Badger Meter, Inc. (BMI)

Analysis: Growth Rates Industry: Hardware, Equipment & Parts Sector: Technology Live Price: $171.68

Enterprise Value

Metric / Stat	3Y	5Y	10Y	15Y	20Y	25Y	30Y
Stock Price
Avg YoY	39.50%	23.65%	25.54%	20.01%	20.86%	22.66%	22.38%
Slope	32.52%	21.00%	19.94%	16.72%	14.08%	13.18%	12.05%
CAGR	39.48%	22.54%	24.60%	17.53%	17.56%	19.62%	18.21%
LSR	39.48%	22.10%	23.36%	18.85%	15.24%	17.32%	16.13%
Market Capitalization
Avg YoY	39.45%	23.64%	25.52%	20.01%	21.07%	22.83%	22.05%
Slope	32.49%	21.00%	19.94%	16.71%	14.13%	13.23%	12.11%
CAGR	39.44%	22.55%	24.58%	17.53%	17.76%	19.83%	18.18%
LSR	39.44%	22.12%	23.35%	18.84%	15.38%	17.50%	16.36%
(-) Cash & Equivalents
Avg YoY	46.06%	42.61%	61.05%	48.03%	43.66%	35.90%	36.14%
Slope	37.48%	34.88%	32.90%	26.25%	20.61%	17.28%	15.03%
CAGR	45.86%	41.81%	48.63%	38.66%	24.44%	19.04%	20.67%
LSR	45.86%	43.03%	56.06%	38.07%	23.33%	17.90%	16.32%
(+) Total Debt
Avg YoY	—	—	-52.95%	345.23%	229.49%	172.56%	149.42%
Slope	—	—	-40.91%	-14.55%	-5.30%	-3.99%	-0.82%
CAGR	—	—	—	—	—	—	—
LSR	—	—	—	—	—	—	—
Enterprise Value
Avg YoY	39.16%	23.05%	23.91%	19.89%	20.26%	21.10%	21.18%
Slope	32.26%	20.43%	19.07%	15.99%	13.62%	12.74%	11.72%
CAGR	39.14%	21.88%	22.92%	17.00%	16.92%	18.19%	17.54%
LSR	39.14%	21.40%	21.84%	17.89%	14.79%	16.09%	15.43%

Income Statement

Metric / Stat	3Y	5Y	10Y	15Y	20Y	25Y	30Y
Revenue
Avg YoY	20.94%	18.14%	9.43%	8.48%	7.69%	7.86%	7.59%
Slope	18.68%	16.53%	8.67%	7.06%	6.26%	6.13%	5.91%
CAGR	20.89%	18.05%	9.09%	8.13%	7.30%	7.48%	7.25%
LSR	20.89%	18.05%	8.38%	6.97%	6.22%	6.38%	6.26%
Cost of Revenue
Avg YoY	20.02%	17.96%	8.73%	8.10%	7.20%	7.88%	7.57%
Slope	17.92%	16.63%	8.16%	6.55%	5.80%	5.73%	5.75%
CAGR	19.97%	17.91%	8.34%	7.80%	6.79%	7.52%	7.26%
LSR	19.97%	18.21%	7.80%	6.42%	5.71%	5.96%	6.24%
Gross Profit
Avg YoY	22.38%	18.48%	10.68%	9.35%	8.76%	8.19%	7.94%
Slope	19.84%	16.38%	9.48%	7.89%	7.03%	6.79%	6.18%
CAGR	22.33%	18.27%	10.34%	8.67%	8.18%	7.42%	7.23%
LSR	22.33%	17.81%	9.31%	7.89%	7.09%	7.12%	6.34%
Gross Margin
Avg YoY	1.19%	0.22%	1.19%	0.63%	0.95%	0.16%	0.17%
Slope	1.18%	-0.20%	0.84%	0.85%	0.81%	0.69%	0.05%
CAGR	1.19%	0.18%	1.14%	0.49%	0.82%	-0.06%	-0.02%
LSR	1.19%	-0.20%	0.86%	0.86%	0.82%	0.70%	0.07%
R&D Expenses
Avg YoY	10.65%	13.88%	7.17%	6.40%	6.40%	6.40%	-0.50%
Slope	9.44%	12.14%	7.73%	9.94%	13.10%	13.18%	9.13%
CAGR	10.24%	13.43%	6.77%	—	—	—	3.81%
LSR	10.24%	13.48%	7.68%	—	—	—	—
SG&A Expenses
Avg YoY	13.91%	13.85%	7.82%	8.70%	7.27%	6.54%	7.40%
Slope	13.00%	11.03%	5.82%	6.28%	6.25%	5.83%	5.57%
CAGR	13.55%	13.49%	6.97%	8.04%	6.70%	6.03%	6.77%
LSR	13.55%	11.70%	5.77%	6.65%	6.63%	6.07%	5.89%
Operating Expenses
Avg YoY	13.69%	13.74%	7.77%	8.67%	7.25%	6.04%	6.00%
Slope	12.47%	12.09%	6.40%	6.59%	6.45%	5.89%	5.19%
CAGR	13.55%	13.49%	6.97%	8.04%	6.70%	5.44%	5.47%
LSR	13.55%	13.13%	6.35%	6.94%	6.80%	6.05%	5.15%
Operating Income (EBIT)
Avg YoY	34.51%	25.18%	16.28%	11.94%	12.46%	15.75%	15.21%
Slope	29.17%	22.17%	13.59%	9.93%	8.03%	8.42%	8.04%
CAGR	34.51%	24.78%	15.74%	9.41%	10.44%	11.73%	11.34%
LSR	34.51%	24.31%	13.59%	9.59%	7.70%	9.95%	9.47%
Operating Margin
Avg YoY	11.29%	5.85%	6.29%	2.50%	4.00%	6.34%	6.14%
Slope	10.73%	5.34%	4.69%	2.43%	1.40%	2.83%	2.71%
CAGR	11.26%	5.69%	6.10%	1.18%	2.92%	3.96%	3.82%
LSR	11.26%	5.31%	4.81%	2.45%	1.40%	3.36%	3.02%
Interest Income
Avg YoY	372.99%	1,135.33%	1,135.33%	826.49%	641.20%	641.20%	641.20%
Slope	91.52%	80.31%	49.77%	31.38%	17.93%	16.27%	14.63%
CAGR	295.01%	—	—	18.82%	—	—	—
LSR	295.01%	—	—	—	—	—	—
Interest Expense
Avg YoY	—	-100.00%	-43.05%	13.62%	23.05%	21.70%	21.70%
Slope	—	-100.00%	-34.75%	-11.93%	-9.37%	-2.67%	1.49%
CAGR	—	—	—	—	—	—	—
LSR	—	—	—	—	—	—	—
Net Interest Income
Avg YoY	372.99%	809.83%	342.34%	242.36%	133.39%	126.72%	126.72%
Slope	91.52%	80.72%	91.41%	92.03%	148.18%	243.20%	172.14%
CAGR	295.01%	—	—	24.86%	—	—	—
LSR	295.01%	—	—	—	—	—	—
Other Income / Expense
Avg YoY	416.67%	-136.28%	61.20%	77.76%	56.53%	74.18%	57.51%
Slope	93.07%	82.86%	657.86%	99.63%	38.23%	19.00%	10.85%
CAGR	319.95%	—	—	—	—	—	—
LSR	319.95%	—	—	—	—	—	—
Unusual Items
Avg YoY	416.67%	-136.28%	61.20%	77.76%	56.53%	74.18%	57.51%
Slope	-93.07%	-82.86%	-657.86%	-99.63%	-38.23%	-19.00%	-10.85%
CAGR	—	—	—	—	—	—	—
LSR	—	—	—	—	—	—	—
EBT excl. Unusual
Avg YoY	43.93%	30.51%	48.20%	31.74%	28.21%	29.28%	27.78%
Slope	35.42%	26.50%	17.97%	11.69%	9.15%	9.37%	8.79%
CAGR	43.91%	29.77%	18.88%	10.67%	12.37%	12.69%	13.39%
LSR	43.91%	29.54%	19.10%	10.21%	7.96%	10.68%	10.07%
Pre-Tax Income
Avg YoY	37.78%	27.03%	20.22%	14.26%	14.41%	17.79%	17.48%
Slope	31.41%	23.70%	15.32%	10.55%	8.40%	8.76%	8.32%
CAGR	37.77%	26.52%	16.80%	9.89%	11.03%	12.10%	12.21%
LSR	37.77%	26.12%	15.38%	9.82%	7.80%	10.31%	9.80%
Pre-Tax Margin
Avg YoY	13.99%	7.39%	10.53%	5.05%	6.13%	8.41%	8.40%
Slope	13.12%	6.87%	6.24%	2.79%	1.61%	3.12%	3.00%
CAGR	13.96%	7.17%	7.07%	1.63%	3.48%	4.30%	4.62%
LSR	13.96%	6.84%	6.46%	2.66%	1.49%	3.69%	3.33%
Income Tax Expense
Avg YoY	39.95%	28.24%	18.99%	15.12%	14.08%	19.23%	18.62%
Slope	33.11%	25.28%	10.70%	6.85%	5.20%	6.37%	6.49%
CAGR	39.94%	27.68%	11.81%	7.16%	8.05%	10.50%	10.66%
LSR	39.94%	27.88%	9.73%	6.01%	4.51%	7.76%	7.91%
Net Income
Avg YoY	37.09%	26.70%	21.45%	14.43%	18.40%	20.13%	19.46%
Slope	30.87%	23.20%	16.98%	11.99%	9.97%	9.92%	9.20%
CAGR	37.07%	26.15%	19.09%	11.09%	12.53%	12.80%	12.90%
LSR	37.07%	25.58%	17.92%	11.42%	10.32%	11.89%	10.81%
Net Margin
Avg YoY	13.40%	7.07%	11.65%	5.31%	10.39%	11.11%	10.69%
Slope	12.58%	6.40%	8.22%	4.35%	3.47%	4.45%	3.98%
CAGR	13.39%	6.85%	9.16%	2.73%	4.88%	4.95%	5.27%
LSR	13.39%	6.38%	8.80%	4.16%	3.86%	5.18%	4.28%
Depreciation & Amortization
Avg YoY	10.81%	6.57%	5.26%	10.44%	9.32%	7.70%	7.61%
Slope	10.30%	5.08%	3.91%	7.56%	8.35%	7.43%	7.09%
CAGR	10.75%	6.29%	5.08%	10.02%	8.91%	7.20%	7.10%
LSR	10.75%	5.09%	3.96%	9.14%	10.02%	8.11%	7.75%
EBITDA
Avg YoY	29.41%	20.82%	13.48%	11.13%	11.46%	12.36%	11.96%
Slope	25.54%	18.48%	11.19%	9.35%	8.11%	8.18%	7.80%
CAGR	29.40%	20.43%	13.06%	9.51%	10.15%	10.56%	10.19%
LSR	29.40%	19.76%	11.12%	9.47%	8.21%	9.27%	8.93%
EBITDA Margin
Avg YoY	7.10%	2.18%	3.82%	2.01%	3.29%	3.72%	3.61%
Slope	6.88%	1.51%	2.46%	2.26%	1.84%	2.52%	2.39%
CAGR	7.04%	2.02%	3.64%	1.28%	2.65%	2.87%	2.74%
LSR	7.04%	1.45%	2.53%	2.34%	1.88%	2.72%	2.51%
NOPAT
Avg YoY	34.51%	25.18%	16.28%	11.94%	12.46%	15.75%	15.21%
Slope	29.17%	22.17%	13.59%	9.93%	8.03%	8.42%	8.04%
CAGR	34.51%	24.78%	15.74%	9.41%	10.44%	11.73%	11.34%
LSR	34.51%	24.31%	13.59%	9.59%	7.70%	9.95%	9.47%
NOPAT Margin
Avg YoY	11.29%	5.85%	6.29%	2.50%	4.00%	6.34%	6.14%
Slope	10.73%	5.34%	4.69%	2.43%	1.40%	2.83%	2.71%
CAGR	11.26%	5.69%	6.10%	1.18%	2.92%	3.96%	3.82%
LSR	11.26%	5.31%	4.81%	2.45%	1.40%	3.36%	3.02%
Owner's Earnings
Avg YoY	28.96%	22.26%	22.43%	17.89%	-29.96%	-20.51%	-35.92%
Slope	25.36%	18.91%	15.73%	13.13%	12.97%	11.71%	11.16%
CAGR	28.91%	21.83%	20.58%	15.22%	14.78%	13.71%	13.57%
LSR	28.91%	20.46%	17.64%	14.07%	—	—	—
Owner's Earnings Margin
Avg YoY	6.81%	3.42%	12.60%	9.02%	-39.44%	-30.25%	-43.43%
Slope	6.54%	2.10%	7.42%	6.33%	7.75%	6.65%	7.02%
CAGR	6.63%	3.20%	10.54%	6.56%	6.97%	5.80%	5.90%
LSR	6.63%	2.05%	8.55%	6.64%	—	—	—
EPS (Basic)
Avg YoY	36.77%	26.37%	21.18%	14.69%	17.88%	19.48%	19.06%
Slope	30.64%	22.95%	16.77%	11.93%	9.87%	9.71%	9.04%
CAGR	36.75%	25.82%	18.82%	11.21%	12.03%	12.31%	12.71%
LSR	36.75%	25.25%	17.67%	11.42%	10.12%	11.30%	10.47%
EPS (Diluted)
Avg YoY	36.72%	26.36%	21.16%	14.69%	18.14%	19.63%	18.93%
Slope	30.61%	22.96%	16.77%	11.92%	9.94%	9.79%	9.14%
CAGR	36.71%	25.82%	18.80%	11.22%	12.23%	12.51%	12.69%
LSR	36.71%	25.27%	17.66%	11.42%	10.26%	11.48%	10.69%
Shares (Basic)
Avg YoY	0.24%	0.26%	0.23%	-0.10%	0.46%	0.45%	0.19%
Slope	0.24%	0.26%	0.21%	-0.01%	0.17%	0.51%	0.31%
CAGR	0.24%	0.26%	0.23%	-0.11%	0.45%	0.43%	0.17%
LSR	0.24%	0.26%	0.21%	-0.01%	0.18%	0.53%	0.31%
Shares (Diluted)
Avg YoY	0.27%	0.26%	0.24%	-0.11%	0.28%	0.28%	0.23%
Slope	0.27%	0.25%	0.22%	0.00%	0.05%	0.36%	0.10%
CAGR	0.27%	0.26%	0.24%	-0.11%	0.27%	0.26%	0.19%
LSR	0.27%	0.25%	0.22%	0.00%	0.05%	0.37%	0.11%

Geographic Segments

Metric / Stat	3Y	5Y	10Y	15Y	20Y
Asia
Avg YoY	-13.58%	30.34%	12.12%	8.67%	8.67%
Slope	-14.43%	4.90%	7.01%	5.10%	5.10%
CAGR	-13.66%	14.65%	3.18%	0.27%	0.27%
LSR	-13.66%	9.18%	7.18%	4.96%	4.96%
CANADA
Avg YoY	-9.19%	0.67%	3.05%	0.23%	0.23%
Slope	-9.88%	0.78%	1.02%	0.49%	0.49%
CAGR	-9.79%	-0.16%	1.31%	-1.71%	-1.71%
LSR	-9.79%	0.71%	1.13%	0.54%	0.54%
Europe
Avg YoY	15.46%	22.77%	11.63%	9.18%	9.18%
Slope	11.99%	15.01%	11.18%	9.28%	9.28%
CAGR	13.65%	19.24%	8.83%	6.44%	6.44%
LSR	13.65%	18.02%	11.29%	8.95%	8.95%
MEXICO
Avg YoY	-3.59%	-6.54%	-4.32%	8.56%	8.56%
Slope	-4.21%	-8.00%	-4.94%	-3.06%	-3.06%
CAGR	-4.29%	-7.46%	-9.72%	-1.11%	-1.11%
LSR	-4.29%	-7.75%	-3.38%	-2.02%	-2.02%
Middle East
Avg YoY	36.33%	29.71%	15.73%	19.63%	19.63%
Slope	30.56%	24.42%	6.95%	6.70%	6.70%
CAGR	34.05%	28.37%	6.05%	10.13%	10.13%
LSR	34.05%	26.66%	6.63%	6.27%	6.27%
Other Geographical Areas
Avg YoY	-28.48%	9.62%	8.16%	5.16%	5.16%
Slope	-39.69%	-6.48%	-0.56%	-0.59%	-0.59%
CAGR	-31.23%	-10.12%	-1.20%	-3.50%	-3.50%
LSR	-31.23%	-6.26%	-1.22%	-1.23%	-1.23%
UNITED STATES
Avg YoY	22.82%	18.41%	9.82%	8.83%	8.83%
Slope	20.21%	17.13%	8.76%	7.35%	7.35%
CAGR	22.78%	18.31%	9.48%	8.56%	8.56%
LSR	22.78%	18.58%	8.40%	7.05%	7.05%
Segment Geographical Groups of Countries Group Five
Avg YoY	-3.00%	-3.00%	-3.00%	-3.00%	-3.00%
Slope	-3.04%	-3.04%	-3.04%	-3.04%	-3.04%
CAGR	-3.00%	-3.00%	-3.00%	-3.00%	-3.00%
LSR	—	—	—	—	—
Segment Geographical Groups of Cuontries Group Four Member
Avg YoY	-19.98%	-19.98%	-19.98%	-19.98%	-19.98%
Slope	-22.20%	-22.20%	-22.20%	-22.20%	-22.20%
CAGR	-19.98%	-19.98%	-19.98%	-19.98%	-19.98%
LSR	—	—	—	—	—
Segment, Geographical, Groups of Countries, Group One
Avg YoY	-2.30%	-2.30%	-2.30%	-2.30%	-2.30%
Slope	-2.33%	-2.33%	-2.33%	-2.33%	-2.33%
CAGR	-2.30%	-2.30%	-2.30%	-2.30%	-2.30%
LSR	—	—	—	—	—
Segment, Geographical, Groups of Countries, Group Two
Avg YoY	-36.50%	-36.50%	-36.50%	-36.50%	-36.50%
Slope	-44.65%	-44.65%	-44.65%	-44.65%	-44.65%
CAGR	-36.50%	-36.50%	-36.50%	-36.50%	-36.50%
LSR	—	—	—	—	—
Segment, Geographicla, Groups of Countries, Group Three
Avg YoY	5.99%	5.99%	5.99%	5.99%	5.99%
Slope	5.82%	5.82%	5.82%	5.82%	5.82%
CAGR	5.99%	5.99%	5.99%	5.99%	5.99%
LSR	—	—	—	—	—

Balance Sheet

Metric / Stat	3Y	5Y	10Y	15Y	20Y	25Y	30Y
Cash & Cash Equivalents
Avg YoY	46.06%	42.61%	61.05%	48.03%	43.66%	35.90%	36.14%
Slope	37.48%	34.88%	32.90%	26.25%	20.61%	17.28%	15.03%
CAGR	45.86%	41.81%	48.63%	38.66%	24.44%	19.04%	20.67%
LSR	45.86%	43.03%	56.06%	38.07%	23.33%	17.90%	16.32%
Cash & Short-Term Investments
Avg YoY	46.06%	42.61%	61.05%	48.03%	43.66%	35.90%	36.14%
Slope	37.48%	34.88%	32.90%	26.25%	20.61%	17.28%	15.03%
CAGR	45.86%	41.81%	48.63%	38.66%	24.44%	19.04%	20.67%
LSR	45.86%	43.03%	56.06%	38.07%	23.33%	17.90%	16.32%
Net Receivables
Avg YoY	4.68%	7.99%	4.52%	5.73%	6.08%	6.38%	6.64%
Slope	4.44%	8.22%	4.33%	4.80%	5.37%	5.42%	5.45%
CAGR	4.61%	7.85%	4.27%	5.51%	5.88%	6.13%	6.26%
LSR	4.61%	8.74%	4.29%	5.03%	5.83%	5.94%	6.07%
Inventory
Avg YoY	10.47%	15.69%	7.70%	8.83%	8.93%	9.15%	8.56%
Slope	8.22%	14.63%	8.07%	7.34%	7.63%	7.13%	6.91%
CAGR	9.09%	14.85%	7.05%	8.20%	7.93%	8.20%	7.69%
LSR	9.09%	16.61%	7.85%	7.54%	8.26%	7.68%	7.60%
Other Current Assets
Avg YoY	14.09%	21.75%	8.66%	11.47%	4.23%	23.10%	21.52%
Slope	12.82%	18.29%	5.19%	4.16%	1.80%	3.59%	5.42%
CAGR	13.13%	20.04%	6.04%	8.55%	0.43%	12.49%	11.43%
LSR	13.13%	20.61%	4.64%	4.46%	2.28%	5.17%	9.65%
Total Current Assets
Avg YoY	24.30%	24.48%	15.40%	13.56%	10.82%	11.03%	10.41%
Slope	21.42%	22.18%	15.14%	11.71%	9.97%	8.86%	8.25%
CAGR	24.28%	24.33%	14.96%	13.15%	10.39%	10.67%	10.09%
LSR	24.28%	25.41%	15.37%	11.65%	9.79%	8.82%	8.56%
Property, Plant & Equipment
Avg YoY	0.22%	-2.86%	-2.41%	1.12%	3.22%	2.30%	5.54%
Slope	0.22%	-3.01%	-3.15%	0.51%	2.41%	2.84%	3.71%
CAGR	0.22%	-2.91%	-2.46%	0.95%	2.98%	2.08%	4.93%
LSR	0.22%	-2.91%	-3.13%	0.61%	2.78%	3.11%	4.56%
Goodwill
Avg YoY	4.98%	6.02%	10.28%	30.48%	24.06%	24.06%	24.06%
Slope	4.57%	5.05%	9.39%	11.42%	12.68%	12.92%	12.30%
CAGR	4.78%	5.67%	9.59%	19.70%	15.76%	—	—
LSR	4.78%	5.33%	10.49%	17.04%	19.78%	—	—
Intangible Assets
Avg YoY	-4.15%	-3.73%	-0.82%	5.12%	270.89%	242.59%	202.32%
Slope	-4.70%	-6.08%	-0.86%	1.50%	6.86%	8.37%	9.00%
CAGR	-4.78%	-5.09%	-2.00%	2.71%	25.10%	16.84%	13.42%
LSR	-4.78%	-5.98%	-0.93%	2.01%	21.61%	19.71%	20.04%
Tax Assets
Avg YoY	60.19%	59.24%	109.85%	84.32%	65.16%	45.94%	45.94%
Slope	43.37%	43.27%	34.40%	25.95%	14.15%	13.37%	12.61%
CAGR	59.25%	58.58%	41.26%	23.83%	—	13.72%	—
LSR	59.25%	61.43%	48.58%	—	—	—	—
Other Non-Current Assets
Avg YoY	-14.57%	-0.12%	13.21%	15.52%	10.06%	13.27%	10.76%
Slope	-25.75%	-7.34%	5.56%	4.59%	-0.25%	-3.73%	-2.54%
CAGR	-20.72%	-6.36%	0.26%	1.38%	-5.70%	-0.36%	-0.77%
LSR	-20.72%	-7.60%	6.54%	4.45%	1.37%	-2.55%	-2.38%
Total Non-Current Assets
Avg YoY	3.83%	2.68%	3.33%	7.10%	8.17%	7.85%	8.88%
Slope	3.66%	2.13%	3.37%	4.96%	6.60%	6.55%	6.72%
CAGR	3.77%	2.52%	3.06%	6.35%	6.94%	6.75%	7.86%
LSR	3.77%	2.17%	3.46%	5.66%	8.06%	7.58%	8.13%
Total Assets
Avg YoY	16.07%	14.46%	9.54%	10.48%	9.48%	9.38%	9.59%
Slope	14.72%	13.72%	9.53%	8.35%	8.29%	7.70%	7.49%
CAGR	16.04%	14.43%	9.37%	10.09%	8.97%	8.92%	9.18%
LSR	16.04%	14.74%	9.57%	8.76%	9.03%	8.29%	8.42%
Accounts Payable
Avg YoY	-8.97%	17.98%	16.89%	15.80%	12.13%	12.17%	11.79%
Slope	-11.57%	14.05%	15.48%	13.27%	11.05%	8.88%	7.92%
CAGR	-11.97%	12.07%	12.31%	12.29%	9.25%	9.08%	8.53%
LSR	-11.97%	17.09%	17.25%	14.33%	11.08%	8.32%	7.49%
Short-Term Debt
Avg YoY	—	—	-52.95%	345.23%	233.25%	184.21%	161.19%
Slope	—	—	-40.91%	-14.55%	-4.00%	-1.37%	0.97%
CAGR	—	—	—	—	—	—	—
LSR	—	—	—	—	—	—	—
Tax Payables
Avg YoY	—	—	2.60%	11.18%	84.18%	83.58%	83.58%
Slope	—	—	-37.29%	-12.60%	-13.21%	-4.02%	0.54%
CAGR	—	—	—	—	—	—	—
LSR	—	—	—	—	—	—	—
Other Current Liabilities
Avg YoY	26.53%	17.66%	20.23%	18.31%	11.25%	13.53%	13.25%
Slope	23.17%	15.03%	16.51%	14.43%	10.01%	7.86%	6.76%
CAGR	26.51%	16.93%	18.99%	15.92%	7.02%	8.96%	9.05%
LSR	26.51%	15.79%	18.58%	16.06%	9.51%	6.88%	5.84%
Total Current Liabilities
Avg YoY	4.32%	15.76%	4.01%	25.28%	18.28%	16.70%	17.40%
Slope	3.03%	14.48%	4.31%	4.33%	5.31%	4.81%	5.05%
CAGR	3.24%	14.51%	1.13%	9.74%	5.40%	4.69%	7.12%
LSR	3.24%	16.81%	4.07%	6.23%	6.19%	5.07%	5.57%
Long-Term Debt
Avg YoY	—	—	—	—	-34.28%	15.51%	44.91%
Slope	—	—	—	—	-25.76%	-16.87%	-9.19%
CAGR	—	—	—	—	—	—	—
LSR	—	—	—	—	—	—	—
Deferred Tax Liabilities
Avg YoY	-9.72%	-9.76%	73.17%	45.71%	20.37%	22.17%	22.17%
Slope	-11.43%	-9.26%	11.19%	1.38%	4.27%	1.27%	4.22%
CAGR	-11.60%	-10.75%	18.52%	—	-3.32%	—	—
LSR	-11.60%	-9.30%	16.56%	—	—	—	—
Other Non-Current Liabilities
Avg YoY	38.96%	5.47%	11.59%	9.94%	11.11%	8.45%	6.97%
Slope	31.17%	-20.10%	1.54%	4.33%	2.97%	3.13%	3.09%
CAGR	33.82%	-9.85%	3.15%	3.68%	4.01%	2.78%	2.22%
LSR	33.82%	-17.41%	0.85%	3.89%	2.62%	2.81%	2.81%
Total Non-Current Liabilities
Avg YoY	25.76%	-0.13%	10.05%	9.33%	5.18%	8.51%	8.85%
Slope	22.36%	-18.36%	2.77%	3.86%	1.38%	-0.62%	1.01%
CAGR	23.74%	-9.97%	4.28%	4.73%	-1.13%	1.64%	2.43%
LSR	23.74%	-15.93%	2.72%	3.72%	1.20%	-0.58%	1.33%
Total Liabilities
Avg YoY	6.85%	7.46%	3.10%	16.34%	10.60%	9.85%	10.75%
Slope	5.97%	6.93%	3.95%	4.22%	4.31%	3.25%	3.87%
CAGR	6.36%	7.07%	1.66%	8.48%	3.35%	3.91%	5.62%
LSR	6.36%	7.33%	3.93%	5.67%	4.86%	3.30%	4.32%
Common Stock
Avg YoY	-0.27%	-0.26%	8.70%	5.62%	9.32%	11.80%	12.71%
Slope	-0.27%	-0.25%	2.38%	5.13%	4.92%	6.53%	7.58%
CAGR	-0.27%	-0.26%	6.56%	4.20%	6.84%	8.81%	—
LSR	-0.27%	-0.25%	3.09%	5.74%	5.42%	8.86%	—
Retained Earnings
Avg YoY	17.44%	14.59%	11.39%	9.61%	10.96%	10.30%	11.24%
Slope	16.07%	13.55%	10.51%	9.05%	8.99%	8.71%	8.54%
CAGR	17.43%	14.55%	11.33%	9.51%	10.79%	10.16%	11.08%
LSR	17.43%	14.38%	10.86%	9.26%	9.96%	9.91%	10.39%
Accumulated OCI
Avg YoY	153.24%	-1,069.19%	-468.45%	-299.01%	-176.23%	-928.54%	-857.16%
Slope	-18.21%	-71.78%	17.60%	12.79%	6.79%	0.24%	-2.66%
CAGR	—	—	—	—	—	—	—
LSR	—	—	—	—	—	—	—
Total Shareholders’ Equity
Avg YoY	16.03%	12.80%	11.56%	9.62%	10.61%	10.33%	11.46%
Slope	14.83%	12.04%	10.08%	9.18%	9.06%	8.76%	8.62%
CAGR	16.03%	12.75%	11.51%	9.52%	10.45%	10.19%	11.28%
LSR	16.03%	12.65%	10.63%	9.62%	10.06%	9.99%	10.65%
Total Equity
Avg YoY	16.03%	12.80%	11.56%	9.62%	10.61%	10.33%	11.46%
Slope	14.83%	12.04%	10.08%	9.18%	9.06%	8.76%	8.62%
CAGR	16.03%	12.75%	11.51%	9.52%	10.45%	10.19%	11.28%
LSR	16.03%	12.65%	10.63%	9.62%	10.06%	9.99%	10.65%
Total Liabilities & Equity
Avg YoY	13.88%	11.53%	8.78%	9.65%	8.49%	8.37%	9.64%
Slope	12.87%	10.87%	8.57%	7.85%	7.72%	7.07%	7.12%
CAGR	13.86%	11.48%	8.66%	9.30%	8.07%	7.98%	9.23%
LSR	13.86%	11.44%	8.75%	8.33%	8.32%	7.48%	8.20%
Tangible Assets
Avg YoY	20.64%	19.21%	11.30%	10.39%	8.34%	8.28%	8.71%
Slope	18.61%	18.12%	11.21%	8.94%	7.71%	6.73%	6.51%
CAGR	20.64%	19.07%	10.97%	10.13%	7.99%	7.98%	8.43%
LSR	20.64%	19.94%	11.02%	8.83%	7.57%	6.55%	6.77%
Tangible Equity
Avg YoY	23.61%	19.40%	16.86%	11.61%	11.11%	10.44%	11.66%
Slope	21.23%	18.23%	13.25%	10.76%	8.51%	7.63%	7.49%
CAGR	23.52%	19.07%	16.08%	9.36%	9.09%	8.80%	10.22%
LSR	23.52%	19.64%	14.03%	10.98%	8.09%	7.36%	8.04%
Tangible Book Value
Avg YoY	23.61%	19.40%	16.86%	11.61%	11.11%	10.44%	11.66%
Slope	21.23%	18.23%	13.25%	10.76%	8.51%	7.63%	7.49%
CAGR	23.52%	19.07%	16.08%	9.36%	9.09%	8.80%	10.22%
LSR	23.52%	19.64%	14.03%	10.98%	8.09%	7.36%	8.04%
Net Debt
Avg YoY	46.06%	42.61%	-98.49%	-220.56%	-181.42%	-143.15%	-106.12%
Slope	-37.48%	-34.88%	-51.90%	-60.29%	-51.98%	-75.21%	-75.46%
CAGR	—	—	—	—	—	—	—
LSR	—	—	—	—	—	—	—

Capital Structure

Metric / Stat	3Y	5Y	10Y	15Y	20Y	25Y	30Y
Working Capital
Avg YoY	32.95%	28.24%	31.31%	20.47%	19.20%	32.98%	25.08%
Slope	28.27%	25.20%	21.35%	16.69%	13.28%	11.96%	10.79%
CAGR	32.92%	27.98%	28.84%	14.47%	14.06%	17.97%	11.68%
LSR	32.92%	28.64%	26.23%	18.18%	12.84%	13.09%	11.64%
Total Capital
Avg YoY	16.74%	13.57%	7.93%	9.53%	9.99%	9.41%	10.17%
Slope	15.43%	12.71%	7.77%	7.19%	8.03%	7.77%	7.70%
CAGR	16.74%	13.52%	7.72%	9.13%	9.53%	8.98%	9.74%
LSR	16.74%	13.41%	7.64%	7.57%	9.28%	8.83%	9.21%
Capital Employed
Avg YoY	18.72%	14.50%	11.96%	10.23%	10.43%	10.75%	10.05%
Slope	17.09%	13.57%	10.87%	9.41%	9.10%	8.51%	8.18%
CAGR	18.72%	14.42%	11.90%	10.16%	10.12%	10.35%	9.68%
LSR	18.72%	14.33%	11.36%	9.73%	9.95%	9.35%	9.32%
Invested Capital
Avg YoY	0.95%	1.76%	0.48%	4.68%	6.64%	6.84%	7.93%
Slope	0.78%	1.46%	0.58%	3.08%	5.55%	6.02%	6.41%
CAGR	0.80%	1.58%	0.32%	4.18%	5.99%	6.26%	7.36%
LSR	0.80%	1.50%	0.58%	3.56%	6.93%	7.25%	8.05%

Cash Flow

Metric / Stat	3Y	5Y	10Y	15Y	20Y	25Y	30Y
Net Income
Avg YoY	36.72%	26.36%	21.16%	14.69%	18.14%	19.63%	18.93%
Slope	30.61%	22.96%	16.77%	11.92%	9.94%	9.79%	9.14%
CAGR	36.71%	25.82%	18.80%	11.22%	12.23%	12.51%	12.69%
LSR	36.71%	25.27%	17.66%	11.42%	10.26%	11.48%	10.69%
Depreciation & Amortization
Avg YoY	10.51%	6.29%	5.00%	10.62%	9.08%	7.53%	7.59%
Slope	10.03%	4.83%	3.70%	7.48%	8.30%	7.16%	6.95%
CAGR	10.45%	6.02%	4.83%	10.14%	8.61%	6.92%	6.90%
LSR	10.45%	4.84%	3.74%	9.14%	9.97%	7.71%	7.63%
Deferred Income Tax
Avg YoY	-42.86%	-42.26%	-86.79%	-60.43%	-51.74%	-30.19%	-21.87%
Slope	-30.82%	-34.63%	-19.36%	-23.25%	-19.79%	-23.70%	-19.00%
CAGR	40.01%	37.32%	15.24%	—	20.22%	—	14.62%
LSR	40.01%	44.68%	—	—	—	—	—
Stock-Based Compensation
Avg YoY	41.60%	45.55%	31.14%	21.26%	18.20%	18.20%	18.20%
Slope	31.11%	33.73%	14.50%	10.71%	10.46%	11.50%	11.32%
CAGR	39.76%	44.20%	16.41%	11.52%	—	—	—
LSR	39.76%	45.13%	14.32%	9.43%	—	—	—
Change in Working Capital
Avg YoY	85.13%	-603.86%	-379.55%	-252.57%	-217.64%	-116.71%	-119.44%
Slope	151.46%	-260.80%	68.61%	25.37%	8.61%	4.03%	-0.91%
CAGR	—	-35.11%	—	—	—	—	—
LSR	—	—	—	—	—	—	—
Accounts Receivable
Avg YoY	60.71%	-207.91%	-145.55%	-153.75%	-214.62%	-204.34%	-204.34%
Slope	77.69%	-40.68%	-0.26%	-4.53%	-1.38%	-4.59%	-6.53%
CAGR	-64.39%	—	-14.04%	-6.53%	-5.88%	—	—
LSR	-64.39%	—	—	—	—	—	—
Inventory
Avg YoY	38.84%	-85.29%	-44.27%	-1,072.89%	-922.47%	-770.81%	-631.28%
Slope	108.79%	-8.24%	-19.96%	-6.46%	-12.15%	-8.09%	-8.87%
CAGR	—	—	—	—	—	—	—
LSR	—	—	—	—	—	—	—
Accounts Payable
Avg YoY	-156.15%	467.99%	202.21%	-77.56%	-61.66%	-59.04%	-59.04%
Slope	-246.60%	-35.37%	58.67%	21.27%	11.87%	3.65%	-0.80%
CAGR	—	—	-13.22%	-11.17%	-5.62%	—	—
LSR	—	—	—	—	—	—	—
Other Working Capital
Avg YoY	445.51%	185.18%	93.14%	252.67%	190.29%	1,225.94%	1,017.56%
Slope	48.66%	13.31%	-26.37%	-9.32%	-6.70%	-0.45%	2.96%
CAGR	—	-8.24%	-19.87%	-15.29%	-8.64%	—	4.83%
LSR	—	—	—	—	—	—	—
Other Non-Cash Items
Avg YoY	51.42%	-71.73%	1,777.28%	1,179.37%	838.45%	647.52%	590.14%
Slope	65.40%	-35.26%	-24.21%	-2.57%	2.95%	19.45%	14.20%
CAGR	-51.54%	—	—	—	—	—	—
LSR	-51.54%	—	—	—	—	—	—
Net Cash from Operating Activities
Avg YoY	36.81%	16.26%	19.43%	18.82%	15.63%	20.17%	20.71%
Slope	31.06%	14.36%	12.59%	11.80%	9.98%	9.61%	8.77%
CAGR	36.76%	14.40%	17.39%	16.58%	11.58%	10.51%	9.01%
LSR	36.76%	13.91%	13.77%	13.28%	10.61%	11.01%	9.81%
Capital Expenditures (PPE)
Avg YoY	-54.85%	-17.78%	-3.44%	-10.18%	-20.26%	-18.31%	-18.73%
Slope	-33.61%	-13.46%	6.03%	2.24%	3.05%	-0.29%	-0.86%
CAGR	47.11%	8.78%	-4.93%	-1.99%	1.55%	2.67%	3.48%
LSR	47.11%	13.27%	-5.10%	-1.75%	-2.25%	0.88%	1.24%
Acquisitions (Net)
Avg YoY	72.40%	22.53%	-126.06%	-158.94%	-158.94%	-141.68%	-141.68%
Slope	97.09%	28.88%	-12.52%	-3.34%	-9.39%	-9.83%	-10.16%
CAGR	-74.33%	-43.50%	4.91%	-6.03%	—	—	—
LSR	-74.33%	-42.55%	19.91%	4.25%	—	—	—
Other Investing Activities
Avg YoY	-100.00%	3,693.16%	2,428.77%	1,064.64%	324.50%	201.65%	132.56%
Slope	-150.00%	-0.65%	24.72%	328.46%	65.89%	36.60%	21.61%
CAGR	—	—	—	—	—	—	—
LSR	—	—	—	—	—	—	—
Net Cash from Investing Activities
Avg YoY	-173.65%	-73.22%	-81.81%	-83.60%	-81.27%	-70.84%	-60.98%
Slope	-29.13%	24.10%	-1.15%	2.03%	-1.63%	-3.76%	-4.07%
CAGR	63.42%	-19.99%	-3.67%	-3.39%	2.52%	3.62%	3.78%
LSR	63.42%	-20.99%	-0.71%	-2.62%	1.64%	4.29%	4.25%
Net Debt Issuance
Avg YoY	—	100.00%	82.97%	80.49%	3.28%	184.69%	167.18%
Slope	—	100.00%	2.98%	-43.57%	-14.56%	-11.53%	-6.66%
CAGR	—	—	—	—	—	—	—
LSR	—	—	—	—	—	—	—
Long-Term Debt Issuance
Avg YoY	—	—	—	100.00%	-9.02%	246.82%	205.53%
Slope	—	—	—	37.50%	20.14%	-0.62%	-198.78%
CAGR	—	—	—	—	—	—	—
LSR	—	—	—	—	—	—	—
Short-Term Debt Issuance
Avg YoY	—	100.00%	-139.83%	-47.80%	-83.98%	-84.98%	-84.98%
Slope	—	100.00%	26.75%	-440.22%	-485.26%	-70.48%	-45.58%
CAGR	—	—	—	—	—	—	—
LSR	—	—	—	—	—	—	—
Net Stock Issuance
Avg YoY	151.65%	96.55%	-45.16%	-465.08%	-337.97%	-256.97%	-195.37%
Slope	137.11%	314.67%	16.88%	16.87%	-1.84%	-3.10%	-1.76%
CAGR	—	—	—	—	—	—	—
LSR	—	—	—	—	—	—	—
Common Stock Issuance
Avg YoY	-22.54%	-60.90%	-29.83%	-1.20%	-9.92%	-0.93%	24.77%
Slope	65.47%	51.53%	1.57%	1.21%	-12.37%	-8.90%	-5.91%
CAGR	—	42.55%	5.09%	12.22%	-8.33%	-1.53%	6.99%
LSR	—	—	—	—	—	—	—
Common Stock Repurchased
Avg YoY	100.00%	64.20%	35.94%	51.96%	57.29%	35.26%	-37.22%
Slope	150.00%	83.65%	11.54%	14.03%	2.19%	1.38%	1.20%
CAGR	—	—	—	—	—	—	—
LSR	—	—	—	—	—	—	—
Preferred Stock Issuance
Avg YoY	—	-3.39%	130.77%	130.77%	130.77%	130.77%	130.77%
Slope	—	-103.64%	-2.48%	12.30%	14.42%	14.03%	13.08%
CAGR	—	—	—	—	—	—	—
LSR	—	—	—	—	—	—	—
Net Dividends Paid
Avg YoY	-19.75%	-15.05%	-13.53%	-11.75%	-12.14%	-10.97%	-12.08%
Slope	-18.06%	-14.08%	-11.92%	-10.35%	-10.06%	-9.41%	-9.11%
CAGR	19.71%	14.92%	13.45%	11.65%	12.04%	10.84%	11.90%
LSR	19.71%	14.79%	12.75%	10.88%	11.29%	10.56%	11.05%
Common Dividends Paid
Avg YoY	-19.75%	-15.05%	-13.53%	-11.75%	-12.14%	-10.97%	-12.08%
Slope	-18.06%	-14.08%	-11.92%	-10.35%	-10.06%	-9.41%	-9.11%
CAGR	19.71%	14.92%	13.45%	11.65%	12.04%	10.84%	11.90%
LSR	19.71%	14.79%	12.75%	10.88%	11.29%	10.56%	11.05%
Other Financing Activities
Avg YoY	-100.00%	47.71%	-193.83%	-73.48%	-43.31%	-35.77%	-37.03%
Slope	-150.00%	-2.73%	36.31%	-5.26%	-13.27%	-1.39%	-4.38%
CAGR	—	—	—	—	—	—	—
LSR	—	—	—	—	—	—	—
Net Cash from Financing Activities
Avg YoY	-19.23%	-7.93%	-51.38%	-93.37%	-79.68%	-96.49%	-83.29%
Slope	-17.66%	-7.86%	-1.52%	-13.50%	-10.92%	-10.20%	-9.98%
CAGR	19.11%	5.71%	11.42%	20.19%	7.05%	7.04%	6.01%
LSR	19.11%	7.84%	4.47%	—	—	—	—
Effect of FX on Cash
Avg YoY	2.38%	-91.54%	22.75%	-11.09%	-2.54%	-2.54%	-7.41%
Slope	85.77%	19.16%	-70.55%	-12.55%	-20.45%	-17.88%	-17.52%
CAGR	-25.75%	37.77%	—	—	—	—	—
LSR	—	—	—	—	—	—	—
Net Change in Cash
Avg YoY	48.74%	75.48%	265.07%	185.53%	156.19%	104.75%	138.60%
Slope	37.67%	40.18%	32.69%	29.43%	22.45%	19.30%	16.35%
CAGR	42.26%	44.65%	59.60%	—	24.33%	24.72%	18.03%
LSR	42.26%	52.68%	—	—	—	—	—
Cash at Beginning of Period
Avg YoY	48.24%	41.07%	57.57%	38.82%	40.09%	31.57%	38.78%
Slope	37.38%	32.45%	33.01%	24.80%	19.64%	16.31%	14.38%
CAGR	47.93%	40.38%	44.92%	21.12%	24.50%	17.51%	23.48%
LSR	47.93%	39.89%	51.90%	29.68%	19.98%	15.08%	15.67%
Cash at End of Period
Avg YoY	46.06%	42.61%	61.05%	48.03%	39.98%	32.98%	34.36%
Slope	37.48%	34.88%	32.90%	26.25%	20.51%	17.22%	14.98%
CAGR	45.86%	41.81%	48.63%	38.66%	24.44%	19.04%	20.67%
LSR	45.86%	43.03%	56.06%	38.07%	22.51%	17.61%	16.20%
Operating Cash Flow
Avg YoY	36.81%	16.26%	19.43%	18.82%	15.63%	20.17%	20.71%
Slope	31.06%	14.36%	12.59%	11.80%	9.98%	9.61%	8.77%
CAGR	36.76%	14.40%	17.39%	16.58%	11.58%	10.51%	9.01%
LSR	36.76%	13.91%	13.77%	13.28%	10.61%	11.01%	9.81%
Capital Expenditure
Avg YoY	-54.85%	-17.78%	-3.44%	-10.18%	-20.26%	-18.31%	-18.73%
Slope	-33.61%	-13.46%	6.03%	2.24%	3.05%	-0.29%	-0.86%
CAGR	47.11%	8.78%	-4.93%	-1.99%	1.55%	2.67%	3.48%
LSR	47.11%	13.27%	-5.10%	-1.75%	-2.25%	0.88%	1.24%
Free Cash Flow
Avg YoY	36.19%	16.74%	36.14%	177.48%	137.28%	615.63%	512.90%
Slope	30.82%	14.45%	15.48%	14.72%	13.83%	12.64%	11.71%
CAGR	35.93%	14.98%	27.11%	41.41%	15.14%	13.18%	10.47%
LSR	35.93%	13.97%	19.96%	23.66%	—	—	—

Free Cash Flow

Metric / Stat	3Y	5Y	10Y	15Y	20Y	25Y	30Y
EBITDA
Avg YoY	32.99%	22.12%	15.97%	11.38%	11.23%	11.15%	10.78%
Slope	26.27%	20.18%	12.82%	9.66%	7.64%	7.39%	6.85%
CAGR	31.98%	21.11%	13.78%	8.81%	9.23%	8.40%	8.35%
LSR	31.98%	22.06%	12.75%	9.29%	7.18%	7.60%	7.06%
(-) Tax Adjustment
Avg YoY	34.77%	23.11%	14.55%	11.30%	11.18%	11.40%	10.98%
Slope	27.91%	21.72%	8.51%	6.17%	4.93%	5.40%	5.29%
CAGR	34.05%	22.22%	9.59%	6.21%	7.31%	6.89%	7.09%
LSR	34.05%	23.76%	7.76%	5.63%	4.49%	5.67%	5.59%
Change In Working Capital
Avg YoY	85.13%	-603.86%	-379.55%	-252.57%	-217.64%	-116.71%	-119.44%
Slope	151.46%	-260.80%	68.61%	25.37%	8.61%	4.03%	-0.91%
CAGR	—	-35.11%	—	—	—	—	-1.32%
LSR	—	—	—	—	—	—	—
Capital Expenditure
Avg YoY	-54.85%	-17.78%	-3.44%	-10.18%	-20.26%	-18.31%	-18.73%
Slope	-33.61%	-13.46%	6.03%	2.24%	3.05%	-0.29%	-0.86%
CAGR	—	—	—	—	—	—	—
LSR	—	—	—	—	—	—	—
Unlevered Free Cash Flow
Avg YoY	22.95%	37.66%	20.78%	13.83%	267.09%	219.07%	197.14%
Slope	18.84%	24.95%	16.81%	11.11%	11.13%	9.70%	9.44%
CAGR	21.92%	34.36%	18.04%	8.55%	11.31%	10.20%	15.40%
LSR	21.92%	32.87%	17.70%	10.35%	—	—	—
Net Interest After Taxes
Avg YoY	371.03%	877.05%	404.41%	217.48%	194.25%	184.69%	184.69%
Slope	90.96%	80.53%	86.68%	81.78%	110.45%	135.05%	97.08%
CAGR	291.95%	—	—	26.29%	—	—	—
LSR	291.95%	—	—	—	—	—	—
Net Debt Issuance
Avg YoY	—	100.00%	82.97%	80.49%	3.28%	184.69%	167.18%
Slope	—	100.00%	2.98%	-43.57%	-14.56%	-11.53%	-6.66%
CAGR	—	—	—	—	—	—	—
LSR	—	—	—	—	—	—	—
Levered Free Cash Flow
Avg YoY	19.74%	43.17%	22.02%	59.65%	86.13%	78.72%	163.56%
Slope	16.30%	25.02%	16.58%	7.60%	10.11%	8.40%	8.26%
CAGR	18.70%	37.23%	16.86%	7.14%	9.61%	9.56%	—
LSR	18.70%	34.74%	16.95%	8.43%	—	—	—