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Market Values

Line Item Current 24-Q3 24-Q2 24-Q1 23-Q4 23-Q3 23-Q2 23-Q1 22-Q4 22-Q3 22-Q2 22-Q1 21-Q4
Market Cap ($m) 3,420,930.8 3,416,673.7 2,910,102.1 2,851,772.2 2,851,840.3 3,009,372.5 2,720,908.2 2,372,263.5 2,310,170.6 2,500,287.6 2,407,950.3 2,756,027.2 2,490,717.9
EV ($m) 3,487,649.8 3,483,392.7 2,982,847.1 2,921,670.2 2,917,122.3 3,084,510.5 2,797,787.2 2,455,195.5 2,399,002.6 2,586,728.6 2,489,157.3 2,840,911.2 2,571,396.9

Income Statement

Line Item Current 24-Q3 24-Q2 24-Q1 23-Q4 23-Q3 23-Q2 23-Q1 22-Q4 22-Q3 22-Q2 22-Q1 21-Q4
Revenue ($m) 391,035.0 391,035.0 385,603.0 381,623.0 385,706.0 383,285.0 383,933.0 385,095.0 387,537.0 394,328.0 387,542.0 386,017.0 378,323.0
Growth in Revenue (%) 0.02 0.02 0.00 -0.01 -0.00 -0.03 -0.01 -0.00 0.02 0.08 0.12 0.19 0.29
COGS ($m) -210,352.0 -210,352.0 -208,372.0 -207,657.0 -212,035.0 -214,137.0 -217,117.0 -218,807.0 -220,666.0 -223,546.0 -219,681.0 -218,786.0 -215,572.0
Growth in COGS (%) -0.02 -0.02 -0.04 -0.05 -0.04 -0.04 -0.01 0.00 0.02 0.05 0.07 0.12 0.20
SG&A ($m) -57,467.0 -57,467.0 -56,637.0 -55,726.0 -55,013.0 -54,847.0 -54,590.0 -53,984.0 -52,906.0 -51,345.0 -49,532.0 -47,852.0 -45,848.0
Growth in SG&A (%) 0.05 0.05 0.04 0.03 0.04 0.07 0.10 0.13 0.15 0.17 0.17 0.17 0.15
EBITDA ($m) 134,661.0 134,661.0 131,781.0 129,629.0 130,109.0 125,820.0 123,957.0 123,788.0 125,288.0 130,541.0 129,557.0 130,634.0 128,218.0
Operating Profit ($m) 123,216.0 123,216.0 120,594.0 118,240.0 118,658.0 114,301.0 112,226.0 112,304.0 113,965.0 119,437.0 118,329.0 119,379.0 116,903.0
Growth in Operating Income (%) 0.08 0.08 0.07 0.05 0.04 -0.04 -0.05 -0.06 -0.03 0.10 0.18 0.34 0.57
EBIT ($m) 123,216.0 123,216.0 120,594.0 118,240.0 118,658.0 114,301.0 112,226.0 112,304.0 113,965.0 119,437.0 118,329.0 119,379.0 116,903.0
Interest Expense ($m) - - - - - - - - - - - - -
Tax Expense ($m) -29,749.0 -29,749.0 -18,917.0 -17,723.0 -17,523.0 -16,741.0 -16,635.0 -17,407.0 -18,314.0 -19,300.0 -18,061.0 -17,062.0 -16,314.0
Net Income ($m) 93,736.0 93,736.0 101,956.0 100,389.0 100,913.0 96,995.0 94,760.0 94,321.0 95,171.0 99,803.0 99,633.0 101,935.0 100,555.0
Growth In Net Income (%) -0.03 -0.03 0.08 0.06 0.06 -0.03 -0.05 -0.07 -0.05 0.05 0.15 0.34 0.57
Adj. Net Income ($m) 93,736.0 93,736.0 101,956.0 100,389.0 100,913.0 96,995.0 94,760.0 94,321.0 95,171.0 99,803.0 99,633.0 101,935.0 100,555.0

Balance Sheet

Line Item Current 24-Q3 24-Q2 24-Q1 23-Q4 23-Q3 23-Q2 23-Q1 22-Q4 22-Q3 22-Q2 22-Q1 21-Q4
Cash ($m) 29,943.0 29,943.0 25,565.0 32,695.0 40,760.0 29,965.0 28,408.0 24,687.0 20,535.0 23,646.0 27,502.0 28,098.0 37,119.0
Inventories ($m) 7,286.0 7,286.0 6,165.0 6,232.0 6,511.0 6,331.0 7,351.0 7,482.0 6,820.0 4,946.0 5,433.0 5,460.0 5,876.0
Current Assets ($m) 115,758.0 115,758.0 93,705.0 89,489.0 96,421.0 107,270.0 86,900.0 80,744.0 101,422.0 106,813.0 79,357.0 84,622.0 110,159.0
Noncurrent Assets ($m) 211,993.0 211,993.0 206,177.0 208,995.0 209,822.0 209,017.0 212,379.0 219,247.0 217,970.0 217,350.0 224,017.0 232,482.0 228,037.0
Total Assets ($m) 364,980.0 364,980.0 331,612.0 337,411.0 353,514.0 352,583.0 335,038.0 332,160.0 346,747.0 352,755.0 336,309.0 350,662.0 381,191.0
Short-Term Liabilities ($m) 165,480.0 165,480.0 119,510.0 113,060.0 123,019.0 135,486.0 117,747.0 109,497.0 127,546.0 142,854.0 115,864.0 117,849.0 136,405.0
Short-Term Debt ($m) 10,912.0 10,912.0 12,114.0 10,762.0 10,954.0 9,822.0 7,216.0 10,578.0 9,740.0 11,128.0 14,009.0 9,659.0 11,169.0
Long-Term Liabilities ($m) 45,888.0 45,888.0 47,084.0 47,564.0 50,353.0 49,848.0 51,730.0 52,886.0 53,107.0 49,142.0 53,629.0 52,432.0 55,056.0
Long-Term Debt ($m) 85,750.0 85,750.0 86,196.0 91,831.0 95,088.0 95,281.0 98,071.0 97,041.0 99,627.0 98,959.0 94,700.0 103,323.0 106,629.0
Total Debt ($m) 96,662.0 96,662.0 98,310.0 102,593.0 106,042.0 105,103.0 105,287.0 107,619.0 109,367.0 110,087.0 108,709.0 112,982.0 117,798.0
Equity ($m) 56,950.0 56,950.0 66,708.0 74,194.0 74,100.0 62,146.0 60,274.0 62,158.0 56,727.0 50,672.0 58,107.0 67,399.0 71,932.0
Growth in Equity (%) -0.08 -0.08 0.11 0.19 0.31 0.23 0.04 -0.08 -0.21 -0.20 -0.10 -0.03 0.09

Cash Flow Statement

Line Item Current 24-Q3 24-Q2 24-Q1 23-Q4 23-Q3 23-Q2 23-Q1 22-Q4 22-Q3 22-Q2 22-Q1 21-Q4
Cash Flow from Operations ($m) 118,254.0 118,254.0 113,041.0 110,563.0 116,433.0 110,543.0 113,072.0 109,584.0 109,190.0 122,151.0 118,224.0 116,426.0 112,241.0
Capex ($m) -9,447.0 -9,447.0 -8,702.0 -8,644.0 -9,564.0 -10,959.0 -12,085.0 -12,094.0 -11,692.0 -10,708.0 -10,642.0 -10,633.0 -10,388.0
Free Cash Flow ($m) 108,807.0 108,807.0 104,339.0 101,919.0 106,869.0 99,584.0 100,987.0 97,490.0 97,498.0 111,443.0 107,582.0 105,793.0 101,853.0
M&A ($m) 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 13.0 9.0 0.0
Asset Sales ($m) - - - - - - - - - - - - -
Cash Flow from Investing ($m) 2,935.0 2,935.0 3,884.0 4,448.0 7,077.0 3,705.0 94.0 3,891.0 -7,693.0 -22,354.0 -20,302.0 -20,964.0 -22,067.0
Net Change in Debt ($m) -5,998.0 -5,998.0 -8,392.0 -5,422.0 -4,270.0 -9,901.0 -10,237.0 -8,983.0 -8,738.0 -123.0 1,440.0 469.0 12,643.0
Share Issuance ($m) 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Share Repurchases ($m) -94,949.0 -94,949.0 -90,869.0 -81,825.0 -78,214.0 -77,550.0 -80,975.0 -85,362.0 -88,399.0 -89,402.0 -84,722.0 -85,757.0 -81,674.0
Dividends ($m) -15,234.0 -15,234.0 -15,188.0 -15,142.0 -15,082.0 -15,025.0 -14,970.0 -14,932.0 -14,877.0 -14,841.0 -14,778.0 -14,734.0 -14,586.0
Shareholder Payout ($m) 110,183.0 110,183.0 106,057.0 96,967.0 93,296.0 92,575.0 95,945.0 100,294.0 103,276.0 104,243.0 99,500.0 100,491.0 96,260.0
Discretionary Cash Flow ($m) 93,573.0 93,573.0 89,151.0 86,777.0 91,787.0 84,559.0 86,017.0 82,558.0 82,621.0 96,602.0 92,804.0 91,059.0 87,267.0
Cash Flow from Financing ($m) -121,983.0 -121,983.0 -120,188.0 -108,219.0 -103,510.0 -108,488.0 -112,129.0 -115,526.0 -118,153.0 -110,749.0 -104,337.0 -106,288.0 -89,263.0
Net Change in Cash ($m) -794.0 -794.0 -3,263.0 6,792.0 20,000.0 5,760.0 1,037.0 -2,051.0 -16,656.0 -10,952.0 -6,415.0 -10,826.0 911.0

Valuation Ratios

Line Item Current 24-Q3 24-Q2 24-Q1 23-Q4 23-Q3 23-Q2 23-Q1 22-Q4 22-Q3 22-Q2 22-Q1 21-Q4
Price/Cash (x) 106.11 105.88 90.25 86.31 92.13 115.79 111.88 98.46 92.61 85.95 75.45 82.14 68.91
Price/Book (x) - - 42.00 - - - - - 39.68 - - - 37.11
Price/Assets (x) 9.86 - 8.47 8.25 8.31 8.78 7.96 6.94 6.66 7.04 6.79 7.80 7.12
Price/Revenue (x) 8.75 8.73 7.55 7.45 7.39 7.82 7.09 6.16 5.96 6.34 6.21 7.14 6.58
Price/Earnings (x) 36.50 36.42 28.54 28.33 28.26 30.92 28.71 25.15 24.27 25.05 24.17 27.04 24.77
Price/Operating-Cash-Flow (x) 28.93 28.87 25.74 25.73 24.49 27.13 24.06 21.65 21.16 20.47 20.37 23.67 22.19
Price/Free-Cash-Flow (x) 31.44 31.37 27.89 27.91 26.69 30.11 26.94 24.33 23.69 22.44 22.38 26.05 24.45
EV/Sales (x) 8.92 8.91 7.74 7.66 7.56 8.05 7.29 6.38 6.19 6.56 6.42 7.36 6.80
EV/EBIT (x) 28.31 28.27 24.73 24.71 24.58 26.99 24.93 21.86 21.05 21.66 21.04 23.80 22.00
EV/EBITDA (x) 25.90 25.87 22.63 22.54 22.42 24.52 22.57 19.83 19.15 19.82 19.21 21.75 20.05
Payout Ratio (%) - - - - - - - - - - - - -

Profitability Ratios

Line Item Current 24-Q3 24-Q2 24-Q1 23-Q4 23-Q3 23-Q2 23-Q1 22-Q4 22-Q3 22-Q2 22-Q1 21-Q4
Gross Margin (%) 0.46 0.46 0.46 0.46 0.45 0.44 0.43 0.43 0.43 0.43 0.43 0.43 0.43
Operating Margin (%) 0.32 0.32 0.31 0.31 0.31 0.30 0.29 0.29 0.29 0.30 0.31 0.31 0.31
Operating Profit/Assets (%) - - - - 0.35 0.33 0.33 0.33 0.33 0.34 0.33 0.34 0.33
EBITDA/Sales (%) 0.34 0.34 0.34 0.34 0.34 0.33 0.32 0.32 0.32 0.33 0.33 0.34 0.34
EBIT/Sales (%) 0.32 0.32 0.31 0.31 0.31 0.30 0.29 0.29 0.29 0.30 0.31 0.31 0.31
Profit Margin (%) 0.24 0.24 0.26 0.26 0.26 0.25 0.25 0.24 0.25 0.25 0.26 0.26 0.27
Adj. Profit Margin (%) 0.24 0.24 0.26 0.26 0.26 0.25 0.25 0.24 0.25 0.25 0.26 0.26 0.27
Return on Assets (%) - - - - - - 0.28 0.28 0.27 0.28 0.28 0.29 0.29
Return on Capital (%) 0.73 0.73 0.70 0.69 0.70 0.68 0.68 0.68 0.68 0.68 0.66 0.65 0.64
Return on Equity (%) - - - - - - - - - - - - -
Dividend Payout (%) 0.16 0.16 0.15 0.15 0.15 0.15 0.16 0.16 0.16 0.15 0.15 0.14 0.15
Distribution Yield (%) 0.03 0.03 0.04 0.03 0.03 0.03 0.04 0.04 0.04 0.04 0.04 0.04 0.04

Liquidity Ratios

Line Item Current 24-Q3 24-Q2 24-Q1 23-Q4 23-Q3 23-Q2 23-Q1 22-Q4 22-Q3 22-Q2 22-Q1 21-Q4
Cash/Short-Term Liabilities (x) 0.17 0.17 0.19 0.26 0.30 0.21 0.23 0.21 0.15 0.15 0.21 0.22 0.25
Short-Term Assets/Short-Term Liabilities (x) 0.87 0.87 0.95 1.04 1.07 0.99 0.98 0.94 0.94 0.88 0.86 0.93 1.04

Credit Ratios

Line Item Current 24-Q3 24-Q2 24-Q1 23-Q4 23-Q3 23-Q2 23-Q1 22-Q4 22-Q3 22-Q2 22-Q1 21-Q4
EBIT/Interest (x) - - - - - - - - - - - - -
EBITDA/Interest (x) - - - - - - - - - - - - -
Operating-Cash-Flow/Interest Expense (x) - - - - - - - - - - - - -
Operating-Cash-Flow/Debt (x) 1.22 1.22 1.15 1.08 1.10 1.05 1.07 1.02 1.00 1.11 1.09 1.03 0.95
OCF/Net Change in Debt (x) 19.72 19.72 13.47 20.39 27.27 11.16 11.05 12.20 12.50 993.10 -82.10 -248.24 -8.88
Free-cash-flow/Debt (%) 1.13 1.13 1.06 0.99 1.01 0.95 0.96 0.91 0.89 1.01 0.99 0.94 0.86
Discretionary-Cash-Flow/Debt (%) 0.97 0.97 0.91 0.85 0.87 0.80 0.82 0.77 0.76 0.88 0.85 0.81 0.74

Leverage Ratios

Line Item Current 24-Q3 24-Q2 24-Q1 23-Q4 23-Q3 23-Q2 23-Q1 22-Q4 22-Q3 22-Q2 22-Q1 21-Q4
Debt/Assets (x) 0.26 0.26 0.30 0.30 0.30 0.30 0.31 0.32 0.32 0.31 0.32 0.32 0.31
Debt/Capital (x) 0.63 0.63 0.60 0.58 0.59 0.63 0.64 0.63 0.66 0.68 0.65 0.63 0.62
Debt/Equity (x) 1.70 1.70 1.47 1.38 1.43 1.69 1.75 1.73 1.93 2.17 1.87 1.68 1.64
Assets/Equity (x) 6.09 6.09 5.15 4.65 4.63 5.50 5.67 5.50 6.11 7.01 6.11 5.24 4.86
Debt/EBITDA (x) 0.72 0.72 0.75 0.79 0.82 0.84 0.85 0.87 0.87 0.84 0.84 0.86 0.92

Performance Metrics

Line Item Current 24-Q3 24-Q2 24-Q1 23-Q4 23-Q3 23-Q2 23-Q1 22-Q4 22-Q3 22-Q2 22-Q1 21-Q4
Sales/Avg. Assets (x) 1.13 1.13 1.12 1.11 1.12 1.12 1.12 1.13 1.12 1.11 1.09 1.09 1.08
Inventory Turnover (x) 32.12 32.12 33.02 31.43 30.65 30.61 32.65 35.46 38.95 41.18 37.63 37.89 37.73
Inventory Days-on-hand (x) 11.36 11.36 11.05 11.61 11.91 11.92 11.18 10.29 9.37 8.86 9.70 9.63 9.67
Operating-Cash-Flow/Sales (%) 0.30 0.30 0.29 0.29 0.30 0.29 0.29 0.28 0.28 0.31 0.31 0.30 0.30
Operating-Cash-Flow/Operating Income (%) 0.96 0.96 0.94 0.94 0.98 0.97 1.01 0.98 0.96 1.02 1.00 0.98 0.96
Operating-Cash-Flow/Avg. Assets (x) - - - - - - - 0.32 0.32 - - - 0.32
Operating-Cash-Flow/Equity (x) 1.74 1.74 1.63 1.63 1.80 1.83 1.97 - - - - 1.75 1.67
OCF/Dividends (x) 7.76 7.76 7.44 7.30 7.72 7.36 7.55 7.34 7.34 8.23 8.00 7.90 7.70
Capital/Assets (x) 0.44 0.44 0.48 0.51 0.52 0.49 0.48 0.50 0.48 0.45 0.47 0.51 0.54