Communication Services

Category: Sector Averages Reference Ticker: 9919.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	19.18	14.76	15.18	15.66	20.16	18.00	19.14	21.98	21.96	21.24	20.76	20.34	18.38	15.98	13.56	14.40	13.45	12.35	16.20	16.14	16.04	17.81	16.69	14.70	15.72	17.06	19.14	14.46	12.77	11.18	10.03
Market Capitalization	43,030M	22,465M	21,411M	22,181M	23,852M	21,099M	23,163M	21,912M	21,776M	21,646M	20,094M	20,254M	17,359M	14,054M	11,551M	11,395M	10,486M	10,083M	14,871M	12,578M	11,052M	9,835M	8,325M	7,029M	7,202M	7,132M	6,335M	4,352M	3,688M	1,900M	1,350M
(-) Cash & Equivalents	3,336M	2,034M	2,131M	2,226M	2,514M	2,378M	1,821M	1,545M	1,439M	1,502M	1,446M	1,543M	1,400M	1,349M	1,169M	1,156M	908M	783M	659M	753M	527M	461M	354M	362M	291M	242M	193M	92M	55M	46M	36M
(+) Total Debt	12,748M	11,456M	13,054M	11,198M	11,643M	12,321M	10,690M	8,334M	8,203M	8,237M	7,156M	6,594M	6,636M	6,038M	5,621M	4,323M	4,116M	3,741M	2,888M	2,696M	2,682M	2,822M	2,632M	2,826M	2,412M	2,090M	1,175M	1,052M	582M	311M	217M
Enterprise Value	78,164M	31,003M	31,137M	29,594M	30,318M	31,621M	33,427M	29,885M	31,584M	29,557M	27,924M	26,814M	23,621M	20,262M	18,022M	15,236M	15,034M	12,752M	16,829M	15,612M	13,511M	13,037M	11,215M	10,680M	11,313M	9,552M	7,913M	5,765M	4,778M	2,183M	1,634M

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	19,189.874M	16,674.337M	16,990.908M	16,872.080M	16,037.253M	15,691.738M	16,062.035M	16,225.898M	14,227.699M	13,244.320M	12,742.362M	12,302.687M	11,754.630M	11,428.142M	10,386.908M	8,224.571M	7,637.657M	8,113.452M	6,608.796M	6,328.217M	5,992.984M	5,679.861M	4,656.712M	4,291.866M	3,888.986M	2,973.613M	2,210.746M	1,751.875M	1,119.781M	770.721M	673.622M
Cost of Revenue	9,019.201M	7,815.099M	8,910.642M	8,435.431M	7,907.149M	7,295.413M	7,899.859M	7,403.093M	7,199.993M	6,784.180M	6,191.040M	5,773.175M	5,593.934M	4,950.500M	4,270.278M	3,652.867M	3,417.590M	3,300.458M	3,248.581M	2,919.585M	2,619.882M	2,568.667M	1,756.268M	1,607.630M	1,210.398M	1,059.603M	840.080M	518.762M	392.308M	223.470M	138.470M
Gross Profit	10,170.673M	8,859.238M	8,080.265M	8,436.649M	8,130.105M	8,396.325M	8,162.176M	8,822.805M	7,027.706M	6,460.140M	6,551.322M	6,529.512M	6,160.695M	6,477.643M	6,116.630M	4,571.704M	4,220.067M	4,812.994M	3,360.215M	3,408.632M	3,373.102M	3,111.194M	2,900.445M	2,684.236M	2,678.588M	1,914.009M	1,370.667M	1,233.113M	727.473M	547.251M	535.152M
Gross Margin	53.00%	53.10%	47.60%	50.00%	50.70%	53.50%	50.80%	54.40%	49.40%	48.80%	51.40%	53.10%	52.40%	56.70%	58.90%	55.60%	55.30%	59.30%	50.80%	53.90%	56.30%	54.80%	62.30%	62.50%	68.90%	64.40%	62.00%	70.40%	65.00%	71.00%	79.40%
R&D Expenses	10.713M	143.398M	56.190M	101.715M	57.170M	35.483M	33.653M	14.997M	20.098M	20.681M	12.170M	5.395M	4.391M	0.398M	0.000M	0.000M	0.000M	0.000M	0.000M	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	3,265.912M	2,678.858M	2,784.973M	2,837.789M	2,474.250M	2,431.871M	2,348.309M	2,431.955M	2,362.261M	2,204.896M	2,274.395M	2,297.007M	2,262.031M	2,260.107M	1,929.534M	1,658.581M	1,618.976M	1,763.045M	1,615.440M	1,467.311M	1,289.691M	1,235.804M	908.176M	696.283M	573.661M	454.911M	332.134M	225.550M	143.411M	113.244M	69.508M
Operating Expenses	3,276.625M	2,822.256M	2,841.162M	2,939.504M	2,531.420M	2,467.354M	2,381.961M	2,446.951M	2,382.359M	2,225.577M	2,286.565M	2,302.402M	2,266.423M	2,260.505M	1,929.534M	1,658.581M	1,618.976M	1,763.045M	1,615.440M	1,467.311M	1,289.691M	1,235.804M	908.176M	696.283M	573.661M	454.911M	332.134M	225.550M	143.411M	113.244M	69.508M
Operating Income (EBIT)	6,894.048M	6,036.982M	5,239.103M	5,497.145M	5,598.685M	5,928.971M	5,780.215M	6,375.854M	4,645.346M	4,234.563M	4,264.756M	4,227.110M	3,894.273M	4,217.138M	4,187.096M	2,913.123M	2,601.091M	3,049.949M	1,744.775M	1,941.321M	2,083.410M	1,875.391M	1,992.269M	1,987.953M	2,104.927M	1,459.098M	1,038.533M	1,007.563M	584.063M	434.007M	465.644M
Operating Margin	35.90%	36.20%	30.80%	32.60%	34.90%	37.80%	36.00%	39.30%	32.70%	32.00%	33.50%	34.40%	33.10%	36.90%	40.30%	35.40%	34.10%	37.60%	26.40%	30.70%	34.80%	33.00%	42.80%	46.30%	54.10%	49.10%	47.00%	57.50%	52.20%	56.30%	69.10%
Interest Income	71.042M	84.940M	68.701M	58.970M	40.988M	51.526M	50.594M	43.006M	48.305M	40.783M	43.370M	42.319M	39.540M	47.872M	36.517M	22.892M	23.937M	35.215M	24.185M	21.823M	15.817M	11.544M	9.637M	8.649M	2.476M	1.355M	0.000M	0.080M	0.003M	0.000M	0.000M
Interest Expense	731.797M	526.506M	564.124M	492.782M	516.968M	572.320M	476.167M	377.852M	423.029M	391.504M	369.310M	315.044M	305.493M	305.893M	284.562M	252.654M	243.149M	239.736M	134.705M	99.497M	111.661M	72.250M	71.328M	52.735M	46.872M	31.970M	1.386M	3.846M	0.815M	2.396M	1.459M
Net Interest Income	-660.755M	-441.566M	-495.424M	-433.813M	-475.980M	-520.794M	-425.573M	-334.846M	-374.724M	-350.721M	-325.941M	-272.725M	-265.953M	-258.020M	-248.044M	-229.763M	-219.212M	-204.520M	-110.520M	-77.674M	-95.844M	-60.706M	-61.691M	-44.086M	-44.397M	-30.615M	-1.386M	-3.766M	-0.812M	-2.396M	-1.459M
Other Income / Expense	-4,192.036M	-4,296.565M	-3,403.774M	-3,750.764M	-3,077.718M	-4,259.265M	-3,921.107M	-4,553.829M	-2,902.164M	-2,650.086M	-2,692.498M	-2,660.512M	-2,419.131M	-2,778.300M	-2,821.622M	-1,512.111M	-1,568.608M	-2,125.416M	-658.716M	-999.463M	-1,200.315M	-1,100.779M	-1,524.412M	-1,740.507M	-1,863.852M	-1,108.350M	-770.327M	-795.907M	-461.841M	-348.949M	-407.338M
Pre-Tax Income	2,041.258M	1,298.851M	1,339.905M	1,312.568M	2,044.987M	1,148.912M	1,433.535M	1,487.179M	1,368.458M	1,233.756M	1,246.317M	1,293.872M	1,209.189M	1,180.818M	1,117.430M	1,171.249M	813.271M	720.012M	975.539M	864.184M	787.251M	713.905M	406.166M	203.360M	196.679M	320.133M	266.820M	207.890M	121.410M	82.662M	56.846M
Pre-Tax Margin	10.60%	7.80%	7.90%	7.80%	12.80%	7.30%	8.90%	9.20%	9.60%	9.30%	9.80%	10.50%	10.30%	10.30%	10.80%	14.20%	10.60%	8.90%	14.80%	13.70%	13.10%	12.60%	8.70%	4.70%	5.10%	10.80%	12.10%	11.90%	10.80%	10.70%	8.40%
Income Tax Expense	429.481M	277.733M	291.588M	384.605M	452.214M	379.624M	340.097M	311.854M	177.254M	364.574M	330.626M	310.741M	310.266M	265.437M	256.693M	240.802M	200.467M	220.613M	249.139M	201.631M	203.584M	216.437M	143.808M	128.013M	117.929M	134.474M	87.322M	84.274M	53.242M	36.611M	26.857M
Tax Rate	21.00%	21.40%	21.80%	29.30%	22.10%	33.00%	23.70%	21.00%	13.00%	29.50%	26.50%	24.00%	25.70%	22.50%	23.00%	20.60%	24.60%	30.60%	25.50%	23.30%	25.90%	30.30%	35.00%	35.00%	35.00%	35.00%	32.70%	35.00%	35.00%	35.00%	35.00%
Net Income	1,462.586M	906.787M	947.739M	957.136M	1,611.390M	732.258M	1,132.856M	1,133.093M	1,058.837M	960.307M	1,010.722M	1,078.204M	947.668M	797.649M	783.406M	905.603M	587.716M	586.595M	708.542M	683.993M	567.288M	402.110M	338.657M	83.254M	71.630M	206.188M	193.619M	146.031M	80.771M	47.557M	34.009M
Net Margin	7.60%	5.40%	5.60%	5.70%	10.00%	4.70%	7.10%	7.00%	7.40%	7.30%	7.90%	8.80%	8.10%	7.00%	7.50%	11.00%	7.70%	7.20%	10.70%	10.80%	9.50%	7.10%	7.30%	1.90%	1.80%	6.90%	8.80%	8.30%	7.20%	6.20%	5.00%
Depreciation & Amortization	2,430.825M	2,219.218M	2,573.585M	3,053.726M	3,155.629M	3,217.934M	3,020.164M	2,675.209M	2,285.242M	2,117.574M	1,895.745M	1,893.708M	1,905.771M	1,723.223M	1,497.988M	1,036.173M	954.962M	938.526M	816.571M	812.409M	785.098M	819.153M	762.742M	611.944M	579.250M	422.277M	257.591M	222.963M	94.730M	49.131M	37.520M
EBITDA	9,324.873M	8,256.200M	7,812.688M	8,550.871M	8,754.314M	9,146.905M	8,800.379M	9,051.063M	6,930.588M	6,352.138M	6,160.501M	6,120.818M	5,800.044M	5,940.361M	5,685.084M	3,949.296M	3,556.052M	3,988.475M	2,561.346M	2,753.729M	2,868.508M	2,694.544M	2,755.011M	2,599.897M	2,684.178M	1,881.375M	1,296.124M	1,230.527M	678.793M	483.138M	503.164M
EBITDA Margin	48.60%	49.50%	46.00%	50.70%	54.60%	58.30%	54.80%	55.80%	48.70%	48.00%	48.30%	49.80%	49.30%	52.00%	54.70%	48.00%	46.60%	49.20%	38.80%	43.50%	47.90%	47.40%	59.20%	60.60%	69.00%	63.30%	58.60%	70.20%	60.60%	62.70%	74.70%
NOPAT	5,443.539M	4,746.095M	4,098.976M	3,886.388M	4,360.630M	3,969.920M	4,408.897M	5,038.870M	4,043.642M	2,983.253M	3,133.391M	3,211.912M	2,895.040M	3,269.163M	3,225.247M	2,314.202M	1,959.935M	2,115.440M	1,299.185M	1,488.374M	1,544.639M	1,306.821M	1,294.975M	1,292.169M	1,368.203M	948.414M	698.651M	654.916M	379.641M	282.105M	302.668M
NOPAT Margin	28.40%	28.50%	24.10%	23.00%	27.20%	25.30%	27.40%	31.10%	28.40%	22.50%	24.60%	26.10%	24.60%	28.60%	31.10%	28.10%	25.70%	26.10%	19.70%	23.50%	25.80%	23.00%	27.80%	30.10%	35.20%	31.90%	31.60%	37.40%	33.90%	36.60%	44.90%
Owner's Earnings	3,893.410M	3,126.005M	3,521.324M	4,010.862M	4,767.020M	3,950.192M	4,153.020M	3,808.302M	3,344.079M	3,077.881M	2,906.467M	2,971.912M	2,853.439M	2,520.873M	2,281.394M	1,941.776M	1,542.678M	1,525.121M	1,525.113M	1,496.401M	1,352.386M	1,221.263M	1,101.399M	695.199M	650.880M	628.466M	451.211M	368.994M	175.501M	96.688M	71.529M
Owner's Earnings Margin	20.30%	18.70%	20.70%	23.80%	29.70%	25.20%	25.90%	23.50%	23.50%	23.20%	22.80%	24.20%	24.30%	22.10%	22.00%	23.60%	20.20%	18.80%	23.10%	23.60%	22.60%	21.50%	23.70%	16.20%	16.70%	21.10%	20.40%	21.10%	15.70%	12.50%	10.60%
EPS	0.142	0.323	0.337	0.366	0.572	0.261	0.411	0.441	0.436	0.393	0.456	0.516	0.463	0.380	0.367	0.470	0.311	0.301	0.370	0.396	0.375	0.279	0.241	0.065	0.063	0.230	0.230	0.269	0.173	0.139	0.111
EPS (Diluted)	0.142	0.323	0.337	0.366	0.572	0.261	0.411	0.441	0.436	0.393	0.456	0.516	0.463	0.380	0.367	0.470	0.311	0.301	0.370	0.396	0.375	0.279	0.241	0.065	0.063	0.230	0.230	0.269	0.173	0.139	0.111
Shares (Diluted)	10,281,861,016	2,805,683,060	2,813,694,507	2,617,145,842	2,817,557,782	2,810,289,470	2,756,842,373	2,571,198,297	2,429,977,570	2,441,475,358	2,214,791,826	2,091,312,479	2,045,513,827	2,098,329,752	2,134,443,150	1,928,793,263	1,890,339,050	1,951,057,526	1,913,153,998	1,726,320,980	1,514,615,001	1,442,257,117	1,405,157,743	1,276,439,421	1,144,147,842	896,494,371	841,330,730	542,675,716	466,851,095	341,378,386	306,267,955

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	2,871M	2,040M	2,137M	2,232M	2,518M	2,381M	1,823M	1,559M	1,472M	1,531M	1,457M	1,556M	1,410M	1,360M	1,178M	1,164M	905M	798M	657M	767M	537M	474M	358M	363M	297M	247M	199M	94M	58M	45M	37M
Short-Term Investments	526M	694M	694M	524M	542M	685M	268M	214M	313M	367M	588M	367M	435M	282M	179M	157M	139M	120M	225M	237M	195M	263M	194M	287M	114M	134M	78M	21M	21M	3M	1M
Cash & Short-Term Investments	3,397M	2,735M	2,831M	2,756M	3,060M	3,066M	2,092M	1,774M	1,785M	1,898M	2,045M	1,922M	1,846M	1,641M	1,357M	1,320M	1,044M	918M	882M	1,004M	732M	737M	551M	650M	411M	381M	277M	115M	79M	48M	38M
Net Receivables	3,936M	3,823M	3,517M	3,375M	3,387M	3,106M	3,008M	2,702M	2,395M	2,545M	2,219M	2,084M	1,988M	1,853M	1,700M	1,464M	1,301M	1,263M	1,088M	992M	951M	812M	600M	587M	499M	510M	310M	135M	107M	85M	115M
Inventory	305M	264M	310M	329M	283M	320M	331M	268M	227M	261M	216M	230M	273M	213M	221M	194M	163M	160M	150M	155M	157M	166M	134M	139M	131M	92M	62M	50M	51M	45M	35M
Other Current Assets	1,554M	959M	1,082M	1,074M	980M	926M	879M	953M	550M	783M	629M	691M	543M	427M	408M	334M	333M	294M	302M	289M	288M	342M	258M	367M	175M	133M	136M	118M	101M	34M	33M
Total Current Assets	9,191M	7,781M	7,740M	7,533M	7,710M	7,418M	6,310M	5,697M	4,957M	5,486M	5,109M	4,927M	4,650M	4,134M	3,686M	3,312M	2,842M	2,634M	2,421M	2,440M	2,127M	2,056M	1,543M	1,743M	1,216M	1,116M	785M	417M	338M	212M	221M
Property, Plant & Equipment	14,281M	8,835M	9,603M	11,496M	11,386M	11,559M	10,236M	8,504M	8,225M	8,034M	6,863M	6,841M	6,820M	6,883M	6,114M	5,202M	4,812M	4,123M	3,757M	3,447M	3,317M	3,377M	3,425M	3,575M	3,067M	2,199M	1,505M	981M	742M	359M	315M
Goodwill	4,783M	4,563M	5,326M	5,351M	5,626M	5,730M	5,424M	4,526M	3,941M	4,046M	3,553M	3,462M	3,365M	2,963M	2,484M	2,202M	2,131M	1,789M	1,623M	1,583M	558M	231M	28M	11M	0M	0M	0M	0M	0M	0M	0M
Intangible Assets	4,915M	4,443M	5,140M	5,596M	5,769M	5,639M	5,104M	4,547M	3,965M	3,797M	3,250M	3,019M	2,841M	2,384M	2,307M	1,855M	1,578M	1,678M	1,251M	1,004M	1,410M	1,723M	1,369M	1,348M	1,347M	1,255M	586M	348M	331M	175M	146M
Long-Term Investments	1,144M	1,579M	1,788M	2,182M	1,963M	1,234M	1,682M	1,460M	1,243M	1,261M	945M	781M	1,041M	848M	639M	601M	245M	148M	93M	99M	61M	54M	28M	14M	4M	0M	0M	0M	0M	0M	1M
Tax Assets	75M	109M	215M	251M	416M	504M	431M	437M	423M	417M	329M	295M	290M	262M	240M	214M	224M	223M	138M	157M	119M	58M	40M	36M	42M	3M	0M	0M	0M	0M	0M
Other Non-Current Assets	2,396M	1,986M	1,915M	1,747M	1,510M	1,175M	889M	735M	723M	653M	693M	526M	491M	540M	809M	764M	573M	582M	565M	575M	615M	633M	596M	722M	749M	657M	450M	243M	167M	80M	71M
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	27,594M	21,515M	23,987M	26,623M	26,669M	25,840M	23,766M	20,210M	18,520M	18,208M	15,633M	14,924M	14,847M	13,880M	12,592M	10,838M	9,562M	8,543M	7,427M	6,864M	6,080M	6,076M	5,485M	5,706M	5,208M	4,114M	2,541M	1,572M	1,240M	614M	533M
Total Assets	36,784M	29,296M	31,726M	34,156M	34,379M	33,258M	30,076M	25,907M	23,478M	23,694M	20,742M	19,851M	19,497M	18,014M	16,278M	14,151M	12,404M	11,178M	9,848M	9,304M	8,207M	8,132M	7,028M	7,449M	6,424M	5,230M	3,326M	1,989M	1,578M	826M	754M
Accounts Payable	2,184M	2,742M	2,716M	2,851M	2,942M	2,637M	2,797M	2,462M	2,315M	2,228M	1,859M	1,834M	1,725M	1,624M	1,603M	1,492M	1,375M	1,383M	1,389M	1,186M	987M	855M	836M	794M	560M	434M	304M	207M	158M	88M	84M
Short-Term Debt	1,889M	1,352M	1,286M	1,343M	1,349M	1,634M	1,477M	1,306M	1,208M	967M	1,077M	877M	790M	729M	809M	557M	497M	765M	546M	596M	566M	448M	495M	489M	406M	479M	176M	163M	68M	53M	39M
Tax Payables	6M	159M	183M	204M	247M	270M	190M	164M	186M	153M	169M	141M	144M	160M	114M	107M	70M	77M	54M	34M	39M	33M	12M	8M	0M	0M	0M	0M	0M	0M	0M
Deferred Revenue	400M	201M	386M	501M	935M	769M	708M	351M	517M	493M	559M	522M	439M	470M	283M	224M	190M	151M	184M	180M	168M	157M	66M	119M	62M	12M	1M	0M	2M	1M	1M
Other Current Liabilities	2,948M	2,237M	1,972M	1,740M	1,568M	1,554M	1,459M	1,515M	1,366M	1,226M	1,483M	1,347M	1,119M	1,109M	951M	691M	570M	691M	693M	584M	550M	514M	325M	346M	321M	275M	235M	193M	98M	63M	58M
Total Current Liabilities	7,427M	6,690M	6,542M	6,639M	7,041M	6,864M	6,632M	5,798M	5,593M	5,067M	5,147M	4,722M	4,217M	4,093M	3,760M	3,070M	2,700M	3,066M	2,866M	2,580M	2,310M	2,007M	1,735M	1,756M	1,348M	1,200M	717M	564M	326M	205M	182M
Long-Term Debt	10,489M	8,751M	9,396M	8,990M	9,511M	9,315M	9,499M	7,226M	6,466M	6,962M	5,738M	5,576M	5,379M	4,821M	4,327M	3,745M	3,556M	3,310M	2,330M	2,161M	2,266M	2,285M	2,029M	2,184M	2,063M	1,461M	1,091M	829M	467M	272M	197M
Capital Lease Obligations	693M	1,731M	2,183M	1,994M	1,578M	1,614M	1,201M	134M	71M	52M	43M	40M	37M	12M	2M	1M	2M	1M	2M	2M	2M	1M	0M	0M	0M	0M	0M	0M	0M	0M	0M
Deferred Tax Liabilities	1,091M	858M	949M	873M	957M	998M	815M	715M	555M	590M	545M	523M	540M	485M	477M	390M	380M	369M	280M	255M	264M	226M	136M	157M	84M	56M	62M	25M	24M	16M	9M
Other Non-Current Liabilities	1,901M	1,111M	1,245M	1,134M	1,078M	1,853M	790M	1,258M	1,040M	1,165M	989M	935M	921M	819M	671M	499M	487M	524M	458M	412M	539M	504M	568M	577M	453M	237M	152M	145M	106M	44M	49M
Total Non-Current Liabilities	14,174M	12,452M	13,774M	12,992M	13,125M	13,778M	12,305M	9,333M	8,132M	8,769M	7,315M	7,074M	6,878M	6,137M	5,477M	4,634M	4,425M	4,205M	3,071M	2,829M	3,070M	3,017M	2,732M	2,918M	2,600M	1,753M	1,304M	1,000M	597M	332M	256M
Total Liabilities	21,601M	19,142M	20,316M	19,631M	20,165M	20,642M	18,937M	15,131M	13,725M	13,836M	12,463M	11,796M	11,095M	10,230M	9,237M	7,704M	7,125M	7,271M	5,937M	5,410M	5,380M	5,024M	4,466M	4,675M	3,948M	2,953M	2,021M	1,564M	922M	537M	438M
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	2,589M	1,973M	2,034M	1,899M	1,873M	1,703M	1,348M	1,412M	1,364M	1,180M	994M	973M	703M	712M	467M	429M	437M	383M	312M	279M	362M	363M	306M	326M	266M	214M	102M	25M	11M	7M	6M
Retained Earnings	3,406M	3,898M	4,576M	5,689M	6,365M	5,277M	5,085M	4,179M	3,787M	3,699M	3,832M	3,168M	2,879M	2,520M	2,492M	2,092M	1,889M	1,786M	1,558M	1,133M	1,122M	919M	875M	552M	601M	529M	428M	281M	189M	163M	126M
Accumulated OCI	-96M	-110M	-188M	-116M	-4M	-139M	60M	-30M	-38M	-69M	100M	-12M	69M	-44M	-59M	-6M	-12M	-32M	13M	17M	-7M	-21M	-19M	-14M	-84M	-41M	-30M	-104M	-66M	-40M	-13M
Minority Interest	740M	517M	778M	639M	619M	597M	505M	430M	363M	331M	293M	282M	254M	247M	267M	233M	181M	174M	137M	103M	112M	122M	100M	125M	105M	149M	60M	17M	8M	4M	3M
Total Shareholders’ Equity	5,899M	5,762M	6,421M	7,472M	8,234M	6,841M	6,494M	5,562M	5,113M	4,810M	4,926M	4,129M	3,651M	3,188M	2,901M	2,515M	2,315M	2,136M	1,883M	1,429M	1,478M	1,261M	1,161M	863M	783M	702M	500M	202M	133M	130M	119M
Total Equity	6,639M	6,279M	7,200M	8,111M	8,852M	7,437M	6,999M	5,992M	5,476M	5,141M	5,218M	4,411M	3,905M	3,435M	3,168M	2,747M	2,496M	2,311M	2,019M	1,532M	1,589M	1,383M	1,261M	988M	888M	851M	560M	219M	142M	134M	122M
Total Liabilities & Equity	28,240M	25,421M	27,516M	27,742M	29,018M	28,079M	25,936M	21,122M	19,200M	18,977M	17,681M	16,206M	15,000M	13,664M	12,405M	10,451M	9,621M	9,582M	7,956M	6,942M	6,969M	6,407M	5,728M	5,663M	4,836M	3,804M	2,582M	1,783M	1,064M	671M	560M
Tangible Assets	27,087M	20,290M	21,261M	23,210M	22,984M	21,890M	19,548M	16,833M	15,572M	15,852M	13,940M	13,370M	13,291M	12,667M	11,487M	10,093M	8,696M	7,711M	6,974M	6,718M	6,239M	6,178M	5,631M	6,090M	5,078M	3,974M	2,740M	1,641M	1,247M	651M	608M
Tangible Equity	-3,058M	-2,727M	-3,266M	-2,836M	-2,542M	-3,931M	-3,529M	-3,082M	-2,430M	-2,701M	-1,584M	-2,070M	-2,300M	-1,912M	-1,623M	-1,310M	-1,213M	-1,157M	-854M	-1,055M	-379M	-571M	-135M	-371M	-459M	-404M	-26M	-130M	-190M	-41M	-24M
Tangible Book Value	-3,058M	-2,727M	-3,266M	-2,836M	-2,542M	-3,931M	-3,529M	-3,082M	-2,430M	-2,701M	-1,584M	-2,070M	-2,300M	-1,912M	-1,623M	-1,310M	-1,213M	-1,157M	-854M	-1,055M	-379M	-571M	-135M	-371M	-459M	-404M	-26M	-130M	-190M	-41M	-24M
Total Investments	1,427M	2,342M	2,721M	2,742M	2,470M	1,621M	1,896M	1,626M	1,446M	1,487M	1,281M	994M	1,303M	1,121M	984M	885M	432M	301M	398M	430M	284M	252M	221M	178M	170M	103M	68M	7M	1M	0M	1M
Net Debt	9,507M	8,063M	8,545M	8,102M	8,343M	8,568M	9,153M	6,973M	6,203M	6,398M	5,359M	4,897M	4,758M	4,191M	3,958M	3,137M	3,148M	3,278M	2,219M	1,989M	2,295M	2,259M	2,166M	2,310M	2,172M	1,693M	1,068M	898M	478M	279M	199M

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	-771M	-1,045M	-893M	-1,181M	-1,846M	-2,128M	-2,564M	-1,204M	-2,051M	-827M	-707M	-303M	159M	-432M	-722M	-319M	-484M	-808M	-605M	-300M	-364M	-164M	-228M	-241M	-48M	56M	-55M	-141M	54M	35M	39M
Total Capital	29,103M	24,667M	27,067M	28,016M	25,444M	24,253M	22,085M	18,986M	17,662M	17,058M	14,846M	13,794M	13,738M	12,700M	12,346M	10,293M	9,099M	8,146M	7,140M	6,666M	6,390M	6,507M	5,784M	5,554M	5,324M	4,495M	2,510M	2,125M	1,224M	663M	575M
Capital Employed	35,463M	27,699M	28,691M	30,330M	27,665M	27,644M	25,335M	24,260M	23,346M	21,686M	18,852M	18,181M	18,685M	16,582M	15,999M	12,280M	10,443M	9,499M	8,359M	7,351M	7,228M	6,643M	6,270M	6,403M	5,904M	4,475M	2,874M	2,078M	1,594M	964M	864M
Invested Capital	26,233M	22,626M	24,930M	25,784M	22,926M	21,872M	20,261M	17,427M	16,190M	15,527M	13,390M	12,238M	12,328M	11,341M	11,168M	9,129M	8,194M	7,348M	6,483M	5,899M	5,853M	6,032M	5,427M	5,191M	5,027M	4,248M	2,311M	2,031M	1,167M	618M	538M

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	1,661M	985M	1,083M	1,157M	1,769M	909M	1,378M	1,296M	1,224M	1,032M	1,190M	1,178M	1,011M	1,062M	840M	873M	600M	776M	849M	697M	569M	417M	319M	94M	104M	234M	165M	131M	183M	69M	57M
Depreciation & Amortization	1,900M	2,460M	2,934M	3,002M	3,048M	2,896M	2,610M	2,396M	2,283M	2,176M	1,900M	1,895M	1,912M	1,746M	1,462M	1,113M	971M	939M	808M	663M	625M	797M	777M	607M	580M	415M	251M	191M	197M	95M	74M
Deferred Income Tax	1M	1M	7M	32M	41M	14M	12M	30M	-137M	15M	13M	13M	2M	21M	26M	11M	6M	-15M	5M	-6M	0M	10M	6M	3M	-2M	2M	1M	2M	2M	2M	-1M
Stock-Based Compensation	29M	45M	42M	77M	59M	43M	36M	30M	28M	29M	26M	27M	25M	16M	10M	8M	6M	3M	0M	1M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M
Change in Working Capital	-178M	-264M	-300M	-271M	-213M	18M	-317M	-220M	-186M	-147M	-98M	-115M	-42M	-78M	-115M	5M	-32M	-86M	-19M	-24M	-18M	-14M	12M	-1M	-42M	-32M	-17M	1M	-1M	8M	-15M
Accounts Receivable	-165M	-171M	-173M	-112M	-160M	11M	-88M	-188M	-123M	-128M	-118M	-78M	-111M	-49M	-21M	-28M	-17M	-18M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M
Inventory	1M	-10M	-3M	-27M	-20M	17M	-8M	-38M	0M	6M	-18M	-3M	-6M	-5M	-18M	0M	3M	-16M	-5M	-7M	-3M	-7M	-1M	6M	-2M	-4M	-2M	0M	-1M	-1M	-5M
Accounts Payable	57M	41M	32M	56M	122M	26M	19M	49M	27M	31M	15M	20M	15M	9M	5M	5M	-6M	1M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M
Other Working Capital	-81M	-89M	-111M	-120M	-64M	4M	-133M	-56M	-58M	-74M	-16M	-53M	18M	-12M	-38M	-21M	-11M	-20M	-8M	3M	-5M	0M	5M	2M	-40M	1M	-1M	3M	3M	9M	-5M
Other Non-Cash Items	495M	506M	416M	63M	-12M	830M	305M	195M	176M	161M	116M	-3M	-15M	-77M	38M	32M	116M	218M	42M	20M	8M	48M	-7M	49M	16M	-48M	-5M	-12M	5M	0M	-7M
Net Cash from Operating	4,162M	3,273M	3,381M	4,143M	4,089M	3,911M	3,274M	3,272M	3,350M	3,187M	3,053M	2,825M	2,922M	3,033M	2,290M	2,071M	1,806M	1,840M	1,861M	1,603M	1,500M	1,418M	1,123M	951M	656M	546M	389M	314M	291M	156M	101M
Investments in PPE	-1,870M	-1,757M	-1,762M	-2,289M	-2,015M	-2,166M	-2,006M	-2,024M	-2,241M	-1,878M	-1,789M	-1,587M	-1,547M	-1,586M	-1,373M	-1,028M	-926M	-1,049M	-829M	-808M	-685M	-552M	-472M	-658M	-599M	-490M	-448M	-331M	-256M	-170M	-111M
Acquisitions (Net)	-20M	-28M	-57M	-63M	-127M	-93M	-130M	-104M	-122M	-163M	-157M	-128M	-94M	-74M	-162M	-53M	-51M	-168M	-81M	-57M	-79M	-42M	-27M	-61M	-89M	-181M	-4M	0M	0M	0M	0M
Purchases of Investments	-129M	-253M	-386M	-612M	-398M	-360M	-257M	-149M	-181M	-96M	-143M	-118M	-112M	-104M	-134M	-215M	-59M	-61M	-142M	-151M	-63M	-42M	-58M	-43M	-92M	-52M	-28M	-14M	-29M	-8M	-10M
Sales/Maturities of Investments	108M	282M	511M	405M	324M	324M	345M	218M	124M	204M	169M	162M	88M	99M	103M	61M	55M	70M	116M	129M	91M	116M	79M	69M	130M	63M	29M	17M	14M	5M	10M
Other Investing Activities	-161M	-86M	51M	55M	-57M	31M	52M	65M	9M	-101M	-101M	-49M	13M	40M	-1M	-7M	0M	-15M	-8M	11M	0M	-23M	4M	18M	-8M	-19M	-21M	-8M	-31M	-28M	-20M
Net Cash from Investing	-2,493M	-1,991M	-1,962M	-2,489M	-2,452M	-2,871M	-2,223M	-2,012M	-2,656M	-3,091M	-2,525M	-1,982M	-1,953M	-1,544M	-1,483M	-1,425M	-1,275M	-1,330M	-1,201M	-884M	-828M	-693M	-540M	-669M	-706M	-1,009M	-525M	-418M	-482M	-179M	-145M
Net Debt Issuance	-170M	-234M	-219M	-455M	-173M	-3M	100M	-155M	148M	81M	310M	234M	257M	119M	255M	-106M	15M	273M	-46M	47M	-45M	-171M	-269M	-114M	86M	220M	-9M	25M	62M	-4M	22M
Long-Term Debt Issuance	-35M	-180M	-103M	-231M	-77M	193M	88M	-134M	193M	108M	253M	305M	299M	152M	205M	-41M	46M	219M	20M	-8M	-44M	-148M	-232M	-45M	86M	173M	-32M	14M	44M	-3M	17M
Short-Term Debt Issuance	-29M	0M	-43M	-9M	-6M	-104M	-13M	-3M	-4M	0M	0M	-6M	-2M	0M	0M	-13M	-22M	1M	2M	-2M	-4M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M
Net Stock Issuance	-96M	-83M	-89M	-144M	-90M	-64M	-105M	-48M	-65M	-63M	-72M	-64M	-66M	-25M	-24M	-16M	-10M	-50M	-66M	-81M	-64M	-15M	7M	8M	2M	34M	3M	2M	3M	5M	5M
Common Stock Issued	0M	0M	1M	2M	10M	7M	2M	2M	4M	7M	12M	19M	23M	6M	16M	8M	2M	6M	19M	17M	17M	31M	15M	16M	22M	136M	70M	13M	18M	15M	23M
Common Stock Repurchased	-141M	-96M	-107M	-175M	-149M	-101M	-147M	-133M	-85M	-81M	-127M	-114M	-109M	-58M	-52M	-29M	-13M	-62M	-82M	-109M	-106M	-54M	-6M	-1M	-5M	-17M	-9M	-6M	-4M	-3M	0M
Net Common Stock Issuance	-120M	-84M	-87M	-126M	-89M	-57M	-107M	-48M	-63M	-38M	-71M	-33M	-62M	-32M	-23M	-12M	-9M	-50M	-72M	-82M	-62M	-14M	7M	8M	2M	20M	4M	2M	3M	5M	5M
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	-462M	-567M	-581M	-520M	-449M	-517M	-534M	-476M	-465M	-459M	-515M	-456M	-493M	-548M	-416M	-347M	-333M	-339M	-319M	-255M	-220M	-179M	-92M	-61M	-60M	-60M	-27M	-24M	-40M	-22M	-19M
Common Dividends Paid	-427M	-539M	-509M	-512M	-439M	-515M	-531M	-547M	-467M	-456M	-498M	-455M	-492M	-543M	-419M	-353M	-337M	-339M	-331M	-248M	-246M	-183M	-105M	-76M	-60M	-60M	-30M	-33M	-39M	-23M	-19M
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	-386M	-313M	-345M	-320M	-411M	-231M	-261M	-159M	-191M	-125M	-76M	-101M	-49M	-166M	-163M	-148M	-79M	-65M	-42M	-54M	-39M	-59M	-23M	-43M	-11M	31M	32M	6M	15M	1M	6M
Net Cash from Financing	-1,601M	-1,573M	-1,340M	-1,922M	-820M	-691M	-1,017M	-1,176M	-813M	-646M	-477M	-609M	-620M	-809M	-595M	-729M	-434M	-322M	-667M	-598M	-489M	-591M	-489M	-193M	57M	345M	67M	45M	34M	17M	9M
Effect of FX on Cash	-3M	-2M	1M	7M	-6M	-8M	-1M	-6M	-7M	3M	1M	-1M	-1M	-3M	-6M	0M	0M	-2M	0M	-1M	1M	0M	-1M	0M	0M	0M	0M	0M	0M	0M	0M
Net Change in Cash	396M	66M	12M	-260M	76M	447M	218M	-25M	-54M	-27M	-15M	129M	103M	101M	47M	-17M	123M	60M	-55M	69M	16M	59M	37M	21M	-13M	31M	33M	29M	19M	-2M	-3M
Cash at Beginning of Period	1,760M	2,075M	2,189M	2,662M	2,520M	1,767M	1,705M	1,554M	1,533M	1,822M	1,615M	1,402M	1,276M	1,236M	1,149M	951M	737M	690M	774M	552M	555M	444M	438M	361M	294M	219M	152M	95M	83M	56M	53M
Cash at End of Period	3,155M	2,030M	2,136M	2,271M	2,584M	2,397M	1,792M	1,643M	1,500M	1,520M	1,621M	1,619M	1,420M	1,351M	1,116M	1,123M	887M	726M	681M	821M	559M	518M	425M	428M	353M	248M	232M	125M	105M	53M	49M
Operating Cash Flow	4,152M	3,273M	3,384M	4,143M	4,089M	3,911M	3,274M	3,272M	3,350M	3,187M	3,053M	2,825M	2,927M	3,033M	2,290M	2,071M	1,806M	1,840M	1,861M	1,603M	1,500M	1,418M	1,123M	951M	656M	546M	389M	314M	291M	156M	101M
Capital Expenditure	-1,721M	-1,695M	-1,856M	-2,293M	-2,009M	-2,166M	-1,990M	-2,016M	-2,218M	-1,857M	-1,779M	-1,576M	-1,540M	-1,579M	-1,348M	-1,030M	-925M	-1,048M	-828M	-804M	-669M	-552M	-472M	-658M	-599M	-490M	-448M	-331M	-256M	-170M	-111M
Free Cash Flow	2,202M	1,425M	1,485M	1,469M	1,463M	1,767M	1,374M	1,134M	1,170M	931M	764M	1,063M	1,109M	1,076M	907M	943M	663M	700M	856M	751M	716M	703M	539M	303M	25M	-13M	-4M	8M	62M	40M	-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	14M	51M	27M	26M	36M	0M	0M	0M	23M	0M	0M	11M	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	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	9,325M	8,256M	7,813M	8,551M	8,754M	9,147M	8,800M	9,051M	6,931M	6,352M	6,161M	6,121M	5,800M	5,940M	5,685M	3,949M	3,556M	3,988M	2,561M	2,754M	2,869M	2,695M	2,755M	2,600M	2,684M	1,881M	1,296M	1,231M	679M	483M	503M
(-) Tax Adjustment	2,067M	1,765M	1,700M	2,506M	1,936M	3,022M	2,088M	1,898M	898M	1,877M	1,634M	1,470M	1,488M	1,335M	1,306M	812M	877M	1,222M	654M	642M	742M	817M	964M	910M	939M	658M	424M	431M	238M	169M	176M
(-) Change in Working Capital	-178M	-264M	-300M	-271M	-213M	18M	-317M	-220M	-186M	-147M	-98M	-115M	-42M	-78M	-115M	5M	-32M	-86M	-19M	-24M	-18M	-14M	12M	-1M	-42M	-32M	-17M	1M	-1M	8M	-15M
(-) Capital Expenditure	1,721M	1,695M	1,856M	2,293M	2,009M	2,166M	1,990M	2,016M	2,218M	1,857M	1,779M	1,576M	1,540M	1,579M	1,348M	1,030M	925M	1,048M	828M	804M	669M	552M	472M	658M	599M	490M	448M	331M	256M	170M	111M
Unlevered Free Cash Flow	5,715M	5,060M	4,557M	4,023M	5,022M	3,941M	5,040M	5,357M	4,001M	2,765M	2,845M	3,190M	2,814M	3,104M	3,146M	2,102M	1,787M	1,804M	1,098M	1,331M	1,476M	1,339M	1,308M	1,033M	1,188M	764M	440M	469M	186M	136M	231M
(-) Net Interest Income After Taxes	-518M	-347M	-388M	-307M	-371M	-349M	-325M	-265M	-326M	-247M	-239M	-207M	-198M	-200M	-191M	-183M	-165M	-142M	-82M	-60M	-71M	-42M	-40M	-29M	-29M	-20M	-1M	-2M	-1M	-2M	-1M
Net Debt Issuance	-170M	-234M	-219M	-455M	-173M	-3M	100M	-155M	148M	81M	310M	234M	257M	119M	255M	-106M	15M	273M	-46M	47M	-45M	-171M	-269M	-114M	86M	220M	-9M	25M	62M	-4M	22M
Levered Free Cash Flow	6,063M	5,173M	4,726M	3,875M	5,220M	4,287M	5,464M	5,466M	4,475M	3,093M	3,395M	3,632M	3,269M	3,423M	3,592M	2,178M	1,966M	2,219M	1,134M	1,437M	1,502M	1,211M	1,079M	948M	1,303M	1,004M	432M	496M	249M	133M	254M