Basic Materials

Category: Sector Averages Reference Ticker: 0746.HK

Methodology: Sector metrics reflect the Top 100 companies by revenue within the sector. Values shown represent averages, not aggregates, and are winsorized at the 80/20 percentile to reduce the impact of extreme outliers. All financials are USD-normalized.

Sector Enterprise Value

Metric	MRQ	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015	2014	2013	2012	2011	2010	2009	2008	2007	2006	2005	2004	2003	2002	2001	2000	1999	1998	1997	1996
Stock Price	25.42	15.07	42.17	47.90	42.71	46.98	32.62	34.30	30.61	39.06	33.46	30.10	28.85	29.84	27.93	27.41	33.78	25.93	19.81	41.23	29.37	22.64	18.57	16.86	14.47	12.62	11.83	12.86	11.82	12.42	10.50
Market Capitalization	15,734M	5,084M	21,438M	21,237M	19,812M	22,840M	18,212M	16,378M	14,833M	16,895M	13,299M	10,586M	11,059M	9,643M	10,631M	9,734M	11,055M	9,783M	7,400M	13,352M	8,360M	5,727M	5,191M	3,899M	2,993M	2,521M	2,670M	2,542M	2,156M	2,008M	1,580M
(-) Cash & Equivalents	1,960M	459M	2,417M	2,440M	2,685M	2,568M	2,403M	1,698M	1,669M	1,789M	1,221M	1,187M	1,137M	1,177M	1,157M	1,129M	1,054M	930M	684M	668M	505M	439M	373M	273M	200M	136M	137M	99M	85M	79M	51M
(+) Total Debt	7,904M	1,419M	8,617M	8,203M	7,731M	7,873M	8,206M	7,823M	6,895M	7,063M	6,094M	6,073M	5,851M	6,105M	5,386M	4,868M	4,548M	4,437M	4,126M	3,130M	2,107M	1,961M	1,770M	1,678M	1,341M	1,230M	1,208M	973M	754M	501M	346M
Enterprise Value	23,827M	6,442M	27,914M	28,075M	25,297M	28,000M	23,848M	23,516M	19,915M	22,186M	18,405M	15,637M	16,605M	15,491M	15,783M	13,793M	14,097M	13,148M	11,392M	16,075M	9,729M	7,389M	6,637M	5,623M	4,511M	3,785M	3,885M	3,517M	3,075M	2,456M	1,903M

Sector Income Statement

Metric	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015	2014	2013	2012	2011	2010	2009	2008	2007	2006	2005	2004	2003	2002	2001	2000	1999	1998	1997	1996
Revenue	22,929.403M	4,790.173M	23,252.758M	23,757.729M	25,873.403M	24,014.509M	17,767.592M	18,789.424M	18,338.823M	17,652.556M	16,430.775M	15,446.784M	17,124.281M	16,280.141M	15,510.625M	13,952.275M	12,878.360M	12,276.419M	13,482.526M	10,918.368M	7,624.454M	6,683.755M	5,754.601M	4,694.882M	3,924.530M	3,316.586M	2,893.125M	2,430.060M	2,034.989M	1,762.029M	1,296.736M
Cost of Revenue	17,438.723M	3,242.530M	17,413.361M	18,291.329M	19,377.849M	17,268.301M	14,064.197M	13,663.291M	13,282.702M	12,525.824M	11,790.753M	11,888.086M	12,516.817M	12,527.802M	11,866.599M	10,373.300M	9,013.894M	8,799.836M	9,724.762M	7,798.002M	5,151.154M	4,321.253M	3,867.060M	3,175.469M	2,744.482M	2,249.246M	1,936.116M	1,567.374M	1,366.592M	990.394M	776.624M
Gross Profit	5,490.679M	1,547.643M	5,839.398M	5,466.400M	6,495.554M	6,746.208M	3,703.394M	5,126.133M	5,056.122M	5,126.732M	4,640.022M	3,558.698M	4,607.463M	3,752.339M	3,644.026M	3,578.975M	3,864.467M	3,476.583M	3,757.764M	3,120.366M	2,473.300M	2,362.502M	1,887.540M	1,519.413M	1,180.047M	1,067.340M	957.010M	862.687M	668.397M	771.636M	520.112M
Gross Margin	23.90%	32.30%	25.10%	23.00%	25.10%	28.10%	20.80%	27.30%	27.60%	29.00%	28.20%	23.00%	26.90%	23.00%	23.50%	25.70%	30.00%	28.30%	27.90%	28.60%	32.40%	35.30%	32.80%	32.40%	30.10%	32.20%	33.10%	35.50%	32.80%	43.80%	40.10%
R&D Expenses	136.350M	7.328M	149.697M	148.716M	154.689M	158.848M	135.176M	145.876M	127.463M	117.871M	99.856M	90.072M	92.411M	88.093M	60.832M	34.964M	31.293M	26.243M	25.219M	18.483M	7.651M	8.276M	10.729M	11.862M	3.823M	1.087M	5.710M	5.083M	3.038M	4.525M	0.000M
SG&A Expenses	1,654.734M	470.770M	1,602.040M	1,689.925M	1,625.313M	1,490.611M	1,414.846M	1,571.167M	1,517.616M	1,441.186M	1,431.648M	1,345.390M	1,358.501M	1,336.495M	1,171.350M	891.490M	794.952M	839.599M	920.551M	784.681M	655.191M	571.642M	516.669M	567.182M	492.210M	338.670M	254.978M	195.723M	185.526M	108.869M	99.087M
Operating Expenses	1,791.085M	478.098M	1,751.736M	1,838.642M	1,780.002M	1,649.459M	1,550.022M	1,717.043M	1,645.079M	1,559.057M	1,531.504M	1,435.462M	1,450.912M	1,424.588M	1,232.181M	926.454M	826.245M	865.842M	945.770M	803.164M	662.842M	579.918M	527.398M	579.044M	496.033M	339.757M	260.688M	200.806M	188.564M	113.394M	99.087M
Operating Income (EBIT)	3,699.595M	1,069.545M	4,087.661M	3,627.758M	4,715.552M	5,096.749M	2,153.372M	3,409.091M	3,411.043M	3,567.675M	3,108.518M	2,123.236M	3,156.551M	2,327.751M	2,411.844M	2,652.522M	3,038.222M	2,610.741M	2,811.994M	2,317.202M	1,810.458M	1,782.584M	1,360.142M	940.369M	684.015M	727.583M	696.322M	661.880M	479.833M	658.242M	421.025M
Operating Margin	16.10%	22.30%	17.60%	15.30%	18.20%	21.20%	12.10%	18.10%	18.60%	20.20%	18.90%	13.70%	18.40%	14.30%	15.50%	19.00%	23.60%	21.30%	20.90%	21.20%	23.70%	26.70%	23.60%	20.00%	17.40%	21.90%	24.10%	27.20%	23.60%	37.40%	32.50%
Interest Income	60.685M	12.808M	115.325M	120.493M	79.305M	49.324M	51.880M	65.702M	48.451M	38.706M	34.291M	35.577M	38.943M	38.352M	38.160M	28.371M	34.191M	36.910M	54.033M	40.895M	16.091M	11.640M	7.200M	3.449M	1.311M	1.549M	1.385M	0.000M	0.000M	0.000M	0.000M
Interest Expense	342.966M	47.603M	395.563M	356.807M	276.038M	259.088M	301.217M	308.067M	276.126M	267.828M	270.903M	245.790M	262.916M	242.114M	239.329M	216.779M	208.997M	229.142M	222.932M	131.023M	57.724M	49.335M	49.238M	33.242M	23.928M	19.155M	16.771M	7.382M	7.988M	3.502M	3.339M
Net Interest Income	-282.280M	-34.795M	-280.237M	-236.313M	-196.733M	-209.763M	-249.336M	-242.365M	-227.674M	-229.122M	-236.612M	-210.212M	-223.972M	-203.762M	-201.169M	-188.407M	-174.806M	-192.232M	-168.899M	-90.129M	-41.633M	-37.695M	-42.038M	-29.793M	-22.616M	-17.606M	-15.386M	-7.382M	-7.988M	-3.502M	-3.339M
Other Income / Expense	-1,986.517M	-673.606M	-2,262.548M	-1,887.099M	-2,176.899M	-2,017.758M	-944.558M	-2,141.496M	-1,754.392M	-2,086.360M	-2,039.968M	-1,324.685M	-2,191.722M	-1,363.575M	-1,476.967M	-1,211.244M	-1,815.800M	-1,928.010M	-1,698.891M	-1,029.155M	-772.625M	-1,048.395M	-767.929M	-624.839M	-484.829M	-581.359M	-493.505M	-512.737M	-322.408M	-526.343M	-299.282M
Pre-Tax Income	1,430.797M	361.144M	1,544.876M	1,504.346M	2,341.920M	2,869.227M	959.478M	1,025.230M	1,428.977M	1,252.193M	831.938M	588.340M	740.857M	760.414M	733.708M	1,252.870M	1,047.616M	490.499M	944.204M	1,197.918M	996.200M	696.494M	550.175M	285.737M	176.570M	128.618M	187.431M	141.761M	149.438M	128.397M	118.405M
Pre-Tax Margin	6.20%	7.50%	6.60%	6.30%	9.10%	11.90%	5.40%	5.50%	7.80%	7.10%	5.10%	3.80%	4.30%	4.70%	4.70%	9.00%	8.10%	4.00%	7.00%	11.00%	13.10%	10.40%	9.60%	6.10%	4.50%	3.90%	6.50%	5.80%	7.30%	7.30%	9.10%
Income Tax Expense	381.447M	94.151M	460.394M	346.723M	536.439M	581.317M	216.739M	275.778M	319.304M	251.523M	216.314M	220.648M	231.092M	215.121M	229.685M	297.386M	211.943M	134.546M	246.132M	359.454M	268.232M	197.553M	168.067M	84.740M	61.739M	53.674M	59.972M	53.651M	58.443M	49.836M	39.660M
Tax Rate	26.70%	26.10%	29.80%	23.00%	22.90%	20.30%	22.60%	26.90%	22.30%	20.10%	26.00%	35.00%	31.20%	28.30%	31.30%	23.70%	20.20%	27.40%	26.10%	30.00%	26.90%	28.40%	30.50%	29.70%	35.00%	35.00%	32.00%	35.00%	35.00%	35.00%	33.50%
Net Income	944.254M	230.174M	962.292M	1,019.117M	1,768.514M	1,964.911M	658.443M	760.632M	1,139.355M	1,056.617M	638.659M	419.530M	566.605M	466.294M	500.192M	833.418M	734.071M	369.956M	656.702M	871.989M	709.911M	468.859M	392.632M	195.089M	123.197M	83.197M	124.880M	97.362M	96.479M	100.982M	82.846M
Net Margin	4.10%	4.80%	4.10%	4.30%	6.80%	8.20%	3.70%	4.00%	6.20%	6.00%	3.90%	2.70%	3.30%	2.90%	3.20%	6.00%	5.70%	3.00%	4.90%	8.00%	9.30%	7.00%	6.80%	4.20%	3.10%	2.50%	4.30%	4.00%	4.70%	5.70%	6.40%
Depreciation & Amortization	1,077.315M	228.510M	1,280.970M	1,116.065M	1,105.679M	1,089.236M	1,061.324M	1,070.424M	984.327M	795.749M	711.826M	706.164M	702.254M	709.031M	696.674M	676.672M	629.921M	636.503M	578.034M	550.233M	392.239M	350.622M	320.862M	307.836M	254.845M	206.306M	180.186M	136.873M	113.731M	76.338M	54.866M
EBITDA	4,776.909M	1,298.055M	5,368.631M	4,743.823M	5,821.230M	6,185.985M	3,214.697M	4,479.515M	4,395.370M	4,363.423M	3,820.344M	2,829.400M	3,858.805M	3,036.782M	3,108.519M	3,329.193M	3,668.143M	3,247.244M	3,390.028M	2,867.435M	2,202.697M	2,133.205M	1,681.004M	1,248.205M	938.860M	933.889M	876.508M	798.754M	593.564M	734.580M	475.892M
EBITDA Margin	20.80%	27.10%	23.10%	20.00%	22.50%	25.80%	18.10%	23.80%	24.00%	24.70%	23.30%	18.30%	22.50%	18.70%	20.00%	23.90%	28.50%	26.50%	25.10%	26.30%	28.90%	31.90%	29.20%	26.60%	23.90%	28.20%	30.30%	32.90%	29.20%	41.70%	36.70%
NOPAT	2,713.291M	790.711M	2,869.483M	2,791.629M	3,635.411M	4,064.127M	1,666.942M	2,492.073M	2,648.847M	2,851.050M	2,300.266M	1,380.104M	2,171.942M	1,669.231M	1,656.825M	2,022.909M	2,423.559M	1,894.606M	2,078.972M	1,621.889M	1,322.983M	1,276.973M	944.647M	661.486M	444.845M	472.929M	473.521M	430.222M	311.892M	427.857M	280.003M
NOPAT Margin	11.80%	16.50%	12.30%	11.80%	14.10%	16.90%	9.40%	13.30%	14.40%	16.20%	14.00%	8.90%	12.70%	10.30%	10.70%	14.50%	18.80%	15.40%	15.40%	14.90%	17.40%	19.10%	16.40%	14.10%	11.30%	14.30%	16.40%	17.70%	15.30%	24.30%	21.60%
Owner's Earnings	2,021.569M	458.684M	2,243.262M	2,135.182M	2,874.193M	3,054.148M	1,719.767M	1,831.056M	2,123.683M	1,852.366M	1,350.486M	1,125.694M	1,268.859M	1,175.325M	1,196.867M	1,510.090M	1,363.991M	1,006.459M	1,234.735M	1,422.223M	1,102.150M	819.480M	713.494M	502.925M	378.042M	289.503M	305.066M	234.235M	210.209M	177.320M	137.713M
Owner's Earnings Margin	8.80%	9.60%	9.60%	9.00%	11.10%	12.70%	9.70%	9.70%	11.60%	10.50%	8.20%	7.30%	7.40%	7.20%	7.70%	10.80%	10.60%	8.20%	9.20%	13.00%	14.50%	12.30%	12.40%	10.70%	9.60%	8.70%	10.50%	9.60%	10.30%	10.10%	10.60%
EPS	0.125	0.539	0.526	0.522	0.930	0.967	0.343	0.421	0.636	0.704	0.496	0.358	0.466	0.413	0.430	0.874	0.848	0.595	1.128	1.636	1.261	0.945	0.809	0.481	0.435	0.236	0.305	0.272	0.270	0.282	0.216
EPS (Diluted)	0.125	0.539	0.526	0.522	0.930	0.967	0.343	0.421	0.636	0.704	0.496	0.358	0.466	0.413	0.430	0.874	0.848	0.595	1.128	1.636	1.261	0.945	0.809	0.481	0.435	0.236	0.305	0.272	0.270	0.282	0.216
Shares (Diluted)	7,562,166,843	426,726,184	1,828,811,112	1,952,093,426	1,902,226,724	2,032,113,465	1,921,179,617	1,806,541,303	1,790,349,341	1,499,943,026	1,288,238,719	1,172,296,674	1,214,719,934	1,128,843,133	1,163,057,447	953,505,372	865,901,794	621,269,858	581,962,441	533,113,966	563,096,934	496,139,104	485,165,278	405,918,674	282,920,617	352,321,006	409,574,413	357,594,391	356,966,949	357,811,202	383,714,030

Sector Balance Sheet

Metric	MRQ	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015	2014	2013	2012	2011	2010	2009	2008	2007	2006	2005	2004	2003	2002	2001	2000	1999	1998	1997	1996
Cash & Cash Equivalents	2,114M	460M	2,420M	2,440M	2,684M	2,568M	2,404M	1,701M	1,669M	1,789M	1,257M	1,195M	1,137M	1,185M	1,157M	1,132M	1,054M	930M	689M	673M	505M	442M	372M	273M	200M	139M	137M	99M	85M	81M	51M
Short-Term Investments	268M	109M	678M	731M	680M	529M	543M	527M	510M	524M	384M	285M	241M	263M	201M	181M	241M	263M	109M	190M	208M	99M	99M	37M	28M	21M	44M	23M	14M	6M	1M
Cash & Short-Term Investments	2,382M	569M	3,097M	3,171M	3,365M	3,097M	2,947M	2,228M	2,179M	2,313M	1,640M	1,481M	1,377M	1,447M	1,358M	1,313M	1,295M	1,194M	798M	862M	713M	541M	471M	310M	228M	160M	181M	122M	99M	87M	52M
Net Receivables	2,618M	634M	2,900M	2,627M	2,987M	2,773M	2,453M	2,534M	2,562M	2,446M	2,026M	1,789M	1,848M	1,989M	1,809M	1,569M	1,560M	1,488M	1,558M	1,399M	976M	881M	699M	462M	414M	325M	303M	217M	173M	165M	137M
Inventory	3,487M	806M	3,834M	3,968M	4,140M	3,611M	2,817M	2,904M	2,917M	2,872M	2,403M	2,212M	2,351M	2,400M	2,285M	2,025M	1,893M	1,751M	1,911M	1,530M	1,041M	840M	704M	607M	533M	425M	389M	319M	267M	220M	178M
Other Current Assets	537M	162M	493M	685M	830M	850M	675M	755M	1,094M	779M	650M	661M	799M	761M	572M	369M	378M	306M	317M	333M	187M	128M	155M	207M	116M	84M	87M	91M	85M	63M	39M
Total Current Assets	9,025M	2,172M	10,324M	10,450M	11,322M	10,331M	8,892M	8,422M	8,753M	8,410M	6,719M	6,143M	6,376M	6,598M	6,024M	5,277M	5,126M	4,738M	4,585M	4,125M	2,917M	2,390M	2,029M	1,586M	1,290M	994M	960M	748M	624M	536M	405M
Property, Plant & Equipment	11,540M	2,478M	14,557M	12,671M	12,228M	12,078M	11,705M	11,668M	10,657M	10,105M	9,036M	8,584M	8,382M	8,134M	8,013M	7,739M	6,882M	6,565M	5,889M	5,123M	3,514M	3,107M	2,799M	2,520M	2,204M	1,764M	1,662M	1,425M	1,209M	948M	601M
Goodwill	1,550M	99M	1,651M	1,488M	1,520M	1,548M	1,298M	1,431M	1,264M	998M	814M	815M	965M	835M	787M	538M	428M	442M	400M	342M	287M	98M	19M	0M	0M	0M	0M	0M	0M	0M	0M
Intangible Assets	1,395M	149M	1,099M	1,166M	1,128M	1,214M	1,032M	1,084M	930M	696M	611M	595M	566M	509M	594M	449M	361M	367M	376M	300M	177M	220M	200M	317M	266M	206M	188M	118M	81M	49M	24M
Long-Term Investments	1,063M	340M	1,432M	1,353M	1,171M	1,125M	1,130M	1,044M	971M	953M	846M	871M	740M	663M	655M	658M	541M	513M	491M	361M	123M	99M	88M	58M	55M	24M	1M	0M	0M	0M	0M
Tax Assets	182M	39M	234M	224M	311M	332M	300M	254M	224M	255M	322M	317M	288M	219M	202M	178M	190M	211M	139M	120M	75M	80M	65M	97M	51M	26M	13M	0M	0M	0M	0M
Other Non-Current Assets	768M	194M	1,228M	967M	932M	943M	781M	864M	736M	720M	537M	510M	488M	505M	588M	548M	540M	481M	506M	643M	435M	419M	349M	282M	288M	216M	257M	213M	187M	120M	87M
Other Assets	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M
Total Non-Current Assets	16,497M	3,299M	20,201M	17,869M	17,290M	17,239M	16,246M	16,345M	14,782M	13,726M	12,167M	11,692M	11,429M	10,867M	10,838M	10,109M	8,941M	8,580M	7,801M	6,889M	4,611M	4,024M	3,522M	3,274M	2,864M	2,237M	2,121M	1,756M	1,477M	1,117M	712M
Total Assets	25,522M	5,471M	30,526M	28,320M	28,611M	27,571M	25,138M	24,767M	23,534M	22,137M	18,886M	17,835M	17,804M	17,464M	16,862M	15,386M	14,067M	13,317M	12,385M	11,014M	7,528M	6,414M	5,550M	4,859M	4,155M	3,231M	3,080M	2,504M	2,101M	1,653M	1,117M
Accounts Payable	2,158M	516M	2,697M	2,812M	2,926M	2,821M	2,150M	2,246M	2,184M	2,139M	1,777M	1,560M	1,590M	1,584M	1,479M	1,487M	1,428M	1,289M	1,364M	1,025M	755M	654M	558M	425M	297M	210M	217M	205M	167M	127M	103M
Short-Term Debt	2,520M	345M	2,169M	2,039M	2,139M	1,866M	2,067M	1,968M	1,819M	1,785M	1,624M	1,654M	1,505M	1,697M	1,395M	1,232M	1,203M	1,046M	1,160M	899M	564M	431M	378M	332M	320M	255M	249M	204M	141M	74M	56M
Tax Payables	27M	7M	183M	160M	229M	348M	184M	171M	186M	206M	150M	109M	120M	104M	100M	117M	111M	78M	81M	65M	47M	29M	30M	10M	5M	1M	0M	0M	0M	0M	0M
Deferred Revenue	164M	0M	10M	121M	225M	1,031M	796M	661M	263M	590M	435M	438M	377M	391M	342M	233M	180M	189M	224M	136M	122M	95M	64M	40M	29M	14M	4M	0M	2M	0M	1M
Other Current Liabilities	1,244M	370M	1,446M	1,591M	1,470M	1,034M	938M	877M	1,155M	949M	812M	766M	858M	921M	854M	764M	698M	670M	726M	588M	517M	489M	372M	241M	188M	92M	128M	156M	119M	93M	53M
Total Current Liabilities	6,112M	1,238M	6,504M	6,723M	6,989M	7,100M	6,136M	5,923M	5,607M	5,668M	4,798M	4,527M	4,452M	4,696M	4,170M	3,832M	3,620M	3,272M	3,554M	2,713M	2,005M	1,698M	1,402M	1,048M	839M	572M	599M	565M	429M	294M	213M
Long-Term Debt	5,283M	911M	5,390M	4,982M	4,959M	4,744M	4,856M	4,381M	4,324M	4,562M	4,093M	3,594M	3,811M	3,539M	3,393M	3,068M	2,847M	2,900M	2,752M	2,023M	1,438M	1,280M	1,262M	1,186M	952M	940M	879M	697M	558M	409M	244M
Capital Lease Obligations	138M	52M	516M	500M	449M	441M	384M	289M	50M	34M	30M	20M	30M	18M	6M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M
Deferred Tax Liabilities	422M	147M	537M	487M	584M	579M	407M	501M	447M	525M	419M	405M	384M	338M	434M	426M	397M	372M	295M	292M	259M	266M	183M	147M	125M	107M	95M	85M	64M	46M	29M
Other Non-Current Liabilities	1,097M	182M	1,114M	949M	1,011M	1,214M	1,160M	1,140M	1,145M	1,087M	762M	876M	837M	953M	868M	670M	725M	825M	791M	621M	480M	461M	474M	550M	453M	282M	234M	205M	179M	103M	69M
Total Non-Current Liabilities	6,940M	1,292M	7,557M	6,918M	7,004M	6,977M	6,806M	6,311M	5,966M	6,207M	5,305M	4,895M	5,062M	4,848M	4,701M	4,163M	3,969M	4,096M	3,839M	2,936M	2,177M	2,007M	1,919M	1,884M	1,530M	1,329M	1,207M	987M	801M	558M	342M
Total Liabilities	13,052M	2,529M	14,061M	13,641M	13,993M	14,077M	12,942M	12,234M	11,573M	11,875M	10,103M	9,422M	9,514M	9,544M	8,871M	7,996M	7,588M	7,368M	7,393M	5,649M	4,182M	3,705M	3,320M	2,931M	2,369M	1,900M	1,807M	1,551M	1,230M	851M	555M
Preferred Stock	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M
Common Stock	596M	228M	729M	760M	819M	829M	794M	769M	792M	738M	771M	907M	874M	956M	845M	632M	718M	720M	585M	464M	326M	330M	316M	294M	237M	208M	184M	126M	71M	29M	14M
Retained Earnings	5,337M	1,850M	9,479M	9,198M	9,290M	7,981M	6,145M	6,099M	6,171M	5,502M	5,122M	4,420M	4,519M	3,868M	4,295M	3,578M	3,353M	3,155M	2,940M	2,770M	1,764M	1,520M	1,105M	895M	698M	570M	497M	488M	508M	432M	298M
Accumulated OCI	522M	321M	138M	170M	57M	-56M	-191M	-15M	-238M	-306M	-261M	-219M	-201M	-212M	-83M	-80M	-56M	-60M	-47M	0M	-1M	-16M	0M	-34M	-56M	-69M	-76M	-57M	-127M	-104M	-107M
Minority Interest	897M	97M	951M	908M	925M	833M	820M	688M	632M	562M	485M	399M	459M	387M	343M	336M	260M	241M	189M	164M	127M	113M	102M	67M	57M	42M	34M	26M	18M	7M	5M
Total Shareholders’ Equity	6,454M	2,398M	10,345M	10,128M	10,166M	8,754M	6,748M	6,854M	6,725M	5,934M	5,631M	5,107M	5,192M	4,612M	5,056M	4,130M	4,014M	3,816M	3,478M	3,233M	2,090M	1,834M	1,420M	1,155M	879M	708M	605M	557M	452M	358M	205M
Total Equity	7,351M	2,496M	11,296M	11,036M	11,091M	9,587M	7,568M	7,541M	7,357M	6,496M	6,116M	5,507M	5,650M	4,998M	5,399M	4,466M	4,274M	4,056M	3,667M	3,397M	2,216M	1,947M	1,523M	1,223M	936M	751M	639M	584M	471M	365M	210M
Total Liabilities & Equity	20,404M	5,025M	25,357M	24,677M	25,084M	23,664M	20,510M	19,775M	18,930M	18,371M	16,218M	14,929M	15,164M	14,543M	14,270M	12,461M	11,862M	11,425M	11,060M	9,046M	6,398M	5,651M	4,843M	4,154M	3,305M	2,651M	2,446M	2,135M	1,700M	1,216M	765M
Tangible Assets	22,577M	5,223M	27,775M	25,666M	25,963M	24,809M	22,808M	22,252M	21,340M	20,443M	17,460M	16,425M	16,273M	16,120M	15,482M	14,399M	13,279M	12,508M	11,610M	10,372M	7,064M	6,095M	5,331M	4,543M	3,889M	3,026M	2,892M	2,386M	2,020M	1,604M	1,093M
Tangible Equity	4,406M	2,247M	8,545M	8,383M	8,443M	6,825M	5,238M	5,026M	5,163M	4,802M	4,690M	4,097M	4,119M	3,654M	4,019M	3,479M	3,486M	3,247M	2,891M	2,755M	1,753M	1,628M	1,303M	906M	670M	545M	451M	466M	389M	316M	186M
Tangible Book Value	4,406M	2,247M	8,545M	8,383M	8,443M	6,825M	5,238M	5,026M	5,163M	4,802M	4,690M	4,097M	4,119M	3,654M	4,019M	3,479M	3,486M	3,247M	2,891M	2,755M	1,753M	1,628M	1,303M	906M	670M	545M	451M	466M	389M	316M	186M
Total Investments	1,359M	493M	1,956M	1,841M	1,737M	1,489M	1,621M	1,412M	1,329M	1,494M	1,319M	1,445M	1,193M	1,075M	940M	837M	778M	806M	784M	633M	381M	302M	252M	188M	124M	104M	46M	26M	14M	1M	0M
Net Debt	5,689M	795M	5,140M	4,581M	4,414M	4,042M	4,520M	4,648M	4,473M	4,558M	4,460M	4,052M	4,180M	4,051M	3,632M	3,167M	2,996M	3,015M	3,222M	2,250M	1,496M	1,268M	1,268M	1,245M	1,072M	1,056M	991M	802M	613M	401M	249M

Sector Capital

Metric	MRQ	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015	2014	2013	2012	2011	2010	2009	2008	2007	2006	2005	2004	2003	2002	2001	2000	1999	1998	1997	1996
Working Capital	2,256M	951M	2,865M	3,081M	3,854M	3,268M	3,358M	2,733M	3,768M	2,981M	2,432M	1,063M	1,234M	1,127M	1,190M	1,342M	1,603M	1,488M	1,467M	1,352M	904M	729M	685M	533M	473M	337M	308M	233M	228M	318M	192M
Total Capital	20,592M	4,526M	23,736M	22,178M	21,864M	21,362M	20,048M	19,363M	19,165M	18,877M	15,438M	13,763M	14,051M	14,298M	13,097M	12,318M	11,353M	10,712M	9,897M	8,925M	5,679M	4,783M	4,138M	3,541M	2,933M	2,568M	2,359M	2,028M	1,726M	1,324M	942M
Capital Employed	22,014M	5,218M	26,529M	24,260M	24,308M	23,345M	22,011M	22,493M	22,973M	20,295M	18,012M	16,132M	15,864M	15,281M	13,257M	12,846M	12,080M	11,498M	10,946M	9,358M	6,165M	5,447M	4,940M	4,412M	3,961M	3,124M	2,793M	2,377M	2,139M	1,490M	1,023M
Invested Capital	18,478M	4,066M	21,317M	19,739M	19,180M	18,795M	17,644M	17,661M	17,496M	17,088M	14,181M	12,567M	12,915M	13,113M	11,941M	11,186M	10,299M	9,781M	9,208M	8,252M	5,174M	4,340M	3,767M	3,268M	2,733M	2,429M	2,222M	1,930M	1,641M	1,243M	891M

Sector Cash Flow Statement

Metric	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015	2014	2013	2012	2011	2010	2009	2008	2007	2006	2005	2004	2003	2002	2001	2000	1999	1998	1997	1996
Net Income	870M	250M	1,168M	1,138M	1,909M	2,226M	722M	837M	1,164M	1,134M	805M	458M	611M	496M	580M	988M	788M	380M	693M	863M	712M	499M	394M	183M	119M	86M	124M	99M	102M	110M	107M
Depreciation & Amortization	862M	186M	1,290M	1,142M	1,178M	1,141M	1,139M	1,060M	1,033M	866M	809M	740M	703M	722M	713M	653M	631M	618M	566M	544M	386M	342M	301M	273M	249M	211M	183M	147M	119M	103M	78M
Deferred Income Tax	0M	0M	0M	-3M	-21M	8M	-5M	6M	7M	-17M	10M	0M	0M	3M	3M	0M	3M	0M	0M	0M	0M	0M	4M	1M	0M	1M	3M	3M	3M	3M	2M
Stock-Based Compensation	1M	0M	6M	10M	17M	19M	13M	14M	12M	11M	9M	9M	10M	10M	10M	3M	1M	1M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M
Change in Working Capital	-163M	-19M	-133M	-20M	-555M	-437M	138M	-35M	-355M	-265M	-57M	123M	-78M	-35M	-96M	-252M	-310M	204M	-195M	-155M	-125M	-50M	-72M	4M	16M	-15M	-17M	3M	-19M	-5M	-10M
Accounts Receivable	-51M	9M	-54M	79M	-43M	-357M	-13M	46M	-109M	-143M	-54M	74M	11M	-13M	-3M	-12M	-22M	10M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M
Inventory	45M	-18M	37M	155M	-586M	-613M	64M	15M	-260M	-241M	28M	139M	-38M	-33M	-54M	-176M	-208M	169M	-172M	-117M	-102M	-58M	-60M	0M	2M	5M	-12M	1M	-6M	-5M	-8M
Accounts Payable	6M	-9M	-32M	-83M	66M	387M	27M	-26M	99M	124M	42M	-59M	0M	0M	-7M	0M	1M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M
Other Working Capital	-97M	-6M	-108M	-113M	-30M	92M	42M	-41M	-94M	-41M	-14M	-77M	-53M	-69M	-41M	-83M	-74M	-36M	-38M	-39M	9M	21M	10M	11M	11M	-14M	-5M	-2M	-15M	5M	-2M
Other Non-Cash Items	479M	46M	363M	360M	157M	344M	353M	221M	159M	127M	183M	245M	200M	247M	166M	23M	26M	36M	117M	42M	-6M	3M	-4M	5M	-9M	28M	-3M	-7M	3M	8M	-4M
Net Cash from Operating	2,363M	524M	2,767M	2,657M	2,739M	3,030M	2,235M	2,117M	1,876M	1,706M	1,675M	1,669M	1,798M	1,432M	1,429M	1,319M	1,066M	1,203M	1,141M	1,194M	968M	782M	615M	484M	400M	345M	313M	261M	210M	226M	147M
Investments in PPE	-1,265M	-342M	-1,644M	-1,554M	-1,511M	-1,310M	-1,058M	-1,200M	-1,027M	-869M	-841M	-988M	-920M	-984M	-1,025M	-926M	-748M	-766M	-962M	-779M	-509M	-434M	-293M	-216M	-209M	-193M	-185M	-209M	-215M	-173M	-162M
Acquisitions (Net)	-22M	1M	-50M	-55M	-12M	-34M	-44M	-120M	-94M	-19M	-13M	-19M	-41M	-60M	-75M	-69M	-32M	-17M	-91M	-211M	-22M	-7M	-12M	-11M	-15M	-29M	-21M	-1M	0M	0M	0M
Purchases of Investments	-80M	-49M	-232M	-350M	-399M	-209M	-489M	-300M	-442M	-426M	-373M	-177M	-193M	-133M	-104M	-149M	-159M	-151M	-157M	-153M	-49M	-54M	-16M	-16M	-15M	-9M	-9M	-1M	-1M	-3M	-1M
Sales/Maturities of Investments	123M	54M	256M	304M	262M	303M	475M	365M	428M	361M	304M	184M	171M	103M	129M	188M	194M	123M	87M	119M	83M	52M	40M	21M	16M	17M	7M	3M	0M	2M	1M
Other Investing Activities	39M	4M	79M	46M	45M	49M	42M	72M	59M	37M	9M	19M	43M	22M	-12M	4M	-27M	8M	-28M	6M	30M	33M	29M	29M	22M	23M	14M	25M	9M	-3M	-3M
Net Cash from Investing	-1,403M	-374M	-1,828M	-2,038M	-1,576M	-1,412M	-1,365M	-1,343M	-1,135M	-834M	-970M	-973M	-1,090M	-1,080M	-1,370M	-1,092M	-819M	-887M	-1,474M	-1,264M	-524M	-442M	-312M	-234M	-230M	-210M	-205M	-197M	-223M	-197M	-156M
Net Debt Issuance	119M	37M	123M	377M	67M	-196M	181M	-11M	-207M	-256M	-112M	-126M	-129M	330M	165M	181M	74M	22M	401M	393M	-10M	-56M	-112M	-54M	-38M	-56M	-13M	-1M	37M	52M	34M
Long-Term Debt Issuance	126M	33M	171M	389M	34M	-111M	268M	154M	-60M	-112M	-53M	-95M	-13M	338M	308M	244M	158M	268M	314M	314M	4M	-49M	-67M	-28M	-48M	-56M	0M	4M	44M	31M	25M
Short-Term Debt Issuance	-15M	1M	3M	10M	20M	-15M	-22M	-63M	-32M	-59M	-63M	-22M	-42M	-3M	-62M	-24M	-23M	-63M	34M	6M	-3M	-6M	-6M	0M	0M	0M	0M	0M	0M	0M	0M
Net Stock Issuance	-91M	-25M	-109M	-99M	-238M	-151M	-51M	-95M	-36M	-4M	-4M	-17M	-6M	-5M	1M	-1M	13M	25M	-57M	-75M	-42M	-29M	10M	3M	4M	-1M	-12M	-6M	-9M	-6M	3M
Common Stock Issued	0M	0M	0M	0M	2M	5M	5M	0M	6M	19M	7M	2M	3M	2M	3M	5M	15M	39M	25M	30M	21M	24M	21M	7M	8M	3M	2M	2M	3M	5M	8M
Common Stock Repurchased	-86M	-26M	-124M	-109M	-245M	-155M	-66M	-94M	-67M	-22M	-6M	-27M	-7M	-4M	-2M	-8M	-1M	-5M	-76M	-95M	-59M	-46M	-4M	-1M	-1M	-4M	-17M	-12M	-19M	-11M	-5M
Net Common Stock Issuance	-89M	-25M	-109M	-99M	-238M	-143M	-40M	-86M	-36M	0M	-4M	-17M	-5M	0M	1M	-1M	11M	27M	-57M	-76M	-41M	-21M	9M	3M	4M	-1M	-10M	-6M	-9M	-6M	3M
Net Preferred Stock Issuance	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M
Net Dividends Paid	-379M	-84M	-637M	-562M	-564M	-541M	-378M	-420M	-459M	-366M	-300M	-297M	-266M	-275M	-271M	-208M	-163M	-148M	-216M	-248M	-166M	-128M	-106M	-66M	-42M	-34M	-31M	-24M	-25M	-24M	-23M
Common Dividends Paid	-379M	-84M	-637M	-537M	-599M	-552M	-388M	-421M	-455M	-367M	-300M	-297M	-264M	-270M	-251M	-221M	-168M	-137M	-229M	-237M	-169M	-131M	-99M	-70M	-44M	-34M	-33M	-25M	-27M	-28M	-28M
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	0M	0M	0M	0M	0M	0M	0M	0M	0M
Other Financing Activities	-166M	-43M	-212M	-196M	-159M	-160M	-102M	-108M	-119M	-80M	-51M	-6M	-39M	-45M	-63M	-30M	-35M	-39M	-20M	-6M	-5M	-19M	-12M	-12M	-19M	-3M	-1M	-1M	0M	-1M	0M
Net Cash from Financing	-939M	-129M	-961M	-939M	-1,203M	-1,351M	-477M	-973M	-1,013M	-756M	-707M	-547M	-601M	-104M	-175M	-19M	-143M	-157M	32M	-36M	-292M	-331M	-198M	-103M	-121M	-107M	-72M	-45M	-21M	-12M	-5M
Effect of FX on Cash	6M	3M	-2M	-2M	-14M	5M	-13M	-3M	-8M	-9M	-4M	-4M	5M	-1M	-2M	-4M	0M	-1M	-2M	3M	1M	2M	-1M	0M	1M	0M	-1M	0M	0M	-1M	-1M
Net Change in Cash	35M	11M	-76M	-61M	83M	275M	496M	-63M	-25M	184M	24M	90M	-27M	87M	-46M	105M	57M	190M	37M	51M	80M	30M	93M	51M	1M	2M	-9M	2M	5M	-10M	-3M
Cash at Beginning of Period	1,914M	382M	2,411M	2,306M	2,459M	2,378M	1,566M	1,794M	1,558M	1,178M	1,166M	1,092M	1,137M	1,018M	997M	995M	928M	684M	623M	602M	425M	351M	258M	193M	167M	129M	113M	83M	92M	83M	59M
Cash at End of Period	1,982M	435M	2,271M	2,288M	2,693M	2,486M	2,329M	1,565M	1,739M	1,541M	1,124M	1,168M	1,106M	1,170M	1,119M	1,023M	961M	880M	676M	629M	477M	433M	375M	253M	182M	137M	121M	91M	90M	71M	45M
Operating Cash Flow	2,362M	524M	2,774M	2,656M	2,739M	3,030M	2,235M	2,117M	1,892M	1,705M	1,675M	1,669M	1,798M	1,432M	1,429M	1,319M	1,062M	1,203M	1,142M	1,194M	968M	782M	615M	484M	400M	345M	313M	261M	210M	225M	147M
Capital Expenditure	-1,307M	-378M	-1,690M	-1,575M	-1,526M	-1,327M	-1,072M	-1,220M	-1,055M	-910M	-867M	-989M	-920M	-990M	-1,029M	-926M	-748M	-766M	-963M	-779M	-509M	-433M	-292M	-216M	-209M	-193M	-185M	-215M	-215M	-173M	-162M
Free Cash Flow	993M	155M	948M	1,006M	1,343M	1,830M	1,116M	915M	820M	829M	812M	579M	548M	227M	306M	435M	350M	456M	202M	394M	378M	374M	330M	206M	166M	103M	117M	63M	8M	18M	9M
Income Taxes Paid	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M
Interest Paid	3M	1M	8M	0M	0M	6M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M

Sector Free Cash Flow

Metric	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015	2014	2013	2012	2011	2010	2009	2008	2007	2006	2005	2004	2003	2002	2001	2000	1999	1998	1997	1996
EBITDA	4,777M	1,298M	5,369M	4,744M	5,821M	6,186M	3,215M	4,480M	4,395M	4,363M	3,820M	2,829M	3,859M	3,037M	3,109M	3,329M	3,668M	3,247M	3,390M	2,867M	2,203M	2,133M	1,681M	1,248M	939M	934M	877M	799M	594M	735M	476M
(-) Tax Adjustment	1,277M	338M	1,600M	1,093M	1,333M	1,253M	726M	1,205M	982M	876M	993M	990M	1,204M	859M	973M	790M	742M	891M	884M	860M	593M	605M	514M	370M	328M	327M	280M	280M	208M	257M	159M
(-) Change in Working Capital	-163M	-19M	-133M	-20M	-555M	-437M	138M	-35M	-355M	-265M	-57M	123M	-78M	-35M	-96M	-252M	-310M	204M	-195M	-155M	-125M	-50M	-72M	4M	16M	-15M	-17M	3M	-19M	-5M	-10M
(-) Capital Expenditure	1,307M	378M	1,690M	1,575M	1,526M	1,327M	1,072M	1,220M	1,055M	910M	867M	989M	920M	990M	1,029M	926M	748M	766M	963M	779M	509M	433M	292M	216M	209M	193M	185M	215M	215M	173M	162M
Unlevered Free Cash Flow	2,356M	601M	2,212M	2,095M	3,516M	4,043M	1,278M	2,089M	2,713M	2,842M	2,017M	727M	1,813M	1,223M	1,203M	1,865M	2,488M	1,386M	1,739M	1,383M	1,226M	1,145M	948M	659M	386M	430M	428M	301M	190M	309M	164M
(-) Net Interest Income After Taxes	-209M	-26M	-197M	-182M	-152M	-167M	-193M	-177M	-177M	-183M	-175M	-137M	-154M	-146M	-138M	-144M	-139M	-140M	-125M	-63M	-30M	-27M	-29M	-21M	-15M	-11M	-10M	-5M	-5M	-2M	-2M
Net Debt Issuance	119M	37M	123M	377M	67M	-196M	181M	-11M	-207M	-256M	-112M	-126M	-129M	330M	165M	181M	74M	22M	401M	393M	-10M	-56M	-112M	-54M	-38M	-56M	-13M	-1M	37M	52M	34M
Levered Free Cash Flow	2,683M	664M	2,532M	2,654M	3,735M	4,014M	1,652M	2,255M	2,683M	2,769M	2,080M	737M	1,839M	1,699M	1,505M	2,189M	2,701M	1,548M	2,265M	1,839M	1,247M	1,116M	866M	626M	362M	386M	425M	305M	233M	364M	201M