U 
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Real Estate · Equity Real Estate Investment Trusts (REITs) · US listing · 🇺🇸 United States
S&P 500
36.71
+0.36%
Close of 9 Nov 2026, in USD
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At a glance
Figures in USD, from our data supplier.
Revenue
$1.71bn
FY2016FY2025
Net income
$377.7m
FY2016FY2025
Free cash flow
$613.9m
FY2016FY2025
Shareholders' equity
$3.29bn
FY2016FY2025
Income statement
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $1.71bn | $1.67bn | $1.63bn | $1.52bn | $1.29bn | $1.24bn | $1.15bn | $1.05bn | $995.8m | $959.9m |
| Gross profit | $438.2m | $417.0m | $392.5m | $331.0m | $228.0m | $214.6m | $288.4m | $286.4m | $252.9m | $238.8m |
| Research and development | — | — | $0 | $0 | $0 | — | $0 | $0 | $0 | $0 |
| Operating income | $404.6m | $304.8m | $635.0m | $255.8m | $268.0m | $274.2m | $221.1m | $213.5m | $261.1m | $400.8m |
| Net income | $377.7m | $89.6m | $444.4m | $86.9m | $150.0m | $64.3m | $185.0m | $203.1m | $121.6m | $292.7m |
| Diluted earnings per share | 1.14 | 0.27 | 1.35 | 0.27 | 0.47 | 0.22 | 0.63 | 0.75 | 0.45 | 1.08 |
Balance sheet
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Total assets | $10.61bn | $10.90bn | $11.37bn | $11.04bn | $10.78bn | $9.64bn | $9.64bn | $7.71bn | $7.73bn | $7.68bn |
| Cash and short-term investments | $36.9m | $1.3m | $2.9m | $1.2m | $967,000 | $1.4m | $8.1m | $185.2m | $2.0m | $2.1m |
| Total liabilities | $6.46bn | $6.44bn | $6.42bn | $6.10bn | $6.00bn | $5.52bn | $5.23bn | $3.82bn | $3.95bn | $3.67bn |
| Debt | $5.82bn | $5.83bn | $5.80bn | $5.49bn | $5.41bn | $4.98bn | $4.71bn | $3.55bn | $3.67bn | $3.40bn |
| Shareholders' equity | $3.29bn | $3.44bn | $3.99bn | $4.10bn | $4.77bn | $4.11bn | $4.41bn | $3.90bn | $3.78bn | $4.01bn |
| Shares outstanding | 333m | 331m | 329m | 326m | 316m | 295m | 294m | 271m | 269m | 272m |
Cash flow
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash from operations | $902.9m | $876.8m | $832.7m | $820.1m | $664.0m | $604.3m | $630.7m | $560.7m | $519.2m | $536.9m |
| Capital spending | −$288.9m | −$271.7m | −$312.3m | −$236.0m | −$166.5m | −$174.1m | −$184.3m | −$117.2m | −$126.1m | −$96.3m |
| Free cash flow | $613.9m | $605.2m | $520.3m | $584.1m | $497.4m | $430.2m | $446.4m | $443.5m | $393.0m | $440.6m |
| Dividends paid | −$572.7m | −$563.3m | −$544.6m | −$488.0m | −$438.0m | −$423.6m | −$387.1m | −$346.1m | −$331.5m | −$312.6m |
Latest quarters
By quarter end
| Jun 2026 | Mar 2026 | Dec 2025 | Sept 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sept 2024 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | $425.4m | $425.8m | $433.1m | $431.9m | $425.4m | $421.9m | $422.7m | $420.2m |
| Gross profit | $282.5m | $262.1m | $116.8m | $294.7m | $115.8m | $112.2m | $114.2m | $102.6m |
| Operating income | $92.5m | $229.8m | $85.9m | $76.4m | $77.4m | $129.9m | $66.3m | $69.9m |
| Net income | $69.0m | $189.8m | $222.9m | $40.4m | $37.7m | $76.7m | −$5.0m | $22.6m |
| Diluted earnings per share | 0.21 | 0.58 | 0.67 | 0.12 | 0.11 | 0.23 | -0.02 | 0.07 |
| Cash from operations | $265.0m | $128.0m | $261.0m | $234.0m | $250.0m | $156.0m | $240.0m | $230.0m |
| Capital spending | −$65.0m | −$45.0m | −$213.0m | −$71.0m | −$80.0m | −$61.0m | −$66.0m | −$74.0m |
| Free cash flow | $200.0m | $83.0m | $48.0m | $163.0m | $170.0m | $95.0m | $174.0m | $156.0m |
| Total assets | $10.27bn | $10.33bn | $10.61bn | $10.60bn | $10.65bn | $10.75bn | $10.90bn | $11.08bn |
| Cash and short-term investments | $1.2m | $1.3m | $36.9m | $1.2m | $1.5m | $1.3m | $1.3m | $2.3m |
| Debt | $6.26bn | $5.48bn | $6.62bn | $5.72bn | $5.63bn | $5.67bn | $5.66bn | $5.91bn |
| Shareholders' equity | $2.94bn | $3.29bn | $3.29bn | $3.27bn | $3.32bn | $3.33bn | $3.44bn | $3.51bn |
Financial ratios
Data as of 3 Oct 2026
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | |
|---|---|---|---|---|---|---|---|---|---|
| Gross margin | 25.6% | 24.9% | 24.1% | 21.8% | 17.7% | 17.3% | — | — | — |
| Operating margin | 23.6% | 18.2% | 39.0% | 16.9% | 20.8% | 22.1% | — | — | — |
| Net margin | 22.1% | 5.4% | 27.3% | 5.7% | 11.6% | 5.2% | — | — | — |
| Return on equity | 11.5% | 2.6% | 11.1% | 2.1% | 3.1% | 1.6% | — | — | — |
| Return on assets | 3.6% | 0.8% | 3.9% | 0.8% | 1.4% | 0.7% | — | — | — |
| Free cash flow yield | 10.8% | 10.4% | 10.5% | 9.7% | 7.9% | 7.9% | — | — | — |
| Revenue growth | 2.4% | 2.7% | 7.3% | 17.6% | 4.0% | 7.7% | — | — | — |
| Earnings growth | 321.6% | -79.8% | 411.2% | -42.1% | 133.4% | -65.3% | — | — | — |
| Current ratio | 3.31x | 0.39x | 0.31x | 0.11x | 1.12x | 1.22x | — | — | — |
| Debt to equity | 2.01x | 1.69x | 1.45x | 1.42x | 1.19x | 1.26x | — | — | — |
| Equity ratio | 31.0% | 31.6% | 35.1% | 37.1% | 44.3% | 42.7% | — | — | — |
| Interest coverage | 2.06x | 1.47x | 3.51x | 1.57x | 1.44x | 1.35x | — | — | — |
| 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 | -0.4% | -0.7% | -0.8% | -3.2% | -7.1% | -0.2% | — | — | — |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | 4.1% | 6.6% | 6.7% |
| Operating income | 16.5% | 8.1% | 9.7% |
| Net income | 63.2% | 42.5% | 1.0% |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Gross margin | 25.3% | 24.2% | 22.3% | 23.6% |
| Operating margin | 21.0% | 24.5% | 23.6% | 24.1% |
| Net margin | 13.8% | 15.3% | 13.4% | 16.7% |
Valuation history
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Price to earnings | 32.3 | 160.5 | 28.3 | 145.3 | 126.3 | 176.3 | 74.3 | 52.8 | 85.3 | 33.8 |
| Price to sales | 7.1 | 8.6 | 7.7 | 8.3 | 14.7 | 9.1 | 11.9 | 10.3 | 10.4 | 10.3 |
Market value over time
30 Nov 2016 to 2 Oct 2026, in USD
$9.13bn$10.83bn
Share price return
Finished calendar years
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Return | -16% | 14% | -2% | -33% | 56% | -20% | 13% | 8% | 6% | -3% |
Dividends and splits
Per share, in the currency the company pays
Paid for 36 years. Last went ex-dividend on 15 Sept 2026.
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | |
|---|---|---|---|---|---|---|---|---|
| Paid in the year | 0.87 | 1.72 | 2.13 | 2.10 | 1.52 | 1.45 | 1.44 | 1.37 |
- 2-for-1 split · 6 May 1993
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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