Edwards Lifesciences Corporation Financial Ratios — EW 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 (%)	17.89	20.69	25.74	43.42	21.08	22.24	20.94	23.69	28.73	18.88	28.88	26.14	22.52	50.15	10.56
Return on Assets (%)	12.63	13.87	15.78	26.03	13.06	13.3	11.47	13.14	17.73	12	19.1	18.12	15.89	37.24	8.03
Return on Capital (%)	16.86	18.68	20.84	33.42	17.27	17.87	16.05	19.43	24.89	16.59	25.76	23.63	20.44	46.21	10.04
Return on Invested Capital (%)	16.08	18.1	20.26	32.85	16.91	17.53	16.17	17.92	23.61	15.73	25	19.78	16.52	13.35	9.35
Gross Margin (%)	70.82	74.15	74.74	73.07	75.25	73.09	74.52	74.77	74.37	75.36	76.13	83.79	80.47	79.46	78.01
EBITDA Margin (%)	20.05	23.33	28.38	52.94	28.13	27.75	34.1	22.18	28.43	22.91	34.88	36.69	29.02	28.2	23.42
Operating Margin (%)	17.88	22.1	23.1	20.78	25.78	26.48	29.57	28.81	28.49	30.02	30.33	34.48	29.66	27.21	26.97
Incremental Operating Margin (%)	6.82	54.21	36.05	3.64	93.85	30.21	48.98	19.76	26.55	203.39	31.93	6.21	- -	- -	24.85
Pretax Margin (%)	16.9	20.44	24.99	49.25	24.96	24.9	30.13	20.45	26.83	20.9	32.53	34.04	27.39	28.46	20.98
Profit Margin (%)	14.1	15.35	19.02	34.92	19.85	19.22	16.99	19.4	24.08	18.77	28.73	34.09	27.99	76.75	17.69
Net Income to Common Margin (%)	14.1	15.35	19.02	34.92	19.85	19.22	16.99	19.4	24.08	18.77	28.73	34.09	27.99	76.75	17.69
Effective Tax Rate (%)	16.54	24.91	23.88	29.1	20.49	22.82	43.61	5.15	10.25	10.18	11.69	12.87	11.1	9.82	17.04
Dvd Payout Ratio (%)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Sustainable Growth Rate (%)	17.89	20.69	25.74	43.42	21.08	22.24	20.94	23.69	28.73	18.88	28.88	26.14	22.52	50.15	10.56

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	150	189	593	598	597	822	1,036	594	679	695	690	691	685	700	705
ST Debt	- -	- -	- -	- -	- -	- -	598	- -	26	27	26	26	23	23	25
LT Debt	150	189	593	598	597	822	438	594	653	668	665	666	662	677	681
Total Debt/EBITDA	0.45	0.43	1.02	0.49	0.85	1	0.88	0.72	0.55	0.69	0.38	0.42	0.47	0.46	0.5
Net Debt/EBITDA	-0.06	-0.27	0.3	-0.05	-0.17	-0.13	0.19	-0.15	-0.47	-0.59	-0.15	-0.11	-0.37	-1.6	-1.65
Total Debt/EBIT	0.54	0.49	1.15	0.52	0.94	1.09	0.95	0.79	0.59	0.77	0.41	0.46	0.52	0.51	0.56
Net Debt/EBIT	-0.07	-0.31	0.33	-0.05	-0.19	-0.14	0.2	-0.16	-0.51	-0.66	-0.16	-0.12	-0.41	-1.78	-1.85
EBITDA to Interest Expense	108.55	100.73	59.24	71.5	40.78	42.83	50.49	27.61	59.71	63.59	99.19	85.31	82.6	77.47	69.65
EBITDA-CapEx/Interest Expense	106.06	99.14	59.13	70.87	40.56	40.68	50.17	27.51	58.56	63.58	98.97	84.26	81.85	75.95	69.65
EBIT to Interest Expense	96.81	95.43	48.21	28.06	37.38	40.88	43.79	35.88	59.84	83.33	86.24	80.16	84.44	74.75	80.21
Interest Expense	3	4	10	17	17	19	23	30	21	16	18	19	18	20	20
Common Equity/Total Assets	67.55	66.59	56.99	62.2	61.71	58.07	52.17	58.99	63.94	63.21	68.64	70.02	71.02	76.58	75.47
Long-Term Debt/Equity (%)	11.24	12.8	38.4	27.29	23.85	31.4	14.83	18.91	15.75	14.6	11.39	11.47	9.86	6.72	6.59
Long-Term Debt/Capital (%)	10.11	11.34	27.75	21.44	19.25	23.9	10.98	15.9	13.53	12.67	10.19	10.25	8.94	6.29	6.17
Long-Term Debt/Total Assets (%)	7.59	8.52	21.89	16.98	14.72	18.23	7.74	11.15	10.07	9.23	7.82	8.03	7.07	5.18	4.97
Total Debt/Equity (%)	11.24	12.8	38.4	27.29	23.85	31.4	35.06	18.91	16.36	15.19	11.83	11.91	10.2	6.96	6.82
Total Debt/Capital (%)	10.11	11.34	27.75	21.44	19.25	23.9	25.96	15.9	14.06	13.19	10.58	10.64	9.25	6.5	6.39
Total Debt/Total Assets (%)	7.59	8.52	21.89	16.98	14.72	18.23	18.29	11.15	10.46	9.6	8.12	8.34	7.32	5.36	5.15
Net Debt to Equity	-1.55	-8.22	11.18	-2.54	-4.85	-4.12	7.38	-3.83	-14.09	-12.86	-4.58	-2.97	-7.97	-24.32	-22.63
Net Debt/Capital (%)	-1.58	-8.96	10.06	-2.61	-5.1	-4.29	6.87	-3.98	-16.03	-14.4	-4.72	-3.01	-8.53	-31.71	-28.87
EBITDA	337	443	581	1,230	702	822	1,171	826	1,236	1,005	1,825	1,638	1,454	1,534	1,421
EBITDA-CapEx	329	436	580	1,219	698	781	1,164	823	1,212	1,005	1,821	1,618	1,441	1,504	1,421
Operating Income (Loss)	300	420	473	483	643	785	1,016	1,073	1,239	1,317	1,587	1,539	1,486	1,480	1,636

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	1.34	1.5	2.71	3.38	2.57	2.39	0.94	1.09	1.68	1.57	1.42	1.19	1.37	2.64	2.33
Current Ratio	3.49	3.72	4.99	5.24	4.3	4.21	1.8	2.61	3.31	3.46	3.08	3.03	3.38	4.18	3.72
Quick Ratio	2.3	2.5	3.66	4.14	3.35	3.17	1.28	1.7	2.34	2.24	2.07	1.87	2.06	3.12	2.83
CFO/Avg Current Liab	0.92	1.06	1.36	2.65	1.22	1.4	1.03	0.81	1.33	1.17	1.8	1.19	0.81	0.4	0.96
Common Equity/Total Assets	67.55	66.59	56.99	62.2	61.71	58.07	52.17	58.99	63.94	63.21	68.64	70.02	71.02	76.58	75.47
Long-Term Debt/Equity (%)	11.24	12.8	38.4	27.29	23.85	31.4	14.83	18.91	15.75	14.6	11.39	11.47	9.86	6.72	6.59
Long-Term Debt/Capital (%)	10.11	11.34	27.75	21.44	19.25	23.9	10.98	15.9	13.53	12.67	10.19	10.25	8.94	6.29	6.17
Long-Term Debt/Total Assets (%)	7.59	8.52	21.89	16.98	14.72	18.23	7.74	11.15	10.07	9.23	7.82	8.03	7.07	5.18	4.97
Total Debt/Equity (%)	11.24	12.8	38.4	27.29	23.85	31.4	35.06	18.91	16.36	15.19	11.83	11.91	10.2	6.96	6.82
Total Debt/Capital (%)	10.11	11.34	27.75	21.44	19.25	23.9	25.96	15.9	14.06	13.19	10.58	10.64	9.25	6.5	6.39
Total Debt/Total Assets (%)	7.59	8.52	21.89	16.98	14.72	18.23	18.29	11.15	10.46	9.6	8.12	8.34	7.32	5.36	5.15
CFO/Total Liabilities	47.96	48.79	40.56	76.77	35.39	37.25	36.92	42.44	50.56	39.59	64.95	49.01	33.88	18.12	47.48
CFO/CapEx	40.03	51.73	429.73	94.66	144.66	17.06	135.23	308.9	49.29	3,514.33	433.03	60.31	67.35	18.08	- -
Altman's Z-Score	11.1	12.14	7.24	9.41	10.04	9.84	7.91	12.03	15.75	15.93	21.26	14.27	13.72	12.15	12.3

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	5.98	6.28	6.56	7.87	8.27	8.71	8.54	8.31	8.69	8.29	9.54	7.29	7.08	7.88	9.57
Days Sales Outstanding	61	58.11	55.64	46.39	44.16	41.93	42.72	43.9	41.99	44.03	38.25	50.09	51.53	46.32	38.16
Inventory Turnover	2.11	1.81	1.75	2.07	1.94	2.17	1.84	1.62	1.79	1.5	1.63	0.9	1.1	1.12	1.21
Days Inventory Outstanding	173.22	201.57	208.39	176.69	188.27	168.56	198.39	225.73	204.36	243.74	223.43	404.04	331.84	325.02	302.69
Accounts Payable Turnover	8.26	6.4	8.85	11.51	10.82	10.61	9.67	7.91	7.3	6.59	5.85	4.29	5.18	6.77	6.47
Accounts Payable Turnover Days	44.2	57.07	41.26	31.71	33.75	34.4	37.73	46.13	49.97	55.38	62.37	85.01	70.45	53.88	56.45
Cash Conversion Cycle	190.03	202.61	222.77	191.38	198.68	176.09	203.38	223.5	196.39	232.39	199.31	369.12	312.91	317.46	284.4
Inventory to Cash Days	-112.22	-143.45	-152.76	-130.3	-144.11	-126.63	-155.66	-181.82	-162.37	-199.71	-185.18	-353.95	-280.31	-278.7	-264.53
Inventories	261	281	309	297	340	397	555	607	641	802	727	876	904	1,087	1,126
Raw Materials	52	50	58	67	64	61	101	112	118	137	133	156	196	241	197
Work In Process	67	59	82	59	64	102	121	145	122	140	164	177	196	236	253
Finished Goods	143	173	169	170	212	234	332	351	401	526	430	542	511	609	677
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	8,067	10,306	7,188	13,732	17,012	19,827	23,635	31,813	48,781	56,955	80,852	45,385	45,834	43,574	49,505
- Cash & Cash Equivalents	171	311	420	654	718	930	818	714	1,179	1,183	863	769	1,132	3,045	2,938
+ Preferred Equity and Hybrid Capital	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Minority/Non Controlling Interest	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	69	65	- -
+ Total Debt	150	189	593	598	597	822	1,036	594	679	695	690	691	685	700	705
Enterprise Value	7,767	9,974	6,844	12,891	16,384	19,378	23,334	31,451	47,943	56,247	80,076	44,861	44,956	40,363	45,984
Total Capital	1,488	1,669	2,138	2,790	3,100	3,441	3,993	3,734	4,827	5,269	6,526	6,498	7,405	10,763	11,043
Total Debt/Capital (%)	10.11	11.34	27.75	21.44	19.25	23.9	25.96	15.9	14.06	13.19	10.58	10.64	9.25	6.5	6.39
Total Debt / EV	0.02	0.02	0.09	0.05	0.04	0.04	0.04	0.02	0.01	0.01	0.01	0.02	0.02	0.02	0.02
EV/Sales	4.63	5.25	3.35	5.55	6.57	6.54	6.79	8.45	11.03	12.82	15.3	10.05	8.97	7.42	7.58
EV/EBITDA	23.08	22.51	11.79	10.48	23.36	23.56	19.92	38.09	38.79	55.98	43.87	27.39	30.92	26.31	32.36
EV/EBIT	27.89	25.61	13.22	11.1	25.77	25.8	21.42	42.04	41.81	62.66	47.37	29.94	34.35	29.28	36.37
EV/Cash Flow to Firm	24.99	27.3	14.25	12.46	29.08	26.94	23.02	32.93	39.9	52.64	45.8	36.33	49.32	72.06	28.52
EV/Free Cash Flow to Firm	25.63	27.83	14.29	12.59	29.28	28.58	23.19	33.03	40.72	52.66	45.91	36.93	50.05	76.13	28.52
Diluted Market Cap	8,442	10,667	7,483	13,821	17,399	20,408	24,334	32,717	49,504	57,648	81,772	46,572	46,467	44,366	49,939
Diluted Enterprise Value	8,141	10,335	7,140	12,980	16,771	19,959	24,033	32,354	48,666	56,941	80,995	46,048	45,588	41,155	46,419
EV per Share	11.34	14.54	10.44	19.93	25.36	30.53	37.09	50.47	76.43	90.1	128.31	73.75	74.79	68.57	79.19
TTM Sales	1,679	1,900	2,046	2,323	2,494	2,964	3,435	3,723	4,348	4,386	5,233	4,464	5,010	5,440	6,068
TTM EBITDA	337	443	581	1,230	702	822	1,171	826	1,236	1,005	1,825	1,638	1,454	1,534	1,421
TTM Operating Income	300	420	473	483	643	785	1,016	1,073	1,239	1,317	1,587	1,539	1,486	1,480	1,636
TTM Cash Flow to Firm	311	365	480	1,034	563	719	1,014	955	1,201	1,068	1,748	1,235	911	560	1,612
TTM Free Cash Flow to Firm	303	358	479	1,024	560	678	1,006	952	1,177	1,068	1,744	1,215	898	530	1,612

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	28.09	30.04	15.87	13.66	31.87	30.78	24.5	35.42	42.72	54.69	47.32	38.87	52.65	86.6	31.31
EV/EBIT	27.89	25.61	13.22	11.1	25.77	25.8	21.42	42.04	41.81	62.66	47.37	29.94	34.35	29.28	36.37
Enterprise Value	7,767	9,974	6,844	12,891	16,384	19,378	23,334	31,451	47,943	56,247	80,076	44,861	44,956	40,363	45,984
Low Price	10.27	11.31	10.1	10.51	20.46	24.07	28.85	36.89	46.95	51.51	78.44	67.13	60.57	58.93	65.94
EV/Sales	4.63	5.25	3.35	5.55	6.57	6.54	6.79	8.45	11.03	12.82	15.3	10.05	8.97	7.42	7.58
EV/EBITDA	23.08	22.51	11.79	10.48	23.36	23.56	19.92	38.09	38.79	55.98	43.87	27.39	30.92	26.31	32.36
Price/Earnings	34.23	35.54	18.88	16.73	34.39	35.04	40.73	44.37	46.42	68.98	53.72	30.35	32.99	10.6	46.44
Price/Earnings Average	38.31	34.6	21.24	12.05	31.09	37.06	38.68	41.22	39.76	57.53	42.56	39.52	34.1	11.27	41.77
Price/Earnings High	44.46	43.67	27.27	17.63	36.33	45.54	43.89	50.69	49.27	69.62	54.63	53.32	41.04	13.76	47.88
Price/Earnings Low	29.82	26.75	17.4	8.28	26.73	27	31.28	32.06	28.03	38.95	32.53	27.3	26.2	8.44	35.92
Price/Book Value	6.03	6.97	4.65	6.27	6.8	7.57	8	10.13	11.76	12.45	13.85	7.82	6.89	4.36	4.79
Price/Book Value Average	6.75	6.78	5.24	4.51	6.14	8.01	7.59	9.41	10.07	10.38	10.98	10.18	7.13	4.63	4.31
Price/Book Value High	7.83	8.56	6.72	6.61	7.18	9.84	8.62	11.57	12.48	12.57	14.09	13.73	8.58	5.66	4.94
Price/Book Value Low	5.25	5.24	4.29	3.1	5.28	5.83	6.14	7.32	7.1	7.03	8.39	7.03	5.47	3.47	3.7
Price/Tangible Book Value	8.76	10.03	6.39	7.66	10.19	11.09	17.36	18.88	18.45	18.55	18.61	10.42	8.98	6.19	6.65
Price/Tangible Book Value Average	9.8	9.77	7.18	5.52	9.21	11.73	16.48	17.54	15.8	15.47	14.75	13.56	9.28	6.58	5.98
Price/Tangible Book Value High	11.37	12.32	9.22	8.08	10.77	14.41	18.7	21.57	19.58	18.73	18.92	18.3	11.17	8.03	6.86
Price/Tangible Book Value Low	7.63	7.55	5.89	3.79	7.92	8.54	13.33	13.64	11.14	10.48	11.27	9.37	7.13	4.92	5.15
Price/Sales	4.83	5.45	3.59	5.84	6.83	6.73	6.92	8.61	11.18	12.95	15.43	10.35	9.23	8.13	8.22
Price/Sales Average	5.4	5.31	4.04	4.21	6.17	7.12	6.57	8	9.57	10.8	12.23	13.47	9.55	8.65	7.39
Price/Sales High	6.27	6.7	5.19	6.16	7.21	8.75	7.46	9.83	11.86	13.07	15.69	18.18	11.49	10.56	8.47
Price/Sales Low	4.2	4.1	3.31	2.89	5.3	5.19	5.31	6.22	6.75	7.31	9.34	9.31	7.33	6.48	6.36
Price/Cash Flow	26.29	28.61	15.54	13.27	30.96	28.33	23.75	34.58	41.08	53.87	46.62	37.91	51.64	81.59	31.25
Price/Cash Flow Average	29.42	27.86	17.48	9.56	27.99	29.97	22.56	32.12	35.18	44.93	36.94	49.37	53.39	86.74	28.11
Price/Cash Flow High	34.14	35.16	22.44	13.99	32.71	36.82	25.6	39.51	43.61	54.38	47.4	66.62	64.25	105.94	32.22
Price/Cash Flow Low	22.9	21.53	14.32	6.57	24.06	21.83	18.24	24.99	24.8	30.42	28.23	34.11	41.02	64.95	24.17
Price/Free Cash Flow Average	31.44	29.25	17.85	9.84	28.81	32.55	23.27	32.9	36.59	45.62	37.49	50.62	54.44	92.07	28.16
Price/Free Cash Flow High	36.48	36.91	22.92	14.4	33.67	39.99	26.4	40.47	45.34	55.2	48.12	68.31	65.51	112.44	32.28
Price/Free Cash Flow Low	24.47	22.61	14.63	6.76	24.77	23.71	18.81	25.59	25.79	30.88	28.65	34.98	41.83	68.94	24.21
EV/Sales Average	5.2	5.11	3.78	3.9	5.91	6.92	6.45	7.84	9.42	10.67	12.09	13.12	9.28	7.93	6.76
EV/Sales High	6.06	6.49	4.91	5.87	6.96	8.54	7.33	9.67	11.72	12.94	15.56	17.75	11.21	9.81	7.83
EV/Sales Low	4.01	3.91	3.07	2.56	5.05	5	5.2	6.08	6.58	7.17	9.21	9.03	7.09	5.79	5.73
EV/EBITDA Average	25.94	21.89	13.33	7.36	21.03	24.95	18.91	35.36	33.12	46.57	34.67	35.76	31.99	28.11	28.86
EV/EBITDA High	30.24	27.82	17.29	11.09	24.72	30.78	21.49	43.59	41.21	56.51	44.62	48.37	38.62	34.79	33.44
EV/EBITDA Low	19.99	16.75	10.82	4.84	17.95	18.03	15.24	27.4	23.15	31.3	26.4	24.61	24.44	20.52	24.47
EV/EBIT Average	31.34	24.91	14.95	7.79	23.2	27.32	20.33	39.02	35.7	52.13	37.44	39.09	35.53	31.27	32.44
EV/EBIT High	36.54	31.66	19.39	11.74	27.28	33.7	23.1	48.1	44.42	63.26	48.18	52.87	42.9	38.71	37.59
EV/EBIT Low	24.16	19.06	12.13	5.13	19.81	19.74	16.38	30.24	24.95	35.04	28.5	26.9	27.15	22.83	27.5
Last Price	11.78	15.03	10.96	21.23	26.33	31.23	37.57	51.06	77.76	91.23	129.55	74.61	76.25	74.03	85.25
High Price	15.3	18.46	15.83	22.38	27.81	40.58	40.48	58.33	82.55	92.08	131.73	131.1	94.87	96.12	87.89
Enterprise Value Average	8,728	9,702	7,742	9,051	14,750	20,520	22,145	29,191	40,942	46,795	63,282	58,579	46,509	43,111	41,010
Enterprise Value High	10,177	12,331	10,038	13,636	17,344	25,314	25,167	35,985	50,943	56,778	81,436	79,224	56,148	53,365	47,517
Enterprise Value Low	6,727	7,424	6,282	5,955	12,592	14,829	17,848	22,626	28,616	31,448	48,178	40,311	35,530	31,475	34,770

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	685	686	656	647	646	635	629	623	627	624	624	608	601	589	581
Diluted Weighted Avg Shares	716	710	683	651	661	653	648	641	637	632	631	624	609	599	586
Basic Weighted Avg Shares	688	689	670	639	647	639	633	628	625	623	623	619	607	598	585
Revenue per Share	2.44	2.76	3.05	3.64	3.86	4.64	5.43	5.93	6.96	7.05	8.39	7.21	8.26	9.1	10.38
EBITDA per Share	0.49	0.64	0.87	1.92	1.09	1.29	1.85	1.32	1.98	1.61	2.93	2.65	2.4	2.57	2.43
Operating Income per Share	0.44	0.61	0.71	0.76	0.99	1.23	1.61	1.71	1.98	2.11	2.55	2.49	2.45	2.48	2.8
Basic EPS, GAAP	0.34	0.42	0.58	1.27	0.77	0.89	0.92	1.15	1.68	1.32	2.41	2.46	2.31	6.98	1.84
Basic EPS from Cont Ops	0.34	0.42	0.58	1.27	0.77	0.89	0.92	1.15	1.68	1.32	2.41	2.14	2.01	2.34	1.81
Diluted EPS, GAAP	0.33	0.41	0.57	1.25	0.75	0.87	0.9	1.13	1.64	1.3	2.38	2.44	2.3	6.97	1.83
Diluted EPS from Cont Ops	0.33	0.41	0.57	1.25	0.75	0.87	0.9	1.13	1.64	1.3	2.38	2.12	2	2.33	1.8
Dividend per Share	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Cash Flow per Share	0.45	0.53	0.71	1.6	0.85	1.1	1.58	1.48	1.89	1.69	2.78	1.97	1.48	0.91	2.73
Free Cash Flow per Basic Share	0.44	0.52	0.7	1.58	0.84	1.04	1.57	1.47	1.85	1.69	2.77	1.94	1.45	0.86	2.73
Cash & Equivalents per Share	0.66	0.76	1.43	2.22	1.9	2	2.13	1.54	2.42	2.25	2.35	2	2.72	6.75	7.28
Book Value per Share	1.95	2.16	2.35	3.39	3.87	4.13	4.7	5.04	6.61	7.33	9.35	9.55	11.06	16.99	17.8
Tangible Book Value per Share	1.35	1.5	1.72	2.77	2.58	2.82	2.16	2.7	4.22	4.92	6.96	7.16	8.49	11.97	12.81