Tractor Supply Company Financial Ratios — TR4 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 (%)	22.94	27.19	28.9	29.2	30.55	30.71	29.43	35.72	35.95	42.91	50.79	53.83	52.82	49.83	45.18
Return on Assets (%)	14.57	16.75	18.18	18.84	18.63	17.33	15.25	17.88	13.43	12.14	13.46	13.39	12.53	11.6	10.57
Return on Capital (%)	23.05	27.22	28.89	29.22	28.83	26.59	23.73	28.16	18.41	15.83	17.88	18.19	16.94	15.37	14.18
Return on Invested Capital (%)	22.71	26.51	28.24	28.97	28.65	26.5	23.62	28.07	18.38	15.79	17.85	18.17	16.93	15.37	14.18
Gross Margin (%)	33.24	33.58	33.95	34.15	34.42	34.3	34.34	34.16	34.38	35.42	35.17	35	35.92	36.26	36.42
EBITDA Margin (%)	10.23	11.27	11.9	12.33	12.43	12.35	11.74	11.11	11.25	11.43	12.39	12.52	12.86	12.86	12.63
Operating Margin (%)	8.33	9.36	9.96	10.32	10.45	10.24	9.46	8.87	8.9	10.04	10.26	10.1	10.16	9.86	9.45
Incremental Operating Margin (%)	14.55	19.49	15.55	13.68	11.86	7.88	- -	2.35	9.41	14.22	11.41	8.7	12.53	- -	- -
Pretax Margin (%)	8.28	9.34	9.95	10.29	10.4	10.15	9.27	8.64	8.66	9.12	10.05	9.89	9.84	9.49	9.01
Profit Margin (%)	5.26	5.93	6.36	6.49	6.59	6.45	5.82	6.73	6.73	7.05	7.83	7.66	7.61	7.4	7.06
Net Income to Common Margin (%)	5.26	5.93	6.36	6.49	6.59	6.45	5.82	6.73	6.73	7.05	7.83	7.66	7.61	7.4	7.06
Effective Tax Rate (%)	36.47	36.55	36.15	36.88	36.63	36.49	37.16	22.1	22.26	22.64	22.11	22.47	22.7	22.06	21.61
Dvd Payout Ratio (%)	13.85	18.56	20.86	22.66	25.12	27.97	31.67	27.63	28.93	23.32	23.97	37.62	40.61	42.91	44.49
Sustainable Growth Rate (%)	19.77	22.15	22.87	22.58	22.87	22.12	20.11	25.85	25.55	32.9	38.61	33.58	31.37	28.45	25.08

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	1	1	5	168	301	462	440	2,709	3,542	3,919	4,270	5,036	5,424	5,943
ST Debt	- -	- -	- -	- -	1	11	29	30	311	303	325	350	373	400	455
LT Debt	1	1	1	5	167	290	434	410	2,398	3,238	3,594	3,921	4,663	5,024	5,488
Total Debt/EBITDA	- -	- -	- -	0.01	0.22	0.36	0.54	0.5	2.88	2.92	2.49	2.4	2.69	2.83	3.03
Net Debt/EBITDA	-0.41	-0.26	-0.23	-0.07	0.11	0.26	0.37	0.37	0.33	-0.29	0.07	0.54	0.71	0.83	0.8
Total Debt/EBIT	- -	- -	- -	0.01	0.26	0.43	0.67	0.63	3.65	3.55	3	2.98	3.41	3.7	4.05
Net Debt/EBIT	-0.5	-0.32	-0.28	-0.09	0.13	0.32	0.46	0.46	0.42	-0.36	0.08	0.67	0.9	1.08	1.07
EBITDA to Interest Expense	207.5	498.36	1,103.55	373.53	267.75	144.07	61.49	47.9	47.33	42.18	59.26	58.04	40.25	35.07	28.37
EBITDA-CapEx/Interest Expense	207.5	498.36	1,103.55	373.53	267.75	144.07	61.49	47.9	47.33	42.18	59.26	58.04	40.25	35.07	28.37
EBIT to Interest Expense	169	414.02	923.97	312.72	225.01	119.46	49.53	38.24	37.46	37.03	49.11	46.84	31.8	26.88	21.22
Interest Expense	2	1	1	2	3	6	14	18	20	29	27	31	47	55	69
Common Equity/Total Assets	63.22	60.05	65.51	63.58	58.77	54.33	49.45	50.62	29.63	27.29	25.78	24.06	23.4	23.15	23.61
Long-Term Debt/Equity (%)	0.13	0.12	0.1	0.38	11.99	19.94	30.57	26.28	153.02	168.32	179.47	191.96	216.92	221.3	212.59
Long-Term Debt/Capital (%)	0.13	0.12	0.1	0.38	10.7	16.52	23.06	20.5	56.08	59.25	60.69	62.11	64.9	65.29	64.38
Long-Term Debt/Total Assets (%)	0.08	0.07	0.06	0.24	7.04	10.83	15.12	13.3	45.34	45.94	46.27	46.18	50.75	51.24	50.19
Total Debt/Equity (%)	0.13	0.12	0.1	0.4	12.05	20.72	32.58	28.19	172.88	184.09	195.7	209.08	234.26	238.93	230.23
Total Debt/Capital (%)	0.13	0.12	0.1	0.4	10.75	17.16	24.57	21.99	63.35	64.8	66.18	67.65	70.08	70.5	69.72
Total Debt/Total Assets (%)	0.08	0.07	0.07	0.25	7.08	11.25	16.11	14.27	51.22	50.24	50.46	50.3	54.81	55.32	54.35
Net Debt to Equity	-17.55	-13.53	-11.45	-3.95	6.19	15.13	22.34	20.56	19.92	-18.58	5.41	47.08	61.96	69.62	60.86
Net Debt/Capital (%)	-21.25	-15.62	-12.91	-4.1	5.76	12.93	17.89	16.76	7.45	-8.67	2.15	15.74	19.62	21.23	18.86
EBITDA	433	526	615	704	774	837	852	879	939	1,214	1,577	1,778	1,872	1,915	1,961
EBITDA-CapEx	433	526	615	704	774	837	852	879	939	1,214	1,577	1,778	1,872	1,915	1,961
Operating Income (Loss)	353	437	515	589	651	694	686	702	743	1,066	1,307	1,435	1,479	1,468	1,467

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	0.38	0.25	0.27	0.08	0.1	0.07	0.13	0.09	0.07	0.77	0.43	0.09	0.18	0.11	0.07
Current Ratio	2.37	2.02	2.27	2.11	2.14	1.95	1.95	1.91	1.43	1.87	1.57	1.33	1.5	1.43	1.34
Quick Ratio	0.38	0.25	0.27	0.08	0.1	0.07	0.13	0.1	0.07	0.77	0.43	0.09	0.18	0.12	0.08
CFO/Avg Current Liab	0.57	0.74	0.61	0.72	0.72	0.9	0.78	0.78	0.74	0.93	0.6	0.61	0.59	0.63	0.66
Common Equity/Total Assets	63.22	60.05	65.51	63.58	58.77	54.33	49.45	50.62	29.63	27.29	25.78	24.06	23.4	23.15	23.61
Long-Term Debt/Equity (%)	0.13	0.12	0.1	0.38	11.99	19.94	30.57	26.28	153.02	168.32	179.47	191.96	216.92	221.3	212.59
Long-Term Debt/Capital (%)	0.13	0.12	0.1	0.38	10.7	16.52	23.06	20.5	56.08	59.25	60.69	62.11	64.9	65.29	64.38
Long-Term Debt/Total Assets (%)	0.08	0.07	0.06	0.24	7.04	10.83	15.12	13.3	45.34	45.94	46.27	46.18	50.75	51.24	50.19
Total Debt/Equity (%)	0.13	0.12	0.1	0.4	12.05	20.72	32.58	28.19	172.88	184.09	195.7	209.08	234.26	238.93	230.23
Total Debt/Capital (%)	0.13	0.12	0.1	0.4	10.75	17.16	24.57	21.99	63.35	64.8	66.18	67.65	70.08	70.5	69.72
Total Debt/Total Assets (%)	0.08	0.07	0.07	0.25	7.08	11.25	16.11	14.27	51.22	50.24	50.46	50.3	54.81	55.32	54.35
CFO/Total Liabilities	43.33	55.48	50.83	55.22	46.67	53.26	43.55	45.58	21.81	27.21	19.75	21.05	18.95	18.86	19.58
CFO/CapEx	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Altman's Z-Score	10.14	10.43	14.9	14.18	12.42	10.24	9.16	9.29	4.94	5.06	6.06	5.69	5.29	5.44	4.92

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	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Days Sales Outstanding	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Inventory Turnover	3.61	3.56	3.61	3.59	3.4	3.36	3.38	3.42	3.43	4.05	4.15	3.77	3.48	3.46	3.33
Days Inventory Outstanding	101.22	102.44	100.98	101.64	107.26	108.74	108.13	106.61	106.31	90.1	87.88	96.87	104.78	105.54	109.55
Accounts Payable Turnover	11.37	10.82	10.94	11.34	10.66	9.59	8.85	8.93	8.7	8.7	8.13	7.64	7.19	8.01	7.7
Accounts Payable Turnover Days	32.11	33.73	33.38	32.18	34.25	38.06	41.26	40.86	41.96	41.98	44.91	47.8	50.79	45.54	47.41
Cash Conversion Cycle	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Inventory to Cash Days	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Inventories	831	908	979	1,115	1,284	1,370	1,453	1,590	1,603	1,783	2,191	2,710	2,646	2,840	3,084
Raw Materials	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Work In Process	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Finished Goods	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Other Inventory	831	908	979	1,115	1,284	1,370	1,453	1,590	1,603	1,783	2,191	2,710	2,646	2,840	3,084

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	5,125	6,020	10,551	10,712	11,667	10,056	9,413	10,069	10,832	16,564	26,606	24,886	23,242	28,078	26,236
- Cash & Cash Equivalents	177	139	143	51	64	54	109	86	84	1,342	878	203	397	251	194
+ Preferred Equity and Hybrid Capital	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Minority/Non Controlling Interest	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Total Debt	1	1	1	5	168	301	462	440	2,709	3,542	3,919	4,270	5,036	5,424	5,943
Enterprise Value	4,949	5,883	10,409	10,666	11,771	10,303	9,766	10,423	13,457	18,764	29,647	28,954	27,881	33,251	31,985
Total Capital	1,010	1,026	1,248	1,299	1,561	1,754	1,881	2,002	4,276	5,465	5,922	6,313	7,186	7,695	8,524
Total Debt/Capital (%)	0.13	0.12	0.1	0.4	10.75	17.16	24.57	21.99	63.35	64.8	66.18	67.65	70.08	70.5	69.72
Total Debt / EV	- -	- -	- -	- -	0.01	0.03	0.05	0.04	0.2	0.19	0.13	0.15	0.18	0.16	0.19
EV/Sales	1.17	1.26	2.02	1.87	1.89	1.52	1.35	1.32	1.61	1.77	2.33	2.04	1.92	2.23	2.06
EV/EBITDA	11.43	11.19	16.93	15.15	15.21	12.31	11.46	11.86	14.33	15.46	18.8	16.28	14.89	17.37	16.31
EV/EBIT	14.03	13.47	20.23	18.09	18.1	14.84	14.23	14.85	18.11	18.82	22.69	20.18	18.85	22.66	21.8
EV/Cash Flow to Firm	19.37	15.52	31.16	25.99	25.7	15.74	15.26	14.71	16.27	13.24	25.57	20.97	20.35	22.72	18.93
EV/Free Cash Flow to Firm	19.37	15.52	31.16	25.99	25.7	15.74	15.26	14.71	16.27	13.24	25.57	20.97	20.35	22.72	18.93
Diluted Market Cap	5,316	6,302	10,707	10,951	11,895	10,288	9,631	10,205	11,068	16,734	27,240	25,314	23,623	28,471	26,493
Diluted Enterprise Value	5,140	6,165	10,566	10,905	11,999	10,535	9,984	10,559	13,693	18,934	30,282	29,382	28,262	33,644	32,242
EV per Share	6.94	8.46	14.91	15.64	17.54	15.75	15.59	17.11	22.78	32.28	52.41	52.52	51.64	62.48	60.69
TTM Sales	4,233	4,664	5,165	5,712	6,227	6,780	7,256	7,911	8,352	10,620	12,731	14,205	14,556	14,883	15,524
TTM EBITDA	433	526	615	704	774	837	852	879	939	1,214	1,577	1,778	1,872	1,915	1,961
TTM Operating Income	353	437	515	589	651	694	686	702	743	1,066	1,307	1,435	1,479	1,468	1,467
TTM Cash Flow to Firm	255	379	334	410	458	654	640	709	827	1,417	1,159	1,381	1,370	1,463	1,689
TTM Free Cash Flow to Firm	255	379	334	410	458	654	640	709	827	1,417	1,159	1,381	1,370	1,463	1,689

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	20.92	16.66	32.09	26.76	26.07	15.81	15.25	14.7	13.64	12	23.92	18.65	17.71	20.04	16.2
EV/EBIT	14.03	13.47	20.23	18.09	18.1	14.84	14.23	14.85	18.11	18.82	22.69	20.18	18.85	22.66	21.8
Enterprise Value	4,949	5,883	10,409	10,666	11,771	10,303	9,766	10,423	13,457	18,764	29,647	28,954	27,881	33,251	31,985
Low Price	4.58	6.8	8.69	11.27	14.89	12.28	9.92	11.65	16.13	12.86	27.71	33.88	36.76	42.42	45.95
EV/Sales	1.17	1.26	2.02	1.87	1.89	1.52	1.35	1.32	1.61	1.77	2.33	2.04	1.92	2.23	2.06
EV/EBITDA	11.43	11.19	16.93	15.15	15.21	12.31	11.46	11.86	14.33	15.46	18.8	16.28	14.89	17.37	16.31
Price/Earnings	23.17	22.27	32.09	29.17	28.72	23.38	22.68	19.04	19.52	22.14	27.08	23.08	21.21	25.72	24.07
Price/Earnings Average	19.54	22.91	25.23	25.05	28.9	25.3	19.09	17.92	20.8	18.66	21.62	21.12	21.5	25.73	26.09
Price/Earnings High	24.77	26.55	32.4	29.36	31.49	29.84	23.35	22.14	24.05	23.89	27.42	24.44	25.02	29.69	30.04
Price/Earnings Low	14.77	17.48	18.45	20.94	24.6	18.66	14.97	13.43	17.17	9.99	15.95	17.32	18.11	20.68	22.22
Price/Book Value	5.08	5.87	8.46	8.28	8.37	6.92	6.64	6.45	6.91	8.61	13.29	12.18	10.81	12.37	10.16
Price/Book Value Average	4.29	6.04	6.65	7.11	8.43	7.49	5.58	6.07	7.37	7.26	10.61	11.15	10.96	12.37	11.02
Price/Book Value High	5.43	7	8.54	8.33	9.18	8.83	6.83	7.49	8.52	9.29	13.46	12.9	12.75	14.27	12.69
Price/Book Value Low	3.24	4.61	4.87	5.94	7.17	5.53	4.38	4.55	6.08	3.88	7.83	9.14	9.23	9.94	9.38
Price/Tangible Book Value	5.13	5.93	8.53	8.35	8.44	7.57	7.27	7.01	7.51	8.87	13.66	13.91	12.36	14.03	12.02
Price/Tangible Book Value Average	4.33	6.1	6.71	7.17	8.49	8.2	6.12	6.59	8	7.47	10.91	12.73	12.53	14.03	13.03
Price/Tangible Book Value High	5.49	7.07	8.61	8.4	9.25	9.67	7.49	8.14	9.25	9.57	13.84	14.72	14.58	16.19	15
Price/Tangible Book Value Low	3.27	4.66	4.91	5.99	7.23	6.05	4.8	4.94	6.6	4	8.05	10.44	10.56	11.28	11.09
Price/Sales	1.22	1.32	2.04	1.89	1.89	1.51	1.32	1.28	1.31	1.56	2.12	1.77	1.61	1.9	1.7
Price/Sales Average	1.03	1.36	1.6	1.63	1.9	1.63	1.11	1.21	1.4	1.32	1.69	1.62	1.64	1.9	1.84
Price/Sales High	1.3	1.57	2.06	1.91	2.08	1.92	1.36	1.49	1.62	1.68	2.15	1.87	1.9	2.2	2.12
Price/Sales Low	0.78	1.04	1.17	1.36	1.62	1.2	0.87	0.9	1.16	0.7	1.25	1.33	1.38	1.53	1.57
Price/Cash Flow	20.31	16.28	31.56	26.44	25.83	15.7	15.18	14.6	13.52	11.89	23.71	18.52	17.6	19.94	16.13
Price/Cash Flow Average	17.12	16.74	24.81	22.71	26	16.99	12.77	13.74	14.41	10.02	18.93	16.95	17.85	19.94	17.49
Price/Cash Flow High	21.71	19.4	31.87	26.61	28.33	20.05	15.63	16.97	16.66	12.83	24.01	19.6	20.76	23.01	20.14
Price/Cash Flow Low	12.94	12.78	18.15	18.98	22.13	12.54	10.02	10.29	11.89	5.36	13.97	13.9	15.03	16.03	14.89
Price/Free Cash Flow Average	17.64	17.14	25.23	22.98	26.24	17.11	12.83	13.83	14.53	10.12	19.1	17.07	17.95	20.04	17.56
Price/Free Cash Flow High	22.36	19.86	32.4	26.93	28.59	20.18	15.71	17.08	16.8	12.95	24.23	19.75	20.89	23.12	20.22
Price/Free Cash Flow Low	13.33	13.07	18.45	19.21	22.33	12.62	10.07	10.36	11.99	5.41	14.09	14	15.12	16.11	14.95
EV/Sales Average	0.98	1.3	1.58	1.6	1.9	1.64	1.14	1.24	1.7	1.52	1.91	1.89	1.94	2.23	2.2
EV/Sales High	1.25	1.51	2.04	1.88	2.07	1.93	1.38	1.52	1.91	1.89	2.36	2.14	2.2	2.52	2.48
EV/Sales Low	0.73	0.98	1.15	1.34	1.62	1.22	0.9	0.94	1.46	0.91	1.47	1.6	1.68	1.86	1.93
EV/EBITDA Average	9.57	11.52	13.26	13	15.3	13.3	9.71	11.18	15.09	13.31	15.4	15.09	15.07	17.37	17.43
EV/EBITDA High	12.24	13.39	17.1	15.24	16.66	15.63	11.79	13.72	17.01	16.53	19.02	17.1	17.12	19.62	19.63
EV/EBITDA Low	7.14	8.73	9.64	10.85	13.04	9.89	7.71	8.48	12.94	7.97	11.87	12.79	13.08	14.49	15.28
EV/EBIT Average	11.75	13.86	15.84	15.53	18.21	16.04	12.05	14.01	19.07	16.21	18.59	18.7	19.07	22.66	23.3
EV/EBIT High	15.03	16.12	20.42	18.21	19.83	18.85	14.64	17.18	21.49	20.13	22.95	21.19	21.67	25.6	26.24
EV/EBIT Low	8.76	10.5	11.52	12.96	15.52	11.92	9.57	10.62	16.35	9.7	14.32	15.85	16.56	18.91	20.42
Last Price	7.19	8.66	15.11	15.71	17.38	15.38	15.02	16.53	18.33	28.5	47.04	45.14	43.05	52.76	49.78
High Price	7.69	10.33	15.25	15.81	19.06	19.63	15.47	19.22	22.59	30.75	47.64	47.79	50.78	60.88	62.14
Enterprise Value Average	4,145	6,055	8,153	9,152	11,845	11,130	8,274	9,829	14,171	16,164	24,285	26,838	28,202	33,253	34,184
Enterprise Value High	5,302	7,039	10,510	10,733	12,898	13,085	10,046	12,059	15,974	20,072	29,987	30,411	32,054	37,575	38,497
Enterprise Value Low	3,090	4,588	5,926	7,642	10,098	8,276	6,566	7,453	12,153	9,672	18,713	22,744	24,487	27,747	29,964

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	713	695	698	682	671	654	627	609	591	581	566	551	540	532	527
Diluted Weighted Avg Shares	739	728	709	697	684	669	641	617	604	587	579	561	549	540	532
Basic Weighted Avg Shares	718	711	697	689	678	665	638	613	599	582	574	557	545	537	530
Revenue per Share	5.9	6.56	7.41	8.29	9.18	10.2	11.37	12.9	13.95	18.25	22.18	25.52	26.68	27.72	29.29
EBITDA per Share	0.6	0.74	0.88	1.02	1.14	1.26	1.34	1.43	1.57	2.09	2.75	3.19	3.43	3.57	3.7
Operating Income per Share	0.49	0.61	0.74	0.86	0.96	1.04	1.08	1.14	1.24	1.83	2.28	2.58	2.71	2.73	2.77
Basic EPS, GAAP	0.31	0.39	0.47	0.54	0.61	0.66	0.66	0.87	0.94	1.29	1.74	1.96	2.03	2.05	2.07
Basic EPS from Cont Ops	0.31	0.39	0.47	0.54	0.61	0.66	0.66	0.87	0.94	1.29	1.74	1.96	2.03	2.05	2.07
Diluted EPS, GAAP	0.3	0.38	0.46	0.53	0.6	0.65	0.66	0.86	0.93	1.28	1.72	1.94	2.02	2.04	2.06
Diluted EPS from Cont Ops	0.3	0.38	0.46	0.53	0.6	0.65	0.66	0.86	0.93	1.28	1.72	1.94	2.02	2.04	2.06
Dividend per Share	0.04	0.07	0.1	0.12	0.15	0.18	0.21	0.24	0.27	0.3	0.42	0.74	0.82	0.88	0.92
Cash Flow per Share	0.35	0.53	0.48	0.59	0.67	0.98	0.99	1.13	1.36	2.4	1.98	2.44	2.45	2.65	3.09
Free Cash Flow per Basic Share	0.35	0.53	0.48	0.59	0.67	0.98	0.99	1.13	1.36	2.4	1.98	2.44	2.45	2.65	3.09
Cash & Equivalents per Share	0.25	0.2	0.2	0.07	0.1	0.08	0.17	0.14	0.14	2.31	1.55	0.37	0.74	0.47	0.37
Book Value per Share	1.41	1.47	1.79	1.9	2.08	2.22	2.26	2.56	2.65	3.31	3.54	3.71	3.98	4.27	4.9
Tangible Book Value per Share	1.4	1.46	1.77	1.88	2.06	2.03	2.07	2.36	2.44	3.21	3.44	3.25	3.48	3.76	4.14