Consumer Cyclical

Category: Sector Averages Reference Ticker: BMW3.DE

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	74.74	72.37	66.96	61.53	68.79	52.78	50.87	46.33	46.93	40.34	43.36	39.28	36.50	31.15	23.12	24.08	18.43	17.83	28.58	29.07	26.70	25.75	19.42	15.89	15.28	14.10	16.30	18.09	15.29	13.26	10.65
Market Capitalization	35,666M	38,470M	34,837M	34,156M	39,454M	34,921M	32,357M	30,098M	29,102M	24,684M	25,642M	24,711M	24,261M	20,444M	16,037M	14,837M	10,930M	8,088M	13,172M	10,733M	9,773M	9,343M	7,813M	6,896M	6,429M	5,223M	5,309M	4,421M	3,545M	2,816M	1,749M
(-) Cash & Equivalents	6,105M	6,719M	6,525M	5,946M	6,985M	6,417M	4,943M	5,001M	4,728M	3,964M	2,944M	2,337M	2,345M	2,345M	2,061M	1,786M	1,399M	1,156M	1,076M	850M	804M	790M	741M	587M	370M	312M	203M	209M	144M	105M	66M
(+) Total Debt	14,233M	12,641M	15,031M	13,002M	14,292M	12,898M	10,922M	10,665M	8,583M	7,703M	6,857M	5,954M	5,459M	5,028M	4,588M	4,029M	3,998M	4,858M	3,835M	3,291M	3,087M	2,499M	2,545M	2,142M	2,149M	1,852M	1,471M	1,083M	792M	628M	406M
Enterprise Value	65,126M	58,683M	53,699M	49,999M	60,261M	57,033M	46,727M	43,575M	39,780M	35,576M	34,986M	29,654M	28,114M	23,211M	18,367M	17,984M	14,540M	15,306M	17,637M	14,072M	13,029M	11,527M	11,261M	9,940M	9,358M	7,062M	6,440M	5,444M	4,779M	3,477M	2,176M

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	49,834.966M	46,783.615M	45,305.339M	42,109.557M	38,672.045M	33,522.859M	36,867.234M	32,381.253M	30,468.867M	30,069.567M	27,848.646M	26,566.121M	25,523.612M	23,267.565M	21,620.878M	17,631.941M	17,079.403M	16,683.201M	14,312.428M	12,963.229M	11,842.820M	11,146.535M	10,566.208M	9,081.746M	7,977.899M	7,489.343M	6,069.945M	4,903.058M	4,231.494M	3,427.150M	2,044.251M
Cost of Revenue	39,403.389M	37,056.147M	35,979.712M	32,128.839M	29,412.178M	27,209.368M	29,462.656M	25,416.055M	23,710.296M	22,691.361M	21,556.275M	20,457.851M	19,551.890M	17,766.670M	16,211.948M	13,306.244M	13,067.790M	13,486.504M	10,502.057M	9,591.207M	8,863.446M	8,219.506M	7,619.662M	6,541.666M	5,515.869M	5,011.886M	3,910.652M	3,223.319M	2,732.299M	2,189.642M	1,079.131M
Gross Profit	10,431.577M	9,727.468M	9,325.627M	9,980.718M	9,259.867M	6,313.491M	7,404.577M	6,965.198M	6,758.571M	7,378.206M	6,292.372M	6,108.270M	5,971.722M	5,500.895M	5,408.930M	4,325.696M	4,011.613M	3,196.697M	3,810.371M	3,372.022M	2,979.374M	2,927.029M	2,946.545M	2,540.080M	2,462.030M	2,477.457M	2,159.293M	1,679.738M	1,499.195M	1,237.508M	965.119M
Gross Margin	20.90%	20.80%	20.60%	23.70%	23.90%	18.80%	20.10%	21.50%	22.20%	24.50%	22.60%	23.00%	23.40%	23.60%	25.00%	24.50%	23.50%	19.20%	26.60%	26.00%	25.20%	26.30%	27.90%	28.00%	30.90%	33.10%	35.60%	34.30%	35.40%	36.10%	47.20%
R&D Expenses	494.089M	592.130M	537.557M	495.334M	487.987M	469.257M	424.021M	351.683M	261.202M	234.463M	202.881M	181.421M	159.284M	71.821M	31.607M	27.288M	28.412M	25.137M	11.187M	4.051M	27.095M	3.992M	0.000M	0.000M	0.000M	0.000M	0.000M	0.000M	0.000M	0.000M	0.000M
SG&A Expenses	5,557.357M	4,987.260M	4,901.880M	4,858.624M	4,224.821M	4,100.791M	4,496.986M	4,452.129M	3,912.734M	3,816.599M	3,542.329M	3,404.164M	3,039.156M	2,659.594M	2,360.562M	1,898.385M	1,987.097M	2,254.014M	1,872.976M	1,764.548M	1,712.887M	1,590.136M	1,741.039M	1,500.903M	1,254.487M	1,135.928M	975.166M	733.426M	623.935M	463.047M	177.216M
Operating Expenses	6,051.445M	5,579.390M	5,439.437M	5,353.958M	4,712.807M	4,570.049M	4,921.007M	4,803.812M	4,173.937M	4,051.062M	3,745.210M	3,585.585M	3,198.440M	2,731.414M	2,392.169M	1,925.673M	2,015.509M	2,279.151M	1,884.163M	1,768.599M	1,739.982M	1,594.128M	1,741.039M	1,500.903M	1,254.487M	1,135.928M	975.166M	733.426M	623.935M	463.047M	177.216M
Operating Income (EBIT)	4,380.132M	4,148.078M	3,886.191M	4,626.760M	4,547.060M	1,743.442M	2,483.570M	2,161.386M	2,584.635M	3,327.144M	2,547.162M	2,522.685M	2,773.282M	2,769.481M	3,016.761M	2,400.023M	1,996.104M	917.546M	1,926.208M	1,603.423M	1,239.392M	1,332.901M	1,205.507M	1,039.177M	1,207.543M	1,341.529M	1,184.127M	946.313M	875.260M	774.461M	787.904M
Operating Margin	8.80%	8.90%	8.60%	11.00%	11.80%	5.20%	6.70%	6.70%	8.50%	11.10%	9.10%	9.50%	10.90%	11.90%	14.00%	13.60%	11.70%	5.50%	13.50%	12.40%	10.50%	12.00%	11.40%	11.40%	15.10%	17.90%	19.50%	19.30%	20.70%	22.60%	38.50%
Interest Income	286.034M	271.156M	254.298M	121.514M	88.817M	93.409M	123.537M	117.797M	81.528M	66.704M	66.818M	63.008M	53.386M	60.821M	51.268M	33.547M	27.400M	42.702M	39.686M	20.769M	18.538M	8.177M	2.285M	4.086M	3.166M	3.893M	0.000M	0.000M	0.000M	0.000M	0.000M
Interest Expense	427.833M	402.986M	391.751M	271.981M	267.949M	292.575M	301.481M	242.003M	216.883M	205.863M	195.755M	188.991M	196.780M	206.278M	210.209M	194.438M	220.500M	217.687M	166.303M	86.294M	73.346M	45.589M	30.200M	31.989M	13.100M	26.988M	12.341M	6.914M	4.904M	6.782M	6.365M
Net Interest Income	-141.799M	-131.830M	-137.452M	-150.467M	-179.132M	-199.165M	-177.944M	-124.206M	-135.355M	-139.160M	-128.936M	-125.982M	-143.395M	-145.457M	-158.941M	-160.891M	-193.100M	-174.986M	-126.617M	-65.525M	-54.808M	-37.413M	-27.915M	-27.903M	-9.935M	-23.095M	-12.341M	-6.914M	-4.904M	-6.782M	-6.365M
Other Income / Expense	-1,476.521M	-725.291M	-773.892M	-1,781.116M	-1,650.675M	104.642M	-45.909M	379.039M	-34.065M	-1,084.401M	-597.112M	-841.849M	-1,144.105M	-1,077.440M	-1,340.208M	-1,002.002M	-1,162.696M	-136.679M	-934.528M	-750.308M	-392.888M	-566.725M	-614.307M	-555.047M	-880.735M	-890.146M	-788.951M	-616.710M	-624.306M	-557.245M	-651.810M
Pre-Tax Income	2,761.812M	3,290.957M	2,974.846M	2,695.177M	2,717.254M	1,648.919M	2,259.718M	2,416.218M	2,415.215M	2,103.583M	1,821.113M	1,554.854M	1,485.783M	1,546.583M	1,517.612M	1,237.130M	640.308M	605.881M	865.064M	787.591M	791.696M	728.763M	563.284M	456.227M	316.873M	428.288M	382.835M	322.689M	246.050M	210.434M	129.728M
Pre-Tax Margin	5.50%	7.00%	6.60%	6.40%	7.00%	4.90%	6.10%	7.50%	7.90%	7.00%	6.50%	5.90%	5.80%	6.60%	7.00%	7.00%	3.70%	3.60%	6.00%	6.10%	6.70%	6.50%	5.30%	5.00%	4.00%	5.70%	6.30%	6.60%	5.80%	6.10%	6.30%
Income Tax Expense	704.834M	664.622M	580.675M	565.827M	482.725M	355.012M	516.221M	481.487M	517.578M	600.631M	446.108M	364.360M	384.555M	415.255M	334.810M	290.814M	181.013M	228.197M	229.606M	227.801M	245.092M	239.822M	176.946M	167.928M	113.680M	149.370M	126.554M	114.749M	85.345M	69.025M	43.914M
Tax Rate	25.50%	20.20%	19.50%	21.00%	17.80%	21.50%	22.80%	19.90%	21.40%	28.60%	24.50%	23.40%	25.90%	26.80%	22.10%	23.50%	28.30%	35.00%	26.50%	28.90%	31.00%	32.90%	31.40%	35.00%	35.00%	34.90%	33.10%	35.00%	34.70%	32.80%	33.90%
Net Income	2,024.460M	2,594.187M	2,288.009M	1,980.554M	2,001.717M	1,115.374M	1,641.615M	1,774.766M	1,681.282M	1,415.496M	1,305.684M	1,073.053M	1,060.341M	1,106.639M	1,021.924M	868.166M	407.205M	338.962M	638.880M	524.929M	612.917M	501.028M	350.676M	230.728M	187.362M	265.309M	238.357M	216.217M	167.805M	132.193M	86.347M
Net Margin	4.10%	5.50%	5.10%	4.70%	5.20%	3.30%	4.50%	5.50%	5.50%	4.70%	4.70%	4.00%	4.20%	4.80%	4.70%	4.90%	2.40%	2.00%	4.50%	4.00%	5.20%	4.50%	3.30%	2.50%	2.30%	3.50%	3.90%	4.40%	4.00%	3.90%	4.20%
Depreciation & Amortization	1,520.852M	1,951.942M	1,633.974M	1,637.033M	1,646.061M	1,467.904M	1,435.298M	1,176.741M	1,063.132M	983.731M	904.929M	823.424M	807.839M	801.213M	703.696M	656.363M	756.567M	725.616M	591.270M	490.223M	446.223M	413.060M	446.137M	354.771M	303.346M	276.643M	210.093M	176.983M	133.918M	101.846M	56.284M
EBITDA	5,900.983M	6,100.020M	5,520.165M	6,263.793M	6,193.121M	3,211.346M	3,918.868M	3,338.127M	3,647.767M	4,310.875M	3,452.091M	3,346.109M	3,581.121M	3,570.694M	3,720.457M	3,056.387M	2,752.671M	1,643.162M	2,517.479M	2,093.646M	1,685.615M	1,745.961M	1,651.643M	1,393.948M	1,510.889M	1,618.172M	1,394.220M	1,123.296M	1,009.178M	876.307M	844.188M
EBITDA Margin	11.80%	13.00%	12.20%	14.90%	16.00%	9.60%	10.60%	10.30%	12.00%	14.30%	12.40%	12.60%	14.00%	15.30%	17.20%	17.30%	16.10%	9.80%	17.60%	16.20%	14.20%	15.70%	15.60%	15.30%	18.90%	21.60%	23.00%	22.90%	23.80%	25.60%	41.30%
NOPAT	3,262.291M	3,310.357M	3,127.625M	3,655.416M	3,739.266M	1,368.080M	1,916.211M	1,730.680M	2,030.750M	2,377.152M	1,923.198M	1,931.527M	2,055.493M	2,025.879M	2,351.215M	1,835.847M	1,431.812M	596.405M	1,414.952M	1,139.653M	855.703M	894.269M	826.817M	675.465M	784.903M	873.654M	792.691M	615.103M	571.668M	520.429M	521.192M
NOPAT Margin	6.50%	7.10%	6.90%	8.70%	9.70%	4.10%	5.20%	5.30%	6.70%	7.90%	6.90%	7.30%	8.10%	8.70%	10.90%	10.40%	8.40%	3.60%	9.90%	8.80%	7.20%	8.00%	7.80%	7.40%	9.80%	11.70%	13.10%	12.50%	13.50%	15.20%	25.50%
Owner's Earnings	3,545.312M	4,546.129M	3,921.984M	3,617.587M	3,647.778M	2,583.278M	3,076.913M	2,951.507M	2,744.414M	2,399.227M	2,210.613M	1,896.477M	1,868.180M	1,907.852M	1,725.620M	1,524.530M	1,163.772M	1,064.579M	1,230.151M	1,015.152M	1,059.140M	914.088M	796.812M	585.500M	490.708M	541.952M	448.450M	393.200M	301.723M	234.039M	142.631M
Owner's Earnings Margin	7.10%	9.70%	8.70%	8.60%	9.40%	7.70%	8.30%	9.10%	9.00%	8.00%	7.90%	7.10%	7.30%	8.20%	8.00%	8.60%	6.80%	6.40%	8.60%	7.80%	8.90%	8.20%	7.50%	6.40%	6.20%	7.20%	7.40%	8.00%	7.10%	6.80%	7.00%
EPS	0.322	1.642	1.486	1.400	1.148	0.720	1.152	1.441	1.398	1.001	1.206	1.138	1.326	1.363	1.273	1.013	0.596	0.537	0.977	0.871	0.974	0.866	0.651	0.414	0.350	0.544	0.628	0.633	0.575	0.520	0.351
EPS (Diluted)	0.322	1.642	1.486	1.400	1.148	0.720	1.152	1.441	1.398	1.001	1.206	1.138	1.326	1.363	1.273	1.013	0.596	0.537	0.977	0.871	0.974	0.866	0.651	0.414	0.350	0.544	0.628	0.633	0.575	0.520	0.351
Shares (Diluted)	6,281,246,140	1,579,646,063	1,539,672,431	1,414,987,827	1,744,064,107	1,550,049,137	1,424,714,523	1,231,842,277	1,202,906,495	1,413,623,687	1,082,394,422	943,268,112	799,851,684	811,621,857	802,618,115	857,436,287	682,732,066	630,917,763	653,866,376	602,726,642	629,077,579	578,285,623	538,430,878	557,772,919	535,781,504	488,054,806	379,587,109	341,713,632	291,946,544	254,269,036	245,751,041

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	5,735M	6,641M	6,048M	5,774M	6,567M	6,049M	4,352M	4,548M	4,558M	3,761M	2,884M	2,246M	2,164M	2,210M	1,964M	1,763M	1,324M	1,115M	1,060M	812M	787M	790M	711M	587M	397M	312M	203M	208M	147M	107M	65M
Short-Term Investments	649M	2,355M	2,606M	2,537M	1,631M	1,532M	1,610M	1,137M	824M	1,029M	944M	938M	767M	910M	606M	554M	318M	258M	154M	181M	173M	218M	125M	64M	66M	68M	45M	10M	17M	10M	24M
Cash & Short-Term Investments	6,384M	8,996M	8,654M	8,310M	8,199M	7,581M	5,963M	5,684M	5,382M	4,790M	3,829M	3,184M	2,931M	3,119M	2,570M	2,318M	1,642M	1,373M	1,214M	993M	959M	1,008M	835M	651M	464M	379M	249M	218M	164M	117M	89M
Net Receivables	3,966M	4,742M	4,098M	4,262M	3,606M	3,563M	3,317M	2,963M	2,851M	2,687M	2,483M	2,281M	2,192M	2,082M	1,583M	1,520M	1,406M	1,493M	1,536M	1,232M	1,297M	1,116M	785M	584M	587M	611M	449M	413M	385M	307M	196M
Inventory	5,706M	6,141M	6,181M	5,964M	4,915M	4,674M	4,696M	4,302M	3,831M	3,329M	3,028M	3,053M	2,926M	2,589M	2,280M	1,857M	1,988M	2,065M	1,913M	2,164M	1,701M	1,477M	1,465M	1,291M	1,067M	1,007M	827M	679M	570M	498M	291M
Other Current Assets	1,715M	1,230M	1,500M	1,539M	1,366M	1,311M	1,270M	1,117M	1,178M	1,212M	982M	704M	558M	648M	459M	579M	394M	453M	435M	324M	268M	425M	526M	483M	215M	243M	159M	110M	111M	89M	56M
Total Current Assets	17,771M	21,109M	20,433M	20,075M	18,086M	17,129M	15,245M	14,066M	13,241M	12,017M	10,322M	9,222M	8,607M	8,438M	6,892M	6,273M	5,430M	5,384M	5,098M	4,713M	4,225M	4,026M	3,610M	3,009M	2,332M	2,241M	1,684M	1,420M	1,230M	1,011M	632M
Property, Plant & Equipment	12,602M	14,394M	13,960M	11,315M	12,292M	12,205M	11,552M	9,048M	8,465M	8,236M	8,345M	7,031M	6,730M	6,701M	5,681M	5,284M	5,790M	6,006M	5,092M	4,170M	3,993M	3,503M	3,778M	3,536M	3,118M	2,636M	1,936M	1,592M	1,122M	882M	522M
Goodwill	821M	1,346M	1,405M	1,534M	1,409M	1,411M	1,332M	1,305M	1,120M	1,046M	899M	954M	902M	1,020M	851M	712M	654M	543M	631M	885M	493M	250M	61M	79M	89M	0M	0M	0M	0M	0M	0M
Intangible Assets	989M	1,863M	1,526M	1,544M	1,555M	1,350M	1,252M	1,231M	981M	798M	869M	547M	588M	548M	550M	584M	504M	560M	522M	387M	480M	513M	523M	395M	301M	263M	232M	195M	184M	107M	77M
Long-Term Investments	2,235M	2,022M	2,264M	1,662M	1,723M	1,684M	1,601M	1,135M	1,146M	1,005M	933M	773M	686M	651M	657M	624M	524M	525M	525M	309M	173M	24M	39M	27M	18M	48M	0M	0M	0M	0M	0M
Tax Assets	311M	638M	633M	660M	598M	645M	575M	473M	481M	461M	388M	400M	278M	253M	258M	221M	220M	202M	150M	146M	126M	120M	96M	99M	58M	25M	4M	5M	7M	0M	1M
Other Non-Current Assets	2,029M	3,418M	2,965M	2,622M	2,513M	1,964M	1,483M	1,392M	1,135M	1,434M	1,143M	1,170M	1,020M	992M	694M	580M	578M	537M	554M	676M	621M	602M	624M	550M	381M	432M	322M	276M	223M	175M	81M
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	18,987M	23,680M	22,753M	19,337M	20,090M	19,259M	17,794M	14,583M	13,328M	12,979M	12,576M	10,875M	10,204M	10,165M	8,690M	8,004M	8,271M	8,373M	7,474M	6,573M	5,886M	5,012M	5,121M	4,687M	3,967M	3,404M	2,494M	2,069M	1,537M	1,164M	681M
Total Assets	36,757M	44,789M	43,186M	39,412M	38,175M	36,388M	33,039M	28,649M	26,569M	24,996M	22,897M	20,097M	18,811M	18,604M	15,582M	14,277M	13,701M	13,758M	12,572M	11,285M	10,111M	9,038M	8,731M	7,696M	6,299M	5,645M	4,178M	3,488M	2,767M	2,175M	1,314M
Accounts Payable	5,448M	5,514M	5,445M	5,107M	4,944M	4,253M	3,993M	3,736M	3,514M	3,378M	2,937M	2,645M	2,561M	2,406M	2,167M	2,093M	1,812M	1,817M	1,616M	1,388M	1,207M	1,146M	1,006M	815M	692M	691M	499M	450M	356M	270M	156M
Short-Term Debt	2,389M	2,487M	2,726M	2,801M	2,883M	2,508M	2,148M	1,830M	1,540M	1,483M	1,396M	1,185M	956M	941M	774M	836M	707M	938M	767M	592M	585M	422M	356M	275M	336M	383M	307M	233M	167M	101M	58M
Tax Payables	1M	272M	282M	290M	261M	221M	225M	176M	209M	207M	186M	203M	169M	162M	142M	86M	66M	68M	71M	49M	41M	30M	17M	3M	0M	1M	0M	0M	0M	0M	1M
Deferred Revenue	554M	109M	367M	597M	1,506M	1,266M	1,265M	624M	938M	987M	832M	772M	647M	550M	391M	280M	266M	212M	238M	134M	207M	188M	129M	54M	82M	0M	0M	0M	0M	0M	0M
Other Current Liabilities	3,244M	3,398M	2,680M	2,587M	2,818M	1,920M	2,060M	2,137M	1,459M	1,559M	1,567M	1,159M	1,286M	1,272M	1,043M	790M	900M	1,117M	1,006M	915M	814M	773M	645M	555M	372M	455M	409M	280M	247M	164M	77M
Total Current Liabilities	11,636M	11,780M	11,500M	11,383M	12,412M	10,168M	9,692M	8,503M	7,660M	7,613M	6,918M	5,964M	5,619M	5,331M	4,518M	4,085M	3,751M	4,154M	3,698M	3,078M	2,854M	2,558M	2,153M	1,702M	1,482M	1,531M	1,215M	962M	770M	535M	292M
Long-Term Debt	8,304M	7,448M	8,254M	7,787M	7,897M	6,728M	5,716M	5,812M	4,885M	4,266M	4,398M	4,105M	3,585M	3,934M	3,328M	3,094M	2,603M	3,094M	2,782M	2,743M	2,275M	1,868M	2,070M	1,682M	1,465M	1,298M	1,024M	823M	581M	518M	323M
Capital Lease Obligations	794M	1,487M	1,388M	1,377M	1,366M	1,433M	548M	51M	41M	34M	32M	35M	27M	24M	3M	0M	1M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M
Deferred Tax Liabilities	456M	520M	442M	574M	563M	505M	415M	440M	377M	359M	330M	283M	295M	350M	332M	252M	316M	294M	283M	281M	245M	192M	158M	135M	113M	72M	39M	30M	32M	30M	12M
Other Non-Current Liabilities	1,636M	1,696M	1,617M	1,490M	1,251M	1,199M	1,367M	1,291M	1,191M	1,044M	1,112M	1,178M	1,076M	933M	971M	965M	1,008M	793M	907M	838M	770M	610M	556M	463M	459M	416M	274M	212M	139M	112M	53M
Total Non-Current Liabilities	11,191M	11,151M	11,701M	11,227M	11,076M	9,864M	8,046M	7,594M	6,493M	5,703M	5,872M	5,601M	4,984M	5,241M	4,635M	4,312M	3,928M	4,181M	3,971M	3,862M	3,290M	2,670M	2,784M	2,280M	2,036M	1,786M	1,337M	1,065M	752M	660M	387M
Total Liabilities	22,827M	22,931M	23,201M	22,611M	23,488M	20,032M	17,737M	16,097M	14,153M	13,316M	12,790M	11,565M	10,603M	10,572M	9,153M	8,397M	7,678M	8,335M	7,669M	6,940M	6,144M	5,228M	4,937M	3,982M	3,518M	3,317M	2,552M	2,027M	1,522M	1,195M	679M
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	376M	488M	507M	507M	519M	537M	510M	498M	506M	569M	602M	517M	489M	482M	472M	391M	370M	377M	298M	224M	269M	297M	279M	253M	243M	192M	127M	40M	24M	6M	16M
Retained Earnings	12,888M	12,089M	12,120M	10,597M	9,798M	7,831M	8,680M	8,417M	7,230M	6,809M	6,154M	5,883M	5,381M	5,064M	3,914M	2,554M	2,202M	2,096M	2,314M	2,063M	2,135M	1,863M	1,975M	1,790M	1,578M	1,513M	1,060M	887M	762M	607M	372M
Accumulated OCI	255M	217M	157M	96M	-12M	-113M	-31M	-68M	5M	-145M	-134M	-286M	-145M	-108M	-87M	-85M	-70M	-102M	19M	-28M	-36M	-10M	-61M	-53M	-108M	-137M	-70M	-211M	-183M	-94M	-52M
Minority Interest	178M	327M	420M	429M	368M	299M	345M	347M	276M	258M	199M	192M	204M	188M	146M	124M	148M	131M	112M	90M	91M	90M	70M	59M	41M	33M	14M	9M	6M	3M	1M
Total Shareholders’ Equity	13,519M	12,794M	12,784M	11,199M	10,305M	8,254M	9,159M	8,847M	7,741M	7,234M	6,622M	6,113M	5,725M	5,437M	4,299M	2,859M	2,502M	2,371M	2,632M	2,258M	2,369M	2,150M	2,193M	1,989M	1,714M	1,568M	1,118M	715M	603M	519M	337M
Total Equity	13,697M	13,121M	13,204M	11,628M	10,672M	8,553M	9,504M	9,194M	8,017M	7,492M	6,821M	6,306M	5,929M	5,625M	4,445M	2,983M	2,650M	2,502M	2,744M	2,348M	2,459M	2,240M	2,263M	2,048M	1,754M	1,601M	1,132M	724M	609M	522M	338M
Total Liabilities & Equity	36,524M	36,051M	36,405M	34,239M	34,160M	28,585M	27,242M	25,292M	22,170M	20,808M	19,610M	17,871M	16,532M	16,197M	13,598M	11,380M	10,328M	10,837M	10,413M	9,289M	8,603M	7,468M	7,199M	6,030M	5,273M	4,918M	3,684M	2,751M	2,131M	1,718M	1,017M
Tangible Assets	34,948M	41,580M	40,255M	36,335M	35,211M	33,627M	30,455M	26,114M	24,469M	23,153M	21,130M	18,597M	17,320M	17,036M	14,181M	12,982M	12,542M	12,655M	11,419M	10,014M	9,138M	8,275M	8,148M	7,222M	5,908M	5,382M	3,946M	3,293M	2,583M	2,068M	1,237M
Tangible Equity	11,887M	9,912M	10,273M	8,551M	7,708M	5,792M	6,920M	6,659M	5,917M	5,648M	5,053M	4,805M	4,439M	4,057M	3,045M	1,688M	1,491M	1,399M	1,591M	1,077M	1,486M	1,477M	1,679M	1,574M	1,364M	1,338M	901M	529M	425M	415M	261M
Tangible Book Value	11,887M	9,912M	10,273M	8,551M	7,708M	5,792M	6,920M	6,659M	5,917M	5,648M	5,053M	4,805M	4,439M	4,057M	3,045M	1,688M	1,491M	1,399M	1,591M	1,077M	1,486M	1,477M	1,679M	1,574M	1,364M	1,338M	901M	529M	425M	415M	261M
Total Investments	5,028M	4,210M	4,591M	4,029M	4,064M	3,097M	3,369M	2,853M	2,636M	2,255M	1,556M	1,267M	1,165M	1,192M	1,350M	1,155M	971M	905M	795M	594M	585M	414M	278M	207M	156M	108M	35M	21M	8M	0M	0M
Net Debt	4,959M	3,294M	4,932M	4,814M	4,212M	3,187M	3,511M	3,094M	1,867M	1,988M	2,909M	3,044M	2,377M	2,665M	2,139M	2,167M	1,986M	2,918M	2,488M	2,522M	2,074M	1,499M	1,715M	1,370M	1,404M	1,370M	1,128M	848M	601M	513M	315M

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	5,695M	5,872M	3,851M	5,345M	5,443M	4,848M	2,225M	4,667M	4,150M	4,355M	1,934M	1,061M	705M	1,801M	2,247M	1,433M	842M	612M	1,296M	1,565M	1,424M	1,412M	1,239M	1,008M	702M	669M	596M	389M	423M	469M	283M
Total Capital	27,122M	30,112M	29,601M	26,915M	28,331M	24,952M	21,936M	22,078M	18,598M	16,695M	15,201M	13,481M	12,430M	12,308M	11,168M	8,905M	8,299M	8,835M	8,585M	7,104M	7,189M	6,092M	5,969M	5,015M	4,712M	4,171M	3,272M	2,669M	2,122M	1,716M	1,020M
Capital Employed	29,913M	29,900M	31,120M	29,118M	32,221M	31,938M	29,810M	29,567M	21,708M	20,289M	16,159M	12,920M	12,646M	12,906M	13,289M	11,484M	11,110M	11,275M	10,859M	8,980M	8,220M	7,087M	6,576M	6,027M	5,260M	4,688M	3,614M	3,014M	2,305M	1,772M	1,227M
Invested Capital	21,387M	23,472M	23,553M	21,141M	21,764M	18,903M	17,584M	17,531M	14,040M	12,934M	12,317M	11,235M	10,266M	10,099M	9,203M	7,142M	6,975M	7,720M	7,525M	6,291M	6,403M	5,301M	5,258M	4,428M	4,315M	3,860M	3,069M	2,462M	1,975M	1,610M	955M

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	1,946M	2,654M	2,484M	2,255M	2,410M	1,323M	1,781M	1,949M	1,910M	1,773M	1,541M	1,337M	1,203M	1,292M	1,210M	975M	490M	465M	686M	535M	616M	530M	399M	265M	204M	281M	243M	232M	175M	134M	92M
Depreciation & Amortization	1,465M	1,760M	1,785M	1,630M	1,646M	1,568M	1,407M	1,162M	1,057M	990M	875M	836M	811M	807M	720M	659M	749M	730M	491M	481M	437M	409M	411M	342M	294M	269M	200M	177M	123M	101M	62M
Deferred Income Tax	8M	-3M	-31M	-42M	-57M	-19M	-16M	17M	-16M	24M	15M	1M	-1M	2M	2M	-6M	-3M	-19M	-12M	-25M	3M	9M	11M	8M	-3M	3M	2M	3M	2M	0M	0M
Stock-Based Compensation	57M	64M	51M	61M	43M	40M	38M	35M	31M	25M	25M	24M	23M	22M	19M	11M	8M	2M	2M	1M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M
Change in Working Capital	-202M	-8M	8M	-891M	-67M	111M	-61M	-147M	-125M	43M	-87M	-160M	-96M	-144M	-239M	67M	184M	-119M	-50M	-56M	-43M	-22M	-12M	60M	9M	-36M	-3M	-22M	-6M	-17M	-19M
Accounts Receivable	-129M	-239M	-254M	-330M	-51M	51M	-31M	-106M	-113M	-129M	-79M	-101M	-73M	-42M	-15M	-5M	0M	4M	0M	0M	-8M	-1M	0M	0M	0M	0M	0M	0M	0M	0M	0M
Inventory	31M	-103M	-282M	-842M	-387M	-62M	-142M	-191M	-254M	-180M	-193M	-133M	-117M	-117M	-170M	-140M	144M	-98M	-77M	-100M	-85M	-68M	-79M	-29M	-11M	-62M	-38M	-40M	-23M	-4M	-17M
Accounts Payable	7M	14M	89M	307M	213M	77M	148M	119M	126M	100M	51M	24M	17M	21M	5M	24M	-6M	-12M	0M	0M	12M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M
Other Working Capital	-116M	-111M	-28M	32M	-116M	54M	-78M	-29M	-32M	83M	57M	10M	5M	14M	-6M	132M	-28M	53M	57M	20M	60M	33M	52M	74M	35M	33M	48M	23M	31M	1M	-2M
Other Non-Cash Items	566M	349M	82M	177M	-137M	-35M	-65M	88M	-63M	-5M	-44M	-26M	-27M	-77M	-97M	-11M	62M	126M	-23M	4M	-9M	-1M	53M	42M	44M	28M	12M	-2M	-1M	-5M	-1M
Net Cash from Operating	4,319M	4,357M	4,247M	3,425M	3,419M	3,430M	3,213M	2,825M	2,461M	2,491M	2,217M	1,756M	1,893M	1,815M	1,557M	1,710M	1,433M	962M	1,231M	952M	910M	813M	812M	778M	608M	504M	433M	342M	296M	211M	129M
Investments in PPE	-1,592M	-1,618M	-1,700M	-1,498M	-1,429M	-1,551M	-1,871M	-1,622M	-1,340M	-1,221M	-1,301M	-1,114M	-1,024M	-971M	-797M	-571M	-653M	-933M	-794M	-640M	-612M	-538M	-521M	-466M	-417M	-426M	-416M	-402M	-284M	-212M	-154M
Acquisitions (Net)	-9M	-104M	-134M	-183M	-155M	-44M	-116M	-83M	-45M	-66M	-54M	-61M	-38M	-55M	-78M	-22M	-20M	-19M	-46M	-45M	-33M	-21M	-19M	-52M	-34M	-38M	0M	0M	0M	0M	0M
Purchases of Investments	-596M	-1,537M	-948M	-1,586M	-798M	-870M	-452M	-662M	-889M	-658M	-538M	-442M	-413M	-377M	-232M	-185M	-102M	-240M	-286M	-180M	-183M	-75M	-49M	-27M	-23M	-15M	-9M	-5M	-4M	-3M	-1M
Sales/Maturities of Investments	583M	1,238M	883M	897M	801M	735M	728M	579M	843M	718M	687M	375M	342M	196M	180M	137M	122M	245M	281M	197M	216M	90M	40M	35M	17M	16M	10M	6M	5M	8M	4M
Other Investing Activities	-162M	-162M	-17M	77M	73M	65M	22M	-8M	-55M	-35M	24M	-12M	-5M	-19M	14M	39M	13M	22M	38M	70M	48M	5M	50M	68M	41M	23M	20M	11M	10M	-26M	-12M
Net Cash from Investing	-2,422M	-2,252M	-2,542M	-2,312M	-1,416M	-1,751M	-2,122M	-1,710M	-1,811M	-1,845M	-1,235M	-1,197M	-1,133M	-1,330M	-1,013M	-590M	-704M	-930M	-698M	-683M	-493M	-475M	-476M	-429M	-347M	-450M	-427M	-335M	-255M	-265M	-166M
Net Debt Issuance	29M	443M	481M	593M	142M	573M	291M	268M	544M	385M	153M	376M	119M	271M	50M	-159M	-104M	273M	54M	166M	-23M	-30M	5M	-46M	9M	152M	97M	84M	43M	74M	40M
Long-Term Debt Issuance	150M	449M	361M	149M	298M	680M	372M	294M	566M	372M	170M	311M	167M	278M	41M	-1M	52M	194M	91M	134M	-55M	-26M	4M	-39M	17M	129M	96M	56M	33M	73M	34M
Short-Term Debt Issuance	-24M	-48M	4M	66M	-79M	-34M	-22M	-1M	27M	-5M	9M	8M	-19M	-16M	42M	-83M	-104M	8M	-12M	-12M	-7M	-1M	0M	0M	0M	0M	0M	0M	0M	0M	0M
Net Stock Issuance	-243M	-375M	-292M	-427M	-104M	-56M	-159M	-208M	-136M	-228M	-150M	-217M	-154M	-114M	-82M	-1M	1M	-106M	-95M	-111M	-76M	-45M	-50M	-5M	-40M	-86M	-46M	-32M	-2M	6M	-1M
Common Stock Issued	1M	2M	1M	11M	29M	12M	4M	11M	8M	6M	15M	16M	16M	12M	13M	36M	22M	21M	65M	51M	49M	32M	19M	27M	21M	11M	17M	16M	13M	11M	9M
Common Stock Repurchased	-255M	-378M	-323M	-439M	-115M	-65M	-165M	-185M	-141M	-211M	-162M	-232M	-165M	-141M	-83M	-19M	-14M	-127M	-177M	-134M	-112M	-71M	-66M	-54M	-56M	-103M	-54M	-45M	-11M	-3M	-2M
Net Common Stock Issuance	-243M	-374M	-292M	-423M	-99M	-57M	-156M	-182M	-134M	-206M	-145M	-189M	-143M	-98M	-73M	1M	2M	-103M	-95M	-111M	-76M	-41M	-46M	-7M	-40M	-86M	-41M	-30M	-2M	6M	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	-503M	-685M	-618M	-623M	-434M	-474M	-622M	-502M	-524M	-478M	-409M	-326M	-303M	-273M	-197M	-115M	-114M	-163M	-130M	-129M	-131M	-97M	-76M	-59M	-51M	-47M	-41M	-35M	-35M	-30M	-19M
Common Dividends Paid	-474M	-685M	-640M	-623M	-453M	-477M	-663M	-508M	-524M	-478M	-413M	-320M	-296M	-256M	-197M	-107M	-112M	-161M	-115M	-131M	-134M	-90M	-68M	-52M	-47M	-43M	-38M	-33M	-30M	-23M	-16M
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	-193M	-196M	-182M	-177M	-188M	-147M	-97M	-80M	-33M	0M	8M	-12M	13M	7M	-9M	-20M	-36M	-8M	0M	3M	-4M	-32M	-21M	-19M	1M	-1M	-1M	0M	-3M	0M	2M
Net Cash from Financing	-1,382M	-1,046M	-1,195M	-773M	-948M	-49M	-954M	-772M	-180M	-335M	-472M	-163M	-304M	-247M	-458M	-353M	-252M	-168M	-375M	-152M	-355M	-260M	-190M	-222M	-93M	12M	23M	33M	-2M	52M	21M
Effect of FX on Cash	7M	11M	-4M	-10M	24M	-37M	11M	-14M	-1M	-17M	-7M	4M	-10M	-4M	-8M	0M	5M	-33M	11M	9M	4M	1M	1M	2M	0M	-3M	-3M	0M	-3M	0M	0M
Net Change in Cash	272M	246M	12M	-145M	568M	1,005M	136M	142M	415M	196M	275M	18M	187M	71M	91M	352M	168M	-5M	190M	18M	39M	105M	108M	76M	105M	17M	6M	-15M	36M	4M	8M
Cash at Beginning of Period	6,203M	5,450M	5,762M	5,676M	5,673M	3,782M	3,672M	3,870M	3,557M	2,912M	2,239M	2,102M	2,002M	1,982M	1,735M	1,052M	1,003M	994M	795M	709M	755M	734M	622M	431M	333M	329M	219M	159M	122M	108M	51M
Cash at End of Period	5,825M	6,372M	5,694M	5,558M	6,296M	5,579M	3,875M	3,593M	3,782M	3,555M	2,617M	2,227M	2,143M	2,154M	1,882M	1,610M	1,063M	1,052M	987M	706M	741M	817M	740M	589M	428M	346M	209M	180M	163M	124M	65M
Operating Cash Flow	4,302M	4,357M	4,242M	3,425M	3,419M	3,507M	3,213M	2,825M	2,461M	2,491M	2,217M	1,756M	1,893M	1,815M	1,557M	1,710M	1,433M	962M	1,231M	952M	910M	813M	812M	778M	576M	504M	434M	342M	296M	211M	129M
Capital Expenditure	-1,696M	-1,883M	-1,939M	-1,498M	-1,429M	-1,552M	-1,871M	-1,540M	-1,328M	-1,221M	-1,204M	-1,061M	-1,006M	-1,072M	-835M	-571M	-622M	-934M	-794M	-640M	-615M	-538M	-521M	-466M	-417M	-426M	-418M	-417M	-277M	-209M	-154M
Free Cash Flow	2,209M	2,054M	2,312M	1,467M	1,832M	1,396M	1,216M	1,291M	1,096M	1,090M	786M	588M	738M	588M	597M	1,011M	710M	193M	379M	295M	289M	312M	288M	289M	196M	137M	76M	11M	62M	29M	12M
Income Taxes Paid	0M	61M	68M	96M	36M	30M	31M	43M	23M	3M	0M	0M	7M	24M	7M	7M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M
Interest Paid	8M	27M	31M	22M	19M	3M	17M	19M	12M	0M	0M	2M	8M	8M	3M	1M	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	5,901M	6,100M	5,520M	6,264M	6,193M	3,211M	3,919M	3,338M	3,648M	4,311M	3,452M	3,346M	3,581M	3,571M	3,720M	3,056M	2,753M	1,643M	2,517M	2,094M	1,686M	1,746M	1,652M	1,394M	1,511M	1,618M	1,394M	1,123M	1,009M	876M	844M
(-) Tax Adjustment	1,533M	1,232M	1,078M	1,315M	1,100M	691M	895M	665M	782M	1,231M	846M	784M	927M	959M	821M	718M	778M	575M	668M	606M	522M	575M	519M	488M	529M	564M	461M	393M	350M	287M	286M
(-) Change in Working Capital	-202M	-8M	8M	-891M	-67M	111M	-61M	-147M	-125M	43M	-87M	-160M	-96M	-144M	-239M	67M	184M	-119M	-50M	-56M	-43M	-22M	-12M	60M	9M	-36M	-3M	-22M	-6M	-17M	-19M
(-) Capital Expenditure	1,696M	1,883M	1,939M	1,498M	1,429M	1,552M	1,871M	1,540M	1,328M	1,221M	1,204M	1,061M	1,006M	1,072M	835M	571M	622M	934M	794M	640M	615M	538M	521M	466M	417M	426M	418M	417M	277M	209M	154M
Unlevered Free Cash Flow	2,875M	2,993M	2,495M	4,342M	3,731M	857M	1,214M	1,280M	1,663M	1,816M	1,489M	1,661M	1,744M	1,683M	2,303M	1,700M	1,168M	253M	1,106M	905M	592M	656M	624M	380M	556M	663M	518M	335M	388M	397M	424M
(-) Net Interest Income After Taxes	-104M	-105M	-111M	-119M	-147M	-156M	-137M	-99M	-106M	-99M	-97M	-96M	-106M	-106M	-124M	-123M	-139M	-114M	-93M	-47M	-38M	-25M	-19M	-18M	-6M	-15M	-8M	-4M	-3M	-5M	-4M
Net Debt Issuance	29M	443M	481M	593M	142M	573M	291M	268M	544M	385M	153M	376M	119M	271M	50M	-159M	-104M	273M	54M	166M	-23M	-30M	5M	-46M	9M	152M	97M	84M	43M	74M	40M
Levered Free Cash Flow	3,008M	3,541M	3,087M	5,054M	4,021M	1,587M	1,642M	1,648M	2,314M	2,300M	1,739M	2,134M	1,970M	2,060M	2,477M	1,665M	1,203M	640M	1,253M	1,117M	607M	651M	648M	352M	571M	830M	623M	424M	434M	476M	468M