Merchants Bancorp logo MBIN - Merchants Bancorp

Price: -- -- | CONSENSUS: Buy DETAILS
STRONG
BUY
0
BUY 5
HOLD 2
SELL 0
STRONG
SELL
0
| PRICE TARGET: $54.50 DETAILS
HIGH: $58.00
LOW: $51.00
MEDIAN: $54.50
CONSENSUS: $54.50
UPSIDE: 16.50%
Metric 2026 Q1 2025 Q4 2025 Q3 2025 Q2 2025 Q1 2024 Q4 2024 Q3 2024 Q2 2024 Q1 2023 Q4 2023 Q3 2023 Q2 2023 Q1 2022 Q4 2022 Q3 2022 Q2 2022 Q1 2021 Q4 2021 Q3 2021 Q2 2021 Q1 2020 Q4 2020 Q3 2020 Q2 2020 Q1 2019 Q4 2019 Q3 2019 Q2 2019 Q1 2018 Q4 2018 Q3 2018 Q2 2018 Q1 2017 Q4 2017 Q3 2017 Q2 2017 Q1 2016 Q4 2016 Q3 2016 Q2 2016 Q1
Revenue
Revenue 317.1 354.7 343.5 353.7 310.1 379.8 354.6 358.6 354.1 345.6 331.7 287.0 224.8 203.3 162.1 127.3 109.4 121.4 115.9 103.4 121.0 117.7 112.0 92.4 79.2 85.5 69.4 57.3 42.4 53.5 48.2 44.5 39.4 40.8 32.9 38.0 26.2 26.4 30.3 19.0 14.3
Cost of Revenue 157.2 197.1 203.0 228.7 172.7 189.4 213.0 210.1 191.8 194.2 183.3 175.1 117.5 92.4 51.0 23.5 12.7 12.4 9.5 7.7 9.2 12.8 13.9 18.7 25.1 28.2 28.3 20.9 16.2 17.3 14.7 12.9 10.3 9.4 8.2 7.0 5.7 5.7 5.1 0 0
Gross Profit 159.9 157.5 140.6 125.0 137.4 190.4 141.6 148.5 162.2 151.4 148.5 112.0 107.3 110.9 111.1 103.8 96.7 109.0 106.3 95.7 111.7 104.9 98.1 73.6 54.1 57.3 41.0 36.3 26.2 36.2 33.5 31.5 29.1 31.4 24.7 31.0 20.5 20.7 25.2 19.0 14.3
Operating Expenses
R&D Expenses 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 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
SG&A Expenses 2.8 45.8 53.5 3.2 43.6 44.0 44.2 34.0 34.7 37.3 30.6 29.5 24.3 23.6 23.8 23.1 22.1 26.1 20.9 19.5 21.9 17.3 18.0 13.7 16.0 11.8 10.0 10.2 8.8 10.9 8.1 7.5 6.7 7.3 5.6 5.4 4.2 4.5 4.1 4.1 4.0
Other Expenses 72.9 37.9 22.5 73.0 17.2 18.5 16.0 15.4 13.2 14.6 11.3 13.9 9.6 12.5 9.9 8.6 7.8 10.1 6.9 6.7 5.6 7.2 5.5 4.6 5.1 6.0 4.3 4.4 3.3 4.2 3.1 3.2 2.6 2.5 2.2 1.8 1.6 1.7 1.9 0 0
Operating Expenses 75.6 83.6 76.0 76.2 60.9 62.5 60.2 49.4 48.0 51.9 41.9 43.4 34.0 36.0 33.7 31.8 29.8 36.2 27.7 26.3 27.6 24.5 23.4 18.2 21.1 17.8 14.3 14.6 12.1 15.1 11.2 10.7 9.3 9.8 7.8 7.2 5.8 6.2 6.0 4.1 5.8
Operating Income
Operating Income 84.3 73.9 64.6 48.8 76.5 127.9 81.3 99.1 114.3 99.5 106.6 68.6 73.3 74.9 77.4 72.0 66.8 72.8 78.6 69.4 84.2 80.4 74.6 55.4 33.0 39.5 26.8 21.8 14.1 21.1 22.3 20.8 19.7 21.7 16.9 23.8 14.7 14.5 19.2 14.9 10.3
Interest Expense 141.9 169.4 173.7 175.7 165.0 186.7 206.1 200.2 187.1 187.4 179.2 152.5 110.6 86.0 48.7 17.2 10.3 9.8 8.4 8.0 7.6 8.7 10.9 17.0 22.1 26.2 27.1 20.8 15.5 15.7 14.1 11.9 8.9 8.0 7.6 6.7 5.5 5.5 4.9 0 0
Interest Income 270.5 307.5 301.8 304.4 287.2 321.3 338.9 328.3 314.2 311.8 296.7 258.1 211.3 181.4 134.1 89.3 76.0 82.6 77.3 72.4 79.5 77.9 76.3 68.2 60.4 63.8 59.8 48.8 39.7 39.8 37.6 34.1 29.0 26.9 26.0 22.5 19.0 20.7 19.8 0 0
Profitability
EBITDA 84.3 73.9 65.3 49.6 77.3 128.6 82.1 99.9 115.0 100.2 107.3 69.3 74.0 75.5 78.0 72.6 67.4 73.4 79.2 70.0 84.7 80.9 75.1 55.9 33.4 39.9 26.9 21.9 14.2 21.2 22.4 20.9 19.8 21.8 17.0 23.9 14.8 14.6 19.3 (0.5) (0.5)
EBIT 84.3 73.9 64.6 48.8 76.5 127.9 81.3 99.1 114.3 99.5 106.6 68.6 73.3 74.9 77.4 72.0 66.8 72.8 78.6 69.4 84.2 80.4 74.6 55.4 33.0 39.5 26.8 21.8 14.1 21.1 22.3 20.8 19.7 21.7 16.9 23.8 14.7 14.5 19.2 0 0
Income Before Tax 84.3 73.9 64.6 48.8 76.5 127.9 81.3 99.1 114.3 99.5 106.6 68.6 73.3 74.9 77.4 72.0 66.8 72.8 78.6 69.4 84.2 80.4 74.6 55.4 33.0 39.5 26.8 21.8 14.1 21.1 22.3 20.8 19.7 21.7 16.9 23.8 14.7 14.5 19.2 12.6 8.5
Income Tax Expense 16.6 6.0 9.9 10.9 18.3 32.2 20.1 22.7 27.2 22.0 25.1 3.3 18.4 17.7 18.9 18.1 16.7 17.6 20.1 18.0 22.2 20.6 19.6 14.2 8.4 9.4 6.5 5.3 3.5 5.7 5.6 5.2 4.7 1.3 6.4 9.1 5.6 5.7 7.6 5.0 3.4
Net Income 67.7 67.8 54.7 38.0 58.2 95.7 61.3 76.4 87.1 77.5 81.5 65.3 55.0 57.2 58.5 53.9 50.1 55.2 58.5 51.4 62.0 59.8 55.0 41.2 24.6 30.1 20.3 16.4 10.6 15.4 16.7 15.7 15.1 20.3 10.5 14.8 9.1 8.8 11.6 7.4 4.9
Per Share Data
EPS (Basic) 1.25 1.28 0.97 0.60 0.93 1.86 1.17 1.50 1.81 1.59 1.68 1.31 1.07 1.12 1.22 1.12 1.03 1.14 1.22 1.06 1.35 1.30 1.19 0.87 0.49 0.61 0.40 0.34 0.23 0.34 0.37 0.35 0.33 0.49 0.26 0.44 0.26 0.25 0.34 0.23 0.15
EPS (Diluted) 1.25 1.28 0.97 0.60 0.93 1.85 1.17 1.49 1.80 1.58 1.68 1.31 1.07 1.12 1.22 1.11 1.02 1.14 1.22 1.06 1.35 1.30 1.19 0.87 0.49 0.61 0.40 0.34 0.23 0.34 0.37 0.35 0.33 0.49 0.26 0.44 0.26 0.25 0.34 0.23 0.16
Shares Outstanding 45.9 45.9 45.9 45.9 45.8 45.8 45.8 44.6 43.3 43.2 43.2 43.2 43.2 43.1 43.1 43.2 43.2 43.4 43.3 43.2 43.2 43.1 43.1 43.1 43.1 43.1 43.1 43.1 43.1 43.1 43.1 43.0 43.0 39.9 40.6 31.7 31.7 31.7 31.7 31.7 33.6
Metric 2026 Q1 2025 Q4 2025 Q3 2025 Q2 2025 Q1 2024 Q4 2024 Q3 2024 Q2 2024 Q1 2023 Q4 2023 Q3 2023 Q2 2023 Q1 2022 Q4 2022 Q3 2022 Q2 2022 Q1 2021 Q4 2021 Q3 2021 Q2 2021 Q1 2020 Q4 2020 Q3 2020 Q2 2020 Q1 2019 Q4 2019 Q3 2019 Q2 2019 Q1 2018 Q4 2018 Q3 2018 Q2 2018 Q1 2017 Q4 2017 Q3 2017 Q2 2017 Q1 2016 Q4
Current Assets
Cash & Cash Equivalents 19.6 15.8 598.0 647.2 521.3 476.6 601.9 540.9 508.8 584.4 407.2 377.3 369.6 226.2 324.0 258.1 411.5 1,032.6 802.6 402.0 269.4 179.7 429.2 403.2 568.1 506.7 365.0 460.9 313.5 336.5 410.8 352.4 287.7 359.5 566.8 416.6 336.4 445.7
Short-Term Investments 0 865.1 650.4 676.6 706.3 90.0 953.1 1,017.0 1,061.3 1,113.7 624.6 648.0 679.5 323.3 322.1 336.8 314.3 310.6 301.1 315.3 241.7 269.8 278.9 259.7 339.1 290.2 308.7 261.5 296.7 331.1 269.7 385.9 413.5 408.4 430.6 378.3 0 325.9
Net Receivables 77.3 11,033.2 82.4 82.4 82.8 83.4 86.6 90.4 90.3 91.3 78.4 70.5 64.3 56.3 40.2 26.2 23.5 24.1 21.9 22.1 22.1 21.8 19.1 18.6 18.1 18.4 18.8 17.4 14.4 13.8 12.3 10.3 9.6 8.3 7.2 6.1 0 5.4
Inventory 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 0 0 0 0 0 0 0 0 0 0 0 0
Other Current Assets 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 0 0 0 0 0 0 0 0 0 0 0 0
Total Current Assets 97.0 11,914.1 1,330.8 1,406.2 1,310.4 650.0 1,641.6 1,648.3 1,663.7 1,789.5 1,110.2 1,095.8 1,113.4 605.8 686.2 621.1 749.3 1,367.3 1,125.6 739.4 533.2 471.3 727.2 681.4 925.3 815.3 692.4 739.8 624.5 681.4 692.8 748.6 710.8 776.2 1,004.6 800.9 336.4 776.9
Non-Current Assets
Property, Plant & Equipment 87.1 73.9 75.1 71.0 67.8 58.6 53.2 46.8 42.5 42.3 36.7 36.9 35.8 35.4 35.5 35.1 34.6 31.2 31.4 31.4 31.3 29.8 29.3 29.4 29.4 29.3 29.2 26.6 21.1 15.1 10.8 8.6 6.7 5.4 5.1 4.8 4.8 4.9
Goodwill 8.0 8.0 8.0 8.0 8.0 8.0 8.0 8.0 8.0 15.8 15.8 15.8 15.8 15.8 15.8 15.8 15.8 15.8 15.8 15.8 15.8 15.8 15.8 15.8 15.8 15.8 15.6 15.6 17.1 17.5 5.3 5.4 5.1 3.9 6.0 0.5 0.5 0.5
Intangible Assets 0 0.0 213.2 193.0 189.7 190.0 177.3 178.8 172.3 159.2 163.0 148.2 144.9 147.4 146.3 132.2 122.6 112.1 107.3 100.3 98.4 84.9 78.4 75.9 73.4 78.2 76.2 79.1 79.6 81.4 73.3 71.9 69.2 67.6 62.0 57.6 54.8 53.7
Long-Term Investments 19,834.1 18,371.7 16,964.6 16,748.2 16,578.1 17,108.4 16,256.1 15,916.6 15,511.4 14,587.4 14,876.6 14,273.0 12,732.4 11,610.7 10,906.8 10,115.4 8,590.3 9,623.8 9,518.5 8,861.5 8,892.0 8,916.8 8,177.2 8,011.1 6,297.8 5,106.3 5,240.6 4,266.0 3,050.3 2,877.9 2,910.3 2,776.8 2,644.9 2,361.7 1,999.8 2,047.4 0 1,700.0
Other Non-Current Assets 295.6 (18,371.7) 762.9 714.7 643.7 790.6 516.8 413.9 428.0 358.3 292.9 305.1 198.6 200.0 188.1 166.5 138.0 128.4 153.3 133.1 134.5 126.8 502.6 625.8 566.7 327.1 283.2 160.3 184.1 210.9 114.5 175.3 239.1 178.4 159.9 180.3 2,404.2 182.5
Total Non-Current Assets 20,224.8 81.9 18,023.8 17,735.0 17,487.4 18,155.7 17,011.4 16,564.2 16,162.2 15,163.1 15,385.0 14,779.0 13,127.6 12,009.5 11,292.5 10,464.9 8,901.3 9,911.3 9,826.4 9,142.2 9,172.0 9,174.1 8,803.3 8,758.0 6,983.1 5,556.6 5,644.8 4,547.6 3,352.2 3,202.7 3,114.2 3,038.0 2,965.0 2,616.9 2,232.9 2,290.6 2,464.3 1,941.6
Total Assets 20,321.8 19,448.9 19,354.6 19,141.2 18,797.8 18,805.7 18,653.0 18,212.4 17,822.6 16,952.5 16,495.2 15,874.9 14,241.0 12,615.2 11,978.7 11,086.1 9,650.6 11,278.6 10,952.0 9,881.5 9,705.3 9,645.4 9,530.5 9,439.4 7,908.4 6,371.9 6,337.2 5,287.4 3,976.7 3,884.2 3,806.9 3,786.7 3,675.8 3,393.1 3,237.5 3,091.5 2,800.7 2,718.5
Current Liabilities
Account Payables 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 0 0 0 0 0 0 0 0 2.4 2.1 0 1.8
Short-Term Debt 4,361.2 3,762.3 0 0 0 0 0 0 0 0 0 0 0 30 0 0 0 300 0 0 0 0 0 0 0 6.5 0 0 0 33.1 0 0 0 25 0 25 55.4 25
Deferred Revenue 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 0 0 0 0 0 0 0 0 0 0 0 0
Other Current Liabilities 0 0 13,934.7 12,686.8 12,406.2 11,920.0 12,891.9 14,917.1 13,975.7 14,061.5 13,007.3 13,059.9 11,345.2 10,071.3 10,319.5 8,299.7 7,475.8 8,982.6 8,947.3 8,039.6 8,063.2 7,408.1 7,084.6 6,908.6 6,722.7 5,478.1 5,499.6 4,656.0 3,121.0 3,231.1 3,302.4 3,176.3 3,062.6 2,943.6 2,901.5 2,771.5 (1.6) 2,428.6
Total Current Liabilities 4,361.2 3,762.3 13,934.7 12,686.8 12,406.2 11,920.0 12,891.9 14,917.1 13,975.7 14,061.5 13,007.3 13,059.9 11,345.2 10,101.3 10,319.5 8,299.7 7,475.8 9,282.6 8,947.3 8,039.6 8,063.2 7,408.1 7,084.6 6,908.6 6,722.7 5,484.6 5,499.6 4,656.0 3,121.0 3,264.2 3,302.4 3,176.3 3,062.6 2,968.6 2,903.8 2,798.6 0 2,455.4
Non-Current Liabilities
Long-Term Debt 414.7 82.6 2,902.6 3,834.5 4,001.7 4,336.1 3,568.7 1,159.2 1,786.0 964.1 1,444.1 941.8 1,033.8 910.4 97.3 1,440.9 879.9 874.0 809.1 701.4 545.2 1,236.0 1,618.2 1,761.1 444.6 174.9 159.7 62.2 338.0 162.3 67.3 189.5 199.4 31.6 56.6 31.6 1.6 32.0
Deferred Tax Liabilities 46.4 33.9 29.0 29.2 35.7 25.3 19.5 25.1 43.9 19.9 18.0 16.1 32.8 19.6 19.1 19.4 30.7 19.2 21.7 18.8 41.6 20.4 0 0 0 16.9 0 0 18.3 15.4 12.9 12.6 15.6 12.4 21.0 18.6 0 17.4
Other Non-Current Liabilities 13,157.1 13,284.4 262.9 406.0 193.4 281.0 233.7 222.9 240.5 205.9 393.1 296.8 323.5 124.1 130.2 97.5 75.6 (52.5) 64.0 62.7 44.1 170.3 70.5 61.5 68.2 41.8 48.4 54.2 21.6 20.9 17.1 15.3 18.6 13.1 12.7 16.1 2,585.4 7.4
Total Non-Current Liabilities 13,630.3 13,405.9 3,194.5 4,269.7 4,230.9 4,642.4 3,822.0 1,407.2 2,070.4 1,190.0 1,855.2 1,254.7 1,390.1 1,054.1 246.7 1,557.8 986.3 840.6 894.8 782.9 630.8 1,426.7 1,688.7 1,822.6 512.7 233.6 208.1 116.4 377.9 198.7 97.2 217.4 233.5 57.1 90.4 66.4 2,585.3 56.8
Total Liabilities 17,991.5 17,168.2 17,129.2 16,956.6 16,637.1 16,562.4 16,713.9 16,324.3 16,046.1 15,251.4 14,862.5 14,314.6 12,735.3 11,155.5 10,566.1 9,857.5 8,462.1 10,123.2 9,842.2 8,822.5 8,694.0 8,834.8 8,773.3 8,731.2 7,235.4 5,718.2 5,707.7 4,772.4 3,498.9 3,462.9 3,399.6 3,393.8 3,296.1 3,027.8 2,994.2 2,865.0 2,587.0 2,512.2
Stockholders' Equity
Common Stock 243.4 243.3 242.4 241.5 240.5 240.3 239.4 238.5 139.9 140.4 139.6 138.9 138.1 137.8 137.2 136.7 137.9 137.6 137.2 136.8 136.5 135.9 136.1 135.9 135.7 135.6 135.5 135.4 135.2 135.1 135.0 135.0 134.9 134.9 28.2 20.1 20.1 20.1
Retained Earnings 1,536.4 1,486.2 1,432.0 1,392.1 1,369.0 1,331.0 1,250.2 1,200.8 1,138.1 1,063.6 998.3 928.9 875.7 832.9 787.5 737.8 694.8 657.1 610.3 560.1 517.0 461.7 408.0 358.9 323.7 305.0 280.6 265.3 252.6 244.9 232.0 217.9 204.8 192.0 173.9 165.4 152.5 145.3
Accumulated Other Comprehensive Income (0.8) (0.0) (0.2) (0.2) (0.1) (0.1) 0.1 (0.5) (1.2) (2.5) (4.8) (7.0) (7.7) (10.5) (11.7) (8.1) (6.3) (1.5) 0.3 (0.0) 0.2 0.4 0.4 0.7 0.9 0.5 0.7 0.6 0.2 (0.3) (1.3) (1.5) (1.6) (1.0) (0.5) (0.6) (0.5) (0.6)
Total Stockholders' Equity 2,330.3 2,280.8 2,225.4 2,184.6 2,160.7 2,243.3 1,939.1 1,888.1 1,776.5 1,701.1 1,632.7 1,560.3 1,505.7 1,459.7 1,412.6 1,228.5 1,188.5 1,155.4 1,109.9 1,059.1 1,011.3 810.6 757.1 708.2 673.0 653.7 629.4 515.0 477.8 421.2 407.3 392.9 379.7 367.5 243.3 226.5 213.7 206.3
Total Liabilities & Equity 20,321.8 19,448.9 19,354.6 19,141.2 18,797.8 18,805.7 18,653.0 18,212.4 17,822.6 16,952.5 16,495.2 15,874.9 14,241.0 12,615.2 11,978.7 11,086.1 9,650.6 11,278.6 10,952.0 9,881.5 9,705.3 9,645.4 9,530.5 9,439.4 7,908.4 6,371.9 6,337.2 5,287.4 3,976.7 3,884.2 3,806.9 3,786.7 3,675.8 3,393.1 3,237.5 3,091.5 2,800.7 2,718.5
Debt Metrics
Total Debt 4,788.0 3,842.6 2,902.6 3,834.5 4,001.7 4,336.1 3,568.7 1,159.2 1,786.0 964.1 1,444.1 941.8 1,033.8 940.4 97.3 1,440.9 879.9 1,174.0 809.1 701.4 545.2 1,236.0 1,618.2 1,761.1 444.6 181.4 159.7 62.2 338.0 195.5 67.3 189.5 199.4 56.6 56.6 56.6 1.6 57.0
Net Debt 4,768.3 3,826.7 2,304.6 3,187.3 3,480.4 3,859.5 2,966.8 618.3 1,277.2 379.7 1,036.8 564.5 664.2 714.2 (226.7) 1,182.8 468.4 141.3 6.6 299.3 275.7 1,056.3 1,189.0 1,357.9 (123.5) (325.3) (205.3) (398.7) 24.6 (141.1) (343.5) (162.9) (88.4) (302.9) (510.2) (359.9) (334.7) (388.7)
Metric 2026 Q1 2025 Q4 2025 Q3 2025 Q2 2025 Q1 2024 Q4 2024 Q3 2024 Q2 2024 Q1 2023 Q4 2023 Q3 2023 Q2 2023 Q1 2022 Q4 2022 Q3 2022 Q2 2022 Q1 2021 Q4 2021 Q3 2021 Q2 2021 Q1 2020 Q4 2020 Q3 2020 Q2 2020 Q1 2019 Q4 2019 Q3 2019 Q2 2019 Q1 2018 Q4 2018 Q3 2018 Q2 2018 Q1 2017 Q4 2017 Q3 2017 Q2 2017 Q1 2016 Q4 2016 Q3 2016 Q2 2016 Q1
Operating Activities
Net Income 67.7 67.8 54.7 38.0 58.2 95.7 61.3 76.4 87.1 77.5 81.5 65.3 55.0 57.2 58.5 53.9 50.1 55.2 58.5 51.4 62.0 59.8 55.0 41.2 24.6 30.1 20.3 16.4 10.6 15.4 16.7 15.7 15.1 20.3 10.5 14.8 9.1 8.8 11.6 7.6 5.1
Depreciation & Amortization 0 0 0.8 0.8 0.8 0.8 0.8 0.7 0.7 0.7 0.7 0.7 0.7 0.7 0.6 0.6 0.6 0.6 0.6 0.6 0.5 0.5 0.5 0.5 0.5 0.4 0.2 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.4 1.4
Stock-Based Compensation 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 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Change in Working Capital 8.2 3.3 (9.7) (24.4) 34.1 (22.1) (227.7) (25.9) (75.6) 345.2 (191.6) (110.3) (43.4) (62.9) 214.6 9.2 237.7 60.2 (178.3) (41.6) (73.6) 30.2 150.0 (59.9) (203.1) (26.7) (126.2) 29.9 38.1 (94.6) 62.1 58.0 (54.7) (24.2) 19.0 54.7 (41.0) 75.5 (100.1) (4.4) 1.6
Other Non-Cash Items (856.4) (263.8) (16.0) (135.5) 55.0 (84.3) (327.0) (0.1) (395.9) 291.0 (440.4) (197.2) (313.8) (853.0) 685.4 (484.6) 1,007.2 222.6 (539.2) (35.6) 306.9 242.8 557.2 (1,081.0) (693.5) 404.3 (575.1) (1,032.1) (46.1) 177.9 (51.7) 127.5 (84.2) (200.4) 186.6 (165.0) (56.3) 190.2 (133.2) (85.7) (128.0)
Operating Cash Flow (780.4) (192.6) 29.8 (121.2) 148.0 (10.0) (492.6) 51.1 (383.8) 714.4 (549.7) (241.5) (301.5) (858.1) 959.1 (420.9) 1,295.6 338.6 (658.5) (25.2) 295.8 333.3 762.7 (1,099.3) (871.6) 408.0 (680.9) (985.6) 2.7 98.8 27.2 201.3 (123.8) (207.6) 215.2 (95.5) (88.1) 273.6 (221.6) (82.0) (119.8)
Investing Activities
Capital Expenditure (1.1) (3.8) (18.6) (4.6) (6.9) (6.3) (4.5) (5.3) (2.3) (4.1) (0.5) (1.9) (1.0) (0.6) (1.1) (1.2) (6.0) (0.4) (0.6) (0.7) (2.0) (2.2) (0.4) (0.4) (0.6) (1.7) (2.6) (5.4) (4.2) (9.3) (2.4) (2.5) (1.4) (0.0) (0.6) (0.8) (0.5) (0.1) (2.0) (0.1) (0.1)
Acquisitions (1.0) (8.8) 0 0 0 0 0 0.7 (171.3) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 (20.8) 0 0 6.5 0 0.4 0 0 0 0 0 0
Purchases of Investments (204.3) (392.5) 379.7 (197.3) (182.4) (292.9) (231.3) (270.4) (198.1) (891.4) (123.7) (229.4) (359.4) (220.1) (1,037.4) (34.5) (26.6) (25.0) (75.5) (128.3) (3.5) (164.6) (75.1) (203.6) (157.8) (266.4) (258.1) (79.3) (45) (11.6) (1.5) (9.5) (28.2) (52.3) (53.3) (81.8) (15.0) (41.1) (75.5) 0 0
Sales/Maturities of Investments 517.7 334.5 141.6 260.9 247.5 324.0 351.6 190.6 270.6 188.7 201.5 292.5 16.6 134.9 11.9 2.9 9.3 13.6 79.1 56.0 27.9 182.1 55.2 282.3 108.0 283.4 211.0 115.1 80.1 16.9 116.8 35.6 25.4 72.7 1.1 42.6 0.1 25.1 57.2 0 0
Other Investing Activities (463.3) (120.5) (713.8) (85.5) (59.1) (68.3) 65.7 (232.8) (593.9) (182.2) (69.8) (1,297.5) (776.4) 272.8 (671.5) (1,071.9) (225.9) (348.6) 48.9 102.0 (217.1) (653.1) (743.6) (640.4) (518.0) (274.2) (395.8) (180.1) (134.5) (112.5) (83.0) (262.1) (171.8) (166.2) (140.7) (162.3) 32.4 90.3 (160.5) (66.7) (93.0)
Investing Cash Flow (152.2) (192.6) (181.1) (26.3) (0.9) (43.5) 181.4 (317.2) (695.0) (889.0) 7.5 (1,236.4) (1,120.2) 187.1 (1,698.1) (1,104.7) (247.1) (360.4) 51.8 29.0 (194.7) (637.9) (763.9) (562.1) (568.4) (258.8) (445.6) (149.7) (103.6) (131.7) 29.9 (238.0) (169.2) (145.8) (193.0) (201.7) 17.4 74.3 (179.8) (66.7) (93.1)
Financing Activities
Net Debt Issuance 930.9 938.1 (1,107.7) 7.5 (384.6) 817.2 2,409.3 (677.0) 871.7 (690.1) 637.0 (217.1) 303.4 833.1 (1,343.6) 561.0 (154.0) 224.8 107.8 156.2 (803.1) (269.9) (142.9) 1,316.5 263.1 21.8 97.4 (275.6) 142.3 128.2 (122.2) (9.9) 141.6 (0.0) (0.0) (0.4) (0.0) (0.0) (0.0) (100.3) (0.1)
Stock Repurchased (3.0) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 (45) 0 0 (144.9) 0 0 0 0 (3.5) 0 0 (1.2) (0.7) 0 0 0 (106.2) 0 0 0 0 0 0 0
Dividends Paid (15.3) (14.9) (14.9) (14.9) (14.9) (14.8) (11.9) (11.9) (12.6) (12.1) (12.1) (12.1) (12.1) (11.8) (8.7) (8.7) (8.8) (8.3) (8.3) (8.4) (6.2) (5.9) (5.9) (5.9) (5.9) (5.6) (8.8) 0 (2.8) (2.6) (2.6) (2.6) (2.6) (2.3) (1.9) (1.9) (1.9) (1.9) (1.8) (1.3) (1.3)
Other Financing Activities (109.0) (923.8) 1,224.8 280.7 297.0 (971.9) (2,025.2) 987.0 144.0 1,054.1 (52.7) 1,714.8 1,273.9 (248.1) 2,019.7 823.9 (1,506.8) 35.3 907.7 (23.6) 653.0 330.9 176.0 185.9 1,244.1 (23.6) 843.0 1,534.5 (110.0) (166.9) 126.0 113.8 82.1 148.3 130.0 272.5 70.4 (356.3) 537.3 131.1 195.5
Financing Cash Flow 803.6 (0.6) 102.2 273.3 (102.4) (71.8) 372.3 298.2 1,003.1 351.8 572.2 1,485.6 1,565.1 573.3 804.7 1,372.2 (1,669.6) 251.8 1,007.2 128.8 (11.4) 55.1 27.2 1,496.6 1,501.3 (7.5) 1,031.4 1,283.2 77.7 (41.3) 1.3 101.4 221.2 146.1 128.0 270.2 68.5 (358.2) 548.6 29.5 194.2
Cash Position
Net Change in Cash (129.0) (385.8) (49.1) 125.9 44.7 (125.3) 61.0 32.1 (75.7) 177.2 29.9 7.7 143.4 (97.8) 65.8 (153.4) (621.1) 230.0 400.5 132.6 89.7 (249.5) 26.0 (164.9) 61.4 141.7 (95.9) 147.4 (23.1) (74.2) 58.4 64.7 (71.8) (207.3) 150.3 (27.0) (2.1) (10.3) 147.2 (119.2) (18.7)
Cash at Beginning 212.2 598.0 647.2 521.3 476.6 601.9 540.9 508.8 584.4 407.2 377.3 369.6 226.2 324.0 258.1 411.5 1,032.6 802.6 402.0 269.4 179.7 429.2 403.2 568.1 506.7 365.0 460.9 313.5 336.5 410.8 352.4 287.7 359.5 566.8 416.6 443.6 445.7 456.0 308.8 428.1 446.8
Cash at End 83.2 212.2 598.0 647.2 521.3 476.6 601.9 540.9 508.8 584.4 407.2 377.3 369.6 226.2 324.0 258.1 411.5 1,032.6 802.6 402.0 269.4 179.7 429.2 403.2 568.1 506.7 365.0 460.9 313.5 336.5 410.8 352.4 287.7 359.5 566.8 416.6 443.6 445.7 456.0 308.8 428.1
Free Cash Flow (781.6) (196.4) 11.1 (125.7) 141.2 (16.3) (497.2) 45.8 (386.1) 710.3 (550.2) (243.4) (302.6) (858.7) 958.1 (422.0) 1,289.6 338.3 (659.0) (25.9) 293.8 331.1 762.3 (1,099.8) (872.2) 406.3 (683.6) (991.1) (1.5) 89.5 24.8 198.9 (125.1) (207.6) 214.6 (96.3) (88.6) 273.5 (223.6) (82.0) (119.9)
Key Metrics 2026 Q1 2025 Q4 2025 Q3 2025 Q2 2025 Q1 2024 Q4 2024 Q3 2024 Q2 2024 Q1 2023 Q4 2023 Q3 2023 Q2 2023 Q1 2022 Q4 2022 Q3 2022 Q2 2022 Q1 2021 Q4 2021 Q3 2021 Q2 2021 Q1 2020 Q4 2020 Q3 2020 Q2 2020 Q1 2019 Q4 2019 Q3 2019 Q2 2019 Q1 2018 Q4 2018 Q3 2018 Q2 2018 Q1 2017 Q4 2017 Q3 2017 Q2 2017 Q1 2016 Q4 2016 Q3 2016 Q2 2016 Q1
Income Statement
Revenue 317.1 354.7 343.5 353.7 310.1 379.8 354.6 358.6 354.1 345.6 331.7 287.0 224.8 203.3 162.1 127.3 109.4 121.4 115.9 103.4 121.0 117.7 112.0 92.4 79.2 85.5 69.4 57.3 42.4 53.5 48.2 44.5 39.4 40.8 32.9 38.0 26.2 26.4 30.3 19.0 14.3
Gross Profit 159.9 157.5 140.6 125.0 137.4 190.4 141.6 148.5 162.2 151.4 148.5 112.0 107.3 110.9 111.1 103.8 96.7 109.0 106.3 95.7 111.7 104.9 98.1 73.6 54.1 57.3 41.0 36.3 26.2 36.2 33.5 31.5 29.1 31.4 24.7 31.0 20.5 20.7 25.2 19.0 14.3
Operating Income 84.3 73.9 64.6 48.8 76.5 127.9 81.3 99.1 114.3 99.5 106.6 68.6 73.3 74.9 77.4 72.0 66.8 72.8 78.6 69.4 84.2 80.4 74.6 55.4 33.0 39.5 26.8 21.8 14.1 21.1 22.3 20.8 19.7 21.7 16.9 23.8 14.7 14.5 19.2 14.9 10.3
Net Income 67.7 67.8 54.7 38.0 58.2 95.7 61.3 76.4 87.1 77.5 81.5 65.3 55.0 57.2 58.5 53.9 50.1 55.2 58.5 51.4 62.0 59.8 55.0 41.2 24.6 30.1 20.3 16.4 10.6 15.4 16.7 15.7 15.1 20.3 10.5 14.8 9.1 8.8 11.6 7.4 4.9
EPS (Diluted) 1.25 1.28 0.97 0.60 0.93 1.85 1.17 1.49 1.80 1.58 1.68 1.31 1.07 1.12 1.22 1.11 1.02 1.14 1.22 1.06 1.35 1.30 1.19 0.87 0.49 0.61 0.40 0.34 0.23 0.34 0.37 0.35 0.33 0.49 0.26 0.44 0.26 0.25 0.34 0.23 0.16
Balance Sheet
Cash & Equivalents 19.6 15.8 598.0 647.2 521.3 476.6 601.9 540.9 508.8 584.4 407.2 377.3 369.6 226.2 324.0 258.1 411.5 1,032.6 802.6 402.0 269.4 179.7 429.2 403.2 568.1 506.7 365.0 460.9 313.5 336.5 410.8 352.4 287.7 359.5 566.8 416.6 336.4 445.7
Total Assets 20,321.8 19,448.9 19,354.6 19,141.2 18,797.8 18,805.7 18,653.0 18,212.4 17,822.6 16,952.5 16,495.2 15,874.9 14,241.0 12,615.2 11,978.7 11,086.1 9,650.6 11,278.6 10,952.0 9,881.5 9,705.3 9,645.4 9,530.5 9,439.4 7,908.4 6,371.9 6,337.2 5,287.4 3,976.7 3,884.2 3,806.9 3,786.7 3,675.8 3,393.1 3,237.5 3,091.5 2,800.7 2,718.5
Total Debt 4,788.0 3,842.6 2,902.6 3,834.5 4,001.7 4,336.1 3,568.7 1,159.2 1,786.0 964.1 1,444.1 941.8 1,033.8 940.4 97.3 1,440.9 879.9 1,174.0 809.1 701.4 545.2 1,236.0 1,618.2 1,761.1 444.6 181.4 159.7 62.2 338.0 195.5 67.3 189.5 199.4 56.6 56.6 56.6 1.6 57.0
Stockholders' Equity 2,330.3 2,280.8 2,225.4 2,184.6 2,160.7 2,243.3 1,939.1 1,888.1 1,776.5 1,701.1 1,632.7 1,560.3 1,505.7 1,459.7 1,412.6 1,228.5 1,188.5 1,155.4 1,109.9 1,059.1 1,011.3 810.6 757.1 708.2 673.0 653.7 629.4 515.0 477.8 421.2 407.3 392.9 379.7 367.5 243.3 226.5 213.7 206.3
Cash Flow
Operating Cash Flow (780.4) (192.6) 29.8 (121.2) 148.0 (10.0) (492.6) 51.1 (383.8) 714.4 (549.7) (241.5) (301.5) (858.1) 959.1 (420.9) 1,295.6 338.6 (658.5) (25.2) 295.8 333.3 762.7 (1,099.3) (871.6) 408.0 (680.9) (985.6) 2.7 98.8 27.2 201.3 (123.8) (207.6) 215.2 (95.5) (88.1) 273.6 (221.6) (82.0) (119.8)
Capital Expenditure (1.1) (3.8) (18.6) (4.6) (6.9) (6.3) (4.5) (5.3) (2.3) (4.1) (0.5) (1.9) (1.0) (0.6) (1.1) (1.2) (6.0) (0.4) (0.6) (0.7) (2.0) (2.2) (0.4) (0.4) (0.6) (1.7) (2.6) (5.4) (4.2) (9.3) (2.4) (2.5) (1.4) (0.0) (0.6) (0.8) (0.5) (0.1) (2.0) (0.1) (0.1)
Free Cash Flow (781.6) (196.4) 11.1 (125.7) 141.2 (16.3) (497.2) 45.8 (386.1) 710.3 (550.2) (243.4) (302.6) (858.7) 958.1 (422.0) 1,289.6 338.3 (659.0) (25.9) 293.8 331.1 762.3 (1,099.8) (872.2) 406.3 (683.6) (991.1) (1.5) 89.5 24.8 198.9 (125.1) (207.6) 214.6 (96.3) (88.6) 273.5 (223.6) (82.0) (119.9)