| Market Cap | $43.06B | |
| Enterprise Value | $46.32B | |
| Revenue | $42.20B | +13.4% |
| Gross Profit | $7.81B | +8.8% |
| EBITDA | $2.76B | +18.9% |
| Net Income | $1.31B | +19.5% |
| Diluted EPS | $3.85 | +22.6% |
| Free Cash Flow | $897.0M | −14.8% |
| Ratio | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Trend · 12y | vs own | vs sector |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| ▾Margins | |||||||||||||||
| Gross Margin | — | 99.63% | 99.55% | 23.21% | 22.92% | 21.78% | 20.06% | 22.22% | 21.37% | 19.64% | 19.45% | 18.66% | 5% | 18% | |
| Operating Margin | 8.75% | 7.70% | 4.70% | 5.79% | 5.10% | 5.27% | 4.07% | 5.90% | 4.90% | 3.50% | 3.95% | 4.32% | 29% | 28% | |
| EBITDA Margin | 11.68% | 10.59% | 6.82% | 7.97% | 7.22% | 7.11% | 6.18% | 7.80% | 6.89% | 5.44% | 5.83% | 6.12% | 21% | 19% | |
| NOPAT Margin | 5.78% | 4.89% | 3.12% | 3.48% | 3.94% | 5.00% | 3.17% | 4.51% | 4.21% | 2.81% | 3.36% | 3.46% | 38% | 26% | |
| Net Margin | 5.35% | 5.04% | 3.30% | 3.74% | 4.98% | 5.37% | 3.16% | 6.62% | 4.56% | 3.09% | 2.71% | 2.85% | 13% | 36% | |
| FCF Margin | — | — | — | — | — | — | — | 7.76% | 4.44% | 0.55% | 3.92% | 2.94% | 30% | 40% | |
| OCF Margin | — | — | 3.55% | 4.80% | 5.30% | 5.12% | 7.68% | 8.52% | 5.28% | 1.50% | 4.78% | 3.84% | 25% | 20% | |
| Gross Profitability | — | 98.16% | 160.40% | 36.90% | 36.35% | 32.14% | 26.49% | 27.93% | 32.12% | 27.83% | 28.53% | 24.50% | 5% | 92% | |
| Capex Intensity | — | — | — | — | — | — | — | 0.76% | 0.84% | 0.95% | 0.86% | 0.90% | 70% | 35% | |
| ▸Returns on Capital · 6 ratios | |||||||||||||||
| ▸DuPont factors (ROE drivers) · 4 ratios | |||||||||||||||
| ▸Earnings quality · 7 ratios | |||||||||||||||
| ▸Liquidity & coverage · 7 ratios | |||||||||||||||
| ▸Leverage · 9 ratios | |||||||||||||||
| ▸Working capital · 3 ratios | |||||||||||||||
| ▸Capital allocation · 2 ratios | |||||||||||||||
| ▸Per share · 6 ratios | |||||||||||||||
The five drivers multiply to 14.6% vs reported ROE 13.4%. 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 | $9.05B | $10.86B | $17.37B | $18.63B | $21.34B | $23.89B | $23.83B | $27.75B | $30.83B | $31.95B | $35.77B | $40.55B |
| YoY % | +20.0% | +60.0% | +7.3% | +14.6% | +12.0% | -0.3% | +16.5% | +11.1% | +3.6% | +12.0% | +13.4% | |
| Cost of Revenue | — | $40.4M | $78.5M | $14.31B | $16.45B | $18.69B | $19.05B | $21.58B | $24.24B | $25.68B | $28.81B | $32.98B |
| YoY % | +94.0% | +18133.3% | +15.0% | +13.6% | +1.9% | +13.3% | +12.3% | +5.9% | +12.2% | +14.5% | ||
| Total Operating Expenses | $2.44B | $2.63B | $2.78B | $2.86B | $3.37B | — | — | — | — | — | — | — |
| YoY % | +8.0% | +5.6% | +2.8% | +17.7% | ||||||||
| Operating Income | $792.3M | $835.9M | $816.8M | $1.08B | $1.09B | $1.26B | $969.8M | $1.64B | $1.51B | $1.12B | $1.41B | $1.75B |
| YoY % | +5.5% | -2.3% | +32.1% | +0.9% | +15.8% | -23.0% | +68.8% | -7.6% | -26.1% | +26.5% | +24.1% | |
| Interest Expense | $112.0M | $118.9M | $144.9M | $136.8M | $107.3M | — | — | — | — | — | — | — |
| YoY % | +6.1% | +21.8% | -5.5% | -21.6% | ||||||||
| Interest & Investment Income | $6.2M | $6.3M | $8.1M | $9.9M | $8.6M | — | — | — | — | — | — | — |
| YoY % | +1.3% | +27.6% | +22.4% | -12.9% | ||||||||
| Other Non-Operating Income | $12.2M | -$3.8M | $4.7M | $9.4M | $93.0M | $28.9M | $17.4M | $204.0M | -$12.0M | $61.0M | $39.0M | $19.0M |
| YoY % | +100.6% | +889.0% | -68.9% | -39.8% | +1072.8% | -36.1% | -51.3% | |||||
| Equity Method Income | $101.7M | $162.8M | $197.4M | $210.2M | $324.7M | $160.9M | $126.2M | $619.0M | $229.0M | $248.0M | -$19.0M | $40.0M |
| YoY % | +60.1% | +21.2% | +6.5% | +54.4% | -50.4% | -21.6% | +390.6% | -63.0% | +8.3% | |||
| Gains on Sale of Real Estate | — | — | — | — | — | — | $87.8M | $71.0M | $244.0M | $27.0M | $142.0M | $459.0M |
| YoY % | -19.1% | +243.7% | -88.9% | +425.9% | +223.2% | |||||||
| Impairment of Real Estate | — | — | — | — | — | — | — | $0 | $0 | $0 | $0 | $0 |
| Pretax Income | $777.3M | $879.7M | $882.1M | $1.17B | $1.38B | $1.36B | $970.0M | $2.41B | $1.66B | $1.28B | $1.22B | $1.59B |
| YoY % | +13.2% | +0.3% | +32.8% | +17.7% | -1.3% | -28.7% | +148.5% | -31.2% | -23.0% | -4.6% | +30.9% | |
| Income Tax | $263.8M | $320.9M | $296.9M | $467.8M | $313.1M | $69.9M | $214.1M | $568.0M | $234.0M | $250.0M | $182.0M | $317.0M |
| YoY % | +21.6% | -7.5% | +57.5% | -33.1% | -77.7% | +206.3% | +165.3% | -58.8% | +6.8% | -27.2% | +74.2% | |
| Income from Continuing Operations | $484.5M | $547.1M | — | — | — | — | — | — | — | — | — | — |
| YoY % | +12.9% | |||||||||||
| Net Income (incl. NCI) | $513.5M | $558.9M | $585.2M | $703.6M | $1.07B | $1.29B | $755.9M | $1.84B | $1.42B | $1.03B | $1.04B | $1.28B |
| YoY % | +8.8% | +4.7% | +20.2% | +51.5% | +21.2% | -41.5% | +143.7% | -22.7% | -27.9% | +0.9% | +23.3% | |
| Minority Interest (P&L) | $29.0M | $11.7M | $12.1M | $6.5M | $2.7M | $9.1M | $3.9M | $5.0M | $17.0M | $41.0M | $68.0M | $120.0M |
| YoY % | -59.5% | +2.9% | -46.5% | -57.8% | +233.2% | -57.3% | +28.9% | +240.0% | +141.2% | +65.9% | +76.5% | |
| Net Income | $484.5M | $547.1M | $573.1M | $697.1M | $1.06B | $1.28B | $752.0M | $1.84B | $1.41B | $986.0M | $968.0M | $1.16B |
| YoY % | +12.9% | +4.7% | +21.6% | +52.5% | +20.6% | -41.4% | +144.3% | -23.4% | -29.9% | -1.8% | +19.5% | |
| EPS (Basic) | $1.47 | $1.64 | $1.71 | $2.06 | $3.13 | $3.82 | $2.24 | $5.48 | $4.36 | $3.20 | $3.16 | $3.88 |
| YoY % | +11.6% | +4.3% | +20.5% | +51.9% | +22.0% | -41.4% | +144.6% | -20.4% | -26.6% | -1.2% | +22.8% | |
| EPS (Diluted) | $1.45 | $1.63 | $1.69 | $2.05 | $3.10 | $3.77 | $2.22 | $5.41 | $4.29 | $3.15 | $3.14 | $3.85 |
| YoY % | +12.4% | +3.7% | +21.3% | +51.2% | +21.6% | -41.1% | +143.7% | -20.7% | -26.6% | -0.3% | +22.6% | |
| Weighted Avg Shares (Basic) | 330.6M | 332.6M | 335.4M | 337.7M | 339.3M | 335.8M | 335.2M | 335.2M | 322.8M | 308.4M | 305.9M | 298.2M |
| YoY % | +0.6% | +0.8% | +0.7% | +0.5% | -1.0% | -0.2% | +0.0% | -3.7% | -4.5% | -0.8% | -2.5% | |
| Weighted Avg Shares (Diluted) | 334.2M | 336.4M | 338.4M | 340.8M | 343.1M | 340.5M | 338.4M | 339.7M | 327.7M | 312.6M | 308.0M | 300.8M |
| YoY % | +0.7% | +0.6% | +0.7% | +0.7% | -0.8% | -0.6% | +0.4% | -3.5% | -4.6% | -1.4% | -2.4% |
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.
