Broadcom Inc. (AVGO)

Analysis: Growth Rates Industry: Semiconductors Sector: Technology Live Price: $351.71

Enterprise Value

Metric / Stat	3Y	5Y	10Y	15Y	20Y
Stock Price
Avg YoY	107.72%	70.86%	47.32%	45.15%	38.18%
Slope	67.88%	51.82%	32.11%	25.73%	21.53%
CAGR	107.59%	61.87%	40.47%	39.65%	32.95%
LSR	107.59%	67.03%	34.51%	34.83%	31.89%
Market Capitalization
Avg YoY	107.65%	71.31%	47.72%	45.02%	37.84%
Slope	67.91%	52.02%	32.18%	25.78%	21.55%
CAGR	107.49%	62.51%	40.72%	39.63%	32.74%
LSR	107.49%	67.57%	34.55%	34.77%	31.67%
(-) Cash & Equivalents
Avg YoY	14.63%	11.50%	38.77%	32.66%	33.00%
Slope	0.19%	0.06%	9.69%	13.47%	13.92%
CAGR	0.16%	4.13%	17.04%	17.99%	19.64%
LSR	0.16%	-0.81%	12.57%	18.49%	21.19%
(+) Total Debt
Avg YoY	23.60%	11.53%	19.48%	18,578.03%	13,678.66%
Slope	16.84%	11.46%	13.37%	17.80%	16.81%
CAGR	20.23%	9.35%	15.88%	85.32%	20.17%
LSR	20.23%	11.83%	16.32%	88.86%	40.80%
Enterprise Value
Avg YoY	103.19%	66.58%	44.42%	46.89%	37.50%
Slope	65.84%	49.96%	30.92%	25.34%	21.29%
CAGR	103.16%	58.74%	38.73%	40.97%	31.76%
LSR	103.16%	63.44%	33.18%	36.40%	32.11%

Income Statement

Metric / Stat	3Y	5Y	10Y	15Y	20Y
Revenue
Avg YoY	33.93%	24.17%	19.68%	29.16%	24.23%
Slope	27.83%	21.53%	15.70%	17.88%	16.58%
CAGR	33.55%	23.51%	19.11%	26.66%	21.77%
LSR	33.55%	23.74%	16.84%	27.82%	25.08%
Cost of Revenue
Avg YoY	39.66%	21.06%	13.88%	26.91%	20.31%
Slope	27.95%	19.26%	10.01%	14.79%	14.28%
CAGR	36.03%	18.04%	12.21%	22.59%	16.54%
LSR	36.03%	20.53%	9.70%	22.83%	20.19%
Gross Profit
Avg YoY	32.42%	26.94%	25.15%	31.71%	31.30%
Slope	27.77%	22.70%	19.27%	19.88%	18.10%
CAGR	32.42%	26.62%	24.69%	29.61%	28.15%
LSR	32.42%	25.54%	22.41%	31.75%	30.55%
Gross Margin
Avg YoY	-0.52%	2.75%	4.82%	2.66%	6.25%
Slope	-0.87%	1.42%	4.52%	3.08%	3.93%
CAGR	-0.85%	2.51%	4.69%	2.33%	5.23%
LSR	-0.85%	1.45%	4.77%	3.07%	4.38%
R&D Expenses
Avg YoY	47.57%	25.82%	18.77%	33.85%	27.43%
Slope	33.62%	23.56%	13.83%	17.43%	16.49%
CAGR	44.56%	22.63%	16.99%	28.81%	23.18%
LSR	44.56%	25.48%	14.10%	29.17%	26.76%
SG&A Expenses
Avg YoY	98.21%	53.55%	32.29%	32.94%	23.62%
Slope	36.50%	34.49%	18.67%	18.34%	15.94%
CAGR	62.64%	32.97%	20.17%	23.47%	15.56%
LSR	62.64%	42.72%	19.07%	24.02%	19.08%
Operating Expenses
Avg YoY	59.02%	30.11%	18.06%	40.36%	30.60%
Slope	30.86%	24.56%	12.55%	16.86%	16.07%
CAGR	44.90%	20.94%	12.14%	28.05%	20.96%
LSR	44.90%	27.28%	12.01%	28.71%	25.51%
Operating Income (EBIT)
Avg YoY	36.18%	38.32%	-34.89%	-13.76%	21.32%
Slope	25.23%	21.29%	26.41%	23.13%	20.33%
CAGR	25.40%	31.51%	—	30.96%	—
LSR	25.40%	23.82%	—	—	—
Operating Margin
Avg YoY	5.25%	13.54%	-37.89%	-27.61%	-3.58%
Slope	-7.22%	0.26%	16.24%	6.33%	9.63%
CAGR	-6.11%	6.48%	—	3.39%	—
LSR	-6.11%	0.07%	—	—	—
Interest Income
Avg YoY	-56.92%	211.54%	135.05%	115.99%	115.99%
Slope	-80.57%	14.79%	20.77%	21.85%	19.78%
CAGR	—	—	—	—	—
LSR	—	—	—	—	—
Interest Expense
Avg YoY	62.46%	27.61%	31.72%	427.88%	304.79%
Slope	27.11%	19.61%	18.95%	21.07%	18.26%
CAGR	40.68%	14.23%	20.82%	61.24%	17.79%
LSR	40.68%	20.77%	24.25%	71.65%	33.96%
Net Interest Income
Avg YoY	106.59%	41.79%	40.24%	-348.64%	-267.54%
Slope	-40.88%	-20.08%	-18.79%	-20.99%	-18.13%
CAGR	—	—	—	—	—
LSR	—	—	—	—	—
Other Income / Expense
Avg YoY	102.57%	40.96%	36.13%	-33.52%	-33.55%
Slope	-37.18%	-18.64%	-17.96%	-20.65%	-17.85%
CAGR	—	—	—	—	—
LSR	—	—	—	—	—
Unusual Items
Avg YoY	102.57%	40.96%	36.13%	-33.52%	-33.55%
Slope	37.18%	18.64%	17.96%	20.65%	17.85%
CAGR	64.77%	13.28%	18.72%	47.44%	17.02%
LSR	64.77%	18.73%	21.61%	—	—
EBT excl. Unusual
Avg YoY	202.50%	158.72%	40.87%	48.36%	24.11%
Slope	17.81%	23.62%	35.44%	25.71%	23.01%
CAGR	14.00%	51.98%	—	27.90%	—
LSR	14.00%	24.70%	—	—	—
Pre-Tax Income
Avg YoY	47.45%	50.03%	24.44%	23.93%	-60.92%
Slope	23.98%	21.97%	28.29%	23.69%	20.89%
CAGR	22.70%	35.39%	—	30.27%	—
LSR	22.70%	24.58%	—	—	—
Pre-Tax Margin
Avg YoY	15.33%	23.79%	8.01%	2.23%	-60.74%
Slope	-10.17%	1.15%	19.61%	5.46%	12.54%
CAGR	-8.13%	9.61%	—	2.85%	—
LSR	-8.13%	0.68%	—	—	—
Income Tax Expense
Avg YoY	79.33%	826.17%	-2,242.75%	-1,363.30%	-1,017.61%
Slope	-48.51%	18.34%	131.00%	45.71%	18.09%
CAGR	—	—	—	—	—
LSR	—	—	—	—	—
Net Income
Avg YoY	117.08%	81.83%	90.33%	67.99%	-21.06%
Slope	31.47%	22.16%	22.37%	21.37%	19.54%
CAGR	28.15%	36.12%	—	30.58%	—
LSR	28.15%	19.71%	—	—	—
Net Margin
Avg YoY	72.88%	50.10%	62.40%	38.66%	-29.12%
Slope	-5.38%	0.04%	11.79%	4.70%	11.46%
CAGR	-4.04%	10.21%	—	3.09%	—
LSR	-4.04%	-3.25%	—	—	—
Depreciation & Amortization
Avg YoY	74.34%	27.03%	22.08%	51.60%	36.60%
Slope	32.76%	15.60%	8.74%	15.92%	15.90%
CAGR	51.27%	9.78%	12.49%	33.29%	21.71%
LSR	51.27%	15.53%	8.77%	34.95%	30.51%
EBITDA
Avg YoY	31.53%	24.83%	38.97%	38.56%	54.40%
Slope	27.42%	19.57%	19.58%	20.35%	18.61%
CAGR	30.74%	23.85%	32.99%	31.50%	34.66%
LSR	30.74%	21.07%	25.76%	34.97%	37.32%
EBITDA Margin
Avg YoY	-0.42%	1.24%	15.29%	8.56%	25.10%
Slope	-2.25%	-2.10%	6.06%	5.27%	7.09%
CAGR	-2.10%	0.27%	11.65%	3.82%	10.58%
LSR	-2.10%	-2.16%	7.64%	5.59%	9.79%
NOPAT
Avg YoY	36.18%	38.32%	-34.89%	-13.76%	21.32%
Slope	25.23%	21.29%	26.41%	23.13%	20.33%
CAGR	25.40%	31.51%	—	30.96%	—
LSR	25.40%	23.82%	—	—	—
NOPAT Margin
Avg YoY	5.25%	13.54%	-37.89%	-27.61%	-3.58%
Slope	-7.22%	0.26%	16.24%	6.33%	9.63%
CAGR	-6.11%	6.48%	—	3.39%	—
LSR	-6.11%	0.07%	—	—	—
Owner's Earnings
Avg YoY	45.80%	32.64%	127.39%	94.46%	52.39%
Slope	32.32%	20.11%	17.58%	19.91%	18.54%
CAGR	33.82%	26.19%	55.75%	32.68%	—
LSR	33.82%	19.92%	32.24%	39.00%	—
Owner's Earnings Margin
Avg YoY	12.74%	8.48%	83.01%	51.77%	12.01%
Slope	0.23%	-2.38%	4.58%	6.83%	9.85%
CAGR	0.20%	2.17%	30.76%	4.75%	—
LSR	0.20%	-3.08%	13.19%	8.74%	—
EPS (Basic)
Avg YoY	111.27%	78.59%	86.94%	66.34%	-17.95%
Slope	23.73%	17.80%	21.18%	19.61%	18.58%
CAGR	20.27%	31.47%	—	24.62%	—
LSR	20.27%	15.01%	—	—	—
EPS (Diluted)
Avg YoY	111.82%	79.52%	85.43%	65.22%	-17.25%
Slope	23.68%	18.06%	21.20%	19.62%	18.61%
CAGR	20.21%	31.99%	—	24.61%	—
LSR	20.21%	15.38%	—	—	—
Shares (Basic)
Avg YoY	6.66%	3.64%	2.96%	5.21%	3.88%
Slope	6.25%	4.06%	2.00%	4.79%	4.54%
CAGR	6.56%	3.54%	2.85%	4.78%	3.47%
LSR	6.56%	4.09%	2.00%	5.25%	4.74%
Shares (Diluted)
Avg YoY	6.73%	3.25%	2.75%	5.16%	4.01%
Slope	6.29%	3.73%	1.97%	4.80%	4.66%
CAGR	6.61%	3.13%	2.67%	4.79%	3.63%
LSR	6.61%	3.75%	1.97%	5.29%	4.91%

Product Segments

Metric / Stat	3Y	5Y	10Y	15Y	20Y
Infrastructure Software
Avg YoY	76.89%	41.13%	38.46%	38.46%	38.46%
Slope	51.36%	26.61%	23.45%	23.45%	23.45%
CAGR	60.46%	30.02%	29.58%	29.58%	29.58%
LSR	60.46%	24.39%	21.87%	21.87%	21.87%
Semiconductor Solutions
Avg YoY	1.79%	11.97%	9.36%	9.36%	9.36%
Slope	1.54%	11.21%	10.51%	10.51%	10.51%
CAGR	1.59%	11.32%	8.73%	8.73%	8.73%
LSR	1.59%	12.60%	11.37%	11.37%	11.37%

Geographic Segments

Metric / Stat	3Y	5Y	10Y	15Y	20Y
Americas
Avg YoY	39.85%	24.44%	34.49%	34.49%	34.49%
Slope	33.32%	21.07%	20.21%	20.21%	20.21%
CAGR	38.15%	22.62%	30.80%	30.80%	30.80%
LSR	38.15%	21.43%	23.52%	23.52%	23.52%
Asia Pacific
Avg YoY	5.74%	13.39%	17.62%	17.62%	17.62%
Slope	5.59%	12.20%	13.25%	13.25%	13.25%
CAGR	5.74%	13.07%	16.41%	16.41%	16.41%
LSR	5.74%	13.57%	15.27%	15.27%	15.27%
EMEA
Avg YoY	48.76%	32.90%	30.84%	30.84%	30.84%
Slope	35.89%	22.42%	20.95%	20.95%	20.95%
CAGR	38.91%	27.47%	26.48%	26.48%	26.48%
LSR	38.91%	22.35%	21.43%	21.43%	21.43%

Balance Sheet

Metric / Stat	3Y	5Y	10Y	15Y	20Y
Cash & Cash Equivalents
Avg YoY	14.63%	11.50%	38.77%	32.66%	33.00%
Slope	0.19%	0.06%	9.69%	13.47%	13.92%
CAGR	0.16%	4.13%	17.04%	17.99%	19.64%
LSR	0.16%	-0.81%	12.57%	18.49%	21.19%
Short-Term Investments
Avg YoY	—	—	—	-19.10%	-19.10%
Slope	—	—	—	-23.47%	-5.66%
CAGR	—	—	—	—	—
LSR	—	—	—	—	—
Cash & Short-Term Investments
Avg YoY	14.63%	11.50%	38.77%	32.65%	32.99%
Slope	0.19%	0.06%	9.69%	13.44%	13.91%
CAGR	0.16%	4.13%	17.04%	17.99%	19.64%
LSR	0.16%	-0.81%	12.57%	18.44%	21.18%
Net Receivables
Avg YoY	42.21%	33.73%	14.26%	22.19%	19.88%
Slope	35.10%	25.53%	7.95%	11.76%	12.27%
CAGR	41.18%	32.15%	11.13%	18.84%	16.89%
LSR	41.18%	28.52%	6.85%	15.39%	16.57%
Inventory
Avg YoY	4.93%	14.51%	5.52%	18.57%	14.57%
Slope	2.72%	5.99%	4.80%	9.28%	9.83%
CAGR	2.58%	11.53%	2.78%	13.76%	10.63%
LSR	2.58%	6.84%	4.81%	12.22%	12.19%
Other Current Assets
Avg YoY	183.10%	120.98%	73.88%	130.27%	98.33%
Slope	67.58%	60.21%	33.56%	20.67%	18.28%
CAGR	146.92%	78.91%	29.94%	38.65%	26.67%
LSR	146.92%	101.61%	33.52%	23.76%	22.70%
Total Current Assets
Avg YoY	22.87%	17.53%	21.61%	25.55%	23.34%
Slope	17.61%	11.76%	10.81%	13.28%	13.49%
CAGR	17.55%	14.84%	14.92%	19.30%	18.26%
LSR	17.55%	11.52%	11.61%	17.55%	19.04%
Property, Plant & Equipment
Avg YoY	-7.55%	-0.62%	-2.21%	13.01%	8.19%
Slope	-8.26%	-0.91%	-2.34%	4.93%	7.48%
CAGR	-7.77%	-1.21%	-2.51%	10.71%	6.10%
LSR	-7.77%	-0.93%	-2.33%	7.67%	10.32%
Goodwill
Avg YoY	49.38%	24.93%	16.98%	109.98%	83.54%
Slope	29.28%	21.19%	13.81%	18.95%	18.04%
CAGR	40.40%	18.77%	13.48%	49.81%	37.56%
LSR	40.40%	22.91%	14.07%	51.14%	47.06%
Intangible Assets
Avg YoY	408.09%	183.37%	80.50%	110.19%	77.84%
Slope	53.69%	36.33%	7.82%	13.95%	13.88%
CAGR	170.98%	25.85%	6.01%	28.53%	16.02%
LSR	170.98%	41.33%	2.87%	23.72%	19.53%
Long-Term Investments
Avg YoY	—	—	—	-82.90%	-82.90%
Slope	—	—	—	-20.44%	-3.96%
CAGR	—	—	—	—	—
LSR	—	—	—	—	—
Tax Assets
Avg YoY	—	—	-100.00%	-75.20%	-75.20%
Slope	—	—	-9.07%	12.05%	14.28%
CAGR	—	—	—	—	—
LSR	—	—	—	—	—
Other Non-Current Assets
Avg YoY	87.87%	44.95%	36.45%	47.87%	39.53%
Slope	50.51%	35.01%	27.00%	22.62%	19.37%
CAGR	80.04%	35.53%	29.52%	33.79%	25.21%
LSR	80.04%	39.76%	31.43%	31.75%	26.89%
Total Non-Current Assets
Avg YoY	72.49%	33.31%	18.21%	61.92%	43.57%
Slope	34.76%	24.25%	12.16%	17.17%	16.50%
CAGR	53.63%	20.25%	11.06%	35.29%	22.26%
LSR	53.63%	26.30%	11.31%	34.16%	29.24%
Total Assets
Avg YoY	53.48%	25.87%	15.59%	43.80%	32.71%
Slope	31.73%	21.86%	11.90%	16.40%	15.89%
CAGR	44.48%	19.15%	11.68%	29.28%	21.29%
LSR	44.48%	23.47%	11.37%	28.25%	26.08%
Accounts Payable
Avg YoY	7.58%	7.12%	1.49%	12.60%	11.12%
Slope	6.00%	8.62%	2.53%	6.31%	7.57%
CAGR	6.51%	6.15%	-0.27%	9.72%	8.60%
LSR	6.51%	9.05%	2.63%	7.90%	9.16%
Short-Term Debt
Avg YoY	60.22%	114.87%	18.06%	76.36%	35.45%
Slope	33.32%	46.80%	15.86%	19.87%	15.10%
CAGR	33.21%	80.24%	20.80%	—	39.16%
LSR	33.21%	77.17%	—	—	—
Tax Payables
Avg YoY	-31.98%	-16.90%	14.34%	27.64%	27.64%
Slope	-63.55%	-23.92%	12.12%	15.59%	16.27%
CAGR	—	—	—	—	—
LSR	—	—	—	—	—
Deferred Revenue
Avg YoY	68.80%	33.79%	118.55%	223.86%	173.41%
Slope	-34.28%	0.68%	19.69%	20.59%	18.84%
CAGR	—	—	—	—	—
LSR	—	—	—	—	—
Other Current Liabilities
Avg YoY	201.76%	98.24%	-2,853.57%	-1,876.21%	-1,359.35%
Slope	95.68%	55.42%	34.93%	28.27%	21.75%
CAGR	194.15%	65.36%	—	51.54%	20.48%
LSR	194.15%	58.54%	—	—	—
Total Current Liabilities
Avg YoY	54.18%	31.45%	41.81%	43.14%	32.51%
Slope	31.45%	25.83%	20.35%	19.52%	16.52%
CAGR	44.34%	25.23%	21.57%	28.33%	18.32%
LSR	44.34%	29.43%	25.27%	28.16%	20.23%
Long-Term Debt
Avg YoY	24.78%	11.37%	18.94%	15.83%	0.17%
Slope	16.76%	10.97%	13.31%	17.74%	16.86%
CAGR	20.41%	8.59%	15.68%	—	19.90%
LSR	20.41%	11.26%	16.12%	—	—
Capital Lease Obligations
Avg YoY	-64.44%	-38.64%	-48.69%	-53.36%	-28.03%
Slope	-87.65%	-37.02%	1.14%	12.79%	12.44%
CAGR	—	—	—	—	—
LSR	—	—	—	—	—
Deferred Tax Liabilities
Avg YoY	-802.84%	-598.36%	27.62%	8,388.07%	8,388.07%
Slope	11.49%	15.68%	-27.93%	1.04%	8.10%
CAGR	—	—	—	—	—
LSR	—	—	—	—	—
Other Non-Current Liabilities
Avg YoY	54.79%	203.99%	111.11%	117.86%	93.34%
Slope	43.23%	28.11%	10.72%	15.23%	15.62%
CAGR	53.18%	16.92%	18.97%	33.34%	30.28%
LSR	53.18%	45.16%	9.51%	26.33%	29.53%
Total Non-Current Liabilities
Avg YoY	29.40%	13.40%	14.76%	414.94%	297.88%
Slope	19.11%	12.45%	9.79%	16.23%	16.08%
CAGR	23.90%	9.84%	9.42%	53.48%	20.57%
LSR	23.90%	12.83%	10.50%	52.11%	36.51%
Total Liabilities
Avg YoY	33.11%	15.96%	17.09%	114.74%	78.60%
Slope	21.23%	14.56%	11.21%	16.68%	16.14%
CAGR	27.07%	12.04%	10.91%	41.55%	20.08%
LSR	27.07%	15.21%	12.12%	40.67%	30.21%
Preferred Stock
Avg YoY	—	-100.00%	-36.40%	-52.30%	-52.30%
Slope	—	-100.00%	-6.45%	2.73%	9.05%
CAGR	—	—	—	—	—
LSR	—	—	—	—	—
Common Stock
Avg YoY	-1.55%	-1.55%	-23.50%	50.83%	34.07%
Slope	74.42%	74.81%	-42.11%	-8.03%	2.28%
CAGR	—	—	-61.08%	—	-27.24%
LSR	—	—	—	—	—
Retained Earnings
Avg YoY	-100.00%	27.71%	-454.30%	-241.41%	-119.55%
Slope	78.61%	51.59%	29.78%	7.45%	15.13%
CAGR	78.95%	84.29%	—	17.58%	—
LSR	—	—	—	—	—
Accumulated OCI
Avg YoY	-3.47%	-134.87%	-60.95%	-34.92%	-45.75%
Slope	-3.90%	103.19%	212.40%	48.59%	19.48%
CAGR	-3.74%	—	—	33.41%	—
LSR	-3.74%	—	—	—	—
Minority Interest
Avg YoY	—	—	-54.48%	-54.48%	-54.48%
Slope	—	—	-48.77%	-8.16%	2.94%
CAGR	—	—	—	—	—
LSR	—	—	—	—	—
Total Shareholders’ Equity
Avg YoY	2,221.61%	1,166.60%	407.27%	306.16%	255.23%
Slope	74.55%	52.83%	-27.11%	-3.89%	5.39%
CAGR	74.38%	91.30%	-9.26%	17.74%	9.91%
LSR	74.38%	36.05%	—	—	—
Total Equity
Avg YoY	2,221.61%	1,166.60%	405.39%	308.27%	256.79%
Slope	74.55%	52.83%	-28.66%	-4.13%	5.25%
CAGR	74.38%	91.30%	-10.73%	17.74%	9.91%
LSR	74.38%	36.05%	—	—	—
Total Liabilities & Equity
Avg YoY	33.57%	17.32%	6.74%	52.40%	35.83%
Slope	24.12%	16.24%	5.08%	12.97%	14.24%
CAGR	30.23%	14.72%	5.13%	33.61%	17.77%
LSR	30.23%	17.07%	4.43%	25.67%	28.72%
Tangible Assets
Avg YoY	23.66%	17.13%	17.50%	23.61%	19.88%
Slope	20.28%	13.54%	10.73%	12.96%	13.14%
CAGR	21.13%	15.74%	13.73%	19.48%	16.58%
LSR	21.13%	13.60%	11.11%	17.01%	17.99%
Tangible Equity
Avg YoY	81.17%	36.08%	55.52%	309.93%	247.30%
Slope	-33.43%	-23.50%	-19.04%	-22.12%	-19.26%
CAGR	—	—	—	—	—
LSR	—	—	—	—	—
Tangible Book Value
Avg YoY	81.17%	36.08%	55.52%	309.93%	247.30%
Slope	-33.43%	-23.50%	-19.04%	-22.12%	-19.26%
CAGR	—	—	—	—	—
LSR	—	—	—	—	—
Total Investments
Avg YoY	—	—	-100.00%	62.26%	62.26%
Slope	—	—	42.42%	-23.50%	-5.67%
CAGR	—	—	—	—	—
LSR	—	—	—	—	—
Net Debt
Avg YoY	45.46%	20.55%	28.09%	1.99%	-13.99%
Slope	22.59%	16.06%	14.67%	19.45%	17.93%
CAGR	31.29%	12.00%	15.52%	—	20.39%
LSR	31.29%	16.78%	19.24%	—	—

Capital Structure

Metric / Stat	3Y	5Y	10Y	15Y	20Y
Working Capital
Avg YoY	131.46%	72.98%	62.10%	48.82%	45.92%
Slope	-10.64%	-6.59%	3.47%	8.93%	11.41%
CAGR	-7.54%	2.88%	10.94%	14.31%	17.25%
LSR	-7.54%	-11.92%	2.90%	10.53%	17.56%
Total Capital
Avg YoY	48.26%	23.63%	17.71%	39.73%	29.70%
Slope	31.21%	20.99%	13.36%	17.01%	16.24%
CAGR	42.29%	18.67%	15.12%	29.62%	21.46%
LSR	42.29%	22.34%	13.78%	28.84%	26.36%
Capital Employed
Avg YoY	52.11%	24.77%	14.72%	45.05%	33.91%
Slope	31.00%	21.00%	11.20%	16.16%	15.87%
CAGR	43.21%	18.12%	11.05%	29.62%	21.63%
LSR	43.21%	22.40%	10.59%	28.50%	27.14%
Invested Capital
Avg YoY	64.70%	30.71%	20.55%	50.27%	35.47%
Slope	35.34%	24.37%	13.95%	17.60%	16.63%
CAGR	52.24%	21.35%	14.91%	33.51%	21.73%
LSR	52.24%	26.42%	14.18%	32.15%	27.68%

Cash Flow

Metric / Stat	3Y	5Y	10Y	15Y	20Y
Net Income
Avg YoY	111.82%	79.52%	122.10%	90.70%	119.21%
Slope	23.68%	18.06%	20.92%	19.54%	18.56%
CAGR	20.21%	31.99%	—	24.61%	—
LSR	20.21%	15.38%	—	—	—
Depreciation & Amortization
Avg YoY	59.79%	19.87%	17.51%	40.75%	28.46%
Slope	28.43%	11.62%	6.64%	14.23%	14.51%
CAGR	41.89%	6.45%	9.57%	27.20%	17.44%
LSR	41.89%	11.36%	6.67%	28.17%	24.40%
Deferred Income Tax
Avg YoY	175.26%	-228.37%	-599.67%	-289.74%	-1,800.28%
Slope	59.88%	409.22%	32.28%	4.01%	-6.03%
CAGR	—	—	—	—	—
LSR	—	—	—	—	—
Stock-Based Compensation
Avg YoY	83.06%	49.41%	34.32%	45.96%	43.30%
Slope	48.22%	39.26%	21.07%	21.10%	19.18%
CAGR	75.13%	40.76%	27.33%	39.28%	—
LSR	75.13%	48.20%	22.09%	35.65%	—
Change in Working Capital
Avg YoY	-116.35%	-362.98%	-116.02%	-49.11%	-158.79%
Slope	-65.99%	-57.03%	-42.14%	-31.15%	-26.46%
CAGR	113.35%	177.34%	—	41.27%	—
LSR	113.35%	147.68%	—	—	—
Accounts Receivable
Avg YoY	498.56%	138.92%	74.62%	17.24%	16.24%
Slope	-663.72%	-96.02%	-14.20%	-6.58%	-14.33%
CAGR	257.55%	—	17.80%	28.53%	—
LSR	—	—	—	—	—
Inventory
Avg YoY	-19.13%	-12.57%	-2.30%	116.90%	74.07%
Slope	-248.05%	18.74%	-217.18%	-57.96%	-25.65%
CAGR	—	11.28%	—	—	—
LSR	—	—	—	—	—
Accounts Payable
Avg YoY	-122.14%	-3.79%	846.69%	625.33%	465.27%
Slope	-219.98%	-67.06%	318.54%	42.92%	5.49%
CAGR	—	—	—	—	—
LSR	—	—	—	—	—
Other Working Capital
Avg YoY	-126.14%	-557.21%	-342.82%	-226.00%	-223.79%
Slope	-33.60%	-57.02%	-36.94%	-29.20%	-24.63%
CAGR	63.73%	99.79%	61.31%	46.31%	—
LSR	63.73%	170.34%	—	—	—
Other Non-Cash Items
Avg YoY	42.10%	27.23%	42.51%	85.10%	424.36%
Slope	-237.56%	-220.59%	-644.54%	-225.56%	-103.15%
CAGR	—	—	—	—	—
LSR	—	—	—	—	—
Net Cash from Operating Activities
Avg YoY	17.23%	16.21%	24.60%	26.43%	30.90%
Slope	15.32%	12.12%	15.11%	17.27%	16.54%
CAGR	15.75%	15.32%	22.85%	23.72%	21.06%
LSR	15.75%	12.69%	19.00%	26.66%	28.08%
Capital Expenditures (PPE)
Avg YoY	-10.14%	-5.74%	1.30%	-13.80%	-15.08%
Slope	-9.68%	-5.85%	7.97%	0.25%	-5.56%
CAGR	10.12%	5.59%	-4.19%	7.87%	9.24%
LSR	10.12%	5.87%	-6.47%	1.16%	9.93%
Acquisitions (Net)
Avg YoY	-21,801.89%	-11,074.85%	-6,332.55%	-5,072.68%	-4,362.30%
Slope	0.34%	-49.06%	0.52%	-8.47%	-12.28%
CAGR	—	—	—	—	—
LSR	—	—	—	—	—
Purchases of Investments
Avg YoY	-90.54%	-1,355.84%	-684.22%	-512.75%	-385.60%
Slope	-26.17%	-41.33%	-16.58%	-19.37%	-13.68%
CAGR	23.21%	—	26.21%	50.64%	—
LSR	23.21%	—	—	—	—
Sales / Maturities of Investments
Avg YoY	8.83%	12.65%	-16.77%	-8.00%	-8.00%
Slope	-2.51%	1.96%	9.35%	15.30%	16.11%
CAGR	-2.17%	6.72%	7.28%	—	—
LSR	-2.17%	1.51%	—	—	—
Other Investing Activities
Avg YoY	2,358.23%	640.61%	995.04%	675.83%	460.72%
Slope	18.21%	56.53%	29.93%	18.41%	111.13%
CAGR	—	—	—	—	—
LSR	—	—	—	—	—
Net Cash from Investing Activities
Avg YoY	-1,397.40%	-743.31%	-394.55%	-526.36%	-485.94%
Slope	1.23%	-45.04%	2.81%	-7.02%	-9.50%
CAGR	-13.94%	20.28%	-28.89%	6.67%	-9.82%
LSR	-13.94%	63.21%	-14.98%	6.93%	—
Net Debt Issuance
Avg YoY	2,249.13%	1,144.35%	636.86%	19,281.07%	14,191.40%
Slope	-20.30%	63.31%	-6.85%	6.70%	10.92%
CAGR	—	—	—	—	—
LSR	—	—	—	—	—
Long-Term Debt Issuance
Avg YoY	2,249.13%	1,144.35%	636.94%	3,765.23%	2,758.68%
Slope	-20.30%	63.31%	-6.88%	11.28%	13.42%
CAGR	—	—	—	—	—
LSR	—	—	—	—	—
Short-Term Debt Issuance
Avg YoY	—	—	100.00%	0.00%	0.00%
Slope	—	—	42.42%	-21.52%	-4.56%
CAGR	—	—	—	—	—
LSR	—	—	—	—	—
Net Stock Issuance
Avg YoY	3.34%	-158.10%	-372.81%	-119.96%	108.61%
Slope	13.89%	-16.41%	-21.28%	-23.13%	-23.37%
CAGR	-15.83%	47.77%	—	42.14%	—
LSR	-15.83%	40.25%	—	—	—
Common Stock Issuance
Avg YoY	26.85%	6.93%	0.31%	13.16%	8.03%
Slope	22.35%	6.83%	-7.65%	-0.32%	-9.39%
CAGR	26.25%	3.54%	-5.67%	3.59%	-12.14%
LSR	26.25%	6.90%	-7.04%	0.65%	—
Common Stock Repurchased
Avg YoY	2.88%	-136.10%	-73.39%	-30.05%	-23.95%
Slope	13.16%	-16.19%	-17.01%	-20.35%	-18.50%
CAGR	-15.00%	43.95%	—	28.97%	14.39%
LSR	-15.00%	37.37%	—	—	—
Preferred Stock Issuance
Avg YoY	—	—	-100.00%	-100.00%	-100.00%
Slope	—	—	-18.18%	5.36%	10.53%
CAGR	—	—	—	—	—
LSR	—	—	—	—	—
Net Dividends Paid
Avg YoY	-13.25%	-12.25%	-34.78%	-37.41%	-28.25%
Slope	-12.35%	-11.28%	-17.90%	-19.90%	-18.69%
CAGR	13.24%	12.21%	31.46%	35.07%	57.58%
LSR	13.24%	12.00%	27.32%	37.64%	—
Common Dividends Paid
Avg YoY	-13.25%	-12.25%	-34.78%	-37.41%	-28.25%
Slope	-12.35%	-11.28%	-17.90%	-19.90%	-18.69%
CAGR	13.24%	12.21%	31.46%	35.07%	57.58%
LSR	13.24%	12.00%	27.32%	37.64%	—
Preferred Dividends Paid
Avg YoY	—	—	—	—	100.00%
Slope	—	—	—	—	28.57%
CAGR	—	—	—	—	—
LSR	—	—	—	—	—
Other Financing Activities
Avg YoY	-200.23%	-77.86%	-49.34%	-38.97%	-35.29%
Slope	-65.30%	-25.69%	2.54%	-22.40%	-19.17%
CAGR	148.17%	15.31%	7.70%	—	21.84%
LSR	148.17%	26.21%	-4.20%	—	—
Net Cash from Financing Activities
Avg YoY	-476.68%	-257.49%	-248.65%	83.18%	47.59%
Slope	-8.97%	-2.62%	-42.86%	-37.50%	-32.08%
CAGR	6.47%	18.66%	—	27.83%	—
LSR	6.47%	-9.19%	—	—	—
Net Change in Cash
Avg YoY	-52.55%	98.69%	125.44%	138.50%	105.03%
Slope	183.87%	-9.78%	-1.98%	7.81%	9.89%
CAGR	84.10%	7.36%	17.37%	20.26%	14.33%
LSR	—	—	—	—	—
Cash at Beginning of Period
Avg YoY	-16.50%	7.51%	37.45%	31.40%	29.60%
Slope	-18.87%	1.59%	11.85%	14.55%	14.72%
CAGR	-18.61%	2.05%	16.81%	16.66%	—
LSR	-18.61%	1.97%	17.21%	20.23%	—
Cash at End of Period
Avg YoY	14.63%	11.50%	38.77%	32.66%	33.00%
Slope	0.19%	0.06%	9.69%	13.47%	13.92%
CAGR	0.16%	4.13%	17.04%	17.99%	19.64%
LSR	0.16%	-0.81%	12.57%	18.49%	21.19%
Operating Cash Flow
Avg YoY	17.23%	16.21%	24.60%	26.43%	30.90%
Slope	15.32%	12.12%	15.11%	17.27%	16.54%
CAGR	15.75%	15.32%	22.85%	23.72%	21.06%
LSR	15.75%	12.69%	19.00%	26.66%	28.08%
Capital Expenditure
Avg YoY	-10.14%	-5.74%	1.30%	-13.80%	-15.48%
Slope	-9.68%	-5.85%	7.97%	0.25%	-5.52%
CAGR	10.12%	5.59%	-4.19%	7.87%	9.24%
LSR	10.12%	5.87%	-6.47%	1.16%	9.80%
Free Cash Flow
Avg YoY	17.44%	16.54%	28.08%	29.33%	39.25%
Slope	15.46%	12.29%	16.17%	18.38%	17.27%
CAGR	15.89%	15.60%	25.82%	25.01%	22.03%
LSR	15.89%	12.89%	21.40%	30.42%	30.77%

Free Cash Flow

Metric / Stat	3Y	5Y	10Y	15Y	20Y
EBITDA
Avg YoY	24.64%	19.74%	21.68%	28.94%	35.62%
Slope	22.10%	16.15%	15.92%	17.85%	16.94%
CAGR	24.37%	19.21%	20.78%	26.14%	30.67%
LSR	24.37%	17.25%	18.40%	28.09%	30.33%
(-) Tax Adjustment
Avg YoY	203.11%	630.83%	484.66%	293.31%	257.56%
Slope	-21.24%	29.75%	36.31%	27.22%	22.68%
CAGR	—	—	—	—	—
LSR	—	—	—	—	—
Change In Working Capital
Avg YoY	-116.35%	-362.98%	-116.02%	-49.11%	-158.79%
Slope	-65.99%	-57.03%	-42.14%	-31.15%	-26.46%
CAGR	—	—	—	—	—
LSR	—	—	—	—	—
Capital Expenditure
Avg YoY	-10.14%	-5.74%	1.30%	-13.80%	-15.48%
Slope	-9.68%	-5.85%	7.97%	0.25%	-5.52%
CAGR	—	—	—	—	—
LSR	—	—	—	—	—
Unlevered Free Cash Flow
Avg YoY	47.69%	31.59%	31.14%	40.88%	53.02%
Slope	34.88%	20.17%	17.66%	19.22%	17.92%
CAGR	37.47%	25.68%	26.77%	28.97%	—
LSR	37.47%	19.73%	20.33%	31.69%	—
Net Interest After Taxes
Avg YoY	-69.65%	-22.04%	-30.86%	-356.70%	-252.46%
Slope	-46.29%	-13.22%	-14.79%	-18.84%	-15.78%
CAGR	—	—	—	—	—
LSR	—	—	—	—	—
Net Debt Issuance
Avg YoY	2,249.13%	1,144.35%	636.86%	19,281.07%	14,191.40%
Slope	-20.30%	63.31%	-6.85%	6.70%	10.92%
CAGR	—	—	—	—	—
LSR	—	—	—	—	—
Levered Free Cash Flow
Avg YoY	42.11%	29.34%	24.00%	159.03%	120.76%
Slope	27.34%	23.77%	12.45%	16.47%	16.28%
CAGR	36.14%	25.43%	12.14%	32.93%	19.56%
LSR	36.14%	27.51%	13.07%	32.20%	32.25%