| Market Cap | $104.71B | |
| Enterprise Value | $105.73B | |
| Revenue | $25.20B | +10.5% |
| Gross Profit | $22.53B | +10.8% |
| EBITDA | $9.85B | +25.3% |
| Net Income | $7.23B | +28.2% |
| Diluted EPS | $16.70 | +35.1% |
| Free Cash Flow | $10.28B | +25.1% |
| Ratio | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Trend · 12y | vs own | vs sector |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| ▾Margins | |||||||||||||||
| Gross Margin | 85.00% | 84.48% | 86.00% | 86.16% | 86.77% | 85.02% | 86.62% | 88.18% | 87.70% | 87.87% | 89.04% | 89.27% | 96% | 96% | |
| Operating Margin | 9.95% | 18.83% | 25.51% | 29.69% | 31.45% | 29.25% | 32.93% | 36.76% | 34.64% | 34.26% | 31.35% | 36.63% | 88% | 97% | |
| EBITDA Margin | 17.51% | 25.91% | 31.18% | 34.16% | 35.28% | 36.03% | 38.81% | 41.75% | 39.50% | 38.76% | 35.33% | 40.07% | 88% | 96% | |
| NOPAT Margin | 7.39% | 13.57% | 20.78% | 23.53% | 29.17% | 26.94% | 32.93% | 31.07% | 27.42% | 27.35% | 25.15% | 29.90% | 79% | 97% | |
| Net Margin | 6.47% | 13.13% | 19.96% | 23.20% | 28.69% | 26.42% | 40.88% | 30.55% | 27.01% | 27.97% | 25.85% | 30.00% | 79% | 94% | |
| FCF Margin | 27.47% | 26.79% | 34.09% | 37.45% | 41.66% | 36.05% | 41.25% | 43.60% | 42.01% | 35.77% | 36.61% | 41.45% | 71% | 98% | |
| FCFF Margin | — | — | — | — | — | — | — | — | 42.51% | 36.23% | 37.24% | 42.35% | 63% | 98% | |
| FCFE Margin | 27.47% | 47.42% | 34.09% | — | 41.66% | 36.05% | 16.77% | 43.60% | 42.01% | 33.19% | 45.90% | 43.54% | 68% | 94% | |
| OCF Margin | 31.05% | 30.64% | 37.57% | 39.89% | 44.62% | 39.58% | 44.51% | 45.80% | 44.52% | 37.62% | 37.46% | 42.20% | 63% | 96% | |
| Gross Profitability | 32.68% | 34.55% | 39.65% | 43.28% | 41.75% | 45.75% | 45.90% | 51.10% | 56.84% | 57.27% | 63.34% | 71.94% | 96% | 93% | |
| Capex Intensity | 3.58% | 3.86% | 3.48% | 2.44% | 2.96% | 3.54% | 3.26% | 2.20% | 2.51% | 1.85% | 0.85% | 0.75% | 4% | 29% | |
| ▸Returns on Capital · 6 ratios | |||||||||||||||
| ▸DuPont factors (ROE drivers) · 4 ratios | |||||||||||||||
| ▸Earnings quality · 7 ratios | |||||||||||||||
| ▸Liquidity & coverage · 8 ratios | |||||||||||||||
| ▸Leverage · 9 ratios | |||||||||||||||
| ▸Working capital · 5 ratios | |||||||||||||||
| ▸Capital allocation · 2 ratios | |||||||||||||||
| ▸Per share · 6 ratios | |||||||||||||||
| ▸Other · 1 ratios | |||||||||||||||
The five drivers multiply to 60.6% vs reported ROE 55.4%. High ROE from margin and turnover is earned; from the equity multiplier it is borrowed.
| Line | 2014↗ | 2015↗ | 2016↗ | 2017↗ | 2018↗ | 2019↗ | 2020↗ | 2021↗ | 2022↗ | 2023↗ | 2024↗ | 2025↗ |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $4.15B | $4.80B | $5.85B | $7.30B | $9.03B | $11.17B | $12.87B | $15.79B | $17.61B | $19.41B | $21.50B | $23.77B |
| YoY % | +15.6% | +22.1% | +24.7% | +23.7% | +23.7% | +15.2% | +22.7% | +11.5% | +10.2% | +10.8% | +10.5% | |
| Cost of Revenue | $622.1M | $744.3M | $819.9M | $1.01B | $1.20B | $1.67B | $1.72B | $1.86B | $2.17B | $2.35B | $2.36B | $2.55B |
| YoY % | +19.6% | +10.2% | +23.2% | +18.3% | +40.0% | +2.9% | +8.3% | +16.1% | +8.7% | +0.2% | +8.2% | |
| Gross Profit | $3.52B | $4.05B | $5.03B | $6.29B | $7.83B | $9.50B | $11.15B | $13.92B | $15.44B | $17.05B | $19.15B | $21.22B |
| YoY % | +14.9% | +24.3% | +25.0% | +24.5% | +21.2% | +17.4% | +24.9% | +10.9% | +10.5% | +12.3% | +10.8% | |
| R&D Expense | — | $862.7M | $976.0M | $1.22B | $1.54B | $1.93B | $2.19B | $2.54B | $2.99B | $3.47B | $3.94B | $4.29B |
| YoY % | +13.1% | +25.4% | +25.6% | +25.5% | +13.4% | +16.1% | +17.6% | +16.3% | +13.6% | +8.9% | ||
| Selling & Marketing Expense | $1.65B | $1.68B | $1.91B | $2.20B | $2.62B | $3.24B | $3.59B | $4.32B | $4.97B | $5.35B | $5.76B | $6.49B |
| YoY % | +1.9% | +13.5% | +15.0% | +19.3% | +23.8% | +10.7% | +20.3% | +15.0% | +7.7% | +7.7% | +12.6% | |
| SG&A Expense | $543.3M | $533.5M | $576.2M | $624.7M | $745.0M | $881.0M | $968.0M | $1.08B | $1.22B | $1.41B | $1.53B | $1.57B |
| YoY % | -1.8% | +8.0% | +8.4% | +19.3% | +18.3% | +9.9% | +12.1% | +12.4% | +15.9% | +8.2% | +2.9% | |
| Total Operating Expenses | $3.11B | $3.15B | $3.54B | $4.12B | $5.00B | $6.23B | $6.91B | $8.12B | $9.34B | $10.40B | $12.41B | $12.51B |
| YoY % | +1.2% | +12.5% | +16.4% | +21.2% | +24.7% | +10.9% | +17.5% | +15.1% | +11.4% | +19.2% | +0.9% | |
| Operating Income | $412.7M | $903.1M | $1.49B | $2.17B | $2.84B | $3.27B | $4.24B | $5.80B | $6.10B | $6.65B | $6.74B | $8.71B |
| YoY % | +118.8% | +65.4% | +45.2% | +31.0% | +15.1% | +29.7% | +36.9% | +5.1% | +9.1% | +1.4% | +29.1% | |
| Interest Expense | — | — | — | — | — | — | — | — | $112.0M | $113.0M | $169.0M | $263.0M |
| YoY % | +0.9% | +49.6% | +55.6% | |||||||||
| Interest & Investment Income | $21.4M | $28.8M | $47.3M | $66.1M | $93.0M | $68.0M | $43.0M | $17.0M | $61.0M | $269.0M | $341.0M | $264.0M |
| YoY % | +34.7% | +64.6% | +39.6% | +40.8% | -26.9% | -36.8% | -60.5% | +258.8% | +341.0% | +26.8% | -22.6% | |
| Other Non-Operating Income | $825,000 | $22.3M | $29,000 | $83,000 | — | — | — | — | — | $246.0M | $311.0M | $248.0M |
| YoY % | +2606.1% | -99.9% | +186.2% | +26.4% | -20.3% | |||||||
| Pretax Income | $361.4M | $873.8M | $1.44B | $2.14B | $2.79B | $3.21B | $4.18B | $5.71B | $6.01B | $6.80B | $6.93B | $8.73B |
| YoY % | +141.8% | +64.2% | +49.0% | +30.7% | +14.7% | +30.3% | +36.6% | +5.3% | +13.2% | +1.9% | +26.0% | |
| Income Tax | $93.0M | $244.2M | $266.4M | $443.7M | $203.0M | $254.0M | -$1.08B | $883.0M | $1.25B | $1.37B | $1.37B | $1.60B |
| YoY % | +162.7% | +9.1% | +66.6% | -54.2% | +25.1% | +41.8% | +9.5% | 0.0% | +17.0% | |||
| Net Income | $268.4M | $629.6M | $1.17B | $1.69B | $2.59B | $2.95B | $5.26B | $4.82B | $4.76B | $5.43B | $5.56B | $7.13B |
| YoY % | +134.6% | +85.7% | +44.9% | +53.0% | +13.9% | +78.2% | -8.3% | -1.4% | +14.1% | +2.4% | +28.2% | |
| EPS (Basic) | $0.54 | $1.26 | $2.35 | $3.43 | $5.28 | $6.07 | $10.94 | $10.10 | $10.13 | $11.87 | $12.43 | $16.73 |
| YoY % | +133.3% | +86.5% | +46.0% | +53.9% | +15.0% | +80.2% | -7.7% | +0.3% | +17.2% | +4.7% | +34.6% | |
| EPS (Diluted) | $0.53 | $1.24 | $2.32 | $3.38 | $5.20 | $6.00 | $10.83 | $10.02 | $10.10 | $11.82 | $12.36 | $16.70 |
| YoY % | +134.0% | +87.1% | +45.7% | +53.8% | +15.4% | +80.5% | -7.5% | +0.8% | +17.0% | +4.6% | +35.1% | |
| Weighted Avg Shares (Basic) | 497.9M | 498.8M | 498.3M | 493.6M | 490.6M | 486.3M | 480.9M | 477.3M | 469.5M | 457.1M | 447.1M | 426.2M |
| YoY % | +0.2% | -0.1% | -0.9% | -0.6% | -0.9% | -1.1% | -0.7% | -1.6% | -2.6% | -2.2% | -4.7% | |
| Weighted Avg Shares (Diluted) | 508.5M | 507.2M | 504.3M | 501.1M | 497.8M | 491.6M | 485.5M | 481.0M | 470.9M | 459.1M | 449.7M | 427.0M |
| YoY % | -0.3% | -0.6% | -0.6% | -0.7% | -1.2% | -1.2% | -0.9% | -2.1% | -2.5% | -2.0% | -5.0% |
The sector classification is SIC-derived, not official GICS. Statement lines are XBRL facts as filed with the company's home regulator (SEC EDGAR for US filers; ESEF/EDINET and other national regulators for foreign filers); ratios and other derived figures are computed from them. A blank cell means the tag was absent — never imputed.
