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Real Estate · Equity Real Estate Investment Trusts (REITs) · US listing · 🇺🇸 United States
S&P 500
190.35
+0.49%
Close of 9 Nov 2026, in USD
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At a glance
Figures in USD, from our data supplier.
Revenue
$2.82bn
FY2016FY2025
Net income
$1.05bn
FY2016FY2025
Free cash flow
$1.07bn
FY2016FY2025
Shareholders' equity
−$4.85bn
FY2016FY2025
Income statement
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $2.82bn | $2.68bn | $2.71bn | $2.63bn | $2.31bn | $2.08bn | $2.01bn | $1.87bn | $1.73bn | $1.63bn |
| Research and development | — | — | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Operating income | $1.37bn | $1.53bn | $923.7m | $925.4m | $782.5m | $633.7m | $583.5m | $544.2m | $458.5m | $428.9m |
| Net income | $1.05bn | $749.5m | $501.8m | $461.4m | $237.6m | $24.1m | $147.0m | $47.5m | $103.7m | $76.2m |
| Diluted earnings per share | 9.88 | 6.93 | 4.62 | 4.22 | 2.15 | 0.21 | 1.29 | 0.41 | 0.87 | 0.62 |
Balance sheet
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Total assets | $11.58bn | $11.42bn | $10.18bn | $10.59bn | $9.80bn | $9.16bn | $9.76bn | $7.21bn | $7.32bn | $7.36bn |
| Cash and short-term investments | $439.0m | $444.4m | $209.6m | $145.0m | $368.1m | $308.6m | $108.3m | $143.4m | $68.8m | $146.1m |
| Total liabilities | $16.35bn | $16.47bn | $15.31bn | $15.83bn | $15.07bn | $13.97bn | $13.41bn | $10.59bn | $9.92bn | $9.36bn |
| Debt | $12.91bn | $13.59bn | $12.33bn | $12.87bn | $12.31bn | $11.10bn | $10.34bn | $9.94bn | $9.31bn | $8.78bn |
| Shareholders' equity | −$4.85bn | −$5.11bn | −$5.17bn | −$5.28bn | −$5.28bn | −$4.82bn | −$3.67bn | −$3.38bn | −$2.60bn | −$2.00bn |
| Shares outstanding | 107m | 108m | 109m | 109m | 111m | 113m | 114m | 115m | 119m | 123m |
Cash flow
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash from operations | $1.29bn | $1.33bn | $1.54bn | $1.32bn | $1.19bn | $1.13bn | $984.9m | $852.1m | $819.6m | $729.0m |
| Capital spending | −$224.8m | −$228.1m | −$236.7m | −$214.4m | −$133.6m | −$128.6m | −$154.2m | −$149.8m | −$148.2m | −$140.0m |
| Free cash flow | $1.07bn | $1.11bn | $1.31bn | $1.10bn | $1.06bn | $997.5m | $830.7m | $702.3m | $671.4m | $589.0m |
| Dividends paid | −$479.0m | −$424.2m | −$370.0m | −$306.8m | −$253.6m | −$207.7m | −$83.4m | −$83.4m | −$83.4m | −$83.4m |
Latest quarters
By quarter end
| Jun 2026 | Mar 2026 | Dec 2025 | Sept 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sept 2024 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | $715.3m | $703.4m | $719.6m | $732.3m | $699.0m | $664.2m | $693.7m | $667.6m |
| Operating income | $433.2m | $342.8m | $428.8m | $374.2m | $334.8m | $334.9m | $382.3m | $375.6m |
| Net income | $198.8m | $184.8m | $370.3m | $236.8m | $225.8m | $220.7m | $173.6m | $258.5m |
| Diluted earnings per share | 1.87 | 1.74 | 3.47 | 2.22 | 2.12 | 2.07 | 1.61 | 2.39 |
| Cash from operations | $407.0m | $255.0m | $304.0m | $318.0m | $368.0m | $301.0m | $310.0m | $304.0m |
| Capital spending | −$62.0m | −$48.0m | −$62.0m | −$60.0m | −$55.0m | −$46.0m | −$55.0m | −$64.0m |
| Free cash flow | $345.0m | $207.0m | $242.0m | $258.0m | $313.0m | $255.0m | $255.0m | $240.0m |
| Total assets | $11.74bn | $11.72bn | $11.58bn | $11.26bn | $10.77bn | $10.44bn | $11.42bn | $10.20bn |
| Cash and short-term investments | $327.1m | $327.8m | $439.0m | $431.1m | $276.8m | $702.2m | $444.4m | $202.6m |
| Debt | $13.04bn | $13.26bn | $13.20bn | $13.00bn | $12.80bn | $12.69bn | $13.85bn | $12.59bn |
| Shareholders' equity | −$4.63bn | −$4.75bn | −$4.85bn | −$4.93bn | −$4.94bn | −$4.97bn | −$5.11bn | −$5.17bn |
Financial ratios
Data as of 25 Sept 2026
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | |
|---|---|---|---|---|---|---|---|---|
| Operating margin | 48.7% | 56.9% | 34.1% | 35.1% | 33.9% | 30.4% | — | — |
| Net margin | 37.4% | 28.0% | 18.5% | 17.5% | 10.3% | 1.2% | — | — |
| Return on equity | -21.7% | -14.7% | -9.7% | -8.7% | -4.5% | -0.5% | — | — |
| Return on assets | 9.1% | 6.6% | 4.9% | 4.4% | 2.4% | 0.3% | — | — |
| Free cash flow yield | 8.6% | 8.7% | 9.9% | 8.4% | 7.2% | 6.7% | — | — |
| Revenue growth | 5.1% | -1.2% | 3.0% | 14.1% | 10.8% | 3.4% | — | — |
| Earnings growth | 40.6% | 49.4% | 8.8% | 94.2% | 885.8% | -83.6% | — | — |
| Current ratio | 0.49x | 1.10x | 0.36x | 0.69x | 1.00x | 0.77x | — | — |
| Debt to equity | -2.72x | -2.71x | -2.44x | -2.49x | -2.37x | -2.35x | — | — |
| Equity ratio | -41.9% | -44.8% | -50.8% | -49.8% | -53.9% | -52.7% | — | — |
| Interest coverage | 2.93x | 3.57x | 2.12x | 2.31x | 1.96x | 1.61x | — | — |
| 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 | 1.3% | 0.4% | 0.7% | 1.3% | 1.6% | 1.5% | — | — |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | 2.2% | 6.2% | 5.6% |
| Operating income | 14.0% | 16.7% | 15.9% |
| Net income | 31.7% | 112.9% | — |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Operating margin | 52.7% | 43.8% | 40.4% | 35.2% |
| Net margin | 32.8% | 25.5% | 19.9% | 13.4% |
Valuation history
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Price to earnings | 19.6 | 29.4 | 54.9 | 66.4 | 181.3 | — | 187.4 | 392.4 | 187.4 | 167.0 |
| Price to sales | 7.3 | 8.2 | 10.2 | 11.6 | 18.7 | 15.2 | 13.7 | 10.0 | 11.3 | 7.8 |
Market value over time
31 Oct 2016 to 24 Sept 2026, in USD
$14.16bn$17.64bn
Share price return
Finished calendar years
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Return | -5% | -19% | -10% | -26% | 36% | 14% | 48% | 3% | 52% | -2% |
Dividends and splits
Per share, in the currency the company pays
Paid for 7 years. Last went ex-dividend on 20 Aug 2026.
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | |
|---|---|---|---|---|---|---|---|---|
| Paid in the year | 5.00 | 4.44 | 3.92 | 3.40 | 2.84 | 2.32 | 1.86 | 0.74 |
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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