Expand Energy Corporation (EXE) 10-Year Financial Performance & Capital Metrics

EXE •

EnergyOil & Gas E&PU.S. natural gas shale producers

AboutExpand Energy Corporation operates as an independent exploration and production company in the United States. It engages in acquisition, exploration, and development of properties to produce oil, natural gas, and natural gas liquids from underground reservoirs. The company holds interests in natural gas resource plays in the Marcellus Shale in the northern Appalachian Basin in Pennsylvania and the Haynesville/Bossier Shales in northwestern Louisiana. As of December 31, 2023, the company owns a portfolio of onshore U.S. unconventional natural gas assets, including interests in approximately 5,000 natural gas wells. The company was formerly known as Chesapeake Energy Corporation and changed its name to Expand Energy Corporation in October 2024. Expand Energy Corporation was founded in 1989 and is based in Oklahoma City, Oklahoma.Show more

Revenue $12.12B +187.2%
EBITDA $5.02B +441.8%
Net Income $1.82B +354.8%
EPS (Diluted) 7.57 +266.4%
Gross Margin 80.4% +197.4%
EBITDA Margin 41.38% +88.6%
Operating Margin 16.8% +188.3%
Net Margin 15% +188.7%
ROE 10.07% +299.4%
ROIC 7.45% +315.4%
Debt/Equity -
Interest Coverage 8.67 +232.8%

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Strong Piotroski F-Score: 8/9
✓FCF machine: 15.2% free cash flow margin
✓High quality earnings: Operating CF exceeds net income
✓Strong 5Y sales CAGR of 18.4%
✓Share count reduced 99.8% through buybacks
✓Healthy 5Y average net margin of 31.8%

✗Weaknesses

No significant weaknesses identified

Price & Volume

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Growth Metrics

Revenue CAGR

10Y-0.51%

5Y18.4%

3Y1.95%

TTM187.14%

Profit (Net Income) CAGR

10Y-

5Y-

3Y-28.31%

TTM354.76%

EPS CAGR

10Y-

5Y-

3Y-39.01%

TTM282.77%

ROCE

10Y Avg-3.46%

5Y Avg20.45%

3Y Avg9.4%

Latest8.12%

Peer Comparison

U.S. natural gas shale producers

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
EPSNEpsilon Energy Ltd.	112.94M	5.12	58.25	2.58%	12.86%	5.87%		0.00
ARAntero Resources Corporation	11.35B	36.81	18.13	28.09%	11.13%	7.29%	14.37%	0.46
EQTEQT Corporation	38.33B	61.42	16.16	65.53%	23.59%	7.45%	7.4%	0.29
BKVBKV Corporation	2.82B	31.33	16.07	48.16%	19.75%	8.35%		0.24
RRCRange Resources Corporation	9.78B	41.28	15.07	32.75%	9.58%	15.24%	6.03%	0.29
EXEExpand Energy Corporation	25.7B	107.92	14.26	187.23%	15.01%	9.79%	7.15%
CNXCNX Resources Corporation	5.95B	41.78	10.50	59.19%	28.03%	14.6%	8.98%	0.57
INRInfinity Natural Resources, Inc.	751.12B	16.60	4.46	60.16%	-0.58%	-0.2%		0.51

Profit & Loss

	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024	Dec 2025
Sales/Revenue+	7.87B	9.5B	10.23B	8.49B	5.21B	7.3B	11.44B	7.78B	4.22B	12.12B
Revenue Growth %	-38.33%	20.63%	7.74%	-17.03%	-38.63%	40.13%	56.73%	-32.05%	-45.71%	187.23%
Cost of Goods Sold+	8.52B	8.42B	8.96B	8.09B	4.59B	4.88B	3.29B	2.74B	3.08B	2.38B
COGS % of Revenue	108.28%	88.64%	87.54%	95.34%	88.1%	66.85%	28.73%	35.19%	72.97%	19.6%
Gross Profit+	-652M	1.08B	1.27B	396M	620M	2.42B	8.16B	5.04B	1.14B	9.75B
Gross Margin %	-8.28%	11.36%	12.46%	4.66%	11.9%	33.15%	71.28%	64.81%	27.03%	80.4%
Gross Profit Growth %	-562.41%	265.49%	18.16%	-68.94%	56.57%	290.32%	237.02%	-38.22%	-77.36%	754.34%
Operating Expenses+	3.76B	1.22B	893M	427M	9.32B	95M	4.38B	1.9B	1.94B	7.28B
OpEx % of Revenue	47.75%	12.82%	8.73%	5.03%	178.94%	1.3%	38.24%	24.4%	46.06%	60.02%
Selling, General & Admin	240M	333M	335M	315M	380M	118M	4.36B	2.63B	1.5B	3.34B
SG&A % of Revenue	3.05%	3.51%	3.27%	3.71%	7.29%	1.62%	38.08%	33.77%	35.44%	27.58%
Research & Development	0	0	0	0	0	0	0	0	0	0
R&D % of Revenue	-	-	-	-	-	-	-	-	-	-
Other Operating Expenses	3.52B	884M	558M	112M	8.94B	-23M	19M	-729M	448M	3.93B
Operating Income+	-4.41B	-138M	382M	-31M	-8.7B	2.33B	3.78B	3.14B	-803M	2.04B
Operating Margin %	-56.03%	-1.45%	3.73%	-0.37%	-167.04%	31.85%	33.03%	40.41%	-19.02%	16.8%
Operating Income Growth %	76.68%	96.87%	376.81%	-108.12%	-27974.19%	126.71%	62.58%	-16.88%	-125.56%	353.67%
EBITDA+	-3.3B	1.56B	2.12B	2.23B	-7.61B	3.32B	5.53B	4.67B	926M	5.02B
EBITDA Margin %	-41.97%	16.42%	20.71%	26.3%	-145.99%	45.47%	48.35%	60.05%	21.94%	41.38%
EBITDA Growth %	80.2%	147.19%	35.92%	5.38%	-440.62%	143.65%	66.66%	-15.62%	-80.17%	441.79%
D&A (Non-Cash Add-back)	1.11B	1.7B	1.74B	2.26B	1.1B	995M	1.75B	1.53B	1.73B	2.98B
EBIT	-4.29B	238M	851M	12M	-9.29B	6.31B	3.81B	3.23B	-711M	2.04B
Net Interest Income+	-286M	-425M	-634M	-652M	-331M	-84M	-160M	-104M	-123M	-235M
Interest Income	0	0	0	0	0	0	0	0	0	0
Interest Expense	286M	425M	634M	652M	331M	84M	160M	104M	123M	235M
Other Income/Expense	-178M	-362M	-164M	-608M	-1.07B	3.9B	-129M	-25M	-38M	-189M
Pretax Income+	-4.59B	-500M	218M	-639M	-9.77B	6.22B	3.65B	3.12B	-841M	2.28B
Pretax Margin %	-58.3%	-5.27%	2.13%	-7.53%	-187.5%	85.22%	31.91%	40.09%	-19.92%	18.82%
Income Tax+	-190M	2M	-10M	-331M	-19M	-106M	-1.28B	698M	-127M	463M
Effective Tax Rate %	95.66%	101%	103.67%	48.2%	99.64%	101.7%	135.2%	77.61%	84.9%	79.71%
Net Income+	-4.39B	-505M	226M	-308M	-9.73B	6.33B	4.94B	2.42B	-714M	1.82B
Net Margin %	-55.77%	-5.32%	2.21%	-3.63%	-186.83%	86.67%	43.14%	31.11%	-16.92%	15%
Net Income Growth %	69.86%	88.5%	144.75%	-236.28%	-3060.39%	165.01%	-22%	-50.99%	-129.52%	354.76%
Net Income (Continuing)	-4.4B	-502M	228M	-308M	-9.75B	6.33B	4.94B	2.42B	-714M	1.82B
Discontinued Operations	0	0	0	0	0	0	0	0	0	0
Minority Interest	128M	124M	41M	37M	0	0	0	0	0	0
EPS (Diluted)+	-1278.00	180.00	29.26	-49.97	-998.26	53.66	33.36	16.92	-4.55	7.57
EPS Growth %	71.51%	114.08%	-83.74%	-270.78%	-1897.72%	105.38%	-37.83%	-49.28%	-126.89%	266.37%
EPS (Basic)	-1278.00	180.00	29.26	-49.97	-998.26	53.66	38.71	18.21	-4.55	7.67
Diluted Shares Outstanding	3.82M	4.53M	4.54M	8.32M	9.77M	117.92M	145.96M	142.98M	156.99M	240.37K
Basic Shares Outstanding	3.82M	4.53M	4.54M	8.32M	9.77M	117.92M	125.78M	132.84M	156.99M	237.29K
Dividend Payout Ratio	-	-	40.71%	-	-	1.88%	24.55%	20.13%	-	42.06%

Balance Sheet

	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024	Dec 2025
Total Current Assets+	2.14B	1.52B	1.6B	1.25B	1.11B	2.1B	2.7B	2.61B	2B	2.92B
Cash & Short-Term Investments	882M	32M	213M	140M	298M	905M	130M	1.08B	317M	616M
Cash Only	882M	5M	4M	6M	279M	905M	130M	1.08B	317M	616M
Short-Term Investments	0	0	0	134M	19M	0	0	0	0	0
Accounts Receivable	964M	1.14B	1.17B	990M	746M	1.08B	1.41B	585M	1.21B	1.6B
Days Sales Outstanding	44.7	43.74	41.74	42.57	52.26	53.84	45.1	27.46	104.46	48.14
Inventory	0	0	0	0	0	0	0	0	0	0
Days Inventory Outstanding	-	-	-	-	-	-	-	-	-	-
Other Current Assets	296M	382M	424M	121M	64M	121M	1.15B	945M	472M	701M
Total Non-Current Assets+	10.89B	10.9B	11.14B	14.94B	5.48B	8.91B	12.77B	11.77B	25.9B	25.37B
Property, Plant & Equipment	10.58B	10.66B	10.8B	14.77B	5.26B	8.84B	11.31B	10.2B	24.43B	509M
Fixed Asset Turnover	0.74x	0.89x	0.95x	0.57x	0.99x	0.83x	1.01x	0.76x	0.17x	23.82x
Goodwill	0	0	0	0	0	0	0	0	0	0
Intangible Assets	0	0	0	0	0	0	0	0	0	0
Long-Term Investments	0	0	0	0	0	0	18M	238M	307M	0
Other Non-Current Assets	306M	236M	334M	174M	215M	69M	1.45B	1.33B	1.16B	24.69B
Total Assets+	13.03B	12.43B	12.73B	16.19B	6.58B	11.01B	15.47B	14.38B	27.89B	28.29B
Asset Turnover	0.60x	0.76x	0.80x	0.52x	0.79x	0.66x	0.74x	0.54x	0.15x	0.43x
Asset Growth %	-24.75%	-4.63%	2.5%	27.15%	-59.34%	67.21%	40.5%	-7.06%	94.03%	1.41%
Total Current Liabilities+	3.65B	2.36B	2.89B	2.39B	3.09B	2.45B	2.7B	1.31B	3.12B	2.9B
Accounts Payable	672M	654M	763M	498M	346M	308M	603M	425M	777M	753M
Days Payables Outstanding	28.78	28.36	31.1	22.46	27.51	23.03	66.96	56.7	92.08	115.68
Short-Term Debt	503M	52M	381M	403M	1.96B	0	0	0	389M	0
Deferred Revenue (Current)	0	0	0	571M	305M	0	0	0	0	0
Other Current Liabilities	1.95B	1.08B	1.14B	614M	340M	1.84B	1.65B	491M	1.37B	2.15B
Current Ratio	0.59x	0.65x	0.55x	0.52x	0.36x	0.86x	1.00x	1.99x	0.64x	1.01x
Quick Ratio	0.59x	0.65x	0.55x	0.52x	0.36x	0.86x	1.00x	1.99x	0.64x	1.01x
Cash Conversion Cycle	-	-	-	-	-	-	-	-	-	-
Total Non-Current Liabilities+	10.58B	10.44B	7.71B	9.4B	8.83B	2.89B	3.64B	2.33B	7.21B	6.81B
Long-Term Debt	9.94B	9.92B	7.34B	9.07B	0	2.28B	3.09B	2.03B	5.29B	0
Capital Lease Obligations	0	0	0	25M	0	9M	33M	15M	74M	0
Deferred Tax Liabilities	0	0	53M	0	0	0	0	0	0	0
Other Non-Current Liabilities	645M	520M	374M	293M	8.83B	604M	514M	290M	1.84B	6.81B
Total Liabilities	14.23B	12.8B	10.6B	11.79B	11.93B	5.34B	6.34B	3.65B	10.33B	9.71B
Total Debt+	10.44B	9.97B	7.72B	9.5B	1.96B	2.32B	3.21B	2.13B	5.83B	0
Net Debt	9.56B	9.97B	7.72B	9.49B	1.68B	1.41B	3.08B	1.05B	5.51B	-616M
Debt / Equity	-	-	3.62x	2.16x	-	0.41x	0.35x	0.20x	0.33x	-
Debt / EBITDA	-	6.40x	3.64x	4.25x	-	0.70x	0.58x	0.46x	6.29x	-
Net Debt / EBITDA	-	6.39x	3.64x	4.25x	-	0.43x	0.56x	0.22x	5.95x	-0.12x
Interest Coverage	-15.42x	-0.32x	0.60x	-0.05x	-26.29x	27.68x	23.63x	30.21x	-6.53x	8.67x
Total Equity+	-1.2B	-372M	2.13B	4.4B	-5.34B	5.67B	9.12B	10.73B	17.57B	18.58B
Equity Growth %	-150.19%	69.08%	673.39%	106.33%	-221.36%	206.18%	60.89%	17.59%	63.72%	5.77%
Book Value per Share	-314.92	-82.12	469.31	528.65	-546.51	48.09	62.51	75.04	111.89	77289.18
Total Shareholders' Equity	-1.33B	-496M	2.09B	4.36B	-5.34B	5.67B	9.12B	10.73B	17.57B	18.58B
Common Stock	9M	9M	9M	19M	0	1M	1M	1M	2M	2M
Retained Earnings	-17.47B	-16.52B	-13.91B	-14.22B	-23.95B	825M	3.4B	4.97B	3.88B	4.83B
Treasury Stock	-27M	-31M	-31M	-32M	0	0	0	0	0	0
Accumulated OCI	-96M	-57M	-23M	12M	45M	0	0	0	0	0
Minority Interest	128M	124M	41M	37M	0	0	0	0	0	0

Cash Flow

	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024	Dec 2025
Cash from Operations+	-204M	745M	1.73B	1.62B	1.16B	1.79B	4.13B	2.38B	1.56B	4.58B
Operating CF Margin %	-2.59%	7.85%	16.91%	19.12%	22.34%	24.49%	36.05%	30.61%	37.08%	37.74%
Operating CF Growth %	-128.1%	465.2%	132.21%	-6.19%	-28.28%	53.61%	130.7%	-42.3%	-34.24%	192.33%
Net Income	-4.39B	939M	225M	-308M	-9.75B	6.33B	4.94B	2.42B	-714M	1.82B
Depreciation & Amortization	1.11B	995M	1.83B	0	0	995M	0	0	1.73B	2.98B
Stock-Based Compensation	0	0	0	30M	21M	0	22M	33M	38M	46M
Deferred Taxes	-171M	11M	-10M	-305M	-10M	-106M	-1.33B	428M	-123M	448M
Other Non-Cash Items	4.01B	-729M	-409M	2.46B	9.99B	-6.24B	622M	-775M	950M	-433M
Working Capital Changes	-761M	-471M	91M	-254M	915M	814M	-123M	275M	-315M	-285M
Change in Receivables	0	0	0	376M	0	0	0	0	0	-370M
Change in Inventory	0	0	0	0	0	0	0	0	0	0
Change in Payables	0	0	0	0	0	0	0	0	0	-68M
Cash from Investing+	-660M	-1.19B	455M	-2.48B	-992M	-916M	-3.4B	473M	-1.9B	-2.76B
Capital Expenditures	-2.12B	-2.22B	-2B	-2.26B	-1.14B	-735M	-1.82B	-1.83B	-1.56B	-2.74B
CapEx % of Revenue	26.93%	23.4%	19.52%	26.66%	21.92%	10.07%	15.93%	23.52%	36.89%	22.57%
Acquisitions	1.54B	1.3B	2.38B	-353M	150M	-181M	-1.97B	2.53B	-459M	0
Investments	-	-	-	-	-	-	-	-	-	-
Other Investing	-77M	-270M	0	136M	0	0	407M	0	187M	-9M
Cash from Financing+	921M	-434M	-2.19B	859M	101M	-237M	-1.45B	-1.89B	-419M	-1.51B
Debt Issued (Net)	952M	-226M	-1.94B	986M	245M	-719M	829M	-1.05B	-20M	-663M
Equity Issued (Net)	0	0	0	0	0	1000K	-1000K	-1000K	1000K	-1000K
Dividends Paid	0	-183M	-92M	-91M	-22M	-119M	-1.21B	-487M	-388M	-765M
Share Repurchases	0	0	0	0	0	0	-1.07B	-355M	0	-100M
Other Financing	-31M	-25M	-155M	-36M	-122M	-1M	10M	0	-14M	-11M
Net Change in Cash	57M	-877M	-1M	2M	273M	635M	-722M	961M	-758M	301M
Free Cash Flow+	-2.32B	-1.75B	-267M	-640M	22M	1.05B	2.3B	551M	8M	1.84B
FCF Margin %	-29.52%	-18.4%	-2.61%	-7.54%	0.42%	14.42%	20.12%	7.09%	0.19%	15.17%
FCF Growth %	23.68%	24.83%	84.72%	-139.7%	103.44%	4686.36%	118.61%	-76.06%	-98.55%	22887.5%
FCF per Share	-608.38	-385.65	-58.75	-76.88	2.25	8.93	15.77	3.85	0.05	7650.71
FCF Conversion (FCF/Net Income)	0.05x	-1.48x	7.65x	-5.27x	-0.12x	0.28x	0.84x	0.98x	-2.19x	2.52x
Interest Paid	344M	667M	0	0	0	0	146M	117M	0	0
Taxes Paid	-27M	16M	0	0	0	0	193M	132M	0	0

Key Ratios

Metric	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Return on Equity (ROE)	-735.34%	-	25.67%	-9.43%	-	3835.15%	66.73%	24.37%	-5.05%	10.07%
Return on Invested Capital (ROIC)	-32.04%	-1.15%	2.95%	-0.2%	-127.51%	101.85%	29.4%	19.65%	-3.46%	7.45%
Gross Margin	-8.28%	11.36%	12.46%	4.66%	11.9%	33.15%	71.28%	64.81%	27.03%	80.4%
Net Margin	-55.77%	-5.32%	2.21%	-3.63%	-186.83%	86.67%	43.14%	31.11%	-16.92%	15%
Debt / Equity	-	-	3.62x	2.16x	-	0.41x	0.35x	0.20x	0.33x	-
Interest Coverage	-15.42x	-0.32x	0.60x	-0.05x	-26.29x	27.68x	23.63x	30.21x	-6.53x	8.67x
FCF Conversion	0.05x	-1.48x	7.65x	-5.27x	-0.12x	0.28x	0.84x	0.98x	-2.19x	2.52x
Revenue Growth	-38.33%	20.63%	7.74%	-17.03%	-38.63%	40.13%	56.73%	-32.05%	-45.71%	187.23%

US Stock Screener

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Expand Energy Corporation (EXE) 10-Year Financial Performance & Capital Metrics

EXE •

EnergyOil & Gas E&PU.S. natural gas shale producers

Revenue $12.12B +187.2%
EBITDA $5.02B +441.8%
Net Income $1.82B +354.8%
EPS (Diluted) 7.57 +266.4%
Gross Margin 80.4% +197.4%
EBITDA Margin 41.38% +88.6%
Operating Margin 16.8% +188.3%
Net Margin 15% +188.7%
ROE 10.07% +299.4%
ROIC 7.45% +315.4%
Debt/Equity -
Interest Coverage 8.67 +232.8%

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Strong Piotroski F-Score: 8/9
✓FCF machine: 15.2% free cash flow margin
✓High quality earnings: Operating CF exceeds net income
✓Strong 5Y sales CAGR of 18.4%
✓Share count reduced 99.8% through buybacks
✓Healthy 5Y average net margin of 31.8%

✗Weaknesses

No significant weaknesses identified

Price & Volume

Loading chart...

Growth Metrics

Revenue CAGR

10Y-0.51%

5Y18.4%

3Y1.95%

TTM187.14%

Profit (Net Income) CAGR

10Y-

5Y-

3Y-28.31%

TTM354.76%

EPS CAGR

10Y-

5Y-

3Y-39.01%

TTM282.77%

ROCE

10Y Avg-3.46%

5Y Avg20.45%

3Y Avg9.4%

Latest8.12%

Peer Comparison

U.S. natural gas shale producers

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
EPSNEpsilon Energy Ltd.	112.94M	5.12	58.25	2.58%	12.86%	5.87%		0.00
ARAntero Resources Corporation	11.35B	36.81	18.13	28.09%	11.13%	7.29%	14.37%	0.46
EQTEQT Corporation	38.33B	61.42	16.16	65.53%	23.59%	7.45%	7.4%	0.29
BKVBKV Corporation	2.82B	31.33	16.07	48.16%	19.75%	8.35%		0.24
RRCRange Resources Corporation	9.78B	41.28	15.07	32.75%	9.58%	15.24%	6.03%	0.29
EXEExpand Energy Corporation	25.7B	107.92	14.26	187.23%	15.01%	9.79%	7.15%
CNXCNX Resources Corporation	5.95B	41.78	10.50	59.19%	28.03%	14.6%	8.98%	0.57
INRInfinity Natural Resources, Inc.	751.12B	16.60	4.46	60.16%	-0.58%	-0.2%		0.51

Profit & Loss

	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024	Dec 2025
Sales/Revenue+	7.87B	9.5B	10.23B	8.49B	5.21B	7.3B	11.44B	7.78B	4.22B	12.12B
Revenue Growth %	-38.33%	20.63%	7.74%	-17.03%	-38.63%	40.13%	56.73%	-32.05%	-45.71%	187.23%
Cost of Goods Sold+	8.52B	8.42B	8.96B	8.09B	4.59B	4.88B	3.29B	2.74B	3.08B	2.38B
COGS % of Revenue	108.28%	88.64%	87.54%	95.34%	88.1%	66.85%	28.73%	35.19%	72.97%	19.6%
Gross Profit+	-652M	1.08B	1.27B	396M	620M	2.42B	8.16B	5.04B	1.14B	9.75B
Gross Margin %	-8.28%	11.36%	12.46%	4.66%	11.9%	33.15%	71.28%	64.81%	27.03%	80.4%
Gross Profit Growth %	-562.41%	265.49%	18.16%	-68.94%	56.57%	290.32%	237.02%	-38.22%	-77.36%	754.34%
Operating Expenses+	3.76B	1.22B	893M	427M	9.32B	95M	4.38B	1.9B	1.94B	7.28B
OpEx % of Revenue	47.75%	12.82%	8.73%	5.03%	178.94%	1.3%	38.24%	24.4%	46.06%	60.02%
Selling, General & Admin	240M	333M	335M	315M	380M	118M	4.36B	2.63B	1.5B	3.34B
SG&A % of Revenue	3.05%	3.51%	3.27%	3.71%	7.29%	1.62%	38.08%	33.77%	35.44%	27.58%
Research & Development	0	0	0	0	0	0	0	0	0	0
R&D % of Revenue	-	-	-	-	-	-	-	-	-	-
Other Operating Expenses	3.52B	884M	558M	112M	8.94B	-23M	19M	-729M	448M	3.93B
Operating Income+	-4.41B	-138M	382M	-31M	-8.7B	2.33B	3.78B	3.14B	-803M	2.04B
Operating Margin %	-56.03%	-1.45%	3.73%	-0.37%	-167.04%	31.85%	33.03%	40.41%	-19.02%	16.8%
Operating Income Growth %	76.68%	96.87%	376.81%	-108.12%	-27974.19%	126.71%	62.58%	-16.88%	-125.56%	353.67%
EBITDA+	-3.3B	1.56B	2.12B	2.23B	-7.61B	3.32B	5.53B	4.67B	926M	5.02B
EBITDA Margin %	-41.97%	16.42%	20.71%	26.3%	-145.99%	45.47%	48.35%	60.05%	21.94%	41.38%
EBITDA Growth %	80.2%	147.19%	35.92%	5.38%	-440.62%	143.65%	66.66%	-15.62%	-80.17%	441.79%
D&A (Non-Cash Add-back)	1.11B	1.7B	1.74B	2.26B	1.1B	995M	1.75B	1.53B	1.73B	2.98B
EBIT	-4.29B	238M	851M	12M	-9.29B	6.31B	3.81B	3.23B	-711M	2.04B
Net Interest Income+	-286M	-425M	-634M	-652M	-331M	-84M	-160M	-104M	-123M	-235M
Interest Income	0	0	0	0	0	0	0	0	0	0
Interest Expense	286M	425M	634M	652M	331M	84M	160M	104M	123M	235M
Other Income/Expense	-178M	-362M	-164M	-608M	-1.07B	3.9B	-129M	-25M	-38M	-189M
Pretax Income+	-4.59B	-500M	218M	-639M	-9.77B	6.22B	3.65B	3.12B	-841M	2.28B
Pretax Margin %	-58.3%	-5.27%	2.13%	-7.53%	-187.5%	85.22%	31.91%	40.09%	-19.92%	18.82%
Income Tax+	-190M	2M	-10M	-331M	-19M	-106M	-1.28B	698M	-127M	463M
Effective Tax Rate %	95.66%	101%	103.67%	48.2%	99.64%	101.7%	135.2%	77.61%	84.9%	79.71%
Net Income+	-4.39B	-505M	226M	-308M	-9.73B	6.33B	4.94B	2.42B	-714M	1.82B
Net Margin %	-55.77%	-5.32%	2.21%	-3.63%	-186.83%	86.67%	43.14%	31.11%	-16.92%	15%
Net Income Growth %	69.86%	88.5%	144.75%	-236.28%	-3060.39%	165.01%	-22%	-50.99%	-129.52%	354.76%
Net Income (Continuing)	-4.4B	-502M	228M	-308M	-9.75B	6.33B	4.94B	2.42B	-714M	1.82B
Discontinued Operations	0	0	0	0	0	0	0	0	0	0
Minority Interest	128M	124M	41M	37M	0	0	0	0	0	0
EPS (Diluted)+	-1278.00	180.00	29.26	-49.97	-998.26	53.66	33.36	16.92	-4.55	7.57
EPS Growth %	71.51%	114.08%	-83.74%	-270.78%	-1897.72%	105.38%	-37.83%	-49.28%	-126.89%	266.37%
EPS (Basic)	-1278.00	180.00	29.26	-49.97	-998.26	53.66	38.71	18.21	-4.55	7.67
Diluted Shares Outstanding	3.82M	4.53M	4.54M	8.32M	9.77M	117.92M	145.96M	142.98M	156.99M	240.37K
Basic Shares Outstanding	3.82M	4.53M	4.54M	8.32M	9.77M	117.92M	125.78M	132.84M	156.99M	237.29K
Dividend Payout Ratio	-	-	40.71%	-	-	1.88%	24.55%	20.13%	-	42.06%

Balance Sheet

	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024	Dec 2025
Total Current Assets+	2.14B	1.52B	1.6B	1.25B	1.11B	2.1B	2.7B	2.61B	2B	2.92B
Cash & Short-Term Investments	882M	32M	213M	140M	298M	905M	130M	1.08B	317M	616M
Cash Only	882M	5M	4M	6M	279M	905M	130M	1.08B	317M	616M
Short-Term Investments	0	0	0	134M	19M	0	0	0	0	0
Accounts Receivable	964M	1.14B	1.17B	990M	746M	1.08B	1.41B	585M	1.21B	1.6B
Days Sales Outstanding	44.7	43.74	41.74	42.57	52.26	53.84	45.1	27.46	104.46	48.14
Inventory	0	0	0	0	0	0	0	0	0	0
Days Inventory Outstanding	-	-	-	-	-	-	-	-	-	-
Other Current Assets	296M	382M	424M	121M	64M	121M	1.15B	945M	472M	701M
Total Non-Current Assets+	10.89B	10.9B	11.14B	14.94B	5.48B	8.91B	12.77B	11.77B	25.9B	25.37B
Property, Plant & Equipment	10.58B	10.66B	10.8B	14.77B	5.26B	8.84B	11.31B	10.2B	24.43B	509M
Fixed Asset Turnover	0.74x	0.89x	0.95x	0.57x	0.99x	0.83x	1.01x	0.76x	0.17x	23.82x
Goodwill	0	0	0	0	0	0	0	0	0	0
Intangible Assets	0	0	0	0	0	0	0	0	0	0
Long-Term Investments	0	0	0	0	0	0	18M	238M	307M	0
Other Non-Current Assets	306M	236M	334M	174M	215M	69M	1.45B	1.33B	1.16B	24.69B
Total Assets+	13.03B	12.43B	12.73B	16.19B	6.58B	11.01B	15.47B	14.38B	27.89B	28.29B
Asset Turnover	0.60x	0.76x	0.80x	0.52x	0.79x	0.66x	0.74x	0.54x	0.15x	0.43x
Asset Growth %	-24.75%	-4.63%	2.5%	27.15%	-59.34%	67.21%	40.5%	-7.06%	94.03%	1.41%
Total Current Liabilities+	3.65B	2.36B	2.89B	2.39B	3.09B	2.45B	2.7B	1.31B	3.12B	2.9B
Accounts Payable	672M	654M	763M	498M	346M	308M	603M	425M	777M	753M
Days Payables Outstanding	28.78	28.36	31.1	22.46	27.51	23.03	66.96	56.7	92.08	115.68
Short-Term Debt	503M	52M	381M	403M	1.96B	0	0	0	389M	0
Deferred Revenue (Current)	0	0	0	571M	305M	0	0	0	0	0
Other Current Liabilities	1.95B	1.08B	1.14B	614M	340M	1.84B	1.65B	491M	1.37B	2.15B
Current Ratio	0.59x	0.65x	0.55x	0.52x	0.36x	0.86x	1.00x	1.99x	0.64x	1.01x
Quick Ratio	0.59x	0.65x	0.55x	0.52x	0.36x	0.86x	1.00x	1.99x	0.64x	1.01x
Cash Conversion Cycle	-	-	-	-	-	-	-	-	-	-
Total Non-Current Liabilities+	10.58B	10.44B	7.71B	9.4B	8.83B	2.89B	3.64B	2.33B	7.21B	6.81B
Long-Term Debt	9.94B	9.92B	7.34B	9.07B	0	2.28B	3.09B	2.03B	5.29B	0
Capital Lease Obligations	0	0	0	25M	0	9M	33M	15M	74M	0
Deferred Tax Liabilities	0	0	53M	0	0	0	0	0	0	0
Other Non-Current Liabilities	645M	520M	374M	293M	8.83B	604M	514M	290M	1.84B	6.81B
Total Liabilities	14.23B	12.8B	10.6B	11.79B	11.93B	5.34B	6.34B	3.65B	10.33B	9.71B
Total Debt+	10.44B	9.97B	7.72B	9.5B	1.96B	2.32B	3.21B	2.13B	5.83B	0
Net Debt	9.56B	9.97B	7.72B	9.49B	1.68B	1.41B	3.08B	1.05B	5.51B	-616M
Debt / Equity	-	-	3.62x	2.16x	-	0.41x	0.35x	0.20x	0.33x	-
Debt / EBITDA	-	6.40x	3.64x	4.25x	-	0.70x	0.58x	0.46x	6.29x	-
Net Debt / EBITDA	-	6.39x	3.64x	4.25x	-	0.43x	0.56x	0.22x	5.95x	-0.12x
Interest Coverage	-15.42x	-0.32x	0.60x	-0.05x	-26.29x	27.68x	23.63x	30.21x	-6.53x	8.67x
Total Equity+	-1.2B	-372M	2.13B	4.4B	-5.34B	5.67B	9.12B	10.73B	17.57B	18.58B
Equity Growth %	-150.19%	69.08%	673.39%	106.33%	-221.36%	206.18%	60.89%	17.59%	63.72%	5.77%
Book Value per Share	-314.92	-82.12	469.31	528.65	-546.51	48.09	62.51	75.04	111.89	77289.18
Total Shareholders' Equity	-1.33B	-496M	2.09B	4.36B	-5.34B	5.67B	9.12B	10.73B	17.57B	18.58B
Common Stock	9M	9M	9M	19M	0	1M	1M	1M	2M	2M
Retained Earnings	-17.47B	-16.52B	-13.91B	-14.22B	-23.95B	825M	3.4B	4.97B	3.88B	4.83B
Treasury Stock	-27M	-31M	-31M	-32M	0	0	0	0	0	0
Accumulated OCI	-96M	-57M	-23M	12M	45M	0	0	0	0	0
Minority Interest	128M	124M	41M	37M	0	0	0	0	0	0

Cash Flow

	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024	Dec 2025
Cash from Operations+	-204M	745M	1.73B	1.62B	1.16B	1.79B	4.13B	2.38B	1.56B	4.58B
Operating CF Margin %	-2.59%	7.85%	16.91%	19.12%	22.34%	24.49%	36.05%	30.61%	37.08%	37.74%
Operating CF Growth %	-128.1%	465.2%	132.21%	-6.19%	-28.28%	53.61%	130.7%	-42.3%	-34.24%	192.33%
Net Income	-4.39B	939M	225M	-308M	-9.75B	6.33B	4.94B	2.42B	-714M	1.82B
Depreciation & Amortization	1.11B	995M	1.83B	0	0	995M	0	0	1.73B	2.98B
Stock-Based Compensation	0	0	0	30M	21M	0	22M	33M	38M	46M
Deferred Taxes	-171M	11M	-10M	-305M	-10M	-106M	-1.33B	428M	-123M	448M
Other Non-Cash Items	4.01B	-729M	-409M	2.46B	9.99B	-6.24B	622M	-775M	950M	-433M
Working Capital Changes	-761M	-471M	91M	-254M	915M	814M	-123M	275M	-315M	-285M
Change in Receivables	0	0	0	376M	0	0	0	0	0	-370M
Change in Inventory	0	0	0	0	0	0	0	0	0	0
Change in Payables	0	0	0	0	0	0	0	0	0	-68M
Cash from Investing+	-660M	-1.19B	455M	-2.48B	-992M	-916M	-3.4B	473M	-1.9B	-2.76B
Capital Expenditures	-2.12B	-2.22B	-2B	-2.26B	-1.14B	-735M	-1.82B	-1.83B	-1.56B	-2.74B
CapEx % of Revenue	26.93%	23.4%	19.52%	26.66%	21.92%	10.07%	15.93%	23.52%	36.89%	22.57%
Acquisitions	1.54B	1.3B	2.38B	-353M	150M	-181M	-1.97B	2.53B	-459M	0
Investments	-	-	-	-	-	-	-	-	-	-
Other Investing	-77M	-270M	0	136M	0	0	407M	0	187M	-9M
Cash from Financing+	921M	-434M	-2.19B	859M	101M	-237M	-1.45B	-1.89B	-419M	-1.51B
Debt Issued (Net)	952M	-226M	-1.94B	986M	245M	-719M	829M	-1.05B	-20M	-663M
Equity Issued (Net)	0	0	0	0	0	1000K	-1000K	-1000K	1000K	-1000K
Dividends Paid	0	-183M	-92M	-91M	-22M	-119M	-1.21B	-487M	-388M	-765M
Share Repurchases	0	0	0	0	0	0	-1.07B	-355M	0	-100M
Other Financing	-31M	-25M	-155M	-36M	-122M	-1M	10M	0	-14M	-11M
Net Change in Cash	57M	-877M	-1M	2M	273M	635M	-722M	961M	-758M	301M
Free Cash Flow+	-2.32B	-1.75B	-267M	-640M	22M	1.05B	2.3B	551M	8M	1.84B
FCF Margin %	-29.52%	-18.4%	-2.61%	-7.54%	0.42%	14.42%	20.12%	7.09%	0.19%	15.17%
FCF Growth %	23.68%	24.83%	84.72%	-139.7%	103.44%	4686.36%	118.61%	-76.06%	-98.55%	22887.5%
FCF per Share	-608.38	-385.65	-58.75	-76.88	2.25	8.93	15.77	3.85	0.05	7650.71
FCF Conversion (FCF/Net Income)	0.05x	-1.48x	7.65x	-5.27x	-0.12x	0.28x	0.84x	0.98x	-2.19x	2.52x
Interest Paid	344M	667M	0	0	0	0	146M	117M	0	0
Taxes Paid	-27M	16M	0	0	0	0	193M	132M	0	0

Key Ratios

Metric	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Return on Equity (ROE)	-735.34%	-	25.67%	-9.43%	-	3835.15%	66.73%	24.37%	-5.05%	10.07%
Return on Invested Capital (ROIC)	-32.04%	-1.15%	2.95%	-0.2%	-127.51%	101.85%	29.4%	19.65%	-3.46%	7.45%
Gross Margin	-8.28%	11.36%	12.46%	4.66%	11.9%	33.15%	71.28%	64.81%	27.03%	80.4%
Net Margin	-55.77%	-5.32%	2.21%	-3.63%	-186.83%	86.67%	43.14%	31.11%	-16.92%	15%
Debt / Equity	-	-	3.62x	2.16x	-	0.41x	0.35x	0.20x	0.33x	-
Interest Coverage	-15.42x	-0.32x	0.60x	-0.05x	-26.29x	27.68x	23.63x	30.21x	-6.53x	8.67x
FCF Conversion	0.05x	-1.48x	7.65x	-5.27x	-0.12x	0.28x	0.84x	0.98x	-2.19x	2.52x
Revenue Growth	-38.33%	20.63%	7.74%	-17.03%	-38.63%	40.13%	56.73%	-32.05%	-45.71%	187.23%

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