Zoetis Inc. (0M3Q.L)

Category: Company Returns Sector: Healthcare Industry: Medical - Pharmaceuticals Live Price: $125.02

Income Returns

Metric	3Y Avg	5Y Avg	10Y Avg	15Y 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	2011-12-31	2010-12-31	2009-12-31
Net Income	2,315M	2,124M	1,557M	1,163M	2,651M	2,430M	2,486M	2,344M	2,114M	2,037M	1,638M	1,500M	1,428M	864M	821M	339M	583M	504M	436M	245M	110M	-100M
Revenue	8,627M	8,066M	6,738M	5,925M	9,397M	9,152M	9,256M	8,544M	8,080M	7,776M	6,675M	6,260M	5,825M	5,307M	4,888M	4,765M	4,785M	4,561M	4,336M	4,233M	3,582M	2,760M
Return on Revenue	26.82%	26.24%	21.99%	17.47%	28.21%	26.55%	26.86%	27.43%	26.16%	26.20%	24.54%	23.96%	24.52%	16.28%	16.80%	7.11%	12.18%	11.05%	10.06%	5.79%	3.07%	-3.62%
Cost of Revenue	2,725M	2,571M	2,244M	2,050M	2,760M	2,884M	2,860M	2,710M	2,604M	2,464M	2,217M	2,147M	2,028M	1,864M	1,745M	1,798M	1,777M	1,728M	1,617M	1,695M	1,497M	1,058M
Return on Cost of Revenue	84.87%	82.23%	66.37%	51.63%	96.05%	84.26%	86.92%	86.49%	81.18%	82.67%	73.88%	69.86%	70.41%	46.35%	47.05%	18.85%	32.81%	29.17%	26.96%	14.45%	7.35%	-9.45%
Gross Profit	5,902M	5,495M	4,494M	3,875M	6,637M	6,268M	6,396M	5,834M	5,476M	5,312M	4,458M	4,113M	3,797M	3,443M	3,143M	2,967M	3,008M	2,833M	2,719M	2,538M	2,085M	1,702M
Return on Gross Profit	39.22%	38.55%	32.95%	26.51%	39.94%	38.77%	38.87%	40.18%	38.60%	38.35%	36.74%	36.47%	37.61%	25.09%	26.12%	11.43%	19.38%	17.79%	16.04%	9.65%	5.28%	-5.88%
R&D Expenses	613M	562M	482M	458M	685M	674M	686M	614M	539M	508M	463M	457M	432M	382M	376M	364M	396M	399M	409M	427M	411M	368M
Return on R&D Expenses	378.79%	378.22%	308.76%	236.79%	387.01%	360.53%	362.39%	381.76%	392.21%	400.98%	353.78%	328.23%	330.56%	226.18%	218.35%	93.13%	147.22%	126.32%	106.60%	57.38%	26.76%	-27.17%
SG&A Expenses	2,159M	2,041M	1,737M	1,641M	2,384M	2,258M	2,318M	2,151M	2,009M	2,001M	1,726M	1,638M	1,482M	1,325M	1,316M	1,402M	1,512M	1,428M	1,470M	1,453M	1,382M	1,066M
Return on SG&A Expenses	107.15%	103.63%	85.79%	65.75%	111.20%	107.62%	107.25%	108.97%	105.23%	101.80%	94.90%	91.58%	96.36%	65.21%	62.39%	24.18%	38.56%	35.29%	29.66%	16.86%	7.96%	-9.38%
Operating Expenses	2,772M	2,603M	2,237M	2,127M	3,101M	2,932M	3,004M	2,765M	2,548M	2,509M	2,189M	2,095M	1,916M	1,716M	1,739M	1,885M	2,038M	2,012M	1,865M	1,854M	1,776M	1,421M
Return on Operating Expenses	83.50%	81.30%	66.82%	50.98%	85.49%	82.88%	82.76%	84.77%	82.97%	81.19%	74.83%	71.60%	74.53%	50.35%	47.21%	17.98%	28.61%	25.05%	23.38%	13.21%	6.19%	-7.04%
Operating Income (EBIT)	3,130M	2,892M	2,257M	1,747M	3,536M	3,336M	3,392M	3,069M	2,928M	2,803M	2,269M	2,018M	1,881M	1,727M	1,404M	1,082M	970M	821M	854M	684M	309M	281M
Return on Operating Income (EBIT)	73.96%	73.35%	65.68%	60.05%	74.97%	72.84%	73.29%	76.38%	72.20%	72.67%	72.19%	74.33%	75.92%	50.03%	58.48%	31.33%	60.10%	61.39%	51.05%	35.82%	35.60%	-35.59%
Interest Income	87M	56M	35M	23M	69M	105M	106M	105M	50M	6M	12M	37M	31M	0M	0M	0M	0M	0M	0M	0M	0M	0M
Return on Interest Income	2,935.22%	11,281.13%	6,506.62%	4,337.74%	3,842.03%	2,314.29%	2,345.28%	2,232.38%	4,228.00%	33,950.00%	13,650.00%	4,054.05%	4,606.45%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Interest Expense	246M	244M	214M	165M	231M	245M	242M	258M	237M	236M	249M	242M	212M	175M	166M	124M	117M	113M	31M	36M	37M	26M
Return on Interest Expense	942.59%	869.75%	690.38%	682.16%	1,147.62%	991.84%	1,027.27%	908.53%	891.98%	863.14%	657.83%	619.83%	673.58%	493.71%	494.58%	273.39%	498.29%	446.02%	1,406.45%	680.56%	297.30%	-384.62%
Net Interest Income	-159M	-189M	-179M	-142M	-162M	-140M	-136M	-153M	-187M	-230M	-237M	-205M	-181M	-175M	-166M	-124M	-117M	-113M	-31M	-36M	-37M	-26M
Return on Net Interest Income	-1,496.82%	-1,213.45%	-884.96%	-811.88%	-1,636.42%	-1,735.71%	-1,827.94%	-1,532.03%	-1,130.48%	-885.65%	-691.14%	-731.71%	-788.95%	-493.71%	-494.58%	-273.39%	-498.29%	-446.02%	-1,406.45%	-680.56%	-297.30%	384.62%
Unusual Items	380M	439M	437M	370M	367M	425M	395M	286M	459M	545M	510M	422M	372M	377M	342M	661M	267M	244M	175M	326M	168M	455M
Return on Unusual Items	636.50%	520.89%	386.43%	311.93%	722.34%	571.76%	629.37%	819.58%	460.57%	373.76%	321.18%	355.45%	383.87%	229.18%	240.06%	51.29%	218.35%	206.56%	249.14%	75.15%	65.48%	-21.98%
EBT Excluding Unusual Items	2,528M	2,203M	1,563M	1,149M	2,964M	2,626M	2,738M	2,650M	2,197M	1,943M	1,486M	1,379M	1,318M	1,148M	886M	-116M	553M	446M	535M	68M	10M	-603M
Return on EBT Excluding Unusual Items	91.82%	98.11%	58.33%	156.24%	89.44%	92.54%	90.80%	88.45%	96.22%	104.84%	110.23%	108.77%	108.35%	75.26%	92.66%	-292.24%	105.42%	113.00%	81.50%	360.29%	1,100.00%	16.58%
Pre-Tax Income	2,908M	2,642M	2,000M	1,519M	3,331M	3,051M	3,133M	2,936M	2,656M	2,488M	1,996M	1,801M	1,690M	1,525M	1,228M	545M	820M	690M	710M	394M	178M	-148M
Return on Pre-Tax Income	79.59%	80.54%	75.62%	72.38%	79.59%	79.65%	79.35%	79.84%	79.59%	81.87%	82.06%	83.29%	84.50%	56.66%	66.86%	62.20%	71.10%	73.04%	61.41%	62.18%	61.80%	67.57%
Income Tax Expense	593M	518M	444M	356M	680M	613M	637M	596M	545M	454M	360M	301M	266M	663M	409M	206M	233M	187M	274M	146M	67M	-47M
Return on Income Tax Expense	390.48%	415.02%	360.59%	307.78%	389.85%	396.41%	390.27%	393.29%	387.89%	448.68%	455.00%	498.34%	536.84%	130.32%	200.73%	164.56%	250.21%	269.52%	159.12%	167.81%	164.18%	212.77%
Depreciation and Amortization	484M	468M	361M	288M	489M	500M	497M	491M	465M	448M	441M	412M	308M	242M	240M	61M	60M	60M	200M	205M	185M	124M
Return on Depreciation and Amortization	477.41%	451.67%	434.09%	436.64%	542.13%	486.00%	500.20%	477.39%	454.62%	454.69%	371.43%	364.08%	463.64%	357.02%	342.08%	555.74%	971.67%	840.00%	218.00%	119.51%	59.46%	-80.65%
EBITDA	3,638M	3,355M	2,588M	2,001M	4,051M	3,796M	3,872M	3,685M	3,358M	3,172M	2,686M	2,455M	2,210M	1,942M	1,634M	868M	1,141M	1,010M	941M	635M	400M	2M
Return on EBITDA	63.59%	63.19%	57.55%	52.59%	65.44%	64.01%	64.20%	63.61%	62.95%	64.22%	60.98%	61.10%	64.62%	44.49%	50.24%	39.06%	51.10%	49.90%	46.33%	38.58%	27.50%	-5,000.00%
NOPAT	2,492M	2,325M	1,748M	1,328M	2,814M	2,666M	2,702M	2,446M	2,327M	2,292M	1,860M	1,681M	1,585M	976M	936M	673M	694M	598M	524M	431M	193M	192M
Return on NOPAT	92.89%	91.13%	86.15%	81.79%	94.20%	91.16%	91.99%	95.83%	90.84%	88.89%	88.08%	89.25%	90.10%	88.51%	87.68%	50.37%	83.96%	84.21%	83.14%	56.91%	57.09%	-52.15%
Owner's Earnings	2,141M	2,012M	1,495M	1,138M	2,464M	2,293M	2,328M	2,103M	1,993M	2,008M	1,626M	1,452M	1,398M	882M	845M	314M	592M	529M	510M	315M	171M	-111M
Return on Owner's Earnings	108.11%	105.30%	103.50%	97.09%	107.59%	105.97%	106.79%	111.46%	106.07%	101.44%	100.74%	103.31%	102.15%	97.96%	97.16%	107.96%	98.48%	95.27%	85.49%	77.78%	64.33%	90.09%

Balance Sheet Returns

Metric	3Y Avg	5Y Avg	10Y Avg	15Y Avg	2024-12-31	2023-12-31	2022-12-31	2021-12-31	2020-12-31	2019-12-31	2018-12-31	2017-12-31	2016-12-31	2015-12-31	2014-12-31	2013-12-31	2012-12-31	2011-12-31	2010-12-31
Net Income	2,315M	2,124M	1,557M	1,163M	2,486M	2,344M	2,114M	2,037M	1,638M	1,500M	1,428M	864M	821M	339M	583M	504M	436M	245M	110M
Cash & Cash Equivalents	2,534M	2,937M	2,166M	1,574M	1,985M	2,039M	3,577M	3,482M	3,602M	1,932M	1,597M	1,564M	727M	1,154M	882M	610M	317M	79M	63M
Return on Cash & Cash Equivalents	99.77%	80.65%	76.79%	102.59%	125.24%	114.96%	59.10%	58.50%	45.47%	77.64%	89.42%	55.24%	112.93%	29.38%	66.10%	82.62%	137.54%	310.13%	174.60%
Short-Term Investments	0M	0M	10M	7M	0M	0M	0M	0M	0M	0M	99M	0M	0M	0M	0M	0M	0M	0M	0M
Return on Short-Term Investments	0.00%	0.00%	144.24%	96.16%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	1,442.42%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Cash & Short-Term Investments	2,534M	2,937M	2,176M	1,581M	1,985M	2,039M	3,577M	3,482M	3,602M	1,932M	1,696M	1,564M	727M	1,154M	882M	610M	317M	79M	63M
Return on Cash & Short-Term Investments	99.77%	80.65%	76.27%	102.24%	125.24%	114.96%	59.10%	58.50%	45.47%	77.64%	84.20%	55.24%	112.93%	29.38%	66.10%	82.62%	137.54%	310.13%	174.60%
Net Receivables	1,278M	1,196M	1,095M	1,041M	1,316M	1,304M	1,215M	1,133M	1,013M	1,086M	1,036M	998M	913M	937M	980M	1,138M	900M	871M	773M
Return on Net Receivables	180.88%	176.83%	137.28%	104.49%	188.91%	179.75%	173.99%	179.79%	161.70%	138.12%	137.84%	86.57%	89.92%	36.18%	59.49%	44.29%	48.44%	28.13%	14.23%
Inventory	2,405M	2,153M	1,796M	1,597M	2,306M	2,564M	2,345M	1,923M	1,628M	1,410M	1,391M	1,427M	1,502M	1,467M	1,289M	1,293M	1,345M	1,063M	995M
Return on Inventory	96.46%	99.18%	84.33%	66.27%	107.81%	91.42%	90.15%	105.93%	100.61%	106.38%	102.66%	60.55%	54.66%	23.11%	45.23%	38.98%	32.42%	23.05%	11.06%
Other Current Assets	395M	389M	329M	320M	379M	436M	369M	392M	368M	320M	276M	228M	248M	272M	314M	316M	302M	298M	285M
Return on Other Current Assets	588.82%	546.24%	455.20%	344.15%	655.94%	537.61%	572.90%	519.64%	445.11%	468.75%	517.39%	378.95%	331.05%	124.63%	185.67%	159.49%	144.37%	82.21%	38.60%
Total Current Assets	6,612M	6,675M	5,396M	4,538M	5,986M	6,343M	7,506M	6,930M	6,611M	4,748M	4,399M	4,217M	3,390M	3,830M	3,465M	3,357M	2,864M	2,311M	2,116M
Return on Total Current Assets	35.55%	32.16%	27.84%	22.75%	41.53%	36.95%	28.16%	29.39%	24.78%	31.59%	32.46%	20.49%	24.22%	8.85%	16.83%	15.01%	15.22%	10.60%	5.20%
Property, Plant & Equipment	3,339M	3,003M	2,292M	1,945M	3,610M	3,434M	2,973M	2,603M	2,394M	2,129M	1,658M	1,435M	1,381M	1,307M	1,318M	1,295M	1,241M	1,243M	1,148M
Return on Property, Plant & Equipment	69.41%	70.98%	65.71%	53.64%	68.86%	68.26%	71.11%	78.26%	68.42%	70.46%	86.13%	60.21%	59.45%	25.94%	44.23%	38.92%	35.13%	19.71%	9.58%
Goodwill	2,743M	2,721M	2,316M	1,869M	2,724M	2,759M	2,746M	2,682M	2,694M	2,592M	2,519M	1,510M	1,481M	1,455M	976M	982M	985M	989M	934M
Return on Goodwill	84.40%	77.99%	64.05%	55.49%	91.26%	84.96%	76.98%	75.95%	60.80%	57.87%	56.69%	57.22%	55.44%	23.30%	59.73%	51.32%	44.26%	24.77%	11.78%
Intangible Assets	1,282M	1,406M	1,465M	1,260M	1,127M	1,338M	1,380M	1,474M	1,710M	1,890M	2,046M	1,269M	1,228M	1,190M	727M	803M	868M	928M	924M
Return on Intangible Assets	182.99%	156.59%	109.55%	88.47%	220.59%	175.19%	153.19%	138.20%	95.79%	79.37%	69.79%	68.09%	66.86%	28.49%	80.19%	62.76%	50.23%	26.40%	11.90%
Long-Term Investments	10M	6M	3M	2M	30M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M
Return on Long-Term Investments	2,762.22%	1,657.33%	828.67%	552.44%	8,286.67%	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%
Tax Assets	306M	223M	152M	138M	540M	206M	173M	100M	94M	88M	61M	80M	96M	82M	54M	63M	216M	143M	70M
Return on Tax Assets	940.07%	1,319.95%	1,299.39%	1,026.92%	460.37%	1,137.86%	1,221.97%	2,037.00%	1,742.55%	1,704.55%	2,340.98%	1,080.00%	855.21%	413.41%	1,079.63%	800.00%	201.85%	171.33%	157.14%
Other Non-Current Assets	191M	158M	118M	104M	220M	206M	147M	111M	106M	98M	94M	75M	73M	49M	48M	58M	88M	97M	92M
Return on Other Non-Current Assets	1,235.32%	1,417.28%	1,310.46%	1,070.39%	1,130.00%	1,137.86%	1,438.10%	1,835.14%	1,545.28%	1,530.61%	1,519.15%	1,152.00%	1,124.66%	691.84%	1,214.58%	868.97%	495.45%	252.58%	119.57%
Other Assets	0M	0M	0M	0M	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%	0.00%	0.00%	0.00%	0.00%
Total Non-Current Assets	7,871M	7,516M	6,347M	5,317M	8,251M	7,943M	7,419M	6,970M	6,998M	6,797M	6,378M	4,369M	4,259M	4,083M	3,123M	3,201M	3,398M	3,400M	3,168M
Return on Total Non-Current Assets	29.38%	28.15%	23.26%	19.37%	30.13%	29.51%	28.49%	29.23%	23.41%	22.07%	22.39%	19.78%	19.28%	8.30%	18.67%	15.75%	12.83%	7.21%	3.47%
Total Assets	14,483M	14,191M	11,743M	9,855M	14,237M	14,286M	14,925M	13,900M	13,609M	11,545M	10,777M	8,586M	7,649M	7,913M	6,588M	6,558M	6,262M	5,711M	5,284M
Return on Total Assets	16.01%	14.94%	12.60%	10.39%	17.46%	16.41%	14.16%	14.65%	12.04%	12.99%	13.25%	10.06%	10.73%	4.28%	8.85%	7.69%	6.96%	4.29%	2.08%
Accounts Payable	416M	428M	358M	341M	433M	411M	405M	436M	457M	301M	313M	261M	265M	293M	290M	506M	319M	214M	206M
Return on Accounts Payable	555.48%	498.41%	420.32%	320.56%	574.13%	570.32%	521.98%	467.20%	358.42%	498.34%	456.23%	331.03%	309.81%	115.70%	201.03%	99.60%	136.68%	114.49%	53.40%
Short-Term Debt	902M	662M	422M	290M	1,350M	3M	1,352M	0M	604M	500M	9M	0M	0M	405M	7M	15M	73M	0M	38M
Return on Short-Term Debt	26,157.95%	15,749.01%	9,499.54%	7,171.38%	184.15%	78,133.33%	156.36%	0.00%	271.19%	300.00%	15,866.67%	0.00%	0.00%	83.70%	8,328.57%	3,360.00%	597.26%	0.00%	289.47%
Tax Payables	120M	89M	71M	56M	93M	110M	157M	38M	46M	36M	35M	60M	71M	63M	26M	40M	30M	18M	24M
Return on Tax Payables	2,050.17%	3,014.38%	2,645.30%	2,215.21%	2,673.12%	2,130.91%	1,346.50%	5,360.53%	3,560.87%	4,166.67%	4,080.00%	1,440.00%	1,156.34%	538.10%	2,242.31%	1,260.00%	1,453.33%	1,361.11%	458.33%
Deferred Revenue	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	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%	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	482M	459M	377M	408M	566M	484M	397M	459M	388M	331M	300M	280M	265M	297M	246M	248M	701M	611M	540M
Return on Other Current Liabilities	485.34%	464.39%	398.37%	303.10%	439.22%	484.30%	532.49%	443.79%	422.16%	453.17%	476.00%	308.57%	309.81%	114.14%	236.99%	203.23%	62.20%	40.10%	20.37%
Total Current Liabilities	2,823M	2,487M	1,946M	1,649M	3,412M	1,889M	3,167M	1,797M	2,170M	1,806M	1,223M	1,094M	1,117M	1,781M	1,086M	1,415M	1,123M	843M	808M
Return on Total Current Liabilities	87.90%	90.51%	82.39%	66.31%	72.86%	124.09%	66.75%	113.36%	75.48%	83.06%	116.76%	78.98%	73.50%	19.03%	53.68%	35.62%	38.82%	29.06%	13.61%
Long-Term Debt	6,112M	6,305M	5,780M	4,455M	5,220M	6,564M	6,552M	6,592M	6,595M	5,947M	6,443M	4,953M	4,468M	4,463M	3,624M	3,642M	509M	575M	673M
Return on Long-Term Debt	38.53%	34.27%	26.21%	29.11%	47.62%	35.71%	32.26%	30.90%	24.84%	25.22%	22.16%	17.44%	18.38%	7.60%	16.09%	13.84%	85.66%	42.61%	16.34%
Capital Lease Obligations	183M	172M	103M	68M	174M	188M	186M	151M	163M	164M	0M	0M	0M	0M	0M	0M	0M	0M	0M
Return on Capital Lease Obligations	1,270.70%	1,233.20%	708.07%	472.04%	1,428.74%	1,246.81%	1,136.56%	1,349.01%	1,004.91%	914.63%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Deferred Tax Liabilities	152M	231M	295M	293M	167M	146M	142M	320M	378M	434M	474M	380M	244M	264M	277M	322M	323M	311M	218M
Return on Deferred Tax Liabilities	1,527.61%	1,130.55%	699.19%	508.21%	1,488.62%	1,605.48%	1,488.73%	636.56%	433.33%	345.62%	301.27%	227.37%	336.48%	128.41%	210.47%	156.52%	134.98%	78.78%	50.46%
Other Non-Current Liabilities	492M	501M	445M	379M	494M	508M	475M	496M	530M	486M	452M	373M	321M	314M	264M	217M	266M	246M	241M
Return on Other Non-Current Liabilities	469.90%	425.89%	334.94%	274.11%	503.24%	461.42%	445.05%	410.69%	309.06%	308.64%	315.93%	231.64%	255.76%	107.96%	220.83%	232.26%	163.91%	99.59%	45.64%
Total Non-Current Liabilities	6,939M	7,208M	6,622M	5,195M	6,055M	7,406M	7,355M	7,559M	7,666M	7,031M	7,369M	5,706M	5,033M	5,041M	4,165M	4,181M	1,098M	1,132M	1,132M
Return on Total Non-Current Liabilities	33.82%	29.95%	22.87%	21.72%	41.06%	31.65%	28.74%	26.95%	21.37%	21.33%	19.38%	15.14%	16.31%	6.72%	14.00%	12.05%	39.71%	21.64%	9.72%
Total Liabilities	9,761M	9,695M	8,568M	6,844M	9,467M	9,295M	10,522M	9,356M	9,836M	8,837M	8,592M	6,800M	6,150M	6,822M	5,251M	5,596M	2,221M	1,975M	1,940M
Return on Total Liabilities	23.86%	22.00%	17.46%	15.50%	26.26%	25.22%	20.09%	21.77%	16.65%	16.97%	16.62%	12.71%	13.35%	4.97%	11.10%	9.01%	19.63%	12.41%	5.67%
Preferred Stock	0M	0M	0M	0M	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%	0.00%	0.00%	0.00%	0.00%
Common Stock	5M	5M	5M	4M	5M	5M	5M	5M	5M	5M	5M	5M	5M	5M	5M	5M	0M	0M	0M
Return on Common Stock	46,293.33%	42,476.00%	31,142.00%	22,210.67%	49,720.00%	46,880.00%	42,280.00%	40,740.00%	32,760.00%	30,000.00%	28,560.00%	17,280.00%	16,420.00%	6,780.00%	11,660.00%	10,080.00%	0.00%	0.00%	0.00%
Retained Earnings	10,310M	8,755M	5,594M	3,795M	11,968M	10,295M	8,668M	7,186M	5,659M	4,427M	3,270M	2,109M	1,477M	876M	709M	276M	0M	0M	0M
Return on Retained Earnings	22.64%	25.04%	33.80%	40.19%	20.77%	22.77%	24.39%	28.35%	28.95%	33.88%	43.67%	40.97%	55.59%	38.70%	82.23%	182.61%	0.00%	0.00%	0.00%
Accumulated OCI	-865M	-818M	-717M	-536M	-940M	-839M	-817M	-764M	-730M	-726M	-629M	-505M	-598M	-622M	-361M	-219M	-157M	-65M	-74M
Return on Accumulated OCI	-267.53%	-258.72%	-209.01%	-219.00%	-264.47%	-279.38%	-258.75%	-266.62%	-224.38%	-206.61%	-227.03%	-171.09%	-137.29%	-54.50%	-161.50%	-230.14%	-277.71%	-376.92%	-148.65%
Minority Interest	-3M	-1M	5M	8M	0M	-6M	-2M	1M	4M	0M	0M	16M	12M	23M	26M	22M	15M	16M	0M
Return on Minority Interest	-48,255.56%	19,976.67%	11,359.89%	8,171.34%	0.00%	-39,066.67%	-105,700.00%	203,700.00%	40,950.00%	0.00%	0.00%	5,400.00%	6,841.67%	1,473.91%	2,242.31%	2,290.91%	2,906.67%	1,531.25%	0.00%
Total Shareholders’ Equity	4,724M	4,497M	3,170M	3,003M	4,770M	4,997M	4,405M	4,543M	3,769M	2,708M	2,185M	1,770M	1,487M	1,068M	1,311M	940M	4,026M	3,720M	3,344M
Return on Total Shareholders’ Equity	49.01%	47.06%	49.18%	40.71%	52.12%	46.91%	47.99%	44.84%	43.46%	55.39%	65.35%	48.81%	55.21%	31.74%	44.47%	53.62%	10.83%	6.59%	3.29%
Total Equity	4,721M	4,496M	3,175M	3,011M	4,770M	4,991M	4,403M	4,544M	3,773M	2,708M	2,185M	1,786M	1,499M	1,091M	1,337M	962M	4,041M	3,736M	3,344M
Return on Total Equity	49.03%	47.07%	49.03%	40.46%	52.12%	46.96%	48.01%	44.83%	43.41%	55.39%	65.35%	48.38%	54.77%	31.07%	43.61%	52.39%	10.79%	6.56%	3.29%
Total Liabilities & Equity	0M	0M	0M	0M	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%	0.00%	0.00%	0.00%	0.00%
Total Investments	10M	6M	13M	9M	30M	0M	0M	0M	0M	0M	99M	0M	0M	0M	0M	0M	0M	0M	0M
Return on Total Investments	2,762.22%	1,657.33%	972.91%	648.61%	8,286.67%	0.00%	0.00%	0.00%	0.00%	0.00%	1,442.42%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Net Debt	4,663M	4,202M	4,139M	3,239M	4,759M	4,716M	4,513M	3,261M	3,760M	4,679M	4,855M	3,389M	3,741M	3,714M	2,749M	3,047M	265M	496M	648M
Return on Net Debt	49.59%	50.96%	37.29%	42.77%	52.24%	49.70%	46.84%	62.47%	43.56%	32.06%	29.41%	25.49%	21.95%	9.13%	21.21%	16.54%	164.53%	49.40%	16.98%

Capital Returns

Metric	3Y Avg	5Y Avg	10Y Avg	15Y Avg	2024-12-31	2023-12-31	2022-12-31	2021-12-31	2020-12-31	2019-12-31	2018-12-31	2017-12-31	2016-12-31	2015-12-31	2014-12-31	2013-12-31	2012-12-31	2011-12-31	2010-12-31
Net Income	2,315M	2,124M	1,557M	1,163M	2,486M	2,344M	2,114M	2,037M	1,638M	1,500M	1,428M	864M	821M	339M	583M	504M	436M	245M	110M
Working Capital	3,789M	4,188M	3,450M	2,889M	2,574M	4,454M	4,339M	5,133M	4,441M	2,942M	3,176M	3,123M	2,273M	2,049M	2,379M	1,942M	1,741M	1,468M	1,308M
Return on Working Capital	65.98%	54.90%	45.08%	36.76%	96.58%	52.63%	48.72%	39.68%	36.88%	50.99%	44.96%	27.67%	36.12%	16.54%	24.51%	25.95%	25.04%	16.69%	8.41%
Total Capital	11,920M	11,636M	9,475M	7,816M	11,514M	11,752M	12,495M	11,286M	11,131M	9,319M	8,637M	6,723M	5,955M	5,936M	4,942M	4,597M	4,608M	4,295M	4,055M
Return on Total Capital	19.49%	18.24%	15.62%	13.12%	21.59%	19.95%	16.92%	18.05%	14.72%	16.10%	16.53%	12.85%	13.79%	5.71%	11.80%	10.96%	9.46%	5.70%	2.71%
Capital Employed	11,660M	11,704M	9,797M	8,207M	10,825M	12,397M	11,758M	12,103M	11,439M	9,739M	9,554M	7,492M	6,532M	6,132M	5,502M	5,143M	5,139M	4,868M	4,476M
Return on Capital Employed	19.95%	18.20%	15.10%	12.49%	22.97%	18.91%	17.98%	16.83%	14.32%	15.40%	14.95%	11.53%	12.57%	5.53%	10.60%	9.80%	8.48%	5.03%	2.46%
Invested Capital	9,387M	8,699M	7,309M	6,242M	9,529M	9,713M	8,918M	7,804M	7,529M	7,387M	7,040M	5,159M	5,228M	4,782M	4,060M	3,987M	4,291M	4,216M	3,992M
Return on Invested Capital	24.64%	24.36%	20.19%	16.51%	26.09%	24.13%	23.70%	26.10%	21.76%	20.31%	20.28%	16.75%	15.70%	7.09%	14.36%	12.64%	10.16%	5.81%	2.76%

Cash Flow Returns

Metric	3Y Avg	5Y Avg	10Y Avg	15Y 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	2011-12-31	2010-12-31	2009-12-31
Net Income	2,315M	2,124M	1,557M	1,163M	2,651M	2,430M	2,486M	2,344M	2,114M	2,037M	1,638M	1,500M	1,428M	864M	821M	339M	583M	504M	436M	245M	110M	-100M
Depreciation & Amortization	484M	468M	374M	316M	489M	500M	497M	491M	465M	448M	441M	412M	308M	242M	240M	199M	204M	209M	200M	205M	185M	124M
Return on Depreciation & Amortization	477.41%	451.67%	395.55%	325.29%	542.13%	486.00%	500.20%	477.39%	454.62%	454.69%	371.43%	364.08%	463.64%	357.02%	342.08%	170.35%	285.78%	241.15%	218.00%	119.51%	59.46%	-80.65%
Deferred Income Tax	-228M	-165M	-103M	-76M	-156M	-207M	-338M	-61M	-286M	-80M	-62M	-79M	-112M	127M	-55M	-85M	-49M	23M	-74M	65M	-68M	-334M
Return on Deferred Income Tax	-1,772.43%	-2,101.09%	-1,489.04%	-950.86%	-1,699.36%	-1,173.91%	-735.50%	-3,842.62%	-739.16%	-2,546.25%	-2,641.94%	-1,898.73%	-1,275.00%	680.31%	-1,492.73%	-398.82%	-1,189.80%	2,191.30%	-589.19%	376.92%	-161.76%	29.94%
Stock-Based Compensation	65M	63M	56M	46M	80M	72M	74M	60M	62M	58M	59M	67M	53M	44M	37M	43M	32M	43M	28M	19M	16M	15M
Return on Stock-Based Compensation	3,558.60%	3,392.83%	2,686.82%	2,226.42%	3,313.75%	3,375.00%	3,359.46%	3,906.67%	3,409.68%	3,512.07%	2,776.27%	2,238.81%	2,694.34%	1,963.64%	2,218.92%	788.37%	1,821.88%	1,172.09%	1,557.14%	1,289.47%	687.50%	-666.67%
Change in Working Capital	-377M	-312M	-228M	-180M	309M	202M	79M	-512M	-699M	-343M	-85M	-151M	112M	-29M	-439M	-208M	-157M	-104M	-149M	-117M	100M	357M
Return on Change in Working Capital	795.53%	-26.87%	-318.20%	-295.33%	857.93%	1,202.97%	3,146.84%	-457.81%	-302.43%	-593.88%	-1,927.06%	-993.38%	1,275.00%	-2,979.31%	-187.02%	-162.98%	-371.34%	-484.62%	-292.62%	-209.40%	110.00%	-28.01%
Accounts Receivable	-100M	-76M	-61M	-51M	-111M	-182M	-61M	-102M	-137M	-155M	74M	-69M	-67M	-50M	15M	-58M	69M	-99M	-65M	-85M	30M	112M
Return on Accounts Receivable	-2,638.84%	-1,403.44%	-816.16%	-561.21%	-2,388.29%	-1,335.16%	-4,075.41%	-2,298.04%	-1,543.07%	-1,314.19%	2,213.51%	-2,173.91%	-2,131.34%	-1,728.00%	5,473.33%	-584.48%	844.93%	-509.09%	-670.77%	-288.24%	366.67%	-89.29%
Inventory	-296M	-320M	-199M	-151M	-139M	23M	-40M	-361M	-486M	-366M	-346M	-104M	61M	19M	-101M	-262M	-16M	-104M	-318M	40M	117M	-16M
Return on Inventory	-2,433.10%	-1,665.85%	-382.55%	-492.30%	-1,907.19%	10,565.22%	-6,215.00%	-649.31%	-434.98%	-556.56%	-473.41%	-1,442.31%	2,340.98%	4,547.37%	-812.87%	-129.39%	-3,643.75%	-484.62%	-137.11%	612.50%	94.02%	625.00%
Accounts Payable	5M	29M	15M	-2M	-4M	27M	31M	13M	-29M	-17M	147M	-10M	37M	-10M	-28M	17M	-210M	-82M	96M	-16M	25M	38M
Return on Accounts Payable	6,253.49%	1,578.48%	-1,282.62%	-957.03%	-66,275.00%	9,000.00%	8,019.35%	18,030.77%	-7,289.66%	-11,982.35%	1,114.29%	-15,000.00%	3,859.46%	-8,640.00%	-2,932.14%	1,994.12%	-277.62%	-614.63%	454.17%	-1,531.25%	440.00%	-263.16%
Other Working Capital	13M	55M	19M	29M	563M	334M	149M	-62M	-47M	195M	40M	32M	81M	31M	-325M	95M	2M	234M	138M	-56M	-72M	223M
Return on Other Working Capital	-2,203.35%	-294.09%	787.13%	2,464.16%	470.87%	727.54%	1,668.46%	-3,780.65%	-4,497.87%	1,044.62%	4,095.00%	4,687.50%	1,762.96%	2,787.10%	-252.62%	356.84%	29,150.00%	215.38%	315.94%	-437.50%	-152.78%	-44.84%
Other Non-Cash Items	145M	134M	131M	94M	-457M	-62M	145M	31M	259M	96M	137M	46M	5M	100M	111M	376M	101M	7M	13M	77M	-90M	37M
Return on Other Non-Cash Items	3,364.00%	2,681.90%	4,692.42%	3,883.41%	-580.09%	-3,919.35%	1,714.48%	7,561.29%	816.22%	2,121.88%	1,195.62%	3,260.87%	28,560.00%	864.00%	739.64%	90.16%	577.23%	7,200.00%	3,353.85%	318.18%	-122.22%	-270.27%
Net Cash from Operating Activities	2,406M	2,311M	1,787M	1,358M	2,916M	2,945M	2,953M	2,353M	1,912M	2,213M	2,126M	1,795M	1,790M	1,346M	713M	664M	626M	681M	454M	497M	254M	98M
Return on Net Cash from Operating Activities	98.12%	92.69%	85.72%	80.86%	90.91%	82.51%	84.19%	99.62%	110.56%	92.05%	77.05%	83.57%	79.78%	64.19%	115.15%	51.05%	93.13%	74.01%	96.04%	49.30%	43.31%	-102.04%
Capital Expenditures (PPE)	-658M	-581M	-437M	-342M	-676M	-637M	-655M	-732M	-586M	-477M	-453M	-460M	-338M	-224M	-216M	-224M	-195M	-184M	-126M	-135M	-124M	-135M
Return on Capital Expenditures (PPE)	-353.50%	-369.83%	-351.49%	-313.60%	-392.16%	-381.48%	-379.54%	-320.22%	-360.75%	-427.04%	-361.59%	-326.09%	-422.49%	-385.71%	-380.09%	-151.34%	-298.97%	-273.91%	-346.03%	-181.48%	-88.71%	74.07%
Acquisitions (Net)	-29M	-43M	-346M	-259M	283M	-104M	285M	-59M	-312M	-14M	-113M	-195M	-1,998M	-82M	-88M	-883M	0M	-4M	0M	-345M	-81M	-2,254M
Return on Acquisitions (Net)	-1,259.39%	-3,955.54%	-2,264.34%	-2,363.35%	936.75%	-2,336.54%	872.28%	-3,972.88%	-677.56%	-14,550.00%	-1,449.56%	-769.23%	-71.47%	-1,053.66%	-932.95%	-38.39%	0.00%	-12,600.00%	0.00%	-71.01%	-135.80%	4.44%
Purchases of Investments	-6M	-11M	74M	49M	-7M	-5M	-5M	-4M	-9M	-12M	-27M	460M	338M	0M	0M	0M	0M	0M	0M	0M	0M	0M
Return on Purchases of Investments	-43,936.30%	-30,970.11%	-15,410.20%	-10,273.47%	-37,871.43%	-48,600.00%	-49,720.00%	-58,600.00%	-23,488.89%	-16,975.00%	-6,066.67%	326.09%	422.49%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Sales / Maturities of Investments	12M	106M	70M	47M	51M	0M	0M	12M	23M	44M	453M	138M	28M	0M	0M	0M	0M	0M	0M	0M	0M	0M
Return on Sales / Maturities of Investments	9,574.88%	6,743.15%	3,990.27%	2,660.18%	5,198.04%	0.00%	0.00%	19,533.33%	9,191.30%	4,629.55%	361.59%	1,086.96%	5,100.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Other Investing Activities	22M	-73M	-98M	-50M	-107M	95M	60M	6M	1M	1M	-432M	-447M	-289M	36M	90M	-8M	8M	9M	-9M	31M	196M	568M
Return on Other Investing Activities	84,870.00%	91,586.17%	45,617.59%	31,004.36%	-2,477.57%	2,557.89%	4,143.33%	39,066.67%	211,400.00%	203,700.00%	-379.17%	-335.57%	-494.12%	2,400.00%	912.22%	-4,237.50%	7,287.50%	5,600.00%	-4,844.44%	790.32%	56.12%	-17.61%
Net Cash from Investing Activities	-658M	-601M	-737M	-555M	-456M	-651M	-315M	-777M	-883M	-458M	-572M	-504M	-2,259M	-270M	-214M	-1,115M	-187M	-179M	-135M	-449M	-9M	-1,821M
Return on Net Cash from Investing Activities	-443.43%	-412.28%	-315.63%	-356.63%	-581.36%	-373.27%	-789.21%	-301.67%	-239.41%	-444.76%	-286.36%	-297.62%	-63.21%	-320.00%	-383.64%	-30.40%	-311.76%	-281.56%	-322.96%	-54.57%	-1,222.22%	5.49%
Net Debt Issuance	-1M	28M	282M	355M	0M	-2M	-3M	-1,349M	1,350M	-604M	744M	-9M	1,504M	481M	-405M	1,115M	0M	2,641M	0M	-143M	0M	719M
Return on Net Debt Issuance	-27,627.94%	-16,600.18%	-9,956.53%	-6,647.84%	0.00%	-121,500.00%	-82,866.67%	-173.76%	156.59%	-337.25%	220.16%	-16,666.67%	94.95%	179.63%	-202.72%	30.40%	0.00%	19.08%	0.00%	-171.33%	0.00%	-13.91%
Long-Term Debt Issuance	-1M	28M	283M	354M	0M	0M	0M	-1,350M	1,348M	-600M	740M	0M	1,496M	481M	-400M	1,117M	0M	2,625M	0M	-143M	0M	719M
Return on Long-Term Debt Issuance	-5.60%	-26.99%	-3.48%	-12.46%	0.00%	0.00%	0.00%	-173.63%	156.82%	-339.50%	221.35%	0.00%	95.45%	179.63%	-205.25%	30.35%	0.00%	19.20%	0.00%	-171.33%	0.00%	-13.91%
Short-Term Debt Issuance	0M	0M	-1M	0M	0M	-2M	-3M	1M	2M	-4M	4M	-9M	8M	0M	-5M	-2M	-8M	16M	0M	0M	0M	0M
Return on Short-Term Debt Issuance	85,744.44%	49,451.67%	21,507.17%	14,062.28%	0.00%	-121,500.00%	-82,866.67%	234,400.00%	105,700.00%	-50,925.00%	40,950.00%	-16,666.67%	17,850.00%	0.00%	-16,420.00%	-16,950.00%	-7,287.50%	3,150.00%	0.00%	0.00%	0.00%	0.00%
Net Stock Issuance	-1,515M	-1,107M	-786M	-524M	-1,728M	-1,544M	-1,858M	-1,092M	-1,594M	-743M	-250M	-626M	-698M	-500M	-300M	-203M	2M	0M	0M	0M	0M	0M
Return on Net Stock Issuance	-160.36%	-282.09%	-246.81%	1,778.79%	-153.41%	-157.38%	-133.80%	-214.65%	-132.62%	-274.16%	-655.20%	-239.62%	-204.58%	-172.80%	-273.67%	-167.00%	29,150.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Common Stock Issuance	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M
Return on Common 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%	0.00%	0.00%	0.00%	0.00%
Common Stock Repurchased	-1,515M	-1,107M	-786M	-524M	-1,728M	-1,540M	-1,858M	-1,092M	-1,594M	-743M	-250M	-626M	-698M	-500M	-300M	-203M	0M	0M	0M	0M	0M	0M
Return on Common Stock Repurchased	-160.36%	-282.09%	-246.81%	-164.54%	-153.41%	-157.79%	-133.80%	-214.65%	-132.62%	-274.16%	-655.20%	-239.62%	-204.58%	-172.80%	-273.67%	-167.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Preferred Stock Issuance	0M	0M	0M	0M	0M	-4M	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%	-60,750.00%	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	-696M	-589M	-406M	-333M	-863M	-764M	-786M	-692M	-611M	-474M	-380M	-314M	-243M	-206M	-188M	-168M	-146M	-98M	-63M	-416M	-207M	-101M
Return on Net Dividends Paid	-333.67%	-372.36%	-398.51%	-380.18%	-307.18%	-318.06%	-316.28%	-338.73%	-345.99%	-429.75%	-431.05%	-477.71%	-587.65%	-419.42%	-436.70%	-201.79%	-399.32%	-514.29%	-692.06%	-58.89%	-53.14%	99.01%
Common Dividends Paid	-696M	-589M	-406M	-333M	-863M	-764M	-786M	-692M	-611M	-474M	-380M	-314M	-243M	-206M	-188M	-168M	-146M	-98M	-63M	-416M	-207M	-101M
Return on Common Dividends Paid	-333.67%	-372.36%	-398.51%	-380.18%	-307.18%	-318.06%	-316.28%	-338.73%	-345.99%	-429.75%	-431.05%	-477.71%	-587.65%	-419.42%	-436.70%	-201.79%	-399.32%	-514.29%	-692.06%	-58.89%	-53.14%	99.01%
Preferred Dividends Paid	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	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%	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	-13M	-15M	-13M	-163M	471M	-2M	-13M	24M	-49M	-45M	9M	-2M	-30M	-26M	-10M	11M	-10M	-2,743M	-15M	529M	-70M	1,205M
Return on Other Financing Activities	-4,556.90%	0.53%	-8,820.86%	-6,471.63%	562.85%	-121,500.00%	-19,123.08%	9,766.67%	-4,314.29%	-4,526.67%	18,200.00%	-75,000.00%	-4,760.00%	-3,323.08%	-8,210.00%	3,081.82%	-5,830.00%	-18.37%	-2,906.67%	46.31%	-157.14%	-8.30%
Net Cash from Financing Activities	-2,224M	-1,682M	-923M	-665M	-2,120M	-2,312M	-2,660M	-3,109M	-904M	-1,862M	123M	-951M	533M	-251M	-903M	755M	-154M	-200M	-78M	-30M	-277M	1,823M
Return on Net Cash from Financing Activities	-134.23%	163.92%	53.96%	-100.42%	-125.05%	-105.10%	-93.46%	-75.39%	-233.85%	-109.40%	1,331.71%	-157.73%	267.92%	-344.22%	-90.92%	44.90%	-378.57%	-252.00%	-558.97%	-816.67%	-39.71%	-5.49%
Effect of FX on Cash	-23M	-17M	-16M	-13M	30M	-22M	-32M	-7M	-29M	-12M	-7M	-8M	-26M	12M	-23M	-32M	-13M	-9M	-3M	-2M	-4M	-7M
Return on Effect of FX on Cash	-16,181.37%	-17,783.82%	-11,059.04%	-10,013.89%	8,836.67%	-11,045.45%	-7,768.75%	-33,485.71%	-7,289.66%	-16,975.00%	-23,400.00%	-18,750.00%	-5,492.31%	7,200.00%	-3,569.57%	-1,059.38%	-4,484.62%	-5,600.00%	-14,533.33%	-12,250.00%	-2,750.00%	1,428.57%
Net Change in Cash	-499M	11M	111M	126M	370M	-40M	-54M	-1,540M	96M	-119M	1,670M	332M	38M	837M	-427M	272M	272M	293M	238M	16M	-36M	93M
Return on Net Change in Cash	-851.28%	-833.50%	7.78%	124.87%	716.49%	-6,075.00%	-4,603.70%	-152.21%	2,202.08%	-1,711.76%	98.08%	451.81%	3,757.89%	103.23%	-192.27%	124.63%	214.34%	172.01%	183.19%	1,531.25%	-305.56%	-107.53%
Cash at Beginning of Period	3,036M	2,929M	2,057M	1,449M	6,857M	7,344M	2,041M	3,581M	3,485M	3,604M	1,934M	1,602M	1,564M	727M	1,154M	882M	610M	317M	79M	63M	99M	6M
Return on Cash at Beginning of Period	82.64%	77.83%	80.25%	140.60%	38.66%	33.09%	121.80%	65.46%	60.66%	56.52%	84.69%	93.63%	91.30%	118.84%	71.14%	38.44%	95.57%	158.99%	551.90%	388.89%	111.11%	-1,666.67%
Cash at End of Period	2,536M	2,940M	2,168M	1,575M	7,227M	7,304M	1,987M	2,041M	3,581M	3,485M	3,604M	1,934M	1,602M	1,564M	727M	1,154M	882M	610M	317M	79M	63M	99M
Return on Cash at End of Period	99.66%	80.58%	76.71%	102.54%	36.68%	33.27%	125.11%	114.85%	59.03%	58.45%	45.45%	77.56%	89.14%	55.24%	112.93%	29.38%	66.10%	82.62%	137.54%	310.13%	174.60%	-101.01%
Operating Cash Flow	2,406M	2,311M	1,787M	1,358M	2,916M	2,945M	2,953M	2,353M	1,912M	2,213M	2,126M	1,795M	1,790M	1,346M	713M	664M	626M	681M	454M	497M	254M	98M
Return on Operating Cash Flow	98.12%	92.69%	85.72%	80.86%	90.91%	82.51%	84.19%	99.62%	110.56%	92.05%	77.05%	83.57%	79.78%	64.19%	115.15%	51.05%	93.13%	74.01%	96.04%	49.30%	43.31%	-102.04%
Capital Expenditure	-658M	-581M	-437M	-342M	-676M	-637M	-655M	-732M	-586M	-477M	-453M	-460M	-338M	-224M	-216M	-224M	-195M	-184M	-126M	-135M	-124M	-135M
Return on Capital Expenditure	-353.50%	-369.83%	-351.49%	-313.60%	-392.16%	-381.48%	-379.54%	-320.22%	-360.75%	-427.04%	-361.59%	-326.09%	-422.49%	-385.71%	-380.09%	-151.34%	-298.97%	-273.91%	-346.03%	-181.48%	-88.71%	74.07%
Free Cash Flow	1,748M	1,731M	1,350M	1,017M	2,240M	2,308M	2,298M	1,621M	1,326M	1,736M	1,673M	1,335M	1,452M	1,122M	497M	440M	431M	497M	328M	362M	130M	-37M
Return on Free Cash Flow	137.40%	125.49%	115.74%	111.95%	118.35%	105.29%	108.18%	144.60%	159.43%	117.34%	97.91%	112.36%	98.35%	77.01%	165.19%	77.05%	135.27%	101.41%	132.93%	67.68%	84.62%	270.27%

Free Cash Flow Returns

Metric	3Y Avg	5Y Avg	10Y Avg	15Y 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	2011-12-31	2010-12-31	2009-12-31
Net Income	2,317M	2,124M	1,557M	1,163M	2,651M	2,440M	2,496M	2,344M	2,111M	2,034M	1,636M	1,500M	1,424M	862M	819M	339M	587M	503M	436M	248M	111M	-101M
EBITDA	3,638M	3,355M	2,588M	2,001M	4,051M	3,796M	3,872M	3,685M	3,358M	3,172M	2,686M	2,455M	2,210M	1,942M	1,634M	868M	1,141M	1,010M	941M	635M	400M	2M
Return on EBITDA	63.65%	63.19%	57.51%	52.63%	65.44%	64.28%	64.46%	63.61%	62.86%	64.12%	60.91%	61.10%	64.43%	44.39%	50.12%	39.06%	51.45%	49.80%	46.33%	39.06%	27.75%	-5,050.00%
(-) Tax Adjustment	741M	658M	576M	474M	827M	763M	787M	748M	689M	579M	484M	410M	348M	844M	544M	328M	324M	274M	363M	235M	151M	-1M
Return on (-) Tax Adjustment	312.26%	325.18%	275.68%	228.05%	320.56%	319.92%	317.05%	313.35%	306.36%	351.41%	337.70%	365.58%	409.38%	102.10%	150.49%	103.33%	181.05%	183.76%	120.06%	105.40%	73.72%	15,902.13%
(-) Change In Working Capital	-377M	-312M	-228M	-180M	309M	202M	79M	-512M	-699M	-343M	-85M	-151M	112M	-29M	-439M	-208M	-157M	-104M	-149M	-117M	100M	357M
Return on (-) Change In Working Capital	799.89%	-23.61%	-316.19%	-294.20%	857.93%	1,207.92%	3,159.49%	-457.81%	-302.00%	-593.00%	-1,924.71%	-993.38%	1,271.43%	-2,972.41%	-186.56%	-162.98%	-373.89%	-483.65%	-292.62%	-211.97%	111.00%	-28.29%
(-) Capital Expenditure	-658M	-581M	-437M	-342M	-676M	-637M	-655M	-732M	-586M	-477M	-453M	-460M	-338M	-224M	-216M	-224M	-195M	-184M	-126M	-135M	-124M	-135M
Return on (-) Capital Expenditure	-353.84%	-369.82%	-351.18%	-313.70%	-392.16%	-383.05%	-381.07%	-320.22%	-360.24%	-426.42%	-361.15%	-326.09%	-421.30%	-384.82%	-379.17%	-151.34%	-301.03%	-273.37%	-346.03%	-183.70%	-89.52%	74.81%
Unlevered Free Cash Flow	2,617M	2,428M	1,803M	1,365M	2,239M	2,194M	2,351M	2,717M	2,782M	2,459M	1,834M	1,736M	1,412M	903M	1,313M	524M	779M	656M	601M	382M	25M	-489M
Return on Unlevered Free Cash Flow	89.44%	88.05%	85.01%	105.07%	118.40%	111.20%	106.18%	86.27%	75.88%	82.71%	89.23%	86.42%	100.84%	95.49%	62.39%	64.71%	75.37%	76.64%	72.56%	64.97%	436.35%	20.64%
(-) Net Interest Income After Taxes	-126M	-152M	-137M	-107M	-129M	-112M	-108M	-122M	-149M	-188M	-194M	-171M	-153M	-99M	-111M	-77M	-84M	-82M	-19M	-23M	-23M	-34M
Return on (-) Net Interest Income After Taxes	-1,882.08%	-1,514.03%	-1,143.31%	-1,107.36%	-2,056.17%	-2,181.07%	-2,303.68%	-1,922.23%	-1,420.32%	-1,081.74%	-842.19%	-878.54%	-933.70%	-871.43%	-739.76%	-439.52%	-700.85%	-610.62%	-2,290.32%	-1,094.44%	-481.08%	294.83%
Net Debt Issuance	-1M	28M	282M	355M	0M	-2M	-3M	-1,349M	1,350M	-604M	744M	-9M	1,504M	481M	-405M	1,115M	0M	2,641M	0M	-143M	0M	719M
Return on Net Debt Issuance	-27,739.13%	-16,666.85%	-9,989.88%	-6,670.22%	0.00%	-122,000.00%	-83,200.00%	-173.76%	156.37%	-336.75%	219.89%	-16,666.67%	94.68%	179.21%	-202.22%	30.40%	0.00%	19.05%	0.00%	-173.43%	0.00%	-14.05%
Levered Free Cash Flow	2,742M	2,608M	2,222M	1,826M	2,368M	2,304M	2,456M	1,490M	4,281M	2,043M	2,772M	1,897M	3,069M	1,483M	1,018M	1,716M	863M	3,380M	620M	261M	49M	264M
Return on Levered Free Cash Flow	102.76%	93.37%	75.06%	81.84%	111.95%	105.89%	101.62%	157.33%	49.32%	99.55%	59.02%	79.05%	46.40%	58.14%	80.41%	19.75%	68.05%	14.88%	70.34%	94.89%	228.81%	-38.27%