COMP <GO>

TFSL vs HSBC // OPTIONS IMPLIED MOVE & PUT/CALL SKEW

TFS Financial Corporation (NASDAQ) VS. HSBC Holdings plc. (NYSE) • 15-METRIC TALLY: TFSL 2 — HSBC 5

■ METRIC PARITY

LAST: $16.43 (-1.97%) • MKT CAP: $4.70B

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LAST: $85.42 (-1.36%) • MKT CAP: $297.33B

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15-METRIC INSTITUTIONAL SIDE-BY-SIDE SCORECARD (TFSL VS. HSBC) EMERALD CELL = QUANTITATIVE EDGE

INSTITUTIONAL METRIC	TFSL	HSBC	SPREAD (A - B)	ADVANTAGE	DEDICATED URL
Gross Profit Margin	—	—	—	TIE	/gross-margins <GO>
Return on Invested Capital (ROIC)	4.80%	9.90%	-5.10	HSBC	/roic <GO>
EV/EBITDA & P/E Valuation	—	21.0x	—	TIE	/valuation <GO>
Free Cash Flow Yield	1.51%	2.21%	-0.70	HSBC	/fcf-yield <GO>
Operating Margin	—	13.90%	—	TIE	/operating-margins <GO>
Net Profit Margin	—	10.90%	—	TIE	/net-margins <GO>
Revenue Growth (YoY)	—	23.10%	—	TIE	/revenue-growth <GO>
Dividend Yield & FCF Payout Safety	1.27%	0.00%	+1.27	TFSL	/dividend-safety <GO>
Altman Z-Score & Debt/Equity	—	—	—	TIE	/balance-sheet <GO>
Piotroski F-Score Quality	4/9	8/9	-4.00	HSBC	/piotroski-score <GO>
Options Implied Move & Put/Call Skew ACTIVE	—	—	—	TIE	/options-implied-move <GO>
RSI-14 & 200D SMA Momentum	54.3	30.2	+24.10	TFSL	/rsi-technicals <GO>
10Y Yield & FRED Macro Beta	—	0.92	—	TIE	/macro-sensitivity <GO>
Forward P/E Multiple	48.1x	27.6x	+20.50	HSBC	/forward-pe <GO>
Enterprise Scale & Market Cap	$4.70B	$297.33B	-$292.63B	HSBC	/market-cap <GO>

5-YEAR HISTORICAL XBRL REVENUE & MARGIN TRAJECTORY SEC FORM 10-K FY

FISCAL YEAR	TFSL REV	HSBC REV	TFSL GROSS %	HSBC GROSS %	TFSL FCF	HSBC FCF
FY 2025	$0	—	—	—	$71.0M	—
FY 2024	$0	—	—	—	$85.5M	—
FY 2023	$0	—	—	—	$90.7M	—

FRED MACRO REGIME CORRELATION COMPARISON PEARSON r

TFSL // BETA —

HSBC // BETA 0.92