Franklin Covey Co.

“Franklin Covey has improved its model versus its legacy training roots, but recent results suggest the business is losing momentum rather than compounding strength. The balance sheet is healthy enough and the franchise is real, yet returns, growth, and reinvestment economics do not support a premium long-term thesis at the current price. This is not a fraud or a melting-ice-cube emergency, but it also does not look like a high-quality compounder with strong margin of safety.”