VSTECS Holdings Limited (0856.HK)

Industry: Technology Distributors Sector: Technology Currency Used: HK Live Price: $8.27

Enterprise Value

Metric	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015	2014	2013	2012	2011	2010	2009	2007	2006	2005	2004	2003
Stock Price	4.82	4.22	5.39	6.79	5.27	4.17	3.86	3.50	2.46	2.47	2.22	1.73	1.26	1.12	2.00	1.04	2.29	0.96	0.13	0.14	0.10
Market Capitalization	6,693.32M	6,002.33M	7,718.13M	9,753.03M	7,583.35M	5,993.17M	5,549.36M	4,996.65M	3,554.59M	3,722.39M	3,324.01M	2,571.69M	1,869.66M	1,691.01M	3,018.56M	1,517.38M	2,554.63M	972.97M	115.31M	113.91M	78.54M
(-) Cash & Equivalents	3,820.69M	3,328.13M	3,531.16M	2,905.86M	2,961.83M	2,039.57M	1,435.51M	1,828.17M	2,015.53M	2,465.09M	1,162.45M	1,175.12M	818.82M	1,090.80M	768.42M	251.47M	56.96M	109.56M	23.44M	13.92M	19.97M
(+) Total Debt	9,768.34M	8,372.80M	8,624.45M	5,815.47M	7,292.14M	8,189.79M	7,117.17M	5,736.36M	4,054.44M	4,924.19M	3,267.82M	2,643.60M	2,480.46M	2,261.07M	1,661.16M	854.34M	0.00M	31.77M	44.87M	60.45M	54.65M
Enterprise Value	12,640.97M	11,047.00M	12,811.42M	12,662.64M	11,913.67M	12,143.39M	11,231.01M	8,904.83M	5,593.50M	6,181.48M	5,429.38M	4,040.16M	3,531.31M	2,861.29M	3,911.30M	2,120.24M	2,497.67M	895.17M	136.74M	160.44M	113.22M

Income Statement

Metric	TTM	TTM-1	2024-12-31	2023-12-31	2022-12-31	2021-12-31	2020-12-31	2019-12-31	2018-12-31	2017-12-31	2016-12-31	2015-12-31	2014-12-31	2013-12-31	2012-12-31	2011-12-31	2010-12-31	2009-12-31	2009-03-31	2008-03-31	2007-03-31	2006-03-31	2005-03-31	2004-03-31	2003-03-31
Revenue	174,460M	154,818M	89,086M	73,891M	77,324M	78,335M	69,962M	66,210M	62,482M	54,543M	48,161M	45,576M	41,893M	40,239M	37,098M	32,617M	26,213M	19,706M	22,091M	12,351M	4,237M	3,706M	2,801M	2,489M	2,209M
Cost of Revenue	166,665M	147,702M	85,157M	70,395M	73,950M	74,700M	66,836M	63,242M	59,672M	52,196M	46,305M	43,879M	40,220M	38,722M	35,690M	31,104M	25,060M	18,743M	21,042M	11,681M	4,002M	3,534M	2,737M	2,438M	2,157M
Gross Profit	7,795M	7,117M	3,929M	3,497M	3,374M	3,635M	3,126M	2,968M	2,810M	2,347M	1,857M	1,697M	1,673M	1,517M	1,407M	1,513M	1,153M	963M	1,049M	669M	235M	171M	64M	51M	52M
Gross Profit Margin	4.5%	4.6%	4.4%	4.7%	4.4%	4.6%	4.5%	4.5%	4.5%	4.3%	3.9%	3.7%	4.0%	3.8%	3.8%	4.6%	4.4%	4.9%	4.8%	5.4%	5.6%	4.6%	2.3%	2.0%	2.4%
R&D Expenses	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M
SG&A Expenses	4,602M	4,211M	2,269M	2,071M	2,061M	2,040M	1,743M	1,743M	1,681M	1,284M	1,066M	1,017M	844M	866M	817M	845M	686M	519M	656M	322M	37M	31M	28M	21M	28M
Operating Expenses	4,504M	4,211M	2,230M	2,061M	2,061M	2,040M	1,707M	1,678M	1,632M	1,238M	1,038M	1,009M	816M	787M	817M	845M	612M	515M	652M	315M	37M	31M	28M	24M	28M
Operating Income (EBIT)	3,290M	2,906M	1,699M	1,435M	1,313M	1,596M	1,419M	1,290M	1,178M	1,109M	819M	688M	857M	730M	591M	668M	541M	448M	398M	354M	198M	140M	36M	27M	25M
Operating Income Margin	1.9%	1.9%	1.9%	1.9%	1.7%	2.0%	2.0%	1.9%	1.9%	2.0%	1.7%	1.5%	2.0%	1.8%	1.6%	2.0%	2.1%	2.3%	1.8%	2.9%	4.7%	3.8%	1.3%	1.1%	1.1%
Interest Income	0M	455M	38M	29M	20M	21M	14M	40M	9M	16M	11M	14M	17M	10M	8M	12M	8M	0M	0M	6M	5M	2M	0M	0M	0M
Interest Expense	773M	496M	404M	340M	258M	147M	194M	296M	240M	205M	141M	140M	104M	81M	76M	104M	61M	31M	93M	45M	5M	6M	3M	3M	4M
Net Interest Income	-773M	-41M	-366M	-311M	-238M	-126M	-180M	-256M	-231M	-189M	-130M	-126M	-88M	-71M	-68M	-92M	-53M	-31M	-93M	-39M	0M	-4M	-3M	-3M	-4M
Unusual Items	131M	-435M	22M	38M	7M	86M	9M	-25M	0M	0M	0M	0M	0M	0M	49M	58M	22M	3M	14M	14M	-2M	0M	0M	0M	0M
EBT Excluding Unusual Items	2,517M	2,865M	1,333M	1,124M	1,075M	1,470M	1,239M	1,035M	947M	920M	689M	562M	769M	659M	522M	577M	488M	417M	304M	315M	198M	136M	34M	24M	21M
Pre-Tax Income	2,648M	2,430M	1,356M	1,162M	1,082M	1,555M	1,247M	1,010M	947M	920M	689M	562M	769M	659M	572M	635M	510M	421M	318M	329M	196M	136M	34M	24M	21M
Pre-Tax Margin	1.5%	1.6%	1.5%	1.6%	1.4%	2.0%	1.8%	1.5%	1.5%	1.7%	1.4%	1.2%	1.8%	1.6%	1.5%	1.9%	1.9%	2.1%	1.4%	2.7%	4.6%	3.7%	1.2%	1.0%	1.0%
Income Tax Expense	498M	494M	240M	240M	259M	241M	180M	200M	206M	203M	137M	112M	143M	134M	107M	146M	102M	101M	57M	70M	34M	24M	6M	4M	4M
Net Income	2,082M	1,994M	1,052M	922M	823M	1,314M	1,068M	810M	741M	716M	552M	450M	607M	503M	444M	463M	370M	276M	232M	245M	161M	112M	27M	20M	17M
Net Income Margin	1.2%	1.3%	1.2%	1.2%	1.1%	1.7%	1.5%	1.2%	1.2%	1.3%	1.1%	1.0%	1.4%	1.2%	1.2%	1.4%	1.4%	1.4%	1.0%	2.0%	3.8%	3.0%	1.0%	0.8%	0.8%
Depreciation & Amortization	130M	269M	47M	118M	142M	132M	124M	120M	35M	29M	22M	22M	20M	20M	19M	17M	15M	13M	16M	8M	1M	0M	0M	0M	0M
EBITDA	3,420M	3,175M	1,747M	1,553M	1,455M	1,728M	1,543M	1,410M	1,214M	1,138M	841M	710M	876M	750M	610M	685M	556M	460M	414M	362M	199M	140M	36M	27M	25M
EBITDA Margin	2.0%	2.1%	2.0%	2.1%	1.9%	2.2%	2.2%	2.1%	1.9%	2.1%	1.7%	1.6%	2.1%	1.9%	1.6%	2.1%	2.1%	2.3%	1.9%	2.9%	4.7%	3.8%	1.3%	1.1%	1.1%
NOPAT	2,672M	2,315M	1,399M	1,139M	999M	1,348M	1,214M	1,035M	922M	864M	656M	551M	697M	582M	480M	515M	433M	341M	327M	279M	164M	115M	30M	23M	20M
NOPAT Margin	1.5%	1.5%	1.6%	1.5%	1.3%	1.7%	1.7%	1.6%	1.5%	1.6%	1.4%	1.2%	1.7%	1.4%	1.3%	1.6%	1.7%	1.7%	1.5%	2.3%	3.9%	3.1%	1.1%	0.9%	0.9%
Owner's Earnings	1,632M	2,194M	968M	1,001M	941M	1,394M	1,163M	894M	736M	693M	398M	396M	603M	508M	450M	448M	367M	212M	226M	246M	161M	111M	26M	19M	4M
Owner's Earnings Margin	0.9%	1.4%	1.1%	1.4%	1.2%	1.8%	1.7%	1.4%	1.2%	1.3%	0.8%	0.9%	1.4%	1.3%	1.2%	1.4%	1.4%	1.1%	1.0%	2.0%	3.8%	3.0%	0.9%	0.8%	0.2%
EPS (Basic)	1.49	1.39	0.76	0.66	0.58	0.93	0.76	0.57	0.52	0.50	0.38	0.30	0.41	0.34	0.30	0.31	0.25	0.20	0.17	0.20	0.15	0.11	0.03	0.02	0.02
EPS (Diluted)	1.49	1.39	0.76	0.66	0.58	0.93	0.75	0.57	0.52	0.50	0.38	0.30	0.41	0.34	0.30	0.31	0.24	0.20	0.17	0.20	0.14	0.11	0.03	0.02	0.02
Shares (Basic)	1,401M	1,434M	1,390M	1,405M	1,415M	1,417M	1,413M	1,420M	1,435M	1,423M	1,442M	1,504M	1,496M	1,489M	1,488M	1,508M	1,511M	1,390M	1,333M	1,224M	1,071M	1,008M	887M	839M	820M
Shares (Diluted)	1,401M	1,434M	1,390M	1,405M	1,415M	1,417M	1,415M	1,422M	1,438M	1,426M	1,446M	1,507M	1,497M	1,489M	1,492M	1,512M	1,515M	1,392M	1,333M	1,224M	1,118M	1,017M	887M	839M	820M

Balance Sheet

Metric	MRQ	MRQ-1	2024-12-31	2023-12-31	2022-12-31	2021-12-31	2020-12-31	2019-12-31	2018-12-31	2017-12-31	2016-12-31	2015-12-31	2014-12-31	2013-12-31	2012-12-31	2011-12-31	2010-12-31	2009-12-31	2009-03-31	2008-03-31	2007-03-31	2006-03-31	2005-03-31	2004-03-31	2003-03-31
Cash & Cash Equivalents	3,820.86M	3,947.77M	3,947.77M	3,325.14M	3,828.93M	3,247.50M	3,559.19M	2,327.70M	1,508.06M	1,981.05M	1,980.03M	3,233.73M	1,495.11M	1,168.54M	936.01M	1,573.13M	1,015.25M	450.84M	303.57M	312.81M	113.93M	219.13M	46.88M	27.84M	39.95M
Short-Term Investments	2,370.90M	1,493.75M	1,493.75M	809.56M	4,402.21M	878.13M	488.15M	0.00M	320.98M	363.03M	182.22M	83.43M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Cash & Short-Term Investments	6,191.77M	5,441.52M	5,441.52M	4,134.70M	8,231.14M	4,125.63M	4,047.35M	2,327.70M	1,829.04M	2,344.08M	2,162.24M	3,317.16M	1,495.11M	1,168.54M	936.01M	1,573.13M	1,015.25M	450.84M	303.57M	312.81M	113.93M	219.13M	46.88M	27.84M	39.95M
Net Receivables	17,499.33M	19,653.82M	19,653.82M	14,645.57M	14,283.58M	16,193.67M	14,657.11M	0.00M	14,444.87M	12,380.43M	9,208.82M	8,558.10M	7,644.45M	6,850.67M	5,326.04M	4,028.19M	0.00M	3,793.25M	0.00M	0.00M	350.05M	0.00M	211.79M	233.56M	264.63M
Inventory	11,603.62M	11,189.50M	11,189.50M	11,308.68M	10,072.29M	9,336.84M	5,501.83M	5,985.75M	6,103.03M	4,263.70M	3,708.29M	3,973.97M	3,085.11M	2,644.45M	2,723.10M	2,127.32M	1,985.62M	1,638.38M	1,146.60M	1,407.11M	287.66M	163.42M	179.13M	196.95M	161.13M
Other Current Assets	2,785.70M	-173.67M	-173.67M	2,796.14M	47.47M	296.86M	3,017.16M	14,549.65M	1,851.88M	1,419.36M	947.51M	777.59M	958.26M	1,045.04M	14.40M	14.91M	0.00M	0.00M	2,662.24M	0.00M	9.41M	159.11M	19.24M	1.77M	25.16M
Total Current Assets	38,080.41M	36,111.17M	36,111.17M	32,885.09M	32,634.47M	29,953.00M	27,223.44M	22,863.10M	24,228.82M	20,407.56M	16,026.86M	16,626.82M	13,182.93M	11,708.70M	8,999.55M	7,743.55M	3,000.87M	5,882.47M	4,112.41M	1,719.93M	761.05M	541.66M	457.05M	460.12M	490.86M
Property, Plant & Equipment	1,034.84M	978.01M	978.01M	909.42M	917.52M	680.40M	682.14M	649.87M	451.63M	463.37M	280.31M	287.10M	117.61M	115.75M	122.78M	127.35M	115.90M	116.45M	58.33M	58.78M	2.79M	2.65M	2.87M	13.06M	17.01M
Goodwill	0.00M	326.41M	326.41M	334.10M	330.95M	329.20M	332.34M	324.10M	319.98M	323.00M	306.91M	310.59M	324.00M	333.05M	339.76M	327.69M	330.37M	313.61M	298.19M	316.29M	0.00M	0.00M	0.00M	0.00M	0.00M
Intangible Assets	361.68M	19.55M	19.55M	20.56M	356.04M	358.07M	359.39M	324.10M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Long-Term Investments	656.79M	603.20M	603.20M	723.51M	684.30M	1,000.19M	982.66M	970.80M	933.06M	912.08M	578.42M	333.02M	390.17M	338.51M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Tax Assets	0.00M	0.00M	0.00M	146.13M	166.05M	182.67M	174.53M	123.08M	107.63M	88.87M	66.69M	62.07M	54.03M	54.58M	55.74M	49.62M	42.01M	36.80M	26.96M	17.28M	0.00M	0.00M	0.00M	0.00M	0.00M
Other Non-Current Assets	373.40M	349.62M	349.62M	1.56M	-322.72M	-327.09M	-328.93M	-318.98M	-107.63M	-88.87M	-66.69M	-62.07M	-54.03M	-54.58M	329.60M	296.90M	252.01M	42.49M	40.11M	56.23M	9.47M	10.00M	0.00M	0.00M	0.00M
Other Assets	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	110.69M	94.01M	71.48M	65.96M	59.91M	66.07M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Total Non-Current Assets	2,426.70M	2,276.78M	2,276.78M	2,135.26M	2,132.14M	2,223.44M	2,202.13M	2,072.97M	1,815.36M	1,792.46M	1,237.11M	996.66M	891.69M	853.37M	847.88M	801.56M	740.28M	509.35M	423.58M	448.58M	12.26M	12.65M	2.87M	13.06M	17.01M
Total Assets	40,507.11M	38,387.95M	38,387.95M	35,020.35M	34,766.61M	32,176.43M	29,425.57M	24,936.07M	26,044.17M	22,200.02M	17,263.97M	17,623.48M	14,074.62M	12,562.07M	9,847.43M	8,545.12M	3,741.15M	6,391.83M	4,535.99M	2,168.51M	773.31M	554.31M	459.92M	473.17M	507.87M
Accounts Payable	16,883.44M	16,919.99M	16,919.99M	15,562.12M	13,126.93M	15,223.77M	10,795.00M	9,626.83M	10,141.87M	7,910.34M	7,430.55M	6,745.57M	5,054.77M	4,671.79M	3,948.46M	3,398.02M	3,354.14M	3,061.31M	2,178.77M	1,825.24M	336.93M	213.23M	204.39M	0.00M	0.00M
Short-Term Debt	7,994.26M	7,863.60M	7,863.60M	8,103.98M	6,975.23M	4,735.32M	6,750.81M	6,767.03M	6,567.84M	6,910.19M	2,395.69M	4,634.91M	3,556.67M	2,001.92M	1,547.05M	1,172.75M	1,122.28M	836.76M	653.36M	1,666.80M	0.00M	0.00M	89.64M	118.63M	105.00M
Tax Payables	0.00M	100.73M	100.73M	132.16M	148.19M	123.95M	134.80M	94.98M	112.84M	138.57M	46.40M	19.36M	39.15M	31.38M	26.37M	94.73M	61.73M	57.86M	11.66M	30.16M	17.68M	18.92M	1.91M	1.51M	0.00M
Deferred Revenue	0.00M	0.00M	0.00M	559.14M	449.34M	707.98M	711.46M	544.70M	6.40M	6.51M	7.10M	7.26M	-3,556.90M	-2,002.08M	45.62M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Other Current Liabilities	3,971.91M	2,884.08M	2,884.08M	2,201.49M	5,295.26M	2,467.95M	3,904.75M	1,121.32M	511.61M	809.14M	660.86M	523.41M	466.34M	469.50M	270.37M	314.75M	357.09M	0.00M	-0.25M	23.67M	3.69M	1.98M	3.13M	252.51M	287.61M
Total Current Liabilities	28,849.60M	27,768.41M	27,768.41M	26,558.89M	25,994.96M	23,258.97M	22,296.82M	18,154.86M	17,340.55M	15,774.74M	10,540.60M	11,930.51M	5,560.02M	5,172.52M	5,837.87M	4,980.25M	4,895.24M	3,955.92M	2,843.55M	3,545.87M	358.30M	234.13M	299.06M	372.65M	392.61M
Long-Term Debt	1,535.68M	1,380.44M	1,380.44M	0.00M	1,447.46M	1,543.00M	0.00M	1,487.83M	1,454.59M	0.00M	1,848.27M	985.31M	0.00M	696.28M	746.84M	696.82M	648.48M	522.90M	549.99M	351.51M	0.00M	63.54M	0.00M	2.06M	4.31M
Capital Lease Obligations	486.86M	435.06M	435.06M	338.39M	117.41M	147.00M	165.94M	168.07M	0.45M	0.64M	0.65M	0.49M	0.61M	0.38M	0.56M	1.41M	0.00M	0.00M	1.10M	0.11M	0.00M	0.00M	0.10M	0.22M	0.00M
Deferred Tax Liabilities	30.31M	30.52M	30.52M	31.21M	36.32M	44.57M	40.25M	19.19M	30.56M	35.90M	33.22M	27.66M	36.42M	37.30M	29.61M	27.00M	24.09M	11.15M	4.95M	3.82M	0.20M	0.24M	0.17M	0.00M	0.32M
Other Non-Current Liabilities	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	-0.86M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Total Non-Current Liabilities	2,052.85M	1,846.01M	1,846.01M	369.60M	1,601.18M	1,734.57M	206.19M	1,675.09M	1,485.60M	36.54M	1,882.14M	1,013.47M	37.03M	733.96M	777.01M	725.23M	672.57M	534.05M	555.19M	355.44M	0.20M	63.78M	0.27M	2.28M	4.63M
Total Liabilities	30,902.45M	29,614.42M	29,614.42M	26,928.49M	27,596.14M	24,993.54M	22,503.01M	19,829.95M	18,826.15M	15,811.29M	12,422.75M	12,943.97M	5,597.06M	5,906.48M	6,614.88M	5,705.48M	5,567.80M	4,489.97M	3,398.74M	3,901.31M	358.50M	297.91M	299.33M	374.92M	397.24M
Preferred Stock	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	256.14M	0.00M	420.33M	158.23M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Common Stock	143.65M	143.65M	143.65M	143.69M	145.09M	145.52M	145.45M	145.33M	145.79M	145.99M	145.44M	145.54M	152.52M	149.40M	124.00M	124.07M	125.89M	125.89M	109.12M	111.77M	93.17M	84.00M	0.00M	0.00M	0.00M
Retained Earnings	8,796.11M	8,087.04M	8,087.04M	7,440.71M	6,876.01M	6,517.36M	5,580.77M	4,820.59M	4,464.00M	3,964.27M	3,427.81M	3,057.89M	2,940.59M	2,451.79M	2,007.58M	1,667.58M	0.00M	889.82M	645.77M	432.17M	191.50M	102.84M	0.00M	0.00M	0.00M
Accumulated OCI	-500.00M	-474.29M	-474.29M	-244.75M	-246.50M	365.37M	219.16M	-183.59M	-256.14M	19.98M	-420.33M	-158.23M	28.62M	30.99M	-42.58M	-32.05M	-25.99M	0.00M	0.00M	-11.17M	-8.32M	-7.65M	0.00M	0.00M	0.00M
Minority Interest	280.82M	231.94M	231.94M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	38.23M	231.90M	233.97M	209.70M	192.47M	254.65M	214.55M	83.67M	0.00M	0.00M	0.00M	0.00M	0.00M
Total Shareholders’ Equity	8,439.75M	7,756.39M	7,756.39M	7,339.65M	6,774.59M	7,028.25M	5,945.38M	4,782.33M	4,609.78M	4,130.24M	3,573.25M	3,203.42M	3,121.73M	2,632.18M	2,089.01M	1,759.60M	99.90M	1,015.71M	754.90M	532.78M	276.35M	179.20M	0.00M	0.00M	0.00M
Total Equity	8,720.57M	7,988.33M	7,988.33M	7,339.65M	6,774.59M	7,028.25M	5,945.38M	4,782.33M	4,609.78M	4,130.24M	3,573.25M	3,203.42M	3,159.97M	2,864.08M	2,322.98M	1,969.30M	292.37M	1,270.36M	969.45M	616.44M	276.35M	179.20M	0.00M	0.00M	0.00M
Total Liabilities & Equity	39,623.02M	37,602.75M	37,602.75M	34,268.14M	34,370.73M	32,021.79M	28,448.38M	24,612.28M	23,435.93M	19,941.52M	15,995.99M	16,147.39M	8,757.02M	8,770.56M	8,937.86M	7,674.78M	5,860.18M	5,760.33M	4,368.19M	4,517.76M	634.85M	477.11M	299.33M	374.92M	397.24M
Tangible Assets	40,145.43M	38,041.99M	38,041.99M	34,665.70M	34,079.62M	31,489.16M	28,733.84M	24,287.87M	25,724.20M	21,877.03M	16,957.06M	17,312.89M	13,750.62M	12,229.02M	9,507.67M	8,217.43M	3,410.78M	6,078.22M	4,237.80M	1,852.22M	773.31M	554.31M	459.92M	473.17M	507.87M
Tangible Equity	8,358.90M	7,642.37M	7,642.37M	6,985.00M	6,087.60M	6,340.97M	5,253.65M	4,134.13M	4,289.80M	3,807.24M	3,266.34M	2,892.83M	2,835.97M	2,531.03M	1,983.22M	1,641.61M	-38.00M	956.75M	671.26M	300.15M	276.35M	179.20M	0.00M	0.00M	0.00M
Tangible Book Value	8,358.90M	7,642.37M	7,642.37M	6,985.00M	6,087.60M	6,340.97M	5,253.65M	4,134.13M	4,289.80M	3,807.24M	3,266.34M	2,892.83M	2,835.97M	2,531.03M	1,983.22M	1,641.61M	-38.00M	956.75M	671.26M	300.15M	276.35M	179.20M	0.00M	0.00M	0.00M
Total Investments	2,197.50M	2,096.95M	2,096.95M	2,151.62M	5,086.51M	2,132.80M	1,470.81M	970.80M	1,254.04M	1,275.11M	621.94M	404.87M	390.17M	338.51M	310.17M	277.05M	252.01M	40.88M	38.56M	37.61M	0.00M	0.00M	0.00M	0.00M	0.00M
Net Debt	5,709.08M	5,296.26M	5,296.26M	4,778.84M	4,593.75M	3,030.82M	3,191.62M	5,927.16M	6,514.37M	4,929.14M	2,263.93M	2,386.49M	2,061.55M	1,529.66M	1,357.87M	296.44M	755.51M	908.82M	899.78M	1,705.50M	-113.93M	-155.59M	42.75M	92.84M	69.36M

Capital Metrics

Metric	MRQ	MRQ-1	2024-12-31	2023-12-31	2022-12-31	2021-12-31	2020-12-31	2019-12-31	2018-12-31	2017-12-31	2016-12-31	2015-12-31	2014-12-31	2013-12-31	2012-12-31	2011-12-31	2010-12-31	2009-12-31	2009-03-31	2008-03-31	2007-03-31	2006-03-31	2005-03-31	2004-03-31	2003-03-31
Working Capital	9,053.4M	8,285.6M	8,285.6M	6,329.0M	7,129.2M	7,423.4M	4,830.8M	5,257.8M	4,721.0M	3,085.6M	4,514.9M	3,840.9M	3,145.6M	3,515.5M	3,187.6M	2,743.6M	2,263.7M	1,926.6M	1,487.6M	1,101.1M	407.0M	309.2M	159.2M	112.1M	98.3M
Total Capital	19,339.7M	18,318.7M	18,318.7M	16,665.2M	16,305.7M	14,439.3M	13,838.8M	13,929.8M	12,828.1M	11,477.3M	8,108.7M	9,440.1M	7,512.0M	6,087.1M	5,295.2M	4,458.5M	3,907.3M	3,002.2M	2,340.1M	3,124.3M	419.1M	321.7M	251.6M	243.9M	219.9M
Capital Employed	11,480.1M	10,562.4M	10,562.4M	8,464.2M	9,261.3M	9,646.9M	7,033.0M	7,330.8M	6,536.4M	4,878.1M	5,752.0M	4,837.6M	4,037.3M	4,368.9M	4,035.5M	3,545.2M	3,004.0M	2,435.9M	1,911.2M	1,549.7M	419.3M	321.9M	162.1M	125.1M	115.3M
Invested Capital	15,518.9M	14,370.9M	14,370.9M	13,340.1M	12,476.8M	11,191.8M	10,279.6M	11,602.1M	11,320.1M	9,496.2M	6,128.7M	6,206.4M	6,016.9M	4,918.5M	4,359.2M	2,885.4M	2,892.0M	2,551.4M	2,036.5M	2,811.5M	305.2M	102.5M	204.7M	216.1M	180.0M

Cash Flow Statement

Metric	TTM	TTM-1	2024-12-31	2023-12-31	2022-12-31	2021-12-31	2020-12-31	2019-12-31	2018-12-31	2017-12-31	2016-12-31	2015-12-31	2014-12-31	2013-12-31	2012-12-31	2011-12-31	2010-12-31	2009-12-31	2009-03-31	2008-03-31	2007-03-31	2006-03-31	2005-03-31	2004-03-31	2003-03-31
Net Income	2,082.40M	1,994.16M	1,355.72M	1,162.20M	823.07M	1,314.03M	1,067.58M	809.95M	740.83M	716.44M	551.92M	450.38M	607.37M	502.73M	571.56M	634.58M	510.36M	420.71M	318.41M	329.26M	195.59M	111.77M	27.42M	20.06M	17.21M
Depreciation & Amortization	237.94M	269.28M	121.08M	118.05M	142.22M	132.16M	124.35M	119.53M	35.25M	28.62M	21.67M	22.37M	19.51M	19.81M	19.35M	16.52M	15.48M	12.54M	16.21M	8.19M	1.12M	0.00M	0.00M	0.00M	0.00M
Deferred Income Tax	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	1,433.16M	-214.85M	-154.19M	-167.53M	-61.78M	-82.41M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Stock-Based Compensation	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	1.11M	10.23M	8.92M	0.09M	2.30M	1.98M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Change in Working Capital	-4,058.58M	-4,174.57M	323.85M	-650.17M	-1,162.77M	-791.44M	1,253.50M	49.27M	-3,672.12M	-3,957.01M	-386.11M	-1,793.37M	-1,231.26M	-1,434.27M	-1,357.71M	-28.43M	-239.43M	-304.42M	388.33M	-340.31M	-191.76M	0.00M	0.00M	0.00M	0.00M
Accounts Receivable	-3,571.37M	395.89M	-1,227.56M	-2,343.81M	1,966.14M	-1,570.25M	-961.49M	-54.20M	-1,839.33M	-3,401.60M	-651.80M	-904.51M	-790.60M	-1,512.92M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Inventory	-487.21M	-4,570.46M	749.18M	-1,236.39M	-735.45M	-3,835.01M	483.93M	117.28M	-1,832.79M	-555.41M	265.68M	-888.86M	-440.66M	78.65M	-595.78M	-158.33M	-451.38M	-471.01M	235.15M	-227.76M	-124.24M	0.00M	0.00M	0.00M	0.00M
Accounts Payable	0.00M	0.00M	802.23M	2,930.04M	-2,393.47M	4,613.83M	1,731.07M	-13.81M	1,904.32M	896.86M	823.51M	1,777.62M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Other Working Capital	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	-1,904.32M	-1,793.71M	-1,647.02M	-3,555.24M	0.00M	0.00M	-761.93M	129.89M	211.95M	166.59M	153.18M	-112.56M	-67.52M	0.00M	0.00M	0.00M	0.00M
Other Non-Cash Items	2,901.28M	-2,103.69M	21.75M	10.15M	264.43M	-74.69M	5.81M	-80.34M	2,043.94M	1,117.09M	953.03M	1,842.85M	448.46M	924.38M	68.07M	91.82M	52.87M	29.62M	-0.27M	-36.80M	-35.48M	94.73M	-3.68M	-36.28M	-2.81M
Net Cash from Operating Activities	1,163.04M	-378.81M	1,822.40M	640.23M	66.96M	580.07M	2,451.24M	898.41M	-852.10M	-2,094.86M	1,140.50M	522.23M	-155.92M	13.75M	-903.35M	569.21M	171.84M	98.98M	724.66M	-39.67M	-30.52M	206.50M	23.74M	-16.23M	14.41M
Capital Expenditures (PPE)	-41.85M	-69.39M	-134.18M	-38.82M	-24.04M	-52.50M	-29.38M	-35.61M	-40.28M	-51.64M	-175.55M	-77.22M	-23.69M	-14.91M	-13.80M	-31.04M	-19.10M	-76.58M	-21.55M	-7.18M	-1.58M	-0.83M	-1.48M	-0.77M	-12.77M
Acquisitions (Net)	76.59M	10.37M	76.59M	-41.27M	10.37M	7.15M	-6.99M	1.35M	5.36M	2.93M	4.15M	-22.86M	-51.18M	-23.13M	0.00M	0.00M	-35.48M	0.00M	64.09M	-1,171.33M	4.90M	0.00M	0.00M	0.00M	0.00M
Purchases of Investments	-84.00M	0.00M	-84.00M	-135.97M	-546.38M	-208.29M	0.00M	0.00M	-6.87M	-255.49M	-237.24M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	-20.00M	-7.00M	-10.00M	0.00M	0.00M	0.00M
Sales / Maturities of Investments	34.28M	0.00M	34.28M	315.90M	42.09M	206.61M	0.00M	0.00M	1.51M	252.56M	233.08M	0.00M	0.00M	0.00M	0.00M	0.00M	0.71M	0.00M	14.14M	12.31M	8.00M	0.00M	0.00M	0.00M	0.00M
Other Investing Activities	-1.56M	-682.84M	-193.62M	37.92M	0.30M	0.00M	0.00M	0.00M	14.75M	23.04M	19.10M	70.13M	25.71M	21.10M	22.14M	17.35M	8.10M	10.01M	8.09M	19.12M	-10.00M	20.77M	16.48M	1.24M	24.76M
Net Cash from Investing Activities	-16.55M	-239.19M	-300.93M	137.76M	-517.66M	-47.04M	-36.37M	-34.26M	-25.53M	-281.16M	-389.54M	-29.96M	-49.15M	-16.94M	8.34M	-13.70M	-45.77M	-66.57M	64.77M	-1,167.09M	-5.69M	9.94M	15.00M	0.48M	11.99M
Net Debt Issuance	283.03M	2,598.28M	134.04M	-458.85M	1,564.37M	-483.76M	-1,189.69M	234.39M	1,142.84M	2,258.07M	-1,375.49M	2,032.57M	900.70M	437.84M	380.35M	129.96M	486.09M	149.40M	-793.76M	943.44M	0.00M	-25.62M	-31.05M	715.26M	-17.88M
Long-Term Debt Issuance	570.34M	2,598.28M	134.04M	-348.25M	2,147.67M	-483.76M	-1,189.69M	160.03M	1,142.84M	2,258.07M	-1,375.49M	2,032.57M	900.70M	437.84M	380.35M	129.96M	486.09M	149.40M	-793.76M	943.44M	0.00M	-25.71M	-2.86M	720.15M	-18.10M
Short-Term Debt Issuance	-287.32M	0.00M	0.00M	-110.60M	-583.30M	0.00M	0.00M	-74.36M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.10M	-28.19M	-4.89M	0.22M
Net Stock Issuance	-75.47M	-38.03M	-11.31M	-64.16M	-43.53M	5.51M	-21.67M	-31.36M	-25.01M	30.38M	-78.39M	-153.09M	77.83M	2.70M	-0.63M	-18.76M	0.00M	14.53M	108.50M	551.81M	0.00M	0.00M	19.46M	0.00M	43.75M
Common Stock Issuance	0.00M	28.26M	0.00M	0.00M	5.59M	28.26M	22.15M	3.21M	12.92M	40.65M	0.00M	0.53M	79.65M	2.70M	0.00M	0.00M	0.00M	45.88M	121.77M	551.81M	0.00M	0.00M	19.46M	0.00M	43.75M
Common Stock Repurchased	-75.47M	-71.89M	-11.31M	-64.16M	-49.13M	-22.76M	-43.82M	-34.56M	-37.93M	-10.27M	-78.39M	-153.09M	-1.82M	0.00M	-0.63M	-18.76M	-6.46M	-31.35M	-13.27M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Preferred Stock Issuance	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	-0.53M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Net Dividends Paid	-983.66M	-713.03M	-369.28M	-246.66M	-392.90M	-320.14M	-242.41M	-220.91M	-215.19M	-180.41M	-180.35M	-180.00M	-119.52M	-99.20M	-99.20M	0.00M	0.00M	-41.47M	0.00M	-42.86M	-69.68M	-18.48M	-7.70M	-7.70M	-18.42M
Common Dividends Paid	-983.66M	-713.03M	-369.28M	-246.66M	-392.90M	-320.14M	-242.41M	-220.91M	-215.19M	-180.41M	-180.35M	-180.00M	-119.52M	-99.20M	-99.20M	0.00M	0.00M	-41.47M	0.00M	-42.86M	-69.68M	-18.48M	-7.70M	-7.70M	-18.42M
Preferred Dividends Paid	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Other Financing Activities	-646.87M	133.42M	-590.58M	-603.82M	446.01M	-143.71M	5.68M	-74.36M	-240.41M	-204.86M	-141.24M	-162.52M	-237.19M	-95.97M	-79.21M	-112.07M	-67.01M	-30.59M	-91.79M	-44.59M	0.00M	-0.10M	-0.41M	-703.92M	-10.64M
Net Cash from Financing Activities	-1,422.98M	1,552.53M	-837.14M	-1,373.49M	1,573.95M	-942.10M	-1,448.09M	-92.23M	662.23M	1,903.19M	-1,775.46M	1,536.96M	621.81M	245.37M	201.31M	-0.87M	419.08M	91.87M	-777.05M	1,407.80M	-69.68M	-44.19M	-19.70M	3.65M	-3.20M
Effect of FX on Cash	572.62M	-735.65M	-318.34M	-1.44M	-585.48M	97.38M	264.71M	47.72M	-257.60M	473.85M	-229.20M	-290.61M	-90.17M	-9.66M	56.58M	3.24M	19.27M	34.32M	-25.18M	-9.94M	0.68M	0.00M	0.00M	0.00M	0.00M
Net Change in Cash	859.02M	766.89M	365.99M	-596.94M	-1.87M	-311.69M	1,231.49M	819.64M	-472.99M	1.02M	-1,253.70M	1,738.62M	326.58M	232.53M	-637.13M	557.88M	564.41M	158.61M	-12.81M	191.12M	-105.20M	172.25M	19.04M	-12.11M	23.20M
Cash at Beginning of Period	8,831.22M	12,874.03M	2,648.69M	3,245.63M	3,247.50M	3,559.19M	2,327.70M	1,508.06M	1,981.05M	1,980.03M	3,233.73M	1,495.11M	1,168.54M	936.01M	1,573.13M	1,015.25M	450.84M	292.24M	305.04M	113.93M	219.13M	46.88M	27.84M	39.95M	16.75M
Cash at End of Period	9,307.62M	13,640.93M	3,014.68M	2,648.69M	3,828.93M	3,247.50M	3,559.19M	2,327.70M	1,508.06M	1,981.05M	1,980.03M	3,233.73M	1,495.11M	1,168.54M	936.01M	1,573.13M	1,015.25M	450.84M	292.24M	305.04M	113.93M	219.13M	46.88M	27.84M	39.95M
Operating Cash Flow	1,785.30M	-378.81M	1,822.40M	640.23M	-147.87M	580.07M	2,451.24M	898.41M	-852.10M	-2,094.86M	1,140.50M	522.23M	-155.92M	13.75M	-903.35M	569.21M	171.84M	98.98M	724.66M	-39.67M	-30.52M	206.50M	23.74M	-16.23M	14.41M
Capital Expenditure	-580.76M	-69.39M	-131.15M	-38.82M	-24.04M	-52.50M	-29.38M	-35.61M	-40.28M	-51.64M	-175.55M	-77.22M	-23.69M	-14.91M	-13.80M	-31.04M	-19.10M	-76.58M	-21.55M	-7.18M	-1.58M	-0.83M	-1.48M	-0.77M	-12.77M
Free Cash Flow	1,204.54M	-448.20M	1,688.22M	601.41M	-171.90M	527.57M	2,421.86M	862.81M	-892.37M	-2,146.49M	964.95M	445.01M	-179.61M	-1.16M	-917.15M	538.17M	152.74M	22.40M	703.11M	-46.85M	-32.10M	205.67M	22.26M	-16.99M	1.64M

Free Cash Flow

Metric	TTM	TTM-1	2024-12-31	2023-12-31	2022-12-31	2021-12-31	2020-12-31	2019-12-31	2018-12-31	2017-12-31	2016-12-31	2015-12-31	2014-12-31	2013-12-31	2012-12-31	2011-12-31	2010-12-31	2009-12-31	2009-03-31	2008-03-31	2007-03-31	2006-03-31	2005-03-31	2004-03-31	2003-03-31
EBITDA	3,322.50M	3,175.22M	1,707.45M	1,543.97M	1,455.18M	1,727.70M	1,506.89M	1,343.94M	1,165.00M	1,091.97M	812.60M	702.13M	848.07M	670.72M	609.91M	684.93M	481.94M	456.23M	410.06M	355.19M	199.40M	140.08M	36.11M	29.43M	24.58M
(-) Tax Adjustment	624.28M	645.80M	301.71M	319.06M	348.01M	267.86M	217.09M	265.67M	253.63M	241.34M	161.46M	139.45M	158.10M	136.09M	114.35M	157.35M	96.61M	109.40M	72.90M	75.20M	34.93M	24.84M	6.60M	5.18M	4.45M
(-) Change In Working Capital	-4,058.58M	-4,174.57M	323.85M	-650.17M	-1,162.77M	-791.44M	1,253.50M	49.27M	-3,672.12M	-3,957.01M	-386.11M	-1,793.37M	-1,231.26M	-1,434.27M	-1,357.71M	-28.43M	-239.43M	-304.42M	388.33M	-340.31M	-191.76M	0.00M	0.00M	0.00M	0.00M
(-) Capital Expenditure	-580.76M	-69.39M	-131.15M	-38.82M	-24.04M	-52.50M	-29.38M	-35.61M	-40.28M	-51.64M	-175.55M	-77.22M	-23.69M	-14.91M	-13.80M	-31.04M	-19.10M	-76.58M	-21.55M	-7.18M	-1.58M	-0.83M	-1.48M	-0.77M	-12.77M
Unlevered Free Cash Flow	6,176.03M	6,634.60M	950.75M	1,836.26M	2,245.90M	2,198.77M	6.92M	993.39M	4,543.21M	4,755.99M	861.70M	2,278.83M	1,897.55M	1,953.99M	1,839.47M	524.96M	605.66M	574.67M	-72.71M	613.13M	354.65M	114.41M	28.03M	23.48M	7.37M
(-) Net Interest Income After Taxes	-627.84M	-32.45M	-301.28M	-246.57M	-181.32M	-106.43M	-154.06M	-205.09M	-180.97M	-147.40M	-104.29M	-100.67M	-71.41M	-56.66M	-55.31M	-70.72M	-42.28M	-23.26M	-76.54M	-30.75M	-0.30M	-3.41M	-2.21M	-2.45M	-2.93M
Net Debt Issuance	283.03M	2,598.28M	134.04M	-458.85M	1,564.37M	-483.76M	-1,189.69M	234.39M	1,142.84M	2,258.07M	-1,375.49M	2,032.57M	900.70M	437.84M	380.35M	129.96M	486.09M	149.40M	-793.76M	943.44M	0.00M	-25.62M	-31.05M	715.26M	-17.88M
Levered Free Cash Flow	7,086.90M	9,265.32M	1,386.07M	1,623.97M	3,991.59M	1,821.44M	-1,028.71M	1,432.88M	5,867.02M	7,161.47M	-409.50M	4,412.07M	2,869.66M	2,448.50M	2,275.13M	725.64M	1,134.03M	747.33M	-789.93M	1,587.32M	354.95M	92.20M	-0.80M	741.20M	-7.58M