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Henkel AG & Co KGaA
OTC:HENOF

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Henkel AG & Co KGaA Logo
Henkel AG & Co KGaA
OTC:HENOF
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Price: 96.58 USD Market Closed
Market Cap: $40.5B
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Financials Section:
Income Statement Balance Sheet Cash Flow Statement

Income Statement

Revenue
+
3Y
+1%
5Y
+9%
10Y
+21%
Operating Income
+
3Y
+54%
5Y
+11%
10Y
+17%
Net Income
+
3Y
+83%
5Y
+18%
10Y
+21%

Earnings Waterfall
Henkel AG & Co KGaA

Income Statement
Henkel AG & Co KGaA

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Income Statement
Currency: EUR
Jun-2000 Sep-2000 Dec-2000 Mar-2001 Jun-2001 Sep-2001 Dec-2001 Mar-2002 Jun-2002 Sep-2002 Dec-2002 Mar-2003 Jun-2003 Sep-2003 Dec-2003 Mar-2004 Jun-2004 Sep-2004 Dec-2004 Mar-2005 Jun-2005 Sep-2005 Dec-2005 Mar-2006 Jun-2006 Sep-2006 Dec-2006 Jun-2007 Sep-2007 Dec-2007 Mar-2008 Jun-2008 Sep-2008 Dec-2008 Mar-2009 Jun-2009 Sep-2009 Dec-2009 Jun-2010 Sep-2010 Dec-2010 Mar-2011 Jun-2011 Sep-2011 Dec-2011 Mar-2012 Jun-2012 Sep-2012 Dec-2012 Mar-2013 Jun-2013 Sep-2013 Dec-2013 Mar-2014 Jun-2014 Sep-2014 Dec-2014 Mar-2015 Jun-2015 Sep-2015 Dec-2015 Mar-2016 Jun-2016 Sep-2016 Dec-2016 Mar-2017 Jun-2017 Sep-2017 Dec-2017 Mar-2018 Jun-2018 Sep-2018 Dec-2018 Mar-2019 Jun-2019 Sep-2019 Dec-2019 Jun-2020 Dec-2020 Jun-2021 Dec-2021 Jun-2022 Dec-2022 Jun-2023 Dec-2023 Jun-2024 Dec-2024 Jun-2025
Revenue
Interest Expense
0
0
0
0
0
0
362
0
0
0
233
0
0
0
207
0
0
0
214
0
0
0
280
0
0
0
247
0
0
269
0
0
0
366
0
0
0
354
0
0
197
0
0
0
200
0
0
0
129
0
0
0
178
0
0
0
48
0
0
0
45
0
0
0
25
0
0
0
55
0
0
0
71
0
0
0
88
32
55
45
46
48
73
106
106
104
113
0
Revenue
17 545
N/A
12 378
-29%
12 779
+3%
13 042
+2%
13 280
+2%
13 354
+1%
13 060
-2%
12 195
-7%
11 273
-8%
10 317
-8%
9 656
-6%
9 582
-1%
9 473
-1%
9 470
0%
9 436
0%
9 442
+0%
9 820
+4%
10 221
+4%
10 592
+4%
10 986
+4%
11 239
+2%
11 607
+3%
11 974
+3%
12 285
+3%
12 506
+2%
12 626
+1%
12 740
+1%
12 992
+2%
13 090
+1%
13 074
0%
16 236
+24%
13 374
-18%
13 776
+3%
14 131
+3%
14 227
+1%
14 044
-1%
13 769
-2%
13 573
-1%
14 232
+5%
14 708
+3%
15 092
+3%
18 915
+25%
15 466
-18%
15 533
+0%
15 605
+0%
15 790
+1%
16 043
+2%
16 309
+2%
16 510
+1%
16 535
+0%
16 615
+0%
16 505
-1%
16 355
-1%
16 251
-1%
16 102
-1%
16 154
+0%
16 428
+2%
16 929
+3%
17 487
+3%
17 841
+2%
18 089
+1%
18 115
+0%
18 074
0%
18 232
+1%
18 714
+3%
19 322
+3%
19 766
+2%
19 999
+1%
20 029
+0%
19 800
-1%
19 845
+0%
19 901
+0%
19 899
0%
20 033
+1%
20 011
0%
20 051
+0%
20 114
+0%
19 509
-3%
19 250
-1%
19 691
+2%
20 066
+2%
21 053
+5%
22 397
+6%
22 410
+0%
21 514
-4%
21 401
-1%
21 586
+1%
21 175
-2%
Gross Profit
Cost of Revenue
(9 486)
(6 699)
(6 999)
(7 174)
(7 295)
(7 433)
(7 264)
(6 731)
(6 217)
(5 537)
(5 103)
(5 050)
(4 946)
(4 994)
(4 965)
(4 957)
(5 188)
(5 421)
(5 617)
(5 855)
(6 024)
(6 258)
(6 549)
(6 739)
(6 860)
(6 895)
(6 963)
(7 034)
(7 071)
(7 013)
(8 700)
(7 375)
(7 766)
(8 190)
(8 317)
(8 074)
(7 768)
(7 341)
(7 594)
(7 818)
(7 964)
(10 122)
(8 351)
(8 432)
(8 455)
(8 530)
(8 601)
(8 683)
(8 738)
(8 691)
(8 698)
(8 595)
(8 497)
(8 428)
(8 386)
(8 449)
(8 630)
(8 876)
(9 138)
(9 260)
(9 350)
(9 384)
(9 321)
(9 412)
(9 695)
(10 056)
(10 359)
(10 558)
(10 603)
(10 503)
(10 558)
(10 597)
(10 653)
(10 777)
(10 769)
(10 814)
(10 811)
(10 503)
(10 259)
(10 484)
(10 999)
(12 038)
(12 924)
(12 624)
(11 672)
(10 964)
(10 664)
(10 394)
Gross Profit
8 059
N/A
5 679
-30%
5 780
+2%
5 868
+2%
5 985
+2%
5 921
-1%
5 796
-2%
5 464
-6%
5 056
-7%
4 780
-5%
4 553
-5%
4 532
0%
4 527
0%
4 476
-1%
4 471
0%
4 485
+0%
4 632
+3%
4 800
+4%
4 975
+4%
5 131
+3%
5 215
+2%
5 349
+3%
5 425
+1%
5 546
+2%
5 646
+2%
5 731
+2%
5 777
+1%
5 958
+3%
6 019
+1%
6 061
+1%
7 536
+24%
5 999
-20%
6 010
+0%
5 941
-1%
5 910
-1%
5 970
+1%
6 001
+1%
6 232
+4%
6 638
+7%
6 890
+4%
7 128
+3%
8 793
+23%
7 115
-19%
7 101
0%
7 150
+1%
7 260
+2%
7 442
+3%
7 626
+2%
7 772
+2%
7 844
+1%
7 917
+1%
7 910
0%
7 858
-1%
7 823
0%
7 716
-1%
7 705
0%
7 798
+1%
8 053
+3%
8 349
+4%
8 581
+3%
8 739
+2%
8 731
0%
8 753
+0%
8 820
+1%
9 019
+2%
9 266
+3%
9 407
+2%
9 441
+0%
9 426
0%
9 297
-1%
9 287
0%
9 304
+0%
9 246
-1%
9 256
+0%
9 242
0%
9 237
0%
9 303
+1%
9 006
-3%
8 991
0%
9 207
+2%
9 067
-2%
9 015
-1%
9 473
+5%
9 786
+3%
9 842
+1%
10 437
+6%
10 922
+5%
10 781
-1%
Operating Income
Operating Expenses
(6 559)
(4 602)
(4 647)
(4 714)
(4 849)
(4 809)
(4 839)
(4 592)
(4 257)
(4 044)
(3 835)
(3 804)
(3 785)
(3 726)
(3 724)
(3 706)
(3 769)
(3 864)
(3 957)
(4 053)
(4 112)
(4 195)
(4 263)
(4 354)
(4 391)
(4 455)
(4 479)
(4 652)
(4 675)
(4 717)
(5 872)
(4 884)
(5 063)
(4 865)
(5 226)
(5 107)
(5 003)
(4 938)
(5 108)
(5 177)
(5 219)
(6 527)
(5 156)
(5 110)
(5 127)
(5 190)
(5 334)
(5 428)
(5 463)
(5 477)
(5 521)
(5 477)
(5 418)
(5 334)
(5 205)
(5 212)
(5 342)
(5 530)
(5 742)
(5 880)
(5 928)
(5 851)
(5 819)
(5 820)
(5 973)
(6 124)
(6 188)
(6 191)
(6 139)
(6 008)
(5 979)
(5 957)
(5 901)
(5 908)
(5 945)
(5 967)
(6 123)
(6 276)
(6 719)
(6 735)
(6 662)
(7 047)
(7 305)
(7 469)
(7 358)
(7 599)
(7 885)
(7 741)
Selling, General & Administrative
(5 996)
(4 218)
(4 352)
(4 429)
(4 516)
(4 515)
(4 463)
(4 228)
(3 966)
(3 725)
(3 489)
(3 465)
(3 442)
(3 432)
(3 423)
(3 421)
(3 527)
(3 623)
(3 728)
(3 834)
(3 884)
(3 967)
(4 044)
(4 128)
(4 197)
(4 265)
(4 347)
(4 442)
(4 457)
(4 412)
(5 498)
(4 581)
(4 715)
(4 580)
(4 856)
(4 726)
(4 637)
(4 585)
(4 748)
(4 852)
(4 945)
(6 177)
(4 936)
(4 865)
(4 787)
(4 792)
(4 850)
(4 935)
(5 005)
(5 051)
(5 077)
(5 048)
(4 975)
(4 908)
(4 804)
(4 776)
(4 875)
(5 029)
(5 224)
(5 373)
(5 460)
(5 387)
(5 352)
(5 357)
(5 471)
(5 658)
(5 748)
(5 717)
(5 695)
(5 587)
(5 534)
(5 544)
(5 470)
(5 497)
(5 548)
(5 600)
(5 701)
(5 829)
(6 216)
(6 242)
(6 028)
(6 359)
(6 815)
(6 825)
(6 786)
(7 012)
(7 248)
(7 109)
Research & Development
(432)
(306)
(320)
(334)
(345)
(353)
(343)
(324)
(300)
(280)
(259)
(250)
(254)
(248)
(257)
(261)
(260)
(268)
(272)
(281)
(293)
(303)
(324)
(332)
(337)
(343)
(340)
(349)
(349)
(350)
(436)
(358)
(420)
(377)
(442)
(445)
(393)
(383)
(378)
(375)
(383)
(484)
(392)
(392)
(396)
(396)
(397)
(402)
(406)
(411)
(411)
(411)
(414)
(412)
(410)
(414)
(410)
(423)
(441)
(452)
(464)
(459)
(456)
(458)
(460)
(468)
(469)
(466)
(469)
(465)
(470)
(472)
(471)
(476)
(476)
(476)
(487)
(488)
(494)
(490)
(705)
(727)
(544)
(564)
(581)
(601)
(632)
(633)
Depreciation & Amortization
(201)
(136)
(100)
(106)
(115)
(120)
(183)
(173)
(157)
(143)
(140)
(137)
(136)
(134)
(125)
(93)
(61)
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
(1)
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
Other Operating Expenses
70
58
125
155
127
179
150
133
166
104
53
48
47
88
81
69
79
27
43
62
65
75
105
106
143
153
208
139
131
45
62
55
72
92
72
64
27
30
18
50
109
134
172
147
56
(2)
(87)
(91)
(52)
(15)
(33)
(18)
(29)
(14)
9
(22)
(57)
(78)
(77)
(55)
(4)
(5)
(11)
(5)
(41)
2
29
(8)
25
44
25
59
40
65
79
109
65
41
(9)
(3)
71
39
54
(80)
9
14
(5)
1
Operating Income
1 500
N/A
1 077
-28%
1 133
+5%
1 154
+2%
1 136
-2%
1 112
-2%
957
-14%
872
-9%
799
-8%
736
-8%
718
-2%
728
+1%
742
+2%
750
+1%
747
0%
779
+4%
863
+11%
936
+8%
1 018
+9%
1 078
+6%
1 103
+2%
1 154
+5%
1 162
+1%
1 192
+3%
1 255
+5%
1 276
+2%
1 298
+2%
1 306
+1%
1 344
+3%
1 344
N/A
1 664
+24%
1 115
-33%
947
-15%
1 076
+14%
684
-36%
863
+26%
998
+16%
1 294
+30%
1 530
+18%
1 713
+12%
1 909
+11%
2 266
+19%
1 959
-14%
1 991
+2%
2 023
+2%
2 070
+2%
2 108
+2%
2 198
+4%
2 309
+5%
2 367
+3%
2 396
+1%
2 433
+2%
2 440
+0%
2 489
+2%
2 511
+1%
2 493
-1%
2 456
-1%
2 523
+3%
2 607
+3%
2 701
+4%
2 811
+4%
2 880
+2%
2 934
+2%
3 000
+2%
3 046
+2%
3 142
+3%
3 219
+2%
3 250
+1%
3 287
+1%
3 289
+0%
3 308
+1%
3 347
+1%
3 345
0%
3 348
+0%
3 297
-2%
3 270
-1%
3 180
-3%
2 730
-14%
2 272
-17%
2 472
+9%
2 405
-3%
1 968
-18%
2 168
+10%
2 317
+7%
2 484
+7%
2 838
+14%
3 037
+7%
3 040
+0%
Pre-Tax Income
Interest Income Expense
(209)
(117)
(134)
(159)
(133)
(134)
(151)
(112)
(112)
(61)
(2)
14
24
27
32
64
58
45
11
(39)
(71)
(102)
(120)
(115)
(117)
(107)
(122)
(104)
(103)
(94)
(113)
(130)
(156)
(194)
815
815
823
(164)
(172)
(169)
(171)
(208)
(160)
(160)
(155)
(164)
(168)
(183)
(78)
(165)
(147)
(120)
(113)
(87)
(58)
(34)
(7)
(2)
(8)
(15)
(15)
(13)
(8)
(4)
(15)
(13)
(21)
(31)
(26)
(52)
(62)
(63)
(54)
(63)
(67)
(73)
(71)
(62)
(76)
(26)
(38)
(19)
(67)
(59)
(50)
(2)
(33)
(10)
Non-Reccuring Items
(181)
(148)
(183)
(183)
(185)
(187)
253
272
278
285
(52)
(56)
(58)
(54)
(41)
(36)
(38)
(31)
(22)
(22)
(13)
(16)
0
0
0
0
0
0
0
0
0
0
0
(297)
(7)
(20)
(56)
(214)
(104)
(76)
(186)
(113)
(112)
(194)
(258)
(197)
(189)
(144)
(110)
(141)
(146)
(120)
(155)
(161)
(201)
(229)
(212)
(239)
(197)
(228)
(166)
(166)
(178)
(135)
(271)
(261)
(256)
(312)
(232)
(318)
(362)
(318)
(229)
(235)
(242)
(274)
(281)
(229)
(253)
(251)
(192)
(367)
(358)
(327)
(473)
(221)
(206)
(138)
Gain/Loss on Disposition of Assets
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
1 042
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
Total Other Income
0
0
0
0
0
0
0
0
0
0
0
0
0
0
30
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
(31)
0
0
0
0
0
0
0
0
0
0
(103)
0
0
0
0
(11)
(24)
(34)
(42)
(41)
(35)
(28)
(27)
(27)
(22)
(30)
(18)
(26)
(23)
(18)
(25)
(1)
6
11
(11)
(8)
(15)
(15)
(17)
(37)
(18)
(45)
(26)
(86)
(54)
(45)
(73)
(123)
(75)
(83)
Pre-Tax Income
1 110
N/A
812
-27%
816
+0%
812
0%
818
+1%
791
-3%
1 059
+34%
1 032
-3%
965
-6%
960
-1%
664
-31%
686
+3%
708
+3%
723
+2%
768
+6%
807
+5%
883
+9%
950
+8%
1 007
+6%
1 017
+1%
1 019
+0%
1 036
+2%
1 042
+1%
1 077
+3%
1 138
+6%
1 169
+3%
1 176
+1%
1 202
+2%
1 241
+3%
1 250
+1%
1 551
+24%
985
-36%
791
-20%
1 627
+106%
1 492
-8%
1 658
+11%
1 765
+6%
885
-50%
1 254
+42%
1 468
+17%
1 552
+6%
1 945
+25%
1 687
-13%
1 637
-3%
1 610
-2%
1 709
+6%
1 751
+2%
1 871
+7%
2 018
+8%
2 061
+2%
2 103
+2%
2 193
+4%
2 172
-1%
2 230
+3%
2 228
0%
2 196
-1%
2 195
0%
2 241
+2%
2 367
+6%
2 430
+3%
2 603
+7%
2 674
+3%
2 726
+2%
2 831
+4%
2 742
-3%
2 842
+4%
2 919
+3%
2 889
-1%
3 004
+4%
2 918
-3%
2 890
-1%
2 977
+3%
3 051
+2%
3 042
0%
2 973
-2%
2 908
-2%
2 811
-3%
2 402
-15%
1 925
-20%
2 150
+12%
2 149
0%
1 496
-30%
1 689
+13%
1 886
+12%
1 888
+0%
2 492
+32%
2 723
+9%
2 809
+3%
Net Income
Tax Provision
(461)
(328)
(311)
(305)
(298)
(280)
(431)
(423)
(390)
(383)
(233)
(232)
(241)
(242)
(238)
(234)
(238)
(241)
(259)
(260)
(260)
(263)
(272)
(290)
(304)
(317)
(305)
(315)
(326)
(309)
(387)
(228)
(172)
(394)
(361)
(419)
(453)
(257)
(351)
(402)
(409)
(512)
(425)
(404)
(419)
(438)
(450)
(482)
(492)
(502)
(517)
(540)
(547)
(552)
(536)
(523)
(533)
(553)
(594)
(613)
(635)
(650)
(661)
(676)
(649)
(680)
(698)
(688)
(463)
(436)
(437)
(469)
(721)
(721)
(696)
(688)
(708)
(619)
(501)
(557)
(519)
(365)
(436)
(506)
(549)
(686)
(691)
(697)
Income from Continuing Operations
649
484
505
507
520
511
628
609
575
577
431
454
467
481
530
573
645
709
748
757
759
773
770
787
834
852
871
887
915
941
1 164
757
619
1 233
1 131
1 239
1 312
628
903
1 066
1 143
1 433
1 262
1 233
1 191
1 271
1 301
1 389
1 526
1 559
1 586
1 653
1 625
1 678
1 692
1 673
1 662
1 688
1 773
1 817
1 968
2 024
2 065
2 155
2 093
2 162
2 221
2 201
2 541
2 482
2 453
2 508
2 330
2 321
2 277
2 220
2 103
1 783
1 424
1 593
1 630
1 131
1 253
1 380
1 339
1 806
2 032
2 112
Income to Minority Interest
0
0
(37)
0
0
0
(39)
(38)
(38)
(39)
4
2
(2)
(4)
(11)
(12)
(12)
(13)
(1)
(2)
(3)
(3)
(13)
(14)
(14)
(16)
(16)
(17)
(18)
(20)
(24)
(18)
(17)
(12)
(12)
(15)
(17)
(26)
(29)
(27)
(25)
(30)
(25)
(26)
(30)
(34)
(36)
(41)
(46)
(47)
(50)
(49)
(36)
(33)
(24)
(23)
(34)
(39)
(44)
(44)
(47)
(48)
(49)
(47)
(40)
(37)
(33)
(25)
(22)
(17)
(14)
(19)
(19)
(19)
(19)
(20)
(18)
(10)
(16)
(20)
5
9
5
(4)
(22)
(24)
(25)
(24)
Equity Earnings Affiliates
0
0
0
0
0
0
(87)
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
Net Income (Common)
609
N/A
444
-27%
468
+5%
470
+0%
483
+3%
474
-2%
502
+6%
484
-4%
450
-7%
451
+0%
435
-4%
456
+5%
465
+2%
477
+3%
519
+9%
561
+8%
633
+13%
696
+10%
747
+7%
755
+1%
756
+0%
770
+2%
757
-2%
773
+2%
820
+6%
836
+2%
855
+2%
870
+2%
897
+3%
921
+3%
1 140
+24%
739
-35%
602
-19%
1 221
+103%
1 119
-8%
1 224
+9%
1 295
+6%
602
-54%
874
+45%
1 039
+19%
1 118
+8%
1 403
+25%
1 237
-12%
1 207
-2%
1 161
-4%
1 237
+7%
1 265
+2%
1 348
+7%
1 480
+10%
1 512
+2%
1 536
+2%
1 604
+4%
1 589
-1%
1 645
+4%
1 668
+1%
1 650
-1%
1 628
-1%
1 649
+1%
1 729
+5%
1 773
+3%
1 921
+8%
1 976
+3%
2 016
+2%
2 108
+5%
2 053
-3%
2 125
+4%
2 188
+3%
2 176
-1%
2 519
+16%
2 465
-2%
2 439
-1%
2 489
+2%
2 311
-7%
2 302
0%
2 258
-2%
2 200
-3%
2 085
-5%
1 773
-15%
1 408
-21%
1 574
+12%
1 634
+4%
1 139
-30%
1 259
+11%
1 376
+9%
1 318
-4%
1 783
+35%
2 007
+13%
2 088
+4%
EPS (Diluted)
1.39
N/A
1.01
-27%
1.07
+6%
1.08
+1%
1.11
+3%
1.09
-2%
1.16
+6%
1.16
N/A
1.06
-9%
1.07
+1%
1.01
-6%
1.08
+7%
1.08
N/A
1.1
+2%
1.2
+9%
1.28
+7%
1.46
+14%
1.61
+10%
1.74
+8%
1.75
+1%
1.76
+1%
1.79
+2%
1.76
-2%
1.8
+2%
1.9
+6%
1.94
+2%
1.98
+2%
2.01
+2%
2.07
+3%
2.13
+3%
2.63
+23%
1.71
-35%
1.39
-19%
2.82
+103%
2.58
-9%
2.82
+9%
2.99
+6%
1.39
-54%
2.02
+45%
2.4
+19%
2.58
+8%
3.24
+26%
2.85
-12%
2.78
-2%
2.67
-4%
2.85
+7%
2.92
+2%
3.11
+7%
3.41
+10%
3.48
+2%
3.53
+1%
3.68
+4%
3.66
-1%
3.78
+3%
3.84
+2%
3.8
-1%
3.75
-1%
3.8
+1%
3.98
+5%
4.08
+3%
4.42
+8%
4.55
+3%
4.64
+2%
4.86
+5%
4.73
-3%
4.89
+3%
5.04
+3%
5.01
-1%
5.75
+15%
5.67
-1%
5.61
-1%
5.73
+2%
5.28
-8%
5.25
-1%
5.15
-2%
5.02
-3%
4.8
-4%
4.1
-15%
3.24
-21%
3.63
+12%
3.76
+4%
2.62
-30%
2.94
+12%
3.27
+11%
3.14
-4%
4.25
+35%
4.79
+13%
4.98
+4%

See Also

Summary
HENOF intrinsic value, competitors valuation, and company profile.
DCF Valuation
HENOF stock valuation using Discount Cash Flow valuation method.
Relative Valuation
HENOF stock valuation using valuation multiples.
Wall Street Estimates
HENOF price targets and financial estimates made by Wall st analysts.
Profitability Analysis
Detailed analysis of the company's profitability.
Solvency Analysis
Analysis of the financial position and solvency of the company.
Financials
Income Statement, Balance Sheet, Cash Flow Statement.
Discount Rate
HENOF stock discount rate: cost of equity and WACC.
Summary
DCF Valuation
Relative Valuation
Wall Street Estimates
Profitability Analysis
Solvency Analysis
Financials
Discount Rate
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