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Real Estate · Equity Real Estate Investment Trusts (REITs) · US listing · 🇺🇸 United States
S&P 500
66.19
+1.82%
Close of 9 Nov 2026, in USD
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At a glance
Figures in USD, from our data supplier.
Revenue
$3.48bn
FY2016FY2025
Net income
$276.8m
FY2016FY2025
Free cash flow
$689.7m
FY2016FY2025
Shareholders' equity
$5.15bn
FY2016FY2025
Income statement
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $3.48bn | $3.41bn | $3.27bn | $3.11bn | $2.89bn | $2.77bn | $2.96bn | $2.72bn | $2.60bn | $2.55bn |
| Gross profit | $2.11bn | $2.09bn | $2.06bn | $1.97bn | $1.85bn | $1.74bn | $1.88bn | $1.69bn | $1.64bn | $1.63bn |
| Research and development | — | — | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Operating income | $1.03bn | $729.3m | $871.0m | $1.06bn | $973.1m | $906.9m | $1.06bn | $913.7m | $908.1m | $823.9m |
| Net income | $276.8m | $14.3m | $190.2m | $848.9m | $505.2m | $872.7m | $521.5m | $582.8m | $462.4m | $511.1m |
| Diluted earnings per share | 1.74 | 0.09 | 1.21 | 5.40 | 3.22 | 5.60 | 3.36 | 3.77 | 2.99 | 3.32 |
Balance sheet
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Total assets | $26.17bn | $26.08bn | $26.03bn | $24.21bn | $22.37bn | $22.86bn | $21.28bn | $20.26bn | $19.37bn | $18.85bn |
| Cash and short-term investments | $1.48bn | $1.25bn | $1.53bn | $690.3m | $452.7m | $1.67bn | $645.0m | $543.4m | $434.8m | $356.9m |
| Total liabilities | $18.48bn | $18.14bn | $17.83bn | $15.84bn | $14.32bn | $14.51bn | $13.27bn | $12.04bn | $11.27bn | $10.92bn |
| Debt | $16.97bn | $16.59bn | $16.27bn | $14.49bn | $13.14bn | $13.28bn | $12.04bn | $11.01bn | $10.27bn | $9.80bn |
| Shareholders' equity | $5.15bn | $5.41bn | $5.89bn | $8.37bn | $5.84bn | $8.35bn | $5.68bn | $5.88bn | $5.81bn | $7.93bn |
| Shares outstanding | 159m | 157m | 157m | 157m | 157m | 156m | 155m | 155m | 155m | 154m |
Cash flow
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash from operations | $1.25bn | $1.23bn | $1.30bn | $1.28bn | $1.13bn | $1.16bn | $1.18bn | $1.15bn | $907.4m | $1.04bn |
| Capital spending | −$555.5m | −$448.0m | −$482.3m | −$398.1m | −$13.6m | −$2.6m | −$432.4m | −$399.8m | −$427.8m | −$812.4m |
| Free cash flow | $689.7m | $786.5m | $819.2m | $884.3m | $1.12bn | $1.15bn | $748.8m | $750.4m | $479.6m | $224.4m |
| Dividends paid | −$643.1m | −$689.9m | −$687.8m | −$685.0m | −$683.8m | −$688.9m | −$666.3m | −$587.6m | −$526.6m | −$671.6m |
Latest quarters
By quarter end
| Jun 2026 | Mar 2026 | Dec 2025 | Sept 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sept 2024 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | $895.7m | $872.1m | $877.1m | $871.5m | $868.5m | $865.2m | $858.6m | $859.2m |
| Gross profit | $72.3m | $515.2m | $528.2m | $530.1m | $527.0m | $525.3m | $524.9m | $295.0m |
| Operating income | $258.9m | $227.8m | $490.4m | $254.0m | $256.6m | $248.4m | $262.7m | $261.5m |
| Net income | $68.6m | $101.6m | $248.5m | −$121.7m | $89.0m | $61.2m | −$228.9m | $83.6m |
| Diluted earnings per share | 0.43 | 0.64 | 1.56 | -0.76 | 0.56 | 0.38 | -1.45 | 0.53 |
| Cash from operations | $446.0m | $156.0m | $407.0m | $274.0m | $353.0m | $210.0m | $383.0m | $286.0m |
| Capital spending | −$288.0m | −$288.0m | −$140.0m | −$146.0m | −$151.0m | −$117.0m | −$150.0m | −$112.0m |
| Free cash flow | $158.0m | −$132.0m | $267.0m | $128.0m | $202.0m | $93.0m | $233.0m | $174.0m |
| Total assets | $25.17bn | $25.10bn | $26.17bn | $26.00bn | $25.62bn | $25.44bn | $26.08bn | $26.41bn |
| Cash and short-term investments | $553.5m | $554.9m | $1.48bn | $861.1m | $487.0m | $398.1m | $1.25bn | $1.42bn |
| Debt | $15.62bn | $15.61bn | $16.97bn | $16.97bn | $17.14bn | $16.84bn | $16.66bn | $16.59bn |
| Shareholders' equity | $5.16bn | $5.15bn | $5.15bn | $5.01bn | $5.26bn | $5.32bn | $5.41bn | $5.76bn |
Financial ratios
Data as of 6 Oct 2026
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | |
|---|---|---|---|---|---|---|---|---|
| Gross margin | 60.6% | 61.2% | 62.8% | 63.5% | 64.2% | 62.7% | — | — |
| Operating margin | 29.6% | 21.4% | 26.6% | 46.9% | 36.5% | 52.4% | — | — |
| Net margin | 7.9% | 0.4% | 5.8% | 27.3% | 17.5% | 31.6% | — | — |
| Return on equity | 5.4% | 0.3% | 3.2% | 10.1% | 8.6% | 10.5% | — | — |
| Return on assets | 1.1% | 0.1% | 0.7% | 3.5% | 2.3% | 3.8% | — | — |
| Free cash flow yield | 19.1% | 18.0% | 19.1% | 18.0% | 12.3% | 12.5% | — | — |
| Revenue growth | 2.2% | 4.1% | 5.3% | 7.6% | 4.4% | -6.6% | — | — |
| Earnings growth | 1839.5% | -92.5% | -77.6% | 68.0% | -42.1% | 67.3% | — | — |
| Current ratio | 2.28x | 2.56x | 4.19x | 3.16x | 2.58x | 4.91x | — | — |
| Debt to equity | 3.23x | 3.01x | 2.90x | 3.37x | 2.21x | 1.67x | — | — |
| Equity ratio | 19.7% | 20.8% | 22.6% | 34.6% | 26.1% | 36.5% | — | — |
| Interest coverage | 1.59x | 1.13x | 1.52x | 3.33x | 2.49x | 3.36x | — | — |
| R&D as a share of sales | — | — | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Buybacks as a share of market value | -1.0% | -0.1% | -0.1% | -0.3% | -0.6% | -0.5% | — | — |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | 3.9% | 4.7% | 3.4% |
| Operating income | -0.9% | 2.6% | 2.0% |
| Net income | -31.2% | -20.5% | -7.2% |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Gross margin | 60.9% | 62.0% | 62.4% | 62.8% |
| Operating margin | 25.6% | 27.8% | 29.4% | 31.4% |
| Net margin | 4.2% | 10.0% | 14.3% | 16.6% |
Valuation history
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Price to earnings | 38.8 | — | 58.0 | 12.5 | 35.7 | 16.9 | 41.0 | 29.9 | 43.5 | 37.9 |
| Price to sales | 3.1 | 3.4 | 3.4 | 3.4 | 6.3 | 5.3 | 7.2 | 6.4 | 7.7 | 7.6 |
Market value over time
30 Nov 2016 to 5 Oct 2026, in USD
$19.08bn$9.48bn
Share price return
Finished calendar years
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Return | -7% | 4% | 7% | -40% | 18% | -31% | 18% | -10% | 0% | 2% |
Dividends and splits
Per share, in the currency the company pays
Paid for 29 years. Last went ex-dividend on 30 Sept 2026.
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | |
|---|---|---|---|---|---|---|---|---|
| Paid in the year | 2.10 | 3.36 | 3.92 | 3.92 | 3.92 | 3.92 | 3.92 | 3.83 |
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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