Definitive Analysis
| Metric | Value | % Rev |
|---|---|---|
| Revenue | 416,161.00M | 100.00% |
| Cost Of Revenue | 220,960.00M | 53.09% |
| Gross Profit | 195,201.00M | 46.91% |
| R&D | 34,550.00M | 8.30% |
| SG&A | 27,601.00M | 6.63% |
| Operating Expenses | 62,151.00M | 14.93% |
| Operating Income | 133,050.00M | 31.97% |
| D&A | 11,698.00M | 2.81% |
| EBITDA | 144,748.00M | 34.78% |
| Tax Adjustment | 27,940.50M | 6.71% |
| Change In WC | -25,000.00M | -6.01% |
| CapEx | -12,715.00M | -3.06% |
| UFCF | 154,522.50M | 37.13% |
| Net Interest (Taxed) | 0.00M | 0.00% |
| Net Debt Issued | 8,483.00M | 2.04% |
| LFCF | 163,005.50M | 39.17% |
| Metric | 10y Avg ($) | 10y Avg (%) | 2025 | % | 2024 | % | 2023 | % | 2022 | % | 2021 | % | 2020 | % | 2019 | % | 2018 | % | 2017 | % | 2016 | % |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | 319,578.30M | 100.0% | 416,161.00M | 100.00% | 391,035.00M | 100.00% | 383,285.00M | 100.00% | 394,328.00M | 100.00% | 365,817.00M | 100.00% | 274,515.00M | 100.00% | 260,174.00M | 100.00% | 265,595.00M | 100.00% | 229,234.00M | 100.00% | 215,639.00M | 100.00% |
| Cost Of Revenue | 184,949.70M | 58.6% | 220,960.00M | 53.09% | 210,352.00M | 53.79% | 214,137.00M | 55.87% | 223,546.00M | 56.69% | 212,981.00M | 58.22% | 169,559.00M | 61.77% | 161,782.00M | 62.18% | 163,756.00M | 61.66% | 141,048.00M | 61.53% | 131,376.00M | 60.92% |
| Gross Profit | 134,628.60M | 41.4% | 195,201.00M | 46.91% | 180,683.00M | 46.21% | 169,148.00M | 44.13% | 170,782.00M | 43.31% | 152,836.00M | 41.78% | 104,956.00M | 38.23% | 98,392.00M | 37.82% | 101,839.00M | 38.34% | 88,186.00M | 38.47% | 84,263.00M | 39.08% |
| R&D | 21,483.10M | 6.5% | 34,550.00M | 8.30% | 31,370.00M | 8.02% | 29,915.00M | 7.80% | 26,251.00M | 6.66% | 21,914.00M | 5.99% | 18,752.00M | 6.83% | 16,217.00M | 6.23% | 14,236.00M | 5.36% | 11,581.00M | 5.05% | 10,045.00M | 4.66% |
| SG&A | 21,001.80M | 6.6% | 27,601.00M | 6.63% | 26,097.00M | 6.67% | 24,932.00M | 6.50% | 25,094.00M | 6.36% | 21,973.00M | 6.01% | 19,916.00M | 7.25% | 18,245.00M | 7.01% | 16,705.00M | 6.29% | 15,261.00M | 6.66% | 14,194.00M | 6.58% |
| Operating Expenses | 42,484.90M | 13.1% | 62,151.00M | 14.93% | 57,467.00M | 14.70% | 54,847.00M | 14.31% | 51,345.00M | 13.02% | 43,887.00M | 12.00% | 38,668.00M | 14.09% | 34,462.00M | 13.25% | 30,941.00M | 11.65% | 26,842.00M | 11.71% | 24,239.00M | 11.24% |
| Operating Income | 92,143.70M | 28.3% | 133,050.00M | 31.97% | 123,216.00M | 31.51% | 114,301.00M | 29.82% | 119,437.00M | 30.29% | 108,949.00M | 29.78% | 66,288.00M | 24.15% | 63,930.00M | 24.57% | 70,898.00M | 26.69% | 61,344.00M | 26.76% | 60,024.00M | 27.84% |
| D&A | 11,221.80M | 3.7% | 11,698.00M | 2.81% | 11,445.00M | 2.93% | 11,519.00M | 3.01% | 11,104.00M | 2.82% | 11,284.00M | 3.08% | 11,056.00M | 4.03% | 12,547.00M | 4.82% | 10,903.00M | 4.11% | 10,157.00M | 4.43% | 10,505.00M | 4.87% |
| EBITDA | 103,365.50M | 32.0% | 144,748.00M | 34.78% | 134,661.00M | 34.44% | 125,820.00M | 32.83% | 130,541.00M | 33.10% | 120,233.00M | 32.87% | 77,344.00M | 28.17% | 76,477.00M | 29.39% | 81,801.00M | 30.80% | 71,501.00M | 31.19% | 70,529.00M | 32.71% |
| Tax Adjustment | 19,350.18M | 6.0% | 27,940.50M | 6.71% | 25,875.36M | 6.62% | 24,003.21M | 6.26% | 25,081.77M | 6.36% | 22,879.29M | 6.25% | 13,920.48M | 5.07% | 13,425.30M | 5.16% | 14,888.58M | 5.61% | 12,882.24M | 5.62% | 12,605.04M | 5.85% |
| Change In WC | 74.10M | 0.4% | -25,000.00M | -6.01% | 3,651.00M | 0.93% | -6,577.00M | -1.72% | 1,200.00M | 0.30% | -4,911.00M | -1.34% | 5,690.00M | 2.07% | -3,488.00M | -1.34% | 34,694.00M | 13.06% | -4,923.00M | -2.15% | 405.00M | 0.19% |
| CapEx | -11,237.40M | -3.8% | -12,715.00M | -3.06% | -9,447.00M | -2.42% | -10,959.00M | -2.86% | -10,708.00M | -2.72% | -11,085.00M | -3.03% | -7,309.00M | -2.66% | -10,495.00M | -4.03% | -13,313.00M | -5.01% | -12,795.00M | -5.58% | -13,548.00M | -6.28% |
| UFCF | 95,178.62M | 29.4% | 154,522.50M | 37.13% | 114,581.64M | 29.30% | 119,352.79M | 31.14% | 114,967.23M | 29.16% | 113,349.71M | 30.99% | 65,042.52M | 23.69% | 77,034.70M | 29.61% | 45,531.42M | 17.14% | 76,336.76M | 33.30% | 71,066.96M | 32.96% |
| Net Interest (Taxed) | 794.03M | 0.3% | 0.00M | 0.00% | 0.00M | 0.00% | -144.57M | -0.04% | -83.74M | -0.02% | 156.42M | 0.04% | 703.10M | 0.26% | 1,094.15M | 0.42% | 1,932.34M | 0.73% | 2,273.62M | 0.99% | 2,008.97M | 0.93% |
| Net Debt Issued | -3,049.10M | -1.7% | 8,483.00M | 2.04% | 5,998.00M | 1.53% | 9,901.00M | 2.58% | 123.00M | 0.03% | -12,665.00M | -3.46% | -2,499.00M | -0.91% | 7,819.00M | 3.01% | -432.00M | -0.16% | -25,162.00M | -10.98% | -22,057.00M | -10.23% |
| LFCF | 92,923.55M | 28.1% | 163,005.50M | 39.17% | 120,579.64M | 30.84% | 129,109.22M | 33.68% | 115,006.49M | 29.17% | 100,841.13M | 27.57% | 63,246.62M | 23.04% | 85,947.85M | 33.03% | 47,031.76M | 17.71% | 53,448.38M | 23.32% | 51,018.93M | 23.66% |
| Metric | 2026 | % | 2027 | % | 2028 | % | 2029 | % | 2030 | % |
|---|---|---|---|---|---|---|---|---|---|---|
| Rev Growth | 8.20% | 6.78% | 5.30% | 4.05% | 9.53% | |||||
| Revenue | 450,280.37M | 100.00% | 480,804.66M | 100.00% | 506,279.32M | 100.00% | 526,794.62M | 100.00% | 576,977.00M | 100.00% |
| Cost Of Revenue | 263,741.74M | 58.57% | 281,620.66M | 58.57% | 296,541.88M | 58.57% | 308,558.26M | 58.57% | 337,951.48M | 58.57% |
| Gross Profit | 186,538.63M | 41.43% | 199,184.00M | 41.43% | 209,737.44M | 41.43% | 218,236.36M | 41.43% | 239,025.52M | 41.43% |
| R&D | 29,228.27M | 6.49% | 31,209.64M | 6.49% | 32,863.23M | 6.49% | 34,194.91M | 6.49% | 37,452.31M | 6.49% |
| SG&A | 29,708.67M | 6.60% | 31,722.61M | 6.60% | 33,403.38M | 6.60% | 34,756.94M | 6.60% | 38,067.88M | 6.60% |
| Operating Expenses | 58,936.94M | 13.09% | 62,932.25M | 13.09% | 66,266.61M | 13.09% | 68,951.85M | 13.09% | 75,520.19M | 13.09% |
| Operating Income | 127,601.69M | 28.34% | 136,251.75M | 28.34% | 143,470.83M | 28.34% | 149,284.51M | 28.34% | 163,505.33M | 28.34% |
| D&A | 16,615.88M | 3.69% | 17,742.26M | 3.69% | 18,682.31M | 3.69% | 19,439.35M | 3.69% | 21,291.14M | 3.69% |
| EBITDA | 144,217.57M | 32.03% | 153,994.01M | 32.03% | 162,153.14M | 32.03% | 168,723.86M | 32.03% | 184,796.47M | 32.03% |
| Tax Adjustment | 26,796.35M | 5.95% | 28,612.87M | 5.95% | 30,128.87M | 5.95% | 31,349.75M | 5.95% | 34,336.12M | 5.95% |
| Change In WC | 1,804.43M | 0.40% | 1,926.75M | 0.40% | 2,028.84M | 0.40% | 2,111.05M | 0.40% | 2,312.15M | 0.40% |
| CapEx | -16,952.77M | -3.76% | -18,101.99M | -3.76% | -19,061.10M | -3.76% | -19,833.49M | -3.76% | -21,722.82M | -3.76% |
| UFCF | 132,569.56M | 29.44% | 141,556.39M | 29.44% | 149,056.52M | 29.44% | 155,096.55M | 29.44% | 169,871.02M | 29.44% |
| Net Interest (Taxed) | 1,491.10M | 0.33% | 1,592.18M | 0.33% | 1,676.54M | 0.33% | 1,744.48M | 0.33% | 1,910.66M | 0.33% |
| Net Debt Issued | -7,451.41M | -1.65% | -7,956.53M | -1.65% | -8,378.10M | -1.65% | -8,717.59M | -1.65% | -9,548.03M | -1.65% |
| LFCF | 126,609.25M | 28.12% | 135,192.04M | 28.12% | 142,354.97M | 28.12% | 148,123.43M | 28.12% | 162,233.65M | 28.12% |
| Metric | 2026 | % | 2027 | % | 2028 | % | 2029 | % | 2030 | % | 2031 | % | 2032 | % | 2033 | % | 2034 | % | 2035 | % |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Rev Growth | 5.36% | 5.21% | 5.06% | 4.91% | 4.76% | 4.61% | 4.45% | 4.30% | 4.15% | 4.00% | ||||||||||
| Revenue | 438,477.43M | 100.00% | 461,326.78M | 100.00% | 484,668.46M | 100.00% | 508,457.45M | 100.00% | 532,644.34M | 100.00% | 557,175.46M | 100.00% | 581,992.89M | 100.00% | 607,034.69M | 100.00% | 632,235.03M | 100.00% | 657,524.43M | 100.00% |
| Cost Of Revenue | 256,828.43M | 58.57% | 270,211.93M | 58.57% | 283,883.80M | 58.57% | 297,817.67M | 58.57% | 311,984.61M | 58.57% | 326,353.16M | 58.57% | 340,889.42M | 58.57% | 355,557.10M | 58.57% | 370,317.64M | 58.57% | 385,130.35M | 58.57% |
| Gross Profit | 181,649.00M | 41.43% | 191,114.85M | 41.43% | 200,784.66M | 41.43% | 210,639.78M | 41.43% | 220,659.74M | 41.43% | 230,822.29M | 41.43% | 241,103.47M | 41.43% | 251,477.59M | 41.43% | 261,917.39M | 41.43% | 272,394.08M | 41.43% |
| R&D | 28,462.13M | 6.49% | 29,945.31M | 6.49% | 31,460.45M | 6.49% | 33,004.62M | 6.49% | 34,574.62M | 6.49% | 36,166.97M | 6.49% | 37,777.90M | 6.49% | 39,403.39M | 6.49% | 41,039.18M | 6.49% | 42,680.75M | 6.49% |
| SG&A | 28,929.93M | 6.60% | 30,437.49M | 6.60% | 31,977.53M | 6.60% | 33,547.09M | 6.60% | 35,142.89M | 6.60% | 36,761.41M | 6.60% | 38,398.82M | 6.60% | 40,051.03M | 6.60% | 41,713.70M | 6.60% | 43,382.25M | 6.60% |
| Operating Expenses | 57,392.06M | 13.09% | 60,382.80M | 13.09% | 63,437.98M | 13.09% | 66,551.71M | 13.09% | 69,717.52M | 13.09% | 72,928.38M | 13.09% | 76,176.72M | 13.09% | 79,454.43M | 13.09% | 82,752.88M | 13.09% | 86,063.00M | 13.09% |
| Operating Income | 124,256.94M | 28.34% | 130,732.05M | 28.34% | 137,346.68M | 28.34% | 144,088.07M | 28.34% | 150,942.22M | 28.34% | 157,893.92M | 28.34% | 164,926.75M | 28.34% | 172,023.16M | 28.34% | 179,164.50M | 28.34% | 186,331.08M | 28.34% |
| D&A | 16,180.34M | 3.69% | 17,023.51M | 3.69% | 17,884.84M | 3.69% | 18,762.68M | 3.69% | 19,655.21M | 3.69% | 20,560.44M | 3.69% | 21,476.23M | 3.69% | 22,400.30M | 3.69% | 23,330.22M | 3.69% | 24,263.43M | 3.69% |
| EBITDA | 140,437.28M | 32.03% | 147,755.56M | 32.03% | 155,231.53M | 32.03% | 162,850.76M | 32.03% | 170,597.43M | 32.03% | 178,454.35M | 32.03% | 186,402.98M | 32.03% | 194,423.46M | 32.03% | 202,494.73M | 32.03% | 210,594.52M | 32.03% |
| Tax Adjustment | 26,093.96M | 5.95% | 27,453.73M | 5.95% | 28,842.80M | 5.95% | 30,258.49M | 5.95% | 31,697.87M | 5.95% | 33,157.72M | 5.95% | 34,634.62M | 5.95% | 36,124.86M | 5.95% | 37,624.55M | 5.95% | 39,129.53M | 5.95% |
| Change In WC | 1,757.13M | 0.40% | 1,848.70M | 0.40% | 1,942.24M | 0.40% | 2,037.57M | 0.40% | 2,134.49M | 0.40% | 2,232.80M | 0.40% | 2,332.25M | 0.40% | 2,432.60M | 0.40% | 2,533.59M | 0.40% | 2,634.93M | 0.40% |
| CapEx | -16,508.40M | -3.76% | -17,368.66M | -3.76% | -18,247.46M | -3.76% | -19,143.10M | -3.76% | -20,053.72M | -3.76% | -20,977.31M | -3.76% | -21,911.67M | -3.76% | -22,854.47M | -3.76% | -23,803.25M | -3.76% | -24,755.38M | -3.76% |
| UFCF | 129,094.59M | 29.44% | 135,821.80M | 29.44% | 142,693.95M | 29.44% | 149,697.80M | 29.44% | 156,818.80M | 29.44% | 164,041.14M | 29.44% | 171,347.78M | 29.44% | 178,720.47M | 29.44% | 186,139.85M | 29.44% | 193,585.44M | 29.44% |
| Net Interest (Taxed) | 1,452.02M | 0.33% | 1,527.68M | 0.33% | 1,604.98M | 0.33% | 1,683.75M | 0.33% | 1,763.85M | 0.33% | 1,845.08M | 0.33% | 1,927.27M | 0.33% | 2,010.19M | 0.33% | 2,093.64M | 0.33% | 2,177.39M | 0.33% |
| Net Debt Issued | -7,256.09M | -1.65% | -7,634.21M | -1.65% | -8,020.47M | -1.65% | -8,414.14M | -1.65% | -8,814.40M | -1.65% | -9,220.35M | -1.65% | -9,631.03M | -1.65% | -10,045.43M | -1.65% | -10,462.46M | -1.65% | -10,880.96M | -1.65% |
| LFCF | 123,290.52M | 28.12% | 129,715.27M | 28.12% | 136,278.45M | 28.12% | 142,967.41M | 28.12% | 149,768.25M | 28.12% | 156,665.88M | 28.12% | 163,644.01M | 28.12% | 170,685.23M | 28.12% | 177,771.03M | 28.12% | 184,881.87M | 28.12% |