Analyst Ratings

Date	Action	Analyst	Rating	Target
Jun-10-26	Upgrade	Citigroup	Neutral → Buy
May-04-26	Reiterated	Mizuho Securities		$318 → $325
May-04-26	Reiterated	UBS	Neutral	$319 → $326
Apr-29-26	Reiterated	Barclays	Equal Weight	$304 → $328
Apr-13-26	Reiterated	Mizuho Securities		$313 → $318
Apr-09-26	Reiterated	Evercore ISI		$291 → $309
Apr-09-26	Upgrade	Cantor Fitzgerald	Neutral → Overweight	$282 → $340
Apr-08-26	Reiterated	UBS	Neutral	$312 → $319
Feb-26-26	Downgrade	Morgan Stanley	Overweight → Equal Weight
Feb-10-26	Downgrade	Citigroup	Buy → Neutral

Financial Statements

DataTimeframe

Line Item (USD, M)	TTM —	FY 2025 12/31/2025	FY 2024 12/31/2024	FY 2023 12/31/2023
Total Revenue	11,470	12,749	11,648	Upgrade your experience to unlock full historical data
Cost of Goods Sold Incl. D&A	5,159	7,566	7,977
Gross Profit	6,312	5,183	3,671
Selling, General and Administrative Excl. Other	999	1,121	631
Research and Development	0	0	0
Other Operating Expense	680	48	47
Operating Income	4,635	4,014	2,993
Interest Expense	126	121	94
Unusual Expense	—	—	—
Non-Operating Income (Expense)	-126	-121	-94
Net Income Before Taxes	4,635	4,014	2,993
Income Taxes	475	396	33
Consolidated Net Income	2,805	2,682	1,870
Net Income From Continuing Operations	4,160	3,618	2,961
Net Income	2,805	2,682	1,870
EPS (Recurring)	60.07	56.76	35.31
EPS (Basic, Before Extraordinaries)	60.07	56.76	35.31
EPS (Diluted)	59.92	56.62	35.21
EBITDA	4,717	4,137	3,345
Other After Tax Adjustments	—	—	—
Stock Option Compensation Expense	—	—	—
Price To Earnings Ratio	4.99	4.97	—
Price To Sales Ratio	1.10	0.99	—
Gross Margin	55.03	40.65	31.52
Operating Margin	40.41	31.48	25.70
Net Margin	24.46	21.04	16.05
Shares Outstanding	42	45	51
Market Capitalization	12,565	12,652	—
Operating Lease Expense	—	—	—

Insider Trading

Insider	Relationship	Date	Transaction	Cost	#Shares	Value ($)	#Shares Total	SEC Form 4
Sanders Carol P	Director	May 18 '26	Sale	297.36	1,479	439,788	5,762	May 19 12:00 AM
Qutub Robert	EVP, Chief Financial Officer	Feb 06 '26	Sale	305.75	5,000	1,528,757	73,023	Feb 06 12:00 AM
Curtis Ross	EVP,Chief Portfolio Officer	Feb 05 '26	Sale	305.00	5,000	1,525,000	166,813	Feb 06 12:00 AM
Curtis Ross	EVP,Chief Portfolio Officer	Feb 04 '26	Sale	295.00	15,000	4,425,000	171,813	Feb 06 12:00 AM
BUSHNELL DAVID C	Director	Aug 12 '25	Sale	240.49	5,844	1,405,403	12,861	Aug 13 12:00 AM
Marra David E	EVP,Chief Underwriting Officer	Jul 16 '25	Sale	237.38	1,000	237,380	89,723	Jul 17 12:00 AM
Fraser James Christopher	SVP, Chief Accounting Officer	May 08 '25	Sale	250.55	13,668	3,424,452	13,486	May 08 12:00 AM
Fraser James Christopher	SVP, Chief Accounting Officer	May 07 '25	Sale	249.54	332	82,846	27,154	May 08 12:00 AM
Marra David E	EVP,Chief Underwriting Officer	Jan 15 '25	Sale	254.16	1,000	254,160	79,392	Jan 15 12:00 AM
Klehm Henry III	Director	Nov 18 '24	Sale	257.61	1,747	450,048	19,164	Nov 19 12:00 AM
Marra David E	EVP,Chief Underwriting Officer	Nov 14 '24	Sale	260.00	1,000	260,000	80,392	Nov 14 12:00 AM
Marra David E	EVP,Chief Underwriting Officer	Oct 04 '24	Sale	279.00	1,000	279,000	82,044	Oct 04 12:00 AM
Marra David E	EVP,Chief Underwriting Officer	Sep 26 '24	Sale	269.00	1,000	269,000	83,044	Sep 27 12:00 AM
Marra David E	EVP,Chief Underwriting Officer	Aug 29 '24	Sale	259.00	750	194,250	84,044	Aug 30 12:00 AM
Marra David E	EVP,Chief Underwriting Officer	Aug 23 '24	Sale	249.00	750	186,750	84,794	Aug 23 12:00 AM


Market Cap	12.92B	Forward P/E	7.29	EPS next Y	41.06	Insider Trans	-0.06%	Shs Float	-	Perf Month	-0.95%


Enterprise Value	13.69B	PEG	0.05	EPS next Q	10.99	Inst Own	-	Short Float	-	Perf Quarter	2.57%


Income	2.82B	P/S	1.13	EPS this Y	-32.06%	Inst Trans	-	Short Ratio	-	Perf Half Y	9.81%


Sales	11.47B	P/B	1.12	EPS next Y	0.87%	ROA	5.22%	Short Interest	-	Perf YTD	6.41%


Book/sh	435.30	P/C	3.04	EPS next 5Y	5.36%	ROE	24.71%	52W High	318.20 -5.98%	Perf Year	22.79%


Cash/sh	743.80	P/FCF	3.06	EPS past 3/5Y	-	ROIC	9.52%	52W Low	231.16 29.42%	Perf 3Y	-


Dividend Est.	1.62 (0.54%)	EV/EBITDA	2.90	Sales past 3/5Y	36.17% 19.85%	Gross Margin	55.03%	Volatility	1.54% 1.64%	Perf 5Y	-


Dividend TTM	1.62 (0.54%)	EV/Sales	1.19	EPS Y/Y TTM	56.21%	Oper. Margin	40.40%	ATR (14)	6.90	Perf 10Y	-


Dividend Ex-Date	Jun 15, 2026	Quick Ratio	4.52	Sales Y/Y TTM	-1.53%	Profit Margin	24.46%	RSI (14)	55.01	Recom	2.64


Dividend Gr. 3/5Y	2.63% 2.71%	Current Ratio	4.52	EPS Q/Q	1022.82%	SMA20	3.01%	Beta	-0.31	Target Price	310.75


Payout	3.86%	Debt/Eq	0.20	Sales Q/Q	-37.04%	SMA50	0.10%	Rel Volume	1.71	Prev Close	303.02


Employees	945	LT Debt/Eq	0.12	Earnings	Jul 22	SMA200	7.09%	Avg Volume	361.93K	Price	299.17


IPO Date	Jul 27, 1995	Option/Short	Yes / Yes	EPS/Sales Surpr.	24.21% -7.75%	Net Debt/EBITDA	0.16	Volume	618,079	Change	-1.27%

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