Canadian Solar Inc
Buy, Hold or Sell?

Let's analyse Canadian Solar Inc together

Penke I guess you are interested in Canadian Solar Inc. 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 Canadian Solar Inc. 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.

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Quick analysis of Canadian Solar Inc (30 sec.)

What can you expect buying and holding a share of Canadian Solar Inc? (30 sec.)

How much money do you get?

$0.00

When do you have the money?

1 year

How often do you get paid?

10.0%

What is your share worth?

Current worth

$56.11

Expected worth in 1 year

$78.14

How sure are you?

62.5%

+ What do you gain per year?

Total Gains per Share

$22.03

Return On Investment

151.6%

For what price can you sell your share?

Current Price per Share

$14.53

Expected price per share

$0 - $20.26

How sure are you?

50%

1. Valuation of Canadian Solar Inc (5 min.)

Live pricePrice per Share (EOD)

$14.53

Book Value per Share

$56.11

Intrinsic Value Per Share

$-97.49 - $-115.78

Total Value Per Share

$-41.38 - $-59.67

My calculation of the intrinsic value of Canadian Solar Inc 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 3Y: ($-0.96) TTM: ($-1.51)
The change per quarter (trend) of the Free Cash Flow Per Share is 3Y: ($-0.12) TTM: ($-1.47)

Years	Total Low est.	Total High est.	Added Free Cash Flow
1	$-4.87	$-4.96	$-5.79 - $-5.79
2	$-11.25	$-11.65	$-7.76 - $-7.76
3	$-18.95	$-19.96	$-9.73 - $-9.73
4	$-27.82	$-29.80	$-11.69 - $-11.69
5	$-37.68	$-41.07	$-13.66 - $-13.66
6	$-48.41	$-53.67	$-15.63 - $-15.63
7	$-59.86	$-67.53	$-17.59 - $-17.59
8	$-71.93	$-82.55	$-19.56 - $-19.56
9	$-84.50	$-98.66	$-21.53 - $-21.53
10	$-97.49	$-115.78	$-23.50 - $-23.50

2. Growth of Canadian Solar Inc (5 min.)

Is Canadian Solar Inc growing?

	Current year	Previous year	Grow	Grow %
How rich?	$3.7b	$2.1b	$1b	32.8%

How much money is Canadian Solar Inc making?

	Current year	Previous year	Grow	Grow %
Making money	$67m	$65.6m	$1.4m	2.1%
Net Profit Margin	3.1%	3.5%	-	-

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

Quarterly Yearly

3. Financial Health of Canadian Solar Inc (5 min.)

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

Industry Rankings (Solar)

Richest
#9 / 84

Most Revenue
#9 / 84

Most Profit
#11 / 84

Most Efficient
#30 / 84

What can you expect buying and holding a share of Canadian Solar Inc? (5 min.)

Welcome investor! Canadian Solar Inc's management wants to use your money to grow the business. In return you get a share of Canadian Solar Inc.

What can you expect buying and holding a share of Canadian Solar Inc?

First you should know what it really means to hold a share of Canadian Solar Inc. And how you can make/lose money.

Speculation

The Price per Share of Canadian Solar Inc is $14.53. 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 Canadian Solar Inc.
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 Canadian Solar Inc, 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 $56.11. Based on the TTM, the Book Value Change Per Share is $5.51 per quarter. Based on the YOY, the Book Value Change Per Share is $0.24 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 $0.00 per quarter.

Based on historical numbers we can estimate the returns while holding a share of Canadian Solar Inc.

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	-0.02	-0.1%	1.26	8.7%	0.84	5.8%	0.74	5.1%	0.71	4.9%
Usd Book Value Change Per Share	6.46	44.4%	5.51	37.9%	0.24	1.6%	1.82	12.5%	1.25	8.6%
Usd Dividend Per Share	0.00	0.0%	0.00	0.0%	0.00	0.0%	0.00	0.0%	0.01	0.1%
Usd Total Gains Per Share	6.46	44.4%	5.51	37.9%	0.24	1.6%	1.82	12.5%	1.26	8.6%
Usd Price Per Share	26.23	-	32.34	-	33.66	-	31.37	-	25.94	-
Price to Earnings Ratio	-312.43	-	-70.92	-	22.67	-	7.42	-	10.88	-
Price-to-Total Gains Ratio	4.06	-	-0.39	-	-193.39	-	-35.98	-	-10.98	-
Price to Book Ratio	0.47	-	0.75	-	1.10	-	1.06	-	1.40	-
Price-to-Total Gains Ratio	4.06	-	-0.39	-	-193.39	-	-35.98	-	-10.98	-

When do you get the money?

Usd Investment	$.00
Usd Price Per Share	14.53
Number of shares	68

Gains per Quarter	Trailing 12 Months	5 Year
Usd Dividend Per Share	0.00	0.00
Usd Book Value Change Per Share	5.51	1.82
Usd Total Gains Per Share	5.51	1.82
Gains per Quarter (68 shares)	374.53	123.84
Gains per Year (68 shares)	1,498.13	495.35

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	0	1498	1488	0	495	485
2	0	2996	2986	0	991	980
3	0	4494	4484	0	1486	1475
4	0	5993	5982	0	1981	1970
5	0	7491	7480	0	2477	2465
6	0	8989	8978	0	2972	2960
7	0	10487	10476	0	3467	3455
8	0	11985	11974	0	3963	3950
9	0	13483	13472	0	4458	4445
10	0	14981	14970	0	4954	4940

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	3.0	1.0	0.0	75.0%	11.0	1.0	0.0	91.7%	18.0	2.0	0.0	90.0%	37.0	3.0	0.0	92.5%	61.0	13.0	0.0	82.4%
Book Value Change Per Share	3.0	1.0	0.0	75.0%	6.0	5.0	1.0	50.0%	12.0	5.0	3.0	60.0%	25.0	7.0	8.0	62.5%	43.0	12.0	19.0	58.1%
Dividend per Share	0.0	0.0	4.0	0.0%	0.0	0.0	12.0	0.0%	0.0	0.0	20.0	0.0%	4.0	0.0	36.0	10.0%	4.0	0.0	70.0	5.4%
Total Gains per Share	3.0	1.0	0.0	75.0%	6.0	5.0	1.0	50.0%	12.0	5.0	3.0	60.0%	25.0	7.0	8.0	62.5%	43.0	12.0	19.0	58.1%

Fundamentals of Canadian Solar Inc

About Canadian Solar Inc

https://www.canadiansolar.com
Solar
0
545 Speedvale Avenue West, Guelph, ON, Canada, N1K 1E6
Google Maps Bing Maps

Canadian Solar Inc., together with its subsidiaries, designs, develops, manufactures, and sells solar ingots, wafers, cells, modules, and other solar power and battery storage products in Asia, the Americas, Europe, and internationally. The company operates through two segments, Canadian Solar Inc. (CSI) Solar and Global Energy. The CSI Solar segment offers standard solar modules and battery storage solutions, as well as solar system kits that are a ready-to-install packages comprising inverters, racking systems, and other accessories; and engineering, procurement, and construction (EPC) services. The Global Energy segment engages in the development, construction, maintenance, and sale of solar and battery storage projects; operation of solar power plants; and sale of electricity. This segment also provides operation and maintenance (O&M) services, including monitoring, inspections, repair, and replacement of plant equipment; and site management and administrative support services for solar projects, as well as asset management services. As of January 31, 2023, this segment had a fleet of solar power plants in operation with an aggregate capacity of approximately 574 MWp. The company serves distributors, system integrators, project developers, and installers/EPC companies. It sells its products primarily under its Canadian Solar brand name; and on an OEM basis. Canadian Solar Inc. was incorporated in 2001 and is based in Guelph, Canada.

Fundamental data was last updated by Penke on 2024-04-11 05:13:05.

Financial Health

Profitability Details

	Compared to previous year	Compared to industry
The company is making a profit.
Using its assets, the company is inefficient 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 less efficient.
The company is less efficient in keeping operating costs low.

Liquidity Details

	Compared to previous year	Compared to industry
The company is just able to pay all its short-term debts.
The company is just not 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 unable to pay all its debts with equity.

Valuation

Valuation Details

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

1.1. Profitability of Canadian Solar Inc.

1.1. Profitability

1.1.1. Net Profit Margin

Measures how much net profit Canadian Solar Inc earns for each $1 of revenue.

Above 10% is considered healthy but always compare Canadian Solar Inc to the Solar industry mean.
A Net Profit Margin of -0.1% means that $0.00 for each $1 in revenue is generated as profit.

Let's take a look of the Net Profit Margin trends of Canadian Solar Inc:

The MRQ is -0.1%. The company is not making a profit/loss.
The TTM is 3.1%. The company is making a profit. +1

Trends

Current period		Compared to		+/-
MRQ	-0.1%	TTM	3.1%	-3.1%
TTM	3.1%	YOY	3.5%	-0.4%
TTM	3.1%	5Y	3.8%	-0.8%
5Y	3.8%	10Y	4.5%	-0.7%

Compared to industry (Solar)

Period	Company	Industry (mean)	+/-
MRQ	-0.1%	-0.7%	+0.6%
TTM	3.1%	-0.7%	+3.8%
YOY	3.5%	-0.2%	+3.7%
5Y	3.8%	-7.8%	+11.6%
10Y	4.5%	-8.7%	+13.2%

Measures how much net profit Canadian Solar Inc earns for each $1 of revenue.

Revenue is the amount of profit Canadian Solar Inc 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 Canadian Solar Inc 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 Canadian Solar Inc to the Solar industry mean.
Can be used to compare companies within the Solar industry.

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

Why do investors use net profit margin in their analysis

It helps investors to determine the efficiency of Canadian Solar Inc. If profit margins remain low (compared to the Solar 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 Canadian Solar Inc is 0.00. This means that Canadian Solar Inc earned $0.00 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 Solar industry is -0.7%.
What is the trend?
The trend is important because it shows you how Canadian Solar Inc is performing over time. The most recent quarter might be important if Canadian Solar Inc 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 Canadian Solar Inc 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 Canadian Solar Inc with other companies in the same industry (Solar).
Net profit margin should rise over the years.
Can be influenced when Canadian Solar Inc sells assets (profit will increase while costs remain the same).
It won’t show what part of Canadian Solar Inc 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 Canadian Solar Inc

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 Canadian Solar Inc = -1,386
Total revenue MRQ Canadian Solar Inc = 1,702,037
$-1,386 / $1,702,037 = 0.00 or -0.1%

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 Canadian Solar Inc is using its assets to generate profit.

Above 5% is considered healthy but always compare Canadian Solar Inc to the Solar industry mean.
0.0% Return on Assets means that Canadian Solar Inc generated $0.00 profit for each $1 in assets.

Let's take a look of the Return on Assets trends of Canadian Solar Inc:

The MRQ is 0.0%. Using its assets, the company is very inefficient in making profit. -2
The TTM is 0.6%. Using its assets, the company is inefficient in making profit. -1

Trends

Current period		Compared to		+/-
MRQ	0.0%	TTM	0.6%	-0.7%
TTM	0.6%	YOY	0.7%	-0.1%
TTM	0.6%	5Y	0.7%	-0.1%
5Y	0.7%	10Y	0.9%	-0.2%

Compared to industry (Solar)

Period	Company	Industry (mean)	+/-
MRQ	0.0%	-0.9%	+0.9%
TTM	0.6%	-0.2%	+0.8%
YOY	0.7%	-0.1%	+0.8%
5Y	0.7%	-1.2%	+1.9%
10Y	0.9%	-1.0%	+1.9%

Shows how efficient Canadian Solar Inc 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 Canadian Solar Inc to the Solar 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 Canadian Solar Inc is using its resources to generate profit. If the return on assets (0.0%) from Canadian Solar Inc are higher than the Solar mean (-0.9%) that means Canadian Solar Inc 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 Canadian Solar Inc is 0.0%. This means the company generated $0.00 for each $1 in assets.
How does it compare to the industry?
The mean MRQ Return on Assets of the Solar industry is -0.9%.
What is the trend?
The trend is important because it shows you how Canadian Solar Inc is performing over time. The most recent quarter might be important if Canadian Solar Inc 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 Canadian Solar Inc 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 Canadian Solar Inc

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

Income statement
Balance sheet

Net income MRQ (income statement) from Canadian Solar Inc = -1,386
Total assets MRQ (balance sheet) from Canadian Solar Inc = 11,895,760
-1,386 / 11,895,760 = 0.00 or 0.0%

ROA is an important ratio as it will tell you how effectively Canadian Solar Inc 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 Canadian Solar Inc is using its investors money to generate profit.

Above 15%-20% is considered healthy but always compare Canadian Solar Inc to the Solar industry mean.
-0.1% Return on Equity means Canadian Solar Inc generated $0.00 for each $1 the owners (shareholders) invested.

Let's take a look of the Return on Equity trends of Canadian Solar Inc:

The MRQ is -0.1%. Using its investors money, the company is very inefficient in making profit. -2
The TTM is 2.9%. Using its investors money, the company is inefficient in making profit. -1

Trends

Current period		Compared to		+/-
MRQ	-0.1%	TTM	2.9%	-3.0%
TTM	2.9%	YOY	3.5%	-0.6%
TTM	2.9%	5Y	3.0%	-0.1%
5Y	3.0%	10Y	4.3%	-1.3%

Compared to industry (Solar)

Period	Company	Industry (mean)	+/-
MRQ	-0.1%	-0.1%	+0.0%
TTM	2.9%	0.4%	+2.5%
YOY	3.5%	0.5%	+3.0%
5Y	3.0%	-0.8%	+3.8%
10Y	4.3%	-0.3%	+4.6%

Shows how efficient Canadian Solar Inc 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 Canadian Solar Inc to the Solar 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 Solar 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 Canadian Solar Inc is -0.1%. This means Canadian Solar Inc generated $0.00 for each $1 the owners (shareholders) invested.
How does it compare to the industry?
The mean MRQ Return on Equity of the Solar industry is -0.1%.
What is the trend?
The trend is important because it shows you how Canadian Solar Inc is performing over time. The most recent quarter might be important if Canadian Solar Inc 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 Canadian Solar Inc up to 10 years back (depending if Canadian Solar Inc 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 Canadian Solar Inc

You need the following data to determine ROE:

Income statement
Balance sheet
Net profit MRQ (income statement) Canadian Solar Inc = -1,386
Shareholders equity (balance sheet) MRQ Canadian Solar Inc = 2,559,243
-1,386 / 2,559,243 = 0.00 or -0.1%

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 Canadian Solar Inc.

1.2. Operating Efficiency

1.2.1. Operating Margin

Measures how efficient Canadian Solar Inc is operating .

Measures how much profit Canadian Solar Inc 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 Canadian Solar Inc to the Solar industry mean.
An Operating Margin of -1.2% means the company generated $-0.01 for each $1 in revenue (before taxes).

Let's take a look of the Operating Margin trends of Canadian Solar Inc:

The MRQ is -1.2%. The company is operating very inefficient. -2
The TTM is 4.9%. The company is operating less efficient.

Trends

Current period		Compared to		+/-
MRQ	-1.2%	TTM	4.9%	-6.1%
TTM	4.9%	YOY	5.7%	-0.8%
TTM	4.9%	5Y	6.0%	-1.0%
5Y	6.0%	10Y	7.0%	-1.1%

Compared to industry (Solar)

Period	Company	Industry (mean)	+/-
MRQ	-1.2%	0.5%	-1.7%
TTM	4.9%	0.1%	+4.8%
YOY	5.7%	0.5%	+5.2%
5Y	6.0%	0.2%	+5.8%
10Y	7.0%	-0.3%	+7.3%

Measures how efficient Canadian Solar Inc 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 Canadian Solar Inc to the Solar 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 Canadian Solar Inc 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 Canadian Solar Inc is -1.2%. This means that Canadian Solar Inc earned $-0.01 for each $1 in revenue in the most recent quarter.
How does it compare to the industry?
The mean MRQ Operating Margin of the Solar industry is 0.5%.
What is the trend?
The trend is important because it shows you how Canadian Solar Inc is performing over time. The most recent quarter might be important if Canadian Solar Inc 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 Canadian Solar Inc 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 Canadian Solar Inc

You need the following data to determine operating margin:

Income statement
Operating earnings MRQ Canadian Solar Inc = -20,182
Total revenue MRQ Canadian Solar Inc = 1,702,037
$-20,182 / $1,702,037 = -0.01 or -1.2%

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 Canadian Solar Inc is keeping operating costs low.

Below 1 is considered healthy (always compare to Solar industry mean).
An Operation Ratio of 1.01 means that the operating costs are $1.01 for each $1 in net sales.

Let's take a look of the Operating Ratio trends of Canadian Solar Inc:

The MRQ is 1.012. The company is inefficient in keeping operating costs low. -1
The TTM is 0.951. The company is less efficient in keeping operating costs low.

Trends

Current period		Compared to		+/-
MRQ	1.012	TTM	0.951	+0.061
TTM	0.951	YOY	0.944	+0.007
TTM	0.951	5Y	0.941	+0.010
5Y	0.941	10Y	0.927	+0.013

Compared to industry (Solar)

Period	Company	Industry (mean)	+/-
MRQ	1.012	1.690	-0.678
TTM	0.951	1.690	-0.739
YOY	0.944	1.686	-0.742
5Y	0.941	1.659	-0.718
10Y	0.927	1.566	-0.639

Measures how efficient Canadian Solar Inc 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 Canadian Solar Inc to the Solar 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 Canadian Solar Inc is 101.2%. This means that Canadian Solar Inc earned $1.01 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 Solar industry is 1.69.
What is the trend?
The trend is important because it shows you how Canadian Solar Inc is performing over time. The most recent quarter might be important if Canadian Solar Inc 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 Canadian Solar Inc 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 Canadian Solar Inc

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
(1,488,633 +233,586) \ 1,702,037 = 1.01

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 Canadian Solar Inc.

1.3. Liquidity

1.3.1. Current Ratio

Measures if Canadian Solar Inc is able to pay off Short-term Debt.

Above 1.5 is considered healthy (always compare to Solar industry mean).
A Current Ratio of 0.99 means the company has $0.99 in assets for each $1 in short-term debts.

Let's take a look of the Current Ratio trends of Canadian Solar Inc:

The MRQ is 0.992. The company is just not able to pay all its short-term debts. -1
The TTM is 1.113. The company is just able to pay all its short-term debts.

Trends

Current period		Compared to		+/-
MRQ	0.992	TTM	1.113	-0.122
TTM	1.113	YOY	1.147	-0.033
TTM	1.113	5Y	1.124	-0.011
5Y	1.124	10Y	1.062	+0.063

Compared to industry (Solar)

Period	Company	Industry (mean)	+/-
MRQ	0.992	1.378	-0.386
TTM	1.113	1.441	-0.328
YOY	1.147	1.466	-0.319
5Y	1.124	1.523	-0.399
10Y	1.062	1.363	-0.301

Measures if Canadian Solar Inc 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 Solar 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 Canadian Solar Inc 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 Canadian Solar Inc is 0.99. This means Canadian Solar Inc has $0.99 in assets for each $1 in short-term debts.
How does it compare to the industry?
The mean MRQ Current Ratio of the Solar industry is 1.38.
What is the trend?
The trend is important because it shows you how Canadian Solar Inc is performing over time. The most recent quarter might be important if Canadian Solar Inc 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 Canadian Solar Inc 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 Canadian Solar Inc

You need the following data to determine operating ratio:

Balance sheet
Current ratio = current assets \ current liabilities
5,814,660 \ 5,864,391) = 0.99

The current ratio measures if Canadian Solar Inc 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 Canadian Solar Inc 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 Canadian Solar Inc 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 Canadian Solar Inc 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 Canadian Solar Inc is able to pay off Short-term Debt but only using the most liquid assets.

Above 1 is considered healthy but always compare Canadian Solar Inc to the Solar industry mean.
A Quick Ratio of 0.71 means the company can pay off $0.71 for each $1 in debt (using most liquid assets).

Let's take a look of the Quick Ratio trends of Canadian Solar Inc:

The MRQ is 0.707. The company is just not able to pay all its short-term debts with the most liquid assets. -1
The TTM is 0.575. The company is just not able to pay all its short-term debts with the most liquid assets. -1

Trends

Current period		Compared to		+/-
MRQ	0.707	TTM	0.575	+0.132
TTM	0.575	YOY	0.430	+0.145
TTM	0.575	5Y	0.453	+0.122
5Y	0.453	10Y	0.484	-0.030

Compared to industry (Solar)

Period	Company	Industry (mean)	+/-
MRQ	0.707	0.467	+0.240
TTM	0.575	0.499	+0.076
YOY	0.430	0.592	-0.162
5Y	0.453	0.669	-0.216
10Y	0.484	0.749	-0.265

Measures if Canadian Solar Inc 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 Canadian Solar Inc to the Solar 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 Canadian Solar Inc can pay off its short term debts. This shows if Canadian Solar Inc 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 Canadian Solar Inc is 0.71. This means that Canadian Solar Inc can pay off $0.71 for each $1 in debt (using most liquid assets).
How does it compare to the industry?
The mean MRQ Quick Ratio of the Solar industry is 0.47.
What is the trend?
The trend is important because it shows you how Canadian Solar Inc is performing over time. The most recent quarter might be important if Canadian Solar Inc 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 Canadian Solar Inc 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 Canadian Solar Inc

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 Canadian Solar Inc: (2,938,622 + 0 +1,209,697) / 5,864,391 = 0.71

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 Canadian Solar Inc.

1.3. Liquidity

1.4.1. Debt to Asset Ratio

Measures how much % of Canadian Solar Inc assets are financed with debt.

Below 1 (100%) is considered healthy but always compare Canadian Solar Inc to Solar industry mean.
A Debt to Asset Ratio of 0.69 means that Canadian Solar Inc assets are financed with 68.9% credit (debt) and the remaining percentage (100% - 68.9%) is financed by its owners/shareholders.

Let's take a look of the Debt to Asset Ratio trends of Canadian Solar Inc:

The MRQ is 0.689. The company is able to pay all its debts by selling its assets. +1
The TTM is 0.702. The company is able to pay all its debts by selling its assets. +1

Trends

Current period		Compared to		+/-
MRQ	0.689	TTM	0.702	-0.014
TTM	0.702	YOY	0.742	-0.040
TTM	0.702	5Y	0.725	-0.023
5Y	0.725	10Y	0.764	-0.039

Compared to industry (Solar)

Period	Company	Industry (mean)	+/-
MRQ	0.689	0.577	+0.112
TTM	0.702	0.581	+0.121
YOY	0.742	0.593	+0.149
5Y	0.725	0.616	+0.109
10Y	0.764	0.624	+0.140

Measures how much % of Canadian Solar Inc assets are financed with debt.

When there are more debts than assets, that means creditors have a larger stake Canadian Solar Inc than its shareholders.

How to use debt to asset ratio

Lower is better.
below 1 (100%) is considered healthy but always compare Canadian Solar Inc to Solar 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 Canadian Solar Inc is 0.69. This means means that Canadian Solar Inc is financed with 68.9% 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 Solar industry is 137.8%.
What is the trend?
The trend is important because it shows you how Canadian Solar Inc is performing over time. The most recent quarter might be important if Canadian Solar Inc 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 Canadian Solar Inc 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 Canadian Solar Inc has so much debt.

How to calculate debt to asset ratio

Debt to asset ratio = total debt \ total assets

Real life example Canadian Solar Inc

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

Balance sheet
Debt to asset ratio = total debt \ total assets
8,190,516 \ 11,895,760 = 68.9% or 0.69.

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 Canadian Solar Inc is able to pay off its debts by using shareholders equity.

Below 2 is considered healthy but always compare Canadian Solar Inc to the Solar industry mean.
A Debt to Equity ratio of 320.0% means that company has $3.20 debt for each $1 in shareholders equity.

Let's take a look of the Debt to Equity Ratio trends of Canadian Solar Inc:

The MRQ is 3.200. The company is unable to pay all its debts with equity. -1
The TTM is 3.239. The company is unable to pay all its debts with equity. -1

Trends

Current period		Compared to		+/-
MRQ	3.200	TTM	3.239	-0.038
TTM	3.239	YOY	3.426	-0.187
TTM	3.239	5Y	3.113	+0.126
5Y	3.113	10Y	3.694	-0.581

Compared to industry (Solar)

Period	Company	Industry (mean)	+/-
MRQ	3.200	1.319	+1.881
TTM	3.239	1.364	+1.875
YOY	3.426	1.505	+1.921
5Y	3.113	1.641	+1.472
10Y	3.694	1.563	+2.131

Measures if Canadian Solar Inc 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 Canadian Solar Inc 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 Canadian Solar Inc is 3.20. This means that Canadian Solar Inc can pay off $3.20 for each $1 in debt.
How does it compare to the industry?
The mean MRQ Quick Ratio of the Solar industry is 1.32.
What is the trend?
The trend is important because it shows you how Canadian Solar Inc is performing over time. The most recent quarter might be important if Canadian Solar Inc 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 Canadian Solar Inc 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 Canadian Solar Inc

You need the following data to determine equity ratio:

Balance sheet
Debt to equity ratio = total debt \ shareholders equity
8,190,516 \ 2,559,243 = 3.20 or 320.0%

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 Canadian Solar Inc

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 Canadian Solar Inc generates.

Above 15 is considered overpriced but always compare Canadian Solar Inc to the Solar industry mean.
A PE ratio of -312.43 means the investor is paying $-312.43 for every $1 in earnings.

Let's take a look of the Price to Earnings Ratio trends of Canadian Solar Inc:

The EOD is -173.069. Based on the earnings, the company is expensive. -2
The MRQ is -312.429. Based on the earnings, the company is expensive. -2
The TTM is -70.919. Based on the earnings, the company is expensive. -2

Trends

Current period		Compared to		+/-
EOD	-173.069	MRQ	-312.429	+139.360
MRQ	-312.429	TTM	-70.919	-241.510
TTM	-70.919	YOY	22.673	-93.592
TTM	-70.919	5Y	7.416	-78.335
5Y	7.416	10Y	10.880	-3.464

Compared to industry (Solar)

Period	Company	Industry (mean)	+/-
EOD	-173.069	-0.353	-172.716
MRQ	-312.429	-0.583	-311.846
TTM	-70.919	1.424	-72.343
YOY	22.673	-1.300	+23.973
5Y	7.416	-1.771	+9.187
10Y	10.880	2.532	+8.348

Measures how much money you pay for each share for every $1 in earnings Canadian Solar Inc 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 Canadian Solar Inc to the Solar 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 Canadian Solar Inc is -312.43. This means the investor is paying $-312.43 for every $1 in earnings.
How does it compare to the industry?
The mean MRQ Quick Ratio of the Solar industry is -0.58.
What is the trend?
The trend is important because it shows you how Canadian Solar Inc is performing over time. The most recent quarter might be important if Canadian Solar Inc 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 Canadian Solar Inc 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 Canadian Solar Inc

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 \ 66,035 = EPS
PE ratio MRQ = -312.43

* 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 Canadian Solar Inc:

The EOD is -0.833. Based on how much money comes from the company's main activities, the company is expensive. -2
The MRQ is -1.503. Based on how much money comes from the company's main activities, the company is expensive. -2
The TTM is -5.323. Based on how much money comes from the company's main activities, the company is expensive. -2

Trends

Current period		Compared to		+/-
EOD	-0.833	MRQ	-1.503	+0.671
MRQ	-1.503	TTM	-5.323	+3.819
TTM	-5.323	YOY	-1.445	-3.877
TTM	-5.323	5Y	-1.761	-3.561
5Y	-1.761	10Y	8.017	-9.778

Compared to industry (Solar)

Period	Company	Industry (mean)	+/-
EOD	-0.833	-2.599	+1.766
MRQ	-1.503	-3.780	+2.277
TTM	-5.323	-4.692	-0.631
YOY	-1.445	-6.691	+5.246
5Y	-1.761	-8.873	+7.112
10Y	8.017	-8.395	+16.412

2. Book Value per Share

2.3. Price to Book Ratio

Measures if the stock price of Canadian Solar Inc is to cheap or to expensive compared to its book value.

At or below 1 is considered healthy (always compare to Solar industry mean).
A PB ratio of 0.47 means the investor is paying $0.47 for each $1 in book value.

Let's take a look of the Price to Book Ratio trends of Canadian Solar Inc:

The EOD is 0.259. Based on the equity, the company is cheap. +2
The MRQ is 0.467. Based on the equity, the company is cheap. +2
The TTM is 0.750. Based on the equity, the company is cheap. +2

Trends

Current period		Compared to		+/-
EOD	0.259	MRQ	0.467	-0.209
MRQ	0.467	TTM	0.750	-0.282
TTM	0.750	YOY	1.096	-0.346
TTM	0.750	5Y	1.056	-0.306
5Y	1.056	10Y	1.401	-0.345

Compared to industry (Solar)

Period	Company	Industry (mean)	+/-
EOD	0.259	1.333	-1.074
MRQ	0.467	1.521	-1.054
TTM	0.750	1.812	-1.062
YOY	1.096	2.667	-1.571
5Y	1.056	1.871	-0.815
10Y	1.401	2.242	-0.841

2. Total Gains per Share

3. Holders & Insider Transactions

Let's take a look at which institutions, funds and insiders are holding shares of Canadian Solar Inc.

3.1. Institutions holding Canadian Solar Inc

Institutions are holding 58.581% of the shares of Canadian Solar Inc.

Date	Name	Total Shares	Total Assets	Current Shares	Change	%
2023-12-31	BlackRock Inc	9.3006	0.004	6013139	709379	13.375
2023-12-31	Grantham, Mayo, Van Otterloo & Co., LLC	8.26	0.6182	5340382	1578960	41.9777
2023-12-31	Mackenzie Investments	6.1126	0.1563	3952015	843100	27.1188
2023-12-31	Vanguard Group Inc	3.0674	0.0011	1983169	18810	0.9576
2023-12-31	Amvescap Plc.	3.0522	0.0123	1973381	81787	4.3237
2023-12-31	Schroder Investment Management Group	2.4371	0.0536	1575683	213959	15.7124
2023-12-31	Guinness Asset Management Limited	2.0126	0.7465	1301216	185714	16.6485
2023-12-31	Handelsbanken Fonder AB	1.6959	0.1397	1096448	-501827	-31.398
2023-09-30	D. E. Shaw & Co LP	1.5492	0.0257	1001613	184941	22.6457
2023-12-31	Group One Trading, LP	1.4264	0.0636	922232	-54279	-5.5585
2023-09-30	Citadel Advisors Llc	1.3863	0.0047	896317	-565565	-38.6875
2023-12-31	DnB NOR Asset Management (Asia)	1.123	0.0989	726073	73493	11.2619
2023-12-31	Vontobel Holding Ltd.	0.9351	0.0796	604607	-7500	-1.2253
2023-12-31	Goldman Sachs Group Inc	0.7494	0.0011	484520	447039	1192.7083
2023-12-31	Skandinaviska Enskilda Banken AB	0.6775	0.0666	438027	-17702	-3.8843
2023-12-31	SIMPLEX TRADING, LLC	0.6209	0.0067	401444	254218	172.6719
2023-12-31	Susquehanna International Group, LLP	0.5212	0.0017	336964	-298659	-46.9868
2023-12-31	State Street Corporation	0.5156	0.0004	333322	64298	23.9005
2023-12-31	Creative Planning Inc	0.4399	0.0138	284439	-120320	-29.7263
2023-12-31	Granahan Investment Management Inc..	0.4318	0.2419	279199	2831	1.0244
Total		46.3147	2.3364	29944190	+3092677	+10.3%

3.2. Funds holding Canadian Solar Inc

Date	Name	Total Shares	Total Assets	Current Shares	Change	%
2023-12-31	BGF Sustainable Energy A2	5.3639	1.3538	3467918	0	0
2024-01-31	Mackenzie Grnchp Glbl Envr All Cap F5	5.1101	3.5849	3303856	0	0
2023-12-31	GMO Resources III	2.4627	1.9881	1592240	80500	5.325
2023-12-31	GMO Resources Composite	2.4627	1.9881	1592240	611100	62.2847
2024-03-28	Invesco Solar ETF	2.0223	2.0091	1307463	0	0
2023-12-31	GMO Climate Change Composite	1.8425	3.7622	1191231	383396	47.4597
2024-03-28	iShares Global Clean Energy ETF USD Dist	1.738	0.6657	1123704	0	0
2024-02-29	Guinness Sustainable Energy D USD Acc	1.6441	2.4504	1062936	-29886	-2.7348
2024-02-29	GMO Climate Change Investment A GBP Acc	1.3633	2.4712	881413	-269400	-23.4095
2024-02-29	GMO Climate Change III	1.3404	2.4609	866625	-210900	-19.5726
2024-03-28	iShares Global Clean Energy ETF	1.2621	0.6666	815983	0	0
2023-12-31	Schroder ISF Glbl Engy Tnstn E Acc USD	1.151	1.2155	744145	0	0
2024-02-29	Vanguard Emerging Mkts Stock Idx Inv	1.0737	0.014	694165	0	0
2024-02-29	Vanguard Total Intl Stock Index Inv	1.0627	0.0035	687068	0	0
2024-02-29	DNB Miljøinvest A	0.5728	1.3505	370345	-9839	-2.588
2024-02-29	Zwitserleven Impact Wereld AF EURAcc	0.5457	0.5825	352831	127	0.036
2024-02-29	Zwitserleven Wereld Aandelenfonds	0.5454	0.1161	352644	122	0.0346
2023-12-31	Schroder Glbl Engy Transition S GBP Acc	0.5146	1.2656	332721	41254	14.1539
2024-02-29	Vanguard Instl Ttl Intl Stk Mkt Idx TrII	0.5129	0.0035	331579	0	0
2024-03-28	Invesco WilderHill Clean Energy ETF	0.4623	1.6213	298892	20655	7.4235
Total		33.0532	29.5735	21369999	+617129	+2.9%

4. Summary

4.1. Key Performance Indicators

The key performance indicators of Canadian Solar Inc 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	-	-	6.457	5.508	+17%	0.235	+2646%	1.821	+255%	1.248	+418%
Book Value Per Share	-	-	56.110	46.529	+21%	30.894	+82%	30.912	+82%	22.276	+152%
Current Ratio	-	-	0.992	1.113	-11%	1.147	-14%	1.124	-12%	1.062	-7%
Debt To Asset Ratio	-	-	0.689	0.702	-2%	0.742	-7%	0.725	-5%	0.764	-10%
Debt To Equity Ratio	-	-	3.200	3.239	-1%	3.426	-7%	3.113	+3%	3.694	-13%
Dividend Per Share	-	-	-	-	0%	-	0%	-	0%	0.008	-100%
Eps	-	-	-0.021	1.258	-102%	0.842	-102%	0.738	-103%	0.708	-103%
Free Cash Flow Per Share	-	-	-4.362	-1.514	-65%	-0.163	-96%	-1.106	-75%	-1.653	-62%
Free Cash Flow To Equity Per Share	-	-	-0.792	3.773	-121%	6.403	-112%	2.979	-127%	2.506	-132%
Gross Profit Margin	-	-	1.000	-0.674	+167%	-1.569	+257%	-2.691	+369%	-1.175	+218%
Intrinsic Value_10Y_max	-	-	-115.782	-	-	-	-	-	-	-	-
Intrinsic Value_10Y_min	-	-	-97.488	-	-	-	-	-	-	-	-
Intrinsic Value_1Y_max	-	-	-4.958	-	-	-	-	-	-	-	-
Intrinsic Value_1Y_min	-	-	-4.866	-	-	-	-	-	-	-	-
Intrinsic Value_3Y_max	-	-	-19.961	-	-	-	-	-	-	-	-
Intrinsic Value_3Y_min	-	-	-18.954	-	-	-	-	-	-	-	-
Intrinsic Value_5Y_max	-	-	-41.068	-	-	-	-	-	-	-	-
Intrinsic Value_5Y_min	-	-	-37.683	-	-	-	-	-	-	-	-
Market Cap	939415355.000	-84%	1732106732.130	2284860773.213	-24%	2393509010.218	-28%	2119242370.625	-18%	1722949931.938	+1%
Net Profit Margin	-	-	-0.001	0.031	-103%	0.035	-102%	0.038	-102%	0.045	-102%
Operating Margin	-	-	-0.012	0.049	-124%	0.057	-121%	0.060	-120%	0.070	-117%
Operating Ratio	-	-	1.012	0.951	+6%	0.944	+7%	0.941	+8%	0.927	+9%
Pb Ratio	0.259	-81%	0.467	0.750	-38%	1.096	-57%	1.056	-56%	1.401	-67%
Pe Ratio	-173.069	+45%	-312.429	-70.919	-77%	22.673	-1478%	7.416	-4313%	10.880	-2972%
Price Per Share	14.530	-81%	26.230	32.335	-19%	33.663	-22%	31.365	-16%	25.942	+1%
Price To Free Cash Flow Ratio	-0.833	+45%	-1.503	-5.323	+254%	-1.445	-4%	-1.761	+17%	8.017	-119%
Price To Total Gains Ratio	2.250	-81%	4.062	-0.393	+110%	-193.391	+4860%	-35.975	+986%	-10.985	+370%
Quick Ratio	-	-	0.707	0.575	+23%	0.430	+65%	0.453	+56%	0.484	+46%
Return On Assets	-	-	0.000	0.006	-102%	0.007	-102%	0.007	-102%	0.009	-101%
Return On Equity	-	-	-0.001	0.029	-102%	0.035	-102%	0.030	-102%	0.043	-101%
Total Gains Per Share	-	-	6.457	5.508	+17%	0.235	+2646%	1.821	+255%	1.255	+414%
Usd Book Value	-	-	3705244000.000	3268657000.000	+13%	2197109750.000	+69%	2098305050.000	+77%	1490102275.000	+149%
Usd Book Value Change Per Share	-	-	6.457	5.508	+17%	0.235	+2646%	1.821	+255%	1.248	+418%
Usd Book Value Per Share	-	-	56.110	46.529	+21%	30.894	+82%	30.912	+82%	22.276	+152%
Usd Dividend Per Share	-	-	-	-	0%	-	0%	-	0%	0.008	-100%
Usd Eps	-	-	-0.021	1.258	-102%	0.842	-102%	0.738	-103%	0.708	-103%
Usd Free Cash Flow	-	-	-288067348.000	-103544587.000	-64%	-10911250.000	-96%	-36961489.700	-87%	-48704134.475	-83%
Usd Free Cash Flow Per Share	-	-	-4.362	-1.514	-65%	-0.163	-96%	-1.106	-75%	-1.653	-62%
Usd Free Cash Flow To Equity Per Share	-	-	-0.792	3.773	-121%	6.403	-112%	2.979	-127%	2.506	-132%
Usd Market Cap	939415355.000	-84%	1732106732.130	2284860773.213	-24%	2393509010.218	-28%	2119242370.625	-18%	1722949931.938	+1%
Usd Price Per Share	14.530	-81%	26.230	32.335	-19%	33.663	-22%	31.365	-16%	25.942	+1%
Usd Profit	-	-	-1386000.000	67077250.000	-102%	65650750.000	-102%	49770150.000	-103%	47449350.000	-103%
Usd Revenue	-	-	1702037000.000	1970985250.000	-14%	1869166250.000	-9%	1374909600.000	+24%	1103423275.000	+54%
Usd Total Gains Per Share	-	-	6.457	5.508	+17%	0.235	+2646%	1.821	+255%	1.255	+414%
	EOD	+2 -6	MRQ	TTM	+15 -19	YOY	+16 -18	5Y	+15 -19	10Y	+19 -17

4.2. Fundamental Score

Let's check the fundamental score of Canadian Solar Inc based on Penke's default stock scanner.

Penke's Stock Scanner

Indicator	Condition		Value
Price to Earnings Ratio (EOD)	Between	0-15	-173.069
Price to Book Ratio (EOD)	Between	0-1	0.259
Net Profit Margin (MRQ)	Greater than	0	-0.001
Operating Margin (MRQ)	Greater than	0	-0.012
Quick Ratio (MRQ)	Greater than	1	0.707
Current Ratio (MRQ)	Greater than	1	0.992
Debt to Asset Ratio (MRQ)	Less than	1	0.689
Debt to Equity Ratio (MRQ)	Less than	1	3.200
Return on Equity (MRQ)	Greater than	0.15	-0.001
Return on Assets (MRQ)	Greater than	0.05	0.000
Total			2/10 (20.0%)

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.
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4.3. Technical Score

Let's check the technical score of Canadian Solar Inc based on Penke's default Symbol scanner.

Penke's Symbol Scanner

Indicator	Condition		Value
Rsi	Greater than	50	27.994
Ma 20	Greater than	Ma 50	17.643
Ma 50	Greater than	Ma 100	19.733
Ma 100	Greater than	Ma 200	21.345
Open	Greater than	Close	15.070
Total			1/5 (20.0%)

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
Net Working Capital	430,129	-197,866	232,263	1,082,288	1,314,551	-396,392	918,159	-967,890	-49,731
Income before Tax	128,233	-16,212	112,021	126,815	238,836	-182,326	56,510	-71,564	-15,054
Net Income	83,712	-5,878	77,834	92,136	169,970	-148,079	21,891	-23,277	-1,386
EBIT	145,604	-9,842	135,762	88,361	224,123	-141,107	83,016	-103,198	-20,182
EBITDA	153,560	-8,511	145,049	88,530	233,579	-131,986	101,593	-112,757	-11,164
Operating Income	145,604	-9,842	135,762	88,361	224,123	-141,107	83,016	-103,198	-20,182

Latest Balance Sheet

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

Summary

Total Assets	11,895,760
Total Liabilities	8,190,516
Total Stockholder Equity	2,559,243

	As reported
Total Liabilities	8,190,516
Total Stockholder Equity	+ 2,559,243
Total Assets	= 11,895,760

Assets

Total Assets	11,895,760
Total Current Assets	5,814,660
Long-term Assets	6,081,100

Total Current Assets

Total Current Assets (as reported)	5,814,660
Cash And Cash Equivalents	2,938,622
Net Receivables	1,209,697
Inventory	1,373,459
Other Current Assets	292,882
Total Current Assets (calculated)	5,814,660
+/-	0

Long-term Assets

Long-term Assets (as reported)	6,081,100
Property Plant Equipment	4,276,962
Long-term Assets Other	1,243,902
Long-term Assets (calculated)	5,520,864
+/-	560,236

Liabilities & Shareholders' Equity

Total Current Liabilities	5,864,391
Long-term Liabilities	2,326,125
Total Stockholder Equity	2,559,243

Total Current Liabilities

Total Current Liabilities (as reported)	5,864,391
Short-term Debt	2,703,687
Accounts payable	813,677
Other Current Liabilities	1,954,719
Total Current Liabilities (calculated)	5,472,083
+/-	392,308

Long-term Liabilities

Long-term Liabilities (as reported)	2,326,125
Long-term Liabilities (calculated)	0
+/-	2,326,125

Total Stockholder Equity

Total Stockholder Equity (as reported)	2,559,243
Common Stock	835,543
Retained Earnings	1,549,707
Accumulated Other Comprehensive Income	-118,744
Other Stockholders Equity	292,737
Total Stockholder Equity (calculated)	2,559,243
+/-	0

Other

Cash and Short Term Investments	2,938,622
Common Stock Shares Outstanding	66,035
Current Deferred Revenue	392,308
Liabilities and Stockholders Equity	11,895,760
Net Debt	1,536,909
Net Working Capital	-49,731
Short Long Term Debt Total	4,475,531

Balance Sheet

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

2004-06-30

2004-03-31

> Total Assets

0
0
0
6,145
0
0
0
27,430
0
57,505
66,268
129,634
129,634
171,047
211,662
284,503
284,503
484,246
680,636
570,731
570,731
761,157
947,238
1,038,703
1,204,488
1,038,703
1,401,890
1,423,367
1,423,367
2,169,949
2,079,820
1,879,809
1,879,809
2,348,309
2,316,509
2,259,313
2,259,313
2,259,434
2,444,316
2,453,735
2,453,735
2,998,352
2,899,496
3,072,424
3,072,424
3,711,485
4,077,822
4,417,254
4,417,254
4,941,650
5,225,714
5,406,606
5,406,606
5,675,014
6,048,090
5,889,627
5,889,627
5,192,954
5,203,870
4,892,658
4,892,658
5,038,662
5,307,640
5,467,207
5,467,207
5,258,530
6,192,776
6,536,854
6,536,854
7,024,607
7,481,829
8,372,620
7,388,342
8,380,090
8,661,466
9,829,323
9,037,128
11,198,650
11,400,230
11,895,760

11,895,760

11,400,230

11,198,650

9,037,128

9,829,323

8,661,466

8,380,090

7,388,342

8,372,620

7,481,829

7,024,607

6,536,854

6,192,776

5,258,530

5,467,207

5,307,640

5,038,662

4,892,658

5,203,870

5,192,954

5,889,627

6,048,090

5,675,014

5,406,606

5,225,714

4,941,650

4,417,254

4,077,822

3,711,485

3,072,424

2,899,496

2,998,352

2,453,735

2,444,316

2,259,434

2,259,313

2,316,509

2,348,309

1,879,809

2,079,820

2,169,949

1,423,367

1,401,890

1,038,703

1,204,488

1,038,703

947,238

761,157

570,731

680,636

484,246

284,503

211,662

171,047

129,634

66,268

57,505

27,430

6,145

> Total Current Assets

0
0
0
5,661
0
0
0
26,433
0
55,194
58,220
116,943
116,943
144,661
174,868
219,900
219,900
363,863
479,982
339,023
339,023
522,813
670,218
753,988
912,406
753,988
1,041,758
1,034,665
1,034,665
1,623,183
1,505,777
1,295,578
1,295,578
1,495,920
1,464,746
1,442,204
1,442,204
1,588,044
1,653,145
1,719,356
1,719,356
2,268,770
2,206,625
2,315,886
2,315,886
2,216,454
2,276,588
2,264,093
2,264,093
2,208,431
3,768,936
3,790,763
3,790,763
3,908,846
4,204,849
4,085,303
4,085,303
3,396,484
3,336,507
3,074,321
3,074,321
2,895,322
3,344,774
3,252,936
3,252,936
3,196,400
3,921,465
4,185,822
4,185,822
4,361,767
4,956,622
5,693,888
4,771,827
5,732,536
5,752,820
6,047,468
5,644,657
7,317,033
6,630,777
5,814,660

5,814,660

6,630,777

7,317,033

5,644,657

6,047,468

5,752,820

5,732,536

4,771,827

5,693,888

4,956,622

4,361,767

4,185,822

3,921,465

3,196,400

3,252,936

3,344,774

2,895,322

3,074,321

3,336,507

3,396,484

4,085,303

4,204,849

3,908,846

3,790,763

3,768,936

2,208,431

2,264,093

2,276,588

2,216,454

2,315,886

2,206,625

2,268,770

1,719,356

1,653,145

1,588,044

1,442,204

1,464,746

1,495,920

1,295,578

1,505,777

1,623,183

1,034,665

1,041,758

753,988

912,406

753,988

670,218

522,813

339,023

479,982

363,863

219,900

174,868

144,661

116,943

58,220

55,194

26,433

5,661

Cash And Cash Equivalents

0
0
0
2,059
0
0
0
6,280
0
10,682
12,239
40,911
40,911
22,869
27,402
37,667
37,667
65,138
108,914
115,661
115,661
86,832
103,094
160,111
174,481
160,111
296,424
288,652
288,652
267,432
277,158
343,995
343,995
329,684
318,972
141,968
141,968
141,429
273,695
228,250
228,250
341,275
408,149
549,543
549,543
403,337
345,802
553,079
553,079
495,112
480,868
511,039
511,039
496,618
614,586
561,679
561,679
452,471
519,604
444,298
444,298
438,496
526,175
668,770
668,770
578,815
1,102,927
1,178,752
1,178,752
814,193
867,939
844,560
869,831
1,053,567
1,082,567
848,035
981,434
2,011,425
1,921,067
2,938,622

2,938,622

1,921,067

2,011,425

981,434

848,035

1,082,567

1,053,567

869,831

844,560

867,939

814,193

1,178,752

1,102,927

578,815

668,770

526,175

438,496

444,298

519,604

452,471

561,679

614,586

496,618

511,039

480,868

495,112

553,079

345,802

403,337

549,543

408,149

341,275

228,250

273,695

141,429

141,968

318,972

329,684

343,995

277,158

267,432

288,652

296,424

160,111

174,481

160,111

103,094

86,832

115,661

108,914

65,138

37,667

27,402

22,869

40,911

12,239

10,682

6,280

2,059

Short-term Investments

0
0
0
27
0
0
0
112
0
0
0
825
0
1,577
3,357
1,626
1,054
19,393
28,190
20,622
2,713
158,558
132,620
179,391
236
8,145
121
2,183
2,183
418,863
343,950
178,270
231,839
362,464
371,869
422,357
442,665
399,200
407,966
451,153
416,774
417,204
368,105
439,961
612,263
613,859
586,706
534,707
564,865
496,431
502,223
487,516
430,456
456,798
528,725
617,761
613,410
535,769
459,746
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
18,337
0
0
0

18,337

459,746

535,769

613,410

617,761

528,725

456,798

430,456

487,516

502,223

496,431

564,865

534,707

586,706

613,859

612,263

439,961

368,105

417,204

416,774

451,153

407,966

399,200

442,665

422,357

371,869

362,464

231,839

178,270

343,950

418,863

2,183

121

8,145

236

179,391

132,620

158,558

2,713

20,622

28,190

19,393

1,054

1,626

3,357

1,577

825

112

Net Receivables

0
0
0
657
0
0
0
2,882
0
7,407
8,440
19,625
19,625
45,945
56,987
70,884
70,884
158,264
174,294
67,511
67,511
134,407
259,010
191,044
254,404
191,044
182,314
211,954
211,954
376,998
327,579
417,491
417,491
295,945
282,632
284,596
284,596
316,045
316,334
315,035
315,035
444,821
449,136
418,553
418,553
410,584
521,172
584,203
584,203
508,104
499,245
478,438
478,438
472,568
576,193
479,949
479,949
509,304
451,297
622,231
622,231
588,859
632,738
592,223
592,223
565,197
623,115
545,713
545,713
821,909
913,393
965,346
887,540
1,112,796
1,193,176
1,303,054
1,236,107
1,589,488
1,299,969
1,209,697

1,209,697

1,299,969

1,589,488

1,236,107

1,303,054

1,193,176

1,112,796

887,540

965,346

913,393

821,909

545,713

623,115

565,197

592,223

632,738

588,859

622,231

451,297

509,304

479,949

576,193

472,568

478,438

499,245

508,104

584,203

521,172

410,584

418,553

449,136

444,821

315,035

316,334

316,045

284,596

282,632

295,945

417,491

327,579

376,998

211,954

182,314

191,044

254,404

191,044

259,010

134,407

67,511

174,294

158,264

70,884

56,987

45,945

19,625

8,440

7,407

2,882

657

Other Current Assets

0
0
0
466
0
0
0
4,903
0
9,543
6,765
13,484
13,484
13,244
18,731
28,745
28,745
19,134
52,279
31,628
31,628
19,572
163,763
17,264
309,986
17,264
366,484
28,677
28,677
38,062
20,485
237,524
237,524
89,142
103,231
288,478
288,478
495,678
385,780
444,409
444,409
584,006
539,612
418,689
418,689
238,170
318,826
219,470
219,470
364,432
1,408,341
1,584,728
1,584,728
1,925,487
1,851,542
1,819,426
1,819,426
1,475,990
1,503,660
1,223,022
1,223,022
937,830
1,171,559
857,625
857,625
1,051,050
993,774
1,101,545
1,101,545
920,398
1,158,684
1,115,595
1,028,284
760,558
629,963
663,868
653,905
609,144
604,120
292,882

292,882

604,120

609,144

653,905

663,868

629,963

760,558

1,028,284

1,115,595

1,158,684

920,398

1,101,545

993,774

1,051,050

857,625

1,171,559

937,830

1,223,022

1,503,660

1,475,990

1,819,426

1,851,542

1,925,487

1,584,728

1,408,341

364,432

219,470

318,826

238,170

418,689

539,612

584,006

444,409

385,780

495,678

288,478

103,231

89,142

237,524

20,485

38,062

28,677

366,484

17,264

309,986

17,264

163,763

19,572

31,628

52,279

19,134

28,745

18,731

13,244

13,484

6,765

9,543

4,903

466

> Long-term Assets

0
0
0
484
0
0
0
997
0
2,311
8,048
12,690
12,690
26,386
36,794
64,602
64,602
120,383
200,654
231,708
231,708
238,344
277,020
284,715
292,082
284,715
360,132
388,702
388,702
546,766
574,043
584,231
584,231
852,389
851,763
817,109
817,109
671,390
791,171
734,379
734,379
729,582
692,871
756,538
756,538
1,495,031
1,801,234
2,153,161
2,153,161
2,733,219
1,456,778
1,615,843
1,615,843
1,766,168
1,843,241
1,804,324
1,804,324
1,796,470
1,867,363
1,818,337
1,818,337
2,143,340
1,962,866
2,214,271
2,214,271
2,062,130
2,271,311
2,351,032
2,351,032
2,662,840
2,525,207
2,678,732
2,616,515
2,647,554
2,908,646
3,781,855
3,392,471
3,881,617
4,769,453
6,081,100

6,081,100

4,769,453

3,881,617

3,392,471

3,781,855

2,908,646

2,647,554

2,616,515

2,678,732

2,525,207

2,662,840

2,351,032

2,271,311

2,062,130

2,214,271

1,962,866

2,143,340

1,818,337

1,867,363

1,796,470

1,804,324

1,843,241

1,766,168

1,615,843

1,456,778

2,733,219

2,153,161

1,801,234

1,495,031

756,538

692,871

729,582

734,379

791,171

671,390

817,109

851,763

852,389

584,231

574,043

546,766

388,702

360,132

284,715

292,082

284,715

277,020

238,344

231,708

200,654

120,383

64,602

36,794

26,386

12,690

8,048

2,311

997

484

Property Plant Equipment

0
0
0
453
0
0
0
932
0
1,239
3,486
7,910
7,910
21,656
31,688
51,486
51,486
92,095
137,609
165,542
165,542
172,348
207,655
217,136
223,003
217,136
283,671
330,460
330,460
465,994
486,115
510,069
510,069
493,922
477,118
469,643
469,643
441,906
426,759
407,605
407,605
381,155
364,436
469,349
469,349
1,196,487
1,311,624
1,526,496
1,526,496
2,042,992
867,759
574,407
574,407
661,412
741,641
811,199
811,199
855,676
919,163
939,884
939,884
1,054,595
1,086,533
1,136,725
1,136,725
1,049,881
1,104,230
1,342,786
1,342,786
1,588,586
1,508,171
1,524,723
1,545,426
1,488,783
1,645,913
2,612,022
2,226,965
2,759,278
3,460,164
4,276,962

4,276,962

3,460,164

2,759,278

2,226,965

2,612,022

1,645,913

1,488,783

1,545,426

1,524,723

1,508,171

1,588,586

1,342,786

1,104,230

1,049,881

1,136,725

1,086,533

1,054,595

939,884

919,163

855,676

811,199

741,641

661,412

574,407

867,759

2,042,992

1,526,496

1,311,624

1,196,487

469,349

364,436

381,155

407,605

426,759

441,906

469,643

477,118

493,922

510,069

486,115

465,994

330,460

283,671

217,136

223,003

217,136

207,655

172,348

165,542

137,609

92,095

51,486

31,688

21,656

7,910

3,486

1,239

932

453

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
2,265
2,265
2,639
490
0
0
0
0
0
0
0
0
7,609
0
0
0
7,609
7,609
7,617
7,617
7,617
7,617
7,617
6,248
6,248
6,248
4,061
4,061
1,005
1,005
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0

1,005

4,061

6,248

7,617

7,609

490

2,639

2,265

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
34,070
0
0
0
38,823
0
0
0
187,131
0
0
0
381,313
415,395
408,092
401,971
425,126
426,426
424,155
418,108
129,311
128,232
153,317
149,813
152,828
68,013
79,322
78,348
78,291
73,748
62,519
82,961
98,819
98,810
104,528
107,368
115,784
136,449
159,486
177,947
0

177,947

159,486

136,449

115,784

107,368

104,528

98,810

98,819

82,961

62,519

73,748

78,291

78,348

79,322

68,013

152,828

149,813

153,317

128,232

129,311

418,108

424,155

426,426

425,126

401,971

408,092

415,395

381,313

187,131

38,823

34,070

Intangible Assets

0
0
0
0
0
0
0
0
0
31
526
39
39
54
91
0
133
212
230
0
12,954
219
12,801
12,535
15,024
12,535
15,431
13,378
13,378
24,114
10,458
8,516
8,516
8,323
4,379
22,957
22,957
24,457
24,238
24,433
24,433
24,062
19,817
19,892
19,892
28,836
107,202
113,027
113,027
110,102
38,176
57,073
57,073
63,999
78,658
89,635
89,635
102,411
78,146
80,621
80,621
84,060
86,858
83,627
83,627
81,230
86,158
84,843
84,843
91,455
89,425
88,810
90,003
82,761
79,659
14,797
85,624
13,942
13,828
0

13,828

13,942

85,624

14,797

79,659

82,761

90,003

88,810

89,425

91,455

84,843

86,158

81,230

83,627

86,858

84,060

80,621

78,146

102,411

89,635

78,658

63,999

57,073

38,176

110,102

113,027

107,202

28,836

19,892

19,817

24,062

24,433

24,238

24,457

22,957

4,379

8,323

8,516

10,458

24,114

13,378

15,431

12,535

15,024

12,535

12,801

219

12,954

230

212

133

526

Other Assets

0
0
0
31
0
0
0
65
0
1,072
4,562
4,781
4,360
4,730
5,106
13,116
23,998
28,288
63,045
66,166
73,042
65,996
69,365
67,580
69,079
75,409
76,461
58,241
74,609
80,772
87,928
74,163
77,488
358,467
374,645
347,466
397,428
229,484
364,412
326,774
351,771
348,427
328,435
287,189
245,600
298,544
489,610
621,668
632,745
690,227
589,019
1,041,436
1,230,261
1,104,756
1,101,600
993,125
499,697
410,167
447,885
736,450
793,796
851,368
639,662
841,091
792,051
851,697
1,002,575
845,112
827,186
920,280
844,650
882,267
966,389
971,482
1,075,706
963,034
0
948,911
1,117,514
0

1,117,514

948,911

963,034

1,075,706

971,482

966,389

882,267

844,650

920,280

827,186

845,112

1,002,575

851,697

792,051

841,091

639,662

851,368

793,796

736,450

447,885

410,167

499,697

993,125

1,101,600

1,104,756

1,230,261

1,041,436

589,019

690,227

632,745

621,668

489,610

298,544

245,600

287,189

328,435

348,427

351,771

326,774

364,412

229,484

397,428

347,466

374,645

358,467

77,488

74,163

87,928

80,772

74,609

58,241

76,461

75,409

69,079

67,580

69,365

65,996

73,042

66,166

63,045

28,288

23,998

13,116

5,106

4,730

4,360

4,781

4,562

1,072

> Total Liabilities

0
0
0
3,184
0
0
0
20,463
0
43,923
39,165
16,730
16,730
59,131
95,851
158,237
158,237
232,582
299,734
238,570
238,570
412,673
571,950
572,702
735,319
572,702
899,794
888,382
888,382
1,609,622
1,562,096
1,412,831
1,412,831
1,906,904
1,913,891
1,957,730
1,957,730
1,970,785
2,071,285
2,052,238
2,052,238
2,428,001
2,236,533
2,342,850
2,342,850
2,917,264
3,301,046
3,584,744
3,584,744
4,011,328
4,287,608
4,507,216
4,507,216
4,722,660
5,056,998
4,829,852
4,829,852
4,089,761
4,002,098
3,619,813
3,619,813
3,717,319
3,942,189
4,042,149
4,042,149
3,709,570
4,376,719
4,644,069
4,644,069
5,060,348
5,448,107
6,227,909
5,261,904
6,268,669
6,544,951
7,395,258
6,730,434
7,757,376
7,778,814
8,190,516

8,190,516

7,778,814

7,757,376

6,730,434

7,395,258

6,544,951

6,268,669

5,261,904

6,227,909

5,448,107

5,060,348

4,644,069

4,376,719

3,709,570

4,042,149

3,942,189

3,717,319

3,619,813

4,002,098

4,089,761

4,829,852

5,056,998

4,722,660

4,507,216

4,287,608

4,011,328

3,584,744

3,301,046

2,917,264

2,342,850

2,236,533

2,428,001

2,052,238

2,071,285

1,970,785

1,957,730

1,913,891

1,906,904

1,412,831

1,562,096

1,609,622

888,382

899,794

572,702

735,319

572,702

571,950

412,673

238,570

299,734

232,582

158,237

95,851

59,131

16,730

39,165

43,923

20,463

3,184

> Total Current Liabilities

0
0
0
2,756
0
0
0
15,367
0
32,885
37,414
15,855
15,855
57,534
83,296
59,213
59,213
170,690
221,848
172,662
172,662
359,015
515,676
514,941
675,231
514,941
802,074
775,333
775,333
1,373,652
1,352,479
1,236,447
1,236,447
1,571,679
1,480,673
1,540,250
1,540,250
1,558,841
1,699,805
1,778,359
1,778,359
2,026,518
1,836,957
1,949,265
1,949,265
2,306,601
2,498,563
2,656,324
2,656,324
2,723,499
3,392,602
3,721,066
3,721,066
4,124,849
4,411,997
4,108,012
4,108,012
3,662,775
3,645,422
2,948,357
2,948,357
2,930,509
3,079,791
3,091,997
3,091,997
2,791,227
3,169,708
3,588,355
3,588,355
3,868,976
4,177,739
4,761,331
4,038,148
4,783,547
4,929,901
5,815,205
5,214,528
6,002,482
5,712,618
5,864,391

5,864,391

5,712,618

6,002,482

5,214,528

5,815,205

4,929,901

4,783,547

4,038,148

4,761,331

4,177,739

3,868,976

3,588,355

3,169,708

2,791,227

3,091,997

3,079,791

2,930,509

2,948,357

3,645,422

3,662,775

4,108,012

4,411,997

4,124,849

3,721,066

3,392,602

2,723,499

2,656,324

2,498,563

2,306,601

1,949,265

1,836,957

2,026,518

1,778,359

1,699,805

1,558,841

1,540,250

1,480,673

1,571,679

1,236,447

1,352,479

1,373,652

775,333

802,074

514,941

675,231

514,941

515,676

359,015

172,662

221,848

170,690

59,213

83,296

57,534

15,855

37,414

32,885

15,367

2,756

Short-term Debt

0
0
0
0
0
0
0
4,979
0
14,299
23,190
3,311
3,311
37,679
51,651
40,374
40,374
92,727
127,234
110,665
110,665
266,744
321,962
356,920
513,256
356,920
616,915
550,489
550,489
1,085,826
794,809
875,256
875,256
927,662
890,569
858,927
858,927
813,582
1,048,910
778,513
778,513
876,269
718,054
725,513
725,513
940,052
1,543,782
1,156,576
1,156,576
1,386,879
1,703,585
1,790,412
1,790,412
2,106,370
2,140,021
1,957,755
1,957,755
2,127,213
2,005,140
1,790,847
1,790,847
1,694,718
1,811,593
1,783,051
1,783,051
1,684,945
1,925,798
2,126,919
2,126,919
2,187,435
2,223,854
2,956,520
2,486,239
2,945,296
2,793,688
3,392,214
2,947,025
3,613,363
2,989,909
2,703,687

2,703,687

2,989,909

3,613,363

2,947,025

3,392,214

2,793,688

2,945,296

2,486,239

2,956,520

2,223,854

2,187,435

2,126,919

1,925,798

1,684,945

1,783,051

1,811,593

1,694,718

1,790,847

2,005,140

2,127,213

1,957,755

2,140,021

2,106,370

1,790,412

1,703,585

1,386,879

1,156,576

1,543,782

940,052

725,513

718,054

876,269

778,513

1,048,910

813,582

858,927

890,569

927,662

875,256

794,809

1,085,826

550,489

616,915

356,920

513,256

356,920

321,962

266,744

110,665

127,234

92,727

40,374

51,651

37,679

3,311

23,190

14,299

4,979

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
929,904
0
0
0
54,879
0
0
0
145,226
0
0
0
703,103
2,435,882
2,505,407
2,584,443
1,129,451
126,712
126,946
127,188
564,249
1,792,858
1,677,482
1,794,241
1,764,284
1,596,436
1,667,727
1,909,814
2,111,715
2,171,068
2,175,443
2,205,292
2,474,054
2,944,731
2,934,930
2,784,784
2,937,215
3,382,435
3,602,670
2,975,134
0

2,975,134

3,602,670

3,382,435

2,937,215

2,784,784

2,934,930

2,944,731

2,474,054

2,205,292

2,175,443

2,171,068

2,111,715

1,909,814

1,667,727

1,596,436

1,764,284

1,794,241

1,677,482

1,792,858

564,249

127,188

126,946

126,712

1,129,451

2,584,443

2,505,407

2,435,882

703,103

145,226

54,879

929,904

Accounts payable

0
0
0
824
0
0
0
4,306
0
7,578
2,445
6,874
6,874
6,033
14,919
8,251
8,251
13,285
19,086
29,957
29,957
59,536
156,487
92,271
93,696
92,271
85,678
113,404
113,404
131,488
407,069
174,429
174,429
436,816
462,761
461,631
461,631
463,097
342,459
639,376
639,376
756,153
751,693
800,989
800,989
973,339
542,223
985,757
985,757
937,263
801,882
736,779
736,779
899,544
1,056,694
975,595
975,595
815,378
856,733
379,462
379,462
505,840
529,416
585,601
585,601
460,817
496,795
514,742
514,742
762,272
791,737
791,218
502,995
855,861
914,631
797,909
805,300
770,606
918,818
813,677

813,677

918,818

770,606

805,300

797,909

914,631

855,861

502,995

791,218

791,737

762,272

514,742

496,795

460,817

585,601

529,416

505,840

379,462

856,733

815,378

975,595

1,056,694

899,544

736,779

801,882

937,263

985,757

542,223

973,339

800,989

751,693

756,153

639,376

342,459

463,097

461,631

462,761

436,816

174,429

407,069

131,488

113,404

85,678

92,271

93,696

92,271

156,487

59,536

29,957

19,086

13,285

8,251

14,919

6,033

6,874

2,445

7,578

4,306

824

Other Current Liabilities

0
0
0
1,932
0
0
0
5,824
0
10,752
11,779
-3,219,487
-3,219,487
13,822
16,726
-1,951,436
-1,951,436
64,678
75,528
-3,538,843
-3,538,843
28,628
35,388
62,106
60,584
62,106
86,523
102,469
102,469
122,418
126,636
121,547
121,547
193,447
116,164
201,033
201,033
254,699
233,378
285,142
285,142
316,207
320,882
310,789
310,789
349,905
341,451
437,784
437,784
334,598
833,903
1,103,774
1,103,774
1,046,043
1,132,430
1,122,923
1,122,923
638,308
719,248
739,024
739,024
676,238
673,572
588,539
588,539
575,919
626,819
757,224
757,224
786,650
856,346
868,457
913,402
830,930
976,075
1,289,875
1,127,260
1,304,542
1,456,507
1,954,719

1,954,719

1,456,507

1,304,542

1,127,260

1,289,875

976,075

830,930

913,402

868,457

856,346

786,650

757,224

626,819

575,919

588,539

673,572

676,238

739,024

719,248

638,308

1,122,923

1,132,430

1,046,043

1,103,774

833,903

334,598

437,784

341,451

349,905

310,789

320,882

316,207

285,142

233,378

254,699

201,033

116,164

193,447

121,547

126,636

122,418

102,469

86,523

62,106

60,584

62,106

35,388

28,628

-3,538,843

75,528

64,678

-1,951,436

16,726

13,822

-3,219,487

11,779

10,752

5,824

1,932

> Long-term Liabilities

0
0
0
428
0
0
0
5,096
0
11,039
1,751
875
875
1,597
12,555
99,023
99,023
61,892
77,886
65,908
65,908
53,658
56,274
57,761
60,088
57,761
97,720
113,049
113,049
235,970
209,617
176,384
176,384
335,225
433,218
417,480
417,480
411,944
371,480
273,879
273,879
401,483
399,576
393,585
393,585
610,663
802,483
928,420
928,420
1,287,829
895,006
786,150
786,150
597,811
645,001
721,840
721,840
426,986
356,676
671,456
671,456
786,810
862,398
950,152
950,152
918,343
1,207,011
1,055,714
1,055,714
1,191,372
1,270,368
1,466,578
1,223,756
1,485,122
1,615,050
1,580,053
1,515,906
1,754,894
2,066,196
2,326,125

2,326,125

2,066,196

1,754,894

1,515,906

1,580,053

1,615,050

1,485,122

1,223,756

1,466,578

1,270,368

1,191,372

1,055,714

1,207,011

918,343

950,152

862,398

786,810

671,456

356,676

426,986

721,840

645,001

597,811

786,150

895,006

1,287,829

928,420

802,483

610,663

393,585

399,576

401,483

273,879

371,480

411,944

417,480

433,218

335,225

176,384

209,617

235,970

113,049

97,720

57,761

60,088

57,761

56,274

53,658

65,908

77,886

61,892

99,023

12,555

1,597

875

1,751

11,039

5,096

428

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
0
120,158
393,614
433,502
462,908
525,935
619,477
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0

619,477

525,935

462,908

433,502

393,614

120,158

Other Liabilities

0
0
0
428
0
0
0
1,709
0
851
1,751
875
1,026
1,597
2,552
6,158
10,012
12,675
13,721
19,551
21,297
22,072
24,666
27,605
31,379
34,220
38,154
42,685
47,589
51,773
55,088
87,184
91,158
92,787
97,438
101,599
102,554
106,112
111,786
87,495
88,020
92,181
94,157
96,429
91,384
98,774
129,878
134,977
184,459
215,912
111,593
119,058
176,783
174,802
174,198
142,089
207,824
205,640
236,518
243,589
270,979
300,370
315,397
295,040
300,266
317,004
346,969
370,808
386,403
417,767
447,119
452,232
464,102
459,050
428,219
360,559
0
438,338
521,162
0

521,162

438,338

360,559

428,219

459,050

464,102

452,232

447,119

417,767

386,403

370,808

346,969

317,004

300,266

295,040

315,397

300,370

270,979

243,589

236,518

205,640

207,824

142,089

174,198

174,802

176,783

119,058

111,593

215,912

184,459

134,977

129,878

98,774

91,384

96,429

94,157

92,181

88,020

87,495

111,786

106,112

102,554

101,599

97,438

92,787

91,158

87,184

55,088

51,773

47,589

42,685

38,154

34,220

31,379

27,605

24,666

22,072

21,297

19,551

13,721

12,675

10,012

6,158

2,552

1,597

1,026

875

1,751

851

1,709

428

Deferred Long Term Liability

0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
10,345
0
0
0
19,030
0
0
0
23,348
0
0
0
5,562
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0

5,562

23,348

19,030

10,345

> Total Stockholder Equity

0
0
0
2,961
0
0
0
6,967
0
13,582
27,103
112,904
112,904
111,916
115,811
126,266
126,266
251,664
380,902
332,161
332,161
348,484
375,302
465,717
469,006
465,717
501,698
534,326
534,326
559,715
517,062
465,934
465,934
431,373
392,102
290,899
290,899
277,582
361,351
390,528
390,528
559,915
649,777
716,611
716,611
782,890
765,163
818,968
818,968
916,457
924,671
884,681
884,681
926,936
965,577
1,032,226
1,032,226
1,065,347
1,160,705
1,225,473
1,225,473
1,279,326
1,326,964
1,393,134
1,393,134
1,508,057
1,501,199
1,570,422
1,570,422
1,651,030
1,713,260
1,818,229
1,801,083
1,788,899
1,784,917
2,047,838
1,941,639
2,447,520
2,494,002
2,559,243

2,559,243

2,494,002

2,447,520

1,941,639

2,047,838

1,784,917

1,788,899

1,801,083

1,818,229

1,713,260

1,651,030

1,570,422

1,501,199

1,508,057

1,393,134

1,326,964

1,279,326

1,225,473

1,160,705

1,065,347

1,032,226

965,577

926,936

884,681

924,671

916,457

818,968

765,163

782,890

716,611

649,777

559,915

390,528

361,351

277,582

290,899

392,102

431,373

465,934

517,062

559,715

534,326

501,698

465,717

469,006

465,717

375,302

348,484

332,161

380,902

251,664

126,266

115,811

111,916

112,904

27,103

13,582

6,967

2,961

Common Stock

0
0
0
211
0
0
0
211
0
211
10,373
97,302,391
97,302,391
97,354
97,354
97,454,214
97,454,214
180,623
293,947
294,707,048
294,707,048
395,252
395,425
500,322,431
500,774
500,322,431
501,125
501,145,991
501,145,991
502,388
502,403
502,403
502,403
502,467
502,562
502,562
502,562
503,289
551,473
561,242
561,242
672,517
675,114
675,236
675,236
676,715
676,821
677,103
677,103
700,669
700,959
701,283
701,283
701,774
702,136
702,162
702,162
702,868
702,877
702,931
702,931
703,014
703,806
703,806
703,806
686,425
687,024
687,033
687,033
744,886
792,725
835,543
835,543
835,543
835,543
835,543
835,543
835,543
835,543
835,543

835,543

792,725

744,886

687,033

687,024

686,425

703,806

703,014

702,931

702,877

702,868

702,162

702,136

701,774

701,283

700,959

700,669

677,103

676,821

676,715

675,236

675,114

672,517

561,242

551,473

503,289

502,562

502,467

502,403

502,388

501,145,991

501,125

500,322,431

500,774

500,322,431

395,425

395,252

294,707,048

293,947

180,623

97,454,214

97,354

97,302,391

10,373

211

Retained Earnings Total Equity

Accumulated Other Comprehensive Income

0
0
0
-93
0
0
0
109
0
283
498
1,050
1,050
2,758
3,702
5,981
5,981
14,133
15,438
14,910
14,910
14,997
15,161
15,121
15,156
15,121
22,026
28,462
28,462
37,608
37,866
45,556
45,556
45,426
48,211
50,795
50,795
51,216
56,339
53,910
53,910
49,953
31,615
20,058
20,058
2,447
-48,841
-59,856
-59,856
-52,932
-62,244
-91,814
-91,814
-79,963
-57,069
-54,034
-54,034
-87,170
-60,909
-110,149
-110,149
-107,775
-122,084
-109,607
-109,607
-126,193
-87,497
-28,721
-28,721
-45,724
-68,023
-44,283
-50,584
-152,208
-236,603
-149,722
-170,551
-158,782
-179,654
-118,744

-118,744

-179,654

-158,782

-170,551

-149,722

-236,603

-152,208

-50,584

-44,283

-68,023

-45,724

-28,721

-87,497

-126,193

-109,607

-122,084

-107,775

-110,149

-60,909

-87,170

-54,034

-57,069

-79,963

-91,814

-62,244

-52,932

-59,856

-48,841

2,447

20,058

31,615

49,953

53,910

56,339

51,216

50,795

48,211

45,426

45,556

37,866

37,608

28,462

22,026

15,121

15,156

15,121

15,161

14,997

14,910

15,438

14,133

5,981

3,702

2,758

1,050

498

283

109

-93

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
0
8,305
10,675
13,047
16,554
19,378
17,179
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0

17,179

19,378

16,554

13,047

10,675

8,305

Treasury Stock

-11,845

Other Stockholders Equity

0
0
0
211
0
0
0
211
0
11,216
24,283
114,636
114,636
119,277
121,706
123,890
123,890
211,593
328,456
330,245
330,245
-63,548
-62,411
439,053
-59,963
439,053
-58,027
443,754
443,754
-55,351
448,003
-53,331
-53,331
461,456
463,068
-38,296
-38,296
-35,781
-33,010
-32,121
-32,121
-29,618
-28,216
-25,682
-25,682
-22,462
-19,379
-17,139
-17,139
-13,103
-11,481
-8,897
-8,897
-3,861
-1,769
417
417
5,757
8,305
10,675
10,675
16,554
19,378
5,334
5,334
22,989
-31,997
-28,236
-28,236
-22,476
-21,030
-17,790
-19,428
-13,657
-11,709
2,785
1,127
241,557
287,020
292,737

292,737

287,020

241,557

1,127

2,785

-11,709

-13,657

-19,428

-17,790

-21,030

-22,476

-28,236

-31,997

22,989

5,334

19,378

16,554

10,675

8,305

5,757

417

-1,769

-3,861

-8,897

-11,481

-13,103

-17,139

-19,379

-22,462

-25,682

-28,216

-29,618

-32,121

-33,010

-35,781

-38,296

463,068

461,456

-53,331

448,003

-55,351

443,754

-58,027

439,053

-59,963

439,053

-62,411

-63,548

330,245

328,456

211,593

123,890

121,706

119,277

114,636

24,283

11,216

211

Balance Sheet

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	2003-12-31	2002-12-31
Accounts Payable	813,677	805,300	502,995	514,742	585,601	379,462	975,595	736,779	985,757	800,989	639,376	461,631	305,998	92,271	92,271	29,957	8,251	6,874	4,306	824	426	-
Accumulated Amortization	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	-
Accumulated Other Comprehensive Income	-118,744	-170,551	-50,584	-28,721	-109,607	-110,149	-54,034	-91,814	-59,856	20,058	53,910	50,795	45,556	15,122	-31,862	14,910	5,981	1,050	109	-93	-85	-
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	-
Capital Lease Obligations	0	35,524	35,400	28,436	39,485	0	0	83,667	0	0	0	0	0	0	0	0	0	0	0	0	0	-
Capital Stock	0	835,543	835,543	687,033	703,806	702,931	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	-
Capital Surpluse	0	0	0	0	17,179	10,675	417	-8,897	-17,139	0	0	0	0	0	0	0	0	0	0	0	0	-
Cash	2,938,622	981,434	869,831	1,178,752	668,770	444,298	561,679	511,039	553,079	549,543	228,250	141,968	343,995	160,111	160,111	115,661	37,667	40,911	6,280	2,059	1,879	596
Cash And Equivalents	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	2,938,622	981,434	869,831	1,178,752	668,770	444,298	561,679	511,039	553,079	549,543	228,250	141,968	343,995	160,111	0	115,661	37,667	40,911	6,280	2,059	1,879	596
Common Stock	835,543	835,543	835,543	687,033	703,806	702,931	702,162	701,283	677,103	675,236	561,242	502,562	502,403	500,322	500,323	294,707,048	97,454,214	97,302,391	211	211	0	-
Common Stock Shares Outstanding	72,194	71,183	68,872	62,307	60,778	62,292	61,548	58,059	60,426	59,355	50,388	43,191	43,076	37,727	37,743	31,567	27,283	18,986	15,428	15,428	15,428	15,428
Common Stock Total Equity	0	0	0	687,033	703,806	702,931	702,162	701,283	677,103	675,236	561,242	502,562	502,403	0	0	0	0	0	0	0	0	-
Current Deferred Revenue	392,308	334,943	135,512	189,470	134,806	39,024	51,739	90,101	76,207	111,974	75,328	18,659	65,216	3,644	0	3,570,883	1,962,024	3,225,157	259	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	-
Deferred Long Term Liab	0	0	0	0	0	0	5,562	23,348	19,030	10,345	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	-
Good Will	0	0	0	0	0	1,005	6,248	7,617	7,609	7,609	0	0	2,265	0	0	0	0	0	0	0	0	-
Intangible Assets	0	85,624	90,003	84,843	83,627	80,621	89,635	57,073	113,027	19,892	24,433	22,957	24,586	14,359	12,535	0	0	39	0	0	0	-
Inventory	1,373,459	1,524,095	1,192,374	695,981	554,070	262,022	346,092	295,371	334,489	432,325	231,158	274,456	296,568	138,759	164,313	92,683	70,921	39,700	12,163	2,397	313	312
Liabilities And Stockholders Equity	11,895,760	9,037,128	7,388,342	6,536,854	5,467,207	4,892,658	5,889,627	5,406,606	4,417,254	3,072,424	2,453,735	2,259,313	1,879,808	1,056,657	1,038,418	570,731	284,503	129,634	27,430	6,145	3,053	2,476
Long Term Debt	0	1,039,383	748,309	669,304	619,477	393,614	530,817	619,024	753,251	284,300	151,391	214,563	89,199	70,364	30,155	46,357	92,865	0	3,387	0	0	-
Long Term Debt Total	0	0	0	0	632,553	393,614	530,817	619,024	753,251	284,300	0	0	0	0	0	0	0	0	0	0	0	-
Long Term Investments	0	115,784	98,819	78,291	152,828	126,095	414,215	368,459	187,131	38,823	34,070	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	-
Net Debt	1,536,909	3,030,688	2,387,932	1,630,703	1,754,476	1,740,163	1,926,893	1,923,117	1,360,074	460,270	701,655	931,522	487,941	226,965	121,747	41,361	95,573	-37,600	3,193	-2,059	-1,879	-596
Net Invested Capital	0	5,918,237	5,023,446	4,351,441	3,776,895	3,409,934	4,093,429	0	0	0	0	0	0	0	0	0	0	0	0	0	0	-
Net Receivables	1,209,697	1,236,107	887,540	545,713	592,223	622,231	479,949	478,438	584,203	418,553	315,035	284,596	328,986	238,833	191,044	67,511	70,884	19,625	2,882	657	257	1,047
Net Tangible Assets	0	1,924,109	1,711,080	1,485,579	1,309,507	1,143,847	936,343	819,991	703,329	696,719	366,096	0	0	0	0	0	0	0	0	0	0	-
Net Working Capital	-49,731	430,129	733,679	597,467	160,939	125,964	-22,709	69,697	-392,231	366,621	-59,003	-98,046	59,128	260,766	239,047	166,361	160,687	101,088	11,066	2,905	1,593	-
Non Current Assets Total	6,081,100	3,392,471	2,616,515	2,351,032	2,214,271	1,818,337	1,804,324	1,615,843	2,153,161	756,538	734,379	817,109	584,232	293,694	0	231,708	64,602	12,690	997	484	259	291
Non Current Liabilities Other	0	302,502	343,788	259,908	167,262	166,363	103,761	59,985	0	0	0	0	0	0	0	0	0	0	0	0	0	-
Non Current Liabilities Total	2,326,125	1,515,906	1,223,756	1,055,714	950,152	671,456	721,840	786,150	928,420	393,585	273,879	417,480	176,383	57,991	0	65,908	99,023	875	5,096	428	340	-
Non Currrent Assets Other	1,243,902	734,872	645,764	674,456	687,128	549,645	351,231	378,307	221,764	161,618	205,321	258,699	15,342	5,826	37,034	299	9,150	1,103	0	0	0	-291
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	-
Other Assets	0	963,034	882,267	845,112	841,091	667,516	472,116	595,433	344,664	185,072	240,328	297,781	38,569	36,497	46,120	63,166	13,116	3,678	65	31	0	230
Other Current Assets	292,882	653,905	1,028,284	1,101,545	857,625	1,223,022	1,819,426	1,584,728	219,470	418,689	444,409	288,478	99,813	17,264	59,129	31,628	28,745	13,484	4,903	466	299	-
Other Current Liab	1,954,719	1,171,500	913,402	757,224	588,539	739,024	1,122,923	1,103,774	437,784	310,789	285,142	201,033	121,547	49,362	65,751	-3,538,843	-1,951,436	-3,219,487	5,824	1,932	775	-
Other Liab	0	360,559	452,232	370,808	295,040	246,985	190,664	167,126	154,485	96,429	87,495	101,599	87,184	42,685	27,605	19,551	6,158	875	1,709	428	0	-
Other Stockholder Equity	292,737	1,127	-19,428	-28,236	5,334	10,675	417	-8,897	-17,139	-25,682	-32,121	-38,296	-53,331	439,053	0	330,245	123,890	114,636	211	211	211	779
Preferred Stock Redeemable	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	-
Property Plant And Equipment Gross	0	2,226,965	1,545,426	1,342,786	1,136,725	939,884	811,199	574,407	1,531,493	469,349	407,605	469,643	510,069	217,136	217,136	165,542	51,486	7,910	932	453	244	291
Property Plant And Equipment Net	4,276,962	2,226,965	1,545,426	1,342,786	1,136,725	939,884	811,199	574,407	1,526,496	469,349	407,605	469,643	510,069	217,136	0	165,542	51,486	7,910	932	453	244	291
Property Plant Equipment	0	2,295,059	1,545,426	1,342,786	1,136,725	939,884	811,199	574,407	1,531,493	469,349	407,605	469,643	510,069	330,460	217,135	165,542	51,486	7,910	932	453	0	-
Retained Earnings	1,549,707	1,275,520	1,035,552	940,346	793,601	622,016	383,681	284,109	218,860	46,999	-192,503	-224,162	-28,695	42,009	11,542	-12,993	-3,605	-2,783	6,647	2,843	1,387	-
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	-
Short Long Term Debt	0	2,937,215	2,474,054	2,111,715	1,764,284	1,790,847	2,530,386	2,028,128	145,226	54,879	929,904	0	0	0	0	0	0	0	0	0	0	-
Short Long Term Debt Total	4,475,531	4,012,122	3,257,763	2,809,455	2,423,246	2,184,461	2,488,572	2,434,156	1,913,153	1,009,813	929,905	1,073,490	831,936	387,076	281,858	157,022	133,240	3,311	9,473	0	0	-
Short Term Debt	2,703,687	2,947,025	2,486,239	2,126,919	1,783,051	1,790,847	1,957,755	1,790,412	1,156,576	725,513	778,513	858,927	743,687	356,920	251,702	110,665	40,374	3,311	4,979	0	0	-
Short Term Investments	0	18,337	20,195	15,056	0	0	0	0	534,707	439,961	451,153	422,357	178,270	2,183	179,391	20,622	1,626	825	112	27	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	-
Total Assets	11,895,760	9,037,128	7,388,342	6,536,854	5,467,207	4,892,658	5,889,627	5,406,606	4,417,254	3,072,424	2,453,735	2,259,313	1,879,808	1,056,657	1,038,703	570,731	284,503	129,634	27,430	6,145	3,053	2,476
Total Current Assets	5,814,660	5,644,657	4,771,827	4,185,822	3,252,936	3,074,321	4,085,303	3,790,763	2,264,093	2,315,886	1,719,356	1,442,204	1,295,576	762,963	753,988	339,023	219,900	116,943	26,433	5,661	2,795	1,955
Total Current Liabilities	5,864,391	5,258,768	4,038,148	3,588,355	3,091,997	2,948,357	4,108,012	3,721,066	2,656,324	1,949,265	1,778,359	1,540,250	1,236,448	502,197	514,941	172,662	59,213	15,855	15,367	2,756	1,201	-
Total Liab	8,190,516	6,730,434	5,261,904	4,644,069	4,042,149	3,619,813	4,829,852	4,507,216	3,584,744	2,342,850	2,052,238	1,957,730	1,412,831	560,188	572,702	238,570	158,237	16,730	20,463	3,184	1,541	1,697
Total Permanent Equity	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	-
Total Stockholder Equity	2,559,243	1,941,639	1,801,083	1,570,422	1,393,134	1,225,473	1,032,226	884,681	818,968	716,611	390,528	290,899	465,933	496,184	465,717	332,161	126,266	112,904	6,967	2,961	1,512	779
Treasury Stock	0	0	0	0	-11,845	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	-

	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	2004-06-30	2004-03-31
Accounts Payable	813,677	918,818	770,606	805,300	797,909	914,631	855,861	502,995	791,218	791,737	762,272	514,742	514,742	496,795	460,817	585,601	585,601	529,416	505,840	379,462	379,462	856,733	815,378	975,595	975,595	1,056,694	899,544	736,779	736,779	801,882	937,263	985,757	985,757	542,223	973,339	800,989	800,989	751,693	756,153	639,376	639,376	342,459	463,097	461,631	461,631	462,761	436,816	174,429	174,429	407,069	131,488	113,404	113,404	85,678	92,271	93,696	92,271	156,487	59,536	29,957	29,957	19,086	13,285	8,251	8,251	14,919	6,033	6,874	6,874	2,445	7,578	-	4,306	0	0	0	824	0	0	-
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	-
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	-
Accumulated Other Comprehensive Income	-118,744	-179,654	-158,782	-170,551	-149,722	-236,603	-152,208	-50,584	-44,283	-68,023	-45,724	-28,721	-28,721	-87,497	-126,193	-109,607	-109,607	-122,084	-107,775	-110,149	-110,149	-60,909	-87,170	-54,034	-54,034	-57,069	-79,963	-91,814	-91,814	-62,244	-52,932	-59,856	-59,856	-48,841	2,447	20,058	20,058	31,615	49,953	53,910	53,910	56,339	51,216	50,795	50,795	48,211	45,426	45,556	45,556	37,866	37,608	28,462	28,462	22,026	15,121	15,156	15,121	15,161	14,997	14,910	14,910	15,438	14,133	5,981	5,981	3,702	2,758	1,050	1,050	498	283	-	109	0	0	0	-93	0	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	-
Capital Lease Obligations	0	106,357	86,400	82,631	35,524	28,268	31,018	35,930	35,400	38,021	30,942	30,473	28,436	29,553	32,741	35,075	39,485	38,418	40,768	50,596	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	-	0	0	-	-	0	0	-	0	0	0	0	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	0	835,543	835,543	835,543	835,543	835,543	835,543	835,543	835,543	792,725	744,886	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	-	0	0	-	-	0	0	-	0	0	0	0	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	0	0	0	0	0	0	0	0	0	0	0	0	0	0	17,179	19,378	16,554	13,047	10,675	8,305	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	-	0	0	-	-	0	0	-	0	0	0	0	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	2,938,622	1,921,067	2,011,425	981,434	848,035	1,082,567	1,053,567	869,831	844,560	867,939	814,193	1,178,752	1,178,752	1,102,927	578,815	668,770	668,770	526,175	438,496	444,298	444,298	519,604	452,471	561,679	561,679	614,586	496,618	511,039	511,039	480,868	495,112	553,079	553,079	345,802	403,337	549,543	549,543	408,149	341,275	228,250	228,250	273,695	141,429	141,968	141,968	318,972	329,684	343,995	343,995	277,158	267,432	288,652	288,652	296,424	160,111	174,481	160,111	103,094	86,832	115,661	115,661	108,914	65,138	37,667	37,667	27,402	22,869	40,911	40,911	12,239	10,682	-	6,280	0	0	0	2,059	0	0	-
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	-
Cash And Short Term Investments	2,938,622	1,921,067	2,011,425	981,434	848,035	1,082,567	1,053,567	869,831	844,560	867,939	814,193	1,178,752	1,178,752	1,102,927	578,815	668,770	668,770	526,175	438,496	444,298	444,298	519,604	452,471	561,679	561,679	614,586	496,618	511,039	511,039	480,868	495,112	553,079	553,079	345,802	403,337	549,543	549,543	408,149	341,275	228,250	228,250	273,695	141,429	141,968	141,968	318,972	329,684	343,995	343,995	277,158	267,432	290,834	290,834	296,545	160,111	174,717	160,111	103,094	86,832	115,661	115,661	108,914	65,138	37,667	37,667	27,402	22,869	40,911	40,911	12,239	10,682	-	6,280	0	0	0	2,059	0	0	-
Common Stock	835,543	835,543	835,543	835,543	835,543	835,543	835,543	835,543	835,543	792,725	744,886	687,033	687,033	687,024	686,425	703,806	703,806	703,806	703,014	702,931	702,931	702,877	702,868	702,162	702,162	702,136	701,774	701,283	701,283	700,959	700,669	677,103	677,103	676,821	676,715	675,236	675,236	675,114	672,517	561,242	561,242	551,473	503,289	502,562	502,562	502,562	502,467	502,403	502,403	502,403	502,388	501,145,991	501,145,991	501,125	500,322,431	500,774	500,322,431	395,425	395,252	294,707,048	294,707,048	293,947	180,623	97,454,214	97,454,214	97,354	97,354	97,302,391	97,302,391	10,373	211	-	211	0	0	0	211	0	0	-
Common Stock Shares Outstanding	66,035	72,934	71,690	71,307	71,425	71,403	71,104	70,506	64,720	69,858	61,339	61,147	61,147	60,829	59,793	60,407	60,407	60,847	60,260	62,356	62,356	61,937	59,216	61,936	61,936	59,284	62,050	57,807	57,807	58,276	61,040	60,340	60,340	60,256	57,229	60,207	60,207	60,239	60,058	53,317	53,317	49,568	43,909	43,237	43,237	43,209	43,160	43,156	43,156	43,155	43,595	42,870	42,870	43,628	35,765	43,975	35,765	36,571	36,141	34,802	34,802	35,631	29,385	27,290	27,290	27,417	27,277	20,970	20,970	20,998	15,428	27,270	27,270	27,270	27,270	27,270	27,270	27,270	27,270	27,270
Common Stock Total Equity	0	0	0	0	0	0	0	0	0	0	744,886	687,033	687,033	687,024	686,425	686,001	703,806	703,806	703,014	703,648	702,931	702,877	702,868	702,311	702,162	702,136	701,774	701,283	701,283	700,959	700,669	700,799	677,103	676,821	676,715	676,080	675,236	675,114	672,517	672,204	561,242	551,473	503,289	502,565	502,562	-	-	0	502,403	-	502,388	502,096	0	501,125	501,084	500,774	0	395,425	395,252	395,154	0	0	0	0	0	0	0	0	0	0	0	-	0	0	0	0	0	0	0	-
Current Deferred Revenue	392,308	347,384	313,971	334,943	335,207	245,507	151,460	135,512	145,136	305,802	132,619	189,470	189,470	120,296	69,546	134,806	134,806	65,210	53,713	39,024	39,024	64,301	81,876	51,739	51,739	82,852	72,892	90,101	90,101	53,232	64,759	76,207	76,207	71,107	43,305	111,974	111,974	46,328	77,889	75,328	75,328	75,059	27,463	18,659	18,659	11,179	13,754	65,216	65,216	23,965	33,920	8,971	8,971	12,958	3,644	7,695	3,644	1,839	4,107	3,570,883	3,570,883	0	0	1,962,024	1,962,024	0	0	3,225,157	3,225,157	0	256	-	259	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	-
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	5,562	0	0	0	23,348	0	0	0	19,030	0	0	0	10,345	0	0	0	0	0	-	0	0	-	-	0	0	-	0	0	0	0	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	-
Good Will	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	1,005	1,005	4,061	4,061	6,248	6,248	6,248	7,617	7,617	7,617	7,617	7,617	7,609	7,609	0	0	0	7,609	0	0	0	0	0	-	0	0	490	2,639	2,265	2,265	-	0	0	0	0	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	13,828	13,942	85,624	14,797	79,659	82,761	90,003	88,810	89,425	91,455	84,843	84,843	86,158	81,230	83,627	83,627	86,858	84,060	80,621	80,621	78,146	102,411	89,635	89,635	78,658	63,999	57,073	57,073	38,176	110,102	113,027	113,027	107,202	28,836	19,892	19,892	19,817	24,062	24,433	24,433	24,238	24,457	22,957	22,957	4,379	8,323	8,516	8,516	10,458	24,114	13,378	13,378	15,431	12,535	15,024	12,535	12,801	219	12,954	0	230	212	133	0	91	54	39	39	526	31	-	0	0	0	0	0	0	0	-
Inventory	1,373,459	1,432,372	1,532,149	1,524,095	1,671,544	1,603,627	1,622,297	1,192,374	1,628,803	1,213,243	1,129,964	695,981	695,981	624,515	547,106	554,070	554,070	413,036	337,819	262,022	262,022	322,011	336,468	346,092	346,092	301,526	283,184	295,371	295,371	313,869	309,679	334,489	334,489	426,400	521,070	432,325	432,325	390,491	441,701	231,158	231,158	220,619	218,455	274,456	274,456	317,793	343,760	296,568	296,568	405,959	436,259	272,097	272,097	196,415	164,313	173,299	164,313	144,351	107,635	92,683	92,683	101,631	90,440	70,921	70,921	65,918	59,775	39,700	39,700	30,005	26,398	-	12,163	0	0	0	2,397	0	0	-
Liabilities And Stockholders Equity	11,895,760	11,400,230	11,198,650	9,037,128	9,829,323	8,661,466	8,380,090	7,388,342	8,372,620	7,481,829	7,024,607	6,536,854	6,536,854	6,192,776	5,258,530	5,467,207	5,467,207	5,307,640	5,038,662	4,892,658	4,892,658	5,203,870	5,192,954	5,889,627	5,889,627	6,048,090	5,675,014	5,406,606	5,406,606	5,225,714	4,941,650	4,417,254	4,417,254	4,077,822	3,711,485	3,072,424	3,072,424	2,899,496	2,998,352	2,453,735	2,453,735	2,444,316	2,259,434	2,259,313	2,259,313	2,316,509	2,348,309	1,879,809	1,879,809	2,079,820	2,169,949	1,423,367	1,423,367	1,401,890	1,038,703	1,204,488	1,038,703	947,238	761,157	570,731	570,731	680,636	484,246	284,503	284,503	211,662	171,047	129,634	129,634	66,268	57,505	-	27,430	0	0	0	6,145	0	0	-
Long Term Debt	0	1,453,452	1,240,849	1,089,094	1,039,383	1,167,467	1,005,420	978,335	748,309	803,790	754,655	690,771	669,304	846,473	580,442	665,753	619,477	525,935	462,908	433,502	393,614	120,158	221,346	328,120	574,189	444,422	399,037	587,898	643,744	775,175	1,034,914	950,772	774,413	664,254	503,231	275,944	284,300	296,682	300,098	313,488	151,391	190,535	254,571	205,251	214,563	225,143	137,245	89,304	89,199	154,529	184,197	80,992	70,364	59,566	14,138	28,709	30,155	31,608	31,586	46,188	46,357	64,165	49,217	94,814	92,865	10,003	0	0	0	0	8,827	-	3,387	0	0	0	0	0	0	-
Long Term Debt Total	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	619,477	525,935	462,908	433,502	393,614	120,158	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	-	0	0	-	-	0	0	-	0	0	0	0	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	0	177,947	159,486	136,449	115,784	107,368	104,528	98,810	98,819	82,961	62,519	73,748	78,291	78,348	79,322	68,013	152,828	149,813	153,317	128,232	129,311	418,108	424,155	426,426	425,126	401,971	408,092	415,395	381,313	0	0	0	187,131	0	0	0	38,823	0	0	0	34,070	0	-	0	0	-	-	0	0	-	0	0	0	0	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	-
Net Debt	1,536,909	2,613,876	2,918,494	3,030,688	3,706,125	2,897,952	2,917,801	2,387,932	3,114,436	2,179,164	2,146,847	1,630,703	1,630,703	1,682,913	1,702,095	1,754,476	1,754,476	1,832,419	1,742,662	1,740,163	1,740,163	1,605,694	1,896,088	1,926,893	1,926,893	1,969,857	2,008,789	1,923,117	1,923,117	1,997,892	1,926,681	1,360,074	1,360,074	1,862,234	1,039,946	460,270	460,270	606,587	835,092	701,655	701,655	965,750	926,724	931,522	931,522	796,740	735,223	620,460	620,460	672,180	1,001,664	332,202	332,202	380,057	226,965	367,484	226,965	250,476	211,498	41,361	41,361	82,485	76,806	95,573	95,573	34,252	14,810	-37,600	-37,600	10,951	12,445	-	3,193	0	0	0	-2,059	0	0	-
Net Invested Capital	0	6,922,588	7,291,039	6,519,367	5,918,237	5,737,168	5,729,249	5,741,295	5,023,446	4,722,342	4,581,128	4,431,945	4,351,441	4,257,486	3,756,226	3,714,125	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	-	0	0	-	-	0	0	-	0	0	0	0	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	1,209,697	1,299,969	1,589,488	1,236,107	1,303,054	1,193,176	1,112,796	887,540	965,346	913,393	821,909	545,713	545,713	623,115	565,197	592,223	592,223	632,738	588,859	622,231	622,231	451,297	509,304	479,949	479,949	576,193	472,568	478,438	478,438	499,245	508,104	584,203	584,203	521,172	410,584	418,553	418,553	449,136	444,821	315,035	315,035	316,334	316,045	284,596	284,596	282,632	295,945	417,491	417,491	327,579	376,998	211,954	211,954	182,314	191,044	254,404	191,044	259,010	134,407	67,511	67,511	174,294	158,264	70,884	70,884	56,987	45,945	19,625	19,625	8,440	7,407	-	2,882	0	0	0	657	0	0	-
Net Tangible Assets	0	2,480,174	2,433,578	0	1,924,109	1,705,258	1,706,138	1,729,419	1,711,080	1,623,835	1,559,575	1,487,893	1,485,579	1,415,041	1,426,827	1,370,510	1,309,507	1,240,106	1,195,266	1,144,072	1,143,847	1,078,498	958,875	997,560	936,343	880,671	855,320	815,062	819,991	0	0	0	703,329	0	0	0	696,719	0	0	0	366,096	0	-	0	0	-	-	0	0	-	0	0	0	0	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	-49,731	918,159	1,314,551	232,263	430,129	822,919	948,989	932,557	733,679	778,883	492,791	534,206	597,467	751,757	405,173	479,430	160,939	264,983	-35,187	125,964	125,964	-308,915	-266,291	-22,709	-22,709	-207,148	-216,003	69,697	69,697	376,334	-515,068	-392,231	-392,231	-221,975	-90,147	366,621	366,621	369,668	242,252	-59,003	-59,003	-46,660	-	-98,046	-98,046	-	-	59,130	59,130	-	249,531	259,332	259,332	239,684	239,047	237,175	239,047	154,542	163,798	166,361	166,361	258,134	193,173	160,687	160,687	91,572	87,127	101,088	101,088	20,806	22,309	-	11,066	0	0	0	2,905	0	0	-
Non Current Assets Total	6,081,100	4,769,453	3,881,617	3,392,471	3,781,855	2,908,646	2,647,554	2,616,515	2,678,732	2,525,207	2,662,840	2,351,032	2,351,032	2,271,311	2,062,130	2,214,271	2,214,271	1,962,866	2,143,340	1,818,337	1,818,337	1,867,363	1,796,470	1,804,324	1,804,324	1,843,241	1,766,168	1,615,843	1,615,843	1,456,778	2,733,219	2,153,161	2,153,161	1,801,234	1,495,031	756,538	756,538	692,871	729,582	734,379	734,379	791,171	671,390	817,109	817,109	851,763	852,389	584,231	584,231	574,043	546,766	388,702	388,702	360,132	284,715	292,082	284,715	277,020	238,344	231,708	231,708	200,654	120,383	64,602	64,602	36,794	26,386	12,690	12,690	8,048	2,311	-	997	0	0	0	484	0	0	-
Non Current Liabilities Other	0	453,537	362,731	343,290	302,502	316,959	337,028	351,538	343,788	315,142	289,513	265,013	259,908	223,353	188,207	173,239	167,262	165,385	159,299	159,264	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	-	0	0	-	-	0	0	-	0	0	0	0	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	2,326,125	2,066,196	1,754,894	1,515,906	1,580,053	1,615,050	1,485,122	1,223,756	1,466,578	1,270,368	1,191,372	1,055,714	1,055,714	1,207,011	918,343	950,152	950,152	862,398	786,810	671,456	671,456	356,676	426,986	721,840	721,840	645,001	597,811	786,150	786,150	895,006	1,287,829	928,420	928,420	802,483	610,663	393,585	393,585	399,576	401,483	273,879	273,879	371,480	411,944	417,480	417,480	433,218	335,225	176,384	176,384	209,617	235,970	113,049	113,049	97,720	57,761	60,088	57,761	56,274	53,658	65,908	65,908	77,886	61,892	99,023	99,023	12,555	1,597	875	875	1,751	11,039	-	5,096	0	0	0	428	0	0	-
Non Currrent Assets Other	1,243,902	851,748	729,544	734,872	791,822	843,407	719,247	645,764	740,767	661,415	724,623	674,456	674,456	854,415	715,430	687,128	687,128	454,982	673,203	549,645	549,645	343,767	289,494	351,231	351,231	366,424	379,651	378,307	378,307	283,115	268,872	221,764	221,764	180,051	153,096	161,618	161,618	202,049	225,292	205,321	205,321	257,243	123,911	258,699	258,699	329,034	309,421	29,146	29,146	41,370	29,505	22,468	22,468	5,717	37,034	0	37,034	0	12,658	299	299	55,254	21,526	9,150	9,150	1,178	1,168	1,103	1,103	3,780	830	-	0	0	0	0	0	0	0	-
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	-
Other Assets	0	1,117,514	948,911	0	963,034	1,075,706	971,482	966,389	882,267	844,650	920,280	827,186	845,112	1,002,575	851,697	792,051	841,091	639,662	851,368	793,796	736,450	447,885	410,167	499,697	993,125	1,101,600	1,104,756	1,230,261	1,041,436	589,019	690,227	632,745	621,668	489,610	298,544	245,600	287,189	328,435	348,427	351,771	326,774	364,412	229,484	397,428	347,466	374,645	358,467	77,488	74,163	87,928	80,772	74,609	58,241	76,461	75,409	69,079	67,580	69,365	65,996	73,042	66,166	63,045	28,288	23,998	13,116	5,106	4,730	4,360	4,781	4,562	1,072	-	65	0	0	0	31	0	0	-
Other Current Assets	292,882	604,120	609,144	653,905	663,868	629,963	760,558	1,028,284	1,115,595	1,158,684	920,398	1,101,545	1,101,545	993,774	1,051,050	857,625	857,625	1,171,559	937,830	1,223,022	1,223,022	1,503,660	1,475,990	1,819,426	1,819,426	1,851,542	1,925,487	1,584,728	1,584,728	1,408,341	364,432	219,470	219,470	318,826	238,170	418,689	418,689	539,612	584,006	444,409	444,409	385,780	495,678	288,478	288,478	103,231	89,142	237,524	237,524	20,485	38,062	28,677	28,677	366,484	17,264	309,986	17,264	163,763	19,572	31,628	31,628	52,279	19,134	28,745	28,745	18,731	13,244	13,484	13,484	6,765	9,543	-	4,903	0	0	0	466	0	0	-
Other Current Liab	1,954,719	1,456,507	1,304,542	1,127,260	1,289,875	976,075	830,930	913,402	868,457	856,346	786,650	757,224	757,224	626,819	575,919	588,539	588,539	673,572	676,238	739,024	739,024	719,248	638,308	1,122,923	1,122,923	1,132,430	1,046,043	1,103,774	1,103,774	833,903	334,598	437,784	437,784	341,451	349,905	310,789	310,789	320,882	316,207	285,142	285,142	233,378	254,699	201,033	201,033	116,164	193,447	121,547	121,547	126,636	122,418	102,469	102,469	86,523	62,106	60,584	62,106	35,388	28,628	-3,538,843	-3,538,843	75,528	64,678	-1,951,436	-1,951,436	16,726	13,822	-3,219,487	-3,219,487	11,779	10,752	-	5,824	0	0	0	1,932	0	0	-
Other Liab	0	521,162	438,338	0	360,559	428,219	459,050	464,102	452,232	447,119	417,767	386,403	370,808	346,969	317,004	300,266	295,040	315,397	300,370	270,979	243,589	236,518	205,640	207,824	142,089	174,198	174,802	176,783	119,058	111,593	215,912	184,459	134,977	129,878	98,774	91,384	96,429	94,157	92,181	88,020	87,495	111,786	106,112	102,554	101,599	97,438	92,787	91,158	87,184	55,088	51,773	47,589	42,685	38,154	34,220	31,379	27,605	24,666	22,072	21,297	19,551	13,721	12,675	10,012	6,158	2,552	1,597	1,026	875	1,751	851	-	1,709	0	0	0	428	0	0	-
Other Stockholder Equity	292,737	287,020	241,557	1,127	2,785	-11,709	-13,657	-19,428	-17,790	-21,030	-22,476	-28,236	-28,236	-31,997	22,989	5,334	5,334	19,378	16,554	10,675	10,675	8,305	5,757	417	417	-1,769	-3,861	-8,897	-8,897	-11,481	-13,103	-17,139	-17,139	-19,379	-22,462	-25,682	-25,682	-28,216	-29,618	-32,121	-32,121	-33,010	-35,781	-38,296	-38,296	463,068	461,456	-53,331	-53,331	448,003	-55,351	443,754	443,754	-58,027	439,053	-59,963	439,053	-62,411	-63,548	330,245	330,245	328,456	211,593	123,890	123,890	121,706	119,277	114,636	114,636	24,283	11,216	-	211	0	0	0	211	0	0	-
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	-
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	-
Property Plant And Equipment Gross	0	3,460,164	2,759,278	2,612,022	2,226,965	1,645,913	0	0	0	0	1,588,586	1,448,393	1,342,786	1,104,230	1,049,881	1,061,241	1,136,725	1,086,533	1,054,595	1,041,451	939,884	919,163	855,676	853,806	811,199	741,641	661,412	646,688	574,407	867,759	2,042,992	1,903,071	1,531,493	1,311,624	1,196,487	597,233	469,349	364,436	381,155	388,090	407,605	426,759	441,906	456,517	469,643	477,118	493,922	507,006	510,069	486,115	465,994	397,330	330,460	283,671	247,439	223,003	217,136	207,655	172,348	166,938	165,542	137,609	92,095	62,863	51,486	31,688	21,656	14,099	7,910	3,486	1,239	-	932	0	0	0	453	0	0	-
Property Plant And Equipment Net	4,276,962	3,460,164	2,759,278	2,226,965	2,612,022	1,645,913	1,488,783	1,545,426	1,524,723	1,508,171	1,588,586	1,342,786	1,342,786	1,104,230	1,049,881	1,136,725	1,136,725	1,086,533	1,054,595	939,884	939,884	919,163	855,676	811,199	811,199	741,641	661,412	574,407	574,407	867,759	2,042,992	1,526,496	1,526,496	1,311,624	1,196,487	469,349	469,349	364,436	381,155	407,605	407,605	426,759	441,906	469,643	469,643	477,118	493,922	510,069	510,069	486,115	465,994	330,460	330,460	283,671	217,136	223,003	217,136	207,655	172,348	165,542	165,542	137,609	92,095	51,486	51,486	31,688	21,656	7,910	7,910	3,486	1,239	-	932	0	0	0	453	0	0	-
Property Plant Equipment	0	3,460,164	2,759,278	0	2,295,059	1,645,913	1,488,783	1,524,723	1,545,426	1,508,171	1,588,586	1,448,393	1,342,786	1,104,230	1,049,881	1,061,241	1,136,725	1,086,533	1,054,595	1,041,451	939,884	919,163	855,676	853,806	811,199	741,641	661,412	646,688	574,407	867,759	2,042,992	1,903,071	1,531,493	1,311,624	1,196,487	597,233	469,349	364,436	381,155	388,090	407,605	426,759	441,906	456,517	469,643	477,118	493,922	507,006	510,069	486,115	465,994	397,330	330,460	283,671	247,439	223,003	217,135	207,655	172,348	166,938	165,542	137,609	92,095	62,863	51,486	31,688	21,656	14,099	7,910	3,486	1,239	-	932	0	0	0	453	0	0	-
Retained Earnings	1,549,707	1,551,093	1,529,202	1,275,520	1,359,232	1,197,686	1,119,221	1,035,552	1,044,759	1,009,588	974,344	940,346	940,346	933,669	924,836	793,601	793,601	725,864	667,533	622,016	622,016	510,432	443,892	383,681	383,681	322,279	308,986	284,109	284,109	297,437	281,823	218,860	218,860	156,562	126,190	46,999	46,999	-28,736	-132,937	-192,503	-192,503	-213,451	-241,142	-224,162	-224,162	-119,177	-75,509	-28,693	-28,693	31,193	75,070	62,111	62,111	36,574	11,542	13,039	11,542	27,127	1,783	-12,993	-12,993	37,008	25,938	-3,605	-3,605	-9,597	-10,119	-2,783	-2,783	2,322	2,083	-	6,647	0	0	0	2,843	0	0	-
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	-
Short Long Term Debt	0	2,975,134	3,602,670	3,382,435	2,937,215	2,784,784	2,934,930	2,944,731	2,474,054	2,205,292	2,175,443	2,171,068	2,111,715	1,909,814	1,667,727	1,596,436	1,764,284	1,794,241	1,677,482	1,792,858	564,249	127,188	126,946	126,712	1,129,451	2,584,443	2,505,407	2,435,882	703,103	0	0	0	145,226	0	0	0	54,879	0	0	0	929,904	0	-	0	0	-	-	0	0	-	0	0	0	0	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	4,475,531	4,534,943	4,929,919	4,012,122	4,554,160	3,980,519	3,971,368	3,257,763	3,958,996	3,047,103	2,961,040	2,809,455	2,809,455	2,785,840	2,280,910	2,423,246	2,423,246	2,358,594	2,181,158	2,184,461	2,184,461	2,125,298	2,348,559	2,488,572	2,488,572	2,584,443	2,505,407	2,434,156	2,434,156	2,478,760	2,421,793	1,913,153	1,913,153	2,208,036	1,443,283	1,009,813	1,009,813	1,014,736	1,176,367	929,905	929,905	1,239,445	1,068,153	1,073,490	1,073,490	1,115,712	1,064,907	964,455	964,455	949,338	1,269,096	620,853	620,853	676,481	387,076	541,965	387,076	353,570	298,330	157,022	157,022	191,399	141,944	133,240	133,240	61,654	37,679	3,311	3,311	23,190	23,127	-	9,473	0	0	0	0	0	0	-
Short Term Debt	2,703,687	2,989,909	3,613,363	2,947,025	3,392,214	2,793,688	2,945,296	2,486,239	2,956,520	2,223,854	2,187,435	2,126,919	2,126,919	1,925,798	1,684,945	1,783,051	1,783,051	1,811,593	1,694,718	1,790,847	1,790,847	2,005,140	2,127,213	1,957,755	1,957,755	2,140,021	2,106,370	1,790,412	1,790,412	1,703,585	1,386,879	1,156,576	1,156,576	1,543,782	940,052	725,513	725,513	718,054	876,269	778,513	778,513	1,048,910	813,582	858,927	858,927	890,569	927,662	875,256	875,256	794,809	1,085,826	550,489	550,489	616,915	356,920	513,256	356,920	321,962	266,744	110,665	110,665	127,234	92,727	40,374	40,374	51,651	37,679	3,311	3,311	23,190	14,299	-	4,979	0	0	0	0	0	0	-
Short Term Investments	0	0	0	18,337	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	459,746	535,769	613,410	617,761	528,725	456,798	430,456	487,516	502,223	496,431	564,865	534,707	586,706	613,859	612,263	439,961	368,105	417,204	416,774	451,153	407,966	399,200	442,665	422,357	371,869	362,464	231,839	178,270	343,950	418,863	2,183	2,183	121	8,145	236	179,391	132,620	158,558	2,713	20,622	28,190	19,393	1,054	1,626	3,357	1,577	0	825	0	0	-	112	0	0	0	27	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	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	-	0	0	-	-	0	0	-	0	0	0	0	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	11,895,760	11,400,230	11,198,650	9,037,128	9,829,323	8,661,466	8,380,090	7,388,342	8,372,620	7,481,829	7,024,607	6,536,854	6,536,854	6,192,776	5,258,530	5,467,207	5,467,207	5,307,640	5,038,662	4,892,658	4,892,658	5,203,870	5,192,954	5,889,627	5,889,627	6,048,090	5,675,014	5,406,606	5,406,606	5,225,714	4,941,650	4,417,254	4,417,254	4,077,822	3,711,485	3,072,424	3,072,424	2,899,496	2,998,352	2,453,735	2,453,735	2,444,316	2,259,434	2,259,313	2,259,313	2,316,509	2,348,309	1,879,809	1,879,809	2,079,820	2,169,949	1,423,367	1,423,367	1,401,890	1,038,703	1,204,488	1,038,703	947,238	761,157	570,731	570,731	680,636	484,246	284,503	284,503	211,662	171,047	129,634	129,634	66,268	57,505	-	27,430	0	0	0	6,145	0	0	-
Total Current Assets	5,814,660	6,630,777	7,317,033	5,644,657	6,047,468	5,752,820	5,732,536	4,771,827	5,693,888	4,956,622	4,361,767	4,185,822	4,185,822	3,921,465	3,196,400	3,252,936	3,252,936	3,344,774	2,895,322	3,074,321	3,074,321	3,336,507	3,396,484	4,085,303	4,085,303	4,204,849	3,908,846	3,790,763	3,790,763	3,768,936	2,208,431	2,264,093	2,264,093	2,276,588	2,216,454	2,315,886	2,315,886	2,206,625	2,268,770	1,719,356	1,719,356	1,653,145	1,588,044	1,442,204	1,442,204	1,464,746	1,495,920	1,295,578	1,295,578	1,505,777	1,623,183	1,034,665	1,034,665	1,041,758	753,988	912,406	753,988	670,218	522,813	339,023	339,023	479,982	363,863	219,900	219,900	174,868	144,661	116,943	116,943	58,220	55,194	-	26,433	0	0	0	5,661	0	0	-
Total Current Liabilities	5,864,391	5,712,618	6,002,482	5,214,528	5,815,205	4,929,901	4,783,547	4,038,148	4,761,331	4,177,739	3,868,976	3,588,355	3,588,355	3,169,708	2,791,227	3,091,997	3,091,997	3,079,791	2,930,509	2,948,357	2,948,357	3,645,422	3,662,775	4,108,012	4,108,012	4,411,997	4,124,849	3,721,066	3,721,066	3,392,602	2,723,499	2,656,324	2,656,324	2,498,563	2,306,601	1,949,265	1,949,265	1,836,957	2,026,518	1,778,359	1,778,359	1,699,805	1,558,841	1,540,250	1,540,250	1,480,673	1,571,679	1,236,447	1,236,447	1,352,479	1,373,652	775,333	775,333	802,074	514,941	675,231	514,941	515,676	359,015	172,662	172,662	221,848	170,690	59,213	59,213	83,296	57,534	15,855	15,855	37,414	32,885	-	15,367	0	0	0	2,756	0	0	-
Total Liab	8,190,516	7,778,814	7,757,376	6,730,434	7,395,258	6,544,951	6,268,669	5,261,904	6,227,909	5,448,107	5,060,348	4,644,069	4,644,069	4,376,719	3,709,570	4,042,149	4,042,149	3,942,189	3,717,319	3,619,813	3,619,813	4,002,098	4,089,761	4,829,852	4,829,852	5,056,998	4,722,660	4,507,216	4,507,216	4,287,608	4,011,328	3,584,744	3,584,744	3,301,046	2,917,264	2,342,850	2,342,850	2,236,533	2,428,001	2,052,238	2,052,238	2,071,285	1,970,785	1,957,730	1,957,730	1,913,891	1,906,904	1,412,831	1,412,831	1,562,096	1,609,622	888,382	888,382	899,794	572,702	735,319	572,702	571,950	412,673	238,570	238,570	299,734	232,582	158,237	158,237	95,851	59,131	16,730	16,730	39,165	43,923	-	20,463	0	0	0	3,184	0	0	-
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	-
Total Stockholder Equity	2,559,243	2,494,002	2,447,520	1,941,639	2,047,838	1,784,917	1,788,899	1,801,083	1,818,229	1,713,260	1,651,030	1,570,422	1,570,422	1,501,199	1,508,057	1,393,134	1,393,134	1,326,964	1,279,326	1,225,473	1,225,473	1,160,705	1,065,347	1,032,226	1,032,226	965,577	926,936	884,681	884,681	924,671	916,457	818,968	818,968	765,163	782,890	716,611	716,611	649,777	559,915	390,528	390,528	361,351	277,582	290,899	290,899	392,102	431,373	465,934	465,934	517,062	559,715	534,326	534,326	501,698	465,717	469,006	465,717	375,302	348,484	332,161	332,161	380,902	251,664	126,266	126,266	115,811	111,916	112,904	112,904	27,103	13,582	-	6,967	0	0	0	2,961	0	0	-
Treasury Stock	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	-11,845	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	-	0	0	-	-	0	0	-	0	0	0	0	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	-

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	2003-12-31
Begin Period Cash Flow	1,959,550	1,434,282	1,639,715	1,205,420	940,990	1,190,134	511,039	553,079	549,543	228,250	141,968	343,995	288,652	115,661	115,661	37,667	40,911	6,280	2,059	1,879	596
Capital Expenditures	1,525,460	627,997	429,500	334,941	291,182	316,282	310,675	1,111,488	642,768	65,141	23,132	60,481	205,419	72,215	72,215	104,817	42,007	7,114	561	254	84
Cash And Cash Equivalents Changes	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	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Change In Cash	979,072	535,221	-205,433	434,295	264,430	-249,144	50,640	-42,040	3,536	321,294	86,281	-202,026	55,343	44,450	44,450	77,994	-3,244	34,631	4,221	180	1,283
Change In Working Capital	-189,737	285,118	-886,745	-560,425	215,991	-176,690	-36,686	-435,424	51,326	-77,329	90,965	-92,722	54,257	-41,059	-41,059	-51,748	-90,861	-52,735	-9,202	-1,347	1,025
Change Receivables	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	0	-357,276	-284,785	65,379	51,670	-179,607	46,337	-33,060	-63,352	-73,777	-11,814	-6,984	-192,252	-116,463	-116,463	2,126	-53,876,699	-14,836,433	0	0	0
Change To Inventory	0	-406,343	-518,741	-180,974	-312,781	55,408	-49,024	-50,557	50,821	-252,716	34,667	3,961	-28,799	-83,971	-83,971	-39,994	-27,100	-27,812	-9,772	-2,343	-1
Change To Liabilities	0	561,390	-110,361	-58,936	292,835	74,122	12,196	-14,762	-23,975	151,327	44,231	67,572	68,174	32,356	68,907	26,580	3,698	2,892	3,766	980	0
Change To Netincome	0	193,037	67,127	42,585	60,924	-2,087	43,221	-1,825	-17,120	27,902	43,741	0	0	0	0	0	0	0	507	288	0
Change To Operating Activities	0	516,566	105,508	-201,238	204,364	-138,904	-34,843	-307,009	177,597	126,686	21,158	0	0	0	0	0	0	0	0	0	0
Depreciation	0	234,559	282,769	209,118	159,723	129,256	99,273	95,849	94,217	82,627	80,821	81,398	56,117	20,508	20,508	9,282	1,698	915	217	42	38
Dividends Paid	0	0	0	-37,377	1,120	3,013	9,582	9,582	305	305	0	0	0	0	0	0	0	0	0	0	0
End Period Cash Flow	2,938,622	1,969,503	1,434,282	1,639,715	1,205,420	940,990	561,679	511,039	553,079	549,543	228,250	141,968	343,995	160,111	160,111	115,661	37,667	40,911	6,280	2,059	1,879
Exchange Rate Changes	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Free Cash Flow	-840,845	288,634	-837,754	-455,482	308,929	-100,002	-106,755	-1,389,561	-229,110	199,965	206,417	-208,240	-145,295	-21,299	-21,299	-101,624	-122,231	-53,390	-5,231	186	1,669
Investments	-1,432,474	-630,488	-37,022	15,279	-3,023	29,071	-341,215	-1,042,557	-82,691	265	-4,278	0	0	0	0	0	0	0	0	0	0
Issuance Of Capital Stock	927,897	803,645	148,510	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Net Borrowings	0	443,125	472,865	560,678	-22,836	-584,343	161,743	862,287	640,082	90,272	-155,290	0	0	0	0	0	0	0	0	0	0
Net Income	274,187	298,555	109,876	147,246	166,555	242,431	102,983	65,275	173,316	243,886	45,565	-195,155	-90,903	22,778	22,646	-9,388	-210	-9,430	3,804	1,457	761
Other Cashflows From Financing Activities	1,124,931	2,143,419	2,368,535	2,413,234	312	1,973,226	2,412,015	3,562,820	1,928,825	1,122,534	918,602	942,647	1,899,212	496,649	-381	260,998	124,676	4,983	9,330	-252	-441
Other Cashflows From Investing Activities	0	0	0	0	-2,920	345,353	43,930	46,801	-356,336	-27,585	-10,099	0	0	0	0	0	0	0	0	0	0
Other Non Cash Items	600,165	72,121	83,558	52,636	-6,500	15,158	11,605	7,547	15,637	17,193	5,148	-2,574	41,225	54,086	46,379	46,566	-9,089,715	-6,130,199	579	284	-48
Sale Purchase Of Stock	0	0	0	-5,963	-11,845	769	879	24,571	940	118,352	60,793	0	0	0	0	0	0	0	0	0	0
Stock Based Compensation	0	9,370	8,808	12,350	10,682	10,258	9,314	7,757	5,966	5,088	6,175	5,185	4,061	5,436	0	9,102	9,101,792	6,144,879	0	0	0
Total Cash From Financing Activities	2,052,828	428,639	614,071	823,501	-34,614	-463,613	165,283	1,299,823	619,483	191,947	-104,900	249,576	177,748	228,322	228,322	201,356	124,828	88,307	9,330	0	0
Total Cash From Operating Activities	684,615	916,631	-408,254	-120,541	600,111	216,280	203,920	-278,073	413,658	265,106	229,549	-147,759	60,124	50,915	50,915	3,193	-80,224	-46,276	-4,670	440	1,752
Total Cashflows From Investing Activities	0	-630,488	-429,570	-319,662	-294,102	29,071	-239,230	-1,093,142	-999,104	-116,049	-37,509	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	2013-03-31	2012-12-31	2012-03-31	2011-12-31	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	2005-12-31	2005-09-30	2005-06-30	2005-03-31	2004-12-31	2004-09-30	2004-06-30
Begin Period Cash Flow	2,985,815	3,250,139	2,075,533	1,954,565	1,959,550	1,948,354	1,693,485	241,505	0	0	0	0	0	0	2,313	553,079	0	0	0	0	0	0	0	0	0	0	0	0	0	0	553,079	345,802	345,802	345,802	549,543	408,149	408,149	408,149	228,250	273,695	273,695	273,695	318,972	318,972	267,400	267,400	424,940	296,400	296,400	424,940	103,100	147,550	103,100	0	115,661	36,873	36,873	0	37,667	-87,161	-87,161	0	40,911	-47,396	-47,396	10,682	0	0	0	0	0	0	0	0
Capital Expenditures	479,151	384,805	319,394	264,774	319,394	127,493	147,629	216,070	37,255	-80,415	140,193	216,070	238,556	54,349	-11,360	255,065	50,192	31,938	13,144	101,567	20,721	63,487	1,870	42,607	310,675	80,229	14,724	72,281	1,111,488	-1,175,233	139,921	216,070	216,070	426,698	599,254	38,238	38,238	-16,719	-6,935	756	756	-29,758	10,384	10,384	205,420	205,420	68,664	134,310	134,310	36,232	72,210	5,868	72,210	35,307	19,733	22,174	104,817	45,514	29,232	11,377	42,007	10,032	7,557	6,189	7,114	2,247	512	561	0	0	0	253	0	0
Cash And Cash Equivalents 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
Cash Flows Other Operating	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	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	-47,193	-257,107	1,174,606	14,938	96,058	6,211	254,869	-214,073	0	0	0	-327,818	0	0	0	-550,766	0	0	0	0	0	0	0	0	50,640	0	0	0	-42,040	0	0	207,277	207,277	0	0	141,394	141,394	0	0	-45,446	-45,446	0	-177,004	-177,004	55,340	55,340	0	128,540	128,540	0	44,450	0	44,450	0	0	78,788	78,788	0	0	124,828	124,828	0	0	88,307	88,307	-15,478	0	0	0	0	0	0	0	0
Change In Working Capital	19,624	14,123	-98,611	224,461	224,461	-120,473	146,857	-62,450	-45,204	286,092	-41,415	-62,450	-154,290	346,584	-74,257	-253,231	-104,044	300,170	-161,151	0	434,879	-42,624	-243,582	0	184,439	8,855	-285,700	0	-306,637	891,402	-122,837	71,990	71,990	-131,828	-456,768	147,515	147,515	127,416	301,255	26,688	26,688	51,386	-19,689	-19,689	46,200	46,200	-9,801	-147,420	-147,420	637	-21,690	-1,872	-21,690	-9,256	-2,563	25,465,684	-91,773	64,961	32,486	-8,198,398	-8,198,398	4,445	-13,961	0	80,282	-1,503	11,244	0	0	0	0	0	0	0
Change Receivables	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	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	0	0	0	14,115	0	0	0	14,115	0	0	0	79,494	0	0	0	40,242	0	0	0	0	0	0	0	0	403	0	0	0	-28,372	0	0	-14,115	-14,115	0	0	-13,345	-13,345	0	0	-1,219	-1,219	0	-30,291	-30,291	-64,900	-64,900	0	-23,000	-23,000	0	76,200	0	76,200	0	0	8,430,376	0	0	0	-53,876,699	-53,876,699	0	0	0	0	0	0	0	0	0	0	0	0	0
Change To Inventory	0	0	0	-84,790	0	0	0	-84,790	0	0	0	-41,883	0	0	0	10,247	0	0	0	0	0	0	0	0	-65,014	0	0	0	-81,166	0	0	84,790	84,790	0	0	-70,201	-70,201	0	0	-24,836	-24,836	0	29,422	29,422	139,700	139,700	0	-75,700	-75,700	0	-19,900	0	-19,900	0	0	-2,361,759	0	0	0	1,519,318	1,519,318	0	0	0	0	0	0	0	0	0	0	0	0	0
Change To Liabilities	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	-27,758	0	0	0	57,310	0	0	0	-23,975	23,958	0	0	151,327	0	0	0	44,231	0	0	67,572	0	68,174	0	0	32,356	0	0	0	68,907	0	30,905	0	26,580	0	0	0	3,698	0	0	0	2,892	0	3,744	3,766	0	0	0	980	0	0
Change To Netincome	0	45,873	145,200	145,200	145,200	145,200	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	128,902	0	0	0	-105,413	0	0	0	-17,120	0	0	0	27,902	0	0	0	43,741	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	507	0	0	0	288	0	0
Change To Operating Activities	0	14,123	-98,611	-98,611	-98,611	-98,611	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	-79,737	0	0	0	-285,377	0	0	0	177,597	0	0	0	126,686	0	0	0	21,158	0	0	0	0	0	0	0	0	0	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	0	76,000	73,000	-24,725	68,000	56,000	0	-24,575	0	0	0	184,393	0	0	0	-67,378	0	0	0	0	0	0	0	0	99,273	0	0	0	95,849	0	0	24,725	24,725	0	0	22,182	22,182	0	0	20,624	20,624	0	20,259	20,259	56,120	56,120	0	31,270	31,270	0	20,510	0	20,510	0	0	757	0	0	0	55,861	55,861	0	0	0	0	0	0	0	0	0	0	0	0	0
Dividends Paid	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	9,582	0	0	0	9,582	0	0	0	305	0	0	0	305	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
End Period Cash Flow	2,938,622	2,993,032	3,250,139	1,969,503	2,055,608	1,954,565	1,948,354	27,432	241,505	0	0	-327,818	0	0	0	2,313	553,079	0	0	0	0	0	0	0	0	0	0	0	0	0	0	553,079	553,079	553,079	345,802	549,543	549,543	549,543	408,149	228,250	228,250	228,250	141,968	141,968	322,740	322,740	267,400	424,940	424,940	296,400	147,550	296,400	147,550	103,100	0	115,661	115,661	36,873	0	37,667	37,667	37,667	0	40,911	40,911	-4,796	10,682	0	0	0	0	0	0	0
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
Free Cash Flow	-288,067	-226,918	-29,835	130,642	136,000	-58,841	145,635	-266,439	0	0	0	-122,779	0	0	0	-158,627	0	0	0	0	0	0	0	0	-106,755	0	0	0	-1,389,561	0	0	2,238	2,238	-231,348	0	220,866	220,866	0	0	72,520	72,520	0	-79,144	-79,144	-145,300	-145,300	0	-192,800	-192,800	0	-21,290	0	-21,290	0	0	-18,981	3,193	0	0	-80,224	-80,224	0	0	-46,276	-46,276	10,146	0	0	0	0	0	187	0	0
Investments	0	-484,740	-337,321	0	-256,432	-127,501	-155,685	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	-88,692	0	0	0	-117,295	0	0	0	-82,691	0	0	0	265	0	0	0	-4,278	0	0	0	0	0	0	0	0	0	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	0	124,252	803,645	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	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	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	161,743	0	0	0	862,287	0	0	0	640,082	0	0	0	90,272	0	0	0	-155,290	0	0	0	0	0	0	0	0	0	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	-1,386	62,469	197,536	98,824	83,712	102,242	88,555	3,513	25,964	35,244	11,261	55,511	6,635	8,833	20,604	12,606	67,737	58,331	62,682	-17,165	111,582	66,540	15,569	43,377	61,403	13,292	38,212	-13,335	65,249	15,614	40,379	62,329	62,329	30,372	17,862	76,171	76,171	104,201	55,783	24,055	24,055	27,692	-104,864	-104,864	-59,888	-59,888	7,082	25,537	25,537	20,317	-15,585	1,497	-15,585	25,344	17,672	-9,428,857	-50,001	11,070	10,546	5,992	5,992	522	-2,871	-5,105	-5,105	239	2,500	688	1,237	1,122	757	919	520	18
Other Cashflows From Financing Activities	226,674	-24,526	547,492	234,411	1,351,137	176,211	212,743	475,207	0	0	0	206,697	0	0	0	505,888	0	0	0	0	0	0	0	0	2,661	0	0	0	412,965	0	0	637,977	637,977	0	0	313,527	313,527	0	0	-64,750	-116,885	0	15,816	-108,667	176,490	176,490	0	311,810	311,810	0	124,150	0	124,150	0	0	-1,735,974	-125,762	0	0	-26,995	-26,995	0	0	88,307	88,307	-15,478	0	0	0	0	0	0	0	0
Other Cashflows From Investing Activities	0	-99,935	-17,927	-17,927	-17,927	-17,927	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	-58,055	0	0	0	94,249	0	0	0	-105,160	0	0	0	-27,585	0	0	0	-10,099	0	0	0	0	0	0	0	0	0	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	172,846	81,295	117,634	-272,197	-15,712	30,883	57,852	-407,215	0	0	0	-505,819	0	-8,833	-20,604	-111,612	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	6,097	57,869	0	0	14,687	12,052	0	0	1,892	1,020	0	-864	34,338	22,318	22,318	0	-3,839,368	-3,839,368	0	-5,357,835	0	-5,357,835	0	0	-2,099,862	53,194	-11,070	-10,546	-86,216	-86,216	-522	2,871	-41,171	-41,171	9,907	0	0	0	0	0	0	0	0
Sale Purchase Of 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	879	0	0	0	24,571	0	0	0	1,867	0	0	0	118,352	0	0	0	60,793	0	0	0	1,260	1,260	0	820	820	0	104,020	0	104,020	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Stock Based Compensation	0	0	0	-1,395	0	0	0	7,413	0	0	0	10,955	0	0	0	7,215	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	1,395	1,395	0	0	1,183	1,183	0	0	889	889	0	1,197	1,197	0	0	0	3,876,671	3,876,671	0	5,436,350	0	5,436,350	0	0	9,102,002	0	0	0	9,101,792	9,101,792	0	0	0	0	0	0	0	0	0	0	0	0	0
Total Cash From Financing Activities	235,793	99,726	1,351,137	-187,926	1,351,137	176,211	212,743	132,870	0	0	0	-215,640	0	0	0	-208,163	0	0	0	0	0	0	0	0	165,283	0	0	0	1,299,823	0	0	215,640	215,640	403,843	0	-5,129	-5,129	0	0	-90,818	-90,818	0	-46,425	-46,425	177,750	177,750	0	312,630	312,630	0	228,170	0	228,170	0	141,436	201,356	201,356	0	0	124,828	124,828	0	0	88,307	88,307	-15,478	15,478	9,330	0	0	0	0	0	0
Total Cash From Operating Activities	191,084	157,887	289,559	395,416	136,000	68,652	293,264	-482,509	0	0	0	-338,849	0	0	0	-413,692	0	0	0	0	0	0	0	0	203,920	0	0	0	-278,073	0	0	218,308	218,308	195,350	0	259,104	259,104	0	0	73,276	73,276	0	-68,760	-68,760	60,120	60,120	0	-58,490	-58,490	0	50,920	0	50,920	0	0	3,193	3,193	0	0	-80,224	-80,224	0	0	-46,276	-46,276	10,146	0	0	0	0	0	440	0	0
Total Cashflows From Investing Activities	0	-484,740	-337,321	-337,321	-337,321	-337,321	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	-341,215	0	0	0	-1,042,557	0	0	0	-999,104	0	0	0	-116,049	0	0	0	-37,509	0	0	0	0	0	0	0	0	0	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	2003-12-31	2002-12-31
Cost Of Revenue	6,333,643	6,205,474	4,367,857	2,786,581	2,482,086	2,969,430	2,752,795	2,435,890	2,890,856	2,379,633	1,378,661	1,204,468	1,716,639	565,586	552,856	633,999	279,022	55,872	11,211	6,465	2,372	2,628
Depreciation And Amortization	-74,837	40,615	282,769	209,118	159,723	129,256	99,273	95,849	94,217	82,627	80,821	81,398	56,117	20,508	20,508	9,282	1,698	915	217	42	38	3
Discontinued Operations	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	-
Ebit	368,981	356,061	-81,337	20,618	111,195	246,608	180,549	7,551	170,374	299,673	62,396	-210,554	-40,879	29,084	6,512	27,596	-219,304	9,387	5,835	1,873	634	921
Ebitda	294,144	396,676	201,432	229,736	270,918	375,864	279,822	103,400	264,591	382,300	143,217	-129,156	15,238	49,592	27,020	36,878	-217,606	10,301	6,052	1,915	671	924
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	-
Extraordinary Items	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	-
Gross Profit	1,279,983	1,263,136	909,312	689,914	718,497	775,082	637,598	417,188	576,770	580,994	275,695	90,361	182,284	98,177	78,105	71,008	23,776	12,340	7,113	3,220	1,741	1,414
Income Before Tax	408,525	356,468	138,464	134,484	179,673	298,492	134,523	87,655	223,471	320,831	56,268	-198,620	-74,365	57,683	21,476	528	-395	-8,998	4,409	1,820	444	706
Income Tax Expense	59,501	73,353	35,844	-1,983	42,066	61,969	40,951	17,976	49,512	77,431	7,640	-5,433	16,540	4,438	-1,302	9,916	-185	432	605	363	34	81
Interest Expense	114,099	74,266	58,153	71,874	81,326	106,032	117,971	69,723	54,148	48,906	46,244	53,305	43,844	9,459	0	11,266	2,367	2,194	239	0	0	0
Interest Income	45,276	40,615	11,051	9,306	12,039	11,207	10,477	10,236	24,289	0	0	0	0	0	0	0	0	0	0	0	0	-
Minority Interest	-112,251	-58,587	-14,628	322,363	31,924	47,372	27,549	14,709	13,542	4,385	13,906	313	0	259	132	0	0	0	0	0	0	-
Net Income	274,187	239,968	95,248	146,703	171,585	237,070	99,572	65,249	171,861	239,502	31,658	-195,469	-90,806	53,113	22,646	-9,388	-210	-9,430	3,804	1,457	761	625
Net Income Applicable To Common Shares	0	239,968	95,248	146,703	171,585	237,070	99,572	65,249	171,861	239,502	31,659	0	0	50,569	22,646	0	0	0	3,804	1,457	0	-
Net Income From Continuing Ops	465,658	298,555	109,876	147,246	166,555	242,431	102,983	65,275	173,316	243,887	45,565	0	0	0	0	0	0	0	0	0	0	-
Net Interest Income	-55,771	-33,651	-47,102	-62,568	-69,287	-94,825	-107,494	-59,487	0	0	0	0	0	0	0	0	0	0	0	0	0	-
Non Operating Income Net Other	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	-
Operating Income	368,981	356,061	-81,337	20,618	111,195	364,657	269,345	93,164	247,371	366,314	130,816	-142,516	6,836	42,720	6,512	24,065	-1,957	1,110	5,231	1,841	643	921
Other Items	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	-
Other Operating Expenses	7,244,645	7,112,549	5,086,788	3,256,065	2,941,704	3,379,855	3,121,048	2,759,914	3,220,255	2,594,313	1,523,540	1,437,345	1,892,087	621,043	624,449	680,941	518,734	67,102	13,093	7,844	3,470	3,121
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	-
Reconciled Depreciation	0	234,559	282,769	209,118	159,723	129,256	99,273	0	0	0	0	0	0	0	0	0	0	0	0	0	0	-
Research Development	100,844	69,822	58,407	45,167	47,045	44,193	28,777	17,407	17,056	12,057	11,685	12,998	19,839	3,175	3,180	1,825	998	398	16	41	20	-
Selling And Marketing Expenses	0	558,926	398,650	224,243	180,326	165,402	156,032	145,367	149,710	125,797	88,426	91,053	69,341	22,127	22,089	10,608	2,909	2,510,642	0	0	0	81
Selling General Administrative	823,595	342,129	308,942	225,597	242,783	245,376	230,998	203,789	162,633	76,826	44,768	128,826	86,268	30,155	46,324	34,510	7,923	5,903,722	1,865	1,338	1,078	324
Tax Provision	86,001	73,353	35,844	-1,983	42,066	61,969	40,951	17,976	49,512	0	0	0	0	0	0	0	0	0	0	0	0	-
Total Operating Expenses	911,002	907,075	718,931	469,484	459,618	410,425	368,253	324,024	329,399	214,680	144,879	232,877	175,448	55,457	71,593	46,943	239,712	11,230	1,882	1,379	1,098	493
Total Other Income Expense Net	39,544	407	219,801	113,866	68,478	28,660	-27,328	53,978	13,417	-10,940	-40,277	-16,159	-45,803	19,338	19,339	-15,803	3,368	-8,277	-604	-32	10	-3
Total Revenue	7,613,626	7,468,610	5,277,169	3,476,495	3,200,583	3,744,512	3,390,393	2,853,078	3,467,626	2,960,627	1,654,356	1,294,829	1,898,923	663,763	630,961	705,006	302,798	68,212	18,324	9,685	4,113	4,042

	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	2004-06-30	2004-03-31
Cost Of Revenue	1,488,633	1,538,281	1,923,449	1,622,967	1,383,280	1,569,913	1,943,136	1,227,425	1,069,458	1,000,821	1,244,874	899,566	899,566	735,943	548,634	690,205	690,205	560,968	853,633	629,732	629,732	567,579	491,155	890,211	890,211	752,422	524,527	619,472	619,472	540,030	667,437	919,826	919,826	722,986	540,113	771,287	771,287	705,090	505,539	418,213	418,213	390,686	331,708	279,969	279,969	318,696	305,054	432,675	432,675	487,735	418,145	375,743	375,743	311,907	230,008	295,018	230,008	178,392	91,096	98,234	98,234	213,256	179,509	112,850	112,850	91,088	57,940	24,271	24,271	12,977	9,312	6,319	7,243	-3,886	3,886	0	3,646	2,057	762	-
Depreciation And Amortization	9,018	18,577	9,456	9,287	7,956	22,900	4,216	587	4,212	2,253	2,837	2,415	2,415	2,031	2,081	2,979	2,979	2,579	4,452	2,180	2,180	2,567	2,883	3,180	3,180	3,382	1,393	2,381	2,381	2,077	2,392	24,725	24,725	4,229	4,078	22,182	22,182	4,215	4,166	20,624	20,624	2,749	3,183	20,259	20,259	3,552	3,416	56,120	56,120	3,040	2,188	31,270	31,270	2,513	20,510	-15,043	20,510	756	2,849	-8,939	-8,939	9,874	10,770	-215,631	-215,631	-1,716	0	77	77	12	4,094	-	0	0	0	0	0	0	0	-
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	0	0	-
Ebit	-20,182	83,016	224,123	135,762	145,604	88,667	116,117	69,551	15,515	53,093	26,380	2,479	2,479	59,047	45,468	111,426	111,426	80,107	60,742	136,564	136,564	95,904	53,938	130,160	130,160	57,770	83,749	-11,761	-11,761	26,969	39,579	84,768	84,768	30,879	32,486	98,489	98,489	156,087	67,699	27,878	27,878	55,273	12,231	-108,081	-108,081	-34,498	-3,075	-75,872	-75,872	-30,703	25,013	9,371	9,371	39,977	-33,321	21,207	-33,321	19,879	12,911	-44,984	-44,984	25,754	23,292	5,491	5,491	-679	-3,024	-4,856	-4,856	872	2,547	0	0	0	0	0	0	0	0	-
Ebitda	-11,164	101,593	233,579	145,049	153,560	111,567	120,333	70,138	19,727	55,346	29,217	4,894	4,894	61,078	47,549	114,405	114,405	82,686	65,194	138,744	138,744	98,471	56,821	133,340	133,340	61,152	85,142	-9,380	-9,380	29,046	41,971	109,493	109,493	35,108	36,564	120,671	120,671	160,302	71,865	48,502	48,502	58,022	15,414	-87,822	-87,822	-30,946	341	-19,752	-19,752	-27,663	27,201	40,641	40,641	42,490	-12,811	6,164	-12,811	20,635	15,760	-53,923	-53,923	35,628	34,062	-210,140	-210,140	-2,395	-2,790	-4,779	-4,779	884	6,641	13,021	-8,512	4,581	4,581	4,581	-5,423	2,421	2,421	2,421
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	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	0	0	-
Gross Profit	213,404	308,004	440,574	348,629	318,001	362,566	371,050	301,294	180,891	228,629	184,787	141,088	141,088	178,417	147,212	229,502	229,502	198,914	182,642	271,309	271,309	200,391	159,435	218,553	218,553	159,801	167,839	48,956	48,956	117,293	138,469	200,452	200,452	126,820	96,538	184,865	184,865	209,291	118,230	101,256	101,256	100,211	48,672	14,870	14,870	7,269	43,168	41,385	41,385	11,904	63,675	76,977	76,977	65,276	24,186	41,913	24,186	34,734	23,080	-29,410	-29,410	39,106	33,076	14,609	14,609	6,349	2,473	100	100	4,822	3,709	13,021	4,581	4,581	4,581	4,581	2,421	2,421	2,421	2,421
Income Before Tax	-15,054	56,510	238,836	112,021	128,233	128,350	114,072	64,481	2,025	31,428	16,310	1,337	1,337	23,394	27,573	92,214	92,214	63,357	50,468	151,229	151,229	79,391	19,620	94,270	94,270	12,786	44,928	-21,489	-21,489	15,332	55,007	94,326	94,326	26,897	20,839	103,656	103,656	142,792	63,487	28,958	28,958	46,924	-13,194	-107,330	-107,330	-45,149	-23,439	-43,313	-43,313	-47,604	8,874	36,072	36,072	25,435	-19,816	2,838	-19,816	26,421	18,835	-48,243	-48,243	13,320	9,419	5,884	5,884	506	-3,024	-4,875	-4,875	552	-2,337	0	951	1,243	1,275	940	1,117	680	23	-
Income Tax Expense	-4,650	-10,583	46,019	21,850	28,715	28,955	27,731	26,516	-5,183	-2,879	-1,645	-2,463	-2,463	20,632	8,899	25,209	25,209	10,434	13,951	36,684	36,684	13,423	7,766	28,940	28,940	6,165	8,958	-10,598	-10,598	16	16,304	30,985	30,985	-3,860	2,680	27,478	27,478	34,357	8,251	3,687	3,687	12,383	-5,064	-3,291	-3,291	-1,796	2,104	16,269	16,269	-3,379	1,907	10,287	10,287	4,893	-4,388	1,454	-4,388	1,103	1,163	1,758	1,758	2,250	-1,127	-108	-108	-16	-153	230	230	313	55	2,282	-951	-951	-951	-951	-364	-364	-364	-364
Interest Expense	33,247	29,949	30,455	20,195	20,448	19,060	19,709	15,532	15,302	13,153	14,795	17,984	17,984	17,917	16,960	19,734	19,734	19,240	20,654	23,003	23,003	26,839	26,596	33,487	33,487	33,656	26,717	22,897	22,897	18,807	11,889	17,065	17,065	13,004	12,878	12,101	12,101	11,984	12,790	9,948	9,948	11,769	9,896	9,894	9,894	15,232	15,059	11,737	11,737	10,795	11,421	6,475	6,475	5,381	2,794	3,862	2,794	2,498	1,913	2,479	2,479	3,379	3,162	1,424	1,424	601	275	214	214	346	817	754	239	0	0	0	0	0	0	-
Interest Income	0	18,577	9,456	7,956	9,287	22,900	4,216	4,212	2,713	2,253	2,837	3,248	2,415	2,031	2,081	2,779	2,979	2,579	4,452	32,971	14,666	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	-	0	0	-	-	0	0	-	0	0	0	0	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	-40,578	-27,566	-23,117	-20,990	-23,777	-14,093	273	-13,648	-2,884	313,229	304,469	322,363	314,858	40,903	41,145	31,924	38,487	42,017	43,045	47,372	41,067	37,846	39,138	1,378	299	2,142	12,271	14,709	0	-1,205	1,205	31	270	707	447	437	4,320	-289	289	3,108	5,661	4,678	459	119	315	0	0	306	0	-58	58	248	225	0	0	157	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	-
Net Income	-1,386	21,891	169,970	77,834	83,712	78,465	74,462	25,964	7,208	35,244	11,261	6,635	6,635	8,833	20,604	67,737	67,737	58,331	62,682	111,584	111,584	66,540	15,569	61,402	61,402	13,293	38,212	-13,328	-13,328	15,614	40,379	62,298	62,298	30,373	17,862	75,735	75,735	104,201	55,783	20,947	20,947	27,692	-12,603	-104,985	-104,985	-43,668	-25,474	-59,888	-59,888	-43,877	7,082	25,537	25,537	20,317	-15,585	1,497	-15,585	25,343	17,672	-50,001	-50,001	11,070	10,546	5,992	5,992	522	-2,871	-5,105	-5,105	239	-2,393	-2,282	951	951	951	951	364	364	364	364
Net Income Applicable To Common Shares	0	21,891	169,970	169,970	77,834	78,465	74,462	9,207	25,964	35,244	11,261	22,779	6,635	8,833	20,604	110,631	67,736	58,331	62,682	-17,165	111,582	66,540	15,569	43,377	61,403	13,292	38,212	-13,335	49,635	15,614	40,379	22,584	62,298	30,372	17,862	61,329	75,735	104,201	55,783	3,783	20,947	27,692	0	0	0	0	0	0	0	-7,082	7,082	5,877	25,537	20,317	3,218	1,497	-2,698	25,344	17,672	0	-11,064	11,064	12,063	18,585	5,992	523	0	0	-239	239	2,500	0	688	1,237	1,122	757	919	520	18	-
Net Income From Continuing Ops	0	62,469	197,536	106,829	98,824	102,242	88,555	8,934	39,612	38,128	18,540	13,596	6,719	8,867	20,413	111,247	67,928	55,226	60,257	-16,856	114,097	68,472	15,973	43,886	292,911	-285,254	109,069	-13,743	65,275	0	0	0	173,316	0	0	0	243,887	0	0	0	45,565	0	0	0	0	0	0	0	0	0	0	0	0	0	0	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	0	-11,372	-20,999	-12,492	-10,908	3,840	-15,493	-11,090	-12,819	-10,900	-11,958	-11,425	-15,569	-15,886	-14,879	-16,234	-16,755	-16,661	-16,202	-19,670	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	-	0	0	-	-	0	0	-	0	0	0	0	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	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	-	0	0	-	-	0	0	-	0	0	0	0	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	0	0	-
Operating Income	-20,182	83,016	224,123	135,762	145,604	88,667	116,117	67,425	15,515	53,093	26,380	2,479	2,479	59,047	45,468	111,426	111,426	80,107	60,742	136,564	136,564	95,904	53,938	130,160	130,160	57,770	83,749	-11,761	-11,761	26,969	39,579	105,284	105,284	30,879	32,486	115,954	115,954	156,087	67,699	45,297	45,297	55,273	12,231	-91,483	-91,483	-34,498	-3,075	-21,515	-21,515	-30,703	25,013	42,096	42,096	39,977	-15,515	21,207	-15,515	19,879	12,911	-44,984	-44,984	25,754	23,292	5,491	5,491	-679	-2,790	-4,856	-4,856	872	2,547	13,021	-8,512	4,581	4,581	4,581	-5,423	2,421	2,421	2,421
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	0	0	-
Other Operating Expenses	1,722,219	1,763,269	2,139,900	1,835,834	1,555,677	1,843,812	2,198,069	1,461,294	1,234,834	1,176,357	1,403,281	1,038,175	1,038,175	855,313	650,378	808,281	808,281	679,775	975,533	764,477	764,477	672,066	596,652	978,604	978,604	854,453	608,617	680,189	680,189	630,354	766,327	1,014,994	1,014,994	818,927	604,165	840,198	840,198	758,294	556,070	474,172	474,172	435,624	368,149	386,322	386,322	360,463	351,297	495,575	495,575	530,342	456,807	410,624	410,624	337,206	269,709	315,724	269,709	193,247	101,265	113,807	113,807	226,608	189,293	335,947	335,947	98,116	63,203	29,227	29,227	16,927	10,473	0	13,093	0	0	0	7,844	0	0	-
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	-
Reconciled 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	24,725	0	0	0	22,182	0	0	0	20,624	0	-	0	20,259	-	-	0	56,120	-	0	0	31,270	0	0	0	20,510	0	0	0	0	0	0	0	0	0	0	0	0	0	0	-	0	0	0	0	0	0	0	-
Research Development	31,503	28,897	23,137	20,607	17,307	17,885	18,050	19,306	13,280	13,493	13,158	10,040	10,040	14,147	10,924	10,179	10,179	11,567	12,133	15,417	15,417	10,143	9,134	8,564	8,564	7,271	7,318	3,204	3,204	4,646	5,052	4,818	4,818	4,055	4,315	3,413	3,413	3,182	2,913	3,234	3,234	2,968	3,041	3,128	3,128	3,380	3,459	5,012	5,012	7,885	4,894	2,064	2,064	1,256	1,217	1,834	1,217	964	530	473	473	603	447	321	321	287	204	283	283	70	22	27	6	2	8	8	41	41	41	-
Selling And Marketing Expenses	0	99,766	87,686	126,313	88,371	165,751	158,017	129,463	108,845	101,526	83,581	64,123	64,123	53,998	53,463	50,099	50,099	46,935	45,361	44,372	44,372	38,423	40,275	39,935	39,935	42,831	39,324	42,749	42,749	33,965	33,864	39,384	39,384	37,248	32,239	36,224	36,224	35,362	29,466	28,457	28,457	21,248	19,950	24,965	24,965	21,372	24,405	21,094	21,094	18,685	16,954	14,161	14,161	10,309	10,415	10,698	10,415	6,564	3,229	10,607,562	10,607,562	0	0	2,909	2,909	0	0	2,510,642	2,510,642	0	0	-	0	0	0	0	0	0	0	-
Selling General Administrative	0	114,033	139,571	89,207	78,648	102,192	87,920	89,663	62,810	83,244	68,578	70,099	70,099	56,183	46,354	64,133	64,133	61,491	65,735	81,309	81,309	58,862	56,433	69,650	69,650	53,328	52,950	62,838	62,838	51,713	59,974	50,966	50,966	54,638	27,498	29,274	29,274	14,660	18,152	24,268	24,268	20,722	13,450	78,260	78,260	17,015	18,379	36,794	36,794	16,037	16,814	18,655	18,655	13,734	28,069	8,174	28,069	7,327	6,410	34,510,263	34,510,263	12,749	9,337	7,923	7,923	6,741	5,059	5,903,722	5,903,722	3,880	1,139	548	545	500	432	405	547	351	481	-
Tax Provision	0	-10,583	46,019	28,715	21,850	28,955	27,731	-5,183	26,516	-2,879	-1,645	13,852	-2,463	20,632	8,899	-29,051	25,209	10,434	13,951	-7,529	36,689	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	-	0	0	-	-	0	0	-	0	0	0	0	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	233,586	224,988	216,451	212,867	172,397	273,899	254,933	233,869	165,376	175,536	158,407	138,609	138,609	119,370	101,744	118,076	118,076	118,807	121,900	134,745	134,745	104,487	105,497	88,393	88,393	102,031	84,090	60,717	60,717	90,324	98,890	95,168	95,168	95,941	64,052	68,911	68,911	53,204	50,531	55,959	55,959	44,938	36,441	106,353	106,353	41,767	46,243	62,900	62,900	42,607	38,662	34,880	34,880	25,299	39,701	20,706	39,701	14,855	10,169	15,574	15,574	13,352	9,784	223,097	223,097	7,028	5,263	4,956	4,956	3,950	1,162	0	-13,093	0	0	0	-7,844	0	0	-
Total Other Income Expense Net	5,128	-15,134	35,712	-23,741	-17,371	39,683	-2,045	9,875	-13,490	-10,765	1,888	14,427	14,427	-19,767	-3,016	-2,457	-2,457	-89	5,928	35,488	35,488	7,759	-10,605	-5,583	-5,583	-14,710	-13,497	10,788	10,788	5,093	24,925	1,898	1,898	4,793	-2,847	-4,425	-4,425	-5,040	5,013	-9,168	-9,168	671	-18,712	-9,614	-9,614	1,029	-8,721	-11,824	-11,824	-9,146	-6,906	-946	-946	-11,674	-2,423	536	-2,423	8,284	4,988	-3,333	-3,333	-9,874	-10,770	1,652	1,652	1,716	-234	-77	-77	-12	-4,094	0	0	0	0	0	0	0	0	-
Total Revenue	1,702,037	1,846,285	2,364,023	1,971,596	1,701,281	1,932,479	2,314,186	1,528,719	1,250,349	1,229,450	1,429,661	1,040,654	1,040,654	914,360	695,846	919,707	919,707	759,882	1,036,275	901,041	901,041	767,970	650,590	1,108,764	1,108,764	912,223	692,366	668,428	668,428	657,323	805,906	1,120,278	1,120,278	849,806	636,651	956,152	956,152	914,381	623,769	519,469	519,469	490,897	380,380	294,839	294,839	325,965	348,222	474,060	474,060	499,639	481,820	452,720	452,720	377,183	254,194	336,931	254,194	213,126	114,176	68,823	68,823	252,362	212,585	127,459	127,459	97,437	60,413	24,371	24,371	17,799	13,021	13,021	4,581	4,581	4,581	4,581	2,421	2,421	2,421	2,421

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

Gross Profit (+$)
totalRevenue	7,613,626
Cost of Revenue	-6,333,643
Gross Profit	1,279,983	1,279,983

Operating Income (+$)
Gross Profit	1,279,983
Operating Expense	-911,002
Operating Income	368,981	368,981

Operating Expense (+$)
Research Development	100,844
Selling General Administrative	823,595
Selling And Marketing Expenses	0
Operating Expense	911,002	924,439

Net Interest Income (+$)
Interest Income	45,276
Interest Expense	-114,099
Other Finance Cost	-13,052
Net Interest Income	-55,771

Pretax Income (+$)
Operating Income	368,981
Net Interest Income	-55,771
Other Non-Operating Income Expenses	0
Income Before Tax (EBT)	408,525	329,437 EBIT - interestExpense = 254,882 333,688 388,286
Interest Expense	114,099
Earnings Before Interest and Taxes (EBIT)	368,981	522,624
Earnings Before Interest and Taxes (EBITDA)	294,144

After tax Income (+$)
Income Before Tax	408,525
Tax Provision	-86,001
Net Income From Continuing Ops	465,658	322,524
Net Income	274,187
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	7,244,645
Total Other Income/Expenses Net	39,544	55,771

Technical Analysis of Canadian Solar Inc
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 Canadian Solar Inc. The general trend of Canadian Solar Inc is BEARISH 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 Canadian Solar Inc'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 Canadian Solar Inc.

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: 17.82 < 17.84 < 20.26.

The bearish price targets are: .

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Canadian Solar Inc 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 Canadian Solar Inc. The current mas is .

The long score for the Moving Averages is 0/14.
The longshort score for the Moving Averages is -14/(-14 +14).

MA 20 trending down: The MA 20 is trending down. -1
Close < MA 20: The price is below the MA 20. -1
MA 20 < MA 50: The MA 20 is lower than the MA 50. -1
MA 20 < MA 100: The MA 20 is lower than the MA 100. -1
MA 20 < MA 200: The MA 20 is lower than the MA 200. -1
MA 50 trending down: The MA 50 is trending down. -1
Close < MA 50: The price is below the MA 50. -1
MA 50 < MA 100: The MA 50 is lower than the MA 100. -1
MA 50 < MA 200: The MA 50 is lower than the MA 200. -1
MA 100 trending down: The MA 100 is trending down. -1
Close < MA 100: The price is below the MA 100. -1
MA 100 < MA 200: The MA 100 is lower than the MA 200. -1
MA 200 trending down: The MA 200 is trending down. -1
Close < MA 200: The price is below 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.

Canadian Solar Inc 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 Canadian Solar Inc. The current macd is -1.31421085.

The long score for the Moving Average Convergence/Divergence (MACD) is 0/4.
The longshort score for the Moving Average Convergence/Divergence (MACD) is -4/(-4 +4).

MACD line < signal line: The MACD line is below the signal 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 Canadian Solar Inc price going down in the near term. -2
MACD < 0: The MACD is below the zero line (centerline), it indicates a bearish signal for Canadian Solar Inc. This means that the short-term moving average is lower than the long-term moving average, signaling negative momentum and suggesting a higher likelihood of the Canadian Solar Inc price continuing to fall in the near future. It indicates that sellers are gaining control, and there is negativism in the market, leading to potential price decreases. -1
Trending down: The MACD line is trending down. This indicates that the short-term moving average is falling faster than the long-term moving average, suggesting negative momentum in the market. This signals that sellers are becoming more active and insecure, leading to potential price decreases as traders anticipate further losses and are willing to sell at lower prices. -1

Canadian Solar Inc 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 Canadian Solar Inc. The current adx is 19.97.

The long score for the Directional Movement Index (DMI) is 0/7.
The longshort score for the Directional Movement Index (DMI) is -2/(-7 +7).

PLUS_ID < MINUS_DI: The +DI line is below the -DI line. This indicates a bearish signal in the market, as the negative directional movement is currently stronger than the positive directional movement, showing that sellers have the upper hand. Market psychology suggests that traders are pessimistic, expecting further price decreases, and are more willing to sell Canadian Solar Inc shares, leading to potential downward momentum in its price. -1
PLUS_ID < MINUS_DI && ADX < 25 && ADX trending up: The ADX is below 25 and indicates a weak or no trend. However, the ADX is rising and a new bearish trend could be forming. -1

Canadian Solar Inc 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 Canadian Solar Inc. The current sar is 17.98.

The long score for the Parabolic SAR is 0/1.
The longshort score for the Parabolic SAR is -1/(-1 +1).

Close < SAR: The price is below the SAR. It's generally considered a bearish signal. -1

Canadian Solar Inc 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 Canadian Solar Inc. The current rsi is 27.99. The current phase is Oversold in bear market.

The long score for the Relative Strength Index (RSI) is 1/13.
The longshort score for the Relative Strength Index (RSI) is 0/(-13 +13).

Oversold in bear market: Short-term excessive selling, potential for relief rally. Be cautious, consider taking short-term long positions. +1
Trending down: The RSI is trending down. -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.

Canadian Solar Inc 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 Canadian Solar Inc. The current phase is Oversold in bear 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 below 50. There are more sellers than buyers. -1
STOCH < 20: The STOCH %K is below 20 and oversold. -2
STOCH %K line > STOCH %D line: The STOCH %K line is above the STOCH %D 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 Canadian Solar Inc price going up in the near term. +2
Trending up: The STOCH %K is trending up. +1

Canadian Solar Inc 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 Canadian Solar Inc. The current cci is -158.41812112.

The long score for the Commodity Channel Index (CCI) is 0/1.
The longshort score for the Commodity Channel Index (CCI) is -1/(-1 +1).

CCI < -100: The CCI is below -100, it indicates that the price is significantly below its average, suggesting a potential oversold condition. -1

Canadian Solar Inc 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 Canadian Solar Inc. The current cmo is -53.09636354.

The long score for the Chande Momentum Oscillator (CMO) is 0/1.
The longshort score for the Chande Momentum Oscillator (CMO) is -1/(-1 +1).

CMO < 0: The CMO is below 0, the momentum of the price is negative, indicating a potential downtrend in the price. -1

Canadian Solar Inc 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 Canadian Solar Inc. The current willr is -93.17073171.

The long score for the Williams %R is 0/1.
The longshort score for the Williams %R is -1/(-1 +1).

WILLR < -80: The Williams %R is below -80. This indicates that the price is in oversold territory, suggesting a potential price correction or trend reversal to the upside. -1

Canadian Solar Inc 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 Canadian Solar Inc.

Canadian Solar Inc 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 Canadian Solar Inc. The current atr is 0.97572074.

Canadian Solar Inc 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 Canadian Solar Inc. The current obv is -44,369,939.

Canadian Solar Inc 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 Canadian Solar Inc. The current mfi is 22.99.

The long score for the Money Flow Index (MFI) is 0/2.
The longshort score for the Money Flow Index (MFI) is -1/(-2 +2).

MFI < 50: -1

Canadian Solar Inc Daily Money Flow Index (MFI) Chart

6. Summary

6.1. Notifications

Type	Notification	Date
Currently no notifications for Canadian Solar Inc.

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

6.3. Candlestick Patterns

Canadian Solar Inc Daily Candlestick Chart

Date	Candlestick Pattern

6.4. Technical Score

Let's check the technical score of Canadian Solar Inc based on Penke's default Symbol scanner.

Penke's Symbol Scanner

Indicator	Condition		Value
Rsi	Greater than	50	27.994
Ma 20	Greater than	Ma 50	17.643
Ma 50	Greater than	Ma 100	19.733
Ma 100	Greater than	Ma 200	21.345
Open	Greater than	Close	15.070
Total			1/5 (20.0%)

Create your own Symbol Scanner

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Quick analysis of Canadian Solar Inc (30 sec.)

What can you expect buying and holding a share of Canadian Solar Inc? (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 Canadian Solar Inc (5 min.)

$14.53

$56.11

$-97.49 - $-115.78

$-41.38 - $-59.67

2. Growth of Canadian Solar Inc (5 min.)

Is Canadian Solar Inc growing?

How much money is Canadian Solar Inc making?

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

3. Financial Health of Canadian Solar Inc (5 min.)

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

Industry Rankings (Solar)

What can you expect buying and holding a share of Canadian Solar Inc? (5 min.)

What can you expect buying and holding a share of Canadian Solar Inc?

Speculation

Investing

How much money are you going to get?

When do you get the money?

How sure are you?

Linear %

Fundamentals of Canadian Solar Inc

About Canadian Solar Inc

Financial Health

Valuation

1.1. Profitability of Canadian Solar Inc.

1.1. Profitability

1.1.1. Net Profit Margin

Trends

Compared to industry (Solar)

1.1.2. Return on Assets

Trends

Compared to industry (Solar)

1.1.3. Return on Equity

Trends

Compared to industry (Solar)

1.2. Operating Efficiency of Canadian Solar Inc.

1.2. Operating Efficiency

1.2.1. Operating Margin

Trends

Compared to industry (Solar)

1.2.2. Operating Ratio

Trends

Compared to industry (Solar)

1.3. Liquidity of Canadian Solar Inc.

1.3. Liquidity

1.3.1. Current Ratio

Trends

Compared to industry (Solar)

1.3.2. Quick Ratio

Trends

Compared to industry (Solar)

1.4. Solvency of Canadian Solar Inc.

1.3. Liquidity

1.4.1. Debt to Asset Ratio

Trends

Compared to industry (Solar)

1.4.2. Debt to Equity Ratio

Trends

Compared to industry (Solar)

2. Market Valuation of Canadian Solar Inc

2.1. Earnings Per Share

2.1. Price to Earnings Ratio

Trends

Compared to industry (Solar)

Canadian Solar Inc
Buy, Hold or Sell?