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Real Estate · Equity Real Estate Investment Trusts (REITs) · US listing · 🇺🇸 United States
S&P 500
160.16
+0.61%
Close of 9 Nov 2026, in USD
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At a glance
Figures in USD, from our data supplier.
Revenue
$3.38bn
FY2016FY2025
Net income
$974.0m
FY2016FY2025
Free cash flow
$1.83bn
FY2016FY2025
Shareholders' equity
$13.43bn
FY2016FY2025
Income statement
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $3.38bn | $3.34bn | $2.62bn | $1.97bn | $1.61bn | $1.38bn | $1.32bn | $1.21bn | $1.12bn | $1.00bn |
| Research and development | — | — | $0 | $0 | $1 | $0 | $0 | $0 | $0 | $0 |
| Operating income | $1.49bn | $1.48bn | $1.29bn | $1.08bn | $976.0m | $666.1m | $635.0m | $619.7m | $541.6m | $449.8m |
| Net income | $974.0m | $854.7m | $803.2m | $860.7m | $827.6m | $481.8m | $420.0m | $415.3m | $479.0m | $366.1m |
| Diluted earnings per share | 4.41 | 4.04 | 3.65 | 6.00 | 5.87 | 3.49 | 3.06 | 3.11 | 3.56 | 2.90 |
Balance sheet
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Total assets | $29.26bn | $28.85bn | $27.46bn | $12.17bn | $10.47bn | $9.40bn | $8.53bn | $7.85bn | $7.46bn | $7.09bn |
| Cash and short-term investments | $138.9m | $138.2m | $99.1m | $92.9m | $71.1m | $109.1m | $65.7m | $57.5m | $55.7m | $43.9m |
| Total liabilities | $14.94bn | $13.99bn | $12.04bn | $8.09bn | $6.69bn | $6.46bn | $5.61bn | $5.06bn | $4.73bn | $4.50bn |
| Debt | $13.37bn | $12.46bn | $11.16bn | $7.48bn | $6.03bn | $5.75bn | $5.05bn | $4.81bn | $4.55bn | $4.31bn |
| Shareholders' equity | $13.43bn | $13.95bn | $14.39bn | $4.08bn | $3.79bn | $2.55bn | $2.54bn | $2.41bn | $2.35bn | $2.24bn |
| Shares outstanding | 221m | 212m | 220m | 143m | 141m | 138m | 137m | 134m | 135m | 126m |
Cash flow
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash from operations | $1.85bn | $1.89bn | $1.40bn | $1.24bn | $952.4m | $771.2m | $707.7m | $677.8m | $597.4m | $539.3m |
| Capital spending | −$21.1m | −$20.5m | −$116.2m | −$22.8m | −$3.7m | −$7.1m | −$7.8m | −$4.3m | −$7.8m | −$5.0m |
| Free cash flow | $1.83bn | $1.87bn | $1.29bn | $1.22bn | $948.8m | $764.1m | $699.9m | $673.5m | $589.6m | $534.3m |
| Dividends paid | −$1.37bn | −$1.38bn | −$1.05bn | −$805.3m | −$601.0m | −$467.8m | −$458.1m | −$424.9m | −$393.0m | −$367.8m |
Latest quarters
By quarter end
| Jun 2026 | Mar 2026 | Dec 2025 | Sept 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sept 2024 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | $874.2m | $856.0m | $918.4m | $777.6m | $841.6m | $839.9m | $840.7m | $854.8m |
| Operating income | $392.2m | $367.6m | $447.2m | $279.1m | $374.0m | $388.7m | $380.0m | $302.7m |
| Net income | $263.5m | $241.0m | $283.5m | $169.9m | $249.7m | $270.9m | $262.5m | $192.8m |
| Diluted earnings per share | 1.20 | 1.09 | 1.28 | 0.77 | 1.13 | 1.23 | 1.24 | 0.91 |
| Cash from operations | $586.0m | $489.0m | $367.0m | $457.0m | $543.0m | $481.0m | $408.0m | $468.0m |
| Capital spending | −$37.0m | −$103.0m | −$5.0m | −$8.0m | −$4.0m | −$4.0m | −$4.0m | −$6.0m |
| Free cash flow | $549.0m | $386.0m | $362.0m | $449.0m | $539.0m | $477.0m | $404.0m | $462.0m |
| Total assets | $29.66bn | $29.10bn | $29.26bn | $29.23bn | $29.37bn | $28.99bn | $28.85bn | $28.06bn |
| Cash and short-term investments | $695.2m | $139.0m | $138.9m | $111.9m | $125.0m | $119.6m | $138.2m | $88.9m |
| Debt | $1.62bn | $12.02bn | $14.62bn | $13.84bn | $13.61bn | $13.52bn | $13.68bn | $12.41bn |
| Shareholders' equity | $13.26bn | $13.33bn | $13.43bn | $13.62bn | $13.79bn | $13.89bn | $13.95bn | $14.01bn |
Financial ratios
Data as of 22 Sept 2026
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | |
|---|---|---|---|---|---|---|---|---|
| Operating margin | 44.1% | 44.4% | 49.4% | 54.9% | 60.6% | 48.3% | — | — |
| Net margin | 28.8% | 25.6% | 30.7% | 43.8% | 51.4% | 34.9% | — | — |
| Return on equity | 7.3% | 6.1% | 5.6% | 21.1% | 21.9% | 18.9% | — | — |
| Return on assets | 3.3% | 3.0% | 2.9% | 7.1% | 7.9% | 5.1% | — | — |
| Free cash flow yield | 6.2% | 6.6% | 5.0% | 6.4% | 4.9% | 4.1% | — | — |
| Revenue growth | 1.2% | 27.6% | 33.0% | 22.1% | 16.8% | 4.5% | — | — |
| Earnings growth | 14.0% | 6.4% | -6.7% | 4.0% | 71.8% | 14.7% | — | — |
| Current ratio | 1.28x | 0.93x | 0.85x | 0.08x | 0.10x | 0.37x | — | — |
| Debt to equity | 1.00x | 0.88x | 0.77x | 2.03x | 1.57x | 2.26x | — | — |
| Equity ratio | 45.9% | 48.3% | 52.4% | 33.5% | 36.1% | 27.1% | — | — |
| Interest coverage | 2.34x | 2.49x | 2.95x | 4.92x | 5.87x | 3.87x | — | — |
| 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 | -4.4% | 3.7% | -53.5% | -1.6% | -2.1% | -0.5% | — | — |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | 19.8% | 19.6% | 15.6% |
| Operating income | 11.3% | 17.5% | 17.6% |
| Net income | 4.2% | 15.1% | 17.8% |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Operating margin | 44.2% | 47.3% | 48.9% | 48.3% |
| Net margin | 27.2% | 30.9% | 33.6% | 33.8% |
Valuation history
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Price to earnings | 29.6 | 37.1 | 43.9 | 24.5 | 38.6 | 33.2 | 34.6 | 29.1 | 24.6 | 26.6 |
| Price to sales | 8.5 | 9.5 | 13.5 | 10.7 | 19.9 | 11.6 | 11.0 | 10.0 | 10.5 | 9.7 |
Market value over time
31 Oct 2016 to 21 Sept 2026, in USD
$9.80bn$30.29bn
Share price return
Finished calendar years
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Return | -11% | -4% | 5% | -32% | 89% | 9% | 12% | 9% | 15% | -15% |
Dividends and splits
Per share, in the currency the company pays
Paid for 22 years. Last went ex-dividend on 15 Sept 2026.
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | |
|---|---|---|---|---|---|---|---|---|
| Paid in the year | 4.86 | 6.48 | 6.48 | 6.48 | 6.00 | 4.50 | 3.60 | 3.56 |
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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