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| 2023 | 2024 | 2025 | 2026 | |
|---|---|---|---|---|
| Revenue | 2,679 | 3,233 | 4,007 | 4,920 |
| Net income | 524 | 306 | 792 | 904 |
| Gross margin | 96.0% | 95.2% | 97.0% | 97.5% |
| Operating margin | 25.3% | 3.6% | 20.7% | 18.5% |
| Net margin | 19.6% | 9.5% | 19.8% | 18.4% |
| EPS | 0.51 | 0.29 | 0.61 | 0.85 |
| Free cash flow | 646 | 947 | 158 | 949 |
| Net debt | -1,994 | -2,697 | -2,469 | -3,144 |
| P/E | — | 431 | 175.1 | 178 |
A what-if tool for a 5–10 year investor, not an answer: change the assumptions and see what they do.
⚠️ CAPM gave a rate outside 6–15% — clamped; check beta and set the rate yourself.
| rate 14.0% | rate 15.0% | rate 16.0% | |
|---|---|---|---|
| Bear · growth 15.0% | 10.68 | 9.7 | 8.88 |
| Base · growth 20.0% | 13.67 | 12.37 | 11.27 |
| Bull · growth 25.0% | 17.44 | 15.72 | 14.27 |
FCF to shareholders 685 mln USD (operating cash flow − capex, after interest), shares 1,068 mln. Discounted at the shareholder rate, so debt is not subtracted again (assumes stable debt). 5 years of growth, 5 of slowdown, then perpetual growth. Sensitive to assumptions — see the table.