THR - Thermon Group Holdings Inc Stock Price, Fair Value and News

30.23USD+0.49 (+1.65%)Delayed as of 22 Apr 2024, 02:49 pm ET

Market Summary

USD30.23+0.49

Delayedas of 22 Apr 2024, 02:49 pm

1.65%

THR Stock Price

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THR RSI Chart

THR Valuation

Market Cap

1.0B

Price/Earnings (Trailing)

20.38

Price/Sales (Trailing)

2.05

EV/EBITDA

10.36

Price/Free Cashflow

23.57

THR Price/Sales (Trailing)

THR Profitability

EBT Margin

13.62%

Return on Equity

10.53%

Return on Assets

6.11%

Free Cashflow Yield

4.24%

THR Fundamentals

THR Revenue

Revenue (TTM)

489.5M

Rev. Growth (Yr)

11.72%

Rev. Growth (Qtr)

10.33%

THR Earnings

Earnings (TTM)

49.2M

Earnings Growth (Yr)

87.98%

Earnings Growth (Qtr)

7.52%

Breaking Down THR Revenue

52 Week Range

20.5630.31

(Low)(High)

Last 7 days

-3.7%

Last 30 days

-2.8%

Last 90 days

-4.1%

Trailing 12 Months

31.9%

How does THR drawdown profile look like?

THR Financial Health

Current Ratio

2.22

THR Investor Care

Shares Dilution (1Y)

0.63%

Diluted EPS (TTM)

1.44

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
2023	440.6M	452.0M	475.1M	489.5M
2022	355.7M	380.0M	399.2M	420.7M
2021	276.2M	290.5M	305.4M	326.4M
2020	383.5M	348.6M	312.1M	291.2M
2019	412.6M	415.5M	428.2M	409.3M
2018	308.6M	345.8M	374.3M	401.0M
2017	264.1M	252.5M	245.3M	273.6M
2016	281.9M	280.1M	279.0M	268.9M
2015	308.6M	306.1M	297.0M	283.8M
2014	301.8M	301.8M	301.8M	301.8M
2013	284.0M	284.0M	295.2M	306.0M
2012	272.3M	274.9M	274.4M	281.9M
2011	227.9M	255.4M	260.4M	264.7M
2010	192.7M	199.7M	213.8M	220.8M

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

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Tracking the Latest Insider Buys and Sells of Thermon Group Holdings Inc

Filter Transactions

Datesorted ascending	Name	Buy/Sell	$ Value	Avg. Price	# Shares	Title
Apr 01, 2024	george marcus j	acquired	23,739	32.88	722	-
Apr 01, 2024	richey victor l jr	acquired	23,739	32.88	722	-
Apr 01, 2024	strzelecki angela	acquired	23,739	32.88	722	-
Apr 01, 2024	nesser john t iii	acquired	23,739	32.88	722	-
Apr 01, 2024	mcginty kevin j	acquired	23,739	32.88	722	-
Apr 01, 2024	dalgetty linda	acquired	23,739	32.88	722	-
Apr 01, 2024	clarke john u	acquired	23,739	32.88	722	-
Apr 01, 2024	fix roger l	acquired	23,739	32.88	722	-
Feb 06, 2024	fox kevin	bought	24,840	24.84	1,000	svp - chief financial officer
Feb 06, 2024	fix roger l	bought	39,963	25.7	1,555	-

Which funds bought or sold THR recently?

View All Details

Datesorted ascending	Fund Name	Type	% Chg	$ Change	$ Held	% Portfolio
Apr 18, 2024	Allspring Global Investments Holdings, LLC	added	144	152,762	257,441	-%
Apr 17, 2024	Hennion & Walsh Asset Management, Inc.	added	39.21	239,033	838,810	0.04%
Apr 16, 2024	TOTH FINANCIAL ADVISORY CORP	new	-	1,636	1,636	-%
Apr 15, 2024	Sunbelt Securities, Inc.	new	-	5,235	5,235	-%
Apr 10, 2024	Yarbrough Capital, LLC	unchanged	-	2,579	562,522	0.02%
Apr 05, 2024	CWM, LLC	added	63.52	4,000	9,000	-%
Apr 05, 2024	LOS ANGELES CAPITAL MANAGEMENT LLC	reduced	-64.87	-858,970	468,518	-%
Apr 05, 2024	GAMMA Investing LLC	reduced	-33.33	-296	589	-%
Mar 22, 2024	PNC Financial Services Group, Inc.	sold off	-100	-10,686	-	-%
Mar 11, 2024	VANGUARD GROUP INC	added	0.66	17,756,400	109,543,000	-%

Are Funds Buying or Selling THR?

Are funds buying THR calls or puts?

Calls

Puts

No. of funds holding Calls - Puts

Net Call Options

No. of funds that own THR

No. of Funds

Unveiling Thermon Group Holdings Inc's Major ShareHolders

Date Filed	Name of Filer	Percent of Class	No. of Shares	Form Type
Mar 11, 2024	t. rowe price investment management, inc.	13.4%	4,530,196	SC 13G/A
Feb 14, 2024	t. rowe price investment management, inc.	8.4%	2,823,945	SC 13G
Feb 14, 2024	harvey partners, llc	4.4%	1,485,000	SC 13G/A
Feb 13, 2024	vanguard group inc	9.98%	3,363,315	SC 13G/A
Feb 12, 2024	van lanschot kempen investment management n.v.	6.66%	2,245,254	SC 13G/A
Feb 09, 2024	dimensional fund advisors lp	5.3%	1,775,583	SC 13G
Feb 09, 2024	fmr llc	-	0	SC 13G
Feb 08, 2024	wellington management group llp	4.48%	1,509,646	SC 13G/A
Jan 25, 2024	blackrock inc.	8.2%	2,752,928	SC 13G/A
Feb 14, 2023	t. rowe price investment management, inc.	9.3%	3,121,771	SC 13G

Recent SEC filings of Thermon Group Holdings Inc

View All Filings

Date Filed	Form Type	Document
Apr 12, 2024	3	Insider Trading
Apr 03, 2024	4	Insider Trading
Apr 03, 2024	4	Insider Trading
Apr 03, 2024	4	Insider Trading
Apr 03, 2024	4	Insider Trading
Apr 03, 2024	4	Insider Trading
Apr 03, 2024	4	Insider Trading
Apr 03, 2024	4	Insider Trading
Apr 03, 2024	4	Insider Trading
Apr 03, 2024	8-K	Current Report

Peers (Alternatives to Thermon Group Holdings Inc)

Name	Mkt Capsorted ascending	Revenue	Price %, 1M	Returns, 1Y	P/E	P/S	Rev 1-Yr	Inc 1-Yr
LARGE-CAP
CAT	181.1B	67.1B	-0.52%	60.40%	17.52	2.7	12.84%	54.12%
GE	161.1B	68.0B	-14.87%	48.42%	17	2.37	16.96%	2688.24%
AME	41.0B	6.6B	-3.53%	28.79%	31.26	6.22	7.26%	13.25%
CMI	40.8B	34.1B	0.10%	22.58%	48.54	1.2	21.34%	-61.52%
ACM	12.7B	14.9B	-2.30%	12.35%	205.51	0.85	12.31%	-81.65%
MID-CAP
APG	9.0B	6.9B	-3.37%	70.74%	59.04	1.3	5.64%	109.59%
FLR	6.7B	15.5B	-0.53%	31.07%	48.24	0.43	12.59%	-4.48%
FLS	6.0B	4.3B	1.73%	37.66%	32.18	1.39	19.51%	-1.03%
ACA	3.7B	2.3B	-9.20%	25.73%	23.15	1.6	2.90%	-35.23%
ALG	2.4B	1.7B	-2.72%	11.87%	17.85	1.44	11.63%	33.59%
SMALL-CAP
AMRC	980.2M	1.4B	-6.32%	-56.95%	15.69	0.71	-24.65%	-34.19%
NKLA	854.8M	35.8M	1.59%	-29.67%	-0.88	23.85	-27.93%	-23.21%
AGX	820.1M	573.3M	23.26%	58.62%	25.34	1.43	26.00%	-2.24%
AMSC	358.4M	135.4M	-13.12%	188.37%	-21.85	2.65	-25.90%	65.37%
ADES	229.7M	99.2M	6.31%	254.36%	-18.75	2.32	-3.69%	-37.37%

Thermon Group Holdings Inc News

Latest updates

Thermon Group Holdings 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	2023Q4	2023Q3	2023Q2	2023Q1	2022Q4	2022Q3	2022Q2	2022Q1	2021Q4	2021Q3	2021Q2	2021Q1	2020Q4	2020Q3	2020Q2	2020Q1	2019Q4	2019Q3	2019Q2	2019Q1	2018Q4
Revenue	10.3%	136	124	107	122	122	101	95.00	103	101	81.00	71.00	73.00	80.00	66.00	57.00	88.00	100	103	92.00	114	119
Gross Profit	5.4%	57.00	54.00	47.00	52.00	50.00	46.00	37.00	41.00	41.00	32.00	27.00	27.00	37.00	29.00	24.00	36.00	43.00	45.00	37.00	45.00	51.00
S&GA Expenses	4.5%	32.00	30.00	29.00	34.00	31.00	28.00	24.00	26.00	22.00	23.00	21.00	24.00	20.00	22.00	24.00	29.00	27.00	28.00	28.00	27.00	28.00
EBITDA Margin	5.1%	0.19*	0.18*	0.18*	0.17*	0.17*	0.18*	0.16*	0.15*	0.13*	0.13*	0.13*	0.11*	-	-	-	-	-	-	-	-	-
Interest Expenses	-8.9%	2.00	2.00	2.00	2.00	2.00	1.00	1.00	1.00	1.00	2.00	2.00	3.00	2.00	2.00	3.00	3.00	4.00	4.00	4.00	4.00	4.00
Income Taxes	-5.3%	5.00	5.00	3.00	5.00	4.00	3.00	3.00	3.00	3.00	1.00	1.00	-0.83	2.00	-0.63	-2.49	1.00	2.00	2.00	0.00	3.00	4.00
Earnings Before Taxes	4.4%	20.00	19.00	14.00	13.00	13.00	14.00	9.00	12.00	15.00	1.00	1.00	-1.88	9.00	1.00	-8.58	-2.08	9.00	9.00	2.00	10.00	14.00
EBT Margin	9.4%	0.14*	0.12*	0.12*	0.11*	0.11*	0.13*	0.10*	0.08*	0.05*	0.03*	0.03*	0.00*	-	-	-	-	-	-	-	-	-
Net Income	7.5%	16.00	15.00	11.00	8.00	8.00	11.00	7.00	9.00	11.00	0.00	-0.34	-1.05	6.00	2.00	-6.08	-2.97	7.00	7.00	1.00	7.00	10.00
Net Income Margin	14.3%	0.10*	0.09*	0.08*	0.08*	0.08*	0.09*	0.07*	0.06*	0.03*	0.02*	0.02*	0.00*	-	-	-	-	-	-	-	-	-
Free Cashflow	3669.9%	22.00	1.00	-1.93	22.00	18.00	-1.33	10.00	13.00	2.00	7.00	2.00	11.00	-	-	-	-	-	-	-	-	-

Balance Sheet

(In Millions)

(*) denotes actual numbers (not divided by Millions)
Balance Sheet																					(In Millions)
Description	(%) Q/Q	2023Q4	2023Q3	2023Q2	2023Q1	2022Q4	2022Q3	2022Q2	2022Q1	2021Q4	2021Q3	2021Q2	2021Q1	2020Q4	2020Q3	2020Q2	2020Q1	2019Q4	2019Q3	2019Q2	2019Q1	2018Q4
Assets	21.3%	805	664	657	650	650	654	662	637	626	619	625	618	642	627	620	621	647	656	671	656	654
Current Assets	14.8%	310	270	256	251	253	258	248	244	233	221	215	207	230	220	213	218	226	235	241	240	240
Cash Equivalents	81.4%	55.00	31.00	33.00	36.00	41.00	35.00	43.00	44.00	33.00	38.00	43.00	42.00	50.00	51.00	48.00	46.00	37.00	39.00	35.00	34.00	30.00
Inventory	4.1%	96.00	93.00	93.00	82.00	91.00	95.00	86.00	72.00	70.00	66.00	64.00	64.00	74.00	71.00	70.00	60.00	64.00	66.00	70.00	65.00	69.00
Net PPE	4.8%	68.00	65.00	65.00	63.00	61.00	62.00	65.00	66.00	66.00	68.00	71.00	73.00	72.00	73.00	73.00	73.00	74.00	75.00	75.00	75.00	75.00
Goodwill	22.7%	269	219	222	220	221	218	226	213	211	211	215	213	212	206	203	198	208	206	208	205	203
Liabilities	52.5%	338	221	223	231	239	259	261	237	238	241	240	239	263	268	269	274	278	301	316	307	316
Current Liabilities	18.5%	140	118	110	110	110	121	113	81.00	75.00	68.00	53.00	53.00	54.00	56.00	56.00	61.00	60.00	69.00	70.00	73.00	72.00
Shareholder's Equity	5.7%	467	442	434	419	412	396	401	399	389	378	383	379	380	359	350	346	369	354	355	349	338
Retained Earnings	6.0%	279	263	248	237	229	221	210	204	195	184	183	183	184	178	176	183	186	179	172	171	165
Additional Paid-In Capital	0.5%	242	241	239	240	238	236	235	235	234	233	232	231	230	230	229	228	226	224	223	223	220
Accumulated Depreciation	2.2%	72.00	71.00	-	67.00	-	-	66.00	64.00	15.00	54.00	54.00	21.00	54.00	48.00	48.00	44.00	43.00	43.00	41.00	38.00	-
Shares Outstanding	0.1%	34.00	34.00	34.00	34.00	33.00	33.00	33.00	33.00	33.00	33.00	33.00	33.00	-	-	-	-	-	-	-	-	-
Minority Interest	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	5.00	4.00	5.00
Float	-	-	-	-	-	-	507	-	-	-	567	-	-	-	368	-	-	-	744	-	-	-

Cashflow (Last 12 Months)

(In Thousands)

Cashflow (Quarterly)																					(In Thousands)
Description	(%) Q/Q	2023Q4	2023Q3	2023Q2	2023Q1	2022Q4	2022Q3	2022Q2	2022Q1	2021Q4	2021Q3	2021Q2	2021Q1	2020Q4	2020Q3	2020Q2	2020Q1	2019Q4	2019Q3	2019Q2	2019Q1	2018Q4
Cashflow From Operations	617.2%	24,328	3,392	868	26,109	19,074	671	11,860	15,008	3,295	7,974	2,477	14,810	2,875	9,252	3,352	18,371	22,305	26,651	3,399	13,381	7,730
Share Based Compensation	-0.4%	1,444	1,450	1,238	1,516	1,994	1,251	1,193	1,104	275	1,246	1,178	807	430	1,358	1,133	1,290	1,328	1,323	1,019	1,018	1,041
Cashflow From Investing	-3587.8%	-102,705	-2,785	-2,789	-4,246	-1,499	-1,917	-36,893	-1,846	-687	-1,146	-852	-3,189	-548	-2,042	-2,053	-3,922	-2,394	-2,094	-1,600	-2,918	-2,953
Cashflow From Financing	3823.4%	102,134	-2,743	-1,853	-20,194	-11,214	-4,820	22,763	-5,371	-7,295	-8,701	-1,291	-20,617	-5,690	-4,599	2,701	-5,617	-22,388	-20,292	1,757	-9,629	-2,578

THR Income Statement

2023-12-31

Condensed Consolidated Statements of Operations and Comprehensive Income (Unaudited) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2023	Dec. 31, 2022
Income Statement [Abstract]
Sales	$ 136,427	$ 122,110	$ 366,975	$ 318,109
Cost of sales	79,017	71,660	207,798	184,508
Gross profit	57,410	50,450	159,177	133,601
Operating expenses:
Selling, general and administrative expenses	31,853	30,889	90,997	83,046
Deferred compensation plan expense/(income)	651	464	677	(499)
Amortization of intangible assets	2,121	2,367	6,735	7,072
Restructuring and other charges	1,336	2,668	2,221	2,668
Income from operations	21,449	14,062	58,547	41,314
Other income/(expenses):
Interest expense, net	(1,754)	(1,877)	(5,263)	(4,120)
Other income/(expense)	653	659	727	(592)
Income before provision for income taxes	20,348	12,844	54,011	36,602
Income tax expense	4,511	4,419	12,506	10,637
Net income	15,837	8,425	41,505	25,965
Comprehensive income:
Net income	15,837	8,425	41,505	25,965
Foreign currency translation adjustment	8,072	5,403	4,684	(17,560)
Other miscellaneous income	(69)	(75)	(5)	43
Comprehensive income	$ 23,840	$ 13,753	$ 46,184	$ 8,448
Net income per common share:
Basic (in dollars per share)	$ 0.47	$ 0.25	$ 1.22	$ 0.78
Diluted (in dollars per share)	$ 0.46	$ 0.25	$ 1.21	$ 0.77
Weighted-average shares used in computing net income per common share:
Basic (in shares)	33,703,845	33,493,540	33,946,201	33,457,048
Diluted (in shares)	34,201,525	33,879,733	34,324,573	33,756,218

THR Balance Sheet

2023-12-31

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2023	Mar. 31, 2023
Current assets:
Cash and cash equivalents	$ 55,396	$ 35,635
Accounts receivable, net of allowances of $1,913 and $2,682 as of December 31, 2023 and March 31, 2023, respectively	120,624	97,627
Inventories, net	96,299	82,132
Contract assets	19,397	16,272
Prepaid expenses and other current assets	16,363	16,138
Income tax receivable	1,648	3,138
Total current assets	309,727	250,942
Property, plant and equipment, net of depreciation and amortization of $72,193 and $67,450 as of December 31, 2023 and March 31, 2023, respectively	67,932	63,288
Goodwill	268,538	219,612
Intangible assets, net	133,247	93,970
Operating lease right-of-use assets	14,482	13,570
Deferred income taxes	1,072	688
Other non-current assets	10,090	7,559
Total assets	805,088	649,629
Current liabilities:
Accounts payable	26,611	27,330
Accrued liabilities	40,392	39,364
Current portion of long-term debt	15,945	10,222
Borrowings under revolving credit facility	32,500	14,500
Contract liabilities	15,414	8,483
Lease liabilities	3,429	3,364
Income taxes payable	5,448	6,809
Total current liabilities	139,739	110,072
Long-term debt, net	163,954	87,710
Deferred income taxes	10,835	12,084
Non-current lease liabilities	13,368	12,479
Other non-current liabilities	9,767	8,296
Total liabilities	337,663	230,641
Commitments and contingencies (Note 10)
Equity
Common stock: $0.001 par value; 150,000,000 authorized; 33,711,599 and 33,508,076 shares issued and outstanding at December 31, 2023 and March 31, 2023, respectively	34	33
Preferred stock: $0.001 par value; 10,000,000 authorized; no shares issued and outstanding	0	0
Additional paid in capital	242,111	239,860
Accumulated other comprehensive loss	(53,421)	(58,100)
Retained earnings	278,701	237,195
Total equity	467,425	418,988
Total liabilities and equity	$ 805,088	$ 649,629

About Thermon Group Holdings Inc

Thermon Group Holdings, Inc. provides engineered industrial process heating solutions for process industries in the United States and Latin America, Canada, Europe, the Middle East, Africa, and the Asia-Pacific. It provides heat tracing products, such as electric heat tracing cables, steam heating solutions, controls, monitoring and software, instrumentation, project services, industrial heating and filtration solutions, temporary electrical power distribution and lighting, and other products and services. The company also offers controls, monitoring, and software systems for the control and management of a heat trace system; environmental heating solutions under the Ruffneck, Norsemen, and Catadyne brands; process heating solutions under the Caloritech brand name; filtration solutions under the 3L Filters brand; and rail and transit solutions under the Hellfire, Velocity, ArcticSense, and other brand names. In addition, it provides transportation heating products, including track and switch heaters, accessories, control panels, rail heaters, gas blower accessories, and air curtains; track and switch heater, gas blower accessories; transit heaters; and velocity heat. Further, the company offers temporary power solutions; heating systems, such as engineered electric heat, explosion proof gas catalytic heaters, heaters for harshest environments, methane abatement, and engineered filtration system; electrically, steam, and fluid heated tubing bundles; and pre-insulated tubing and system accessories tubing bundles. The company serves chemical and petrochemical, oil and gas, power generation, rail and transit, commercial, energy transition/decarbonization, mining and mineral processing, maritime/shipbuilding, semiconductors, pharmaceutical and biotechnology, food and beverage, data centers, and renewables industries through a network of sales and service professionals, and distributors. Thermon Group Holdings, Inc. was founded in 1954 and is based in Austin, Texas.

CEO	Mr. Bruce A. Thames
WEBSITE	thermon.com
INDUSTRY	Apparel Manufacturing
EMPLOYEES	1405

Thermon Group Holdings Inc Frequently Asked Questions

What is the ticker symbol for Thermon Group Holdings Inc? What does THR stand for in stocks?

THR is the stock ticker symbol of Thermon Group Holdings Inc. Every public company that trades on a stock exchange gets a ticker symbol.

What is the market capital of Thermon Group Holdings Inc (THR)?

As of Fri Apr 19 2024, market cap of Thermon Group Holdings Inc is 1 Billion. The market capitalization is calculated by multiplying the stock price with the number of shares outstanding.

What is the fair value of THR stock?

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

What is the fair value of THR stock?

You can check THR's fair value in chart for subscribers. The fair value of Thermon Group Holdings 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 Thermon Group Holdings 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 THR 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 Thermon Group Holdings Inc a good stock to buy?

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

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

As of Fri Apr 19 2024, THR's PE ratio (Price to Earnings) is 20.38 and Price to Sales (PS) ratio is 2.05. 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. THR PE ratio will change depending on the future growth rate expectations of investors.

What is 5 year return on Thermon Group Holdings Inc's stock?

In the past 10 years, Thermon Group Holdings Inc has provided 0.021 (multiply by 100 for percentage) rate of return.