SUMMARY

Ticker MA.US
Company Name Mastercard Inc
Market Cap $438,430,020,000.00
Price $469.16
Country United States of America
Sector Financial Services
Industry Credit Services
Insiders Ownership 10.90%
INCOME STATEMENT 2012 2013
Revenue $8,312,000,000.00 $9,441,000,000.00
CAGR #VALUE! #VALUE!
% 13.58%
Per Share $6.96 $8.20
CAGR 14.46% 14.10%
% 17.74%
Cost of Goods Sold $0.00 $0.00
Margin 0.00% 0.00%
CAGR #DIV/0! #DIV/0!
% #DIV/0!
Per Share $0.00 $0.00
CAGR #DIV/0! #DIV/0!
% #DIV/0!
Gross Profit $8,312,000,000.00 $9,441,000,000.00
Margin 100.00% 100.00%
CAGR 10.57% 10.27%
% 13.58%
Per Share $6.96 $8.20
CAGR #DIV/0! -100.00%
% 17.7%
R&D $0.00 $0.00
Margin 0.00% 0.00%
CAGR #DIV/0! #DIV/0!
% #DIV/0!
Per Share $0.00 $0.00
CAGR #DIV/0! #DIV/0!
% #DIV/0!
EBITDA $4,856,000,000.00 $5,514,000,000.00
Margin 58.42% 58.40%
CAGR #VALUE! #VALUE!
% 13.55%
Per Share $4.07 $4.79
CAGR #VALUE! #VALUE!
% 17.7%
EBIT $4,598,000,000.00 $5,193,000,000.00
Margin 55.32% 55.00%
CAGR #VALUE! #VALUE!
% 12.94%
Per Share $3.85 $4.51
CAGR #VALUE! #VALUE!
% 17.1%
Interest Income $38,000,000.00 $28,000,000.00
Margin 0.46% 0.30%
CAGR 19.67% 25.62%
% -26.32%
Per Share $0.03 $0.02
CAGR #DIV/0! -100.00%
% -23.6%
Interest Expenses -$14,000,000.00 -$48,000,000.00
Margin -0.17% -0.51%
 CAGR 40.18% 28.19%
% -242.86%
Per Share -$0.01 -$0.04
CAGR #DIV/0! -100.00%
% -255.4%
Unusual Items -$20,000,000.00 -$95,000,000.00
Margin -0.24% -1.01%
CAGR 21.92% 6.42%
% -375.00%
Per Share -$0.02 -$0.08
CAGR #DIV/0! #NUM!
% -392.4%
EBT $4,500,000,000.00 $5,079,000,000.00
Margin 54.14% 53.80%
CAGR 10.61% 10.38%
% 12.87%
Per Share $3.77 $4.41
CAGR #DIV/0! -100.00%
% 17.0%
Taxes $1,384,000,000.00 $1,462,000,000.00
Margin 16.65% 15.49%
CAGR 5.31% 5.27%
% 5.64%
Per Share $1.16 $1.27
CAGR #DIV/0! -100.00%
% 9.5%
Net Income $3,116,000,000.00 $3,617,000,000.00
Margin 37.49% 38.31%
CAGR #VALUE! #VALUE!
% 16.08%
EPS $2.61 $3.14
CAGR #VALUE! #VALUE!
% 20.3%
CALCULATIONS
Net Income Normalized $3,129,848,888.89 $3,684,654,065.76
Margin 37.65% 39.03%
CAGR #VALUE! #VALUE!
% 17.73%
EPS Normalized $2.62 $3.20
CAGR #VALUE! #VALUE!
% 22.0%
NOPAT
Margin 0.00% 0.00%
CAGR #DIV/0! #DIV/0!
% #DIV/0!
Per Share $0.00 $0.00
CAGR #DIV/0! #DIV/0!
% #DIV/0!
Net Income adding R&D $3,129,848,888.89 $3,684,654,065.76
Margin 37.65% 39.03%
CAGR 12.42% 11.90%
 % 17.73%
Per Share $2.62 $3.20
CAGR #DIV/0! #NUM!
% 22.0%
NOPAT adding R&D $0.00 $0.00
Margin 0.00% 0.00%
CAGR #DIV/0! #DIV/0!
% #DIV/0!
Per Share $0.00 $0.00
CAGR #DIV/0! #DIV/0!
% #DIV/0!
Income Retention -$4,301,999,999.63 -$4,095,619,999.62
Margin -51.76% -43.38%
CAGR 8.77% 10.23%
% 4.80%
Per Share -$3.60 -$3.56
CAGR #DIV/0! -6.71%
% 1.3%
 2014 2015 2016
$9,667,000,000.00 $10,776,000,000.00 $12,497,000,000.00
#VALUE! #VALUE! #VALUE!
2.39% 11.47% 15.97%
$8.66 $9.96 $11.86
15.20% 15.22% 14.60%
5.67% 15.04% 19.04%
$0.00 $0.00 $0.00
0.00% 0.00% 0.00%
#DIV/0! #DIV/0! #DIV/0!
#DIV/0! #DIV/0! #DIV/0!
$0.00 $0.00 $0.00
#DIV/0! #DIV/0! #DIV/0!
#DIV/0! #DIV/0! #DIV/0!
$9,667,000,000.00 $10,776,000,000.00 $12,497,000,000.00
100.00% 100.00% 100.00%
11.18% 11.15% 10.47%
2.39% 11.47% 15.97%
$8.66 $9.96 $11.86
-100.00% -100.00% -100.00%
5.7% 15.0% 19.0%
$0.00 $0.00 $0.00
0.00% 0.00% 0.00%
#DIV/0! #DIV/0! #DIV/0!
#DIV/0! #DIV/0! #DIV/0!
$0.00 $0.00 $0.00
#DIV/0! #DIV/0! #DIV/0!
#DIV/0! #DIV/0! #DIV/0!
$5,584,000,000.00 $6,250,000,000.00 $7,246,000,000.00
57.76% 58.00% 57.98%
#VALUE! #VALUE! #VALUE!
1.27% 11.93% 15.94%
$5.00 $5.78 $6.88
#VALUE! #VALUE! #VALUE!
4.5% 15.5% 19.0%
$5,218,000,000.00 $5,877,000,000.00 $6,809,000,000.00
53.98% 54.54% 54.49%
#VALUE! #VALUE! #VALUE!
0.48% 12.63% 15.86%
$4.67 $5.43 $6.46
#VALUE! #VALUE! #VALUE!
3.7% 16.2% 18.9%
$25,000,000.00 $43,000,000.00 $56,000,000.00
0.26% 0.40% 0.45%
30.48% 26.05% 25.46%
-10.71% 72.00% 30.23%
$0.02 $0.04 $0.05
-100.00% -100.00% -100.00%
-7.9% 77.5% 33.7%
-$61,000,000.00 -$95,000,000.00 -$154,000,000.00
-0.63% -0.88% -1.23%
 28.31% 25.24% 20.71%
-27.08% -55.74% -62.11%
-$0.05 -$0.09 -$0.15
-100.00% -100.00% -100.00%
-31.1% -60.7% -66.4%
-$87,000,000.00 -$140,000,000.00 -$132,000,000.00
-0.90% -1.30% -1.06%
8.21% 2.97% 4.28%
8.42% -60.92% 5.71%
-$0.08 -$0.13 -$0.13
28.11% #NUM! 45.33%
5.5% -66.1% 3.2%
$4,958,000,000.00 $5,646,000,000.00 $6,522,000,000.00
51.29% 52.39% 52.19%
11.90% 11.66% 11.11%
-2.38% 13.88% 15.52%
$4.44 $5.22 $6.19
-100.00% -100.00% -100.00%
0.7% 17.5% 18.6%
$1,150,000,000.00 $1,587,000,000.00 $2,607,000,000.00
11.90% 14.73% 20.86%
8.74% 5.55% -0.92%
-21.34% 38.00% 64.27%
$1.03 $1.47 $2.47
-100.00% -100.00% -100.00%
-18.8% 42.4% 68.6%
$3,808,000,000.00 $4,059,000,000.00 $3,915,000,000.00
39.39% 37.67% 31.33%
#VALUE! #VALUE! #VALUE!
5.28% 6.59% -3.55%
$3.41 $3.75 $3.72
#VALUE! #VALUE! #VALUE!
8.6% 10.0% -1.0%

$3,874,820,492.13 $4,159,648,246.55 $3,994,236,430.54

40.08% 38.60% 31.96%
#VALUE! #VALUE! #VALUE!
5.16% 7.35% -3.98%
$3.47 $3.85 $3.79
#VALUE! #VALUE! #VALUE!
8.5% 10.8% -1.4%
$4,849,016,144.91
0.00% 0.00% 38.80%
#DIV/0! #DIV/0! 13.84%
#DIV/0! #DIV/0! #DIV/0!
$0.00 $0.00 $4.60
#DIV/0! #DIV/0! #DIV/0!
#DIV/0! #DIV/0! #DIV/0!
$3,874,820,492.13 $4,159,648,246.55 $3,994,236,430.54
40.08% 38.60% 31.96%
12.67% 13.36% 16.08%
 5.16% 7.35% -3.98%
$3.47 $3.85 $3.79
-198.26% #NUM! 1.48%
8.5% 10.8% -1.4%
$0.00 $0.00 $4,849,016,144.91
0.00% 0.00% 38.80%
#DIV/0! #DIV/0! 13.84%
#DIV/0! #DIV/0! #DIV/0!
$0.00 $0.00 $4.60
#DIV/0! #DIV/0! #DIV/0!
#DIV/0! #DIV/0! #DIV/0!
-$4,597,129,999.61 -$4,903,749,999.62 -$5,815,369,999.69
-47.55% -45.51% -46.53%
10.01% 10.43% 9.31%
-12.25% -6.67% -18.59%
-$4.12 -$4.53 -$5.52
-183.41% #NUM! -174.62%
-15.8% -10.1% -21.7%
 2017 2018 2019
$14,950,000,000.00 $16,883,000,000.00 $15,301,000,000.00
#VALUE! #VALUE! #VALUE!
19.63% 12.93% -9.37%
$14.51 $16.77 $15.38
13.11% 12.50% 20.43%
22.35% 15.55% -8.28%
$0.00 $0.00 $0.00
0.00% 0.00% 0.00%
#DIV/0! #DIV/0! #DIV/0!
#DIV/0! #DIV/0! #DIV/0!
$0.00 $0.00 $0.00
#DIV/0! #DIV/0! #DIV/0!
#DIV/0! #DIV/0! #DIV/0!
$14,950,000,000.00 $16,883,000,000.00 $15,301,000,000.00
100.00% 100.00% 100.00%
9.02% 8.25% 13.17%
19.63% 12.93% -9.37%
$14.51 $16.77 $15.38
-100.00% -100.00% -100.00%
22.3% 15.6% -8.3%
$0.00
0.00% 0.00% 0.00%
#DIV/0! #DIV/0! #DIV/0!
#DIV/0! #DIV/0! #DIV/0!
$0.00 $0.00 $0.00
#DIV/0! #DIV/0! #DIV/0!
#DIV/0! #DIV/0! #DIV/0!
$8,877,000,000.00 $10,189,000,000.00 $8,742,000,000.00
59.38% 60.35% 57.13%
#VALUE! #VALUE! #VALUE!
22.51% 14.78% -14.20%
$8.62 $10.12 $8.79
#VALUE! #VALUE! #VALUE!
25.3% 17.4% -13.2%
$8,418,000,000.00 $9,667,000,000.00 $8,162,000,000.00
56.31% 57.26% 53.34%
#VALUE! #VALUE! #VALUE!
23.63% 14.84% -15.57%
$8.17 $9.60 $8.20
#VALUE! #VALUE! #VALUE!
26.4% 17.5% -14.6%
$122,000,000.00 $97,000,000.00 $24,000,000.00
0.82% 0.57% 0.16%
14.44% 23.08% 83.82%
117.86% -20.49% -75.26%
$0.12 $0.10 $0.02
-100.00% -100.00% -100.00%
122.8% -18.6% -75.0%
-$186,000,000.00 -$224,000,000.00 -$380,000,000.00
-1.24% -1.33% -2.48%
 20.70% 20.75% 10.91%
-20.78% -20.43% -69.64%
-$0.18 -$0.22 -$0.38
-100.00% -100.00% -100.00%
-23.5% -23.2% -71.7%
-$284,000,000.00 -$1,006,000,000.00 -$18,000,000.00
-1.90% -5.96% -0.12%
-7.58% -29.36% 77.08%
-115.15% -254.23% 98.21%
-$0.28 -$1.00 -$0.02
#NUM! -179.01% -5.52%
-120.0% -262.5% 98.2%
$7,204,000,000.00 $9,731,000,000.00 $7,760,000,000.00
48.19% 57.64% 50.72%
11.22% 6.99% 15.14%
10.46% 35.08% -20.25%
$6.99 $9.66 $7.80
-100.00% -100.00% -100.00%
13.0% 38.2% -19.3%
$1,345,000,000.00 $1,613,000,000.00 $1,349,000,000.00
9.00% 9.55% 8.82%
10.47% 8.67% 16.02%
-48.41% 19.93% -16.37%
$1.31 $1.60 $1.36
-100.00% -100.00% -100.00%
-47.2% 22.7% -15.4%
$5,859,000,000.00 $8,118,000,000.00 $6,411,000,000.00
39.19% 48.08% 41.90%
#VALUE! #VALUE! #VALUE!
49.66% 38.56% -21.03%
$5.69 $8.06 $6.44
#VALUE! #VALUE! #VALUE!
53.1% 41.8% -20.1%

$6,089,976,679.62 $8,957,246,531.70 $6,425,870,876.29

40.74% 53.05% 42.00%
#VALUE! #VALUE! #VALUE!
52.47% 47.08% -28.26%
$5.91 $8.89 $6.46
#VALUE! #VALUE! #VALUE!
55.9% 50.5% -27.4%
$6,051,835,281.62 $7,424,755,143.20 $6,638,139,644.64
40.48% 43.98% 43.38%
12.11% 10.11% 16.00%
24.81% 22.69% -10.59%
$5.87 $7.37 $6.67
#NUM! -153.22% -45.01%
27.6% 25.5% -9.5%
$6,089,976,679.62 $8,957,246,531.70 $6,425,870,876.29
40.74% 53.05% 42.00%
10.92% 4.83% 15.26%
 52.47% 47.08% -28.26%
$5.91 $8.89 $6.46
#NUM! -162.27% -37.16%
55.9% 50.5% -27.4%
$6,051,835,281.62 $7,424,755,143.20 $6,638,139,644.64
40.48% 43.98% 43.38%
12.11% 10.11% 16.00%
24.81% 22.69% -10.59%
$5.87 $7.37 $6.67
#NUM! -153.22% -45.01%
27.6% 25.5% -9.5%
-$7,052,999,999.61 -$6,457,869,999.52 -$6,168,749,999.58
-47.18% -38.25% -40.32%
7.43% 10.92% 15.15%
-21.28% 8.44% 4.48%
-$6.84 -$6.41 -$6.20
#NUM! -22.27% -14.49%
-24.0% 6.3% 3.3%
 2020 2021 2022
$18,884,000,000.00 $22,237,000,000.00 $25,098,000,000.00
#VALUE! #VALUE! #VALUE!
23.42% 17.76% 12.87%
$19.27 $23.26 $26.86
39.36% 7.45% 0.00%
25.32% 20.70% 15.46%
$0.00 $0.00 $0.00
0.00% 0.00% 0.00%
#DIV/0! #DIV/0! #DIV/0!
#DIV/0! #DIV/0! #DIV/0!
$0.00 $0.00 $0.00
#DIV/0! #DIV/0! #DIV/0!
#DIV/0! #DIV/0! #DIV/0!
$18,884,000,000.00 $22,237,000,000.00 $25,098,000,000.00
100.00% 100.00% 100.00%
9.95% 6.24% 0.00%
23.42% 17.76% 12.87%
$19.27 $23.26 $26.86
-100.00% -100.00% -100.00%
25.3% 20.7% 15.5%

0.00% 0.00% 0.00%

#DIV/0! #DIV/0! #DIV/0!
#DIV/0! #DIV/0! #DIV/0!
$0.00 $0.00 $0.00
#DIV/0! #DIV/0! #DIV/0!
#DIV/0! #DIV/0! #DIV/0!
$10,994,000,000.00 $13,374,000,000.00 $15,345,000,000.00
58.22% 60.14% 61.14%
#VALUE! #VALUE! #VALUE!
25.76% 21.65% 14.74%
$11.22 $13.99 $16.42
#VALUE! #VALUE! #VALUE!
27.7% 24.7% 17.4%
$10,268,000,000.00 $12,624,000,000.00 $14,546,000,000.00
54.37% 56.77% 57.96%
#VALUE! #VALUE! #VALUE!
25.80% 22.95% 15.22%
$10.48 $13.21 $15.57
#VALUE! #VALUE! #VALUE!
27.7% 26.0% 17.9%
$11,000,000.00 $61,000,000.00 $274,000,000.00
0.06% 0.27% 1.09%
192.05% 111.94% 0.00%
-54.17% 454.55% 349.18%
$0.01 $0.06 $0.29
-100.00% -100.00% -100.00%
-53.5% 468.4% 359.5%
-$431,000,000.00 -$471,000,000.00 -$575,000,000.00
-2.28% -2.12% -2.29%
 10.09% 10.49% 0.00%
-13.42% -9.28% -22.08%
-$0.44 -$0.49 -$0.62
-100.00% -100.00% -100.00%
-15.2% -12.0% -24.9%
$231,000,000.00 $265,000,000.00 -$814,000,000.00
1.22% 1.19% -3.24%
-191.51% #NUM! -78.26%
1383.33% 14.72% -407.17%
$0.24 $0.28 -$0.87
-61.61% 130.58% -119.22%
1403.1% 17.6% -414.2%
$10,307,000,000.00 $11,732,000,000.00 $13,639,000,000.00
54.58% 52.76% 54.34%
9.79% 7.82% 0.00%
32.82% 13.83% 16.25%
$10.52 $12.27 $14.59
-100.00% -100.00% -100.00%
34.9% 16.7% 18.9%
$1,620,000,000.00 $1,802,000,000.00 $2,444,000,000.00
8.58% 8.10% 9.74%
14.69% 16.46% 0.00%
20.09% 11.23% 35.63%
$1.65 $1.88 $2.62
-100.00% -100.00% -100.00%
21.9% 14.0% 38.7%
$8,687,000,000.00 $9,930,000,000.00 $11,195,000,000.00
46.00% 44.66% 44.61%
#VALUE! #VALUE! #VALUE!
35.50% 14.31% 12.74%
$8.87 $10.39 $11.98
#VALUE! #VALUE! #VALUE!
37.6% 17.2% 15.3%

$8,492,307,363.93 $9,705,703,204.91 $11,863,137,693.38

44.97% 43.65% 47.27%
#VALUE! #VALUE! #VALUE!
32.16% 14.29% 22.23%
$8.67 $10.15 $12.69
#VALUE! #VALUE! #VALUE!
34.2% 17.1% 25.0%
$8,483,008,762.89 $10,531,459,459.46 $12,134,870,825.20
44.92% 47.36% 48.35%
12.31% 6.82% -0.97%
27.79% 24.15% 15.22%
$8.66 $11.02 $12.99
-132.67% #NUM! -106.36%
29.8% 27.3% 17.9%
$8,492,307,363.93 $9,705,703,204.91 $11,863,137,693.38
44.97% 43.65% 47.27%
10.12% 8.09% -4.41%
 32.16% 14.29% 22.23%
$8.67 $10.15 $12.69
-151.56% #NUM! -119.83%
34.2% 17.1% 25.0%
$8,483,008,762.89 $10,531,459,459.46 $12,134,870,825.20
44.92% 47.36% 48.35%
12.31% 6.82% -0.97%
27.79% 24.15% 15.22%
$8.66 $11.02 $12.99
-132.67% #NUM! -106.36%
29.8% 27.3% 17.9%
-$8,458,119,999.54 -$10,637,599,999.55 -$11,110,899,999.55
-44.79% -47.84% -44.27%
8.64% 0.97% -2.39%
-37.11% -25.77% -4.45%
-$8.63 -$11.13 -$11.89
-140.11% #NUM! -153.81%
-39.2% -28.9% -6.9%
 TTM Next 1Y Next 2Y
$25,098,000,000.00 $28,111,500,000.00 $31,652,300,000.00
12.01% 12.30%
0.00% 12.01% 12.60%
$26.86 $30.30 $34.81
12.82% 13.84%
0.00% 12.82% 14.87%
$0.00
0.00%

#DIV/0!
$0.00

#DIV/0!
$25,098,000,000.00
100.00%

0.00%
$26.86

0.0%

0.00%

#DIV/0!
$0.00

#DIV/0!
$15,345,000,000.00 $17,275,500,000.00 $19,757,800,000.00
61.14% 61.45% 62.42%
12.58% 13.47%
0.00% 12.58% 14.37%
$16.42 $18.62 $21.73
13.40% 15.03%
0.0% 13.40% 16.67%
$14,546,000,000.00 $16,407,400,000.00 $18,813,200,000.00
57.96% 58.37% 59.44%
12.80% 13.73%
0.00% 12.80% 14.66%
$15.57 $17.69 $20.69
13.62% 15.28%
0.0% 13.62% 16.97%
$274,000,000.00
1.09% 0.00% 0.00%

0.00%
$0.29

0.0%
-$575,000,000.00
-2.29% 0.00% 0.00%
 0.00%
-$0.62

0.0%
-$177,000,000.00
-0.71% 0.00% 0.00%

78.26%
-$0.19

78.3%
$13,639,000,000.00
54.34% 0.00% 0.00%

0.00%
$14.59

0.0%
$2,444,000,000.00
9.74% 0.00% 0.00%

0.00%
$2.62

0.0%
$11,195,000,000.00 $13,359,600,000.00 $15,267,500,000.00
44.61% 47.52% 48.24%
19.34% 16.78%
0.00% 19.34% 14.28%
$11.98 $14.40 $16.79
20.20% 18.38%
0.0% 20.20% 16.58%

$11,340,283,011.95 $13,359,600,000.00 $15,267,500,000.00

45.18% 47.52% 48.24%
12.61% 13.44%
-4.41% 17.81% 14.28%
$12.14 $14.40 $16.79
13.43% 15.00%
-4.4% 18.66% 16.58%
$12,017,320,360.82
47.88% 0.00% 0.00%

-0.97%
$12.86

-1.0%
$11,340,283,011.95
45.18% 0.00% 0.00%
 -4.41%
$12.14

-4.4%
$12,017,320,360.82
47.88% 0.00% 0.00%

-0.97%
$12.86

-1.0%
-$10,844,899,999.55
-43.21% 0.00% 0.00%

2.39%
-$11.61

2.4%
 Next 3Y Next 4Y Next 5Y
$35,493,000,000.00 $36,933,000,000.00
12.25% 10.14% #N/A
12.13% 4.06% -100.00%
$40.00 $43.59 $0.00
14.20% 12.87% -100.00%
14.93% 8.98% -100.00%

$22,316,000,000.00 $24,989,000,000.00 $24,989,000,000.00

62.87% 67.66% #DIV/0!
13.30% 12.97% 10.24%
12.95% 11.98% 0.00%
$25.15 $29.50 $30.36
15.27% 15.77% 13.08%
15.77% 17.27% 2.91%
$21,243,000,000.00 $23,376,000,000.00 $26,533,000,000.00
59.85% 63.29% #DIV/0!
13.46% 12.59% 12.77%
12.92% 10.04% 13.51%
$23.94 $27.59 $32.23
15.43% 15.39% 15.67%
15.74% 15.25% 16.81%

0.00% 0.00% #DIV/0!

0.00% 0.00% #DIV/0!

 0.00% 0.00% #DIV/0!

0.00% 0.00% #DIV/0!

0.00% 0.00% #DIV/0!

$17,317,800,000.00 $18,655,000,000.00 $21,214,000,000.00

48.79% 50.51% #DIV/0!
15.65% 13.62% 13.64%
13.43% 7.72% 13.72%
$19.52 $22.02 $25.77
17.67% 16.44% 16.56%
16.26% 12.82% 17.03%

$17,317,800,000.00 $18,655,000,000.00 $21,214,000,000.00

48.79% 50.51% #DIV/0!
13.44% 11.98% 12.33%
13.43% 7.72% 13.72%
$19.52 $22.02 $25.77
15.42% 14.76% 15.21%
16.26% 12.82% 17.03%

0.00% 0.00% #DIV/0!

0.00% 0.00% #DIV/0!

0.00% 0.00% #DIV/0!

0.00% 0.00% #DIV/0!

 BALANCE SHEET 2012 2013
EQUITY
Total Equity $7,484,000,000.00 $6,790,000,000.00
CAGR #VALUE! #VALUE!
% -9.27%
Per Share $6.27 $5.89
CAGR 1.54% 2.32%
% -5.95%
Shares 1,194,190,000 1,152,000,000
CAGR -2.20% -2.07%
% -3.53%
Market Cap $97,156,551,763.00 $106,668,403,200.00
CAGR 14.68% 15.18%
% 9.79%
Price/Share $81.36 $92.59
CAGR 17.27% 17.62%
% 13.81%
Enterprise Value $96,893,551,763.00 $108,009,403,200.00
CAGR 14.84% 15.18%
% 11.47%
Per Share $81.14 $93.76
CAGR 17.43% 17.62%
% 15.55%
Market Cap + Total Debt $103,188,551,763.00 $114,384,403,200.00
CAGR 14.40% 14.76%
% 10.85%
Per Share $86.41 $99.29
CAGR 16.98% 17.18%
% 14.91%
ASSETS
Total Assets $14,242,000,000.00 $15,329,000,000.00
CAGR 10.44% 10.72%
% 7.63%
Per Share $11.93 $13.31
CAGR 12.93% 13.06%
% 11.57%
Non Current Assets $3,292,000,000.00 $4,332,000,000.00
CAGR 19.56% 18.42%
% 31.59%
Per Share $2.76 $3.76
CAGR 22.25% 20.92%
% 36.41%
Intangible Assets $1,794,000,000.00 $2,236,000,000.00
CAGR 18.63% 18.04%
% 24.64%
Per Share $1.50 $1.94
CAGR 21.30% 20.54%
% 29.20%
Goodwill $1,122,000,000.00 $1,522,000,000.00
CAGR 19.08% 17.54%
% 35.65%
 Per Share $0.94 $1.32
CAGR 21.76% 20.02%
% 40.62%
Current Assets $10,950,000,000.00 $10,997,000,000.00
CAGR 5.12% 5.60%
% 0.43%
Per Share $9.17 $9.55
CAGR 7.49% 7.83%
% 4.11%
Inventory $1,867,000,000.00 $1,790,000,000.00
CAGR -0.11% 0.30%
% -4.12%
Per Share $1.56 $1.55
CAGR 2.14% 2.42%
% -0.61%
Accounts Receivable $2,304,000,000.00 $2,126,000,000.00
CAGR 5.59% 7.03%
% -7.73%
Per Share $1.93 $1.85
CAGR 7.97% 9.29%
% -4.35%
Cash & Cash Equivalents & Short Term Investments $6,295,000,000.00 $6,375,000,000.00
CAGR 3.49% 3.71%
% 1.27%
Per Share $5.27 $5.53
CAGR 5.82% 5.91%
% 4.98%
Cash $3,599,000,000.00 $5,137,000,000.00
CAGR 8.23% 5.27%
% 42.73%
Per Share $3.01 $4.46
CAGR 10.67% 7.50%
% 47.96%
LIABILITIES
Total Liabilities $6,747,000,000.00 $8,505,000,000.00
CAGR 16.28% 15.34%
% 26.06%
Per Share $5.65 $7.38
CAGR 18.90% 17.78%
% 30.67%
Total Debt $6,032,000,000.00 $7,716,000,000.00
CAGR 8.42% 6.64%
% 27.92%
Per Share $5.05 $6.70
CAGR 10.87% 8.90%
% 32.60%
Total Deferred Taxes $104,000,000.00 $117,000,000.00
CAGR 41.98% 45.33%
% 12.50%
Per Share $0.09 $0.10
CAGR 45.19% 48.40%
 % 16.62%
Non Current Liabilities $715,000,000.00 $2,283,000,000.00
CAGR 34.86% 23.72%
% 219.30%
Per Share $0.60 $1.98
CAGR 37.90% 26.34%
% 230.99%
Long Term Debt $1,494,000,000.00
CAGR #DIV/0! 25.38%
% #DIV/0!
Per Share $0.00 $1.30
CAGR #DIV/0! 28.03%
% #DIV/0!
Non Current Deferred Taxes $104,000,000.00 $117,000,000.00
CAGR 41.98% 45.33%
% 12.50%
Per Share $0.09 $0.10
CAGR 45.19% 48.40%
% 16.62%
Current Liabilities $6,032,000,000.00 $6,222,000,000.00
CAGR 9.44% 10.09%
% 3.15%
Per Share $5.05 $5.40
CAGR 11.90% 12.41%
% 6.93%
Accounts Payable $338,000,000.00 $419,000,000.00
CAGR 8.56% 7.13%
% 23.96%
Per Share $0.28 $0.36
CAGR 11.00% 9.39%
% 28.50%
Short Term Debt $6,032,000,000.00 $6,222,000,000.00
CAGR -23.05% -25.27%
% 3.15%
Per Share $5.05 $5.40
CAGR -21.31% -23.69%
% 6.93%
Current Deferred Taxes
CAGR #DIV/0! #DIV/0!
% #DIV/0!
Per Share $0.00 $0.00
CAGR #DIV/0! #DIV/0!
% #DIV/0!
CALCULATIONS
Net Debt -$263,000,000.00 $1,341,000,000.00
CAGR #VALUE! #VALUE!
% 609.89%
Per Share -$0.22 $1.16
CAGR #VALUE! #VALUE!
% 628.56%
Corrected Net Debt -263,000,000.00 € 1,341,000,000.00 €
 CAGR #VALUE! #VALUE!
% 609.89%
Per Share -$0.22 $1.16
CAGR #VALUE! #VALUE!
% 628.56%
Cash Surplus $263,000,000.00 $0.00
CAGR -100.00% #DIV/0!
% -100.00%
Per Share $0.22 $0.00
CAGR -100.00% #DIV/0!
% -100.00%
Change in Goodwill $400,000,000.00
CAGR #DIV/0! -100.00%
% #DIV/0!
Per Share $0.00 $0.35
CAGR #DIV/0! -100.00%
% #DIV/0!
Change in Intangible Assets $442,000,000.00
CAGR #DIV/0! -100.00%
% #DIV/0!
Per Share $0.00 $0.38
CAGR #DIV/0! -100.00%
% #DIV/0!
Working Capital $4,918,000,000.00 $4,775,000,000.00
CAGR -5.32% -5.55%
% -2.91%
Per Share $4.12 $4.14
CAGR -3.18% -3.56%
% 0.65%
Change in Working Capital $143,000,000.00
CAGR #DIV/0! -100.00%
% #DIV/0!
Per Share $0.00 $0.12
CAGR #DIV/0! -100.00%
% #DIV/0!
Net Working Capital $4,655,000,000.00 $4,622,000,000.00
CAGR -202.56% #NUM!
% -0.71%
Per Share $3.90 $4.01
CAGR -204.87% #NUM!
% 2.93%
Change in Net Working Capital $33,000,000.00
CAGR #DIV/0! -100.00%
% #DIV/0!
Per Share $0.00 $0.03
CAGR #DIV/0! -100.00%
% #DIV/0!
Net Fixed Assets $3,292,000,000.00 $4,332,000,000.00
CAGR 19.56% 18.42%
% 31.59%
Per Share $2.76 $3.76
 CAGR 22.25% 20.92%
% 36.41%
Net Tangible Assets (NFA+NWK) $7,947,000,000.00 $8,954,000,000.00
CAGR 7.35% 6.83%
% 12.67%
Per Share $6.65 $7.77
CAGR 9.77% 9.09%
% 16.80%
Non-Debt Current Liabilities $0.00 $0.00
CAGR #DIV/0! #DIV/0!
% #DIV/0!
Per Share $0.00 $0.00
CAGR #DIV/0! #DIV/0!
% #DIV/0!
Dorsey Invested Capital (A-NDCL-CS) $13,979,000,000.00 $15,329,000,000.00
CAGR 5.99% 5.64%
% 9.66%
Per Share $11.71 $13.31
CAGR 8.38% 7.87%
% 13.67%
 2014 2015 2016

$6,028,000,000.00 $5,656,000,000.00 $5,468,000,000.00

#VALUE! #VALUE! #VALUE!
-11.22% -6.17% -3.32%
$5.40 $5.23 $5.19
3.59% 4.46% 5.23%
-8.38% -3.17% -0.76%
1,116,300,000 1,081,700,000 1,053,800,000
-1.96% -1.81% -1.70%
-3.10% -3.10% -2.58%
$110,502,090,480.00 $158,136,968,100.00 $193,055,106,200.00
16.55% 13.59% 12.43%
3.59% 43.11% 22.08%
$98.99 $146.19 $183.20
18.87% 15.69% 14.38%
6.91% 47.69% 25.31%
$113,301,090,480.00 $162,187,968,100.00 $199,490,106,200.00
16.39% 13.41% 12.11%
4.90% 43.15% 23.00%
$101.50 $149.94 $189.31
18.71% 15.51% 14.05%
8.25% 47.73% 26.26%
$120,039,090,480.00 $170,522,968,100.00 $207,272,106,200.00
15.90% 12.99% 11.82%
4.94% 42.06% 21.55%
$107.53 $157.64 $196.69
18.22% 15.08% 13.76%
8.30% 46.60% 24.77%

$16,250,000,000.00 $18,675,000,000.00 $21,329,000,000.00

11.26% 10.81% 10.33%
6.01% 14.92% 14.21%
$14.56 $17.26 $20.24
13.48% 12.85% 12.24%
9.40% 18.60% 17.24%
$5,266,000,000.00 $5,447,000,000.00 $7,532,000,000.00
18.07% 20.04% 17.64%
21.56% 3.44% 38.28%
$4.72 $5.04 $7.15
20.43% 22.26% 19.68%
25.45% 6.75% 41.94%
$2,694,000,000.00 $2,478,000,000.00 $4,155,000,000.00
17.78% 21.47% 16.00%
20.48% -8.02% 67.68%
$2.41 $2.29 $3.94
20.12% 23.71% 18.01%
24.34% -5.08% 72.11%
$1,891,000,000.00 $1,756,000,000.00 $3,035,000,000.00
16.82% 20.22% 14.14%
24.24% -7.14% 72.84%
 $1.69 $1.62 $2.88
19.15% 22.43% 16.12%
28.22% -4.17% 77.41%
$10,984,000,000.00 $13,228,000,000.00 $13,797,000,000.00
6.25% 4.60% 4.65%
-0.12% 20.43% 4.30%
$9.84 $12.23 $13.09
8.37% 6.53% 6.46%
3.08% 24.28% 7.06%
$1,436,000,000.00 $1,534,000,000.00 $1,631,000,000.00
2.82% 2.33% 1.78%
-19.78% 6.82% 6.32%
$1.29 $1.42 $1.55
4.87% 4.22% 3.54%
-17.21% 10.24% 9.14%
$2,124,000,000.00 $2,480,000,000.00 $3,338,000,000.00
7.85% 6.78% 3.31%
-0.09% 16.76% 34.60%
$1.90 $2.29 $3.17
10.00% 8.76% 5.10%
3.10% 20.50% 38.16%
$6,738,000,000.00 $8,335,000,000.00 $7,782,000,000.00
3.50% 1.21% 2.39%
5.69% 23.70% -6.63%
$6.04 $7.71 $7.38
5.56% 3.08% 4.16%
9.07% 27.66% -4.16%
$5,747,000,000.00 $6,721,000,000.00 $5,933,000,000.00
4.56% 3.11% 5.43%
11.87% 16.95% -11.72%
$5.15 $6.21 $5.63
6.65% 5.01% 7.25%
15.45% 20.69% -9.39%

$10,188,000,000.00 $12,991,000,000.00 $15,761,000,000.00

14.86% 13.37% 12.28%
19.79% 27.51% 21.32%
$9.13 $12.01 $14.96
17.15% 15.46% 14.22%
23.62% 31.59% 24.53%
$9,537,000,000.00 $12,386,000,000.00 $14,217,000,000.00
4.91% 2.15% 0.46%
23.60% 29.87% 14.78%
$8.54 $11.45 $13.49
7.00% 4.03% 2.20%
27.55% 34.03% 17.82%
$115,000,000.00 $79,000,000.00 $81,000,000.00
51.78% 67.59% 79.78%
-1.71% -31.30% 2.53%
$0.10 $0.07 $0.08
54.81% 70.69% 82.89%
 1.43% -29.11% 5.25%
$3,919,000,000.00 $5,785,000,000.00 $6,968,000,000.00
19.30% 16.17% 15.57%
71.66% 47.61% 20.45%
$3.51 $5.35 $6.61
21.68% 18.31% 17.57%
77.15% 52.34% 23.64%
$3,268,000,000.00 $5,180,000,000.00 $5,424,000,000.00
17.86% 13.58% 14.90%
118.74% 58.51% 4.71%
$2.93 $4.79 $5.15
20.21% 15.67% 16.89%
125.74% 63.58% 7.48%
$115,000,000.00 $79,000,000.00 $81,000,000.00
51.78% 67.59% 79.78%
-1.71% -31.30% 2.53%
$0.10 $0.07 $0.08
54.81% 70.69% 82.89%
1.43% -29.11% 5.25%
$6,269,000,000.00 $7,206,000,000.00 $8,793,000,000.00
11.17% 10.71% 9.18%
0.76% 14.95% 22.02%
$5.62 $6.66 $8.34
13.39% 12.75% 11.07%
3.98% 18.62% 25.25%
$472,000,000.00 $609,000,000.00 $933,000,000.00
6.53% 4.01% -1.59%
12.65% 29.03% 53.20%
$0.42 $0.56 $0.89
8.65% 5.93% 0.11%
16.25% 33.15% 57.26%
$6,269,000,000.00 $7,206,000,000.00 $8,793,000,000.00
-27.71% -31.78% -37.22%
0.76% 14.95% 22.02%
$5.62 $6.66 $8.34
-26.27% -30.52% -36.13%
3.98% 18.62% 25.25%

#DIV/0! #DIV/0! #DIV/0!

#DIV/0! #DIV/0! #DIV/0!
$0.00 $0.00 $0.00
#DIV/0! #DIV/0! #DIV/0!
#DIV/0! #DIV/0! #DIV/0!

$2,799,000,000.00 $4,051,000,000.00 $6,435,000,000.00

#VALUE! #VALUE! #VALUE!
108.72% 44.73% 58.85%
$2.51 $3.75 $6.11
#VALUE! #VALUE! #VALUE!
115.40% 49.36% 63.06%
2,799,000,000.00 € 4,051,000,000.00 € 6,435,000,000.00 €
 #VALUE! #VALUE! #VALUE!
108.72% 44.73% 58.85%
$2.51 $3.75 $6.11
#VALUE! #VALUE! #VALUE!
115.40% 49.36% 63.06%
$0.00 $0.00 $0.00
#DIV/0! #DIV/0! #DIV/0!
#DIV/0! #DIV/0! #DIV/0!
$0.00 $0.00 $0.00
#DIV/0! #DIV/0! #DIV/0!
#DIV/0! #DIV/0! #DIV/0!
$369,000,000.00 -$135,000,000.00 $1,279,000,000.00
-100.00% -100.00% -100.00%
-7.75% -136.59% 1047.41%
$0.33 -$0.12 $1.21
-100.00% -100.00% -100.00%
-4.80% -137.76% 1072.49%
$458,000,000.00 -$216,000,000.00 $1,677,000,000.00
-100.00% -100.00% -100.00%
3.62% -147.16% 876.39%
$0.41 -$0.20 $1.59
-100.00% -100.00% -100.00%
6.93% -148.67% 896.94%
$4,715,000,000.00 $6,022,000,000.00 $5,004,000,000.00
-6.02% -9.55% -8.45%
-1.26% 27.72% -16.90%
$4.22 $5.57 $4.75
-4.14% -7.88% -6.87%
1.90% 31.81% -14.70%
$60,000,000.00 -$1,307,000,000.00 $1,018,000,000.00
-100.00% -100.00% -100.00%
-58.04% -2278.33% 177.89%
$0.05 -$1.21 $0.97
-100.00% -100.00% -100.00%
-56.70% -2348.01% 179.95%
$4,246,000,000.00 $4,893,000,000.00 $6,015,000,000.00
-204.19% #NUM! -200.31%
-8.14% 15.24% 22.93%
$3.80 $4.52 $5.71
-206.27% #NUM! -202.04%
-5.20% 18.92% 26.19%
$376,000,000.00 -$647,000,000.00 -$1,122,000,000.00
-100.00% -100.00% -100.00%
1039.39% -272.07% -73.42%
$0.34 -$0.60 -$1.06
-100.00% -100.00% -100.00%
1075.83% -277.58% -78.01%
$5,266,000,000.00 $5,447,000,000.00 $7,532,000,000.00
18.07% 20.04% 17.64%
21.56% 3.44% 38.28%
$4.72 $5.04 $7.15
 20.43% 22.26% 19.68%
25.45% 6.75% 41.94%
$9,512,000,000.00 $10,340,000,000.00 $13,547,000,000.00
6.90% 6.68% 3.59%
6.23% 8.70% 31.02%
$8.52 $9.56 $12.86
9.03% 8.65% 5.38%
9.63% 12.18% 34.48%
$0.00 $0.00 $0.00
#DIV/0! #DIV/0! #DIV/0!
#DIV/0! #DIV/0! #DIV/0!
$0.00 $0.00 $0.00
#DIV/0! #DIV/0! #DIV/0!
#DIV/0! #DIV/0! #DIV/0!
$16,250,000,000.00 $18,675,000,000.00 $21,329,000,000.00
5.59% 4.48% 3.16%
6.01% 14.92% 14.21%
$14.56 $17.26 $20.24
7.70% 6.41% 4.95%
9.40% 18.60% 17.24%
 2017 2018 2019 2020

$5,395,000,000.00 $5,893,000,000.00 $6,391,000,000.00 $7,312,000,000.00

#VALUE! #VALUE! #VALUE! #VALUE!
-1.34% 9.23% 8.45% 14.41%
$5.24 $5.85 $6.42 $7.46
5.97% 4.85% 3.65% -0.21%
0.91% 11.77% 9.76% 16.17%
1,030,400,000 1,007,000,000 995,000,000 979,900,000
-1.61% -1.48% -1.56% -1.57%
-2.22% -2.27% -1.19% -1.52%
$300,439,910,400.00 $352,888,045,000.00 $352,729,490,000.00 $338,140,952,300.00
6.50% 4.44% 5.59% 9.04%
55.62% 17.46% -0.04% -4.14%
$291.58 $350.44 $354.50 $345.08
8.25% 6.01% 7.26% 10.78%
59.16% 20.19% 1.16% -2.66%
$309,488,910,400.00 $365,643,045,000.00 $366,003,490,000.00 $356,517,952,300.00
6.20% 3.96% 4.94% 7.58%
55.14% 18.14% 0.10% -2.59%
$300.36 $363.10 $367.84 $363.83
7.94% 5.52% 6.60% 9.30%
58.66% 20.89% 1.31% -1.09%
$317,866,910,400.00 $373,319,045,000.00 $376,599,490,000.00 $364,411,952,300.00
6.09% 3.95% 4.73% 7.53%
53.36% 17.45% 0.88% -3.24%
$308.49 $370.72 $378.49 $371.89
7.83% 5.52% 6.39% 9.25%
56.84% 20.17% 2.10% -1.75%

$24,860,000,000.00 $29,236,000,000.00 $33,584,000,000.00 $37,669,000,000.00

9.33% 7.74% 6.03% 4.06%
16.55% 17.60% 14.87% 12.16%
$24.13 $29.03 $33.75 $38.44
11.12% 9.36% 7.71% 5.72%
19.20% 20.34% 16.26% 13.89%
$8,689,000,000.00 $12,334,000,000.00 $14,471,000,000.00 $20,720,000,000.00
18.03% 13.75% 12.87% 4.27%
15.36% 41.95% 17.33% 43.18%
$8.43 $12.25 $14.54 $21.15
19.96% 15.46% 14.66% 5.93%
17.98% 45.25% 18.74% 45.39%
$3,895,000,000.00 $5,438,000,000.00 $6,713,000,000.00 $11,333,000,000.00
20.20% 16.65% 15.01% 1.20%
-6.26% 39.61% 23.45% 68.82%
$3.78 $5.40 $6.75 $11.57
22.17% 18.41% 16.83% 2.81%
-4.13% 42.86% 24.93% 71.42%
$2,904,000,000.00 $4,021,000,000.00 $4,960,000,000.00 $7,662,000,000.00
17.55% 13.76% 11.48% -0.01%
-4.32% 38.46% 23.35% 54.48%
 $2.82 $3.99 $4.98 $7.82
19.47% 15.47% 13.24% 1.59%
-2.14% 41.68% 24.84% 56.86%
$16,171,000,000.00 $16,902,000,000.00 $19,113,000,000.00 $16,949,000,000.00
2.69% 2.33% -0.20% 3.81%
17.21% 4.52% 13.08% -11.32%
$15.69 $16.78 $19.21 $17.30
4.37% 3.87% 1.38% 5.46%
19.87% 6.95% 14.45% -9.96%
$1,954,000,000.00 $2,282,000,000.00 $2,459,000,000.00
#DIV/0! -1.14% -5.18% -9.13%
-100.00% #DIV/0! 16.79% 7.76%
$0.00 $1.94 $2.29 $2.51
#DIV/0! 0.35% -3.68% -7.68%
-100.00% #DIV/0! 18.19% 9.42%
$4,728,000,000.00 $5,509,000,000.00 $2,646,000,000.00 $3,006,000,000.00
-1.98% -5.31% 12.20% 11.73%
41.64% 16.52% -51.97% 13.61%
$4.59 $5.47 $2.66 $3.07
-0.37% -3.89% 13.97% 13.51%
44.86% 19.23% -51.39% 15.36%
$8,378,000,000.00 $7,676,000,000.00 $10,596,000,000.00 $7,894,000,000.00
1.54% 3.64% -3.52% 5.16%
7.66% -8.38% 38.04% -25.50%
$8.13 $7.62 $10.65 $8.06
3.20% 5.20% -2.00% 6.84%
10.10% -6.25% 39.71% -24.35%
$6,682,000,000.00 $6,988,000,000.00 $10,113,000,000.00 $7,421,000,000.00
4.27% 4.21% -4.00% 4.99%
12.62% 4.58% 44.72% -26.62%
$6.48 $6.94 $10.16 $7.57
5.98% 5.78% -2.49% 6.66%
15.18% 7.01% 46.46% -25.49%

$19,371,000,000.00 $23,245,000,000.00 $27,067,000,000.00 $30,257,000,000.00

10.60% 8.81% 6.98% 5.42%
22.90% 20.00% 16.44% 11.79%
$18.80 $23.08 $27.20 $30.88
12.41% 10.45% 8.67% 7.10%
25.70% 22.79% 17.85% 13.51%
$17,427,000,000.00 $20,431,000,000.00 $23,870,000,000.00 $26,271,000,000.00
-2.82% -6.39% -11.44% -17.63%
22.58% 17.24% 16.83% 10.06%
$16.91 $20.29 $23.99 $26.81
-1.22% -4.99% -10.04% -16.32%
25.36% 19.96% 18.24% 11.75%
$106,000,000.00 $67,000,000.00 $85,000,000.00 $86,000,000.00
89.55% 136.12% 175.78% 285.24%
30.86% -36.79% 26.87% 1.18%
$0.10 $0.07 $0.09 $0.09
92.67% 139.67% 180.14% 291.38%
 33.84% -35.32% 28.40% 2.74%
$7,778,000,000.00 $11,341,000,000.00 $15,220,000,000.00 $17,095,000,000.00
16.24% 11.09% 5.96% 3.92%
11.62% 45.81% 34.20% 12.32%
$7.55 $11.26 $15.30 $17.45
18.15% 12.76% 7.64% 5.58%
14.16% 49.20% 35.82% 14.05%
$5,834,000,000.00 $8,527,000,000.00 $12,023,000,000.00 $13,109,000,000.00
16.18% 10.96% 4.51% 3.05%
7.56% 46.16% 41.00% 9.03%
$5.66 $8.47 $12.08 $13.38
18.08% 12.63% 6.16% 4.69%
10.00% 49.56% 42.70% 10.71%
$106,000,000.00 $67,000,000.00 $85,000,000.00 $86,000,000.00
89.55% 136.12% 175.78% 285.24%
30.86% -36.79% 26.87% 1.18%
$0.10 $0.07 $0.09 $0.09
92.67% 139.67% 180.14% 291.38%
33.84% -35.32% 28.40% 2.74%
$11,593,000,000.00 $11,904,000,000.00 $11,847,000,000.00 $13,162,000,000.00
5.80% 6.44% 8.24% 7.31%
31.84% 2.68% -0.48% 11.10%
$11.25 $11.82 $11.91 $13.43
7.54% 8.04% 9.96% 9.02%
34.84% 5.07% 0.72% 12.81%
$537,000,000.00 $489,000,000.00 $527,000,000.00 $738,000,000.00
7.61% 11.27% 12.16% 4.16%
-42.44% -8.94% 7.77% 40.04%
$0.52 $0.49 $0.53 $0.75
9.38% 12.94% 13.93% 5.82%
-41.14% -6.82% 9.07% 42.20%
$11,593,000,000.00 $11,904,000,000.00 $11,847,000,000.00 $13,162,000,000.00
-44.52% -50.95% -58.90% -70.50%
31.84% 2.68% -0.48% 11.10%
$11.25 $11.82 $11.91 $13.43
-43.61% -50.21% -58.25% -70.03%
34.84% 5.07% 0.72% 12.81%

#DIV/0! #DIV/0! #DIV/0! #DIV/0!

#DIV/0! #DIV/0! #DIV/0! #DIV/0!
$0.00 $0.00 $0.00 $0.00
#DIV/0! #DIV/0! #DIV/0! #DIV/0!
#DIV/0! #DIV/0! #DIV/0! #DIV/0!

$9,049,000,000.00 $12,755,000,000.00 $13,274,000,000.00 $18,377,000,000.00

#VALUE! #VALUE! #VALUE! #VALUE!
40.62% 40.95% 4.07% 38.44%
$8.78 $12.67 $13.34 $18.75
#VALUE! #VALUE! #VALUE! #VALUE!
43.82% 44.23% 5.32% 40.58%
9,049,000,000.00 € 12,755,000,000.00 € 13,274,000,000.00 € 18,377,000,000.00 €
 #VALUE! #VALUE! #VALUE! #VALUE!
40.62% 40.95% 4.07% 38.44%
$8.78 $12.67 $13.34 $18.75
#VALUE! #VALUE! #VALUE! #VALUE!
43.82% 44.23% 5.32% 40.58%
$0.00 $0.00 $0.00 $0.00
#DIV/0! #DIV/0! #DIV/0! #DIV/0!
#DIV/0! #DIV/0! #DIV/0! #DIV/0!
$0.00 $0.00 $0.00 $0.00
#DIV/0! #DIV/0! #DIV/0! #DIV/0!
#DIV/0! #DIV/0! #DIV/0! #DIV/0!
-$131,000,000.00 $1,117,000,000.00 $939,000,000.00 $2,702,000,000.00
-100.00% -100.00% -100.00% -100.00%
-110.24% 952.67% -15.94% 187.75%
-$0.13 $1.11 $0.94 $2.76
-100.00% -100.00% -100.00% -100.00%
-110.47% 972.49% -14.92% 192.19%
-$260,000,000.00 $1,543,000,000.00 $1,275,000,000.00 $4,620,000,000.00
-100.00% -100.00% -100.00% -100.00%
-115.50% 693.46% -17.37% 262.35%
-$0.25 $1.53 $1.28 $4.71
-100.00% -100.00% -100.00% -100.00%
-115.86% 707.25% -16.37% 267.94%
$4,578,000,000.00 $4,998,000,000.00 $7,266,000,000.00 $3,787,000,000.00
-8.44% -11.61% -21.95% -10.70%
-8.51% 9.17% 45.38% -47.88%
$4.44 $4.96 $7.30 $3.86
-6.94% -10.28% -20.71% -9.27%
-6.44% 11.71% 47.13% -47.08%
$426,000,000.00 -$420,000,000.00 -$2,268,000,000.00 $3,479,000,000.00
-100.00% -100.00% -100.00% -100.00%
-58.15% -198.59% -440.00% 253.40%
$0.41 -$0.42 -$2.28 $3.55
-100.00% -100.00% -100.00% -100.00%
-57.20% -200.88% -446.51% 255.76%
$7,793,000,000.00 $9,226,000,000.00 $8,517,000,000.00 $9,055,000,000.00
#NUM! -192.19% #NUM! -187.88%
29.56% 18.39% -7.68% 6.32%
$7.56 $9.16 $8.56 $9.24
#NUM! -193.58% #NUM! -189.28%
32.50% 21.14% -6.57% 7.96%
-$1,778,000,000.00 -$1,433,000,000.00 $709,000,000.00 -$538,000,000.00
-100.00% -100.00% -100.00% -100.00%
-58.47% 19.40% 149.48% -175.88%
-$1.73 -$1.42 $0.71 -$0.55
-100.00% -100.00% -100.00% -100.00%
-62.07% 17.53% 150.07% -177.05%
$8,689,000,000.00 $12,334,000,000.00 $14,471,000,000.00 $20,720,000,000.00
18.03% 13.75% 12.87% 4.27%
15.36% 41.95% 17.33% 43.18%
$8.43 $12.25 $14.54 $21.15
 19.96% 15.46% 14.66% 5.93%
17.98% 45.25% 18.74% 45.39%
$16,482,000,000.00 $21,560,000,000.00 $22,988,000,000.00 $29,775,000,000.00
0.85% -4.26% -6.80% -16.49%
21.67% 30.81% 6.62% 29.52%
$16.00 $21.41 $23.10 $30.39
2.51% -2.82% -5.33% -15.16%
24.43% 33.85% 7.91% 31.52%
$0.00 $0.00 $0.00 $0.00
#DIV/0! #DIV/0! #DIV/0! #DIV/0!
#DIV/0! #DIV/0! #DIV/0! #DIV/0!
$0.00 $0.00 $0.00 $0.00
#DIV/0! #DIV/0! #DIV/0! #DIV/0!
#DIV/0! #DIV/0! #DIV/0! #DIV/0!
$24,860,000,000.00 $29,236,000,000.00 $33,584,000,000.00 $37,669,000,000.00
1.08% -1.93% -5.73% -11.04%
16.55% 17.60% 14.87% 12.16%
$24.13 $29.03 $33.75 $38.44
2.74% -0.45% -4.24% -9.62%
19.20% 20.34% 16.26% 13.89%
 2021 2022 TTM

$6,298,000,000.00 $6,929,000,000.00 $6,929,000,000.00

#VALUE! #VALUE!
-13.87% 10.02% 0.00%
$6.59 $7.41 $7.41
6.09% 0.00%
-11.71% 12.55% 0.00%
956,000,000 934,500,000 934,500,000
-1.13% 0.00%
-2.44% -2.25% 0.00%
$407,102,084,000.00 $438,430,020,000.00 $438,430,020,000.00
3.78% 0.00%
20.39% 7.70% 0.00%
$425.84 $469.16 $469.16
4.96% 0.00%
23.40% 10.17% 0.00%
$413,443,084,000.00 $443,932,020,000.00 $443,932,020,000.00
3.62% 0.00%
15.97% 7.37% 0.00%
$432.47 $475.05 $475.05
4.81% 0.00%
18.87% 9.84% 0.00%
$420,851,084,000.00 $453,112,020,000.00 $453,112,020,000.00
3.76% 0.00%
15.49% 7.67% 0.00%
$440.22 $484.87 $484.87
4.95% 0.00%
18.37% 10.14% 0.00%

$38,724,000,000.00 $42,448,000,000.00 $42,448,000,000.00

4.70% 0.00%
2.80% 9.62% 0.00%
$40.51 $45.42 $45.42
5.90% 0.00%
5.37% 12.14% 0.00%
$22,118,000,000.00 $23,487,000,000.00 $23,487,000,000.00
3.05% 0.00%
6.75% 6.19% 0.00%
$23.14 $25.13 $25.13
4.23% 0.00%
9.42% 8.63% 0.00%
$11,381,000,000.00 $11,746,000,000.00 $11,746,000,000.00
1.59% 0.00%
0.42% 3.21% 0.00%
$11.90 $12.57 $12.57
2.75% 0.00%
2.93% 5.58% 0.00%
$7,522,000,000.00 $7,660,000,000.00 $7,660,000,000.00
0.91% 0.00%
-1.83% 1.83% 0.00%
 $7.87 $8.20 $8.20
2.07% 0.00%
0.63% 4.18% 0.00%
$16,606,000,000.00 $18,961,000,000.00 $18,961,000,000.00
6.86% 0.00%
-2.02% 14.18% 0.00%
$17.37 $20.29 $20.29
8.08% 0.00%
0.43% 16.81% 0.00%
$2,157,000,000.00 $1,845,000,000.00 $1,845,000,000.00
-7.51% 0.00%
-12.28% -14.46% 0.00%
$2.26 $1.97 $1.97
-6.46% 0.00%
-10.09% -12.50% 0.00%
$3,543,000,000.00 $4,193,000,000.00 $4,193,000,000.00
8.79% 0.00%
17.86% 18.35% 0.00%
$3.71 $4.49 $4.49
10.03% 0.00%
20.81% 21.07% 0.00%
$7,408,000,000.00 $9,180,000,000.00 $9,180,000,000.00
11.32% 0.00%
-6.16% 23.92% 0.00%
$7.75 $9.82 $9.82
12.59% 0.00%
-3.81% 26.77% 0.00%
$7,008,000,000.00 $8,588,000,000.00 $8,588,000,000.00
10.70% 0.00%
-5.57% 22.55% 0.00%
$7.33 $9.19 $9.19
11.97% 0.00%
-3.20% 25.37% 0.00%

$32,347,000,000.00 $35,451,000,000.00 $35,451,000,000.00

4.69% 0.00%
6.91% 9.60% 0.00%
$33.84 $37.94 $37.94
5.89% 0.00%
9.58% 12.12% 0.00%
$13,749,000,000.00 $14,682,000,000.00 $14,682,000,000.00
3.34% 0.00%
-47.66% 6.79% 0.00%
$14.38 $15.71 $15.71
4.52% 0.00%
-46.36% 9.24% 0.00%
$3,798,000,000.00 $393,000,000.00 $4,917,000,000.00
13.78% 1151.15%
4316.28% -89.65% 1151.15%
$3.97 $0.42 $5.26
15.08% 1151.15%
 4426.69% -89.41% 1151.15%
$18,176,000,000.00 $19,187,000,000.00 $19,187,000,000.00
2.74% 0.00%
6.32% 5.56% 0.00%
$19.01 $20.53 $20.53
3.92% 0.00%
8.98% 7.99% 0.00%
$13,749,000,000.00 $14,344,000,000.00 $14,344,000,000.00
2.14% 0.00%
4.88% 4.33% 0.00%
$14.38 $15.35 $15.35
3.31% 0.00%
7.50% 6.73% 0.00%
$3,798,000,000.00 $393,000,000.00 $4,917,000,000.00
13.78% 1151.15%
4316.28% -89.65% 1151.15%
$3.97 $0.42 $5.26
15.08% 1151.15%
4426.69% -89.41% 1151.15%
$14,171,000,000.00 $16,264,000,000.00 $16,264,000,000.00
7.13% 0.00%
7.67% 14.77% 0.00%
$14.82 $17.40 $17.40
8.36% 0.00%
10.36% 17.41% 0.00%
$926,000,000.00 $834,000,000.00 $834,000,000.00
-5.10% 0.00%
25.47% -9.94% 0.00%
$0.97 $0.89 $0.89
-4.01% 0.00%
28.61% -7.86% 0.00%
$338,000,000.00 $338,000,000.00
#DIV/0! 0.00%
-100.00% #DIV/0! 0.00%
$0.00 $0.36 $0.36
#DIV/0! 0.00%
-100.00% #DIV/0! 0.00%

#DIV/0! #DIV/0!
#DIV/0! #DIV/0! #DIV/0!
$0.00 $0.00 $0.00
#DIV/0! #DIV/0!
#DIV/0! #DIV/0! #DIV/0!

$6,341,000,000.00 $5,502,000,000.00 $5,502,000,000.00

#VALUE! #VALUE!
-65.49% -13.23% 0.00%
$6.63 $5.89 $5.89
#VALUE! #VALUE!
-64.63% -11.24% 0.00%
6,341,000,000.00 € 5,502,000,000.00 € 5,502,000,000.00 €
 #VALUE! #VALUE!
-65.49% -13.23% 0.00%
$6.63 $5.89 $5.89
#VALUE! #VALUE!
-64.63% -11.24% 0.00%
$0.00 $0.00 $0.00
#DIV/0! #DIV/0!
#DIV/0! #DIV/0! #DIV/0!
$0.00 $0.00 $0.00
#DIV/0! #DIV/0!
#DIV/0! #DIV/0! #DIV/0!
-$140,000,000.00 $138,000,000.00 $0.00
-100.00% -100.00%
-105.18% 198.57% -100.00%
-$0.15 $0.15 $0.00
-100.00% -100.00%
-105.31% 200.84% -100.00%
$48,000,000.00 $365,000,000.00 $0.00
-100.00% -100.00%
-98.96% 660.42% -100.00%
$0.05 $0.39 $0.00
-100.00% -100.00%
-98.94% 677.91% -100.00%
$2,435,000,000.00 $2,697,000,000.00 $2,697,000,000.00
5.24% 0.00%
-35.70% 10.76% 0.00%
$2.55 $2.89 $2.89
6.45% 0.00%
-34.09% 13.31% 0.00%
$1,352,000,000.00 -$262,000,000.00 $0.00
-100.00% -100.00%
-61.14% -119.38% 100.00%
$1.41 -$0.28 $0.00
-100.00% -100.00%
-60.17% -119.82% 100.00%
-$4,973,000,000.00 -$6,145,000,000.00 -$6,145,000,000.00
11.16% 0.00%
-154.92% -23.57% 0.00%
-$5.20 -$6.58 -$6.58
12.43% 0.00%
-156.29% -26.41% 0.00%
$14,028,000,000.00 $1,172,000,000.00 $0.00
-100.00% -100.00%
2707.43% -91.65% -100.00%
$14.67 $1.25 $0.00
-100.00% -100.00%
2772.62% -91.45% -100.00%
$22,118,000,000.00 $23,487,000,000.00 $23,487,000,000.00
3.05% 0.00%
6.75% 6.19% 0.00%
$23.14 $25.13 $25.13
 4.23% 0.00%
9.42% 8.63% 0.00%
$17,145,000,000.00 $17,342,000,000.00 $17,342,000,000.00
0.57% 0.00%
-42.42% 1.15% 0.00%
$17.93 $18.56 $18.56
1.72% 0.00%
-40.98% 3.48% 0.00%
$14,171,000,000.00 $15,926,000,000.00 $15,926,000,000.00
6.01% 0.00%
#DIV/0! 12.38% 0.00%
$14.82 $17.04 $17.04
7.22% 0.00%
#DIV/0! 14.97% 0.00%
$24,553,000,000.00 $26,522,000,000.00 $26,522,000,000.00
3.93% 0.00%
-34.82% 8.02% 0.00%
$25.68 $28.38 $28.38
5.12% 0.00%
-33.19% 10.50% 0.00%
 Next 1Y Next 2Y Next 3Y Next 4Y

$9,831,391,247.88 $13,305,168,403.44 $17,792,481,462.45 $0.00

41.89% 38.57% 36.94% -100.00%
41.89% 35.33% 33.73% -100.00%
$10.60 $14.63 $20.05
42.92% 40.47% 39.33% #N/A
42.92% 38.06% 37.07% -100.00%
927,743,557 909,413,103 887,255,102 847,184,377
-0.72% -1.35% -1.71% -2.42%
-0.72% -1.98% -2.44% -4.52%
 $7,638,340,000.00 $8,771,070,000.00 $12,972,600,000.00 $11,266,000,000.00
38.83% 26.26% 33.10% 19.62%
38.83% 14.83% 47.90% -13.16%
$8.23 $9.64 $14.62 $13.30
39.84% 27.99% 35.42% 22.59%
39.84% 17.14% 51.60% -9.05%
$ -1,888,025,325.34 $ -5,446,254,652.67 $ -7,505,534,123.04 $ -3,178,172,585.86
-134.32% #NUM! -210.91% #NUM!
-134.32% -188.46% -37.81% 57.66%
-$2.04 -$5.99 -$8.46 -$3.75
-134.57% #NUM! -212.84% #NUM!
-134.57% -194.28% -41.25% 55.65%
Next 5Y

$0.00
-100.00%
#DIV/0!

#N/A
#DIV/0!
823,205,277
-2.50%
-2.83%
 $11,266,000,000.00
15.41%
0.00%
$13.69
18.38%
2.91%
$ -5,796,470,589.46
-201.05%
-82.38%
-$7.04
-203.64%
-87.70%
CASHFLOW STATEMENT 2012 2013
Dividends Paid -$515,000,000.00 -$727,000,000.00
CAGR #VALUE! #VALUE!
% -41.17%
Per Share -0.431254657969 -$0.63
CAGR #VALUE! #VALUE!
% -46.33%
Repurchase of Shares -$3,386,000,000.00 -$3,576,000,000.00
CAGR 5.60% 5.60%
% -5.61%
Per Share -$2.84 -$3.10
CAGR 7.98% 7.83%
% -9.48%
Operating Cashflow $4,135,000,000.00 $3,407,000,000.00
CAGR 10.15% 13.40%
% -17.61%
Per Share $3.46 $2.96
CAGR 12.64% 15.80%
% -14.59%
Investing Cashflow -$4,000,000.00 $690,000,000.00
CAGR 69.77% #NUM!
% 17350.00%
Per Share $0.00 $0.60
CAGR 73.60% #NUM!
% 17981.75%
CAPEX -$155,000,000.00 -$175,000,000.00
CAGR 8.26% 7.80%
% -12.90%
Per Share -$0.13 -$0.15
CAGR 10.70% 10.08%
% -17.04%
Other Investing Cashflow -$24,000,000.00 $99,000,000.00
CAGR -11.84% #NUM!
% 512.50%
Per Share -$0.02 $0.09
CAGR -9.85% #NUM!
% 527.61%
Financing Cashflow -$2,629,000,000.00 -$2,339,000,000.00
CAGR 12.38% 15.03%
% 11.03%
Per Share -$2.20 -$2.03
CAGR 14.91% 17.46%
% 7.77%
Net Borrowings $35,000,000.00
CAGR #DIV/0! 37.18%
% #DIV/0!
Per Share $0.00 $0.03
CAGR #DIV/0! 40.08%
% #DIV/0!
CALCULATIONS
Free Cashflow $4,302,000,000.00 $4,095,620,000.00
 Margin 51.76% 43.38%
CAGR #VALUE! #VALUE!
% -16.18%
Per Share $3.60 $3.56
CAGR #VALUE! #VALUE!
% -1.31%
Augmented Dividend $3,901,000,000.00 $4,303,000,000.00
CAGR 6.48% 6.10%
% 10.31%
Per Share $3.27 $3.74
CAGR 8.88% 8.34%
% 14.34%
Depreciation & Amortization $258,000,000.00 $321,000,000.00
CAGR 10.82% 9.55%
% 24.42%
Per Share $0.22 $0.28
CAGR 13.32% 11.86%
% 28.98%
Equity Reinvestment -$413,000,000.00 $379,000,000.00
CAGR 9.93% #NUM!
% 191.77%
Per Share -$0.35 $0.33
CAGR 12.41% #NUM!
% 195.13%
Firm Reinvestment -$413,000,000.00 $379,000,000.00
CAGR 9.93% #NUM!
% 191.77%
Per Share -$0.35 $0.33
CAGR 12.41% #NUM!
% 195.13%
 2014 2015 2016
-$837,000,000.00 -$942,000,000.00 -$1,044,000,000.00
#VALUE! #VALUE! #VALUE!
-15.13% -12.54% -10.83%
-$0.75 -$0.87 -$0.99
#VALUE! #VALUE! #VALUE!
-18.81% -16.14% -13.76%
-$3,562,000,000.00 -$3,809,000,000.00 -$5,013,000,000.00
6.29% 6.21% 3.00%
0.39% -6.93% -31.61%
-$3.19 -$3.52 -$4.76
8.41% 8.17% 4.79%
-2.79% -10.35% -35.09%
$4,101,000,000.00 $4,637,000,000.00 $5,664,000,000.00
12.65% 12.60% 11.30%
20.37% 13.07% 22.15%
$3.67 $4.29 $5.37
14.90% 14.67% 13.22%
24.22% 16.69% 25.38%
-$715,000,000.00 -$1,163,000,000.00 -$1,781,000,000.00
7.33% 1.89% -3.87%
-203.62% -62.66% -53.14%
-$0.64 -$1.08 -$1.69
9.47% 3.77% -2.21%
-206.94% -67.86% -57.19%
-$177,000,000.00 -$215,000,000.00 -$300,000,000.00
8.57% 7.06% 3.08%
-1.14% -21.47% -39.53%
-$0.16 -$0.20 -$0.28
10.74% 9.03% 4.87%
-4.38% -25.35% -43.23%
-$1,000,000.00 $2,000,000.00 -$1,000,000.00
22.03% #NUM! 29.17%
-101.01% 300.00% -150.00%
$0.00 $0.00 $0.00
24.46% #NUM! 31.41%
-101.04% 306.40% -151.32%
-$2,516,000,000.00 -$2,344,000,000.00 -$4,764,000,000.00
15.89% 19.10% 10.34%
-7.57% 6.84% -103.24%
-$2.25 -$2.17 -$4.52
18.20% 21.30% 12.25%
-11.01% 3.86% -108.62%
$1,530,000,000.00 $1,735,000,000.00 $1,972,000,000.00
-6.62% -8.86% -11.69%
4271.43% 13.40% 13.66%
$1.37 $1.60 $1.87
-4.76% -7.18% -10.16%
4411.23% 17.03% 16.67%

$4,597,130,000.00 $4,903,750,000.00 $5,815,370,000.00

 47.55% 45.51% 46.53%
#VALUE! #VALUE! #VALUE!
9.62% -4.31% 2.26%
$4.12 $4.53 $5.52
#VALUE! #VALUE! #VALUE!
15.83% 10.08% 21.73%
$4,399,000,000.00 $4,751,000,000.00 $6,057,000,000.00
6.54% 6.36% 3.64%
2.23% 8.00% 27.49%
$3.94 $4.39 $5.75
8.67% 8.32% 5.44%
5.50% 11.46% 30.86%
$366,000,000.00 $373,000,000.00 $437,000,000.00
9.06% 9.99% 9.00%
14.02% 1.91% 17.16%
$0.33 $0.34 $0.41
11.24% 12.02% 10.89%
17.67% 5.17% 20.26%
$660,000,000.00 -$939,000,000.00 $2,219,000,000.00
-206.57% 2.79% -191.26%
74.14% -242.27% 336.32%
$0.59 -$0.87 $2.11
-208.69% 4.68% -192.84%
79.71% -246.82% 342.57%
$660,000,000.00 -$939,000,000.00 $2,219,000,000.00
-206.57% 2.79% -191.26%
74.14% -242.27% 336.32%
$0.59 -$0.87 $2.11
-208.69% 4.68% -192.84%
79.71% -246.82% 342.57%
 2017 2018 2019
-$1,345,000,000.00 -$1,605,000,000.00 -$1,741,000,000.00
#VALUE! #VALUE! #VALUE!
-28.83% -19.33% -8.47%
-$1.31 -$1.59 -$1.75
#VALUE! #VALUE! #VALUE!
-31.76% -22.10% -9.78%
-$6,658,000,000.00 -$4,623,000,000.00 -$6,037,000,000.00
-1.27% 5.93% 0.53%
-32.81% 30.56% -30.59%
-$6.46 -$4.59 -$6.07
0.35% 7.53% 2.12%
-35.83% 28.95% -32.16%
$6,223,000,000.00 $8,183,000,000.00 $7,224,000,000.00
11.53% 7.92% 13.48%
9.87% 31.50% -11.72%
$6.04 $8.13 $7.26
13.37% 9.55% 15.27%
12.36% 34.55% -10.65%
-$506,000,000.00 -$1,640,000,000.00 -$1,879,000,000.00
17.78% -3.80% -7.92%
71.59% -224.11% -14.57%
-$0.49 -$1.63 -$1.89
19.72% -2.35% -6.46%
70.94% -231.64% -15.95%
-$330,000,000.00 -$422,000,000.00 -$339,000,000.00
1.97% -2.54% 2.28%
-10.00% -27.88% 19.67%
-$0.32 -$0.42 -$0.34
3.64% -1.08% 3.90%
-12.50% -30.85% 18.70%
-$14,000,000.00 -$4,000,000.00 -$172,000,000.00
-13.17% 8.45% -56.78%
-1300.00% 71.43% -4200.00%
-$0.01 $0.00 -$0.17
-11.74% 10.08% -56.10%
-1331.79% 70.76% -4251.86%
-$4,966,000,000.00 -$5,867,000,000.00 -$2,152,000,000.00
11.39% 10.09% 44.90%
-4.24% -18.14% 63.32%
-$4.82 -$5.83 -$2.16
13.22% 11.75% 47.20%
-6.61% -20.89% 62.88%
-$64,000,000.00 $991,000,000.00 $2,224,000,000.00
#NUM! -3.58% -21.93%
-103.25% 1648.44% 124.42%
-$0.06 $0.98 $2.24
#NUM! -2.13% -20.70%
-103.32% 1684.42% 127.13%

$7,053,000,000.00 $6,457,870,000.00 $6,168,750,000.00

 47.18% 38.25% 40.32%
#VALUE! #VALUE! #VALUE!
1.38% -18.92% 5.40%
$6.84 $6.41 $6.20
#VALUE! #VALUE! #VALUE!
24.04% -6.31% -3.32%
$8,003,000,000.00 $6,228,000,000.00 $7,778,000,000.00
-0.47% 4.55% 0.01%
32.13% -22.18% 24.89%
$7.77 $6.18 $7.82
1.16% 6.12% 1.59%
35.13% -20.37% 26.39%
$459,000,000.00 $522,000,000.00 $580,000,000.00
9.68% 8.89% 8.34%
5.03% 13.73% 11.11%
$0.45 $0.52 $0.58
11.48% 10.53% 10.05%
7.42% 16.37% 12.45%
-$1,180,000,000.00 $1,716,000,000.00 $2,004,000,000.00
-0.14% -192.63% #NUM!
-153.18% 245.42% 16.78%
-$1.15 $1.70 $2.01
1.50% -194.02% #NUM!
-154.38% 248.80% 18.19%
-$1,180,000,000.00 $1,716,000,000.00 $2,004,000,000.00
-0.14% -192.63% #NUM!
-153.18% 245.42% 16.78%
-$1.15 $1.70 $2.01
1.50% -194.02% #NUM!
-154.38% 248.80% 18.19%
 2020 2021 2022
-$1,903,000,000.00 -$2,158,000,000.00 $0.00
#VALUE! #VALUE! #DIV/0!
-9.30% -13.40% 100.00%
-$1.94 -$2.26 $0.00
#VALUE! #VALUE! #DIV/0!
-10.99% -16.23% 100.00%
-$8,894,000,000.00 -$9,121,000,000.00 $0.00
-11.49% -17.77% #DIV/0!
-47.32% -2.55% 100.00%
-$9.08 -$9.54 $0.00
-10.08% -16.83% #DIV/0!
-49.60% -5.12% 100.00%
$9,463,000,000.00 $11,195,000,000.00 $11,980,000,000.00
8.18% 3.45% 0.00%
30.99% 18.30% 7.01%
$9.66 $11.71 $12.82
9.90% 4.63% 0.00%
33.01% 21.26% 9.47%
-$5,272,000,000.00 -$1,470,000,000.00 -$1,351,000,000.00
-36.48% -4.13% 0.00%
-180.57% 72.12% 8.10%
-$5.38 -$1.54 -$1.45
-35.47% -3.04% 0.00%
-184.90% 71.42% 5.98%
-$407,000,000.00 -$442,000,000.00 -$371,000,000.00
-3.04% -8.38% 0.00%
-20.06% -8.60% 16.06%
-$0.42 -$0.46 -$0.40
-1.49% -7.34% 0.00%
-21.91% -11.31% 14.13%
$33,000,000.00 -$3,000,000.00 -$6,000,000.00
-156.65% 41.42% 0.00%
119.19% -109.09% -100.00%
$0.03 $0.00 -$0.01
-157.55% 43.04% 0.00%
119.48% -109.32% -104.60%
-$6,555,000,000.00 -$10,328,000,000.00 -$9,488,000,000.00
13.12% -4.15% 0.00%
-204.60% -57.56% 8.13%
-$6.69 -$10.80 -$10.15
14.92% -3.06% 0.00%
-209.29% -61.50% 6.02%
$3,959,000,000.00 $1,374,000,000.00 $399,000,000.00
-40.69% -22.47% 107.02%
78.01% -65.29% -70.96%
$4.04 $1.44 $0.43
-39.74% -21.58% 107.02%
80.76% -64.43% -70.29%

$8,458,120,000.00 $10,637,600,000.00 $11,110,900,000.00

 44.79% 47.84% 44.27%
#VALUE! #VALUE! #VALUE!
11.10% 6.80% -7.46%
$8.63 $11.13 $11.89
#VALUE! #VALUE! #VALUE!
39.23% 28.91% 6.85%
$10,797,000,000.00 $11,279,000,000.00 $0.00
-10.35% -16.95% #DIV/0!
38.81% 4.46% -100.00%
$11.02 $11.80 $0.00
-8.92% -16.00% #DIV/0!
40.95% 7.08% -100.00%
$726,000,000.00 $750,000,000.00 $799,000,000.00
3.25% 3.21% 0.00%
25.17% 3.31% 6.53%
$0.74 $0.78 $0.86
4.89% 4.40% 0.00%
27.10% 5.89% 8.98%
$6,189,000,000.00 $12,744,000,000.00 $505,000,000.00
-157.39% #NUM! -331.68%
208.83% 105.91% -96.04%
$6.32 $13.33 $0.54
-158.31% #NUM! -331.68%
213.59% 111.06% -95.95%
$6,189,000,000.00 $12,744,000,000.00 $505,000,000.00
-157.39% #NUM! -331.68%
208.83% 105.91% -96.04%
$6.32 $13.33 $0.54
-158.31% #NUM! -331.68%
213.59% 111.06% -95.95%
 TTM Next 1Y Next 2Y Next 3Y
-$1,613,000,000.00 $2,328,821,876.78 $2,592,554,874.03 $3,200,772,780.47
-244.38% #NUM! -225.66%
#DIV/0! 244.38% 11.32% 23.46%
-$1.73 $2.51 $2.85 $3.61
-245.43% #NUM! -227.85%
#DIV/0! 245.43% 13.57% 26.54%
-$6,167,000,000.00 -$3,169,852,797.88 -$8,599,915,798.64 -$10,395,647,749.16
-48.60% 18.09% 19.01%
#DIV/0! 48.60% -171.30% -20.88%
-$6.60 -$3.42 -$9.46 -$11.72
-48.23% 19.71% 21.09%
#DIV/0! 48.23% -176.77% -23.90%
$11,980,000,000.00

0.00%
$12.82

0.00%
-$1,351,000,000.00

0.00%
-$1.45

0.00%
-$371,000,000.00

0.00%
-$0.40

0.00%
-$6,000,000.00

0.00%
-$0.01

0.00%
-$9,488,000,000.00

0.00%
-$10.15

0.00%
$826,000,000.00

107.02%
$0.88

107.02%

$10,844,900,000.00 $12,888,700,000.00 $14,750,700,000.00 $15,655,700,000.00

 43.21% 45.85% 46.60% 44.11%
16.00% 15.22% 12.11%
-2.39% 18.85% 14.45% 6.14%
$11.61 $13.89 $16.22 $17.65
-100.00% -100.00% -99.88%
-2.39% 19.71% 16.75% 8.79%
$7,780,000,000.00

#DIV/0!
$8.33

#DIV/0!
$799,000,000.00

0.00%
$0.86

0.00%
-$1,170,000,000.00

-331.68%
-$1.25

-331.68%
-$1,170,000,000.00

-331.68%
-$1.25

-331.68%
 Next 4Y Next 5Y
$3,676,780,196.18 $4,280,667,440.40
#NUM! -221.56%
14.87% 16.42%
$4.34 $5.20
#NUM! -224.68%
20.30% 19.82%
-$18,799,581,341.00 -$11,250,034,556.00
32.14% 12.78%
-80.84% 40.16%
-$22.19 -$13.67
35.42% 15.67%
-89.39% 38.41%

$18,149,000,000.00 $18,149,000,000.00
 49.14% #DIV/0!
13.05% 10.31%
15.93% 0.00%
$21.42 $22.05
-99.34% -98.18%
21.41% 2.91%
 MACRO 2012 2013 2014 2015 2016 2017 2018
Ten-Year Treasury Yield 2.27% 2.45% 2.41% 2.69% 1.92% 0.92% 1.52%
CAGR 6.07% 5.88% 6.86% 6.19% 13.44% 34.85% 28.17%
% 7.80% -1.68% 11.68% -28.56% -52.21% 65.21%
USA Total Equity Risk Premium 4.24% 4.24% 4.24% 4.24% 4.24% 4.24% 4.24%
CAGR 3.43% 3.82% 4.30% 4.93% 5.78% 6.98% 8.79%
% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Country Risk Premium 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
CAGR #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
% #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
 2019 2020 2021 2022 TTM Next 1Y Next 2Y Next 3Y Next 4Y Next 5Y
3.88% 3.87% 4.09% 4.09% 4.09%
1.77% 5.77% 0.00% 0.00%
156.04% -0.34% 5.77% 0.00% 0.00%
4.24% 4.24% 5.94% 5.94% 5.94%
11.89% 40.09% 0.00% 0.00%
0.00% 0.00% 40.09% 0.00% 0.00%
0.00% 0.00% 0.00% 0.00% 0.00%
#DIV/0! #DIV/0! #DIV/0! #DIV/0!
#DIV/0! #DIV/0! #DIV/0! -100.00% #DIV/0!
MULTIPLES 2012 2013 2014 2015 2016 2017
PER 31.04 28.95 28.52 38.02 48.33 49.33
EV/E 30.96 29.31 29.24 38.99 49.94 50.82
P/B 12.98 15.71 18.33 27.96 35.31 55.69
EV/SALES 11.66 11.44 11.72 15.05 15.96 20.70
EV/EBITDA 19.95 19.59 20.29 25.95 27.53 34.86
EV/EBIT 21.07 20.80 21.71 27.60 29.30 36.77
EV/FCF 22.52 26.37 24.65 33.07 34.30 43.88
2018 2019 2020 2021 2022 TTM Next 1Y
39.40 54.89 39.82 41.94 36.96 38.66
40.82 56.96 41.98 42.60 37.42 39.15
59.88 55.19 46.24 64.64 63.27 63.27
21.66 23.92 18.88 18.59 17.69 17.69
35.89 41.87 32.43 30.91 28.93 28.93
37.82 44.84 34.72 32.75 30.52 30.52
56.62 59.33 42.15 38.87 39.95 40.93
Next 2Y Next 3Y Next 4Y Next 5Y
 RATIOS 2012 2013 2014 2015
Tax Rate 30.76% 28.79% 23.19% 28.11%
Dividend Yield -0.53% -0.68% -0.76% -0.60%
Repurchase Yield 3.49% 3.35% 3.22% 2.41%
Augmented Dividend Yield 2.96% 2.67% 2.47% 1.81%
Payout Ratio 16.45% 19.73% 21.60% 22.65%
Augmented Payout Ratio 124.64% 116.78% 113.53% 114.22%
Retention Rate -24.64% -16.78% -13.53% -14.22%
Equity Reinvestment Rate -13.20% 10.29% 17.03% -22.57%
Firm Reinvestment Rate #DIV/0! #DIV/0! #DIV/0! #DIV/0!
Interest Coverage Ratio 328.43 108.19 85.54 61.86
Liquid Ratio 1.04 1.02 1.07 1.16
Quick Ratio 1.43 1.37 1.41 1.50
Current Ratio 1.82 1.77 1.75 1.84
Debt Ratio (D/E) 44.63% 53.19% 61.27% 68.65%
Leverage Ratio (E/A) 52.55% 44.30% 37.10% 30.29%
Debt Structure (D/(MC+D)) 5.85% 6.75% 7.94% 7.26%
Long-Term Debt/FCF 0.00 0.36 0.71 1.06
Long-Term Debt/EBITDA 0.00 0.27 0.59 0.83
Net-Debt/EBITDA -0.05 0.24 0.50 0.65
Net-Debt/FCF -0.06 0.33 0.61 0.83
ROA 21.98% 24.92% 24.54% 23.82%
ROE 22.39% 24.04% 23.85% 22.27%
ROE: NI/E 41.82% 54.27% 64.28% 73.54%
RONA: NI/(A - NDCL - CS) 22.39% 24.04% 23.85% 22.27%
RONA: NI/(NFA + NWK) 39.38% 41.15% 40.74% 40.23%
RONA: NI/(NFA - Goodwill + NWK) 45.86% 49.58% 50.84% 48.46%
ROIC 0.00% 0.00% 0.00% 0.00%
ROC: EBIT/(E + L) 32.31% 33.95% 32.18% 31.52%
ROIC: NOPAT/(E + D + DT)
ROIC: NOPAT/(E + D - C)
ROIC: NOPAT/(E + D - CS)
ROIC: NOPAT/(A - NDCL - CS)
ROIC: NOPAT/(E + NCL)
ROIC: NOPAT/(E + NCL + STD - C)
ROIC: NOPAT/(NFA + NWK)
ROIC: NOPAT/(NFA - Goodwill + NWK)
 2016 2017 2018 2019 2020 2021
39.97% 18.67% 16.58% 17.38% 15.72% 15.36%
-0.54% -0.45% -0.45% -0.49% -0.56% -0.53%
2.60% 2.22% 1.31% 1.71% 2.63% 2.24%
2.06% 1.77% 0.86% 1.22% 2.07% 1.71%
26.14% 22.09% 17.92% 27.09% 22.41% 22.23%
151.64% 131.41% 69.53% 121.04% 127.14% 116.21%
-51.64% -31.41% 30.47% -21.04% -27.14% -16.21%
55.56% -19.38% 19.16% 31.19% 72.88% 131.30%
45.76% -19.50% 23.11% 30.19% 72.96% 121.01%
44.21 45.26 43.16 21.48 23.82 26.80
0.89 0.72 0.64 0.89 0.60 0.52
1.26 1.13 1.11 1.12 0.83 0.77
1.57 1.39 1.42 1.61 1.29 1.17
72.22% 76.36% 77.61% 78.88% 78.23% 68.58%
25.64% 21.70% 20.16% 19.03% 19.41% 16.26%
6.86% 5.48% 5.47% 6.34% 7.21% 3.27%
0.93 0.83 1.32 1.95 1.55 1.29
0.75 0.66 0.84 1.38 1.19 1.03
0.89 1.02 1.25 1.52 1.67 0.47
1.11 1.28 1.98 2.15 2.17 0.60
19.97% 26.37% 33.12% 20.46% 23.84% 25.41%
18.73% 24.50% 30.64% 19.13% 22.54% 39.53%
73.05% 112.88% 152.00% 100.55% 116.14% 154.11%
18.73% 24.50% 30.64% 19.13% 22.54% 39.53%
29.48% 36.95% 41.55% 27.95% 28.52% 56.61%
38.00% 44.85% 51.07% 35.64% 38.40% 100.86%
24.24% 26.20% 27.45% 21.13% 23.81% 33.85%
32.07% 33.99% 33.18% 24.39% 27.33% 32.67%
24.53% 26.39% 28.13% 21.87% 25.20% 44.17%
40.74% 41.90% 39.82% 33.76% 33.02% 83.33%
24.63% 26.52% 28.21% 21.94% 25.26% 52.53%
24.24% 26.20% 27.45% 21.13% 23.81% 33.85%
38.99% 45.94% 43.08% 30.72% 34.76% 43.03%
36.06% 36.93% 34.59% 29.04% 28.59% 61.71%
35.79% 36.72% 34.44% 28.88% 28.49% 61.43%
46.13% 44.57% 42.33% 36.82% 38.36% 109.44%
 2022 TTM Next 1Y Next 2Y Next 3Y Next 4Y Next 5Y
17.92% 17.92%
0.00% -0.37%
0.00% 1.41%
0.00% 1.04%
0.00% 14.22%
0.00% 68.60%
100.00% 31.40%
4.26% -10.32%
4.16% -9.74%
25.30 25.30
0.56 0.56
0.82 0.82
1.17 1.17
67.94% 67.94%
16.32% 16.32%
3.24% 3.24%
1.29 1.32
0.93 0.93
0.36 0.36
0.50 0.51
29.23% 26.72%
44.73% 42.76%
171.21% 163.66%
44.73% 42.76%
68.41% 65.39%
122.53% 117.13%
47.52% 45.31%
34.32% 34.32%
55.15% 45.30%
97.62% 96.67%
56.15% 55.61%
47.52% 45.31%
46.47% 46.02%
70.25% 69.57%
69.97% 69.30%
125.33% 124.12%