Ares Capital Corporation
Buy, Hold or Sell?

Let's analyse Ares Capital Corporation together

Penke I guess you are interested in Ares Capital Corporation. Buy, hold or sell? I don't know! However, I do recommend doing research before doing anything. I will help you with that.

I'm going to help you getting a better view of Ares Capital Corporation. At the end you don't have to ask anyone for trading advice. You can make your own decision, with more confidence, the odds in your favor, backed by data.

You can find me behind Let's Analyse Together in the top-right of each section.

Get notifications about Ares Capital Corporation

I send you an email if I find something interesting about Ares Capital Corporation.

Quick analysis of Ares Capital Corporation (30 sec.)

What can you expect buying and holding a share of Ares Capital Corporation? (30 sec.)

How much money do you get?

$1.70

When do you have the money?

1 year

How often do you get paid?

100.0%

What is your share worth?

Current worth

$18.43

Expected worth in 1 year

$21.14

How sure are you?

97.5%

+ What do you gain per year?

Total Gains per Share

$4.40

Return On Investment

20.8%

For what price can you sell your share?

Current Price per Share

$21.14

Expected price per share

$20.13 - $

How sure are you?

50%

1. Valuation of Ares Capital Corporation (5 min.)

Live pricePrice per Share (EOD)

$21.14

Book Value per Share

$18.43

Intrinsic Value Per Share

$-17.49 - $24.79

Total Value Per Share

$0.94 - $43.22

My calculation of the intrinsic value of Ares Capital Corporation is based how much money is coming from the company's main activities (Free Cash Flow).

The following numbers are based on moving averages and per share and per quarter.
I use a 6% discount rate for the low estimation and 3% for the high estimation.
The current Free Cash Flow Per Share is 10Y: ($-0.26) 3Y: ($-0.45) TTM: ($0.21)
The change per quarter (trend) of the Free Cash Flow Per Share is 10Y: ($-0.01) 3Y: ($0.05) TTM: ($0.00)

Years	Total Low est.	Total High est.	Added Free Cash Flow
1	$-1.81	$-0.54	$-1.92 - $-0.25
2	$-3.63	$-0.30	$-2.03 - $0.56
3	$-5.43	$0.68	$-2.14 - $1.36
4	$-7.22	$2.35	$-2.25 - $2.17
5	$-9.00	$4.67	$-2.36 - $2.97
6	$-10.75	$7.62	$-2.47 - $3.78
7	$-12.48	$11.13	$-2.58 - $4.58
8	$-14.18	$15.19	$-2.69 - $5.39
9	$-15.85	$19.75	$-2.80 - $6.19
10	$-17.49	$24.79	$-2.91 - $7.00

2. Growth of Ares Capital Corporation (5 min.)

Is Ares Capital Corporation growing?

	Current year	Previous year	Grow	Grow %
How rich?	$11.2b	$9.4b	$1.1b	11.1%

How much money is Ares Capital Corporation making?

	Current year	Previous year	Grow	Grow %
Making money	$380.5m	$150m	$230.5m	60.6%
Net Profit Margin	92.9%	79.9%	-	-

How much money comes from the company's main activities?

Quarterly Yearly

3. Financial Health of Ares Capital Corporation (5 min.)

4. Comparing to competitors in the Asset Management industry (5 min.)

Industry Rankings (Asset Management)

Richest
#23 / 756

Most Revenue
#75 / 756

Most Profit
#28 / 756

Most Efficient
#240 / 756

What can you expect buying and holding a share of Ares Capital Corporation? (5 min.)

Welcome investor! Ares Capital Corporation's management wants to use your money to grow the business. In return you get a share of Ares Capital Corporation.

What can you expect buying and holding a share of Ares Capital Corporation?

First you should know what it really means to hold a share of Ares Capital Corporation. And how you can make/lose money.

Speculation

The Price per Share of Ares Capital Corporation is $21.14. The market price reflects what other people think it is worth; not what it's really worth. Your job is to find out if the market price is fair, overpriced, or underpriced. I will help you with that.

If you buy blind, there is a 50% chance of making or losing money by selling the stock in the future. However, we can look at a few things to determine the odds in our favor:

The fundamentals: the financial health trends of Ares Capital Corporation.
The technials: based on market psychology, we can make a calculated estimate of what the price will do in the future. We can do this through technical analysis. We can calculate the probabilities and the expected value (millionaire math). That's called speculation.
The book value: what is the market price compared to it's book value.

Investing

If you really want to invest in Ares Capital Corporation, you will have to let go of the thought of selling in the future. If you have to sell the share for less than you bought it, it can still be a good investment. Focus on what it means to hold the stock forever:

You own a part of the company. The equity of this part can grow or shrink. The current Book Value per Share is $18.43. Based on the TTM, the Book Value Change Per Share is $0.68 per quarter. Based on the YOY, the Book Value Change Per Share is $0.28 per quarter.
You may receive quarterly/yearly dividend in the form of additional shares.
You may receive quarterly/yearly dividend in the form of cash. Based on the TTM the Dividend per Share is $0.42 per quarter.

Based on historical numbers we can estimate the returns while holding a share of Ares Capital Corporation.

How much money are you going to get?

	MRQ		TTM		YOY		5Y		10Y
	$	% of Price per Share	$	% of Price per Share	$	% of Price per Share	$	% of Price per Share	$	% of Price per Share
Usd Eps	0.68	3.2%	0.63	3.0%	0.25	1.2%	0.41	1.9%	0.33	1.5%
Usd Book Value Change Per Share	0.64	3.0%	0.68	3.2%	0.28	1.3%	0.32	1.5%	0.26	1.2%
Usd Dividend Per Share	0.43	2.0%	0.42	2.0%	0.38	1.8%	0.33	1.6%	0.28	1.3%
Usd Total Gains Per Share	1.07	5.1%	1.10	5.2%	0.66	3.1%	0.65	3.1%	0.54	2.5%
Usd Price Per Share	20.03	-	19.14	-	18.56	-	17.95	-	17.02	-
Price to Earnings Ratio	7.37	-	7.97	-	20.10	-	10.83	-	17.37	-
Price-to-Total Gains Ratio	18.76	-	17.62	-	34.97	-	28.52	-	61.04	-
Price to Book Ratio	1.09	-	1.10	-	1.20	-	1.30	-	1.49	-
Price-to-Total Gains Ratio	18.76	-	17.62	-	34.97	-	28.52	-	61.04	-

When do you get the money?

Usd Investment	$.00
Usd Price Per Share	21.14
Number of shares	47

Gains per Quarter	Trailing 12 Months	5 Year
Usd Dividend Per Share	0.42	0.33
Usd Book Value Change Per Share	0.68	0.32
Usd Total Gains Per Share	1.10	0.65
Gains per Quarter (47 shares)	51.75	30.59
Gains per Year (47 shares)	207.02	122.36

Years	Return on Investment (TTM)			Return on Investment (5Y)
	Dividend	Book Value gain	Total gains	Dividend	Book Value gain	Total gains
Broker costs	-	-	-10	-	-	-10
1	80	127	197	62	60	112
2	159	255	404	124	121	234
3	239	382	611	186	181	356
4	319	509	818	248	241	478
5	399	636	1025	310	302	600
6	478	764	1232	372	362	722
7	558	891	1439	434	422	844
8	638	1018	1646	496	483	966
9	718	1146	1853	558	543	1088
10	797	1273	2060	620	603	1210

How sure are you?

Based on the past periods, how sure are you to get value out of your investment.

Linear %

	Trailing 12 Months				3Y				5 Year				10 Year				ALLTIME
				%				%				%				%				%
Earnings Per Share	4.0	0.0	0.0	100.0%	12.0	0.0	0.0	100.0%	19.0	1.0	0.0	95.0%	39.0	1.0	0.0	97.5%	74.0	3.0	0.0	96.1%
Book Value Change Per Share	4.0	0.0	0.0	100.0%	11.0	1.0	0.0	91.7%	18.0	2.0	0.0	90.0%	30.0	10.0	0.0	75.0%	59.0	18.0	0.0	76.6%
Dividend per Share	4.0	0.0	0.0	100.0%	12.0	0.0	0.0	100.0%	20.0	0.0	0.0	100.0%	40.0	0.0	0.0	100.0%	76.0	0.0	1.0	98.7%
Total Gains per Share	4.0	0.0	0.0	100.0%	12.0	0.0	0.0	100.0%	19.0	1.0	0.0	95.0%	39.0	1.0	0.0	97.5%	74.0	3.0	0.0	96.1%

Fundamentals of Ares Capital Corporation

About Ares Capital Corporation

https://www.arescapitalcorp.com
Asset Management
0
2000 Avenue of the Stars, Los Angeles, CA, United States, 90067-4733
Google Maps Bing Maps

Ares Capital Corporation is a business development company specializing in acquisition, recapitalization, mezzanine debt, restructurings, rescue financing, and leveraged buyout transactions of middle market companies. It also makes growth capital and general refinancing. It prefers to make investments in companies engaged in the basic and growth manufacturing, business services, consumer products, health care products and services, and information technology service sectors. The fund will also consider investments in industries such as restaurants, retail, oil and gas, and technology sectors. It focuses on investments in Northeast, Mid-Atlantic, Southeast and Southwest regions from its New York office, the Midwest region, from the Chicago office, and the Western region from the Los Angeles office. The fund typically invests between $20 million and $200 million and a maximum of $400 million in companies with an EBITDA between $10 million and $250 million. It makes debt investments between $10 million and $100 million The fund invests through revolvers, first lien loans, warrants, unitranche structures, second lien loans, mezzanine debt, private high yield, junior capital, subordinated debt, and non-control preferred and common equity. The fund also selectively considers third-party-led senior and subordinated debt financings and opportunistically considers the purchase of stressed and discounted debt positions. The fund prefers to be an agent and/or lead the transactions in which it invests. The fund also seeks board representation in its portfolio companies.

Fundamental data was last updated by Penke on 2024-05-02 10:41:03.

Financial Health

Profitability Details

	Compared to previous year	Compared to industry
The company is making a huge profit.
Using its assets, the company is less efficient in making profit.
Using its investors money, the company is inefficient in making profit.

Operating Efficiency Details

	Compared to previous year	Compared to industry
The company is operating very efficient.
The company is very efficient in keeping operating costs low.

Liquidity Details

	Compared to previous year	Compared to industry
The company is very able to pay all its short-term debts.
The company is very able to pay all its short-term debts with the most liquid assets.

Solvency Details

	Compared to previous year	Compared to industry
The company is able to pay all its debts by selling its assets.
The company is able to pay all its debts with equity.

Valuation

Valuation Details

	Compared to previous year	Compared to industry
Based on the equity, the company is underpriced.
Based on the earnings, the company is underpriced.
Based on how much money comes from the company's main activities, the company is expensive.

1.1. Profitability of Ares Capital Corporation.

1.1. Profitability

1.1.1. Net Profit Margin

Measures how much net profit Ares Capital Corporation earns for each $1 of revenue.

Above 10% is considered healthy but always compare Ares Capital Corporation to the Asset Management industry mean.
A Net Profit Margin of 93.0% means that $0.93 for each $1 in revenue is generated as profit.

Let's take a look of the Net Profit Margin trends of Ares Capital Corporation:

The MRQ is 93.0%. The company is making a huge profit. +2
The TTM is 92.9%. The company is making a huge profit. +2

Trends

Current period		Compared to		+/-
MRQ	93.0%	TTM	92.9%	+0.2%
TTM	92.9%	YOY	79.9%	+12.9%
TTM	92.9%	5Y	76.8%	+16.0%
5Y	76.8%	10Y	82.1%	-5.3%

Compared to industry (Asset Management)

Period	Company	Industry (mean)	+/-
MRQ	93.0%	61.7%	+31.3%
TTM	92.9%	56.7%	+36.2%
YOY	79.9%	64.4%	+15.5%
5Y	76.8%	51.7%	+25.1%
10Y	82.1%	51.7%	+30.4%

Measures how much net profit Ares Capital Corporation earns for each $1 of revenue.

Revenue is the amount of profit Ares Capital Corporation generates before taxes and all other costs. For example, when you buy a cup of coffee it will cost you $3. The company does not earn $3 in profit but also has to pay various costs and taxes to create that cup of coffee. Let's assume the cost of creating a cup of coffee is $1.5.

The $3 you pay for a cup of coffee is called revenue.
The $1.5 that’s left over when all costs to create that cup of coffee (including taxes) are deduced from the revenue is called net profit.

The net profit margin looks at how much net profit Ares Capital Corporation earns for each $1 in revenue.

How to use net profit margin

Higher profit margin is better (more profit).
Above 10% is considered healthy but always compare Ares Capital Corporation to the Asset Management industry mean.
Can be used to compare companies within the Asset Management industry.

You typically want a high profit margin. This means that for each $1 in sales, Ares Capital Corporation makes more profit. This shows the investor how efficiently Ares Capital Corporation is operating in general and compared to other companies in the same industry. Ares Capital Corporation operates in the Asset Management industry.

Why do investors use net profit margin in their analysis

It helps investors to determine the efficiency of Ares Capital Corporation. If profit margins remain low (compared to the Asset Management industry mean) and there are no improvements to make in production costs or other areas that might be a warning sign. If profit margins are high that means the company has low overhead costs and is efficiently using its resources to generate profit.

The three steps every investor should look at:

What is the current net profit margin?
The current most recent quarter (MRQ) Net Profit Margin of Ares Capital Corporation is 0.93. This means that Ares Capital Corporation earned $0.93 for each $1 in revenue in the most recent quarter.
How does it compare to the industry?
The mean MRQ Net Profit Margin of the Asset Management industry is 61.7%.
What is the trend?
The trend is important because it shows you how Ares Capital Corporation is performing over time. The most recent quarter might be important if Ares Capital Corporation released a new product or service. And you can use MRQ to see if they performed better vs last year. You can find all the trends for Ares Capital Corporation up to 10 years back (depending if the company existed 10 years ago) when you exit this learning section.

Things to be aware of

Only compare Ares Capital Corporation with other companies in the same industry (Asset Management).
Net profit margin should rise over the years.
Can be influenced when Ares Capital Corporation sells assets (profit will increase while costs remain the same).
It won’t show what part of Ares Capital Corporation is doing great or needs improvement (it only looks at total revenue and total net income).

How to calculate net profit margin

Net profit margin = net income / total revenue * 100%

Real example of Ares Capital Corporation

You need the following data to determine net profit margin:

Income statement from the period you want to calculate (for example, MRQ or TTM).

Net income MRQ Ares Capital Corporation = 413,000
Total revenue MRQ Ares Capital Corporation = 444,000
$413,000 / $444,000 = 0.93 or 93.0%

Higher is better

The higher the net profit margin, the more efficient the company is generating income. This helps investors to determine how the company is managing money. The net profit margin is an important indicator when diving into the financial health of a company. Overall, you want to see the net profit margin rising over the years. That means the company improved their production and made it more efficient (if possible).

You can use the net profit margin to compare companies within the same industry. If there are two companies where one is much bigger but the smaller one has a higher net profit margin, that means the smaller company is more efficiently using operational costs.

Important: Profit margins can be very different between industries. Companies with assembly lines or transports are much more prone to see shifting in prices for fuel, ingredients and maintenance compared to companies that only provide services. You should never compare net profit margin between different industries.

1.1.2. Return on Assets

Shows how efficient Ares Capital Corporation is using its assets to generate profit.

Above 5% is considered healthy but always compare Ares Capital Corporation to the Asset Management industry mean.
1.7% Return on Assets means that Ares Capital Corporation generated $0.02 profit for each $1 in assets.

Let's take a look of the Return on Assets trends of Ares Capital Corporation:

The MRQ is 1.7%. Using its assets, the company is less efficient in making profit.
The TTM is 1.7%. Using its assets, the company is less efficient in making profit.

Trends

Current period		Compared to		+/-
MRQ	1.7%	TTM	1.7%	+0.1%
TTM	1.7%	YOY	0.7%	+1.0%
TTM	1.7%	5Y	1.3%	+0.3%
5Y	1.3%	10Y	1.4%	0.0%

Compared to industry (Asset Management)

Period	Company	Industry (mean)	+/-
MRQ	1.7%	1.1%	+0.6%
TTM	1.7%	1.0%	+0.7%
YOY	0.7%	0.6%	+0.1%
5Y	1.3%	1.5%	-0.2%
10Y	1.4%	1.9%	-0.5%

Shows how efficient Ares Capital Corporation is using its assets to generate profit.

For a farm, a tractor is considered an asset. The tractor helps ploughing the land making it possible to plant and harvest crops. But the tractor might be old and needing maintenance all the time reducing its efficiency. Return on assets indicates how effectively the farm is using the tractor (and other assets that help the core business) to plough the land.

How to use return on assets

Higher is better.
Above 5% is considered healthy but always compare Ares Capital Corporation to the Asset Management industry mean.
Can be very different between industries.
Can be used to compare companies.

Why do investors use return on assets in their analysis

Shows the investor how effectively Ares Capital Corporation is using its resources to generate profit. If the return on assets (1.7%) from Ares Capital Corporation are higher than the Asset Management mean (1.1%) that means Ares Capital Corporation is using its resources better than their competitors. If not, that means their competitors are more efficient in using their resources to generate profit.

An investor should always look at:

What is the current return on assets?
The current most recent quarter (MRQ) Return on Assets of Ares Capital Corporation is 1.7%. This means the company generated $0.02 for each $1 in assets.
How does it compare to the industry?
The mean MRQ Return on Assets of the Asset Management industry is 1.1%.
What is the trend?
The trend is important because it shows you how Ares Capital Corporation is performing over time. The most recent quarter might be important if Ares Capital Corporation released a new product or service. And you can use MRQ to see if they performed better vs last year. You can find all the trends for Ares Capital Corporation up to 10 years back (depending if the company existed 10 years ago) when you exit this learning section.

Things to be aware of

Only compare with other companies in the same industry.
If a company has many assets changing over time, it’s better to calculate the average assets instead of the total assets.

How to calculate return on assets

Return on assets = net income / total assets * 100%

Real example Ares Capital Corporation

You need the following data to determine return on assets (ROA):

Income statement
Balance sheet

Net income MRQ (income statement) from Ares Capital Corporation = 413,000
Total assets MRQ (balance sheet) from Ares Capital Corporation = 23,800,000
413,000 / 23,800,000 = 0.02 or 1.7%

ROA is an important ratio as it will tell you how effectively Ares Capital Corporation is using its resources to generate profits. Example:

Bob and Kristin both sell ice cream in the summer. They both have an ice cream truck. The truck Bob owes cost him $20.000 and the truck Kristin owes cost her $1500. Over the summer, Bob earned $2000 and Kristin earned $200. To calculate the return on assets:

Bob: $2000 / $20.000 * 100% = 10%
Kristin: $200 / $1500 * 100% = 13.3%

This tells you Bob’s company is more valuable but Kristin's company is more efficient. Be aware that total assets can change over time. A transportation business will buy and sell trucks or planes all the time. Before using return on assets as a guideline, you have to know what the exact assets are. For a company that has many assets changing over time, it’s better to calculate the average assets instead of the total assets.

1.1.3. Return on Equity

Shows how efficient Ares Capital Corporation is using its investors money to generate profit.

Above 15%-20% is considered healthy but always compare Ares Capital Corporation to the Asset Management industry mean.
3.7% Return on Equity means Ares Capital Corporation generated $0.04 for each $1 the owners (shareholders) invested.

Let's take a look of the Return on Equity trends of Ares Capital Corporation:

The MRQ is 3.7%. Using its investors money, the company is inefficient in making profit. -1
The TTM is 3.6%. Using its investors money, the company is inefficient in making profit. -1

Trends

Current period		Compared to		+/-
MRQ	3.7%	TTM	3.6%	+0.1%
TTM	3.6%	YOY	1.6%	+2.0%
TTM	3.6%	5Y	2.8%	+0.7%
5Y	2.8%	10Y	2.6%	+0.2%

Compared to industry (Asset Management)

Period	Company	Industry (mean)	+/-
MRQ	3.7%	2.2%	+1.5%
TTM	3.6%	2.0%	+1.6%
YOY	1.6%	1.3%	+0.3%
5Y	2.8%	2.5%	+0.3%
10Y	2.6%	3.1%	-0.5%

Shows how efficient Ares Capital Corporation is using its investors money to generate profit.

A publicly traded company (any company that issues shares to the public) is owned by its shareholders. Return on equity calculates the amount of profit for every $1 the shareholders invested.

How to use return on equity

Higher is better.
Above 15%-20% is considered healthy but always compare Ares Capital Corporation to the Asset Management industry mean.
Can be very different between industries.
Can be used to compare companies.

Why do investors use return on equity in their analysis

To find out the owners/management's attitude toward their company. You typically want the owners/management to invest in the company and focus on generating profit. If not enough profit is generated (compared to the Asset Management industry mean), the company might not be investing their money efficiently.

The three steps every investor should look at:

What is the current return on equity?
The current most recent quarter (MRQ) Return on Equity of Ares Capital Corporation is 3.7%. This means Ares Capital Corporation generated $0.04 for each $1 the owners (shareholders) invested.
How does it compare to the industry?
The mean MRQ Return on Equity of the Asset Management industry is 2.2%.
What is the trend?
The trend is important because it shows you how Ares Capital Corporation is performing over time. The most recent quarter might be important if Ares Capital Corporation released a new product or service. And you can use MRQ to see if they performed better vs last year. You can find all the trends for Ares Capital Corporation up to 10 years back (depending if Ares Capital Corporation existed 10 years ago) when you exit this learning section.

Things to be aware of

Only compare with other companies in the same industry.
Does not include intangible assets (non physical assets like licences, computer software, etc.).
Stockholders equity and shareholders equity refer to the same thing.
Liabilities should not be more than three times return on equity.

How to calculate return on equity

Return on equity = net profit / shareholders equity * 100%

Real example of Ares Capital Corporation

You need the following data to determine ROE:

Income statement
Balance sheet
Net profit MRQ (income statement) Ares Capital Corporation = 413,000
Shareholders equity (balance sheet) MRQ Ares Capital Corporation = 11,201,000
413,000 / 11,201,000 = 0.04 or 3.7%

A negative shareholder equity is a warning sign. It means the company has more liabilities than assets. It might also mean that the owners did not invest enough money or they are taking money out of the business.

1.2. Operating Efficiency of Ares Capital Corporation.

1.2. Operating Efficiency

1.2.1. Operating Margin

Measures how efficient Ares Capital Corporation is operating .

Measures how much profit Ares Capital Corporation makes for each $1 of sales after paying variable costs (production costs, wages, etc) but before taxes.
Above 15% is considered healthy but always compare Ares Capital Corporation to the Asset Management industry mean.
An Operating Margin of -210.6% means the company generated $-2.11 for each $1 in revenue (before taxes).

Let's take a look of the Operating Margin trends of Ares Capital Corporation:

The MRQ is -210.6%. The company is operating very inefficient. -2
The TTM is 107.6%. The company is operating very efficient. +2

Trends

Current period		Compared to		+/-
MRQ	-210.6%	TTM	107.6%	-318.2%
TTM	107.6%	YOY	286.4%	-178.8%
TTM	107.6%	5Y	115.2%	-7.6%
5Y	115.2%	10Y	116.4%	-1.2%

Compared to industry (Asset Management)

Period	Company	Industry (mean)	+/-
MRQ	-210.6%	72.0%	-282.6%
TTM	107.6%	52.5%	+55.1%
YOY	286.4%	62.2%	+224.2%
5Y	115.2%	46.7%	+68.5%
10Y	116.4%	47.1%	+69.3%

Measures how efficient Ares Capital Corporation is operating .

The more effecient a company creates products or provides services, the more profit it generates.

How to use operating margin

Higher is better
Above 15% is considered healthy but always compare Ares Capital Corporation to the Asset Management industry mean.
Can be very different between industries
Can be used to compare companies

Why do investors use operating margin in their analysis

To determine how much profit Ares Capital Corporation is making from it’s core business.

The three steps every investor should look at:

What is the current net profit margin?
The current most recent quarter (MRQ) Operating Margin of Ares Capital Corporation is -210.6%. This means that Ares Capital Corporation earned $-2.11 for each $1 in revenue in the most recent quarter.
How does it compare to the industry?
The mean MRQ Operating Margin of the Asset Management industry is 72.0%.
What is the trend?
The trend is important because it shows you how Ares Capital Corporation is performing over time. The most recent quarter might be important if Ares Capital Corporation released a new product or service. And you can use MRQ to see if they performed better vs last year. You can find all the trends for Ares Capital Corporation up to 10 years back (depending if the company existed 10 years ago) when you exit this learning section.

Things to be aware of

Only compare with other companies in the same industry
Can be calculated in different ways

How to calculate operating margin

Operating margin = operating earnings / total revenue

Real example of Ares Capital Corporation

You need the following data to determine operating margin:

Income statement
Operating earnings MRQ Ares Capital Corporation = 422,000
Total revenue MRQ Ares Capital Corporation = 444,000
$422,000 / $444,000 = -2.11 or -210.6%

Operating margin is used to calculate how much profit a company makes after variable costs of production but before paying interest and taxes. Some variable costs examples are wages, raw materials, packaging, and transaction fees. The amount of variable costs is different for each company and industry. In general, a higher operating margin is better as this implicates that a company is running efficiently.

For investors, a higher operating margin is a good sign. Although you should always look at operating margin in the long term. If operating margin is fluctuating over the years this might be a sign that things are not running efficiently enough. It’s a way to check how much profit a company is making from its core business.

Operation earnings can be calculated in multiple ways:

Operation earnings = EBIT - non operating income + non operating expense
Operation earnings = Gross profit - operating expense - depreciation and amortisation
Operation earnings = Total revenue - COGS (costs of goods sold) - indirect costs

1.2.2. Operating Ratio

Measures how efficient Ares Capital Corporation is keeping operating costs low.

Below 1 is considered healthy (always compare to Asset Management industry mean).
An Operation Ratio of 0.48 means that the operating costs are $0.48 for each $1 in net sales.

Let's take a look of the Operating Ratio trends of Ares Capital Corporation:

The MRQ is 0.477. The company is very efficient in keeping operating costs low. +2
The TTM is 0.297. The company is very efficient in keeping operating costs low. +2

Trends

Current period		Compared to		+/-
MRQ	0.477	TTM	0.297	+0.180
TTM	0.297	YOY	0.668	-0.371
TTM	0.297	5Y	0.407	-0.110
5Y	0.407	10Y	0.679	-0.273

Compared to industry (Asset Management)

Period	Company	Industry (mean)	+/-
MRQ	0.477	0.444	+0.033
TTM	0.297	0.534	-0.237
YOY	0.668	0.451	+0.217
5Y	0.407	0.473	-0.066
10Y	0.679	0.530	+0.149

Measures how efficient Ares Capital Corporation is keeping operating costs low.

If the operating ratio is below 1 that means the company is making money. The lower the operating ratio, the more efficient the company.

How to use operating ratio

Lower is better.
Below 1 is considered healthy but always compare Ares Capital Corporation to the Asset Management industry mean.
Can be very different between industries.
Can be used to compare companies.

Why do investors use operating ratio in their analysis

Shows if costs of creating products and or services is increasing or decreasing. The lower the operating ratio, the more efficient the company is creating products and services.

The three steps every investor should look at:

What is the current Operatin ratio?
The current most recent quarter (MRQ) Operating Ratio of Ares Capital Corporation is 47.7%. This means that Ares Capital Corporation earned $0.48 for each $1 in net sales in the most recent quarter.
How does it compare to the industry?
The mean MRQ Operating Ratio of the Asset Management industry is 0.44.
What is the trend?
The trend is important because it shows you how Ares Capital Corporation is performing over time. The most recent quarter might be important if Ares Capital Corporation released a new product or service. And you can use MRQ to see if they performed better vs last year. You can find all the trends for Ares Capital Corporation up to 10 years back (depending if the company existed 10 years ago) when you exit this learning section.

Things to be aware of

Only compare with other companies in the same industry.
You need COGS to calculate operating ratio which is not always shown in the income statement.
Does not consider debt.

How to calculate operating ratio

Operating ratio = Operating expenses + COGS \ Net sales

Real life example Ares Capital Corporation

You need the following data to determine operating ratio:

Income statement

COGS is not always specified on the income statement. If so you can use the following calculation:

(cost of revenue + total operating expenses) \ total revenue
(190,000 +22,000) \ 444,000 = 0.48

The operating ratio measures the efficiency of a company at keeping low costs while generating profits from sales. It compares the total operating expenses to the net amount of sales. The total operating expenses exists of:

COGS (materials, labour, rent of facility, repairs)
Operating expenses (legal fees, marketing, wages, rent, maintenance/repairs)

Operating expenses are all the costs the company makes that are not directly tied to the production of the service or product. Where COGS are costs that are directly tied to the production of a product or service.

Do note that COGS is not always available in the income statement. Some companies include COGS in the operating expenses while others list COGS separately. To make it even more confusing, COGS is also known as “costs of sales” and costs of sales is the same as costs of revenue.

The operating ratio tells you how efficient the company is creating its products or services while keeping prices low. In this case, a lower ratio is better. Higher or rising operating ratios might tell you that costs are rising while sales are not improving or staying the same.

1.3. Liquidity of Ares Capital Corporation.

1.3. Liquidity

1.3.1. Current Ratio

Measures if Ares Capital Corporation is able to pay off Short-term Debt.

Above 1.5 is considered healthy (always compare to Asset Management industry mean).
A Current Ratio of 2.13 means the company has $2.13 in assets for each $1 in short-term debts.

Let's take a look of the Current Ratio trends of Ares Capital Corporation:

The MRQ is 2.134. The company is able to pay all its short-term debts. +1
The TTM is 16.640. The company is very able to pay all its short-term debts. +2

Trends

Current period		Compared to		+/-
MRQ	2.134	TTM	16.640	-14.506
TTM	16.640	YOY	2.337	+14.303
TTM	16.640	5Y	7.416	+9.224
5Y	7.416	10Y	161.963	-154.547

Compared to industry (Asset Management)

Period	Company	Industry (mean)	+/-
MRQ	2.134	3.162	-1.028
TTM	16.640	3.316	+13.324
YOY	2.337	3.916	-1.579
5Y	7.416	5.460	+1.956
10Y	161.963	6.640	+155.323

Measures if Ares Capital Corporation is able to pay off Short-term Debt.

How to use current ratio

Higher is better
Above 1.5 is considered healthy (always compare to Asset Management industry mean).
Can be very different between industries
Can be used to compare companies

Why do investors use current ratio in their analysis

Shows if the company can pay of short term debts if needed. A company that can't pay off it's short term debts might get in trouble if they have to pay off their short term debts for whatever reason. For example, markets can change due to global events like covid-19 or the war in Ukraine versus Russia. Because debts are always taken based on future income, it might become troublesome for Ares Capital Corporation if something happens in the market that will cause sales to plummet.

The three steps every investor should look at:

What is the current current Ratio?
The current most recent quarter (MRQ) Current Ratio of Ares Capital Corporation is 2.13. This means Ares Capital Corporation has $2.13 in assets for each $1 in short-term debts.
How does it compare to the industry?
The mean MRQ Current Ratio of the Asset Management industry is 3.16.
What is the trend?
The trend is important because it shows you how Ares Capital Corporation is performing over time. The most recent quarter might be important if Ares Capital Corporation released a new product or service. And you can use MRQ to see if they performed better vs last year. You can find all the trends for Ares Capital Corporation up to 10 years back (depending if the company existed 10 years ago) when you exit this learning section.

Things to be aware of

Only compare with other companies in the same industry.
Might be deluded.
Not all assets can always be quickly sold.
Can be manipulated by increasing or decreasing the assets and/or liabilities.

How to calculate current ratio

Current ratio = current assets \ current liabilities

Real life example Ares Capital Corporation

You need the following data to determine operating ratio:

Balance sheet
Current ratio = current assets \ current liabilities
796,000 \ 373,000) = 2.13

The current ratio measures if Ares Capital Corporation is able to pay short-term debts (obligations). Short term in this context means all debt obligations that are about to expire within one year. The current ratio incorporates current liabilities and current assets. Current assets are all the assets a company has that are expected to be consumed or sold within standard business operations. You can find the current assets in the balance sheet. They consist of:

Inventory
Accounts receivable
Marketable securities
Prepaid expenses
Cash
Cash equivalents
liquid assets

The current liabilities are short term obligations that are due within one year. These consist of:

Short term debts
Dividends
Income taxes
Short-term debts
Accounts payable
Interest payments

The result shows an investor if Ares Capital Corporation is able to pay all its short-term debts if they were due all at once. When the result of the above formula is below 1, then Ares Capital Corporation does not have enough capital after selling all its assets to pay all short-term debts. If the ratio drops far below 1 that might indicate Ares Capital Corporation is or will be in financial trouble anytime soon.

Although this gives an investor some clues, the current ratio may also be deluded. Because owning assets does not mean the company can easily sell them. Also, Accounts receivable may be quite old (they will probably never pay) which deludes the current ratio. As with all ratios, you should only compare them between the same industries and companies.

1.3.2. Quick Ratio

Measures if Ares Capital Corporation is able to pay off Short-term Debt but only using the most liquid assets.

Above 1 is considered healthy but always compare Ares Capital Corporation to the Asset Management industry mean.
A Quick Ratio of 2.13 means the company can pay off $2.13 for each $1 in debt (using most liquid assets).

Let's take a look of the Quick Ratio trends of Ares Capital Corporation:

The MRQ is 2.134. The company is very able to pay all its short-term debts with the most liquid assets. +2
The TTM is 266.582. The company is very able to pay all its short-term debts with the most liquid assets. +2

Trends

Current period		Compared to		+/-
MRQ	2.134	TTM	266.582	-264.448
TTM	266.582	YOY	67.698	+198.884
TTM	266.582	5Y	72.838	+193.744
5Y	72.838	10Y	3,806.048	-3,733.210

Compared to industry (Asset Management)

Period	Company	Industry (mean)	+/-
MRQ	2.134	2.867	-0.733
TTM	266.582	3.414	+263.168
YOY	67.698	4.606	+63.092
5Y	72.838	6.341	+66.497
10Y	3,806.048	6.902	+3,799.146

Measures if Ares Capital Corporation is able to pay off Short-term Debt but only using the most liquid assets.

How to use quick ratio

Higher is better.
Above 1 is considered healthy but always compare Ares Capital Corporation to the Asset Management industry mean.
Can be very different between industries.
Can be used to compare companies.

Why do investors use quick ratio in their analysis

Shows how fast Ares Capital Corporation can pay off its short term debts. This shows if Ares Capital Corporation can survive emergencies due to market changes or other reasons.

The three steps every investor should look at:

What is the current Quick Ratio?
The current most recent quarter (MRQ) quickRatio of Ares Capital Corporation is 2.13. This means that Ares Capital Corporation can pay off $2.13 for each $1 in debt (using most liquid assets).
How does it compare to the industry?
The mean MRQ Quick Ratio of the Asset Management industry is 2.87.
What is the trend?
The trend is important because it shows you how Ares Capital Corporation is performing over time. The most recent quarter might be important if Ares Capital Corporation released a new product or service. And you can use MRQ to see if they performed better vs last year. You can find all the trends for Ares Capital Corporation up to 10 years back (depending if the company existed 10 years ago) when you exit this learning section.

Things to be aware of

Only compare with other companies in the same industry.
Incorporates only most liquid assets.

How to calculate quick ratio

Quick ratio = cash and equivalents + marketable securities + accounts receivable / current liabilities

Real life example Ares Capital Corporation

You need the following data to determine operating ratio:

Balance sheet
Quick ratio = cash and short-term investments + short-term investments + netReceivables / total current liabilities
MRQ quick ratio Ares Capital Corporation: (535,000 + 0 +261,000) / 373,000 = 2.13

The quick ratio measures the same thing as the current ratio, only it uses the most liquid assets a company has. Meaning, the assets that can be sold for cash the easiest and fastest.

As the quick ratio only incorporates the most liquid assets, you should also check the current ratio which also includes less liquid assets. But they may be harder to sell.

1.4. Solvency of Ares Capital Corporation.

1.3. Liquidity

1.4.1. Debt to Asset Ratio

Measures how much % of Ares Capital Corporation assets are financed with debt.

Below 1 (100%) is considered healthy but always compare Ares Capital Corporation to Asset Management industry mean.
A Debt to Asset Ratio of 0.53 means that Ares Capital Corporation assets are financed with 52.9% credit (debt) and the remaining percentage (100% - 52.9%) is financed by its owners/shareholders.

Let's take a look of the Debt to Asset Ratio trends of Ares Capital Corporation:

The MRQ is 0.529. The company is able to pay all its debts by selling its assets. +1
The TTM is 0.533. The company is able to pay all its debts by selling its assets. +1

Trends

Current period		Compared to		+/-
MRQ	0.529	TTM	0.533	-0.003
TTM	0.533	YOY	0.565	-0.032
TTM	0.533	5Y	0.537	-0.004
5Y	0.537	10Y	0.482	+0.055

Compared to industry (Asset Management)

Period	Company	Industry (mean)	+/-
MRQ	0.529	0.180	+0.349
TTM	0.533	0.184	+0.349
YOY	0.565	0.180	+0.385
5Y	0.537	0.191	+0.346
10Y	0.482	0.185	+0.297

Measures how much % of Ares Capital Corporation assets are financed with debt.

When there are more debts than assets, that means creditors have a larger stake Ares Capital Corporation than its shareholders.

How to use debt to asset ratio

Lower is better.
below 1 (100%) is considered healthy but always compare Ares Capital Corporation to Asset Management industry mean.
Can be very different between industries.
Can be used to compare companies.

Why do investors use the debt to asset ratio in their analysis

It shows how much debt the company used to finance its assets. If a company is almost entirely financed with debt that means the company might get into serious trouble when emergencies arise like a raise in interest.

The three steps every investor should look at:

What is the current debt to asset ratio?
The current most recent quarter (MRQ) Debt to Asset Ratio of Ares Capital Corporation is 0.53. This means means that Ares Capital Corporation is financed with 52.9% credit and the remaining percentage is financed by it's owners (shareholders).
How does it compare to the industry?
The mean MRQ Current Ratio of the Asset Management industry is 316.2%.
What is the trend?
The trend is important because it shows you how Ares Capital Corporation is performing over time. The most recent quarter might be important if Ares Capital Corporation released a new product or service. And you can use MRQ to see if they performed better vs last year. You can find all the trends for Ares Capital Corporation up to 10 years back (depending if the company existed 10 years ago) when you exit this learning section.

Things to be aware of

Only compare with other companies in the same industry
Some companies can have higher debt to assets ratio's (for example, banks).
Debt to asset ratio should improve over the years.
If the debt to asset ratio is above 1, look at the industry mean and find out why Ares Capital Corporation has so much debt.

How to calculate debt to asset ratio

Debt to asset ratio = total debt \ total assets

Real life example Ares Capital Corporation

You need the following data to determine debt to asset ratio:

Balance sheet
Debt to asset ratio = total debt \ total assets
12,599,000 \ 23,800,000 = 52.9% or 0.53.

The debt to total assets ratio shows if the company is owned by creditors or shareholders. Or in other words, the total debt in relation to the total amount of assets. It shows how much debt the company used to finance its assets.

1.4.2. Debt to Equity Ratio

Measures if Ares Capital Corporation is able to pay off its debts by using shareholders equity.

Below 2 is considered healthy but always compare Ares Capital Corporation to the Asset Management industry mean.
A Debt to Equity ratio of 112.5% means that company has $1.12 debt for each $1 in shareholders equity.

Let's take a look of the Debt to Equity Ratio trends of Ares Capital Corporation:

The MRQ is 1.125. The company is able to pay all its debts with equity. +1
The TTM is 1.140. The company is able to pay all its debts with equity. +1

Trends

Current period		Compared to		+/-
MRQ	1.125	TTM	1.140	-0.016
TTM	1.140	YOY	1.299	-0.159
TTM	1.140	5Y	1.170	-0.029
5Y	1.170	10Y	0.957	+0.213

Compared to industry (Asset Management)

Period	Company	Industry (mean)	+/-
MRQ	1.125	0.204	+0.921
TTM	1.140	0.224	+0.916
YOY	1.299	0.215	+1.084
5Y	1.170	0.255	+0.915
10Y	0.957	0.253	+0.704

Measures if Ares Capital Corporation is able to pay off its debts by using shareholders equity.

How to use debt to equity ratio

Lower is better.
Below 2 is considered healthy (always use industry average).
Can be very different between industries.
Can be used to compare companies.

Why do investors use the debt to shareholders equity ratio in their analysis

It shows how much debt the company uses to finance their operations. Shareholders equity is whats left over when you subtract total liabilities from total assets. It's another way to meassure how much of Ares Capital Corporation is financed with debt or own resources.

The three steps every investor should look at:

What is the current debt to equity ratio?
The current most recent quarter (MRQ) quickRatio of Ares Capital Corporation is 1.12. This means that Ares Capital Corporation can pay off $1.12 for each $1 in debt.
How does it compare to the industry?
The mean MRQ Quick Ratio of the Asset Management industry is 0.20.
What is the trend?
The trend is important because it shows you how Ares Capital Corporation is performing over time. The most recent quarter might be important if Ares Capital Corporation released a new product or service. And you can use MRQ to see if they performed better vs last year. You can find all the trends for Ares Capital Corporation up to 10 years back (depending if the company existed 10 years ago) when you exit this learning section.

Things to be aware of

Only compare with other companies in the same industry.
Not all debt is equally risky (for example, short term risk is less risky).

How to calculate debt to equity ratio

Debt to equity ratio = total debt \ shareholders equity.

Real life example Ares Capital Corporation

You need the following data to determine equity ratio:

Balance sheet
Debt to equity ratio = total debt \ shareholders equity
12,599,000 \ 11,201,000 = 1.12 or 112.5%

Debt to equity measures the total debt versus the total shareholders equity. While the total debts to total assets ratio uses total assets, the debt to equity ratio looks at the total equity of shareholders. Where equity of shareholders are:

Common shares.
Preferred shares.
Retained earnings.

You can find the shareholders' equity in the balance sheet. A ratio between 0,5 and 1,5 is preferred. If the ratio is above 1.5, that would indicate creditors have significantly more stake (debt) in the company than the shareholders. In other words, the company is using a lot of debt to finance their operations.

Not all debt is equally risky. Meaning you can adjust the ratio by including or excluding certain amounts of debt. Short term debts are less risky because they have to be paid back within one year anyway. It’s much easier to plan one year ahead versus five or ten years.

2. Market Valuation of Ares Capital Corporation

2.1. Earnings Per Share

2.1. Price to Earnings Ratio

Measures how much money you pay for each share for every $1 in earnings Ares Capital Corporation generates.

Above 15 is considered overpriced but always compare Ares Capital Corporation to the Asset Management industry mean.
A PE ratio of 7.37 means the investor is paying $7.37 for every $1 in earnings.

Let's take a look of the Price to Earnings Ratio trends of Ares Capital Corporation:

The EOD is 7.777. Based on the earnings, the company is underpriced. +1
The MRQ is 7.369. Based on the earnings, the company is cheap. +2
The TTM is 7.975. Based on the earnings, the company is underpriced. +1

Trends

Current period		Compared to		+/-
EOD	7.777	MRQ	7.369	+0.408
MRQ	7.369	TTM	7.975	-0.606
TTM	7.975	YOY	20.105	-12.130
TTM	7.975	5Y	10.828	-2.853
5Y	10.828	10Y	17.369	-6.541

Compared to industry (Asset Management)

Period	Company	Industry (mean)	+/-
EOD	7.777	5.909	+1.868
MRQ	7.369	5.736	+1.633
TTM	7.975	5.972	+2.003
YOY	20.105	3.574	+16.531
5Y	10.828	5.749	+5.079
10Y	17.369	7.789	+9.580

Measures how much money you pay for each share for every $1 in earnings Ares Capital Corporation generates.

Indicates if the company’s shares are under or overvalued.

How to use PE ratio

Above 15 is considered overpriced but is hard to determine. Always compare Ares Capital Corporation to the Asset Management industry mean.
Can be very different between industries.
Can be used to compare companies.

Why do investors use PE ratio in their analysis

The PE ratio tells investors the current sentiment in the market for that company. As with every stock, the stock price never shows the real valuation of a company but rather how the market thinks how much the stock is worth.

In other words, the current stock price also incorporates any future earnings or business opportunities in the future. The best example is the stock market crash in 2000. The PE ratio for any internet based company was going through the roof. Only based on the general assumption the internet and all associated businesses would thrive in the future. But this was based on nothing. A business still needs a good product or service to be able to survive. Instead, every investor bought any stock which did something related to the internet. Result: huge market crash.

Many investors were willing to pay premium prices and that was causing the PE ratio to rise. A high PE ratio is a warning sign that investors might be overvaluing a stock based on future earnings.

The three steps every investor should look at:

What is the current PE Ratio?
The current most recent quarter (MRQ) PE Ratio of Ares Capital Corporation is 7.37. This means the investor is paying $7.37 for every $1 in earnings.
How does it compare to the industry?
The mean MRQ Quick Ratio of the Asset Management industry is 5.74.
What is the trend?
The trend is important because it shows you how Ares Capital Corporation is performing over time. The most recent quarter might be important if Ares Capital Corporation released a new product or service. And you can use MRQ to see if they performed better vs last year. You can find all the trends for Ares Capital Corporation up to 10 years back (depending if the company existed 10 years ago) when you exit this learning section.

Things to be aware of

Only compare with other companies in the same industry.
Some industries might have very high or very low PE ratios in general.
PE ratios can be high for several years, it does not mean a sudden collapse is imminent.
Earnings growth is not included in the PE ratio.

How to calculate PE ratio

PE ratio = market value per share \ earnings per share

Real life example Ares Capital Corporation

You need the following data to determine the PE ratio:

Balance sheet
Income statement

The PE ratio is a very commonly used ratio to determine the value of a company by comparing the current stock price relative to its earnings per share (EPS). Before we can calculate the PE ratio we need to know the EPS. EPS is calculated as follows:

EPS = (net profit - preferred dividends) \ end of period outstanding shares*
Net profit = revenue - expenses
0 \ 593,000 = EPS
PE ratio MRQ = 7.37

* The net profit minus preferred dividends can be found in the incomestatement as netIncomeApplicableToCommonShares.

The PE value helps investors to determine if the current stock price is under or overvalued. It also projects future growth.

In general, a higher PE ratio means that investors predict higher future growth. If the PE ratio is too high, then investors expect way too much future growth the company can never fulfil. This is most likely to happen in faster moving companies like tech companies or automobile companies like Tesla. These are hot and booming markets where investors expect much future growth driven by new technology (electric cars). When looking at the current MRQ (most recent quarter) PE ratio of Tesla ( jan. 2021) it's about 247 while the average in the industry is only 6. That might be a clue that Tesla is trading for way too high prices compared to their current assets and is more based on future growth.

2.2. Price To Free Cash Flow Ratio

Let's take a look of the Price To Free Cash Flow Ratio trends of Ares Capital Corporation:

The EOD is -8.947. Based on how much money comes from the company's main activities, the company is expensive. -2
The MRQ is -8.477. Based on how much money comes from the company's main activities, the company is expensive. -2
The TTM is -0.115. Based on how much money comes from the company's main activities, the company is expensive. -2

Trends

Current period		Compared to		+/-
EOD	-8.947	MRQ	-8.477	-0.470
MRQ	-8.477	TTM	-0.115	-8.362
TTM	-0.115	YOY	31.311	-31.426
TTM	-0.115	5Y	69.219	-69.334
5Y	69.219	10Y	43.297	+25.922

Compared to industry (Asset Management)

Period	Company	Industry (mean)	+/-
EOD	-8.947	4.819	-13.766
MRQ	-8.477	4.495	-12.972
TTM	-0.115	3.305	-3.420
YOY	31.311	1.829	+29.482
5Y	69.219	2.506	+66.713
10Y	43.297	2.384	+40.913

2. Book Value per Share

2.3. Price to Book Ratio

Measures if the stock price of Ares Capital Corporation is to cheap or to expensive compared to its book value.

At or below 1 is considered healthy (always compare to Asset Management industry mean).
A PB ratio of 1.09 means the investor is paying $1.09 for each $1 in book value.

Let's take a look of the Price to Book Ratio trends of Ares Capital Corporation:

The EOD is 1.147. Based on the equity, the company is underpriced. +1
The MRQ is 1.087. Based on the equity, the company is underpriced. +1
The TTM is 1.097. Based on the equity, the company is underpriced. +1

Trends

Current period		Compared to		+/-
EOD	1.147	MRQ	1.087	+0.060
MRQ	1.087	TTM	1.097	-0.010
TTM	1.097	YOY	1.197	-0.099
TTM	1.097	5Y	1.297	-0.200
5Y	1.297	10Y	1.487	-0.190

Compared to industry (Asset Management)

Period	Company	Industry (mean)	+/-
EOD	1.147	0.943	+0.204
MRQ	1.087	0.905	+0.182
TTM	1.097	0.910	+0.187
YOY	1.197	0.966	+0.231
5Y	1.297	1.019	+0.278
10Y	1.487	1.195	+0.292

2. Total Gains per Share

3. Holders & Insider Transactions

Let's take a look at which institutions, funds and insiders are holding shares of Ares Capital Corporation.

3.1. Institutions holding Ares Capital Corporation

Institutions are holding 29.781% of the shares of Ares Capital Corporation.

Date	Name	Total Shares	Total Assets	Current Shares	Change	%
2023-12-31	Morgan Stanley - Brokerage Accounts	2.2547	0.0242	13681240	1773895	14.8975
2023-12-31	Royal Bank of Canada	1.8572	0.0527	11269125	-898182	-7.3819
2023-12-31	Van Eck Associates Corporation	1.3649	0.3019	8282079	840823	11.2995
2023-12-31	Bank of America Corp	0.9772	0.012	5929702	155743	2.6973
2023-12-31	Legal & General Group PLC	0.7864	0.0245	4771933	360862	8.1808
2023-12-31	Two Sigma Advisers, LLC	0.7704	0.2192	4674500	-159500	-3.2995
2023-12-31	Two Sigma Investments LLC	0.7134	0.1992	4328734	-253489	-5.532
2023-09-30	Confluence Investment Management LLC	0.7076	1.2937	4293360	-155733	-3.5003
2023-12-31	OMERS Administration Corp.	0.6547	1.0046	3972793	-382107	-8.7742
2023-12-31	Ameriprise Financial Inc	0.6223	0.0226	3776072	-10496	-0.2772
2023-12-31	Wells Fargo & Co	0.5141	0.0163	3119278	67656	2.2171
2023-12-31	UBS Group AG	0.5016	0.0183	3043773	692626	29.4591
2023-12-31	LPL Financial Corp	0.4928	0.0363	2990363	73740	2.5283
2023-12-31	Advisors Capital Management, LLC	0.474	1.1728	2875889	-167320	-5.4981
2023-12-31	Goldman Sachs Group Inc	0.4046	0.0044	2454842	1702824	226.4339
2023-12-31	Stifel Financial Corp	0.3543	0.0542	2149717	29422	1.3876
2023-12-31	CCLA Investment Management Ltd	0.3375	0.672	2047849	24302	1.201
2023-12-31	Border to Coast Pensions Partnership Limited	0.3371	0.9999	2045648	-100000	-4.6606
2023-12-31	Sound Income Strategies	0.3222	3.2588	1954786	66878	3.5424
2023-12-31	Ares Management LLC	0.3169	0.9338	1922685	93146	5.0912
Total		14.7639	10.3214	89584368	+3755090	+4.2%

3.2. Funds holding Ares Capital Corporation

Date	Name	Total Shares	Total Assets	Current Shares	Change	%
2024-03-29	VanEck BDC Income ETF	1.6298	20.065	9889368	48624	0.4941
2024-02-29	Fidelity Dividend Growth	0.5465	0.9987	3315782	1591700	92.3216
2024-03-31	Confluence Equity Income	0.5401	2.1361	3277405	304833	10.2549
2023-09-30	Undrly L&G Pen PMC Multi Asset	0.2772	0.1218	1682222	184761	12.3383
2024-03-28	iShares Listed Private Eq ETF USD Dist	0.2461	3.959	1493489	0	0
2024-03-31	Capital Advisors Equity Dividend Strgy	0.2061	1.9529	1250266	83950	7.1979
2024-03-31	Undrly L&G Pen PMC Diversified	0.1769	0.152	1073518	9127	0.8575
2024-03-31	Advisors Capital Balanced	0.1613	1.7929	978731	60204	6.5544
2024-02-29	Baillie Gifford Diversified Gr A Acc	0.1406	0.6732	853157	-168581	-16.4994
2023-12-31	Dynamic Alternative Yield Series IP	0.1318	2.0087	800000	200000	33.3333
2024-03-28	FlexShares® Listed Priv Eq ETF USD Acc	0.1283	5.9047	778763	14133	1.8483
2024-02-29	Fidelity Advisor Dividend Growth I	0.1138	1.0472	690229	351000	103.4699
2024-03-31	Columbia Flexible Capital Income Inst	0.103	1.0426	625000	-25000	-3.8462
2023-09-30	CCLA COIF Charities Ethical Invmt Acc	0.0977	0.4603	592573	0	0
2023-09-30	CCLA CBF CoE Investment Acc	0.0952	0.4693	577384	0	0
2024-03-31	Columbia Dividend Opportunity SMA Cmp	0.0936	0.5315	568000	567974	2184515.3846
2024-03-31	Columbia Dividend Opportunity A	0.0936	0.5222	568000	0	0
2023-08-21	Franklin Templeton US High Div Eq MF	0.0914	1.2811	554600	139000	33.4456
2023-09-30	CCLA COIF Charities Investment Acc	0.0815	0.2348	494639	0	0
2023-12-06	Nomura World High Dividend Eq Fd MF	0.0813	1.7549	493206	-6580	-1.3166
Total		5.0358	47.1089	30556332	+3355145	+11.0%

3.3. Insider Transactions

Insiders are holding 0.59% of the shares of Ares Capital Corporation.

Date	Owner	Type	Amount	Price	Post Transaction Amount	Link
2023-05-02	Michael Kort Schnabel	BUY	15000	17.84

4. Summary

4.1. Key Performance Indicators

The key performance indicators of Ares Capital Corporation compared to the Most Recent Quarter (MRQ).

	End of day	+/-	Most Recent Quarter	Trailing 12 Months	+/-	Year-Over-Year	+/-	5 Year	+/-	10 Year	+/-
Book Value Change Per Share	-	-	0.635	0.677	-6%	0.283	+125%	0.321	+98%	0.259	+145%
Book Value Per Share	-	-	18.430	17.449	+6%	15.510	+19%	14.002	+32%	11.913	+55%
Current Ratio	-	-	2.134	16.640	-87%	2.337	-9%	7.416	-71%	161.963	-99%
Debt To Asset Ratio	-	-	0.529	0.533	-1%	0.565	-6%	0.537	-1%	0.482	+10%
Debt To Equity Ratio	-	-	1.125	1.140	-1%	1.299	-13%	1.170	-4%	0.957	+18%
Dividend Per Share	-	-	0.433	0.424	+2%	0.375	+15%	0.330	+31%	0.277	+56%
Eps	-	-	0.680	0.626	+9%	0.247	+175%	0.409	+66%	0.326	+108%
Free Cash Flow Per Share	-	-	-0.591	0.210	-381%	-0.559	-5%	-0.417	-29%	-0.264	-55%
Free Cash Flow To Equity Per Share	-	-	-0.067	0.093	-172%	-0.061	-9%	0.022	-406%	0.017	-496%
Gross Profit Margin	-	-	1.000	1.000	0%	1.000	0%	1.000	0%	1.000	0%
Intrinsic Value_10Y_max	-	-	24.789	-	-	-	-	-	-	-	-
Intrinsic Value_10Y_min	-	-	-17.489	-	-	-	-	-	-	-	-
Intrinsic Value_1Y_max	-	-	-0.543	-	-	-	-	-	-	-	-
Intrinsic Value_1Y_min	-	-	-1.815	-	-	-	-	-	-	-	-
Intrinsic Value_3Y_max	-	-	0.675	-	-	-	-	-	-	-	-
Intrinsic Value_3Y_min	-	-	-5.431	-	-	-	-	-	-	-	-
Intrinsic Value_5Y_max	-	-	4.675	-	-	-	-	-	-	-	-
Intrinsic Value_5Y_min	-	-	-8.996	-	-	-	-	-	-	-	-
Market Cap	12848130283.520	+5%	12173512279.040	11633362052.480	+5%	11278579836.160	+8%	10910882635.520	+12%	10341787649.984	+18%
Net Profit Margin	-	-	0.930	0.929	+0%	0.799	+16%	0.768	+21%	0.821	+13%
Operating Margin	-	-	-2.106	1.076	-296%	2.864	-174%	1.152	-283%	1.164	-281%
Operating Ratio	-	-	0.477	0.297	+61%	0.668	-29%	0.407	+17%	0.679	-30%
Pb Ratio	1.147	+5%	1.087	1.097	-1%	1.197	-9%	1.297	-16%	1.487	-27%
Pe Ratio	7.777	+5%	7.369	7.975	-8%	20.105	-63%	10.828	-32%	17.369	-58%
Price Per Share	21.140	+5%	20.030	19.141	+5%	18.558	+8%	17.953	+12%	17.016	+18%
Price To Free Cash Flow Ratio	-8.947	-6%	-8.477	-0.115	-99%	31.311	-127%	69.219	-112%	43.297	-120%
Price To Total Gains Ratio	19.797	+5%	18.757	17.621	+6%	34.970	-46%	28.523	-34%	61.040	-69%
Quick Ratio	-	-	2.134	266.582	-99%	67.698	-97%	72.838	-97%	3806.048	-100%
Return On Assets	-	-	0.017	0.017	+4%	0.007	+149%	0.013	+29%	0.014	+26%
Return On Equity	-	-	0.037	0.036	+3%	0.016	+132%	0.028	+30%	0.026	+39%
Total Gains Per Share	-	-	1.068	1.101	-3%	0.658	+62%	0.651	+64%	0.536	+99%
Usd Book Value	-	-	11201000000.000	10604750000.000	+6%	9426250000.000	+19%	8509950000.000	+32%	7240013225.000	+55%
Usd Book Value Change Per Share	-	-	0.635	0.677	-6%	0.283	+125%	0.321	+98%	0.259	+145%
Usd Book Value Per Share	-	-	18.430	17.449	+6%	15.510	+19%	14.002	+32%	11.913	+55%
Usd Dividend Per Share	-	-	0.433	0.424	+2%	0.375	+15%	0.330	+31%	0.277	+56%
Usd Eps	-	-	0.680	0.626	+9%	0.247	+175%	0.409	+66%	0.326	+108%
Usd Free Cash Flow	-	-	-359000000.000	127750000.000	-381%	-339750000.000	-5%	-253700000.000	-29%	-160229075.000	-55%
Usd Free Cash Flow Per Share	-	-	-0.591	0.210	-381%	-0.559	-5%	-0.417	-29%	-0.264	-55%
Usd Free Cash Flow To Equity Per Share	-	-	-0.067	0.093	-172%	-0.061	-9%	0.022	-406%	0.017	-496%
Usd Market Cap	12848130283.520	+5%	12173512279.040	11633362052.480	+5%	11278579836.160	+8%	10910882635.520	+12%	10341787649.984	+18%
Usd Price Per Share	21.140	+5%	20.030	19.141	+5%	18.558	+8%	17.953	+12%	17.016	+18%
Usd Profit	-	-	413000000.000	380500000.000	+9%	150000000.000	+175%	248300000.000	+66%	198370025.000	+108%
Usd Revenue	-	-	444000000.000	408750000.000	+9%	189000000.000	+135%	316950000.000	+40%	240494675.000	+85%
Usd Total Gains Per Share	-	-	1.068	1.101	-3%	0.658	+62%	0.651	+64%	0.536	+99%
	EOD	+5 -3	MRQ	TTM	+21 -14	YOY	+25 -10	5Y	+24 -11	10Y	+23 -12

4.2. Fundamental Score

Let's check the fundamental score of Ares Capital Corporation based on Penke's default stock scanner.

Penke's Stock Scanner

Indicator	Condition		Value
Price to Earnings Ratio (EOD)	Between	0-15	7.777
Price to Book Ratio (EOD)	Between	0-1	1.147
Net Profit Margin (MRQ)	Greater than	0	0.930
Operating Margin (MRQ)	Greater than	0	-2.106
Quick Ratio (MRQ)	Greater than	1	2.134
Current Ratio (MRQ)	Greater than	1	2.134
Debt to Asset Ratio (MRQ)	Less than	1	0.529
Debt to Equity Ratio (MRQ)	Less than	1	1.125
Return on Equity (MRQ)	Greater than	0.15	0.037
Return on Assets (MRQ)	Greater than	0.05	0.017
Total			5/10 (50.0%)

Create your own Stock Scanner

Investing is personal. The best investors buy stocks based on their own analysis. Create your personal Stock Scanner with the key performance indicators that are important to you.
Create your own Stock Scanner

4.3. Technical Score

Let's check the technical score of Ares Capital Corporation based on Penke's default Symbol scanner.

Penke's Symbol Scanner

Indicator	Condition		Value
Rsi	Greater than	50	64.158
Ma 20	Greater than	Ma 50	20.712
Ma 50	Greater than	Ma 100	20.421
Ma 100	Greater than	Ma 200	20.065
Open	Greater than	Close	21.150
Total			5/5 (100.0%)

Create your own Symbol Scanner

Trading is personal. The best traders buy and sell based on their own technical analysis. Create your personal Symbol Scanner with the technical indicators that are important to you.
Create your own Symbol Scanner

Reversals in quarterly reports

I have detected a reversal (positive to negative, negative to positive) in the following values of the quarterly reports.

		2022-12-31		2023-03-31		2023-06-30		2023-09-30		2023-12-31
EBIT		333,000	533,000	866,000	-85,000	781,000	-52,000	729,000	-1,664,000	-935,000
Depreciation and Amortization		-13,000	-446,000	-459,000	-2,000	-461,000	24,000	-437,000	1,794,000	1,357,000

Latest Balance Sheet

Balance Sheet of 2023-12-31. Currency in USD. All numbers in thousands.

Summary

Total Assets	23,800,000
Total Liabilities	12,599,000
Total Stockholder Equity	11,201,000

	As reported
Total Liabilities	12,599,000
Total Stockholder Equity	+ 11,201,000
Total Assets	= 23,800,000

Assets

Total Assets	23,800,000
Total Current Assets	796,000
Long-term Assets	22,884,000

Total Current Assets

Total Current Assets (as reported)	796,000
Cash And Cash Equivalents	535,000
Net Receivables	261,000
Inventory	825,000
Other Current Assets	-825,000
Total Current Assets (calculated)	796,000
+/-	0

Long-term Assets

Long-term Assets (as reported)	22,884,000
Property Plant Equipment	10,000
Long Term Investments	22,874,000
Other Assets	120,000
Long-term Assets (calculated)	23,004,000
+/-	120,000

Liabilities & Shareholders' Equity

Total Current Liabilities	373,000
Long-term Liabilities	11,935,000
Total Stockholder Equity	11,201,000

Total Current Liabilities

Total Current Liabilities (as reported)	373,000
Short-term Debt	6,000
Accounts payable	373,000
Other Current Liabilities	-373,000
Total Current Liabilities (calculated)	6,000
+/-	367,000

Long-term Liabilities

Long-term Liabilities (as reported)	11,935,000
Long-term Liabilities (calculated)	0
+/-	11,935,000

Total Stockholder Equity

Total Stockholder Equity (as reported)	11,201,000
Common Stock	1,000
Retained Earnings	462,000
Other Stockholders Equity	10,738,000
Total Stockholder Equity (calculated)	11,201,000
+/-	0

Other

Capital Stock	1,000
Cash and Short Term Investments	535,000
Common Stock Shares Outstanding	593,000
Current Deferred Revenue	367,000
Liabilities and Stockholders Equity	23,800,000
Net Debt	11,400,000
Net Invested Capital	23,119,000
Net Working Capital	423,000
Short Long Term Debt Total	11,935,000

Balance Sheet

Currency in USD. All numbers in thousands.

Trend

2023-12-31

2023-09-30

2023-06-30

2023-03-31

2022-12-31

2022-09-30

2022-06-30

2022-03-31

2021-12-31

2021-09-30

2021-06-30

2021-03-31

2020-12-31

2020-09-30

2020-06-30

2020-03-31

2019-12-31

2019-09-30

2019-06-30

2019-03-31

2018-12-31

2018-09-30

2018-06-30

2018-03-31

2017-12-31

2017-09-30

2017-06-30

2017-03-31

2016-12-31

2016-09-30

2016-06-30

2016-03-31

2015-12-31

2015-09-30

2015-06-30

2015-03-31

2014-12-31

2014-09-30

2014-06-30

2014-03-31

2013-12-31

2013-09-30

2013-06-30

2013-03-31

2012-12-31

2012-09-30

2012-06-30

2012-03-31

2011-12-31

2011-09-30

2011-06-30

2011-03-31

2010-12-31

2010-09-30

2010-06-30

2010-03-31

2009-12-31

2009-09-30

2009-06-30

2009-03-31

2008-12-31

2008-09-30

2008-06-30

2008-03-31

2007-12-31

2007-09-30

2007-06-30

2007-03-31

2006-12-31

2006-09-30

2006-06-30

2006-03-31

2005-12-31

2005-09-30

2005-06-30

2005-03-31

2004-12-31

2004-09-30

> Total Assets

2
221,000
360,471
360,834
444,928
613,645
778,621
942,430
1,122,556
1,347,991
1,512,280
1,704,490
1,690,339
1,829,405
1,996,362
2,201,056
2,184,510
2,091,333
2,044,929
2,047,055
2,065,081
2,313,515
2,379,347
4,073,702
4,432,181
4,562,546
4,707,043
4,911,531
5,045,506
5,387,437
5,609,138
5,807,478
6,301,187
6,401,224
6,353,062
7,130,824
7,754,145
8,141,504
8,199,523
8,560,219
9,203,059
9,497,773
8,917,459
9,124,861
9,172,971
9,531,356
9,365,536
9,207,643
9,135,858
9,245,000
11,990,000
12,328,000
12,041,000
12,347,000
12,693,000
12,297,000
12,255,000
12,895,000
13,962,000
13,846,000
14,458,000
14,905,000
15,806,000
14,517,000
14,950,000
16,196,000
16,021,000
18,026,000
19,154,000
20,843,000
20,463,000
21,797,000
22,038,000
22,398,000
21,812,000
22,231,000
22,920,000
23,800,000

23,800,000

22,920,000

22,231,000

21,812,000

22,398,000

22,038,000

21,797,000

20,463,000

20,843,000

19,154,000

18,026,000

16,021,000

16,196,000

14,950,000

14,517,000

15,806,000

14,905,000

14,458,000

13,846,000

13,962,000

12,895,000

12,255,000

12,297,000

12,693,000

12,347,000

12,041,000

12,328,000

11,990,000

9,245,000

9,135,858

9,207,643

9,365,536

9,531,356

9,172,971

9,124,861

8,917,459

9,497,773

9,203,059

8,560,219

8,199,523

8,141,504

7,754,145

7,130,824

6,353,062

6,401,224

6,301,187

5,807,478

5,609,138

5,387,437

5,045,506

4,911,531

4,707,043

4,562,546

4,432,181

4,073,702

2,379,347

2,313,515

2,065,081

2,047,055

2,044,929

2,091,333

2,184,510

2,201,056

1,996,362

1,829,405

1,690,339

1,704,490

1,512,280

1,347,991

1,122,556

942,430

778,621

613,645

444,928

360,834

360,471

221,000

> Total Current Assets

2
27,947
27,947
57,272
18,847
16,613
26,992
52,699
78,542
101,660
68,439
79,510
66,136
44,872,494,000
52,301
102,222
78,581
106,933
65,580
73,369
97,357
127,246
159,118
279,682
282,391
182,176
356,606
190,076
290,353
292,931
317,654
202,704
265,440
378,041,000
218,442
219,984
255,990
273,610,000
287,887
376,231
275,862
355,536,000
272,179
437,817
382,488
395,024,000
221,241
250,518
245,754
335,000
375,000
646,000
446,000
316,000
391,000
598,000
892,000
296,000
686,000
677,000
374,000
176,000
571,000
394,000
357,000
254,000
435,000
487,000
1,304,000
594,000
828,000
439,000
438,000
483,000
553,000
592,000
742,000
796,000

796,000

742,000

592,000

553,000

483,000

438,000

439,000

828,000

594,000

1,304,000

487,000

435,000

254,000

357,000

394,000

571,000

176,000

374,000

677,000

686,000

296,000

892,000

598,000

391,000

316,000

446,000

646,000

375,000

335,000

245,754

250,518

221,241

395,024,000

382,488

437,817

272,179

355,536,000

275,862

376,231

287,887

273,610,000

255,990

219,984

218,442

378,041,000

265,440

202,704

317,654

292,931

290,353

190,076

356,606

182,176

282,391

279,682

159,118

127,246

97,357

73,369

65,580

106,933

78,581

102,222

52,301

44,872,494,000

66,136

79,510

68,439

101,660

78,542

52,699

26,992

16,613

18,847

57,272

27,947

Cash And Cash Equivalents

2
27,000
119,607
53,892
15,409
16,613
19,034
44,845
67,610
91,539
54,333
61,544
48,708
21,142
25,054
77,047
61,409
89,383
48,016
46,297
61,469
99,227
83,813
138,778
134,362
100,752
246,233
84,889
103,146
120,782
216,412
101,265
105,463
269,043
102,451
100,517
135,487
149,629
146,639
223,154
107,878
194,555
131,977
299,079
247,123
257,056
77,169
125,926
125,089
223,000
247,000
536,000
341,000
316,000
302,000
509,000
799,000
296,000
572,000
572,000
253,000
176,000
460,000
278,000
233,000
254,000
337,000
377,000
1,193,000
372,000
695,000
204,000
257,000
303,000
359,000
411,000
527,000
535,000

535,000

527,000

411,000

359,000

303,000

257,000

204,000

695,000

372,000

1,193,000

377,000

337,000

254,000

233,000

278,000

460,000

176,000

253,000

572,000

296,000

799,000

509,000

302,000

316,000

341,000

536,000

247,000

223,000

125,089

125,926

77,169

257,056

247,123

299,079

131,977

194,555

107,878

223,154

146,639

149,629

135,487

100,517

102,451

269,043

105,463

101,265

216,412

120,782

103,146

84,889

246,233

100,752

134,362

138,778

83,813

99,227

61,469

46,297

48,016

89,383

61,409

77,047

25,054

21,142

48,708

61,544

54,333

91,539

67,610

44,845

19,034

16,613

15,409

53,892

119,607

27,000

Short-term Investments

0
0
-52,771
0
0
0
0
0
0
1,235,822
1,433,748
1,616,013
1,615,573
1,774,202
1,934,302
0
0
0
0
1,960,508,529
1,965,756,276
0
0
3,790,225,980
4,145,640,210
4,313,672,010
0
0
0
5,089,411,494
0
0
0
5,918,630,445
0
0
0
7,625,264,103
0
0
0
9,019,350,621
0
0
0
9,046,440,504
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
17,056,000
16,269,000
17,323,000
17,227,000
17,296,000
21,148,000
21,496,500
0
0

21,496,500

21,148,000

17,296,000

17,227,000

17,323,000

16,269,000

17,056,000

9,046,440,504

9,019,350,621

7,625,264,103

5,918,630,445

5,089,411,494

4,313,672,010

4,145,640,210

3,790,225,980

1,965,756,276

1,960,508,529

1,934,302

1,774,202

1,615,573

1,616,013

1,433,748

1,235,822

-52,771

Net Receivables

0
10,000
4,549
3,878
3,603
7,410
8,984
6,962
12,608
11,147
15,328
18,990
17,570
25,073
28,222
25,175
17,172
17,550
17,564
27,072
21,159
28,019
45,443
78,690
88,184
81,424
110,373
105,187
105,223
99,628
101,242
101,439
159,977
109,129
116,041
119,611
133,624
252,547
148,168
154,040
196,228
161,840
196,585
142,704
135,365
137,968
162,020
125,850
142,329
141,000
203,000
143,000
139,000
94,000
93,000
145,000
154,000
103,000
142,000
105,000
125,000
131,000
134,000
183,000
136,000
223,000
100,000
312,000
135,000
222,000
133,000
235,000
181,000
180,000
194,000
186,000
259,000
261,000

261,000

259,000

186,000

194,000

180,000

181,000

235,000

133,000

222,000

135,000

312,000

100,000

223,000

136,000

183,000

134,000

131,000

125,000

105,000

142,000

103,000

154,000

145,000

93,000

94,000

139,000

143,000

203,000

141,000

142,329

125,850

162,020

137,968

135,365

142,704

196,585

161,840

196,228

154,040

148,168

252,547

133,624

119,611

116,041

109,129

159,977

101,439

101,242

99,628

105,223

105,187

110,373

81,424

88,184

78,690

45,443

28,019

21,159

27,072

17,564

17,550

17,172

25,175

28,222

25,073

17,570

18,990

15,328

11,147

12,608

6,962

8,984

7,410

3,603

3,878

4,549

10,000

Other Current Assets

0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
14,729
0
29,862
62,214
59,845
0
0
0
81,984
72,521
0
0
0
0
0
0
0
0
0
0
0
1,537
0
0
0
4,000
0
0
0
0
0
0
0
0
2,000
6,000
0
4,000
0
0
0
-131,000
655,000
23,000
43,000
72,000
237,000
-312,000
20,000
-80,000
19,000
-496,000
-543,000
-517,000
-571,000
-639,000
-864,000
-825,000

-825,000

-864,000

-639,000

-571,000

-517,000

-543,000

-496,000

19,000

-80,000

20,000

-312,000

237,000

72,000

43,000

23,000

655,000

-131,000

4,000

6,000

2,000

4,000

1,537

72,521

81,984

59,845

62,214

29,862

14,729

> Long-term Assets

0
192,509
235,331
302,298
424,413
597,032
747,145
878,161
1,032,987
1,246,331
1,433,748
1,616,013
1,615,573
1,784,532,243,000
1,934,302
2,098,834
2,105,929
1,984,400
1,979,349
1,973,686
1,967,724
2,186,269
2,220,229
3,794,020
4,149,790
4,380,370
4,350,437
4,721,455
4,755,153
5,094,506
5,291,484
5,604,774
6,035,747
6,023,183,000
6,030,459
6,814,960
7,385,285
7,867,894,000
7,799,596
8,067,942
8,783,580
9,142,237,000
8,481,881
8,573,395
8,692,480
9,136,332,000
9,072,101
8,900,377
8,804,651
8,910,000
11,407,000
11,498,000
11,456,000
12,031,000
12,199,000
11,527,000
11,220,000
12,599,000
105,000
101,000
99,000
94,000
94,000
90,000
85,000
38,000
36,000
34,000
31,000
20,036,000
19,510,000
21,193,000
21,360,000
21,800,000
21,166,000
15,000
13,000
22,884,000

22,884,000

13,000

15,000

21,166,000

21,800,000

21,360,000

21,193,000

19,510,000

20,036,000

31,000

34,000

36,000

38,000

85,000

90,000

94,000

99,000

101,000

105,000

12,599,000

11,220,000

11,527,000

12,199,000

12,031,000

11,456,000

11,498,000

11,407,000

8,910,000

8,804,651

8,900,377

9,072,101

9,136,332,000

8,692,480

8,573,395

8,481,881

9,142,237,000

8,783,580

8,067,942

7,799,596

7,867,894,000

7,385,285

6,814,960

6,030,459

6,023,183,000

6,035,747

5,604,774

5,291,484

5,094,506

4,755,153

4,721,455

4,350,437

4,380,370

4,149,790

3,794,020

2,220,229

2,186,269

1,967,724

1,973,686

1,979,349

1,984,400

2,105,929

2,098,834

1,934,302

1,784,532,243,000

1,615,573

1,616,013

1,433,748

1,246,331

1,032,987

878,161

747,145

597,032

424,413

302,298

235,331

192,509

Property Plant Equipment

0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
105,000
101,000
99,000
94,000
94,000
90,000
85,000
38,000
36,000
34,000
31,000
27,000
24,000
23,000
21,000
20,000
18,000
15,000
13,000
10,000

10,000

13,000

15,000

18,000

20,000

21,000

23,000

24,000

27,000

31,000

34,000

36,000

38,000

85,000

90,000

94,000

99,000

101,000

105,000

Long Term Investments

0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
9,028,379
0
0
0
9,056,000
0
8,900,377
8,804,651
8,820,000
11,407,000
11,498,000
11,456,000
11,841,000
12,199,000
11,527,000
11,220,000
12,417,000
13,064,000
12,992,000
13,892,000
14,426,000
14,370,000
13,842,000
14,358,000
15,515,000
15,429,000
17,136,000
17,677,000
20,009,000
19,486,000
21,170,000
21,339,000
21,780,000
21,148,000
21,496,000
21,929,000
22,874,000

22,874,000

21,929,000

21,496,000

21,148,000

21,780,000

21,339,000

21,170,000

19,486,000

20,009,000

17,677,000

17,136,000

15,429,000

15,515,000

14,358,000

13,842,000

14,370,000

14,426,000

13,892,000

12,992,000

13,064,000

12,417,000

11,220,000

11,527,000

12,199,000

11,841,000

11,456,000

11,498,000

11,407,000

8,820,000

8,804,651

8,900,377

9,056,000

9,028,379

Intangible Assets

250
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0

250

Long-term Assets Other

0
9,509
-235,331
-302,298
-424,413
11,063
-747,145
-878,161
-1,032,987
10,509
-1,433,748
-1,616,013
-1,615,573
1,784,530,468,798
-1,934,302
8,382
12,235
11,423
10,245
11,215
0
14,455
29,862
0
0
62,380
87,404
78,292
0
0
86,953
99,961
99,582
6,017,258,445
-6,030,459
-6,814,960
-7,385,285
7,860,261,103
-7,799,596
-8,067,942
-8,783,580
9,133,208,621
-8,481,881
-8,573,395
-8,692,480
9,127,276,504
-9,072,101
-8,900,377
-8,804,651
90,000
-11,407,000
-11,498,000
-11,456,000
190,000
-12,199,000
-11,527,000
-11,220,000
182,000
-13,064,000
-12,992,000
-13,892,000
-14,426,000
-14,370,000
-13,842,000
-14,358,000
-15,515,000
-15,429,000
-17,136,000
-17,677,000
-20,036,000
-19,510,000
-21,193,000
-21,360,000
-21,800,000
-21,166,000
-21,496,000
-21,929,000
-22,884,000

-22,884,000

-21,929,000

-21,496,000

-21,166,000

-21,800,000

-21,360,000

-21,193,000

-19,510,000

-20,036,000

-17,677,000

-17,136,000

-15,429,000

-15,515,000

-14,358,000

-13,842,000

-14,370,000

-14,426,000

-13,892,000

-12,992,000

-13,064,000

182,000

-11,220,000

-11,527,000

-12,199,000

190,000

-11,456,000

-11,498,000

-11,407,000

90,000

-8,804,651

-8,900,377

-9,072,101

9,127,276,504

-8,692,480

-8,573,395

-8,481,881

9,133,208,621

-8,783,580

-8,067,942

-7,799,596

7,860,261,103

-7,385,285

-6,814,960

-6,030,459

6,017,258,445

99,582

99,961

86,953

78,292

87,404

62,380

29,862

14,455

11,215

10,245

11,423

12,235

8,382

-1,934,302

1,784,530,468,798

-1,615,573

-1,616,013

-1,433,748

10,509

-1,032,987

-878,161

-747,145

11,063

-424,413

-302,298

-235,331

9,509

> Total Liabilities

500
61,000
14,151
13,901
91,818
44,033
207,245
365,446
383,287
558,558
684,517
599,350
546,013
704,855
890,251
872,508
938,328
996,454
956,858
958,333
842,490
1,055,627
810,365
1,362,429
1,653,705
1,512,013
1,544,035
1,777,250
1,942,228
2,240,172
2,175,877
2,360,979
2,392,461
2,412,878
2,374,465
2,782,779
3,361,789
3,237,060
3,300,957
3,626,575
3,953,411
4,214,058
3,662,042
3,842,420
3,893,169
4,358,024
4,185,592
3,989,602
3,926,879
4,080,000
4,955,000
5,277,000
5,013,000
5,249,000
5,515,000
5,027,000
4,942,000
5,595,000
6,623,000
6,478,000
7,085,000
7,438,000
9,223,000
7,826,000
7,987,000
9,020,000
8,389,000
9,948,000
10,617,000
11,975,000
11,084,000
12,462,000
12,602,000
12,843,000
11,763,000
11,877,000
12,105,000
12,599,000

12,599,000

12,105,000

11,877,000

11,763,000

12,843,000

12,602,000

12,462,000

11,084,000

11,975,000

10,617,000

9,948,000

8,389,000

9,020,000

7,987,000

7,826,000

9,223,000

7,438,000

7,085,000

6,478,000

6,623,000

5,595,000

4,942,000

5,027,000

5,515,000

5,249,000

5,013,000

5,277,000

4,955,000

4,080,000

3,926,879

3,989,602

4,185,592

4,358,024

3,893,169

3,842,420

3,662,042

4,214,058

3,953,411

3,626,575

3,300,957

3,237,060

3,361,789

2,782,779

2,374,465

2,412,878

2,392,461

2,360,979

2,175,877

2,240,172

1,942,228

1,777,250

1,544,035

1,512,013

1,653,705

1,362,429

810,365

1,055,627

842,490

958,333

956,858

996,454

938,328

872,508

890,251

704,855

546,013

599,350

684,517

558,558

383,287

365,446

207,245

44,033

91,818

13,901

14,151

61,000

500

> Total Current Liabilities

0
56,000
8,303
3,928
89,227
28,669
8,363
20,246
17,287
546,073
682,653
596,261
543,109
691,814
886,099
24,774
36,176
201,968
54,239
79,078
74,619
560,306
39,007
117,491
129,562
671,812
115,991
157,108
142,016
629,570
157,011
166,171
179,811
85,421
82,738
96,517
87,710
111,577
119,415
138,274
122,478
129,030
104,831
125,803
104,919
111,921
90,872
84,427
88,025
102,000
245,000
312,000
243,000
245,000
224,000
293,000
195,000
188,000
137,000
131,000
128,000
186,000
119,000
113,000
108,000
202,000
56,000
53,000
48,000
427,000
162,000
322,000
356,000
294,000
208,000
24,000
20,000
373,000

373,000

20,000

24,000

208,000

294,000

356,000

322,000

162,000

427,000

48,000

53,000

56,000

202,000

108,000

113,000

119,000

186,000

128,000

131,000

137,000

188,000

195,000

293,000

224,000

245,000

243,000

312,000

245,000

102,000

88,025

84,427

90,872

111,921

104,919

125,803

104,831

129,030

122,478

138,274

119,415

111,577

87,710

96,517

82,738

85,421

179,811

166,171

157,011

629,570

142,016

157,108

115,991

671,812

129,562

117,491

39,007

560,306

74,619

79,078

54,239

201,968

36,176

24,774

886,099

691,814

543,109

596,261

682,653

546,073

17,287

20,246

8,363

28,669

89,227

3,928

8,303

56,000

Short-term Debt

0
56,000
0
0
82,000
18,000
0
0
0
482,000
670,000
552,000
527,500
681,528
865,643
0
0
114,300
114,300
0
0
474,144
0
0
0
538,308
0
0
0
463,000
0
0
0
0
0
0
0
0
0
0
0
3,924,482
0
0
0
802,000
0
0
0
162,000
0
4,838,000
4,640,000
271,000
5,138,300
4,562,300
0
300,000
137,000
131,000
128,000
6,971,000
119,000
113,000
108,000
8,491,000
56,000
53,000
48,000
11,063,000
39,000
37,000
33,000
766,000
28,000
24,000
20,000
6,000

6,000

20,000

24,000

28,000

766,000

33,000

37,000

39,000

11,063,000

48,000

53,000

56,000

8,491,000

108,000

113,000

119,000

6,971,000

128,000

131,000

137,000

300,000

4,562,300

5,138,300

271,000

4,640,000

4,838,000

162,000

802,000

3,924,482

463,000

538,308

474,144

114,300

865,643

681,528

527,500

552,000

670,000

482,000

18,000

82,000

56,000

Short Long Term Debt

0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
3,924,482
0
0
0
802,000
0
0
0
162,000
0
4,838,000
4,640,000
271,000
5,138,300
4,562,300
0
300,000
137,000
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0

137,000

300,000

4,562,300

5,138,300

271,000

4,640,000

4,838,000

162,000

802,000

3,924,482

Accounts payable

0
1,556
8,303
3,928
7,227
10,669
8,363
20,246
17,287
64,073
12,653
44,261
15,609
10,286
20,456
22,133
32,347
54,679
52,208
16,744
489
19,667
35,841
98,537
113,237
81,107
32,339
39,703
37,201
74,074
39,035
38,970
46,271
85,421
82,738
96,517
87,710
111,577
119,415
138,274
122,478
129,030
104,831
125,803
104,919
111,921
90,872
84,427
88,025
102,000
245,000
312,000
243,000
245,000
224,000
293,000
195,000
188,000
138,000
171,000
213,000
186,000
171,000
198,000
150,000
202,000
163,000
283,000
306,000
427,000
162,000
322,000
356,000
294,000
208,000
214,000
218,000
373,000

373,000

218,000

214,000

208,000

294,000

356,000

322,000

162,000

427,000

306,000

283,000

163,000

202,000

150,000

198,000

171,000

186,000

213,000

171,000

138,000

188,000

195,000

293,000

224,000

245,000

243,000

312,000

245,000

102,000

88,025

84,427

90,872

111,921

104,919

125,803

104,831

129,030

122,478

138,274

119,415

111,577

87,710

96,517

82,738

85,421

46,271

38,970

39,035

74,074

37,201

39,703

32,339

81,107

113,237

98,537

35,841

19,667

489

16,744

52,208

54,679

32,347

22,133

20,456

10,286

15,609

44,261

12,653

64,073

17,287

20,246

8,363

10,669

7,227

3,928

8,303

1,556

Other Current Liabilities

0
3,691
-8,303
-3,928
-89,227
-28,669
-8,363
-20,246
-17,287
-546,073
-682,653
-596,261
-543,109
-691,814
-886,099
2,641
3,829
32,989
2,031
62,334
74,130
66,495
3,166
18,954
16,325
52,397
83,652
117,405
104,815
92,496
117,976
127,201
133,540
-85,421
-82,738
-96,517
-87,710
-111,577
-119,415
-138,274
-122,478
-129,030
-104,831
-125,803
-104,919
-111,921
-90,872
-84,427
-88,025
-102,000
-245,000
-312,000
-243,000
-245,000
-224,000
-293,000
-195,000
-188,000
-138,000
-171,000
-213,000
-186,000
-171,000
-198,000
-150,000
-202,000
-163,000
-283,000
-306,000
-427,000
-162,000
-37,000
-33,000
-294,000
-28,000
-214,000
-218,000
-373,000

-373,000

-218,000

-214,000

-28,000

-294,000

-33,000

-37,000

-162,000

-427,000

-306,000

-283,000

-163,000

-202,000

-150,000

-198,000

-171,000

-186,000

-213,000

-171,000

-138,000

-188,000

-195,000

-293,000

-224,000

-245,000

-243,000

-312,000

-245,000

-102,000

-88,025

-84,427

-90,872

-111,921

-104,919

-125,803

-104,831

-129,030

-122,478

-138,274

-119,415

-111,577

-87,710

-96,517

-82,738

-85,421

133,540

127,201

117,976

92,496

104,815

117,405

83,652

52,397

16,325

18,954

3,166

66,495

74,130

62,334

2,031

32,989

3,829

2,641

-886,099

-691,814

-543,109

-596,261

-682,653

-546,073

-17,287

-20,246

-8,363

-28,669

-89,227

-3,928

-8,303

3,691

> Long-term Liabilities

0
0
0
0
0
0
0
0
366,000
482,000
670,000
0
0
681,500
0
847,734
902,152
794,486
902,619
879,255
767,871
495,321
771,358
1,244,938
1,524,143
840,201
1,428,044
1,620,142
1,800,212
1,610,602
2,018,866
2,194,808
2,212,650
2,195,872
2,179,127
2,562,440
3,137,883
2,986,275
3,058,693
3,357,415
3,679,201
3,924,482
3,429,164
3,582,199
3,653,304
4,138,479
3,984,812
3,785,354
3,720,916
3,874,000
4,585,000
4,838,000
4,640,000
4,854,000
5,118,000
4,542,000
4,546,000
5,214,000
6,486,000
6,347,000
6,957,000
121,000
9,104,000
7,713,000
7,879,000
59,000
8,333,000
9,895,000
10,569,000
427,000
162,000
322,000
356,000
294,000
208,000
11,853,000
12,085,000
11,935,000

11,935,000

12,085,000

11,853,000

208,000

294,000

356,000

322,000

162,000

427,000

10,569,000

9,895,000

8,333,000

59,000

7,879,000

7,713,000

9,104,000

121,000

6,957,000

6,347,000

6,486,000

5,214,000

4,546,000

4,542,000

5,118,000

4,854,000

4,640,000

4,838,000

4,585,000

3,874,000

3,720,916

3,785,354

3,984,812

4,138,479

3,653,304

3,582,199

3,429,164

3,924,482

3,679,201

3,357,415

3,058,693

2,986,275

3,137,883

2,562,440

2,179,127

2,195,872

2,212,650

2,194,808

2,018,866

1,610,602

1,800,212

1,620,142

1,428,044

840,201

1,524,143

1,244,938

771,358

495,321

767,871

879,255

902,619

794,486

902,152

847,734

681,500

670,000

482,000

366,000

Long term Debt Total

0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
5,214,000
6,197,000
6,024,000
6,598,000
6,971,000
8,179,000
0
0
0
0
0
0
0
0
0
11,816,000
12,210,000
11,164,000
11,371,000
0
0

11,371,000

11,164,000

12,210,000

11,816,000

8,179,000

6,971,000

6,598,000

6,024,000

6,197,000

5,214,000

Long-term Liabilities Other

0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
569,000
308,000
323,000
271,000
0
0

271,000

323,000

308,000

569,000

> Total Stockholder Equity

2
160,000
346,320
346,933
353,109
569,612
571,375
576,984
739,269
789,433
827,762
1,105,140
1,144,325
1,124,550
1,106,111
1,328,548
1,246,182
1,094,879
1,088,071
1,088,722
1,222,591
1,257,888
1,568,982
2,711,273
2,778,476
3,050,533
3,163,008
3,134,281
3,103,278
3,147,265
3,433,261
3,446,499
3,908,726
3,988,346
3,978,597
4,348,045
4,392,356
4,904,444
4,898,566
4,933,644
5,249,648
5,283,715
5,255,417
5,282,441
5,279,802
5,173,332
5,179,944
5,218,041
5,208,979
5,165,000
7,035,000
7,051,000
7,028,000
7,098,000
7,178,000
7,270,000
7,313,000
7,300,000
7,339,000
7,368,000
7,373,000
7,467,000
6,583,000
6,691,000
6,963,000
7,176,000
7,632,000
8,078,000
8,537,000
8,868,000
9,379,000
9,335,000
9,436,000
9,555,000
10,049,000
10,354,000
10,815,000
11,201,000

11,201,000

10,815,000

10,354,000

10,049,000

9,555,000

9,436,000

9,335,000

9,379,000

8,868,000

8,537,000

8,078,000

7,632,000

7,176,000

6,963,000

6,691,000

6,583,000

7,467,000

7,373,000

7,368,000

7,339,000

7,300,000

7,313,000

7,270,000

7,178,000

7,098,000

7,028,000

7,051,000

7,035,000

5,165,000

5,208,979

5,218,041

5,179,944

5,173,332

5,279,802

5,282,441

5,255,417

5,283,715

5,249,648

4,933,644

4,898,566

4,904,444

4,392,356

4,348,045

3,978,597

3,988,346

3,908,726

3,446,499

3,433,261

3,147,265

3,103,278

3,134,281

3,163,008

3,050,533

2,778,476

2,711,273

1,568,982

1,257,888

1,222,591

1,088,722

1,088,071

1,094,879

1,246,182

1,328,548

1,106,111

1,124,550

1,144,325

1,105,140

827,762

789,433

739,269

576,984

571,375

569,612

353,109

346,933

346,320

160,000

Common Stock

0
11
23
23
23
38
38
38
49
52
54
70
73
73
73
97
97
97
97
97
110
110
133
192
193
204
205
205
205
205
222
222
248
249
249
268
269
298
298
299
314
314
314
314
314
314
314
314
314
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
1,000
1,000
1,000
1,000
1,000

1,000

314

299

298

269

268

249

248

222

205

204

193

192

133

110

Retained Earnings Total Equity

0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
80,000
0
0

80,000

Accumulated Other Comprehensive Income

0
0
4,796
-115
7,408
10,382
10,542
12,753
11,299
-2,850
1,795
10,371
3,301
-19,126
-33,000
-71,016
-153,213
-293,539
-308,000
-307,333
-277,717
-235,823
-166,785
-111,522
146,657
-143,661
-115,987
-74,558
-132,277
-232,845
-204,336
-201,305
-154,210
-129,000
-144,000
-112,000
-73,000
-78,000
-89,000
-60,000
-2,000
-45,000
-79,000
-52,000
-55,000
-145,000
-133,000
-95,000
-104,000
-127,000
-171,000
-155,000
-178,000
-94,000
-14,000
78,000
121,000
127,000
162,000
183,000
179,000
-293,000
-1,077,000
-969,000
-697,000
0
0
0
0
0
0
0
0
0
0
0
0
0

-697,000

-969,000

-1,077,000

-293,000

179,000

183,000

162,000

127,000

121,000

78,000

-14,000

-94,000

-178,000

-155,000

-171,000

-127,000

-104,000

-95,000

-133,000

-145,000

-55,000

-52,000

-79,000

-45,000

-2,000

-60,000

-89,000

-78,000

-73,000

-112,000

-144,000

-129,000

-154,210

-201,305

-204,336

-232,845

-132,277

-74,558

-115,987

-143,661

146,657

-111,522

-166,785

-235,823

-277,717

-307,333

-308,000

-293,539

-153,213

-71,016

-33,000

-19,126

3,301

10,371

1,795

-2,850

11,299

12,753

10,542

10,382

7,408

-115

4,796

Capital Surplus

0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
7,173,000
7,177,000
7,185,000
7,194,000
7,760,000
7,660,000
0
0
0
0
0
0
0
0
0
9,370,000
9,556,000
10,033,000
10,273,000
0
0

10,273,000

10,033,000

9,556,000

9,370,000

7,660,000

7,760,000

7,194,000

7,185,000

7,177,000

7,173,000

Treasury Stock

Other Stockholders Equity

2
159,989
341,019
347,025
345,678
559,193
560,795
564,192
727,921
785,193
822,000
1,094,284
1,140,951
1,136,599
1,101,918
1,399,467
1,399,298
1,395,958
1,395,974
1,395,958
1,505,031
1,490,458
1,771,630
2,650,799
2,656,890
3,205,326
3,313,850
3,271,594
3,271,595
3,390,354
3,652,760
3,657,160
4,089,457
4,145,007
4,145,649
4,491,357
4,472,404
4,990,931
5,011,844
5,039,273
5,311,333
5,361,247
5,380,338
5,391,357
5,380,739
5,318,912
5,320,246
5,334,382
5,315,927
5,255,000
7,237,000
7,275,000
7,284,000
7,273,000
7,291,000
7,291,000
7,272,000
7,046,000
7,015,000
7,002,000
7,015,000
8,053,000
8,737,000
8,629,000
8,357,000
7,656,000
7,914,000
8,059,000
8,373,000
8,553,000
9,071,000
9,139,000
9,370,000
9,556,000
10,033,000
10,273,000
10,505,000
10,738,000

10,738,000

10,505,000

10,273,000

10,033,000

9,556,000

9,370,000

9,139,000

9,071,000

8,553,000

8,373,000

8,059,000

7,914,000

7,656,000

8,357,000

8,629,000

8,737,000

8,053,000

7,015,000

7,002,000

7,015,000

7,046,000

7,272,000

7,291,000

7,273,000

7,284,000

7,275,000

7,237,000

5,255,000

5,315,927

5,334,382

5,320,246

5,318,912

5,380,739

5,391,357

5,380,338

5,361,247

5,311,333

5,039,273

5,011,844

4,990,931

4,472,404

4,491,357

4,145,649

4,145,007

4,089,457

3,657,160

3,652,760

3,390,354

3,271,595

3,271,594

3,313,850

3,205,326

2,656,890

2,650,799

1,771,630

1,490,458

1,505,031

1,395,958

1,395,974

1,395,958

1,399,298

1,399,467

1,101,918

1,136,599

1,140,951

1,094,284

822,000

785,193

727,921

564,192

560,795

559,193

345,678

347,025

341,019

159,989

Balance Sheet

Currency in USD. All numbers in thousands.

	2023-12-31	2022-12-31	2021-12-31	2020-12-31	2019-12-31	2018-12-31	2017-12-31	2016-12-31	2015-12-31	2014-12-31	2013-12-31	2012-12-31	2011-12-31	2010-12-31	2009-12-31	2008-12-31	2007-12-31	2006-12-31	2005-12-31	2004-12-31
Accounts Payable	373,000	294,000	427,000	202,000	186,000	188,000	245,000	102,000	111,921	129,030	111,577	85,421	74,074	81,107	41,284	46,864	10,286	64,073	10,669	1,927
Accumulated Amortization	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Accumulated Depreciation	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Accumulated Other Comprehensive Income	0	0	0	0	-293,000	127,000	-94,000	-127,000	-145,000	-45,000	-78,000	-129,000	-232,845	-143,661	-235,823	-301,176	-19,126	-2,850	10,382	231
Additional Paid In Capital	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Capital Lease Obligations	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Capital Stock	1,000	1,000	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Capital Surpluse	0	9,556,000	0	0	7,760,000	7,173,000	7,192,000	5,292,000	5,318,277	0	0	0	0	0	0	0	0	0	0	0
Cash	535,000	303,000	372,000	254,000	176,000	296,000	316,000	223,000	257,056	194,555	149,629	269,043	120,782	100,752	20,682	89,383	21,142	91,539	16,613	26,806
Cash And Equivalents	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Cash And Short Term Investments	535,000	303,000	372,000	254,000	176,000	296,000	316,000	223,000	257,056	194,555	149,629	269,043	120,782	100,752	401,702	89,383	1,795,344	1,327,361	16,613	26,806
Common Stock	1,000	1,000	0	0	0	0	0	0	314	314	298	249	205	204	18	97	73	52	38	11
Common Stock Shares Outstanding	575,000	518,000	446,000	424,000	427,000	426,000	425,000	314,000	314,000	305,000	266,939	230,151	204,860	176,732	101,720	89,666	67,676	43,979	23,488	11,067
Common Stock Total Equity	0	1,000	0	0	0	0	0	0	314	314	298	249	205	204	110	97	73	52	38	11
Current Deferred Revenue	0	0	384,000	143,000	65,000	0	0	0	0	0	0	0	0	0	-66,495	7,815	0	0	0	0
Deferred Long Term Asset Charges	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Deferred Long Term Liab	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Earning Assets	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Good Will	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Intangible Assets	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Inventory	809,000	517,000	708,000	549,000	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Liabilities And Stockholders Equity	23,800,000	22,398,000	20,843,000	16,196,000	14,905,000	12,895,000	12,347,000	9,245,000	9,531,356	9,497,773	8,141,504	6,401,224	5,387,437	4,562,546	2,665,497	2,091,333	1,829,405	1,347,991	613,645	220,456
Long Term Debt	0	12,210,000	0	0	6,971,000	5,214,000	4,854,000	3,874,000	4,113,935	3,924,482	2,986,275	2,195,872	2,073,602	1,082,251	495,321	794,486	596,628	482,000	18,000	55,500
Long Term Debt Total	0	12,210,000	0	0	6,971,000	5,214,000	4,854,000	3,874,000	4,113,935	0	0	0	0	0	0	0	0	0	0	0
Long Term Investments	22,874,000	21,780,000	20,009,000	15,515,000	14,426,000	12,417,000	11,841,000	8,820,000	9,056,000	9,028,379	0	0	0	0	0	0	0	0	0	0
Negative Goodwill	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Net Debt	11,400,000	12,017,000	10,765,000	8,296,000	6,916,000	4,918,000	4,538,000	3,651,000	3,881,423	3,729,927	2,836,646	1,926,829	1,952,820	1,277,756	1,405,329	819,403	660,358	390,461	1,387	28,694
Net Invested Capital	23,119,000	21,844,000	19,962,000	15,517,000	14,438,000	12,514,000	11,952,000	0	0	0	0	0	0	0	0	0	0	0	0	0
Net Receivables	261,000	180,000	222,000	223,000	131,000	103,000	94,000	141,000	137,968	161,840	252,547	109,129	99,628	81,424	43,875	17,550	25,073	11,147	7,410	9,935
Net Tangible Assets	0	9,555,000	8,868,000	7,176,000	7,467,000	7,300,000	7,098,000	5,165,000	5,173,000	5,283,715	0	0	0	0	0	0	0	0	0	0
Net Working Capital	763,000	189,000	167,000	275,000	121,000	211,000	164,000	233,000	394,912,079	355,406,970	273,498,423	377,955,579	-336,639	-489,636	-932,916	-95,035	44,871,802,186	-444,413	-6,227	-29,481
Non Current Assets Total	10,000	21,800,000	20,036,000	15,553,000	14,520,000	12,417,000	11,841,000	8,820,000	9,055,496	9,028,379	7,632,897	5,924,555	5,094,506	4,380,370	2,131,118	1,984,400	1,774,202	1,235,822	585,968	182,560
Non Current Liabilities Other	0	308,000	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Non Current Liabilities Total	12,582,000	294,000	11,137,000	8,550,000	7,092,000	5,214,000	4,854,000	3,874,000	4,138,479	3,924,482	2,986,275	2,195,872	1,610,602	840,201	495,321	794,486	681,500	482,000	0	0
Non Currrent Assets Other	-22,874,000	-21,800,000	-20,036,000	-15,553,000	-14,520,000	-12,417,000	-11,841,000	-8,820,000	-9,055,496	-9,028,379	-7,632,897	-5,924,555	0	62,380	14,455	11,423	-1,774,202	-1,235,822	-585,968	-182,560
Noncontrolling Interest In Consolidated Entity	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Other Assets	23,010,000	115,000	213,000	166,000	78,000	79,000	97,000	90,000	-394,548,140	-355,066,606	-273,101,393	-377,564,331	72,521	62,380	14,455	11,423	-44,872,438,797	10,509	5,235	9,949
Other Current Assets	-825,000	-517,000	-708,000	-549,000	-307,000	4,000	0	0	4,000	1,537	0	0	72,521	0	88,802	0	0	0	0	0
Other Current Liab	-373,000	-31,000	-427,000	-202,000	-186,000	-188,000	-245,000	-102,000	-111,921	-129,030	-111,577	-85,421	92,496	52,397	66,495	32,989	-691,814	-546,073	-28,669	-57,427
Other Liab	0	34,000	114,000	72,000	9,000	1,000	214,000	148,000	158,631	207,520	182,036	162,188	119,166	74,160	69,140	77,662	17,711	74,530	24,810	3,691
Other Stockholder Equity	10,738,000	9,556,000	8,553,000	7,656,000	7,760,000	7,046,000	7,273,000	5,255,000	5,318,912	5,361,247	4,990,931	4,145,007	3,390,354	3,205,326	1,490,458	1,395,958	1,136,599	785,193	559,193	159,603
Preferred Stock Redeemable	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Preferred Stock Total Equity	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Property Plant And Equipment Gross	0	0	0	0	94,000	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Property Plant And Equipment Net	10,000	20,000	27,000	38,000	94,000	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Property Plant Equipment	0	20,000	27,000	38,000	94,000	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Retained Earnings	462,000	-2,000	315,000	-480,000	-293,000	127,000	-81,000	37,000	-894	-32,846	-8,785	-27,910	-10,449	-11,336	3,143	-7,637	7,005	7,038	5,765	-136
Retained Earnings Total Equity	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Short Long Term Debt	0	0	0	0	0	300,000	270,000	162,000	802,000	3,924,482	0	0	0	0	0	0	0	0	0	0
Short Long Term Debt Total	11,935,000	12,320,000	11,137,000	8,550,000	7,092,000	5,214,000	4,854,000	3,874,000	4,138,479	3,924,482	2,986,275	2,195,872	2,073,602	1,378,508	1,426,011	908,786	681,500	482,000	18,000	55,500
Short Term Debt	17,000	31,000	43,000	59,000	121,000	300,000	270,000	162,000	802,000	3,924,482	0	0	463,000	538,308	1,426,011	114,300	681,528	482,000	18,000	55,500
Short Term Investments	0	17,296,000	17,056,000	0	0	0	0	0	9,046,440,504	9,019,350,621	7,625,264,103	5,918,630,445	5,089,411,494	4,313,672,010	381,020	0	1,774,202	1,235,822	0	0
Temporary Equity Redeemable Noncontrolling Interests	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Total Assets	23,800,000	22,398,000	20,843,000	16,196,000	14,905,000	12,895,000	12,347,000	9,245,000	9,531,356	9,497,773	8,141,504	6,401,224	5,387,437	4,562,546	2,665,497	2,091,333	1,829,405	1,347,991	613,645	220,456
Total Current Assets	780,000	483,000	594,000	477,000	307,000	399,000	409,000	335,000	395,024,000	355,536,000	273,610,000	378,041,000	292,931	182,176	534,379	106,933	44,872,494,000	101,660	22,441	27,947
Total Current Liabilities	17,000	294,000	427,000	202,000	186,000	188,000	245,000	102,000	111,921	129,030	111,577	85,421	629,570	671,812	1,467,295	201,968	691,814	546,073	28,669	57,427
Total Liab	12,599,000	12,843,000	11,975,000	9,020,000	7,438,000	5,595,000	5,249,000	4,080,000	4,358,024	4,214,058	3,237,060	2,412,878	2,240,172	1,512,013	1,467,295	996,454	704,855	558,558	44,033	60,747
Total Permanent Equity	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Total Stockholder Equity	11,201,000	9,555,000	8,868,000	7,176,000	7,467,000	7,300,000	7,098,000	5,165,000	5,173,332	5,283,715	4,904,444	3,988,346	3,147,265	3,050,533	1,198,202	1,094,879	1,124,550	789,433	569,612	159,708
Treasury Stock	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Warrants	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0

	2023-12-31	2023-09-30	2023-06-30	2023-03-31	2022-12-31	2022-09-30	2022-06-30	2022-03-31	2021-12-31	2021-09-30	2021-06-30	2021-03-31	2020-12-31	2020-09-30	2020-06-30	2020-03-31	2019-12-31	2019-09-30	2019-06-30	2019-03-31	2018-12-31	2018-09-30	2018-06-30	2018-03-31	2017-12-31	2017-09-30	2017-06-30	2017-03-31	2016-12-31	2016-09-30	2016-06-30	2016-03-31	2015-12-31	2015-09-30	2015-06-30	2015-03-31	2014-12-31	2014-09-30	2014-06-30	2014-03-31	2013-12-31	2013-09-30	2013-06-30	2013-03-31	2012-12-31	2012-09-30	2012-06-30	2012-03-31	2011-12-31	2011-09-30	2011-06-30	2011-03-31	2010-12-31	2010-09-30	2010-06-30	2010-03-31	2009-12-31	2009-09-30	2009-06-30	2009-03-31	2008-12-31	2008-09-30	2008-06-30	2008-03-31	2007-12-31	2007-09-30	2007-06-30	2007-03-31	2006-12-31	2006-09-30	2006-06-30	2006-03-31	2005-12-31	2005-09-30	2005-06-30	2005-03-31	2004-12-31	2004-09-30
Accounts Payable	373,000	218,000	214,000	208,000	294,000	356,000	322,000	162,000	427,000	306,000	283,000	163,000	202,000	150,000	198,000	171,000	186,000	213,000	171,000	138,000	188,000	195,000	293,000	224,000	245,000	243,000	312,000	245,000	102,000	88,025	84,427	90,872	111,921	104,919	125,803	104,831	129,030	122,478	138,274	119,415	111,577	87,710	96,517	82,738	85,421	46,271	38,970	39,035	74,074	37,201	39,703	32,339	81,107	113,237	98,537	35,841	19,667	489	16,744	52,208	54,679	32,347	22,133	20,456	10,286	15,609	44,261	12,653	64,073	17,287	20,246	8,363	10,669	7,227	3,928	8,303	1,556	-
Accumulated Amortization	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	-
Accumulated Depreciation	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	-
Accumulated Other Comprehensive Income	0	0	0	0	0	0	0	0	0	0	0	0	0	-697,000	-969,000	-1,077,000	-293,000	179,000	183,000	162,000	127,000	121,000	78,000	-14,000	-94,000	-178,000	-155,000	-171,000	-127,000	-104,000	-95,000	-133,000	-145,000	-55,000	-52,000	-79,000	-45,000	-2,000	-60,000	-89,000	-78,000	-73,000	-112,000	-144,000	-129,000	-154,210	-201,305	-204,336	-232,845	-132,277	-74,558	-115,987	-143,661	146,657	-111,522	-166,785	-235,823	-277,717	-307,333	-308,000	-293,539	-153,213	-71,016	-33,000	-19,126	3,301	10,371	1,795	-2,850	11,299	12,753	10,542	10,382	7,408	-115	4,796	0	-
Additional Paid In Capital	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	-
Capital Lease Obligations	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	-
Capital Stock	1,000	1,000	1,000	1,000	1,000	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	-
Capital Surpluse	0	0	10,273,000	10,033,000	9,556,000	9,370,000	0	0	0	0	0	0	0	0	0	7,660,000	7,760,000	7,194,000	7,185,000	7,177,000	7,173,000	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	-
Cash	535,000	527,000	411,000	359,000	303,000	257,000	204,000	695,000	372,000	1,193,000	377,000	337,000	254,000	233,000	278,000	460,000	176,000	253,000	572,000	572,000	296,000	799,000	509,000	302,000	316,000	341,000	536,000	247,000	223,000	125,089	125,926	77,169	257,056	247,123	299,079	131,977	194,555	107,878	223,154	146,639	149,629	135,487	100,517	102,451	269,043	105,463	101,265	216,412	120,782	103,146	84,889	246,233	100,752	134,362	138,778	83,813	99,227	61,469	46,297	48,016	89,383	61,409	77,047	25,054	21,142	48,708	61,544	54,333	91,539	67,610	44,845	19,034	16,613	15,409	53,892	119,607	27,000	2
Cash And Equivalents	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	-
Cash And Short Term Investments	535,000	527,000	411,000	359,000	303,000	257,000	204,000	695,000	372,000	1,193,000	377,000	337,000	254,000	233,000	278,000	460,000	176,000	253,000	572,000	572,000	296,000	799,000	509,000	302,000	316,000	341,000	536,000	247,000	223,000	125,089	125,926	77,169	257,056	247,123	299,079	131,977	194,555	107,878	223,154	146,639	149,629	135,487	100,517	102,451	269,043	105,463	101,265	216,412	120,782	103,146	84,889	246,233	100,752	134,362	138,778	83,813	99,227	61,469	46,297	48,016	89,383	61,409	77,047	1,959,356	1,795,344	1,664,280	1,677,557	1,488,082	1,327,361	67,610	44,845	19,034	16,613	15,409	53,892	119,607	27,000	2
Common Stock	1,000	1,000	1,000	1,000	1,000	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	314	314	314	314	314	314	314	314	314	299	298	298	269	268	249	249	248	222	222	205	205	205	205	204	193	192	133	110	110	97	97	97	97	97	73	73	73	70	54	52	49	38	38	38	23	23	23	11	-
Common Stock Shares Outstanding	593,000	582,000	567,000	555,000	534,000	523,000	514,000	500,000	453,000	453,000	440,000	429,000	423,000	423,000	423,000	430,000	429,000	427,000	426,000	426,000	426,000	426,000	426,000	426,000	426,000	426,000	426,000	422,000	314,000	314,000	314,000	314,000	314,450	314,469	314,469	314,108	314,108	310,564	298,270	297,972	297,972	268,312	266,174	248,658	248,658	233,126	221,878	217,044	217,044	205,130	204,752	204,419	204,419	192,167	191,045	124,544	124,544	102,832	97,153	97,153	97,153	97,153	90,126	74,069	74,548	72,060	70,118	53,179	53,179	46,880	38,090	37,989	37,989	23,323	23,164	12,275	11,100	-
Common Stock Total Equity	0	0	1,000	1,000	1,000	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	314	314	314	314	314	314	314	314	314	299	298	298	269	268	249	249	248	222	222	205	205	205	205	204	193	192	133	110	110	97	97	97	97	97	73	73	73	70	54	52	49	38	38	38	23	23	23	0	-
Current Deferred Revenue	367,000	0	0	0	-472,000	0	0	123,000	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	-
Deferred Long Term Asset Charges	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	-
Deferred Long Term Liab	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	-
Earning Assets	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	-
Good Will	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	-
Intangible Assets	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	250
Inventory	825,000	820,000	634,000	571,000	517,000	543,000	496,000	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	-
Liabilities And Stockholders Equity	23,800,000	22,920,000	22,231,000	21,812,000	22,398,000	22,038,000	21,797,000	20,463,000	20,843,000	19,154,000	18,026,000	16,021,000	16,196,000	14,950,000	14,517,000	15,806,000	14,905,000	14,458,000	13,846,000	13,962,000	12,895,000	12,255,000	12,297,000	12,693,000	12,347,000	12,041,000	12,328,000	11,990,000	9,245,000	9,135,858	9,207,643	9,365,536	9,531,356	9,172,971	9,124,861	8,917,459	9,497,773	9,203,059	8,560,219	8,199,523	8,141,504	7,754,145	7,130,824	6,353,062	6,401,224	6,301,187	5,807,478	5,609,138	5,387,437	5,045,506	4,911,531	4,707,043	4,562,546	4,432,181	4,073,702	2,379,347	2,313,515	2,065,081	2,047,055	2,044,929	2,091,333	2,184,510	2,201,056	1,996,362	1,829,405	1,690,339	1,704,490	1,512,280	1,347,991	1,122,556	942,430	778,621	613,645	444,928	360,834	360,471	221,000	2
Long Term Debt	0	0	11,371,000	11,164,000	12,210,000	11,816,000	0	0	0	0	0	0	0	0	0	8,179,000	6,971,000	6,598,000	6,024,000	6,197,000	4,914,000	4,546,000	4,542,000	5,118,000	3,836,000	4,371,000	4,570,000	4,317,000	3,712,000	3,559,397	3,624,364	3,595,148	3,335,789	3,653,304	3,582,199	3,429,164	3,924,482	3,679,201	3,357,415	3,058,693	2,986,275	3,137,883	2,562,440	2,179,127	2,195,872	2,212,650	2,194,808	2,018,866	2,073,602	1,800,212	1,620,142	1,428,044	1,082,251	1,524,143	1,244,938	771,358	495,321	767,871	879,255	902,619	794,486	902,152	847,734	865,643	596,528	527,500	552,000	670,001	482,000	366,000	345,200	185,200	18,000	82,000	0	0	55,500	-
Long Term Debt Total	0	0	11,371,000	11,164,000	12,210,000	11,816,000	0	0	0	0	0	0	0	0	0	8,179,000	6,971,000	6,598,000	6,024,000	6,197,000	5,214,000	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	-
Long Term Investments	22,874,000	21,929,000	21,496,000	21,148,000	21,780,000	21,339,000	21,170,000	19,486,000	20,009,000	17,677,000	17,136,000	15,429,000	15,515,000	14,358,000	13,842,000	14,370,000	14,426,000	13,892,000	12,992,000	13,064,000	12,417,000	11,220,000	11,527,000	12,199,000	11,841,000	11,456,000	11,498,000	11,407,000	8,820,000	8,804,651	8,900,377	0	9,056,000	0	0	0	9,028,379	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	-
Negative Goodwill	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	-
Net Debt	11,400,000	11,044,000	11,019,000	10,913,000	12,017,000	11,671,000	11,639,000	9,946,000	10,765,000	8,847,000	9,008,000	7,724,000	8,296,000	7,425,000	7,233,000	7,838,000	6,916,000	6,473,000	5,583,000	5,762,000	4,918,000	3,747,000	4,033,000	4,816,000	4,538,000	4,299,000	4,302,000	4,338,000	3,651,000	3,595,827	3,659,428	3,907,643	3,881,423	3,406,181	3,283,120	3,297,187	3,729,927	3,571,323	3,134,261	2,912,054	2,836,646	3,002,396	2,461,923	2,076,676	1,926,829	2,107,187	2,093,543	1,802,454	1,952,820	1,697,066	1,535,253	1,181,811	1,277,756	1,389,781	1,106,160	687,545	870,238	706,402	832,958	854,603	819,403	840,743	770,687	840,589	660,358	478,792	490,456	1,285,667	390,461	298,390	300,155	165,966	1,387	66,591	-53,892	-119,607	29,000	-2
Net Invested Capital	23,119,000	22,366,000	21,760,000	21,293,000	21,844,000	21,331,000	21,141,000	19,981,000	19,962,000	18,529,000	17,410,000	15,637,000	15,517,000	14,513,000	14,089,000	14,762,000	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	-
Net Receivables	261,000	259,000	186,000	194,000	180,000	181,000	235,000	133,000	222,000	135,000	312,000	100,000	223,000	136,000	183,000	134,000	131,000	125,000	105,000	142,000	103,000	154,000	145,000	93,000	94,000	139,000	143,000	203,000	141,000	142,329	125,850	162,020	137,968	135,365	142,704	196,585	161,840	196,228	154,040	148,168	252,547	133,624	119,611	116,041	109,129	159,977	101,439	101,242	99,628	105,223	105,187	110,373	81,424	88,184	78,690	45,443	28,019	21,159	27,072	17,564	17,550	17,172	25,175	28,222	25,073	17,570	18,990	15,328	11,147	12,608	6,962	8,984	7,410	3,603	3,878	4,549	10,000	-
Net Tangible Assets	0	10,815,000	10,354,000	10,049,000	9,555,000	9,436,000	9,335,000	9,379,000	8,868,000	8,537,000	8,078,000	7,632,000	7,176,000	6,963,000	6,691,000	6,583,000	7,467,000	7,373,000	7,368,000	7,339,000	7,300,000	7,313,000	7,270,000	7,178,000	7,098,000	7,028,000	7,051,000	7,035,000	5,165,000	5,208,979	5,218,041	0	5,173,000	0	0	0	5,283,715	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	-
Net Working Capital	423,000	722,000	568,000	345,000	189,000	82,000	117,000	666,000	167,000	1,256,000	434,000	379,000	52,000	249,000	281,000	452,000	-10,000	246,000	546,000	549,000	108,000	697,000	305,000	167,000	71,000	203,000	334,000	130,000	233,000	157,729	166,091	130,369	394,912,079	277,569	312,014	167,348	355,406,970	153,384	237,957	168,472	273,498,423	168,280	123,467	135,704	377,955,579	85,629	36,533	160,643	-336,639	148,337	32,968	240,615	-489,636	152,829	162,191	120,111	-433,060	22,738	-5,709	11,341	-95,035	42,405	77,448	-833,798	44,871,802,186	-476,973	-516,751	-614,214	-444,413	61,254	32,453	18,630	-12,055	-70,380	53,344	19,643	-28,053	-
Non Current Assets Total	22,884,000	13,000	15,000	21,166,000	21,800,000	21,360,000	21,193,000	19,510,000	20,036,000	31,000	34,000	36,000	38,000	85,000	90,000	94,000	94,000	99,000	101,000	105,000	12,599,000	11,220,000	11,527,000	12,199,000	12,031,000	11,456,000	11,498,000	11,407,000	8,910,000	8,804,651	8,900,377	9,072,101	9,136,332,000	8,692,480	8,573,395	8,481,881	9,142,237,000	8,783,580	8,067,942	7,799,596	7,867,894,000	7,385,285	6,814,960	6,030,459	6,023,183,000	6,035,747	5,604,774	5,291,484	5,094,506	4,755,153	4,721,455	4,350,437	4,380,370	4,149,790	3,794,020	2,220,229	2,186,269	1,967,724	1,973,686	1,979,349	1,984,400	2,105,929	2,098,834	1,934,302	1,784,532,243,000	1,615,573	1,616,013	1,433,748	1,246,331	1,032,987	878,161	747,145	597,032	424,413	302,298	235,331	192,509	-
Non Current Liabilities Other	0	0	271,000	323,000	308,000	569,000	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	-
Non Current Liabilities Total	11,935,000	12,085,000	11,853,000	208,000	294,000	356,000	322,000	162,000	427,000	10,569,000	9,895,000	8,333,000	59,000	7,879,000	7,713,000	9,104,000	121,000	6,957,000	6,347,000	6,486,000	5,214,000	4,546,000	4,542,000	5,118,000	4,854,000	4,640,000	4,838,000	4,585,000	3,874,000	3,720,916	3,785,354	3,984,812	4,138,479	3,653,304	3,582,199	3,429,164	3,924,482	3,679,201	3,357,415	3,058,693	2,986,275	3,137,883	2,562,440	2,179,127	2,195,872	2,212,650	2,194,808	2,018,866	1,610,602	1,800,212	1,620,142	1,428,044	840,201	1,524,143	1,244,938	771,358	495,321	767,871	879,255	902,619	794,486	902,152	847,734	0	681,500	0	0	670,000	482,000	366,000	0	0	0	0	0	0	0	-
Non Currrent Assets Other	-22,884,000	-21,929,000	-21,496,000	-21,166,000	-21,800,000	-21,360,000	-21,193,000	-19,510,000	-20,036,000	-17,677,000	-17,136,000	-15,429,000	-15,515,000	-14,358,000	-13,842,000	-14,370,000	-14,426,000	-13,892,000	-12,992,000	-13,064,000	182,000	-11,220,000	-11,527,000	-12,199,000	190,000	-11,456,000	-11,498,000	-11,407,000	90,000	-8,804,651	-8,900,377	-9,072,101	9,127,276,504	-8,692,480	-8,573,395	-8,481,881	9,133,208,621	-8,783,580	-8,067,942	-7,799,596	7,860,261,103	-7,385,285	-6,814,960	-6,030,459	6,017,258,445	99,582	99,961	86,953	0	0	78,292	87,404	62,380	0	0	29,862	14,455	0	11,215	10,245	11,423	12,235	8,382	-1,934,302	1,784,530,468,798	-1,615,573	-1,616,013	-1,433,748	10,509	-1,032,987	-878,161	-747,145	11,063	-424,413	-302,298	-235,331	9,509	-
Noncontrolling Interest In Consolidated Entity	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	-
Other Assets	120,000	22,165,000	21,624,000	93,000	115,000	240,000	165,000	125,000	213,000	17,819,000	17,505,000	15,550,000	15,904,000	14,508,000	14,033,000	15,141,000	14,635,000	13,985,000	13,068,000	13,171,000	12,895,000	143,000	172,000	103,000	12,347,000	139,000	184,000	208,000	9,245,000	85,453	56,748	72,194	-9,521,824,644	98,003	113,649	163,399	-9,488,275,227	143,617	116,046	112,040	-8,133,362,496	112,870	95,880	104,161	-6,394,822,776	6,035,747	5,604,774	5,291,484	5,167,027	4,837,137	4,721,455	4,350,437	4,380,370	4,209,635	3,856,234	2,250,091	2,186,269	1,982,453	1,973,686	1,979,349	1,984,400	2,105,929	2,098,834	9,759	-1,829,402,907,595	8,630	8,967	10,093	1,347,991	11,027	11,571	4,483	613,645	1,667	1,264	97,193	544	250
Other Current Assets	-825,000	-864,000	-639,000	-571,000	-517,000	-543,000	-496,000	19,000	-80,000	20,000	-312,000	237,000	72,000	43,000	23,000	655,000	-131,000	0	0	0	4,000	0	6,000	2,000	0	0	0	0	0	0	0	0	4,000	0	0	0	1,537	0	0	0	0	0	0	0	0	0	0	0	72,521	81,984	0	0	0	59,845	62,214	29,862	0	14,729	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	-
Other Current Liab	-373,000	-218,000	-214,000	-28,000	-294,000	-33,000	-37,000	-162,000	-427,000	-306,000	-283,000	-163,000	-202,000	-150,000	-198,000	-171,000	-186,000	-213,000	-171,000	-138,000	-188,000	-195,000	-293,000	-224,000	-245,000	-243,000	-312,000	-245,000	-102,000	-88,025	-84,427	-90,872	-111,921	-104,919	-125,803	-104,831	-129,030	-122,478	-138,274	-119,415	-111,577	-87,710	-96,517	-82,738	-85,421	133,540	127,201	117,976	92,496	104,815	117,405	83,652	52,397	16,325	18,954	3,166	66,495	74,130	62,334	2,031	32,989	3,829	2,641	-886,099	-691,814	-543,109	-596,261	-682,653	-546,073	-17,287	-20,246	-8,363	-28,669	-89,227	-3,928	-8,303	3,691	-
Other Liab	0	77,000	0	0	34,000	105,000	57,000	19,000	114,000	20,000	57,000	19,000	72,000	43,000	23,000	655,000	0	0	0	0	1,000	1,000	1,000	2,000	214,000	0	0	0	148,000	0	0	0	158,631	0	0	0	207,520	0	0	0	182,036	0	0	0	162,188	0	0	0	119,166	0	0	0	74,160	0	0	0	69,140	0	0	0	77,662	0	0	0	17,711	0	0	0	74,530	0	0	0	2,475	2,475	2,475	2,475	3,691	500
Other Stockholder Equity	10,738,000	10,505,000	10,273,000	10,033,000	9,556,000	9,370,000	9,139,000	9,071,000	8,553,000	8,373,000	8,059,000	7,914,000	7,656,000	8,357,000	8,629,000	8,737,000	8,053,000	7,015,000	7,002,000	7,015,000	7,046,000	7,272,000	7,291,000	7,291,000	7,273,000	7,284,000	7,275,000	7,237,000	5,255,000	5,315,927	5,334,382	5,320,246	5,318,912	5,380,739	5,391,357	5,380,338	5,361,247	5,311,333	5,039,273	5,011,844	4,990,931	4,472,404	4,491,357	4,145,649	4,145,007	4,089,457	3,657,160	3,652,760	3,390,354	3,271,595	3,271,594	3,313,850	3,205,326	2,656,890	2,650,799	1,771,630	1,490,458	1,505,031	1,395,958	1,395,974	1,395,958	1,399,298	1,399,467	1,101,918	1,136,599	1,140,951	1,094,284	822,000	785,193	727,921	564,192	560,795	559,193	345,678	347,025	341,019	159,989	2
Preferred Stock Redeemable	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	-
Preferred Stock Total Equity	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	-
Property Plant And Equipment Gross	0	0	0	0	0	0	0	0	0	0	34,000	36,000	0	85,000	90,000	94,000	94,000	99,000	101,000	105,000	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	-
Property Plant And Equipment Net	10,000	13,000	15,000	18,000	20,000	21,000	23,000	24,000	27,000	31,000	34,000	36,000	38,000	85,000	90,000	94,000	94,000	99,000	101,000	105,000	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	-
Property Plant Equipment	0	13,000	0	0	20,000	21,000	23,000	24,000	27,000	31,000	34,000	36,000	38,000	85,000	90,000	94,000	94,000	99,000	101,000	105,000	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	-
Retained Earnings	462,000	309,000	80,000	15,000	-2,000	66,000	196,000	308,000	315,000	164,000	19,000	-282,000	-480,000	-697,000	-969,000	-1,077,000	-293,000	179,000	183,000	162,000	127,000	-80,000	-99,000	-99,000	-81,000	-78,000	-69,000	-31,000	37,000	-3,262	-21,655	-7,616	-894	-46,251	-57,230	-46,235	-32,846	-59,999	-45,928	-24,576	-8,785	-7,317	-31,580	-23,301	-27,910	-26,769	-9,578	-15,385	-10,449	-36,245	-62,960	-35,060	-11,336	-25,264	171,804	-35,996	3,143	-4,833	3,151,000	5,305	-7,637	-4,011	-624	4,120	7,005	3,301	415	3,913	7,038	11,299	12,754	10,542	10,382	7,408	5,466	482	95	-
Retained Earnings Total Equity	0	0	80,000	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	-
Short Long Term Debt	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	137,000	300,000	0	4,562,300	5,138,300	271,000	4,640,000	4,838,000	0	162,000	0	0	0	802,000	0	0	0	3,924,482	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	-
Short Long Term Debt Total	11,935,000	11,571,000	11,430,000	11,272,000	12,320,000	11,928,000	11,843,000	10,641,000	11,137,000	10,040,000	9,385,000	8,061,000	8,550,000	7,658,000	7,511,000	8,298,000	7,092,000	6,726,000	6,155,000	6,334,000	5,214,000	4,546,000	4,542,000	5,118,000	4,854,000	4,640,000	4,838,000	4,585,000	3,874,000	3,720,916	3,785,354	3,984,812	4,138,479	3,653,304	3,582,199	3,429,164	3,924,482	3,679,201	3,357,415	3,058,693	2,986,275	3,137,883	2,562,440	2,179,127	2,195,872	2,212,650	2,194,808	2,018,866	2,073,602	1,800,212	1,620,142	1,428,044	1,378,508	1,524,143	1,244,938	771,358	969,465	767,871	879,255	902,619	908,786	902,152	847,734	865,643	681,500	527,500	552,000	1,340,000	482,000	366,000	345,000	185,000	18,000	82,000	0	0	56,000	-
Short Term Debt	6,000	20,000	24,000	28,000	766,000	33,000	37,000	39,000	11,063,000	48,000	53,000	56,000	8,491,000	108,000	113,000	119,000	6,971,000	128,000	131,000	137,000	300,000	0	4,562,300	5,138,300	271,000	4,640,000	4,838,000	0	162,000	0	0	0	802,000	0	0	0	3,924,482	0	0	0	0	0	0	0	0	0	0	0	463,000	0	0	0	538,308	0	0	0	474,144	0	0	114,300	114,300	0	0	865,643	681,528	527,500	552,000	670,000	482,000	0	0	0	18,000	82,000	0	0	56,000	-
Short Term Investments	0	0	21,496,500	21,148,000	17,296,000	17,227,000	17,323,000	16,269,000	17,056,000	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	9,046,440,504	0	0	0	9,019,350,621	0	0	0	7,625,264,103	0	0	0	5,918,630,445	0	0	0	5,089,411,494	0	0	0	4,313,672,010	4,145,640,210	3,790,225,980	0	0	1,965,756,276	1,960,508,529	0	0	0	0	1,934,302	1,774,202	1,615,573	1,616,013	1,433,748	1,235,822	0	0	0	0	0	0	-52,771	0	-
Temporary Equity Redeemable Noncontrolling Interests	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	-
Total Assets	23,800,000	22,920,000	22,231,000	21,812,000	22,398,000	22,038,000	21,797,000	20,463,000	20,843,000	19,154,000	18,026,000	16,021,000	16,196,000	14,950,000	14,517,000	15,806,000	14,905,000	14,458,000	13,846,000	13,962,000	12,895,000	12,255,000	12,297,000	12,693,000	12,347,000	12,041,000	12,328,000	11,990,000	9,245,000	9,135,858	9,207,643	9,365,536	9,531,356	9,172,971	9,124,861	8,917,459	9,497,773	9,203,059	8,560,219	8,199,523	8,141,504	7,754,145	7,130,824	6,353,062	6,401,224	6,301,187	5,807,478	5,609,138	5,387,437	5,045,506	4,911,531	4,707,043	4,562,546	4,432,181	4,073,702	2,379,347	2,313,515	2,065,081	2,047,055	2,044,929	2,091,333	2,184,510	2,201,056	1,996,362	1,829,405	1,690,339	1,704,490	1,512,280	1,347,991	1,122,556	942,430	778,621	613,645	444,928	360,834	360,471	221,000	2
Total Current Assets	796,000	742,000	592,000	553,000	483,000	438,000	439,000	828,000	594,000	1,304,000	487,000	435,000	254,000	357,000	394,000	571,000	176,000	374,000	677,000	686,000	296,000	892,000	598,000	391,000	316,000	446,000	646,000	375,000	335,000	245,754	250,518	221,241	395,024,000	382,488	437,817	272,179	355,536,000	275,862	376,231	287,887	273,610,000	255,990	219,984	218,442	378,041,000	265,440	202,704	317,654	292,931	290,353	190,076	356,606	182,176	282,391	279,682	159,118	127,246	97,357	73,369	65,580	106,933	78,581	102,222	52,301	44,872,494,000	66,136	79,510	68,439	101,660	78,542	52,699	26,992	16,613	18,847	57,272	27,947	27,947	2
Total Current Liabilities	373,000	20,000	24,000	208,000	294,000	356,000	322,000	162,000	427,000	48,000	53,000	56,000	202,000	108,000	113,000	119,000	186,000	128,000	131,000	137,000	188,000	195,000	293,000	224,000	245,000	243,000	312,000	245,000	102,000	88,025	84,427	90,872	111,921	104,919	125,803	104,831	129,030	122,478	138,274	119,415	111,577	87,710	96,517	82,738	85,421	179,811	166,171	157,011	629,570	142,016	157,108	115,991	671,812	129,562	117,491	39,007	560,306	74,619	79,078	54,239	201,968	36,176	24,774	886,099	691,814	543,109	596,261	682,653	546,073	17,287	20,246	8,363	28,669	89,227	3,928	8,303	56,000	-
Total Liab	12,599,000	12,105,000	11,877,000	11,763,000	12,843,000	12,602,000	12,462,000	11,084,000	11,975,000	10,617,000	9,948,000	8,389,000	9,020,000	7,987,000	7,826,000	9,223,000	7,438,000	7,085,000	6,478,000	6,623,000	5,595,000	4,942,000	5,027,000	5,515,000	5,249,000	5,013,000	5,277,000	4,955,000	4,080,000	3,926,879	3,989,602	4,185,592	4,358,024	3,893,169	3,842,420	3,662,042	4,214,058	3,953,411	3,626,575	3,300,957	3,237,060	3,361,789	2,782,779	2,374,465	2,412,878	2,392,461	2,360,979	2,175,877	2,240,172	1,942,228	1,777,250	1,544,035	1,512,013	1,653,705	1,362,429	810,365	1,055,627	842,490	958,333	956,858	996,454	938,328	872,508	890,251	704,855	546,013	599,350	684,517	558,558	383,287	365,446	207,245	44,033	91,818	13,901	14,151	61,000	500
Total Permanent Equity	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	-
Total Stockholder Equity	11,201,000	10,815,000	10,354,000	10,049,000	9,555,000	9,436,000	9,335,000	9,379,000	8,868,000	8,537,000	8,078,000	7,632,000	7,176,000	6,963,000	6,691,000	6,583,000	7,467,000	7,373,000	7,368,000	7,339,000	7,300,000	7,313,000	7,270,000	7,178,000	7,098,000	7,028,000	7,051,000	7,035,000	5,165,000	5,208,979	5,218,041	5,179,944	5,173,332	5,279,802	5,282,441	5,255,417	5,283,715	5,249,648	4,933,644	4,898,566	4,904,444	4,392,356	4,348,045	3,978,597	3,988,346	3,908,726	3,446,499	3,433,261	3,147,265	3,103,278	3,134,281	3,163,008	3,050,533	2,778,476	2,711,273	1,568,982	1,257,888	1,222,591	1,088,722	1,088,071	1,094,879	1,246,182	1,328,548	1,106,111	1,124,550	1,144,325	1,105,140	827,762	789,433	739,269	576,984	571,375	569,612	353,109	346,933	346,320	160,000	2
Treasury Stock	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	-
Warrants	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	-

Cash Flow

Currency in USD. All numbers in thousands.

	2023-12-31	2022-12-31	2021-12-31	2020-12-31	2019-12-31	2018-12-31	2017-12-31	2016-12-31	2015-12-31	2014-12-31	2013-12-31	2012-12-31	2011-12-31	2010-12-31	2009-12-31	2008-12-31	2007-12-31	2006-12-31	2005-12-31	2004-12-31
Begin Period Cash Flow	337,000	486,000	326,000	176,000	296,000	316,000	223,000	257,000	194,555	149,629	269,043	120,782	100,752	99,227	50,402	21,142	91,539	16,613	26,806	2
Capital Expenditures	0	-7,000	-11,000	-56,000	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Cash And Cash Equivalents Changes	0	-149,000	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Cash Flows Other Operating	0	-2,037,000	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Change In Cash	227,000	-149,000	160,000	150,000	-120,000	-20,000	93,000	-34,000	62,501	44,926	-119,414	148,261	20,030	1,525	-29,720	68,241	-70,397	74,926	-10,193	26,805
Change In Working Capital	31,000	-147,000	208,000	78,000	-39,000	16,000	3,000	-2,000	-30,860	-590	10,303	58,205	31,264	-93,842	-76,023	24,257	-14,733	4,759	-1,593	369
Change Receivables	0	-34,000	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Change To Account Receivables	-65,000	-34,000	-24,000	12,000	-26,000	2,000	28,000	26,000	23,000	-37,000	0	0	0	0	0	6,183	-600,646	-6,629	0	0
Change To Inventory	96,000	114,000	-56,000	-37,000	26,000	0	0	0	0	0	0	0	0	0	0	0	-13,817	7,096	0	0
Change To Liabilities	0	21,000	27,000	3,000	18,000	-66,000	-122,000	-6,000	-24,000	13,000	33,619	49,083	57,381	0	39,408	20,083	6,769	2,382	38	0
Change To Netincome	0	78,000	-4,265,000	-1,150,000	-1,990,000	-593,000	-2,743,000	214,000	-23,000	-1,281,000	0	0	0	0	0	0	0	0	0	0
Change To Operating Activities	0	-124,000	205,000	63,000	-31,000	80,000	98,000	-21,000	-30,000	23,000	0	0	0	0	0	0	0	0	0	0
Depreciation	26,000	26,000	29,000	23,000	18,000	18,000	1,000	1,000	734	805	802	829	876	923	178,225	503	410	259	0	0
Dividends Paid	-1,031,000	912,000	694,000	679,000	694,000	656,000	642,000	477,000	487,368	464,373	411,453	357,332	277,150	229,765	10	109,214	99,882	74,516	17,303	0
End Period Cash Flow	564,000	337,000	486,000	326,000	176,000	296,000	316,000	223,000	257,056	194,555	149,629	269,043	120,782	100,752	20,682	89,383	21,142	91,539	16,613	26,806
Exchange Rate Changes	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Free Cash Flow	511,000	-1,359,000	-2,459,000	-557,000	-1,210,000	304,000	-2,048,000	707,000	360,384	-658,547	-1,297,603	-250,932	-396,914	-656,491	434,171	-309,007	-514,156	-518,262	-349,972	-187,753
Investments	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Issuance Of Capital Stock	1,112,000	1,001,000	819,000	4,000	64,000	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Net Borrowings	0	1,116,000	2,558,000	1,519,000	1,754,000	351,000	981,000	-249,000	197,000	923,000	0	0	0	0	0	0	0	0	0	0
Net Income	1,522,000	600,000	1,567,000	484,000	793,000	858,000	667,000	474,000	378,670	590,949	488,521	508,178	319,453	691,834	-521,498	-139,455	90,832	69,695	41,851	3,190
Other Cashflows From Financing Activities	-1,241,000	7,939,000	19,323,000	8,219,000	13,142,000	6,573,000	12,172,000	9,845,000	3,888,920	4,865,602	6,410,166	3,168,075	2,432,726	1,712,088	-64,506	947,861	712,475	968,951	359,900	215,336
Other Cashflows From Investing Activities	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Other Non Cash Items	-1,068,000	-1,838,000	-4,263,000	-1,142,000	-1,982,000	-588,000	-2,719,000	234,000	11,840	-1,249,711	-1,797,229	-818,144	-748,507	-1,255,406	853,467	-194,312	-590,666	-592,976	-390,230	-191,313
Sale Purchase Of Stock	6,436,000	1,001,000	0	-100,000	64,000	0	0	-5,000	-1,685	258,000	0	0	0	0	918	0	0	0	0	0
Stock Based Compensation	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Total Cash From Financing Activities	-284,000	1,210,000	2,619,000	707,000	1,090,000	-324,000	2,141,000	-741,000	-297,883	703,473	1,178,189	399,193	416,944	658,016	-463,891	377,248	443,759	593,188	339,780	214,558
Total Cash From Operating Activities	511,000	-1,359,000	-2,459,000	-557,000	-1,210,000	304,000	-2,048,000	707,000	360,384	-658,547	-1,297,603	-250,932	-396,914	-656,491	434,171	-309,007	-514,156	-518,262	-349,972	-187,753
Total Cashflows From Investing Activities	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0

	2023-12-31	2023-09-30	2023-06-30	2023-03-31	2022-12-31	2022-09-30	2022-06-30	2022-03-31	2021-12-31	2021-09-30	2021-06-30	2021-03-31	2020-12-31	2020-09-30	2020-06-30	2020-03-31	2019-12-31	2019-09-30	2019-06-30	2019-03-31	2018-12-31	2018-09-30	2018-06-30	2018-03-31	2017-12-31	2017-09-30	2017-06-30	2017-03-31	2016-12-31	2016-09-30	2016-06-30	2016-03-31	2015-12-31	2015-09-30	2015-06-30	2015-03-31	2014-12-31	2014-09-30	2014-06-30	2014-03-31	2013-12-31	2013-09-30	2013-06-30	2013-03-31	2012-12-31	2012-09-30	2012-06-30	2012-03-31	2011-12-31	2011-09-30	2011-06-30	2011-03-31	2010-12-31	2010-09-30	2010-06-30	2010-03-31	2009-12-31	2009-09-30	2009-06-30	2009-03-31	2008-12-31	2008-09-30	2008-06-30	2008-03-31	2007-12-31	2007-09-30	2007-06-30	2007-03-31	2006-12-31	2006-09-30	2006-06-30	2006-03-31	2005-12-31	2005-09-30	2005-06-30	2005-03-31	2004-12-31
Begin Period Cash Flow	605,000	453,000	377,000	337,000	362,000	261,000	714,000	486,000	1,213,000	434,000	356,000	326,000	276,000	301,000	1,115,000	176,000	253,000	572,000	572,000	296,000	799,000	509,000	302,000	316,000	341,000	536,000	247,000	223,000	125,089	125,926	77,169	257,056	247,123	299,079	131,977	194,555	107,878	223,154	146,639	149,629	135,487	100,517	102,451	269,043	105,463	101,265	216,412	120,782	103,146	84,889	246,233	100,752	134,362	138,778	83,813	99,227	61,469	46,297	48,016	89,383	61,409	77,047	25,054	21,142	48,708	61,544	54,333	91,539	67,610	44,845	19,034	16,613	15,409	53,892	119,607	26,806	1,000
Capital Expenditures	0	0	0	0	-1,000	-2,000	-1,000	-3,000	-4,000	-3,000	-2,000	-2,000	-47,000	-5,000	-4,000	0	-5,000	-2,000	-4,000	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Cash And Cash Equivalents Changes	0	0	76,000	40,000	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Cash Flows Other Operating	0	0	-382,000	614,000	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Change In Cash	-41,000	152,000	76,000	40,000	-25,000	101,000	-453,000	228,000	-727,000	779,000	78,000	30,000	50,000	-25,000	-814,000	939,000	-77,000	-319,000	0	276,000	-503,000	290,000	207,000	-14,000	-25,000	-195,000	289,000	24,000	97,911	-837	48,757	-179,887	9,933	-51,956	167,102	-62,578	86,677	-115,276	76,515	-2,990	14,142	34,970	-1,934	-166,592	163,580	4,198	-115,147	95,630	17,636	18,257	-161,344	145,481	-33,610	-4,416	54,965	-15,414	37,758	15,172	-1,719	-41,367	27,974	-15,638	51,993	3,912	-27,566	-12,836	7,210	-37,205	23,929	22,765	25,810	2,421	1,204	-38,483	-65,715	92,801	25,800
Change In Working Capital	53,000	58,000	-61,000	-19,000	-43,000	23,000	54,000	-181,000	163,000	30,000	124,000	-109,000	86,000	102,000	-677,000	567,000	-37,000	7,000	75,000	-84,000	19,000	-2,000	20,000	-21,000	29,000	46,000	-15,000	-57,000	12,776	-11,691	21,903	-24,988	-22,169	1,046	22,864	-32,601	29,634	4,550	-7,643	-27,131	15,243	919	34,368	-40,227	52,485	15,877	-2,635	-7,522	15,732	-23,171	39,315	-612	3,286	1,687	-53,361	-45,454	3,128	14,740	6,014	6,652	4,672	18,931	3,982	-3,328	-8,781	532	-672	-5,811	4,907	-11,376	10,375	853	-4,148	2,452	145	-43	-190,300
Change Receivables	0	0	-8,000	-1,000	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Change To Account Receivables	-36,000	-20,000	-20,000	-1,000	-22,000	-19,000	-11,000	18,000	-27,000	5,000	-8,000	6,000	-2,000	-13,000	14,000	6,000	4,000	-15,000	8,000	-23,000	2,000	-4,000	-4,000	4,000	28,000	17,000	12,000	-6,000	26,000	17,303	13,376	0	23,013	25,616	22,243	20,779	-37,000	0	0	0	0	0	0	0	0	0	0	0	0	0	0	71	0	0	0	2,697	0	1,227	0	272	173,749	8,661	0	-173,749	-177,020	-416,350	-3,505	-3,771	0	0	0	0	0	0	0	0	0
Change To Inventory	-1,000	0	0	1,000	102,000	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	3,515	0	0	-3,206	-7,966	1,202	-2,904	-4,149	0	0	0	0	0	0	0	0	0
Change To Liabilities	0	12,000	7,000	-46,000	30,000	14,000	8,000	-41,000	20,000	15,000	2,000	-10,000	10,000	3,000	-2,000	-8,000	-72,000	91,000	29,000	-21,000	-8,000	-11,000	-7,000	-40,000	-122,000	5,000	-5,000	-62,000	-6,000	-959	2,855	0	-24,000	0	0	0	13,000	0	0	0	33,619	0	0	0	49,083	13,528	0	0	57,381	33,114	43,424	4,249	0	0	0	0	39,408	27,231	15,493	6,380	20,083	1,648	1,448	311	6,769	1,956	793	0	2,382	12,118	5,870	432	38	5,416	2,085	613	0
Change To Netincome	0	-520,000	1,000	26,000	-495,000	-114,000	-1,671,000	445,000	-2,321,000	-368,000	-1,793,000	217,000	-1,199,000	-547,000	543,000	53,000	-500,000	-906,000	67,000	-651,000	-1,170,000	244,000	668,000	-335,000	-2,743,000	-21,000	29,000	-2,406,000	214,000	85,227	190,712	0	-23,000	0	0	0	-1,281,000	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Change To Operating Activities	0	66,000	66,000	28,000	-51,000	28,000	57,000	-158,000	170,000	10,000	130,000	-105,000	65,000	112,000	-683,000	569,000	31,000	-69,000	38,000	-40,000	25,000	13,000	27,000	15,000	97,000	36,000	-28,000	11,000	-22,000	-15,120	-316	0	-30,000	0	0	0	23,000	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Depreciation	6,000	7,000	7,000	6,000	26,000	19,000	12,000	7,000	29,000	19,000	10,000	6,000	23,000	0	10,000	5,000	18,000	0	0	4,000	18,000	0	0	4,000	19,000	1,000	3,000	4,000	465	177	178	180	185	185	181	183	182	202	211	210	209	191	197	205	228	203	198	200	202	197	173	304	261	252	247	163	167	167	164	174	165	134	-114	318	-1,430	1,637	102	101	110	-720	0	0	0	0	0	0	0
Dividends Paid	-263,000	254,000	253,000	261,000	247,000	234,000	223,000	208,000	182,000	179,000	167,000	166,000	169,000	169,000	169,000	172,000	174,000	170,000	171,000	179,000	166,000	166,000	162,000	162,000	162,000	162,000	162,000	156,000	118,942	119,303	119,303	119,452	119,498	124,478	108,326	135,066	119,361	113,764	108,524	122,724	127,084	97,054	97,224	90,091	100,960	101,700	72,411	82,261	73,850	71,642	65,580	66,078	65,636	61,229	60,372	42,528	34,469	38,455	35,042	81,608	1	40,804	40,805	27,606	30,527	26,080	23,640	19,635	20,604	17,859	24,766	11,287	0	11,119	2,896	3,288	0
End Period Cash Flow	564,000	605,000	453,000	377,000	337,000	362,000	261,000	714,000	486,000	1,213,000	434,000	356,000	326,000	276,000	301,000	1,115,000	176,000	253,000	572,000	572,000	296,000	799,000	509,000	302,000	316,000	341,000	536,000	247,000	223,000	125,089	125,926	77,169	257,056	247,123	299,079	131,977	194,555	107,878	223,154	146,639	149,629	135,487	100,517	102,451	269,043	105,463	101,265	216,412	120,782	103,146	84,889	246,233	100,752	134,362	138,778	83,813	99,227	61,469	46,297	48,016	89,383	61,409	77,047	25,054	21,142	48,708	61,544	54,333	91,539	67,610	44,845	19,034	16,613	15,409	53,892	119,607	26,800
Exchange Rate Changes	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Free Cash Flow	-359,000	46,000	-48,000	872,000	-360,000	20,000	-1,500,000	481,000	-1,767,000	5,000	-1,186,000	489,000	-726,000	4,000	150,000	15,000	-326,000	-717,000	348,000	-515,000	-993,000	457,000	949,000	-109,000	-74,000	172,000	195,000	-2,341,000	68,285	186,014	373,585	79,116	-349,758	6,761	127,576	575,805	-30,821	-577,131	-104,022	53,427	-191,833	-435,645	-615,233	-54,892	285,319	-314,485	-215,887	-5,879	-178,256	-87,725	-273,780	142,847	6,381	-217,148	-410,017	-35,707	-127,836	60,142	60,463	19,488	19,876	-26,841	-149,060	-152,982	-151,258	-4,597	-118,555	-239,746	-115,643	-142,178	-109,423	-151,018	-145,507	-109,364	-62,819	-32,283	-187,800
Investments	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Issuance Of Capital Stock	236,000	215,000	227,000	477,000	193,000	229,000	69,000	510,000	132,000	303,000	135,000	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Net Borrowings	0	150,000	195,000	-1,049,000	390,000	86,000	1,202,000	-541,000	1,105,000	658,000	1,313,000	-518,000	941,000	151,000	-791,000	1,218,000	360,000	579,000	-172,000	987,000	665,000	665,000	-580,000	266,000	981,000	-196,000	256,000	682,000	-249,000	-67,147	-205,599	0	197,000	0	0	0	923,000	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Net Income	413,000	500,000	331,000	278,000	174,000	104,000	111,000	211,000	382,000	334,000	478,000	373,000	378,000	441,000	277,000	-612,000	204,000	175,000	200,000	214,000	153,000	209,000	254,000	242,000	232,000	139,000	178,000	118,000	74,818	110,241	157,400	131,541	14,713	116,859	146,522	100,576	153,387	177,739	142,831	116,992	133,884	140,797	133,498	80,342	175,144	136,555	90,932	105,547	118,125	40,639	36,923	123,766	156,888	128,377	330,154	76,415	69,630	63,276	34,753	35,034	-110,500	-41,393	3,272	9,166	10,752	22,924	33,567	23,589	21,018	18,141	16,693	13,843	15,863	9,882	7,602	8,504	3,400
Other Cashflows From Financing Activities	2,201,000	1,109,000	870,000	1,015,000	2,959,000	1,441,000	1,801,000	1,738,000	7,167,000	3,930,000	5,024,000	3,202,000	2,965,000	1,815,000	590,000	2,853,000	2,563,000	2,556,000	4,468,000	3,619,000	2,836,000	499,000	1,079,000	2,159,000	1,904,000	3,206,000	3,742,000	3,320,000	2,685,147	2,927,452	1,800,475	2,431,926	1,784,189	1,393,760	147,853	561,433	2,096,818	2,047,992	469,061	251,731	2,124,743	2,100,683	1,789,349	395,391	38,052	1,272,383	631,200	-16,064	438,018	614,997	425,948	953,763	519,824	557,264	456,439	-16,439	223,511	0	146,700	100,000	262,863	165,000	504,970	275,000	405,500	-335,500	118,000	-188,000	280,976	528,003	160,000	164,725	146,711	82,000	-116,082	-55,500	54,800
Other Cashflows From Investing Activities	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Other Non Cash Items	-831,000	-519,000	-325,000	607,000	-517,000	-107,000	-1,665,000	444,000	-2,341,000	-359,000	-1,788,000	219,000	-1,213,000	-539,000	550,000	55,000	-511,000	-899,000	73,000	-649,000	-1,183,000	250,000	675,000	-334,000	-354,000	-13,000	32,000	-2,406,000	-19,774	87,287	194,104	-27,617	-342,487	-111,329	-41,991	507,647	-214,024	-759,622	-239,421	-36,644	-341,169	-577,552	-783,296	-95,212	57,462	-467,120	-304,382	-104,104	-312,315	-105,390	-350,191	19,389	-154,054	-347,464	-687,057	-66,831	-200,761	-18,041	19,532	-22,372	125,539	-4,513	-156,200	-159,138	-151,799	-29,690	-151,552	-257,624	-141,679	-148,224	-136,491	-165,713	-157,223	-121,698	-70,566	-40,744	-900
Sale Purchase Of Stock	0	0	227,000	477,000	0	0	0	0	0	0	0	0	-4,000	0	-100,000	-100,000	-64,000	0	0	0	0	0	0	0	1,839,000	0	0	1,839,000	477	-477	-477	-5,477	-1,685,000	0	0	0	258,000	0	0	0	0	0	0	0	-678,929,831	0	0	618,901	0	0	0	0	0	0	0	195,000	0	0	0	0	-259,970	0	0	0	245,641	371,000	64,000	376,000	0	0	0	0	0	0	0	0	158,800
Stock Based Compensation	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Total Cash From Financing Activities	318,000	106,000	124,000	-832,000	335,000	81,000	1,047,000	-253,000	1,040,000	774,000	1,264,000	-459,000	776,000	-29,000	-964,000	924,000	249,000	398,000	-348,000	791,000	490,000	-167,000	-742,000	95,000	49,000	-367,000	94,000	2,365,000	29,682	-186,851	-324,828	-259,003	359,691	-58,718	39,527	-638,383	117,498	461,855	180,537	-56,417	205,975	470,615	613,299	-111,700	-121,739	318,683	100,740	101,509	195,892	105,982	112,436	2,634	-39,991	212,732	464,982	20,293	165,594	-44,970	-62,182	-60,855	8,098	11,203	201,053	156,894	123,693	-8,239	125,765	202,540	139,572	164,944	135,234	153,438	146,711	70,881	-2,896	125,083	213,600
Total Cash From Operating Activities	-359,000	46,000	-48,000	872,000	-360,000	20,000	-1,500,000	481,000	-1,767,000	5,000	-1,186,000	489,000	-726,000	4,000	150,000	15,000	-326,000	-717,000	348,000	-515,000	-993,000	457,000	949,000	-109,000	-74,000	172,000	195,000	-2,341,000	68,285	186,014	373,585	79,116	-349,758	6,761	127,576	575,805	-30,821	-577,131	-104,022	53,427	-191,833	-435,645	-615,233	-54,892	285,319	-314,485	-215,887	-5,879	-178,256	-87,725	-273,780	142,847	6,381	-217,148	-410,017	-35,707	-127,836	60,142	60,463	19,488	19,876	-26,841	-149,060	-152,982	-151,258	-4,597	-118,555	-239,746	-115,643	-142,178	-109,423	-151,018	-145,507	-109,364	-62,819	-32,283	-187,800
Total Cashflows From Investing Activities	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0

Income Statement

Currency in USD. All numbers in thousands.

	2023-12-31	2022-12-31	2021-12-31	2020-12-31	2019-12-31	2018-12-31	2017-12-31	2016-12-31	2015-12-31	2014-12-31	2013-12-31	2012-12-31	2011-12-31	2010-12-31	2009-12-31	2008-12-31	2007-12-31	2006-12-31	2005-12-31	2004-12-31
Cost Of Revenue	-449,000	467,000	654,000	356,000	686,000	622,000	571,000	441,000	455,982	491,756	398,500	356,200	183,980	128,893	63,741	62,211	83,900	51,700	10,400	900
Depreciation And Amortization	-1,868,000	-48,000	29,000	23,000	-1,118,000	0	1,000	1,000	734	805	802	829	876	923	672	503	410	259	14,727	475
Discontinued Operations	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Ebit	1,286,000	1,110,000	1,596,000	503,000	809,000	1,117,000	911,000	681,000	623,389	825,297	674,121	662,326	449,439	776,573	227,531	-102,692	126,895	93,236	27,124	2,715
Ebitda	1,286,000	1,062,000	1,625,000	526,000	809,000	1,117,000	912,000	682,000	624,123	826,102	674,923	663,155	450,315	777,496	228,203	-102,189	127,305	93,495	41,851	3,190
Effect Of Accounting Charges	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Extraordinary Items	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Gross Profit	2,085,000	274,000	1,678,000	541,000	824,000	879,000	749,000	551,000	450,689	650,422	541,333	553,771	200,382	618,360	254,945	178,250	137,704	99,897	41,850	4,381
Income Before Tax	1,286,000	655,000	1,596,000	503,000	809,000	877,000	686,000	495,000	396,422	609,278	502,626	519,350	326,927	697,226	61,139	127,240	126,895	93,210	41,900	3,200
Income Tax Expense	20,000	55,000	29,000	19,000	16,000	19,000	19,000	21,000	17,752	18,329	14,105	11,172	7,474	5,392	5,576	248	-826	4,931	-14,727	-475
Interest Expense	514,000	455,000	372,000	317,000	291,000	240,000	225,000	186,000	226,967	216,019	171,495	142,976	122,512	79,347	24,262	36,515	36,889	18,610	14,700	500
Interest Income	1,897,000	1,470,000	1,247,000	1,159,000	1,180,000	1,041,000	951,000	806,000	118,679	0	0	0	0	0	0	0	0	0	0	0
Minority Interest	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Net Income	1,266,000	600,000	1,567,000	484,000	793,000	858,000	667,000	474,000	378,670	590,949	488,521	508,178	319,453	691,834	-521,498	-139,455	127,721	88,279	41,851	3,190
Net Income Applicable To Common Shares	0	600,000	1,567,000	484,000	793,000	858,000	667,000	474,000	378,670	590,949	488,521	508,178	319,453	691,834	202,693	0	90,832	69,695	41,851	0
Net Income From Continuing Ops	1,283,000	2,566,500	1,567,000	484,000	759,000	802,000	649,000	458,000	379,000	591,000	0	0	0	0	0	0	0	0	0	0
Net Interest Income	1,383,000	1,063,000	875,000	842,000	889,000	801,000	726,000	620,000	0	0	0	0	0	0	0	0	0	0	0	0
Non Operating Income Net Other	0	-3,000	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Non Recurring	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Operating Income	1,286,000	1,110,000	1,596,000	503,000	809,000	1,117,000	911,000	681,000	623,389	825,297	674,121	662,326	289,877	221,208	133,982	127,240	94,123	61,563	27,124	2,715
Other Items	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Other Operating Expenses	42,000	134,000	82,000	38,000	15,000	2,000	63,000	56,000	54,267	41,144	38,707	34,421	222,097	182,841	87,028	76,706	94,751	58,458	14,727	1,666
Preferred Stock And Other Adjustments	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Reconciled Depreciation	0	0	0	0	0	0	1,000	0	0	0	0	0	0	0	0	0	0	0	0	0
Research Development	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Selling And Marketing Expenses	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	510	0
Selling General Administrative	42,000	38,000	39,000	38,000	45,000	42,000	89,000	56,000	43,856	41,072	38,707	31,743	38,117	53,948	83,606	1,271	10,399	6,428	1,398	800
Tax Provision	29,000	55,000	29,000	19,000	16,000	19,000	19,000	21,000	17,752	0	0	0	0	0	0	0	0	0	0	0
Total Operating Expenses	42,000	86,000	82,000	38,000	15,000	2,000	63,000	56,000	54,267	41,144	38,707	34,421	57,435	50,027	83,606	113,221	10,809	6,686	14,727	1,666
Total Other Income Expense Net	256,000	-455,000	-372,000	-317,000	-291,000	-240,000	-225,000	-186,000	-226,967	-216,019	-171,495	-142,976	37,050	476,018	-579,934	-266,447	-4,117	13,064	14,776	485
Total Revenue	2,085,000	741,000	1,678,000	541,000	824,000	879,000	749,000	551,000	450,689	650,422	541,333	553,771	384,362	747,253	318,686	240,461	137,704	99,897	41,850	4,381

	2023-12-31	2023-09-30	2023-06-30	2023-03-31	2022-12-31	2022-09-30	2022-06-30	2022-03-31	2021-12-31	2021-09-30	2021-06-30	2021-03-31	2020-12-31	2020-09-30	2020-06-30	2020-03-31	2019-12-31	2019-09-30	2019-06-30	2019-03-31	2018-12-31	2018-09-30	2018-06-30	2018-03-31	2017-12-31	2017-09-30	2017-06-30	2017-03-31	2016-12-31	2016-09-30	2016-06-30	2016-03-31	2015-12-31	2015-09-30	2015-06-30	2015-03-31	2014-12-31	2014-09-30	2014-06-30	2014-03-31	2013-12-31	2013-09-30	2013-06-30	2013-03-31	2012-12-31	2012-09-30	2012-06-30	2012-03-31	2011-12-31	2011-09-30	2011-06-30	2011-03-31	2010-12-31	2010-09-30	2010-06-30	2010-03-31	2009-12-31	2009-09-30	2009-06-30	2009-03-31	2008-12-31	2008-09-30	2008-06-30	2008-03-31	2007-12-31	2007-09-30	2007-06-30	2007-03-31	2006-12-31	2006-09-30	2006-06-30	2006-03-31	2005-12-31	2005-09-30	2005-06-30	2005-03-31	2004-12-31
Cost Of Revenue	190,000	210,000	-136,000	152,000	125,000	107,000	105,000	0	0	0	0	0	-170,000	0	170,000	123,000	184,000	169,000	167,000	166,000	141,000	153,000	164,000	164,000	158,000	132,000	139,000	142,000	99,200	104,800	119,100	117,900	93,200	119,100	126,100	117,600	129,100	131,200	119,600	111,800	110,200	107,100	98,500	82,700	146,371	56,455	43,544	46,372	48,673	28,476	59,160	47,671	52,397	33,241	26,655	16,600	17,475	15,735	15,483	15,048	15,769	16,168	16,694	23,500	24,500	21,500	19,600	18,400	16,700	12,500	14,800	7,200	1,700	4,300	2,900	1,500	600
Depreciation And Amortization	1,357,000	-437,000	-461,000	-459,000	-13,000	-422,000	-368,000	7,000	29,000	19,000	10,000	6,000	13	0	10	0	0	0	0	0	0	0	0	0	0	1,000	0	0	465	177	178	180	185	185	181	183	182	202	211	210	209	191	197	205	228	203	198	200	202	197	173	304	261	252	247	163	167	167	164	174	165	134	-114	318	-1,430	1,637	102	101	110	-720	49	1,734	4,281	3,638	1,834	4,974	900
Discontinued Operations	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Ebit	-935,000	729,000	781,000	866,000	333,000	645,000	590,000	211,000	495,000	189,000	576,000	149,000	-103,000	445,000	394,000	-609,000	207,000	180,000	204,000	218,000	155,000	215,000	260,000	247,000	237,000	130,000	185,000	120,000	130,169	157,111	206,740	186,980	80,793	174,361	205,559	162,676	212,178	239,349	198,905	174,865	183,738	189,212	177,678	123,493	218,161	174,294	128,803	141,068	153,735	72,293	67,423	155,988	186,814	150,968	353,950	84,841	75,302	69,451	41,132	41,646	-100,048	-31,976	10,565	25,651	10,037	22,846	33,524	23,599	30,877	17,888	21,664	11,900	11,582	6,244	5,768	3,530	3,000
Ebitda	422,000	292,000	320,000	407,000	320,000	223,000	222,000	317,000	495,000	433,000	576,000	464,000	467,000	522,000	358,000	-527,000	286,000	256,000	273,000	285,000	215,000	274,000	321,000	307,000	296,000	200,000	240,000	175,000	130,634	157,288	206,918	187,160	80,978	174,546	205,740	162,859	212,360	239,551	199,116	175,075	183,947	189,403	177,875	123,698	218,389	174,497	129,001	141,268	153,937	72,490	67,596	156,292	187,075	151,220	354,197	85,004	75,469	69,618	41,296	41,820	-99,883	-31,842	10,451	25,969	8,607	24,483	33,626	23,700	30,987	17,169	21,714	13,634	15,863	9,882	7,602	8,504	3,900
Effect Of Accounting Charges	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Extraordinary Items	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Gross Profit	254,000	318,000	497,000	150,000	76,000	37,000	24,000	282,000	400,000	350,000	498,000	430,000	394,000	455,000	292,000	305,000	216,000	181,000	207,000	220,000	154,000	213,000	261,000	251,000	241,000	148,000	203,000	157,000	98,000	126,431	178,270	148,975	42,701	128,214	161,425	118,349	166,996	194,632	156,177	132,617	145,890	154,286	147,507	93,650	-128,465	134,117	134,011	121,366	-111,674	138,889	85,147	88,020	368,630	104,885	94,935	49,910	6,530	45,146	43,628	40,968	-281,704	45,899	46,770	52,207	2,659	47,931	47,399	39,715	17,384	31,832	30,490	20,191	14,890	11,608	9,602	5,751	3,800
Income Before Tax	422,000	503,000	337,000	280,000	192,000	118,000	121,000	224,000	390,000	339,000	489,000	378,000	385,000	445,000	282,000	-609,000	207,000	180,000	204,000	218,000	155,000	215,000	260,000	247,000	237,000	144,000	185,000	120,000	83,000	113,811	161,406	136,737	25,440	117,743	149,138	104,101	155,899	185,253	145,754	122,372	136,275	144,788	137,417	84,146	178,681	138,592	93,785	108,292	120,962	41,322	38,830	125,813	161,920	128,213	330,840	76,253	-51,954	96,636	34,831	35,065	-44,480	32,702	3,410	25,651	59,162	23,830	24,948	18,954	49,971	17,075	14,265	11,900	27,124	9,900	7,600	8,500	3,400
Income Tax Expense	9,000	3,000	6,000	2,000	18,000	14,000	10,000	13,000	8,000	5,000	11,000	5,000	7,000	4,000	5,000	3,000	3,000	5,000	4,000	4,000	2,000	6,000	6,000	5,000	5,000	5,000	7,000	2,000	8,000	3,570	4,006	5,196	10,727	884	2,616	3,525	2,512	7,514	2,923	5,380	2,391	3,991	3,919	3,804	3,537	2,037	2,853	2,745	2,837	683	1,907	2,047	5,032	-164	686	-162	13	454	78	31	550	-118	138	-322	-714	-79	-43	10	9,859	-253	4,972	-209	25,988	-3,638	-1,834	-4,974	0
Interest Expense	144,000	132,000	128,000	127,000	141,000	105,000	101,000	93,000	105,000	94,000	87,000	86,000	82,000	77,000	76,000	82,000	79,000	76,000	69,000	67,000	60,000	59,000	61,000	60,000	59,000	56,000	55,000	55,000	47,123	43,300	45,334	50,243	55,353	56,618	56,421	58,575	56,279	54,096	53,151	52,493	47,463	44,424	40,261	39,347	39,480	35,702	35,018	32,776	32,773	30,971	28,593	30,175	24,894	22,755	23,110	8,588	5,659	5,721	6,301	6,581	9,902	9,535	7,155	16,800	16,400	1,000	8,600	4,600	2,700	800	7,400	2,200	4,300	3,600	1,800	5,000	500
Interest Income	521,000	495,000	476,000	470,000	456,000	385,000	319,000	310,000	336,000	317,000	305,000	289,000	294,000	280,000	287,000	298,000	296,000	299,000	296,000	13,000	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Minority Interest	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Net Income	413,000	500,000	331,000	278,000	174,000	104,000	111,000	211,000	382,000	334,000	478,000	373,000	378,000	441,000	277,000	-612,000	204,000	175,000	200,000	214,000	153,000	209,000	254,000	242,000	232,000	139,000	178,000	118,000	75,000	110,241	157,400	131,541	14,713	116,859	146,522	100,576	153,387	177,739	142,831	116,992	133,884	140,797	133,498	80,342	175,144	136,555	90,932	105,547	118,125	40,639	36,923	123,766	156,888	128,377	330,154	76,415	69,630	63,276	34,753	35,034	-73,985	-41,393	3,272	25,973	47,641	22,924	33,567	23,589	39,602	18,141	16,693	13,843	15,863	9,882	7,602	8,504	3,400
Net Income Applicable To Common Shares	0	500,000	331,000	278,000	174,000	104,000	111,000	211,000	382,000	334,000	478,000	373,000	378,000	441,000	277,000	-612,000	204,000	175,000	200,000	214,000	153,000	209,000	254,000	242,000	232,000	139,000	178,000	118,000	74,818	110,241	157,400	131,541	14,713	116,859	146,522	100,576	153,387	177,739	142,831	116,992	133,884	140,797	133,498	80,342	175,144	136,555	90,932	105,547	118,125	40,639	36,923	123,766	156,888	128,377	330,154	76,415	69,630	63,276	34,753	35,034	0	-3,272	3,272	9,166	10,751	22,925	33,567	23,589	21,018	18,141	16,693	13,843	15,863	9,882	7,602	8,504	0
Net Income From Continuing Ops	413,000	500,000	759,000	278,000	174,000	708,000	111,000	211,000	382,000	334,000	478,000	373,000	378,000	441,000	277,000	-612,000	196,000	167,000	190,000	206,000	153,000	209,000	254,000	242,000	528,000	433,000	-412,000	118,000	363,818	-46,759	156,941	0	379,000	0	0	0	591,000	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Net Interest Income	377,000	363,000	348,000	343,000	328,000	280,000	218,000	217,000	231,000	223,000	218,000	203,000	212,000	203,000	211,000	216,000	217,000	223,000	227,000	222,000	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Non Operating Income Net Other	0	0	-12,000	-5,000	0	51,000	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Non Recurring	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Operating Income	422,000	292,000	320,000	407,000	333,000	223,000	222,000	317,000	495,000	433,000	576,000	464,000	467,000	522,000	358,000	-527,000	286,000	256,000	273,000	285,000	215,000	274,000	321,000	307,000	296,000	200,000	240,000	175,000	130,169	157,111	206,740	186,980	80,793	174,361	205,559	162,676	212,178	239,349	198,905	174,865	183,738	189,212	177,678	123,493	-262,034	91,497	90,754	79,783	95,296	99,041	45,670	49,870	68,382	71,056	50,227	31,543	38,365	33,360	32,026	30,231	32,688	32,702	36,199	25,651	26,390	23,830	24,948	18,954	18,323	17,075	14,265	11,900	11,582	6,244	5,768	3,530	3,000
Other Items	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Other Operating Expenses	22,000	12,000	11,000	22,000	22,000	26,000	8,000	58,000	10,000	11,000	9,000	52,000	9,000	10,000	10,000	9,000	9,000	1,000	3,000	2,000	1,000	2,000	1,000	4,000	4,000	4,000	18,000	37,000	15,000	12,620	16,864	12,238	17,261	10,471	12,287	14,248	11,097	9,379	10,423	10,245	9,615	9,498	10,090	9,504	31,865,407	63,373	51,783	55,179	59,054	37,353	70,044	55,646	63,894	44,315	48,253	26,379	25,240	21,800	20,784	19,204	20,133	19,830	20,110	26,556	27,438	24,101	22,451	20,761	19,185	14,757	16,225	8,291	3,309	5,364	3,833	2,221	1,400
Preferred Stock And Other Adjustments	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Reconciled Depreciation	0	0	0	0	26,000	19,000	12,000	7,000	29,000	19,000	10,000	6,000	13	0	10	0	0	0	0	0	0	0	0	0	0	1,000	0	0	465	177	178	180	185	185	181	183	182	202	211	210	209	191	197	205	228	203	198	200	202	197	173	304	261	252	247	163	167	167	164	174	165	134	-114	318	-1,430	1,637	102	101	110	-720	49	0	0	0	0	0	0
Research Development	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Selling And Marketing Expenses	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	38,106,619	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	1,195	0	65	0	0
Selling General Administrative	9,000	12,000	11,000	10,000	9,000	11,000	8,000	10,000	10,000	11,000	9,000	9,000	9,000	10,000	10,000	9,000	9,000	11,000	13,000	12,000	9,000	8,000	11,000	14,000	14,000	14,000	24,000	37,000	15,000	12,620	16,864	12,238	10,689	10,471	12,287	10,409	11,097	9,379	10,423	10,173	9,615	9,498	10,090	9,504	7,779	6,918	8,239	8,807	38,117,000	8,877	10,884	7,975	15,165	9,627	20,386	24,617	10,614	5,289	3,875	2,837	6,796	301	2,433	1,753	9,663	291	235	210	2,000	1,100	1,100	900	1,398	800	321	600	800
Tax Provision	9,000	3,000	6,000	2,000	18,000	14,000	10,000	13,000	8,000	5,000	11,000	5,000	7,000	4,000	5,000	3,000	3,000	5,000	4,000	4,000	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Total Operating Expenses	22,000	25,000	24,000	22,000	9,000	26,000	8,000	58,000	10,000	11,000	9,000	52,000	9,000	10,000	10,000	9,000	9,000	1,000	3,000	2,000	-1,000	-2,000	1,000	4,000	4,000	4,000	18,000	37,000	15,000	12,620	16,864	12,238	17,261	10,471	12,287	14,248	11,097	9,379	10,423	10,245	9,615	9,498	10,090	9,504	10,457	6,918	8,239	8,807	29,699	8,877	10,884	7,975	7,576	11,074	21,598	26,379	-18,778	6,065	5,301	4,156	4,364	29,365	3,416	26,556	-56,504	24,101	22,451	20,761	-32,587	14,757	16,225	8,291	3,309	5,364	3,833	2,221	800
Total Other Income Expense Net	-158,000	211,000	17,000	-127,000	-141,000	-105,000	-101,000	-93,000	-105,000	-94,000	-87,000	-86,000	-82,000	-77,000	-76,000	-82,000	-79,000	-76,000	-69,000	-67,000	-60,000	-59,000	-61,000	-60,000	-59,000	-56,000	-55,000	-55,000	-47,169	-43,300	-45,334	-50,243	-55,353	-56,618	-56,421	-58,575	-56,279	-54,096	-53,151	-52,493	-47,463	-44,424	-40,261	-39,347	359,954,365	-97,543	-135,011	-104,376	25,666	-57,719	-6,840	75,943	93,538	57,157	280,613	44,710	31,278	30,370	2,805	4,834	-142,638	-74,213	-32,789	-16,851	-4,117	-1,030	8,552	4,646	13,064	825	7,435	2,200	42,666	3,656	1,832	4,970	400
Total Revenue	444,000	528,000	361,000	302,000	201,000	144,000	129,000	282,000	400,000	350,000	498,000	430,000	394,000	455,000	292,000	305,000	216,000	181,000	207,000	220,000	154,000	213,000	261,000	251,000	241,000	148,000	203,000	157,000	98,000	126,431	178,270	148,975	42,701	128,214	161,425	118,349	166,996	194,632	156,177	132,617	145,890	154,286	147,507	93,650	17,906	190,572	177,555	167,738	-63,001	167,365	144,307	135,691	421,027	138,126	121,590	66,510	24,005	60,881	59,111	56,016	-265,935	62,067	63,464	52,207	2,659	47,931	47,399	39,715	17,384	31,832	30,490	20,191	14,890	11,608	9,602	5,751	4,400

Latest Income Statement (annual, 2023-12-31)

Gross Profit (+$)
totalRevenue	2,085,000
Cost of Revenue	--449,000
Gross Profit	2,085,000	2,534,000

Operating Income (+$)
Gross Profit	2,085,000
Operating Expense	-42,000
Operating Income	1,286,000	2,043,000

Operating Expense (+$)
Research Development	0
Selling General Administrative	42,000
Selling And Marketing Expenses	0
Operating Expense	42,000	42,000

Net Interest Income (+$)
Interest Income	1,897,000
Interest Expense	-514,000
Other Finance Cost	-0
Net Interest Income	1,383,000

Pretax Income (+$)
Operating Income	1,286,000
Net Interest Income	1,383,000
Other Non-Operating Income Expenses	0
Income Before Tax (EBT)	1,286,000	1,030,000 EBIT - interestExpense = 772,000 1,286,000 1,780,000
Interest Expense	514,000
Earnings Before Interest and Taxes (EBIT)	1,286,000	1,800,000
Earnings Before Interest and Taxes (EBITDA)	1,286,000

After tax Income (+$)
Income Before Tax	1,286,000
Tax Provision	-29,000
Net Income From Continuing Ops	1,283,000	1,257,000
Net Income	1,266,000
Net Income Applicable To Common Shares	0

Non-recurring Events
Discontinued Operations	0
Extraordinary Items	0
Effect of Accounting Charges	0
Other Items	0
Non Recurring	0
Other Operating Expenses	42,000
Total Other Income/Expenses Net	256,000	-1,383,000

Technical Analysis of Ares Capital Corporation
The psychology behind the price

Technical indicators reflecting market sentiment and the collective psychology of you and other traders. Your emotions and other traders' emotions, such as fear and greed, play a significant role in driving price movements.

General trend

First of all, I'm going to put something in the back of your mind. One of the most stable factors that gives you more confidence as a trader: the general trend of Ares Capital Corporation. The general trend of Ares Capital Corporation is BULLISH with 100.0% confidence. It is very important for your mental being to use each indicator with this in mind. But beware, also the general trend flips once in a while! You can use moving averages to determine Ares Capital Corporation's overall trend. For convenience I use the most commonly used moving averages: 20, 50, 100 & 200. Of course you can use other moving averages or other indicators to determine the trend.

Indicator phases

Some of the indicators I use have 3 zones: overbought, oversold and neutral. Transitions between these zones (market phases) provide valuable trading signals and insights. Expecially with the general trend mind, I use the highlighted phases:

Indicator zone transitions	Bullish trend (100.0%)		Bearish trend (-100.0%)
Overbought to neutral	Bullish pullback	=	Bearish reversal
Upper to lower neutral	Bullish correction	=	Bearish continuation
Nuetral to oversold	Oversold	=	Oversold
Oversold to neutral	Bullish reversal	=	Bearish correction
Lower to upper neutral	Bullish continuation	=	Bearish pullback
Nuetral to overbought	Overbought	=	Overbought

1. Price Targets

1.1 Support & Resistance

Support and resistance are levels on a price chart that act as barriers or zones where the price of an asset tends to stop, reverse, or experience a significant amount of buying or selling pressure.

Support is a price level at which demand for an asset is strong enough to prevent the price from falling further.
Resistance is a price level at which selling pressure becomes significant enough to prevent the price of an asset from rising further.

Score

Let's take a look at the Support & Resistance of Ares Capital Corporation.

The long score for the Support & Resistance is 0/1.
The longshort score for the Support & Resistance is 0/(-1 +1).

Between support/resistance: The price is trading between support and resistance lines.

The bullish price targets are: .

The bearish price targets are: 20.62 > 20.45 > 20.13.

Tweet this

Ares Capital Corporation Daily Support & Resistance Chart

2. Trend Indicators

2.1 Moving Averages

Shows the moving average of the selected period.

Moving averages are lagging trend indicators.
There are many types of moving averages.
Moving averages are also used within other indicators.

Score

Let's take a look at the Moving Averages of Ares Capital Corporation. The current mas is .

The long score for the Moving Averages is 14/14.
The longshort score for the Moving Averages is 14/(-14 +14).

MA 20 trending up: The MA 20 is trending up. +1
Close > MA 20: The price is above the MA 20. +1
MA 20 > MA 50: The MA 20 is higher than the MA 50. +1
MA 20 > MA 100: The MA 20 is higher than the MA 100. +1
MA 20 > MA 200: The MA 20 is higher than the MA 200. +1
MA 50 trending up: The MA 50 is trending up. +1
Close > MA 50: The price is above the MA 50. +1
MA 50 > MA 100: The MA 50 is higher than the MA 100. +1
MA 50 > MA 200: The MA 50 is higher than the MA 200. +1
MA 100 trending up: The MA 100 is trending up. +1
Close > MA 100: The price is above the MA 100. +1
MA 100 > MA 200: The MA 100 is higher than the MA 200. +1
MA 200 trending up: The MA 200 is trending up. +1
Close > MA 200: The price is above the MA 200. +1

Directionalities and relatives.

Moving Average	Amount of candles	vs. MA 50	vs. MA 100	vs. MA 200
MA 20	20
MA 50	50	-
MA 100	100	-	-
MA 200	200	-	-	-

Explanation: https://www.youtube.com/watch?v=xwW8h0lrQ-I

Shows the moving average of the selected period.

There are four types of indicators:

Trend indicators
Momentum indicators
Volatility indicators
Volume indicators

There are various kinds of moving averages:

Simple moving average (SMA);
Exponential moving average (EMA);
Smoothed moving average (SMMA);
Linear weighted moving average (LWMA).

The moving average looks at a certain period of time and it calculates the price average. The various types of averages are using various formulas. Don’t worry, you don’t have to memorize any formula. All moving averages are calculated automatically by basically every charting software you use. But it’s good to know how moving averages are actually calculated.

Simple moving average

SMA is calculated by summing up the price closures of the selected period. The price is then divided by the selected period. For example, when using the 21 day moving average you sum up all the closing prices for each day and divide that by 21. The result is a line on the chart representing the average. Because it’s an average in the selected timeframe, the trend is always lagging. An moving average looks like this on the chart:

Source: Tradingview.com

In this case, the blue line represents a 21 day moving average. Because the average is based on results from the past, the indicator will always lag behind. For example, when price would suddenly go up, the moving average won't immediately follow.

All other moving averages discussed below look the same on the chart. The only difference is that the line will move in different directions based on the maths behind the used indicators and the amount of days used to determine the average.

Exponential moving average

The EMA gives more weight to the latest closing prices by giving them more value in the equation. EMA is calculated by adding a certain percentage to the latest closing prices:

EMA = (CLOSE (i) * P) + (EMA (i - 1) * (1 - P))

Where:

CLOSE (i) = current period close price.
EMA (i - 1) = value of the Moving Average of a preceding period.
P = the percentage of using the price value.

Smoothed moving average

A smoothed moving average is an exponential moving average with a long lookback period. Older prices are reduced in weight but are never left out in the calculation. Unlike SMA and EMA where prices are removed when they are beyond the selected period. SMMA is a combination of the SMA and EMA. The main advantage is that it smooths out fluctuations in price.

Linear weighted moving average

The LWMA gives the latest price the highest weight and then lineary scales down with each price before that. The result is that the LWMA reacts quicker to changes in price than the SMA or EMA. The formula:

LWMA = ((Pn∗W1)+(Pn−1∗W2)+(Pn−2∗W3)...) / ∑W

Where:

P = Price for the period.
n = The most recent period, n-1 is the prior period, and n-2 is two periods prior.
W = The assigned weight to each period, with the highest weight going first and then descending linearly based on the number of periods being used.

Moving averages are widely used by many traders. Which moving average you need depends on your trading strategy. Common practise is using a combination of multiple periods. For example, the EMA21, EMA50, EMA100 and EMA200. How does that look on a chart:

Source: Tradingview.com

The lowest (purple) line on the chart represents the EMA200 then following up the EMA100, EMA50 and EMA21.

You can use moving averages to determine a trend. The 200 moving average is mostly used as a baseline for determining the current trend:

When the 200 moving average is moving up it is considered a bullish trend.
When the 200 moving average is down it is considered a bearish trend.
When moving averages are flatlined, there is no clear trend so you should look for market structure, consolidation or trend reversals. Depending on how you want to trade.

This is not set in stone. Most trading strategies use multiple moving averages each with different settings. While one strategy might use the EMA20, the other uses the SMA21. There can be hundreds of different variations. Moving averages can also be used as support and resistance. More often than not, prices will bounce on moving averages.

Ares Capital Corporation Daily Moving Averages Chart

2.2 Moving Average Convergence/Divergence (MACD)

Shows the momentum of the selected period based on two moving averages.

MACD is a lagging momentum indicator.
Uses two moving averages.
Can show buy or sell signals based on momentum.
Can show overbought. and oversold. levels.

Score

Let's take a look at the Moving Average Convergence/Divergence (MACD) of Ares Capital Corporation. The current macd is 0.16968403.

The long score for the Moving Average Convergence/Divergence (MACD) is 4/4.
The longshort score for the Moving Average Convergence/Divergence (MACD) is 4/(-4 +4).

MACD line > signal line: The MACD line is above the signal line, which indicates a bullish signal in the market. This means that the positive momentum is currently stronger than the average momentum, suggesting that buyers are more active than sellers, and there's a higher probability of the Ares Capital Corporation price going up in the near term. +2
MACD > 0: The MACD is above the zero line (centerline), it indicates a bullish signal for Ares Capital Corporation. This means that the short-term moving average is higher than the long-term moving average, signaling positive momentum and suggesting a higher likelihood of the Ares Capital Corporation price continuing to rise in the near future. It indicates that buyers are gaining control, and there is optimism in the market, leading to potential price increases. +1
Trending up: The MACD line is trending up. This indicates that the short-term moving average is rising faster than the long-term moving average, suggesting positive momentum in the market. This signals that buyers are becoming more active and confident, leading to potential price increases as traders anticipate further gains and are willing to buy at higher prices. +1

Ares Capital Corporation Daily Moving Average Convergence/Divergence (MACD) Chart

2.3 Directional Movement Index (DMI)

The DMI is a collection of 3 indicators: +DI (Plus Direction Indicator), -DI (Minus Direction Indicator) and ADX (Average Directional Index). The ADX helps you determine the strength of a trend.

Score

Let's take a look at the Directional Movement Index (DMI) of Ares Capital Corporation. The current adx is 28.42.

The long score for the Directional Movement Index (DMI) is 4/7.
The longshort score for the Directional Movement Index (DMI) is 4/(-7 +7).

PLUS_ID > MINUS_DI: The +DI line is above the -DI line. This indicates a bullish signal in the market, as the positive directional movement is currently stronger than the negative directional movement, showing that buyers have the upper hand. Market psychology suggests that traders are optimistic, expecting further price increases, and are more willing to buy Ares Capital Corporation shares, leading to potential upward momentum in its price. +1
PLUS_ID > MINUS_DI && ADX > 25 && ADX trending up: The ADX is above 25 and indicates a strong bullish trend. The ADX is trending up, so the bullish trend is strengthening.

Ares Capital Corporation Daily Directional Movement Index (DMI) Chart

2.4 Parabolic SAR

Shows the current trend and potential entry and exit signals.

Parabolic SAR (stop and reverse) is a lagging trend indicator.
Shows the current trend.
Shows potential entry signals.
Shows potential exit signals.
Can be used to place trailing stoplosses..

Score

Let's take a look at the Parabolic SAR of Ares Capital Corporation. The current sar is 20.51.

The long score for the Parabolic SAR is 1/1.
The longshort score for the Parabolic SAR is 1/(-1 +1).

Close > SAR: The price is above the SAR. It's generally considered a bullish signal. +1

Ares Capital Corporation Daily Parabolic SAR Chart

3. Momentum Indicators

3.1 Relative Strength Index (RSI)

Measures the speed and change of price movements.

Leading momentum indicator, meaning the signals are instant.
Ranges between 0 and 100.
Above 70 is considered overbought.
Below 30 is considered oversold.
Above or below 50 can also be used to determine price trend or support and resistance.
RSI divergence looks at a deviation between RSI and price movement. Penketrading automatically calculates RSI divergences.
Can be used in many different ways

Score

Let's take a look at the Relative Strength Index (RSI) of Ares Capital Corporation. The current rsi is 64.16. The current phase is Continuation in bull market.

The long score for the Relative Strength Index (RSI) is 4/13.
The longshort score for the Relative Strength Index (RSI) is 4/(-13 +13).

Continuation in bull market: Uptrend continues after a consolidation or pullback. Hold or add to existing positions.
Trending up: The RSI is trending up. +1

Measures the speed and change of price movements.

There are four types of indicators:

Trend indicators
Momentum indicators
Volatility indicators
Volume indicators

The RSI measures the magnitude of recent price changes to determine if the asset is overbought or oversold.

Overbought (RSI above 70) means that the trading price is above its intrinsic value. This might indicate a sell or short signal.
Oversold (RSI below 30) means that the trading price is below its intrinsic value. This might indicate a buy or long signal.
RSI levels above or below 50 can also be used to determine a trend.
RSI divergence looks at a deviation between RSI and price movement.
Can be used in many different ways.

Original usage

Keep in mind that almost every indicator can be used in different ways. Even beyond the orginal settings. The relative strength index was developed by J. Welles Wilder. Wilder recommended a smoothing period of 14 days. That means a 14 day moving average (read more about this setting below). Another quote from the wikipedia page:

Wilders also considers the RSI 50 line as both support and resistance. I recommend to always read the original settings first before using an indicator. Many traders and websites are using their own version of the indicator which might be confusing.

How you can use RSI (Divergence)

First and foremost, there is no real right or wrong usage of the RSI indicator. You can use it in any way you want. Wilder recommends using a 14 day average but you can make it 50 or 100 if you like. Just keep in mind that using an indicator is just part of a larger trading plan. In other words, it’s not recommended to do any trading or investing based on a single indicator like the RSI.

The RSI is measured on a scale between 0 and 100. From 30 till 0 is considered oversold. and from 70 -100 is overbought. The RSI is a leading indicator, meaning the signals are instant.

I like to use the RSI as a trend\momentum indicator and not as an overbought or oversold indicator. I use the middle (50) as the baseline. When prices go above RSI 50 the trend is bullish and can indicate long positions. When below 50 it is considered bearish and can indicate short positions. Other traders use the 70 and 30 levels as overbought/oversold depending on the used strategy. The RSI indicator looks like this:

Source: Tradingview.com

The general concensus is that an RSI above 70 indicates that the security is overbought. In other words, the price this security is trading for is to high and should come down. So if RSI hits 70 or above this might indicate a sell signal or taking a short position (expecting the price will go down). Although RSI above 70 indicates the security is trading above it's fair value, that does not mean the price will go down.

Use tradingview to add indicators

I highly recommend using tradingview to add indicators to a chart. It has all the indicators you can think off and can add them for free (up to three indicators) to any chart you want. You can see that the levels 30 and 70 are marked with a dotted line. If you want you can remove these lines or give it another colour using Tradingview. You can also adjust the moving average used. You can also find RSI indicators made by the community that include other settings like RSI divergences.

Tradingview

Use Tradingview to (back)test your strategies and add hundreds of indicators created by the community.

View tool on Tradingview.com

RSI divergence

RSI is not only used to determine momentum but can also spot reversals or continuations of the trend. A reversal means that the trend is going in the opposite direction. From bullish to bearish or from bearish to bullish. These reversals can be spotted by looking at the price and the direction of the RSI. When the price is going up but the RSI is going down that means there is a divergence. This is also the case when RSI goes up but price is going down.

There are four types of divergences:

Regular bullish divergence
Regular bearish divergence
Hidden bullish divergence
Hidden bearish divergence

Regular bullish divergence

With a regular bullish divergence, the price is making lower highs but the oscillator (in this case the RSI) is making higher lows. A regular bullish divergence might indicate the end of the current trend. You’ll see regular bullish divergences mostly at the end of a downtrend. But that does not mean that every regular bullish divergence is a trend reversal.

Price is making lower highs
RSI is making higher lows
Indicating bullish reversal (price might go up)

Source: Tradingview.com

Regular bearish divergence

With a regular bearish divergence the price is making higher highs but the oscillator (in this case the RSI) is making lower highs. This might indicate the end of an uptrend.

Price is making higher highs
RSI is making lower highs
Indicating bearish reversal

Source: Tradingview.com

Hidden bullish divergence

With a hidden bullish divergence, the price is making a higher low while the RSI is making a lower low. This might indicate bullish trend continuation.

Price is making higher lows
RSI is making lower lows
Indicating bullish continuation

Source: Tradingview.com

As you have noticed, you can have multiple divergences in a row.

Hidden bearish divergence

With a hidden bearish divergence, price is making lower highs but RSI is making higher highs. This might indicate bearish trend continuation.

Price is making lower highs
RSI making higher highs
Indicating bearish continuation

Source: Tradingview.com

You can find many cheatsheets of RSI divergences online. Search for "RSI divergence overview" and you'll find a lot of examples. You can print these to learn the various types of divergences.

Ares Capital Corporation Daily Relative Strength Index (RSI) Chart

3.2 Stochastic Oscillator

Compares a certain price to multiple prices ranging over time.

Leading momentum indicator, meaning the signals are instant.
Used to determine overbought and oversold areas much like the RSI.
Ranges between 0 and 100.
Above 80 is considered overbought.
Below 20 is considered oversold.
Consists of two lines named K and D.
K compares the highest high and lowest low on the selected price range.
The D line is a moving average of the K line.
Can be used to spot divergences

Score

Let's take a look at the Stochastic Oscillator of Ares Capital Corporation. The current phase is Overbought in bull market.

The long score for the Stochastic Oscillator is 3/6.
The longshort score for the Stochastic Oscillator is 0/(-6 +6).

STOCH > 50: The STOCH %K is above 50. There are more buyers than sellers. +1
STOCH > 80: The STOCH %K is above 80 and overbought. +2
STOCH %K line < STOCH %D line: The STOCH %K line is below the STOCH %D line, which indicates a bearish signal in the market. This means that the negative momentum is currently stronger than the average momentum, suggesting that sellers are more active than buyers, and there's a higher probability of the Ares Capital Corporation price going down in the near term. -2
Trending down: The STOCH %K is trending down. -1

Ares Capital Corporation Daily Stochastic Oscillator Chart

3.3 Commodity Channel Index (CCI)

Measures the difference between the current price and the historical average price.

Lagging or leading Momentum indicator
When the CCI is above zero, the price is above the historical average
When the CCI is below zero, the price is below the historical average
Used for spotting trends
- If the CCI moves from negative or near zero to positive 100 that might indicate an uptrend
- If the CCI moves from positive or near zero to negative -100 that might indicate a downtrend

Score

Let's take a look at the Commodity Channel Index (CCI) of Ares Capital Corporation. The current cci is 189.76.

The long score for the Commodity Channel Index (CCI) is 1/1.
The longshort score for the Commodity Channel Index (CCI) is 1/(-1 +1).

CCI > 100: The CCI is above 100, it indicates that the price is significantly above its average, suggesting a potential overbought condition. +1

Ares Capital Corporation Daily Commodity Channel Index (CCI) Chart

3.4 Chande Momentum Oscillator (CMO)

Measures the difference between the sum of recent gains and the sum of recent losses. Then divides the result by the sum of all price movements in that period.

Lagging momentum indicator
Ranges between +100 and -100
Considered overbought above +50
Considered oversold below -50
It's possible to add a moving average that acts as a signal line

Score

Let's take a look at the Chande Momentum Oscillator (CMO) of Ares Capital Corporation. The current cmo is 35.00.

The long score for the Chande Momentum Oscillator (CMO) is 1/1.
The longshort score for the Chande Momentum Oscillator (CMO) is 1/(-1 +1).

CMO > 0: The CMO is above 0, the momentum of the price is positive, indicating a potential uptrend in the price. +1

Ares Capital Corporation Daily Chande Momentum Oscillator (CMO) Chart

3.5 Williams %R

Shows the current price relative to the highest high over the last 14 days.

Lagging momentum indicator
Ranging between 0 and -100
Above -20 is considered overbought
Below -80 is considered oversold
Is prone to give false signals

Score

Let's take a look at the Williams %R of Ares Capital Corporation. The current willr is -19.75811141.

The long score for the Williams %R is 1/1.
The longshort score for the Williams %R is 1/(-1 +1).

WILLR > -20: The Williams %R is above -20. This indicates that the price is in overbought territory, suggesting a potential price correction or trend reversal to the downside. +1

Ares Capital Corporation Daily Williams %R Chart

4. Volatility Indicators

4.1 Bollinger Bands

Shows if the price is to high or to low relative to an average.

Lagging volatility indicator
Uses 3 bands: one upper, one lower and one in the middle
Works best when the middle band reflects an intermediate trend (MA20).
When the price is moving closer to the upper band, the market might be overbought
When the price is moving closer to the lower band, the market might be oversold

Score

Let's take a look at the Bollinger Bands of Ares Capital Corporation.

Ares Capital Corporation Daily Bollinger Bands Chart

4.2 Average True Range (ATR)

Measures market volatility

Leading volatility indicator
Can be used to determine stop-loss positions
Calculated by:
- Current high minus the current low
- Current high minus the previous close
- Current low minus the previous close
The larger the range of the candles, the greater the ATR value

Score

Let's take a look at the Average True Range (ATR) of Ares Capital Corporation. The current atr is 0.24222712.

Ares Capital Corporation Daily Average True Range (ATR) Chart

5. Volume Indicators

5.1 On-Balance Volume (OBV)

Measures market volatility

Leading momentum indicator
Calculation:
- If the closing price is above the previous closing price: OBV = previous OBV + current volume
- If the closing price is below the previous closing price: OBV = previous OBV - current volume
- If the closing price is the same as the previous closing price than the OBV is the same.
Can be used to confirm price trends
Can be used with divergences

Score

Let's take a look at the On-Balance Volume (OBV) of Ares Capital Corporation. The current obv is 85,806,078.

Ares Capital Corporation Daily On-Balance Volume (OBV) Chart

5.2 Money Flow Index (MFI)

Measures the flow of money in and out of a security

Lagging momentum indicator
Looks like RSI but uses volume as an extra metric (RSI only considers price)
Above 80 is considered overbought
Below 20 is considered oversold
Can be used with divergences

Score

Let's take a look at the Money Flow Index (MFI) of Ares Capital Corporation. The current mfi is 65.75.

The long score for the Money Flow Index (MFI) is 1/2.
The longshort score for the Money Flow Index (MFI) is 1/(-2 +2).

MFI > 50: +1

Ares Capital Corporation Daily Money Flow Index (MFI) Chart

6. Summary

6.1. Notifications

Type	Notification	Date
Currently no notifications for Ares Capital Corporation.

6.2. Trading Signals

Below you will find trading signals as the indicator is commonly used. This doesn't mean you should use it that way. Learn from these, but don't use them blindly. I recommend using at least 4 indicators, 1 from each category: trend, momentum, volatility and volume.

Date	Indicator	Signal
2023-12-20	MACD	SHORT ENTRY	LONG CLOSE	The MACD line crosses below the signal line.
	STOCH	LONG EXIT		The %K line crosses below the %D line.
	MFI	SHORT ENTRY	LONG CLOSE	80 crossover to downside
2023-12-22	STOCH	SHORT EXIT		The %K line crosses above the %D line.
2023-12-26	MACD	LONG ENTRY	SHORT CLOSE	The MACD line crosses above the signal line.
	CCI	LONG ENTRY	SHORT CLOSE	100 crossover to upside
	WILLR	LONG ENTRY	SHORT CLOSE	-20 crossover to upside
2023-12-27	MFI	LONG ENTRY	SHORT CLOSE	80 crossover to upside
2023-12-28	STOCH	LONG EXIT		The %K line crosses below the %D line.
2023-12-29	RSI	SHORT ENTRY	LONG CLOSE	70 crossover to downside
	MFI	SHORT ENTRY	LONG CLOSE	80 crossover to downside
2024-01-04	WILLR	LONG ENTRY	SHORT CLOSE	-20 crossover to upside
	ATR	LONG ENTRY	SHORT CLOSE	Price closed above (close + ATR).
2024-01-05	STOCH	LONG EXIT		The %K line crosses below the %D line.
2024-01-09	RSI	SHORT ENTRY	LONG CLOSE	70 crossover to downside
2024-01-10	STOCH	SHORT EXIT		The %K line crosses above the %D line.
	WILLR	LONG ENTRY	SHORT CLOSE	-20 crossover to upside
2024-01-11	RSI	SHORT ENTRY	LONG CLOSE	70 crossover to downside
	STOCH	LONG EXIT		The %K line crosses below the %D line.
2024-01-12	STOCH	SHORT EXIT		The %K line crosses above the %D line.
2024-01-16	MACD	SHORT ENTRY	LONG CLOSE	The MACD line crosses below the signal line.
	STOCH	LONG EXIT		The %K line crosses below the %D line.
	ATR	SHORT ENTRY	LONG CLOSE	Price closed below (close - ATR).
2024-01-18	STOCH	SHORT EXIT		The %K line crosses above the %D line.
2024-01-24	STOCH	LONG EXIT		The %K line crosses below the %D line.
2024-01-25	STOCH	SHORT EXIT		The %K line crosses above the %D line.
	WILLR	LONG ENTRY	SHORT CLOSE	-20 crossover to upside
2024-01-26	CCI	LONG ENTRY	SHORT CLOSE	100 crossover to upside
2024-01-29	STOCH	LONG EXIT		The %K line crosses below the %D line.
2024-01-30	STOCH	SHORT EXIT		The %K line crosses above the %D line.
2024-01-31	STOCH	LONG EXIT		The %K line crosses below the %D line.
	CMO	SHORT ENTRY	LONG CLOSE	Zero line crossover to downside
	ATR	SHORT ENTRY	LONG CLOSE	Price closed below (close - ATR).
2024-02-01	DMI	SHORT ENTRY	LONG CLOSE	The +DI crossed the -DI to the downside. The trend is reversing to a down trend.
	SAR	SHORT ENTRY	LONG CLOSE	The price broke the SAR to the downside
	CCI	SHORT ENTRY	LONG CLOSE	-100 crossover to downside
2024-02-02	SAR	LONG ENTRY	SHORT CLOSE	The price broke the SAR to the upside.
	STOCH	SHORT EXIT		The %K line crosses above the %D line.
	BB	SHORT ENTRY	LONG CLOSE	Price closed above the lower band.
2024-02-05	SAR	SHORT ENTRY	LONG CLOSE	The price broke the SAR to the downside
	STOCH	LONG EXIT		The %K line crosses below the %D line.
	WILLR	SHORT ENTRY	LONG CLOSE	-80 crossover to downside
2024-02-07	SAR	LONG ENTRY	SHORT CLOSE	The price broke the SAR to the upside.
	STOCH	SHORT EXIT		The %K line crosses above the %D line.
	BB	SHORT ENTRY	LONG CLOSE	Price closed above the lower band.
	ATR	LONG ENTRY	SHORT CLOSE	Price closed above (close + ATR).
2024-02-08	SAR	SHORT ENTRY	LONG CLOSE	The price broke the SAR to the downside
	STOCH	LONG EXIT		The %K line crosses below the %D line.
	CCI	SHORT ENTRY	LONG CLOSE	-100 crossover to downside
2024-02-09	SAR	LONG ENTRY	SHORT CLOSE	The price broke the SAR to the upside.
2024-02-12	DMI	LONG ENTRY	SHORT CLOSE	The +DI crossed the -DI to the upside. The trend is reversing to an up trend.
	STOCH	SHORT EXIT		The %K line crosses above the %D line.
	CMO	LONG ENTRY	SHORT CLOSE	Zero line crossover to upside
	BB	SHORT ENTRY	LONG CLOSE	Price closed above the lower band.
2024-02-15	STOCH	LONG EXIT		The %K line crosses below the %D line.
	CMO	SHORT ENTRY	LONG CLOSE	Zero line crossover to downside
2024-02-21	DMI	SHORT ENTRY	LONG CLOSE	The +DI crossed the -DI to the downside. The trend is reversing to a down trend.
	STOCH	SHORT EXIT		The %K line crosses above the %D line.
2024-02-22	BB	SHORT ENTRY	LONG CLOSE	Price closed above the lower band.
2024-02-23	DMI	LONG ENTRY	SHORT CLOSE	The +DI crossed the -DI to the upside. The trend is reversing to an up trend.
2024-02-26	DMI	SHORT ENTRY	LONG CLOSE	The +DI crossed the -DI to the downside. The trend is reversing to a down trend.
	STOCH	LONG EXIT		The %K line crosses below the %D line.
2024-02-27	DMI	LONG ENTRY	SHORT CLOSE	The +DI crossed the -DI to the upside. The trend is reversing to an up trend.
	STOCH	SHORT EXIT		The %K line crosses above the %D line.
	CMO	LONG ENTRY	SHORT CLOSE	Zero line crossover to upside
2024-02-28	STOCH	LONG EXIT		The %K line crosses below the %D line.
2024-02-29	MACD	LONG ENTRY	SHORT CLOSE	The MACD line crosses above the signal line.
	STOCH	SHORT EXIT		The %K line crosses above the %D line.
2024-03-01	CCI	LONG ENTRY	SHORT CLOSE	100 crossover to upside
2024-03-04	WILLR	LONG ENTRY	SHORT CLOSE	-20 crossover to upside
2024-03-05	STOCH	LONG EXIT		The %K line crosses below the %D line.
2024-03-06	STOCH	SHORT EXIT		The %K line crosses above the %D line.
	WILLR	LONG ENTRY	SHORT CLOSE	-20 crossover to upside
2024-03-08	STOCH	LONG EXIT		The %K line crosses below the %D line.
2024-03-12	STOCH	SHORT EXIT		The %K line crosses above the %D line.
	WILLR	LONG ENTRY	SHORT CLOSE	-20 crossover to upside
	ATR	LONG ENTRY	SHORT CLOSE	Price closed above (close + ATR).
	MFI	LONG ENTRY	SHORT CLOSE	80 crossover to upside
2024-03-14	RSI	SHORT ENTRY	LONG CLOSE	70 crossover to downside
	STOCH	LONG EXIT		The %K line crosses below the %D line.
	ATR	SHORT ENTRY	LONG CLOSE	Price closed below (close - ATR).
	MFI	SHORT ENTRY	LONG CLOSE	80 crossover to downside
2024-03-15	STOCH	SHORT EXIT		The %K line crosses above the %D line.
	MFI	LONG ENTRY	SHORT CLOSE	80 crossover to upside
2024-03-18	STOCH	LONG EXIT		The %K line crosses below the %D line.
	MFI	SHORT ENTRY	LONG CLOSE	80 crossover to downside
2024-03-19	DMI	SHORT ENTRY	LONG CLOSE	The +DI crossed the -DI to the downside. The trend is reversing to a down trend.
	SAR	SHORT ENTRY	LONG CLOSE	The price broke the SAR to the downside
	CMO	SHORT ENTRY	LONG CLOSE	Zero line crossover to downside
2024-03-20	MACD	SHORT ENTRY	LONG CLOSE	The MACD line crosses below the signal line.
2024-03-21	DMI	LONG ENTRY	SHORT CLOSE	The +DI crossed the -DI to the upside. The trend is reversing to an up trend.
	STOCH	SHORT EXIT		The %K line crosses above the %D line.
	CMO	LONG ENTRY	SHORT CLOSE	Zero line crossover to upside
2024-03-22	STOCH	LONG EXIT		The %K line crosses below the %D line.
2024-03-25	STOCH	SHORT EXIT		The %K line crosses above the %D line.
2024-03-26	MACD	LONG ENTRY	SHORT CLOSE	The MACD line crosses above the signal line.
	SAR	LONG ENTRY	SHORT CLOSE	The price broke the SAR to the upside.
	CCI	LONG ENTRY	SHORT CLOSE	100 crossover to upside
2024-03-27	WILLR	LONG ENTRY	SHORT CLOSE	-20 crossover to upside
	BB	SHORT ENTRY	LONG CLOSE	Price closed above the lower band.
	ATR	LONG ENTRY	SHORT CLOSE	Price closed above (close + ATR).
2024-03-28	ATR	LONG ENTRY	SHORT CLOSE	Price closed above (close + ATR).
2024-04-01	RSI	SHORT ENTRY	LONG CLOSE	70 crossover to downside
	STOCH	LONG EXIT		The %K line crosses below the %D line.
	ATR	SHORT ENTRY	LONG CLOSE	Price closed below (close - ATR).
2024-04-03	STOCH	SHORT EXIT		The %K line crosses above the %D line.
2024-04-04	STOCH	LONG EXIT		The %K line crosses below the %D line.
2024-04-05	STOCH	SHORT EXIT		The %K line crosses above the %D line.
2024-04-09	STOCH	LONG EXIT		The %K line crosses below the %D line.
2024-04-10	MACD	SHORT ENTRY	LONG CLOSE	The MACD line crosses below the signal line.
2024-04-11	STOCH	SHORT EXIT		The %K line crosses above the %D line.
2024-04-12	SAR	SHORT ENTRY	LONG CLOSE	The price broke the SAR to the downside
	STOCH	LONG EXIT		The %K line crosses below the %D line.
	CMO	SHORT ENTRY	LONG CLOSE	Zero line crossover to downside
	ATR	SHORT ENTRY	LONG CLOSE	Price closed below (close - ATR).
2024-04-15	WILLR	SHORT ENTRY	LONG CLOSE	-80 crossover to downside
2024-04-17	STOCH	SHORT EXIT		The %K line crosses above the %D line.
2024-04-18	CMO	LONG ENTRY	SHORT CLOSE	Zero line crossover to upside
2024-04-19	WILLR	LONG ENTRY	SHORT CLOSE	-20 crossover to upside
2024-04-22	SAR	LONG ENTRY	SHORT CLOSE	The price broke the SAR to the upside.
	CCI	LONG ENTRY	SHORT CLOSE	100 crossover to upside
2024-04-23	MACD	LONG ENTRY	SHORT CLOSE	The MACD line crosses above the signal line.
2024-04-25	STOCH	LONG EXIT		The %K line crosses below the %D line.
2024-04-26	STOCH	SHORT EXIT		The %K line crosses above the %D line.
	CCI	LONG ENTRY	SHORT CLOSE	100 crossover to upside
	WILLR	LONG ENTRY	SHORT CLOSE	-20 crossover to upside
2024-04-30	STOCH	LONG EXIT		The %K line crosses below the %D line.
2024-05-01	STOCH	SHORT EXIT		The %K line crosses above the %D line.
	CCI	LONG ENTRY	SHORT CLOSE	100 crossover to upside
	WILLR	LONG ENTRY	SHORT CLOSE	-20 crossover to upside
	ATR	LONG ENTRY	SHORT CLOSE	Price closed above (close + ATR).
2024-05-02	MACD	SHORT ENTRY	LONG CLOSE	The MACD line crosses below the signal line.
	STOCH	LONG EXIT		The %K line crosses below the %D line.
	CMO	SHORT ENTRY	LONG CLOSE	Zero line crossover to downside
	ATR	SHORT ENTRY	LONG CLOSE	Price closed below (close - ATR).
2024-05-03	SAR	SHORT ENTRY	LONG CLOSE	The price broke the SAR to the downside
	CMO	LONG ENTRY	SHORT CLOSE	Zero line crossover to upside
2024-05-06	STOCH	SHORT EXIT		The %K line crosses above the %D line.
	CCI	LONG ENTRY	SHORT CLOSE	100 crossover to upside
	WILLR	LONG ENTRY	SHORT CLOSE	-20 crossover to upside
	ATR	LONG ENTRY	SHORT CLOSE	Price closed above (close + ATR).
2024-05-07	SAR	LONG ENTRY	SHORT CLOSE	The price broke the SAR to the upside.
	STOCH	LONG EXIT		The %K line crosses below the %D line.
2024-05-09	MACD	LONG ENTRY	SHORT CLOSE	The MACD line crosses above the signal line.
	STOCH	SHORT EXIT		The %K line crosses above the %D line.
2024-05-10	CCI	LONG ENTRY	SHORT CLOSE	100 crossover to upside
	WILLR	LONG ENTRY	SHORT CLOSE	-20 crossover to upside
2024-05-13	STOCH	LONG EXIT		The %K line crosses below the %D line.

6.3. Candlestick Patterns

Ares Capital Corporation Daily Candlestick Chart

Date	Candlestick Pattern

6.4. Technical Score

Let's check the technical score of Ares Capital Corporation based on Penke's default Symbol scanner.

Penke's Symbol Scanner

Indicator	Condition		Value
Rsi	Greater than	50	64.158
Ma 20	Greater than	Ma 50	20.712
Ma 50	Greater than	Ma 100	20.421
Ma 100	Greater than	Ma 200	20.065
Open	Greater than	Close	21.150
Total			5/5 (100.0%)

Create your own Symbol Scanner

Get notifications about Ares Capital Corporation

I send you an email if I find something interesting about Ares Capital Corporation.

Ares Capital Corporation Buy, Hold or Sell?

Let's analyse Ares Capital Corporation together

Get notifications about Ares Capital Corporation

Quick analysis of Ares Capital Corporation (30 sec.)

What can you expect buying and holding a share of Ares Capital Corporation? (30 sec.)

How much money do you get?

What is your share worth?

+ What do you gain per year?

For what price can you sell your share?

1. Valuation of Ares Capital Corporation (5 min.)

$21.14

$18.43

$-17.49 - $24.79

$0.94 - $43.22

2. Growth of Ares Capital Corporation (5 min.)

Is Ares Capital Corporation growing?

How much money is Ares Capital Corporation making?

How much money comes from the company's main activities?

3. Financial Health of Ares Capital Corporation (5 min.)

4. Comparing to competitors in the Asset Management industry (5 min.)

Industry Rankings (Asset Management)

What can you expect buying and holding a share of Ares Capital Corporation? (5 min.)

What can you expect buying and holding a share of Ares Capital Corporation?

Speculation

Investing

How much money are you going to get?

When do you get the money?

How sure are you?

Linear %

Fundamentals of Ares Capital Corporation

About Ares Capital Corporation

Financial Health

Valuation

1.1. Profitability of Ares Capital Corporation.

1.1. Profitability

1.1.1. Net Profit Margin

Trends

Compared to industry (Asset Management)

1.1.2. Return on Assets

Trends

Compared to industry (Asset Management)

1.1.3. Return on Equity

Trends

Compared to industry (Asset Management)

1.2. Operating Efficiency of Ares Capital Corporation.

1.2. Operating Efficiency

1.2.1. Operating Margin

Trends

Compared to industry (Asset Management)

1.2.2. Operating Ratio

Trends

Compared to industry (Asset Management)

1.3. Liquidity of Ares Capital Corporation.

1.3. Liquidity

1.3.1. Current Ratio

Trends

Compared to industry (Asset Management)

1.3.2. Quick Ratio

Trends

Compared to industry (Asset Management)

1.4. Solvency of Ares Capital Corporation.

1.3. Liquidity

1.4.1. Debt to Asset Ratio

Trends

Compared to industry (Asset Management)

1.4.2. Debt to Equity Ratio

Trends

Compared to industry (Asset Management)

2. Market Valuation of Ares Capital Corporation

2.1. Earnings Per Share

2.1. Price to Earnings Ratio

Trends

Compared to industry (Asset Management)

Ares Capital Corporation
Buy, Hold or Sell?