Industrials

Category: Sector Averages Reference Ticker: ARCB

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	88.00	83.98	80.26	69.76	79.97	61.40	57.03	52.36	59.71	52.62	46.25	49.39	49.37	38.63	31.74	37.99	31.81	28.49	42.75	33.45	27.39	24.63	21.92	19.29	21.58	20.74	20.70	19.95	19.70	17.11	14.27
Market Capitalization	49,303M	42,502M	35,152M	30,596M	35,747M	27,260M	26,569M	24,052M	27,325M	24,199M	23,458M	21,742M	15,995M	14,077M	13,146M	14,428M	12,278M	12,863M	19,705M	15,178M	12,343M	9,943M	8,774M	8,053M	8,375M	7,564M	7,338M	6,439M	4,935M	3,843M	2,313M
(-) Cash & Equivalents	5,587M	6,622M	6,077M	6,159M	5,769M	5,608M	3,920M	3,676M	3,708M	3,497M	3,023M	2,561M	2,762M	2,500M	2,421M	2,388M	2,253M	1,996M	1,893M	1,407M	1,246M	1,046M	809M	721M	633M	482M	448M	239M	210M	178M	93M
(+) Total Debt	21,983M	20,689M	19,458M	17,497M	16,924M	16,583M	14,296M	11,959M	10,974M	11,014M	10,139M	8,694M	8,096M	7,862M	7,408M	6,855M	6,187M	6,904M	5,363M	4,371M	3,790M	3,441M	3,447M	3,323M	3,556M	2,985M	2,665M	2,192M	1,590M	1,094M	784M
Enterprise Value	68,009M	62,705M	49,303M	42,464M	48,526M	40,086M	38,690M	34,190M	35,898M	32,881M	31,009M	27,623M	23,324M	19,787M	18,046M	21,091M	17,436M	18,863M	24,935M	20,210M	15,620M	13,320M	12,515M	11,651M	11,929M	11,343M	10,557M	9,016M	6,650M	4,868M	2,764M

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	49,639.613M	47,434.065M	47,518.263M	45,391.465M	39,995.032M	33,380.208M	35,110.233M	33,467.123M	31,125.091M	29,090.699M	29,529.489M	28,652.267M	26,877.084M	26,623.767M	25,467.172M	23,750.304M	22,635.613M	24,378.020M	21,103.433M	17,545.309M	15,766.018M	13,423.944M	12,652.733M	11,485.588M	10,583.101M	9,506.130M	8,404.236M	6,900.478M	5,648.768M	4,565.290M	3,181.442M
Cost of Revenue	39,733.483M	37,510.955M	37,532.896M	36,411.484M	32,507.576M	27,641.726M	27,702.149M	26,360.663M	24,541.103M	22,545.623M	22,691.093M	22,995.755M	21,603.924M	20,627.227M	19,241.554M	18,031.963M	16,788.724M	17,701.731M	14,902.386M	12,124.949M	10,955.000M	9,263.475M	7,883.960M	7,092.623M	5,865.631M	5,089.952M	4,496.771M	3,578.499M	3,090.815M	2,495.786M	1,781.122M
Gross Profit	9,906.130M	9,923.110M	9,985.367M	8,979.981M	7,487.457M	5,738.481M	7,408.084M	7,106.460M	6,583.988M	6,545.077M	6,838.396M	5,656.512M	5,273.160M	5,996.540M	6,225.619M	5,718.340M	5,846.889M	6,676.290M	6,201.047M	5,420.360M	4,811.018M	4,160.469M	4,768.773M	4,392.965M	4,717.470M	4,416.177M	3,907.465M	3,321.979M	2,557.952M	2,069.504M	1,400.319M
Gross Margin	19.96%	20.92%	21.01%	19.78%	18.72%	17.19%	21.10%	21.23%	21.15%	22.50%	23.16%	19.74%	19.62%	22.52%	24.45%	24.08%	25.83%	27.39%	29.38%	30.89%	30.52%	30.99%	37.69%	38.25%	44.58%	46.46%	46.49%	48.14%	45.28%	45.33%	44.02%
R&D Expenses	677.571M	643.834M	580.139M	526.125M	511.735M	471.250M	501.665M	434.689M	389.447M	388.522M	338.403M	332.981M	306.020M	256.683M	194.491M	152.610M	115.483M	98.866M	118.148M	98.049M	78.184M	45.703M	30.321M	30.650M	27.038M	0.602M	0.000M	1.224M	1.220M	0.000M	0.000M
SG&A Expenses	3,759.921M	3,420.153M	3,298.722M	3,090.250M	2,814.174M	2,728.391M	2,902.496M	2,976.921M	2,808.617M	2,773.310M	2,606.617M	2,584.382M	2,435.016M	2,476.781M	2,054.745M	2,116.871M	2,201.381M	2,409.666M	2,112.786M	1,835.843M	1,819.422M	1,848.037M	1,700.718M	1,575.262M	1,614.196M	1,411.524M	1,327.210M	999.487M	754.898M	593.898M	385.671M
Operating Expenses	4,437.492M	4,063.987M	3,878.861M	3,616.375M	3,325.909M	3,199.640M	3,404.161M	3,411.610M	3,198.064M	3,161.832M	2,945.021M	2,917.364M	2,741.036M	2,733.464M	2,249.236M	2,269.481M	2,316.864M	2,508.532M	2,230.934M	1,933.892M	1,897.606M	1,893.741M	1,731.039M	1,605.913M	1,641.234M	1,412.126M	1,327.210M	1,000.710M	756.118M	593.898M	385.671M
Operating Income (EBIT)	5,468.638M	5,859.123M	6,106.505M	5,363.607M	4,161.548M	2,538.841M	4,003.924M	3,694.850M	3,385.924M	3,383.245M	3,893.375M	2,739.148M	2,532.123M	3,263.077M	3,976.383M	3,448.859M	3,530.025M	4,167.758M	3,970.113M	3,486.468M	2,913.412M	2,266.729M	3,037.734M	2,787.053M	3,076.235M	3,004.051M	2,580.255M	2,321.269M	1,801.834M	1,475.606M	1,014.648M
Operating Margin	11.02%	12.35%	12.85%	11.82%	10.41%	7.61%	11.40%	11.04%	10.88%	11.63%	13.18%	9.56%	9.42%	12.26%	15.61%	14.52%	15.60%	17.10%	18.81%	19.87%	18.48%	16.89%	24.01%	24.27%	29.07%	31.60%	30.70%	33.64%	31.90%	32.32%	31.89%
Interest Income	221.108M	227.170M	178.662M	116.958M	71.344M	63.261M	99.047M	85.598M	60.010M	62.355M	54.422M	44.068M	49.228M	44.932M	50.679M	48.108M	57.031M	89.293M	69.067M	36.157M	27.605M	15.173M	4.749M	5.906M	4.885M	2.567M	1.571M	0.000M	0.000M	0.000M	0.000M
Interest Expense	807.193M	804.804M	646.341M	454.024M	425.006M	437.042M	434.521M	366.007M	333.767M	330.762M	332.660M	320.441M	324.601M	323.590M	328.199M	295.001M	262.220M	286.065M	249.872M	159.937M	136.790M	110.048M	59.612M	59.752M	53.199M	42.591M	19.325M	17.531M	4.744M	2.848M	1.121M
Net Interest Income	-586.085M	-577.635M	-467.679M	-337.067M	-353.662M	-373.781M	-335.474M	-280.409M	-273.757M	-268.407M	-278.238M	-276.373M	-275.373M	-278.658M	-277.521M	-246.893M	-205.189M	-196.772M	-180.805M	-123.781M	-109.185M	-94.875M	-54.863M	-53.846M	-48.314M	-40.024M	-17.754M	-17.531M	-4.744M	-2.848M	-1.121M
Other Income / Expense	-1,436.814M	-2,006.792M	-2,407.043M	-1,744.977M	-619.578M	-499.624M	-1,110.037M	-955.956M	-801.425M	-1,115.908M	-1,531.051M	-523.587M	-724.137M	-1,460.426M	-2,024.830M	-1,644.553M	-2,300.399M	-2,444.373M	-2,203.324M	-2,068.554M	-1,783.580M	-1,387.167M	-2,416.446M	-2,253.718M	-2,592.377M	-2,418.093M	-2,059.705M	-1,896.249M	-1,416.729M	-1,106.611M	-805.716M
Pre-Tax Income	3,445.739M	3,274.696M	3,231.783M	3,281.564M	3,188.307M	1,665.436M	2,558.413M	2,458.485M	2,310.742M	1,998.929M	2,084.087M	1,939.188M	1,532.613M	1,523.993M	1,674.032M	1,557.412M	1,024.436M	1,526.613M	1,585.984M	1,294.133M	1,020.647M	784.687M	566.425M	479.489M	435.544M	545.935M	502.796M	407.489M	380.361M	366.147M	207.811M
Pre-Tax Margin	6.94%	6.90%	6.80%	7.23%	7.97%	4.99%	7.29%	7.35%	7.42%	6.87%	7.06%	6.77%	5.70%	5.72%	6.57%	6.56%	4.53%	6.26%	7.52%	7.38%	6.47%	5.85%	4.48%	4.17%	4.12%	5.74%	5.98%	5.91%	6.73%	8.02%	6.53%
Income Tax Expense	763.492M	705.301M	622.287M	669.059M	646.001M	412.654M	546.925M	469.444M	587.233M	509.297M	513.861M	514.662M	447.169M	438.956M	497.521M	432.303M	317.841M	474.639M	461.066M	391.327M	323.084M	267.773M	179.830M	171.011M	167.465M	209.451M	184.465M	145.519M	136.210M	121.388M	76.506M
Tax Rate	22.16%	21.54%	19.26%	20.39%	20.26%	24.78%	21.38%	19.09%	25.41%	25.48%	24.66%	26.54%	29.18%	28.80%	29.72%	27.76%	31.03%	31.09%	29.07%	30.24%	31.65%	34.12%	31.75%	35.00%	35.00%	35.00%	35.00%	35.00%	35.00%	33.15%	35.00%
Net Income	2,511.715M	2,444.397M	2,274.561M	2,391.387M	2,346.971M	1,267.915M	1,828.173M	1,718.330M	1,481.368M	1,359.116M	1,271.635M	1,300.664M	1,038.765M	985.758M	1,148.678M	1,066.870M	696.805M	1,011.099M	1,117.517M	883.994M	662.450M	489.722M	360.777M	270.715M	276.119M	361.827M	345.663M	280.547M	264.758M	224.185M	153.160M
Net Margin	5.06%	5.15%	4.79%	5.27%	5.87%	3.80%	5.21%	5.13%	4.76%	4.67%	4.31%	4.54%	3.86%	3.70%	4.51%	4.49%	3.08%	4.15%	5.30%	5.04%	4.20%	3.65%	2.85%	2.36%	2.61%	3.81%	4.11%	4.07%	4.69%	4.91%	4.81%
Depreciation & Amortization	1,449.092M	1,738.781M	1,767.475M	1,428.929M	1,351.319M	1,412.449M	1,419.229M	1,308.277M	1,172.186M	1,128.013M	1,076.551M	978.137M	930.969M	924.370M	890.716M	830.369M	862.363M	798.449M	756.331M	710.722M	672.210M	572.790M	559.172M	559.462M	492.024M	442.532M	376.534M	273.684M	234.258M	187.123M	119.969M
EBITDA	6,917.730M	7,597.903M	7,873.980M	6,792.536M	5,512.866M	3,951.290M	5,423.153M	5,003.127M	4,558.110M	4,511.258M	4,969.926M	3,717.285M	3,463.092M	4,187.446M	4,867.099M	4,279.228M	4,392.388M	4,966.207M	4,726.444M	4,197.190M	3,585.622M	2,839.519M	3,596.906M	3,346.515M	3,568.259M	3,446.583M	2,956.790M	2,594.953M	2,036.092M	1,662.729M	1,134.617M
EBITDA Margin	13.94%	16.02%	16.57%	14.96%	13.78%	11.84%	15.45%	14.95%	14.64%	15.51%	16.83%	12.97%	12.88%	15.73%	19.11%	18.02%	19.40%	20.37%	22.40%	23.92%	22.74%	21.15%	28.43%	29.14%	33.72%	36.26%	35.18%	37.61%	36.04%	36.42%	35.66%
NOPAT	4,256.921M	4,597.190M	4,930.683M	4,270.052M	3,318.353M	1,909.778M	3,147.984M	2,989.324M	2,525.453M	2,521.245M	2,933.409M	2,012.177M	1,793.328M	2,323.213M	2,794.606M	2,491.532M	2,434.803M	2,871.962M	2,815.949M	2,432.210M	1,991.175M	1,493.211M	2,073.306M	1,811.584M	1,999.553M	1,952.633M	1,677.166M	1,508.825M	1,171.192M	986.400M	659.521M
NOPAT Margin	8.58%	9.69%	10.38%	9.41%	8.30%	5.72%	8.97%	8.93%	8.11%	8.67%	9.93%	7.02%	6.67%	8.73%	10.97%	10.49%	10.76%	11.78%	13.34%	13.86%	12.63%	11.12%	16.39%	15.77%	18.89%	20.54%	19.96%	21.87%	20.73%	21.61%	20.73%
Owner's Earnings	3,960.807M	4,183.178M	4,042.035M	3,820.316M	3,698.290M	2,680.365M	3,247.403M	3,026.606M	2,653.554M	2,487.130M	2,348.186M	2,278.800M	1,969.734M	1,910.127M	2,039.395M	1,897.240M	1,559.168M	1,809.548M	1,873.848M	1,594.717M	1,334.661M	1,062.512M	919.949M	830.178M	768.143M	804.359M	722.197M	554.231M	499.016M	411.308M	273.128M
Owner's Earnings Margin	7.98%	8.82%	8.51%	8.42%	9.25%	8.03%	9.25%	9.04%	8.53%	8.55%	7.95%	7.95%	7.33%	7.17%	8.01%	7.99%	6.89%	7.42%	8.88%	9.09%	8.47%	7.92%	7.27%	7.23%	7.26%	8.46%	8.59%	8.03%	8.83%	9.01%	8.59%
EPS	0.312	1.173	1.317	1.425	1.371	0.781	1.079	1.103	1.156	1.041	1.135	1.169	1.294	1.145	1.218	1.318	1.226	1.620	1.758	1.179	1.012	0.815	0.646	0.499	0.538	0.757	0.692	0.665	0.722	0.708	0.704
EPS (Diluted)	0.312	1.173	1.317	1.425	1.371	0.781	1.079	1.103	1.156	1.041	1.135	1.169	1.294	1.145	1.218	1.318	1.226	1.620	1.758	1.179	1.012	0.815	0.646	0.499	0.538	0.757	0.692	0.665	0.722	0.708	0.704
Shares (Diluted)	8,054,924,710	2,083,451,754	1,727,329,378	1,678,224,312	1,711,304,832	1,623,159,645	1,694,472,962	1,558,348,810	1,281,681,411	1,305,787,243	1,120,686,346	1,112,444,882	802,588,590	860,860,911	943,328,735	809,361,245	568,249,305	623,950,495	635,819,360	749,550,440	654,750,623	601,040,347	558,607,799	542,916,100	513,041,646	477,723,108	499,666,271	422,070,085	366,847,886	316,600,049	217,491,893

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	5,529M	6,622M	6,079M	6,161M	5,772M	5,617M	3,922M	3,676M	3,708M	3,497M	3,023M	2,561M	2,762M	2,500M	2,439M	2,388M	2,253M	1,996M	1,893M	1,407M	1,254M	1,046M	815M	721M	633M	482M	448M	239M	210M	178M	93M
Short-Term Investments	1,141M	1,120M	1,264M	1,179M	962M	1,210M	824M	562M	682M	681M	755M	581M	627M	714M	590M	689M	586M	304M	392M	238M	168M	162M	133M	177M	129M	172M	120M	104M	54M	52M	9M
Cash & Short-Term Investments	6,670M	7,742M	7,343M	7,341M	6,733M	6,826M	4,745M	4,239M	4,391M	4,178M	3,778M	3,142M	3,389M	3,213M	3,029M	3,077M	2,839M	2,301M	2,285M	1,644M	1,422M	1,208M	948M	898M	762M	654M	568M	343M	264M	230M	102M
Net Receivables	11,938M	11,445M	10,458M	10,271M	9,784M	8,437M	7,532M	6,489M	6,243M	5,740M	5,617M	5,085M	4,985M	5,243M	4,513M	3,789M	3,845M	4,424M	4,267M	3,157M	2,587M	1,963M	1,825M	1,577M	1,367M	1,120M	1,192M	890M	813M	673M	475M
Inventory	5,723M	5,096M	5,026M	5,064M	4,437M	4,235M	4,209M	3,831M	3,681M	3,570M	3,572M	3,258M	2,984M	2,934M	2,524M	2,359M	2,261M	2,536M	2,070M	1,395M	1,268M	1,087M	1,066M	999M	996M	847M	793M	647M	522M	394M	215M
Other Current Assets	1,651M	1,570M	1,988M	2,109M	2,197M	2,090M	2,202M	2,571M	2,181M	2,374M	1,826M	2,072M	1,845M	1,174M	1,023M	876M	1,063M	1,378M	925M	919M	853M	807M	1,142M	1,026M	631M	474M	628M	478M	281M	260M	157M
Total Current Assets	25,982M	25,854M	24,815M	24,784M	23,152M	21,589M	18,688M	17,130M	16,496M	15,862M	14,792M	13,558M	13,204M	12,564M	11,089M	10,101M	10,008M	10,638M	9,548M	7,115M	6,131M	5,064M	4,981M	4,500M	3,755M	3,095M	3,181M	2,358M	1,880M	1,557M	949M
Property, Plant & Equipment	11,447M	13,897M	13,107M	11,114M	9,428M	9,115M	11,336M	10,037M	8,498M	8,490M	8,137M	7,770M	6,823M	6,569M	6,803M	6,380M	5,675M	6,048M	5,502M	5,022M	4,510M	3,943M	4,005M	3,764M	3,377M	3,052M	2,898M	2,384M	1,841M	1,529M	932M
Goodwill	4,021M	4,442M	3,978M	4,288M	3,907M	3,608M	3,738M	3,647M	3,643M	2,778M	2,651M	2,357M	2,510M	2,553M	2,197M	2,025M	1,682M	1,567M	1,464M	1,123M	580M	375M	260M	226M	144M	0M	0M	0M	0M	0M	0M
Intangible Assets	2,818M	2,522M	2,258M	2,472M	2,442M	2,400M	2,421M	2,081M	1,905M	1,811M	1,657M	1,308M	1,255M	1,271M	1,345M	1,193M	1,211M	1,056M	761M	558M	557M	918M	651M	644M	711M	805M	686M	366M	277M	176M	127M
Long-Term Investments	5,620M	3,471M	5,080M	2,881M	2,532M	2,186M	2,158M	1,730M	1,647M	1,516M	1,225M	904M	815M	774M	765M	842M	644M	592M	550M	379M	322M	250M	202M	181M	162M	53M	25M	0M	1M	1M	0M
Tax Assets	678M	784M	695M	622M	559M	654M	595M	503M	463M	589M	528M	458M	408M	551M	552M	494M	509M	468M	276M	267M	230M	183M	159M	127M	70M	24M	4M	0M	0M	2M	3M
Other Non-Current Assets	2,785M	4,931M	2,827M	3,355M	2,593M	2,486M	1,936M	1,904M	1,606M	1,400M	1,396M	1,268M	1,187M	1,133M	1,118M	1,338M	1,131M	1,265M	1,390M	932M	1,229M	1,103M	1,101M	1,107M	1,189M	910M	1,080M	774M	649M	534M	291M
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	27,369M	30,047M	27,945M	24,731M	21,461M	20,449M	22,184M	19,901M	17,762M	16,585M	15,595M	14,064M	12,998M	12,851M	12,781M	12,271M	10,853M	10,996M	9,943M	8,280M	7,429M	6,772M	6,378M	6,049M	5,653M	4,845M	4,693M	3,524M	2,767M	2,243M	1,353M
Total Assets	53,351M	55,901M	52,760M	49,515M	44,613M	42,038M	40,872M	37,030M	34,259M	32,447M	30,387M	27,622M	26,201M	25,415M	23,871M	22,372M	20,861M	21,634M	19,491M	15,395M	13,560M	11,837M	11,359M	10,550M	9,408M	7,940M	7,874M	5,882M	4,646M	3,800M	2,302M
Accounts Payable	6,780M	6,370M	6,051M	6,017M	5,585M	4,622M	4,605M	4,486M	4,198M	3,774M	3,485M	3,553M	3,280M	3,392M	3,467M	3,273M	2,735M	3,180M	3,127M	2,431M	2,121M	1,754M	1,568M	1,413M	1,102M	937M	826M	692M	567M	459M	298M
Short-Term Debt	5,169M	3,822M	3,870M	3,356M	2,951M	3,104M	3,146M	3,061M	2,507M	2,673M	2,507M	1,938M	1,785M	1,862M	1,911M	1,541M	1,270M	1,655M	1,452M	1,118M	980M	725M	666M	675M	719M	730M	689M	563M	395M	195M	104M
Tax Payables	0M	383M	318M	469M	453M	379M	374M	348M	287M	266M	230M	225M	236M	226M	169M	159M	104M	138M	119M	114M	84M	68M	30M	25M	8M	0M	0M	0M	0M	0M	0M
Deferred Revenue	3,003M	265M	727M	2,035M	3,439M	3,511M	3,230M	959M	1,855M	1,779M	1,807M	1,502M	1,625M	1,564M	1,007M	977M	866M	824M	842M	471M	419M	272M	164M	117M	90M	8M	1M	0M	0M	0M	0M
Other Current Liabilities	5,420M	7,252M	6,468M	4,937M	3,784M	3,539M	3,328M	3,707M	3,623M	3,584M	3,567M	3,164M	3,317M	3,054M	2,719M	2,832M	2,652M	2,879M	1,898M	1,832M	1,476M	1,262M	1,054M	1,065M	865M	834M	790M	670M	563M	450M	290M
Total Current Liabilities	20,372M	18,093M	17,436M	16,815M	16,213M	15,154M	14,683M	12,561M	12,470M	12,076M	11,596M	10,382M	10,244M	10,097M	9,273M	8,782M	7,626M	8,676M	7,438M	5,965M	5,079M	4,081M	3,482M	3,296M	2,784M	2,508M	2,306M	1,925M	1,524M	1,104M	692M
Long-Term Debt	14,749M	13,033M	11,950M	10,901M	11,132M	10,378M	9,261M	8,211M	7,639M	7,722M	6,567M	5,967M	5,563M	5,503M	4,978M	4,667M	4,418M	4,280M	3,802M	3,236M	2,644M	2,535M	2,628M	2,527M	2,493M	2,003M	1,748M	1,306M	1,049M	749M	538M
Capital Lease Obligations	162M	1,399M	1,254M	1,125M	1,053M	1,014M	923M	88M	59M	47M	53M	61M	43M	16M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M
Deferred Tax Liabilities	592M	759M	654M	555M	441M	402M	562M	517M	493M	413M	354M	403M	384M	444M	439M	386M	387M	361M	371M	335M	210M	175M	159M	140M	228M	194M	154M	97M	56M	37M	38M
Other Non-Current Liabilities	3,841M	3,674M	3,794M	3,122M	3,161M	3,479M	3,033M	3,144M	3,460M	3,280M	2,751M	2,704M	2,260M	2,086M	2,445M	2,124M	2,054M	2,187M	1,825M	1,680M	1,868M	1,528M	1,623M	1,809M	1,312M	1,150M	965M	717M	611M	524M	322M
Total Non-Current Liabilities	19,344M	18,866M	17,652M	15,704M	15,787M	15,273M	13,780M	11,960M	11,652M	11,462M	9,725M	9,134M	8,250M	8,049M	7,862M	7,177M	6,858M	6,829M	5,999M	5,250M	4,721M	4,238M	4,411M	4,477M	4,033M	3,347M	2,868M	2,120M	1,716M	1,310M	898M
Total Liabilities	39,716M	36,959M	35,088M	32,519M	32,000M	30,428M	28,463M	24,521M	24,122M	23,538M	21,321M	19,516M	18,493M	18,147M	17,136M	15,959M	14,484M	15,505M	13,437M	11,216M	9,801M	8,319M	7,893M	7,772M	6,817M	5,855M	5,173M	4,045M	3,240M	2,413M	1,590M
Preferred Stock	0M	0M	0M	0M	0M	0M	0M	0M	2M	0M	0M	0M	4M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M
Common Stock	1,003M	1,220M	1,358M	1,187M	1,187M	1,275M	1,378M	1,205M	1,104M	1,113M	1,189M	1,109M	1,058M	1,044M	783M	800M	755M	737M	716M	542M	511M	399M	427M	428M	444M	319M	346M	139M	94M	53M	20M
Retained Earnings	15,266M	13,235M	13,278M	13,740M	12,807M	12,072M	11,285M	10,271M	9,289M	8,770M	8,588M	7,611M	7,036M	5,792M	5,252M	5,041M	5,155M	4,980M	4,825M	3,850M	3,154M	2,772M	2,516M	2,268M	2,240M	2,231M	1,825M	1,507M	1,167M	984M	550M
Accumulated OCI	379M	-93M	69M	-67M	-112M	-461M	-111M	-354M	-379M	-329M	-379M	-233M	-194M	-521M	-465M	-282M	-257M	-231M	-5M	-73M	-20M	-23M	-61M	-168M	-124M	-98M	-64M	-147M	-251M	-164M	-96M
Minority Interest	1,765M	1,833M	1,716M	1,824M	1,746M	1,467M	1,200M	1,150M	744M	659M	552M	487M	470M	397M	286M	374M	282M	280M	241M	150M	130M	93M	101M	97M	90M	63M	63M	34M	13M	5M	2M
Total Shareholders’ Equity	16,648M	14,362M	14,706M	14,859M	13,882M	12,885M	12,551M	11,122M	10,016M	9,554M	9,397M	8,488M	7,904M	6,315M	5,570M	5,558M	5,653M	5,486M	5,536M	4,318M	3,645M	3,147M	2,883M	2,528M	2,560M	2,452M	2,106M	1,499M	1,010M	873M	474M
Total Equity	18,413M	16,195M	16,422M	16,683M	15,628M	14,352M	13,751M	12,271M	10,760M	10,213M	9,949M	8,974M	8,374M	6,712M	5,857M	5,932M	5,935M	5,766M	5,777M	4,468M	3,774M	3,241M	2,984M	2,625M	2,650M	2,515M	2,169M	1,533M	1,023M	878M	477M
Total Liabilities & Equity	58,129M	53,154M	51,509M	49,202M	47,628M	44,780M	42,214M	36,792M	34,882M	33,752M	31,270M	28,490M	26,868M	24,859M	22,992M	21,891M	20,419M	21,271M	19,214M	15,684M	13,575M	11,560M	10,876M	10,397M	9,468M	8,370M	7,342M	5,578M	4,263M	3,292M	2,067M
Tangible Assets	46,512M	48,937M	46,524M	42,755M	38,264M	36,030M	34,713M	31,303M	28,711M	27,857M	26,079M	23,957M	22,436M	21,591M	20,328M	19,154M	17,968M	19,011M	17,266M	13,714M	12,423M	10,543M	10,447M	9,679M	8,553M	7,134M	7,188M	5,516M	4,370M	3,623M	2,175M
Tangible Equity	11,574M	9,230M	10,186M	9,923M	9,279M	8,344M	7,592M	6,544M	5,212M	5,624M	5,641M	5,309M	4,609M	2,888M	2,314M	2,714M	3,042M	3,144M	3,552M	2,786M	2,637M	1,948M	2,072M	1,755M	1,796M	1,709M	1,483M	1,167M	747M	702M	350M
Tangible Book Value	11,574M	9,230M	10,186M	9,923M	9,279M	8,344M	7,592M	6,544M	5,212M	5,624M	5,641M	5,309M	4,609M	2,888M	2,314M	2,714M	3,042M	3,144M	3,552M	2,786M	2,637M	1,948M	2,072M	1,755M	1,796M	1,709M	1,483M	1,167M	747M	702M	350M
Total Investments	6,576M	4,895M	5,806M	3,981M	4,397M	4,034M	3,071M	2,324M	2,106M	2,216M	1,901M	1,574M	1,345M	1,381M	1,211M	1,334M	974M	866M	1,014M	677M	532M	480M	462M	395M	371M	316M	307M	110M	65M	24M	2M
Net Debt	14,388M	10,234M	9,741M	8,096M	8,312M	7,865M	8,485M	7,595M	6,438M	6,898M	6,051M	5,344M	4,586M	4,865M	4,450M	3,820M	3,435M	3,939M	3,361M	2,947M	2,369M	2,214M	2,479M	2,480M	2,579M	2,252M	1,989M	1,629M	1,234M	766M	548M

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	8,147M	5,277M	5,237M	5,341M	5,457M	5,610M	4,307M	3,131M	2,999M	2,984M	2,387M	2,638M	1,858M	2,232M	2,025M	1,918M	1,714M	1,445M	1,474M	1,109M	700M	1,253M	1,430M	1,153M	860M	874M	1,120M	502M	509M	344M	161M
Total Capital	36,813M	37,535M	35,040M	32,746M	30,371M	28,388M	27,021M	24,121M	21,866M	21,341M	20,098M	17,466M	16,672M	15,774M	14,997M	13,776M	12,663M	13,170M	12,152M	9,554M	8,317M	7,579M	7,295M	6,813M	6,897M	6,069M	5,350M	4,567M	3,522M	2,567M	1,618M
Capital Employed	44,930M	47,570M	48,331M	39,924M	40,911M	37,970M	37,988M	33,157M	30,098M	29,449M	27,329M	23,617M	22,679M	21,235M	19,899M	20,116M	17,194M	17,628M	16,037M	12,722M	11,311M	10,485M	10,494M	10,236M	9,479M	8,127M	7,681M	6,128M	4,545M	3,598M	1,912M
Invested Capital	31,284M	30,913M	28,961M	26,585M	24,600M	22,772M	23,100M	20,445M	18,157M	17,844M	17,076M	14,905M	13,910M	13,274M	12,558M	11,389M	10,410M	11,173M	10,259M	8,148M	7,063M	6,533M	6,480M	6,092M	6,264M	5,587M	4,902M	4,328M	3,312M	2,389M	1,525M

Sector Cash Flow Statement

Metric	TTM	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015	2014	2013	2012	2011	2010	2009	2008	2007	2006	2005	2004	2003	2002	2001	2000	1999	1998	1997	1996	1995
Net Income	2,279M	2,526M	2,428M	2,656M	2,469M	1,435M	2,076M	1,977M	1,636M	1,486M	1,565M	1,342M	1,229M	1,179M	1,182M	1,141M	733M	1,095M	1,097M	880M	651M	475M	310M	255M	246M	351M	335M	284M	263M	218M	160M
Depreciation & Amortization	1,296M	1,961M	1,855M	1,557M	1,424M	1,474M	1,484M	1,289M	1,169M	1,142M	1,068M	970M	926M	926M	890M	836M	865M	825M	738M	671M	586M	527M	557M	511M	489M	421M	386M	275M	237M	193M	127M
Deferred Income Tax	18M	0M	-2M	-50M	-24M	-38M	-27M	-6M	16M	0M	-9M	15M	-3M	12M	0M	13M	0M	9M	8M	5M	5M	12M	27M	12M	12M	16M	18M	12M	14M	4M	9M
Stock-Based Compensation	16M	22M	30M	27M	31M	25M	24M	26M	27M	20M	21M	26M	16M	10M	8M	5M	7M	7M	1M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M
Change in Working Capital	-502M	-432M	-190M	-720M	-448M	79M	-442M	-440M	-434M	-76M	-47M	-235M	-150M	-427M	-374M	-89M	98M	-119M	7M	-57M	-72M	-8M	57M	24M	-19M	-19M	-19M	-48M	-59M	-38M	-28M
Accounts Receivable	-395M	-350M	-558M	-738M	-613M	-229M	-231M	-369M	-423M	-212M	-55M	-168M	-176M	-67M	-74M	-30M	44M	0M	-3M	-14M	-27M	-24M	0M	0M	0M	0M	0M	0M	-1M	0M	0M
Inventory	-228M	-97M	-277M	-537M	-459M	-42M	-210M	-316M	-302M	-52M	-63M	-91M	-48M	-170M	-301M	-132M	71M	-228M	-161M	-88M	-68M	-45M	48M	38M	0M	-18M	4M	-25M	-20M	-14M	-9M
Accounts Payable	50M	46M	278M	511M	603M	186M	142M	311M	299M	163M	25M	23M	17M	0M	67M	51M	-19M	0M	0M	5M	22M	8M	0M	0M	0M	0M	0M	0M	0M	0M	0M
Other Working Capital	106M	254M	199M	66M	184M	252M	55M	-7M	-71M	-32M	48M	9M	19M	-90M	22M	111M	-10M	132M	206M	54M	52M	41M	29M	-3M	-29M	19M	-40M	-21M	-6M	-11M	-14M
Other Non-Cash Items	761M	433M	177M	319M	161M	427M	315M	140M	208M	359M	198M	62M	163M	120M	130M	110M	125M	146M	-22M	31M	126M	70M	67M	74M	74M	-11M	60M	32M	-4M	-3M	1M
Net Cash from Operating	4,670M	3,902M	3,809M	3,393M	3,132M	3,094M	3,401M	2,709M	2,623M	2,956M	2,879M	2,065M	2,057M	1,584M	1,668M	1,860M	1,830M	1,782M	1,957M	1,603M	1,349M	1,107M	1,021M	972M	948M	851M	844M	550M	518M	417M	246M
Investments in PPE	-1,937M	-1,960M	-2,051M	-1,791M	-1,406M	-1,377M	-1,571M	-1,577M	-1,469M	-1,462M	-1,325M	-1,251M	-1,193M	-1,209M	-1,181M	-1,009M	-852M	-1,211M	-935M	-758M	-607M	-498M	-517M	-506M	-468M	-460M	-596M	-517M	-357M	-297M	-181M
Acquisitions (Net)	25M	-56M	-51M	-107M	-62M	-46M	13M	-234M	10M	-99M	-132M	2M	-26M	9M	-22M	-79M	-55M	-187M	-126M	-37M	-92M	-74M	-45M	-44M	-105M	-74M	17M	3M	4M	1M	0M
Purchases of Investments	-839M	-905M	-1,048M	-1,319M	-898M	-855M	-718M	-726M	-562M	-511M	-404M	-368M	-264M	-294M	-305M	-457M	-464M	-483M	-489M	-211M	-162M	-76M	-55M	-41M	-56M	-50M	-34M	-37M	-59M	-16M	-7M
Sales/Maturities of Investments	639M	895M	918M	868M	869M	689M	635M	580M	461M	411M	451M	345M	295M	271M	248M	391M	321M	435M	412M	158M	115M	74M	74M	78M	78M	68M	33M	30M	46M	32M	3M
Other Investing Activities	-24M	131M	-43M	95M	165M	11M	99M	53M	85M	59M	120M	95M	50M	41M	67M	73M	19M	22M	-10M	99M	37M	103M	68M	52M	29M	11M	18M	7M	32M	-12M	-1M
Net Cash from Investing	-2,461M	-2,124M	-2,285M	-2,547M	-1,867M	-1,737M	-2,065M	-2,150M	-1,655M	-1,784M	-1,597M	-1,289M	-1,321M	-1,330M	-1,286M	-1,279M	-1,067M	-1,516M	-1,408M	-998M	-810M	-604M	-551M	-592M	-718M	-655M	-639M	-598M	-475M	-307M	-214M
Net Debt Issuance	679M	664M	450M	372M	250M	876M	338M	277M	331M	140M	157M	60M	233M	545M	277M	-96M	125M	443M	255M	24M	19M	-133M	-104M	-92M	19M	80M	29M	165M	83M	14M	20M
Long-Term Debt Issuance	278M	969M	564M	303M	318M	840M	477M	325M	414M	327M	114M	52M	281M	481M	263M	31M	364M	561M	281M	0M	40M	-113M	-64M	-63M	48M	109M	44M	145M	65M	11M	15M
Short-Term Debt Issuance	88M	-38M	-13M	9M	-24M	-41M	-71M	-39M	-1M	-86M	46M	14M	-38M	36M	40M	-139M	-193M	-78M	-29M	6M	-10M	-16M	-13M	-10M	-3M	-1M	0M	0M	0M	0M	0M
Net Stock Issuance	-428M	-347M	-275M	-448M	-359M	-99M	-198M	-263M	-136M	-240M	-360M	-238M	-102M	-36M	-148M	21M	40M	-131M	-129M	-93M	-87M	-28M	0M	-1M	-4M	-34M	-18M	-37M	-26M	-17M	-6M
Common Stock Issued	0M	0M	3M	7M	53M	15M	40M	49M	63M	28M	56M	33M	26M	30M	6M	50M	48M	54M	131M	83M	39M	47M	21M	15M	13M	7M	17M	17M	15M	13M	7M
Common Stock Repurchased	-433M	-428M	-358M	-487M	-422M	-186M	-311M	-338M	-223M	-307M	-473M	-288M	-128M	-86M	-168M	-10M	-8M	-170M	-146M	-129M	-116M	-60M	-15M	-12M	-16M	-58M	-44M	-74M	-64M	-28M	-13M
Net Common Stock Issuance	-428M	-347M	-325M	-449M	-352M	-115M	-167M	-263M	-114M	-243M	-339M	-218M	-99M	-35M	-149M	25M	33M	-131M	-104M	-95M	-87M	-21M	0M	-1M	-4M	-32M	-17M	-37M	-20M	-12M	-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	-795M	-992M	-927M	-672M	-544M	-523M	-586M	-701M	-618M	-533M	-529M	-500M	-413M	-416M	-351M	-296M	-285M	-333M	-290M	-203M	-160M	-143M	-124M	-121M	-122M	-102M	-104M	-91M	-72M	-56M	-33M
Common Dividends Paid	-792M	-994M	-919M	-719M	-566M	-561M	-634M	-643M	-612M	-525M	-522M	-505M	-407M	-320M	-308M	-251M	-260M	-316M	-276M	-200M	-154M	-135M	-117M	-109M	-111M	-97M	-101M	-92M	-74M	-60M	-39M
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	-627M	-381M	-331M	-95M	-12M	-108M	-130M	-99M	20M	-64M	-8M	-33M	-15M	-65M	-28M	-41M	-37M	5M	-5M	-23M	-36M	-10M	-29M	-14M	-9M	1M	0M	-1M	0M	-1M	0M
Net Cash from Financing	-1,919M	-1,389M	-1,579M	-1,353M	-1,114M	-284M	-1,062M	-939M	-577M	-791M	-906M	-945M	-222M	-113M	-387M	-658M	-86M	-36M	-241M	-323M	-308M	-393M	-279M	-264M	-189M	-167M	-89M	-15M	9M	-46M	-18M
Effect of FX on Cash	24M	11M	-14M	16M	14M	-50M	3M	-13M	-16M	-16M	-13M	-9M	-19M	-5M	-12M	4M	8M	-34M	12M	10M	7M	-1M	-4M	6M	-2M	-8M	-3M	-1M	-1M	0M	0M
Net Change in Cash	688M	282M	-6M	193M	154M	1,087M	286M	15M	157M	185M	183M	-54M	393M	228M	37M	11M	460M	175M	271M	143M	170M	122M	138M	22M	81M	-33M	67M	-17M	6M	6M	5M
Cash at Beginning of Period	5,360M	6,037M	6,034M	5,845M	5,464M	3,977M	3,678M	3,724M	3,310M	3,190M	2,760M	2,724M	2,377M	2,075M	2,178M	2,407M	1,735M	1,836M	1,506M	1,224M	821M	777M	783M	655M	535M	451M	357M	263M	193M	142M	89M
Cash at End of Period	5,755M	6,380M	5,698M	6,026M	5,760M	5,526M	3,904M	3,608M	3,595M	3,417M	2,997M	2,531M	2,779M	2,457M	2,179M	2,314M	2,145M	1,881M	1,841M	1,363M	1,192M	997M	862M	699M	607M	468M	438M	284M	230M	177M	91M
Operating Cash Flow	4,690M	4,014M	3,806M	3,393M	3,132M	3,094M	3,401M	2,709M	2,624M	2,956M	2,879M	2,065M	2,057M	1,572M	1,652M	1,846M	1,813M	1,809M	1,878M	1,561M	1,323M	1,100M	1,009M	919M	903M	851M	844M	550M	516M	417M	246M
Capital Expenditure	-2,017M	-2,006M	-2,085M	-1,790M	-1,403M	-1,370M	-1,581M	-1,589M	-1,465M	-1,487M	-1,388M	-1,247M	-1,204M	-1,219M	-1,194M	-1,044M	-855M	-1,247M	-982M	-779M	-605M	-514M	-542M	-506M	-468M	-460M	-596M	-517M	-358M	-300M	-198M
Free Cash Flow	2,680M	1,896M	1,723M	1,626M	1,570M	1,666M	1,441M	1,142M	890M	1,281M	1,441M	677M	697M	305M	492M	701M	790M	589M	832M	708M	573M	524M	465M	352M	344M	291M	162M	65M	143M	133M	86M
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	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

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	6,918M	7,598M	7,874M	6,793M	5,513M	3,951M	5,423M	5,003M	4,558M	4,511M	4,970M	3,717M	3,463M	4,187M	4,867M	4,279M	4,392M	4,966M	4,726M	4,197M	3,586M	2,840M	3,597M	3,347M	3,568M	3,447M	2,957M	2,595M	2,036M	1,663M	1,135M
(-) Tax Adjustment	1,532M	1,636M	1,516M	1,385M	1,117M	979M	1,159M	955M	1,158M	1,149M	1,225M	987M	1,010M	1,206M	1,446M	1,188M	1,363M	1,544M	1,374M	1,269M	1,135M	969M	1,142M	1,171M	1,249M	1,206M	1,035M	908M	713M	551M	397M
(-) Change in Working Capital	-502M	-432M	-190M	-720M	-448M	79M	-442M	-440M	-434M	-76M	-47M	-235M	-150M	-427M	-374M	-89M	98M	-119M	7M	-57M	-72M	-8M	57M	24M	-19M	-19M	-19M	-48M	-59M	-38M	-28M
(-) Capital Expenditure	2,017M	2,006M	2,085M	1,790M	1,403M	1,370M	1,581M	1,589M	1,465M	1,487M	1,388M	1,247M	1,204M	1,219M	1,194M	1,044M	855M	1,247M	982M	779M	605M	514M	542M	506M	468M	460M	596M	517M	358M	300M	198M
Unlevered Free Cash Flow	3,870M	4,388M	4,463M	4,337M	3,441M	1,523M	3,124M	2,898M	2,369M	1,951M	2,404M	1,719M	1,399M	2,189M	2,600M	2,136M	2,077M	2,294M	2,363M	2,206M	1,917M	1,364M	1,855M	1,646M	1,871M	1,799M	1,344M	1,218M	1,025M	849M	567M
(-) Net Interest Income After Taxes	-456M	-453M	-378M	-268M	-282M	-281M	-264M	-227M	-204M	-200M	-210M	-203M	-195M	-198M	-195M	-178M	-142M	-136M	-128M	-86M	-75M	-62M	-37M	-35M	-31M	-26M	-12M	-11M	-3M	-2M	-1M
Net Debt Issuance	679M	664M	450M	372M	250M	876M	338M	277M	331M	140M	157M	60M	233M	545M	277M	-96M	125M	443M	255M	24M	19M	-133M	-104M	-92M	19M	80M	29M	165M	83M	14M	20M
Levered Free Cash Flow	5,005M	5,505M	5,291M	4,977M	3,974M	2,680M	3,726M	3,402M	2,904M	2,291M	2,771M	1,981M	1,827M	2,932M	3,072M	2,219M	2,343M	2,873M	2,746M	2,317M	2,011M	1,294M	1,789M	1,588M	1,921M	1,905M	1,385M	1,395M	1,112M	866M	588M