Fortive Corporation (0IRE.L)

Category: Company Returns Sector: Industrials Industry: Industrial - Capital Goods Live Price: $55.04

Income Returns

Metric	3Y Avg	5Y Avg	10Y Avg	TTM	TTM-1	2024-12-31	2023-12-31	2022-12-31	2021-12-31	2020-12-31	2019-12-31	2018-12-31	2017-12-31	2016-12-31	2015-12-31	2014-12-31	2013-12-31	2012-12-31
Net Income	818M	935M	1,111M	602M	889M	833M	866M	755M	608M	1,613M	739M	2,914M	1,045M	872M	864M	883M	831M	764M
Revenue	6,041M	5,602M	5,719M	5,640M	6,195M	6,232M	6,065M	5,826M	5,255M	4,634M	4,564M	6,453M	5,756M	6,224M	6,179M	6,337M	5,962M	5,785M
Return on Revenue	13.53%	17.40%	19.45%	10.68%	14.35%	13.37%	14.27%	12.96%	11.58%	34.81%	16.19%	45.16%	18.15%	14.01%	13.98%	13.94%	13.94%	13.20%
Cost of Revenue	2,478M	2,339M	2,608M	2,237M	2,494M	2,501M	2,471M	2,462M	2,245M	2,018M	2,067M	3,129M	2,833M	3,183M	3,173M	3,282M	3,088M	3,002M
Return on Cost of Revenue	33.00%	41.21%	42.64%	26.92%	35.66%	33.31%	35.04%	30.67%	27.10%	79.96%	35.75%	93.11%	36.87%	27.40%	27.22%	26.91%	26.91%	25.44%
Gross Profit	3,563M	3,263M	3,111M	3,403M	3,701M	3,731M	3,594M	3,363M	3,010M	2,617M	2,497M	3,323M	2,923M	3,041M	3,006M	3,055M	2,874M	2,784M
Return on Gross Profit	22.96%	30.15%	36.12%	17.70%	24.03%	22.32%	24.09%	22.45%	20.21%	61.65%	29.59%	87.68%	35.73%	28.69%	28.74%	28.92%	28.91%	27.44%
R&D Expenses	404M	378M	376M	383M	406M	414M	398M	402M	355M	321M	320M	414M	369M	385M	378M	388M	378M	353M
Return on R&D Expenses	202.31%	256.29%	295.37%	157.09%	218.99%	201.18%	217.65%	188.09%	171.48%	503.06%	230.69%	703.31%	282.83%	226.69%	228.70%	227.92%	219.64%	216.53%
SG&A Expenses	2,054M	1,926M	1,712M	2,052M	2,146M	2,140M	2,066M	1,957M	1,824M	1,646M	1,647M	1,724M	1,393M	1,388M	1,334M	1,394M	1,324M	1,260M
Return on SG&A Expenses	39.81%	50.16%	66.73%	29.35%	41.44%	38.92%	41.92%	38.60%	33.36%	98.03%	44.85%	169.05%	75.01%	62.85%	64.74%	63.37%	62.74%	60.59%
Operating Expenses	2,458M	2,304M	2,089M	2,436M	2,552M	2,554M	2,460M	2,358M	2,178M	1,967M	1,968M	2,138M	1,762M	1,773M	1,736M	1,776M	1,731M	1,656M
Return on Operating Expenses	33.27%	41.96%	54.19%	24.73%	34.85%	32.61%	35.19%	32.03%	27.93%	82.04%	37.55%	136.29%	59.29%	49.20%	49.75%	49.75%	48.00%	46.13%
Operating Income (EBIT)	1,105M	959M	1,024M	967M	1,149M	1,177M	1,134M	1,005M	832M	650M	529M	1,185M	1,162M	1,268M	1,294M	1,273M	1,172M	1,170M
Return on Operating Income (EBIT)	74.09%	108.71%	115.44%	62.26%	77.38%	70.78%	76.37%	75.12%	73.17%	248.12%	139.60%	245.81%	89.92%	68.79%	66.75%	69.38%	70.93%	65.25%
Interest Income	33M	70M	70M	0M	0M	0M	0M	98M	103M	149M	143M	77M	89M	46M	0M	0M	0M	0M
Return on Interest Income	256.09%	488.84%	979.42%	0.00%	0.00%	0.00%	0.00%	768.26%	589.53%	1,086.40%	518.16%	3,774.35%	1,177.56%	1,879.96%	0.00%	0.00%	0.00%	0.00%
Interest Expense	125M	125M	77M	123M	148M	153M	124M	98M	103M	149M	143M	0M	0M	0M	0M	0M	0M	0M
Return on Interest Expense	671.47%	738.07%	420.85%	491.27%	600.07%	545.09%	701.05%	768.26%	589.53%	1,086.40%	518.16%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Net Interest Income	-92M	-55M	-28M	-123M	-148M	-153M	-124M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M
Return on Net Interest Income	-415.38%	-249.23%	-124.61%	-491.27%	-600.07%	-545.09%	-701.05%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Unusual Items	253M	11M	33M	287M	325M	360M	266M	132M	154M	-858M	193M	30M	-1M	25M	24M	-6M	28M	43M
Return on Unusual Items	376.47%	267.27%	-13,063.01%	209.93%	273.63%	231.43%	325.00%	572.99%	395.06%	-188.14%	383.64%	9,777.85%	-149,214.29%	3,531.58%	3,554.73%	-14,972.88%	2,936.04%	1,792.72%
EBT Excluding Unusual Items	692M	993M	965M	516M	647M	610M	724M	742M	524M	2,365M	144M	1,049M	1,074M	1,172M	1,245M	1,285M	1,115M	1,085M
Return on EBT Excluding Unusual Items	119.32%	108.48%	157.40%	116.68%	137.36%	136.61%	119.52%	101.82%	116.22%	68.21%	512.77%	277.88%	97.23%	74.41%	69.36%	68.74%	74.53%	70.37%
Pre-Tax Income	945M	1,004M	997M	803M	972M	970M	991M	874M	678M	1,508M	337M	1,078M	1,074M	1,197M	1,270M	1,279M	1,143M	1,128M
Return on Pre-Tax Income	86.58%	91.31%	118.44%	75.00%	91.45%	85.90%	87.38%	86.46%	89.80%	107.00%	219.45%	270.20%	97.29%	72.87%	68.03%	69.06%	72.68%	67.72%
Income Tax Expense	127M	100M	165M	201M	83M	137M	125M	118M	63M	56M	69M	160M	189M	325M	406M	396M	312M	364M
Return on Income Tax Expense	646.77%	1,161.66%	973.86%	299.95%	1,070.16%	609.29%	692.64%	638.38%	961.14%	2,906.85%	1,077.11%	1,819.99%	551.77%	268.65%	212.81%	223.19%	266.06%	209.75%
Depreciation and Amortization	489M	449M	336M	461M	525M	544M	457M	466M	396M	384M	342M	261M	158M	176M	177M	178M	160M	145M
Return on Depreciation and Amortization	168.29%	215.77%	405.51%	130.71%	169.46%	153.13%	189.54%	162.20%	153.83%	420.13%	216.37%	1,117.25%	659.82%	494.50%	488.30%	496.29%	520.29%	526.69%
EBITDA	1,575M	1,376M	1,336M	1,387M	1,643M	1,666M	1,588M	1,471M	1,206M	948M	821M	1,436M	1,335M	1,422M	1,471M	1,451M	1,331M	1,315M
Return on EBITDA	51.95%	75.30%	86.77%	43.43%	54.12%	49.98%	54.54%	51.33%	50.44%	170.22%	90.02%	202.88%	78.26%	61.33%	58.73%	60.87%	62.42%	58.06%
NOPAT	957M	850M	844M	726M	1,051M	1,011M	991M	869M	754M	626M	421M	1,009M	957M	924M	880M	879M	851M	793M
Return on NOPAT	85.56%	119.00%	136.07%	83.02%	84.62%	82.40%	87.40%	86.89%	80.71%	257.61%	175.32%	288.66%	109.17%	94.39%	98.12%	100.46%	97.58%	96.36%
Owner's Earnings	1,199M	1,294M	1,347M	951M	1,297M	1,256M	1,215M	1,125M	954M	1,922M	1,006M	3,062M	1,092M	919M	921M	959M	910M	839M
Return on Owner's Earnings	68.23%	70.49%	80.55%	63.31%	68.59%	66.29%	71.27%	67.13%	63.78%	83.96%	73.46%	95.15%	95.68%	94.91%	93.83%	92.14%	91.36%	91.01%

Balance Sheet Returns

Metric	3Y Avg	5Y Avg	10Y Avg	2024-12-31	2023-12-31	2022-12-31	2021-12-31	2020-12-31	2019-12-31	2018-12-31	2017-12-31	2016-12-31	2015-12-31	2014-12-31	2013-12-31
Net Income	818M	935M	1,111M	833M	866M	755M	608M	1,613M	739M	2,914M	1,045M	872M	864M	883M	831M
Cash & Cash Equivalents	1,137M	1,211M	1,020M	813M	1,889M	709M	819M	1,825M	1,205M	1,178M	962M	803M	0M	0M	0M
Return on Cash & Cash Equivalents	84.91%	83.48%	94.31%	102.41%	45.84%	106.49%	74.26%	88.41%	61.31%	247.27%	108.56%	108.60%	0.00%	0.00%	0.00%
Short-Term Investments	0M	224M	112M	0M	0M	0M	0M	1,119M	0M	0M	0M	0M	0M	0M	0M
Return on Short-Term Investments	0.00%	28.83%	14.41%	0.00%	0.00%	0.00%	0.00%	144.15%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Cash & Short-Term Investments	1,137M	1,435M	1,132M	813M	1,889M	709M	819M	2,944M	1,205M	1,178M	962M	803M	0M	0M	0M
Return on Cash & Short-Term Investments	84.91%	76.76%	90.95%	102.41%	45.84%	106.49%	74.26%	54.80%	61.31%	247.27%	108.56%	108.60%	0.00%	0.00%	0.00%
Net Receivables	1,044M	975M	990M	1,063M	1,069M	1,001M	930M	810M	891M	1,195M	1,021M	945M	979M	956M	912M
Return on Net Receivables	78.27%	99.86%	110.89%	78.32%	81.01%	75.48%	65.41%	199.10%	82.96%	243.81%	102.35%	92.27%	88.21%	92.38%	91.16%
Inventory	539M	517M	515M	545M	537M	537M	513M	456M	416M	575M	507M	545M	523M	511M	495M
Return on Inventory	151.62%	185.54%	214.39%	152.88%	161.26%	140.71%	118.67%	354.18%	177.53%	507.19%	206.14%	160.17%	165.19%	172.81%	168.03%
Other Current Assets	-6M	2M	108M	-59M	0M	40M	0M	30M	838M	30M	204M	0M	0M	0M	0M
Return on Other Current Assets	158.77%	1,156.64%	1,609.66%	-1,411.69%	0.00%	1,888.00%	0.00%	5,306.91%	88.16%	9,712.67%	512.51%	0.00%	0.00%	0.00%	0.00%
Total Current Assets	2,894M	3,129M	2,952M	2,533M	3,672M	2,477M	2,515M	4,447M	3,689M	3,171M	2,937M	2,489M	1,594M	1,683M	1,655M
Return on Total Current Assets	28.98%	29.48%	38.41%	32.88%	23.58%	30.49%	24.19%	36.28%	20.03%	91.88%	35.57%	35.05%	54.19%	52.48%	50.21%
Property, Plant & Equipment	592M	592M	579M	597M	595M	584M	571M	611M	585M	576M	610M	548M	515M	481M	455M
Return on Property, Plant & Equipment	138.13%	157.02%	191.54%	139.49%	145.56%	129.34%	106.53%	264.17%	126.31%	505.78%	171.12%	159.30%	167.79%	183.74%	182.70%
Goodwill	9,442M	8,967M	7,070M	10,156M	9,122M	9,049M	9,152M	7,359M	7,242M	6,133M	4,560M	3,979M	3,949M	3,995M	3,990M
Return on Goodwill	8.68%	10.92%	17.90%	8.20%	9.49%	8.35%	6.65%	21.92%	10.20%	47.51%	22.90%	21.92%	21.87%	22.11%	20.83%
Intangible Assets	3,329M	3,434M	2,598M	3,340M	3,160M	3,487M	3,890M	3,291M	3,571M	2,476M	1,256M	747M	759M	858M	852M
Return on Intangible Assets	24.66%	27.73%	59.07%	24.94%	27.40%	21.66%	15.64%	49.03%	20.69%	117.67%	83.13%	116.73%	113.81%	103.02%	97.51%
Long-Term Investments	52M	47M	104M	59M	57M	40M	0M	77M	82M	263M	247M	214M	0M	0M	0M
Return on Long-Term Investments	1,606.21%	1,382.77%	975.33%	1,411.69%	1,518.95%	1,888.00%	0.00%	2,095.19%	901.10%	1,107.91%	422.87%	407.62%	0.00%	0.00%	0.00%
Tax Assets	0M	-15M	-16M	0M	0M	0M	0M	-77M	-82M	0M	0M	0M	0M	0M	0M
Return on Tax Assets	0.00%	-419.04%	-299.63%	0.00%	0.00%	0.00%	0.00%	-2,095.19%	-901.10%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Other Non-Current Assets	297M	315M	571M	331M	307M	254M	337M	344M	2,353M	286M	890M	213M	394M	339M	289M
Return on Other Non-Current Assets	277.18%	296.15%	327.73%	251.86%	282.11%	297.56%	180.37%	468.85%	31.40%	1,019.17%	117.40%	409.15%	219.41%	260.74%	288.01%
Other Assets	0M	0M	0M	0M	0M	0M	0M	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%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Total Non-Current Assets	13,712M	13,338M	10,906M	14,483M	13,240M	13,414M	13,951M	11,605M	13,750M	9,734M	7,564M	5,701M	5,617M	5,672M	5,585M
Return on Total Non-Current Assets	5.97%	7.24%	11.60%	5.75%	6.54%	5.63%	4.36%	13.90%	5.37%	29.93%	13.81%	15.30%	15.38%	15.57%	14.88%
Total Assets	16,606M	16,467M	13,858M	17,016M	16,912M	15,891M	16,466M	16,052M	17,439M	12,906M	10,501M	8,190M	7,211M	7,356M	7,240M
Return on Total Assets	4.92%	5.70%	8.79%	4.89%	5.12%	4.75%	3.69%	10.05%	4.24%	22.58%	9.95%	10.65%	11.98%	12.01%	11.48%
Accounts Payable	636M	590M	606M	677M	609M	623M	558M	481M	449M	707M	629M	666M	657M	623M	617M
Return on Accounts Payable	128.81%	166.21%	183.65%	122.96%	142.26%	121.22%	109.05%	335.54%	164.57%	412.43%	166.06%	130.94%	131.46%	141.71%	134.69%
Short-Term Debt	483M	1,010M	700M	413M	38M	1,000M	2,152M	1,447M	1,500M	456M	0M	0M	0M	0M	0M
Return on Short-Term Debt	859.96%	543.93%	340.85%	201.67%	2,302.66%	75.54%	28.28%	111.51%	49.26%	639.55%	0.00%	0.00%	0.00%	0.00%	0.00%
Tax Payables	87M	76M	78M	0M	130M	133M	53M	66M	78M	175M	86M	64M	0M	0M	0M
Return on Tax Payables	412.33%	969.59%	1,005.00%	0.00%	667.03%	569.96%	1,147.92%	2,463.05%	947.31%	1,667.89%	1,213.12%	1,373.70%	0.00%	0.00%	0.00%
Deferred Revenue	354M	379M	292M	553M	0M	510M	458M	376M	323M	288M	211M	205M	0M	0M	0M
Return on Deferred Revenue	99.59%	172.06%	302.09%	150.56%	0.00%	148.19%	132.95%	428.61%	228.76%	1,011.38%	494.09%	426.34%	0.00%	0.00%	0.00%
Other Current Liabilities	426M	345M	522M	163M	824M	290M	224M	223M	941M	778M	731M	588M	454M	457M	452M
Return on Other Current Liabilities	291.89%	374.19%	280.59%	510.36%	105.07%	260.23%	271.85%	723.45%	78.54%	374.67%	142.96%	148.35%	190.39%	193.30%	183.83%
Total Current Liabilities	2,252M	2,667M	2,338M	2,238M	1,791M	2,727M	3,715M	2,861M	3,467M	2,192M	1,602M	1,467M	1,324M	1,285M	1,277M
Return on Total Current Liabilities	37.75%	37.20%	53.02%	37.21%	48.33%	27.69%	16.38%	56.39%	21.31%	132.92%	65.19%	59.48%	65.27%	68.75%	65.07%
Long-Term Debt	3,076M	2,773M	2,908M	3,331M	3,646M	2,252M	1,807M	2,830M	4,826M	2,975M	4,053M	3,358M	0M	0M	0M
Return on Long-Term Debt	27.43%	34.59%	33.80%	25.00%	23.75%	33.54%	33.66%	57.00%	15.31%	97.95%	25.77%	25.98%	0.00%	0.00%	0.00%
Capital Lease Obligations	155M	152M	90M	170M	164M	131M	140M	154M	134M	0M	3M	0M	0M	0M	0M
Return on Capital Lease Obligations	531.94%	615.26%	3,434.91%	491.10%	528.25%	576.49%	434.88%	1,045.56%	552.24%	0.00%	30,720.59%	0.00%	0.00%	0.00%	0.00%
Deferred Tax Liabilities	86M	79M	53M	0M	126M	131M	140M	0M	134M	0M	0M	0M	0M	0M	0M
Return on Deferred Tax Liabilities	420.67%	339.38%	224.91%	0.00%	685.51%	576.49%	434.88%	0.00%	552.24%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Other Non-Current Liabilities	1,030M	1,108M	987M	1,059M	977M	1,054M	1,253M	1,199M	1,576M	1,126M	947M	674M	0M	0M	0M
Return on Other Non-Current Liabilities	79.63%	84.40%	96.73%	78.63%	88.63%	71.63%	48.57%	134.53%	46.90%	258.80%	110.27%	129.36%	0.00%	0.00%	0.00%
Total Non-Current Liabilities	4,284M	4,061M	4,010M	4,582M	4,795M	3,475M	3,234M	4,218M	6,572M	4,101M	5,090M	4,032M	0M	0M	0M
Return on Total Non-Current Liabilities	19.32%	23.01%	23.95%	18.18%	18.06%	21.73%	18.81%	38.25%	11.24%	71.06%	20.52%	21.63%	0.00%	0.00%	0.00%
Total Liabilities	6,536M	6,727M	6,348M	6,821M	6,587M	6,202M	6,949M	7,079M	10,039M	6,293M	6,692M	5,499M	1,324M	1,285M	1,277M
Return on Total Liabilities	12.51%	13.82%	21.95%	12.21%	13.15%	12.18%	8.76%	22.79%	7.36%	46.30%	15.61%	15.86%	65.27%	68.75%	65.07%
Preferred Stock	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M
Return on Preferred Stock	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	4M	4M	523M	4M	4M	4M	4M	3M	3M	3M	4M	4M	5,194M	5,130M	4,851M
Return on Common Stock	22,512.86%	26,377.72%	29,410.33%	22,510.81%	24,050.00%	20,977.78%	16,900.00%	47,450.00%	21,732.35%	85,700.00%	29,842.86%	24,922.86%	16.63%	17.22%	17.13%
Retained Earnings	7,492M	6,809M	4,348M	8,228M	7,506M	6,742M	6,024M	5,547M	4,129M	3,553M	1,350M	403M	0M	0M	0M
Return on Retained Earnings	10.95%	14.41%	46.58%	10.12%	11.53%	11.20%	10.10%	29.08%	17.90%	82.02%	77.35%	216.45%	0.00%	0.00%	0.00%
Accumulated OCI	-372M	-289M	-175M	-465M	-326M	-326M	-185M	-141M	-56M	-87M	-8M	-146M	-14M	100M	273M
Return on Accumulated OCI	-225.45%	-429.71%	-2,716.60%	-178.96%	-265.50%	-231.87%	-328.86%	-1,143.37%	-1,312.43%	-3,364.67%	-13,743.42%	-598.29%	-5,998.61%	887.84%	304.58%
Minority Interest	6M	6M	9M	7M	6M	5M	5M	9M	13M	17M	18M	3M	3M	3M	2M
Return on Minority Interest	13,316.59%	14,320.95%	15,671.57%	11,898.57%	13,528.13%	14,523.08%	12,675.00%	18,980.00%	5,597.73%	16,745.98%	5,835.20%	28,138.71%	28,793.33%	27,606.25%	48,876.47%
Total Shareholders’ Equity	10,064M	9,733M	7,431M	10,189M	10,319M	9,683M	9,512M	8,964M	7,387M	6,596M	3,790M	2,688M	5,180M	5,229M	5,123M
Return on Total Shareholders’ Equity	8.12%	9.75%	17.96%	8.17%	8.39%	7.80%	6.40%	18.00%	10.00%	44.18%	27.56%	32.45%	16.68%	16.89%	16.22%
Total Equity	10,070M	9,740M	7,439M	10,196M	10,325M	9,689M	9,517M	8,973M	7,400M	6,613M	3,808M	2,691M	5,183M	5,233M	5,125M
Return on Total Equity	8.12%	9.74%	17.93%	8.17%	8.39%	7.79%	6.39%	17.98%	9.98%	44.06%	27.43%	32.42%	16.67%	16.88%	16.21%
Total Liabilities & Equity	0M	0M	0M	0M	0M	0M	0M	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%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Total Investments	52M	270M	216M	59M	57M	40M	0M	1,196M	82M	263M	247M	214M	0M	0M	0M
Return on Total Investments	1,606.21%	990.70%	779.30%	1,411.69%	1,518.95%	1,888.00%	0.00%	134.87%	901.10%	1,107.91%	422.87%	407.62%	0.00%	0.00%	0.00%
Net Debt	2,578M	2,742M	2,691M	3,100M	1,921M	2,712M	3,324M	2,654M	5,297M	2,252M	3,094M	2,555M	0M	0M	0M
Return on Net Debt	33.26%	35.78%	39.01%	26.86%	45.06%	27.85%	18.30%	60.80%	13.95%	129.39%	33.76%	34.14%	0.00%	0.00%	0.00%

Capital Returns

Metric	3Y Avg	5Y Avg	10Y Avg	2024-12-31	2023-12-31	2022-12-31	2021-12-31	2020-12-31	2019-12-31	2018-12-31	2017-12-31	2016-12-31	2015-12-31	2014-12-31	2013-12-31
Net Income	818M	935M	1,111M	833M	866M	755M	608M	1,613M	739M	2,914M	1,045M	872M	864M	883M	831M
Working Capital	642M	462M	614M	295M	1,880M	-250M	-1,200M	1,586M	222M	979M	1,335M	1,022M	271M	398M	378M
Return on Working Capital	8.84%	15.51%	119.14%	282.43%	46.05%	-301.96%	-50.70%	101.71%	333.44%	297.60%	78.27%	85.34%	319.22%	221.74%	219.76%
Total Capital	13,778M	13,687M	11,142M	14,102M	14,129M	13,104M	13,656M	13,443M	13,889M	10,026M	7,847M	6,046M	5,180M	5,229M	5,123M
Return on Total Capital	5.93%	6.85%	11.31%	5.91%	6.13%	5.76%	4.46%	12.00%	5.32%	29.06%	13.31%	14.43%	16.68%	16.89%	16.22%
Capital Employed	14,354M	13,801M	11,520M	14,778M	15,121M	13,164M	12,751M	13,191M	13,972M	10,714M	8,898M	6,723M	5,887M	6,071M	5,963M
Return on Capital Employed	5.70%	6.82%	10.60%	5.64%	5.73%	5.74%	4.77%	12.23%	5.29%	27.20%	11.74%	12.97%	14.67%	14.55%	13.93%
Invested Capital	12,641M	12,476M	10,122M	13,289M	12,240M	12,395M	12,836M	11,618M	12,684M	8,847M	6,884M	5,243M	5,180M	5,229M	5,123M
Return on Invested Capital	6.48%	7.61%	12.53%	6.27%	7.07%	6.09%	4.74%	13.89%	5.83%	32.93%	15.17%	16.64%	16.68%	16.89%	16.22%

Cash Flow Returns

Metric	3Y Avg	5Y Avg	10Y Avg	TTM	TTM-1	2024-12-31	2023-12-31	2022-12-31	2021-12-31	2020-12-31	2019-12-31	2018-12-31	2017-12-31	2016-12-31	2015-12-31	2014-12-31	2013-12-31	2012-12-31
Net Income	818M	935M	1,111M	602M	889M	833M	866M	755M	608M	1,613M	739M	2,914M	1,045M	872M	864M	883M	831M	764M
Depreciation & Amortization	489M	449M	336M	461M	525M	544M	457M	466M	396M	384M	342M	261M	158M	176M	177M	178M	160M	145M
Return on Depreciation & Amortization	168.29%	215.77%	405.51%	130.71%	169.46%	153.13%	189.54%	162.20%	153.83%	420.13%	216.37%	1,117.25%	659.82%	494.50%	488.30%	496.29%	520.29%	526.69%
Deferred Income Tax	-42M	-53M	-29M	-65M	-104M	-65M	0M	-62M	-41M	-98M	-9M	8M	-61M	-10M	44M	65M	-26M	19M
Return on Deferred Income Tax	-832.50%	-1,126.87%	1,502.88%	-926.62%	-854.27%	-1,281.38%	0.00%	-1,216.10%	-1,483.90%	-1,652.97%	-8,692.94%	37,841.56%	-1,712.30%	-8,723.00%	1,949.89%	1,350.76%	-3,258.43%	3,956.99%
Stock-Based Compensation	69M	69M	56M	70M	81M	0M	113M	94M	77M	63M	53M	41M	44M	41M	35M	31M	29M	29M
Return on Stock-Based Compensation	523.09%	986.50%	2,047.71%	866.62%	1,095.20%	0.00%	764.17%	805.12%	786.05%	2,577.16%	1,407.43%	7,176.85%	2,363.12%	2,143.24%	2,453.98%	2,868.18%	2,885.07%	2,670.28%
Change in Working Capital	41M	70M	33M	207M	50M	104M	39M	-21M	-71M	301M	89M	-37M	15M	48M	-141M	-130M	6M	-48M
Return on Change in Working Capital	-207.13%	-189.68%	11.46%	290.55%	1,764.48%	801.64%	2,243.01%	-3,666.02%	-862.98%	535.98%	828.36%	-7,790.91%	6,826.80%	1,813.51%	-614.80%	-681.64%	14,325.86%	-1,594.36%
Accounts Receivable	-16M	-10M	-44M	-13M	49M	-5M	10M	-52M	-84M	82M	-205M	-106M	-55M	25M	-52M	-74M	2M	-37M
Return on Accounts Receivable	-3,707.91%	-1,977.85%	-1,303.69%	-4,668.99%	1,800.20%	-18,508.89%	8,834.69%	-1,449.52%	-723.42%	1,957.89%	-360.61%	-2,751.46%	-1,885.38%	3,517.34%	-1,667.57%	-1,193.78%	48,876.47%	-2,052.96%
Inventory	-11M	-19M	-11M	-36M	24M	9M	-2M	-40M	-54M	-7M	94M	-73M	18M	-29M	-28M	-22M	-5M	-11M
Return on Inventory	-14,446.19%	-13,314.73%	-6,994.24%	-1,687.11%	3,659.67%	9,464.77%	-50,929.41%	-1,873.95%	-1,135.07%	-22,100.00%	790.27%	-3,969.75%	5,968.57%	-3,039.37%	-3,118.41%	-3,979.28%	-16,618.00%	-7,137.38%
Accounts Payable	46M	46M	39M	60M	40M	74M	-17M	81M	73M	18M	52M	76M	18M	17M	0M	0M	0M	0M
Return on Accounts Payable	-1,034.56%	1,327.69%	2,284.51%	1,010.57%	2,251.39%	1,121.00%	-5,153.57%	928.91%	828.88%	8,913.26%	1,410.11%	3,823.88%	5,901.13%	5,071.51%	0.00%	0.00%	0.00%	0.00%
Other Working Capital	21M	53M	49M	184M	-63M	25M	47M	-10M	-6M	208M	148M	66M	36M	35M	-61M	-33M	9M	0M
Return on Other Working Capital	-942.31%	-2,372.69%	-289.71%	326.63%	-1,416.08%	3,292.09%	1,830.44%	-7,949.47%	-9,812.90%	776.37%	498.58%	4,435.01%	2,942.25%	2,506.61%	-1,416.07%	-2,644.91%	9,130.77%	0.00%
Other Non-Cash Items	21M	-75M	148M	-81M	30M	111M	-121M	71M	-9M	-429M	58M	820M	516M	390M	74M	-16M	5M	35M
Return on Other Non-Cash Items	364.25%	-1,255.30%	-304.28%	-741.75%	2,984.23%	749.68%	-716.13%	1,059.19%	-6,993.10%	-376.15%	1,278.37%	355.47%	202.30%	223.90%	1,173.64%	-5,555.97%	16,618.00%	2,163.46%
Net Cash from Operating Activities	1,395M	1,316M	1,252M	1,194M	1,471M	1,527M	1,354M	1,303M	961M	1,437M	1,271M	1,344M	1,176M	1,137M	1,009M	947M	1,030M	944M
Return on Net Cash from Operating Activities	58.82%	70.41%	87.80%	50.46%	60.44%	54.55%	63.96%	57.95%	63.30%	112.29%	58.12%	216.74%	88.79%	76.73%	85.61%	93.31%	80.65%	80.90%
Capital Expenditures (PPE)	-108M	-90M	-100M	-112M	-118M	-120M	-108M	-96M	-50M	-76M	-75M	-112M	-111M	-130M	-120M	-103M	-81M	-70M
Return on Capital Expenditures (PPE)	-761.08%	-1,126.24%	-1,155.01%	-539.21%	-756.85%	-691.78%	-803.15%	-788.31%	-1,216.80%	-2,131.18%	-991.81%	-2,594.66%	-940.14%	-673.07%	-719.23%	-861.01%	-1,024.54%	-1,097.27%
Acquisitions (Net)	-591M	-875M	-1,289M	26M	-1,739M	-1,675M	-96M	-3M	-2,566M	-35M	-3,940M	-2,815M	-1,535M	-190M	-37M	-289M	-434M	0M
Return on Acquisitions (Net)	-8,184.50%	-5,834.70%	-3,215.10%	2,298.85%	-51.15%	-49.74%	-903.76%	-23,600.00%	-23.71%	-4,596.30%	-18.75%	-103.51%	-68.04%	-458.86%	-2,328.30%	-305.67%	-191.54%	0.00%
Purchases of Investments	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M
Return on Purchases of Investments	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%
Sales / Maturities of Investments	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M
Return on Sales / Maturities of Investments	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 Investing Activities	1M	-7M	86M	10M	-15M	-1M	8M	-4M	0M	-38M	-40M	961M	-24M	9M	-17M	101M	4M	-279M
Return on Other Investing Activities	-31,436.20%	-19,719.86%	-9,988.43%	5,963.37%	-6,008.78%	-83,290.00%	10,558.54%	-21,577.14%	0.00%	-4,290.69%	-1,833.50%	303.27%	-4,444.68%	9,801.12%	-5,111.24%	879.00%	23,740.00%	-273.92%
Net Cash from Investing Activities	-698M	-972M	-1,303M	-75M	-1,871M	-1,796M	-195M	-103M	-2,616M	-148M	-4,055M	-1,967M	-1,670M	-311M	-174M	-291M	-511M	-348M
Return on Net Cash from Investing Activities	-408.75%	-467.33%	-334.24%	-798.81%	-47.53%	-46.38%	-443.09%	-736.78%	-23.26%	-1,087.13%	-18.22%	-148.16%	-62.56%	-280.66%	-496.15%	-303.47%	-162.48%	-219.20%
Net Debt Issuance	-346M	-483M	341M	868M	1,626M	137M	-451M	-724M	754M	-2,131M	2,458M	-109M	126M	3,353M	0M	0M	0M	0M
Return on Net Debt Issuance	103.84%	63.31%	-147.83%	69.37%	54.71%	607.96%	-192.10%	-104.32%	80.73%	-75.71%	30.06%	-2,680.59%	829.63%	26.01%	0.00%	0.00%	0.00%	0.00%
Long-Term Debt Issuance	-147M	-437M	365M	1,147M	533M	734M	-451M	-724M	389M	-2,131M	2,458M	-109M	126M	3,353M	0M	0M	0M	0M
Return on Long-Term Debt Issuance	-60.96%	-20.41%	-189.69%	52.52%	166.82%	113.55%	-192.10%	-104.32%	156.52%	-75.71%	30.06%	-2,680.59%	829.63%	26.01%	0.00%	0.00%	0.00%	0.00%
Short-Term Debt Issuance	-199M	-46M	-23M	-279M	1,093M	-597M	0M	0M	365M	0M	0M	0M	0M	0M	0M	0M	0M	0M
Return on Short-Term Debt Issuance	-46.54%	5.42%	2.71%	-216.27%	81.40%	-139.63%	0.00%	0.00%	166.73%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Net Stock Issuance	-535M	-321M	-161M	-1,156M	-488M	-890M	-273M	-443M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M
Return on Net Stock Issuance	-193.80%	-116.28%	-58.14%	-52.12%	-182.23%	-93.63%	-317.26%	-170.51%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Common Stock Issuance	0M	0M	134M	0M	0M	0M	0M	0M	0M	0M	0M	1,337M	0M	0M	0M	0M	0M	0M
Return on Common Stock Issuance	0.00%	0.00%	21.79%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	217.87%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Common Stock Repurchased	-535M	-321M	-161M	-1,156M	-488M	-890M	-273M	-443M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M
Return on Common Stock Repurchased	-193.80%	-116.28%	-58.14%	-52.12%	-182.23%	-93.63%	-317.26%	-170.51%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Preferred Stock Issuance	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M
Return on Preferred Stock Issuance	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 Dividends Paid	-104M	-122M	-405M	-101M	-112M	-111M	-102M	-100M	-132M	-163M	-163M	-132M	-97M	-3,048M	0M	0M	0M	0M
Return on Net Dividends Paid	-785.61%	-760.87%	-757.73%	-598.11%	-794.02%	-749.01%	-848.82%	-758.99%	-460.21%	-987.33%	-453.87%	-2,215.82%	-1,074.59%	-28.62%	0.00%	0.00%	0.00%	0.00%
Common Dividends Paid	-104M	-115M	-401M	-101M	-112M	-111M	-102M	-100M	-98M	-163M	-163M	-132M	-97M	-3,048M	0M	0M	0M	0M
Return on Common Dividends Paid	-785.61%	-793.38%	-773.98%	-598.11%	-794.02%	-749.01%	-848.82%	-758.99%	-622.72%	-987.33%	-453.87%	-2,215.82%	-1,074.59%	-28.62%	0.00%	0.00%	0.00%	0.00%
Preferred Dividends Paid	0M	-7M	-3M	0M	0M	0M	0M	0M	-35M	0M	0M	0M	0M	0M	0M	0M	0M	0M
Return on Preferred Dividends Paid	0.00%	-352.70%	-176.35%	0.00%	0.00%	0.00%	0.00%	0.00%	-1,763.48%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Other Financing Activities	307M	510M	361M	-1,131M	-524M	71M	858M	-7M	31M	1,598M	508M	1,119M	571M	-301M	-835M	-656M	-519M	-596M
Return on Other Financing Activities	-3,333.09%	-1,582.02%	-771.45%	-53.25%	-169.81%	1,171.45%	100.92%	-11,271.64%	1,988.24%	100.94%	145.51%	260.32%	182.92%	-289.70%	-103.46%	-134.75%	-160.16%	-128.22%
Net Cash from Financing Activities	-678M	-416M	137M	-1,519M	502M	-793M	32M	-1,273M	652M	-696M	2,803M	879M	600M	4M	-835M	-656M	-519M	-596M
Return on Net Cash from Financing Activities	838.70%	475.53%	2,576.14%	-39.65%	177.19%	-105.07%	2,680.50%	-59.32%	93.31%	-231.76%	26.36%	331.45%	174.17%	22,955.26%	-103.46%	-134.75%	-160.16%	-128.22%
Effect of FX on Cash	-21M	-8M	-5M	20M	-5M	-14M	-11M	-38M	-3M	27M	7M	-41M	53M	-27M	0M	0M	0M	0M
Return on Effect of FX on Cash	-5,355.09%	-6,091.46%	-2,850.46%	2,967.00%	-17,437.25%	-6,124.26%	-7,943.12%	-1,997.88%	-20,280.00%	5,887.96%	10,407.04%	-7,176.85%	1,989.52%	-3,267.04%	0.00%	0.00%	0.00%	0.00%
Net Change in Cash	-2M	-78M	81M	-381M	97M	-1,076M	1,180M	-110M	-1,006M	620M	27M	216M	159M	803M	0M	0M	0M	0M
Return on Net Change in Cash	-229.99%	-98.02%	438.00%	-158.29%	914.92%	-77.44%	73.40%	-685.92%	-60.51%	260.38%	2,757.09%	1,347.11%	657.33%	108.60%	0.00%	0.00%	0.00%	0.00%
Cash at Beginning of Period	1,139M	1,289M	939M	4,349M	3,952M	1,889M	709M	819M	1,825M	1,205M	1,178M	962M	803M	0M	0M	0M	0M	0M
Return on Cash at Beginning of Period	86.12%	85.11%	92.12%	13.85%	22.50%	44.10%	122.08%	92.18%	33.34%	133.86%	62.70%	302.86%	130.04%	0.00%	0.00%	0.00%	0.00%	0.00%
Cash at End of Period	1,137M	1,211M	1,020M	3,969M	4,049M	813M	1,889M	709M	819M	1,825M	1,205M	1,178M	962M	803M	0M	0M	0M	0M
Return on Cash at End of Period	84.91%	83.48%	94.31%	15.18%	21.96%	102.41%	45.84%	106.49%	74.26%	88.41%	61.31%	247.27%	108.56%	108.60%	0.00%	0.00%	0.00%	0.00%
Operating Cash Flow	1,395M	1,316M	1,252M	1,194M	1,471M	1,527M	1,354M	1,303M	961M	1,437M	1,271M	1,344M	1,176M	1,137M	1,009M	947M	1,030M	944M
Return on Operating Cash Flow	58.82%	70.41%	87.80%	50.46%	60.44%	54.55%	63.96%	57.95%	63.30%	112.29%	58.12%	216.74%	88.79%	76.73%	85.61%	93.31%	80.65%	80.90%
Capital Expenditure	-108M	-90M	-100M	-112M	-118M	-120M	-108M	-96M	-50M	-76M	-75M	-112M	-111M	-130M	-120M	-103M	-81M	-70M
Return on Capital Expenditure	-761.08%	-1,126.24%	-1,155.01%	-539.21%	-756.85%	-691.78%	-803.15%	-788.31%	-1,216.80%	-2,131.18%	-991.81%	-2,594.66%	-940.14%	-673.07%	-719.23%	-861.01%	-1,024.54%	-1,097.27%
Free Cash Flow	1,287M	1,226M	1,152M	1,082M	1,354M	1,406M	1,246M	1,207M	911M	1,361M	1,197M	1,232M	1,065M	1,007M	889M	844M	949M	874M
Return on Free Cash Flow	63.76%	75.32%	95.66%	55.67%	65.68%	59.22%	69.50%	62.55%	66.78%	118.54%	61.73%	236.49%	98.05%	86.60%	97.18%	104.66%	87.55%	87.34%

Free Cash Flow Returns

Metric	3Y Avg	5Y Avg	10Y Avg	TTM	TTM-1	2024-12-31	2023-12-31	2022-12-31	2021-12-31	2020-12-31	2019-12-31	2018-12-31	2017-12-31	2016-12-31	2015-12-31	2014-12-31	2013-12-31	2012-12-31
Net Income	818M	856M	856M	602M	889M	833M	866M	755M	608M	1,216M	739M	918M	884M	872M	864M	883M	831M	764M
EBITDA	1,575M	1,376M	1,336M	1,387M	1,643M	1,666M	1,588M	1,471M	1,206M	948M	821M	1,436M	1,335M	1,422M	1,471M	1,451M	1,331M	1,315M
Return on EBITDA	51.95%	66.91%	67.48%	43.43%	54.12%	49.98%	54.54%	51.33%	50.44%	128.25%	90.02%	63.94%	66.26%	61.33%	58.73%	60.87%	62.42%	58.06%
(-) Tax Adjustment	211M	156M	225M	347M	140M	235M	200M	199M	113M	35M	167M	213M	235M	386M	470M	449M	364M	425M
Return on (-) Tax Adjustment	388.60%	1,037.97%	684.79%	173.71%	633.33%	354.54%	432.27%	379.00%	539.90%	3,484.14%	441.84%	430.68%	375.79%	226.08%	183.70%	196.73%	228.48%	179.84%
(-) Change In Working Capital	41M	70M	33M	207M	50M	104M	39M	-21M	-71M	301M	89M	-37M	15M	48M	-141M	-130M	6M	-48M
Return on (-) Change In Working Capital	-207.13%	-216.10%	427.10%	290.55%	1,764.48%	801.64%	2,243.01%	-3,666.02%	-862.98%	403.85%	828.36%	-2,455.35%	5,779.74%	1,813.51%	-614.80%	-681.64%	14,325.86%	-1,594.36%
(-) Capital Expenditure	-108M	-90M	-100M	-112M	-118M	-120M	-108M	-96M	-50M	-76M	-75M	-112M	-111M	-130M	-120M	-103M	-81M	-70M
Return on (-) Capital Expenditure	-761.08%	-1,021.17%	-910.36%	-539.21%	-756.85%	-691.78%	-803.15%	-788.31%	-1,216.80%	-1,605.81%	-991.81%	-817.72%	-795.95%	-673.07%	-719.23%	-861.01%	-1,024.54%	-1,097.27%
Unlevered Free Cash Flow	1,215M	1,059M	979M	721M	1,335M	1,207M	1,241M	1,197M	1,114M	536M	490M	1,148M	973M	859M	1,021M	1,029M	881M	869M
Return on Unlevered Free Cash Flow	67.29%	96.64%	99.11%	83.54%	66.63%	69.00%	69.77%	63.10%	54.62%	226.70%	150.84%	79.99%	90.90%	101.57%	84.60%	85.83%	94.35%	87.88%
(-) Net Interest Income After Taxes	-80M	-48M	-7M	-92M	-136M	-131M	-108M	0M	0M	0M	0M	66M	73M	34M	0M	0M	0M	0M
Return on (-) Net Interest Income After Taxes	-478.94%	-287.36%	375.02%	-655.06%	-656.14%	-634.55%	-802.27%	0.00%	0.00%	0.00%	0.00%	1,396.89%	1,210.37%	2,579.74%	0.00%	0.00%	0.00%	0.00%
Net Debt Issuance	-346M	-483M	341M	868M	1,626M	137M	-451M	-724M	754M	-2,131M	2,458M	-109M	126M	3,353M	0M	0M	0M	0M
Return on Net Debt Issuance	103.84%	67.04%	24.89%	69.37%	54.71%	607.96%	-192.10%	-104.32%	80.73%	-57.04%	30.06%	-844.80%	702.38%	26.01%	0.00%	0.00%	0.00%	0.00%
Levered Free Cash Flow	949M	624M	1,327M	1,681M	3,096M	1,475M	898M	473M	1,868M	-1,595M	2,948M	974M	1,026M	4,178M	1,021M	1,029M	881M	869M
Return on Levered Free Cash Flow	104.18%	53.78%	58.00%	35.83%	28.72%	56.46%	96.40%	159.68%	32.58%	-76.22%	25.07%	94.32%	86.21%	20.88%	84.60%	85.83%	94.35%	87.88%