Black Hills Corporation Financial Ratios — BHI 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 (%)	4.31	8.39	9.33	9.93	-2.28	4.74	10.65	13.29	8.77	9.25	8.85	8.94	8.44	8.13	7.96
Return on Assets (%)	1.27	2.61	3.1	3.24	-0.72	1.31	2.68	3.79	2.74	2.91	2.75	2.76	2.73	2.78	2.79
Return on Capital (%)	4.17	6.52	7.16	6.21	0.7	3.8	5.2	- -	5.4	5.49	5.37	5.2	5.34	5.56	5.6
Return on Invested Capital (%)	4.73	6.61	6.36	6.06	6	5.62	5.99	- -	6.21	6.04	5.7	5.45	5.56	5.65	5.62
Gross Margin (%)	28	37.36	34.33	32.48	38.1	39.84	39.42	36.88	38.51	41.79	36.2	30.28	34.16	39.5	38.47
EBITDA Margin (%)	25.3	35.98	31.1	29.32	33.85	33.25	36.01	33.82	35.46	38.47	33.11	27.67	31.29	36.34	35.55
Operating Margin (%)	14.64	21.31	20.34	18.93	23.82	21.85	24.8	22.63	23.4	25.24	21	17.84	20.28	23.65	23.27
Incremental Operating Margin (%)	5.37	- -	9.11	3.76	- -	12.88	56.99	- -	- -	- -	- -	7.6	- -	- -	18.87
Pretax Margin (%)	4.52	14.45	14.22	14.17	17.46	13.38	16.77	14.59	14	16.25	13.26	11.6	12.94	15.04	14.87
Profit Margin (%)	3.91	8.73	9.2	9.39	-2.55	4.74	10.54	14.73	11.49	13.41	12.14	10.13	11.25	12.84	12.62
Net Income to Common Margin (%)	3.91	8.73	9.2	9.39	-2.55	4.74	10.54	14.73	11.49	13.41	12.14	10.13	11.25	12.84	12.62
Effective Tax Rate (%)	31.71	35.5	34.75	33.73	35.72	28.7	26.04	- -	12.18	11.94	2.79	8.51	8.49	11.34	12.72
Dvd Payout Ratio (%)	146.67	59.65	57.13	53.2	51.29	55.97	43.46	36.28	54.83	52.51	54.57	55.33	58.01	61.94	64.25
Sustainable Growth Rate (%)	-2.01	3.39	4	4.64	-1.11	2.09	6.02	8.47	3.96	4.39	4.02	3.99	3.55	3.09	2.85

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	1,628	1,320	1,479	1,618	1,930	3,314	3,326	3,142	3,495	3,771	4,547	4,668	4,401	4,384	4,701
ST Debt	347	381	83	350	77	102	217	191	355	242	420	1,061	600	134	- -
LT Debt	1,280	939	1,397	1,268	1,854	3,211	3,109	2,951	3,140	3,528	4,127	3,607	3,801	4,250	4,701
Total Debt/EBITDA	5.06	3.12	3.73	3.96	4.52	6.48	5.5	5.3	5.68	5.78	7.05	6.61	6.03	5.67	5.72
Net Debt/EBITDA	4.99	3.09	3.71	3.91	3.49	6.45	5.47	5.26	5.67	5.77	7.03	6.58	5.91	5.65	5.5
Total Debt/EBIT	8.74	4.77	5.7	6.13	6.43	9.86	7.98	7.91	8.61	8.8	11.11	10.25	9.31	8.71	8.75
Net Debt/EBIT	8.62	4.72	5.67	6.05	4.96	9.82	7.95	7.86	8.58	8.79	11.08	10.21	9.13	8.68	8.41
EBITDA to Interest Expense	3.52	3.72	3.55	5.76	5.04	3.76	4.38	4.19	4.42	4.5	4.19	4.34	4.05	3.96	3.97
EBITDA-CapEx/Interest Expense	-1.3	0.64	0.38	0.14	1.9	0.42	2.02	0.96	-1.46	-0.79	-0.21	0.63	0.97	0.15	0.01
EBIT to Interest Expense	2.04	2.2	2.32	3.72	3.55	2.47	3.02	2.8	2.92	2.96	2.66	2.8	2.63	2.58	2.6
Interest Expense	91	114	112	71	85	136	138	142	139	145	154	163	180	195	207
Common Equity/Total Assets	29.3	33.05	33.44	31.89	31.68	24.68	25.66	31.33	31.25	31.67	30.52	31.14	33.42	34.94	35.18
Long-Term Debt/Equity (%)	105.88	76.18	108.84	93.63	126.46	185.6	170.83	129	127.44	132.5	142.94	116.74	114.99	118.55	120.37
Long-Term Debt/Capital (%)	45.13	36.78	50.56	42.66	54.58	63.67	60.42	54.35	52.69	54.84	55.51	46.5	49.32	53.33	54.62
Long-Term Debt/Total Assets (%)	31.02	25.17	36.4	29.85	40.07	49.09	46.7	42.38	41.54	43.62	45.19	37.5	39.51	42.41	43.25
Total Debt/Equity (%)	134.61	107.09	115.27	119.48	131.7	191.52	182.75	137.37	141.85	141.61	157.5	151.07	133.14	122.28	120.37
Total Debt/Capital (%)	57.38	51.71	53.55	54.44	56.84	65.7	64.63	57.87	58.65	58.61	61.16	60.17	57.11	55.01	54.62
Total Debt/Total Assets (%)	39.44	35.39	38.55	38.1	41.73	50.65	49.95	45.12	46.24	46.61	49.79	48.53	45.75	43.74	43.25
Net Debt to Equity	132.82	105.83	114.66	117.91	101.62	190.74	181.9	136.46	141.46	141.37	157.19	150.38	130.52	121.83	115.68
Net Debt/Capital (%)	57.05	51.42	53.41	54.11	50.4	65.6	64.53	57.71	58.58	58.57	61.12	60.06	56.62	54.92	53.64
EBITDA	322	422	397	409	427	512	605	593	615	653	645	706	730	773	821
EBITDA-CapEx	-119	73	42	10	161	57	279	136	-203	-115	-32	102	174	29	2
Operating Income (Loss)	186	250	259	264	300	336	417	397	406	428	409	455	473	503	538

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	0.02	0.02	0.02	0.03	1.08	0.03	0.02	0.03	0.01	0.01	0.01	0.01	0.07	0.02	0.25
Current Ratio	0.86	0.55	0.91	0.7	1.98	0.88	0.88	0.78	0.58	0.71	0.9	0.64	0.7	0.97	1.35
Quick Ratio	0.21	0.24	0.49	0.33	1.45	0.52	0.41	0.47	0.35	0.42	0.39	0.33	0.38	0.51	0.8
CFO/Avg Current Liab	0.27	0.39	0.58	0.61	0.8	0.69	0.73	0.75	0.69	0.72	-0.08	0.46	0.66	0.74	0.9
Common Equity/Total Assets	29.3	33.05	33.44	31.89	31.68	24.68	25.66	31.33	31.25	31.67	30.52	31.14	33.42	34.94	35.18
Long-Term Debt/Equity (%)	105.88	76.18	108.84	93.63	126.46	185.6	170.83	129	127.44	132.5	142.94	116.74	114.99	118.55	120.37
Long-Term Debt/Capital (%)	45.13	36.78	50.56	42.66	54.58	63.67	60.42	54.35	52.69	54.84	55.51	46.5	49.32	53.33	54.62
Long-Term Debt/Total Assets (%)	31.02	25.17	36.4	29.85	40.07	49.09	46.7	42.38	41.54	43.62	45.19	37.5	39.51	42.41	43.25
Total Debt/Equity (%)	134.61	107.09	115.27	119.48	131.7	191.52	182.75	137.37	141.85	141.61	157.5	151.07	133.14	122.28	120.37
Total Debt/Capital (%)	57.38	51.71	53.55	54.44	56.84	65.7	64.63	57.87	58.65	58.61	61.16	60.17	57.11	55.01	54.62
Total Debt/Total Assets (%)	39.44	35.39	38.55	38.1	41.73	50.65	49.95	45.12	46.24	46.61	49.79	48.53	45.75	43.74	43.25
CFO/Total Liabilities	7.67	12.69	12.71	10.9	13.43	6.66	8.85	10.45	9.92	9.99	-1.03	8.96	14.96	11.17	9.67
CFO/CapEx	0.51	0.91	0.92	0.79	1.59	0.7	1.31	1.07	0.62	0.71	-0.1	0.97	1.7	0.97	0.82
Altman's Z-Score	0.94	1.06	1.36	1.24	1.25	1.03	1.1	1.16	1.17	1.02	1.02	1.01	0.96	1.02	1.11

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	9.42	11.8	11.9	11.95	12.61	14.16	12.78	12.86	11.9	11.64	11.89	11.38	10	10.64	10.88
Days Sales Outstanding	38.75	30.93	30.68	30.55	28.93	25.78	28.56	28.38	30.66	31.37	30.7	32.08	36.49	34.31	33.56
Inventory Turnover	12.46	9.09	10.09	10.47	8.77	9.72	9.39	9.6	9.1	8.42	9.27	9.93	8.34	8.18	8.71
Days Inventory Outstanding	29.29	40.14	36.19	34.85	41.64	37.56	38.89	38	40.11	43.34	39.38	36.76	43.79	44.63	41.9
Accounts Payable Turnover	7.46	7.71	7.9	7.41	7.26	7.79	6.57	5.98	5.28	5.24	6.37	6.96	6	6.16	5.32
Accounts Payable Turnover Days	48.94	47.37	46.2	49.23	50.28	46.85	55.59	61.01	69.14	69.61	57.31	52.48	60.87	59.23	68.55
Cash Conversion Cycle	19.09	23.7	20.66	16.17	20.29	16.49	11.85	5.37	1.63	5.09	12.78	16.37	19.41	19.71	6.91
Inventory to Cash Days	9.46	-9.21	-5.51	-4.3	-12.71	-11.79	-10.33	-9.63	-9.45	-11.97	-8.68	-4.68	-7.3	-10.32	-8.34
Inventories	84	78	88	91	87	104	113	117	117	117	151	207	161	154	172
Raw Materials	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Work In Process	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Finished Goods	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Other Inventory	84	78	88	91	87	104	113	117	117	117	151	207	161	154	172

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	1,473	1,582	2,335	2,478	2,389	3,293	3,215	3,716	4,786	3,817	4,547	4,717	3,689	4,163	5,229
- Cash & Cash Equivalents	22	15	8	21	441	14	15	21	10	6	9	21	87	16	183
+ Preferred Equity and Hybrid Capital	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Minority/Non Controlling Interest	- -	- -	- -	- -	- -	115	111	106	102	101	100	95	91	84	82
+ Total Debt	1,628	1,320	1,479	1,618	1,930	3,314	3,326	3,142	3,495	3,771	4,547	4,668	4,401	4,384	4,701
Enterprise Value	3,079	2,887	3,806	4,075	3,879	6,708	6,638	6,943	8,374	7,682	9,185	9,458	8,094	8,615	9,829
Total Capital	2,837	2,552	2,763	2,971	3,396	5,044	5,147	5,430	5,959	6,433	7,434	7,758	7,707	7,969	8,607
Total Debt/Capital (%)	57.38	51.71	53.55	54.44	56.84	65.7	64.63	57.87	58.65	58.61	61.16	60.17	57.11	55.01	54.62
Total Debt / EV	0.53	0.46	0.39	0.4	0.5	0.49	0.5	0.45	0.42	0.49	0.5	0.49	0.54	0.51	0.48
EV/Sales	2.42	2.46	2.98	2.92	3.07	4.36	3.95	3.96	4.83	4.53	4.71	3.71	3.47	4.05	4.26
EV/EBITDA	9.57	6.83	9.59	9.97	9.08	13.11	10.97	11.7	13.61	11.77	14.23	13.4	11.1	11.14	11.97
EV/EBIT	16.53	10.44	14.67	15.44	12.91	19.95	15.93	17.49	20.62	17.94	22.44	20.78	17.12	17.12	18.29
EV/Cash Flow to Firm	10.76	7.4	9.57	11.25	8.1	16.07	12.51	- -	13.34	11.47	107.8	12.89	7.3	9.65	11.51
EV/Free Cash Flow to Firm	- -	70.21	88.87	- -	18.26	- -	32.47	- -	- -	- -	- -	73.23	14.62	58.15	287.58
Diluted Market Cap	1,344	1,578	2,330	2,478	2,389	3,288	3,309	3,437	4,733	3,795	4,401	4,640	3,629	4,063	5,071
Diluted Enterprise Value	2,950	2,882	3,802	4,075	3,879	6,703	6,731	6,664	8,321	7,660	9,039	9,381	8,035	8,515	9,671
EV per Share	70.09	65.3	85.53	91.21	75.76	125.66	123.97	115.7	136.21	122.34	141.88	143.08	118.68	120.29	130.23
TTM Sales	1,272	1,174	1,276	1,394	1,261	1,539	1,680	1,754	1,735	1,697	1,949	2,552	2,331	2,128	2,310
TTM EBITDA	322	422	397	409	427	512	605	593	615	653	645	706	730	773	821
TTM Operating Income	186	250	259	264	300	336	417	397	406	428	409	455	473	503	538
TTM Cash Flow to Firm	286	390	398	362	479	418	530	- -	628	669	85	734	1,109	892	854
TTM Free Cash Flow to Firm	-155	41	43	-36	212	-37	204	- -	-191	-98	-592	129	554	148	34

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	-6.19	-49.06	-77.37	-29.8	15.12	-24.45	32.36	109.84	-15.13	-16.83	-5.93	-236.72	9.33	-163.19	-34.64
EV/EBIT	16.53	10.44	14.67	15.44	12.91	19.95	15.93	17.49	20.62	17.94	22.44	20.78	17.12	17.12	18.29
Enterprise Value	3,079	2,887	3,806	4,075	3,879	6,708	6,638	6,943	8,374	7,682	9,185	9,458	8,094	8,615	9,829
Low Price	25.86	30.06	37.35	47.42	37.13	45.57	57.11	50.72	59.98	49.05	58.84	61.44	47.1	49.48	54.9
EV/Sales	2.42	2.46	2.98	2.92	3.07	4.36	3.95	3.96	4.83	4.53	4.71	3.71	3.47	4.05	4.26
EV/EBITDA	9.57	6.83	9.59	9.97	9.08	13.11	10.97	11.7	13.61	11.77	14.23	13.4	11.1	11.14	11.97
Price/Earnings	26.88	15.31	19.73	18.93	- -	43.87	18.05	13.03	23.7	16.66	18.57	17.91	13.82	14.86	17.34
Price/Earnings Average	24.87	14.15	17.75	18.7	- -	41.46	19.7	12.26	22.71	17.31	17.42	17.95	15.14	14.41	15.2
Price/Earnings High	28.01	15.62	20.72	20.93	- -	45.67	21.48	14.3	24.78	23.4	19.26	20.04	18.7	16.48	18.38
Price/Earnings Low	20.73	12.86	14.05	16.19	- -	32.41	17.16	10.68	18.26	13.44	15.56	15.42	12.04	12.65	13.74
Price/Book Value	1.22	1.28	1.82	1.83	1.63	2.04	1.88	1.7	2.03	1.49	1.63	1.57	1.15	1.19	1.37
Price/Book Value Average	1.13	1.19	1.64	1.81	1.59	1.93	2.05	1.6	1.94	1.55	1.53	1.58	1.26	1.15	1.2
Price/Book Value High	1.27	1.31	1.91	2.02	1.85	2.12	2.24	1.87	2.12	2.09	1.69	1.76	1.55	1.32	1.45
Price/Book Value Low	0.94	1.08	1.29	1.56	1.3	1.51	1.79	1.4	1.56	1.2	1.37	1.36	1	1.01	1.08
Price/Tangible Book Value	1.73	1.81	2.52	2.49	2.17	10.73	8	4.28	4.56	3.05	3.08	2.8	1.93	1.9	2.08
Price/Tangible Book Value Average	1.6	1.67	2.27	2.45	2.12	10.14	8.73	4.03	4.37	3.17	2.89	2.8	2.12	1.84	1.82
Price/Tangible Book Value High	1.8	1.84	2.65	2.75	2.46	11.17	9.52	4.7	4.77	4.29	3.19	3.13	2.62	2.1	2.2
Price/Tangible Book Value Low	1.33	1.52	1.79	2.12	1.72	7.93	7.61	3.51	3.51	2.46	2.58	2.41	1.68	1.61	1.65
Price/Sales	1.05	1.34	1.82	1.78	1.89	2.08	1.9	1.92	2.72	2.23	2.26	1.81	1.55	1.91	2.19
Price/Sales Average	0.97	1.23	1.63	1.76	1.85	1.97	2.08	1.81	2.61	2.32	2.12	1.82	1.7	1.85	1.92
Price/Sales High	1.1	1.36	1.91	1.97	2.15	2.17	2.26	2.11	2.85	3.14	2.34	2.03	2.1	2.12	2.32
Price/Sales Low	0.81	1.12	1.29	1.52	1.51	1.54	1.81	1.57	2.1	1.8	1.89	1.56	1.35	1.62	1.73
Price/Cash Flow	5.97	4.95	7.14	7.86	5.63	9.99	7.46	6.89	9.34	7	-68.04	7.91	3.84	5.64	7.51
Price/Cash Flow Average	5.53	4.57	6.42	7.76	5.51	9.44	8.14	6.48	8.95	7.27	-63.84	7.93	4.2	5.47	6.58
Price/Cash Flow High	6.23	5.05	7.49	8.69	6.4	10.4	8.88	7.56	9.77	9.83	-70.57	8.86	5.19	6.26	7.96
Price/Cash Flow Low	4.61	4.16	5.08	6.72	4.48	7.38	7.09	5.65	7.2	5.65	-57	6.81	3.34	4.8	5.95
Price/Free Cash Flow Average	-5.73	-45.34	-69.59	-29.43	14.79	-23.11	35.33	103.3	-14.5	-17.48	-5.56	-237.3	10.23	-158.25	-30.35
Price/Free Cash Flow High	-6.46	-50.05	-81.24	-32.93	17.19	-25.45	38.51	120.51	-15.82	-23.64	-6.15	-264.87	12.63	-181	-36.7
Price/Free Cash Flow Low	-4.78	-41.19	-55.08	-25.47	12.03	-18.06	30.77	89.98	-11.66	-13.58	-4.97	-203.82	8.13	-138.9	-27.45
EV/Sales Average	2.33	2.36	2.8	2.9	3.03	4.24	4.13	3.83	4.71	4.61	4.57	3.71	3.62	3.99	3.97
EV/Sales High	2.47	2.49	3.07	3.11	3.33	4.45	4.31	4.16	4.95	5.44	4.8	3.93	4.03	4.26	4.39
EV/Sales Low	2.16	2.24	2.46	2.67	2.69	3.8	3.86	3.57	4.19	4.09	4.33	3.45	3.27	3.76	3.79
EV/EBITDA Average	9.23	6.55	9	9.9	8.96	12.76	11.46	11.33	13.29	12	13.8	13.41	11.58	10.98	11.18
EV/EBITDA High	9.76	6.91	9.89	10.61	9.85	13.37	11.98	12.31	13.97	14.14	14.49	14.19	12.88	11.73	12.35
EV/EBITDA Low	8.52	6.23	7.9	9.09	7.94	11.43	10.71	10.57	11.83	10.64	13.09	12.47	10.44	10.34	10.65
EV/EBIT Average	15.94	10.01	13.77	15.33	12.74	19.42	16.64	16.93	20.13	18.28	21.75	20.8	17.87	16.87	17.08
EV/EBIT High	16.87	10.56	15.12	16.43	14	20.36	17.39	18.4	21.16	21.55	22.85	22.01	19.88	18.03	18.87
EV/EBIT Low	14.72	9.52	12.08	14.08	11.29	17.4	15.55	15.79	17.92	16.22	20.63	19.34	16.11	15.89	16.27
Last Price	33.53	35.8	52.46	55.48	46.67	61.68	60.06	61.92	77.85	60.78	70.24	71.36	54.09	58.13	69.28
High Price	34.95	36.52	55.09	61.32	53.05	64.21	71.47	67.93	81.41	85.4	72.85	79.84	73.17	64.48	73.41
Enterprise Value Average	2,969	2,767	3,571	4,044	3,827	6,527	6,933	6,721	8,174	7,831	8,905	9,470	8,446	8,489	9,182
Enterprise Value High	3,141	2,919	3,923	4,336	4,205	6,843	7,249	7,304	8,592	9,228	9,354	10,019	9,395	9,069	10,141
Enterprise Value Low	2,742	2,633	3,134	3,715	3,391	5,848	6,480	6,271	7,275	6,946	8,447	8,803	7,617	7,995	8,744

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	44	44	44	45	51	53	54	60	61	63	65	66	68	72	75
Diluted Weighted Avg Shares	40	44	44	45	51	53	55	55	61	62	63	65	67	70	73
Basic Weighted Avg Shares	40	44	44	45	51	52	53	54	61	62	63	65	67	70	73
Revenue per Share	31.91	26.79	28.89	31.2	24.64	29.65	31.58	32.25	28.6	27.2	31.15	39.34	34.8	30.48	31.64
EBITDA per Share	8.07	9.64	8.98	9.15	8.34	9.86	11.37	10.91	10.14	10.46	10.31	10.89	10.89	11.08	11.25
Operating Income per Share	4.67	5.71	5.87	5.91	5.87	6.48	7.83	7.3	6.69	6.87	6.54	7.02	7.06	7.21	7.36
Basic EPS, GAAP	1.25	2.34	2.66	2.93	-0.63	1.41	3.33	4.75	3.29	3.65	3.78	3.98	3.91	3.91	3.99
Basic EPS from Cont Ops	1.01	2.5	2.68	2.93	2.77	2.83	3.92	5.14	3.52	3.89	4.01	4.18	4.12	4.06	4.11
Diluted EPS, GAAP	1.24	2.32	2.64	2.93	-0.63	1.37	3.21	4.66	3.28	3.65	3.78	3.97	3.91	3.91	3.98
Diluted EPS from Cont Ops	1.01	2.48	2.66	2.93	2.77	2.75	3.78	5.04	3.51	3.89	4.01	4.16	4.11	4.06	4.1
Dividend per Share	1.49	1.49	1.53	1.56	1.42	1.69	1.82	1.96	2.05	2.17	2.32	2.42	2.51	2.61	2.71
Cash Flow per Share	5.61	7.23	7.35	7.06	8.29	6.17	8.05	8.99	8.33	8.69	-1.03	9.02	14.1	10.31	9.22
Free Cash Flow per Basic Share	-5.44	-0.73	-0.68	-1.86	3.09	-2.59	1.92	0.58	-5.16	-3.62	-11.86	-0.3	5.8	-0.36	-2.01
Cash & Equivalents per Share	0.49	0.35	0.18	0.47	8.61	0.25	0.29	0.35	0.16	0.1	0.14	0.32	1.27	0.22	2.42
Book Value per Share	27.53	27.88	28.84	30.31	28.63	30.25	31.92	36.36	38.42	40.79	43.05	45.31	47.15	48.89	50.66
Tangible Book Value per Share	19.4	19.8	20.83	22.33	21.54	5.75	7.51	14.46	17.07	19.91	22.81	25.5	27.97	30.64	33.36