Co-movers

daily closes · 500dMethod

Moved together

VwithPHR

×0.72co-movement · PHR on V · 500d

r 0.30scale to r 0.75

Shared co-movers2with Vwith PHR

AXPAmerican Express Cor 0.57r 0.34

MAMastercard Incr 0.89r 0.29

V, solidPHR, hatched× = co-movement · βr = correlationBar = r to r 0.75Order: weaker of A and BSource: daily closes

VVisa Inc.

425.50+2.88%· post 425.58

Mkt cap$759.3BRevenue$11.6BQ3 FY26Revenue$40.0BFY25

PHRPhreesia, Inc.

12.48+0.29%· post 12.48

ClosedNov 2 '26

Mkt cap$772.2MRevenue$129MQ2 FY27Revenue$481MFY26

vs

Compare

ClosedNov 2 '26

VVisa Inc.

vs

PHRPhreesia, Inc.

425.50+2.88%post 425.58

Price

12.48+0.29%post 12.48

$759.3B

Mkt cap

$772.2M

Q3 FY26$11.6B

Revenue

$129MQ2 FY27

FY25$40.0B

Revenue

$481MFY26

V compared with PHR: revenue, margins and what each company keeps, and the suppliers and customers both name