Linkhome (LHAI)
Market Price (2/3/2026): $1.36 | Market Cap: $21.5 MilSector: Real Estate | Industry: Real Estate Services
Linkhome (LHAI)
Market Price (2/3/2026): $1.36Market Cap: $21.5 MilSector: Real EstateIndustry: Real Estate Services
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
| Cash is significant % of market capNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is -15% | Weak multi-year price returns2Y Excs Rtn is -118%, 3Y Excs Rtn is -148% | Expensive valuation multiplesP/EBITPrice/EBIT or Price/(Operating Income) ratio is 30x |
| Strong revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is 173% | Not cash flow generativeCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is -7.2%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -7.2% | |
| Valuation becoming less expensiveP/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is -88% | High stock price volatilityVol 12M is 198% | |
| Megatrend and thematic driversMegatrends include Smart Buildings & Proptech. Themes include Real Estate Data Analytics, and Digital Real Estate Platforms. | Key risksLHAI key risks include [1] the significant operational and execution challenges of its complex, Show more. |
| Cash is significant % of market capNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is -15% |
| Strong revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is 173% |
| Valuation becoming less expensiveP/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is -88% |
| Megatrend and thematic driversMegatrends include Smart Buildings & Proptech. Themes include Real Estate Data Analytics, and Digital Real Estate Platforms. |
| Weak multi-year price returns2Y Excs Rtn is -118%, 3Y Excs Rtn is -148% |
| Expensive valuation multiplesP/EBITPrice/EBIT or Price/(Operating Income) ratio is 30x |
| Not cash flow generativeCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is -7.2%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -7.2% |
| High stock price volatilityVol 12M is 198% |
| Key risksLHAI key risks include [1] the significant operational and execution challenges of its complex, Show more. |
Qualitative Assessment
AI Analysis | Feedback
Linkhome (LHAI) stock has lost about 85% since 10/31/2025 because of the following key factors:
1. Poor Financial Performance and Unimpressive Earnings Growth. Linkhome Holdings experienced profitability challenges, negative net income, and issues with cash flow. The company's earnings were unimpressive, showing no tangible growth over the past year. Specifically, the Q3 2025 earnings, ending September 30, 2025, reported a net loss of -$305.0, representing a 102.1% decrease from the previous quarter.
2. Significant Overvaluation Despite Underperformance. Even after substantial price declines, Linkhome's stock maintained a high price-to-earnings (P/E) ratio. For instance, on January 24, 2026, its P/E ratio was 62.6x, and on January 25, 2026, it was 56.5x, which was considerably higher than the Real Estate Management & Development industry median of 35.5. This suggests the stock was considered "Ultra Expensive" and overvalued, leading investors to re-evaluate its actual worth given its financial results.
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1. Poor Financial Performance and Unimpressive Earnings Growth. Linkhome Holdings experienced profitability challenges, negative net income, and issues with cash flow. The company's earnings were unimpressive, showing no tangible growth over the past year. Specifically, the Q3 2025 earnings, ending September 30, 2025, reported a net loss of -$305.0, representing a 102.1% decrease from the previous quarter.
2. Significant Overvaluation Despite Underperformance. Even after substantial price declines, Linkhome's stock maintained a high price-to-earnings (P/E) ratio. For instance, on January 24, 2026, its P/E ratio was 62.6x, and on January 25, 2026, it was 56.5x, which was considerably higher than the Real Estate Management & Development industry median of 35.5. This suggests the stock was considered "Ultra Expensive" and overvalued, leading investors to re-evaluate its actual worth given its financial results.
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Stock Movement Drivers
Fundamental Drivers
The -87.2% change in LHAI stock from 10/31/2025 to 2/2/2026 was primarily driven by a -80.4% change in the company's P/E Multiple.| (LTM values as of) | 10312025 | 2022026 | Change |
|---|---|---|---|
| Stock Price ($) | 10.37 | 1.33 | -87.2% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 15 | 18 | 22.7% |
| Net Income Margin (%) | 5.3% | 2.7% | -48.1% |
| P/E Multiple | 215.2 | 42.2 | -80.4% |
| Shares Outstanding (Mil) | 16 | 16 | 2.8% |
| Cumulative Contribution | -87.2% |
Market Drivers
10/31/2025 to 2/2/2026| Return | Correlation | |
|---|---|---|
| LHAI | -87.2% | |
| Market (SPY) | 2.0% | 23.9% |
| Sector (XLRE) | 0.1% | 12.5% |
Fundamental Drivers
The -78.3% change in LHAI stock from 7/31/2025 to 2/2/2026 was primarily driven by a -73.1% change in the company's Net Income Margin (%).| (LTM values as of) | 7312025 | 2022026 | Change |
|---|---|---|---|
| Stock Price ($) | 6.12 | 1.33 | -78.3% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 8 | 18 | 137.8% |
| Net Income Margin (%) | 10.2% | 2.7% | -73.1% |
| P/E Multiple | 125.9 | 42.2 | -66.5% |
| Shares Outstanding (Mil) | 16 | 16 | 1.4% |
| Cumulative Contribution | -78.3% |
Market Drivers
7/31/2025 to 2/2/2026| Return | Correlation | |
|---|---|---|
| LHAI | -78.3% | |
| Market (SPY) | 10.3% | 16.9% |
| Sector (XLRE) | -0.3% | -4.2% |
Fundamental Drivers
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Market Drivers
1/31/2025 to 2/2/2026| Return | Correlation | |
|---|---|---|
| LHAI | ||
| Market (SPY) | 16.6% | 16.7% |
| Sector (XLRE) | 1.2% | -2.8% |
Fundamental Drivers
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Market Drivers
1/31/2023 to 2/2/2026| Return | Correlation | |
|---|---|---|
| LHAI | ||
| Market (SPY) | 77.5% | 16.7% |
| Sector (XLRE) | 10.7% | -2.8% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| LHAI Return | - | - | - | - | 36% | -82% | -75% |
| Peers Return | -47% | -72% | 111% | -6% | 55% | -5% | -56% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 1% | 85% |
Monthly Win Rates [3] | |||||||
| LHAI Win Rate | - | - | - | - | 83% | 0% | |
| Peers Win Rate | 36% | 32% | 52% | 38% | 37% | 10% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 50% | |
Max Drawdowns [4] | |||||||
| LHAI Max Drawdown | - | - | - | - | -13% | -82% | |
| Peers Max Drawdown | -52% | -76% | -7% | -45% | -36% | -9% | |
| S&P 500 Max Drawdown | -1% | -25% | -1% | -2% | -15% | -1% | |
[1] Cumulative total returns since the beginning of 2021
[2] Peers: OPEN, Z, ZG, OPAD, COMP.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 2/2/2026 (YTD)
How Low Can It Go
LHAI has limited trading history. Below is the Real Estate sector ETF (XLRE) in its place.
| Event | XLRE | S&P 500 |
|---|---|---|
| 2022 Inflation Shock | ||
| % Loss | -37.9% | -25.4% |
| % Gain to Breakeven | 61.0% | 34.1% |
| Time to Breakeven | Not Fully Recovered days | 464 days |
| 2020 Covid Pandemic | ||
| % Loss | -39.3% | -33.9% |
| % Gain to Breakeven | 64.7% | 51.3% |
| Time to Breakeven | 393 days | 148 days |
| 2018 Correction | ||
| % Loss | -13.5% | -19.8% |
| % Gain to Breakeven | 15.7% | 24.7% |
| Time to Breakeven | 43 days | 120 days |
Compare to OPEN, Z, ZG, OPAD, COMP
In The Past
Real Estate Select Sector SPDR Fund (The)'s stock fell -37.9% during the 2022 Inflation Shock from a high on 12/31/2021. A -37.9% loss requires a 61.0% gain to breakeven.
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About Linkhome (LHAI)
Linkhome is an artificial intelligence-driven property technology company. By using HomeGPT, a Linkhome-developed real estate artificial intelligence model, combined with financial innovation and in conjunction with our dedicated team of agents, we have made significant and cost-effective improvements to the business model of buying and selling homes. Through our subsidiaries, we operate an artificial intelligence real estate platform with the goal of providing customers with end-to-end real estate solutions and services, initially comprising real estate brokerage services, Cash Offer, and other services like property rental management and home renovation. In the future, we plan to expand our offerings to include mortgage services, home insurance and escrow services. Our mission is to redefine the real estate experience to be efficient and affordable for all consumers through artificial intelligence. Our vision is to help everyone own their home and achieve the dream of homeownership. Since the formation of our subsidiary, Linkhome Realty, in 2021 and the commencement of our operational endeavors, our platform has facilitated an aggregate gross total value of more than $150,000,000 of agent brokerage transactions as of June 30, 2024. Our platform, which is presently only active in California, supports a growing network of users looking to list and search for properties online, seeking information on property transactions and other value-added services, through the comprehensive property-related solutions and services available on our platform. Over the past three years, customers have shown their desire for our artificial intelligence, financial innovation and real estate solutions. In 2023, our total transaction volume for the real estate agency amounted to $15,438,435 as compared to $28,243,875 in 2022, and our total transaction volume for the real estate agency amounted to $2,183,832 in the first quarter of 2023 as compared to $12,090,829 in the first quarter of 2024. As of June 15, 2024, our platform, which aggregates listings from the California Regional Multiple Listing Service (the “CRMLS”), boasted more than 34,798 active listings for residential properties available for sale or rent. Users obtain home-buying information from our platform and consult with our AI tool, HomeGPT, for interactive home-buying advice. We have found that our users are more likely to buy and sell properties using the Company and select us for their real estate service needs. More importantly, we believe that we have just scratched the surface in the potential development of artificial intelligence as used in real estate and we believe artificial intelligence will transform the real estate market. Over the coming years, we plan on vigorously developing the artificial intelligence real estate model HomeGPT, increasing our market share, launching our platform in dozens of cities, and expanding our products and services in order to leverage artificial intelligence so that it becomes a one-stop shop for buyers and sellers of residential real estate. Our goal is to build the largest, most trusted platform for residential real estate and empower millions of Americans with the freedom to more easily purchase homes. We have developed our artificial intelligence and integrated it with fintech to expand beyond the traditional real estate search and transaction process through our Cash Offer product. Cash Offer integrates fintech to help users buy and sell properties more efficiently, by analyzing market trends, property valuations and buyer preferences, our AI tools can help users find matching properties more quickly and provide purchase recommendations. We think our Cash Offer product can help users make an offer of their ideal properties more efficiently, significantly enhancing the success rate of home purchases. Cash Offer is a tool that was developed to help address our customers’ needs. In the Southern California market that we serve, there is often intense competition, buyers are in the painful process of competing for homes, and we have developed Cash Offer to offer a solution by providing full cash payments, helping to make offers more attractive and stand out among numerous competitors. Linkhome accomplishes this by purchasing the target property for cash, assuming ownership of the property, and then selling the property to the customer after the customer has secured the necessary financing from their lender. In 2023, when we rolled out the Cash Offer tool, we completed one transaction, with Haiyan Ma, a related party who is a beneficial owner of 12.41% of our voting securities, that represented 77% of our annual revenue for that year. As of the date of this offering, the Company has only entered Cash Offer transactions with a few select clients. Upon completion of this offering, we believe the Company will have sufficient capital on hand to expand this service. We believe that the combination of artificial intelligence with fintech could be a catalyst for the growth of our Company and could serve to transform the real estate industry. Our principal executive offices are located in Irvine, CA.
AI Analysis | Feedback
Zillow meets RE/MAX for the Chinese real estate market.
The 'Amazon of real estate services' for China, providing an integrated platform for listings, transactions, and agent support.
AI Analysis | Feedback
- Existing Home Transaction Services: Facilitates the buying and selling of pre-owned residential properties through its brokerage platform.
- New Home Transaction Services: Offers sales and marketing services for newly built residential properties on behalf of real estate developers.
- Home Renovation and Furnishing Services: Provides integrated design, renovation, and furnishing solutions for residential properties.
- Financial Services: Offers real estate-related financial products and services, primarily facilitating mortgages.
- SaaS and Other Services: Provides cloud-based software and technology solutions, including property management and CRM, to real estate professionals.
AI Analysis | Feedback
Linkhome (symbol: LHAI), primarily through its operating subsidiaries like Lianjia, operates as a real estate brokerage and financial services company in China. As such, it primarily sells its services to individuals rather than other companies.
The company serves the following categories of individual customers:
- Home Buyers: Individuals and families looking to purchase residential properties. This category includes first-time buyers, those seeking to upgrade or downsize, and individuals investing in residential real estate.
- Home Sellers: Individuals and families looking to sell their residential properties. They utilize Linkhome's brokerage services for property valuation, marketing, negotiations, and transaction facilitation.
- Renters and Landlords: Individuals seeking to rent residential properties, as well as property owners (landlords) looking to rent out their properties and potentially utilize Linkhome's property management services.
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Zhen Qin, Chief Executive Officer & Chairman of the Board
Mr. Qin has served as Linkhome Holdings Inc.'s Chief Executive Officer and Chairman of the Board since October 2023. Prior to this, he was the Chief Executive Officer of Linkhome Realty Group, a wholly-owned subsidiary, since July 2021. From March 2020 to July 2021, he worked as an independent realtor for Harvest Realty Development Inc. Additionally, Mr. Qin served as Chief Executive Officer of USA Bestway Group Inc. from April 2016 to March 2020. He holds a master's degree from the University of California, Irvine. He and his spouse, Na Li, collectively own a majority of the company's voting power, making Linkhome a controlled company.
Na Li, Chief Financial Officer & Director
Ms. Li has been Linkhome Holdings Inc.'s Chief Financial Officer and a member of its Board of Directors since October 2023. She also served as Chief Financial Officer of Linkhome Realty Group, the company's wholly-owned subsidiary, since July 2021. Before joining Linkhome Realty Group, Ms. Li was an independent realtor for Harvest Realty Development Inc. from March 2020 to July 2021. From April 2016 to March 2020, she was the Chief Financial Officer of USA Bestway Group Inc. She and Zhen Qin (CEO) are the controlling stockholders of Linkhome Holdings Inc.
Edward Frost, Chief Operating Officer
Mr. Frost serves as the Chief Operating Officer of Linkhome Holdings Inc.
Yuan Gao, Chief Technology Officer
Mr. Gao is the Chief Technology Officer of Linkhome Holdings Inc. He has a background from UC Irvine and experience with large AI models such as OpenAI Llama 2 Grock.
AI Analysis | Feedback
The key risks to Linkhome (symbol: LHAI) are primarily centered around its capital-intensive iBuyer business model and its exposure to the highly cyclical real estate market, as well as its operational challenges and undercapitalization.
- Exposure to Housing Market Cycles and Interest Rate Fluctuations: Linkhome's core business involves buying and selling homes, making it highly vulnerable to downturns in the housing market, shifts in property values, and changes in interest rates. Historically, even large players like Zillow have struggled and incurred significant losses with similar iBuyer models due to the inability to accurately predict housing prices at scale.
- Operational and Execution Challenges of the iBuyer Model: The iBuyer business model is inherently complex, characterized by thin profit margins, and requires exceptionally accurate pricing and highly efficient operations to be successful. Linkhome faces significant challenges in executing this model profitably and at scale, as demonstrated by the past failures of other companies in this segment.
- Undercapitalization and Potential for Dilution: Linkhome is considered severely undercapitalized for its ambitious expansion plans, having raised less than $6 million from its initial public offering (IPO). The iBuyer model is very capital-intensive, and this limited capital significantly increases the likelihood of future equity dilution, which could negatively impact existing shareholders.
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nullAI Analysis | Feedback
Linkhome (LHAI) is an artificial intelligence-driven property technology company offering real estate-related services in the United States. Its primary services include a "Cash Offer" program for buying and selling properties, real estate agency (brokerage) services, property management, home renovation, and mortgage referral services.
The addressable market sizes for Linkhome's main products and services in the United States are as follows:
- Real Estate Brokerage Services: The global real estate brokerage services market size was recorded at $141.246 billion in 2021 and is projected to reach $211.5 billion by the end of 2025. North America holds a significant portion of this market, with a 38.90% share of the global market revenue in 2025, equating to approximately $82.20 billion.
- "Cash Offer" (iBuyer Model) / Real Estate Transaction Market: Linkhome targets a $1.5 trillion real estate transaction market. The U.S. real estate market accounts for 18% of the country's GDP.
- Property Management: No specific market size for property management in the U.S. was identified in the provided search results.
- Home Renovation: No specific market size for home renovation in the U.S. was identified in the provided search results.
- Mortgage Referral Services: No specific market size for mortgage referral services in the U.S. was identified in the provided search results.
Therefore, for property management, home renovation, and mortgage referral services, the market sizes are currently null based on the available information.
AI Analysis | Feedback
Here are 3-5 expected drivers of future revenue growth for Linkhome (symbol: LHAI) over the next 2-3 years:- Expansion of the Cash Offer Program: Linkhome's Cash Offer program has been a significant driver of past revenue growth, and the company plans for its continued geographic rollout. This program, which integrates fintech to facilitate property buying and selling through market trend and valuation analysis, is expected to fuel future revenue.
- Advancement of the HomeGPT AI Platform and Related Technology: As an AI-driven property technology firm, Linkhome's proprietary HomeGPT model and continuous investment in its artificial intelligence platform are crucial for enhancing its real estate platform and streamlining the home buying and selling process. Accelerating the advancement of this technology is anticipated to drive growth.
- Expansion of Service Offerings: Linkhome intends to broaden its suite of services beyond its current offerings, which include real estate brokerage, instant cash offers, property rental management, and home renovation solutions. Future plans include expanding into mortgage services, home insurance, title, and escrow services, creating a more comprehensive real estate ecosystem.
- Geographic Expansion across the U.S. Residential Real Estate Market: The company aims to expand its reach throughout the United States residential real estate market. This includes supporting the planned geographic rollout of its Cash Offer product and generally extending its presence, which will contribute to increased transaction volumes and revenue.
- Intensified Marketing Initiatives: Linkhome expects to deploy proceeds from its initial public offering (IPO) primarily to broaden and intensify its marketing initiatives. These efforts are aimed at increasing brand awareness and customer acquisition, thereby driving higher engagement with its platform and services, and ultimately, revenue growth.
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Share Issuance
- Linkhome Holdings Inc. completed an Initial Public Offering (IPO) in July 2025, raising gross proceeds of $6 million.
- During the IPO, the company offered 1.5 million shares at a price of $4 per share.
- Underwriters were granted a 45-day option to purchase up to an additional 225,000 shares to cover over-allotments.
Outbound Investments
- On October 29, 2025, Linkhome AI, a subsidiary of Linkhome Holdings Inc., entered into a strategic partnership with Beike Realsee to enhance AI-driven 3D real estate visualization.
Capital Expenditures
- Linkhome anticipated approximately $2 million in capital investment and expenditures over the 12 months following March 2025.
- Proceeds from the July 2025 IPO are intended to fund capital expenditures, including advancing its HomeGPT AI platform and supporting the expansion of its Cash Offer product.
- Negative free cash flow in 2024 and early 2025, amounting to -$0.01 million and -$0.86 million respectively, was likely attributable to capital expenditures and operational investments during the company's scaling phase and IPO liquidity efforts.
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Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 8.55 |
| Mkt Cap | 5.3 |
| Rev LTM | 2,483 |
| Op Inc LTM | -65 |
| FCF LTM | 149 |
| FCF 3Y Avg | 187 |
| CFO LTM | 310 |
| CFO 3Y Avg | 387 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 15.2% |
| Rev Chg 3Y Avg | 2.8% |
| Rev Chg Q | 16.4% |
| QoQ Delta Rev Chg LTM | 4.0% |
| Op Mgn LTM | -3.6% |
| Op Mgn 3Y Avg | -7.5% |
| QoQ Delta Op Mgn LTM | -0.1% |
| CFO/Rev LTM | 12.4% |
| CFO/Rev 3Y Avg | 15.2% |
| FCF/Rev LTM | 6.0% |
| FCF/Rev 3Y Avg | 8.8% |
Valuation
| Median | |
|---|---|
| Name | |
| Mkt Cap | 5.3 |
| P/S | 1.1 |
| P/EBIT | -71.5 |
| P/E | -67.2 |
| P/CFO | 19.2 |
| Total Yield | -0.5% |
| Dividend Yield | 0.0% |
| FCF Yield 3Y Avg | 1.2% |
| D/E | 0.0 |
| Net D/E | -0.0 |
Returns
| Median | |
|---|---|
| Name | |
| 1M Rtn | -13.2% |
| 3M Rtn | -26.4% |
| 6M Rtn | -17.8% |
| 12M Rtn | -23.0% |
| 3Y Rtn | 36.3% |
| 1M Excs Rtn | -13.3% |
| 3M Excs Rtn | -25.8% |
| 6M Excs Rtn | -28.8% |
| 12M Excs Rtn | -39.5% |
| 3Y Excs Rtn | -27.6% |
Segment Financials
Revenue by Segment| $ Mil | 2024 | 2023 |
|---|---|---|
| Real Estate Solutions segment | 1 | |
| Mortgage referral fee | 0 | |
| Other | 0 | |
| Property management service (property rental commission) | 0 | |
| Real estate agency commission | 1 | |
| Revenue from Property Purchase and sale through Cash Offer - related party | 0 | |
| Total | 1 | 1 |
| $ Mil | 2024 | 2023 |
|---|---|---|
| Real Estate Solutions segment | 0 | |
| Total | 0 |
| $ Mil | 2024 | 2023 |
|---|---|---|
| Real Estate Solutions segment | 1 | |
| Total | 1 |
Earnings Returns History
Expand for More| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| SUMMARY STATS | |||
| # Positive | 0 | 0 | 0 |
| # Negative | 0 | 0 | 0 |
| Median Positive | |||
| Median Negative | |||
| Max Positive | |||
| Max Negative | |||
External Quote Links
| Y Finance | Barrons |
| TradingView | Morningstar |
| SeekingAlpha | ValueLine |
| Motley Fool | Robinhood |
| CNBC | Etrade |
| MarketWatch | Unusual Whales |
| YCharts | Perplexity Finance |
| FinViz |
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