Global Valuation, Accounting & Tax: GVAT-Score [1Q26]

研报英文原文证据摘录

Global Valuation, Accounting & Tax: GVAT-Score [1Q26]

Idea

May 14, 2026 03:35 PM GMT

Morgan Stanley & Co. LLCMGlobal Valuation, Accounting & Tax | North America Todd Castagno, CFA, CPA

GVAT Strategist

GVAT-Score [1Q26] Todd.Castagno@morganstanley.comClinton Chang, CFA, CPA +1 212 761-6893

Clinton.Chang@morganstanley.com +1 212 761-1185

We built a multifactor fundamental earnings-quality score Morgan Stanley & Co. International plc+

(GVAT-Score) to help investors screen for positive and negative Amruta Pabalkar

inflections, using sector-neutral and sector-specific methods that GVATAmruta.Pabalkar@morganstanley.comStrategist +44 20 7425-3949

demonstrate alpha opportunities. Morgan Stanley & Co. LLC

Kate Konetzke, CFA, CPA

We updated the tables for the latest last twelve months and quarterly results.

Kate.Konetzke@morganstanley.com +1 212 761-3457

The GVAT-Score is a composite formula to help identify potential outliers on either

Mariah Thompson

side of the earnings quality spectrum. A high GVAT-Score indicates favorable GVAT Strategist

earnings quality and a low score implies weaker earnings quality. >$20 billion Mariah.Thompson@morganstanley.com +1 212 761-1147

market cap companies with the highest GVAT-Scores include PHM, NFLX, TTWO,

MDB, SATS, SNOW, DXCM, AAPL, RBLX, P, and RVMD. Exhibit 5 contains a

broader list of top scoring stocks.

Sector Strength: The GVAT-Score works best in Utilities, Tech, and Materials, each

producing Sharpe Ratios over 0.4, and is least efficacious in Communication

Services. Sector-specific earnings quality composites improved the Sharpe Ratio for

most sectors but were least predictive within Consumer Discretionary. The top and

bottom 20% sector specific GVAT-Scores appear in Exhibits 6 through 23.