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BHPLF · Financials

Annual reports: Yahoo, amounts in millions of USD. P/E — year-end price / EPS; — if the price history does not reach that year.

	2023	2024	2025	2026
Revenue	53,817	55,658	51,262	58,760
Net income	12,921	7,897	9,019	9,833
Gross margin	70.4%	72.8%	71.7%	75.6%
Operating margin	40.8%	41.2%	37.2%	43.4%
Net margin	24.0%	14.2%	17.6%	16.7%
EPS	2.55	1.56	1.77	1.93
Free cash flow	11,968	11,849	9,294	11,929
Net debt	9,983	8,071	12,454	8,519
P/E	12	18.3	12.4	21

Valuation by free cash flow (DCF)

A what-if tool for a 5–10 year investor, not an answer: change the assumptions and see what they do.

Value per share

34.97 USD

Upside to the estimate

-11.5%

No margin of safety: the price is above the DCF value.

Growth priced in

+5.1%

Reverse DCF: FCF growth for 5 years that makes today’s price fair. Compare with what you believe.

	rate 8.0%	rate 9.0%	rate 10.0%
Bear · growth -2.0%	30.82	26.29	22.96
Base · growth 3.0%	41.33	34.97	30.31
Bull · growth 8.0%	55.14	46.34	39.89

FCF to shareholders 11,024 mln USD (operating cash flow − capex, after interest), shares 5,083 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.