Waters Corporation (WAT) 10-Year Financial Performance & Capital Metrics

WAT • • Industrial / General

HealthcareDiagnostics & ResearchLife Sciences Instrumentation & ToolsLaboratory Equipment & Consumables

AboutWaters Corporation, a specialty measurement company, provides analytical workflow solutions in Asia, the Americas, and Europe. It operates through two segments, Waters and TA. The company designs, manufactures, sells, and services high and ultra-performance liquid chromatography, as well as mass spectrometry (MS) technology systems and support products, including chromatography columns, other consumable products, and post-warranty service plans. It also designs, manufactures, sells, and services thermal analysis, rheometry, and calorimetry instruments; and develops and supplies software-based products that interface with its instruments, as well as other manufacturers' instruments. Its MS technology instruments are used in drug discovery and development comprising clinical trial testing, the analysis of proteins in disease processes, nutritional safety analysis, and environmental testing. The company offers thermal analysis, rheometry, and calorimetry instruments for use in predicting the suitability and stability of fine chemicals, pharmaceuticals, water, polymers, metals, and viscous liquids for various industrial, consumer good, and healthcare products, as well as for life science research. Its products are used by life science, pharmaceutical, biochemical, industrial, nutritional safety, environmental, academic, and governmental customers working in research and development, quality assurance, and other laboratory applications. Waters Corporation was founded in 1958 and is headquartered in Milford, Massachusetts.Show more

Revenue $2.96B
EBITDA $1.02B +3.5%
Net Income $638M -0.7%
EPS (Diluted) 10.71 -1.2%
Gross Margin 59.43% -0.2%
EBITDA Margin 34.42% +3.4%
Operating Margin 27.93% +1.0%
Net Margin 21.56% -0.8%
ROE 42.82% -44.8%
ROIC 19.36% -22.9%
Debt/Equity 0.93 -56.1%
Interest Coverage 9.21 +11.4%

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Excellent 3Y average ROE of 94.3%
✓FCF machine: 20.9% free cash flow margin
✓Healthy 5Y average net margin of 22.8%

✗Weaknesses

✗Expensive at 12.9x book value

Price & Volume

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Growth Metrics

Revenue CAGR

10Y4.05%

5Y4.22%

3Y2.02%

TTM6.9%

Profit (Net Income) CAGR

10Y3.98%

5Y1.5%

3Y-2.72%

TTM4.2%

EPS CAGR

10Y7.77%

5Y4.27%

3Y-1.39%

TTM3.82%

ROCE

10Y Avg24.49%

5Y Avg30.47%

3Y Avg27.71%

Latest21.74%

Peer Comparison

Laboratory Equipment & Consumables

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
QGENQiagen N.V.	9.97B	48.38	127.32	0.66%	19.58%	11.11%	5.08%	0.40
RVTYRevvity, Inc.	13.08B	115.33	47.85	0.16%	8.47%	3.23%	4.14%	0.43
DHRDanaher Corporation	169.45B	239.89	45.35	-0.06%	14.43%	6.86%	3.13%	0.35
TMOThermo Fisher Scientific Inc.	234.69B	624.65	37.79	0.05%	15.02%	12.84%	3.1%	0.66
WATWaters Corporation	23.5B	394.59	36.84	0.07%	20.89%	27.84%	2.64%	0.93
MTDMettler-Toledo International Inc.	30.57B	1496.61	36.80	2.22%	21.2%		2.83%
AAgilent Technologies, Inc.	41.06B	144.83	31.69	6.73%	18.75%	19.33%	2.81%	0.50
TWSTTwist Bioscience Corporation	2.53B	41.27	-31.75	20.32%	-23.51%	-17.81%		0.16

Profit & Loss

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Sales/Revenue+	2.04B	2.17B	2.31B	2.42B	2.41B	2.37B	2.79B	2.97B	2.96B	2.96B
Revenue Growth %	0.03%	0.06%	0.07%	0.05%	-0.01%	-0.02%	0.18%	0.07%	-0.01%	0%
Cost of Goods Sold+	842.67M	891.45M	947.07M	992.56M	1.01B	1.01B	1.16B	1.25B	1.2B	1.2B
COGS % of Revenue	0.41%	0.41%	0.41%	0.41%	0.42%	0.43%	0.42%	0.42%	0.4%	0.41%
Gross Profit+	1.2B	1.28B	1.36B	1.43B	1.4B	1.36B	1.63B	1.72B	1.76B	1.76B
Gross Margin %	0.59%	0.59%	0.59%	0.59%	0.58%	0.57%	0.58%	0.58%	0.6%	0.59%
Gross Profit Growth %	0.03%	0.06%	0.07%	0.05%	-0.02%	-0.03%	0.2%	0.06%	0.02%	-0%
Operating Expenses+	632.21M	650.93M	699.81M	687.59M	687.44M	713.19M	807.63M	850.38M	943.52M	931.83M
OpEx % of Revenue	0.31%	0.3%	0.3%	0.28%	0.29%	0.3%	0.29%	0.29%	0.32%	0.31%
Selling, General & Admin	495.75M	512.33M	544.36M	536.9M	534.79M	553.7M	626.97M	658.03M	736.01M	690.15M
SG&A % of Revenue	0.24%	0.24%	0.24%	0.22%	0.22%	0.23%	0.23%	0.22%	0.25%	0.23%
Research & Development	118.55M	125.19M	132.59M	143.4M	142.96M	140.78M	168.36M	176.19M	174.94M	183.03M
R&D % of Revenue	0.06%	0.06%	0.06%	0.06%	0.06%	0.06%	0.06%	0.06%	0.06%	0.06%
Other Operating Expenses	17.92M	13.41M	22.86M	7.29M	9.69M	18.71M	12.31M	16.16M	32.56M	58.66M
Operating Income+	567.45M	625.04M	662.2M	739.77M	708.46M	645.49M	821.71M	873.39M	817.68M	826.35M
Operating Margin %	0.28%	0.29%	0.29%	0.31%	0.29%	0.27%	0.29%	0.29%	0.28%	0.28%
Operating Income Growth %	0.1%	0.1%	0.06%	0.12%	-0.04%	-0.09%	0.27%	0.06%	-0.06%	0.01%
EBITDA+	657.44M	721.49M	768.2M	848.18M	813.75M	770.85M	953.39M	1B	983.58M	1.02B
EBITDA Margin %	0.32%	0.33%	0.33%	0.35%	0.34%	0.33%	0.34%	0.34%	0.33%	0.34%
EBITDA Growth %	0.07%	0.1%	0.06%	0.1%	-0.04%	-0.05%	0.24%	0.05%	-0.02%	0.04%
D&A (Non-Cash Add-back)	89.99M	96.45M	106M	108.41M	105.3M	125.36M	131.68M	130.42M	165.91M	191.82M
EBIT	578.16M	645.02M	697.94M	730.79M	726.93M	659.98M	851.13M	886.64M	835.1M	844.54M
Net Interest Income+	-25.53M	-24.23M	-20.76M	-9.83M	-26.63M	-32.8M	-32.72M	-37.78M	-82.24M	-72.26M
Interest Income	10.71M	20.69M	36.08M	38.81M	22.06M	16.27M	12.22M	11.02M	16.62M	17.42M
Interest Expense	36.24M	44.91M	56.84M	48.64M	48.69M	49.07M	44.94M	48.8M	98.86M	89.68M
Other Income/Expense	-25.53M	-24.93M	-21.1M	-57.63M	-30.22M	-34.58M	-15.51M	-35.55M	-81.43M	-71.48M
Pretax Income+	541.92M	600.11M	641.1M	682.15M	678.24M	610.91M	806.19M	837.85M	736.24M	754.87M
Pretax Margin %	0.27%	0.28%	0.28%	0.28%	0.28%	0.26%	0.29%	0.28%	0.25%	0.26%
Income Tax+	72.87M	78.61M	620.79M	88.35M	86.04M	89.34M	113.35M	130.09M	94.01M	117.03M
Effective Tax Rate %	0.87%	0.87%	0.03%	0.87%	0.87%	0.85%	0.86%	0.84%	0.87%	0.84%
Net Income+	469.05M	521.5M	20.31M	593.79M	592.2M	521.57M	692.84M	707.75M	642.23M	637.83M
Net Margin %	0.23%	0.24%	0.01%	0.25%	0.25%	0.22%	0.25%	0.24%	0.22%	0.22%
Net Income Growth %	0.09%	0.11%	-0.96%	28.24%	-0%	-0.12%	0.33%	0.02%	-0.09%	-0.01%
Net Income (Continuing)	469.05M	521.5M	20.31M	593.79M	592.2M	521.57M	692.84M	707.75M	642.23M	637.83M
Discontinued Operations	0	0	0	0	0	0	0	0	0	0
Minority Interest	0	0	0	0	0	0	0	0	0	0
EPS (Diluted)+	5.65	6.41	0.25	7.65	8.69	8.36	11.17	11.73	10.84	10.71
EPS Growth %	0.11%	0.13%	-0.96%	29.6%	0.14%	-0.04%	0.34%	0.05%	-0.08%	-0.01%
EPS (Basic)	5.70	6.46	0.25	7.71	8.76	8.40	11.25	11.80	10.87	10.75
Diluted Shares Outstanding	83.09M	81.42M	80.6M	77.62M	68.17M	62.41M	62.03M	60.33M	59.27M	59.55M
Basic Shares Outstanding	82.34M	80.79M	79.79M	76.99M	67.63M	62.09M	61.58M	59.98M	59.08M	59.33M
Dividend Payout Ratio	-	-	-	-	-	-	-	-	-	-

Balance Sheet

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Total Current Assets+	3.21B	3.64B	4.27B	2.66B	1.31B	1.4B	1.63B	1.76B	1.75B	1.67B
Cash & Short-Term Investments	2.4B	2.81B	3.39B	1.74B	337.14M	443.15M	569.28M	481.39M	395.97M	325.36M
Cash Only	487.67M	505.63M	642.32M	796.28M	335.71M	436.69M	501.23M	480.53M	395.08M	324.42M
Short-Term Investments	1.91B	2.31B	2.75B	938.94M	1.43M	6.45M	68.05M	862K	898K	934K
Accounts Receivable	468.31M	489.34M	533.83M	568.32M	587.73M	573.32M	612.65M	722.89M	702.17M	733.37M
Days Sales Outstanding	83.7	82.41	84.38	85.72	89.14	88.47	80.27	88.78	86.69	90.48
Inventory	263.42M	262.68M	270.29M	291.57M	320.55M	304.28M	356.1M	455.71M	516.24M	477.26M
Days Inventory Outstanding	114.1	107.55	104.17	107.22	115.76	110.32	112.38	133.26	157.65	145.14
Other Current Assets	82.54M	70.39M	72.31M	68.05M	67.06M	80.29M	90.91M	103.91M	138.49M	133.13M
Total Non-Current Assets+	1.06B	1.03B	1.05B	1.06B	1.24B	1.44B	1.47B	1.52B	2.87B	2.88B
Property, Plant & Equipment	333.36M	337.12M	349.28M	343.08M	510.7M	587.25M	632.65M	668.72M	723.66M	725.39M
Fixed Asset Turnover	6.13x	6.43x	6.61x	7.05x	4.71x	4.03x	4.40x	4.44x	4.09x	4.08x
Goodwill	356.86M	352.08M	359.82M	355.61M	356.13M	444.36M	437.87M	430.33M	1.31B	1.3B
Intangible Assets	218.02M	207.06M	228.4M	246.9M	240.2M	258.64M	242.4M	227.4M	629.19M	567.91M
Long-Term Investments	0	0	0	0	0	0	0	0	0	0
Other Non-Current Assets	146.9M	130.36M	116.73M	118.66M	137.53M	148.63M	153.08M	191.1M	215.69M	295.67M
Total Assets+	4.26B	4.66B	5.34B	3.73B	2.56B	2.84B	3.09B	3.28B	4.63B	4.55B
Asset Turnover	0.48x	0.46x	0.43x	0.65x	0.94x	0.83x	0.90x	0.91x	0.64x	0.65x
Asset Growth %	0.1%	0.09%	0.15%	-0.3%	-0.31%	0.11%	0.09%	0.06%	0.41%	-0.02%
Total Current Liabilities+	564.08M	520.32M	606.16M	448.93M	591.33M	804.98M	680.51M	785.74M	789.58M	789.76M
Accounts Payable	70.57M	67.74M	64.54M	68.17M	49M	72.21M	96.8M	93.3M	84.7M	99.93M
Days Payables Outstanding	30.57	27.74	24.87	25.07	17.7	26.18	30.55	27.28	25.87	30.39
Short-Term Debt	175.31M	125.3M	100.27M	178K	100.37M	150M	0	50M	50M	0
Deferred Revenue (Current)	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K
Other Current Liabilities	148.45M	149.81M	188.47M	180.38M	180.55M	269.26M	256.25M	243.6M	238.07M	243.22M
Current Ratio	5.70x	6.99x	7.04x	5.93x	2.22x	1.74x	2.39x	2.24x	2.22x	2.11x
Quick Ratio	5.23x	6.48x	6.60x	5.28x	1.68x	1.36x	1.87x	1.66x	1.57x	1.51x
Cash Conversion Cycle	167.22	162.22	163.68	167.87	187.21	172.61	162.1	194.76	218.47	205.23
Total Non-Current Liabilities+	1.65B	1.84B	2.48B	1.71B	2.18B	1.8B	2.05B	1.99B	2.69B	1.94B
Long-Term Debt	1.49B	1.7B	1.9B	1.15B	1.58B	1.21B	1.51B	1.52B	2.31B	1.63B
Capital Lease Obligations	0	0	0	0	66.88M	68.2M	59.62M	62.11M	58.93M	50.32M
Deferred Tax Liabilities	0	0	0	0	0	0	0	0	0	0
Other Non-Current Liabilities	152.72M	137.82M	586.91M	563.07M	534.32M	528.08M	473.38M	404.24M	322.49M	258.73M
Total Liabilities	2.2B	2.36B	3.11B	2.16B	2.77B	2.61B	2.73B	2.78B	3.48B	2.73B
Total Debt+	1.67B	1.83B	2B	1.15B	1.78B	1.45B	1.6B	1.66B	2.44B	1.7B
Net Debt	1.18B	1.32B	1.36B	352.07M	1.44B	1.02B	1.1B	1.18B	2.05B	1.38B
Debt / Equity	0.81x	0.79x	0.89x	0.73x	-	6.26x	4.36x	3.30x	2.12x	0.93x
Debt / EBITDA	2.54x	2.53x	2.60x	1.35x	2.18x	1.88x	1.68x	1.66x	2.48x	1.67x
Net Debt / EBITDA	1.80x	1.83x	1.76x	0.42x	1.77x	1.32x	1.15x	1.18x	2.08x	1.35x
Interest Coverage	15.66x	13.92x	11.65x	15.21x	14.55x	13.15x	18.29x	17.90x	8.27x	9.21x
Total Equity+	2.06B	2.3B	2.23B	1.57B	-216.28M	232.14M	367.55M	504.49M	1.15B	1.83B
Equity Growth %	0.09%	0.12%	-0.03%	-0.3%	-1.14%	2.07%	0.58%	0.37%	1.28%	0.59%
Book Value per Share	24.78	28.27	27.71	20.19	-3.17	3.72	5.93	8.36	19.41	30.70
Total Shareholders' Equity	2.06B	2.3B	2.23B	1.57B	-216.28M	232.14M	367.55M	504.49M	1.15B	1.83B
Common Stock	1.58M	1.59M	1.6M	1.6M	1.61M	1.62M	1.62M	1.62M	1.63M	1.63M
Retained Earnings	4.86B	5.39B	5.41B	6B	6.59B	7.11B	7.8B	8.51B	9.15B	9.79B
Treasury Stock	-4.15B	-4.48B	-4.81B	-6.15B	-8.61B	-8.79B	-9.44B	-10.06B	-10.13B	-10.15B
Accumulated OCI	-146.73M	-216.28M	-110.07M	-117.97M	-119.47M	-117.94M	-111.86M	-141.57M	-134.12M	-155.28M
Minority Interest	0	0	0	0	0	0	0	0	0	0

Cash Flow

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Cash from Operations+	560.29M	629.08M	697.64M	604.45M	643.09M	790.51M	747.27M	611.66M	602.81M	762.12M
Operating CF Margin %	0.27%	0.29%	0.3%	0.25%	0.27%	0.33%	0.27%	0.21%	0.2%	0.26%
Operating CF Growth %	0.1%	0.12%	0.11%	-0.13%	0.06%	0.23%	-0.05%	-0.18%	-0.01%	0.26%
Net Income	469.05M	521.5M	20.31M	593.79M	592.2M	521.57M	692.84M	707.75M	642.23M	637.83M
Depreciation & Amortization	89.99M	96.45M	106M	108.41M	105.3M	135.35M	131.68M	130.42M	165.91M	191.82M
Stock-Based Compensation	33.37M	41M	39.44M	37.54M	38.58M	36.87M	29.92M	42.56M	36.87M	44.71M
Deferred Taxes	6.58M	1.2M	45.51M	2.4M	9.62M	-2.69M	16.63M	-31.99M	-1.2M	-877K
Other Non-Cash Items	4.55M	870K	-45.51M	-2.4M	-9.62M	2.69M	-16.63M	31.99M	-742K	0
Working Capital Changes	-43.25M	-31.95M	531.89M	-135.3M	-92.98M	96.72M	-107.17M	-269.08M	-240.26M	-111.37M
Change in Receivables	-49.89M	-31.72M	-24.01M	-47.92M	-22.2M	37.47M	-62.45M	-137.87M	49.18M	-66.24M
Change in Inventory	-19.97M	-20.15M	731K	-25.4M	-31.85M	18.94M	-67.25M	-101.9M	-45.44M	20.94M
Change in Payables	27.45M	6.84M	3.17M	-81.66M	9.78M	140.6M	46.11M	60.98M	-79.52M	61.59M
Cash from Investing+	-399.74M	-487.92M	-535.75M	1.68B	768.8M	-264.09M	-231.63M	-107.97M	-1.44B	-144.02M
Capital Expenditures	-103.01M	-94.97M	-90.47M	-127.56M	-163.82M	-172.38M	-168.27M	-183.46M	-160.63M	-142.48M
CapEx % of Revenue	0.05%	0.04%	0.04%	0.05%	0.07%	0.07%	0.06%	0.06%	0.05%	0.05%
Acquisitions	-	-	-	-	-	-	-	-	-	-
Investments	-	-	-	-	-	-	-	-	-	-
Other Investing	5.15M	4M	-7M	31.49M	-8.84M	6.14M	-225.08M	1.37M	0	0
Cash from Financing+	-69.59M	-101.86M	-63.87M	-2.12B	-1.87B	-440.5M	-438.27M	-509.63M	754.95M	-696.67M
Debt Issued (Net)	-	-	-	-	-	-	-	-	-	-
Equity Issued (Net)	-	-	-	-	-	-	-	-	-	-
Dividends Paid	0	0	0	0	0	0	0	0	0	0
Share Repurchases	-	-	-	-	-	-	-	-	-	-
Other Financing	60.03M	63.93M	98.7M	45.74M	61.39M	81.27M	50.66M	56.43M	45.23M	46.87M
Net Change in Cash	-	-	-	-	-	-	-	-	-	-
Free Cash Flow+	457.28M	534.11M	607.17M	476.88M	479.26M	618.12M	579.01M	428.2M	442.18M	619.64M
FCF Margin %	0.22%	0.25%	0.26%	0.2%	0.2%	0.26%	0.21%	0.14%	0.15%	0.21%
FCF Growth %	0.13%	0.17%	0.14%	-0.21%	0%	0.29%	-0.06%	-0.26%	0.03%	0.4%
FCF per Share	5.50	6.56	7.53	6.14	7.03	9.90	9.33	7.10	7.46	10.41
FCF Conversion (FCF/Net Income)	1.19x	1.21x	34.35x	1.02x	1.09x	1.52x	1.08x	0.86x	0.94x	1.19x
Interest Paid	37.4M	43.59M	56.5M	50.8M	42.84M	52.1M	42.41M	48.08M	94.1M	92.1M
Taxes Paid	51.75M	50.01M	70.58M	159.4M	88M	97.62M	153.5M	160.08M	243.32M	183.34M

Key Ratios

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Return on Equity (ROE)	23.73%	23.92%	0.9%	31.24%	87.67%	6575.94%	231.06%	162.32%	77.62%	42.82%
Return on Invested Capital (ROIC)	13.78%	13.66%	13.77%	20.14%	33.82%	39.18%	45.39%	41.52%	25.11%	19.36%
Gross Margin	58.74%	58.87%	58.99%	58.98%	58%	57.44%	58.49%	58%	59.57%	59.43%
Net Margin	22.97%	24.06%	0.88%	24.54%	24.61%	22.05%	24.87%	23.81%	21.72%	21.56%
Debt / Equity	0.81x	0.79x	0.89x	0.73x	-	6.26x	4.36x	3.30x	2.12x	0.93x
Interest Coverage	15.66x	13.92x	11.65x	15.21x	14.55x	13.15x	18.29x	17.90x	8.27x	9.21x
FCF Conversion	1.19x	1.21x	34.35x	1.02x	1.09x	1.52x	1.08x	0.86x	0.94x	1.19x
Revenue Growth	2.66%	6.12%	6.54%	4.8%	-0.55%	-1.71%	17.78%	6.68%	-0.52%	0.07%

Revenue by Segment

	2018	2019	2020	2021	2022	2023	2024
Waters Instrument Systems	1B	963.87M	890.86M	1.09B	1.21B	1.11B	1.03B
Waters Instrument Systems Growth	-	-3.67%	-7.58%	22.27%	11.13%	-8.41%	-6.87%
Waters Service	738.43M	761.59M	794.19M	876.63M	890.61M	951.42M	1.01B
Waters Service Growth	-	3.14%	4.28%	10.38%	1.59%	6.83%	5.78%
Chemistry Consumables	400.29M	412.02M	432.08M	507.21M	525.4M	541.47M	565.48M
Chemistry Consumables Growth	-	2.93%	4.87%	17.39%	3.59%	3.06%	4.43%
Ta Instrument Systems	204.08M	191.3M	174.4M	225.61M	252.31M	252.88M	246.2M
Ta Instrument Systems Growth	-	-6.26%	-8.84%	29.37%	11.83%	0.22%	-2.64%
Ta Service	76.5M	77.81M	73.84M	87.18M	93.18M	101.95M	107.76M
Ta Service Growth	-	1.71%	-5.10%	18.06%	6.88%	9.41%	5.71%

Revenue by Geography

	2018	2019	2020	2021	2022	2023	2024
Americas	835.18M	830.24M	797.84M	925.22M	1.06B	1.11B	1.12B
Americas Growth	-	-0.59%	-3.90%	15.97%	14.10%	5.01%	0.65%
Asia Pacific	922.29M	939.11M	899.18M	1.08B	1.13B	1.01B	969.22M
Asia Pacific Growth	-	1.82%	-4.25%	19.64%	5.20%	-10.95%	-3.83%
Europe	662.46M	637.24M	668.35M	784.89M	784.58M	840.02M	873.38M
Europe Growth	-	-3.81%	4.88%	17.44%	-0.04%	7.07%	3.97%

Frequently Asked Questions

Valuation & Price

Waters Corporation (WAT) has a price-to-earnings (P/E) ratio of 36.8x. This suggests investors expect higher future growth.

Growth & Financials

Waters Corporation (WAT) reported $3.11B in revenue for fiscal year 2024. This represents a 68% increase from $1.85B in 2011.

Waters Corporation (WAT) grew revenue by 0.1% over the past year. Growth has been modest.

Yes, Waters Corporation (WAT) is profitable, generating $648.8M in net income for fiscal year 2024 (21.6% net margin).

Dividend & Returns

Waters Corporation (WAT) has a return on equity (ROE) of 42.8%. This is excellent, indicating efficient use of shareholder capital.

Waters Corporation (WAT) generated $602.3M in free cash flow for fiscal year 2024. Positive FCF indicates the company can fund dividends, buybacks, or reinvestment.

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