Home Improvement

Category: Industry Averages Base Ticker: HD

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	7.39	8.43	7.49	7.55	9.48	7.08	7.64	9.30	9.59	9.70	9.90	9.63	11.89	11.42	6.92	8.75	8.13	9.71	15.22	20.06	20.81	20.61	17.86	16.80	26.42	23.91	19.01	13.80	10.59	9.84	9.25
Market Capitalization	526.65M	466.92M	436.20M	493.62M	581.40M	401.46M	376.90M	427.41M	473.23M	469.79M	506.89M	533.89M	576.98M	549.26M	308.48M	303.03M	238.36M	259.14M	451.94M	629.80M	573.70M	577.92M	564.13M	344.28M	1,918.71M	2,381.85M	3,527.22M	2,724.40M	6,188.52M	5,383.32M	1,199.74M
(-) Cash & Equivalents	51.92M	62.76M	39.14M	48.80M	63.99M	60.56M	39.76M	41.21M	39.91M	43.15M	46.66M	52.60M	47.30M	43.44M	44.46M	44.73M	39.93M	39.18M	64.68M	28.58M	34.02M	29.22M	43.16M	21.75M	44.95M	47.91M	19.67M	38.33M	59.83M	46.42M	41.14M
(+) Total Debt	223.95M	247.02M	209.85M	205.30M	193.09M	198.17M	189.55M	126.08M	118.36M	148.49M	157.36M	142.11M	136.60M	140.17M	150.06M	212.86M	219.13M	225.11M	274.07M	287.25M	284.94M	250.82M	268.13M	232.43M	413.03M	288.25M	540.43M	295.30M	555.52M	505.49M	410.07M
Enterprise Value	713.49M	680.08M	683.85M	674.92M	768.73M	649.02M	592.70M	561.77M	555.05M	573.99M	620.55M	648.91M	713.45M	682.64M	571.40M	443.55M	389.43M	443.08M	706.64M	856.33M	807.15M	801.30M	779.86M	560.66M	2,553.87M	2,927.82M	4,014.17M	2,980.26M	6,684.82M	5,842.71M	1,568.67M

Industry Income Statement

Metric	TTM	2025	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	830.128M	646.620M	659.248M	690.998M	701.592M	641.034M	704.400M	748.234M	707.806M	808.334M	780.046M	751.107M	771.114M	597.647M	602.187M	690.755M	691.272M	790.056M	1,060.780M	1,027.299M	1,010.998M	856.450M	779.977M	750.123M	3,646.569M	4,043.979M	3,240.668M	2,748.203M	6,699.567M	5,586.777M	4,635.550M
Cost of Revenue	530.335M	417.522M	439.006M	425.015M	412.698M	376.217M	461.758M	462.883M	461.819M	515.504M	521.429M	487.023M	489.861M	408.126M	404.543M	458.042M	470.571M	569.550M	727.256M	697.718M	674.124M	540.492M	578.986M	282.828M	380.894M	445.299M	440.699M	298.663M	3,565.540M	2,895.820M	2,308.280M
Gross Profit	299.793M	229.098M	220.242M	265.983M	288.895M	264.817M	242.642M	285.351M	245.987M	292.830M	258.617M	264.084M	281.253M	189.521M	197.644M	232.713M	220.700M	220.507M	333.524M	329.581M	336.875M	315.958M	200.991M	467.295M	3,265.675M	3,598.680M	2,799.969M	2,449.541M	3,134.027M	2,690.957M	2,327.270M
Gross Margin	36.11%	35.43%	33.41%	38.49%	41.18%	41.31%	34.45%	38.14%	34.75%	36.23%	33.15%	35.16%	36.47%	31.71%	32.82%	33.69%	31.93%	27.91%	31.44%	32.08%	33.32%	36.89%	25.77%	62.30%	89.55%	88.99%	86.40%	89.13%	46.78%	48.17%	50.20%
R&D Expenses	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	0.000M	0.000M	0.000M	0.000M	0.000M	0.000M	0.000M	0.000M	0.000M
SG&A Expenses	196.728M	175.780M	183.825M	174.442M	163.809M	141.403M	140.532M	159.249M	157.169M	159.505M	144.207M	123.452M	119.692M	89.817M	86.748M	76.377M	74.483M	106.629M	134.378M	155.186M	155.610M	130.153M	124.686M	79.041M	100.800M	85.258M	87.607M	75.309M	1,005.800M	823.740M	668.820M
Operating Expenses	196.728M	175.780M	183.825M	174.442M	163.809M	141.403M	140.532M	159.249M	157.169M	159.505M	144.207M	123.452M	119.692M	89.817M	86.748M	76.377M	74.483M	106.629M	134.378M	155.186M	155.610M	130.153M	124.686M	79.041M	100.800M	85.258M	87.607M	75.309M	1,005.800M	823.740M	668.820M
Operating Income	103.065M	53.318M	36.417M	91.541M	125.086M	123.414M	102.110M	126.102M	88.818M	133.324M	114.410M	140.632M	161.561M	99.704M	110.895M	156.336M	146.218M	113.878M	199.146M	174.394M	181.264M	185.805M	76.306M	388.254M	3,164.875M	3,513.422M	2,712.363M	2,374.232M	2,128.227M	1,867.217M	1,658.450M
Operating Margin	12.42%	8.25%	5.52%	13.25%	17.83%	19.25%	14.50%	16.85%	12.55%	16.49%	14.67%	18.72%	20.95%	16.68%	18.42%	22.63%	21.15%	14.41%	18.77%	16.98%	17.93%	21.69%	9.78%	51.76%	86.79%	86.88%	83.70%	86.39%	31.77%	33.42%	35.78%
Interest Income	0.646M	1.211M	0.753M	0.394M	0.299M	0.224M	0.446M	0.317M	0.353M	0.348M	0.621M	0.263M	0.582M	0.367M	0.489M	0.386M	0.461M	0.504M	1.122M	0.978M	0.681M	0.416M	0.025M	0.022M	0.023M	0.006M	0.020M	0.044M	12.687M	11.105M	8.966M
Interest Expense	5.853M	5.209M	4.817M	3.977M	3.717M	5.110M	5.509M	4.307M	3.762M	3.396M	3.087M	3.091M	3.059M	2.897M	3.616M	5.275M	5.455M	5.329M	4.941M	4.464M	3.863M	3.413M	2.113M	1.891M	2.676M	3.395M	0.547M	2.218M	44.192M	24.092M	20.437M
Net Interest Income	-5.207M	-3.997M	-4.064M	-3.582M	-3.418M	-4.886M	-5.063M	-3.990M	-3.408M	-3.048M	-2.466M	-2.828M	-2.476M	-2.529M	-3.127M	-4.889M	-4.994M	-4.825M	-3.819M	-3.486M	-3.182M	-2.997M	-2.088M	-1.869M	-2.653M	-3.389M	-0.527M	-2.174M	-31.505M	-12.988M	-11.472M
Other Income / Expense	-54.777M	-9.686M	13.818M	-27.370M	-59.260M	-81.664M	-59.100M	-82.602M	-44.520M	-95.897M	-79.853M	-99.555M	-115.309M	-59.053M	-77.562M	-120.686M	-118.589M	-76.768M	-158.862M	-132.264M	-139.540M	-154.922M	14.851M	-365.720M	-2,949.230M	-3,239.598M	-2,444.571M	-2,153.547M	-1,595.926M	-1,454.490M	-1,338.538M
Pre-Tax Income	43.080M	39.635M	46.171M	60.589M	62.408M	36.864M	37.947M	39.510M	40.891M	34.379M	32.092M	38.249M	43.776M	38.122M	30.207M	30.762M	22.635M	32.285M	36.465M	38.644M	38.542M	27.886M	89.068M	20.665M	212.993M	270.435M	267.265M	218.511M	500.796M	399.739M	308.440M
Pre-Tax Margin	5.19%	6.13%	7.00%	8.77%	8.90%	5.75%	5.39%	5.28%	5.78%	4.25%	4.11%	5.09%	5.68%	6.38%	5.02%	4.45%	3.27%	4.09%	3.44%	3.76%	3.81%	3.26%	11.42%	2.75%	5.84%	6.69%	8.25%	7.95%	7.48%	7.16%	6.65%
Income Tax Expense	12.823M	11.186M	13.530M	16.973M	15.351M	9.045M	9.605M	10.701M	11.108M	9.221M	11.279M	14.008M	14.467M	12.425M	10.879M	11.305M	8.690M	9.771M	12.232M	13.979M	14.519M	9.985M	33.372M	23.821M	58.241M	80.393M	80.507M	58.669M	183.485M	144.661M	113.058M
Tax Rate	29.77%	28.22%	29.30%	28.01%	24.60%	24.54%	25.31%	27.08%	27.16%	26.82%	35.00%	35.00%	33.05%	32.59%	35.00%	35.00%	35.00%	30.26%	33.55%	35.00%	35.00%	35.00%	35.00%	35.00%	27.34%	29.73%	30.12%	26.85%	35.00%	35.00%	35.00%
Net Income	30.257M	28.449M	32.641M	43.616M	47.058M	27.819M	28.341M	28.810M	29.783M	25.158M	20.813M	24.241M	29.309M	25.696M	19.328M	19.457M	13.944M	22.514M	24.233M	24.666M	24.023M	17.901M	55.696M	-3.156M	154.751M	190.042M	186.757M	159.842M	317.311M	255.079M	195.382M
Net Margin	3.64%	4.40%	4.95%	6.31%	6.71%	4.34%	4.02%	3.85%	4.21%	3.11%	2.67%	3.23%	3.80%	4.30%	3.21%	2.82%	2.02%	2.85%	2.28%	2.40%	2.38%	2.09%	7.14%	-0.42%	4.24%	4.70%	5.76%	5.82%	4.74%	4.57%	4.21%
EBIT	103.065M	53.318M	36.417M	91.541M	125.086M	123.414M	102.110M	126.102M	88.818M	133.324M	114.410M	140.632M	161.561M	99.704M	110.895M	156.336M	146.218M	113.878M	199.146M	174.394M	181.264M	185.805M	76.306M	388.254M	3,164.875M	3,513.422M	2,712.363M	2,374.232M	2,128.227M	1,867.217M	1,658.450M
Depreciation & Amortization	34.010M	31.085M	28.148M	25.617M	18.656M	19.773M	25.266M	20.654M	18.896M	22.149M	21.171M	18.082M	17.119M	13.194M	13.115M	13.867M	13.306M	16.269M	16.730M	16.022M	16.175M	8.824M	6.685M	6.493M	62.393M	68.594M	56.746M	51.745M	89.078M	76.464M	65.002M
EBITDA	137.075M	84.403M	64.565M	117.158M	143.742M	143.186M	127.375M	146.755M	107.715M	155.473M	135.582M	158.715M	178.680M	112.898M	124.010M	170.203M	159.523M	130.146M	215.877M	190.416M	197.439M	194.629M	82.991M	394.747M	3,227.268M	3,582.016M	2,769.109M	2,425.977M	2,217.305M	1,943.681M	1,723.452M
EBITDA Margin	16.51%	13.05%	9.79%	16.95%	20.49%	22.34%	18.08%	19.61%	15.22%	19.23%	17.38%	21.13%	23.17%	18.89%	20.59%	24.64%	23.08%	16.47%	20.35%	18.54%	19.53%	22.73%	10.64%	52.62%	88.50%	88.58%	85.45%	88.28%	33.10%	34.79%	37.18%
NOPAT	72.387M	38.271M	25.745M	65.897M	94.318M	93.133M	76.263M	91.950M	64.691M	97.565M	74.367M	91.411M	108.170M	67.207M	72.082M	101.619M	95.041M	79.414M	132.342M	113.356M	117.822M	120.774M	49.599M	252.365M	2,299.466M	2,468.980M	1,895.325M	1,736.760M	1,383.348M	1,213.691M	1,077.992M
NOPAT Margin	8.72%	5.92%	3.91%	9.54%	13.44%	14.53%	10.83%	12.29%	9.14%	12.07%	9.53%	12.17%	14.03%	11.25%	11.97%	14.71%	13.75%	10.05%	12.48%	11.03%	11.65%	14.10%	6.36%	33.64%	63.06%	61.05%	58.49%	63.20%	20.65%	21.72%	23.25%
Owner's Earnings	64.267M	59.534M	60.789M	69.233M	65.713M	47.591M	53.607M	49.463M	48.679M	47.307M	41.984M	42.323M	46.428M	38.890M	32.443M	33.324M	27.250M	38.783M	40.963M	40.687M	40.198M	26.725M	62.381M	3.337M	217.144M	258.636M	243.504M	211.587M	406.389M	331.543M	260.384M
Owner's Earnings Margin	7.74%	9.21%	9.22%	10.02%	9.37%	7.42%	7.61%	6.61%	6.88%	5.85%	5.38%	5.63%	6.02%	6.51%	5.39%	4.82%	3.94%	4.91%	3.86%	3.96%	3.98%	3.12%	8.00%	0.44%	5.95%	6.40%	7.51%	7.70%	6.07%	5.93%	5.62%
EPS	0.10	0.09	0.13	0.16	0.28	0.10	0.10	0.09	0.12	0.10	0.06	0.07	0.11	0.07	0.05	0.06	0.04	0.09	0.07	0.07	0.07	0.04	0.10	-0.01	0.22	0.43	0.42	0.36	0.42	0.34	0.26
EPS (Diluted)	0.10	0.09	0.13	0.16	0.28	0.10	0.10	0.09	0.12	0.10	0.06	0.07	0.11	0.07	0.05	0.06	0.04	0.09	0.07	0.07	0.07	0.04	0.10	-0.01	0.22	0.43	0.42	0.36	0.42	0.34	0.26
Shares (Diluted)	310,354,051	309,223,963	260,820,319	265,522,998	166,337,565	279,530,947	287,002,469	305,789,122	255,563,083	262,712,480	332,904,287	342,714,891	255,561,295	345,011,119	380,269,276	350,981,194	348,021,964	257,463,598	336,824,102	336,159,693	350,910,221	409,831,305	555,496,186	533,532,148	694,051,645	441,847,766	446,212,872	440,327,547	761,200,193	748,748,837	741,810,088

Industry Balance Sheet

Metric	MRQ	2025	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
Cash & Cash Equivalents	50.62M	62.76M	39.14M	48.80M	63.99M	60.70M	39.76M	41.21M	39.91M	43.15M	46.66M	54.11M	47.30M	43.44M	46.55M	44.73M	39.93M	39.18M	64.68M	28.58M	34.02M	29.22M	43.16M	21.75M	44.95M	47.66M	49.96M	27.42M	65.03M	64.96M	43.82M
Short-Term Investments	0.77M	4.62M	8.00M	6.69M	5.99M	4.42M	0.55M	0.43M	0.27M	0.19M	0.77M	0.36M	1.97M	0.00M	0.85M	0.32M	0.36M	1.19M	0.93M	2.96M	0.23M	0.39M	8.94M	0.00M	45.10M	2.50M	0.57M	0.00M	55.69M	50.02M	46.89M
Cash & Short-Term Investments	51.39M	67.37M	47.14M	55.49M	69.98M	65.12M	40.32M	41.64M	40.17M	43.34M	47.44M	54.47M	49.26M	43.44M	47.40M	45.05M	40.30M	40.37M	65.61M	31.54M	34.25M	29.61M	52.11M	21.75M	90.05M	50.16M	50.53M	27.42M	120.72M	114.99M	90.71M
Net Receivables	31.28M	31.21M	23.66M	23.13M	23.93M	22.17M	23.15M	29.23M	25.96M	24.09M	26.13M	22.99M	24.62M	15.18M	13.63M	9.43M	14.74M	15.94M	23.83M	30.32M	38.08M	37.49M	29.95M	45.39M	214.30M	248.90M	212.41M	174.69M	274.01M	318.97M	291.76M
Inventory	208.24M	171.11M	171.34M	176.60M	153.82M	135.47M	156.49M	166.31M	162.32M	166.77M	175.28M	166.59M	165.38M	154.16M	141.23M	179.85M	180.93M	190.02M	206.45M	214.40M	200.08M	173.95M	473.75M	418.38M	741.77M	721.96M	714.58M	462.86M	1,076.35M	881.03M	763.78M
Other Current Assets	12.43M	8.53M	8.20M	8.70M	7.61M	8.55M	14.25M	13.66M	21.33M	24.41M	23.13M	20.60M	17.54M	10.38M	8.00M	13.45M	20.92M	8.56M	12.40M	10.41M	6.93M	7.74M	6.77M	7.38M	7.43M	2.58M	2.52M	7.40M	29.56M	103.76M	31.16M
Total Current Assets	303.35M	278.21M	250.34M	263.91M	255.33M	231.31M	234.21M	250.84M	249.79M	258.61M	271.97M	264.64M	256.81M	223.16M	210.25M	247.78M	256.89M	254.88M	308.29M	286.67M	279.33M	248.79M	562.57M	492.90M	1,053.56M	1,023.60M	980.03M	672.36M	1,500.64M	1,418.74M	1,177.42M
Property, Plant & Equipment	434.21M	309.07M	315.89M	302.33M	296.28M	294.67M	332.30M	269.71M	280.58M	272.02M	275.25M	260.81M	241.31M	199.60M	195.01M	198.89M	199.85M	201.44M	226.92M	217.11M	210.12M	78.39M	56.66M	53.59M	1,137.23M	1,174.33M	1,128.96M	717.61M	1,770.80M	1,515.37M	1,301.61M
Goodwill	7.85M	13.61M	8.41M	8.53M	8.70M	6.11M	6.78M	8.71M	5.01M	3.02M	2.56M	1.78M	2.71M	2.63M	2.25M	2.41M	3.56M	3.87M	34.83M	33.64M	25.39M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Intangible Assets	10.47M	11.92M	8.53M	7.43M	6.82M	6.41M	8.57M	8.28M	6.56M	6.47M	6.71M	6.64M	7.09M	6.17M	3.37M	4.35M	2.93M	2.93M	2.96M	5.45M	11.17M	5.66M	18.36M	17.56M	28.15M	11.96M	97.35M	79.16M	149.53M	135.45M	118.74M
Long-Term Investments	5.33M	6.31M	5.66M	4.09M	6.44M	6.98M	8.46M	6.45M	6.14M	8.32M	7.70M	5.93M	4.29M	1.96M	2.31M	4.49M	5.08M	4.03M	6.14M	5.71M	4.54M	0.07M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Tax Assets	4.36M	4.39M	5.68M	5.29M	6.22M	6.09M	7.30M	4.45M	4.65M	5.63M	5.59M	5.07M	5.24M	4.62M	3.88M	4.62M	5.12M	5.58M	7.01M	10.05M	9.41M	11.50M	6.33M	3.94M	5.62M	0.15M	0.27M	0.51M	19.59M	32.28M	24.97M
Other Non-Current Assets	18.65M	13.21M	4.78M	4.71M	3.82M	3.85M	2.84M	3.64M	4.96M	6.26M	4.12M	6.73M	18.25M	24.15M	24.63M	21.66M	22.81M	21.71M	21.93M	19.78M	19.38M	4.77M	17.16M	3.73M	43.09M	80.57M	43.75M	11.94M	26.94M	29.24M	35.79M
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	480.87M	358.51M	348.95M	332.38M	328.28M	324.11M	366.25M	301.24M	307.90M	301.72M	301.92M	286.96M	278.90M	239.12M	231.45M	236.43M	239.35M	239.56M	299.79M	291.74M	280.02M	100.39M	98.52M	78.82M	1,214.10M	1,267.00M	1,270.33M	809.21M	1,966.86M	1,712.35M	1,481.11M
Total Assets	784.22M	636.72M	599.30M	596.29M	583.61M	555.42M	600.46M	552.09M	557.69M	560.34M	573.90M	551.60M	535.70M	462.29M	441.70M	484.21M	496.23M	494.44M	608.07M	578.41M	559.35M	349.18M	661.09M	571.72M	2,267.66M	2,290.61M	2,250.36M	1,481.58M	3,467.50M	3,131.10M	2,658.52M
Accounts Payable	68.33M	90.78M	64.99M	69.01M	56.88M	63.65M	70.05M	79.09M	81.33M	88.51M	89.69M	86.18M	77.03M	55.92M	70.54M	78.69M	69.14M	73.57M	98.47M	95.57M	95.32M	62.54M	39.93M	45.96M	344.16M	388.12M	399.18M	151.53M	382.70M	320.97M	296.39M
Short-Term Debt	43.91M	38.00M	32.70M	26.84M	27.65M	35.13M	57.21M	45.84M	32.85M	52.30M	41.51M	33.14M	36.18M	53.37M	38.53M	63.51M	75.57M	51.11M	77.57M	71.23M	66.71M	15.17M	5.56M	2.07M	15.22M	4.88M	12.11M	15.72M	158.43M	139.86M	127.37M
Tax Payables	0.60M	3.89M	5.51M	5.29M	9.81M	6.60M	5.84M	6.66M	6.55M	6.01M	5.98M	6.94M	7.25M	8.32M	6.96M	7.20M	5.42M	6.88M	8.42M	5.91M	4.15M	0.43M	0.33M	0.33M	0.40M	0.65M	0.55M	0.53M	34.58M	24.94M	16.21M
Deferred Revenue	0.81M	1.77M	13.46M	14.78M	24.36M	22.06M	18.31M	13.40M	14.00M	14.01M	10.09M	10.35M	8.07M	12.59M	12.09M	10.72M	10.59M	8.83M	32.40M	29.97M	8.16M	0.66M	0.40M	0.07M	0.25M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Other Current Liabilities	31.81M	36.07M	11.89M	11.53M	11.13M	12.37M	16.90M	28.00M	28.99M	18.08M	29.67M	22.48M	14.07M	15.35M	12.86M	19.74M	20.29M	27.83M	35.07M	34.20M	27.76M	17.30M	8.60M	5.40M	165.23M	169.92M	194.27M	164.91M	306.31M	250.37M	185.08M
Total Current Liabilities	145.47M	170.52M	128.55M	127.45M	129.83M	139.81M	168.31M	172.99M	163.72M	178.92M	176.95M	159.10M	142.60M	145.54M	140.99M	179.86M	181.02M	168.21M	251.94M	236.88M	202.10M	96.09M	54.82M	53.85M	525.26M	563.57M	606.11M	332.69M	882.02M	736.14M	625.06M
Long-Term Debt	44.32M	44.07M	45.02M	37.89M	43.83M	53.13M	76.48M	80.11M	74.90M	96.59M	102.21M	107.20M	106.33M	50.22M	57.38M	113.33M	117.27M	133.84M	198.13M	203.36M	219.45M	175.17M	219.44M	230.33M	304.97M	271.31M	299.91M	190.99M	392.79M	453.80M	370.81M
Capital Lease Obligations	58.05M	88.03M	77.23M	77.02M	70.59M	64.42M	54.19M	3.30M	3.51M	2.74M	1.62M	1.65M	1.79M	2.11M	1.39M	1.01M	0.09M	0.08M	0.55M	0.01M	0.01M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Deferred Tax Liabilities	0.33M	1.90M	2.67M	3.38M	4.33M	3.34M	2.43M	2.97M	2.56M	3.71M	6.40M	2.95M	2.79M	1.96M	1.76M	1.58M	2.45M	2.54M	2.20M	0.55M	1.12M	1.88M	0.43M	0.38M	14.94M	0.34M	0.41M	0.45M	15.96M	13.71M	8.24M
Other Non-Current Liabilities	25.37M	16.57M	14.20M	13.00M	11.59M	15.83M	10.37M	21.05M	18.72M	15.35M	16.16M	13.69M	12.36M	10.01M	15.34M	17.05M	12.93M	8.23M	11.25M	14.56M	27.01M	4.35M	45.35M	38.38M	58.44M	35.28M	43.65M	48.60M	67.44M	57.77M	51.15M
Total Non-Current Liabilities	128.06M	150.58M	139.11M	131.29M	130.35M	136.72M	143.46M	107.44M	99.70M	118.39M	126.39M	125.48M	123.26M	64.29M	75.86M	132.97M	132.74M	144.69M	212.12M	218.47M	247.60M	181.39M	265.21M	269.08M	378.35M	306.93M	343.97M	240.04M	476.20M	525.29M	430.20M
Total Liabilities	273.53M	321.09M	267.66M	258.74M	260.18M	276.53M	311.78M	280.43M	263.42M	297.32M	303.34M	284.58M	265.86M	209.84M	216.85M	312.83M	313.76M	312.90M	464.07M	455.35M	449.70M	277.49M	320.03M	322.93M	903.61M	870.50M	950.09M	572.73M	1,358.22M	1,261.43M	1,055.25M
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	0.87M	0.88M
Common Stock	41.06M	37.20M	34.01M	33.11M	32.06M	31.58M	32.99M	36.30M	32.18M	31.36M	29.87M	29.68M	28.92M	23.61M	20.56M	27.65M	27.69M	23.80M	28.52M	29.46M	25.86M	14.02M	12.28M	14.65M	31.16M	33.34M	37.81M	1.92M	46.28M	44.79M	44.66M
Retained Earnings	289.27M	137.09M	143.78M	129.71M	110.77M	83.49M	131.72M	127.72M	112.01M	109.58M	160.20M	115.69M	108.26M	50.06M	69.46M	84.45M	81.62M	135.66M	186.87M	170.20M	167.21M	113.63M	165.73M	139.21M	510.00M	555.59M	541.05M	426.74M	1,133.89M	908.61M	714.75M
Accumulated OCI	3.20M	6.01M	11.35M	6.75M	4.25M	3.95M	1.12M	-0.69M	0.07M	-0.42M	0.80M	-1.54M	-1.28M	-5.94M	-2.42M	-5.35M	-4.65M	-9.96M	-3.97M	-2.24M	-1.07M	-1.70M	-0.43M	-2.21M	-1.45M	-22.86M	-14.61M	-9.71M	-1.08M	-0.32M	-0.13M
Minority Interest	0.00M	0.04M	0.04M	0.06M	0.04M	0.01M	0.05M	0.12M	0.00M	0.00M	0.26M	0.02M	0.05M	0.08M	0.08M	0.09M	0.68M	0.41M	0.53M	0.50M	0.59M	0.44M	0.21M	0.00M	0.00M	2.75M	2.86M	0.00M	23.20M	19.56M	15.32M
Total Shareholders’ Equity	333.53M	180.30M	189.14M	169.57M	147.08M	119.01M	165.82M	163.33M	144.27M	140.52M	190.87M	143.84M	135.89M	67.73M	87.60M	106.74M	104.66M	149.50M	211.42M	197.43M	192.00M	125.95M	177.58M	151.65M	539.71M	566.07M	564.24M	418.95M	1,179.09M	953.95M	760.16M
Total Equity	333.53M	180.34M	189.17M	169.63M	147.12M	119.02M	165.87M	163.45M	144.27M	140.52M	191.13M	143.86M	135.94M	67.81M	87.68M	106.84M	105.34M	149.90M	211.95M	197.94M	192.59M	126.39M	177.79M	151.65M	539.71M	568.82M	567.10M	418.95M	1,202.29M	973.51M	775.48M
Total Liabilities & Equity	607.06M	501.43M	456.83M	428.37M	407.30M	395.55M	477.65M	443.88M	407.69M	437.83M	494.47M	428.44M	401.80M	277.65M	304.53M	419.67M	419.10M	462.80M	676.02M	653.29M	642.29M	403.87M	497.82M	474.58M	1,443.32M	1,439.32M	1,517.18M	991.69M	2,560.51M	2,234.94M	1,830.73M
Tangible Assets	765.90M	611.20M	582.35M	580.33M	568.10M	542.90M	585.11M	535.09M	546.12M	550.84M	564.63M	543.18M	525.91M	453.49M	436.08M	477.45M	489.74M	487.64M	570.29M	539.32M	522.79M	343.53M	642.73M	554.16M	2,239.51M	2,278.65M	2,153.01M	1,402.42M	3,317.96M	2,995.64M	2,539.78M
Tangible Equity	315.22M	154.82M	172.23M	153.67M	131.61M	106.50M	150.52M	146.45M	132.69M	131.02M	181.86M	135.43M	126.14M	59.01M	82.06M	100.07M	98.85M	143.10M	174.16M	158.85M	156.03M	120.73M	159.43M	134.09M	511.56M	556.87M	469.75M	339.80M	1,052.75M	838.06M	656.74M
Tangible Book Value	315.22M	154.82M	172.23M	153.67M	131.61M	106.50M	150.52M	146.45M	132.69M	131.02M	181.86M	135.43M	126.14M	59.01M	82.06M	100.07M	98.85M	143.10M	174.16M	158.85M	156.03M	120.73M	159.43M	134.09M	511.56M	556.87M	469.75M	339.80M	1,052.75M	838.06M	656.74M
Total Investments	6.51M	7.34M	6.67M	5.90M	7.44M	8.86M	11.83M	7.20M	6.92M	9.38M	11.62M	6.29M	5.39M	2.83M	3.20M	5.30M	5.43M	6.29M	7.53M	6.84M	5.47M	4.76M	1.08M	1.83M	14.18M	2.50M	0.57M	0.00M	18.08M	19.88M	20.97M
Net Debt	37.60M	19.32M	38.58M	15.94M	7.50M	27.56M	93.93M	84.74M	67.85M	105.74M	97.06M	86.23M	95.21M	60.15M	49.36M	132.11M	152.91M	145.77M	211.03M	246.01M	252.14M	161.11M	181.83M	210.65M	275.24M	228.54M	262.07M	179.29M	486.20M	528.69M	454.37M

Industry Capital

Metric	MRQ	2025	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
Working Capital	47.75M	55.47M	48.74M	60.98M	69.61M	47.90M	60.73M	62.97M	54.82M	53.75M	80.87M	88.03M	82.80M	59.84M	65.22M	78.79M	56.92M	70.98M	108.87M	90.01M	84.30M	91.41M	461.48M	371.95M	25.27M	90.68M	197.89M	229.44M	564.02M	588.50M	479.49M
Total Capital	603.59M	566.59M	511.67M	495.10M	455.50M	455.67M	440.90M	375.09M	389.40M	469.82M	482.27M	461.84M	450.88M	407.41M	402.80M	459.49M	447.97M	473.37M	541.30M	526.13M	521.94M	439.95M	558.44M	495.48M	1,247.04M	1,451.75M	1,263.47M	1,048.40M	2,491.30M	2,258.99M	1,941.66M
Capital Employed	574.82M	490.28M	448.40M	426.38M	413.55M	381.71M	462.34M	393.67M	414.89M	457.56M	503.49M	490.26M	478.71M	396.43M	400.76M	407.81M	397.50M	415.41M	531.35M	497.32M	517.91M	468.81M	587.27M	512.51M	1,419.29M	1,461.81M	1,480.32M	982.16M	2,432.14M	2,192.89M	1,877.21M
Invested Capital	552.97M	503.84M	472.53M	446.31M	391.51M	394.97M	401.14M	333.87M	349.49M	426.67M	435.61M	407.73M	403.59M	363.97M	356.25M	414.76M	408.04M	434.19M	476.62M	497.55M	487.92M	410.72M	515.27M	473.72M	1,202.09M	1,404.09M	1,213.52M	1,020.97M	2,426.27M	2,194.02M	1,897.84M

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	30.82M	31.05M	28.13M	25.48M	22.54M	26.21M	27.78M	24.24M	18.38M	24.51M	20.52M	18.30M	17.12M	13.19M	12.80M	13.34M	13.13M	13.33M	16.71M	16.02M	15.66M	23.40M	6.97M	6.49M	62.39M	68.59M	56.75M	51.74M	98.47M	66.24M	35.73M
Deferred Income Tax	0.00M	0.00M	0.00M	0.00M	-0.38M	0.00M	-0.20M	0.02M	0.00M	-0.26M	0.00M	0.00M	0.00M	-0.52M	-0.06M	0.00M	0.00M	0.00M	0.08M	-0.51M	-0.34M	0.51M	0.13M	1.01M	0.05M	-0.66M	0.28M	0.03M	8.13M	4.78M	-4.25M
Stock-Based Compensation	0.16M	0.24M	0.38M	0.40M	0.46M	0.41M	0.63M	0.64M	0.51M	0.42M	0.45M	0.59M	0.42M	0.35M	0.19M	0.27M	0.19M	0.03M	1.25M	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	-7.35M	0.86M	-3.61M	-25.43M	-7.26M	4.22M	-5.29M	-3.68M	-7.82M	-3.83M	-6.04M	-4.61M	-10.18M	-8.22M	-3.99M	-3.52M	1.11M	-6.72M	4.61M	-10.97M	-14.81M	-7.51M	9.52M	9.95M	-73.50M	-40.83M	-25.19M	-56.48M	11.29M	-53.76M	12.74M
Accounts Receivable	-0.57M	-0.62M	-0.53M	-2.14M	-1.01M	-2.13M	1.12M	-0.90M	-0.79M	-1.96M	-1.11M	-1.47M	-0.23M	-0.04M	0.00M	0.00M	0.27M	0.03M	0.85M	0.02M	-0.34M	1.59M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	-14.50M	0.00M	0.00M
Inventory	-5.98M	-0.37M	-1.26M	-20.53M	-15.99M	2.32M	-6.93M	-13.76M	-6.92M	-13.87M	-9.65M	-15.18M	-13.39M	-12.59M	-5.56M	0.74M	-0.91M	-5.23M	4.71M	-16.54M	-18.20M	-29.24M	-15.97M	-19.35M	-70.97M	-110.17M	-41.95M	-60.39M	-127.81M	-11.95M	-8.74M
Accounts Payable	0.58M	0.02M	1.64M	0.77M	8.95M	4.99M	1.26M	5.02M	2.17M	5.85M	0.53M	0.39M	0.00M	2.51M	0.21M	0.00M	-0.11M	-2.10M	-0.16M	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	-1.97M	1.16M	-1.08M	-5.27M	2.95M	3.82M	0.87M	3.47M	-0.12M	2.02M	3.26M	6.12M	-2.25M	0.39M	0.06M	0.69M	3.77M	3.18M	6.24M	5.63M	2.57M	16.44M	25.51M	17.37M	3.08M	69.47M	21.43M	9.30M	153.60M	45.44M	21.48M
Other Non-Cash Items	-1.27M	3.39M	0.79M	-3.03M	0.18M	0.69M	0.90M	-1.79M	-0.68M	-0.38M	2.17M	-2.19M	-2.25M	-4.05M	-0.47M	-1.64M	2.32M	-7.49M	-9.83M	-4.27M	-4.78M	-0.94M	-1.71M	-2.72M	-2.61M	-5.23M	-12.22M	-2.95M	-61.71M	-1.26M	-62.15M
Net Cash from Operating Activities	70.61M	56.45M	58.52M	38.52M	67.97M	67.56M	40.48M	48.44M	50.74M	51.08M	37.59M	36.14M	28.87M	25.30M	33.50M	29.72M	35.03M	39.43M	73.57M	23.11M	30.11M	31.38M	28.72M	33.00M	44.91M	160.66M	163.40M	142.87M	439.77M	192.21M	80.34M
Capital Expenditures (PPE)	-22.88M	-23.14M	-28.08M	-26.54M	-23.58M	-21.11M	-31.69M	-32.08M	-36.59M	-30.51M	-24.38M	-28.63M	-29.16M	-21.24M	-17.61M	-20.28M	-28.00M	-24.07M	-23.14M	-30.21M	-32.34M	-22.87M	-11.60M	-17.16M	-8.84M	-229.16M	-166.45M	-106.24M	-376.08M	-134.92M	-108.57M
Acquisitions (Net)	0.02M	-0.24M	0.24M	-0.23M	0.14M	0.51M	-0.60M	0.39M	-0.39M	-0.27M	-0.06M	-0.18M	-0.50M	-0.38M	0.00M	0.00M	-0.06M	0.00M	-1.44M	-0.82M	-0.91M	-1.09M	-28.32M	0.00M	0.00M	-31.15M	-1.10M	-1.12M	-47.28M	0.00M	-7.33M
Purchases of Investments	0.00M	-0.08M	-0.09M	-0.09M	-0.28M	-0.48M	-0.07M	-0.20M	-0.53M	-0.34M	-1.59M	-0.03M	-0.35M	0.00M	0.00M	-0.08M	-0.66M	-0.23M	-0.39M	-0.23M	-0.01M	-0.23M	0.00M	0.00M	0.00M	-4.75M	-0.57M	-3.58M	-103.09M	4.90M	-12.42M
Sales / Maturities of Investments	0.00M	0.15M	0.02M	0.00M	0.02M	0.16M	0.31M	0.04M	0.10M	0.45M	0.45M	0.04M	0.00M	0.00M	0.02M	0.87M	0.03M	0.00M	0.45M	0.34M	0.12M	3.45M	0.00M	0.00M	6.00M	1.14M	0.34M	16.09M	18.43M	25.23M	35.93M
Other Investing Activities	0.05M	-0.38M	-0.15M	0.32M	0.49M	0.74M	0.57M	1.31M	1.27M	-0.69M	-0.38M	0.31M	0.98M	1.47M	-0.52M	1.36M	1.87M	1.11M	35.39M	22.34M	1.74M	24.57M	-1.60M	14.07M	12.79M	18.48M	8.91M	16.93M	12.29M	23.46M	19.66M
Net Cash from Investing Activities	-25.94M	-24.80M	-30.60M	-28.98M	-22.67M	-20.67M	-33.86M	-34.92M	-36.63M	-32.38M	-25.32M	-30.15M	-48.75M	-33.71M	-20.63M	-27.10M	-23.20M	-21.46M	-32.20M	-33.13M	-47.61M	-19.05M	-14.09M	-8.14M	-20.44M	-243.24M	-330.28M	-96.03M	-495.72M	-135.42M	-91.38M
Net Debt Issuance	-6.44M	-2.14M	-4.32M	-0.10M	-9.85M	-8.12M	4.72M	-3.86M	-12.66M	-4.32M	2.01M	3.92M	1.74M	-1.84M	-1.34M	0.40M	0.53M	9.19M	-4.08M	37.49M	33.34M	4.73M	3.56M	-23.69M	174.35M	85.80M	61.65M	-10.45M	55.64M	110.33M	-19.46M
Long-Term Debt Issuance	-2.63M	-1.23M	-2.73M	-1.82M	-5.11M	-6.69M	2.11M	1.99M	-5.49M	-2.28M	2.06M	4.00M	1.66M	-2.89M	-2.07M	3.25M	-8.00M	1.29M	-3.57M	43.52M	38.06M	2.69M	8.13M	-23.49M	169.25M	85.80M	61.65M	-10.45M	55.64M	110.33M	-19.46M
Short-Term Debt Issuance	1.02M	0.71M	0.93M	1.16M	-4.07M	0.67M	0.46M	0.16M	-1.16M	1.98M	-0.03M	0.24M	0.46M	0.73M	-0.28M	-0.75M	-0.19M	0.00M	0.80M	0.00M	-2.07M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Net Stock Issuance	-0.03M	-0.81M	-0.27M	-1.04M	-0.22M	-0.09M	-0.21M	-0.22M	-0.14M	-0.16M	-0.02M	-0.04M	0.04M	0.20M	-0.04M	0.01M	0.01M	-0.17M	1.57M	0.04M	-1.13M	0.18M	1.56M	7.09M	15.47M	2.93M	4.35M	8.28M	29.10M	15.21M	0.80M
Common Stock Issuance	0.00M	0.30M	0.08M	0.00M	0.04M	0.00M	0.01M	0.00M	0.00M	0.10M	0.12M	0.12M	0.28M	0.60M	0.19M	0.96M	0.00M	1.39M	2.83M	0.77M	0.92M	1.37M	16.03M	7.13M	15.79M	4.20M	6.60M	9.34M	30.40M	15.22M	1.77M
Common Stock Repurchased	-0.05M	-0.83M	-0.36M	-1.04M	-0.20M	-0.10M	-0.37M	-0.32M	-0.25M	-0.17M	-0.15M	-0.19M	-0.03M	-0.05M	-0.10M	-0.04M	-0.13M	-0.32M	-0.74M	-0.06M	-1.57M	0.00M	-0.04M	0.00M	-0.02M	-1.35M	-1.49M	-0.38M	-1.30M	-0.01M	-0.98M
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	-15.08M	-8.26M	-6.42M	-10.04M	-7.78M	-4.73M	-8.85M	-9.42M	-7.40M	-8.23M	-4.72M	-3.63M	-5.19M	-3.82M	-2.69M	-4.05M	-3.84M	-4.80M	-3.81M	-4.09M	-5.42M	-5.47M	-3.99M	-1.54M	-1.72M	-3.97M	-2.29M	-1.96M	-29.45M	-2.14M	-1.78M
Common Dividends Paid	-15.08M	-8.26M	-6.42M	-10.04M	-7.78M	-4.54M	-9.59M	-9.42M	-7.40M	-8.23M	-4.72M	-3.63M	-5.18M	-3.82M	-2.55M	-3.89M	-4.11M	-5.04M	-3.81M	-4.76M	-5.10M	-5.47M	-3.99M	-2.19M	-2.04M	-3.97M	-2.29M	-1.96M	-29.45M	-2.14M	-1.78M
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	-4.91M	-3.69M	-3.53M	-4.75M	-3.63M	-3.76M	-4.18M	-0.31M	-0.77M	-1.17M	-1.07M	-0.95M	-2.24M	-2.17M	-1.81M	-0.19M	-4.18M	-0.26M	0.30M	0.86M	0.82M	2.67M	0.02M	-1.22M	0.23M	-1.19M	-2.41M	2.33M	8.52M	7.42M	-7.60M
Net Cash from Financing Activities	-27.96M	-22.58M	-27.36M	-27.10M	-31.70M	-25.20M	-8.06M	-17.33M	-20.75M	-19.32M	-9.99M	-1.07M	-3.95M	-8.72M	-5.80M	0.46M	-6.92M	1.00M	-17.12M	9.32M	-0.31M	-6.85M	2.34M	-25.24M	169.19M	87.12M	57.58M	-11.01M	63.81M	114.52M	-28.04M
Effect of FX on Cash	0.00M	0.01M	-0.01M	0.05M	0.00M	0.03M	-0.01M	0.02M	0.02M	0.02M	0.01M	-0.01M	-0.01M	0.00M	-0.01M	0.03M	-0.02M	0.00M	0.00M	0.07M	0.06M	-0.03M	0.00M	-0.06M	0.00M	0.00M	0.00M	0.00M	0.05M	3.60M	12.51M
Net Change in Cash	10.31M	1.75M	0.57M	-15.39M	14.39M	19.81M	5.06M	0.35M	2.64M	-1.00M	0.86M	6.95M	-5.20M	-4.97M	5.28M	8.82M	6.12M	0.55M	10.32M	0.92M	-0.63M	3.80M	4.99M	4.50M	1.47M	30.99M	-25.16M	-9.90M	7.93M	5.10M	-26.56M
Cash at Beginning of Period	34.01M	63.88M	54.67M	63.90M	58.77M	36.53M	43.23M	38.93M	33.53M	37.38M	48.79M	40.80M	47.27M	28.39M	26.44M	25.47M	30.14M	32.70M	23.76M	24.33M	30.09M	44.07M	10.06M	5.25M	10.22M	2.52M	22.90M	47.87M	-96.11M	8.53M	-23.54M
Cash at End of Period	62.41M	65.90M	47.83M	49.77M	63.90M	64.32M	44.82M	38.27M	39.03M	42.92M	42.71M	48.79M	43.15M	24.40M	30.60M	28.31M	32.40M	34.42M	29.42M	24.78M	28.87M	36.91M	25.65M	10.38M	21.16M	10.57M	2.80M	28.06M	-88.18M	17.98M	-50.10M
Operating Cash Flow	70.67M	55.65M	58.56M	38.46M	67.98M	67.56M	40.48M	48.44M	50.74M	51.08M	37.59M	36.14M	28.87M	25.30M	33.50M	29.72M	35.03M	39.43M	73.57M	23.11M	30.11M	31.38M	28.72M	33.00M	44.91M	160.66M	163.40M	142.87M	439.79M	192.21M	80.34M
Capital Expenditure	-22.66M	-23.48M	-28.61M	-26.54M	-23.59M	-21.11M	-31.69M	-32.08M	-36.74M	-30.78M	-24.38M	-28.63M	-29.16M	-21.24M	-17.61M	-20.28M	-28.00M	-23.84M	-22.98M	-30.16M	-32.23M	-22.68M	-11.60M	-17.16M	-8.84M	-229.16M	-166.45M	-106.24M	-376.08M	-134.92M	-108.57M
Free Cash Flow	32.60M	29.57M	25.02M	13.00M	47.20M	53.16M	15.77M	13.68M	11.51M	13.33M	13.87M	8.77M	2.01M	5.62M	12.47M	7.70M	9.52M	4.38M	18.14M	-3.01M	8.08M	1.18M	18.51M	11.25M	-40.62M	-35.68M	-8.65M	-41.64M	63.71M	-39.36M	-28.23M

Industry Free Cash Flow

Metric	TTM	2025	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	87.59M	75.57M	85.10M	94.66M	90.47M	69.26M	71.08M	68.57M	63.26M	60.90M	67.35M	68.55M	70.30M	58.66M	50.43M	47.35M	38.97M	46.86M	54.83M	72.96M	74.98M	143.52M	95.20M	68.08M	304.52M	365.42M	341.04M	286.03M	632.59M	502.21M	385.16M	0.00M
(-) Tax Adjustment	26.07M	21.33M	24.94M	26.52M	22.25M	16.99M	17.99M	18.57M	17.18M	16.34M	23.67M	25.11M	23.23M	19.12M	18.16M	17.40M	14.96M	14.18M	18.39M	26.39M	28.25M	51.39M	35.67M	78.47M	83.27M	108.63M	102.73M	76.80M	231.77M	181.74M	141.18M	0.00M
(-) Change In Working Capital	-7.35M	0.00M	0.86M	-3.61M	-25.43M	-7.26M	4.22M	-5.29M	-3.68M	-7.82M	-3.83M	-6.04M	-4.61M	-10.18M	-8.22M	-3.99M	-3.52M	1.11M	-6.72M	4.61M	-10.97M	-14.81M	-7.51M	9.52M	9.95M	-73.50M	-40.83M	-25.19M	-56.48M	11.29M	-53.76M	12.74M
(-) Capital Expenditure	22.66M	0.00M	23.48M	28.61M	26.54M	23.59M	21.11M	31.69M	32.08M	36.74M	30.78M	24.38M	28.63M	29.16M	21.24M	17.61M	20.28M	28.00M	23.84M	22.98M	30.16M	32.23M	22.68M	11.60M	17.16M	8.84M	229.16M	166.45M	106.24M	376.08M	134.92M	108.57M
Unlevered Free Cash Flow	46.21M	54.24M	35.82M	43.14M	67.11M	35.94M	27.77M	23.59M	17.68M	15.65M	16.72M	25.10M	23.05M	20.56M	19.25M	16.33M	7.24M	3.56M	19.32M	18.99M	27.55M	74.70M	44.36M	-31.51M	194.15M	321.45M	49.97M	67.97M	351.06M	-66.90M	162.83M	-121.31M
(-) Net Interest Income After Taxes	-3.66M	-2.87M	-2.87M	-2.58M	-2.58M	-3.69M	-3.78M	-2.91M	-2.48M	-2.23M	-1.60M	-1.79M	-1.66M	-1.71M	-2.00M	-3.09M	-3.08M	-3.36M	-2.54M	-2.22M	-1.98M	-1.92M	-1.31M	0.29M	-1.93M	-2.38M	-0.37M	-1.59M	-19.96M	-8.29M	-7.27M	0.00M
Net Debt Issuance	-6.44M	0.00M	-2.14M	-4.32M	-0.10M	-9.85M	-8.12M	4.72M	-3.86M	-12.66M	-4.32M	2.01M	3.92M	1.74M	-1.84M	-1.34M	0.40M	0.53M	9.19M	-4.08M	37.49M	33.34M	4.73M	3.56M	-23.69M	174.35M	85.80M	61.65M	-10.45M	55.64M	110.33M	-19.46M
Levered Free Cash Flow	43.43M	57.11M	36.56M	41.40M	69.59M	29.78M	23.43M	31.22M	16.30M	5.22M	14.00M	28.90M	28.62M	24.00M	19.41M	18.07M	10.71M	7.46M	31.04M	17.14M	67.03M	109.97M	50.40M	-28.24M	172.38M	498.18M	136.15M	131.22M	360.57M	-2.97M	280.42M	-140.77M