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Definitive Analysis

Financial Statements

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Ticker

Industry

Sector

Page: Company Financials

Union Bank of Taiwan

Ticker: 2838.TW | Industry: Banks - Regional | Sector: Financial Services
$18.35 -0.20 (-1.08%)
As of: 2026-01-23

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Enterprise Value

Metric 2025 2024 2023 2022 2021 2020 2019 2018 2017 2016 2015 2014 2013 2012 2011 2010
Stock Price 16.84 14.12 12.73 12.63 8.93 7.26 7.14 6.11 5.59 5.44 5.87 5.86 5.54 4.85 4.71 4.13
Market Capitalization 72,838.62M 62,098.61M 56,197.31M 56,088.63M 39,415.23M 31,398.22M 30,890.18M 27,321.92M 23,958.58M 23,207.39M 25,263.07M 25,403.42M 23,709.37M 18,407.64M 15,484.20M 12,813.96M
(-) Cash & Equivalents 51,303.64M 48,610.22M 42,145.52M 34,829.92M 37,142.28M 34,218.35M 34,272.66M 33,133.45M 47,503.27M 66,296.97M 73,907.07M 79,024.38M 77,842.28M 96,287.81M 89,089.84M 17,581.12M
(+) Total Debt 8,073.16M 25,794.48M 29,338.15M 8,316.04M 11,295.83M 12,450.00M 12,029.18M 11,659.48M 12,970.11M 12,210.60M 10,251.14M 9,039.84M 8,470.95M 8,047.04M 6,544.55M 1,777.32M
Enterprise Value 29,608.13M 39,282.87M 43,389.94M 29,574.75M 13,568.78M 9,629.88M 8,646.70M 5,847.95M -10,574.57M -30,878.98M -38,392.86M -44,581.12M -45,661.96M -69,833.13M -67,061.08M -2,989.84M

Income Statement

Metric TTM TTM-1 2024-12-31 2023-12-31 2022-12-31 2021-12-31 2020-12-31 2019-12-31 2018-12-31 2017-12-31 2016-12-31 2015-12-31 2014-12-31 2013-12-31 2012-12-31 2011-12-31 2010-12-31 2009-12-31 2008-12-31 2007-12-31 2006-12-31 2005-12-31 2004-12-31
Revenue 33,636M 29,078M 32,753M 29,347M 22,055M 19,643M 18,526M 19,471M 17,004M 16,086M 15,673M 15,813M 14,679M 10,362M 12,790M 8,533M 10,478M 7,092M 6,265M 15,355M 11,309M 17,952M 14,078M
Cost of Revenue 14,342M 10,233M 13,920M 11,618M 5,121M 2,974M 4,282M 5,526M 4,286M 3,678M 3,710M 4,014M 3,730M 0M 3,427M 0M 2,553M 0M 0M 7,416M 0M 17,952M 14,078M
Gross Profit 19,295M 18,845M 18,833M 17,729M 16,935M 16,669M 14,244M 13,945M 12,718M 12,408M 11,964M 11,799M 10,948M 10,362M 9,364M 8,533M 7,925M 7,092M 6,265M 7,939M 11,309M 0M 0M
Gross Profit Margin 57.4% 64.8% 57.5% 60.4% 76.8% 84.9% 76.9% 71.6% 74.8% 77.1% 76.3% 74.6% 74.6% 100.0% 73.2% 100.0% 75.6% 100.0% 100.0% 51.7% 100.0% 0.0% 0.0%
R&D Expenses 0M 0M 0M 0M 0M 0M 0M 0M 0M 0M 0M 0M 0M 0M 0M 0M 0M 0M 0M 0M 0M 0M 0M
SG&A Expenses 4,502M 4,673M 4,566M 4,722M 3,924M 3,733M 3,740M 3,283M 3,444M 3,438M 3,363M 3,145M 3,086M 2,679M 2,660M 2,096M 2,086M 2,057M 0M 2,731M 3,348M 6,531M 16,952M
Operating Expenses 12,807M 13,252M 12,665M 12,494M 12,385M 11,459M 10,302M 9,918M 9,241M 9,022M 8,653M 7,959M 7,210M 7,059M 6,256M 5,928M 6,102M 5,310M 5,363M 14,398M 6,735M 3,265M 8,476M
Operating Income (EBIT) 6,488M 5,593M 6,167M 5,235M 4,550M 5,210M 3,942M 4,027M 3,477M 3,387M 3,311M 3,840M 3,738M 3,303M 3,107M 2,606M 1,823M 1,782M 902M -6,459M 4,574M -3,265M -8,476M
Operating Income Margin 19.3% 19.2% 18.8% 17.8% 20.6% 26.5% 21.3% 20.7% 20.4% 21.1% 21.1% 24.3% 25.5% 31.9% 24.3% 30.5% 17.4% 25.1% 14.4% -42.1% 40.4% -18.2% -60.2%
Interest Income 23,533M 21,602M 22,198M 19,970M 14,963M 11,636M 11,923M 12,003M 10,988M 10,269M 10,014M 10,098M 9,517M 9,240M 9,089M 9,526M 9,259M 9,795M 14,796M 14,672M 15,072M 0M 0M
Interest Expense 14,342M 13,529M 13,920M 11,618M 5,121M 2,974M 4,282M 5,526M 4,286M 3,678M 3,710M 4,014M 3,730M 3,399M 3,427M 2,919M 2,553M 3,794M 7,502M 7,416M 6,030M 0M 0M
Net Interest Income 9,192M 8,073M 8,278M 8,352M 9,842M 8,662M 7,641M 6,477M 6,702M 6,591M 6,304M 6,084M 5,786M 5,841M 5,662M 6,608M 6,706M 6,000M 7,294M 7,256M 9,042M 0M 0M
Unusual Items -9,192M -7,807M -8,278M -8,352M -9,842M -8,662M -7,641M -6,477M -6,702M -6,591M -6,304M -6,084M -5,786M -5,735M -5,662M -6,945M -6,706M -7,045M -9,986M -7,256M -13,258M -1,368M 9,963M
EBT Excluding Unusual Items 15,679M 13,666M 14,445M 13,587M 14,392M 13,872M 11,583M 10,505M 10,178M 9,978M 9,615M 9,925M 9,524M 9,143M 8,769M 9,213M 8,529M 7,783M 8,196M 798M 13,615M -3,265M -8,476M
Pre-Tax Income 6,488M 5,859M 6,167M 5,235M 4,550M 5,210M 3,942M 4,027M 3,477M 3,387M 3,311M 3,840M 3,738M 3,408M 3,107M 2,268M 1,823M 738M -1,790M -6,459M 358M -4,634M 1,487M
Pre-Tax Margin 19.3% 20.1% 18.8% 17.8% 20.6% 26.5% 21.3% 20.7% 20.4% 21.1% 21.1% 24.3% 25.5% 32.9% 24.3% 26.6% 17.4% 10.4% -28.6% -42.1% 3.2% -25.8% 10.6%
Income Tax Expense 1,115M 890M 945M 915M 1,008M 747M 500M 656M 522M 621M 649M 701M 614M 521M 461M 432M 447M 432M -580M -1,516M 120M -1,292M -113M
Net Income 5,392M 4,961M 5,215M 4,317M 3,539M 4,464M 3,442M 3,359M 2,957M 2,745M 2,636M 3,121M 3,094M 2,868M 2,635M 1,827M 1,410M 256M -1,210M -4,942M 306M -3,458M 1,600M
Net Income Margin 16.0% 17.1% 15.9% 14.7% 16.0% 22.7% 18.6% 17.3% 17.4% 17.1% 16.8% 19.7% 21.1% 27.7% 20.6% 21.4% 13.5% 3.6% -19.3% -32.2% 2.7% -19.3% 11.4%
Depreciation & Amortization 2,753M 2,758M 2,766M 2,667M 2,714M 2,638M 2,492M 2,484M 1,988M 1,938M 1,821M 1,707M 1,634M 1,661M 1,539M 1,266M 974M 867M 489M 478M 500M 448M 0M
EBITDA 9,240M 8,351M 8,933M 7,902M 7,264M 7,848M 6,434M 6,511M 5,464M 5,324M 5,132M 5,547M 5,372M 4,964M 4,646M 3,872M 2,797M 2,649M 1,392M -5,981M 5,073M -2,818M -8,476M
EBITDA Margin 27.5% 28.7% 27.3% 26.9% 32.9% 40.0% 34.7% 33.4% 32.1% 33.1% 32.7% 35.1% 36.6% 47.9% 36.3% 45.4% 26.7% 37.4% 22.2% -39.0% 44.9% -15.7% -60.2%
NOPAT 5,373M 4,743M 5,223M 4,321M 3,542M 4,463M 3,442M 3,371M 2,955M 2,766M 2,662M 3,139M 3,123M 2,798M 2,646M 2,109M 1,376M 738M 713M -5,102M 3,041M -2,580M -9,120M
NOPAT Margin 16.0% 16.3% 15.9% 14.7% 16.1% 22.7% 18.6% 17.3% 17.4% 17.2% 17.0% 19.9% 21.3% 27.0% 20.7% 24.7% 13.1% 10.4% 11.4% -33.2% 26.9% -14.4% -64.8%
Owner's Earnings 6,508M 5,463M 6,463M 3,322M 4,037M 6,678M 5,665M 5,497M 4,709M 4,415M 3,693M 4,598M 4,462M 2,280M 1,800M 2,996M 2,267M 894M -1,030M -4,882M 77M -3,767M 1,285M
Owner's Earnings Margin 19.3% 18.8% 19.7% 11.3% 18.3% 34.0% 30.6% 28.2% 27.7% 27.4% 23.6% 29.1% 30.4% 22.0% 14.1% 35.1% 21.6% 12.6% -16.4% -31.8% 0.7% -21.0% 9.1%
EPS (Basic) 1.12 1.02 1.08 0.89 0.71 0.93 0.69 0.67 0.67 0.64 0.62 0.73 0.73 0.68 0.71 0.49 0.42 0.08 -0.38 -1.61 0.10 -1.18 0.64
EPS (Diluted) 1.25 1.13 1.20 1.00 0.82 1.03 0.80 0.78 0.69 0.64 0.61 0.73 0.72 0.67 0.62 0.43 0.35 0.07 -0.38 -1.56 0.09 -1.18 0.60
Shares (Basic) 4,327M 4,426M 4,332M 4,325M 4,319M 4,310M 4,301M 4,292M 4,282M 4,274M 4,274M 4,268M 4,257M 4,219M 3,693M 3,610M 3,320M 3,160M 3,160M 3,077M 3,007M 2,935M 2,520M
Shares (Diluted) 4,327M 4,402M 4,342M 4,334M 4,327M 4,320M 4,312M 4,303M 4,295M 4,287M 4,287M 4,286M 4,273M 4,262M 4,243M 4,243M 3,979M 3,819M 3,160M 3,160M 3,504M 2,935M 2,646M

Balance Sheet

Metric MRQ MRQ-1 2024-12-31 2023-12-31 2022-12-31 2021-12-31 2020-12-31 2019-12-31 2018-12-31 2017-12-31 2016-12-31 2015-12-31 2014-12-31 2013-12-31 2012-12-31 2011-12-31 2010-12-31 2009-12-31 2008-12-31 2007-12-31 2006-12-31 2005-12-31 2004-12-31
Cash & Cash Equivalents 50,567.86M 53,251.42M 52,677.55M 43,300.55M 37,223.01M 43,320.92M 33,287.24M 29,727.33M 43,277.37M 31,317.16M 65,385.58M 71,659.72M 76,850.50M 79,101.22M 85,036.97M 110,275.32M 70,324.47M 63,523.71M 49,126.99M 28,169.85M 39,420.91M 0.00M 0.00M
Short-Term Investments 0.00M 0.00M 0.00M -31,773.75M 0.00M 0.00M -24,325.80M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M
Cash & Short-Term Investments 50,567.86M 53,251.42M 52,677.55M 11,526.80M 37,223.01M 43,320.92M 8,961.44M 29,727.33M 43,277.37M 31,317.16M 65,385.58M 71,659.72M 76,850.50M 79,101.22M 85,036.97M 110,275.32M 70,324.47M 63,523.71M 49,126.99M 28,169.85M 39,420.91M 0.00M 0.00M
Net Receivables 49,233.44M 40,719.40M 40,464.03M 0.00M 29,180.98M 27,476.62M 0.00M 21,177.11M 18,131.48M 17,751.42M 17,888.23M 15,217.78M 14,781.59M 13,917.48M 14,435.56M 15,278.42M 17,054.05M 20,893.98M 23,513.60M 28,967.95M 37,843.05M 0.00M 0.00M
Inventory 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M
Other Current Assets 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 124,025.17M 85,907.48M
Total Current Assets 99,801.30M 93,970.82M 93,141.59M 11,526.80M 66,404.00M 70,797.54M 8,961.44M 50,904.44M 61,408.85M 49,068.58M 83,273.81M 86,877.50M 91,632.10M 93,018.70M 99,472.53M 125,553.73M 87,378.52M 84,417.69M 72,640.60M 57,137.80M 77,263.96M 124,025.17M 85,907.48M
Property, Plant & Equipment 18,764.14M 18,060.26M 17,852.21M 17,170.33M 14,193.43M 11,875.31M 9,667.04M 9,409.04M 8,007.50M 8,081.73M 13,310.52M 12,545.64M 12,006.21M 11,983.44M 7,729.00M 7,972.88M 8,103.86M 8,314.87M 8,582.84M 8,702.82M 8,854.12M 11,407.63M 2,345.38M
Goodwill 1,985.31M 1,985.31M 1,985.31M 1,985.31M 1,985.31M 1,985.31M 1,985.31M 1,985.31M 1,985.31M 1,985.31M 1,985.31M 1,985.31M 1,985.31M 1,985.31M 1,985.31M 2,119.71M 2,374.49M 2,369.64M 2,507.40M 2,574.22M 2,757.50M 2,757.50M 0.00M
Intangible Assets 167.88M 181.59M 214.72M 176.11M 199.10M 193.02M 181.03M 152.15M 177.65M 184.14M 182.42M 158.93M 65.69M 64.49M 102.66M 143.61M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M
Long-Term Investments 623,614.25M 613,439.21M 202,568.46M 196,747.51M 174,655.60M 189,498.26M 185,069.93M 181,544.50M 168,178.41M 147,232.88M 114,165.82M 97,773.59M 90,011.79M 76,880.41M 69,209.85M 65,388.72M 70,193.48M 85,130.05M 77,384.56M 67,449.68M 77,909.33M 1,463.92M 5,698.15M
Tax Assets 874.07M 1,464.45M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M -5,154.21M -4,822.21M -4,273.34M -4,339.00M -300,088.91M 0.00M 0.00M 0.00M -71.61M -84.76M 0.00M 1,961.83M 458.86M
Other Non-Current Assets 300,605.94M 295,144.26M 679,695.18M 578,674.76M 641,367.80M 624,269.44M 551,693.26M 489,210.67M 448,896.84M 395,670.96M 275,978.33M 269,561.97M 243,457.09M 199,609.26M -64,911.94M 188,473.21M 248,873.47M 242,202.63M 252,604.72M 269,094.91M 262,642.43M 219,935.89M 152,164.37M
Other Assets 0.00M 0.00M 0.00M 132,866.25M -53,805.30M -57,029.73M 0.00M -38,044.92M -41,068.46M -36,607.29M 43,810.36M 39,586.25M 47,323.39M 56,613.37M 299,602.56M 11,726.16M -51,291.37M -62,376.59M -56,029.16M -46,431.27M -40,422.22M 0.00M 0.00M
Total Non-Current Assets 946,011.59M 930,275.07M 902,315.88M 927,620.25M 778,595.94M 770,791.61M 748,596.56M 644,256.75M 586,177.25M 516,547.71M 444,278.55M 416,789.50M 390,576.14M 342,797.28M 13,628.53M 275,824.28M 278,253.93M 275,640.59M 284,978.74M 301,305.60M 311,741.17M 237,526.77M 160,666.76M
Total Assets 1,045,812.89M 1,024,245.89M 995,457.47M 939,147.05M 844,999.93M 841,589.15M 757,558.00M 695,161.19M 647,586.09M 565,616.29M 527,552.36M 503,666.99M 482,208.24M 435,815.98M 113,101.07M 401,378.02M 365,632.45M 360,058.28M 357,619.34M 358,443.40M 389,005.13M 361,551.94M 246,574.24M
Accounts Payable 11,499.99M 12,080.52M 8,504.26M 9,166.93M 7,256.87M 8,519.96M 5,594.01M 4,615.29M 7,013.42M 4,468.18M 0.00M 0.00M 0.00M 0.00M 703.83M 811.48M 727.34M 767.94M 0.00M 0.00M 0.00M 3,433.35M 838.56M
Short-Term Debt 90,825.17M 82,587.08M 75,145.76M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 68,444.51M 4,712.95M
Tax Payables 909.59M 611.77M 209.59M 226.33M 660.56M 451.48M 121.57M 369.73M 41.22M 77.17M 97.55M 49.62M 9.85M 18.95M 76.64M 201.41M 252.11M 70.78M 0.00M 0.00M 0.00M 0.00M 0.00M
Deferred Revenue 0.00M 0.00M 0.00M 1,030.65M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M
Other Current Liabilities 749,213.14M 741,594.06M 743,326.57M 597,082.60M 560,544.08M 558,235.59M 496,081.12M 428,693.08M 391,426.63M -5,931.19M -8,507.30M -5,515.03M -5,576.96M -4,286.50M -6,038.43M 262,873.30M 238,871.48M 220,201.28M -4,981.32M -4,776.10M -7,301.93M 253,054.83M 190,781.91M
Total Current Liabilities 852,447.89M 836,873.43M 827,186.17M 607,506.52M 568,461.51M 567,207.03M 501,796.70M 433,678.09M 398,481.27M -1,385.83M -8,409.75M -5,465.41M -5,567.11M -4,267.54M -5,257.97M 263,886.20M 239,850.93M 221,040.00M -4,981.32M -4,776.10M -7,301.93M 324,932.69M 196,333.42M
Long-Term Debt 9,008.76M 7,545.66M 7,633.11M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 12,407.03M 10,204.90M 0.00M 9,414.15M 0.00M 7,508.36M 7,109.27M 0.00M 9,989.30M 11,888.48M 17,179.16M 13,920.00M 11,194.00M
Capital Lease Obligations 0.00M 0.00M 0.00M 1,330.40M 1,218.19M 1,423.45M 1,303.94M 1,415.18M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M
Deferred Tax Liabilities 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 937.20M 834.41M 881.73M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M
Other Non-Current Liabilities 100,707.19M 98,525.72M 81,185.58M 173,833.30M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M -12,407.03M -10,204.90M 454,174.50M 402,060.45M 0.00M 0.00M 0.00M 0.00M 0.00M 226.30M 0.00M 2,323.07M 20,316.07M
Total Non-Current Liabilities 109,715.94M 106,071.38M 88,818.70M 175,163.70M 1,218.19M 1,423.45M 1,303.94M 1,415.18M 0.00M 937.20M 834.41M 881.73M 454,174.50M 411,474.60M 0.00M 7,508.36M 7,109.27M 0.00M 9,989.30M 12,114.77M 17,179.16M 16,243.07M 31,510.07M
Total Liabilities 962,163.83M 942,944.81M 916,004.87M 782,670.22M 569,679.69M 568,630.47M 503,100.64M 435,093.27M 398,481.27M -448.63M -7,575.34M -4,583.68M 448,607.39M 407,207.06M -5,257.97M 271,394.55M 246,960.20M 221,040.00M 5,007.98M 7,338.67M 9,877.23M 341,175.76M 227,843.49M
Preferred Stock 2,000.00M 2,000.00M 2,000.00M 2,000.00M 2,000.00M 2,000.00M 2,000.00M 2,000.00M 2,000.00M 2,000.00M 0.00M 0.00M 0.00M 0.00M 204.19M 3,025.09M 3,025.09M 4,000.00M 4,000.00M 3,672.80M 0.00M 0.00M 0.00M
Common Stock 43,405.52M 40,500.73M 40,500.73M 37,789.53M 35,940.46M 32,952.19M 30,933.69M 28,844.55M 26,900.13M 26,051.52M 26,051.52M 26,051.52M 24,509.31M 22,165.25M 20,060.20M 16,459.91M 16,459.91M 19,188.24M 19,188.24M 19,188.24M 18,277.98M 18,253.94M 15,171.29M
Retained Earnings 4,846.77M 3,008.27M 7,108.80M 5,623.24M 4,473.40M 6,932.58M 4,854.97M 5,180.14M 4,619.23M 4,504.00M 3,740.04M 3,078.20M 3,045.30M 2,792.44M 3,064.84M 2,334.60M 1,176.59M -5,651.65M -5,907.54M -5,046.04M 305.81M -3,457.78M 0.00M
Accumulated OCI 23,976.61M 0.00M 19,456.99M 14,895.45M 10,579.74M 15,198.56M 14,362.14M 12,188.13M 8,261.26M 7,330.74M 6,125.34M 5,728.03M 4,482.92M 0.00M 0.00M 0.00M 0.00M -38.78M 0.00M 0.00M 0.00M 3,507.66M 3,559.45M
Minority Interest 2,092.75M 2,195.00M 2,217.78M 2,208.50M 2,046.50M 729.76M 1.58M 1.58M 245.73M 267.89M 269.14M 260.25M 268.95M 257.04M 236.90M 225.28M 214.53M 1,728.52M 0.00M 1,967.68M 1,898.19M 2,042.44M 0.00M
Total Shareholders’ Equity 74,228.90M 45,509.00M 69,066.53M 60,308.22M 52,993.60M 57,083.33M 52,150.80M 48,212.82M 41,780.62M 39,886.26M 35,916.90M 34,857.75M 32,037.53M 24,957.69M 23,329.23M 21,819.60M 20,661.59M 17,497.82M 17,280.71M 17,815.01M 18,583.79M 18,303.82M 18,730.75M
Total Equity 76,321.65M 47,704.01M 71,284.31M 62,516.72M 55,040.10M 57,813.09M 52,152.38M 48,214.40M 42,026.34M 40,154.15M 36,186.04M 35,118.00M 32,306.48M 25,214.73M 23,566.13M 22,044.88M 20,876.12M 19,226.34M 17,280.71M 19,782.68M 20,481.99M 20,346.26M 18,730.75M
Total Liabilities & Equity 1,038,485.49M 990,648.82M 987,289.18M 845,186.94M 624,719.79M 626,443.56M 555,253.02M 483,307.67M 440,507.61M 39,705.52M 28,610.70M 30,534.33M 480,913.87M 432,421.79M 18,308.16M 293,439.43M 267,836.32M 240,266.34M 22,288.69M 27,121.35M 30,359.22M 361,522.02M 246,574.24M
Tangible Assets 1,043,659.70M 1,022,079.00M 993,257.44M 936,985.63M 842,815.52M 839,410.82M 755,391.67M 693,023.73M 645,423.13M 563,446.84M 525,384.63M 501,522.75M 480,157.24M 433,766.18M 111,013.10M 399,114.70M 363,257.97M 357,688.65M 355,111.94M 355,869.19M 386,247.63M 358,794.44M 246,574.24M
Tangible Equity 74,168.46M 45,537.11M 69,084.28M 60,355.31M 52,855.69M 55,634.76M 49,986.04M 46,076.94M 39,863.38M 37,984.71M 34,018.31M 32,973.76M 30,255.48M 23,164.94M 21,478.16M 19,781.56M 18,501.64M 16,856.70M 14,773.31M 17,208.46M 17,724.49M 17,588.76M 18,730.75M
Tangible Book Value 74,168.46M 45,537.11M 69,084.28M 60,355.31M 52,855.69M 55,634.76M 49,986.04M 46,076.94M 39,863.38M 37,984.71M 34,018.31M 32,973.76M 30,255.48M 23,164.94M 21,478.16M 19,781.56M 18,501.64M 16,856.70M 14,773.31M 17,208.46M 17,724.49M 17,588.76M 18,730.75M
Total Investments 623,614.25M 613,439.21M 202,568.46M 164,973.76M 174,655.60M 189,498.26M 160,744.13M 181,544.50M 168,178.41M 147,232.88M 114,165.82M 97,773.59M 90,011.79M 76,880.41M 69,209.85M 65,388.72M 70,193.48M 85,130.05M 77,384.56M 67,449.68M 77,909.33M 1,463.92M 5,698.15M
Net Debt 49,266.07M 36,881.33M 30,101.31M -43,300.55M -37,223.01M -43,320.92M -33,287.24M -29,727.33M -43,277.37M -31,317.16M -52,978.55M -61,454.82M -76,850.50M -69,687.07M -85,036.97M -102,766.96M -63,215.20M -63,523.71M -39,137.69M -16,281.37M -22,241.75M 82,364.51M 15,906.95M

Capital Metrics

Metric MRQ MRQ-1 2024-12-31 2023-12-31 2022-12-31 2021-12-31 2020-12-31 2019-12-31 2018-12-31 2017-12-31 2016-12-31 2015-12-31 2014-12-31 2013-12-31 2012-12-31 2011-12-31 2010-12-31 2009-12-31 2008-12-31 2007-12-31 2006-12-31 2005-12-31 2004-12-31
Working Capital -751,737.0M -742,290.8M -734,044.6M -598,826.2M -502,057.5M -496,409.5M -492,835.3M -382,773.7M -337,072.4M -327,893.4M -285,761.6M -266,034.7M -241,844.6M -214,686.6M 98,644.7M -143,597.7M -154,758.8M -138,545.7M 72,640.6M 57,137.8M 77,264.0M -200,907.5M -110,425.9M
Total Capital 91,474.7M 87,263.5M 173,689.0M 163,289.5M 68,734.5M 75,776.7M 70,578.8M 69,337.3M 60,994.0M 61,028.3M 48,285.2M 45,094.6M 41,936.4M 37,969.3M 32,778.2M 29,473.0M 27,203.7M 30,077.1M 26,133.5M 29,986.4M 35,862.6M 100,698.3M 34,637.7M
Capital Employed 194,274.6M 187,984.2M 168,271.3M 328,794.0M 276,538.4M 274,382.1M 255,761.3M 261,483.1M 249,104.8M 188,654.3M 163,671.1M 155,577.0M 153,004.8M 132,449.7M 412,362.2M 132,226.6M 123,495.1M 137,094.9M 357,690.9M 358,528.2M 389,005.1M 36,619.2M 50,240.8M
Invested Capital 40,906.8M 34,012.1M 121,011.5M 119,988.9M 31,511.5M 32,455.7M 37,291.5M 39,610.0M 17,716.6M 29,711.1M -17,100.4M -26,565.2M -34,914.1M -41,131.9M -52,258.8M -80,802.3M -43,120.7M -33,446.6M -22,993.5M 1,816.5M -3,558.3M 100,698.3M 34,637.7M

Cash Flow Statement

Metric TTM TTM-1 2024-12-31 2023-12-31 2022-12-31 2021-12-31 2020-12-31 2019-12-31 2018-12-31 2017-12-31 2016-12-31 2015-12-31 2014-12-31 2013-12-31 2012-12-31 2011-12-31 2010-12-31 2009-12-31 2008-12-31 2007-12-31 2006-12-31 2005-12-31 2004-12-31
Net Income 6,487.80M 5,859.12M 6,167.10M 5,235.40M 4,549.77M 5,210.24M 3,941.68M 4,027.46M 3,476.58M 2,744.99M 3,310.79M 3,840.26M 3,737.80M 3,408.36M 3,107.30M 1,835.95M 1,376.32M 305.53M -1,209.96M -4,942.36M 289.98M -3,440.36M 1,599.63M
Depreciation & Amortization 2,752.62M 2,768.85M 2,766.24M 2,666.67M 2,713.88M 2,637.59M 2,492.41M 2,483.88M 1,987.56M 1,937.51M 1,820.86M 1,707.18M 1,634.37M 1,660.79M 1,538.77M 1,266.22M 973.57M 867.08M 489.11M 477.85M 499.55M 447.55M 0.00M
Deferred Income Tax 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M
Stock-Based Compensation 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M
Change in Working Capital 3,358.74M 5,820.97M -4,946.15M 13,808.55M -11,485.57M -10,020.24M 4,920.73M -26,991.20M 49,515.26M -49,122.07M -3,008.33M -12,663.82M 748.69M -14,038.94M -4,073.09M 1,329.18M 7,501.30M 14,383.76M 437.81M -3,181.46M 18,347.47M -30,077.23M -9,509.73M
Accounts Receivable -3,093.49M -8,520.33M -2,633.71M -8,392.15M -1,064.36M -2,163.78M -3,915.98M 0.00M 0.00M 0.00M -2,779.46M -134.48M -727.75M 528.12M 1,211.31M 1,675.62M 3,707.24M 3,705.53M 4,188.33M 2,530.60M 8,057.52M 0.00M 0.00M
Inventory 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M
Accounts Payable 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M
Other Working Capital 6,452.24M 14,341.30M -2,312.44M 22,200.70M -10,421.21M -7,856.46M 8,836.71M -26,991.20M 49,515.26M -49,122.07M -228.87M -12,529.34M 1,476.44M -14,567.06M -5,284.40M -346.44M 3,794.06M 10,678.23M -3,750.52M -5,712.06M 10,289.96M -30,077.23M -9,509.73M
Other Non-Cash Items -4,677.16M -2,414.21M -5,751.03M -270.25M 1,165.93M -530.70M -2,475.41M -1,422.25M 47.38M -15.48M -598.11M -613.88M -1,023.48M -1,054.55M -1,136.83M 1,162.27M 2,006.01M 2,819.11M 5,167.29M 9,045.67M 4,501.81M 10,892.77M 4,175.63M
Net Cash from Operating Activities 7,922.00M 12,034.72M -1,763.84M 21,440.37M -3,055.99M -2,703.11M 8,879.40M -21,902.11M 55,026.78M -44,455.05M 1,525.20M -7,730.25M 5,097.38M -10,024.35M -563.85M 5,593.63M 11,857.20M 18,375.49M 4,884.25M 1,399.71M 23,638.82M -22,177.27M -3,734.48M
Capital Expenditures (PPE) -1,558.74M -2,153.09M -3,148.47M -3,588.53M -2,116.96M -365.46M -227.56M -298.98M -235.78M -200.90M -735.64M -147.90M -244.02M -2,249.14M -2,344.69M -96.40M -116.72M -1,094.26M -306.02M -417.74M -728.52M -4,065.76M -314.95M
Acquisitions (Net) -89.15M 489.14M 0.00M 410.43M 0.00M -698.28M 0.00M 0.05M -1,579.98M 0.02M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 41.99M -87.50M 0.00M 0.00M 536.30M
Purchases of Investments 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M -6,053.88M -29,608.89M -30,763.27M -19,844.01M -58,805.94M -99,316.61M -27,522.41M -25,552.10M -12,986.24M 0.00M -17,999.17M
Sales / Maturities of Investments 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 63.83M 0.00M 0.00M 0.00M 0.00M 132.06M 26,500.78M 32,260.38M 5,135.00M 12,515.75M 18,840.81M 19,944.53M 9,044.75M 544.60M 397.20M 0.00M
Other Investing Activities -2,001.16M -1,124.95M 514.50M -660.59M -2,280.97M -2,490.67M -2,251.31M -2,584.07M -2,109.48M -1,591.67M -3,658.57M -2,187.17M 3,519.76M 987.73M 539.70M -23,297.24M 34,493.57M 76,636.12M 3,679.11M 8,871.92M -37,852.50M -51,117.16M -19,230.29M
Net Cash from Investing Activities -3,649.05M -2,788.90M -2,633.98M -3,838.68M -4,397.94M -3,554.41M -2,478.87M -2,819.18M -3,925.24M -1,792.55M -4,394.21M -2,335.07M -2,646.08M -4,369.51M -307.88M -38,102.65M -11,913.34M -4,933.95M -4,162.80M -8,140.67M -51,022.66M -54,785.72M -37,008.11M
Net Debt Issuance 2,086.22M 1,483.26M 1,842.43M 1,801.98M -8,524.45M 6,101.27M 3,200.80M 1,310.04M -2,192.08M 872.10M 3,685.89M 2,965.18M 519.12M 3,200.02M 340.17M -100.44M -3,704.82M -524.88M -1,482.10M -3,777.20M 2,012.50M 44,537.79M 1,568.25M
Long-Term Debt Issuance 1,023.65M -9.60M -9.23M -9.56M -2,710.22M 272.94M -3,003.04M 500.00M -2,000.00M 817.96M 2,129.34M 2,804.40M 0.00M 2,200.00M 310.00M 0.00M -4,355.00M -744.30M 0.00M 0.00M 0.00M 3,600.00M -1,119.18M
Short-Term Debt Issuance 1,062.56M 1,492.86M 1,851.66M 1,811.54M -5,814.22M 5,828.33M 6,203.84M 810.04M -192.08M 54.15M 1,556.54M 160.78M 519.12M 1,000.02M 30.17M -100.44M 650.18M 219.42M -1,482.10M -3,777.20M 2,012.50M 40,937.79M 2,687.44M
Net Stock Issuance 0.00M 0.00M 0.00M 0.00M 1,317.50M 371.50M 524.00M 0.00M 0.00M 10,000.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 4,000.00M 0.00M 0.00M 138.95M
Common Stock Issuance 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 10,000.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 138.95M
Common Stock Repurchased 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M
Preferred Stock Issuance 0.00M 0.00M 0.00M 0.00M 1,317.50M 371.50M 524.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 4,000.00M 0.00M 0.00M 0.00M
Net Dividends Paid -1,950.83M -1,275.60M -1,267.64M -839.41M -974.28M -480.00M -768.45M -480.00M -1,132.80M -1,172.32M -1,042.06M -637.24M -8.96M -181.04M -757.45M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M
Common Dividends Paid -1,950.83M -1,275.60M -1,267.64M -839.41M -974.28M -480.00M -768.45M -480.00M -1,132.80M -1,172.32M -1,042.06M -637.24M -8.96M -181.04M -757.45M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M
Preferred Dividends Paid 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M
Other Financing Activities -753.42M -438.74M -523.67M -558.39M -742.54M -397.55M -147.66M -416.52M -5.61M 44.29M 293.23M 112.14M 33.64M 149.51M 401.48M 31,780.83M 7,710.09M -13,724.04M 1,605.14M 4,439.08M 24,261.47M 24,159.65M 39,462.19M
Net Cash from Financing Activities -618.03M -231.08M 51.13M 404.18M -8,923.77M 5,595.22M 2,808.70M 413.51M -3,330.49M 9,744.07M 2,937.06M 2,440.07M 543.79M 3,168.49M -15.81M 31,680.39M 4,005.27M -14,248.93M 123.04M 4,661.88M 26,273.97M 68,697.44M 41,169.39M
Effect of FX on Cash -1,746.40M -382.25M 39.44M -92.07M 1,229.07M -721.35M -613.67M -236.03M 354.49M -827.22M -560.64M 82.66M 502.27M 251.13M -340.51M 321.98M -643.99M 62.69M 0.00M -4.55M -6.32M 0.00M 0.00M
Net Change in Cash 1,908.52M 8,632.50M -4,307.25M 17,913.79M -15,148.62M -1,383.65M 8,595.56M -24,543.80M 48,125.53M -37,330.74M -492.59M -7,542.59M 3,497.35M -10,974.25M -1,228.05M -506.65M 3,305.14M -744.69M 844.50M -2,079.08M -1,116.20M 0.00M 0.00M
Cash at Beginning of Period 282,015.16M 269,324.64M 74,254.43M 56,340.64M 71,489.26M 72,872.91M 64,277.35M 88,821.15M 40,695.62M 78,026.36M 78,518.95M 86,061.54M 82,564.18M 93,538.43M 94,766.47M 9,000.20M 5,695.06M 6,439.74M 5,501.50M 7,580.58M 9,489.51M 0.00M 0.00M
Cash at End of Period 283,923.68M 277,957.14M 69,947.18M 74,254.43M 56,340.64M 71,489.26M 72,872.91M 64,277.35M 88,821.15M 40,695.62M 78,026.36M 78,518.95M 86,061.54M 82,564.18M 93,538.43M 8,493.55M 9,000.20M 5,695.06M 6,346.00M 5,501.50M 8,373.31M 0.00M 0.00M
Operating Cash Flow 7,922.00M 12,034.72M -1,763.84M 21,440.37M -3,055.99M -2,703.11M 8,879.40M -21,902.11M 55,026.78M -44,455.05M 1,525.20M -7,730.25M 5,097.38M -10,024.35M -563.85M 5,593.63M 11,857.20M 18,375.49M 4,884.25M 1,399.71M 23,638.82M -22,177.27M -3,734.48M
Capital Expenditure -1,636.28M -2,256.19M -1,518.73M -3,662.39M -2,215.93M -423.27M -268.98M -346.38M -235.78M -267.38M -763.94M -230.19M -266.34M -2,249.14M -2,373.86M -96.40M -116.72M -229.35M -309.10M -417.74M -728.52M -756.76M -314.95M
Free Cash Flow 6,285.72M 9,778.53M -3,282.57M 17,777.98M -5,271.92M -3,126.38M 8,610.43M -22,248.49M 54,738.47M -44,722.43M 761.27M -7,960.44M 4,831.04M -12,310.13M -2,937.70M 5,497.23M 11,740.48M 18,146.14M 4,578.23M 981.97M 22,910.30M -22,934.03M -4,049.43M

Free Cash Flow

Metric TTM TTM-1 2024-12-31 2023-12-31 2022-12-31 2021-12-31 2020-12-31 2019-12-31 2018-12-31 2017-12-31 2016-12-31 2015-12-31 2014-12-31 2013-12-31 2012-12-31 2011-12-31 2010-12-31 2009-12-31 2008-12-31 2007-12-31 2006-12-31 2005-12-31 2004-12-31
EBITDA 17,545.23M 16,929.90M 17,032.90M 15,673.84M 15,724.90M 15,573.07M 12,996.48M 13,146.04M 11,262.05M 10,907.85M 10,421.67M 10,361.22M 9,496.23M 9,343.72M 8,242.83M 7,703.13M 6,812.67M 5,902.38M 6,754.37M 5,685.99M 8,460.70M -6,083.03M -16,951.86M
(-) Tax Adjustment 3,014.83M 2,571.90M 2,608.86M 2,738.50M 3,484.67M 2,232.28M 1,649.16M 2,141.18M 1,689.62M 1,998.69M 2,043.44M 1,892.25M 1,560.72M 1,427.05M 1,222.85M 1,467.56M 1,669.62M 2,065.83M 2,187.79M 1,334.96M 2,835.53M -1,695.61M 0.00M
(-) Change In Working Capital 3,358.74M 5,820.97M -4,946.15M 13,808.55M -11,485.57M -10,020.24M 4,920.73M -26,991.20M 49,515.26M -49,122.07M -3,008.33M -12,663.82M 748.69M -14,038.94M -4,073.09M 1,329.18M 7,501.30M 14,383.76M 437.81M -3,181.46M 18,347.47M -30,077.23M -9,509.73M
(-) Capital Expenditure -1,636.28M -2,256.19M -1,518.73M -3,662.39M -2,215.93M -423.27M -268.98M -346.38M -235.78M -267.38M -763.94M -230.19M -266.34M -2,249.14M -2,373.86M -96.40M -116.72M -229.35M -309.10M -417.74M -728.52M -756.76M -314.95M
Unlevered Free Cash Flow 9,535.38M 6,280.84M 17,851.46M -4,535.60M 21,509.87M 22,937.76M 6,157.61M 37,649.68M -40,178.60M 57,763.85M 10,622.63M 20,902.60M 6,920.48M 19,706.47M 8,719.22M 4,809.98M -2,474.97M -10,776.57M 3,819.67M 7,114.75M -13,450.82M 24,933.05M -7,757.07M
(-) Net Interest Income After Taxes 7,612.11M 6,846.53M 7,009.94M 6,892.75M 7,660.78M 7,420.09M 6,671.46M 5,422.44M 5,696.34M 5,383.34M 5,068.24M 4,973.24M 4,835.34M 4,948.50M 4,821.89M 5,348.76M 5,062.45M 3,900.16M 4,931.21M 5,552.67M 6,011.36M 0.00M 0.00M
Net Debt Issuance 2,086.22M 1,483.26M 1,842.43M 1,801.98M -8,524.45M 6,101.27M 3,200.80M 1,310.04M -2,192.08M 872.10M 3,685.89M 2,965.18M 519.12M 3,200.02M 340.17M -100.44M -3,704.82M -524.88M -1,482.10M -3,777.20M 2,012.50M 44,537.79M 1,568.25M
Levered Free Cash Flow 4,009.49M 917.57M 12,683.95M -9,626.36M 5,324.64M 21,618.94M 2,686.95M 33,537.28M -48,067.02M 53,252.61M 9,240.28M 18,894.54M 2,604.26M 17,957.99M 4,237.49M -639.22M -11,242.24M -15,201.61M -2,593.64M -2,215.12M -17,449.67M 69,470.84M -6,188.82M