Man Wah Holdings Limited (1999.HK)

Industry: Furnishings, Fixtures & Appliances Sector: Consumer Cyclical Currency Used: HK Live Price: $4.55

Enterprise Value

Metric	2023	2022	2021	2020	2019	2018	2017	2016	2015	2014	2013	2012	2011	2010	2009	2008	2007	2006	2005
Stock Price	5.99	6.80	13.80	7.26	4.84	5.46	6.59	4.94	3.75	3.07	2.44	1.10	1.64	2.01	1.68	1.68	1.68	1.68	1.68
Market Capitalization	23,438.21M	26,758.87M	53,748.12M	27,553.93M	18,490.43M	20,913.58M	25,275.05M	19,227.95M	14,772.22M	12,032.27M	8,934.64M	4,143.30M	6,345.18M	6,910.45M	4,630.67M	4,476.86M	4,462.61M	4,523.24M	4,673.01M
(-) Cash & Equivalents	3,967.13M	2,300.56M	2,506.78M	2,385.61M	1,531.74M	1,328.94M	1,679.24M	1,664.97M	1,841.01M	2,526.40M	2,088.77M	1,117.91M	1,490.64M	1,040.70M	97.54M	14.79M	24.31M	21.82M	11.26M
(+) Total Debt	4,642.54M	4,437.42M	3,655.92M	4,154.19M	4,337.58M	1,778.62M	927.62M	325.00M	970.20M	875.68M	1,117.43M	573.94M	73.75M	97.14M	75.20M	77.57M	35.57M	22.76M	7.36M
Enterprise Value	24,113.62M	28,895.74M	54,897.26M	29,322.51M	21,296.28M	21,363.26M	24,523.43M	17,887.98M	13,901.41M	10,381.55M	7,963.29M	3,599.32M	4,928.30M	5,966.89M	4,608.33M	4,539.65M	4,473.87M	4,524.18M	4,669.11M

Income Statement

Metric	TTM	TTM-1	2025-03-31	2024-03-31	2023-03-31	2022-03-31	2021-03-31	2020-03-31	2019-03-31	2018-03-31	2017-03-31	2016-03-31	2015-03-31	2014-03-31	2013-03-31	2012-03-31	2011-03-31	2010-03-31	2009-03-31	2008-03-31	2007-03-31	2006-03-31	2005-03-31
Revenue	35,762M	37,931M	16,903M	18,411M	17,351M	21,497M	16,434M	12,144M	11,258M	10,027M	7,779M	7,328M	6,555M	5,991M	4,877M	4,336M	3,808M	2,932M	1,856M	1,486M	852M	536M	176M
Cost of Revenue	21,836M	24,111M	10,058M	11,163M	10,673M	13,606M	10,505M	7,727M	7,421M	6,284M	4,521M	4,432M	4,222M	3,860M	3,106M	2,861M	2,191M	1,676M	1,222M	1,022M	0M	0M	119M
Gross Profit	13,926M	13,820M	6,844M	7,248M	6,678M	7,891M	5,929M	4,418M	3,837M	3,743M	3,258M	2,896M	2,333M	2,131M	1,771M	1,475M	1,617M	1,257M	635M	464M	852M	536M	57M
Gross Profit Margin	38.9%	36.4%	40.5%	39.4%	38.5%	36.7%	36.1%	36.4%	34.1%	37.3%	41.9%	39.5%	35.6%	35.6%	36.3%	34.0%	42.5%	42.9%	34.2%	31.2%	100.0%	100.0%	32.5%
R&D Expenses	25M	27M	0M	0M	13M	13M	13M	13M	14M	50M	28M	29M	20M	19M	16M	0M	0M	0M	0M	0M	0M	0M	0M
SG&A Expenses	8,716M	9,171M	3,825M	4,270M	4,365M	5,273M	3,897M	2,624M	2,356M	2,135M	1,537M	1,574M	1,364M	1,311M	1,260M	1,205M	1,020M	607M	416M	294M	135M	78M	27M
Operating Expenses	8,639M	8,988M	4,020M	4,187M	4,366M	5,247M	3,744M	2,507M	2,106M	1,848M	1,223M	1,459M	1,176M	1,042M	1,171M	1,205M	937M	582M	392M	267M	135M	78M	26M
Operating Income (EBIT)	5,287M	4,832M	2,824M	3,061M	2,312M	2,643M	2,185M	1,911M	1,731M	1,895M	2,036M	1,437M	1,157M	1,089M	600M	270M	681M	675M	243M	197M	717M	458M	31M
Operating Income Margin	14.8%	12.7%	16.7%	16.6%	13.3%	12.3%	13.3%	15.7%	15.4%	18.9%	26.2%	19.6%	17.7%	18.2%	12.3%	6.2%	17.9%	23.0%	13.1%	13.2%	84.1%	85.5%	17.8%
Interest Income	264M	128M	131M	152M	120M	71M	48M	59M	53M	31M	19M	3M	124M	2M	3M	0M	0M	0M	0M	0M	0M	0M	0M
Interest Expense	367M	176M	148M	201M	165M	80M	96M	156M	79M	24M	10M	12M	23M	43M	17M	8M	1M	4M	8M	5M	2M	0M	0M
Net Interest Income	-103M	-48M	-17M	-48M	-45M	-9M	-48M	-97M	-26M	8M	9M	-9M	101M	-41M	-14M	-8M	-1M	-4M	-8M	-5M	-2M	0M	0M
Unusual Items	21M	378M	-131M	-148M	78M	169M	218M	295M	11M	20M	8M	62M	0M	106M	38M	75M	2M	-2M	-4M	0M	-620M	-370M	0M
EBT Excluding Unusual Items	5,184M	4,785M	2,807M	3,013M	2,267M	2,635M	2,137M	1,813M	1,705M	1,903M	2,044M	1,428M	1,258M	1,048M	586M	263M	679M	671M	235M	192M	715M	458M	31M
Pre-Tax Income	5,205M	5,163M	2,677M	2,864M	2,345M	2,804M	2,355M	2,108M	1,716M	1,923M	2,052M	1,490M	1,259M	1,154M	624M	337M	681M	669M	231M	192M	95M	87M	31M
Pre-Tax Margin	14.6%	13.6%	15.8%	15.6%	13.5%	13.0%	14.3%	17.4%	15.2%	19.2%	26.4%	20.3%	19.2%	19.3%	12.8%	7.8%	17.9%	22.8%	12.4%	13.0%	11.2%	16.3%	17.7%
Income Tax Expense	965M	838M	522M	468M	497M	497M	337M	417M	311M	369M	293M	150M	175M	167M	58M	35M	59M	52M	18M	5M	4M	4M	3M
Net Income	3,874M	4,172M	2,063M	2,302M	1,915M	2,247M	1,925M	1,638M	1,364M	1,536M	1,752M	1,327M	1,075M	977M	568M	303M	622M	606M	213M	188M	91M	83M	28M
Net Income Margin	10.8%	11.0%	12.2%	12.5%	11.0%	10.5%	11.7%	13.5%	12.1%	15.3%	22.5%	18.1%	16.4%	16.3%	11.7%	7.0%	16.3%	20.7%	11.5%	12.6%	10.6%	15.6%	15.9%
Depreciation & Amortization	1,257M	1,178M	536M	573M	685M	685M	494M	402M	257M	200M	158M	155M	151M	142M	124M	88M	56M	38M	36M	20M	9M	5M	3M
EBITDA	6,545M	6,010M	3,360M	3,634M	2,996M	3,328M	2,679M	2,312M	1,988M	2,095M	2,194M	1,593M	1,308M	1,231M	724M	358M	736M	713M	279M	217M	726M	464M	34M
EBITDA Margin	18.3%	15.8%	19.9%	19.7%	17.3%	15.5%	16.3%	19.0%	17.7%	20.9%	28.2%	21.7%	20.0%	20.6%	14.8%	8.3%	19.3%	24.3%	15.0%	14.6%	85.2%	86.5%	19.3%
NOPAT	4,307M	4,048M	2,274M	2,560M	1,822M	2,175M	1,872M	1,532M	1,417M	1,532M	1,745M	1,292M	997M	931M	544M	242M	621M	623M	224M	192M	684M	437M	28M
NOPAT Margin	12.0%	10.7%	13.5%	13.9%	10.5%	10.1%	11.4%	12.6%	12.6%	15.3%	22.4%	17.6%	15.2%	15.5%	11.2%	5.6%	16.3%	21.2%	12.1%	12.9%	80.2%	81.5%	16.0%
Owner's Earnings	2,332M	2,123M	1,557M	1,306M	1,039M	972M	1,152M	1,199M	490M	930M	1,356M	1,185M	577M	845M	292M	-433M	276M	498M	168M	16M	-24M	29M	27M
Owner's Earnings Margin	6.5%	5.6%	9.2%	7.1%	6.0%	4.5%	7.0%	9.9%	4.4%	9.3%	17.4%	16.2%	8.8%	14.1%	6.0%	-10.0%	7.2%	17.0%	9.1%	1.1%	-2.8%	5.4%	15.6%
EPS (Basic)	1.08	1.08	0.53	0.59	0.49	0.57	0.50	0.43	0.36	0.40	0.46	0.34	0.28	0.27	0.16	0.08	0.16	0.21	0.08	0.07	0.03	0.03	0.02
EPS (Diluted)	0.99	1.07	0.53	0.59	0.49	0.57	0.50	0.43	0.36	0.40	0.45	0.34	0.27	0.25	0.16	0.08	0.16	0.21	0.08	0.07	0.03	0.03	0.01
Shares (Basic)	3,911M	3,888M	3,878M	3,896M	3,924M	3,950M	3,829M	3,820M	3,829M	3,819M	3,840M	3,886M	3,863M	3,820M	3,618M	3,855M	3,862M	2,848M	2,826M	2,665M	2,648M	2,737M	2,826M
Shares (Diluted)	3,912M	3,898M	3,878M	3,897M	3,926M	3,959M	3,841M	3,821M	3,831M	3,836M	3,854M	3,917M	3,967M	3,918M	3,621M	3,857M	3,862M	2,848M	2,826M	2,665M	2,648M	2,737M	2,826M

Balance Sheet

Metric	MRQ	MRQ-1	2025-03-31	2024-03-31	2023-03-31	2022-03-31	2021-03-31	2020-03-31	2019-03-31	2018-03-31	2017-03-31	2016-03-31	2015-03-31	2014-03-31	2013-03-31	2012-03-31	2011-03-31	2010-03-31	2009-03-31	2008-03-31	2007-03-31	2006-03-31	2005-03-31
Cash & Cash Equivalents	3,273.83M	4,307.48M	3,364.07M	3,273.83M	3,626.77M	2,829.75M	2,416.26M	2,043.88M	1,438.34M	1,406.96M	1,808.30M	1,447.51M	1,599.03M	2,362.45M	1,655.44M	1,190.07M	1,611.16M	375.46M	195.09M	29.58M	48.62M	43.63M	22.52M
Short-Term Investments	246.43M	226.02M	715.81M	246.43M	462.46M	392.77M	1,264.82M	208.63M	236.86M	340.88M	391.91M	50.02M	186.22M	19.76M	0.00M	0.00M	2.00M	14.71M	0.00M	44.53M	0.00M	0.00M	3.19M
Cash & Short-Term Investments	3,520.26M	4,533.50M	4,079.88M	3,520.26M	4,089.24M	3,222.52M	3,681.08M	2,252.51M	1,675.20M	1,747.84M	2,200.21M	1,497.53M	1,785.25M	2,382.21M	1,655.44M	1,190.07M	1,613.16M	390.17M	195.09M	74.11M	48.62M	43.63M	25.72M
Net Receivables	1,746.89M	2,265.81M	2,026.46M	2,122.67M	2,542.22M	2,392.27M	1,825.57M	1,296.84M	1,309.69M	956.10M	639.67M	590.61M	622.05M	500.90M	397.44M	542.57M	423.00M	278.58M	177.68M	236.34M	115.97M	58.58M	32.53M
Inventory	1,553.47M	1,970.11M	1,730.92M	1,553.47M	2,059.59M	3,447.67M	2,712.84M	1,890.12M	1,413.56M	1,067.13M	749.25M	607.20M	781.23M	701.96M	635.67M	545.90M	395.02M	316.61M	197.63M	220.39M	183.38M	79.36M	67.91M
Other Current Assets	1,253.76M	1,222.33M	275.49M	1,253.76M	1,185.02M	1,098.01M	1,079.56M	642.81M	1,176.87M	785.87M	231.84M	143.19M	214.49M	234.22M	157.49M	0.00M	2.21M	2.13M	1.02M	3.63M	0.00M	0.00M	3.19M
Total Current Assets	8,074.38M	9,991.74M	8,112.74M	8,450.16M	9,876.06M	10,160.46M	9,299.05M	6,082.28M	5,575.32M	4,556.94M	3,820.97M	2,838.52M	3,403.02M	3,819.29M	2,846.04M	2,278.55M	2,433.38M	987.49M	571.42M	534.47M	347.98M	181.57M	129.34M
Property, Plant & Equipment	10,289.40M	9,605.40M	7,170.51M	9,776.12M	9,625.12M	9,294.05M	7,225.29M	6,334.53M	3,798.75M	3,167.90M	2,267.82M	2,033.77M	1,987.68M	1,606.74M	1,570.48M	1,371.10M	877.00M	537.04M	470.37M	392.74M	237.76M	115.75M	54.94M
Goodwill	767.39M	763.19M	658.86M	767.39M	816.17M	1,003.33M	560.52M	524.05M	525.90M	393.50M	129.18M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Intangible Assets	171.52M	954.27M	2,818.39M	171.52M	1,032.09M	1,279.86M	727.04M	712.49M	222.03M	245.54M	189.99M	0.38M	0.63M	0.85M	462.79M	1.29M	1.47M	1.61M	0.00M	236.34M	0.00M	0.00M	0.00M
Long-Term Investments	466.46M	517.94M	0.00M	24.42M	539.47M	565.57M	784.36M	484.89M	30.86M	210.85M	170.78M	1.79M	3.97M	26.42M	62.97M	157.81M	-1.80M	-14.56M	0.00M	-40.91M	0.00M	0.00M	0.00M
Tax Assets	8.13M	7.73M	8.65M	8.13M	29.17M	41.03M	42.68M	12.03M	3.71M	3.59M	2.59M	1.25M	1.73M	2.88M	2.29M	0.45M	0.45M	0.28M	0.47M	0.22M	0.03M	0.10M	0.23M
Other Non-Current Assets	0.00M	-759.57M	1,034.59M	955.33M	-816.17M	-1,003.33M	-393.21M	-520.36M	-3.71M	-214.44M	-173.37M	-1.25M	-1.73M	-2.88M	4.23M	287.88M	173.75M	141.51M	69.67M	45.51M	44.26M	42.63M	14.35M
Other Assets	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	2,992.93M	1,106.86M	1,103.78M	770.64M	700.43M	676.81M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Total Non-Current Assets	11,702.91M	11,088.96M	11,690.99M	11,702.91M	11,225.85M	11,180.50M	8,946.68M	7,547.63M	7,570.47M	4,913.80M	3,690.77M	2,806.59M	2,692.71M	2,310.82M	2,102.75M	1,818.52M	1,050.86M	665.88M	540.51M	633.90M	282.04M	158.47M	69.53M
Total Assets	19,777.29M	21,080.70M	19,803.73M	20,153.07M	21,101.92M	21,340.96M	18,245.72M	13,629.91M	13,145.79M	9,470.74M	7,511.74M	5,645.11M	6,095.73M	6,130.11M	4,948.80M	4,097.07M	3,484.25M	1,653.37M	1,111.93M	1,168.37M	630.02M	340.04M	198.87M
Accounts Payable	710.21M	837.45M	653.24M	710.21M	950.94M	1,155.91M	971.14M	967.09M	663.43M	753.90M	427.78M	266.53M	280.65M	290.47M	259.14M	294.76M	221.48M	167.31M	116.22M	99.50M	55.66M	20.21M	8.27M
Short-Term Debt	4,113.20M	4,708.74M	4,213.48M	4,113.20M	4,176.08M	4,335.02M	3,588.71M	3,277.50M	2,892.70M	1,316.80M	1,047.64M	250.00M	937.91M	543.09M	745.66M	582.80M	17.50M	125.24M	72.87M	87.98M	45.13M	10.28M	14.73M
Tax Payables	185.93M	250.58M	247.20M	185.93M	241.21M	266.72M	185.86M	133.20M	58.38M	72.89M	64.64M	40.03M	45.33M	45.97M	9.35M	6.03M	9.23M	10.11M	11.16M	4.01M	2.17M	0.64M	2.28M
Deferred Revenue	274.81M	382.04M	0.00M	274.81M	363.87M	354.91M	363.15M	260.86M	567.74M	50.01M	-1,047.64M	-250.00M	-937.91M	-543.09M	9.35M	140.82M	9.23M	10.11M	11.16M	131.27M	2.17M	16.79M	2.28M
Other Current Liabilities	553.38M	669.95M	760.34M	553.38M	668.89M	780.34M	365.73M	218.34M	202.37M	493.61M	262.08M	189.83M	161.90M	124.08M	311.79M	225.20M	177.43M	189.21M	-26.24M	162.28M	60.72M	28.31M	54.80M
Total Current Liabilities	5,837.54M	6,848.75M	5,874.26M	5,837.54M	6,400.99M	6,892.90M	5,474.59M	4,856.98M	4,384.62M	2,687.22M	754.49M	496.39M	487.88M	460.53M	1,335.28M	1,249.60M	434.87M	501.97M	185.16M	485.05M	165.86M	76.23M	82.35M
Long-Term Debt	1.02M	0.30M	1.07M	1.02M	0.35M	0.57M	1.20M	701.79M	1,660.07M	23.91M	27.29M	0.00M	0.00M	251.41M	0.00M	0.00M	0.00M	21.96M	77.53M	67.17M	26.00M	34.00M	0.00M
Capital Lease Obligations	211.19M	118.32M	172.89M	211.19M	143.75M	165.86M	20.31M	29.53M	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	0.00M	0.00M
Deferred Tax Liabilities	143.27M	145.66M	136.81M	143.27M	151.84M	161.42M	128.85M	128.90M	130.09M	56.16M	42.83M	3.28M	5.07M	4.88M	5.91M	4.67M	4.67M	4.51M	1.54M	0.53M	1.34M	1.23M	3.53M
Other Non-Current Liabilities	1.27M	28.65M	1.45M	1.27M	30.75M	1.55M	1.28M	130.23M	1.67M	4.14M	7.34M	0.00M	0.00M	130.96M	200.64M	180.89M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Total Non-Current Liabilities	356.74M	292.93M	312.21M	356.74M	326.70M	329.39M	151.64M	990.44M	1,791.82M	84.21M	77.46M	3.28M	5.07M	387.25M	206.55M	185.56M	4.67M	26.47M	79.07M	67.69M	27.34M	35.23M	3.53M
Total Liabilities	6,194.27M	7,141.68M	6,186.47M	6,194.27M	6,727.69M	7,222.29M	5,626.23M	5,847.42M	6,176.45M	2,771.42M	831.95M	499.67M	492.94M	847.78M	1,541.83M	1,435.16M	439.54M	528.45M	264.23M	552.74M	193.19M	111.46M	85.88M
Preferred Stock	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	57.02M	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	1,551.02M	1,562.68M	1,551.23M	1,551.02M	1,568.38M	1,571.23M	1,583.52M	1,518.38M	1,529.25M	1,531.51M	1,530.26M	774.75M	778.43M	380.04M	356.41M	379.10M	388.45M	289.53M	266.48M	266.48M	0.00M	116.04M	87.04M
Retained Earnings	9,130.51M	8,605.24M	9,906.25M	9,130.51M	7,859.87M	7,389.68M	6,370.75M	5,361.60M	4,907.01M	4,232.59M	3,725.52M	2,872.26M	2,108.67M	2,240.81M	1,570.62M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Accumulated OCI	-419.79M	-613.06M	0.00M	0.00M	139.72M	730.94M	412.58M	-175.83M	254.98M	514.34M	-57.02M	185.00M	152.21M	160.67M	-333.21M	-231.83M	-147.00M	0.00M	0.00M	-45.67M	0.00M	0.00M	-14.67M
Minority Interest	992.28M	964.48M	938.51M	992.28M	970.99M	1,038.47M	663.73M	528.55M	492.83M	481.27M	370.38M	-1.98M	56.58M	47.73M	38.56M	30.45M	0.13M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Total Shareholders’ Equity	10,261.73M	9,554.86M	11,457.48M	10,681.53M	9,567.97M	9,691.85M	8,366.85M	6,704.15M	6,691.24M	6,278.44M	5,255.77M	3,832.00M	3,039.31M	2,781.52M	1,593.83M	147.27M	241.46M	289.53M	266.48M	220.81M	0.00M	116.04M	72.37M
Total Equity	11,254.02M	10,519.34M	12,395.99M	11,673.81M	10,538.96M	10,730.32M	9,030.58M	7,232.70M	7,184.06M	6,759.70M	5,626.15M	3,830.02M	3,095.89M	2,829.25M	1,632.39M	177.72M	241.58M	289.53M	266.48M	220.81M	0.00M	116.04M	72.37M
Total Liabilities & Equity	17,448.29M	17,661.02M	18,582.46M	17,868.08M	17,266.65M	17,952.61M	14,656.80M	13,080.12M	13,360.51M	9,531.13M	6,458.10M	4,329.68M	3,588.83M	3,677.03M	3,174.22M	1,612.88M	681.12M	817.97M	530.71M	773.55M	193.19M	227.50M	158.25M
Tangible Assets	18,838.38M	19,363.24M	16,326.49M	19,214.16M	19,253.66M	19,057.78M	16,958.17M	12,393.37M	12,397.85M	8,831.70M	7,192.57M	5,644.73M	6,095.10M	6,129.26M	4,486.01M	4,095.78M	3,482.78M	1,651.77M	1,111.93M	932.03M	630.02M	340.04M	198.87M
Tangible Equity	10,315.11M	8,801.88M	8,918.74M	10,734.90M	8,690.70M	8,447.13M	7,743.02M	5,996.16M	6,436.13M	6,120.66M	5,306.98M	3,829.63M	3,095.26M	2,828.40M	1,169.60M	176.43M	240.12M	287.92M	266.48M	-15.54M	0.00M	116.04M	72.37M
Tangible Book Value	10,315.11M	8,801.88M	8,918.74M	10,734.90M	8,690.70M	8,447.13M	7,743.02M	5,996.16M	6,436.13M	6,120.66M	5,306.98M	3,829.63M	3,095.26M	2,828.40M	1,169.60M	176.43M	240.12M	287.92M	266.48M	-15.54M	0.00M	116.04M	72.37M
Total Investments	712.89M	743.96M	73.56M	712.89M	1,001.94M	958.35M	2,049.17M	693.52M	47.07M	29.13M	194.83M	51.81M	190.19M	46.19M	62.97M	157.81M	0.20M	0.16M	2.04M	3.62M	0.00M	0.00M	3.19M
Net Debt	840.39M	401.56M	850.48M	840.39M	549.66M	1,505.83M	1,173.65M	1,935.40M	3,114.43M	-66.25M	-733.37M	-1,197.51M	-661.12M	-1,567.95M	-909.78M	-607.27M	-1,593.66M	-228.26M	-44.69M	125.57M	22.51M	0.65M	-7.80M

Capital Metrics

Metric	MRQ	MRQ-1	2025-03-31	2024-03-31	2023-03-31	2022-03-31	2021-03-31	2020-03-31	2019-03-31	2018-03-31	2017-03-31	2016-03-31	2015-03-31	2014-03-31	2013-03-31	2012-03-31	2011-03-31	2010-03-31	2009-03-31	2008-03-31	2007-03-31	2006-03-31	2005-03-31
Working Capital	1,677.0M	1,678.5M	2,218.6M	1,677.0M	1,628.6M	1,897.1M	2,610.0M	546.6M	937.4M	1,614.9M	1,795.6M	1,907.0M	1,764.7M	2,578.7M	1,572.4M	1,556.0M	2,048.5M	511.2M	321.0M	184.7M	177.5M	124.8M	49.0M
Total Capital	16,408.8M	16,395.7M	17,098.1M	16,408.8M	15,956.2M	16,317.6M	14,378.0M	10,741.7M	10,776.0M	7,303.9M	6,113.5M	4,962.3M	5,333.7M	5,249.1M	4,175.7M	3,741.3M	3,112.1M	1,297.8M	932.8M	757.6M	503.3M	293.5M	129.7M
Capital Employed	13,379.9M	12,767.4M	13,909.6M	13,379.9M	12,854.5M	13,077.6M	11,556.7M	8,094.2M	8,507.9M	6,528.7M	5,486.4M	4,713.6M	4,457.4M	4,889.6M	3,675.1M	3,374.5M	3,099.4M	1,177.1M	861.5M	670.1M	459.5M	283.3M	118.5M
Invested Capital	13,135.0M	12,088.2M	13,734.0M	13,135.0M	12,329.4M	13,487.9M	11,961.7M	8,697.8M	9,337.7M	5,897.0M	4,305.2M	3,514.8M	3,734.6M	2,886.6M	2,520.2M	2,551.2M	1,500.9M	922.4M	737.7M	728.0M	454.7M	249.9M	107.2M

Cash Flow Statement

Metric	TTM	TTM-1	2025-03-31	2024-03-31	2023-03-31	2022-03-31	2021-03-31	2020-03-31	2019-03-31	2018-03-31	2017-03-31	2016-03-31	2015-03-31	2014-03-31	2013-03-31	2012-03-31	2011-03-31	2010-03-31	2009-03-31	2008-03-31	2007-03-31	2006-03-31	2005-03-31
Net Income	4,217.28M	4,172.00M	2,676.58M	2,302.37M	1,914.91M	2,247.49M	1,924.51M	1,638.07M	1,363.80M	1,535.91M	1,752.37M	1,327.24M	1,075.16M	976.97M	623.89M	337.47M	680.71M	668.91M	231.02M	196.99M	90.74M	83.39M	31.40M
Depreciation & Amortization	1,257.39M	1,178.33M	535.70M	572.88M	684.52M	684.53M	493.79M	401.87M	256.99M	200.41M	158.25M	155.40M	151.07M	142.45M	124.02M	88.08M	55.74M	37.51M	35.65M	19.90M	9.24M	5.45M	2.57M
Deferred Income Tax	-2,306.85M	390.53M	0.00M	0.00M	114.36M	-2,135.98M	-1,815.97M	-163.68M	632.89M	676.73M	138.29M	-200.73M	199.26M	194.15M	-147.26M	-84.06M	-30.27M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Stock-Based Compensation	24.78M	20.17M	-0.71M	6.06M	18.72M	12.66M	7.51M	9.25M	8.63M	8.73M	11.07M	9.86M	11.83M	16.29M	7.25M	10.10M	3.74M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Change in Working Capital	803.92M	-1,494.25M	154.16M	-821.70M	1,203.23M	-776.09M	-653.69M	489.15M	-641.52M	-685.46M	-149.36M	190.87M	-211.10M	-210.44M	-28.42M	-148.59M	-175.89M	-71.74M	30.76M	-85.55M	-64.55M	-16.54M	-19.34M
Accounts Receivable	381.59M	-894.43M	305.81M	-234.93M	616.52M	-422.93M	-471.50M	99.49M	-296.83M	-385.06M	-24.58M	20.98M	-126.06M	-133.24M	21.84M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Inventory	816.07M	-769.67M	109.60M	-162.69M	1,010.37M	-329.23M	-344.16M	250.32M	-344.69M	-300.41M	-124.78M	169.89M	-85.04M	-77.20M	-89.64M	-147.12M	-75.95M	-101.87M	22.76M	-37.01M	-104.03M	-11.45M	-4.26M
Accounts Payable	0.00M	0.00M	0.00M	-209.02M	-124.77M	-2.10M	-5.20M	299.50M	-54.18M	362.42M	11.33M	-12.23M	0.00M	0.00M	-21.84M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Other Working Capital	-393.74M	169.85M	-261.26M	-215.07M	-298.89M	-21.84M	167.18M	-160.16M	54.18M	-362.42M	-11.33M	12.23M	9.75M	141.76M	39.38M	-1.48M	-99.94M	30.13M	8.00M	-48.54M	39.48M	-5.09M	-15.09M
Other Non-Cash Items	3,608.78M	1,252.37M	-42.38M	495.12M	123.27M	2,291.04M	1,966.22M	307.79M	-491.72M	-274.60M	-31.90M	16.60M	-237.37M	-89.53M	26.49M	0.67M	-25.78M	-28.49M	-6.74M	-9.94M	-23.85M	-1.66M	-13.06M
Net Cash from Operating Activities	6,613.74M	4,246.04M	3,323.35M	2,554.73M	4,059.02M	2,323.66M	1,922.39M	2,682.45M	1,129.07M	1,461.72M	1,740.43M	1,699.98M	789.59M	835.74M	605.98M	203.66M	508.25M	606.19M	290.68M	121.40M	11.58M	70.64M	1.57M
Capital Expenditures (PPE)	-3,130.03M	-3,226.91M	-1,036.71M	-1,569.27M	-1,560.76M	-1,960.37M	-1,266.54M	-840.90M	-1,130.69M	-806.29M	-554.87M	-297.36M	-649.47M	-274.28M	-400.11M	-824.16M	-402.12M	-145.69M	-80.82M	-191.70M	-123.78M	-59.73M	-3.06M
Acquisitions (Net)	118.96M	-136.56M	0.00M	0.00M	87.42M	44.01M	-180.56M	44.82M	-503.34M	-112.76M	4.73M	-39.37M	68.98M	0.87M	-0.01M	5.00M	0.00M	-5.00M	0.00M	0.00M	0.00M	0.00M	12.97M
Purchases of Investments	-578.57M	-40,282.70M	-535.09M	0.00M	-578.57M	-22,469.26M	-17,813.44M	-6,762.12M	-7,564.45M	-13,551.08M	-4,356.66M	-10,574.66M	-13,554.33M	-11,617.04M	-8,106.08M	-7,543.79M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Sales / Maturities of Investments	464.51M	40,079.41M	3.06M	0.00M	464.51M	23,390.05M	16,689.36M	6,762.41M	7,540.58M	13,620.90M	4,071.40M	10,601.39M	13,510.82M	11,722.81M	8,154.35M	7,574.12M	0.00M	0.00M	3.53M	0.00M	0.00M	0.00M	0.00M
Other Investing Activities	1.50M	-163.62M	21.91M	30.96M	0.00M	8.19M	-163.62M	109.48M	-1,780.31M	-252.20M	-101.67M	-48.14M	62.17M	-39.02M	366.23M	-124.58M	-0.82M	0.21M	-0.74M	-2.30M	0.28M	-35.25M	-1.34M
Net Cash from Investing Activities	-3,123.63M	-3,730.37M	-1,546.82M	-1,538.31M	-1,587.40M	-995.57M	-2,734.80M	-795.78M	-3,438.21M	-1,101.42M	-937.07M	-358.14M	-561.84M	-206.66M	14.40M	-913.41M	-402.94M	-150.48M	-78.02M	-194.00M	-123.50M	-94.97M	8.58M
Net Debt Issuance	539.55M	909.96M	-162.94M	-50.20M	47.57M	631.40M	-442.50M	-522.83M	3,213.41M	253.22M	712.24M	-687.93M	399.74M	642.11M	162.89M	565.30M	-129.70M	-3.20M	-0.86M	80.13M	-3.00M	32.27M	7.73M
Long-Term Debt Issuance	539.55M	909.96M	-162.94M	26.46M	47.57M	631.40M	-442.50M	-522.83M	3,213.41M	253.22M	712.24M	-687.93M	399.74M	642.11M	162.89M	565.30M	-129.70M	-0.24M	31.94M	80.13M	-3.00M	32.27M	7.73M
Short-Term Debt Issuance	0.00M	0.00M	0.00M	-76.66M	0.00M	-86.66M	34.43M	0.00M	0.00M	0.00M	772.39M	0.00M	1,205.95M	587.63M	162.89M	0.00M	0.00M	-2.96M	-32.80M	0.00M	0.00M	0.00M	0.00M
Net Stock Issuance	-267.06M	-373.79M	2.19M	-229.33M	-37.59M	-391.09M	2,426.24M	-129.22M	-43.51M	-67.36M	-232.44M	-298.56M	-272.95M	-152.10M	-179.34M	-130.51M	1,603.76M	-5.55M	-1.43M	0.00M	0.00M	65.50M	0.00M
Common Stock Issuance	27.59M	2,443.54M	2.19M	6.23M	21.37M	17.29M	2,426.24M	24.92M	17.34M	101.10M	109.63M	57.64M	83.92M	9.06M	0.00M	0.00M	1,681.77M	0.00M	0.00M	0.00M	0.00M	65.50M	0.00M
Common Stock Repurchased	-342.69M	-2,374.84M	0.00M	-229.33M	-58.96M	-391.09M	0.00M	-154.14M	-43.51M	-168.46M	-342.07M	-298.56M	-272.95M	-161.16M	-179.34M	-130.51M	0.00M	-5.55M	-1.43M	0.00M	0.00M	0.00M	0.00M
Preferred Stock Issuance	0.00M	0.00M	0.00M	-6.23M	0.00M	-17.29M	0.00M	0.00M	-17.34M	0.00M	0.00M	-57.64M	-83.92M	0.00M	0.00M	0.00M	-78.01M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Net Dividends Paid	-2,232.21M	-1,983.66M	-1,163.33M	-976.68M	-1,255.54M	-1,147.36M	-836.30M	-496.49M	-689.38M	-1,028.84M	-899.11M	-563.66M	-1,220.85M	-386.93M	-152.13M	-184.52M	-343.78M	0.00M	-42.97M	-32.31M	-22.61M	-17.18M	0.00M
Common Dividends Paid	-2,232.21M	-1,983.66M	-1,163.33M	-976.68M	-1,255.54M	-1,147.36M	-836.30M	-496.49M	-689.38M	-1,028.84M	-899.11M	-563.66M	-1,220.85M	-386.93M	-152.13M	-184.52M	0.00M	-280.40M	-42.97M	-32.31M	-22.61M	-17.18M	0.00M
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	-343.78M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Other Financing Activities	-731.26M	1,604.33M	-177.90M	-27.68M	-89.17M	-49.13M	-34.43M	-136.33M	29.69M	17.83M	-2.03M	-12.99M	83.92M	0.00M	10.44M	30.44M	-5.35M	-19.99M	1.43M	0.00M	143.21M	-34.44M	3.33M
Net Cash from Financing Activities	-2,690.99M	156.84M	-1,501.99M	-1,283.89M	-1,405.01M	-956.19M	1,113.03M	-1,284.88M	2,510.22M	-825.15M	-421.34M	-1,563.14M	-1,010.13M	103.09M	-158.13M	280.72M	1,124.93M	-309.14M	-43.83M	47.82M	117.60M	45.31M	11.06M
Effect of FX on Cash	-458.56M	113.36M	-73.39M	-188.98M	-269.59M	41.59M	71.77M	-129.37M	-169.71M	63.51M	14.64M	33.90M	18.96M	-25.16M	3.12M	7.94M	5.47M	-0.43M	0.56M	1.86M	0.80M	-0.06M	0.00M
Net Change in Cash	-2,381.12M	785.87M	201.15M	-456.46M	797.02M	413.49M	372.38M	466.44M	31.38M	-401.34M	396.66M	-187.39M	-763.42M	707.01M	465.37M	-421.09M	1,235.70M	146.14M	169.39M	-22.93M	6.49M	20.93M	21.20M
Cash at Beginning of Period	12,086.73M	9,784.78M	3,162.92M	3,619.38M	2,829.75M	2,416.26M	2,043.88M	1,577.44M	1,406.96M	1,808.30M	1,411.64M	1,599.03M	2,362.45M	1,655.44M	1,190.07M	1,611.16M	375.46M	229.33M	25.70M	48.62M	42.13M	21.20M	0.00M
Cash at End of Period	12,983.23M	10,570.65M	3,364.07M	3,162.92M	3,626.77M	2,829.75M	2,416.26M	2,043.88M	1,438.34M	1,406.96M	1,808.30M	1,411.64M	1,599.03M	2,362.45M	1,655.44M	1,190.07M	1,611.16M	375.46M	195.09M	25.70M	48.62M	42.13M	21.20M
Operating Cash Flow	6,613.74M	4,246.04M	3,323.35M	2,554.73M	4,059.02M	2,323.66M	1,922.39M	2,682.45M	1,129.07M	1,461.72M	1,740.43M	1,699.98M	789.59M	835.74M	605.98M	203.66M	508.25M	606.19M	290.68M	121.40M	11.58M	70.64M	1.57M
Capital Expenditure	-2,799.12M	-3,226.91M	-1,041.11M	-1,569.27M	-1,560.76M	-1,960.37M	-1,266.54M	-840.90M	-1,130.69M	-806.29M	-554.87M	-297.36M	-649.47M	-274.28M	-400.11M	-824.16M	-402.12M	-145.69M	-80.82M	-191.70M	-123.78M	-59.73M	-3.06M
Free Cash Flow	3,814.62M	1,019.14M	2,282.24M	985.45M	2,498.26M	363.28M	655.85M	1,841.55M	-1.62M	655.44M	1,185.56M	1,402.62M	140.12M	561.47M	205.88M	-620.50M	106.13M	460.50M	209.86M	-70.30M	-112.19M	10.92M	-1.49M

Free Cash Flow

Metric	TTM	TTM-1	2025-03-31	2024-03-31	2023-03-31	2022-03-31	2021-03-31	2020-03-31	2019-03-31	2018-03-31	2017-03-31	2016-03-31	2015-03-31	2014-03-31	2013-03-31	2012-03-31	2011-03-31	2010-03-31	2009-03-31	2008-03-31	2007-03-31	2006-03-31	2005-03-31
EBITDA	6,442.26M	5,799.97M	3,554.40M	3,550.56M	2,985.33M	3,289.12M	2,512.89M	2,182.89M	1,724.28M	1,759.30M	1,850.89M	1,447.84M	1,100.12M	942.89M	619.02M	358.38M	652.73M	687.21M	254.60M	189.88M	726.47M	463.84M	33.34M
(-) Tax Adjustment	1,194.52M	941.45M	692.90M	580.68M	632.36M	583.27M	359.56M	431.98M	312.85M	337.33M	264.44M	145.93M	152.77M	136.79M	57.60M	37.48M	56.97M	52.98M	19.65M	4.53M	33.80M	21.61M	3.40M
(-) Change In Working Capital	803.92M	-1,494.25M	154.16M	-821.70M	1,203.23M	-776.09M	-653.69M	489.15M	-641.52M	-685.46M	-149.36M	190.87M	-211.10M	-210.44M	-28.42M	-148.59M	-175.89M	-71.74M	30.76M	-85.55M	-64.55M	-16.54M	-19.34M
(-) Capital Expenditure	-2,799.12M	-3,226.91M	-1,041.11M	-1,569.27M	-1,560.76M	-1,960.37M	-1,266.54M	-840.90M	-1,130.69M	-806.29M	-554.87M	-297.36M	-649.47M	-274.28M	-400.11M	-824.16M	-402.12M	-145.69M	-80.82M	-191.70M	-123.78M	-59.73M	-3.06M
Unlevered Free Cash Flow	1,644.69M	3,125.86M	1,666.23M	2,222.31M	-411.01M	1,521.57M	1,540.48M	420.86M	922.26M	1,301.15M	1,180.94M	813.67M	508.97M	742.26M	189.73M	-354.67M	369.53M	560.28M	123.38M	79.20M	633.44M	399.04M	46.23M
(-) Net Interest Income After Taxes	-83.63M	-39.79M	-13.72M	-40.49M	-35.11M	-7.02M	-41.17M	-77.84M	-21.40M	6.30M	7.55M	-8.26M	87.09M	-35.12M	-12.67M	-6.89M	-1.35M	-3.92M	-7.41M	-4.50M	-1.94M	-0.43M	-0.24M
Net Debt Issuance	539.55M	909.96M	-162.94M	-50.20M	47.57M	631.40M	-442.50M	-522.83M	3,213.41M	253.22M	712.24M	-687.93M	399.74M	642.11M	162.89M	565.30M	-129.70M	-3.20M	-0.86M	80.13M	-3.00M	32.27M	7.73M
Levered Free Cash Flow	2,267.87M	4,075.61M	1,517.00M	2,212.59M	-328.33M	2,159.98M	1,139.16M	-24.12M	4,157.07M	1,548.07M	1,885.62M	134.01M	821.62M	1,419.50M	365.30M	217.52M	241.18M	561.00M	129.93M	163.83M	632.39M	431.74M	54.20M