Which of the following factors is NOT included in the Black-Scholes option pricing model?

The Black-Scholes option pricing model is designed to calculate the theoretical price of options based on several key variables. These variables include the current market price of the underlying stock, the exercise price (also known as the strike price), the risk-free interest rate, the time to expiration, and the expected volatility of the stock price. Additionally, the expected dividend yield can also be factored into the model, as dividends affect the price of options.

However, company revenue projections are not a component of the Black-Scholes model. While revenue projections may provide insight into a company's overall financial health and future performance, they do not directly impact the pricing of options in the context of the Black-Scholes framework. The model strictly focuses on market-driven factors and does not incorporate projected financial metrics such as revenues, earnings, or other company-specific forecasts. Thus, this distinguishes company revenue projections from the other factors included in the model.