| Market Cap | $256.03B | |
| Enterprise Value | — | |
| Revenue | $10.61B | +14.9% |
| Gross Profit | $7.63B | +13.4% |
| EBITDA | $1.62B | +64.0% |
| Net Income | $842.9M | −56.0% |
| Diluted EPS | $1.60 | −56.0% |
| Free Cash Flow | $3.79B | +11.9% |
| Ratio | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Trend · 12y | vs own | vs sector |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| ▾Margins | |||||||||||||||
| Gross Margin | 73.32% | 72.90% | 73.16% | 72.96% | 71.62% | 72.12% | 70.68% | 70.05% | 68.76% | 72.29% | 74.35% | 73.41% | 88% | 78% | |
| Operating Margin | −35.99% | −10.75% | −11.41% | −9.41% | −4.58% | −1.87% | −5.25% | −7.15% | −3.43% | 5.62% | 8.52% | 13.48% | 96% | 80% | |
| EBITDA Margin | −32.75% | −7.64% | −8.31% | −6.02% | −0.34% | 3.44% | 0.80% | −1.03% | 1.70% | 9.71% | 12.05% | 17.20% | 96% | 74% | |
| NOPAT Margin | — | — | −9.01% | −7.44% | −3.62% | −1.47% | −4.15% | −5.64% | −2.71% | 4.36% | 8.52% | 9.58% | 95% | 74% | |
| Net Margin | −37.86% | −14.15% | −13.98% | −11.52% | −5.38% | −2.82% | −7.83% | −11.72% | −4.85% | 6.38% | 32.11% | 12.30% | 88% | 77% | |
| FCF Margin | 8.74% | 34.37% | 42.52% | 40.04% | 40.74% | 31.88% | 24.10% | 32.59% | 32.57% | 38.17% | 38.63% | 37.63% | 54% | 97% | |
| FCFF Margin | — | — | — | — | — | — | — | — | — | 38.48% | 38.73% | 37.65% | 17% | 96% | |
| OCF Margin | 14.78% | 38.01% | 47.78% | 49.32% | 45.67% | 36.41% | 30.39% | 35.31% | 36.08% | 40.30% | 40.58% | 40.30% | 63% | 96% | |
| Gross Profitability | 29.67% | 34.43% | 35.28% | 37.19% | 27.37% | 31.72% | 26.57% | 29.11% | 30.87% | 34.36% | 29.86% | 28.71% | 21% | 54% | |
| Capex Intensity | 6.03% | 3.64% | 5.26% | 9.28% | 4.93% | 4.52% | 6.29% | 2.73% | 3.50% | 2.12% | 1.95% | 2.67% | 21% | 60% | |
| ▸Returns on Capital · 6 ratios | |||||||||||||||
| ▸DuPont factors (ROE drivers) · 4 ratios | |||||||||||||||
| ▸Earnings quality · 7 ratios | |||||||||||||||
| ▸Liquidity & coverage · 9 ratios | |||||||||||||||
| ▸Leverage · 9 ratios | |||||||||||||||
| ▸Working capital · 8 ratios | |||||||||||||||
| ▸Capital allocation · 2 ratios | |||||||||||||||
| ▸Per share · 6 ratios | |||||||||||||||
| ▸Other · 1 ratios | |||||||||||||||
The five drivers multiply to 15.7% vs reported ROE 17.5%. 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 | $598.2M | $928.1M | $1.38B | $1.76B | $2.27B | $2.90B | $3.41B | $4.26B | $5.50B | $6.89B | $8.03B | $9.22B |
| YoY % | +55.1% | +48.5% | +27.8% | +29.0% | +27.6% | +17.5% | +24.9% | +29.3% | +25.3% | +16.5% | +14.9% | |
| Cost of Revenue | $159.6M | $251.5M | $370.0M | $476.4M | $645.1M | $808.4M | $999.5M | $1.27B | $1.72B | $1.91B | $2.06B | $2.45B |
| YoY % | +57.6% | +47.1% | +28.8% | +35.4% | +25.3% | +23.6% | +27.6% | +34.8% | +11.1% | +7.8% | +19.1% | |
| Gross Profit | $438.6M | $676.6M | $1.01B | $1.28B | $1.63B | $2.09B | $2.41B | $2.98B | $3.78B | $4.98B | $5.97B | $6.77B |
| YoY % | +54.3% | +49.1% | +26.8% | +27.4% | +28.4% | +15.2% | +23.8% | +26.9% | +31.7% | +19.8% | +13.4% | |
| R&D Expense | $104.8M | $185.8M | $284.2M | $347.4M | $400.7M | $539.5M | $768.1M | $1.14B | $1.42B | $1.60B | $1.81B | $1.98B |
| YoY % | +77.3% | +53.0% | +22.2% | +15.3% | +34.6% | +42.4% | +48.5% | +24.3% | +13.1% | +12.8% | +9.7% | |
| Selling & Marketing Expense | $334.8M | $489.0M | $743.2M | $898.8M | $1.07B | $1.34B | $1.52B | $1.75B | $2.15B | $2.54B | $2.79B | $3.10B |
| YoY % | +46.1% | +52.0% | +20.9% | +19.5% | +25.1% | +13.1% | +15.4% | +22.5% | +18.4% | +9.8% | +10.9% | |
| SG&A Expense | $73.1M | $101.6M | $138.4M | $198.3M | $257.8M | $261.8M | $299.6M | $391.1M | $405.0M | $447.7M | $680.5M | $442.7M |
| YoY % | +39.0% | +36.2% | +43.3% | +30.0% | +1.6% | +14.4% | +30.5% | +3.6% | +10.5% | +52.0% | -34.9% | |
| Total Operating Expenses | $653.9M | $776.4M | $1.17B | $1.44B | $1.73B | $2.15B | $2.59B | $3.29B | $3.97B | $4.60B | $5.28B | $5.53B |
| YoY % | +18.7% | +50.2% | +23.9% | +20.0% | +23.8% | +20.6% | +26.9% | +20.9% | +15.7% | +15.0% | +4.6% | |
| Operating Income | -$215.3M | -$99.8M | -$157.3M | -$165.8M | -$104.2M | -$54.1M | -$179.0M | -$304.1M | -$188.8M | $387.3M | $683.9M | $1.24B |
| YoY % | +76.6% | +81.7% | ||||||||||
| Interest Expense | — | — | — | — | — | — | — | — | — | $27.2M | $8.3M | $3.0M |
| YoY % | -69.5% | -63.9% | ||||||||||
| Other Non-Operating Income | — | — | $8.4M | $10.2M | $28.5M | -$2.9M | $1.2M | -$700,000 | -$8.4M | -$10.3M | -$5.4M | $25.1M |
| YoY % | +21.4% | +179.4% | ||||||||||
| Impairment of Real Estate | — | — | — | — | — | — | $0 | $0 | $0 | $0 | $0 | $0 |
| Pretax Income | — | — | -$172.3M | -$180.1M | -$105.3M | -$74.6M | -$231.8M | -$465.0M | -$207.2M | $566.3M | $988.3M | $1.60B |
| YoY % | +74.5% | +61.5% | ||||||||||
| Income Tax | $4.3M | $9.4M | $20.4M | $22.9M | $16.9M | $7.3M | $35.2M | $33.9M | $59.8M | $126.6M | -$1.59B | $461.8M |
| YoY % | +118.6% | +117.0% | +12.3% | -26.2% | -56.8% | +382.2% | -3.7% | +76.4% | +111.7% | |||
| Net Income (incl. NCI) | -$226.5M | -$165.0M | -$225.9M | — | — | — | — | — | — | — | — | — |
| Net Income | -$226.5M | -$131.3M | -$192.7M | -$203.0M | -$122.2M | -$81.9M | -$267.0M | -$498.9M | -$267.0M | $439.7M | $2.58B | $1.13B |
| YoY % | +486.2% | -56.0% | ||||||||||
| EPS (Basic) | — | — | — | — | — | -$0.87 | -$2.76 | -$1.73 | -$0.90 | $0.73 | $4.04 | $1.71 |
| YoY % | +453.4% | -57.7% | ||||||||||
| EPS (Diluted) | — | — | — | — | — | -$0.87 | -$2.76 | -$1.73 | -$0.90 | $0.64 | $3.64 | $1.60 |
| YoY % | +468.8% | -56.0% | ||||||||||
| Weighted Avg Shares (Basic) | — | — | — | — | — | 94.5M | 96.9M | 289.1M | 295.6M | 606.4M | 638.5M | 662.5M |
| YoY % | +2.5% | +198.3% | +2.2% | +105.1% | +5.3% | +3.8% | ||||||
| Weighted Avg Shares (Diluted) | — | — | — | — | — | 94.5M | 96.9M | 289.1M | 295.6M | 684.5M | 707.9M | 709.3M |
| YoY % | +2.5% | +198.3% | +2.2% | +131.6% | +3.4% | +0.2% |
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.
