Baker Hughes Company (BKR)

Industry: Oil & Gas Equipment & Services Sector: Energy Currency Used: US Live Price: $51.75

Enterprise Value

Metric	MRQ	MRQ-1	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
Stock Price	48.72	38.34	43.67	36.39	32.49	28.94	23.32	15.01	25.46	28.82	37.07	35.77
Market Capitalization	48,037.92M	37,879.92M	43,172.08M	36,243.42M	32,731.69M	28,411.47M	19,256.90M	10,196.76M	14,239.20M	12,253.07M	15,808.77M	15,345.33M
(-) Cash & Equivalents	2,693.00M	3,087.00M	3,019.00M	2,757.25M	2,766.75M	2,864.50M	4,018.50M	3,833.75M	3,067.00M	4,749.50M	5,255.50M	-112.75M
(+) Total Debt	6,056.00M	6,034.00M	6,038.00M	5,989.75M	6,495.75M	6,664.25M	6,970.75M	7,379.25M	6,988.25M	7,370.25M	4,236.25M	69.25M
Enterprise Value	51,400.92M	40,826.92M	46,191.08M	39,475.92M	36,460.69M	32,211.22M	22,209.15M	13,742.26M	18,160.45M	14,873.82M	14,789.52M	15,527.33M

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
Revenue	27,711M	27,300M	27,829M	25,506M	21,156M	20,502M	20,705M	23,838M	22,877M	17,179M	13,269M	16,688M	19,191M
Cost of Revenue	21,390M	21,543M	21,916M	20,255M	16,756M	16,453M	17,506M	19,406M	18,891M	14,143M	10,123M	12,193M	14,280M
Gross Profit	6,321M	5,757M	5,913M	5,251M	4,400M	4,049M	3,199M	4,432M	3,986M	3,036M	3,146M	4,495M	4,911M
Gross Profit Margin	22.8%	21.1%	21.2%	20.6%	20.8%	19.7%	15.5%	18.6%	17.4%	17.7%	23.7%	26.9%	25.6%
R&D Expenses	453M	815M	643M	0M	0M	492M	0M	687M	700M	501M	352M	408M	420M
SG&A Expenses	2,336M	2,507M	2,458M	2,611M	2,510M	2,470M	2,404M	2,832M	2,699M	2,535M	1,938M	2,115M	2,402M
Operating Expenses	3,070M	2,669M	2,759M	2,934M	3,215M	2,739M	19,177M	3,358M	3,285M	3,320M	2,475M	4,633M	2,389M
Operating Income (EBIT)	3,251M	3,088M	3,154M	2,317M	1,185M	1,310M	-15,978M	1,074M	701M	-284M	671M	-138M	2,522M
Operating Income Margin	11.7%	11.3%	11.3%	9.1%	5.6%	6.4%	-77.2%	4.5%	3.1%	-1.7%	5.1%	-0.8%	13.1%
Interest Income	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M
Interest Expense	216M	188M	198M	216M	252M	299M	264M	237M	223M	131M	102M	120M	232M
Net Interest Income	-216M	-188M	-198M	-216M	-252M	-299M	-264M	-237M	-223M	-131M	-102M	-120M	-232M
Unusual Items	106M	96M	309M	554M	-911M	-583M	1,040M	-84M	63M	69M	-211M	100M	46M
EBT Excluding Unusual Items	3,035M	2,900M	2,956M	2,101M	933M	1,011M	-16,242M	837M	478M	-415M	569M	-258M	2,290M
Pre-Tax Income	3,141M	2,996M	3,265M	2,655M	22M	428M	-15,202M	753M	541M	-346M	358M	-158M	2,336M
Pre-Tax Margin	11.3%	11.0%	11.7%	10.4%	0.1%	2.1%	-73.4%	3.2%	2.4%	-2.0%	2.7%	-0.9%	12.2%
Income Tax Expense	213M	727M	257M	685M	600M	758M	559M	482M	258M	45M	173M	473M	484M
Net Income	2,891M	2,240M	2,979M	1,943M	-601M	-219M	-9,940M	128M	195M	-61M	254M	-606M	1,840M
Net Income Margin	10.4%	8.2%	10.7%	7.6%	-2.8%	-1.1%	-48.0%	0.5%	0.9%	-0.4%	1.9%	-3.6%	9.6%
Depreciation & Amortization	1,152M	1,118M	1,136M	1,087M	1,061M	1,105M	1,317M	1,418M	1,486M	1,103M	550M	530M	586M
EBITDA	4,403M	4,206M	4,290M	3,404M	2,246M	2,415M	-14,661M	2,492M	2,187M	819M	1,221M	392M	3,108M
EBITDA Margin	15.9%	15.4%	15.4%	13.3%	10.6%	11.8%	-70.8%	10.5%	9.6%	4.8%	9.2%	2.3%	16.2%
NOPAT	3,031M	2,339M	2,906M	1,719M	-31,133M	-1,010M	-12,623M	387M	367M	-224M	347M	-109M	1,999M
NOPAT Margin	10.9%	8.6%	10.4%	6.7%	-147.2%	-4.9%	-61.0%	1.6%	1.6%	-1.3%	2.6%	-0.7%	10.4%
Owner's Earnings	2,795M	2,077M	2,837M	1,806M	-312M	345M	-9,410M	570M	686M	377M	380M	-683M	1,843M
Owner's Earnings Margin	10.1%	7.6%	10.2%	7.1%	-1.5%	1.7%	-45.4%	2.4%	3.0%	2.2%	2.9%	-4.1%	9.6%
EPS (Basic)	2.93	2.25	3.00	1.93	-0.61	-0.27	-14.73	0.23	0.46	-0.24	0.94	-1.41	4.29
EPS (Diluted)	2.90	2.23	2.98	1.91	-0.61	-0.27	-14.73	0.23	0.45	-0.14	0.59	-1.41	4.28
Shares (Basic)	991M	997M	1,000M	1,008M	987M	824M	675M	555M	424M	427M	429M	429M	429M
Shares (Diluted)	995M	1,004M	1,001M	1,015M	987M	824M	675M	557M	433M	427M	430M	430M	430M

Product Segments

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
Digital Solutions	—	—	—	—	—	2,057.00M	2,015.00M	2,492.00M	2,604.00M	2,309.00M
Industrial And Energy Technology	13,089.00M	11,585.00M	12,201.00M	10,145.00M	7,926.00M	—	—	—	—	—
Oilfield Equipment	—	—	—	—	—	2,486.00M	2,844.00M	2,921.00M	2,641.00M	2,637.00M
Oilfield Services And Equipment	14,623.00M	15,713.00M	15,628.00M	15,361.00M	13,229.00M	9,542.00M	10,140.00M	12,889.00M	11,617.00M	5,851.00M
Turbomachinery and Process Solutions	—	—	—	—	—	6,417.00M	5,705.00M	5,536.00M	6,015.00M	6,463.00M

Geographic Segments

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
Non-US	16,214.00M	16,005.00M	20,446.00M	18,949.00M	16,214.00M	16,005.00M	16,067.00M	17,650.00M	16,301.00M	12,909.00M
UNITED STATES	4,942.00M	4,497.00M	7,383.00M	6,557.00M	4,942.00M	4,497.00M	4,638.00M	6,188.00M	6,576.00M	4,350.00M

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
Cash & Cash Equivalents	2,693.00M	3,087.00M	3,364.00M	2,646.00M	2,488.00M	3,853.00M	4,132.00M	3,249.00M	3,723.00M	7,030.00M	981.00M	1,432.00M
Short-Term Investments	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	2,693.00M	3,087.00M	3,364.00M	2,646.00M	2,488.00M	3,853.00M	4,132.00M	3,249.00M	3,723.00M	7,030.00M	981.00M	1,432.00M
Net Receivables	6,555.00M	6,511.00M	7,122.00M	7,075.00M	5,958.00M	5,651.00M	5,622.00M	6,416.00M	5,969.00M	6,015.00M	2,563.00M	2,067.00M
Inventory	5,036.00M	5,105.00M	4,954.00M	5,094.00M	4,587.00M	3,979.00M	4,421.00M	4,608.00M	4,620.00M	4,507.00M	3,224.00M	3,671.00M
Other Current Assets	3,245.00M	2,915.00M	1,771.00M	1,486.00M	1,559.00M	1,582.00M	2,280.00M	949.00M	659.00M	872.00M	633.00M	1,239.00M
Total Current Assets	17,529.00M	17,618.00M	17,211.00M	16,301.00M	14,592.00M	15,065.00M	16,455.00M	15,222.00M	14,971.00M	18,424.00M	7,401.00M	8,409.00M
Property, Plant & Equipment	5,264.00M	5,176.00M	5,127.00M	4,892.00M	4,538.00M	4,877.00M	5,358.00M	6,240.00M	6,228.00M	6,959.00M	2,325.00M	2,554.00M
Goodwill	6,051.00M	5,801.00M	6,078.00M	6,137.00M	5,930.00M	5,959.00M	5,977.00M	20,690.00M	20,717.00M	19,927.00M	6,680.00M	6,867.00M
Intangible Assets	4,180.00M	3,919.00M	3,951.00M	4,093.00M	4,179.00M	4,131.00M	4,397.00M	5,381.00M	5,719.00M	6,358.00M	2,449.00M	2,676.00M
Long-Term Investments	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	95.00M
Tax Assets	1,410.00M	1,371.00M	1,284.00M	722.00M	657.00M	735.00M	953.00M	954.00M	1,072.00M	715.00M	326.00M	0.00M
Other Non-Current Assets	4,799.00M	4,855.00M	4,712.00M	4,799.00M	4,284.00M	4,541.00M	4,867.00M	4,882.00M	3,732.00M	4,117.00M	2,540.00M	2,532.00M
Other Assets	0.00M	0.00M	0.00M	1.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Total Non-Current Assets	21,704.00M	21,122.00M	21,152.00M	20,644.00M	19,588.00M	20,243.00M	21,552.00M	38,147.00M	37,468.00M	38,076.00M	14,320.00M	14,724.00M
Total Assets	39,233.00M	38,740.00M	38,363.00M	36,945.00M	34,180.00M	35,308.00M	38,007.00M	53,369.00M	52,439.00M	56,500.00M	21,721.00M	23,133.00M
Accounts Payable	4,196.00M	4,340.00M	4,542.00M	4,471.00M	4,298.00M	3,745.00M	3,532.00M	4,268.00M	4,025.00M	3,377.00M	1,898.00M	1,409.00M
Short-Term Debt	68.00M	66.00M	53.00M	148.00M	678.00M	40.00M	889.00M	321.00M	942.00M	2,037.00M	239.00M	498.00M
Tax Payables	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	78.00M	0.00M
Deferred Revenue	5,511.00M	5,680.00M	5,672.00M	5,542.00M	3,822.00M	3,232.00M	3,454.00M	2,870.00M	1,765.00M	0.00M	0.00M	0.00M
Other Current Liabilities	2,663.00M	2,429.00M	2,724.00M	2,830.00M	2,278.00M	2,111.00M	2,352.00M	2,555.00M	2,288.00M	3,813.00M	2,797.00M	4,476.00M
Total Current Liabilities	12,438.00M	12,515.00M	12,991.00M	12,991.00M	11,076.00M	9,128.00M	10,227.00M	10,014.00M	9,020.00M	9,227.00M	5,012.00M	6,383.00M
Long-Term Debt	5,988.00M	5,968.00M	5,970.00M	5,873.00M	5,980.00M	6,687.00M	6,744.00M	6,301.00M	6,285.00M	6,225.00M	37.00M	13.00M
Capital Lease Obligations	0.00M	0.00M	673.00M	549.00M	552.00M	624.00M	591.00M	641.00M	103.00M	87.00M	1.00M	2.00M
Deferred Tax Liabilities	116.00M	106.00M	83.00M	176.00M	229.00M	127.00M	186.00M	51.00M	143.00M	490.00M	880.00M	0.00M
Other Non-Current Liabilities	2,363.00M	2,283.00M	2,264.00M	2,386.00M	2,371.00M	2,620.00M	2,608.00M	2,504.00M	1,875.00M	2,061.00M	1,014.00M	2,018.00M
Total Non-Current Liabilities	8,467.00M	8,357.00M	8,990.00M	8,984.00M	9,132.00M	10,058.00M	10,129.00M	9,497.00M	8,406.00M	8,863.00M	1,932.00M	2,033.00M
Total Liabilities	20,905.00M	20,872.00M	21,981.00M	21,975.00M	20,208.00M	19,186.00M	20,356.00M	19,511.00M	17,426.00M	18,090.00M	6,944.00M	8,416.00M
Preferred Stock	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	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	15,920.00M
Retained Earnings	-4,128.00M	-4,737.00M	-5,840.00M	-8,819.00M	-10,761.00M	-10,160.00M	-9,942.00M	0.00M	25.00M	-103.00M	0.00M	0.00M
Accumulated OCI	-2,650.00M	-2,653.00M	-3,161.00M	-2,796.00M	-2,971.00M	-2,385.00M	-1,778.00M	-1,636.00M	-1,219.00M	-703.00M	-1,894.00M	-1,532.00M
Minority Interest	171.00M	171.00M	160.00M	151.00M	131.00M	1,916.00M	5,349.00M	12,570.00M	17,548.00M	24,133.00M	167.00M	157.00M
Total Shareholders’ Equity	-6,778.00M	-7,390.00M	-9,001.00M	-11,615.00M	-13,732.00M	-12,545.00M	-11,720.00M	-1,636.00M	-1,194.00M	-806.00M	-1,894.00M	14,388.00M
Total Equity	-6,607.00M	-7,219.00M	-8,841.00M	-11,464.00M	-13,601.00M	-10,629.00M	-6,371.00M	10,934.00M	16,354.00M	23,327.00M	-1,727.00M	14,545.00M
Total Liabilities & Equity	14,298.00M	13,653.00M	13,140.00M	10,511.00M	6,607.00M	8,557.00M	13,985.00M	30,445.00M	33,780.00M	41,417.00M	5,217.00M	22,961.00M
Tangible Assets	29,002.00M	29,020.00M	28,334.00M	26,715.00M	24,071.00M	25,218.00M	27,633.00M	27,298.00M	26,003.00M	30,215.00M	12,592.00M	13,590.00M
Tangible Equity	-16,838.00M	-16,939.00M	-18,870.00M	-21,694.00M	-23,710.00M	-20,719.00M	-16,745.00M	-15,137.00M	-10,082.00M	-2,958.00M	-10,856.00M	5,002.00M
Tangible Book Value	-16,838.00M	-16,939.00M	-18,870.00M	-21,694.00M	-23,710.00M	-20,719.00M	-16,745.00M	-15,137.00M	-10,082.00M	-2,958.00M	-10,856.00M	5,002.00M
Total Investments	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	95.00M
Net Debt	3,363.00M	2,947.00M	2,659.00M	3,375.00M	4,170.00M	2,874.00M	3,501.00M	3,373.00M	3,504.00M	1,232.00M	-705.00M	-921.00M

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
Working Capital	5,091.0M	5,103.0M	4,220.0M	3,310.0M	3,516.0M	5,937.0M	6,228.0M	5,208.0M	5,951.0M	9,197.0M	2,467.0M	1,852.0M
Total Capital	24,213.0M	23,731.0M	22,918.0M	21,389.0M	21,052.0M	21,557.0M	20,526.0M	28,551.0M	24,795.0M	22,626.0M	14,965.0M	14,899.0M
Capital Employed	26,795.0M	26,225.0M	25,372.0M	23,954.0M	23,105.0M	26,220.0M	27,803.0M	43,355.0M	43,419.0M	47,273.0M	16,787.0M	16,576.0M
Invested Capital	21,520.0M	20,644.0M	19,554.0M	18,743.0M	18,564.0M	17,704.0M	16,394.0M	25,302.0M	21,072.0M	15,596.0M	13,984.0M	13,467.0M

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
Net Income	2,938.00M	2,258.00M	3,008.00M	1,970.00M	-578.00M	336.00M	951.00M	94.00M	195.00M	-396.00M	403.00M	-606.00M	1,840.00M
Depreciation & Amortization	1,153.00M	1,118.00M	1,136.00M	1,087.00M	1,061.00M	1,105.00M	1,317.00M	1,418.00M	1,486.00M	1,103.00M	550.00M	530.00M	586.00M
Deferred Income Tax	-750.00M	-92.00M	-671.00M	-59.00M	105.00M	133.00M	160.00M	51.00M	-249.00M	-333.00M	39.00M	-96.00M	0.00M
Stock-Based Compensation	201.00M	203.00M	202.00M	197.00M	207.00M	205.00M	210.00M	187.00M	0.00M	37.00M	0.00M	0.00M	27.00M
Change in Working Capital	484.00M	-287.00M	-53.00M	428.00M	122.00M	614.00M	443.00M	437.00M	274.00M	-1,201.00M	-639.00M	1,245.00M	-286.00M
Accounts Receivable	-362.00M	-327.00M	-159.00M	-986.00M	-625.00M	-126.00M	680.00M	-583.00M	-204.00M	-1,190.00M	278.00M	469.00M	-102.00M
Inventory	85.00M	-201.00M	-102.00M	-461.00M	-885.00M	170.00M	-80.00M	-200.00M	-339.00M	418.00M	345.00M	442.00M	-187.00M
Accounts Payable	-204.00M	230.00M	91.00M	61.00M	605.00M	246.00M	-711.00M	249.00M	794.00M	303.00M	-256.00M	-450.00M	291.00M
Other Working Capital	965.00M	11.00M	117.00M	1,814.00M	1,027.00M	324.00M	554.00M	971.00M	23.00M	-732.00M	-1,006.00M	-954.00M	3.00M
Other Non-Cash Items	-688.00M	-126.00M	-290.00M	-561.00M	971.00M	-19.00M	-1,777.00M	-61.00M	56.00M	-9.00M	-91.00M	204.00M	-280.00M
Net Cash from Operating Activities	3,338.00M	3,074.00M	3,332.00M	3,062.00M	1,888.00M	2,374.00M	1,304.00M	2,126.00M	1,762.00M	-799.00M	262.00M	1,277.00M	1,887.00M
Capital Expenditures (PPE)	-353.00M	-1,281.00M	0.00M	-1,224.00M	-772.00M	-541.00M	-787.00M	-976.00M	-995.00M	-665.00M	-424.00M	-607.00M	-583.00M
Acquisitions (Net)	-800.00M	159.00M	0.00M	-8.00M	-845.00M	-109.00M	161.00M	-99.00M	-89.00M	-3,345.00M	-1.00M	95.00M	-592.00M
Purchases of Investments	0.00M	-282.00M	0.00M	0.00M	-26.00M	-147.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Sales / Maturities of Investments	71.00M	187.00M	92.00M	372.00M	26.00M	147.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Other Investing Activities	-786.00M	104.00M	-1,108.00M	43.00M	53.00M	187.00M	8.00M	30.00M	506.00M	-113.00M	-47.00M	46.00M	339.00M
Net Cash from Investing Activities	-1,868.00M	-1,113.00M	-1,016.00M	-817.00M	-1,564.00M	-463.00M	-618.00M	-1,045.00M	-578.00M	-4,123.00M	-472.00M	-466.00M	-836.00M
Net Debt Issuance	-9.00M	-785.00M	-143.00M	-651.00M	-28.00M	-936.00M	991.00M	-587.00M	-1,060.00M	3,088.00M	-156.00M	-45.00M	-248.00M
Long-Term Debt Issuance	-9.00M	-785.00M	-143.00M	-651.00M	-28.00M	-63.00M	458.00M	-45.00M	-684.00M	3,751.00M	0.00M	-222.00M	-248.00M
Short-Term Debt Issuance	0.00M	0.00M	0.00M	0.00M	0.00M	-873.00M	533.00M	-542.00M	-376.00M	-663.00M	-156.00M	177.00M	0.00M
Net Stock Issuance	-392.00M	-795.00M	-484.00M	-538.00M	-828.00M	-434.00M	0.00M	-250.00M	-2,486.00M	-477.00M	0.00M	0.00M	-384.00M
Common 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
Common Stock Repurchased	-392.00M	-795.00M	-484.00M	-538.00M	-828.00M	-434.00M	0.00M	-250.00M	-2,486.00M	-477.00M	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
Net Dividends Paid	-891.00M	-828.00M	-836.00M	-786.00M	-726.00M	-592.00M	-488.00M	-395.00M	-315.00M	-155.00M	0.00M	-297.00M	-279.00M
Common Dividends Paid	-891.00M	-828.00M	-836.00M	-786.00M	-726.00M	-592.00M	-488.00M	-395.00M	-315.00M	-155.00M	0.00M	-297.00M	-279.00M
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
Other Financing Activities	-166.00M	-52.00M	-64.00M	-53.00M	-10.00M	-181.00M	-278.00M	-302.00M	-502.00M	8,463.00M	54.00M	-289.00M	523.00M
Net Cash from Financing Activities	-1,458.00M	-2,460.00M	-1,527.00M	-2,028.00M	-1,592.00M	-2,143.00M	225.00M	-1,534.00M	-4,363.00M	10,919.00M	-102.00M	-515.00M	-388.00M
Effect of FX on Cash	17.00M	-38.00M	-71.00M	-59.00M	-97.00M	-47.00M	-28.00M	-21.00M	-128.00M	52.00M	-139.00M	-254.00M	-53.00M
Net Change in Cash	29.00M	-537.00M	718.00M	158.00M	-1,365.00M	-279.00M	883.00M	-474.00M	-3,307.00M	6,049.00M	-451.00M	42.00M	610.00M
Cash at Beginning of Period	12,392.00M	10,848.00M	2,646.00M	2,488.00M	3,853.00M	4,132.00M	3,249.00M	3,723.00M	7,030.00M	981.00M	1,432.00M	1,390.00M	780.00M
Cash at End of Period	12,421.00M	10,311.00M	3,364.00M	2,646.00M	2,488.00M	3,853.00M	4,132.00M	3,249.00M	3,723.00M	7,030.00M	981.00M	1,432.00M	1,390.00M
Operating Cash Flow	3,338.00M	3,074.00M	3,332.00M	3,062.00M	1,888.00M	2,374.00M	1,304.00M	2,126.00M	1,762.00M	-799.00M	262.00M	1,277.00M	1,887.00M
Capital Expenditure	-1,248.00M	-1,281.00M	-1,278.00M	-1,224.00M	-772.00M	-541.00M	-787.00M	-976.00M	-995.00M	-665.00M	-424.00M	-607.00M	-583.00M
Free Cash Flow	2,090.00M	1,793.00M	2,054.00M	1,838.00M	1,116.00M	1,833.00M	517.00M	1,150.00M	767.00M	-1,464.00M	-162.00M	670.00M	1,304.00M

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
EBITDA	4,684.00M	3,553.00M	3,948.00M	3,727.00M	2,951.00M	2,192.00M	2,112.00M	2,331.00M	2,073.00M	1,103.00M	1,406.00M	2,502.00M	2,675.00M
(-) Tax Adjustment	317.64M	862.16M	310.76M	961.58M	1,032.85M	767.20M	0.00M	815.85M	725.55M	0.00M	492.10M	0.00M	554.24M
(-) Change In Working Capital	484.00M	-287.00M	-53.00M	428.00M	122.00M	614.00M	443.00M	437.00M	274.00M	-1,201.00M	-639.00M	1,245.00M	-286.00M
(-) Capital Expenditure	-1,248.00M	-1,281.00M	-1,278.00M	-1,224.00M	-772.00M	-541.00M	-787.00M	-976.00M	-995.00M	-665.00M	-424.00M	-607.00M	-583.00M
Unlevered Free Cash Flow	2,634.36M	1,696.84M	2,412.24M	1,113.42M	1,024.15M	269.80M	882.00M	102.15M	78.45M	1,639.00M	1,128.90M	650.00M	1,823.76M
(-) Net Interest Income After Taxes	-201.35M	-142.38M	-182.41M	-160.27M	-163.80M	-194.35M	-264.00M	-154.05M	-144.95M	-131.00M	-66.30M	-120.00M	-183.93M
Net Debt Issuance	-9.00M	-785.00M	-143.00M	-651.00M	-28.00M	-936.00M	991.00M	-587.00M	-1,060.00M	3,088.00M	-156.00M	-45.00M	-248.00M
Levered Free Cash Flow	2,826.72M	1,054.22M	2,451.65M	622.69M	1,159.95M	-471.85M	2,137.00M	-330.80M	-836.60M	4,858.00M	1,039.20M	725.00M	1,759.69M