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UL Solutions Inc. (ULS)

Analysis: Margins & Ratios Industry: Specialty Business Services Sector: Industrials Live Price: $75.00

Income Statement Margins

Metric3Y Avg5Y AvgTTMTTM-12024-12-312023-12-312022-12-312021-12-312020-12-312019-12-31
Revenue
2,689,333,333
2,577,200,000
3,003,000,000
2,815,000,000
2,870,000,000
2,678,000,000
2,520,000,000
2,517,000,000
2,301,000,000
2,315,000,000
Cost of Revenue
1,405,333,333
1,364,800,000
1,541,000,000
1,455,000,000
1,490,000,000
1,413,000,000
1,313,000,000
1,338,000,000
1,270,000,000
1,280,000,000
Cost of Revenue Margin
52.26%
53.03%
51.32%
51.69%
51.92%
52.76%
52.10%
53.16%
55.19%
55.29%
Gross Profit
1,284,000,000
1,212,400,000
1,462,000,000
1,360,000,000
1,380,000,000
1,265,000,000
1,207,000,000
1,179,000,000
1,031,000,000
1,035,000,000
Gross Profit Margin
47.74%
46.97%
48.68%
48.31%
48.08%
47.24%
47.90%
46.84%
44.81%
44.71%
R&D Expenses
19,666,667
11,800,000
0
0
59,000,000
0
0
0
0
52,000,000
R&D Expenses Margin
0.69%
0.41%
0.00%
0.00%
2.06%
0.00%
0.00%
0.00%
0.00%
2.25%
SG&A Expenses
857,666,667
826,600,000
943,000,000
926,000,000
918,000,000
860,000,000
795,000,000
892,000,000
668,000,000
723,000,000
SG&A Expenses Margin
31.88%
32.02%
31.40%
32.90%
31.99%
32.11%
31.55%
35.44%
29.03%
31.23%
Operating Expenses
857,666,667
826,600,000
943,000,000
926,000,000
918,000,000
860,000,000
795,000,000
892,000,000
668,000,000
715,000,000
Operating Expenses Margin
31.88%
32.02%
31.40%
32.90%
31.99%
32.11%
31.55%
35.44%
29.03%
30.89%
Operating Income (EBIT)
426,333,333
385,800,000
519,000,000
434,000,000
462,000,000
405,000,000
412,000,000
287,000,000
363,000,000
312,000,000
Operating Income (EBIT) Margin
15.86%
14.95%
17.28%
15.42%
16.10%
15.12%
16.35%
11.40%
15.78%
13.48%
Interest Income
5,333,333
3,200,000
3,000,000
2,000,000
4,000,000
12,000,000
0
0
0
1,000,000
Interest Income Margin
0.20%
0.12%
0.10%
0.07%
0.14%
0.45%
0.00%
0.00%
0.00%
0.04%
Interest Expense
35,666,667
21,800,000
45,000,000
54,000,000
55,000,000
35,000,000
17,000,000
1,000,000
1,000,000
0
Interest Expense Margin
1.30%
0.80%
1.50%
1.92%
1.92%
1.31%
0.67%
0.04%
0.04%
0.00%
Net Interest Income
-30,333,333
-18,600,000
-42,000,000
-52,000,000
-51,000,000
-23,000,000
-17,000,000
-1,000,000
-1,000,000
1,000,000
Net Interest Income Margin
-1.10%
-0.68%
-1.40%
-1.85%
-1.78%
-0.86%
-0.67%
-0.04%
-0.04%
0.04%
Unusual Items
75,333,333
54,200,000
104,000,000
84,000,000
98,000,000
82,000,000
46,000,000
14,000,000
31,000,000
-8,000,000
Unusual Items Margin
2.77%
2.04%
3.46%
2.98%
3.41%
3.06%
1.83%
0.56%
1.35%
-0.35%
EBT Excluding Unusual Items
306,000,000
296,000,000
353,000,000
318,000,000
317,000,000
264,000,000
337,000,000
260,000,000
302,000,000
327,000,000
EBT Excluding Unusual Items Margin
11.43%
11.55%
11.75%
11.30%
11.05%
9.86%
13.37%
10.33%
13.12%
14.13%
Pre-Tax Income
381,333,333
350,200,000
457,000,000
402,000,000
415,000,000
346,000,000
383,000,000
274,000,000
333,000,000
319,000,000
Pre-Tax Income Margin
14.19%
13.59%
15.22%
14.28%
14.46%
12.92%
15.20%
10.89%
14.47%
13.78%
Income Tax Expense
71,333,333
68,000,000
98,000,000
80,000,000
70,000,000
70,000,000
74,000,000
36,000,000
90,000,000
62,000,000
Income Tax Expense Margin
2.66%
2.67%
3.26%
2.84%
2.44%
2.61%
2.94%
1.43%
3.91%
2.68%
Net Income
293,000,000
266,800,000
339,000,000
303,000,000
326,000,000
260,000,000
293,000,000
224,000,000
231,000,000
246,000,000
Net Income Margin
10.90%
10.33%
11.29%
10.76%
11.36%
9.71%
11.63%
8.90%
10.04%
10.63%
Depreciation and Amortization
153,666,667
150,000,000
184,000,000
168,000,000
172,000,000
154,000,000
135,000,000
142,000,000
147,000,000
96,000,000
Depreciation and Amortization Margin
5.70%
5.83%
6.13%
5.97%
5.99%
5.75%
5.36%
5.64%
6.39%
4.15%
EBITDA
570,666,667
522,000,000
686,000,000
624,000,000
642,000,000
535,000,000
535,000,000
417,000,000
481,000,000
408,000,000
EBITDA Margin
21.19%
20.21%
22.84%
22.17%
22.37%
19.98%
21.23%
16.57%
20.90%
17.62%
NOPAT
346,510,913
310,743,321
407,704,595
347,631,841
384,072,289
323,063,584
332,396,867
249,291,971
264,891,892
251,360,502
NOPAT Margin
12.88%
12.01%
13.58%
12.35%
13.38%
12.06%
13.19%
9.90%
11.51%
10.86%
Owner's Earnings
241,333,333
248,400,000
326,000,000
233,000,000
261,000,000
199,000,000
264,000,000
259,000,000
259,000,000
193,000,000
Owner's Earnings Margin
9.00%
9.71%
10.86%
8.28%
9.09%
7.43%
10.48%
10.29%
11.26%
8.34%

Balance Sheet Margins

Metric3Y Avg5Y Avg2024-12-312023-12-312022-12-312021-12-312020-12-31
Revenue
2,689,333,333
2,577,200,000
2,870,000,000
2,678,000,000
2,520,000,000
2,517,000,000
2,301,000,000
Cash & Cash Equivalents
311,666,667
646,800,000
298,000,000
315,000,000
322,000,000
1,328,000,000
971,000,000
Cash & Cash Equivalents Margin
11.64%
25.98%
10.38%
11.76%
12.78%
52.76%
42.20%
Short-Term Investments
17,000,000
19,600,000
0
0
51,000,000
47,000,000
0
Short-Term Investments Margin
0.67%
0.78%
0.00%
0.00%
2.02%
1.87%
0.00%
Cash & Short-Term Investments
328,666,667
666,400,000
298,000,000
315,000,000
373,000,000
1,375,000,000
971,000,000
Cash & Short-Term Investments Margin
12.32%
26.75%
10.38%
11.76%
14.80%
54.63%
42.20%
Net Receivables
587,666,667
577,200,000
586,000,000
590,000,000
587,000,000
557,000,000
566,000,000
Net Receivables Margin
21.91%
22.49%
20.42%
22.03%
23.29%
22.13%
24.60%
Inventory
0
0
0
0
0
0
0
Inventory Margin
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
Other Current Assets
7,333,333
17,000,000
4,000,000
13,000,000
5,000,000
6,000,000
57,000,000
Other Current Assets Margin
0.27%
0.71%
0.14%
0.49%
0.20%
0.24%
2.48%
Total Current Assets
957,333,333
1,293,000,000
921,000,000
953,000,000
998,000,000
1,999,000,000
1,594,000,000
Total Current Assets Margin
35.76%
51.19%
32.09%
35.59%
39.60%
79.42%
69.27%
Property, Plant & Equipment
720,000,000
674,200,000
817,000,000
706,000,000
637,000,000
602,000,000
609,000,000
Property, Plant & Equipment Margin
26.70%
26.10%
28.47%
26.36%
25.28%
23.92%
26.47%
Goodwill
634,333,333
623,400,000
633,000,000
623,000,000
647,000,000
621,000,000
593,000,000
Goodwill Margin
23.66%
24.29%
22.06%
23.26%
25.67%
24.67%
25.77%
Intangible Assets
198,666,667
200,200,000
185,000,000
211,000,000
200,000,000
196,000,000
209,000,000
Intangible Assets Margin
7.42%
7.83%
6.45%
7.88%
7.94%
7.79%
9.08%
Long-Term Investments
61,333,333
127,400,000
58,000,000
64,000,000
62,000,000
44,000,000
409,000,000
Long-Term Investments Margin
2.29%
5.28%
2.02%
2.39%
2.46%
1.75%
17.77%
Tax Assets
115,333,333
102,400,000
108,000,000
110,000,000
128,000,000
166,000,000
0
Tax Assets Margin
4.32%
3.91%
3.76%
4.11%
5.08%
6.60%
0.00%
Other Non-Current Assets
65,000,000
73,200,000
78,000,000
69,000,000
48,000,000
34,000,000
137,000,000
Other Non-Current Assets Margin
2.40%
2.90%
2.72%
2.58%
1.90%
1.35%
5.95%
Other Assets
0
0
0
0
0
0
0
Other Assets Margin
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
Total Non-Current Assets
1,794,666,667
1,800,800,000
1,879,000,000
1,783,000,000
1,722,000,000
1,663,000,000
1,957,000,000
Total Non-Current Assets Margin
66.79%
70.30%
65.47%
66.58%
68.33%
66.07%
85.05%
Total Assets
2,752,000,000
3,093,800,000
2,800,000,000
2,736,000,000
2,720,000,000
3,662,000,000
3,551,000,000
Total Assets Margin
102.55%
121.50%
97.56%
102.17%
107.94%
145.49%
154.32%
Accounts Payable
168,000,000
162,800,000
182,000,000
169,000,000
153,000,000
179,000,000
131,000,000
Accounts Payable Margin
6.24%
6.31%
6.34%
6.31%
6.07%
7.11%
5.69%
Short-Term Debt
16,666,667
10,600,000
50,000,000
0
0
0
3,000,000
Short-Term Debt Margin
0.58%
0.37%
1.74%
0.00%
0.00%
0.00%
0.13%
Tax Payables
0
5,800,000
0
0
0
29,000,000
0
Tax Payables Margin
0.00%
0.23%
0.00%
0.00%
0.00%
1.15%
0.00%
Deferred Revenue
155,333,333
120,200,000
162,000,000
162,000,000
142,000,000
135,000,000
0
Deferred Revenue Margin
5.78%
4.54%
5.64%
6.05%
5.63%
5.36%
0.00%
Other Current Liabilities
250,000,000
268,400,000
54,000,000
339,000,000
357,000,000
413,000,000
179,000,000
Other Current Liabilities Margin
9.57%
10.58%
1.88%
12.66%
14.17%
16.41%
7.78%
Total Current Liabilities
714,333,333
721,000,000
740,000,000
709,000,000
694,000,000
792,000,000
670,000,000
Total Current Liabilities Margin
26.60%
28.08%
25.78%
26.47%
27.54%
31.47%
29.12%
Long-Term Debt
698,333,333
419,000,000
692,000,000
904,000,000
499,000,000
0
0
Long-Term Debt Margin
25.89%
15.53%
24.11%
33.76%
19.80%
0.00%
0.00%
Capital Lease Obligations
171,000,000
165,000,000
193,000,000
159,000,000
161,000,000
154,000,000
158,000,000
Capital Lease Obligations Margin
6.35%
6.41%
6.72%
5.94%
6.39%
6.12%
6.87%
Deferred Tax Liabilities
0
3,000,000
0
0
0
15,000,000
0
Deferred Tax Liabilities Margin
0.00%
0.12%
0.00%
0.00%
0.00%
0.60%
0.00%
Other Non-Current Liabilities
312,666,667
367,200,000
282,000,000
325,000,000
331,000,000
405,000,000
493,000,000
Other Non-Current Liabilities Margin
11.70%
14.52%
9.83%
12.14%
13.13%
16.09%
21.43%
Total Non-Current Liabilities
1,142,333,333
914,800,000
1,129,000,000
1,349,000,000
949,000,000
538,000,000
609,000,000
Total Non-Current Liabilities Margin
42.46%
35.04%
39.34%
50.37%
37.66%
21.37%
26.47%
Total Liabilities
1,856,666,667
1,635,800,000
1,869,000,000
2,058,000,000
1,643,000,000
1,330,000,000
1,279,000,000
Total Liabilities Margin
69.06%
63.12%
65.12%
76.85%
65.20%
52.84%
55.58%
Preferred Stock
0
0
0
0
0
0
0
Preferred Stock Margin
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
Common Stock
0
0
0
0
0
0
0
Common Stock Margin
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
Retained Earnings
161,666,667
699,400,000
250,000,000
24,000,000
211,000,000
1,518,000,000
1,494,000,000
Retained Earnings Margin
5.99%
28.64%
8.71%
0.90%
8.37%
60.31%
64.93%
Accumulated OCI
-159,666,667
-189,200,000
-167,000,000
-146,000,000
-166,000,000
-216,000,000
-251,000,000
Accumulated OCI Margin
-5.95%
-7.47%
-5.82%
-5.45%
-6.59%
-8.58%
-10.91%
Minority Interest
24,666,667
23,000,000
27,000,000
24,000,000
23,000,000
21,000,000
20,000,000
Minority Interest Margin
0.92%
0.89%
0.94%
0.90%
0.91%
0.83%
0.87%
Total Shareholders’ Equity
870,666,667
1,435,000,000
904,000,000
654,000,000
1,054,000,000
2,311,000,000
2,252,000,000
Total Shareholders’ Equity Margin
32.58%
57.49%
31.50%
24.42%
41.83%
91.82%
97.87%
Total Equity
895,333,333
1,458,000,000
931,000,000
678,000,000
1,077,000,000
2,332,000,000
2,272,000,000
Total Equity Margin
33.50%
58.38%
32.44%
25.32%
42.74%
92.65%
98.74%
Total Liabilities & Equity
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%
Total Investments
78,333,333
147,000,000
58,000,000
64,000,000
113,000,000
91,000,000
409,000,000
Total Investments Margin
2.96%
6.06%
2.02%
2.39%
4.48%
3.62%
17.77%
Net Debt
574,333,333
-52,200,000
637,000,000
748,000,000
338,000,000
-1,174,000,000
-810,000,000
Net Debt Margin
21.18%
-3.66%
22.20%
27.93%
13.41%
-46.64%
-35.20%

Capital Metrics

Metric3Y Avg5Y Avg2024-12-312023-12-312022-12-312021-12-312020-12-31
Revenue
2,689,333,333
2,577,200,000
2,870,000,000
2,678,000,000
2,520,000,000
2,517,000,000
2,301,000,000
Working Capital
243,000,000
572,000,000
181,000,000
244,000,000
304,000,000
1,207,000,000
924,000,000
Working Capital Margin
9.16%
23.12%
6.31%
9.11%
12.06%
47.95%
40.16%
Total Capital
1,756,666,667
2,029,600,000
1,839,000,000
1,717,000,000
1,714,000,000
2,465,000,000
2,413,000,000
Total Capital Margin
65.40%
79.80%
64.08%
64.12%
68.02%
97.93%
104.87%
Capital Employed
2,037,666,667
2,372,800,000
2,060,000,000
2,027,000,000
2,026,000,000
2,870,000,000
2,881,000,000
Capital Employed Margin
75.95%
93.42%
71.78%
75.69%
80.40%
114.02%
125.21%
Invested Capital
1,445,000,000
1,382,800,000
1,541,000,000
1,402,000,000
1,392,000,000
1,137,000,000
1,442,000,000
Invested Capital Margin
53.76%
53.83%
53.69%
52.35%
55.24%
45.17%
62.67%

Cash Flow Margins

Metric3Y Avg5Y Avg2024-12-312023-12-312022-12-312021-12-312020-12-312019-12-31
Revenue
2,689,333,333
2,577,200,000
2,870,000,000
2,678,000,000
2,520,000,000
2,517,000,000
2,301,000,000
2,315,000,000
Net Income
293,000,000
266,800,000
326,000,000
260,000,000
293,000,000
224,000,000
231,000,000
246,000,000
Net Income Margin
10.90%
10.33%
11.36%
9.71%
11.63%
8.90%
10.04%
10.63%
Depreciation & Amortization
153,666,667
150,000,000
172,000,000
154,000,000
135,000,000
142,000,000
147,000,000
96,000,000
Depreciation & Amortization Margin
5.70%
5.83%
5.99%
5.75%
5.36%
5.64%
6.39%
4.15%
Deferred Income Tax
7,000,000
-9,800,000
0
11,000,000
10,000,000
-70,000,000
0
0
Deferred Income Tax Margin
0.27%
-0.39%
0.00%
0.41%
0.40%
-2.78%
0.00%
0.00%
Stock-Based Compensation
17,666,667
40,000,000
54,000,000
0
-1,000,000
135,000,000
12,000,000
22,000,000
Stock-Based Compensation Margin
0.61%
1.55%
1.88%
0.00%
-0.04%
5.36%
0.52%
0.95%
Change in Working Capital
-47,666,667
4,800,000
-17,000,000
-18,000,000
-108,000,000
101,000,000
66,000,000
-54,000,000
Change in Working Capital Margin
-1.85%
0.27%
-0.59%
-0.67%
-4.29%
4.01%
2.87%
-2.33%
Accounts Receivable
-12,333,333
-9,600,000
-28,000,000
6,000,000
-15,000,000
-1,000,000
-10,000,000
-76,000,000
Accounts Receivable Margin
-0.45%
-0.36%
-0.98%
0.22%
-0.60%
-0.04%
-0.43%
-3.28%
Inventory
0
0
0
0
0
0
0
0
Inventory Margin
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
Accounts Payable
-1,333,333
6,800,000
13,000,000
1,000,000
-18,000,000
30,000,000
8,000,000
0
Accounts Payable Margin
-0.07%
0.26%
0.45%
0.04%
-0.71%
1.19%
0.35%
0.00%
Other Working Capital
-34,000,000
7,600,000
-2,000,000
-25,000,000
-75,000,000
72,000,000
68,000,000
22,000,000
Other Working Capital Margin
-1.33%
0.37%
-0.07%
-0.93%
-2.98%
2.86%
2.96%
0.95%
Other Non-Cash Items
30,666,667
2,400,000
-11,000,000
60,000,000
43,000,000
-111,000,000
31,000,000
76,000,000
Other Non-Cash Items Margin
1.19%
0.10%
-0.38%
2.24%
1.71%
-4.41%
1.35%
3.28%
Net Cash from Operating Activities
454,333,333
454,200,000
524,000,000
467,000,000
372,000,000
421,000,000
487,000,000
386,000,000
Net Cash from Operating Activities Margin
16.82%
17.67%
18.26%
17.44%
14.76%
16.73%
21.16%
16.67%
Capital Expenditures (PPE)
-205,333,333
-168,400,000
-237,000,000
-215,000,000
-164,000,000
-107,000,000
-119,000,000
-149,000,000
Capital Expenditures (PPE) Margin
-7.60%
-6.44%
-8.26%
-8.03%
-6.51%
-4.25%
-5.17%
-6.44%
Acquisitions (Net)
-36,333,333
-29,600,000
-26,000,000
-18,000,000
-65,000,000
-39,000,000
0
-38,000,000
Acquisitions (Net) Margin
-1.39%
-1.14%
-0.91%
-0.67%
-2.58%
-1.55%
0.00%
-1.64%
Purchases of Investments
-35,000,000
-81,000,000
0
-95,000,000
-10,000,000
-47,000,000
-253,000,000
0
Purchases of Investments Margin
-1.31%
-3.36%
0.00%
-3.55%
-0.40%
-1.87%
-11.00%
0.00%
Sales / Maturities of Investments
48,333,333
108,800,000
0
144,000,000
1,000,000
371,000,000
28,000,000
0
Sales / Maturities of Investments Margin
1.81%
4.27%
0.00%
5.38%
0.04%
14.74%
1.22%
0.00%
Other Investing Activities
12,666,667
7,600,000
29,000,000
9,000,000
0
0
0
23,000,000
Other Investing Activities Margin
0.45%
0.27%
1.01%
0.34%
0.00%
0.00%
0.00%
0.99%
Net Cash from Investing Activities
-215,666,667
-162,600,000
-234,000,000
-175,000,000
-238,000,000
178,000,000
-344,000,000
-164,000,000
Net Cash from Investing Activities Margin
-8.04%
-6.40%
-8.15%
-6.53%
-9.44%
7.07%
-14.95%
-7.08%
Net Debt Issuance
248,333,333
149,000,000
-165,000,000
410,000,000
500,000,000
0
0
0
Net Debt Issuance Margin
9.80%
5.88%
-5.75%
15.31%
19.84%
0.00%
0.00%
0.00%
Long-Term Debt Issuance
248,333,333
149,000,000
-165,000,000
410,000,000
500,000,000
0
0
0
Long-Term Debt Issuance Margin
9.80%
5.88%
-5.75%
15.31%
19.84%
0.00%
0.00%
0.00%
Short-Term Debt Issuance
0
0
0
0
0
0
0
0
Short-Term Debt Issuance Margin
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
Net Stock Issuance
0
0
0
0
0
0
0
0
Net Stock Issuance Margin
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
Common Stock Issuance
0
0
0
0
0
0
0
0
Common Stock Issuance Margin
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
Common Stock Repurchased
0
0
0
0
0
0
0
0
Common Stock Repurchased Margin
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
Preferred Stock Issuance Margin
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
Net Dividends Paid
-793,333,333
-517,800,000
-100,000,000
-680,000,000
-1,600,000,000
-200,000,000
-9,000,000
-7,000,000
Net Dividends Paid Margin
-30.79%
-20.14%
-3.48%
-25.39%
-63.49%
-7.95%
-0.39%
-0.30%
Common Dividends Paid
-793,333,333
-517,800,000
-100,000,000
-680,000,000
-1,600,000,000
-200,000,000
-9,000,000
-7,000,000
Common Dividends Paid Margin
-30.79%
-20.14%
-3.48%
-25.39%
-63.49%
-7.95%
-0.39%
-0.30%
Preferred Dividends Paid
0
0
0
0
0
0
0
0
Preferred Dividends Paid Margin
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
Other Financing Activities
-19,666,667
-19,600,000
-19,000,000
-24,000,000
-16,000,000
-28,000,000
-11,000,000
-15,000,000
Other Financing Activities Margin
-0.73%
-0.76%
-0.66%
-0.90%
-0.63%
-1.11%
-0.48%
-0.65%
Net Cash from Financing Activities
-564,666,667
-388,400,000
-284,000,000
-294,000,000
-1,116,000,000
-228,000,000
-20,000,000
-22,000,000
Net Cash from Financing Activities Margin
-21.72%
-15.02%
-9.90%
-10.98%
-44.29%
-9.06%
-0.87%
-0.95%
Effect of FX on Cash
-17,333,333
-12,400,000
-23,000,000
-5,000,000
-24,000,000
-14,000,000
4,000,000
-9,000,000
Effect of FX on Cash Margin
-0.65%
-0.46%
-0.80%
-0.19%
-0.95%
-0.56%
0.17%
-0.39%
Net Change in Cash
-343,333,333
-109,200,000
-17,000,000
-7,000,000
-1,006,000,000
357,000,000
127,000,000
191,000,000
Net Change in Cash Margin
-13.59%
-4.21%
-0.59%
-0.26%
-39.92%
14.18%
5.52%
8.25%
Cash at Beginning of Period
655,000,000
756,000,000
315,000,000
322,000,000
1,328,000,000
971,000,000
844,000,000
653,000,000
Cash at Beginning of Period Margin
25.23%
30.19%
10.98%
12.02%
52.70%
38.58%
36.68%
28.21%
Cash at End of Period
311,666,667
646,800,000
298,000,000
315,000,000
322,000,000
1,328,000,000
971,000,000
844,000,000
Cash at End of Period Margin
11.64%
25.98%
10.38%
11.76%
12.78%
52.76%
42.20%
36.46%
Operating Cash Flow
454,333,333
454,200,000
524,000,000
467,000,000
372,000,000
421,000,000
487,000,000
386,000,000
Operating Cash Flow Margin
16.82%
17.67%
18.26%
17.44%
14.76%
16.73%
21.16%
16.67%
Capital Expenditure
-205,333,333
-168,400,000
-237,000,000
-215,000,000
-164,000,000
-107,000,000
-119,000,000
-149,000,000
Capital Expenditure Margin
-7.60%
-6.44%
-8.26%
-8.03%
-6.51%
-4.25%
-5.17%
-6.44%
Free Cash Flow
249,000,000
285,800,000
287,000,000
252,000,000
208,000,000
314,000,000
368,000,000
237,000,000
Free Cash Flow Margin
9.22%
11.23%
10.00%
9.41%
8.25%
12.48%
15.99%
10.24%

Free Cash Flow Margins

Metric3Y Avg5Y Avg2024-12-312023-12-312022-12-312021-12-312020-12-312019-12-31
Revenue
2,689,333,333
2,577,200,000
2,870,000,000
2,678,000,000
2,520,000,000
2,517,000,000
2,301,000,000
2,315,000,000
EBITDA
570,666,667
522,000,000
642,000,000
535,000,000
535,000,000
417,000,000
481,000,000
408,000,000
EBITDA Margin
21.19%
20.21%
22.37%
19.98%
21.23%
16.57%
20.90%
17.62%
(-) Tax Adjustment
106,631,432
100,936,524
108,289,157
108,236,994
103,368,146
54,788,321
130,000,000
79,297,806
(-) Tax Adjustment Margin
3.97%
3.95%
3.77%
4.04%
4.10%
2.18%
5.65%
3.43%
(-) Change In Working Capital
-47,666,667
4,800,000
-17,000,000
-18,000,000
-108,000,000
101,000,000
66,000,000
-54,000,000
(-) Change In Working Capital Margin
-1.85%
0.27%
-0.59%
-0.67%
-4.29%
4.01%
2.87%
-2.33%
(-) Capital Expenditure
-205,333,333
-168,400,000
-237,000,000
-215,000,000
-164,000,000
-107,000,000
-119,000,000
-149,000,000
(-) Capital Expenditure Margin
-7.60%
-6.44%
-8.26%
-8.03%
-6.51%
-4.25%
-5.17%
-6.44%
Unlevered Free Cash Flow
306,368,568
247,863,476
313,710,843
229,763,006
375,631,854
154,211,679
166,000,000
233,702,194
Unlevered Free Cash Flow Margin
11.47%
9.55%
10.93%
8.58%
14.91%
6.13%
7.21%
10.10%
(-) Net Interest Income After Taxes
-24,819,939
-15,211,632
-42,397,590
-18,346,821
-13,715,405
-868,613
-729,730
805,643
(-) Net Interest Income After Taxes Margin
-0.90%
-0.55%
-1.48%
-0.69%
-0.54%
-0.03%
-0.03%
0.03%
Net Debt Issuance
248,333,333
149,000,000
-165,000,000
410,000,000
500,000,000
0
0
0
Net Debt Issuance Margin
9.80%
5.88%
-5.75%
15.31%
19.84%
0.00%
0.00%
0.00%
Levered Free Cash Flow
579,521,840
412,075,108
191,108,434
658,109,827
889,347,258
155,080,292
166,729,730
232,896,552
Levered Free Cash Flow Margin
22.18%
15.99%
6.66%
24.57%
35.29%
6.16%
7.25%
10.06%