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Revenue expanded across the multi-year history, while operating margins compressed in the most recent annual periods. Operating and free cash flow remained positive but varied with working-capital movements; capital spending was modest relative to revenue.
The latest trailing results show an earnings and cash-flow recovery alongside continued revenue growth, but the improvement in operating cash also reflects better movements in operating assets and liabilities. Management cited improved Government business performance, making this a meaningful recovery without yet establishing that the cash-flow improvement is durable.
Whether operating cash flow remains supported if the recent improvement in operating assets and liabilities reverses.
| Metric | FY2016 | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| 177.5B | 184.8B | 194.6B | 256.8B | 268.7B | 292.1B | 322.5B | 357.8B | 372.8B | 402.1B | |
| (148.7B) | (156.3B) | (163B) | (211.2B) | (219.7B) | (240B) | (268B) | (303.3B) | (321.4B) | (346.7B) | |
| 28.8B | 28.5B | 31.5B | 45.5B | 49B | 52.1B | 54.5B | 54.4B | 51.4B | 55.4B | |
| (18.4B) | (18.8B) | (21.4B) | (33.1B) | (35.1B) | (36.9B) | (38.2B) | (39.3B) | (41.4B) | (44.9B) | |
| (18.4B) | (18.8B) | (21.4B) | (396m) | (461m) | (707m) | (745m) | (985m) | (989m) | (970m) | |
| — | — | — | (32.7B) | (34.6B) | (36.2B) | (37.5B) | (38.4B) | (40.4B) | (43.9B) | |
| 10.4B | 9.7B | 10.2B | 12.5B | 14B | 15.2B | 16.3B | 15.1B | 10B | 10.5B | |
| (1.1B) | (1.1B) | (2.6B) | (3B) | (2.9B) | (2.5B) | (2.3B) | (2.7B) | (3B) | (3.1B) | |
| 1.1B | 1.1B | 2.6B | 3B | 2.9B | 2.5B | 2.3B | 2.7B | 3B | 3.1B | |
| (643m) | (181m) | (6.1B) | (559m) | (1.5B) | (2.4B) | (8.3B) | (1.3B) | (1B) | (5.4B) | |
| (28m) | (208m) | 4m | 124m | 206m | 182m | 169m | 88m | 99m | 112m | |
| 8.6B | 8.3B | 1.4B | 9B | 9.8B | 10.5B | 5.8B | 11.2B | 6.1B | 2.1B | |
| (3.3B) | (3.1B) | (2.1B) | (2.4B) | (2.6B) | (2.5B) | (1.5B) | (2.8B) | (1.6B) | (408m) | |
| 5.3B | 5.1B | (696m) | 6.6B | 7.2B | 8B | 4.3B | 8.4B | 4.6B | 1.7B | |
| (2m) | (1m) | 2m | 3m | (13m) | 12m | (16m) | (24m) | 28m | 40m | |
| 5.3B | 6.6B | (597m) | 6.6B | 7.2B | 8B | 4.3B | 8.3B | 4.6B | 1.8B | |
| 4.90 | 6.45 | (0.57) | 5.08 | 5.47 | 6.02 | 3.26 | 6.47 | 3.66 | 1.39 |
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Stock intrinsic value is the real worth of a company's stock, based on its financial health and performance.
Instead of looking at the stock's current market price, which can change due to people's opinions and emotions, intrinsic value helps us understand if a stock is truly a good deal or not.
By focusing on the company's actual financial strength, like its earnings and debts, we can make better decisions about which stocks to buy and when.
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