Asset Management - Cryptocurrency

Category: Industry Averages Base Ticker: ETH

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
Stock Price	217.67	14.28	18.63	174.10	332.08	420.42	1,488.96	4,961.82	5,526.35	32.70	32.70	32.70	32.70	32.70	32.70	32.70	32.70	32.70	32.70	32.70	32.70	32.70	32.70	32.70	32.70	32.70	32.70	32.70	32.70	32.70
Market Capitalization	26,649.55M	1,650.70M	2,196.78M	826.60M	3,564.79M	3,630.04M	2,875.41M	2,652.30M	939.52M	1,852.03M	1,912.66M	1,909.99M	1,913.57M	1,885.09M	1,880.77M	1,895.42M	1,884.44M	1,914.06M	2,064.42M	2,171.93M	2,315.16M	2,431.51M	2,459.50M	2,539.35M	2,576.11M	2,632.57M	2,698.99M	2,812.46M	2,820.44M	2,856.59M
(-) Cash & Equivalents	2,666.59M	19.96M	17.88M	32.96M	31.97M	27.94M	5.30M	16.95M	29.06M	52.66M	76.18M	109.18M	72.60M	79.72M	78.52M	73.85M	52.96M	74.38M	147.88M	173.80M	3.45M	27.53M	81.86M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
(+) Total Debt	18,603.70M	41.25M	37.60M	37.88M	37.81M	53.75M	1.56M	0.49M	7.17M	41.84M	76.24M	130.91M	131.29M	154.50M	165.03M	203.27M	203.15M	203.03M	202.91M	202.79M	12.51M	9.22M	10.22M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Enterprise Value	42,586.66M	1,670.52M	2,220.54M	841.76M	3,582.80M	3,647.29M	2,871.66M	2,635.83M	917.62M	1,841.21M	1,912.72M	1,931.73M	1,972.26M	1,959.87M	1,967.29M	2,024.84M	2,034.62M	2,042.71M	2,119.45M	2,200.92M	2,324.22M	2,413.20M	2,387.86M	2,539.35M	2,576.11M	2,632.57M	2,698.99M	2,812.46M	2,820.44M	2,856.59M

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
Revenue	85,868.796M	173.405M	213.346M	221.275M	190.970M	208.620M	190.647M	256.029M	381.693M	794.202M	754.600M	746.659M	729.083M	729.373M	678.960M	590.054M	674.277M	980.045M	1,005.312M	1,066.390M	949.012M	955.107M	907.264M	892.288M	904.133M	856.171M	762.200M	679.300M	571.800M	509.800M
Cost of Revenue	83,803.460M	70.826M	85.317M	99.017M	80.385M	98.277M	86.822M	117.411M	171.831M	351.966M	343.437M	340.163M	330.734M	339.085M	329.500M	309.777M	326.935M	453.980M	478.729M	525.408M	487.958M	494.027M	457.880M	470.975M	490.477M	438.586M	391.100M	348.200M	307.800M	287.900M
Gross Profit	2,065.336M	102.579M	128.029M	122.258M	110.585M	110.343M	103.825M	138.618M	209.862M	442.236M	411.163M	406.496M	398.349M	390.288M	349.460M	280.277M	347.342M	526.065M	526.583M	540.982M	461.054M	461.080M	449.384M	421.313M	413.656M	417.585M	371.100M	331.100M	264.000M	221.900M
Gross Margin	2.41%	59.16%	60.01%	55.25%	57.91%	52.89%	54.46%	54.14%	54.98%	55.68%	54.49%	54.44%	54.64%	53.51%	51.47%	47.50%	51.51%	53.68%	52.38%	50.73%	48.58%	48.28%	49.53%	47.22%	45.75%	48.77%	48.69%	48.74%	46.17%	43.53%
R&D Expenses	0.085M	0.314M	0.173M	0.160M	0.030M	0.038M	0.594M	0.358M	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	0.000M	0.000M	0.000M	0.000M	0.000M	0.000M	0.000M
SG&A Expenses	1,927.457M	84.223M	94.218M	92.899M	83.190M	107.572M	95.138M	126.309M	181.058M	353.057M	345.229M	336.860M	337.912M	340.676M	316.401M	289.575M	353.112M	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
Operating Expenses	1,927.542M	84.537M	94.391M	93.059M	83.220M	107.611M	95.732M	126.667M	181.058M	353.057M	345.229M	336.860M	337.912M	340.676M	316.401M	289.575M	353.112M	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
Operating Income	137.794M	18.042M	33.638M	29.199M	27.365M	2.732M	8.093M	11.951M	28.803M	89.179M	65.934M	69.636M	60.437M	49.612M	33.059M	-9.298M	-5.770M	526.065M	526.583M	540.982M	461.054M	461.080M	449.384M	421.313M	413.656M	417.585M	371.100M	331.100M	264.000M	221.900M
Operating Margin	0.16%	10.40%	15.77%	13.20%	14.33%	1.31%	4.25%	4.67%	7.55%	11.23%	8.74%	9.33%	8.29%	6.80%	4.87%	-1.58%	-0.86%	53.68%	52.38%	50.73%	48.58%	48.28%	49.53%	47.22%	45.75%	48.77%	48.69%	48.74%	46.17%	43.53%
Interest Income	34.986M	0.786M	0.122M	0.334M	0.000M	0.000M	0.003M	0.018M	0.332M	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	0.000M	0.000M	0.000M	0.000M	0.000M	0.000M
Interest Expense	76.783M	1.819M	0.904M	0.601M	1.052M	0.488M	0.086M	0.108M	0.612M	1.618M	9.251M	7.510M	10.263M	9.020M	11.126M	11.924M	11.764M	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
Net Interest Income	-41.798M	-1.033M	-0.782M	-0.267M	-1.052M	-0.488M	-0.083M	-0.091M	-0.280M	-1.618M	-9.251M	-7.510M	-10.263M	-9.020M	-11.126M	-11.924M	-11.764M	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
Other Income / Expense	333.260M	1.777M	-46.250M	-5.574M	0.671M	2.701M	-6.179M	2.642M	0.134M	0.395M	0.000M	0.276M	0.000M	0.647M	4.438M	2.435M	-63.646M	-433.887M	-416.857M	-402.877M	-331.634M	-330.584M	-328.192M	-289.069M	-285.553M	-270.815M	-238.400M	-212.600M	-183.300M	-175.000M
Pre-Tax Income	429.256M	18.786M	-13.394M	23.357M	26.983M	4.945M	1.831M	14.502M	28.657M	87.956M	56.683M	62.402M	50.174M	41.239M	26.371M	-18.787M	-81.180M	92.178M	109.726M	138.105M	129.420M	130.496M	121.192M	132.244M	128.103M	146.770M	132.700M	118.500M	80.700M	46.900M
Pre-Tax Margin	0.50%	10.83%	-6.28%	10.56%	14.13%	2.37%	0.96%	5.66%	7.51%	11.07%	7.51%	8.36%	6.88%	5.65%	3.88%	-3.18%	-12.04%	9.41%	10.91%	12.95%	13.64%	13.66%	13.36%	14.82%	14.17%	17.14%	17.41%	17.44%	14.11%	9.20%
Income Tax Expense	253.244M	5.511M	0.002M	8.487M	6.005M	1.775M	2.038M	4.389M	10.498M	31.319M	19.541M	19.471M	17.696M	-8.455M	-2.879M	25.529M	-28.493M	34.106M	40.499M	52.423M	50.082M	50.156M	45.811M	49.988M	48.423M	56.200M	51.400M	46.600M	32.000M	18.800M
Tax Rate	35.00%	29.34%	0.00%	35.00%	22.26%	35.00%	35.00%	30.26%	35.00%	35.00%	34.47%	31.20%	35.00%	0.00%	0.00%	0.00%	35.00%	35.00%	35.00%	35.00%	35.00%	35.00%	35.00%	35.00%	35.00%	35.00%	35.00%	35.00%	35.00%	35.00%
Net Income	176.012M	13.275M	-13.396M	14.871M	20.978M	3.170M	-0.207M	10.114M	18.159M	56.637M	37.142M	42.931M	32.478M	49.694M	29.250M	-44.316M	-52.687M	58.072M	69.227M	85.682M	79.338M	80.340M	75.381M	82.256M	79.680M	90.570M	81.300M	71.900M	48.700M	28.100M
Net Margin	0.20%	7.66%	-6.28%	6.72%	10.98%	1.52%	-0.11%	3.95%	4.76%	7.13%	4.92%	5.75%	4.45%	6.81%	4.31%	-7.51%	-7.81%	5.93%	6.89%	8.03%	8.36%	8.41%	8.31%	9.22%	8.81%	10.58%	10.67%	10.58%	8.52%	5.51%
EBIT	137.794M	18.042M	33.638M	29.199M	27.365M	2.732M	8.093M	11.951M	28.803M	89.179M	65.934M	69.636M	60.437M	49.612M	33.059M	-9.298M	-5.770M	526.065M	526.583M	540.982M	461.054M	461.080M	449.384M	421.313M	413.656M	417.585M	371.100M	331.100M	264.000M	221.900M
Depreciation & Amortization	156.685M	5.138M	10.671M	11.669M	7.233M	7.486M	5.809M	6.895M	10.084M	19.353M	19.142M	17.930M	18.008M	18.581M	20.816M	29.398M	25.635M	24.670M	23.013M	21.599M	21.338M	21.277M	21.296M	19.314M	20.220M	16.975M	16.300M	15.900M	16.400M	17.500M
EBITDA	294.479M	23.179M	44.309M	40.867M	34.598M	10.218M	13.902M	18.846M	38.887M	108.532M	85.076M	87.566M	78.445M	68.193M	53.875M	20.100M	19.865M	550.735M	549.596M	562.581M	482.392M	482.357M	470.680M	440.627M	433.876M	434.560M	387.400M	347.000M	280.400M	239.400M
EBITDA Margin	0.34%	13.37%	20.77%	18.47%	18.12%	4.90%	7.29%	7.36%	10.19%	13.67%	11.27%	11.73%	10.76%	9.35%	7.93%	3.41%	2.95%	56.19%	54.67%	52.76%	50.83%	50.50%	51.88%	49.38%	47.99%	50.76%	50.83%	51.08%	49.04%	46.96%
NOPAT	89.566M	12.749M	33.638M	18.979M	21.274M	1.776M	5.261M	8.335M	18.722M	57.966M	43.204M	47.908M	39.284M	49.612M	33.059M	-9.298M	-3.751M	341.942M	342.279M	351.638M	299.685M	299.702M	292.100M	273.853M	268.876M	271.430M	241.215M	215.215M	171.600M	144.235M
NOPAT Margin	0.10%	7.35%	15.77%	8.58%	11.14%	0.85%	2.76%	3.26%	4.90%	7.30%	5.73%	6.42%	5.39%	6.80%	4.87%	-1.58%	-0.56%	34.89%	34.05%	32.97%	31.58%	31.38%	32.20%	30.69%	29.74%	31.70%	31.65%	31.68%	30.01%	28.29%
Owner's Earnings	332.697M	18.412M	-2.725M	26.540M	28.211M	10.656M	5.602M	17.009M	28.243M	75.990M	56.284M	60.861M	50.486M	68.275M	50.066M	-14.918M	-27.052M	82.742M	92.240M	107.281M	100.676M	101.617M	96.677M	101.570M	99.900M	107.545M	97.600M	87.800M	65.100M	45.600M
Owner's Earnings Margin	0.39%	10.62%	-1.28%	11.99%	14.77%	5.11%	2.94%	6.64%	7.40%	9.57%	7.46%	8.15%	6.92%	9.36%	7.37%	-2.53%	-4.01%	8.44%	9.18%	10.06%	10.61%	10.64%	10.66%	11.38%	11.05%	12.56%	12.81%	12.93%	11.39%	8.94%
EPS	2.84	0.17	-0.16	0.18	0.24	0.03	0.00	0.13	0.65	1.00	0.64	0.73	0.56	0.85	0.50	-0.76	-0.91	0.99	1.07	1.26	1.10	1.05	0.98	1.03	0.99	1.10	0.96	0.82	0.56	0.32
EPS (Diluted)	2.84	0.17	-0.16	0.18	0.24	0.03	0.00	0.13	0.65	1.00	0.64	0.73	0.56	0.85	0.50	-0.76	-0.91	0.99	1.07	1.26	1.10	1.05	0.98	1.03	0.99	1.10	0.96	0.82	0.56	0.32
Shares (Diluted)	62,029,172	75,982,935	83,745,472	82,718,299	86,616,794	123,038,237	147,538,793	80,424,603	27,960,000	56,648,000	58,364,000	58,552,000	58,478,000	58,218,000	57,932,000	57,964,000	57,628,000	58,940,000	64,522,000	68,172,000	72,386,000	76,590,000	77,138,000	79,884,000	80,642,000	82,336,250	84,687,500	88,140,500	86,252,000	87,357,500

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
Cash & Cash Equivalents	2,666.59M	20.23M	18.28M	34.00M	31.97M	27.94M	5.30M	16.95M	29.06M	52.66M	76.18M	109.18M	72.60M	79.72M	78.52M	73.85M	52.96M	74.38M	147.88M	173.80M	3.45M	27.53M	81.86M
Short-Term Investments	33.47M	22.83M	27.65M	3.25M	25.93M	1.41M	0.46M	39.29M	58.29M	0.00M	2.20M	18.15M	15.53M	9.01M	12.91M	11.08M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Cash & Short-Term Investments	2,700.06M	43.06M	45.92M	37.25M	57.90M	29.35M	5.76M	56.24M	87.36M	52.66M	78.38M	127.33M	88.13M	88.73M	91.43M	84.93M	52.96M	74.38M	147.88M	173.80M	3.45M	27.53M	81.86M
Net Receivables	368.44M	4.81M	4.84M	6.16M	9.03M	4.49M	4.48M	5.36M	6.15M	9.47M	12.55M	12.43M	12.28M	14.92M	15.04M	17.11M	13.09M	12.67M	14.60M	22.18M	28.02M	26.97M	26.44M
Inventory	35.07M	1.86M	1.79M	1.73M	1.14M	2.86M	40.60M	53.10M	74.74M	162.32M	151.92M	146.28M	137.26M	155.74M	141.69M	134.04M	156.52M	186.27M	181.88M	189.65M	186.48M	186.90M	198.21M
Other Current Assets	35,741.61M	6.59M	7.26M	8.32M	9.54M	8.00M	4.68M	-33.65M	-46.46M	23.76M	27.83M	19.60M	22.91M	23.41M	20.37M	23.62M	29.14M	36.87M	38.06M	38.13M	46.44M	54.19M	53.76M
Total Current Assets	38,845.18M	56.32M	59.81M	53.46M	77.61M	44.70M	55.52M	81.04M	121.78M	248.20M	270.67M	305.63M	260.57M	282.79M	268.53M	259.69M	251.70M	310.18M	382.43M	423.76M	264.39M	295.58M	360.26M
Property, Plant & Equipment	574.06M	84.17M	95.01M	94.52M	110.47M	120.91M	68.15M	90.70M	135.10M	273.62M	277.04M	288.16M	291.67M	295.70M	294.85M	305.75M	333.60M	350.43M	322.19M	294.17M	275.21M	277.02M	289.42M
Goodwill	6.35M	1.34M	1.30M	1.25M	6.37M	8.48M	15.48M	8.46M	12.70M	25.40M	25.40M	25.40M	25.43M	25.40M	25.40M	0.00M	0.00M	0.00M	0.00M	87.90M	0.00M	0.00M	0.00M
Intangible Assets	842.45M	7.93M	7.11M	7.67M	8.13M	9.42M	9.07M	7.07M	9.86M	19.73M	19.73M	19.73M	19.70M	19.73M	19.73M	45.13M	45.13M	96.82M	92.50M	0.00M	82.90M	80.04M	78.94M
Long-Term Investments	169.87M	9.69M	2.84M	4.20M	6.47M	3.48M	1.93M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	15.42M	16.39M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Tax Assets	89.04M	0.21M	-0.09M	32.89M	2.56M	3.26M	9.43M	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 Non-Current Assets	194.99M	0.55M	28.71M	-8.39M	54.44M	-2.70M	-7.98M	1.00M	63.19M	10.46M	13.14M	15.52M	19.92M	5.76M	3.43M	21.21M	16.06M	4.54M	5.48M	6.42M	5.89M	1.79M	2.94M
Other Assets	0.00M	0.00M	0.00M	0.00M	0.00M	0.04M	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	1,876.75M	103.89M	134.89M	132.13M	188.43M	142.88M	96.08M	107.23M	220.86M	329.21M	335.30M	348.81M	356.72M	362.00M	359.80M	372.09M	394.78M	451.80M	420.17M	388.49M	364.00M	358.85M	371.31M
Total Assets	40,721.93M	160.21M	194.70M	185.59M	266.04M	187.58M	151.61M	188.28M	342.64M	577.41M	605.98M	654.43M	617.29M	644.79M	628.33M	631.78M	646.49M	761.97M	802.60M	812.24M	628.39M	654.43M	731.57M
Accounts Payable	0.56M	1.35M	2.31M	2.08M	5.03M	3.84M	10.66M	11.17M	8.48M	15.44M	18.95M	24.32M	23.00M	27.32M	26.96M	23.95M	22.20M	26.44M	26.65M	30.56M	19.35M	22.22M	25.38M
Short-Term Debt	18,455.01M	7.84M	5.24M	4.09M	14.24M	9.77M	1.50M	0.32M	1.37M	3.00M	3.03M	0.50M	0.48M	0.25M	0.02M	3.90M	0.04M	0.04M	0.04M	0.04M	0.24M	4.71M	1.00M
Tax Payables	209.89M	0.31M	0.01M	0.91M	0.04M	0.05M	0.01M	0.03M	0.04M	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 Revenue	19.39M	0.09M	0.00M	0.07M	3.85M	1.60M	14.18M	20.42M	31.48M	60.96M	67.97M	59.68M	59.10M	65.47M	62.65M	52.61M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Other Current Liabilities	17,926.36M	13.63M	34.23M	45.31M	10.80M	7.53M	7.88M	11.47M	21.96M	43.95M	50.71M	51.54M	50.37M	58.05M	64.99M	65.29M	90.22M	109.02M	120.75M	115.12M	114.37M	109.76M	108.06M
Total Current Liabilities	36,611.21M	23.21M	41.78M	52.45M	33.96M	22.78M	34.22M	43.40M	63.33M	123.35M	140.66M	136.05M	132.94M	151.08M	154.62M	145.74M	112.46M	135.50M	147.44M	145.72M	133.97M	136.69M	134.43M
Long-Term Debt	148.69M	14.64M	16.49M	22.05M	14.38M	1.24M	0.19M	0.37M	5.80M	38.84M	73.20M	130.41M	130.81M	154.25M	165.01M	199.37M	203.11M	202.99M	202.87M	202.75M	12.27M	4.51M	9.22M
Capital Lease Obligations	31.34M	32.41M	33.10M	29.51M	31.79M	44.55M	0.27M	0.56M	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	17.57M	0.01M	0.01M	0.00M	0.92M	0.36M	1.19M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	8.03M	9.08M	0.00M	27.33M	30.65M	34.18M	35.64M	51.25M	47.54M
Other Non-Current Liabilities	632.98M	1.82M	42.62M	19.58M	3.56M	1.25M	5.77M	9.41M	16.65M	23.02M	21.58M	20.51M	19.18M	17.59M	18.98M	19.12M	24.99M	20.38M	12.00M	12.15M	12.45M	1.21M	2.68M
Total Non-Current Liabilities	830.59M	48.89M	92.22M	71.14M	50.64M	47.39M	7.42M	10.34M	22.45M	61.86M	94.78M	150.92M	149.99M	171.84M	192.02M	227.58M	228.10M	250.70M	245.52M	249.08M	60.35M	56.96M	59.44M
Total Liabilities	37,441.80M	72.10M	134.00M	123.59M	84.61M	70.18M	41.64M	53.74M	85.78M	185.21M	235.44M	286.97M	282.93M	322.92M	346.64M	373.32M	340.56M	386.20M	392.96M	394.80M	194.32M	193.65M	193.87M
Preferred Stock	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.11M	36.29M	53.91M	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	62.65M	7.67M	7.63M	7.37M	34.85M	6.46M	0.25M	0.33M	0.25M	0.49M	0.49M	0.49M	0.49M	0.49M	0.48M	0.48M	0.48M	0.48M	0.47M	0.47M	0.47M	0.46M	0.45M
Retained Earnings	-1,043.07M	157.12M	156.78M	147.53M	174.62M	220.02M	150.46M	221.05M	331.05M	646.32M	607.08M	584.40M	553.08M	542.92M	501.91M	479.34M	531.75M	606.65M	573.54M	529.50M	467.57M	414.04M	460.46M
Accumulated OCI	16.58M	-3.94M	-2.05M	-4.18M	0.22M	0.22M	-1.30M	-2.06M	-2.07M	-4.85M	-2.64M	0.64M	0.68M	1.14M	2.26M	1.24M	0.47M	2.70M	1.37M	0.94M	1.05M	0.60M	0.58M
Minority Interest	-0.02M	-0.02M	0.06M	0.00M	0.00M	0.00M	0.10M	0.05M	0.10M	0.20M	0.28M	0.25M	0.21M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Total Shareholders’ Equity	-963.84M	160.85M	162.36M	150.72M	209.69M	226.70M	149.52M	255.62M	383.14M	641.96M	604.93M	585.52M	554.25M	544.54M	504.65M	481.07M	532.70M	609.83M	575.38M	530.90M	469.08M	415.10M	461.49M
Total Equity	-963.86M	160.83M	162.42M	150.72M	209.69M	226.70M	149.63M	255.66M	383.24M	642.16M	605.21M	585.78M	554.46M	544.54M	504.65M	481.07M	532.70M	609.83M	575.38M	530.90M	469.08M	415.10M	461.49M
Total Liabilities & Equity	36,477.94M	232.93M	296.43M	274.31M	294.30M	296.88M	191.26M	309.40M	469.02M	827.37M	840.65M	872.74M	837.39M	867.46M	851.29M	854.39M	873.26M	996.03M	968.34M	925.70M	663.40M	608.75M	655.36M
Tangible Assets	39,873.14M	150.94M	186.29M	176.67M	251.55M	169.68M	127.05M	172.75M	320.08M	532.28M	560.85M	609.31M	572.16M	599.66M	583.20M	586.65M	601.36M	665.15M	710.10M	724.34M	545.49M	574.39M	652.63M
Tangible Equity	-1,812.66M	151.56M	154.01M	141.80M	195.20M	208.80M	125.07M	240.13M	360.67M	597.03M	560.08M	540.65M	509.33M	499.42M	459.52M	435.94M	487.57M	513.01M	482.88M	443.00M	386.19M	335.06M	382.55M
Tangible Book Value	-1,812.66M	151.56M	154.01M	141.80M	195.20M	208.80M	125.07M	240.13M	360.67M	597.03M	560.08M	540.65M	509.33M	499.42M	459.52M	435.94M	487.57M	513.01M	482.88M	443.00M	386.19M	335.06M	382.55M
Total Investments	203.33M	13.33M	29.21M	6.05M	46.45M	6.31M	2.40M	39.39M	58.29M	0.00M	2.20M	18.15M	15.53M	24.42M	29.30M	11.08M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Net Debt	15,937.11M	2.25M	3.45M	-7.86M	-3.35M	-16.93M	-3.61M	-16.27M	-21.90M	-10.82M	0.06M	21.74M	58.69M	74.78M	86.51M	129.42M	150.19M	128.65M	55.03M	28.99M	9.06M	-18.31M	-71.64M

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
Working Capital	2,233.96M	47.28M	49.05M	38.35M	42.33M	32.54M	20.81M	38.77M	58.46M	124.86M	130.01M	169.58M	127.63M	131.72M	113.91M	113.95M	139.24M	174.68M	234.99M	278.04M	130.42M	158.89M	225.84M
Total Capital	21,915.20M	166.34M	161.61M	150.33M	213.70M	184.29M	111.46M	178.52M	210.02M	433.84M	446.50M	498.13M	465.44M	476.37M	446.72M	461.73M	509.07M	578.80M	612.55M	620.23M	446.58M	470.00M	547.92M
Capital Employed	4,110.72M	163.12M	181.38M	150.93M	211.01M	184.39M	116.89M	146.00M	279.31M	454.06M	465.32M	518.39M	484.35M	493.71M	473.71M	486.04M	534.02M	626.47M	655.16M	666.52M	494.42M	517.74M	597.14M
Invested Capital	19,248.60M	146.11M	143.33M	116.33M	181.74M	156.36M	106.16M	161.57M	180.96M	381.18M	370.31M	388.95M	392.84M	396.65M	368.20M	387.87M	456.11M	504.43M	464.67M	446.43M	443.13M	442.47M	466.06M

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
Depreciation & Amortization	290.70M	7.16M	8.91M	11.75M	7.21M	7.52M	5.88M	6.89M	10.06M	19.35M	19.14M	17.93M	18.01M	18.58M	20.82M	29.40M	25.64M	24.67M	23.01M	21.60M	21.34M	21.28M	21.30M	19.31M	20.22M	16.98M	16.30M	15.90M	16.40M	17.50M
Deferred Income Tax	0.03M	-0.05M	0.00M	-0.08M	0.75M	0.00M	-0.88M	1.08M	1.75M	0.67M	3.92M	-3.03M	2.77M	-19.52M	-0.06M	33.79M	-32.16M	-2.36M	0.20M	-0.79M	3.94M	0.66M	4.75M	0.19M	0.00M	-1.81M	0.00M	0.70M	0.60M	0.60M
Stock-Based Compensation	166.09M	0.43M	0.76M	2.55M	1.84M	0.53M	3.36M	1.88M	0.63M	2.36M	1.24M	1.33M	1.40M	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	-271.85M	0.72M	0.00M	-47.20M	-15.63M	1.04M	-0.37M	-6.08M	6.67M	-13.58M	-9.56M	-3.07M	5.43M	-14.36M	12.04M	31.48M	22.79M	4.50M	21.40M	17.36M	0.13M	16.44M	-11.32M	20.39M	-13.59M	-1.36M	-12.90M	-3.20M	11.20M	14.70M
Accounts Receivable	-39.88M	-0.57M	1.26M	-7.10M	-6.28M	-1.22M	-1.94M	-1.47M	-1.41M	2.93M	-0.56M	-0.15M	1.92M	-0.46M	0.19M	-4.20M	-0.78M	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	0.25M	-0.05M	0.12M	-8.19M	1.01M	0.81M	0.24M	-3.96M	6.75M	-9.98M	-5.04M	-9.02M	18.57M	-12.53M	-5.28M	22.86M	31.43M	-0.09M	14.53M	3.48M	0.76M	13.17M	-13.97M	16.64M	-18.96M	-9.24M	-25.00M	-6.80M	2.70M	6.90M
Accounts Payable	0.61M	0.06M	0.04M	0.05M	-1.43M	-1.65M	0.34M	0.60M	0.74M	-3.51M	-5.35M	1.30M	-4.32M	0.36M	5.60M	-0.84M	-3.84M	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	-225.44M	0.61M	-7.15M	-4.33M	-41.81M	-0.72M	0.61M	-0.66M	1.36M	-6.52M	-3.96M	6.10M	-15.07M	-1.73M	11.53M	13.65M	-4.03M	4.59M	6.86M	13.88M	-0.63M	3.27M	2.65M	3.75M	5.37M	7.88M	12.10M	3.60M	8.50M	7.80M
Other Non-Cash Items	-231.15M	-3.17M	-5.71M	6.84M	-24.82M	0.49M	4.17M	5.12M	3.55M	-6.40M	7.14M	0.78M	3.99M	1.61M	0.19M	-1.29M	56.64M	1.26M	5.35M	7.75M	-1.41M	6.82M	10.37M	3.17M	1.28M	0.47M	2.00M	3.10M	0.50M	0.00M
Net Cash from Operating Activities	-214.72M	18.57M	-2.35M	14.00M	27.46M	18.09M	12.78M	10.95M	39.07M	58.37M	55.11M	59.89M	61.30M	37.70M	63.16M	51.33M	21.93M	86.14M	119.19M	131.59M	103.34M	125.53M	100.48M	125.32M	87.59M	104.85M	86.70M	87.60M	77.40M	60.90M
Capital Expenditures (PPE)	-6.99M	-2.44M	-4.02M	-14.78M	-8.56M	-1.50M	-8.97M	-6.20M	-8.82M	-23.13M	-19.79M	-19.31M	-19.01M	-22.88M	-9.09M	-9.92M	-22.54M	-60.04M	-59.07M	-41.51M	-30.30M	-23.04M	-27.21M	-31.08M	-38.52M	-42.07M	-47.80M	-29.70M	-23.40M	-13.30M
Acquisitions (Net)	0.00M	0.00M	-0.40M	0.00M	-0.30M	0.43M	-0.11M	-2.10M	-0.34M	-0.17M	-1.99M	19.31M	-0.77M	-0.52M	-2.96M	-0.05M	-1.37M	-7.78M	-15.30M	-7.79M	-4.08M	-1.44M	-11.33M	-42.40M	-9.72M	-12.63M	0.00M	0.00M	0.00M	0.00M
Purchases of Investments	-66.11M	0.00M	-0.91M	-1.04M	-7.93M	0.00M	-0.76M	-0.19M	0.00M	22.97M	19.79M	-18.27M	-18.25M	-3.65M	-9.47M	-28.68M	0.00M	0.00M	0.00M	0.00M	-12.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	-12.30M	-18.00M	0.00M
Sales / Maturities of Investments	2.49M	6.52M	0.00M	22.60M	0.00M	0.00M	0.00M	0.00M	0.00M	2.15M	15.43M	14.88M	11.17M	7.23M	7.32M	0.20M	0.00M	0.00M	0.00M	0.00M	12.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	30.30M	0.00M	0.00M
Other Investing Activities	-45.60M	16.99M	-21.79M	-3.93M	-63.79M	0.48M	-0.12M	-0.16M	-57.24M	10.61M	25.21M	7.25M	-1.83M	3.66M	4.56M	13.36M	6.38M	6.48M	5.63M	4.48M	11.87M	5.53M	5.30M	5.02M	9.75M	1.92M	2.30M	2.10M	2.20M	2.80M
Net Cash from Investing Activities	-116.83M	12.45M	-26.08M	-9.41M	-102.11M	-1.75M	-9.97M	-8.13M	-66.40M	-12.53M	3.43M	-12.06M	-21.60M	-16.16M	-9.64M	-25.09M	-17.53M	-61.33M	-68.74M	-44.82M	-22.51M	-18.95M	-33.24M	-68.47M	-38.49M	-52.78M	-45.50M	-9.60M	-39.20M	-10.50M
Net Debt Issuance	460.83M	-8.94M	-4.68M	1.58M	0.19M	0.00M	0.67M	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
Long-Term Debt Issuance	448.43M	-8.97M	-4.68M	1.58M	0.18M	-0.01M	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	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Short-Term Debt Issuance	12.50M	0.00M	0.00M	0.00M	0.00M	0.00M	0.08M	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 Stock Issuance	69.10M	-28.54M	1.62M	3.07M	4.70M	0.00M	0.28M	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 Issuance	73.13M	0.00M	2.86M	3.32M	9.01M	0.79M	0.28M	14.47M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.08M	0.00M	0.00M	0.47M	0.52M	2.35M	5.64M	4.55M	2.22M	1.75M	0.76M	2.35M	0.70M	1.30M	2.10M	1.50M
Common Stock Repurchased	-4.03M	0.00M	-0.20M	-0.21M	0.00M	-3.00M	-0.01M	-7.71M	-5.12M	-19.35M	-17.55M	0.00M	0.00M	-1.35M	-5.38M	0.00M	0.00M	-75.58M	-57.15M	-84.11M	-94.36M	-38.35M	-50.70M	-24.67M	-1.07M	-49.61M	-45.10M	-23.30M	-7.20M	-3.90M
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
Net Dividends Paid	-4.09M	-2.00M	-11.59M	-12.06M	0.00M	0.00M	-11.75M	-9.84M	-10.02M	-16.65M	-13.35M	-11.30M	-22.22M	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 Dividends Paid	-4.09M	-2.00M	-11.59M	-12.06M	0.00M	0.00M	-11.75M	-9.84M	-10.02M	-16.65M	-13.35M	-11.30M	-22.22M	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
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
Other Financing Activities	4.84M	7.41M	0.01M	-0.39M	63.54M	0.31M	0.37M	2.06M	39.74M	-52.47M	-77.62M	0.05M	-24.35M	-20.88M	-49.08M	-6.04M	-25.04M	-98.55M	-76.56M	83.55M	-105.06M	-160.96M	-61.08M	-29.28M	-15.01M	-47.02M	-51.60M	-80.50M	-25.40M	-48.90M
Net Cash from Financing Activities	520.46M	-35.18M	-30.90M	-3.16M	51.66M	-2.59M	-10.42M	-7.77M	29.72M	-69.11M	-90.96M	-11.25M	-46.57M	-20.88M	-49.08M	-6.04M	-25.04M	-98.55M	-76.56M	83.55M	-105.06M	-160.96M	-61.08M	-29.28M	-15.01M	-47.02M	-51.60M	-80.50M	-25.40M	-48.90M
Effect of FX on Cash	14.55M	0.02M	0.07M	0.02M	0.07M	0.00M	7.17M	-0.01M	0.07M	-0.25M	-0.57M	0.00M	-0.25M	0.54M	0.23M	0.69M	-0.79M	0.24M	0.19M	0.03M	0.15M	0.05M	0.00M	0.00M	0.00M	0.00M	0.00M	-78.00M	-38.20M	-50.40M
Net Change in Cash	131.42M	2.28M	-15.18M	2.42M	11.31M	18.06M	-7.41M	-4.97M	6.37M	-23.52M	-32.99M	36.58M	-7.12M	1.20M	4.67M	20.89M	-21.42M	-73.50M	-25.92M	170.35M	-24.08M	-54.33M	6.17M	27.58M	34.09M	5.06M	-10.40M	-80.50M	-25.40M	-48.90M
Cash at Beginning of Period	2.06M	18.40M	33.27M	32.36M	20.70M	9.60M	12.71M	21.82M	26.36M	76.18M	109.18M	72.60M	79.72M	78.52M	73.85M	52.96M	74.38M	147.88M	173.80M	3.45M	27.53M	81.86M	75.69M	48.11M	14.02M	8.97M	19.40M	21.90M	9.10M	7.50M
Cash at End of Period	2,793.19M	20.36M	18.40M	34.24M	32.00M	25.07M	5.30M	16.85M	32.73M	52.66M	76.18M	109.18M	72.60M	79.72M	78.52M	73.85M	52.96M	74.38M	147.88M	173.80M	3.45M	27.53M	81.86M	75.69M	48.11M	14.02M	9.00M	-58.60M	-16.30M	-41.40M
Operating Cash Flow	-214.72M	18.57M	-2.35M	14.00M	44.04M	18.09M	12.78M	9.90M	39.07M	58.37M	55.11M	59.89M	61.30M	37.70M	63.16M	51.33M	21.93M	86.14M	119.19M	131.59M	103.34M	125.53M	100.48M	125.32M	87.59M	104.85M	86.70M	87.60M	77.40M	60.90M
Capital Expenditure	-74.21M	-2.85M	-3.74M	-38.66M	-37.21M	-5.79M	-8.97M	-6.20M	-8.82M	-23.13M	-19.79M	-19.31M	-19.01M	-22.88M	-9.09M	-9.92M	-22.54M	-60.04M	-59.07M	-41.51M	-30.30M	-23.04M	-27.21M	-31.08M	-38.52M	-42.07M	-47.80M	-29.70M	-23.40M	-13.30M
Free Cash Flow	-331.36M	15.69M	-2.76M	9.00M	24.44M	12.30M	3.81M	3.71M	30.25M	35.24M	35.32M	40.58M	42.30M	14.82M	54.07M	41.41M	-0.60M	26.10M	60.12M	90.08M	73.03M	102.50M	73.27M	94.25M	49.07M	62.79M	38.90M	57.90M	54.00M	47.60M

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
EBITDA	611.99M	17.87M	-4.34M	35.23M	33.96M	12.70M	7.88M	18.37M	38.86M	108.53M	85.08M	87.57M	78.45M	68.84M	58.31M	22.54M	-43.78M	116.85M	132.74M	159.70M	150.76M	151.77M	142.49M	151.56M	148.32M	163.75M	149.00M	133.60M	97.10M	64.40M
(-) Tax Adjustment	361.05M	5.24M	0.00M	12.80M	7.56M	4.56M	8.78M	5.56M	14.24M	38.65M	29.33M	27.32M	27.67M	-14.11M	-6.37M	-30.62M	-15.37M	43.23M	48.99M	60.62M	58.34M	58.33M	53.86M	57.29M	56.07M	62.70M	57.71M	52.54M	38.50M	25.81M
(-) Change In Working Capital	-271.85M	0.72M	0.00M	-47.20M	-15.63M	1.04M	-0.37M	-6.08M	6.67M	-13.58M	-9.56M	-3.07M	5.43M	-14.36M	12.04M	31.48M	22.79M	4.50M	21.40M	17.36M	0.13M	16.44M	-11.32M	20.39M	-13.59M	-1.36M	-12.90M	-3.20M	11.20M	14.70M
(-) Capital Expenditure	74.21M	2.85M	3.74M	38.66M	37.21M	5.79M	8.97M	6.20M	8.82M	23.13M	19.79M	19.31M	19.01M	22.88M	9.09M	9.92M	22.54M	60.04M	59.07M	41.51M	30.30M	23.04M	27.21M	31.08M	38.52M	42.07M	47.80M	29.70M	23.40M	13.30M
Unlevered Free Cash Flow	448.58M	9.06M	-8.08M	30.97M	4.83M	1.31M	-9.49M	12.70M	9.13M	60.33M	45.52M	44.01M	26.35M	74.43M	43.55M	11.76M	-73.74M	9.08M	3.28M	40.22M	61.99M	53.96M	72.74M	42.80M	67.33M	60.34M	56.39M	54.56M	24.00M	10.59M
(-) Net Interest Income After Taxes	-17.14M	-0.73M	-0.78M	-0.17M	-0.82M	-0.31M	0.01M	-0.06M	-0.18M	-1.04M	-6.06M	-5.17M	-6.64M	-10.87M	-12.34M	-28.13M	-7.64M	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 Debt Issuance	460.83M	-8.94M	-4.68M	1.58M	0.19M	0.00M	0.67M	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
Levered Free Cash Flow	926.55M	0.85M	-11.98M	32.72M	5.84M	1.62M	-8.83M	12.76M	9.31M	61.37M	51.58M	49.18M	32.99M	85.30M	55.89M	39.89M	-66.10M	9.08M	3.28M	40.22M	61.99M	53.96M	72.74M	42.80M	67.33M	60.34M	56.39M	54.56M	24.00M	10.59M