Mitsubishi Heavy Industries Ltd
TSE:7011

Watchlist Manager
Mitsubishi Heavy Industries Ltd Logo
Mitsubishi Heavy Industries Ltd
TSE:7011
Watchlist
Price: 4 208 JPY 3.06% Market Closed
Market Cap: 14.2T JPY
Financials Section:
Income Statement Balance Sheet Cash Flow Statement

Income Statement

Revenue
+
3Y
+32%
5Y
+31%
10Y
+26%
Operating Income
+
3Y
+258%
5Y
-
10Y
+37%
Net Income
+
3Y
+109%
5Y
+1 857%
10Y
+104%

Earnings Waterfall
Mitsubishi Heavy Industries Ltd

Revenue
5.1T JPY
Cost of Revenue
-4.1T JPY
Gross Profit
1.1T JPY
Operating Expenses
-647B JPY
Operating Income
409.9B JPY
Other Expenses
-158.5B JPY
Net Income
251.4B JPY

Income Statement
Mitsubishi Heavy Industries Ltd

Rotate your device to view
Income Statement
Currency: JPY
Jun-2006 Sep-2006 Dec-2006 Jun-2007 Sep-2007 Dec-2007 Jun-2008 Sep-2008 Dec-2008 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 Mar-2020 Jun-2020 Sep-2020 Dec-2020 Mar-2021 Jun-2021 Sep-2021 Dec-2021 Mar-2022 Jun-2022 Sep-2022 Dec-2022 Mar-2023 Jun-2023 Sep-2023 Dec-2023 Mar-2024 Jun-2024 Sep-2024 Dec-2024 Mar-2025 Jun-2025
Revenue
Interest Expense
4 027
0
0
4 721
0
0
4 934
0
0
5 516
0
0
5 763
11 582
17 112
22 471
22 023
21 553
21 129
20 522
19 716
18 922
18 004
17 256
16 571
15 901
15 717
15 629
15 950
15 782
15 389
15 365
14 595
14 477
14 260
13 338
13 081
12 338
11 878
11 461
0
0
0
9 924
0
0
0
7 453
0
0
0
9 498
0
0
0
10 426
0
0
0
12 414
0
0
0
14 305
0
0
0
12 618
0
0
0
0
0
Revenue
1 901 606
N/A
1 950 802
+3%
2 048 655
+5%
2 148 808
+5%
2 142 597
0%
2 128 458
-1%
2 141 090
+1%
2 256 694
+5%
2 379 652
+5%
2 284 641
-4%
2 126 639
-7%
1 999 312
-6%
2 060 105
+3%
2 034 483
-1%
2 087 761
+3%
2 903 770
+39%
2 853 274
-2%
2 840 586
0%
2 774 993
-2%
2 820 932
+2%
2 856 487
+1%
2 852 710
0%
2 835 313
-1%
2 817 893
-1%
2 916 201
+3%
2 998 062
+3%
3 107 249
+4%
3 349 598
+8%
3 461 828
+3%
3 603 146
+4%
3 770 204
+5%
3 992 110
+6%
4 063 863
+2%
4 115 056
+1%
4 141 442
+1%
4 046 810
-2%
3 962 617
-2%
3 915 266
-1%
3 908 412
0%
3 914 018
+0%
3 969 989
+1%
3 991 529
+1%
4 064 518
+2%
4 085 679
+1%
4 088 533
+0%
4 129 708
+1%
4 140 196
+0%
4 078 344
-1%
4 091 564
+0%
4 083 942
0%
4 035 574
-1%
4 041 376
+0%
3 900 056
-3%
3 822 337
-2%
3 788 241
-1%
3 699 946
-2%
3 773 651
+2%
3 705 066
-2%
3 741 943
+1%
3 860 283
+3%
3 879 899
+1%
4 071 802
+5%
4 152 953
+2%
4 202 797
+1%
4 315 444
+3%
4 396 802
+2%
4 525 417
+3%
4 657 147
+3%
4 784 721
+3%
4 885 987
+2%
4 944 238
+1%
5 027 176
+2%
5 109 273
+2%
Gross Profit
Cost of Revenue
(1 657 614)
(1 695 186)
(1 777 184)
(1 862 371)
(1 841 859)
(1 810 409)
(1 819 120)
(1 913 687)
(2 040 951)
(1 963 248)
(1 833 353)
(1 703 758)
(1 728 294)
(1 692 158)
(1 756 539)
(2 461 857)
(2 412 256)
(2 396 041)
(2 324 518)
(2 375 158)
(2 407 871)
(2 421 615)
(2 393 245)
(2 297 072)
(2 379 886)
(2 417 725)
(2 479 046)
(2 695 898)
(2 755 658)
(2 856 293)
(3 008 668)
(3 161 157)
(3 228 896)
(3 268 886)
(3 275 364)
(3 184 596)
(3 125 621)
(3 119 548)
(3 143 961)
(3 180 898)
(3 243 076)
(3 246 339)
(3 288 984)
(3 367 065)
(3 358 706)
(3 397 319)
(3 401 965)
(3 309 351)
(3 320 769)
(3 314 805)
(3 322 207)
(3 331 339)
(3 241 818)
(3 216 112)
(3 182 796)
(3 116 464)
(3 165 675)
(3 096 301)
(3 113 275)
(3 204 371)
(3 227 067)
(3 357 670)
(3 408 582)
(3 437 779)
(3 500 751)
(3 563 725)
(3 639 279)
(3 727 034)
(3 806 917)
(3 852 996)
(3 904 138)
(3 995 935)
(4 052 367)
Gross Profit
243 992
N/A
255 616
+5%
271 471
+6%
286 437
+6%
300 738
+5%
318 049
+6%
321 970
+1%
343 007
+7%
338 701
-1%
321 393
-5%
293 286
-9%
295 554
+1%
331 811
+12%
342 325
+3%
331 222
-3%
441 913
+33%
441 018
0%
444 545
+1%
450 475
+1%
445 774
-1%
448 616
+1%
431 095
-4%
442 068
+3%
520 821
+18%
536 315
+3%
580 337
+8%
628 203
+8%
653 700
+4%
706 170
+8%
746 853
+6%
761 536
+2%
830 953
+9%
834 967
+0%
846 170
+1%
866 078
+2%
862 214
0%
836 996
-3%
795 718
-5%
764 451
-4%
733 120
-4%
726 913
-1%
745 190
+3%
775 534
+4%
718 614
-7%
729 827
+2%
732 389
+0%
738 231
+1%
768 993
+4%
770 795
+0%
769 137
0%
713 367
-7%
710 037
0%
658 238
-7%
606 225
-8%
605 445
0%
583 482
-4%
607 976
+4%
608 765
+0%
628 668
+3%
655 912
+4%
652 832
0%
714 132
+9%
744 371
+4%
765 018
+3%
814 693
+6%
833 077
+2%
886 138
+6%
930 113
+5%
977 804
+5%
1 032 991
+6%
1 040 100
+1%
1 031 241
-1%
1 056 906
+2%
Operating Income
Operating Expenses
(191 971)
(199 089)
(201 539)
(214 539)
(226 569)
(229 775)
(236 169)
(232 183)
(238 136)
(239 295)
(240 333)
(249 486)
(250 460)
(256 792)
(250 607)
(340 691)
(340 181)
(334 717)
(331 806)
(333 812)
(338 808)
(345 076)
(349 589)
(357 301)
(374 018)
(388 586)
(411 072)
(447 582)
(479 319)
(497 935)
(515 915)
(534 813)
(536 017)
(552 329)
(556 235)
(552 708)
(561 455)
(563 775)
(571 857)
(582 577)
(612 573)
(619 815)
(633 136)
(554 097)
(646 856)
(642 367)
(630 195)
(550 129)
(575 781)
(566 109)
(633 015)
(610 660)
(687 970)
(648 703)
(500 322)
(567 342)
(491 295)
(503 024)
(550 936)
(559 380)
(538 252)
(563 282)
(596 776)
(622 495)
(609 240)
(614 425)
(614 256)
(683 097)
(671 762)
(673 143)
(677 192)
(716 952)
(647 029)
Selling, General & Administrative
(189 567)
(192 530)
(197 671)
(205 182)
(211 765)
(224 073)
(219 670)
(228 885)
(203 542)
(205 052)
(204 201)
(207 694)
(208 622)
(213 191)
(208 075)
(281 779)
(282 766)
(280 147)
(282 486)
(284 858)
(288 694)
(294 471)
(297 630)
(300 763)
(316 035)
(327 477)
(347 830)
(382 959)
(411 584)
(427 846)
(441 959)
(457 272)
(458 268)
(470 583)
(473 075)
(463 677)
(468 155)
(468 185)
(472 850)
(475 847)
(485 221)
(498 944)
(517 420)
(454 891)
(544 158)
(543 306)
(541 649)
(443 551)
(541 905)
(549 667)
(574 789)
(472 828)
(579 490)
(570 262)
(552 158)
(429 120)
(537 512)
(540 623)
(540 597)
(462 360)
(563 076)
(583 489)
(600 429)
(523 735)
(637 121)
(641 922)
(653 034)
(593 920)
(714 039)
(730 670)
(737 583)
(612 736)
(613 943)
Research & Development
0
0
0
0
0
0
(10 797)
(22 051)
(34 594)
(34 243)
(36 132)
(41 792)
(41 838)
(43 601)
(42 532)
(58 912)
(57 415)
(54 570)
(49 320)
(48 954)
(50 113)
(50 605)
(51 958)
(56 537)
(57 984)
(61 108)
(63 242)
(64 622)
(67 733)
(70 088)
(73 955)
(77 540)
(77 749)
(81 745)
(83 158)
0
(93 297)
(95 589)
(99 007)
(106 729)
0
0
0
(59 846)
0
0
0
(59 816)
0
0
0
(73 666)
0
0
0
(68 383)
0
0
0
(72 066)
0
0
0
(75 290)
0
0
0
(77 638)
0
0
0
(74 271)
0
Depreciation & Amortization
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
(30 331)
0
0
0
(34 843)
0
0
0
(37 380)
0
0
0
(33 880)
0
0
0
(22 301)
0
0
0
(24 613)
0
0
0
(23 784)
0
0
0
(29 934)
0
Other Operating Expenses
(2 404)
(6 559)
(3 868)
(9 357)
(14 804)
(5 702)
(5 702)
18 753
0
0
0
0
0
0
0
0
0
0
0
0
(1)
0
(1)
(1)
0
(1)
0
(1)
(2)
(1)
(1)
(1)
0
(1)
(2)
(89 031)
(3)
(1)
0
(1)
(127 352)
(120 871)
(115 716)
(9 029)
(102 698)
(99 061)
(88 546)
(11 919)
(33 876)
(16 442)
(58 226)
(26 786)
(108 480)
(78 441)
51 836
(35 959)
46 217
37 599
(10 339)
(2 653)
24 824
20 207
3 653
1 143
27 881
27 497
38 778
12 245
42 277
57 527
60 391
(11)
(33 086)
Operating Income
52 021
N/A
56 527
+9%
69 932
+24%
71 898
+3%
74 169
+3%
88 274
+19%
85 801
-3%
110 824
+29%
100 565
-9%
82 098
-18%
52 953
-36%
46 068
-13%
81 351
+77%
85 533
+5%
80 615
-6%
101 222
+26%
100 837
0%
109 828
+9%
118 669
+8%
111 962
-6%
109 808
-2%
86 019
-22%
92 479
+8%
163 520
+77%
162 297
-1%
191 751
+18%
217 131
+13%
206 118
-5%
226 851
+10%
248 918
+10%
245 621
-1%
296 140
+21%
298 950
+1%
293 841
-2%
309 843
+5%
309 506
0%
275 541
-11%
231 943
-16%
192 594
-17%
150 543
-22%
114 340
-24%
125 375
+10%
142 398
+14%
164 517
+16%
82 971
-50%
90 022
+8%
108 036
+20%
218 864
+103%
195 014
-11%
203 028
+4%
80 352
-60%
99 377
+24%
(29 732)
N/A
(42 478)
-43%
105 123
N/A
16 140
-85%
116 681
+623%
105 741
-9%
77 732
-26%
96 532
+24%
114 580
+19%
150 850
+32%
147 595
-2%
142 523
-3%
205 453
+44%
218 652
+6%
271 882
+24%
247 016
-9%
306 042
+24%
359 848
+18%
362 908
+1%
314 289
-13%
409 877
+30%
Pre-Tax Income
Interest Income Expense
(6 782)
(6 931)
(255)
(3 794)
(7 292)
(5 025)
9 423
23 952
7 907
(10 080)
(31 505)
(19 126)
(22 384)
(16 008)
(23 444)
(17 723)
(16 104)
(24 807)
(16 521)
(12 771)
18 116
28 624
42 591
7 668
4 784
3 179
(5 762)
8 089
4 763
28 248
35 902
8 019
15 031
(9 164)
(23 695)
(14 022)
(52 747)
(40 995)
(13 128)
52 390
92 373
84 614
59 071
(4 063)
(19 107)
(4 827)
(13 295)
17 073
(3 553)
(14 566)
4 496
21 872
19 657
15 570
2 787
105 011
30 616
42 995
60 450
50 578
73 579
87 690
52 183
48 424
25 814
14 797
13 179
50 106
34 749
(10 096)
19 570
5 620
(41 690)
Non-Reccuring Items
0
0
(5 489)
0
0
(1 147)
(35 427)
(43 536)
(47 548)
(14 364)
(9 530)
(6 529)
(12 579)
(10 608)
(9 621)
(50 337)
(35 155)
(7 010)
(16 900)
(50 420)
(51 278)
(85 946)
(68 667)
(10 811)
(12 242)
(2 105)
(11 344)
647
4 930
(38 735)
(43 234)
(63 150)
(66 769)
(57 945)
(89 113)
(158 440)
(162 816)
(140 955)
(112 069)
(77 110)
0
0
0
(121 222)
0
0
0
(40 878)
0
0
0
(153 909)
(131 092)
(139 464)
(146 589)
(71 797)
0
0
0
29 561
0
0
0
16 672
0
0
0
22 196
0
0
0
60 114
0
Gain/Loss on Disposition of Assets
0
0
2 895
8 616
13 359
10 597
0
0
262
0
0
0
0
0
0
10 870
0
0
0
28 344
0
0
280
4 157
0
0
15 298
11 256
0
0
0
0
8 069
8 183
8 244
0
0
0
0
53 861
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
(3 760)
(2 557)
(4 374)
(2 043)
(5 439)
(4 295)
943
735
(1 308)
(528)
(3 581)
(5 019)
(3 111)
(4 056)
249
(4 529)
(7 237)
(7 090)
(7 800)
(7 284)
(5 036)
(2 584)
(3 594)
(9 086)
(4 512)
(5 973)
(3 088)
(11 689)
3 799
4 972
(17 210)
(8 312)
(12 843)
(11 271)
(10 152)
(4 362)
(11 102)
(10 975)
(8 417)
(9 966)
(2 388)
(4 164)
(3 466)
0
1
1
(1)
0
0
0
2
0
0
0
0
1
1
0
2
(2 987)
0
1
(1)
(16 493)
0
0
0
(4 131)
0
0
(1)
(5 492)
0
Pre-Tax Income
41 479
N/A
47 039
+13%
62 709
+33%
74 677
+19%
74 797
+0%
88 404
+18%
60 740
-31%
91 975
+51%
59 878
-35%
57 126
-5%
8 337
-85%
15 394
+85%
43 277
+181%
54 861
+27%
47 799
-13%
39 503
-17%
42 341
+7%
70 921
+67%
77 448
+9%
69 831
-10%
71 610
+3%
26 113
-64%
63 089
+142%
155 448
+146%
150 327
-3%
186 852
+24%
212 235
+14%
214 421
+1%
240 343
+12%
243 403
+1%
221 079
-9%
232 697
+5%
242 438
+4%
223 644
-8%
195 127
-13%
132 682
-32%
48 876
-63%
39 018
-20%
58 980
+51%
169 718
+188%
204 325
+20%
205 825
+1%
198 003
-4%
39 232
-80%
63 865
+63%
85 196
+33%
94 740
+11%
195 059
+106%
191 460
-2%
188 461
-2%
84 850
-55%
(32 660)
N/A
(141 165)
-332%
(166 370)
-18%
(38 679)
+77%
49 355
N/A
147 298
+198%
148 737
+1%
138 184
-7%
173 684
+26%
188 159
+8%
238 541
+27%
199 777
-16%
191 126
-4%
231 266
+21%
233 447
+1%
285 061
+22%
315 187
+11%
340 790
+8%
349 751
+3%
382 477
+9%
374 531
-2%
368 188
-2%
Net Income
Tax Provision
(14 339)
(18 070)
(23 747)
(27 977)
(29 905)
(32 956)
(22 538)
(35 333)
(31 306)
(37 426)
(13 896)
(14 488)
(23 470)
(32 953)
(31 463)
(10 481)
(13 751)
(18 850)
(32 186)
(45 175)
(37 239)
(21 878)
(20 833)
(59 139)
(58 831)
(76 349)
(86 035)
(49 442)
(59 540)
(57 283)
(39 816)
(101 143)
(103 015)
(98 626)
(99 387)
(56 031)
(21 884)
(25 427)
(40 737)
(64 440)
(89 275)
(83 933)
(78 929)
(22 644)
(25 443)
(32 585)
(31 238)
(57 671)
(51 995)
(49 521)
107 383
139 945
167 432
177 643
32 467
(6 153)
(27 611)
(30 239)
(39 877)
(48 029)
(58 343)
(70 968)
(56 283)
(44 818)
(47 923)
(42 971)
(59 735)
(71 622)
(88 353)
(94 864)
(109 473)
(112 533)
(102 211)
Income from Continuing Operations
27 140
28 969
38 962
46 700
44 892
55 448
38 202
56 642
28 572
19 700
(5 559)
906
19 807
21 908
16 336
29 022
28 590
52 071
45 262
24 656
34 371
4 235
42 256
96 309
91 496
110 503
126 200
164 979
180 803
186 120
181 263
131 554
139 423
125 018
95 740
76 651
26 992
13 591
18 243
105 278
115 050
121 892
119 074
16 588
38 422
52 611
63 502
137 388
139 465
138 940
192 233
107 285
26 267
11 273
(6 212)
43 202
119 687
118 498
98 307
125 655
129 816
167 573
143 494
146 308
183 343
190 476
225 326
243 565
252 437
254 887
273 004
261 998
265 977
Income to Minority Interest
(1 271)
(988)
(497)
(487)
(340)
(1 285)
(870)
(1 442)
(717)
(303)
1 281
3 390
3 233
2 865
1 636
1 099
707
560
(385)
(114)
(585)
(423)
(537)
1 021
607
487
(564)
(4 550)
(11 496)
(20 484)
(27 868)
(21 141)
(16 012)
(9 270)
(3 110)
(12 816)
(10 811)
(12 055)
(19 038)
(17 557)
(18 299)
(18 207)
(18 928)
(23 909)
(26 781)
(29 811)
(29 063)
(27 117)
(28 698)
(26 567)
(23 495)
(20 161)
(13 418)
(10 469)
(4 769)
(2 562)
(8 492)
(8 694)
(10 949)
(12 113)
(9 731)
(11 978)
(13 529)
(15 857)
(18 897)
(22 214)
(23 266)
(21 542)
(21 315)
(17 687)
(16 922)
(16 549)
(14 588)
Net Income (Common)
25 869
N/A
27 980
+8%
38 461
+37%
46 211
+20%
44 545
-4%
54 159
+22%
37 325
-31%
55 202
+48%
27 853
-50%
19 397
-30%
(4 282)
N/A
4 293
N/A
23 034
+437%
24 767
+8%
17 966
-27%
30 117
+68%
29 294
-3%
52 632
+80%
44 875
-15%
24 540
-45%
33 780
+38%
3 806
-89%
41 716
+996%
97 330
+133%
92 104
-5%
110 990
+21%
125 634
+13%
160 428
+28%
169 304
+6%
165 634
-2%
153 395
-7%
110 412
-28%
123 411
+12%
115 747
-6%
92 630
-20%
63 834
-31%
16 180
-75%
1 535
-91%
(795)
N/A
87 720
N/A
96 751
+10%
103 683
+7%
100 140
-3%
(7 320)
N/A
11 639
N/A
22 799
+96%
34 439
+51%
110 271
+220%
110 765
+0%
112 371
+1%
168 737
+50%
87 123
-48%
12 848
-85%
803
-94%
(10 983)
N/A
40 639
N/A
111 192
+174%
109 802
-1%
87 358
-20%
113 541
+30%
120 085
+6%
155 594
+30%
129 962
-16%
130 451
+0%
164 444
+26%
168 261
+2%
202 059
+20%
222 023
+10%
231 121
+4%
237 199
+3%
256 083
+8%
245 447
-4%
251 388
+2%
EPS (Diluted)
77
N/A
82.53
+7%
114.46
+39%
137.53
+20%
131.4
-4%
161.18
+23%
111.08
-31%
162.83
+47%
82.89
-49%
57.72
-30%
-12.63
N/A
12.79
N/A
68.55
+436%
73.71
+8%
53.47
-27%
89.64
+68%
87.18
-3%
156.64
+80%
133.55
-15%
73.05
-45%
100.53
+38%
11.32
-89%
124.15
+997%
289.67
+133%
274.11
-5%
330.32
+21%
373.91
+13%
477.46
+28%
503.88
+6%
492.95
-2%
456.53
-7%
328.23
-28%
367.29
+12%
344.48
-6%
275.68
-20%
189.74
-31%
48.15
-75%
4.56
-91%
-2.36
N/A
260.71
N/A
287.94
+10%
307.66
+7%
266.32
-13%
-21.79
N/A
34.63
N/A
67.85
+96%
102.43
+51%
328.01
+220%
329.39
+0%
334.08
+1%
501.65
+50%
259.06
-48%
38.23
-85%
2.38
-94%
-32.65
N/A
120.83
N/A
331.15
+174%
327.18
-1%
260.1
-21%
33.81
-87%
357.48
+957%
463.07
+30%
386.76
-16%
38.83
-90%
489.29
+1 160%
50.05
-90%
60.1
+20%
66.05
+10%
68.74
+4%
70.55
+3%
76.23
+8%
73.04
-4%
74.84
+2%

See Also

Summary
Intrinsic value, competitors valuation, and company profile.
DCF Valuation
Stock valuation using Discount Cash Flow valuation method.
Relative Valuation
Stock valuation using valuation multiples.
Wall Street Estimates
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
Stock discount rate: cost of equity and WACC.
Summary
DCF Valuation
Relative Valuation
Wall Street Estimates
Profitability Analysis
Solvency Analysis
Financials
Discount Rate
Discover More
ALPHA SPREAD
Follow us
Join more than 301,700+ value investors using Alpha Spread
Create Free Account
or see our plans & pricing

Company

About Us Careers Pricing Affiliate Program Terms of Service Privacy Policy

Help

What is Intrinsic Value? Help Center Contact Us

Tools

Stock Screener Intrinsic Value Calculator DCF Value Calculator Discount Rate Calculator

Stocks

Most Undervalued Stocks Wide Economic Moat Stocks High Profitability Stocks High Solvency Stocks Most Popular Stocks

© 2025 Alpha Spread Limited. All Rights Reserved.

www.alphaspread.com is not operated by a broker, a dealer, or a registered investment adviser. Under no circumstances does any information posted on www.alphaspread.com represent a recommendation to buy or sell a security. The information on this site, and in its related newsletters, is not intended to be, nor does it constitute, investment advice or recommendations. The information on this site is in no way guaranteed for completeness, accuracy or in any other way. In no event shall Alpha Spread Limited be liable to any member, guest or third party for any damages of any kind arising out of the use of any content or other material published or available on www.alphaspread.com, or relating to the use of, or inability to use, www.alphaspread.com or any content, including, without limitation, any investment losses, lost profits, lost opportunity, special, incidental, indirect, consequential or punitive damages. Past performance is a poor indicator of future performance.