Hennessy Advisors, Inc. 4.875% Notes due 2026 (HNNAZ)

Analysis: Margins & Ratios Industry: Asset Management Sector: Financial Services Live Price: $24.97

Income Statement Margins

Metric	3Y Avg	5Y Avg	10Y Avg	15Y Avg	20Y Avg	25Y Avg	TTM	TTM-1	2025-09-30	2024-09-30	2023-09-30	2022-09-30	2021-09-30	2020-09-30	2019-09-30	2018-09-30	2017-09-30	2016-09-30	2015-09-30	2014-09-30	2013-09-30	2012-09-30	2011-09-30	2010-09-30	2009-09-30	2008-09-30	2007-09-30	2006-09-30	2005-09-30	2004-09-30	2003-09-30	2002-09-30	2001-09-30
Revenue	29,734,667	30,326,200	38,669,000	33,665,267	28,089,800	23,682,795	35,538,000	29,646,000	35,538,000	29,646,000	24,020,000	29,667,000	32,760,000	33,389,000	42,715,000	54,590,000	52,955,000	51,410,000	44,739,000	34,526,000	24,308,000	7,072,000	7,644,000	7,723,000	5,813,000	10,275,000	16,072,000	16,934,000	11,997,000	9,545,000	4,787,528	2,270,287	1,674,068
Cost of Revenue	10,555,333	9,813,200	14,640,100	13,149,200	9,861,900	7,889,520	10,625,000	14,051,000	10,625,000	9,064,000	11,977,000	8,322,000	9,078,000	8,820,000	20,673,000	24,020,000	22,361,000	21,461,000	19,437,000	15,773,000	12,074,000	3,553,000	0	0	0	0	0	0	0	0	0	0	0
Cost of Revenue Margin	36.78%	33.22%	36.89%	37.19%	27.90%	22.32%	29.90%	47.40%	29.90%	30.57%	49.86%	28.05%	27.71%	26.42%	48.40%	44.00%	42.23%	41.74%	43.45%	45.68%	49.67%	50.24%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Gross Profit	19,179,333	20,513,000	24,028,900	20,516,067	18,227,900	15,793,275	24,913,000	15,595,000	24,913,000	20,582,000	12,043,000	21,345,000	23,682,000	24,569,000	22,042,000	30,570,000	30,594,000	29,949,000	25,302,000	18,753,000	12,234,000	3,519,000	7,644,000	7,723,000	5,813,000	10,275,000	16,072,000	16,934,000	11,997,000	9,545,000	4,787,528	2,270,287	1,674,068
Gross Profit Margin	63.22%	66.78%	63.11%	62.81%	72.10%	77.68%	70.10%	52.60%	70.10%	69.43%	50.14%	71.95%	72.29%	73.58%	51.60%	56.00%	57.77%	58.26%	56.55%	54.32%	50.33%	49.76%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%
R&D Expenses	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
R&D Expenses 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%	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%	0.00%
SG&A Expenses	6,088,000	8,426,800	7,849,300	6,549,000	6,352,050	5,204,341	6,301,000	6,484,000	6,301,000	6,484,000	5,479,000	11,299,000	12,571,000	13,011,000	5,796,000	5,864,000	5,882,000	5,806,000	5,223,000	4,365,000	3,117,000	1,642,000	5,395,000	5,972,000	5,883,000	7,012,000	8,283,000	1,656,000	939,000	872,000	641,718	409,329	205,470
SG&A Expenses Margin	20.80%	27.77%	22.46%	23.70%	33.18%	28.97%	17.73%	21.87%	17.73%	21.87%	22.81%	38.09%	38.37%	38.97%	13.57%	10.74%	11.11%	11.29%	11.67%	12.64%	12.82%	23.22%	70.58%	77.33%	101.20%	68.24%	51.54%	9.78%	7.83%	9.14%	13.40%	18.03%	12.27%
Operating Expenses	9,730,667	10,700,200	9,112,700	7,450,733	7,466,200	6,636,809	11,768,000	6,728,000	11,768,000	11,715,000	5,709,000	11,506,000	12,803,000	13,250,000	6,021,000	6,095,000	6,101,000	6,159,000	5,488,000	4,607,000	3,305,000	1,737,000	5,497,000	6,100,000	6,003,000	7,539,000	8,939,000	8,982,000	5,824,000	4,772,000	3,004,326	1,770,113	1,225,779
Operating Expenses Margin	32.13%	34.85%	26.27%	26.56%	38.13%	43.01%	33.11%	22.69%	33.11%	39.52%	23.77%	38.78%	39.08%	39.68%	14.10%	11.17%	11.52%	11.98%	12.27%	13.34%	13.60%	24.56%	71.91%	78.98%	103.27%	73.37%	55.62%	53.04%	48.55%	49.99%	62.75%	77.97%	73.22%
Operating Income (EBIT)	9,448,667	9,812,800	14,916,200	13,065,333	10,761,700	9,156,467	13,145,000	8,867,000	13,145,000	8,867,000	6,334,000	9,839,000	10,879,000	11,319,000	16,021,000	24,475,000	24,493,000	23,790,000	19,814,000	14,146,000	8,929,000	1,782,000	2,147,000	1,623,000	-190,000	2,736,000	7,133,000	7,952,000	6,173,000	4,773,000	1,783,202	500,174	448,289
Operating Income (EBIT) Margin	31.09%	31.93%	36.84%	36.25%	33.97%	34.68%	36.99%	29.91%	36.99%	29.91%	26.37%	33.16%	33.21%	33.90%	37.51%	44.83%	46.25%	46.28%	44.29%	40.97%	36.73%	25.20%	28.09%	21.02%	-3.27%	26.63%	44.38%	46.96%	51.45%	50.01%	37.25%	22.03%	26.78%
Interest Income	2,800,667	1,726,200	863,100	575,400	431,550	345,240	2,768,000	3,112,000	2,768,000	3,112,000	2,522,000	229,000	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Interest Income Margin	9.60%	5.91%	2.96%	1.97%	1.48%	1.18%	7.79%	10.50%	7.79%	10.50%	10.50%	0.77%	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%	0.00%	0.00%	0.00%	0.00%	0.00%
Interest Expense	1,510,333	1,330,600	1,189,900	985,333	801,400	641,120	1,718,000	2,275,000	0	2,275,000	2,256,000	2,122,000	0	447,000	1,084,000	1,227,000	1,256,000	1,232,000	1,012,000	1,085,000	668,000	51,000	65,000	35,000	87,000	388,000	738,000	0	0	0	0	0	0
Interest Expense Margin	5.69%	4.84%	3.51%	2.99%	2.76%	2.21%	4.83%	7.67%	0.00%	7.67%	9.39%	7.15%	0.00%	1.34%	2.54%	2.25%	2.37%	2.40%	2.26%	3.14%	2.75%	0.72%	0.85%	0.45%	1.50%	3.78%	4.59%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Net Interest Income	1,290,333	395,600	-326,800	-409,933	-369,850	-295,880	1,050,000	837,000	2,768,000	837,000	266,000	-1,893,000	0	-447,000	-1,084,000	-1,227,000	-1,256,000	-1,232,000	-1,012,000	-1,085,000	-668,000	-51,000	-65,000	-35,000	-87,000	-388,000	-738,000	0	0	0	0	0	0
Net Interest Income Margin	3.91%	1.07%	-0.56%	-1.02%	-1.28%	-1.02%	2.95%	2.82%	7.79%	2.82%	1.11%	-6.38%	0.00%	-1.34%	-2.54%	-2.25%	-2.37%	-2.40%	-2.26%	-3.14%	-2.75%	-0.72%	-0.85%	-0.45%	-1.50%	-3.78%	-4.59%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Unusual Items	-1,816,333	-333,000	824,100	940,533	812,950	712,118	-1,525,000	-1,674,000	-3,243,000	-1,674,000	-532,000	3,786,000	-2,000	805,000	1,830,000	2,309,000	2,500,000	2,462,000	2,023,000	2,169,000	1,445,000	101,000	129,000	74,000	136,000	369,000	952,000	620,000	941,000	177,000	0	177,204	248,750
Unusual Items Margin	-5.66%	-0.85%	1.62%	2.40%	2.63%	3.40%	-4.29%	-5.65%	-9.13%	-5.65%	-2.21%	12.76%	-0.01%	2.41%	4.28%	4.23%	4.72%	4.79%	4.52%	6.28%	5.94%	1.43%	1.69%	0.96%	2.34%	3.59%	5.92%	3.66%	7.84%	1.85%	0.00%	7.81%	14.86%
EBT Excluding Unusual Items	11,791,000	10,083,200	13,594,800	11,594,200	9,505,650	8,028,110	15,145,000	11,378,000	16,863,000	11,378,000	7,132,000	4,160,000	10,883,000	10,156,000	13,445,000	21,084,000	20,749,000	20,098,000	16,780,000	10,893,000	6,707,000	1,631,000	1,954,000	1,510,000	-375,000	2,386,000	5,967,000	6,712,000	4,291,000	4,419,000	1,783,202	145,766	-49,211
EBT Excluding Unusual Items Margin	38.51%	32.55%	34.16%	32.46%	30.00%	28.91%	42.62%	38.38%	47.45%	38.38%	29.69%	14.02%	33.22%	30.42%	31.48%	38.62%	39.18%	39.09%	37.51%	31.55%	27.59%	23.06%	25.56%	19.55%	-6.45%	23.22%	37.13%	39.64%	35.77%	46.30%	37.25%	6.42%	-2.94%
Pre-Tax Income	9,974,667	9,750,200	14,418,900	12,534,733	10,318,600	8,740,228	13,620,000	9,704,000	13,620,000	9,704,000	6,600,000	7,946,000	10,881,000	10,961,000	15,275,000	23,393,000	23,249,000	22,560,000	18,803,000	13,062,000	8,152,000	1,732,000	2,083,000	1,584,000	-239,000	2,755,000	6,919,000	7,332,000	5,232,000	4,596,000	1,783,202	322,970	199,539
Pre-Tax Income Margin	32.85%	31.71%	35.78%	34.86%	32.62%	32.30%	38.33%	32.73%	38.33%	32.73%	27.48%	26.78%	33.21%	32.83%	35.76%	42.85%	43.90%	43.88%	42.03%	37.83%	33.54%	24.49%	27.25%	20.51%	-4.11%	26.81%	43.05%	43.30%	43.61%	48.15%	37.25%	14.23%	11.92%
Income Tax Expense	2,698,667	2,566,200	3,947,300	3,816,200	3,236,450	2,775,571	3,660,000	2,607,000	3,660,000	2,607,000	1,829,000	1,756,000	2,979,000	3,120,000	4,244,000	2,778,000	8,307,000	8,193,000	7,414,000	5,395,000	3,332,000	761,000	868,000	671,000	-44,000	1,144,000	2,786,000	2,929,000	2,093,000	1,831,000	721,214	14,273	800
Income Tax Expense Margin	8.90%	8.34%	9.77%	11.05%	10.97%	10.87%	10.30%	8.79%	10.30%	8.79%	7.61%	5.92%	9.09%	9.34%	9.94%	5.09%	15.69%	15.94%	16.57%	15.63%	13.71%	10.76%	11.36%	8.69%	-0.76%	11.13%	17.33%	17.30%	17.45%	19.18%	15.06%	0.63%	0.05%
Net Income	7,276,000	7,184,000	10,471,600	8,718,533	7,082,150	5,964,657	9,960,000	7,097,000	9,960,000	7,097,000	4,771,000	6,190,000	7,902,000	7,841,000	11,031,000	20,615,000	14,942,000	14,367,000	11,389,000	7,667,000	4,820,000	971,000	1,215,000	913,000	-195,000	1,611,000	4,133,000	4,403,000	3,139,000	2,765,000	1,061,988	308,697	198,739
Net Income Margin	23.94%	23.36%	26.00%	23.81%	21.65%	21.43%	28.03%	23.94%	28.03%	23.94%	19.86%	20.86%	24.12%	23.48%	25.82%	37.76%	28.22%	27.95%	25.46%	22.21%	19.83%	13.73%	15.89%	11.82%	-3.35%	15.68%	25.72%	26.00%	26.16%	28.97%	22.18%	13.60%	11.87%
Depreciation and Amortization	254,667	240,600	247,000	224,133	271,350	250,244	290,000	244,000	290,000	244,000	230,000	207,000	232,000	239,000	225,000	231,000	219,000	353,000	265,000	242,000	188,000	95,000	102,000	128,000	120,000	527,000	656,000	634,000	179,000	33,000	21,161	299,612	296,325
Depreciation and Amortization Margin	0.87%	0.80%	0.68%	0.77%	1.41%	2.45%	0.82%	0.82%	0.82%	0.82%	0.96%	0.70%	0.71%	0.72%	0.53%	0.42%	0.41%	0.69%	0.59%	0.70%	0.77%	1.34%	1.33%	1.66%	2.06%	5.13%	4.08%	3.74%	1.49%	0.35%	0.44%	13.20%	17.70%
EBITDA	9,703,333	10,053,400	15,212,900	13,315,600	11,100,900	9,460,991	14,144,000	12,223,000	13,435,000	9,111,000	6,564,000	10,046,000	11,111,000	11,558,000	16,584,000	24,851,000	24,724,000	24,145,000	20,080,000	14,389,000	9,008,000	1,878,000	2,250,000	1,747,000	-32,000	3,670,000	8,313,000	8,586,000	6,352,000	4,806,000	1,804,363	799,786	744,614
EBITDA Margin	31.95%	32.73%	37.63%	37.06%	35.80%	37.47%	39.80%	41.23%	37.80%	30.73%	27.33%	33.86%	33.92%	34.62%	38.82%	45.52%	46.69%	46.97%	44.88%	41.68%	37.06%	26.56%	29.43%	22.62%	-0.55%	35.72%	51.72%	50.70%	52.95%	50.35%	37.69%	35.23%	44.48%
NOPAT	6,892,073	7,248,286	10,836,859	9,080,267	7,381,025	6,247,284	9,612,643	6,484,862	9,612,643	6,484,862	4,578,714	7,664,663	7,900,548	8,097,097	11,569,732	21,568,509	15,741,512	15,150,307	12,001,364	8,303,275	5,279,414	999,031	1,252,331	935,479	-155,021	1,599,890	4,260,831	4,775,321	3,703,564	2,871,485	1,061,988	478,070	446,492
NOPAT Margin	22.66%	23.59%	26.80%	24.74%	22.54%	23.27%	27.05%	21.87%	27.05%	21.87%	19.06%	25.84%	24.12%	24.25%	27.09%	39.51%	29.73%	29.47%	26.83%	24.05%	21.72%	14.13%	16.38%	12.11%	-2.67%	15.57%	26.51%	28.20%	30.87%	30.08%	22.18%	21.06%	26.67%
Owner's Earnings	7,208,000	7,138,000	10,451,000	8,710,667	7,009,350	5,932,249	9,810,000	7,028,000	9,810,000	7,028,000	4,786,000	6,181,000	7,885,000	7,908,000	11,052,000	20,486,000	14,985,000	14,389,000	11,396,000	7,769,000	4,755,000	965,000	1,265,000	972,000	-2,914,000	2,068,000	4,734,000	4,667,000	3,250,000	2,730,000	1,058,099	588,331	492,795
Owner's Earnings Margin	23.75%	23.23%	25.95%	23.82%	19.84%	21.20%	27.60%	23.71%	27.60%	23.71%	19.93%	20.83%	24.07%	23.68%	25.87%	37.53%	28.30%	27.99%	25.47%	22.50%	19.56%	13.65%	16.55%	12.59%	-50.13%	20.13%	29.45%	27.56%	27.09%	28.60%	22.10%	25.91%	29.44%

Balance Sheet Margins

Metric	3Y Avg	5Y Avg	10Y Avg	15Y Avg	20Y Avg	25Y Avg	2025-09-30	2024-09-30	2023-09-30	2022-09-30	2021-09-30	2020-09-30	2019-09-30	2018-09-30	2017-09-30	2016-09-30	2015-09-30	2014-09-30	2013-09-30	2012-09-30	2011-09-30	2010-09-30	2009-09-30	2008-09-30	2007-09-30	2006-09-30	2005-09-30	2004-09-30	2003-09-30	2002-09-30	2001-09-30
Revenue	29,734,667	30,326,200	38,669,000	33,665,267	28,089,800	23,682,795	35,538,000	29,646,000	24,020,000	29,667,000	32,760,000	33,389,000	42,715,000	54,590,000	52,955,000	51,410,000	44,739,000	34,526,000	24,308,000	7,072,000	7,644,000	7,723,000	5,813,000	10,275,000	16,072,000	16,934,000	11,997,000	9,545,000	4,787,528	2,270,287	1,674,068
Cash & Cash Equivalents	65,609,667	54,230,400	35,042,400	25,776,867	21,868,100	18,125,934	72,431,000	63,922,000	60,476,000	58,487,000	15,836,000	9,955,000	24,687,000	25,395,000	15,700,000	3,535,000	3,086,000	7,645,000	8,406,000	8,730,000	8,362,000	8,054,000	5,747,000	12,788,000	13,760,000	10,360,000	6,291,000	4,568,000	2,802,117	2,097,059	28,162
Cash & Cash Equivalents Margin	223.73%	183.34%	108.73%	92.25%	92.91%	84.44%	203.81%	215.62%	251.77%	197.14%	48.34%	29.82%	57.79%	46.52%	29.65%	6.88%	6.90%	22.14%	34.58%	123.44%	109.39%	104.29%	98.86%	124.46%	85.61%	61.18%	52.44%	47.86%	58.53%	92.37%	1.68%
Short-Term Investments	11,000	10,400	9,500	8,533	127,450	102,859	12,000	11,000	10,000	9,000	10,000	9,000	9,000	9,000	8,000	8,000	7,000	7,000	7,000	6,000	6,000	5,000	565,000	675,000	1,171,000	5,000	5,000	5,000	4,372	3,830	4,280
Short-Term Investments Margin	0.04%	0.03%	0.03%	0.03%	1.21%	0.99%	0.03%	0.04%	0.04%	0.03%	0.03%	0.03%	0.02%	0.02%	0.02%	0.02%	0.02%	0.02%	0.03%	0.08%	0.08%	0.06%	9.72%	6.57%	7.29%	0.03%	0.04%	0.05%	0.09%	0.17%	0.26%
Cash & Short-Term Investments	65,620,667	54,240,800	35,051,900	25,785,400	21,995,550	18,228,793	72,443,000	63,933,000	60,486,000	58,496,000	15,846,000	9,964,000	24,696,000	25,404,000	15,708,000	3,543,000	3,093,000	7,652,000	8,413,000	8,736,000	8,368,000	8,059,000	6,312,000	13,463,000	14,931,000	10,365,000	6,296,000	4,573,000	2,806,489	2,100,889	32,442
Cash & Short-Term Investments Margin	223.77%	183.37%	108.76%	92.29%	94.12%	85.43%	203.85%	215.65%	251.82%	197.18%	48.37%	29.84%	57.82%	46.54%	29.66%	6.89%	6.91%	22.16%	34.61%	123.53%	109.47%	104.35%	108.58%	131.03%	92.90%	61.21%	52.48%	47.91%	58.62%	92.54%	1.94%
Net Receivables	3,115,667	2,965,400	3,568,200	3,097,933	2,483,050	2,107,011	3,275,000	3,526,000	2,546,000	2,408,000	3,072,000	2,781,000	3,683,000	4,672,000	4,909,000	4,810,000	4,052,000	3,142,000	2,402,000	643,000	548,000	619,000	0	0	1,165,000	1,408,000	1,218,000	831,000	562,743	251,764	150,756
Net Receivables Margin	10.57%	9.84%	9.33%	9.18%	8.06%	8.48%	9.22%	11.89%	10.60%	8.12%	9.38%	8.33%	8.62%	8.56%	9.27%	9.36%	9.06%	9.10%	9.88%	9.09%	7.17%	8.02%	0.00%	0.00%	7.25%	8.31%	10.15%	8.71%	11.75%	11.09%	9.01%
Inventory	0	-559,000	-608,600	-405,733	-304,300	-243,440	0	0	0	0	-2,795,000	0	-3,291,000	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Inventory Margin	0.00%	-1.71%	-1.62%	-1.08%	-0.81%	-0.65%	0.00%	0.00%	0.00%	0.00%	-8.53%	0.00%	-7.70%	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%	0.00%	0.00%
Other Current Assets	265,667	718,400	749,000	696,933	526,250	426,080	797,000	0	0	0	2,795,000	0	3,291,000	0	0	607,000	1,218,000	786,000	598,000	180,000	182,000	140,000	261,000	242,000	-847,000	275,000	102,000	25,000	0	0	0
Other Current Assets Margin	0.75%	2.15%	1.97%	2.14%	1.85%	1.53%	2.24%	0.00%	0.00%	0.00%	8.53%	0.00%	7.70%	0.00%	0.00%	1.18%	2.72%	2.28%	2.46%	2.55%	2.38%	1.81%	4.49%	2.36%	-5.27%	1.62%	0.85%	0.26%	0.00%	0.00%	0.00%
Total Current Assets	69,497,333	57,971,000	39,602,800	29,892,400	25,323,100	21,029,371	76,515,000	68,276,000	63,701,000	61,657,000	19,706,000	13,382,000	29,012,000	30,744,000	22,900,000	10,135,000	9,412,000	12,181,000	11,682,000	9,749,000	9,334,000	9,004,000	7,238,000	14,140,000	15,414,000	12,280,000	7,837,000	5,494,000	3,405,424	2,352,653	183,198
Total Current Assets Margin	236.94%	195.76%	120.61%	104.69%	105.88%	97.05%	215.30%	230.30%	265.20%	207.83%	60.15%	40.08%	67.92%	56.32%	43.24%	19.71%	21.04%	35.28%	48.06%	137.85%	122.11%	116.59%	124.51%	137.62%	95.91%	72.52%	65.32%	57.56%	71.13%	103.63%	10.94%
Property, Plant & Equipment	1,062,667	1,096,000	734,300	562,933	493,350	408,444	1,200,000	1,388,000	600,000	971,000	1,321,000	570,000	361,000	382,000	254,000	296,000	319,000	240,000	258,000	148,000	136,000	180,000	222,000	301,000	337,000	383,000	125,000	88,000	46,212	42,323	42,567
Property, Plant & Equipment Margin	3.52%	3.57%	2.22%	1.90%	2.10%	1.97%	3.38%	4.68%	2.50%	3.27%	4.03%	1.71%	0.85%	0.70%	0.48%	0.58%	0.71%	0.70%	1.06%	2.09%	1.78%	2.33%	3.82%	2.93%	2.10%	2.26%	1.04%	0.92%	0.97%	1.86%	2.54%
Goodwill	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Goodwill 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%	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%
Intangible Assets	27,417,333	32,579,000	31,816,600	24,200,467	22,363,300	17,949,880	0	82,252,000	0	0	80,643,000	0	80,643,000	0	74,628,000	0	0	0	0	22,557,000	22,284,000	22,284,000	22,220,000	19,406,000	19,406,000	943,000	1,481,000	0	0	0	0
Intangible Assets Margin	92.48%	104.72%	85.33%	97.59%	122.49%	98.49%	0.00%	277.45%	0.00%	0.00%	246.16%	0.00%	188.79%	0.00%	140.93%	0.00%	0.00%	0.00%	0.00%	318.96%	291.52%	288.54%	382.25%	188.87%	120.74%	5.57%	12.34%	0.00%	0.00%	0.00%	0.00%
Long-Term Investments	0	-16,128,600	-23,591,400	-15,679,133	-10,731,700	-6,684,862	0	0	0	0	-80,643,000	0	-80,643,000	0	-74,628,000	0	0	0	0	404,000	323,000	364,000	366,000	417,000	0	19,406,000	19,406,000	14,142,000	5,637,943	4,480,888	3,845,622
Long-Term Investments Margin	0.00%	-49.23%	-57.59%	-37.73%	-21.81%	16.74%	0.00%	0.00%	0.00%	0.00%	-246.16%	0.00%	-188.79%	0.00%	-140.93%	0.00%	0.00%	0.00%	0.00%	5.71%	4.23%	4.71%	6.30%	4.06%	0.00%	114.60%	161.76%	148.16%	117.76%	197.37%	229.72%
Tax Assets	0	2,487,400	2,337,500	1,558,333	1,180,800	957,560	0	0	0	0	12,437,000	0	10,269,000	0	669,000	0	0	0	0	0	0	0	241,000	0	0	0	145,000	127,000	51,000	0	0
Tax Assets Margin	0.00%	7.59%	6.33%	4.22%	3.37%	2.84%	0.00%	0.00%	0.00%	0.00%	37.96%	0.00%	24.04%	0.00%	1.26%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	4.15%	0.00%	0.00%	0.00%	1.21%	1.33%	1.07%	0.00%	0.00%
Other Non-Current Assets	54,781,667	62,762,000	69,217,600	58,758,000	44,098,100	34,949,395	82,744,000	183,000	81,418,000	81,024,000	68,441,000	80,834,000	70,566,000	78,354,000	74,104,000	74,508,000	63,402,000	62,894,000	62,794,000	44,000	60,000	67,000	-188,000	71,000	547,000	95,000	113,000	63,000	8,284	-4,523,211	-3,888,189
Other Non-Current Assets Margin	190.80%	210.89%	189.01%	164.92%	123.80%	81.85%	232.83%	0.62%	338.96%	273.11%	208.92%	242.10%	165.20%	143.53%	139.94%	144.93%	141.72%	182.16%	258.33%	0.62%	0.78%	0.87%	-3.23%	0.69%	3.40%	0.56%	0.94%	0.66%	0.17%	-199.24%	-232.26%
Other Assets	0	0	0	0	0	11,308	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	57,150	225,540
Other Assets Margin	0.00%	0.00%	0.00%	0.00%	0.00%	0.64%	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%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	2.52%	13.47%
Total Non-Current Assets	83,261,667	82,795,800	80,514,600	69,400,600	57,403,850	47,916,874	83,944,000	83,823,000	82,018,000	81,995,000	82,199,000	81,404,000	81,196,000	78,736,000	75,027,000	74,804,000	63,721,000	63,134,000	63,052,000	23,153,000	22,803,000	22,895,000	22,861,000	20,195,000	20,290,000	20,827,000	21,270,000	14,420,000	5,743,439	4,523,211	3,888,189
Total Non-Current Assets Margin	286.80%	277.54%	225.30%	230.89%	229.95%	219.15%	236.21%	282.75%	341.46%	276.38%	250.91%	243.80%	190.09%	144.23%	141.68%	145.50%	142.43%	182.86%	259.39%	327.39%	298.31%	296.45%	393.27%	196.55%	126.24%	122.99%	177.29%	151.07%	119.97%	199.24%	232.26%
Total Assets	152,759,000	140,766,800	120,117,400	99,293,000	82,726,950	68,957,552	160,459,000	152,099,000	145,719,000	143,652,000	101,905,000	94,786,000	110,208,000	109,480,000	97,927,000	84,939,000	73,133,000	75,315,000	74,734,000	32,902,000	32,137,000	31,899,000	30,099,000	34,335,000	35,704,000	33,107,000	29,107,000	19,914,000	9,148,863	6,933,014	4,296,927
Total Assets Margin	523.74%	473.30%	345.91%	335.59%	335.82%	316.83%	451.51%	513.05%	606.66%	484.21%	311.07%	283.88%	258.01%	200.55%	184.92%	165.22%	163.47%	218.14%	307.45%	465.24%	420.42%	413.04%	517.79%	334.16%	222.15%	195.51%	242.62%	208.63%	191.10%	305.38%	256.68%
Accounts Payable	0	0	0	130,667	493,200	644,310	0	0	0	0	0	0	0	0	0	0	0	0	0	1,087,000	873,000	1,005,000	1,394,000	1,238,000	2,019,000	2,248,000	1,818,000	1,416,000	633,333	125,216	2,251,200
Accounts Payable Margin	0.00%	0.00%	0.00%	1.79%	5.08%	11.40%	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%	15.37%	11.42%	13.01%	23.98%	12.05%	12.56%	13.28%	15.15%	14.83%	13.23%	5.52%	134.47%
Short-Term Debt	121,667	144,800	1,773,500	1,930,000	1,889,050	1,661,156	365,000	0	0	0	359,000	0	4,327,000	4,228,000	4,228,000	4,228,000	4,375,000	3,750,000	1,840,000	625,000	625,000	573,000	1,973,000	2,102,000	2,092,000	2,091,000	2,091,000	1,129,000	527,912	0	0
Short-Term Debt Margin	0.34%	0.42%	3.62%	5.43%	8.43%	8.36%	1.03%	0.00%	0.00%	0.00%	1.10%	0.00%	10.13%	7.75%	7.98%	8.22%	9.78%	10.86%	7.57%	8.84%	8.18%	7.42%	33.94%	20.46%	13.02%	12.35%	17.43%	11.83%	11.03%	0.00%	0.00%
Tax Payables	530,000	692,000	669,800	525,800	398,650	320,287	661,000	181,000	748,000	820,000	1,050,000	949,000	672,000	558,000	676,000	383,000	1,097,000	0	44,000	48,000	0	18,000	0	0	68,000	0	0	1,000	0	33,168	0
Tax Payables Margin	1.86%	2.31%	1.90%	1.49%	1.15%	0.98%	1.86%	0.61%	3.11%	2.76%	3.21%	2.84%	1.57%	1.02%	1.28%	0.74%	2.45%	0.00%	0.18%	0.68%	0.00%	0.23%	0.00%	0.00%	0.42%	0.00%	0.00%	0.01%	0.00%	1.46%	0.00%
Deferred Revenue	0	0	20,200	13,467	10,100	8,080	0	0	0	0	0	0	0	0	202,000	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Deferred Revenue Margin	0.00%	0.00%	0.04%	0.03%	0.02%	0.02%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.38%	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 Current Liabilities	3,617,000	3,087,400	1,852,400	1,260,200	947,650	666,745	5,648,000	2,943,000	2,260,000	2,207,000	2,379,000	2,571,000	116,000	166,000	202,000	32,000	94,000	142,000	32,000	87,000	24,000	50,000	0	0	0	0	0	0	0	-33,168	-2,251,200
Other Current Liabilities Margin	11.74%	9.99%	5.86%	4.06%	3.08%	-2.97%	15.89%	9.93%	9.41%	7.44%	7.26%	7.70%	0.27%	0.30%	0.38%	0.06%	0.21%	0.41%	0.13%	1.23%	0.31%	0.65%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	-1.46%	-134.47%
Total Current Liabilities	5,053,000	5,087,200	7,760,600	7,409,267	6,400,500	5,520,106	6,013,000	4,954,000	4,192,000	4,717,000	5,560,000	5,092,000	11,363,000	12,035,000	12,459,000	11,221,000	10,265,000	7,430,000	12,469,000	1,847,000	1,522,000	1,646,000	3,367,000	3,340,000	4,179,000	4,339,000	3,909,000	2,546,000	1,161,245	125,216	2,251,200
Total Current Liabilities Margin	17.03%	16.79%	19.32%	22.33%	24.92%	28.87%	16.92%	16.71%	17.45%	15.90%	16.97%	15.25%	26.60%	22.05%	23.53%	21.83%	22.94%	21.52%	51.30%	26.12%	19.91%	21.31%	57.92%	32.51%	26.00%	25.62%	32.58%	26.67%	24.26%	5.52%	134.47%
Long-Term Debt	39,592,667	31,529,600	23,588,000	20,515,533	16,490,450	13,963,003	40,137,000	39,477,000	39,164,000	38,870,000	0	0	13,048,000	17,500,000	21,728,000	25,956,000	30,625,000	22,972,000	15,027,000	1,302,000	1,927,000	2,552,000	0	4,417,000	6,508,000	8,599,000	10,690,000	6,208,000	527,912	0	1,840,159
Long-Term Debt Margin	136.38%	108.03%	69.43%	62.31%	55.10%	55.08%	112.94%	133.16%	163.05%	131.02%	0.00%	0.00%	30.55%	32.06%	41.03%	50.49%	68.45%	66.54%	61.82%	18.41%	25.21%	33.04%	0.00%	42.99%	40.49%	50.78%	89.11%	65.04%	11.03%	0.00%	109.92%
Capital Lease Obligations	667,000	730,400	398,200	265,467	199,100	159,280	695,000	1,027,000	279,000	646,000	1,005,000	330,000	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Capital Lease Obligations Margin	2.19%	2.37%	1.28%	0.85%	0.64%	0.51%	1.96%	3.46%	1.16%	2.18%	3.07%	0.99%	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%	0.00%	0.00%	0.00%
Deferred Tax Liabilities	15,615,333	14,554,200	12,616,200	10,467,400	8,383,500	6,764,080	16,573,000	15,662,000	14,611,000	13,488,000	12,437,000	11,516,000	10,269,000	8,965,000	12,210,000	10,431,000	9,148,000	7,499,000	5,825,000	4,529,000	3,848,000	3,177,000	2,607,000	2,029,000	1,627,000	1,219,000	829,000	452,000	151,000	0	0
Deferred Tax Liabilities Margin	53.43%	48.74%	36.20%	36.17%	33.28%	27.22%	46.63%	52.83%	60.83%	45.46%	37.96%	34.49%	24.04%	16.42%	23.06%	20.29%	20.45%	21.72%	23.96%	64.04%	50.34%	41.14%	44.85%	19.75%	10.12%	7.20%	6.91%	4.74%	3.15%	0.00%	0.00%
Other Non-Current Liabilities	0	2,487,400	1,176,800	1,559,600	1,169,700	841,037	0	0	0	0	12,437,000	0	0	0	-669,000	0	0	0	11,626,000	0	0	0	0	0	0	0	0	0	-527,912	0	-1,840,159
Other Non-Current Liabilities Margin	0.00%	7.59%	3.67%	5.64%	4.23%	-1.46%	0.00%	0.00%	0.00%	0.00%	37.96%	0.00%	0.00%	0.00%	-1.26%	0.00%	0.00%	0.00%	47.83%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	-11.03%	0.00%	-109.92%
Total Non-Current Liabilities	55,439,667	46,407,800	36,366,200	31,866,000	25,540,700	21,239,366	56,710,000	55,834,000	53,775,000	52,637,000	13,083,000	11,516,000	23,317,000	26,465,000	33,938,000	36,387,000	39,773,000	30,471,000	32,478,000	5,831,000	5,775,000	5,753,000	2,611,000	6,472,000	8,170,000	9,818,000	11,519,000	6,660,000	151,000	0	1,840,159
Total Non-Current Liabilities Margin	190.60%	157.83%	106.16%	102.02%	91.08%	84.02%	159.58%	188.34%	223.88%	177.43%	39.94%	34.49%	54.59%	48.48%	64.09%	70.78%	88.90%	88.26%	133.61%	82.45%	75.55%	74.49%	44.92%	62.99%	50.83%	57.98%	96.02%	69.77%	3.15%	0.00%	109.92%
Total Liabilities	60,492,667	51,495,000	44,126,800	39,275,267	31,941,200	26,759,473	62,723,000	60,788,000	57,967,000	57,354,000	18,643,000	16,608,000	34,680,000	38,500,000	46,397,000	47,608,000	50,038,000	37,901,000	44,947,000	7,678,000	7,297,000	7,399,000	5,978,000	9,812,000	12,349,000	14,157,000	15,428,000	9,206,000	1,312,245	125,216	4,091,359
Total Liabilities Margin	207.62%	174.62%	125.48%	124.36%	116.00%	112.89%	176.50%	205.05%	241.33%	193.33%	56.91%	49.74%	81.19%	70.53%	87.62%	92.60%	111.84%	109.78%	184.91%	108.57%	95.46%	95.80%	102.84%	95.49%	76.84%	83.60%	128.60%	96.45%	27.41%	5.52%	244.40%
Preferred Stock	0	12,659,600	15,774,000	10,516,000	7,887,000	6,309,600	0	0	0	0	63,298,000	0	57,855,000	0	36,587,000	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Preferred Stock Margin	0.00%	38.64%	39.78%	26.52%	19.89%	15.91%	0.00%	0.00%	0.00%	0.00%	193.22%	0.00%	135.44%	0.00%	69.09%	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%
Common Stock	22,623,333	21,757,000	19,016,800	15,480,400	12,461,150	11,084,770	23,478,000	22,592,000	21,800,000	20,951,000	19,964,000	18,705,000	17,673,000	16,783,000	14,943,000	13,279,000	11,654,000	10,852,000	9,948,000	9,584,000	0	0	9,466,000	0	0	7,551,000	6,951,000	6,881,000	6,788,205	6,788,205	487,840
Common Stock Margin	77.68%	72.92%	54.68%	52.05%	49.41%	63.52%	66.06%	76.21%	90.76%	70.62%	60.94%	56.02%	41.37%	30.74%	28.22%	25.83%	26.05%	31.43%	40.92%	135.52%	0.00%	0.00%	162.84%	0.00%	0.00%	44.59%	57.94%	72.09%	141.79%	299.00%	29.14%
Retained Earnings	69,643,000	67,514,800	56,973,800	43,919,333	36,473,000	29,622,942	74,258,000	68,719,000	65,952,000	65,347,000	63,298,000	59,473,000	57,855,000	54,197,000	36,587,000	24,052,000	11,441,000	26,562,000	19,839,000	15,748,000	15,462,000	15,192,000	14,801,000	15,513,000	14,417,000	10,747,000	6,683,000	3,790,000	1,024,405	-37,583	-346,280
Retained Earnings Margin	238.44%	225.76%	165.75%	151.11%	151.10%	124.66%	208.95%	231.80%	274.57%	220.27%	193.22%	178.12%	135.44%	99.28%	69.09%	46.78%	25.57%	76.93%	81.62%	222.68%	202.28%	196.71%	254.62%	150.98%	89.70%	63.46%	55.71%	39.71%	21.40%	-1.66%	-20.68%
Accumulated OCI	0	16,652,400	8,096,100	5,377,600	4,013,750	3,211,000	0	0	0	0	83,262,000	0	-1,379,000	0	-922,000	0	0	0	0	-108,000	-189,000	-148,000	-146,000	-95,000	0	0	0	0	0	0	0
Accumulated OCI Margin	0.00%	50.83%	24.92%	16.35%	11.99%	9.59%	0.00%	0.00%	0.00%	0.00%	254.16%	0.00%	-3.23%	0.00%	-1.74%	0.00%	0.00%	0.00%	0.00%	-1.53%	-2.47%	-1.92%	-2.51%	-0.92%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Minority Interest	0	-2,968,200	-1,191,400	-794,267	-595,700	-476,560	0	0	0	0	-14,841,000	0	-7,321,000	0	10,248,000	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Minority Interest Margin	0.00%	-9.06%	-4.31%	-2.87%	-2.15%	-1.72%	0.00%	0.00%	0.00%	0.00%	-45.30%	0.00%	-17.14%	0.00%	19.35%	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%
Total Shareholders’ Equity	92,266,333	89,271,800	75,990,600	60,017,733	50,785,750	42,196,753	97,736,000	91,311,000	87,752,000	86,298,000	83,262,000	78,178,000	75,528,000	70,980,000	51,530,000	37,331,000	23,095,000	37,414,000	29,787,000	25,224,000	24,840,000	24,500,000	24,121,000	24,523,000	23,355,000	18,950,000	13,679,000	10,708,000	7,836,618	6,774,630	205,568
Total Shareholders’ Equity Margin	316.12%	298.68%	220.43%	211.23%	219.83%	203.88%	275.02%	308.00%	365.33%	290.89%	254.16%	234.14%	176.82%	130.02%	97.31%	72.61%	51.62%	108.36%	122.54%	356.67%	324.96%	317.23%	414.95%	238.67%	145.31%	111.91%	114.02%	112.18%	163.69%	298.40%	12.28%
Total Equity	92,266,333	89,271,800	77,015,400	60,700,933	51,298,150	42,606,673	97,736,000	91,311,000	87,752,000	86,298,000	83,262,000	78,178,000	75,528,000	70,980,000	61,778,000	37,331,000	23,095,000	37,414,000	29,787,000	25,224,000	24,840,000	24,500,000	24,121,000	24,523,000	23,355,000	18,950,000	13,679,000	10,708,000	7,836,618	6,774,630	205,568
Total Equity Margin	316.12%	298.68%	222.37%	212.52%	220.79%	204.66%	275.02%	308.00%	365.33%	290.89%	254.16%	234.14%	176.82%	130.02%	116.66%	72.61%	51.62%	108.36%	122.54%	356.67%	324.96%	317.23%	414.95%	238.67%	145.31%	111.91%	114.02%	112.18%	163.69%	298.40%	12.28%
Total Liabilities & Equity	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	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%	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%
Total Investments	11,000	-16,118,200	-16,119,100	-10,695,400	-6,872,850	-3,596,883	12,000	11,000	10,000	9,000	-80,633,000	9,000	-80,634,000	9,000	8,000	8,000	7,000	7,000	7,000	410,000	329,000	369,000	931,000	1,092,000	1,171,000	19,411,000	19,411,000	14,147,000	5,642,315	4,484,718	3,849,902
Total Investments Margin	0.04%	-49.20%	-43.47%	-28.30%	-13.56%	23.37%	0.03%	0.04%	0.04%	0.03%	-246.13%	0.03%	-188.77%	0.02%	0.02%	0.02%	0.02%	0.02%	0.03%	5.80%	4.30%	4.78%	16.02%	10.63%	7.29%	114.63%	161.80%	148.21%	117.85%	197.54%	229.97%
Net Debt	-25,460,000	-22,036,400	-9,388,100	-3,136,133	-3,342,200	-2,384,654	-31,929,000	-23,418,000	-21,033,000	-18,971,000	-14,831,000	-9,625,000	-7,312,000	-3,667,000	10,256,000	26,649,000	31,914,000	19,077,000	8,461,000	-6,803,000	-5,810,000	-4,929,000	-3,774,000	-6,269,000	-5,160,000	330,000	6,490,000	2,769,000	-1,746,293	-2,097,059	1,811,997
Net Debt Margin	-85.47%	-73.12%	-34.71%	-23.86%	-28.89%	-20.61%	-89.84%	-78.99%	-87.56%	-63.95%	-45.27%	-28.83%	-17.12%	-6.72%	19.37%	51.84%	71.33%	55.25%	34.81%	-96.20%	-76.01%	-63.82%	-64.92%	-61.01%	-32.11%	1.95%	54.10%	29.01%	-36.48%	-92.37%	108.24%

Capital Metrics

Metric	3Y Avg	5Y Avg	10Y Avg	15Y Avg	20Y Avg	25Y Avg	2025-09-30	2024-09-30	2023-09-30	2022-09-30	2021-09-30	2020-09-30	2019-09-30	2018-09-30	2017-09-30	2016-09-30	2015-09-30	2014-09-30	2013-09-30	2012-09-30	2011-09-30	2010-09-30	2009-09-30	2008-09-30	2007-09-30	2006-09-30	2005-09-30	2004-09-30	2003-09-30	2002-09-30	2001-09-30
Revenue	29,734,667	30,326,200	38,669,000	33,665,267	28,089,800	23,682,795	35,538,000	29,646,000	24,020,000	29,667,000	32,760,000	33,389,000	42,715,000	54,590,000	52,955,000	51,410,000	44,739,000	34,526,000	24,308,000	7,072,000	7,644,000	7,723,000	5,813,000	10,275,000	16,072,000	16,934,000	11,997,000	9,545,000	4,787,528	2,270,287	1,674,068
Working Capital	64,444,333	52,883,800	31,842,200	22,483,133	18,922,600	15,509,265	70,502,000	63,322,000	59,509,000	56,940,000	14,146,000	8,290,000	17,649,000	18,709,000	10,441,000	-1,086,000	-853,000	4,751,000	-787,000	7,902,000	7,812,000	7,358,000	3,871,000	10,800,000	11,235,000	7,941,000	3,928,000	2,948,000	2,244,179	2,227,437	-2,068,002
Working Capital Margin	219.91%	178.97%	101.29%	82.36%	80.96%	68.17%	198.38%	213.59%	247.75%	191.93%	43.18%	24.83%	41.32%	34.27%	19.72%	-2.11%	-1.91%	13.76%	-3.24%	111.74%	102.20%	95.27%	66.59%	105.11%	69.90%	46.89%	32.74%	30.89%	46.88%	98.11%	-123.53%
Total Capital	132,416,000	121,465,800	101,644,900	82,658,467	69,311,650	57,938,032	138,238,000	131,815,000	127,195,000	125,814,000	84,267,000	78,508,000	92,903,000	92,708,000	77,486,000	67,515,000	58,095,000	64,136,000	46,654,000	27,151,000	27,392,000	27,625,000	26,094,000	31,042,000	31,955,000	29,640,000	26,460,000	18,045,000	8,892,442	6,774,630	2,045,727
Total Capital Margin	454.38%	408.89%	294.46%	279.63%	283.85%	267.72%	388.99%	444.63%	529.54%	424.09%	257.23%	235.13%	217.50%	169.83%	146.32%	131.33%	129.85%	185.76%	191.93%	383.92%	358.35%	357.70%	448.89%	302.11%	198.82%	175.03%	220.56%	189.05%	185.74%	298.40%	122.20%
Capital Employed	147,706,000	135,679,600	112,356,800	91,883,733	76,326,450	63,437,446	154,446,000	147,145,000	141,527,000	138,935,000	96,345,000	89,694,000	98,845,000	97,445,000	85,468,000	73,718,000	62,868,000	67,885,000	62,265,000	31,055,000	30,615,000	30,253,000	26,732,000	30,995,000	31,525,000	28,768,000	25,198,000	17,368,000	7,987,618	6,807,798	2,045,727
Capital Employed Margin	506.71%	456.51%	326.59%	313.25%	310.90%	287.96%	434.59%	496.34%	589.20%	468.31%	294.09%	268.63%	231.41%	178.50%	161.40%	143.39%	140.52%	196.62%	256.15%	439.13%	400.51%	391.73%	459.87%	301.65%	196.15%	169.88%	210.04%	181.96%	166.84%	299.87%	122.20%
Invested Capital	66,806,333	67,235,400	66,602,500	56,881,600	47,443,550	39,812,098	65,807,000	67,893,000	66,719,000	67,327,000	68,431,000	68,553,000	68,216,000	67,313,000	61,786,000	63,980,000	55,009,000	56,491,000	38,248,000	18,421,000	19,030,000	19,571,000	20,347,000	18,254,000	18,195,000	19,280,000	20,169,000	13,477,000	6,090,325	4,677,571	2,017,565
Invested Capital Margin	230.65%	225.56%	185.72%	187.37%	190.94%	183.27%	185.17%	229.01%	277.76%	226.94%	208.89%	205.32%	159.70%	123.31%	116.68%	124.45%	122.96%	163.62%	157.35%	260.48%	248.95%	253.41%	350.03%	177.65%	113.21%	113.85%	168.12%	141.19%	127.21%	206.03%	120.52%

Cash Flow Margins

Metric	3Y Avg	5Y Avg	10Y Avg	15Y Avg	20Y Avg	25Y Avg	2025-09-30	2024-09-30	2023-09-30	2022-09-30	2021-09-30	2020-09-30	2019-09-30	2018-09-30	2017-09-30	2016-09-30	2015-09-30	2014-09-30	2013-09-30	2012-09-30	2011-09-30	2010-09-30	2009-09-30	2008-09-30	2007-09-30	2006-09-30	2005-09-30	2004-09-30	2003-09-30	2002-09-30	2001-09-30
Revenue	29,734,667	30,326,200	38,669,000	33,665,267	28,089,800	23,682,795	35,538,000	29,646,000	24,020,000	29,667,000	32,760,000	33,389,000	42,715,000	54,590,000	52,955,000	51,410,000	44,739,000	34,526,000	24,308,000	7,072,000	7,644,000	7,723,000	5,813,000	10,275,000	16,072,000	16,934,000	11,997,000	9,545,000	4,787,528	2,270,287	1,674,068
Net Income	7,276,000	7,184,000	10,471,600	8,718,533	7,082,150	5,964,657	9,960,000	7,097,000	4,771,000	6,190,000	7,902,000	7,841,000	11,031,000	20,615,000	14,942,000	14,367,000	11,389,000	7,667,000	4,820,000	971,000	1,215,000	913,000	-195,000	1,611,000	4,133,000	4,403,000	3,139,000	2,765,006	1,061,988	308,697	198,739
Net Income Margin	23.94%	23.36%	26.00%	23.81%	21.65%	21.43%	28.03%	23.94%	19.86%	20.86%	24.12%	23.48%	25.82%	37.76%	28.22%	27.95%	25.46%	22.21%	19.83%	13.73%	15.89%	11.82%	-3.35%	15.68%	25.72%	26.00%	26.16%	28.97%	22.18%	13.60%	11.87%
Depreciation & Amortization	254,667	240,600	232,300	214,333	264,000	244,364	290,000	244,000	230,000	207,000	232,000	239,000	225,000	231,000	219,000	206,000	265,000	242,000	188,000	95,000	102,000	128,000	120,000	527,000	656,000	634,000	179,000	33,000	21,161	299,612	296,325
Depreciation & Amortization Margin	0.87%	0.80%	0.65%	0.75%	1.40%	2.44%	0.82%	0.82%	0.96%	0.70%	0.71%	0.72%	0.53%	0.42%	0.41%	0.40%	0.59%	0.70%	0.77%	1.34%	1.33%	1.66%	2.06%	5.13%	4.08%	3.74%	1.49%	0.35%	0.44%	13.20%	17.70%
Deferred Income Tax	1,028,333	1,011,400	856,400	989,867	861,100	717,548	911,000	1,051,000	1,123,000	1,051,000	921,000	1,247,000	1,304,000	-2,576,000	1,717,000	1,815,000	1,486,000	1,921,000	1,598,000	653,000	626,000	693,000	562,000	480,000	364,000	275,000	359,000	238,000	119,695	0	0
Deferred Income Tax Margin	3.59%	3.43%	2.60%	3.92%	4.30%	3.76%	2.56%	3.55%	4.68%	3.54%	2.81%	3.73%	3.05%	-4.72%	3.24%	3.53%	3.32%	5.56%	6.57%	9.23%	8.19%	8.97%	9.67%	4.67%	2.26%	1.62%	2.99%	2.49%	2.50%	0.00%	0.00%
Stock-Based Compensation	1,042,333	1,160,200	1,571,400	1,093,333	820,000	656,000	1,128,000	990,000	1,009,000	1,236,000	1,438,000	1,782,000	2,184,000	2,413,000	2,118,000	1,416,000	692,000	0	0	-1,000	-5,000	0	0	0	0	0	0	0	0	0	0
Stock-Based Compensation Margin	3.57%	3.85%	4.09%	2.82%	2.12%	1.69%	3.17%	3.34%	4.20%	4.17%	4.39%	5.34%	5.11%	4.42%	4.00%	2.75%	1.55%	0.00%	0.00%	-0.01%	-0.07%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Change in Working Capital	149,333	25,800	133,200	73,533	52,800	60,203	1,175,000	-446,000	-281,000	-283,000	-36,000	-549,000	-458,000	753,000	703,000	754,000	751,000	-533,000	-563,000	291,000	-175,000	94,000	25,000	-570,000	86,000	318,000	-243,000	462,000	156,949	-164,316	237,438
Change in Working Capital Margin	0.21%	-0.09%	0.10%	0.04%	-0.04%	0.49%	3.31%	-1.50%	-1.17%	-0.95%	-0.11%	-1.64%	-1.07%	1.38%	1.33%	1.47%	1.68%	-1.54%	-2.32%	4.11%	-2.29%	1.22%	0.43%	-5.55%	0.54%	1.88%	-2.03%	4.84%	3.28%	-7.24%	14.18%
Accounts Receivable	-241,333	-74,400	122,800	-153,067	-84,850	-112,325	251,000	-980,000	5,000	744,000	-392,000	888,000	968,000	66,000	-99,000	-223,000	-1,001,000	-740,000	-1,759,000	-95,000	71,000	-59,000	110,000	495,000	243,000	-190,000	-387,000	-269,000	-318,000	-137,114	0
Accounts Receivable Margin	-0.86%	-0.25%	0.32%	-0.59%	-0.13%	-0.85%	0.71%	-3.31%	0.02%	2.51%	-1.20%	2.66%	2.27%	0.12%	-0.19%	-0.43%	-2.24%	-2.14%	-7.24%	-1.34%	0.93%	-0.76%	1.89%	4.82%	1.51%	-1.12%	-3.23%	-2.82%	-6.64%	-6.04%	0.00%
Inventory	0	-67,600	254,900	169,933	127,450	103,390	0	0	0	0	-338,000	1,725,000	169,000	993,000	0	0	0	0	0	0	0	0	0	0	0	0	0	0	197,138	-161,378	0
Inventory Margin	0.00%	-0.21%	0.63%	0.42%	0.32%	0.13%	0.00%	0.00%	0.00%	0.00%	-1.03%	5.17%	0.40%	1.82%	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%	4.12%	-7.11%	0.00%
Accounts Payable	514,667	210,200	16,500	259,333	207,950	231,637	423,000	1,276,000	-155,000	-831,000	338,000	-1,725,000	-1,545,000	-270,000	775,000	1,879,000	1,161,000	453,000	1,897,000	214,000	0	0	0	0	-161,000	430,000	401,000	783,171	474,949	-27,202	0
Accounts Payable Margin	1.62%	0.62%	-0.11%	0.91%	0.76%	1.42%	1.19%	4.30%	-0.65%	-2.80%	1.03%	-5.17%	-3.62%	-0.49%	1.46%	3.65%	2.60%	1.31%	7.80%	3.03%	0.00%	0.00%	0.00%	0.00%	-1.00%	2.54%	3.34%	8.21%	9.92%	-1.20%	0.00%
Other Working Capital	-124,000	-42,400	-261,000	-202,667	-197,750	-162,500	501,000	-742,000	-131,000	-196,000	356,000	-1,437,000	-50,000	-36,000	27,000	-902,000	591,000	-246,000	-701,000	172,000	-246,000	153,000	-85,000	-1,065,000	4,000	78,000	-257,000	-52,171	-197,138	161,378	237,438
Other Working Capital Margin	-0.55%	-0.24%	-0.74%	-0.70%	-0.99%	-0.21%	1.41%	-2.50%	-0.55%	-0.66%	1.09%	-4.30%	-0.12%	-0.07%	0.05%	-1.75%	1.32%	-0.71%	-2.88%	2.43%	-3.22%	1.98%	-1.46%	-10.36%	0.02%	0.46%	-2.14%	-0.55%	-4.12%	7.11%	14.18%
Other Non-Cash Items	317,000	228,800	118,300	94,533	169,050	132,189	328,000	341,000	282,000	264,000	-71,000	63,000	106,000	95,000	147,000	-372,000	-139,000	116,000	115,000	28,000	115,000	209,000	361,000	168,000	582,000	643,000	8,000	-6	-467	-85,576	1,785
Other Non-Cash Items Margin	1.08%	0.78%	0.41%	0.43%	1.22%	0.83%	0.92%	1.15%	1.17%	0.89%	-0.22%	0.19%	0.25%	0.17%	0.28%	-0.72%	-0.31%	0.34%	0.47%	0.40%	1.50%	2.71%	6.21%	1.64%	3.62%	3.80%	0.07%	0.00%	-0.01%	-3.77%	0.11%
Net Cash from Operating Activities	10,067,667	9,850,800	13,383,200	11,184,133	9,249,100	7,774,961	13,792,000	9,277,000	7,134,000	8,665,000	10,386,000	10,623,000	14,392,000	21,531,000	19,846,000	18,186,000	14,444,000	9,413,000	6,158,000	2,037,000	1,878,000	2,037,000	873,000	2,216,000	5,821,000	6,273,000	3,442,000	3,498,000	1,359,326	358,417	734,287
Net Cash from Operating Activities Margin	33.27%	32.14%	33.85%	31.78%	30.65%	30.65%	38.81%	31.29%	29.70%	29.21%	31.70%	31.82%	33.69%	39.44%	37.48%	35.37%	32.29%	27.26%	25.33%	28.80%	24.57%	26.38%	15.02%	21.57%	36.22%	37.04%	28.69%	36.65%	28.39%	15.79%	43.86%
Capital Expenditures (PPE)	-322,667	-286,600	-252,900	-222,200	-196,100	-164,212	-440,000	-313,000	-215,000	-216,000	-249,000	-172,000	-204,000	-360,000	-176,000	-184,000	-258,000	-140,000	-253,000	-101,000	-52,000	-69,000	-25,000	-70,000	-55,000	-370,000	-68,000	-68,000	-25,050	-19,978	-2,269
Capital Expenditures (PPE) Margin	-1.06%	-0.94%	-0.70%	-0.74%	-0.78%	-0.74%	-1.24%	-1.06%	-0.90%	-0.73%	-0.76%	-0.52%	-0.48%	-0.66%	-0.33%	-0.36%	-0.58%	-0.41%	-1.04%	-1.43%	-0.68%	-0.89%	-0.43%	-0.68%	-0.34%	-2.18%	-0.57%	-0.71%	-0.52%	-0.88%	-0.14%
Acquisitions (Net)	0	0	0	0	-25,600	-385,829	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	-512,000	0	0	0	-8,504,577	-629,143	0	0
Acquisitions (Net) Margin	0.00%	0.00%	0.00%	0.00%	-0.25%	-4.29%	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%	0.00%	-4.98%	0.00%	0.00%	0.00%	-89.10%	-13.14%	0.00%	0.00%
Purchases of Investments	0	0	0	0	0	-365,833	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	-8,505,000	-629,218	-11,444	-154
Purchases of Investments Margin	0.00%	0.00%	0.00%	0.00%	0.00%	-4.11%	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%	0.00%	0.00%	0.00%	0.00%	0.00%	-89.10%	-13.14%	-0.50%	-0.01%
Sales / Maturities of Investments	0	0	0	26,933	20,200	16,160	0	0	0	0	0	0	0	0	0	0	0	0	404,000	0	0	0	0	0	0	0	0	0	0	0	0
Sales / Maturities of Investments Margin	0.00%	0.00%	0.00%	0.11%	0.08%	0.07%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	1.66%	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	-593,667	-359,200	-1,975,800	-4,003,667	-3,146,650	-2,427,131	-187,000	-990,000	-604,000	-15,000	0	-710,000	-1,770,000	-3,535,000	-269,000	-11,678,000	-192,000	-19,152,000	-20,680,000	-273,000	0	-64,000	-2,814,000	0	0	0	-6,879,000	8,504,577	629,143	0	0
Other Investing Activities Margin	-2.13%	-1.29%	-4.24%	-12.48%	-11.82%	-7.66%	-0.53%	-3.34%	-2.51%	-0.05%	0.00%	-2.13%	-4.14%	-6.48%	-0.51%	-22.72%	-0.43%	-55.47%	-85.07%	-3.86%	0.00%	-0.83%	-48.41%	0.00%	0.00%	0.00%	-57.34%	89.10%	13.14%	0.00%	0.00%
Net Cash from Investing Activities	-916,333	-645,800	-2,228,700	-4,198,933	-3,348,150	-3,326,845	-627,000	-1,303,000	-819,000	-231,000	-249,000	-882,000	-1,974,000	-3,895,000	-445,000	-11,862,000	-450,000	-19,292,000	-20,529,000	-374,000	-52,000	-133,000	-2,839,000	-582,000	-55,000	-370,000	-6,947,000	-8,573,000	-654,268	-31,422	-2,423
Net Cash from Investing Activities Margin	-3.19%	-2.22%	-4.94%	-13.11%	-12.77%	-16.74%	-1.76%	-4.40%	-3.41%	-0.78%	-0.76%	-2.64%	-4.62%	-7.14%	-0.84%	-23.07%	-1.01%	-55.88%	-84.45%	-5.29%	-0.68%	-1.72%	-48.84%	-5.66%	-0.34%	-2.18%	-57.91%	-89.82%	-13.67%	-1.38%	-0.14%
Net Debt Issuance	0	7,808,400	404,200	2,394,467	1,313,050	1,537,619	0	0	0	39,042,000	0	-17,500,000	-4,375,000	-4,375,000	-4,375,000	-4,375,000	8,278,000	9,855,000	14,940,000	-625,000	-573,000	1,175,000	-4,558,000	-2,091,000	-2,091,000	-2,091,000	5,444,000	6,770,000	0	-400	-34,118
Net Debt Issuance Margin	0.00%	26.32%	4.42%	9.09%	1.37%	5.67%	0.00%	0.00%	0.00%	131.60%	0.00%	-52.41%	-10.24%	-8.01%	-8.26%	-8.51%	18.50%	28.54%	61.46%	-8.84%	-7.50%	15.21%	-78.41%	-20.35%	-13.01%	-12.35%	45.38%	70.93%	0.00%	-0.02%	-2.04%
Long-Term Debt Issuance	0	7,808,400	404,200	2,432,667	1,382,950	1,593,539	0	0	0	39,042,000	0	-17,500,000	-4,375,000	-4,375,000	-4,375,000	-4,375,000	8,278,000	9,855,000	14,940,000	-625,000	0	2,000,000	-4,558,000	-2,091,000	-2,091,000	-2,091,000	5,444,000	6,770,000	0	-400	-34,118
Long-Term Debt Issuance Margin	0.00%	26.32%	4.42%	9.59%	2.28%	6.39%	0.00%	0.00%	0.00%	131.60%	0.00%	-52.41%	-10.24%	-8.01%	-8.26%	-8.51%	18.50%	28.54%	61.46%	-8.84%	0.00%	25.90%	-78.41%	-20.35%	-13.01%	-12.35%	45.38%	70.93%	0.00%	-0.02%	-2.04%
Short-Term Debt Issuance	0	0	0	-38,200	-69,900	-55,920	0	0	0	0	0	0	0	0	0	0	0	0	0	0	-573,000	-825,000	0	0	0	0	0	0	0	0	0
Short-Term Debt Issuance Margin	0.00%	0.00%	0.00%	-0.50%	-0.91%	-0.73%	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%	-7.50%	-10.68%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Net Stock Issuance	-350,667	-338,400	-1,112,200	-2,411,867	-1,782,300	-1,189,431	-452,000	-376,000	-224,000	-356,000	-284,000	-3,006,000	-5,128,000	-660,000	-651,000	15,000	-25,056,000	0	0	0	0	-219,000	0	0	183,000	568,000	70,000	93,000	0	5,747,220	0
Net Stock Issuance Margin	-1.16%	-1.11%	-2.90%	-5.66%	-4.17%	6.86%	-1.27%	-1.27%	-0.93%	-1.20%	-0.87%	-9.00%	-12.01%	-1.21%	-1.23%	0.03%	-56.00%	0.00%	0.00%	0.00%	0.00%	-2.84%	0.00%	0.00%	1.14%	3.35%	0.58%	0.97%	0.00%	253.15%	0.00%
Common Stock Issuance	14,333	17,200	16,200	10,800	45,750	273,009	7,000	27,000	9,000	5,000	38,000	22,000	20,000	16,000	3,000	15,000	0	0	0	0	0	0	0	0	185,000	568,000	70,000	93,000	0	5,747,220	0
Common Stock Issuance Margin	0.05%	0.06%	0.05%	0.03%	0.25%	10.39%	0.02%	0.09%	0.04%	0.02%	0.12%	0.07%	0.05%	0.03%	0.01%	0.03%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	1.15%	3.35%	0.58%	0.97%	0.00%	253.15%	0.00%
Common Stock Repurchased	-365,000	-354,600	-1,126,300	-2,421,267	-1,827,000	-1,461,600	-459,000	-403,000	-233,000	-356,000	-322,000	-3,028,000	-5,148,000	-660,000	-654,000	0	-25,056,000	0	0	0	0	-219,000	0	0	-2,000	0	0	0	0	0	0
Common Stock Repurchased Margin	-1.21%	-1.16%	-2.94%	-5.69%	-4.41%	-3.53%	-1.29%	-1.36%	-0.97%	-1.20%	-0.98%	-9.07%	-12.05%	-1.21%	-1.24%	0.00%	-56.00%	0.00%	0.00%	0.00%	0.00%	-2.84%	0.00%	0.00%	-0.01%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Preferred Stock Issuance	0	-1,000	-2,100	-1,400	-1,050	-840	0	0	0	-5,000	0	0	0	-16,000	0	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%	-0.02%	0.00%	0.00%	0.00%	-0.03%	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%	0.00%
Net Dividends Paid	-1,372,333	-2,425,600	-2,622,700	-2,057,800	-1,659,750	-1,337,640	-7,000	-8,000	-4,102,000	-4,039,000	-3,972,000	-3,967,000	-3,539,000	-2,883,000	-2,210,000	-1,500,000	-1,383,000	-898,000	-729,000	-685,000	-945,000	-522,000	-517,000	-515,000	-456,000	-318,000	-246,000	0	0	0	0
Net Dividends Paid Margin	-5.71%	-8.57%	-7.54%	-7.08%	-6.58%	-5.34%	-0.02%	-0.03%	-17.08%	-13.61%	-12.12%	-11.88%	-8.29%	-5.28%	-4.17%	-2.92%	-3.09%	-2.60%	-3.00%	-9.69%	-12.36%	-6.76%	-8.89%	-5.01%	-2.84%	-1.88%	-2.05%	0.00%	0.00%	0.00%	0.00%
Common Dividends Paid	-1,370,000	-2,424,200	-2,622,000	-2,057,333	-1,659,400	-1,337,360	0	-8,000	-4,102,000	-4,039,000	-3,972,000	-3,967,000	-3,539,000	-2,883,000	-2,210,000	-1,500,000	-1,383,000	-898,000	-729,000	-685,000	-945,000	-522,000	-517,000	-515,000	-456,000	-318,000	-246,000	0	0	0	0
Common Dividends Paid Margin	-5.70%	-8.57%	-7.54%	-7.07%	-6.58%	-5.34%	0.00%	-0.03%	-17.08%	-13.61%	-12.12%	-11.88%	-8.29%	-5.28%	-4.17%	-2.92%	-3.09%	-2.60%	-3.00%	-9.69%	-12.36%	-6.76%	-8.89%	-5.01%	-2.84%	-1.88%	-2.05%	0.00%	0.00%	0.00%	0.00%
Preferred Dividends Paid	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	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%	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%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Other Financing Activities	-2,780,333	-1,754,200	-889,300	-618,200	-464,950	-561,646	-4,197,000	-4,144,000	0	-430,000	0	0	-84,000	-23,000	0	-15,000	-392,000	161,000	-164,000	15,000	0	-31,000	0	0	-2,000	7,000	-40,000	-22,000	0	-4,004,918	-675,234
Other Financing Activities Margin	-8.60%	-5.45%	-2.75%	-1.89%	-1.44%	-9.84%	-11.81%	-13.98%	0.00%	-1.45%	0.00%	0.00%	-0.20%	-0.04%	0.00%	-0.03%	-0.88%	0.47%	-0.67%	0.21%	0.00%	-0.40%	0.00%	0.00%	-0.01%	0.04%	-0.33%	-0.23%	0.00%	-176.41%	-40.33%
Net Cash from Financing Activities	-4,503,333	3,290,200	-4,220,000	-2,693,400	-2,593,950	-1,551,098	-4,656,000	-4,528,000	-4,326,000	34,217,000	-4,256,000	-24,473,000	-13,126,000	-7,941,000	-7,236,000	-5,875,000	-18,553,000	9,118,000	14,047,000	-1,295,000	-1,518,000	403,000	-5,075,000	-2,606,000	-2,366,000	-1,834,000	5,228,000	6,841,000	0	1,741,902	-709,352
Net Cash from Financing Activities Margin	-15.46%	11.19%	-8.77%	-5.54%	-10.81%	-2.66%	-13.10%	-15.27%	-18.01%	115.34%	-12.99%	-73.30%	-30.73%	-14.55%	-13.66%	-11.43%	-41.47%	26.41%	57.79%	-18.31%	-19.86%	5.22%	-87.30%	-25.36%	-14.72%	-10.83%	43.58%	71.67%	0.00%	76.73%	-42.37%
Effect of FX on Cash	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Effect of FX on Cash 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%	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 Change in Cash	4,648,000	12,495,200	6,934,500	4,291,800	3,307,000	2,897,019	8,509,000	3,446,000	1,989,000	42,651,000	5,881,000	-14,732,000	-708,000	9,695,000	12,165,000	449,000	-4,559,000	-761,000	-324,000	368,000	308,000	2,307,000	-7,041,000	-972,000	3,400,000	4,069,000	1,723,000	1,766,000	705,058	2,068,897	22,512
Net Change in Cash Margin	14.62%	41.11%	20.14%	13.13%	7.07%	11.26%	23.94%	11.62%	8.28%	143.77%	17.95%	-44.12%	-1.66%	17.76%	22.97%	0.87%	-10.19%	-2.20%	-1.33%	5.20%	4.03%	29.87%	-121.13%	-9.46%	21.15%	24.03%	14.36%	18.50%	14.73%	91.13%	1.34%
Cash at Beginning of Period	60,961,667	41,735,200	28,107,900	21,485,067	18,561,100	15,228,915	63,922,000	60,476,000	58,487,000	15,836,000	9,955,000	24,687,000	25,395,000	15,700,000	3,535,000	3,086,000	7,645,000	8,406,000	8,730,000	8,362,000	8,054,000	5,747,000	12,788,000	13,760,000	10,360,000	6,291,000	4,568,000	2,802,000	2,097,059	28,162	5,650
Cash at Beginning of Period Margin	209.12%	142.22%	88.60%	79.13%	85.84%	73.19%	179.87%	203.99%	243.49%	53.38%	30.39%	73.94%	59.45%	28.76%	6.68%	6.00%	17.09%	24.35%	35.91%	118.24%	105.36%	74.41%	219.99%	133.92%	64.46%	37.15%	38.08%	29.36%	43.80%	1.24%	0.34%
Cash at End of Period	65,609,667	54,230,400	35,042,400	25,776,867	21,868,100	18,125,934	72,431,000	63,922,000	60,476,000	58,487,000	15,836,000	9,955,000	24,687,000	25,395,000	15,700,000	3,535,000	3,086,000	7,645,000	8,406,000	8,730,000	8,362,000	8,054,000	5,747,000	12,788,000	13,760,000	10,360,000	6,291,000	4,568,000	2,802,117	2,097,059	28,162
Cash at End of Period Margin	223.73%	183.34%	108.73%	92.25%	92.91%	84.44%	203.81%	215.62%	251.77%	197.14%	48.34%	29.82%	57.79%	46.52%	29.65%	6.88%	6.90%	22.14%	34.58%	123.44%	109.39%	104.29%	98.86%	124.46%	85.61%	61.18%	52.44%	47.86%	58.53%	92.37%	1.68%
Operating Cash Flow	10,067,667	9,850,800	13,383,200	11,184,133	9,249,100	7,774,961	13,792,000	9,277,000	7,134,000	8,665,000	10,386,000	10,623,000	14,392,000	21,531,000	19,846,000	18,186,000	14,444,000	9,413,000	6,158,000	2,037,000	1,878,000	2,037,000	873,000	2,216,000	5,821,000	6,273,000	3,442,000	3,498,000	1,359,326	358,417	734,287
Operating Cash Flow Margin	33.27%	32.14%	33.85%	31.78%	30.65%	30.65%	38.81%	31.29%	29.70%	29.21%	31.70%	31.82%	33.69%	39.44%	37.48%	35.37%	32.29%	27.26%	25.33%	28.80%	24.57%	26.38%	15.02%	21.57%	36.22%	37.04%	28.69%	36.65%	28.39%	15.79%	43.86%
Capital Expenditure	-322,667	-286,600	-252,900	-222,200	-336,800	-276,772	-440,000	-313,000	-215,000	-216,000	-249,000	-172,000	-204,000	-360,000	-176,000	-184,000	-258,000	-140,000	-253,000	-101,000	-52,000	-69,000	-2,839,000	-70,000	-55,000	-370,000	-68,000	-68,000	-25,050	-19,978	-2,269
Capital Expenditure Margin	-1.06%	-0.94%	-0.70%	-0.74%	-3.20%	-2.68%	-1.24%	-1.06%	-0.90%	-0.73%	-0.76%	-0.52%	-0.48%	-0.66%	-0.33%	-0.36%	-0.58%	-0.41%	-1.04%	-1.43%	-0.68%	-0.89%	-48.84%	-0.68%	-0.34%	-2.18%	-0.57%	-0.71%	-0.52%	-0.88%	-0.14%
Free Cash Flow	9,745,000	9,564,200	13,130,300	10,961,933	8,912,300	7,498,189	13,352,000	8,964,000	6,919,000	8,449,000	10,137,000	10,451,000	14,188,000	21,171,000	19,670,000	18,002,000	14,186,000	9,273,000	5,905,000	1,936,000	1,826,000	1,968,000	-1,966,000	2,146,000	5,766,000	5,903,000	3,374,000	3,430,000	1,334,276	338,439	732,018
Free Cash Flow Margin	32.20%	31.21%	33.15%	31.04%	27.44%	27.98%	37.57%	30.24%	28.81%	28.48%	30.94%	31.30%	33.22%	38.78%	37.14%	35.02%	31.71%	26.86%	24.29%	27.38%	23.89%	25.48%	-33.82%	20.89%	35.88%	34.86%	28.12%	35.94%	27.87%	14.91%	43.73%

Free Cash Flow Margins

Metric	3Y Avg	5Y Avg	10Y Avg	15Y Avg	20Y Avg	25Y Avg	2025-09-30	2024-09-30	2023-09-30	2022-09-30	2021-09-30	2020-09-30	2019-09-30	2018-09-30	2017-09-30	2016-09-30	2015-09-30	2014-09-30	2013-09-30	2012-09-30	2011-09-30	2010-09-30	2009-09-30	2008-09-30	2007-09-30	2006-09-30	2005-09-30	2004-09-30	2003-09-30	2002-09-30	2001-09-30
Revenue	29,734,667	30,326,200	38,669,000	33,665,267	28,089,800	23,682,795	35,538,000	29,646,000	24,020,000	29,667,000	32,760,000	33,389,000	42,715,000	54,590,000	52,955,000	51,410,000	44,739,000	34,526,000	24,308,000	7,072,000	7,644,000	7,723,000	5,813,000	10,275,000	16,072,000	16,934,000	11,997,000	9,545,000	4,787,528	2,270,287	1,674,068
EBITDA	9,703,333	10,053,400	15,212,900	13,315,600	11,100,900	9,460,991	13,435,000	9,111,000	6,564,000	10,046,000	11,111,000	11,558,000	16,584,000	24,851,000	24,724,000	24,145,000	20,080,000	14,389,000	9,008,000	1,878,000	2,250,000	1,747,000	-32,000	3,670,000	8,313,000	8,586,000	6,352,000	4,806,000	1,804,363	799,786	744,614
EBITDA Margin	31.95%	32.73%	37.63%	37.06%	35.80%	37.47%	37.80%	30.73%	27.33%	33.86%	33.92%	34.62%	38.82%	45.52%	46.69%	46.97%	44.88%	41.68%	37.06%	26.56%	29.43%	22.62%	-0.55%	35.72%	51.72%	50.70%	52.95%	50.35%	37.69%	35.23%	44.48%
(-) Tax Adjustment	2,625,666	2,627,810	4,159,046	4,059,712	3,497,142	3,006,666	3,610,286	2,447,689	1,819,024	2,220,083	3,041,969	3,289,933	4,607,692	2,951,143	8,834,026	8,768,616	7,917,520	5,943,091	3,681,876	825,149	937,590	740,049	5,891	1,523,949	3,347,307	3,429,950	2,541,043	1,914,662	729,773	35,345	2,985
(-) Tax Adjustment Margin	8.66%	8.55%	10.25%	11.77%	12.11%	12.01%	10.16%	8.26%	7.57%	7.48%	9.29%	9.85%	10.79%	5.41%	16.68%	17.06%	17.70%	17.21%	15.15%	11.67%	12.27%	9.58%	0.10%	14.83%	20.83%	20.25%	21.18%	20.06%	15.24%	1.56%	0.18%
(-) Change In Working Capital	149,333	25,800	133,200	73,533	52,800	60,203	1,175,000	-446,000	-281,000	-283,000	-36,000	-549,000	-458,000	753,000	703,000	754,000	751,000	-533,000	-563,000	291,000	-175,000	94,000	25,000	-570,000	86,000	318,000	-243,000	462,000	156,949	-164,316	237,438
(-) Change In Working Capital Margin	0.21%	-0.09%	0.10%	0.04%	-0.04%	0.49%	3.31%	-1.50%	-1.17%	-0.95%	-0.11%	-1.64%	-1.07%	1.38%	1.33%	1.47%	1.68%	-1.54%	-2.32%	4.11%	-2.29%	1.22%	0.43%	-5.55%	0.54%	1.88%	-2.03%	4.84%	3.28%	-7.24%	14.18%
(-) Capital Expenditure	-322,667	-286,600	-252,900	-222,200	-336,800	-276,772	-440,000	-313,000	-215,000	-216,000	-249,000	-172,000	-204,000	-360,000	-176,000	-184,000	-258,000	-140,000	-253,000	-101,000	-52,000	-69,000	-2,839,000	-70,000	-55,000	-370,000	-68,000	-68,000	-25,050	-19,978	-2,269
(-) Capital Expenditure Margin	-1.06%	-0.94%	-0.70%	-0.74%	-3.20%	-2.68%	-1.24%	-1.06%	-0.90%	-0.73%	-0.76%	-0.52%	-0.48%	-0.66%	-0.33%	-0.36%	-0.58%	-0.41%	-1.04%	-1.43%	-0.68%	-0.89%	-48.84%	-0.68%	-0.34%	-2.18%	-0.57%	-0.71%	-0.52%	-0.88%	-0.14%
Unlevered Free Cash Flow	6,605,667	7,113,190	10,667,754	8,960,154	7,214,158	6,117,350	8,209,714	6,796,311	4,810,976	7,892,917	7,856,031	8,645,067	12,230,308	20,786,857	15,010,974	14,438,384	11,153,480	8,838,909	5,636,124	660,851	1,435,410	843,951	-2,901,891	2,646,051	4,824,693	4,468,050	3,985,957	2,361,338	892,591	908,779	501,922
Unlevered Free Cash Flow Margin	22.02%	23.33%	26.57%	24.50%	20.53%	22.29%	23.10%	22.92%	20.03%	26.61%	23.98%	25.89%	28.63%	38.08%	28.35%	28.08%	24.93%	25.60%	23.19%	9.34%	18.78%	10.93%	-49.92%	25.75%	30.02%	26.39%	33.22%	24.74%	18.64%	40.03%	29.98%
(-) Net Interest Income After Taxes	942,867	270,787	-242,174	-275,536	-246,198	-196,958	2,024,176	612,138	192,286	-1,474,663	0	-319,763	-782,822	-1,081,289	-807,224	-784,581	-612,970	-636,862	-394,966	-28,592	-37,914	-20,174	-103,017	-226,885	-440,837	0	0	0	0	0	0
(-) Net Interest Income After Taxes Margin	2.85%	0.72%	-0.42%	-0.66%	-0.85%	-0.68%	5.70%	2.06%	0.80%	-4.97%	0.00%	-0.96%	-1.83%	-1.98%	-1.52%	-1.53%	-1.37%	-1.84%	-1.62%	-0.40%	-0.50%	-0.26%	-1.77%	-2.21%	-2.74%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Net Debt Issuance	0	7,808,400	404,200	2,394,467	1,313,050	1,537,619	0	0	0	39,042,000	0	-17,500,000	-4,375,000	-4,375,000	-4,375,000	-4,375,000	8,278,000	9,855,000	14,940,000	-625,000	-573,000	1,175,000	-4,558,000	-2,091,000	-2,091,000	-2,091,000	5,444,000	6,770,000	0	-400	-34,118
Net Debt Issuance Margin	0.00%	26.32%	4.42%	9.09%	1.37%	5.67%	0.00%	0.00%	0.00%	131.60%	0.00%	-52.41%	-10.24%	-8.01%	-8.26%	-8.51%	18.50%	28.54%	61.46%	-8.84%	-7.50%	15.21%	-78.41%	-20.35%	-13.01%	-12.35%	45.38%	70.93%	0.00%	-0.02%	-2.04%
Levered Free Cash Flow	5,662,800	14,650,802	11,314,128	11,630,157	8,773,406	7,851,928	6,185,537	6,184,173	4,618,691	48,409,580	7,856,031	-8,535,170	8,638,130	17,493,147	11,443,198	10,847,964	20,044,450	19,330,771	20,971,089	64,443	900,324	2,039,125	-7,356,874	781,936	3,174,530	2,377,050	9,429,957	9,131,338	892,591	908,379	467,804
Levered Free Cash Flow Margin	19.16%	48.93%	31.41%	34.25%	22.75%	28.64%	17.41%	20.86%	19.23%	163.18%	23.98%	-25.56%	20.22%	32.04%	21.61%	21.10%	44.80%	55.99%	86.27%	0.91%	11.78%	26.40%	-126.56%	7.61%	19.75%	14.04%	78.60%	95.67%	18.64%	40.01%	27.94%