Discover Financial Services
Buy, Hold or Sell?

Let's analyse Discover together

Penke I guess you are interested in Discover Financial Services. 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 Discover Financial Services. 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 Discover (30 sec.)

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

How much money do you get?

$2.96

When do you have the money?

1 year

How often do you get paid?

100.0%

What is your share worth?

Current worth

$59.16

Expected worth in 1 year

$64.76

How sure are you?

95.0%

+ What do you gain per year?

Total Gains per Share

$8.56

Return On Investment

7.1%

For what price can you sell your share?

Current Price per Share

$119.89

Expected price per share

$118.74 - $131.65

How sure are you?

50%

1. Valuation of Discover (5 min.)

Live pricePrice per Share (EOD)

$119.89

Book Value per Share

$59.16

Intrinsic Value Per Share

$256.50 - $572.22

Total Value Per Share

$315.66 - $631.38

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

The following numbers are based on moving averages and per share and per quarter.
I use a 6% discount rate for the low estimation and 3% for the high estimation.
The current Free Cash Flow Per Share is 10Y: ($4.23) 3Y: ($6.41) TTM: ($8.15)
The change per quarter (trend) of the Free Cash Flow Per Share is 10Y: ($0.23) 3Y: ($0.52) TTM: ($0.86)

Years	Total Low est.	Total High est.	Added Free Cash Flow
1	$18.51	$30.27	$20.60 - $33.98
2	$39.35	$67.61	$24.31 - $42.32
3	$62.18	$111.58	$28.01 - $50.66
4	$86.72	$161.77	$31.71 - $59.01
5	$112.70	$217.77	$35.42 - $67.35
6	$139.88	$279.20	$39.12 - $75.69
7	$168.04	$345.70	$42.82 - $84.03
8	$196.98	$416.92	$46.52 - $92.37
9	$226.52	$492.53	$50.23 - $100.71
10	$256.50	$572.22	$53.93 - $109.06

2. Growth of Discover (5 min.)

Is Discover growing?

	Current year	Previous year	Grow	Grow %
How rich?	$14.8b	$14b	$78.8b	84.9%

How much money is Discover making?

	Current year	Previous year	Grow	Grow %
Making money	$737m	$1b	-$340.5m	-46.2%
Net Profit Margin	18.3%	32.8%	-	-

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

Quarterly Yearly

3. Financial Health of Discover (5 min.)

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

Industry Rankings (Credit Services)

Richest
#8 / 249

Most Revenue
#8 / 249

Most Profit
#10 / 249

Most Efficient
#104 / 249

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

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

What can you expect buying and holding a share of Discover?

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

Speculation

The Price per Share of Discover is $119.89. 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 Discover.
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 Discover, 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 $59.16. Based on the TTM, the Book Value Change Per Share is $1.40 per quarter. Based on the YOY, the Book Value Change Per Share is $1.87 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 $0.74 per quarter.

Based on historical numbers we can estimate the returns while holding a share of Discover.

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	1.55	1.3%	2.81	2.3%	3.87	3.2%	2.85	2.4%	2.17	1.8%
Usd Book Value Change Per Share	-435.58	-363.3%	1.40	1.2%	1.87	1.6%	1.30	1.1%	0.91	0.8%
Usd Dividend Per Share	0.77	0.6%	0.74	0.6%	0.63	0.5%	0.56	0.5%	0.44	0.4%
Usd Total Gains Per Share	-434.82	-362.7%	2.14	1.8%	2.50	2.1%	1.86	1.6%	1.36	1.1%
Usd Price Per Share	112.40	-	103.68	-	98.38	-	90.43	-	76.53	-
Price to Earnings Ratio	18.15	-	10.42	-	6.35	-	4.92	-	7.95	-
Price-to-Total Gains Ratio	-0.26	-	1.77	-	43.63	-	36.42	-	62.18	-
Price to Book Ratio	1.90	-	0.64	-	1.96	-	1.83	-	2.04	-
Price-to-Total Gains Ratio	-0.26	-	1.77	-	43.63	-	36.42	-	62.18	-

When do you get the money?

Usd Investment	$.00
Usd Price Per Share	119.89
Number of shares	8

Gains per Quarter	Trailing 12 Months	5 Year
Usd Dividend Per Share	0.74	0.56
Usd Book Value Change Per Share	1.40	1.30
Usd Total Gains Per Share	2.14	1.86
Gains per Quarter (8 shares)	17.13	14.88
Gains per Year (8 shares)	68.51	59.53

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	24	45	59	18	41	50
2	47	90	128	36	83	110
3	71	134	197	54	124	170
4	95	179	266	72	166	230
5	119	224	335	90	207	290
6	142	269	404	108	249	350
7	166	314	473	126	290	410
8	190	358	542	144	332	470
9	213	403	611	162	373	530
10	237	448	680	180	415	590

How sure are you?

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

Linear %

	Trailing 12 Months				3Y				5 Year				10 Year				ALLTIME
				%				%				%				%				%
Earnings Per Share	4.0	0.0	0.0	100.0%	12.0	0.0	0.0	100.0%	18.0	2.0	0.0	90.0%	38.0	2.0	0.0	95.0%	71.0	2.0	0.0	97.3%
Book Value Change 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%	62.0	11.0	0.0	84.9%
Dividend per Share	4.0	0.0	0.0	100.0%	12.0	0.0	0.0	100.0%	20.0	0.0	0.0	100.0%	40.0	0.0	0.0	100.0%	70.0	0.0	3.0	95.9%
Total Gains 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%	38.0	2.0	0.0	95.0%	66.0	7.0	0.0	90.4%

Fundamentals of Discover

About Discover Financial Services

https://www.discover.com
Credit Services
21100
2500 Lake Cook Road, Riverwoods, IL, United States, 60015
Google Maps Bing Maps

Discover Financial Services, through its subsidiaries, provides digital banking products and services, and payment services in the United States. It operates in two segments, Digital Banking and Payment Services. The Digital Banking segment offers Discover-branded credit cards to individuals; private student loans, personal loans, home loans, and other consumer lending; and direct-to-consumer deposit products comprising savings accounts, certificates of deposit, money market accounts, IRA certificates of deposit, IRA savings accounts and checking accounts, and sweep accounts. The Payment Services segment operates the PULSE to access automated teller machines, debit, and electronic funds transfer network; and Diners Club International, a payments network that issues Diners Club branded charge cards and/or provides card acceptance services, as well as offers payment transaction processing and settlement services. The company was incorporated in 1960 and is based in Riverwoods, Illinois.

Fundamental data was last updated by Penke on 2024-04-13 11:40:05.

Financial Health

Profitability Details

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

Operating Efficiency Details

	Compared to previous year	Compared to industry
The company is operating very efficient.

Liquidity Details

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

Solvency Details

	Compared to previous year	Compared to industry
The company is very 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 underpriced.
Based on how much money comes from the company's main activities, the company is cheap.

1.1. Profitability of Discover Financial Services.

1.1. Profitability

1.1.1. Net Profit Margin

Measures how much net profit Discover earns for each $1 of revenue.

Above 10% is considered healthy but always compare Discover to the Credit Services industry mean.
A Net Profit Margin of 6.9% means that $0.07 for each $1 in revenue is generated as profit.

Let's take a look of the Net Profit Margin trends of Discover Financial Services:

The MRQ is 6.9%. The company is making a profit. +1
The TTM is 18.3%. The company is making a huge profit. +2

Trends

Current period		Compared to		+/-
MRQ	6.9%	TTM	18.3%	-11.3%
TTM	18.3%	YOY	32.8%	-14.5%
TTM	18.3%	5Y	26.4%	-8.2%
5Y	26.4%	10Y	25.9%	+0.5%

Compared to industry (Credit Services)

Period	Company	Industry (mean)	+/-
MRQ	6.9%	14.4%	-7.5%
TTM	18.3%	14.8%	+3.5%
YOY	32.8%	18.3%	+14.5%
5Y	26.4%	16.4%	+10.0%
10Y	25.9%	15.5%	+10.4%

Measures how much net profit Discover earns for each $1 of revenue.

Revenue is the amount of profit Discover 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 Discover 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 Discover to the Credit Services industry mean.
Can be used to compare companies within the Credit Services industry.

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

Why do investors use net profit margin in their analysis

It helps investors to determine the efficiency of Discover. If profit margins remain low (compared to the Credit Services 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 Discover is 0.07. This means that Discover earned $0.07 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 Credit Services industry is 14.4%.
What is the trend?
The trend is important because it shows you how Discover is performing over time. The most recent quarter might be important if Discover 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 Discover 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 Discover with other companies in the same industry (Credit Services).
Net profit margin should rise over the years.
Can be influenced when Discover sells assets (profit will increase while costs remain the same).
It won’t show what part of Discover 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 Discover

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 Discover = 388,000
Total revenue MRQ Discover = 5,596,000
$388,000 / $5,596,000 = 0.07 or 6.9%

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 Discover is using its assets to generate profit.

Above 5% is considered healthy but always compare Discover to the Credit Services industry mean.
0.3% Return on Assets means that Discover generated $0.00 profit for each $1 in assets.

Let's take a look of the Return on Assets trends of Discover Financial Services:

The MRQ is 0.3%. Using its assets, the company is inefficient in making profit. -1
The TTM is 0.5%. Using its assets, the company is inefficient in making profit. -1

Trends

Current period		Compared to		+/-
MRQ	0.3%	TTM	0.5%	-0.3%
TTM	0.5%	YOY	0.9%	-0.4%
TTM	0.5%	5Y	0.7%	-0.2%
5Y	0.7%	10Y	0.7%	+0.0%

Compared to industry (Credit Services)

Period	Company	Industry (mean)	+/-
MRQ	0.3%	0.9%	-0.6%
TTM	0.5%	1.0%	-0.5%
YOY	0.9%	0.9%	+0.0%
5Y	0.7%	0.9%	-0.2%
10Y	0.7%	0.9%	-0.2%

Shows how efficient Discover 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 Discover to the Credit Services 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 Discover is using its resources to generate profit. If the return on assets (0.3%) from Discover are higher than the Credit Services mean (0.9%) that means Discover 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 Discover is 0.3%. 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 Credit Services industry is 0.9%.
What is the trend?
The trend is important because it shows you how Discover is performing over time. The most recent quarter might be important if Discover 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 Discover 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 Discover

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

Income statement
Balance sheet

Net income MRQ (income statement) from Discover = 388,000
Total assets MRQ (balance sheet) from Discover = 151,609,000
388,000 / 151,609,000 = 0.00 or 0.3%

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

Above 15%-20% is considered healthy but always compare Discover to the Credit Services industry mean.
2.6% Return on Equity means Discover generated $0.03 for each $1 the owners (shareholders) invested.

Let's take a look of the Return on Equity trends of Discover Financial Services:

The MRQ is 2.6%. Using its investors money, the company is inefficient in making profit. -1
The TTM is 5.2%. Using its investors money, the company is less efficient in making profit.

Trends

Current period		Compared to		+/-
MRQ	2.6%	TTM	5.2%	-2.6%
TTM	5.2%	YOY	7.7%	-2.5%
TTM	5.2%	5Y	6.5%	-1.3%
5Y	6.5%	10Y	5.9%	+0.6%

Compared to industry (Credit Services)

Period	Company	Industry (mean)	+/-
MRQ	2.6%	3.6%	-1.0%
TTM	5.2%	3.8%	+1.4%
YOY	7.7%	3.6%	+4.1%
5Y	6.5%	3.4%	+3.1%
10Y	5.9%	3.7%	+2.2%

Shows how efficient Discover 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 Discover to the Credit Services 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 Credit Services 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 Discover is 2.6%. This means Discover generated $0.03 for each $1 the owners (shareholders) invested.
How does it compare to the industry?
The mean MRQ Return on Equity of the Credit Services industry is 3.6%.
What is the trend?
The trend is important because it shows you how Discover is performing over time. The most recent quarter might be important if Discover 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 Discover up to 10 years back (depending if Discover 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 Discover

You need the following data to determine ROE:

Income statement
Balance sheet
Net profit MRQ (income statement) Discover = 388,000
Shareholders equity (balance sheet) MRQ Discover = 14,828,000
388,000 / 14,828,000 = 0.03 or 2.6%

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 Discover Financial Services.

1.2. Operating Efficiency

1.2.1. Operating Margin

Measures how efficient Discover is operating .

Measures how much profit Discover 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 Discover to the Credit Services industry mean.
An Operating Margin of 0.0% means the company generated $0.00 for each $1 in revenue (before taxes).

Let's take a look of the Operating Margin trends of Discover Financial Services:

The MRQ is 0.0%. The data is not here.

Trends

Current period		Compared to		+/-
MRQ	-	TTM	25.5%	-25.5%
TTM	25.5%	YOY	52.7%	-27.2%
TTM	25.5%	5Y	36.6%	-11.1%
5Y	36.6%	10Y	37.7%	-1.2%

Compared to industry (Credit Services)

Period	Company	Industry (mean)	+/-
MRQ	-	20.8%	-20.8%
TTM	25.5%	19.3%	+6.2%
YOY	52.7%	27.9%	+24.8%
5Y	36.6%	21.9%	+14.7%
10Y	37.7%	26.1%	+11.6%

Measures how efficient Discover 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 Discover to the Credit Services 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 Discover 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 Discover is 0.0%. This means that Discover earned $0.00 for each $1 in revenue in the most recent quarter.
How does it compare to the industry?
The mean MRQ Operating Margin of the Credit Services industry is 20.8%.
What is the trend?
The trend is important because it shows you how Discover is performing over time. The most recent quarter might be important if Discover 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 Discover 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 Discover

You need the following data to determine operating margin:

Income statement
Operating earnings MRQ Discover = 4,492,000
Total revenue MRQ Discover = 5,596,000
$4,492,000 / $5,596,000 = 0.00 or 0.0%

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 Discover is keeping operating costs low.

Below 1 is considered healthy (always compare to Credit Services industry mean).
An Operation Ratio of 0.20 means that the operating costs are $0.20 for each $1 in net sales.

Let's take a look of the Operating Ratio trends of Discover Financial Services:

The MRQ is 0.197. The company is very efficient in keeping operating costs low. +2
The TTM is -0.289.

Trends

Current period		Compared to		+/-
MRQ	0.197	TTM	-0.289	+0.486
TTM	-0.289	YOY	-0.113	-0.176
TTM	-0.289	5Y	0.045	-0.334
5Y	0.045	10Y	0.388	-0.343

Compared to industry (Credit Services)

Period	Company	Industry (mean)	+/-
MRQ	0.197	0.817	-0.620
TTM	-0.289	0.814	-1.103
YOY	-0.113	0.788	-0.901
5Y	0.045	0.766	-0.721
10Y	0.388	0.734	-0.346

Measures how efficient Discover 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 Discover to the Credit Services 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 Discover is 19.7%. This means that Discover earned $0.20 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 Credit Services industry is 0.82.
What is the trend?
The trend is important because it shows you how Discover is performing over time. The most recent quarter might be important if Discover 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 Discover 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 Discover

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
(0 +1,104,000) \ 5,596,000 = 0.20

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 Discover Financial Services.

1.3. Liquidity

1.3.1. Current Ratio

Measures if Discover is able to pay off Short-term Debt.

Above 1.5 is considered healthy (always compare to Credit Services industry mean).
A Current Ratio of 0.56 means the company has $0.56 in assets for each $1 in short-term debts.

Let's take a look of the Current Ratio trends of Discover Financial Services:

The MRQ is 0.564. The company is unable to pay all its short-term debts. -2
The TTM is 1.601. The company is able to pay all its short-term debts. +1

Trends

Current period		Compared to		+/-
MRQ	0.564	TTM	1.601	-1.036
TTM	1.601	YOY	17.036	-15.435
TTM	1.601	5Y	10.180	-8.579
5Y	10.180	10Y	5.191	+4.989

Compared to industry (Credit Services)

Period	Company	Industry (mean)	+/-
MRQ	0.564	2.816	-2.252
TTM	1.601	3.208	-1.607
YOY	17.036	2.373	+14.663
5Y	10.180	3.940	+6.240
10Y	5.191	3.974	+1.217

Measures if Discover 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 Credit Services 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 Discover 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 Discover is 0.56. This means Discover has $0.56 in assets for each $1 in short-term debts.
How does it compare to the industry?
The mean MRQ Current Ratio of the Credit Services industry is 2.82.
What is the trend?
The trend is important because it shows you how Discover is performing over time. The most recent quarter might be important if Discover 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 Discover 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 Discover

You need the following data to determine operating ratio:

Balance sheet
Current ratio = current assets \ current liabilities
3,493,000 \ 6,192,000) = 0.56

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

Above 1 is considered healthy but always compare Discover to the Credit Services industry mean.
A Quick Ratio of 2.56 means the company can pay off $2.56 for each $1 in debt (using most liquid assets).

Let's take a look of the Quick Ratio trends of Discover Financial Services:

The MRQ is 2.563. The company is very able to pay all its short-term debts with the most liquid assets. +2
The TTM is 10.178. The company is very able to pay all its short-term debts with the most liquid assets. +2

Trends

Current period		Compared to		+/-
MRQ	2.563	TTM	10.178	-7.615
TTM	10.178	YOY	30.530	-20.352
TTM	10.178	5Y	10.498	-0.320
5Y	10.498	10Y	5.999	+4.498

Compared to industry (Credit Services)

Period	Company	Industry (mean)	+/-
MRQ	2.563	1.748	+0.815
TTM	10.178	1.975	+8.203
YOY	30.530	1.786	+28.744
5Y	10.498	3.594	+6.904
10Y	5.999	3.498	+2.501

1.4. Solvency of Discover Financial Services.

1.3. Liquidity

1.4.1. Debt to Asset Ratio

Measures how much % of Discover assets are financed with debt.

Below 1 (100%) is considered healthy but always compare Discover to Credit Services industry mean.
A Debt to Asset Ratio of 0.90 means that Discover assets are financed with 90.2% credit (debt) and the remaining percentage (100% - 90.2%) is financed by its owners/shareholders.

Let's take a look of the Debt to Asset Ratio trends of Discover Financial Services:

The MRQ is 0.902. The company is just able to pay all its debts by selling its assets.
The TTM is 0.330. The company is very able to pay all its debts by selling its assets. +2

Trends

Current period		Compared to		+/-
MRQ	0.902	TTM	0.330	+0.572
TTM	0.330	YOY	0.882	-0.551
TTM	0.330	5Y	0.781	-0.450
5Y	0.781	10Y	0.829	-0.048

Compared to industry (Credit Services)

Period	Company	Industry (mean)	+/-
MRQ	0.902	0.728	+0.174
TTM	0.330	0.714	-0.384
YOY	0.882	0.717	+0.165
5Y	0.781	0.703	+0.078
10Y	0.829	0.692	+0.137

Measures how much % of Discover assets are financed with debt.

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

How to use debt to asset ratio

Lower is better.
below 1 (100%) is considered healthy but always compare Discover to Credit Services 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 Discover is 0.90. This means means that Discover is financed with 90.2% 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 Credit Services industry is 281.6%.
What is the trend?
The trend is important because it shows you how Discover is performing over time. The most recent quarter might be important if Discover 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 Discover 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 Discover has so much debt.

How to calculate debt to asset ratio

Debt to asset ratio = total debt \ total assets

Real life example Discover

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

Balance sheet
Debt to asset ratio = total debt \ total assets
136,781,000 \ 151,609,000 = 90.2% or 0.90.

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 Discover is able to pay off its debts by using shareholders equity.

Below 2 is considered healthy but always compare Discover to the Credit Services industry mean.
A Debt to Equity ratio of 922.5% means that company has $9.22 debt for each $1 in shareholders equity.

Let's take a look of the Debt to Equity Ratio trends of Discover Financial Services:

The MRQ is 9.225. The company is unable to pay all its debts with equity. -1
The TTM is 3.331. The company is unable to pay all its debts with equity. -1

Trends

Current period		Compared to		+/-
MRQ	9.225	TTM	3.331	+5.893
TTM	3.331	YOY	7.469	-4.138
TTM	3.331	5Y	7.495	-4.164
5Y	7.495	10Y	7.337	+0.157

Compared to industry (Credit Services)

Period	Company	Industry (mean)	+/-
MRQ	9.225	2.519	+6.706
TTM	3.331	2.308	+1.023
YOY	7.469	2.357	+5.112
5Y	7.495	2.420	+5.075
10Y	7.337	2.373	+4.964

Measures if Discover 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 Discover 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 Discover is 9.22. This means that Discover can pay off $9.22 for each $1 in debt.
How does it compare to the industry?
The mean MRQ Quick Ratio of the Credit Services industry is 2.52.
What is the trend?
The trend is important because it shows you how Discover is performing over time. The most recent quarter might be important if Discover 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 Discover 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 Discover

You need the following data to determine equity ratio:

Balance sheet
Debt to equity ratio = total debt \ shareholders equity
136,781,000 \ 14,828,000 = 9.22 or 922.5%

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

Common shares.
Preferred shares.
Retained earnings.

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

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

2. Market Valuation of Discover Financial Services

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 Discover generates.

Above 15 is considered overpriced but always compare Discover to the Credit Services industry mean.
A PE ratio of 18.15 means the investor is paying $18.15 for every $1 in earnings.

Let's take a look of the Price to Earnings Ratio trends of Discover Financial Services:

The EOD is 19.362. Based on the earnings, the company is fair priced.
The MRQ is 18.153. Based on the earnings, the company is fair priced.
The TTM is 10.423. Based on the earnings, the company is underpriced. +1

Trends

Current period		Compared to		+/-
EOD	19.362	MRQ	18.153	+1.210
MRQ	18.153	TTM	10.423	+7.730
TTM	10.423	YOY	6.353	+4.070
TTM	10.423	5Y	4.923	+5.500
5Y	4.923	10Y	7.947	-3.025

Compared to industry (Credit Services)

Period	Company	Industry (mean)	+/-
EOD	19.362	7.010	+12.352
MRQ	18.153	6.647	+11.506
TTM	10.423	6.690	+3.733
YOY	6.353	7.878	-1.525
5Y	4.923	8.842	-3.919
10Y	7.947	12.021	-4.074

Measures how much money you pay for each share for every $1 in earnings Discover 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 Discover to the Credit Services 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 Discover is 18.15. This means the investor is paying $18.15 for every $1 in earnings.
How does it compare to the industry?
The mean MRQ Quick Ratio of the Credit Services industry is 6.65.
What is the trend?
The trend is important because it shows you how Discover is performing over time. The most recent quarter might be important if Discover 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 Discover 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 Discover

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 \ 250,649 = EPS
PE ratio MRQ = 18.15

* 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 Discover Financial Services:

The EOD is 2.675. Based on how much money comes from the company's main activities, the company is cheap. +2
The MRQ is 2.508. Based on how much money comes from the company's main activities, the company is cheap. +2
The TTM is 3.454. Based on how much money comes from the company's main activities, the company is cheap. +2

Trends

Current period		Compared to		+/-
EOD	2.675	MRQ	2.508	+0.167
MRQ	2.508	TTM	3.454	-0.946
TTM	3.454	YOY	4.019	-0.564
TTM	3.454	5Y	4.279	-0.825
5Y	4.279	10Y	5.333	-1.053

Compared to industry (Credit Services)

Period	Company	Industry (mean)	+/-
EOD	2.675	-0.623	+3.298
MRQ	2.508	-0.567	+3.075
TTM	3.454	-0.423	+3.877
YOY	4.019	-0.330	+4.349
5Y	4.279	0.202	+4.077
10Y	5.333	-0.149	+5.482

2. Book Value per Share

2.3. Price to Book Ratio

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

At or below 1 is considered healthy (always compare to Credit Services industry mean).
A PB ratio of 1.90 means the investor is paying $1.90 for each $1 in book value.

Let's take a look of the Price to Book Ratio trends of Discover Financial Services:

The EOD is 2.027. Based on the equity, the company is underpriced. +1
The MRQ is 1.900. Based on the equity, the company is underpriced. +1
The TTM is 0.638. Based on the equity, the company is cheap. +2

Trends

Current period		Compared to		+/-
EOD	2.027	MRQ	1.900	+0.127
MRQ	1.900	TTM	0.638	+1.262
TTM	0.638	YOY	1.956	-1.319
TTM	0.638	5Y	1.828	-1.190
5Y	1.828	10Y	2.041	-0.212

Compared to industry (Credit Services)

Period	Company	Industry (mean)	+/-
EOD	2.027	0.903	+1.124
MRQ	1.900	0.851	+1.049
TTM	0.638	0.861	-0.223
YOY	1.956	1.105	+0.851
5Y	1.828	1.197	+0.631
10Y	2.041	1.302	+0.739

2. Total Gains per Share

3. Holders & Insider Transactions

Let's take a look at which institutions, funds and insiders are holding shares of Discover Financial Services.

3.1. Institutions holding Discover Financial Services

Institutions are holding 89.248% of the shares of Discover Financial Services.

Date	Name	Total Shares	Total Assets	Current Shares	Change	%
2023-12-31	Vanguard Group Inc	12.9037	0.0794	32331025	-24560	-0.0759
2023-12-31	Capital World Investors	8.2322	0.4123	20626209	-497926	-2.3571
2023-12-31	BlackRock Inc	7.4654	0.0536	18704918	690906	3.8354
2023-12-31	State Street Corporation	4.225	0.0579	10585849	461627	4.5596
2023-12-31	Boston Partners Global Investors, Inc	3.6211	1.347	9072829	475579	5.5318
2023-12-31	FMR Inc	2.6578	0.0575	6659323	972475	17.1004
2023-12-31	Geode Capital Management, LLC	2.2477	0.0662	5631713	147427	2.6882
2023-12-31	Morgan Stanley - Brokerage Accounts	1.7715	0.044	4438487	47874	1.0904
2023-12-31	Dimensional Fund Advisors, Inc.	1.459	0.12	3655558	217475	6.3255
2023-12-31	Goldman Sachs Group Inc	1.3666	0.0345	3423998	1253957	57.7849
2023-12-31	NORGES BANK	1.1441	0.0563	2866541	-615749	-17.6823
2023-12-31	Barclays PLC	1.0138	0.1048	2540118	-7280	-0.2858
2023-12-31	Northern Trust Corp	1.0043	0.0512	2516433	-61620	-2.3902
2023-09-30	Brave Warrior Advisors LLC	0.9504	5.1499	2381258	2381258	0
2023-12-31	Amvescap Plc.	0.9101	0.061	2280203	46879	2.0991
2023-12-31	Southpoint Capital Advisors LP	0.878	5.3121	2200000	-230700	-9.4911
2023-12-31	Envestnet Asset Management Inc	0.8472	0.0987	2122824	2105591	12218.3659
2023-12-31	Bank of New York Mellon Corp	0.8391	0.0479	2102419	196520	10.3111
2023-12-31	Legal & General Group PLC	0.8338	0.0603	2089251	307506	17.2587
2023-12-31	First Trust Advisors L.P.	0.8094	0.2487	2027971	-23223	-1.1322
Total		55.1802	13.4633	138256927	+7844016	+5.7%

3.2. Funds holding Discover Financial Services

Date	Name	Total Shares	Total Assets	Current Shares	Change	%
2024-02-29	Vanguard Total Stock Mkt Idx Inv	3.1371	0.0612	7860173	-17158	-0.2178
2023-12-31	Capital Group Wash Mutual Invtrs Comp	2.6281	0.44	6584915	-765362	-10.4127
2023-12-31	American Funds Washington Mutual A	2.6281	0.44	6584915	-765362	-10.4127
2024-02-29	Vanguard Institutional 500 Index Trust	2.4918	0.0705	6243421	63387	1.0257
2024-02-29	Vanguard Mid Cap Index Institutional	2.2302	0.4212	5587773	-14952	-0.2669
2023-12-31	Capital Group Fundamental Invtrs Comp	1.676	0.3775	4199323	301724	7.7413
2023-12-31	American Funds Fundamental Invs A	1.676	0.3775	4199323	301724	7.7413
2023-12-31	American Funds American Balanced A	1.5478	0.2063	3878000	0	0
2023-12-31	Capital Group Growth Fnd of Amer Comp	1.1994	0.1356	3005064	0	0
2023-12-31	American Funds Growth Fund of Amer A	1.1994	0.1356	3005064	0	0
2024-01-31	Fidelity 500 Index	1.1849	0.0647	2968881	30386	1.0341
2024-02-29	SPDR® S&P 500 ETF Trust	1.1725	0.0706	2937856	18352	0.6286
2024-02-29	iShares Core S&P 500 ETF	1.0383	0.0704	2601541	7897	0.3045
2023-12-31	Fidelity Low-Priced Stock	0.9935	1.0168	2489305	0	0
2023-12-31	American Funds Capital World Gr&Inc A	0.9667	0.2316	2422175	0	0
2023-12-31	Capital Group World Growth & Inc Cmp	0.9667	0.2316	2422175	0	0
2024-02-29	Vanguard Value Index Inv	0.8341	0.1555	2090004	7150	0.3433
2024-02-29	Vanguard Mid-Cap Value ETF	0.7369	0.795	1846455	-52776	-2.7788
2024-02-29	First Trust Rising Dividend Achiev ETF	0.7061	2.205	1769083	4820	0.2732
2024-02-29	Financial Select Sector SPDR® ETF	0.6653	0.5427	1666820	-2821	-0.169
Total		29.6789	8.0493	74362266	-882991	-1.2%

3.3. Insider Transactions

Insiders are holding 0.559% of the shares of Discover Financial Services.

Date	Owner	Type	Amount	Price	Post Transaction Amount	Link
2024-01-26	John Greene	SELL	35191	106.51

4. Summary

4.1. Key Performance Indicators

The key performance indicators of Discover Financial Services 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	-	-	-435.584	1.400	-31212%	1.871	-23385%	1.297	-33691%	0.912	-47838%
Book Value Per Share	-	-	59.158	364.520	-84%	50.541	+17%	105.451	-44%	66.681	-11%
Current Ratio	-	-	0.564	1.601	-65%	17.036	-97%	10.180	-94%	5.191	-89%
Debt To Asset Ratio	-	-	0.902	0.330	+173%	0.882	+2%	0.781	+16%	0.829	+9%
Debt To Equity Ratio	-	-	9.225	3.331	+177%	7.469	+24%	7.495	+23%	7.337	+26%
Dividend Per Share	-	-	0.766	0.741	+3%	0.634	+21%	0.564	+36%	0.443	+73%
Eps	-	-	1.548	2.813	-45%	3.872	-60%	2.847	-46%	2.165	-29%
Free Cash Flow Per Share	-	-	11.203	8.152	+37%	6.226	+80%	5.722	+96%	4.225	+165%
Free Cash Flow To Equity Per Share	-	-	36.900	23.799	+55%	20.968	+76%	10.413	+254%	7.742	+377%
Gross Profit Margin	-	-	0.041	0.521	-92%	0.756	-95%	0.951	-96%	0.809	-95%
Intrinsic Value_10Y_max	-	-	572.220	-	-	-	-	-	-	-	-
Intrinsic Value_10Y_min	-	-	256.497	-	-	-	-	-	-	-	-
Intrinsic Value_1Y_max	-	-	30.271	-	-	-	-	-	-	-	-
Intrinsic Value_1Y_min	-	-	18.515	-	-	-	-	-	-	-	-
Intrinsic Value_3Y_max	-	-	111.581	-	-	-	-	-	-	-	-
Intrinsic Value_3Y_min	-	-	62.184	-	-	-	-	-	-	-	-
Intrinsic Value_5Y_max	-	-	217.765	-	-	-	-	-	-	-	-
Intrinsic Value_5Y_min	-	-	112.704	-	-	-	-	-	-	-	-
Market Cap	30040236890.880	+6%	28172986940.000	26334640549.240	+7%	27338572842.298	+3%	26179104678.308	+8%	25686577839.154	+10%
Net Profit Margin	-	-	0.069	0.183	-62%	0.328	-79%	0.264	-74%	0.259	-73%
Operating Margin	-	-	-	0.255	-100%	0.527	-100%	0.366	-100%	0.377	-100%
Operating Ratio	-	-	0.197	-0.289	+246%	-0.113	+157%	0.045	+341%	0.388	-49%
Pb Ratio	2.027	+6%	1.900	0.638	+198%	1.956	-3%	1.828	+4%	2.041	-7%
Pe Ratio	19.362	+6%	18.153	10.423	+74%	6.353	+186%	4.923	+269%	7.947	+128%
Price Per Share	119.890	+6%	112.400	103.680	+8%	98.380	+14%	90.433	+24%	76.530	+47%
Price To Free Cash Flow Ratio	2.675	+6%	2.508	3.454	-27%	4.019	-38%	4.279	-41%	5.333	-53%
Price To Total Gains Ratio	-0.276	-7%	-0.258	1.773	-115%	43.629	-101%	36.421	-101%	62.179	-100%
Quick Ratio	-	-	2.563	10.178	-75%	30.530	-92%	10.498	-76%	5.999	-57%
Return On Assets	-	-	0.003	0.005	-52%	0.009	-72%	0.007	-64%	0.007	-63%
Return On Equity	-	-	0.026	0.052	-50%	0.077	-66%	0.065	-60%	0.059	-56%
Total Gains Per Share	-	-	-434.818	2.141	-20411%	2.504	-17462%	1.860	-23474%	1.356	-32170%
Usd Book Value	-	-	14828000000.000	92874250000.000	-84%	14018250000.000	+6%	28316900000.000	-48%	19752975000.000	-25%
Usd Book Value Change Per Share	-	-	-435.584	1.400	-31212%	1.871	-23385%	1.297	-33691%	0.912	-47838%
Usd Book Value Per Share	-	-	59.158	364.520	-84%	50.541	+17%	105.451	-44%	66.681	-11%
Usd Dividend Per Share	-	-	0.766	0.741	+3%	0.634	+21%	0.564	+36%	0.443	+73%
Usd Eps	-	-	1.548	2.813	-45%	3.872	-60%	2.847	-46%	2.165	-29%
Usd Free Cash Flow	-	-	2808000000.000	2065000000.000	+36%	1726000000.000	+63%	1641800000.000	+71%	1359400000.000	+107%
Usd Free Cash Flow Per Share	-	-	11.203	8.152	+37%	6.226	+80%	5.722	+96%	4.225	+165%
Usd Free Cash Flow To Equity Per Share	-	-	36.900	23.799	+55%	20.968	+76%	10.413	+254%	7.742	+377%
Usd Market Cap	30040236890.880	+6%	28172986940.000	26334640549.240	+7%	27338572842.298	+3%	26179104678.308	+8%	25686577839.154	+10%
Usd Price Per Share	119.890	+6%	112.400	103.680	+8%	98.380	+14%	90.433	+24%	76.530	+47%
Usd Profit	-	-	388000000.000	737000000.000	-47%	1077500000.000	-64%	840250000.000	-54%	716475000.000	-46%
Usd Revenue	-	-	5596000000.000	4317750000.000	+30%	3334250000.000	+68%	3262100000.000	+72%	2804075000.000	+100%
Usd Total Gains Per Share	-	-	-434.818	2.141	-20411%	2.504	-17462%	1.860	-23474%	1.356	-32170%
	EOD	+3 -5	MRQ	TTM	+12 -24	YOY	+16 -20	5Y	+12 -24	10Y	+14 -22

4.2. Fundamental Score

Let's check the fundamental score of Discover Financial Services based on Penke's default stock scanner.

Penke's Stock Scanner

Indicator	Condition		Value
Price to Earnings Ratio (EOD)	Between	0-15	19.362
Price to Book Ratio (EOD)	Between	0-1	2.027
Net Profit Margin (MRQ)	Greater than	0	0.069
Operating Margin (MRQ)	Greater than	0	0.000
Quick Ratio (MRQ)	Greater than	1	2.563
Current Ratio (MRQ)	Greater than	1	0.564
Debt to Asset Ratio (MRQ)	Less than	1	0.902
Debt to Equity Ratio (MRQ)	Less than	1	9.225
Return on Equity (MRQ)	Greater than	0.15	0.026
Return on Assets (MRQ)	Greater than	0.05	0.003
Total			3/10 (30.0%)

Create your own Stock Scanner

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4.3. Technical Score

Let's check the technical score of Discover Financial Services based on Penke's default Symbol scanner.

Penke's Symbol Scanner

Indicator	Condition		Value
Rsi	Greater than	50	41.244
Ma 20	Greater than	Ma 50	125.119
Ma 50	Greater than	Ma 100	120.793
Ma 100	Greater than	Ma 200	112.493
Open	Greater than	Close	120.910
Total			4/5 (80.0%)

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 Debt		-997,000	-3,251,000	-4,248,000	2,414,000	-1,834,000	-1,268,000	-3,102,000	12,748,000	9,646,000
Long-term Assets Other		-2,149,000	-10,099,000	-12,248,000	10,940,000	-1,308,000	-31,000	-1,339,000	134,709,000	133,370,000

Latest Balance Sheet

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

Summary

Total Assets	151,609,000
Total Liabilities	136,781,000
Total Stockholder Equity	14,828,000

	As reported
Total Liabilities	136,781,000
Total Stockholder Equity	+ 14,828,000
Total Assets	= 151,609,000

Assets

Total Assets	151,609,000
Total Current Assets	3,493,000
Long-term Assets	148,116,000

Total Current Assets

Total Current Assets (as reported)	3,493,000
Cash And Cash Equivalents	11,685,000
Short-term Investments	2,093,000
Total Current Assets (calculated)	13,778,000
+/-	10,285,000

Long-term Assets

Long-term Assets (as reported)	148,116,000
Property Plant Equipment	1,091,000
Goodwill	255,000
Long Term Investments	13,655,000
Long-term Assets Other	133,370,000
Long-term Assets (calculated)	148,371,000
+/-	255,000

Liabilities & Shareholders' Equity

Total Current Liabilities	6,192,000
Long-term Liabilities	130,589,000
Total Stockholder Equity	14,828,000

Total Current Liabilities

Total Current Liabilities (as reported)	6,192,000
Short-term Debt	2,189,000
Short Long Term Debt	750,000
Other Current Liabilities	4,003,000
Total Current Liabilities (calculated)	6,942,000
+/-	750,000

Long-term Liabilities

Long-term Liabilities (as reported)	130,589,000
Long term Debt	20,581,000
Long-term Liabilities (calculated)	20,581,000
+/-	110,008,000

Total Stockholder Equity

Total Stockholder Equity (as reported)	14,828,000
Common Stock	6,000
Retained Earnings	30,448,000
Other Stockholders Equity	-16,457,000
Total Stockholder Equity (calculated)	13,997,000
+/-	831,000

Other

Capital Stock	1,062,000
Cash and Short Term Investments	13,778,000
Common Stock Shares Outstanding	250,649
Liabilities and Stockholders Equity	151,609,000
Net Debt	9,646,000
Net Invested Capital	35,103,000
Net Working Capital	-2,699,000
Property Plant and Equipment Gross	3,102,000
Short Long Term Debt Total	21,331,000

Balance Sheet

Currency in USD. All numbers in thousands.

Trend

2023-12-31

2023-09-30

2023-06-30

2023-03-31

2022-12-31

2022-09-30

2022-06-30

2022-03-31

2021-12-31

2021-09-30

2021-06-30

2021-03-31

2020-12-31

2020-09-30

2020-06-30

2020-03-31

2019-12-31

2019-09-30

2019-06-30

2019-03-31

2018-12-31

2018-09-30

2018-06-30

2018-03-31

2017-12-31

2017-09-30

2017-06-30

2017-03-31

2016-12-31

2016-09-30

2016-06-30

2016-03-31

2015-12-31

2015-09-30

2015-06-30

2015-03-31

2014-12-31

2014-09-30

2014-06-30

2014-03-31

2013-12-31

2013-09-30

2013-06-30

2013-03-31

2012-12-31

2012-09-30

2012-06-30

2012-03-31

2011-12-31

2011-09-30

2011-06-30

2011-03-31

2010-12-31

2010-09-30

2010-06-30

2010-03-31

2009-12-31

2009-09-30

2009-06-30

2009-03-31

2008-12-31

2008-09-30

2008-06-30

2008-03-31

2007-12-31

2007-09-30

2007-06-30

2007-03-31

2006-12-31

2006-09-30

2006-06-30

2006-03-31

2005-09-30

> Total Assets

26,943,923
0
0
29,067,242
29,763,803
35,672,568
35,672,568
36,141,011
37,376,105
37,328,059
34,233,542
37,317,815
39,892,382
40,606,518
41,518,288
42,698,290
46,020,987
66,818,951
62,153,678
60,057,553
60,784,968
63,506,609
63,437,533
65,725,667
68,783,937
70,486,018
72,083,405
73,908,664
73,491,000
76,139,000
74,944,000
75,544,000
79,340,000
79,584,000
78,937,000
80,596,000
83,126,000
84,178,000
84,911,000
85,611,000
86,936,000
88,093,000
87,511,000
90,541,000
92,308,000
94,795,000
93,757,000
97,608,000
100,087,000
101,967,000
102,751,000
105,842,000
109,553,000
110,720,000
110,707,000
110,786,000
113,996,000
112,657,000
113,792,000
124,349,000
112,889,000
113,871,000
110,985,000
108,544,000
110,242,000
107,412,000
114,600,000
121,886,000
131,628,000
133,061,000
138,082,000
143,432,000
151,609,000

151,609,000

143,432,000

138,082,000

133,061,000

131,628,000

121,886,000

114,600,000

107,412,000

110,242,000

108,544,000

110,985,000

113,871,000

112,889,000

124,349,000

113,792,000

112,657,000

113,996,000

110,786,000

110,707,000

110,720,000

109,553,000

105,842,000

102,751,000

101,967,000

100,087,000

97,608,000

93,757,000

94,795,000

92,308,000

90,541,000

87,511,000

88,093,000

86,936,000

85,611,000

84,911,000

84,178,000

83,126,000

80,596,000

78,937,000

79,584,000

79,340,000

75,544,000

74,944,000

76,139,000

73,491,000

73,908,664

72,083,405

70,486,018

68,783,937

65,725,667

63,437,533

63,506,609

60,784,968

60,057,553

62,153,678

66,818,951

46,020,987

42,698,290

41,518,288

40,606,518

39,892,382

37,317,815

34,233,542

37,328,059

37,376,105

36,141,011

35,672,568

29,763,803

29,067,242

26,943,923

> Total Current Assets

0
0
0
27,671,437
28,375,084
359,206
359,206
391,060
369,965
368,914
423,373
780,731
793,585
411,398
815,680
485,994
13,021
12,728,321
10,335,729
7,916,091
9,628,759
5,171,425
3,772,960
3,957,525
3,920,401
6,315,152
5,112,069
6,237,610
5,074,000
69,824,000
68,919,000
69,419,000
73,226,000
8,731,000
6,879,000
7,382,000
7,228,000
11,814,000
10,595,000
10,250,000
9,840,000
12,135,000
10,617,000
12,076,000
10,806,000
15,163,000
12,950,000
13,249,000
13,300,000
17,011,000
15,289,000
16,019,000
14,494,000
15,169,000
10,313,000
6,075,000
9,667,000
10,028,000
99,292,000
99,885,000
99,398,000
103,068,000
100,902,000
99,287,000
21,166,000
12,184,000
109,519,000
11,715,000
10,563,000
22,411,000
22,110,000
22,569,000
3,493,000

3,493,000

22,569,000

22,110,000

22,411,000

10,563,000

11,715,000

109,519,000

12,184,000

21,166,000

99,287,000

100,902,000

103,068,000

99,398,000

99,885,000

99,292,000

10,028,000

9,667,000

6,075,000

10,313,000

15,169,000

14,494,000

16,019,000

15,289,000

17,011,000

13,300,000

13,249,000

12,950,000

15,163,000

10,806,000

12,076,000

10,617,000

12,135,000

9,840,000

10,250,000

10,595,000

11,814,000

7,228,000

7,382,000

6,879,000

8,731,000

73,226,000

69,419,000

68,919,000

69,824,000

5,074,000

6,237,610

5,112,069

6,315,152

3,920,401

3,957,525

3,772,960

5,171,425

9,628,759

7,916,091

10,335,729

12,728,321

13,021

485,994

815,680

411,398

793,585

780,731

423,373

368,914

369,965

391,060

359,206

28,375,084

27,671,437

Cash And Cash Equivalents

292,453
0
0
349,357
314,098
359,206
359,206
1,139,544
2,516,495
4,357,090
5,999,584
6,931,675
9,121,143
8,724,208
9,694,825
10,828,242
13,020,719
12,728,321
10,335,729
7,916,091
5,098,733
5,171,425
3,772,960
3,957,525
2,849,843
6,315,152
5,112,069
6,237,610
9,106,000
13,819,000
11,224,000
10,820,000
11,727,000
13,858,000
11,254,000
11,480,000
11,339,000
14,701,000
14,050,000
13,650,000
12,755,000
16,101,000
14,236,000
15,728,000
13,766,000
17,981,000
14,722,000
16,155,000
14,955,000
18,641,000
17,441,000
18,410,000
18,515,000
21,456,000
19,934,000
17,761,000
17,559,000
21,993,000
28,201,000
38,991,000
25,703,000
30,106,000
25,209,000
20,762,000
18,236,000
15,620,000
17,007,000
18,767,000
21,105,000
22,411,000
22,110,000
22,569,000
11,685,000

11,685,000

22,569,000

22,110,000

22,411,000

21,105,000

18,767,000

17,007,000

15,620,000

18,236,000

20,762,000

25,209,000

30,106,000

25,703,000

38,991,000

28,201,000

21,993,000

17,559,000

17,761,000

19,934,000

21,456,000

18,515,000

18,410,000

17,441,000

18,641,000

14,955,000

16,155,000

14,722,000

17,981,000

13,766,000

15,728,000

14,236,000

16,101,000

12,755,000

13,650,000

14,050,000

14,701,000

11,339,000

11,480,000

11,254,000

13,858,000

11,727,000

10,820,000

11,224,000

13,819,000

9,106,000

6,237,610

5,112,069

6,315,152

2,849,843

3,957,525

3,772,960

5,171,425

5,098,733

7,916,091

10,335,729

12,728,321

13,020,719

10,828,242

9,694,825

8,724,208

9,121,143

6,931,675

5,999,584

4,357,090

2,516,495

1,139,544

359,206

314,098

349,357

292,453

Short-term Investments

263,029
0
0
6,951
0
0
0
20,313
441,150
8,342,011
1,055,155
1,198,755
1,133,827
1,302,580
1,529,420
3,266,534
1,354,961
175,000
375,000
375,000
376,169
375,000
5,952,168
3,001,338
1,715,518
6,269,776
250
250
-5,180,000
5,196,000
4,872,000
4,953,000
1,229,000
3,902,000
4,000,000
3,913,000
1,252,000
228,000
2,701,000
3,302,000
1,097,000
994,000
541,000
850,000
-1,852,000
1,718,000
1,679,000
673,000
672,000
672,000
674,000
1,801,000
-5,216,000
125,000
374,000
624,000
875,000
1,137,000
3,940,000
1,900,000
2,661,000
3,038,000
2,904,000
2,643,000
2,016,000
1,631,000
1,720,000
1,711,000
1,707,000
12,248,000
13,466,000
13,336,000
2,093,000

2,093,000

13,336,000

13,466,000

12,248,000

1,707,000

1,711,000

1,720,000

1,631,000

2,016,000

2,643,000

2,904,000

3,038,000

2,661,000

1,900,000

3,940,000

1,137,000

875,000

624,000

374,000

125,000

-5,216,000

1,801,000

674,000

672,000

673,000

1,679,000

1,718,000

-1,852,000

850,000

541,000

994,000

1,097,000

3,302,000

2,701,000

228,000

1,252,000

3,913,000

4,000,000

3,902,000

1,229,000

4,953,000

4,872,000

5,196,000

-5,180,000

250

6,269,776

1,715,518

3,001,338

5,952,168

375,000

376,169

375,000

175,000

1,354,961

3,266,534

1,529,420

1,302,580

1,133,827

1,198,755

1,055,155

8,342,011

441,150

20,313

6,951

263,029

Net Receivables

0
0
0
3,293,850
105,310
139,618
139,618
126,486
3,232,886
122,765
131,388
133,026
2,392,621
150,100
1,955,207
2,120,013
1,692,051
45,886,156
46,094,094
46,386,943
45,532,295
48,629,769
49,877,535
0
55,131,739
54,320,670
0
57,469,848
59,292,000
58,750,000
60,147,000
61,140,000
64,123,000
62,261,000
64,261,000
65,722,000
68,223,000
65,872,000
67,293,000
68,335,000
70,516,000
68,399,000
69,975,000
71,527,000
75,087,000
73,589,000
75,613,000
77,912,000
81,627,000
80,008,000
81,961,000
83,967,000
87,471,000
85,609,000
87,027,000
89,194,000
92,511,000
978,000
927,000
961,000
944,000
79,000,000
80,648,000
82,681,000
914,000
928,000
92,544,000
86,862,000
104,746,000
104,983,000
109,842,000
114,011,000
0

114,011,000

109,842,000

104,983,000

104,746,000

86,862,000

92,544,000

928,000

914,000

82,681,000

80,648,000

79,000,000

944,000

961,000

927,000

978,000

92,511,000

89,194,000

87,027,000

85,609,000

87,471,000

83,967,000

81,961,000

80,008,000

81,627,000

77,912,000

75,613,000

73,589,000

75,087,000

71,527,000

69,975,000

68,399,000

70,516,000

68,335,000

67,293,000

65,872,000

68,223,000

65,722,000

64,261,000

62,261,000

64,123,000

61,140,000

60,147,000

58,750,000

59,292,000

57,469,848

54,320,670

55,131,739

49,877,535

48,629,769

45,532,295

46,386,943

46,094,094

45,886,156

1,692,051

2,120,013

1,955,207

150,100

2,392,621

133,026

131,388

122,765

3,232,886

126,486

139,618

105,310

3,293,850

Other Current Assets

0
0
0
23,503,230
27,955,676
0
-139,618
-874,970
-2,274,753
-4,110,941
-5,707,599
-6,283,970
-8,486,579
-8,462,910
-10,834,352
-12,462,261
-16,049,749
-175,000
-375,000
0
4,155,026
-375,000
0
0
1,070,558
-250
0
-250
1,148,000
56,561,000
58,303,000
58,843,000
65,443,000
0
0
0
-56,000
0
0
0
268,000
0
-1,050,000
-850,000
-1,108,000
0
93,000
1,279,000
-6,000
87,000
630,000
590,000
1,195,000
-1,000,000
-1,000,000
-1,000,000
2,743,000
1,183,000
79,287,000
87,511,000
82,229,000
79,682,000
82,553,000
83,928,000
2,582,000
18,000
3,816,000
12,973,000
2,752,000
11,427,000
9,933,000
10,629,000
3,493,000

3,493,000

10,629,000

9,933,000

11,427,000

2,752,000

12,973,000

3,816,000

18,000

2,582,000

83,928,000

82,553,000

79,682,000

82,229,000

87,511,000

79,287,000

1,183,000

2,743,000

-1,000,000

1,195,000

590,000

630,000

87,000

-6,000

1,279,000

93,000

-1,108,000

-850,000

-1,050,000

268,000

-56,000

65,443,000

58,843,000

58,303,000

56,561,000

1,148,000

-250

1,070,558

-375,000

4,155,026

-375,000

-175,000

-16,049,749

-12,462,261

-10,834,352

-8,462,910

-8,486,579

-6,283,970

-5,707,599

-4,110,941

-2,274,753

-874,970

-139,618

27,955,676

23,503,230

> Long-term Assets

0
0
0
1,395,805
1,388,719
0
535,660
739,851
353,464
313,321
311,451
309,582
458,740
255,421
454,898
452,977
451,057
53,353,049
50,746,805
50,915,715
50,610,840
53,094,303
54,107,163
55,815,974
59,728,041
57,901,090
60,319,372
61,203,547
65,136,000
6,315,000
6,025,000
6,125,000
6,114,000
66,889,000
67,988,000
69,219,000
71,893,000
69,586,000
71,615,000
72,059,000
74,280,000
73,002,000
74,423,000
76,610,000
78,637,000
77,914,000
79,128,000
82,732,000
85,213,000
83,413,000
85,940,000
88,022,000
92,884,000
90,308,000
92,813,000
94,062,000
96,477,000
5,797,000
14,500,000
24,464,000
13,491,000
10,803,000
10,083,000
9,257,000
8,144,000
7,488,000
6,775,000
8,167,000
13,466,000
1,286,000
1,308,000
1,339,000
148,116,000

148,116,000

1,339,000

1,308,000

1,286,000

13,466,000

8,167,000

6,775,000

7,488,000

8,144,000

9,257,000

10,083,000

10,803,000

13,491,000

24,464,000

14,500,000

5,797,000

96,477,000

94,062,000

92,813,000

90,308,000

92,884,000

88,022,000

85,940,000

83,413,000

85,213,000

82,732,000

79,128,000

77,914,000

78,637,000

76,610,000

74,423,000

73,002,000

74,280,000

72,059,000

71,615,000

69,586,000

71,893,000

69,219,000

67,988,000

66,889,000

6,114,000

6,125,000

6,025,000

6,315,000

65,136,000

61,203,547

60,319,372

57,901,090

59,728,041

55,815,974

54,107,163

53,094,303

50,610,840

50,915,715

50,746,805

53,353,049

451,057

452,977

454,898

255,421

458,740

309,582

311,451

313,321

353,464

739,851

535,660

1,388,719

1,395,805

Property Plant Equipment

624,525
0
0
660,900
657,845
658,203
658,203
656,980
658,492
567,475
556,030
563,869
552,502
544,219
531,166
518,105
493,185
482,833
469,001
5,961,149
454,614
458,950
471,112
483,250
483,250
486,520
519,621
519,621
538,000
572,000
607,000
639,000
654,000
668,000
665,000
661,000
670,000
678,000
688,000
684,000
693,000
706,000
708,000
722,000
734,000
750,000
774,000
800,000
825,000
848,000
874,000
896,000
936,000
980,000
1,008,000
1,028,000
1,057,000
1,070,000
1,115,000
1,121,000
1,027,000
1,021,000
986,000
987,000
983,000
984,000
984,000
1,015,000
1,003,000
1,031,000
1,053,000
1,084,000
1,091,000

1,091,000

1,084,000

1,053,000

1,031,000

1,003,000

1,015,000

984,000

983,000

987,000

986,000

1,021,000

1,027,000

1,121,000

1,115,000

1,070,000

1,057,000

1,028,000

1,008,000

980,000

936,000

896,000

874,000

848,000

825,000

800,000

774,000

750,000

734,000

722,000

708,000

706,000

693,000

684,000

688,000

678,000

670,000

661,000

665,000

668,000

654,000

639,000

607,000

572,000

538,000

519,621

486,520

483,250

471,112

458,950

454,614

5,961,149

469,001

482,833

493,185

518,105

531,166

544,219

552,502

563,869

556,030

567,475

658,492

656,980

658,203

657,845

660,900

624,525

Goodwill

255,421
0
0
533,728
533,381
535,660
535,660
540,891
255,421
255,421
255,421
255,421
255,421
255,421
255,421
255,421
255,421
255,421
255,421
255,421
255,421
255,421
255,421
255,421
255,421
255,421
255,421
287,043
286,000
286,000
284,000
284,000
284,000
284,000
284,000
284,000
257,000
257,000
255,000
255,000
255,000
255,000
255,000
255,000
255,000
255,000
255,000
255,000
255,000
255,000
255,000
255,000
255,000
255,000
255,000
255,000
255,000
255,000
255,000
255,000
255,000
255,000
255,000
255,000
255,000
255,000
255,000
255,000
255,000
255,000
255,000
255,000
255,000

255,000

257,000

284,000

286,000

287,043

255,421

540,891

535,660

533,381

533,728

255,421

Long Term Investments

0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
45,532,295
48,629,769
0
51,809,393
0
0
0
0
59,292,000
0
58,750,000
60,147,000
61,140,000
64,123,000
62,261,000
64,261,000
65,722,000
68,223,000
65,872,000
67,293,000
68,335,000
70,516,000
68,399,000
69,975,000
71,527,000
75,087,000
73,589,000
75,613,000
77,912,000
81,627,000
80,008,000
81,961,000
83,967,000
87,471,000
85,609,000
8,581,000
10,649,000
92,511,000
10,782,000
13,034,000
28,902,000
12,114,000
9,432,000
8,841,000
8,014,000
6,906,000
6,249,000
5,536,000
6,897,000
12,208,000
12,248,000
13,466,000
13,336,000
13,655,000

13,655,000

13,336,000

13,466,000

12,248,000

12,208,000

6,897,000

5,536,000

6,249,000

6,906,000

8,014,000

8,841,000

9,432,000

12,114,000

28,902,000

13,034,000

10,782,000

92,511,000

10,649,000

8,581,000

85,609,000

87,471,000

83,967,000

81,961,000

80,008,000

81,627,000

77,912,000

75,613,000

73,589,000

75,087,000

71,527,000

69,975,000

68,399,000

70,516,000

68,335,000

67,293,000

65,872,000

68,223,000

65,722,000

64,261,000

62,261,000

64,123,000

61,140,000

60,147,000

58,750,000

59,292,000

51,809,393

48,629,769

45,532,295

Intangible Assets

322,044
0
0
201,177
730,874
735,698
200,038
198,960
98,043
57,900
56,030
54,161
203,319
201,398
199,477
197,556
195,636
193,970
192,304
190,639
188,973
193,293
191,296
189,298
188,018
186,232
184,501
192,181
190,000
187,000
191,000
188,000
185,000
182,000
179,000
177,000
176,000
175,000
170,000
169,000
168,000
167,000
167,000
166,000
166,000
165,000
164,000
163,000
163,000
162,000
162,000
162,000
161,000
160,000
160,000
159,000
155,000
155,000
96,000
95,000
95,000
95,000
1,000
1,000
0
0
0
255,000
255,000
255,000
255,000
255,000
0

255,000

1,000

95,000

96,000

155,000

159,000

160,000

161,000

162,000

163,000

164,000

165,000

166,000

167,000

168,000

169,000

170,000

175,000

176,000

177,000

179,000

182,000

185,000

188,000

191,000

187,000

190,000

192,181

184,501

186,232

188,018

189,298

191,296

193,293

188,973

190,639

192,304

193,970

195,636

197,556

199,477

201,398

203,319

54,161

56,030

57,900

98,043

198,960

200,038

735,698

730,874

201,177

322,044

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
6,243,000
8,581,000
11,649,000
10,595,000
10,782,000
13,034,000
28,902,000
12,114,000
9,432,000
8,841,000
8,014,000
6,904,000
0
0
0
0
0
0
0
0

6,904,000

8,014,000

8,841,000

9,432,000

12,114,000

28,902,000

13,034,000

10,782,000

10,595,000

11,649,000

8,581,000

6,243,000

Long-term Assets Other

0
0
0
-84,411
-86,146
0
-954,899
-1,075,928
-1,183,931
-1,459,981
-1,611,185
-1,762,624
-1,780,446
-2,048,197
-2,060,586
-3,784,639
-6,878,482
51,508,244
48,383,935
43,353,566
44,261,437
46,570,758
47,631,924
0
52,595,299
50,703,141
0
53,736,945
57,902,000
56,487,000
58,232,000
58,782,000
61,681,000
61,791,000
62,790,000
64,102,000
66,841,000
65,698,000
67,814,000
67,653,000
70,079,000
68,918,000
70,822,000
73,612,000
75,725,000
75,026,000
76,256,000
79,887,000
82,402,000
80,605,000
83,127,000
84,908,000
88,162,000
83,670,000
83,809,000
81,971,000
84,415,000
-6,465,000
-7,074,000
-10,916,000
-13,141,000
-10,453,000
-9,827,000
3,858,000
-8,144,000
3,729,000
2,130,000
-8,167,000
-2,149,000
-12,248,000
-1,308,000
-1,339,000
133,370,000

133,370,000

-1,339,000

-1,308,000

-12,248,000

-2,149,000

-8,167,000

2,130,000

3,729,000

-8,144,000

3,858,000

-9,827,000

-10,453,000

-13,141,000

-10,916,000

-7,074,000

-6,465,000

84,415,000

81,971,000

83,809,000

83,670,000

88,162,000

84,908,000

83,127,000

80,605,000

82,402,000

79,887,000

76,256,000

75,026,000

75,725,000

73,612,000

70,822,000

68,918,000

70,079,000

67,653,000

67,814,000

65,698,000

66,841,000

64,102,000

62,790,000

61,791,000

61,681,000

58,782,000

58,232,000

56,487,000

57,902,000

53,736,945

50,703,141

52,595,299

47,631,924

46,570,758

44,261,437

43,353,566

48,383,935

51,508,244

-6,878,482

-3,784,639

-2,060,586

-2,048,197

-1,780,446

-1,762,624

-1,611,185

-1,459,981

-1,183,931

-1,075,928

-954,899

-86,146

-84,411

> Total Liabilities

22,343,474
0
0
23,292,470
24,235,145
29,892,284
29,892,284
30,473,729
31,776,683
31,673,718
28,383,851
31,317,422
33,976,559
34,607,167
34,102,648
34,312,088
37,585,440
59,803,903
56,115,411
53,946,256
54,328,122
56,607,444
55,914,233
57,719,751
60,541,726
61,657,066
63,184,547
64,762,751
63,618,000
65,840,000
64,496,000
64,942,000
68,531,000
68,563,000
67,556,000
69,295,000
71,992,000
72,967,000
73,648,000
74,308,000
75,661,000
76,777,000
76,114,000
79,194,000
80,985,000
83,530,000
82,498,000
86,421,000
89,195,000
91,096,000
91,862,000
94,826,000
98,423,000
99,461,000
99,214,000
99,069,000
102,137,000
102,992,000
104,149,000
114,097,000
102,005,000
101,717,000
97,814,000
95,281,000
96,834,000
93,979,000
100,836,000
107,600,000
117,038,000
18,163,000
20,276,000
19,467,000
136,781,000

136,781,000

19,467,000

20,276,000

18,163,000

117,038,000

107,600,000

100,836,000

93,979,000

96,834,000

95,281,000

97,814,000

101,717,000

102,005,000

114,097,000

104,149,000

102,992,000

102,137,000

99,069,000

99,214,000

99,461,000

98,423,000

94,826,000

91,862,000

91,096,000

89,195,000

86,421,000

82,498,000

83,530,000

80,985,000

79,194,000

76,114,000

76,777,000

75,661,000

74,308,000

73,648,000

72,967,000

71,992,000

69,295,000

67,556,000

68,563,000

68,531,000

64,942,000

64,496,000

65,840,000

63,618,000

64,762,751

63,184,547

61,657,066

60,541,726

57,719,751

55,914,233

56,607,444

54,328,122

53,946,256

56,115,411

59,803,903

37,585,440

34,312,088

34,102,648

34,607,167

33,976,559

31,317,422

28,383,851

31,673,718

31,776,683

30,473,729

29,892,284

24,235,145

23,292,470

22,343,474

> Total Current Liabilities

0
0
0
3,775,142
3,322,827
28,944,000
28,944,000
28,116,000
29,643,000
29,698,000
26,494,000
29,463,000
32,242,000
33,174,000
32,676,000
32,517,000
35,157,000
37,412,000
37,804,000
36,237,000
36,622,000
37,617,000
37,975,000
40,002,000
42,255,000
42,903,000
44,161,000
45,517,000
45,776,000
290,000
262,000
124,000
140,000
48,382,000
47,500,000
48,378,000
52,750,000
52,344,000
51,049,000
50,758,000
50,874,000
54,175,000
52,683,000
53,614,000
60,642,000
60,957,000
58,261,000
60,885,000
68,141,000
68,122,000
68,383,000
69,377,000
77,706,000
76,857,000
76,526,000
74,815,000
81,683,000
81,653,000
82,809,000
10,700,000
1,024,000
80,706,000
78,464,000
76,765,000
1,250,000
76,847,000
1,800,000
1,750,000
23,632,000
17,354,000
14,216,000
7,544,000
6,192,000

6,192,000

7,544,000

14,216,000

17,354,000

23,632,000

1,750,000

1,800,000

76,847,000

1,250,000

76,765,000

78,464,000

80,706,000

1,024,000

10,700,000

82,809,000

81,653,000

81,683,000

74,815,000

76,526,000

76,857,000

77,706,000

69,377,000

68,383,000

68,122,000

68,141,000

60,885,000

58,261,000

60,957,000

60,642,000

53,614,000

52,683,000

54,175,000

50,874,000

50,758,000

51,049,000

52,344,000

52,750,000

48,378,000

47,500,000

48,382,000

140,000

124,000

262,000

290,000

45,776,000

45,517,000

44,161,000

42,903,000

42,255,000

40,002,000

37,975,000

37,617,000

36,622,000

36,237,000

37,804,000

37,412,000

35,157,000

32,517,000

32,676,000

33,174,000

32,242,000

29,463,000

26,494,000

29,698,000

29,643,000

28,116,000

28,944,000

3,322,827

3,775,142

Short-term Debt

0
0
0
3,639,678
3,172,147
4,072,153
4,072,153
3,212,739
2,925,426
250,000
0
500,000
500,000
2,375,000
500,000
0
0
0
0
0
100,000
100,000
100,000
100,000
50,000
0
250,139
250,139
284,000
290,000
262,000
124,000
140,000
124,000
120,000
139,000
113,000
166,000
144,000
0
24,688,000
0
0
0
25,537,000
0
26,451,000
1,201,000
5,272,000
3,270,000
2,773,000
1,549,000
6,511,000
3,672,000
2,475,000
200,000
5,247,000
0
0
10,700,000
1,024,000
0
0
0
1,250,000
0
1,800,000
1,750,000
3,815,000
1,841,000
1,837,000
532,000
2,189,000

2,189,000

532,000

1,837,000

1,841,000

3,815,000

1,750,000

1,800,000

1,250,000

1,024,000

10,700,000

5,247,000

200,000

2,475,000

3,672,000

6,511,000

1,549,000

2,773,000

3,270,000

5,272,000

1,201,000

26,451,000

25,537,000

24,688,000

144,000

166,000

113,000

139,000

120,000

124,000

140,000

124,000

262,000

290,000

284,000

250,139

50,000

100,000

500,000

2,375,000

500,000

250,000

2,925,426

3,212,739

4,072,153

3,172,147

3,639,678

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
22,680,000
0
0
0
24,688,000
0
0
0
25,537,000
0
26,451,000
1,201,000
5,272,000
3,270,000
2,773,000
1,549,000
6,511,000
3,672,000
2,475,000
200,000
5,247,000
0
0
10,700,000
0
0
0
0
1,250,000
0
1,800,000
0
0
0
0
0
750,000

750,000

1,800,000

1,250,000

10,700,000

5,247,000

200,000

2,475,000

3,672,000

6,511,000

1,549,000

2,773,000

3,270,000

5,272,000

1,201,000

26,451,000

25,537,000

24,688,000

22,680,000

Accounts payable

16,065,632
0
0
135,464
150,680
23,125,529
236,205
256,323
264,938
248,480
244,344
252,004
268,967
252,161
235,934
234,619
35,051,666
35,021,975
34,246,804
2,209,011
2,658,280
2,656,543
2,314,667
39,577,462
40,147,912
41,551,286
42,318,312
3,337,000
0
3,926,000
3,633,000
3,036,000
2,958,000
3,273,000
2,934,000
2,856,000
3,246,000
3,450,000
3,089,000
3,903,000
3,343,000
3,560,000
2,906,000
3,119,000
3,550,000
3,185,000
3,196,000
3,549,000
4,105,000
3,722,000
3,927,000
4,154,000
3,436,000
4,269,000
4,317,000
3,594,000
3,690,000
3,476,000
3,591,000
3,541,000
3,860,000
76,745,000
74,476,000
72,562,000
72,393,000
4,365,000
76,412,000
82,897,000
5,294,000
4,843,000
4,963,000
104,019,000
0

104,019,000

4,963,000

4,843,000

5,294,000

82,897,000

76,412,000

4,365,000

72,393,000

72,562,000

74,476,000

76,745,000

3,860,000

3,541,000

3,591,000

3,476,000

3,690,000

3,594,000

4,317,000

4,269,000

3,436,000

4,154,000

3,927,000

3,722,000

4,105,000

3,549,000

3,196,000

3,185,000

3,550,000

3,119,000

2,906,000

3,560,000

3,343,000

3,903,000

3,089,000

3,450,000

3,246,000

2,856,000

2,934,000

3,273,000

2,958,000

3,036,000

3,633,000

3,926,000

3,337,000

42,318,312

41,551,286

40,147,912

39,577,462

2,314,667

2,656,543

2,658,280

2,209,011

34,246,804

35,021,975

35,051,666

234,619

235,934

252,161

268,967

252,004

244,344

248,480

264,938

256,323

236,205

23,125,529

150,680

135,464

16,065,632

Other Current Liabilities

181,917
0
0
135,464
150,680
236,205
24,635,642
24,646,938
26,670,851
29,199,520
26,249,656
29,210,996
31,473,033
30,546,839
31,940,066
32,282,381
35,157,000
37,412,000
37,804,000
36,237,000
36,622,000
37,517,000
37,875,000
0
42,205,000
42,903,000
0
45,266,861
45,492,000
42,394,000
42,568,000
43,117,000
44,959,000
48,258,000
47,380,000
48,239,000
52,637,000
52,178,000
50,905,000
50,758,000
50,874,000
54,175,000
52,683,000
53,614,000
60,642,000
60,957,000
58,261,000
60,885,000
68,141,000
68,122,000
68,383,000
69,377,000
77,706,000
76,857,000
76,526,000
74,815,000
81,683,000
81,653,000
77,364,000
78,015,000
1,024,000
76,745,000
23,000
72,562,000
72,393,000
72,482,000
76,412,000
82,897,000
19,817,000
15,513,000
12,379,000
7,012,000
4,003,000

4,003,000

7,012,000

12,379,000

15,513,000

19,817,000

82,897,000

76,412,000

72,482,000

72,393,000

72,562,000

23,000

76,745,000

1,024,000

78,015,000

77,364,000

81,653,000

81,683,000

74,815,000

76,526,000

76,857,000

77,706,000

69,377,000

68,383,000

68,122,000

68,141,000

60,885,000

58,261,000

60,957,000

60,642,000

53,614,000

52,683,000

54,175,000

50,874,000

50,758,000

50,905,000

52,178,000

52,637,000

48,239,000

47,380,000

48,258,000

44,959,000

43,117,000

42,568,000

42,394,000

45,492,000

45,266,861

42,903,000

42,205,000

37,875,000

37,517,000

36,622,000

36,237,000

37,804,000

37,412,000

35,157,000

32,282,381

31,940,066

30,546,839

31,473,033

29,210,996

26,249,656

29,199,520

26,670,851

24,646,938

24,635,642

236,205

150,680

135,464

181,917

> Long-term Liabilities

0
0
0
1,507,578
1,506,450
0
948,000
2,358,000
2,134,000
1,976,000
1,890,000
1,854,000
1,735,000
1,433,000
1,427,000
1,795,000
2,428,000
22,392,000
18,311,000
17,709,000
17,706,000
18,990,000
17,939,000
17,718,000
18,287,000
18,754,000
19,024,000
19,246,000
19,729,000
19,230,000
18,032,000
18,665,000
20,474,000
20,181,000
20,056,000
20,917,000
19,242,000
20,623,000
22,599,000
23,550,000
24,650,000
22,602,000
23,431,000
25,580,000
20,343,000
22,573,000
24,237,000
25,536,000
21,054,000
22,974,000
23,479,000
25,449,000
20,717,000
22,604,000
22,688,000
24,254,000
20,454,000
21,339,000
23,194,000
21,841,000
21,241,000
21,011,000
19,350,000
18,516,000
18,977,000
17,132,000
18,185,000
95,084,000
117,038,000
18,163,000
20,276,000
19,467,000
130,589,000

130,589,000

19,467,000

20,276,000

18,163,000

117,038,000

95,084,000

18,185,000

17,132,000

18,977,000

18,516,000

19,350,000

21,011,000

21,241,000

21,841,000

23,194,000

21,339,000

20,454,000

24,254,000

22,688,000

22,604,000

20,717,000

25,449,000

23,479,000

22,974,000

21,054,000

25,536,000

24,237,000

22,573,000

20,343,000

25,580,000

23,431,000

22,602,000

24,650,000

23,550,000

22,599,000

20,623,000

19,242,000

20,917,000

20,056,000

20,181,000

20,474,000

18,665,000

18,032,000

19,230,000

19,729,000

19,246,000

19,024,000

18,754,000

18,287,000

17,718,000

17,939,000

18,990,000

17,706,000

17,709,000

18,311,000

22,392,000

2,428,000

1,795,000

1,427,000

1,433,000

1,735,000

1,854,000

1,890,000

1,976,000

2,134,000

2,358,000

948,000

1,506,450

1,507,578

Long term Debt Total

0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
17,705,728
18,990,170
17,938,507
17,718,200
0
0
0
0
19,729,000
0
19,230,000
18,033,000
18,665,000
20,474,000
20,182,000
20,057,000
20,918,000
22,544,000
22,924,000
24,099,000
23,800,000
24,724,000
24,752,000
24,681,000
26,830,000
25,443,000
26,823,000
26,438,000
26,737,000
26,326,000
26,244,000
26,252,000
26,998,000
27,228,000
26,276,000
25,163,000
24,454,000
25,701,000
26,098,000
23,194,000
21,841,000
21,241,000
21,011,000
19,350,000
18,516,000
18,477,000
17,132,000
18,185,000
20,177,000
20,108,000
18,163,000
20,276,000
18,935,000
0

18,935,000

20,276,000

18,163,000

20,108,000

20,177,000

18,185,000

17,132,000

18,477,000

18,516,000

19,350,000

21,011,000

21,241,000

21,841,000

23,194,000

26,098,000

25,701,000

24,454,000

25,163,000

26,276,000

27,228,000

26,998,000

26,252,000

26,244,000

26,326,000

26,737,000

26,438,000

26,823,000

25,443,000

26,830,000

24,681,000

24,752,000

24,724,000

23,800,000

24,099,000

22,924,000

22,544,000

20,918,000

20,057,000

20,182,000

20,474,000

18,665,000

18,033,000

19,230,000

19,729,000

17,718,200

17,938,507

18,990,170

17,705,728

Long-term Liabilities Other

0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
100,000
0
0
0
0
284,000
0
290,000
262,000
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0

262,000

290,000

284,000

100,000

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
22,000
0
0
0
21,000
0
0
0
25,000
0
0
0
32,000
0
0
0
23,000
0
0
0
24,000
0
0
0
33,000
0
0
0
33,000
0
0
0
32,000
0
0
0
0

32,000

33,000

24,000

23,000

32,000

25,000

21,000

22,000

> Total Stockholder Equity

4,600,449
0
0
5,774,772
5,528,658
5,780,284
5,780,284
5,667,282
5,599,422
5,654,341
5,849,691
6,000,393
5,915,823
5,999,351
7,415,640
8,386,202
8,435,547
7,015,048
6,038,267
6,111,297
6,456,846
6,899,165
7,523,300
8,242,211
8,242,211
8,828,952
9,145,913
9,145,913
9,873,000
10,299,000
10,448,000
10,602,000
10,809,000
11,021,000
11,381,000
11,301,000
11,134,000
11,211,000
11,263,000
11,303,000
11,275,000
11,316,000
11,397,000
11,347,000
11,323,000
11,265,000
11,259,000
11,187,000
10,892,000
10,871,000
10,889,000
11,016,000
11,130,000
11,259,000
11,493,000
11,717,000
11,859,000
9,665,000
9,643,000
10,252,000
10,884,000
12,154,000
13,171,000
13,263,000
13,408,000
13,433,000
13,764,000
14,286,000
14,590,000
14,315,000
13,856,000
14,236,000
14,828,000

14,828,000

14,236,000

13,856,000

14,315,000

14,590,000

14,286,000

13,764,000

13,433,000

13,408,000

13,263,000

13,171,000

12,154,000

10,884,000

10,252,000

9,643,000

9,665,000

11,859,000

11,717,000

11,493,000

11,259,000

11,130,000

11,016,000

10,889,000

10,871,000

10,892,000

11,187,000

11,259,000

11,265,000

11,323,000

11,347,000

11,397,000

11,316,000

11,275,000

11,303,000

11,263,000

11,211,000

11,134,000

11,301,000

11,381,000

11,021,000

10,809,000

10,602,000

10,448,000

10,299,000

9,873,000

9,145,913

8,828,952

8,242,211

7,523,300

6,899,165

6,456,846

6,111,297

6,038,267

7,015,048

8,435,547

8,386,202

7,415,640

5,999,351

5,915,823

6,000,393

5,849,691

5,654,341

5,599,422

5,667,282

5,780,284

5,528,658

5,774,772

4,600,449

Common Stock

100
0
0
100
100
100
100
4,773
4,777
4,793
4,796
4,802
4,805
4,828
4,831
5,446
5,448
5,460
5,462
5,470
5,471
5,480
5,484
5,497
5,497
5,515
5,526
5,526
5,000
6,000
5,000
5,000
5,000
5,000
5,000
5,000
5,000
5,000
5,000
5,000
5,000
5,000
5,000
5,000
5,000
6,000
6,000
6,000
6,000
6,000
6,000
6,000
6,000
6,000
6,000
6,000
6,000
6,000
6,000
6,000
6,000
6,000
6,000
6,000
6,000
6,000
6,000
6,000
6,000
6,000
6,000
6,000
6,000

6,000

5,000

6,000

5,000

5,526

5,515

5,497

5,484

5,480

5,471

5,470

5,462

5,460

5,448

5,446

4,831

4,828

4,805

4,802

4,796

4,793

4,777

4,773

100

Retained Earnings

2,477,025
0
0
3,008,421
2,742,053
2,951,295
2,951,295
2,803,535
2,717,905
2,761,159
2,966,053
3,116,818
3,046,956
3,136,977
3,296,234
3,705,608
3,873,262
2,362,685
2,538,164
2,787,822
3,126,488
3,580,338
4,147,598
4,763,180
5,243,318
5,820,609
6,303,466
6,877,990
7,373,000
8,136,000
8,629,000
9,115,000
9,611,000
10,138,000
10,659,000
11,182,000
11,467,000
11,936,000
12,400,000
12,880,000
13,250,000
13,698,000
14,188,000
14,696,000
15,130,000
15,568,000
15,989,000
16,452,000
16,687,000
17,211,000
17,787,000
18,354,000
18,906,000
19,484,000
20,107,000
20,720,000
21,290,000
19,175,000
18,673,000
19,292,000
19,955,000
21,373,000
22,936,000
23,846,000
24,766,000
25,833,000
26,776,000
27,585,000
28,453,000
29,292,000
29,761,000
30,236,000
30,448,000

30,448,000

30,236,000

29,761,000

29,292,000

28,453,000

27,585,000

26,776,000

25,833,000

24,766,000

23,846,000

22,936,000

21,373,000

19,955,000

19,292,000

18,673,000

19,175,000

21,290,000

20,720,000

20,107,000

19,484,000

18,906,000

18,354,000

17,787,000

17,211,000

16,687,000

16,452,000

15,989,000

15,568,000

15,130,000

14,696,000

14,188,000

13,698,000

13,250,000

12,880,000

12,400,000

11,936,000

11,467,000

11,182,000

10,659,000

10,138,000

9,611,000

9,115,000

8,629,000

8,136,000

7,373,000

6,877,990

6,303,466

5,820,609

5,243,318

4,763,180

4,147,598

3,580,338

3,126,488

2,787,822

2,538,164

2,362,685

3,873,262

3,705,608

3,296,234

3,136,977

3,046,956

3,116,818

2,966,053

2,761,159

2,717,905

2,803,535

2,951,295

2,742,053

3,008,421

2,477,025

Capital Surplus

0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
3,435,318
3,452,513
3,469,557
3,492,663
0
0
0
0
3,593,000
0
3,632,000
3,650,000
3,671,000
3,687,000
3,739,000
3,758,000
3,775,000
3,790,000
3,841,000
3,853,000
3,868,000
3,885,000
3,913,000
3,932,000
3,946,000
3,962,000
3,979,000
3,997,000
4,016,000
4,042,000
4,068,000
4,089,000
4,107,000
4,130,000
4,148,000
4,167,000
4,188,000
4,206,000
4,217,000
4,216,000
4,235,000
4,257,000
4,280,000
4,319,000
4,345,000
4,369,000
4,390,000
4,417,000
4,444,000
4,468,000
4,493,000
4,508,000
4,520,000
0

4,520,000

4,508,000

4,493,000

4,468,000

4,444,000

4,417,000

4,390,000

4,369,000

4,345,000

4,319,000

4,280,000

4,257,000

4,235,000

4,216,000

4,217,000

4,206,000

4,188,000

4,167,000

4,148,000

4,130,000

4,107,000

4,089,000

4,068,000

4,042,000

4,016,000

3,997,000

3,979,000

3,962,000

3,946,000

3,932,000

3,913,000

3,885,000

3,868,000

3,853,000

3,841,000

3,790,000

3,775,000

3,758,000

3,739,000

3,687,000

3,671,000

3,650,000

3,632,000

3,593,000

3,492,663

3,469,557

3,452,513

3,435,318

Treasury Stock

-21,005,000

-20,297,000

-19,054,000

-18,452,000

-18,240,000

-17,639,000

-16,695,000

-15,922,000

-15,107,000

-14,554,000

-14,435,000

-14,430,000

-14,087,000

-13,686,000

-13,267,000

-12,806,000

-12,319,000

-11,854,000

-11,394,000

-10,838,000

-10,254,000

-9,699,000

-9,143,000

-8,693,000

-8,173,000

-7,695,000

-7,114,000

-6,688,000

-6,265,000

-5,830,000

-5,395,000

-4,970,000

-4,550,000

-4,151,000

-3,529,000

-3,351,000

-2,986,000

-2,640,000

-2,289,000

-1,951,000

-1,678,000

-1,276,648

-924,219

-477,048

-462,679

-235,443

-32,981

-32,887

-27,883

-27,787

-25,111

-25,025

-19,642

-18,605

-14,854

-14,418

-8,257

-7,167

-4,405

-2,412

-1,419

Other Stockholders Equity

0
0
0
2,636,265
2,657,900
0
2,698,585
2,825,662
2,844,708
2,883,198
2,904,271
2,917,756
2,864,062
2,923,625
3,015,138
3,545,381
3,553,589
3,559,487
3,568,581
3,400,302
3,324,887
3,419,626
3,436,576
0
2,993,396
3,051,432
0
2,293,723
2,400,000
1,681,000
1,361,000
1,031,000
701,000
388,000
229,000
-376,000
-760,000
-1,129,000
-1,542,000
-1,962,000
-2,380,000
-2,775,000
-3,182,000
-3,749,000
-4,211,000
-4,714,000
-5,146,000
-5,683,000
-6,212,000
-6,770,000
-7,305,000
-7,747,000
-8,189,000
-8,658,000
-9,100,000
-9,498,000
-9,881,000
-10,213,000
-10,214,000
-10,195,000
-10,178,000
-10,274,000
-10,788,000
-11,577,000
-12,326,000
-13,249,000
-13,823,000
-14,008,000
-14,586,000
-15,804,000
-16,497,000
-16,489,000
-16,457,000

-16,457,000

-16,489,000

-16,497,000

-15,804,000

-14,586,000

-14,008,000

-13,823,000

-13,249,000

-12,326,000

-11,577,000

-10,788,000

-10,274,000

-10,178,000

-10,195,000

-10,214,000

-10,213,000

-9,881,000

-9,498,000

-9,100,000

-8,658,000

-8,189,000

-7,747,000

-7,305,000

-6,770,000

-6,212,000

-5,683,000

-5,146,000

-4,714,000

-4,211,000

-3,749,000

-3,182,000

-2,775,000

-2,380,000

-1,962,000

-1,542,000

-1,129,000

-760,000

-376,000

229,000

388,000

701,000

1,031,000

1,361,000

1,681,000

2,400,000

2,293,723

3,051,432

2,993,396

3,436,576

3,419,626

3,324,887

3,400,302

3,568,581

3,559,487

3,553,589

3,545,381

3,015,138

2,923,625

2,864,062

2,917,756

2,904,271

2,883,198

2,844,708

2,825,662

2,698,585

2,657,900

2,636,265

Balance Sheet

Currency in USD. All numbers in thousands.

	2023-12-31	2022-12-31	2021-12-31	2020-12-31	2019-12-31	2018-12-31	2017-12-31	2016-12-31	2015-12-31	2014-12-31	2013-12-31	2012-12-31	2011-12-31	2010-12-31	2009-12-31	2008-12-31	2007-12-31	2006-12-31	2005-12-31	2004-12-31	2003-12-31
Accounts Payable	0	5,294,000	72,393,000	3,860,000	3,690,000	3,436,000	4,105,000	3,550,000	3,343,000	3,246,000	2,958,000	3,337,000	39,577,462	2,209,011	32,093,012	268,967	264,938	135,464	181,917	0	-
Accumulated Amortization	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	-
Accumulated Depreciation	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	-
Accumulated Other Comprehensive Income	-225,000	-339,000	-94,000	45,000	-119,000	-156,000	-152,000	-161,000	-160,000	-138,000	-68,000	-75,000	-51,679	-82,548	-154,818	-66,338	32,032	129,986	45,220	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	-
Capital Lease Obligations	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	-
Capital Stock	1,062,000	1,062,000	1,062,000	1,062,000	569,000	569,000	0	0	0	0	0	0	0	0	0	0	0	0	0	0	-
Capital Surpluse	0	4,468,000	4,369,000	4,257,000	4,206,000	4,130,000	4,042,000	3,962,000	3,885,000	3,790,000	3,687,000	3,593,000	0	3,435,318	0	0	0	0	0	0	-
Cash	11,685,000	21,105,000	18,236,000	25,703,000	17,559,000	18,515,000	14,955,000	13,766,000	12,755,000	11,339,000	11,727,000	9,106,000	10,342,000	5,098,733	13,020,719	9,121,143	2,516,495	349,357	307,170	0	-
Cash And Equivalents	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	-
Cash And Short Term Investments	13,778,000	10,563,000	20,252,000	28,364,000	18,434,000	13,299,000	13,306,000	11,914,000	9,572,000	7,284,000	7,783,000	3,926,000	2,849,843	5,473,733	14,370,719	9,121,143	2,505,304	874,357	557,170	0	-
Common Stock	6,000	6,000	6,000	6,000	6,000	6,000	6,000	5,000	5,000	5,000	5,000	5,000	5,497	5,471	5,448	4,805	4,777	100	100	0	-
Common Stock Shares Outstanding	254,000	278,000	300,000	307,000	320,000	345,000	374,000	406,000	438,000	463,000	487,000	517,000	543,000	549,000	507,907	479,357	478,879	477,236	477,236	476,209	477,236
Common Stock Total Equity	0	6,000	6,000	6,000	6,000	6,000	6,000	5,000	5,000	5,000	5,000	5,000	5,497	5,471	5,448	4,805	4,777	100	100	0	-
Current Deferred Revenue	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	-22,484	0	0	0	-
Deferred Long Term Asset Charges	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	-
Deferred Long Term Liab	0	32,000	33,000	33,000	24,000	23,000	32,000	25,000	21,000	22,000	0	0	0	0	0	0	0	0	0	0	-
Earning Assets	0	0	6,904,000	12,114,000	10,595,000	3,370,000	1,568,000	1,757,000	3,084,000	0	0	0	0	0	0	0	0	0	0	0	-
Good Will	255,000	255,000	255,000	255,000	255,000	255,000	255,000	255,000	255,000	257,000	284,000	286,000	255,421	255,421	255,421	255,421	255,421	533,728	255,421	0	-
Intangible Assets	0	255,000	255,000	95,000	155,000	161,000	163,000	166,000	168,000	176,000	185,000	190,000	188,018	188,973	195,636	203,319	98,043	201,177	66,623	0	-
Inventory	0	-107,498,000	-4,730,000	-2,117,000	-94,554,000	-87,471,000	-81,627,000	-75,087,000	-70,516,000	-68,223,000	-64,123,000	-59,292,000	-55,131,739	-45,532,295	0	-2,233,600	-3,093,472	1,056,380	3,128,540	0	-
Liabilities And Stockholders Equity	151,609,000	131,628,000	110,242,000	112,889,000	113,996,000	109,553,000	100,087,000	92,308,000	86,936,000	83,126,000	79,340,000	73,491,000	68,784,000	60,784,968	46,020,987	39,892,382	37,376,105	29,067,242	26,943,923	0	24,032,743
Long Term Debt	20,581,000	20,108,000	18,977,000	21,241,000	25,701,000	27,228,000	26,326,000	25,443,000	24,650,000	19,242,000	16,184,000	14,550,000	14,960,762	17,705,728	1,804,290	1,329,805	1,735,181	1,506,654	863,745	0	-
Long Term Debt Total	0	20,108,000	18,477,000	21,241,000	25,701,000	27,228,000	26,326,000	25,443,000	24,724,000	22,544,000	20,474,000	19,729,000	0	17,705,728	0	0	0	0	0	0	-
Long Term Investments	13,655,000	12,208,000	6,906,000	12,114,000	92,511,000	3,370,000	1,568,000	1,757,000	70,516,000	68,223,000	64,123,000	59,292,000	0	45,532,295	0	0	0	0	0	0	-
Negative Goodwill	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	-
Net Debt	9,646,000	-997,000	1,991,000	-4,462,000	8,142,000	8,713,000	11,371,000	11,677,000	11,969,000	11,318,000	8,887,000	8,887,000	7,995,000	12,606,995	-10,592,618	-7,385,760	2,543,024	4,797,899	4,329,635	0	931,554
Net Invested Capital	35,103,000	20,108,000	20,227,000	31,069,000	36,997,000	37,795,000	36,655,000	0	0	0	0	0	0	0	0	0	0	0	0	0	-
Net Receivables	0	104,746,000	914,000	944,000	92,511,000	87,471,000	81,627,000	75,087,000	70,516,000	68,223,000	64,123,000	59,292,000	55,131,739	45,532,295	1,692,051	2,392,621	3,232,886	3,293,850	2,912,092	0	-
Net Tangible Assets	0	13,279,000	13,153,000	9,478,000	10,886,000	9,724,000	9,564,000	10,071,000	10,292,000	10,141,000	9,780,000	8,742,000	0	6,012,452	0	0	0	0	0	0	-
Net Working Capital	-2,699,000	-13,069,000	19,916,000	-41,626,000	-44,437,000	-63,212,000	-54,841,000	-49,836,000	-41,034,000	-45,522,000	73,086,000	-40,702,000	-38,334,599	-26,993,241	-35,143,979	-31,448,415	-29,278,035	23,896,295	22,042,377	0	-
Non Current Assets Total	148,116,000	13,466,000	8,144,000	13,491,000	12,062,000	92,884,000	85,213,000	78,637,000	74,280,000	71,893,000	6,114,000	65,136,000	59,728,041	50,610,840	451,057	458,740	353,464	1,395,805	946,569	0	-
Non Current Liabilities Other	0	0	0	0	0	0	0	0	0	0	0	284,000	0	0	0	0	0	0	0	0	-
Non Current Liabilities Total	130,589,000	117,038,000	18,977,000	21,241,000	25,701,000	20,717,000	21,054,000	20,343,000	24,650,000	19,242,000	20,474,000	19,729,000	18,287,000	17,706,000	2,428,000	1,735,000	2,129,000	1,507,578	863,745	0	931,554
Non Currrent Assets Other	133,370,000	-2,149,000	-1,862,000	-2,153,000	-933,000	88,162,000	82,402,000	75,725,000	70,079,000	66,841,000	61,681,000	57,905,000	52,595,299	44,255,319	-6,884,600	-1,780,446	-965,716	-84,411	-16,719	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	-
Other Assets	151,522,000	107,599,000	80,932,000	70,090,000	83,500,000	2,175,000	1,574,000	2,865,000	2,816,000	4,005,000	85,454,000	3,281,000	5,135,558	545,369	45,556,909	38,640,057	36,652,676	508,552	547,055	0	24,032,743
Other Current Assets	3,493,000	2,752,000	4,730,000	2,117,000	2,043,000	1,195,000	-6,000	-1,108,000	268,000	-56,000	65,443,000	1,148,000	1,070,558	4,155,026	-16,049,749	-8,486,579	-2,274,753	23,503,230	22,528,092	0	-
Other Current Liab	4,003,000	19,817,000	-1,250,000	66,717,000	57,624,000	77,706,000	68,141,000	60,642,000	50,874,000	52,637,000	44,959,000	45,492,000	42,205,000	36,622,000	35,157,000	31,473,033	26,480,120	135,464	181,917	0	-
Other Liab	0	212,000	198,000	227,000	199,000	144,000	179,000	165,000	150,000	3,246,000	2,958,000	3,337,000	2,627,086	2,209,011	3,064,327	3,210,655	1,741,763	1,701,052	1,641,037	0	-
Other Stockholder Equity	-16,457,000	-14,586,000	-12,326,000	-10,178,000	-9,881,000	-8,189,000	-6,212,000	-4,211,000	-2,380,000	-760,000	701,000	2,010,000	3,045,075	3,407,435	3,553,589	2,930,400	2,844,708	2,636,265	2,123,324	0	3,809,285
Preferred Stock Redeemable	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	-
Preferred Stock Total Equity	0	1,056,000	1,056,000	1,056,000	563,000	563,000	563,000	560,000	560,000	560,000	560,000	560,000	0	0	1,158,066	0	0	0	0	0	-
Property Plant And Equipment Gross	3,102,000	2,860,000	2,832,000	1,027,000	1,057,000	936,000	825,000	734,000	693,000	670,000	654,000	534,000	483,250	460,732	499,303	552,502	658,492	660,900	624,525	0	-
Property Plant And Equipment Net	1,091,000	1,003,000	983,000	1,027,000	1,057,000	936,000	825,000	734,000	693,000	670,000	654,000	538,000	483,000	454,614	493,185	552,502	658,492	660,900	624,525	0	-
Property Plant Equipment	0	1,003,000	983,000	1,027,000	1,057,000	509,000	478,000	463,000	693,000	670,000	654,000	534,000	483,250	460,732	499,303	552,502	658,492	660,900	624,525	0	-
Retained Earnings	30,448,000	28,453,000	24,766,000	19,955,000	21,290,000	18,906,000	16,687,000	15,130,000	13,250,000	11,467,000	9,611,000	7,373,000	5,243,318	3,126,488	3,873,262	3,046,956	2,717,905	3,008,421	2,431,805	0	-
Retained Earnings Total Equity	0	28,453,000	24,766,000	19,955,000	21,290,000	18,906,000	16,687,000	15,130,000	13,250,000	11,467,000	9,611,000	7,373,000	0	3,126,488	0	0	0	0	0	0	-
Short Long Term Debt	750,000	0	1,250,000	0	5,247,000	6,511,000	5,272,000	25,537,000	24,688,000	22,680,000	0	0	0	0	0	0	0	0	0	0	-
Short Long Term Debt Total	21,331,000	20,108,000	20,227,000	21,241,000	25,701,000	27,228,000	26,326,000	25,443,000	24,724,000	22,657,000	20,614,000	17,993,000	18,337,000	17,705,728	2,428,101	1,735,383	5,059,519	5,147,256	4,636,805	0	931,554
Short Term Debt	2,189,000	3,815,000	1,250,000	4,217,000	5,247,000	6,511,000	5,272,000	25,537,000	24,688,000	113,000	140,000	284,000	50,000	0	0	500,000	2,925,426	3,639,678	3,773,060	0	-
Short Term Investments	2,093,000	1,707,000	2,016,000	2,661,000	875,000	3,370,000	672,000	1,757,000	1,097,000	1,252,000	1,229,000	6,221,000	1,715,518	376,169	1,354,961	1,133,827	441,150	6,951	2,362	0	-
Temporary Equity Redeemable Noncontrolling Interests	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	-
Total Assets	151,609,000	131,628,000	110,242,000	112,889,000	113,996,000	109,553,000	100,087,000	92,308,000	86,936,000	83,126,000	79,340,000	73,491,000	68,784,000	60,784,968	46,020,987	39,892,382	37,376,105	29,067,242	26,943,923	0	24,032,743
Total Current Assets	3,493,000	10,563,000	21,166,000	29,308,000	18,434,000	14,494,000	13,300,000	10,806,000	9,840,000	7,228,000	73,226,000	5,074,000	3,920,401	9,628,759	13,021	793,585	369,965	27,671,437	25,997,354	0	-
Total Current Liabilities	6,192,000	23,632,000	1,250,000	70,934,000	62,871,000	77,706,000	68,141,000	60,642,000	50,874,000	52,750,000	140,000	45,776,000	42,255,000	36,622,000	35,157,000	32,242,000	29,648,000	3,775,142	3,954,977	0	-
Total Liab	136,781,000	117,038,000	96,834,000	21,241,000	25,701,000	98,423,000	89,195,000	80,985,000	75,661,000	71,992,000	68,531,000	63,618,000	60,542,000	54,328,122	37,585,440	33,976,559	31,776,683	23,292,470	22,343,474	0	931,554
Total Permanent Equity	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	-
Total Stockholder Equity	14,828,000	14,590,000	13,408,000	10,884,000	11,859,000	11,130,000	10,892,000	11,323,000	11,275,000	11,134,000	10,809,000	9,873,000	8,242,000	6,456,846	8,435,547	5,915,823	5,599,422	5,774,772	4,600,449	0	3,809,285
Treasury Stock	0	-19,054,000	-16,695,000	-14,435,000	-14,087,000	-12,319,000	-10,254,000	-8,173,000	-6,265,000	-4,550,000	-2,986,000	-1,678,000	-462,679	-27,883	-19,642	-8,257	-1,419	0	0	0	-
Warrants	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	-

	2023-12-31	2023-09-30	2023-06-30	2023-03-31	2022-12-31	2022-09-30	2022-06-30	2022-03-31	2021-12-31	2021-09-30	2021-06-30	2021-03-31	2020-12-31	2020-09-30	2020-06-30	2020-03-31	2019-12-31	2019-09-30	2019-06-30	2019-03-31	2018-12-31	2018-09-30	2018-06-30	2018-03-31	2017-12-31	2017-09-30	2017-06-30	2017-03-31	2016-12-31	2016-09-30	2016-06-30	2016-03-31	2015-12-31	2015-09-30	2015-06-30	2015-03-31	2014-12-31	2014-09-30	2014-06-30	2014-03-31	2013-12-31	2013-09-30	2013-06-30	2013-03-31	2012-12-31	2012-09-30	2012-06-30	2012-03-31	2011-12-31	2011-09-30	2011-06-30	2011-03-31	2010-12-31	2010-09-30	2010-06-30	2010-03-31	2009-12-31	2009-09-30	2009-06-30	2009-03-31	2008-12-31	2008-09-30	2008-06-30	2008-03-31	2007-12-31	2007-09-30	2007-06-30	2007-03-31	2006-12-31	2006-09-30	2006-06-30	2006-03-31	2005-09-30
Accounts Payable	0	104,019,000	4,963,000	4,843,000	5,294,000	82,897,000	76,412,000	4,365,000	72,393,000	72,562,000	74,476,000	76,745,000	3,860,000	3,541,000	3,591,000	3,476,000	3,690,000	3,594,000	4,317,000	4,269,000	3,436,000	4,154,000	3,927,000	3,722,000	4,105,000	3,549,000	3,196,000	3,185,000	3,550,000	3,119,000	2,906,000	3,560,000	3,343,000	3,903,000	3,089,000	3,450,000	3,246,000	2,856,000	2,934,000	3,273,000	2,958,000	3,036,000	3,633,000	3,926,000	0	3,337,000	42,318,312	41,551,286	40,147,912	39,577,462	2,314,667	2,656,543	2,658,280	2,209,011	34,246,804	35,021,975	35,051,666	234,619	235,934	252,161	268,967	252,004	244,344	248,480	264,938	256,323	236,205	23,125,529	150,680	135,464	0	0	16,065,632
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
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
Accumulated Other Comprehensive Income	-225,000	-573,000	-470,000	-235,000	-339,000	-353,000	-251,000	-213,000	-94,000	-68,000	-39,000	-7,000	45,000	93,000	122,000	134,000	-119,000	-74,000	-83,000	-136,000	-156,000	-160,000	-162,000	-139,000	-152,000	-148,000	-150,000	-155,000	-161,000	-165,000	-174,000	-172,000	-160,000	-180,000	-160,000	-161,000	-138,000	-70,000	-72,000	-70,000	-68,000	-109,000	-107,000	-84,000	-75,000	-31,326	-41,000	-48,604	-51,679	-20,000	-66,358	-106,279	-82,548	-82,000	-73,940	-74,038	-154,818	-24,972	-52,542	-66,079	-66,338	-38,983	-25,429	5,191	32,032	33,312	130,304	130,000	128,605	129,986	0	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
Capital Lease Obligations	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Capital Stock	1,062,000	1,062,000	1,062,000	1,062,000	1,062,000	1,062,000	1,062,000	1,062,000	1,062,000	1,062,000	1,062,000	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Capital Surpluse	0	4,520,000	4,508,000	4,493,000	4,468,000	4,444,000	4,417,000	4,390,000	4,369,000	4,345,000	4,319,000	4,280,000	4,257,000	4,235,000	4,216,000	4,217,000	4,206,000	4,188,000	4,167,000	4,148,000	4,130,000	4,107,000	4,089,000	4,068,000	4,042,000	4,016,000	3,997,000	3,979,000	3,962,000	3,946,000	3,932,000	3,913,000	3,885,000	3,868,000	3,853,000	3,841,000	3,790,000	3,775,000	3,758,000	3,739,000	3,687,000	3,671,000	3,650,000	3,632,000	0	3,593,000	0	0	0	0	3,492,663	3,469,557	3,452,513	3,435,318	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Cash	11,685,000	22,569,000	22,110,000	22,411,000	21,105,000	18,767,000	17,007,000	15,620,000	18,236,000	20,762,000	25,209,000	30,106,000	25,703,000	38,991,000	28,201,000	21,993,000	17,559,000	17,761,000	19,934,000	21,456,000	18,515,000	18,410,000	17,441,000	18,641,000	14,955,000	16,155,000	14,722,000	17,981,000	13,766,000	15,728,000	14,236,000	16,101,000	12,755,000	13,650,000	14,050,000	14,701,000	11,339,000	11,480,000	11,254,000	13,858,000	11,727,000	10,820,000	11,224,000	13,819,000	9,106,000	6,237,610	5,112,069	6,315,152	2,849,843	3,957,525	3,772,960	5,171,425	5,098,733	7,916,091	10,335,729	12,728,321	13,020,719	10,828,242	9,694,825	8,724,208	9,121,143	6,931,675	5,999,584	4,357,090	2,516,495	1,139,544	359,206	359,206	314,098	349,357	0	0	292,453
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
Cash And Short Term Investments	13,778,000	22,569,000	22,110,000	22,411,000	10,563,000	11,715,000	13,159,000	11,256,000	18,236,000	15,359,000	18,349,000	23,386,000	16,225,000	11,413,000	19,078,000	10,028,000	6,924,000	7,075,000	11,313,000	16,169,000	13,299,000	16,019,000	15,289,000	17,011,000	13,306,000	13,249,000	12,950,000	15,163,000	11,914,000	12,926,000	11,667,000	12,135,000	9,572,000	10,250,000	10,595,000	11,814,000	7,284,000	7,382,000	6,879,000	8,731,000	7,783,000	10,576,000	10,616,000	13,263,000	3,926,000	6,237,860	0	6,315,152	2,849,843	0	3,772,960	5,546,425	5,473,733	7,916,091	10,710,729	12,903,321	14,370,719	10,828,242	9,694,825	8,724,208	9,121,143	6,931,675	5,999,584	4,357,090	2,505,304	1,139,544	359,206	0	314,098	874,357	0	0	0
Common Stock	6,000	6,000	6,000	6,000	6,000	6,000	6,000	6,000	6,000	6,000	6,000	6,000	6,000	6,000	6,000	6,000	6,000	6,000	6,000	6,000	6,000	6,000	6,000	6,000	6,000	6,000	6,000	6,000	5,000	5,000	5,000	5,000	5,000	5,000	5,000	5,000	5,000	5,000	5,000	5,000	5,000	5,000	5,000	6,000	5,000	5,526	5,526	5,515	5,497	5,497	5,484	5,480	5,471	5,470	5,462	5,460	5,448	5,446	4,831	4,828	4,805	4,802	4,796	4,793	4,777	4,773	100	100	100	100	0	0	100
Common Stock Shares Outstanding	250,649	250,000	253,000	262,000	272,414	274,000	279,000	285,000	291,000	298,000	304,000	307,000	319,000	306,000	306,000	308,000	313,000	317,000	323,000	328,000	335,000	342,000	348,000	355,000	362,000	371,000	379,000	386,000	393,000	402,000	411,000	417,000	426,000	434,000	442,000	448,000	453,000	461,000	467,000	472,000	477,000	484,000	490,000	497,000	502,000	514,000	529,000	531,000	533,000	545,000	546,000	546,000	545,667	547,082	552,060	555,605	553,351	517,050	481,636	480,497	474,472	486,630	487,808	481,744	481,929	481,524	477,823	528,956	476,800	480,986	473,320	476,775	0
Common Stock Total Equity	0	0	6,000	6,000	6,000	6,000	6,000	6,000	6,000	6,000	6,000	6,000	6,000	6,000	6,000	6,000	6,000	6,000	6,000	6,000	6,000	6,000	6,000	6,000	6,000	6,000	6,000	6,000	5,000	5,000	5,000	5,000	5,000	5,000	5,000	5,000	5,000	5,000	5,000	5,000	5,000	5,000	5,000	6,000	5,000	5,526	5,523	5,515	5,497	5,495	5,484	5,480	5,471	5,471	5,462	5,460	5,448	5,446	4,831	4,828	4,805	4,802	4,796	4,793	4,777	4,773	100	100	100	100	0	0	0
Current Deferred Revenue	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	-218,215	0	0	0	0	0	0	0	0
Deferred Long Term Asset Charges	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Deferred Long Term Liab	0	0	0	0	32,000	0	0	0	33,000	0	0	0	33,000	0	0	0	24,000	0	0	0	23,000	0	0	0	32,000	0	0	0	25,000	0	0	0	21,000	0	0	0	22,000	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Earning Assets	0	0	0	0	0	0	0	0	6,904,000	8,014,000	8,841,000	9,432,000	12,114,000	28,902,000	13,034,000	10,782,000	10,595,000	11,649,000	8,581,000	6,243,000	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Good Will	255,000	255,000	255,000	255,000	255,000	255,000	255,000	255,000	255,000	255,000	255,000	255,000	255,000	255,000	255,000	255,000	255,000	255,000	255,000	255,000	255,000	255,000	255,000	255,000	255,000	255,000	255,000	255,000	255,000	255,000	255,000	255,000	255,000	255,000	255,000	257,000	257,000	284,000	284,000	284,000	284,000	284,000	284,000	286,000	286,000	287,043	255,421	255,421	255,421	255,421	255,421	255,421	255,421	255,421	255,421	255,421	255,421	255,421	255,421	255,421	255,421	255,421	255,421	255,421	255,421	540,891	535,660	535,660	533,381	533,728	0	0	255,421
Intangible Assets	0	255,000	255,000	255,000	255,000	255,000	0	0	0	1,000	1,000	95,000	95,000	95,000	96,000	155,000	155,000	159,000	160,000	160,000	161,000	162,000	162,000	162,000	163,000	163,000	164,000	165,000	166,000	166,000	167,000	167,000	168,000	169,000	170,000	175,000	176,000	177,000	179,000	182,000	185,000	188,000	191,000	187,000	190,000	192,181	184,501	186,232	188,018	189,298	191,296	193,293	188,973	190,639	192,304	193,970	195,636	197,556	199,477	201,398	203,319	54,161	56,030	57,900	98,043	198,960	200,038	735,698	730,874	201,177	0	0	322,044
Inventory	0	-124,640,000	-119,775,000	-116,410,000	-107,498,000	-99,835,000	0	0	0	-82,681,000	-80,648,000	-79,000,000	0	0	0	0	-92,511,000	-89,194,000	-87,027,000	-85,609,000	-87,471,000	0	0	0	-81,627,000	0	0	0	-75,087,000	-71,527,000	-69,975,000	0	-70,516,000	1,000	155,000	180,000	-68,223,000	148,000	129,000	133,000	-64,123,000	-61,140,000	-60,147,000	-58,750,000	-59,292,000	-57,469,848	272,082	-55,188,404	-55,131,739	714,180	738,382	-48,629,769	-45,532,295	788,101	-46,094,094	-45,886,156	0	0	0	0	-2,233,600	0	0	714,632	-3,093,472	0	5,798	504,128	318,447	1,056,380	0	0	3,128,540
Liabilities And Stockholders Equity	151,609,000	143,432,000	138,082,000	133,061,000	131,628,000	121,886,000	114,600,000	107,412,000	110,242,000	108,544,000	110,985,000	113,871,000	112,889,000	124,349,000	113,792,000	112,657,000	113,996,000	110,786,000	110,707,000	110,720,000	109,553,000	105,842,000	102,751,000	101,967,000	100,087,000	97,608,000	93,757,000	94,795,000	92,308,000	90,541,000	87,511,000	88,093,000	86,936,000	85,611,000	84,911,000	84,178,000	83,126,000	80,596,000	78,937,000	79,584,000	79,340,000	75,544,000	74,944,000	76,139,000	73,491,000	73,908,664	72,083,405	70,486,018	68,783,937	65,725,667	63,437,533	63,506,609	60,784,968	60,057,553	62,153,678	66,818,951	46,020,987	42,698,290	41,518,288	40,606,518	39,892,382	37,317,815	34,233,542	37,328,059	37,376,105	36,141,011	35,672,568	35,672,568	29,763,803	29,067,242	0	0	0
Long Term Debt	20,581,000	19,467,000	20,276,000	18,163,000	20,108,000	20,177,000	19,985,000	17,132,000	18,977,000	18,516,000	19,350,000	21,011,000	21,241,000	10,700,000	23,194,000	26,098,000	25,701,000	24,454,000	25,163,000	26,276,000	20,717,000	25,449,000	23,479,000	26,244,000	21,054,000	26,737,000	26,438,000	26,823,000	20,343,000	26,830,000	24,681,000	24,752,000	21,674,000	23,800,000	24,099,000	22,924,000	19,242,000	20,918,000	20,057,000	20,182,000	16,184,000	18,665,000	18,033,000	19,230,000	0	14,550,000	19,246,113	19,023,907	18,753,958	14,960,762	17,718,200	17,938,507	18,990,170	17,705,728	17,708,753	18,311,127	22,392,200	1,804,290	1,795,134	1,427,043	1,432,631	1,329,805	1,854,263	1,889,909	1,976,147	1,735,181	2,358,044	948,232	1,506,450	1,506,351	0	0	863,745
Long Term Debt Total	0	18,935,000	20,276,000	18,163,000	20,108,000	20,177,000	18,185,000	17,132,000	18,477,000	18,516,000	19,350,000	21,011,000	21,241,000	21,841,000	23,194,000	26,098,000	25,701,000	24,454,000	25,163,000	26,276,000	27,228,000	26,998,000	26,252,000	26,244,000	26,326,000	26,737,000	26,438,000	26,823,000	25,443,000	26,830,000	24,681,000	24,752,000	24,724,000	23,800,000	24,099,000	22,924,000	22,544,000	20,918,000	20,057,000	20,182,000	20,474,000	18,665,000	18,033,000	19,230,000	0	19,729,000	0	0	0	0	17,718,200	17,938,507	18,990,170	17,705,728	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Long Term Investments	13,655,000	13,336,000	13,466,000	12,248,000	12,208,000	6,897,000	5,536,000	6,249,000	6,906,000	8,014,000	8,841,000	9,432,000	12,114,000	28,902,000	13,034,000	10,782,000	92,511,000	10,649,000	8,581,000	85,609,000	87,471,000	83,967,000	81,961,000	80,008,000	81,627,000	77,912,000	75,613,000	73,589,000	75,087,000	71,527,000	69,975,000	68,399,000	70,516,000	68,335,000	67,293,000	65,872,000	68,223,000	65,722,000	64,261,000	62,261,000	64,123,000	61,140,000	60,147,000	58,750,000	0	59,292,000	0	0	0	0	51,809,393	0	48,629,769	45,532,295	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
Net Debt	9,646,000	-3,102,000	-1,834,000	-4,248,000	-997,000	1,410,000	4,778,000	1,512,000	1,991,000	-2,246,000	-5,859,000	-9,095,000	-4,462,000	-6,450,000	-5,007,000	4,105,000	8,142,000	6,693,000	5,229,000	4,820,000	8,713,000	8,588,000	8,811,000	7,603,000	11,371,000	10,582,000	11,716,000	8,842,000	11,677,000	11,102,000	10,445,000	8,651,000	11,969,000	10,150,000	10,193,000	8,389,000	11,318,000	9,577,000	8,923,000	6,448,000	8,887,000	7,969,000	7,071,000	5,701,000	8,887,000	13,258,642	13,912,088	12,438,806	15,487,335	13,860,675	14,265,547	13,918,745	12,606,995	9,792,909	7,975,398	9,663,879	-10,592,618	-9,033,108	-7,767,782	-4,916,577	-6,885,760	-5,077,412	-4,109,675	-2,130,943	2,543,024	4,431,239	4,661,179	4,661,179	4,364,499	4,797,899	0	0	0
Net Invested Capital	35,103,000	19,467,000	20,276,000	18,163,000	20,108,000	20,177,000	19,985,000	17,132,000	20,227,000	18,516,000	19,350,000	21,011,000	31,069,000	41,737,000	31,781,000	35,200,000	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Net Receivables	0	114,011,000	109,842,000	104,983,000	104,746,000	86,862,000	92,544,000	928,000	914,000	82,681,000	80,648,000	79,000,000	944,000	961,000	927,000	978,000	92,511,000	89,194,000	87,027,000	85,609,000	87,471,000	83,967,000	81,961,000	80,008,000	81,627,000	77,912,000	75,613,000	73,589,000	75,087,000	71,527,000	69,975,000	68,399,000	70,516,000	68,335,000	67,293,000	65,872,000	68,223,000	65,722,000	64,261,000	62,261,000	64,123,000	61,140,000	60,147,000	58,750,000	59,292,000	57,469,848	0	54,320,670	55,131,739	0	49,877,535	48,629,769	45,532,295	46,386,943	46,094,094	45,886,156	1,692,051	2,120,013	1,955,207	150,100	2,392,621	133,026	131,388	122,765	3,232,886	126,486	139,618	139,618	105,310	3,293,850	0	0	0
Net Tangible Assets	0	13,981,000	12,545,000	13,004,000	13,279,000	14,031,000	13,509,000	12,122,000	13,153,000	13,007,000	12,915,000	11,804,000	9,478,000	8,846,000	8,236,000	8,692,000	10,886,000	10,740,000	10,515,000	10,281,000	10,151,000	10,036,000	9,909,000	9,891,000	9,911,000	10,209,000	10,280,000	10,285,000	10,342,000	10,926,000	10,415,000	10,334,000	10,292,000	10,319,000	10,278,000	10,219,000	10,141,000	10,280,000	10,358,000	9,995,000	9,780,000	9,570,000	9,413,000	9,266,000	0	8,742,000	0	0	0	0	7,561,197	7,076,583	6,450,451	6,012,452	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Net Working Capital	-2,699,000	15,025,000	7,894,000	5,057,000	-13,069,000	9,965,000	107,719,000	-64,663,000	19,916,000	22,522,000	22,438,000	22,362,000	98,374,000	89,185,000	16,483,000	-71,625,000	-72,016,000	-68,740,000	-66,213,000	-61,688,000	-63,212,000	-53,358,000	-53,094,000	-51,111,000	-54,841,000	-47,636,000	-45,311,000	-45,794,000	-49,836,000	-41,538,000	-42,066,000	-42,040,000	-41,034,000	-40,508,000	-40,454,000	-40,530,000	-45,522,000	-40,996,000	-40,621,000	-39,651,000	73,086,000	69,295,000	68,657,000	69,534,000	-40,702,000	-39,279,390	-39,048,931	-36,587,848	-38,334,599	-36,044,475	-34,202,040	-32,445,575	-26,993,241	-28,320,909	-27,468,271	-24,683,679	-35,143,979	-32,031,006	-31,860,320	-32,762,602	-31,448,415	-28,682,269	-26,070,627	-29,329,086	-29,273,035	-27,724,940	-28,584,794	-28,584,794	25,052,257	23,896,295	0	0	0
Non Current Assets Total	148,116,000	1,339,000	1,308,000	1,286,000	13,466,000	8,167,000	6,775,000	7,488,000	8,144,000	9,257,000	10,083,000	10,803,000	13,491,000	24,464,000	14,500,000	5,797,000	96,477,000	94,062,000	92,813,000	90,308,000	92,884,000	88,022,000	85,940,000	83,413,000	85,213,000	82,732,000	79,128,000	77,914,000	78,637,000	76,610,000	74,423,000	73,002,000	74,280,000	72,059,000	71,615,000	69,586,000	71,893,000	69,219,000	67,988,000	66,889,000	6,114,000	6,125,000	6,025,000	6,315,000	65,136,000	61,203,547	60,319,372	57,901,090	59,728,041	55,815,974	54,107,163	53,094,303	50,610,840	50,915,715	50,746,805	53,353,049	451,057	452,977	454,898	255,421	458,740	309,582	311,451	313,321	353,464	739,851	535,660	0	1,388,719	1,395,805	0	0	0
Non Current Liabilities Other	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	262,000	290,000	0	284,000	0	0	0	0	100,000	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	130,589,000	19,467,000	20,276,000	18,163,000	117,038,000	95,084,000	18,185,000	17,132,000	18,977,000	18,516,000	19,350,000	21,011,000	21,241,000	21,841,000	23,194,000	21,339,000	20,454,000	24,254,000	22,688,000	22,604,000	20,717,000	25,449,000	23,479,000	22,974,000	21,054,000	25,536,000	24,237,000	22,573,000	20,343,000	25,580,000	23,431,000	22,602,000	24,650,000	23,550,000	22,599,000	20,623,000	19,242,000	20,917,000	20,056,000	20,181,000	20,474,000	18,665,000	18,032,000	19,230,000	19,729,000	19,246,000	19,024,000	18,754,000	18,287,000	17,718,000	17,939,000	18,990,000	17,706,000	17,709,000	18,311,000	22,392,000	2,428,000	1,795,000	1,427,000	1,433,000	1,735,000	1,854,000	1,890,000	1,976,000	2,134,000	2,358,000	948,000	0	1,506,450	1,507,578	0	0	0
Non Currrent Assets Other	133,370,000	-1,339,000	-1,308,000	-12,248,000	-2,149,000	-8,167,000	2,130,000	3,729,000	-8,144,000	3,858,000	-9,827,000	-10,453,000	-13,141,000	-10,916,000	-7,074,000	-6,465,000	84,415,000	81,971,000	83,809,000	83,670,000	88,162,000	84,908,000	83,127,000	80,605,000	82,402,000	79,887,000	76,256,000	75,026,000	75,725,000	73,612,000	70,822,000	68,918,000	70,079,000	67,653,000	67,814,000	65,698,000	66,841,000	64,102,000	62,790,000	61,791,000	61,681,000	58,782,000	58,232,000	56,487,000	57,902,000	53,736,945	0	50,703,141	52,595,299	0	47,631,924	46,570,758	44,261,437	43,353,566	48,383,935	51,508,244	-6,878,482	-3,784,639	-2,060,586	-2,048,197	-1,780,446	-1,762,624	-1,611,185	-1,459,981	-1,183,931	-1,075,928	-954,899	0	-86,146	-84,411	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
Other Assets	151,522,000	119,524,000	114,664,000	109,364,000	107,599,000	102,004,000	-1,694,000	87,740,000	80,932,000	108,544,000	110,985,000	113,871,000	112,889,000	124,349,000	113,792,000	96,832,000	7,852,000	10,649,000	7,581,000	5,243,000	2,175,000	1,801,000	1,522,000	1,543,000	1,574,000	1,627,000	1,679,000	1,718,000	2,865,000	1,855,000	2,471,000	2,956,000	2,816,000	3,302,000	2,701,000	2,778,000	4,005,000	3,995,000	4,070,000	3,964,000	85,454,000	81,669,000	80,969,000	82,454,000	3,281,000	6,467,507	8,341,638	6,269,776	5,135,495	7,317,767	5,557,410	5,240,881	545,369	1,225,747	1,071,144	737,581	45,556,909	41,759,319	40,247,710	39,939,699	38,640,057	36,227,502	33,498,718	36,645,824	36,652,676	35,010,100	34,777,702	1,411,618	1,328,465	1,320,917	0	0	885,818
Other Current Assets	3,493,000	10,629,000	9,933,000	11,427,000	2,752,000	12,973,000	3,816,000	18,000	2,582,000	83,928,000	82,553,000	79,682,000	82,229,000	87,511,000	79,287,000	1,183,000	2,743,000	-1,000,000	-1,000,000	-1,000,000	1,195,000	590,000	630,000	87,000	-6,000	1,279,000	93,000	0	-1,108,000	-850,000	-1,050,000	0	268,000	0	0	0	-56,000	0	0	0	65,443,000	58,843,000	58,303,000	56,561,000	1,148,000	-250	0	-250	1,070,558	0	0	-375,000	4,155,026	0	-375,000	-175,000	-16,049,749	-12,462,261	-10,834,352	-8,462,910	-8,486,579	-6,283,970	-5,707,599	-4,110,941	-2,274,753	-874,970	-139,618	0	27,955,676	23,503,230	0	0	0
Other Current Liab	4,003,000	7,012,000	12,379,000	15,513,000	19,817,000	82,897,000	76,412,000	72,482,000	72,393,000	72,562,000	23,000	76,745,000	1,024,000	78,015,000	77,364,000	81,653,000	81,683,000	74,815,000	76,526,000	76,857,000	77,706,000	69,377,000	68,383,000	68,122,000	68,141,000	60,885,000	58,261,000	60,957,000	60,642,000	53,614,000	52,683,000	54,175,000	50,874,000	50,758,000	50,905,000	52,178,000	52,637,000	48,239,000	47,380,000	48,258,000	44,959,000	43,117,000	42,568,000	42,394,000	45,492,000	45,266,861	0	42,903,000	42,205,000	0	37,875,000	37,517,000	36,622,000	36,237,000	37,804,000	37,412,000	35,157,000	32,282,381	31,940,066	30,546,839	31,473,033	29,210,996	26,249,656	29,199,520	26,670,851	24,646,938	24,635,642	236,205	150,680	135,464	0	0	181,917
Other Liab	0	126,000	0	0	212,000	82,000	70,000	77,000	198,000	2,000	67,000	67,000	227,000	62,000	70,000	71,000	199,000	57,000	65,000	43,000	95,000	4,794,000	4,542,000	4,322,000	4,704,000	4,101,000	3,701,000	3,690,000	4,081,000	3,579,000	3,329,000	3,970,000	3,780,000	4,262,000	3,416,000	3,753,000	3,246,000	2,856,000	2,934,000	3,273,000	2,958,000	3,036,000	3,633,000	3,926,000	0	3,337,000	2,948,187	2,609,354	2,755,196	2,627,086	2,314,667	2,656,543	2,658,280	2,209,011	1,990,699	2,782,309	2,360,037	2,255,570	2,061,697	2,276,691	1,740,057	2,468,688	2,251,902	1,481,949	4,257,315	1,476,825	1,669,332	1,510,165	1,743,991	1,565,891	0	0	1,459,120
Other Stockholder Equity	-16,457,000	-16,489,000	-16,497,000	-15,804,000	-14,586,000	-14,008,000	-13,823,000	-13,249,000	-12,326,000	-11,577,000	-10,788,000	-10,274,000	-10,178,000	-10,195,000	-10,214,000	-10,213,000	-9,881,000	-9,498,000	-9,100,000	-8,658,000	-8,189,000	-7,747,000	-7,305,000	-6,770,000	-6,212,000	-5,683,000	-5,146,000	-4,714,000	-4,211,000	-3,749,000	-3,182,000	-2,775,000	-2,380,000	-1,962,000	-1,542,000	-1,129,000	-760,000	-376,000	229,000	388,000	701,000	1,031,000	1,361,000	1,681,000	2,400,000	2,293,723	0	3,051,432	2,993,396	0	3,436,576	3,419,626	3,324,887	3,400,302	3,568,581	3,559,487	3,553,589	3,545,381	3,015,138	2,923,625	2,864,062	2,917,756	2,904,271	2,883,198	2,844,708	2,825,662	2,698,585	0	2,657,900	2,636,265	0	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
Preferred Stock Total Equity	0	0	1,056,000	1,056,000	1,056,000	1,056,000	1,056,000	1,056,000	1,056,000	1,056,000	1,056,000	1,056,000	1,056,000	1,056,000	1,056,000	563,000	563,000	563,000	563,000	563,000	563,000	563,000	563,000	563,000	563,000	560,000	560,000	560,000	560,000	560,000	560,000	560,000	560,000	560,000	560,000	560,000	560,000	560,000	560,000	560,000	560,000	560,000	560,000	560,000	0	560,000	0	0	0	0	0	0	0	0	0	0	1,161,454	1,158,066	1,154,739	1,151,979	0	0	0	0	0	0	0	0	0	0	0	0	0
Property Plant And Equipment Gross	3,102,000	0	0	0	2,860,000	0	0	0	0	0	986,000	1,021,000	1,027,000	1,121,000	1,115,000	1,070,000	1,057,000	1,028,000	1,008,000	980,000	936,000	896,000	874,000	848,000	825,000	800,000	774,000	750,000	734,000	722,000	708,000	706,000	693,000	684,000	688,000	678,000	670,000	661,000	665,000	668,000	654,000	639,000	607,000	572,000	534,000	519,621	492,444	486,520	483,250	465,871	471,112	458,950	460,732	5,961,149	469,001	482,833	499,303	518,105	531,166	544,219	552,502	563,869	556,030	567,475	658,492	656,980	658,203	658,203	657,845	660,900	0	0	0
Property Plant And Equipment Net	1,091,000	1,084,000	1,053,000	1,031,000	1,003,000	1,015,000	984,000	984,000	983,000	987,000	986,000	1,021,000	1,027,000	1,121,000	1,115,000	1,070,000	1,057,000	1,028,000	1,008,000	980,000	936,000	896,000	874,000	848,000	825,000	800,000	774,000	750,000	734,000	722,000	708,000	706,000	693,000	684,000	688,000	678,000	670,000	661,000	665,000	668,000	654,000	639,000	607,000	572,000	538,000	519,621	0	486,520	483,250	0	471,112	458,950	454,614	5,961,149	469,001	482,833	493,185	518,105	531,166	544,219	552,502	563,869	556,030	567,475	658,492	656,980	658,203	0	657,845	660,900	0	0	0
Property Plant Equipment	0	1,084,000	1,053,000	1,031,000	1,003,000	1,015,000	984,000	984,000	983,000	987,000	986,000	1,021,000	1,027,000	1,121,000	1,115,000	1,070,000	1,057,000	1,028,000	1,008,000	980,000	936,000	896,000	874,000	848,000	825,000	800,000	774,000	750,000	734,000	722,000	708,000	706,000	693,000	684,000	688,000	678,000	670,000	661,000	665,000	668,000	654,000	639,000	607,000	572,000	0	534,000	519,621	492,444	486,520	483,250	465,871	471,112	458,950	460,732	456,943	469,001	482,833	499,303	518,105	531,166	544,219	552,502	563,869	556,030	567,475	658,492	656,980	658,203	657,845	660,900	0	0	624,525
Retained Earnings	30,448,000	30,236,000	29,761,000	29,292,000	28,453,000	27,585,000	26,776,000	25,833,000	24,766,000	23,846,000	22,936,000	21,373,000	19,955,000	19,292,000	18,673,000	19,175,000	21,290,000	20,720,000	20,107,000	19,484,000	18,906,000	18,354,000	17,787,000	17,211,000	16,687,000	16,452,000	15,989,000	15,568,000	15,130,000	14,696,000	14,188,000	13,698,000	13,250,000	12,880,000	12,400,000	11,936,000	11,467,000	11,182,000	10,659,000	10,138,000	9,611,000	9,115,000	8,629,000	8,136,000	7,373,000	6,877,990	6,303,466	5,820,609	5,243,318	4,763,180	4,147,598	3,580,338	3,126,488	2,787,822	2,538,164	2,362,685	3,873,262	3,705,608	3,296,234	3,136,977	3,046,956	3,116,818	2,966,053	2,761,159	2,717,905	2,803,535	2,951,295	2,951,295	2,742,053	3,008,421	0	0	2,477,025
Retained Earnings Total Equity	0	0	29,761,000	29,292,000	28,453,000	27,585,000	26,776,000	25,833,000	24,766,000	23,846,000	22,936,000	21,373,000	19,955,000	19,292,000	18,673,000	19,175,000	21,290,000	20,720,000	20,107,000	19,484,000	18,906,000	18,354,000	17,787,000	17,211,000	16,687,000	16,452,000	15,989,000	15,568,000	15,130,000	0	14,188,000	13,698,000	13,250,000	12,880,000	12,400,000	11,936,000	11,467,000	11,182,000	10,659,000	10,138,000	9,611,000	9,115,000	8,629,000	8,136,000	0	7,373,000	0	0	0	0	4,763,180	4,147,598	3,580,338	3,126,488	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Short Long Term Debt	750,000	0	0	0	0	0	1,800,000	0	1,250,000	0	0	0	0	10,700,000	0	0	5,247,000	200,000	2,475,000	3,672,000	6,511,000	1,549,000	2,773,000	3,270,000	5,272,000	1,201,000	26,451,000	0	25,537,000	0	0	0	24,688,000	0	0	0	22,680,000	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Short Long Term Debt Total	21,331,000	19,467,000	20,276,000	18,163,000	20,108,000	20,177,000	21,785,000	17,132,000	20,227,000	18,516,000	19,350,000	21,011,000	21,241,000	32,541,000	23,194,000	26,098,000	25,701,000	24,454,000	25,163,000	26,276,000	27,228,000	26,998,000	26,252,000	26,244,000	26,326,000	26,737,000	26,438,000	26,823,000	25,443,000	26,830,000	24,681,000	24,752,000	24,724,000	23,800,000	24,243,000	23,090,000	22,657,000	21,057,000	20,177,000	20,306,000	20,614,000	18,789,000	18,295,000	19,520,000	17,993,000	19,496,252	19,024,157	18,753,958	18,337,178	17,818,200	18,038,507	19,090,170	17,705,728	17,709,000	18,311,127	22,392,200	2,428,101	1,795,134	1,927,043	3,807,631	2,235,383	1,854,263	1,889,909	2,226,147	5,059,519	5,570,783	5,020,385	5,020,385	4,678,597	5,147,256	0	0	0
Short Term Debt	2,189,000	532,000	1,837,000	1,841,000	3,815,000	1,750,000	1,800,000	0	1,250,000	0	0	0	1,024,000	10,700,000	0	0	5,247,000	200,000	2,475,000	3,672,000	6,511,000	1,549,000	2,773,000	3,270,000	5,272,000	1,201,000	26,451,000	0	25,537,000	0	0	0	24,688,000	0	144,000	166,000	113,000	139,000	120,000	124,000	140,000	124,000	262,000	290,000	284,000	250,139	250,139	0	50,000	100,000	100,000	100,000	100,000	0	0	0	0	0	500,000	2,375,000	500,000	500,000	0	250,000	2,925,426	3,212,739	4,072,153	4,072,153	3,172,147	3,639,678	0	0	0
Short Term Investments	2,093,000	13,336,000	13,466,000	12,248,000	1,707,000	1,711,000	1,720,000	1,631,000	2,016,000	2,643,000	2,904,000	3,038,000	2,661,000	1,900,000	3,940,000	1,137,000	875,000	624,000	374,000	125,000	-5,216,000	1,801,000	674,000	672,000	672,000	673,000	1,679,000	1,718,000	-1,852,000	850,000	541,000	994,000	1,097,000	3,302,000	2,701,000	228,000	1,252,000	3,913,000	4,000,000	3,902,000	1,229,000	4,953,000	4,872,000	5,196,000	-5,180,000	250	250	6,269,776	1,715,518	3,001,338	5,952,168	375,000	376,169	375,000	375,000	175,000	1,354,961	3,266,534	1,529,420	1,302,580	1,133,827	1,198,755	1,055,155	8,342,011	441,150	20,313	0	0	0	6,951	0	0	263,029
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
Total Assets	151,609,000	143,432,000	138,082,000	133,061,000	131,628,000	121,886,000	114,600,000	107,412,000	110,242,000	108,544,000	110,985,000	113,871,000	112,889,000	124,349,000	113,792,000	112,657,000	113,996,000	110,786,000	110,707,000	110,720,000	109,553,000	105,842,000	102,751,000	101,967,000	100,087,000	97,608,000	93,757,000	94,795,000	92,308,000	90,541,000	87,511,000	88,093,000	86,936,000	85,611,000	84,911,000	84,178,000	83,126,000	80,596,000	78,937,000	79,584,000	79,340,000	75,544,000	74,944,000	76,139,000	73,491,000	73,908,664	72,083,405	70,486,018	68,783,937	65,725,667	63,437,533	63,506,609	60,784,968	60,057,553	62,153,678	66,818,951	46,020,987	42,698,290	41,518,288	40,606,518	39,892,382	37,317,815	34,233,542	37,328,059	37,376,105	36,141,011	35,672,568	35,672,568	29,763,803	29,067,242	0	0	26,943,923
Total Current Assets	3,493,000	22,569,000	22,110,000	22,411,000	10,563,000	11,715,000	109,519,000	12,184,000	21,166,000	99,287,000	100,902,000	103,068,000	99,398,000	99,885,000	99,292,000	10,028,000	9,667,000	6,075,000	10,313,000	15,169,000	14,494,000	16,019,000	15,289,000	17,011,000	13,300,000	13,249,000	12,950,000	15,163,000	10,806,000	12,076,000	10,617,000	12,135,000	9,840,000	10,250,000	10,595,000	11,814,000	7,228,000	7,382,000	6,879,000	8,731,000	73,226,000	69,419,000	68,919,000	69,824,000	5,074,000	6,237,610	5,112,069	6,315,152	3,920,401	3,957,525	3,772,960	5,171,425	9,628,759	7,916,091	10,335,729	12,728,321	13,021	485,994	815,680	411,398	793,585	780,731	423,373	368,914	369,965	391,060	359,206	359,206	28,375,084	27,671,437	0	0	0
Total Current Liabilities	6,192,000	7,544,000	14,216,000	17,354,000	23,632,000	1,750,000	1,800,000	76,847,000	1,250,000	76,765,000	78,464,000	80,706,000	1,024,000	10,700,000	82,809,000	81,653,000	81,683,000	74,815,000	76,526,000	76,857,000	77,706,000	69,377,000	68,383,000	68,122,000	68,141,000	60,885,000	58,261,000	60,957,000	60,642,000	53,614,000	52,683,000	54,175,000	50,874,000	50,758,000	51,049,000	52,344,000	52,750,000	48,378,000	47,500,000	48,382,000	140,000	124,000	262,000	290,000	45,776,000	45,517,000	44,161,000	42,903,000	42,255,000	40,002,000	37,975,000	37,617,000	36,622,000	36,237,000	37,804,000	37,412,000	35,157,000	32,517,000	32,676,000	33,174,000	32,242,000	29,463,000	26,494,000	29,698,000	29,643,000	28,116,000	28,944,000	28,944,000	3,322,827	3,775,142	0	0	0
Total Liab	136,781,000	19,467,000	20,276,000	18,163,000	117,038,000	107,600,000	100,836,000	93,979,000	96,834,000	95,281,000	97,814,000	101,717,000	102,005,000	114,097,000	104,149,000	102,992,000	102,137,000	99,069,000	99,214,000	99,461,000	98,423,000	94,826,000	91,862,000	91,096,000	89,195,000	86,421,000	82,498,000	83,530,000	80,985,000	79,194,000	76,114,000	76,777,000	75,661,000	74,308,000	73,648,000	72,967,000	71,992,000	69,295,000	67,556,000	68,563,000	68,531,000	64,942,000	64,496,000	65,840,000	63,618,000	64,762,751	63,184,547	61,657,066	60,541,726	57,719,751	55,914,233	56,607,444	54,328,122	53,946,256	56,115,411	59,803,903	37,585,440	34,312,088	34,102,648	34,607,167	33,976,559	31,317,422	28,383,851	31,673,718	31,776,683	30,473,729	29,892,284	29,892,284	24,235,145	23,292,470	0	0	22,343,474
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
Total Stockholder Equity	14,828,000	14,236,000	13,856,000	14,315,000	14,590,000	14,286,000	13,764,000	13,433,000	13,408,000	13,263,000	13,171,000	12,154,000	10,884,000	10,252,000	9,643,000	9,665,000	11,859,000	11,717,000	11,493,000	11,259,000	11,130,000	11,016,000	10,889,000	10,871,000	10,892,000	11,187,000	11,259,000	11,265,000	11,323,000	11,347,000	11,397,000	11,316,000	11,275,000	11,303,000	11,263,000	11,211,000	11,134,000	11,301,000	11,381,000	11,021,000	10,809,000	10,602,000	10,448,000	10,299,000	9,873,000	9,145,913	9,145,913	8,828,952	8,242,211	8,242,211	7,523,300	6,899,165	6,456,846	6,111,297	6,038,267	7,015,048	8,435,547	8,386,202	7,415,640	5,999,351	5,915,823	6,000,393	5,849,691	5,654,341	5,599,422	5,667,282	5,780,284	5,780,284	5,528,658	5,774,772	0	0	4,600,449
Treasury Stock	0	0	-21,005,000	-20,297,000	-19,054,000	-18,452,000	-18,240,000	-17,639,000	-16,695,000	-15,922,000	-15,107,000	-14,554,000	-14,435,000	-14,430,000	-14,430,000	-14,430,000	-14,087,000	-13,686,000	-13,267,000	-12,806,000	-12,319,000	-11,854,000	-11,394,000	-10,838,000	-10,254,000	-9,699,000	-9,143,000	-8,693,000	-8,173,000	-7,695,000	-7,114,000	-6,688,000	-6,265,000	-5,830,000	-5,395,000	-4,970,000	-4,550,000	-4,151,000	-3,529,000	-3,351,000	-2,986,000	-2,640,000	-2,289,000	-1,951,000	0	-1,678,000	-1,276,648	-924,219	-477,048	-462,679	-235,443	-32,981	-32,887	-27,883	-27,787	-25,111	-25,025	-19,642	-18,605	-14,854	-14,418	-8,257	-7,167	-4,405	-2,412	-1,419	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

Cash Flow

Currency in USD. All numbers in thousands.

	2023-12-31	2022-12-31	2021-12-31	2020-12-31	2019-12-31	2018-12-31	2017-12-31	2016-12-31	2015-12-31	2014-12-31	2013-12-31	2012-12-31	2011-12-31	2010-12-31	2009-12-31	2008-12-31	2007-12-31	2006-12-31	2005-12-31	2004-12-31
Begin Period Cash Flow	8,897,000	11,332,000	13,589,000	6,964,000	15,145,000	13,387,000	11,914,000	9,572,000	7,284,000	6,554,000	2,584,000	2,850,000	5,098,733	13,020,719	10,171,143	8,787,095	874,357	555,482	804,612	1,254,857
Capital Expenditures	303,000	236,000	194,000	261,000	284,000	254,000	218,000	179,000	168,000	145,000	231,000	144,000	111,560	54,676	53,793	93,532	118,265	144,151	97,963	98,712
Cash And Cash Equivalents Changes	0	-2,435,000	-2,257,000	6,625,000	-8,181,000	1,758,000	1,392,000	2,342,000	2,288,000	730,000	3,970,000	1,076,000	0	-7,921,986	0	0	0	0	0	0
Cash Flows Other Operating	0	-1,211,000	-791,000	-202,000	-623,000	-410,000	-901,000	-582,000	-669,000	-299,000	-524,000	-415,000	0	-467,821	0	0	0	0	0	0
Change In Cash	2,831,000	-2,435,000	-2,257,000	6,625,000	-8,181,000	1,758,000	1,392,000	2,342,000	2,288,000	730,000	3,970,000	1,076,000	-2,248,890	-7,921,986	2,849,576	1,384,048	7,912,738	318,875	-249,130	-450,245
Change In Working Capital	81,000	234,000	-86,000	254,000	7,000	-556,000	120,000	47,000	-75,000	-165,000	-521,000	237,000	327,664	-232,624	-108,735	1,806,259	40,818	-382,886	35,325	-282,742
Change Receivables	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	0	0	0	0	0	0	0	0	0	0	0	541,549	805,292	79,124	0	91,106	0
Change To Inventory	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Change To Liabilities	0	1,080,000	410,000	136,000	209,000	-549,000	622,000	234,000	162,000	73,000	-269,000	349,000	0	-31,519	0	0	0	0	0	0
Change To Netincome	0	2,318,000	420,000	4,636,000	3,217,000	2,973,000	2,596,000	1,634,000	1,673,000	1,574,000	1,699,000	699,000	0	3,524,299	0	0	0	0	0	0
Change To Operating Activities	0	234,000	-86,000	254,000	7,000	-556,000	120,000	47,000	-75,000	-165,000	0	0	0	0	0	0	0	0	0	0
Depreciation	187,000	561,000	531,000	485,000	436,000	435,000	393,000	351,000	391,000	369,000	334,000	267,000	20,073	172,005	203,492	231,398	257,131	222,798	214,311	193,130
Dividends Paid	-752,000	703,000	636,000	576,000	573,000	552,000	527,000	514,000	515,000	467,000	399,000	209,000	109,573	845,431	101,034	116,956	879,146	500,000	0	637,000
End Period Cash Flow	11,728,000	8,897,000	11,332,000	13,589,000	6,964,000	15,145,000	13,306,000	11,914,000	9,572,000	7,284,000	6,554,000	3,926,000	2,849,843	5,098,733	13,020,719	10,171,143	8,787,095	874,357	555,482	804,612
Exchange Rate Changes	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Free Cash Flow	8,260,000	6,904,000	5,825,000	5,935,000	5,912,000	4,937,000	4,990,000	4,246,000	3,686,000	3,681,000	3,286,000	2,897,000	3,498,055	3,817,910	3,544,099	4,410,627	1,919,760	1,576,636	1,538,111	1,489,247
Investments	-27,683,000	-25,410,000	234,000	1,775,000	-14,990,000	-10,325,000	-8,777,000	-4,894,000	-2,708,000	-4,128,000	-3,040,000	-4,444,000	0	-5,186,834	0	0	0	0	0	0
Issuance Of Capital Stock	12,000	10,000	9,000	503,000	7,000	6,000	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Net Borrowings	0	-94,000	-896,000	-4,792,000	-1,714,000	796,000	823,000	773,000	2,017,000	1,990,000	2,525,000	2,319,000	0	-7,143,013	0	0	0	0	0	0
Net Income	2,921,000	4,392,000	5,449,000	1,141,000	2,957,000	2,742,000	2,099,000	2,393,000	2,297,000	2,323,000	2,470,000	2,345,000	2,226,708	764,788	1,276,185	927,750	588,630	1,076,616	577,915	776,253
Other Cashflows From Financing Activities	19,624,000	24,343,000	-1,056,000	5,115,000	9,804,000	15,960,000	13,502,000	8,645,000	7,161,000	7,805,000	8,936,000	8,892,000	8,891,906	4,951,727	5,395,272	3,556,843	9,552,691	1,166,876	2,747,438	462,985
Other Cashflows From Investing Activities	0	-25,401,000	234,000	1,775,000	-14,990,000	-10,325,000	14,000	4,000	8,000	76,000	108,000	-1,105,000	0	518,558	0	69,529	0	0	0	0
Other Non Cash Items	6,374,000	2,380,000	257,000	200,000	2,735,000	2,494,000	2,596,000	1,634,000	1,241,000	1,250,000	853,000	-1,000	759,380	3,018,755	2,244,696	1,708,548	1,333,951	-241,208	-151,094	-244,456
Sale Purchase Of Stock	-1,938,000	-2,359,000	-2,260,000	-348,000	-1,768,000	-2,065,000	-2,656,000	-1,908,000	-1,715,000	-1,564,000	-1,296,000	-1,216,000	-434,796	-1,232,799	-11,385	-6,838	-1,419	0	0	0
Stock Based Compensation	-374,000	89,000	-459,000	4,788,000	69,000	81,000	0	0	0	60,000	59,000	47,000	43,777	37,081	44,249	92,558	35,710	969,182	1,003,225	1,171,141
Total Cash From Financing Activities	15,759,000	16,062,000	-8,316,000	-1,085,000	897,000	7,146,000	4,961,000	2,811,000	1,302,000	1,101,000	3,616,000	3,728,000	2,263,045	-7,071,620	5,412,464	3,035,443	7,458,993	621,255	2,426,196	-278,466
Total Cash From Operating Activities	8,563,000	7,140,000	6,019,000	6,196,000	6,196,000	5,191,000	5,208,000	4,425,000	3,854,000	3,826,000	3,517,000	3,041,000	3,609,615	3,872,586	3,597,892	4,504,159	2,038,025	1,720,787	1,636,074	1,587,959
Total Cashflows From Investing Activities	0	-25,637,000	40,000	1,514,000	-15,274,000	-10,579,000	-8,791,000	-4,898,000	-2,868,000	-4,197,000	-3,163,000	-5,693,000	-8,121,550	-4,722,952	-6,160,780	0	0	0	0	0

	2023-12-31	2023-09-30	2023-06-30	2023-03-31	2022-12-31	2022-09-30	2022-06-30	2022-03-31	2021-12-31	2021-09-30	2021-06-30	2021-03-31	2020-12-31	2020-09-30	2020-06-30	2020-03-31	2019-12-31	2019-09-30	2019-06-30	2019-03-31	2018-12-31	2018-09-30	2018-06-30	2018-03-31	2017-12-31	2017-09-30	2017-06-30	2017-03-31	2016-12-31	2016-09-30	2016-06-30	2016-03-31	2015-12-31	2015-09-30	2015-06-30	2015-03-31	2014-12-31	2014-09-30	2014-06-30	2014-03-31	2013-12-31	2013-09-30	2013-06-30	2013-03-31	2012-12-31	2012-09-30	2012-06-30	2012-03-31	2011-12-31	2011-09-30	2011-06-30	2011-03-31	2010-12-31	2010-09-30	2010-06-30	2010-03-31	2009-12-31	2009-09-30	2009-06-30	2009-03-31	2008-12-31	2008-09-30	2008-06-30	2008-03-31	2007-12-31	2007-09-30	2007-06-30	2007-03-31	2006-12-31	2006-09-30	2006-06-30	2006-03-31	2005-12-31	2005-09-30	2005-06-30	2005-03-31	2004-12-31
Begin Period Cash Flow	9,233,000	8,644,000	10,163,000	8,897,000	11,870,000	11,471,000	9,643,000	11,332,000	12,748,000	16,368,000	20,674,000	13,589,000	10,089,000	15,167,000	11,211,000	6,964,000	6,112,000	11,353,000	15,213,000	15,145,000	16,609,000	15,919,000	17,098,000	13,387,000	13,249,000	12,950,000	15,163,000	11,914,000	12,076,000	10,617,000	12,135,000	9,572,000	10,250,000	10,595,000	11,814,000	7,284,000	7,382,000	6,879,000	8,731,000	6,554,000	5,623,000	5,744,000	8,067,000	2,584,000	6,237,610	5,112,069	6,315,152	2,849,843	3,957,525	3,772,960	5,171,425	5,098,733	7,916,091	10,335,729	12,728,321	13,020,719	10,828,242	9,694,825	8,724,208	10,171,143	10,482,719	8,948,765	8,834,175	8,787,095	8,600,761	7,892,942	2,503,024	2,503,024	874,357	786,499	565,842	0	-	0	-	-	-
Capital Expenditures	68,000	77,000	82,000	76,000	58,000	79,000	48,000	51,000	48,000	49,000	56,000	41,000	55,000	53,000	94,000	59,000	72,000	61,000	69,000	82,000	77,000	59,000	60,000	58,000	57,000	58,000	56,000	47,000	47,000	46,000	40,000	46,000	49,000	31,000	47,000	41,000	43,000	29,000	30,000	43,000	54,000	60,000	58,000	59,000	39,315	48,690	29,624	26,371	41,507	20,185	34,282	15,586	25,138	12,077	9,635	7,826	12,140	11,721	12,945	16,987	15,118	32,980	25,075	20,359	30,996	28,354	30,918	30,918	27,997	40,896	36,437	0	0	97,963	0	0	0
Cash And Cash Equivalents Changes	0	0	-1,519,000	1,266,000	-2,973,000	399,000	1,828,000	-1,689,000	-1,416,000	-3,620,000	-4,306,000	7,085,000	3,500,000	-5,078,000	3,956,000	4,247,000	852,000	-5,241,000	-3,860,000	68,000	-1,464,000	690,000	-1,179,000	3,711,000	57,000	299,000	-2,213,000	3,249,000	0	1,459,000	-1,518,000	2,563,000	-678,000	-345,000	-1,219,000	4,530,000	-98,000	503,000	-1,852,000	2,177,000	931,000	-121,000	-2,323,000	5,483,000	0	0	0	0	0	0	184,565	-1,398,465	72,692	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	-261,000	28,000	-600,000	-187,000	-221,000	-203,000	-301,000	-136,000	-130,000	-224,000	-169,000	-256,000	-120,000	343,000	-279,000	-120,000	-94,000	-130,000	-151,000	-251,000	-158,000	150,000	-543,000	-166,000	-275,000	83,000	0	-85,000	22,000	-131,000	-195,000	-178,000	-143,000	-153,000	-7,000	-88,000	-95,000	-109,000	-207,000	-92,000	-67,000	-158,000	0	0	0	0	0	0	-495,214	588,296	-60,743	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	-	0	-	-	-
Change In Cash	2,495,000	589,000	-1,519,000	1,266,000	-2,973,000	399,000	1,828,000	-1,689,000	-1,416,000	-3,620,000	-4,306,000	7,085,000	3,500,000	-5,078,000	3,956,000	4,247,000	852,000	-5,241,000	-3,860,000	68,000	-1,464,000	690,000	-1,179,000	3,711,000	57,000	299,000	-2,213,000	3,249,000	-162,000	1,459,000	-1,518,000	2,563,000	-678,000	-345,000	-1,219,000	4,530,000	-98,000	503,000	-1,852,000	2,177,000	931,000	-121,000	-2,323,000	5,483,000	-2,311,610	1,125,541	-1,203,083	3,465,309	-1,107,682	184,565	-1,398,465	72,692	-2,817,358	-2,419,638	-2,392,592	-292,398	2,192,477	1,133,417	970,617	-1,446,935	-311,576	1,533,954	114,590	47,080	186,334	707,819	5,389,918	5,389,918	1,628,667	87,858	220,657	0	-	0	-	-	-
Change In Working Capital	707,000	204,000	-576,000	-254,000	272,000	-77,000	-53,000	92,000	-172,000	127,000	-11,000	-30,000	200,000	-222,000	126,000	150,000	-83,000	-737,000	34,000	793,000	-761,000	156,000	149,000	-100,000	138,000	293,000	-154,000	-157,000	148,000	274,000	-531,000	156,000	75,000	36,000	-362,000	176,000	-31,000	53,000	-380,000	193,000	-123,000	-611,000	-316,000	529,000	119,035	192,355	-2,461,083	193,338	188,417	-1,842,435	159,763	325,936	241,457	-754,075	339,149	-59,155	140,805	-420,327	528,270	-357,483	641,599	781,800	269,514	113,346	104,103	382,972	-427,202	-56,959,878	-19,055	-115,259	109,246	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	-	-	-
Change To Account 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	244,732	-169,238	-169,238	466,055	386,408	805,292	391,033	333,254	103,244	79,124	0	0	0	0	0	0	-	91,106	-	-	-
Change To Inventory	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	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 Liabilities	0	0	-425,000	-387,000	768,000	11,000	82,000	219,000	51,000	190,000	49,000	120,000	294,000	-46,000	167,000	-279,000	86,000	-727,000	28,000	822,000	-711,000	303,000	210,000	-351,000	581,000	355,000	24,000	-338,000	0	259,000	-653,000	189,000	167,000	106,000	-327,000	216,000	113,000	77,000	-351,000	234,000	17,000	-585,000	-318,000	617,000	0	0	0	0	0	0	-320,729	57,968	369,669	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	-	0	-	-	-
Change To Netincome	0	1,396,000	1,181,000	1,045,000	837,000	644,000	500,000	337,000	381,000	264,000	-268,000	-100,000	586,000	711,000	1,785,000	1,554,000	828,000	783,000	788,000	818,000	827,000	724,000	756,000	666,000	1,095,000	660,000	629,000	611,000	1,634,000	418,000	581,000	441,000	472,000	509,000	373,000	319,000	449,000	384,000	407,000	334,000	533,000	497,000	329,000	340,000	0	0	0	0	0	0	874,051	-281,351	526,301	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	-	0	-	-	-
Change To Operating Activities	0	204,000	204,000	204,000	272,000	-77,000	-53,000	92,000	-86,000	127,000	-11,000	-30,000	200,000	-222,000	126,000	150,000	-83,000	-737,000	34,000	793,000	-761,000	156,000	149,000	-100,000	120,000	293,000	-154,000	181,000	47,000	15,000	122,000	-33,000	-75,000	0	0	0	-165,000	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	-	0	-	-	-
Depreciation	104,000	106,000	119,000	129,000	137,000	145,000	140,000	139,000	144,000	139,000	129,000	119,000	123,000	116,000	123,000	123,000	121,000	113,000	103,000	99,000	109,000	110,000	109,000	107,000	104,000	101,000	95,000	93,000	89,000	86,000	92,000	84,000	100,000	98,000	98,000	95,000	95,000	93,000	91,000	90,000	87,000	84,000	95,000	68,000	298,996	-4,430	-12,056	-15,510	-10,855	40,437	-10,515	1,006	45,928	42,326	41,325	42,426	141,065	18,622	17,727	26,078	58,278	66,048	52,078	54,994	79,869	62,123	58,789	58,789	56,350	144,724	24,832	0	-	0	-	-	-
Dividends Paid	-192,000	193,000	192,000	175,000	179,000	181,000	183,000	160,000	162,000	164,000	151,000	159,000	152,000	135,000	151,000	138,000	153,000	141,000	145,000	134,000	151,000	137,000	122,000	142,000	137,000	139,000	124,000	127,000	128,000	132,000	125,000	129,000	130,000	131,000	135,000	119,000	119,000	120,000	122,000	106,000	105,000	107,000	108,000	79,000	50,119	51,894	53,474	53,513	39,861	29,211	29,475	11,026	10,976	785,958	752,794	801,291	26,297	25,070	20,404	29,263	29,197	29,288	29,254	29,217	29,146	350,000	350,000	500,000	500,000	500,000	0	0	-	0	-	-	-
End Period Cash Flow	11,728,000	9,233,000	8,644,000	10,163,000	8,897,000	11,870,000	11,471,000	9,643,000	11,332,000	12,748,000	16,368,000	20,674,000	13,589,000	10,089,000	15,167,000	11,211,000	6,964,000	6,112,000	11,353,000	15,213,000	15,145,000	16,609,000	15,919,000	17,098,000	13,306,000	13,249,000	12,950,000	15,163,000	11,914,000	12,076,000	10,617,000	12,135,000	9,572,000	10,250,000	10,595,000	11,814,000	7,284,000	7,382,000	6,879,000	8,731,000	6,554,000	5,623,000	5,744,000	8,067,000	3,926,000	6,237,610	5,112,069	6,315,152	2,849,843	3,957,525	3,772,960	5,171,425	5,098,733	7,916,091	10,335,729	12,728,321	13,020,719	10,828,242	9,694,825	8,724,208	10,171,143	10,482,719	8,948,765	8,834,175	8,787,095	8,600,761	7,892,942	7,892,942	2,503,024	874,357	786,499	565,842	-	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	-	-	-
Free Cash Flow	2,808,000	2,312,000	1,425,000	1,715,000	2,117,000	1,540,000	1,564,000	1,683,000	1,294,000	1,572,000	1,492,000	1,467,000	1,578,000	1,243,000	1,493,000	1,621,000	1,392,000	758,000	1,509,000	2,253,000	684,000	1,547,000	1,526,000	1,180,000	1,567,000	1,494,000	963,000	966,000	1,245,000	1,271,000	618,000	1,112,000	995,000	1,116,000	553,000	1,022,000	957,000	1,026,000	612,000	1,086,000	928,000	388,000	537,000	1,433,000	842,481	607,742	462,476	984,301	756,093	535,888	942,577	1,263,497	1,140,686	250,878	1,299,070	1,127,276	989,603	670,850	1,372,254	511,392	1,615,941	1,273,854	719,554	801,278	666,308	810,486	-38,685	-38,685	481,651	380,514	567,109	0	-	1,538,111	-	-	-
Investments	-6,822,000	-5,836,000	-7,522,000	-1,153,000	-12,965,000	-7,411,000	-5,746,000	712,000	-3,343,000	719,000	526,000	6,229,000	3,751,000	-5,522,000	1,090,000	2,456,000	-2,983,000	-5,969,000	-4,352,000	-1,686,000	-5,737,000	-2,977,000	-2,585,000	974,000	-4,230,000	-2,859,000	-2,519,000	1,035,000	1,259,000	-1,112,000	-2,450,000	1,939,000	-3,030,000	-1,373,000	-1,602,000	3,297,000	-2,826,000	-1,800,000	-2,337,000	2,835,000	-3,208,000	-1,428,000	-1,280,000	2,876,000	0	0	0	0	0	0	-2,303,074	-1,228,277	-602,842	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	-	0	-	-	-
Issuance Of Capital Stock	3,000	3,000	3,000	3,000	3,000	2,000	3,000	2,000	2,000	2,000	3,000	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	-	0	-	-	-
Net Borrowings	0	-791,000	2,229,000	-1,980,000	-82,000	186,000	2,866,000	-3,064,000	1,740,000	-834,000	-1,632,000	-170,000	-558,000	-1,310,000	-2,910,000	-14,000	1,282,000	-748,000	-1,222,000	-1,026,000	129,000	729,000	-5,000	-57,000	-399,000	272,000	-420,000	1,370,000	773,000	2,143,000	-109,000	49,000	924,000	-466,000	1,140,000	419,000	1,585,000	868,000	-144,000	-319,000	1,810,000	477,000	-1,276,000	1,514,000	0	0	0	0	0	0	-249,618	-1,076,203	-1,534,213	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	-	0	-	-	-
Net Income	386,000	683,000	893,000	976,000	1,033,000	1,006,000	1,111,000	1,242,000	1,067,000	1,091,000	1,698,000	1,593,000	799,000	771,000	-368,000	-61,000	708,000	770,000	753,000	726,000	687,000	720,000	669,000	666,000	387,000	602,000	546,000	564,000	563,000	639,000	616,000	575,000	500,000	612,000	599,000	586,000	404,000	644,000	644,000	631,000	602,000	593,000	602,000	673,000	550,717	626,686	536,591	631,006	512,579	648,818	600,419	464,892	349,642	260,617	258,067	-103,538	352,537	577,454	225,800	120,394	432,335	180,053	234,148	81,214	-56,484	202,240	209,242	209,242	233,632	186,522	241,393	343,278	305,423	42,427	149,866	171,062	214,560
Other Cashflows From Financing Activities	8,360,000	5,539,000	5,476,000	4,088,000	10,985,000	6,666,000	7,118,000	-426,000	1,572,000	-189,000	-2,274,000	-165,000	-1,117,000	643,000	4,430,000	1,159,000	3,205,000	2,815,000	801,000	2,983,000	5,763,000	4,269,000	1,102,000	4,826,000	4,033,000	4,609,000	1,036,000	3,824,000	2,817,000	2,939,000	935,000	1,954,000	2,252,000	1,153,000	1,921,000	1,835,000	2,379,000	2,913,000	454,000	2,059,000	3,761,000	1,450,000	1,125,000	2,600,000	1,205,761	3,844,274	-4,625	1,452,380	3,144,154	-2,246,120	1,460,189	942,435	965,840	-1,373,811	3,460,815	3,708,602	3,594,568	1,354,114	167,784	1,676,223	2,066,819	2,185,664	-714,319	11,841	1,646,011	1,020,733	5,820,970	-423,341	773,117	1,069,700	1,009,016	0	-	3,127,611	-	-	-
Other Cashflows From Investing Activities	0	-14,434,000	-8,675,000	-1,153,000	-25,401,000	-12,445,000	-5,034,000	712,000	234,000	3,577,000	5,038,000	6,229,000	1,775,000	-1,976,000	3,546,000	2,456,000	-14,990,000	-12,007,000	-6,038,000	-1,686,000	0	0	0	0	1,198,000	-1,186,000	1,007,000	-1,005,000	4,000	-849,000	912,000	-911,000	-1,000	657,000	-645,000	-3,000	-3,000	202,000	858,000	-981,000	1,000	354,000	-55,000	-192,000	0	269,000	270,020	270,020	270,020	0	77,139	-373,404	518,914	0	0	0	0	0	0	0	0	69,529	69,529	69,529	0	0	0	0	0	0	0	0	-	0	-	-	-
Other Non Cash Items	2,043,000	-108,000	-84,000	1,052,000	846,000	719,000	544,000	271,000	247,000	-47,000	108,000	-51,000	541,000	19,000	58,000	10,000	657,000	673,000	688,000	717,000	650,000	620,000	659,000	565,000	995,000	556,000	532,000	513,000	492,000	318,000	481,000	343,000	369,000	401,000	265,000	206,000	605,000	223,000	248,000	174,000	234,000	377,000	158,000	84,000	-84,843	-203,390	0	101,310	217,213	0	122,259	362,863	471,820	627,376	574,565	1,344,994	295,499	378,704	659,568	925,070	581,810	336,561	61,635	498,130	711,202	226,817	176,898	176,898	221,775	-813,386	267,384	0	-	0	-	-	-
Sale Purchase Of Stock	-1,000	-4,000	-701,000	-1,232,000	-602,000	-212,000	-601,000	-944,000	-773,000	-815,000	-553,000	-119,000	-5,000	2,000	496,000	-343,000	-401,000	-419,000	-461,000	-487,000	-465,000	-460,000	-556,000	-584,000	-1,130,000	-556,000	-450,000	-520,000	-478,000	-581,000	-426,000	-423,000	-435,000	-435,000	-425,000	-420,000	-399,000	-622,000	-178,000	-365,000	-346,000	-349,000	-340,000	-261,000	-402,104	-352,429	-447,171	-14,296	-227,236	-202,462	-94	-5,004	-96	-2,676	-1,224,644	-5,383	-1,037	-3,751	-3,751	-6,161	0	0	0	-993	0	0	0	0	0	0	0	0	-	0	-	-	-
Stock Based Compensation	-208,000	1,705,000	1,312,000	0	89,000	0	0	0	117,000	362,000	-583,000	-355,000	42,000	681,000	1,939,000	1,698,000	69,000	0	0	0	81,000	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	14,000	14,000	14,000	18,000	14,000	14,000	14,000	17,000	10,892	11,864	0	13,532	10,087	0	10,765	11,875	7,527	8,631	9,630	11,293	9,372	9,649	0	11,083	92,558	6,338	184,524	39,550	35,710	-968	-1,351	0	-422	969,182	0	0	-	0	-	-	-
Total Cash From Financing Activities	6,441,000	4,036,000	4,578,000	704,000	7,866,000	6,270,000	6,010,000	-4,084,000	633,000	-3,731,000	-4,607,000	-611,000	-1,829,000	-799,000	1,373,000	170,000	2,443,000	-30,000	-1,017,000	-499,000	3,589,000	2,120,000	-120,000	1,557,000	1,522,000	2,850,000	-1,664,000	2,253,000	837,000	2,149,000	-598,000	423,000	1,358,000	-745,000	475,000	214,000	1,774,000	1,075,000	-985,000	-763,000	3,210,000	565,000	-1,525,000	1,366,000	458,889	787,455	1,157,335	1,324,321	2,234,671	1,874,612	-739,361	-1,106,877	160,855	-1,563,464	-5,356,026	-312,985	3,132,129	793,714	142,117	1,344,504	1,919,025	2,121,009	-829,538	-175,053	1,387,577	-22,671	5,820,970	5,820,970	273,117	569,700	1,009,016	0	-	2,426,196	-	-	-
Total Cash From Operating Activities	2,876,000	2,389,000	1,507,000	1,791,000	2,175,000	1,619,000	1,612,000	1,734,000	1,342,000	1,621,000	1,548,000	1,508,000	1,633,000	1,296,000	1,587,000	1,680,000	1,464,000	819,000	1,578,000	2,335,000	761,000	1,606,000	1,586,000	1,238,000	1,624,000	1,552,000	1,019,000	1,013,000	1,292,000	1,317,000	658,000	1,158,000	1,044,000	1,147,000	600,000	1,063,000	1,000,000	1,055,000	642,000	1,129,000	982,000	448,000	595,000	1,492,000	881,796	656,432	492,100	1,010,672	797,600	556,073	976,859	1,279,083	1,165,824	262,955	1,308,705	1,135,102	1,001,743	682,571	1,385,199	528,379	1,631,059	1,306,834	744,629	821,637	697,304	838,840	-7,767	-7,767	509,648	421,410	603,546	0	-	1,636,074	-	-	-
Total Cashflows From Investing Activities	0	-14,669,000	-7,604,000	-1,229,000	-25,637,000	-7,490,000	-5,794,000	661,000	-3,391,000	3,431,000	-1,247,000	6,188,000	3,696,000	-5,575,000	996,000	2,397,000	-3,055,000	-6,030,000	-4,421,000	-1,768,000	-5,814,000	-3,036,000	-2,645,000	916,000	-3,089,000	-4,103,000	-1,568,000	-17,000	-4,898,000	-2,007,000	-1,578,000	982,000	-3,080,000	-747,000	-2,294,000	3,253,000	-2,872,000	-1,627,000	-1,509,000	1,811,000	-3,261,000	-1,134,000	-1,393,000	2,625,000	0	-5,693,000	-2,040,548	-1,722,202	1,130,316	-8,121,550	-2,246,120	-1,635,963	-99,514	0	0	540,214	-1,114,515	-6,160,780	-4,219,385	0	0	0	0	0	0	0	300,902	422,572	845,913	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
Cost Of Revenue	0	0	0	0	409,000	350,000	315,000	339,000	349,000	5,213,000	4,860,000	37,000	-761	6,473,045	126,947	1,495,051	1,242,613	3,922,648	3,808,085	0	-
Depreciation And Amortization	187,000	561,000	531,000	485,000	436,000	435,000	393,000	351,000	391,000	369,000	334,000	267,000	20,073	172,005	203,492	231,398	257,131	222,798	214,311	193,130	-
Discontinued Operations	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	-
Ebit	-19,000	7,607,000	7,064,000	1,435,000	3,835,000	5,736,000	5,185,000	5,054,000	4,875,000	4,828,000	5,090,000	5,084,000	4,995,796	2,851,847	3,372,182	2,726,272	2,305,127	3,919,894	2,725,353	2,558,073	1,816,575
Ebitda	168,000	8,168,000	7,595,000	1,920,000	4,271,000	6,171,000	5,578,000	5,405,000	5,266,000	5,197,000	5,424,000	5,351,000	5,015,869	3,023,852	3,575,674	2,957,670	2,562,258	4,142,692	2,939,664	2,751,203	1,816,575
Effect Of Accounting Charges	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	-
Extraordinary Items	0	0	0	0	0	0	-189,000	0	0	0	0	0	0	0	0	0	0	0	0	0	-
Gross Profit	20,606,000	13,337,000	12,087,000	11,088,000	11,459,000	10,709,000	9,897,000	9,099,000	8,739,000	8,477,000	8,224,000	7,653,000	7,065,761	6,658,229	6,734,391	4,805,383	5,051,873	6,222,809	5,866,585	6,351,498	1,259,028
Income Before Tax	3,826,000	5,742,000	7,064,000	1,435,000	3,835,000	3,597,000	3,537,000	3,656,000	3,612,000	3,694,000	3,944,000	3,764,000	3,511,000	1,268,859	2,120,898	1,657,605	945,196	1,582,305	924,256	1,218,907	1,026,908
Income Tax Expense	886,000	1,350,000	1,615,000	294,000	878,000	855,000	1,438,000	1,263,000	1,315,000	1,371,000	1,474,000	1,413,000	1,284,000	504,071	844,713	594,692	356,566	505,689	346,341	442,654	378,277
Interest Expense	860,000	1,865,000	1,134,000	1,865,000	2,530,000	2,139,000	1,648,000	1,398,000	1,263,000	1,134,000	1,146,000	1,314,000	1,485,000	1,582,988	1,648,420	2,356,919	2,975,788	2,337,589	1,801,097	1,339,166	789,667
Interest Income	16,833,000	12,864,000	10,651,000	11,095,000	11,993,000	10,893,000	9,648,000	8,616,000	7,945,000	0	0	0	0	0	0	0	0	0	0	0	-
Minority Interest	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	-
Net Income	2,940,000	4,374,000	5,422,000	1,141,000	2,957,000	2,742,000	2,099,000	2,393,000	2,297,000	2,323,000	2,470,000	2,351,000	2,227,000	764,788	1,276,185	927,750	588,630	1,076,616	577,915	776,253	648,631
Net Income Applicable To Common Shares	0	4,304,000	5,351,000	1,104,000	2,957,000	2,689,000	2,031,000	2,339,000	2,297,000	2,323,000	2,470,000	2,345,000	2,226,708	667,938	1,222,930	1,062,913	588,630	1,076,616	577,915	0	-
Net Income From Continuing Ops	3,595,000	4,392,000	5,449,000	1,141,000	2,957,000	2,742,000	2,099,000	2,393,000	2,297,000	2,323,000	2,470,000	2,345,000	0	764,788	0	0	0	0	0	0	-
Net Interest Income	12,698,000	10,999,000	9,517,000	9,230,000	9,463,000	8,754,000	8,000,000	7,218,000	6,682,000	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	-
Non Recurring	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	-
Operating Income	17,113,000	7,607,000	7,064,000	1,435,000	3,835,000	5,736,000	5,185,000	5,054,000	4,875,000	4,828,000	5,090,000	5,084,000	4,995,796	2,851,847	3,372,182	2,810,446	2,327,611	3,919,894	2,725,353	2,558,073	1,816,575
Other Items	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	-
Other Operating Expenses	16,649,000	1,906,000	-5,023,000	1,957,000	2,118,000	9,251,000	8,008,000	6,841,000	6,390,000	5,917,000	1,393,000	5,231,000	5,039,000	6,972,000	5,865,000	5,299,000	4,435,000	2,302,915	3,141,232	3,793,425	557,547
Preferred Stock And Other Adjustments	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	-
Reconciled Depreciation	491,000	561,000	531,000	485,000	436,000	435,000	393,000	0	0	0	0	0	0	0	0	0	0	0	0	0	-
Research Development	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	-
Selling And Marketing Expenses	1,164,000	1,035,000	810,000	659,000	883,000	857,000	776,000	731,000	745,000	735,000	717,000	610,000	537,000	463,086	406,020	530,901	610,205	603,556	586,801	575,032	-
Selling General Administrative	2,434,000	2,139,000	1,986,000	1,894,000	1,738,000	1,627,000	1,512,000	1,379,000	1,327,000	1,242,000	1,164,000	1,054,000	914,000	1,060,760	827,683	845,392	922,089	933,196	869,635	758,912	-
Tax Provision	1,086,000	1,350,000	1,615,000	294,000	878,000	855,000	1,438,000	1,263,000	1,315,000	0	0	0	0	0	0	0	0	0	0	0	-
Total Operating Expenses	3,175,000	1,906,000	-5,023,000	1,957,000	2,118,000	9,251,000	8,008,000	6,841,000	6,390,000	5,917,000	1,393,000	5,231,000	5,039,000	6,972,000	5,865,000	5,299,000	4,435,000	-2,302,915	-3,141,232	-3,793,425	557,547
Total Other Income Expense Net	3,826,000	-1,865,000	7,064,000	1,435,000	3,835,000	-2,139,000	-1,648,000	-1,398,000	-1,263,000	-1,134,000	-1,146,000	-1,331,000	-1,484,552	-1,582,988	-1,251,284	-1,152,841	-1,382,415	-2,337,589	-1,801,097	-1,339,166	-789,667
Total Revenue	20,606,000	13,337,000	12,087,000	11,088,000	11,459,000	10,709,000	9,897,000	9,099,000	8,739,000	8,477,000	8,224,000	7,690,000	7,065,000	6,658,229	6,861,338	6,300,434	6,294,486	6,222,809	5,866,585	6,351,498	1,259,028

	2023-12-31	2023-09-30	2023-06-30	2023-03-31	2022-12-31	2022-09-30	2022-06-30	2022-03-31	2021-12-31	2021-09-30	2021-06-30	2021-03-31	2020-12-31	2020-09-30	2020-06-30	2020-03-31	2019-12-31	2019-09-30	2019-06-30	2019-03-31	2018-12-31	2018-09-30	2018-06-30	2018-03-31	2017-12-31	2017-09-30	2017-06-30	2017-03-31	2016-12-31	2016-09-30	2016-06-30	2016-03-31	2015-12-31	2015-09-30	2015-06-30	2015-03-31	2014-12-31	2014-09-30	2014-06-30	2014-03-31	2013-12-31	2013-09-30	2013-06-30	2013-03-31	2012-12-31	2012-09-30	2012-06-30	2012-03-31	2011-12-31	2011-09-30	2011-06-30	2011-03-31	2010-12-31	2010-09-30	2010-06-30	2010-03-31	2009-12-31	2009-09-30	2009-06-30	2009-03-31	2008-12-31	2008-09-30	2008-06-30	2008-03-31	2007-12-31	2007-09-30	2007-06-30	2007-03-31	2006-12-31	2006-09-30	2006-06-30	2006-03-31	2005-12-31	2005-09-30	2005-06-30	2005-03-31	2004-12-31
Cost Of Revenue	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	113,000	96,000	101,000	99,000	93,000	89,000	86,000	1,874,000	1,833,000	1,739,000	1,656,000	1,569,000	1,567,000	1,432,000	1,380,000	1,358,000	1,437,000	1,242,000	1,248,000	1,305,000	1,465,000	1,302,000	1,276,000	1,180,000	1,323,000	1,258,000	1,213,000	1,073,000	17,930	91	1,132,815	198	-756	1,203,131	230,857	-107,860	1,247,510	1,257,292	1,536,082	1,513,564	126,947	1,253,009	1,170,098	1,468,423	1,495,051	1,631,342	1,238,867	1,084,369	1,242,613	1,175,588	971,985	953,474	864,497	1,131,491	1,032,420	885,875	872,862	3,808,085	0	0	0
Depreciation And Amortization	104,000	106,000	119,000	129,000	137,000	145,000	140,000	139,000	144,000	139,000	129,000	119,000	123,000	116,000	123,000	123,000	121,000	113,000	103,000	99,000	109,000	110,000	109,000	107,000	104,000	101,000	95,000	93,000	89,000	86,000	92,000	84,000	100,000	98,000	98,000	95,000	95,000	93,000	91,000	90,000	87,000	84,000	95,000	68,000	298,996	-4,430	-12,056	-15,510	-10,855	40,437	-10,515	1,006	45,928	42,326	41,325	42,426	141,065	18,622	17,727	26,078	58,278	66,048	52,078	54,994	79,869	62,123	58,789	58,789	56,350	144,724	24,832	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
Ebit	0	782,000	1,050,000	2,084,000	2,143,000	1,832,000	1,452,000	1,618,000	1,361,000	1,402,000	2,222,000	2,079,000	1,015,000	959,000	-461,000	-78,000	924,000	994,000	987,000	930,000	897,000	967,000	877,000	856,000	899,000	903,000	867,000	868,000	883,000	961,000	898,000	914,000	788,000	974,000	942,000	908,000	648,000	1,009,000	1,015,000	1,022,000	937,000	946,000	981,000	1,080,000	1,171,764	1,012,000	1,011,714	1,014,000	818,000	817,701	926,000	720,000	585,231	427,297	422,193	-170,708	570,256	939,939	414,610	196,093	655,671	274,938	358,518	233,315	-88,005	329,214	332,526	332,526	371,461	185,541	367,531	0	0	0	0	0	0
Ebitda	104,000	888,000	1,169,000	2,213,000	2,280,000	1,977,000	1,592,000	1,757,000	1,505,000	1,541,000	2,351,000	2,198,000	1,138,000	1,075,000	-338,000	45,000	1,045,000	1,107,000	1,090,000	1,029,000	1,006,000	1,077,000	986,000	963,000	1,003,000	1,004,000	962,000	961,000	972,000	1,047,000	990,000	998,000	888,000	1,072,000	1,040,000	1,003,000	743,000	1,102,000	1,106,000	1,112,000	1,024,000	1,030,000	1,076,000	1,148,000	843,000	1,007,570	0	998,490	807,145	0	915,485	721,006	631,159	469,623	463,518	-128,282	711,321	958,561	432,337	222,171	713,949	340,986	410,596	288,309	-8,136	391,337	391,315	0	427,811	330,265	392,363	544,336	-	0	-	-	-
Effect Of Accounting Charges	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Extraordinary Items	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Gross Profit	5,596,000	4,044,000	3,878,000	3,753,000	3,732,000	3,479,000	3,224,000	2,902,000	2,936,000	2,777,000	3,579,000	2,795,000	2,824,000	2,714,000	2,662,000	2,888,000	2,944,000	2,900,000	2,852,000	2,763,000	2,807,000	2,724,000	2,603,000	2,575,000	2,614,000	2,525,000	2,419,000	2,339,000	2,358,000	2,301,000	2,216,000	2,224,000	2,205,000	2,188,000	2,175,000	2,171,000	2,037,000	2,190,000	2,172,000	2,078,000	2,129,000	2,062,000	2,041,000	1,992,000	2,016,000	1,964,000	0	1,843,000	1,806,000	4,099,528	1,968,000	1,625,000	1,595,976	1,710,946	1,660,005	1,691,302	1,704,434	1,844,776	1,619,099	1,218,188	2,606,652	1,251,170	1,143,707	1,298,905	2,594,019	1,239,639	1,238,805	0	1,222,023	2,996,189	1,120,988	1,061,529	0	1,303,763	0	0	0
Income Before Tax	512,000	888,000	1,169,000	1,268,000	1,354,000	1,318,000	1,452,000	1,618,000	1,361,000	1,402,000	2,222,000	2,079,000	1,015,000	959,000	-461,000	-78,000	924,000	994,000	987,000	930,000	897,000	967,000	877,000	856,000	899,000	903,000	867,000	868,000	883,000	961,000	898,000	914,000	788,000	974,000	942,000	908,000	648,000	1,009,000	1,015,000	1,022,000	937,000	946,000	981,000	1,080,000	843,000	1,012,000	867,167	1,014,000	818,000	1,047,081	926,000	720,000	585,231	432,143	422,193	-170,708	570,256	939,939	414,610	196,093	666,977	273,785	325,913	390,930	-88,005	329,214	332,526	332,526	371,461	185,541	367,531	544,336	484,897	67,092	238,958	269,451	348,755
Income Tax Expense	124,000	205,000	268,000	292,000	321,000	312,000	341,000	376,000	294,000	311,000	524,000	486,000	216,000	188,000	-93,000	-17,000	216,000	224,000	234,000	204,000	210,000	247,000	208,000	190,000	512,000	301,000	321,000	304,000	320,000	322,000	282,000	339,000	288,000	362,000	343,000	322,000	244,000	365,000	371,000	391,000	335,000	353,000	379,000	407,000	304,000	385,000	330,576	383,000	305,000	398,263	326,000	255,000	235,589	171,526	164,126	-67,170	217,719	362,485	188,810	75,699	223,336	94,885	124,370	152,101	-31,521	126,974	123,284	123,284	137,829	-981	126,138	201,058	179,474	24,665	89,092	98,389	134,195
Interest Expense	236,000	1,288,000	1,113,000	945,000	789,000	514,000	305,000	257,000	259,000	269,000	290,000	316,000	383,000	416,000	482,000	584,000	615,000	638,000	645,000	632,000	605,000	558,000	507,000	469,000	436,000	426,000	400,000	386,000	366,000	359,000	339,000	334,000	329,000	323,000	311,000	300,000	302,000	288,000	274,000	270,000	273,000	278,000	297,000	298,000	312,000	325,000	340,539	353,000	360,000	362,053	380,000	383,000	375,506	389,137	404,621	413,724	711,294	304,401	320,005	312,720	1,398,587	305,643	313,248	339,441	1,994,107	361,469	336,253	336,253	283,959	1,641,067	250,440	217,336	65,392	165,196	0	0	0
Interest Income	4,868,000	4,610,000	4,290,000	4,077,000	3,856,000	3,357,000	2,915,000	2,736,000	2,742,000	2,674,000	2,589,000	2,646,000	2,760,000	2,681,000	2,672,000	2,982,000	3,039,000	3,040,000	2,977,000	2,937,000	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	-	0	-	-	-
Minority Interest	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Net Income	388,000	683,000	901,000	976,000	1,033,000	975,000	1,097,000	1,205,000	1,067,000	1,091,000	1,698,000	1,593,000	799,000	771,000	-368,000	-61,000	708,000	770,000	753,000	726,000	687,000	720,000	669,000	666,000	387,000	602,000	546,000	564,000	563,000	639,000	616,000	575,000	500,000	612,000	599,000	586,000	404,000	644,000	644,000	631,000	602,000	593,000	602,000	673,000	539,000	627,000	536,591	631,000	513,000	648,818	600,000	465,000	349,642	255,771	258,067	-103,538	352,537	577,454	225,800	120,394	432,335	180,053	234,148	81,214	-56,484	202,240	209,242	209,242	233,632	186,522	241,393	343,278	305,423	42,427	149,866	171,062	214,560
Net Income Applicable To Common Shares	0	647,000	895,000	939,000	1,027,000	967,000	1,105,000	1,205,000	1,062,000	1,055,000	1,688,000	1,546,000	701,000	771,000	-368,000	-78,000	708,000	749,000	753,000	726,000	687,000	720,000	669,000	666,000	387,000	602,000	546,000	564,000	554,000	630,000	616,000	575,000	500,000	612,000	599,000	586,000	404,000	644,000	644,000	631,000	602,000	593,000	602,000	673,000	0	545,717	626,686	536,591	631,006	512,579	648,818	593,488	459,428	349,642	260,617	186,459	0	333,903	559,387	209,246	120,394	443,641	178,900	201,543	238,829	209,974	244,151	250,256	259,818	186,522	241,393	343,278	305,423	42,427	149,866	171,062	214,560
Net Income From Continuing Ops	388,000	683,000	901,000	976,000	1,033,000	1,006,000	1,111,000	1,242,000	1,067,000	1,091,000	1,698,000	1,593,000	738,000	771,000	-368,000	-61,000	708,000	770,000	753,000	726,000	687,000	720,000	669,000	666,000	3,263,000	602,000	546,000	564,000	-916,000	639,000	616,000	575,000	500,000	612,000	599,000	586,000	404,000	644,000	644,000	631,000	602,000	593,000	602,000	673,000	0	0	0	0	0	0	648,818	600,419	464,892	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	3,468,000	3,322,000	3,177,000	3,132,000	3,067,000	2,843,000	2,610,000	2,479,000	2,483,000	2,405,000	2,299,000	2,330,000	2,377,000	2,265,000	2,190,000	2,398,000	2,424,000	2,402,000	2,332,000	2,305,000	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	-	0	-	-	-
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	-	-	-
Non Recurring	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Operating Income	4,492,000	888,000	1,169,000	2,084,000	2,143,000	1,832,000	1,452,000	1,618,000	1,361,000	1,402,000	2,222,000	2,079,000	1,015,000	959,000	-461,000	-78,000	924,000	994,000	987,000	930,000	897,000	967,000	877,000	856,000	899,000	903,000	867,000	868,000	883,000	961,000	898,000	914,000	788,000	974,000	942,000	908,000	648,000	1,009,000	1,015,000	1,022,000	937,000	946,000	981,000	1,080,000	843,000	1,012,000	1,132,042	1,014,000	818,000	949,383	926,000	720,000	585,231	427,297	422,193	-170,708	570,256	939,939	414,610	196,093	655,671	274,938	358,518	233,315	-88,005	329,214	332,526	451,079	371,461	185,541	367,531	544,336	550,289	1,089,452	0	0	0
Other Items	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Other Operating Expenses	5,084,000	-3,156,000	-2,709,000	473,000	1,463,000	517,000	1,772,000	1,284,000	1,607,000	408,000	362,000	336,000	468,000	505,000	410,000	574,000	532,000	542,000	534,000	510,000	487,000	518,000	535,000	475,000	507,000	466,000	462,000	429,000	415,000	428,000	432,000	400,000	406,000	396,000	389,000	392,000	368,000	398,000	362,000	374,000	353,000	348,000	326,000	366,000	345,000	1,278,000	0	1,182,000	189,982	0	1,191,000	1,396,000	238,456	1,668,000	1,642,000	2,276,000	343,107	1,209,000	1,524,000	1,810,000	222,299	1,283,000	1,131,000	1,247,000	1,689	1,089,000	1,072,000	0	566,603	1,169,581	503,017	299,857	0	0	0	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	-	-	-
Reconciled Depreciation	104,000	106,000	119,000	129,000	137,000	145,000	140,000	139,000	144,000	139,000	129,000	119,000	123,000	116,000	123,000	123,000	121,000	113,000	103,000	99,000	109,000	110,000	109,000	107,000	104,000	101,000	95,000	93,000	89,000	86,000	92,000	84,000	100,000	98,000	98,000	95,000	95,000	93,000	91,000	90,000	87,000	84,000	95,000	68,000	298,996	-4,430	-12,056	-15,510	-10,855	40,437	-10,515	1,006	45,928	42,326	41,325	42,426	141,065	18,622	17,727	26,078	-25,896	66,048	52,078	54,994	57,385	62,123	58,789	58,789	56,350	144,724	24,832	0	-	0	-	-	-
Research Development	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Selling And Marketing Expenses	372,000	283,000	268,000	241,000	313,000	276,000	254,000	192,000	271,000	210,000	175,000	154,000	159,000	140,000	129,000	231,000	234,000	230,000	224,000	195,000	230,000	218,000	224,000	185,000	213,000	203,000	192,000	168,000	176,000	195,000	198,000	162,000	196,000	168,000	199,000	182,000	216,000	182,000	168,000	169,000	189,000	174,000	185,000	169,000	187,000	161,000	119,012	131,000	144,000	133,398	124,000	136,000	149,911	130,532	97,970	84,673	113,851	77,814	102,922	111,433	530,901	137,928	132,038	141,553	163,916	163,015	140,930	140,930	0	603,556	0	0	-	0	-	-	-
Selling General Administrative	646,000	575,000	588,000	625,000	573,000	551,000	515,000	500,000	499,000	483,000	498,000	506,000	504,000	471,000	452,000	467,000	447,000	439,000	427,000	425,000	414,000	408,000	400,000	405,000	411,000	371,000	367,000	363,000	352,000	342,000	340,000	345,000	333,000	337,000	326,000	331,000	314,000	320,000	301,000	307,000	297,000	292,000	285,000	290,000	280,000	274,000	249,357	247,000	229,000	241,881	230,000	213,000	9,277	266,567	265,623	261,182	25,501	276,207	282,592	219,488	187,306	222,426	218,290	217,370	226,494	227,904	234,373	234,373	233,318	234,625	237,436	223,296	0	0	0	0	0
Tax Provision	124,000	205,000	268,000	292,000	321,000	312,000	341,000	376,000	294,000	311,000	524,000	486,000	216,000	188,000	-93,000	-17,000	216,000	224,000	234,000	204,000	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	-	0	-	-	-
Total Operating Expenses	1,104,000	-3,156,000	-2,709,000	473,000	1,463,000	517,000	-1,772,000	-1,284,000	1,607,000	408,000	362,000	336,000	468,000	505,000	410,000	574,000	532,000	542,000	534,000	510,000	487,000	518,000	535,000	475,000	507,000	466,000	462,000	429,000	415,000	428,000	432,000	400,000	406,000	396,000	389,000	392,000	368,000	398,000	362,000	374,000	353,000	348,000	326,000	366,000	345,000	1,278,000	1,322,000	1,182,000	-189,982	1,104,000	1,191,000	1,396,000	-238,456	1,668,000	1,642,000	2,276,000	-343,107	1,209,000	1,524,000	1,810,000	222,299	1,283,000	1,131,000	1,247,000	1,689	1,089,000	1,072,000	1,072,000	-566,603	-1,169,581	-503,017	-299,857	0	0	0	0	0
Total Other Income Expense Net	512,000	888,000	1,169,000	-816,000	-789,000	-514,000	1,452,000	-257,000	-259,000	-269,000	-290,000	-316,000	-383,000	-416,000	-482,000	-584,000	-615,000	-638,000	-645,000	-632,000	-605,000	-558,000	-507,000	-469,000	-436,000	-426,000	-400,000	-386,000	-366,000	-359,000	-339,000	-334,000	-329,000	-323,000	-311,000	-300,000	-302,000	-288,000	-274,000	-270,000	-273,000	-278,000	-297,000	-298,000	-311,891	-325,310	0	-353,260	-359,792	0	-379,979	-382,728	-375,506	4,846	-404,621	-413,724	-314,158	-304,401	-320,005	-312,720	11,306	-1,153	-32,605	157,615	-400,734	-361,469	-336,253	0	-283,959	-1,641,067	-250,440	-217,336	0	0	0	0	0
Total Revenue	5,596,000	4,044,000	3,878,000	3,753,000	3,732,000	3,479,000	3,224,000	2,902,000	2,936,000	2,777,000	3,579,000	2,795,000	2,824,000	2,714,000	2,662,000	2,888,000	2,944,000	2,900,000	2,852,000	2,763,000	2,807,000	2,724,000	2,603,000	2,575,000	2,614,000	2,525,000	2,419,000	2,339,000	2,358,000	2,301,000	2,216,000	2,224,000	2,205,000	2,188,000	2,175,000	2,171,000	2,037,000	2,190,000	2,172,000	2,078,000	2,129,000	2,062,000	2,041,000	1,992,000	2,016,000	1,964,000	1,848,219	1,843,000	1,806,000	1,789,002	1,968,000	1,625,000	1,595,976	1,710,946	1,660,005	1,691,302	1,704,434	1,844,776	1,619,099	1,218,188	2,606,652	1,251,170	1,143,707	1,298,905	2,594,019	1,239,639	1,238,805	1,238,805	1,222,023	2,996,189	1,120,988	1,061,529	1,475,706	1,222,779	1,348,958	1,277,776	1,262,335

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

Gross Profit (+$)
totalRevenue	20,606,000
Cost of Revenue	-0
Gross Profit	20,606,000	20,606,000

Operating Income (+$)
Gross Profit	20,606,000
Operating Expense	-3,175,000
Operating Income	17,113,000	17,431,000

Operating Expense (+$)
Research Development	0
Selling General Administrative	2,434,000
Selling And Marketing Expenses	1,164,000
Operating Expense	3,175,000	3,598,000

Net Interest Income (+$)
Interest Income	16,833,000
Interest Expense	-860,000
Other Finance Cost	-3,275,000
Net Interest Income	12,698,000

Pretax Income (+$)
Operating Income	17,113,000
Net Interest Income	12,698,000
Other Non-Operating Income Expenses	0
Income Before Tax (EBT)	3,826,000	13,287,000 EBIT - interestExpense = -879,000 3,826,000 3,800,000
Interest Expense	860,000
Earnings Before Interest and Taxes (EBIT)	-19,000	4,686,000
Earnings Before Interest and Taxes (EBITDA)	168,000

After tax Income (+$)
Income Before Tax	3,826,000
Tax Provision	-1,086,000
Net Income From Continuing Ops	3,595,000	2,740,000
Net Income	2,940,000
Net Income Applicable To Common Shares	0

Non-recurring Events
Discontinued Operations	0
Extraordinary Items	0
Effect of Accounting Charges	0
Other Items	0
Non Recurring	0
Other Operating Expenses	16,649,000
Total Other Income/Expenses Net	3,826,000	-12,698,000

Technical Analysis of Discover
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 Discover. The general trend of Discover is BULLISH with 57.1% 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 Discover'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 (57.1%)		Bearish trend (-57.1%)
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 Discover Financial Services.

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

Around support: The price is currently trading around a support level. This can be considered as a potential entry level. +1

The bullish price targets are: 131.65.

The bearish price targets are: 119.88 > 119.45 > 118.74.

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Discover Financial Services 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 Discover Financial Services. The current mas is .

The long score for the Moving Averages is 11/14.
The longshort score for the Moving Averages is 8/(-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 higher than the MA 50. +1
MA 20 > MA 100: The MA 20 is higher than the MA 100. +1
MA 20 > MA 200: The MA 20 is higher than the MA 200. +1
MA 50 trending up: The MA 50 is trending up. +1
Close < MA 50: The price is below the MA 50. -1
MA 50 > MA 100: The MA 50 is higher than the MA 100. +1
MA 50 > MA 200: The MA 50 is higher than the MA 200. +1
MA 100 trending up: The MA 100 is trending up. +1
Close > MA 100: The price is above the MA 100. +1
MA 100 > MA 200: The MA 100 is higher than the MA 200. +1
MA 200 trending up: The MA 200 is trending up. +1
Close > MA 200: The price is above the MA 200. +1

Directionalities and relatives.

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

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

Shows the moving average of the selected period.

There are four types of indicators:

Trend indicators
Momentum indicators
Volatility indicators
Volume indicators

There are various kinds of moving averages:

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

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

Simple moving average

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

Source: Tradingview.com

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

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

Exponential moving average

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

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

Where:

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

Smoothed moving average

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

Linear weighted moving average

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

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

Where:

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

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

Source: Tradingview.com

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

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

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

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

Discover Financial Services 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 Discover Financial Services. The current macd is -0.16525371.

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 Discover price going down in the near term. -2
MACD < 0: The MACD is below the zero line (centerline), it indicates a bearish signal for Discover. 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 Discover 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

Discover Financial Services 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 Discover Financial Services. The current adx is 26.60.

The long score for the Directional Movement Index (DMI) is 0/7.
The longshort score for the Directional Movement Index (DMI) is -3/(-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 Discover shares, leading to potential downward momentum in its price. -1
PLUS_ID < MINUS_DI && ADX > 25 && ADX trending down: The ADX is above 25 and indicates a strong bearish trend. The ADX is declining, the bearish trend is weakening. Could be a potential reversal to the upside. -2

Discover Financial Services 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 Discover Financial Services. The current sar is 128.58.

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

Discover Financial Services 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 Discover Financial Services. The current rsi is 41.24. The current phase is Correction in bull market.

The long score for the Relative Strength Index (RSI) is 1/13.
The longshort score for the Relative Strength Index (RSI) is -2/(-13 +13).

Correction in bull market: Moderate price decline, potential pause in the uptrend. Reassess the market, wait for signs of stabilization.
Trending up: The RSI is trending up. +1

Measures the speed and change of price movements.

There are four types of indicators:

Trend indicators
Momentum indicators
Volatility indicators
Volume indicators

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

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

Original usage

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

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

How you can use RSI (Divergence)

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

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

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

Source: Tradingview.com

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

Use tradingview to add indicators

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

Tradingview

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

View tool on Tradingview.com

RSI divergence

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

There are four types of divergences:

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

Regular bullish divergence

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

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

Source: Tradingview.com

Regular bearish divergence

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

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

Source: Tradingview.com

Hidden bullish divergence

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

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

Source: Tradingview.com

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

Hidden bearish divergence

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

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

Source: Tradingview.com

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

Discover Financial Services 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 Discover Financial Services. The current phase is Oversold in bull market.

The long score for the Stochastic Oscillator is 1/6.
The longshort score for the Stochastic Oscillator is -4/(-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 below the STOCH %D line, which indicates a bearish signal in the market. This means that the negative momentum is currently stronger than the average momentum, suggesting that sellers are more active than buyers, and there's a higher probability of the Discover price going down in the near term. -2
Trending up: The STOCH %K is trending up. +1

Discover Financial Services 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 Discover Financial Services. The current cci is -139.09376206.

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

Discover Financial Services 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 Discover Financial Services. The current cmo is -34.89767503.

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

Discover Financial Services 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 Discover Financial Services. The current willr is -95.29983793.

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

Discover Financial Services 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 Discover Financial Services.

Discover Financial Services 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 Discover Financial Services. The current atr is 2.51808934.

Discover Financial Services 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 Discover Financial Services. The current obv is 33,629,834.

Discover Financial Services 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 Discover Financial Services. The current mfi is 34.30.

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

Discover Financial Services Daily Money Flow Index (MFI) Chart

6. Summary

6.1. Notifications

Type	Notification	Date
Currently no notifications for Discover Financial Services.

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

6.3. Candlestick Patterns

Discover Financial Services Daily Candlestick Chart

Date	Candlestick Pattern

6.4. Technical Score

Let's check the technical score of Discover Financial Services based on Penke's default Symbol scanner.

Penke's Symbol Scanner

Indicator	Condition		Value
Rsi	Greater than	50	41.244
Ma 20	Greater than	Ma 50	125.119
Ma 50	Greater than	Ma 100	120.793
Ma 100	Greater than	Ma 200	112.493
Open	Greater than	Close	120.910
Total			4/5 (80.0%)

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Quick analysis of Discover (30 sec.)

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

$119.89

$59.16

$256.50 - $572.22

$315.66 - $631.38

2. Growth of Discover (5 min.)

Is Discover growing?

How much money is Discover making?

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

3. Financial Health of Discover (5 min.)

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

Industry Rankings (Credit Services)

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

What can you expect buying and holding a share of Discover?

Speculation

Investing

How much money are you going to get?

When do you get the money?

How sure are you?

Linear %

Fundamentals of Discover

About Discover Financial Services

Financial Health

Valuation

1.1. Profitability of Discover Financial Services.

1.1. Profitability

1.1.1. Net Profit Margin

Trends

Compared to industry (Credit Services)

1.1.2. Return on Assets

Trends

Compared to industry (Credit Services)

1.1.3. Return on Equity

Trends

Compared to industry (Credit Services)

1.2. Operating Efficiency of Discover Financial Services.

1.2. Operating Efficiency

1.2.1. Operating Margin

Trends

Compared to industry (Credit Services)

1.2.2. Operating Ratio

Trends

Compared to industry (Credit Services)

1.3. Liquidity of Discover Financial Services.

1.3. Liquidity

1.3.1. Current Ratio

Trends

Compared to industry (Credit Services)

1.3.2. Quick Ratio

Trends

Compared to industry (Credit Services)

1.4. Solvency of Discover Financial Services.

1.3. Liquidity

1.4.1. Debt to Asset Ratio

Trends

Compared to industry (Credit Services)

1.4.2. Debt to Equity Ratio

Trends

Compared to industry (Credit Services)

2. Market Valuation of Discover Financial Services

2.1. Earnings Per Share

2.1. Price to Earnings Ratio

Trends

Compared to industry (Credit Services)

Discover Financial Services
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