Steel

Category: Industry Averages Base Ticker: RS

Methodology: Industry metrics are calculated using the Top 100 companies by revenue within the industry. Values shown represent averages, not aggregates, and are winsorized at the 80/20 percentile to reduce the impact of extreme outliers. All financials are USD-normalized and intended to reflect the core economic structure of the industry.

Industry Enterprise Value

Metric	MRQ	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015	2014	2013	2012	2011	2010	2009	2008	2007	2006	2005	2004	2003	2002	2001	2000	1999	1998	1997	1996	1995
Stock Price	5.55	7.62	9.91	8.42	8.89	5.83	6.42	6.73	8.06	7.03	6.51	7.45	6.69	6.88	8.96	10.34	10.47	9.38	13.94	8.65	4.90	2.89	2.88	2.40	2.14	1.89	2.18	2.20	3.07	3.15	3.34
Market Capitalization	3,334.97M	2,922.09M	2,930.91M	2,660.11M	2,792.99M	1,910.96M	2,074.88M	1,911.79M	2,358.93M	1,885.67M	1,504.49M	1,801.38M	1,478.90M	1,620.12M	1,559.31M	1,879.51M	1,891.58M	1,283.56M	2,336.55M	1,089.74M	706.30M	580.82M	647.94M	474.39M	519.34M	540.34M	529.07M	530.31M	611.41M	434.04M	427.40M
(-) Cash & Equivalents	705.00M	666.25M	664.37M	695.29M	625.36M	496.66M	419.80M	388.58M	365.72M	381.05M	344.88M	371.17M	304.43M	293.29M	293.62M	278.83M	247.82M	217.38M	218.90M	122.21M	102.37M	89.31M	81.50M	65.80M	52.17M	43.43M	25.72M	16.07M	13.09M	5.43M	4.69M
(+) Total Debt	2,356.44M	1,560.49M	1,460.09M	1,436.63M	1,533.62M	1,775.55M	1,631.00M	1,666.00M	1,653.07M	1,755.47M	1,903.94M	1,719.85M	1,659.86M	1,622.84M	1,464.71M	1,216.22M	1,031.12M	977.22M	706.04M	279.10M	218.89M	177.09M	200.73M	151.49M	167.35M	145.79M	157.63M	125.86M	84.68M	73.41M	61.83M
Enterprise Value	4,975.55M	3,887.03M	4,060.40M	3,746.16M	4,304.59M	3,987.89M	3,712.58M	3,257.54M	3,666.01M	3,296.01M	3,048.74M	3,159.37M	2,873.44M	2,967.82M	2,617.54M	3,226.44M	2,964.75M	2,224.30M	2,894.18M	1,257.82M	854.55M	682.11M	802.18M	709.17M	704.47M	669.32M	708.60M	635.21M	716.97M	492.34M	469.46M

Industry Income Statement

Metric	TTM	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015	2014	2013	2012	2011	2010	2009	2008	2007	2006	2005	2004	2003	2002	2001	2000	1999	1998	1997	1996	1995
Revenue	6,948.585M	6,799.334M	7,337.344M	7,376.766M	7,112.581M	5,175.362M	5,183.182M	5,159.921M	4,445.772M	3,494.290M	3,623.252M	4,106.778M	4,150.835M	4,234.545M	4,414.454M	3,223.590M	2,818.505M	3,679.766M	2,965.879M	1,699.294M	1,401.506M	1,152.528M	977.681M	853.436M	662.120M	629.979M	571.328M	414.117M	432.555M	338.696M	292.559M
Cost of Revenue	5,792.769M	5,997.458M	6,361.821M	6,410.282M	5,791.768M	4,422.133M	4,279.197M	4,118.961M	3,540.199M	2,935.359M	3,259.506M	3,638.528M	3,632.508M	3,702.082M	3,416.110M	2,796.851M	2,379.080M	2,948.341M	2,225.643M	1,234.254M	1,075.356M	855.947M	737.627M	593.893M	474.565M	477.931M	377.987M	325.181M	311.083M	213.715M	192.741M
Gross Profit	1,155.816M	801.875M	975.524M	966.484M	1,320.813M	753.229M	903.986M	1,040.960M	905.572M	558.931M	363.746M	468.249M	518.327M	532.463M	998.344M	426.739M	439.425M	731.426M	740.236M	465.040M	326.151M	296.581M	240.054M	259.543M	187.555M	152.048M	193.341M	88.937M	121.472M	124.981M	99.818M
Gross Margin	16.63%	11.79%	13.30%	13.10%	18.57%	14.55%	17.44%	20.17%	20.37%	16.00%	10.04%	11.40%	12.49%	12.57%	22.62%	13.24%	15.59%	19.88%	24.96%	27.37%	23.27%	25.73%	24.55%	30.41%	28.33%	24.14%	33.84%	21.48%	28.08%	36.90%	34.12%
R&D Expenses	24.097M	31.442M	30.850M	34.657M	33.565M	32.278M	27.072M	23.097M	16.186M	10.492M	14.954M	14.689M	13.586M	10.325M	1.454M	0.788M	0.000M	0.000M	0.000M	0.000M	0.000M	0.000M	0.000M	0.000M	0.000M	0.000M	0.000M	0.000M	0.000M	0.000M	0.000M
SG&A Expenses	237.545M	242.674M	250.624M	253.255M	233.033M	211.880M	246.556M	239.895M	214.547M	209.487M	223.795M	235.029M	228.561M	198.599M	162.930M	166.057M	159.434M	181.030M	123.993M	69.212M	46.702M	51.640M	58.386M	61.364M	31.997M	30.883M	23.711M	17.289M	14.548M	10.237M	9.156M
Operating Expenses	261.643M	274.116M	281.474M	287.913M	266.597M	244.158M	273.628M	262.992M	230.734M	219.978M	238.749M	249.718M	242.147M	208.925M	164.384M	166.845M	159.434M	181.030M	123.993M	69.212M	46.702M	51.640M	58.386M	61.364M	31.997M	30.883M	23.711M	17.289M	14.548M	10.237M	9.156M
Operating Income	894.174M	527.760M	694.050M	678.572M	1,054.216M	509.071M	630.358M	777.968M	674.839M	338.953M	124.997M	218.532M	276.180M	323.538M	833.960M	259.894M	279.990M	550.396M	616.243M	395.828M	279.449M	244.941M	181.668M	198.179M	155.558M	121.165M	169.630M	71.648M	106.924M	114.744M	90.662M
Operating Margin	12.87%	7.76%	9.46%	9.20%	14.82%	9.84%	12.16%	15.08%	15.18%	9.70%	3.45%	5.32%	6.65%	7.64%	18.89%	8.06%	9.93%	14.96%	20.78%	23.29%	19.94%	21.25%	18.58%	23.22%	23.49%	19.23%	29.69%	17.30%	24.72%	33.88%	30.99%
Interest Income	18.808M	23.025M	23.325M	17.009M	11.635M	12.987M	14.746M	11.349M	9.771M	8.027M	9.320M	9.795M	7.926M	10.272M	9.452M	5.298M	4.989M	9.679M	4.813M	1.538M	1.426M	0.959M	0.640M	0.559M	0.697M	0.520M	0.000M	0.000M	0.000M	0.000M	0.000M
Interest Expense	69.283M	61.987M	64.756M	53.257M	66.689M	75.029M	74.211M	87.314M	91.821M	95.241M	103.649M	83.903M	79.066M	75.379M	72.928M	55.454M	52.326M	56.288M	35.213M	14.890M	10.882M	8.161M	7.235M	7.097M	6.397M	5.775M	3.261M	3.990M	3.223M	3.777M	2.701M
Net Interest Income	-50.475M	-38.962M	-41.431M	-36.247M	-55.054M	-62.042M	-59.465M	-75.964M	-82.050M	-87.214M	-94.330M	-74.108M	-71.140M	-65.107M	-63.476M	-50.155M	-47.336M	-46.609M	-30.399M	-13.353M	-9.456M	-7.202M	-6.595M	-6.538M	-5.701M	-5.255M	-3.261M	-3.990M	-3.223M	-3.777M	-2.701M
Other Income / Expense	-633.985M	-262.798M	-349.657M	-168.302M	-414.111M	-283.133M	-361.794M	-360.516M	-347.074M	-181.556M	-83.376M	-83.836M	-170.756M	-213.059M	-611.016M	-82.027M	-176.704M	-249.390M	-314.732M	-224.977M	-152.816M	-135.858M	-111.335M	-157.160M	-119.844M	-80.406M	-137.702M	-42.918M	-71.394M	-82.764M	-66.890M
Pre-Tax Income	209.714M	226.000M	302.962M	474.023M	585.050M	163.896M	209.099M	341.488M	245.714M	70.183M	-52.709M	60.588M	34.283M	45.373M	159.467M	127.711M	55.950M	254.396M	271.112M	157.498M	117.177M	101.881M	63.737M	34.481M	30.014M	35.503M	28.667M	24.740M	32.308M	28.204M	21.071M
Pre-Tax Margin	3.02%	3.32%	4.13%	6.43%	8.23%	3.17%	4.03%	6.62%	5.53%	2.01%	-1.45%	1.48%	0.83%	1.07%	3.61%	3.96%	1.99%	6.91%	9.14%	9.27%	8.36%	8.84%	6.52%	4.04%	4.53%	5.64%	5.02%	5.97%	7.47%	8.33%	7.20%
Income Tax Expense	54.384M	49.852M	58.983M	89.534M	115.111M	42.257M	59.310M	52.319M	41.002M	24.459M	20.385M	22.249M	19.396M	20.988M	33.573M	32.280M	13.229M	60.531M	68.040M	43.551M	39.410M	33.422M	14.446M	8.042M	5.126M	9.848M	6.358M	8.189M	9.559M	10.118M	5.797M
Tax Rate	25.93%	22.06%	19.47%	18.89%	19.68%	25.78%	28.36%	15.32%	16.69%	34.85%	0.00%	35.00%	35.00%	35.00%	21.05%	25.28%	23.64%	23.79%	25.10%	27.65%	33.63%	32.80%	22.66%	23.32%	17.08%	27.74%	22.18%	33.10%	29.59%	35.00%	27.51%
Net Income	155.330M	176.147M	243.978M	384.489M	469.939M	121.639M	149.789M	289.168M	204.712M	45.724M	-73.093M	38.339M	14.887M	24.385M	125.894M	95.431M	42.721M	193.866M	203.072M	113.947M	77.767M	68.460M	49.291M	26.439M	24.888M	25.655M	22.309M	16.551M	22.749M	18.086M	15.274M
Net Margin	2.24%	2.59%	3.33%	5.21%	6.61%	2.35%	2.89%	5.60%	4.60%	1.31%	-2.02%	0.93%	0.36%	0.58%	2.85%	2.96%	1.52%	5.27%	6.85%	6.71%	5.55%	5.94%	5.04%	3.10%	3.76%	4.07%	3.90%	4.00%	5.26%	5.34%	5.22%
EBIT	894.174M	527.760M	694.050M	678.572M	1,054.216M	509.071M	630.358M	777.968M	674.839M	338.953M	124.997M	218.532M	276.180M	323.538M	833.960M	259.894M	279.990M	550.396M	616.243M	395.828M	279.449M	244.941M	181.668M	198.179M	155.558M	121.165M	169.630M	71.648M	106.924M	114.744M	90.662M
Depreciation & Amortization	218.803M	247.204M	237.519M	225.378M	213.786M	209.204M	208.062M	189.588M	186.183M	189.724M	196.677M	189.297M	178.927M	174.766M	150.366M	143.491M	139.637M	129.292M	91.965M	54.009M	41.998M	35.734M	35.764M	31.575M	25.369M	23.357M	15.975M	12.859M	5.943M	4.839M	2.563M
EBITDA	1,112.977M	774.963M	931.569M	903.950M	1,268.001M	718.275M	838.420M	967.556M	861.021M	528.678M	321.674M	407.829M	455.107M	498.305M	984.326M	403.384M	419.627M	679.688M	708.208M	449.837M	321.447M	280.675M	217.432M	229.754M	180.927M	144.522M	185.605M	84.507M	112.867M	119.584M	93.225M
EBITDA Margin	16.02%	11.40%	12.70%	12.25%	17.83%	13.88%	16.18%	18.75%	19.37%	15.13%	8.88%	9.93%	10.96%	11.77%	22.30%	12.51%	14.89%	18.47%	23.88%	26.47%	22.94%	24.35%	22.24%	26.92%	27.33%	22.94%	32.49%	20.41%	26.09%	35.31%	31.87%
NOPAT	662.291M	411.343M	558.926M	550.403M	846.794M	377.818M	451.561M	658.775M	562.230M	220.827M	124.997M	142.045M	179.517M	210.300M	658.383M	194.203M	213.791M	419.435M	461.587M	286.374M	185.463M	164.590M	140.493M	151.959M	128.989M	87.554M	132.008M	47.931M	75.288M	74.584M	65.720M
NOPAT Margin	9.53%	6.05%	7.62%	7.46%	11.91%	7.30%	8.71%	12.77%	12.65%	6.32%	3.45%	3.46%	4.32%	4.97%	14.91%	6.02%	7.59%	11.40%	15.56%	16.85%	13.23%	14.28%	14.37%	17.81%	19.48%	13.90%	23.11%	11.57%	17.41%	22.02%	22.46%
Owner's Earnings	374.133M	423.351M	481.497M	609.867M	683.725M	330.843M	357.851M	478.756M	390.895M	235.448M	123.584M	227.636M	193.815M	199.151M	276.260M	238.922M	182.358M	323.158M	295.037M	167.956M	119.765M	104.194M	85.056M	58.014M	50.257M	49.012M	38.284M	29.410M	28.692M	22.925M	17.837M
Owner's Earnings Margin	5.38%	6.23%	6.56%	8.27%	9.61%	6.39%	6.90%	9.28%	8.79%	6.74%	3.41%	5.54%	4.67%	4.70%	6.26%	7.41%	6.47%	8.78%	9.95%	9.88%	8.55%	9.04%	8.70%	6.80%	7.59%	7.78%	6.70%	7.10%	6.63%	6.77%	6.10%
EPS	0.09	0.12	0.18	0.30	0.36	0.10	0.12	0.24	0.21	0.05	-0.08	0.04	0.02	0.03	0.16	0.12	0.05	0.28	0.31	0.18	0.12	0.10	0.06	0.04	0.03	0.03	0.03	0.02	0.03	0.03	0.03
EPS (Diluted)	0.09	0.12	0.18	0.30	0.36	0.10	0.12	0.24	0.21	0.05	-0.08	0.04	0.02	0.03	0.16	0.12	0.05	0.28	0.31	0.18	0.12	0.10	0.06	0.04	0.03	0.03	0.03	0.02	0.03	0.03	0.03
Shares (Diluted)	1,668,601,547	1,440,330,570	1,331,128,435	1,301,508,948	1,298,530,240	1,261,195,299	1,202,353,238	1,219,165,978	994,231,566	928,371,821	892,998,120	916,782,096	847,690,814	840,051,405	803,969,589	781,786,214	833,974,463	685,177,165	649,875,430	641,139,300	624,894,975	705,214,654	766,269,418	724,182,009	750,030,073	781,799,706	774,355,204	898,997,711	883,175,326	709,857,487	610,127,780

Industry Balance Sheet

Metric	MRQ	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015	2014	2013	2012	2011	2010	2009	2008	2007	2006	2005	2004	2003	2002	2001	2000	1999	1998	1997	1996	1995
Cash & Cash Equivalents	751.57M	666.25M	664.37M	695.29M	625.36M	496.66M	423.44M	388.58M	365.72M	381.05M	344.88M	371.17M	304.43M	293.29M	298.27M	281.15M	249.86M	219.17M	220.84M	124.30M	105.34M	101.70M	81.50M	65.80M	53.95M	43.43M	26.96M	16.41M	13.11M	5.43M	4.69M
Short-Term Investments	87.51M	134.17M	121.15M	87.42M	105.89M	146.34M	103.74M	80.96M	112.27M	77.16M	55.91M	90.87M	46.98M	59.88M	118.53M	42.19M	90.69M	69.16M	40.93M	21.51M	5.93M	9.90M	2.49M	6.60M	3.66M	11.55M	14.68M	11.00M	1.98M	1.51M	0.39M
Cash & Short-Term Investments	839.08M	800.43M	785.53M	782.71M	731.25M	643.00M	527.18M	469.54M	477.99M	458.21M	400.80M	462.04M	351.42M	353.16M	416.80M	323.33M	340.55M	288.33M	261.78M	145.82M	111.27M	111.60M	83.99M	72.40M	57.61M	54.98M	41.64M	27.41M	15.10M	6.94M	5.08M
Net Receivables	748.15M	622.16M	611.02M	701.55M	723.29M	560.31M	545.16M	529.70M	454.51M	386.59M	410.95M	466.22M	509.43M	434.59M	435.25M	386.60M	290.12M	345.61M	314.28M	168.52M	136.93M	101.33M	61.13M	63.37M	58.76M	34.93M	33.22M	31.35M	25.11M	25.16M	9.44M
Inventory	1,288.69M	1,161.42M	1,131.22M	1,255.59M	1,181.63M	821.78M	823.92M	851.73M	749.23M	677.02M	677.98M	788.40M	779.66M	755.94M	804.91M	712.20M	538.86M	621.49M	483.93M	299.23M	205.38M	162.86M	130.67M	113.38M	100.17M	101.28M	84.45M	70.00M	66.74M	57.15M	37.37M
Other Current Assets	141.03M	89.02M	112.34M	158.56M	173.81M	176.59M	150.64M	174.54M	188.36M	197.89M	168.40M	192.22M	176.35M	143.56M	101.81M	123.76M	89.95M	80.71M	66.80M	36.04M	23.25M	21.32M	30.95M	33.80M	33.03M	39.13M	49.45M	39.90M	29.35M	16.18M	21.67M
Total Current Assets	3,016.94M	2,673.03M	2,640.10M	2,898.41M	2,809.98M	2,201.68M	2,046.89M	2,025.51M	1,870.10M	1,719.71M	1,658.12M	1,908.87M	1,816.84M	1,687.26M	1,758.77M	1,545.89M	1,259.48M	1,336.13M	1,126.78M	649.60M	476.83M	397.11M	306.73M	282.94M	249.57M	230.31M	208.75M	168.66M	136.29M	105.42M	73.55M
Property, Plant & Equipment	3,719.69M	3,066.18M	2,907.04M	2,643.36M	2,598.14M	2,611.08M	2,543.05M	2,314.39M	2,359.04M	2,327.08M	2,339.68M	2,376.18M	2,252.32M	2,112.44M	1,661.72M	1,507.93M	1,437.86M	1,312.78M	1,040.89M	571.81M	479.35M	371.32M	406.04M	400.84M	318.21M	304.30M	293.37M	251.80M	190.86M	124.80M	100.98M
Goodwill	24.28M	33.62M	38.88M	38.16M	32.94M	28.39M	34.78M	24.60M	21.00M	20.89M	25.61M	30.06M	29.55M	31.54M	19.70M	17.88M	15.47M	12.45M	8.32M	0.49M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Intangible Assets	295.16M	164.89M	161.02M	155.36M	135.29M	144.33M	141.90M	120.50M	92.42M	104.22M	115.62M	107.39M	98.73M	92.26M	91.44M	85.55M	72.48M	94.36M	33.99M	12.56M	10.25M	5.63M	6.65M	6.42M	2.11M	5.17M	1.93M	1.44M	1.26M	0.84M	1.18M
Long-Term Investments	279.31M	230.43M	214.40M	193.42M	180.20M	139.82M	152.17M	96.62M	134.27M	117.78M	91.97M	65.82M	88.67M	81.95M	64.29M	62.13M	46.18M	51.54M	27.42M	15.18M	5.98M	1.00M	0.00M	0.00M	0.09M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Tax Assets	58.23M	51.48M	52.57M	54.85M	50.77M	51.27M	43.45M	39.56M	31.09M	38.20M	48.74M	39.83M	35.28M	31.11M	24.48M	22.57M	19.90M	18.72M	8.08M	3.63M	2.42M	1.44M	0.49M	0.97M	0.00M	0.94M	0.00M	0.00M	0.00M	0.00M	0.00M
Other Non-Current Assets	159.95M	211.51M	141.82M	145.46M	167.12M	152.49M	124.05M	149.38M	101.21M	104.03M	154.13M	88.03M	112.68M	100.83M	86.16M	84.46M	69.50M	60.98M	88.82M	38.25M	33.04M	14.60M	14.63M	18.91M	16.31M	22.73M	20.74M	9.51M	7.16M	4.55M	4.55M
Other Assets	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Total Non-Current Assets	4,536.62M	3,758.12M	3,515.74M	3,230.60M	3,164.47M	3,127.37M	3,039.39M	2,745.05M	2,739.03M	2,712.20M	2,775.75M	2,707.32M	2,617.22M	2,450.12M	1,947.79M	1,780.52M	1,661.39M	1,550.83M	1,207.51M	641.92M	531.03M	393.98M	427.81M	427.14M	336.72M	333.14M	316.05M	262.76M	199.28M	130.19M	106.71M
Total Assets	7,553.56M	6,431.14M	6,155.84M	6,129.01M	5,974.45M	5,329.06M	5,086.29M	4,770.56M	4,609.12M	4,431.91M	4,433.87M	4,616.19M	4,434.06M	4,137.38M	3,706.57M	3,326.41M	2,920.87M	2,886.97M	2,334.29M	1,291.52M	1,007.87M	791.10M	734.54M	710.08M	586.29M	563.45M	524.80M	431.41M	335.57M	235.62M	180.27M
Accounts Payable	753.86M	977.75M	883.21M	928.27M	871.16M	772.01M	710.94M	683.43M	637.83M	600.20M	594.03M	639.90M	626.95M	466.96M	428.31M	401.91M	325.18M	408.50M	275.38M	164.42M	125.96M	87.79M	68.42M	46.94M	39.55M	39.69M	44.61M	44.56M	31.51M	22.97M	18.49M
Short-Term Debt	1,241.79M	592.83M	585.71M	603.45M	603.85M	680.60M	686.22M	724.94M	727.36M	748.57M	681.37M	742.83M	735.15M	598.49M	491.14M	400.27M	310.39M	290.68M	217.24M	120.00M	93.10M	68.11M	48.18M	30.62M	45.65M	38.96M	34.27M	34.81M	20.85M	29.29M	28.06M
Tax Payables	2.18M	34.95M	31.22M	51.64M	65.90M	36.89M	32.91M	49.35M	35.61M	23.43M	20.95M	20.33M	16.62M	15.38M	16.05M	13.35M	15.38M	22.65M	17.55M	15.26M	7.20M	5.82M	3.68M	2.68M	1.76M	1.71M	1.50M	0.66M	0.71M	0.28M	0.47M
Deferred Revenue	151.40M	0.00M	36.63M	145.22M	322.58M	295.70M	155.84M	42.82M	137.32M	98.31M	122.14M	106.86M	79.91M	82.46M	69.64M	57.34M	60.39M	63.63M	54.40M	31.23M	15.45M	14.03M	15.09M	19.58M	15.68M	14.14M	9.36M	6.10M	3.66M	3.61M	1.80M
Other Current Liabilities	326.54M	441.69M	386.72M	311.62M	264.47M	198.87M	237.03M	306.25M	235.49M	263.90M	243.07M	288.04M	269.77M	275.78M	202.48M	178.62M	156.92M	143.32M	136.66M	89.69M	62.21M	59.56M	62.31M	54.57M	22.46M	20.70M	30.27M	16.16M	12.95M	8.98M	11.89M
Total Current Liabilities	2,475.78M	2,047.22M	1,923.49M	2,040.20M	2,127.96M	1,984.07M	1,822.94M	1,806.79M	1,773.61M	1,734.42M	1,661.57M	1,797.97M	1,728.39M	1,439.07M	1,207.62M	1,051.49M	868.26M	928.78M	701.23M	420.59M	303.92M	235.31M	197.68M	154.40M	125.10M	115.20M	120.02M	102.28M	69.68M	65.13M	60.71M
Long-Term Debt	1,076.08M	753.79M	728.28M	637.77M	727.11M	908.19M	704.43M	728.55M	766.24M	966.40M	882.49M	827.57M	756.76M	794.91M	741.96M	683.94M	619.26M	507.04M	417.25M	170.22M	137.21M	125.72M	146.70M	94.39M	112.51M	91.40M	92.51M	86.13M	56.37M	48.44M	29.56M
Capital Lease Obligations	0.02M	75.84M	70.79M	68.03M	63.46M	71.02M	49.44M	13.37M	9.62M	14.97M	8.45M	5.33M	1.00M	0.09M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Deferred Tax Liabilities	54.63M	68.63M	49.72M	77.00M	63.43M	55.38M	65.14M	49.44M	58.21M	53.98M	58.78M	58.98M	51.59M	47.01M	46.43M	42.76M	39.75M	37.61M	36.42M	16.49M	12.19M	5.97M	3.55M	3.00M	1.38M	1.70M	1.52M	0.84M	0.48M	0.25M	0.13M
Other Non-Current Liabilities	85.60M	120.44M	136.37M	114.21M	109.22M	116.90M	98.06M	135.62M	108.55M	75.85M	71.36M	119.09M	78.80M	72.69M	63.73M	58.96M	53.00M	56.58M	34.13M	34.56M	34.08M	9.36M	29.33M	15.18M	4.99M	9.51M	4.62M	7.06M	5.76M	5.42M	7.27M
Total Non-Current Liabilities	1,216.32M	1,018.70M	985.16M	897.02M	963.21M	1,151.49M	917.07M	926.97M	942.61M	1,111.19M	1,021.07M	1,010.98M	888.16M	914.69M	852.12M	785.66M	712.01M	601.23M	487.80M	221.27M	183.48M	141.05M	179.58M	112.57M	118.89M	102.61M	98.65M	94.02M	62.61M	54.11M	36.96M
Total Liabilities	3,692.10M	3,065.92M	2,908.65M	2,937.22M	3,091.17M	3,135.55M	2,740.01M	2,733.77M	2,716.22M	2,845.61M	2,682.64M	2,808.94M	2,616.55M	2,353.77M	2,059.74M	1,837.15M	1,580.27M	1,530.01M	1,189.04M	641.86M	487.40M	376.36M	377.26M	266.97M	243.99M	217.81M	218.67M	196.30M	132.29M	119.24M	97.67M
Preferred Stock	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Common Stock	540.66M	431.09M	441.33M	448.38M	433.69M	440.64M	431.27M	429.17M	422.20M	416.82M	398.17M	393.35M	349.53M	329.03M	242.11M	230.88M	205.12M	202.12M	162.19M	114.02M	121.44M	98.02M	96.69M	96.04M	91.89M	89.54M	78.20M	35.08M	38.44M	17.91M	13.75M
Retained Earnings	1,122.62M	1,435.43M	1,521.20M	1,494.71M	1,233.39M	880.85M	789.65M	745.71M	608.46M	493.66M	486.83M	566.06M	574.27M	637.40M	529.14M	515.52M	530.69M	522.62M	465.04M	262.98M	203.72M	106.61M	66.80M	46.50M	39.36M	40.41M	35.28M	23.15M	19.23M	16.05M	13.02M
Accumulated OCI	510.34M	119.55M	76.81M	135.41M	116.74M	88.22M	109.93M	96.14M	75.13M	51.40M	55.68M	-2.17M	-2.66M	-4.02M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	-0.41M	0.00M	-0.33M	0.00M	-0.12M	-0.01M	0.00M	0.00M
Minority Interest	185.82M	162.55M	148.46M	145.70M	127.52M	125.37M	130.23M	114.61M	86.08M	89.50M	80.26M	72.82M	72.55M	70.92M	72.12M	48.89M	44.77M	38.01M	32.68M	16.63M	17.56M	8.46M	5.89M	4.88M	2.97M	2.29M	1.14M	0.72M	0.00M	0.00M	0.00M
Total Shareholders’ Equity	2,173.62M	1,986.08M	2,039.35M	2,078.50M	1,783.82M	1,409.71M	1,330.86M	1,271.02M	1,105.79M	961.88M	940.68M	957.25M	921.14M	962.42M	771.26M	746.39M	735.81M	724.75M	627.23M	377.01M	325.16M	204.63M	163.48M	142.12M	131.25M	129.62M	113.48M	58.12M	57.67M	33.96M	26.77M
Total Equity	2,359.44M	2,148.63M	2,187.81M	2,224.20M	1,911.35M	1,535.09M	1,461.09M	1,385.64M	1,191.87M	1,051.38M	1,020.94M	1,030.07M	993.69M	1,033.33M	843.38M	795.28M	780.57M	762.76M	659.91M	393.64M	342.72M	213.08M	169.37M	147.00M	134.21M	131.91M	114.62M	58.84M	57.67M	33.96M	26.77M
Total Liabilities & Equity	6,051.54M	5,214.55M	5,096.47M	5,161.42M	5,002.52M	4,670.64M	4,201.10M	4,119.40M	3,908.09M	3,896.99M	3,703.58M	3,839.02M	3,610.25M	3,387.10M	2,903.12M	2,632.43M	2,360.84M	2,292.77M	1,848.95M	1,035.50M	830.12M	589.45M	546.64M	413.97M	378.20M	349.72M	333.29M	255.15M	189.96M	153.20M	124.44M
Tangible Assets	7,234.12M	6,232.63M	5,955.94M	5,935.49M	5,806.22M	5,156.34M	4,909.60M	4,625.46M	4,495.70M	4,306.81M	4,292.65M	4,478.74M	4,305.79M	4,013.58M	3,595.43M	3,222.98M	2,832.92M	2,780.15M	2,291.98M	1,278.48M	997.61M	785.47M	727.89M	703.67M	584.18M	558.28M	522.87M	429.97M	334.31M	234.77M	179.09M
Tangible Equity	2,040.00M	1,950.11M	1,987.91M	2,030.68M	1,743.11M	1,362.37M	1,284.40M	1,240.54M	1,078.45M	926.27M	879.71M	892.61M	865.42M	909.53M	732.24M	691.85M	692.62M	655.95M	617.61M	380.59M	332.46M	207.46M	162.73M	140.58M	132.10M	126.74M	112.69M	57.40M	56.41M	33.12M	25.59M
Tangible Book Value	2,040.00M	1,950.11M	1,987.91M	2,030.68M	1,743.11M	1,362.37M	1,284.40M	1,240.54M	1,078.45M	926.27M	879.71M	892.61M	865.42M	909.53M	732.24M	691.85M	692.62M	655.95M	617.61M	380.59M	332.46M	207.46M	162.73M	140.58M	132.10M	126.74M	112.69M	57.40M	56.41M	33.12M	25.59M
Total Investments	349.53M	333.22M	331.25M	298.21M	264.45M	204.98M	236.25M	158.31M	173.21M	167.42M	152.81M	136.47M	138.99M	143.56M	136.59M	122.59M	106.15M	105.34M	68.62M	37.03M	23.95M	6.78M	6.75M	9.79M	9.88M	9.51M	7.06M	2.77M	0.61M	0.03M	0.00M
Net Debt	1,566.31M	680.36M	649.61M	545.93M	705.60M	1,092.13M	967.21M	1,064.92M	1,127.87M	1,333.92M	1,218.98M	1,199.23M	1,187.47M	1,100.11M	934.83M	803.06M	679.80M	578.55M	413.65M	165.91M	124.97M	92.13M	113.38M	59.20M	104.22M	86.93M	99.83M	104.53M	64.11M	72.30M	52.93M

Industry Capital

Metric	MRQ	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015	2014	2013	2012	2011	2010	2009	2008	2007	2006	2005	2004	2003	2002	2001	2000	1999	1998	1997	1996	1995
Working Capital	431.09M	590.31M	940.04M	630.84M	664.86M	290.30M	219.84M	245.17M	148.00M	-61.32M	83.11M	-52.39M	170.08M	265.65M	488.62M	379.08M	341.30M	345.30M	476.29M	245.91M	220.62M	206.73M	150.50M	133.96M	116.91M	119.23M	88.85M	97.31M	73.05M	33.88M	25.52M
Total Capital	6,156.40M	4,806.95M	4,695.63M	4,570.19M	4,332.92M	3,976.27M	3,874.52M	3,754.21M	3,493.66M	3,468.24M	3,497.63M	3,419.29M	3,241.45M	3,213.74M	3,076.85M	2,688.74M	2,475.96M	2,345.86M	1,809.35M	942.76M	750.29M	573.69M	532.99M	465.00M	449.49M	478.35M	465.55M	391.18M	274.33M	196.95M	144.66M
Capital Employed	5,549.28M	4,884.26M	4,755.74M	4,375.82M	4,256.58M	3,715.16M	3,625.02M	3,115.85M	2,973.30M	2,836.39M	2,920.61M	3,070.52M	3,051.61M	2,964.23M	2,889.10M	2,673.97M	2,622.85M	2,215.75M	2,058.13M	1,064.47M	778.95M	637.47M	659.00M	713.35M	502.58M	446.01M	425.34M	361.53M	278.43M	161.67M	118.52M
Invested Capital	5,404.83M	4,140.70M	4,031.26M	3,874.90M	3,707.56M	3,479.62M	3,451.08M	3,365.63M	3,127.94M	3,087.20M	3,152.75M	3,048.12M	2,937.02M	2,920.45M	2,778.59M	2,407.59M	2,226.11M	2,126.69M	1,588.51M	818.45M	644.95M	472.00M	451.49M	399.20M	395.54M	434.92M	438.59M	374.77M	261.21M	191.52M	139.97M

Industry Cash Flow Statement

Metric	TTM	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015	2014	2013	2012	2011	2010	2009	2008	2007	2006	2005	2004	2003	2002	2001	2000	1999	1998	1997	1996	1995
Depreciation & Amortization	76.72M	253.06M	240.79M	230.68M	214.16M	211.35M	208.56M	183.94M	187.70M	192.36M	194.66M	187.97M	176.64M	173.95M	149.36M	144.64M	139.55M	119.35M	92.92M	54.95M	42.77M	36.86M	33.30M	31.42M	28.00M	26.89M	18.13M	13.85M	16.16M	7.97M	5.33M
Deferred Income Tax	0.00M	0.00M	-0.07M	-0.88M	-0.47M	0.14M	0.33M	-0.90M	-0.53M	1.00M	-0.59M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.05M	0.00M	0.29M	0.25M	0.56M	-0.28M
Stock-Based Compensation	0.00M	0.00M	0.16M	1.54M	1.02M	0.27M	0.45M	0.17M	0.18M	0.11M	0.03M	0.13M	0.26M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Change in Working Capital	-18.27M	20.88M	-13.91M	-160.11M	-195.78M	53.02M	36.36M	-117.13M	-101.07M	28.72M	115.02M	-19.48M	3.11M	31.97M	-127.09M	-157.68M	65.80M	-105.24M	-70.08M	-51.65M	-23.12M	-42.60M	-12.27M	-0.30M	-1.84M	-4.31M	-2.17M	-9.19M	-5.70M	-7.05M	-0.87M
Accounts Receivable	-19.00M	25.02M	10.10M	-34.81M	-113.37M	-14.87M	19.04M	-32.29M	-53.51M	-10.65M	52.74M	1.38M	-2.58M	15.11M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Inventory	16.91M	41.36M	23.57M	-76.90M	-237.80M	27.53M	7.14M	-97.85M	-76.11M	-16.05M	99.96M	10.21M	-15.30M	47.55M	-66.94M	-121.56M	70.92M	-114.76M	-71.98M	-39.18M	-18.83M	-44.16M	-12.42M	-1.06M	-0.63M	-6.71M	3.55M	-4.61M	-5.99M	-6.40M	-7.26M
Accounts Payable	0.00M	-19.85M	-11.42M	-19.66M	140.91M	21.72M	-14.89M	42.45M	41.94M	17.35M	-31.33M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Other Working Capital	-12.30M	-26.37M	-9.39M	-14.39M	5.92M	-3.93M	-7.92M	-6.70M	-24.59M	26.15M	-10.72M	-24.92M	0.79M	-21.69M	-52.44M	-38.87M	-32.23M	-9.70M	-2.19M	-1.51M	-7.68M	6.01M	6.06M	2.30M	-1.97M	-0.93M	-5.00M	-2.18M	1.27M	-1.20M	7.90M
Other Non-Cash Items	85.73M	49.06M	34.20M	16.20M	96.10M	68.51M	34.29M	79.50M	60.17M	77.33M	118.61M	62.45M	66.25M	46.02M	40.86M	26.74M	7.92M	49.38M	5.97M	-0.37M	6.62M	5.65M	5.17M	5.07M	4.08M	1.10M	3.22M	1.97M	-10.74M	-1.77M	-1.21M
Net Cash from Operating Activities	306.32M	512.56M	560.58M	538.24M	619.84M	462.66M	415.84M	412.24M	310.66M	329.84M	315.64M	279.79M	224.61M	273.92M	188.97M	105.44M	252.87M	288.39M	200.48M	151.12M	118.27M	83.97M	95.63M	76.80M	48.82M	51.17M	48.60M	29.43M	46.09M	16.72M	23.77M
Capital Expenditures (PPE)	-222.47M	-333.58M	-345.32M	-264.44M	-236.35M	-190.48M	-199.90M	-166.00M	-116.05M	-153.95M	-169.64M	-181.85M	-215.12M	-211.88M	-225.44M	-193.22M	-199.66M	-240.69M	-167.14M	-76.78M	-79.36M	-53.40M	-48.68M	-51.70M	-46.46M	-41.95M	-34.51M	-42.43M	-40.29M	-19.81M	-36.29M
Acquisitions (Net)	0.48M	-0.92M	-1.73M	-2.94M	2.05M	-6.87M	-5.85M	0.81M	-0.57M	-0.46M	-2.14M	1.10M	0.08M	-0.77M	-5.61M	-0.79M	0.15M	-2.20M	0.61M	0.10M	0.13M	0.01M	0.13M	0.10M	0.17M	0.19M	0.25M	0.00M	0.00M	0.00M	0.00M
Purchases of Investments	-11.67M	-25.69M	-24.82M	-82.93M	-65.46M	-51.22M	-48.15M	-70.85M	-41.56M	-23.92M	-24.68M	-13.51M	-22.37M	-21.54M	-38.05M	-23.52M	-24.79M	-26.31M	-24.05M	-4.24M	-7.55M	-1.37M	-1.09M	-2.66M	-3.94M	-10.13M	-3.26M	-2.63M	-1.31M	0.00M	0.00M
Sales / Maturities of Investments	19.07M	50.68M	41.80M	40.58M	56.03M	50.02M	58.29M	39.11M	36.80M	24.40M	41.42M	18.17M	23.56M	15.60M	38.59M	19.75M	16.10M	12.47M	12.13M	3.13M	2.58M	1.07M	1.14M	0.45M	2.81M	5.05M	1.68M	0.78M	0.00M	0.18M	0.00M
Other Investing Activities	7.70M	18.67M	8.86M	18.98M	4.89M	9.41M	5.29M	4.73M	2.02M	3.58M	4.53M	5.07M	4.51M	-3.07M	-3.15M	-5.19M	-0.81M	-5.45M	-4.14M	1.97M	1.46M	-1.09M	-0.66M	-0.24M	3.48M	-1.04M	-0.48M	-5.73M	-5.71M	-0.58M	-3.31M
Net Cash from Investing Activities	-204.56M	-325.52M	-325.18M	-295.83M	-229.09M	-204.73M	-247.54M	-200.90M	-124.39M	-163.53M	-189.01M	-155.47M	-240.42M	-247.37M	-279.49M	-224.60M	-205.94M	-389.95M	-303.16M	-99.59M	-84.65M	-65.41M	-56.77M	-59.79M	-40.39M	-43.87M	-44.51M	-58.45M	-56.13M	-30.09M	-59.58M
Net Debt Issuance	-20.13M	34.93M	24.82M	-0.23M	-106.55M	-16.17M	21.27M	-54.35M	-88.20M	-94.63M	-50.04M	-22.53M	87.73M	42.49M	128.90M	126.22M	26.20M	174.19M	122.05M	18.90M	-1.71M	7.99M	11.01M	-3.61M	-7.68M	7.51M	-1.51M	12.57M	8.48M	-3.91M	4.61M
Long-Term Debt Issuance	46.43M	40.67M	58.29M	18.70M	-67.33M	41.95M	71.91M	-5.92M	-79.16M	-76.26M	-37.98M	9.99M	40.92M	44.80M	105.24M	121.46M	46.85M	137.07M	102.50M	18.77M	2.98M	11.13M	12.43M	-4.97M	-5.57M	8.16M	-1.60M	9.70M	6.86M	-2.84M	4.61M
Short-Term Debt Issuance	-35.00M	-1.88M	-1.47M	-5.19M	-17.37M	-13.15M	-17.37M	-5.08M	-5.26M	-2.85M	-1.74M	-0.84M	-1.23M	-15.41M	-2.17M	-4.19M	-1.59M	1.87M	-0.15M	-0.01M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Net Stock Issuance	-0.20M	-4.08M	-1.80M	-3.77M	-0.64M	-1.53M	-0.35M	-0.01M	0.00M	-0.02M	-0.02M	0.00M	0.00M	0.00M	0.00M	0.38M	0.01M	-1.82M	0.69M	0.01M	0.03M	0.02M	0.00M	0.01M	0.00M	0.00M	0.00M	-0.07M	7.02M	11.60M	4.31M
Common Stock Issuance	0.00M	0.00M	0.00M	0.00M	0.02M	0.23M	0.00M	0.00M	0.00M	0.00M	0.00M	0.09M	0.00M	0.05M	0.26M	2.32M	0.30M	0.60M	3.36M	1.18M	0.38M	0.32M	0.01M	0.01M	0.01M	0.01M	0.00M	0.05M	7.62M	15.07M	4.37M
Common Stock Repurchased	-0.82M	-4.16M	-2.84M	-6.35M	-1.18M	-2.71M	-0.44M	-0.03M	-0.29M	-0.67M	-0.40M	0.00M	0.00M	0.00M	0.00M	0.00M	-0.04M	-3.56M	-1.37M	-0.02M	0.00M	0.00M	0.00M	0.00M	0.00M	-0.09M	0.00M	-1.27M	-2.03M	-0.28M	-0.40M
Preferred Stock Issuance	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Net Dividends Paid	-24.91M	-89.57M	-95.50M	-120.81M	-77.58M	-60.91M	-77.17M	-85.17M	-45.78M	-44.75M	-56.80M	-51.26M	-47.66M	-52.50M	-42.36M	-32.94M	-40.14M	-62.33M	-45.35M	-30.23M	-20.67M	-18.81M	-14.93M	-12.37M	-12.99M	-8.04M	-5.96M	-7.58M	-4.56M	-1.27M	-0.82M
Common Dividends Paid	-24.78M	-89.57M	-93.09M	-135.44M	-94.52M	-73.65M	-84.85M	-85.53M	-47.41M	-44.43M	-57.92M	-46.35M	-46.59M	-45.23M	-41.46M	-33.38M	-41.85M	-62.36M	-43.71M	-30.06M	-22.71M	-19.70M	-15.81M	-12.83M	-13.65M	-8.39M	-5.96M	-7.58M	-4.56M	-1.27M	-0.82M
Preferred Dividends Paid	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Other Financing Activities	-29.99M	-33.86M	-44.47M	-27.04M	-18.48M	-24.49M	-22.03M	-15.46M	-8.79M	-11.01M	4.44M	-7.01M	0.57M	-11.41M	1.59M	-2.64M	-7.21M	-2.18M	-0.43M	3.04M	-1.04M	-0.16M	1.29M	-0.48M	0.57M	4.42M	0.33M	4.74M	-0.03M	-0.09M	0.52M
Net Cash from Financing Activities	-120.30M	-138.66M	-150.79M	-140.34M	-231.61M	-138.87M	-130.42M	-194.72M	-166.66M	-156.49M	-128.08M	-65.13M	6.35M	-29.94M	125.67M	86.74M	1.25M	82.44M	94.17M	-11.08M	-15.02M	-3.97M	4.55M	-6.74M	-9.57M	4.71M	-5.00M	10.82M	12.09M	11.09M	17.33M
Effect of FX on Cash	-0.78M	2.50M	0.89M	1.29M	0.01M	-0.91M	0.36M	0.32M	-1.45M	-0.13M	1.78M	1.76M	0.40M	-0.77M	-0.17M	0.04M	-0.53M	-0.14M	0.18M	0.08M	0.03M	0.00M	0.00M	0.03M	0.00M	0.00M	-0.03M	0.00M	3.22M	0.56M	0.62M
Net Change in Cash	-36.27M	7.13M	-21.12M	44.72M	60.66M	70.05M	28.20M	8.79M	12.58M	2.14M	14.19M	19.49M	-3.81M	-7.54M	26.84M	18.12M	15.67M	9.36M	42.00M	23.71M	6.83M	13.58M	17.33M	2.32M	-7.02M	16.25M	2.15M	0.91M	10.61M	-2.47M	8.08M
Cash at Beginning of Period	418.53M	579.47M	609.65M	562.11M	430.76M	378.42M	365.01M	322.99M	334.89M	311.34M	279.15M	246.88M	254.15M	259.64M	247.75M	268.53M	214.32M	207.34M	153.64M	98.78M	113.09M	70.86M	51.28M	45.69M	36.17M	25.02M	24.08M	15.37M	13.41M	7.20M	9.03M
Cash at End of Period	756.05M	571.60M	601.55M	601.04M	551.43M	440.59M	377.45M	360.61M	321.22M	335.27M	306.32M	284.81M	264.00M	270.40M	257.53M	256.50M	245.57M	199.73M	219.88M	121.65M	101.41M	108.10M	76.60M	54.75M	49.25M	53.55M	25.57M	31.48M	30.86M	3.95M	15.80M
Operating Cash Flow	300.27M	512.56M	558.81M	538.30M	619.85M	462.69M	415.84M	412.24M	310.66M	329.84M	315.64M	280.69M	224.62M	272.19M	188.97M	105.44M	252.87M	288.57M	200.48M	151.12M	118.27M	83.97M	95.63M	76.80M	48.82M	51.17M	48.60M	29.43M	32.59M	16.72M	23.77M
Capital Expenditure	-224.18M	-334.66M	-346.83M	-270.89M	-236.29M	-190.54M	-199.79M	-166.05M	-116.05M	-154.03M	-169.70M	-182.26M	-215.56M	-211.81M	-225.42M	-193.21M	-199.61M	-240.73M	-167.14M	-76.78M	-79.36M	-53.40M	-48.68M	-51.70M	-46.46M	-41.95M	-34.51M	-43.85M	-40.29M	-19.81M	-36.29M
Free Cash Flow	84.68M	118.32M	151.29M	210.66M	389.86M	259.64M	214.03M	176.74M	157.62M	156.28M	106.87M	87.65M	-14.56M	38.45M	-53.33M	-71.95M	49.32M	27.02M	10.37M	40.98M	34.36M	34.72M	35.69M	12.79M	6.79M	11.27M	9.14M	-7.56M	-5.47M	-6.55M	7.57M

Industry Free Cash Flow

Metric	TTM	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015	2014	2013	2012	2011	2010	2009	2008	2007	2006	2005	2004	2003	2002	2001	2000	1999	1998	1997	1996	1995
EBITDA	538.34M	535.01M	621.56M	764.70M	961.44M	448.87M	483.41M	650.73M	565.93M	344.02M	207.43M	354.51M	308.45M	283.52M	381.72M	371.45M	229.96M	432.98M	409.98M	269.05M	207.49M	181.13M	116.44M	89.64M	64.17M	76.35M	59.40M	54.31M	41.34M	31.12M	24.46M
(-) Tax Adjustment	139.61M	118.02M	121.01M	144.44M	189.17M	115.73M	137.12M	99.70M	94.43M	119.89M	-80.22M	130.18M	174.51M	131.15M	80.36M	93.89M	54.37M	103.02M	102.89M	74.40M	69.78M	59.42M	26.39M	20.90M	10.96M	21.18M	13.17M	17.98M	12.23M	11.16M	6.73M
(-) Change In Working Capital	-18.27M	20.88M	-13.91M	-160.11M	-195.78M	53.02M	36.36M	-117.13M	-101.07M	28.72M	115.02M	-19.48M	3.11M	31.97M	-127.09M	-157.68M	65.80M	-105.24M	-70.08M	-51.65M	-23.12M	-42.60M	-12.27M	-0.30M	-1.84M	-4.31M	-2.17M	-9.19M	-5.70M	-7.05M	-0.87M
(-) Capital Expenditure	224.18M	334.66M	346.83M	270.89M	236.29M	190.54M	199.79M	166.05M	116.05M	154.03M	169.70M	182.26M	215.56M	211.81M	225.42M	193.21M	199.61M	240.73M	167.14M	76.78M	79.36M	53.40M	48.68M	51.70M	46.46M	41.95M	34.51M	43.85M	40.29M	19.81M	36.29M
Unlevered Free Cash Flow	192.83M	61.46M	167.63M	509.49M	731.76M	89.58M	110.15M	502.12M	456.51M	41.38M	2.94M	61.55M	-84.72M	-91.41M	203.02M	242.03M	-89.83M	194.46M	210.03M	169.52M	81.46M	110.91M	53.64M	17.33M	8.59M	17.53M	13.89M	1.67M	-5.47M	7.20M	-17.70M
(-) Net Interest Income After Taxes	-37.39M	-30.37M	-33.36M	-29.40M	-44.22M	-46.05M	-42.60M	-64.33M	-68.36M	-56.82M	-130.81M	-46.89M	-30.89M	-34.99M	-50.11M	-37.48M	-36.14M	-35.52M	-22.77M	-9.66M	-6.28M	-4.84M	-5.10M	-5.01M	-4.73M	-3.80M	-2.54M	-2.67M	-2.27M	-2.42M	-1.96M
Net Debt Issuance	-20.13M	34.93M	24.82M	-0.23M	-106.55M	-16.17M	21.27M	-54.35M	-88.20M	-94.63M	-50.04M	-22.53M	87.73M	42.49M	128.90M	126.22M	26.20M	174.19M	122.05M	18.90M	-1.71M	7.99M	11.01M	-3.61M	-7.68M	7.51M	-1.51M	12.57M	8.48M	-3.91M	4.61M
Levered Free Cash Flow	210.08M	126.75M	225.81M	538.66M	669.43M	119.45M	174.01M	512.10M	436.67M	3.57M	83.71M	85.92M	33.90M	-13.93M	382.03M	405.72M	-27.48M	404.17M	354.85M	198.09M	86.03M	123.74M	69.75M	18.74M	5.63M	28.83M	14.91M	16.91M	5.28M	5.71M	-11.13M