Analog Devices, Inc.

ADI

ADIAnalog Devices, Inc. US flag

NASDAQ Global Select

423.20

USD

+20.51

- -

206.14BMarket Cap

Income Statement (USD)

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	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
Sales/Revenue/Turnover	2,993	2,701	2,634	2,865	3,435	3,421	5,246	6,225	5,991	5,603	7,318	12,014	12,306	9,427	11,020
+ Sales & Services Revenue	2,993	2,701	2,634	2,865	3,435	3,421	5,246	6,225	5,991	5,603	7,318	12,014	12,306	9,427	11,020
- Cost of Revenue	1,007	960	941	1,035	1,176	1,194	2,078	1,974	1,977	1,913	2,793	4,481	4,428	4,046	4,246
+ Cost of Goods & Services	1,007	960	941	1,035	1,176	1,194	2,078	1,974	1,977	1,913	2,793	4,481	4,428	4,046	4,246
Gross Profit	1,987	1,741	1,692	1,830	2,259	2,227	3,168	4,250	4,014	3,690	4,525	7,532	7,877	5,381	6,773
+ Other Operating Income	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
- Operating Expenses	912	909	909	1,040	1,428	1,185	1,956	2,289	2,207	2,140	2,748	3,979	3,893	3,311	3,771
+ Selling, General & Admin	407	397	396	455	479	461	691	696	648	660	915	1,266	1,274	1,069	1,255
+ Research & Development	506	512	513	560	637	654	968	1,165	1,130	1,051	1,296	1,701	1,660	1,488	1,766
+ Other Operating Expense	- -	- -	- -	26	312	70	297	429	429	429	537	1,013	960	755	750
Operating Income (Loss)	1,074	832	783	790	831	1,042	1,212	1,961	1,806	1,551	1,777	3,553	3,984	2,070	3,002
- Non-Operating (Income) Loss	13	19	-32	60	21	85	277	306	321	239	448	454	376	293	290
+ Interest Expense, Net	10	12	14	23	18	68	221	244	219	189	184	194	223	243	212
+ Interest Expense	19	26	27	35	27	89	251	254	229	193	185	200	265	322	318
- Interest Income	9	14	13	12	9	21	30	9	10	4	1	7	41	79	105
+ Other Non-Op (Income) Loss	3	7	-47	38	2	17	57	61	102	50	264	261	152	49	78
Pretax Income	1,061	814	815	729	810	957	935	1,655	1,486	1,312	1,329	3,099	3,608	1,777	2,712
- Income Tax Expense (Benefit)	201	162	142	100	113	95	129	148	123	91	-62	350	293	142	445
- (Income) Loss from Affiliates	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Income (Loss) from Cont Ops	861	651	673	629	697	862	805	1,507	1,363	1,221	1,390	2,749	3,315	1,635	2,267
- Net Extraordinary Losses (Gains)	-6	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Discontinued Operations	6	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Extraord. & Accounting Changes	-13	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Income (Loss) Incl. MI	867	651	673	629	697	862	805	1,507	1,363	1,221	1,390	2,749	3,315	1,635	2,267
- Minority Interest	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Net Income, GAAP	867	651	673	629	697	862	805	1,507	1,363	1,221	1,390	2,749	3,315	1,635	2,267
- Preferred Dividends	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
- Other Adjustments	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Net Income Avail to Common, GAAP	867	651	673	629	697	862	805	1,507	1,363	1,221	1,390	2,749	3,315	1,635	2,267
EBIT	1,074	832	783	790	831	1,042	1,212	1,961	1,806	1,551	1,777	3,553	3,984	2,070	3,002
EBITDA	1,192	942	893	932	1,053	1,252	1,796	2,760	2,618	2,362	2,851	5,851	6,277	4,174	5,001
EBITDA Margin (%)	39.84	34.89	33.92	32.53	30.66	36.58	34.24	44.34	43.69	42.15	38.96	48.7	51.01	44.28	45.39
EBITA	1,074	832	783	790	831	1,042	1,212	1,961	1,806	1,551	1,777	3,553	3,984	2,070	3,002
Gross Margin (%)	66.37	64.45	64.26	63.89	65.77	65.1	60.39	68.28	67	65.87	61.83	62.7	64.01	57.08	61.47
Operating Margin (%)	35.89	30.82	29.73	27.57	24.19	30.45	23.11	31.5	30.15	27.67	24.28	29.58	32.37	21.96	27.25
Profit Margin (%)	28.98	24.11	25.57	21.97	20.29	25.18	15.35	24.21	22.75	21.79	19	22.88	26.94	17.35	20.58
Sales per Employee	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Dividend per Share	0.94	1.15	1.32	1.45	1.57	1.66	1.74	1.9	2.11	2.4	2.79	2.97	3.34	3.62	3.89
Depreciation Expense	118	110	110	142	222	210	584	799	811	811	1,075	2,297	2,293	2,104	1,999
Basic Weighted Avg Shares	299	299	308	313	313	309	346	370	369	369	397	519	502	496	494
Basic EPS, GAAP	2.9	2.18	2.19	2.01	2.23	2.79	2.33	4.07	3.69	3.31	3.5	5.29	6.6	3.3	4.59
Basic EPS from Cont Ops	2.88	2.18	2.19	2.01	2.23	2.79	2.33	4.07	3.69	3.31	3.5	5.29	6.6	3.3	4.59
Diluted Weighted Avg Shares	308	306	314	318	317	312	350	375	373	372	401	523	506	499	497
Diluted EPS, GAAP	2.81	2.13	2.14	1.98	2.2	2.76	2.3	4.02	3.66	3.28	3.46	5.25	6.55	3.28	4.56
Diluted EPS from Cont Ops	2.79	2.13	2.14	1.98	2.2	2.76	2.3	4.02	3.66	3.28	3.46	5.25	6.55	3.28	4.56

Balance Sheet (USD)

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	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
Total Current Assets	4,386	4,696	5,472	3,812	4,080	4,975	2,351	2,112	1,985	2,518	5,378	4,938	4,384	5,485	7,108
+ Cash, Cash Equivalents & STI	3,592	3,900	4,683	2,866	3,029	4,056	1,048	817	648	1,056	1,978	1,471	958	2,363	3,652
+ Cash & Cash Equivalents	1,405	529	392	569	884	921	1,048	817	648	1,056	1,978	1,471	958	1,991	2,499
+ ST Investments	2,187	3,372	4,291	2,297	2,145	3,135	- -	- -	- -	- -	- -	- -	- -	372	1,153
+ Accounts & Notes Receiv	348	340	325	397	467	478	689	640	635	738	1,459	1,800	1,470	1,336	1,436
+ Accounts Receivable, Net	348	340	325	397	467	478	689	640	635	738	1,459	1,800	1,470	1,336	1,436
+ Notes Receivable, Net	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Loans Receivable, Net	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Other Receivable, Net	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Inventories	295	314	283	368	412	377	551	587	610	608	1,201	1,400	1,642	1,448	1,656
+ Raw Materials	28	28	20	47	22	20	35	31	35	34	72	111	128	94	70
+ Work In Process	170	186	175	217	262	232	376	376	400	444	859	905	1,126	1,047	1,219
+ Finished Goods	97	100	89	104	129	124	139	180	174	131	270	384	388	307	368
+ Inventory Adjustments	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Other Inventory	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Other ST Assets	150	142	181	181	172	65	64	69	92	116	741	267	314	337	363
+ Misc ST Assets	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Prepaid Expenses	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ ST Derivative & Hedging Assets	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ ST Assets Held-for-Sale	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ ST Deferred Tax Assets	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Total Noncurrent Assets	891	924	909	3,048	2,979	2,995	18,790	18,326	19,408	18,951	46,944	45,364	44,410	42,744	40,885
+ Property, Plant & Equip, Net	479	501	508	622	644	636	1,107	1,154	1,220	1,121	1,979	2,401	3,219	3,416	3,316
+ Property, Plant & Equip	2,137	2,228	2,293	2,478	2,602	2,677	3,304	3,528	3,811	3,886	4,935	5,550	6,644	7,188	7,406
- Accumulated Depreciation	1,658	1,727	1,785	1,856	1,958	2,041	2,197	2,373	2,591	2,765	2,956	3,148	3,425	3,772	4,090
+ LT Investments & Receivables	3	2	4	13	17	22	25	29	77	87	128	122	- -	- -	- -
+ LT Investments	3	2	4	13	17	22	25	29	77	87	128	122	- -	- -	- -
+ LT Receivables	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Other LT Assets	409	421	397	2,412	2,318	2,337	17,658	17,143	18,110	17,744	44,837	42,841	41,191	39,328	37,569
+ Total Intangible Assets	287	313	313	2,314	2,220	2,228	17,537	17,031	16,474	15,929	42,186	40,179	38,225	36,495	34,959
+ Goodwill	275	284	284	1,642	1,637	1,679	12,217	12,253	12,257	12,278	26,918	26,913	26,913	26,910	26,945
+ Other Intangible Assets	12	29	29	671	584	549	5,319	4,778	4,217	3,650	15,267	13,265	11,312	9,585	8,014
+ LT Deferred Tax Assets	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ LT Derivative & Hedging Assets	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Misc LT Assets	122	109	85	98	98	109	121	112	1,636	1,815	2,651	2,662	2,966	2,833	2,610
Total Assets	5,278	5,620	6,382	6,860	7,059	7,970	21,141	20,438	21,393	21,469	52,322	50,302	48,794	48,228	47,993
+ Payables & Accruals	215	190	252	329	281	319	551	730	902	907	1,819	1,923	1,700	1,716	2,258
+ Accounts Payable	113	117	120	139	174	171	237	261	225	227	443	582	493	487	544
+ Accrued Taxes	7	6	45	63	15	4	87	94	188	182	362	289	346	471	646
+ Interest & Dividends Payable	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Other Payables & Accruals	96	67	87	128	91	144	228	375	489	497	1,014	1,053	862	758	1,069
+ ST Debt	14	14	- -	- -	375	- -	300	67	300	40	569	54	1,111	1,016	520
+ ST Borrowings	14	14	- -	- -	375	- -	300	67	300	- -	517	- -	1,046	947	447
+ ST Finance Leases	- -	- -	- -	- -	- -	- -	- -	- -	- -	40	53	54	65	68	73
+ Other ST Liabilities	295	321	319	380	458	464	745	255	307	418	382	466	390	257	468
+ Deferred Revenue	233	239	247	278	300	352	474	487	- -	- -	- -	- -	- -	- -	- -
+ Derivatives & Hedging	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Deferred Tax Liabilities	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Misc ST Liabilities	62	82	71	101	158	112	271	-232	307	418	382	466	390	257	468
Total Current Liabilities	525	525	571	709	1,114	783	1,596	1,052	1,509	1,365	2,770	2,443	3,201	2,988	3,246
+ LT Debt	872	807	872	873	495	1,732	7,551	6,266	5,192	5,145	6,253	6,549	5,902	6,634	8,145
+ LT Borrowings	872	807	872	873	495	1,732	7,551	6,266	5,192	5,145	6,253	6,549	5,902	6,634	8,145
+ LT Finance Leases	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Other LT Liabilities	85	123	199	520	377	290	1,832	1,853	2,983	2,961	5,306	4,846	4,126	3,429	2,786
+ Accrued Liabilities	28	30	23	257	251	136	1,707	1,030	2,088	1,920	3,939	3,623	3,128	2,624	2,163
+ Pension Liabilities	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Deferred Revenue	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Deferred Tax Liabilities	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Derivatives & Hedging	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Misc LT Liabilities	58	93	176	263	126	153	125	823	894	1,041	1,367	1,223	998	805	623
Total Noncurrent Liabilities	957	930	1,072	1,393	872	2,022	9,383	8,118	8,175	8,106	11,559	11,394	10,028	10,064	10,931
Total Liabilities	1,482	1,455	1,642	2,102	1,986	2,805	10,980	9,170	9,683	9,471	14,330	13,837	13,229	13,052	14,177
+ Preferred Equity and Hybrid Capital	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Share Capital & APIC	339	441	764	695	686	454	5,312	5,344	4,998	5,011	30,662	27,942	25,397	25,165	23,431
+ Common Stock	50	50	52	52	52	51	61	62	61	62	88	85	83	83	82
+ Additional Paid in Capital	290	391	712	643	634	402	5,251	5,282	4,936	4,950	30,574	27,857	25,314	25,082	23,349
- Treasury Stock	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Retained Earnings	3,482	3,789	4,056	4,231	4,437	4,786	4,911	5,983	6,899	7,236	7,517	8,721	10,357	10,197	10,540
+ Other Equity	-26	-64	-81	-169	-51	-74	-61	-58	-188	-249	-187	-198	-188	-185	-155
Equity Before Minority Interest	3,795	4,165	4,740	4,758	5,073	5,166	10,162	11,268	11,709	11,998	37,993	36,465	35,565	35,176	33,816
+ Minority/Non Controlling Interest	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Total Equity	3,795	4,165	4,740	4,758	5,073	5,166	10,162	11,268	11,709	11,998	37,993	36,465	35,565	35,176	33,816
Total Liabilities & Equity	5,278	5,620	6,382	6,860	7,059	7,970	21,141	20,438	21,393	21,469	52,322	50,302	48,794	48,228	47,993
Shares Outstanding	298	301	311	311	312	308	369	370	368	369	525	509	496	496	490
Number of Employees	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Capital Leases - Total	- -	- -	- -	- -	- -	- -	- -	- -	- -	40	53	54	65	68	73
Net Debt	-519	293	480	304	-14	811	6,803	5,516	4,844	4,089	4,792	5,078	5,991	5,590	6,092
Net Debt to Equity	-13.67	7.03	10.13	6.38	-0.28	15.7	66.95	48.95	41.37	34.08	12.61	13.93	16.84	15.89	18.02
Tangible Common Equity Ratio	70.3	72.59	72.94	53.76	58.96	51.15	-204.62	-169.11	-96.88	-70.95	-41.37	-36.68	-25.17	-11.24	-8.77
Current Ratio	8.35	8.94	9.59	5.38	3.66	6.35	1.47	2.01	1.32	1.84	1.94	2.02	1.37	1.84	2.19
Cash Conversion Cycle	104.78	119.32	114.35	118.63	120.11	116.46	88.96	98.94	104.93	117.73	136.81	115.43	131.86	147.24	137.08

Cash Flow Statement (USD)

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	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
+ Net Income	867	651	673	629	697	862	805	1,507	1,363	1,221	1,390	2,749	3,315	1,635	2,267
+ Depreciation & Amortization	118	110	110	142	222	210	584	799	811	811	1,075	2,297	2,293	2,104	1,999
+ Non-Cash Items	3	27	-52	-45	-1	99	-358	-543	114	-177	378	313	-144	-82	65
+ Stock-Based Compensation	52	54	57	51	69	63	104	151	150	150	244	323	300	263	322
+ Deferred Income Taxes	2	-10	-18	-78	-52	8	-810	-730	-91	-114	-407	-327	-453	-368	-247
+ Asset Impairment Charge	- -	- -	- -	- -	- -	- -	- -	- -	14	- -	- -	92	- -	- -	- -
+ Other Non-Cash Adj	-51	-16	-92	-18	-18	28	348	37	41	-212	541	224	9	23	-10
+ Chg in Non-Cash Work Cap	-89	26	181	145	-10	120	123	679	-35	153	-108	-884	-646	195	481
+ (Inc) Dec in Accts Receiv	40	6	12	-36	-71	-9	-66	46	6	-102	-115	-344	331	133	-91
+ (Inc) Dec in Inventories	-18	-19	29	25	-36	38	-47	-35	-43	2	-65	-471	-242	191	-209
+ (Inc) Dec in Prepaid Assets	-16	22	11	5	7	-10	1	-2	-12	-4	-59	-65	5	-53	9
+ Inc (Dec) in Accts Payable	-89	26	68	155	82	95	218	-27	69	133	202	80	-763	-42	752
+ Inc (Dec) in Other	-6	-9	61	-3	8	6	17	696	-55	124	-71	-84	24	-35	20
+ Net Cash From Disc Ops	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Cash from Operating Activities	901	815	912	872	908	1,291	1,154	2,442	2,253	2,008	2,735	4,475	4,818	3,853	4,812
+ Change in Fixed & Intang	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Disp in Fixed & Intang	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	36	- -	- -	- -	59
+ Disp of Fixed Prod Assets	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	36	- -	- -	- -	59
+ Disp of Intangible Assets	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Acq of Fixed & Intang	-123	-132	-123	-178	-154	-127	-204	-255	-275	-166	-344	-699	-1,261	-730	-534
+ Acq of Fixed Prod Assets	-123	-132	-123	-178	-154	-127	-204	-255	-275	-166	-344	-699	-1,261	-730	-534
+ Acq of Intangible Assets	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Cash (Repurchase) of Equity	-330	-161	-61	-356	-227	-370	-47	-226	-613	-244	-3,105	-2,577	-2,964	-616	-2,165
+ Increase in Capital Stock	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Decrease in Capital Stock	-330	-161	-61	-356	-227	-370	-47	-226	-613	-244	-3,105	-2,577	-2,964	-616	-2,165
+ Net Change in LT Investment	-570	-1,182	-919	2,021	152	-989	3,234	- -	- -	- -	30	- -	- -	-370	-777
+ Dec in LT Investment	3,719	6,983	7,622	9,506	6,236	6,708	3,940	- -	- -	- -	30	- -	- -	69	373
+ Inc in LT Investment	-4,289	-8,165	-8,540	-7,485	-6,084	-7,697	-705	- -	- -	- -	- -	- -	- -	-439	-1,150
+ Net Cash From Acq & Div	-4	-24	98	-1,946	-7	-83	-9,633	-53	-11	-14	2,426	- -	- -	- -	-46
+ Cash from Divestitures	10	- -	100	- -	- -	- -	- -	- -	- -	- -	2,451	- -	- -	- -	- -
+ Cash for Acq of Subs	-14	-24	-2	-1,946	-7	-83	-9,633	-53	-11	-14	-25	- -	- -	- -	-46
+ Cash for JVs	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Other Investing Activities	-7	-1	-6	-12	-8	-19	-16	-6	-7	-1	-4	42	-5	-5	-24
+ Net Cash From Disc Ops	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Cash from Investing Activities	-704	-1,340	-950	-115	-17	-1,218	-6,618	-314	-293	-181	2,144	-657	-1,266	-1,105	-1,322
+ Dividends Paid	-282	-345	-406	-454	-491	-513	-602	-703	-777	-886	-1,109	-1,545	-1,679	-1,795	-1,924
+ Net Cash From Debt	487	-56	41	- -	- -	857	6,106	-1,531	-850	-354	348	-223	482	588	990
+ Cash From Debt	516	- -	494	1,995	- -	1,235	11,156	744	1,400	1,096	4,340	696	5,287	11,272	10,953
+ Repayments of Debt	-28	-56	-453	-1,995	- -	-378	-5,050	-2,275	-2,250	-1,450	-3,992	-919	-4,806	-10,684	-9,964
+ Other Financing Activities	264	213	325	234	146	-7	129	102	114	64	-93	54	98	108	117
+ Net Cash From Disc Ops	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Cash from Financing Activities	139	-350	-101	-577	-572	-33	5,587	-2,358	-2,127	-1,421	-3,960	-4,291	-4,064	-1,714	-2,983
Effect of Foreign Exchange Rates	- -	-1	1	-3	-4	-3	4	-2	-1	- -	3	-35	- -	- -	- -
Net Changes in Cash	335	-875	-138	180	319	40	123	-230	-167	407	919	-473	-513	1,033	508
EBITDA	1,192	942	893	932	1,053	1,252	1,796	2,760	2,618	2,362	2,851	5,851	6,277	4,174	5,001
EBITDA Margin (%)	39.84	34.89	33.92	32.53	30.66	36.58	34.24	44.34	43.69	42.15	38.96	48.7	51.01	44.28	45.39
Free Cash Flow	778	682	789	694	754	1,164	950	2,187	1,978	1,843	2,391	3,776	3,556	3,122	4,279
Net Cash Paid for Acquisitions	4	24	-98	1,946	7	83	9,633	53	11	14	-2,426	- -	- -	- -	46
Free Cash Flow to Firm	793	704	812	724	777	1,244	1,166	2,418	2,188	2,023	- -	3,954	3,799	3,419	4,544
Free Cash Flow to Equity	1,265	626	830	694	754	2,021	7,056	656	1,128	1,488	2,775	3,553	4,038	3,710	5,327
Free Cash Flow per Basic Share	2.6	2.28	2.56	2.21	2.41	3.77	2.74	5.91	5.36	5	6.02	7.27	7.08	6.29	8.65
Price/Free Cash Flow	11.01	12.65	14.95	15.04	17.94	14.11	23.56	11.64	15.72	20.28	22.61	14.42	13.09	24.28	21.75
Cash Flow to Net Income	1.04	1.25	1.35	1.38	1.3	1.5	1.43	1.62	1.65	1.65	1.97	1.63	1.45	2.36	2.12
Capital Expenditures	-123	-132	-123	-178	-154	-127	-204	-255	-275	-166	-344	-699	-1,261	-730	-534