Last close · 16 Oct 2026
Rs 448.65 -0.17%
Quarterly · Q1 FY2022 – Q4 FY2026
Shifa International Hospitals Limited (SHFA) quarterly cash flow statement
Operating activities generated Rs 1.3 bn of cash in Q4 FY2026 (Apr – Jun 2026), up 19.3% on Q4 FY2025, 202% of the starting profit. Capital expenditure was Rs 1.9 bn, leaving free cash flow of -Rs 604.0 mn. Dividends paid to shareholders came to Rs 542,000. Overall, cash increased by Rs 146.8 mn.
| Rs mn | TTM to Jun 2026 | Q4 FY2026 * Apr – Jun 2026 | Q3 FY2026 Jan – Mar 2026 | Q2 FY2026 Oct – Dec 2025 | Q1 FY2026 Jul – Sep 2025 | Q4 FY2025 Apr – Jun 2025 | Q3 FY2025 Jan – Mar 2025 | Q2 FY2025 Oct – Dec 2024 | Q1 FY2025 Jul – Sep 2024 | Q4 FY2024 Apr – Jun 2024 | Q3 FY2024 * Jan – Mar 2024 | Q2 FY2024 * Oct – Dec 2023 | Q1 FY2024 Jul – Sep 2023 | Q4 FY2023 Apr – Jun 2023 | Q3 FY2023 * Jan – Mar 2023 | Q2 FY2023 * Oct – Dec 2022 | Q1 FY2023 * Jul – Sep 2022 | Q4 FY2022 * Apr – Jun 2022 | Q3 FY2022 * Jan – Mar 2022 | Q2 FY2022 * Oct – Dec 2021 | Q1 FY2022 * Jul – Sep 2021 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | |||||||||||||||||||||
| Profit (cash-flow starting line, as reported) | 4,249.7 | 662.3 | 928.2 | 1,432.8 | 1,226.4 | 815.9 | 998.0 | 1,197.8 | 1,054.8 | 520.6 | 559.5 | 581.6 | 601.8 | 312.1 | 748.7 | 393.7 | 524.1 | 281.1 | 348.6 | 510.2 | 481.8 |
| Depreciation & amortisation | — | — | 296.4 | 288.8 | 282.5 | 274.6 | 275.7 | 268.2 | 267.7 | 256.4 | 278.9 | 274.8 | 255.5 | 249.3 | 254.4 | 247.3 | 235.2 | 234.3 | 226.5 | 220.3 | 217.9 |
| Net cash from operating activities | 3,934.1 | 1,340.9 | 1,018.4 | 1,247.1 | 327.6 | 1,123.9 | 653.3 | 1,833.0 | 690.0 | 1,037.9 | 99.6 | 583.8 | 130.8 | 977.4 | 298.3 | 732.7 | 526.4 | 899.9 | (101.6) | 548.3 | (63.9) |
| Investing activities | |||||||||||||||||||||
| Capital expenditure | (4,541.1) | (1,945.0) | (1,077.4) | (805.3) | (713.5) | (413.0) | (311.5) | (719.2) | (143.5) | (138.3) | (150.8) | (229.6) | (127.3) | (353.8) | (929.4) | (766.3) | (923.3) | (940.3) | (306.6) | (375.6) | (132.2) |
| Net cash from investing activities | (4,674.4) | (1,278.3) | (1,321.8) | (1,145.1) | (929.2) | (785.8) | (884.7) | (1,027.3) | (213.2) | (216.6) | (149.6) | (153.2) | (286.5) | (350.9) | (488.8) | (713.2) | (822.6) | (1,067.8) | (157.0) | 362.0 | (355.6) |
| Financing activities | |||||||||||||||||||||
| Dividends paid | (302.6) | (0.5) | (3.1) | (298.9) | (0.1) | (0.7) | (3.3) | (149.7) | (0.1) | (101.7) | (0.5) | (79.1) | (0.6) | (0.1) | (6.0) | (90.6) | (1.9) | (88.0) | (0.8) | (0.1) | (0.3) |
| Borrowings raised / (repaid) | 587.4 | 359.5 | (38.2) | 325.2 | (59.2) | (103.9) | 100.4 | 79.2 | (278.1) | (244.5) | (261.3) | (140.3) | (219.9) | (210.7) | (143.7) | (374.1) | (342.7) | (328.3) | (406.8) | (329.7) | (313.4) |
| Net cash from financing activities | (324.0) | 55.0 | (345.3) | 88.6 | (122.3) | (104.6) | 97.1 | (70.5) | 107.5 | (346.2) | (261.8) | (219.4) | (220.5) | (160.9) | (140.4) | (158.0) | (170.6) | (136.4) | (187.7) | (264.5) | (311.6) |
| Net change in cash | (1,025.3) | 146.8 | (648.6) | 190.6 | (714.0) | 238.3 | (132.2) | 736.2 | 583.5 | 478.9 | (361.8) | 190.9 | (370.9) | 474.7 | (110.7) | (155.3) | (302.9) | (165.8) | (383.7) | 717.6 | (586.6) |
| Key figures | |||||||||||||||||||||
| Free cash flow (operating cash flow − capex) | (607.0) | (604.0) | (58.9) | 441.8 | (385.9) | 710.9 | 341.8 | 1,113.8 | 546.6 | 899.5 | (51.2) | 354.2 | 3.5 | 623.5 | (631.1) | (33.7) | (396.9) | (40.4) | (408.3) | 172.7 | (196.1) |
| Rs mn | Q4 FY2026 * Apr – Jun 2026 | Q3 FY2026 Jan – Mar 2026 | Q2 FY2026 Oct – Dec 2025 | Q1 FY2026 Jul – Sep 2025 | Q4 FY2025 Apr – Jun 2025 | Q3 FY2025 Jan – Mar 2025 | Q2 FY2025 Oct – Dec 2024 | Q1 FY2025 Jul – Sep 2024 | Q4 FY2024 Apr – Jun 2024 | Q3 FY2024 * Jan – Mar 2024 | Q2 FY2024 * Oct – Dec 2023 | Q1 FY2024 Jul – Sep 2023 | Q4 FY2023 Apr – Jun 2023 | Q3 FY2023 * Jan – Mar 2023 | Q2 FY2023 * Oct – Dec 2022 | Q1 FY2023 * Jul – Sep 2022 | Q4 FY2022 * Apr – Jun 2022 | Q3 FY2022 * Jan – Mar 2022 | Q2 FY2022 * Oct – Dec 2021 | Q1 FY2022 * Jul – Sep 2021 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||||||||||||
| Profit (cash-flow starting line, as reported) | -18.8% | -7.0% | +19.6% | +16.3% | +56.7% | +78.4% | +106.0% | +75.3% | +66.8% | -25.3% | +47.7% | +14.8% | +11.1% | +114.8% | -22.8% | +8.8% | +32.8% | -18.5% | +113.3% | +196.1% |
| Depreciation & amortisation | — | +7.5% | +7.7% | +5.5% | +7.1% | -1.2% | -2.4% | +4.8% | +2.9% | +9.6% | +11.1% | +8.6% | +6.4% | +12.3% | +12.3% | +7.9% | +7.4% | +5.5% | +2.0% | -0.1% |
| Net cash from operating activities | +19.3% | +55.9% | -32.0% | -52.5% | +8.3% | +555.9% | +214.0% | +427.6% | +6.2% | -66.6% | -20.3% | -75.2% | +8.6% | — | +33.6% | — | +14.7% | -149.5% | +12.6% | -2,701.8% |
| Investing activities | ||||||||||||||||||||
| Capital expenditure | +371.0% | +245.9% | +12.0% | +397.3% | +198.6% | +106.5% | +213.2% | +12.7% | -60.9% | -83.8% | -70.0% | -86.2% | -62.4% | +203.1% | +104.0% | +598.6% | +88.7% | +248.7% | +34.2% | -32.0% |
| Net cash from investing activities | — | — | — | — | — | — | — | — | — | — | — | — | — | — | -297.0% | — | — | — | — | — |
| Financing activities | ||||||||||||||||||||
| Dividends paid | -25.5% | -6.3% | +99.6% | +0.8% | -99.3% | +526.6% | +89.3% | -78.9% | +99,572.5% | -91.3% | -12.7% | -70.1% | -99.9% | +607.4% | +143,741.3% | +637.0% | +517,723.5% | +74.3% | -92.2% | +33.0% |
| Borrowings raised / (repaid) | — | -138.1% | +310.5% | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | -172.3% |
| Net cash from financing activities | — | -455.6% | — | -213.8% | — | — | — | — | — | — | — | — | — | — | — | — | — | -1,542.2% | — | -164.1% |
| Net change in cash | -38.4% | — | -74.1% | -222.4% | -50.2% | — | +285.6% | — | +0.9% | — | — | — | — | — | -121.6% | — | -152.4% | — | — | — |
| Key figures | ||||||||||||||||||||
| Free cash flow (operating cash flow − capex) | -185.0% | -117.2% | -60.3% | -170.6% | -21.0% | — | +214.5% | +15,733.3% | +44.3% | — | — | — | — | — | -119.5% | — | -114.1% | -447.2% | -16.5% | — |
Change against the same quarter a year earlier; shown when the earlier figure is positive.
Figures in Pakistani rupees as reported by the company; costs and cash outflows in brackets; "—" = not reported. TTM = the latest four quarters added together. * Figures in this period do not fully reconcile in the source data (hover the * for details). Updated 17 Oct 2026.
All reported line items 63
| Rs mn | Q4 FY2026 Apr – Jun 2026 | Q3 FY2026 Jan – Mar 2026 | Q2 FY2026 Oct – Dec 2025 | Q1 FY2026 Jul – Sep 2025 | Q4 FY2025 Apr – Jun 2025 | Q3 FY2025 Jan – Mar 2025 | Q2 FY2025 Oct – Dec 2024 | Q1 FY2025 Jul – Sep 2024 | Q4 FY2024 Apr – Jun 2024 | Q3 FY2024 Jan – Mar 2024 | Q2 FY2024 Oct – Dec 2023 | Q1 FY2024 Jul – Sep 2023 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Profit/(Loss) - Starting Line - Cash Flow | 662.3 | 928.2 | 1,432.8 | 1,226.4 | 815.9 | 998.0 | 1,197.8 | 1,054.8 | 520.6 | 559.5 | 581.6 | 601.8 |
| Non-cash Items & Reconciliation Adjustments - Cash Flow | 629.9 | 505.2 | 469.6 | 358.0 | 251.2 | 543.3 | 499.8 | 301.7 | 388.0 | 385.8 | 404.5 | 393.3 |
| Equity Income/(Loss) in Net Earnings - Cash Flow - to Reconcile | — | 2.6 | 1.8 | 0.7 | (4.9) | (0.7) | (5.2) | (5.3) | (5.5) | 3.8 | 5.5 | 0.7 |
| Other Non-Cash Items & Reconciliation Adjustments - Cash Flow - to Reconcile | 629.9 | 191.0 | 165.8 | 82.7 | 42.1 | 223.1 | 146.5 | (14.1) | 73.5 | 37.8 | 60.2 | 79.0 |
| Financial Income/(Expense) - Cash Flow - to Reconcile | — | 104.8 | 95.6 | 84.3 | 86.7 | 78.4 | 85.1 | 95.5 | 98.7 | 101.8 | 112.0 | 108.5 |
| Depreciation, Depletion & Amortization including Impairment - Cash Flow - to Reconcile | — | 299.0 | 290.0 | 283.6 | 336.9 | 277.3 | 273.4 | 274.2 | 260.5 | 279.4 | 275.8 | 257.0 |
| Depreciation & Depletion - Property, Plant & Equipment - Cash Flow - to Reconcile | — | 293.8 | 286.4 | 280.1 | 272.1 | 275.7 | 268.2 | 267.7 | 256.4 | 278.6 | 274.4 | 255.0 |
| Amortization - Intangible Assets & Deferred Charges - Cash Flow - to Reconcile | — | 2.6 | 2.5 | 2.5 | 2.5 | 0.0 | 0.0 | 0.0 | — | 0.3 | 0.3 | 0.4 |
| Impairment - Property, Plant & Equipment including Intangible Assets - Cash Flow - to Reconcile | — | 2.6 | 1.2 | 1.0 | 62.4 | 1.6 | 5.2 | 6.5 | 4.1 | 0.6 | 1.0 | 1.5 |
| Assets Sale - Gain/(Loss) - Cash Flow - to Reconcile | — | (92.3) | (83.6) | (93.2) | (209.6) | (34.8) | 0.0 | (48.7) | (39.2) | (37.0) | (48.9) | (51.9) |
| Income Taxes - Paid/(Reimbursed) - Cash Flow | 571.4 | 606.4 | 620.7 | 469.9 | 555.0 | 392.8 | 394.7 | 248.6 | 310.5 | 189.3 | 199.5 | 167.4 |
| Interest Paid - Cash | 58.8 | 61.9 | 55.8 | 54.3 | 80.2 | 91.6 | 136.3 | 81.0 | 84.6 | 85.1 | 147.5 | 78.5 |
| Interest & Dividends - Received - Total - Cash Flow | 43.8 | 56.4 | 59.0 | 70.9 | 191.8 | 70.2 | 68.0 | 24.7 | 25.6 | 24.7 | 27.0 | 22.9 |
| Cash Flow from Operating Activities before Changes in Working Capital | 705.8 | 821.5 | 1,285.0 | 1,131.1 | 623.7 | 1,127.2 | 1,234.5 | 1,051.6 | 539.2 | 695.6 | 666.0 | 772.2 |
| Working Capital - Increase/(Decrease) - Cash Flow | 635.1 | 196.9 | (37.8) | (803.5) | 500.2 | (473.9) | 598.5 | (361.6) | 498.7 | (596.0) | (82.2) | (641.4) |
| Accounts Receivables - Decrease/(Increase) - Cash Flow | 568.6 | (343.8) | (385.7) | (539.0) | 486.8 | (292.9) | 232.8 | (592.1) | 617.7 | (236.1) | (27.3) | (447.3) |
| Inventories - Decrease/(Increase) - Cash Flow | 58.0 | (131.2) | 7.5 | 16.1 | 84.3 | (86.0) | 43.1 | 33.7 | 128.2 | (137.2) | (40.6) | 23.8 |
| Prepaid Expenses - Decrease/(Increase) - Cash Flow | 8.1 | 24.1 | 46.9 | (30.3) | (26.8) | (19.7) | 24.2 | (19.4) | 39.8 | (27.5) | 32.3 | 60.6 |
| Accounts Payable and Accrued Expenses - Increase/(Decrease) - Cash Flow | 0.4 | 647.8 | 293.4 | (250.3) | (44.1) | (75.3) | 298.4 | 216.3 | (287.1) | (195.2) | (46.6) | (278.4) |
| Net Cash Flow from Operating Activities | 1,340.9 | 1,018.4 | 1,247.1 | 327.6 | 1,123.9 | 653.3 | 1,833.0 | 690.0 | 1,037.9 | 99.6 | 583.8 | 130.8 |
| Capital Expenditures - Net - Cash Flow | 1,931.9 | 1,061.7 | 804.6 | 713.4 | 413.0 | 308.9 | 716.5 | 143.5 | 138.1 | 148.1 | 229.1 | 111.9 |
| Property, Plant & Equipment - Purchased/(Sold) - Net - Cash Flow | 1,939.2 | 1,054.5 | 804.6 | 713.4 | 407.2 | 308.9 | 716.5 | 143.5 | 138.1 | 148.1 | 229.1 | 111.9 |
| Property, Plant & Equipment - Purchased - Cash Flow | 1,945.0 | 1,070.1 | 805.3 | 713.5 | 407.2 | 311.5 | 719.2 | 143.5 | 138.3 | 150.8 | 229.6 | 127.3 |
| Property, Plant & Equipment Sold - Cash Flow | 5.8 | 15.6 | 0.7 | 0.1 | 0.0 | 2.6 | 2.7 | 0.0 | 0.2 | 2.7 | 0.5 | 15.5 |
| Intangible Assets - Purchased/(Sold) - Net - Total - Cash Flow | (7.2) | 7.2 | — | — | 5.8 | — | — | — | — | — | — | — |
| Intangible Assets - Purchased/Acquired - Cash Flow | — | 7.2 | — | — | 5.8 | — | — | — | — | — | — | — |
| Intangible Assets - Net - Cash Flow | (7.2) | — | — | — | — | — | — | — | — | — | — | — |
| Capital Expenditures - Total | 1,945.0 | 1,077.4 | 805.3 | 713.5 | 413.0 | 311.5 | 719.2 | 143.5 | 138.3 | 150.8 | 229.6 | 127.3 |
| Investments excluding Loans - Decrease/(Increase) - Cash Flow | 27.3 | (5.1) | (1.4) | (74.6) | (309.1) | (575.8) | (50.4) | (69.8) | (78.4) | (1.5) | 75.9 | (174.6) |
| Investment Property excluded from Capital Expenditures - Sold/(Purchased) - Net - Cash Flow | 0.0 | 0.0 | (75.0) | — | (75.0) | — | — | — | (425.0) | 26.0 | — | — |
| Investment Securities - Unclassified - Sold/(Purchased) - Net - Total - Cash Flow | 27.3 | (5.1) | 73.6 | (74.6) | (234.1) | (575.8) | (50.4) | (69.8) | 346.6 | (27.5) | 75.9 | (174.6) |
| Investment Securities - Sold/Matured - Unclassified - Cash Flow | 37.6 | — | 75.0 | 0.6 | 15.4 | — | 27.8 | 10.1 | 364.6 | 47.5 | 360.8 | 25.7 |
| Investment Securities - Purchased - Unclassified - Cash Flow | 10.3 | 5.1 | 1.4 | 75.3 | 249.5 | 575.8 | 78.2 | 79.9 | 18.0 | 75.0 | 284.8 | 200.3 |
| Other Investing Cash Flow - Decrease/(Increase) | 626.3 | (254.9) | (339.1) | (141.2) | (63.7) | 0.0 | (260.4) | — | — | — | — | — |
| Net Cash Flow from Investing Activities | (1,278.3) | (1,321.8) | (1,145.1) | (929.2) | (785.8) | (884.7) | (1,027.3) | (213.2) | (216.6) | (149.6) | (153.2) | (286.5) |
| Dividends Paid - Cash - Total - Cash Flow | 0.5 | 3.1 | 298.9 | 0.1 | 0.7 | 3.3 | 149.7 | 0.1 | 101.7 | 0.5 | 79.1 | 0.6 |
| Dividends - Common - Cash Paid | 0.5 | 3.1 | 298.9 | 0.1 | 0.7 | 3.3 | 149.7 | 0.1 | 101.7 | 0.5 | 79.1 | 0.6 |
| Minority Interests & Joint Ventures - Net - Cash Flow | 0.0 | 0.0 | 366.3 | 347.7 | 0.0 | 0.0 | 0.0 | 385.7 | 0.0 | 0.0 | 0.0 | 0.0 |
| Debt - Long-Term & Short-Term - Issuance/(Retirement) - Total - Cash Flow | 359.5 | (38.2) | 325.2 | (59.2) | (103.9) | 100.4 | 79.2 | (278.1) | (244.5) | (261.3) | (140.3) | (219.9) |
| Debt - Issued/Reduced - Long-Term - Cash Flow | 359.5 | (38.2) | 325.2 | (59.2) | (103.9) | 100.4 | 79.2 | (278.1) | (244.5) | (261.3) | (140.3) | (219.9) |
| Lease liabilities - Issued/(Reduced) - Cash Flow | (26.0) | (76.4) | (48.4) | (102.6) | (50.0) | (65.4) | (43.4) | (77.2) | (39.4) | (64.5) | (41.5) | (55.2) |
| Debt - Issued - Long-Term - Cash Flow | 447.6 | 99.5 | 443.2 | 110.5 | 18.5 | 232.8 | 233.4 | 53.0 | 13.7 | 22.6 | 122.5 | 57.4 |
| Debt - Reduced - Long-Term - Cash Flow | 88.1 | 137.7 | 118.0 | 169.7 | 122.4 | 132.5 | 154.2 | 331.1 | 258.2 | 283.8 | 262.7 | 277.3 |
| Lease liabilities - Reduced - Cash flow represents cash outflow due to the repayment of lease liability/debt of the company. It includes finance leases, capitalized lease, and hire-purchase agreement. Applicable to all industries. If Lease liability issue | 26.0 | 76.4 | 48.4 | 102.6 | 50.0 | 65.4 | 43.4 | 77.2 | 39.4 | 64.5 | 41.5 | 55.2 |
| Other Financing Cash Flow - Increase/(Decrease) | (304.0) | (304.0) | (304.0) | (410.7) | — | — | — | — | 0.0 | 0.0 | — | — |
| Net Cash Flow from Financing Activities | 55.0 | (345.3) | 88.6 | (122.3) | (104.6) | 97.1 | (70.5) | 107.5 | (346.2) | (261.8) | (219.4) | (220.5) |
| Net Cash Flow from Discontinued Operations - Operating Activities | — | — | — | — | 0.0 | — | — | — | 2.5 | (37.1) | — | — |
| Net Cash Flow from Discontinued Operations - Total | — | — | — | — | 0.0 | — | — | — | 2.5 | (37.1) | — | — |
| Non-Classified Cash Flows | 29.1 | — | — | — | — | — | — | — | — | — | — | — |
| Foreign Exchange Effects - Cash Flow | 0.0 | 0.0 | 0.0 | 9.9 | 4.9 | 2.1 | 1.1 | (0.8) | 1.4 | (12.8) | (20.3) | 5.3 |
| Net Change in Cash - Total | 146.8 | (648.6) | 190.6 | (714.0) | 238.3 | (132.2) | 736.2 | 583.5 | 478.9 | (361.8) | 190.9 | (370.9) |
| Net Cash from Continuing Operations | 117.6 | (648.6) | 190.6 | (714.0) | 238.3 | (132.2) | 736.2 | 583.5 | 476.5 | (324.6) | 190.9 | (370.9) |
| Net Cash from Discontinued Operations | — | — | — | — | 0.0 | — | — | — | 2.5 | (37.1) | — | — |
| Net Cash - Beginning Balance | 2,637.1 | 3,285.7 | 3,095.1 | 3,809.1 | 3,570.8 | 3,703.0 | 2,966.8 | 2,383.3 | 1,904.4 | 2,266.1 | 2,075.2 | 2,446.1 |
| Net Cash - Ending Balance | 2,783.9 | 2,637.1 | 3,285.7 | 3,095.1 | 3,809.1 | 3,570.8 | 3,703.0 | 2,966.8 | 2,383.3 | 1,904.4 | 2,266.1 | 2,075.2 |
| Income Taxes - Paid/(Reimbursed) - Cash Flow - Supplemental | 571.4 | 606.4 | 620.7 | 469.9 | 555.0 | 392.8 | 394.7 | 248.6 | 310.5 | 189.3 | 199.5 | 167.4 |
| Interest Paid - Cash Flow - Supplemental | 58.8 | 61.9 | 55.8 | 54.3 | 80.2 | 91.6 | 136.3 | 81.0 | 84.6 | 85.1 | 147.5 | 78.5 |
| Interest & Dividends - Received - Cash Flow - Supplemental | 43.8 | 56.4 | 59.0 | 70.9 | 191.8 | 70.2 | 68.0 | 24.7 | 25.6 | 24.7 | 27.0 | 22.9 |
| CF from Optg Activities before Change in WC & Int Payments | 764.6 | 883.4 | 1,340.8 | 1,185.4 | 703.9 | 1,218.7 | 1,370.8 | 1,132.6 | 623.8 | 780.6 | 813.5 | 850.6 |
| Depreciation, Depletion & Amortization - Cash Flow | — | 296.4 | 288.8 | 282.5 | 274.6 | 275.7 | 268.2 | 267.7 | 256.4 | 278.9 | 274.8 | 255.5 |
| Free Cash Flow to Equity | (231.5) | (81.5) | 767.8 | (445.0) | 607.0 | 444.8 | 1,195.7 | 268.5 | 655.2 | (309.7) | 214.4 | (201.0) |
| Free Cash Flow Net of Dividends | (604.6) | (62.0) | 142.9 | (386.0) | 710.2 | 338.6 | 964.1 | 546.4 | 797.9 | (51.7) | 275.1 | 2.9 |
| Free Cash Flow | (604.0) | (58.9) | 441.8 | (385.9) | 710.9 | 341.8 | 1,113.8 | 546.6 | 899.5 | (51.2) | 354.2 | 3.5 |
Every line the company reported, in the original order and wording, without regrouping or signs changed. Latest 12 periods; the table above goes back further.