OKLO closed at $25.94 on October 26, 2026, down 1.56% from $26.35 and printing a new 52-week low of $25.3901, which puts the close 82.94% below the $152.06 high, only 2.17% above the low and at a 0.43% position within the 52-week range after a one-month return of negative 31.81%. The tape was constructive, with down 5.45% to 18.39, the S&P up 0.70%, the Nasdaq up 0.82%, the Russell 2000 up 0.38% and the 10-year Treasury yield easing to 4.986% from 4.988%, yet OKLO still made a new low, which says the pressure is idiosyncratic execution and duration risk rather than broad risk appetite. Fundamentals are unchanged: a $4.825 billion market cap, a $2.441 billion enterprise value, $2.461 billion of net cash equal to 51.0% of market cap, a 1.47x price-to-book, a 3,987.85x price-to-sales ratio, a negative 23.73x forward , a negative 11.26x , negative $239.3 million free cash flow and negative $116.9 million operating cash flow. The cash cushion is real but is funding a 2026 plan of $120-$150 million of operating cash use plus $400-$500 million of property-and-equipment spending, which implies roughly four years of runway before the $1 billion at-the-market program carried from prior analysis becomes a live dilution question. Technical structure deteriorated again: price is 18.87% below the $31.9755 , 28.17% below the $36.1138 and 54.56% below the $57.0877 , the sits 36.74% below a still-falling , is 26.45 for a sixth consecutive close below 30, and at negative $146.07 million has now made a new low that confirms rather than diverges from the price low. Sell-side tone keeps eroding: TD Cowen initiated coverage at Hold with a $26 target on October 26, essentially at spot, after Truist cut to $31 from $51 on October 22, Citigroup to $33 from $57.50, Barclays to $59 from $76 and Piper Sandler to $49 from $55, and the consensus mean has fallen to $66.80 from $72.00 with the high down to $122 from $130. Estimates remain negative with zero upward revisions anywhere in the grid, FY26 and FY27 losses roughly 32.4% and 22.6% wider than 90 days ago, and two FY27 cuts in the last 30 days including one in the last week. Earnings land on November 6, just 10 days away, with only one of six reported quarters beating and the last four missing by 60.9% to 74.6%. I rate OKLO SELL overall and SELL for six months, HOLD for one month because 26.45, six straight sub-30 closes, volume at 0.74x the 20-day average and 19.99% short interest create genuine two-sided squeeze risk into the print, and HOLD for one year because net cash covers 51.0% of market cap and the $2.441 billion enterprise value still funds real optionality on Aurora and the fuel cycle. The single risk to monitor is the November 6 print and any unscheduled PJM or regulatory resolution on the 750 MW Ohio project, either of which can move a 7.66% stock 15-25% in a single session.
投资判断
实时价格
$26.73
推荐分数
28%
28%
置信度
72%
72%
各期限展望
1个月
持有
短线
6个月
卖出
中期
1年
持有
长期
核心催化
The November 6 earnings report, now only 10 calendar days away, is the highest-probability near-term mover: with a 7.66% , four consecutive misses of 60.9%-74.6%, a freshly reset bar and 19.99% short interest, a single guidance line can move the stock 15-25% in a session in either direction. The unscheduled PJM and regulatory path for the 750 MW Ohio project remains the largest fundamental swing factor because a favorable queue or permitting resolution could recover part of the estimated 14-month delay and re-rate the pipeline, but it has no decision date.
稳定性分类Speculative / Binary组合角色Tactical Trade回撤风险Very High风险画像SpeculativePre-Commercial Nuclear DeveloperNew 52-Week Low $25.39Breakdown Below Prior Low ConfirmedNegative EPS RevisionsHigh Short Interest 20% Of FloatNet Cash 51% Of Market CapATM Dilution RiskTD Cowen Initiation Hold $26Earnings Nov 6 In 10 DaysRelative Weakness On Risk-On Tape
决策工作台
价格地图
60日设置
价格轨道
$26.73
止损
当前
$22
$24
$27
$29
止损位
$27.90
买入
$25.80 - $26.60
止盈
$22.80 - $24.00
风险/回报
1.6x
控制仓位
到止损下行
—
到止盈上行
—
仓位提示
SELL means avoid new long exposure and reduce existing positions; do not buy the new 52-week low at $25.3901 as a value trade. Any tactical short or underweight expression should be small (25-50% of a normal position) and initiated on a failed bounce into $25.80-$26.60, not by chasing at $25.94 with at 26.45 and 19.99% short interest into a print 10 days away, given 57.86% 20-day realized volatility, at 7.66% of price and at 18.39. Existing shorts should size for squeeze risk because the same short interest that supports the bear case can produce violent countertrend gaps.
投资逻辑快照
什么情况涨
The strongest argument against SELL is that OKLO now trades at $25.94 with net cash of $2.461 billion equal to 51.0% of the $4.825 billion market cap, leaving enterprise value at $2.441 billion, or 0.51x market cap, and just 1.4667x book. The market is paying only about $2.44 billion for a licensed advanced-fission design, a fuel-recycling strategy and a 15-75 MW Aurora pipeline in a world where oil above $108 and constrained Strait of Hormuz traffic are forcing utilities and data centers to prioritize reliable low-carbon baseload. at 26.45 after six consecutive sub-30 closes, a histogram that has improved for five straight sessions, volume at 0.74x the 20-day average on a new low, 19.99% of float short with a 3.39 short ratio and a November 6 print with a very low bar together create a credible squeeze setup into month-end, and a favorable PJM, regulatory or congressional headline could gap the stock violently higher. Reviewing the prior plan: the $27.20-$28.20 failed-bounce entry zone was again never reached, as the October 26 high was only $26.96, so no trigger was hit; the SELL bias was directionally correct as OKLO fell from $26.35 to $25.94 and broke the $26.07 low to $25.3901, the prior analysis's own continuation trigger, but the $24.00-$25.00 exit zone was still not reached and the $29.10 stop was never threatened, so the remaining downside from here is smaller and the risk-reward on a fresh short is meaningfully worse than it was a week ago.
什么情况跌
OKLO remains a pre-commercial developer valued at $4.825 billion with a 3,987.85x price-to-sales ratio, negative $239.3 million free cash flow, negative $116.9 million operating cash flow and no demonstrated reactor-scale economics. Only one of six reported quarters beat consensus, the last four reported quarters missed by 74.6%, 65.1%, 60.9% and 63.6%, and FY26 and FY27 loss estimates widened by roughly 32.4% and 22.6% over 90 days with a fresh FY27 cut in the last week and zero upward revisions anywhere in the grid. The Ohio queue loss with an estimated 14-month delay, the nonbinding Centrus HALEU letter of intent and the 2028 first-Aurora target leave a long stretch before meaningful revenue, and the $1 billion ATM could dilute shareholders before that value is realized; the 51.0% net-cash cushion is real but is being consumed at roughly $120-$150 million of operating plus $400-$500 million of capex per year. The short thesis is straightforward: timelines slip, capital costs rise and share issuance transfers value away from current holders. Short interest of 19.99% of float may already reflect much of this, but the bundle contains no short-interest time series to confirm whether that positioning is rising or being covered. Meanwhile the tape has stopped helping the bulls in an even more damning way than last week: on October 26, with down 5.45% to 18.39 and the S&P up 0.70%, OKLO fell 1.56% to a new 52-week low of $25.3901 and closed below its $26.22 open, while made a new series low at negative $146.07 million and TD Cowen launched coverage at Hold with a $26 target that implies essentially zero return from spot. The sequence of lower highs is unbroken ($28.55, $27.24, $26.96), and the floor at $25.39 looks like a pause before the November 6 print rather than accumulation.
A daily close above $27.24 on above-average volume with turning decisively up would neutralize the immediate breakdown and break the sequence of lower highs; a weekly close above the $31.9755 would be required to call a durable trend reversal, while a decisive close below the $25.3901 October 26 52-week low would confirm continuation and justify pressing the bearish stance toward the $24.00 area.
Commercialization timing: the first Aurora targets 2028, the 750 MW Ohio project faces an estimated delay of at least 14 months after losing its PJM review position, and the Centrus HALEU arrangement remains a nonbinding letter of intent with no definitive fuel-supply agreement or announced decision date.
Cash burn and dilution: free cash flow is negative $239.3 million and operating cash flow is negative $116.9 million against a 2026 plan of $120-$150 million operating cash use and $400-$500 million of property-and-equipment spending, implying roughly four years of runway on $2.4652 billion of cash, with a $1 billion ATM over a $3.5 billion shelf from prior analysis and 186.02 million shares outstanding against a 157.35 million float.
Estimate and earnings risk: Q2 2026 of negative $0.28 missed the negative $0.16039 estimate by 74.57%; FY26 consensus is negative $0.95973 versus negative $0.72503 ninety days ago and FY27 is negative $1.0177 versus negative $0.83036, with two FY27 downward revisions in the last 30 days and one in the last seven, and next earnings on November 6 is only 10 days away.
Positioning and volatility risk: 19.99% short interest of float, a 3.39 short ratio, 57.86% realized 20-day volatility and at 7.66% of price make both downside gaps and squeezes unusually violent, and the 4.986% 10-year Treasury yield plus a 1.215 beta leave the stock exposed to any renewed rise in rates even while at 18.39 sits comfortably in the Neutral band.
接下来关注
下一次财报：2026年11月6日
The November 6 earnings report, now only 10 calendar days away, is the highest-probability near-term mover: with a 7.66% , four consecutive misses of 60.9%-74.6%, a freshly reset bar and 19.99% short interest, a single guidance line can move the stock 15-25% in a session in either direction. The unscheduled PJM and regulatory path for the 750 MW Ohio project remains the largest fundamental swing factor because a favorable queue or permitting resolution could recover part of the estimated 14-month delay and re-rate the pipeline, but it has no decision date.
信号仪表盘
决策输入
6 个信号
基本面
157.5%
距分析师均值目标空间
At $25.94 and a $4.825 billion market capitalization, OKLO offers no interpretable earnings-based anchor: TTM and are null, forward is negative 23.73x, is negative 11.257x against a 0.0% margin, and price-to-sales is 3,987.85x on negligible revenue. The genuine supports are a 1.4667 price-to-book ratio and net cash of $2.461 billion, equal to 51.0% of market capitalization and reducing enterprise value to $2.441 billion, or 0.51 times market cap, with a negative 4.96% FCF yield. Investors are therefore paying about $2.44 billion for a licensed advanced-fission design, a fuel-recycling strategy and the right to build a commercial fleet, which is cheaper in absolute dollars than prior runs but still a leveraged bet on execution and licensing milestones rather than a margin-of-safety trade. Relative to the FCEL comparison in the supplied coverage, FCEL's cited 1.33x price-to-book remains below OKLO's 1.4667x, and OKLO's materially longer timeline to revenue is the core of the de-rating argument. The stock is not expensive on asset value and not cheap on cash-flow value, which is exactly why the multiple keeps compressing as the commercialization date slides.
技术面
Bearish
趋势质量
At $25.94, price is 18.87% below the $31.9755 , 28.17% below the $36.1138 and 54.56% below the $57.0877 . The is roughly 36.74% below , a deeply bearish long-term alignment with no golden-cross proximity, and continues to roll lower every session ($57.7128 on October 22, $57.4008 on October 23, $57.0877 on October 26). The stock printed a new 52-week low of $25.3901 on October 26 and closed at $25.94, only 2.17% above the low and 82.94% below the $152.06 high, with a 52-week range position of 0.43%; critically, this close broke the prior $26.07 low from October 23 that the last analysis had flagged as the continuation trigger. Overhead supply now sits at the $26.96 October 26 high, $27.24 October 22 high, $28.55 October 21 high, $30.23 October 16 high and the falling $31.9755 , which is the first meaningful recovery test.
财报
10天
Deteriorating
Q2 2026 was negative $0.28 versus a negative $0.16039 estimate, a $0.1196-per-share miss that was a 74.57% larger loss; the six available actual quarters average a negative 41.8% surprise, and the last four reported quarters missed by 74.6%, 65.1%, 60.9% and 63.6% respectively, though the supplied data do not include the event-day market reaction and the 2026-03-31 actual is missing.
新闻
Mixed-Bearish
新闻基调
The November 6 earnings report, now only 10 calendar days away, is the highest-probability near-term mover: with a 7.66% , four consecutive misses of 60.9%-74.6%, a freshly reset bar and 19.99% short interest, a single guidance line can move the stock 15-25% in a session in either direction. The unscheduled PJM and regulatory path for the 750 MW Ohio project remains the largest fundamental swing factor because a favorable queue or permitting resolution could recover part of the estimated 14-month delay and re-rate the pipeline, but it has no decision date.
宏观
Neutral
4.99% 10Y / 18.4 VIX
at 18.39 sits mid-band and fell 5.45% on October 26 while the S&P gained 0.70%, yet OKLO still lost 1.56% to a new 52-week low, so the binding constraint is its own 2028-and-beyond cash-flow duration against a 4.986% 10-year yield rather than broad risk appetite.
稳定性
Speculative / Binary
Tactical Trade
OKLO is a pre-commercial advanced-nuclear developer whose equity value rests on licensing, PJM interconnection, HALEU fuel supply and eventual reactor economics rather than on a demonstrated power franchise. The balance sheet is genuinely strong in isolation, with $2.461 billion of net cash equal to 51.0% of the $4.825 billion market cap and enterprise value of only $2.441 billion, or 0.51x market cap, but operations consume rather than generate capital, with operating cash flow of negative $116.9 million and free cash flow of negative $239.3 million. Realized 20-day volatility of 57.86%, at 7.66% of price, 19.99% short interest of float and a 3.39 short ratio make mark-to-market swings extreme in both directions, while the unresolved ATM dilution overhang caps upside participation. The nuclear baseload demand theme has multi-year durability, but OKLO belongs only in a small tactical sleeve sized for binary project headlines and violent gaps, never as a core holding.
分析师目标区间
均值目标
$66.80
高低目标
$14 / $122
分析师中值目标
$70.50
共识区间
$14 - $122
— 位分析师
Mean
$14$67$122
市场共识
The $66.80 mean and $70.50 median targets imply roughly 157.5% and 171.8% upside from $25.94, but those figures are mechanically inflated by the collapse in price and the $14 to $122 range is exceptionally wide; the analyst-count field is null even though the recommendation tally sums to 24, so the mean should not be treated as a reliable anchor. The recommendation tally of 5 Strong Buy, 8 Buy, 10 Hold, 0 Sell and 1 Strong Sell has weakened from 6/9/9/0/1 one month ago and 5/10/9/0/1 two months ago, with the Strong Buy count down and Holds up, indicating slow erosion rather than conviction. The sober anchors are collapsing: TD Cowen's brand-new $26 initiation and Truist's $31 are both effectively at or near spot, joined by Citigroup at $33, Piper Sandler at $49 and Barclays at $59, while the $14 low target marks a credible downside case 46% below the current price. The distribution is best read as wide disagreement about commercialization timing rather than as a 157%-plus expected return.
筹码脉冲
内部人信号
Neutral
净偏向
No recent activity
内部人持股
15.3%
机构持股
47.5%
解读
With a single unclassifiable filing there is no usable fresh signal about management's conviction at these depressed levels, and the 15.34% insider ownership should be read as historically accumulated alignment rather than as evidence of buying into weakness.
重要活动
The only supplied Form 4 is Director Michael Stuart Klein, covering 250,000 shares with a reported value of $15,764,275 in indirect ownership (type I); the date field is malformed as '99' and the transaction type is blank, so it cannot be classified as an open-market purchase or a sale.
市场背景
行业
Utilities - Independent Power Producers
Neutral
情绪
-7
跟踪股票
3
分组
industry
Utilities - Independent Power Producers 行业 当前情绪为 Neutral，板块平均评分约 39 分，整体偏稳，且leadership is concentrated in CEG, VST。
轮动线索
Utilities - Independent Power Producers 行业 组内评分变化不大，当前更像是存量博弈。
OKLO's formal classification is Utilities - Independent Power Producers, but its investment case rests on advanced nuclear as a source of reliable data-center baseload power, a theme reinforced by coverage citing oil above $108 per barrel and constrained Strait of Hormuz traffic. The theme itself remains structurally well supported by energy-security concerns and rising electricity demand, yet the supplied coverage shows capital rewarding nearer-term execution, with FCEL holding operating systems, roughly 10 GW of fiscal 2026 year-to-date proposals and $1.3 billion of committed backlog against OKLO's 2028 first-Aurora target and a 14-month Ohio delay. October 26 made the intra-theme divergence explicit: fell 5.45% to 18.39 and the S&P, Nasdaq and Russell 2000 all rose while OKLO fell another 1.56% to a new 52-week low of $25.3901, confirming that capital is rotating within the theme rather than out of it and that OKLO is on the losing side of that rotation. Leader stock prices below are carried reference levels from prior runs and are not refreshed in this bundle; market caps for CEG ($93.3 billion), NextEra ($158.7 billion) and NuScale ($3.6-$3.8 billion) are corroborated by the supplied news content.
The October 26 session is the cleanest read yet: a 5.45% drop in to 18.39 and a 0.70% S&P gain alongside a new OKLO 52-week low at $25.3901 proves the de-rating is company-specific execution risk, not a sector-wide risk-off event.
Supplied coverage contrasts FCEL's 124.2% year-to-date gain with OKLO's decline over the same period, evidence that capital is rotating toward nearer-term deployable power rather than 2028-and-beyond nuclear capacity.
OKLO's own guidance that losing its PJM queue position could delay the 750 MW Ohio project by at least 14 months reinforces the timing gap versus operators with already-running reactors such as Constellation.
The October 26 tape was outright risk-on - S&P plus 0.70%, Dow plus 0.28%, Nasdaq plus 0.82%, Russell 2000 plus 0.38%, minus 5.45% - while OKLO fell 1.56% to a new low, the strongest evidence yet that the weakness is idiosyncratic duration and execution exposure rather than uniform risk appetite.
Advanced Nuclear Fuel Supply and HALEU
评分: -15
Mixed-Bullish
Domestic HALEU availability is a strategic bottleneck for advanced fission, making fuel supply and recycling relevant to OKLO's long-term positioning and a pillar of its vertical-integration plan. The Centrus arrangement remains a letter of intent rather than a definitive supply contract, so current evidence supports the importance of the theme more strongly than it supports secured OKLO fuel volumes. Fuel-cycle specialists with existing enrichment or processing infrastructure are better positioned to monetize the bottleneck today, while OKLO's fabrication and recycling ambitions still require capital, licensing and execution before they produce revenue, and the stated $400-$500 million of 2026 property-and-equipment spending arrives before any matching revenue. Leader prices are carried reference levels and are not refreshed in this bundle.
Supplied coverage reiterating that the Centrus HALEU arrangement is nonbinding makes conversion to a definitive supply agreement a near-term credibility milestone for OKLO's fuel strategy, and any slippage there directly reinforces the 2028 revenue-timeline risk that drove the October 19-26 wave of target cuts and the new TD Cowen initiation at $26.
The stated HALEU supply bottleneck and the nonbinding Centrus letter of intent highlight the strategic value of domestic fuel capacity while leaving OKLO's own supply security unproven.
OKLO's planned fuel fabrication and recycling investments offer potential vertical integration, but the stated $400-$500 million of 2026 property-and-equipment spending arrives before any matching revenue, so the fuel theme currently adds capital intensity before it adds earnings.
关键指标
23 项指标
市值
$4.83B
市盈率 (TTM)
0.0
远期市盈率
-23.7
营收增速
0.0%
净资产收益率
-7.7%
Beta 系数
1.22
完整指标集
另外 17 项指标
估值结构
估值倍数与现金流框架。
市销率
3987.8
市净率
1.5
企业价值 / EBITDA
-11.3
质量与资产负债表
利润率、杠杆与流动性。
毛利率
40.4%
营业利润率
-6048.8%
资产负债率
0.1
流动比率
48.46x
速动比率
47.63x
仓位与价格区间
空头仓位与52周区间位置。
流通盘空头占比
20.0%
空头回补天数
3.39x
52周最高
$152.06
52周最低
$25.39
距52周高点
-82.9%
距52周低点
2.2%
公司分类
板块与行业背景。
板块
Utilities
行业
Utilities - Independent Power Producers
其他信号
自由现金流
$-239324880.00
详细分析
估值
At $25.94 and a $4.825 billion market capitalization, OKLO offers no interpretable earnings-based anchor: TTM and are null, forward is negative 23.73x, is negative 11.257x against a 0.0% margin, and price-to-sales is 3,987.85x on negligible revenue. The genuine supports are a 1.4667 price-to-book ratio and net cash of $2.461 billion, equal to 51.0% of market capitalization and reducing enterprise value to $2.441 billion, or 0.51 times market cap, with a negative 4.96% FCF yield. Investors are therefore paying about $2.44 billion for a licensed advanced-fission design, a fuel-recycling strategy and the right to build a commercial fleet, which is cheaper in absolute dollars than prior runs but still a leveraged bet on execution and licensing milestones rather than a margin-of-safety trade. Relative to the FCEL comparison in the supplied coverage, FCEL's cited 1.33x price-to-book remains below OKLO's 1.4667x, and OKLO's materially longer timeline to revenue is the core of the de-rating argument. The stock is not expensive on asset value and not cheap on cash-flow value, which is exactly why the multiple keeps compressing as the commercialization date slides.
资产负债表
Near-term solvency is not in question: $2.4652 billion of cash against $4.146 million of debt leaves $2.461 billion of net cash, a cash-to-debt ratio of 594.59x and debt-to-equity of 0.127, with current and quick ratios of 48.46 and 47.63. However, operating cash flow is negative $116.9 million and free cash flow is negative $239.3 million, and the operating-cash-flow-to-debt ratio of negative 28.2 shows liquidity is being consumed by development rather than generated by operations. Return on equity of negative 7.70% and return on assets of negative 6.65% confirm the cash is not yet earning a return, and the supplied coverage states the company expects 2026 operating cash use of $120-$150 million plus $400-$500 million of property-and-equipment spending, implying roughly $520-$650 million of annual outflow and about four years of runway. Note a data discrepancy: the September 25 article cites roughly $3 billion in cash and marketable securities at the end of Q2 2026 while the bundle's balance-sheet fields show $2.4652 billion of total cash, so the cushion may be modestly understated here or the article may be counting securities not captured in this field; either way the runway is measured in years, not quarters. The cushion defers refinancing risk but does not eliminate funding, burn-rate or dilution risk across a construction timeline extending beyond 2028.
增长
Revenue growth YoY and earnings growth YoY are null, and OKLO has not established recurring commercial reactor revenue or scaled unit economics. The first planned commercial Aurora at Idaho National Laboratory targets 2028 startup, while the 750 MW Ohio project was removed from PJM's current grid-connection review with management estimating at least a 14-month delay from losing its queue position. Consensus losses are widening rather than narrowing on a 90-day view: FY26 is negative $0.95973 versus negative $0.72503 ninety days ago, about 32.4% worse, and FY27 is negative $1.0177 versus negative $0.83036, about 22.6% worse, although FY26 has firmed from negative $0.97182 thirty days ago and FY27 from negative $1.05659 seven days ago, so there is marginal short-window stabilization inside a deteriorating trend. The supplied coverage also states the projected 96-cent loss represents a 33.3% deterioration from 2025, so the current growth profile is one of widening losses ahead of any revenue inflection.
生意质量
Gross margin of 40.41% is reported on a very small and non-representative revenue base, while operating margin is negative 6,048.76% and margin is 0.0%; neither reflects mature project economics. Return on equity of negative 7.70% and return on assets of negative 6.65% do not support a premium multiple on current operating quality, and the 48.46 current ratio and 47.63 quick ratio reflect a cash-heavy balance sheet rather than efficient operating liquidity conversion. Insider ownership of 15.34% and institutional ownership of 47.48% show reasonable alignment and sponsorship, but neither substitutes for recurring revenue, contractual offtake or proven reactor economics. The 1.4667x price-to-book is being supported by the cash pile rather than by operating returns, a key distinction for a pre-commercial developer.
资本配置
Capital is being directed into reactor development, fuel fabrication and recycling, but the return on that investment remains unproven. Supplied coverage cites expected 2026 operating cash use of $120-$150 million and property-and-equipment spending of $400-$500 million, a spend rate that requires the $2.4652 billion cash balance to be deployed before any commercial revenue arrives. The prior analysis identified a $1 billion at-the-market program under a $3.5 billion shelf; this bundle provides no update on issuance volume, so it remains a share-supply overhang rather than a quantified dilution estimate and should be treated as carried context rather than fresh data. Shares outstanding are about 186.02 million against a float of 157.35 million, there is no buyback and the 0.0% dividend yield offers no cash return while shareholders wait for commercialization, so capital deployment is currently value-deferring rather than value-creating.
预期修正
Estimate momentum remains negative over 90 days with only marginal short-window stabilization. The current-quarter loss estimate is negative $0.25819 versus negative $0.1742 ninety days ago, about 48.2% worse; next quarter is negative $0.26747 versus negative $0.18833, about 42.0% worse; FY26 is negative $0.95973 versus negative $0.72503, about 32.4% worse; and FY27 is negative $1.0177 versus negative $0.83036, about 22.6% worse. Revision counts show one downward revision for the current quarter, one for next quarter, one for FY26 and two for FY27 in the last 30 days, including one FY27 cut in the last seven days, with zero upward revisions anywhere in the grid. The freshest analyst action is contractionary and unambiguous: TD Cowen initiated coverage at Hold with a $26 price target on October 26, a valuation essentially equal to the $25.94 close and therefore an implicit zero-return call on the next twelve months, following Truist lowering its Hold target to $31 from $51 on October 22, Citigroup cutting its Neutral target to $33 from $57.50 on October 21, Barclays lowering its Overweight target to $59 from $76 on October 20, and Piper Sandler lowering its Overweight target to $49 from $55 on October 19.