Consumer Defensive

Category: Sector Averages Reference Ticker: 1044.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	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	1995
Stock Price	52.46	48.69	48.36	47.79	49.10	48.15	54.56	50.29	53.49	48.59	48.00	43.82	40.31	35.81	30.56	29.12	25.13	23.65	30.49	25.45	22.21	20.90	19.27	18.26	16.20	13.55	14.31	14.06	12.14	8.36	4.89
Market Capitalization	33,297M	32,313M	33,300M	37,687M	37,505M	33,580M	31,430M	30,078M	29,879M	29,352M	26,673M	25,000M	20,771M	17,923M	16,915M	14,957M	11,640M	11,394M	14,843M	11,627M	8,618M	7,755M	6,218M	5,872M	5,323M	4,698M	4,842M	4,887M	3,595M	2,349M	1,162M
(-) Cash & Equivalents	1,902M	2,590M	2,419M	2,353M	2,272M	2,450M	1,694M	1,585M	1,687M	1,623M	1,383M	1,110M	1,222M	1,112M	1,042M	975M	727M	641M	613M	541M	452M	362M	320M	266M	180M	154M	119M	78M	68M	48M	21M
(+) Total Debt	10,898M	11,109M	11,405M	11,374M	10,652M	10,795M	10,007M	8,222M	7,680M	7,323M	6,705M	5,863M	5,812M	5,268M	4,393M	3,981M	3,407M	3,765M	2,749M	2,449M	2,337M	2,289M	1,969M	1,913M	1,616M	1,255M	887M	828M	677M	470M	252M
Enterprise Value	40,967M	40,106M	44,907M	46,948M	47,640M	44,452M	43,193M	36,545M	34,865M	36,287M	33,086M	27,586M	24,510M	22,059M	20,288M	18,485M	16,301M	15,174M	17,484M	13,614M	10,732M	9,927M	8,304M	7,562M	8,150M	6,140M	6,242M	5,695M	4,321M	3,180M	1,617M

Sector Income Statement

Metric	TTM	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	1995
Revenue	38,177.373M	32,751.823M	34,919.281M	34,811.037M	30,372.769M	27,410.592M	28,407.491M	27,427.558M	26,330.294M	24,394.298M	23,885.024M	24,037.772M	21,726.057M	20,438.464M	18,824.887M	16,794.991M	15,970.283M	15,275.980M	13,449.778M	11,448.063M	10,950.212M	10,292.964M	9,225.689M	8,208.775M	6,881.089M	6,010.055M	4,900.721M	4,552.283M	3,419.214M	2,498.952M	1,219.747M
Cost of Revenue	26,280.019M	23,456.784M	24,304.675M	23,699.857M	20,947.095M	18,830.311M	18,627.823M	17,722.269M	17,162.747M	16,369.154M	17,487.122M	15,805.690M	14,544.684M	13,573.389M	13,451.298M	11,530.425M	10,696.697M	10,744.166M	9,292.981M	8,042.446M	7,994.077M	7,269.680M	6,624.901M	5,129.902M	4,154.337M	3,709.959M	2,576.135M	2,122.470M	1,420.533M	1,116.716M	484.422M
Gross Profit	11,897.354M	9,295.039M	10,614.606M	11,111.180M	9,425.674M	8,580.281M	9,779.668M	9,705.290M	9,167.548M	8,025.144M	6,397.902M	8,232.082M	7,181.373M	6,865.075M	5,373.589M	5,264.566M	5,273.586M	4,531.814M	4,156.796M	3,405.617M	2,956.135M	3,023.284M	2,600.788M	3,078.874M	2,726.752M	2,300.096M	2,324.587M	2,429.813M	1,998.681M	1,382.236M	735.325M
Gross Margin	31.20%	28.40%	30.40%	31.90%	31.00%	31.30%	34.40%	35.40%	34.80%	32.90%	26.80%	34.20%	33.10%	33.60%	28.50%	31.30%	33.00%	29.70%	30.90%	29.70%	27.00%	29.40%	28.20%	37.50%	39.60%	38.30%	47.40%	53.40%	58.50%	55.30%	60.30%
R&D Expenses	6.638M	28.103M	35.107M	27.187M	24.442M	17.565M	34.518M	22.374M	13.329M	15.064M	15.216M	18.797M	11.825M	5.486M	0.000M	0.000M	0.000M	0.000M	1.836M	0.000M	0.000M	0.000M	0.000M	0.000M	0.000M	0.000M	0.000M	0.000M	0.000M	0.000M	0.000M
SG&A Expenses	6,013.597M	5,127.880M	5,246.508M	4,897.956M	4,571.998M	4,403.690M	4,420.507M	4,293.621M	4,037.137M	3,660.464M	3,625.786M	3,419.014M	3,004.044M	2,660.177M	2,155.421M	2,277.470M	2,154.650M	2,143.277M	1,971.016M	1,500.695M	1,384.966M	1,418.289M	1,290.285M	1,097.196M	686.724M	648.018M	586.530M	572.362M	380.841M	221.963M	104.674M
Operating Expenses	6,020.236M	5,155.983M	5,281.615M	4,925.142M	4,596.440M	4,421.256M	4,455.025M	4,315.995M	4,050.466M	3,675.528M	3,641.002M	3,437.811M	3,015.870M	2,665.662M	2,155.421M	2,277.470M	2,154.650M	2,143.277M	1,972.851M	1,500.695M	1,384.966M	1,418.289M	1,290.285M	1,097.196M	686.724M	648.018M	586.530M	572.362M	380.841M	221.963M	104.674M
Operating Income (EBIT)	5,877.118M	4,139.056M	5,332.991M	6,186.038M	4,829.234M	4,159.025M	5,324.643M	5,389.294M	5,117.082M	4,349.616M	2,756.900M	4,794.271M	4,165.504M	4,199.413M	3,218.168M	2,987.096M	3,118.936M	2,388.536M	2,183.945M	1,904.922M	1,571.169M	1,604.995M	1,310.502M	1,981.677M	2,040.028M	1,652.078M	1,738.057M	1,857.451M	1,617.840M	1,160.273M	630.651M
Operating Margin	15.40%	12.60%	15.30%	17.80%	15.90%	15.20%	18.70%	19.60%	19.40%	17.80%	11.50%	19.90%	19.20%	20.50%	17.10%	17.80%	19.50%	15.60%	16.20%	16.60%	14.30%	15.60%	14.20%	24.10%	29.60%	27.50%	35.50%	40.80%	47.30%	46.40%	51.70%
Interest Income	108.604M	129.536M	143.083M	69.395M	42.098M	39.642M	68.618M	56.580M	49.760M	43.913M	44.324M	41.929M	36.450M	29.072M	35.507M	28.437M	30.773M	38.483M	33.236M	20.007M	14.847M	7.818M	3.004M	2.956M	0.423M	0.213M	0.000M	0.000M	0.000M	0.000M	0.000M
Interest Expense	550.290M	515.781M	477.062M	407.477M	348.677M	359.390M	393.623M	325.650M	317.640M	295.805M	299.614M	264.641M	259.168M	253.791M	223.685M	240.386M	242.264M	214.850M	135.334M	102.427M	86.662M	61.814M	33.404M	27.745M	17.128M	12.172M	7.421M	7.230M	7.556M	2.047M	1.312M
Net Interest Income	-441.686M	-386.245M	-333.979M	-338.082M	-306.579M	-319.748M	-325.005M	-269.070M	-267.880M	-251.892M	-255.291M	-222.712M	-222.718M	-224.719M	-188.178M	-211.949M	-211.491M	-176.367M	-102.098M	-82.419M	-71.815M	-53.996M	-30.400M	-24.789M	-16.705M	-11.960M	-7.421M	-7.230M	-7.556M	-2.047M	-1.312M
Other Income / Expense	-2,871.275M	-1,709.768M	-3,059.255M	-3,532.351M	-2,280.649M	-2,372.607M	-3,405.607M	-3,468.617M	-3,122.996M	-2,628.405M	-1,032.506M	-3,064.553M	-2,466.436M	-2,440.108M	-1,628.791M	-1,426.281M	-1,860.564M	-1,261.284M	-1,074.359M	-983.406M	-800.603M	-852.056M	-717.950M	-1,476.757M	-1,567.144M	-1,235.788M	-1,410.309M	-1,508.488M	-1,345.042M	-1,000.364M	-545.824M
Pre-Tax Income	2,564.157M	2,043.042M	1,939.758M	2,315.604M	2,242.006M	1,466.670M	1,594.031M	1,651.607M	1,726.206M	1,469.319M	1,469.103M	1,507.006M	1,476.350M	1,534.586M	1,401.199M	1,348.866M	1,046.881M	950.886M	1,007.488M	839.097M	698.751M	698.942M	562.152M	480.132M	456.180M	404.330M	320.327M	341.733M	265.241M	157.863M	83.514M
Pre-Tax Margin	6.70%	6.20%	5.60%	6.70%	7.40%	5.40%	5.60%	6.00%	6.60%	6.00%	6.20%	6.30%	6.80%	7.50%	7.40%	8.00%	6.60%	6.20%	7.50%	7.30%	6.40%	6.80%	6.10%	5.80%	6.60%	6.70%	6.50%	7.50%	7.80%	6.30%	6.80%
Income Tax Expense	588.232M	478.965M	416.677M	563.391M	514.138M	407.534M	428.748M	379.736M	383.050M	412.552M	373.950M	398.646M	412.627M	363.390M	431.783M	381.697M	306.261M	287.186M	308.440M	230.261M	207.191M	213.035M	190.989M	175.610M	156.607M	138.240M	112.740M	108.868M	90.365M	60.619M	32.830M
Tax Rate	22.90%	23.40%	21.50%	24.30%	22.90%	27.80%	26.90%	23.00%	22.20%	28.10%	25.50%	26.50%	27.90%	23.70%	30.80%	28.30%	29.30%	30.20%	30.60%	27.40%	29.70%	30.50%	34.00%	35.00%	34.30%	34.20%	35.00%	31.90%	34.10%	35.00%	35.00%
Net Income	1,846.373M	1,613.402M	1,463.631M	1,730.660M	1,726.114M	1,083.678M	1,175.090M	1,246.862M	1,294.185M	1,051.686M	978.459M	1,065.566M	1,039.203M	1,026.243M	1,046.918M	1,031.200M	765.473M	686.615M	736.939M	567.142M	484.397M	518.884M	350.637M	301.446M	304.022M	245.204M	196.615M	222.087M	161.806M	94.834M	45.078M
Net Margin	4.80%	4.90%	4.20%	5.00%	5.70%	4.00%	4.10%	4.50%	4.90%	4.30%	4.10%	4.40%	4.80%	5.00%	5.60%	6.10%	4.80%	4.50%	5.50%	5.00%	4.40%	5.00%	3.80%	3.70%	4.40%	4.10%	4.00%	4.90%	4.70%	3.80%	3.70%
Depreciation & Amortization	1,160.931M	1,142.381M	1,116.315M	1,112.734M	1,029.542M	1,000.306M	999.704M	819.161M	801.970M	746.213M	710.166M	606.230M	569.136M	565.703M	499.549M	456.626M	451.491M	450.286M	383.389M	355.785M	342.076M	362.244M	293.614M	271.934M	220.340M	194.478M	135.156M	124.760M	103.538M	75.831M	38.621M
EBITDA	7,038.050M	5,281.437M	6,449.306M	7,298.771M	5,858.776M	5,159.331M	6,324.347M	6,208.456M	5,919.052M	5,095.828M	3,467.066M	5,400.501M	4,734.639M	4,765.115M	3,717.717M	3,443.722M	3,570.427M	2,838.823M	2,567.334M	2,260.707M	1,913.245M	1,967.239M	1,604.117M	2,253.611M	2,260.368M	1,846.555M	1,873.212M	1,982.211M	1,721.378M	1,236.104M	669.272M
EBITDA Margin	18.40%	16.10%	18.50%	21.00%	19.30%	18.80%	22.30%	22.60%	22.50%	20.90%	14.50%	22.50%	21.80%	23.30%	19.70%	20.50%	22.40%	18.60%	19.10%	19.70%	17.50%	19.10%	17.40%	27.50%	32.80%	30.70%	38.20%	43.50%	50.30%	49.50%	54.90%
NOPAT	4,528.875M	3,168.708M	4,187.419M	4,680.964M	3,721.791M	3,003.384M	3,892.469M	4,150.192M	3,981.588M	3,128.341M	2,055.150M	3,526.050M	3,001.283M	3,204.993M	2,226.480M	2,141.818M	2,206.504M	1,667.151M	1,515.336M	1,382.181M	1,105.291M	1,115.799M	865.265M	1,288.090M	1,339.685M	1,087.233M	1,129.737M	1,265.712M	1,066.659M	754.178M	409.923M
NOPAT Margin	11.90%	9.70%	12.00%	13.40%	12.30%	11.00%	13.70%	15.10%	15.10%	12.80%	8.60%	14.70%	13.80%	15.70%	11.80%	12.80%	13.80%	10.90%	11.30%	12.10%	10.10%	10.80%	9.40%	15.70%	19.50%	18.10%	23.10%	27.80%	31.20%	30.20%	33.60%
Owner's Earnings	3,007.305M	2,755.784M	2,579.946M	2,843.393M	2,755.655M	2,083.984M	2,174.794M	2,066.023M	2,096.155M	1,797.899M	1,688.626M	1,671.795M	1,608.339M	1,591.946M	1,546.468M	1,487.826M	1,216.964M	1,136.901M	1,120.328M	922.927M	826.473M	881.129M	644.252M	573.380M	524.362M	439.682M	331.770M	346.846M	265.344M	170.665M	83.699M
Owner's Earnings Margin	7.90%	8.40%	7.40%	8.20%	9.10%	7.60%	7.70%	7.50%	8.00%	7.40%	7.10%	7.00%	7.40%	7.80%	8.20%	8.90%	7.60%	7.40%	8.30%	8.10%	7.50%	8.60%	7.00%	7.00%	7.60%	7.30%	6.80%	7.60%	7.80%	6.80%	6.90%
EPS	0.382	1.387	1.228	1.363	1.492	0.896	1.093	1.157	1.204	0.990	1.047	1.058	1.074	1.053	1.038	1.094	0.941	0.821	0.856	0.652	0.573	0.689	0.521	0.485	0.496	0.388	0.351	0.427	0.340	0.209	0.097
EPS (Diluted)	0.382	1.387	1.228	1.363	1.492	0.896	1.093	1.157	1.204	0.990	1.047	1.058	1.074	1.053	1.038	1.094	0.941	0.821	0.856	0.652	0.573	0.689	0.521	0.485	0.496	0.388	0.351	0.427	0.340	0.209	0.097
Shares (Diluted)	4,838,487,847	1,162,976,687	1,191,912,572	1,269,707,897	1,156,820,879	1,209,017,070	1,074,640,421	1,077,491,460	1,075,098,745	1,061,852,068	934,434,660	1,006,958,865	967,444,012	974,222,333	1,008,791,017	942,878,239	813,403,561	836,530,651	860,515,417	869,352,976	845,631,886	753,155,225	673,550,314	621,867,220	612,416,172	632,320,079	560,157,379	519,567,685	475,900,043	453,829,312	464,454,418

Sector Balance Sheet

Metric	MRQ	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	1995
Cash & Cash Equivalents	1,951M	2,590M	2,419M	2,325M	2,302M	2,463M	1,703M	1,588M	1,682M	1,642M	1,378M	1,118M	1,232M	1,122M	1,042M	982M	727M	641M	613M	541M	452M	362M	320M	266M	181M	154M	119M	79M	70M	48M	21M
Short-Term Investments	214M	542M	523M	380M	243M	299M	244M	445M	359M	211M	149M	119M	410M	339M	239M	244M	228M	241M	151M	144M	113M	215M	192M	91M	60M	85M	50M	42M	16M	12M	13M
Cash & Short-Term Investments	2,165M	3,132M	2,942M	2,705M	2,545M	2,761M	1,947M	2,033M	2,041M	1,853M	1,527M	1,237M	1,642M	1,462M	1,280M	1,226M	955M	882M	764M	685M	565M	576M	512M	357M	241M	239M	170M	121M	85M	61M	34M
Net Receivables	2,125M	2,528M	2,537M	2,537M	2,144M	1,816M	2,117M	2,076M	1,939M	1,877M	1,752M	1,705M	1,530M	1,474M	1,382M	1,255M	1,064M	1,236M	1,144M	1,062M	949M	801M	598M	700M	452M	292M	254M	234M	193M	167M	82M
Inventory	3,574M	3,796M	3,765M	3,973M	3,346M	3,015M	2,906M	2,832M	2,499M	2,492M	2,359M	2,475M	2,287M	2,135M	1,990M	1,742M	1,582M	1,622M	1,325M	1,143M	1,085M	988M	884M	680M	618M	557M	446M	405M	312M	250M	125M
Other Current Assets	646M	642M	658M	632M	649M	673M	607M	653M	634M	737M	667M	650M	529M	484M	354M	266M	354M	336M	286M	240M	129M	134M	285M	170M	120M	118M	95M	87M	73M	46M	27M
Total Current Assets	8,511M	10,098M	9,903M	9,847M	8,684M	8,265M	7,576M	7,594M	7,114M	6,959M	6,305M	6,067M	5,988M	5,555M	5,006M	4,489M	3,955M	4,076M	3,519M	3,130M	2,729M	2,499M	2,279M	1,907M	1,431M	1,206M	965M	848M	664M	524M	268M
Property, Plant & Equipment	8,834M	9,050M	8,920M	8,525M	7,929M	7,373M	7,321M	6,234M	6,075M	5,629M	5,534M	5,418M	5,047M	4,606M	4,459M	3,918M	3,628M	3,516M	3,231M	2,928M	2,793M	2,537M	2,118M	2,017M	1,891M	1,569M	1,230M	1,155M	969M	729M	312M
Goodwill	4,121M	5,157M	5,287M	5,378M	4,935M	4,707M	4,654M	4,491M	4,209M	4,029M	3,511M	3,473M	3,097M	2,862M	1,691M	1,452M	1,377M	1,236M	1,252M	1,025M	739M	155M	12M	0M	0M	0M	0M	0M	0M	0M	0M
Intangible Assets	1,740M	3,109M	3,604M	4,241M	3,751M	3,955M	3,639M	2,913M	2,878M	2,508M	2,344M	1,910M	1,564M	1,456M	1,399M	1,303M	1,172M	1,074M	947M	960M	755M	784M	909M	781M	562M	369M	226M	180M	151M	81M	33M
Long-Term Investments	541M	672M	994M	1,122M	1,164M	953M	771M	599M	411M	494M	508M	502M	434M	320M	262M	259M	189M	165M	157M	68M	53M	29M	1M	1M	0M	0M	0M	0M	0M	0M	0M
Tax Assets	144M	265M	215M	248M	283M	275M	321M	250M	220M	235M	190M	125M	104M	203M	161M	134M	138M	114M	110M	103M	93M	59M	58M	50M	24M	7M	0M	0M	1M	0M	0M
Other Non-Current Assets	935M	1,235M	1,080M	1,138M	831M	826M	670M	547M	578M	544M	452M	412M	415M	434M	401M	451M	457M	553M	496M	477M	406M	390M	390M	321M	258M	170M	138M	103M	100M	60M	29M
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	16,314M	19,488M	20,100M	20,653M	18,894M	18,090M	17,375M	15,034M	14,372M	13,439M	12,539M	11,841M	10,660M	9,881M	8,373M	7,516M	6,961M	6,657M	6,193M	5,561M	4,839M	3,954M	3,489M	3,169M	2,735M	2,115M	1,594M	1,439M	1,221M	871M	374M
Total Assets	24,825M	29,586M	30,003M	30,500M	27,579M	26,354M	24,951M	22,627M	21,486M	20,399M	18,844M	17,908M	16,648M	15,436M	13,379M	12,005M	10,916M	10,732M	9,712M	8,691M	7,567M	6,453M	5,768M	5,076M	4,165M	3,321M	2,559M	2,287M	1,885M	1,395M	642M
Accounts Payable	3,505M	3,748M	3,592M	3,718M	3,446M	2,841M	2,876M	2,723M	2,668M	2,477M	2,169M	2,010M	1,788M	1,666M	1,581M	1,619M	1,411M	1,417M	1,200M	1,028M	1,001M	882M	669M	619M	543M	477M	373M	310M	259M	183M	75M
Short-Term Debt	1,755M	1,630M	1,845M	1,575M	1,476M	1,399M	1,701M	1,523M	1,430M	1,575M	1,266M	1,145M	1,153M	1,015M	922M	701M	539M	786M	587M	581M	511M	473M	382M	365M	309M	361M	177M	190M	124M	89M	39M
Tax Payables	11M	270M	213M	338M	273M	218M	187M	209M	199M	183M	201M	216M	191M	174M	132M	108M	100M	74M	85M	47M	50M	49M	22M	17M	2M	3M	1M	1M	1M	2M	1M
Deferred Revenue	33M	1M	32M	86M	340M	297M	192M	111M	117M	99M	83M	69M	95M	162M	78M	30M	15M	1M	18M	29M	11M	8M	6M	0M	0M	0M	0M	0M	0M	0M	1M
Other Current Liabilities	1,266M	1,856M	1,616M	1,600M	1,293M	1,240M	1,107M	1,257M	1,061M	1,093M	937M	893M	858M	909M	787M	683M	479M	615M	514M	506M	431M	379M	289M	289M	133M	170M	204M	138M	136M	114M	59M
Total Current Liabilities	6,570M	7,506M	7,298M	7,317M	6,828M	5,994M	6,064M	5,823M	5,476M	5,427M	4,657M	4,334M	4,084M	3,927M	3,501M	3,141M	2,545M	2,893M	2,404M	2,191M	2,005M	1,791M	1,369M	1,290M	987M	1,011M	756M	638M	520M	387M	175M
Long-Term Debt	7,027M	6,516M	6,575M	6,867M	6,785M	6,921M	6,436M	5,745M	5,895M	5,493M	5,307M	4,716M	4,252M	3,929M	3,428M	3,217M	2,837M	2,834M	1,981M	1,633M	1,766M	1,519M	1,224M	1,167M	1,013M	790M	595M	570M	423M	272M	141M
Capital Lease Obligations	1,163M	1,568M	1,519M	1,581M	1,464M	1,341M	878M	57M	28M	28M	22M	15M	15M	10M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M
Deferred Tax Liabilities	780M	962M	872M	976M	874M	807M	858M	743M	694M	736M	641M	608M	494M	590M	494M	425M	367M	339M	312M	264M	224M	210M	130M	146M	99M	97M	71M	58M	49M	36M	15M
Other Non-Current Liabilities	1,017M	1,042M	1,167M	1,062M	1,184M	1,262M	1,292M	1,305M	1,338M	1,366M	1,127M	1,291M	981M	918M	711M	691M	812M	693M	573M	607M	517M	522M	413M	360M	298M	176M	157M	120M	108M	76M	40M
Total Non-Current Liabilities	9,988M	10,089M	10,133M	10,487M	10,307M	10,332M	9,465M	7,851M	7,955M	7,624M	7,097M	6,629M	5,742M	5,446M	4,632M	4,333M	4,016M	3,865M	2,865M	2,504M	2,508M	2,251M	1,767M	1,673M	1,410M	1,062M	824M	748M	580M	385M	197M
Total Liabilities	16,557M	17,594M	17,431M	17,804M	17,135M	16,327M	15,529M	13,674M	13,430M	13,051M	11,754M	10,963M	9,826M	9,373M	8,133M	7,474M	6,561M	6,759M	5,270M	4,695M	4,513M	4,041M	3,135M	2,963M	2,397M	2,074M	1,580M	1,386M	1,100M	772M	372M
Preferred Stock	0M	0M	0M	0M	0M	0M	0M	1M	2M	1M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M
Common Stock	299M	606M	629M	550M	535M	549M	563M	519M	557M	454M	516M	424M	386M	306M	312M	316M	291M	277M	274M	228M	226M	198M	194M	171M	122M	138M	77M	28M	16M	10M	8M
Retained Earnings	8,682M	10,383M	9,630M	9,077M	8,744M	7,726M	7,101M	7,129M	6,605M	5,758M	5,138M	4,828M	4,598M	4,170M	3,839M	3,435M	2,956M	2,628M	2,508M	2,139M	1,714M	1,488M	1,314M	1,155M	922M	801M	650M	651M	531M	473M	195M
Accumulated OCI	-654M	-472M	-420M	-417M	-640M	-667M	-463M	-707M	-722M	-885M	-900M	-966M	-680M	-389M	-282M	-362M	-210M	-100M	-17M	-28M	-54M	-72M	-85M	-112M	-101M	-90M	-63M	-83M	-63M	-40M	-18M
Minority Interest	419M	598M	557M	695M	590M	413M	368M	409M	389M	283M	295M	305M	281M	275M	174M	158M	153M	125M	132M	107M	94M	85M	78M	56M	30M	30M	25M	21M	5M	1M	0M
Total Shareholders’ Equity	8,327M	10,518M	9,839M	9,211M	8,640M	7,608M	7,201M	6,943M	6,442M	5,328M	4,755M	4,285M	4,305M	4,088M	3,868M	3,390M	3,037M	2,805M	2,766M	2,339M	1,886M	1,615M	1,424M	1,214M	943M	849M	664M	596M	484M	443M	186M
Total Equity	8,746M	11,115M	10,396M	9,906M	9,229M	8,020M	7,568M	7,352M	6,831M	5,611M	5,049M	4,590M	4,586M	4,363M	4,042M	3,548M	3,190M	2,930M	2,898M	2,447M	1,979M	1,699M	1,502M	1,270M	973M	879M	689M	617M	489M	445M	186M
Total Liabilities & Equity	25,303M	28,710M	27,827M	27,710M	26,364M	24,347M	23,098M	21,025M	20,261M	18,662M	16,803M	15,553M	14,412M	13,736M	12,175M	11,022M	9,751M	9,688M	8,168M	7,141M	6,492M	5,741M	4,637M	4,232M	3,369M	2,952M	2,269M	2,003M	1,589M	1,217M	558M
Tangible Assets	18,965M	21,320M	21,112M	20,881M	18,892M	17,692M	16,658M	15,223M	14,398M	13,861M	12,989M	12,525M	11,988M	11,118M	10,289M	9,251M	8,367M	8,423M	7,513M	6,707M	6,073M	5,514M	4,846M	4,295M	3,604M	2,951M	2,333M	2,107M	1,734M	1,313M	609M
Tangible Equity	2,886M	2,850M	1,506M	287M	543M	-642M	-725M	-53M	-256M	-926M	-805M	-793M	-75M	46M	952M	793M	640M	621M	699M	462M	485M	760M	580M	489M	411M	510M	463M	437M	338M	363M	153M
Tangible Book Value	2,886M	2,850M	1,506M	287M	543M	-642M	-725M	-53M	-256M	-926M	-805M	-793M	-75M	46M	952M	793M	640M	621M	699M	462M	485M	760M	580M	489M	411M	510M	463M	437M	338M	363M	153M
Total Investments	895M	1,136M	1,459M	1,393M	1,363M	1,439M	1,220M	955M	878M	849M	891M	829M	796M	747M	606M	649M	503M	375M	239M	230M	158M	155M	112M	90M	77M	32M	43M	20M	5M	3M	0M
Net Debt	6,831M	5,556M	6,001M	6,117M	5,959M	5,857M	6,434M	5,680M	5,644M	5,426M	5,195M	4,743M	4,172M	3,822M	3,308M	2,936M	2,650M	2,979M	1,955M	1,673M	1,826M	1,630M	1,286M	1,266M	1,140M	997M	654M	680M	477M	313M	158M

Sector Capital

Metric	MRQ	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	1995
Working Capital	1,319M	623M	718M	729M	-45M	1,088M	-172M	633M	563M	493M	758M	141M	778M	1,077M	818M	846M	814M	513M	741M	416M	317M	453M	720M	325M	264M	190M	116M	257M	59M	127M	48M
Total Capital	19,536M	22,210M	22,587M	22,063M	20,396M	19,892M	19,131M	16,803M	15,968M	14,992M	13,185M	12,396M	11,747M	10,800M	10,085M	9,413M	8,080M	7,811M	6,903M	5,801M	5,404M	4,853M	4,362M	3,841M	3,291M	2,669M	2,083M	1,902M	1,380M	1,008M	539M
Capital Employed	22,318M	24,321M	24,642M	24,361M	21,910M	20,907M	20,124M	18,120M	17,586M	17,519M	16,029M	13,958M	12,640M	12,273M	11,544M	11,138M	10,338M	9,710M	8,290M	7,404M	6,557M	6,083M	5,569M	4,454M	4,324M	3,409M	2,438M	2,703M	1,638M	1,249M	742M
Invested Capital	17,584M	19,620M	20,167M	19,737M	18,093M	17,429M	17,428M	15,215M	14,287M	13,350M	11,807M	11,278M	10,515M	9,677M	9,043M	8,431M	7,353M	7,170M	6,290M	5,260M	4,952M	4,492M	4,043M	3,575M	3,110M	2,515M	1,963M	1,823M	1,310M	960M	518M

Sector Cash Flow Statement

Metric	TTM	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	1995
Net Income	1,759M	1,815M	1,531M	1,950M	1,832M	1,266M	1,259M	1,318M	1,396M	1,242M	1,118M	1,164M	1,196M	1,209M	1,178M	1,093M	902M	778M	782M	627M	513M	465M	393M	322M	269M	256M	215M	227M	179M	126M	99M
Depreciation & Amortization	1,126M	1,161M	1,146M	1,118M	1,039M	1,070M	1,011M	805M	797M	745M	638M	610M	565M	568M	497M	459M	433M	402M	397M	374M	310M	354M	288M	258M	219M	171M	118M	121M	113M	89M	73M
Deferred Income Tax	19M	-1M	-14M	-10M	-33M	-42M	-17M	-24M	-12M	2M	-19M	-2M	2M	-1M	10M	7M	1M	-26M	-17M	-21M	-1M	7M	9M	5M	2M	4M	1M	2M	2M	1M	1M
Stock-Based Compensation	36M	36M	40M	41M	36M	31M	31M	30M	34M	35M	26M	25M	26M	20M	16M	17M	15M	12M	2M	1M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M
Change in Working Capital	-199M	-33M	-81M	-409M	-3M	88M	-18M	-106M	-87M	-3M	54M	-59M	-59M	-33M	-83M	26M	99M	-91M	-49M	-20M	-14M	14M	-11M	17M	-8M	-7M	5M	-8M	1M	-16M	-16M
Accounts Receivable	-76M	-62M	-44M	-167M	-154M	73M	-59M	-58M	-67M	-45M	-10M	-36M	-34M	-19M	-19M	-10M	7M	-1M	-3M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M
Inventory	-118M	-85M	-17M	-479M	-251M	-103M	-111M	-141M	-71M	-77M	-67M	-71M	-68M	-89M	-114M	-68M	52M	-100M	-81M	-35M	-30M	-15M	-14M	-10M	-21M	-17M	-14M	-9M	-5M	-14M	-7M
Accounts Payable	49M	92M	27M	266M	324M	76M	132M	139M	80M	127M	40M	12M	12M	14M	22M	23M	0M	6M	8M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M
Other Working Capital	60M	-3M	-42M	-63M	-3M	70M	-28M	-43M	-35M	4M	3M	1M	8M	39M	29M	53M	52M	1M	11M	14M	32M	29M	-15M	36M	11M	4M	15M	2M	6M	11M	-3M
Other Non-Cash Items	429M	272M	298M	189M	185M	279M	257M	161M	87M	132M	199M	49M	52M	5M	-28M	-66M	-20M	102M	-2M	10M	14M	-22M	-9M	-13M	-3M	-5M	-2M	-20M	1M	-7M	1M
Net Cash from Operating	3,416M	3,336M	2,999M	3,013M	2,936M	2,714M	2,461M	2,301M	2,161M	2,038M	1,908M	1,804M	1,807M	1,597M	1,537M	1,503M	1,435M	1,127M	1,043M	944M	945M	824M	698M	606M	513M	436M	352M	321M	302M	209M	208M
Investments in PPE	-1,137M	-1,164M	-1,191M	-1,093M	-906M	-816M	-923M	-891M	-843M	-768M	-812M	-781M	-763M	-715M	-620M	-545M	-476M	-612M	-547M	-464M	-415M	-365M	-333M	-336M	-291M	-234M	-237M	-246M	-170M	-152M	-117M
Acquisitions (Net)	-8M	-23M	-38M	-103M	-123M	-51M	-149M	-131M	-188M	-101M	-202M	-75M	-136M	-72M	-67M	-46M	-48M	-193M	-100M	-23M	-63M	-77M	-55M	-38M	-46M	-37M	-1M	0M	0M	-1M	-1M
Purchases of Investments	-134M	-147M	-152M	-152M	-113M	-106M	-155M	-86M	-70M	-66M	-39M	-26M	-29M	-24M	-34M	-34M	-20M	-50M	-36M	-28M	-25M	-16M	-14M	-6M	-5M	-4M	-4M	-2M	-5M	-3M	-1M
Sales/Maturities of Investments	145M	113M	127M	110M	72M	100M	138M	109M	87M	74M	90M	50M	64M	40M	29M	20M	19M	28M	43M	25M	31M	17M	5M	15M	2M	6M	2M	2M	2M	2M	3M
Other Investing Activities	0M	66M	36M	52M	70M	66M	99M	57M	48M	45M	18M	34M	28M	23M	30M	38M	17M	60M	27M	50M	45M	25M	43M	9M	7M	15M	13M	4M	5M	-5M	-1M
Net Cash from Investing	-1,424M	-1,267M	-1,395M	-1,232M	-1,223M	-957M	-1,025M	-911M	-1,027M	-1,011M	-1,027M	-860M	-949M	-774M	-728M	-552M	-543M	-939M	-577M	-418M	-414M	-459M	-421M	-417M	-430M	-383M	-261M	-285M	-203M	-172M	-128M
Net Debt Issuance	-2M	23M	212M	-75M	-283M	90M	-85M	-16M	90M	65M	99M	180M	358M	262M	63M	-158M	-136M	440M	167M	-40M	-55M	-42M	-63M	-52M	53M	89M	33M	39M	10M	20M	10M
Long-Term Debt Issuance	52M	54M	252M	-22M	-83M	186M	56M	81M	31M	144M	112M	200M	308M	264M	58M	-101M	68M	384M	164M	-32M	-53M	-14M	-5M	-32M	43M	53M	22M	29M	3M	14M	7M
Short-Term Debt Issuance	-54M	-6M	-4M	-26M	-26M	-47M	-46M	-10M	5M	-6M	-1M	2M	-11M	9M	10M	-7M	-88M	10M	3M	-3M	-1M	-2M	0M	0M	0M	0M	0M	0M	0M	0M	0M
Net Stock Issuance	-332M	-371M	-305M	-303M	-126M	-109M	-173M	-162M	-209M	-177M	-177M	-183M	-123M	-99M	-177M	-97M	-20M	-198M	-162M	-87M	-99M	-48M	-9M	-11M	-5M	-21M	-19M	-12M	-10M	-3M	-3M
Common Stock Issued	0M	1M	4M	3M	9M	6M	16M	7M	8M	4M	6M	9M	15M	6M	15M	36M	28M	32M	39M	40M	31M	34M	11M	18M	17M	6M	5M	13M	13M	9M	6M
Common Stock Repurchased	-324M	-397M	-348M	-320M	-151M	-105M	-251M	-181M	-220M	-177M	-183M	-218M	-210M	-153M	-204M	-108M	-32M	-259M	-198M	-117M	-141M	-86M	-23M	-17M	-13M	-25M	-18M	-20M	-23M	-7M	-6M
Net Common Stock Issuance	-325M	-370M	-305M	-307M	-122M	-98M	-173M	-163M	-207M	-162M	-163M	-187M	-154M	-100M	-177M	-98M	-21M	-199M	-162M	-88M	-99M	-48M	-10M	-8M	-6M	-21M	-18M	-11M	-10M	-3M	-1M
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	-948M	-917M	-1,009M	-785M	-722M	-677M	-678M	-646M	-605M	-601M	-591M	-499M	-511M	-433M	-386M	-324M	-233M	-239M	-213M	-193M	-170M	-144M	-104M	-79M	-64M	-44M	-38M	-33M	-20M	-16M	-12M
Common Dividends Paid	-947M	-917M	-1,001M	-781M	-694M	-676M	-678M	-660M	-602M	-600M	-549M	-497M	-510M	-430M	-412M	-323M	-253M	-238M	-208M	-194M	-168M	-145M	-95M	-74M	-64M	-49M	-41M	-37M	-21M	-18M	-13M
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	-307M	-276M	-311M	-266M	-295M	-199M	-174M	-119M	-87M	-88M	-42M	-72M	-61M	-48M	21M	-31M	-23M	-21M	2M	-7M	0M	-9M	-12M	-11M	1M	-1M	1M	-1M	-1M	-1M	0M
Net Cash from Financing	-1,791M	-1,671M	-1,632M	-1,738M	-1,842M	-1,056M	-1,353M	-1,104M	-967M	-1,050M	-888M	-787M	-668M	-463M	-611M	-648M	-583M	-205M	-292M	-361M	-454M	-281M	-230M	-212M	-50M	12M	-71M	-24M	-26M	-8M	-9M
Effect of FX on Cash	-16M	-9M	-45M	-11M	14M	-24M	-9M	-8M	-16M	0M	-29M	-3M	-19M	-11M	-2M	-4M	-12M	-7M	4M	1M	1M	2M	-1M	2M	-1M	-1M	0M	-2M	-1M	-1M	-1M
Net Change in Cash	19M	209M	94M	-197M	-5M	665M	67M	3M	129M	138M	21M	-30M	94M	45M	100M	152M	47M	0M	78M	19M	19M	19M	65M	39M	29M	9M	21M	-1M	5M	4M	-5M
Cash at Beginning of Period	2,060M	2,194M	2,214M	2,270M	2,411M	1,718M	1,634M	1,708M	1,586M	1,320M	1,118M	1,150M	1,117M	990M	827M	621M	564M	545M	478M	428M	346M	330M	239M	210M	153M	115M	80M	66M	50M	44M	40M
Cash at End of Period	2,061M	2,320M	2,335M	2,248M	2,230M	2,429M	1,721M	1,692M	1,662M	1,582M	1,328M	1,052M	1,205M	1,017M	924M	838M	623M	554M	533M	419M	451M	326M	290M	236M	172M	131M	111M	67M	61M	41M	29M
Operating Cash Flow	3,310M	3,336M	2,998M	3,013M	2,936M	2,714M	2,461M	2,302M	2,172M	2,089M	1,910M	1,804M	1,807M	1,597M	1,537M	1,503M	1,435M	1,127M	1,043M	944M	943M	834M	698M	606M	513M	436M	352M	321M	302M	209M	208M
Capital Expenditure	-1,145M	-1,178M	-1,199M	-1,094M	-902M	-815M	-922M	-890M	-842M	-768M	-811M	-780M	-761M	-713M	-619M	-543M	-475M	-612M	-546M	-463M	-414M	-366M	-333M	-338M	-333M	-234M	-237M	-246M	-170M	-152M	-117M
Free Cash Flow	2,153M	1,969M	1,860M	1,757M	1,931M	1,926M	1,392M	1,195M	1,179M	1,142M	957M	938M	979M	903M	850M	995M	786M	508M	510M	461M	467M	384M	337M	232M	172M	133M	92M	71M	84M	37M	46M
Income Taxes Paid	0M	68M	52M	72M	35M	23M	30M	17M	17M	15M	9M	8M	4M	0M	7M	17M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M
Interest Paid	39M	77M	62M	41M	34M	31M	40M	36M	21M	18M	10M	12M	8M	1M	2M	2M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M

Sector Free Cash Flow

Metric	TTM	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	1995
EBITDA	7,038M	5,281M	6,449M	7,299M	5,859M	5,159M	6,324M	6,208M	5,919M	5,096M	3,467M	5,401M	4,735M	4,765M	3,718M	3,444M	3,570M	2,839M	2,567M	2,261M	1,913M	1,967M	1,604M	2,254M	2,260M	1,847M	1,873M	1,982M	1,721M	1,236M	669M
(-) Tax Adjustment	1,616M	1,238M	1,385M	1,776M	1,344M	1,434M	1,701M	1,427M	1,313M	1,431M	883M	1,429M	1,323M	1,128M	1,146M	974M	1,045M	857M	786M	620M	567M	600M	545M	789M	776M	631M	656M	631M	586M	433M	234M
(-) Change in Working Capital	-199M	-33M	-81M	-409M	-3M	88M	-18M	-106M	-87M	-3M	54M	-59M	-59M	-33M	-83M	26M	99M	-91M	-49M	-20M	-14M	14M	-11M	17M	-8M	-7M	5M	-8M	1M	-16M	-16M
(-) Capital Expenditure	1,145M	1,178M	1,199M	1,094M	902M	815M	922M	890M	842M	768M	811M	780M	761M	713M	619M	543M	475M	612M	546M	463M	414M	366M	333M	338M	333M	234M	237M	246M	170M	152M	117M
Unlevered Free Cash Flow	4,476M	2,899M	3,946M	4,838M	3,617M	2,823M	3,720M	3,997M	3,850M	2,899M	1,720M	3,250M	2,710M	2,956M	2,036M	1,900M	1,952M	1,461M	1,285M	1,197M	946M	988M	737M	1,110M	1,160M	988M	975M	1,113M	964M	667M	334M
(-) Net Interest Income After Taxes	-340M	-296M	-262M	-256M	-236M	-231M	-238M	-207M	-208M	-181M	-190M	-164M	-160M	-172M	-130M	-152M	-150M	-123M	-71M	-60M	-51M	-38M	-20M	-16M	-11M	-8M	-5M	-5M	-5M	-1M	-1M
Net Debt Issuance	-2M	23M	212M	-75M	-283M	90M	-85M	-16M	90M	65M	99M	180M	358M	262M	63M	-158M	-136M	440M	167M	-40M	-55M	-42M	-63M	-52M	53M	89M	33M	39M	10M	20M	10M
Levered Free Cash Flow	4,814M	3,218M	4,421M	5,019M	3,570M	3,144M	3,872M	4,189M	4,149M	3,145M	2,009M	3,594M	3,228M	3,390M	2,229M	1,894M	1,966M	2,024M	1,523M	1,217M	942M	983M	694M	1,075M	1,224M	1,085M	1,013M	1,157M	979M	689M	345M