Old Dominion Freight Line, Inc. (ODFL)

Analysis: Growth Rates Industry: Trucking Sector: Industrials Live Price: $175.65

Enterprise Value

Metric / Stat	3Y	5Y	10Y	15Y	20Y	25Y	30Y
Stock Price
Avg YoY	14.94%	23.17%	32.56%	30.27%	26.13%	33.47%	28.87%
Slope	9.94%	11.35%	21.75%	19.91%	17.95%	16.04%	14.40%
CAGR	11.50%	15.95%	27.59%	25.78%	22.07%	28.66%	23.92%
LSR	11.50%	13.96%	30.69%	28.26%	26.93%	27.23%	25.94%
Market Capitalization
Avg YoY	14.54%	22.82%	32.40%	30.17%	26.06%	33.41%	28.81%
Slope	9.71%	11.28%	21.69%	19.88%	17.93%	16.03%	14.39%
CAGR	11.21%	15.81%	27.51%	25.73%	22.04%	28.63%	23.90%
LSR	11.21%	13.86%	30.60%	28.22%	26.90%	27.21%	25.93%
(-) Cash & Equivalents
Avg YoY	32.32%	5.85%	149.62%	186.34%	165.49%	225.56%	185.83%
Slope	-14.65%	-17.20%	13.80%	16.83%	16.44%	14.97%	13.66%
CAGR	-21.94%	-26.22%	30.80%	25.17%	29.10%	23.63%	16.98%
LSR	-21.94%	-21.66%	38.79%	31.44%	32.84%	30.11%	26.06%
(+) Total Debt
Avg YoY	48.09%	25.24%	16.50%	5.87%	10.35%	9.58%	12.12%
Slope	31.78%	13.26%	4.63%	-7.12%	-5.66%	-1.69%	0.70%
CAGR	32.62%	16.52%	4.52%	-2.31%	2.22%	2.39%	5.59%
LSR	32.62%	11.14%	4.10%	-6.39%	-5.88%	-1.93%	1.06%
Enterprise Value
Avg YoY	14.58%	23.17%	32.01%	28.78%	24.81%	28.03%	25.36%
Slope	9.93%	11.54%	21.70%	19.70%	17.66%	15.79%	14.19%
CAGR	11.44%	16.24%	27.19%	24.51%	21.28%	24.84%	22.35%
LSR	11.44%	14.20%	30.35%	27.19%	25.13%	24.64%	23.44%

Income Statement

Metric / Stat	3Y	5Y	10Y	15Y	20Y	25Y	30Y
Revenue
Avg YoY	-3.58%	10.71%	8.39%	10.82%	10.07%	11.65%	12.05%
Slope	-3.72%	7.73%	8.65%	9.04%	8.92%	9.14%	9.03%
CAGR	-3.62%	9.70%	7.74%	10.26%	9.36%	10.99%	11.49%
LSR	-3.62%	8.88%	9.27%	10.12%	10.02%	11.36%	11.91%
Cost of Revenue
Avg YoY	-2.65%	8.66%	6.62%	8.99%	28.05%	25.69%	27.61%
Slope	-2.74%	6.51%	6.77%	7.50%	10.53%	11.01%	10.73%
CAGR	-2.68%	8.01%	6.16%	8.57%	15.52%	15.43%	16.66%
LSR	-2.68%	7.27%	7.15%	8.30%	16.99%	18.54%	18.43%
Gross Profit
Avg YoY	-5.27%	15.26%	12.76%	16.22%	9.43%	11.31%	11.54%
Slope	-5.51%	10.08%	12.74%	12.70%	5.90%	5.93%	6.22%
CAGR	-5.31%	13.28%	11.53%	15.12%	4.89%	7.53%	8.22%
LSR	-5.31%	12.21%	14.34%	15.06%	5.58%	5.85%	6.81%
Gross Margin
Avg YoY	-1.75%	3.39%	3.62%	4.49%	-0.46%	-0.21%	-0.38%
Slope	-1.77%	2.91%	4.49%	4.35%	-5.83%	-5.44%	-4.43%
CAGR	-1.75%	3.26%	3.52%	4.40%	-4.09%	-3.12%	-2.93%
LSR	-1.75%	3.06%	4.63%	4.49%	-4.04%	-4.94%	-4.56%
SG&A Expenses
Avg YoY	9.38%	13.99%	8.50%	10.26%	4.00%	68.12%	96.78%
Slope	8.98%	12.26%	7.87%	8.19%	-8.41%	-2.71%	0.35%
CAGR	9.38%	13.88%	8.11%	9.95%	-3.93%	10.92%	2.07%
LSR	9.38%	13.51%	8.07%	8.96%	-4.95%	2.58%	5.30%
Operating Expenses
Avg YoY	7.41%	10.59%	7.33%	9.25%	3.74%	5.10%	8.16%
Slope	7.16%	8.92%	6.68%	7.53%	-5.16%	-3.02%	-0.84%
CAGR	7.35%	10.45%	7.05%	8.96%	-2.12%	0.20%	3.55%
LSR	7.35%	9.56%	6.94%	8.30%	-2.95%	-2.59%	-0.62%
Operating Income (EBIT)
Avg YoY	-8.38%	17.24%	15.33%	20.83%	19.71%	22.12%	22.07%
Slope	-8.85%	10.40%	14.78%	14.63%	14.01%	13.24%	12.34%
CAGR	-8.41%	14.23%	13.39%	18.84%	15.64%	18.41%	—
LSR	-8.41%	13.08%	17.24%	18.39%	18.32%	19.48%	—
Operating Margin
Avg YoY	-4.97%	4.58%	5.63%	8.22%	7.33%	8.16%	8.12%
Slope	-5.09%	3.54%	6.88%	6.94%	6.95%	6.70%	6.58%
CAGR	-4.97%	4.13%	5.24%	7.78%	5.74%	6.68%	—
LSR	-4.97%	3.86%	7.29%	7.51%	7.55%	7.30%	—
Interest Income
Avg YoY	97.48%	164.82%	236.43%	157.81%	190.81%	188.45%	188.45%
Slope	52.43%	56.79%	31.34%	26.46%	18.17%	16.39%	14.71%
CAGR	86.63%	74.61%	63.04%	40.34%	28.01%	—	—
LSR	86.63%	106.46%	63.75%	44.86%	19.44%	—	—
Interest Expense
Avg YoY	-62.31%	-43.01%	45.22%	23.68%	22.13%	20.62%	20.62%
Slope	-90.51%	-47.44%	-21.68%	-20.07%	-11.93%	-3.89%	0.64%
CAGR	-63.17%	-47.46%	-29.94%	-25.31%	-16.61%	—	—
LSR	-63.17%	-47.60%	-20.29%	-24.02%	-18.49%	—	—
Net Interest Income
Avg YoY	153.81%	-36.62%	-59.02%	-43.50%	-27.87%	-24.74%	-24.74%
Slope	62.29%	79.80%	65.88%	112.64%	32.12%	15.81%	7.64%
CAGR	124.91%	—	—	—	—	—	—
LSR	124.91%	—	—	—	—	—	—
Other Income / Expense
Avg YoY	218.88%	50.86%	53.99%	30.44%	26.49%	27.35%	19.21%
Slope	73.39%	112.39%	116.05%	64.00%	24.44%	12.03%	5.26%
CAGR	174.37%	—	—	—	—	—	4.80%
LSR	174.37%	—	—	—	—	—	—
Unusual Items
Avg YoY	218.88%	50.86%	53.99%	30.44%	26.49%	27.35%	19.21%
Slope	-73.39%	-112.39%	-116.05%	-64.00%	-24.44%	-12.03%	-5.26%
CAGR	—	—	—	—	—	—	—
LSR	—	—	—	—	—	—	—
EBT excl. Unusual
Avg YoY	-7.20%	18.40%	16.24%	24.57%	26.97%	29.23%	26.60%
Slope	-7.57%	11.31%	15.23%	15.44%	14.96%	14.00%	12.89%
CAGR	-7.24%	15.42%	14.30%	21.95%	17.31%	20.48%	17.28%
LSR	-7.24%	14.26%	17.94%	20.57%	21.57%	22.40%	21.49%
Pre-Tax Income
Avg YoY	-7.99%	17.67%	15.64%	21.93%	21.15%	24.00%	24.26%
Slope	-8.43%	10.71%	14.94%	14.90%	14.33%	13.51%	12.54%
CAGR	-8.03%	14.65%	13.71%	19.78%	16.17%	19.32%	20.04%
LSR	-8.03%	13.49%	17.48%	19.06%	19.27%	20.53%	20.65%
Pre-Tax Margin
Avg YoY	-4.57%	4.97%	5.90%	9.14%	8.45%	9.64%	9.75%
Slope	-4.68%	3.89%	7.07%	7.37%	7.54%	7.34%	7.00%
CAGR	-4.57%	4.52%	5.54%	8.63%	6.22%	7.50%	7.67%
LSR	-4.57%	4.24%	7.51%	8.12%	8.41%	8.24%	7.81%
Income Tax Expense
Avg YoY	-10.52%	16.22%	13.44%	20.00%	19.58%	22.95%	23.45%
Slope	-11.17%	9.30%	12.18%	11.92%	12.11%	11.93%	11.39%
CAGR	-10.54%	12.90%	8.03%	15.61%	13.01%	16.90%	18.08%
LSR	-10.54%	11.77%	13.36%	14.14%	15.40%	17.60%	18.49%
Net Income
Avg YoY	-7.15%	18.15%	18.67%	24.23%	23.01%	25.30%	25.31%
Slope	-7.54%	11.18%	15.90%	16.02%	15.18%	14.12%	12.99%
CAGR	-7.20%	15.23%	16.30%	21.72%	17.72%	20.43%	20.92%
LSR	-7.20%	14.06%	19.50%	21.35%	21.10%	21.91%	21.65%
Net Margin
Avg YoY	-3.71%	5.46%	8.70%	11.20%	10.10%	10.82%	10.70%
Slope	-3.78%	4.37%	8.39%	8.98%	8.89%	8.41%	7.85%
CAGR	-3.71%	5.04%	7.95%	10.40%	7.64%	8.50%	8.46%
LSR	-3.71%	4.76%	9.36%	10.20%	10.07%	9.48%	8.70%
Depreciation & Amortization
Avg YoY	11.86%	7.36%	8.63%	11.11%	10.38%	11.53%	3.97%
Slope	10.87%	7.88%	7.25%	9.03%	8.75%	9.03%	9.16%
CAGR	11.72%	7.16%	8.50%	10.96%	10.05%	11.19%	—
LSR	11.72%	8.06%	7.69%	10.53%	9.98%	11.28%	—
EBITDA
Avg YoY	-5.53%	14.62%	13.48%	17.78%	15.55%	17.29%	5.86%
Slope	-5.73%	9.98%	13.33%	13.49%	12.87%	12.31%	11.63%
CAGR	-5.54%	12.76%	12.32%	16.67%	14.12%	15.98%	—
LSR	-5.54%	12.02%	15.19%	16.52%	15.92%	16.86%	—
EBITDA Margin
Avg YoY	-1.99%	2.91%	4.38%	5.93%	4.53%	4.67%	-5.30%
Slope	-2.01%	2.76%	5.20%	5.48%	5.17%	4.82%	5.07%
CAGR	-1.99%	2.79%	4.25%	5.81%	4.35%	4.50%	—
LSR	-1.99%	2.88%	5.42%	5.82%	5.36%	4.95%	—
NOPAT
Avg YoY	-8.38%	17.24%	15.33%	20.83%	19.71%	22.12%	22.07%
Slope	-8.85%	10.40%	14.78%	14.63%	14.01%	13.24%	12.34%
CAGR	-8.41%	14.23%	13.39%	18.84%	15.64%	18.41%	—
LSR	-8.41%	13.08%	17.24%	18.39%	18.32%	19.48%	—
NOPAT Margin
Avg YoY	-4.97%	4.58%	5.63%	8.22%	7.33%	8.16%	8.12%
Slope	-5.09%	3.54%	6.88%	6.94%	6.95%	6.70%	6.58%
CAGR	-4.97%	4.13%	5.24%	7.78%	5.74%	6.68%	—
LSR	-4.97%	3.86%	7.29%	7.51%	7.55%	7.30%	—
Owner's Earnings
Avg YoY	-7.00%	2.24%	134.21%	88.18%	68.39%	102.94%	55.04%
Slope	-7.29%	2.10%	20.66%	22.37%	22.17%	19.73%	17.57%
CAGR	-7.01%	1.73%	65.91%	21.51%	—	—	—
LSR	-7.01%	2.21%	50.85%	—	—	—	—
Owner's Earnings Margin
Avg YoY	-3.50%	-6.93%	122.95%	76.73%	62.17%	88.23%	43.90%
Slope	-3.56%	-6.61%	15.56%	19.66%	27.64%	32.07%	51.37%
CAGR	-3.51%	-7.26%	53.99%	10.20%	—	—	—
LSR	-3.51%	-6.13%	38.05%	—	—	—	—
EPS (Basic)
Avg YoY	-4.87%	20.98%	20.88%	25.40%	23.87%	24.36%	24.50%
Slope	-5.05%	13.28%	17.48%	17.07%	15.85%	14.52%	13.23%
CAGR	-4.90%	18.01%	18.57%	23.09%	18.69%	19.79%	20.37%
LSR	-4.90%	16.90%	21.79%	22.91%	21.99%	21.61%	20.70%
EPS (Diluted)
Avg YoY	-5.12%	20.84%	20.82%	25.36%	23.84%	24.33%	24.48%
Slope	-5.33%	13.21%	17.42%	17.04%	15.83%	14.50%	13.22%
CAGR	-5.15%	17.87%	18.49%	23.04%	18.65%	19.76%	20.34%
LSR	-5.15%	16.79%	21.71%	22.87%	21.96%	21.59%	20.69%
Shares (Basic)
Avg YoY	-2.42%	-2.35%	-1.91%	-1.10%	-0.81%	0.65%	0.56%
Slope	-2.46%	-2.46%	-1.88%	-1.25%	-0.71%	0.20%	0.72%
CAGR	-2.42%	-2.35%	-1.91%	-1.11%	-0.82%	0.54%	0.46%
LSR	-2.42%	-2.43%	-1.87%	-1.27%	-0.73%	0.25%	0.79%
Shares (Diluted)
Avg YoY	-2.16%	-2.24%	-1.85%	-1.06%	-0.78%	0.67%	0.58%
Slope	-2.19%	-2.37%	-1.82%	-1.22%	-0.69%	0.21%	0.73%
CAGR	-2.16%	-2.24%	-1.85%	-1.07%	-0.79%	0.56%	0.48%
LSR	-2.16%	-2.34%	-1.81%	-1.23%	-0.71%	0.26%	0.80%

Product Segments

Metric / Stat	3Y	5Y	10Y	15Y	20Y
L T L Service Revenue
Avg YoY	-1.27%	13.33%	9.44%	9.44%	9.44%
Slope	-1.31%	10.03%	10.01%	10.01%	10.01%
CAGR	-1.29%	12.33%	8.64%	8.64%	8.64%
LSR	-1.29%	11.63%	10.84%	10.84%	10.84%
Other Service Revenue
Avg YoY	-17.52%	5.44%	2.34%	2.34%	2.34%
Slope	-19.99%	-0.71%	3.24%	3.24%	3.24%
CAGR	-17.79%	2.11%	0.00%	0.00%	0.00%
LSR	-17.79%	-0.30%	3.35%	3.35%	3.35%

Balance Sheet

Metric / Stat	3Y	5Y	10Y	15Y	20Y	25Y	30Y
Cash & Cash Equivalents
Avg YoY	32.32%	5.85%	149.62%	186.34%	165.49%	225.56%	185.83%
Slope	-14.65%	-17.20%	13.80%	16.83%	16.44%	14.97%	13.66%
CAGR	-21.94%	-26.22%	30.80%	25.17%	29.10%	23.63%	16.98%
LSR	-21.94%	-21.66%	38.79%	31.44%	32.84%	30.11%	26.06%
Short-Term Investments
Avg YoY	-100.00%	-67.20%	-67.20%	-67.20%	-75.51%	-75.51%	-75.51%
Slope	-150.00%	-71.73%	12.91%	19.10%	12.07%	12.52%	12.03%
CAGR	—	—	—	—	—	—	—
LSR	—	—	—	—	—	—	—
Cash & Short-Term Investments
Avg YoY	7.27%	-12.97%	150.51%	186.91%	594.01%	564.80%	466.58%
Slope	-23.05%	-32.44%	13.61%	17.29%	15.45%	14.42%	13.29%
CAGR	-30.59%	-36.50%	30.80%	25.17%	29.10%	23.63%	16.98%
LSR	-30.59%	-33.50%	41.41%	33.68%	26.00%	28.25%	25.93%
Net Receivables
Avg YoY	-4.17%	7.48%	7.80%	10.06%	9.52%	10.01%	9.90%
Slope	-4.52%	5.09%	8.09%	8.98%	8.99%	8.93%	8.51%
CAGR	-4.55%	6.19%	6.81%	9.12%	8.63%	8.97%	9.03%
LSR	-4.55%	5.80%	8.74%	10.16%	10.18%	10.55%	10.05%
Inventory
Avg YoY	—	—	—	-100.00%	-100.00%	-30.34%	-10.98%
Slope	—	—	—	37.50%	13.53%	-1.84%	-12.16%
CAGR	—	—	—	—	—	—	—
LSR	—	—	—	—	—	—	—
Other Current Assets
Avg YoY	-2.43%	-2.43%	-2.43%	-14.06%	-1.41%	23.50%	12.52%
Slope	-2.63%	49.12%	42.21%	19.50%	12.07%	11.43%	9.94%
CAGR	-2.65%	—	—	12.58%	12.37%	17.70%	7.85%
LSR	-2.65%	—	—	—	—	—	—
Total Current Assets
Avg YoY	-5.06%	-6.03%	14.49%	94.42%	67.10%	55.79%	47.22%
Slope	-9.48%	-8.17%	11.36%	13.06%	11.59%	10.83%	9.99%
CAGR	-10.21%	-9.69%	10.17%	28.84%	9.92%	9.74%	9.07%
LSR	-10.21%	-8.61%	14.89%	20.83%	14.27%	12.74%	11.38%
Property, Plant & Equipment
Avg YoY	12.99%	14.09%	11.48%	12.96%	13.75%	13.40%	14.21%
Slope	12.14%	13.33%	10.30%	10.77%	10.68%	10.56%	10.16%
CAGR	12.98%	14.06%	11.36%	12.85%	13.58%	13.19%	13.98%
LSR	12.98%	14.45%	10.87%	12.25%	12.79%	13.64%	13.90%
Goodwill
Avg YoY	—	—	-18.79%	-9.57%	-17.79%	-14.42%	-14.42%
Slope	—	—	-29.98%	-13.11%	-1.68%	2.78%	5.27%
CAGR	—	—	—	—	—	—	—
LSR	—	—	—	—	—	—	—
Intangible Assets
Avg YoY	—	—	—	-100.00%	-30.94%	-30.94%	-30.94%
Slope	—	—	—	-26.79%	-20.30%	-8.17%	-2.33%
CAGR	—	—	—	—	—	—	—
LSR	—	—	—	—	—	—	—
Other Non-Current Assets
Avg YoY	13.82%	8.81%	29.21%	20.31%	19.84%	17.17%	19.44%
Slope	11.47%	9.00%	20.47%	17.75%	15.50%	12.97%	11.57%
CAGR	12.80%	8.18%	25.09%	17.15%	14.05%	12.08%	14.37%
LSR	12.80%	9.35%	28.78%	21.16%	18.16%	13.24%	12.26%
Total Non-Current Assets
Avg YoY	12.99%	13.71%	11.79%	12.96%	13.58%	13.31%	14.23%
Slope	12.10%	13.07%	10.68%	10.97%	10.77%	10.60%	10.18%
CAGR	12.97%	13.69%	11.70%	12.88%	13.44%	13.12%	14.00%
LSR	12.97%	14.13%	11.36%	12.45%	12.80%	13.54%	13.82%
Total Assets
Avg YoY	9.17%	8.83%	11.60%	14.11%	13.31%	13.03%	13.32%
Slope	8.30%	8.59%	10.81%	11.37%	10.93%	10.64%	10.14%
CAGR	8.89%	8.66%	11.49%	13.83%	12.83%	12.51%	12.85%
LSR	8.89%	9.07%	12.05%	13.36%	12.91%	13.36%	13.29%
Accounts Payable
Avg YoY	-4.10%	11.75%	7.23%	11.86%	8.85%	9.21%	11.41%
Slope	-4.88%	10.44%	5.96%	8.55%	7.50%	7.20%	6.51%
CAGR	-5.00%	10.06%	5.56%	9.70%	6.73%	4.73%	7.25%
LSR	-5.00%	12.02%	5.91%	9.79%	7.88%	7.85%	6.85%
Short-Term Debt
Avg YoY	42.13%	42.13%	-28.93%	-16.33%	1.83%	4.50%	10.12%
Slope	33.33%	61.11%	5.78%	-6.76%	-1.51%	0.29%	1.53%
CAGR	36.56%	—	5.32%	0.80%	4.52%	5.30%	5.71%
LSR	36.56%	—	—	—	—	—	—
Tax Payables
Avg YoY	—	-100.00%	-49.11%	3,861.12%	3,200.93%	2,141.71%	1,917.54%
Slope	—	-100.00%	0.05%	1.31%	3.36%	4.33%	5.93%
CAGR	—	—	—	—	—	—	—
LSR	—	—	—	—	—	—	—
Deferred Revenue
Avg YoY	—	—	—	-31.82%	-33.40%	-21.54%	-9.85%
Slope	—	—	—	-32.06%	-15.03%	-7.81%	-6.46%
CAGR	—	—	—	—	—	—	—
LSR	—	—	—	—	—	—	—
Other Current Liabilities
Avg YoY	-27.04%	-0.45%	6.07%	10.73%	11.83%	7.18%	6.14%
Slope	-32.83%	-2.74%	7.60%	10.13%	10.79%	11.24%	10.37%
CAGR	-32.00%	-7.56%	2.16%	7.87%	9.31%	8.99%	7.09%
LSR	-32.00%	-4.83%	7.92%	12.02%	13.53%	—	—
Total Current Liabilities
Avg YoY	-17.48%	4.86%	5.71%	7.24%	7.81%	9.59%	10.71%
Slope	-20.12%	3.33%	6.99%	7.57%	8.01%	8.31%	7.56%
CAGR	-19.82%	0.99%	3.69%	5.71%	6.41%	5.38%	6.92%
LSR	-19.82%	3.30%	7.23%	8.03%	8.99%	10.35%	8.71%
Long-Term Debt
Avg YoY	-27.57%	-17.75%	0.14%	-5.05%	2.99%	4.33%	9.07%
Slope	-31.24%	-18.98%	-2.61%	-9.90%	-7.56%	-2.80%	0.00%
CAGR	-27.72%	-18.65%	-8.70%	-10.87%	-4.43%	-3.10%	1.29%
LSR	-27.72%	-18.99%	-2.23%	-8.93%	-7.85%	-3.15%	0.27%
Capital Lease Obligations
Avg YoY	19.16%	7.22%	0.98%	0.98%	0.98%	0.98%	0.98%
Slope	16.08%	7.30%	28.23%	25.87%	22.04%	18.90%	16.46%
CAGR	18.33%	6.17%	64.06%	—	—	—	—
LSR	18.33%	7.26%	—	—	—	—	—
Deferred Tax Liabilities
Avg YoY	13.55%	17.65%	9.38%	13.67%	14.37%	13.22%	13.75%
Slope	12.26%	16.59%	7.57%	8.30%	9.54%	9.74%	9.44%
CAGR	13.35%	17.38%	7.53%	12.01%	13.10%	12.08%	12.72%
LSR	13.35%	18.73%	7.34%	9.20%	12.03%	12.89%	12.66%
Other Non-Current Liabilities
Avg YoY	-10.50%	-10.56%	6.66%	9.57%	12.14%	12.79%	12.13%
Slope	-12.84%	-10.32%	6.16%	9.14%	10.12%	10.46%	10.15%
CAGR	-13.12%	-11.99%	4.39%	7.96%	10.80%	11.50%	10.90%
LSR	-13.12%	-10.44%	7.03%	11.02%	13.09%	14.92%	14.78%
Total Non-Current Liabilities
Avg YoY	1.86%	1.22%	7.26%	6.17%	10.04%	9.54%	11.84%
Slope	1.13%	1.90%	7.67%	6.35%	5.94%	6.86%	7.18%
CAGR	1.18%	0.87%	6.18%	5.44%	8.30%	7.62%	9.72%
LSR	1.18%	1.89%	8.24%	6.41%	6.31%	8.26%	9.25%
Total Liabilities
Avg YoY	-4.77%	1.68%	6.11%	5.97%	8.62%	8.04%	9.89%
Slope	-5.70%	2.34%	7.46%	6.73%	6.55%	7.28%	7.30%
CAGR	-5.84%	0.90%	5.47%	5.51%	7.74%	6.91%	8.76%
LSR	-5.84%	2.33%	7.93%	6.91%	7.02%	8.74%	8.96%
Common Stock
Avg YoY	51.24%	25.29%	16.79%	14.30%	13.17%	17.60%	15.07%
Slope	30.26%	21.39%	13.54%	9.02%	8.89%	9.22%	9.18%
CAGR	42.08%	18.80%	12.92%	11.21%	10.48%	13.84%	—
LSR	42.08%	23.03%	13.32%	8.32%	9.25%	11.69%	—
Retained Earnings
Avg YoY	11.27%	9.45%	13.55%	16.38%	16.87%	16.26%	16.46%
Slope	9.97%	8.80%	11.74%	13.10%	13.00%	12.44%	11.67%
CAGR	10.84%	9.09%	13.26%	16.11%	16.61%	15.96%	16.20%
LSR	10.84%	9.29%	13.53%	16.56%	17.34%	17.64%	17.34%
Total Shareholders’ Equity
Avg YoY	11.40%	9.50%	13.55%	16.34%	16.81%	16.24%	16.48%
Slope	10.06%	8.86%	11.74%	13.08%	12.98%	12.42%	11.65%
CAGR	10.95%	9.13%	13.25%	16.07%	16.55%	15.95%	16.23%
LSR	10.95%	9.35%	13.53%	16.50%	17.28%	17.60%	17.31%
Total Equity
Avg YoY	11.40%	9.50%	13.55%	16.34%	16.81%	16.24%	16.48%
Slope	10.06%	8.86%	11.74%	13.08%	12.98%	12.42%	11.65%
CAGR	10.95%	9.13%	13.25%	16.07%	16.55%	15.95%	16.23%
LSR	10.95%	9.35%	13.53%	16.50%	17.28%	17.60%	17.31%
Total Liabilities & Equity
Avg YoY	7.51%	7.60%	11.46%	12.66%	13.75%	12.76%	13.69%
Slope	6.50%	7.34%	10.70%	11.38%	11.12%	10.90%	10.33%
CAGR	6.96%	7.25%	11.24%	12.50%	13.43%	12.25%	13.20%
LSR	6.96%	7.74%	12.05%	13.30%	13.40%	14.09%	13.72%
Tangible Assets
Avg YoY	9.17%	8.83%	11.70%	14.27%	13.44%	13.03%	13.32%
Slope	8.30%	8.59%	10.91%	11.46%	11.03%	10.70%	10.18%
CAGR	8.89%	8.66%	11.59%	13.98%	12.96%	12.51%	12.85%
LSR	8.89%	9.07%	12.17%	13.50%	13.06%	13.41%	13.29%
Tangible Equity
Avg YoY	11.40%	9.50%	13.71%	16.63%	17.14%	16.23%	16.47%
Slope	10.06%	8.86%	11.88%	13.23%	13.14%	12.53%	11.72%
CAGR	10.95%	9.13%	13.41%	16.35%	16.88%	15.95%	16.23%
LSR	10.95%	9.35%	13.71%	16.78%	17.68%	17.74%	17.33%
Tangible Book Value
Avg YoY	11.40%	9.50%	13.71%	16.63%	17.14%	16.23%	16.47%
Slope	10.06%	8.86%	11.88%	13.23%	13.14%	12.53%	11.72%
CAGR	10.95%	9.13%	13.41%	16.35%	16.88%	15.95%	16.23%
LSR	10.95%	9.35%	13.71%	16.78%	17.68%	17.74%	17.33%
Total Investments
Avg YoY	-100.00%	-67.20%	-67.20%	-67.20%	-75.51%	-75.51%	-75.51%
Slope	-150.00%	-71.73%	12.91%	19.10%	12.07%	12.52%	12.03%
CAGR	—	—	—	—	—	—	—
LSR	—	—	—	—	—	—	—
Net Debt
Avg YoY	115.18%	44.32%	56.59%	31.92%	29.68%	24.96%	24.96%
Slope	16.07%	22.03%	-22.55%	-98.49%	-125.77%	-48.01%	-26.63%
CAGR	—	—	—	—	—	—	—
LSR	—	—	—	—	—	—	—

Capital Structure

Metric / Stat	3Y	5Y	10Y	15Y	20Y	25Y	30Y
Working Capital
Avg YoY	-8.58%	-16.10%	28.88%	32.17%	35.59%	34.19%	34.31%
Slope	-26.81%	-26.66%	11.31%	14.36%	13.01%	12.13%	11.22%
CAGR	-31.74%	-31.00%	9.23%	10.38%	9.22%	9.78%	7.62%
LSR	-31.74%	-28.41%	18.35%	19.81%	15.67%	14.62%	13.62%
Total Capital
Avg YoY	11.09%	9.17%	12.61%	13.01%	13.69%	13.36%	13.83%
Slope	10.03%	8.77%	11.35%	11.63%	11.10%	10.77%	10.28%
CAGR	10.83%	8.97%	12.43%	12.89%	13.35%	12.94%	13.44%
LSR	10.83%	9.21%	12.84%	13.45%	13.04%	13.49%	13.62%
Capital Employed
Avg YoY	9.89%	8.14%	11.76%	12.90%	13.69%	13.37%	13.86%
Slope	8.88%	7.92%	10.75%	11.32%	11.02%	10.77%	10.29%
CAGR	9.56%	7.91%	11.60%	12.77%	13.37%	12.95%	13.43%
LSR	9.56%	8.29%	12.07%	13.19%	13.16%	13.75%	13.85%
Invested Capital
Avg YoY	12.28%	11.72%	12.22%	12.76%	13.49%	13.14%	13.68%
Slope	11.55%	11.02%	11.15%	11.26%	10.75%	10.50%	10.07%
CAGR	12.28%	11.72%	12.20%	12.73%	13.22%	12.83%	13.38%
LSR	12.28%	11.69%	12.16%	12.79%	12.47%	13.07%	13.28%

Cash Flow

Metric / Stat	3Y	5Y	10Y	15Y	20Y	25Y	30Y
Net Income
Avg YoY	-5.12%	20.84%	20.82%	25.36%	23.84%	24.35%	24.52%
Slope	-5.33%	13.21%	17.42%	17.04%	15.83%	14.50%	13.22%
CAGR	-5.15%	17.87%	18.49%	23.04%	18.65%	19.75%	20.34%
LSR	-5.15%	16.79%	21.71%	22.87%	21.96%	21.57%	20.67%
Depreciation & Amortization
Avg YoY	14.37%	9.83%	10.69%	12.29%	11.25%	10.91%	18.49%
Slope	12.98%	10.27%	9.06%	10.26%	9.55%	9.35%	9.26%
CAGR	14.19%	9.62%	10.55%	12.16%	10.92%	10.57%	—
LSR	14.19%	10.65%	9.67%	11.91%	10.76%	10.99%	—
Deferred Income Tax
Avg YoY	-63.12%	-63.12%	-63.12%	97.77%	95.85%	123.00%	88.85%
Slope	40.41%	63.47%	45.69%	8.64%	6.39%	6.35%	5.49%
CAGR	—	—	—	8.03%	—	10.21%	6.79%
LSR	—	—	—	—	—	—	—
Stock-Based Compensation
Avg YoY	-12.11%	-2.09%	109.03%	61.82%	58.93%	100.63%	100.63%
Slope	-15.48%	-5.05%	2.70%	2.07%	3.79%	6.06%	7.54%
CAGR	-13.63%	-3.46%	—	-3.73%	2.39%	—	—
LSR	-13.63%	-5.17%	—	—	—	—	—
Change in Working Capital
Avg YoY	143.08%	-303.41%	-6,480.90%	-4,168.48%	-2,819.85%	-2,330.81%	-1,925.38%
Slope	493.59%	67.49%	-17.44%	-11.74%	-23.57%	-15.01%	-12.54%
CAGR	—	—	—	—	—	—	—
LSR	—	—	—	—	—	—	—
Accounts Receivable
Avg YoY	100.00%	9.58%	-76.74%	-96.98%	-96.98%	-66.41%	-60.13%
Slope	210.62%	177.39%	24.03%	3.33%	-5.65%	-5.18%	-5.21%
CAGR	—	—	—	—	—	—	—
LSR	—	—	—	—	—	—	—
Inventory
Avg YoY	—	—	—	—	—	41.43%	-309.94%
Slope	—	—	—	—	—	-14.84%	-2.32%
CAGR	—	—	—	—	—	—	—
LSR	—	—	—	—	—	—	—
Accounts Payable
Avg YoY	-427.94%	-427.94%	-427.94%	-43.75%	-19.47%	-26.13%	48.52%
Slope	-215.81%	-121.94%	-59.86%	-107.30%	-2,029.87%	-194.58%	-31.13%
CAGR	—	—	—	13.29%	—	—	—
LSR	—	—	—	—	—	—	—
Other Working Capital
Avg YoY	80.15%	-1,010.60%	-389.60%	-262.84%	-106.84%	-98.05%	-70.77%
Slope	151.95%	-113.94%	-82.00%	-17.67%	-5.69%	0.38%	2.86%
CAGR	—	—	7.29%	—	—	9.66%	—
LSR	—	—	—	—	—	—	—
Other Non-Cash Items
Avg YoY	178.32%	210.01%	50.51%	40.98%	14.46%	-437.54%	-365.86%
Slope	-117.89%	16.92%	3.32%	17.35%	27.83%	26.07%	13.78%
CAGR	-63.05%	—	-15.66%	—	—	—	-2.71%
LSR	—	—	—	—	—	—	—
Net Cash from Operating Activities
Avg YoY	1.41%	19.68%	17.32%	23.38%	19.18%	18.84%	20.89%
Slope	1.25%	14.92%	15.18%	15.07%	13.88%	12.94%	11.92%
CAGR	1.23%	18.12%	15.10%	20.54%	16.07%	15.89%	17.57%
LSR	1.23%	17.89%	17.51%	18.91%	17.16%	17.19%	16.42%
Capital Expenditures (PPE)
Avg YoY	-1.97%	-49.44%	-18.72%	-26.97%	-19.72%	-19.00%	-19.63%
Slope	-1.95%	-22.93%	-9.55%	-9.61%	-8.93%	-9.03%	-8.89%
CAGR	1.96%	39.17%	7.86%	16.45%	10.16%	10.38%	11.60%
LSR	1.96%	35.25%	9.10%	10.94%	9.58%	10.61%	11.13%
Acquisitions (Net)
Avg YoY	—	—	—	—	35.04%	45.87%	58.58%
Slope	—	—	—	—	24.26%	12.24%	7.25%
CAGR	—	—	—	—	—	—	—
LSR	—	—	—	—	—	—	—
Purchases of Investments
Avg YoY	—	—	—	—	55.12%	55.12%	55.12%
Slope	-150.00%	-100.00%	-54.55%	-37.50%	20.40%	8.24%	2.38%
CAGR	—	—	—	—	—	—	—
LSR	—	—	—	—	—	—	—
Sales / Maturities of Investments
Avg YoY	-37.54%	-37.54%	-37.54%	-37.54%	-59.96%	-59.96%	-59.96%
Slope	57.67%	69.22%	47.08%	34.20%	-15.79%	-5.29%	-0.33%
CAGR	—	—	—	—	—	—	—
LSR	—	—	—	—	—	—	—
Other Investing Activities
Avg YoY	-67.99%	35.21%	-654.98%	-393.89%	-223.76%	-155.40%	-126.03%
Slope	-103.79%	394.08%	57.41%	23.33%	10.36%	9.49%	8.90%
CAGR	-69.61%	—	-0.29%	18.99%	8.21%	9.37%	9.38%
LSR	-69.61%	—	—	—	—	—	—
Net Cash from Investing Activities
Avg YoY	-19.79%	-11.85%	-10.49%	-21.35%	-17.02%	-17.52%	-19.54%
Slope	-17.71%	-12.62%	-7.93%	-9.03%	-8.26%	-8.60%	-8.55%
CAGR	19.73%	10.50%	8.19%	16.39%	9.32%	10.41%	11.68%
LSR	19.73%	13.03%	7.98%	10.96%	9.26%	10.46%	10.99%
Net Debt Issuance
Avg YoY	-1.71%	-50.85%	-59.42%	-43.17%	-2.20%	11.05%	9.93%
Slope	-75.63%	-761.41%	18.91%	13.45%	-135.15%	-3,503.86%	-53.13%
CAGR	—	—	-0.81%	-2.98%	—	2.81%	—
LSR	—	—	—	—	—	—	—
Long-Term Debt Issuance
Avg YoY	-1.71%	-50.85%	-59.42%	-43.17%	-2.20%	20.89%	17.88%
Slope	-75.63%	-761.41%	18.91%	13.45%	-135.15%	-220.54%	-64.24%
CAGR	—	—	-0.81%	-2.98%	—	2.81%	—
LSR	—	—	—	—	—	—	—
Short-Term Debt Issuance
Avg YoY	—	—	—	—	-31.91%	-89.01%	-89.01%
Slope	—	—	—	—	-12.89%	-7.11%	-1.60%
CAGR	—	—	—	—	—	—	—
LSR	—	—	—	—	—	—	—
Net Stock Issuance
Avg YoY	-26.68%	-62.11%	-247.04%	-391.38%	-391.38%	-346.55%	-296.16%
Slope	14.53%	-17.54%	-26.12%	-25.47%	-21.82%	-19.42%	-16.82%
CAGR	-11.05%	30.59%	29.20%	—	—	—	—
LSR	-11.05%	22.43%	44.14%	—	—	—	—
Common Stock Issuance
Avg YoY	—	—	—	-100.00%	-100.00%	-100.00%	-88.89%
Slope	—	—	—	-32.14%	-10.53%	-12.26%	-5.22%
CAGR	—	—	—	—	—	—	—
LSR	—	—	—	—	—	—	—
Common Stock Repurchased
Avg YoY	-26.68%	-62.11%	-247.04%	-420.52%	-420.52%	-420.52%	-420.52%
Slope	14.53%	-17.54%	-26.12%	-24.89%	-21.49%	-18.55%	-16.21%
CAGR	-11.05%	30.59%	29.20%	—	—	—	—
LSR	-11.05%	22.43%	44.14%	—	—	—	—
Net Dividends Paid
Avg YoY	-31.81%	-36.47%	-34.15%	-34.15%	-34.15%	-34.15%	-34.15%
Slope	-27.14%	-29.90%	-29.73%	-26.53%	-22.42%	-19.14%	-16.62%
CAGR	31.80%	36.25%	—	—	—	—	—
LSR	31.80%	37.30%	—	—	—	—	—
Common Dividends Paid
Avg YoY	-31.81%	-36.47%	-34.15%	-34.15%	-34.15%	-34.15%	-34.15%
Slope	-27.14%	-29.90%	-29.73%	-26.53%	-22.42%	-19.14%	-16.62%
CAGR	31.80%	36.25%	—	—	—	—	—
LSR	31.80%	37.30%	—	—	—	—	—
Other Financing Activities
Avg YoY	-64.25%	-497.83%	-297.54%	-218.03%	-177.68%	-151.69%	-1,365.56%
Slope	-48.32%	5.14%	-27.90%	-25.72%	-21.58%	-15.72%	-7.28%
CAGR	64.02%	64.36%	—	96.68%	24.50%	—	19.92%
LSR	64.02%	27.07%	—	—	—	—	—
Net Cash from Financing Activities
Avg YoY	-18.69%	-58.05%	-70.54%	-64.21%	-24.11%	75.84%	79.96%
Slope	5.85%	-20.86%	-25.93%	-23.94%	-22.70%	-20.07%	-17.59%
CAGR	-4.76%	36.98%	29.79%	30.24%	—	—	—
LSR	-4.76%	28.69%	37.41%	—	—	—	—
Effect of FX on Cash
Avg YoY	—	—	—	—	—	—	-100.00%
Slope	—	—	—	—	—	—	-19.35%
CAGR	—	—	—	—	—	—	—
LSR	—	—	—	—	—	—	—
Net Change in Cash
Avg YoY	-20.80%	599.93%	1,310.03%	1,173.94%	915.10%	1,153.47%	967.33%
Slope	-26.29%	-78.92%	-498.55%	-76.67%	-35.70%	-18.27%	-10.20%
CAGR	10.88%	259.07%	—	—	—	—	—
LSR	—	—	—	—	—	—	—
Cash at Beginning of Period
Avg YoY	39.09%	24.51%	149.85%	107.74%	107.69%	165.83%	133.05%
Slope	-1.27%	-1.66%	22.74%	22.76%	19.78%	17.13%	15.12%
CAGR	-1.02%	4.15%	34.86%	40.85%	40.95%	29.40%	19.05%
LSR	-1.02%	-3.79%	51.48%	—	—	—	—
Cash at End of Period
Avg YoY	32.32%	5.85%	149.62%	186.34%	165.49%	225.56%	181.52%
Slope	-14.65%	-17.20%	13.80%	16.83%	16.44%	14.97%	13.45%
CAGR	-21.94%	-26.22%	30.80%	25.17%	29.10%	23.63%	6.75%
LSR	-21.94%	-21.66%	38.79%	31.44%	32.84%	30.11%	23.92%
Operating Cash Flow
Avg YoY	1.41%	19.68%	17.32%	23.38%	19.18%	18.84%	20.89%
Slope	1.25%	14.92%	15.18%	15.07%	13.88%	12.94%	11.92%
CAGR	1.23%	18.12%	15.10%	20.54%	16.07%	15.89%	17.57%
LSR	1.23%	17.89%	17.51%	18.91%	17.16%	17.19%	16.42%
Capital Expenditure
Avg YoY	-1.97%	-49.44%	-18.72%	-26.97%	-19.72%	-19.00%	-19.63%
Slope	-1.95%	-22.93%	-9.55%	-9.61%	-8.93%	-9.03%	-8.89%
CAGR	1.96%	39.17%	7.86%	16.45%	10.16%	10.38%	11.60%
LSR	1.96%	35.25%	9.10%	10.94%	9.58%	10.61%	11.13%
Free Cash Flow
Avg YoY	1.12%	9.97%	35.72%	34.60%	6.64%	-20.12%	-12.54%
Slope	0.63%	8.69%	20.95%	21.85%	21.03%	18.99%	16.79%
CAGR	0.61%	8.25%	31.10%	27.42%	—	—	—
LSR	0.61%	9.34%	32.86%	—	—	—	—

Free Cash Flow

Metric / Stat	3Y	5Y	10Y	15Y	20Y	25Y	30Y
EBITDA
Avg YoY	-2.75%	16.23%	14.61%	17.38%	15.54%	11.97%	49.13%
Slope	-2.81%	11.56%	14.17%	13.91%	12.46%	9.92%	8.88%
CAGR	-2.76%	14.61%	13.66%	16.56%	13.68%	6.99%	16.74%
LSR	-2.76%	13.90%	16.22%	16.76%	14.38%	10.30%	10.03%
(-) Tax Adjustment
Avg YoY	-5.41%	14.71%	12.72%	16.16%	14.64%	11.26%	48.54%
Slope	-5.57%	10.11%	11.95%	11.36%	10.38%	8.04%	7.35%
CAGR	-5.41%	12.85%	8.92%	13.41%	11.41%	5.29%	15.21%
LSR	-5.41%	12.18%	13.03%	12.83%	11.52%	8.27%	8.50%
Change In Working Capital
Avg YoY	143.08%	-303.41%	-6,480.90%	-4,168.48%	-2,819.85%	-2,330.81%	-1,925.38%
Slope	493.59%	67.49%	-17.44%	-11.74%	-23.57%	-15.01%	-12.54%
CAGR	—	78.66%	27.96%	—	17.84%	—	—
LSR	—	—	—	—	—	—	—
Capital Expenditure
Avg YoY	-1.97%	-49.44%	-18.72%	-26.97%	-19.72%	-19.00%	-19.63%
Slope	-1.95%	-22.93%	-9.55%	-9.61%	-8.93%	-9.03%	-8.89%
CAGR	—	—	—	—	—	—	—
LSR	—	—	—	—	—	—	—
Unlevered Free Cash Flow
Avg YoY	-14.02%	2.84%	76.59%	-15.45%	13.60%	5.88%	2,366.45%
Slope	-14.91%	1.02%	20.29%	20.90%	19.20%	12.77%	10.27%
CAGR	-14.14%	1.27%	46.47%	16.37%	—	5.60%	—
LSR	-14.14%	1.17%	41.76%	—	—	—	—
Net Interest After Taxes
Avg YoY	161.96%	197.06%	128.85%	88.54%	61.06%	54.92%	54.92%
Slope	64.31%	79.72%	59.18%	271.05%	42.82%	21.66%	11.70%
CAGR	131.95%	—	—	—	—	—	—
LSR	131.95%	—	—	—	—	—	—
Net Debt Issuance
Avg YoY	-1.71%	-50.85%	-59.42%	-43.17%	-2.20%	11.05%	9.93%
Slope	-75.63%	-761.41%	18.91%	13.45%	-135.15%	-3,503.86%	-53.13%
CAGR	—	—	—	—	—	—	—
LSR	—	—	—	—	—	—	—
Levered Free Cash Flow
Avg YoY	-15.95%	-0.42%	208.11%	288.17%	233.67%	262.03%	356.70%
Slope	-17.13%	-1.39%	20.81%	22.05%	18.01%	11.87%	9.37%
CAGR	-16.04%	-1.71%	76.14%	18.70%	16.85%	5.63%	18.83%
LSR	-16.04%	-1.56%	58.02%	—	—	—	—