| Market Cap | $198.92B | |
| Enterprise Value | — | |
| Revenue | $9.71B | +28.6% |
| Gross Profit | $6.17B | +28.4% |
| EBITDA | $4.24B | +30.7% |
| Net Income | $3.72B | +23.1% |
| Diluted EPS | $2.75 | +23.3% |
| Free Cash Flow | $5.30B | +15.7% |
| Ratio | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Trend · 12y | vs own | vs sector |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| ▾Margins | |||||||||||||||
| Gross Margin | — | 64.90% | 64.04% | 64.50% | 63.84% | 64.06% | 63.94% | 63.80% | 61.07% | 61.95% | 64.13% | 64.06% | 59% | 68% | |
| Operating Margin | 21.49% | 17.83% | 21.56% | 28.57% | 12.71% | 33.42% | 30.19% | 31.37% | 34.86% | 38.52% | 42.05% | 42.82% | 96% | 98% | |
| EBITDA Margin | 23.20% | 19.46% | 23.31% | 29.82% | 13.99% | 34.79% | 31.71% | 33.08% | 36.29% | 39.72% | 42.93% | 43.62% | 96% | 97% | |
| NOPAT Margin | 15.36% | 14.79% | 16.39% | 25.46% | 12.71% | 33.33% | 25.93% | 28.33% | 29.80% | 33.20% | 36.73% | 35.38% | 88% | 99% | |
| Net Margin | 14.87% | 14.46% | 16.31% | 25.71% | 15.25% | 35.67% | 27.38% | 28.52% | 30.87% | 35.62% | 40.73% | 38.99% | 88% | 96% | |
| FCF Margin | — | — | — | — | 22.28% | 39.29% | 31.06% | 32.26% | 10.23% | 34.12% | 52.49% | 47.22% | 81% | 99% | |
| FCFF Margin | — | — | — | — | 22.40% | — | — | — | — | — | — | — | — | — | — |
| OCF Margin | 22.58% | 28.39% | 15.44% | 38.37% | 23.39% | 39.95% | 31.72% | 34.46% | 11.25% | 34.71% | 52.95% | 48.55% | 88% | 99% | |
| Gross Profitability | 48.35% | 46.86% | 41.82% | 43.15% | 44.56% | 36.90% | 31.27% | 32.80% | 39.49% | 36.46% | 31.98% | 29.66% | 4% | 57% | |
| Capex Intensity | — | — | — | — | 1.11% | 0.65% | 0.66% | 2.20% | 1.02% | 0.59% | 0.46% | 1.33% | 81% | 42% | |
| ▸Returns on Capital · 3 ratios | |||||||||||||||
| ▸DuPont factors (ROE drivers) · 4 ratios | |||||||||||||||
| ▸Earnings quality · 6 ratios | |||||||||||||||
| ▸Liquidity & coverage · 6 ratios | |||||||||||||||
| ▸Leverage · 2 ratios | |||||||||||||||
| ▸Working capital · 8 ratios | |||||||||||||||
| ▸Capital allocation · 2 ratios | |||||||||||||||
| ▸Per share · 6 ratios | |||||||||||||||
| ▸Other · 1 ratios | |||||||||||||||
The five drivers multiply to 33.0% vs reported ROE 31.4%. 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 | $584.1M | $837.6M | $1.13B | $1.65B | $2.15B | $2.41B | $2.32B | $2.95B | $4.38B | $5.86B | $7.00B | $9.01B |
| YoY % | +43.4% | +34.8% | +45.8% | +30.7% | +12.1% | -3.9% | +27.2% | +48.6% | +33.8% | +19.5% | +28.6% | |
| Cost of Revenue | — | $294.0M | $406.1M | $584.4M | $778.0M | $866.4M | $835.6M | $1.07B | $1.71B | $2.23B | $2.51B | $3.24B |
| YoY % | +38.1% | +43.9% | +33.1% | +11.4% | -3.5% | +27.7% | +59.8% | +30.7% | +12.6% | +28.9% | ||
| Gross Profit | $392.1M | $543.6M | $723.1M | $1.06B | $1.37B | $1.54B | $1.48B | $1.88B | $2.68B | $3.63B | $4.49B | $5.77B |
| YoY % | +38.6% | +33.0% | +46.8% | +29.3% | +12.4% | -4.0% | +26.9% | +42.3% | +35.7% | +23.7% | +28.4% | |
| R&D Expense | $148.9M | $209.4M | $273.6M | $349.6M | $442.5M | $462.8M | $486.6M | $586.8M | $728.4M | $854.9M | $996.7M | $1.24B |
| YoY % | +40.7% | +30.6% | +27.8% | +26.6% | +4.6% | +5.2% | +20.6% | +24.1% | +17.4% | +16.6% | +24.1% | |
| Selling & Marketing Expense | $85.3M | $109.1M | $130.9M | $155.1M | $187.1M | $213.9M | $229.4M | $286.2M | $327.0M | $399.0M | $427.3M | $533.4M |
| YoY % | +27.8% | +20.0% | +18.5% | +20.7% | +14.3% | +7.2% | +24.8% | +14.3% | +22.0% | +7.1% | +24.8% | |
| SG&A Expense | $32.3M | $75.7M | $75.2M | $86.8M | $65.4M | $61.9M | $66.2M | $83.1M | $93.2M | $119.1M | $122.7M | $141.9M |
| YoY % | +134.2% | -0.6% | +15.4% | -24.6% | -5.4% | +7.0% | +25.5% | +12.2% | +27.7% | +3.0% | +15.6% | |
| Total Operating Expenses | $266.6M | $394.3M | $479.7M | $591.5M | $1.10B | $738.6M | $782.2M | $956.0M | $1.15B | $1.37B | $1.55B | $1.91B |
| YoY % | +47.9% | +21.7% | +23.3% | +86.0% | -32.9% | +5.9% | +22.2% | +20.1% | +19.5% | +12.7% | +23.7% | |
| Operating Income | $125.5M | $149.3M | $243.4M | $470.3M | $273.3M | $805.8M | $699.7M | $924.7M | $1.53B | $2.26B | $2.94B | $3.86B |
| YoY % | +19.0% | +63.0% | +93.2% | -41.9% | +194.8% | -13.2% | +32.2% | +65.1% | +47.8% | +30.4% | +31.0% | |
| Interest Expense | — | — | $3.1M | $2.8M | $2.7M | — | — | — | — | — | — | — |
| YoY % | -11.4% | -2.8% | ||||||||||
| Other Non-Operating Income | -$4.0M | -$3.3M | -$1.2M | $4.5M | $15.5M | $56.5M | $39.2M | $6.1M | $54.7M | $164.7M | $320.5M | $393.6M |
| YoY % | +244.3% | +265.6% | -30.7% | -84.3% | +790.7% | +201.2% | +94.6% | +22.8% | ||||
| Impairment of Real Estate | — | — | — | — | — | — | $0 | $0 | $0 | $0 | $0 | $0 |
| Pretax Income | $121.5M | $146.0M | $242.2M | $474.8M | $288.8M | $862.3M | $738.9M | $930.9M | $1.58B | $2.42B | $3.27B | $4.25B |
| YoY % | +20.2% | +65.9% | +96.0% | -39.2% | +198.6% | -14.3% | +26.0% | +69.9% | +53.1% | +34.8% | +30.2% | |
| Income Tax | $34.7M | $24.9M | $58.0M | $51.6M | -$39.3M | $2.4M | $104.3M | $90.0M | $229.3M | $334.7M | $413.0M | $738.3M |
| YoY % | -28.1% | +133.0% | -11.2% | +4240.7% | -13.7% | +154.8% | +45.9% | +23.4% | +78.8% | |||
| Net Income | $86.8M | $121.1M | $184.2M | $423.2M | $328.1M | $859.9M | $634.6M | $840.9M | $1.35B | $2.09B | $2.85B | $3.51B |
| YoY % | +39.4% | +52.1% | +129.8% | -22.5% | +162.1% | -26.2% | +32.5% | +60.8% | +54.3% | +36.6% | +23.1% | |
| Net Income to Common | $68.9M | $119.1M | $183.0M | $422.4M | $327.9M | $859.4M | $634.6M | $840.9M | $1.35B | $2.09B | $2.85B | $3.51B |
| YoY % | +72.9% | +53.6% | +130.9% | -22.4% | +162.1% | -26.2% | +32.5% | +60.8% | +54.3% | +36.6% | +23.1% | |
| EPS (Basic) | $1.42 | $1.81 | $2.66 | $5.85 | $4.39 | $2.82 | $2.09 | $2.74 | $1.10 | $1.69 | $2.27 | $2.79 |
| YoY % | +27.5% | +47.0% | +119.9% | -25.0% | -35.8% | -25.9% | +31.1% | -59.9% | +53.6% | +34.3% | +22.9% | |
| EPS (Diluted) | $1.29 | $1.67 | $2.50 | $5.35 | $4.06 | $2.66 | $2.00 | $2.63 | $1.07 | $1.65 | $2.23 | $2.75 |
| YoY % | +29.5% | +49.7% | +114.0% | -24.1% | -34.5% | -24.8% | +31.5% | -59.3% | +54.2% | +35.2% | +23.3% | |
| Weighted Avg Shares (Basic) | 48.4M | 66.0M | 68.8M | 72.3M | 74.8M | 305.2M | 303.9M | 306.5M | 1.23B | 1.24B | 1.26B | 1.26B |
| YoY % | +36.2% | +4.3% | +5.1% | +3.4% | +308.4% | -0.4% | +0.8% | +299.9% | +0.9% | +1.5% | +0.1% | |
| Weighted Avg Shares (Diluted) | 54.6M | 71.4M | 73.2M | 79.0M | 80.8M | 323.5M | 317.9M | 319.2M | 1.27B | 1.27B | 1.28B | 1.28B |
| YoY % | +30.8% | +2.5% | +7.9% | +2.4% | +300.2% | -1.7% | +0.4% | +296.5% | +0.2% | +1.0% | -0.4% |
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.
