PPG Industries, Inc. Financial Ratios — PPG Stock

Profitability (USD)

	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
As of date	12/31/2011	12/31/2012	12/31/2013	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025

Return on Common Equity (%)	31.8	25.74	71.84	41.57	27.67	17.8	30.7	26.33	25.08	19.3	24.03	15.93	17.61	15.27	21.4
Return on Assets (%)	7.46	6.22	20.36	12.59	8.12	5.32	9.87	8.24	7.37	5.68	7.04	4.87	5.99	5.43	7.59
Return on Capital (%)	15.21	12.81	38.55	24.59	15.87	10.07	17.19	14.49	12.55	9.74	11.51	7.98	9.77	9.02	11.9
Return on Invested Capital (%)	13.73	11.57	13.54	16.64	14.86	15.55	15.43	14.68	12.86	10.08	10.56	7.61	10.58	10.77	11.21
Gross Margin (%)	40.2	40.1	41.72	43.56	45.33	46.29	44.34	41.45	42.87	43.78	38.78	36.12	40.41	41.61	41.32
EBITDA Margin (%)	13.27	11.8	13.39	15.35	15.96	17.22	17.66	15.13	15.11	14.65	13.75	12.22	15.85	15.99	16.77
Operating Margin (%)	9.98	10.02	10.87	12.26	13.76	15.12	14.06	12.11	12.85	12.87	10.33	10.67	13.7	14.43	13.66
Incremental Operating Margin (%)	19.63	8.99	17.67	50.19	- -	682.76	- -	- -	- -	12.65	- -	5.89	89.01	- -	- -
Pretax Margin (%)	9.29	6.53	8.59	9.1	12.25	5.46	13.6	11.01	10.97	9.85	10.8	8.68	10.41	11.69	12.88
Profit Margin (%)	8.33	7.42	22.65	14.21	9.87	6.12	10.81	8.72	8.21	7.66	8.56	6.57	7.82	7.04	9.93
Net Income to Common Margin (%)	8.33	7.42	22.65	14.21	9.87	6.12	10.81	8.72	8.21	7.66	8.56	6.57	7.82	7.04	9.93
Effective Tax Rate (%)	21.28	17.87	20.64	17.61	23.67	27.47	30.67	20.85	23.6	21.37	20.61	23.62	25.33	25.65	22.4
Dvd Payout Ratio (%)	32.9	44.58	31.51	30.96	28.31	70.53	30.76	33.38	36.14	45.67	36.66	53.62	45.96	44.11	39.18
Sustainable Growth Rate (%)	21.34	14.26	49.21	28.7	19.84	5.24	21.26	17.54	16.01	10.49	15.22	7.39	9.52	8.53	13.02

Credit (USD)

Credit Ratios API ChatGPT

	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
As of date	12/31/2011	12/31/2012	12/31/2013	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025

Total Debt	3,682	4,010	3,406	4,014	4,307	4,416	4,146	5,016	5,844	6,606	7,466	7,635	6,599	6,395	7,896
ST Debt	108	642	34	481	281	629	12	651	683	758	201	496	434	1,065	844
LT Debt	3,574	3,368	3,372	3,533	4,026	3,787	4,134	4,365	5,161	5,848	7,265	7,139	6,165	5,330	7,052
Total Debt/EBITDA	2.11	2.68	1.78	1.77	1.89	1.8	1.59	2.16	2.55	3.26	3.23	4	2.56	2.52	2.97
Net Debt/EBITDA	1.28	1.81	1.2	1.47	1.32	1.06	1.04	1.77	1.68	1.94	2.41	3	1.77	1.79	1.93
Total Debt/EBIT	2.79	3.65	2.34	2.21	2.36	2.19	1.93	2.74	3.29	4.35	4.27	5.43	3.2	3.13	3.7
Net Debt/EBIT	1.69	2.46	1.57	1.83	1.64	1.29	1.26	2.25	2.16	2.58	3.19	4.07	2.21	2.23	2.41
EBITDA to Interest Expense	8.31	7.13	9.74	12.14	18.18	19.66	24.81	19.71	17.33	14.69	19.1	11.43	10.42	10.51	11.05
EBITDA-CapEx/Interest Expense	6.45	5.17	9.74	12.14	18.18	19.66	24.81	19.71	17.33	14.69	19.1	11.43	10.42	10.51	11.05
EBIT to Interest Expense	6.25	6.05	7.91	9.7	15.67	17.26	19.75	15.78	14.74	12.9	14.35	9.98	9.01	9.49	9
Interest Expense	210	210	196	187	125	125	105	118	132	138	121	167	247	241	241
Common Equity/Total Assets	22.59	25.59	31.09	29.54	29.18	30.61	33.6	28.91	29.84	29.09	29.44	31.78	36.18	34.91	35.94
Long-Term Debt/Equity (%)	103.71	77.93	64.87	67.1	79.42	77.05	72.88	92.24	95.52	100.57	113.32	106.41	76.84	76.56	87.09
Long-Term Debt/Capital (%)	50.14	40.42	39.19	38.08	42.94	40.59	42.11	44.78	45.89	47.08	52.35	49.77	42.16	39.9	44.09
Long-Term Debt/Total Assets (%)	24.85	21.21	21.26	20.15	23.58	24.01	25	27.26	29.15	29.9	34.03	34.41	28.48	27.43	31.91
Total Debt/Equity (%)	106.85	92.78	65.53	76.24	84.97	89.85	73.1	106	108.16	113.6	116.46	113.8	82.25	91.86	97.52
Total Debt/Capital (%)	51.66	48.13	39.59	43.26	45.94	47.33	42.23	51.46	51.96	53.18	53.8	53.23	45.13	47.88	49.37
Total Debt/Total Assets (%)	25.6	25.26	21.47	22.89	25.22	28	25.07	31.32	33	33.78	34.97	36.81	30.48	32.91	35.73
Net Debt to Equity	64.57	62.56	44.06	63.21	59.1	52.82	47.78	86.94	71	67.46	86.98	85.21	56.85	65.28	63.54
Net Debt/Capital (%)	39.23	38.49	30.58	38.73	37.15	34.56	32.33	46.51	38.24	37.03	43.32	43.16	34.74	37.6	37.2
EBITDA	1,745	1,497	1,910	2,270	2,273	2,458	2,605	2,326	2,288	2,027	2,311	1,908	2,574	2,533	2,662
EBITDA-CapEx	1,355	1,086	1,910	2,270	2,273	2,458	2,605	2,326	2,288	2,027	2,311	1,908	2,574	2,533	2,662
Operating Income (Loss)	1,313	1,271	1,550	1,814	1,959	2,157	2,074	1,862	1,946	1,780	1,736	1,666	2,225	2,287	2,169

Liquidity (USD)

Liquidity Ratios API ChatGPT

	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
As of date	12/31/2011	12/31/2012	12/31/2013	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025

Cash Ratio	0.4	0.54	0.42	0.24	0.31	0.44	0.38	0.22	0.29	0.4	0.22	0.24	0.31	0.27	0.45
Current Ratio	1.81	1.73	1.74	1.32	1.43	1.55	1.66	1.36	1.41	1.41	1.42	1.52	1.47	1.31	1.62
Quick Ratio	1.16	1.17	1.08	0.82	0.89	1.06	1.13	0.87	0.92	0.96	0.89	0.94	0.91	0.87	1.13
CFO/Avg Current Liab	0.39	0.44	0.42	0.34	0.4	0.3	0.38	0.35	0.48	0.46	0.33	0.2	0.49	0.28	0.39
Common Equity/Total Assets	22.59	25.59	31.09	29.54	29.18	30.61	33.6	28.91	29.84	29.09	29.44	31.78	36.18	34.91	35.94
Long-Term Debt/Equity (%)	103.71	77.93	64.87	67.1	79.42	77.05	72.88	92.24	95.52	100.57	113.32	106.41	76.84	76.56	87.09
Long-Term Debt/Capital (%)	50.14	40.42	39.19	38.08	42.94	40.59	42.11	44.78	45.89	47.08	52.35	49.77	42.16	39.9	44.09
Long-Term Debt/Total Assets (%)	24.85	21.21	21.26	20.15	23.58	24.01	25	27.26	29.15	29.9	34.03	34.41	28.48	27.43	31.91
Total Debt/Equity (%)	106.85	92.78	65.53	76.24	84.97	89.85	73.1	106	108.16	113.6	116.46	113.8	82.25	91.86	97.52
Total Debt/Capital (%)	51.66	48.13	39.59	43.26	45.94	47.33	42.23	51.46	51.96	53.18	53.8	53.23	45.13	47.88	49.37
Total Debt/Total Assets (%)	25.6	25.26	21.47	22.89	25.22	28	25.07	31.32	33	33.78	34.97	36.81	30.48	32.91	35.73
CFO/Total Liabilities	13.13	15.46	16.79	12.45	15.78	12.44	14.43	13	16.9	15.5	10.46	6.86	17.7	11.39	13.86
CFO/CapEx	3.68	4.35	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Altman's Z-Score	- -	- -	- -	- -	5.32	5.91	6.2	6.1	6.05	5.13	5.9	5.67	5.68	6.14	5.18

Working Capital (USD)

Working Capital Ratios API ChatGPT

	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
As of date	12/31/2011	12/31/2012	12/31/2013	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025

Accounts Receivable Turnover	- -	4.99	5.69	6.14	6.05	6.16	6.09	6.07	6.08	5.66	6.59	5.67	5.96	6.21	6.04
Days Sales Outstanding	- -	73.08	64.19	59.41	60.35	59.23	59.98	60.11	60.05	64.52	55.38	64.41	61.19	58.73	60.47
Inventory Turnover	4.95	4.61	4.74	4.58	4.47	4.83	5.06	5.12	4.95	4.51	5.27	4.49	4.6	4.9	4.85
Days Inventory Outstanding	73.79	79.11	77.07	79.77	81.66	75.55	72.12	71.23	73.67	80.84	69.3	81.29	79.31	74.56	75.26
Accounts Payable Turnover	3.9	3.17	3.37	3.05	2.72	2.73	2.83	2.94	2.9	2.57	3.11	2.8	2.76	2.89	3.03
Accounts Payable Turnover Days	93.55	115.29	108.28	119.81	134.38	133.84	129.13	124.35	125.86	141.89	117.29	130.54	132.46	126.3	120.5
Cash Conversion Cycle	- -	36.9	32.98	19.37	7.63	0.93	2.97	6.99	7.87	3.47	7.39	15.17	8.05	6.99	15.24
Inventory to Cash Days	- -	-6.03	-12.88	-20.36	-21.32	-16.32	-12.14	-11.11	-13.62	-16.32	-13.92	-16.87	-18.12	-15.83	-14.8
Inventories	1,607	1,687	1,824	1,825	1,659	1,514	1,730	1,783	1,710	1,735	2,171	2,272	1,934	1,846	1,996
Raw Materials	528	563	508	499	443	402	470	485	466	527	762	825	669	662	678
Work In Process	144	144	160	157	161	165	177	193	197	187	234	238	233	235	251
Finished Goods	935	980	1,156	1,169	1,055	947	1,083	1,105	1,047	1,021	1,175	1,209	1,032	949	1,067
Other Inventory	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -

Enterprise Value (USD)

Enterprise Value API ChatGPT

	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
As of date	12/31/2011	12/31/2012	12/31/2013	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025

Market Capitalization	- -	- -	- -	- -	26,557	24,485	28,797	22,676	31,311	24,129	38,760	30,976	32,143	29,157	22,750
- Cash & Cash Equivalents	1,457	1,306	1,116	686	1,311	1,820	1,436	902	1,216	1,826	1,005	1,099	1,493	1,270	2,163
+ Preferred Equity and Hybrid Capital	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Minority/Non Controlling Interest	197	259	266	85	86	87	115	102	119	126	125	117	191	177	156
+ Total Debt	3,682	4,010	3,406	4,014	4,307	4,416	4,146	5,016	5,844	6,606	7,466	7,635	6,599	6,395	7,896
Enterprise Value	- -	- -	- -	- -	29,495	27,125	31,567	26,831	36,001	28,939	45,279	37,574	37,365	34,371	28,583
Total Capital	7,128	8,332	8,604	9,279	9,376	9,331	9,818	9,748	11,247	12,421	13,877	14,344	14,622	13,357	15,993
Total Debt/Capital (%)	51.66	48.13	39.59	43.26	45.94	47.33	42.23	51.46	51.96	53.18	53.8	53.23	45.13	47.88	49.37
Total Debt / EV	- -	- -	- -	- -	0.15	0.16	0.13	0.19	0.16	0.23	0.16	0.2	0.18	0.19	0.28
EV/Sales	- -	- -	- -	- -	2.07	1.9	2.14	1.75	2.38	2.09	2.69	2.41	2.3	2.17	1.8
EV/EBITDA	- -	- -	- -	- -	12.98	11.04	12.12	11.54	15.73	14.28	19.59	19.69	14.52	13.57	10.74
EV/EBIT	- -	- -	- -	- -	16.14	13.44	14.72	14.67	20.26	19.06	25.87	26.72	18.14	16.84	13.39
EV/Cash Flow to Firm	- -	- -	- -	- -	14.82	18.82	19.24	17.19	16.51	12.93	27.31	34.45	14.4	21.49	13.43
EV/Free Cash Flow to Firm	- -	- -	- -	- -	14.82	18.82	19.24	17.19	16.51	12.93	27.31	34.45	14.4	21.49	13.43
Diluted Market Cap	- -	- -	- -	- -	27,226	25,443	29,557	23,593	31,646	24,252	39,334	31,270	32,415	29,788	23,124
Diluted Enterprise Value	- -	- -	- -	- -	30,164	28,083	32,327	27,748	36,336	29,062	45,853	37,868	37,637	35,002	28,957
EV per Share	- -	- -	- -	- -	110.52	105.41	125.68	113.76	152.75	122.27	191.93	159.84	158.86	149.49	127.93
TTM Sales	13,153	12,686	14,265	14,791	14,241	14,270	14,748	15,374	15,146	13,834	16,802	15,614	16,242	15,845	15,875
TTM EBITDA	1,745	1,497	1,910	2,270	2,273	2,458	2,605	2,326	2,288	2,027	2,311	1,908	2,574	2,533	2,662
TTM Operating Income	1,313	1,271	1,550	1,814	1,959	2,157	2,074	1,862	1,946	1,780	1,736	1,666	2,225	2,287	2,169
TTM Cash Flow to Firm	1,601	1,959	1,947	1,682	1,990	1,442	1,641	1,560	2,181	2,239	1,658	1,091	2,595	1,599	2,128
TTM Free Cash Flow to Firm	1,211	1,548	1,947	1,682	1,990	1,442	1,641	1,560	2,181	2,239	1,658	1,091	2,595	1,599	2,128

Multiples (USD)

Valuation Multiples API ChatGPT

	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
As of date	12/31/2011	12/31/2012	12/31/2013	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025

Price/Free Cash Flow	- -	- -	- -	- -	14.37	18.83	18.85	16.08	15.21	11.39	25.18	32.47	13.44	20.98	11.91
EV/EBIT	- -	- -	- -	- -	16.14	13.44	14.72	14.67	20.26	19.06	25.87	26.72	18.14	16.84	13.39
Enterprise Value	- -	- -	- -	- -	29,495	27,125	31,567	26,831	36,001	28,939	45,279	37,574	37,365	34,371	28,583
Low Price	- -	- -	- -	- -	90.65	90.91	101.35	96.14	99.58	73.48	140.48	112.78	125.61	126.81	100.35
EV/Sales	- -	- -	- -	- -	2.07	1.9	2.14	1.75	2.38	2.09	2.69	2.41	2.3	2.17	1.8
EV/EBITDA	- -	- -	- -	- -	12.98	11.04	12.12	11.54	15.73	14.28	19.59	19.69	14.52	13.57	10.74
Price/Earnings	- -	- -	- -	- -	19.21	28.95	18.42	17.49	25.32	22.8	27.13	30.32	25.39	26.57	14.62
Price/Earnings Average	- -	- -	- -	- -	20.25	31.55	17.47	19.67	22.2	22.79	26.69	30.76	24.77	28.83	16.42
Price/Earnings High	- -	- -	- -	- -	22.66	35.24	18.74	21.95	26.46	29.18	29.68	40.75	26.85	30.8	17.66
Price/Earnings Low	- -	- -	- -	- -	17.5	27.66	16.28	17.49	18.98	16.43	23.2	25.95	23.34	26.57	14.41
Price/Book Value	- -	- -	- -	- -	5.33	5.07	5.18	4.9	5.93	4.24	6.17	4.7	4.1	4.3	2.86
Price/Book Value Average	- -	- -	- -	- -	5.62	5.53	4.91	5.51	5.2	4.24	6.07	4.77	4	4.66	3.22
Price/Book Value High	- -	- -	- -	- -	6.29	6.17	5.27	6.15	6.19	5.43	6.75	6.31	4.34	4.98	3.46
Price/Book Value Low	- -	- -	- -	- -	4.85	4.85	4.58	4.9	4.44	3.06	5.27	4.02	3.77	4.3	2.82
Price/Tangible Book Value	- -	- -	- -	- -	-30.74	-33.68	-66.97	-16.06	-23.77	-13.68	-14.12	-16.3	-59.09	-35.26	-127.09
Price/Tangible Book Value Average	- -	- -	- -	- -	-32.4	-36.71	-63.51	-18.06	-20.85	-13.68	-13.89	-16.54	-57.63	-38.26	-142.73
Price/Tangible Book Value High	- -	- -	- -	- -	-36.25	-41	-68.14	-20.16	-24.84	-17.51	-15.45	-21.91	-62.48	-40.87	-153.54
Price/Tangible Book Value Low	- -	- -	- -	- -	-28	-32.18	-59.2	-16.06	-17.82	-9.86	-12.07	-13.95	-54.31	-35.26	-125.26
Price/Sales	- -	- -	- -	- -	1.9	1.77	1.99	1.53	2.08	1.74	2.32	1.99	1.99	1.87	1.45
Price/Sales Average	- -	- -	- -	- -	2	1.93	1.89	1.72	1.82	1.74	2.29	2.02	1.94	2.03	1.63
Price/Sales High	- -	- -	- -	- -	2.24	2.16	2.03	1.91	2.17	2.23	2.54	2.68	2.1	2.17	1.75
Price/Sales Low	- -	- -	- -	- -	1.73	1.69	1.76	1.53	1.56	1.26	1.99	1.71	1.83	1.87	1.43
Price/Cash Flow	- -	- -	- -	- -	14.25	18.71	18.73	15.98	15.13	11.33	24.99	32.31	13.38	20.88	11.87
Price/Cash Flow Average	- -	- -	- -	- -	15.02	20.39	17.76	17.98	13.27	11.33	24.59	32.78	13.05	22.66	13.33
Price/Cash Flow High	- -	- -	- -	- -	16.81	22.77	19.05	20.06	15.81	14.51	27.34	43.41	14.15	24.2	14.34
Price/Cash Flow Low	- -	- -	- -	- -	12.98	17.87	16.55	15.98	11.34	8.17	21.37	27.65	12.3	20.88	11.7
Price/Free Cash Flow Average	- -	- -	- -	- -	15.15	20.53	17.88	18.09	13.34	11.38	24.78	32.94	13.11	22.77	13.38
Price/Free Cash Flow High	- -	- -	- -	- -	16.95	22.93	19.18	20.18	15.9	14.57	27.55	43.63	14.22	24.32	14.39
Price/Free Cash Flow Low	- -	- -	- -	- -	13.09	17.99	16.66	16.08	11.4	8.21	21.53	27.79	12.36	20.98	11.74
EV/Sales Average	- -	- -	- -	- -	2.17	2.06	2.04	1.93	2.12	2.09	2.66	2.44	2.25	2.33	1.98
EV/Sales High	- -	- -	- -	- -	2.41	2.27	2.17	2.12	2.47	2.58	2.91	3.09	2.41	2.46	2.1
EV/Sales Low	- -	- -	- -	- -	1.91	1.82	1.91	1.75	1.86	1.6	2.36	2.12	2.14	2.17	1.78
EV/EBITDA Average	- -	- -	- -	- -	13.61	11.93	11.55	12.75	14.05	14.27	19.32	19.93	14.21	14.55	11.79
EV/EBITDA High	- -	- -	- -	- -	15.07	13.2	12.31	14.02	16.35	17.61	21.17	25.27	15.23	15.4	12.52
EV/EBITDA Low	- -	- -	- -	- -	11.94	10.59	10.84	11.54	12.31	10.95	17.16	17.35	13.51	13.57	10.61
EV/EBIT Average	- -	- -	- -	- -	16.93	14.53	14.02	16.22	18.09	19.06	25.52	27.04	17.75	18.06	14.71
EV/EBIT High	- -	- -	- -	- -	18.75	16.08	14.95	17.83	21.05	23.51	27.95	34.3	19.03	19.11	15.61
EV/EBIT Low	- -	- -	- -	- -	14.85	12.9	13.16	14.67	15.85	14.63	22.66	23.55	16.88	16.84	13.24
Last Price	- -	- -	- -	- -	99.51	95.15	114.65	96.14	132.85	101.94	164.3	131.77	136.66	126.81	101.82
High Price	- -	- -	- -	- -	117.37	115.84	116.65	120.66	138.83	130.49	179.74	177.07	144.51	147	123.01
Enterprise Value Average	- -	- -	- -	- -	30,933	29,329	30,080	29,662	32,145	28,934	44,659	38,024	36,574	36,856	31,381
Enterprise Value High	- -	- -	- -	- -	34,261	32,450	32,069	32,615	37,411	35,696	48,920	48,221	39,212	39,013	33,316
Enterprise Value Low	- -	- -	- -	- -	27,130	26,033	28,226	26,831	28,159	22,201	39,659	33,109	34,767	34,371	28,255

Per Share Data Items (USD)

Per-Share Data API ChatGPT

	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
As of date	12/31/2011	12/31/2012	12/31/2013	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025

Shares Outstanding	304	307	277	272	267	257	251	236	236	237	236	235	235	230	223
Diluted Weighted Avg Shares	319	310	290	280	274	267	258	245	238	238	239	237	237	235	227
Basic Weighted Avg Shares	315	307	287	277	271	266	256	244	237	237	238	236	236	234	226
Revenue per Share	41.81	41.35	49.74	53.47	52.47	53.73	57.59	63.03	63.93	58.42	70.72	66.13	68.82	67.77	70.15
EBITDA per Share	5.55	4.88	6.66	8.21	8.38	9.25	10.17	9.54	9.66	8.56	9.73	8.08	10.91	10.83	11.76
Operating Income per Share	4.17	4.14	5.4	6.56	7.22	8.12	8.1	7.63	8.21	7.52	7.31	7.06	9.43	9.78	9.58
Basic EPS, GAAP	3.48	3.07	11.27	7.6	5.18	3.29	6.22	5.5	5.25	4.47	6.06	4.35	5.38	4.77	6.96
Basic EPS from Cont Ops	3.06	2.22	3.39	4.01	4.91	2.13	5.43	5.49	5.36	4.52	6.06	4.38	5.35	5.89	7.01
Diluted EPS, GAAP	3.44	3.03	11.13	7.52	5.14	3.26	6.18	5.46	5.22	4.45	6.01	4.32	5.35	4.75	6.94
Diluted EPS from Cont Ops	3.02	2.19	3.35	3.97	4.87	2.11	5.39	5.46	5.33	4.5	6.02	4.36	5.32	5.86	6.99
Dividend per Share	1.13	1.17	1.2	1.31	1.41	1.56	1.69	1.86	1.98	2.09	2.26	2.41	2.53	2.66	2.78
Cash Flow per Share	4.56	5.82	6.24	5.52	6.98	5.09	6.12	6.01	8.78	8.99	6.57	4.08	10.22	6.07	8.58
Free Cash Flow per Basic Share	3.32	4.49	6.24	5.52	6.98	5.09	6.12	6.01	8.78	8.99	6.57	4.08	10.22	6.07	8.58
Cash & Equivalents per Share	4.88	7.79	6.29	4.35	5.45	7.24	5.94	4.08	5.4	8.12	4.54	4.91	6.67	5.91	9.93
Book Value per Share	10.7	13.23	17.79	19.05	18.67	18.76	22.12	19.63	22.42	24.04	26.65	28.04	33.3	29.51	35.54
Tangible Book Value per Share	-1.76	0.71	2.11	-3.79	-3.24	-2.83	-1.71	-5.99	-5.59	-7.45	-11.64	-8.08	-2.31	-3.6	-0.8