Fundamentals · 2026-09-09S&P 500ANNUAL BASIS

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FY 2025-12-31ANNUAL FILINGS
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These are research estimates based on annual filings. Valuation uses a cash-flow proxy and explicit assumptions; prices are not live. Published valuations use annual periods first filed by the price date, with later restatements retained.
Reference share price · USD
$48.03HISTORICAL SNAPSHOT

As of · fund-implied per-share value

Fund holding value ÷ shares held. Not a live quote; not adjusted for later stock splits.

View SEC fund filing ↗
Estimated issuer market cap
$55.1B

Price × SEC outstanding shares. Shares measured 2026-06-30. Approximate; share and price dates can differ.

View share-count filing ↗
Valuation

DCF value

$13.91

Equity cash-flow scenario · SEC outstanding shares at 2026-06-30 · -71.0% versus input cap

How this is calculated ↗
Valuation

Reverse DCF

37.8%

Annual basis · read assumptions below

How this is calculated ↗
Valuation

Relative valuation

-29.4%

76 sector peers · median 30.9×

How this is calculated ↗
Valuation

Historical multiples

35.7×

7 annual observations · snapshot P/E 43.8× · 22.7% versus history

How this is calculated ↗
Valuation

Free cash flow yield

1.9%

Annual basis · read assumptions below

How this is calculated ↗
Quality

ROIC / quality

35.6%

Normalized tax · financing-capital proxy · parent-equity fallback (scope limitation) · short-term borrowing coverage incomplete

How this is calculated ↗
Valuation

Value composite

21/100

Annual basis · read assumptions below

How this is calculated ↗
Momentum

12–1 price momentum

Split and corporate-action verification is incomplete for these fund observations. Verified adjusted endpoints are required for 12–1 momentum.

Split and corporate-action verification is incomplete for these fund observations. Verified adjusted endpoints are required for 12–1 momentum.

How this is calculated ↗
Investment

Asset growth

7.6%

Annual basis · read assumptions below

How this is calculated ↗
Investment

Net payout yield

Requires reported dividends, repurchases and issuance; missing values are not zero.

Requires reported dividends, repurchases and issuance; missing values are not zero.

How this is calculated ↗
Quality

Accrual quality

-0.8%

Parent-earnings fallback versus consolidated cash flow · scope limitation

How this is calculated ↗
Momentum

Fundamental momentum

3.0%

Annual basis · read assumptions below

How this is calculated ↗

Follow the cash

ANNUAL · USD

Operating cash flow and reinvestment over time

USD · bar maximum 1.4B2020-12-31: cfo $1,101,800,000.002020-12-31: capex $168,100,000.0020202021-12-31: cfo $770,100,000.002021-12-31: capex $156,600,000.0020212022-12-31: cfo $941,000,000.002022-12-31: capex $173,800,000.0020222023-12-31: cfo $1,432,700,000.002023-12-31: capex $172,800,000.0020232024-12-31: cfo $1,173,300,000.002024-12-31: capex $226,500,000.0020242025-12-31: cfo $1,295,900,000.002025-12-31: capex $245,300,000.002025
Operating cash flowCapital expenditure

Annual USD. Negative bars use a compressed lower scale. Hover or inspect the financial history table for exact values.

Make the assumptions yours

Personal inputs stay in this browser. Blank fields retain published inputs. Five-year forecast; zero net borrowing. Required return must exceed terminal growth.

How sensitive is the valuation?

DCF per-share sensitivity · includes reviewed preferred and minority-owner claims · rows: required return · columns: growth
Return / Growth3.0%5.0%7.0%
8.0%$17.44$19.03$20.74
10.0%$12.78$13.91$15.11
12.0%$10.08$10.94$11.86

Annual financial history

Open SEC filings ↗
Fiscal year-endRevenueNet incomeOperating cash flowCapital expenditureAssets
2025-12-318.2B1.3B1.3B245.3M5.1B
2024-12-317.5B1.2B1.2B226.5M4.7B
2023-12-317.3B1.2B1.4B172.8M4.5B
2022-12-317B1.1B941M173.8M4.5B
2021-12-316B925M770.1M156.6M4.3B
2020-12-315.6B859.1M1.1B168.1M4B
2019-12-315.3B790.9M842.7M246.4M3.8B
2018-12-315B751.9M674.2M176.3M3.3B

USD, abbreviated. Restated annual history; not a point-in-time backtest. Missing values appear as dashes.

Trace the inputs

MODEL ANNUAL PERIOD
InputValueSEC tag / sourceFiled
revenue8.2BRevenueFromContractWithCustomerExcludingAssessedTax2026-02-05
netIncome1.3BNetIncomeLoss
Parent-attributable fallback: a verified consolidated total is unavailable in the supported tags. Noncontrolling interests have not been assumed to be zero; this may differ in scope from consolidated cash flow or operating income.
2026-02-05
Parent/common earnings proxy1.3BNetIncomeLoss2026-02-05
cfo1.3BNetCashProvidedByUsedInOperatingActivities2026-02-05
capex245.3MPaymentsToAcquirePropertyPlantAndEquipment2026-02-05
operatingIncome1.7BOperatingIncomeLoss2026-02-05
assets5.1BAssets2026-02-05
equity3.9BStockholdersEquity
Parent-attributable fallback: a verified consolidated total is unavailable in the supported tags. Noncontrolling interests have not been assumed to be zero; this may differ in scope from consolidated cash flow or operating income.
2026-02-05
Parent book equity proxy3.9BStockholdersEquity2026-02-05
debt125MLongTermDebt2026-02-05
shortDebtNot reported under a supported tag
cash276.8MCashAndCashEquivalentsAtCarryingValue2026-02-05
shares1.2BWeightedAverageNumberOfDilutedSharesOutstanding2026-02-05
dividends1BPaymentsOfDividends2026-02-05
buybacksNot reported under a supported tag
issuance24.3MReviewed manual correction
Bounded FY2025-12-31 consolidated financing-statement extraction. Proceeds from exercise of stock options: 24300000 USD [us-gaap:ProceedsFromStockOptionsExercised]. All 4 financing lines reconcile exactly to reported financing cash flow -1054900000.0000001 USD. Cash inflows from common shares, employee plans and option exercises are summed once as displayed on the statement; noncash compensation, withholding payments, preferred and noncontrolling interests are excluded. This review applies only to this issuer and fiscal period. Source limitation: issuance follows the separately reported common cash-inflow lines; it is not an independent verification of every gross equity transaction.
2026-02-05