HUBB - Hubbell Inc Stock Price, Fair Value and News

396.24USD+3.18 (+0.81%)Market Closed

Market Summary

USD396.24+3.18

Market Closed

0.81%

HUBB Alerts

2 major insider buys recently.

HUBB Stock Price

View Fullscreen

HUBB RSI Chart

HUBB Valuation

Market Cap

21.1B

Price/Earnings (Trailing)

29.09

Price/Sales (Trailing)

3.85

EV/EBITDA

21.03

Price/Free Cashflow

24.57

HUBB Price/Sales (Trailing)

HUBB Profitability

EBT Margin

17.31%

Return on Equity

24.66%

Return on Assets

10.58%

Free Cashflow Yield

4.07%

HUBB Fundamentals

HUBB Revenue

Revenue (TTM)

5.5B

Rev. Growth (Yr)

8.85%

Rev. Growth (Qtr)

3.96%

HUBB Earnings

Earnings (TTM)

725.7M

Earnings Growth (Yr)

-18.75%

Earnings Growth (Qtr)

-13.57%

Breaking Down HUBB Revenue

52 Week Range

267.34399.23

(Low)(High)

Last 7 days

6.1%

Last 30 days

-5.7%

Last 90 days

10.7%

Trailing 12 Months

45.4%

How does HUBB drawdown profile look like?

HUBB Financial Health

Current Ratio

1.66

Debt/Equity

0.64

Debt/Cashflow

0.45

HUBB Investor Care

Dividend Yield

1.19%

Dividend/Share (TTM)

4.68

Shares Dilution (1Y)

0.18%

Diluted EPS (TTM)

13.41

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	5.5B	0	0	0
2023	5.1B	5.2B	5.2B	5.4B
2022	4.4B	4.6B	4.8B	4.9B
2021	3.7B	3.9B	4.0B	4.2B
2020	4.5B	4.1B	3.9B	3.7B
2019	4.6B	4.6B	4.6B	4.6B
2018	3.8B	4.0B	4.3B	4.5B
2017	3.5B	3.6B	3.6B	3.7B
2016	3.4B	3.5B	3.5B	3.5B
2015	3.4B	3.4B	3.4B	3.4B
2014	3.2B	3.3B	3.3B	3.4B
2013	3.1B	3.1B	3.1B	3.2B
2012	2.9B	3.0B	3.0B	3.0B
2011	2.6B	2.7B	2.8B	2.9B
2010	2.3B	2.4B	2.5B	2.5B
2009	0	2.6B	2.5B	2.4B
2008	0	0	0	2.7B

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 S&P 500 Index

Grufity's Fair Value model takes all the S&P 500 stocks and divides them into separate buckets based on their attractiveness. The 'Very Cheap' bucket of S&P 500 has greatly outperformed S&P 500 Index. Conversely, S&P500 stocks considered 'Very Expensive' by the model underperformed the S&P500 index in the past three years. Grufity Fair Value is available for 2300+ stocks, including 90% of S&P 500 stocks. Grufity's Fair Value Model separates high-return stocks from low-return stocks.

Returns of $10,000 invested in:

Very Cheap Stocks: $17,289
S&P 500 Index: $12,922
Very Expensive Stocks: $11,022

Grufity's Fair Value model does a great job in separating High Performing Stocks from Low Performing ones in the S&P 500 list.

S&P 500 Index

Very Expensive Stocks

Very Cheap Stocks

Try For Just $1.99

Tracking the Latest Insider Buys and Sells of Hubbell Inc

Filter Transactions

Datesorted ascending	Name	Buy/Sell	$ Value	Avg. Price	# Shares	Title
May 03, 2024	keating neal j	bought	189,385	378	500	-
May 03, 2024	dial debra l.	bought	56,685	377	150	-
Feb 12, 2024	mikes mark eugene	sold	-144,290	363	-397	president electrical solutions
Feb 09, 2024	mikes mark eugene	sold	-657,946	358	-1,837	president electrical solutions
Feb 09, 2024	mikes mark eugene	sold (taxes)	-63,796	360	-177	president electrical solutions
Feb 09, 2024	lane katherine anne	sold (taxes)	-204,724	360	-568	senior vp, gc & secretary
Feb 09, 2024	bakker gerben	sold (taxes)	-1,035,880	360	-2,874	chairman, president & ceo
Feb 09, 2024	del nero jonathan m.	sold (taxes)	-25,951	360	-72.00	vice president, controller
Feb 09, 2024	sperry william r	sold (taxes)	-447,654	360	-1,242	executive vp and cfo
Feb 09, 2024	flynn alyssa r	sold (taxes)	-34,601	360	-96.00	chief human resources officer

Which funds bought or sold HUBB recently?

View All Details

Datesorted ascending	Fund Name	Type	% Chg	$ Change	$ Held	% Portfolio
May 06, 2024	SG Americas Securities, LLC	added	230	2,657,000	3,495,000	0.02%
May 06, 2024	Candriam S.C.A.	added	121	3,793,500	5,913,220	0.04%
May 06, 2024	Nordwand Advisors, LLC	reduced	-60.71	-1,734,020	1,704,610	0.66%
May 06, 2024	HighTower Advisors, LLC	added	4.93	2,943,000	12,089,000	0.02%
May 06, 2024	GRANDFIELD & DODD, LLC	reduced	-0.64	262,718	1,297,860	0.08%
May 06, 2024	Envestnet Portfolio Solutions, Inc.	added	32.01	270,219	676,260	-%
May 06, 2024	DiNuzzo Private Wealth, Inc.	unchanged	-	861	4,151	-%
May 06, 2024	SPINNAKER TRUST	reduced	-2.82	79,180	429,162	0.03%
May 06, 2024	ORG Partners LLC	new	-	841	841	-%
May 06, 2024	TEXAS PERMANENT SCHOOL FUND CORP	added	0.11	958,587	4,600,830	0.04%

Are Funds Buying or Selling HUBB?

Are funds buying HUBB calls or puts?

Calls

Puts

No. of funds holding Calls - Puts

Net Call Options

No. of funds that own HUBB

No. of Funds

HUBB Alerts

2 major insider buys recently.

Unveiling Hubbell Inc's Major ShareHolders

Date Filed	Name of Filer	Percent of Class	No. of Shares	Form Type
Feb 14, 2024	price t rowe associates inc /md/	3.2%	1,694,321	SC 13G/A
Feb 13, 2024	vanguard group inc	12.49%	6,696,582	SC 13G/A
Jan 26, 2024	blackrock inc.	7.4%	3,983,321	SC 13G/A
Feb 14, 2023	price t rowe associates inc /md/	6.6%	3,518,326	SC 13G/A
Feb 09, 2023	blackrock inc.	10.1%	5,424,991	SC 13G/A
Feb 09, 2023	vanguard group inc	10.49%	5,635,364	SC 13G/A
Jan 26, 2023	blackrock inc.	9.99%	5,367,883	SC 13G/A
Jan 20, 2023	blackrock inc.	9.99%	5,367,883	SC 13G
Feb 14, 2022	price t rowe associates inc /md/	6.1%	3,344,626	SC 13G
Feb 10, 2022	vanguard group inc	10.02%	5,453,406	SC 13G/A

Recent SEC filings of Hubbell Inc

View All Filings

Date Filed	Form Type	Document
May 07, 2024	4	Insider Trading
May 07, 2024	4	Insider Trading
May 01, 2024	10-Q	Quarterly Report
Apr 30, 2024	8-K	Current Report
Mar 25, 2024	ARS	ARS
Mar 25, 2024	DEF 14A	DEF 14A
Mar 25, 2024	DEFA14A	DEFA14A
Feb 20, 2024	4	Insider Trading
Feb 20, 2024	4	Insider Trading
Feb 20, 2024	4	Insider Trading

Peers (Alternatives to Hubbell Inc)

Name	Mkt Capsorted ascending	Revenue	Price %, 1M	Returns, 1Y	P/E	P/S	Rev 1-Yr	Inc 1-Yr
LARGE-CAP
CARR	57.9B	23.0B	13.91%	50.92%	43.16	2.52	9.35%	-48.07%
HUBB	21.1B	5.5B	-5.71%	45.35%	29.09	3.85	8.06%	32.52%
BLDR	19.9B	17.1B	-20.32%	43.10%	13.55	1.16	-18.27%	-40.02%
CSL	19.3B	4.8B	1.72%	91.52%	22.52	3.94	-3.54%	3.11%
LECO	13.0B	-	-7.68%	35.06%	23.83	3.13	6.67%	16.79%
MID-CAP
AYI	8.0B	3.9B	-4.10%	64.74%	21.25	2.08	-6.35%	-0.40%
AAON	6.5B	1.2B	-12.59%	21.62%	35.87	5.54	19.83%	50.95%
ATKR	5.6B	3.4B	-16.04%	20.81%	9.09	1.66	-11.52%	-24.82%
AEIS	3.8B	1.6B	3.51%	17.37%	29.61	2.44	-16.80%	-35.75%
PLUG	1.8B	891.3M	-16.24%	-71.69%	-1.31	2.02	27.07%	-89.06%
SMALL-CAP
APOG	1.4B	1.4B	9.63%	63.88%	14.42	1.01	-1.65%	-4.32%
ACTG	520.5M	130.3M	-0.19%	32.57%	7.76	3.99	54.06%	153.62%
ACCO	469.6M	1.8B	-6.12%	-5.39%	-19.25	0.26	-6.26%	-71.83%
FCEL	357.0M	103.0M	-30.09%	-66.95%	-3.91	3.47	-24.12%	24.29%
APT	70.1M	61.2M	-5.56%	52.24%	16.75	1.15	-1.21%	27.64%

Hubbell Inc News

Latest updates

Hubbell Inc Earnings Report: Key Takeaways & Analysis

Income Statement (Last 12 Months)

(In Millions)

(*) denotes actual numbers (not divided by Millions)
Income Statement (Quarterly)																					(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
Revenue	4.0%	1,399	1,346	1,376	1,366	1,285	1,220	1,316	1,256	1,156	1,100	1,083	1,054	956	917	970	838	958	1,103	1,204	1,196	1,087
Gross Profit	-1.9%	448	456	487	496	448	367	399	383	323	290	301	298	262	260	293	255	278	326	362	357	307
S&GA Expenses	-4.9%	219	231	211	208	200	195	195	193	180	156	155	156	152	146	145	130	171	190	189	191	186
EBITDA Margin	-3.9%	0.20*	0.20*	0.20*	0.19*	0.17*	0.15*	0.15*	0.14*	0.13*	0.13*	0.12*	0.13*	-	-	-	-	-	-	-	-	-
Interest Expenses	-111.0%	-21.10	-10.00	-7.80	-9.20	-9.70	-11.70	-12.10	-12.70	-13.10	-13.30	-13.60	-12.60	-15.20	-14.30	-15.00	-15.70	-15.10	-16.90	-17.00	-17.20	-17.50
Income Taxes	41.0%	52.00	37.00	63.00	66.00	52.00	33.00	39.00	39.00	30.00	23.00	28.00	17.00	21.00	11.00	30.00	24.00	24.00	16.00	35.00	26.00	24.00
Earnings Before Taxes	-3.9%	201	210	265	274	235	157	191	176	133	124	133	107	96.00	73.00	139	113	100	80.00	168	124	98.00
EBT Margin	-5.4%	0.17*	0.18*	0.18*	0.17*	0.15*	0.13*	0.13*	0.12*	0.11*	0.11*	0.10*	0.11*	-	-	-	-	-	-	-	-	-
Net Income	-13.6%	148	171	200	207	182	105	139	122	180	100	108	96.00	78.00	80.00	97.00	86.00	67.00	102	131	96.00	72.00
Net Income Margin	-6.5%	0.13*	0.14*	0.13*	0.12*	0.11*	0.11*	0.11*	0.11*	0.11*	0.09*	0.09*	0.09*	-	-	-	-	-	-	-	-	-
Free Cashflow	-73.3%	92.00	346	194	228	114	242	220	189	-14.40	226	98.00	137	-	-	-	-	-	-	-	-	-

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	-0.8%	6,862	6,914	5,768	5,641	5,481	5,403	5,338	5,238	5,170	5,282	5,242	5,173	5,293	5,085	4,877	5,059	4,959	4,903	5,074	5,036	4,976
Current Assets	3.0%	2,233	2,167	2,318	2,206	2,099	2,021	1,995	2,034	1,927	1,879	1,833	1,745	1,828	1,588	1,640	1,794	1,675	1,574	1,810	1,729	1,651
Cash Equivalents	15.5%	388	336	573	493	430	441	367	424	359	286	258	265	434	259	269	485	300	180	300	210	205
Inventory	1.1%	842	833	788	794	780	741	739	720	709	662	701	638	616	527	585	604	596	633	662	662	663
Net PPE	1.5%	662	653	572	558	539	528	479	465	460	460	521	519	517	439	485	489	496	505	498	509	505
Goodwill	0.0%	2,533	2,533	1,995	23.00	1,976	1,971	78.00	1,859	1,871	1,871	1,923	1,923	1,924	1,873	1,813	1,809	1,807	1,762	1,781	1,785	1,787
Liabilities	-2.6%	3,919	4,025	3,018	3,010	2,998	3,032	3,008	2,970	2,945	3,041	3,064	3,032	3,195	3,000	2,846	3,085	3,031	2,943	3,159	3,181	3,149
Current Liabilities	1.9%	1,349	1,323	1,071	1,070	1,052	1,089	1,063	1,003	962	1,065	1,035	999	1,149	948	793	881	841	845	866	874	848
Long Term Debt	-6.3%	1,896	2,023	1,440	1,439	1,439	1,438	1,437	1,437	1,436	1,436	1,435	1,434	1,434	1,437	1,436	1,610	1,597	1,506	1,714	1,723	1,732
LT Debt, Non Current	-100.0%	-	2,023	1,440	1,439	1,439	1,438	1,437	1,437	1,436	1,436	1,435	1,434	1,434	1,437	1,436	1,610	1,597	1,506	1,714	1,723	1,732
Shareholder's Equity	2.3%	2,943	2,877	2,739	10.00	10.00	2,361	6.00	2,604	1.00	1.00	2,501	15.00	1.00	15.00	1.00	1.00	14.00	1.00	13.00	1.00	19.00
Retained Earnings	-100.0%	-	3,183	-	-	-	2,706	-	-	-	2,560	-	-	-	2,394	-	-	-	2,279	-	-	-
Additional Paid-In Capital	-100.0%	-	6.00	-	-	-	-	-	-	-	-	-	-	-	5.00	-	-	-	-	-	-	-
Shares Outstanding	-100.0%	-	54.00	-	-	-	54.00	-	-	-	55.00	-	-	-	54.00	-	-	-	55.00	-	-	-
Minority Interest	3.3%	13.00	12.00	11.00	10.00	10.00	10.00	12.00	11.00	11.00	11.00	9.00	15.00	15.00	15.00	14.00	14.00	14.00	13.00	13.00	19.00	19.00
Float	-	-	-	-	17,689	-	-	-	9,535	-	-	-	10,107	-	-	-	6,740	-	-	-	7,036	-

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	-73.3%	92,200	345,500	193,900	227,700	113,700	242,400	219,600	188,600	-14,400	225,500	98,400	136,700	53,100	147,300	151,900	195,300	108,400	131,700	175,500	131,500	78,100
Share Based Compensation	161.2%	12,800	4,900	5,500	4,300	11,800	2,800	5,000	5,700	11,000	1,900	2,800	3,600	9,200	1,900	4,100	4,300	11,600	1,000	5,200	4,200	4,100
Cashflow From Investing	107.3%	88,600	-1,218,800	-33,200	-93,100	-35,100	-74,500	-201,200	-24,100	317,900	-22,300	-25,200	-9,600	-15,000	-276,900	-19,500	-11,300	-15,600	-87,400	7,000	-21,400	-20,100
Cashflow From Financing	-119.9%	-125,300	630,200	-75,800	-74,100	-91,800	-96,800	-62,100	-67,800	-210,400	-180,600	-74,100	-310,700	132,400	71,900	-350,700	-1,100	35,700	-233,300	-89,500	-104,500	-43,700
Dividend Payments	-	-	-	-	-	-	-	-	-	-	-	53,300	53,300	53,200	53,200	49,300	49,400	49,500	49,500	45,600	45,700	45,800
Buy Backs	-	10,000	-	10,000	-	20,000	32,000	-	6,000	144,000	-	-	1,200	10,000	-	-	-	41,300	-	5,000	20,000	10,000

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

HUBB Income Statement

2024-03-31

Condensed Consolidated Statements of Income (unaudited) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Income Statement [Abstract]
Net sales	$ 1,399.1	$ 1,285.4
Cost of goods sold	951.4	837.1
Gross profit	447.7	448.3
Selling & administrative expenses	219.2	199.5
Operating income	228.5	248.8
Interest expense, net	(21.1)	(9.7)
Loss on disposition of business	(5.3)	0.0
Other expense, net	(0.7)	(4.1)
Total other expense	(27.1)	(13.8)
Income before income taxes	201.4	235.0
Provision for income taxes	52.3	51.6
Net income	149.1	183.4
Less: Net income attributable to noncontrolling interest	(1.3)	(1.5)
Net income attributable to Hubbell Incorporated	$ 147.8	$ 181.9
Earnings per share:
Basic earnings per share (USD per share)	$ 2.75	$ 3.39
Diluted earnings per share (USD per share)	$ 2.73	$ 3.37

HUBB Balance Sheet

2024-03-31

Condensed Consolidated Balance Sheets (unaudited) - USD ($) $ in Millions	Mar. 31, 2024	Dec. 31, 2023
Current Assets
Cash and cash equivalents	$ 388.2	$ 336.1
Short-term investments	12.1	12.6
Accounts receivable (net of allowances of $11.4 and $11.6)	865.6	785.4
Inventories, net	842.4	832.9
Other current assets	124.2	129.7
Assets held for sale - current	0.0	70.5
Total Current Assets	2,232.5	2,167.2
Property, Plant, and Equipment, net	662.2	652.6
Other Assets
Investments	75.3	75.8
Goodwill	2,532.7	2,533.4
Other intangible assets, net	1,165.1	1,196.0
Other long-term assets	194.3	197.1
Assets held for sale - non-current	0.0	91.9
TOTAL ASSETS	6,862.1	6,914.0
Current Liabilities
Short-term debt and current portion of long-term debt	219.7	117.4
Accounts payable	598.5	563.5
Accrued salaries, wages and employee benefits	74.0	173.6
Accrued insurance	87.6	79.1
Other accrued liabilities	368.9	365.2
Liabilities held for sale - current	0.0	24.6
Total Current Liabilities	1,348.7	1,323.4
Long-Term Debt	1,895.7	2,023.2
Other Non-Current Liabilities	674.6	660.6
Liabilities held for sale - non-current	0.0	17.5
TOTAL LIABILITIES	3,919.0	4,024.7
Commitments and contingencies (Note 15)
Hubbell Incorporated Shareholders’ Equity	2,930.4	2,877.0
Noncontrolling interest	12.7	12.3
TOTAL EQUITY	2,943.1	2,889.3
TOTAL LIABILITIES AND EQUITY	$ 6,862.1	$ 6,914.0

About Hubbell Inc

Hubbell Incorporated, together with its subsidiaries, designs, manufactures, and sells electrical and utility solutions in the United States and internationally. It operates through two segments, Electrical Solutions and Utility Solutions. The Electrical Solution segment offers standard and special application wiring device products, rough-in electrical products, connector and grounding products, lighting fixtures, and other electrical equipment for use in industrial, commercial, and institutional facilities by electrical contractors, maintenance personnel, electricians, utilities, and telecommunications companies, as well as components and assemblies. It also designs and manufactures various industrial controls, and communication systems for use in the non-residential and industrial markets, as well as in the oil and gas, and mining industries. This segment sells its products through electrical and industrial distributors, home centers, retail and hardware outlets, lighting showrooms, and residential product-oriented internet sites; and special application products primarily through wholesale distributors to contractors, industrial customers, and original equipment manufacturers. The Utility Solution segment designs, manufactures, and sells electrical distribution, transmission, substation, and telecommunications products, such as arresters, insulators, connectors, anchors, bushings, and enclosures cutoffs and switches; and utility infrastructure products, including smart meters, communications systems, and protection and control devices. This segment sells its products to distributors. Its brand portfolio includes Hubbell, Kellems, Bryant, Burndy, CMC, Bell, TayMac, Wiegmann, Killark, Hawke, Aclara, Fargo, Quazite, Hot Box, etc. The company was founded in 1888 and is headquartered in Shelton, Connecticut.

CEO	Mr. Gerben W. Bakker
WEBSITE	hubbell.com
INDUSTRY	Communication Equipment
EMPLOYEES	17000

Hubbell Inc Frequently Asked Questions

What is the ticker symbol for Hubbell Inc? What does HUBB stand for in stocks?

HUBB is the stock ticker symbol of Hubbell Inc. Every public company that trades on a stock exchange gets a ticker symbol.

What is the market capital of Hubbell Inc (HUBB)?

As of Tue May 07 2024, market cap of Hubbell Inc is 21.11 Billion. The market capitalization is calculated by multiplying the stock price with the number of shares outstanding.

What is the fair value of HUBB stock?

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

What is the fair value of HUBB stock?

You can check HUBB's fair value in chart for subscribers. The fair value of Hubbell 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 Hubbell 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 HUBB 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 Hubbell Inc a good stock to buy?

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

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

As of Tue May 07 2024, HUBB's PE ratio (Price to Earnings) is 29.09 and Price to Sales (PS) ratio is 3.85. 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. HUBB PE ratio will change depending on the future growth rate expectations of investors.

What is 5 year return on Hubbell Inc's stock?

In the past 10 years, Hubbell Inc has provided 0.15 (multiply by 100 for percentage) rate of return.