Healthcare

Category: Sector Averages Reference Ticker: 3320.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	105.61	94.95	101.34	100.33	105.61	79.41	69.29	58.94	61.55	59.43	63.88	59.57	49.21	38.71	31.68	31.29	27.90	25.69	36.28	32.11	28.93	28.83	22.96	19.81	22.05	22.87	16.18	15.79	12.24	11.22	10.22
Market Capitalization	51,523M	44,157M	46,909M	47,510M	50,876M	40,049M	36,716M	32,112M	34,664M	32,517M	34,907M	29,840M	22,788M	19,714M	15,214M	14,905M	14,652M	10,757M	16,233M	12,696M	10,477M	9,114M	7,731M	6,410M	7,562M	7,057M	5,186M	4,364M	2,793M	2,007M	1,590M
(-) Cash & Equivalents	2,839M	2,753M	2,937M	2,993M	2,789M	2,822M	2,213M	1,825M	2,072M	1,810M	1,702M	1,611M	1,482M	1,270M	1,364M	1,096M	932M	793M	816M	707M	798M	589M	406M	309M	251M	173M	93M	94M	76M	60M	45M
(+) Total Debt	12,139M	11,981M	10,567M	10,508M	11,948M	10,715M	9,140M	7,924M	7,731M	7,313M	6,736M	5,203M	4,460M	3,972M	3,251M	2,750M	2,595M	2,490M	2,300M	1,600M	1,245M	1,254M	939M	822M	627M	568M	565M	526M	268M	226M	148M
Enterprise Value	60,358M	54,131M	55,609M	54,252M	60,200M	51,478M	47,738M	38,170M	40,169M	38,244M	40,324M	32,524M	26,452M	22,778M	17,532M	16,770M	16,163M	13,606M	17,647M	13,490M	10,394M	10,857M	9,316M	7,183M	8,168M	8,004M	5,511M	4,845M	3,086M	2,413M	1,965M

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	29,737.576M	27,146.674M	26,494.350M	26,108.336M	24,408.052M	21,358.442M	20,646.794M	19,145.946M	18,830.097M	18,234.533M	16,933.377M	15,326.213M	14,716.878M	14,815.878M	14,173.705M	13,404.541M	11,877.509M	11,300.457M	10,257.702M	8,454.549M	8,224.724M	7,130.840M	6,650.679M	6,252.561M	5,360.115M	4,972.924M	4,093.008M	3,622.512M	2,350.958M	1,800.552M	1,363.692M
Cost of Revenue	11,649.236M	11,080.215M	10,818.401M	11,243.824M	10,282.474M	9,479.410M	8,974.649M	8,289.086M	8,174.861M	8,000.225M	7,484.361M	6,990.728M	6,384.409M	6,077.063M	5,926.901M	5,546.260M	4,691.041M	4,304.562M	4,318.142M	3,227.254M	2,828.458M	2,411.995M	2,048.880M	1,689.546M	1,668.266M	1,423.245M	1,234.477M	957.241M	594.118M	511.984M	329.938M
Gross Profit	18,088.340M	16,066.459M	15,675.949M	14,864.512M	14,125.578M	11,879.033M	11,672.145M	10,856.860M	10,655.235M	10,234.308M	9,449.016M	8,335.485M	8,332.468M	8,738.815M	8,246.804M	7,858.281M	7,186.469M	6,995.895M	5,939.560M	5,227.295M	5,396.266M	4,718.845M	4,601.799M	4,563.016M	3,691.849M	3,549.679M	2,858.531M	2,665.271M	1,756.840M	1,288.569M	1,033.754M
Gross Margin	60.80%	59.20%	59.20%	56.90%	57.90%	55.60%	56.50%	56.70%	56.60%	56.10%	55.80%	54.40%	56.60%	59.00%	58.20%	58.60%	60.50%	61.90%	57.90%	61.80%	65.60%	66.20%	69.20%	73.00%	68.90%	71.40%	69.80%	73.60%	74.70%	71.60%	75.80%
R&D Expenses	1,070.356M	900.922M	1,211.622M	980.733M	956.396M	816.772M	773.217M	739.544M	698.619M	715.773M	669.423M	604.401M	563.328M	510.799M	500.403M	456.566M	469.899M	416.254M	310.979M	265.097M	199.299M	158.655M	112.142M	91.073M	84.511M	74.616M	50.937M	52.144M	17.466M	4.665M	2.044M
SG&A Expenses	4,133.686M	4,051.615M	3,754.494M	3,659.574M	3,564.767M	3,515.457M	3,214.605M	2,942.101M	2,857.148M	2,907.403M	2,591.362M	2,442.736M	2,223.196M	2,008.083M	2,296.284M	2,050.487M	1,986.599M	2,137.600M	1,838.464M	1,633.768M	1,596.338M	1,305.434M	1,151.999M	1,052.262M	785.468M	699.427M	669.702M	409.671M	245.539M	248.515M	130.948M
Operating Expenses	5,204.042M	4,952.537M	4,966.116M	4,640.308M	4,521.163M	4,332.229M	3,987.822M	3,681.645M	3,555.767M	3,623.176M	3,260.785M	3,047.137M	2,786.524M	2,518.882M	2,796.687M	2,507.053M	2,456.498M	2,553.853M	2,149.443M	1,898.865M	1,795.637M	1,464.088M	1,264.141M	1,143.335M	869.979M	774.043M	720.638M	461.814M	263.004M	253.180M	132.992M
Operating Income (EBIT)	12,884.299M	11,113.922M	10,709.833M	10,224.204M	9,604.415M	7,546.804M	7,684.323M	7,175.215M	7,099.468M	6,611.132M	6,188.232M	5,288.348M	5,545.944M	6,219.933M	5,450.118M	5,351.228M	4,729.971M	4,442.041M	3,790.117M	3,328.430M	3,600.628M	3,254.757M	3,337.658M	3,419.680M	2,821.870M	2,775.636M	2,137.892M	2,203.457M	1,493.836M	1,035.389M	900.763M
Operating Margin	43.30%	40.90%	40.40%	39.20%	39.30%	35.30%	37.20%	37.50%	37.70%	36.30%	36.50%	34.50%	37.70%	42.00%	38.50%	39.90%	39.80%	39.30%	36.90%	39.40%	43.80%	45.60%	50.20%	54.70%	52.60%	55.80%	52.20%	60.80%	63.50%	57.50%	66.10%
Interest Income	65.572M	64.382M	80.268M	41.143M	14.329M	20.708M	41.538M	25.898M	23.138M	17.626M	12.946M	13.989M	13.710M	12.609M	13.203M	9.387M	18.350M	33.850M	12.147M	3.822M	2.975M	1.785M	0.472M	0.434M	0.108M	0.000M	0.000M	0.000M	0.000M	0.000M	0.000M
Interest Expense	481.497M	395.456M	378.967M	336.511M	349.365M	368.883M	321.336M	308.708M	306.335M	285.311M	241.106M	199.362M	189.458M	158.554M	157.461M	153.907M	145.848M	136.925M	68.056M	26.296M	23.422M	14.618M	8.527M	9.963M	5.361M	3.492M	1.329M	1.913M	0.870M	1.184M	1.163M
Net Interest Income	-415.925M	-331.073M	-298.698M	-295.368M	-335.037M	-348.176M	-279.798M	-282.811M	-283.197M	-267.685M	-228.160M	-185.373M	-175.747M	-145.945M	-144.257M	-144.520M	-127.498M	-103.075M	-55.909M	-22.474M	-20.447M	-12.833M	-8.056M	-9.529M	-5.253M	-3.492M	-1.329M	-1.913M	-0.870M	-1.184M	-1.163M
Other Income / Expense	-9,848.390M	-8,882.134M	-8,033.999M	-7,097.624M	-6,147.622M	-5,175.228M	-5,309.758M	-5,044.500M	-4,899.146M	-4,471.639M	-4,396.293M	-3,741.518M	-3,991.965M	-4,793.088M	-3,930.303M	-3,927.849M	-3,376.390M	-3,372.126M	-2,669.421M	-2,508.897M	-2,751.030M	-2,520.989M	-2,730.315M	-2,967.474M	-2,438.369M	-2,403.642M	-1,851.026M	-2,010.504M	-1,367.077M	-914.600M	-829.094M
Pre-Tax Income	2,619.984M	1,900.714M	2,377.136M	2,831.212M	3,121.757M	2,023.400M	2,094.767M	1,847.905M	1,917.125M	1,871.807M	1,563.780M	1,361.457M	1,378.233M	1,280.901M	1,375.558M	1,278.859M	1,226.083M	966.840M	1,064.787M	797.059M	829.151M	720.935M	599.288M	442.678M	378.248M	368.502M	285.537M	191.040M	125.888M	119.605M	70.506M
Pre-Tax Margin	8.80%	7.00%	9.00%	10.80%	12.80%	9.50%	10.10%	9.70%	10.20%	10.30%	9.20%	8.90%	9.40%	8.60%	9.70%	9.50%	10.30%	8.60%	10.40%	9.40%	10.10%	10.10%	9.00%	7.10%	7.10%	7.40%	7.00%	5.30%	5.40%	6.60%	5.20%
Income Tax Expense	501.746M	381.930M	391.112M	483.179M	489.467M	370.902M	302.527M	300.464M	542.255M	401.099M	390.355M	333.030M	326.659M	313.803M	310.183M	307.659M	326.236M	292.465M	258.912M	228.425M	251.670M	239.254M	213.069M	145.098M	112.496M	152.629M	116.517M	70.939M	60.327M	40.131M	29.570M
Tax Rate	19.20%	20.10%	16.50%	17.10%	15.70%	18.30%	14.40%	16.30%	28.30%	21.40%	25.00%	24.50%	23.70%	24.50%	22.50%	24.10%	26.60%	30.20%	24.30%	28.70%	30.40%	33.20%	35.00%	32.80%	29.70%	35.00%	35.00%	35.00%	35.00%	33.60%	35.00%
Net Income	2,097.074M	1,549.598M	1,962.106M	2,294.858M	2,652.687M	1,676.393M	1,810.608M	1,418.606M	1,211.853M	1,489.268M	1,276.977M	948.388M	983.691M	886.806M	997.831M	928.005M	897.364M	685.209M	744.275M	578.654M	592.121M	467.425M	314.414M	281.877M	255.224M	252.093M	189.557M	121.274M	73.349M	66.247M	42.752M
Net Margin	7.10%	5.70%	7.40%	8.80%	10.90%	7.80%	8.80%	7.40%	6.40%	8.20%	7.50%	6.20%	6.70%	6.00%	7.00%	6.90%	7.60%	6.10%	7.30%	6.80%	7.20%	6.60%	4.70%	4.50%	4.80%	5.10%	4.60%	3.30%	3.10%	3.70%	3.10%
Depreciation & Amortization	1,210.252M	1,127.124M	1,200.938M	1,197.380M	1,160.913M	1,009.616M	894.864M	863.666M	855.335M	757.498M	679.446M	567.139M	509.416M	451.789M	398.913M	386.445M	391.886M	341.287M	324.491M	236.838M	218.943M	180.129M	146.547M	149.059M	147.478M	134.434M	105.134M	88.167M	53.103M	41.196M	30.023M
EBITDA	14,094.550M	12,241.046M	11,910.771M	11,421.584M	10,765.328M	8,556.420M	8,579.187M	8,038.881M	7,954.804M	7,368.630M	6,867.678M	5,855.488M	6,055.361M	6,671.723M	5,849.030M	5,737.673M	5,121.857M	4,783.328M	4,114.608M	3,565.268M	3,819.571M	3,434.886M	3,484.205M	3,568.740M	2,969.348M	2,910.070M	2,243.027M	2,291.624M	1,546.939M	1,076.585M	930.786M
EBITDA Margin	47.40%	45.10%	45.00%	43.70%	44.10%	40.10%	41.60%	42.00%	42.20%	40.40%	40.60%	38.20%	41.10%	45.00%	41.30%	42.80%	43.10%	42.30%	40.10%	42.20%	46.40%	48.20%	52.40%	57.10%	55.40%	58.50%	54.80%	63.30%	65.80%	59.80%	68.30%
NOPAT	10,416.862M	8,880.688M	8,947.738M	8,479.327M	8,098.520M	6,163.426M	6,574.549M	6,008.548M	5,091.399M	5,194.469M	4,643.510M	3,994.748M	4,231.482M	4,696.136M	4,221.137M	4,063.865M	3,471.422M	3,098.345M	2,868.519M	2,374.552M	2,507.739M	2,174.611M	2,169.478M	2,298.798M	1,982.609M	1,804.163M	1,389.630M	1,432.247M	970.993M	687.987M	585.496M
NOPAT Margin	35.00%	32.70%	33.80%	32.50%	33.20%	28.90%	31.80%	31.40%	27.00%	28.50%	27.40%	26.10%	28.80%	31.70%	29.80%	30.30%	29.20%	27.40%	28.00%	28.10%	30.50%	30.50%	32.60%	36.80%	37.00%	36.30%	34.00%	39.50%	41.30%	38.20%	42.90%
Owner's Earnings	3,307.326M	2,676.722M	3,163.044M	3,492.238M	3,813.599M	2,686.009M	2,705.471M	2,282.272M	2,067.189M	2,246.766M	1,956.423M	1,515.527M	1,493.107M	1,338.596M	1,396.744M	1,314.450M	1,289.250M	1,026.496M	1,068.766M	815.492M	811.064M	647.554M	460.961M	430.937M	402.703M	386.527M	294.691M	209.440M	126.453M	107.443M	72.776M
Owner's Earnings Margin	11.10%	9.90%	11.90%	13.40%	15.60%	12.60%	13.10%	11.90%	11.00%	12.30%	11.60%	9.90%	10.10%	9.00%	9.90%	9.80%	10.90%	9.10%	10.40%	9.60%	9.90%	9.10%	6.90%	6.90%	7.50%	7.80%	7.20%	5.80%	5.40%	6.00%	5.30%
EPS	0.750	2.233	2.579	3.288	3.832	2.381	2.528	2.115	2.001	2.454	2.114	1.532	1.612	1.445	1.790	1.512	1.452	1.267	1.355	1.088	1.162	0.880	0.630	0.627	0.562	0.563	0.413	0.269	0.175	0.177	0.126
EPS (Diluted)	0.750	2.233	2.579	3.288	3.832	2.381	2.528	2.115	2.001	2.454	2.114	1.532	1.612	1.445	1.790	1.512	1.452	1.267	1.355	1.088	1.162	0.880	0.630	0.627	0.562	0.563	0.413	0.269	0.175	0.177	0.126
Shares (Diluted)	2,796,286,054	693,966,330	760,895,766	697,858,793	692,315,423	703,929,389	716,250,625	670,587,954	605,588,085	606,954,592	604,118,645	619,009,259	610,102,012	613,743,578	557,348,337	613,654,248	617,864,965	540,877,003	549,301,749	531,945,567	509,557,793	530,961,505	499,338,299	449,215,497	453,753,610	447,806,526	458,821,421	450,192,358	418,148,175	374,359,794	340,413,649

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	3,114M	2,753M	2,929M	2,993M	2,789M	2,845M	2,232M	1,825M	2,090M	1,810M	1,698M	1,611M	1,482M	1,280M	1,407M	1,120M	1,049M	839M	816M	707M	798M	594M	406M	307M	253M	177M	94M	95M	77M	62M	46M
Short-Term Investments	850M	1,036M	1,067M	920M	714M	740M	1,067M	606M	622M	704M	553M	548M	398M	375M	659M	857M	600M	494M	431M	444M	338M	255M	215M	145M	109M	86M	79M	27M	5M	16M	2M
Cash & Short-Term Investments	3,964M	3,789M	3,996M	3,913M	3,503M	3,585M	3,299M	2,431M	2,712M	2,514M	2,251M	2,159M	1,880M	1,655M	2,066M	1,977M	1,648M	1,333M	1,247M	1,151M	1,136M	849M	620M	452M	362M	263M	174M	122M	81M	78M	48M
Net Receivables	5,943M	5,076M	5,025M	4,976M	4,644M	4,022M	3,808M	3,365M	3,226M	3,059M	2,907M	2,449M	2,207M	2,027M	1,937M	1,715M	1,590M	1,483M	1,462M	1,251M	1,107M	880M	679M	618M	510M	487M	421M	330M	225M	207M	123M
Inventory	2,806M	2,559M	2,574M	2,265M	2,120M	2,100M	1,909M	1,504M	1,369M	1,360M	1,312M	1,204M	1,213M	1,133M	1,056M	907M	912M	836M	799M	748M	714M	645M	526M	498M	417M	358M	337M	274M	145M	137M	95M
Other Current Assets	961M	700M	648M	642M	599M	628M	624M	699M	460M	452M	470M	651M	514M	441M	406M	337M	365M	285M	306M	250M	252M	159M	141M	120M	94M	125M	132M	119M	68M	72M	35M
Total Current Assets	13,674M	12,124M	12,244M	11,795M	10,865M	10,334M	9,641M	7,998M	7,767M	7,385M	6,941M	6,463M	5,815M	5,256M	5,464M	4,936M	4,515M	3,937M	3,813M	3,399M	3,208M	2,533M	1,967M	1,688M	1,383M	1,233M	1,064M	845M	519M	495M	301M
Property, Plant & Equipment	4,024M	4,358M	4,670M	4,439M	4,238M	3,985M	3,759M	3,071M	3,083M	2,974M	2,894M	2,809M	2,383M	2,194M	1,999M	2,073M	2,032M	1,985M	1,988M	1,412M	1,418M	1,227M	914M	794M	693M	625M	550M	501M	282M	270M	220M
Goodwill	9,774M	8,798M	8,442M	8,479M	8,442M	7,664M	6,610M	5,406M	5,376M	5,218M	4,798M	3,565M	2,917M	2,897M	2,278M	2,012M	1,935M	1,571M	1,682M	1,102M	504M	133M	2M	10M	25M	0M	0M	0M	0M	0M	0M
Intangible Assets	5,677M	5,769M	5,727M	5,822M	6,735M	5,644M	4,914M	4,044M	3,823M	3,836M	3,870M	2,408M	2,015M	2,115M	1,315M	1,240M	991M	854M	593M	508M	684M	870M	736M	523M	427M	439M	403M	297M	194M	100M	43M
Long-Term Investments	830M	566M	672M	623M	519M	455M	485M	479M	491M	368M	378M	243M	181M	196M	129M	265M	316M	270M	91M	85M	56M	16M	11M	11M	6M	0M	0M	0M	0M	0M	0M
Tax Assets	288M	369M	504M	477M	418M	420M	394M	240M	242M	415M	232M	238M	148M	99M	115M	121M	92M	88M	67M	79M	34M	35M	18M	15M	9M	1M	0M	0M	0M	0M	0M
Other Non-Current Assets	1,720M	1,371M	1,179M	889M	915M	836M	677M	510M	543M	581M	488M	579M	542M	393M	351M	303M	275M	336M	390M	270M	255M	252M	179M	136M	138M	208M	142M	107M	64M	62M	31M
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	22,312M	21,232M	21,194M	20,729M	21,267M	19,005M	16,839M	13,750M	13,557M	13,391M	12,661M	9,843M	8,187M	7,895M	6,188M	6,013M	5,641M	5,104M	4,812M	3,456M	2,951M	2,533M	1,860M	1,488M	1,298M	1,272M	1,095M	905M	541M	431M	294M
Total Assets	35,987M	33,356M	33,438M	32,525M	32,133M	29,339M	26,480M	21,748M	21,324M	20,776M	19,601M	16,306M	14,001M	13,151M	11,652M	10,950M	10,156M	9,041M	8,624M	6,856M	6,160M	5,066M	3,827M	3,177M	2,682M	2,505M	2,159M	1,751M	1,060M	926M	595M
Accounts Payable	2,828M	2,368M	2,560M	2,419M	2,384M	2,175M	2,035M	1,879M	1,622M	1,676M	1,453M	1,333M	1,268M	1,201M	1,308M	1,051M	864M	714M	799M	564M	585M	409M	352M	422M	258M	271M	228M	253M	167M	130M	93M
Short-Term Debt	1,402M	1,167M	1,019M	887M	841M	1,049M	915M	822M	835M	666M	643M	650M	417M	447M	353M	258M	253M	287M	290M	149M	180M	206M	100M	128M	94M	93M	89M	67M	42M	37M	27M
Tax Payables	31M	163M	197M	210M	216M	183M	126M	123M	110M	92M	116M	88M	68M	55M	46M	39M	53M	38M	31M	20M	20M	13M	8M	4M	0M	0M	0M	0M	0M	0M	0M
Deferred Revenue	29M	23M	111M	140M	374M	298M	230M	148M	144M	200M	166M	118M	129M	118M	110M	96M	59M	54M	54M	41M	32M	21M	31M	26M	37M	4M	0M	0M	0M	0M	0M
Other Current Liabilities	2,246M	1,883M	1,735M	1,700M	1,470M	1,888M	1,273M	1,256M	1,132M	1,223M	1,239M	1,101M	784M	846M	698M	661M	634M	533M	576M	463M	327M	327M	211M	215M	170M	252M	305M	219M	128M	108M	57M
Total Current Liabilities	6,535M	5,604M	5,622M	5,357M	5,285M	5,593M	4,579M	4,228M	3,843M	3,857M	3,617M	3,289M	2,666M	2,668M	2,516M	2,105M	1,863M	1,626M	1,750M	1,237M	1,144M	976M	702M	796M	559M	620M	622M	539M	337M	276M	177M
Long-Term Debt	11,620M	9,474M	9,037M	8,610M	8,770M	8,555M	8,270M	7,082M	6,837M	6,422M	5,702M	4,381M	3,744M	3,456M	2,844M	2,460M	2,384M	1,773M	1,651M	1,220M	890M	990M	787M	609M	460M	445M	418M	400M	219M	175M	134M
Capital Lease Obligations	190M	675M	671M	617M	619M	574M	394M	42M	31M	26M	16M	10M	5M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M
Deferred Tax Liabilities	422M	472M	515M	606M	787M	700M	738M	566M	604M	823M	702M	395M	316M	299M	279M	280M	208M	185M	145M	121M	100M	99M	30M	29M	12M	10M	10M	10M	5M	8M	4M
Other Non-Current Liabilities	2,418M	2,115M	2,038M	1,959M	1,943M	2,138M	2,125M	1,845M	1,670M	1,440M	1,218M	1,097M	989M	892M	586M	490M	473M	482M	344M	271M	267M	292M	223M	152M	103M	111M	93M	79M	42M	40M	19M
Total Non-Current Liabilities	14,649M	12,736M	12,262M	11,792M	12,118M	11,968M	11,527M	9,536M	9,141M	8,712M	7,637M	5,883M	5,054M	4,647M	3,709M	3,230M	3,065M	2,441M	2,139M	1,612M	1,257M	1,381M	1,040M	790M	575M	566M	521M	489M	266M	222M	156M
Total Liabilities	21,184M	18,340M	17,884M	17,149M	17,403M	17,561M	16,106M	13,764M	12,984M	12,568M	11,254M	9,172M	7,720M	7,315M	6,225M	5,335M	4,928M	4,066M	3,889M	2,849M	2,401M	2,356M	1,743M	1,585M	1,134M	1,185M	1,144M	1,029M	603M	498M	333M
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	311M	303M	319M	376M	380M	358M	367M	342M	285M	258M	238M	226M	183M	166M	171M	149M	125M	100M	110M	96M	110M	114M	114M	102M	85M	61M	37M	15M	7M	4M	4M
Retained Earnings	8,207M	7,820M	10,125M	9,286M	8,492M	7,460M	7,344M	6,379M	6,547M	6,127M	5,617M	4,771M	4,477M	3,952M	4,030M	3,625M	3,240M	2,391M	2,502M	2,173M	1,903M	1,627M	1,579M	1,284M	1,054M	872M	701M	610M	342M	322M	209M
Accumulated OCI	-451M	-428M	-480M	-446M	-370M	-483M	-416M	-454M	-532M	-553M	-293M	-135M	-110M	-50M	-53M	-35M	-35M	-51M	24M	8M	-4M	11M	-1M	-32M	-32M	-27M	-14M	-14M	-9M	-10M	-4M
Minority Interest	138M	143M	121M	139M	125M	117M	140M	127M	102M	119M	85M	57M	48M	45M	33M	23M	20M	15M	10M	9M	5M	5M	3M	2M	4M	5M	3M	2M	1M	1M	0M
Total Shareholders’ Equity	8,067M	7,695M	9,964M	9,216M	8,501M	7,335M	7,294M	6,268M	6,300M	5,833M	5,561M	4,862M	4,550M	4,068M	4,149M	3,739M	3,331M	2,440M	2,636M	2,277M	2,009M	1,752M	1,692M	1,354M	1,107M	905M	725M	611M	341M	316M	208M
Total Equity	8,205M	7,838M	10,085M	9,355M	8,627M	7,452M	7,434M	6,395M	6,403M	5,952M	5,646M	4,919M	4,598M	4,114M	4,182M	3,762M	3,351M	2,455M	2,646M	2,286M	2,014M	1,757M	1,695M	1,355M	1,111M	910M	728M	613M	342M	317M	209M
Total Liabilities & Equity	29,390M	26,178M	27,969M	26,504M	26,030M	25,013M	23,540M	20,158M	19,387M	18,520M	16,900M	14,091M	12,318M	11,429M	10,407M	9,097M	8,279M	6,522M	6,534M	5,135M	4,414M	4,114M	3,438M	2,941M	2,245M	2,095M	1,871M	1,642M	945M	815M	542M
Tangible Assets	20,536M	18,789M	19,269M	18,224M	16,956M	16,031M	14,957M	12,298M	12,125M	11,722M	10,933M	10,333M	9,069M	8,138M	8,059M	7,698M	7,230M	6,616M	6,349M	5,247M	4,971M	4,064M	3,089M	2,644M	2,229M	2,066M	1,756M	1,453M	865M	826M	552M
Tangible Equity	-7,246M	-6,729M	-4,084M	-4,946M	-6,550M	-5,857M	-4,090M	-3,055M	-2,796M	-3,102M	-3,023M	-1,054M	-334M	-899M	590M	510M	425M	31M	371M	677M	825M	755M	957M	823M	659M	471M	325M	316M	147M	217M	166M
Tangible Book Value	-7,246M	-6,729M	-4,084M	-4,946M	-6,550M	-5,857M	-4,090M	-3,055M	-2,796M	-3,102M	-3,023M	-1,054M	-334M	-899M	590M	510M	425M	31M	371M	677M	825M	755M	957M	823M	659M	471M	325M	316M	147M	217M	166M
Total Investments	1,192M	1,175M	1,212M	1,147M	1,046M	859M	963M	1,022M	1,158M	977M	895M	643M	582M	752M	498M	702M	628M	564M	458M	336M	398M	295M	248M	167M	75M	60M	60M	9M	1M	0M	0M
Net Debt	9,908M	7,888M	7,127M	6,504M	6,821M	6,759M	6,952M	6,080M	5,582M	5,278M	4,647M	3,419M	2,679M	2,623M	1,790M	1,598M	1,588M	1,221M	1,124M	663M	273M	602M	481M	431M	300M	361M	413M	372M	185M	150M	115M

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	2,817M	2,745M	3,717M	3,643M	3,234M	2,522M	3,838M	2,845M	2,681M	3,018M	2,933M	2,742M	2,543M	1,678M	2,944M	3,035M	2,919M	2,615M	2,085M	1,661M	1,801M	1,408M	1,527M	1,188M	826M	641M	495M	535M	350M	254M	243M
Total Capital	27,587M	24,416M	25,253M	24,030M	26,047M	23,129M	21,034M	16,773M	16,475M	15,683M	15,311M	12,949M	11,330M	10,209M	9,492M	8,880M	8,373M	7,478M	7,316M	5,554M	4,939M	4,359M	3,354M	3,017M	2,531M	2,168M	1,864M	1,595M	968M	813M	545M
Capital Employed	32,682M	30,778M	31,795M	29,439M	29,025M	27,490M	25,896M	20,749M	21,431M	20,531M	18,711M	14,977M	12,671M	11,709M	11,225M	10,516M	10,302M	9,263M	8,226M	6,865M	6,166M	5,846M	4,274M	3,782M	3,012M	2,632M	2,207M	1,850M	1,275M	919M	717M
Invested Capital	24,473M	21,664M	22,325M	21,037M	23,258M	20,284M	18,801M	14,948M	14,385M	13,873M	13,613M	11,338M	9,848M	8,928M	8,085M	7,761M	7,324M	6,639M	6,500M	4,848M	4,142M	3,765M	2,948M	2,710M	2,277M	1,991M	1,770M	1,500M	891M	752M	500M

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	2,141M	1,589M	1,986M	2,420M	2,649M	1,711M	1,859M	1,451M	1,146M	1,511M	1,186M	940M	1,007M	952M	1,036M	903M	917M	681M	756M	586M	537M	477M	329M	258M	264M	263M	197M	121M	110M	94M	93M
Depreciation & Amortization	1,207M	1,113M	1,235M	1,194M	1,183M	1,110M	965M	839M	825M	736M	692M	577M	525M	462M	400M	382M	395M	338M	330M	244M	211M	185M	151M	160M	146M	139M	109M	95M	73M	60M	48M
Deferred Income Tax	-21M	-78M	-119M	-159M	-120M	-86M	-35M	-35M	-87M	-48M	-43M	-12M	4M	7M	35M	21M	10M	2M	-7M	-6M	-7M	8M	9M	10M	3M	4M	2M	0M	-1M	1M	0M
Stock-Based Compensation	152M	133M	144M	150M	115M	108M	106M	78M	79M	75M	79M	64M	55M	52M	43M	42M	45M	24M	8M	3M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M
Change in Working Capital	-147M	-219M	-234M	-459M	-131M	155M	-161M	-166M	41M	-88M	-47M	-21M	-65M	-58M	-51M	-53M	-19M	-59M	-60M	-31M	-11M	-17M	-23M	-13M	-29M	-32M	-88M	-37M	-28M	-39M	-28M
Accounts Receivable	-176M	-195M	-319M	-286M	-359M	-173M	-200M	-170M	-116M	-170M	-201M	-194M	-114M	-17M	-78M	-35M	-18M	-36M	-7M	-6M	-6M	-7M	-4M	0M	0M	0M	0M	0M	0M	0M	0M
Inventory	-124M	-134M	-211M	-251M	-154M	-147M	-100M	-122M	-60M	-60M	-85M	-65M	-62M	-72M	-63M	-12M	0M	-35M	-23M	-26M	-8M	-11M	-11M	-14M	-25M	-19M	-13M	-21M	-18M	-12M	-9M
Accounts Payable	99M	138M	179M	195M	259M	125M	130M	107M	99M	109M	74M	33M	32M	20M	40M	16M	6M	0M	3M	1M	1M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M
Other Working Capital	-44M	-103M	-74M	-136M	93M	221M	15M	-2M	82M	-28M	63M	142M	43M	1M	11M	2M	-7M	3M	-5M	-2M	21M	-10M	1M	25M	15M	-1M	-18M	-11M	-7M	-25M	-5M
Other Non-Cash Items	247M	402M	276M	270M	141M	99M	75M	154M	182M	184M	126M	69M	64M	66M	52M	69M	23M	73M	17M	64M	63M	16M	30M	28M	43M	10M	6M	11M	6M	5M	5M
Net Cash from Operating	3,627M	3,263M	3,357M	3,640M	3,857M	3,527M	2,892M	2,444M	2,369M	2,158M	1,950M	1,663M	1,550M	1,697M	1,538M	1,302M	1,276M	998M	903M	816M	740M	734M	597M	459M	460M	424M	258M	223M	175M	152M	131M
Investments in PPE	-662M	-640M	-701M	-681M	-674M	-645M	-614M	-500M	-531M	-566M	-500M	-439M	-355M	-347M	-340M	-288M	-313M	-330M	-320M	-293M	-219M	-193M	-199M	-208M	-199M	-194M	-250M	-217M	-137M	-101M	-77M
Acquisitions (Net)	-57M	-314M	-256M	-244M	-526M	-285M	-268M	-376M	-270M	-337M	-733M	-239M	-138M	-363M	-227M	-218M	-195M	-170M	-168M	-105M	-84M	-111M	-33M	-52M	-37M	-18M	-3M	-1M	-1M	0M	0M
Purchases of Investments	-561M	-716M	-842M	-983M	-666M	-622M	-261M	-472M	-706M	-782M	-517M	-449M	-398M	-408M	-645M	-302M	-621M	-253M	-590M	-314M	-226M	-210M	-81M	-26M	-47M	-19M	-11M	-17M	-22M	-31M	-20M
Sales/Maturities of Investments	582M	687M	769M	994M	613M	775M	590M	574M	514M	654M	562M	409M	451M	408M	531M	629M	301M	419M	633M	307M	259M	136M	119M	41M	102M	60M	14M	20M	45M	12M	12M
Other Investing Activities	-63M	-52M	-29M	22M	17M	36M	49M	0M	0M	30M	8M	30M	27M	17M	19M	17M	15M	23M	26M	22M	16M	8M	12M	-7M	2M	8M	10M	5M	-5M	-16M	-13M
Net Cash from Investing	-1,166M	-1,493M	-1,589M	-1,063M	-1,665M	-1,217M	-934M	-937M	-1,155M	-1,274M	-1,494M	-811M	-701M	-1,116M	-697M	-722M	-687M	-647M	-562M	-420M	-299M	-368M	-256M	-381M	-355M	-220M	-206M	-170M	-161M	-130M	-175M
Net Debt Issuance	-216M	353M	-17M	-229M	-74M	139M	9M	50M	107M	140M	449M	144M	11M	161M	104M	-18M	148M	89M	152M	33M	-22M	88M	-15M	21M	13M	-17M	-3M	34M	27M	6M	11M
Long-Term Debt Issuance	-101M	348M	-10M	-259M	-100M	239M	72M	147M	152M	103M	509M	66M	119M	200M	109M	7M	187M	63M	143M	29M	-5M	19M	-5M	26M	-4M	-13M	4M	19M	21M	3M	12M
Short-Term Debt Issuance	-1M	0M	-5M	6M	-10M	-23M	-16M	-10M	0M	0M	-8M	-4M	-5M	1M	2M	0M	-42M	2M	-2M	-1M	-1M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M
Net Stock Issuance	-446M	-445M	-374M	-543M	-366M	-289M	-381M	-314M	-410M	-257M	-215M	-203M	-267M	-256M	-278M	-167M	-68M	-180M	-213M	-103M	-94M	-53M	-39M	-20M	2M	-43M	-2M	-4M	-2M	7M	3M
Common Stock Issued	3M	5M	2M	4M	8M	10M	15M	24M	12M	28M	31M	47M	41M	23M	52M	36M	21M	31M	103M	121M	60M	41M	19M	31M	45M	29M	18M	14M	31M	25M	24M
Common Stock Repurchased	-435M	-476M	-448M	-640M	-474M	-312M	-476M	-382M	-472M	-359M	-354M	-239M	-313M	-381M	-422M	-188M	-114M	-240M	-373M	-232M	-175M	-91M	-62M	-66M	-24M	-72M	-17M	-12M	-19M	-8M	-5M
Net Common Stock Issuance	-463M	-445M	-375M	-543M	-374M	-249M	-382M	-316M	-387M	-258M	-213M	-199M	-257M	-268M	-280M	-166M	-68M	-181M	-214M	-103M	-94M	-47M	-39M	-20M	2M	-43M	-2M	-4M	-2M	7M	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	-607M	-462M	-562M	-608M	-715M	-738M	-510M	-492M	-468M	-437M	-397M	-320M	-269M	-250M	-199M	-143M	-114M	-95M	-88M	-65M	-64M	-60M	-41M	-39M	-38M	-27M	-25M	-10M	-12M	-12M	-11M
Common Dividends Paid	-602M	-462M	-564M	-611M	-717M	-740M	-516M	-492M	-488M	-436M	-397M	-319M	-269M	-250M	-198M	-141M	-103M	-84M	-74M	-49M	-37M	-45M	-24M	-22M	-28M	-20M	-15M	-7M	-7M	-7M	-5M
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	-202M	-181M	-162M	-138M	-147M	-107M	-92M	-99M	-21M	-44M	-31M	47M	14M	0M	-3M	5M	2M	21M	8M	-5M	-6M	-2M	-3M	-1M	-1M	-6M	-2M	-1M	1M	0M	0M
Net Cash from Financing	-2,040M	-1,261M	-1,333M	-1,970M	-1,737M	-1,095M	-1,016M	-1,136M	-1,087M	-734M	-350M	-554M	-591M	-345M	-603M	-421M	-279M	-421M	-428M	-223M	-322M	-166M	-203M	-97M	-45M	-152M	-67M	-5M	-2M	-6M	17M
Effect of FX on Cash	8M	-20M	4M	-19M	-13M	1M	-2M	-10M	10M	-14M	-32M	-3M	-3M	1M	-4M	0M	3M	-13M	4M	5M	-2M	1M	1M	1M	0M	-1M	-1M	0M	-2M	-1M	0M
Net Change in Cash	380M	110M	204M	16M	-17M	478M	251M	34M	78M	87M	164M	142M	122M	40M	69M	61M	170M	39M	14M	24M	108M	105M	60M	23M	47M	36M	-1M	-1M	1M	4M	-1M
Cash at Beginning of Period	2,463M	2,842M	2,906M	2,772M	2,838M	2,199M	1,939M	2,004M	1,828M	1,671M	1,604M	1,466M	1,281M	1,333M	1,143M	1,023M	848M	823M	785M	663M	539M	458M	373M	269M	218M	189M	131M	136M	102M	68M	78M
Cash at End of Period	3,247M	2,790M	2,918M	2,991M	2,794M	2,827M	2,258M	1,829M	2,025M	1,811M	1,698M	1,587M	1,476M	1,262M	1,404M	1,124M	1,076M	840M	784M	714M	714M	579M	451M	293M	276M	223M	119M	138M	120M	86M	68M
Operating Cash Flow	3,628M	3,263M	3,357M	3,640M	3,857M	3,530M	2,892M	2,444M	2,369M	2,170M	1,940M	1,661M	1,550M	1,697M	1,538M	1,302M	1,276M	998M	903M	816M	740M	734M	597M	459M	460M	424M	258M	211M	175M	152M	131M
Capital Expenditure	-642M	-630M	-702M	-679M	-666M	-632M	-609M	-494M	-507M	-559M	-492M	-437M	-353M	-346M	-339M	-288M	-311M	-329M	-319M	-292M	-219M	-191M	-199M	-208M	-199M	-194M	-253M	-217M	-137M	-101M	-77M
Free Cash Flow	2,831M	2,209M	2,577M	2,844M	2,906M	2,570M	1,892M	1,770M	1,774M	1,589M	1,398M	1,198M	1,144M	1,133M	1,068M	1,052M	849M	673M	578M	525M	506M	504M	362M	233M	203M	177M	26M	15M	39M	55M	37M
Income Taxes Paid	0M	147M	141M	147M	107M	84M	67M	61M	83M	91M	66M	67M	63M	68M	38M	54M	11M	8M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M
Interest Paid	21M	116M	109M	83M	69M	74M	67M	76M	69M	56M	49M	49M	43M	36M	30M	34M	12M	4M	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	14,095M	12,241M	11,911M	11,422M	10,765M	8,556M	8,579M	8,039M	7,955M	7,369M	6,868M	5,855M	6,055M	6,672M	5,849M	5,738M	5,122M	4,783M	4,115M	3,565M	3,820M	3,435M	3,484M	3,569M	2,969M	2,910M	2,243M	2,292M	1,547M	1,077M	931M
(-) Tax Adjustment	2,708M	2,460M	1,960M	1,949M	1,688M	1,568M	1,239M	1,307M	2,250M	1,579M	1,714M	1,432M	1,435M	1,634M	1,319M	1,380M	1,363M	1,447M	1,001M	1,022M	1,159M	1,140M	1,219M	1,170M	883M	1,019M	785M	802M	541M	361M	326M
(-) Change in Working Capital	-147M	-219M	-234M	-459M	-131M	155M	-161M	-166M	41M	-88M	-47M	-21M	-65M	-58M	-51M	-53M	-19M	-59M	-60M	-31M	-11M	-17M	-23M	-13M	-29M	-32M	-88M	-37M	-28M	-39M	-28M
(-) Capital Expenditure	642M	630M	702M	679M	666M	632M	609M	494M	507M	559M	492M	437M	353M	346M	339M	288M	311M	329M	319M	292M	219M	191M	199M	208M	199M	194M	253M	217M	137M	101M	77M
Unlevered Free Cash Flow	10,891M	9,370M	9,482M	9,253M	8,542M	6,201M	6,893M	6,403M	5,157M	5,318M	4,708M	4,007M	4,331M	4,749M	4,242M	4,122M	3,466M	3,066M	2,855M	2,282M	2,452M	2,121M	2,089M	2,205M	1,917M	1,729M	1,294M	1,309M	896M	654M	556M
(-) Net Interest Income After Taxes	-336M	-265M	-250M	-245M	-283M	-284M	-239M	-237M	-203M	-210M	-171M	-140M	-134M	-110M	-112M	-110M	-94M	-72M	-42M	-16M	-14M	-9M	-5M	-6M	-4M	-2M	-1M	-1M	-1M	-1M	-1M
Net Debt Issuance	-216M	353M	-17M	-229M	-74M	139M	9M	50M	107M	140M	449M	144M	11M	161M	104M	-18M	148M	89M	152M	33M	-22M	88M	-15M	21M	13M	-17M	-3M	34M	27M	6M	11M
Levered Free Cash Flow	11,011M	9,988M	9,715M	9,268M	8,751M	6,625M	7,141M	6,690M	5,467M	5,668M	5,328M	4,291M	4,476M	5,020M	4,457M	4,214M	3,708M	3,227M	3,049M	2,332M	2,445M	2,218M	2,079M	2,232M	1,934M	1,714M	1,291M	1,345M	924M	660M	568M