Definitive Analysis
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TTM Projection Model

Metric % of Rev TTM
Revenue 100.00% 416,161.00M
Cost Of Revenue 53.09% 220,960.00M
Gross Profit 46.91% 195,201.00M
R&D 8.30% 34,550.00M
SG&A 6.63% 27,601.00M
Operating Expenses 14.93% 62,151.00M
Operating Income (EBIT) 31.97% 133,050.00M
Depreciation & Amortization 2.81% 11,698.00M
EBITDA 34.78% 144,748.00M
(-) Tax Adjustment 6.71% 27,940.50M
(-) Change In Working Capital -6.01% -25,000.00M
(-) Capital Expenditure -3.06% -12,715.00M
Unlevered Free Cash Flow 37.13% 154,522.50M
(-) Net Interest Income After Taxes 0.00% 0.00M
(+) Net Issuance Of Debt 2.04% 8,483.00M
Levered Free Cash Flow 39.17% 163,005.50M

Historical (10 Years)

Metric % of Rev AVG2025202420232022202120202019201820172016
Revenue 100.00% 319,578.30M416,161.00M391,035.00M383,285.00M394,328.00M365,817.00M274,515.00M260,174.00M265,595.00M229,234.00M215,639.00M
Cost Of Revenue 57.87% 184,949.70M220,960.00M210,352.00M214,137.00M223,546.00M212,981.00M169,559.00M161,782.00M163,756.00M141,048.00M131,376.00M
Gross Profit 42.13% 134,628.60M195,201.00M180,683.00M169,148.00M170,782.00M152,836.00M104,956.00M98,392.00M101,839.00M88,186.00M84,263.00M
R&D 6.72% 21,483.10M34,550.00M31,370.00M29,915.00M26,251.00M21,914.00M18,752.00M16,217.00M14,236.00M11,581.00M10,045.00M
SG&A 6.57% 21,001.80M27,601.00M26,097.00M24,932.00M25,094.00M21,973.00M19,916.00M18,245.00M16,705.00M15,261.00M14,194.00M
Operating Expenses 13.29% 42,484.90M62,151.00M57,467.00M54,847.00M51,345.00M43,887.00M38,668.00M34,462.00M30,941.00M26,842.00M24,239.00M
Operating Income (EBIT) 28.83% 92,143.70M133,050.00M123,216.00M114,301.00M119,437.00M108,949.00M66,288.00M63,930.00M70,898.00M61,344.00M60,024.00M
Depreciation & Amortization 3.51% 11,221.80M11,698.00M11,445.00M11,519.00M11,104.00M11,284.00M11,056.00M12,547.00M10,903.00M10,157.00M10,505.00M
EBITDA 32.34% 103,365.50M144,748.00M134,661.00M125,820.00M130,541.00M120,233.00M77,344.00M76,477.00M81,801.00M71,501.00M70,529.00M
(-) Tax Adjustment 6.05% 19,350.18M27,940.50M25,875.36M24,003.21M25,081.77M22,879.29M13,920.48M13,425.30M14,888.58M12,882.24M12,605.04M
(-) Change In Working Capital 0.02% 74.10M-25,000.00M3,651.00M-6,577.00M1,200.00M-4,911.00M5,690.00M-3,488.00M34,694.00M-4,923.00M405.00M
(-) Capital Expenditure -3.52% -11,237.40M-12,715.00M-9,447.00M-10,959.00M-10,708.00M-11,085.00M-7,309.00M-10,495.00M-13,313.00M-12,795.00M-13,548.00M
Unlevered Free Cash Flow 29.78% 95,178.62M154,522.50M114,581.64M119,352.79M114,967.23M113,349.71M65,042.52M77,034.70M45,531.42M76,336.76M71,066.96M
(-) Net Interest Income After Taxes 1.38% 4,424.40M0.00M0.00M6,069.57M4,547.24M4,335.52M5,242.44M6,744.23M7,051.54M5,943.96M4,309.45M
(+) Net Issuance Of Debt -0.95% -3,049.10M8,483.00M5,998.00M9,901.00M123.00M-12,665.00M-2,499.00M7,819.00M-432.00M-25,162.00M-22,057.00M
Levered Free Cash Flow 27.44% 87,705.13M163,005.50M120,579.64M123,184.22M110,542.99M96,349.19M57,301.08M78,109.47M38,047.88M45,230.80M44,700.51M

Analyst Projections (Next 5 Years)

Metric %20262027202820292030
Revenue 450,280.37M480,804.66M506,279.32M526,794.62M576,977.00M
Revenue Growth % 8.20%6.78%5.30%4.05%9.53%
Cost Of Revenue 260,590.97M278,256.31M292,999.27M304,872.10M333,914.17M
Gross Profit 189,689.40M202,548.35M213,280.05M221,922.52M243,062.83M
R&D 30,269.32M32,321.26M34,033.75M35,412.86M38,786.28M
SG&A 29,591.18M31,597.15M33,271.27M34,619.48M37,917.33M
Operating Expenses 59,860.50M63,918.41M67,305.03M70,032.34M76,703.61M
Operating Income (EBIT) 129,828.90M138,629.94M145,975.02M151,890.18M166,359.22M
Depreciation & Amortization 15,811.32M16,883.17M17,777.69M18,498.08M20,260.20M
EBITDA 145,640.22M155,513.11M163,752.72M170,388.26M186,619.42M
(-) Tax Adjustment 27,264.07M29,112.29M30,654.75M31,896.94M34,935.44M
(-) Change In Working Capital 104.41M111.48M117.39M122.15M133.78M
(-) Capital Expenditure -15,833.30M-16,906.64M-17,802.41M-18,523.79M-20,288.37M
Unlevered Free Cash Flow 134,105.05M143,195.97M150,782.98M156,892.96M171,838.56M
(-) Net Interest Income After Taxes 6,233.90M6,656.49M7,009.17M7,293.20M7,987.95M
(+) Net Issuance Of Debt -4,296.13M-4,587.36M-4,830.42M-5,026.15M-5,504.94M
Levered Free Cash Flow 123,575.03M131,952.12M138,943.39M144,573.61M158,345.68M

DA 10-Year Projection

Metric %2026202720282029203020312032203320342035
Revenue 437,376.48M459,139.95M481,426.25M504,207.02M527,450.69M551,122.45M575,184.27M599,594.97M624,310.21M649,282.61M
Revenue Growth % 5.10%4.98%4.85%4.73%4.61%4.49%4.37%4.24%4.12%4.00%
Cost Of Revenue 253,123.09M265,718.28M278,616.04M291,799.97M305,251.79M318,951.35M332,876.66M347,003.88M361,307.34M375,759.63M
Gross Profit 184,253.38M193,421.67M202,810.21M212,407.06M222,198.90M232,171.09M242,307.61M252,591.09M263,002.87M273,522.98M
R&D 29,401.88M30,864.89M32,363.05M33,894.45M35,456.96M37,048.26M38,665.77M40,306.74M41,968.18M43,646.90M
SG&A 28,743.17M30,173.40M31,638.00M33,135.09M34,662.60M36,218.24M37,799.52M39,403.72M41,027.94M42,669.05M
Operating Expenses 58,145.05M61,038.30M64,001.05M67,029.54M70,119.56M73,266.50M76,465.29M79,710.46M82,996.11M86,315.96M
Operating Income (EBIT) 126,108.33M132,383.37M138,809.16M145,377.52M152,079.34M158,904.60M165,842.32M172,880.63M180,006.75M187,207.02M
Depreciation & Amortization 15,358.21M16,122.42M16,904.99M17,704.93M18,521.11M19,352.33M20,197.25M21,054.42M21,922.28M22,799.17M
EBITDA 141,466.55M148,505.80M155,714.16M163,082.45M170,600.46M178,256.93M186,039.57M193,935.05M201,929.03M210,006.19M
(-) Tax Adjustment 26,482.75M27,800.51M29,149.92M30,529.28M31,936.66M33,369.97M34,826.89M36,304.93M37,801.42M39,313.47M
(-) Change In Working Capital 101.41M106.46M111.63M116.91M122.30M127.79M133.37M139.03M144.76M150.55M
(-) Capital Expenditure -15,379.56M-16,144.84M-16,928.49M-17,729.54M-18,546.86M-19,379.24M-20,225.33M-21,083.69M-21,952.75M-22,830.86M
Unlevered Free Cash Flow 130,261.94M136,743.67M143,381.10M150,165.80M157,088.36M164,138.41M171,304.64M178,574.78M185,935.61M193,373.03M
(-) Net Interest Income After Taxes 6,055.25M6,356.55M6,665.10M6,980.48M7,302.28M7,630.00M7,963.13M8,301.08M8,643.25M8,988.98M
(+) Net Issuance Of Debt -4,173.01M-4,380.66M-4,593.29M-4,810.64M-5,032.41M-5,258.27M-5,487.84M-5,720.74M-5,956.55M-6,194.81M
Levered Free Cash Flow 120,033.68M126,006.45M132,122.71M138,374.67M144,753.67M151,250.15M157,853.68M164,552.95M171,335.81M178,189.24M