
| 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 | $45,533 | $52,457 | $53,630 | $49,212 | $65,681 | $40,495 | $37,344 | $35,494 | $36,649 | $39,192 | $43,435 | $31,841 | $25,835 | $24,725 | $22,812 | $17,128 | $13,713 | $13,376 | $12,431 | $13,919 | $8,679 | $7,127 | $5,432 | $3,974 | $4,085 | $3,183 | $2,866 | $3,083 | $2,881 | $2,393 | $813 | $346 | $257 | $149 | $122 | $77 | $121 | $123 | $113 | $144 | $46 |
| Enterprise value | $55,562 | $61,463 | $62,457 | $55,401 | $72,442 | $42,800 | $38,853 | $36,570 | $37,671 | $39,429 | $43,677 | $31,744 | $26,682 | $25,205 | $23,094 | $17,170 | $13,601 | $13,697 | $13,456 | $15,393 | $8,589 | $7,335 | $5,729 | $4,427 | $4,659 | $3,782 | $3,165 | $3,252 | $3,231 | $2,591 | $1,003 | $545 | $526 | $210 | $119 | $1 | $31 | $115 | $120 | $158 | $30 |
| P/E (TTM) at period end | 28.72× | 28.01× | 27.52× | 11.88× | 37.91× | 36.87× | 29.34× | 23.84× | 31.28× | 33.10× | 41.25× | 35.06× | 30.58× | 36.92× | 40.61× | 42.91× | 23.40× | 14.30× | 27.17× | 44.32× | 19.02× | 19.46× | 16.13× | 12.47× | 12.60× | 10.71× | 9.96× | 13.58× | 16.13× | 15.59× | 11.55× | 8.22× | 9.19× | 9.87× | 10.19× | 6.38× | 10.89× | 10.61× | 10.75× | 14.41× | 6.81× |
| P/S (TTM) at period end | 9.44× | 11.17× | 11.87× | 11.77× | 19.23× | 13.89× | 13.08× | 12.86× | 13.73× | 15.31× | 18.24× | 14.62× | 13.15× | 13.42× | 13.14× | 10.61× | 8.45× | 7.77× | 6.96× | 10.08× | 8.19× | 7.44× | 6.08× | 4.67× | 5.13× | 4.51× | 4.49× | 5.57× | 6.14× | 7.06× | 3.82× | 2.35× | 2.24× | 2.13× | 2.44× | 2.22× | 4.07× | 4.13× | 3.97× | 6.21× | 2.36× |
| P/B at period end | 4.92× | 5.40× | 5.36× | 4.89× | 7.04× | 4.73× | 4.12× | 3.89× | 4.10× | 4.16× | 4.74× | 3.36× | 2.94× | 3.05× | 2.75× | 1.97× | 1.54× | 1.54× | 1.42× | 1.70× | 1.80× | 1.61× | 1.29× | 0.96× | 1.04× | 0.85× | 0.78× | 0.99× | 1.01× | 1.04× | 0.50× | 0.59× | 0.68× | 0.59× | 0.65× | 0.44× | 0.77× | 0.76× | 0.69× | 0.91× | 0.35× |
| EV / EBITDA (TTM) | 16.40× | 18.54× | 18.99× | 18.12× | 30.10× | 21.79× | 19.62× | 19.27× | 20.06× | 21.81× | 26.34× | 21.27× | 19.93× | 20.50× | 20.61× | 16.42× | 12.76× | 12.41× | 13.06× | 19.29× | 13.00× | 12.70× | 10.15× | 7.94× | 8.28× | 7.82× | 7.27× | 22.68× | 6.80× | 7.47× | 7.92× | 6.33× | 2.51× | 1.66× | 1.40× | 0.02× | 0.80× | 2.76× | 3.04× | 5.05× | – |
| EV / Sales (TTM) | 11.52× | 13.09× | 13.83× | 13.25× | 21.21× | 14.68× | 13.61× | 13.25× | 14.12× | 15.40× | 18.34× | 14.58× | 13.58× | 13.68× | 13.30× | 10.64× | 8.38× | 7.96× | 7.53× | 11.15× | 8.10× | 7.66× | 6.42× | 5.20× | 5.85× | 5.36× | 4.95× | 5.87× | 6.89× | 7.64× | 4.72× | 3.70× | 4.59× | 2.99× | 2.37× | 0.03× | 1.05× | 3.85× | 4.24× | 6.80× | 1.53× |
| Returns | |||||||||||||||||||||||||||||||||||||||||
| Return on equity | 17.1% | 19.3% | 19.5% | 41.1% | 18.6% | 12.8% | 14.0% | 16.3% | 13.1% | 12.6% | 11.5% | 9.6% | 9.6% | 8.3% | 6.8% | 4.6% | 6.6% | 10.7% | 5.2% | 3.8% | 9.5% | 8.3% | 8.0% | 7.7% | 8.3% | 8.0% | 7.8% | 7.3% | 6.3% | 6.7% | 4.3% | 7.2% | 7.4% | 6.0% | 6.4% | 6.8% | 7.0% | 7.2% | 6.4% | 6.3% | 5.1% |
| Return on invested capital | 11.6% | 11.6% | 12.2% | 13.3% | 10.5% | 13.0% | 13.9% | 13.9% | 14.3% | 14.2% | 13.1% | 11.2% | 9.9% | 10.2% | 8.9% | 7.9% | 8.2% | 7.7% | 4.1% | 3.7% | 9.8% | 8.5% | 7.8% | 7.6% | 8.2% | 7.7% | 7.0% | 0.5% | 11.6% | 10.6% | 4.7% | 7.4% | 28.4% | 28.4% | 24.0% | 17.7% | 15.6% | 25.8% | 21.9% | 17.3% | 21.6% |
| Dividend yield | 5.1% | 4.4% | 4.3% | 7.9% | 2.4% | 4.0% | 4.3% | 4.5% | 4.4% | 3.8% | 3.2% | 3.0% | 3.4% | 3.0% | 2.7% | 3.0% | 2.7% | 3.5% | 4.8% | 3.8% | 5.1% | 5.8% | 7.2% | 9.9% | 8.4% | 12.2% | 8.1% | 6.9% | 6.8% | 5.7% | 8.5% | 11.0% | 9.9% | 9.5% | 9.9% | 9.9% | 12.7% | – | – | – | – |
| Financial health | |||||||||||||||||||||||||||||||||||||||||
| Current ratio | – | – | 0.62× | 1.51× | 1.52× | 0.65× | 1.07× | 0.97× | 1.29× | 0.62× | – | – | – | – | 0.23× | 0.72× | 1.17× | 3.21× | – | – | 4.33× | 2.83× | – | – | 1.16× | 0.98× | 1.65× | 2.77× | 0.97× | 2.68× | 3.69× | 0.24× | 0.04× | 0.83× | 1.85× | 4.27× | 3.86× | 0.52× | 0.03× | 0.03× | 0.86× |
| Debt / equity | 2.22× | 0.96× | 0.91× | 0.68× | 0.80× | 0.30× | 0.21× | 0.15× | 0.16× | 0.04× | – | 0.01× | 0.09× | – | – | – | – | 0.07× | 0.12× | 0.18× | 0.05× | 0.04× | 0.02× | 0.03× | 0.04× | 0.04× | 0.05× | 0.03× | 0.04× | 0.05× | 0.10× | 0.13× | 0.22× | 0.21× | 0.45× | 0.44× | 0.51× | 0.02× | 0.05× | 0.09× | 0.11× |
| Effective tax rate | (0.4%) | 0.2% | 0.5% | 0.3% | 0.6% | – | – | – | – | – | – | – | – | – | – | – | – | – | – | – | – | – | – | – | – | – | – | – | – | – | – | – | – | – | – | – | – | – | – | – | – |
| Share count | |||||||||||||||||||||||||||||||||||||||||
| Diluted shares outstanding | 176 | 176 | 176 | 176 | 176 | 175 | 175 | 174 | 174 | 174 | 174 | 173 | 173 | 172 | 171 | 170 | 169 | 169 | 170 | 144 | 129 | 129 | 127 | 125 | 124 | 132 | 127 | 114 | 99 | 77 | 41 | 24 | 18 | 17 | 15 | 12 | 11 | 11 | 10 | 10 | 2 |
| 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 | $4,890 | $4,824 | $4,696 | $4,518 | $4,182 | $3,416 | $2,915 | $2,855 | $2,760 | $2,669 | $2,561 | $2,382 | $2,177 | $1,965 | $1,843 | $1,736 | $1,614 | $1,623 | $1,720 | $1,787 | $1,381 | $1,060 | $958 | $893 | $850 | $796 | $706 | $639 | $554 | $469 | $339 | $213 | $147 | $115 | $70 | $50 | $34 | $30 | $30 | $28 | $23 | $19 |
| Cost of revenue | ($1,344) | ($3,620) | ($1,258) | ($1,148) | ($1,053) | ($921) | ($867) | ($813) | ($740) | ($708) | ($669) | ($636) | ($613) | ($560) | ($556) | ($561) | ($528) | ($521) | ($554) | ($658) | ($498) | ($378) | ($362) | ($341) | ($309) | ($280) | ($238) | ($212) | ($204) | – | – | ($73) | ($53) | – | – | – | – | – | – | – | – | – |
| Gross profit | $3,546 | $1,204 | $3,438 | $3,370 | $3,129 | $2,495 | $2,048 | $2,042 | $2,015 | $1,961 | $1,891 | $1,746 | $1,564 | $1,405 | $1,287 | $1,175 | $1,085 | $1,102 | $1,166 | $1,157 | $883 | $682 | $596 | $552 | $541 | $517 | $468 | $427 | $350 | – | – | $140 | $94 | – | – | – | – | – | – | – | – | – |
| Operating expenses | ||||||||||||||||||||||||||||||||||||||||||
| Research and development | ($17) | ($20) | ($16) | ($26) | ($18) | ($8) | ($11) | ($7) | ($5) | ($8) | ($10) | ($10) | ($11) | ($10) | ($6) | ($4) | ($6) | – | – | – | – | – | – | – | – | – | – | – | – | – | – | – | – | – | – | – | – | – | – | – | – | – |
| Selling, general and administrative | ($130) | ($107) | ($107) | ($81) | ($72) | ($76) | ($83) | ($62) | ($105) | ($83) | ($84) | ($88) | ($71) | ($67) | ($57) | ($52) | ($38) | ($36) | ($63) | ($60) | ($85) | ($21) | ($19) | ($17) | ($16) | ($21) | ($21) | ($12) | ($12) | ($14) | ($8) | ($4) | ($3) | ($2) | ($1) | ($1) | ($1) | ($1) | – | – | – | – |
| Total operating expenses | ($1,184) | $1,032 | ($1,252) | ($1,051) | ($960) | ($802) | ($636) | ($575) | ($600) | ($537) | ($517) | ($514) | ($509) | ($454) | ($415) | ($413) | ($393) | ($375) | ($472) | ($746) | ($522) | ($217) | ($202) | ($201) | ($190) | ($147) | ($133) | ($149) | ($332) | – | – | ($54) | ($36) | – | – | – | – | – | – | – | – | – |
| Total costs and expenses | ($2,528) | ($2,588) | ($2,510) | ($2,199) | ($2,013) | ($1,723) | ($1,504) | ($1,388) | ($1,345) | ($1,245) | ($1,186) | ($1,150) | ($1,122) | ($1,014) | ($971) | ($973) | ($921) | ($896) | ($1,026) | ($1,376) | ($1,021) | ($596) | ($564) | ($542) | ($500) | ($427) | ($371) | ($361) | ($536) | ($98) | ($74) | ($127) | ($89) | $71 | $42 | $26 | $13 | $8 | $10 | $9 | $7 | $6 |
| Operating income | $2,363 | $2,236 | $2,186 | $2,319 | $2,169 | $1,693 | $1,411 | $1,467 | $1,414 | $1,423 | $1,374 | $1,232 | $1,055 | $951 | $872 | $763 | $693 | $727 | $694 | $411 | $360 | $464 | $395 | $351 | $351 | $369 | $335 | $278 | $18 | $371 | $265 | $86 | $58 | $185 | $112 | $76 | $47 | $37 | $40 | $38 | $30 | $25 |
| Earnings | ||||||||||||||||||||||||||||||||||||||||||
| EBITDA | $3,527 | $3,388 | $3,315 | $3,289 | $3,058 | $2,406 | $1,964 | $1,980 | $1,898 | $1,878 | $1,808 | $1,658 | $1,493 | $1,339 | $1,230 | $1,121 | $1,046 | $1,066 | $1,103 | $1,031 | $798 | $660 | $578 | $565 | $557 | $563 | $484 | $435 | $143 | $476 | $347 | $127 | $86 | $210 | $126 | $85 | $51 | $39 | $42 | $40 | $31 | – |
| Interest income | $62 | $63 | $67 | $86 | $41 | $12 | $22 | $27 | $25 | $19 | $15 | $17 | $18 | $34 | $22 | $32 | $29 | – | – | – | – | – | – | – | – | – | – | – | – | – | – | – | – | – | – | – | – | – | – | – | – | – |
| Interest expense | ($326) | ($304) | ($287) | ($201) | ($136) | ($91) | ($56) | ($46) | ($33) | ($13) | ($4) | ($1) | ($7) | ($6) | ($20) | ($24) | ($30) | ($30) | ($44) | ($64) | – | – | – | – | – | – | – | – | – | – | – | – | – | – | – | – | – | – | – | – | – | – |
| Pre-tax income | $2,050 | $1,790 | $2,089 | $2,171 | $4,381 | $1,972 | $1,361 | $1,526 | $1,717 | $1,448 | $1,460 | $1,318 | $1,150 | $1,058 | $930 | $774 | $693 | $697 | $650 | – | – | – | – | – | – | – | – | – | – | – | – | – | – | – | – | – | – | – | – | – | – | – |
| Income tax expense | $8 | $7 | ($5) | ($11) | ($14) | ($12) | – | – | – | – | – | – | – | – | – | – | – | – | – | – | – | – | – | – | – | – | – | – | – | – | – | – | – | – | – | – | – | – | – | – | – | – |
| Net income | $2,044 | $1,784 | $2,072 | $2,148 | $4,349 | $1,953 | $1,357 | $1,521 | $1,711 | $1,442 | $1,454 | $1,311 | $1,144 | $1,052 | $939 | $824 | $672 | $835 | $935 | $458 | $314 | $456 | $366 | $337 | $319 | $324 | $297 | $288 | $227 | $179 | $154 | $70 | $42 | $28 | $15 | $12 | $12 | $11 | $12 | $10 | $10 | $7 |
| Per share | ||||||||||||||||||||||||||||||||||||||||||
| Diluted EPS (GAAP) | $10.48 | $9.01 | $10.64 | $11.06 | $23.50 | $9.87 | $6.29 | $7.29 | $8.54 | $6.73 | $6.81 | $6.07 | $5.25 | $4.89 | $3.90 | $3.29 | $2.35 | $3.47 | $4.18 | ($0.01) | $0.33 | $1.97 | $1.38 | $1.28 | $1.14 | $1.39 | $1.41 | $1.52 | $1.30 | $0.91 | $1.10 | $0.95 | $1.05 | $0.98 | $0.90 | $0.81 | $1.04 | $1.01 | $1.06 | $1.00 | $1.05 | $1.37 |
| Basic EPS (GAAP) | $10.51 | $9.04 | $10.68 | $11.11 | $23.64 | $9.91 | $6.29 | $7.30 | $8.56 | $6.75 | $6.84 | $6.10 | $5.27 | $4.92 | $3.93 | $3.31 | $2.36 | $3.48 | $4.19 | $1.18 | $0.33 | $1.98 | $1.39 | $1.29 | $1.15 | $1.41 | $1.41 | $1.53 | $1.30 | $0.92 | $1.10 | $0.95 | $1.05 | $0.98 | $0.90 | $0.81 | $1.04 | $1.01 | $1.06 | $1.00 | $1.05 | $1.37 |
| Basic shares outstanding | 176 | 175 | 175 | 175 | 175 | 175 | 174 | 174 | 174 | 174 | 173 | 173 | 172 | 172 | 171 | 170 | 169 | 168 | 168 | 169 | 143 | 128 | 128 | 125 | 123 | 122 | 132 | 126 | 114 | 98 | 77 | 41 | 24 | 18 | 17 | 15 | 12 | 11 | 11 | 10 | 10 | 2 |
| Margins | ||||||||||||||||||||||||||||||||||||||||||
| Gross margin | 72.5% | 25.0% | 73.2% | 74.6% | 74.8% | 73.0% | 70.2% | 71.5% | 73.0% | 73.5% | 73.9% | 73.3% | 71.8% | 71.5% | 69.8% | 67.7% | 67.3% | 67.9% | 67.8% | 64.7% | 63.9% | 64.3% | 62.2% | 61.8% | 63.6% | 64.9% | 66.3% | 66.8% | 63.1% | – | – | 65.8% | 64.1% | – | – | – | – | – | – | – | – | – |
| Operating margin | 48.3% | 46.4% | 46.5% | 51.3% | 51.9% | 49.6% | 48.4% | 51.4% | 51.2% | 53.3% | 53.7% | 51.7% | 48.5% | 48.4% | 47.3% | 43.9% | 42.9% | 44.8% | 40.4% | 23.0% | 26.1% | 43.8% | 41.2% | 39.3% | 41.2% | 46.4% | 47.4% | 43.5% | 3.2% | 79.2% | 78.1% | 40.5% | 39.7% | 161.6% | 159.7% | 151.6% | 136.8% | 125.3% | 132.9% | 132.4% | 128.4% | 130.1% |
| Net margin | 41.8% | 37.0% | 44.1% | 47.6% | 104.0% | 57.2% | 46.6% | 53.3% | 62.0% | 54.0% | 56.8% | 55.1% | 52.6% | 53.6% | 51.0% | 47.5% | 41.6% | 51.4% | 54.4% | 25.6% | 22.7% | 43.1% | 38.2% | 37.7% | 37.5% | 40.7% | 42.1% | 45.1% | 41.0% | 38.1% | 45.3% | 33.1% | 28.6% | 24.4% | 21.6% | 24.0% | 34.8% | 37.4% | 38.9% | 37.0% | 43.1% | 34.7% |