Marsh Financial Ratios — MSN 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 (%)	16.21	18.93	18.79	19.59	23.57	27.83	22.02	22.19	22.77	23.86	31.25	28.33	33.08	31.8	29.25
Return on Assets (%)	6.46	7.41	8.16	8.43	8.88	9.71	7.73	7.86	6.58	6.26	9.32	7.77	8.15	7.77	7.22
Return on Capital (%)	12.12	13.91	14.14	14.47	15.59	17	13.39	14.02	11.76	10.5	14.6	13.86	15.94	14.33	13.36
Return on Invested Capital (%)	12.42	13.99	14.02	15.14	15.71	15.71	12.46	15.4	10.84	9.89	13.65	13.2	15.2	13.68	13.05
Gross Margin (%)	39.54	40.17	41.07	41.97	43.12	41.76	42.35	42.44	41.54	41.19	42.36	41.74	42.39	42.78	42.27
EBITDA Margin (%)	17.09	18.27	19.86	20.76	22.04	21.72	22.36	21.77	19.96	22.1	25.52	24.13	26.37	26.83	26.44
Operating Margin (%)	14.21	15.34	16.94	17.77	18.76	18.4	18.93	18.47	16.08	17.8	21.76	20.66	23.23	23.78	23.06
Incremental Operating Margin (%)	71.62	47.99	73.59	32.46	- -	3.77	27.55	11.45	- -	68.01	48	- -	49.7	31.07	16.09
Pretax Margin (%)	12.18	14.22	16.09	15.88	17.89	18.77	18.85	15.01	14.65	16.22	21.23	19.7	22.11	22.41	20.53
Profit Margin (%)	8.62	9.86	11.07	11.31	12.4	13.38	10.64	11.04	10.46	11.7	15.86	14.72	16.52	16.6	15.42
Net Income to Common Margin (%)	8.62	9.86	11.07	11.31	12.4	13.38	10.64	11.04	10.46	11.7	15.86	14.72	16.52	16.6	15.42
Effective Tax Rate (%)	30.06	29.01	30.11	28.49	29.09	27.62	42.87	25.58	27.31	26.75	24.57	24.38	24.35	24.87	23.56
Dvd Payout Ratio (%)	47.81	40.44	37.88	38.72	37.78	37.43	48.37	47.75	49.33	45.42	32.01	36.43	33.73	36.25	39.44
Sustainable Growth Rate (%)	8.46	11.27	11.67	12	14.67	17.41	11.37	11.6	11.53	13.02	21.25	18.01	21.92	20.27	17.72

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	2,928	2,918	2,955	3,379	4,414	4,807	5,487	5,824	14,224	13,579	13,162	13,472	15,436	21,862	21,449
ST Debt	260	260	334	11	12	312	262	314	1,557	859	349	578	1,931	844	1,600
LT Debt	2,668	2,658	2,621	3,368	4,402	4,495	5,225	5,510	12,667	12,720	12,813	12,894	13,505	21,018	19,849
Total Debt/EBITDA	1.49	1.34	1.21	1.26	1.55	1.68	1.75	1.79	4.28	3.57	2.6	2.69	2.57	3.33	3.01
Net Debt/EBITDA	0.41	0.28	0.27	0.53	1.07	1.32	1.37	1.46	3.25	2.42	1.82	2.01	1.69	2.67	2.37
Total Debt/EBIT	1.79	1.6	1.42	1.47	1.82	1.98	2.07	2.11	5.31	4.43	3.05	3.15	2.92	3.76	3.45
Net Debt/EBIT	0.5	0.34	0.31	0.62	1.26	1.56	1.61	1.72	4.03	3.01	2.13	2.35	1.91	3.02	2.72
EBITDA to Interest Expense	9.9	12.03	14.58	16.3	17.44	15.18	13.23	11.22	6.34	7.39	11.39	10.66	10.37	9.38	7.43
EBITDA-CapEx/Interest Expense	9.9	12.03	14.58	16.3	17.44	15.18	13.23	11.22	6.34	7.39	11.39	10.66	10.37	9.38	7.43
EBIT to Interest Expense	8.23	10.1	12.44	13.95	14.84	12.86	11.2	9.52	5.11	5.95	9.71	9.13	9.14	8.31	6.48
Interest Expense	199	181	167	165	163	189	237	290	524	515	444	469	578	700	960
Common Equity/Total Assets	38.07	40.16	46.55	39.64	35.75	34.04	36.02	34.81	24.85	27.55	32.01	23.85	25.38	23.62	25.72
Long-Term Debt/Equity (%)	44.92	40.24	32.87	47.22	66.68	71.67	70.21	72.65	159.47	137.37	114.18	119.96	109.18	155.29	129.6
Long-Term Debt/Capital (%)	30.09	27.91	23.98	32.04	39.96	40.57	40.41	41.09	57.14	55.69	52.55	53.23	48.57	59.38	53.99
Long-Term Debt/Total Assets (%)	17.26	16.32	15.44	18.93	24.17	24.71	25.58	25.54	40.4	38.49	37.26	29.23	28.12	37.21	33.81
Total Debt/Equity (%)	49.29	44.17	37.05	47.37	66.86	76.64	73.73	76.79	179.08	146.64	117.29	125.33	124.79	161.52	140.05
Total Debt/Capital (%)	33.02	30.64	27.04	32.14	40.07	43.39	42.44	43.44	64.17	59.46	53.98	55.62	55.51	61.76	58.34
Total Debt/Total Assets (%)	18.95	17.92	17.4	18.99	24.23	26.43	26.86	26.99	45.36	41.09	38.27	30.54	32.14	38.71	36.53
Net Debt to Equity	13.72	9.34	8.18	19.92	46.05	60.28	57.54	62.74	135.98	99.61	81.96	93.52	81.69	129.66	110.35
Net Debt/Capital (%)	12.07	8.54	7.56	16.61	31.53	37.61	36.52	38.55	51.4	44.45	40.64	44.13	41.33	53.18	49.59
EBITDA	1,970	2,178	2,435	2,689	2,842	2,869	3,136	3,255	3,324	3,807	5,059	4,999	5,995	6,563	7,133
EBITDA-CapEx	1,970	2,178	2,435	2,689	2,842	2,869	3,136	3,255	3,324	3,807	5,059	4,999	5,995	6,563	7,133
Operating Income (Loss)	1,638	1,829	2,077	2,301	2,419	2,431	2,655	2,761	2,677	3,066	4,312	4,280	5,282	5,817	6,223

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	0.57	0.65	0.6	0.53	0.37	0.25	0.28	0.22	0.17	0.32	0.26	0.08	0.17	0.12	0.13
Current Ratio	1.51	1.67	1.65	1.5	1.36	1.2	1.31	1.21	1.06	1.24	1.24	1.06	1.1	1.13	1.1
Quick Ratio	1.34	1.5	1.47	1.45	1.31	1.14	1.25	1.09	0.96	1.13	1.1	0.41	0.49	0.49	0.49
CFO/Avg Current Liab	0.5	0.36	0.36	0.57	0.51	0.52	0.45	0.53	0.41	0.51	0.53	0.28	0.23	0.22	0.26
Common Equity/Total Assets	38.07	40.16	46.55	39.64	35.75	34.04	36.02	34.81	24.85	27.55	32.01	23.85	25.38	23.62	25.72
Long-Term Debt/Equity (%)	44.92	40.24	32.87	47.22	66.68	71.67	70.21	72.65	159.47	137.37	114.18	119.96	109.18	155.29	129.6
Long-Term Debt/Capital (%)	30.09	27.91	23.98	32.04	39.96	40.57	40.41	41.09	57.14	55.69	52.55	53.23	48.57	59.38	53.99
Long-Term Debt/Total Assets (%)	17.26	16.32	15.44	18.93	24.17	24.71	25.58	25.54	40.4	38.49	37.26	29.23	28.12	37.21	33.81
Total Debt/Equity (%)	49.29	44.17	37.05	47.37	66.86	76.64	73.73	76.79	179.08	146.64	117.29	125.33	124.79	161.52	140.05
Total Debt/Capital (%)	33.02	30.64	27.04	32.14	40.07	43.39	42.44	43.44	64.17	59.46	53.98	55.62	55.51	61.76	58.34
Total Debt/Total Assets (%)	18.95	17.92	17.4	18.99	24.23	26.43	26.86	26.99	45.36	41.09	38.27	30.54	32.14	38.71	36.53
CFO/Total Liabilities	17.92	13.65	14.89	19.88	16.26	16.84	14.58	17.35	10.08	14.22	15.18	10.39	11.94	10.02	12.19
CFO/CapEx	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Altman's Z-Score	- -	4.81	5.43	5.54	5.63	6.3	6.18	6.02	4.84	4.99	6.32	4.03	4.21	4.34	4.26

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	4.42	4.31	4.14	4.17	4.07	4.02	3.92	3.85	3.88	3.71	4.06	3.99	4.1	3.96	3.98
Days Sales Outstanding	82.65	84.7	88.16	87.47	89.74	90.73	93.01	94.74	94.17	98.4	89.98	91.48	89.09	92.07	91.64
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	- -	18,823	26,375	31,324	29,219	34,856	41,798	39,986	56,416	58,718	87,849	82,406	93,171	103,181	91,039
- Cash & Cash Equivalents	2,113	2,301	2,303	1,958	1,374	1,026	1,205	1,066	1,155	2,089	1,752	1,442	3,358	2,398	2,687
+ Preferred Equity and Hybrid Capital	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Minority/Non Controlling Interest	57	64	70	79	89	80	83	73	150	156	213	229	179	193	215
+ Total Debt	2,928	2,918	2,955	3,379	4,414	4,807	5,487	5,824	14,224	13,579	13,162	13,472	15,436	21,862	21,449
Enterprise Value	- -	19,504	27,097	32,824	32,348	38,717	46,163	44,817	69,635	70,364	99,472	94,665	105,428	122,838	110,016
Total Capital	8,868	9,524	10,930	10,512	11,016	11,079	12,929	13,408	22,167	22,839	24,384	24,221	27,806	35,397	36,764
Total Debt/Capital (%)	33.02	30.64	27.04	32.14	40.07	43.39	42.44	43.44	64.17	59.46	53.98	55.62	55.51	61.76	58.34
Total Debt / EV	- -	0.15	0.11	0.1	0.14	0.12	0.12	0.13	0.2	0.19	0.13	0.14	0.15	0.18	0.19
EV/Sales	- -	1.64	2.21	2.53	2.51	2.93	3.29	3	4.18	4.09	5.02	4.57	4.64	5.02	4.08
EV/EBITDA	- -	8.96	11.13	12.21	11.38	13.49	14.72	13.77	20.95	18.48	19.66	18.94	17.59	18.72	15.42
EV/EBIT	- -	10.66	13.05	14.26	13.37	15.93	17.39	16.23	26.01	22.95	23.07	22.12	19.96	21.12	17.68
EV/Cash Flow to Firm	- -	13.45	18.59	14.67	16.15	18.06	22.76	16.95	25.4	18.72	25.83	24.78	22.45	25.44	18.26
EV/Free Cash Flow to Firm	- -	13.45	18.59	14.67	16.15	18.06	22.76	16.95	25.4	18.72	25.83	24.78	22.45	25.44	18.26
Diluted Market Cap	- -	19,047	26,918	32,069	30,009	35,534	42,643	40,555	57,242	59,213	89,500	84,107	94,495	104,147	92,756
Diluted Enterprise Value	- -	19,728	27,640	33,569	33,138	39,395	47,008	45,386	70,461	70,859	101,123	96,366	106,752	123,804	111,733
EV per Share	- -	35.75	49.56	60.77	61.98	75.32	90.75	88.95	138.27	138.59	197.55	191.33	214.28	249.97	226.9
TTM Sales	11,526	11,924	12,261	12,951	12,893	13,211	14,024	14,950	16,652	17,224	19,820	20,720	22,736	24,458	26,981
TTM EBITDA	1,970	2,178	2,435	2,689	2,842	2,869	3,136	3,255	3,324	3,807	5,059	4,999	5,995	6,563	7,133
TTM Operating Income	1,638	1,829	2,077	2,301	2,419	2,431	2,655	2,761	2,677	3,066	4,312	4,280	5,282	5,817	6,223
TTM Cash Flow to Firm	1,844	1,450	1,458	2,237	2,004	2,144	2,028	2,644	2,742	3,759	3,851	3,820	4,695	4,828	6,026
TTM Free Cash Flow to Firm	1,844	1,450	1,458	2,237	2,004	2,144	2,028	2,644	2,742	3,759	3,851	3,820	4,695	4,828	6,026

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	- -	14.41	20.07	15.13	15.89	17.7	22.53	16.7	24.24	17.51	25.46	24.27	22.19	24.21	17.53
EV/EBIT	- -	10.66	13.05	14.26	13.37	15.93	17.39	16.23	26.01	22.95	23.07	22.12	19.96	21.12	17.68
Enterprise Value	- -	19,504	27,097	32,824	32,348	38,717	46,163	44,817	69,635	70,364	99,472	94,665	105,428	122,838	110,016
Low Price	- -	33.23	34.83	44.41	51.84	51.15	67.42	77.29	77.99	76.41	107.92	144.41	151.78	186.59	174.86
EV/Sales	- -	1.64	2.21	2.53	2.51	2.93	3.29	3	4.18	4.09	5.02	4.57	4.64	5.02	4.08
EV/EBITDA	- -	8.96	11.13	12.21	11.38	13.49	14.72	13.77	20.95	18.48	19.66	18.94	17.59	18.72	15.42
Price/Earnings	- -	15.96	19.52	21.57	18.59	19.91	28.25	24.34	32.54	29.03	28.14	27.25	24.91	25.44	22.16
Price/Earnings Average	- -	16.01	15.91	19.05	18.68	18.68	26.58	25.53	28.24	27.5	22.98	26.27	23.98	25.75	24.97
Price/Earnings High	- -	16.44	19.52	21.81	20.05	20.62	29.6	27.35	32.82	30.22	28.57	29.72	27	28.72	29.13
Price/Earnings Low	- -	15.37	14.09	16.52	17.21	15.02	23.18	23.7	22.65	19.18	17.41	23.63	19.96	22.61	20.64
Price/Book Value	- -	2.88	3.34	4.44	4.49	5.63	5.68	5.32	7.24	6.45	7.98	7.83	7.64	7.73	6.03
Price/Book Value Average	- -	2.89	2.72	3.92	4.51	5.28	5.34	5.59	6.28	6.11	6.51	7.55	7.36	7.83	6.79
Price/Book Value High	- -	2.96	3.34	4.49	4.84	5.83	5.95	5.98	7.3	6.71	8.1	8.54	8.29	8.73	7.92
Price/Book Value Low	- -	2.77	2.41	3.4	4.15	4.25	4.66	5.18	5.04	4.26	4.94	6.79	6.13	6.87	5.61
Price/Tangible Book Value	- -	-26.18	48.84	-35.64	-12.11	-10.55	-13.91	-11.34	-5.85	-6.44	-10.82	-9.97	-12.15	-6.98	-6.51
Price/Tangible Book Value Average	- -	-26.25	39.82	-31.46	-12.17	-9.9	-13.09	-11.9	-5.07	-6.1	-8.83	-9.61	-11.7	-7.06	-7.33
Price/Tangible Book Value High	- -	-26.97	48.84	-36.02	-13.06	-10.93	-14.58	-12.75	-5.9	-6.71	-10.98	-10.87	-13.17	-7.88	-8.56
Price/Tangible Book Value Low	- -	-25.21	35.26	-27.29	-11.22	-7.96	-11.42	-11.05	-4.07	-4.26	-6.69	-8.64	-9.74	-6.2	-6.06
Price/Sales	- -	1.57	2.16	2.44	2.31	2.66	3.01	2.69	3.4	3.4	4.46	4.01	4.11	4.22	3.42
Price/Sales Average	- -	1.58	1.76	2.15	2.32	2.5	2.83	2.82	2.95	3.22	3.64	3.87	3.96	4.27	3.85
Price/Sales High	- -	1.62	2.16	2.47	2.49	2.76	3.15	3.02	3.43	3.54	4.53	4.38	4.46	4.77	4.49
Price/Sales Low	- -	1.52	1.56	1.87	2.13	2.01	2.47	2.62	2.37	2.24	2.76	3.48	3.3	3.75	3.18
Price/Cash Flow	- -	14.2	19.75	14.92	15.75	17.54	22.27	16.54	24.01	17.3	25.16	23.98	21.97	24.01	17.42
Price/Cash Flow Average	- -	14.24	16.1	13.17	15.82	16.46	20.95	17.35	20.83	16.39	20.54	23.13	21.15	24.3	19.63
Price/Cash Flow High	- -	14.63	19.75	15.08	16.98	18.17	23.33	18.58	24.21	18.01	25.54	26.16	23.82	27.1	22.9
Price/Cash Flow Low	- -	13.67	14.26	11.42	14.58	13.23	18.27	16.11	16.71	11.43	15.56	20.8	17.61	21.34	16.22
Price/Free Cash Flow Average	- -	14.45	16.36	13.36	15.97	16.62	21.19	17.52	21.04	16.59	20.78	23.41	21.37	24.5	19.75
Price/Free Cash Flow High	- -	14.84	20.07	15.3	17.14	18.34	23.6	18.77	24.45	18.23	25.84	26.48	24.06	27.32	23.04
Price/Free Cash Flow Low	- -	13.87	14.49	11.59	14.72	13.36	18.49	16.27	16.88	11.57	15.75	21.05	17.79	21.51	16.32
EV/Sales Average	- -	1.64	1.81	2.25	2.52	2.77	3.12	3.13	3.73	3.91	4.2	4.43	4.48	5.07	4.5
EV/Sales High	- -	1.68	2.21	2.56	2.69	3.03	3.43	3.33	4.21	4.23	5.09	4.93	4.98	5.57	5.14
EV/Sales Low	- -	1.58	1.61	1.97	2.34	2.28	2.76	2.93	3.15	2.93	3.33	4.04	3.82	4.55	3.85
EV/EBITDA Average	- -	8.98	9.13	10.84	11.43	12.75	13.93	14.37	18.71	17.67	16.47	18.35	17.01	18.91	17.04
EV/EBITDA High	- -	9.22	11.13	12.33	12.19	13.93	15.36	15.29	21.1	19.12	19.92	20.43	18.89	20.74	19.43
EV/EBITDA Low	- -	8.64	8.12	9.48	10.62	10.51	12.33	13.45	15.79	13.25	13.04	16.75	14.5	16.97	14.55
EV/EBIT Average	- -	10.69	10.7	12.67	13.43	15.05	16.46	16.94	23.23	21.94	19.33	21.43	19.3	21.33	19.53
EV/EBIT High	- -	10.97	13.05	14.41	14.32	16.44	18.14	18.02	26.19	23.73	23.38	23.87	21.44	23.4	22.28
EV/EBIT Low	- -	10.28	9.52	11.08	12.48	12.4	14.56	15.85	19.61	16.45	15.3	19.56	16.46	19.14	16.67
Last Price	- -	34.51	48.24	57.99	55.99	67.81	82.16	79.36	112.02	115.65	174.46	166.55	189.37	209.97	187.76
High Price	- -	35.54	48.24	58.61	60.36	70.26	86.09	89.18	112.98	120.39	177.09	181.66	205.31	236.99	246.77
Enterprise Value Average	- -	19,558	22,225	29,158	32,479	36,577	43,691	46,783	62,178	67,269	83,341	91,719	101,968	124,075	121,534
Enterprise Value High	- -	20,070	27,097	33,160	34,632	39,974	48,159	49,761	70,120	72,771	100,795	102,144	113,271	136,113	138,628
Enterprise Value Low	- -	18,808	19,764	25,486	30,184	30,155	38,664	43,775	52,498	50,442	65,964	83,713	86,935	111,348	103,759

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	539	546	547	540	522	514	509	504	504	508	504	495	492	491	485
Diluted Weighted Avg Shares	551	552	558	553	536	524	519	511	511	512	513	505	499	496	494
Basic Weighted Avg Shares	542	544	549	545	531	519	513	506	506	506	507	499	494	492	491
Revenue per Share	21.27	21.92	22.33	23.76	24.28	25.45	27.34	29.55	32.91	34.04	39.09	41.52	46.02	49.71	54.95
EBITDA per Share	3.63	4	4.44	4.93	5.35	5.53	6.11	6.43	6.57	7.52	9.98	10.02	12.14	13.34	14.53
Operating Income per Share	3.02	3.36	3.78	4.22	4.56	4.68	5.18	5.46	5.29	6.06	8.5	8.58	10.69	11.82	12.67
Basic EPS, GAAP	1.83	2.16	2.47	2.69	3.01	3.41	2.91	3.26	3.44	3.98	6.2	6.11	7.6	8.25	8.47
Basic EPS from Cont Ops	1.81	2.21	2.51	2.7	3.08	3.46	2.94	3.3	3.5	4.04	6.26	6.19	7.7	8.37	8.62
Diluted EPS, GAAP	1.8	2.13	2.43	2.65	2.98	3.37	2.87	3.23	3.41	3.94	6.13	6.04	7.53	8.19	8.42
Diluted EPS from Cont Ops	1.78	2.18	2.47	2.66	3.05	3.43	2.91	3.27	3.47	4	6.19	6.11	7.62	8.3	8.57
Dividend per Share	0.89	0.91	0.97	1.07	1.19	1.31	1.44	1.59	1.76	1.86	2.02	2.28	2.63	3.08	3.46
Cash Flow per Share	3.15	2.43	2.44	3.89	3.56	3.87	3.69	4.8	4.67	6.68	6.93	6.94	8.62	8.74	10.78
Free Cash Flow per Basic Share	3.15	2.43	2.44	3.89	3.56	3.87	3.69	4.8	4.67	6.68	6.93	6.94	8.62	8.74	10.78
Cash & Equivalents per Share	3.92	4.22	4.21	3.62	2.63	2	2.37	2.12	2.29	4.11	3.48	2.91	6.83	4.88	5.54
Book Value per Share	10.91	11.99	14.46	13.06	12.48	12.05	14.47	14.91	15.47	17.93	21.86	21.26	24.78	27.15	31.14
Tangible Book Value per Share	-2	-1.32	0.99	-1.63	-4.62	-6.43	-5.91	-7	-19.16	-17.95	-16.12	-16.71	-15.59	-30.09	-28.84