ISS EVA Research Roundup: November 06th, 2025

Weekly Research

Names in the News: GDDY and AMGN (report)

This week, we cover two ‘Expensive but Worth It’ U.S. Large Cap names, GoDaddy Inc. and Amgen Inc.

Economic Cycle: What is the U.S. Market Telling Us? (report)

We utilize our Economic Cycle graph to help establish what the U.S. economy and markets are currently positioned for. We break the circle into four sections or phases, covering ‘Overheat’ and ‘Recovery’ to one side and ‘Soft Landing’ and ‘Hard Landing’ on the other.

Global Sector Charts: Longest Expansion in Expectations in History (report)

We have observed a continuation in a trend, with global aggregate EVA Momentum hovering close to zero. Consensus has maintained the current outlook after the revision down last month, predicting EVA Momentum rolls over in Q4. So far, the market has looked through the risk of slowing growth.

Weekly Watchlist: Tracking the Top EVA Standouts (report)

For this week’s improvers in the PRVit Framework, we take a deep dive look at: U.S. firm Littelfuse, Inc.; PayPal Holdings, Inc.; and Swedish firm Hennes & Mauritz AB.

DM Machinery: Can the V-Shaped Recovery Continue? (report)

The global Machinery industry aggregate has seen economic profitability erode to the lowest level in eight years. EVA Momentum, however, bottomed out in January this year and positively inflected in March.

Payment Networks Q3 Update: MA Inches Closer to V (report)

V and MA have been strong long-term EVA wealth compounders. With both firms having recently reported Q3 numbers we take the opportunity to compare the EVA trends for the two payment networks.

Industry Snapshot: Global Entertainment (report)

EVA Profitability for the industry has trended upwards since Q4 2024, driven by all three EVA drivers moving favorably. With embedded expectations for growth at historically high levels, the market has elevated expectations.

Quant Reports

PRVit Factor Report: Global (report)

High-Risk companies continued to outperform low-Risk companies. October is the 6th month in a row that investors have added Risk. Cheap Value has worked in five of the last six months in Large Cap.

PRVit Factor Report: U.S. (report)

Profitability Trend (P2) worked in Large Cap, with high-growth names outperforming low-growth names. Vulnerability Risk (R2) also generated alpha in Large Cap. Quality and all of its subfactors were negative in Small Cap.

PRVit Factor Report: Europe and the U.K. (report)

In Europe, PRVit continued to be mostly flat as increasing alpha in Quality offset declining alpha in Value. Low-Risk names outperformed high-Risk names. In the U.K. both Quality and Value were off.

PRVit Factor Report: Asia and Japan (report)

In Asia ex Japan, PRVit started to rebound in the second week of October but then rolled over in the final week of the month, driven by our Value factor. Quality has trended down since early September. In Japan, Quality was flat for the third month in a row, while Value rebounded sharply in the second half of October.

Chart of the Week

U.S. Market

In this week’s macro report ‘Economic Cycle: What is the U.S. Market Telling Us?’ we explore the different phases of the economic cycle and what works in markets at different points in the cycle. In the Overheat and Recovery phases of the cycle we see that cyclical stocks tend to outperform. In the Soft landing and Hard landing phases Defensive stocks tend to outperform. Our Chart of the Week, above, illustrates the performance of Cyclicals and Defensives. Cyclicals have continued to outperform during the current market rally. See the report for all of the metrics used to determine in which phase we are currently positioned.

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Originally Posted on November 6, 2025