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| 2023 | 2024 | 2025 | 2026 | |
|---|---|---|---|---|
| Revenue | 2,209,025 | 1,830,527 | 2,431,568 | 2,443,533 |
| Net income | 471,584 | 363,963 | 544,133 | 574,454 |
| Gross margin | 44.6% | 45.4% | 47.1% | 45.3% |
| Operating margin | 28.0% | 24.9% | 28.7% | 25.6% |
| Net margin | 21.3% | 19.9% | 22.4% | 23.5% |
| EPS | 200.77 | 156.24 | 235.82 | 250.18 |
| Free cash flow | 349,957 | 309,740 | 414,135 | 320,291 |
| Net debt | — | — | — | — |
| P/E | — | — | — | — |
A what-if tool for a 5–10 year investor, not an answer: change the assumptions and see what they do.
⚠️ No or unusual beta — 1 used.
| rate 8.9% | rate 9.9% | rate 10.9% | |
|---|---|---|---|
| Bear · growth -1.6% | 12.3 | 10.71 | 9.49 |
| Base · growth 3.4% | 16.36 | 14.14 | 12.45 |
| Bull · growth 8.4% | 21.69 | 18.62 | 16.29 |
FCF to shareholders 2,205 mln USD (operating cash flow − capex, after interest), shares 2,264 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.