The Hershey Company Financial Ratios — HSY 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 (%)	71.49	69.79	62.12	55.36	41.82	80.73	92.05	101.77	73.28	64.36	59.2	54.31	50.33	50.4	18.89
Return on Assets (%)	14.49	14.43	16.23	15.43	9.35	13.25	14.14	17.77	14.51	14.81	15.12	15.4	16.29	17.88	6.62
Return on Capital (%)	24.97	25.33	26.95	24.84	15.6	21.45	22.91	26.88	21.16	21.27	20.79	21.33	22.68	24.53	10.19
Return on Invested Capital (%)	24.86	25.25	26.52	24.53	16.41	22.51	23.3	27.68	21.92	22.92	22.25	23.5	24.92	26.83	10.18
Gross Margin (%)	41.64	43.04	45.91	44.95	45.79	42.6	45.98	45.89	45.36	45.42	45.13	43.18	44.76	47.32	33.55
EBITDA Margin (%)	20.9	19.88	21.54	21.61	17.36	20.93	20.96	24.63	23.63	25.49	26.29	25.34	26.7	29.94	16.64
Operating Margin (%)	17.34	17.4	18.99	19.37	19.13	17.18	20.89	21.83	21.49	22.21	22.82	21.72	22.94	26.13	12.5
Incremental Operating Margin (%)	15.96	18.09	39.98	29.44	69.76	- -	387.6	47.38	8.22	57.38	28.83	14.89	40.03	981.89	- -
Pretax Margin (%)	15.83	15.29	17.51	17.6	12.21	14.78	14.78	18.1	17.29	18.34	20.03	18.4	19.45	22.08	10.38
Profit Margin (%)	10.34	9.95	11.48	11.41	6.94	9.68	10.42	15.11	14.4	15.69	16.47	15.79	16.68	19.83	7.55
Net Income to Common Margin (%)	10.34	9.95	11.48	11.41	6.94	9.68	10.42	15.11	14.4	15.69	16.47	15.79	16.68	19.83	7.55
Effective Tax Rate (%)	34.68	34.92	34.43	35.15	43.12	34.51	31.88	16.95	16.95	14.69	17.49	14.2	14.28	10.21	27.26
Dvd Payout Ratio (%)	48.35	51.63	48	52	92.82	69.37	72.08	48.3	53.36	50.37	46.1	47.12	47.75	48.84	122.87
Sustainable Growth Rate (%)	36.93	33.76	32.3	26.57	3	24.73	25.7	52.61	34.18	31.94	31.91	28.72	26.29	25.79	-4.32

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	1,888	1,907	1,962	2,178	2,421	2,980	2,920	4,458	4,480	4,821	5,376	5,118	5,126	5,448	5,739
ST Debt	140	376	167	636	863	633	859	1,203	765	549	979	1,479	1,059	1,953	771
LT Debt	1,749	1,531	1,795	1,542	1,557	2,347	2,061	3,254	3,715	4,272	4,398	3,639	4,066	3,495	4,967
Total Debt/EBITDA	1.49	1.44	1.27	1.36	1.89	1.91	1.85	2.32	2.37	2.32	2.28	1.94	1.72	1.62	2.95
Net Debt/EBITDA	0.94	0.89	0.55	1.12	1.62	1.72	1.61	2.02	1.96	1.63	1.96	1.61	1.45	1.28	2.26
Total Debt/EBIT	1.79	1.72	1.47	1.56	2.33	2.37	2.22	2.75	2.81	2.7	2.63	2.26	2	1.88	3.98
Net Debt/EBIT	1.13	1.06	0.63	1.29	2	2.14	1.93	2.38	2.31	1.9	2.27	1.88	1.69	1.48	3.05
EBITDA to Interest Expense	13.41	13.41	16.82	18.31	15.84	16.93	15.74	13.07	12.41	13.54	18.17	18.84	18.45	19.24	8.65
EBITDA-CapEx/Interest Expense	13.16	13.41	16.82	18.31	15.84	16.93	15.74	13.07	12.41	13.54	18.17	18.84	18.45	19.24	8.33
EBIT to Interest Expense	11.12	11.74	14.83	16.41	17.45	13.9	15.69	11.58	11.28	11.8	15.77	16.15	15.86	16.79	6.5
Interest Expense	95	99	92	88	81	92	100	147	152	153	130	140	162	174	225
Common Equity/Total Assets	19.45	21.8	29.95	25.88	18.67	14.23	16.48	18.16	21.37	24.47	26.48	30.14	34.44	36.42	33.74
Long-Term Debt/Equity (%)	198.48	146.03	111.08	101.5	148.65	283.62	221.24	231.25	212.89	190.88	159.49	110.28	99.2	74.13	107.13
Long-Term Debt/Capital (%)	63.14	51.81	50.17	41.71	44.9	61.65	53.5	55.49	59.68	60.51	54.07	43.23	44.08	34.39	47.87
Long-Term Debt/Total Assets (%)	39.67	32.2	33.51	27.43	29.14	42.49	37.11	42.25	45.64	46.78	42.23	33.23	34.16	26.99	36.15
Total Debt/Equity (%)	214.34	181.89	121.41	143.32	231.08	360.06	313.5	316.76	256.73	215.43	194.98	155.11	125.04	115.55	123.76
Total Debt/Capital (%)	68.19	64.52	54.83	58.9	69.8	78.26	75.82	76.01	71.97	68.3	66.1	60.8	55.56	53.61	55.31
Total Debt/Total Assets (%)	42.84	40.1	36.62	38.73	45.29	53.95	52.59	57.87	55.03	52.79	51.63	46.74	43.06	42.08	41.76
Net Debt to Equity	135.59	112.42	52.2	118.65	198	324.18	272.69	274.97	211.67	151.16	168.07	128.93	105.77	91.15	94.97
Net Debt/Capital (%)	57.55	52.92	34.3	54.27	66.44	76.43	73.17	73.33	64.44	57.19	59.38	53.48	49.14	45.57	46.6
EBITDA	1,271	1,321	1,539	1,604	1,283	1,557	1,575	1,919	1,887	2,078	2,359	2,640	2,981	3,353	1,945
EBITDA-CapEx	1,247	1,321	1,539	1,604	1,283	1,557	1,575	1,919	1,887	2,078	2,359	2,640	2,981	3,353	1,872
Operating Income (Loss)	1,054	1,156	1,357	1,438	1,413	1,278	1,570	1,700	1,717	1,810	2,047	2,263	2,561	2,927	1,462

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	0.59	0.5	0.79	0.24	0.16	0.16	0.18	0.24	0.25	0.6	0.13	0.14	0.13	0.19	0.31
Current Ratio	1.74	1.44	1.77	1.16	0.83	0.95	0.96	0.93	1.05	1.57	0.9	0.8	0.97	0.96	1.19
Quick Ratio	0.93	0.81	1.13	0.55	0.43	0.46	0.47	0.49	0.53	0.93	0.4	0.36	0.41	0.39	0.55
CFO/Avg Current Liab	0.48	0.83	0.83	0.51	0.6	0.49	0.63	0.71	0.8	0.87	0.95	0.81	0.74	0.73	0.66
Common Equity/Total Assets	19.45	21.8	29.95	25.88	18.67	14.23	16.48	18.16	21.37	24.47	26.48	30.14	34.44	36.42	33.74
Long-Term Debt/Equity (%)	198.48	146.03	111.08	101.5	148.65	283.62	221.24	231.25	212.89	190.88	159.49	110.28	99.2	74.13	107.13
Long-Term Debt/Capital (%)	63.14	51.81	50.17	41.71	44.9	61.65	53.5	55.49	59.68	60.51	54.07	43.23	44.08	34.39	47.87
Long-Term Debt/Total Assets (%)	39.67	32.2	33.51	27.43	29.14	42.49	37.11	42.25	45.64	46.78	42.23	33.23	34.16	26.99	36.15
Total Debt/Equity (%)	214.34	181.89	121.41	143.32	231.08	360.06	313.5	316.76	256.73	215.43	194.98	155.11	125.04	115.55	123.76
Total Debt/Capital (%)	68.19	64.52	54.83	58.9	69.8	78.26	75.82	76.01	71.97	68.3	66.1	60.8	55.56	53.61	55.31
Total Debt/Total Assets (%)	42.84	40.1	36.62	38.73	45.29	53.95	52.59	57.87	55.03	52.79	51.63	46.74	43.06	42.08	41.76
CFO/Total Liabilities	16.67	29.54	31.84	20.58	29.24	21.58	27.03	25.41	27.58	24.65	27.21	30.43	29.77	30.75	25.01
CFO/CapEx	24.9	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	30.94
Altman's Z-Score	- -	7.23	8	8.07	7.46	7.7	8.19	6.63	6.24	5.97	6.61	7.4	6.62	6.09	5.56

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	15.4	15.44	15.22	13.81	12.35	12.61	12.85	13.18	13.74	13.77	13.94	15.07	14.55	13.8	15.28
Days Sales Outstanding	23.7	23.65	23.99	26.43	29.55	28.96	28.4	27.7	26.57	26.51	26.17	24.22	25.09	26.46	23.88
Inventory Turnover	6	5.9	5.98	5.59	5.16	5.71	5.42	5.48	5.45	5	5.04	5.48	4.91	4.55	5.79
Days Inventory Outstanding	60.81	61.83	61.04	65.24	70.74	63.96	67.36	66.57	66.92	73	72.39	66.63	74.4	80.25	63.03
Accounts Payable Turnover	8.82	8.74	8.61	8.96	8.27	8.56	7.78	8.28	8.34	8.13	7.78	7.34	7.91	8.08	9.69
Accounts Payable Turnover Days	41.37	41.74	42.37	40.74	44.14	42.65	46.92	44.06	43.74	44.89	46.94	49.71	46.12	45.15	37.65
Cash Conversion Cycle	43.14	43.74	42.66	50.94	56.15	50.26	48.84	50.2	49.75	54.62	51.63	41.14	53.36	61.56	49.26
Inventory to Cash Days	-37.12	-38.19	-37.05	-38.81	-41.19	-35	-38.96	-38.87	-40.35	-46.5	-46.22	-42.41	-49.31	-53.8	-39.15
Inventories	649	633	660	801	751	746	753	785	815	964	989	1,173	1,341	1,254	1,429
Raw Materials	242	257	227	378	353	315	225	237	271	389	395	373	481	478	762
Work In Process	92	78	80	64	68	88	94	107	99	105	110	137	192	205	294
Finished Goods	482	497	518	532	535	529	615	619	615	646	649	855	949	991	1,075
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	- -	16,111	21,615	23,465	19,689	22,095	24,179	15,876	30,879	31,767	39,543	47,746	37,736	34,497	36,679
- Cash & Cash Equivalents	694	728	1,119	375	347	297	380	588	493	1,144	329	464	402	731	926
+ Preferred Equity and Hybrid Capital	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Minority/Non Controlling Interest	24	12	11	64	49	42	16	9	6	4	- -	- -	- -	- -	- -
+ Total Debt	1,888	1,907	1,962	2,178	2,421	2,980	2,920	4,458	4,480	4,821	5,376	5,118	5,126	5,448	5,739
Enterprise Value	- -	17,301	22,470	25,235	21,813	24,820	26,735	19,754	34,871	35,448	44,590	52,400	42,459	39,214	41,492
Total Capital	2,769	2,955	3,578	3,697	3,468	3,808	3,852	5,865	6,225	7,059	8,133	8,418	9,225	10,162	10,375
Total Debt/Capital (%)	68.19	64.52	54.83	58.9	69.8	78.26	75.82	76.01	71.97	68.3	66.1	60.8	55.56	53.61	55.31
Total Debt / EV	- -	0.11	0.09	0.09	0.11	0.12	0.11	0.23	0.13	0.14	0.12	0.1	0.12	0.14	0.14
EV/Sales	- -	2.6	3.14	3.4	2.95	3.34	3.56	2.54	4.37	4.35	4.97	5.03	3.8	3.5	3.55
EV/EBITDA	- -	13.1	14.6	15.73	17.01	15.94	16.97	10.29	18.47	17.06	18.9	19.85	14.24	11.69	21.33
EV/EBIT	- -	15.57	16.79	18.13	21.02	19.77	20.36	12.17	21.85	19.88	21.82	23.18	16.58	13.53	28.78
EV/Cash Flow to Firm	- -	14.93	17.96	28	16.75	23.12	20.29	11.47	18.45	19.36	20.36	21.4	17.25	14.59	17
EV/Free Cash Flow to Firm	- -	14.93	17.96	28	16.75	23.12	20.29	11.47	18.45	19.36	20.36	21.4	17.25	14.59	17.53
Diluted Market Cap	- -	16,439	21,935	23,868	20,041	22,412	24,509	22,463	40,118	41,195	39,859	48,121	37,949	34,686	36,777
Diluted Enterprise Value	- -	17,629	22,789	25,638	22,165	25,137	27,066	26,341	44,111	44,876	44,906	52,775	42,672	39,402	41,590
EV per Share	- -	77.31	100.36	114.16	100.62	116.93	126.79	132.47	166.98	170.24	216.34	255.65	207.73	193.76	204.56
TTM Sales	6,081	6,644	7,146	7,422	7,387	7,440	7,515	7,791	7,986	8,150	8,971	10,419	11,165	11,202	11,693
TTM EBITDA	1,271	1,321	1,539	1,604	1,283	1,557	1,575	1,919	1,887	2,078	2,359	2,640	2,981	3,353	1,945
TTM Operating Income	1,054	1,156	1,357	1,438	1,413	1,278	1,570	1,700	1,717	1,810	2,047	2,263	2,561	2,927	1,462
TTM Cash Flow to Firm	650	1,159	1,251	901	1,302	1,074	1,318	1,722	1,890	1,831	2,190	2,448	2,462	2,688	2,441
TTM Free Cash Flow to Firm	626	1,159	1,251	901	1,302	1,074	1,318	1,722	1,890	1,831	2,190	2,448	2,462	2,688	2,367

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	- -	15.01	18.41	28.27	15.95	22.11	19.61	14.04	22.74	24.24	19.14	20.67	16.33	13.7	16.69
EV/EBIT	- -	15.57	16.79	18.13	21.02	19.77	20.36	12.17	21.85	19.88	21.82	23.18	16.58	13.53	28.78
Enterprise Value	- -	17,301	22,470	25,235	21,813	24,820	26,735	19,754	34,871	35,448	44,590	52,400	42,459	39,214	41,492
Low Price	- -	68.85	73.5	88.54	83.61	82.25	101.91	89.69	104.31	111.58	143.91	191.7	179.52	166.4	139.05
EV/Sales	- -	2.6	3.14	3.4	2.95	3.34	3.56	2.54	4.37	4.35	4.97	5.03	3.8	3.5	3.55
EV/EBITDA	- -	13.1	14.6	15.73	17.01	15.94	16.97	10.29	18.47	17.06	18.9	19.85	14.24	11.69	21.33
Price/Earnings	- -	24.51	26.38	27.9	38.79	30.96	31.08	18.99	26.94	24.87	26.84	29.11	20.3	15.58	41.54
Price/Earnings Average	- -	24.36	23.9	25.58	40.19	28.87	29.41	17.91	24.44	23.41	23.72	27.36	25.03	17.38	39.77
Price/Earnings High	- -	25.42	27.57	28.31	48.36	34.3	31.84	20.33	29.72	26.33	26.96	30.43	30.56	19.35	45.29
Price/Earnings Low	- -	23.44	20.08	23.27	35.71	24.46	27.62	15.99	19	18.19	20.14	23.96	19.74	15.2	31.94
Price/Book Value	- -	15.54	13.47	16.13	19.73	28.12	26.42	11.35	17.75	14.22	14.34	14.47	9.21	7.32	7.91
Price/Book Value Average	- -	15.44	12.2	14.79	20.44	26.22	24.99	10.71	16.11	13.38	12.67	13.6	11.35	8.16	7.57
Price/Book Value High	- -	16.12	14.08	16.37	24.59	31.15	27.06	12.16	19.59	15.05	14.4	15.13	13.86	9.09	8.63
Price/Book Value Low	- -	14.86	10.25	13.45	18.16	22.22	23.48	9.56	12.52	10.4	10.76	11.91	8.95	7.14	6.08
Price/Tangible Book Value	- -	68.84	27.84	77.18	-147.42	-35.95	-63.67	-8.79	-17.73	-25.69	-18.19	-29.96	-45.12	-148.66	-30.92
Price/Tangible Book Value Average	- -	68.41	25.22	70.78	-152.74	-33.53	-60.24	-8.29	-16.08	-24.18	-16.07	-28.16	-55.62	-165.87	-29.6
Price/Tangible Book Value High	- -	71.4	29.09	78.34	-183.76	-39.83	-65.22	-9.41	-19.56	-27.19	-18.27	-31.32	-67.9	-184.66	-33.71
Price/Tangible Book Value Low	- -	65.84	21.19	64.37	-135.7	-28.41	-56.58	-7.4	-12.51	-18.79	-13.64	-24.65	-43.87	-145.12	-23.78
Price/Sales	- -	2.44	3.03	3.18	2.69	3	3.24	2.87	3.88	3.9	4.42	4.6	3.39	3.09	3.14
Price/Sales Average	- -	2.42	2.74	2.92	2.79	2.79	3.06	2.71	3.52	3.67	3.91	4.32	4.17	3.45	3
Price/Sales High	- -	2.53	3.17	3.23	3.36	3.32	3.32	3.07	4.28	4.13	4.44	4.8	5.1	3.84	3.42
Price/Sales Low	- -	2.33	2.31	2.65	2.48	2.37	2.88	2.42	2.74	2.85	3.32	3.78	3.29	3.01	2.41
Price/Cash Flow	- -	14.8	18.17	27.98	15.84	22	19.48	13.97	17.56	18.71	19.04	20.57	16.27	13.67	16.11
Price/Cash Flow Average	- -	14.7	16.46	25.66	16.41	20.51	18.43	13.18	15.93	17.61	16.82	19.33	20.06	15.25	15.42
Price/Cash Flow High	- -	15.35	18.98	28.4	19.74	24.37	19.95	14.96	19.37	19.81	19.13	21.5	24.49	16.97	17.57
Price/Cash Flow Low	- -	14.15	13.83	23.34	14.58	17.38	17.31	11.77	12.39	13.68	14.28	16.93	15.82	13.34	12.39
Price/Free Cash Flow Average	- -	14.92	16.68	25.92	16.53	20.62	18.56	13.25	20.64	22.81	16.91	19.43	20.14	15.29	15.98
Price/Free Cash Flow High	- -	15.57	19.24	28.69	19.89	24.5	20.09	15.04	25.1	25.66	19.22	21.61	24.58	17.02	18.2
Price/Free Cash Flow Low	- -	14.36	14.02	23.58	14.68	17.47	17.43	11.83	16.04	17.73	14.35	17.01	15.88	13.37	12.83
EV/Sales Average	- -	2.59	2.86	3.14	3.05	3.14	3.38	2.42	4.01	4.12	4.46	4.75	4.59	3.86	3.41
EV/Sales High	- -	2.69	3.28	3.45	3.61	3.66	3.64	2.68	4.77	4.58	4.99	5.24	5.51	4.25	3.83
EV/Sales Low	- -	2.5	2.42	2.88	2.74	2.71	3.2	2.21	3.23	3.3	3.87	4.22	3.71	3.43	2.82
EV/EBITDA Average	- -	13.02	13.28	14.52	17.56	14.98	16.14	9.83	16.96	16.16	16.95	18.76	17.19	12.88	20.53
EV/EBITDA High	- -	13.55	15.23	15.95	20.79	17.47	17.35	10.88	20.17	17.96	18.98	20.67	20.64	14.18	23.03
EV/EBITDA Low	- -	12.56	11.25	13.31	15.79	12.96	15.26	8.99	13.66	12.95	14.71	16.65	13.89	11.45	16.97
EV/EBIT Average	- -	15.48	15.28	16.73	21.7	18.59	19.36	11.61	20.06	18.84	19.56	21.91	20.01	14.91	27.7
EV/EBIT High	- -	16.11	17.52	18.38	25.7	21.67	20.8	12.86	23.85	20.93	21.9	24.14	24.02	16.41	31.08
EV/EBIT Low	- -	14.94	12.94	15.33	19.51	16.08	18.31	10.63	16.15	15.1	16.98	19.44	16.17	13.25	22.9
Last Price	- -	71.99	96.54	106.16	90.83	104.09	114.67	106.47	147.87	152.56	191.85	232.95	184.62	170.46	180.83
High Price	- -	74.67	100.89	107.75	113.22	115.32	117.45	114.02	163.15	161.5	192.7	243.55	277.87	211.73	197.16
Enterprise Value Average	- -	17,199	20,439	23,288	22,524	23,329	25,432	18,857	32,008	33,582	39,983	49,530	51,246	43,208	39,926
Enterprise Value High	- -	17,899	23,444	25,587	26,667	27,204	27,323	20,880	38,063	37,309	44,764	54,572	61,518	47,567	44,806
Enterprise Value Low	- -	16,598	17,311	21,341	20,248	20,183	24,044	17,252	25,775	26,914	34,708	43,947	41,415	38,393	33,017

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	225	224	224	221	217	212	211	149	209	208	206	205	204	202	203
Diluted Weighted Avg Shares	230	228	227	225	221	215	214	211	271	270	208	207	206	203	203
Basic Weighted Avg Shares	227	225	224	223	219	214	212	210	209	208	207	206	205	203	203
Revenue per Share	26.84	29.53	31.88	33.35	33.71	34.74	35.41	37.1	38.13	39.1	43.4	50.69	54.53	55.19	57.63
EBITDA per Share	5.61	5.87	6.87	7.21	5.85	7.27	7.42	9.14	9.01	9.97	11.41	12.84	14.56	16.52	9.59
Operating Income per Share	4.65	5.14	6.05	6.46	6.45	5.97	7.4	8.1	8.2	8.68	9.9	11.01	12.51	14.42	7.21
Basic EPS, GAAP	2.78	2.94	3.66	3.81	2.34	3.36	3.69	5.61	5.49	6.13	7.15	8	9.09	10.94	4.35
Basic EPS from Cont Ops	2.78	2.94	3.66	3.81	2.34	3.36	3.56	5.58	5.47	6.12	7.17	8	9.09	10.94	4.35
Diluted EPS, GAAP	2.74	2.89	3.61	3.77	2.32	3.34	3.66	5.58	4.24	4.74	7.11	7.96	9.06	10.92	4.34
Diluted EPS from Cont Ops	2.74	2.89	3.61	3.77	2.32	3.34	3.54	5.55	4.23	4.72	7.14	7.96	9.06	10.92	4.34
Dividend per Share	1.34	1.52	1.76	1.98	2.17	2.33	2.48	2.68	2.91	3.07	3.32	3.77	4.34	5.34	5.35
Cash Flow per Share	2.59	4.87	5.31	3.79	5.73	4.73	5.89	7.62	8.42	8.15	10.08	11.33	11.35	12.47	11.22
Free Cash Flow per Basic Share	2.49	4.87	5.31	3.79	5.73	4.73	5.89	7.62	8.42	8.15	10.08	11.33	11.35	12.47	10.86
Cash & Equivalents per Share	3.08	3.25	5	2.14	1.6	1.4	1.8	3.94	2.36	5.49	1.6	2.26	1.97	3.61	4.56
Book Value per Share	3.81	4.63	7.17	6.58	4.6	3.7	4.34	9.38	8.33	10.73	13.38	16.1	20.05	23.3	22.86
Tangible Book Value per Share	1.02	1.05	3.47	1.38	-0.62	-2.9	-1.8	-12.12	-8.34	-5.94	-10.55	-7.78	-4.09	-1.15	-5.85