Industrial - Machinery

Category: Industry Averages Base Ticker: SXI

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	68.76	70.49	56.71	46.08	62.94	45.92	42.50	33.17	41.29	36.47	28.62	35.16	38.02	27.20	20.83	22.72	17.22	15.98	27.82	20.42	13.64	14.29	10.74	8.94	6.02	5.77	5.33	4.94	6.35	5.65	4.52
Market Capitalization	14,877.87M	12,508.70M	11,026.96M	9,746.84M	11,875.68M	7,995.74M	7,604.29M	6,873.58M	7,210.13M	5,191.97M	5,626.69M	5,461.52M	4,525.02M	3,472.81M	3,267.79M	3,726.87M	2,658.42M	2,416.11M	4,189.64M	2,324.37M	1,437.65M	1,077.38M	770.80M	660.36M	555.48M	568.32M	407.75M	385.00M	462.20M	444.43M	359.97M
(-) Cash & Equivalents	792.81M	1,069.80M	1,085.07M	923.62M	897.59M	873.06M	713.89M	740.88M	764.80M	810.17M	704.16M	665.85M	608.95M	512.45M	503.26M	528.67M	500.50M	352.23M	305.62M	210.62M	186.41M	133.45M	100.16M	81.13M	52.20M	48.18M	28.21M	27.25M	23.61M	15.71M	11.98M
(+) Total Debt	1,957.13M	1,721.15M	1,738.31M	1,646.69M	1,623.78M	1,604.78M	1,352.11M	1,211.80M	1,271.51M	1,189.56M	1,220.23M	993.08M	937.59M	879.92M	779.30M	623.48M	640.64M	553.15M	557.60M	414.54M	351.55M	274.87M	209.93M	194.21M	191.18M	161.72M	125.02M	100.68M	77.81M	69.88M	49.21M
Enterprise Value	15,969.97M	13,318.71M	11,080.43M	9,861.64M	11,870.14M	8,743.73M	8,241.87M	7,128.98M	7,797.35M	6,158.92M	6,434.09M	6,253.72M	5,448.63M	4,172.20M	3,715.46M	4,109.69M	3,061.27M	2,968.83M	4,347.18M	2,643.05M	1,728.99M	1,263.15M	957.76M	890.16M	728.28M	723.13M	550.83M	482.54M	543.99M	489.82M	403.27M

Industry Income Statement

Metric	TTM	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015	2014	2013	2012	2011	2010	2009	2008	2007	2006	2005	2004	2003	2002	2001	2000	1999	1998	1997	1996	1995
Revenue	6,708.195M	6,499.996M	6,583.287M	5,938.748M	5,186.204M	4,842.720M	4,980.713M	4,943.325M	4,662.479M	4,412.885M	4,548.015M	4,125.398M	3,775.243M	3,484.685M	3,215.646M	3,358.625M	3,164.842M	3,610.257M	3,250.321M	2,068.820M	1,754.379M	1,297.464M	1,265.947M	1,239.494M	611.083M	551.019M	408.313M	351.295M	330.967M	320.383M	266.271M
Cost of Revenue	4,721.720M	4,390.166M	4,219.965M	4,278.379M	3,658.186M	3,575.465M	3,691.106M	3,662.001M	3,465.030M	3,079.550M	3,274.718M	2,869.048M	2,538.849M	2,362.287M	2,223.392M	2,179.777M	2,179.645M	2,418.343M	2,246.635M	1,349.756M	1,128.190M	815.547M	736.150M	712.788M	357.355M	324.550M	232.713M	210.177M	192.380M	157.541M	116.339M
Gross Profit	1,986.474M	2,109.831M	2,363.322M	1,660.369M	1,528.018M	1,267.254M	1,289.607M	1,281.324M	1,197.450M	1,333.336M	1,273.296M	1,256.349M	1,236.393M	1,122.398M	992.253M	1,178.848M	985.197M	1,191.914M	1,003.686M	719.064M	626.189M	481.917M	529.797M	526.707M	253.729M	226.468M	175.601M	141.118M	138.587M	162.842M	149.932M
Gross Margin	29.61%	32.46%	35.90%	27.96%	29.46%	26.17%	25.89%	25.92%	25.68%	30.21%	28.00%	30.45%	32.75%	32.21%	30.86%	35.10%	31.13%	33.01%	30.88%	34.76%	35.69%	37.14%	41.85%	42.49%	41.52%	41.10%	43.01%	40.17%	41.87%	50.83%	56.31%
R&D Expenses	115.627M	155.112M	134.126M	120.814M	115.341M	114.529M	105.153M	98.903M	90.833M	87.169M	78.258M	72.777M	67.619M	48.296M	35.962M	36.821M	25.387M	20.669M	18.149M	9.585M	7.571M	5.255M	1.608M	1.380M	0.000M	0.000M	0.000M	0.447M	0.398M	0.000M	0.000M
SG&A Expenses	861.550M	743.763M	677.705M	620.492M	638.803M	585.700M	620.394M	598.157M	582.134M	552.423M	578.955M	565.316M	514.041M	404.698M	326.650M	328.018M	297.031M	346.823M	325.250M	224.480M	204.463M	162.726M	152.596M	148.417M	82.162M	82.886M	70.984M	50.512M	51.025M	44.139M	30.333M
Operating Expenses	977.177M	898.874M	811.831M	741.305M	754.144M	700.229M	725.547M	697.060M	672.967M	639.592M	657.213M	638.093M	581.660M	452.994M	362.612M	364.839M	322.418M	367.493M	343.399M	234.064M	212.035M	167.981M	154.203M	149.797M	82.162M	82.886M	70.984M	50.959M	51.423M	44.139M	30.333M
Operating Income	1,009.297M	1,210.956M	1,551.491M	919.064M	773.874M	567.025M	564.061M	584.264M	524.483M	693.743M	616.084M	618.257M	654.733M	669.405M	629.641M	814.009M	662.779M	824.421M	660.287M	485.000M	414.154M	313.936M	375.594M	376.909M	171.567M	143.582M	104.616M	90.159M	87.163M	118.702M	119.599M
Operating Margin	15.05%	18.63%	23.57%	15.48%	14.92%	11.71%	11.32%	11.82%	11.25%	15.72%	13.55%	14.99%	17.34%	19.21%	19.58%	24.24%	20.94%	22.84%	20.31%	23.44%	23.61%	24.20%	29.67%	30.41%	28.08%	26.06%	25.62%	25.66%	26.34%	37.05%	44.92%
Interest Income	26.184M	30.575M	27.905M	17.693M	14.250M	11.182M	14.123M	13.336M	10.817M	8.932M	12.885M	12.157M	9.405M	10.495M	10.105M	7.795M	9.422M	11.272M	11.750M	5.455M	3.450M	2.324M	1.268M	1.510M	0.886M	0.545M	0.044M	0.000M	0.000M	0.000M	0.001M
Interest Expense	73.186M	71.175M	71.281M	50.482M	50.287M	52.748M	50.271M	51.531M	44.782M	40.479M	44.225M	40.721M	39.411M	40.249M	37.068M	36.227M	34.676M	42.025M	31.220M	14.407M	11.957M	10.099M	4.124M	4.402M	3.096M	2.796M	0.853M	1.118M	1.029M	1.013M	1.079M
Net Interest Income	-47.001M	-40.600M	-43.376M	-32.789M	-36.037M	-41.565M	-36.148M	-38.196M	-33.965M	-31.546M	-31.340M	-28.564M	-30.007M	-29.754M	-26.964M	-28.432M	-25.254M	-30.753M	-19.469M	-8.952M	-8.507M	-7.775M	-2.856M	-2.892M	-2.209M	-2.251M	-0.809M	-1.118M	-1.029M	-1.012M	-1.078M
Other Income / Expense	-234.370M	-537.058M	-944.247M	-391.638M	-283.784M	-193.776M	-128.207M	-133.846M	-88.266M	-333.531M	-274.717M	-249.677M	-319.323M	-371.801M	-320.117M	-547.749M	-447.042M	-531.690M	-365.464M	-311.835M	-298.465M	-247.213M	-314.034M	-326.947M	-136.817M	-107.316M	-77.351M	-63.171M	-53.114M	-88.556M	-96.690M
Pre-Tax Income	727.926M	633.298M	563.868M	494.636M	454.053M	331.684M	399.705M	412.222M	402.251M	328.667M	310.027M	340.015M	305.404M	267.850M	282.561M	237.828M	190.482M	261.978M	275.353M	164.213M	107.182M	58.948M	58.704M	47.070M	32.541M	34.015M	26.456M	25.870M	33.021M	29.134M	21.831M
Pre-Tax Margin	10.85%	9.74%	8.57%	8.33%	8.76%	6.85%	8.03%	8.34%	8.63%	7.45%	6.82%	8.24%	8.09%	7.69%	8.79%	7.08%	6.02%	7.26%	8.47%	7.94%	6.11%	4.54%	4.64%	3.80%	5.33%	6.17%	6.48%	7.36%	9.98%	9.09%	8.20%
Income Tax Expense	153.978M	131.525M	119.709M	107.255M	96.409M	79.728M	93.122M	93.330M	89.393M	84.582M	89.617M	83.217M	74.739M	80.319M	77.961M	63.306M	50.263M	77.530M	90.198M	54.618M	37.628M	18.369M	14.032M	12.783M	11.810M	12.242M	10.155M	10.007M	11.593M	9.848M	6.982M
Tax Rate	21.15%	20.77%	21.23%	21.68%	21.23%	24.04%	23.30%	22.64%	22.22%	25.73%	28.91%	24.47%	24.47%	29.99%	27.59%	26.62%	26.39%	29.59%	32.76%	33.26%	35.00%	31.16%	23.90%	27.16%	35.00%	35.00%	35.00%	35.00%	35.00%	33.80%	31.98%
Net Income	573.948M	501.773M	444.159M	387.381M	357.644M	251.957M	306.584M	318.892M	312.858M	244.085M	220.409M	256.799M	230.664M	187.530M	204.600M	174.522M	140.220M	184.448M	185.155M	109.595M	69.553M	40.579M	44.672M	34.287M	20.731M	21.773M	16.301M	15.863M	21.428M	19.287M	14.849M
Net Margin	8.56%	7.72%	6.75%	6.52%	6.90%	5.20%	6.16%	6.45%	6.71%	5.53%	4.85%	6.22%	6.11%	5.38%	6.36%	5.20%	4.43%	5.11%	5.70%	5.30%	3.96%	3.13%	3.53%	2.77%	3.39%	3.95%	3.99%	4.52%	6.47%	6.02%	5.58%
EBIT	1,009.297M	1,210.956M	1,551.491M	919.064M	773.874M	567.025M	564.061M	584.264M	524.483M	693.743M	616.084M	618.257M	654.733M	669.405M	629.641M	814.009M	662.779M	824.421M	660.287M	485.000M	414.154M	313.936M	375.594M	376.909M	171.567M	143.582M	104.616M	90.159M	87.163M	118.702M	119.599M
Depreciation & Amortization	215.022M	242.083M	230.720M	216.260M	206.747M	197.947M	186.838M	165.397M	157.048M	145.353M	150.398M	133.897M	122.094M	114.701M	97.051M	99.772M	105.624M	100.626M	85.922M	57.690M	52.008M	43.042M	49.809M	48.197M	26.880M	21.219M	17.303M	15.114M	13.763M	11.062M	6.797M
EBITDA	1,224.319M	1,453.039M	1,782.211M	1,135.324M	980.621M	764.972M	750.899M	749.661M	681.530M	839.096M	766.482M	752.154M	776.827M	784.105M	726.692M	913.781M	768.403M	925.047M	746.208M	542.689M	466.162M	356.977M	425.403M	425.106M	198.448M	164.802M	121.919M	105.273M	100.927M	129.764M	126.397M
EBITDA Margin	18.25%	22.35%	27.07%	19.12%	18.91%	15.80%	15.08%	15.17%	14.62%	19.01%	16.85%	18.23%	20.58%	22.50%	22.60%	27.21%	24.28%	25.62%	22.96%	26.23%	26.57%	27.51%	33.60%	34.30%	32.47%	29.91%	29.86%	29.97%	30.49%	40.50%	47.47%
NOPAT	795.801M	959.462M	1,222.109M	719.777M	609.557M	430.728M	432.648M	451.983M	407.926M	515.209M	437.996M	466.942M	494.505M	468.673M	455.918M	597.333M	487.891M	580.441M	443.996M	323.686M	269.200M	216.108M	285.817M	274.553M	111.519M	93.329M	68.000M	58.603M	56.656M	78.580M	81.350M
NOPAT Margin	11.86%	14.76%	18.56%	12.12%	11.75%	8.89%	8.69%	9.14%	8.75%	11.68%	9.63%	11.32%	13.10%	13.45%	14.18%	17.79%	15.42%	16.08%	13.66%	15.65%	15.34%	16.66%	22.58%	22.15%	18.25%	16.94%	16.65%	16.68%	17.12%	24.53%	30.55%
Owner's Earnings	788.969M	743.856M	674.879M	603.641M	564.391M	449.904M	493.422M	484.290M	469.906M	389.437M	370.807M	390.696M	352.759M	302.231M	301.651M	274.294M	245.844M	285.074M	271.077M	167.285M	121.562M	83.620M	94.481M	82.484M	47.611M	42.992M	33.604M	30.977M	35.191M	30.348M	21.646M
Owner's Earnings Margin	11.76%	11.44%	10.25%	10.16%	10.88%	9.29%	9.91%	9.80%	10.08%	8.83%	8.15%	9.47%	9.34%	8.67%	9.38%	8.17%	7.77%	7.90%	8.34%	8.09%	6.93%	6.44%	7.46%	6.65%	7.79%	7.80%	8.23%	8.82%	10.63%	9.47%	8.13%
EPS	1.14	1.16	0.83	0.87	0.87	0.63	0.88	0.86	0.87	0.82	0.63	0.87	0.79	0.51	0.54	0.46	0.41	0.68	0.81	0.49	0.31	0.17	0.18	0.14	0.07	0.07	0.06	0.06	0.08	0.08	0.06
EPS (Diluted)	1.14	1.16	0.83	0.87	0.87	0.63	0.88	0.86	0.87	0.82	0.63	0.87	0.79	0.51	0.54	0.46	0.41	0.68	0.81	0.49	0.31	0.17	0.18	0.14	0.07	0.07	0.06	0.06	0.08	0.08	0.06
Shares (Diluted)	503,875,685	431,951,095	535,910,422	446,247,381	409,355,474	401,075,574	347,135,692	370,523,707	361,550,663	297,406,978	352,019,667	295,260,668	293,779,883	366,108,606	375,441,769	379,323,394	340,531,601	271,086,100	228,422,434	224,039,641	227,361,873	237,578,459	249,291,730	243,940,190	295,000,006	321,146,021	271,762,848	256,355,558	256,456,353	249,333,513	267,207,772

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	750.21M	1,069.80M	1,085.07M	923.65M	897.62M	873.09M	713.89M	740.88M	764.80M	815.97M	709.06M	683.51M	608.95M	515.63M	503.26M	528.67M	500.50M	352.23M	305.62M	210.26M	186.41M	133.45M	100.16M	81.13M	52.65M	48.61M	28.52M	27.71M	23.87M	15.90M	12.24M
Short-Term Investments	100.29M	174.34M	178.02M	158.69M	113.82M	104.89M	101.02M	95.17M	191.11M	141.79M	167.57M	146.97M	131.49M	98.92M	46.51M	74.02M	42.53M	33.37M	33.52M	15.17M	13.76M	8.54M	15.72M	11.41M	9.08M	5.88M	1.71M	1.91M	1.16M	0.34M	0.57M
Cash & Short-Term Investments	850.49M	1,244.15M	1,263.09M	1,082.34M	1,011.43M	977.98M	814.92M	836.05M	955.91M	957.75M	876.63M	830.48M	740.44M	614.55M	549.77M	602.69M	543.04M	385.60M	339.14M	225.43M	200.17M	141.99M	115.88M	92.54M	61.73M	54.49M	30.23M	29.62M	25.03M	16.25M	12.80M
Net Receivables	1,512.27M	1,782.07M	1,623.31M	1,673.94M	1,426.94M	1,306.33M	1,323.30M	1,272.07M	1,158.77M	1,030.55M	1,000.51M	897.45M	842.10M	877.58M	742.09M	711.03M	632.64M	659.96M	674.63M	415.26M	361.96M	202.60M	121.61M	146.59M	92.84M	68.59M	55.20M	71.29M	63.02M	55.96M	41.57M
Inventory	1,207.12M	1,360.62M	1,318.11M	1,179.03M	1,011.98M	815.70M	820.12M	766.72M	771.44M	657.51M	740.76M	722.06M	655.82M	678.84M	642.26M	590.41M	566.02M	651.19M	532.82M	362.68M	303.63M	242.29M	208.73M	207.18M	111.95M	103.00M	79.18M	72.45M	66.36M	56.29M	46.57M
Other Current Assets	210.00M	211.62M	249.84M	253.60M	257.47M	231.70M	205.36M	195.30M	201.67M	199.13M	282.96M	188.85M	228.30M	241.46M	239.28M	165.20M	121.95M	170.99M	119.85M	104.44M	71.48M	56.35M	117.45M	101.98M	24.26M	28.31M	32.44M	29.00M	22.07M	22.44M	13.51M
Total Current Assets	3,779.88M	4,598.46M	4,454.34M	4,188.92M	3,707.82M	3,331.70M	3,163.70M	3,070.14M	3,087.79M	2,844.94M	2,900.86M	2,638.84M	2,466.67M	2,412.44M	2,173.41M	2,069.33M	1,863.65M	1,867.74M	1,666.44M	1,107.80M	937.23M	643.23M	563.66M	548.29M	290.78M	254.39M	197.05M	202.36M	176.47M	150.93M	114.45M
Property, Plant & Equipment	1,228.05M	1,553.84M	1,496.00M	1,261.22M	1,292.50M	1,298.94M	1,300.89M	1,125.25M	1,031.89M	933.56M	920.50M	853.47M	775.20M	765.70M	703.31M	675.87M	655.77M	631.70M	581.98M	392.39M	348.46M	292.35M	292.08M	299.64M	201.75M	158.66M	112.31M	106.14M	93.33M	77.41M	67.49M
Goodwill	1,178.60M	1,034.54M	979.86M	808.35M	817.39M	744.17M	740.77M	703.07M	696.25M	630.59M	561.78M	523.36M	471.64M	411.33M	280.13M	278.44M	228.15M	227.05M	268.09M	212.65M	74.65M	14.65M	0.08M	0.15M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Intangible Assets	562.00M	592.13M	559.09M	565.97M	533.13M	487.99M	465.85M	417.29M	407.47M	368.61M	383.82M	282.06M	267.83M	249.94M	227.46M	218.29M	189.67M	197.36M	115.45M	123.44M	90.21M	108.80M	139.98M	121.58M	50.45M	80.47M	42.71M	26.19M	28.38M	24.40M	26.40M
Long-Term Investments	136.69M	132.23M	197.15M	167.19M	167.02M	150.72M	107.11M	95.09M	96.40M	79.87M	102.31M	68.86M	61.40M	57.66M	72.21M	71.63M	56.35M	47.23M	50.01M	53.06M	31.48M	4.14M	0.23M	0.27M	0.16M	0.00M	0.03M	0.01M	0.00M	0.00M	0.01M
Tax Assets	83.89M	148.59M	147.06M	152.80M	143.57M	130.47M	133.19M	108.89M	109.56M	123.11M	104.05M	88.71M	67.65M	63.66M	60.51M	67.77M	66.63M	59.31M	33.57M	24.11M	18.33M	13.04M	16.83M	11.16M	1.72M	0.84M	0.06M	0.13M	0.00M	0.00M	0.00M
Other Non-Current Assets	275.83M	424.38M	278.99M	350.24M	286.55M	270.56M	249.83M	241.18M	248.29M	274.48M	260.04M	248.82M	164.06M	151.49M	110.16M	131.38M	140.06M	178.23M	151.07M	87.61M	101.85M	35.15M	56.32M	46.58M	31.20M	31.95M	19.46M	18.01M	15.61M	11.04M	6.82M
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	3,465.06M	3,885.70M	3,658.16M	3,305.78M	3,240.17M	3,082.85M	2,997.64M	2,690.79M	2,589.86M	2,410.22M	2,332.50M	2,065.29M	1,807.79M	1,699.78M	1,453.78M	1,443.37M	1,336.63M	1,340.87M	1,200.17M	893.27M	664.98M	468.13M	505.53M	479.38M	285.28M	271.92M	174.56M	150.49M	137.31M	112.85M	100.72M
Total Assets	7,244.93M	8,484.16M	8,112.50M	7,494.70M	6,947.99M	6,414.56M	6,161.34M	5,760.93M	5,677.65M	5,255.16M	5,233.35M	4,704.13M	4,274.46M	4,112.22M	3,627.18M	3,512.70M	3,200.28M	3,208.61M	2,866.61M	2,001.07M	1,602.21M	1,111.36M	1,069.19M	1,027.68M	576.06M	526.31M	371.61M	352.85M	313.79M	263.78M	215.17M
Accounts Payable	822.48M	1,081.61M	1,050.63M	1,029.00M	860.18M	727.04M	690.07M	692.45M	677.31M	544.76M	643.47M	621.79M	518.22M	552.98M	515.23M	508.69M	464.73M	473.66M	427.33M	268.25M	207.11M	134.36M	112.40M	100.25M	73.82M	57.78M	41.22M	39.24M	33.00M	31.56M	20.90M
Short-Term Debt	477.02M	309.63M	325.41M	378.14M	252.30M	267.23M	220.24M	226.21M	297.96M	214.10M	245.77M	211.06M	237.24M	203.18M	190.44M	141.74M	168.17M	139.24M	161.14M	115.60M	94.15M	54.94M	45.47M	64.02M	50.88M	50.61M	34.91M	31.66M	21.99M	18.29M	13.23M
Tax Payables	9.09M	66.91M	64.85M	69.16M	65.63M	52.14M	48.41M	52.13M	46.26M	47.23M	40.58M	33.94M	29.09M	31.26M	28.23M	29.45M	21.96M	23.37M	22.44M	16.19M	10.13M	2.22M	1.67M	1.23M	0.59M	0.49M	0.56M	0.63M	0.67M	0.68M	0.79M
Deferred Revenue	273.44M	47.75M	197.46M	455.79M	593.30M	435.21M	320.84M	98.18M	207.74M	206.61M	214.34M	190.06M	173.75M	177.02M	118.17M	124.44M	108.35M	99.38M	85.23M	46.17M	44.08M	21.61M	12.79M	11.92M	11.63M	5.43M	3.89M	2.89M	3.62M	2.90M	1.20M
Other Current Liabilities	474.45M	1,090.11M	703.11M	526.56M	368.80M	320.50M	409.36M	528.38M	474.83M	464.80M	505.17M	436.70M	443.98M	495.06M	441.61M	466.69M	394.20M	425.19M	320.18M	183.69M	162.08M	94.71M	84.06M	63.30M	37.01M	47.02M	38.74M	34.80M	32.45M	27.62M	21.63M
Total Current Liabilities	2,056.49M	2,596.01M	2,341.47M	2,458.65M	2,140.22M	1,802.12M	1,688.92M	1,597.36M	1,704.10M	1,477.50M	1,649.33M	1,493.55M	1,402.28M	1,459.49M	1,293.67M	1,271.01M	1,157.41M	1,160.84M	1,016.32M	629.89M	517.55M	307.84M	256.38M	240.73M	173.94M	161.34M	119.32M	109.21M	91.73M	81.04M	57.75M
Long-Term Debt	1,225.66M	1,180.21M	1,180.80M	1,082.75M	1,078.32M	1,023.87M	884.68M	817.88M	772.74M	822.49M	729.49M	671.39M	590.78M	596.35M	448.12M	444.50M	415.20M	386.39M	327.48M	230.05M	204.17M	192.85M	119.16M	105.98M	131.22M	122.42M	90.87M	69.28M	52.69M	45.28M	33.41M
Capital Lease Obligations	14.65M	132.63M	119.35M	103.21M	102.90M	99.99M	77.30M	3.69M	2.73M	2.73M	1.65M	2.40M	2.52M	0.51M	0.00M	0.00M	0.00M	0.00M	0.00M	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	97.51M	81.84M	73.09M	70.20M	81.63M	63.21M	61.90M	68.37M	61.75M	60.77M	65.68M	54.00M	48.89M	49.02M	49.28M	41.96M	39.09M	43.42M	50.47M	33.37M	15.99M	14.52M	8.93M	8.05M	3.61M	1.04M	1.18M	0.27M	0.32M	0.47M	0.22M
Other Non-Current Liabilities	364.18M	404.85M	377.09M	381.41M	364.79M	400.29M	374.93M	337.88M	355.92M	353.22M	367.93M	344.57M	273.30M	265.86M	189.85M	160.15M	174.43M	197.23M	142.91M	117.60M	106.97M	96.54M	88.56M	91.77M	29.27M	19.46M	16.27M	13.95M	12.18M	12.83M	11.71M
Total Non-Current Liabilities	1,701.99M	1,799.52M	1,750.33M	1,637.57M	1,627.64M	1,587.36M	1,398.80M	1,227.82M	1,193.14M	1,239.22M	1,164.76M	1,072.36M	915.50M	911.73M	687.25M	646.61M	628.72M	627.05M	520.86M	381.02M	327.14M	303.91M	216.65M	205.80M	164.10M	142.91M	108.32M	83.51M	65.19M	58.58M	45.34M
Total Liabilities	3,758.48M	4,395.53M	4,091.80M	4,096.22M	3,767.86M	3,389.48M	3,087.72M	2,825.18M	2,897.24M	2,716.72M	2,814.09M	2,565.90M	2,317.78M	2,371.22M	1,980.92M	1,917.61M	1,786.14M	1,787.89M	1,537.18M	1,010.91M	844.68M	611.75M	473.03M	446.52M	338.04M	304.26M	227.64M	192.72M	156.93M	139.62M	103.10M
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	0.02M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	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	212.56M	247.22M	255.32M	253.44M	244.33M	231.23M	240.64M	238.42M	245.75M	190.55M	198.71M	212.42M	200.08M	194.78M	173.51M	167.44M	172.17M	162.03M	151.18M	105.97M	97.72M	67.59M	61.99M	61.17M	37.37M	34.16M	27.97M	19.06M	15.55M	12.50M	11.52M
Retained Earnings	2,281.11M	2,826.52M	2,805.10M	2,478.45M	2,221.72M	2,158.82M	2,066.38M	1,851.72M	1,815.80M	1,632.64M	1,576.56M	1,509.63M	1,257.70M	1,158.53M	1,006.79M	790.71M	720.20M	671.89M	723.67M	459.18M	340.59M	246.64M	197.36M	206.51M	141.87M	140.29M	103.12M	86.89M	68.36M	75.83M	38.88M
Accumulated OCI	257.11M	46.18M	10.58M	-5.00M	-46.98M	-90.01M	-73.39M	-126.44M	-97.48M	-150.07M	-99.36M	-85.21M	-46.46M	-41.00M	-41.02M	-38.37M	-18.71M	0.00M	0.44M	0.00M	0.00M	-0.30M	-0.42M	-3.96M	-7.87M	-5.95M	-5.14M	-13.44M	-23.51M	-22.16M	-17.23M
Minority Interest	54.80M	104.44M	111.77M	102.34M	72.85M	57.73M	59.80M	60.92M	56.24M	38.27M	41.61M	36.05M	37.28M	26.01M	31.72M	33.87M	28.31M	27.16M	15.16M	9.26M	8.79M	5.76M	5.80M	4.84M	3.13M	2.18M	1.02M	0.73M	0.27M	0.07M	0.07M
Total Shareholders’ Equity	2,750.78M	3,119.92M	3,071.00M	2,726.88M	2,419.07M	2,300.04M	2,233.63M	1,963.70M	1,964.07M	1,673.12M	1,675.92M	1,636.85M	1,411.34M	1,312.30M	1,139.29M	919.78M	873.66M	833.92M	875.28M	565.15M	438.32M	313.94M	258.93M	263.72M	171.38M	168.49M	125.95M	92.51M	60.40M	66.17M	33.16M
Total Equity	2,805.58M	3,224.36M	3,182.77M	2,829.22M	2,491.93M	2,357.77M	2,293.43M	2,024.61M	2,020.31M	1,711.40M	1,717.53M	1,672.89M	1,448.62M	1,338.31M	1,171.00M	953.64M	901.97M	861.08M	890.44M	574.42M	447.11M	319.70M	264.73M	268.56M	174.50M	170.68M	126.97M	93.24M	60.67M	66.24M	33.23M
Total Liabilities & Equity	6,564.05M	7,619.90M	7,274.57M	6,925.44M	6,259.78M	5,747.25M	5,381.15M	4,849.79M	4,917.54M	4,428.12M	4,531.62M	4,238.80M	3,766.39M	3,709.54M	3,151.92M	2,871.26M	2,688.10M	2,648.97M	2,427.62M	1,585.32M	1,291.79M	931.45M	737.76M	715.08M	512.54M	474.93M	354.61M	285.96M	217.60M	205.86M	136.33M
Tangible Assets	5,504.33M	6,857.50M	6,573.55M	6,120.38M	5,597.47M	5,182.40M	4,954.71M	4,640.57M	4,573.94M	4,255.96M	4,287.76M	3,898.71M	3,534.98M	3,450.95M	3,119.60M	3,015.97M	2,782.46M	2,784.20M	2,483.07M	1,664.97M	1,437.35M	987.91M	929.13M	905.95M	525.61M	445.84M	328.90M	326.66M	285.41M	239.38M	188.77M
Tangible Equity	1,064.98M	1,597.70M	1,643.82M	1,454.90M	1,141.40M	1,125.61M	1,086.80M	904.25M	916.59M	712.20M	771.93M	867.47M	709.14M	677.05M	663.41M	456.91M	484.15M	436.67M	506.90M	238.32M	282.25M	196.25M	124.67M	146.83M	124.05M	90.21M	84.27M	67.05M	32.29M	41.84M	6.84M
Tangible Book Value	1,064.98M	1,597.70M	1,643.82M	1,454.90M	1,141.40M	1,125.61M	1,086.80M	904.25M	916.59M	712.20M	771.93M	867.47M	709.14M	677.05M	663.41M	456.91M	484.15M	436.67M	506.90M	238.32M	282.25M	196.25M	124.67M	146.83M	124.05M	90.21M	84.27M	67.05M	32.29M	41.84M	6.84M
Total Investments	185.20M	230.31M	291.88M	279.76M	251.72M	228.59M	185.10M	196.26M	192.82M	167.30M	194.57M	141.08M	145.15M	111.76M	114.98M	110.51M	109.24M	116.63M	120.33M	78.30M	66.73M	26.44M	27.07M	23.54M	6.30M	5.68M	2.86M	1.27M	0.30M	0.19M	0.22M
Net Debt	952.47M	420.03M	421.14M	537.24M	433.01M	418.02M	391.03M	303.21M	305.90M	220.62M	266.20M	198.94M	219.08M	283.89M	135.29M	57.57M	82.87M	173.41M	183.00M	135.39M	111.92M	114.34M	64.47M	88.86M	129.45M	124.41M	97.27M	73.23M	50.82M	47.66M	34.41M

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	1,199.65M	1,715.22M	1,542.99M	1,359.66M	1,105.81M	1,059.28M	1,076.15M	1,106.20M	1,185.99M	1,386.00M	1,121.12M	1,130.70M	993.22M	1,012.23M	790.45M	842.72M	687.12M	645.87M	776.19M	453.09M	442.19M	376.47M	373.36M	334.43M	188.65M	182.67M	104.89M	90.67M	97.23M	84.33M	48.52M
Total Capital	5,697.52M	5,561.34M	5,411.95M	5,144.66M	4,940.68M	4,512.08M	4,043.46M	3,847.68M	3,852.80M	3,476.97M	3,556.62M	3,239.33M	2,874.90M	2,658.37M	2,360.29M	2,066.25M	1,969.70M	1,791.38M	1,741.28M	1,331.31M	1,088.62M	793.74M	701.97M	667.94M	526.68M	411.89M	307.78M	268.14M	236.91M	198.09M	135.49M
Capital Employed	6,054.27M	6,771.37M	6,078.78M	5,477.56M	5,228.77M	5,195.98M	4,860.39M	4,393.17M	4,447.21M	4,276.15M	3,700.14M	3,629.68M	3,110.49M	3,007.67M	2,655.52M	2,570.81M	2,597.13M	2,267.87M	2,405.56M	1,562.66M	1,389.73M	1,092.99M	1,139.15M	1,109.08M	653.62M	542.21M	324.24M	277.37M	241.46M	188.91M	153.48M
Invested Capital	4,947.32M	4,491.54M	4,326.88M	4,221.01M	4,043.07M	3,638.99M	3,329.57M	3,106.80M	3,088.00M	2,661.00M	2,847.56M	2,555.82M	2,265.95M	2,142.74M	1,857.03M	1,537.58M	1,469.19M	1,439.15M	1,435.66M	1,121.05M	902.21M	660.29M	601.82M	586.80M	474.03M	363.27M	279.27M	240.44M	213.04M	182.18M	123.26M

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	173.32M	247.96M	232.49M	219.54M	203.37M	197.39M	186.07M	163.55M	157.50M	148.23M	148.71M	135.02M	122.83M	114.80M	97.30M	101.80M	105.72M	101.35M	84.34M	57.52M	51.10M	41.08M	47.36M	46.00M	30.12M	23.67M	18.52M	17.10M	32.30M	26.32M	20.02M
Deferred Income Tax	0.00M	0.00M	-5.09M	-8.24M	-9.11M	-5.36M	-6.04M	0.59M	-0.26M	-4.51M	-4.82M	-1.81M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.26M	0.12M	0.06M	0.11M	0.16M	0.04M	0.07M	-0.23M	0.52M
Stock-Based Compensation	7.14M	7.09M	6.55M	7.52M	8.06M	7.54M	7.01M	5.77M	6.69M	5.26M	4.65M	5.31M	3.84M	2.70M	1.89M	1.08M	0.58M	0.43M	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
Change in Working Capital	-26.77M	-44.01M	-63.00M	-242.81M	-90.84M	37.42M	-66.04M	-81.55M	-53.69M	-9.54M	-28.67M	-34.00M	-30.28M	-45.54M	-95.84M	-7.85M	53.78M	-25.92M	-21.58M	-18.79M	-20.81M	-0.25M	11.65M	14.19M	-1.85M	-6.50M	-6.82M	-7.26M	-10.83M	-6.50M	-7.65M
Accounts Receivable	-35.67M	-64.70M	-88.06M	-164.43M	-104.59M	16.04M	-18.58M	-64.34M	-53.45M	-14.20M	-10.37M	-30.40M	-21.57M	-6.58M	-1.48M	-1.60M	5.81M	0.00M	0.00M	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	-21.72M	-5.07M	-55.77M	-172.96M	-114.84M	1.70M	-35.73M	-54.10M	-42.19M	8.86M	-3.81M	-12.48M	13.98M	5.92M	-49.26M	-8.28M	45.51M	-59.66M	-33.30M	-24.68M	-9.02M	-11.68M	4.11M	8.33M	0.61M	-3.66M	0.39M	-2.74M	-1.53M	-1.60M	-4.55M
Accounts Payable	3.29M	20.40M	45.88M	97.47M	100.57M	-2.67M	-6.56M	44.75M	43.97M	10.03M	-0.31M	1.54M	0.69M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	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	27.50M	2.56M	-1.80M	12.23M	24.07M	15.41M	-13.04M	-4.26M	0.17M	-20.96M	-25.63M	-1.25M	-15.63M	-22.60M	-34.28M	-0.44M	-16.72M	34.07M	20.45M	5.34M	-4.17M	10.16M	3.35M	1.79M	-4.41M	-1.87M	-7.67M	-2.51M	-4.14M	-4.61M	-4.07M
Other Non-Cash Items	22.54M	-2.94M	12.25M	25.09M	20.41M	33.57M	32.97M	9.56M	-26.34M	17.06M	-5.48M	-23.04M	-5.66M	-4.73M	1.45M	-3.68M	-10.71M	-23.01M	-12.85M	-18.77M	-6.25M	2.37M	3.34M	13.48M	-0.80M	-2.62M	1.03M	-0.78M	-4.18M	-3.16M	-1.18M
Net Cash from Operating Activities	733.79M	732.19M	645.39M	406.35M	445.74M	502.34M	464.88M	373.58M	405.32M	437.14M	401.94M	376.18M	310.68M	258.55M	228.06M	299.87M	262.05M	262.88M	243.83M	160.15M	121.96M	112.37M	112.22M	115.34M	42.91M	56.77M	30.25M	28.86M	53.65M	56.88M	43.32M
Capital Expenditures (PPE)	-191.58M	-211.12M	-208.25M	-203.51M	-162.55M	-162.46M	-189.45M	-174.81M	-151.67M	-130.62M	-130.01M	-118.69M	-120.25M	-129.27M	-124.84M	-113.46M	-122.01M	-138.05M	-104.19M	-58.79M	-49.39M	-40.56M	-37.55M	-40.29M	-27.81M	-21.18M	-24.15M	-25.10M	-38.66M	-30.30M	-21.44M
Acquisitions (Net)	-11.21M	-66.05M	-82.47M	-23.11M	-53.41M	-29.08M	-35.54M	-44.93M	-17.76M	-41.37M	-29.73M	-39.99M	-30.81M	-30.16M	-64.51M	-26.68M	-11.92M	-20.14M	-68.90M	-28.87M	-10.30M	-13.20M	-2.37M	-4.84M	-5.18M	-2.87M	0.02M	0.00M	0.00M	-0.25M	-0.14M
Purchases of Investments	-26.00M	-42.77M	-66.81M	-82.63M	-58.59M	-65.11M	-57.53M	-43.49M	-60.14M	-72.06M	-84.02M	-51.69M	-37.72M	-31.51M	-15.52M	-17.93M	-19.98M	-17.80M	-15.40M	-8.06M	-10.42M	-2.68M	-2.42M	-1.96M	-3.06M	-2.48M	-0.81M	-1.73M	-0.60M	0.00M	0.00M
Sales / Maturities of Investments	23.54M	67.37M	69.44M	97.28M	90.32M	74.96M	58.29M	93.47M	72.67M	77.04M	68.75M	48.55M	37.85M	37.23M	14.96M	15.37M	11.93M	12.64M	21.62M	16.01M	8.48M	6.08M	2.01M	2.27M	2.56M	1.84M	0.78M	2.68M	0.72M	0.65M	1.20M
Other Investing Activities	-6.81M	4.97M	7.43M	19.23M	24.57M	10.35M	9.89M	9.24M	8.84M	4.76M	7.84M	8.89M	5.81M	5.53M	0.92M	4.03M	1.70M	8.55M	-0.89M	4.49M	4.16M	5.67M	5.60M	4.04M	4.14M	2.12M	1.46M	1.13M	-10.44M	-2.76M	-4.10M
Net Cash from Investing Activities	-294.55M	-380.36M	-356.04M	-298.45M	-250.26M	-220.62M	-302.47M	-246.27M	-154.83M	-214.27M	-186.51M	-194.50M	-203.88M	-182.98M	-243.07M	-162.16M	-135.34M	-169.90M	-168.30M	-92.35M	-82.88M	-53.47M	-36.37M	-44.12M	-31.18M	-36.24M	-42.15M	-34.71M	-51.36M	-60.78M	-24.32M
Net Debt Issuance	-44.75M	34.42M	22.37M	76.53M	-24.48M	70.73M	48.54M	-14.93M	-7.09M	-17.05M	19.42M	27.43M	51.96M	56.26M	65.57M	-27.24M	9.36M	48.01M	55.26M	8.17M	-3.11M	-12.89M	-6.43M	-2.31M	1.99M	6.19M	5.34M	11.54M	7.62M	6.97M	4.29M
Long-Term Debt Issuance	-37.30M	21.47M	37.59M	79.52M	14.98M	72.28M	37.05M	3.64M	-5.30M	13.36M	19.57M	13.56M	51.40M	45.80M	71.56M	-5.89M	40.10M	42.18M	38.59M	6.84M	0.91M	-6.76M	-5.48M	-2.97M	0.73M	6.82M	4.89M	9.96M	5.60M	0.32M	4.23M
Short-Term Debt Issuance	-15.75M	-7.24M	2.32M	-5.37M	-8.85M	-4.83M	-3.58M	-1.21M	-1.15M	-7.08M	-2.79M	-4.50M	-5.03M	2.00M	-0.30M	-12.23M	-20.23M	-1.14M	-8.19M	-0.31M	0.57M	-1.26M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Net Stock Issuance	-52.33M	-47.40M	-26.24M	-66.39M	-22.05M	-19.62M	-20.27M	-14.31M	-6.46M	-11.67M	-21.55M	-13.41M	-5.37M	-3.06M	-4.74M	-0.05M	2.78M	-13.59M	-10.78M	-2.42M	-3.22M	0.04M	0.28M	1.38M	0.17M	-0.09M	-0.94M	-3.28M	-5.58M	-0.34M	0.68M
Common Stock Issuance	0.00M	0.00M	0.00M	0.55M	1.27M	0.67M	2.20M	1.34M	1.75M	0.99M	1.39M	1.78M	1.39M	1.14M	0.20M	0.54M	3.67M	1.97M	5.02M	4.73M	4.66M	1.76M	1.24M	1.95M	1.24M	0.53M	0.80M	0.98M	2.92M	2.10M	2.28M
Common Stock Repurchased	-56.35M	-51.31M	-36.13M	-67.23M	-25.86M	-23.68M	-21.87M	-23.59M	-8.87M	-13.58M	-22.33M	-18.55M	-4.33M	-10.22M	-6.11M	-0.24M	-1.20M	-17.73M	-14.22M	-5.47M	-3.97M	-0.53M	-0.03M	-0.04M	-0.40M	-1.32M	-1.54M	-4.68M	-7.85M	-3.37M	-0.01M
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	-105.02M	-132.40M	-131.13M	-107.54M	-104.43M	-94.48M	-92.29M	-100.47M	-87.55M	-76.89M	-85.84M	-71.01M	-59.32M	-55.78M	-57.65M	-45.46M	-47.87M	-48.06M	-38.70M	-28.39M	-15.54M	-13.27M	-11.41M	-13.46M	-6.88M	-6.15M	-5.82M	-5.32M	-8.07M	-7.09M	-4.48M
Common Dividends Paid	-103.84M	-131.87M	-130.75M	-114.50M	-109.12M	-95.00M	-97.07M	-93.06M	-77.42M	-76.25M	-84.78M	-70.59M	-58.38M	-53.18M	-52.74M	-40.61M	-42.22M	-39.39M	-37.56M	-26.07M	-14.41M	-12.82M	-10.25M	-12.08M	-6.59M	-6.03M	-5.77M	-5.69M	-8.07M	-7.09M	-4.48M
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	-27.12M	-32.21M	-32.04M	-16.22M	-12.60M	-17.90M	-2.91M	-7.44M	-7.08M	-6.85M	-5.83M	0.16M	5.80M	0.33M	-2.56M	1.16M	-2.99M	0.33M	-2.06M	1.87M	-1.45M	-1.59M	-0.45M	-0.99M	0.11M	0.03M	0.34M	1.37M	-0.09M	0.04M	0.07M
Net Cash from Financing Activities	-345.57M	-295.57M	-226.22M	-162.57M	-166.29M	-86.72M	-153.17M	-167.51M	-124.02M	-141.90M	-116.53M	-115.99M	-65.38M	-56.63M	-4.96M	-77.62M	-18.57M	-24.06M	-11.08M	-30.05M	-32.16M	-30.83M	-15.03M	-21.43M	-5.38M	1.42M	0.50M	3.32M	-12.84M	-7.61M	-5.03M
Effect of FX on Cash	-4.69M	2.62M	0.75M	5.23M	4.20M	-9.54M	-0.01M	-2.66M	-0.82M	-5.85M	-6.00M	-1.76M	-2.28M	-1.80M	-2.06M	-0.10M	-2.58M	-2.80M	1.87M	1.22M	0.29M	0.08M	0.68M	1.47M	-0.06M	-0.20M	-0.02M	-0.05M	-0.59M	0.05M	0.04M
Net Change in Cash	101.70M	31.67M	76.18M	-29.24M	36.19M	135.82M	30.31M	-12.87M	20.08M	35.74M	23.23M	33.15M	74.19M	27.53M	2.67M	33.48M	85.40M	23.32M	52.83M	16.32M	6.24M	6.86M	14.36M	7.79M	1.37M	9.31M	2.00M	2.37M	1.67M	4.66M	5.54M
Cash at Beginning of Period	705.51M	974.82M	956.43M	881.00M	833.43M	719.02M	696.34M	696.80M	777.02M	667.33M	674.12M	608.77M	496.58M	488.07M	510.58M	496.55M	354.31M	312.06M	267.82M	188.51M	198.52M	104.98M	80.83M	77.81M	58.89M	31.73M	30.98M	24.79M	33.44M	22.64M	13.19M
Cash at End of Period	683.83M	1,021.08M	1,000.66M	901.72M	874.84M	831.51M	698.47M	704.16M	708.96M	785.44M	702.96M	668.50M	606.20M	509.06M	498.20M	518.48M	509.09M	350.90M	310.65M	212.60M	187.74M	124.84M	98.63M	81.34M	52.64M	45.85M	28.74M	27.73M	39.61M	23.09M	20.64M
Operating Cash Flow	732.79M	732.19M	644.40M	406.24M	445.74M	502.04M	464.33M	371.69M	405.32M	437.14M	406.97M	376.18M	310.68M	258.55M	228.06M	299.87M	262.05M	262.88M	243.83M	160.15M	121.96M	112.37M	112.22M	116.36M	42.91M	56.77M	30.25M	29.06M	53.65M	56.88M	43.32M
Capital Expenditure	-211.21M	-220.68M	-211.07M	-199.64M	-162.55M	-162.46M	-189.45M	-175.11M	-151.79M	-130.76M	-130.06M	-118.74M	-120.25M	-129.27M	-124.77M	-113.46M	-122.01M	-137.35M	-102.58M	-58.81M	-49.65M	-40.17M	-37.22M	-40.29M	-27.81M	-21.18M	-24.15M	-25.10M	-38.66M	-31.10M	-21.44M
Free Cash Flow	608.18M	499.45M	407.20M	220.24M	253.96M	281.83M	195.00M	193.40M	208.77M	280.90M	233.02M	201.36M	163.80M	142.74M	115.53M	141.74M	146.11M	128.06M	152.91M	98.41M	70.04M	66.07M	61.52M	61.89M	17.66M	24.43M	4.84M	1.91M	19.34M	22.87M	14.25M

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	1,060.28M	917.31M	874.46M	809.91M	719.59M	532.92M	621.48M	648.22M	609.15M	526.93M	488.72M	521.10M	472.66M	438.06M	434.37M	373.42M	317.38M	383.45M	424.82M	268.19M	220.07M	149.46M	152.26M	144.27M	85.22M	72.31M	50.18M	50.03M	49.61M	47.25M	34.04M
(-) Tax Adjustment	224.28M	190.51M	185.65M	175.62M	152.79M	128.10M	144.79M	146.76M	135.37M	135.61M	141.27M	127.54M	115.67M	131.36M	119.85M	99.40M	83.75M	113.48M	139.16M	89.20M	77.26M	46.57M	36.39M	39.18M	30.93M	26.02M	19.26M	19.35M	17.42M	15.97M	10.89M
(-) Change In Working Capital	-26.77M	-44.01M	-63.00M	-242.81M	-90.84M	37.42M	-66.04M	-81.55M	-53.69M	-9.54M	-28.67M	-34.00M	-30.28M	-45.54M	-95.84M	-7.85M	53.78M	-25.92M	-21.58M	-18.79M	-20.81M	-0.25M	11.65M	14.19M	-1.85M	-6.50M	-6.82M	-7.26M	-10.83M	-6.50M	-7.65M
(-) Capital Expenditure	211.21M	220.68M	211.07M	199.64M	162.55M	162.46M	189.45M	175.11M	151.79M	130.76M	130.06M	118.74M	120.25M	129.27M	124.77M	113.46M	122.01M	137.35M	102.58M	58.81M	49.65M	40.17M	37.22M	40.29M	27.81M	21.18M	24.15M	25.10M	38.66M	31.10M	21.44M
Unlevered Free Cash Flow	651.55M	550.13M	540.73M	677.46M	495.09M	204.94M	353.28M	407.90M	375.68M	270.11M	246.06M	308.82M	267.01M	222.97M	285.60M	168.41M	57.84M	158.54M	204.66M	138.97M	113.97M	62.97M	67.00M	50.61M	28.33M	31.60M	13.58M	12.84M	4.36M	6.67M	9.37M
(-) Net Interest Income After Taxes	-37.06M	-32.17M	-34.17M	-25.68M	-28.39M	-31.57M	-27.73M	-29.55M	-26.42M	-23.43M	-22.28M	-21.57M	-22.66M	-20.83M	-19.52M	-20.86M	-18.59M	-21.65M	-13.09M	-5.97M	-5.52M	-5.35M	-2.17M	-2.11M	-1.41M	-1.44M	-0.50M	-0.69M	-0.67M	-0.67M	-0.73M
Net Debt Issuance	-44.75M	34.42M	22.37M	76.53M	-24.48M	70.73M	48.54M	-14.93M	-7.09M	-17.05M	19.42M	27.43M	51.96M	56.26M	65.57M	-27.24M	9.36M	48.01M	55.26M	8.17M	-3.11M	-12.89M	-6.43M	-2.31M	1.99M	6.19M	5.34M	11.54M	7.62M	6.97M	4.29M
Levered Free Cash Flow	643.86M	616.72M	597.27M	779.68M	499.00M	307.25M	429.55M	422.52M	395.01M	276.48M	287.76M	357.83M	341.64M	300.06M	370.69M	162.04M	85.79M	228.20M	273.01M	153.11M	116.38M	55.43M	62.74M	50.40M	31.72M	39.23M	19.42M	25.06M	12.65M	14.31M	14.39M