Nacco Industries Inc
NC NYSE Bituminous Coal & Lignite Surface Mining Financials FY2016–FY2025
Revenue
Total sales reported in the income statement.
$277M
16.6%
vs prior year
Operating margin
Operating income as a share of revenue.
7.9%
7.1 pts
Net income
Profit after all expenses, interest and tax.
$17.6M
47.9%
Free cash flow
Cash from operations minus capital spending.
$2.3M
Return on capital
After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
4.6%
3.7 pts
Market cap
Last close times the latest diluted share count, so it is approximate.
—
P/E
Last close divided by diluted earnings per share over the last four quarters.
—
On $2.29 EPS (TTM)
What Nacco Industries Inc does
No business description yet.
- Legal name
- NACCO INDUSTRIES INC
- Fiscal year ends
- December 31, 2025
- Latest annual report
- 10-K · Mar 4, 2026
- Accession · CIK
- 0000789933-26-000070
0000789933
Revenue and margins
Nacco Industries Inc had $277M of revenue in fiscal 2025, up 16.6% on the year before.
FY16
Revenue $111M
FY17
Revenue $105M
FY18
Revenue $135M
FY19
Revenue $141M
FY20
Revenue $128M
FY21
Revenue $192M
FY22
Revenue $242M
FY23
Revenue $215M
FY24
Revenue $238M
FY25
Revenue $277M
Q3 '23
Revenue $46.5M
Q4 '23
Revenue $56.8M
Q1 '24
Revenue $53.3M
Q2 '24
Revenue $52.3M
Q3 '24
Revenue $61.7M
Q4 '24
Revenue $70.4M
Q1 '25
Revenue $65.6M
Q2 '25
Revenue $68.2M
Q3 '25
Revenue $76.6M
Q4 '25
Revenue $66.8M
Q1 '26
Revenue $62.8M
Q2 '26
Revenue $72.3M
FY16
Gross 10.9%
Operating −1.5%
Net 26.7%
FCF 75.4%
FY17
Gross 16.1%
Operating 31.3%
Net 29.0%
FCF 24.4%
FY18
Gross 22.1%
Operating 32.2%
Net 25.7%
FCF 24.9%
FY19
Gross 22.1%
Operating 27.5%
Net 28.1%
FCF 19.9%
FY20
Gross 13.2%
Operating 10.5%
Net 11.5%
FCF −25.4%
FY21
Gross 22.6%
Operating 28.9%
Net 25.1%
FCF 18.6%
FY22
Gross 28.1%
Operating 29.0%
Net 30.7%
FCF 10.4%
FY23
Gross 6.8%
Operating −32.7%
Net −18.4%
FCF 4.2%
FY24
Gross 12.5%
Operating 15.0%
Net 14.2%
FCF −13.6%
FY25
Gross 13.9%
Operating 7.9%
Net 6.3%
FCF 0.8%
Gross
Operating
Net
FCF
Q3 '23
Gross −4.7%
Operating −13.5%
Net −8.2%
FCF —
Q4 '23
Gross 12.3%
Operating −118.8%
Net −77.5%
FCF —
Q1 '24
Gross 13.2%
Operating 8.9%
Net 8.6%
FCF —
Q2 '24
Gross 13.4%
Operating 14.1%
Net 11.4%
FCF —
Q3 '24
Gross 11.7%
Operating 31.9%
Net 25.4%
FCF —
Q4 '24
Gross 12.0%
Operating 5.5%
Net 10.7%
FCF —
Q1 '25
Gross 14.7%
Operating 11.7%
Net 7.5%
FCF —
Q2 '25
Gross 10.0%
Operating −0.1%
Net 4.8%
FCF —
Q3 '25
Gross 13.0%
Operating 8.8%
Net 17.3%
FCF —
Q4 '25
Gross 18.0%
Operating 11.3%
Net −5.8%
FCF —
Q1 '26
Gross 22.8%
Operating 17.5%
Net 14.1%
FCF —
Q2 '26
Gross 21.0%
Operating −3.1%
Net −1.3%
FCF —
Gross
Operating
Net
FCF
Net income and earnings per share
From fiscal 2016 to 2025, diluted EPS grew −6.5% a year. Loss periods are shown in red.
FY16
Net income $29.6M
FY17
Net income $30.3M
FY18
Net income $34.8M
FY19
Net income $39.6M
FY20
Net income $14.8M
FY21
Net income $48.1M
FY22
Net income $74.2M
FY23
Net income −$39.6M
FY24
Net income $33.7M
FY25
Net income $17.6M
Q3 '23
Net income −$3.8M
Q4 '23
Net income −$44.0M
Q1 '24
Net income $4.6M
Q2 '24
Net income $6.0M
Q3 '24
Net income $15.6M
Q4 '24
Net income $7.6M
Q1 '25
Net income $4.9M
Q2 '25
Net income $3.3M
Q3 '25
Net income $13.3M
Q4 '25
Net income −$3.8M
Q1 '26
Net income $8.8M
Q2 '26
Net income −$1.0M
FY16
Diluted EPS $4.32
FY17
Diluted EPS $4.41
FY18
Diluted EPS $5.00
FY19
Diluted EPS $5.66
FY20
Diluted EPS $2.10
FY21
Diluted EPS $6.69
FY22
Diluted EPS $10.06
FY23
Diluted EPS −$5.29
FY24
Diluted EPS $4.55
FY25
Diluted EPS $2.35
Q3 '23
Diluted EPS −$0.51
Q4 '23
Diluted EPS −$5.88
Q1 '24
Diluted EPS $0.61
Q2 '24
Diluted EPS $0.81
Q3 '24
Diluted EPS $2.14
Q4 '24
Diluted EPS $0.99
Q1 '25
Diluted EPS $0.66
Q2 '25
Diluted EPS $0.44
Q3 '25
Diluted EPS $1.78
Q4 '25
Diluted EPS −$0.53
Q1 '26
Diluted EPS $1.17
Q2 '26
Diluted EPS −$0.13
Returns on capital
After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
FY16
Return on capital −0.6%
Return on equity 13.4%
Return on assets 4.4%
FY17
Return on capital 18.4%
Return on equity 13.8%
Return on assets 5.7%
FY18
Return on capital 20.4%
Return on equity 14.8%
Return on assets 9.1%
FY19
Return on capital 18.6%
Return on equity 14.7%
Return on assets 9.6%
FY20
Return on capital 5.2%
Return on equity 5.0%
Return on assets 3.2%
FY21
Return on capital 16.4%
Return on equity 14.7%
Return on assets 9.8%
FY22
Return on capital 17.7%
Return on equity 19.0%
Return on assets 13.8%
FY23
Return on capital −16.6%
Return on equity −9.8%
Return on assets −7.1%
FY24
Return on capital 8.3%
Return on equity 8.6%
Return on assets 5.8%
FY25
Return on capital 4.6%
Return on equity 4.2%
Return on assets 2.7%
Return on capital
Return on equity
Return on assets
Cash flow
Free cash flow was $2.3M in fiscal 2025, 0.8% of revenue. Cash from operations minus capital spending.
FY16
Free cash flow $83.8M
FY17
Free cash flow $25.6M
FY18
Free cash flow $33.7M
FY19
Free cash flow $28.1M
FY20
Free cash flow −$32.7M
FY21
Free cash flow $35.6M
FY22
Free cash flow $25.2M
FY23
Free cash flow $9.1M
FY24
Free cash flow −$32.4M
FY25
Free cash flow $2.3M
FY16
Cash from operations $93.9M
Capital spending $10.2M
FY17
Cash from operations $41.3M
Capital spending $15.7M
FY18
Cash from operations $54.6M
Capital spending $20.9M
FY19
Cash from operations $52.8M
Capital spending $24.7M
FY20
Cash from operations −$2.5M
Capital spending $30.2M
FY21
Cash from operations $74.9M
Capital spending $39.2M
FY22
Cash from operations $67.7M
Capital spending $42.5M
FY23
Cash from operations $54.5M
Capital spending $45.4M
FY24
Cash from operations $22.3M
Capital spending $54.7M
FY25
Cash from operations $50.9M
Capital spending $48.6M
Cash from operations
Capital spending
Q3 '23
Cash from operations $39.7M
Capital spending —
Q4 '23
Cash from operations −$8.5M
Capital spending —
Q1 '24
Cash from operations −$9.8M
Capital spending —
Q2 '24
Cash from operations $4.1M
Capital spending —
Q3 '24
Cash from operations $2.8M
Capital spending —
Q4 '24
Cash from operations $25.2M
Capital spending —
Q1 '25
Cash from operations $5.0M
Capital spending —
Q2 '25
Cash from operations −$7.8M
Capital spending —
Q3 '25
Cash from operations $42.3M
Capital spending —
Q4 '25
Cash from operations $11.4M
Capital spending —
Q1 '26
Cash from operations $12.4M
Capital spending —
Q2 '26
Cash from operations $8.3M
Capital spending —
Cash from operations
Capital spending
Dividends, buybacks and share count
Nacco Industries Inc returned $9.9M to shareholders in fiscal 2025, 432% of free cash flow. The diluted share count rose 0.9%.
FY16
Dividends $7.3M
Buybacks $6.0M
FY17
Dividends $6.7M
Buybacks $0.0M
FY18
Dividends $4.6M
Buybacks $1.3M
FY19
Dividends $5.1M
Buybacks $3.0M
FY20
Dividends $5.4M
Buybacks $1.0M
FY21
Dividends $5.6M
Buybacks $0.0M
FY22
Dividends $6.0M
Buybacks $0.0M
FY23
Dividends $6.5M
Buybacks $3.1M
FY24
Dividends $6.6M
Buybacks $9.9M
FY25
Dividends $7.3M
Buybacks $2.5M
Dividends
Buybacks
Q3 '23
Dividends $1.6M
Buybacks $0.8M
Q4 '23
Dividends $1.6M
Buybacks $2.3M
Q1 '24
Dividends $1.6M
Buybacks $4.3M
Q2 '24
Dividends $1.7M
Buybacks $3.3M
Q3 '24
Dividends $1.7M
Buybacks $2.0M
Q4 '24
Dividends $1.7M
Buybacks $0.4M
Q1 '25
Dividends $1.7M
Buybacks $0.7M
Q2 '25
Dividends $1.9M
Buybacks $0.0M
Q3 '25
Dividends $1.9M
Buybacks $0.0M
Q4 '25
Dividends $1.9M
Buybacks $1.8M
Q1 '26
Dividends $1.9M
Buybacks $0.0M
Q2 '26
Dividends $2.0M
Buybacks $0.0M
Dividends
Buybacks
FY16
Diluted shares 0.01B
FY17
Diluted shares 0.01B
FY18
Diluted shares 0.01B
FY19
Diluted shares 0.01B
FY20
Diluted shares 0.01B
FY21
Diluted shares 0.01B
FY22
Diluted shares 0.01B
FY23
Diluted shares 0.01B
FY24
Diluted shares 0.01B
FY25
Diluted shares 0.01B
Balance sheet
Cash, debt and the ratios that show how comfortably Nacco Industries Inc can carry it.
FY16
Cash $69.3M
Debt $126M
FY17
Cash $102M
Debt $56.7M
FY18
Cash $85.3M
Debt $10.6M
FY19
Cash $123M
Debt $24.9M
FY20
Cash $88.5M
Debt $46.5M
FY21
Cash $86.0M
Debt $20.7M
FY22
Cash $111M
Debt $19.7M
FY23
Cash $85.1M
Debt $35.9M
FY24
Cash $72.8M
Debt $99.5M
FY25
Cash $49.7M
Debt $101M
Cash
Debt
| Fiscal year end | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| Cash and short-term investments | $86.0M | $111M | $85.1M | $72.8M | $49.7M |
| Debt incl. finance leases | $20.7M | $19.7M | $35.9M | $99.5M | $101M |
| Net debt / EBITDA | −0.8x | −0.9x | — | 0.4x | 1.1x |
| Debt / equity | 0.1x | 0.0x | 0.1x | 0.2x | 0.2x |
| Interest coverage | 32.2x | 34.4x | −28.5x | 6.4x | 3.8x |
| Current ratio | 4.4x | 5.9x | 3.3x | 4.1x | 3.1x |
| Quick ratio | 3.2x | 4.3x | 2.2x | 2.6x | 2.2x |
| Total assets | $507M | $568M | $540M | $632M | $661M |
| Total liabilities | $155M | $141M | $157M | $227M | $232M |
| Shareholders' equity | $352M | $427M | $382M | $405M | $429M |
| Net debt (− = net cash) | −$65.3M | −$91.1M | −$49.2M | $26.7M | $51.2M |
Insider trades
Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. 'Plan' marks trades under a pre-arranged Rule 10b5-1 plan.
Bought, 12 months
$0.0M
0 insiders
Sold, 12 months
$0.0M
0 insiders
Of sales under plans
—
$0.0M
No open-market insider trades in the last 12 months.
Piotroski F-score
Nine pass/fail tests of profitability, funding and efficiency. 8–9 is strong, 0–2 weak.
| Test | FY16 | FY17 | FY18 | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|---|---|---|---|
| Net income is positive | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✕ | ✓ | ✓ |
| Cash from operations is positive | ✓ | ✓ | ✓ | ✓ | ✕ | ✓ | ✓ | ✓ | ✓ | ✓ |
| Return on assets rose | — | ✓ | ✓ | ✕ | ✕ | ✓ | ✓ | ✕ | ✓ | ✕ |
| Cash from operations exceeds net income | ✓ | ✓ | ✓ | ✓ | ✕ | ✓ | ✕ | ✓ | ✕ | ✓ |
| Debt fell relative to assets | — | ✓ | ✓ | ✕ | ✕ | ✓ | ✓ | ✕ | ✕ | ✓ |
| Current ratio rose | — | ✓ | ✓ | ✕ | ✓ | ✓ | ✓ | ✕ | ✓ | ✕ |
| Share count didn't rise | — | ✕ | ✕ | ✕ | ✕ | ✕ | ✕ | ✕ | ✓ | ✕ |
| Gross margin rose | — | ✓ | ✓ | ✕ | ✕ | ✓ | ✓ | ✕ | ✓ | ✓ |
| Revenue rose relative to assets | — | ✓ | ✓ | ✕ | ✕ | ✓ | ✓ | ✕ | ✕ | ✓ |
| F-score | — / 3 | 8 / 9 | 8 / 9 | 3 / 9 | 2 / 9 | 8 / 9 | 7 / 9 | 2 / 9 | 6 / 9 | 6 / 9 |
| Accruals ratio | −9.6% | −2.1% | −5.2% | −3.2% | 3.8% | −5.4% | 1.2% | −17.0% | 2.0% | −5.2% |
| Altman Z'' | 3.24 | 5.80 | 7.15 | 6.68 | 5.87 | 7.31 | 8.82 | 5.80 | 6.26 | 5.49 |
10 years of figures
US$ millions unless stated. Hover a ratio's name for its definition.
| Fiscal year | FY16 | FY17 | FY18 | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|---|---|---|---|
| Income statement | ||||||||||
| Revenue | $111M | $105M | $135M | $141M | $128M | $192M | $242M | $215M | $238M | $277M |
| Net interest income | — | — | $0.9M | $3.6M | — | — | — | — | — | — |
| Gross profit | $12.1M | $16.9M | $30.0M | $31.1M | $17.0M | $43.5M | $67.8M | $14.6M | $29.8M | $38.5M |
| Research and development | $9.7M | — | — | — | — | — | — | — | — | — |
| Operating income | −$1.7M | $32.8M | $43.6M | $38.8M | $13.4M | $55.4M | $70.0M | −$70.1M | $35.7M | $22.0M |
| Interest expense | $4.3M | $3.4M | $2.0M | $0.9M | $1.4M | $1.7M | $2.0M | $2.5M | $5.6M | $5.8M |
| Pretax income | $34.5M | $29.1M | $42.2M | $43.4M | $14.3M | $56.9M | $87.7M | −$64.2M | $33.6M | $13.1M |
| Income tax | −$9.6M | $0.6M | $7.4M | $3.8M | −$0.5M | $8.7M | $13.6M | −$24.6M | −$0.1M | −$4.4M |
| Net income | $29.6M | $30.3M | $34.8M | $39.6M | $14.8M | $48.1M | $74.2M | −$39.6M | $33.7M | $17.6M |
| Diluted EPS | $4.32 | $4.41 | $5.00 | $5.66 | $2.10 | $6.69 | $10.06 | −$5.29 | $4.55 | $2.35 |
| Diluted shares | 0.01B | 0.01B | 0.01B | 0.01B | 0.01B | 0.01B | 0.01B | 0.01B | 0.01B | 0.01B |
| Cash flow | ||||||||||
| Cash from operations | $93.9M | $41.3M | $54.6M | $52.8M | −$2.5M | $74.9M | $67.7M | $54.5M | $22.3M | $50.9M |
| Capital expenditure | $10.2M | $15.7M | $20.9M | $24.7M | $30.2M | $39.2M | $42.5M | $45.4M | $54.7M | $48.6M |
| Free cash flow | $83.8M | $25.6M | $33.7M | $28.1M | −$32.7M | $35.6M | $25.2M | $9.1M | −$32.4M | $2.3M |
| Depreciation and amortization | $13.1M | $12.8M | $14.7M | $16.2M | $18.1M | $23.1M | $26.8M | $29.4M | $24.7M | $25.3M |
| Stock-based compensation | — | $4.5M | $4.0M | $4.9M | $3.1M | $5.6M | $7.5M | $5.2M | $5.8M | $8.3M |
| Share buybacks | $6.0M | $0.0M | $1.3M | $3.0M | $1.0M | $0.0M | $0.0M | $3.1M | $9.9M | $2.5M |
| Dividends paid | $7.3M | $6.7M | $4.6M | $5.1M | $5.4M | $5.6M | $6.0M | $6.5M | $6.6M | $7.3M |
| Dividends and buybacks | $13.3M | $6.7M | $5.9M | $8.1M | $6.4M | $5.6M | $6.0M | $9.6M | $16.6M | $9.9M |
| Balance sheet | ||||||||||
| Cash and short-term investments | $69.3M | $102M | $85.3M | $123M | $88.5M | $86.0M | $111M | $85.1M | $72.8M | $49.7M |
| Total debt | $126M | $56.7M | $10.6M | $24.3M | $45.0M | $20.4M | $18.9M | $35.8M | $99.4M | $101M |
| Finance lease liabilities | — | — | — | $0.6M | $1.5M | $0.3M | $0.8M | $0.1M | $0.1M | $0.1M |
| Current assets | $382M | $177M | $164M | $201M | $188M | $203M | $260M | $232M | $265M | $215M |
| Current liabilities | $222M | $54.0M | $42.2M | $62.0M | $52.3M | $46.0M | $44.3M | $70.0M | $64.9M | $69.6M |
| Inventory | $28.9M | $30.0M | $31.2M | $40.5M | $47.6M | $54.1M | $71.5M | $77.0M | $94.6M | $63.6M |
| Property and equipment, net | $115M | $120M | $125M | — | — | — | — | — | — | — |
| Goodwill | $6.3M | — | — | — | — | — | — | — | — | — |
| Intangible assets | $45.7M | $43.6M | $40.5M | $37.9M | $35.3M | $31.8M | $28.1M | $6.0M | $5.5M | $4.7M |
| Total assets | $668M | $390M | $377M | $445M | $476M | $507M | $568M | $540M | $632M | $661M |
| Total liabilities | $448M | $170M | $126M | $155M | $176M | $155M | $141M | $157M | $227M | $232M |
| Shareholders' equity | $220M | $219M | $251M | $289M | $301M | $352M | $427M | $382M | $405M | $429M |
| Margins | ||||||||||
| Gross margin | 10.9% | 16.1% | 22.1% | 22.1% | 13.2% | 22.6% | 28.1% | 6.8% | 12.5% | 13.9% |
| Operating margin | −1.5% | 31.3% | 32.2% | 27.5% | 10.5% | 28.9% | 29.0% | −32.7% | 15.0% | 7.9% |
| EBITDA margin | 10.3% | 43.5% | 43.1% | 39.1% | 24.6% | 40.9% | 40.0% | −19.0% | 25.4% | 17.0% |
| Net margin | 26.7% | 29.0% | 25.7% | 28.1% | 11.5% | 25.1% | 30.7% | −18.4% | 14.2% | 6.3% |
| FCF margin | 75.4% | 24.4% | 24.9% | 19.9% | −25.4% | 18.6% | 10.4% | 4.2% | −13.6% | 0.8% |
| Net interest share of revenue | — | — | 0.6% | 2.6% | — | — | — | — | — | — |
| Returns | ||||||||||
| Return on capital | −0.6% | 18.4% | 20.4% | 18.6% | 5.2% | 16.4% | 17.7% | −16.6% | 8.3% | 4.6% |
| Return on capital employed | −0.4% | 9.8% | 13.0% | 10.1% | 3.2% | 12.0% | 13.4% | −14.9% | 6.3% | 3.7% |
| Return on equity | 13.4% | 13.8% | 14.8% | 14.7% | 5.0% | 14.7% | 19.0% | −9.8% | 8.6% | 4.2% |
| Return on assets | 4.4% | 5.7% | 9.1% | 9.6% | 3.2% | 9.8% | 13.8% | −7.1% | 5.8% | 2.7% |
| Return on tangible equity | 17.6% | 17.2% | 16.5% | 15.8% | 5.6% | 15.0% | 18.6% | −10.5% | 8.4% | 4.1% |
| Growth | ||||||||||
| Revenue growth | — | −5.7% | 29.2% | 4.1% | −8.9% | 49.4% | 26.0% | −11.1% | 10.7% | 16.6% |
| Net income growth | — | 2.5% | 14.7% | 13.9% | −62.7% | 225.3% | 54.1% | −153.4% | — | −47.9% |
| EPS growth | — | 2.1% | 13.4% | 13.2% | −62.9% | 218.6% | 50.4% | −152.6% | — | −48.4% |
| FCF growth | — | −69.4% | 31.6% | −16.5% | −216.2% | — | −29.3% | −64.0% | −456.9% | — |
| Share count change | — | 0.3% | 1.3% | 0.7% | 0.7% | 1.9% | 2.5% | 1.4% | −0.9% | 0.9% |
| Financial health | ||||||||||
| Net debt / EBITDA | 5.0x | −1.0x | −1.3x | −1.8x | −1.3x | −0.8x | −0.9x | — | 0.4x | 1.1x |
| Debt / equity | 0.6x | 0.3x | 0.0x | 0.1x | 0.1x | 0.1x | 0.0x | 0.1x | 0.2x | 0.2x |
| Interest coverage | −0.4x | 9.5x | 21.8x | 44.5x | 9.9x | 32.2x | 34.4x | −28.5x | 6.4x | 3.8x |
| Current ratio | 1.7x | 3.3x | 3.9x | 3.2x | 3.6x | 4.4x | 5.9x | 3.3x | 4.1x | 3.1x |
| Quick ratio | 1.6x | 2.7x | 3.1x | 2.6x | 2.7x | 3.2x | 4.3x | 2.2x | 2.6x | 2.2x |
| Capital allocation | ||||||||||
| Capex / revenue | 9.2% | 15.0% | 15.5% | 17.5% | 23.5% | 20.4% | 17.6% | 21.1% | 23.0% | 17.5% |
| Stock comp / revenue | — | 4.3% | 2.9% | 3.5% | 2.4% | 2.9% | 3.1% | 2.4% | 2.5% | 3.0% |
| Payouts / FCF | 15.9% | 26.1% | 17.4% | 29.0% | — | 15.8% | 23.8% | 105.2% | — | 432.1% |
| Quality scores | ||||||||||
| Piotroski F-score | — | 8.0 | 8.0 | 3.0 | 2.0 | 8.0 | 7.0 | 2.0 | 6.0 | 6.0 |
| Altman Z'' | 3.2 | 5.8 | 7.1 | 6.7 | 5.9 | 7.3 | 8.8 | 5.8 | 6.3 | 5.5 |
| Accruals ratio | −9.6% | −2.1% | −5.2% | −3.2% | 3.8% | −5.4% | 1.2% | −17.0% | 2.0% | −5.2% |
Source: SEC EDGAR XBRL filings (CIK 0000789933). Data updated October 24, 2026. Quarterly fourth quarters are the full year minus the first nine months. For information only — not investment advice. Check the original filings before relying on any figure.