Industrial Materials

Category: Industry Averages Base Ticker: 0L8B.L

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	11.71	10.14	11.34	13.23	13.58	10.84	10.97	10.79	13.94	10.77	9.86	11.90	10.92	13.07	11.17	13.57	7.90	7.51	14.41	10.68	6.12	5.40	3.72	3.39	4.17	4.99	4.79	4.70	4.61	5.23	8.42
Market Capitalization	6,617.36M	4,520.51M	5,165.49M	5,318.39M	5,616.65M	4,030.94M	3,444.72M	3,424.05M	3,914.17M	2,943.78M	2,680.16M	2,710.48M	2,444.68M	2,904.58M	2,709.60M	3,366.03M	2,195.95M	1,317.65M	2,452.43M	1,371.00M	659.67M	394.59M	299.06M	296.97M	242.29M	295.03M	182.37M	221.94M	239.48M	245.37M	326.68M
(-) Cash & Equivalents	575.70M	461.29M	466.90M	535.20M	434.70M	384.84M	298.34M	303.38M	344.21M	308.01M	245.90M	237.02M	282.80M	250.51M	253.21M	182.39M	165.72M	146.99M	107.55M	70.07M	43.63M	34.38M	27.49M	24.35M	18.36M	17.57M	8.98M	4.93M	3.23M	3.24M	2.40M
(+) Total Debt	1,848.92M	1,433.91M	1,456.23M	1,499.72M	1,432.76M	1,445.71M	1,190.57M	1,212.41M	1,163.24M	1,060.25M	1,032.34M	1,067.34M	877.41M	649.93M	557.55M	473.44M	368.84M	347.48M	296.60M	207.32M	162.04M	104.52M	76.93M	65.07M	43.29M	30.12M	24.60M	20.53M	9.93M	9.68M	11.82M
Enterprise Value	7,777.54M	5,790.89M	6,326.10M	6,249.25M	6,830.93M	5,236.57M	4,916.75M	4,316.60M	4,719.92M	3,985.96M	3,556.14M	3,705.68M	3,190.46M	3,681.81M	3,335.04M	3,711.44M	2,478.23M	2,087.59M	2,741.61M	1,407.04M	891.26M	507.15M	402.77M	345.54M	276.87M	334.71M	232.86M	260.20M	249.12M	253.75M	339.20M

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	5,302.421M	4,730.770M	4,706.199M	5,101.054M	4,452.528M	3,419.987M	3,336.695M	2,950.160M	2,553.185M	2,164.857M	2,230.684M	2,574.907M	2,310.719M	2,273.716M	2,034.147M	1,582.921M	1,109.368M	1,350.248M	1,107.099M	872.260M	609.707M	308.164M	253.970M	197.163M	143.830M	92.791M	41.755M	36.276M	41.288M	29.182M	52.406M
Cost of Revenue	4,204.030M	3,255.936M	3,724.929M	3,395.230M	3,016.908M	2,458.037M	2,266.699M	2,193.265M	1,790.234M	1,594.679M	1,661.138M	1,737.843M	1,725.814M	1,654.869M	1,285.478M	1,062.923M	847.206M	939.906M	720.141M	576.719M	373.269M	242.386M	132.907M	115.004M	102.970M	36.108M	22.259M	22.542M	9.224M	6.936M	14.999M
Gross Profit	1,098.391M	1,474.833M	981.270M	1,705.824M	1,435.621M	961.950M	1,069.996M	756.895M	762.951M	570.178M	569.546M	837.064M	584.905M	618.847M	748.669M	519.998M	262.162M	410.342M	386.958M	295.540M	236.439M	65.779M	121.063M	82.159M	40.860M	56.683M	19.497M	13.733M	32.064M	22.246M	37.408M
Gross Margin	20.71%	31.18%	20.85%	33.44%	32.24%	28.13%	32.07%	25.66%	29.88%	26.34%	25.53%	32.51%	25.31%	27.22%	36.81%	32.85%	23.63%	30.39%	34.95%	33.88%	38.78%	21.35%	47.67%	41.67%	28.41%	61.09%	46.69%	37.86%	77.66%	76.23%	71.38%
R&D Expenses	20.830M	19.520M	20.931M	19.630M	17.142M	12.502M	10.246M	9.191M	7.466M	7.708M	6.918M	6.511M	6.062M	3.796M	1.287M	0.596M	0.000M	0.066M	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	184.632M	173.382M	189.410M	178.199M	164.694M	136.610M	141.726M	121.806M	116.119M	118.081M	113.712M	119.937M	116.868M	87.528M	65.536M	51.894M	44.283M	53.842M	43.315M	34.445M	30.222M	14.554M	15.850M	12.229M	9.382M	3.851M	2.447M	1.900M	1.186M	1.164M	1.050M
Operating Expenses	205.462M	192.901M	210.341M	197.828M	181.836M	149.112M	151.971M	130.997M	123.585M	125.790M	120.630M	126.449M	122.930M	91.323M	66.823M	52.490M	44.283M	53.908M	43.315M	34.445M	30.222M	14.554M	15.850M	12.229M	9.382M	3.851M	2.447M	1.900M	1.186M	1.164M	1.050M
Operating Income	892.929M	1,281.932M	770.929M	1,507.996M	1,253.784M	812.838M	918.025M	625.899M	639.365M	444.388M	448.916M	710.615M	461.974M	527.524M	681.845M	467.508M	217.880M	356.434M	343.643M	261.095M	206.216M	51.224M	105.213M	69.931M	31.478M	52.832M	17.050M	11.833M	30.878M	21.082M	36.358M
Operating Margin	16.84%	27.10%	16.38%	29.56%	28.16%	23.77%	27.51%	21.22%	25.04%	20.53%	20.12%	27.60%	19.99%	23.20%	33.52%	29.53%	19.64%	26.40%	31.04%	29.93%	33.82%	16.62%	41.43%	35.47%	21.89%	56.94%	40.83%	32.62%	74.79%	72.24%	69.38%
Interest Income	13.093M	21.593M	20.414M	10.974M	4.983M	6.953M	9.636M	8.718M	5.941M	5.766M	5.525M	5.596M	5.308M	5.181M	3.361M	2.799M	2.665M	5.527M	2.119M	1.116M	0.535M	0.265M	0.243M	0.171M	0.141M	0.080M	0.000M	0.000M	0.000M	0.002M	0.003M
Interest Expense	86.910M	82.785M	70.161M	57.560M	54.619M	59.864M	59.009M	49.113M	44.993M	41.679M	39.638M	40.106M	35.087M	31.635M	29.938M	28.141M	22.624M	26.350M	11.287M	5.970M	3.913M	3.033M	1.532M	1.828M	0.984M	0.537M	0.306M	0.247M	0.129M	0.148M	0.199M
Net Interest Income	-73.817M	-61.192M	-49.747M	-46.585M	-49.636M	-52.911M	-49.374M	-40.395M	-39.052M	-35.913M	-34.114M	-34.510M	-29.779M	-26.454M	-26.577M	-25.341M	-19.959M	-20.823M	-9.168M	-4.853M	-3.378M	-2.769M	-1.289M	-1.656M	-0.843M	-0.457M	-0.306M	-0.247M	-0.129M	-0.146M	-0.196M
Other Income / Expense	-441.725M	-994.759M	-253.042M	-852.638M	-773.916M	-628.847M	-688.774M	-318.540M	-363.787M	-318.419M	-357.727M	-514.008M	-258.869M	-346.769M	-431.464M	-308.652M	-118.550M	-227.008M	-159.256M	-158.888M	-155.175M	-27.077M	-99.183M	-65.101M	-26.234M	-47.313M	-14.039M	-8.694M	-27.957M	-17.966M	-31.256M
Pre-Tax Income	377.387M	225.981M	468.141M	608.772M	430.233M	131.080M	179.877M	266.964M	236.526M	90.057M	57.076M	162.097M	173.326M	154.300M	223.804M	133.515M	79.371M	108.603M	175.218M	97.354M	47.663M	21.379M	4.740M	3.174M	4.401M	5.062M	2.705M	2.892M	2.792M	2.970M	4.906M
Pre-Tax Margin	7.12%	4.78%	9.95%	11.93%	9.66%	3.83%	5.39%	9.05%	9.26%	4.16%	2.56%	6.30%	7.50%	6.79%	11.00%	8.43%	7.15%	8.04%	15.83%	11.16%	7.82%	6.94%	1.87%	1.61%	3.06%	5.46%	6.48%	7.97%	6.76%	10.18%	9.36%
Income Tax Expense	82.286M	83.186M	118.688M	152.653M	109.585M	28.272M	58.253M	71.704M	64.672M	31.088M	39.927M	48.313M	48.353M	43.349M	52.106M	24.758M	20.719M	29.093M	39.824M	20.067M	13.061M	8.086M	1.227M	1.672M	0.638M	1.067M	0.552M	0.896M	0.795M	1.494M	1.341M
Tax Rate	21.80%	35.00%	25.35%	25.08%	25.47%	21.57%	32.38%	26.86%	27.34%	34.52%	35.00%	29.80%	27.90%	28.09%	23.28%	18.54%	26.10%	26.79%	22.73%	20.61%	27.40%	35.00%	25.88%	35.00%	14.50%	21.08%	20.40%	30.96%	28.46%	35.00%	27.33%
Net Income	295.101M	142.795M	349.453M	456.119M	320.648M	102.809M	121.624M	195.260M	171.854M	58.969M	17.149M	113.784M	124.973M	110.952M	171.698M	108.757M	58.652M	79.510M	135.395M	77.287M	34.602M	13.293M	3.514M	1.502M	3.763M	3.995M	2.153M	1.997M	1.997M	1.476M	3.565M
Net Margin	5.57%	3.02%	7.43%	8.94%	7.20%	3.01%	3.65%	6.62%	6.73%	2.72%	0.77%	4.42%	5.41%	4.88%	8.44%	6.87%	5.29%	5.89%	12.23%	8.86%	5.68%	4.31%	1.38%	0.76%	2.62%	4.31%	5.16%	5.50%	4.84%	5.06%	6.80%
EBIT	892.929M	1,281.932M	770.929M	1,507.996M	1,253.784M	812.838M	918.025M	625.899M	639.365M	444.388M	448.916M	710.615M	461.974M	527.524M	681.845M	467.508M	217.880M	356.434M	343.643M	261.095M	206.216M	51.224M	105.213M	69.931M	31.478M	52.832M	17.050M	11.833M	30.878M	21.082M	36.358M
Depreciation & Amortization	236.835M	256.299M	230.562M	212.884M	205.096M	208.021M	185.605M	150.416M	143.390M	119.165M	130.075M	133.632M	101.964M	73.622M	67.829M	58.434M	51.223M	55.281M	37.976M	26.879M	21.411M	13.125M	12.310M	10.981M	5.887M	3.938M	1.687M	1.377M	1.743M	1.366M	2.169M
EBITDA	1,129.764M	1,538.231M	1,001.491M	1,720.880M	1,458.881M	1,020.859M	1,103.629M	776.314M	782.755M	563.554M	578.992M	844.247M	563.939M	601.146M	749.674M	525.942M	269.103M	411.715M	381.619M	287.975M	227.627M	64.349M	117.523M	80.912M	37.365M	56.770M	18.737M	13.210M	32.620M	22.448M	38.526M
EBITDA Margin	21.31%	32.52%	21.28%	33.74%	32.77%	29.85%	33.08%	26.31%	30.66%	26.03%	25.96%	32.79%	24.41%	26.44%	36.85%	33.23%	24.26%	30.49%	34.47%	33.01%	37.33%	20.88%	46.27%	41.04%	25.98%	61.18%	44.87%	36.42%	79.01%	76.92%	73.51%
NOPAT	698.234M	833.256M	575.475M	1,129.858M	934.432M	637.523M	620.724M	457.789M	464.548M	290.986M	291.796M	498.818M	333.097M	379.323M	523.099M	380.816M	161.006M	260.950M	265.540M	207.277M	149.709M	33.296M	77.988M	45.455M	26.914M	41.696M	13.572M	8.169M	22.090M	13.704M	26.421M
NOPAT Margin	13.17%	17.61%	12.23%	22.15%	20.99%	18.64%	18.60%	15.52%	18.19%	13.44%	13.08%	19.37%	14.42%	16.68%	25.72%	24.06%	14.51%	19.33%	23.99%	23.76%	24.55%	10.80%	30.71%	23.05%	18.71%	44.93%	32.50%	22.52%	53.50%	46.96%	50.42%
Owner's Earnings	531.936M	399.094M	580.014M	669.003M	525.744M	310.830M	307.229M	345.676M	315.244M	178.135M	147.225M	247.416M	226.938M	184.574M	239.527M	167.190M	109.875M	134.791M	173.371M	104.166M	56.013M	26.418M	15.824M	12.483M	9.650M	7.933M	3.840M	3.374M	3.740M	2.842M	5.734M
Owner's Earnings Margin	10.03%	8.44%	12.32%	13.11%	11.81%	9.09%	9.21%	11.72%	12.35%	8.23%	6.60%	9.61%	9.82%	8.12%	11.78%	10.56%	9.90%	9.98%	15.66%	11.94%	9.19%	8.57%	6.23%	6.33%	6.71%	8.55%	9.20%	9.30%	9.06%	9.74%	10.94%
EPS	0.23	0.10	0.25	0.34	0.24	0.08	0.10	0.17	0.15	0.06	0.02	0.13	0.12	0.13	0.19	0.13	0.07	0.10	0.21	0.14	0.07	0.03	0.01	0.00	0.01	0.02	0.01	0.01	0.01	0.01	0.02
EPS (Diluted)	0.23	0.10	0.25	0.34	0.24	0.08	0.10	0.17	0.15	0.06	0.02	0.13	0.12	0.13	0.19	0.13	0.07	0.10	0.21	0.14	0.07	0.03	0.01	0.00	0.01	0.02	0.01	0.01	0.01	0.01	0.02
Shares (Diluted)	1,306,973,442	1,381,801,056	1,377,098,432	1,351,722,846	1,345,926,508	1,271,357,494	1,195,984,087	1,162,229,757	1,153,333,355	1,006,816,208	918,801,164	880,104,963	1,031,855,302	846,924,820	914,166,393	849,562,148	812,578,499	774,893,201	648,518,559	565,808,999	468,605,277	420,821,639	318,315,131	310,861,733	274,028,075	174,018,956	172,855,537	162,080,540	137,599,277	151,892,837	198,727,412

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	546.90M	461.29M	466.90M	535.20M	434.70M	385.29M	298.28M	303.38M	344.21M	308.01M	245.90M	237.02M	285.88M	250.51M	253.21M	182.39M	165.72M	146.99M	108.51M	70.07M	44.03M	34.72M	27.77M	24.59M	18.74M	18.32M	9.35M	5.16M	3.49M	3.24M	3.69M
Short-Term Investments	49.24M	93.78M	117.91M	93.42M	119.34M	90.69M	41.84M	60.51M	61.36M	75.57M	99.84M	61.14M	35.29M	50.80M	19.94M	24.06M	25.55M	26.90M	21.61M	7.79M	9.07M	3.87M	0.84M	0.63M	0.17M	0.23M	0.18M	0.38M	0.13M	0.05M	0.06M
Cash & Short-Term Investments	596.14M	555.07M	584.81M	628.62M	554.04M	475.98M	340.12M	363.89M	405.57M	383.58M	345.73M	298.16M	321.17M	301.31M	273.15M	206.45M	191.27M	173.89M	130.12M	77.86M	53.10M	38.59M	28.61M	25.23M	18.91M	18.55M	9.53M	5.54M	3.62M	3.30M	3.75M
Net Receivables	551.37M	465.20M	440.00M	467.86M	395.35M	328.44M	312.51M	315.03M	295.06M	240.80M	254.12M	239.10M	228.38M	174.31M	145.45M	133.19M	129.31M	101.04M	79.55M	79.61M	56.89M	24.83M	9.05M	13.48M	11.33M	2.80M	1.65M	3.05M	2.13M	4.76M	4.05M
Inventory	994.52M	861.52M	832.39M	819.19M	688.64M	561.82M	552.61M	520.00M	452.88M	371.06M	364.00M	415.94M	371.08M	377.40M	300.83M	247.95M	219.52M	198.38M	189.07M	144.15M	97.01M	58.53M	53.10M	31.77M	26.70M	22.56M	12.54M	12.34M	5.37M	5.03M	8.57M
Other Current Assets	113.51M	86.39M	138.36M	144.77M	96.56M	87.88M	98.47M	134.89M	115.18M	87.56M	93.04M	89.26M	76.95M	60.47M	42.79M	32.17M	36.76M	33.84M	26.56M	15.45M	16.11M	11.15M	13.21M	6.93M	4.91M	9.54M	7.83M	7.84M	5.22M	4.51M	3.14M
Total Current Assets	2,255.54M	1,968.17M	1,995.56M	2,060.43M	1,734.60M	1,454.11M	1,303.71M	1,333.80M	1,268.69M	1,083.01M	1,056.89M	1,042.46M	997.58M	913.49M	762.21M	619.76M	576.86M	507.16M	425.29M	317.07M	223.12M	133.10M	103.96M	77.41M	61.85M	53.45M	31.56M	28.77M	16.33M	17.59M	19.51M
Property, Plant & Equipment	2,888.29M	2,400.71M	2,448.85M	2,257.29M	2,106.47M	2,151.99M	1,573.04M	1,513.58M	1,493.98M	1,428.05M	1,424.97M	1,393.38M	968.32M	1,023.51M	744.60M	696.48M	597.21M	655.41M	399.69M	283.03M	246.71M	162.63M	170.15M	102.26M	70.06M	50.33M	40.21M	33.01M	22.87M	20.46M	35.08M
Goodwill	95.74M	73.44M	98.39M	101.21M	92.01M	122.50M	73.35M	75.75M	75.61M	80.32M	43.16M	40.79M	24.27M	38.51M	4.65M	4.43M	3.85M	1.66M	1.45M	0.25M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Intangible Assets	277.63M	166.30M	169.53M	173.93M	166.15M	157.98M	148.17M	112.05M	80.64M	73.26M	89.45M	86.45M	73.93M	62.76M	75.07M	64.65M	65.48M	37.87M	30.90M	13.97M	7.41M	3.23M	3.33M	1.13M	0.39M	0.44M	0.33M	0.29M	0.09M	0.00M	0.04M
Long-Term Investments	248.22M	267.84M	224.99M	202.41M	197.11M	158.89M	185.29M	165.64M	108.85M	128.08M	135.57M	128.59M	83.32M	83.23M	92.48M	60.03M	68.01M	17.54M	8.67M	2.71M	1.32M	0.28M	0.09M	0.04M	0.03M	0.00M	0.00M	0.02M	0.00M	0.00M	0.01M
Tax Assets	49.34M	52.87M	44.63M	56.58M	64.53M	66.11M	55.09M	52.04M	52.30M	59.82M	27.83M	37.68M	18.70M	22.07M	13.67M	13.25M	11.76M	10.56M	4.70M	4.06M	1.10M	0.54M	0.43M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Other Non-Current Assets	227.25M	185.02M	210.55M	173.54M	146.05M	144.20M	111.24M	116.09M	117.44M	111.84M	93.37M	72.96M	83.32M	58.08M	54.32M	48.21M	37.17M	41.39M	42.12M	20.11M	25.91M	14.82M	13.89M	13.78M	8.75M	3.92M	1.75M	1.73M	2.45M	0.31M	0.47M
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	3,786.47M	3,146.18M	3,196.93M	2,964.95M	2,772.31M	2,801.67M	2,146.17M	2,035.16M	1,928.83M	1,881.38M	1,814.36M	1,759.86M	1,251.86M	1,288.17M	984.80M	887.04M	783.48M	764.44M	487.53M	324.13M	282.44M	181.50M	187.89M	117.21M	79.23M	54.69M	42.29M	35.05M	25.41M	20.77M	35.60M
Total Assets	6,042.01M	5,114.35M	5,192.49M	5,025.38M	4,506.91M	4,255.77M	3,449.88M	3,368.96M	3,197.51M	2,964.39M	2,871.25M	2,802.32M	2,249.44M	2,201.65M	1,747.01M	1,506.80M	1,360.34M	1,271.59M	912.83M	641.20M	505.56M	314.60M	291.86M	194.62M	141.08M	108.15M	73.85M	63.83M	41.74M	38.36M	55.11M
Accounts Payable	497.68M	444.52M	507.52M	469.91M	423.74M	291.04M	319.44M	283.56M	236.28M	204.50M	208.50M	208.41M	185.11M	178.19M	148.10M	143.79M	106.40M	112.43M	74.58M	61.24M	52.27M	21.40M	19.02M	12.85M	5.62M	7.76M	4.26M	4.12M	3.20M	2.86M	3.70M
Short-Term Debt	597.92M	311.27M	340.62M	342.44M	352.61M	249.61M	287.25M	264.77M	282.18M	230.42M	200.43M	231.47M	226.00M	166.38M	145.49M	125.03M	97.16M	113.80M	87.55M	68.59M	47.25M	41.88M	20.32M	21.76M	17.65M	10.99M	6.91M	3.76M	2.38M	1.78M	1.75M
Tax Payables	0.00M	25.86M	45.16M	52.74M	49.67M	29.60M	22.30M	23.40M	26.00M	13.88M	12.35M	14.62M	11.38M	9.48M	19.25M	8.36M	5.19M	10.26M	5.46M	5.96M	2.99M	0.96M	0.31M	0.03M	0.04M	0.04M	0.07M	0.06M	0.00M	0.00M	0.00M
Deferred Revenue	34.66M	0.00M	12.22M	31.69M	85.29M	61.44M	49.05M	21.54M	59.22M	48.48M	42.27M	37.23M	33.24M	30.40M	36.12M	21.21M	21.98M	20.75M	16.82M	11.34M	5.82M	4.28M	2.49M	1.84M	1.49M	1.25M	0.92M	0.62M	0.22M	0.03M	0.01M
Other Current Liabilities	275.34M	263.76M	257.17M	226.39M	170.54M	122.70M	148.84M	139.83M	115.90M	115.43M	112.61M	121.72M	105.00M	124.80M	99.21M	75.44M	55.26M	44.79M	47.77M	47.77M	25.07M	14.04M	7.64M	3.41M	2.84M	2.43M	2.87M	2.39M	0.72M	0.95M	1.11M
Total Current Liabilities	1,405.60M	1,045.40M	1,162.69M	1,123.17M	1,081.84M	754.39M	826.88M	733.09M	719.59M	612.70M	576.16M	613.45M	560.74M	509.24M	448.17M	373.84M	285.99M	302.04M	232.18M	194.89M	133.39M	82.57M	49.78M	39.90M	27.64M	22.47M	15.03M	10.95M	6.52M	5.62M	6.57M
Long-Term Debt	1,086.30M	992.35M	1,061.73M	991.84M	816.80M	940.21M	733.68M	741.76M	753.51M	663.47M	681.31M	696.33M	532.62M	435.00M	285.63M	266.21M	201.46M	192.13M	146.87M	97.73M	76.46M	62.56M	34.36M	18.41M	16.48M	15.61M	11.00M	6.87M	3.09M	3.65M	4.98M
Capital Lease Obligations	0.00M	78.58M	87.61M	78.68M	71.93M	73.11M	53.36M	15.49M	10.93M	9.57M	5.34M	4.33M	3.47M	0.32M	0.01M	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	82.04M	63.46M	63.84M	85.26M	78.41M	81.30M	80.45M	84.28M	77.45M	65.05M	56.96M	43.42M	44.13M	48.39M	38.45M	23.33M	23.59M	20.62M	19.31M	9.19M	8.23M	0.65M	0.82M	0.24M	0.08M	0.00M	0.00M	0.00M	0.00M	0.00M	0.03M
Other Non-Current Liabilities	321.41M	290.88M	242.00M	207.56M	227.38M	217.12M	161.94M	161.03M	156.88M	130.93M	115.16M	161.69M	123.70M	104.13M	69.93M	64.25M	44.11M	52.08M	48.01M	26.63M	23.90M	10.71M	11.42M	11.67M	3.33M	1.08M	0.82M	0.93M	0.20M	0.26M	1.84M
Total Non-Current Liabilities	1,489.75M	1,425.27M	1,455.17M	1,363.33M	1,194.52M	1,311.73M	1,029.43M	1,002.56M	998.78M	869.02M	858.77M	905.77M	703.92M	587.83M	394.03M	353.79M	269.16M	264.82M	214.19M	133.55M	108.59M	73.93M	46.60M	30.32M	19.89M	16.70M	11.82M	7.80M	3.29M	3.91M	6.86M
Total Liabilities	2,895.35M	2,470.68M	2,617.86M	2,486.50M	2,276.36M	2,066.13M	1,856.31M	1,735.65M	1,718.37M	1,481.72M	1,434.92M	1,519.22M	1,264.66M	1,097.07M	842.20M	727.62M	555.16M	566.86M	446.37M	328.44M	241.99M	156.50M	96.38M	70.22M	47.54M	39.17M	26.85M	18.75M	9.81M	9.53M	13.42M
Preferred Stock	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.01M	0.00M	0.00M	0.00M	0.01M	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	217.27M	290.02M	301.72M	304.13M	282.48M	266.39M	246.42M	243.55M	230.82M	225.71M	210.05M	183.77M	168.85M	136.10M	102.57M	95.62M	84.68M	82.72M	69.01M	52.45M	48.80M	36.99M	34.66M	29.73M	22.72M	15.36M	12.08M	9.45M	9.93M	7.68M	9.83M
Retained Earnings	1,426.75M	1,230.97M	1,270.42M	1,208.39M	826.80M	843.50M	858.18M	841.18M	756.00M	664.35M	817.72M	791.16M	704.91M	411.37M	286.12M	320.16M	231.95M	184.26M	161.37M	91.94M	51.42M	23.03M	12.37M	15.58M	9.15M	2.29M	2.55M	1.30M	-1.27M	-0.89M	0.73M
Accumulated OCI	383.03M	88.44M	34.68M	58.86M	60.24M	10.48M	16.99M	-22.92M	6.98M	2.11M	14.54M	-16.57M	2.07M	-1.69M	-1.04M	0.00M	-2.98M	-0.12M	0.00M	0.00M	0.00M	0.00M	0.00M	-0.01M	-0.03M	-0.02M	-0.01M	0.12M	0.48M	0.51M	0.92M
Minority Interest	192.68M	117.79M	121.58M	131.91M	114.61M	105.54M	108.37M	93.32M	69.89M	65.40M	58.68M	66.44M	45.92M	39.23M	27.80M	22.61M	24.50M	23.27M	17.59M	9.98M	6.71M	4.21M	3.90M	1.18M	0.55M	0.76M	0.08M	0.07M	0.00M	0.00M	0.01M
Total Shareholders’ Equity	2,027.05M	1,609.43M	1,606.82M	1,571.39M	1,169.52M	1,120.37M	1,121.58M	1,061.82M	993.80M	892.18M	1,042.31M	958.37M	875.83M	545.78M	387.65M	415.78M	313.64M	266.86M	230.38M	144.38M	100.22M	60.01M	47.02M	45.30M	31.85M	17.63M	14.62M	10.88M	9.14M	7.30M	11.48M
Total Equity	2,219.73M	1,727.23M	1,728.40M	1,703.30M	1,284.13M	1,225.90M	1,229.95M	1,155.14M	1,063.70M	957.57M	1,100.99M	1,024.81M	921.75M	585.01M	415.45M	438.40M	338.14M	290.13M	247.97M	154.36M	106.93M	64.23M	50.93M	46.48M	32.40M	18.39M	14.71M	10.94M	9.14M	7.30M	11.49M
Total Liabilities & Equity	5,115.08M	4,197.90M	4,346.27M	4,189.80M	3,560.49M	3,292.03M	3,086.26M	2,890.79M	2,782.07M	2,439.29M	2,535.91M	2,544.02M	2,186.40M	1,682.08M	1,257.65M	1,166.02M	893.30M	856.99M	694.34M	482.81M	348.92M	220.73M	147.30M	116.70M	79.93M	57.56M	41.56M	29.70M	18.95M	16.83M	24.91M
Tangible Assets	5,668.64M	4,874.62M	4,924.58M	4,750.24M	4,248.76M	3,975.30M	3,228.36M	3,181.16M	3,041.26M	2,810.81M	2,738.64M	2,675.08M	2,151.24M	2,100.39M	1,667.29M	1,437.73M	1,291.02M	1,232.06M	880.48M	626.98M	498.15M	311.37M	288.52M	193.48M	140.69M	107.70M	73.53M	63.53M	41.65M	38.36M	55.07M
Tangible Equity	1,846.36M	1,487.49M	1,460.49M	1,428.16M	1,025.98M	945.43M	1,008.44M	967.34M	907.44M	803.99M	968.38M	897.57M	823.55M	483.74M	335.73M	369.32M	268.82M	250.59M	215.62M	140.14M	99.52M	61.00M	47.59M	45.34M	32.00M	17.95M	14.38M	10.65M	9.06M	7.30M	11.45M
Tangible Book Value	1,846.36M	1,487.49M	1,460.49M	1,428.16M	1,025.98M	945.43M	1,008.44M	967.34M	907.44M	803.99M	968.38M	897.57M	823.55M	483.74M	335.73M	369.32M	268.82M	250.59M	215.62M	140.14M	99.52M	61.00M	47.59M	45.34M	32.00M	17.95M	14.38M	10.65M	9.06M	7.30M	11.45M
Total Investments	340.10M	374.23M	310.49M	280.75M	241.40M	210.74M	209.05M	203.08M	184.49M	181.61M	183.63M	147.36M	111.22M	107.84M	133.91M	102.73M	82.38M	61.56M	46.23M	19.87M	10.94M	7.65M	3.57M	2.87M	1.67M	0.73M	0.35M	0.22M	0.07M	0.03M	0.07M
Net Debt	1,137.32M	842.33M	935.45M	799.08M	734.72M	804.53M	722.65M	703.15M	691.49M	585.88M	635.85M	690.78M	472.74M	350.86M	177.92M	208.85M	132.91M	158.93M	125.92M	96.25M	79.69M	69.73M	26.91M	15.58M	15.39M	8.29M	8.56M	5.48M	1.98M	2.18M	3.04M

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	1,054.09M	799.89M	700.68M	1,007.65M	847.02M	644.19M	388.97M	507.41M	532.95M	401.75M	406.57M	438.28M	434.31M	463.82M	373.04M	297.96M	272.95M	254.55M	199.68M	94.75M	68.51M	73.84M	58.01M	34.59M	30.09M	42.17M	38.24M	28.15M	7.84M	5.74M	9.70M
Total Capital	4,803.51M	3,926.45M	4,085.87M	4,108.97M	3,638.14M	3,436.83M	2,988.64M	3,105.29M	2,919.08M	2,654.61M	2,489.65M	2,575.33M	2,124.46M	1,761.72M	1,489.91M	1,283.67M	983.52M	916.95M	862.17M	545.67M	432.02M	271.50M	236.79M	215.40M	154.52M	105.37M	82.53M	58.90M	41.85M	31.62M	44.67M
Capital Employed	6,296.53M	5,606.36M	5,270.93M	4,803.03M	4,467.48M	4,312.09M	3,641.40M	3,563.59M	3,560.11M	3,050.37M	2,994.54M	2,864.94M	2,530.99M	2,184.15M	1,534.40M	1,432.81M	1,153.41M	1,089.28M	919.83M	550.79M	408.44M	288.60M	323.67M	310.10M	149.12M	127.18M	91.49M	63.56M	37.04M	38.80M	53.78M
Invested Capital	4,256.61M	3,465.16M	3,618.97M	3,573.77M	3,203.45M	3,051.55M	2,690.35M	2,801.91M	2,574.87M	2,346.60M	2,243.75M	2,338.31M	1,838.58M	1,511.21M	1,236.70M	1,101.28M	817.80M	769.96M	753.66M	475.60M	388.00M	236.78M	209.02M	190.80M	135.79M	87.06M	73.17M	53.74M	38.37M	28.38M	40.98M

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	144.13M	221.91M	230.06M	212.24M	207.33M	205.12M	190.29M	169.90M	165.35M	124.01M	126.50M	139.06M	114.59M	81.30M	58.61M	55.24M	50.35M	53.93M	36.77M	26.20M	18.08M	10.67M	11.11M	10.98M	5.87M	4.26M	3.29M	1.38M	1.01M	1.72M	4.17M
Deferred Income Tax	0.00M	0.00M	-0.32M	-6.07M	-0.91M	-5.64M	0.20M	1.98M	1.25M	-1.58M	0.19M	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
Stock-Based Compensation	1.42M	1.74M	3.09M	7.23M	5.47M	2.33M	2.75M	3.28M	2.03M	1.22M	1.98M	1.62M	1.50M	0.85M	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	-43.55M	-41.79M	-17.18M	-151.77M	-109.21M	-9.60M	-14.75M	-64.43M	-53.25M	-11.07M	5.74M	-26.98M	-7.76M	-15.28M	-48.74M	-22.06M	-0.23M	-6.48M	-24.45M	-27.64M	-5.52M	-5.33M	-0.23M	0.25M	-1.18M	-0.23M	-0.93M	-0.54M	-0.02M	-0.02M	0.00M
Accounts Receivable	-8.25M	-1.35M	24.41M	-30.07M	-70.62M	-11.14M	-4.83M	-21.69M	-36.00M	-13.57M	16.08M	-2.47M	5.04M	-0.83M	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	-16.89M	-23.83M	12.33M	-89.11M	-89.79M	1.37M	-8.58M	-49.42M	-58.74M	9.56M	9.69M	-18.75M	0.61M	-2.22M	-32.71M	-26.68M	-2.78M	-1.49M	-12.20M	-17.83M	-7.53M	-3.74M	-0.36M	-0.02M	-0.72M	-0.28M	-0.86M	-0.06M	0.00M	0.00M	0.00M
Accounts Payable	0.00M	8.15M	-9.94M	23.26M	71.69M	4.13M	1.67M	13.87M	15.44M	9.80M	-6.86M	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	7.25M	-11.16M	-21.64M	-24.02M	1.31M	-2.65M	-6.70M	-9.73M	-13.99M	0.58M	-19.37M	-11.57M	-15.65M	-13.11M	-8.29M	2.85M	2.21M	-5.24M	-8.89M	-2.67M	3.42M	1.22M	0.17M	0.21M	-0.43M	0.48M	-0.32M	-1.00M	0.00M	0.00M	0.00M
Other Non-Cash Items	138.78M	109.42M	80.44M	68.97M	59.72M	98.43M	34.84M	51.59M	39.17M	33.17M	44.50M	33.98M	27.00M	20.47M	10.73M	8.73M	-10.14M	18.45M	4.43M	1.87M	5.02M	2.98M	1.35M	2.14M	1.73M	0.78M	0.42M	0.77M	0.07M	0.41M	0.50M
Net Cash from Operating Activities	462.81M	581.06M	688.76M	608.18M	578.45M	416.54M	374.66M	369.70M	310.04M	250.97M	268.53M	281.32M	255.05M	208.04M	200.01M	140.48M	104.06M	154.60M	141.47M	59.34M	61.41M	25.53M	15.76M	20.01M	6.38M	7.06M	2.49M	1.77M	2.38M	1.99M	5.87M
Capital Expenditures (PPE)	-271.01M	-308.13M	-351.51M	-254.37M	-211.06M	-197.37M	-191.96M	-190.11M	-155.87M	-110.68M	-143.33M	-155.32M	-144.62M	-156.73M	-115.56M	-99.81M	-96.21M	-92.30M	-76.04M	-50.89M	-43.36M	-25.21M	-16.63M	-16.78M	-11.70M	-7.70M	-6.73M	-4.50M	-4.41M	-5.39M	-7.37M
Acquisitions (Net)	-0.42M	-2.50M	-4.14M	-7.45M	-3.29M	-5.38M	-5.40M	-2.93M	-2.09M	-1.69M	-0.79M	-0.60M	-1.26M	-2.24M	-2.69M	-2.44M	-0.57M	0.90M	-2.00M	0.12M	0.02M	0.06M	0.01M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Purchases of Investments	-14.07M	-40.15M	-55.15M	-46.38M	-29.19M	-27.01M	-38.25M	-25.46M	-24.91M	-18.30M	-20.29M	-10.77M	-9.36M	-5.10M	-21.34M	-14.63M	-8.30M	-26.10M	-22.13M	-4.57M	-2.20M	-1.26M	-0.70M	-0.70M	-0.46M	-0.13M	-0.02M	-0.05M	-0.09M	-0.05M	-0.07M
Sales / Maturities of Investments	16.38M	51.51M	35.34M	42.52M	40.20M	31.91M	37.93M	23.73M	30.00M	36.48M	18.98M	11.12M	6.20M	3.07M	4.83M	3.98M	4.17M	10.99M	5.29M	1.46M	1.05M	1.03M	0.14M	0.09M	0.17M	0.09M	0.02M	0.00M	0.02M	0.07M	0.07M
Other Investing Activities	-5.29M	4.89M	5.55M	4.97M	-4.82M	-3.14M	3.93M	6.60M	2.44M	3.48M	1.51M	5.70M	0.09M	3.59M	1.44M	2.52M	3.43M	3.20M	1.63M	0.25M	1.66M	-0.87M	-0.12M	-0.59M	-0.06M	-0.07M	-0.01M	-0.15M	-0.20M	0.14M	0.00M
Net Cash from Investing Activities	-312.94M	-324.57M	-394.86M	-307.65M	-252.18M	-209.50M	-215.69M	-188.87M	-206.46M	-133.46M	-166.94M	-173.58M	-241.63M	-204.14M	-153.77M	-132.62M	-99.79M	-111.35M	-103.55M	-53.21M	-38.88M	-33.19M	-16.14M	-15.03M	-9.68M	-9.07M	-6.74M	-5.84M	-4.87M	-5.09M	-5.86M
Net Debt Issuance	24.00M	15.31M	18.46M	-32.30M	-48.97M	-0.31M	-13.70M	-23.75M	9.46M	-11.15M	7.55M	0.62M	36.27M	46.83M	17.67M	26.12M	12.19M	11.93M	15.94M	9.30M	1.45M	-0.78M	0.92M	0.37M	1.43M	0.20M	0.67M	0.11M	-0.02M	0.18M	-0.11M
Long-Term Debt Issuance	21.63M	17.86M	33.60M	-18.51M	-29.69M	20.52M	-14.72M	-3.64M	2.46M	-8.66M	8.05M	2.56M	46.37M	42.87M	24.17M	25.31M	21.80M	24.42M	8.32M	7.86M	0.64M	2.33M	1.66M	-0.22M	0.98M	0.07M	-0.02M	0.10M	-0.02M	0.09M	0.01M
Short-Term Debt Issuance	8.79M	0.00M	-0.26M	-1.10M	0.12M	-4.74M	0.00M	0.00M	0.00M	-0.37M	0.00M	0.00M	0.00M	0.00M	-0.89M	0.00M	-0.06M	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 Stock Issuance	-0.49M	-4.41M	-7.45M	-16.24M	-6.68M	-1.58M	-3.83M	-3.82M	0.00M	0.00M	-1.44M	-0.81M	0.00M	0.00M	0.25M	0.61M	0.06M	-0.16M	0.38M	0.03M	0.08M	1.39M	0.17M	0.14M	0.12M	0.09M	0.10M	0.12M	1.80M	1.26M	0.78M
Common Stock Issuance	0.00M	0.00M	0.00M	0.00M	0.68M	0.00M	0.00M	0.00M	0.26M	0.00M	0.00M	0.00M	0.02M	0.00M	1.90M	3.02M	0.85M	1.11M	2.23M	1.90M	1.06M	1.48M	0.36M	0.21M	0.24M	0.28M	0.38M	0.22M	2.42M	2.21M	1.72M
Common Stock Repurchased	-0.51M	-4.78M	-10.30M	-20.27M	-18.94M	-2.96M	-7.98M	-5.66M	-0.16M	0.00M	-2.75M	-0.83M	0.00M	-0.02M	-0.21M	0.00M	0.00M	-0.88M	-0.01M	-0.01M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
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	-72.88M	-125.47M	-141.11M	-99.04M	-65.59M	-57.68M	-88.64M	-82.92M	-68.70M	-49.96M	-68.93M	-66.82M	-52.89M	-54.32M	-34.05M	-19.87M	-18.10M	-26.74M	-27.56M	-15.44M	-8.53M	-4.63M	-3.28M	-2.52M	-3.04M	-1.60M	-1.99M	-1.11M	-0.29M	-0.37M	-0.27M
Common Dividends Paid	-72.49M	-125.12M	-137.35M	-103.68M	-77.62M	-59.54M	-90.36M	-79.26M	-57.56M	-46.89M	-76.47M	-66.80M	-51.25M	-51.12M	-33.73M	-17.72M	-18.70M	-26.64M	-25.84M	-14.14M	-8.22M	-3.64M	-3.07M	-2.26M	-2.39M	-1.54M	-1.98M	-1.18M	-0.37M	-0.45M	-0.22M
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	-40.47M	-29.35M	-27.21M	-20.62M	-27.74M	-17.00M	-3.91M	-5.68M	-2.12M	3.38M	-3.67M	-3.24M	-1.52M	-3.81M	-0.51M	-4.66M	-1.07M	3.30M	2.80M	0.50M	-1.02M	0.34M	0.45M	0.13M	-0.01M	0.27M	0.03M	0.12M	-0.05M	0.02M	0.02M
Net Cash from Financing Activities	-117.30M	-167.20M	-263.11M	-284.15M	-218.56M	-91.28M	-136.35M	-179.68M	-61.43M	-47.94M	-65.44M	-134.71M	-21.02M	-11.25M	-1.08M	7.03M	5.80M	-4.93M	5.89M	5.61M	-10.01M	1.38M	-0.11M	-2.61M	-1.79M	1.16M	1.71M	1.14M	1.53M	1.69M	1.28M
Effect of FX on Cash	0.08M	-1.30M	0.09M	0.96M	-0.29M	-1.44M	-0.11M	-0.60M	-0.75M	-0.52M	-0.97M	-0.60M	-1.16M	0.31M	-0.54M	0.00M	-0.14M	0.13M	0.21M	-0.01M	0.03M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Net Change in Cash	88.92M	25.77M	1.46M	52.16M	57.01M	72.82M	-19.57M	-14.77M	25.29M	18.19M	-2.23M	-6.42M	14.86M	-12.34M	16.95M	11.66M	8.29M	3.91M	24.33M	16.70M	1.54M	5.54M	0.11M	-1.58M	0.53M	0.84M	0.42M	-0.28M	-0.12M	0.43M	0.09M
Cash at Beginning of Period	322.79M	405.40M	509.44M	428.86M	364.65M	285.12M	297.28M	356.04M	311.46M	226.65M	216.55M	259.07M	255.45M	241.50M	178.03M	149.62M	141.99M	143.79M	75.16M	39.92M	39.63M	22.11M	23.01M	19.10M	18.14M	9.58M	4.93M	3.25M	3.04M	1.79M	4.36M
Cash at End of Period	547.30M	443.94M	450.28M	512.48M	409.28M	371.30M	273.81M	296.82M	347.22M	310.75M	230.10M	217.87M	259.16M	257.25M	234.40M	167.82M	147.51M	143.36M	106.35M	52.80M	43.34M	33.76M	21.48M	20.90M	19.48M	16.57M	9.44M	3.49M	1.96M	1.63M	3.34M
Operating Cash Flow	462.66M	581.06M	687.99M	608.49M	578.51M	416.60M	374.66M	369.70M	310.04M	250.97M	268.53M	281.32M	255.05M	208.04M	200.01M	140.48M	104.06M	154.60M	141.47M	59.34M	61.41M	25.53M	15.76M	20.01M	6.38M	7.06M	2.49M	1.77M	2.38M	1.99M	5.87M
Capital Expenditure	-273.13M	-312.96M	-351.43M	-254.39M	-211.06M	-197.37M	-191.96M	-190.11M	-155.87M	-110.68M	-143.33M	-155.32M	-144.62M	-156.69M	-115.43M	-99.68M	-96.10M	-92.01M	-75.82M	-50.84M	-43.28M	-25.24M	-18.43M	-16.82M	-11.73M	-7.71M	-6.79M	-4.62M	-4.53M	-5.47M	-7.55M
Free Cash Flow	206.21M	215.04M	273.72M	339.97M	342.06M	170.83M	102.38M	140.50M	147.66M	103.06M	89.29M	79.43M	57.59M	35.03M	93.03M	45.58M	10.42M	49.44M	78.34M	17.81M	16.68M	-1.08M	0.96M	2.05M	-0.85M	2.47M	-1.46M	-3.79M	-2.72M	-1.62M	-1.61M

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	689.82M	594.63M	727.56M	874.52M	809.74M	425.67M	453.55M	556.20M	459.99M	297.91M	253.22M	325.14M	302.75M	280.14M	309.60M	251.56M	144.50M	165.27M	213.07M	149.93M	86.29M	53.62M	30.72M	27.64M	10.43M	15.36M	5.69M	5.45M	4.74M	4.12M	5.15M
(-) Tax Adjustment	150.41M	218.89M	184.46M	219.29M	206.25M	91.81M	146.88M	149.39M	125.77M	102.84M	177.14M	96.91M	84.46M	78.70M	72.08M	46.65M	37.72M	44.28M	48.43M	30.90M	23.64M	20.28M	7.95M	14.56M	1.51M	3.24M	1.16M	1.69M	1.35M	2.07M	1.41M
(-) Change In Working Capital	-43.55M	-41.79M	-17.18M	-151.77M	-109.21M	-9.60M	-14.75M	-64.43M	-53.25M	-11.07M	5.74M	-26.98M	-7.76M	-15.28M	-48.74M	-22.06M	-0.23M	-6.48M	-24.45M	-27.64M	-5.52M	-5.33M	-0.23M	0.25M	-1.18M	-0.23M	-0.93M	-0.54M	-0.02M	-0.02M	0.00M
(-) Capital Expenditure	273.13M	312.96M	351.43M	254.39M	211.06M	197.37M	191.96M	190.11M	155.87M	110.68M	143.33M	155.32M	144.62M	156.69M	115.43M	99.68M	96.10M	92.01M	75.82M	50.84M	43.28M	25.24M	18.43M	16.82M	11.73M	7.71M	6.79M	4.62M	4.53M	5.47M	7.55M
Unlevered Free Cash Flow	309.83M	104.57M	208.86M	552.61M	501.65M	146.08M	129.46M	281.13M	231.60M	95.46M	-72.99M	99.89M	81.43M	60.03M	170.83M	127.29M	10.91M	35.47M	113.27M	95.82M	24.88M	13.42M	4.57M	-3.99M	-1.63M	4.63M	-1.33M	-0.32M	-1.12M	-3.40M	-3.80M
(-) Net Interest Income After Taxes	-57.72M	-38.67M	-37.13M	-34.90M	-36.99M	-41.50M	-33.38M	-29.55M	-28.37M	-23.52M	-10.25M	-24.22M	-21.47M	-19.02M	-20.39M	-20.64M	-14.75M	-15.24M	-7.08M	-3.85M	-2.45M	-1.72M	-0.96M	-0.78M	-0.72M	-0.36M	-0.24M	-0.17M	-0.09M	-0.07M	-0.14M
Net Debt Issuance	24.00M	15.31M	18.46M	-32.30M	-48.97M	-0.31M	-13.70M	-23.75M	9.46M	-11.15M	7.55M	0.62M	36.27M	46.83M	17.67M	26.12M	12.19M	11.93M	15.94M	9.30M	1.45M	-0.78M	0.92M	0.37M	1.43M	0.20M	0.67M	0.11M	-0.02M	0.18M	-0.11M
Levered Free Cash Flow	391.55M	158.54M	264.45M	555.22M	489.67M	187.27M	149.14M	286.92M	269.43M	107.83M	-55.18M	124.74M	139.18M	125.87M	208.90M	174.06M	37.86M	62.65M	136.29M	108.97M	28.78M	14.36M	6.45M	-2.84M	0.53M	5.20M	-0.42M	-0.04M	-1.05M	-3.14M	-3.77M