| Market Cap | $21.62B | |
| Enterprise Value | $19.62B | |
| Revenue | $2.23B | −39.9% |
| Gross Profit | $492.0M | −39.3% |
| EBITDA | -$3.18B | — |
| Net Income | -$3.19B | — |
| Diluted EPS | -$7.26 | — |
| Free Cash Flow | -$1.60B | — |
| Ratio | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Trend · 10y | vs own | vs sector |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| ▾Margins | |||||||||||||
| Gross Margin | — | — | 100.00% | 100.00% | 99.00% | 85.83% | 71.88% | 31.47% | 54.76% | 55.35% | 31% | 41% | |
| Operating Margin | −206.44% | −130.87% | −305.97% | −910.00% | −95.02% | 71.98% | 48.90% | −61.90% | −121.91% | −158.13% | 35% | 36% | |
| EBITDA Margin | −192.50% | −120.89% | −287.56% | −858.33% | −91.16% | 73.24% | 50.71% | −52.89% | −116.19% | −147.27% | 35% | 35% | |
| NOPAT Margin | — | — | — | −718.90% | −75.06% | 66.12% | 42.71% | −48.90% | −96.31% | −124.92% | 21% | 29% | |
| Net Margin | −199.46% | −124.34% | −284.84% | −856.67% | −93.03% | 66.06% | 43.41% | −68.84% | −110.04% | −145.16% | 35% | 35% | |
| FCF Margin | 30.99% | −189.43% | −323.27% | −818.33% | 243.96% | 72.20% | 23.78% | −55.86% | −125.31% | −106.22% | 45% | 34% | |
| OCF Margin | 61.57% | −161.05% | −244.96% | −765.00% | 252.43% | 73.74% | 25.86% | −45.53% | −92.83% | −96.35% | 35% | 37% | |
| Gross Profitability | — | — | 6.88% | 3.77% | 10.84% | 64.27% | 53.55% | 11.70% | 12.53% | 8.72% | 31% | 23% | |
| Capex Intensity | 30.58% | 28.37% | 78.31% | 53.33% | 8.47% | 1.54% | 2.08% | 10.32% | 32.48% | 9.88% | 35% | 82% | |
| ▸Returns on Capital · 5 ratios | |||||||||||||
| ▸DuPont factors (ROE drivers) · 4 ratios | |||||||||||||
| ▸Earnings quality · 7 ratios | |||||||||||||
| ▸Liquidity & coverage · 5 ratios | |||||||||||||
| ▸Leverage · 8 ratios | |||||||||||||
| ▸Working capital · 8 ratios | |||||||||||||
| ▸Capital allocation · 2 ratios | |||||||||||||
| ▸Per share · 6 ratios | |||||||||||||
| ▸Other · 1 ratios | |||||||||||||
The five drivers multiply to 44.8% vs reported ROE 50.3%. High ROE from margin and turnover is earned; from the equity multiplier it is borrowed.
| Line | 2016↗ | 2017↗ | 2018↗ | 2019↗ | 2020↗ | 2021↗ | 2022↗ | 2023↗ | 2024↗ | 2025↗ |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $108.4M | $205.8M | $135.1M | $60.0M | $803.0M | $18.47B | $19.26B | $6.85B | $3.24B | $1.94B |
| YoY % | +89.9% | -34.4% | -55.6% | +1238.3% | +2200.2% | +4.3% | -64.4% | -52.7% | -39.9% | |
| Cost of Revenue | — | — | $0 | $0 | $8.0M | $2.62B | $5.42B | $4.69B | $1.46B | $868.0M |
| YoY % | +32612.5% | +107.0% | -13.3% | -68.8% | -40.7% | |||||
| R&D Expense | $274.7M | $410.5M | $454.1M | $496.0M | $1.37B | $1.99B | $3.29B | $4.84B | $4.54B | $3.13B |
| YoY % | +49.4% | +10.6% | +9.2% | +176.2% | +45.3% | +65.5% | +47.0% | -6.2% | -31.1% | |
| SG&A Expense | $57.5M | $64.7M | $94.3M | $110.0M | $188.0M | $567.0M | $1.13B | $1.55B | $1.17B | $1.02B |
| YoY % | +12.7% | +45.6% | +16.7% | +70.9% | +201.6% | +99.6% | +36.8% | -24.2% | -13.3% | |
| Total Operating Expenses | — | — | $548.3M | $606.0M | $1.57B | $5.17B | $9.84B | $11.09B | $7.18B | $5.02B |
| YoY % | +10.5% | +158.4% | +230.5% | +90.2% | +12.6% | -35.2% | -30.1% | |||
| Operating Income | -$223.8M | -$269.4M | -$413.3M | -$546.0M | -$763.0M | $13.30B | $9.42B | -$4.24B | -$3.94B | -$3.07B |
| YoY % | -29.2% | |||||||||
| Interest & Investment Income | $11.3M | $15.2M | $27.0M | $39.0M | $25.0M | $18.0M | $200.0M | $421.0M | $425.0M | $314.0M |
| YoY % | +34.7% | +77.4% | +44.3% | -35.9% | -28.0% | +1011.1% | +110.5% | +1.0% | -26.1% | |
| Other Non-Operating Income | -$2.7M | -$1.9M | $1.8M | -$8.0M | -$6.0M | -$29.0M | -$45.0M | -$124.0M | -$87.0M | -$8.0M |
| Impairment of Real Estate | — | — | — | — | $0 | $0 | $0 | $0 | $0 | $0 |
| Pretax Income | — | — | — | -$515.0M | -$744.0M | $13.29B | $9.57B | -$3.94B | -$3.61B | -$2.77B |
| YoY % | -27.9% | |||||||||
| Income Tax | $1.0M | -$80,000 | $326,000 | -$1.0M | $3.0M | $1.08B | $1.21B | $772.0M | -$46.0M | $54.0M |
| YoY % | +36000.0% | +12.0% | -36.4% | |||||||
| Net Income | -$216.2M | -$255.9M | -$384.7M | -$514.0M | -$747.0M | $12.20B | $8.36B | -$4.71B | -$3.56B | -$2.82B |
| YoY % | -31.5% | |||||||||
| Net Income to Common | -$230.3M | -$269.8M | -$401.9M | -$514.0M | -$747.1M | — | — | — | — | — |
| EPS (Basic) | — | — | — | -$1.55 | -$1.96 | $30.31 | $21.26 | -$12.33 | -$9.28 | -$7.26 |
| YoY % | -29.9% | |||||||||
| EPS (Diluted) | — | — | — | -$1.55 | -$1.96 | $28.29 | $20.12 | -$12.33 | -$9.28 | -$7.26 |
| YoY % | -28.9% | |||||||||
| Weighted Avg Shares (Basic) | — | — | — | 331.0M | 381.0M | 403.0M | 394.0M | 382.0M | 384.0M | 389.0M |
| YoY % | +15.1% | +5.8% | -2.2% | -3.0% | +0.5% | +1.3% | ||||
| Weighted Avg Shares (Diluted) | — | — | — | 331.0M | 381.0M | 431.0M | 416.0M | 382.0M | 384.0M | 389.0M |
| YoY % | +15.1% | +13.1% | -3.5% | -8.2% | +0.5% | +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.
