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| 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | |
|---|---|---|---|---|---|---|---|---|---|
| Revenue | — | — | — | — | — | 2,241 | 3,056 | 3,954 | 4,812 |
| Net income | -135 | -140 | -142 | -93 | -235 | -183 | 72 | -15 | -163 |
| Gross margin | — | — | — | — | — | 73.2% | 75.2% | 75.0% | 74.7% |
| Operating margin | — | — | — | — | — | -8.5% | -0.6% | -2.9% | -6.1% |
| Net margin | — | — | — | — | — | -8.2% | 2.4% | -0.4% | -3.4% |
| EPS | — | — | -0.24 | -0.11 | -0.26 | -0.2 | 0.09 | -0.02 | -0.16 |
| Free cash flow | -82 | -59 | 20 | 304 | 463 | 675 | 929 | 1,068 | 1,241 |
| Net debt | — | — | — | -1,181 | -1,257 | -1,922 | -2,682 | -3,534 | -4,410 |
| P/E | — | — | — | — | — | — | 790.5 | — | — |
A what-if tool for a 5–10 year investor, not an answer: change the assumptions and see what they do.
| rate 9.9% | rate 10.9% | rate 11.9% | |
|---|---|---|---|
| Bear · growth 15.0% | 28.84 | 25.04 | 22.06 |
| Base · growth 20.0% | 37.58 | 32.48 | 28.5 |
| Bull · growth 25.0% | 48.73 | 41.95 | 36.65 |
FCF to shareholders 1,079 mln USD (operating cash flow − capex, after interest), shares 1,024 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.