Zoetis Inc. (0M3Q.L)

Industry: Medical - Pharmaceuticals Sector: Healthcare Currency Used: US Live Price: $125.02

Enterprise Value

Metric	MRQ	MRQ-1	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015	2014	2013	2012	2011
Stock Price	146.32	155.95	155.64	174.48	177.50	163.83	195.50	146.40	118.01	86.48	62.91	49.78	45.47	35.26	31.75	31.01	31.01
Market Capitalization	64,805.13M	69,413.35M	69,305.27M	79,248.23M	81,841.14M	76,861.06M	92,709.61M	69,609.29M	56,414.14M	41,770.83M	30,806.55M	24,669.82M	22,720.91M	17,668.43M	15,876.31M	14,956.40M	14,773.54M
(-) Cash & Equivalents	2,084.00M	1,435.00M	1,746.67M	1,810.25M	1,902.25M	2,965.75M	3,504.00M	3,139.75M	1,805.50M	1,523.75M	1,219.75M	677.75M	712.25M	641.00M	459.00M	167.25M	19.75M
(+) Total Debt	204.00M	6,791.00M	4,581.67M	6,753.25M	6,746.75M	7,077.25M	7,047.00M	7,424.25M	6,613.50M	5,700.50M	4,923.00M	4,468.00M	3,948.50M	3,648.75M	3,651.75M	578.50M	143.75M
Enterprise Value	62,925.13M	74,769.35M	72,140.27M	84,191.23M	86,685.64M	80,972.56M	96,252.61M	73,893.79M	61,222.14M	45,947.58M	34,509.80M	28,460.07M	25,957.16M	20,676.18M	19,069.06M	15,367.65M	14,897.54M

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
Revenue	9,397M	9,152M	9,256M	8,544M	8,080M	7,776M	6,675M	6,260M	5,825M	5,307M	4,888M	4,765M	4,785M	4,561M	4,336M	4,233M	3,582M	2,760M
Cost of Revenue	2,760M	2,884M	2,860M	2,710M	2,604M	2,464M	2,217M	2,147M	2,028M	1,864M	1,745M	1,798M	1,777M	1,728M	1,617M	1,695M	1,497M	1,058M
Gross Profit	6,637M	6,268M	6,396M	5,834M	5,476M	5,312M	4,458M	4,113M	3,797M	3,443M	3,143M	2,967M	3,008M	2,833M	2,719M	2,538M	2,085M	1,702M
Gross Profit Margin	70.6%	68.5%	69.1%	68.3%	67.8%	68.3%	66.8%	65.7%	65.2%	64.9%	64.3%	62.3%	62.9%	62.1%	62.7%	60.0%	58.2%	61.7%
R&D Expenses	685M	674M	686M	614M	539M	508M	463M	457M	432M	382M	376M	364M	396M	399M	409M	427M	411M	368M
SG&A Expenses	2,384M	2,258M	2,318M	2,151M	2,009M	2,001M	1,726M	1,638M	1,482M	1,325M	1,316M	1,402M	1,512M	1,428M	1,470M	1,453M	1,382M	1,066M
Operating Expenses	3,101M	2,932M	3,004M	2,765M	2,548M	2,509M	2,189M	2,095M	1,916M	1,716M	1,739M	1,885M	2,038M	2,012M	1,865M	1,854M	1,776M	1,421M
Operating Income (EBIT)	3,536M	3,336M	3,392M	3,069M	2,928M	2,803M	2,269M	2,018M	1,881M	1,727M	1,404M	1,082M	970M	821M	854M	684M	309M	281M
Operating Income Margin	37.6%	36.5%	36.6%	35.9%	36.2%	36.0%	34.0%	32.2%	32.3%	32.5%	28.7%	22.7%	20.3%	18.0%	19.7%	16.2%	8.6%	10.2%
Interest Income	69M	105M	106M	105M	50M	6M	12M	37M	31M	0M	0M	0M	0M	0M	0M	0M	0M	0M
Interest Expense	231M	245M	242M	258M	237M	236M	249M	242M	212M	175M	166M	124M	117M	113M	31M	36M	37M	26M
Net Interest Income	-162M	-140M	-136M	-153M	-187M	-230M	-237M	-205M	-181M	-175M	-166M	-124M	-117M	-113M	-31M	-36M	-37M	-26M
Unusual Items	-43M	-145M	-123M	20M	-85M	-85M	-36M	-12M	-10M	-27M	-10M	-413M	-33M	-18M	-113M	-254M	-94M	-403M
EBT Excluding Unusual Items	3,374M	3,196M	3,256M	2,916M	2,741M	2,573M	2,032M	1,813M	1,700M	1,552M	1,238M	958M	853M	708M	823M	648M	272M	255M
Pre-Tax Income	3,331M	3,051M	3,133M	2,936M	2,656M	2,488M	1,996M	1,801M	1,690M	1,525M	1,228M	545M	820M	690M	710M	394M	178M	-148M
Pre-Tax Margin	35.4%	33.3%	33.8%	34.4%	32.9%	32.0%	29.9%	28.8%	29.0%	28.7%	25.1%	11.4%	17.1%	15.1%	16.4%	9.3%	5.0%	-5.4%
Income Tax Expense	680M	613M	637M	596M	545M	454M	360M	301M	266M	663M	409M	206M	233M	187M	274M	146M	67M	-47M
Net Income	2,651M	2,430M	2,486M	2,344M	2,114M	2,037M	1,638M	1,500M	1,428M	864M	821M	339M	583M	504M	436M	245M	110M	-100M
Net Income Margin	28.2%	26.6%	26.9%	27.4%	26.2%	26.2%	24.5%	24.0%	24.5%	16.3%	16.8%	7.1%	12.2%	11.1%	10.1%	5.8%	3.1%	-3.6%
Depreciation & Amortization	489M	500M	497M	491M	465M	448M	441M	412M	308M	242M	240M	61M	60M	60M	200M	205M	185M	124M
EBITDA	4,025M	3,836M	3,889M	3,560M	3,393M	3,251M	2,710M	2,430M	2,189M	1,969M	1,644M	1,143M	1,030M	881M	1,054M	889M	494M	405M
EBITDA Margin	42.8%	41.9%	42.0%	41.7%	42.0%	41.8%	40.6%	38.8%	37.6%	37.1%	33.6%	24.0%	21.5%	19.3%	24.3%	21.0%	13.8%	14.7%
NOPAT	2,814M	2,666M	2,702M	2,446M	2,327M	2,292M	1,860M	1,681M	1,585M	976M	936M	673M	694M	598M	524M	431M	193M	222M
NOPAT Margin	29.9%	29.1%	29.2%	28.6%	28.8%	29.5%	27.9%	26.8%	27.2%	18.4%	19.2%	14.1%	14.5%	13.1%	12.1%	10.2%	5.4%	8.0%
Owner's Earnings	2,464M	2,293M	2,328M	2,103M	1,993M	2,008M	1,626M	1,452M	1,398M	882M	845M	176M	448M	380M	510M	315M	171M	-111M
Owner's Earnings Margin	26.2%	25.1%	25.2%	24.6%	24.7%	25.8%	24.4%	23.2%	24.0%	16.6%	17.3%	3.7%	9.4%	8.3%	11.8%	7.4%	4.8%	-4.0%
EPS (Basic)	5.94	5.33	5.47	5.08	4.51	4.29	3.44	3.14	2.96	1.76	1.66	0.68	1.16	1.01	0.87	0.51	0.23	-0.21
EPS (Diluted)	5.93	5.32	5.47	5.07	4.49	4.27	3.42	3.11	2.93	1.75	1.65	0.68	1.16	1.01	0.87	0.51	0.23	-0.21
Shares (Basic)	447M	456M	454M	461M	469M	474M	476M	478M	483M	490M	496M	500M	501M	500M	500M	478M	478M	478M
Shares (Diluted)	447M	457M	455M	462M	470M	477M	479M	482M	487M	493M	498M	502M	502M	500M	500M	482M	482M	482M

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
Cash & Cash Equivalents	2,084.00M	1,435.00M	1,985.00M	2,039.00M	3,577.00M	3,482.00M	3,602.00M	1,932.00M	1,597.00M	1,564.00M	727.00M	1,154.00M	882.00M	610.00M	317.00M	79.00M	63.00M
Short-Term Investments	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	99.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Cash & Short-Term Investments	2,084.00M	1,435.00M	1,985.00M	2,039.00M	3,577.00M	3,482.00M	3,602.00M	1,932.00M	1,696.00M	1,564.00M	727.00M	1,154.00M	882.00M	610.00M	317.00M	79.00M	63.00M
Net Receivables	1,541.00M	1,540.00M	1,316.00M	1,304.00M	1,215.00M	1,133.00M	1,013.00M	1,086.00M	1,036.00M	998.00M	913.00M	937.00M	980.00M	1,138.00M	900.00M	871.00M	773.00M
Inventory	2,465.00M	2,439.00M	2,306.00M	2,564.00M	2,345.00M	1,923.00M	1,628.00M	1,410.00M	1,391.00M	1,427.00M	1,502.00M	1,467.00M	1,289.00M	1,293.00M	1,345.00M	1,063.00M	995.00M
Other Current Assets	493.00M	509.00M	379.00M	436.00M	369.00M	392.00M	368.00M	320.00M	276.00M	228.00M	248.00M	272.00M	314.00M	316.00M	302.00M	298.00M	285.00M
Total Current Assets	6,583.00M	5,923.00M	5,986.00M	6,343.00M	7,506.00M	6,930.00M	6,611.00M	4,748.00M	4,399.00M	4,217.00M	3,390.00M	3,830.00M	3,465.00M	3,357.00M	2,864.00M	2,311.00M	2,116.00M
Property, Plant & Equipment	3,892.00M	3,839.00M	3,610.00M	3,434.00M	2,973.00M	2,603.00M	2,394.00M	2,129.00M	1,658.00M	1,435.00M	1,381.00M	1,307.00M	1,318.00M	1,295.00M	1,241.00M	1,243.00M	1,148.00M
Goodwill	2,764.00M	2,758.00M	2,724.00M	2,759.00M	2,746.00M	2,682.00M	2,694.00M	2,592.00M	2,519.00M	1,510.00M	1,481.00M	1,455.00M	976.00M	982.00M	985.00M	989.00M	934.00M
Intangible Assets	1,040.00M	1,075.00M	1,127.00M	1,338.00M	1,380.00M	1,474.00M	1,710.00M	1,890.00M	2,046.00M	1,269.00M	1,228.00M	1,190.00M	727.00M	803.00M	868.00M	928.00M	924.00M
Long-Term Investments	1.00M	0.00M	30.00M	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
Tax Assets	587.00M	617.00M	540.00M	206.00M	173.00M	100.00M	94.00M	88.00M	61.00M	80.00M	96.00M	82.00M	54.00M	63.00M	216.00M	143.00M	70.00M
Other Non-Current Assets	292.00M	267.00M	220.00M	206.00M	147.00M	111.00M	106.00M	98.00M	94.00M	75.00M	73.00M	49.00M	48.00M	58.00M	88.00M	97.00M	92.00M
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
Total Non-Current Assets	8,576.00M	8,556.00M	8,251.00M	7,943.00M	7,419.00M	6,970.00M	6,998.00M	6,797.00M	6,378.00M	4,369.00M	4,259.00M	4,083.00M	3,123.00M	3,201.00M	3,398.00M	3,400.00M	3,168.00M
Total Assets	15,159.00M	14,479.00M	14,237.00M	14,286.00M	14,925.00M	13,900.00M	13,609.00M	11,545.00M	10,777.00M	8,586.00M	7,649.00M	7,913.00M	6,588.00M	6,558.00M	6,262.00M	5,711.00M	5,284.00M
Accounts Payable	410.00M	508.00M	433.00M	411.00M	405.00M	436.00M	457.00M	301.00M	313.00M	261.00M	265.00M	293.00M	290.00M	506.00M	319.00M	214.00M	206.00M
Short-Term Debt	0.00M	1,350.00M	1,350.00M	3.00M	1,352.00M	0.00M	604.00M	500.00M	9.00M	0.00M	0.00M	405.00M	7.00M	15.00M	73.00M	0.00M	38.00M
Tax Payables	152.00M	93.00M	93.00M	110.00M	157.00M	38.00M	46.00M	36.00M	35.00M	60.00M	71.00M	63.00M	26.00M	40.00M	30.00M	18.00M	24.00M
Deferred Revenue	12.00M	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	896.00M	423.00M	566.00M	484.00M	397.00M	459.00M	388.00M	331.00M	300.00M	280.00M	265.00M	297.00M	246.00M	248.00M	701.00M	611.00M	540.00M
Total Current Liabilities	1,470.00M	2,374.00M	2,442.00M	1,008.00M	2,311.00M	933.00M	1,495.00M	1,168.00M	657.00M	601.00M	601.00M	1,058.00M	569.00M	809.00M	1,123.00M	843.00M	808.00M
Long-Term Debt	7,069.00M	5,231.00M	5,220.00M	6,564.00M	6,552.00M	6,592.00M	6,595.00M	5,947.00M	6,443.00M	4,953.00M	4,468.00M	4,463.00M	3,624.00M	3,642.00M	509.00M	575.00M	673.00M
Capital Lease Obligations	204.00M	210.00M	174.00M	188.00M	186.00M	151.00M	163.00M	164.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Deferred Tax Liabilities	147.00M	156.00M	167.00M	146.00M	142.00M	320.00M	378.00M	434.00M	474.00M	380.00M	244.00M	264.00M	277.00M	322.00M	323.00M	311.00M	218.00M
Other Non-Current Liabilities	534.00M	539.00M	494.00M	508.00M	475.00M	496.00M	530.00M	486.00M	452.00M	373.00M	321.00M	314.00M	264.00M	217.00M	266.00M	246.00M	241.00M
Total Non-Current Liabilities	7,954.00M	6,136.00M	6,055.00M	7,406.00M	7,355.00M	7,559.00M	7,666.00M	7,031.00M	7,369.00M	5,706.00M	5,033.00M	5,041.00M	4,165.00M	4,181.00M	1,098.00M	1,132.00M	1,132.00M
Total Liabilities	9,424.00M	8,510.00M	8,497.00M	8,414.00M	9,666.00M	8,492.00M	9,161.00M	8,199.00M	8,026.00M	6,307.00M	5,634.00M	6,099.00M	4,734.00M	4,990.00M	2,221.00M	1,975.00M	1,940.00M
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	0.00M	0.00M	0.00M	0.00M	0.00M
Common Stock	5.00M	5.00M	5.00M	5.00M	5.00M	5.00M	5.00M	5.00M	5.00M	5.00M	5.00M	5.00M	5.00M	5.00M	0.00M	0.00M	0.00M
Retained Earnings	13,593.00M	12,872.00M	11,968.00M	10,295.00M	8,668.00M	7,186.00M	5,659.00M	4,427.00M	3,270.00M	2,109.00M	1,477.00M	876.00M	709.00M	276.00M	0.00M	0.00M	0.00M
Accumulated OCI	-818.00M	-877.00M	-940.00M	-839.00M	-817.00M	-764.00M	-730.00M	-726.00M	-629.00M	-505.00M	-598.00M	-622.00M	-361.00M	-219.00M	-157.00M	-65.00M	-74.00M
Minority Interest	0.00M	0.00M	0.00M	-6.00M	-2.00M	1.00M	4.00M	0.00M	0.00M	16.00M	12.00M	23.00M	26.00M	22.00M	15.00M	16.00M	0.00M
Total Shareholders’ Equity	12,780.00M	12,000.00M	11,033.00M	9,461.00M	7,856.00M	6,427.00M	4,934.00M	3,706.00M	2,646.00M	1,609.00M	884.00M	259.00M	353.00M	62.00M	-157.00M	-65.00M	-74.00M
Total Equity	12,780.00M	12,000.00M	11,033.00M	9,455.00M	7,854.00M	6,428.00M	4,938.00M	3,706.00M	2,646.00M	1,625.00M	896.00M	282.00M	379.00M	84.00M	-142.00M	-49.00M	-74.00M
Total Liabilities & Equity	22,204.00M	20,510.00M	19,530.00M	17,869.00M	17,520.00M	14,920.00M	14,099.00M	11,905.00M	10,672.00M	7,932.00M	6,530.00M	6,381.00M	5,113.00M	5,074.00M	2,079.00M	1,926.00M	1,866.00M
Tangible Assets	11,355.00M	10,646.00M	10,386.00M	10,189.00M	10,799.00M	9,744.00M	9,205.00M	7,063.00M	6,212.00M	5,807.00M	4,940.00M	5,268.00M	4,885.00M	4,773.00M	4,409.00M	3,794.00M	3,426.00M
Tangible Equity	8,976.00M	8,167.00M	7,182.00M	5,358.00M	3,728.00M	2,272.00M	534.00M	-776.00M	-1,919.00M	-1,154.00M	-1,813.00M	-2,363.00M	-1,324.00M	-1,701.00M	-1,995.00M	-1,966.00M	-1,932.00M
Tangible Book Value	8,976.00M	8,167.00M	7,182.00M	5,358.00M	3,728.00M	2,272.00M	534.00M	-776.00M	-1,919.00M	-1,154.00M	-1,813.00M	-2,363.00M	-1,324.00M	-1,701.00M	-1,995.00M	-1,966.00M	-1,932.00M
Total Investments	1.00M	0.00M	30.00M	0.00M	0.00M	0.00M	0.00M	0.00M	99.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Net Debt	4,985.00M	5,146.00M	4,585.00M	4,528.00M	4,327.00M	3,110.00M	3,597.00M	4,515.00M	4,855.00M	3,389.00M	3,741.00M	3,714.00M	2,749.00M	3,047.00M	265.00M	496.00M	648.00M

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	2012-12-31	2011-12-31	2010-12-31
Working Capital	4,776.0M	2,557.0M	2,574.0M	4,454.0M	4,339.0M	5,133.0M	4,441.0M	2,942.0M	3,176.0M	3,123.0M	2,273.0M	2,049.0M	2,379.0M	1,942.0M	1,741.0M	1,468.0M	1,308.0M
Total Capital	12,671.0M	11,768.0M	11,514.0M	11,752.0M	12,495.0M	11,286.0M	11,131.0M	9,319.0M	8,637.0M	6,723.0M	5,955.0M	5,936.0M	4,942.0M	4,597.0M	4,608.0M	4,295.0M	4,055.0M
Capital Employed	13,352.0M	11,113.0M	10,825.0M	12,397.0M	11,758.0M	12,103.0M	11,439.0M	9,739.0M	9,554.0M	7,492.0M	6,532.0M	6,132.0M	5,502.0M	5,143.0M	5,139.0M	4,868.0M	4,476.0M
Invested Capital	10,587.0M	10,333.0M	9,529.0M	9,713.0M	8,918.0M	7,804.0M	7,529.0M	7,387.0M	7,040.0M	5,159.0M	5,228.0M	4,782.0M	4,060.0M	3,987.0M	4,291.0M	4,216.0M	3,992.0M

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	2013-12-31	2012-12-31	2011-12-31	2010-12-31	2009-12-31
Net Income	2,651.00M	2,440.00M	2,496.00M	2,344.00M	2,111.00M	2,034.00M	1,636.00M	1,500.00M	1,424.00M	862.00M	819.00M	339.00M	587.00M	503.00M	436.00M	248.00M	111.00M	-101.00M
Depreciation & Amortization	489.00M	500.00M	497.00M	491.00M	465.00M	448.00M	441.00M	412.00M	308.00M	242.00M	240.00M	199.00M	204.00M	209.00M	200.00M	205.00M	185.00M	124.00M
Deferred Income Tax	-156.00M	-207.00M	-338.00M	-61.00M	-286.00M	-80.00M	-62.00M	-79.00M	-112.00M	127.00M	-55.00M	-85.00M	-49.00M	23.00M	-74.00M	65.00M	-68.00M	-334.00M
Stock-Based Compensation	80.00M	72.00M	74.00M	60.00M	62.00M	58.00M	59.00M	67.00M	53.00M	44.00M	37.00M	43.00M	32.00M	43.00M	28.00M	19.00M	16.00M	15.00M
Change in Working Capital	309.00M	202.00M	79.00M	-512.00M	-699.00M	-343.00M	-85.00M	-151.00M	112.00M	-29.00M	-439.00M	-208.00M	-157.00M	-104.00M	-149.00M	-117.00M	100.00M	357.00M
Accounts Receivable	-111.00M	-182.00M	-61.00M	-102.00M	-137.00M	-155.00M	74.00M	-69.00M	-67.00M	-50.00M	15.00M	-58.00M	69.00M	-99.00M	-65.00M	-85.00M	30.00M	112.00M
Inventory	-139.00M	23.00M	-40.00M	-361.00M	-486.00M	-366.00M	-346.00M	-104.00M	61.00M	19.00M	-101.00M	-262.00M	-16.00M	-104.00M	-318.00M	40.00M	117.00M	-16.00M
Accounts Payable	-4.00M	27.00M	31.00M	13.00M	-29.00M	-17.00M	147.00M	-10.00M	37.00M	-10.00M	-28.00M	17.00M	-210.00M	-82.00M	96.00M	-16.00M	25.00M	38.00M
Other Working Capital	563.00M	334.00M	149.00M	-62.00M	-47.00M	195.00M	40.00M	32.00M	81.00M	31.00M	-325.00M	95.00M	2.00M	234.00M	138.00M	-56.00M	-72.00M	223.00M
Other Non-Cash Items	-457.00M	-62.00M	145.00M	31.00M	259.00M	96.00M	137.00M	46.00M	5.00M	100.00M	111.00M	376.00M	101.00M	7.00M	13.00M	77.00M	-90.00M	37.00M
Net Cash from Operating Activities	2,916.00M	2,945.00M	2,953.00M	2,353.00M	1,912.00M	2,213.00M	2,126.00M	1,795.00M	1,790.00M	1,346.00M	713.00M	664.00M	626.00M	681.00M	454.00M	497.00M	254.00M	98.00M
Capital Expenditures (PPE)	-676.00M	-637.00M	-655.00M	-732.00M	-586.00M	-477.00M	-453.00M	-460.00M	-338.00M	-224.00M	-216.00M	-224.00M	-195.00M	-184.00M	-126.00M	-135.00M	-124.00M	-135.00M
Acquisitions (Net)	283.00M	-104.00M	285.00M	-59.00M	-312.00M	-14.00M	-113.00M	-195.00M	-1,998.00M	-82.00M	-88.00M	-883.00M	0.00M	-4.00M	0.00M	-345.00M	-81.00M	-2,254.00M
Purchases of Investments	-7.00M	-5.00M	-5.00M	-4.00M	-9.00M	-12.00M	-27.00M	460.00M	338.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Sales / Maturities of Investments	51.00M	0.00M	0.00M	12.00M	23.00M	44.00M	453.00M	138.00M	28.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Other Investing Activities	-107.00M	95.00M	60.00M	6.00M	1.00M	1.00M	-432.00M	-447.00M	-289.00M	36.00M	90.00M	-8.00M	8.00M	9.00M	-9.00M	31.00M	196.00M	568.00M
Net Cash from Investing Activities	-456.00M	-651.00M	-315.00M	-777.00M	-883.00M	-458.00M	-572.00M	-504.00M	-2,259.00M	-270.00M	-214.00M	-1,115.00M	-187.00M	-179.00M	-135.00M	-449.00M	-9.00M	-1,821.00M
Net Debt Issuance	0.00M	-2.00M	-3.00M	-1,349.00M	1,350.00M	-604.00M	744.00M	-9.00M	1,504.00M	481.00M	-405.00M	1,115.00M	0.00M	2,641.00M	0.00M	-143.00M	0.00M	719.00M
Long-Term Debt Issuance	0.00M	0.00M	0.00M	-1,350.00M	1,348.00M	-600.00M	740.00M	0.00M	1,496.00M	481.00M	-400.00M	1,117.00M	0.00M	2,625.00M	0.00M	-143.00M	0.00M	719.00M
Short-Term Debt Issuance	0.00M	-2.00M	-3.00M	1.00M	2.00M	-4.00M	4.00M	-9.00M	8.00M	0.00M	-5.00M	-2.00M	-8.00M	16.00M	0.00M	0.00M	0.00M	0.00M
Net Stock Issuance	-1,728.00M	-1,544.00M	-1,858.00M	-1,092.00M	-1,594.00M	-743.00M	-250.00M	-626.00M	-698.00M	-500.00M	-300.00M	-203.00M	2.00M	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	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Common Stock Repurchased	-1,728.00M	-1,540.00M	-1,858.00M	-1,092.00M	-1,594.00M	-743.00M	-250.00M	-626.00M	-698.00M	-500.00M	-300.00M	-203.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Preferred Stock Issuance	0.00M	-4.00M	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	-863.00M	-764.00M	-786.00M	-692.00M	-611.00M	-474.00M	-380.00M	-314.00M	-243.00M	-206.00M	-188.00M	-168.00M	-146.00M	-98.00M	-63.00M	-416.00M	-207.00M	-101.00M
Common Dividends Paid	-863.00M	-764.00M	-786.00M	-692.00M	-611.00M	-474.00M	-380.00M	-314.00M	-243.00M	-206.00M	-188.00M	-168.00M	-146.00M	-98.00M	-63.00M	-416.00M	-207.00M	-101.00M
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
Other Financing Activities	471.00M	-2.00M	-13.00M	24.00M	-49.00M	-45.00M	9.00M	-2.00M	-30.00M	-26.00M	-10.00M	11.00M	-10.00M	-2,743.00M	-15.00M	529.00M	-70.00M	1,205.00M
Net Cash from Financing Activities	-2,120.00M	-2,312.00M	-2,660.00M	-3,109.00M	-904.00M	-1,862.00M	123.00M	-951.00M	533.00M	-251.00M	-903.00M	755.00M	-154.00M	-200.00M	-78.00M	-30.00M	-277.00M	1,823.00M
Effect of FX on Cash	30.00M	-22.00M	-32.00M	-7.00M	-29.00M	-12.00M	-7.00M	-8.00M	-26.00M	12.00M	-23.00M	-32.00M	-13.00M	-9.00M	-3.00M	-2.00M	-4.00M	-7.00M
Net Change in Cash	370.00M	-40.00M	-54.00M	-1,540.00M	96.00M	-119.00M	1,670.00M	332.00M	38.00M	837.00M	-427.00M	272.00M	272.00M	293.00M	238.00M	16.00M	-36.00M	93.00M
Cash at Beginning of Period	6,857.00M	7,344.00M	2,041.00M	3,581.00M	3,485.00M	3,604.00M	1,934.00M	1,602.00M	1,564.00M	727.00M	1,154.00M	882.00M	610.00M	317.00M	79.00M	63.00M	99.00M	6.00M
Cash at End of Period	7,227.00M	7,304.00M	1,987.00M	2,041.00M	3,581.00M	3,485.00M	3,604.00M	1,934.00M	1,602.00M	1,564.00M	727.00M	1,154.00M	882.00M	610.00M	317.00M	79.00M	63.00M	99.00M
Operating Cash Flow	2,916.00M	2,945.00M	2,953.00M	2,353.00M	1,912.00M	2,213.00M	2,126.00M	1,795.00M	1,790.00M	1,346.00M	713.00M	664.00M	626.00M	681.00M	454.00M	497.00M	254.00M	98.00M
Capital Expenditure	-676.00M	-637.00M	-655.00M	-732.00M	-586.00M	-477.00M	-453.00M	-460.00M	-338.00M	-224.00M	-216.00M	-224.00M	-195.00M	-184.00M	-126.00M	-135.00M	-124.00M	-135.00M
Free Cash Flow	2,240.00M	2,308.00M	2,298.00M	1,621.00M	1,326.00M	1,736.00M	1,673.00M	1,335.00M	1,452.00M	1,122.00M	497.00M	440.00M	431.00M	497.00M	328.00M	362.00M	130.00M	-37.00M

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	2013-12-31	2012-12-31	2011-12-31	2010-12-31	2009-12-31
EBITDA	4,057.00M	3,836.00M	3,889.00M	3,560.00M	3,393.00M	3,251.00M	2,710.00M	2,430.00M	2,191.00M	1,978.00M	1,691.00M	1,262.00M	1,160.00M	1,066.00M	1,040.00M	863.00M	477.00M	392.00M
(-) Tax Adjustment	828.21M	770.72M	790.71M	722.67M	696.23M	593.23M	488.78M	406.12M	344.86M	692.30M	563.21M	441.70M	329.61M	288.90M	364.00M	302.05M	166.95M	124.49M
(-) Change In Working Capital	309.00M	202.00M	79.00M	-512.00M	-699.00M	-343.00M	-85.00M	-151.00M	112.00M	-29.00M	-439.00M	-208.00M	-157.00M	-104.00M	-149.00M	-117.00M	100.00M	357.00M
(-) Capital Expenditure	-676.00M	-637.00M	-655.00M	-732.00M	-586.00M	-477.00M	-453.00M	-460.00M	-338.00M	-224.00M	-216.00M	-224.00M	-195.00M	-184.00M	-126.00M	-135.00M	-124.00M	-135.00M
Unlevered Free Cash Flow	2,243.79M	2,226.28M	2,364.29M	2,617.33M	2,809.77M	2,523.77M	1,853.22M	1,714.88M	1,396.14M	1,090.70M	1,350.79M	804.30M	792.39M	697.10M	699.00M	542.95M	86.05M	-224.49M
(-) Net Interest Income After Taxes	-128.93M	-111.87M	-108.35M	-121.94M	-148.63M	-188.03M	-194.25M	-170.74M	-152.51M	-113.75M	-110.71M	-80.60M	-83.75M	-82.38M	-20.15M	-23.40M	-24.05M	-17.74M
Net Debt Issuance	0.00M	-2.00M	-3.00M	-1,349.00M	1,350.00M	-604.00M	744.00M	-9.00M	1,504.00M	481.00M	-405.00M	1,115.00M	0.00M	2,641.00M	0.00M	-143.00M	0.00M	719.00M
Levered Free Cash Flow	2,372.72M	2,336.15M	2,469.64M	1,390.27M	4,308.40M	2,107.80M	2,791.48M	1,876.61M	3,052.66M	1,685.45M	1,056.50M	1,999.90M	876.15M	3,420.47M	719.15M	423.35M	110.10M	512.26M