Arthur J. Gallagher & Co. Financial Ratios — GAH 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 (%)	12.26	13.44	14.35	11.42	10.39	10.97	12.29	14.51	13.85	14.44	12.34	12.62	9.74	9.46	6.87
Return on Assets (%)	3.57	3.97	4.4	3.6	3.41	3.54	3.65	4.06	3.72	3.9	3.26	3.11	2.16	2.53	2.21
Return on Capital (%)	9.62	10.32	9.96	- -	- -	- -	- -	- -	- -	9.15	8.23	8.64	7	6.64	5.67
Return on Invested Capital (%)	9.62	10.32	11.02	- -	- -	- -	- -	- -	- -	9.89	8.96	8.66	6.96	6.71	5.73
Gross Margin (%)	36.38	36.32	33.25	30.26	29.89	28.21	27.64	28.02	32.15	35.8	36.25	42.07	42.16	42.22	42.58
EBITDA Margin (%)	17.04	17.01	16.34	13.82	13.55	13.98	13.93	14.97	17.98	23.25	21.53	25.54	21.63	26.82	26.05
Operating Margin (%)	11.36	11.57	10.78	8.6	8.11	8.37	8.19	8.91	10.48	14.84	16.29	19.49	18.47	19.75	18.33
Incremental Operating Margin (%)	2.74	12.79	7.75	3.82	5.11	13.33	6.35	15.6	65.7	- -	24.73	96.69	12.69	28.46	11.48
Pretax Margin (%)	9.73	9.73	9.15	6.3	5.44	5.87	5.76	6.92	8.79	12.42	11.88	15.52	11.77	16.23	13.42
Profit Margin (%)	6.75	7.74	8.45	6.56	6.62	6.99	7.71	9.15	9.39	11.68	11.05	13.03	9.63	12.66	10.72
Net Income to Common Margin (%)	6.75	7.74	8.45	6.56	6.62	6.99	7.71	9.15	9.39	11.68	11.05	13.03	9.63	12.66	10.72
Effective Tax Rate (%)	30.65	20.51	2.2	- -	- -	- -	- -	- -	- -	1.47	2.06	15.9	18.48	21.55	19.67
Dvd Payout Ratio (%)	101.18	104.82	60.75	63.45	61.11	58.69	51.17	42.02	42.09	38.71	39.07	38.42	49.27	35.5	44.11
Sustainable Growth Rate (%)	-0.14	-0.65	5.63	4.17	4.04	4.53	6	8.41	8.02	8.85	7.52	7.77	4.94	6.1	3.84

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	685	854	1,456	2,393	2,454	2,848	3,133	3,610	4,948	4,866	6,593	6,415	8,317	13,485	13,485
ST Debt	10	129	631	268	382	704	441	519	791	279	473	552	959	425	866
LT Debt	675	725	825	2,125	2,072	2,145	2,692	3,091	4,157	4,587	6,120	5,863	7,358	13,060	12,619
Total Debt/EBITDA	1.88	1.99	2.8	3.74	3.36	3.59	3.6	3.48	3.86	2.99	3.73	2.94	3.82	4.35	3.71
Net Debt/EBITDA	1.08	1.29	2.23	3.25	2.7	2.9	2.82	2.9	3.13	2.38	3.33	2.46	3.21	-0.59	3.19
Total Debt/EBIT	2.76	2.96	4.27	6.29	6.19	6.42	6.47	5.84	6.14	4.56	5.49	4.05	5.61	5.98	5.37
Net Debt/EBIT	1.58	1.91	3.39	5.46	4.98	5.19	5.07	4.86	4.97	3.64	4.9	3.39	4.72	-0.81	4.61
EBITDA to Interest Expense	8.92	9.97	10.37	7.18	7.09	7.23	7.01	7.49	7.12	8.3	7.82	8.5	7.34	8.13	5.68
EBITDA-CapEx/Interest Expense	7.79	8.78	8.5	6.27	6.13	5.25	7.01	7.49	7.12	8.3	7.82	8.5	7.34	8.13	5.68
EBIT to Interest Expense	5.94	6.78	6.84	4.47	4.24	4.33	4.12	4.46	4.15	5.3	5.91	6.49	6.26	5.99	4
Interest Expense	41	43	50	89	103	110	124	138	180	196	226	257	297	381	639
Common Equity/Total Assets	27.74	30.99	30.4	32.26	33.35	31.3	28.41	27.54	26.26	27.7	25.52	23.84	20.88	31.37	33
Long-Term Debt/Equity (%)	54.28	43.71	39.56	64.29	56.17	58.66	62.61	67.65	79.7	73.59	71.49	63.8	68.04	64.72	54.05
Long-Term Debt/Capital (%)	35	28.85	23.3	37.29	33.73	32.97	36.22	37.79	40.9	41.33	40.38	37.57	38.46	38.79	34.26
Long-Term Debt/Total Assets (%)	15.06	13.55	12.03	21.23	18.99	18.67	18.05	18.93	21.17	20.54	18.35	15.29	14.26	20.33	17.86
Total Debt/Equity (%)	55.08	51.49	69.79	72.4	66.53	77.91	72.87	79.01	94.86	78.06	77.02	69.8	76.9	66.82	57.76
Total Debt/Capital (%)	35.52	33.99	41.1	42	39.95	43.79	42.15	44.14	48.68	43.84	43.51	41.11	43.47	40.06	36.61
Total Debt/Total Assets (%)	15.28	15.96	21.22	23.91	22.49	24.79	21.01	22.1	25.2	21.79	19.77	16.72	16.11	20.99	19.08
Net Debt to Equity	31.67	33.28	55.5	62.89	53.5	62.99	57.02	65.72	76.73	62.25	68.7	58.5	64.66	-9.07	49.57
Net Debt/Capital (%)	24.05	24.97	35.69	38.61	34.85	38.65	36.31	39.66	41.87	37.19	39.87	36.16	38.51	-9.8	32.66
EBITDA	364	429	520	639	731	794	870	1,037	1,280	1,630	1,768	2,184	2,179	3,099	3,632
EBITDA-CapEx	318	378	426	558	632	576	870	1,037	1,280	1,630	1,768	2,184	2,179	3,099	3,632
Operating Income (Loss)	242	292	343	398	437	476	511	617	746	1,040	1,337	1,667	1,860	2,282	2,556

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	0.14	0.13	0.09	0.09	0.11	0.12	0.1	0.08	0.07	0.07	0.02	0.03	0.03	0.51	0.04
Current Ratio	1.06	1.03	0.88	1.05	1.01	0.96	1.08	1.06	1.02	1.1	1.06	1.04	1.03	1.51	1.06
Quick Ratio	0.64	0.59	0.52	0.56	0.6	0.59	0.77	0.78	0.73	0.75	0.76	0.17	0.15	0.65	0.2
CFO/Avg Current Liab	0.16	0.15	0.13	0.13	0.18	0.15	0.15	0.11	0.14	0.19	0.1	0.07	0.08	0.09	0.06
Common Equity/Total Assets	27.74	30.99	30.4	32.26	33.35	31.3	28.41	27.54	26.26	27.7	25.52	23.84	20.88	31.37	33
Long-Term Debt/Equity (%)	54.28	43.71	39.56	64.29	56.17	58.66	62.61	67.65	79.7	73.59	71.49	63.8	68.04	64.72	54.05
Long-Term Debt/Capital (%)	35	28.85	23.3	37.29	33.73	32.97	36.22	37.79	40.9	41.33	40.38	37.57	38.46	38.79	34.26
Long-Term Debt/Total Assets (%)	15.06	13.55	12.03	21.23	18.99	18.67	18.05	18.93	21.17	20.54	18.35	15.29	14.26	20.33	17.86
Total Debt/Equity (%)	55.08	51.49	69.79	72.4	66.53	77.91	72.87	79.01	94.86	78.06	77.02	69.8	76.9	66.82	57.76
Total Debt/Capital (%)	35.52	33.99	41.1	42	39.95	43.79	42.15	44.14	48.68	43.84	43.51	41.11	43.47	40.06	36.61
Total Debt/Total Assets (%)	15.28	15.96	21.22	23.91	22.49	24.79	21.01	22.1	25.2	21.79	19.77	16.72	16.11	20.99	19.08
CFO/Total Liabilities	8.77	9.29	7.8	6.51	9.5	8.29	8.05	6.5	8.26	11.23	5.62	4.77	4.98	5.86	4.08
CFO/CapEx	6.19	6.73	3.98	5.36	6.93	2.98	- -	- -	- -	- -	- -	- -	- -	- -	- -
Altman's Z-Score	2.06	2.09	2.05	2.17	2.03	2.06	1.78	1.84	1.8	1.96	1.71	1.61	1.36	1.89	1.73

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	- -	2.37	2.67	3.36	3.37	3.17	2.11	1.55	1.39	1.18	0.9	1.17	3.01	3.01	3.07
Days Sales Outstanding	- -	153.75	136.89	108.53	108.18	114.98	173.21	235.65	263.42	308.67	404.35	312.99	121.36	121.34	118.74
Inventory Turnover	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Days Inventory Outstanding	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Accounts Payable Turnover	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Accounts Payable Turnover Days	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Cash Conversion Cycle	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Inventory to Cash Days	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Inventories	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Raw Materials	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Work In Process	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Finished Goods	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
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	3,794	4,265	6,095	7,666	7,210	9,169	11,453	13,154	17,700	23,474	35,195	39,934	48,081	71,049	67,096
- Cash & Cash Equivalents	291	302	298	314	480	546	681	607	605	665	403	738	972	14,987	1,396
+ Preferred Equity and Hybrid Capital	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Minority/Non Controlling Interest	- -	- -	- -	76	50	59	64	71	60	47	52	47	40	26	26
+ Total Debt	685	854	1,456	2,393	2,454	2,848	3,133	3,610	4,948	4,866	6,593	6,415	8,317	13,485	13,485
Enterprise Value	4,188	4,817	7,252	9,820	9,233	11,531	13,969	16,228	22,102	27,721	41,437	45,657	55,467	69,573	79,211
Total Capital	1,929	2,513	3,541	5,698	6,142	6,504	7,433	8,180	10,163	11,098	15,153	15,605	19,133	33,665	36,832
Total Debt/Capital (%)	35.52	33.99	41.1	42	39.95	43.79	42.15	44.14	48.68	43.84	43.51	41.11	43.47	40.06	36.61
Total Debt / EV	0.16	0.18	0.2	0.24	0.27	0.25	0.22	0.22	0.22	0.18	0.16	0.14	0.15	0.19	0.17
EV/Sales	1.96	1.91	2.28	2.12	1.71	2.03	2.24	2.34	3.1	3.95	5.05	5.34	5.51	6.02	5.68
EV/EBITDA	11.51	11.24	13.95	15.36	12.64	14.52	16.06	15.65	17.26	17.01	23.44	20.91	25.46	22.45	21.81
EV/EBIT	16.84	16.71	21.26	25.81	23.29	26.01	28.87	26.27	27.43	25.97	34.5	28.83	37.43	30.84	31.56
EV/Cash Flow to Firm	13.41	12.77	17.21	- -	- -	- -	- -	- -	- -	13.86	25.68	28.43	24.39	24.14	32.42
EV/Free Cash Flow to Firm	15.72	14.77	22.12	- -	- -	- -	- -	- -	- -	13.86	25.68	28.43	24.39	24.14	32.42
Diluted Market Cap	3,720	4,159	5,952	7,184	7,060	9,173	11,524	13,309	17,892	23,637	35,000	40,456	48,671	63,935	67,914
Diluted Enterprise Value	4,114	4,711	7,109	9,338	9,083	11,535	14,040	16,383	22,295	27,884	41,242	46,179	56,057	62,459	80,029
EV per Share	36.51	38.35	54.28	59.66	52.19	64.67	77.18	88.2	117.5	143.11	198.74	215.47	255.96	278.29	308.21
TTM Sales	2,135	2,520	3,180	4,627	5,392	5,681	6,246	6,924	7,120	7,009	8,209	8,551	10,072	11,555	13,942
TTM EBITDA	364	429	520	639	731	794	870	1,037	1,280	1,630	1,768	2,184	2,179	3,099	3,632
TTM Operating Income	242	292	343	398	437	476	511	617	746	1,040	1,337	1,667	1,860	2,282	2,556
TTM Cash Flow to Firm	312	377	421	- -	- -	- -	- -	- -	- -	2,001	1,614	1,606	2,274	2,882	2,443
TTM Free Cash Flow to Firm	266	326	328	- -	- -	- -	- -	- -	- -	2,001	1,614	1,606	2,274	2,882	2,443

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	15.62	14.24	21.34	20.23	12.02	21.24	13.49	17.39	15.02	13.08	25.14	29.1	23.95	24.75	35.19
EV/EBIT	16.84	16.71	21.26	25.81	23.29	26.01	28.87	26.27	27.43	25.97	34.5	28.83	37.43	30.84	31.56
Enterprise Value	4,188	4,817	7,252	9,820	9,233	11,531	13,969	16,228	22,102	27,721	41,437	45,657	55,467	69,573	79,211
Low Price	24.23	31.96	34.09	42.82	39.46	35.54	51.15	61.89	69.8	67.71	112.16	144.44	177.3	222.04	236.4
EV/Sales	1.96	1.91	2.28	2.12	1.71	2.03	2.24	2.34	3.1	3.95	5.05	5.34	5.51	6.02	5.68
EV/EBITDA	11.51	11.24	13.95	15.36	12.64	14.52	16.06	15.65	17.26	17.01	23.44	20.91	25.46	22.45	21.81
Price/Earnings	25.63	21.08	21.89	23.46	19.67	23.01	23.68	20.62	26.17	28.27	37.73	35.58	49.16	42.83	44.76
Price/Earnings Average	22.26	21.55	20.15	22.87	21.69	20.66	21.87	20.24	23.7	23.34	31.57	32.24	47.36	39.94	51.82
Price/Earnings High	26.07	22.93	22.73	24.6	24.12	23.41	25.12	22.71	26.49	29.73	38.19	37.56	56.29	47.97	59.7
Price/Earnings Low	18.77	19.83	16.36	21.57	19.05	15.9	19.14	17.85	19.41	15.79	25.07	27.27	39.29	33.47	40.53
Price/Book Value	3.05	2.57	2.92	2.37	1.98	2.55	2.7	2.92	3.43	3.79	4.14	4.37	4.46	3.53	2.88
Price/Book Value Average	2.65	2.63	2.69	2.31	2.18	2.29	2.5	2.87	3.11	3.13	3.46	3.96	4.3	3.29	3.33
Price/Book Value High	3.1	2.8	3.03	2.49	2.43	2.59	2.87	3.22	3.48	3.99	4.19	4.61	5.11	3.95	3.84
Price/Book Value Low	2.23	2.42	2.18	2.18	1.92	1.76	2.19	2.53	2.55	2.12	2.75	3.35	3.57	2.75	2.61
Price/Tangible Book Value	-8.02	-6.84	-5.35	-3.84	-4.18	-5.1	-7.28	-6.92	-6.36	-10.03	-8.56	-10.74	-9.01	21.18	-6.74
Price/Tangible Book Value Average	-6.96	-6.99	-4.93	-3.74	-4.61	-4.58	-6.72	-6.8	-5.76	-8.28	-7.16	-9.73	-8.68	19.75	-7.8
Price/Tangible Book Value High	-8.15	-7.44	-5.56	-4.03	-5.13	-5.19	-7.72	-7.62	-6.44	-10.55	-8.66	-11.34	-10.32	23.72	-8.99
Price/Tangible Book Value Low	-5.87	-6.44	-4	-3.53	-4.05	-3.52	-5.88	-5.99	-4.72	-5.6	-5.69	-8.23	-7.2	16.55	-6.1
Price/Sales	1.73	1.63	1.85	1.54	1.3	1.61	1.82	1.89	2.46	3.3	4.17	4.64	4.73	5.42	4.8
Price/Sales Average	1.5	1.67	1.7	1.5	1.44	1.44	1.69	1.85	2.23	2.73	3.49	4.2	4.56	5.06	5.55
Price/Sales High	1.76	1.77	1.92	1.61	1.6	1.64	1.94	2.08	2.49	3.47	4.22	4.89	5.42	6.07	6.4
Price/Sales Low	1.27	1.53	1.38	1.41	1.26	1.11	1.47	1.63	1.82	1.85	2.77	3.55	3.78	4.24	4.34
Price/Cash Flow	13.01	11.98	15.78	16.3	10.23	14.06	13.34	17.07	14.69	12.81	24.57	28.52	23.47	24.26	34.65
Price/Cash Flow Average	11.3	12.25	14.53	15.89	11.28	12.62	12.32	16.76	13.31	10.58	20.56	25.84	22.61	22.62	40.12
Price/Cash Flow High	13.23	13.04	16.39	17.09	12.54	14.3	14.15	18.8	14.88	13.47	24.87	30.11	26.87	27.17	46.21
Price/Cash Flow Low	9.53	11.28	11.79	14.99	9.91	9.71	10.78	14.78	10.9	7.16	16.33	21.86	18.75	18.95	31.37
Price/Free Cash Flow Average	13.57	14.56	19.65	19.72	13.26	19.07	12.46	17.07	13.6	10.8	21.04	26.37	23.07	23.08	40.74
Price/Free Cash Flow High	15.89	15.5	22.15	21.21	14.74	21.61	14.31	19.15	15.21	13.76	25.44	30.73	27.42	27.72	46.93
Price/Free Cash Flow Low	11.44	13.4	15.94	18.6	11.64	14.68	10.9	15.06	11.14	7.31	16.7	22.31	19.14	19.34	31.86
EV/Sales Average	1.73	1.95	2.13	2.08	1.85	1.86	2.1	2.31	2.87	3.37	4.35	4.9	5.33	5.61	6.44
EV/Sales High	1.99	2.06	2.35	2.2	2.01	2.06	2.35	2.54	3.14	4.13	5.1	5.6	6.2	6.76	7.29
EV/Sales Low	1.49	1.81	1.8	1.99	1.67	1.53	1.89	2.09	2.46	2.48	3.61	4.25	4.55	4.68	5.23
EV/EBITDA Average	10.14	11.46	13.02	15.06	13.65	13.34	15.06	15.42	15.96	14.5	20.19	19.19	24.65	20.9	24.72
EV/EBITDA High	11.69	12.11	14.4	15.94	14.87	14.72	16.86	16.93	17.43	17.75	23.69	21.93	28.65	25.2	27.97
EV/EBITDA Low	8.72	10.65	10.99	14.39	12.32	10.95	13.54	13.95	13.69	10.65	16.76	16.64	21.02	17.44	20.06
EV/EBIT Average	14.84	17.04	19.84	25.3	25.15	23.89	27.06	25.87	25.35	22.14	29.72	26.46	36.24	28.72	35.78
EV/EBIT High	17.11	18.01	21.94	26.78	27.4	26.37	30.31	28.42	27.7	27.11	34.85	30.23	42.13	34.62	40.48
EV/EBIT Low	12.76	15.84	16.74	24.18	22.71	19.62	24.33	23.41	21.76	16.27	24.67	22.94	30.91	23.95	29.03
Last Price	33.08	33.96	45.62	46.57	40.76	51.42	63.28	71.49	94.1	121.19	168.8	188.46	221.88	284.2	261.07
High Price	33.64	36.95	47.36	48.82	49.97	52.32	67.13	78.71	95.26	127.45	170.85	198.97	254.04	318.27	348.2
Enterprise Value Average	3,689	4,913	6,769	9,626	9,972	10,594	13,095	15,983	20,431	23,630	35,694	41,910	53,704	64,781	89,797
Enterprise Value High	4,253	5,192	7,484	10,190	10,863	11,691	14,667	17,557	22,321	28,935	41,865	47,885	62,435	78,092	101,603
Enterprise Value Low	3,173	4,566	5,711	9,202	9,004	8,699	11,774	14,462	17,532	17,363	29,628	36,330	45,807	54,034	72,869

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	115	126	134	165	177	178	181	184	188	194	209	212	217	250	257
Diluted Weighted Avg Shares	112	122	130	154	173	178	182	186	190	195	207	215	219	225	260
Basic Weighted Avg Shares	112	121	129	153	172	178	180	183	186	191	203	210	215	221	256
Revenue per Share	19.12	20.83	24.67	30.27	31.31	31.99	34.68	37.89	38.28	36.7	40.5	40.65	46.86	52.4	54.43
EBITDA per Share	3.26	3.54	4.03	4.18	4.24	4.47	4.83	5.67	6.88	8.53	8.72	10.38	10.14	14.05	14.18
Operating Income per Share	2.17	2.41	2.66	2.6	2.54	2.68	2.84	3.38	4.01	5.45	6.6	7.93	8.65	10.35	9.98
Basic EPS, GAAP	1.29	1.61	2.08	1.98	2.07	2.23	2.67	3.47	3.6	4.29	4.47	5.3	4.51	6.63	5.83
Basic EPS from Cont Ops	1.29	1.61	2.21	2.14	2.26	2.42	2.87	3.7	3.85	4.49	4.71	5.31	4.49	6.67	5.87
Diluted EPS, GAAP	1.28	1.59	2.06	1.97	2.06	2.22	2.64	3.4	3.52	4.2	4.37	5.19	4.42	6.5	5.74
Diluted EPS from Cont Ops	1.28	1.59	2.18	2.12	2.25	2.41	2.84	3.63	3.76	4.4	4.61	5.2	4.4	6.54	5.78
Dividend per Share	1.31	1.69	1.42	1.46	1.5	1.53	1.57	1.65	1.73	1.82	1.93	2.04	2.21	2.38	2.6
Cash Flow per Share	2.54	2.83	2.89	2.86	3.98	3.66	4.74	4.19	6.4	9.46	6.87	6.61	9.45	11.71	7.53
Free Cash Flow per Basic Share	2.13	2.41	2.16	2.32	3.41	2.43	4.74	4.19	6.4	9.46	6.87	6.61	9.45	11.71	7.53
Cash & Equivalents per Share	2.54	2.41	2.23	1.91	2.72	3.06	3.76	3.3	3.22	3.43	1.93	3.48	4.48	59.95	5.43
Book Value per Share	10.84	13.21	15.61	19.62	20.57	20.17	23.4	24.45	27.41	31.94	40.81	43.15	49.72	80.62	90.74
Tangible Book Value per Share	-4.13	-4.97	-8.52	-12.13	-9.74	-10.09	-8.7	-10.32	-14.79	-12.08	-19.72	-17.55	-24.61	13.42	-38.74