Goldsun Building Materials Co., Ltd. (2504.TW)

Industry: Construction Materials Sector: Basic Materials Currency Used: TW Live Price: $37.65

Enterprise Value

Metric	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015	2014	2013	2012	2011	2010
Stock Price	38.75	46.34	27.15	25.45	26.51	20.74	11.88	10.64	10.65	9.34	11.12	12.87	14.12	13.37	14.50	16.77
Market Capitalization	45,645.36M	54,591.38M	31,972.77M	29,910.58M	31,333.13M	26,597.97M	14,157.86M	12,804.69M	12,238.51M	11,467.93M	13,851.15M	16,570.41M	19,042.18M	16,290.31M	18,741.34M	21,270.94M
(-) Cash & Equivalents	3,750.82M	3,088.06M	2,032.23M	2,159.16M	2,539.49M	3,205.08M	2,770.89M	2,372.63M	2,828.56M	5,168.88M	7,309.56M	6,653.47M	3,857.87M	3,012.41M	2,940.45M	800.86M
(+) Total Debt	12,748.85M	10,305.80M	9,363.37M	7,548.38M	8,244.85M	9,094.22M	11,084.96M	10,042.07M	9,895.80M	27,405.86M	25,461.88M	23,826.76M	19,478.28M	12,363.32M	10,455.83M	2,033.22M
Enterprise Value	54,643.38M	61,809.13M	39,303.91M	35,299.80M	37,038.48M	32,487.11M	22,471.94M	20,474.13M	19,305.75M	33,704.91M	32,003.48M	33,743.70M	34,662.60M	25,641.22M	26,256.72M	22,503.31M

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	2008-12-31	2007-12-31	2006-12-31	2005-12-31	2004-12-31
Revenue	22,490M	21,709M	21,719M	21,041M	21,279M	21,802M	18,878M	19,005M	18,645M	16,414M	25,999M	28,848M	35,078M	31,632M	26,164M	25,788M	23,511M	19,399M	21,585M	19,306M	16,413M	16,157M	11,506M
Cost of Revenue	16,429M	16,198M	16,135M	16,055M	16,977M	17,696M	15,744M	17,715M	17,237M	15,361M	27,877M	28,610M	31,693M	29,217M	23,835M	22,681M	20,269M	17,296M	19,904M	17,467M	14,171M	14,131M	10,257M
Gross Profit	6,061M	5,511M	5,584M	4,986M	4,302M	4,106M	3,133M	1,290M	1,408M	1,053M	-1,877M	238M	3,385M	2,415M	2,329M	3,107M	3,242M	2,103M	1,681M	1,838M	2,241M	2,026M	1,248M
Gross Profit Margin	27.0%	25.4%	25.7%	23.7%	20.2%	18.8%	16.6%	6.8%	7.6%	6.4%	-7.2%	0.8%	9.6%	7.6%	8.9%	12.0%	13.8%	10.8%	7.8%	9.5%	13.7%	12.5%	10.9%
R&D Expenses	34M	67M	60M	43M	18M	9M	9M	10M	8M	8M	9M	8M	5M	6M	5M	4M	3M	4M	5M	6M	6M	6M	0M
SG&A Expenses	1,040M	977M	982M	903M	899M	825M	753M	867M	893M	1,042M	2,809M	2,238M	2,491M	2,193M	1,999M	1,864M	1,739M	1,599M	1,024M	880M	939M	689M	477M
Operating Expenses	1,074M	1,036M	1,042M	949M	917M	834M	762M	877M	902M	1,050M	2,818M	2,246M	2,495M	2,200M	2,004M	1,868M	1,742M	1,603M	1,029M	886M	945M	694M	477M
Operating Income (EBIT)	4,988M	4,475M	4,542M	4,037M	3,385M	3,273M	2,372M	413M	506M	3M	-4,695M	-2,008M	889M	215M	325M	1,239M	1,500M	500M	652M	952M	1,297M	1,332M	772M
Operating Income Margin	22.2%	20.6%	20.9%	19.2%	15.9%	15.0%	12.6%	2.2%	2.7%	0.0%	-18.1%	-7.0%	2.5%	0.7%	1.2%	4.8%	6.4%	2.6%	3.0%	4.9%	7.9%	8.2%	6.7%
Interest Income	58M	53M	60M	28M	14M	20M	31M	24M	0M	0M	0M	0M	0M	0M	44M	41M	22M	29M	29M	53M	14M	6M	4M
Interest Expense	95M	116M	112M	122M	90M	85M	99M	128M	147M	135M	579M	370M	358M	297M	130M	124M	138M	232M	238M	235M	149M	128M	134M
Net Interest Income	-37M	-63M	-52M	-94M	-75M	-65M	-68M	-104M	-147M	-135M	-579M	-370M	-358M	-297M	-87M	-83M	-116M	-203M	-210M	-183M	-135M	-122M	-129M
Unusual Items	-20M	1,525M	1,069M	643M	1,818M	438M	402M	961M	181M	3,072M	-3,557M	1,515M	759M	1,328M	308M	309M	489M	275M	261M	661M	3M	-132M	-11M
EBT Excluding Unusual Items	4,951M	4,413M	4,491M	3,943M	3,310M	3,208M	2,304M	310M	359M	-132M	-5,274M	-2,378M	531M	-82M	238M	1,157M	1,383M	297M	442M	770M	1,162M	1,210M	642M
Pre-Tax Income	4,930M	5,938M	5,560M	4,586M	5,128M	3,646M	2,706M	1,271M	540M	2,939M	-8,831M	-863M	1,290M	1,246M	546M	1,466M	1,872M	571M	703M	1,431M	1,165M	1,079M	631M
Pre-Tax Margin	21.9%	27.4%	25.6%	21.8%	24.1%	16.7%	14.3%	6.7%	2.9%	17.9%	-34.0%	-3.0%	3.7%	3.9%	2.1%	5.7%	8.0%	2.9%	3.3%	7.4%	7.1%	6.7%	5.5%
Income Tax Expense	1,017M	1,059M	956M	965M	892M	713M	155M	85M	-52M	71M	581M	-249M	222M	132M	185M	300M	163M	-6M	19M	297M	113M	40M	18M
Net Income	3,835M	4,824M	4,591M	3,531M	4,132M	2,849M	2,473M	1,102M	515M	2,811M	-4,690M	19M	808M	931M	199M	784M	1,206M	541M	665M	1,178M	1,043M	1,002M	613M
Net Income Margin	17.1%	22.2%	21.1%	16.8%	19.4%	13.1%	13.1%	5.8%	2.8%	17.1%	-18.0%	0.1%	2.3%	2.9%	0.8%	3.0%	5.1%	2.8%	3.1%	6.1%	6.4%	6.2%	5.3%
Depreciation & Amortization	820M	714M	742M	685M	725M	596M	597M	700M	676M	708M	2,207M	1,944M	2,066M	2,874M	2,293M	2,025M	2,001M	2,150M	804M	530M	532M	521M	327M
EBITDA	5,808M	5,189M	5,284M	4,722M	4,110M	3,869M	2,969M	1,113M	1,182M	711M	-2,488M	-63M	2,955M	3,089M	2,619M	3,264M	3,500M	2,650M	1,456M	1,482M	1,829M	1,853M	1,099M
EBITDA Margin	25.8%	23.9%	24.3%	22.4%	19.3%	17.7%	15.7%	5.9%	6.3%	4.3%	-9.6%	-0.2%	8.4%	9.8%	10.0%	12.7%	14.9%	13.7%	6.7%	7.7%	11.1%	11.5%	9.6%
NOPAT	3,959M	3,677M	3,761M	3,187M	2,796M	2,633M	2,236M	386M	555M	3M	-3,709M	-1,586M	736M	193M	215M	985M	1,369M	505M	634M	755M	1,171M	1,283M	750M
NOPAT Margin	17.6%	16.9%	17.3%	15.1%	13.1%	12.1%	11.8%	2.0%	3.0%	0.0%	-14.3%	-5.5%	2.1%	0.6%	0.8%	3.8%	5.8%	2.6%	2.9%	3.9%	7.1%	7.9%	6.5%
Owner's Earnings	271M	1,735M	838M	1,568M	1,621M	2,231M	2,475M	1,281M	323M	2,506M	-4,375M	-4,062M	-6,473M	-2,914M	-5,373M	-1,410M	-238M	2,208M	318M	1,017M	-482M	103M	909M
Owner's Earnings Margin	1.2%	8.0%	3.9%	7.4%	7.6%	10.2%	13.1%	6.7%	1.7%	15.3%	-16.8%	-14.1%	-18.5%	-9.2%	-20.5%	-5.5%	-1.0%	11.4%	1.5%	5.3%	-2.9%	0.6%	7.9%
EPS (Basic)	3.26	4.09	3.90	3.00	3.51	2.42	1.90	0.93	0.43	2.35	-3.82	0.01	0.62	0.72	0.15	0.61	0.93	0.47	0.56	1.01	0.89	0.86	0.50
EPS (Diluted)	3.26	4.08	3.89	2.99	3.49	2.41	1.90	0.80	0.43	2.34	-3.82	0.01	0.62	0.72	0.15	0.61	0.93	0.47	0.57	1.00	0.89	0.85	0.52
Shares (Basic)	1,178M	1,178M	1,179M	1,177M	1,177M	1,177M	1,299M	1,182M	1,191M	1,198M	1,227M	1,597M	1,305M	1,293M	1,310M	1,293M	1,291M	1,145M	1,173M	1,173M	1,173M	1,173M	1,220M
Shares (Diluted)	1,178M	1,182M	1,181M	1,183M	1,184M	1,181M	1,303M	1,384M	1,184M	1,202M	1,228M	1,285M	1,294M	1,294M	1,293M	1,294M	1,293M	1,146M	1,175M	1,173M	1,173M	1,173M	1,173M

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	2008-12-31	2007-12-31	2006-12-31	2005-12-31	2004-12-31
Cash & Cash Equivalents	3,295.01M	3,808.04M	2,991.68M	2,307.85M	2,106.58M	2,518.16M	2,485.37M	3,685.52M	2,334.89M	2,365.16M	4,160.22M	6,104.98M	8,104.55M	6,016.74M	3,083.62M	2,964.55M	3,203.42M	4,647.74M	4,229.16M	1,073.43M	944.66M	543.39M	381.50M
Short-Term Investments	297.10M	536.09M	724.88M	1,336.86M	831.08M	1,006.99M	908.11M	832.25M	931.23M	903.95M	932.07M	947.56M	1,043.63M	955.42M	1,302.98M	1,426.54M	972.40M	872.53M	218.17M	504.29M	1,291.51M	406.78M	738.19M
Cash & Short-Term Investments	3,592.11M	4,344.13M	3,716.56M	3,644.71M	2,937.66M	3,525.15M	3,393.47M	4,517.77M	3,266.12M	3,269.11M	5,092.29M	7,052.55M	9,148.17M	6,972.16M	4,386.60M	4,391.10M	4,175.82M	5,520.26M	4,447.33M	1,577.71M	2,236.17M	950.17M	1,119.69M
Net Receivables	7,620.65M	8,232.02M	7,330.97M	7,763.30M	8,384.20M	7,182.40M	7,885.12M	9,158.02M	7,343.47M	6,457.89M	7,224.95M	7,084.66M	8,138.16M	7,559.36M	6,762.07M	571.46M	6,204.38M	6,130.61M	6,691.60M	5,936.55M	6,027.69M	5,171.03M	3,061.20M
Inventory	768.80M	718.34M	510.80M	646.51M	843.87M	653.76M	752.98M	560.34M	770.05M	663.39M	957.10M	1,551.14M	1,555.49M	1,790.55M	1,921.70M	2,018.74M	1,525.35M	1,648.79M	1,789.16M	1,632.54M	1,744.38M	2,617.13M	1,569.70M
Other Current Assets	37.50M	18.59M	15.50M	3.15M	2.34M	573.79M	1.76M	4.30M	0.63M	3.02M	206.27M	191.71M	1,695.77M	2,111.13M	43.46M	6,700.06M	138.80M	221.99M	150.47M	53.49M	190.32M	59.99M	67.99M
Total Current Assets	12,019.06M	13,313.08M	11,573.84M	12,057.67M	12,168.07M	11,935.10M	12,033.33M	14,240.42M	11,380.27M	10,393.41M	13,480.61M	15,880.05M	20,537.60M	18,433.20M	13,113.83M	13,681.35M	12,044.34M	13,521.65M	13,078.56M	9,200.30M	10,198.56M	8,798.31M	5,818.59M
Property, Plant & Equipment	20,603.21M	19,663.68M	18,538.88M	14,855.48M	12,917.27M	10,530.20M	9,867.13M	7,979.11M	8,154.59M	9,227.81M	22,194.14M	28,111.25M	25,869.89M	23,054.84M	21,107.23M	21,166.57M	18,392.55M	17,282.12M	22,128.30M	12,341.66M	12,695.08M	10,789.57M	8,317.60M
Goodwill	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.04M	0.04M	0.04M	0.04M	0.04M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Intangible Assets	3,397.89M	3,423.89M	3,473.37M	3,574.97M	3,680.87M	3,787.02M	3,875.10M	3,717.41M	4,078.61M	4,013.35M	1,007.46M	1,523.39M	1,522.34M	1,779.85M	1,424.20M	1,134.28M	974.99M	805.75M	879.03M	454.44M	373.30M	5,171.03M	0.00M
Long-Term Investments	7,764.97M	7,612.28M	1,436.59M	8,813.22M	1,620.10M	1,207.49M	1,055.62M	1,642.54M	1,691.66M	1,124.92M	1,390.70M	1,636.74M	1,279.23M	833.00M	592.56M	748.38M	1,254.75M	1,317.96M	1,920.47M	4,034.45M	2,895.20M	4,702.84M	6,766.50M
Tax Assets	512.82M	521.84M	655.87M	685.67M	735.67M	803.31M	789.78M	489.39M	640.49M	495.47M	492.00M	918.27M	482.32M	519.70M	165.71M	163.00M	186.27M	167.21M	181.11M	104.53M	95.55M	87.90M	35.98M
Other Non-Current Assets	71.66M	110.07M	7,235.89M	64.66M	7,339.44M	6,901.61M	6,607.51M	8,310.73M	8,614.00M	8,510.11M	13,716.21M	13,011.87M	13,164.21M	12,340.78M	12,607.88M	7,165.32M	6,116.16M	6,123.52M	2,302.91M	2,291.83M	3,129.51M	1,683.22M	1,041.93M
Other Assets	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	41.18M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Total Non-Current Assets	32,350.55M	31,331.77M	31,340.60M	27,994.00M	26,293.35M	23,229.63M	22,195.15M	22,139.19M	23,179.35M	23,371.66M	38,800.54M	45,201.56M	42,318.04M	38,528.21M	35,897.62M	30,418.73M	26,924.71M	25,696.55M	27,411.82M	19,226.90M	19,188.63M	22,434.54M	16,162.01M
Total Assets	44,369.61M	44,644.84M	42,914.44M	40,051.67M	38,461.42M	35,164.74M	34,228.47M	36,379.61M	34,559.62M	33,765.07M	52,281.15M	61,081.61M	62,855.65M	56,961.40M	49,011.46M	44,100.08M	38,969.05M	39,218.20M	40,490.38M	28,427.20M	29,387.19M	31,232.85M	21,980.60M
Accounts Payable	1,243.98M	1,464.55M	1,404.54M	1,737.39M	2,040.60M	2,516.66M	2,303.84M	2,186.27M	2,722.94M	2,274.53M	3,058.29M	2,264.13M	2,697.76M	2,658.72M	2,596.73M	2,306.76M	1,738.78M	1,765.80M	2,625.68M	2,848.85M	2,966.10M	2,703.45M	1,677.02M
Short-Term Debt	3,217.54M	2,208.80M	3,092.76M	3,994.74M	4,299.18M	2,609.62M	2,304.08M	6,576.62M	6,828.89M	6,040.03M	22,381.91M	10,784.27M	8,840.35M	8,748.53M	5,698.96M	4,644.81M	2,827.24M	5,970.32M	8,287.42M	2,994.11M	4,590.53M	4,426.24M	2,310.27M
Tax Payables	291.13M	449.30M	506.78M	866.13M	704.89M	633.41M	385.33M	91.40M	60.76M	44.28M	67.04M	95.76M	116.56M	173.80M	125.70M	129.59M	117.41M	42.81M	23.21M	239.17M	110.69M	38.52M	29.08M
Deferred Revenue	0.00M	0.00M	0.00M	866.13M	0.00M	0.00M	0.00M	0.00M	0.00M	1,211.76M	0.00M	28.26M	27.89M	16.46M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Other Current Liabilities	200.53M	233.88M	175.96M	1,103.62M	1,911.29M	1,336.21M	804.02M	760.22M	1,409.32M	104.59M	2,357.53M	4,310.75M	4,205.91M	3,450.18M	3,013.46M	1,341.36M	2,584.23M	2,472.92M	1,825.02M	867.37M	687.41M	644.03M	355.63M
Total Current Liabilities	4,953.18M	4,356.52M	5,180.04M	8,568.01M	8,955.96M	7,095.90M	5,797.27M	9,614.51M	11,021.91M	9,675.20M	27,864.76M	17,483.17M	15,888.47M	15,047.69M	11,434.84M	8,422.51M	7,267.66M	10,251.86M	12,761.32M	6,949.50M	8,354.74M	7,812.25M	4,372.00M
Long-Term Debt	9,991.65M	9,003.66M	7,586.07M	4,968.35M	4,366.42M	4,769.88M	5,667.54M	3,949.84M	3,149.43M	2,995.03M	5,293.62M	14,935.32M	16,015.24M	12,554.82M	9,243.30M	6,039.29M	4,593.41M	3,233.82M	4,067.24M	1,723.01M	2,368.29M	689.20M	1,170.55M
Capital Lease Obligations	685.41M	714.36M	627.99M	729.80M	548.12M	639.70M	738.62M	831.61M	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	449.89M	450.23M	450.29M	512.77M	510.59M	514.76M	638.98M	636.01M	640.33M	635.42M	759.57M	861.42M	863.24M	911.09M	971.79M	0.00M	0.76M	0.47M	2.33M	0.00M	0.00M	0.00M	0.00M
Other Non-Current Liabilities	36.38M	36.30M	25.31M	152.31M	172.94M	234.39M	237.62M	278.41M	317.12M	349.65M	334.17M	1,350.03M	1,270.88M	1,301.06M	1,254.32M	1,846.03M	1,859.11M	2,490.83M	2,732.01M	1,991.42M	1,733.00M	1,927.84M	1,840.43M
Total Non-Current Liabilities	11,163.33M	10,204.54M	8,689.66M	6,363.23M	5,598.07M	6,158.73M	7,282.75M	5,695.86M	4,106.88M	3,980.10M	6,387.37M	17,146.77M	18,149.36M	14,766.97M	11,469.41M	7,885.31M	6,453.28M	5,725.12M	6,801.58M	3,714.42M	4,101.29M	2,617.04M	3,010.98M
Total Liabilities	16,116.51M	14,561.07M	13,869.70M	14,931.24M	14,554.03M	13,254.64M	13,080.02M	15,310.37M	15,128.79M	13,655.30M	34,252.12M	34,629.94M	34,037.82M	29,814.66M	22,904.25M	16,307.82M	13,720.94M	15,976.98M	19,562.90M	10,663.92M	12,456.03M	10,429.29M	7,382.97M
Preferred Stock	0.00M	0.00M	0.00M	181.02M	221.93M	0.00M	0.00M	0.00M	3,538.06M	3,385.78M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	508.29M	0.00M	0.00M	0.00M
Common Stock	11,800.00M	11,800.00M	11,800.00M	11,800.00M	11,800.00M	11,800.00M	11,800.00M	13,850.00M	13,850.00M	13,850.00M	14,280.00M	14,680.00M	15,192.98M	15,192.98M	15,192.98M	15,192.98M	15,042.56M	14,298.72M	12,772.16M	12,163.96M	11,809.67M	11,578.11M	11,132.80M
Retained Earnings	7,746.68M	6,680.21M	8,983.89M	7,230.13M	6,468.94M	4,562.60M	3,929.33M	2,068.37M	1,183.49M	1,522.74M	-1,734.20M	3,275.17M	7,504.33M	6,734.84M	2,347.86M	4,620.56M	4,402.94M	1,746.51M	2,685.28M	1,820.51M	2,372.03M	1,103.28M	870.16M
Accumulated OCI	5,306.23M	5,194.57M	0.00M	-62.55M	-103.47M	29.14M	0.00M	0.00M	-138.66M	-110.63M	0.00M	0.00M	641.75M	555.27M	0.00M	920.13M	281.24M	2,509.70M	0.00M	467.65M	0.00M	-119.88M	-249.64M
Minority Interest	1,110.78M	1,082.18M	1,119.96M	1,123.72M	1,131.58M	1,115.59M	1,131.05M	1,091.52M	1,098.00M	1,437.50M	1,353.12M	5,132.75M	5,809.94M	4,746.36M	4,797.30M	4,544.60M	3,218.13M	2,682.94M	2,783.99M	390.51M	446.98M	434.43M	0.00M
Total Shareholders’ Equity	24,852.91M	23,674.79M	20,783.89M	19,148.59M	18,387.40M	16,391.74M	15,729.33M	15,918.37M	18,432.88M	18,647.90M	12,545.81M	17,955.17M	23,339.07M	22,483.09M	17,540.84M	20,733.67M	19,726.73M	18,554.92M	15,457.44M	14,960.42M	14,181.70M	12,561.51M	11,753.31M
Total Equity	25,963.70M	24,756.97M	21,903.84M	20,272.31M	19,518.98M	17,507.33M	16,860.37M	17,009.89M	19,530.88M	20,085.40M	13,898.92M	23,087.92M	29,149.01M	27,229.45M	22,338.14M	25,278.27M	22,944.86M	21,237.85M	18,241.43M	15,350.93M	14,628.68M	12,995.95M	11,753.31M
Total Liabilities & Equity	42,080.21M	39,318.03M	35,773.54M	35,203.55M	34,073.00M	30,761.96M	29,940.40M	32,320.26M	34,659.67M	33,740.70M	48,151.04M	57,717.86M	63,186.83M	57,044.11M	45,242.39M	41,586.10M	36,665.80M	37,214.83M	37,804.34M	26,014.85M	27,084.71M	23,425.23M	19,136.29M
Tangible Assets	40,971.72M	41,220.95M	39,441.07M	36,476.70M	34,780.55M	31,377.72M	30,353.37M	32,662.19M	30,481.01M	29,751.72M	51,273.64M	59,558.18M	61,333.26M	55,181.51M	47,587.21M	42,965.80M	37,994.07M	38,412.46M	39,611.35M	27,972.76M	29,013.89M	26,061.83M	21,980.60M
Tangible Equity	22,565.81M	21,333.07M	18,430.48M	16,697.34M	15,838.11M	13,720.31M	12,985.27M	13,292.48M	15,452.27M	16,072.05M	12,891.42M	21,564.49M	27,626.62M	25,449.55M	20,913.90M	24,143.99M	21,969.87M	20,432.11M	17,362.40M	14,896.49M	14,255.38M	7,824.92M	11,753.31M
Tangible Book Value	22,565.81M	21,333.07M	18,430.48M	16,697.34M	15,838.11M	13,720.31M	12,985.27M	13,292.48M	15,452.27M	16,072.05M	12,891.42M	21,564.49M	27,626.62M	25,449.55M	20,913.90M	24,143.99M	21,969.87M	20,432.11M	17,362.40M	14,896.49M	14,255.38M	7,824.92M	11,753.31M
Total Investments	8,062.06M	8,148.37M	2,161.47M	10,150.08M	2,451.18M	2,054.21M	1,963.72M	2,474.79M	2,563.13M	2,028.87M	2,322.76M	2,584.30M	2,324.36M	1,788.42M	1,895.54M	2,174.93M	2,227.14M	2,190.49M	2,138.64M	4,538.74M	4,186.71M	5,109.62M	7,504.70M
Net Debt	9,914.18M	7,404.41M	7,687.14M	6,655.24M	6,559.02M	4,861.34M	5,486.25M	6,840.94M	7,643.44M	6,669.90M	23,515.31M	19,614.61M	16,751.05M	15,286.61M	11,858.64M	7,719.54M	4,217.23M	4,556.41M	8,125.50M	3,643.68M	6,014.16M	4,572.05M	3,099.32M

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	2008-12-31	2007-12-31	2006-12-31	2005-12-31	2004-12-31
Working Capital	5,724.9M	4,603.1M	5,092.3M	3,866.5M	3,591.2M	5,393.0M	6,323.7M	4,949.9M	1,507.8M	1,659.4M	-13,521.3M	132.5M	6,411.1M	4,591.0M	2,762.8M	4,861.7M	4,406.0M	3,033.9M	605.2M	2,724.6M	2,155.8M	1,286.8M	1,541.5M
Total Capital	39,825.7M	36,703.6M	38,039.6M	34,187.1M	32,479.2M	29,409.5M	28,909.6M	31,742.4M	29,460.6M	28,717.6M	45,214.3M	48,778.2M	49,272.8M	44,912.8M	37,336.0M	33,184.3M	29,792.2M	29,526.5M	30,786.1M	22,563.7M	23,755.0M	20,882.0M	18,173.3M
Capital Employed	38,075.4M	35,934.8M	36,432.9M	31,860.5M	29,884.5M	28,622.6M	28,518.9M	27,089.1M	24,687.2M	25,031.1M	25,279.2M	45,334.0M	48,729.2M	43,119.2M	38,660.4M	35,280.5M	31,330.7M	28,730.4M	28,017.0M	21,951.5M	21,344.4M	18,818.0M	17,703.5M
Invested Capital	36,530.7M	32,895.6M	35,047.9M	31,879.2M	30,372.6M	26,891.3M	26,424.2M	28,056.9M	27,125.7M	26,352.4M	41,054.0M	42,673.2M	41,168.2M	38,896.1M	34,252.4M	30,219.7M	26,588.8M	24,878.8M	26,557.0M	21,490.2M	22,810.3M	20,338.6M	17,791.8M

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	2008-12-31	2007-12-31	2006-12-31	2005-12-31	2004-12-31
Net Income	4,745.76M	4,982.43M	5,560.01M	3,530.98M	5,128.00M	3,646.33M	2,705.79M	1,270.82M	539.64M	2,939.48M	-8,830.97M	-862.54M	1,290.38M	1,245.82M	545.96M	1,165.40M	1,708.91M	577.60M	684.29M	1,134.31M	1,044.11M	1,001.51M	613.41M
Depreciation & Amortization	820.50M	713.62M	741.61M	685.09M	724.63M	596.24M	597.38M	699.20M	675.64M	707.56M	2,259.07M	1,944.43M	2,065.80M	2,873.61M	2,293.50M	2,024.62M	2,000.81M	2,150.31M	804.19M	530.05M	529.39M	521.32M	327.48M
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	-724.35M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	-3.74M	4.98M	17.81M
Stock-Based Compensation	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	-2.64M	2.64M	0.00M	0.00M	0.00M	0.00M	0.00M	103.20M	0.00M	0.00M	0.00M	0.00M	0.00M
Change in Working Capital	-451.64M	323.99M	-57.57M	204.82M	-579.54M	665.00M	-106.17M	-95.98M	-1,153.64M	16.68M	-159.53M	1,333.83M	-774.68M	-691.94M	359.41M	-700.40M	682.75M	798.73M	-687.04M	732.79M	-878.07M	-1,249.87M	1,372.61M
Accounts Receivable	-114.17M	-593.55M	439.63M	13.83M	-1,319.92M	576.44M	-151.39M	391.23M	-1,450.87M	378.56M	426.03M	2,335.01M	-463.84M	-769.42M	-94.49M	0.00M	0.00M	594.51M	0.00M	0.00M	0.00M	-1,287.48M	-133.71M
Inventory	-132.06M	508.46M	135.71M	195.33M	-192.72M	96.61M	-192.64M	2.29M	-117.08M	19.80M	514.97M	-22.38M	106.52M	131.15M	81.47M	-493.02M	113.86M	119.73M	256.37M	254.22M	145.54M	-60.22M	1,304.79M
Accounts Payable	40.21M	-178.50M	-332.85M	-303.21M	-476.06M	212.82M	117.71M	-347.39M	453.38M	0.00M	0.00M	-438.21M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	-520.58M	0.00M	0.00M	367.03M	123.64M
Other Working Capital	-245.62M	587.58M	-300.06M	298.87M	1,409.17M	-220.86M	120.15M	-142.11M	-39.07M	-381.68M	-1,100.53M	-540.59M	-417.35M	-53.66M	372.43M	-207.37M	568.89M	84.49M	-422.82M	478.57M	-1,023.61M	-269.20M	77.89M
Other Non-Cash Items	-447.61M	-1,922.77M	-2,282.10M	-636.55M	-2,294.19M	-1,070.96M	-359.27M	-1,094.80M	-100.75M	-2,933.23M	2,108.14M	101.07M	-726.39M	-490.02M	-527.66M	35.63M	174.82M	-174.76M	-188.99M	-624.70M	334.34M	400.70M	118.98M
Net Cash from Operating Activities	4,667.01M	4,097.27M	3,961.95M	3,784.33M	2,978.90M	3,836.61M	2,837.74M	779.24M	-39.11M	730.49M	-4,625.93M	1,795.08M	1,855.10M	2,937.47M	2,671.20M	2,525.25M	4,567.29M	3,455.07M	612.46M	1,772.45M	1,026.03M	678.64M	2,450.28M
Capital Expenditures (PPE)	-4,383.22M	-3,803.06M	-4,494.59M	-2,645.32M	-3,232.92M	-1,213.62M	-581.84M	-465.96M	-844.11M	-760.73M	-2,973.19M	-5,944.80M	-9,287.42M	-6,686.72M	-7,814.80M	-4,218.32M	-3,444.42M	-483.08M	-1,151.25M	-691.26M	-2,057.24M	-1,451.04M	-48.25M
Acquisitions (Net)	124.55M	-203.50M	-8.42M	488.07M	83.64M	302.22M	1,407.13M	128.54M	-198.39M	-887.47M	265.05M	105.13M	699.39M	0.00M	-45.59M	0.00M	47.88M	-6.52M	883.39M	1,749.96M	37.50M	20.21M	41.47M
Purchases of Investments	-2.85M	-210.97M	-163.30M	-36.75M	-81.33M	-90.88M	-142.65M	-108.20M	-347.10M	-1,308.13M	-1,176.33M	-675.92M	-1,046.52M	-14.98M	-3.91M	-1,611.46M	-3,783.99M	-1,661.72M	-1,033.49M	-442.14M	-592.26M	-2,835.70M	-4,328.38M
Sales / Maturities of Investments	290.70M	487.15M	494.29M	7.18M	0.05M	37.71M	292.75M	371.86M	328.34M	1,309.45M	1,387.37M	385.64M	778.96M	881.07M	497.50M	1,307.30M	3,694.54M	1,004.94M	1,526.83M	571.33M	685.84M	3,538.72M	4,323.30M
Other Investing Activities	155.15M	2,021.96M	1,730.16M	456.56M	391.53M	154.93M	414.27M	650.68M	648.46M	4,215.37M	3,054.29M	1,593.01M	2,336.94M	-145.20M	296.45M	-884.81M	86.77M	-48.20M	-66.51M	-119.37M	-57.25M	-230.52M	12.03M
Net Cash from Investing Activities	-3,815.67M	-1,674.10M	-2,441.86M	-1,730.27M	-2,839.03M	-809.63M	1,389.66M	576.92M	-412.80M	2,568.49M	557.19M	-4,536.94M	-6,518.65M	-5,965.83M	-7,070.35M	-5,407.29M	-3,399.22M	-1,194.59M	158.97M	1,068.53M	-1,983.42M	-958.33M	0.17M
Net Debt Issuance	3,077.63M	1,236.56M	1,682.36M	598.74M	1,735.26M	-1,071.44M	-2,555.48M	557.50M	945.44M	-4,388.04M	2,201.65M	1,408.11M	6,699.42M	6,409.96M	4,339.27M	1,798.03M	-1,958.86M	-2,975.15M	2,363.66M	-2,275.85M	1,737.38M	-133.78M	-2,467.57M
Long-Term Debt Issuance	3,977.63M	1,280.72M	2,557.32M	338.78M	-9.75M	-671.44M	1,679.30M	-438.00M	-69.00M	-1,835.41M	1,022.53M	1,408.11M	6,076.43M	4,335.71M	3,669.93M	1,165.88M	587.06M	-1,561.48M	-136.59M	-551.41M	1,473.09M	-560.01M	-41.00M
Short-Term Debt Issuance	-900.00M	-200.67M	-874.96M	259.96M	1,745.00M	-400.00M	-4,234.78M	993.84M	1,083.69M	-2,566.77M	1,058.96M	386.90M	622.99M	2,074.25M	669.34M	352.15M	-2,545.92M	-1,413.67M	2,500.25M	-1,724.44M	264.29M	426.23M	-2,426.56M
Net Stock Issuance	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	-2,044.68M	0.00M	0.00M	-409.67M	-347.21M	-463.97M	0.00M	0.00M	0.00M	0.00M	489.05M	1,398.22M	0.00M	0.00M	0.00M	0.00M	0.00M
Common Stock Issuance	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	16.01M	0.00M	0.00M	0.00M	0.00M	0.00M	489.05M	1,398.22M	0.00M	0.00M	0.00M	0.00M	0.00M
Common Stock Repurchased	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	-2,044.68M	0.00M	0.00M	-409.67M	-363.21M	-463.97M	0.00M	0.00M	0.00M	0.00M	0.00M	-131.85M	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	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	131.85M	0.00M	0.00M	0.00M	0.00M	0.00M
Net Dividends Paid	-3,304.03M	-2,478.00M	-2,478.00M	-2,360.00M	-2,124.00M	-1,770.00M	-413.64M	-346.25M	-692.50M	-33.89M	-143.43M	-604.21M	0.00M	-303.86M	-303.86M	-583.46M	-161.35M	-70.96M	-136.85M	-374.57M	-357.48M	-10.14M	0.00M
Common Dividends Paid	-3,304.03M	-2,478.00M	-2,478.00M	-2,360.00M	-2,124.00M	-1,770.00M	-413.64M	-346.25M	-692.50M	-33.89M	-143.43M	-604.21M	0.00M	-303.86M	-303.86M	-583.46M	-161.35M	-70.96M	-136.85M	-374.57M	-357.48M	-10.14M	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	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Other Financing Activities	-146.48M	-31.11M	-109.87M	-106.03M	-210.92M	-113.89M	-416.70M	-190.15M	141.88M	-49.76M	581.19M	371.30M	152.10M	-211.31M	237.75M	1,361.13M	-441.21M	-172.42M	136.91M	-13.23M	-16.09M	9.98M	-1.09M
Net Cash from Financing Activities	-372.88M	-1,272.55M	-905.51M	-1,867.30M	-599.66M	-2,955.32M	-5,430.51M	21.11M	394.81M	-4,881.36M	2,292.20M	711.22M	6,851.52M	5,894.78M	4,273.15M	2,575.70M	-2,072.37M	-1,820.31M	2,363.73M	-2,663.65M	1,363.81M	-133.93M	-2,468.66M
Effect of FX on Cash	-92.27M	12.34M	69.26M	14.50M	48.21M	-38.87M	2.96M	-26.63M	26.83M	-356.23M	-168.23M	31.08M	-98.41M	66.70M	245.07M	67.47M	-540.00M	-21.60M	20.58M	-48.56M	-5.16M	0.00M	0.00M
Net Change in Cash	386.20M	1,043.07M	683.83M	201.27M	-411.58M	32.79M	-1,200.15M	1,350.64M	-30.28M	-1,795.06M	-1,944.77M	-1,999.56M	2,087.81M	2,933.12M	119.07M	-238.87M	-1,444.31M	418.57M	3,155.73M	128.77M	401.27M	0.00M	0.00M
Cash at Beginning of Period	13,858.05M	10,625.32M	2,307.85M	2,106.58M	2,518.16M	2,485.37M	3,685.52M	2,334.89M	2,365.16M	4,160.22M	6,104.98M	8,104.55M	6,016.74M	3,083.62M	2,964.55M	3,203.42M	4,647.74M	4,229.16M	1,073.43M	944.66M	543.39M	381.50M	0.00M
Cash at End of Period	14,244.25M	11,668.39M	2,991.68M	2,307.85M	2,106.58M	2,518.16M	2,485.37M	3,685.52M	2,334.89M	2,365.16M	4,160.22M	6,104.98M	8,104.55M	6,016.74M	3,083.62M	2,964.55M	3,203.42M	4,647.74M	4,229.16M	1,073.43M	944.66M	543.39M	381.50M
Operating Cash Flow	4,667.01M	4,097.27M	3,961.95M	3,784.33M	2,978.90M	3,836.61M	2,837.74M	779.24M	-39.11M	874.05M	-4,625.93M	1,795.08M	1,855.10M	2,937.47M	2,671.20M	2,525.25M	4,567.29M	3,455.07M	612.46M	1,772.45M	1,026.03M	678.64M	2,450.28M
Capital Expenditure	-4,384.33M	-3,802.97M	-4,494.59M	-2,648.51M	-3,236.06M	-1,213.62M	-595.03M	-520.32M	-867.16M	-1,011.98M	-1,891.42M	-6,025.03M	-9,346.68M	-6,718.43M	-7,865.70M	-4,218.32M	-3,444.42M	-483.08M	-1,151.25M	-691.26M	-2,057.24M	-1,420.06M	-31.88M
Free Cash Flow	282.69M	291.10M	-532.64M	1,135.82M	-257.16M	2,622.99M	2,242.70M	258.92M	-906.27M	-137.92M	-6,345.85M	-4,229.95M	-7,491.58M	-3,780.96M	-5,194.51M	-1,693.07M	1,122.86M	2,971.99M	-538.79M	1,081.19M	-1,031.21M	-741.42M	2,418.39M

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	2008-12-31	2007-12-31	2006-12-31	2005-12-31	2004-12-31
EBITDA	5,807.92M	5,180.22M	5,283.83M	4,724.81M	4,109.74M	3,868.84M	2,968.98M	1,112.90M	1,181.91M	710.63M	-2,488.19M	-63.11M	2,955.20M	3,089.05M	2,618.53M	3,264.01M	3,500.45M	2,650.33M	1,455.99M	1,482.39M	1,828.64M	1,853.15M	1,099.05M
(-) Tax Adjustment	1,198.15M	923.51M	908.39M	994.25M	714.79M	756.60M	170.06M	74.32M	0.00M	17.10M	0.00M	-18.22M	508.65M	326.40M	888.79M	668.72M	305.42M	0.00M	38.65M	307.27M	177.07M	68.52M	30.99M
(-) Change In Working Capital	-451.64M	323.99M	-57.57M	204.82M	-579.54M	665.00M	-106.17M	-95.98M	-1,153.64M	16.68M	-159.53M	1,333.83M	-774.68M	-691.94M	359.41M	-700.40M	682.75M	798.73M	-687.04M	732.79M	-878.07M	-1,249.87M	1,372.61M
(-) Capital Expenditure	-4,384.33M	-3,802.97M	-4,494.59M	-2,648.51M	-3,236.06M	-1,213.62M	-595.03M	-520.32M	-867.16M	-1,011.98M	-1,891.42M	-6,025.03M	-9,346.68M	-6,718.43M	-7,865.70M	-4,218.32M	-3,444.42M	-483.08M	-1,151.25M	-691.26M	-2,057.24M	-1,420.06M	-31.88M
Unlevered Free Cash Flow	677.08M	129.75M	-61.58M	877.23M	738.43M	1,233.61M	2,310.05M	614.25M	1,468.39M	-335.13M	-4,220.07M	-7,403.74M	-6,125.46M	-3,263.85M	-6,495.37M	-922.64M	-932.14M	1,368.52M	953.13M	-248.93M	472.40M	1,614.44M	-336.43M
(-) Net Interest Income After Taxes	-29.36M	-51.49M	-42.68M	-74.12M	-62.22M	-52.07M	-63.92M	-96.60M	-147.47M	-132.21M	-579.26M	-263.22M	-296.74M	-265.94M	-57.35M	-65.79M	-106.04M	-203.21M	-204.08M	-144.87M	-122.00M	-117.26M	-125.77M
Net Debt Issuance	3,077.63M	1,236.56M	1,682.36M	598.74M	1,735.26M	-1,071.44M	-2,555.48M	557.50M	945.44M	-4,388.04M	2,201.65M	1,408.11M	6,699.42M	6,409.96M	4,339.27M	1,798.03M	-1,958.86M	-2,975.15M	2,363.66M	-2,275.85M	1,737.38M	-133.78M	-2,467.57M
Levered Free Cash Flow	3,784.07M	1,417.81M	1,663.46M	1,550.09M	2,535.91M	214.24M	-181.51M	1,268.36M	2,561.29M	-4,590.96M	-1,439.17M	-5,732.42M	870.70M	3,412.05M	-2,098.75M	941.18M	-2,784.97M	-1,403.42M	3,520.87M	-2,379.91M	2,331.78M	1,597.92M	-2,678.23M