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Definitive Analysis

Financial Statements

Periods / Units / Analysis

Ticker

Industry

Sector

Page: Company Financials

Asahi Net, Inc.

Ticker: 3834.T | Industry: Telecommunications Services | Sector: Communication Services
$712.00 -3.00 (-0.42%)
As of: 2026-01-23

Master Data Export


Enterprise Value

Metric 2025 2024 2023 2022 2021 2020 2019 2018 2017 2016 2015 2014 2013 2012 2011 2010 2009 2008
Stock Price 684.50 652.00 616.75 581.25 718.50 953.75 653.75 510.50 522.25 459.75 524.00 508.25 460.50 387.25 340.50 291.75 282.25 258.50
Market Capitalization 18,201.16M 17,714.55M 17,171.55M 16,263.88M 20,067.38M 26,591.03M 18,489.67M 14,879.03M 15,448.68M 13,634.98M 15,618.83M 15,388.28M 14,388.57M 12,346.45M 10,856.19M 9,302.29M 9,125.36M 8,397.35M
(-) Cash & Equivalents 3,601.50M 3,973.25M 3,498.25M 3,784.25M 4,176.50M 4,527.50M 3,107.00M 4,325.25M 4,118.79M 3,019.07M 2,095.39M 2,248.72M 2,223.63M 2,688.93M 2,406.38M 3,277.04M 3,134.60M 2,407.85M
(+) Total Debt 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
Enterprise Value 14,599.66M 13,741.30M 13,673.30M 12,479.63M 15,890.88M 22,063.53M 15,382.67M 10,553.78M 11,329.89M 10,615.90M 13,523.44M 13,139.56M 12,164.95M 9,657.52M 8,449.81M 6,025.25M 5,990.76M 5,989.50M

Income Statement

Metric TTM TTM-1 2025-03-31 2024-03-31 2023-03-31 2022-03-31 2021-03-31 2020-03-31 2019-03-31 2018-03-31 2017-03-31 2016-03-31 2015-03-31 2014-03-31 2013-03-31 2012-03-31 2011-03-31 2010-03-31 2009-03-31 2008-03-31
Revenue 13,207M 12,419M 13,078M 12,217M 12,170M 11,577M 11,351M 10,265M 9,739M 9,338M 8,800M 8,091M 7,829M 7,554M 7,234M 6,969M 6,983M 6,739M 6,233M 5,609M
Cost of Revenue 8,813M 8,308M 8,641M 8,422M 8,618M 7,990M 7,676M 6,768M 6,755M 6,780M 5,727M 5,031M 4,506M 4,050M 3,714M 3,638M 3,788M 3,627M 3,378M 2,964M
Gross Profit 4,394M 4,111M 4,437M 3,795M 3,552M 3,587M 3,675M 3,497M 2,984M 2,558M 3,073M 3,060M 3,323M 3,505M 3,521M 3,331M 3,195M 3,112M 2,855M 2,645M
Gross Profit Margin 33.3% 33.1% 33.9% 31.1% 29.2% 31.0% 32.4% 34.1% 30.6% 27.4% 34.9% 37.8% 42.4% 46.4% 48.7% 47.8% 45.8% 46.2% 45.8% 47.1%
R&D Expenses 0M 0M 0M 0M 0M 0M 0M 0M 0M 0M 0M 0M 0M 0M 0M 0M 0M 0M 0M 0M
SG&A Expenses 2,180M 1,887M 2,091M 1,830M 1,687M 1,734M 1,966M 1,872M 1,694M 1,692M 1,743M 1,694M 1,765M 1,796M 1,839M 696M 675M 687M 210M 252M
Operating Expenses 2,180M 1,887M 2,091M 1,830M 1,687M 1,752M 1,984M 1,890M 1,714M 1,714M 1,765M 1,718M 1,765M 1,796M 1,840M 1,202M 1,137M 1,178M 1,006M 1,007M
Operating Income (EBIT) 2,214M 2,224M 2,346M 1,965M 1,865M 1,835M 1,691M 1,607M 1,270M 844M 1,308M 1,342M 1,558M 1,708M 1,681M 2,130M 2,058M 1,934M 1,848M 1,637M
Operating Income Margin 16.8% 17.9% 17.9% 16.1% 15.3% 15.9% 14.9% 15.7% 13.0% 9.0% 14.9% 16.6% 19.9% 22.6% 23.2% 30.6% 29.5% 28.7% 29.7% 29.2%
Interest Income 2M 0M 2M 0M 0M 0M 0M 0M 0M 0M 2M 8M 7M 8M 9M 11M 15M 32M 35M 28M
Interest Expense 0M 0M 0M 0M 0M 0M 0M 0M 0M 0M 0M 0M 0M 0M 0M 0M 0M 0M 0M 0M
Net Interest Income 2M 0M 2M 0M 0M 0M 0M 0M 0M 0M 2M 8M 7M 8M 9M 11M 15M 32M 35M 28M
Unusual Items 12M 40M 149M -100M -7M -22M 199M 50M 117M -22M 1M -211M -69M -175M -722M -427M -425M -853M -340M -276M
EBT Excluding Unusual Items 2,216M 2,224M 2,348M 1,965M 1,865M 1,835M 1,691M 1,607M 1,270M 844M 1,310M 1,350M 1,564M 1,716M 1,690M 2,141M 2,073M 1,966M 1,884M 1,665M
Pre-Tax Income 2,228M 2,264M 2,497M 1,865M 1,858M 1,813M 1,890M 1,657M 1,387M 822M 1,311M 1,138M 1,495M 1,541M 968M 1,714M 1,648M 1,114M 1,543M 1,388M
Pre-Tax Margin 16.9% 18.2% 19.1% 15.3% 15.3% 15.7% 16.7% 16.1% 14.2% 8.8% 14.9% 14.1% 19.1% 20.4% 13.4% 24.6% 23.6% 16.5% 24.8% 24.8%
Income Tax Expense 657M 694M 744M 575M 573M 558M 588M 506M 435M 244M 360M 257M 612M 626M 421M 703M 679M 675M 639M 572M
Net Income 1,569M 1,570M 1,752M 1,289M 1,285M 1,255M 1,301M 1,150M 952M 577M 951M 881M 883M 915M 547M 1,011M 970M 438M 905M 817M
Net Income Margin 11.9% 12.6% 13.4% 10.6% 10.6% 10.8% 11.5% 11.2% 9.8% 6.2% 10.8% 10.9% 11.3% 12.1% 7.6% 14.5% 13.9% 6.5% 14.5% 14.6%
Depreciation & Amortization 1,031M 885M 974M 882M 895M 817M 581M 448M 409M 407M 314M 199M 195M 150M 88M 90M 109M 144M 168M 163M
EBITDA 3,245M 3,109M 3,320M 2,847M 2,760M 2,652M 2,272M 2,055M 1,679M 1,251M 1,622M 1,541M 1,752M 1,858M 1,769M 2,219M 2,167M 2,078M 2,016M 1,801M
EBITDA Margin 24.6% 25.0% 25.4% 23.3% 22.7% 22.9% 20.0% 20.0% 17.2% 13.4% 18.4% 19.0% 22.4% 24.6% 24.5% 31.8% 31.0% 30.8% 32.4% 32.1%
NOPAT 1,561M 1,542M 1,647M 1,359M 1,290M 1,270M 1,165M 1,116M 872M 593M 948M 1,039M 920M 1,015M 950M 1,256M 1,211M 761M 1,083M 963M
NOPAT Margin 11.8% 12.4% 12.6% 11.1% 10.6% 11.0% 10.3% 10.9% 9.0% 6.4% 10.8% 12.8% 11.8% 13.4% 13.1% 18.0% 17.3% 11.3% 17.4% 17.2%
Owner's Earnings 2,600M 2,455M 2,470M 420M 1,519M 925M 519M 689M 848M 521M 446M 685M 793M 785M 423M 957M 1,002M 469M 876M 833M
Owner's Earnings Margin 19.7% 19.8% 18.9% 3.4% 12.5% 8.0% 4.6% 6.7% 8.7% 5.6% 5.1% 8.5% 10.1% 10.4% 5.8% 13.7% 14.4% 7.0% 14.0% 14.9%
EPS (Basic) 58.70 56.93 64.95 46.42 45.91 44.91 46.64 40.90 32.16 19.51 32.08 29.50 26.11 29.13 17.16 31.71 30.42 13.62 27.84 25.14
EPS (Diluted) 58.72 56.82 64.95 46.42 45.91 44.91 46.64 40.90 32.16 19.51 32.08 29.50 29.21 29.13 17.16 31.71 30.42 13.62 27.84 25.14
Shares (Basic) 27M 28M 27M 28M 28M 28M 28M 28M 30M 30M 30M 30M 30M 31M 32M 32M 32M 32M 32M 32M
Shares (Diluted) 27M 28M 27M 28M 28M 28M 28M 28M 30M 30M 30M 30M 30M 31M 32M 32M 32M 32M 32M 32M

Balance Sheet

Metric MRQ MRQ-1 2025-03-31 2024-03-31 2023-03-31 2022-03-31 2021-03-31 2020-03-31 2019-03-31 2018-03-31 2017-03-31 2016-03-31 2015-03-31 2014-03-31 2013-03-31 2012-03-31 2011-03-31 2010-03-31 2009-03-31 2008-03-31
Cash & Cash Equivalents 3,042.00M 4,161.00M 4,161.00M 3,509.00M 3,647.00M 3,992.00M 4,239.00M 2,506.00M 5,010.00M 4,065.00M 4,224.17M 2,040.59M 2,293.76M 2,374.24M 3,209.53M 2,158.02M 3,280.95M 3,573.99M 5,094.33M 5,239.71M
Short-Term Investments 1,000.00M 1,000.00M 1,000.00M 2,000.00M 2,000.00M 2,000.00M 2,000.00M 3,400.00M 2,200.00M 2,200.00M 2,200.00M 4,401.47M 4,401.00M 4,400.40M 3,500.80M 5,000.82M 3,700.21M 3,000.00M 1,100.88M 500.00M
Cash & Short-Term Investments 4,042.00M 5,161.00M 5,161.00M 5,509.00M 5,647.00M 5,992.00M 6,239.00M 5,906.00M 7,210.00M 6,265.00M 6,424.17M 6,442.06M 6,694.76M 6,774.64M 6,710.32M 7,158.85M 6,981.16M 6,573.99M 6,195.20M 5,739.71M
Net Receivables 2,071.00M 2,105.00M 2,105.00M 2,071.00M 2,004.00M 1,994.00M 1,803.00M 1,739.00M 1,601.00M 1,633.00M 1,570.72M 1,550.04M 1,422.11M 1,295.00M 1,400.34M 1,512.23M 1,520.73M 1,546.00M 1,404.84M 0.71M
Inventory 1,340.00M 1,347.00M 1,347.00M 1,352.00M 1,352.00M 623.00M 254.00M 296.00M 70.00M 11.00M 153.76M 176.02M 145.89M 9.29M 6.16M 11.74M 6.99M 13.39M 13.19M 16.11M
Other Current Assets 472.00M 74.00M 74.00M 78.00M 120.00M 82.00M 80.00M 32.00M 20.00M 14.00M 58.20M 15.68M 113.95M 77.27M 100.30M 55.87M 53.46M 51.04M 70.76M 1,305.62M
Total Current Assets 7,925.00M 8,687.00M 8,687.00M 9,010.00M 9,123.00M 8,691.00M 8,376.00M 7,973.00M 8,901.00M 7,923.00M 8,206.85M 8,183.80M 8,376.71M 8,156.20M 8,217.12M 8,738.68M 8,562.34M 8,184.41M 7,683.99M 7,062.15M
Property, Plant & Equipment 1,944.00M 1,834.00M 1,834.00M 2,239.00M 2,482.00M 2,581.00M 2,370.00M 1,378.00M 1,090.00M 1,030.00M 1,081.86M 502.87M 381.17M 285.55M 165.23M 130.65M 109.74M 163.74M 228.66M 193.65M
Goodwill 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
Intangible Assets 3,296.00M 3,020.00M 3,020.00M 1,919.00M 1,272.00M 830.00M 579.00M 479.00M 359.00M 326.00M 293.15M 313.46M 429.37M 404.57M 208.01M 109.06M 78.24M 76.66M 31.85M 46.05M
Long-Term Investments 0.00M 401.00M 401.00M 358.00M -1,720.00M -1,521.00M -930.00M -2,852.00M -1,674.00M -1,680.00M -1,728.44M -3,868.26M -3,958.63M -3,875.65M -1,927.33M -2,479.18M -3,023.36M -2,503.15M -91.28M 509.60M
Tax Assets 0.00M 195.00M 195.00M 234.00M 163.00M 92.00M 0.00M 130.00M 141.00M 191.00M 249.96M 250.77M 82.10M 151.11M 131.27M 5,012.66M 33.63M 42.28M 47.95M 50.50M
Other Non-Current Assets 1,153.00M 413.00M 413.00M 355.00M 2,122.00M 2,103.00M 2,296.00M 3,872.00M 2,682.00M 2,709.00M 2,631.06M 4,791.87M 4,791.90M 4,793.12M 3,871.79M 97.58M 3,798.11M 3,110.55M 1,211.11M 601.59M
Other Assets 0.00M 0.00M 5.00M -80.00M 5.00M 4.00M 4.00M 3.00M 3.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M
Total Non-Current Assets 6,393.00M 5,863.00M 5,868.00M 5,025.00M 4,324.00M 4,089.00M 4,319.00M 3,010.00M 2,601.00M 2,576.00M 2,527.58M 1,990.70M 1,725.89M 1,758.70M 2,448.97M 2,870.78M 996.35M 890.07M 1,428.30M 1,401.39M
Total Assets 14,318.00M 14,550.00M 14,555.00M 14,035.00M 13,447.00M 12,780.00M 12,695.00M 10,983.00M 11,502.00M 10,499.00M 10,734.43M 10,174.50M 10,102.60M 9,914.90M 10,666.09M 11,609.46M 9,558.69M 9,074.48M 9,112.28M 8,463.55M
Accounts Payable 395.00M 402.00M 402.00M 621.00M 435.00M 454.00M 547.00M 568.00M 520.00M 516.00M 471.00M 389.53M 239.35M 631.08M 715.10M 248.19M 940.34M 989.15M 872.92M 707.26M
Short-Term Debt 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
Tax Payables 0.00M 0.00M 0.00M 295.00M 391.00M 372.00M 410.00M 345.00M 431.00M 56.00M 308.33M 27.31M 349.39M 191.54M 318.30M 402.42M 377.97M 387.83M 411.28M 262.03M
Deferred Revenue 0.00M 27.00M 27.00M 55.00M 51.00M 68.00M 87.00M 18.00M 24.00M 20.00M 32.08M 12.07M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M
Other Current Liabilities 1,260.00M 728.00M 728.00M 801.00M 821.00M 841.00M 829.00M 508.00M 556.00M 488.00M 462.63M 422.55M 657.54M 168.62M 71.34M 605.94M 21.22M 17.43M 12.74M 46.10M
Total Current Liabilities 1,655.00M 1,157.00M 1,157.00M 1,772.00M 1,698.00M 1,735.00M 1,873.00M 1,439.00M 1,531.00M 1,080.00M 1,274.04M 851.45M 1,246.28M 991.23M 1,104.74M 1,256.55M 1,339.53M 1,394.41M 1,296.94M 1,015.39M
Long-Term Debt 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
Capital Lease Obligations 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
Deferred Tax Liabilities 0.00M 90.00M 90.00M 80.00M 0.00M 0.00M 63.00M 0.00M 1.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 363.14M 0.00M 0.00M 0.00M 0.00M
Other Non-Current Liabilities 0.00M 0.00M 2.00M 0.00M 3.00M 3.00M 4.00M 5.00M 1.00M 2.00M 1.16M 1.16M 2.67M 3.54M 3.70M 3.99M 0.00M 0.00M 0.00M 0.00M
Total Non-Current Liabilities 0.00M 90.00M 92.00M 80.00M 3.00M 3.00M 67.00M 5.00M 2.00M 2.00M 1.16M 1.16M 2.67M 3.54M 3.70M 367.13M 0.00M 0.00M 0.00M 0.00M
Total Liabilities 1,655.00M 1,247.00M 1,249.00M 1,852.00M 1,701.00M 1,738.00M 1,940.00M 1,444.00M 1,533.00M 1,082.00M 1,275.20M 852.61M 1,248.94M 994.77M 1,108.44M 1,623.69M 1,339.53M 1,394.41M 1,296.94M 1,015.39M
Preferred Stock 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 581.00M 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
Common Stock 630.00M 630.00M 630.00M 630.00M 630.00M 630.00M 630.00M 630.00M 630.00M 630.00M 630.48M 630.48M 630.48M 630.48M 630.48M 630.48M 630.48M 630.48M 630.48M 630.48M
Retained Earnings 14,127.00M 14,095.00M 14,095.00M 12,983.00M 12,339.00M 11,669.00M 10,949.00M 10,177.00M 9,544.00M 9,124.00M 9,080.40M 8,665.00M 8,289.46M 7,942.13M 7,567.95M 7,560.55M 7,011.82M 6,472.49M 6,438.14M 6,053.35M
Accumulated OCI 309.00M 233.00M 233.00M 197.00M 142.00M 159.00M -581.00M 181.00M 182.00M 175.00M 103.64M 198.49M 133.00M 174.00M 752.00M 0.00M 0.00M 0.00M 0.00M 0.00M
Minority Interest 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
Total Shareholders’ Equity 15,066.00M 14,958.00M 14,958.00M 13,810.00M 13,111.00M 12,458.00M 11,579.00M 10,988.00M 10,356.00M 9,929.00M 9,814.52M 9,493.97M 9,052.94M 8,746.61M 8,950.43M 8,191.03M 7,642.30M 7,102.97M 7,068.62M 6,683.83M
Total Equity 15,066.00M 14,958.00M 14,958.00M 13,810.00M 13,111.00M 12,458.00M 11,579.00M 10,988.00M 10,356.00M 9,929.00M 9,814.52M 9,493.97M 9,052.94M 8,746.61M 8,950.43M 8,191.03M 7,642.30M 7,102.97M 7,068.62M 6,683.83M
Total Liabilities & Equity 16,721.00M 16,205.00M 16,207.00M 15,662.00M 14,812.00M 14,196.00M 13,519.00M 12,432.00M 11,889.00M 11,011.00M 11,089.72M 10,346.58M 10,301.88M 9,741.38M 10,058.87M 9,814.72M 8,981.83M 8,497.38M 8,365.56M 7,699.22M
Tangible Assets 11,022.00M 11,530.00M 11,535.00M 12,116.00M 12,175.00M 11,950.00M 12,116.00M 10,504.00M 11,143.00M 10,173.00M 10,441.28M 9,861.05M 9,673.23M 9,510.33M 10,458.08M 11,500.39M 9,480.45M 8,997.82M 9,080.43M 8,417.50M
Tangible Equity 11,770.00M 11,938.00M 11,938.00M 11,891.00M 11,839.00M 11,628.00M 11,000.00M 10,509.00M 9,997.00M 9,603.00M 9,521.37M 9,180.51M 8,623.57M 8,342.04M 8,742.42M 8,081.97M 7,564.06M 7,026.31M 7,036.77M 6,637.79M
Tangible Book Value 11,770.00M 11,938.00M 11,938.00M 11,891.00M 11,839.00M 11,628.00M 11,000.00M 10,509.00M 9,997.00M 9,603.00M 9,521.37M 9,180.51M 8,623.57M 8,342.04M 8,742.42M 8,081.97M 7,564.06M 7,026.31M 7,036.77M 6,637.79M
Total Investments 1,000.00M 1,401.00M 1,401.00M 2,358.00M 280.00M 479.00M 1,070.00M 548.00M 526.00M 520.00M 471.56M 533.21M 442.37M 524.75M 1,573.46M 2,521.65M 676.85M 496.85M 1,009.60M 1,009.60M
Net Debt -3,042.00M -4,161.00M -4,161.00M -3,509.00M -3,647.00M -3,992.00M -4,239.00M -2,506.00M -5,010.00M -4,065.00M -4,224.17M -2,040.59M -2,293.76M -2,374.24M -3,209.53M -2,158.02M -3,280.95M -3,573.99M -5,094.33M -5,239.71M

Capital Metrics

Metric MRQ MRQ-1 2025-03-31 2024-03-31 2023-03-31 2022-03-31 2021-03-31 2020-03-31 2019-03-31 2018-03-31 2017-03-31 2016-03-31 2015-03-31 2014-03-31 2013-03-31 2012-03-31 2011-03-31 2010-03-31 2009-03-31 2008-03-31
Working Capital 6,105.0M 7,228.0M 7,228.0M 7,482.0M 7,638.0M 7,192.0M 6,674.0M 6,696.0M 7,518.0M 7,105.0M 7,035.2M 7,397.7M 7,026.6M 7,165.0M 7,114.5M 7,516.3M 7,257.2M 6,824.6M 6,421.1M 6,063.2M
Total Capital 12,498.0M 13,091.0M 13,091.0M 12,506.0M 11,959.0M 11,278.0M 10,926.0M 9,701.0M 10,116.0M 9,677.0M 9,561.6M 9,387.2M 8,749.8M 8,920.1M 9,559.8M 10,020.0M 8,253.5M 7,714.6M 7,849.4M 7,464.6M
Capital Employed 12,498.0M 13,091.0M 13,091.0M 12,507.0M 11,962.0M 11,281.0M 10,993.0M 9,706.0M 10,119.0M 9,681.0M 9,562.7M 9,388.4M 8,752.5M 8,923.7M 9,563.5M 10,387.1M 8,253.5M 7,714.6M 7,849.4M 7,464.6M
Invested Capital 9,456.0M 8,930.0M 8,930.0M 8,997.0M 8,312.0M 7,286.0M 6,687.0M 7,195.0M 5,106.0M 5,612.0M 5,337.4M 7,346.6M 6,456.1M 6,545.9M 6,350.3M 7,861.9M 4,972.6M 4,140.6M 2,755.1M 2,224.9M

Cash Flow Statement

Metric TTM TTM-1 2025-03-31 2024-03-31 2023-03-31 2022-03-31 2021-03-31 2020-03-31 2019-03-31 2018-03-31 2017-03-31 2016-03-31 2015-03-31 2014-03-31 2013-03-31 2012-03-31 2011-03-31 2010-03-31 2009-03-31 2008-03-31
Net Income 892.00M 949.20M 1,752.00M 1,289.00M 1,858.00M 1,813.00M 1,890.00M 1,657.00M 1,387.00M 822.00M 1,311.00M 1,138.12M 1,495.34M 1,540.98M 967.72M 1,714.19M 1,648.34M 1,113.68M 1,543.37M 1,388.49M
Depreciation & Amortization 653.00M 693.00M 974.00M 883.00M 895.00M 818.00M 581.00M 448.00M 410.00M 408.00M 314.18M 198.75M 194.54M 149.95M 88.42M 89.68M 108.85M 143.76M 167.90M 163.39M
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
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
Change in Working Capital 0.00M 0.00M -308.00M 127.00M -599.00M -602.00M -34.00M -309.00M -5.00M -31.00M 14.26M -78.96M -152.92M 13.92M -24.06M -108.68M -6.45M -44.18M 9.67M -16.08M
Accounts Receivable 0.00M 0.00M -33.00M -62.00M -10.00M -179.00M -63.00M -137.00M 30.00M -53.00M -75.83M -103.06M -0.12M 0.10M 0.11M 0.00M 0.00M 0.00M 0.00M 0.00M
Inventory 0.00M 0.00M 5.00M 0.00M -729.00M -368.00M 41.00M -226.00M -58.00M 142.00M 22.26M -30.13M -137.24M -0.33M 3.42M -4.75M 6.40M -0.19M 2.92M -10.21M
Accounts Payable 0.00M 0.00M -274.00M 193.00M 139.00M -55.00M -11.00M 54.00M 23.00M 104.00M 67.82M 54.23M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M
Other Working Capital 0.00M 0.00M -6.00M -4.00M 1.00M -2.00M -1.00M 0.00M 98.00M -173.00M -8.01M -48.83M -15.69M 14.25M -27.48M -103.93M -12.85M -43.99M 6.75M -5.87M
Other Non-Cash Items -239.00M -256.20M 44.00M 169.00M -791.00M -601.00M -548.00M -573.00M -94.00M -284.00M -101.65M -474.49M -295.47M -461.04M 4.03M -664.72M -660.26M -143.75M -532.84M -855.11M
Net Cash from Operating Activities 1,306.00M 1,386.00M 2,462.00M 2,468.00M 1,363.00M 1,428.00M 1,889.00M 1,223.00M 1,698.00M 915.00M 1,537.79M 783.42M 1,241.49M 1,243.80M 1,036.10M 1,030.47M 1,090.48M 1,069.51M 1,188.10M 680.68M
Capital Expenditures (PPE) 0.00M 0.00M -1,691.00M -1,751.00M -661.00M -1,147.00M -1,363.00M -909.00M -513.00M -463.00M -819.05M -395.52M -284.99M -280.67M -212.43M -143.95M -76.58M -112.95M -196.91M -146.94M
Acquisitions (Net) 0.00M 0.00M 0.00M 0.00M 0.00M 36.00M -245.00M -237.00M -159.00M -6.00M -106.27M -212.68M -101.34M -200.00M -121.56M -50.79M -22.34M -60.36M 0.00M 0.00M
Purchases of Investments 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M -2,000.00M -2,029.00M -2,000.00M -2,000.00M -33.21M -1,200.00M -1,200.00M -2,400.00M -5,325.28M -5,537.17M -3,980.00M -3,000.00M 0.00M -999.60M
Sales / Maturities of Investments 0.00M 0.00M 1,143.00M 0.00M 649.00M 0.00M 1,338.00M 3,221.00M 2,195.00M 2,000.00M 1,200.00M 1,233.82M 1,200.00M 3,665.62M 4,800.00M 5,300.00M 3,400.00M 1,000.00M 0.00M 0.00M
Other Investing Activities 0.00M 0.00M -15.00M -19.00M -1,081.00M -5.00M 244.00M 230.00M 257.00M -72.00M -1,814.22M 122.58M 96.62M 1,180.47M -1,238.50M 1,036.48M -973.98M 3,458.38M -1,117.86M -2,523.34M
Net Cash from Investing Activities 0.00M 0.00M -563.00M -1,770.00M -1,093.00M -1,116.00M -2,026.00M 276.00M -220.00M -541.00M -1,572.75M -451.80M -289.71M 1,965.42M -2,097.77M 604.58M -1,652.90M 1,285.07M -1,314.77M -3,669.88M
Net Debt Issuance 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
Long-Term Debt Issuance 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
Short-Term Debt Issuance 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
Net Stock Issuance 0.00M 0.00M -606.00M -195.00M 0.00M 0.00M 0.00M -1,086.00M 0.00M 0.00M -147.95M 0.00M -502.19M -436.21M -0.40M -0.13M -0.46M -172.61M 0.00M 0.00M
Common Stock Issuance 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
Common Stock Repurchased 0.00M 0.00M -606.00M -195.00M 0.00M 0.00M 0.00M -1,086.00M 0.00M 0.00M -147.00M 0.00M -502.19M -436.21M -0.40M -0.13M -0.46M -172.61M 0.00M 0.00M
Preferred Stock Issuance 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M -0.95M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M
Net Dividends Paid 0.00M 0.00M -640.00M -640.00M -615.00M -558.00M -529.00M -516.00M -532.00M -532.00M -534.82M -537.77M -535.66M -525.45M -494.26M -461.18M -429.95M -403.18M -517.84M -259.88M
Common Dividends Paid 0.00M 0.00M -640.00M -640.00M -615.00M -558.00M -529.00M -516.00M -532.00M -532.00M -534.82M -537.77M -535.66M -525.45M -494.26M -461.18M -429.95M -403.18M -517.00M -259.00M
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 -0.84M -0.88M
Other Financing Activities 0.00M 0.00M -1.00M -1.00M 0.00M 0.00M 0.00M -1.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M -9.30M
Net Cash from Financing Activities 0.00M 0.00M -1,247.00M -836.00M -615.00M -558.00M -529.00M -1,603.00M -532.00M -532.00M -682.77M -537.77M -1,037.85M -961.66M -494.66M -461.31M -430.41M -575.79M -517.84M -269.18M
Effect of FX on Cash 0.00M 0.00M 0.00M 0.00M 0.00M -1.00M -1.00M 0.00M -1.00M -1.00M -0.15M -0.51M 6.19M 16.75M 6.20M 3.95M 0.00M 0.00M 0.00M 0.00M
Net Change in Cash -411.00M -143.00M 652.00M -138.00M -345.00M -247.00M -667.00M -104.00M 945.00M -159.00M -717.89M -206.66M -79.88M 2,264.32M -1,550.12M 1,177.69M -992.83M 1,778.79M -644.51M -3,258.38M
Cash at Beginning of Period 10,757.00M 11,145.00M 3,509.00M 3,647.00M 3,992.00M 4,239.00M 4,906.00M 5,010.00M 4,065.00M 4,224.00M 4,942.06M 5,148.72M 5,274.64M 3,010.33M 4,560.45M 3,381.16M 4,373.99M 2,595.20M 3,239.71M 6,498.09M
Cash at End of Period 10,346.00M 11,002.00M 4,161.00M 3,509.00M 3,647.00M 3,992.00M 4,239.00M 4,906.00M 5,010.00M 4,065.00M 4,224.17M 4,942.06M 5,194.76M 5,274.64M 3,010.33M 4,558.85M 3,381.16M 4,373.99M 2,595.20M 3,239.71M
Operating Cash Flow 1,306.00M 1,386.00M 2,462.00M 2,468.00M 1,363.00M 1,428.00M 1,889.00M 1,223.00M 1,698.00M 915.00M 1,537.79M 783.42M 1,241.49M 1,243.80M 1,036.10M 1,030.47M 1,090.48M 1,069.51M 1,188.10M 680.68M
Capital Expenditure 0.00M 0.00M -256.00M -1,751.00M -661.00M -1,147.00M -1,363.00M -909.00M -513.00M -463.00M -819.05M -395.52M -284.99M -280.67M -212.43M -143.95M -76.58M -112.95M -196.91M -146.94M
Free Cash Flow 1,306.00M 1,386.00M 2,206.00M 717.00M 702.00M 281.00M 526.00M 314.00M 1,185.00M 452.00M 718.73M 387.90M 956.50M 963.14M 823.68M 886.52M 1,013.90M 956.56M 991.19M 533.74M

Free Cash Flow

Metric TTM TTM-1 2025-03-31 2024-03-31 2023-03-31 2022-03-31 2021-03-31 2020-03-31 2019-03-31 2018-03-31 2017-03-31 2016-03-31 2015-03-31 2014-03-31 2013-03-31 2012-03-31 2011-03-31 2010-03-31 2009-03-31 2008-03-31
EBITDA 2,834.00M 2,433.86M 3,320.00M 2,847.00M 2,760.00M 2,670.00M 2,290.00M 2,073.00M 1,699.00M 1,273.00M 1,643.79M 1,564.37M 1,752.37M 1,858.64M 1,769.92M 2,725.08M 2,629.11M 2,568.82M 2,812.46M 2,556.06M
(-) Tax Adjustment 864.73M 825.69M 989.22M 877.76M 851.17M 821.77M 712.44M 633.03M 532.85M 377.87M 451.92M 352.86M 613.33M 650.52M 619.47M 953.78M 920.19M 899.09M 984.36M 894.62M
(-) Change In Working Capital 0.00M 0.00M -308.00M 127.00M -599.00M -602.00M -34.00M -309.00M -5.00M -31.00M 14.26M -78.96M -152.92M 13.92M -24.06M -108.68M -6.45M -44.18M 9.67M -16.08M
(-) Capital Expenditure 0.00M 0.00M -256.00M -1,751.00M -661.00M -1,147.00M -1,363.00M -909.00M -513.00M -463.00M -819.05M -395.52M -284.99M -280.67M -212.43M -143.95M -76.58M -112.95M -196.91M -146.94M
Unlevered Free Cash Flow 1,969.27M 1,608.17M 2,382.78M 91.24M 1,846.83M 1,303.23M 248.56M 839.97M 658.15M 463.13M 358.56M 894.95M 1,006.97M 913.53M 962.09M 1,736.03M 1,638.79M 1,600.97M 1,621.52M 1,530.58M
(-) Net Interest Income After Taxes 0.00M 1.17M 1.40M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 1.48M 5.97M 4.23M 5.19M 5.70M 7.45M 10.00M 21.02M 22.82M 18.05M
Net Debt Issuance 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
Levered Free Cash Flow 1,969.27M 1,607.00M 2,381.38M 91.24M 1,846.83M 1,303.23M 248.56M 839.97M 658.15M 463.13M 357.08M 888.98M 1,002.74M 908.35M 956.39M 1,728.58M 1,628.79M 1,579.94M 1,598.69M 1,512.54M