| Market Cap | — | |
| Enterprise Value | — | |
| Revenue | $4.25B | +88.6% |
| Gross Profit | $3.80B | +87.5% |
| EBITDA | — | — |
| Net Income | $1.29B | +55.1% |
| Diluted EPS | $19.57 | +53.1% |
| Free Cash Flow | $679.0M | — |
| Ratio | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Trend · 7y | vs own | vs sector |
|---|---|---|---|---|---|---|---|---|---|---|
| ▾Margins | ||||||||||
| Gross Margin | — | 100.00% | 100.00% | 93.39% | 90.71% | 89.91% | 89.39% | 8% | 89% | |
| Operating Margin | −211.53% | −735.80% | −64.65% | −161.78% | −33.51% | −0.96% | 24.81% | 93% | 94% | |
| NOPAT Margin | −167.11% | −581.28% | −51.08% | −127.80% | −26.47% | −0.96% | 24.81% | 93% | 95% | |
| Net Margin | −192.72% | −937.37% | −75.69% | −159.36% | −23.26% | 36.99% | 30.41% | 79% | 94% | |
| FCF Margin | 159.36% | −615.51% | −113.17% | −193.96% | −33.20% | −3.75% | 15.98% | 79% | 84% | |
| FCFF Margin | — | — | — | — | — | −3.64% | 16.08% | 75% | 52% | |
| OCF Margin | 161.27% | −613.86% | −112.49% | −193.77% | −33.13% | −3.67% | 16.13% | 79% | 81% | |
| Gross Profitability | — | 2.85% | 18.93% | 13.27% | 25.33% | 32.64% | 43.74% | 92% | 71% | |
| Capex Intensity | 1.91% | 1.65% | 0.67% | 0.19% | 0.06% | 0.08% | 0.15% | 36% | 8% | |
| ▸Returns on Capital · 3 ratios | ||||||||||
| ▸DuPont factors (ROE drivers) · 4 ratios | ||||||||||
| ▸Earnings quality · 4 ratios | ||||||||||
| ▸Liquidity & coverage · 4 ratios | ||||||||||
| ▸Leverage · 2 ratios | ||||||||||
| ▸Working capital · 8 ratios | ||||||||||
| ▸Capital allocation · 1 ratios | ||||||||||
| ▸Per share · 3 ratios | ||||||||||
| ▸Other · 1 ratios | ||||||||||
The five drivers multiply to 20.6% vs reported ROE 20.2%. High ROE from margin and turnover is earned; from the equity multiplier it is borrowed.
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|
| Revenue | $94.0M | $64.9M | $539.4M | $445.3M | $1.27B | $2.25B | $4.25B |
| YoY % | -31.0% | +731.0% | -17.5% | +184.9% | +77.5% | +88.6% | |
| Cost of Revenue | — | $0 | $0 | $29.4M | $117.8M | $227.3M | $450.7M |
| YoY % | +300.4% | +92.9% | +98.3% | ||||
| R&D Expense | $220.8M | $370.9M | $580.5M | $663.4M | $859.5M | $983.4M | $1.36B |
| YoY % | +68.0% | +56.5% | +14.3% | +29.6% | +14.4% | +38.7% | |
| SG&A Expense | $72.1M | $171.6M | $307.6M | $472.1M | $711.9M | $1.06B | $1.37B |
| YoY % | +137.9% | +79.2% | +53.5% | +50.8% | +48.2% | +29.5% | |
| Total Operating Expenses | $292.9M | $542.5M | $888.2M | $1.17B | $1.69B | $2.27B | $3.19B |
| YoY % | +85.2% | +63.7% | +31.2% | +45.3% | +34.2% | +40.5% | |
| Operating Income | -$198.9M | -$477.6M | -$348.7M | -$720.3M | -$425.0M | -$21.7M | $1.05B |
| Interest Expense | — | $8.0M | $4.6M | $3.9M | $906,000 | $2.5M | $4.1M |
| YoY % | -42.5% | -14.7% | -76.8% | +172.0% | +65.7% | ||
| Interest & Investment Income | — | $6.5M | $3.6M | $27.7M | $107.4M | $157.5M | $163.1M |
| YoY % | -43.8% | +661.5% | +288.2% | +46.7% | +3.5% | ||
| Equity Method Income | — | — | — | — | -$4.4M | -$7.6M | -$12.4M |
| Pretax Income | -$175.9M | -$605.4M | -$399.7M | -$729.3M | -$304.5M | $85.2M | $1.28B |
| YoY % | +1401.1% | ||||||
| Income Tax | $5.3M | $3.1M | $8.5M | -$19.7M | -$9.4M | -$747.9M | -$13.4M |
| YoY % | -41.3% | +174.6% | |||||
| Net Income (incl. NCI) | -$181.2M | -$608.5M | -$408.3M | -$709.6M | -$295.1M | $833.0M | $1.29B |
| YoY % | +55.1% | ||||||
| Net Income | -$181.2M | -$608.5M | -$408.3M | -$709.6M | -$295.1M | $833.0M | $1.29B |
| YoY % | +55.1% | ||||||
| EPS (Basic) | — | — | -$7.99 | -$13.05 | -$5.16 | $13.92 | $21.08 |
| YoY % | +51.4% | ||||||
| EPS (Diluted) | — | — | -$7.99 | -$13.05 | -$5.16 | $12.78 | $19.57 |
| YoY % | +53.1% | ||||||
| Weighted Avg Shares (Basic) | 38.6M | 45.4M | 51.1M | 54.4M | 57.2M | 59.9M | 61.3M |
| YoY % | +17.6% | +12.5% | +6.5% | +5.1% | +4.7% | +2.4% | |
| Weighted Avg Shares (Diluted) | — | — | — | 54.4M | 57.2M | 65.2M | 66.0M |
| YoY % | +5.1% | +14.0% | +1.3% |
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.
