| Market Cap | $36.96B | |
| Enterprise Value | $35.60B | |
| Revenue | $9.85B | +13.1% |
| Gross Profit | — | — |
| EBITDA | $1.33B | +45.6% |
| Net Income | $847.0M | +31.7% |
| Diluted EPS | $2.59 | +32.8% |
| Free Cash Flow | $2.97B | +26.7% |
| Ratio | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Trend · 13y | vs own | vs sector |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| ▾Margins | ||||||||||||||||
| Operating Margin | −32.69% | −27.38% | −21.60% | −22.43% | −14.15% | −16.42% | −13.85% | −5.76% | −2.26% | −3.57% | 2.52% | 4.91% | 7.55% | 96% | 68% | |
| EBITDA Margin | −25.29% | −19.86% | −14.17% | −15.70% | −7.82% | −9.40% | −8.30% | −0.41% | 2.86% | 0.85% | 5.32% | 7.79% | 10.03% | 96% | 63% | |
| NOPAT Margin | — | — | — | — | — | — | −10.94% | −4.55% | −2.26% | −2.82% | 2.52% | 4.05% | 5.18% | 93% | 63% | |
| Net Margin | −36.79% | −31.48% | −23.78% | −24.43% | −14.99% | −14.82% | −13.25% | −6.54% | 0.56% | −5.90% | 19.02% | 6.23% | 7.26% | 88% | 69% | |
| FCF Margin | — | — | — | — | — | — | — | — | — | 20.80% | 26.41% | 25.95% | 29.07% | 88% | 90% | |
| FCFF Margin | — | — | — | — | — | — | — | — | — | — | 27.98% | 27.07% | 29.89% | 83% | 83% | |
| FCFE Margin | — | — | — | — | — | — | — | — | — | 68.71% | 26.41% | 25.95% | — | — | — | |
| OCF Margin | 9.87% | 12.95% | 22.36% | 22.27% | 21.73% | 21.50% | 23.84% | 29.38% | 32.13% | 26.66% | 29.60% | 29.14% | 30.77% | 88% | 88% | |
| Capex Intensity | — | — | — | — | — | — | — | — | — | 5.86% | 3.20% | 3.18% | 1.70% | 13% | 48% | |
| ▸Returns on Capital · 6 ratios | ||||||||||||||||
| ▸DuPont factors (ROE drivers) · 4 ratios | ||||||||||||||||
| ▸Earnings quality · 7 ratios | ||||||||||||||||
| ▸Liquidity & coverage · 8 ratios | ||||||||||||||||
| ▸Leverage · 9 ratios | ||||||||||||||||
| ▸Working capital · 3 ratios | ||||||||||||||||
| ▸Capital allocation · 2 ratios | ||||||||||||||||
| ▸Per share · 3 ratios | ||||||||||||||||
| ▸Other · 1 ratios | ||||||||||||||||
The five drivers multiply to 8.9% vs reported ROE 8.2%. 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↗ | 2026↗ |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $468.9M | $787.9M | $1.16B | $1.57B | $2.14B | $2.82B | $3.63B | $4.32B | $5.14B | $6.22B | $7.26B | $8.45B | $9.55B |
| YoY % | +68.0% | +46.8% | +36.1% | +36.1% | +31.7% | +28.5% | +19.0% | +19.0% | +21.0% | +16.8% | +16.4% | +13.1% | |
| R&D Expense | $182.1M | $316.9M | $469.9M | $680.5M | $910.6M | $1.21B | $1.55B | $1.72B | $1.88B | $2.25B | $2.46B | $2.63B | $2.68B |
| YoY % | +74.0% | +48.3% | +44.8% | +33.8% | +33.1% | +27.9% | +11.1% | +9.2% | +19.6% | +9.7% | +6.6% | +2.0% | |
| Selling & Marketing Expense | $197.4M | $315.8M | $413.5M | $565.3M | $683.4M | $891.3M | $1.15B | $1.23B | $1.46B | $1.84B | $2.14B | $2.43B | $2.62B |
| YoY % | +60.0% | +30.9% | +36.7% | +20.9% | +30.4% | +28.6% | +7.6% | +18.6% | +26.0% | +16.1% | +13.7% | +7.6% | |
| SG&A Expense | $65.9M | $106.1M | $148.6M | $198.1M | $222.9M | $347.3M | $367.7M | $414.1M | $486.0M | $599.0M | $702.0M | $820.0M | $912.0M |
| YoY % | +60.9% | +40.1% | +33.3% | +12.5% | +55.8% | +5.9% | +12.6% | +17.4% | +23.3% | +17.2% | +16.8% | +11.2% | |
| Total Operating Expenses | $622.2M | $1.00B | $1.41B | $1.93B | $2.45B | $3.29B | $4.13B | $4.57B | $5.25B | $6.44B | $7.08B | $8.03B | $8.83B |
| YoY % | +61.3% | +40.1% | +37.0% | +26.9% | +34.3% | +25.7% | +10.6% | +15.1% | +22.5% | +9.9% | +13.5% | +10.0% | |
| Operating Income | -$153.3M | -$215.7M | -$249.8M | -$353.1M | -$303.2M | -$463.3M | -$502.2M | -$248.6M | -$116.0M | -$222.0M | $183.0M | $415.0M | $721.0M |
| YoY % | +126.8% | +73.7% | |||||||||||
| Interest Expense | — | — | — | — | — | — | — | — | — | $102.0M | $114.0M | $114.0M | $114.0M |
| YoY % | +11.8% | 0.0% | 0.0% | ||||||||||
| Interest & Investment Income | $2.0M | $3.0M | $4.9M | $11.3M | $25.3M | $42.5M | $41.3M | $18.8M | $5.0M | $97.0M | $301.0M | $350.0M | $318.0M |
| YoY % | +48.6% | +64.0% | +132.8% | +123.4% | +68.1% | -2.8% | -54.5% | -73.4% | +1840.0% | +210.3% | +16.3% | -9.1% | |
| Other Non-Operating Income | -$17.5M | -$30.3M | -$24.2M | -$13.6M | $7.7M | $57.3M | $37.2M | $23.5M | $144.0M | -$33.0M | -$14.0M | -$13.0M | $84.0M |
| YoY % | +640.6% | -35.1% | -36.9% | +513.2% | |||||||||
| Impairment of Real Estate | — | — | — | — | — | — | — | — | — | — | $0 | $19.0M | $117.0M |
| YoY % | +515.8% | ||||||||||||
| Pretax Income | — | — | — | — | — | — | -$482.4M | -$275.1M | $16.0M | -$260.0M | $356.0M | $638.0M | $1.01B |
| YoY % | +79.2% | +58.2% | |||||||||||
| Income Tax | $1.7M | $2.0M | $1.0M | -$814,000 | $6.4M | -$5.5M | -$1.8M | $7.3M | -$13.0M | $107.0M | -$1.02B | $112.0M | $316.0M |
| YoY % | +19.8% | -49.4% | +182.1% | ||||||||||
| Net Income (incl. NCI) | -$172.5M | -$248.0M | -$275.0M | -$384.7M | -$321.2M | -$418.3M | -$480.7M | — | — | — | — | — | — |
| Net Income | -$172.5M | -$248.0M | -$275.0M | -$384.7M | -$321.2M | -$418.3M | -$480.7M | -$282.4M | $29.0M | -$367.0M | $1.38B | $526.0M | $693.0M |
| YoY % | -61.9% | +31.7% | |||||||||||
| EPS (Basic) | — | — | — | — | — | — | -$2.12 | -$1.19 | $0.12 | -$1.44 | $5.28 | $1.98 | $2.61 |
| YoY % | -62.5% | +31.8% | |||||||||||
| EPS (Diluted) | — | — | — | — | — | — | -$2.12 | -$1.19 | $0.12 | -$1.44 | $5.21 | $1.95 | $2.59 |
| YoY % | -62.6% | +32.8% | |||||||||||
| Weighted Avg Shares (Basic) | — | — | — | — | — | — | 227.2M | 237.0M | 247.2M | 254.8M | 261.3M | 265.3M | 265.1M |
| YoY % | +4.3% | +4.3% | +3.1% | +2.6% | +1.5% | -0.1% | |||||||
| Weighted Avg Shares (Diluted) | — | — | — | — | — | — | 227.2M | 237.0M | 254.0M | 254.8M | 265.3M | 269.2M | 268.1M |
| YoY % | +4.3% | +7.2% | +0.3% | +4.1% | +1.5% | -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.
