Fortive Corporation (0IRE.L)

Industry: Industrial - Capital Goods Sector: Industrials Currency Used: US Live Price: $55.04

Enterprise Value

Metric	MRQ	MRQ-1	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
Stock Price	48.00	51.56	51.78	59.41	55.59	49.36	55.24	48.07	59.13	58.79	45.80	45.80	45.80
Market Capitalization	15,878.40M	17,509.78M	17,522.93M	20,794.10M	19,595.17M	17,601.87M	19,291.30M	16,384.90M	20,002.94M	20,660.16M	16,135.43M	15,934.36M	15,833.14M
(-) Cash & Equivalents	430.80M	1,832.70M	1,051.87M	743.33M	997.13M	695.43M	1,130.78M	1,354.35M	1,771.68M	1,426.85M	914.75M	503.80M	0.00M
(+) Total Debt	3,306.30M	4,812.20M	4,049.30M	3,950.45M	3,276.90M	3,600.10M	3,166.15M	5,610.30M	6,271.53M	4,039.10M	3,549.73M	2,560.48M	0.00M
Enterprise Value	18,753.90M	20,489.28M	20,520.36M	24,001.22M	21,874.94M	20,506.54M	21,326.68M	20,640.85M	24,502.79M	23,272.41M	18,770.40M	17,991.03M	15,833.14M

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
Revenue	5,640M	6,195M	6,232M	6,065M	5,826M	5,255M	4,634M	4,564M	6,453M	5,756M	6,224M	6,179M	6,337M	5,962M	5,785M
Cost of Revenue	2,237M	2,494M	2,501M	2,471M	2,462M	2,245M	2,018M	2,067M	3,129M	2,833M	3,183M	3,173M	3,282M	3,088M	3,002M
Gross Profit	3,403M	3,701M	3,731M	3,594M	3,363M	3,010M	2,617M	2,497M	3,323M	2,923M	3,041M	3,006M	3,055M	2,874M	2,784M
Gross Profit Margin	60.3%	59.7%	59.9%	59.3%	57.7%	57.3%	56.5%	54.7%	51.5%	50.8%	48.9%	48.6%	48.2%	48.2%	48.1%
R&D Expenses	383M	406M	414M	398M	402M	355M	321M	320M	414M	369M	385M	378M	388M	378M	353M
SG&A Expenses	2,052M	2,146M	2,140M	2,066M	1,957M	1,824M	1,646M	1,647M	1,724M	1,393M	1,388M	1,334M	1,394M	1,324M	1,260M
Operating Expenses	2,436M	2,552M	2,554M	2,460M	2,358M	2,178M	1,967M	1,968M	2,138M	1,762M	1,773M	1,736M	1,776M	1,731M	1,656M
Operating Income (EBIT)	967M	1,149M	1,177M	1,134M	1,005M	832M	650M	529M	1,185M	1,162M	1,268M	1,270M	1,279M	1,143M	1,128M
Operating Income Margin	17.2%	18.5%	18.9%	18.7%	17.3%	15.8%	14.0%	11.6%	18.4%	20.2%	20.4%	20.5%	20.2%	19.2%	19.5%
Interest Income	0M	0M	0M	0M	98M	103M	149M	143M	77M	89M	46M	0M	0M	0M	0M
Interest Expense	123M	148M	153M	124M	98M	103M	149M	143M	0M	0M	0M	0M	0M	0M	0M
Net Interest Income	-123M	-148M	-153M	-124M	0M	0M	0M	0M	77M	89M	46M	0M	0M	0M	0M
Unusual Items	-42M	-29M	-54M	-19M	-132M	-154M	858M	-193M	-184M	-177M	-118M	0M	0M	0M	0M
EBT Excluding Unusual Items	845M	1,001M	1,024M	1,010M	1,005M	832M	650M	529M	1,263M	1,250M	1,315M	1,270M	1,279M	1,143M	1,128M
Pre-Tax Income	803M	972M	970M	991M	874M	678M	1,508M	337M	1,078M	1,074M	1,197M	1,270M	1,279M	1,143M	1,128M
Pre-Tax Margin	14.2%	15.7%	15.6%	16.3%	15.0%	12.9%	32.5%	7.4%	16.7%	18.7%	19.2%	20.5%	20.2%	19.2%	19.5%
Income Tax Expense	201M	83M	137M	125M	118M	63M	56M	69M	160M	189M	325M	406M	396M	312M	364M
Net Income	602M	889M	833M	866M	755M	608M	1,613M	739M	2,914M	1,045M	872M	864M	883M	831M	764M
Net Income Margin	10.7%	14.4%	13.4%	14.3%	13.0%	11.6%	34.8%	16.2%	45.2%	18.1%	14.0%	14.0%	13.9%	13.9%	13.2%
Depreciation & Amortization	461M	525M	544M	457M	466M	396M	384M	342M	261M	158M	176M	177M	178M	160M	145M
EBITDA	1,428M	1,674M	1,721M	1,591M	1,471M	1,227M	1,034M	871M	1,446M	1,320M	1,445M	1,447M	1,457M	1,303M	1,273M
EBITDA Margin	25.3%	27.0%	27.6%	26.2%	25.2%	23.4%	22.3%	19.1%	22.4%	22.9%	23.2%	23.4%	23.0%	21.9%	22.0%
NOPAT	726M	1,051M	1,011M	991M	869M	754M	626M	421M	1,009M	957M	924M	864M	883M	831M	764M
NOPAT Margin	12.9%	17.0%	16.2%	16.3%	14.9%	14.3%	13.5%	9.2%	15.6%	16.6%	14.8%	14.0%	13.9%	13.9%	13.2%
Owner's Earnings	951M	1,297M	1,256M	1,215M	1,125M	954M	1,922M	1,006M	3,062M	1,092M	919M	921M	959M	910M	839M
Owner's Earnings Margin	16.9%	20.9%	20.2%	20.0%	19.3%	18.2%	41.5%	22.0%	47.5%	19.0%	14.8%	14.9%	15.1%	15.3%	14.5%
EPS (Basic)	1.77	2.53	2.39	2.46	2.12	1.64	4.58	1.99	8.43	3.01	2.52	2.50	2.56	2.41	2.21
EPS (Diluted)	1.76	2.51	2.36	2.43	2.09	1.73	4.49	2.17	8.31	2.96	2.51	2.50	2.56	2.41	2.21
Shares (Basic)	340M	352M	349M	353M	356M	349M	337M	336M	346M	348M	346M	346M	345M	345M	345M
Shares (Diluted)	342M	354M	353M	356M	361M	352M	359M	340M	351M	353M	347M	345M	345M	345M	345M

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
Cash & Cash Equivalents	430.80M	1,832.70M	813.30M	1,888.80M	709.20M	819.30M	1,824.80M	1,205.20M	1,178.40M	962.10M	803.20M	0.00M	0.00M	0.00M
Short-Term Investments	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	1,119.20M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Cash & Short-Term Investments	430.80M	1,832.70M	813.30M	1,888.80M	709.20M	819.30M	2,944.00M	1,205.20M	1,178.40M	962.10M	803.20M	0.00M	0.00M	0.00M
Net Receivables	783.60M	1,053.20M	1,063.40M	1,068.80M	1,000.50M	930.20M	810.30M	890.70M	1,195.10M	1,020.50M	945.40M	979.30M	956.30M	911.50M
Inventory	310.60M	610.40M	544.80M	536.90M	536.70M	512.70M	455.50M	416.20M	574.50M	506.70M	544.60M	522.90M	511.20M	494.50M
Other Current Assets	206.60M	118.10M	-59.00M	0.00M	40.00M	0.00M	30.40M	838.10M	30.00M	203.80M	0.00M	0.00M	0.00M	0.00M
Total Current Assets	1,731.60M	3,614.40M	2,362.50M	3,494.50M	2,286.40M	2,262.20M	4,240.20M	3,350.20M	2,978.00M	2,693.10M	2,293.20M	1,502.20M	1,467.50M	1,406.00M
Property, Plant & Equipment	258.70M	607.20M	597.10M	594.80M	583.90M	571.10M	610.70M	585.00M	576.10M	610.40M	547.60M	514.80M	480.80M	454.80M
Goodwill	7,276.20M	10,403.70M	10,156.00M	9,121.70M	9,048.50M	9,152.00M	7,359.20M	7,241.50M	6,133.10M	4,560.30M	3,979.00M	3,949.00M	3,995.10M	3,989.70M
Intangible Assets	2,268.40M	3,199.90M	3,340.00M	3,159.80M	3,487.40M	3,890.20M	3,290.60M	3,570.70M	2,476.30M	1,256.40M	747.30M	759.00M	857.50M	852.10M
Long-Term Investments	79.00M	72.00M	59.00M	57.00M	40.00M	0.00M	77.00M	82.00M	263.00M	247.00M	214.00M	0.00M	0.00M	0.00M
Tax Assets	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	-77.00M	-82.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Other Non-Current Assets	272.80M	347.00M	330.70M	306.90M	253.80M	337.30M	344.10M	2,353.00M	285.90M	889.70M	213.20M	393.70M	338.80M	288.50M
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
Total Non-Current Assets	10,155.10M	14,629.80M	14,482.80M	13,240.20M	13,413.60M	13,950.60M	11,604.60M	13,750.20M	9,734.40M	7,563.80M	5,701.10M	5,616.50M	5,672.20M	5,585.10M
Total Assets	11,886.70M	18,244.20M	16,845.30M	16,734.70M	15,700.00M	16,212.80M	15,844.80M	17,100.40M	12,712.40M	10,256.90M	7,994.30M	7,118.70M	7,139.70M	6,991.10M
Accounts Payable	427.60M	700.50M	677.40M	608.60M	623.00M	557.90M	480.80M	449.00M	706.50M	629.00M	666.20M	657.10M	623.40M	616.90M
Short-Term Debt	1,189.20M	1,905.70M	413.00M	37.60M	999.70M	2,151.70M	1,446.80M	1,500.00M	455.60M	0.00M	0.00M	0.00M	0.00M	0.00M
Tax Payables	0.00M	0.00M	0.00M	129.80M	132.50M	53.00M	65.50M	78.00M	174.70M	86.10M	63.50M	0.00M	0.00M	0.00M
Deferred Revenue	0.00M	565.90M	553.20M	0.00M	509.60M	457.60M	376.40M	323.00M	288.10M	211.40M	204.60M	0.00M	0.00M	0.00M
Other Current Liabilities	852.70M	573.50M	163.20M	824.00M	290.20M	223.80M	223.00M	940.80M	777.70M	730.60M	588.00M	453.70M	457.00M	452.00M
Total Current Liabilities	2,469.50M	3,745.60M	1,806.80M	1,600.00M	2,555.00M	3,444.00M	2,592.50M	3,290.80M	2,402.60M	1,657.10M	1,522.30M	1,110.80M	1,080.40M	1,068.90M
Long-Term Debt	2,117.10M	2,906.50M	3,331.10M	3,646.20M	2,251.60M	1,807.30M	2,830.30M	4,826.20M	2,974.70M	4,052.80M	3,358.00M	0.00M	0.00M	0.00M
Capital Lease Obligations	0.00M	0.00M	169.60M	163.90M	131.00M	139.90M	154.30M	133.80M	0.00M	3.40M	0.00M	0.00M	0.00M	0.00M
Deferred Tax Liabilities	0.00M	0.00M	0.00M	126.30M	131.00M	139.90M	0.00M	133.80M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Other Non-Current Liabilities	796.20M	1,140.50M	1,059.30M	976.90M	1,054.30M	1,252.60M	1,199.20M	1,575.60M	1,125.90M	947.20M	674.30M	0.00M	0.00M	0.00M
Total Non-Current Liabilities	2,913.30M	4,047.00M	4,560.00M	4,913.30M	3,567.90M	3,339.70M	4,183.80M	6,669.40M	4,100.60M	5,003.40M	4,032.30M	0.00M	0.00M	0.00M
Total Liabilities	5,382.80M	7,792.60M	6,366.80M	6,513.30M	6,122.90M	6,783.70M	6,776.30M	9,960.20M	6,503.20M	6,660.50M	5,554.60M	1,110.80M	1,080.40M	1,068.90M
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
Common Stock	3.70M	3.70M	3.70M	3.60M	3.60M	3.60M	3.40M	3.40M	3.40M	3.50M	3.50M	5,193.90M	5,129.80M	4,850.60M
Retained Earnings	5,264.30M	8,511.90M	8,227.60M	7,505.90M	6,742.10M	6,023.60M	5,547.40M	4,128.80M	3,552.70M	1,350.30M	403.00M	0.00M	0.00M	0.00M
Accumulated OCI	34.20M	-287.30M	-465.40M	-326.10M	-325.70M	-185.00M	-141.10M	-56.30M	-86.60M	-7.60M	-145.80M	-14.40M	99.50M	272.80M
Minority Interest	7.60M	7.10M	7.00M	6.40M	5.20M	4.80M	8.50M	13.20M	17.40M	17.90M	3.10M	3.00M	3.20M	1.70M
Total Shareholders’ Equity	5,302.20M	8,228.30M	7,765.90M	7,183.40M	6,420.00M	5,842.20M	5,409.70M	4,075.90M	3,469.50M	1,346.20M	260.70M	5,179.50M	5,229.30M	5,123.40M
Total Equity	5,309.80M	8,235.40M	7,772.90M	7,189.80M	6,425.20M	5,847.00M	5,418.20M	4,089.10M	3,486.90M	1,364.10M	263.80M	5,182.50M	5,232.50M	5,125.10M
Total Liabilities & Equity	10,692.60M	16,028.00M	14,139.70M	13,703.10M	12,548.10M	12,630.70M	12,194.50M	14,049.30M	9,990.10M	8,024.60M	5,818.40M	6,293.30M	6,312.90M	6,194.00M
Tangible Assets	2,342.10M	4,640.60M	3,349.30M	4,453.20M	3,164.10M	3,170.60M	5,195.00M	6,288.20M	4,103.00M	4,440.20M	3,268.00M	2,410.70M	2,287.10M	2,149.30M
Tangible Equity	-4,234.80M	-5,368.20M	-5,723.10M	-5,091.70M	-6,110.70M	-7,195.20M	-5,231.60M	-6,723.10M	-5,122.50M	-4,452.60M	-4,462.50M	474.50M	379.90M	283.30M
Tangible Book Value	-4,234.80M	-5,368.20M	-5,723.10M	-5,091.70M	-6,110.70M	-7,195.20M	-5,231.60M	-6,723.10M	-5,122.50M	-4,452.60M	-4,462.50M	474.50M	379.90M	283.30M
Total Investments	79.00M	72.00M	59.00M	57.00M	40.00M	0.00M	1,196.20M	82.00M	263.00M	247.00M	214.00M	0.00M	0.00M	0.00M
Net Debt	2,875.50M	2,979.50M	2,930.80M	1,795.00M	2,542.10M	3,139.70M	2,452.30M	5,121.00M	2,251.90M	3,090.70M	2,554.80M	0.00M	0.00M	0.00M

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	2014-12-31	2013-12-31
Working Capital	-737.9M	-131.2M	294.9M	1,880.3M	-250.1M	-1,200.0M	1,586.1M	221.6M	979.1M	1,334.5M	1,022.2M	270.6M	398.4M	378.1M
Total Capital	9,810.2M	15,194.3M	14,102.3M	14,129.0M	13,104.1M	13,655.7M	13,442.6M	13,889.1M	10,025.8M	7,846.5M	6,045.9M	5,179.5M	5,229.3M	5,123.4M
Capital Employed	9,417.2M	14,498.6M	14,777.7M	15,120.5M	13,163.5M	12,750.6M	13,190.7M	13,971.8M	10,713.5M	8,898.3M	6,723.3M	5,887.1M	6,070.6M	5,963.2M
Invested Capital	9,379.4M	13,361.6M	13,289.0M	12,240.2M	12,394.9M	12,836.4M	11,617.8M	12,683.9M	8,847.4M	6,884.4M	5,242.7M	5,179.5M	5,229.3M	5,123.4M

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
Net Income	602.30M	889.30M	832.90M	865.80M	755.20M	608.40M	1,215.60M	738.90M	918.30M	884.30M	872.30M	863.80M	883.40M	830.90M	763.70M
Depreciation & Amortization	460.80M	524.80M	543.90M	456.80M	465.60M	395.50M	384.00M	341.50M	260.80M	158.30M	176.40M	176.90M	178.00M	159.70M	145.00M
Deferred Income Tax	-65.00M	-104.10M	-65.00M	0.00M	-62.10M	-41.00M	-97.60M	-8.50M	7.70M	-61.00M	-10.00M	44.30M	65.40M	-25.50M	19.30M
Stock-Based Compensation	69.50M	81.20M	0.00M	113.30M	93.80M	77.40M	62.60M	52.50M	40.60M	44.20M	40.70M	35.20M	30.80M	28.80M	28.60M
Change in Working Capital	207.30M	50.40M	103.90M	38.60M	-20.60M	-70.50M	301.00M	89.20M	-37.40M	15.30M	48.10M	-140.50M	-129.60M	5.80M	-47.90M
Accounts Receivable	-12.90M	49.40M	-4.50M	9.80M	-52.10M	-84.10M	82.40M	-204.90M	-105.90M	-55.40M	24.80M	-51.80M	-74.00M	1.70M	-37.20M
Inventory	-35.70M	24.30M	8.80M	-1.70M	-40.30M	-53.60M	-7.30M	93.50M	-73.40M	17.50M	-28.70M	-27.70M	-22.20M	-5.00M	-10.70M
Accounts Payable	59.60M	39.50M	74.30M	-16.80M	81.30M	73.40M	18.10M	52.40M	76.20M	17.70M	17.20M	0.00M	0.00M	0.00M	0.00M
Other Working Capital	184.40M	-62.80M	25.30M	47.30M	-9.50M	-6.20M	207.80M	148.20M	65.70M	35.50M	34.80M	-61.00M	-33.40M	9.10M	0.00M
Other Non-Cash Items	-81.20M	29.80M	111.10M	-120.90M	71.30M	-8.70M	-428.90M	57.80M	819.70M	516.30M	389.60M	73.60M	-15.90M	5.00M	35.30M
Net Cash from Operating Activities	1,193.70M	1,471.40M	1,526.80M	1,353.60M	1,303.20M	961.10M	1,436.70M	1,271.40M	1,344.40M	1,176.40M	1,136.90M	1,009.00M	946.70M	1,030.20M	944.00M
Capital Expenditures (PPE)	-111.70M	-117.50M	-120.40M	-107.80M	-95.80M	-50.00M	-75.70M	-74.50M	-112.30M	-111.10M	-129.60M	-120.10M	-102.60M	-81.10M	-69.60M
Acquisitions (Net)	26.20M	-1,738.70M	-1,674.60M	-95.80M	-3.20M	-2,565.60M	-35.10M	-3,939.80M	-2,815.10M	-1,535.10M	-190.10M	-37.10M	-289.00M	-433.80M	0.00M
Purchases of 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	0.00M	0.00M	0.00M
Sales / Maturities of 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	0.00M	0.00M	0.00M
Other Investing Activities	10.10M	-14.80M	-1.00M	8.20M	-3.50M	0.00M	-37.60M	-40.30M	960.80M	-23.50M	8.90M	-16.90M	100.50M	3.50M	-278.80M
Net Cash from Investing Activities	-75.40M	-1,871.00M	-1,796.00M	-195.40M	-102.50M	-2,615.60M	-148.40M	-4,054.60M	-1,966.60M	-1,669.70M	-310.80M	-174.10M	-291.10M	-511.40M	-348.40M
Net Debt Issuance	868.30M	1,625.60M	137.00M	-450.70M	-723.90M	753.60M	-2,131.00M	2,457.90M	-108.70M	125.90M	3,353.30M	0.00M	0.00M	0.00M	0.00M
Long-Term Debt Issuance	1,146.80M	533.10M	733.50M	-450.70M	-723.90M	388.70M	-2,131.00M	2,457.90M	-108.70M	125.90M	3,353.30M	0.00M	0.00M	0.00M	0.00M
Short-Term Debt Issuance	-278.50M	1,092.50M	-596.50M	0.00M	0.00M	364.90M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Net Stock Issuance	-1,155.60M	-488.00M	-889.60M	-272.90M	-442.90M	0.00M	0.00M	0.00M	0.00M	0.00M	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	1,337.40M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Common Stock Repurchased	-1,155.60M	-488.00M	-889.60M	-272.90M	-442.90M	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
Net Dividends Paid	-100.70M	-112.00M	-111.20M	-102.00M	-99.50M	-132.20M	-163.40M	-162.80M	-131.50M	-97.20M	-3,048.40M	0.00M	0.00M	0.00M	0.00M
Common Dividends Paid	-100.70M	-112.00M	-111.20M	-102.00M	-99.50M	-97.70M	-163.40M	-162.80M	-131.50M	-97.20M	-3,048.40M	0.00M	0.00M	0.00M	0.00M
Preferred Dividends Paid	0.00M	0.00M	0.00M	0.00M	0.00M	-34.50M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Other Financing Activities	-1,131.10M	-523.70M	71.10M	857.90M	-6.70M	30.60M	1,598.30M	507.80M	1,119.30M	571.00M	-301.10M	-834.90M	-655.60M	-518.80M	-595.60M
Net Cash from Financing Activities	-1,519.10M	501.90M	-792.70M	32.30M	-1,273.00M	652.00M	-696.10M	2,802.90M	879.10M	599.70M	3.80M	-834.90M	-655.60M	-518.80M	-595.60M
Effect of FX on Cash	20.30M	-5.10M	-13.60M	-10.90M	-37.80M	-3.00M	27.40M	7.10M	-40.60M	52.50M	-26.70M	0.00M	0.00M	0.00M	0.00M
Net Change in Cash	-380.50M	97.20M	-1,075.50M	1,179.60M	-110.10M	-1,005.50M	619.60M	26.80M	216.30M	158.90M	803.20M	0.00M	0.00M	0.00M	0.00M
Cash at Beginning of Period	4,349.40M	3,951.60M	1,888.80M	709.20M	819.30M	1,824.80M	1,205.20M	1,178.40M	962.10M	803.20M	0.00M	0.00M	0.00M	0.00M	0.00M
Cash at End of Period	3,968.90M	4,048.80M	813.30M	1,888.80M	709.20M	819.30M	1,824.80M	1,205.20M	1,178.40M	962.10M	803.20M	0.00M	0.00M	0.00M	0.00M
Operating Cash Flow	1,193.70M	1,471.40M	1,526.80M	1,353.60M	1,303.20M	961.10M	1,436.70M	1,271.40M	1,344.40M	1,176.40M	1,136.90M	1,009.00M	946.70M	1,030.20M	944.00M
Capital Expenditure	-111.70M	-117.50M	-120.40M	-107.80M	-95.80M	-50.00M	-75.70M	-74.50M	-112.30M	-111.10M	-129.60M	-120.10M	-102.60M	-81.10M	-69.60M
Free Cash Flow	1,082.00M	1,353.90M	1,406.40M	1,245.80M	1,207.40M	911.10M	1,361.00M	1,196.90M	1,232.10M	1,065.30M	1,007.30M	888.90M	844.10M	949.10M	874.40M

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
EBITDA	1,428.20M	1,674.20M	1,720.60M	1,587.60M	1,470.90M	1,227.00M	1,034.20M	870.80M	1,446.20M	1,319.90M	1,444.50M	1,470.90M	1,451.30M	1,331.20M	1,315.40M
(-) Tax Adjustment	357.09M	143.07M	242.58M	200.29M	199.21M	114.64M	38.07M	177.42M	214.70M	232.73M	391.84M	470.22M	449.05M	363.66M	424.66M
(-) Change In Working Capital	207.30M	50.40M	103.90M	38.60M	-20.60M	-70.50M	301.00M	89.20M	-37.40M	15.30M	48.10M	-140.50M	-129.60M	5.80M	-47.90M
(-) Capital Expenditure	-111.70M	-117.50M	-120.40M	-107.80M	-95.80M	-50.00M	-75.70M	-74.50M	-112.30M	-111.10M	-129.60M	-120.10M	-102.60M	-81.10M	-69.60M
Unlevered Free Cash Flow	752.11M	1,363.23M	1,253.72M	1,240.91M	1,196.49M	1,132.86M	619.43M	529.68M	1,156.60M	960.77M	874.96M	1,021.08M	1,029.25M	880.64M	869.04M
(-) Net Interest Income After Taxes	-91.95M	-135.54M	-131.26M	-107.92M	0.00M	0.00M	0.00M	0.00M	65.74M	73.06M	33.81M	0.00M	0.00M	0.00M	0.00M
Net Debt Issuance	868.30M	1,625.60M	137.00M	-450.70M	-723.90M	753.60M	-2,131.00M	2,457.90M	-108.70M	125.90M	3,353.30M	0.00M	0.00M	0.00M	0.00M
Levered Free Cash Flow	1,712.35M	3,124.36M	1,521.98M	898.13M	472.59M	1,886.46M	-1,511.57M	2,987.58M	982.16M	1,013.61M	4,194.45M	1,021.08M	1,029.25M	880.64M	869.04M