Margins varied 30% around their average (limit 35%), and no loss years were recorded (limit 2).
- 10y median
- 13.8%
- Worst year
- 6.9%
- Latest · LTM
- 9.5%
# Generac Holdings (GNRC.US) Canonical: https://gigainvestors.com/s/GNRC Analysis as of: 2026-10-16T07:28:49.750Z. Financial observations: FY2007–FY2026. Listing currency: USD. Reporting currency: USD. ## Verdict Not a wonderful business Quality tests for Buy: not passed (profit record: pass; earnings resilience is evidence only). Published buy qualification: no. Share price: $198.40 per share; close as of 2026-10-15. Estimated value: low $71.87 per share, central $81.37 per share, high $94.02 per share. Buy at or below the central value $81.37 per share. Valuation as of 2026-10-16T07:28:49.750Z; scenarios are not confidence intervals. Expected annual return: 5.7% at the stated quote. About 5.7% a year at today's price (required return 10.0%). required return 10.0% a year (10% floor; US 10-year bond 5.1% + 4 points). ## Checklist ### understandable: pass - 2 revenue declines in the last 10 years (informational) - Financial history: 10 years - Years with declining revenue: 2 - Years with a net loss: 0 - Operating margin variation: 0.30× Chart: Operating margin; fiscal year observations. - FY2017: 0.15× - FY2018: 0.18× - FY2019: 0.17× - FY2020: 0.19× - FY2021: 0.19× - FY2022: 0.12× - FY2023: 0.10× - FY2024: 0.12× - FY2025: 0.07× - LTM to Jun 2026: 0.09× ### moat: pass - ROIC, median of available years: 24.5% - ROIC, second-lowest year: 11.8% - Typical minus recent gross margin: -2.5 pp - Typical gross margin (annual median): 36.3% - Recent gross margin (lower of latest and 3-year median): 38.8% - Years with nonpositive capital: 0 - Capital spending / revenue: 2.9% - ROIC including acquisitions, ten-year median: 12.6% Chart: ROIC excluding acquisitions; fiscal year observations. - FY2017: 31.7% - FY2018: 39.8% - FY2019: 31.1% - FY2020: 39.4% - FY2021: 29.3% - FY2022: 19.6% - FY2023: 11.8% - FY2024: 18.4% - FY2025: 10.9% - LTM to Jun 2026: 13.1% ### economics: pass - Owner earnings / net income, 5-yr: 1.10× - Cash conversion uses consolidated totals: No - Owner earnings, five-year total: $1.8B - Net income, five-year total: $1.6B - Return on incremental invested capital: 14.4% - Working capital / revenue, annual change: 0.7 pp - Working capital / revenue, change between three-year averages: 4.8 pp - Working capital / revenue, final three-year average: 31.7% Chart: Annual owner cash / profit; fiscal year observations. - FY2021: 1.00× - FY2022: 1.18× - FY2023: 1.18× - FY2024: 1.11× - FY2025: 1.16× ### management: fail - Historical market-dollar context (not the management verdict): 2016 to 2025 (9 years) - potential debt-funded buybacks (informational) - buybacks leaned toward cheaper years (informational) - ROIC first 3 years vs last 3 years: 31.7% vs 11.8% - Per-share earnings: 1.51 to 3.27 (three-year endpoint medians) - acquired goodwill and intangibles (proxy) exceeds half of ten-year net income with low and deteriorating ROIC - Management verdict uses per-share economic progress: Yes - Ordinary dilution, 10-year annual growth: -1.5% - Ordinary dilution, 5-year annual growth: -1.4% - Market cap gain: $5.4B - Cumulative retained earnings: $2.5B - Diluted shares, 10-year annual growth: -1.5% - Diluted shares, 5-year annual growth: -1.4% - $1 test, starting fiscal year: FY2016 - $1 test, ending fiscal year: FY2025 - Per-share value growth: 10.1% - Per-share value change: $1.76 - Per-share value, starting three-year median: $1.51 - Per-share value, ending three-year median: $3.27 - Buybacks concentrated in cheaper years (correlation): 0.23 - Average buyback yield: 2.2% - Buyback history: 9 years - Debt-funded buybacks: Yes - Acquisition spending: $1.5B - Cumulative net income, 10 years: $2.7B - ROIC, first three-year median: 31.7% - ROIC, last three-year median: 11.8% Chart: Earnings per share; fiscal year observations. - FY2016: $1.51 - FY2017: $2.54 - FY2018: $3.83 - FY2019: $4.03 - FY2020: $5.48 - FY2021: $8.30 - FY2022: $6.18 - FY2023: $3.27 - FY2024: $5.39 - FY2025: $2.69 ### accounting: pass - Sloan accruals: -5.0% - Receivables to sales index (DSRI): 1.00× - Restructuring years, last five: 2 - Stock compensation / operating cash flow: 11.4% - Earnings backed by cash: Yes - Operating cash / earnings: 2.75× - Accounting red flags: 0 - Goodwill and intangibles / equity: 0.81× Chart: Sloan accruals; fiscal year observations. - FY2016: -8.3% - FY2017: -5.0% - FY2018: -0.4% - FY2019: -2.1% - FY2020: -4.2% - FY2021: 2.5% - FY2022: 6.6% - FY2023: -6.3% - FY2024: -8.1% - FY2025: -5.0% ## Holders - [John Rogers](https://gigainvestors.com/AI): tracked 13F investor; follow the investor page for holding quarter and amounts. - [David Katz](https://gigainvestors.com/MAVFX): tracked 13F investor; follow the investor page for holding quarter and amounts. - [Andrew Adams](https://gigainvestors.com/MPF): tracked 13F investor; follow the investor page for holding quarter and amounts. - [Arnold Van Den Berg](https://gigainvestors.com/VAN): tracked 13F investor; follow the investor page for holding quarter and amounts. - [Lee Ainslie](https://gigainvestors.com/mc): tracked 13F investor; follow the investor page for holding quarter and amounts. ## Price story Down 60% since Oct 2021 · "Generac Holdings (GNRC) Is Down 13.6% After Cutting 2025 Outlook On Weak Outage-Driven Demand" (finance.yahoo.com, Dec 2025) · sales +5.5% Story as of 2026-10-16T09:58:49.982Z; price observation 2026-10-15. Price needs cash profits to grow 12.4% a year for ten years - 2025-05-13: GNRC Q1 Earnings Call: Home Standby Demand and Tariff Mitigation Shape Outlook ([finance.yahoo.com](https://finance.yahoo.com/news/gnrc-q1-earnings-call-home-131927243.html)) - 2025-07-30: Generac raises 2025 EBITDA margin guidance to 18–19% while targeting rapid data center expansion ([seekingalpha.com](https://seekingalpha.com/news/4474695-generac-raises-2025-ebitda-margin-guidance-to-18-19-percent-while-targeting-rapid-data-center?utm_source=feed_news_all&utm_medium=referral&feed_item_type=news)) - 2025-12-20: Generac Holdings (GNRC) Is Down 13.6% After Cutting 2025 Outlook On Weak Outage-Driven Demand ([finance.yahoo.com](https://finance.yahoo.com/news/generac-holdings-gnrc-down-13-080830733.html)) - 2026-02-12: Generac’s Data Center Pivot Fuels 57% Rally Despite Q4 Earnings Miss ([finance.yahoo.com](https://finance.yahoo.com/news/generac-data-center-pivot-fuels-141054235.html)) - 2026-04-29: Generac Tops Q1 Earnings Estimates, Lifts 2026 Revenue Outlook ([finance.yahoo.com](https://finance.yahoo.com/markets/stocks/articles/generac-tops-q1-earnings-estimates-144600016.html)) - 2026-09-17: Generac Signs Amazon Generator Deal With $2.4B of Initial Deliveries ([finance.yahoo.com](https://finance.yahoo.com/markets/stocks/articles/generac-signs-amazon-generator-deal-132100181.html)) ### Sales · FY2025–2026 sales +5.5%; source https://www.sec.gov/Archives/edgar/data/1474735/000143774926004568/gnrc20251231_10k.htm; observed 2026-02-18. - FY2017: $1.7B - FY2018: $2.0B - FY2019: $2.2B - FY2020: $2.5B - FY2021: $3.7B - FY2022: $4.6B - FY2023: $4.0B - FY2024: $4.3B - FY2025: $4.2B - FY2026: $4.4B ### Gross margin · FY2026 gross margin 39.5%; source https://www.sec.gov/Archives/edgar/data/1474735/000143774926004568/gnrc20251231_10k.htm; observed 2026-02-18. - FY2017: 34.8% - FY2018: 35.8% - FY2019: 36.2% - FY2020: 38.5% - FY2021: 36.4% - FY2022: 33.3% - FY2023: 33.9% - FY2024: 38.8% - FY2025: 38.3% - FY2026: 39.5% ## Owner memo Memo as of 2026-10-16T08:06:05.509Z. ### How it makes money Operates in specialty industrial machinery; annual sales are USD 4.2 billion. - Source: https://www.sec.gov/Archives/edgar/data/1474735/000143774926004568/gnrc20251231_10k.htm (filed 2026-02-18); FY2025: revenue 4209147000; grossProfit 1611737000; margin = grossProfit / revenue. - Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); GNRC.US: Generac Holdings Inc. designs, manufactures, and distributes energy technology products and solutions worldwide. The company offers residential automatic standby generators, automatic transfer switch, air-cooled engine home standby generators, and liquid-cooled engine generators; Mobile Link, a remote monitoring system for home standby generators; propane tank monitoring solution; and smart home solutions, such as smart thermostats and a suite of home monitoring products. It also provides smart home energy management devices and sensors for heating and cooling system; smart doorbell cameras; and portable and inverter generators; multiple portable battery solutions; manual transfer switches; outdoor power equipment, including trimmers, field and brush mowers, log splitters, stump grinders, chipper shredders, lawn and leaf vacuums, and pressure washers and water pumps; and home energy storage systems. In addition, the company offers commercial and industrial products comprising cleaner-burning natural gas fueled generators; mega-watt diesel generators; light-commercial standby generators and related transfer switches; stationary generators; single-engine industrial generators; industrial standby generators; industrial transfer switches; light towers, mobile generators, commercial mobile pumps, heaters, and dust-suppression equipment; mobile energy storage systems; battery energy storage system and related inverter products; and aftermarket service parts and product accessories. Further, it provides microgrid; and software-as-a-service contracts. The company distributes its products through independent residential dealers and contractors, industrial distributors and dealers, national and regional retailers, e-commerce partners, electrical/HVAC/solar wholesalers, solar installers, catalogs, equipment rental companies, and other equipment distributors; and directly to end users. Generac Holdings Inc. was founded in 1959 and is based in Waukesha, Wisconsin. ### Why customers stay Margins ranged from 33.9% to 38.8% during 2023–25; it earns 24.5% on its capital. - Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-18); FY2023: grossProfit / revenue = 33.9%. - Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-18); FY2024: grossProfit / revenue = 38.8%. - Source: https://www.sec.gov/Archives/edgar/data/1474735/000143774926004568/gnrc20251231_10k.htm (filed 2026-02-18); FY2025: grossProfit / revenue = 38.3%. - Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-18); 10-year return on capital observations [[2017,0.3173625344726185],[2018,0.3983093075427663],[2019,0.3113873492797028],[2020,0.39449560085334556],[2021,0.29335403138558835],[2022,0.195974079992091],[2023,0.11835750585751004],[2024,0.18447868266932743],[2025,0.10867613630694345],[2026,0.13072135506482752]]; median 0.24466405568883967. ROIC follows the displayed moat series; financial companies use return on tangible equity. ### Where the cash goes Paid dividends in 9 of 10 years; bought back USD 147.9 million of shares. - Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-18); FY2016: growth capex 0; upkeep 30467000; owner earnings 122739000. Growth capex / owner earnings = 0. - Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-18); FY2017: growth capex 0; upkeep 33261000; owner earnings 178113000. Growth capex / owner earnings = 0. - Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-18); FY2018: growth capex 193000; upkeep 47408000; owner earnings 238257000. Growth capex / owner earnings = 0.0008100496522662503. - Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-18); FY2019: growth capex 0; upkeep 60802000; owner earnings 253367000. Growth capex / owner earnings = 0. - Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-18); FY2020: growth capex 0; upkeep 62128000; owner earnings 355974000. Growth capex / owner earnings = 0. - Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-18); FY2021: growth capex 17951000; upkeep 92041000; owner earnings 533392000. Growth capex / owner earnings = 0.03365442301346852. - Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-18); FY2022: growth capex 0; upkeep 86188000; owner earnings 469455000. Growth capex / owner earnings = 0. - Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-18); FY2023: growth capex 0; upkeep 129060000; owner earnings 240631000. Growth capex / owner earnings = 0. - Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-18); FY2024: growth capex 0; upkeep 136733000; owner earnings 360291000. Growth capex / owner earnings = 0. - Source: https://www.sec.gov/Archives/edgar/data/1474735/000143774926004568/gnrc20251231_10k.htm (filed 2026-02-18); FY2025: growth capex 0; upkeep 169850000; owner earnings 184539000. Growth capex / owner earnings = 0. - Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-18); Dividend observations: [[2016,76000],[2017,0],[2018,314000],[2019,285000],[2020,1821000],[2021,38787000],[2022,309000],[2023,174562000],[2024,273000],[2025,293000]]. Zero only counted when supported by a complete cash-flow statement. - Source: https://www.sec.gov/Archives/edgar/data/1474735/000143774926004568/gnrc20251231_10k.htm (filed 2026-02-18); FY2025: cash repurchases 147917000 USD. ### Are managers owners Insiders own 1.7% of the company. - Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); GNRC.US SharesStats.PercentInsiders = 1.677 percentage points; cache date 2026-10-16. ### What could break it "We may experience material disruptions to our manufacturing operations." (SEC filing, Feb 2026) - Source: https://www.sec.gov/Archives/edgar/data/1474735/000143774926004568/gnrc20251231_10k.htm (filed 2026-02-18); We may experience material disruptions to our manufacturing operations. ### What the price says The price assumes cash profits grow 12.4% yearly over ten years; actual growth was 9.4%. - Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-18); Ten-year compound average after fade. Initial solved rate 0.16611213481088594. Price 198.4; FX 1; discount 0.1; same standard ten-year fade to terminal 0.03. FY2015 owner earnings/share 1.263419433011971 → FY2025 3.1132276435126176. Closing-price date 2026-10-15. ## Monthly share-price history (USD per share) - 2016-10: $38.09 per share - 2016-11: $40.98 per share - 2016-12: $40.74 per share - 2017-01: $40.26 per share - 2017-02: $39.04 per share - 2017-03: $37.28 per share - 2017-04: $35.17 per share - 2017-05: $34.65 per share - 2017-06: $36.13 per share - 2017-07: $35.97 per share - 2017-08: $40.38 per share - 2017-09: $45.93 per share - 2017-10: $52.09 per share - 2017-11: $49.17 per share - 2017-12: $49.52 per share - 2018-01: $48.93 per share - 2018-02: $44.48 per share - 2018-03: $45.91 per share - 2018-04: $45.01 per share - 2018-05: $50.09 per share - 2018-06: $51.73 per share - 2018-07: $53.75 per share - 2018-08: $55.49 per share - 2018-09: $56.41 per share - 2018-10: $50.73 per share - 2018-11: $56.92 per share - 2018-12: $49.70 per share - 2019-01: $52.93 per share - 2019-02: $51.56 per share - 2019-03: $51.23 per share - 2019-04: $54.99 per share - 2019-05: $55.15 per share - 2019-06: $69.41 per share - 2019-07: $72.30 per share - 2019-08: $77.99 per share - 2019-09: $78.34 per share - 2019-10: $96.58 per share - 2019-11: $98.50 per share - 2019-12: $100.59 per share - 2020-01: $103.59 per share - 2020-02: $102.99 per share - 2020-03: $93.17 per share - 2020-04: $97.44 per share - 2020-05: $111.27 per share - 2020-06: $121.93 per share - 2020-07: $157.58 per share - 2020-08: $189.98 per share - 2020-09: $193.64 per share - 2020-10: $210.15 per share - 2020-11: $215.60 per share - 2020-12: $227.41 per share - 2021-01: $246.42 per share - 2021-02: $329.56 per share - 2021-03: $327.45 per share - 2021-04: $323.95 per share - 2021-05: $328.72 per share - 2021-06: $415.15 per share - 2021-07: $419.36 per share - 2021-08: $436.98 per share - 2021-09: $408.67 per share - 2021-10: $498.56 per share - 2021-11: $421.24 per share - 2021-12: $351.92 per share - 2022-01: $282.38 per share - 2022-02: $315.47 per share - 2022-03: $297.26 per share - 2022-04: $219.38 per share - 2022-05: $247.08 per share - 2022-06: $210.58 per share - 2022-07: $268.30 per share - 2022-08: $220.41 per share - 2022-09: $178.14 per share - 2022-10: $115.91 per share - 2022-11: $105.52 per share - 2022-12: $100.66 per share - 2023-01: $120.60 per share - 2023-02: $120.01 per share - 2023-03: $108.01 per share - 2023-04: $102.22 per share - 2023-05: $108.92 per share - 2023-06: $149.13 per share - 2023-07: $153.70 per share - 2023-08: $118.81 per share - 2023-09: $108.96 per share - 2023-10: $84.07 per share - 2023-11: $117.07 per share - 2023-12: $129.24 per share - 2024-01: $113.67 per share - 2024-02: $112.51 per share - 2024-03: $126.14 per share - 2024-04: $135.96 per share - 2024-05: $147.21 per share - 2024-06: $132.22 per share - 2024-07: $155.68 per share - 2024-08: $156.53 per share - 2024-09: $158.88 per share - 2024-10: $165.55 per share - 2024-11: $188.20 per share - 2024-12: $155.05 per share - 2025-01: $149.33 per share - 2025-02: $136.15 per share - 2025-03: $126.65 per share - 2025-04: $114.38 per share - 2025-05: $122.13 per share - 2025-06: $143.21 per share - 2025-07: $194.69 per share - 2025-08: $185.25 per share - 2025-09: $167.40 per share - 2025-10: $168.02 per share - 2025-11: $151.63 per share - 2025-12: $136.37 per share - 2026-01: $168.04 per share - 2026-02: $225.37 per share - 2026-03: $195.33 per share - 2026-04: $259.23 per share - 2026-05: $277.91 per share - 2026-06: $292.81 per share - 2026-07: $197.11 per share - 2026-08: $185.38 per share - 2026-09: $206.95 per share - 2026-10: $198.40 per share ## Annual estimated value (USD per share) - FY2016: low $26.25 per share, central $29.78 per share, high $34.49 per share - FY2017: low $40.33 per share, central $56.90 per share, high $66.54 per share - FY2018: low $50.03 per share, central $70.21 per share, high $81.95 per share - FY2019: low $54.65 per share, central $75.35 per share, high $87.70 per share - FY2020: low $70.43 per share, central $96.54 per share, high $111.74 per share - FY2021: low $85.36 per share, central $109.60 per share, high $127.92 per share - FY2022: low $113.61 per share, central $162.02 per share, high $190.21 per share - FY2023: low $88.12 per share, central $106.03 per share, high $123.21 per share - FY2024: low $99.93 per share, central $137.32 per share, high $160.52 per share - FY2025: low $69.44 per share, central $78.41 per share, high $90.36 per share Historical values use today's bond yield for every fiscal year Historical values use today's FX rate into trading currency for every fiscal year Historical values use current restated fundamentals and current commodity classification; they are not point-in-time estimates Prior published observations retained from 2026-10-15T06:34:32.174Z where newer inputs omit a numeric field or fiscal period. ## Sources [Original 10-K filing](https://www.sec.gov/Archives/edgar/data/1474735/000143774926004568/gnrc20251231_10k.htm); period 2025-12-31, filed 2026-02-18. Estimates depend on assumptions and are not guarantees or investment advice. Underlying data remains subject to its source licenses; public reading does not grant bulk redistribution rights.
← Companies
Generac Holdings
GNRC · US
S&P 500
Not a wonderful business
1 quality test fails. A lower price would not fix the business.
- Share price
- $198.40
- Buy up to
- $81.37
- Expected / yr
- 5.7% at today's price (10.0% at central value)
The business
- How it makes money
- Why customers stay
- Where the cash goes
- Are managers owners
- What could break it
- What the price says
1. Is this a good business?
Capital return excluding acquisitions: median 24.5% (minimum 15%), and the second-worst year 11.8% (minimum 10%).
- 10y median
- 24.5%
- Worst year
- 10.9%
- Latest · LTM
- 13.1%
Each $1 of profit left $1.10 for owners over five years (minimum $0.80).
- Five-year totals
- 1.10×
- Annual median
- 1.16×
- Latest · 2025
- 1.16×
Acquisitions used 56.1% of profits (limit 50%) while returns fell to 11.8% (minimum 15% and two-thirds of their starting level).
- 10y median
- $3.93
- Worst year
- $1.51
- Latest · 2025
- $2.69
Profits were backed by cash: accruals were -5% of assets (limit 10%).
- 10y median
- -4.6%
- Worst year
- 6.6%
- Latest · 2025
- -5.0%
Profit record · pass 0 loss years in 10 (at most 2), mean operating margin 14.4%, three-year average owner earnings per share 4.32 USD.
2. Is the price low enough?
| Value range | $71.87 – $94.02 |
|---|---|
| Buy at or below | Central value $81.37 |
| Discount to value | 1 − 198.40 / 81.37 = -143.8% |
| Return / year | About 5.7% a year at today's price (required return 10.0%) |
| Cash-flow inputs | Owner cash USD 6.30/share; 0.0% growth for 5 years, then fades to 3.0%; excess cash USD 2.98/share today. |
| Required return | 10.0% / year, earned by construction at the central value |
Revenue$4.4B
FY2017 · Revenue: $1.7B; FY2018 · Revenue: $2.0B; FY2019 · Revenue: $2.2B; FY2020 · Revenue: $2.5B; FY2021 · Revenue: $3.7B; FY2022 · Revenue: $4.6B; FY2023 · Revenue: $4.0B; FY2024 · Revenue: $4.3B; FY2025 · Revenue: $4.2B; FY2026 · Revenue: $4.4B
Owner earnings$185M
FY2016 · Owner earnings: $123M; FY2017 · Owner earnings: $178M; FY2018 · Owner earnings: $238M; FY2019 · Owner earnings: $253M; FY2020 · Owner earnings: $356M; FY2021 · Owner earnings: $533M; FY2022 · Owner earnings: $469M; FY2023 · Owner earnings: $241M; FY2024 · Owner earnings: $360M; FY2025 · Owner earnings: $185M
Operating margin9.5%
FY2017 · Operating margin: 15.0%; FY2018 · Operating margin: 17.7%; FY2019 · Operating margin: 16.9%; FY2020 · Operating margin: 19.3%; FY2021 · Operating margin: 19.3%; FY2022 · Operating margin: 12.4%; FY2023 · Operating margin: 9.6%; FY2024 · Operating margin: 12.5%; FY2025 · Operating margin: 6.9%; FY2026 · Operating margin: 9.5%
Net cash / debt-$992M
FY2016 · Net cash / debt: -$986M; FY2017 · Net cash / debt: -$790M; FY2018 · Net cash / debt: -$699M; FY2019 · Net cash / debt: -$716M; FY2020 · Net cash / debt: -$410M; FY2021 · Net cash / debt: -$1.2B; FY2022 · Net cash / debt: -$1.5B; FY2023 · Net cash / debt: -$1.5B; FY2024 · Net cash / debt: -$1.2B; FY2025 · Net cash / debt: -$992M
Diluted shares59M
FY2016 · Diluted shares: 65M; FY2017 · Diluted shares: 63M; FY2018 · Diluted shares: 62M; FY2019 · Diluted shares: 63M; FY2020 · Diluted shares: 64M; FY2021 · Diluted shares: 64M; FY2022 · Diluted shares: 65M; FY2023 · Diluted shares: 62M; FY2024 · Diluted shares: 60M; FY2025 · Diluted shares: 59M
Prices 15 Oct 2026 · FY2025Original filing ↗ ·