TSR driver bridge · · built from SEC filings

That is the trend. The next exhibit is the level.

Normalized SG&A · % of revenue · 10 US-GAAP tools and industrial peers

What "normalized" means. Reported SG&A less the disclosed advertising and R&D where filed inside the SG&A line. These filers book restructuring outside SG&A; stock-based compensation is benchmarked in Exhibit 3 but not subtracted, since filers do not disclose its placement. What remains is the residual overhead line, on the same footing for all 10 peers. Every adjustment traceable to the 10-K. Each bar is one peer.

Advertising, R&D, stock comp, restructuring · total filed spend, any P&L line

What the gap is worth · vs FY2027 analyst estimates

On the record · verbatim from the earnings calls

The full benchmark

3 minutes to configure. Fixed-fee quote up front, read-out in days.

Your peer set, editable. Every number traceable to filings. Built outside-in, no data requests, nothing to install.