Waters Corporation Financial Ratios — WAZ 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 (%)	37.73	34.26	27.86	23.6	23.73	23.92	0.9	31.24	- -	- -	231.06	162.32	77.62	42.82	29.28
Return on Assets (%)	17.14	15.67	13.33	11.58	11.52	11.68	0.41	13.12	18.85	19.33	23.35	22.2	16.24	13.9	13.35
Return on Capital (%)	22.29	20.07	16.67	14.33	14.13	14.27	0.53	18.31	29.7	34.74	40.04	36.21	25.29	20.04	18.51
Return on Invested Capital (%)	22.11	19.69	16.37	14.06	13.81	13.77	0.5	18.32	28.53	32.88	37.52	34.29	23.86	18.95	17.63
Gross Margin (%)	60.54	59.99	58.86	58.53	58.74	58.87	58.99	58.98	58	57.44	58.49	58	59.57	59.43	59.28
EBITDA Margin (%)	32.14	31.48	31.35	30.77	32.19	33.29	33.27	35.05	33.81	32.59	34.22	33.78	33.27	34.42	31.87
Operating Margin (%)	28.55	28.15	27.17	26.81	28.17	29	29.38	30.55	29.44	27.63	29.68	29.72	27.66	28.32	25.36
Incremental Operating Margin (%)	37.86	128.28	- -	18.82	79.04	42.62	35.12	55.06	231.69	133.01	41.2	30.27	421.6	1,027.14	- -
Pretax Margin (%)	27.51	26.45	25.74	24.67	26.53	27.69	27.76	28.19	28.18	25.83	28.94	28.19	24.9	25.52	23.85
Profit Margin (%)	23.39	25.03	23.63	21.7	22.97	24.06	0.88	24.54	24.61	22.05	24.87	23.81	21.72	21.56	20.3
Net Income to Common Margin (%)	23.39	25.03	23.63	21.7	22.97	24.06	0.88	24.54	24.61	22.05	24.87	23.81	21.72	21.56	20.3
Effective Tax Rate (%)	14.98	5.37	8.18	12.05	13.45	13.1	96.83	12.95	12.69	14.62	14.06	15.53	12.77	15.5	14.87
Dvd Payout Ratio (%)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Sustainable Growth Rate (%)	37.73	34.26	27.86	23.6	23.73	23.92	0.9	31.24	- -	- -	231.06	162.32	77.62	42.82	29.28

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	991	1,178	1,323	1,463	1,668	1,827	1,998	1,148	1,775	1,452	1,601	1,663	2,442	1,702	1,491
ST Debt	291	133	133	225	175	125	100	- -	127	178	28	76	78	26	491
LT Debt	700	1,045	1,190	1,237	1,493	1,702	1,898	1,148	1,648	1,275	1,573	1,587	2,364	1,677	1,000
Total Debt/EBITDA	1.67	2.03	2.22	2.39	2.54	2.53	2.6	1.35	2.18	1.88	1.68	1.66	2.48	1.67	1.48
Net Debt/EBITDA	1.02	1.2	1.48	1.7	1.8	1.83	1.76	0.42	1.65	1.19	1.06	1.09	1.99	1.28	0.81
Total Debt/EBIT	1.87	2.3	2.56	2.82	2.94	2.92	3.02	1.55	2.51	2.25	1.95	1.9	2.99	2.06	1.86
Net Debt/EBIT	1.15	1.36	1.71	2.01	2.08	2.11	2.05	0.48	1.9	1.42	1.23	1.25	2.4	1.57	1.02
EBITDA to Interest Expense	27.08	20.67	19.87	17.9	18.14	16.06	13.52	17.44	16.71	15.71	21.22	20.57	9.95	11.35	14.51
EBITDA-CapEx/Interest Expense	23.19	16.94	15.93	14.8	15.3	13.95	11.92	15.46	13.35	12.2	17.47	16.81	8.32	9.77	12.88
EBIT to Interest Expense	24.06	18.48	17.22	15.6	15.87	14	11.93	15.2	14.55	13.32	18.4	18.1	8.27	9.34	11.54
Interest Expense	22	28	30	34	36	45	57	49	49	49	45	49	99	90	70
Common Equity/Total Assets	45.04	46.32	49.21	48.9	48.23	49.38	41.95	42.05	-8.46	8.17	11.88	15.37	24.86	40.15	50.45
Long-Term Debt/Equity (%)	57.07	71.22	67.49	65.31	72.52	73.94	84.95	73.26	- -	549.1	428.1	314.57	205.54	91.7	39.04
Long-Term Debt/Capital (%)	31.57	39.51	38.55	36.86	40.06	41.22	44.84	42.28	105.7	75.67	79.92	73.2	65.81	47.49	24.68
Long-Term Debt/Total Assets (%)	25.7	32.98	33.22	31.94	34.98	36.51	35.64	30.8	64.44	44.89	50.84	48.36	51.1	36.82	19.7
Total Debt/Equity (%)	80.78	80.27	75.05	77.2	81.03	79.38	89.43	73.27	-820.77	625.68	435.69	329.72	212.31	93.1	58.22
Total Debt/Capital (%)	44.68	44.53	42.88	43.57	44.76	44.25	47.21	42.29	113.87	86.22	81.33	76.73	67.98	48.21	36.8
Total Debt/Total Assets (%)	36.38	37.18	36.94	37.75	39.08	39.19	37.52	30.81	69.42	51.14	51.74	50.69	52.78	37.38	29.37
Net Debt to Equity	49.47	47.48	50.05	54.92	57.35	57.41	60.68	22.46	-622.08	396.23	275.51	216.92	170.42	71.16	32
Net Debt/Capital (%)	33.1	32.2	33.36	35.45	36.45	36.47	37.76	18.34	110	73.71	68.99	64.86	61.31	40.59	23.66
EBITDA	595	580	597	612	657	721	768	848	814	771	953	1,004	984	1,018	1,009
EBITDA-CapEx	510	476	479	506	554	627	678	752	650	598	785	820	823	876	896
Operating Income (Loss)	529	519	517	533	575	629	678	739	708	654	827	883	818	838	803

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	2.13	3.05	3.7	3.54	4.25	5.41	5.6	3.87	0.57	0.55	0.84	0.61	0.5	0.41	0.47
Current Ratio	3.23	4.48	5.24	4.85	5.7	6.99	7.04	5.93	2.22	1.74	2.39	2.24	2.22	2.11	1.73
Quick Ratio	2.74	3.85	4.58	4.29	5.08	6.35	6.48	5.13	1.56	1.26	1.74	1.53	1.39	1.34	1.14
CFO/Avg Current Liab	1.01	0.81	0.98	0.96	1	1.19	1.24	1.15	1.24	1.13	1.01	0.83	0.77	0.97	0.64
Common Equity/Total Assets	45.04	46.32	49.21	48.9	48.23	49.38	41.95	42.05	-8.46	8.17	11.88	15.37	24.86	40.15	50.45
Long-Term Debt/Equity (%)	57.07	71.22	67.49	65.31	72.52	73.94	84.95	73.26	- -	549.1	428.1	314.57	205.54	91.7	39.04
Long-Term Debt/Capital (%)	31.57	39.51	38.55	36.86	40.06	41.22	44.84	42.28	105.7	75.67	79.92	73.2	65.81	47.49	24.68
Long-Term Debt/Total Assets (%)	25.7	32.98	33.22	31.94	34.98	36.51	35.64	30.8	64.44	44.89	50.84	48.36	51.1	36.82	19.7
Total Debt/Equity (%)	80.78	80.27	75.05	77.2	81.03	79.38	89.43	73.27	-820.77	625.68	435.69	329.72	212.31	93.1	58.22
Total Debt/Capital (%)	44.68	44.53	42.88	43.57	44.76	44.25	47.21	42.29	113.87	86.22	81.33	76.73	67.98	48.21	36.8
Total Debt/Total Assets (%)	36.38	37.18	36.94	37.75	39.08	39.19	37.52	30.81	69.42	51.14	51.74	50.69	52.78	37.38	29.37
CFO/Total Liabilities	33.23	26.42	26.65	25.84	25.94	27.24	22.57	27.98	23.19	30.31	27.4	22.03	17.34	27.96	25.94
CFO/CapEx	5.82	4.29	4.09	4.82	5.56	6.77	7.71	6.29	3.93	4.59	4.44	3.33	3.75	5.35	5.79
Altman's Z-Score	6.88	6.67	6.67	6.71	6.77	6.49	6.5	8.84	10.72	10.64	12.21	11.62	10.67	12.43	12.14

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	5.1	4.78	4.56	4.6	4.53	4.53	4.51	4.39	4.16	4.07	4.7	4.45	4.15	4.12	4.05
Days Sales Outstanding	71.51	76.38	80.08	79.32	80.6	80.64	80.87	83.12	87.67	89.58	77.69	82.01	87.97	88.56	90.07
Inventory Turnover	3.5	3.33	3.32	3.37	3.31	3.39	3.55	3.53	3.3	3.22	3.5	3.08	2.46	2.42	2.46
Days Inventory Outstanding	104.22	109.47	110.03	108.24	110.42	107.7	102.7	103.31	110.53	113.27	104.21	118.7	148.41	151.07	148.63
Accounts Payable Turnover	12.35	13.71	13.31	12.68	12.62	12.88	14.43	15.28	17.75	16.34	14.3	14.18	14.11	12.58	13.59
Accounts Payable Turnover Days	29.56	26.62	27.42	28.78	28.93	28.34	25.29	23.89	20.57	22.34	25.53	25.74	25.87	29.02	26.86
Cash Conversion Cycle	146.16	159.23	162.7	158.77	162.08	160	158.28	162.54	177.63	180.52	156.37	174.97	210.51	210.61	211.84
Inventory to Cash Days	-32.71	-33.08	-29.96	-28.92	-29.82	-27.07	-21.84	-20.19	-22.86	-23.69	-26.52	-36.68	-60.44	-62.51	-58.56
Inventories	213	230	243	246	263	263	270	292	321	304	356	456	516	477	572
Raw Materials	72	73	77	85	89	95	99	112	127	133	165	206	234	227	235
Work In Process	12	16	20	17	21	17	15	16	15	19	20	20	20	22	28
Finished Goods	129	140	146	145	154	151	156	164	178	152	171	230	262	228	310
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	6,581	7,507	8,444	9,520	11,048	10,668	15,510	13,482	14,583	15,332	22,428	20,293	19,597	21,867	22,536
- Cash & Cash Equivalents	384	481	441	422	488	506	642	796	336	437	501	481	395	325	588
+ Preferred Equity and Hybrid Capital	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Minority/Non Controlling Interest	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Total Debt	991	1,178	1,323	1,463	1,668	1,827	1,998	1,148	1,775	1,452	1,601	1,663	2,442	1,702	1,491
Enterprise Value	6,290	7,146	7,964	8,927	10,317	9,683	14,114	12,896	16,021	16,341	23,460	21,475	21,643	23,243	23,440
Total Capital	2,217	2,645	3,087	3,357	3,727	4,129	4,232	2,716	1,559	1,685	1,969	2,168	3,593	3,531	4,052
Total Debt/Capital (%)	44.68	44.53	42.88	43.57	44.76	44.25	47.21	42.29	113.87	86.22	81.33	76.73	67.98	48.21	36.8
Total Debt / EV	0.16	0.16	0.17	0.16	0.16	0.19	0.14	0.09	0.11	0.09	0.07	0.08	0.11	0.07	0.06
EV/Sales	3.4	3.88	4.18	4.49	5.05	4.47	6.11	5.33	6.66	6.91	8.42	7.23	7.32	7.86	7.41
EV/EBITDA	10.57	12.31	13.34	14.58	15.69	13.42	18.37	15.2	19.69	21.2	24.61	21.39	22	22.83	23.23
EV/EBIT	11.9	13.97	15.39	17.24	18.18	15.49	21.31	17.43	22.61	25.32	28.55	24.59	26.47	28.13	29.21
EV/Cash Flow to Firm	12.19	15.02	15.54	16.48	17.06	14.2	20.18	19.94	23.37	19.63	29.85	32.89	31.41	27.74	32.93
EV/Free Cash Flow to Firm	14.61	19.26	20.21	20.5	20.57	16.5	23.18	23.42	30.7	24.76	37.98	45.75	40.96	33.42	39.13
Diluted Market Cap	6,827	7,732	8,616	9,750	11,297	10,854	15,757	14,313	15,883	15,358	22,908	20,714	19,628	21,927	22,596
Diluted Enterprise Value	6,537	7,371	8,136	9,157	10,566	9,869	14,361	13,726	17,321	16,367	23,940	21,896	21,674	23,304	23,499
EV per Share	70.68	82.72	93.89	107.37	126.97	121	177.9	176.37	255.98	262.26	386.32	363.34	365.74	391.38	393.62
TTM Sales	1,851	1,844	1,904	1,989	2,042	2,167	2,309	2,420	2,407	2,365	2,786	2,972	2,956	2,958	3,165
TTM EBITDA	595	580	597	612	657	721	768	848	814	771	953	1,004	984	1,018	1,009
TTM Operating Income	529	519	517	533	575	629	678	739	708	654	827	883	818	838	803
TTM Cash Flow to Firm	516	476	512	542	605	682	699	647	686	832	786	653	689	838	712
TTM Free Cash Flow to Firm	431	371	394	435	502	587	609	551	522	660	618	469	528	695	599

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	16.57	22.44	23.51	24.05	24.02	19.81	25.95	28.15	33.14	24.85	39.56	48.37	44.39	35.39	41.86
EV/EBIT	11.9	13.97	15.39	17.24	18.18	15.49	21.31	17.43	22.61	25.32	28.55	24.59	26.47	28.13	29.21
Enterprise Value	6,290	7,146	7,964	8,927	10,317	9,683	14,114	12,896	16,021	16,341	23,460	21,475	21,643	23,243	23,440
Low Price	70.86	73.36	85.1	94.83	111.39	113.61	132.69	174.94	177.49	164.15	247.55	268.07	234.85	279.45	274.21
EV/Sales	3.4	3.88	4.18	4.49	5.05	4.47	6.11	5.33	6.66	6.91	8.42	7.23	7.32	7.86	7.41
EV/EBITDA	10.57	12.31	13.34	14.58	15.69	13.42	18.37	15.2	19.69	21.2	24.61	21.39	22	22.83	23.23
Price/Earnings	15.51	16.54	18.9	22.38	23.87	20.65	768	23.91	26.61	29.29	32.82	29.1	30.46	34.25	35.05
Price/Earnings Average	17.5	15.75	18.55	20.8	22.07	21.58	692.07	25.51	25.12	24.78	29.55	26.97	26.4	30.78	32.06
Price/Earnings High	20.8	17.86	20.42	23	23.93	24.97	786.2	28.31	28.86	29.76	38.19	31.42	32.11	36.33	38.53
Price/Earnings Low	14.87	13.96	16.15	18.53	19.55	17.6	521.26	22.68	20.27	19.54	22	22.72	21.6	26	25.39
Price/Book Value	5.37	5.12	4.79	5.02	5.37	4.63	6.94	8.6	-67.43	66.04	61.02	40.23	17.04	11.96	8.8
Price/Book Value Average	6.05	4.87	4.7	4.67	4.96	4.84	6.26	9.18	-63.65	55.88	54.94	37.28	14.77	10.75	8.05
Price/Book Value High	7.19	5.53	5.17	5.16	5.38	5.6	7.11	10.19	-73.13	67.1	70.99	43.44	17.96	12.69	9.67
Price/Book Value Low	5.14	4.32	4.09	4.16	4.4	3.95	4.71	8.16	-51.36	44.06	40.9	31.41	12.08	9.08	6.38
Price/Tangible Book Value	8.92	8.07	7.19	7.27	7.44	6.12	9.43	13.98	-17.95	-32.56	-71.72	-132.43	-24.99	-622.66	33.99
Price/Tangible Book Value Average	10.07	7.68	7.06	6.75	6.88	6.4	8.49	14.91	-16.94	-27.55	-64.58	-122.74	-21.66	-559.47	31.1
Price/Tangible Book Value High	11.97	8.71	7.77	7.47	7.47	7.4	9.65	16.55	-19.46	-33.08	-83.44	-143	-26.34	-660.5	37.37
Price/Tangible Book Value Low	8.55	6.81	6.15	6.02	6.1	5.22	6.4	13.26	-13.67	-21.72	-48.07	-103.4	-17.72	-472.56	24.63
Price/Sales	3.63	4.14	4.47	4.86	5.48	4.97	6.76	5.87	6.55	6.46	8.16	6.93	6.62	7.38	7.12
Price/Sales Average	4.09	3.94	4.38	4.51	5.07	5.19	6.09	6.26	6.18	5.46	7.35	6.42	5.74	6.64	6.51
Price/Sales High	4.87	4.47	4.83	4.99	5.5	6.01	6.92	6.95	7.1	6.56	9.5	7.48	6.98	7.83	7.82
Price/Sales Low	3.48	3.5	3.82	4.02	4.49	4.23	4.59	5.57	4.99	4.31	5.47	5.41	4.69	5.6	5.16
Price/Cash Flow	13.5	16.99	17.54	18.88	19.53	16.75	22.36	23.49	24.5	19.33	30.43	33.67	32.45	28.67	34.51
Price/Cash Flow Average	15.24	16.17	17.22	17.55	18.06	17.5	20.15	25.07	23.13	16.35	27.4	31.21	28.13	25.76	31.57
Price/Cash Flow High	18.11	18.35	18.95	19.4	19.58	20.25	22.89	27.81	26.57	19.64	35.4	36.36	34.21	30.41	37.94
Price/Cash Flow Low	12.94	14.34	14.99	15.63	16	14.28	15.18	22.28	18.66	12.89	20.4	26.29	23.02	21.76	25.01
Price/Free Cash Flow Average	18.7	21.37	23.08	22.35	22.21	20.7	23.39	30.04	31.28	21.02	35.62	44.84	38.47	31.8	38.3
Price/Free Cash Flow High	22.22	24.24	25.41	24.72	24.09	23.95	26.57	33.33	35.94	25.24	46.03	52.24	46.79	37.54	46.02
Price/Free Cash Flow Low	15.88	18.95	20.1	19.92	19.68	16.88	17.61	26.71	25.24	16.57	26.52	37.77	31.48	26.86	30.33
EV/Sales Average	3.85	3.68	4.1	4.15	4.64	4.69	5.45	5.7	6.32	5.91	7.62	6.73	6.44	7.11	6.8
EV/Sales High	4.61	4.2	4.54	4.62	5.07	5.5	6.27	6.35	7.17	7.01	9.74	7.77	7.68	8.31	8.11
EV/Sales Low	3.25	3.24	3.54	3.67	4.07	3.74	3.95	5.04	5.21	4.75	5.77	5.73	5.39	6.07	5.44
EV/EBITDA Average	11.99	11.69	13.08	13.49	14.43	14.08	16.38	16.27	18.68	18.14	22.26	19.92	19.35	20.65	21.33
EV/EBITDA High	14.34	13.35	14.48	15.02	15.74	16.51	18.85	18.13	21.2	21.52	28.45	23.01	23.08	24.13	25.46
EV/EBITDA Low	10.11	10.3	11.28	11.91	12.65	11.23	11.89	14.39	15.42	14.58	16.85	16.96	16.21	17.65	17.08
EV/EBIT Average	13.5	13.27	15.09	15.94	16.71	16.26	19	18.66	21.46	21.66	25.83	22.89	23.27	25.44	26.81
EV/EBIT High	16.15	15.14	16.71	17.75	18.24	19.06	21.87	20.78	24.35	25.7	33.01	26.44	27.77	29.74	32
EV/EBIT Low	11.38	11.68	13.02	14.08	14.66	12.97	13.79	16.5	17.71	17.41	19.55	19.49	19.5	21.75	21.47
Last Price	73.95	86.9	99.56	114.5	135.96	133.32	195.49	184.4	233	246.06	369.32	343.35	331.16	368.21	378.45
High Price	99.16	93.85	107.57	117.69	136.35	161.19	200.12	218.32	252.7	250	429.67	370.75	349.07	390.58	416.09
Enterprise Value Average	7,135	6,786	7,808	8,255	9,485	10,162	12,580	13,801	15,204	13,981	21,226	19,991	19,031	21,024	21,521
Enterprise Value High	8,535	7,746	8,643	9,193	10,348	11,913	14,481	15,376	17,254	16,587	27,125	23,095	22,703	24,572	25,681
Enterprise Value Low	6,015	5,976	6,738	7,292	8,320	8,105	9,131	12,204	12,546	11,237	16,065	17,026	15,944	17,972	17,232

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	89	86	85	83	81	80	79	73	63	62	61	59	59	59	60
Diluted Weighted Avg Shares	92	89	87	85	83	81	81	78	68	62	62	60	59	60	60
Basic Weighted Avg Shares	91	88	85	84	82	81	80	77	68	62	62	60	59	59	60
Revenue per Share	20.38	20.99	22.29	23.58	24.8	26.83	28.94	31.43	35.59	38.09	45.24	49.54	50.04	49.86	53.19
EBITDA per Share	6.55	6.61	6.99	7.26	7.98	8.93	9.63	11.02	12.03	12.41	15.48	16.73	16.65	17.16	16.95
Operating Income per Share	5.82	5.91	6.06	6.32	6.99	7.78	8.5	9.6	10.48	10.53	13.43	14.72	13.84	14.12	13.49
Basic EPS, GAAP	4.77	5.25	5.27	5.12	5.7	6.46	0.25	7.71	8.76	8.4	11.25	11.8	10.87	10.75	10.8
Basic EPS from Cont Ops	4.77	5.25	5.27	5.12	5.7	6.46	0.25	7.71	8.76	8.4	11.25	11.8	10.87	10.75	10.8
Diluted EPS, GAAP	4.69	5.19	5.2	5.07	5.65	6.41	0.25	7.65	8.69	8.36	11.17	11.73	10.84	10.71	10.76
Diluted EPS from Cont Ops	4.69	5.19	5.2	5.07	5.65	6.41	0.25	7.65	8.69	8.36	11.17	11.73	10.84	10.71	10.76
Dividend per Share	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Cash Flow per Share	5.48	5.11	5.68	6.07	6.96	7.96	8.74	7.85	9.51	12.73	12.14	10.2	10.2	12.84	10.97
Free Cash Flow per Basic Share	4.54	3.92	4.29	4.81	5.71	6.78	7.61	6.6	7.09	9.95	9.4	7.14	7.48	10.44	9.07
Cash & Equivalents per Share	14.4	17.81	21.26	24.72	29.53	35.15	42.78	23.73	5.39	7.11	9.37	8.14	6.69	5.49	9.87
Book Value per Share	13.78	16.99	20.79	22.79	25.34	28.77	28.16	21.44	-3.46	3.73	6.05	8.54	19.44	30.79	43.01
Tangible Book Value per Share	8.29	10.77	13.84	15.76	18.26	21.78	20.74	13.19	-12.98	-7.56	-5.15	-2.59	-13.25	-0.59	11.13