Harley-Davidson, Inc. Financial Ratios — HAR 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 (%)	25.9	25.07	26.37	28.54	31.68	36.82	27.72	29.38	23.68	0.07	30.4	27.17	22.95	14.19	10.74
Return on Assets (%)	6.27	6.62	7.9	8.92	7.71	6.97	5.25	5.15	4	0.01	5.64	6.58	5.98	3.79	3.4
Return on Capital (%)	7.83	8.27	9.59	10.16	8.88	8.17	6.16	6.1	4.79	- -	6.66	7.94	7.31	4.77	4.54
Return on Invested Capital (%)	7.08	8.18	9.52	10.08	8.8	8.09	6.05	6.11	4.56	- -	6.48	7.48	6.16	3.49	3.39
Gross Margin (%)	37.2	38.74	39.64	40.48	41.32	39.97	38.86	37.99	35.84	33.84	35.61	37.08	37.38	34.88	30.02
EBITDA Margin (%)	19.02	20.95	22.39	23.45	22.58	20.94	19.55	17.11	14.7	4.82	18.53	18.44	16.06	11.13	12.5
Operating Margin (%)	16.91	18.43	19.55	20.57	19.28	17.45	15.62	14.11	10.97	3.45	15.43	15.8	13.35	8.03	8.64
Incremental Operating Margin (%)	38.42	48.62	39.16	38.73	53.75	- -	47.02	- -	61.66	34.29	53.34	20.5	- -	55.79	4.2
Pretax Margin (%)	14.92	17.23	18.89	20.6	19.18	17.08	15.3	12.01	10.4	-0.39	15.35	16.18	14.85	9.97	10.26
Profit Margin (%)	11.28	11.18	12.44	13.56	12.55	11.54	9.24	9.3	7.9	0.03	12.18	12.88	12.11	8.78	7.57
Net Income to Common Margin (%)	11.28	11.18	12.44	13.56	12.55	11.54	9.24	9.3	7.9	0.03	12.18	12.88	12.11	8.78	7.57
Effective Tax Rate (%)	30.86	35.11	34.13	34.19	34.6	32.4	39.6	22.6	24	- -	20.65	20.62	19.82	13.92	28.25
Dvd Payout Ratio (%)	20.25	22.71	25.57	28.21	33.14	36.45	48.27	46.25	56	5,245.53	14.22	12.64	14.09	20.97	27.03
Sustainable Growth Rate (%)	20.65	19.38	19.63	20.49	21.18	23.4	14.34	15.79	10.42	-3.79	26.08	23.74	19.72	11.21	7.84

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	5,723	5,103	5,259	5,505	6,872	6,808	6,988	7,599	7,508	9,034	6,937	6,955	7,196	7,026	3,054
ST Debt	1,879	732	1,842	1,743	2,040	2,141	2,401	2,712	2,339	3,071	2,311	2,471	2,154	2,510	1,335
LT Debt	3,844	4,371	3,417	3,762	4,832	4,667	4,587	4,888	5,169	5,963	4,626	4,484	5,042	4,516	1,719
Total Debt/EBITDA	5.66	4.36	3.98	3.77	5.08	5.42	6.33	7.77	9.53	46.23	7.02	6.55	7.68	12.17	5.46
Net Debt/EBITDA	4.15	3.45	3.17	3.15	4.54	4.82	5.71	6.54	8.39	29.32	5.07	5.16	5.97	9.3	-0.22
Total Debt/EBIT	6.89	5.1	4.56	4.3	5.95	6.51	7.92	10.65	13.51	933.36	8.42	7.65	9.24	16.87	7.9
Net Debt/EBIT	5.06	4.03	3.63	3.59	5.32	5.78	7.14	8.96	11.9	591.96	6.09	6.03	7.18	12.89	-0.32
EBITDA to Interest Expense	22.32	25.4	29.18	350.86	111.72	42.33	35.62	31.68	25.36	6.28	31.92	33.98	30.44	18.78	16.71
EBITDA-CapEx/Interest Expense	22.32	25.4	29.18	350.86	111.72	42.33	35.62	31.68	25.36	6.28	31.92	33.98	30.44	18.78	16.71
EBIT to Interest Expense	19.84	22.35	25.49	307.78	95.38	35.26	28.45	26.13	18.92	4.49	26.59	29.11	25.31	13.55	11.56
Interest Expense	45	46	45	4	12	30	31	31	31	31	31	31	31	31	33
Common Equity/Total Assets	25.02	27.89	32	30.53	18.45	19.41	18.49	16.63	17.13	14.34	23.1	25.26	26.79	26.65	39.04
Long-Term Debt/Equity (%)	158.82	170.88	113.53	129.29	262.68	243.05	248.73	275.52	286.55	346.13	181.16	154.25	155.04	142.98	54.45
Long-Term Debt/Capital (%)	47.21	57.05	41.32	44.71	55.47	53.47	51.94	52.14	55.51	55.44	48.74	45.47	48.26	44.34	27.68
Long-Term Debt/Total Assets (%)	39.73	47.66	36.33	39.48	48.46	47.19	46	45.83	49.1	49.65	41.86	39.02	41.53	38.01	21.37
Total Debt/Equity (%)	236.45	199.51	174.75	189.21	373.56	354.53	378.9	428.38	416.21	524.38	271.68	239.28	221.26	222.46	96.73
Total Debt/Capital (%)	70.28	66.61	63.6	65.42	78.88	78	79.12	81.07	80.63	83.98	73.1	70.53	68.87	68.99	49.17
Total Debt/Total Assets (%)	59.15	55.64	55.92	57.77	68.91	68.83	70.07	71.25	71.32	75.22	62.77	60.52	59.27	59.14	37.96
Net Debt to Equity	173.36	157.74	139.31	158.04	334.3	314.95	341.62	360.52	366.47	332.58	196.4	188.49	171.93	170.04	-3.95
Net Debt/Capital (%)	63.42	61.2	58.21	61.25	76.97	75.9	77.36	78.29	77.97	76.4	65.85	65	62.73	62.48	-4
EBITDA	1,010	1,169	1,321	1,460	1,354	1,256	1,104	978	788	195	989	1,061	937	577	559
EBITDA-CapEx	1,010	1,169	1,321	1,460	1,354	1,256	1,104	978	788	195	989	1,061	937	577	559
Operating Income (Loss)	898	1,029	1,154	1,281	1,156	1,046	882	807	588	140	823	909	779	417	387

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	0.62	0.8	0.46	0.4	0.28	0.27	0.22	0.34	0.26	0.82	0.56	0.41	0.45	0.45	1.16
Current Ratio	1.68	2.7	1.59	1.65	1.45	1.35	1.23	1.25	1.31	1.47	1.36	1.34	1.53	1.4	2.1
Quick Ratio	1.36	2.11	1.28	1.31	1.12	1.09	0.99	1.04	1.05	1.23	1.05	0.98	1.16	1.08	1.72
CFO/Avg Current Liab	0.38	0.38	0.49	0.47	0.43	0.42	0.33	0.36	0.26	0.33	0.27	0.16	0.22	0.31	0.18
Common Equity/Total Assets	25.02	27.89	32	30.53	18.45	19.41	18.49	16.63	17.13	14.34	23.1	25.26	26.79	26.65	39.04
Long-Term Debt/Equity (%)	158.82	170.88	113.53	129.29	262.68	243.05	248.73	275.52	286.55	346.13	181.16	154.25	155.04	142.98	54.45
Long-Term Debt/Capital (%)	47.21	57.05	41.32	44.71	55.47	53.47	51.94	52.14	55.51	55.44	48.74	45.47	48.26	44.34	27.68
Long-Term Debt/Total Assets (%)	39.73	47.66	36.33	39.48	48.46	47.19	46	45.83	49.1	49.65	41.86	39.02	41.53	38.01	21.37
Total Debt/Equity (%)	236.45	199.51	174.75	189.21	373.56	354.53	378.9	428.38	416.21	524.38	271.68	239.28	221.26	222.46	96.73
Total Debt/Capital (%)	70.28	66.61	63.6	65.42	78.88	78	79.12	81.07	80.63	83.98	73.1	70.53	68.87	68.99	49.17
Total Debt/Total Assets (%)	59.15	55.64	55.92	57.77	68.91	68.83	70.07	71.25	71.32	75.22	62.77	60.52	59.27	59.14	37.96
CFO/Total Liabilities	12.2	12.12	15.28	17.32	13.53	14.73	12.36	13.56	9.95	11.45	11.48	6.39	8.49	12.2	11.64
CFO/CapEx	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Altman's Z-Score	- -	3.41	3.8	3.81	3.03	2.04	1.82	1.52	1.5	1.04	1.51	1.61	1.58	1.37	2.1

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	3.2	2.82	2.94	2.97	2.69	2.57	2.35	2.31	2.12	1.94	3.23	3.13	2.64	2.23	2.58
Days Sales Outstanding	114.15	129.26	123.98	123.03	135.92	141.9	155.02	158.23	171.98	188.36	112.87	116.78	138.08	163.5	141.71
Inventory Turnover	8.96	8.42	8.71	8.49	6.8	6.63	6.65	6.48	5.93	4.76	5.56	4.35	3.89	4.03	4.24
Days Inventory Outstanding	40.73	43.33	41.92	43	53.68	55.05	54.87	56.34	61.52	76.69	65.67	83.85	93.92	90.54	86.09
Accounts Payable Turnover	14.25	13.23	14.45	17.09	16.9	14.92	15.08	13.91	12.04	8.89	10.89	10.25	9.99	9.86	9.06
Accounts Payable Turnover Days	25.62	27.59	25.26	21.36	21.59	24.46	24.2	26.25	30.31	41.05	33.52	35.61	36.52	37.02	40.3
Cash Conversion Cycle	129.26	145	140.64	144.67	168.01	172.49	185.7	188.32	203.19	223.99	145.02	165.02	195.48	217.02	187.5
Inventory to Cash Days	73.42	85.94	82.06	80.04	82.25	86.85	100.15	101.89	110.46	111.67	47.2	32.92	44.15	72.96	55.63
Inventories	418	394	425	449	586	500	538	556	604	523	713	951	930	746	731
Raw Materials	235	234	268	268	307	263	301	313	380	296	451	518	540	464	436
Work In Process	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Finished Goods	226	206	205	230	328	285	290	302	280	281	346	549	515	411	434
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	- -	10,740	14,960	13,957	8,491	10,207	8,686	5,435	5,725	5,593	5,734	5,920	5,069	3,729	2,325
- Cash & Cash Equivalents	1,527	1,068	1,067	907	722	760	688	1,204	834	3,257	1,875	1,433	1,534	1,590	3,092
+ Preferred Equity and Hybrid Capital	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Minority/Non Controlling Interest	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	3	-1	-8	16
+ Total Debt	5,723	5,103	5,259	5,505	6,872	6,808	6,988	7,599	7,508	9,034	6,937	6,955	7,196	7,026	3,054
Enterprise Value	- -	14,639	19,053	18,497	14,595	16,249	14,987	11,820	12,400	11,370	10,796	11,446	10,731	9,158	2,303
Total Capital	8,143	7,660	8,269	8,414	8,712	8,728	8,832	9,373	9,312	10,757	9,490	9,862	10,448	10,185	6,211
Total Debt/Capital (%)	70.28	66.61	63.6	65.42	78.88	78	79.12	81.07	80.63	83.98	73.1	70.53	68.87	68.99	49.17
Total Debt / EV	- -	0.35	0.28	0.3	0.47	0.42	0.47	0.64	0.61	0.79	0.64	0.61	0.67	0.77	1.33
EV/Sales	- -	2.62	3.23	2.97	2.43	2.71	2.65	2.07	2.31	2.8	2.02	1.99	1.84	1.77	0.51
EV/EBITDA	- -	12.52	14.43	12.67	10.78	12.94	13.57	12.08	15.73	58.19	10.92	10.79	11.45	15.86	4.12
EV/EBIT	- -	14.64	16.51	14.44	12.63	15.53	16.99	16.57	22.32	1,174.67	13.11	12.59	13.77	21.98	5.96
EV/Cash Flow to Firm	- -	17.61	18.92	16.09	13.17	13.6	14.64	9.61	13.9	- -	10.79	19.97	13.77	8.4	3.89
EV/Free Cash Flow to Firm	- -	17.61	18.92	16.09	13.17	13.6	14.64	9.61	13.9	- -	10.79	19.97	13.77	8.4	3.89
Diluted Market Cap	- -	10,889	15,239	14,341	9,362	10,473	8,936	5,668	5,925	5,629	5,787	6,062	5,396	3,969	2,525
Diluted Enterprise Value	- -	14,788	19,333	18,881	15,466	16,515	15,237	12,053	12,600	11,405	10,849	11,587	11,058	9,398	2,503
EV per Share	- -	64.75	86.62	87.3	79.01	92.35	89.16	74.03	81.33	74.35	70.3	78.47	78.72	73.69	20.63
TTM Sales	5,312	5,581	5,900	6,229	5,995	5,996	5,647	5,717	5,362	4,054	5,336	5,755	5,836	5,187	4,473
TTM EBITDA	1,010	1,169	1,321	1,460	1,354	1,256	1,104	978	788	195	989	1,061	937	577	559
TTM Operating Income	898	1,029	1,154	1,281	1,156	1,046	882	807	588	140	823	909	779	417	387
TTM Cash Flow to Firm	917	831	1,007	1,149	1,108	1,194	1,024	1,230	892	- -	1,000	573	780	1,090	593
TTM Free Cash Flow to Firm	917	831	1,007	1,149	1,108	1,194	1,024	1,230	892	- -	1,000	573	780	1,090	593

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	- -	13.59	15.6	12.51	8.51	8.92	8.89	4.7	6.82	4.78	5.93	11.05	7.15	3.73	4.44
EV/EBIT	- -	14.64	16.51	14.44	12.63	15.53	16.99	16.57	22.32	1,174.67	13.11	12.59	13.77	21.98	5.96
Enterprise Value	- -	14,639	19,053	18,497	14,595	16,249	14,987	11,820	12,400	11,370	10,796	11,446	10,731	9,158	2,303
Low Price	- -	40.74	48.64	54.54	44.87	37.21	44.45	32.27	30.31	14.27	31.66	30.19	25.72	29.76	20.26
EV/Sales	- -	2.62	3.23	2.97	2.43	2.71	2.65	2.07	2.31	2.8	2.02	1.99	1.84	1.77	0.51
EV/EBITDA	- -	12.52	14.43	12.67	10.78	12.94	13.57	12.08	15.73	58.19	10.92	10.79	11.45	15.86	4.12
Price/Earnings	- -	17.29	20.61	16.87	12.38	15.06	17.03	10.61	13.92	4,316.01	8.83	8.1	7.49	8.66	7.38
Price/Earnings Average	- -	16.68	17.53	16.63	15.23	12.89	17.44	13.49	13.36	3,354.2	9.54	7.7	7.28	10.3	9.1
Price/Earnings High	- -	17.99	21.14	18.55	17.83	16.31	21.01	17.61	15.3	4,928.04	12.63	9.64	10.49	12.69	11.03
Price/Earnings Low	- -	14.83	14.74	13.97	12.09	9.66	14.65	10.06	11.24	1,683.97	7.49	6.03	5.18	8.59	7.18
Price/Book Value	- -	4.2	4.97	4.8	4.62	5.32	4.71	3.06	3.17	3.25	2.25	2.04	1.56	1.18	0.74
Price/Book Value Average	- -	4.05	4.23	4.73	5.68	4.55	4.82	3.9	3.05	2.52	2.43	1.94	1.52	1.4	0.91
Price/Book Value High	- -	4.37	5.1	5.28	6.65	5.76	5.81	5.08	3.49	3.71	3.21	2.43	2.18	1.73	1.11
Price/Book Value Low	- -	3.6	3.56	3.97	4.51	3.41	4.05	2.9	2.56	1.27	1.9	1.52	1.08	1.17	0.72
Price/Tangible Book Value	- -	4.25	5.02	4.84	4.76	5.47	4.88	3.17	3.31	3.4	2.31	2.09	1.59	1.2	0.76
Price/Tangible Book Value Average	- -	4.1	4.27	4.77	5.85	4.68	4.99	4.03	3.18	2.64	2.5	1.98	1.55	1.43	0.93
Price/Tangible Book Value High	- -	4.42	5.15	5.33	6.85	5.92	6.01	5.26	3.64	3.88	3.3	2.48	2.23	1.76	1.13
Price/Tangible Book Value Low	- -	3.64	3.59	4.01	4.64	3.51	4.19	3.01	2.67	1.32	1.96	1.55	1.1	1.19	0.74
Price/Sales	- -	1.93	2.56	2.29	1.55	1.74	1.57	0.99	1.1	1.38	1.08	1.04	0.91	0.76	0.56
Price/Sales Average	- -	1.87	2.18	2.25	1.91	1.49	1.61	1.25	1.06	1.07	1.16	0.99	0.88	0.9	0.69
Price/Sales High	- -	2.01	2.63	2.52	2.24	1.88	1.94	1.64	1.21	1.58	1.54	1.24	1.27	1.11	0.84
Price/Sales Low	- -	1.66	1.83	1.89	1.52	1.11	1.35	0.94	0.89	0.54	0.91	0.78	0.63	0.75	0.54
Price/Cash Flow	- -	13.46	15.49	12.43	8.47	8.88	8.84	4.68	6.79	4.76	5.88	10.95	7.01	3.71	4.4
Price/Cash Flow Average	- -	12.99	13.17	12.25	10.42	7.6	9.06	5.95	6.52	3.7	6.36	10.4	6.82	4.41	5.42
Price/Cash Flow High	- -	14.01	15.88	13.66	12.19	9.62	10.91	7.76	7.46	5.43	8.41	13.03	9.82	5.43	6.57
Price/Cash Flow Low	- -	11.54	11.08	10.29	8.27	5.69	7.61	4.43	5.48	1.86	4.99	8.15	4.85	3.68	4.28
Price/Free Cash Flow Average	- -	13.11	13.27	12.33	10.47	7.63	9.1	5.98	6.55	3.71	6.41	10.5	6.95	4.44	5.47
Price/Free Cash Flow High	- -	14.14	16	13.75	12.25	9.66	10.97	7.8	7.5	5.46	8.48	13.15	10	5.47	6.63
Price/Free Cash Flow Low	- -	11.65	11.16	10.35	8.31	5.72	7.65	4.46	5.51	1.86	5.03	8.22	4.94	3.7	4.32
EV/Sales Average	- -	2.56	2.85	2.94	2.76	2.46	2.69	2.33	2.27	2.5	2.11	1.94	1.81	1.9	0.64
EV/Sales High	- -	2.7	3.29	3.19	3.06	2.85	3.01	2.69	2.42	3	2.49	2.18	2.19	2.1	0.77
EV/Sales Low	- -	2.35	2.51	2.58	2.4	2.1	2.44	2.02	2.11	1.96	1.86	1.73	1.57	1.76	0.5
EV/EBITDA Average	- -	12.2	12.73	12.53	12.23	11.77	13.76	13.59	15.44	51.81	11.39	10.51	11.3	17.09	5.09
EV/EBITDA High	- -	12.89	14.72	13.62	13.54	13.62	15.41	15.74	16.45	62.25	13.41	11.84	13.61	18.87	6.18
EV/EBITDA Low	- -	11.21	11.2	11.02	10.63	10.02	12.47	11.79	14.33	40.73	10.04	9.36	9.78	15.81	4.01
EV/EBIT Average	- -	14.26	14.58	14.28	14.32	14.13	17.23	18.64	21.9	1,045.9	13.67	12.26	13.59	23.68	7.35
EV/EBIT High	- -	15.07	16.85	15.53	15.86	16.34	19.29	21.59	23.34	1,256.61	16.11	13.82	16.37	26.15	8.93
EV/EBIT Low	- -	13.11	12.82	12.57	12.46	12.03	15.61	16.17	20.33	822.29	12.05	10.92	11.77	21.91	5.8
Last Price	- -	47.5	68.01	65.87	45.96	58.01	51.68	34.04	37.55	36.57	37.34	40.59	37.19	30	20.83
High Price	- -	49.43	69.76	72.44	66.19	62.84	63.73	56.48	41.27	41.76	53.39	48.28	52.05	43.97	31.12
Enterprise Value Average	- -	14,262	16,818	18,296	16,550	14,779	15,195	13,297	12,170	10,123	11,257	11,149	10,590	9,864	2,843
Enterprise Value High	- -	15,074	19,437	19,889	18,332	17,099	17,013	15,404	12,966	12,163	13,262	12,568	12,756	10,893	3,453
Enterprise Value Low	- -	13,110	14,793	16,096	14,394	12,589	13,773	11,538	11,297	7,959	9,924	9,929	9,168	9,128	2,241

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	231	226	220	212	185	176	168	160	152	153	154	146	136	124	112
Diluted Weighted Avg Shares	235	229	224	218	204	181	173	167	158	154	155	149	145	132	121
Basic Weighted Avg Shares	233	227	222	216	203	180	172	166	157	153	154	148	142	131	120
Revenue per Share	22.81	24.57	26.52	28.8	29.58	33.37	32.83	34.51	34.14	26.47	34.71	38.88	40.99	39.46	37.25
EBITDA per Share	4.34	5.15	5.94	6.75	6.68	6.99	6.42	5.91	5.02	1.28	6.43	7.17	6.58	4.39	4.66
Operating Income per Share	3.86	4.53	5.19	5.92	5.7	5.82	5.13	4.87	3.74	0.91	5.36	6.14	5.47	3.17	3.22
Basic EPS, GAAP	2.57	2.75	3.3	3.9	3.71	3.85	3.03	3.21	2.7	0.01	4.23	5.01	4.96	3.46	2.82
Basic EPS from Cont Ops	2.35	2.75	3.3	3.9	3.71	3.85	3.03	3.21	2.7	0.01	4.23	4.99	4.88	3.39	2.74
Diluted EPS, GAAP	2.55	2.72	3.28	3.88	3.69	3.83	3.02	3.19	2.68	0.01	4.19	4.96	4.87	3.44	2.79
Diluted EPS from Cont Ops	2.33	2.72	3.28	3.88	3.69	3.83	3.02	3.19	2.68	0.01	4.19	4.95	4.79	3.37	2.71
Dividend per Share	0.48	0.62	0.84	1.1	1.23	1.4	1.46	1.48	1.51	0.44	0.6	0.63	0.68	0.69	0.72
Cash Flow per Share	3.8	3.53	4.39	5.3	5.43	6.54	5.84	7.28	5.53	7.69	6.35	3.71	5.3	8.09	4.74
Free Cash Flow per Basic Share	3.8	3.53	4.39	5.3	5.43	6.54	5.84	7.28	5.53	7.69	6.35	3.71	5.3	8.09	4.74
Cash & Equivalents per Share	7.29	5.32	5.3	4.55	4.15	4.35	4.09	7.6	5.47	21.3	12.21	9.83	11.25	12.79	27.69
Book Value per Share	10.5	11.31	13.68	13.73	9.96	10.91	10.97	11.11	11.83	11.27	16.63	19.91	23.86	25.48	28.13
Tangible Book Value per Share	10.37	11.18	13.54	13.6	9.67	10.61	10.6	10.73	11.34	10.77	16.17	19.44	23.35	24.98	27.55