OLED - Universal Display Corporation
Price:
--
--
|
CONSENSUS:
Buy
DETAILS
|
PRICE TARGET:
$122.60
DETAILS
HIGH:
$168.00
LOW:
$90.00
MEDIAN:
$120.00
CONSENSUS:
$122.60
UPSIDE:
42.82%
| Metric | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 | 2012 | 2011 | 2010 | 2009 | 2008 | 2007 | 2006 | 2005 | 2004 | 2003 | 2002 | 2001 | 2000 | 1999 | 1998 | 1997 | 1996 | 1995 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | |||||||||||||||||||||||||||||||
| Revenue | 650.6 | 647.7 | 576.4 | 616.6 | 553.5 | 428.9 | 405.2 | 247.4 | 335.6 | 198.9 | 191.0 | 191.0 | 146.6 | 83.2 | 61.3 | 30.5 | 15.8 | 11.1 | 11.3 | 11.9 | 10.1 | 7.0 | 6.6 | 2.4 | 1.3 | 0.5 | 0.5 | 0.4 | 0.1 | 0.1 | 0.1 |
| Cost of Revenue | 154.1 | 148.5 | 135.4 | 127.9 | 115.0 | 85.5 | 75.4 | 53.5 | 54.7 | 26.3 | 63.0 | 41.3 | 28.9 | 4.5 | 3.7 | 0.9 | 0.4 | 0.9 | 1.2 | 1.0 | 0.1 | 0.2 | 0.1 | 0 | 0 | (1.1) | (0.1) | (0.0) | (0.0) | 0 | 0 |
| Gross Profit | 496.5 | 499.2 | 441.1 | 488.7 | 438.5 | 343.4 | 329.8 | 193.9 | 280.9 | 172.6 | 128.0 | 149.7 | 117.8 | 78.7 | 57.6 | 29.7 | 15.4 | 10.2 | 10.1 | 10.9 | 10.0 | 6.9 | 6.5 | 0 | 0 | 1.5 | 0.6 | 0.4 | 0.1 | 0 | 0 |
| Operating Expenses | |||||||||||||||||||||||||||||||
| R&D Expenses | 146.1 | 157.2 | 130.5 | 117.1 | 99.7 | 83.9 | 71.3 | 53.7 | 49.1 | 42.7 | 44.6 | 41.2 | 34.2 | 30.0 | 24.1 | 21.7 | 20.0 | 22.3 | 20.9 | 19.9 | 19.2 | 16.7 | 17.9 | 15.8 | 12.4 | 7.1 | 3.2 | 1.4 | 4.2 | 0.9 | 0 |
| SG&A Expenses | 74.3 | 74.3 | 67.4 | 77.9 | 80.4 | 61.3 | 59.6 | 47.0 | 46.8 | 32.9 | 29.0 | 28.1 | 24.7 | 19.6 | 26.4 | 18.2 | 14.6 | 10.2 | 9.6 | 8.9 | 8.3 | 7.4 | 6.1 | 4.8 | 3.9 | 3.3 | 2.7 | 1.9 | 2 | 0.9 | 3.1 |
| Other Expenses | 27.5 | 28.9 | 26.0 | 26.7 | 30.8 | 40.6 | 40.6 | 36.4 | 38.7 | 28.6 | 22.1 | 21.8 | 20.5 | 15.5 | 8.8 | 5.1 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0.3 | 0 | 1.1 | 0.1 | 0.0 | 0.0 | 0 | 0 |
| Operating Expenses | 247.9 | 260.4 | 223.9 | 221.6 | 210.9 | 185.9 | 171.5 | 137.1 | 134.7 | 104.2 | 95.8 | 91.1 | 79.5 | 65.0 | 51.9 | 39.9 | 35.7 | 32.8 | 30.5 | 28.8 | 27.5 | 24.1 | 24.0 | 20.8 | 16.3 | 11.4 | 6.0 | 3.4 | 6.2 | 1.8 | 3.1 |
| Operating Income | |||||||||||||||||||||||||||||||
| Operating Income | 248.6 | 238.8 | 217.2 | 267.1 | 227.6 | 157.5 | 158.3 | 56.7 | 146.2 | 68.4 | 32.3 | 58.6 | 38.2 | 13.7 | 5.7 | (10.2) | (20.3) | (22.7) | (20.4) | (17.9) | (17.5) | (17.2) | (17.5) | (18.4) | (15.0) | (9.9) | (5.4) | (2.9) | (6.1) | (1.7) | (3) |
| Interest Expense | 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 |
| Interest Income | 39.7 | 40.7 | 28.2 | 7.8 | 0.5 | 5.1 | 10.8 | 7.7 | 3.3 | 2.1 | 0.8 | 0.7 | 0.8 | 1.2 | 1.0 | 0.3 | 0.7 | 2.6 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Profitability | |||||||||||||||||||||||||||||||
| EBITDA | 295.2 | 316.3 | 288.6 | 310.5 | 270.2 | 194.7 | 192.8 | 87.3 | 175.2 | 91.2 | 49.0 | 75.9 | 56.3 | 28.3 | 9.9 | (15.8) | (16.9) | (16.4) | (17.2) | (14.5) | (14.2) | (14.1) | (13.7) | (1.8) | (10.5) | (8.8) | (5.3) | (3.0) | (6.1) | (1.7) | (3) |
| EBIT | 248.6 | 272.1 | 245.2 | 268.2 | 228.2 | 157.5 | 158.3 | 56.7 | 146.2 | 68.4 | 32.3 | 58.6 | 39.1 | 14.9 | 2.5 | (20.0) | (20.6) | (20.1) | (20.4) | (17.9) | (17.5) | (17.2) | (17.5) | (18.4) | (15.0) | (9.9) | (5.4) | (3.0) | (6.1) | (1.7) | (3) |
| Income Before Tax | 294.8 | 272.1 | 245.2 | 268.2 | 228.2 | 163.5 | 169.9 | 64.3 | 149.5 | 68.6 | 33.1 | 59.3 | 39.0 | 14.9 | 2.4 | (20.1) | (20.6) | (20.1) | (16.8) | (15.7) | (16.2) | (16.4) | (17.5) | (28.4) | (16.4) | 0 | 0 | (2.7) | (5.9) | (1.6) | 0 |
| Income Tax Expense | 52.7 | 50.0 | 42.2 | 58.2 | 44.0 | 30.2 | 31.6 | 5.5 | 45.7 | 20.5 | 18.4 | 17.5 | (35.0) | 5.2 | (0.7) | (0.1) | (0.1) | (1.0) | (0.8) | (0.5) | (0.4) | (0.6) | (0.2) | 12.7 | 0 | (0.3) | (0.3) | 0.1 | 0 | 0.2 | 3.1 |
| Net Income | 242.1 | 222.1 | 203.0 | 210.1 | 184.2 | 133.4 | 138.3 | 58.8 | 103.9 | 48.1 | 14.7 | 41.9 | 74.1 | 9.7 | 3.2 | (19.9) | (20.5) | (19.1) | (16.0) | (15.2) | (15.8) | (15.8) | (17.4) | (31.0) | (16.4) | (9.5) | (5.1) | (2.8) | (5.9) | (1.8) | (3.1) |
| Per Share Data | |||||||||||||||||||||||||||||||
| EPS (Basic) | 5.09 | 4.66 | 4.25 | 4.41 | 3.87 | 2.80 | 2.92 | 1.26 | 2.19 | 1.02 | 0.31 | 0.90 | 1.61 | 0.21 | 0.07 | -0.53 | -0.56 | -0.53 | -0.47 | -0.49 | -0.56 | -0.59 | -0.77 | -1.61 | -0.96 | -0.62 | -0.42 | -0.27 | -0.63 | -0.21 | -0.39 |
| EPS (Diluted) | 5.08 | 4.65 | 4.24 | 4.40 | 3.87 | 2.80 | 2.92 | 1.25 | 2.18 | 1.02 | 0.31 | 0.90 | 1.59 | 0.21 | 0.07 | -0.53 | -0.56 | -0.53 | -0.47 | -0.49 | -0.56 | -0.59 | -0.77 | -1.61 | -0.96 | -0.62 | -0.42 | -0.27 | -0.63 | -0.21 | -0.39 |
| Shares Outstanding | 47.5 | 47.5 | 47.6 | 47.4 | 47.3 | 47.2 | 47.0 | 46.8 | 46.7 | 46.4 | 46.8 | 46.3 | 45.9 | 46.0 | 43.7 | 37.6 | 36.5 | 35.9 | 33.8 | 30.9 | 28.5 | 26.8 | 22.4 | 19.2 | 17.0 | 15.3 | 12.3 | 10.3 | 9.3 | 8.6 | 8 |
| Metric | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 | 2012 | 2011 | 2010 | 2009 | 2008 | 2007 | 2006 | 2005 | 2004 | 2003 | 2002 | 2001 | 2000 | 1999 | 1998 | 1997 | 1996 | 1995 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Assets | |||||||||||||||||||||||||||||||
| Cash & Cash Equivalents | 138.4 | 99.0 | 92.0 | 93.4 | 312.0 | 630.0 | 131.6 | 211.0 | 132.8 | 139.4 | 97.5 | 45.4 | 70.6 | 85.9 | 111.8 | 20.4 | 22.7 | 28.3 | 33.9 | 31.1 | 30.7 | 18.9 | 14.1 | 15.9 | 7.9 | 7.7 | 1.6 | 1.8 | 0.1 | 0.6 | 0 |
| Short-Term Investments | 464.0 | 393.7 | 422.1 | 484.3 | 351.2 | 100.0 | 514.5 | 304.3 | 287.4 | 188.6 | 298.0 | 243.1 | 202.0 | 158.0 | 234.3 | 52.8 | 41.2 | 49.1 | 49.8 | 18.0 | 17.2 | 26.3 | 12.8 | 4.7 | 4.5 | 2.7 | 4.3 | 0 | 0 | 0 | 0 |
| Net Receivables | 120.0 | 113.6 | 139.8 | 92.7 | 107.6 | 82.3 | 60.5 | 43.1 | 52.4 | 25.0 | 24.7 | 22.1 | 15.7 | 8.7 | 10.7 | 7.2 | 3.3 | 2.5 | 2.4 | 2.1 | 1.9 | 2.6 | 0.8 | 0.7 | 0.5 | 0.3 | 0.3 | 0.1 | 0.1 | 0 | 0 |
| Inventory | 240.9 | 182.9 | 175.8 | 183.2 | 134.2 | 91.6 | 64.0 | 70 | 36.3 | 17.3 | 12.7 | 37.1 | 10.6 | 11.0 | 3.8 | 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 | 123.8 | 110.6 | 87.4 | 45.8 | 20.9 | 20.7 | 21.9 | 6.4 | 10.3 | 15.1 | 14.7 | 22.8 | 28.2 | 3.9 | 1.6 | 2.0 | 0.4 | 0.5 | 0.7 | 0.6 | 0.5 | 0.2 | 0.2 | 0 | 15.2 | 0.2 | 0.5 | 1 | 5.1 | 2.5 | 0 |
| Total Current Assets | 1,087.1 | 899.8 | 917.1 | 899.5 | 925.9 | 924.6 | 792.4 | 634.8 | 519.2 | 385.4 | 447.7 | 370.5 | 327.0 | 267.5 | 362.3 | 82.4 | 67.6 | 80.4 | 86.8 | 51.8 | 50.3 | 48.0 | 27.9 | 21.4 | 28.5 | 10.9 | 6.6 | 2.9 | 5.3 | 3.1 | 0 |
| Non-Current Assets | |||||||||||||||||||||||||||||||
| Property, Plant & Equipment | 234.9 | 215.1 | 200.1 | 174.9 | 159.4 | 110.9 | 87.9 | 69.7 | 56.5 | 27.2 | 22.4 | 19.9 | 14.9 | 11.8 | 10.9 | 9.7 | 11.0 | 12.9 | 13.5 | 14.1 | 13.6 | 9.6 | 3.5 | 4.6 | 5.3 | 4.6 | 3.7 | 0.1 | 0.1 | 0.1 | 0 |
| Goodwill | 15.5 | 15.5 | 15.5 | 15.5 | 15.5 | 15.5 | 15.5 | 15.5 | 15.5 | 15.5 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Intangible Assets | 60.8 | 79 | 97.2 | 46.6 | 59.4 | 80.9 | 102.8 | 124.4 | 146.4 | 168.4 | 72.0 | 83.0 | 94.0 | 104.6 | 0.4 | 0 | 1.2 | 2.9 | 4.6 | 6.3 | 8.0 | 9.7 | 11.4 | 13.1 | 14.8 | 0 | 0 | 0 | 0 | 0 | 0 |
| Long-Term Investments | 377.0 | 457.6 | 299.5 | 259.9 | 168.1 | 5 | 5 | 0 | 14.8 | 15.0 | 2.2 | 3.0 | 7.4 | 1.3 | 0 | 0 | 0 | 0 | 0 | 0.0 | 2 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Current Assets | 109.0 | 86.9 | 80.4 | 78.3 | 105.1 | 94.6 | 86.1 | 64.5 | 0.6 | 0.3 | 0.2 | 0.4 | 0.2 | 0.3 | 0.3 | 0.2 | 0.2 | 0.1 | 0.1 | 0.1 | 1.9 | 6.6 | 3.4 | 0.5 | 0.0 | 16.5 | 0.1 | 0.1 | 0 | 0.1 | 0 |
| Total Non-Current Assets | 876.7 | 932.5 | 751.8 | 633.4 | 541.0 | 344.6 | 327.7 | 298.6 | 260.8 | 242.2 | 111.7 | 119.3 | 135.7 | 118.0 | 11.6 | 9.9 | 12.5 | 15.9 | 18.2 | 20.5 | 23.5 | 25.9 | 18.3 | 18.2 | 20.1 | 21.2 | 3.7 | 0.2 | 0.1 | 0.2 | 0 |
| Total Assets | 1,963.8 | 1,832.3 | 1,669.0 | 1,532.8 | 1,466.9 | 1,269.2 | 1,120.2 | 933.4 | 780.0 | 627.6 | 559.4 | 489.8 | 462.8 | 385.5 | 373.9 | 92.3 | 80.1 | 96.2 | 105.0 | 72.3 | 73.8 | 73.9 | 46.2 | 39.6 | 48.6 | 32.1 | 10.3 | 3.1 | 5.4 | 3.3 | 0 |
| Current Liabilities | |||||||||||||||||||||||||||||||
| Account Payables | 23.3 | 36.6 | 10.9 | 9.5 | 15.0 | 13.8 | 13.3 | 10.5 | 13.8 | 8.1 | 6.8 | 9.3 | 5.3 | 7.6 | 4.8 | 2.2 | 1.3 | 1.6 | 0.9 | 1.8 | 1.2 | 0.7 | 0.4 | 0.4 | 0.6 | 0.8 | 0.7 | 0.2 | 0.3 | 0.1 | 0.5 |
| Short-Term Debt | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0.3 | 0.0 | 0.0 | 8.3 | 0.0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Revenue | 21.0 | 33.1 | 47.7 | 45.6 | 120.9 | 105.2 | 97.3 | 80.8 | 15.0 | 10.3 | 10.1 | 2.5 | 1.9 | 4.3 | 5.5 | 1.3 | 1.4 | 2.7 | 0.2 | 0.1 | 2.1 | 0.9 | 0.5 | 0.3 | 1.1 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Current Liabilities | 40.3 | 38.5 | 37.6 | 61.3 | 34.3 | 26.7 | 32.2 | 19.6 | 21.0 | 12.8 | 10.1 | 8.8 | 8.0 | 0.0 | 5.8 | 14.7 | 6.0 | 6.1 | 7.2 | 7.2 | 3.5 | 1.8 | 1.3 | 1.1 | 0.5 | 0.9 | 0.2 | 0.3 | 0 | 0 | 0.1 |
| Total Current Liabilities | 108.0 | 125.4 | 118.8 | 135.7 | 187.9 | 165.0 | 161.5 | 133.2 | 63.8 | 40.2 | 34.5 | 26.8 | 23.2 | 22.3 | 19.5 | 25.0 | 14.0 | 15.8 | 12.8 | 14.4 | 12.0 | 7.4 | 4.2 | 2.9 | 10.5 | 1.7 | 0.9 | 0.5 | 0.3 | 0.1 | 0.6 |
| Non-Current Liabilities | |||||||||||||||||||||||||||||||
| Long-Term Debt | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 4.2 | 0 | 0 | 0 | 0.0 | 0.0 | 0 | 0 | 0 | 0 |
| Deferred Tax Liabilities | 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 Non-Current Liabilities | 73.6 | 70.7 | 68.1 | 74.4 | 115.6 | 127.6 | 99.7 | 68.0 | 33.2 | 27.6 | 22.6 | 10.9 | 9.4 | 9.8 | 8.3 | 9.9 | 6.5 | 3.4 | 3.0 | 3.6 | 4.2 | 3.1 | 3.1 | 3.1 | 0 | 0.6 | 0 | 0 | 0 | 0 | 0 |
| Total Non-Current Liabilities | 94.7 | 90.4 | 102.9 | 121.8 | 179.1 | 191.6 | 147.2 | 109.7 | 57.1 | 58.9 | 58.1 | 14.3 | 11.8 | 13.0 | 12.1 | 9.9 | 6.5 | 3.7 | 3.0 | 3.6 | 4.2 | 7.3 | 3.1 | 3.1 | 0.0 | 0.6 | 0.0 | 0 | 0 | 0 | 0 |
| Total Liabilities | 202.7 | 215.8 | 221.7 | 257.5 | 367.0 | 356.5 | 308.7 | 242.9 | 120.9 | 99.1 | 92.6 | 41.1 | 35.1 | 35.3 | 31.7 | 34.9 | 20.5 | 19.5 | 15.8 | 17.9 | 16.2 | 14.7 | 7.3 | 6.0 | 10.5 | 2.3 | 0.9 | 0.5 | 0.3 | 0.1 | 0.6 |
| Stockholders' Equity | |||||||||||||||||||||||||||||||
| Common Stock | 0.5 | 0.5 | 0.5 | 0.5 | 0.5 | 0.5 | 0.5 | 0.5 | 0.5 | 0.5 | 0.5 | 0.5 | 0.5 | 0.5 | 0.5 | 0.4 | 0.4 | 0.4 | 0.4 | 0.3 | 0.3 | 0.3 | 0.2 | 0.2 | 0.2 | 0.2 | 0.1 | 0 | 0 | 0 | 0 |
| Retained Earnings | 1,090.5 | 934.7 | 789.6 | 653.3 | 500.2 | 353.9 | 249.0 | 129.6 | 99.1 | (25.6) | (73.6) | (88.3) | (130.2) | (204.2) | (213.9) | (217.0) | (197.1) | (180.5) | (161.3) | (145.4) | (130.2) | (114.4) | (98.5) | (80.1) | (47.1) | (28.2) | (18.7) | (13.6) | (10.8) | (4.9) | (3.1) |
| Accumulated Other Comprehensive Income | 0.8 | (1.1) | (1.1) | (18.5) | (18.2) | (36.0) | (17.0) | (16.2) | (11.5) | (10.7) | (9.8) | (4.4) | (4.4) | (5.7) | (5.9) | (6.0) | 0.0 | 0.1 | (0.1) | (0.1) | (0.1) | (0.1) | (0.0) | (0.0) | (0.0) | (0.7) | (0.1) | (0.1) | 0 | 0 | 0 |
| Total Stockholders' Equity | 1,761.0 | 1,616.5 | 1,447.2 | 1,275.4 | 1,099.9 | 912.7 | 811.4 | 690.5 | 659.1 | 528.5 | 466.8 | 448.7 | 427.7 | 350.2 | 342.2 | 57.4 | 59.6 | 76.7 | 89.2 | 54.4 | 57.6 | 59.2 | 38.9 | 33.7 | 38.1 | 29.8 | 9.4 | 2.6 | 5.1 | 3.2 | (0.6) |
| Total Liabilities & Equity | 1,963.8 | 1,832.3 | 1,669.0 | 1,532.8 | 1,466.9 | 1,269.2 | 1,120.2 | 933.4 | 780.0 | 627.6 | 559.4 | 489.8 | 462.8 | 385.5 | 373.9 | 92.3 | 80.1 | 96.2 | 105.0 | 72.3 | 73.8 | 73.9 | 46.2 | 39.6 | 48.6 | 32.1 | 10.3 | 3.1 | 5.4 | 3.3 | 0 |
| Debt Metrics | |||||||||||||||||||||||||||||||
| Total Debt | 19.2 | 19.1 | 22.9 | 29.0 | 27.3 | 6.9 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 4.5 | 0.0 | 0.0 | 8.3 | 0.0 | 0.0 | 0 | 0 | 0 | 0 |
| Net Debt | (119.1) | (79.8) | (69.1) | (64.4) | (284.7) | (623.1) | (131.6) | (211.0) | (132.8) | (139.4) | (97.5) | (45.4) | (70.6) | (85.9) | (111.8) | (20.4) | (22.7) | (28.3) | (33.9) | (31.1) | (30.7) | (14.4) | (14.1) | (15.9) | 0.4 | (7.7) | (1.5) | (1.8) | (0.1) | (0.6) | 0 |
| Metric | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 | 2012 | 2011 | 2010 | 2009 | 2008 | 2007 | 2006 | 2005 | 2004 | 2003 | 2002 | 2001 | 2000 | 1999 | 1998 | 1997 | 1996 | 1995 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating Activities | |||||||||||||||||||||||||||||||
| Net Income | 242.1 | 222.1 | 203.0 | 210.1 | 184.2 | 133.4 | 138.3 | 58.8 | 103.9 | 48.1 | 14.7 | 41.9 | 74.1 | 9.7 | 3.2 | (19.9) | (20.5) | (19.1) | (16.0) | (15.2) | (15.8) | (15.8) | (17.4) | (31.0) | (16.4) | (9.5) | (5.1) | (2.8) | (5.9) | (1.8) | (3.1) |
| Depreciation & Amortization | 46.6 | 44.1 | 43.4 | 42.3 | 42.0 | 37.2 | 34.4 | 30.6 | 26.9 | 20.8 | 14.1 | 13.1 | 13.0 | 6.8 | 1.5 | 2.9 | 3.8 | 2.6 | 3.2 | 3.4 | 3.2 | 3.1 | 3.8 | 16.6 | 4.5 | 1.1 | 0.1 | 0 | 0 | 0 | 0 |
| Stock-Based Compensation | 28.2 | 30.0 | 24.1 | 29.9 | 36.3 | 28.3 | 17.7 | 16.8 | 14.9 | 13.1 | 10.5 | 8.3 | 6.9 | 5.0 | 5.8 | 5.9 | 3.9 | 3.7 | 2.7 | 2.4 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Working Capital | (99.5) | (25.3) | (103.5) | (134.3) | 140.4 | 136.6 | 139.5 | 95.3 | (27.6) | 4.8 | 40.6 | (21.9) | (2.9) | 0.7 | 4.3 | (0.4) | 0.4 | 3.1 | (2.7) | 1.1 | 7.6 | 0.0 | 1.3 | 3.5 | 0.1 | 0.7 | 0.3 | 0.2 | 0.1 | (0.6) | 0.8 |
| Other Non-Cash Items | (5.5) | 1.9 | (8.5) | 5.8 | (213.5) | (182.2) | (130.3) | (66.9) | (9.1) | (9.5) | 26.7 | (3.1) | (4.7) | (5.3) | 3.2 | 1.2 | (2.8) | 5.6 | 4.4 | 6.0 | 4.6 | 5.7 | 6.5 | 6.1 | 4.0 | 1.3 | 0.5 | 0.4 | 3.4 | 0 | 0.4 |
| Operating Cash Flow | 210.8 | 253.7 | 154.8 | 126.8 | 191.1 | 148.8 | 193.9 | 121.8 | 133.4 | 80.3 | 113.6 | 47.3 | 45.0 | 17.8 | 16.4 | (4.2) | (14.6) | (7.8) | (11.1) | (4.7) | (0.3) | (7.0) | (5.8) | (4.8) | (7.7) | (6.5) | (4.3) | (2.2) | (2.4) | (2.4) | (1.9) |
| Investing Activities | |||||||||||||||||||||||||||||||
| Capital Expenditure | (66.5) | (42.6) | (126.4) | (47.2) | (43.6) | (28.1) | (30.5) | (25.4) | (29.8) | (103.3) | (5.1) | (6.2) | (5.1) | (111.8) | (3.1) | (0.4) | (0.3) | (1.3) | (1.2) | (2.3) | (5.7) | (7.4) | (1.0) | (1.2) | (1.7) | (1.2) | (3.2) | 0 | 0 | (0.1) | 0 |
| Acquisitions | 0 | 0 | 0 | 4.7 | 0.4 | 0.1 | 0.4 | 0 | 0 | (33.4) | 0 | 0 | 0.4 | 109.1 | 0.4 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Purchases of Investments | (375.5) | (594.8) | (531.1) | (702.0) | (642.2) | (604.2) | (931.9) | (628.8) | (594.3) | (450.3) | (691.9) | (409.0) | (362.8) | (304.5) | (337.4) | (91.4) | (61.3) | (96.9) | (61.3) | (24.4) | (22.8) | (48.7) | (19.2) | (6.9) | (7.1) | (3.4) | (7.8) | (0.3) | (5) | (2.4) | 0 |
| Sales/Maturities of Investments | 396.5 | 473.1 | 574.2 | 468.5 | 228.0 | 1,023.5 | 723.6 | 633.2 | 498.5 | 548.5 | 638.4 | 372.8 | 313.1 | 380.3 | 156.7 | 79.9 | 69.6 | 98.7 | 29.9 | 25.6 | 32.4 | 36.2 | 8.1 | 6.4 | 5.3 | 5.0 | 4.0 | 4.3 | 2.9 | 0 | 0 |
| Other Investing Activities | (10) | 0 | (66.6) | (4.7) | (0.4) | (0.1) | (0.4) | 4.4 | (95.8) | 2.2 | (53.5) | (36.2) | (0.4) | (109.1) | (0.4) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 15.2 | (15.2) | (0.0) | 0 | 0 | 0 | 0 | 0 |
| Investing Cash Flow | (45.5) | (164.4) | (83.3) | (280.7) | (457.8) | 391.3 | (238.7) | (21.0) | (125.6) | (38.5) | (58.6) | (42.3) | (54.8) | (36.1) | (183.8) | (11.8) | 8.0 | 0.6 | (32.7) | (1.1) | 3.9 | (19.9) | (12.1) | 13.5 | (18.7) | 0.4 | (7.0) | 4 | (2.1) | (2.5) | 0 |
| Financing Activities | |||||||||||||||||||||||||||||||
| Net Debt Issuance | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | (4.5) | 4.5 | (0.0) | (8.8) | 15.0 | (0.0) | 0 | 0 | 0 | 0 | 0 |
| Stock Repurchased | (32.9) | 0 | 0 | 0 | 0 | 0 | (0.6) | (0.5) | 0 | 0 | 0 | (29.5) | (5.5) | (5.2) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Dividends Paid | (85.5) | (76.2) | (66.7) | (57.0) | (37.9) | (28.4) | (18.9) | (11.3) | (5.7) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Financing Activities | (9.6) | (8.4) | (8.2) | (9.2) | (14.9) | (14.4) | (16.0) | (11.6) | (9.4) | (0.5) | (3.3) | (1.0) | (0.4) | (2.7) | 8.9 | 13.5 | 0.8 | (0.8) | 0 | 0 | 4.2 | (4.2) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Financing Cash Flow | (126.0) | (82.3) | (72.9) | (64.6) | (51.4) | (41.7) | (34.6) | (22.6) | (14.3) | (0.0) | (2.9) | (30.1) | (5.5) | (7.5) | 258.8 | 13.7 | 1.0 | 1.6 | 46.5 | 6.3 | 8.1 | 31.7 | 16.0 | (0.7) | 26.6 | 12.2 | 11.0 | 0 | 4 | 5.5 | 1.9 |
| Cash Position | |||||||||||||||||||||||||||||||
| Net Change in Cash | 39.4 | 7.0 | (1.4) | (218.6) | (318.0) | 498.4 | (79.4) | 78.2 | (6.5) | 41.9 | 52.1 | (25.2) | (15.3) | (25.9) | 91.4 | (2.3) | (5.6) | (5.5) | 2.8 | 0.4 | 11.7 | 4.9 | (1.8) | 8.0 | 0.2 | 6.1 | (0.3) | 1.8 | (0.5) | 0.6 | 0 |
| Cash at Beginning | 99.0 | 92.0 | 93.4 | 312.0 | 630.0 | 131.6 | 211.0 | 132.8 | 139.4 | 97.5 | 45.4 | 70.6 | 85.9 | 111.8 | 20.4 | 22.7 | 28.3 | 33.9 | 31.1 | 30.7 | 18.9 | 14.1 | 15.9 | 7.9 | 7.7 | 1.6 | 1.8 | 0.1 | 0.6 | 0 | 0 |
| Cash at End | 138.4 | 99.0 | 92.0 | 93.4 | 312.0 | 630.0 | 131.6 | 211.0 | 132.8 | 139.4 | 97.5 | 45.4 | 70.6 | 85.9 | 111.8 | 20.4 | 22.7 | 28.3 | 33.9 | 31.1 | 30.7 | 18.9 | 14.1 | 15.9 | 7.9 | 7.7 | 1.6 | 1.9 | 0.1 | 0.6 | 0 |
| Free Cash Flow | 144.4 | 211.1 | 28.4 | 79.6 | 147.6 | 120.7 | 163.5 | 96.4 | 103.6 | (23.0) | 108.5 | 41.1 | 39.9 | (94.1) | 13.3 | (4.6) | (14.9) | (9.1) | (12.3) | (7.1) | (6.0) | (14.4) | (6.8) | (5.9) | (9.4) | (7.6) | (7.5) | (2.2) | (2.4) | (2.5) | (1.9) |
| Key Metrics | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 | 2012 | 2011 | 2010 | 2009 | 2008 | 2007 | 2006 | 2005 | 2004 | 2003 | 2002 | 2001 | 2000 | 1999 | 1998 | 1997 | 1996 | 1995 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Income Statement | |||||||||||||||||||||||||||||||
| Revenue | 650.6 | 647.7 | 576.4 | 616.6 | 553.5 | 428.9 | 405.2 | 247.4 | 335.6 | 198.9 | 191.0 | 191.0 | 146.6 | 83.2 | 61.3 | 30.5 | 15.8 | 11.1 | 11.3 | 11.9 | 10.1 | 7.0 | 6.6 | 2.4 | 1.3 | 0.5 | 0.5 | 0.4 | 0.1 | 0.1 | 0.1 |
| Gross Profit | 496.5 | 499.2 | 441.1 | 488.7 | 438.5 | 343.4 | 329.8 | 193.9 | 280.9 | 172.6 | 128.0 | 149.7 | 117.8 | 78.7 | 57.6 | 29.7 | 15.4 | 10.2 | 10.1 | 10.9 | 10.0 | 6.9 | 6.5 | 0 | 0 | 1.5 | 0.6 | 0.4 | 0.1 | 0 | 0 |
| Operating Income | 248.6 | 238.8 | 217.2 | 267.1 | 227.6 | 157.5 | 158.3 | 56.7 | 146.2 | 68.4 | 32.3 | 58.6 | 38.2 | 13.7 | 5.7 | (10.2) | (20.3) | (22.7) | (20.4) | (17.9) | (17.5) | (17.2) | (17.5) | (18.4) | (15.0) | (9.9) | (5.4) | (2.9) | (6.1) | (1.7) | (3) |
| Net Income | 242.1 | 222.1 | 203.0 | 210.1 | 184.2 | 133.4 | 138.3 | 58.8 | 103.9 | 48.1 | 14.7 | 41.9 | 74.1 | 9.7 | 3.2 | (19.9) | (20.5) | (19.1) | (16.0) | (15.2) | (15.8) | (15.8) | (17.4) | (31.0) | (16.4) | (9.5) | (5.1) | (2.8) | (5.9) | (1.8) | (3.1) |
| EPS (Diluted) | 5.08 | 4.65 | 4.24 | 4.40 | 3.87 | 2.80 | 2.92 | 1.25 | 2.18 | 1.02 | 0.31 | 0.90 | 1.59 | 0.21 | 0.07 | -0.53 | -0.56 | -0.53 | -0.47 | -0.49 | -0.56 | -0.59 | -0.77 | -1.61 | -0.96 | -0.62 | -0.42 | -0.27 | -0.63 | -0.21 | -0.39 |
| Balance Sheet | |||||||||||||||||||||||||||||||
| Cash & Equivalents | 138.4 | 99.0 | 92.0 | 93.4 | 312.0 | 630.0 | 131.6 | 211.0 | 132.8 | 139.4 | 97.5 | 45.4 | 70.6 | 85.9 | 111.8 | 20.4 | 22.7 | 28.3 | 33.9 | 31.1 | 30.7 | 18.9 | 14.1 | 15.9 | 7.9 | 7.7 | 1.6 | 1.8 | 0.1 | 0.6 | 0 |
| Total Assets | 1,963.8 | 1,832.3 | 1,669.0 | 1,532.8 | 1,466.9 | 1,269.2 | 1,120.2 | 933.4 | 780.0 | 627.6 | 559.4 | 489.8 | 462.8 | 385.5 | 373.9 | 92.3 | 80.1 | 96.2 | 105.0 | 72.3 | 73.8 | 73.9 | 46.2 | 39.6 | 48.6 | 32.1 | 10.3 | 3.1 | 5.4 | 3.3 | 0 |
| Total Debt | 19.2 | 19.1 | 22.9 | 29.0 | 27.3 | 6.9 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 4.5 | 0.0 | 0.0 | 8.3 | 0.0 | 0.0 | 0 | 0 | 0 | 0 |
| Stockholders' Equity | 1,761.0 | 1,616.5 | 1,447.2 | 1,275.4 | 1,099.9 | 912.7 | 811.4 | 690.5 | 659.1 | 528.5 | 466.8 | 448.7 | 427.7 | 350.2 | 342.2 | 57.4 | 59.6 | 76.7 | 89.2 | 54.4 | 57.6 | 59.2 | 38.9 | 33.7 | 38.1 | 29.8 | 9.4 | 2.6 | 5.1 | 3.2 | (0.6) |
| Cash Flow | |||||||||||||||||||||||||||||||
| Operating Cash Flow | 210.8 | 253.7 | 154.8 | 126.8 | 191.1 | 148.8 | 193.9 | 121.8 | 133.4 | 80.3 | 113.6 | 47.3 | 45.0 | 17.8 | 16.4 | (4.2) | (14.6) | (7.8) | (11.1) | (4.7) | (0.3) | (7.0) | (5.8) | (4.8) | (7.7) | (6.5) | (4.3) | (2.2) | (2.4) | (2.4) | (1.9) |
| Capital Expenditure | (66.5) | (42.6) | (126.4) | (47.2) | (43.6) | (28.1) | (30.5) | (25.4) | (29.8) | (103.3) | (5.1) | (6.2) | (5.1) | (111.8) | (3.1) | (0.4) | (0.3) | (1.3) | (1.2) | (2.3) | (5.7) | (7.4) | (1.0) | (1.2) | (1.7) | (1.2) | (3.2) | 0 | 0 | (0.1) | 0 |
| Free Cash Flow | 144.4 | 211.1 | 28.4 | 79.6 | 147.6 | 120.7 | 163.5 | 96.4 | 103.6 | (23.0) | 108.5 | 41.1 | 39.9 | (94.1) | 13.3 | (4.6) | (14.9) | (9.1) | (12.3) | (7.1) | (6.0) | (14.4) | (6.8) | (5.9) | (9.4) | (7.6) | (7.5) | (2.2) | (2.4) | (2.5) | (1.9) |