Verizon Communications Inc. Financial Ratios — VZ 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 (%)	6.45	2.53	31.94	37.65	124.48	67.4	91.74	32.27	33.64	27.55	29.49	24.58	12.65	18.27	16.86
Return on Assets (%)	1.07	0.38	4.61	3.8	7.5	5.38	12.01	5.95	6.92	5.85	6.46	5.7	3.06	4.58	4.35
Return on Capital (%)	-1.88	- -	0.98	7.05	16.18	11.93	- -	11.51	12.57	9.86	10.06	8.89	5.61	8.28	7.89
Return on Invested Capital (%)	8.88	- -	15.66	9.66	16.78	14.5	- -	11.01	14.47	10.57	10.35	8.82	6.03	8.3	8.15
Gross Margin (%)	58.62	60.05	62.76	60.71	60.07	58.17	57.9	57.58	58.5	60.09	57.86	56.79	59.03	59.87	58.92
EBITDA Margin (%)	26.49	25.57	40.29	28.43	37.29	35.86	35.21	30.32	35.69	35.48	36.41	34.76	30.23	34.56	34.45
Operating Margin (%)	11.62	11.36	26.52	15.42	25.12	24.02	23.17	20.53	23.18	22.45	24.29	22.27	21.44	21.28	21.17
Incremental Operating Margin (%)	- -	5.63	399.83	- -	296.43	49.72	- -	- -	367.66	49.38	68.6	- -	61.13	- -	16.84
Pretax Margin (%)	9.45	8.54	24.29	12.02	21.46	16.66	16.34	15	17.24	18.68	22.02	20.66	12.68	17.05	16.41
Profit Margin (%)	2.17	0.76	9.54	7.57	13.58	10.42	23.88	11.87	14.61	13.88	16.51	15.53	8.67	12.99	12.43
Net Income to Common Margin (%)	2.17	0.76	9.54	7.57	13.58	10.42	23.88	11.87	14.61	13.88	16.51	15.53	8.67	12.99	12.43
Effective Tax Rate (%)	2.72	- -	19.57	21.7	34.93	35.16	- -	18.26	12.95	23.44	23.12	23.07	28.8	21.89	22.34
Dvd Payout Ratio (%)	30.87	25.84	16.68	54.62	45.24	65.74	30.56	59.05	49.31	54.15	45.08	48.58	87.67	61.16	63.63
Sustainable Growth Rate (%)	4.46	1.88	26.61	17.09	68.16	23.09	63.71	13.22	17.05	12.63	16.2	12.64	1.56	7.09	6.13

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	55,152	51,987	93,591	113,271	109,729	108,078	117,095	113,063	133,143	150,547	177,930	176,331	174,942	168,357	181,643
ST Debt	4,849	4,369	3,933	2,735	6,489	2,645	3,453	7,190	14,038	9,374	11,302	14,097	17,239	27,048	23,160
LT Debt	50,303	47,618	89,658	110,536	103,240	105,433	113,642	105,873	119,105	141,173	166,628	162,234	157,703	141,309	158,483
Total Debt/EBITDA	1.88	1.76	1.93	3.13	2.24	2.39	2.64	2.85	2.83	3.31	3.66	3.71	4.32	3.61	3.82
Net Debt/EBITDA	1.42	1.65	0.82	2.84	2.14	2.33	2.59	2.78	2.31	2.35	3.04	3.11	3.67	3	2.92
Total Debt/EBIT	4.28	3.95	2.93	5.78	3.32	3.7	4.27	5.08	4.38	5.23	5.48	5.79	7.65	5.87	6.21
Net Debt/EBIT	3.24	3.72	1.25	5.24	3.18	3.6	4.19	4.95	3.58	3.71	4.56	4.86	6.5	4.87	4.75
EBITDA to Interest Expense	10.39	11.52	18.21	7.35	9.98	10.32	9.38	8.21	9.95	10.72	13.96	13.17	7.33	7.01	7.11
EBITDA-CapEx/Interest Expense	10.31	9.85	18	7.28	7.95	10.2	9.25	7.91	9.76	9.8	0.3	12.15	6.28	6.87	7.04
EBIT to Interest Expense	4.56	5.12	11.99	3.99	6.72	6.91	6.17	5.56	6.46	6.78	9.31	8.43	5.2	4.31	4.37
Interest Expense	2,827	2,571	2,667	4,915	4,920	4,376	4,733	4,833	4,730	4,247	3,485	3,613	5,524	6,649	6,694
Common Equity/Total Assets	15.61	14.72	14.17	5.29	6.73	9.22	16.76	20.07	21.05	21.44	22.31	24.01	24.31	25.8	25.84
Long-Term Debt/Equity (%)	58.55	55.67	93.97	808.25	578.63	438.72	254.31	193.52	189.55	203.8	200.27	175.46	168.13	140.5	149.88
Long-Term Debt/Capital (%)	35.66	34.63	47.44	87.07	80.93	79.81	70.24	63.1	60.77	64.22	63.81	60.36	58.68	52.54	55.15
Long-Term Debt/Total Assets (%)	21.83	21.14	32.71	47.52	42.28	43.18	44.19	39.98	40.83	44.61	45.45	42.73	41.47	36.73	39.2
Total Debt/Equity (%)	64.2	60.78	98.09	828.25	615	449.73	262.03	206.66	211.89	217.33	213.86	190.7	186.51	167.39	171.78
Total Debt/Capital (%)	39.1	37.8	49.52	89.23	86.01	81.81	72.38	67.39	67.94	68.49	68.14	65.6	65.1	62.6	63.21
Total Debt/Total Assets (%)	23.93	23.08	34.15	48.69	44.94	44.26	45.54	42.69	45.64	47.57	48.54	46.44	46.01	43.76	44.93
Net Debt to Equity	48.65	57.16	41.99	750.75	589.95	437.74	257.38	201.64	173.3	154.31	177.82	160.1	158.43	139.02	131.55
Net Debt/Capital (%)	32.73	36.37	29.57	88.25	85.51	81.4	72.02	66.85	56.31	54.08	57.3	55.61	55.73	52.81	51.84
EBITDA	29,376	29,620	48,574	36,132	49,077	45,177	44,379	39,681	47,060	45,518	48,654	47,566	40,501	46,578	47,608
EBITDA-CapEx	29,155	25,322	47,994	35,778	39,135	44,643	43,796	38,252	46,162	41,622	1,058	43,913	34,705	45,678	47,158
Operating Income (Loss)	12,880	13,160	31,968	19,599	33,060	30,256	29,199	26,869	30,564	28,798	32,448	30,467	28,718	28,686	29,259

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	0.45	0.13	2	0.4	0.14	0.09	0.06	0.07	0.06	0.56	0.06	0.05	0.04	0.06	0.31
Current Ratio	1.01	0.79	2.62	1.05	0.64	0.87	0.91	0.91	0.84	1.38	0.78	0.75	0.69	0.63	0.91
Quick Ratio	0.84	0.6	2.46	0.9	0.52	0.67	0.77	0.73	0.62	1.16	0.57	0.54	0.51	0.47	0.74
CFO/Avg Current Liab	0.97	1.09	1.44	1.11	1.24	0.66	0.77	0.97	0.86	0.99	0.91	0.76	0.72	0.63	0.58
Common Equity/Total Assets	15.61	14.72	14.17	5.29	6.73	9.22	16.76	20.07	21.05	21.44	22.31	24.01	24.31	25.8	25.84
Long-Term Debt/Equity (%)	58.55	55.67	93.97	808.25	578.63	438.72	254.31	193.52	189.55	203.8	200.27	175.46	168.13	140.5	149.88
Long-Term Debt/Capital (%)	35.66	34.63	47.44	87.07	80.93	79.81	70.24	63.1	60.77	64.22	63.81	60.36	58.68	52.54	55.15
Long-Term Debt/Total Assets (%)	21.83	21.14	32.71	47.52	42.28	43.18	44.19	39.98	40.83	44.61	45.45	42.73	41.47	36.73	39.2
Total Debt/Equity (%)	64.2	60.78	98.09	828.25	615	449.73	262.03	206.66	211.89	217.33	213.86	190.7	186.51	167.39	171.78
Total Debt/Capital (%)	39.1	37.8	49.52	89.23	86.01	81.81	72.38	67.39	67.94	68.49	68.14	65.6	65.1	62.6	63.21
Total Debt/Total Assets (%)	23.93	23.08	34.15	48.69	44.94	44.26	45.54	42.69	45.64	47.57	48.54	46.44	46.01	43.76	44.93
CFO/Total Liabilities	20.6	22.54	21.72	13.99	17.24	9.85	11.45	16.34	15.62	16.9	13.95	12.93	13.08	12.99	12.44
CFO/CapEx	134.75	7.33	66.93	86.53	3.93	40.62	41.71	24.03	39.81	10.72	0.83	10.17	6.47	41.01	82.53
Altman's Z-Score	- -	- -	- -	- -	- -	- -	2.69	2.68	2.5	2.37	2.31	2.13	2.04	2.03	2.03

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	9.41	9.51	9.64	9.62	9.59	8.14	6.15	5.39	5.22	5.2	5.59	5.66	5.4	5.27	5.19
Days Sales Outstanding	38.77	38.36	37.87	37.96	38.06	44.86	59.38	67.77	69.93	70.2	65.24	64.49	67.55	69.32	70.27
Inventory Turnover	44.3	45.93	42.85	45.96	43.71	42.95	47.46	46.84	39.69	31.82	23.21	21.73	24.7	25.14	24.22
Days Inventory Outstanding	8.24	7.95	8.52	7.94	8.35	8.5	7.69	7.79	9.2	11.47	15.72	16.8	14.78	14.52	15.07
Accounts Payable Turnover	11.24	10.73	9.53	9.49	9.32	8.24	7.48	7.81	7.33	7.17	7.83	6.96	5.81	5.31	5.05
Accounts Payable Turnover Days	32.48	34.01	38.3	38.47	39.16	44.31	48.81	46.74	49.8	50.93	46.63	52.41	62.79	68.73	72.34
Cash Conversion Cycle	14.54	12.3	8.09	7.44	7.25	9.05	18.26	28.82	29.33	30.74	34.33	28.88	19.54	15.1	12.99
Inventory to Cash Days	30.54	30.42	29.35	30.02	29.71	36.37	51.69	59.98	60.74	58.73	49.51	47.69	52.77	54.8	55.19
Inventories	940	1,075	1,020	1,153	1,252	1,202	1,034	1,336	1,422	1,796	3,055	2,388	2,057	2,247	2,441
Raw Materials	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Work In Process	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Finished Goods	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Other Inventory	940	1,075	1,020	1,153	1,252	1,202	1,034	1,336	1,422	1,796	3,055	2,388	2,057	2,247	2,441

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	- -	- -	- -	- -	- -	- -	218,496	227,671	255,044	244,149	220,091	165,157	157,631	167,252	170,847
- Cash & Cash Equivalents	13,362	3,093	53,528	10,598	4,470	2,880	2,079	2,745	2,594	22,171	2,921	2,605	2,065	4,194	19,048
+ Preferred Equity and Hybrid Capital	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Minority/Non Controlling Interest	49,938	52,376	56,580	1,378	1,414	1,508	1,591	1,565	1,440	1,430	1,410	1,319	1,369	1,338	1,281
+ Total Debt	55,152	51,987	93,591	113,271	109,729	108,078	117,095	113,063	133,143	150,547	177,930	176,331	174,942	168,357	181,643
Enterprise Value	- -	- -	- -	- -	- -	- -	335,103	339,554	387,033	373,955	396,510	340,202	331,877	332,753	334,723
Total Capital	141,060	137,520	189,007	126,947	127,571	132,110	161,782	167,773	195,978	219,819	261,130	268,794	268,741	268,932	287,384
Total Debt/Capital (%)	39.1	37.8	49.52	89.23	86.01	81.81	72.38	67.39	67.94	68.49	68.14	65.6	65.1	62.6	63.21
Total Debt / EV	- -	- -	- -	- -	- -	- -	0.35	0.33	0.34	0.4	0.45	0.52	0.53	0.51	0.54
EV/Sales	- -	- -	- -	- -	- -	- -	2.66	2.59	2.93	2.91	2.97	2.49	2.48	2.47	2.42
EV/EBITDA	- -	- -	- -	- -	- -	- -	7.55	8.56	8.22	8.22	8.15	7.15	8.19	7.14	7.03
EV/EBIT	- -	- -	- -	- -	- -	- -	12.22	15.24	12.74	12.99	12.22	11.17	14.51	11.6	11.44
EV/Cash Flow to Firm	- -	- -	- -	- -	- -	- -	- -	8.87	9.71	8.31	9.39	8.52	8.01	7.9	7.91
EV/Free Cash Flow to Firm	- -	- -	- -	- -	- -	- -	- -	9.21	9.93	9.09	- -	9.38	9.32	8.08	7.99
Diluted Market Cap	- -	- -	- -	- -	- -	- -	219,006	227,669	255,301	244,377	217,585	165,320	158,033	167,781	171,407
Diluted Enterprise Value	- -	- -	- -	- -	- -	- -	335,613	339,552	387,290	374,183	394,004	340,365	332,279	333,282	335,283
EV per Share	- -	- -	- -	- -	- -	- -	82.14	82.18	93.58	90.37	94.46	81	78.94	79.04	79.37
TTM Sales	110,875	115,846	120,550	127,079	131,620	125,980	126,034	130,863	131,868	128,292	133,613	136,835	133,974	134,788	138,191
TTM EBITDA	29,376	29,620	48,574	36,132	49,077	45,177	44,379	39,681	47,060	45,518	48,654	47,566	40,501	46,578	47,608
TTM Operating Income	12,880	13,160	31,968	19,599	33,060	30,256	29,199	26,869	30,564	28,798	32,448	30,467	28,718	28,686	29,259
TTM Cash Flow to Firm	32,530	- -	40,963	34,479	42,228	24,527	- -	38,289	39,863	45,019	42,218	39,920	41,408	42,106	42,336
TTM Free Cash Flow to Firm	32,309	- -	40,383	34,125	32,286	23,993	- -	36,860	38,965	41,123	-5,378	36,267	35,612	41,206	41,886

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	- -	- -	- -	- -	- -	- -	9.23	6.92	7.33	6.45	-27.01	4.94	4.99	4.66	4.67
EV/EBIT	- -	- -	- -	- -	- -	- -	12.22	15.24	12.74	12.99	12.22	11.17	14.51	11.6	11.44
Enterprise Value	- -	- -	- -	- -	- -	- -	335,103	339,554	387,033	373,955	396,510	340,202	331,877	332,753	334,723
Low Price	- -	- -	- -	- -	- -	- -	43.03	46.66	52.68	49.4	49.97	34.87	30.77	37.51	37.83
EV/Sales	- -	- -	- -	- -	- -	- -	2.66	2.59	2.93	2.91	2.97	2.49	2.48	2.47	2.42
EV/EBITDA	- -	- -	- -	- -	- -	- -	7.55	8.56	8.22	8.22	8.15	7.15	8.19	7.14	7.03
Price/Earnings	- -	- -	- -	- -	- -	- -	7.27	14.65	13.25	13.72	9.86	7.77	13.59	9.57	9.97
Price/Earnings Average	- -	- -	- -	- -	- -	- -	6.47	13.87	12.47	13.44	10.41	9.18	13.21	9.92	10.39
Price/Earnings High	- -	- -	- -	- -	- -	- -	7.28	16.17	13.39	14.39	11.38	10.9	15.44	10.91	11.53
Price/Earnings Low	- -	- -	- -	- -	- -	- -	5.84	12.4	11.32	11.49	9.39	6.89	11.16	9.04	9.31
Price/Book Value	- -	- -	- -	- -	- -	- -	5.07	4.28	4.15	3.6	2.69	1.81	1.71	1.69	1.64
Price/Book Value Average	- -	- -	- -	- -	- -	- -	4.51	4.06	3.91	3.52	2.84	2.14	1.66	1.75	1.7
Price/Book Value High	- -	- -	- -	- -	- -	- -	5.08	4.73	4.2	3.77	3.11	2.54	1.94	1.92	1.89
Price/Book Value Low	- -	- -	- -	- -	- -	- -	4.07	3.63	3.55	3.01	2.56	1.61	1.4	1.59	1.53
Price/Tangible Book Value	- -	- -	- -	- -	- -	- -	-2.58	-3.02	-3.78	-3.74	-2.07	-1.67	-1.62	-1.83	-1.99
Price/Tangible Book Value Average	- -	- -	- -	- -	- -	- -	-2.3	-2.86	-3.55	-3.67	-2.19	-1.97	-1.58	-1.9	-2.07
Price/Tangible Book Value High	- -	- -	- -	- -	- -	- -	-2.58	-3.34	-3.82	-3.93	-2.4	-2.34	-1.84	-2.09	-2.3
Price/Tangible Book Value Low	- -	- -	- -	- -	- -	- -	-2.07	-2.56	-3.23	-3.13	-1.98	-1.48	-1.33	-1.73	-1.86
Price/Sales	- -	- -	- -	- -	- -	- -	1.74	1.74	1.94	1.9	1.63	1.21	1.18	1.24	1.24
Price/Sales Average	- -	- -	- -	- -	- -	- -	1.54	1.65	1.82	1.86	1.72	1.43	1.14	1.29	1.29
Price/Sales High	- -	- -	- -	- -	- -	- -	1.74	1.92	1.96	2	1.88	1.69	1.34	1.42	1.43
Price/Sales Low	- -	- -	- -	- -	- -	- -	1.39	1.47	1.65	1.59	1.55	1.07	0.97	1.17	1.16
Price/Cash Flow	- -	- -	- -	- -	- -	- -	8.99	6.62	7.14	5.85	5.5	4.45	4.21	4.54	4.61
Price/Cash Flow Average	- -	- -	- -	- -	- -	- -	8.01	6.27	6.72	5.73	5.81	5.26	4.09	4.7	4.81
Price/Cash Flow High	- -	- -	- -	- -	- -	- -	9.01	7.31	7.21	6.13	6.35	6.24	4.79	5.17	5.33
Price/Cash Flow Low	- -	- -	- -	- -	- -	- -	7.23	5.61	6.1	4.9	5.24	3.95	3.46	4.29	4.3
Price/Free Cash Flow Average	- -	- -	- -	- -	- -	- -	8.21	6.55	6.9	6.32	-28.52	5.83	4.85	4.83	4.87
Price/Free Cash Flow High	- -	- -	- -	- -	- -	- -	9.24	7.64	7.4	6.77	-31.19	6.92	5.67	5.31	5.4
Price/Free Cash Flow Low	- -	- -	- -	- -	- -	- -	7.41	5.86	6.26	5.4	-25.74	4.38	4.09	4.4	4.36
EV/Sales Average	- -	- -	- -	- -	- -	- -	2.47	2.5	2.82	2.88	3.06	2.71	2.44	2.51	2.47
EV/Sales High	- -	- -	- -	- -	- -	- -	2.66	2.78	2.96	3.01	3.22	2.97	2.64	2.64	2.62
EV/Sales Low	- -	- -	- -	- -	- -	- -	2.32	2.33	2.65	2.61	2.89	2.35	2.27	2.4	2.34
EV/EBITDA Average	- -	- -	- -	- -	- -	- -	7.01	8.25	7.91	8.11	8.4	7.78	8.08	7.27	7.18
EV/EBITDA High	- -	- -	- -	- -	- -	- -	7.56	9.16	8.28	8.48	8.85	8.55	8.72	7.64	7.59
EV/EBITDA Low	- -	- -	- -	- -	- -	- -	6.58	7.68	7.43	7.34	7.94	6.76	7.5	6.94	6.79
EV/EBIT Average	- -	- -	- -	- -	- -	- -	11.34	14.7	12.25	12.81	12.6	12.15	14.31	11.81	11.69
EV/EBIT High	- -	- -	- -	- -	- -	- -	12.23	16.31	12.83	13.4	13.27	13.35	15.44	12.41	12.35
EV/EBIT Low	- -	- -	- -	- -	- -	- -	10.65	13.68	11.52	11.61	11.9	10.55	13.27	11.27	11.05
Last Price	- -	- -	- -	- -	- -	- -	53.56	55.1	61.67	59	52.43	39.32	37.49	39.73	40.51
High Price	- -	- -	- -	- -	- -	- -	53.65	60.84	62.32	61.87	60.56	55.15	42.59	45.26	46.85
Enterprise Value Average	- -	- -	- -	- -	- -	- -	311,112	327,401	372,075	368,925	408,851	370,139	327,395	338,798	341,947
Enterprise Value High	- -	- -	- -	- -	- -	- -	335,469	363,289	389,744	385,845	430,620	406,652	353,303	356,036	361,435
Enterprise Value Low	- -	- -	- -	- -	- -	- -	292,127	304,695	349,869	334,249	386,167	321,504	303,627	323,422	323,392

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	2,834	2,859	2,862	4,155	4,073	4,077	4,079	4,132	4,136	4,138	4,198	4,200	4,204	4,210	4,217
Diluted Weighted Avg Shares	2,839	2,862	2,874	3,981	4,093	4,086	4,089	4,132	4,140	4,142	4,150	4,204	4,215	4,223	4,231
Basic Weighted Avg Shares	2,833	2,853	2,866	3,974	4,085	4,080	4,084	4,128	4,138	4,140	4,148	4,202	4,211	4,218	4,226
Revenue per Share	39.14	40.6	42.06	31.98	32.22	30.88	30.86	31.7	31.87	30.99	32.21	32.56	31.82	31.96	32.7
EBITDA per Share	10.37	10.38	16.95	9.09	12.01	11.07	10.87	9.61	11.37	10.99	11.73	11.32	9.62	11.04	11.27
Operating Income per Share	4.55	4.61	11.15	4.93	8.09	7.42	7.15	6.51	7.39	6.96	7.82	7.25	6.82	6.8	6.92
Basic EPS, GAAP	0.85	0.31	4.01	2.42	4.38	3.22	7.37	3.76	4.66	4.3	5.32	5.06	2.76	4.15	4.06
Basic EPS from Cont Ops	3.6	3.7	8.22	3.01	4.5	3.34	7.48	3.89	4.78	4.43	5.45	5.18	2.87	4.26	4.17
Diluted EPS, GAAP	0.85	0.31	4	2.42	4.37	3.21	7.36	3.76	4.65	4.3	5.32	5.06	2.76	4.15	4.06
Diluted EPS from Cont Ops	3.59	3.69	8.19	3	4.49	3.33	7.47	3.88	4.78	4.43	5.45	5.17	2.87	4.25	4.16
Dividend per Share	1.96	1.83	2.07	1.96	2.09	2.27	2.32	2.37	2.42	2.47	2.52	2.57	2.62	2.67	2.72
Cash Flow per Share	10.51	11.04	13.54	7.71	9.55	5.32	5.95	8.32	8.64	10.09	9.53	8.84	8.9	8.75	8.79
Free Cash Flow per Basic Share	10.43	9.53	13.34	7.62	7.12	5.19	5.81	7.97	8.42	9.15	-1.94	7.97	7.52	8.54	8.68
Cash & Equivalents per Share	4.92	1.25	18.91	2.68	1.18	0.71	0.51	0.66	0.63	5.36	0.7	0.62	0.49	1	4.52
Book Value per Share	12.69	11.6	13.57	2.96	4.03	5.53	10.56	12.86	14.84	16.39	19.48	21.7	21.98	23.57	24.77
Tangible Book Value per Share	-23.47	-26.12	-23.53	-22.7	-25.3	-24.59	-20.77	-18.24	-16.33	-15.76	-25.28	-23.52	-23.1	-21.7	-20.36