
| Line item | FY2026 | 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 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Valuation | |||||||||||||||||||||||||||||||
| Market cap | $11,152 | $14,114 | $16,085 | $16,647 | $16,458 | $14,371 | $13,244 | $10,284 | $8,670 | $5,941 | $6,729 | $5,969 | $5,324 | $4,434 | $4,086 | $3,960 | $3,447 | $2,597 | $3,014 | $2,929 | $2,147 | $1,677 | $2,156 | $1,633 | $834 | $837 | $1,100 | $728 | $312 | $298 | $193 |
| Enterprise value | $12,429 | $15,317 | $17,167 | $18,030 | $18,142 | $14,520 | $13,515 | $10,473 | $9,007 | $6,289 | $6,776 | $5,822 | $5,188 | $4,225 | $3,883 | $3,779 | $3,252 | $2,380 | $2,871 | $2,743 | $2,006 | $1,601 | $2,058 | $1,464 | $703 | $757 | $1,038 | $697 | $274 | $271 | $177 |
| P/E (TTM) at period end | 20.90× | 23.64× | 29.95× | 35.56× | 41.46× | 35.96× | 35.51× | 29.15× | 32.46× | 23.00× | 19.86× | 24.76× | 25.17× | 22.32× | 21.64× | 23.15× | 22.95× | 17.91× | 24.11× | 26.73× | 25.90× | 23.36× | 37.16× | 31.75× | 20.42× | 25.05× | 43.51× | 39.16× | 24.34× | 33.43× | 29.65× |
| P/S (TTM) at period end | 4.50× | 6.08× | 7.30× | 7.98× | 8.93× | 9.03× | 8.86× | 7.16× | 6.42× | 4.86× | 5.97× | 5.93× | 5.79× | 5.17× | 5.07× | 5.45× | 5.38× | 4.17× | 5.24× | 6.16× | 5.54× | 5.36× | 8.56× | 7.35× | 4.05× | 4.74× | 8.20× | 7.02× | 3.95× | 5.09× | 4.35× |
| P/B at period end | 5.57× | 6.46× | 8.41× | 10.28× | 12.36× | 14.14× | 14.78× | 15.30× | 16.49× | 10.61× | 13.01× | 11.23× | 10.42× | 8.18× | 7.40× | 7.69× | 6.86× | 5.18× | 6.48× | 7.16× | 5.99× | 6.25× | 13.10× | 7.70× | 4.71× | 6.05× | 10.68× | 9.39× | 6.11× | 7.91× | 6.83× |
| EV / EBITDA (TTM) | 14.11× | 16.91× | 20.77× | 24.54× | 32.27× | 26.96× | 27.18× | 21.01× | 21.27× | 15.71× | 17.48× | 16.03× | 15.41× | 13.84× | 12.66× | 13.73× | 12.56× | 9.70× | 13.38× | 14.93× | 13.78× | 12.57× | 20.12× | 15.53× | 4.34× | 11.23× | 20.33× | 18.14× | 10.00× | 13.81× | 12.92× |
| EV / Sales (TTM) | 5.02× | 6.60× | 7.79× | 8.65× | 9.84× | 9.12× | 9.05× | 7.30× | 6.67× | 5.15× | 6.01× | 5.78× | 5.64× | 4.92× | 4.82× | 5.20× | 5.07× | 3.83× | 4.99× | 5.76× | 5.18× | 5.12× | 8.17× | 6.59× | 3.42× | 4.29× | 7.73× | 6.71× | 3.47× | 4.64× | 4.00× |
| Returns | |||||||||||||||||||||||||||||||
| Return on equity | 26.6% | 27.3% | 28.1% | 28.9% | 29.8% | 39.3% | 41.6% | 52.5% | 50.8% | 46.1% | 65.5% | 45.3% | 41.4% | 36.7% | 34.2% | 33.2% | 29.9% | 28.9% | 26.9% | 26.8% | 23.1% | 26.8% | 35.3% | 24.2% | 23.1% | 24.2% | 24.5% | 24.0% | 25.1% | 23.7% | 23.0% |
| Return on invested capital | 17.4% | 18.2% | 18.9% | 16.6% | 14.0% | 33.7% | 32.4% | 41.3% | 31.2% | 28.1% | 43.6% | 58.8% | 53.4% | 57.2% | 51.7% | 51.2% | 48.9% | 50.7% | 35.0% | 43.4% | 34.1% | 34.0% | 66.2% | 31.0% | 69.3% | 31.4% | 39.5% | 37.8% | 87.3% | 78.2% | 48.8% |
| Dividend yield | 1.5% | 1.1% | 0.9% | 0.8% | 0.8% | 0.8% | 0.8% | 1.0% | 1.0% | 1.4% | 1.1% | 1.1% | 1.1% | 1.3% | 1.2% | 1.1% | 1.1% | 1.3% | 0.9% | 0.5% | 0.5% | 0.5% | 0.4% | 0.4% | 0.6% | 0.5% | 0.3% | 0.2% | – | – | – |
| Financial health | |||||||||||||||||||||||||||||||
| Current ratio | 0.60× | 1.40× | 1.25× | 1.59× | 1.99× | 2.96× | 3.05× | 2.67× | 1.95× | 2.04× | 2.33× | 2.18× | 1.96× | 2.69× | 2.64× | 2.50× | 2.43× | 3.01× | 2.53× | 2.78× | 2.61× | 2.18× | 2.68× | 4.90× | 4.28× | 3.57× | 3.13× | 3.26× | 2.84× | 3.10× | 3.44× |
| Debt / equity | 0.68× | 0.63× | 0.71× | 1.00× | 1.49× | 0.57× | 0.64× | 0.85× | 1.09× | 1.03× | 0.58× | 0.07× | – | – | – | – | – | – | – | – | 0.01× | – | – | – | – | – | – | – | – | – | – |
| Effective tax rate | 17.9% | 17.2% | 17.6% | 19.8% | 10.5% | 14.5% | 12.7% | 16.4% | 24.1% | 25.0% | 26.5% | 27.8% | 30.3% | 26.7% | 31.3% | 28.4% | 32.4% | 31.7% | 33.9% | 32.7% | 34.2% | 34.9% | 35.1% | 34.9% | 36.4% | 38.4% | 36.1% | 39.4% | 43.8% | 43.3% | 43.0% |
| Share count | |||||||||||||||||||||||||||||||
| Diluted shares outstanding | 37 | 38 | 39 | 39 | 39 | 39 | 39 | 39 | 39 | 40 | 41 | 42 | 43 | 45 | 46 | 47 | 48 | 49 | 50 | 51 | 51 | 50 | 76 | 52 | 52 | 51 | 52 | 47 | 44 | 49 | 43 |
| Line item | TTM | FY2026 | 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 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue and gross profit | ||||||||||||||||||||||||||||||||
| Revenue | $2,476 | $2,476 | $2,322 | $2,203 | $2,086 | $1,844 | $1,591 | $1,494 | $1,435 | $1,350 | $1,221 | $1,127 | $1,007 | $920 | $858 | $806 | $727 | $641 | $622 | $576 | $476 | $387 | $313 | $252 | $222 | $206 | $177 | $134 | $104 | $79 | $58 | $44 |
| Cost of revenue | ($1,223) | ($1,223) | ($1,098) | ($1,012) | ($973) | ($871) | ($786) | ($695) | ($663) | ($659) | ($567) | ($487) | ($405) | ($354) | ($306) | ($276) | ($245) | ($207) | ($209) | ($191) | ($153) | ($121) | ($92) | ($74) | ($66) | ($68) | ($62) | ($34) | ($28) | ($24) | ($19) | ($10) |
| Gross profit | $1,253 | $1,253 | $1,224 | $1,191 | $1,112 | $973 | $805 | $799 | $772 | $691 | $655 | $640 | $601 | $567 | $552 | $530 | $482 | $435 | $413 | $384 | $323 | $266 | $221 | $178 | $156 | $138 | $115 | $101 | $76 | $55 | $40 | $35 |
| Operating expenses | ||||||||||||||||||||||||||||||||
| Research and development | ($346) | ($346) | ($301) | ($265) | ($267) | ($255) | ($250) | ($224) | ($215) | ($217) | ($215) | – | – | – | – | – | – | – | – | – | – | – | – | – | – | – | – | – | – | – | – | – |
| Selling, general and administrative | ($553) | ($553) | ($476) | ($490) | ($483) | ($433) | ($331) | ($343) | ($334) | ($325) | ($302) | ($290) | ($270) | ($264) | ($282) | ($257) | ($244) | ($213) | ($202) | ($200) | ($168) | ($145) | ($112) | ($90) | ($79) | ($75) | ($64) | ($50) | ($38) | ($28) | ($20) | ($21) |
| Total operating expenses | ($553) | ($553) | ($476) | ($490) | ($483) | ($497) | ($331) | ($359) | ($334) | ($325) | ($302) | ($290) | ($270) | ($264) | ($282) | ($257) | ($244) | ($213) | ($202) | ($200) | ($168) | ($145) | ($112) | ($90) | ($79) | $6 | ($64) | ($61) | ($48) | ($34) | ($25) | ($24) |
| Total costs and expenses | ($1,776) | ($1,776) | ($1,573) | ($1,502) | ($1,456) | ($1,368) | ($1,117) | ($1,054) | ($997) | ($984) | ($869) | ($777) | ($675) | ($618) | ($589) | ($533) | ($488) | ($419) | ($411) | ($392) | ($321) | ($266) | ($204) | ($164) | ($146) | ($62) | ($126) | ($95) | ($75) | ($58) | ($44) | ($34) |
| Operating income | $700 | $700 | $748 | $701 | $629 | $475 | $474 | $440 | $438 | $366 | $352 | $350 | $332 | $302 | $269 | $273 | $238 | $222 | $211 | $184 | $155 | $121 | $109 | $88 | $77 | $144 | $51 | $39 | $29 | $21 | $15 | $11 |
| Earnings | ||||||||||||||||||||||||||||||||
| EBITDA | $881 | $881 | $906 | $826 | $735 | $562 | $539 | $497 | $498 | $423 | $400 | $388 | $363 | $337 | $305 | $307 | $275 | $259 | $245 | $215 | $184 | $146 | $127 | $102 | $94 | $162 | $67 | $51 | $38 | $27 | $20 | $14 |
| Interest income | $4 | $4 | $7 | $14 | $13 | $6 | $2 | – | – | – | $2 | $2 | $2 | $1 | $1 | $1 | – | – | – | – | – | – | – | – | – | – | – | – | – | – | – | – |
| Interest expense | ($55) | ($55) | ($56) | ($66) | ($66) | ($36) | ($8) | ($13) | ($20) | ($16) | ($8) | ($1) | $2 | $1 | – | – | – | – | – | – | – | – | – | – | – | – | – | – | – | – | – | – |
| Pre-tax income | $650 | $650 | $721 | $652 | $584 | $444 | $468 | $427 | $422 | $352 | $344 | $461 | $334 | $303 | $271 | $275 | $239 | $222 | $212 | $189 | $163 | $126 | $110 | $89 | $79 | $64 | $54 | $40 | $31 | $22 | $16 | $11 |
| Income tax expense | ($116) | ($116) | ($124) | ($114) | ($116) | ($47) | ($68) | ($54) | ($69) | ($85) | ($86) | ($122) | ($93) | ($92) | ($72) | ($86) | ($68) | ($72) | ($67) | ($64) | ($53) | ($43) | ($38) | ($31) | ($28) | ($23) | ($21) | ($14) | ($12) | ($10) | ($7) | ($5) |
| Net income | $533 | $533 | $597 | $537 | $468 | $397 | $400 | $373 | $353 | $267 | $258 | $339 | $241 | $212 | $199 | $189 | $171 | $150 | $145 | $125 | $110 | $83 | $72 | $58 | $51 | $41 | $33 | $25 | $19 | $13 | $9 | $6 |
| Per share | ||||||||||||||||||||||||||||||||
| Diluted EPS (GAAP) | $14.57 | $14.57 | $15.55 | $13.91 | $12.04 | $10.25 | $10.36 | $9.65 | $9.08 | $6.78 | $6.51 | $8.19 | $5.71 | $4.92 | $4.45 | $4.12 | $3.61 | $3.13 | $2.97 | $2.50 | $2.14 | $1.64 | $1.43 | $0.77 | $0.99 | $0.78 | $0.43 | $0.49 | $0.39 | $0.29 | $0.18 | $0.15 |
| Basic EPS (GAAP) | $14.63 | $14.63 | $15.74 | $14.11 | $12.26 | $10.48 | $10.56 | $9.83 | $9.25 | $6.90 | $6.55 | $8.29 | $5.80 | $4.98 | $4.53 | $4.22 | $3.72 | $3.22 | $3.07 | $2.60 | $2.24 | $1.70 | $1.50 | $0.80 | $1.02 | $0.81 | $0.67 | $0.53 | $0.39 | $0.29 | $0.18 | $0.15 |
| Basic shares outstanding | 36 | 36 | 38 | 38 | 38 | 38 | 38 | 38 | 38 | 39 | 39 | 41 | 42 | 42 | 44 | 45 | 46 | 47 | 47 | 48 | 49 | 49 | 48 | 73 | 50 | 50 | 50 | 48 | 47 | 43 | 49 | 43 |
| Margins | ||||||||||||||||||||||||||||||||
| Gross margin | 50.6% | 50.6% | 52.7% | 54.1% | 53.3% | 52.8% | 50.6% | 53.5% | 53.8% | 51.2% | 53.6% | 56.8% | 59.7% | 61.6% | 64.3% | 65.8% | 66.3% | 67.8% | 66.3% | 66.8% | 67.9% | 68.7% | 70.6% | 70.5% | 70.2% | 67.0% | 65.1% | 74.9% | 73.5% | 69.6% | 68.0% | 78.3% |
| Operating margin | 28.3% | 28.3% | 32.2% | 31.8% | 30.2% | 25.8% | 29.8% | 29.4% | 30.5% | 27.1% | 28.8% | 31.0% | 33.0% | 32.8% | 31.4% | 33.9% | 32.8% | 34.6% | 33.9% | 32.0% | 32.6% | 31.3% | 34.9% | 34.8% | 34.5% | 69.9% | 28.8% | 29.2% | 27.6% | 26.4% | 25.5% | 24.2% |
| Net margin | 21.5% | 21.5% | 25.7% | 24.4% | 22.4% | 21.5% | 25.1% | 25.0% | 24.6% | 19.8% | 21.1% | 30.1% | 23.9% | 23.0% | 23.1% | 23.4% | 23.5% | 23.4% | 23.3% | 21.7% | 23.0% | 21.4% | 23.0% | 23.0% | 23.1% | 19.8% | 18.9% | 18.8% | 17.9% | 16.2% | 15.2% | 14.7% |