HD
Decouvert par les declarations du Congres
- Insiders
- —
- Total bought
- —
- Total sold
- —
- Last activity
- —
- Last synced
-
2026-08-04 10:23:03
Insider holdings as a share of total assets aren't available for this company.
Price (1 year)
Live chart from TradingView - pulls its own market data, independent of this site's database. Symbol resolution is best-effort (defaults to NASDAQ) since we don't store the exchange prefix.
Market snapshot
Signal
Neutral signal Scored 2026-08-26
HD presents a mixed profile: moderate congressional buy activity and a strategic organizational realignment offer a credible near-term catalyst, but the signal is tempered by the absence of insider buying and only…
The first sentence of the analysis written for HD on 2026-08-26 - a real excerpt, not a sample. The rest of it, the 0-100 score and the rating it produced are part of Plus. See plans.
Financial ratios
| Metric | Trend | 2026-02-01 | 2025-02-02 | 2024-01-28 | 2023-01-29 | 2022-01-30 |
|---|---|---|---|---|---|---|
| Gross Profit Margin | 33.3% | 33.4% | 33.4% | 33.5% | 33.6% | |
| Ebit Margin | 12.8% | 13.6% | 14.3% | 15.3% | 15.2% | |
| Ebitda Margin | 14.7% | 15.9% | 16.4% | 17.2% | 17.2% | |
| Operating Profit Margin | 12.7% | 13.5% | 14.2% | 15.3% | 15.2% | |
| Pretax Profit Margin | 11.3% | 12.2% | 13.1% | 14.3% | 14.4% | |
| Continuous Operations Profit Margin | 8.6% | 9.3% | 9.9% | 10.9% | 10.9% | |
| Net Profit Margin | 8.6% | 9.3% | 9.9% | 10.9% | 10.9% | |
| Bottom Line Profit Margin | 8.6% | 9.3% | 9.9% | 10.9% | 10.9% | |
| Current Ratio | 1.061 | 1.105 | 1.352 | 1.405 | 1.013 | |
| Quick Ratio | 0.264 | 0.287 | 0.400 | 0.328 | 0.244 | |
| Solvency Ratio | 0.189 | 0.208 | 0.244 | 0.268 | 0.262 | |
| Cash Ratio | 0.043 | 0.058 | 0.171 | 0.119 | 0.082 | |
| Price To Earnings Ratio | 26.498 | 27.324 | 23.463 | 18.772 | 23.539 | |
| Price To Earnings Growth Ratio | -5.745 | -20.711 | -2.486 | 2.545 | 0.781 | |
| Forward Price To Earnings Growth Ratio | -5.745 | -20.711 | -2.486 | 2.545 | 0.781 | |
| Price To Earnings Diluted Ratio | 26.572 | 27.415 | 23.541 | 18.828 | 23.630 | |
| Price To Earnings Diluted Growth Ratio | -5.826 | -20.712 | -2.487 | 2.521 | 0.786 | |
| Price To Book Ratio | 29.304 | 60.945 | 340.368 | 205.604 | -228.064 | |
| Price To Sales Ratio | 2.280 | 2.537 | 2.328 | 2.040 | 2.559 | |
| Price To Free Cash Flow Ratio | 29.691 | 24.789 | 19.801 | 27.936 | 27.618 | |
| Price To Operating Cash Flow Ratio | 23.000 | 20.428 | 16.784 | 21.974 | 23.342 | |
| Debt To Assets Ratio | 0.622 | 0.648 | 0.683 | 0.659 | 0.644 | |
| Debt To Equity Ratio | 5.100 | 9.381 | 50.041 | 32.243 | -27.281 | |
| Debt To Capital Ratio | 0.836 | 0.904 | 0.980 | 0.970 | 1.038 | |
| Long Term Debt To Capital Ratio | 0.783 | 0.880 | 0.976 | 0.964 | 1.049 | |
| Financial Leverage Ratio | 8.202 | 14.476 | 73.305 | 48.940 | -42.380 | |
| Working Capital Turnover Ratio | 66.018 | 29.589 | 17.834 | 32.377 | 53.290 | |
| Operating Cash Flow Ratio | 0.503 | 0.691 | 0.962 | 0.632 | 0.578 | |
| Operating Cash Flow Sales Ratio | 0.099 | 0.124 | 0.139 | 0.093 | 0.110 | |
| Free Cash Flow Operating Cash Flow Ratio | 0.775 | 0.824 | 0.848 | 0.787 | 0.845 | |
| Debt Service Coverage Ratio | 1.675 | 2.886 | 6.141 | 7.618 | 4.275 | |
| Interest Coverage Ratio | 8.661 | 9.274 | 11.163 | 14.866 | 17.105 | |
| Short Term Operating Cash Flow Coverage Ratio | 1.731 | 4.045 | 15.477 | 11.872 | 4.759 | |
| Operating Cash Flow Coverage Ratio | 0.250 | 0.318 | 0.405 | 0.290 | 0.358 | |
| Capital Expenditure Coverage Ratio | 4.437 | 5.684 | 6.563 | 4.686 | 6.458 | |
| Dividend Paid And Capex Coverage Ratio | 1.272 | 1.596 | 1.824 | 1.340 | 1.735 | |
| Dividend Payout Ratio | 0.647 | 0.603 | 0.554 | 0.455 | 0.425 | |
| Enterprise Value Multiple | 18.093 | 18.294 | 16.080 | 13.623 | 16.601 |
Sparkline shows each ratio oldest → newest (left → right).
How the latest year compares
For each ratio: its most recent value, the change versus one year earlier, and versus its 5-year average. ▲ higher ▼ lower
| Metric | Current | vs 1Y ago | vs 5Y avg |
|---|---|---|---|
| Gross Profit Margin | 33.3% | ▼-0.1% | ▼-0.1% |
| Ebit Margin | 12.8% | ▼-0.9% | ▼-1.5% |
| Ebitda Margin | 14.8% | ▼-1.2% | ▼-1.6% |
| Operating Profit Margin | 12.7% | ▼-0.8% | ▼-1.5% |
| Pretax Profit Margin | 11.3% | ▼-0.9% | ▼-1.7% |
| Continuous Operations Profit Margin | 8.6% | ▼-0.7% | ▼-1.3% |
| Net Profit Margin | 8.6% | ▼-0.7% | ▼-1.3% |
| Bottom Line Profit Margin | 8.6% | ▼-0.7% | ▼-1.3% |
| Current Ratio | 1.061 | ▼-0.045 | ▼-0.127 |
| Quick Ratio | 0.264 | ▼-0.023 | ▼-0.040 |
| Solvency Ratio | 0.189 | ▼-0.019 | ▼-0.045 |
| Cash Ratio | 0.043 | ▼-0.015 | ▼-0.052 |
| Price To Earnings Ratio | 26.497 | ▼-0.826 | ▲2.579 |
| Price To Earnings Growth Ratio | -5.745 | ▲14.966 | ▼-0.622 |
| Forward Price To Earnings Growth Ratio | -5.745 | ▲14.966 | ▼-0.622 |
| Price To Earnings Diluted Ratio | 26.572 | ▼-0.843 | ▲2.575 |
| Price To Earnings Diluted Growth Ratio | -5.826 | ▲14.886 | ▼-0.683 |
| Price To Book Ratio | 29.304 | ▼-31.641 | ▼-52.327 |
| Price To Sales Ratio | 2.280 | ▼-0.257 | ▼-0.069 |
| Price To Free Cash Flow Ratio | 29.691 | ▲4.903 | ▲3.724 |
| Price To Operating Cash Flow Ratio | 23.000 | ▲2.572 | ▲1.894 |
| Debt To Assets Ratio | 0.622 | ▼-0.026 | ▼-0.029 |
| Debt To Equity Ratio | 5.100 | ▼-4.281 | ▼-8.797 |
| Debt To Capital Ratio | 0.836 | ▼-0.068 | ▼-0.110 |
| Long Term Debt To Capital Ratio | 0.783 | ▼-0.096 | ▼-0.147 |
| Financial Leverage Ratio | 8.202 | ▼-6.274 | ▼-12.306 |
| Working Capital Turnover Ratio | 66.018 | ▲36.429 | ▲26.197 |
| Operating Cash Flow Ratio | 0.503 | ▼-0.188 | ▼-0.170 |
| Operating Cash Flow Sales Ratio | 0.099 | ▼-0.025 | ▼-0.014 |
| Free Cash Flow Operating Cash Flow Ratio | 0.775 | ▼-0.049 | ▼-0.041 |
| Debt Service Coverage Ratio | 1.675 | ▼-1.211 | ▼-2.844 |
| Interest Coverage Ratio | 8.661 | ▼-0.614 | ▼-3.553 |
| Short Term Operating Cash Flow Coverage Ratio | 1.731 | ▼-2.313 | ▼-5.846 |
| Operating Cash Flow Coverage Ratio | 0.250 | ▼-0.068 | ▼-0.074 |
| Capital Expenditure Coverage Ratio | 4.437 | ▼-1.247 | ▼-1.128 |
| Dividend Paid And Capex Coverage Ratio | 1.272 | ▼-0.324 | ▼-0.281 |
| Dividend Payout Ratio | 0.646 | ▲0.043 | ▲0.110 |
| Enterprise Value Multiple | 18.093 | ▼-0.200 | ▲1.555 |
Key metrics
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|---|
| Market cap | $375.47B | $404.67B | $355.34B | $321.15B | $386.80B | |
| Enterprise value | $439.43B | $465.30B | $403.83B | $368.76B | $430.72B | |
| EV / Sales | 2.67x | 2.92x | 2.65x | 2.34x | 2.85x | |
| EV / Op. cash flow | 26.92x | 23.49x | 19.07x | 25.23x | 25.99x | |
| EV / Free cash flow | 34.75x | 28.50x | 22.50x | 32.08x | 30.75x | |
| EV / EBITDA | 18.09x | 18.29x | 16.08x | 13.62x | 16.60x | |
| Net debt / EBITDA | 2.63x | 2.38x | 1.93x | 1.76x | 1.69x | |
| Current ratio | 1.06x | 1.10x | 1.35x | 1.41x | 1.01x | |
| Income quality | 1.15x | 1.34x | 1.40x | 0.85x | 1.01x | |
| Graham number | $64 | $48 | $19 | $24 | — | |
| Graham net-net | -$74 | -$73 | -$59 | -$56 | -$55 | |
| Tax burden | 76.1% | 76.3% | 76.0% | 76.1% | 75.6% | |
| Interest burden | 88.5% | 89.3% | 91.1% | 93.5% | 94.3% | |
| Working capital | $1.97B | $3.02B | $7.76B | $9.36B | $362.0M | |
| Invested capital | $71.86B | $66.77B | $53.86B | $49.38B | $38.98B | |
| Return on assets | 13.5% | 15.4% | 19.8% | 22.4% | 22.9% | |
| Operating ROA | 20.8% | 24.9% | 28.4% | 32.4% | 32.3% | |
| Return on tangible assets | 19.5% | 21.9% | 23.5% | 24.8% | 25.5% | |
| Return on equity | 110.5% | 223.0% | 1450.5% | 1095.1% | -968.9% | |
| Return on invested capital | 19.0% | 22.3% | 29.0% | 33.0% | 36.7% | |
| Return on capital employed | 28.7% | 31.9% | 39.8% | 45.1% | 53.4% | |
| Earnings yield | 3.8% | 3.7% | 4.3% | 5.3% | 4.2% | |
| Free cash flow yield | 3.4% | 4.0% | 5.1% | 3.6% | 3.6% | |
| Capex / Op. cash flow | 22.5% | 17.6% | 15.2% | 21.3% | 15.5% | |
| Capex / Depreciation | 89.3% | 92.7% | 99.4% | 104.8% | 89.7% | |
| Capex / Sales | 2.2% | 2.2% | 2.1% | 2.0% | 1.7% | |
| SG&A / Sales | 18.6% | 18.0% | 17.4% | 16.7% | 16.8% | |
| R&D / Sales | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | |
| Stock comp / Sales | 0.3% | 0.3% | 0.2% | 0.2% | 0.3% | |
| Intangibles / Total assets | 31.1% | 29.6% | 15.8% | 9.7% | 10.4% | |
| Days sales outstanding | 12d | 11d | 8d | 8d | 8d | |
| Days payables outstanding | 38d | 41d | 36d | 40d | 49d | |
| Operating cycle | 98d | 92d | 83d | 95d | 89d | |
| Cash conversion cycle | 60d | 51d | 47d | 55d | 40d |
Change by theme
Grouped by what each metric measures. Each figure is the change over the period shown — ▲ up ▼ down versus then.
Change over 1 year
Change over 5 years
Employee count
Peer market caps
Congressional trades
Recent trades
| Date | Representative | Type | Amount |
|---|---|---|---|
| 2026-07-20 | James A. Himes | Sale | $15,001 - $50,000 |
| 2026-06-18 | Lloyd Doggett | Purchase | $1,001 - $15,000 |
| 2026-06-17 | Jared Moskowitz | Purchase | $1,001 - $15,000 |
| 2026-06-02 | Ro Khanna | Purchase | $15,001 - $50,000 |
| 2026-05-15 | David Taylor | Purchase | $1,001 - $15,000 |
| 2026-05-15 | David Taylor | Purchase | $1,001 - $15,000 |
| 2026-05-15 | David Taylor | Purchase | $1,001 - $15,000 |
| 2026-04-27 | David Taylor | Purchase | $1,001 - $15,000 |
| 2026-04-27 | David Taylor | Sale | $1,001 - $15,000 |
| 2026-04-13 | Ro Khanna | Purchase | $15,001 - $50,000 |
| 2026-04-09 | Josh Gottheimer | Sale | $15,001 - $50,000 |
| 2026-03-31 | Jared Moskowitz | Purchase | $1,001 - $15,000 |
| 2026-03-26 | Lloyd Doggett | Purchase | $1,001 - $15,000 |
| 2026-03-19 | Richard Dean Dr McCormick | Purchase | $1,001 - $15,000 |
| 2026-03-12 | David Taylor | Purchase | $1,001 - $15,000 |
| 2026-01-30 | Gilbert Cisneros | Purchase | $1,001 - $15,000 |
| 2026-01-29 | Ro Khanna | Sale | $15,001 - $50,000 |
| 2026-01-16 | David Taylor | Sale | $1,001 - $15,000 |
| 2026-01-13 | Ro Khanna | Sale | $15,001 - $50,000 |
| 2025-12-24 | Gilbert Cisneros | Sale (Partial) | $1,001 - $15,000 |
| 2025-12-18 | Julie Johnson | Sale | $1,001 - $15,000 |
| 2025-12-18 | Lloyd Doggett | Purchase | $1,001 - $15,000 |
| 2025-12-10 | David Taylor | Purchase | $1,001 - $15,000 |
| 2025-11-19 | Josh Gottheimer | Sale | $1,001 - $15,000 |
| 2025-11-18 | Gilbert Cisneros | Purchase | $1,001 - $15,000 |
| 2025-11-13 | Julie Johnson | Sale | $1,001 - $15,000 |
| 2025-11-11 | David Taylor | Purchase | $1,001 - $15,000 |
| 2025-11-05 | Rich McCormick | Purchase | $1,001 - $15,000 |
| 2025-10-30 | Ro Khanna | Purchase | $1,001 - $15,000 |
| 2025-10-30 | Ro Khanna | Purchase | $1,001 - $15,000 |
| 2025-10-30 | Ro Khanna | Purchase | $1,001 - $15,000 |
| 2025-10-28 | Kevin Hern | Sale | $1,001 - $15,000 |
| 2025-10-24 | Marjorie Taylor Greene | Purchase | $1,001 - $15,000 |
| 2025-10-17 | Gilbert Cisneros | Purchase | $1,001 - $15,000 |
| 2025-09-26 | Kevin Hern | Sale | $15,001 - $50,000 |
| 2025-09-12 | Gilbert Cisneros | Purchase | $1,001 - $15,000 |
| 2025-08-14 | Julie Johnson | Sale | $1,001 - $15,000 |
| 2025-07-16 | Lisa McClain | Sale (Full) | $1,001 - $15,000 |
| 2025-07-11 | Ritchie Torres | Sale (Full) | $1,001 - $15,000 |
| 2025-07-10 | Lisa McClain | Purchase | $1,001 - $15,000 |
| 2025-07-03 | James Comer | Sale | $1,001 - $15,000 |
| 2025-06-18 | Lloyd Doggett | Purchase | $1,001 - $15,000 |
| 2025-06-16 | Scott Mr Franklin | Sale | $15,001 - $50,000 |
| 2025-06-09 | Lisa McClain | Sale (Partial) | $1,001 - $15,000 |
| 2025-05-09 | Ro Khanna | Purchase | $1,001 - $15,000 |
| 2025-05-09 | Ro Khanna | Purchase | $1,001 - $15,000 |
| 2025-05-09 | Ro Khanna | Purchase | $1,001 - $15,000 |
| 2025-05-05 | Marjorie Taylor Greene | Purchase | $1,001 - $15,000 |
| 2025-04-21 | Josh Gottheimer | Purchase | $1,001 - $15,000 |
| 2025-04-21 | Bruce Westerman | Sale | $1,001 - $15,000 |
| 2025-04-08 | Rob Bresnahan | Sale | $1,001 - $15,000 |
| 2025-04-07 | Jefferson Shreve | Purchase | $15,001 - $50,000 |
| 2025-04-01 | Julie Johnson | Sale | $1,001 - $15,000 |
| 2025-03-31 | Jefferson Shreve | Purchase | $15,001 - $50,000 |
| 2025-03-27 | Greg Landsman | Sale | $1,001 - $15,000 |
| 2025-03-27 | Lloyd Doggett | Purchase | $1,001 - $15,000 |
| 2025-03-24 | George Whitesides | Sale (Full) | $100,001 - $250,000 |
| 2025-03-19 | Josh Gottheimer | Sale | $1,001 - $15,000 |
| 2025-03-03 | Bruce Westerman | Purchase | $1,001 - $15,000 |
| 2025-02-24 | Jefferson Shreve | Purchase | $15,001 - $50,000 |
| 2025-02-24 | Josh Gottheimer | Sale (Partial) | $1,001 - $15,000 |
| 2025-01-08 | Marjorie Taylor Greene | Purchase | $1,001 - $15,000 |
| 2024-12-12 | Kevin Hern | Purchase | $1,001 - $15,000 |
| 2024-12-12 | Kevin Hern | Purchase | $1,001 - $15,000 |
| 2024-12-12 | Lloyd Doggett | Purchase | $1,001 - $15,000 |
| 2024-12-11 | Lisa McClain | Purchase | $1,001 - $15,000 |
| 2024-11-25 | Marjorie Taylor Greene | Purchase | $1,001 - $15,000 |
| 2024-11-08 | Jared Moskowitz | Purchase | $1,001 - $15,000 |
| 2024-10-21 | Marjorie Taylor Greene | Purchase | $1,001 - $15,000 |
| 2024-10-03 | Josh Gottheimer | Purchase | $1,001 - $15,000 |
| 2024-09-26 | Ritchie Torres | Purchase | $1,001 - $15,000 |
| 2024-09-12 | Lloyd Doggett | Purchase | $1,001 - $15,000 |
| 2024-09-04 | John James | Sale (Full) | $1,001 - $15,000 |
| 2024-08-07 | Scott Mr Franklin | Purchase | $1,001 - $15,000 |
| 2024-07-02 | Kathy Manning | Purchase | $1,001 - $15,000 |
| 2024-06-13 | Lloyd Doggett | Purchase | $1,001 - $15,000 |
| 2024-04-24 | Marjorie Taylor Greene | Purchase | $1,001 - $15,000 |
| 2024-03-21 | Kevin Hern | Purchase | $1,001 - $15,000 |
| 2024-03-21 | Kevin Hern | Purchase | $1,001 - $15,000 |
| 2024-03-21 | Lloyd Doggett | Purchase | $1,001 - $15,000 |
| 2024-02-13 | Ro Khanna | Purchase | $15,001 - $50,000 |
| 2024-01-10 | Ro Khanna | Purchase | $15,001 - $50,000 |
| 2024-01-10 | Ro Khanna | Sale | $15,001 - $50,000 |
| 2023-12-14 | Lloyd Doggett | Purchase | $1,001 - $15,000 |
| 2023-12-04 | John Curtis | Sale | $1,001 - $15,000 |
| 2023-11-10 | John James | Purchase | $1,001 - $15,000 |
| 2023-11-03 | Ro Khanna | Sale | $1,001 - $15,000 |
| 2023-10-26 | Ro Khanna | Sale | $15,001 - $50,000 |
| 2023-10-24 | Greg Stanton | Sale | $1,001 - $15,000 |
| 2023-10-12 | Ro Khanna | Sale | $1,001 - $15,000 |
| 2023-10-10 | Ro Khanna | Sale | $15,001 - $50,000 |
| 2023-09-26 | Greg Stanton | Purchase | $1,001 - $15,000 |
| 2023-09-14 | Kevin Hern | Purchase | $1,001 - $15,000 |
| 2023-09-14 | Kevin Hern | Purchase | $1,001 - $15,000 |
| 2023-09-14 | Lloyd Doggett | Purchase | $1,001 - $15,000 |
| 2023-09-11 | Scott Mr Franklin | Sale (Partial) | $15,001 - $50,000 |
| 2023-08-29 | Ro Khanna | Purchase | $1,001 - $15,000 |
| 2023-08-03 | Ro Khanna | Purchase | $1,001 - $15,000 |
| 2023-07-14 | Jared Moskowitz | Purchase | $1,001 - $15,000 |
| 2023-03-15 | Richard Dean Dr McCormick | Purchase | $1,001 - $15,000 |
Recent news
- 2026-07-31 Brands like Home Depot, Intuit, and Booking are betting bigger on ChatGPT ads, new data reveals OpenAI has doubled its ads per user for ChatGPT mobile users in the US, a Sensor Tower report says. Big brands like Home Depot and Intuit displaced smaller software firms as top ad buyers.
- 2026-07-30 The Home Depot Announces Organizational Realignment to Provide a More Seamless Customer Experience, Drive Growth and Capture Market Share ATLANTA, July 30, 2026 /PRNewswire/ -- The Home Depot, the world''s largest home improvement retailer, today announced leadership portfolio changes to accelerate innovation and capture greater share of a large and fragmented total addressable market worth $1.2 trillion. "To capture greater share of this enormous opportunity, our focus is clear: drive our core and culture, deliver a frictionless interconnected experience and win the Pro," said Ted Decker, chair, president and CEO of The Home Depot.
- 2026-07-30 The Big 3: NVDA, HD, CSX Jason Brown walks through today''s Big 3 stocks, Nvidia (NVDA), Home Depot (HD), and CSX (CXS) and offers example options trades for each setup. He discusses growing competition for Nvidia, the headwinds facing Home Depot, and why CSX stands out as a reasonably-priced stock in the S&P 500 (SPX).
- 2026-07-30 The Home Depot, Inc. $HD Shares Acquired by Ashton Thomas Securities LLC Ashton Thomas Securities LLC grew its position in shares of The Home Depot, Inc. (NYSE: HD) by 265.7% in the first quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 7,172 shares of the home improvement retailer''s stock after buying an additional 5,211 shares during
- 2026-07-29 Home Depot (HD) Dips More Than Broader Market: What You Should Know Home Depot (HD) reached $338.27 at the closing of the latest trading day, reflecting a -1.8% change compared to its last close.
- 2026-07-29 Here''s How Many Shares of Home Depot You''d Need to Generate $10,000 in Yearly Dividends Home Depot''s current quarterly dividend of $2.33 is up 238% in the past decade. The company has issued a payout in 157 straight quarters.
- 2026-07-27 3 Top Retail Stocks: Buy, Sell or Hold? Three retail heavyweights sit at very different points on the risk/reward map right now.
- 2026-07-27 Is Trending Stock The Home Depot, Inc. (HD) a Buy Now? Zacks.com users have recently been watching Home Depot (HD) quite a bit. Thus, it is worth knowing the facts that could determine the stock''s prospects.
- 2026-07-26 Aristotle Atlantic Partners LLC Increases Stake in The Home Depot, Inc. $HD Aristotle Atlantic Partners LLC increased its stake in shares of The Home Depot, Inc. (NYSE: HD) by 2.2% in the first quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 82,257 shares of the home improvement retailer''s stock after acquiring an additional 1,779 shares
- 2026-07-24 Home Depot vs. Walmart: Which Consumer Stock Is a Better Buy in 2026? Home Depot is aggressively targeting Professional contractors and remodelers through recent large-scale acquisitions. Walmart is leveraging its massive customer base and smart TV data to rapidly expand its high-margin advertising business.