Loading verified market, valuation, and statement data.
2. Company Fundamentals
2.1 Competitiveness
| Metric |
Value |
| Operating Margins |
39.28% |
| Profit Margins |
30.99% |
| Return on Equity |
43.36% |
| Return on Assets |
13.29% |
| Free Float |
1.24B |
| Dividend Yield |
2.65% |
| Short Int % Utilisation |
2.07% |
2.2 Growth
| Metric |
Value |
| Revenue Growth |
4.4% |
| Free Cash Flow |
7.93B |
| EBITDA |
11.07 (Ratio) |
| Enterprise Value |
163.1B |
| EV/Revenue |
5.49 |
| EV/EBITDA |
11.07 |
Revenue growth of 4.4% suggests mature or challenged top-line momentum.
2.3 Management
| Role |
Metric |
| Consensus Rating |
N/A |
2.4 Return
| Metric |
Value |
| Expected Return (Ann.)* |
24.22% |
| Risk / Std Dev (Ann.)* |
26.08% |
| 1-Year Price Return* |
19.93% |
Latest Market Data (as of 2026-08-14, US Eastern time):
| Metric |
Value |
| Last Price |
$138.36 |
| 52-Week Range |
$108.46 – $157.29 |
| Observation Count |
251 trading days |
The return and risk statistics use daily adjusted closes from the retrieved one-year series and annualise daily moments using 252 trading days. The last price is the latest regular-market price reported for the stated date. Source: Yahoo Finance market data.
DuPont Model Analysis
The DuPont model decomposes return on equity (ROE) into three operating and capital-structure drivers:
ROE = Net Margin × Asset Turnover × Equity Multiplier
The comparison uses the latest two comparable annual periods available for the issuer, with reported statement amounts shown in US$. Revenue and net income are income-statement flows; total assets and shareholders’ equity are year-end balance-sheet figures. This is a simplified year-end-balance DuPont comparison rather than an average-balance ROE calculation.
| DuPont component |
Calculation |
FY2025 |
FY2024 |
| Revenue |
Reported revenue |
$29.44B |
$28.75B |
| Net income |
Reported net income |
$8.51B |
$480.00M |
| Total assets |
Year-end reported balance |
$59.02B |
$58.99B |
| Shareholders’ equity |
Year-end reported balance |
$22.70B |
$19.33B |
| Net margin |
Net income ÷ revenue |
28.90% |
1.67% |
| Asset turnover |
Revenue ÷ total assets |
0.4988x |
0.4874x |
| Equity multiplier |
Total assets ÷ shareholders’ equity |
2.5999x |
3.0520x |
| ROE |
Net margin × asset turnover × equity multiplier |
37.49% |
2.48% |
Source: Yahoo Finance annual statements. Values are based on the two latest comparable annual periods returned by the source; fiscal period labels use the statement period-end year.
2.5 FCFF DCF Valuation
Valuation basis: This research model follows a five-year, unlevered FCFF DCF. It starts from reported annual operating inputs, forecasts revenue and operating cash conversion under an explicit mechanical policy, discounts FCFF at WACC, applies a Gordon-growth terminal value, and bridges enterprise value to an indicative common-equity value per share. It is an analytical estimate rather than a recommendation or personalised target price.
Step 1 — Forecast Operating Profit and NOPAT
| Reported operating input |
Value |
| Revenue |
$29.44B |
| Prior annual revenue |
$28.75B |
| EBIT |
$10.82B |
| Tax rate |
13.13% |
| NOPAT = EBIT × (1 − tax rate) |
$9.40B |
| Forecast start-growth basis |
2.39% |
| Forecast policy |
latest reported annual revenue growth, bounded to -10.00% / 15.00% |
Step 2 — Calculate FCFF
| Current FCFF building block |
Value |
| NOPAT |
$9.40B |
| Add: depreciation & amortisation |
$2.76B |
| Less: capital expenditure |
-$563.00M |
| Less/(add): working-capital cash-flow movement |
-$3.95B |
| Current unlevered FCFF |
$7.65B |
Explicit FCFF forecast
| Forecast year |
Revenue growth |
NOPAT |
D&A |
Capex |
Change in NWC |
FCFF |
Present value |
| 1 |
2.39% |
$9.62B |
$2.83B |
-$576.47M |
-$4.04B |
$7.83B |
$7.60B |
| 2 |
2.42% |
$9.86B |
$2.89B |
-$1.17B |
-$4.14B |
$7.45B |
$6.80B |
| 3 |
2.45% |
$10.10B |
$2.97B |
-$1.79B |
-$4.24B |
$7.04B |
$6.06B |
| 4 |
2.47% |
$10.35B |
$3.04B |
-$2.43B |
-$4.35B |
$6.61B |
$5.36B |
| 5 |
2.50% |
$10.61B |
$3.11B |
-$3.11B |
-$4.46B |
$6.15B |
$4.70B |
Step 3 — Determine the Discount Rate (WACC)
| WACC input |
Value |
| Risk-free rate |
4.71% |
| Equity risk premium assumption |
5.50% |
| Beta |
0.34 |
| Cost of equity |
6.56% |
| Pre-tax cost of debt |
3.97% |
| WACC |
6.18% |
| WACC validation |
requires assumption review |
Step 4 — Estimate Terminal Value
| Terminal-value input |
Value |
| Perpetuity growth rate |
2.50% |
| Terminal value |
$171.51B |
| Implied terminal EV / EBITDA |
11.19x |
| Terminal value as % of enterprise value |
80.64% |
Step 5 — Discount Cash Flows to Enterprise Value
| Enterprise-value component |
Value |
| Present value of explicit FCFF |
$30.52B |
| Present value of terminal value |
$127.10B |
| Indicated enterprise value |
$157.62B |
| Discounting convention |
mid-year for explicit FCFF; terminal value discounted at year-end five |
Step 6 — Convert Enterprise Value to Equity Value
| Equity bridge |
Value |
| Indicated enterprise value |
$157.62B |
| Less: gross interest-bearing debt |
$24.94B |
| Add: cash and equivalents |
$9.61B |
| Add: affiliate investments |
$0.00 |
| Less: minority interests |
-$84.00M |
| Indicated common equity value |
$142.38B |
Step 7 — Calculate Indicative Value Per Share
| Per-share output |
Value |
| Shares used |
1,255,000,000.00 |
| Share-count basis |
reported diluted weighted-average shares |
| Current market price |
$143.24 |
| DCF indicative value per share |
$113.45 |
| Indicative value vs. market price |
-20.79% |
Model Integrity Checks
| Check |
Result |
| Perpetuity growth is below the risk-free rate |
pass |
| Perpetuity growth is below WACC |
pass |
| WACC is within the configured operating-company range |
review required |
| Terminal-year FCFF is positive |
pass |
| Terminal capex converges to D&A |
pass |
| Terminal-value concentration |
within review band |
| Implied price differs from spot by more than 30% |
within review band |
2.6 Investor-Style Research Screen
| Educational screen |
Result |
| Buffett-inspired cash-quality checks |
4/4 evidenced checks |
| Lynch-inspired balance-and-growth checks |
4/4 evidenced checks |
Data lineage: Yahoo Finance public market and reported-statement data; retrieval timestamp: 2026-08-18 17:34:59.263305 UTC; latest reported fiscal period: 2025-12-31 00:00:00. Default assumptions: five-year forecast, mid-year discounting for explicit FCFF, a maximum 2.50% perpetuity-growth rate below both WACC and the risk-free rate, historical operating-ratio persistence, and capex convergence to D&A by year five. No sell-side consensus or management guidance is substituted for reported inputs. This is research and analysis only, not personalized financial advice.
2.7 Quantitative Factor Diagnostics
Model basis: Daily issuer USD excess returns are regressed in-sample using ordinary least squares on matching regional Fama–French factors. FF3 estimates market, size, and value loadings; FF5 adds profitability and investment. Coefficients are descriptive historical exposures, not predictions.
| Estimation input |
Value |
| Regional factor set |
US |
| Factor-return currency |
USD |
| Issuer-return basis |
USD adjusted total return |
| Estimation window |
2025-08-19 to 2026-06-30 |
| Aligned daily observations |
217 |
| Minimum observation requirement |
120 |
| Currency conversion for HK listings |
not required |
Fama–French Three-Factor and Five-Factor Results
| Diagnostic |
FF3 |
FF5 |
| Annualised alpha |
0.78% |
9.22% |
| Adjusted R² |
0.03 |
0.07 |
| Annualised residual volatility |
24.70% |
24.03% |
| Factor loading (t-statistic) |
FF3 |
FF5 |
| Market excess return (Mkt-RF) |
0.41 (2.83) |
0.61 (3.74) |
| Size (SMB) |
0.02 (0.10) |
-0.15 (-0.71) |
| Value (HML) |
0.14 (0.83) |
-0.27 (-1.31) |
| Profitability (RMW) |
NM |
0.11 (0.66) |
| Investment (CMA) |
NM |
0.95 (3.17) |
Definitions: Mkt-RF is the market return less the risk-free rate; SMB is small minus big; HML is high minus low book-to-market; RMW is robust minus weak profitability; CMA is conservative minus aggressive investment. Factor returns are sourced from the Kenneth R. French Data Library; issuer adjusted-return history is sourced from Yahoo Finance. For Hong Kong listings, adjusted HKD prices are converted into USD with daily USD/HKD closes before return calculation to match the USD regional factor basis. This is an in-sample historical regression; coefficients and t-statistics do not establish causation or predict future returns. This is research and analysis only, not personalized financial advice.