Valuation Ratios

Breakdown 2025-09-30 2024-09-30 2023-09-30 2022-09-30
Price to Earnings 16.15 20.49 18.69 17.77
Price to Sales 2.01 2.02 2.07 2.13
Book Value Per Common Share 31.62 30.62 30.03 29.11
Price to Book 2.59 2.86 2.81 2.73
Price to Operating Cash Flow 12.17 13.95 12.29 12.89
Price to Free Cash Flow 14.14 16.32 14.48 18.43
Enterprise Value to EBITDA 95565.53 120259.74 115635.87 107893.79
Breakdown 2025-09-30 2025-06-30 2025-03-31 2024-12-31 2024-09-30
Price to Earnings 93.24 65.64 62.67 63.54 115.11
Price to Sales 7.80 8.65 8.91 8.49 7.87
Book Value Per Common Share 31.62 31.85 31.12 30.89 30.62
Price to Book 2.59 2.86 2.94 2.76 2.86
Price to Operating Cash Flow 39.01 41.05 58.28 89.26 45.66
Price to Free Cash Flow 45.14 46.75 64.23 120.49 51.79
Enterprise Value to EBITDA 469273.91 398076.98 416830.57 389383.94 885855.48

Earnings Data

Breakdown 2025-09-30 2024-09-30 2023-09-30 2022-09-30
Earning YoY 18.97 -5.53 1.12
Revenue YoY -9.43 2.40 6.79
EBITDA YoY 13.38 -4.22 -3.65
Net Profit YoY 14.52 -8.97 -1.86
Breakdown 2025-09-30 2025-06-30 2025-03-31 2024-12-31 2024-09-30
Earning YoY -36.69 -4.79 8.96 76.32
Revenue YoY 0.51 1.44 1.63 -12.17
EBITDA YoY -24.79 3.26 -0.45 119.99
Net Profit YoY -37.46 -5.66 7.96 75.03

Financial Strength

Breakdown 2025-09-30 2024-09-30 2023-09-30 2022-09-30
Cash Per Common Share 2.92 4.45 6.20 6.66
Quick Ratio 0.93 1.05 1.25 1.41
Current Ratio 1.17 1.20 1.41 1.60
Debt to Equity 0.80 0.83 0.80 0.79
Long-Term Debt to Equity 0.41 0.40 0.42 0.44
Breakdown 2025-09-30 2025-06-30 2025-03-31 2024-12-31 2024-09-30
Cash Per Common Share 2.97 3.16 2.95 3.15 4.52
Quick Ratio 0.93 0.96 0.96 0.97 1.05
Current Ratio 1.17 1.22 1.16 1.16 1.20
Debt to Equity 0.80 0.79 0.77 0.80 0.83
Long-Term Debt to Equity 0.41 0.40 0.39 0.40 0.40

Profitability

Breakdown 2025-09-30 2024-09-30 2023-09-30 2022-09-30
ROA 8.87 7.58 8.27 8.48
ROE 15.97 13.83 14.90 15.21
Gross Margin 37.98 35.07 35.35 35.38
Operating Margin 16.23 12.51 13.49 14.54
EBITDA Margin 20.54 16.41 17.54 19.44
Net Profit Margin 12.22 9.67 10.88 11.83
Breakdown 2025-09-30 2025-06-30 2025-03-31 2024-12-31 2024-09-30
ROA 1.51 2.39 2.58 2.36 1.33
ROE 2.72 4.26 4.57 4.23 2.42
Gross Margin 37.41 37.86 38.13 38.54 34.73
Operating Margin 11.88 17.69 17.53 17.91 4.92
EBITDA Margin 16.49 22.03 21.64 22.09 8.82
Net Profit Margin 8.22 13.20 14.20 13.36 6.71

Dividends

Breakdown 2025-09-30 2024-09-30 2023-09-30 2022-09-30
Dividend Yield 0.00 0.00 0.00 0.00
Dividend Payout Ratio 40.50 43.81 37.52 34.35
Breakdown 2025-09-30 2025-06-30 2025-03-31 2024-12-31 2024-09-30
Dividend Yield 0.00 0.00 0.00 0.00 0.00
Dividend Payout Ratio 61.34 38.79 33.55 36.46 64.54

Financial Statements

Breakdown 2025-09-30 2024-09-30 2023-09-30 2022-09-30
Assets 6,249,830.00 6,386,142.00 6,425,653.00 6,390,393.00
   Current Assets 1,592,137.00 1,771,182.00 1,911,630.00 2,003,147.00
      Cash and Short-Term Investments 324,999.00 514,327.00 742,531.00 817,980.00
            Cash and Cash Equivalents 324,999.00 346,085.00 520,080.00 573,377.00
            Short-Term Investments 0 168,242.00 222,451.00 244,603.00
      Net Receivables 935,751.00 1,028,357.00 944,477.00 946,777.00
      Inventory 0 0 0 0
      Other Current Assets 331,387.00 228,498.00 224,622.00 238,390.00
   Non-Current Assets 4,657,693.00 4,614,960.00 4,514,023.00 4,387,246.00
      Property, Plant, Equipment Net 950,645.00 904,855.00 951,861.00 971,171.00
      Goodwill 2,890,680.00 2,844,908.00 2,749,041.00 2,662,825.00
      Intangible Assets 156,282.00 160,729.00 181,539.00 178,312.00
      Long-Term Investments 0 0 0 0
      Non-Current Deferred Assets 0 0 0 0
      Other Non-Current Assets 660,086.00 704,468.00 631,582.00 574,938.00
Liabilities 2,779,150.00 2,886,965.00 2,858,721.00 2,830,115.00
   Current Liabilities 1,358,792.00 1,470,909.00 1,353,375.00 1,252,680.00
      Payables and Expenses 794,781.00 852,959.00 668,904.00 424,569.00
            Account Payables 371,173.00 305,928.00 293,344.00 134,400.00
            Current Accrued Liabilities 332,321.00 445,253.00 277,037.00 208,230.00
      Short-Term Debt 38,725.00 39,983.00 39,960.00 43,336.00
      Other Current Liabilities 525,286.00 577,967.00 644,511.00 784,775.00
   Non-Current Liabilities 1,420,358.00 1,416,056.00 1,505,346.00 1,577,435.00
      Long-Term Debt 787,677.00 749,753.00 767,350.00 783,495.00
      Other Non-Current Liabilities 632,681.00 666,303.00 737,996.00 793,940.00
Equity 3,470,680.00 3,499,177.00 3,566,932.00 3,560,278.00
   Shareholders Equity 3,429,453.00 3,456,976.00 3,523,759.00 3,517,769.00
      Capital Stock 4,622.00 4,598.00 4,571.00 4,548.00
      Share Premium 4,573,016.00 4,413,503.00 4,244,256.00 4,105,900.00
      Retained Earnings 7,164,954.00 6,827,719.00 6,549,517.00 6,211,586.00
      Treasury Shares 8,335,774.00 7,784,434.00 7,221,313.00 6,731,789.00
      Accumulated Other Comprehensive Income 22,635.00 -4,410.00 -53,272.00 -72,476.00
   Minority Interest 41,227.00 42,201.00 43,173.00 42,509.00
Debt 826,402.00 789,736.00 807,310.00 826,831.00
Net Debt 321,902.00 300,206.00 125,616.00 71,740.00
Common Shares Outstanding 108,448.28 112,890.56 117,347.82 120,842.66
Breakdown 2025-09-30 2024-09-30 2023-09-30 2022-09-30
Revenues 4,532,913.00 5,004,989.00 4,887,550.00 4,576,697.00
Cost Of Revenue 2,811,333.00 3,249,598.00 3,159,941.00 2,957,547.00
Interest Income 9,154.00 17,453.00 21,248.00 7,821.00
Interest Expense 42,436.00 34,892.00 23,093.00 16,911.00
Non-Interest Expense 506,108.00 572,845.00 570,707.00 528,572.00
Gross Profit 1,721,580.00 1,755,391.00 1,727,609.00 1,619,150.00
Operating Expenses 909,377.00 995,695.00 1,002,718.00 954,353.00
   Selling, General and Administrative Expenses 506,108.00 572,845.00 570,707.00 528,572.00
   Research and Development Expenses 340,845.00 360,798.00 374,855.00 354,706.00
Operating Income 812,203.00 759,696.00 724,891.00 664,797.00
Net Non-Operating Income 792.00 -6,886.00 -3,727.00 -581.00
EBT 693,242.00 591,071.00 636,361.00 648,406.00
Income Tax 125,473.00 94,750.00 93,399.00 98,905.00
Net Income Including Non-Controlling Interests 567,769.00 496,321.00 542,962.00 549,501.00
Net Income Non-Controlling Interests -3,065.00 -3,124.00 -2,253.00 0
Net Income 554,114.00 483,859.00 531,540.00 541,621.00
EBIT 735,678.00 625,963.00 659,454.00 665,317.00
Deprecation and Amortization 195,435.00 195,234.00 197,955.00 224,535.00
EBITDA 931,113.00 821,197.00 857,409.00 889,852.00
EPS 0.01 0.00 0.00 0.00
Diluted EPS 0.01 0.00 0.00 0.00
Average Shares Outstanding Basic 111,147.00 115,489.00 119,687.00 122,812.00
Average Shares Outstanding Diluted 111,746.00 116,145.00 120,519.00 123,650.00
Breakdown 2025-09-30 2024-09-30 2023-09-30 2022-09-30
Operating Cash Flow 749,096.00 724,428.00 822,630.00 756,719.00
   Operating Net Income 567,769.00 496,321.00 542,962.00 549,501.00
   Deprecation and Amortization 195,435.00 195,234.00 197,955.00 224,535.00
   Deferred Income Tax 20,291.00 -45,673.00 -60,212.00 -3,292.00
   Share Based Compensation 104,864.00 104,540.00 89,698.00 71,807.00
   Change in Working Capital -143,358.00 -32,166.00 48,886.00 -79,124.00
   Other Operating Activities 4,095.00 6,172.00 3,341.00 -6,708.00
Investing Cash Flow -2,061.00 -127,406.00 -224,497.00 -262,501.00
   Capital Expenditure 0 0 0 0
   Net Purchase/Sale of PPE -103,952.00 -105,495.00 -124,362.00 -227,219.00
   Net Purchase/Sale of Investments Net 169,993.00 59,598.00 25,984.00 -12,327.00
   Net Purchase/Sale of Business -86,317.00 -86,824.00 -121,818.00 -14,430.00
   Other Investing Activities 18,215.00 5,315.00 -4,301.00 -8,525.00
Financing Cash Flow -768,121.00 -771,017.00 -651,430.00 -629,905.00
   Net Issuance/Repayment of Debt 0 0 0 0
   Net Issuance/Repurchase of Equity -551,340.00 -563,121.00 -489,524.00 -508,472.00
   Dividends Paid -224,394.00 -211,967.00 -199,460.00 -186,073.00
   Other Financing Activities 0 0 37,554.00 64,640.00
Net Change in Cash -21,086.00 -173,995.00 -53,297.00 -135,687.00
   Cash at Beginning of Period 346,085.00 520,080.00 573,377.00 709,064.00
   Cash at End of Period 324,999.00 346,085.00 520,080.00 573,377.00
Free Cash Flow 645,144.00 618,933.00 698,268.00 529,500.00
Breakdown 2025-09-30 2025-06-30 2025-03-31 2024-12-31 2024-09-30
Assets 6,249,830.00 6,332,228.00 6,204,554.00 6,293,741.00 6,386,142.00
   Current Assets 1,592,137.00 1,651,845.00 1,561,269.00 1,606,728.00 1,771,182.00
      Cash and Short-Term Investments 324,999.00 342,466.00 323,748.00 349,008.00 514,327.00
            Cash and Cash Equivalents 324,999.00 267,312.00 247,390.00 213,833.00 346,085.00
            Short-Term Investments 0 75,154.00 76,358.00 135,175.00 168,242.00
      Net Receivables 935,751.00 956,558.00 957,865.00 990,859.00 1,028,357.00
      Inventory 0 0 0 0 0
      Other Current Assets 331,387.00 352,821.00 279,656.00 266,861.00 228,498.00
   Non-Current Assets 4,657,693.00 4,680,383.00 4,643,285.00 4,687,013.00 4,614,960.00
      Property, Plant, Equipment Net 950,645.00 961,299.00 874,846.00 889,885.00 904,855.00
      Goodwill 2,890,680.00 2,886,655.00 2,884,617.00 2,879,758.00 2,844,908.00
      Intangible Assets 156,282.00 156,933.00 171,137.00 187,153.00 160,729.00
      Long-Term Investments 0 0 0 0 0
      Non-Current Deferred Assets 0 0 0 0 0
      Other Non-Current Assets 660,086.00 675,496.00 712,685.00 730,217.00 704,468.00
Liabilities 2,779,150.00 2,786,799.00 2,702,328.00 2,787,881.00 2,886,965.00
   Current Liabilities 1,358,792.00 1,351,152.00 1,340,561.00 1,384,832.00 1,470,909.00
      Payables and Expenses 794,781.00 826,750.00 780,334.00 784,024.00 852,959.00
            Account Payables 371,173.00 407,100.00 346,171.00 320,786.00 305,928.00
            Current Accrued Liabilities 332,321.00 326,073.00 339,931.00 368,797.00 445,253.00
      Short-Term Debt 38,725.00 39,772.00 38,804.00 38,625.00 39,983.00
      Other Current Liabilities 525,286.00 484,630.00 521,423.00 562,183.00 577,967.00
   Non-Current Liabilities 1,420,358.00 1,435,647.00 1,361,767.00 1,403,049.00 1,416,056.00
      Long-Term Debt 787,677.00 798,864.00 748,931.00 755,166.00 749,753.00
      Other Non-Current Liabilities 632,681.00 636,783.00 612,836.00 647,883.00 666,303.00
Equity 3,470,680.00 3,545,429.00 3,502,226.00 3,505,860.00 3,499,177.00
   Shareholders Equity 3,429,453.00 3,503,473.00 3,460,757.00 3,464,263.00 3,456,976.00
      Capital Stock 4,622.00 4,621.00 4,617.00 4,610.00 4,598.00
      Share Premium 4,573,016.00 4,543,090.00 4,495,539.00 4,464,706.00 4,413,503.00
      Retained Earnings 7,164,954.00 7,125,783.00 7,029,751.00 6,925,123.00 6,827,719.00
      Treasury Shares 8,335,774.00 8,199,358.00 8,064,154.00 7,928,917.00 7,784,434.00
      Accumulated Other Comprehensive Income 22,635.00 29,337.00 -4,996.00 -1,259.00 -4,410.00
   Minority Interest 41,227.00 41,956.00 41,469.00 41,597.00 42,201.00
Debt 826,402.00 838,636.00 787,735.00 793,791.00 789,736.00
Net Debt 321,902.00 379,434.00 399,203.00 432,611.00 300,206.00
Common Shares Outstanding 108,448.28 109,992.00 111,219.00 112,163.00 112,890.56
Breakdown 2025-09-30 2025-06-30 2025-03-31 2024-12-31 2024-09-30
Revenues 1,150,218.00 1,144,437.00 1,128,203.00 1,110,055.00 1,263,882.00
Cost Of Revenue 719,878.00 711,147.00 698,049.00 682,259.00 824,888.00
Interest Expense 15,857.00 11,705.00 8,465.00 6,409.00 0
Non-Interest Expense 121,807.00 127,589.00 134,625.00 122,087.00 138,705.00
Gross Profit 430,340.00 433,290.00 430,154.00 427,796.00 438,994.00
Operating Expenses 223,959.00 230,820.00 232,419.00 222,179.00 243,107.00
   Selling, General and Administrative Expenses 121,807.00 127,589.00 134,625.00 122,087.00 138,705.00
   Research and Development Expenses 87,865.00 86,851.00 81,796.00 84,333.00 90,069.00
Operating Income 206,381.00 202,470.00 197,735.00 205,617.00 195,887.00
EBT 120,782.00 190,765.00 189,270.00 192,425.00 103,437.00
Income Tax 23,668.00 35,963.00 25,269.00 40,573.00 16,261.00
Net Income Including Non-Controlling Interests 97,114.00 154,802.00 164,001.00 151,852.00 87,176.00
Net Income Non-Controlling Interests -787.00 -801.00 -758.00 -719.00 -735.00
Net Income 94,502.00 151,097.00 160,163.00 148,348.00 84,757.00
EBIT 136,639.00 202,470.00 197,735.00 198,834.00 62,154.00
Deprecation and Amortization 52,978.00 49,635.00 46,407.00 46,415.00 49,328.00
EBITDA 189,617.00 252,105.00 244,142.00 245,249.00 111,482.00
EPS 0.00 0.00 0.00 0.00 0.00
Diluted EPS 0.00 0.00 0.00 0.00 0.00
Average Shares Outstanding Basic 109,279.00 108,527.00 109,849.00 110,667.00 113,745.00
Average Shares Outstanding Diluted 109,853.00 109,101.00 110,402.00 111,361.00 114,378.00
Breakdown 2025-09-30 2025-06-30 2025-03-31 2024-12-31 2024-09-30
Operating Cash Flow 229,840.00 241,243.00 172,458.00 105,555.00 217,922.00
   Operating Net Income 97,114.00 154,802.00 164,001.00 151,852.00 87,176.00
   Deprecation and Amortization 52,978.00 49,635.00 46,407.00 46,415.00 49,328.00
   Deferred Income Tax 9,393.00 8,602.00 645.00 1,651.00 -33,326.00
   Share Based Compensation 26,730.00 25,961.00 25,653.00 26,520.00 26,003.00
   Change in Working Capital 41,852.00 1,960.00 -65,474.00 -121,696.00 88,226.00
   Other Operating Activities 1,773.00 283.00 1,226.00 813.00 515.00
Investing Cash Flow 20,594.00 -31,863.00 43,937.00 -34,729.00 -5,536.00
   Capital Expenditure 0 0 0 0 0
   Net Purchase/Sale of PPE -31,212.00 -29,421.00 -15,964.00 -27,355.00 -25,812.00
   Net Purchase/Sale of Investments Net 75,275.00 1,763.00 59,593.00 33,362.00 19,143.00
   Net Purchase/Sale of Business -24,911.00 -4,237.00 -86.00 -57,083.00 0
   Other Investing Activities 1,442.00 32.00 394.00 16,347.00 1,133.00
Financing Cash Flow -192,747.00 -189,458.00 -182,838.00 -203,078.00 -184,290.00
   Net Issuance/Repayment of Debt 0 0 0 0 0
   Net Issuance/Repurchase of Equity -136,416.00 -135,204.00 -135,237.00 -144,483.00 -119,805.00
   Dividends Paid -57,969.00 -58,615.00 -53,729.00 -54,081.00 -54,703.00
   Other Financing Activities 1,638.00 4,361.00 6,128.00 -4,514.00 -9,782.00
Net Change in Cash 57,687.00 19,922.00 33,557.00 -132,252.00 28,096.00
   Cash at Beginning of Period 267,312.00 247,390.00 213,833.00 346,085.00 317,989.00
   Cash at End of Period 324,999.00 267,312.00 247,390.00 213,833.00 346,085.00
Free Cash Flow 198,628.00 211,822.00 156,494.00 78,200.00 192,110.00