A.P. Møller - Mærsk A/S (DP4B.DE)

Industry: Marine Shipping Sector: Industrials Currency Used: DK Live Price: $1,998.00

Enterprise Value

Metric	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015	2014	2013	2012	2011	2010
Stock Price	1,806.23	1,607.90	1,723.67	2,278.47	2,685.37	1,194.58	1,225.14	1,291.27	1,260.27	1,214.63	4,854.81	7,195.12	7,337.08	7,178.61	7,899.71	8,289.85
Market Capitalization	28,099.25M	25,438.82M	29,078.27M	41,691.38M	52,385.98M	23,546.09M	25,134.87M	26,345.67M	25,892.20M	24,834.84M	103,688.10M	154,704.03M	158,081.76M	153,991.64M	169,805.91M	174,239.54M
(-) Cash & Equivalents	6,666.00M	7,083.00M	9,101.50M	10,057.00M	9,415.50M	5,250.75M	4,890.50M	3,238.75M	2,906.00M	3,562.50M	3,024.75M	4,183.75M	2,933.53M	2,382.75M	1,991.41M	1,987.35M
(+) Total Debt	17,364.50M	16,220.25M	14,903.50M	15,482.25M	14,843.75M	16,433.50M	17,491.25M	15,912.00M	16,009.75M	15,398.25M	12,073.00M	13,872.75M	17,034.75M	19,563.67M	13,480.27M	12,338.78M
Enterprise Value	38,797.75M	34,576.07M	34,880.27M	47,116.63M	57,814.23M	34,728.84M	37,735.62M	39,018.92M	38,995.95M	36,670.59M	112,736.35M	164,393.03M	172,182.99M	171,172.55M	181,294.78M	184,590.97M

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	2003-12-31	2002-12-31
Revenue	56,807M	48,996M	55,482M	51,065M	81,529M	61,787M	39,740M	38,890M	39,019M	30,945M	35,464M	40,308M	47,569M	49,278M	60,626M	56,290M	56,263M	50,068M	58,293M	54,531M	46,854M	33,106M	30,242M	26,572M	21,416M
Cost of Revenue	0M	43,740M	48,563M	47,191M	50,210M	41,974M	35,695M	37,417M	38,693M	29,832M	35,050M	38,102M	41,787M	40,412M	51,539M	8,378M	9,004M	8,476M	0M	0M	0M	0M	0M	0M	0M
Gross Profit	56,807M	5,256M	6,919M	3,874M	31,319M	19,813M	4,045M	1,473M	326M	1,113M	414M	2,206M	5,782M	8,866M	9,087M	47,912M	47,260M	41,591M	58,293M	54,531M	46,854M	33,106M	30,242M	26,572M	21,416M
Gross Profit Margin	100.0%	10.7%	12.5%	7.6%	38.4%	32.1%	10.2%	3.8%	0.8%	3.6%	1.2%	5.5%	12.2%	18.0%	15.0%	85.1%	84.0%	83.1%	100.0%	100.0%	100.0%	100.0%	100.0%	100.0%	100.0%
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	0M	-24,601M	0M	0M	0M	0M	0M	0M	0M	0M	0M	423M	765M	1,149M	1,114M	7,484M	0M	0M	36,935M	35,957M	32,341M	21,557M	22,920M	20,276M	16,627M
Operating Expenses	56,807M	-22,908M	956M	3,874M	638M	692M	332M	48M	-155M	575M	920M	1,126M	782M	1,705M	1,554M	39,192M	37,250M	37,510M	47,478M	46,978M	41,222M	27,996M	25,593M	22,894M	18,578M
Operating Income (EBIT)	0M	28,164M	5,963M	0M	30,681M	19,121M	3,713M	1,425M	481M	538M	-506M	1,080M	5,000M	7,161M	7,533M	8,720M	10,009M	4,081M	10,815M	7,554M	5,631M	5,110M	4,648M	3,678M	2,838M
Operating Income Margin	0.0%	57.5%	10.7%	0.0%	37.6%	30.9%	9.3%	3.7%	1.2%	1.7%	-1.4%	2.7%	10.5%	14.5%	12.4%	15.5%	17.8%	8.2%	18.6%	13.9%	12.0%	15.4%	15.4%	13.8%	13.3%
Interest Income	0M	281M	1,110M	1,202M	436M	52M	63M	91M	69M	104M	89M	70M	91M	87M	182M	737M	531M	298M	445M	452M	527M	275M	398M	370M	224M
Interest Expense	98M	0M	897M	771M	766M	808M	832M	948M	798M	635M	634M	501M	613M	775M	891M	1,533M	1,470M	1,311M	1,905M	1,243M	922M	611M	374M	430M	456M
Net Interest Income	-98M	281M	213M	431M	-330M	-756M	-769M	-857M	-729M	-531M	-545M	-431M	-522M	-688M	-708M	-797M	-939M	-1,013M	-1,460M	-791M	-395M	-336M	24M	-61M	-232M
Unusual Items	7,774M	-26,886M	640M	3,931M	-120M	365M	363M	399M	486M	18M	208M	798M	833M	412M	711M	882M	631M	-198M	519M	1,788M	1,128M	465M	1,459M	885M	298M
EBT Excluding Unusual Items	-98M	28,445M	6,176M	431M	30,351M	18,365M	2,944M	568M	-248M	7M	-1,051M	649M	4,478M	6,472M	6,825M	7,923M	9,071M	3,068M	9,356M	6,762M	5,236M	4,774M	4,672M	3,617M	2,607M
Pre-Tax Income	7,676M	1,559M	6,816M	4,362M	30,231M	18,730M	3,307M	967M	238M	25M	-843M	1,447M	5,311M	6,884M	7,536M	8,806M	9,702M	2,870M	9,874M	8,551M	6,364M	5,239M	6,130M	4,503M	2,904M
Pre-Tax Margin	13.5%	3.2%	12.3%	8.5%	37.1%	30.3%	8.3%	2.5%	0.6%	0.1%	-2.4%	3.6%	11.2%	14.0%	12.4%	15.6%	17.2%	5.7%	16.9%	15.7%	13.6%	15.8%	20.3%	16.9%	13.6%
Income Tax Expense	639M	420M	584M	454M	910M	697M	407M	458M	386M	219M	1,054M	522M	2,972M	3,366M	3,392M	5,663M	4,669M	3,927M	6,597M	4,798M	3,526M	2,098M	1,674M	1,561M	1,187M
Net Income	6,882M	1,060M	6,109M	3,822M	29,198M	17,942M	2,850M	509M	3,169M	-1,205M	-1,939M	791M	5,015M	3,587M	3,841M	3,156M	5,033M	-1,057M	3,297M	3,648M	2,864M	3,205M	4,457M	2,941M	1,717M
Net Income Margin	12.1%	2.2%	11.0%	7.5%	35.8%	29.0%	7.2%	1.3%	8.1%	-3.9%	-5.5%	2.0%	10.5%	7.3%	6.3%	5.6%	8.9%	-2.1%	5.7%	6.7%	6.1%	9.7%	14.7%	11.1%	8.0%
Depreciation & Amortization	5,408M	3,550M	6,178M	6,238M	5,960M	4,944M	4,541M	4,287M	3,325M	3,015M	7,265M	7,944M	7,008M	4,814M	5,490M	5,042M	6,034M	5,837M	4,878M	5,126M	3,475M	2,816M	1,125M	1,255M	521M
EBITDA	5,408M	31,714M	12,141M	6,238M	36,641M	24,065M	8,254M	5,712M	3,806M	3,553M	6,759M	9,024M	12,008M	11,974M	13,023M	13,762M	16,043M	9,919M	15,693M	12,679M	9,106M	7,927M	5,773M	4,933M	3,360M
EBITDA Margin	9.5%	64.7%	21.9%	12.2%	44.9%	38.9%	20.8%	14.7%	9.8%	11.5%	19.1%	22.4%	25.2%	24.3%	21.5%	24.4%	28.5%	19.8%	26.9%	23.3%	19.4%	23.9%	19.1%	18.6%	15.7%
NOPAT	0M	20,577M	5,452M	0M	29,757M	18,409M	3,256M	750M	-299M	-4,175M	-400M	690M	2,202M	3,659M	4,142M	3,112M	5,192M	-1,503M	3,590M	3,315M	2,512M	3,064M	3,380M	2,403M	1,678M
NOPAT Margin	0.0%	42.0%	9.8%	0.0%	36.5%	29.8%	8.2%	1.9%	-0.8%	-13.5%	-1.1%	1.7%	4.6%	7.4%	6.8%	5.5%	9.2%	-3.0%	6.2%	6.1%	5.4%	9.3%	11.2%	9.0%	7.8%
Owner's Earnings	7,023M	930M	8,086M	6,414M	30,995M	19,910M	6,069M	2,761M	3,618M	-1,789M	953M	1,603M	3,384M	1,890M	982M	858M	5,544M	-3,772M	-2,639M	-2,055M	-935M	1,364M	1,442M	825M	-798M
Owner's Earnings Margin	12.4%	1.9%	14.6%	12.6%	38.0%	32.2%	15.3%	7.1%	9.3%	-5.8%	2.7%	4.0%	7.1%	3.8%	1.6%	1.5%	9.9%	-7.5%	-4.5%	-3.8%	-2.0%	4.1%	4.8%	3.1%	-3.7%
EPS (Basic)	438.04	65.58	387.97	226.89	1,600.00	941.00	145.00	24.78	152.65	-58.07	-94.86	37.00	230.00	158.00	175.96	121.44	216.24	-50.37	154.12	169.26	133.83	154.92	249.32	142.00	118.63
EPS (Diluted)	439.63	65.41	386.72	226.50	1,594.84	937.88	145.03	24.78	152.65	-58.07	-93.33	36.93	229.82	164.27	175.89	144.54	230.52	-50.37	160.27	177.34	139.23	155.80	216.64	142.98	83.44
Shares (Basic)	16M	16M	16M	17M	18M	19M	20M	21M	21M	21M	20M	21M	22M	22M	22M	22M	22M	21M	21M	21M	21M	21M	21M	21M	21M
Shares (Diluted)	16M	16M	16M	17M	18M	19M	20M	21M	21M	21M	21M	21M	22M	22M	22M	22M	22M	21M	21M	21M	21M	21M	21M	21M	21M

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	2003-12-31	2002-12-31
Cash & Cash Equivalents	6,204.00M	7,128.00M	6,575.00M	6,701.00M	10,057.00M	11,832.00M	5,865.00M	4,768.00M	2,851.00M	2,171.00M	4,105.00M	4,008.00M	3,507.00M	3,264.99M	2,306.07M	2,285.50M	4,262.80M	1,607.39M	2,554.59M	4,482.99M	4,050.54M	3,204.32M	3,057.32M	2,629.59M	1,883.38M
Short-Term Investments	749.00M	1,785.00M	1,580.00M	0.00M	942.00M	3.00M	1.00M	2.00M	2,448.00M	1.00M	52.00M	761.00M	379.00M	312.25M	382.84M	375.59M	515.01M	455.38M	984.07M	2,480.64M	3,707.57M	2,364.54M	4,123.69M	2,356.62M	1,466.02M
Cash & Short-Term Investments	6,953.00M	8,913.00M	8,155.00M	6,701.00M	10,999.00M	11,835.00M	5,866.00M	4,770.00M	5,299.00M	2,172.00M	4,157.00M	4,769.00M	3,886.00M	3,577.23M	2,688.91M	2,661.09M	4,777.82M	2,062.77M	3,538.66M	6,963.63M	7,758.11M	5,568.86M	7,181.01M	4,986.22M	3,349.40M
Net Receivables	22,071.00M	22,121.00M	23,181.00M	478.00M	25,717.00M	11,308.00M	4,594.00M	4,627.00M	4,893.00M	5,027.00M	4,968.00M	4,449.00M	4,985.00M	5,712.00M	450.61M	6,175.47M	6,079.35M	213.92M	5,558.21M	6,412.20M	5,859.20M	166.56M	4,592.18M	3,860.17M	3,397.86M
Inventory	1,571.00M	1,465.00M	1,601.00M	1,658.00M	1,604.00M	1,457.00M	1,049.00M	1,430.00M	1,064.00M	974.00M	862.00M	781.00M	1,139.00M	1,253.61M	2,311.56M	2,245.88M	1,858.29M	1,807.07M	1,529.01M	1,898.51M	1,461.79M	975.89M	751.85M	664.33M	588.47M
Other Current Assets	0.00M	0.00M	569.00M	21,394.00M	26,215.00M	11,968.00M	5,357.00M	4,980.00M	11,038.00M	20,375.00M	5,523.00M	4,843.00M	10,592.00M	13,022.00M	8,379.00M	2,015.50M	1,323.12M	6,736.30M	799.18M	2,602.85M	893.71M	5,957.66M	274.97M	4,288.57M	3,685.24M
Total Current Assets	30,595.00M	32,499.00M	33,506.00M	30,231.00M	64,535.00M	36,568.00M	16,866.00M	15,807.00M	22,294.00M	28,548.00M	15,510.00M	14,842.00M	20,602.00M	23,564.85M	13,830.08M	13,097.95M	14,038.57M	10,820.06M	11,425.07M	17,877.20M	15,972.82M	12,668.98M	12,800.01M	13,799.28M	11,020.97M
Property, Plant & Equipment	41,667.00M	39,765.00M	36,307.00M	34,412.00M	36,750.00M	34,659.00M	31,738.00M	33,092.00M	30,275.00M	31,071.00M	41,496.00M	43,999.00M	44,671.00M	41,368.89M	46,325.02M	44,475.71M	43,467.54M	45,744.49M	42,398.49M	35,972.23M	29,608.89M	23,708.51M	17,420.79M	15,660.02M	13,932.09M
Goodwill	0.00M	0.00M	5,130.00M	5,161.00M	5,205.00M	1,561.00M	968.00M	637.00M	645.00M	723.00M	334.00M	87.00M	91.00M	478.09M	621.40M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Intangible Assets	10,512.00M	9,805.00M	7,237.00M	4,963.00M	7,991.00M	6,758.00M	7,243.00M	6,466.00M	3,628.00M	3,642.00M	3,286.00M	1,835.00M	2,727.00M	4,318.52M	5,437.19M	5,033.34M	2,609.67M	2,492.35M	2,660.58M	3,397.73M	3,872.69M	4,409.75M	219.03M	180.12M	80.11M
Long-Term Investments	0.00M	0.00M	524.00M	2,148.00M	1,453.00M	2,736.00M	2,317.00M	2,217.00M	2,086.00M	2,357.00M	2,604.00M	2,612.00M	2,537.00M	8,434.92M	6,299.28M	5,750.84M	4,887.70M	5,469.72M	4,302.70M	4,603.83M	3,854.99M	3,454.80M	999.67M	652.83M	609.38M
Tax Assets	426.00M	378.00M	365.00M	2,317.00M	399.00M	356.00M	249.00M	237.00M	267.00M	302.00M	590.00M	891.00M	536.00M	479.20M	668.73M	861.32M	915.85M	1,067.10M	835.08M	807.59M	718.51M	207.65M	0.00M	0.00M	0.00M
Other Non-Current Assets	4,660.00M	4,518.00M	4,062.00M	4,394.00M	1,819.00M	399.00M	866.00M	1,050.00M	906.00M	1,051.00M	1,665.00M	1,966.00M	2,057.00M	1,204.94M	1,221.01M	829.55M	695.01M	455.38M	1,718.39M	878.37M	1,061.48M	473.19M	3,899.92M	2,832.72M	1,856.11M
Other Assets	0.00M	0.00M	0.00M	-478.00M	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	-109.22M
Total Non-Current Assets	57,265.00M	54,466.00M	53,625.00M	52,917.00M	53,617.00M	46,469.00M	43,381.00M	43,699.00M	37,807.00M	39,146.00M	49,975.00M	51,390.00M	52,619.00M	56,284.54M	60,572.63M	56,950.75M	52,575.77M	55,229.04M	51,915.24M	45,659.76M	39,116.55M	32,253.91M	22,539.41M	19,325.69M	16,368.48M
Total Assets	87,860.00M	86,965.00M	87,131.00M	83,148.00M	118,152.00M	83,037.00M	60,247.00M	59,506.00M	60,101.00M	67,694.00M	65,485.00M	66,232.00M	73,221.00M	79,849.39M	74,402.71M	70,048.69M	66,614.34M	66,049.10M	63,340.31M	63,536.96M	55,089.37M	44,922.89M	35,339.42M	33,124.97M	27,389.44M
Accounts Payable	9,130.25M	0.00M	6,698.00M	6,401.00M	6,804.00M	6,241.00M	5,156.00M	5,567.00M	5,281.00M	5,250.00M	4,901.00M	5,015.00M	5,277.00M	5,379.00M	6,138.00M	6,412.66M	6,012.81M	5,950.32M	5,614.86M	6,165.62M	5,074.51M	4,308.55M	3,632.60M	2,921.17M	2,345.40M
Short-Term Debt	1,163.00M	1,338.00M	526.00M	197.00M	255.00M	469.00M	758.00M	721.00M	1,586.00M	2,437.00M	2,015.00M	1,335.00M	1,412.00M	0.00M	0.00M	2,253.91M	2,255.03M	2,324.83M	2,237.34M	3,385.41M	2,634.23M	2,252.70M	2,574.80M	2,682.53M	2,990.24M
Tax Payables	0.00M	0.00M	621.00M	442.00M	569.00M	424.00M	305.00M	307.00M	316.00M	282.00M	212.00M	217.00M	316.00M	522.69M	497.34M	610.34M	770.64M	495.04M	1,015.29M	827.73M	701.87M	0.00M	393.60M	404.55M	338.25M
Deferred Revenue	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	316.00M	282.00M	212.00M	217.00M	316.00M	522.69M	497.34M	610.34M	770.64M	3,281.79M	2,856.50M	3,150.76M	701.87M	2,566.47M	708.84M	404.55M	338.25M
Other Current Liabilities	1,611.75M	11,046.00M	1,729.00M	1,700.00M	965.00M	1,228.00M	1,165.00M	788.00M	2,767.00M	5,547.00M	2,257.00M	1,720.00M	1,361.00M	6,332.00M	3,985.09M	1,413.36M	1,802.81M	2,097.43M	2,384.09M	2,155.85M	1,163.24M	1,109.30M	743.47M	585.18M	342.77M
Total Current Liabilities	11,905.00M	12,384.00M	9,574.00M	8,740.00M	8,593.00M	8,362.00M	7,384.00M	7,383.00M	10,266.00M	13,798.00M	9,597.00M	8,504.00M	8,682.00M	12,756.39M	11,117.76M	11,300.61M	11,611.93M	14,149.42M	14,108.09M	15,685.37M	10,275.72M	10,237.02M	8,053.30M	6,997.99M	6,354.90M
Long-Term Debt	3,861.00M	3,850.00M	4,539.00M	4,169.00M	3,774.00M	4,315.00M	5,868.00M	7,455.00M	8,036.00M	15,076.00M	13,320.00M	11,408.00M	10,913.00M	12,725.49M	17,389.36M	15,870.04M	15,773.41M	18,900.16M	17,617.03M	17,056.71M	15,864.69M	12,273.20M	5,010.01M	5,761.16M	5,865.76M
Capital Lease Obligations	12,666.00M	11,851.00M	11,412.00M	10,448.00M	11,614.00M	10,551.00M	8,747.00M	8,577.00M	2,266.00M	2,745.00M	2,271.00M	1,507.00M	1,696.00M	1,986.00M	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	0.00M	0.00M	834.00M	0.00M	883.00M	520.00M	525.00M	362.00M	372.00M	461.00M	605.00M	280.00M	701.00M	1,111.84M	1,395.59M	1,048.59M	0.00M	1,157.02M	1,026.70M	1,710.40M	2,226.84M	1,736.20M	375.20M	455.12M	337.68M
Other Non-Current Liabilities	2,359.00M	2,425.00M	1,726.00M	2,652.00M	2,971.00M	2,122.00M	1,985.00M	1,977.00M	1,943.00M	1,969.00M	4,975.00M	5,770.00M	6,104.00M	5,784.24M	4,199.52M	4,065.73M	4,386.78M	301.15M	3,384.99M	2,619.28M	2,202.24M	1,882.62M	841.50M	773.59M	859.74M
Total Non-Current Liabilities	18,886.00M	18,126.00M	18,511.00M	17,269.00M	19,242.00M	17,508.00M	17,125.00M	18,371.00M	12,617.00M	20,251.00M	21,171.00M	18,965.00M	19,414.00M	21,607.57M	22,984.47M	20,984.36M	20,160.19M	20,358.33M	22,028.71M	21,386.39M	20,293.77M	15,892.02M	6,226.71M	6,989.87M	7,063.18M
Total Liabilities	30,791.00M	30,510.00M	28,085.00M	26,009.00M	27,835.00M	25,870.00M	24,509.00M	25,754.00M	22,883.00M	34,049.00M	30,768.00M	27,469.00M	28,096.00M	34,363.95M	34,102.23M	32,284.98M	31,772.12M	34,507.75M	36,136.81M	37,071.76M	30,569.50M	26,129.05M	14,280.01M	13,987.86M	13,418.08M
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	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	2,870.00M	2,870.00M	2,870.00M	3,186.00M	3,392.00M	3,513.00M	3,632.00M	3,774.00M	3,774.00M	3,774.00M	3,774.00M	3,906.00M	3,985.00M	813.66M	779.15M	767.24M	784.20M	846.44M	821.81M	859.60M	777.97M	697.34M	801.05M	743.48M	621.11M
Retained Earnings	53,646.00M	53,572.00M	55,290.00M	51,822.00M	61,646.00M	41,787.00M	26,698.00M	25,117.00M	29,756.00M	27,069.00M	28,677.00M	32,068.00M	37,964.00M	37,952.00M	37,219.81M	0.00M	784.20M	0.00M	0.00M	25,605.20M	0.00M	0.00M	0.00M	0.00M	0.00M
Accumulated OCI	-533.00M	-1,033.00M	-1,243.00M	-978.00M	-1,047.00M	-792.00M	-480.00M	-793.00M	-22,695.00M	-20,355.00M	-49,862.00M	-45,047.00M	-40,016.00M	-37,374.28M	-38,517.96M	-35,299.85M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Minority Interest	1,086.00M	1,046.00M	1,030.00M	1,060.00M	1,041.00M	1,080.00M	1,004.00M	739.00M	771.00M	816.00M	832.00M	652.00M	683.00M	2,688.62M	2,435.99M	2,404.71M	2,034.71M	1,942.62M	1,655.01M	1,665.43M	1,356.85M	107.39M	89.29M	89.98M	109.22M
Total Shareholders’ Equity	55,983.00M	55,409.00M	56,917.00M	54,030.00M	63,991.00M	44,508.00M	29,850.00M	28,098.00M	10,835.00M	10,488.00M	-17,411.00M	-9,073.00M	1,933.00M	1,391.38M	-518.99M	-34,532.60M	1,568.40M	846.44M	821.81M	26,464.80M	777.97M	697.34M	801.05M	743.48M	621.11M
Total Equity	57,069.00M	56,455.00M	57,947.00M	55,090.00M	65,032.00M	45,588.00M	30,854.00M	28,837.00M	11,606.00M	11,304.00M	-16,579.00M	-8,421.00M	2,616.00M	4,079.99M	1,916.99M	-32,127.90M	3,603.12M	2,789.06M	2,476.82M	28,130.23M	2,134.82M	804.73M	890.34M	833.46M	730.32M
Total Liabilities & Equity	87,860.00M	86,965.00M	86,032.00M	81,099.00M	92,867.00M	71,458.00M	55,363.00M	54,591.00M	34,489.00M	45,353.00M	14,189.00M	19,048.00M	30,712.00M	38,443.95M	36,019.22M	157.08M	35,375.24M	37,296.81M	38,613.62M	65,201.99M	32,704.31M	26,933.78M	15,170.35M	14,821.32M	14,148.40M
Tangible Assets	77,348.00M	77,160.00M	74,764.00M	73,024.00M	104,956.00M	74,718.00M	52,036.00M	52,403.00M	55,828.00M	63,329.00M	61,865.00M	64,310.00M	70,403.00M	75,052.78M	68,344.11M	65,015.36M	64,004.67M	63,556.75M	60,679.73M	60,139.23M	51,216.68M	40,513.14M	35,120.38M	32,944.85M	27,309.33M
Tangible Equity	46,557.00M	46,650.00M	45,580.00M	44,966.00M	51,836.00M	37,269.00M	22,643.00M	21,734.00M	7,333.00M	6,939.00M	-20,199.00M	-10,343.00M	-202.00M	-716.61M	-4,141.60M	-37,161.23M	993.45M	296.72M	-183.77M	24,732.50M	-1,737.87M	-3,605.02M	671.31M	653.34M	650.21M
Tangible Book Value	46,557.00M	46,650.00M	45,580.00M	44,966.00M	51,836.00M	37,269.00M	22,643.00M	21,734.00M	7,333.00M	6,939.00M	-20,199.00M	-10,343.00M	-202.00M	-716.61M	-4,141.60M	-37,161.23M	993.45M	296.72M	-183.77M	24,732.50M	-1,737.87M	-3,605.02M	671.31M	653.34M	650.21M
Total Investments	749.00M	1,785.00M	2,104.00M	2,148.00M	2,395.00M	2,739.00M	2,318.00M	2,219.00M	2,127.00M	2,387.00M	3,400.00M	3,472.00M	3,480.00M	8,506.55M	6,374.61M	5,750.84M	4,887.70M	5,925.10M	5,226.02M	7,084.47M	7,562.56M	3,662.61M	4,623.88M	3,009.45M	2,075.39M
Net Debt	-1,180.00M	-1,940.00M	-1,510.00M	-2,335.00M	-6,028.00M	-7,048.00M	761.00M	3,408.00M	6,771.00M	15,342.00M	11,230.00M	8,735.00M	8,818.00M	9,460.50M	15,083.29M	15,838.45M	13,765.63M	19,617.60M	17,299.78M	15,959.13M	14,448.38M	11,321.58M	4,527.49M	5,814.10M	6,972.61M

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	2003-12-31	2002-12-31
Working Capital	15,752.0M	17,333.0M	20,149.0M	18,631.0M	26,742.0M	13,709.0M	2,682.0M	1,865.0M	7,422.0M	9,324.0M	410.0M	1,527.0M	6,623.0M	4,815.9M	1,855.5M	1,466.4M	2,006.9M	-818.1M	-275.7M	4,415.5M	5,371.3M	3,321.4M	4,597.5M	3,345.7M	1,606.5M
Total Capital	73,673.0M	72,448.0M	73,394.0M	68,844.0M	79,634.0M	59,843.0M	45,223.0M	44,851.0M	44,506.0M	48,122.0M	46,593.0M	47,830.0M	53,867.0M	55,674.3M	56,692.7M	53,050.0M	50,416.2M	49,872.1M	47,810.1M	47,463.4M	41,336.1M	33,994.4M	29,098.9M	24,036.7M	19,658.5M
Capital Employed	73,017.0M	71,799.0M	73,774.0M	69,231.0M	80,359.0M	60,178.0M	46,063.0M	45,564.0M	45,229.0M	48,470.0M	50,385.0M	52,917.0M	59,242.0M	61,100.4M	62,428.2M	58,417.2M	54,582.7M	54,410.9M	51,639.5M	50,075.3M	44,487.8M	35,575.3M	27,136.9M	22,671.4M	17,974.9M
Invested Capital	67,469.0M	65,320.0M	66,819.0M	62,143.0M	69,577.0M	48,011.0M	39,358.0M	40,083.0M	41,655.0M	45,951.0M	42,488.0M	43,822.0M	50,360.0M	52,409.3M	54,386.6M	50,764.5M	46,153.4M	48,264.8M	45,255.6M	42,980.4M	37,285.6M	30,790.1M	26,041.5M	21,407.1M	17,775.1M

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	2003-12-31	2002-12-31
Net Income	7,457.00M	976.00M	6,499.00M	3,934.00M	30,860.00M	19,674.00M	4,186.00M	1,725.00M	627.00M	641.00M	-226.00M	1,870.00M	5,917.00M	7,628.30M	8,311.31M	3,156.07M	10,640.78M	3,883.12M	11,333.84M	9,342.00M	6,759.28M	3,205.28M	4,456.97M	2,941.46M	1,716.66M
Depreciation & Amortization	0.00M	5,786.00M	6,178.00M	6,238.00M	6,186.00M	4,944.00M	4,541.00M	4,287.00M	3,325.00M	3,015.00M	7,265.00M	7,944.00M	7,008.00M	4,813.63M	5,489.65M	5,042.06M	6,033.50M	5,837.49M	4,877.74M	5,125.73M	3,475.21M	2,816.47M	0.00M	0.00M	0.00M
Deferred Income Tax	0.00M	-1,508.00M	0.00M	0.00M	-26.00M	-17.00M	-11.00M	-10.00M	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
Stock-Based Compensation	0.00M	6.00M	0.00M	6.00M	26.00M	17.00M	11.00M	10.00M	14.00M	11.00M	-10.00M	15.00M	19.00M	6.00M	6.36M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Change in Working Capital	248.00M	-1,532.00M	-311.00M	567.00M	-1,646.00M	-1,495.00M	-81.00M	546.00M	-318.00M	-409.00M	-1,120.00M	283.00M	125.00M	606.91M	-619.99M	-87.62M	-540.52M	325.79M	54.96M	502.54M	-944.15M	-603.75M	-117.90M	-216.14M	-23.74M
Accounts Receivable	0.00M	1,870.00M	-754.00M	1,870.00M	-1,018.00M	-1,909.00M	-115.00M	195.00M	-25.00M	-401.00M	-680.00M	354.00M	336.00M	437.00M	-446.21M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Inventory	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	101.00M	215.63M	-486.35M	-349.06M	0.00M	-263.21M	290.88M	-412.01M	-147.59M	-197.18M	-16.76M	32.13M	-84.49M
Accounts Payable	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 Working Capital	248.00M	-3,402.00M	443.00M	-1,303.00M	-628.00M	414.00M	34.00M	351.00M	-275.00M	-8.00M	56.00M	-71.00M	24.00M	391.28M	-133.64M	261.45M	0.00M	589.01M	-235.92M	914.55M	-796.55M	-406.57M	-101.13M	-248.28M	60.75M
Other Non-Cash Items	5,607.00M	2,176.00M	-958.00M	-1,102.00M	-924.00M	-1,101.00M	-818.00M	-639.00M	-409.00M	-651.00M	-1,593.00M	-2,128.00M	-4,289.00M	-3,783.98M	-5,346.62M	-1,323.65M	-5,970.53M	-5,213.82M	-8,133.93M	-7,205.71M	-5,004.07M	-131.03M	983.09M	1,722.56M	1,813.87M
Net Cash from Operating Activities	13,312.00M	4,272.00M	11,408.00M	9,643.00M	34,476.00M	22,022.00M	7,828.00M	5,919.00M	3,225.00M	2,596.00M	4,326.00M	7,969.00M	8,761.00M	9,264.86M	7,834.36M	6,786.86M	10,163.23M	4,832.58M	8,132.62M	7,764.57M	4,286.27M	5,286.98M	5,322.16M	4,447.88M	3,506.79M
Capital Expenditures (PPE)	-5,267.00M	-3,680.00M	-4,201.00M	-3,646.00M	-4,163.00M	-2,976.00M	-1,322.00M	-2,035.00M	-2,876.00M	-3,599.00M	-4,373.00M	-7,132.00M	-8,639.00M	-6,511.09M	-8,349.42M	-7,340.48M	-5,522.59M	-8,552.61M	-10,814.51M	-10,828.90M	-7,275.16M	-4,657.53M	-4,139.36M	-3,371.39M	-3,035.59M
Acquisitions (Net)	-697.00M	574.00M	53.00M	1,173.00M	-4,599.00M	-812.00M	-401.00M	-38.00M	-33.00M	-3,836.00M	-694.00M	5,254.00M	957.00M	7.59M	563.80M	-1,128.87M	-196.76M	-163.67M	-358.93M	-601.49M	-501.89M	-5,673.40M	377.56M	31.46M	-56.23M
Purchases of Investments	-4,229.00M	-2,578.00M	0.00M	0.00M	-13,518.00M	-5,049.00M	1,322.00M	-153.00M	-4.00M	3,599.00M	4,373.00M	-44.00M	-96.00M	-26.84M	-502.65M	-1,068.31M	5,522.59M	428.04M	-711.51M	-1,954.83M	-3,321.24M	-3,046.65M	-199.53M	-96.57M	-99.89M
Sales / Maturities of Investments	2,280.00M	2,050.00M	0.00M	0.00M	31.00M	8.00M	87.00M	2,617.00M	3,472.00M	865.00M	972.00M	46.00M	8,639.00M	339.64M	8,349.42M	7,340.48M	562.11M	551.27M	1,862.33M	2,840.63M	3,515.02M	4,338.05M	4,139.36M	3,371.39M	3,035.59M
Other Investing Activities	563.00M	2,632.00M	-3,777.00M	6,550.00M	630.00M	487.00M	-710.00M	483.00M	420.00M	-3,164.00M	-3,879.00M	514.00M	-7,124.00M	1,087.77M	-6,555.57M	-6,946.91M	-4,925.52M	163.67M	1,369.18M	1,871.72M	1,956.25M	533.95M	-3,528.73M	-2,742.91M	-2,405.87M
Net Cash from Investing Activities	-7,350.00M	-2,297.00M	-7,925.00M	4,077.00M	-21,619.00M	-8,342.00M	-1,024.00M	874.00M	979.00M	-6,135.00M	-3,601.00M	-1,362.00M	-6,263.00M	-5,102.93M	-6,494.42M	-9,144.09M	-4,560.18M	-7,573.31M	-8,653.44M	-8,672.86M	-5,627.01M	-8,505.58M	-3,350.70M	-2,808.02M	-2,561.99M
Net Debt Issuance	-811.00M	2,177.00M	1,462.00M	185.00M	-717.00M	-1,934.00M	-1,860.00M	-1,456.00M	-5,022.00M	822.00M	1,637.00M	1,247.00M	-2,888.00M	-1,585.00M	-333.92M	1,229.41M	-2,564.71M	864.35M	-591.12M	1,725.26M	2,535.84M	3,908.17M	307.41M	-322.86M	-746.15M
Long-Term Debt Issuance	-811.00M	2,177.00M	1,462.00M	185.00M	-717.00M	-1,934.00M	-1,860.00M	-1,456.00M	-5,022.00M	822.00M	1,637.00M	1,247.00M	-2,888.00M	-1,585.00M	-333.92M	1,229.41M	-2,564.71M	864.35M	-591.12M	1,725.26M	2,535.84M	3,908.17M	307.41M	-322.86M	-746.15M
Short-Term Debt 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	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Net Stock Issuance	-946.00M	-1,953.00M	-547.00M	-3,096.00M	-2,707.00M	-1,934.00M	-776.00M	-791.00M	0.00M	14.00M	-473.00M	-754.00M	-596.00M	14.00M	0.00M	0.00M	0.00M	1,574.47M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Common Stock Issuance	0.00M	0.00M	9.00M	24.00M	31.00M	22.00M	30.00M	0.00M	0.00M	14.00M	2.00M	26.00M	45.00M	14.00M	0.00M	0.00M	0.00M	1,574.47M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Common Stock Repurchased	-955.00M	-1,977.00M	-556.00M	-3,120.00M	-2,738.00M	-1,956.00M	-806.00M	-791.00M	0.00M	0.00M	-475.00M	-780.00M	-641.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
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	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Net Dividends Paid	-2,547.00M	-1,333.00M	-1,333.00M	-10,876.00M	-6,847.00M	-1,017.00M	-430.00M	-469.00M	-517.00M	-454.00M	-953.00M	-6,141.00M	-1,131.00M	-970.06M	-773.83M	-761.83M	-253.14M	-515.07M	-500.07M	-442.51M	-400.49M	-293.78M	0.00M	-148.66M	-93.11M
Common Dividends Paid	-2,547.00M	-1,333.00M	-1,333.00M	-10,876.00M	-6,847.00M	-1,017.00M	-430.00M	-469.00M	-517.00M	-454.00M	-953.00M	-6,141.00M	-1,131.00M	-919.00M	-773.83M	-761.83M	-253.14M	-515.07M	-500.07M	-442.51M	-400.49M	-293.78M	-225.04M	-148.66M	-93.11M
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	-3,450.00M	-3,062.00M	-3,082.00M	-3,018.00M	-3,864.00M	-3,015.00M	-2,552.00M	-2,084.00M	-1,109.00M	-57.00M	-77.00M	-88.00M	-71.00M	-251.55M	-306.63M	-90.93M	-94.90M	-82.03M	-99.64M	-18.97M	-130.78M	-84.87M	-136.12M	-109.43M	36.45M
Net Cash from Financing Activities	-7,754.00M	-4,171.00M	-3,500.00M	-16,805.00M	-14,135.00M	-7,900.00M	-5,618.00M	-4,800.00M	-6,648.00M	325.00M	-144.00M	-5,736.00M	-4,686.00M	-2,741.55M	-1,385.48M	376.64M	-2,912.75M	1,841.73M	-1,190.83M	1,263.79M	2,004.57M	3,529.52M	-53.76M	-580.95M	-802.80M
Effect of FX on Cash	-42.00M	-207.00M	-170.00M	-223.00M	-249.00M	-79.00M	-80.00M	-12.00M	-95.00M	154.00M	-500.00M	-281.00M	-273.00M	-134.93M	25.17M	74.53M	86.52M	-36.78M	-40.19M	-339.66M	-294.31M	309.01M	-108.97M	-82.03M	4.80M
Net Change in Cash	-1,834.00M	-2,513.00M	-187.00M	-3,355.00M	-1,528.00M	5,673.00M	1,087.00M	1,609.00M	497.00M	-1,918.00M	62.00M	590.00M	47.00M	1,171.99M	-20.91M	-1,883.55M	2,760.94M	-1,038.41M	-1,751.85M	15.84M	580.65M	619.93M	1,808.74M	976.88M	146.80M
Cash at Beginning of Period	27,926.00M	32,064.00M	6,730.00M	10,038.00M	11,565.00M	5,864.00M	4,758.00M	3,149.00M	2,268.00M	4,077.00M	3,996.00M	3,406.00M	3,358.00M	1,991.20M	2,326.98M	4,174.99M	1,501.86M	2,645.81M	4,320.65M	4,503.52M	3,495.20M	2,661.49M	5,372.27M	4,009.34M	3,202.60M
Cash at End of Period	26,092.00M	29,614.00M	6,543.00M	6,683.00M	10,037.00M	11,537.00M	5,845.00M	4,758.00M	2,765.00M	2,159.00M	4,058.00M	3,996.00M	3,405.00M	3,163.19M	2,306.07M	2,291.43M	4,262.80M	1,607.39M	2,568.80M	4,519.36M	4,075.85M	3,281.42M	7,181.01M	4,986.22M	3,349.40M
Operating Cash Flow	13,312.00M	4,272.00M	11,408.00M	9,643.00M	34,476.00M	22,022.00M	7,828.00M	5,919.00M	3,225.00M	2,596.00M	4,326.00M	7,969.00M	8,761.00M	9,264.86M	7,834.36M	6,786.86M	10,163.23M	4,832.58M	8,132.62M	7,764.57M	4,286.27M	5,286.98M	5,322.16M	4,447.88M	3,506.79M
Capital Expenditure	-5,267.00M	-3,680.00M	-4,201.00M	-3,646.00M	-4,163.00M	-2,976.00M	-1,322.00M	-2,035.00M	-2,876.00M	-3,599.00M	-4,373.00M	-7,132.00M	-8,639.00M	-6,511.09M	-8,349.42M	-7,340.48M	-5,522.59M	-8,552.61M	-10,814.51M	-10,828.90M	-7,275.16M	-4,657.53M	-4,139.36M	-3,371.39M	-3,035.59M
Free Cash Flow	8,045.00M	592.00M	7,207.00M	5,997.00M	30,313.00M	19,046.00M	6,506.00M	3,884.00M	349.00M	-1,003.00M	-47.00M	837.00M	122.00M	2,753.77M	-515.06M	-553.62M	4,640.63M	-3,720.03M	-2,681.90M	-3,064.33M	-2,988.89M	629.44M	1,182.80M	1,076.50M	471.20M

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	2003-12-31	2002-12-31
EBITDA	62,215.34M	33,407.00M	13,097.00M	10,112.00M	37,279.00M	24,757.00M	8,586.00M	5,760.00M	3,651.00M	4,128.00M	7,679.00M	9,727.00M	12,025.00M	12,530.62M	13,463.43M	45,469.67M	53,293.26M	47,428.71M	26,235.51M	23,699.45M	17,987.47M	14,365.37M	8,446.36M	7,551.20M	5,310.91M
(-) Tax Adjustment	5,179.21M	8,999.96M	1,122.16M	1,052.46M	1,122.16M	921.28M	1,056.70M	2,016.00M	1,277.85M	1,444.80M	0.00M	3,404.45M	4,208.75M	4,385.72M	4,712.20M	15,914.38M	18,652.64M	16,600.05M	9,182.43M	8,294.81M	6,295.61M	5,027.88M	2,305.72M	2,618.05M	1,858.82M
(-) Change In Working Capital	248.00M	-1,532.00M	-311.00M	567.00M	-1,646.00M	-1,495.00M	-81.00M	546.00M	-318.00M	-409.00M	-1,120.00M	283.00M	125.00M	606.91M	-619.99M	-87.62M	-540.52M	325.79M	54.96M	502.54M	-944.15M	-603.75M	-117.90M	-216.14M	-23.74M
(-) Capital Expenditure	-5,267.00M	-3,680.00M	-4,201.00M	-3,646.00M	-4,163.00M	-2,976.00M	-1,322.00M	-2,035.00M	-2,876.00M	-3,599.00M	-4,373.00M	-7,132.00M	-8,639.00M	-6,511.09M	-8,349.42M	-7,340.48M	-5,522.59M	-8,552.61M	-10,814.51M	-10,828.90M	-7,275.16M	-4,657.53M	-4,139.36M	-3,371.39M	-3,035.59M
Unlevered Free Cash Flow	51,521.13M	22,259.04M	8,084.84M	4,846.54M	33,639.84M	22,354.72M	6,288.30M	1,163.00M	-184.85M	-506.80M	4,426.00M	-1,092.45M	-947.75M	1,026.90M	1,021.79M	22,302.42M	29,658.54M	21,950.26M	6,183.61M	4,073.20M	5,360.85M	5,283.70M	2,119.18M	1,777.92M	440.24M
(-) Net Interest Income After Taxes	-89.51M	205.30M	194.75M	386.14M	-320.07M	-727.87M	-674.36M	-557.05M	-473.85M	-345.15M	-545.00M	-280.15M	-339.30M	-447.31M	-460.48M	-517.77M	-610.26M	-658.70M	-948.78M	-514.38M	-256.87M	-218.70M	17.09M	-39.67M	-150.80M
Net Debt Issuance	-811.00M	2,177.00M	1,462.00M	185.00M	-717.00M	-1,934.00M	-1,860.00M	-1,456.00M	-5,022.00M	822.00M	1,637.00M	1,247.00M	-2,888.00M	-1,585.00M	-333.92M	1,229.41M	-2,564.71M	864.35M	-591.12M	1,725.26M	2,535.84M	3,908.17M	307.41M	-322.86M	-746.15M
Levered Free Cash Flow	50,799.64M	24,230.74M	9,352.09M	4,645.39M	33,242.91M	21,148.58M	5,102.66M	264.05M	-4,733.00M	660.35M	6,608.00M	434.70M	-3,496.45M	-110.79M	1,148.35M	24,049.59M	27,704.10M	23,473.30M	6,541.27M	6,312.85M	8,153.55M	9,410.56M	2,409.50M	1,494.72M	-155.11M