Utilities

Category: Sector Averages Reference Ticker: TXNM

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	40.14	32.17	29.27	31.56	31.52	27.91	28.86	24.75	25.40	24.12	21.95	24.57	20.98	20.54	22.12	22.66	22.27	23.54	29.69	27.78	23.69	21.25	19.48	16.13	15.91	16.85	14.26	16.98	16.15	12.85	12.78
Market Capitalization	26,396M	22,888M	20,779M	20,344M	21,204M	18,247M	18,093M	16,926M	15,065M	13,976M	12,588M	13,795M	10,794M	10,128M	9,292M	9,762M	9,128M	8,518M	12,240M	10,122M	7,913M	6,458M	5,067M	4,186M	3,910M	3,921M	2,979M	3,296M	2,726M	2,096M	1,732M
(-) Cash & Equivalents	1,255M	1,232M	1,156M	1,109M	947M	913M	844M	849M	855M	649M	714M	834M	711M	666M	573M	588M	570M	419M	407M	350M	314M	253M	272M	255M	149M	125M	100M	69M	51M	39M	25M
(+) Total Debt	30,463M	26,401M	24,740M	23,359M	22,030M	20,953M	16,341M	15,859M	15,512M	14,677M	13,597M	14,092M	13,026M	10,979M	10,008M	9,478M	8,535M	7,317M	6,528M	6,395M	5,724M	4,897M	4,673M	4,026M	3,524M	3,297M	2,646M	2,022M	1,661M	1,441M	1,293M
Enterprise Value	56,085M	49,147M	45,874M	45,805M	42,799M	37,581M	34,271M	33,072M	30,097M	28,431M	25,696M	26,731M	22,955M	20,502M	18,586M	18,335M	17,502M	15,947M	19,254M	16,720M	13,782M	11,383M	9,642M	8,078M	7,240M	7,614M	5,517M	5,648M	4,938M	3,320M	3,054M

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	18,848.659M	17,482.922M	17,751.009M	18,334.601M	14,817.403M	13,096.950M	13,248.016M	12,852.586M	12,373.981M	11,834.609M	11,541.038M	12,064.594M	11,329.696M	10,666.423M	10,299.626M	9,586.103M	9,152.974M	9,607.720M	8,360.246M	7,923.751M	7,122.442M	5,958.772M	5,226.058M	4,869.625M	4,264.414M	3,838.635M	2,583.953M	2,464.803M	1,824.604M	1,558.627M	1,355.233M
Cost of Revenue	11,541.058M	10,281.697M	12,025.013M	13,196.350M	10,888.949M	9,163.137M	9,251.124M	9,210.589M	8,378.527M	8,276.104M	8,241.570M	8,591.045M	8,077.115M	7,539.851M	6,848.530M	6,142.038M	5,460.093M	5,560.722M	4,450.539M	3,798.419M	3,541.619M	2,500.783M	1,945.425M	1,602.590M	1,681.845M	1,272.097M	904.082M	680.869M	735.736M	547.589M	490.585M
Gross Profit	7,307.601M	7,201.225M	5,725.996M	5,138.251M	3,928.454M	3,933.812M	3,996.892M	3,641.997M	3,995.454M	3,558.505M	3,299.468M	3,473.549M	3,252.581M	3,126.572M	3,451.096M	3,444.066M	3,692.881M	4,046.998M	3,909.707M	4,125.333M	3,580.823M	3,457.988M	3,280.633M	3,267.035M	2,582.569M	2,566.538M	1,679.871M	1,783.934M	1,088.868M	1,011.038M	864.648M
Gross Margin	38.77%	41.19%	32.26%	28.02%	26.51%	30.04%	30.17%	28.34%	32.29%	30.07%	28.59%	28.79%	28.71%	29.31%	33.51%	35.93%	40.35%	42.12%	46.77%	52.06%	50.28%	58.03%	62.77%	67.09%	60.56%	66.86%	65.01%	72.38%	59.68%	64.87%	63.80%
R&D Expenses	0.000M	5.255M	8.795M	7.216M	10.437M	6.051M	6.442M	4.230M	4.454M	5.699M	3.903M	1.699M	2.880M	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	0.000M
SG&A Expenses	266.394M	394.782M	391.936M	372.926M	332.831M	287.814M	248.313M	249.788M	250.362M	223.113M	153.797M	172.938M	138.230M	85.754M	72.591M	65.521M	89.971M	71.887M	48.014M	60.800M	64.115M	51.443M	37.102M	39.192M	8.442M	6.507M	3.936M	1.816M	1.032M	2.339M	1.903M
Operating Expenses	266.394M	400.038M	400.731M	380.141M	343.268M	293.865M	254.754M	254.018M	254.815M	228.812M	157.700M	174.637M	141.109M	85.754M	72.591M	65.521M	89.971M	71.887M	48.014M	60.800M	64.115M	51.443M	37.102M	39.192M	8.442M	6.507M	3.936M	1.816M	1.032M	2.339M	1.903M
Operating Income (EBIT)	7,041.207M	6,801.187M	5,325.265M	4,758.110M	3,585.186M	3,639.948M	3,742.138M	3,387.979M	3,740.639M	3,329.693M	3,141.768M	3,298.912M	3,111.472M	3,040.817M	3,378.505M	3,378.545M	3,602.910M	3,975.111M	3,861.693M	4,064.533M	3,516.708M	3,406.545M	3,243.531M	3,227.843M	2,574.127M	2,560.031M	1,675.936M	1,782.118M	1,087.836M	1,008.699M	862.745M
Operating Margin	37.36%	38.90%	30.00%	25.95%	24.20%	27.79%	28.25%	26.36%	30.23%	28.14%	27.22%	27.34%	27.46%	28.51%	32.80%	35.24%	39.36%	41.37%	46.19%	51.30%	49.38%	57.17%	62.06%	66.29%	60.36%	66.69%	64.86%	72.30%	59.62%	64.72%	63.66%
Interest Income	92.182M	112.167M	87.554M	54.093M	32.240M	45.772M	45.707M	45.449M	60.413M	51.372M	58.047M	51.030M	59.448M	45.600M	43.219M	40.335M	34.219M	42.866M	14.687M	12.793M	10.250M	3.326M	1.756M	0.666M	0.158M	0.119M	0.000M	0.000M	0.000M	0.000M	0.000M
Interest Expense	1,268.316M	1,111.780M	1,035.776M	782.269M	685.251M	709.024M	716.818M	588.383M	544.267M	562.775M	580.390M	584.375M	563.657M	515.426M	492.923M	492.734M	430.581M	409.579M	204.932M	223.893M	186.192M	102.101M	58.680M	32.353M	18.260M	18.891M	1.281M	2.549M	0.398M	1.588M	2.738M
Net Interest Income	-1,176.134M	-999.613M	-948.222M	-728.175M	-653.011M	-663.252M	-671.111M	-542.934M	-483.854M	-511.403M	-522.343M	-533.345M	-504.209M	-469.827M	-449.704M	-452.398M	-396.362M	-366.714M	-190.245M	-211.101M	-175.941M	-98.776M	-56.925M	-31.687M	-18.101M	-18.772M	-1.281M	-2.549M	-0.398M	-1.588M	-2.738M
Other Income / Expense	-3,454.968M	-3,498.179M	-2,669.690M	-2,612.566M	-1,685.310M	-1,769.270M	-1,830.072M	-1,722.010M	-1,891.127M	-1,566.926M	-1,405.069M	-1,539.277M	-1,615.318M	-1,546.988M	-1,854.517M	-1,808.428M	-2,211.731M	-2,539.118M	-2,642.031M	-2,922.375M	-2,559.946M	-2,591.124M	-2,645.076M	-2,748.503M	-2,137.223M	-2,238.196M	-1,411.681M	-1,479.620M	-838.582M	-798.291M	-633.165M
Pre-Tax Income	2,410.105M	2,303.396M	1,707.352M	1,417.368M	1,246.865M	1,207.425M	1,240.955M	1,123.035M	1,365.657M	1,251.364M	1,214.356M	1,226.290M	991.945M	1,024.002M	1,074.284M	1,117.718M	994.818M	1,069.279M	1,029.416M	931.057M	780.821M	716.646M	541.530M	447.653M	418.803M	303.063M	262.974M	299.950M	248.856M	208.820M	226.842M
Pre-Tax Margin	12.79%	13.18%	9.62%	7.73%	8.41%	9.22%	9.37%	8.74%	11.04%	10.57%	10.52%	10.16%	8.76%	9.60%	10.43%	11.66%	10.87%	11.13%	12.31%	11.75%	10.96%	12.03%	10.36%	9.19%	9.82%	7.90%	10.18%	12.17%	13.64%	13.40%	16.74%
Income Tax Expense	442.182M	431.177M	279.572M	240.644M	193.055M	231.149M	228.125M	190.403M	300.710M	286.420M	338.345M	335.825M	298.883M	287.422M	294.384M	342.512M	286.841M	313.067M	289.740M	272.022M	239.683M	196.480M	154.916M	113.262M	126.250M	91.830M	94.800M	97.937M	89.172M	70.685M	85.079M
Tax Rate	18.35%	18.72%	16.37%	16.98%	15.48%	19.14%	18.38%	16.95%	22.02%	22.89%	27.86%	27.39%	30.13%	28.07%	27.40%	30.64%	28.83%	29.28%	28.15%	29.22%	30.70%	27.42%	28.61%	25.30%	30.15%	30.30%	35.00%	32.65%	35.00%	33.85%	35.00%
Net Income	1,842.316M	1,703.825M	1,318.709M	1,168.966M	944.055M	923.516M	1,062.693M	883.558M	1,002.821M	872.820M	820.974M	890.971M	683.273M	647.339M	720.402M	749.087M	647.650M	733.197M	742.793M	672.130M	525.982M	512.364M	330.505M	237.263M	305.809M	207.167M	175.760M	201.846M	159.932M	143.623M	139.427M
Net Margin	9.77%	9.75%	7.43%	6.38%	6.37%	7.05%	8.02%	6.87%	8.10%	7.38%	7.11%	7.39%	6.03%	6.07%	6.99%	7.81%	7.08%	7.63%	8.88%	8.48%	7.38%	8.60%	6.32%	4.87%	7.17%	5.40%	6.80%	8.19%	8.77%	9.21%	10.29%
Depreciation & Amortization	2,401.935M	2,403.677M	2,023.235M	2,035.996M	1,966.864M	1,967.771M	1,795.041M	1,664.143M	1,553.598M	1,543.689M	1,435.778M	1,395.186M	1,295.188M	1,224.877M	1,090.326M	1,063.293M	982.403M	888.003M	854.337M	832.784M	764.399M	609.252M	526.789M	466.855M	359.838M	323.496M	260.942M	202.094M	52.462M	48.675M	32.853M
EBITDA	9,443.142M	9,204.864M	7,348.500M	6,794.106M	5,552.050M	5,607.718M	5,537.178M	5,052.122M	5,294.237M	4,873.382M	4,577.546M	4,694.098M	4,406.660M	4,265.694M	4,468.831M	4,441.838M	4,585.314M	4,863.114M	4,716.030M	4,897.317M	4,281.107M	4,015.797M	3,770.319M	3,694.698M	2,933.966M	2,883.527M	1,936.878M	1,984.212M	1,140.298M	1,057.374M	895.598M
EBITDA Margin	50.10%	52.65%	41.40%	37.06%	37.47%	42.82%	41.80%	39.31%	42.79%	41.18%	39.66%	38.91%	38.89%	39.99%	43.39%	46.34%	50.10%	50.62%	56.41%	61.81%	60.11%	67.39%	72.14%	75.87%	68.80%	75.12%	74.96%	80.50%	62.50%	67.84%	66.08%
NOPAT	5,749.356M	5,528.060M	4,453.273M	3,950.266M	3,030.082M	2,943.119M	3,054.219M	2,813.569M	2,916.970M	2,567.571M	2,266.405M	2,395.491M	2,173.953M	2,187.305M	2,452.699M	2,343.229M	2,564.063M	2,811.265M	2,774.780M	2,877.021M	2,437.210M	2,472.584M	2,315.650M	2,411.154M	1,798.145M	1,784.329M	1,089.358M	1,200.238M	707.093M	667.256M	560.784M
NOPAT Margin	30.50%	31.62%	25.09%	21.55%	20.45%	22.47%	23.05%	21.89%	23.57%	21.70%	19.64%	19.86%	19.19%	20.51%	23.81%	24.44%	28.01%	29.26%	33.19%	36.31%	34.22%	41.49%	44.31%	49.51%	42.17%	46.48%	42.16%	48.70%	38.75%	42.81%	41.38%
Owner's Earnings	4,244.250M	4,107.502M	3,341.944M	3,204.962M	2,910.919M	2,891.287M	2,857.733M	2,547.701M	2,556.420M	2,416.509M	2,256.752M	2,286.157M	1,978.462M	1,872.215M	1,810.728M	1,812.380M	1,630.053M	1,621.200M	1,597.130M	1,504.914M	1,290.380M	1,121.616M	857.294M	704.118M	665.647M	530.663M	436.702M	403.940M	212.394M	192.298M	172.280M
Owner's Earnings Margin	22.52%	23.49%	18.83%	17.48%	19.65%	22.08%	21.57%	19.82%	20.66%	20.42%	19.55%	18.95%	17.46%	17.55%	17.58%	18.91%	17.81%	16.87%	19.10%	18.99%	18.12%	18.82%	16.40%	14.46%	15.61%	13.82%	16.90%	16.39%	11.64%	12.34%	12.71%
EPS	0.269	0.948	0.767	0.667	0.595	0.537	0.593	0.496	0.683	0.603	0.571	0.618	0.430	0.417	0.655	0.790	0.787	1.166	1.289	1.072	0.978	0.940	0.639	0.468	0.593	0.425	0.381	0.614	0.510	0.500	0.441
EPS (Diluted)	0.269	0.948	0.767	0.667	0.595	0.537	0.593	0.496	0.683	0.603	0.571	0.618	0.430	0.417	0.655	0.790	0.787	1.166	1.289	1.072	0.978	0.940	0.639	0.468	0.593	0.425	0.381	0.614	0.510	0.500	0.441
Shares (Diluted)	6,851,784,460	1,797,890,584	1,719,208,310	1,751,454,299	1,586,463,459	1,720,624,161	1,790,582,039	1,782,638,623	1,467,393,113	1,447,690,822	1,439,008,494	1,440,700,077	1,587,528,808	1,553,964,160	1,099,126,412	947,985,451	822,566,944	628,568,585	576,349,355	627,072,607	537,652,561	545,345,448	516,851,270	506,528,035	516,070,585	487,959,201	461,526,026	328,926,527	313,768,999	287,494,591	316,162,361

Sector Balance Sheet

Metric	MRQ	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015	2014	2013	2012	2011	2010	2009	2008	2007	2006	2005	2004	2003	2002	2001	2000	1999	1998	1997	1996	1995
Cash & Cash Equivalents	1,339M	1,231M	1,156M	1,109M	954M	913M	844M	849M	855M	649M	714M	834M	711M	666M	573M	588M	570M	419M	407M	350M	316M	251M	272M	255M	155M	128M	105M	73M	57M	42M	26M
Short-Term Investments	248M	153M	193M	277M	187M	311M	172M	200M	183M	310M	200M	198M	251M	195M	73M	103M	147M	135M	24M	14M	23M	30M	5M	7M	2M	2M	4M	1M	1M	5M	1M
Cash & Short-Term Investments	1,587M	1,383M	1,349M	1,386M	1,141M	1,224M	1,016M	1,049M	1,038M	960M	914M	1,032M	962M	861M	646M	691M	717M	554M	431M	365M	340M	281M	276M	262M	157M	130M	109M	74M	58M	47M	26M
Net Receivables	2,550M	2,893M	2,874M	3,229M	2,611M	2,271M	2,137M	2,214M	2,119M	1,897M	1,542M	1,870M	1,650M	1,449M	1,075M	1,176M	1,157M	1,127M	998M	875M	965M	707M	569M	553M	503M	519M	305M	266M	213M	181M	155M
Inventory	1,041M	1,069M	1,120M	1,113M	834M	727M	724M	706M	647M	653M	682M	722M	669M	669M	552M	489M	489M	498M	416M	371M	318M	278M	254M	235M	181M	162M	134M	122M	109M	95M	88M
Other Current Assets	1,043M	1,370M	1,707M	1,952M	1,547M	1,082M	1,074M	944M	913M	840M	837M	964M	1,008M	983M	613M	545M	518M	553M	520M	578M	540M	408M	274M	307M	259M	248M	104M	99M	96M	44M	36M
Total Current Assets	6,221M	6,716M	7,051M	7,680M	6,134M	5,305M	4,951M	4,913M	4,717M	4,349M	3,975M	4,588M	4,290M	3,961M	2,886M	2,901M	2,881M	2,732M	2,366M	2,189M	2,162M	1,675M	1,373M	1,357M	1,100M	1,059M	652M	561M	476M	367M	305M
Property, Plant & Equipment	39,059M	36,634M	38,811M	36,926M	35,426M	35,757M	33,561M	30,804M	29,358M	28,279M	25,794M	25,079M	23,299M	21,344M	17,539M	16,471M	15,203M	13,917M	12,543M	11,728M	10,669M	8,724M	8,033M	7,356M	5,290M	4,924M	3,796M	3,510M	3,514M	3,056M	2,877M
Goodwill	1,325M	1,410M	1,571M	1,618M	1,520M	1,399M	1,435M	1,090M	1,133M	1,083M	914M	880M	868M	772M	370M	342M	295M	209M	114M	158M	126M	85M	0M	8M	0M	0M	0M	0M	0M	0M	0M
Intangible Assets	429M	687M	640M	723M	737M	707M	787M	474M	485M	379M	446M	320M	273M	339M	370M	243M	225M	215M	144M	120M	237M	177M	307M	288M	68M	44M	20M	6M	7M	1M	0M
Long-Term Investments	2,800M	2,840M	2,688M	2,603M	2,639M	2,772M	2,679M	2,415M	2,190M	1,941M	1,560M	1,489M	1,654M	1,256M	987M	1,192M	937M	802M	244M	172M	44M	46M	11M	25M	0M	0M	0M	0M	0M	0M	0M
Tax Assets	169M	124M	336M	435M	399M	320M	242M	349M	312M	334M	158M	163M	198M	302M	373M	386M	327M	191M	223M	123M	92M	20M	2M	1M	0M	0M	0M	0M	0M	0M	0M
Other Non-Current Assets	5,940M	6,479M	5,413M	4,962M	4,742M	4,591M	3,547M	2,967M	2,689M	3,448M	3,244M	3,223M	2,494M	2,366M	2,726M	2,286M	2,428M	2,601M	2,575M	2,584M	2,289M	1,764M	1,617M	1,632M	1,780M	1,642M	1,395M	1,316M	1,014M	652M	605M
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	49,722M	48,174M	49,458M	47,267M	45,461M	45,546M	42,250M	38,098M	36,168M	35,463M	32,116M	31,154M	28,786M	26,379M	22,364M	20,921M	19,415M	17,936M	15,843M	14,886M	13,457M	10,815M	9,970M	9,311M	7,139M	6,610M	5,211M	4,832M	4,535M	3,709M	3,482M
Total Assets	55,943M	54,890M	56,509M	54,948M	51,596M	50,851M	47,202M	43,011M	40,885M	39,813M	36,091M	35,742M	33,075M	30,340M	25,250M	23,822M	22,297M	20,668M	18,209M	17,075M	15,619M	12,490M	11,343M	10,668M	8,239M	7,669M	5,863M	5,393M	5,011M	4,075M	3,787M
Accounts Payable	2,271M	2,172M	1,937M	2,146M	1,846M	1,592M	1,469M	1,555M	1,517M	1,290M	1,203M	1,243M	1,166M	1,033M	893M	908M	791M	837M	781M	716M	737M	554M	357M	381M	339M	414M	225M	180M	163M	134M	99M
Short-Term Debt	3,449M	3,003M	3,178M	3,579M	3,308M	2,405M	2,457M	2,704M	2,007M	2,100M	1,721M	1,768M	1,743M	1,711M	1,457M	1,286M	1,112M	1,114M	1,087M	909M	784M	614M	459M	710M	598M	635M	362M	298M	289M	196M	145M
Tax Payables	102M	227M	198M	222M	225M	189M	169M	162M	148M	145M	142M	122M	113M	106M	108M	107M	92M	46M	46M	40M	30M	20M	16M	2M	3M	0M	1M	1M	1M	0M	0M
Deferred Revenue	119M	115M	153M	246M	437M	452M	448M	222M	301M	228M	202M	179M	208M	200M	163M	117M	98M	80M	39M	67M	48M	29M	9M	9M	4M	0M	0M	4M	0M	3M	3M
Other Current Liabilities	2,575M	2,827M	2,840M	2,917M	2,497M	2,135M	1,898M	2,302M	1,726M	1,830M	1,463M	1,377M	1,263M	1,403M	1,025M	1,025M	963M	956M	442M	423M	409M	251M	77M	49M	28M	27M	10M	8M	13M	1M	1M
Total Current Liabilities	8,516M	8,343M	8,307M	9,108M	8,313M	6,773M	6,442M	6,946M	5,700M	5,594M	4,731M	4,689M	4,492M	4,453M	3,647M	3,443M	3,055M	3,034M	2,394M	2,155M	2,008M	1,468M	918M	1,151M	972M	1,077M	598M	491M	466M	333M	248M
Long-Term Debt	27,895M	22,790M	20,822M	18,742M	17,893M	17,539M	14,835M	11,983M	13,273M	12,616M	11,610M	12,229M	10,968M	10,694M	9,006M	8,129M	6,884M	6,030M	5,794M	5,254M	4,892M	4,034M	3,892M	3,156M	2,996M	2,605M	2,173M	1,841M	1,503M	1,323M	1,229M
Capital Lease Obligations	92M	600M	601M	606M	554M	629M	604M	84M	57M	62M	45M	44M	51M	15M	5M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M
Deferred Tax Liabilities	3,757M	2,292M	2,186M	2,186M	1,958M	1,760M	1,756M	1,738M	2,146M	3,049M	2,771M	2,487M	2,386M	2,287M	2,216M	1,893M	1,684M	1,340M	1,178M	1,146M	1,211M	1,374M	776M	718M	648M	680M	657M	660M	733M	716M	696M
Other Non-Current Liabilities	8,417M	8,293M	7,622M	8,165M	8,799M	8,054M	7,355M	7,757M	6,495M	6,175M	5,784M	5,692M	5,085M	3,755M	3,154M	3,119M	2,710M	876M	-131M	-395M	-1,011M	-1,329M	-1,471M	-1,527M	-2,183M	-2,032M	-1,816M	-1,617M	-1,424M	-1,556M	-1,090M
Total Non-Current Liabilities	40,161M	33,974M	31,231M	29,698M	29,204M	27,983M	24,550M	21,562M	21,971M	21,902M	20,209M	20,452M	18,489M	16,751M	14,381M	13,140M	11,278M	8,246M	6,841M	6,005M	5,092M	4,080M	3,197M	2,346M	1,462M	1,253M	1,013M	883M	812M	483M	835M
Total Liabilities	48,677M	42,318M	39,538M	38,806M	37,517M	34,756M	30,991M	28,508M	27,671M	27,496M	24,940M	25,141M	22,982M	21,205M	18,028M	16,583M	14,333M	11,280M	9,235M	8,160M	7,100M	5,547M	4,115M	3,497M	2,434M	2,330M	1,611M	1,374M	1,278M	817M	1,083M
Preferred Stock	63M	55M	36M	52M	103M	70M	67M	16M	7M	0M	0M	0M	0M	0M	0M	4M	0M	13M	8M	19M	25M	26M	19M	19M	7M	30M	35M	60M	67M	89M	98M
Common Stock	2,534M	2,543M	2,876M	2,903M	2,438M	2,469M	2,459M	2,293M	2,295M	2,206M	2,020M	2,059M	1,945M	1,886M	1,627M	1,215M	1,196M	1,154M	793M	770M	858M	1,100M	970M	908M	652M	539M	440M	438M	344M	249M	191M
Retained Earnings	5,759M	6,252M	4,964M	4,706M	4,615M	4,858M	4,435M	3,998M	4,197M	3,766M	4,176M	4,077M	3,697M	3,453M	3,189M	2,740M	2,485M	2,261M	1,855M	1,654M	1,268M	1,498M	883M	771M	693M	547M	552M	514M	519M	484M	399M
Accumulated OCI	77M	306M	114M	180M	105M	-18M	9M	-24M	38M	74M	82M	-34M	-19M	-81M	-63M	-47M	-47M	-61M	-35M	-57M	-88M	-52M	-54M	-175M	-65M	-63M	-59M	-43M	-46M	-44M	-13M
Minority Interest	1,088M	1,204M	1,147M	973M	818M	1,230M	1,292M	994M	776M	741M	497M	443M	366M	367M	272M	187M	168M	76M	66M	60M	76M	78M	51M	40M	63M	24M	15M	12M	11M	0M	0M
Total Shareholders’ Equity	8,433M	9,156M	7,990M	7,840M	7,261M	7,379M	6,970M	6,283M	6,536M	6,046M	6,278M	6,102M	5,623M	5,257M	4,753M	3,912M	3,634M	3,367M	2,620M	2,387M	2,064M	2,571M	1,818M	1,522M	1,287M	1,053M	968M	968M	884M	778M	676M
Total Equity	9,521M	10,360M	9,137M	8,813M	8,079M	8,609M	8,262M	7,278M	7,312M	6,787M	6,774M	6,544M	5,989M	5,625M	5,025M	4,099M	3,802M	3,443M	2,686M	2,447M	2,139M	2,649M	1,870M	1,562M	1,350M	1,077M	983M	980M	895M	778M	676M
Total Liabilities & Equity	58,197M	52,677M	48,675M	47,619M	45,596M	43,365M	39,253M	35,785M	34,984M	34,282M	31,715M	31,685M	28,971M	26,829M	23,053M	20,682M	18,135M	14,723M	11,922M	10,607M	9,239M	8,197M	5,985M	5,059M	3,784M	3,406M	2,594M	2,354M	2,173M	1,594M	1,758M
Tangible Assets	54,189M	52,793M	54,299M	52,607M	49,339M	48,746M	44,980M	41,448M	39,267M	38,351M	34,731M	34,542M	31,934M	29,229M	24,510M	23,237M	21,777M	20,243M	17,950M	16,796M	15,256M	12,228M	11,036M	10,371M	8,171M	7,625M	5,843M	5,387M	5,004M	4,074M	3,787M
Tangible Equity	7,767M	8,263M	6,926M	6,472M	5,822M	6,503M	6,040M	5,715M	5,694M	5,325M	5,414M	5,345M	4,848M	4,513M	4,285M	3,515M	3,282M	3,019M	2,428M	2,169M	1,776M	2,388M	1,563M	1,266M	1,282M	1,032M	963M	974M	888M	777M	675M
Tangible Book Value	7,767M	8,263M	6,926M	6,472M	5,822M	6,503M	6,040M	5,715M	5,694M	5,325M	5,414M	5,345M	4,848M	4,513M	4,285M	3,515M	3,282M	3,019M	2,428M	2,169M	1,776M	2,388M	1,563M	1,266M	1,282M	1,032M	963M	974M	888M	777M	675M
Total Investments	3,194M	3,190M	2,905M	3,216M	3,222M	3,273M	3,127M	2,703M	2,392M	2,450M	1,961M	1,753M	1,982M	1,445M	1,485M	1,511M	1,300M	1,155M	631M	478M	290M	119M	81M	74M	13M	7M	2M	2M	0M	0M	0M
Net Debt	30,005M	24,562M	22,844M	21,211M	20,247M	19,032M	16,448M	13,838M	14,426M	14,067M	12,617M	13,163M	12,000M	11,740M	9,891M	8,827M	7,426M	6,725M	6,474M	5,813M	5,360M	4,396M	4,079M	3,611M	3,440M	3,111M	2,430M	2,066M	1,734M	1,478M	1,348M

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	-2,023M	-2,318M	-2,111M	-2,383M	-2,768M	-1,952M	-1,473M	-2,383M	-1,071M	-1,487M	-976M	-228M	-614M	-539M	-578M	-486M	-404M	-586M	-678M	-799M	-711M	-491M	-7M	-879M	-525M	-295M	-230M	-209M	-252M	-119M	-64M
Total Capital	49,070M	43,129M	39,068M	37,616M	36,063M	34,212M	28,144M	26,438M	26,512M	25,000M	23,350M	23,641M	21,721M	19,239M	17,131M	16,438M	14,823M	13,418M	12,377M	11,848M	10,353M	9,257M	7,987M	6,929M	6,246M	5,518M	4,705M	4,008M	3,535M	2,891M	2,588M
Capital Employed	54,966M	51,910M	54,430M	51,997M	48,549M	46,712M	42,523M	37,664M	35,639M	35,712M	32,715M	31,842M	29,472M	27,540M	23,347M	22,196M	20,674M	18,908M	16,788M	15,621M	14,440M	13,687M	11,740M	11,093M	8,409M	7,240M	5,441M	4,739M	4,211M	3,768M	3,411M
Invested Capital	47,730M	41,898M	37,912M	36,507M	35,108M	33,299M	27,300M	25,589M	25,657M	24,351M	22,636M	22,807M	21,010M	18,573M	16,558M	15,850M	14,253M	12,999M	11,970M	11,498M	10,037M	9,005M	7,716M	6,674M	6,091M	5,389M	4,600M	3,935M	3,478M	2,849M	2,562M

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	1,664M	1,834M	1,476M	1,252M	1,118M	982M	1,166M	979M	1,065M	979M	944M	966M	785M	795M	710M	778M	639M	742M	711M	688M	587M	526M	349M	260M	284M	197M	186M	208M	234M	238M	257M
Depreciation & Amortization	1,841M	2,303M	2,032M	2,010M	2,036M	2,016M	1,803M	1,664M	1,588M	1,559M	1,372M	1,389M	1,295M	1,225M	982M	994M	912M	825M	629M	720M	644M	509M	242M	261M	114M	55M	13M	11M	0M	0M	0M
Deferred Income Tax	55M	99M	41M	24M	72M	57M	77M	53M	174M	129M	164M	169M	118M	97M	130M	157M	86M	106M	16M	-6M	17M	73M	32M	-2M	-3M	6M	-3M	0M	3M	11M	14M
Stock-Based Compensation	0M	0M	6M	13M	10M	9M	7M	8M	11M	11M	7M	7M	7M	5M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M
Change in Working Capital	-106M	104M	-34M	-676M	-551M	-205M	-139M	-29M	-164M	-37M	8M	-141M	-69M	-25M	-87M	-57M	-86M	-139M	-93M	-5M	-74M	-53M	-57M	18M	13M	-36M	-17M	-9M	-5M	-2M	6M
Accounts Receivable	-56M	-107M	117M	-396M	-418M	-56M	-43M	-154M	-104M	-100M	59M	-25M	-76M	-30M	15M	-22M	29M	7M	-3M	22M	-44M	-21M	0M	0M	6M	-5M	0M	0M	0M	0M	0M
Inventory	-53M	-34M	-17M	-183M	-88M	0M	-14M	-24M	-11M	26M	25M	-35M	12M	-10M	-33M	13M	19M	-49M	-13M	-23M	-34M	-13M	-10M	0M	-18M	-5M	-2M	-4M	2M	6M	6M
Accounts Payable	48M	88M	-144M	357M	191M	53M	-20M	122M	53M	77M	-56M	10M	19M	-1M	4M	11M	-36M	-6M	-2M	-10M	40M	7M	0M	0M	0M	0M	0M	0M	0M	0M	0M
Other Working Capital	48M	177M	-72M	-306M	-178M	-168M	-25M	35M	-134M	-77M	4M	-153M	-79M	19M	31M	-68M	-63M	-61M	-14M	7M	10M	-26M	-49M	-34M	-27M	24M	4M	-11M	8M	-1M	-2M
Other Non-Cash Items	442M	155M	121M	261M	47M	232M	102M	225M	159M	412M	292M	239M	244M	129M	148M	51M	103M	69M	163M	165M	83M	29M	126M	183M	168M	159M	137M	164M	245M	251M	270M
Net Cash from Operating	4,327M	4,496M	3,635M	2,504M	2,614M	2,845M	2,927M	2,904M	3,000M	2,989M	2,850M	2,509M	2,359M	2,301M	2,076M	2,044M	1,794M	1,749M	1,464M	1,697M	1,253M	1,221M	960M	702M	716M	442M	450M	495M	538M	569M	576M
Investments in PPE	-3,906M	-3,806M	-4,176M	-3,759M	-3,407M	-3,351M	-3,022M	-2,911M	-2,780M	-2,542M	-2,289M	-2,365M	-2,355M	-2,236M	-1,825M	-1,568M	-1,495M	-1,671M	-1,398M	-1,173M	-936M	-734M	-591M	-665M	-558M	-483M	-353M	-288M	-334M	-307M	-314M
Acquisitions (Net)	4M	15M	-17M	-9M	132M	-22M	-69M	28M	-58M	-146M	-40M	-10M	3M	-8M	-12M	3M	-14M	-5M	1M	-9M	-7M	0M	0M	-3M	-37M	-21M	-9M	-2M	-11M	-10M	-1M
Purchases of Investments	-697M	-935M	-694M	-939M	-732M	-912M	-664M	-705M	-710M	-676M	-539M	-423M	-508M	-333M	-548M	-492M	-314M	-209M	-114M	-124M	-171M	-45M	-17M	-9M	-10M	-14M	-6M	-6M	-18M	-6M	-4M
Sales/Maturities of Investments	618M	778M	830M	753M	681M	915M	675M	588M	739M	610M	517M	456M	460M	364M	474M	343M	382M	289M	121M	89M	132M	29M	17M	24M	1M	2M	1M	2M	5M	0M	0M
Other Investing Activities	-319M	-265M	-3M	-15M	20M	-81M	-52M	-222M	13M	-102M	-45M	-97M	-14M	-40M	-90M	-64M	-85M	-96M	36M	19M	1M	55M	8M	-5M	-19M	-7M	-5M	-15M	-20M	-53M	-12M
Net Cash from Investing	-5,152M	-4,734M	-4,165M	-3,877M	-3,502M	-3,097M	-3,280M	-2,908M	-2,779M	-3,108M	-2,439M	-2,523M	-2,311M	-2,252M	-2,092M	-1,889M	-1,917M	-1,928M	-1,213M	-1,293M	-989M	-804M	-616M	-745M	-897M	-666M	-396M	-387M	-634M	-453M	-379M
Net Debt Issuance	1,705M	1,319M	1,676M	1,956M	1,710M	1,139M	836M	553M	643M	550M	256M	525M	441M	512M	387M	229M	472M	673M	206M	118M	65M	-198M	-112M	9M	204M	246M	221M	63M	186M	13M	-43M
Long-Term Debt Issuance	1,506M	1,291M	1,713M	1,776M	1,552M	1,229M	800M	461M	629M	504M	265M	586M	363M	407M	381M	284M	583M	564M	234M	46M	1M	-135M	-107M	15M	175M	221M	46M	25M	73M	3M	-51M
Short-Term Debt Issuance	108M	-78M	20M	108M	88M	-97M	47M	40M	26M	30M	19M	-15M	33M	7M	18M	-41M	-75M	19M	-20M	6M	4M	-13M	0M	0M	0M	0M	0M	0M	0M	0M	0M
Net Stock Issuance	15M	66M	8M	13M	44M	63M	198M	55M	20M	35M	10M	12M	14M	16M	7M	46M	62M	9M	1M	11M	40M	46M	45M	37M	14M	1M	-21M	5M	-8M	-1M	-6M
Common Stock Issued	23M	87M	26M	198M	54M	71M	208M	117M	42M	130M	68M	62M	52M	50M	23M	83M	71M	39M	50M	50M	91M	65M	70M	84M	30M	16M	7M	23M	34M	59M	28M
Common Stock Repurchased	0M	-7M	-5M	-15M	-8M	-2M	-1M	-1M	-3M	-5M	-5M	-4M	-2M	-4M	-10M	-3M	0M	-32M	-29M	-30M	-41M	-4M	-3M	-12M	-7M	-27M	-41M	-23M	-41M	-54M	-24M
Net Common Stock Issuance	15M	76M	8M	102M	14M	61M	184M	64M	23M	112M	19M	33M	15M	18M	10M	26M	62M	9M	1M	11M	40M	33M	45M	37M	14M	1M	-21M	5M	-1M	7M	-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	-781M	-874M	-810M	-744M	-723M	-620M	-575M	-616M	-610M	-607M	-603M	-557M	-530M	-517M	-420M	-397M	-383M	-360M	-321M	-299M	-261M	-199M	-161M	-161M	-134M	-144M	-128M	-128M	-158M	-176M	-164M
Common Dividends Paid	-754M	-862M	-807M	-742M	-724M	-667M	-631M	-622M	-571M	-595M	-592M	-534M	-518M	-484M	-384M	-369M	-373M	-358M	-307M	-274M	-244M	-177M	-145M	-149M	-123M	-130M	-121M	-120M	-144M	-167M	-157M
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	-126M	-108M	-134M	205M	-91M	-52M	-45M	-19M	-54M	-41M	-54M	-26M	-18M	14M	-10M	-15M	-13M	-16M	-6M	-15M	-3M	-40M	-32M	13M	-2M	11M	4M	9M	-1M	-1M	-1M
Net Cash from Financing	817M	503M	589M	1,500M	915M	469M	287M	25M	110M	66M	-491M	139M	64M	-18M	-33M	-150M	272M	341M	-241M	-318M	-155M	-547M	-268M	27M	167M	180M	62M	-74M	86M	-144M	-154M
Effect of FX on Cash	-2M	1M	1M	0M	9M	-11M	1M	-1M	-2M	0M	-2M	0M	-2M	0M	-2M	1M	-1M	-2M	-3M	-1M	3M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M
Net Change in Cash	65M	84M	-119M	194M	102M	161M	-10M	2M	68M	-97M	-48M	85M	58M	35M	50M	-3M	69M	66M	37M	71M	46M	16M	23M	-10M	39M	18M	13M	17M	11M	-9M	5M
Cash at Beginning of Period	1,060M	1,105M	1,173M	1,034M	939M	875M	935M	930M	747M	812M	900M	763M	695M	644M	645M	650M	577M	525M	392M	340M	219M	204M	215M	180M	126M	129M	87M	62M	60M	49M	51M
Cash at End of Period	1,352M	1,238M	1,144M	1,181M	1,017M	962M	890M	930M	886M	737M	783M	920M	769M	697M	633M	639M	642M	612M	458M	450M	337M	302M	245M	238M	154M	141M	111M	77M	67M	57M	47M
Operating Cash Flow	4,332M	4,491M	3,621M	2,492M	2,604M	2,841M	2,927M	2,904M	2,997M	2,990M	2,850M	2,509M	2,359M	2,300M	2,076M	2,043M	1,794M	1,748M	1,464M	1,700M	1,255M	1,221M	962M	701M	670M	442M	450M	495M	538M	569M	576M
Capital Expenditure	-4,592M	-4,400M	-4,397M	-3,761M	-3,409M	-3,392M	-3,049M	-2,935M	-2,800M	-2,605M	-2,327M	-2,374M	-2,359M	-2,244M	-1,839M	-1,591M	-1,537M	-1,689M	-1,396M	-1,170M	-936M	-734M	-593M	-665M	-570M	-483M	-353M	-288M	-334M	-307M	-314M
Free Cash Flow	-197M	4M	-701M	-1,093M	-683M	-178M	-205M	38M	14M	208M	325M	199M	135M	88M	268M	365M	241M	12M	212M	381M	340M	413M	341M	74M	111M	-14M	104M	154M	238M	265M	236M
Income Taxes Paid	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	6M	0M	0M	4M	5M	20M	60M	39M	26M	21M	17M	25M	34M	37M	45M	24M	48M	38M	71M
Interest Paid	68M	226M	178M	121M	104M	0M	50M	83M	99M	46M	88M	83M	94M	87M	35M	97M	103M	130M	140M	124M	121M	110M	132M	120M	120M	91M	101M	66M	64M	66M	94M

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	9,443M	9,205M	7,349M	6,794M	5,552M	5,608M	5,537M	5,052M	5,294M	4,873M	4,578M	4,694M	4,407M	4,266M	4,469M	4,442M	4,585M	4,863M	4,716M	4,897M	4,281M	4,016M	3,770M	3,695M	2,934M	2,884M	1,937M	1,984M	1,140M	1,057M	896M
(-) Tax Adjustment	1,738M	1,723M	1,203M	1,154M	860M	1,074M	1,018M	857M	1,166M	1,115M	1,275M	1,285M	1,328M	1,197M	1,225M	1,361M	1,322M	1,424M	1,327M	1,431M	1,314M	1,101M	1,079M	935M	884M	874M	678M	648M	399M	358M	313M
(-) Change in Working Capital	-106M	104M	-34M	-676M	-551M	-205M	-139M	-29M	-164M	-37M	8M	-141M	-69M	-25M	-87M	-57M	-86M	-139M	-93M	-5M	-74M	-53M	-57M	18M	13M	-36M	-17M	-9M	-5M	-2M	6M
(-) Capital Expenditure	4,592M	4,400M	4,397M	3,761M	3,409M	3,392M	3,049M	2,935M	2,800M	2,605M	2,327M	2,374M	2,359M	2,244M	1,839M	1,591M	1,537M	1,689M	1,396M	1,170M	936M	734M	593M	665M	570M	483M	353M	288M	334M	307M	314M
Unlevered Free Cash Flow	3,220M	2,978M	1,782M	2,555M	1,834M	1,347M	1,609M	1,289M	1,492M	1,190M	967M	1,176M	789M	849M	1,493M	1,547M	1,813M	1,889M	2,085M	2,302M	2,105M	2,234M	2,156M	2,076M	1,467M	1,563M	923M	1,057M	412M	395M	262M
(-) Net Interest Income After Taxes	-961M	-812M	-793M	-605M	-552M	-536M	-548M	-451M	-377M	-394M	-377M	-387M	-352M	-338M	-326M	-314M	-282M	-259M	-137M	-149M	-122M	-72M	-41M	-24M	-13M	-13M	-1M	-2M	0M	-1M	-2M
Net Debt Issuance	1,705M	1,319M	1,676M	1,956M	1,710M	1,139M	836M	553M	643M	550M	256M	525M	441M	512M	387M	229M	472M	673M	206M	118M	65M	-198M	-112M	9M	204M	246M	221M	63M	186M	13M	-43M
Levered Free Cash Flow	5,885M	5,109M	4,251M	5,116M	4,096M	3,022M	2,993M	2,293M	2,513M	2,134M	1,600M	2,088M	1,583M	1,699M	2,206M	2,090M	2,567M	2,822M	2,428M	2,569M	2,292M	2,107M	2,085M	2,109M	1,684M	1,822M	1,145M	1,121M	598M	409M	220M