by joining as a member today for just $1.99.

Try For Just $1.99

CMT Income Statement

2024-03-31

Consolidated Statements of Operations - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Income Statement [Abstract]
Net sales	$ 78,145	$ 99,507
Cost of sales	64,840	81,764
Gross margin	13,305	17,743
Selling, general and administrative expense	8,573	9,668
Operating income	4,732	8,075
Other income and expense
Net interest expense	82	356
Net periodic post-retirement benefit	(138)	(52)
Total other (income) and expense	(56)	304
Income before taxes	4,788	7,771
Income tax expense	1,029	1,919
Net income	$ 3,759	$ 5,852
Net income per common share:
Basic (in USD per share)	$ 0.43	$ 0.69
Diluted (in USD per share)	$ 0.43	$ 0.66

CMT Balance Sheet

2024-03-31

Consolidated Balance Sheets - USD ($)	Mar. 31, 2024	Dec. 31, 2023
Current assets:
Cash and cash equivalents	$ 26,618,000	$ 24,104,000
Accounts receivable, net	40,082,000	41,711,000
Inventories, net	23,861,000	22,063,000
Foreign tax receivable	5,937,000	6,380,000
Prepaid expenses and other current assets	6,739,000	8,621,000
Total current assets	103,237,000	102,879,000
Right of use asset	3,302,000	3,802,000
Property, plant and equipment, net	80,398,000	81,185,000
Goodwill	17,376,000	17,376,000
Intangibles, net	5,617,000	6,017,000
Other non-current assets	2,337,000	2,118,000
Total Assets	212,267,000	213,377,000
Current liabilities:
Current portion of long-term debt	1,624,000	1,468,000
Accounts payable	24,260,000	23,958,000
Contract liability	4,222,000	5,204,000
Compensation and related benefits	6,711,000	10,498,000
Accrued other liabilities	5,406,000	5,058,000
Total current liabilities	42,223,000	46,186,000
Other non-current liabilities	3,316,000	3,759,000
Long-term debt	21,061,000	21,519,000
Post-retirement benefits liability	2,852,000	2,960,000
Total Liabilities	69,452,000	74,424,000
Commitments and Contingencies
Stockholders’ Equity:
Preferred stock — $0.01 par value, authorized shares — 10,000,000; no shares outstanding at March 31, 2024 and December 31, 2023	0	0
Common stock — $0.01 par value, authorized shares – 20,000,000; outstanding shares: 8,697,641 at March 31, 2024 and 8,655,384 at December 31, 2023	87,000	86,000
Paid-in capital	44,004,000	43,265,000
Accumulated other comprehensive income, net of income taxes	$ 5,007,000	$ 5,301,000
Treasury stock (in shares)	4,009,925	3,992,152
Treasury stock - at cost, 4,009,925 shares at March 31, 2024 and 3,992,152 shares at December 31, 2023	$ (32,111,000)	$ (31,768,000)
Retained earnings	125,828,000	122,069,000
Total Stockholders’ Equity	142,815,000	138,953,000
Total Liabilities and Stockholders’ Equity	$ 212,267,000	$ 213,377,000

About Core Molding Technologies Inc

Core Molding Technologies, Inc., together with its subsidiaries, operates as a molder of thermoplastic and thermoset structural products. The company offers a range of manufacturing processes that include compression molding of sheet molding compound, resin transfer molding, liquid molding of dicyclopentadiene, spray-up and hand-lay-up, direct long-fiber thermoplastics, and structural foam and structural web injection molding. It serves various markets, including medium and heavy-duty truck, automobile, power sport, construction, agriculture, building products, and other commercial markets in the United States, Mexico, Canada, and internationally. The company was formerly known as Core Materials Corporation and changed its name to Core Molding Technologies, Inc. in August 2002. Core Molding Technologies, Inc. was incorporated in 1996 and is headquartered in Columbus, Ohio.

CEO	Mr. David L. Duvall
WEBSITE	coremt.com
INDUSTRY	Chemicals
EMPLOYEES	1986

Core Molding Technologies Inc Frequently Asked Questions

What is the ticker symbol for Core Molding Technologies Inc? What does CMT stand for in stocks?

CMT is the stock ticker symbol of Core Molding Technologies Inc. Every public company that trades on a stock exchange gets a ticker symbol.

What is the market capital of Core Molding Technologies Inc (CMT)?

As of Mon May 13 2024, market cap of Core Molding Technologies Inc is 179.78 Million. The market capitalization is calculated by multiplying the stock price with the number of shares outstanding.

What is the fair value of CMT stock?

You can check CMT's fair value in chart for subscribers.

What is the fair value of CMT stock?

You can check CMT's fair value in chart for subscribers. The fair value of Core Molding Technologies Inc is provided for various growth and macro-economic scenarios from very pessimiatic to very optimistic assumptions. These fair values are estimates from Grufity's Fair Value model based on company's past performance. However, past performance of Core Molding Technologies Inc is no guarantee of future performance. These fairvalue estimates should only be used as one of the inputs in your stock analysis. We provide model's historical fair value estimates for CMT so that you know how good or bad the model has been in the past so you can discard it if needed. There are others that provide fair values of stocks such as wallmine, finbox, gurufocus and finviz. Most provide point in time estimates. We provide a history of our models fair value estimates so that you can get a sense of it's usefulness. Otherwise this data point is of little use.

Is Core Molding Technologies Inc a good stock to buy?

The fair value guage provides a quick view whether CMT is over valued or under valued. Whether Core Molding Technologies Inc is cheap or expensive depends on the assumptions which impact Core Molding Technologies Inc's fair value. We provide several scenarios of inflation and growth to encompass these range of assumptions for CMT.

What is Core Molding Technologies Inc's Price to Earnings (PE) and Price to sales (PS) ratio?

As of Mon May 13 2024, CMT's PE ratio (Price to Earnings) is 9.86 and Price to Sales (PS) ratio is 0.53. The price to earnings and price to sales ratio are two most important valuation metrics for any company. PE ratio tell us the number of years of earnings investors are ready to pay for owning the company. Historically, S&P500 price to earnings ratio has fallen below 12 during periods of gloom and gone past 30 during periods of euphoria. CMT PE ratio will change depending on the future growth rate expectations of investors.

What is 5 year return on Core Molding Technologies Inc's stock?

In the past 10 years, Core Molding Technologies Inc has provided 0.05 (multiply by 100 for percentage) rate of return.