Norfolk Southern Corporation Financial Ratios — NFS 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 (%)	18.53	17.69	18.08	16.83	12.6	13.52	37.54	16.77	17.79	13.41	21.12	24.78	14.32	19.36	19.25
Return on Assets (%)	6.75	5.94	6.08	6.09	4.62	4.83	15.31	7.41	7.34	5.31	7.86	8.45	4.54	6.15	6.46
Return on Capital (%)	12.61	11.53	11.52	11.18	8.73	9.05	- -	11.74	11.73	8.99	12.57	13.58	8.17	10.49	10.81
Return on Invested Capital (%)	11.87	10.92	10.6	10.72	8.34	8.57	- -	11.45	11.33	8.48	12.23	13.4	7.58	10.22	10.46
Gross Margin (%)	33.38	32.38	32.57	34.8	32.26	34.83	37.11	37.11	38.97	38.47	42.58	41.11	36.48	37.47	36.35
EBITDA Margin (%)	36.54	36.65	37.16	38.98	37.51	40.85	43.42	44.19	45.4	42.46	50.51	47.31	34.13	44.74	47.2
Operating Margin (%)	30.55	29.33	29.62	31.8	28.52	32.4	35.36	36.62	37.58	37.36	42.31	40.84	35.59	40.23	37.53
Incremental Operating Margin (%)	36.96	132.58	45.37	96.31	62.71	- -	79.49	51.27	- -	39.02	78.12	30.63	149.24	- -	- -
Pretax Margin (%)	26.12	24.98	26.37	26.96	23.23	26.11	29.65	30.28	30.9	25.85	34.81	32.4	19.09	27.46	30.09
Profit Margin (%)	17.15	15.84	16.99	17.21	14.8	16.87	51.22	23.27	24.1	20.56	26.97	25.66	15.03	21.63	23.59
Net Income to Common Margin (%)	17.07	15.76	16.92	17.15	14.75	16.82	51.18	23.22	24.05	20.53	26.95	25.64	15.03	21.63	23.59
Effective Tax Rate (%)	34.34	36.58	35.58	36.18	36.28	35.4	- -	23.15	22.03	20.43	22.51	20.82	21.25	21.24	21.61
Dvd Payout Ratio (%)	29.73	35.34	33.11	34.15	45.61	41.49	12.94	31.5	34.74	47.61	34.17	35.65	67.05	46.57	42.29
Sustainable Growth Rate (%)	13.02	11.44	12.1	11.08	6.85	7.91	32.68	11.49	11.61	7.03	13.91	15.95	4.72	10.34	11.11

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	7,540	8,682	9,448	8,985	10,093	10,212	9,836	11,145	12,734	13,114	14,253	15,592	17,571	17,478	17,305
ST Debt	150	250	545	102	700	650	700	585	413	668	635	797	109	636	677
LT Debt	7,390	8,432	8,903	8,883	9,393	9,562	9,136	10,560	12,321	12,446	13,618	14,795	17,462	16,842	16,628
Total Debt/EBITDA	1.85	2.15	2.26	1.98	2.56	2.53	2.15	2.2	2.48	3.16	2.53	2.59	4.23	3.22	3.01
Net Debt/EBITDA	1.78	1.98	1.92	1.77	2.28	2.29	2	2.13	2.27	2.78	2.31	2.44	3.76	2.87	2.71
Total Debt/EBIT	2.35	2.78	2.9	2.51	3.5	3.39	2.79	2.82	3.19	4.37	3.21	3.24	6.16	4.29	3.97
Net Debt/EBIT	2.26	2.57	2.46	2.24	3.12	3.08	2.6	2.72	2.91	3.85	2.92	3.06	5.48	3.82	3.57
EBITDA to Interest Expense	8.91	8.03	7.78	8.13	7.18	7.17	8.33	9.09	8.49	6.65	8.71	8.71	5.75	6.72	7.26
EBITDA-CapEx/Interest Expense	4.2	3.58	4.11	4.33	2.84	3.82	5.2	5.59	5.15	4.26	6.44	5.9	2.52	3.77	4.48
EBIT to Interest Expense	7.45	6.42	6.2	6.64	5.46	5.69	6.78	7.53	7.03	5.85	7.3	7.52	5.99	6.04	5.77
Interest Expense	458	504	537	557	549	563	550	557	604	625	646	692	722	807	792
Common Equity/Total Assets	34.73	32.17	34.75	37.37	35.7	35.56	45.81	42.39	40.04	38.96	35.44	32.75	30.69	32.75	34.37
Long-Term Debt/Equity (%)	74.56	86.39	78.86	71.59	77.07	77.06	55.85	68.74	81.14	84.15	99.83	116.19	136.62	117.73	106.95
Long-Term Debt/Capital (%)	42.35	45.72	42.93	41.52	42.16	42.27	34.88	39.84	44.13	44.6	48.82	52.23	57.53	52.99	50.61
Long-Term Debt/Total Assets (%)	25.9	27.79	27.41	26.76	27.51	27.4	25.58	29.14	32.49	32.79	35.38	38.05	41.92	38.56	36.76
Total Debt/Equity (%)	76.08	88.95	83.69	72.41	82.81	82.3	60.13	72.55	83.86	88.66	104.49	122.45	137.48	122.17	111.31
Total Debt/Capital (%)	43.21	47.08	45.56	42	45.3	45.14	37.55	42.05	45.61	47	51.1	55.05	57.89	54.99	52.68
Total Debt/Total Assets (%)	26.42	28.61	29.09	27.06	29.56	29.27	27.54	30.75	33.58	34.55	37.03	40.1	42.19	40.01	38.25
Net Debt to Equity	73.29	82.26	70.91	64.57	73.78	74.59	55.91	70.22	76.5	78.2	95.31	115.65	122.14	108.8	100.06
Net Debt/Capital (%)	42.29	45.13	41.49	39.24	42.46	42.72	35.86	41.25	42.49	43.17	48.05	52.84	54.23	51.64	49.67
EBITDA	4,082	4,046	4,179	4,531	3,943	4,039	4,581	5,063	5,128	4,156	5,628	6,030	4,149	5,424	5,749
EBITDA-CapEx	1,922	1,805	2,208	2,413	1,558	2,152	2,858	3,112	3,109	2,662	4,158	4,082	1,822	3,043	3,545
Operating Income (Loss)	3,413	3,238	3,331	3,696	2,998	3,204	3,731	4,196	4,245	3,657	4,714	5,205	4,326	4,877	4,571

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	0.18	0.32	0.68	0.55	0.49	0.41	0.27	0.14	0.25	0.52	0.33	0.17	0.6	0.46	0.41
Current Ratio	1.03	1.08	1.33	1.56	1.13	0.98	0.84	0.72	0.9	1.07	0.86	0.76	1.24	0.9	0.85
Quick Ratio	0.78	0.85	1.12	1.14	0.92	0.81	0.65	0.53	0.65	0.91	0.72	0.61	1.03	0.76	0.67
CFO/Avg Current Liab	1.71	1.62	1.4	1.43	1.45	1.33	1.33	1.45	1.59	1.63	1.82	1.63	1.2	1.31	1.19
Common Equity/Total Assets	34.73	32.17	34.75	37.37	35.7	35.56	45.81	42.39	40.04	38.96	35.44	32.75	30.69	32.75	34.37
Long-Term Debt/Equity (%)	74.56	86.39	78.86	71.59	77.07	77.06	55.85	68.74	81.14	84.15	99.83	116.19	136.62	117.73	106.95
Long-Term Debt/Capital (%)	42.35	45.72	42.93	41.52	42.16	42.27	34.88	39.84	44.13	44.6	48.82	52.23	57.53	52.99	50.61
Long-Term Debt/Total Assets (%)	25.9	27.79	27.41	26.76	27.51	27.4	25.58	29.14	32.49	32.79	35.38	38.05	41.92	38.56	36.76
Total Debt/Equity (%)	76.08	88.95	83.69	72.41	82.81	82.3	60.13	72.55	83.86	88.66	104.49	122.45	137.48	122.17	111.31
Total Debt/Capital (%)	43.21	47.08	45.56	42	45.3	45.14	37.55	42.05	45.61	47	51.1	55.05	57.89	54.99	52.68
Total Debt/Total Assets (%)	26.42	28.61	29.09	27.06	29.56	29.27	27.54	30.75	33.58	34.55	37.03	40.1	42.19	40.01	38.25
CFO/Total Liabilities	17.32	14.89	14.52	14.02	13.25	13.49	16.81	17.85	17.12	15.7	17.12	16.14	11.01	13.79	14.69
CFO/CapEx	1.49	1.37	1.56	1.38	1.22	1.61	1.89	1.91	1.93	2.43	2.89	2.17	1.37	1.7	1.98
Altman's Z-Score	- -	1.67	1.91	2.17	1.71	1.84	2.45	2.33	2.47	2.58	2.82	2.43	2.12	2.1	2.33

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	12.22	10.36	10.54	11.18	10.51	10.46	12.8	15.88	15.89	14.93	16.27	15.58	13.68	14.53	16.22
Days Sales Outstanding	29.88	35.23	34.62	32.64	34.74	34.9	28.51	22.98	22.97	24.44	22.44	23.43	26.68	25.13	22.51
Inventory Turnover	39.38	35.13	34.54	33.02	28.09	24.41	27.71	33.59	30.57	25.91	29.15	31.87	29.87	28.02	28.3
Days Inventory Outstanding	9.27	10.39	10.57	11.05	13	14.95	13.17	10.86	11.94	14.09	12.52	11.45	12.22	13.03	12.9
Accounts Payable Turnover	8.91	11.71	10.38	10.6	10.6	10.27	8.97	8.72	9.01	9.51	9.12	9.66	9.05	7.66	7.49
Accounts Payable Turnover Days	40.97	31.17	35.16	34.45	34.43	35.53	40.7	41.88	40.5	38.39	40.01	37.8	40.34	47.64	48.72
Cash Conversion Cycle	-1.83	14.45	10.03	9.25	13.3	14.32	0.98	-8.03	-5.58	0.15	-5.05	-2.92	-1.44	-9.49	-13.31
Inventory to Cash Days	20.61	24.84	24.05	21.59	21.75	19.95	15.33	12.12	11.04	10.35	9.92	11.97	14.46	12.1	9.61
Inventories	209	216	223	236	271	257	222	207	244	221	218	253	264	277	271
Raw Materials	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Work In Process	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Finished Goods	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Other Inventory	209	216	223	236	271	257	222	207	244	221	218	253	264	277	271

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	- -	19,189	28,383	34,405	25,437	31,635	41,413	40,130	50,558	59,240	71,039	56,537	53,312	52,775	65,921
- Cash & Cash Equivalents	276	653	1,443	973	1,101	956	690	358	580	1,115	839	456	1,568	1,641	1,530
+ Preferred Equity and Hybrid Capital	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Minority/Non Controlling Interest	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Total Debt	7,540	8,682	9,448	8,985	10,093	10,212	9,836	11,145	12,734	13,114	14,253	15,592	17,571	17,478	17,305
Enterprise Value	- -	27,203	36,270	42,417	34,429	40,891	50,559	50,917	62,712	71,239	84,453	71,673	69,315	68,612	81,696
Total Capital	17,451	18,442	20,737	21,393	22,281	22,621	26,195	26,507	27,918	27,905	27,894	28,325	30,352	31,784	32,852
Total Debt/Capital (%)	43.21	47.08	45.56	42	45.3	45.14	37.55	42.05	45.61	47	51.1	55.05	57.89	54.99	52.68
Total Debt / EV	- -	0.32	0.26	0.21	0.29	0.25	0.19	0.22	0.2	0.18	0.17	0.22	0.25	0.25	0.21
EV/Sales	- -	2.46	3.23	3.65	3.28	4.14	4.79	4.44	5.55	7.28	7.58	5.62	5.7	5.66	6.71
EV/EBITDA	- -	6.72	8.68	9.36	8.73	10.12	11.04	10.06	12.23	17.14	15.01	11.89	16.71	12.65	14.21
EV/EBIT	- -	8.71	11.14	11.86	11.94	13.59	14.36	12.86	15.72	23.73	18.99	14.9	24.31	16.85	18.75
EV/Cash Flow to Firm	- -	8.04	10.59	12.97	10.57	12.03	- -	12.26	14.37	17.23	17.76	15.03	18.5	14.64	16.4
EV/Free Cash Flow to Firm	- -	23.79	24.96	36.81	39.45	27.07	- -	23.11	26.75	26.98	25.7	25.4	48.79	29.75	29.41
Diluted Market Cap	- -	19,871	28,991	34,880	26,001	32,243	42,308	41,942	52,067	60,298	73,387	58,402	53,719	52,794	66,179
Diluted Enterprise Value	- -	27,885	36,878	42,892	34,993	41,499	51,454	52,729	64,221	72,297	86,801	73,538	69,722	68,631	81,954
EV per Share	- -	86.62	117.42	137.61	115.61	140.8	177.93	189.92	243.16	282.59	351.65	314.25	307.14	303.16	364.03
TTM Sales	11,172	11,040	11,245	11,624	10,511	9,888	10,551	11,458	11,296	9,789	11,142	12,745	12,156	12,123	12,180
TTM EBITDA	4,082	4,046	4,179	4,531	3,943	4,039	4,581	5,063	5,128	4,156	5,628	6,030	4,149	5,424	5,749
TTM Operating Income	3,413	3,238	3,331	3,696	2,998	3,204	3,731	4,196	4,245	3,657	4,714	5,205	4,326	4,877	4,571
TTM Cash Flow to Firm	3,528	3,385	3,424	3,270	3,258	3,398	- -	4,154	4,363	4,134	4,756	4,770	3,748	4,688	4,982
TTM Free Cash Flow to Firm	1,368	1,144	1,453	1,152	873	1,511	- -	2,203	2,344	2,640	3,286	2,822	1,421	2,307	2,778

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	- -	24.12	26.19	43.76	49.72	28.11	27.65	23.63	27.8	28.14	26.35	25.68	63.05	31.59	30.68
EV/EBIT	- -	8.71	11.14	11.86	11.94	13.59	14.36	12.86	15.72	23.73	18.99	14.9	24.31	16.85	18.75
Enterprise Value	- -	27,203	36,270	42,417	34,429	40,891	50,559	50,917	62,712	71,239	84,453	71,673	69,315	68,612	81,696
Low Price	- -	56.38	63.31	87.5	73.05	66.03	106.7	128.55	143.9	119.09	234.07	204.87	184.3	208.96	200.85
EV/Sales	- -	2.46	3.23	3.65	3.28	4.14	4.79	4.44	5.55	7.28	7.58	5.62	5.7	5.66	6.71
EV/EBITDA	- -	6.72	8.68	9.36	8.73	10.12	11.04	10.06	12.23	17.14	15.01	11.89	16.71	12.65	14.21
Price/Earnings	- -	11.27	15.06	17.32	16.64	19.25	7.77	15.09	18.61	29.47	23.66	17.3	29.18	20.13	22.94
Price/Earnings Average	- -	11.44	12.37	15.92	18.11	15.59	6.53	15.79	17.64	24.66	21.29	17.41	26.91	21.09	20.53
Price/Earnings High	- -	12.54	15.06	18.47	21.93	19.61	7.78	19.01	19.99	31.23	23.72	20.74	32	24.09	23.64
Price/Earnings Low	- -	10.4	10.38	13.58	14.23	11.67	5.69	12.96	13.66	14.94	18.72	14.3	22.77	18.04	15.69
Price/Book Value	- -	1.97	2.51	2.77	2.09	2.55	2.53	2.61	3.33	4.01	5.21	4.44	4.17	3.69	4.24
Price/Book Value Average	- -	2	2.06	2.55	2.27	2.06	2.13	2.73	3.16	3.35	4.69	4.47	3.85	3.86	3.79
Price/Book Value High	- -	2.19	2.51	2.96	2.75	2.6	2.53	3.29	3.58	4.24	5.22	5.32	4.57	4.41	4.37
Price/Book Value Low	- -	1.81	1.73	2.17	1.78	1.55	1.85	2.24	2.44	2.03	4.12	3.67	3.25	3.31	2.9
Price/Tangible Book Value	- -	1.91	2.45	2.7	2.02	2.48	2.48	2.55	3.25	3.9	5.21	4.44	4.17	3.69	4.24
Price/Tangible Book Value Average	- -	1.94	2.01	2.48	2.2	2.01	2.08	2.67	3.08	3.26	4.69	4.47	3.85	3.86	3.79
Price/Tangible Book Value High	- -	2.13	2.45	2.88	2.66	2.53	2.48	3.21	3.49	4.13	5.22	5.32	4.57	4.41	4.37
Price/Tangible Book Value Low	- -	1.76	1.69	2.11	1.73	1.51	1.81	2.19	2.38	1.98	4.12	3.67	3.25	3.31	2.9
Price/Sales	- -	1.78	2.55	2.97	2.45	3.24	3.98	3.5	4.48	6.05	6.38	4.44	4.39	4.35	5.41
Price/Sales Average	- -	1.8	2.09	2.73	2.67	2.62	3.34	3.67	4.24	5.06	5.74	4.46	4.04	4.56	4.84
Price/Sales High	- -	1.98	2.55	3.17	3.23	3.3	3.98	4.41	4.81	6.41	6.39	5.32	4.81	5.21	5.58
Price/Sales Low	- -	1.64	1.76	2.33	2.1	1.96	2.91	3.01	3.29	3.07	5.05	3.67	3.42	3.9	3.7
Price/Cash Flow	- -	6.4	9.31	11.85	8.87	10.55	12.9	10.77	12.99	16.29	16.7	13.39	16.77	13.02	15.12
Price/Cash Flow Average	- -	6.49	7.65	10.89	9.66	8.55	10.84	11.27	12.32	13.63	15.02	13.48	15.46	13.64	13.53
Price/Cash Flow High	- -	7.12	9.31	12.63	11.69	10.75	12.91	13.57	13.95	17.26	16.74	16.05	18.39	15.59	15.57
Price/Cash Flow Low	- -	5.9	6.42	9.29	7.58	6.4	9.44	9.25	9.54	8.25	13.21	11.07	13.08	11.67	10.34
Price/Free Cash Flow Average	- -	24.47	21.5	40.24	54.13	22.77	23.24	24.73	26.36	23.54	23.71	25.85	58.14	33.1	27.45
Price/Free Cash Flow High	- -	26.83	26.19	46.66	65.52	28.64	27.68	29.77	29.86	29.81	26.42	30.79	69.14	37.81	31.61
Price/Free Cash Flow Low	- -	22.25	18.04	34.31	42.52	17.04	20.25	20.29	20.41	14.26	20.85	21.23	49.19	28.31	20.98
EV/Sales Average	- -	2.49	2.77	3.41	3.49	3.53	4.17	4.61	5.32	6.29	6.94	5.65	5.36	5.87	6.14
EV/Sales High	- -	2.66	3.23	3.85	4.04	4.2	4.8	5.35	5.88	7.64	7.6	6.51	6.13	6.52	6.87
EV/Sales Low	- -	2.33	2.44	3.01	2.93	2.88	3.74	3.95	4.36	4.29	6.25	4.85	4.74	5.21	5
EV/EBITDA Average	- -	6.79	7.46	8.75	9.3	8.64	9.59	10.43	11.72	14.81	13.74	11.95	15.7	13.11	13
EV/EBITDA High	- -	7.26	8.68	9.86	10.78	10.27	11.05	12.12	12.96	17.99	15.04	13.75	17.95	14.56	14.56
EV/EBITDA Low	- -	6.36	6.57	7.72	7.8	7.04	8.62	8.94	9.61	10.11	12.37	10.26	13.88	11.64	10.58
EV/EBIT Average	- -	8.8	9.58	11.09	12.72	11.59	12.48	13.33	15.06	20.51	17.39	14.98	22.86	17.47	17.16
EV/EBIT High	- -	9.4	11.14	12.5	14.74	13.79	14.37	15.5	16.66	24.9	19.03	17.24	26.12	19.4	19.21
EV/EBIT Low	- -	8.23	8.43	9.79	10.66	9.45	11.21	11.43	12.35	14	15.66	12.86	20.2	15.51	13.97
Last Price	- -	61.1	91.89	111.62	85.42	108.93	145.74	149.69	196.03	234.99	295.8	247.89	236.23	233.19	293.74
High Price	- -	67.98	91.89	119.01	112.57	110.97	145.91	188.58	210.58	248.96	296.59	297.19	259.06	279.06	302.65
Enterprise Value Average	- -	27,486	31,193	39,645	36,688	34,880	43,951	52,788	60,090	61,566	77,345	72,032	65,160	71,126	74,761
Enterprise Value High	- -	29,362	36,270	44,694	42,515	41,485	50,608	61,345	66,463	74,761	84,644	82,918	74,469	78,994	83,695
Enterprise Value Low	- -	25,719	27,443	34,984	30,745	28,433	39,465	45,250	49,267	42,020	69,629	61,863	57,595	63,129	60,850

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	330	314	309	308	298	290	284	268	258	252	240	228	226	226	224
Diluted Weighted Avg Shares	351	325	316	313	304	296	290	280	266	257	248	236	227	226	225
Basic Weighted Avg Shares	346	321	312	309	302	294	288	268	258	252	240	228	226	226	224
Revenue per Share	32.34	34.4	36.05	37.57	34.82	33.64	36.65	42.74	43.8	38.83	46.39	55.88	53.86	53.57	54.27
EBITDA per Share	11.81	12.61	13.4	14.64	13.06	13.74	15.91	18.88	19.88	16.49	23.43	26.44	18.38	23.97	25.62
Operating Income per Share	9.88	10.09	10.68	11.95	9.93	10.9	12.96	15.65	16.46	14.51	19.63	22.82	19.17	21.55	20.37
Basic EPS, GAAP	5.52	5.42	6.1	6.44	5.13	5.66	18.76	9.92	10.53	7.97	12.5	14.33	8.1	11.59	12.8
Basic EPS from Cont Ops	5.55	5.45	6.12	6.46	5.15	5.68	18.77	9.94	10.55	7.99	12.51	14.34	8.1	11.59	12.8
Diluted EPS, GAAP	5.43	5.35	6.03	6.38	5.09	5.62	18.6	9.49	10.23	7.83	12.1	13.87	8.03	11.58	12.75
Diluted EPS from Cont Ops	5.45	5.38	6.05	6.4	5.11	5.64	18.62	9.51	10.25	7.84	12.11	13.88	8.03	11.58	12.75
Dividend per Share	1.67	1.94	2.04	2.22	2.36	2.36	2.44	3.15	3.68	3.81	4.28	5.12	5.43	5.39	5.41
Cash Flow per Share	9.34	9.55	9.87	9.42	9.63	10.32	11.3	13.9	15.09	14.43	17.72	18.51	14.09	17.9	19.43
Free Cash Flow per Basic Share	3.09	2.57	3.55	2.58	1.73	3.9	5.31	6.62	7.26	8.5	11.6	9.97	3.78	7.38	9.61
Cash & Equivalents per Share	0.91	2.13	5.05	3.16	3.7	3.29	2.43	1.34	2.25	4.42	3.49	2	6.95	7.25	6.82
Book Value per Share	30	31.08	36.55	40.25	40.93	42.73	57.57	57.3	58.87	58.67	56.8	55.83	56.63	63.21	69.28
Tangible Book Value per Share	30.76	31.98	37.57	41.39	42.34	43.86	58.86	58.72	60.38	60.26	56.8	55.83	56.63	63.21	69.28