Fleury S.A. (FLRY3.SA)

Industry: Medical - Diagnostics & Research Sector: Healthcare Currency Used: BR Live Price: $15.43

Enterprise Value

Metric	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015	2014	2013	2012	2011	2010
Stock Price	13.62	13.53	14.16	13.59	17.98	18.68	18.29	16.65	20.13	9.88	5.20	4.96	5.24	6.68	6.23	5.86
Market Capitalization	7,423.11M	7,372.41M	6,490.04M	4,615.79M	6,047.39M	6,273.84M	6,125.77M	5,659.38M	6,746.25M	3,268.22M	1,708.05M	1,647.42M	1,722.08M	2,196.76M	1,753.27M	1,629.29M
(-) Cash & Equivalents	8.89M	34.06M	19.35M	15.13M	27.17M	21.46M	7.60M	149.83M	294.01M	637.20M	536.82M	507.02M	608.52M	226.73M	420.44M	135.86M
(+) Total Debt	5,455.99M	4,981.55M	4,056.20M	3,436.54M	2,758.02M	2,625.19M	2,165.77M	1,226.81M	889.90M	946.58M	1,025.41M	998.01M	1,012.18M	462.28M	210.83M	22.60M
Enterprise Value	12,870.21M	12,319.90M	10,526.89M	8,037.21M	8,778.25M	8,877.57M	8,283.95M	6,736.35M	7,342.14M	3,577.60M	2,196.64M	2,138.41M	2,125.74M	2,432.31M	1,543.65M	1,516.03M

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
Revenue	8,070M	7,550M	7,685M	6,471M	4,463M	3,873M	2,972M	2,905M	2,664M	2,383M	2,096M	1,895M	1,679M	1,657M	1,502M	1,126M	872M	770M	675M	551M	488M
Cost of Revenue	5,900M	5,544M	5,542M	4,883M	3,253M	2,746M	2,162M	2,017M	1,856M	1,647M	1,495M	1,392M	1,279M	1,285M	1,099M	766M	552M	452M	393M	328M	280M
Gross Profit	2,169M	2,006M	2,143M	1,588M	1,210M	1,127M	810M	888M	809M	736M	601M	503M	400M	372M	403M	360M	320M	318M	283M	223M	208M
Gross Profit Margin	26.9%	26.6%	27.9%	24.5%	27.1%	29.1%	27.2%	30.6%	30.3%	30.9%	28.7%	26.5%	23.8%	22.5%	26.9%	32.0%	36.7%	41.3%	41.9%	40.5%	42.7%
R&D Expenses	1M	1M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M
SG&A Expenses	588M	387M	254M	191M	115M	72M	55M	51M	68M	257M	77M	66M	78M	88M	83M	226M	152M	182M	157M	111M	106M
Operating Expenses	957M	852M	945M	824M	475M	460M	304M	305M	305M	259M	262M	267M	206M	202M	189M	219M	151M	191M	225M	178M	175M
Operating Income (EBIT)	1,212M	1,154M	1,198M	764M	735M	667M	506M	583M	503M	477M	339M	236M	194M	170M	215M	141M	169M	127M	58M	45M	33M
Operating Income Margin	15.0%	15.3%	15.6%	11.8%	16.5%	17.2%	17.0%	20.1%	18.9%	20.0%	16.2%	12.4%	11.6%	10.2%	14.3%	12.5%	19.3%	16.5%	8.6%	8.2%	6.7%
Interest Income	307M	105M	191M	151M	98M	47M	24M	-7M	-7M	49M	1M	-2M	6M	-16M	2M	42M	53M	6M	-12M	-1M	-16M
Interest Expense	671M	514M	534M	495M	413M	199M	154M	153M	81M	98M	136M	132M	112M	87M	57M	22M	27M	27M	34M	21M	13M
Net Interest Income	-364M	-410M	-343M	-343M	-315M	-152M	-129M	-159M	-89M	-49M	-136M	-134M	-106M	-103M	-55M	20M	27M	-21M	-45M	-21M	-29M
Unusual Items	-95M	37M	-68M	111M	-14M	-19M	-36M	3M	36M	0M	91M	71M	55M	45M	-4M	-27M	0M	21M	50M	21M	29M
EBT Excluding Unusual Items	848M	745M	855M	421M	420M	515M	377M	424M	415M	428M	203M	102M	88M	67M	159M	161M	195M	106M	13M	24M	4M
Pre-Tax Income	752M	782M	786M	531M	405M	496M	341M	426M	451M	428M	294M	172M	144M	111M	156M	133M	195M	127M	63M	45M	33M
Pre-Tax Margin	9.3%	10.4%	10.2%	8.2%	9.1%	12.8%	11.5%	14.7%	16.9%	18.0%	14.0%	9.1%	8.6%	6.7%	10.4%	11.8%	22.4%	16.5%	9.3%	8.2%	6.7%
Income Tax Expense	173M	174M	183M	111M	97M	145M	84M	114M	120M	107M	66M	65M	58M	50M	49M	33M	65M	44M	22M	32M	11M
Net Income	600M	614M	616M	424M	308M	350M	257M	312M	332M	321M	229M	107M	86M	61M	107M	101M	130M	84M	42M	25M	32M
Net Income Margin	7.4%	8.1%	8.0%	6.5%	6.9%	9.0%	8.6%	10.8%	12.4%	13.5%	10.9%	5.7%	5.1%	3.7%	7.1%	8.9%	14.9%	10.9%	6.2%	4.6%	6.6%
Depreciation & Amortization	866M	768M	780M	675M	455M	389M	358M	320M	189M	143M	145M	122M	114M	109M	100M	59M	33M	31M	50M	26M	24M
EBITDA	2,078M	1,922M	1,978M	1,440M	1,190M	1,057M	865M	903M	693M	620M	484M	358M	308M	278M	315M	200M	202M	158M	108M	71M	56M
EBITDA Margin	25.7%	25.5%	25.7%	22.2%	26.7%	27.3%	29.1%	31.1%	26.0%	26.0%	23.1%	18.9%	18.4%	16.8%	21.0%	17.7%	23.1%	20.5%	16.0%	12.9%	11.6%
NOPAT	933M	898M	919M	605M	560M	473M	382M	427M	370M	357M	263M	147M	116M	93M	147M	106M	112M	84M	38M	14M	22M
NOPAT Margin	11.6%	11.9%	12.0%	9.4%	12.5%	12.2%	12.8%	14.7%	13.9%	15.0%	12.6%	7.7%	6.9%	5.6%	9.8%	9.5%	12.9%	10.9%	5.6%	2.5%	4.6%
Owner's Earnings	921M	954M	908M	685M	350M	326M	428M	425M	195M	168M	190M	118M	82M	22M	44M	-32M	103M	78M	11M	-40M	28M
Owner's Earnings Margin	11.4%	12.6%	11.8%	10.6%	7.8%	8.4%	14.4%	14.6%	7.3%	7.0%	9.1%	6.2%	4.9%	1.3%	2.9%	-2.9%	11.8%	10.1%	1.7%	-7.2%	5.8%
EPS (Basic)	1.10	1.13	1.13	0.87	0.91	1.05	0.76	0.93	0.99	0.96	0.69	0.33	0.26	0.18	0.32	0.35	0.47	0.31	0.16	0.09	0.12
EPS (Diluted)	1.10	1.16	1.13	0.87	0.91	1.05	0.76	0.92	0.97	0.93	0.66	0.32	0.26	0.18	0.32	0.35	0.47	0.31	0.16	0.09	0.12
Shares (Basic)	545M	530M	544M	484M	339M	333M	336M	336M	334M	334M	332M	331M	331M	331M	331M	287M	278M	268M	268M	268M	268M
Shares (Diluted)	545M	530M	544M	484M	339M	334M	339M	340M	342M	344M	346M	335M	330M	331M	332M	287M	279M	268M	268M	268M	268M

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
Cash & Cash Equivalents	11.69M	7.43M	21.79M	21.92M	17.26M	33.72M	28.18M	8.97M	55.23M	337.54M	313.83M	514.89M	505.27M	539.94M	180.80M	486.01M	543.45M	527.83M	18.40M	29.47M	27.43M
Short-Term Investments	2,500.95M	2,077.18M	2,319.96M	902.21M	1,292.23M	763.37M	1,013.62M	795.30M	753.65M	334.29M	92.98M	114.64M	0.00M	0.00M	0.00M	0.43M	0.02M	0.00M	0.00M	0.00M	0.00M
Cash & Short-Term Investments	2,512.64M	2,084.61M	2,341.74M	924.13M	1,309.49M	797.09M	1,041.81M	804.26M	808.88M	671.83M	406.81M	629.53M	505.27M	539.94M	180.80M	486.44M	543.47M	527.83M	18.40M	29.47M	27.43M
Net Receivables	1,911.17M	1,859.62M	1,634.90M	1,505.19M	933.87M	793.85M	704.47M	570.11M	505.86M	516.10M	403.04M	397.52M	390.19M	400.06M	438.13M	359.77M	220.76M	161.25M	107.25M	97.94M	75.60M
Inventory	154.98M	149.58M	155.04M	134.93M	96.58M	72.61M	63.09M	31.87M	26.56M	21.55M	31.60M	16.41M	13.68M	16.86M	18.84M	17.65M	9.51M	12.45M	11.85M	9.00M	7.23M
Other Current Assets	285.31M	274.28M	244.11M	239.30M	51.47M	78.92M	61.85M	78.96M	92.90M	57.57M	91.78M	88.99M	107.61M	95.83M	8.25M	7.55M	7.02M	8.65M	20.79M	2.36M	2.36M
Total Current Assets	4,864.10M	4,368.09M	4,375.79M	2,803.56M	2,391.40M	1,742.47M	1,871.21M	1,485.20M	1,434.21M	1,267.04M	933.23M	1,132.45M	1,016.76M	1,052.70M	646.02M	871.41M	780.76M	710.17M	158.30M	138.77M	112.62M
Property, Plant & Equipment	2,448.79M	2,435.21M	2,513.71M	2,643.59M	1,948.17M	1,565.18M	1,438.71M	1,545.36M	782.68M	641.92M	470.41M	443.18M	458.50M	454.56M	424.29M	375.63M	179.36M	158.25M	152.46M	113.40M	96.09M
Goodwill	4,411.84M	4,394.69M	4,268.34M	4,223.51M	2,566.75M	2,170.21M	1,763.70M	1,669.77M	1,409.63M	1,327.99M	1,309.15M	1,309.15M	1,320.05M	1,320.05M	1,320.05M	1,271.15M	288.10M	278.19M	220.72M	206.24M	61.52M
Intangible Assets	1,545.41M	1,557.04M	1,595.19M	1,584.00M	593.18M	416.40M	266.91M	251.04M	219.59M	209.32M	214.57M	204.57M	212.72M	214.38M	209.25M	202.49M	35.97M	31.29M	18.92M	10.29M	5.29M
Long-Term Investments	247.08M	266.03M	-2,133.83M	0.00M	0.00M	0.00M	-909.63M	0.00M	0.24M	3.85M	0.00M	2.93M	0.00M	20.78M	0.00M	0.00M	0.23M	0.00M	0.00M	0.00M	0.00M
Tax Assets	12.01M	11.58M	20.48M	34.36M	48.62M	25.20M	12.23M	12.59M	0.00M	0.00M	0.00M	0.00M	132.08M	119.32M	99.74M	75.70M	28.91M	47.77M	31.32M	17.65M	14.28M
Other Non-Current Assets	55.00M	39.81M	2,422.73M	290.96M	243.65M	154.31M	1,071.70M	132.69M	64.10M	77.21M	78.46M	111.96M	68.99M	48.21M	21.98M	32.78M	12.29M	20.97M	30.46M	19.13M	35.63M
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	0.00M	0.00M	0.00M	4.25M	0.00M	0.00M
Total Non-Current Assets	8,720.13M	8,704.36M	8,686.62M	8,776.41M	5,400.37M	4,331.30M	3,643.61M	3,611.45M	2,476.24M	2,260.30M	2,072.60M	2,071.79M	2,192.33M	2,177.30M	2,075.30M	1,957.74M	544.84M	536.46M	458.12M	366.71M	212.81M
Total Assets	13,584.23M	13,072.45M	13,062.41M	11,579.97M	7,791.77M	6,073.77M	5,514.82M	5,096.65M	3,910.45M	3,527.33M	3,005.82M	3,204.24M	3,209.09M	3,229.99M	2,721.32M	2,829.15M	1,325.60M	1,246.64M	616.42M	505.48M	325.43M
Accounts Payable	721.34M	652.94M	704.01M	620.41M	364.27M	356.88M	250.46M	190.44M	193.95M	148.49M	143.05M	104.52M	105.17M	104.31M	71.00M	75.44M	41.02M	44.24M	46.77M	28.94M	25.49M
Short-Term Debt	359.05M	224.87M	206.76M	308.10M	360.92M	375.06M	472.25M	208.50M	216.21M	315.64M	147.99M	188.42M	78.26M	73.43M	88.33M	27.37M	35.16M	39.42M	52.61M	36.18M	8.81M
Tax Payables	117.35M	103.27M	98.58M	80.58M	47.92M	91.25M	28.64M	31.39M	30.34M	30.63M	24.30M	24.95M	24.02M	23.75M	30.46M	28.23M	14.23M	21.24M	25.34M	34.99M	12.66M
Deferred Revenue	0.00M	0.00M	0.00M	80.58M	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 Current Liabilities	390.91M	328.45M	-55.20M	3.45M	106.45M	90.26M	144.10M	76.48M	54.87M	64.14M	21.36M	35.91M	18.25M	21.56M	20.96M	197.25M	8.35M	41.46M	94.17M	36.83M	27.93M
Total Current Liabilities	1,588.66M	1,309.53M	954.15M	1,093.13M	879.56M	913.44M	895.45M	506.81M	495.38M	558.90M	336.71M	353.80M	225.70M	223.06M	210.75M	328.29M	98.76M	146.37M	218.89M	136.94M	74.88M
Long-Term Debt	3,898.37M	3,898.37M	3,898.31M	2,501.48M	2,198.92M	1,749.38M	1,431.47M	1,347.91M	1,042.96M	739.28M	684.03M	801.60M	960.56M	911.09M	471.73M	545.70M	55.24M	92.65M	124.95M	103.15M	40.66M
Capital Lease Obligations	1,248.44M	1,240.97M	1,286.49M	1,431.48M	1,118.25M	824.22M	785.83M	822.88M	6.79M	7.38M	0.00M	0.00M	0.00M	0.00M	0.00M	16.43M	0.00M	0.00M	0.00M	0.00M	0.00M
Deferred Tax Liabilities	727.95M	699.66M	748.05M	0.00M	426.68M	433.76M	447.30M	447.79M	418.28M	0.00M	0.00M	0.00M	0.00M	0.00M	233.91M	113.57M	33.26M	13.24M	0.60M	0.00M	3.31M
Other Non-Current Liabilities	338.77M	324.02M	302.77M	1,121.40M	287.61M	134.70M	103.63M	104.00M	68.37M	435.61M	376.88M	329.30M	411.17M	350.89M	82.98M	152.86M	94.78M	112.39M	145.82M	149.83M	81.59M
Total Non-Current Liabilities	6,213.53M	6,163.02M	6,235.62M	5,054.35M	4,031.45M	3,142.06M	2,768.23M	2,722.58M	1,536.40M	1,182.26M	1,060.91M	1,130.90M	1,371.72M	1,261.99M	788.63M	828.55M	183.28M	218.28M	271.37M	252.98M	125.55M
Total Liabilities	7,802.18M	7,472.55M	7,189.77M	6,147.48M	4,911.01M	4,055.50M	3,663.68M	3,229.39M	2,031.77M	1,741.17M	1,397.62M	1,484.70M	1,597.42M	1,485.04M	999.38M	1,156.84M	282.05M	364.65M	490.26M	389.91M	200.43M
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
Common Stock	2,736.03M	2,736.03M	2,736.03M	2,736.03M	1,717.22M	1,437.25M	1,432.20M	1,426.27M	1,419.14M	1,413.61M	1,400.45M	1,379.75M	1,379.75M	1,379.75M	1,379.75M	1,378.12M	832.06M	750.42M	94.44M	70.44M	40.44M
Retained Earnings	726.12M	710.21M	632.68M	397.55M	381.07M	252.00M	169.64M	197.77M	217.31M	204.24M	71.13M	10.77M	186.79M	300.64M	0.00M	248.96M	175.41M	84.44M	50.96M	12.34M	43.53M
Accumulated OCI	0.00M	1,968.42M	1,968.42M	1,989.34M	603.21M	180.87M	0.00M	134.94M	113.52M	-4.78M	0.00M	264.93M	193.22M	309.29M	0.00M	0.00M	0.00M	88.55M	9.46M	0.00M	0.00M
Minority Interest	87.66M	91.42M	85.76M	27.62M	19.55M	9.20M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	1.17M	4.66M	7.65M
Total Shareholders’ Equity	3,462.15M	5,414.66M	5,337.13M	5,122.91M	2,701.51M	1,870.12M	1,601.85M	1,758.98M	1,749.96M	1,613.06M	1,471.59M	1,655.44M	1,759.75M	1,989.67M	1,379.75M	1,627.08M	1,007.47M	923.41M	154.86M	82.78M	83.97M
Total Equity	3,549.81M	5,506.08M	5,422.90M	5,150.53M	2,721.06M	1,879.32M	1,601.85M	1,758.98M	1,749.96M	1,613.06M	1,471.59M	1,655.44M	1,759.75M	1,989.67M	1,379.75M	1,627.08M	1,007.47M	923.41M	156.03M	87.44M	91.62M
Total Liabilities & Equity	11,351.99M	12,978.63M	12,612.67M	11,298.01M	7,632.06M	5,934.82M	5,265.52M	4,988.37M	3,781.73M	3,354.23M	2,869.20M	3,140.14M	3,357.17M	3,474.71M	2,379.13M	2,783.92M	1,289.51M	1,288.06M	646.29M	477.35M	292.05M
Tangible Assets	7,626.98M	7,120.71M	7,198.88M	5,772.46M	4,631.84M	3,487.16M	3,484.21M	3,175.84M	2,281.22M	1,990.02M	1,482.10M	1,690.52M	1,676.32M	1,695.56M	1,192.02M	1,355.52M	1,001.54M	937.16M	376.78M	288.95M	258.62M
Tangible Equity	-2,407.44M	-445.65M	-440.64M	-656.97M	-438.87M	-707.29M	-428.76M	-161.83M	120.74M	75.75M	-52.14M	141.72M	226.98M	455.23M	-149.55M	153.45M	683.40M	613.93M	-83.61M	-129.10M	24.81M
Tangible Book Value	-2,407.44M	-445.65M	-440.64M	-656.97M	-438.87M	-707.29M	-428.76M	-161.83M	120.74M	75.75M	-52.14M	141.72M	226.98M	455.23M	-149.55M	153.45M	683.40M	613.93M	-83.61M	-129.10M	24.81M
Total Investments	2,748.03M	2,343.21M	186.13M	902.21M	1,292.23M	763.37M	103.99M	795.30M	753.89M	338.14M	92.98M	7.63M	7.74M	7.81M	0.25M	0.43M	0.25M	0.25M	0.53M	0.18M	10.52M
Net Debt	4,245.73M	4,115.81M	4,083.28M	2,787.65M	2,542.58M	2,090.71M	1,875.54M	1,547.44M	1,203.95M	717.38M	518.19M	475.14M	533.55M	444.58M	379.27M	87.06M	-453.04M	-395.75M	159.16M	109.85M	22.03M

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
Working Capital	2,663.0M	2,625.1M	2,633.0M	1,116.9M	1,157.3M	535.6M	770.4M	738.2M	809.5M	627.9M	524.0M	714.6M	752.4M	794.5M	419.2M	493.9M	650.2M	533.0M	-34.9M	-9.9M	18.7M
Total Capital	10,900.9M	10,743.3M	10,680.6M	9,324.5M	6,359.6M	4,793.9M	4,440.4M	4,138.3M	3,015.9M	2,768.8M	2,367.7M	2,645.5M	2,611.8M	2,673.6M	2,266.0M	2,221.4M	1,102.2M	971.2M	328.2M	236.0M	147.7M
Capital Employed	11,383.1M	11,329.5M	11,319.6M	9,893.4M	6,557.6M	4,866.9M	4,414.0M	4,349.6M	3,285.7M	2,888.2M	2,596.6M	2,786.3M	2,944.7M	2,951.0M	2,494.5M	2,451.7M	1,195.1M	1,069.5M	423.2M	356.8M	231.5M
Invested Capital	10,889.2M	10,735.9M	10,658.8M	9,302.6M	6,342.4M	4,760.2M	4,412.2M	4,129.3M	2,960.7M	2,431.3M	2,053.9M	2,130.6M	2,106.5M	2,133.6M	2,085.2M	1,735.4M	558.8M	443.4M	309.8M	206.5M	120.3M

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
Net Income	579.11M	609.52M	603.65M	423.76M	308.73M	351.49M	256.96M	312.32M	331.59M	320.62M	228.75M	107.34M	85.80M	61.14M	106.59M	100.65M	130.00M	83.58M	41.96M	25.32M	32.11M
Depreciation & Amortization	865.93M	767.85M	779.98M	675.38M	455.34M	389.28M	358.47M	320.46M	189.29M	142.75M	145.35M	122.46M	114.19M	108.76M	100.26M	58.53M	32.97M	30.87M	49.90M	25.69M	23.63M
Deferred Income Tax	0.00M	26.62M	0.00M	35.39M	16.24M	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	27.81M	20.90M	21.87M	18.25M	16.35M	10.43M	5.56M	5.81M	8.34M	8.51M	4.63M	1.94M	-1.87M	3.91M	1.82M	0.00M	1.20M	0.00M	0.00M	0.00M	0.00M
Change in Working Capital	-231.55M	-334.60M	-198.69M	-340.30M	-203.85M	-7.30M	-127.66M	-143.95M	-8.11M	-144.83M	-9.74M	-75.51M	-94.48M	-139.77M	-236.35M	-88.91M	-95.53M	-94.80M	-15.09M	7.44M	13.56M
Accounts Receivable	-265.37M	-271.76M	-186.78M	-304.03M	-160.51M	-87.93M	-149.40M	-88.19M	-64.93M	-134.43M	-60.81M	-76.18M	-69.69M	-118.04M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Inventory	-13.42M	-4.05M	-19.83M	3.20M	-23.97M	1.11M	-31.23M	-4.32M	-5.02M	10.11M	-16.40M	-3.45M	2.48M	0.49M	-1.72M	-4.43M	0.00M	1.81M	-2.50M	-1.43M	2.62M
Accounts Payable	64.05M	25.16M	79.15M	17.50M	7.39M	83.45M	54.85M	-10.85M	45.46M	5.08M	28.78M	-1.60M	0.00M	0.00M	0.00M	0.00M	-1.18M	-6.34M	0.00M	0.00M	0.00M
Other Working Capital	-16.80M	-83.96M	-71.23M	-56.97M	-26.76M	-3.93M	-1.88M	-40.59M	16.38M	-25.59M	38.70M	5.73M	-27.27M	-22.23M	-234.63M	-84.48M	-94.35M	-90.27M	-12.59M	8.87M	10.94M
Other Non-Cash Items	850.21M	700.49M	723.68M	626.82M	394.33M	274.77M	153.81M	237.68M	180.38M	202.56M	170.58M	212.41M	182.07M	175.54M	194.74M	75.69M	44.28M	4.38M	-4.37M	21.04M	2.03M
Net Cash from Operating Activities	2,091.51M	1,790.77M	1,930.49M	1,439.30M	987.13M	1,018.67M	647.14M	732.32M	701.49M	529.61M	539.57M	368.63M	285.71M	209.59M	167.05M	145.96M	112.92M	24.03M	72.40M	79.48M	71.33M
Capital Expenditures (PPE)	-544.88M	-427.43M	-488.12M	-413.81M	-413.09M	-413.29M	-187.82M	-207.86M	-326.34M	-295.59M	-183.98M	-111.70M	-117.95M	-148.06M	-162.85M	-184.25M	-49.82M	-27.12M	-59.27M	-21.02M	-25.37M
Acquisitions (Net)	-153.21M	-187.29M	-155.57M	50.27M	-400.36M	-433.52M	-83.16M	-240.39M	-55.55M	-0.59M	-5.70M	-9.30M	-3.66M	-17.67M	-209.05M	-460.41M	-48.01M	-43.25M	0.00M	0.00M	0.00M
Purchases of Investments	-540.96M	-1,310.02M	0.00M	-19.49M	-586.17M	-3.50M	-234.40M	-95.19M	-419.37M	-260.00M	-76.71M	-12.72M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	-34.36M	0.00M	-10.52M
Sales / Maturities of Investments	0.00M	48.50M	0.00M	383.93M	0.00M	255.53M	0.12M	0.21M	11.59M	50.58M	98.37M	0.17M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Other Investing Activities	252.87M	-17.17M	-1,412.95M	1.52M	15.14M	3.41M	-1.90M	0.59M	-16.07M	-15.36M	81.29M	70.48M	1.13M	1.09M	0.51M	0.00M	-10.15M	-9.34M	-21.29M	-69.72M	-1.99M
Net Cash from Investing Activities	-986.18M	-1,893.41M	-2,056.63M	2.41M	-1,384.47M	-591.36M	-507.15M	-542.63M	-805.73M	-520.96M	-86.73M	-63.07M	-120.47M	-164.64M	-371.38M	-644.66M	-107.98M	-79.70M	-114.92M	-90.74M	-37.88M
Net Debt Issuance	299.35M	1,155.97M	1,299.24M	-195.30M	379.79M	-10.38M	342.73M	304.27M	201.78M	228.65M	-157.27M	-53.71M	50.33M	418.77M	-34.66M	16.40M	-34.47M	-46.88M	0.00M	44.08M	-17.57M
Long-Term Debt Issuance	299.35M	55.62M	1,299.24M	-195.30M	379.79M	182.77M	342.73M	304.27M	201.78M	228.65M	-157.27M	-53.71M	50.33M	418.77M	-34.66M	469.98M	-34.47M	-46.88M	20.68M	44.08M	-17.57M
Short-Term Debt Issuance	0.00M	1,100.16M	0.00M	0.00M	0.00M	-193.14M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	-453.57M	0.00M	0.00M	0.00M	0.00M	0.00M
Net Stock Issuance	-20.92M	-20.85M	-20.92M	-19.38M	847.49M	-24.83M	5.94M	7.13M	5.53M	13.16M	20.71M	0.00M	0.00M	0.00M	1.62M	0.00M	82.20M	678.20M	24.00M	0.00M	0.00M
Common Stock Issuance	0.00M	0.06M	0.00M	0.11M	847.49M	5.05M	5.94M	7.13M	5.53M	13.16M	20.71M	0.00M	0.00M	0.00M	1.62M	0.00M	82.20M	678.20M	24.00M	0.00M	0.00M
Common Stock Repurchased	0.00M	-40.41M	-20.92M	-19.49M	0.00M	-24.83M	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
Preferred Stock Issuance	0.00M	0.00M	0.00M	0.00M	0.00M	-5.05M	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	-516.38M	-304.03M	-343.36M	-510.11M	-337.20M	-296.14M	-228.93M	-307.47M	-303.21M	-130.07M	-384.39M	-16.21M	-200.00M	-84.07M	-33.86M	-26.72M	0.00M	0.00M	0.00M	0.00M	-21.31M
Common Dividends Paid	-516.38M	-304.03M	-343.36M	-510.11M	-337.20M	-296.14M	-228.93M	-307.47M	-303.21M	-130.07M	-384.39M	-16.21M	-200.00M	-84.07M	-33.86M	-26.72M	0.00M	0.00M	-12.72M	-31.05M	-21.31M
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
Other Financing Activities	-868.34M	-661.20M	-808.95M	-712.27M	-509.21M	-90.42M	-240.50M	-239.89M	-81.97M	-110.57M	-132.94M	-124.02M	-50.24M	-20.51M	-33.99M	451.57M	-37.05M	-66.22M	7.45M	-30.78M	-0.79M
Net Cash from Financing Activities	-1,106.28M	169.88M	126.01M	-1,437.05M	380.87M	-421.77M	-120.77M	-235.96M	-177.88M	1.16M	-653.89M	-193.93M	-199.91M	314.20M	-100.89M	441.26M	10.69M	565.10M	31.45M	13.30M	-39.67M
Effect of FX on Cash	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 Change in Cash	-0.95M	-1.48M	-0.13M	4.66M	-16.47M	5.54M	19.22M	-46.27M	-282.12M	23.52M	-201.05M	111.63M	-34.67M	359.15M	-305.21M	-57.45M	15.62M	509.43M	-11.07M	2.04M	-6.22M
Cash at Beginning of Period	49.39M	137.85M	21.92M	17.26M	33.72M	28.18M	8.97M	55.23M	337.35M	313.83M	514.89M	505.27M	539.94M	180.80M	486.01M	543.45M	527.83M	18.40M	29.47M	27.43M	33.65M
Cash at End of Period	48.45M	136.37M	21.79M	21.92M	17.26M	33.72M	28.18M	8.97M	55.23M	337.35M	313.83M	624.59M	505.27M	539.94M	180.80M	486.01M	543.45M	527.83M	18.40M	29.47M	27.43M
Operating Cash Flow	2,091.51M	1,705.66M	1,930.49M	1,439.30M	987.13M	1,018.67M	647.14M	732.32M	701.49M	529.61M	539.57M	368.63M	285.71M	209.59M	167.05M	122.91M	112.92M	24.03M	72.40M	79.48M	71.33M
Capital Expenditure	-544.88M	-427.43M	-488.12M	-413.81M	-413.09M	-413.29M	-187.82M	-207.86M	-326.34M	-295.59M	-183.98M	-111.70M	-117.95M	-148.06M	-162.85M	-191.51M	-59.97M	-36.46M	-80.56M	-90.74M	-27.36M
Free Cash Flow	1,546.63M	1,278.23M	1,442.37M	1,025.49M	574.05M	605.38M	459.33M	524.46M	375.14M	234.02M	355.59M	256.94M	167.76M	61.53M	4.21M	-38.29M	52.95M	-12.43M	-8.16M	-11.26M	43.97M

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
EBITDA	2,446.76M	2,386.38M	2,668.92M	2,072.76M	1,550.50M	1,443.73M	1,113.15M	1,157.57M	930.00M	622.29M	669.42M	558.83M	436.57M	392.51M	420.23M	192.77M	200.89M	167.37M	175.41M	137.70M	125.26M
(-) Tax Adjustment	563.15M	530.37M	620.24M	431.09M	369.70M	420.85M	273.68M	309.31M	246.46M	155.87M	149.24M	195.59M	152.80M	137.38M	132.91M	47.26M	67.18M	57.31M	61.27M	48.19M	40.54M
(-) Change In Working Capital	-231.55M	-334.60M	-198.69M	-340.30M	-203.85M	-7.30M	-127.66M	-143.95M	-8.11M	-144.83M	-9.74M	-75.51M	-94.48M	-139.77M	-236.35M	-88.91M	-95.53M	-94.80M	-15.09M	7.44M	13.56M
(-) Capital Expenditure	-544.88M	-427.43M	-488.12M	-413.81M	-413.09M	-413.29M	-187.82M	-207.86M	-326.34M	-295.59M	-183.98M	-111.70M	-117.95M	-148.06M	-162.85M	-191.51M	-59.97M	-36.46M	-80.56M	-90.74M	-27.36M
Unlevered Free Cash Flow	1,570.28M	1,763.18M	1,759.26M	1,568.15M	971.56M	616.89M	779.31M	784.36M	365.31M	315.66M	345.94M	327.05M	260.31M	246.85M	360.83M	42.91M	169.27M	168.40M	48.67M	-8.68M	43.79M
(-) Net Interest Income After Taxes	-280.46M	-318.50M	-263.34M	-271.90M	-240.04M	-108.03M	-97.52M	-116.78M	-65.06M	-36.81M	-105.38M	-87.01M	-68.79M	-66.87M	-37.67M	14.78M	17.78M	-13.97M	-29.59M	-13.83M	-19.47M
Net Debt Issuance	299.35M	1,155.97M	1,299.24M	-195.30M	379.79M	-10.38M	342.73M	304.27M	201.78M	228.65M	-157.27M	-53.71M	50.33M	418.77M	-34.66M	16.40M	-34.47M	-46.88M	0.00M	44.08M	-17.57M
Levered Free Cash Flow	2,150.09M	3,237.65M	3,321.83M	1,644.75M	1,591.39M	714.55M	1,219.56M	1,205.40M	632.15M	581.11M	294.05M	360.35M	379.43M	732.49M	363.84M	44.53M	117.03M	135.49M	78.26M	49.24M	45.69M