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US · SBC

SBC Medical Group Holdings Incorporated

Sector
Industrials · Consulting Services
Headquarters
Irvine, CA 92618

Price · as of 2026-09-04

$4.12

Market cap 313.68M

Price history

Weekly OHLC price history for SBC, USD per share
WeekOpenHighLowCloseVolume
Sep 26, 2022 – Sep 30, 2022$9.95$10.02$9.95$10.020
Oct 3, 2022 – Oct 7, 2022$10.06$10.61$10.05$10.050
Oct 10, 2022 – Oct 14, 2022$10.05$10.05$10.02$10.050
Oct 17, 2022 – Oct 21, 2022$10.05$10.09$9.99$10.070
Oct 24, 2022 – Oct 28, 2022$10.08$10.13$10.07$10.110
Oct 31, 2022 – Nov 4, 2022$10.08$10.13$10.08$10.130
Nov 7, 2022 – Nov 11, 2022$10.13$10.13$10.12$10.120
Nov 14, 2022 – Nov 18, 2022$10.15$10.15$10.05$10.110
Nov 21, 2022 – Nov 25, 2022$10.11$10.11$10.07$10.100
Nov 28, 2022 – Dec 2, 2022$10.10$10.15$10.08$10.150
Dec 5, 2022 – Dec 9, 2022$10.15$10.15$10.15$10.150
Dec 12, 2022 – Dec 16, 2022$10.20$10.20$10.13$10.150
Dec 19, 2022 – Dec 23, 2022$10.15$10.15$10.14$10.150
Dec 26, 2022 – Dec 30, 2022$10.15$10.25$10.15$10.200
Jan 2, 2023 – Jan 6, 2023$10.27$10.88$10.20$10.240
Jan 9, 2023 – Jan 13, 2023$10.29$10.29$10.15$10.250
Jan 16, 2023 – Jan 20, 2023$10.75$10.75$10.25$10.280
Jan 23, 2023 – Jan 27, 2023$10.28$10.31$10.25$10.260
Jan 30, 2023 – Feb 3, 2023$10.26$10.32$10.26$10.310
Feb 6, 2023 – Feb 10, 2023$10.32$10.32$10.28$10.310
Feb 13, 2023 – Feb 17, 2023$10.30$10.34$10.29$10.330
Feb 20, 2023 – Feb 24, 2023$10.34$10.36$10.34$10.350
Feb 27, 2023 – Mar 3, 2023$10.39$10.39$10.35$10.350
Mar 6, 2023 – Mar 10, 2023$10.36$10.39$10.36$10.380
Mar 13, 2023 – Mar 17, 2023$10.39$10.57$10.37$10.400
Mar 20, 2023 – Mar 24, 2023$10.39$10.48$10.38$10.420
Mar 27, 2023 – Mar 31, 2023$10.63$10.73$10.42$10.440
Apr 3, 2023 – Apr 6, 2023$10.46$10.46$10.43$10.430
Apr 10, 2023 – Apr 14, 2023$10.49$10.49$10.42$10.430
Apr 17, 2023 – Apr 21, 2023$10.44$10.44$10.42$10.430
Apr 24, 2023 – Apr 28, 2023$10.43$10.44$10.40$10.420
May 1, 2023 – May 5, 2023$10.40$10.43$10.15$10.230
May 8, 2023 – May 12, 2023$10.27$10.40$10.16$10.160
May 15, 2023 – May 19, 2023$10.16$10.21$10.15$10.150
May 22, 2023 – May 26, 2023$10.15$10.32$10.15$10.200
May 29, 2023 – Jun 2, 2023$10.20$10.21$10.20$10.210
Jun 5, 2023 – Jun 9, 2023$10.21$10.27$10.21$10.270
Jun 12, 2023 – Jun 16, 2023$10.27$10.27$10.27$10.270
Jun 19, 2023 – Jun 23, 2023$10.27$10.75$10.27$10.290
Jun 26, 2023 – Jun 30, 2023$10.29$10.31$10.26$10.290
Jul 3, 2023 – Jul 7, 2023$10.29$10.44$10.29$10.440
Jul 10, 2023 – Jul 14, 2023$10.44$10.44$10.29$10.290
Jul 17, 2023 – Jul 21, 2023$10.29$10.29$10.29$10.290
Jul 24, 2023 – Jul 28, 2023$10.29$10.35$10.29$10.350
Jul 31, 2023 – Aug 4, 2023$10.35$10.49$10.35$10.490
Aug 7, 2023 – Aug 11, 2023$10.49$10.50$10.48$10.500
Aug 14, 2023 – Aug 18, 2023$10.50$10.50$10.45$10.460
Aug 21, 2023 – Aug 25, 2023$10.46$11.56$10.46$10.610
Aug 28, 2023 – Sep 1, 2023$10.55$10.85$10.55$10.610
Sep 4, 2023 – Sep 8, 2023$10.61$10.61$10.57$10.570
Sep 11, 2023 – Sep 15, 2023$10.57$11.27$10.56$10.610
Sep 18, 2023 – Sep 22, 2023$10.56$11.55$10.56$10.660
Sep 25, 2023 – Sep 29, 2023$10.60$11.49$10.57$10.680
Oct 2, 2023 – Oct 6, 2023$10.65$11.12$10.57$10.690
Oct 9, 2023 – Oct 13, 2023$11.06$11.49$10.57$10.660
Oct 16, 2023 – Oct 20, 2023$10.99$11.01$10.65$10.690
Oct 23, 2023 – Oct 27, 2023$10.69$10.69$10.69$10.690
Oct 30, 2023 – Nov 3, 2023$10.69$10.69$10.67$10.670
Nov 6, 2023 – Nov 10, 2023$10.67$10.75$10.58$10.630
Nov 13, 2023 – Nov 17, 2023$10.63$10.77$10.63$10.650
Nov 20, 2023 – Nov 24, 2023$10.65$10.70$10.65$10.650
Nov 27, 2023 – Dec 1, 2023$10.66$10.91$10.65$10.910
Dec 4, 2023 – Dec 8, 2023$10.75$10.75$10.73$10.730
Dec 11, 2023 – Dec 15, 2023$10.73$10.78$10.73$10.780
Dec 18, 2023 – Dec 22, 2023$10.81$10.81$10.80$10.800
Dec 25, 2023 – Dec 29, 2023$10.77$10.77$10.77$10.770
Jan 1, 2024 – Jan 5, 2024$10.79$10.80$10.72$10.750
Jan 8, 2024 – Jan 12, 2024$10.75$10.80$10.75$10.800
Jan 15, 2024 – Jan 19, 2024$10.81$10.84$10.81$10.840
Jan 22, 2024 – Jan 26, 2024$10.83$10.93$10.79$10.830
Jan 29, 2024 – Feb 2, 2024$10.86$10.97$10.81$10.950
Feb 5, 2024 – Feb 9, 2024$10.95$12.13$10.90$12.000
Feb 12, 2024 – Feb 16, 2024$12.00$12.00$10.89$11.450
Feb 19, 2024 – Feb 23, 2024$11.45$13.78$11.45$13.780
Feb 26, 2024 – Mar 1, 2024$12.79$15.00$11.50$12.000
Mar 4, 2024 – Mar 8, 2024$12.00$12.00$12.00$12.000
Mar 11, 2024 – Mar 15, 2024$12.00$12.16$12.00$12.160
Mar 18, 2024 – Mar 22, 2024$12.16$12.94$12.16$12.500
Mar 25, 2024 – Mar 28, 2024$12.69$12.70$12.69$12.700
Apr 1, 2024 – Apr 5, 2024$12.80$12.80$12.80$12.800
Apr 8, 2024 – Apr 12, 2024$12.80$13.00$11.64$11.640
Apr 15, 2024 – Apr 19, 2024$11.53$14.00$11.51$12.210
Apr 22, 2024 – Apr 26, 2024$12.00$15.00$12.00$14.990
Apr 29, 2024 – May 3, 2024$14.65$16.73$13.00$14.300
May 6, 2024 – May 10, 2024$14.00$14.00$13.00$13.000
May 13, 2024 – May 17, 2024$11.70$13.02$11.70$13.020
May 20, 2024 – May 24, 2024$13.02$14.98$13.00$13.140
May 27, 2024 – May 31, 2024$13.14$36.52$13.14$15.120
Jun 3, 2024 – Jun 7, 2024$14.30$17.62$13.00$13.110
Jun 10, 2024 – Jun 14, 2024$13.00$13.78$13.00$13.780
Jun 17, 2024 – Jun 21, 2024$13.15$14.47$13.11$13.110
Jun 24, 2024 – Jun 28, 2024$13.11$13.60$13.06$13.070
Jul 1, 2024 – Jul 5, 2024$13.07$13.39$13.02$13.390
Jul 8, 2024 – Jul 12, 2024$13.39$13.50$13.00$13.140
Jul 15, 2024 – Jul 19, 2024$13.06$13.67$13.00$13.040
Jul 22, 2024 – Jul 26, 2024$14.94$14.94$12.01$12.900
Jul 29, 2024 – Aug 2, 2024$12.90$15.09$12.00$12.650
Aug 5, 2024 – Aug 9, 2024$12.01$14.00$12.01$13.900
Aug 12, 2024 – Aug 16, 2024$13.10$16.32$12.61$14.250
Aug 19, 2024 – Aug 23, 2024$12.68$19.50$8.40$13.000
Aug 26, 2024 – Aug 30, 2024$11.80$14.47$10.31$10.320
Sep 2, 2024 – Sep 6, 2024$10.44$10.78$8.04$9.150
Sep 9, 2024 – Sep 13, 2024$8.61$11.99$8.61$11.040
Sep 16, 2024 – Sep 20, 2024$10.47$11.46$5.30$5.540
Sep 23, 2024 – Sep 27, 2024$5.69$12.50$5.35$9.610
Sep 30, 2024 – Oct 4, 2024$9.80$9.97$7.66$8.000
Oct 7, 2024 – Oct 11, 2024$8.37$8.83$7.55$7.550
Oct 14, 2024 – Oct 18, 2024$7.50$8.20$7.36$7.420
Oct 21, 2024 – Oct 25, 2024$7.59$7.59$7.10$7.150
Oct 28, 2024 – Nov 1, 2024$7.16$7.42$6.65$6.860
Nov 4, 2024 – Nov 8, 2024$6.88$7.12$6.66$6.850
Nov 11, 2024 – Nov 15, 2024$7.19$7.31$6.75$6.920
Nov 18, 2024 – Nov 22, 2024$7.28$7.31$6.22$6.540
Nov 25, 2024 – Nov 29, 2024$6.86$7.99$6.35$7.230
Dec 2, 2024 – Dec 6, 2024$7.23$7.25$6.15$6.170
Dec 9, 2024 – Dec 13, 2024$6.25$6.28$5.21$5.790
Dec 16, 2024 – Dec 20, 2024$5.80$6.89$5.76$6.040
Dec 23, 2024 – Dec 27, 2024$6.15$6.21$5.37$5.800
Dec 30, 2024 – Jan 3, 2025$5.66$5.85$5.50$5.620
Jan 6, 2025 – Jan 10, 2025$5.64$5.64$4.95$5.110
Jan 13, 2025 – Jan 17, 2025$5.17$5.41$5.03$5.030
Jan 20, 2025 – Jan 24, 2025$5.11$5.19$4.97$5.000
Jan 27, 2025 – Jan 31, 2025$5.00$5.21$4.90$4.900
Feb 3, 2025 – Feb 7, 2025$5.00$5.49$4.82$5.120
Feb 10, 2025 – Feb 14, 2025$5.13$7.00$4.74$4.780
Feb 17, 2025 – Feb 21, 2025$4.80$4.84$4.50$4.560
Feb 24, 2025 – Feb 28, 2025$4.63$5.49$4.60$4.900
Mar 3, 2025 – Mar 7, 2025$5.01$5.01$2.62$3.280
Mar 10, 2025 – Mar 14, 2025$3.02$3.48$3.02$3.260
Mar 17, 2025 – Mar 21, 2025$3.37$3.91$3.00$3.740
Mar 24, 2025 – Mar 28, 2025$3.74$4.01$3.09$3.280
Mar 31, 2025 – Apr 4, 2025$3.28$3.42$2.91$3.290
Apr 7, 2025 – Apr 11, 2025$3.42$4.90$3.00$4.200
Apr 14, 2025 – Apr 17, 2025$4.20$4.49$4.00$4.020
Apr 21, 2025 – Apr 25, 2025$4.12$4.19$3.52$3.690
Apr 28, 2025 – May 2, 2025$3.66$3.73$3.10$3.100
May 5, 2025 – May 9, 2025$3.10$3.65$3.01$3.330
May 12, 2025 – May 16, 2025$3.48$3.76$3.35$3.400
May 19, 2025 – May 23, 2025$3.41$4.74$3.12$4.550
May 26, 2025 – May 30, 2025$4.62$5.54$4.10$5.130
Jun 2, 2025 – Jun 6, 2025$5.14$5.19$4.35$4.720
Jun 9, 2025 – Jun 13, 2025$4.79$5.16$4.36$4.430
Jun 16, 2025 – Jun 20, 2025$4.41$4.71$4.11$4.310
Jun 23, 2025 – Jun 27, 2025$4.31$4.74$4.13$4.640
Jun 30, 2025 – Jul 3, 2025$4.63$4.88$4.41$4.470
Jul 7, 2025 – Jul 11, 2025$4.45$5.45$4.45$5.050
Jul 14, 2025 – Jul 18, 2025$5.00$5.75$4.90$5.650
Jul 21, 2025 – Jul 25, 2025$5.70$5.70$4.60$4.760
Jul 28, 2025 – Aug 1, 2025$4.75$4.75$4.09$4.180
Aug 4, 2025 – Aug 8, 2025$4.16$4.49$4.15$4.400
Aug 11, 2025 – Aug 15, 2025$4.41$4.59$3.83$4.460
Aug 18, 2025 – Aug 22, 2025$4.46$4.46$3.96$4.290
Aug 25, 2025 – Aug 29, 2025$4.29$4.29$4.02$4.080
Sep 1, 2025 – Sep 5, 2025$4.00$4.20$3.90$4.150
Sep 8, 2025 – Sep 12, 2025$4.25$5.07$4.16$4.480
Sep 15, 2025 – Sep 19, 2025$4.42$4.83$4.35$4.350
Sep 22, 2025 – Sep 26, 2025$4.30$4.50$4.20$4.270
Sep 29, 2025 – Oct 3, 2025$4.27$4.39$4.18$4.230
Oct 6, 2025 – Oct 10, 2025$4.29$4.42$4.11$4.150
Oct 13, 2025 – Oct 17, 2025$4.28$4.30$4.15$4.200
Oct 20, 2025 – Oct 24, 2025$4.26$4.26$3.62$3.650
Oct 27, 2025 – Oct 31, 2025$3.65$3.73$3.20$3.260
Nov 3, 2025 – Nov 7, 2025$3.38$3.39$3.08$3.150
Nov 10, 2025 – Nov 14, 2025$3.20$3.51$3.15$3.310
Nov 17, 2025 – Nov 21, 2025$3.28$3.31$2.97$3.310
Nov 24, 2025 – Nov 28, 2025$3.33$3.69$3.29$3.570
Dec 1, 2025 – Dec 5, 2025$3.50$3.88$3.41$3.750
Dec 8, 2025 – Dec 12, 2025$3.78$4.25$3.58$4.180
Dec 15, 2025 – Dec 19, 2025$4.20$4.59$3.83$4.520
Dec 22, 2025 – Dec 26, 2025$4.49$4.58$4.25$4.440
Dec 29, 2025 – Jan 2, 2026$4.41$4.44$4.22$4.330
Jan 5, 2026 – Jan 9, 2026$4.33$4.60$4.24$4.440
Jan 12, 2026 – Jan 16, 2026$4.38$4.53$4.34$4.340
Jan 19, 2026 – Jan 23, 2026$4.25$4.51$4.17$4.370
Jan 26, 2026 – Jan 30, 2026$4.37$4.59$4.12$4.580
Feb 2, 2026 – Feb 6, 2026$4.58$4.97$4.43$4.540
Feb 9, 2026 – Feb 13, 2026$4.57$4.79$4.55$4.660
Feb 16, 2026 – Feb 20, 2026$4.68$4.72$4.12$4.170
Feb 23, 2026 – Feb 27, 2026$4.17$4.23$3.75$3.860
Mar 2, 2026 – Mar 6, 2026$3.85$3.97$3.62$3.720
Mar 9, 2026 – Mar 13, 2026$3.72$3.90$3.50$3.560
Mar 16, 2026 – Mar 20, 2026$3.56$3.77$3.49$3.700
Mar 23, 2026 – Mar 27, 2026$3.70$3.96$3.66$3.960
Mar 30, 2026 – Apr 2, 2026$3.96$4.48$3.88$4.470
Apr 6, 2026 – Apr 10, 2026$4.54$4.73$4.06$4.150
Apr 13, 2026 – Apr 17, 2026$4.17$4.51$4.13$4.490
Apr 20, 2026 – Apr 24, 2026$3.62$3.75$3.30$3.350
Apr 27, 2026 – May 1, 2026$3.36$3.46$3.26$3.310
May 4, 2026 – May 8, 2026$3.35$3.39$3.15$3.180
May 11, 2026 – May 15, 2026$3.17$3.32$2.95$2.970
May 18, 2026 – May 22, 2026$2.95$3.24$2.78$3.070
May 25, 2026 – May 29, 2026$3.08$3.29$3.05$3.210
Jun 1, 2026 – Jun 5, 2026$3.25$3.55$2.96$3.010
Jun 8, 2026 – Jun 12, 2026$3.00$3.08$2.87$2.870
Jun 15, 2026 – Jun 18, 2026$2.94$3.14$2.88$3.070
Jun 22, 2026 – Jun 26, 2026$3.08$3.34$2.91$3.300
Jun 29, 2026 – Jul 2, 2026$3.33$3.33$3.07$3.250
Jul 6, 2026 – Jul 10, 2026$3.27$3.27$2.82$2.970
Jul 13, 2026 – Jul 17, 2026$3.01$3.21$2.99$3.080
Jul 20, 2026 – Jul 24, 2026$3.09$3.10$2.86$3.060
Jul 27, 2026 – Jul 31, 2026$3.05$3.25$3.02$3.060
Aug 3, 2026 – Aug 7, 2026$3.00$3.19$2.96$3.060
Aug 10, 2026 – Aug 14, 2026$3.11$3.67$3.02$3.660
Aug 17, 2026 – Aug 21, 2026$3.69$4.06$3.49$4.000
Aug 24, 2026 – Aug 28, 2026$4.04$4.33$3.97$4.050
Aug 31, 2026 – Sep 4, 2026$4.01$4.39$3.97$4.120

Valuation

MetricValueUpside
IC Value$2.37-42%
P/E7.19
P/B1.48
P/S2.11
EV/EBITDA2.99
PEG172.60
P/TBV1.98

Valuation history

Annual price overlaid with each model's fair value. Y-axis is log scale.

Annual price and model valuations for SBC, USD per share
YearPriceAIICGraham-DoddGraham Formula
2011
2012
2013
2014
2015
2016
2017
2018
2019
2020
2021
2022$10.38
2023$12.00$7,366.88
2024$3.28$16.96
2025$3.56$15.48

Historic valuation ratios

Pick a category, then toggle metrics to compare.

USD millions

Line items

    USD millions

    Line items

      USD millions

      Line items

        About SBC Medical Group Holdings Incorporated

        SBC Medical Group Holdings Incorporated provides comprehensive operational support to aesthetic and cosmetic clinics across a global footprint, including Japan, Vietnam, the United States, and other international markets. The company delivers a diverse array of administrative and support functions, such as orchestrating marketing and advertising campaigns, offering extensive human resources solutions including talent acquisition and staff training, and streamlining appointment scheduling for franchisee clinics. Furthermore, SBC Medical Group facilitates real estate arrangements for both employee housing and clinic facility rentals, oversees the design and construction of new clinics, and manages the procurement of essential medical equipment and supplies. Additionally, the firm furnishes IT software solutions. The broad spectrum of aesthetic and reconstructive procedures facilitated by SBC Medical Group's supported clinics encompasses both surgical and non-surgical interventions. These include popular treatments such as breast augmentation, liposuction, and various rejuvenation therapies targeting wrinkles, acne, scars, and signs of aging. The offerings also extend to specialized procedures like laser skin toning, double fold eye surgery, rhinoplasty, hair transplants, laser hair removal, cosmetic dental work, tattoo removal, and advanced eye procedures like LASIK, among others. Established in 2000, SBC Medical Group Holdings Incorporated maintains its headquarters in Irvine, California.

        CEO
        Yoshiyuki Aikawa
        Employees
        863
        Beta
        0.59

        Peer comparison

        Same-industry comparables, ranked by market cap.

        Scroll horizontally for additional metrics. Ticker column stays fixed.

        Peer comparison for SBC: basic info, valuation models, ratios, profitability, leverage, growth, cash flow, dividends, enterprise value, and Altman Z-score.
        Basic InfoIC ValuationCore ValuationProfitabilityLeverage & LiquidityGrowthCash FlowDividendsEnterprise ValueRisk
        TickerCompany NamePriceMarket CapValueUpsideP/EP/BP/SEV/EBITDAPEGP/TBVGross MarginOperating MarginNet MarginROEROICROADebt/EquityInterest CoverageCurrent RatioQuick RatioNet Debt/EBITDAEPS GrowthSales GrowthFCF GrowthFCF YieldOp Cash Flow RatioCash ROICDividend YieldDividend PayoutShareholder YieldEV/EBITEV/FCFEV/SalesAltman Z-Score
        SBCSBC Medical Group Holding…$3.06313.68M$15.48+406%7.191.482.112.99172.601.9873.32%38.87%29.37%23.00%38.49%15.77%0.21420.263.783.55-1.324.17%-15.48%112.82%9.97%0.6433.52%0.00%0.00%1.36%3.776.961.464.34
        ACCOACCO Brands Corporation$4.36402.24M$13.74+215%7.210.450.206.88-0.5829.84%7.10%2.71%6.50%6.12%1.84%1.392.361.610.915.11-141.51%-8.49%-61.60%17.07%0.153.41%9.07%65.40%14.14%10.6722.720.760.68
        ANPARich Sparkle Holdings Lim…$4.9074M$41.63+749%1891.9244.5440.24295.9644.5446.18%1.55%2.13%3.24%2.30%1.79%0.121.732.682.45-3.68-83.23%6.20%-122.28%-0.07%0.14-6.01%0.00%0.00%1.57%2557.23-1387.2239.7554.52
        BBCPConcrete Pumping Holdings…$9.74490.83M$13.91+43%60.031.320.978.20-13.8038.46%10.57%1.62%2.08%3.86%0.72%1.521.322.171.874.18-66.23%-7.75%-59.32%4.58%1.232.57%13.89%833.70%17.59%18.7744.481.980.94
        KNOPKNOT Offshore Partners LP$10.44351.41M$47.44+354%14.640.550.936.1311.820.5530.45%28.42%6.38%3.78%6.71%1.43%1.541.650.260.244.40123.81%16.57%14.14%45.66%0.3610.58%3.05%44.70%3.94%11.667.773.310.39
        LXFRLuxfer Holdings PLC$17.10457.58M$18.25+7%39.551.350.798.812.0923.19%9.31%2.00%3.45%7.93%2.05%0.1711.551.670.650.82-59.42%-1.86%-35.78%8.60%0.359.84%4.56%180.50%13.66%9.3812.810.873.24
        MTWThe Manitowoc Company, In…$14.25511.71M$19.78+39%59.960.620.198.290.8818.06%2.62%0.32%1.08%3.06%0.41%0.841.562.230.734.47-87.18%2.89%-537.14%-3.54%0.05-1.37%0.00%0.00%0.00%15.98-61.290.422.13
        PANLPangaea Logistics Solutio…$7.24473.6M$10.68+47%21.471.010.688.101.0210.92%6.00%3.06%4.71%5.28%2.16%0.871.581.691.333.11-52.38%17.80%-1362.71%10.91%0.426.58%3.77%80.80%14.03%18.5014.861.111.76
        SPIRSpire Global, Inc.$12.90419.72M$20.21+57%6.552.984.703.443.8040.76%-121.38%71.70%101.35%-129.76%25.36%0.12-11.711.301.25-0.15-134.98%-35.22%105.63%-27.56%-0.83-148.09%0.00%0.00%30.84%-3.08-2.893.74-2.07
        WNCWabash National Corporati…$12.71517.77M$34.39+171%1.580.910.222.052.973.81%20.81%13.71%76.10%37.34%16.39%1.2115.061.390.541.13-179.22%-20.75%-128.93%-3.91%0.04-2.03%4.13%6.50%14.24%2.32-57.100.482.95

        Disclaimer: Information on this page is provided for educational purposes only and does not constitute investment advice. Upside computed as ($2.37 ÷ $4.12) − 1 = -42.48% (IC, example).