
| Line item | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | FY2015 | FY2014 | FY2013 | FY2012 | FY2011 | FY2010 | FY2009 | FY2008 | FY2007 | FY2006 | FY2005 | FY2004 | FY2003 | FY2002 | FY2001 | FY2000 | FY1999 | FY1998 | FY1997 | FY1996 | FY1995 | FY1994 | FY1993 | FY1992 | FY1991 | FY1990 | FY1989 | FY1988 | FY1987 | FY1986 | FY1985 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Valuation | |||||||||||||||||||||||||||||||||||||||||
| Market cap | $50,031 | $45,243 | $39,329 | $51,096 | $63,626 | $60,905 | $67,077 | $57,876 | $52,165 | $48,003 | $40,268 | $44,810 | $37,436 | $29,676 | $30,420 | $24,820 | $23,091 | $20,708 | $30,891 | $29,291 | $26,406 | $22,265 | $20,301 | $15,417 | $15,067 | $15,790 | $7,523 | $8,919 | $7,898 | $6,859 | $7,157 | $6,131 | $7,514 | $6,362 | $5,944 | $4,771 | $4,711 | $4,090 | $3,919 | $4,104 | $2,658 |
| Enterprise value | $103,056 | $89,622 | $83,388 | $92,180 | $103,958 | $98,091 | $101,395 | $94,724 | $91,597 | $85,072 | $69,401 | $70,849 | $59,896 | $50,971 | $51,062 | $42,399 | $40,954 | $36,570 | $47,105 | $48,777 | $44,861 | $39,352 | $38,655 | $30,504 | $29,913 | $29,105 | $15,684 | $16,185 | $17,549 | $12,740 | $12,495 | $11,240 | – | – | – | – | – | – | – | – | – |
| P/E (TTM) at period end | 16.86× | 25.72× | 19.61× | 290.32× | 32.25× | 62.53× | 105.47× | 27.73× | 17.39× | 21.70× | 20.94× | 33.79× | 21.77× | 98.27× | 21.61× | 8.84× | 17.94× | 11.29× | 12.17× | 21.23× | 25.56× | 17.83× | 63.84× | 11.32× | 27.70× | 36.22× | 25.33× | 16.64× | 19.80× | 14.53× | 16.84× | 12.82× | 14.54× | 14.31× | 12.93× | 10.71× | 11.47× | 9.33× | 9.10× | 10.81× | 8.31× |
| P/S (TTM) at period end | 3.03× | 3.13× | 2.73× | 3.67× | 5.57× | 5.11× | 4.66× | 5.17× | 4.14× | 4.09× | 3.45× | 3.60× | 2.85× | 2.31× | 2.21× | 1.66× | 1.56× | 1.30× | 2.08× | 1.80× | 1.48× | 1.59× | 1.68× | 1.51× | 1.43× | 1.71× | 1.36× | 1.47× | 1.09× | 1.42× | 1.54× | 1.37× | 1.69× | 1.68× | 1.57× | 1.35× | 1.29× | 1.22× | 1.21× | 1.34× | 0.98× |
| P/B at period end | 1.72× | 1.68× | 1.43× | 1.85× | 2.33× | 2.33× | 2.10× | 2.88× | 3.04× | 3.29× | 3.18× | 3.88× | 3.22× | 2.81× | 2.66× | 2.07× | 2.06× | 2.06× | 3.28× | 2.27× | 2.54× | 1.91× | 1.88× | 1.47× | 1.72× | 2.11× | 1.43× | 1.49× | 1.38× | 1.22× | 1.32× | 1.13× | – | – | – | – | – | – | – | – | – |
| EV / EBITDA (TTM) | 15.15× | 16.03× | 13.91× | 23.70× | 25.28× | 28.92× | 26.49× | 20.27× | 15.68× | 16.99× | 14.41× | 17.65× | 13.24× | 12.79× | 13.10× | 6.16× | 11.05× | 7.82× | 6.63× | 9.65× | 11.43× | 9.44× | 9.92× | 7.15× | 9.63× | 10.46× | 7.44× | 8.52× | – | – | – | – | – | – | – | – | – | – | – | – | – |
| EV / Sales (TTM) | 6.24× | 6.20× | 5.79× | 6.61× | 9.10× | 8.23× | 7.04× | 8.46× | 7.28× | 7.25× | 5.94× | 5.70× | 4.57× | 3.97× | 3.71× | 2.84× | 2.77× | 2.30× | 3.18× | 2.99× | 2.52× | 2.81× | 3.20× | 2.99× | 2.83× | 3.15× | 2.84× | 2.66× | 2.42× | 2.65× | 2.70× | 2.50× | – | – | – | – | – | – | – | – | – |
| Returns | |||||||||||||||||||||||||||||||||||||||||
| Return on equity | 10.2% | 6.5% | 7.3% | 0.6% | 7.2% | 3.7% | 2.0% | 10.4% | 17.5% | 15.1% | 15.2% | 11.5% | 14.8% | 2.9% | 12.3% | 23.4% | 11.5% | 18.2% | 27.0% | 10.7% | 9.9% | 10.7% | 2.9% | 13.0% | 6.2% | 5.8% | 5.6% | 8.9% | 7.0% | 8.4% | 7.8% | 8.9% | – | – | – | – | – | – | – | – | – |
| Return on invested capital | 4.6% | 3.7% | 3.7% | 1.7% | 3.0% | 2.2% | 2.0% | 4.4% | 7.0% | 5.1% | 5.6% | 5.4% | 6.5% | 5.8% | 5.9% | 11.7% | 6.0% | 8.1% | 13.1% | 6.4% | 5.3% | 6.1% | 5.4% | 7.5% | 4.5% | 5.1% | 6.6% | 5.2% | 6.0% | 6.5% | 6.6% | 7.3% | – | – | – | – | – | – | – | – | – |
| Dividend yield | 4.6% | 4.9% | 5.7% | 4.3% | 3.2% | 4.7% | 4.4% | 3.8% | 3.7% | 3.6% | 3.8% | 3.1% | 3.5% | 4.1% | 3.7% | 4.3% | 4.5% | 4.4% | 3.0% | 3.3% | 3.5% | 3.9% | 4.1% | 4.7% | 4.3% | 3.9% | 6.6% | 5.6% | 6.1% | 6.7% | 6.3% | 7.1% | – | – | – | – | – | – | – | – | – |
| Financial health | |||||||||||||||||||||||||||||||||||||||||
| Current ratio | 0.77× | 0.71× | 1.04× | 0.73× | 0.84× | 0.64× | 0.61× | 0.67× | 0.45× | 0.52× | 0.52× | 0.78× | 0.85× | 0.66× | 0.78× | 0.94× | 1.00× | 0.98× | 0.86× | 0.72× | 0.70× | 0.88× | 0.74× | 0.81× | 0.72× | 0.76× | 0.73× | 0.70× | 0.64× | 0.67× | 0.79× | 0.88× | – | – | – | – | – | – | – | – | – |
| Debt / equity | 1.60× | 1.49× | 1.35× | 1.37× | 1.32× | 1.33× | 0.93× | 1.33× | 1.98× | 2.19× | 2.00× | 2.01× | 1.79× | 1.72× | 1.65× | 1.35× | 1.49× | 1.53× | 1.75× | 1.52× | 1.79× | 1.49× | 1.71× | 1.47× | 1.75× | 1.82× | 1.59× | 1.17× | 1.60× | 1.04× | 0.97× | 0.97× | – | – | – | – | – | – | – | – | – |
| Effective tax rate | 14.7% | 18.7% | 23.6% | 18.0% | (9.6%) | (8.1%) | 12.1% | 16.7% | (1.0%) | 22.8% | 32.0% | 25.4% | 33.0% | 35.8% | 34.4% | 40.7% | 31.8% | 36.5% | 39.5% | 37.7% | 35.7% | 35.6% | 38.6% | 33.3% | 40.5% | 30.6% | 31.9% | 36.3% | 36.9% | 31.7% | 30.6% | 26.3% | – | – | – | – | – | – | – | – | – |
| Share count | |||||||||||||||||||||||||||||||||||||||||
| Diluted shares outstanding | 855 | 839 | 836 | 825 | 808 | 831 | 809 | 655 | 636 | 617 | 594 | 584 | 580 | 574 | 575 | 590 | 594 | 581 | 654 | 702 | 689 | 661 | 636 | 565 | 506 | 471 | 401 | 381 | 371 | 356 | 347 | 341 | 331 | 322 | 313 | 305 | 298 | 291 | 284 | 278 | 225 |
| Line item | TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | FY2015 | FY2014 | FY2013 | FY2012 | FY2011 | FY2010 | FY2009 | FY2008 | FY2007 | FY2006 | FY2005 | FY2004 | FY2003 | FY2002 | FY2001 | FY2000 | FY1999 | FY1998 | FY1997 | FY1996 | FY1995 | FY1994 | FY1993 | FY1992 | FY1991 | FY1990 | FY1989 | FY1988 | FY1987 | FY1986 | FY1985 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue and gross profit | ||||||||||||||||||||||||||||||||||||||||||
| Revenue | $18,119 | $16,506 | $14,459 | $14,393 | $13,938 | $11,419 | $11,919 | $14,401 | $11,199 | $12,586 | $11,737 | $11,683 | $12,436 | $13,120 | $12,835 | $13,765 | $14,927 | $14,798 | $15,895 | $14,816 | $16,297 | $17,809 | $13,991 | $12,078 | $10,218 | $10,558 | $9,246 | $5,520 | $6,081 | $7,263 | $4,815 | $4,633 | $4,491 | $4,434 | $3,791 | $3,786 | $3,532 | $3,662 | $3,344 | $3,251 | $3,072 | $2,712 |
| Cost of revenue | ($9,294) | ($8,415) | ($7,537) | ($7,435) | ($7,561) | ($6,007) | – | ($8,323) | ($6,199) | ($6,208) | ($6,170) | ($6,201) | ($7,881) | ($8,033) | ($8,300) | ($9,338) | ($9,984) | ($6,896) | ($7,600) | ($6,716) | ($6,654) | ($9,115) | ($6,665) | ($4,917) | ($3,456) | ($4,090) | ($3,599) | ($1,805) | ($1,767) | ($1,940) | ($1,680) | ($1,698) | ($1,642) | – | – | – | – | – | – | – | – | – |
| Gross profit | $9,028 | $8,091 | $6,922 | $6,958 | $6,377 | $5,412 | – | $6,078 | $5,000 | $6,378 | $5,567 | $5,482 | $4,555 | $5,087 | $4,535 | $4,427 | $4,943 | $7,902 | $8,295 | $8,958 | $9,643 | $8,694 | $7,326 | $7,161 | $6,762 | $6,468 | $5,647 | $3,715 | $4,314 | $5,323 | $3,135 | $2,935 | $2,849 | – | – | – | – | – | – | – | – | – |
| Operating expenses | ||||||||||||||||||||||||||||||||||||||||||
| Research and development | – | – | – | – | – | – | – | – | – | – | – | – | – | – | – | – | – | – | – | – | – | – | – | – | – | – | – | – | – | – | – | – | – | – | – | – | – | – | – | – | – | – |
| Selling, general and administrative | – | – | – | – | – | ($2,830) | – | – | – | – | – | – | – | – | – | – | – | – | – | – | – | – | – | – | – | – | – | – | – | – | – | – | – | – | – | – | – | – | – | – | – | – |
| Total operating expenses | ($5,212) | ($3,677) | ($3,675) | ($3,544) | ($4,930) | ($3,416) | – | ($4,534) | ($1,987) | ($2,441) | ($2,119) | ($2,062) | ($1,834) | ($1,771) | ($1,677) | ($1,547) | $908 | ($5,333) | ($4,811) | ($3,389) | ($6,325) | ($6,307) | ($4,590) | ($4,600) | ($3,877) | ($4,683) | ($4,132) | ($2,404) | ($3,228) | ($3,851) | ($2,036) | ($1,909) | ($1,810) | – | – | – | – | – | – | – | – | – |
| Total costs and expenses | ($14,303) | ($12,092) | ($11,212) | ($10,979) | ($12,491) | ($9,423) | ($10,518) | ($12,857) | ($8,186) | ($8,649) | ($8,289) | ($8,263) | ($9,715) | ($9,804) | ($9,977) | ($10,885) | ($9,076) | ($12,229) | ($12,411) | ($9,247) | ($12,979) | ($15,422) | ($11,255) | ($9,517) | ($7,333) | ($8,773) | ($7,731) | ($4,209) | ($4,995) | ($5,791) | ($3,716) | ($3,607) | ($3,453) | – | – | – | – | – | – | – | – | – |
| Operating income | $3,816 | $4,414 | $3,247 | $3,414 | $1,447 | $1,996 | $1,401 | $1,544 | $3,013 | $3,937 | $3,448 | $3,420 | $2,721 | $3,316 | $2,858 | $2,880 | $5,851 | $2,569 | $3,484 | $5,569 | $3,318 | $2,387 | $2,736 | $2,561 | $2,885 | $1,785 | $1,515 | $1,311 | $1,086 | $1,472 | $1,100 | $1,026 | $1,038 | $4,434 | $3,791 | $3,786 | $3,532 | $3,662 | $3,344 | $3,251 | $3,072 | $2,712 |
| Earnings | ||||||||||||||||||||||||||||||||||||||||||
| EBITDA | $6,287 | $6,801 | $5,592 | $5,994 | $3,889 | $4,113 | $3,392 | $3,827 | $4,673 | $5,842 | $5,007 | $4,815 | $4,013 | $4,524 | $3,985 | $3,898 | $6,886 | $3,707 | $4,675 | $7,102 | $5,057 | $3,925 | $4,169 | $3,895 | $4,264 | $3,107 | $2,783 | $2,109 | $1,900 | – | – | – | – | – | – | – | – | – | – | – | – | – |
| Interest income | – | $139 | $144 | $119 | $109 | $95 | $101 | $97 | $80 | $82 | $66 | $58 | $68 | $54 | $61 | $67 | $71 | $89 | – | – | – | – | – | – | – | – | – | – | – | – | – | – | – | – | – | – | – | – | – | – | – | – |
| Interest expense | ($2,152) | ($2,022) | ($1,893) | ($1,679) | ($1,002) | ($1,255) | ($1,339) | ($1,486) | ($1,279) | ($1,205) | ($1,010) | ($904) | ($1,193) | ($877) | ($816) | ($796) | ($826) | ($889) | ($829) | ($1,161) | ($1,030) | ($966) | ($939) | – | – | – | – | – | – | – | – | – | – | – | – | – | – | – | – | – | – | – |
| Pre-tax income | $3,112 | $3,611 | $2,195 | $2,731 | $328 | $1,880 | $725 | $1,727 | $3,129 | $3,090 | $2,867 | $2,828 | $1,778 | $2,704 | $2,265 | $2,262 | $5,195 | $1,874 | $2,613 | $4,510 | $2,457 | $1,606 | $1,964 | $1,546 | $2,043 | $914 | $598 | $811 | $842 | $632 | $691 | $612 | $649 | – | – | – | – | – | – | – | – | – |
| Income tax expense | ($442) | ($532) | ($411) | ($644) | ($59) | $181 | $59 | ($209) | ($522) | $30 | ($655) | ($905) | ($452) | ($892) | ($811) | ($778) | ($2,112) | ($596) | ($953) | ($1,783) | ($927) | ($573) | ($700) | ($597) | ($681) | ($370) | ($183) | ($259) | ($306) | ($233) | ($219) | ($187) | ($171) | – | – | – | – | – | – | – | – | – |
| Net income | $2,534 | $2,998 | $2,034 | $1,962 | $1,191 | $3,399 | ($401) | $1,358 | $2,447 | $2,999 | $2,123 | $1,899 | $1,310 | $1,697 | $302 | $1,408 | $2,808 | $1,287 | $1,834 | $2,539 | $1,380 | $1,033 | $1,249 | $318 | $1,362 | $544 | $436 | $297 | $536 | $399 | $472 | $425 | $478 | $517 | $444 | $460 | $446 | $411 | $438 | $430 | $380 | $320 |
| Per share | ||||||||||||||||||||||||||||||||||||||||||
| Diluted EPS (GAAP) | $2.87 | $3.45 | $2.33 | $2.25 | $1.33 | $4.12 | ($0.57) | $1.62 | $3.74 | $4.72 | $3.44 | $3.20 | $2.24 | $2.93 | $0.53 | $2.45 | $4.76 | $2.17 | $3.16 | $3.88 | $1.97 | $1.50 | $1.89 | $0.50 | $2.41 | $1.08 | $0.93 | $0.74 | $1.41 | $1.08 | $1.33 | $1.23 | $1.41 | $1.56 | $1.38 | $1.47 | $1.46 | $1.38 | $1.51 | $1.52 | $1.37 | $1.20 |
| Basic EPS (GAAP) | $2.88 | $3.46 | $2.33 | $2.25 | $1.33 | $4.12 | ($0.56) | $1.66 | $3.74 | $4.72 | $3.44 | $3.21 | $2.25 | $2.93 | $0.53 | $2.46 | $4.77 | $2.17 | $3.17 | $3.90 | $1.98 | $1.51 | $1.90 | $0.50 | $2.42 | $1.09 | $0.93 | $0.78 | $1.41 | $1.08 | $1.33 | $1.23 | $1.41 | $1.56 | $1.38 | $1.47 | $1.46 | $1.38 | $1.51 | $1.52 | $1.37 | $1.20 |
| Basic shares outstanding | 866 | 854 | 839 | 836 | 824 | 808 | 831 | 809 | 654 | 636 | 616 | 592 | 583 | 579 | 573 | 573 | 589 | 593 | 578 | 651 | 699 | 684 | 657 | 636 | 562 | 501 | 471 | 383 | 381 | 371 | 356 | 347 | 341 | 331 | 322 | 313 | 305 | 298 | 291 | 284 | 278 | 225 |
| Margins | ||||||||||||||||||||||||||||||||||||||||||
| Gross margin | 49.8% | 49.0% | 47.9% | 48.3% | 45.8% | 47.4% | – | 42.2% | 44.6% | 50.7% | 47.4% | 46.9% | 36.6% | 38.8% | 35.3% | 32.2% | 33.1% | 53.4% | 52.2% | 60.5% | 59.2% | 48.8% | 52.4% | 59.3% | 66.2% | 61.3% | 61.1% | 67.3% | 70.9% | 73.3% | 65.1% | 63.3% | 63.4% | – | – | – | – | – | – | – | – | – |
| Operating margin | 21.1% | 26.7% | 22.5% | 23.7% | 10.4% | 17.5% | 11.8% | 10.7% | 26.9% | 31.3% | 29.4% | 29.3% | 21.9% | 25.3% | 22.3% | 20.9% | 39.2% | 17.4% | 21.9% | 37.6% | 20.4% | 13.4% | 19.6% | 21.2% | 28.2% | 16.9% | 16.4% | 23.8% | 17.9% | 20.3% | 22.8% | 22.2% | 23.1% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% |
| Net margin | 14.0% | 18.2% | 14.1% | 13.6% | 8.5% | 29.8% | (3.4%) | 9.4% | 21.9% | 23.8% | 18.1% | 16.3% | 10.5% | 12.9% | 2.4% | 10.2% | 18.8% | 8.7% | 11.5% | 17.1% | 8.5% | 5.8% | 8.9% | 2.6% | 13.3% | 5.2% | 4.7% | 5.4% | 8.8% | 5.5% | 9.8% | 9.2% | 10.6% | 11.7% | 11.7% | 12.1% | 12.6% | 11.2% | 13.1% | 13.2% | 12.4% | 11.8% |