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International subsidiaries are included in the consolidated financial statements on the basis of their U.S. GAAP (accounting principles generally accepted in the United States of America) November 30 fiscal year ends to facilitate the timely inclusion of such entities in our consolidated financial reporting.
$248.64
+$2.91 (+1.18%)
Price from 14 days ago
17.02% operating margin is respectable but not wide. ROIC at 12.75%. Suggests the business covers its cost of capital, but doesn't point to a wide moat.
Revenue growth slowed to 2.2%, essentially flat. This is a business that needs a catalyst.
At 34x earnings, the current multiple leaves limited room for execution misses or growth deceleration. Net debt of $8.35B represents 4.4x FCF, leverage limits flexibility.
33.6x earnings, 37.7x FCF. Not cheap, the quality is already reflected in the price. Upside from here requires either margin expansion or growth re-acceleration, not just continuation.
Based on TTM earnings · Diluted shares
Profitability & Returns
Revenue (TTM)
$16.45B
▲ +2.2% YoY
Net Income (TTM)
$2.11B
▼ -1.7% YoY
Op. Margin
17.05%
▼ -0.8pp YoY
ROIC
12.82%
▼ -1.2pp YoY
Cash Flow & Balance Sheet
FCF (TTM)
$1.87B
▲ +4.7% YoY
Op. Cash Flow (TTM)
$3.03B
▲ +4.9% YoY
Net Debt
$7.83B
Cash & Equiv.
$520M
5Y CAGR: +6.4%
5Y CAGR: +6.8%
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