Fortive Corporation (0IRE.L)

Analysis: Margins & Ratios Industry: Industrial - Capital Goods Sector: Industrials Live Price: $55.04

Income Statement Margins

Metric	3Y Avg	5Y Avg	10Y Avg	TTM	TTM-1	2024-12-31	2023-12-31	2022-12-31	2021-12-31	2020-12-31	2019-12-31	2018-12-31	2017-12-31	2016-12-31	2015-12-31	2014-12-31	2013-12-31	2012-12-31
Revenue	6,040,933,333	5,602,380,000	5,718,770,000	5,640,399,999	6,195,200,000	6,231,800,000	6,065,300,000	5,825,700,000	5,254,700,000	4,634,400,000	4,563,900,000	6,452,700,000	5,756,100,000	6,224,300,000	6,178,800,000	6,337,200,000	5,961,900,000	5,785,300,000
Cost of Revenue	2,478,100,000	2,339,360,000	2,608,210,000	2,237,399,999	2,493,900,000	2,500,800,000	2,471,200,000	2,462,300,000	2,244,800,000	2,017,700,000	2,066,900,000	3,129,400,000	2,832,700,000	3,183,400,000	3,172,900,000	3,282,200,000	3,087,800,000	3,001,800,000
Cost of Revenue Margin	41.05%	41.88%	45.49%	39.67%	40.26%	40.13%	40.74%	42.27%	42.72%	43.54%	45.29%	48.50%	49.21%	51.14%	51.35%	51.79%	51.79%	51.89%
Gross Profit	3,562,833,333	3,263,020,000	3,110,560,000	3,403,000,000	3,701,300,000	3,731,000,000	3,594,100,000	3,363,400,000	3,009,900,000	2,616,700,000	2,497,000,000	3,323,300,000	2,923,400,000	3,040,900,000	3,005,900,000	3,055,000,000	2,874,100,000	2,783,500,000
Gross Profit Margin	58.95%	58.12%	54.51%	60.33%	59.74%	59.87%	59.26%	57.73%	57.28%	56.46%	54.71%	51.50%	50.79%	48.86%	48.65%	48.21%	48.21%	48.11%
R&D Expenses	404,433,333	377,760,000	375,520,000	383,400,000	406,100,000	414,000,000	397,800,000	401,500,000	354,800,000	320,700,000	320,300,000	414,300,000	369,300,000	384,800,000	377,700,000	387,600,000	378,300,000	352,700,000
R&D Expenses Margin	6.70%	6.75%	6.59%	6.80%	6.56%	6.64%	6.56%	6.89%	6.75%	6.92%	7.02%	6.42%	6.42%	6.18%	6.11%	6.12%	6.35%	6.10%
SG&A Expenses	2,054,133,333	1,926,360,000	1,711,750,000	2,052,199,999	2,145,800,000	2,140,300,000	2,065,500,000	1,956,600,000	1,823,600,000	1,645,800,000	1,647,400,000	1,723,600,000	1,392,500,000	1,388,000,000	1,334,200,000	1,394,100,000	1,324,300,000	1,260,400,000
SG&A Expenses Margin	33.99%	34.44%	30.31%	36.38%	34.64%	34.34%	34.05%	33.59%	34.70%	35.51%	36.10%	26.71%	24.19%	22.30%	21.59%	22.00%	22.21%	21.79%
Operating Expenses	2,457,600,000	2,303,540,000	2,089,410,000	2,435,600,000	2,552,100,000	2,554,300,000	2,460,400,000	2,358,100,000	2,178,400,000	1,966,500,000	1,967,700,000	2,137,900,000	1,761,800,000	1,772,800,000	1,736,200,000	1,775,800,000	1,730,900,000	1,655,700,000
Operating Expenses Margin	40.68%	41.18%	36.94%	43.18%	41.19%	40.99%	40.57%	40.48%	41.46%	42.43%	43.11%	33.13%	30.61%	28.48%	28.10%	28.02%	29.03%	28.62%
Operating Income (EBIT)	1,105,233,333	959,480,000	1,023,580,000	967,400,000	1,149,200,000	1,176,700,000	1,133,700,000	1,005,300,000	831,500,000	650,200,000	529,300,000	1,185,400,000	1,161,600,000	1,268,100,000	1,294,000,000	1,273,300,000	1,171,500,000	1,170,400,000
Operating Income (EBIT) Margin	18.28%	16.94%	17.61%	17.15%	18.55%	18.88%	18.69%	17.26%	15.82%	14.03%	11.60%	18.37%	20.18%	20.37%	20.94%	20.09%	19.65%	20.23%
Interest Income	32,766,667	70,000,000	70,490,000	0	0	0	0	98,300,000	103,200,000	148,500,000	142,600,000	77,200,000	88,700,000	46,400,000	0	0	0	0
Interest Income Margin	0.56%	1.37%	1.35%	0.00%	0.00%	0.00%	0.00%	1.69%	1.96%	3.20%	3.12%	1.20%	1.54%	0.75%	0.00%	0.00%	0.00%	0.00%
Interest Expense	124,866,667	125,260,000	76,890,000	122,600,000	148,200,000	152,800,000	123,500,000	98,300,000	103,200,000	148,500,000	142,600,000	0	0	0	0	0	0	0
Interest Expense Margin	2.06%	2.27%	1.45%	2.17%	2.39%	2.45%	2.04%	1.69%	1.96%	3.20%	3.12%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Net Interest Income	-92,100,000	-55,260,000	-27,630,000	-122,600,000	-148,200,000	-152,800,000	-123,500,000	0	0	0	0	0	0	0	0	0	0	0
Net Interest Income Margin	-1.50%	-0.90%	-0.45%	-2.17%	-2.39%	-2.45%	-2.04%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Unusual Items	252,700,000	10,920,000	32,530,000	286,900,000	325,000,000	359,900,000	266,400,000	131,800,000	154,000,000	-857,500,000	192,600,000	29,800,000	-700,000	24,700,000	24,300,000	-5,900,000	28,300,000	42,600,000
Unusual Items Margin	4.14%	-0.63%	0.23%	5.09%	5.25%	5.78%	4.39%	2.26%	2.93%	-18.50%	4.22%	0.46%	-0.01%	0.40%	0.39%	-0.09%	0.47%	0.74%
EBT Excluding Unusual Items	691,933,333	992,900,000	964,920,000	516,200,000	647,400,000	609,700,000	724,400,000	741,700,000	523,500,000	2,365,200,000	144,100,000	1,048,600,000	1,074,300,000	1,172,300,000	1,245,400,000	1,285,100,000	1,114,900,000	1,085,200,000
EBT Excluding Unusual Items Margin	11.49%	19.09%	17.25%	9.15%	10.45%	9.78%	11.94%	12.73%	9.96%	51.04%	3.16%	16.25%	18.66%	18.83%	20.16%	20.28%	18.70%	18.76%
Pre-Tax Income	944,633,333	1,003,820,000	997,450,000	803,100,000	972,400,000	969,600,000	990,800,000	873,500,000	677,500,000	1,507,700,000	336,700,000	1,078,400,000	1,073,600,000	1,197,000,000	1,269,700,000	1,279,200,000	1,143,200,000	1,127,800,000
Pre-Tax Income Margin	15.63%	18.46%	17.48%	14.24%	15.70%	15.56%	16.34%	14.99%	12.89%	32.53%	7.38%	16.71%	18.65%	19.23%	20.55%	20.19%	19.18%	19.49%
Income Tax Expense	126,666,667	99,760,000	164,740,000	200,800,000	83,100,000	136,700,000	125,000,000	118,300,000	63,300,000	55,500,000	68,600,000	160,100,000	189,300,000	324,700,000	405,900,000	395,800,000	312,300,000	364,100,000
Income Tax Expense Margin	2.10%	1.74%	2.77%	3.56%	1.34%	2.19%	2.06%	2.03%	1.20%	1.20%	1.50%	2.48%	3.29%	5.22%	6.57%	6.25%	5.24%	6.29%
Net Income	817,966,667	935,120,000	1,110,890,000	602,300,000	889,300,000	832,900,000	865,800,000	755,200,000	608,400,000	1,613,300,000	738,900,000	2,913,800,000	1,044,500,000	872,300,000	863,800,000	883,400,000	830,900,000	763,700,000
Net Income Margin	13.53%	17.40%	19.45%	10.68%	14.35%	13.37%	14.27%	12.96%	11.58%	34.81%	16.19%	45.16%	18.15%	14.01%	13.98%	13.94%	13.94%	13.20%
Depreciation and Amortization	488,766,667	449,160,000	335,970,000	460,800,000	524,800,000	543,900,000	456,800,000	465,600,000	395,500,000	384,000,000	341,500,000	260,800,000	158,300,000	176,400,000	176,900,000	178,000,000	159,700,000	145,000,000
Depreciation and Amortization Margin	8.08%	8.01%	6.00%	8.17%	8.47%	8.73%	7.53%	7.99%	7.53%	8.29%	7.48%	4.04%	2.75%	2.83%	2.86%	2.81%	2.68%	2.51%
EBITDA	1,575,066,667	1,375,820,000	1,336,400,000	1,386,700,000	1,643,100,000	1,666,300,000	1,587,600,000	1,471,300,000	1,206,100,000	947,800,000	820,800,000	1,436,200,000	1,334,600,000	1,422,400,000	1,470,900,000	1,451,300,000	1,331,200,000	1,315,400,000
EBITDA Margin	26.06%	24.31%	23.17%	24.59%	26.52%	26.74%	26.18%	25.26%	22.95%	20.45%	17.98%	22.26%	23.19%	22.85%	23.81%	22.90%	22.33%	22.74%
NOPAT	956,874,495	850,140,092	844,280,307	725,519,885	1,050,990,909	1,010,801,805	990,671,639	869,150,040	753,811,513	626,265,464	421,459,252	1,009,414,707	956,783,607	924,113,308	880,331,732	879,325,532	851,468,991	792,546,976
NOPAT Margin	15.82%	15.07%	14.59%	12.86%	16.96%	16.22%	16.33%	14.92%	14.35%	13.51%	9.23%	15.64%	16.62%	14.85%	14.25%	13.88%	14.28%	13.70%
Owner's Earnings	1,198,733,333	1,294,340,000	1,347,130,000	951,400,000	1,296,600,000	1,256,400,000	1,214,800,000	1,125,000,000	953,900,000	1,921,600,000	1,005,900,000	3,062,300,000	1,091,700,000	919,100,000	920,600,000	958,800,000	909,500,000	839,100,000
Owner's Earnings Margin	19.83%	23.82%	23.72%	16.87%	20.93%	20.16%	20.03%	19.31%	18.15%	41.46%	22.04%	47.46%	18.97%	14.77%	14.90%	15.13%	15.26%	14.50%

Balance Sheet Margins

Metric	3Y Avg	5Y Avg	10Y Avg	2024-12-31	2023-12-31	2022-12-31	2021-12-31	2020-12-31	2019-12-31	2018-12-31	2017-12-31	2016-12-31	2015-12-31	2014-12-31	2013-12-31
Revenue	6,040,933,333	5,602,380,000	5,718,770,000	6,231,800,000	6,065,300,000	5,825,700,000	5,254,700,000	4,634,400,000	4,563,900,000	6,452,700,000	5,756,100,000	6,224,300,000	6,178,800,000	6,337,200,000	5,961,900,000
Cash & Cash Equivalents	1,137,100,000	1,211,080,000	1,020,430,000	813,300,000	1,888,800,000	709,200,000	819,300,000	1,824,800,000	1,205,200,000	1,178,400,000	962,100,000	803,200,000	0	0	0
Cash & Cash Equivalents Margin	18.79%	22.27%	18.56%	13.05%	31.14%	12.17%	15.59%	39.38%	26.41%	18.26%	16.71%	12.90%	0.00%	0.00%	0.00%
Short-Term Investments	0	223,840,000	111,920,000	0	0	0	0	1,119,200,000	0	0	0	0	0	0	0
Short-Term Investments Margin	0.00%	4.83%	2.41%	0.00%	0.00%	0.00%	0.00%	24.15%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Cash & Short-Term Investments	1,137,100,000	1,434,920,000	1,132,350,000	813,300,000	1,888,800,000	709,200,000	819,300,000	2,944,000,000	1,205,200,000	1,178,400,000	962,100,000	803,200,000	0	0	0
Cash & Short-Term Investments Margin	18.79%	27.10%	20.98%	13.05%	31.14%	12.17%	15.59%	63.52%	26.41%	18.26%	16.71%	12.90%	0.00%	0.00%	0.00%
Net Receivables	1,044,233,333	974,640,000	990,420,000	1,063,400,000	1,068,800,000	1,000,500,000	930,200,000	810,300,000	890,700,000	1,195,100,000	1,020,500,000	945,400,000	979,300,000	956,300,000	911,500,000
Net Receivables Margin	17.29%	17.41%	17.39%	17.06%	17.62%	17.17%	17.70%	17.48%	19.52%	18.52%	17.73%	15.19%	15.85%	15.09%	15.29%
Inventory	539,466,667	517,320,000	515,150,000	544,800,000	536,900,000	536,700,000	512,700,000	455,500,000	416,200,000	574,500,000	506,700,000	544,600,000	522,900,000	511,200,000	494,500,000
Inventory Margin	8.94%	9.28%	9.04%	8.74%	8.85%	9.21%	9.76%	9.83%	9.12%	8.90%	8.80%	8.75%	8.46%	8.07%	8.29%
Other Current Assets	-6,333,333	2,280,000	108,330,000	-59,000,000	0	40,000,000	0	30,400,000	838,100,000	30,000,000	203,800,000	0	0	0	0
Other Current Assets Margin	-0.09%	0.08%	2.28%	-0.95%	0.00%	0.69%	0.00%	0.66%	18.36%	0.46%	3.54%	0.00%	0.00%	0.00%	0.00%
Total Current Assets	2,893,966,667	3,128,740,000	2,952,330,000	2,533,300,000	3,671,600,000	2,477,000,000	2,514,900,000	4,446,900,000	3,688,800,000	3,171,200,000	2,936,800,000	2,488,700,000	1,594,100,000	1,683,400,000	1,655,000,000
Total Current Assets Margin	47.90%	57.50%	53.43%	40.65%	60.53%	42.52%	47.86%	95.95%	80.83%	49.15%	51.02%	39.98%	25.80%	26.56%	27.76%
Property, Plant & Equipment	591,933,333	591,520,000	579,150,000	597,100,000	594,800,000	583,900,000	571,100,000	610,700,000	585,000,000	576,100,000	610,400,000	547,600,000	514,800,000	480,800,000	454,800,000
Property, Plant & Equipment Margin	9.80%	10.69%	10.29%	9.58%	9.81%	10.02%	10.87%	13.18%	12.82%	8.93%	10.60%	8.80%	8.33%	7.59%	7.63%
Goodwill	9,442,066,667	8,967,480,000	7,070,030,000	10,156,000,000	9,121,700,000	9,048,500,000	9,152,000,000	7,359,200,000	7,241,500,000	6,133,100,000	4,560,300,000	3,979,000,000	3,949,000,000	3,995,100,000	3,989,700,000
Goodwill Margin	156.23%	160.33%	126.24%	162.97%	150.39%	155.32%	174.17%	158.80%	158.67%	95.05%	79.23%	63.93%	63.91%	63.04%	66.92%
Intangible Assets	3,329,066,667	3,433,600,000	2,597,770,000	3,340,000,000	3,159,800,000	3,487,400,000	3,890,200,000	3,290,600,000	3,570,700,000	2,476,300,000	1,256,400,000	747,300,000	759,000,000	857,500,000	852,100,000
Intangible Assets Margin	55.18%	62.12%	47.33%	53.60%	52.10%	59.86%	74.03%	71.00%	78.24%	38.38%	21.83%	12.01%	12.28%	13.53%	14.29%
Long-Term Investments	52,000,000	46,600,000	103,900,000	59,000,000	57,000,000	40,000,000	0	77,000,000	82,000,000	263,000,000	247,000,000	214,000,000	0	0	0
Long-Term Investments Margin	0.86%	0.85%	1.78%	0.95%	0.94%	0.69%	0.00%	1.66%	1.80%	4.08%	4.29%	3.44%	0.00%	0.00%	0.00%
Tax Assets	0	-15,400,000	-15,900,000	0	0	0	0	-77,000,000	-82,000,000	0	0	0	0	0	0
Tax Assets Margin	0.00%	-0.33%	-0.35%	0.00%	0.00%	0.00%	0.00%	-1.66%	-1.80%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Other Non-Current Assets	297,133,333	314,560,000	570,830,000	330,700,000	306,900,000	253,800,000	337,300,000	344,100,000	2,353,000,000	285,900,000	889,700,000	213,200,000	393,700,000	338,800,000	288,500,000
Other Non-Current Assets Margin	4.91%	5.71%	10.98%	5.31%	5.06%	4.36%	6.42%	7.42%	51.56%	4.43%	15.46%	3.43%	6.37%	5.35%	4.84%
Other Assets	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Other Assets Margin	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Total Non-Current Assets	13,712,200,000	13,338,360,000	10,905,780,000	14,482,800,000	13,240,200,000	13,413,600,000	13,950,600,000	11,604,600,000	13,750,200,000	9,734,400,000	7,563,800,000	5,701,100,000	5,616,500,000	5,672,200,000	5,585,100,000
Total Non-Current Assets Margin	226.98%	239.37%	196.29%	232.40%	218.29%	230.25%	265.49%	250.40%	301.28%	150.86%	131.40%	91.59%	90.90%	89.51%	93.68%
Total Assets	16,606,166,667	16,467,100,000	13,858,110,000	17,016,100,000	16,911,800,000	15,890,600,000	16,465,500,000	16,051,500,000	17,439,000,000	12,905,600,000	10,500,600,000	8,189,800,000	7,210,600,000	7,355,600,000	7,240,100,000
Total Assets Margin	274.88%	296.87%	249.72%	273.05%	278.83%	272.77%	313.35%	346.36%	382.11%	200.00%	182.43%	131.58%	116.70%	116.07%	121.44%
Accounts Payable	636,333,333	589,540,000	605,550,000	677,400,000	608,600,000	623,000,000	557,900,000	480,800,000	449,000,000	706,500,000	629,000,000	666,200,000	657,100,000	623,400,000	616,900,000
Accounts Payable Margin	10.53%	10.52%	10.56%	10.87%	10.03%	10.69%	10.62%	10.37%	9.84%	10.95%	10.93%	10.70%	10.63%	9.84%	10.35%
Short-Term Debt	483,433,333	1,009,760,000	700,440,000	413,000,000	37,600,000	999,700,000	2,151,700,000	1,446,800,000	1,500,000,000	455,600,000	0	0	0	0	0
Short-Term Debt Margin	8.14%	19.31%	13.65%	6.63%	0.62%	17.16%	40.95%	31.22%	32.87%	7.06%	0.00%	0.00%	0.00%	0.00%	0.00%
Tax Payables	87,433,333	76,160,000	78,310,000	0	129,800,000	132,500,000	53,000,000	65,500,000	78,000,000	174,700,000	86,100,000	63,500,000	0	0	0
Tax Payables Margin	1.47%	1.37%	1.38%	0.00%	2.14%	2.27%	1.01%	1.41%	1.71%	2.71%	1.50%	1.02%	0.00%	0.00%	0.00%
Deferred Revenue	354,266,667	379,360,000	292,390,000	553,200,000	0	509,600,000	457,600,000	376,400,000	323,000,000	288,100,000	211,400,000	204,600,000	0	0	0
Deferred Revenue Margin	5.87%	6.89%	5.30%	8.88%	0.00%	8.75%	8.71%	8.12%	7.08%	4.46%	3.67%	3.29%	0.00%	0.00%	0.00%
Other Current Liabilities	425,800,000	344,840,000	521,500,000	163,200,000	824,000,000	290,200,000	223,800,000	223,000,000	940,800,000	777,700,000	730,600,000	588,000,000	453,700,000	457,000,000	452,000,000
Other Current Liabilities Margin	7.06%	6.05%	9.24%	2.62%	13.59%	4.98%	4.26%	4.81%	20.61%	12.05%	12.69%	9.45%	7.34%	7.21%	7.58%
Total Current Liabilities	2,252,266,667	2,666,500,000	2,338,410,000	2,238,400,000	1,791,300,000	2,727,100,000	3,714,900,000	2,860,800,000	3,467,200,000	2,192,100,000	1,602,300,000	1,466,500,000	1,323,500,000	1,285,000,000	1,276,900,000
Total Current Liabilities Margin	37.42%	48.94%	42.74%	35.92%	29.53%	46.81%	70.70%	61.73%	75.97%	33.97%	27.84%	23.56%	21.42%	20.28%	21.42%
Long-Term Debt	3,076,300,000	2,773,300,000	2,907,820,000	3,331,100,000	3,646,200,000	2,251,600,000	1,807,300,000	2,830,300,000	4,826,200,000	2,974,700,000	4,052,800,000	3,358,000,000	0	0	0
Long-Term Debt Margin	50.74%	49.54%	52.39%	53.45%	60.12%	38.65%	34.39%	61.07%	105.75%	46.10%	70.41%	53.95%	0.00%	0.00%	0.00%
Capital Lease Obligations	154,833,333	151,740,000	89,590,000	169,600,000	163,900,000	131,000,000	139,900,000	154,300,000	133,800,000	0	3,400,000	0	0	0	0
Capital Lease Obligations Margin	2.56%	2.73%	1.67%	2.72%	2.70%	2.25%	2.66%	3.33%	2.93%	0.00%	0.06%	0.00%	0.00%	0.00%	0.00%
Deferred Tax Liabilities	85,766,667	79,440,000	53,100,000	0	126,300,000	131,000,000	139,900,000	0	133,800,000	0	0	0	0	0	0
Deferred Tax Liabilities Margin	1.44%	1.40%	0.99%	0.00%	2.08%	2.25%	2.66%	0.00%	2.93%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Other Non-Current Liabilities	1,030,166,667	1,108,460,000	986,530,000	1,059,300,000	976,900,000	1,054,300,000	1,252,600,000	1,199,200,000	1,575,600,000	1,125,900,000	947,200,000	674,300,000	0	0	0
Other Non-Current Liabilities Margin	17.07%	20.18%	18.02%	17.00%	16.11%	18.10%	23.84%	25.88%	34.52%	17.45%	16.46%	10.83%	0.00%	0.00%	0.00%
Total Non-Current Liabilities	4,284,066,667	4,060,760,000	4,009,840,000	4,582,100,000	4,795,200,000	3,474,900,000	3,233,600,000	4,218,000,000	6,571,600,000	4,100,600,000	5,090,100,000	4,032,300,000	0	0	0
Total Non-Current Liabilities Margin	70.75%	72.96%	72.55%	73.53%	79.06%	59.65%	61.54%	91.02%	143.99%	63.55%	88.43%	64.78%	0.00%	0.00%	0.00%
Total Liabilities	6,536,333,333	6,727,260,000	6,348,250,000	6,820,500,000	6,586,500,000	6,202,000,000	6,948,500,000	7,078,800,000	10,038,800,000	6,292,700,000	6,692,400,000	5,498,800,000	1,323,500,000	1,285,000,000	1,276,900,000
Total Liabilities Margin	108.17%	121.90%	115.30%	109.45%	108.59%	106.46%	132.23%	152.74%	219.96%	97.52%	116.27%	88.34%	21.42%	20.28%	21.42%
Preferred Stock	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Preferred Stock Margin	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Common Stock	3,633,333	3,580,000	522,560,000	3,700,000	3,600,000	3,600,000	3,600,000	3,400,000	3,400,000	3,400,000	3,500,000	3,500,000	5,193,900,000	5,129,800,000	4,850,600,000
Common Stock Margin	0.06%	0.06%	8.46%	0.06%	0.06%	0.06%	0.07%	0.07%	0.07%	0.05%	0.06%	0.06%	84.06%	80.95%	81.36%
Retained Earnings	7,491,866,667	6,809,320,000	4,348,140,000	8,227,600,000	7,505,900,000	6,742,100,000	6,023,600,000	5,547,400,000	4,128,800,000	3,552,700,000	1,350,300,000	403,000,000	0	0	0
Retained Earnings Margin	123.84%	121.17%	78.13%	132.03%	123.75%	115.73%	114.63%	119.70%	90.47%	55.06%	23.46%	6.47%	0.00%	0.00%	0.00%
Accumulated OCI	-372,400,000	-288,660,000	-175,400,000	-465,400,000	-326,100,000	-325,700,000	-185,000,000	-141,100,000	-56,300,000	-86,600,000	-7,600,000	-145,800,000	-14,400,000	99,500,000	272,800,000
Accumulated OCI Margin	-6.15%	-5.00%	-3.03%	-7.47%	-5.38%	-5.59%	-3.52%	-3.04%	-1.23%	-1.34%	-0.13%	-2.34%	-0.23%	1.57%	4.58%
Minority Interest	6,200,000	6,380,000	8,650,000	7,000,000	6,400,000	5,200,000	4,800,000	8,500,000	13,200,000	17,400,000	17,900,000	3,100,000	3,000,000	3,200,000	1,700,000
Minority Interest Margin	0.10%	0.12%	0.16%	0.11%	0.11%	0.09%	0.09%	0.18%	0.29%	0.27%	0.31%	0.05%	0.05%	0.05%	0.03%
Total Shareholders’ Equity	10,063,633,333	9,733,460,000	7,430,750,000	10,188,600,000	10,318,900,000	9,683,400,000	9,512,200,000	8,964,200,000	7,387,000,000	6,595,500,000	3,790,300,000	2,687,900,000	5,179,500,000	5,229,300,000	5,123,400,000
Total Shareholders’ Equity Margin	166.61%	174.86%	133.12%	163.49%	170.13%	166.22%	181.02%	193.43%	161.86%	102.21%	65.85%	43.18%	83.83%	82.52%	85.94%
Total Equity	10,069,833,333	9,739,840,000	7,439,400,000	10,195,600,000	10,325,300,000	9,688,600,000	9,517,000,000	8,972,700,000	7,400,200,000	6,612,900,000	3,808,200,000	2,691,000,000	5,182,500,000	5,232,500,000	5,125,100,000
Total Equity Margin	166.72%	174.97%	133.28%	163.61%	170.24%	166.31%	181.11%	193.61%	162.15%	102.48%	66.16%	43.23%	83.88%	82.57%	85.96%
Total Liabilities & Equity	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Total Liabilities & Equity Margin	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Total Investments	52,000,000	270,440,000	215,820,000	59,000,000	57,000,000	40,000,000	0	1,196,200,000	82,000,000	263,000,000	247,000,000	214,000,000	0	0	0
Total Investments Margin	0.86%	5.68%	4.20%	0.95%	0.94%	0.69%	0.00%	25.81%	1.80%	4.08%	4.29%	3.44%	0.00%	0.00%	0.00%
Net Debt	2,577,733,333	2,742,200,000	2,690,870,000	3,100,400,000	1,921,300,000	2,711,500,000	3,324,200,000	2,653,600,000	5,296,900,000	2,251,900,000	3,094,100,000	2,554,800,000	0	0	0
Net Debt Margin	42.66%	49.70%	49.43%	49.75%	31.68%	46.54%	63.26%	57.26%	116.06%	34.90%	53.75%	41.05%	0.00%	0.00%	0.00%

Capital Metrics

Metric	3Y Avg	5Y Avg	10Y Avg	2024-12-31	2023-12-31	2022-12-31	2021-12-31	2020-12-31	2019-12-31	2018-12-31	2017-12-31	2016-12-31	2015-12-31	2014-12-31	2013-12-31
Revenue	6,040,933,333	5,602,380,000	5,718,770,000	6,231,800,000	6,065,300,000	5,825,700,000	5,254,700,000	4,634,400,000	4,563,900,000	6,452,700,000	5,756,100,000	6,224,300,000	6,178,800,000	6,337,200,000	5,961,900,000
Working Capital	641,700,000	462,240,000	613,920,000	294,900,000	1,880,300,000	-250,100,000	-1,200,000,000	1,586,100,000	221,600,000	979,100,000	1,334,500,000	1,022,200,000	270,600,000	398,400,000	378,100,000
Working Capital Margin	10.48%	8.57%	10.68%	4.73%	31.00%	-4.29%	-22.84%	34.22%	4.86%	15.17%	23.18%	16.42%	4.38%	6.29%	6.34%
Total Capital	13,778,466,667	13,686,740,000	11,142,050,000	14,102,300,000	14,129,000,000	13,104,100,000	13,655,700,000	13,442,600,000	13,889,100,000	10,025,800,000	7,846,500,000	6,045,900,000	5,179,500,000	5,229,300,000	5,123,400,000
Total Capital Margin	228.06%	246.82%	201.11%	226.30%	232.95%	224.94%	259.88%	290.06%	304.33%	155.37%	136.32%	97.13%	83.83%	82.52%	85.94%
Capital Employed	14,353,900,000	13,800,600,000	11,519,700,000	14,777,700,000	15,120,500,000	13,163,500,000	12,750,600,000	13,190,700,000	13,971,800,000	10,713,500,000	8,898,300,000	6,723,300,000	5,887,100,000	6,070,600,000	5,963,200,000
Capital Employed Margin	237.46%	247.93%	206.97%	237.13%	249.30%	225.96%	242.65%	284.63%	306.14%	166.03%	154.59%	108.02%	95.28%	95.79%	100.02%
Invested Capital	12,641,366,667	12,475,660,000	10,121,620,000	13,289,000,000	12,240,200,000	12,394,900,000	12,836,400,000	11,617,800,000	12,683,900,000	8,847,400,000	6,884,400,000	5,242,700,000	5,179,500,000	5,229,300,000	5,123,400,000
Invested Capital Margin	209.27%	224.56%	182.55%	213.24%	201.81%	212.76%	244.28%	250.69%	277.92%	137.11%	119.60%	84.23%	83.83%	82.52%	85.94%

Cash Flow Margins

Metric	3Y Avg	5Y Avg	10Y Avg	2024-12-31	2023-12-31	2022-12-31	2021-12-31	2020-12-31	2019-12-31	2018-12-31	2017-12-31	2016-12-31	2015-12-31	2014-12-31	2013-12-31	2012-12-31
Revenue	6,040,933,333	5,602,380,000	5,718,770,000	6,231,800,000	6,065,300,000	5,825,700,000	5,254,700,000	4,634,400,000	4,563,900,000	6,452,700,000	5,756,100,000	6,224,300,000	6,178,800,000	6,337,200,000	5,961,900,000	5,785,300,000
Net Income	817,966,667	855,580,000	855,550,000	832,900,000	865,800,000	755,200,000	608,400,000	1,215,600,000	738,900,000	918,300,000	884,300,000	872,300,000	863,800,000	883,400,000	830,900,000	763,700,000
Net Income Margin	13.53%	15.68%	15.22%	13.37%	14.27%	12.96%	11.58%	26.23%	16.19%	14.23%	15.36%	14.01%	13.98%	13.94%	13.94%	13.20%
Depreciation & Amortization	488,766,667	449,160,000	335,970,000	543,900,000	456,800,000	465,600,000	395,500,000	384,000,000	341,500,000	260,800,000	158,300,000	176,400,000	176,900,000	178,000,000	159,700,000	145,000,000
Depreciation & Amortization Margin	8.08%	8.01%	6.00%	8.73%	7.53%	7.99%	7.53%	8.29%	7.48%	4.04%	2.75%	2.83%	2.86%	2.81%	2.68%	2.51%
Deferred Income Tax	-42,366,667	-53,140,000	-29,320,000	-65,000,000	0	-62,100,000	-41,000,000	-97,600,000	-8,500,000	7,700,000	-61,000,000	-10,000,000	44,300,000	65,400,000	-25,500,000	19,300,000
Deferred Income Tax Margin	-0.70%	-1.00%	-0.56%	-1.04%	0.00%	-1.07%	-0.78%	-2.11%	-0.19%	0.12%	-1.06%	-0.16%	0.72%	1.03%	-0.43%	0.33%
Stock-Based Compensation	69,033,333	69,420,000	56,030,000	0	113,300,000	93,800,000	77,400,000	62,600,000	52,500,000	40,600,000	44,200,000	40,700,000	35,200,000	30,800,000	28,800,000	28,600,000
Stock-Based Compensation Margin	1.16%	1.26%	1.01%	0.00%	1.87%	1.61%	1.47%	1.35%	1.15%	0.63%	0.77%	0.65%	0.57%	0.49%	0.48%	0.49%
Change in Working Capital	40,633,333	70,480,000	32,710,000	103,900,000	38,600,000	-20,600,000	-70,500,000	301,000,000	89,200,000	-37,400,000	15,300,000	48,100,000	-140,500,000	-129,600,000	5,800,000	-47,900,000
Change in Working Capital Margin	0.65%	1.42%	0.72%	1.67%	0.64%	-0.35%	-1.34%	6.49%	1.95%	-0.58%	0.27%	0.77%	-2.27%	-2.05%	0.10%	-0.83%
Accounts Receivable	-15,600,000	-9,700,000	-44,170,000	-4,500,000	9,800,000	-52,100,000	-84,100,000	82,400,000	-204,900,000	-105,900,000	-55,400,000	24,800,000	-51,800,000	-74,000,000	1,700,000	-37,200,000
Accounts Receivable Margin	-0.27%	-0.13%	-0.82%	-0.07%	0.16%	-0.89%	-1.60%	1.78%	-4.49%	-1.64%	-0.96%	0.40%	-0.84%	-1.17%	0.03%	-0.64%
Inventory	-11,066,667	-18,820,000	-11,290,000	8,800,000	-1,700,000	-40,300,000	-53,600,000	-7,300,000	93,500,000	-73,400,000	17,500,000	-28,700,000	-27,700,000	-22,200,000	-5,000,000	-10,700,000
Inventory Margin	-0.19%	-0.35%	-0.15%	0.14%	-0.03%	-0.69%	-1.02%	-0.16%	2.05%	-1.14%	0.30%	-0.46%	-0.45%	-0.35%	-0.08%	-0.18%
Accounts Payable	46,266,667	46,060,000	39,380,000	74,300,000	-16,800,000	81,300,000	73,400,000	18,100,000	52,400,000	76,200,000	17,700,000	17,200,000	0	0	0	0
Accounts Payable Margin	0.77%	0.82%	0.70%	1.19%	-0.28%	1.40%	1.40%	0.39%	1.15%	1.18%	0.31%	0.28%	0.00%	0.00%	0.00%	0.00%
Other Working Capital	21,033,333	52,940,000	48,790,000	25,300,000	47,300,000	-9,500,000	-6,200,000	207,800,000	148,200,000	65,700,000	35,500,000	34,800,000	-61,000,000	-33,400,000	9,100,000	0
Other Working Capital Margin	0.34%	1.08%	0.98%	0.41%	0.78%	-0.16%	-0.12%	4.48%	3.25%	1.02%	0.62%	0.56%	-0.99%	-0.53%	0.15%	0.00%
Other Non-Cash Items	20,500,000	-75,220,000	148,090,000	111,100,000	-120,900,000	71,300,000	-8,700,000	-428,900,000	57,800,000	819,700,000	516,300,000	389,600,000	73,600,000	-15,900,000	5,000,000	35,300,000
Other Non-Cash Items Margin	0.34%	-1.68%	2.20%	1.78%	-1.99%	1.22%	-0.17%	-9.25%	1.27%	12.70%	8.97%	6.26%	1.19%	-0.25%	0.08%	0.61%
Net Cash from Operating Activities	1,394,533,333	1,316,280,000	1,251,950,000	1,526,800,000	1,353,600,000	1,303,200,000	961,100,000	1,436,700,000	1,271,400,000	1,344,400,000	1,176,400,000	1,136,900,000	1,009,000,000	946,700,000	1,030,200,000	944,000,000
Net Cash from Operating Activities Margin	23.06%	23.70%	22.22%	24.50%	22.32%	22.37%	18.29%	31.00%	27.86%	20.83%	20.44%	18.27%	16.33%	14.94%	17.28%	16.32%
Capital Expenditures (PPE)	-108,000,000	-89,940,000	-99,730,000	-120,400,000	-107,800,000	-95,800,000	-50,000,000	-75,700,000	-74,500,000	-112,300,000	-111,100,000	-129,600,000	-120,100,000	-102,600,000	-81,100,000	-69,600,000
Capital Expenditures (PPE) Margin	-1.78%	-1.59%	-1.73%	-1.93%	-1.78%	-1.64%	-0.95%	-1.63%	-1.63%	-1.74%	-1.93%	-2.08%	-1.94%	-1.62%	-1.36%	-1.20%
Acquisitions (Net)	-591,200,000	-874,860,000	-1,289,150,000	-1,674,600,000	-95,800,000	-3,200,000	-2,565,600,000	-35,100,000	-3,939,800,000	-2,815,100,000	-1,535,100,000	-190,100,000	-37,100,000	-289,000,000	-433,800,000	0
Acquisitions (Net) Margin	-9.50%	-15.62%	-23.84%	-26.87%	-1.58%	-0.05%	-48.82%	-0.76%	-86.33%	-43.63%	-26.67%	-3.05%	-0.60%	-4.56%	-7.28%	0.00%
Purchases of Investments	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Purchases of Investments Margin	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Sales / Maturities of Investments	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Sales / Maturities of Investments Margin	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Other Investing Activities	1,233,333	-6,780,000	85,510,000	-1,000,000	8,200,000	-3,500,000	0	-37,600,000	-40,300,000	960,800,000	-23,500,000	8,900,000	-16,900,000	100,500,000	3,500,000	-278,800,000
Other Investing Activities Margin	0.02%	-0.15%	1.27%	-0.02%	0.14%	-0.06%	0.00%	-0.81%	-0.88%	14.89%	-0.41%	0.14%	-0.27%	1.59%	0.06%	-4.82%
Net Cash from Investing Activities	-697,966,667	-971,580,000	-1,303,370,000	-1,796,000,000	-195,400,000	-102,500,000	-2,615,600,000	-148,400,000	-4,054,600,000	-1,966,600,000	-1,669,700,000	-310,800,000	-174,100,000	-291,100,000	-511,400,000	-348,400,000
Net Cash from Investing Activities Margin	-11.27%	-17.36%	-24.29%	-28.82%	-3.22%	-1.76%	-49.78%	-3.20%	-88.84%	-30.48%	-29.01%	-4.99%	-2.82%	-4.59%	-8.58%	-6.02%
Net Debt Issuance	-345,866,667	-483,000,000	341,340,000	137,000,000	-450,700,000	-723,900,000	753,600,000	-2,131,000,000	2,457,900,000	-108,700,000	125,900,000	3,353,300,000	0	0	0	0
Net Debt Issuance Margin	-5.89%	-9.86%	5.89%	2.20%	-7.43%	-12.43%	14.34%	-45.98%	53.86%	-1.68%	2.19%	53.87%	0.00%	0.00%	0.00%	0.00%
Long-Term Debt Issuance	-147,033,333	-436,680,000	364,500,000	733,500,000	-450,700,000	-723,900,000	388,700,000	-2,131,000,000	2,457,900,000	-108,700,000	125,900,000	3,353,300,000	0	0	0	0
Long-Term Debt Issuance Margin	-2.70%	-9.33%	6.16%	11.77%	-7.43%	-12.43%	7.40%	-45.98%	53.86%	-1.68%	2.19%	53.87%	0.00%	0.00%	0.00%	0.00%
Short-Term Debt Issuance	-198,833,333	-46,320,000	-23,160,000	-596,500,000	0	0	364,900,000	0	0	0	0	0	0	0	0	0
Short-Term Debt Issuance Margin	-3.19%	-0.53%	-0.26%	-9.57%	0.00%	0.00%	6.94%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Net Stock Issuance	-535,133,333	-321,080,000	-160,540,000	-889,600,000	-272,900,000	-442,900,000	0	0	0	0	0	0	0	0	0	0
Net Stock Issuance Margin	-8.79%	-5.28%	-2.64%	-14.28%	-4.50%	-7.60%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Common Stock Issuance	0	0	133,740,000	0	0	0	0	0	0	1,337,400,000	0	0	0	0	0	0
Common Stock Issuance Margin	0.00%	0.00%	2.07%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	20.73%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Common Stock Repurchased	-535,133,333	-321,080,000	-160,540,000	-889,600,000	-272,900,000	-442,900,000	0	0	0	0	0	0	0	0	0	0
Common Stock Repurchased Margin	-8.79%	-5.28%	-2.64%	-14.28%	-4.50%	-7.60%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Preferred Stock Issuance	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Preferred Stock Issuance Margin	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Net Dividends Paid	-104,233,333	-121,660,000	-404,820,000	-111,200,000	-102,000,000	-99,500,000	-132,200,000	-163,400,000	-162,800,000	-131,500,000	-97,200,000	-3,048,400,000	0	0	0	0
Net Dividends Paid Margin	-1.72%	-2.24%	-6.75%	-1.78%	-1.68%	-1.71%	-2.52%	-3.53%	-3.57%	-2.04%	-1.69%	-48.98%	0.00%	0.00%	0.00%	0.00%
Common Dividends Paid	-104,233,333	-114,760,000	-401,370,000	-111,200,000	-102,000,000	-99,500,000	-97,700,000	-163,400,000	-162,800,000	-131,500,000	-97,200,000	-3,048,400,000	0	0	0	0
Common Dividends Paid Margin	-1.72%	-2.11%	-6.68%	-1.78%	-1.68%	-1.71%	-1.86%	-3.53%	-3.57%	-2.04%	-1.69%	-48.98%	0.00%	0.00%	0.00%	0.00%
Preferred Dividends Paid	0	-6,900,000	-3,450,000	0	0	0	-34,500,000	0	0	0	0	0	0	0	0	0
Preferred Dividends Paid Margin	0.00%	-0.13%	-0.07%	0.00%	0.00%	0.00%	-0.66%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Other Financing Activities	307,433,333	510,240,000	361,330,000	71,100,000	857,900,000	-6,700,000	30,600,000	1,598,300,000	507,800,000	1,119,300,000	571,000,000	-301,100,000	-834,900,000	-655,600,000	-518,800,000	-595,600,000
Other Financing Activities Margin	5.06%	10.05%	7.03%	1.14%	14.14%	-0.12%	0.58%	34.49%	11.13%	17.35%	9.92%	-4.84%	-13.51%	-10.35%	-8.70%	-10.30%
Net Cash from Financing Activities	-677,800,000	-415,500,000	137,310,000	-792,700,000	32,300,000	-1,273,000,000	652,000,000	-696,100,000	2,802,900,000	879,100,000	599,700,000	3,800,000	-834,900,000	-655,600,000	-518,800,000	-595,600,000
Net Cash from Financing Activities Margin	-11.35%	-7.33%	3.54%	-12.72%	0.53%	-21.85%	12.41%	-15.02%	61.41%	13.62%	10.42%	0.06%	-13.51%	-10.35%	-8.70%	-10.30%
Effect of FX on Cash	-20,766,667	-7,580,000	-4,560,000	-13,600,000	-10,900,000	-37,800,000	-3,000,000	27,400,000	7,100,000	-40,600,000	52,500,000	-26,700,000	0	0	0	0
Effect of FX on Cash Margin	-0.35%	-0.10%	-0.05%	-0.22%	-0.18%	-0.65%	-0.06%	0.59%	0.16%	-0.63%	0.91%	-0.43%	0.00%	0.00%	0.00%	0.00%
Net Change in Cash	-2,000,000	-78,380,000	81,330,000	-1,075,500,000	1,179,600,000	-110,100,000	-1,005,500,000	619,600,000	26,800,000	216,300,000	158,900,000	803,200,000	0	0	0	0
Net Change in Cash Margin	0.10%	-1.09%	1.41%	-17.26%	19.45%	-1.89%	-19.14%	13.37%	0.59%	3.35%	2.76%	12.90%	0.00%	0.00%	0.00%	0.00%
Cash at Beginning of Period	1,139,100,000	1,289,460,000	939,100,000	1,888,800,000	709,200,000	819,300,000	1,824,800,000	1,205,200,000	1,178,400,000	962,100,000	803,200,000	0	0	0	0	0
Cash at Beginning of Period Margin	18.69%	23.36%	17.15%	30.31%	11.69%	14.06%	34.73%	26.01%	25.82%	14.91%	13.95%	0.00%	0.00%	0.00%	0.00%	0.00%
Cash at End of Period	1,137,100,000	1,211,080,000	1,020,430,000	813,300,000	1,888,800,000	709,200,000	819,300,000	1,824,800,000	1,205,200,000	1,178,400,000	962,100,000	803,200,000	0	0	0	0
Cash at End of Period Margin	18.79%	22.27%	18.56%	13.05%	31.14%	12.17%	15.59%	39.38%	26.41%	18.26%	16.71%	12.90%	0.00%	0.00%	0.00%	0.00%
Operating Cash Flow	1,394,533,333	1,316,280,000	1,251,950,000	1,526,800,000	1,353,600,000	1,303,200,000	961,100,000	1,436,700,000	1,271,400,000	1,344,400,000	1,176,400,000	1,136,900,000	1,009,000,000	946,700,000	1,030,200,000	944,000,000
Operating Cash Flow Margin	23.06%	23.70%	22.22%	24.50%	22.32%	22.37%	18.29%	31.00%	27.86%	20.83%	20.44%	18.27%	16.33%	14.94%	17.28%	16.32%
Capital Expenditure	-108,000,000	-89,940,000	-99,730,000	-120,400,000	-107,800,000	-95,800,000	-50,000,000	-75,700,000	-74,500,000	-112,300,000	-111,100,000	-129,600,000	-120,100,000	-102,600,000	-81,100,000	-69,600,000
Capital Expenditure Margin	-1.78%	-1.59%	-1.73%	-1.93%	-1.78%	-1.64%	-0.95%	-1.63%	-1.63%	-1.74%	-1.93%	-2.08%	-1.94%	-1.62%	-1.36%	-1.20%
Free Cash Flow	1,286,533,333	1,226,340,000	1,152,220,000	1,406,400,000	1,245,800,000	1,207,400,000	911,100,000	1,361,000,000	1,196,900,000	1,232,100,000	1,065,300,000	1,007,300,000	888,900,000	844,100,000	949,100,000	874,400,000
Free Cash Flow Margin	21.28%	22.11%	20.49%	22.57%	20.54%	20.73%	17.34%	29.37%	26.23%	19.09%	18.51%	16.18%	14.39%	13.32%	15.92%	15.11%

Free Cash Flow Margins

Metric	3Y Avg	5Y Avg	10Y Avg	2024-12-31	2023-12-31	2022-12-31	2021-12-31	2020-12-31	2019-12-31	2018-12-31	2017-12-31	2016-12-31	2015-12-31	2014-12-31	2013-12-31	2012-12-31
Revenue	6,040,933,333	5,602,380,000	5,718,770,000	6,231,800,000	6,065,300,000	5,825,700,000	5,254,700,000	4,634,400,000	4,563,900,000	6,452,700,000	5,756,100,000	6,224,300,000	6,178,800,000	6,337,200,000	5,961,900,000	5,785,300,000
EBITDA	1,575,066,667	1,375,820,000	1,336,400,000	1,666,300,000	1,587,600,000	1,471,300,000	1,206,100,000	947,800,000	820,800,000	1,436,200,000	1,334,600,000	1,422,400,000	1,470,900,000	1,451,300,000	1,331,200,000	1,315,400,000
EBITDA Margin	26.06%	24.31%	23.17%	26.74%	26.18%	25.26%	22.95%	20.45%	17.98%	22.26%	23.19%	22.85%	23.81%	22.90%	22.33%	22.74%
(-) Tax Adjustment	211,492,990	156,411,297	225,388,985	234,924,928	200,292,693	199,261,351	112,688,015	34,889,501	167,231,601	213,219,232	235,320,212	385,842,339	470,219,981	449,049,828	363,657,943	424,664,958
(-) Tax Adjustment Margin	3.50%	2.68%	3.83%	3.77%	3.30%	3.42%	2.14%	0.75%	3.66%	3.30%	4.09%	6.20%	7.61%	7.09%	6.10%	7.34%
(-) Change In Working Capital	40,633,333	70,480,000	32,710,000	103,900,000	38,600,000	-20,600,000	-70,500,000	301,000,000	89,200,000	-37,400,000	15,300,000	48,100,000	-140,500,000	-129,600,000	5,800,000	-47,900,000
(-) Change In Working Capital Margin	0.65%	1.42%	0.72%	1.67%	0.64%	-0.35%	-1.34%	6.49%	1.95%	-0.58%	0.27%	0.77%	-2.27%	-2.05%	0.10%	-0.83%
(-) Capital Expenditure	-108,000,000	-89,940,000	-99,730,000	-120,400,000	-107,800,000	-95,800,000	-50,000,000	-75,700,000	-74,500,000	-112,300,000	-111,100,000	-129,600,000	-120,100,000	-102,600,000	-81,100,000	-69,600,000
(-) Capital Expenditure Margin	-1.78%	-1.59%	-1.73%	-1.93%	-1.78%	-1.64%	-0.95%	-1.63%	-1.63%	-1.74%	-1.93%	-2.08%	-1.94%	-1.62%	-1.36%	-1.20%
Unlevered Free Cash Flow	1,214,940,343	1,058,988,703	978,571,015	1,207,075,072	1,240,907,307	1,196,838,649	1,113,911,985	536,210,499	489,868,399	1,148,080,768	972,879,788	858,857,661	1,021,080,019	1,029,250,172	880,642,057	869,035,042
Unlevered Free Cash Flow Margin	20.12%	18.63%	16.89%	19.37%	20.46%	20.54%	21.20%	11.57%	10.73%	17.79%	16.90%	13.80%	16.53%	16.24%	14.77%	15.02%
(-) Net Interest Income After Taxes	-79,725,500	-47,835,300	-6,656,402	-131,257,343	-107,919,156	0	0	0	0	65,738,835	73,060,181	33,813,467	0	0	0	0
(-) Net Interest Income After Taxes Margin	-1.30%	-0.78%	-0.11%	-2.11%	-1.78%	0.00%	0.00%	0.00%	0.00%	1.02%	1.27%	0.54%	0.00%	0.00%	0.00%	0.00%
Net Debt Issuance	-345,866,667	-483,000,000	341,340,000	137,000,000	-450,700,000	-723,900,000	753,600,000	-2,131,000,000	2,457,900,000	-108,700,000	125,900,000	3,353,300,000	0	0	0	0
Net Debt Issuance Margin	-5.89%	-9.86%	5.89%	2.20%	-7.43%	-12.43%	14.34%	-45.98%	53.86%	-1.68%	2.19%	53.87%	0.00%	0.00%	0.00%	0.00%
Levered Free Cash Flow	948,799,176	623,824,003	1,326,567,416	1,475,332,415	898,126,463	472,938,649	1,867,511,985	-1,594,789,501	2,947,768,399	973,641,932	1,025,719,607	4,178,344,194	1,021,080,019	1,029,250,172	880,642,057	869,035,042
Levered Free Cash Flow Margin	15.53%	9.55%	22.89%	23.67%	14.81%	8.12%	35.54%	-34.41%	64.59%	15.09%	17.82%	67.13%	16.53%	16.24%	14.77%	15.02%