STRATTEC reported 4Q:F25 adjusted EPS of $2.06 compared to our estimate of $1.07 and $2.42 a year earlier. Results continue to demonstrate the benefits of pricing and operational changes at STRATTEC. That said, profitability faces several headwinds, including potentially lower production rates, fewer new program introductions, adverse currency effects and higher compensation and labor costs. As a result, we find it prudent to decrease our EPS estimates to $4.25 (from $4.75) in F2026 and $4.72 (from $5.25) in F2027. STRATTEC is virtually debt free and had net cash of $76.6 million ($18.66 per share) at the end of 4Q:F25. Only about 6% of revenue is exposed to new tariffs, and the company says it anticipates being able to offset its full exposure to an estimated $5-$7 million increase in tariffs. Reflecting the cash build, we elected to change our valuation method to incorporate the company's growing cash position. We now value STRT at 10x our estimated F2027 operating EPS of $4.89, plus projected net cash of $26.33, or $75 per share. Our prior $63 was based on 12x our previous F2027 EPS estimate of $5.25. Our Moderate risk rating reflects STRATTEC's cyclicality and small float, offset by its well-established operating history and solid balance sheet.