TXNM Energy, Inc. (TXNM)

Category: Company Returns Sector: Utilities Industry: Regulated Electric Live Price: $59.16

Income Returns

Metric	3Y Avg	5Y Avg	TTM	TTM-1	2024-12-31	2023-12-31	2022-12-31	2021-12-31	2020-12-31	2019-12-31
Net Income	167M	174M	177M	177M	243M	88M	170M	196M	173M	78M
Revenue	2,053M	1,893M	2,109M	1,906M	1,971M	1,939M	2,250M	1,780M	1,523M	1,458M
Return on Revenue	8.14%	9.37%	8.41%	9.27%	12.31%	4.56%	7.56%	11.03%	11.38%	5.34%
Cost of Revenue	1,336M	1,220M	1,308M	1,160M	1,161M	1,312M	1,535M	1,154M	939M	893M
Return on Cost of Revenue	12.91%	14.84%	13.56%	15.24%	20.90%	6.73%	11.08%	17.01%	18.46%	8.72%
Gross Profit	717M	672M	801M	747M	810M	627M	715M	626M	584M	565M
Return on Gross Profit	22.61%	25.78%	22.15%	23.67%	29.95%	14.09%	23.79%	31.38%	29.66%	13.80%
R&D Expenses	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M
Return on R&D Expenses	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
SG&A Expenses	234M	230M	272M	240M	247M	228M	227M	230M	216M	189M
Return on SG&A Expenses	70.61%	75.44%	65.13%	73.61%	98.21%	38.77%	74.87%	85.26%	80.11%	41.16%
Operating Expenses	331M	321M	380M	340M	348M	324M	320M	316M	298M	269M
Return on Operating Expenses	50.07%	54.09%	46.71%	52.04%	69.80%	27.28%	53.12%	62.08%	58.18%	28.93%
Operating Income (EBIT)	387M	351M	421M	407M	462M	303M	395M	309M	286M	295M
Return on Operating Income (EBIT)	41.57%	49.74%	42.13%	43.42%	52.48%	29.13%	43.10%	63.47%	60.52%	26.38%
Interest Income	21M	18M	20M	24M	24M	22M	16M	15M	14M	14M
Return on Interest Income	829.97%	1,009.52%	868.45%	732.94%	1,031.07%	402.25%	1,056.59%	1,339.22%	1,218.47%	555.48%
Interest Expense	182M	152M	265M	223M	228M	190M	128M	97M	114M	121M
Return on Interest Expense	95.26%	127.99%	67.08%	79.27%	106.41%	46.41%	132.95%	202.69%	151.50%	64.36%
Net Interest Income	-162M	-133M	-244M	-199M	-205M	-168M	-112M	-82M	-100M	-107M
Return on Net Interest Income	-107.74%	-147.01%	-72.70%	-88.89%	-118.65%	-52.46%	-152.09%	-238.83%	-173.01%	-72.80%
Unusual Items	354M	278M	447M	422M	387M	381M	295M	147M	179M	335M
Return on Unusual Items	47.85%	74.81%	39.68%	41.86%	62.75%	23.18%	57.63%	133.46%	97.04%	23.22%
EBT Excluding Unusual Items	-160M	-71M	-229M	-238M	-107M	-291M	-84M	97M	29M	-269M
Return on EBT Excluding Unusual Items	-153.74%	66.19%	-77.44%	-74.11%	-227.84%	-30.40%	-202.97%	201.81%	590.35%	-29.00%
Pre-Tax Income	194M	207M	218M	184M	280M	91M	211M	244M	208M	67M
Return on Pre-Tax Income	88.22%	85.67%	81.36%	96.20%	86.60%	97.59%	80.48%	80.33%	83.34%	116.52%
Income Tax Expense	10M	17M	23M	-9M	22M	-16M	26M	33M	21M	-25M
Return on Income Tax Expense	412.76%	536.15%	771.89%	-1,906.60%	1,127.81%	-540.34%	650.82%	602.65%	839.81%	-308.08%
Depreciation and Amortization	373M	351M	470M	405M	423M	354M	341M	320M	315M	301M
Return on Depreciation and Amortization	44.07%	49.72%	37.74%	43.63%	57.37%	24.98%	49.85%	61.32%	55.07%	25.87%
EBITDA	746M	709M	954M	803M	929M	628M	682M	664M	640M	495M
Return on EBITDA	21.70%	24.35%	18.60%	22.02%	26.12%	14.07%	24.92%	29.58%	27.08%	15.74%
NOPAT	377M	331M	377M	428M	427M	358M	346M	268M	258M	407M
Return on NOPAT	43.56%	54.22%	47.09%	41.33%	56.84%	24.68%	49.18%	73.24%	67.18%	19.14%
Owner's Earnings	-539M	-445M	-580M	-592M	-581M	-634M	-401M	-418M	-191M	-237M
Return on Owner's Earnings	-32.68%	-47.14%	-30.59%	-29.88%	-41.74%	-13.94%	-42.37%	-46.92%	-90.71%	-32.82%

Balance Sheet Returns

Metric	3Y Avg	5Y Avg	2024-12-31	2023-12-31	2022-12-31	2021-12-31	2020-12-31	2019-12-31
Net Income	167M	174M	243M	88M	170M	196M	173M	78M
Cash & Cash Equivalents	4M	12M	4M	2M	4M	1M	48M	4M
Return on Cash & Cash Equivalents	4,518.00%	6,340.31%	5,395.33%	3,988.53%	4,170.13%	17,785.96%	361.59%	2,032.09%
Short-Term Investments	0M	0M	0M	0M	0M	0M	0M	0M
Return on Short-Term Investments	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Cash & Short-Term Investments	4M	12M	4M	2M	4M	1M	48M	4M
Return on Cash & Short-Term Investments	4,518.00%	6,340.31%	5,395.33%	3,988.53%	4,170.13%	17,785.96%	361.59%	2,032.09%
Net Receivables	263M	238M	244M	274M	270M	205M	198M	160M
Return on Net Receivables	64.87%	75.58%	99.28%	32.29%	63.03%	95.93%	87.36%	48.56%
Inventory	111M	93M	167M	98M	67M	65M	66M	78M
Return on Inventory	163.46%	210.63%	145.44%	90.12%	254.83%	301.80%	260.93%	99.95%
Other Current Assets	64M	55M	58M	82M	52M	16M	65M	52M
Return on Other Current Assets	285.67%	464.10%	421.48%	107.78%	327.73%	1,195.84%	267.65%	150.24%
Total Current Assets	462M	417M	499M	476M	411M	325M	377M	294M
Return on Total Current Assets	36.20%	43.00%	48.65%	18.58%	41.38%	60.49%	45.91%	26.49%
Property, Plant & Equipment	7,872M	7,314M	8,739M	7,821M	7,056M	6,858M	6,094M	5,610M
Return on Property, Plant & Equipment	2.11%	2.40%	2.78%	1.13%	2.41%	2.86%	2.84%	1.39%
Goodwill	278M	278M	278M	278M	278M	278M	278M	278M
Return on Goodwill	60.02%	62.58%	87.20%	31.75%	61.11%	70.56%	62.27%	27.99%
Intangible Assets	0M	0M	0M	0M	0M	0M	0M	0M
Return on Intangible Assets	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Long-Term Investments	523M	530M	493M	566M	508M	553M	531M	454M
Return on Long-Term Investments	32.75%	33.29%	49.19%	15.61%	33.46%	35.54%	32.63%	17.14%
Tax Assets	348M	357M	336M	338M	368M	349M	393M	395M
Return on Tax Assets	48.15%	48.95%	72.14%	26.11%	46.19%	56.23%	44.08%	19.74%
Other Non-Current Assets	1,106M	926M	1,202M	1,111M	1,004M	654M	659M	662M
Return on Other Non-Current Assets	15.02%	20.28%	20.18%	7.95%	16.93%	30.04%	26.31%	11.76%
Other Assets	0M	0M	0M	0M	0M	0M	0M	0M
Return on Other Assets	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Total Non-Current Assets	10,126M	9,405M	11,049M	10,115M	9,215M	8,691M	7,956M	7,399M
Return on Total Non-Current Assets	1.64%	1.87%	2.20%	0.87%	1.85%	2.26%	2.18%	1.05%
Total Assets	10,588M	9,823M	11,548M	10,591M	9,626M	9,016M	8,333M	7,693M
Return on Total Assets	1.57%	1.79%	2.10%	0.83%	1.77%	2.18%	2.08%	1.01%
Accounts Payable	208M	193M	204M	205M	216M	173M	169M	103M
Return on Accounts Payable	80.20%	91.34%	118.69%	43.06%	78.84%	113.77%	102.35%	75.53%
Short-Term Debt	750M	633M	1,244M	563M	443M	275M	639M	706M
Return on Short-Term Debt	24.53%	34.41%	19.50%	15.69%	38.39%	71.38%	27.10%	11.03%
Tax Payables	0M	0M	0M	0M	0M	0M	0M	0M
Return on Tax Payables	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Deferred Revenue	0M	0M	0M	0M	0M	0M	0M	0M
Return on Deferred Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Other Current Liabilities	340M	281M	326M	462M	232M	217M	169M	158M
Return on Other Current Liabilities	55.62%	72.03%	74.37%	19.10%	73.39%	90.68%	102.61%	49.21%
Total Current Liabilities	1,299M	1,108M	1,775M	1,231M	890M	664M	978M	967M
Return on Total Current Liabilities	13.32%	17.45%	13.67%	7.18%	19.10%	29.56%	17.73%	8.05%
Long-Term Debt	4,149M	3,737M	4,312M	4,242M	3,893M	3,520M	2,720M	2,517M
Return on Long-Term Debt	4.03%	4.81%	5.63%	2.08%	4.37%	5.58%	6.37%	3.09%
Capital Lease Obligations	170M	140M	270M	179M	60M	83M	109M	0M
Return on Capital Lease Obligations	140.72%	163.56%	89.99%	49.28%	282.88%	235.97%	159.69%	0.00%
Deferred Tax Liabilities	1,204M	1,162M	1,236M	1,184M	1,191M	1,114M	1,088M	1,021M
Return on Deferred Tax Liabilities	13.79%	14.99%	19.64%	7.46%	14.28%	17.63%	15.93%	7.63%
Other Non-Current Liabilities	1,022M	1,050M	1,016M	1,038M	1,011M	1,095M	1,092M	1,143M
Return on Other Non-Current Liabilities	16.40%	16.60%	23.88%	8.51%	16.81%	17.94%	15.87%	6.81%
Total Non-Current Liabilities	6,869M	6,392M	7,178M	6,950M	6,479M	6,117M	5,235M	4,973M
Return on Total Non-Current Liabilities	2.43%	2.76%	3.38%	1.27%	2.62%	3.21%	3.31%	1.57%
Total Liabilities	8,168M	7,499M	8,953M	8,180M	7,369M	6,782M	6,213M	5,940M
Return on Total Liabilities	2.03%	2.36%	2.71%	1.08%	2.31%	2.90%	2.79%	1.31%
Preferred Stock	12M	12M	12M	12M	12M	12M	12M	12M
Return on Preferred Stock	1,448.77%	1,510.53%	2,104.97%	766.29%	1,475.05%	1,703.16%	1,503.19%	675.60%
Common Stock	1,593M	1,528M	1,724M	1,625M	1,429M	1,429M	1,430M	1,151M
Return on Common Stock	10.47%	11.45%	14.07%	5.44%	11.90%	13.74%	12.12%	6.77%
Retained Earnings	835M	803M	888M	787M	829M	810M	699M	628M
Return on Retained Earnings	19.69%	21.62%	27.34%	11.22%	20.52%	24.24%	24.80%	12.41%
Accumulated OCI	-68M	-71M	-76M	-63M	-66M	-72M	-79M	-99M
Return on Accumulated OCI	-239.54%	-242.09%	-320.55%	-140.59%	-257.48%	-272.96%	-218.86%	-78.38%
Minority Interest	50M	53M	47M	50M	53M	55M	59M	63M
Return on Minority Interest	338.40%	332.66%	517.45%	176.84%	320.90%	354.40%	293.69%	123.53%
Total Shareholders’ Equity	2,371M	2,270M	2,548M	2,361M	2,203M	2,179M	2,061M	1,690M
Return on Total Shareholders’ Equity	6.99%	7.68%	9.52%	3.74%	7.72%	9.01%	8.41%	4.61%
Total Equity	2,421M	2,323M	2,595M	2,411M	2,256M	2,234M	2,120M	1,753M
Return on Total Equity	6.85%	7.50%	9.35%	3.66%	7.54%	8.79%	8.17%	4.44%
Total Liabilities & Equity	0M	0M	0M	0M	0M	0M	0M	0M
Return on Total Liabilities & Equity	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Total Investments	523M	530M	493M	566M	508M	553M	531M	454M
Return on Total Investments	32.75%	33.29%	49.19%	15.61%	33.46%	35.54%	32.63%	17.14%
Net Debt	5,066M	4,495M	5,823M	4,987M	4,389M	3,866M	3,408M	3,332M
Return on Net Debt	3.27%	4.00%	4.17%	1.77%	3.87%	5.08%	5.08%	2.34%

Capital Returns

Metric	3Y Avg	5Y Avg	2024-12-31	2023-12-31	2022-12-31	2021-12-31	2020-12-31	2019-12-31
Net Income	167M	174M	243M	88M	170M	196M	173M	78M
Working Capital	-837M	-690M	-1,276M	-755M	-479M	-340M	-600M	-673M
Return on Working Capital	-22.06%	-30.58%	-19.02%	-11.70%	-35.47%	-57.82%	-28.88%	-11.57%
Total Capital	7,441M	6,777M	8,376M	7,350M	6,596M	6,046M	5,517M	5,026M
Return on Total Capital	2.23%	2.61%	2.90%	1.20%	2.58%	3.25%	3.14%	1.55%
Capital Employed	9,289M	8,715M	9,773M	9,360M	8,735M	8,352M	7,355M	6,726M
Return on Capital Employed	1.79%	2.02%	2.48%	0.94%	1.95%	2.35%	2.36%	1.16%
Invested Capital	7,437M	6,765M	8,371M	7,347M	6,592M	6,045M	5,469M	5,023M
Return on Invested Capital	2.23%	2.62%	2.90%	1.20%	2.58%	3.25%	3.17%	1.55%

Cash Flow Returns

Metric	3Y Avg	5Y Avg	TTM	TTM-1	2024-12-31	2023-12-31	2022-12-31	2021-12-31	2020-12-31	2019-12-31
Net Income	167M	174M	177M	177M	243M	88M	170M	196M	173M	78M
Depreciation & Amortization	373M	351M	470M	405M	423M	354M	341M	320M	315M	301M
Return on Depreciation & Amortization	44.07%	49.72%	37.74%	43.63%	57.37%	24.98%	49.85%	61.32%	55.07%	25.87%
Deferred Income Tax	18M	21M	25M	14M	43M	-14M	25M	31M	20M	-25M
Return on Deferred Income Tax	200.97%	418.17%	722.28%	1,262.44%	563.72%	-653.98%	693.18%	638.62%	849.32%	-306.83%
Stock-Based Compensation	8M	8M	7M	8M	9M	7M	8M	9M	8M	6M
Return on Stock-Based Compensation	1,987.31%	2,033.89%	2,571.37%	2,210.66%	2,559.94%	1,228.73%	2,173.27%	2,078.73%	2,128.77%	1,214.37%
Change in Working Capital	-64M	-42M	-71M	-140M	-190M	58M	-59M	-1M	-17M	15M
Return on Change in Working Capital	-87.99%	-4,348.46%	-250.79%	-126.30%	-127.69%	151.24%	-287.53%	-20,432.57%	-1,045.76%	536.73%
Accounts Receivable	-11M	-20M	-52M	14M	-13M	53M	-73M	-26M	-42M	4M
Return on Accounts Receivable	-628.22%	-610.87%	-342.53%	1,281.57%	-1,817.98%	165.97%	-232.64%	-757.43%	-412.28%	2,051.90%
Inventory	-25M	-12M	-17M	-37M	-34M	-31M	-9M	1M	12M	-6M
Return on Inventory	-998.09%	2,598.35%	-1,017.20%	-476.03%	-717.91%	-282.25%	-1,994.11%	14,480.60%	1,505.41%	-1,277.93%
Accounts Payable	8M	8M	37M	-45M	10M	-34M	48M	11M	7M	0M
Return on Accounts Payable	838.60%	1,340.45%	478.88%	-389.81%	2,421.73%	-263.44%	357.51%	1,845.46%	2,340.98%	-28,636.03%
Other Working Capital	-36M	-18M	-39M	-71M	-153M	70M	-25M	13M	7M	17M
Return on Other Working Capital	-236.82%	690.10%	-460.19%	-248.03%	-158.69%	126.17%	-677.93%	1,514.28%	2,646.66%	455.95%
Other Non-Cash Items	34M	16M	-30M	24M	-20M	39M	83M	-8M	-14M	114M
Return on Other Non-Cash Items	-259.56%	-894.53%	-590.10%	729.37%	-1,213.29%	229.45%	205.16%	-2,477.38%	-1,216.59%	68.07%
Net Cash from Operating Activities	542M	532M	585M	488M	508M	551M	567M	548M	486M	503M
Return on Net Cash from Operating Activities	31.25%	33.06%	30.31%	36.21%	47.76%	16.03%	29.98%	35.84%	35.68%	15.48%
Capital Expenditures (PPE)	-1,078M	-970M	-1,228M	-1,173M	-1,247M	-1,076M	-913M	-935M	-679M	-616M
Return on Capital Expenditures (PPE)	-15.44%	-18.57%	-14.45%	-15.06%	-19.46%	-8.21%	-18.64%	-21.00%	-25.52%	-12.64%
Acquisitions (Net)	12M	7M	0M	3M	3M	33M	0M	0M	0M	0M
Return on Acquisitions (Net)	2,938.56%	1,763.14%	0.00%	6,223.31%	8,545.14%	270.55%	0.00%	0.00%	0.00%	0.00%
Purchases of Investments	-651M	-612M	-445M	-939M	-769M	-619M	-565M	-478M	-631M	-552M
Return on Purchases of Investments	-25.30%	-28.90%	-39.85%	-18.81%	-31.54%	-14.26%	-30.10%	-41.11%	-27.47%	-14.11%
Sales / Maturities of Investments	642M	595M	402M	1,024M	824M	574M	526M	460M	591M	495M
Return on Sales / Maturities of Investments	25.71%	29.82%	44.10%	17.26%	29.44%	15.39%	32.30%	42.65%	29.32%	15.75%
Other Investing Activities	5M	0M	11M	3M	15M	0M	1M	0M	-15M	0M
Return on Other Investing Activities	75,881.72%	-391,052.04%	1,548.43%	5,236.80%	1,627.65%	200,786.36%	25,231.16%	-2,181,744.44%	-1,160.93%	-210,513.51%
Net Cash from Investing Activities	-1,071M	-980M	-1,259M	-1,082M	-1,174M	-1,088M	-950M	-952M	-734M	-674M
Return on Net Cash from Investing Activities	-15.56%	-18.18%	-14.09%	-16.33%	-20.66%	-8.12%	-17.89%	-20.62%	-23.62%	-11.56%
Net Debt Issuance	596M	472M	18M	585M	761M	478M	548M	436M	137M	287M
Return on Net Debt Issuance	27.14%	50.62%	991.73%	30.21%	31.90%	18.48%	31.04%	45.07%	126.59%	27.15%
Long-Term Debt Issuance	596M	472M	18M	585M	761M	478M	548M	436M	137M	437M
Return on Long-Term Debt Issuance	27.14%	50.62%	991.73%	30.21%	31.90%	18.48%	31.04%	45.07%	126.59%	17.83%
Short-Term Debt Issuance	0M	0M	0M	0M	0M	0M	0M	0M	0M	-150M
Return on Short-Term Debt Issuance	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	-51.93%
Net Stock Issuance	90M	106M	933M	190M	90M	189M	-8M	-10M	271M	-9M
Return on Net Stock Issuance	-604.99%	-737.89%	19.03%	92.93%	269.22%	46.86%	-2,131.05%	-1,938.37%	63.89%	-867.86%
Common Stock Issuance	99M	116M	941M	198M	99M	198M	0M	0M	283M	1M
Return on Common Stock Issuance	96.90%	70.38%	18.85%	89.18%	246.13%	44.58%	0.00%	0.00%	61.19%	8,259.81%
Common Stock Repurchased	-9M	-10M	-9M	-8M	-8M	-10M	-8M	-10M	-12M	-10M
Return on Common Stock Repurchased	-1,971.84%	-1,860.00%	-1,991.58%	-2,209.83%	-2,868.58%	-915.88%	-2,131.05%	-1,938.37%	-1,446.12%	-785.34%
Preferred Stock Issuance	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M
Return on Preferred Stock Issuance	0.00%	144,419.17%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	722,095.83%	0.00%
Net Dividends Paid	-129M	-120M	-154M	-137M	-140M	-127M	-120M	-113M	-99M	-93M
Return on Net Dividends Paid	-128.19%	-146.86%	-115.27%	-129.07%	-172.93%	-69.73%	-141.91%	-173.81%	-175.94%	-83.82%
Common Dividends Paid	-129M	-120M	-154M	-137M	-140M	-127M	-120M	-113M	-99M	-93M
Return on Common Dividends Paid	-128.19%	-146.86%	-115.27%	-129.07%	-172.93%	-69.73%	-141.91%	-173.81%	-175.94%	-83.82%
Preferred Dividends Paid	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M
Return on Preferred Dividends Paid	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Other Financing Activities	-21M	-7M	-99M	-35M	-26M	-3M	-34M	45M	-17M	-13M
Return on Other Financing Activities	-1,556.23%	-1,045.00%	-178.55%	-499.99%	-922.08%	-3,245.63%	-501.00%	436.71%	-993.03%	-620.59%
Net Cash from Financing Activities	536M	451M	697M	603M	684M	537M	386M	358M	292M	172M
Return on Net Cash from Financing Activities	31.99%	42.04%	25.45%	29.31%	35.46%	16.45%	44.05%	54.92%	59.31%	45.17%
Effect of FX on Cash	-6M	-4M	1M	-9M	-16M	-2M	0M	0M	0M	0M
Return on Effect of FX on Cash	-2,214.29%	-1,328.57%	13,830.87%	-1,920.90%	-1,530.25%	-5,112.62%	0.00%	0.00%	0.00%	0.00%
Net Change in Cash	1M	0M	25M	-1M	2M	-2M	3M	-47M	44M	2M
Return on Net Change in Cash	3,868.66%	2,315.93%	714.63%	-33,159.85%	10,629.96%	-4,742.14%	5,718.16%	-419.35%	393.02%	4,552.31%
Cash at Beginning of Period	2M	12M	62M	16M	2M	4M	1M	48M	4M	2M
Return on Cash at Beginning of Period	9,508.84%	6,691.51%	287.71%	1,090.60%	10,956.30%	2,166.41%	15,403.80%	409.69%	4,521.34%	3,670.59%
Cash at End of Period	4M	12M	87M	16M	4M	2M	4M	1M	48M	4M
Return on Cash at End of Period	4,518.00%	6,340.31%	205.13%	1,127.68%	5,395.33%	3,988.53%	4,170.13%	17,785.96%	361.59%	2,032.09%
Operating Cash Flow	542M	532M	585M	488M	508M	551M	567M	548M	486M	503M
Return on Operating Cash Flow	31.25%	33.06%	30.31%	36.21%	47.76%	16.03%	29.98%	35.84%	35.68%	15.48%
Capital Expenditure	-1,078M	-970M	-1,228M	-1,173M	-1,247M	-1,076M	-913M	-935M	-679M	-616M
Return on Capital Expenditure	-15.44%	-18.57%	-14.45%	-15.06%	-19.46%	-8.21%	-18.64%	-21.00%	-25.52%	-12.64%
Free Cash Flow	-536M	-438M	-642M	-685M	-739M	-525M	-345M	-387M	-193M	-113M
Return on Free Cash Flow	-32.98%	-47.86%	-27.63%	-25.79%	-32.84%	-16.84%	-49.25%	-50.72%	-89.64%	-68.86%

Free Cash Flow Returns

Metric	3Y Avg	5Y Avg	TTM	TTM-1	2024-12-31	2023-12-31	2022-12-31	2021-12-31	2020-12-31	2019-12-31
Net Income	173M	178M	185M	177M	243M	107M	170M	196M	173M	92M
EBITDA	746M	709M	954M	803M	929M	628M	682M	664M	640M	495M
Return on EBITDA	22.69%	24.94%	19.35%	22.02%	26.12%	17.03%	24.92%	29.58%	27.08%	18.62%
(-) Tax Adjustment	14M	39M	101M	-40M	71M	-113M	84M	88M	64M	-187M
Return on (-) Tax Adjustment	149.13%	188.43%	183.59%	-436.40%	340.14%	-94.28%	201.52%	221.90%	272.90%	-49.23%
(-) Change In Working Capital	-64M	-42M	-71M	-140M	-190M	58M	-59M	-1M	-17M	15M
Return on (-) Change In Working Capital	-77.42%	-4,342.12%	-260.90%	-126.30%	-127.69%	182.96%	-287.53%	-20,432.57%	-1,045.76%	634.86%
(-) Capital Expenditure	-1,078M	-970M	-1,228M	-1,173M	-1,247M	-1,076M	-913M	-935M	-679M	-616M
Return on (-) Capital Expenditure	-16.01%	-18.91%	-15.04%	-15.06%	-19.46%	-9.93%	-18.64%	-21.00%	-25.52%	-14.95%
Unlevered Free Cash Flow	-283M	-258M	-303M	-190M	-199M	-393M	-255M	-359M	-86M	51M
Return on Unlevered Free Cash Flow	-71.89%	-94.38%	-60.83%	-92.88%	-121.88%	-27.19%	-66.60%	-54.74%	-201.49%	179.85%
(-) Net Interest Income After Taxes	-162M	-129M	-218M	-209M	-189M	-199M	-98M	-71M	-90M	-147M
Return on (-) Net Interest Income After Taxes	-118.61%	-164.69%	-84.54%	-84.62%	-128.52%	-53.76%	-173.55%	-275.57%	-192.07%	-62.48%
Net Debt Issuance	596M	472M	18M	585M	761M	478M	548M	436M	137M	287M
Return on Net Debt Issuance	28.43%	51.39%	1,031.69%	30.21%	31.90%	22.36%	31.04%	45.07%	126.59%	32.11%
Levered Free Cash Flow	475M	343M	-67M	604M	751M	284M	390M	148M	141M	486M
Return on Levered Free Cash Flow	37.86%	73.77%	-274.54%	29.28%	32.33%	37.68%	43.56%	132.45%	122.81%	18.97%