Grayscale Ethereum Mini Trust (ETH)

Analysis: Growth Rates Industry: Asset Management - Cryptocurrency Sector: Financial Services Live Price: $31.12

Enterprise Value

Metric / Stat	3Y	5Y	10Y	15Y	20Y	25Y	30Y
Stock Price
Avg YoY	-13.73%	-6.87%	-3.05%	-1.96%	-1.45%	-1.14%	-0.95%
Slope	-15.11%	-5.81%	-1.54%	-0.70%	-0.40%	-0.26%	-0.18%
CAGR	-14.83%	-7.71%	-3.50%	-2.27%	-1.68%	-1.33%	-1.10%
LSR	-14.83%	-6.22%	-1.74%	-0.80%	-0.46%	-0.30%	-0.21%
Market Capitalization
Avg YoY	-13.82%	-6.86%	-3.06%	-1.92%	-1.31%	-1.05%	-0.95%
Slope	-15.17%	-5.83%	-1.57%	-0.67%	-0.32%	-0.13%	-0.09%
CAGR	-14.86%	-7.68%	-3.50%	-2.22%	-1.54%	-1.23%	-1.10%
LSR	-14.86%	-6.23%	-1.77%	-0.77%	-0.38%	-0.17%	-0.12%
(-) Cash & Equivalents
Avg YoY	65.33%	22.85%	38.08%	23.28%	15.19%	244.91%	244.91%
Slope	47.58%	5.24%	13.38%	3.77%	0.13%	3.77%	5.95%
CAGR	56.50%	9.56%	13.78%	5.77%	0.81%	—	—
LSR	56.50%	2.74%	15.24%	2.57%	-0.49%	—	—
(+) Total Debt
Avg YoY	57.72%	30.43%	3,339.29%	2,139.00%	1,576.01%	1,436.36%	1,436.36%
Slope	44.58%	24.82%	23.81%	3.04%	-2.42%	3.07%	5.47%
CAGR	53.75%	25.47%	23.19%	3.83%	2.58%	—	—
LSR	53.75%	24.16%	53.98%	0.92%	-6.39%	—	—
Enterprise Value
Avg YoY	-11.83%	-5.14%	-2.23%	-1.74%	-1.01%	-0.75%	-0.70%
Slope	-12.89%	-3.97%	-0.87%	-0.65%	-0.48%	-0.10%	-0.03%
CAGR	-12.69%	-5.85%	-2.63%	-2.01%	-1.22%	-0.92%	-0.84%
LSR	-12.69%	-4.30%	-1.01%	-0.71%	-0.52%	-0.12%	-0.04%

Income Statement

Metric / Stat	3Y	5Y	10Y	15Y	20Y	25Y	30Y
Revenue
Avg YoY	-11.61%	-1.78%	-2.00%	-0.14%	-2.04%	-0.89%	1.37%
Slope	-12.92%	-4.40%	-1.68%	-0.49%	-1.49%	-1.51%	-0.43%
CAGR	-11.87%	-2.68%	-2.81%	-0.71%	-2.86%	-1.60%	0.65%
LSR	-11.87%	-4.43%	-1.74%	-0.55%	-1.33%	-1.46%	-0.34%
Cost of Revenue
Avg YoY	-11.40%	-3.85%	-3.44%	-1.73%	-3.43%	-2.40%	-0.04%
Slope	-12.73%	-6.25%	-3.55%	-1.78%	-2.61%	-2.66%	-1.38%
CAGR	-11.69%	-4.54%	-4.05%	-2.17%	-3.99%	-2.89%	-0.59%
LSR	-11.69%	-6.26%	-3.59%	-1.89%	-2.46%	-2.60%	-1.38%
Gross Profit
Avg YoY	-11.75%	-0.27%	-0.90%	1.17%	-0.79%	0.56%	2.81%
Slope	-13.04%	-3.15%	-0.29%	0.52%	-0.56%	-0.49%	0.44%
CAGR	-11.99%	-1.36%	-1.90%	0.45%	-1.95%	-0.44%	1.80%
LSR	-11.99%	-3.14%	-0.36%	0.48%	-0.40%	-0.46%	0.60%
Gross Margin
Avg YoY	-0.13%	1.36%	0.95%	1.18%	0.99%	1.23%	1.21%
Slope	-0.13%	1.32%	1.40%	1.04%	0.94%	1.01%	0.94%
CAGR	-0.13%	1.35%	0.93%	1.17%	0.93%	1.17%	1.14%
LSR	-0.13%	1.34%	1.40%	1.04%	0.94%	1.01%	0.94%
SG&A Expenses
Avg YoY	-5.36%	-0.02%	-1.22%	0.02%	-0.53%	-0.53%	-0.53%
Slope	-5.65%	-1.30%	-1.50%	-0.30%	4.47%	7.67%	8.66%
CAGR	-5.43%	-0.29%	-1.44%	-0.15%	—	—	—
LSR	-5.43%	-1.29%	-1.49%	-0.32%	—	—	—
Operating Expenses
Avg YoY	-4.38%	-0.30%	-1.16%	0.06%	-0.90%	0.79%	2.56%
Slope	-4.56%	-1.33%	-1.67%	-0.36%	-0.81%	0.06%	1.17%
CAGR	-4.42%	-0.48%	-1.44%	-0.15%	-1.26%	0.41%	2.15%
LSR	-4.42%	-1.32%	-1.66%	-0.37%	-0.77%	0.10%	1.44%
Operating Income (EBIT)
Avg YoY	-31.04%	1.39%	52.24%	41.94%	2.87%	2.75%	5.99%
Slope	-39.21%	-9.37%	5.11%	4.57%	0.66%	-2.76%	-2.21%
CAGR	-31.85%	-6.09%	-3.96%	4.59%	-4.44%	-3.13%	0.43%
LSR	-31.85%	-9.90%	5.32%	3.67%	—	—	—
Operating Margin
Avg YoY	-22.44%	-0.28%	42.13%	33.96%	0.90%	0.45%	1.75%
Slope	-26.07%	-5.51%	6.65%	4.95%	3.05%	-0.95%	-1.90%
CAGR	-22.67%	-3.50%	-1.19%	5.34%	-1.63%	-1.56%	-0.22%
LSR	-22.67%	-5.73%	7.18%	4.25%	—	—	—
Interest Income
Avg YoY	-100.00%	-49.55%	-49.55%	-49.55%	-49.55%	-49.55%	-49.55%
Slope	-150.00%	-24.89%	24.27%	24.12%	21.06%	18.27%	16.02%
CAGR	—	—	—	—	—	—	—
LSR	—	—	—	—	—	—	—
Interest Expense
Avg YoY	—	-100.00%	26.27%	6.03%	4.69%	4.69%	4.69%
Slope	—	-100.00%	-36.15%	-25.36%	-10.29%	-1.77%	2.11%
CAGR	—	—	—	—	—	—	—
LSR	—	—	—	—	—	—	—
Net Interest Income
Avg YoY	-100.00%	-81.89%	1.49%	-6.10%	-5.65%	-5.65%	-5.65%
Slope	-150.00%	1,190.32%	43.42%	25.80%	10.48%	1.89%	-2.02%
CAGR	—	—	—	—	—	—	—
LSR	—	—	—	—	—	—	—
Other Income / Expense
Avg YoY	-4.89%	-40.03%	1,589.21%	1,016.52%	784.06%	568.63%	450.04%
Slope	-5.01%	53.13%	1,337.01%	35.34%	17.39%	7.80%	2.86%
CAGR	-4.90%	—	—	—	—	—	—
LSR	-4.90%	—	—	—	—	—	—
Unusual Items
Avg YoY	-4.89%	-40.03%	1,589.21%	1,016.52%	784.06%	568.63%	450.04%
Slope	5.01%	-53.13%	-1,337.01%	-35.34%	-17.39%	-7.80%	-2.86%
CAGR	—	—	—	—	—	—	—
LSR	—	—	—	—	—	—	—
EBT excl. Unusual
Avg YoY	-27.85%	11.25%	31.51%	46.46%	5.57%	4.71%	9.32%
Slope	-34.34%	-4.03%	9.04%	10.63%	8.17%	-1.09%	-1.90%
CAGR	-28.51%	1.15%	-1.24%	16.89%	-2.75%	-1.99%	2.33%
LSR	-28.51%	-3.32%	10.51%	12.60%	—	—	—
Pre-Tax Income
Avg YoY	-29.32%	6.06%	36.06%	33.78%	-3.62%	-2.52%	2.36%
Slope	-36.55%	-6.61%	6.96%	6.55%	3.37%	-2.02%	-2.01%
CAGR	-30.04%	-2.51%	-2.66%	7.11%	-3.58%	-2.54%	1.34%
LSR	-30.04%	-6.61%	7.43%	5.95%	—	—	—
Pre-Tax Margin
Avg YoY	-20.44%	4.02%	28.52%	27.34%	-8.97%	-7.44%	-4.16%
Slope	-23.39%	-2.50%	8.58%	7.02%	6.35%	0.04%	-1.63%
CAGR	-20.62%	0.17%	0.15%	7.88%	-0.75%	-0.96%	0.69%
LSR	-20.62%	-2.28%	9.33%	6.54%	—	—	—
Income Tax Expense
Avg YoY	-29.01%	13.86%	13.57%	5.51%	-23.46%	-18.20%	-10.87%
Slope	-35.94%	-4.45%	2.51%	8.55%	-0.26%	-4.80%	-4.00%
CAGR	-29.66%	1.52%	-6.31%	—	-5.63%	-4.17%	-0.26%
LSR	-29.66%	-3.50%	3.44%	—	—	—	—
Net Income
Avg YoY	-29.42%	3.93%	51.07%	40.43%	8.32%	6.93%	10.32%
Slope	-36.76%	-7.32%	8.61%	5.88%	4.95%	-0.65%	-0.96%
CAGR	-30.17%	-3.70%	-1.03%	4.14%	-2.63%	-1.79%	2.12%
LSR	-30.17%	-7.54%	9.22%	4.49%	—	—	—
Net Margin
Avg YoY	-20.57%	2.23%	41.36%	32.53%	1.79%	1.06%	3.01%
Slope	-23.59%	-3.28%	10.18%	6.27%	8.00%	1.49%	-0.48%
CAGR	-20.76%	-1.05%	1.83%	4.88%	0.23%	-0.20%	1.46%
LSR	-20.76%	-3.25%	11.15%	5.07%	—	—	—
Depreciation & Amortization
Avg YoY	-48.86%	-25.62%	-13.11%	-8.88%	-6.38%	-4.75%	-3.36%
Slope	-74.08%	-25.62%	-8.93%	-4.11%	-3.77%	-2.23%	-0.93%
CAGR	-96.85%	-82.46%	-54.72%	-40.22%	-31.68%	-25.84%	-21.52%
LSR	-96.85%	-75.16%	-33.62%	-17.33%	-11.60%	-7.56%	-4.74%
EBITDA
Avg YoY	-35.49%	-3.89%	14.02%	14.58%	13.84%	11.40%	12.44%
Slope	-42.82%	-11.25%	2.64%	2.85%	-0.29%	-2.66%	-1.98%
CAGR	-35.51%	-10.37%	-6.03%	1.01%	-5.13%	-3.70%	-0.53%
LSR	-35.51%	-12.56%	2.17%	2.12%	0.99%	-2.21%	-2.04%
EBITDA Margin
Avg YoY	-26.72%	-4.99%	10.07%	10.71%	10.67%	8.16%	7.51%
Slope	-30.20%	-7.68%	4.06%	3.17%	1.72%	-0.97%	-1.69%
CAGR	-26.82%	-7.90%	-3.32%	1.73%	-2.33%	-2.14%	-1.17%
LSR	-26.82%	-8.51%	3.97%	2.69%	2.34%	-0.77%	-1.71%
NOPAT
Avg YoY	-31.04%	1.39%	52.24%	41.94%	2.87%	2.75%	5.99%
Slope	-39.21%	-9.37%	5.11%	4.57%	0.66%	-2.76%	-2.21%
CAGR	-31.85%	-6.09%	-3.96%	4.59%	-4.44%	-3.13%	0.43%
LSR	-31.85%	-9.90%	5.32%	3.67%	—	—	—
NOPAT Margin
Avg YoY	-22.44%	-0.28%	42.13%	33.96%	0.90%	0.45%	1.75%
Slope	-26.07%	-5.51%	6.65%	4.95%	3.05%	-0.95%	-1.90%
CAGR	-22.67%	-3.50%	-1.19%	5.34%	-1.63%	-1.56%	-0.22%
LSR	-22.67%	-5.73%	7.18%	4.25%	—	—	—
Owner's Earnings
Avg YoY	-30.61%	1.22%	49.10%	34.77%	-11.98%	-9.09%	-4.81%
Slope	-36.59%	-7.66%	8.26%	5.90%	7.96%	1.25%	0.65%
CAGR	-30.73%	-5.37%	-0.27%	1.66%	-1.27%	-0.72%	1.63%
LSR	-30.73%	-8.18%	8.55%	4.54%	—	—	—
Owner's Earnings Margin
Avg YoY	-21.39%	0.00%	40.00%	27.57%	-20.73%	-16.66%	-13.30%
Slope	-23.72%	-3.70%	9.78%	6.25%	10.07%	3.24%	1.13%
CAGR	-21.40%	-2.77%	2.61%	2.39%	1.64%	0.89%	0.98%
LSR	-21.40%	-3.93%	10.47%	5.12%	—	—	—
EPS (Basic)
Avg YoY	10.78%	23.60%	62.94%	48.33%	14.58%	12.63%	15.46%
Slope	-1.47%	5.16%	13.72%	9.20%	7.93%	2.85%	2.13%
CAGR	-1.27%	14.16%	8.08%	10.33%	2.37%	2.91%	6.53%
LSR	-1.27%	5.94%	14.88%	7.60%	—	—	—
EPS (Diluted)
Avg YoY	10.99%	23.77%	62.59%	48.10%	14.49%	12.54%	15.27%
Slope	-1.51%	5.16%	13.71%	9.22%	8.08%	3.03%	2.26%
CAGR	-1.30%	14.20%	8.08%	10.38%	2.51%	3.01%	6.53%
LSR	-1.30%	5.93%	14.85%	7.63%	—	—	—
Shares (Basic)
Avg YoY	-25.08%	-12.24%	-6.67%	-4.39%	-3.97%	-3.84%	-3.53%
Slope	-30.02%	-10.88%	-4.13%	-2.45%	-1.86%	-2.25%	-2.35%
CAGR	-29.27%	-15.65%	-8.43%	-5.61%	-4.89%	-4.57%	-4.14%
LSR	-29.27%	-12.72%	-4.93%	-2.90%	-2.13%	-2.36%	-2.42%
Shares (Diluted)
Avg YoY	-24.93%	-12.22%	-6.65%	-4.43%	-4.09%	-3.92%	-3.52%
Slope	-29.94%	-10.85%	-4.10%	-2.48%	-1.95%	-2.38%	-2.43%
CAGR	-29.25%	-15.68%	-8.43%	-5.66%	-5.02%	-4.66%	-4.14%
LSR	-29.25%	-12.71%	-4.90%	-2.93%	-2.20%	-2.49%	-2.50%

Balance Sheet

Metric / Stat	3Y	5Y	10Y	15Y	20Y
Cash & Cash Equivalents
Avg YoY	65.33%	22.85%	38.08%	23.28%	15.19%
Slope	47.58%	5.24%	13.38%	3.77%	0.13%
CAGR	56.50%	9.56%	13.78%	5.77%	0.81%
LSR	56.50%	2.74%	15.24%	2.57%	-0.49%
Short-Term Investments
Avg YoY	-58.77%	255.56%	255.56%	79.58%	72.59%
Slope	-82.21%	18.77%	34.85%	17.88%	16.34%
CAGR	—	—	—	—	—
LSR	—	—	—	—	—
Cash & Short-Term Investments
Avg YoY	-6.13%	11.23%	32.92%	19.07%	13.26%
Slope	-6.34%	9.28%	18.32%	6.55%	2.63%
CAGR	-6.13%	9.56%	13.78%	4.62%	0.81%
LSR	-6.13%	10.63%	23.38%	5.22%	1.45%
Net Receivables
Avg YoY	18.87%	23.21%	13.13%	5.64%	3.53%
Slope	2.66%	-3.81%	0.70%	-0.70%	-1.27%
CAGR	2.31%	7.38%	3.94%	-0.66%	-1.66%
LSR	2.31%	-3.52%	0.25%	-1.06%	-1.43%
Inventory
Avg YoY	46.76%	24.89%	11.46%	8.64%	5.86%
Slope	34.66%	13.23%	4.99%	3.50%	1.78%
CAGR	37.35%	17.95%	7.51%	5.95%	3.65%
LSR	37.35%	11.61%	4.08%	3.01%	1.44%
Other Current Assets
Avg YoY	323.95%	153.29%	77.21%	51.61%	35.88%
Slope	99.53%	44.67%	22.96%	13.40%	6.73%
CAGR	158.37%	46.10%	26.12%	17.56%	9.94%
LSR	158.37%	30.84%	15.66%	8.01%	2.77%
Total Current Assets
Avg YoY	39.40%	24.70%	14.73%	9.26%	5.41%
Slope	29.72%	16.00%	11.22%	5.44%	2.48%
CAGR	31.24%	20.04%	11.94%	7.09%	3.56%
LSR	31.24%	15.20%	10.67%	4.53%	1.83%
Property, Plant & Equipment
Avg YoY	45.64%	22.47%	14.52%	8.97%	7.65%
Slope	34.49%	15.01%	8.86%	4.97%	2.89%
CAGR	37.39%	16.74%	11.10%	6.60%	5.74%
LSR	37.39%	13.31%	8.23%	4.27%	2.39%
Goodwill
Avg YoY	49.96%	24.73%	12.23%	8.03%	0.83%
Slope	37.45%	16.40%	6.20%	3.63%	3.95%
CAGR	41.34%	18.59%	9.20%	5.99%	-1.38%
LSR	41.34%	14.56%	5.15%	3.01%	—
Intangible Assets
Avg YoY	49.96%	24.73%	12.25%	8.04%	1.00%
Slope	37.45%	16.40%	6.21%	3.65%	-4.43%
CAGR	41.34%	18.59%	9.22%	6.00%	—
LSR	41.34%	14.56%	5.16%	3.02%	—
Long-Term Investments
Avg YoY	245.41%	72.71%	190.30%	109.13%	109.13%
Slope	116.32%	90.11%	53.14%	25.66%	21.92%
CAGR	—	—	—	16.30%	—
LSR	—	—	—	—	—
Tax Assets
Avg YoY	-10.40%	-55.20%	126.35%	126.35%	126.35%
Slope	70.89%	2.26%	9.21%	17.46%	17.32%
CAGR	—	-9.29%	—	—	—
LSR	—	—	—	—	—
Other Non-Current Assets
Avg YoY	46.17%	26.78%	7.75%	23.30%	27.17%
Slope	25.91%	5.77%	-13.22%	-9.73%	-5.30%
CAGR	25.10%	13.43%	-8.03%	2.79%	-0.42%
LSR	25.10%	3.99%	-9.50%	-8.83%	-5.63%
Total Non-Current Assets
Avg YoY	56.98%	28.15%	16.20%	9.95%	7.95%
Slope	42.46%	19.86%	9.99%	5.24%	2.74%
CAGR	48.68%	21.48%	12.42%	7.30%	5.81%
LSR	48.68%	17.96%	8.85%	4.25%	2.05%
Total Assets
Avg YoY	48.88%	26.41%	15.24%	9.40%	6.49%
Slope	36.82%	18.13%	10.52%	5.33%	2.62%
CAGR	40.54%	20.86%	12.21%	7.21%	4.75%
LSR	40.54%	16.71%	9.66%	4.39%	1.94%
Accounts Payable
Avg YoY	-100.00%	-41.86%	2.38%	-2.20%	-1.23%
Slope	-150.00%	-54.60%	-5.95%	-1.63%	-0.65%
CAGR	—	—	—	—	—
LSR	—	—	—	—	—
Short-Term Debt
Avg YoY	100.19%	0.10%	702.86%	561.18%	928.66%
Slope	100.03%	37.13%	27.08%	24.23%	20.22%
CAGR	—	18.60%	39.63%	78.21%	48.66%
LSR	—	—	—	—	—
Deferred Revenue
Avg YoY	104.43%	2.21%	18.40%	10.85%	11.49%
Slope	100.73%	15.40%	5.53%	3.02%	7.98%
CAGR	—	3.25%	11.77%	7.37%	—
LSR	—	—	—	—	—
Other Current Liabilities
Avg YoY	14.99%	133.93%	58.26%	34.98%	23.98%
Slope	-17.66%	1.86%	15.28%	7.23%	0.58%
CAGR	-13.51%	37.25%	10.88%	4.09%	0.80%
LSR	-13.51%	14.02%	15.99%	4.51%	-1.15%
Total Current Liabilities
Avg YoY	46.53%	16.03%	16.82%	9.47%	8.42%
Slope	34.31%	4.49%	9.68%	5.36%	3.92%
CAGR	36.83%	7.80%	11.84%	5.91%	5.55%
LSR	36.83%	2.61%	9.67%	4.68%	3.36%
Long-Term Debt
Avg YoY	43.64%	23.40%	3,335.87%	2,136.49%	1,574.15%
Slope	33.13%	16.64%	21.50%	1.17%	-3.53%
CAGR	35.65%	17.85%	20.80%	1.99%	1.24%
LSR	35.65%	15.29%	52.32%	-0.03%	-7.04%
Capital Lease Obligations
Avg YoY	45.35%	23.54%	1,782.85%	1,782.85%	1,782.85%
Slope	34.42%	16.63%	28.30%	25.90%	22.06%
CAGR	37.36%	17.90%	—	—	—
LSR	37.36%	15.14%	—	—	—
Deferred Tax Liabilities
Avg YoY	35.41%	-32.30%	127.13%	81.70%	32.15%
Slope	86.28%	-10.21%	22.74%	4.93%	-16.96%
CAGR	—	-12.71%	—	-3.84%	-9.20%
LSR	—	—	—	—	—
Other Non-Current Liabilities
Avg YoY	15.67%	1.18%	11.24%	8.88%	11.33%
Slope	3.81%	-9.37%	-18.43%	-7.31%	-3.01%
CAGR	3.38%	-5.87%	-10.97%	-5.75%	-1.16%
LSR	3.38%	-8.94%	-16.91%	-9.40%	-4.59%
Total Non-Current Liabilities
Avg YoY	44.16%	22.32%	116.91%	68.49%	50.08%
Slope	33.65%	15.71%	21.95%	9.25%	2.58%
CAGR	36.40%	16.59%	26.10%	7.23%	4.74%
LSR	36.40%	14.19%	34.88%	7.62%	0.29%
Total Liabilities
Avg YoY	45.08%	18.98%	29.68%	15.12%	11.40%
Slope	33.92%	10.84%	16.08%	7.38%	3.19%
CAGR	36.57%	12.62%	18.24%	6.66%	5.05%
LSR	36.57%	8.89%	19.18%	6.28%	1.99%
Common Stock
Avg YoY	50.26%	24.99%	12.42%	8.22%	7.15%
Slope	37.66%	16.60%	6.38%	3.82%	2.87%
CAGR	41.62%	18.83%	9.38%	6.18%	5.62%
LSR	41.62%	14.77%	5.32%	3.19%	2.49%
Retained Earnings
Avg YoY	51.03%	29.44%	14.50%	11.36%	9.12%
Slope	38.37%	20.93%	8.94%	6.65%	5.00%
CAGR	42.71%	24.06%	11.59%	9.44%	7.49%
LSR	42.71%	19.94%	7.69%	5.98%	4.46%
Accumulated OCI
Avg YoY	110.93%	43.26%	25.63%	-20.61%	2.43%
Slope	-70.19%	-13.71%	-5.39%	-18.02%	-22.09%
CAGR	—	—	—	—	—
LSR	—	—	—	—	—
Minority Interest
Avg YoY	179.66%	86.74%	292.36%	219.91%	219.91%
Slope	-87.19%	-53.54%	-150.76%	-29.62%	-9.11%
CAGR	—	—	—	—	—
LSR	—	—	—	—	—
Total Shareholders’ Equity
Avg YoY	50.75%	29.45%	14.48%	11.25%	9.06%
Slope	38.18%	20.98%	8.97%	6.59%	4.93%
CAGR	42.45%	24.11%	11.59%	9.34%	7.43%
LSR	42.45%	20.02%	7.71%	5.89%	4.38%
Total Equity
Avg YoY	50.75%	29.44%	14.48%	11.25%	9.06%
Slope	38.18%	20.98%	8.97%	6.58%	4.93%
CAGR	42.45%	24.11%	11.59%	9.34%	7.43%
LSR	42.45%	20.02%	7.71%	5.89%	4.38%
Total Liabilities & Equity
Avg YoY	48.83%	25.44%	16.51%	10.59%	8.31%
Slope	36.76%	17.38%	11.22%	6.84%	4.33%
CAGR	40.44%	19.71%	13.37%	8.35%	6.53%
LSR	40.44%	15.79%	10.67%	5.99%	3.58%
Tangible Assets
Avg YoY	48.81%	26.53%	15.51%	9.53%	6.76%
Slope	36.78%	18.25%	10.84%	5.46%	2.89%
CAGR	40.49%	21.02%	12.44%	7.30%	5.03%
LSR	40.49%	16.86%	10.01%	4.49%	2.17%
Tangible Equity
Avg YoY	50.80%	29.78%	14.64%	11.51%	9.70%
Slope	38.22%	21.27%	9.16%	6.80%	5.41%
CAGR	42.52%	24.50%	11.75%	9.61%	8.12%
LSR	42.52%	20.40%	7.88%	6.11%	4.92%
Tangible Book Value
Avg YoY	50.80%	29.78%	14.64%	11.51%	9.70%
Slope	38.22%	21.27%	9.16%	6.80%	5.41%
CAGR	42.52%	24.50%	11.75%	9.61%	8.12%
LSR	42.52%	20.40%	7.88%	6.11%	4.92%
Total Investments
Avg YoY	4.55%	-59.66%	62.86%	13.85%	26.42%
Slope	3.93%	48.65%	42.45%	21.03%	18.55%
CAGR	4.14%	—	—	11.57%	—
LSR	4.14%	—	—	—	—
Net Debt
Avg YoY	50.11%	-101.10%	-98.70%	-1,532.67%	-1,117.31%
Slope	40.23%	56.87%	52.07%	2.51%	-5.79%
CAGR	49.62%	44.58%	—	1.55%	8.05%
LSR	49.62%	—	—	—	—

Capital Structure

Metric / Stat	3Y	5Y	10Y	15Y	20Y
Working Capital
Avg YoY	33.30%	49.59%	17.55%	12.72%	5.88%
Slope	25.57%	29.73%	13.07%	5.54%	0.98%
CAGR	26.42%	44.44%	12.03%	8.46%	2.17%
LSR	26.42%	38.38%	11.43%	3.96%	0.21%
Total Capital
Avg YoY	52.20%	32.38%	16.63%	10.71%	7.09%
Slope	39.75%	24.23%	12.01%	6.03%	2.84%
CAGR	45.03%	27.74%	13.34%	8.33%	5.15%
LSR	45.03%	24.11%	10.78%	4.79%	1.95%
Capital Employed
Avg YoY	49.54%	30.81%	15.46%	9.85%	6.40%
Slope	37.49%	22.52%	10.78%	5.32%	2.25%
CAGR	41.57%	25.94%	12.31%	7.60%	4.56%
LSR	41.57%	22.14%	9.58%	4.24%	1.52%
Invested Capital
Avg YoY	50.54%	36.13%	16.56%	11.09%	8.21%
Slope	38.70%	27.56%	11.80%	6.41%	3.34%
CAGR	43.58%	31.97%	13.28%	8.79%	6.24%
LSR	43.58%	29.03%	10.25%	5.11%	2.41%

Cash Flow

Metric / Stat	3Y	5Y	10Y	15Y	20Y	25Y	30Y
Net Income
Avg YoY	-69.81%	-16.63%	44.63%	36.55%	25.19%	21.01%	22.28%
Slope	-93.47%	-24.10%	5.04%	4.77%	5.21%	0.96%	0.78%
CAGR	-96.88%	-79.69%	-49.83%	-32.61%	-28.74%	-22.75%	-16.05%
LSR	-96.88%	-73.39%	-21.21%	-9.44%	—	—	—
Depreciation & Amortization
Avg YoY	-48.89%	-25.87%	-12.02%	-8.01%	-4.80%	-2.76%	-1.42%
Slope	-74.03%	-25.83%	-7.74%	-3.00%	-2.66%	-0.61%	0.80%
CAGR	-95.55%	-79.20%	-50.54%	-36.63%	-28.08%	-22.21%	-18.14%
LSR	-95.55%	-71.55%	-30.20%	-14.84%	-9.60%	-5.21%	-2.29%
Deferred Income Tax
Avg YoY	100.00%	0.00%	-399.65%	-2,790.04%	-2,113.81%	-1,576.56%	-1,323.69%
Slope	0.00%	-110.82%	-19.47%	62.11%	36.87%	21.48%	10.15%
CAGR	—	—	—	—	—	—	—
LSR	—	—	—	—	—	—	—
Stock-Based Compensation
Avg YoY	-43.80%	-21.41%	25.77%	26.36%	26.36%	26.36%	26.36%
Slope	-70.62%	-21.87%	-6.86%	1.97%	8.63%	10.32%	10.50%
CAGR	—	—	—	—	—	—	—
LSR	—	—	—	—	—	—	—
Change in Working Capital
Avg YoY	-100.00%	-0.67%	-1,579.31%	-1,010.04%	-710.20%	71.41%	12.23%
Slope	-150.00%	77.04%	-6.05%	-14.64%	-65.04%	-55.64%	-48.58%
CAGR	—	—	—	—	—	—	—
LSR	—	—	—	—	—	—	—
Accounts Receivable
Avg YoY	-55.87%	-173.49%	30.63%	50.56%	23.41%	23.41%	23.41%
Slope	-79.67%	572.98%	28.92%	19.03%	79.92%	55.91%	42.14%
CAGR	—	—	—	—	—	—	—
LSR	—	—	—	—	—	—	—
Inventory
Avg YoY	-88.68%	-17.04%	378.47%	236.34%	2,043.22%	1,637.99%	1,330.17%
Slope	-122.30%	213.64%	57.46%	182.23%	-15.51%	-4.01%	7.95%
CAGR	—	—	—	—	—	—	—
LSR	—	—	—	—	—	—	—
Accounts Payable
Avg YoY	100.00%	100.00%	-390.77%	-373.67%	-259.72%	-259.72%	-259.72%
Slope	0.00%	93.06%	0.82%	-13.22%	-13.37%	-13.35%	-12.61%
CAGR	—	—	—	—	—	—	—
LSR	—	—	—	—	—	—	—
Other Working Capital
Avg YoY	100.00%	42.74%	-403.93%	-323.67%	-225.05%	-76.39%	-57.81%
Slope	150.00%	56.85%	-7.20%	-16.53%	-26.83%	-25.82%	-32.60%
CAGR	—	—	—	—	—	—	—
LSR	—	—	—	—	—	—	—
Other Non-Cash Items
Avg YoY	97.84%	-44.54%	1,066.93%	787.74%	812.48%	681.49%	604.63%
Slope	145.51%	-121.45%	-1.81%	9.83%	3.25%	5.32%	6.66%
CAGR	-98.01%	—	—	—	—	—	—
LSR	-98.01%	—	—	—	—	—	—
Net Cash from Operating Activities
Avg YoY	-60.15%	-30.65%	6.02%	5.32%	6.90%	8.61%	8.93%
Slope	-83.39%	-32.97%	0.17%	2.53%	-0.06%	-0.62%	0.28%
CAGR	-96.50%	-82.49%	-49.00%	-35.39%	-29.67%	-22.48%	-17.76%
LSR	-96.50%	-74.84%	-24.94%	-10.35%	-6.90%	-5.36%	-3.14%
Capital Expenditures (PPE)
Avg YoY	65.34%	29.19%	15.22%	-1.49%	2.30%	0.07%	-5.25%
Slope	88.49%	28.62%	10.52%	4.82%	7.88%	4.38%	2.47%
CAGR	-95.97%	-79.24%	-53.19%	-34.27%	-31.65%	-25.26%	-18.25%
LSR	-95.97%	-72.51%	-31.81%	-16.26%	-13.15%	-8.80%	-5.75%
Acquisitions (Net)
Avg YoY	—	—	-224.90%	149.57%	-280.42%	-234.46%	-222.28%
Slope	—	—	27.08%	-72.65%	24.12%	17.23%	9.18%
CAGR	—	—	—	—	—	—	—
LSR	—	—	—	—	—	—	—
Purchases of Investments
Avg YoY	100.01%	100.01%	0.01%	-15.45%	-5.15%	6.53%	17.45%
Slope	0.02%	-49.99%	-60.09%	-26.01%	-16.20%	-13.67%	-10.01%
CAGR	—	—	—	—	—	—	—
LSR	—	—	—	—	—	—	—
Sales / Maturities of Investments
Avg YoY	-100.00%	-100.00%	-100.00%	-28.07%	420.63%	362.78%	316.51%
Slope	0.00%	50.00%	40.93%	15.79%	16.35%	13.85%	10.36%
CAGR	—	—	—	—	—	—	—
LSR	—	—	—	—	—	—	—
Other Investing Activities
Avg YoY	0.03%	-3,742.55%	-784.16%	-467.03%	-338.76%	-266.79%	-207.28%
Slope	150.08%	-5.58%	-55.60%	-116.82%	-445.56%	-66.64%	-38.21%
CAGR	—	—	—	—	—	—	—
LSR	—	—	—	—	—	—	—
Net Cash from Investing Activities
Avg YoY	90.16%	-134.76%	-60.79%	-67.90%	-48.44%	-43.53%	-56.34%
Slope	125.34%	2.95%	-11.22%	-8.87%	2.60%	1.89%	0.63%
CAGR	-99.31%	-83.93%	-57.81%	-41.40%	-37.26%	-29.93%	-21.87%
LSR	-99.31%	-76.00%	-29.38%	—	—	—	—
Common Stock Issuance
Avg YoY	—	—	—	-100.00%	1,196.23%	674.86%	472.52%
Slope	—	—	—	-37.50%	-26.78%	-16.45%	-10.39%
CAGR	—	—	—	—	—	—	—
LSR	—	—	—	—	—	—	—
Common Stock Repurchased
Avg YoY	100.00%	-304.18%	-6,868.19%	-4,980.37%	-3,907.19%	-3,009.16%	-2,395.61%
Slope	150.00%	28.76%	28.48%	4.24%	14.68%	8.98%	4.88%
CAGR	—	—	—	—	—	—	—
LSR	—	—	—	—	—	—	—
Net Dividends Paid
Avg YoY	45.77%	21.26%	-11.63%	-8.54%	-8.54%	-8.54%	-8.54%
Slope	71.79%	22.64%	-4.16%	-10.89%	-13.63%	-13.53%	-12.73%
CAGR	-95.35%	-78.13%	-42.71%	—	—	—	—
LSR	-95.35%	-70.25%	-18.86%	—	—	—	—
Common Dividends Paid
Avg YoY	45.77%	21.26%	-11.63%	-8.54%	-8.54%	-8.54%	-8.54%
Slope	71.79%	22.64%	-4.16%	-10.89%	-13.63%	-13.53%	-12.73%
CAGR	-95.35%	-78.13%	-42.71%	—	—	—	—
LSR	-95.35%	-70.25%	-18.86%	—	—	—	—
Other Financing Activities
Avg YoY	16.46%	16.46%	824.15%	-11,824.57%	-8,754.97%	-6,937.81%	-5,743.56%
Slope	55.90%	90.99%	31.32%	13.37%	5.44%	5.88%	3.69%
CAGR	-93.64%	-89.91%	-63.86%	-47.68%	—	-27.00%	-25.80%
LSR	-93.64%	-82.33%	—	—	—	—	—
Net Cash from Financing Activities
Avg YoY	45.01%	34.93%	-262.03%	-216.86%	-201.93%	-166.65%	-139.84%
Slope	71.27%	37.45%	6.96%	0.09%	-3.48%	-0.95%	-1.33%
CAGR	-95.30%	-81.61%	-50.82%	-34.96%	—	-17.12%	-17.59%
LSR	-95.30%	-74.04%	—	—	—	—	—
Effect of FX on Cash
Avg YoY	-69.29%	5.56%	-17.63%	-1,006.35%	-730.63%	-653.05%	-570.44%
Slope	-388.71%	-182.39%	61.79%	-62.49%	-63.16%	-26.74%	17.81%
CAGR	—	—	—	—	—	—	—
LSR	—	—	—	—	—	—	—
Net Change in Cash
Avg YoY	7.86%	-232.86%	262.71%	146.38%	100.65%	72.27%	82.64%
Slope	177.97%	-1,849.13%	358.20%	427.67%	-37.04%	-26.46%	19.17%
CAGR	—	—	—	—	—	—	—
LSR	—	—	—	—	—	—	—
Cash at Beginning of Period
Avg YoY	-71.80%	-23.55%	9.86%	7.81%	278.42%	227.38%	193.62%
Slope	-95.91%	-26.81%	0.39%	-1.82%	-1.90%	1.12%	3.58%
CAGR	—	—	—	—	—	—	—
LSR	—	—	—	—	—	—	—
Cash at End of Period
Avg YoY	-44.02%	-31.61%	14.95%	8.41%	4.24%	218.78%	189.15%
Slope	-70.77%	-36.10%	1.74%	-1.75%	-3.00%	0.52%	4.53%
CAGR	—	—	—	—	—	—	—
LSR	—	—	—	—	—	—	—
Operating Cash Flow
Avg YoY	-60.15%	-30.65%	6.02%	5.32%	6.90%	8.61%	8.93%
Slope	-83.39%	-32.97%	0.17%	2.53%	-0.06%	-0.62%	0.28%
CAGR	-96.50%	-82.49%	-49.00%	-35.39%	-29.67%	-22.48%	-17.76%
LSR	-96.50%	-74.84%	-24.94%	-10.35%	-6.90%	-5.36%	-3.14%
Capital Expenditure
Avg YoY	65.34%	29.19%	15.22%	-1.49%	2.30%	0.07%	-5.25%
Slope	88.49%	28.62%	10.52%	4.82%	7.88%	4.38%	2.47%
CAGR	-95.97%	-79.24%	-53.19%	-34.27%	-31.65%	-25.26%	-18.25%
LSR	-95.97%	-72.51%	-31.81%	-16.26%	-13.15%	-8.80%	-5.75%
Free Cash Flow
Avg YoY	-59.32%	-29.23%	19.66%	19.60%	370.35%	298.26%	248.07%
Slope	-82.62%	-33.61%	2.64%	4.67%	3.19%	0.91%	1.47%
CAGR	-96.59%	-82.95%	-47.25%	-35.61%	-29.01%	-21.26%	-17.63%
LSR	-96.59%	-75.15%	-22.75%	-7.84%	—	—	—

Free Cash Flow

Metric / Stat	3Y	5Y	10Y	15Y	20Y	25Y	30Y
EBITDA
Avg YoY	6.03%	16.66%	24.94%	21.81%	20.57%	18.20%	17.59%
Slope	-10.69%	-1.50%	6.68%	5.41%	-8.13%	-7.25%	-4.54%
CAGR	-8.77%	6.43%	2.68%	7.11%	-6.23%	-3.26%	-0.41%
LSR	-8.77%	-1.62%	6.63%	4.80%	-2.05%	-5.70%	-4.79%
(-) Tax Adjustment
Avg YoY	6.17%	23.27%	11.61%	12.09%	-2.40%	0.36%	3.11%
Slope	-10.04%	0.97%	2.82%	6.45%	-10.56%	-8.82%	-5.61%
CAGR	-8.27%	10.83%	-0.98%	—	-7.83%	-4.56%	-1.53%
LSR	-8.27%	1.66%	2.98%	—	—	—	—
Change In Working Capital
Avg YoY	-100.00%	-0.67%	-1,579.31%	-1,010.04%	-710.20%	71.41%	12.23%
Slope	-150.00%	77.04%	-6.05%	-14.64%	-65.04%	-55.64%	-48.58%
CAGR	—	—	—	—	—	—	—
LSR	—	—	—	—	—	—	—
Capital Expenditure
Avg YoY	65.34%	29.19%	15.22%	-1.49%	2.30%	0.07%	-5.25%
Slope	88.49%	28.62%	10.52%	4.82%	7.88%	4.38%	2.47%
CAGR	—	—	—	—	—	—	—
LSR	—	—	—	—	—	—	—
Unlevered Free Cash Flow
Avg YoY	21.98%	8.40%	420.38%	279.74%	216.05%	172.69%	145.87%
Slope	-0.01%	-17.02%	10.97%	8.89%	-3.98%	-5.54%	-3.46%
CAGR	-0.01%	-6.90%	5.99%	8.70%	-4.66%	-2.31%	0.76%
LSR	-0.01%	-16.45%	14.53%	7.05%	—	—	—
Net Interest After Taxes
Avg YoY	-100.00%	14.99%	-22.69%	-3.75%	-6.48%	-6.48%	-6.48%
Slope	-150.00%	677.83%	42.75%	27.28%	11.04%	2.25%	-1.78%
CAGR	—	—	—	—	—	—	—
LSR	—	—	—	—	—	—	—
Levered Free Cash Flow
Avg YoY	22.03%	8.28%	385.25%	253.44%	214.82%	171.72%	145.07%
Slope	0.10%	-17.08%	10.79%	7.47%	-4.22%	-5.47%	-3.36%
CAGR	0.08%	-6.98%	5.79%	6.45%	-4.66%	-2.31%	0.76%
LSR	0.08%	-16.49%	14.15%	5.26%	—	—	—