Technology

Category: Sector Averages Reference Ticker: 6959.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	126.09	154.99	136.72	118.76	206.52	108.68	105.29	75.17	84.58	53.97	53.24	57.77	38.99	35.66	25.58	31.51	22.51	21.87	29.83	18.44	19.44	17.77	17.25	12.93	20.29	28.02	23.58	15.04	15.25	11.49	10.27
Market Capitalization	106,833M	78,331M	65,565M	51,950M	77,867M	59,714M	47,157M	40,045M	41,185M	34,664M	34,178M	29,513M	27,466M	24,155M	15,856M	19,192M	16,172M	13,162M	19,984M	12,947M	10,814M	8,833M	6,897M	5,475M	6,654M	12,858M	8,600M	4,399M	4,101M	2,881M	876M
(-) Cash & Equivalents	5,050M	6,615M	5,962M	5,771M	5,611M	5,339M	4,828M	5,089M	4,658M	3,865M	3,738M	3,360M	2,862M	2,773M	2,551M	2,324M	1,914M	1,767M	1,727M	1,231M	1,033M	927M	782M	741M	568M	468M	315M	232M	202M	110M	36M
(+) Total Debt	11,799M	11,102M	10,223M	10,392M	9,862M	8,350M	8,160M	6,330M	5,914M	5,192M	4,766M	3,698M	3,516M	2,939M	2,737M	2,592M	2,582M	2,143M	2,059M	1,083M	877M	708M	683M	676M	601M	527M	470M	379M	252M	147M	57M
Enterprise Value	112,721M	82,900M	73,906M	62,381M	84,143M	65,813M	54,488M	41,378M	41,649M	35,762M	35,698M	33,364M	29,457M	26,379M	17,719M	20,255M	17,422M	14,176M	20,371M	12,787M	11,013M	8,577M	7,098M	6,014M	7,464M	13,131M	9,122M	4,486M	4,104M	2,869M	964M

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	41,357.245M	41,030.207M	36,282.209M	37,120.825M	33,376.117M	29,206.938M	28,680.354M	27,517.582M	25,757.510M	24,127.367M	24,455.048M	22,825.556M	22,988.897M	20,597.010M	17,694.689M	16,150.901M	14,214.018M	15,568.071M	15,516.985M	8,041.381M	7,045.438M	5,995.067M	4,894.292M	4,241.280M	4,317.427M	4,199.883M	3,091.066M	2,553.972M	2,083.239M	1,591.633M	387.578M
Cost of Revenue	25,389.107M	27,622.774M	25,467.247M	25,294.172M	22,060.001M	20,743.171M	20,066.027M	19,664.695M	18,476.173M	16,709.380M	16,911.560M	15,552.450M	14,026.599M	12,828.462M	10,888.563M	9,786.560M	9,490.661M	10,146.873M	9,633.638M	5,601.313M	4,833.811M	4,038.388M	3,249.748M	2,787.725M	2,857.059M	2,500.937M	1,865.859M	1,597.441M	1,167.891M	850.732M	216.500M
Gross Profit	15,968.138M	13,407.433M	10,814.962M	11,826.652M	11,316.116M	8,463.767M	8,614.326M	7,852.887M	7,281.337M	7,417.987M	7,543.488M	7,273.106M	8,962.298M	7,768.548M	6,806.126M	6,364.341M	4,723.358M	5,421.199M	5,883.347M	2,440.068M	2,211.628M	1,956.679M	1,644.544M	1,453.555M	1,460.368M	1,698.947M	1,225.207M	956.531M	915.348M	740.901M	171.079M
Gross Margin	38.60%	32.70%	29.80%	31.90%	33.90%	29.00%	30.00%	28.50%	28.30%	30.70%	30.80%	31.90%	39.00%	37.70%	38.50%	39.40%	33.20%	34.80%	37.90%	30.30%	31.40%	32.60%	33.60%	34.30%	33.80%	40.50%	39.60%	37.50%	43.90%	46.50%	44.10%
R&D Expenses	2,175.464M	2,128.824M	2,013.665M	1,899.083M	1,543.912M	1,379.700M	1,347.834M	1,137.567M	1,073.108M	1,051.734M	948.832M	863.941M	792.170M	792.813M	584.548M	642.372M	632.570M	652.068M	577.568M	399.305M	302.581M	231.474M	163.333M	163.428M	158.830M	139.174M	119.641M	112.427M	75.642M	54.147M	5.628M
SG&A Expenses	4,825.603M	4,493.515M	4,010.485M	3,863.143M	3,275.699M	3,155.049M	3,368.633M	3,067.634M	2,981.782M	3,006.588M	2,676.003M	2,632.562M	2,642.490M	2,214.061M	1,886.570M	1,822.455M	1,687.470M	1,603.722M	1,452.484M	970.879M	817.218M	817.831M	636.340M	588.806M	612.879M	573.631M	525.396M	371.715M	289.910M	232.358M	71.880M
Operating Expenses	7,001.067M	6,622.339M	6,024.149M	5,762.226M	4,819.611M	4,534.749M	4,716.467M	4,205.201M	4,054.890M	4,058.322M	3,624.835M	3,496.503M	3,434.660M	3,006.874M	2,471.117M	2,464.827M	2,320.040M	2,255.789M	2,030.052M	1,370.184M	1,119.799M	1,049.305M	799.673M	752.234M	771.709M	712.805M	645.037M	484.143M	365.552M	286.505M	77.508M
Operating Income (EBIT)	8,967.071M	6,785.094M	4,790.813M	6,064.426M	6,496.505M	3,929.018M	3,897.859M	3,647.686M	3,226.447M	3,359.665M	3,918.653M	3,776.603M	5,527.639M	4,761.673M	4,335.009M	3,899.513M	2,403.318M	3,165.409M	3,853.295M	1,069.884M	1,091.828M	907.373M	844.870M	701.321M	688.659M	986.142M	580.170M	472.388M	549.796M	454.396M	93.571M
Operating Margin	21.70%	16.50%	13.20%	16.30%	19.50%	13.50%	13.60%	13.30%	12.50%	13.90%	16.00%	16.50%	24.00%	23.10%	24.50%	24.10%	16.90%	20.30%	24.80%	13.30%	15.50%	15.10%	17.30%	16.50%	16.00%	23.50%	18.80%	18.50%	26.40%	28.50%	24.10%
Interest Income	279.643M	341.053M	297.974M	151.263M	76.971M	102.093M	160.596M	108.016M	75.350M	50.191M	48.197M	38.917M	42.931M	36.877M	52.740M	37.875M	55.000M	107.072M	49.195M	5.428M	1.818M	0.894M	0.000M	0.000M	0.000M	0.000M	0.000M	0.000M	0.000M	0.000M	0.000M
Interest Expense	383.100M	392.601M	379.893M	308.732M	257.778M	249.811M	270.793M	240.184M	205.332M	165.169M	124.889M	147.681M	118.070M	119.513M	113.129M	107.256M	115.908M	91.706M	54.764M	16.699M	8.214M	5.521M	1.943M	0.894M	0.622M	1.184M	1.333M	0.312M	0.356M	0.871M	0.466M
Net Interest Income	-103.458M	-51.548M	-81.919M	-157.469M	-180.807M	-147.718M	-110.197M	-132.168M	-129.981M	-114.978M	-76.692M	-108.764M	-75.139M	-82.636M	-60.389M	-69.381M	-60.908M	15.366M	-5.569M	-11.271M	-6.397M	-4.626M	-1.943M	-0.894M	-0.622M	-1.184M	-1.333M	-0.312M	-0.356M	-0.871M	-0.466M
Other Income / Expense	-4,627.717M	-3,668.543M	-1,725.395M	-2,353.787M	-2,574.606M	-1,899.870M	-1,760.720M	-1,372.915M	-1,138.316M	-1,567.905M	-1,647.795M	-1,759.121M	-3,558.340M	-3,228.212M	-2,763.577M	-2,524.344M	-1,812.584M	-2,022.184M	-2,378.483M	-291.077M	-470.126M	-446.578M	-627.085M	-644.085M	-560.041M	-559.717M	-336.281M	-328.179M	-350.401M	-341.036M	-52.097M
Pre-Tax Income	4,235.896M	3,065.003M	2,983.499M	3,553.170M	3,741.092M	1,881.429M	2,026.943M	2,142.603M	1,958.149M	1,676.782M	2,194.166M	1,908.718M	1,894.159M	1,450.826M	1,511.043M	1,305.788M	529.825M	1,158.592M	1,469.243M	767.535M	615.306M	456.169M	215.843M	56.342M	127.997M	425.241M	242.556M	143.898M	199.039M	112.489M	41.008M
Pre-Tax Margin	10.20%	7.50%	8.20%	9.60%	11.20%	6.40%	7.10%	7.80%	7.60%	6.90%	9.00%	8.40%	8.20%	7.00%	8.50%	8.10%	3.70%	7.40%	9.50%	9.50%	8.70%	7.60%	4.40%	1.30%	3.00%	10.10%	7.80%	5.60%	9.60%	7.10%	10.60%
Income Tax Expense	756.170M	668.087M	475.344M	498.974M	505.392M	384.666M	313.514M	532.599M	489.032M	425.205M	468.006M	446.899M	429.663M	325.573M	307.394M	278.938M	183.159M	279.386M	365.676M	199.758M	201.505M	155.572M	62.609M	38.901M	54.471M	122.378M	75.165M	55.662M	68.060M	48.744M	13.398M
Tax Rate	17.90%	21.80%	15.90%	14.00%	13.50%	20.40%	15.50%	24.90%	25.00%	25.40%	21.30%	23.40%	22.70%	22.40%	20.30%	21.40%	34.60%	24.10%	24.90%	26.00%	32.70%	34.10%	29.00%	35.00%	35.00%	28.80%	31.00%	35.00%	34.20%	35.00%	32.70%
Net Income	3,309.940M	2,454.121M	2,438.350M	2,845.235M	2,942.344M	1,914.371M	1,702.837M	1,667.448M	1,558.470M	1,303.032M	1,741.605M	1,559.907M	1,624.959M	1,042.592M	1,191.221M	974.825M	380.923M	856.555M	1,125.495M	549.957M	471.693M	356.392M	163.997M	15.544M	84.599M	258.106M	140.553M	103.350M	126.994M	62.643M	25.244M
Net Margin	8.00%	6.00%	6.70%	7.70%	8.80%	6.60%	5.90%	6.10%	6.10%	5.40%	7.10%	6.80%	7.10%	5.10%	6.70%	6.00%	2.70%	5.50%	7.30%	6.80%	6.70%	5.90%	3.40%	0.40%	2.00%	6.10%	4.50%	4.00%	6.10%	3.90%	6.50%
Depreciation & Amortization	1,605.958M	2,250.021M	1,946.989M	1,925.518M	1,959.303M	1,688.156M	1,566.281M	1,399.881M	1,433.405M	1,328.108M	1,146.258M	1,014.466M	962.777M	940.281M	792.258M	826.908M	897.140M	890.231M	763.723M	422.075M	423.257M	384.557M	342.773M	379.103M	397.156M	319.002M	209.189M	143.342M	101.883M	74.889M	13.245M
EBITDA	10,573.029M	9,035.115M	6,737.802M	7,989.943M	8,455.808M	5,617.173M	5,464.140M	5,047.567M	4,659.852M	4,687.773M	5,064.911M	4,791.069M	6,490.416M	5,701.954M	5,127.266M	4,726.421M	3,300.458M	4,055.640M	4,617.018M	1,491.959M	1,515.085M	1,291.930M	1,187.643M	1,080.424M	1,085.815M	1,305.144M	789.359M	615.730M	651.679M	529.285M	106.816M
EBITDA Margin	25.60%	22.00%	18.60%	21.50%	25.30%	19.20%	19.10%	18.30%	18.10%	19.40%	20.70%	21.00%	28.20%	27.70%	29.00%	29.30%	23.20%	26.10%	29.80%	18.60%	21.50%	21.50%	24.30%	25.50%	25.10%	31.10%	25.50%	24.10%	31.30%	33.30%	27.60%
NOPAT	7,366.317M	5,306.128M	4,027.520M	5,212.795M	5,618.878M	3,125.715M	3,294.964M	2,740.959M	2,420.668M	2,507.707M	3,082.822M	2,892.366M	4,273.774M	3,693.128M	3,453.131M	3,066.513M	1,572.501M	2,402.093M	2,894.258M	791.437M	734.268M	597.923M	599.801M	455.859M	447.628M	702.343M	400.384M	307.052M	361.798M	295.357M	62.999M
NOPAT Margin	17.80%	12.90%	11.10%	14.00%	16.80%	10.70%	11.50%	10.00%	9.40%	10.40%	12.60%	12.70%	18.60%	17.90%	19.50%	19.00%	11.10%	15.40%	18.70%	9.80%	10.40%	10.00%	12.30%	10.70%	10.40%	16.70%	13.00%	12.00%	17.40%	18.60%	16.30%
Owner's Earnings	4,915.898M	4,704.143M	4,385.338M	4,770.753M	4,901.646M	3,602.526M	3,269.118M	3,067.329M	2,991.875M	2,631.140M	2,887.863M	2,574.373M	2,587.736M	1,982.872M	1,983.479M	1,801.733M	1,278.063M	1,746.785M	1,889.218M	972.032M	894.949M	740.949M	506.769M	394.646M	481.755M	577.108M	349.742M	246.691M	228.876M	137.532M	38.489M
Owner's Earnings Margin	11.90%	11.50%	12.10%	12.90%	14.70%	12.30%	11.40%	11.10%	11.60%	10.90%	11.80%	11.30%	11.30%	9.60%	11.20%	11.20%	9.00%	11.20%	12.20%	12.10%	12.70%	12.40%	10.40%	9.30%	11.20%	13.70%	11.30%	9.70%	11.00%	8.60%	9.90%
EPS	0.625	1.787	1.912	2.353	2.542	1.503	1.388	1.457	1.432	1.331	1.724	1.894	1.771	1.247	1.333	1.116	0.468	1.094	1.377	0.581	0.556	0.417	0.224	0.024	0.134	0.482	0.284	0.234	0.300	0.155	0.140
EPS (Diluted)	0.625	1.787	1.912	2.353	2.542	1.503	1.388	1.457	1.432	1.331	1.724	1.894	1.771	1.247	1.333	1.116	0.468	1.094	1.377	0.581	0.556	0.417	0.224	0.024	0.134	0.482	0.284	0.234	0.300	0.155	0.140
Shares (Diluted)	5,295,762,027	1,373,009,578	1,275,181,663	1,209,296,046	1,157,653,124	1,273,289,052	1,226,661,234	1,144,136,873	1,088,081,725	979,249,123	1,010,138,830	823,462,667	917,460,702	835,925,543	893,567,933	873,223,796	813,396,847	782,701,195	817,196,885	947,292,349	848,821,842	854,896,157	732,796,022	653,444,584	632,425,550	535,265,908	495,302,728	441,163,778	422,791,241	403,462,030	180,821,080

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	5,052M	6,607M	5,995M	5,795M	5,615M	5,380M	4,861M	5,166M	4,665M	3,895M	3,766M	3,388M	2,963M	2,860M	2,589M	2,357M	1,902M	1,804M	1,731M	1,231M	1,032M	936M	779M	744M	568M	468M	315M	232M	202M	114M	37M
Short-Term Investments	1,237M	2,990M	3,092M	3,273M	3,968M	3,108M	2,034M	1,739M	2,495M	2,602M	2,627M	1,791M	2,324M	1,678M	1,464M	1,555M	1,440M	1,209M	1,303M	532M	692M	535M	503M	351M	378M	333M	253M	55M	80M	83M	2M
Cash & Short-Term Investments	6,289M	9,597M	9,087M	9,068M	9,583M	8,488M	6,895M	6,905M	7,160M	6,498M	6,393M	5,179M	5,287M	4,538M	4,053M	3,912M	3,342M	3,013M	3,034M	1,764M	1,724M	1,471M	1,282M	1,094M	947M	801M	568M	287M	282M	196M	39M
Net Receivables	5,636M	7,564M	6,074M	6,755M	5,989M	5,074M	5,185M	4,662M	4,592M	4,075M	3,993M	3,684M	3,819M	3,032M	2,632M	2,645M	2,507M	2,491M	2,283M	1,392M	1,065M	947M	733M	620M	653M	837M	597M	436M	334M	264M	69M
Inventory	2,945M	3,709M	3,424M	3,582M	2,887M	2,411M	2,402M	2,331M	2,157M	1,845M	1,839M	1,761M	1,595M	1,498M	1,257M	1,104M	1,004M	1,315M	1,207M	690M	573M	480M	402M	402M	413M	412M	272M	203M	188M	159M	63M
Other Current Assets	2,313M	1,179M	1,158M	2,069M	2,373M	2,181M	1,915M	1,522M	1,081M	1,576M	1,557M	1,313M	1,439M	1,060M	830M	552M	544M	885M	1,166M	301M	284M	251M	224M	218M	156M	138M	115M	106M	105M	78M	34M
Total Current Assets	17,182M	22,049M	19,742M	21,474M	20,833M	18,155M	16,396M	15,420M	14,990M	13,993M	13,782M	11,937M	12,139M	10,127M	8,772M	8,213M	7,396M	7,703M	7,690M	4,147M	3,646M	3,150M	2,641M	2,334M	2,170M	2,189M	1,552M	1,032M	909M	697M	205M
Property, Plant & Equipment	5,512M	7,958M	7,564M	7,469M	7,204M	6,866M	7,843M	5,947M	5,478M	5,314M	4,946M	4,438M	4,146M	3,736M	2,971M	2,899M	2,910M	3,176M	3,025M	1,510M	1,321M	1,037M	909M	910M	867M	729M	604M	436M	379M	257M	68M
Goodwill	7,996M	4,892M	4,306M	4,488M	3,623M	3,236M	2,989M	2,797M	2,520M	2,294M	2,006M	1,790M	1,472M	1,336M	1,426M	1,322M	1,012M	988M	844M	727M	121M	19M	0M	0M	0M	0M	0M	0M	0M	0M	0M
Intangible Assets	1,441M	2,190M	1,944M	1,923M	1,587M	1,577M	1,387M	1,471M	1,464M	1,389M	1,318M	1,116M	1,004M	962M	871M	675M	538M	423M	380M	225M	369M	311M	332M	307M	211M	141M	102M	43M	19M	11M	4M
Long-Term Investments	1,385M	1,059M	1,271M	1,296M	1,094M	959M	930M	664M	693M	551M	583M	413M	327M	332M	320M	419M	333M	332M	204M	62M	43M	28M	0M	1M	1M	0M	0M	0M	0M	0M	0M
Tax Assets	778M	998M	937M	817M	792M	704M	599M	551M	519M	579M	446M	399M	332M	410M	429M	333M	329M	294M	224M	125M	114M	106M	119M	62M	20M	4M	0M	0M	0M	0M	0M
Other Non-Current Assets	2,682M	4,266M	3,232M	3,279M	2,892M	2,196M	1,858M	1,730M	1,495M	1,080M	1,151M	870M	847M	553M	534M	561M	595M	743M	726M	353M	359M	363M	408M	461M	429M	351M	240M	155M	130M	92M	15M
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	19,793M	21,364M	19,255M	19,272M	17,191M	15,538M	15,606M	13,161M	12,168M	11,209M	10,451M	9,025M	8,129M	7,328M	6,552M	6,210M	5,717M	5,956M	5,403M	3,002M	2,328M	1,864M	1,768M	1,741M	1,528M	1,224M	946M	633M	528M	360M	87M
Total Assets	36,975M	43,412M	38,997M	40,746M	38,024M	33,692M	32,002M	28,581M	27,158M	25,202M	24,232M	20,962M	20,268M	17,455M	15,324M	14,422M	13,112M	13,659M	13,093M	7,150M	5,974M	5,014M	4,409M	4,076M	3,698M	3,413M	2,498M	1,666M	1,437M	1,057M	292M
Accounts Payable	3,706M	4,572M	3,925M	4,024M	3,448M	2,935M	2,903M	2,898M	2,766M	2,378M	2,334M	2,227M	1,959M	1,732M	1,580M	1,600M	1,450M	1,586M	1,490M	913M	719M	540M	475M	382M	348M	431M	276M	190M	182M	133M	39M
Short-Term Debt	1,586M	2,325M	1,716M	1,852M	2,004M	1,746M	1,831M	1,378M	1,374M	1,186M	952M	937M	950M	692M	652M	670M	629M	455M	441M	203M	190M	110M	119M	99M	121M	112M	98M	53M	41M	28M	17M
Tax Payables	60M	316M	325M	341M	340M	303M	201M	237M	241M	192M	182M	147M	150M	112M	99M	99M	81M	91M	105M	18M	21M	5M	4M	3M	0M	0M	0M	0M	0M	0M	0M
Deferred Revenue	1,622M	790M	799M	1,110M	3,154M	2,303M	2,231M	1,044M	1,236M	1,264M	964M	1,113M	878M	706M	679M	858M	656M	671M	415M	221M	191M	128M	142M	122M	98M	41M	19M	11M	4M	1M	0M
Other Current Liabilities	3,681M	3,184M	2,876M	2,507M	2,307M	2,183M	1,963M	2,171M	1,679M	1,706M	1,400M	1,221M	1,249M	1,081M	1,045M	1,032M	842M	913M	966M	581M	481M	433M	323M	290M	284M	275M	359M	193M	135M	82M	29M
Total Current Liabilities	10,655M	11,187M	9,642M	9,835M	11,252M	9,471M	9,130M	7,728M	7,297M	6,727M	5,832M	5,645M	5,186M	4,323M	4,055M	4,259M	3,659M	3,716M	3,419M	1,936M	1,602M	1,216M	1,063M	896M	851M	860M	753M	446M	362M	244M	85M
Long-Term Debt	8,424M	5,580M	5,337M	5,599M	5,391M	4,247M	4,966M	3,779M	3,168M	3,228M	2,835M	2,136M	1,946M	1,780M	1,553M	1,442M	1,500M	1,413M	1,266M	724M	577M	524M	513M	567M	479M	417M	353M	299M	175M	90M	41M
Capital Lease Obligations	274M	677M	703M	683M	553M	582M	318M	3M	3M	1M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M
Deferred Tax Liabilities	103M	227M	231M	247M	180M	125M	201M	187M	206M	163M	104M	125M	124M	94M	97M	107M	84M	82M	74M	31M	27M	10M	10M	14M	15M	15M	7M	5M	4M	3M	2M
Other Non-Current Liabilities	2,058M	1,287M	1,268M	1,340M	1,230M	1,263M	1,175M	1,130M	1,046M	1,093M	1,049M	978M	851M	760M	741M	596M	568M	434M	382M	261M	271M	336M	316M	329M	210M	99M	104M	57M	50M	17M	4M
Total Non-Current Liabilities	10,859M	7,770M	7,538M	7,868M	7,355M	6,217M	6,659M	5,100M	4,423M	4,484M	3,989M	3,239M	2,921M	2,634M	2,391M	2,145M	2,152M	1,930M	1,722M	1,017M	874M	870M	839M	910M	704M	531M	464M	361M	228M	111M	46M
Total Liabilities	21,513M	18,957M	17,180M	17,703M	18,607M	15,688M	15,789M	12,828M	11,720M	11,211M	9,821M	8,883M	8,107M	6,957M	6,446M	6,403M	5,811M	5,645M	5,140M	2,953M	2,476M	2,086M	1,902M	1,807M	1,555M	1,391M	1,217M	807M	590M	355M	131M
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	856M	1,739M	2,294M	2,261M	1,759M	1,752M	1,810M	1,983M	1,947M	1,879M	2,019M	1,882M	1,431M	1,221M	1,129M	1,022M	916M	923M	816M	376M	406M	345M	336M	309M	295M	228M	166M	20M	20M	12M	5M
Retained Earnings	9,776M	12,166M	11,729M	12,534M	10,350M	8,763M	8,678M	7,655M	7,566M	7,277M	7,656M	7,240M	6,865M	4,917M	4,676M	4,188M	3,786M	3,872M	3,415M	1,808M	1,495M	1,086M	896M	778M	810M	907M	682M	448M	395M	328M	56M
Accumulated OCI	185M	-23M	-22M	-47M	-53M	-109M	-112M	-100M	-41M	-102M	-21M	8M	-23M	-3M	-12M	-25M	8M	17M	38M	11M	4M	9M	-6M	-31M	-25M	-8M	-2M	-19M	-21M	-12M	-4M
Minority Interest	217M	380M	408M	341M	275M	254M	242M	166M	179M	197M	115M	80M	79M	97M	89M	75M	104M	70M	80M	36M	18M	13M	9M	12M	17M	16M	13M	7M	4M	2M	0M
Total Shareholders’ Equity	10,817M	13,883M	14,001M	14,747M	12,057M	10,406M	10,376M	9,538M	9,471M	9,055M	9,655M	9,129M	8,273M	6,136M	5,794M	5,185M	4,711M	4,811M	4,270M	2,195M	1,906M	1,440M	1,226M	1,056M	1,080M	1,127M	846M	450M	393M	328M	57M
Total Equity	11,034M	14,262M	14,410M	15,088M	12,332M	10,659M	10,618M	9,704M	9,651M	9,252M	9,771M	9,209M	8,352M	6,233M	5,883M	5,260M	4,815M	4,881M	4,350M	2,232M	1,924M	1,454M	1,235M	1,068M	1,097M	1,143M	860M	457M	397M	330M	57M
Total Liabilities & Equity	32,548M	33,220M	31,590M	32,791M	30,939M	26,348M	26,407M	22,532M	21,371M	20,463M	19,592M	18,092M	16,459M	13,190M	12,329M	11,663M	10,626M	10,527M	9,490M	5,185M	4,400M	3,540M	3,137M	2,875M	2,651M	2,534M	2,076M	1,263M	987M	685M	188M
Tangible Assets	27,538M	36,330M	32,748M	34,335M	32,814M	28,879M	27,626M	24,313M	23,174M	21,518M	20,909M	18,056M	17,792M	15,158M	13,027M	12,426M	11,563M	12,247M	11,869M	6,198M	5,483M	4,684M	4,077M	3,769M	3,486M	3,272M	2,396M	1,623M	1,418M	1,045M	288M
Tangible Equity	1,597M	7,180M	8,160M	8,677M	7,123M	5,846M	6,242M	5,436M	5,667M	5,569M	6,447M	6,303M	5,876M	3,935M	3,586M	3,264M	3,265M	3,470M	3,126M	1,280M	1,433M	1,124M	904M	761M	885M	1,002M	758M	414M	379M	319M	53M
Tangible Book Value	1,597M	7,180M	8,160M	8,677M	7,123M	5,846M	6,242M	5,436M	5,667M	5,569M	6,447M	6,303M	5,876M	3,935M	3,586M	3,264M	3,265M	3,470M	3,126M	1,280M	1,433M	1,124M	904M	761M	885M	1,002M	758M	414M	379M	319M	53M
Total Investments	2,690M	4,270M	4,018M	4,100M	4,087M	2,932M	2,607M	2,312M	2,047M	1,781M	1,742M	1,417M	1,358M	1,419M	1,305M	1,637M	1,346M	1,348M	1,136M	802M	692M	628M	279M	240M	301M	208M	144M	25M	22M	8M	0M
Net Debt	4,958M	1,298M	1,058M	1,655M	1,780M	613M	1,936M	-9M	-123M	518M	21M	-315M	-66M	-387M	-384M	-245M	228M	64M	-24M	-304M	-266M	-302M	-147M	-78M	31M	61M	136M	120M	13M	5M	21M

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	4,319M	6,805M	7,196M	7,441M	8,744M	6,883M	6,587M	7,931M	6,624M	6,628M	7,164M	5,626M	5,971M	5,936M	4,761M	5,013M	4,206M	4,148M	4,113M	2,004M	2,148M	1,822M	1,594M	1,435M	1,284M	1,215M	800M	590M	475M	404M	111M
Total Capital	29,436M	35,535M	32,124M	32,322M	29,262M	25,509M	24,449M	22,289M	20,853M	20,262M	18,752M	16,182M	14,494M	12,194M	11,361M	10,943M	10,037M	9,945M	9,858M	5,937M	4,924M	3,934M	3,385M	3,200M	3,213M	2,967M	1,980M	1,433M	1,056M	823M	221M
Capital Employed	32,938M	43,944M	38,136M	39,844M	37,753M	32,982M	31,926M	28,243M	25,224M	23,541M	22,648M	20,416M	17,010M	15,499M	14,233M	15,379M	12,690M	12,585M	11,917M	6,616M	5,634M	5,331M	4,311M	4,140M	4,018M	3,654M	2,132M	1,580M	1,263M	989M	209M
Invested Capital	24,384M	28,928M	26,129M	26,527M	23,647M	20,129M	19,588M	17,123M	16,188M	16,367M	14,986M	12,794M	11,532M	9,334M	8,772M	8,587M	8,136M	8,141M	8,126M	4,706M	3,892M	2,998M	2,606M	2,457M	2,644M	2,499M	1,665M	1,202M	854M	709M	184M

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	3,479M	2,697M	2,644M	3,099M	3,060M	1,987M	1,869M	1,842M	1,662M	1,379M	1,946M	1,587M	1,580M	1,060M	1,291M	989M	415M	844M	1,127M	542M	509M	358M	164M	16M	49M	258M	140M	100M	143M	72M	33M
Depreciation & Amortization	1,733M	2,276M	1,973M	1,934M	1,983M	1,770M	1,885M	1,404M	1,457M	1,335M	1,213M	1,065M	964M	960M	811M	846M	930M	903M	775M	424M	420M	369M	331M	338M	403M	290M	208M	144M	114M	90M	17M
Deferred Income Tax	-31M	-55M	-100M	-75M	-96M	-66M	-44M	-25M	-22M	-26M	-29M	-37M	-5M	-11M	11M	-1M	-20M	-18M	2M	-4M	4M	10M	3M	-3M	-10M	-6M	0M	-2M	-1M	-1M	0M
Stock-Based Compensation	252M	252M	278M	165M	152M	130M	128M	95M	109M	69M	64M	56M	56M	60M	41M	43M	40M	22M	6M	1M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M
Change in Working Capital	-456M	-471M	-306M	-759M	-740M	-74M	-196M	-203M	-257M	-74M	-198M	-130M	-105M	-103M	-187M	-65M	55M	-174M	-149M	-39M	-6M	-39M	15M	64M	14M	-102M	-11M	-30M	-22M	-23M	-15M
Accounts Receivable	-193M	-561M	-22M	-306M	-354M	-150M	-80M	-175M	-184M	-12M	17M	-99M	-66M	-46M	-26M	-86M	77M	1M	-11M	-25M	-10M	-9M	0M	0M	0M	0M	0M	0M	0M	0M	0M
Inventory	-87M	-139M	178M	-704M	-418M	-175M	-17M	-185M	-283M	-55M	-61M	-90M	-1M	-19M	-81M	-127M	100M	-45M	-66M	-43M	-22M	-67M	0M	39M	25M	-70M	1M	-6M	-19M	-5M	-10M
Accounts Payable	81M	189M	-103M	171M	324M	127M	-40M	115M	132M	43M	-22M	21M	1M	4M	2M	69M	-40M	0M	0M	11M	6M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M
Other Working Capital	-434M	-50M	-58M	-90M	-57M	105M	-168M	75M	51M	-41M	-78M	24M	-36M	-54M	10M	103M	-82M	-81M	39M	23M	9M	17M	22M	10M	-43M	10M	-3M	-12M	1M	-3M	-1M
Other Non-Cash Items	385M	284M	175M	227M	137M	207M	150M	68M	134M	124M	93M	62M	54M	21M	18M	9M	121M	172M	62M	54M	53M	46M	43M	130M	97M	-6M	15M	15M	5M	4M	5M
Net Cash from Operating	5,564M	4,633M	4,904M	4,458M	4,732M	4,144M	3,231M	3,011M	2,610M	2,357M	2,600M	2,511M	2,350M	2,213M	1,696M	1,992M	1,503M	1,674M	1,948M	988M	930M	863M	689M	422M	510M	415M	320M	225M	218M	139M	35M
Investments in PPE	-1,578M	-1,789M	-1,644M	-1,972M	-1,458M	-1,669M	-1,774M	-1,366M	-1,271M	-1,128M	-1,039M	-1,062M	-850M	-931M	-794M	-764M	-671M	-1,008M	-984M	-488M	-476M	-305M	-252M	-222M	-340M	-284M	-232M	-181M	-133M	-108M	-30M
Acquisitions (Net)	-47M	-74M	-77M	-151M	-337M	-219M	-322M	-236M	-180M	-225M	-118M	-220M	-98M	-124M	-168M	-111M	-41M	-90M	-159M	-77M	-59M	-29M	-38M	-30M	-19M	-53M	-1M	0M	0M	0M	0M
Purchases of Investments	-2,156M	-3,608M	-2,629M	-2,466M	-2,481M	-2,282M	-1,569M	-2,336M	-1,889M	-1,826M	-1,125M	-1,036M	-939M	-702M	-508M	-732M	-742M	-948M	-1,176M	-531M	-814M	-917M	-438M	-462M	-440M	-214M	-159M	-112M	-131M	-74M	-25M
Sales/Maturities of Investments	1,622M	2,858M	1,992M	2,725M	2,631M	2,743M	2,419M	2,138M	1,534M	1,601M	1,077M	774M	798M	694M	815M	719M	648M	1,363M	934M	887M	893M	600M	425M	319M	395M	276M	112M	148M	74M	73M	32M
Other Investing Activities	37M	15M	123M	84M	101M	71M	144M	62M	36M	57M	20M	66M	-9M	12M	12M	-18M	8M	41M	-10M	36M	0M	-1M	-1M	6M	-19M	-11M	-14M	-14M	-15M	-7M	-3M
Net Cash from Investing	-2,441M	-3,008M	-1,776M	-3,486M	-2,515M	-2,053M	-2,594M	-2,082M	-2,179M	-1,962M	-1,999M	-1,608M	-1,144M	-1,498M	-1,047M	-1,166M	-990M	-1,214M	-1,365M	-510M	-543M	-490M	-357M	-336M	-432M	-425M	-319M	-301M	-246M	-140M	-58M
Net Debt Issuance	114M	202M	65M	144M	319M	446M	368M	415M	422M	282M	55M	165M	16M	123M	198M	55M	87M	91M	73M	-14M	-40M	-52M	-38M	-35M	15M	6M	21M	28M	16M	6M	0M
Long-Term Debt Issuance	58M	40M	47M	17M	196M	320M	347M	168M	261M	123M	116M	178M	-11M	98M	196M	99M	40M	109M	34M	-27M	-35M	-38M	-34M	-12M	14M	6M	26M	27M	16M	5M	0M
Short-Term Debt Issuance	0M	-1M	-33M	49M	5M	2M	-3M	28M	36M	0M	-36M	-8M	5M	8M	17M	-21M	-21M	-5M	-3M	-2M	-3M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M
Net Stock Issuance	-1,083M	-684M	-438M	-757M	-577M	-282M	-679M	-453M	-262M	-112M	-281M	-230M	-153M	-104M	-186M	-82M	-16M	-258M	-279M	-181M	-60M	-7M	-3M	-7M	21M	45M	7M	11M	8M	6M	6M
Common Stock Issued	13M	37M	30M	20M	42M	80M	41M	39M	50M	70M	50M	40M	54M	42M	37M	126M	64M	75M	153M	69M	73M	85M	42M	41M	51M	100M	42M	31M	23M	14M	14M
Common Stock Repurchased	-1,100M	-701M	-472M	-791M	-600M	-409M	-753M	-651M	-364M	-348M	-409M	-284M	-193M	-171M	-238M	-150M	-45M	-373M	-444M	-233M	-117M	-59M	-43M	-34M	-19M	-14M	-20M	-13M	-12M	-3M	0M
Net Common Stock Issuance	-1,074M	-687M	-438M	-738M	-580M	-304M	-681M	-530M	-263M	-113M	-281M	-232M	-153M	-105M	-193M	-82M	-14M	-257M	-333M	-181M	-60M	4M	-3M	-7M	21M	48M	7M	11M	8M	6M	6M
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	-684M	-730M	-611M	-680M	-546M	-470M	-565M	-417M	-403M	-400M	-359M	-318M	-227M	-266M	-166M	-142M	-112M	-183M	-133M	-62M	-42M	-30M	-15M	-12M	-9M	-6M	-12M	-10M	-4M	-3M	0M
Common Dividends Paid	-683M	-730M	-611M	-681M	-547M	-472M	-567M	-417M	-403M	-400M	-359M	-317M	-225M	-259M	-166M	-140M	-107M	-181M	-129M	-53M	-41M	-28M	-15M	-12M	-9M	-6M	-12M	-10M	-4M	-3M	0M
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	-235M	-144M	-142M	-147M	-139M	-180M	-86M	-31M	13M	-11M	27M	28M	31M	4M	22M	13M	-1M	19M	22M	6M	-2M	8M	-8M	-1M	-2M	0M	2M	-1M	1M	0M	0M
Net Cash from Financing	-2,469M	-1,709M	-1,753M	-2,063M	-1,732M	-1,104M	-1,067M	-1,082M	-421M	-1,004M	-686M	-942M	-527M	-422M	-392M	-284M	-177M	-325M	-526M	-341M	-206M	-124M	-154M	-56M	-5M	12M	31M	15M	8M	14M	21M
Effect of FX on Cash	35M	53M	-1M	-1M	10M	-42M	-6M	5M	-27M	-20M	-14M	4M	2M	-13M	7M	-9M	-4M	-3M	14M	6M	1M	2M	3M	4M	-2M	-2M	-2M	-1M	0M	0M	0M
Net Change in Cash	274M	250M	565M	-14M	278M	824M	117M	417M	141M	86M	243M	195M	250M	37M	179M	245M	211M	21M	90M	138M	155M	105M	136M	48M	39M	40M	55M	23M	18M	31M	6M
Cash at Beginning of Period	5,604M	6,201M	5,631M	5,781M	5,605M	4,780M	5,078M	4,655M	3,952M	3,904M	3,413M	2,905M	2,763M	2,793M	2,296M	1,954M	1,747M	1,635M	1,605M	1,016M	933M	816M	709M	587M	524M	344M	263M	197M	159M	117M	31M
Cash at End of Period	5,169M	6,668M	5,934M	5,779M	5,772M	5,311M	4,807M	5,140M	4,684M	3,826M	3,967M	3,421M	2,832M	2,798M	2,639M	2,402M	2,053M	1,665M	1,655M	1,212M	1,025M	943M	820M	753M	588M	492M	318M	235M	214M	192M	40M
Operating Cash Flow	5,563M	4,633M	4,905M	4,458M	4,732M	4,149M	3,234M	3,011M	2,609M	2,357M	2,600M	2,511M	2,344M	2,213M	1,696M	1,992M	1,503M	1,674M	1,948M	988M	930M	863M	690M	422M	510M	415M	320M	225M	218M	139M	35M
Capital Expenditure	-1,624M	-1,842M	-1,657M	-1,955M	-1,464M	-1,680M	-1,784M	-1,481M	-1,356M	-1,131M	-1,045M	-1,064M	-856M	-933M	-797M	-767M	-673M	-1,008M	-984M	-485M	-476M	-305M	-252M	-222M	-340M	-284M	-232M	-181M	-133M	-108M	-30M
Free Cash Flow	3,394M	2,826M	2,331M	2,197M	2,824M	2,667M	1,737M	1,468M	1,199M	1,332M	1,340M	1,344M	1,253M	1,108M	848M	980M	790M	662M	881M	511M	466M	406M	340M	220M	145M	117M	81M	37M	48M	24M	5M
Income Taxes Paid	0M	189M	154M	147M	124M	77M	80M	73M	50M	32M	53M	36M	25M	32M	28M	17M	16M	13M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M
Interest Paid	4M	73M	71M	52M	44M	36M	36M	22M	20M	15M	19M	20M	15M	14M	9M	4M	3M	2M	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	10,573M	9,035M	6,738M	7,990M	8,456M	5,617M	5,464M	5,048M	4,660M	4,688M	5,065M	4,791M	6,490M	5,702M	5,127M	4,726M	3,300M	4,056M	4,617M	1,492M	1,515M	1,292M	1,188M	1,080M	1,086M	1,305M	789M	616M	652M	529M	107M
(-) Tax Adjustment	1,852M	1,969M	1,073M	1,122M	1,142M	1,148M	845M	1,255M	1,164M	1,189M	1,080M	1,122M	1,472M	1,280M	1,043M	1,010M	1,141M	978M	1,149M	388M	496M	441M	344M	378M	380M	376M	245M	216M	223M	185M	35M
(-) Change in Working Capital	-456M	-471M	-306M	-759M	-740M	-74M	-196M	-203M	-257M	-74M	-198M	-130M	-105M	-103M	-187M	-65M	55M	-174M	-149M	-39M	-6M	-39M	15M	64M	14M	-102M	-11M	-30M	-22M	-23M	-15M
(-) Capital Expenditure	1,624M	1,842M	1,657M	1,955M	1,464M	1,680M	1,784M	1,481M	1,356M	1,131M	1,045M	1,064M	856M	933M	797M	767M	673M	1,008M	984M	485M	476M	305M	252M	222M	340M	284M	232M	181M	133M	108M	30M
Unlevered Free Cash Flow	7,553M	5,696M	4,313M	5,672M	6,589M	2,862M	3,031M	2,516M	2,398M	2,442M	3,137M	2,735M	4,267M	3,592M	3,475M	3,015M	1,431M	2,244M	2,633M	658M	549M	585M	576M	416M	352M	748M	324M	249M	318M	259M	57M
(-) Net Interest Income After Taxes	-85M	-40M	-69M	-135M	-156M	-118M	-93M	-99M	-98M	-86M	-60M	-83M	-58M	-64M	-48M	-55M	-40M	12M	-4M	-8M	-4M	-3M	-1M	-1M	0M	-1M	-1M	0M	0M	-1M	0M
Net Debt Issuance	114M	202M	65M	144M	319M	446M	368M	415M	422M	282M	55M	165M	16M	123M	198M	55M	87M	91M	73M	-14M	-40M	-52M	-38M	-35M	15M	6M	21M	28M	16M	6M	0M
Levered Free Cash Flow	7,753M	5,938M	4,447M	5,951M	7,065M	3,425M	3,492M	3,030M	2,917M	2,810M	3,252M	2,983M	4,341M	3,779M	3,720M	3,125M	1,558M	2,323M	2,710M	652M	512M	537M	540M	381M	367M	755M	346M	278M	335M	265M	57M