
| 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 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Valuation | |||||||||||||||||||||||||||||||||||
| Market cap | $47,913 | $55,743 | $58,236 | $45,824 | $51,884 | $45,473 | $37,366 | $28,114 | $27,321 | $19,312 | $20,020 | $15,622 | $13,746 | $10,892 | $8,336 | $7,203 | $4,749 | $3,884 | $5,528 | $4,363 | $3,378 | $2,262 | $1,555 | $1,203 | $1,303 | $1,066 | $938 | $552 | $827 | $640 | $541 | $355 | $519 | $131 | $81 |
| Enterprise value | $56,916 | $63,224 | $64,395 | $51,739 | $59,496 | $54,783 | $41,988 | $32,691 | $31,805 | $24,765 | $22,513 | $17,213 | $15,752 | $12,543 | $9,083 | $8,274 | $5,735 | $4,973 | $6,408 | $5,320 | $4,219 | $3,025 | $2,136 | $1,523 | $1,613 | $1,296 | $1,055 | $670 | $929 | $710 | $560 | $370 | $529 | $160 | $113 |
| P/E (TTM) at period end | 31.19× | 35.98× | 42.07× | 10.08× | 45.01× | 47.88× | 21.14× | 29.77× | 28.11× | 29.32× | 28.76× | 24.18× | 25.54× | 22.53× | 19.51× | 22.33× | 19.83× | 13.78× | 22.50× | 22.57× | 22.05× | 24.10× | 34.38× | 30.04× | 23.33× | 21.63× | 19.84× | 14.06× | 22.73× | 22.16× | 23.23× | 17.59× | 27.18× | 27.93× | 16.52× |
| P/S (TTM) at period end | 6.06× | 7.92× | 9.43× | 8.53× | 10.73× | 11.31× | 7.90× | 5.42× | 5.93× | 5.10× | 5.59× | 4.40× | 4.25× | 3.64× | 2.98× | 3.02× | 2.32× | 1.68× | 2.63× | 2.57× | 2.32× | 2.33× | 2.37× | 1.92× | 2.22× | 2.12× | 2.30× | 1.42× | 2.77× | 2.84× | 3.09× | 2.41× | 3.92× | 1.89× | 1.08× |
| P/B at period end | 2.41× | 2.95× | 3.34× | 2.86× | 4.49× | 4.34× | 3.94× | 3.63× | 3.98× | 3.34× | 3.78× | 3.29× | 3.26× | 2.95× | 2.61× | 2.62× | 1.96× | 1.94× | 3.09× | 2.93× | 2.70× | 2.03× | 2.37× | 3.20× | 4.03× | 3.95× | 4.04× | 2.74× | 4.65× | 4.66× | 5.13× | 4.29× | 8.32× | 3.24× | 21.87× |
| EV / EBITDA (TTM) | 25.02× | 31.09× | 36.16× | 33.13× | 46.29× | 48.76× | 30.62× | 22.61× | 25.25× | 22.68× | 21.12× | 16.55× | 17.90× | 15.77× | 13.03× | 15.01× | 13.35× | 9.56× | 13.63× | 12.68× | 12.55× | 14.14× | 17.16× | 11.71× | 12.82× | 11.73× | 11.23× | 8.32× | 12.85× | 12.87× | 12.90× | 9.70× | 14.93× | 11.42× | 6.72× |
| EV / Sales (TTM) | 7.20× | 8.98× | 10.42× | 9.63× | 12.31× | 13.62× | 8.88× | 6.30× | 6.90× | 6.53× | 6.28× | 4.85× | 4.86× | 4.19× | 3.25× | 3.47× | 2.80× | 2.16× | 3.05× | 3.13× | 2.90× | 3.12× | 3.25× | 2.43× | 2.75× | 2.57× | 2.59× | 1.72× | 3.11× | 3.15× | 3.19× | 2.51× | 3.99× | 2.30× | 1.50× |
| Returns | |||||||||||||||||||||||||||||||||||
| Return on equity | 7.7% | 8.2% | 7.9% | 28.3% | 10.0% | 9.1% | 18.6% | 12.2% | 14.2% | 11.4% | 13.1% | 13.6% | 12.8% | 13.1% | 13.4% | 11.7% | 9.9% | 14.1% | 13.7% | 13.0% | 12.3% | 8.4% | 6.9% | 10.7% | 17.3% | 18.2% | 20.4% | 19.5% | 20.5% | 21.0% | 22.1% | 24.4% | 30.6% | 11.6% | 132.4% |
| Return on invested capital | 6.1% | 6.0% | 5.8% | 5.3% | 5.1% | 4.6% | 7.6% | 8.9% | 10.0% | 6.6% | 9.2% | 11.0% | 9.7% | 10.0% | 11.8% | 9.7% | 8.2% | 10.3% | 10.7% | 9.1% | 8.8% | 6.5% | 6.3% | 11.4% | 10.0% | 11.4% | 14.6% | 13.7% | 14.4% | 14.9% | 19.5% | 22.2% | 28.3% | 8.7% | 22.4% |
| Dividend yield | 0.7% | 0.6% | 0.5% | 0.6% | 0.5% | 0.5% | 0.5% | 0.6% | 0.5% | 0.6% | 0.5% | 0.5% | 0.4% | 0.6% | 0.5% | 0.5% | 0.6% | 0.7% | 0.4% | 0.5% | 0.5% | 0.6% | 0.8% | 0.9% | 0.7% | 0.8% | 0.8% | 1.3% | 0.7% | 0.7% | 0.6% | 0.6% | 0.3% | 0.6% | 0.4% |
| Financial health | |||||||||||||||||||||||||||||||||||
| Current ratio | 0.52× | 0.40× | 0.50× | 0.67× | 0.78× | 0.72× | 0.83× | 1.11× | 0.87× | 1.23× | 2.25× | 2.41× | 2.14× | 1.15× | 2.01× | 1.85× | 1.82× | 1.39× | 1.42× | 1.07× | 0.99× | 2.19× | 2.36× | 1.90× | 2.24× | 2.53× | 2.24× | 2.51× | 2.94× | 2.14× | 2.40× | 2.56× | 1.68× | 3.07× | 2.31× |
| Debt / equity | 0.47× | 0.40× | 0.36× | 0.42× | 0.69× | 0.91× | 0.56× | 0.64× | 0.75× | 1.07× | 0.62× | 0.46× | 0.59× | 0.55× | 0.34× | 0.49× | 0.48× | 0.63× | 0.59× | 0.69× | 0.72× | 0.80× | 0.99× | 0.88× | 1.01× | 0.89× | 0.56× | 0.59× | 0.57× | 0.51× | 0.20× | 0.21× | 0.17× | 0.75× | 9.41× |
| Effective tax rate | 20.6% | 21.2% | 21.5% | 23.1% | 22.0% | 15.5% | 18.7% | 21.2% | 6.1% | 30.0% | 30.6% | 29.9% | 28.6% | 29.6% | 29.4% | 28.1% | 29.5% | 34.3% | 34.8% | 34.0% | 30.6% | 29.8% | 27.5% | 31.0% | 35.4% | 35.1% | 34.5% | 34.1% | 34.1% | 34.8% | 35.3% | 33.9% | 33.0% | 37.3% | 37.2% |
| Share count | |||||||||||||||||||||||||||||||||||
| Diluted shares outstanding | 108 | 108 | 107 | 107 | 106 | 106 | 105 | 104 | 104 | 102 | 102 | 101 | 100 | 100 | 98 | 97 | 93 | 94 | 93 | 91 | 88 | 76 | 64 | 64 | 63 | 62 | 62 | 63 | 62 | 61 | 60 | 59 | 59 | 58 | 39 |
| 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 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue and gross profit | ||||||||||||||||||||||||||||||||||||
| Revenue | $8,435 | $7,902 | $7,039 | $6,178 | $5,372 | $4,834 | $4,022 | $4,728 | $5,191 | $4,607 | $3,790 | $3,582 | $3,549 | $3,238 | $2,993 | $2,797 | $2,386 | $2,050 | $2,306 | $2,102 | $1,701 | $1,454 | $970 | $657 | $627 | $587 | $504 | $407 | $389 | $298 | $226 | $175 | $148 | $132 | $70 | $75 |
| Cost of revenue | ($2,558) | ($2,430) | ($2,161) | ($1,871) | ($1,619) | ($1,426) | ($1,194) | ($1,588) | ($1,912) | ($1,743) | ($1,458) | ($1,418) | ($1,448) | ($1,355) | ($1,322) | ($1,282) | ($1,111) | ($1,007) | ($1,118) | ($1,044) | ($839) | ($727) | ($484) | ($311) | ($291) | ($278) | ($223) | ($181) | ($184) | ($133) | ($102) | ($76) | ($64) | ($59) | ($35) | ($40) |
| Gross profit | $5,876 | $5,472 | $4,878 | $4,307 | $3,753 | $3,408 | $2,828 | $3,140 | $3,280 | $2,865 | $2,332 | $2,165 | $2,102 | $1,883 | $1,672 | $1,516 | $1,275 | $1,043 | $1,188 | $1,058 | $861 | $726 | $485 | $346 | $336 | $309 | $281 | $226 | $205 | $165 | $124 | $100 | $84 | $74 | $34 | $35 |
| Operating expenses | ||||||||||||||||||||||||||||||||||||
| Research and development | – | ($852) | ($748) | ($646) | ($530) | ($485) | ($382) | ($380) | ($377) | ($281) | ($195) | ($164) | ($148) | ($146) | ($126) | ($122) | ($102) | ($83) | ($87) | ($68) | ($59) | ($54) | ($39) | – | – | – | – | – | – | – | – | – | – | – | – | – |
| Selling, general and administrative | ($3,511) | ($3,237) | ($2,882) | ($2,562) | ($2,228) | ($2,072) | ($1,745) | ($1,812) | ($1,883) | ($1,655) | ($1,278) | ($1,137) | ($1,102) | ($1,041) | ($914) | ($855) | ($761) | ($648) | ($702) | ($620) | ($465) | ($408) | ($274) | ($238) | ($221) | ($211) | ($171) | ($132) | ($125) | ($92) | ($69) | ($56) | ($46) | ($38) | ($20) | ($18) |
| Total operating expenses | ($3,511) | ($3,237) | ($2,882) | ($2,562) | ($2,228) | ($2,166) | ($1,745) | ($1,812) | ($1,883) | ($1,655) | ($1,278) | ($1,137) | ($1,102) | ($1,041) | ($914) | ($855) | ($761) | ($648) | ($702) | ($620) | ($524) | ($462) | ($313) | ($238) | ($221) | ($211) | ($193) | ($148) | ($139) | ($104) | ($77) | ($62) | ($51) | ($43) | ($25) | ($22) |
| Total costs and expenses | ($6,069) | ($5,667) | ($5,042) | ($4,433) | ($3,847) | ($3,593) | ($2,940) | ($3,399) | ($3,795) | ($3,397) | ($2,735) | ($2,554) | ($2,550) | ($2,396) | ($2,236) | ($2,137) | ($1,872) | ($1,654) | ($1,820) | ($1,664) | ($1,363) | ($1,189) | ($797) | ($549) | ($512) | ($488) | ($416) | ($329) | ($323) | ($237) | ($178) | ($138) | ($115) | ($102) | ($60) | ($62) |
| Operating income | $2,366 | $2,235 | $1,997 | $1,745 | $1,524 | $1,241 | $1,083 | $1,328 | $1,396 | $1,210 | $1,055 | $1,028 | $999 | $842 | $758 | $661 | $514 | $395 | $486 | $438 | $338 | $265 | $173 | $108 | $115 | $98 | $88 | $78 | $66 | $61 | $47 | $37 | $33 | $30 | $10 | $13 |
| Earnings | ||||||||||||||||||||||||||||||||||||
| EBITDA | $2,632 | $2,275 | $2,034 | $1,781 | $1,562 | $1,285 | $1,124 | $1,371 | $1,446 | $1,260 | $1,092 | $1,066 | $1,040 | $880 | $795 | $697 | $551 | $430 | $520 | $470 | $420 | $336 | $214 | $124 | $130 | $126 | $110 | $94 | $80 | $72 | $55 | $43 | $38 | $35 | $14 | $17 |
| Interest income | – | – | – | – | – | – | – | – | – | – | – | – | – | – | – | – | – | – | – | – | – | – | – | – | – | – | – | – | – | – | – | – | – | – | – | – |
| Interest expense | ($411) | ($325) | ($259) | ($165) | ($192) | ($234) | ($218) | ($186) | ($182) | ($181) | ($112) | ($84) | ($79) | ($88) | ($68) | ($64) | ($67) | ($59) | ($61) | ($59) | ($45) | ($45) | ($46) | ($70) | ($46) | ($8) | ($11) | ($4) | ($5) | ($5) | ($3) | ($1) | ($2) | ($2) | ($2) | ($5) |
| Pre-tax income | $3,050 | $1,936 | $1,967 | $1,743 | $1,282 | $1,032 | $1,209 | $2,227 | $1,198 | $1,035 | $941 | $1,002 | $921 | $754 | $687 | $605 | $448 | $340 | $429 | $377 | $293 | $221 | $134 | $66 | $96 | $86 | $76 | $72 | $60 | $55 | $44 | $36 | $32 | $28 | $8 | $8 |
| Income tax expense | ($459) | ($400) | ($418) | ($375) | ($296) | ($227) | ($188) | ($417) | ($254) | ($63) | ($282) | ($306) | ($275) | ($216) | ($203) | ($178) | ($126) | ($100) | ($147) | ($131) | ($100) | ($67) | ($40) | ($18) | ($30) | ($31) | ($27) | ($25) | ($20) | ($19) | ($15) | ($13) | ($11) | ($9) | ($3) | ($3) |
| Net income | $2,590 | $1,536 | $1,549 | $1,384 | $4,545 | $1,153 | $950 | $1,768 | $944 | $972 | $659 | $696 | $646 | $538 | $483 | $427 | $323 | $239 | $282 | $246 | $193 | $153 | $94 | $45 | $40 | $56 | $49 | $47 | $39 | $36 | $29 | $23 | $20 | $19 | $5 | $5 |
| Per share | ||||||||||||||||||||||||||||||||||||
| Diluted EPS (GAAP) | $25.34 | $14.20 | $14.35 | $12.89 | $42.55 | $10.82 | $8.98 | $16.82 | $9.05 | $9.39 | $6.43 | $6.85 | $6.40 | $5.37 | $4.86 | $4.34 | $3.34 | $2.58 | $3.01 | $2.64 | $2.13 | $1.74 | $1.24 | $0.71 | $0.32 | $0.45 | $0.79 | $0.77 | $0.62 | $0.29 | $0.12 | $0.0963 | $0.08 | $0.0813 | $0.0119 | $0.015 |
| Basic EPS (GAAP) | $25.42 | $14.30 | $14.47 | $12.98 | $42.92 | $10.95 | $9.08 | $17.02 | $9.15 | $9.51 | $6.50 | $6.92 | $6.47 | $5.43 | $4.95 | $4.45 | $3.42 | $2.64 | $3.15 | $2.78 | $2.23 | $1.79 | $1.26 | $0.72 | $0.32 | $0.46 | $0.81 | $0.78 | $0.64 | $0.30 | $0.12 | $0.0975 | $0.0813 | $0.0813 | $0.0119 | $0.015 |
| Basic shares outstanding | 103 | 107 | 107 | 107 | 106 | 105 | 105 | 104 | 103 | 102 | 101 | 101 | 100 | 99 | 98 | 96 | 94 | 91 | 89 | 88 | 87 | 85 | 74 | 63 | 62 | 61 | 61 | 61 | 62 | 62 | 61 | 60 | 59 | 59 | 58 | 39 |
| Margins | ||||||||||||||||||||||||||||||||||||
| Gross margin | 69.7% | 69.2% | 69.3% | 69.7% | 69.9% | 70.5% | 70.3% | 66.4% | 63.2% | 62.2% | 61.5% | 60.4% | 59.2% | 58.1% | 55.8% | 54.2% | 53.4% | 50.9% | 51.5% | 50.4% | 50.6% | 50.0% | 50.0% | 52.7% | 53.6% | 52.7% | 55.8% | 55.6% | 52.8% | 55.3% | 54.9% | 56.9% | 56.7% | 55.5% | 49.3% | 46.9% |
| Operating margin | 28.0% | 28.3% | 28.4% | 28.2% | 28.4% | 25.7% | 26.9% | 28.1% | 26.9% | 26.3% | 27.8% | 28.7% | 28.2% | 26.0% | 25.3% | 23.6% | 21.6% | 19.3% | 21.1% | 20.9% | 19.9% | 18.2% | 17.8% | 16.4% | 18.3% | 16.8% | 17.5% | 19.2% | 17.0% | 20.4% | 21.0% | 21.3% | 22.3% | 22.9% | 13.8% | 16.9% |
| Net margin | 30.7% | 19.4% | 22.0% | 22.4% | 84.6% | 23.8% | 23.6% | 37.4% | 18.2% | 21.1% | 17.4% | 19.4% | 18.2% | 16.6% | 16.1% | 15.3% | 13.5% | 11.7% | 12.2% | 11.7% | 11.4% | 10.5% | 9.7% | 6.9% | 6.4% | 9.5% | 9.8% | 11.6% | 10.1% | 12.2% | 12.8% | 13.3% | 13.7% | 14.4% | 6.8% | 6.5% |