HOLT Consumer "Dynamic Duos: Where Consumer Leaders Differ (and Align)" Smith

Research evidence excerpt

HOLT Consumer "Dynamic Duos: Where Consumer Leaders Differ (and Align)" Smith

SUMMARY TABLE

HOLT is uniquely positioned to compare peers on a truly like-for-like basis by systematically removing accounting distortions and standardizing

financials across companies. This enables more meaningful comparison that highlights true disparities in underlying economic performance rather

than differences driven by accounting treatment.

The table below presents the absolute spread across key metrics for each company in the peer set. These spreads are visualized using a heat map,

where red indicates the widest dispersion (greater divergence across companies) and green indicates the narrowest dispersion (greater

consistency across the group). For example, Walmart's Operational Quality Peer Rank is 38 and Costco's Operational Quality Peer Rank is 71, so the

difference is 33 which is displayed in the table below.

This framework helps identify areas of differentiation versus convergence, making it easier to assess where companies are most and least

comparable, and where deeper analysis may be warranted.

Figure 1: Summary Table (spread between metrics)

Summary Tab le (spread between metrics)

Source: UBS HOLT. Data as of 5/18/26. The table above shows the absolute difference in each metric between the two companies and how that spread ranks relative to all the other Dynamic Duo spreads for that metric. All of the peer ranks above

are sourced from HOLT Scorecard metrics. The peer ranks above use Region, Sector, Size relative peer ranks with the exception of the Growth Peer Rank and Low Volatility Peer Rank which are Region Size relative peer ranks. If you want to read more

about the HOLT Scorecard and Factor Library please see here (link to report).

HOLT Consumer 20 May 2026 ab 3