Detailed financial statements for Honda Motor Co., Ltd. (HMC): income statement, balance sheet and cash-flow summary. Track margins, debt, liquidity and profitability trends year over year: ten fiscal years free and up to 20 with Premium.
Honda Motor Co., Ltd. is a global enterprise that designs, manufactures, and markets a diverse array of products, primarily motorcycles, automobiles, and power equipment, reaching customers across Japan, North America, Europe, Asia, and other international markets. The company's operations are divided into four main business segments: Motorcycle, Automobile, Financial Services, and Life Creation and Other Businesses.
Analysis Summary
Honda Motor Co., Ltd. reported revenue of 21.80T JPY in the most recent fiscal year, growing at a 5-year CAGR of 10.6%.
Trailing-twelve-month margins: gross margin 17.2%, operating margin -0.6%, net margin -0.8%. Free cash flow grew at -28.0% CAGR over 5 years.
At $33.68 (closing price, October 28, 2026), HMC has negative trailing earnings (P/E not meaningful) and an ROE of -1.40%. Market capitalisation stands at $43.7B, placing it among large-cap names.
Balance sheet quality for HMC: current ratio of 1.3, net debt of 8.45T JPY. A debt-to-equity below 1.0 typically signals conservative capital structure, while a current ratio above 1.5 indicates comfortable short-term liquidity.
Long-term track record: over the past decade, HMC has compounded revenue at 4.1% annually. This decade-long view smooths out cyclical fluctuations and reveals the underlying business momentum more reliably than single-year snapshots.
Income Statement (10y)
| Year | 2002 | 2003 | 2004 | 2005 | 2006 | 2007 | 2008 | 2009 | 2010 | 2011 | 2012 | 2013 | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | 7.34T JPY | 7.96T JPY | 8.15T JPY | 8.65T JPY | 9.91T JPY | 11.09T JPY | 11.97T JPY | 10.01T JPY | 8.58T JPY | 8.94T JPY | 7.95T JPY | 9.88T JPY | 11.84T JPY | 12.65T JPY | 14.60T JPY | 14.00T JPY | 15.36T JPY | 15.89T JPY | 14.93T JPY | 13.17T JPY | 14.55T JPY | 16.91T JPY | 20.43T JPY | 21.69T JPY | 21.80T JPY |
| Cost of Revenue | 5.02T JPY | 5.40T JPY | 5.60T JPY | 6.04T JPY | 7.01T JPY | 7.87T JPY | 8.52T JPY | 7.42T JPY | 6.41T JPY | 6.50T JPY | 5.92T JPY | 7.35T JPY | 8.76T JPY | 9.45T JPY | 11.33T JPY | 10.87T JPY | 12.00T JPY | 12.58T JPY | 11.85T JPY | 10.44T JPY | 11.57T JPY | 13.58T JPY | 16.02T JPY | 17.02T JPY | 18.19T JPY |
| Gross Profit | 2.32T JPY | 2.56T JPY | 2.55T JPY | 2.61T JPY | 2.90T JPY | 3.22T JPY | 3.45T JPY | 2.59T JPY | 2.16T JPY | 2.44T JPY | 2.03T JPY | 2.53T JPY | 3.08T JPY | 3.19T JPY | 3.27T JPY | 3.13T JPY | 3.36T JPY | 3.31T JPY | 3.08T JPY | 2.73T JPY | 2.98T JPY | 3.33T JPY | 4.41T JPY | 4.66T JPY | 3.60T JPY |
| Research & Development | 394.21B JPY | 436.26B JPY | 448.50B JPY | 467.96B JPY | 510.36B JPY | 551.87B JPY | 586.30B JPY | 563.20B JPY | 463.35B JPY | 487.59B JPY | 519.82B JPY | 560.27B JPY | 598.37B JPY | 606.16B JPY | 656.50B JPY | 691.43B JPY | 751.86B JPY | 806.90B JPY | 804.12B JPY | 738.89B JPY | 787.06B JPY | 880.91B JPY | 923.63B JPY | 1.10T JPY | 1.54T JPY |
| Selling, General & Admin | 1.30T JPY | 1.43T JPY | 1.50T JPY | 1.51T JPY | 1.66T JPY | 1.82T JPY | 1.91T JPY | 1.84T JPY | 1.34T JPY | 1.38T JPY | 1.28T JPY | 1.43T JPY | 1.49T JPY | 1.72T JPY | 2.11T JPY | 1.62T JPY | 1.78T JPY | 1.77T JPY | 1.64T JPY | 1.33T JPY | 1.33T JPY | 1.67T JPY | 2.11T JPY | 2.35T JPY | 2.48T JPY |
| Operating Expenses | 1.70T JPY | 1.87T JPY | 1.95T JPY | 1.98T JPY | 2.03T JPY | 2.37T JPY | 2.50T JPY | 2.40T JPY | 1.80T JPY | 1.87T JPY | 1.80T JPY | 1.99T JPY | 2.09T JPY | 2.33T JPY | 2.77T JPY | 2.29T JPY | 2.53T JPY | 2.58T JPY | 2.45T JPY | 2.07T JPY | 2.11T JPY | 2.55T JPY | 3.03T JPY | 3.45T JPY | 4.02T JPY |
| Operating Income | 662.29B JPY | 688.49B JPY | 599.56B JPY | 631.17B JPY | 868.76B JPY | 851.96B JPY | 950.34B JPY | 189.64B JPY | 363.77B JPY | 569.77B JPY | 231.36B JPY | 544.81B JPY | 823.86B JPY | 670.60B JPY | 503.38B JPY | 840.71B JPY | 833.56B JPY | 726.37B JPY | 633.64B JPY | 660.21B JPY | 871.23B JPY | 780.77B JPY | 1.38T JPY | 1.21T JPY | -414.35B JPY |
| EBITDA | 857.53B JPY | 909.10B JPY | 812.76B JPY | 857.01B JPY | 1.13T JPY | 1.22T JPY | 1.47T JPY | 821.92B JPY | 978.42B JPY | 1.23T JPY | 822.65B JPY | 1.09T JPY | 1.53T JPY | 1.45T JPY | 1.31T JPY | 1.69T JPY | 1.84T JPY | 1.71T JPY | 1.51T JPY | 1.27T JPY | 1.50T JPY | 1.64T JPY | 2.50T JPY | 2.12T JPY | 983.52B JPY |
| Interest Expense | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 22.54B JPY | 12.55B JPY | 8.47B JPY | 10.38B JPY | 12.16B JPY | 12.70B JPY | 16.60B JPY | 18.15B JPY | 12.47B JPY | 12.97B JPY | 13.22B JPY | 227.1M JPY | 130.8M JPY | 16.87B JPY | 36.11B JPY | 59.63B JPY | 54.91B JPY | 83.56B JPY |
| Pre-tax Income | 552.24B JPY | 670.80B JPY | 641.37B JPY | 657.12B JPY | 814.50B JPY | 792.93B JPY | 893.21B JPY | 161.73B JPY | 336.20B JPY | 630.55B JPY | 257.40B JPY | 488.89B JPY | 933.90B JPY | 806.24B JPY | 635.45B JPY | 1.01T JPY | 1.11T JPY | 979.38B JPY | 789.92B JPY | 914.05B JPY | 1.07T JPY | 879.57B JPY | 1.64T JPY | 1.32T JPY | -403.30B JPY |
| Income Tax | 230.60B JPY | 244.68B JPY | 252.50B JPY | 266.80B JPY | 317.21B JPY | 283.83B JPY | 386.28B JPY | 109.83B JPY | 146.87B JPY | 206.83B JPY | 135.74B JPY | 178.98B JPY | 267.99B JPY | 245.14B JPY | 229.09B JPY | 327.59B JPY | -13.67B JPY | 303.09B JPY | 279.99B JPY | 218.61B JPY | 309.49B JPY | 162.26B JPY | 459.79B JPY | 414.61B JPY | -50.28B JPY |
| Net Income | 361.78B JPY | 426.12B JPY | 463.93B JPY | 486.41B JPY | 596.99B JPY | 592.40B JPY | 598.27B JPY | 137.00B JPY | 268.40B JPY | 534.09B JPY | 211.48B JPY | 367.15B JPY | 624.70B JPY | 509.44B JPY | 344.53B JPY | 616.57B JPY | 1.06T JPY | 610.32B JPY | 455.75B JPY | 657.42B JPY | 707.07B JPY | 651.42B JPY | 1.11T JPY | 835.84B JPY | -423.94B JPY |
| EPS | $186.63 | $218.58 | $243.24 | $260.46 | $324.30 | $323.91 | $331.11 | $75.51 | $147.90 | $295.68 | $117.33 | $203.70 | $346.62 | $282.66 | $191.16 | $342.09 | $590.79 | $346.86 | $260.13 | $380.76 | $411.09 | $384.03 | $677.64 | $536.79 | $-318.18 |
| EPS (Diluted) | $186.63 | $218.58 | $243.24 | $260.46 | $324.30 | $323.91 | $331.11 | $75.51 | $147.90 | $295.68 | $117.33 | $203.70 | $346.62 | $282.66 | $191.16 | $342.09 | $590.79 | $346.86 | $260.13 | $380.76 | $411.09 | $384.03 | $677.64 | $536.79 | $-318.18 |
| Shares Outstanding (Diluted) | 1,948.8 M | 1,949.4 M | 1,907.3 M | 1,867.5 M | 1,840.8 M | 1,828.8 M | 1,815.6 M | 1,814.6 M | 1,814.6 M | 1,806.4 M | 1,802.3 M | 1,802.3 M | 1,802.3 M | 1,802.3 M | 1,802.3 M | 1,802.3 M | 1,793.1 M | 1,759.6 M | 1,752.0 M | 1,726.6 M | 1,720.0 M | 1,696.3 M | 1,633.9 M | 1,557.1 M | 1,332.4 M |
Income Statement (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Revenue | 5.29T JPY | 5.34T JPY | 5.82T JPY | 6.06T JPY |
| Gross Profit | 1.08T JPY | 1.08T JPY | 372.08B JPY | 1.35T JPY |
| Operating Income | 193.97B JPY | 153.36B JPY | -1.01T JPY | 530.77B JPY |
| EBITDA | 550.94B JPY | 434.87B JPY | -487.13B JPY | 797.93B JPY |
| Net Income | 115.16B JPY | 153.61B JPY | -889.38B JPY | 450.92B JPY |
| EPS | $82.20 | $117.81 | $-677.46 | $347.52 |
| EPS (Diluted) | $82.20 | $117.81 | $-677.46 | $347.52 |
Balance Sheet (10y)
| Year | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | 2.11T JPY | 2.26T JPY | 2.49T JPY | 2.67T JPY | 2.76T JPY | 3.67T JPY | 3.80T JPY | 4.95T JPY | 4.53T JPY | 5.09T JPY |
| Short-term Investments | 149.43B JPY | 213.18B JPY | 163.27B JPY | 190.05B JPY | 295.31B JPY | 217.74B JPY | 263.89B JPY | 229.58B JPY | 208.48B JPY | 0 |
| Receivables | 2.64T JPY | 2.64T JPY | 2.74T JPY | 2.51T JPY | 801.81B JPY | 2.59T JPY | 2.96T JPY | 3.80T JPY | 3.92T JPY | 4.35T JPY |
| Inventory | 1.36T JPY | 1.52T JPY | 1.59T JPY | 1.56T JPY | 1.55T JPY | 1.92T JPY | 2.17T JPY | 2.44T JPY | 2.47T JPY | 2.54T JPY |
| Total Current Assets | 6.56T JPY | 6.93T JPY | 7.35T JPY | 7.30T JPY | 7.58T JPY | 8.84T JPY | 9.58T JPY | 11.87T JPY | 11.69T JPY | 13.13T JPY |
| Property, Plant & Equipment | 7.31T JPY | 7.15T JPY | 7.43T JPY | 7.68T JPY | 3.02T JPY | 8.24T JPY | 7.89T JPY | 8.44T JPY | 8.96T JPY | 9.67T JPY |
| Goodwill | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 788.16B JPY |
| Intangible Assets | 778.19B JPY | 741.51B JPY | 744.37B JPY | 760.43B JPY | 818.76B JPY | 849.51B JPY | 870.90B JPY | 999.69B JPY | 1.13T JPY | 0 |
| Total Assets | 18.96T JPY | 19.35T JPY | 20.42T JPY | 20.46T JPY | 21.92T JPY | 23.97T JPY | 24.67T JPY | 29.77T JPY | 30.78T JPY | 33.65T JPY |
| Accounts Payable | 1.18T JPY | 1.22T JPY | 1.18T JPY | 958.47B JPY | 1.09T JPY | 1.24T JPY | 1.43T JPY | 1.61T JPY | 1.66T JPY | 1.79T JPY |
| Short-term Debt | 2.79T JPY | 2.92T JPY | 3.19T JPY | 3.19T JPY | 1.71T JPY | 3.07T JPY | 3.25T JPY | 4.03T JPY | 4.42T JPY | 5.03T JPY |
| Total Current Liabilities | 5.43T JPY | 5.62T JPY | 5.98T JPY | 5.79T JPY | 5.72T JPY | 6.00T JPY | 6.65T JPY | 8.32T JPY | 8.62T JPY | 10.25T JPY |
| Long-term Debt | 4.02T JPY | 3.88T JPY | 4.14T JPY | 4.22T JPY | 4.72T JPY | 4.98T JPY | 4.37T JPY | 6.06T JPY | 0 | 8.51T JPY |
| Total Liabilities | 11.39T JPY | 11.12T JPY | 11.85T JPY | 12.18T JPY | 12.55T JPY | 13.20T JPY | 13.17T JPY | 16.77T JPY | 18.15T JPY | 21.45T JPY |
| Retained Earnings | 6.71T JPY | 7.61T JPY | 7.97T JPY | 8.14T JPY | 8.90T JPY | 9.54T JPY | 9.98T JPY | 10.64T JPY | 11.12T JPY | 9.42T JPY |
| Total Equity | 7.30T JPY | 7.93T JPY | 8.27T JPY | 8.01T JPY | 9.08T JPY | 10.47T JPY | 11.18T JPY | 12.70T JPY | 12.33T JPY | 11.87T JPY |
| Total Debt | 6.81T JPY | 6.80T JPY | 7.33T JPY | 7.41T JPY | 6.74T JPY | 8.05T JPY | 7.62T JPY | 10.08T JPY | 4.42T JPY | 13.54T JPY |
| Net Debt | 4.55T JPY | 4.33T JPY | 4.67T JPY | 4.55T JPY | 3.69T JPY | 4.16T JPY | 3.56T JPY | 4.90T JPY | -315.04B JPY | 8.45T JPY |
| Working Capital | 1.13T JPY | 1.30T JPY | 1.37T JPY | 1.51T JPY | 1.86T JPY | 2.84T JPY | 2.93T JPY | 3.55T JPY | 3.07T JPY | 2.88T JPY |
Balance Sheet (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Cash & Equivalents | 4.64T JPY | 4.85T JPY | 5.09T JPY | 5.07T JPY |
| Total Assets | 31.49T JPY | 32.85T JPY | 33.65T JPY | 33.51T JPY |
| Total Liabilities | 19.25T JPY | 20.07T JPY | 21.45T JPY | 21.36T JPY |
| Total Equity | 11.96T JPY | 12.47T JPY | 11.87T JPY | 11.82T JPY |
| Total Debt | 12.92T JPY | 13.55T JPY | 13.54T JPY | 0 |
Cash Flow (10y)
| Year | 2002 | 2003 | 2004 | 2005 | 2006 | 2007 | 2008 | 2009 | 2010 | 2011 | 2012 | 2013 | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Net Income | 363.24B JPY | 426.12B JPY | 463.93B JPY | 486.41B JPY | 596.99B JPY | 592.40B JPY | 598.27B JPY | 150.93B JPY | 282.61B JPY | 563.48B JPY | 222.07B JPY | 392.64B JPY | 933.90B JPY | 806.24B JPY | 635.45B JPY | 1.01T JPY | 1.11T JPY | 979.38B JPY | 789.92B JPY | 1.07T JPY | 1.07T JPY | 879.57B JPY | 1.64T JPY | 1.32T JPY | -403.30B JPY |
| Depreciation & Amortization | 195.24B JPY | 220.61B JPY | 213.20B JPY | 225.83B JPY | 262.24B JPY | 371.49B JPY | 516.90B JPY | 637.64B JPY | 629.67B JPY | 589.41B JPY | 554.87B JPY | 590.47B JPY | 588.13B JPY | 625.23B JPY | 660.71B JPY | 674.33B JPY | 713.09B JPY | 721.70B JPY | 699.88B JPY | 611.06B JPY | 611.06B JPY | 721.63B JPY | 794.37B JPY | 742.86B JPY | 1.30T JPY |
| Stock-based Compensation | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Working Capital | 156.97B JPY | -101.34B JPY | 6.98B JPY | 7.72B JPY | -164.67B JPY | -108.87B JPY | -111.78B JPY | -540.45B JPY | 565.18B JPY | -93.11B JPY | -28.43B JPY | -220.66B JPY | -737.10B JPY | -136.64B JPY | 261.25B JPY | -535.46B JPY | -528.08B JPY | -519.57B JPY | -260.39B JPY | 302.62B JPY | 302.62B JPY | 855.84B JPY | -1.13T JPY | -1.35T JPY | 33.65B JPY |
| Operating Cash Flow | 751.21B JPY | 687.19B JPY | 721.54B JPY | 782.80B JPY | 580.63B JPY | 904.62B JPY | 1.12T JPY | 383.64B JPY | 1.54T JPY | 1.10T JPY | 761.54B JPY | 800.74B JPY | 449.11B JPY | 1.02T JPY | 1.39T JPY | 885.07B JPY | 987.67B JPY | 775.99B JPY | 979.41B JPY | 1.68T JPY | 1.68T JPY | 2.13T JPY | 747.28B JPY | 292.15B JPY | 1.14T JPY |
| Capital Expenditure | -303.96B JPY | -316.52B JPY | -287.43B JPY | -374.14B JPY | -459.98B JPY | -597.94B JPY | -666.27B JPY | -1.30T JPY | -936.09B JPY | -1.12T JPY | -1.08T JPY | -1.42T JPY | -927.18B JPY | -883.12B JPY | -871.96B JPY | -637.45B JPY | -572.49B JPY | -607.81B JPY | -601.26B JPY | -449.23B JPY | -449.23B JPY | -632.49B JPY | -608.66B JPY | -847.43B JPY | -897.54B JPY |
| Acquisitions | -2.89T JPY | 0 | -2.69T JPY | -2.71T JPY | -230.34B JPY | -240.24B JPY | 0 | 43.77B JPY | 91.92B JPY | -27.50B JPY | -9.56B JPY | -118.13B JPY | 12.94B JPY | -1.97B JPY | -1.0M JPY | 12.83B JPY | -2.45B JPY | -2.40B JPY | -17.63B JPY | 0 | 0 | -23.09B JPY | -192.31B JPY | -135.53B JPY | -41.50B JPY |
| Stock Repurchased | 0 | -56.63B JPY | -95.18B JPY | -84.18B JPY | -77.10B JPY | -26.75B JPY | -30.61B JPY | 0 | -18.0M JPY | -34.80B JPY | -7.0M JPY | -7.0M JPY | -25.0M JPY | -16.0M JPY | -13.0M JPY | -11.0M JPY | -87.08B JPY | -64.56B JPY | -96.11B JPY | -62.18B JPY | -62.18B JPY | -156.62B JPY | -250.01B JPY | -722.04B JPY | -670.27B JPY |
| Dividends Paid | -24.46B JPY | -30.08B JPY | -33.47B JPY | -47.83B JPY | -71.09B JPY | -147.98B JPY | -161.83B JPY | -139.72B JPY | -61.70B JPY | -92.17B JPY | -108.14B JPY | -129.76B JPY | -142.38B JPY | -158.60B JPY | -158.60B JPY | -162.21B JPY | -174.22B JPY | -194.27B JPY | -196.79B JPY | -188.40B JPY | -188.40B JPY | -213.47B JPY | -241.87B JPY | -347.81B JPY | -284.39B JPY |
| Free Cash Flow | 447.24B JPY | 370.67B JPY | 434.11B JPY | 408.66B JPY | 120.65B JPY | 306.69B JPY | 457.37B JPY | -919.68B JPY | 608.12B JPY | -20.35B JPY | -319.45B JPY | -619.25B JPY | -478.07B JPY | 137.28B JPY | 519.04B JPY | 247.62B JPY | 415.18B JPY | 168.18B JPY | 378.16B JPY | 1.23T JPY | 1.23T JPY | 1.50T JPY | 138.61B JPY | -555.28B JPY | 237.72B JPY |
Cash Flow (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Operating Cash Flow | 280.20B JPY | 311.88B JPY | 457.52B JPY | 292.52B JPY |
| Capital Expenditure | -164.24B JPY | -214.21B JPY | -318.71B JPY | -637.75B JPY |
| Free Cash Flow | 115.96B JPY | 97.67B JPY | 138.82B JPY | -345.24B JPY |
| Dividends Paid | 0 | -136.43B JPY | 0 | -136.43B JPY |
| Stock-based Compensation | 0 | 0 | 0 | 0 |
Growth & Margins (10y)
| Year | 2002 | 2003 | 2004 | 2005 | 2006 | 2007 | 2008 | 2009 | 2010 | 2011 | 2012 | 2013 | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue Growth (YoY) | +8.4% | +2.4% | +6.1% | +14.5% | +11.9% | +7.9% | -16.4% | -14.3% | +4.2% | -11.1% | +24.3% | +19.9% | +6.8% | +15.5% | -4.1% | +9.7% | +3.4% | -6.0% | -11.8% | +10.5% | +16.2% | +20.8% | +6.2% | +0.5% | |
| Net Income Growth (YoY) | +17.8% | +8.9% | +4.8% | +22.7% | -0.8% | +1.0% | -77.1% | +95.9% | +99.0% | -60.4% | +73.6% | +70.1% | -18.5% | -32.4% | +79.0% | +71.8% | -42.4% | -25.3% | +44.3% | +7.6% | -7.9% | +70.0% | -24.5% | -150.7% | |
| EPS Growth (YoY) | +17.1% | +11.3% | +7.1% | +24.5% | -0.1% | +2.2% | -77.2% | +95.9% | +99.9% | -60.3% | +73.6% | +70.2% | -18.5% | -32.4% | +79.0% | +72.7% | -41.3% | -25.0% | +46.4% | +8.0% | -6.6% | +76.5% | -20.8% | -159.3% | |
| Shares Change (YoY) | +0.0% | -2.2% | -2.1% | -1.4% | -0.6% | -0.7% | -0.1% | +0.0% | -0.5% | -0.2% | -0.0% | -0.0% | -0.0% | -0.0% | -0.0% | -0.5% | -1.9% | -0.4% | -1.4% | -0.4% | -1.4% | -3.7% | -4.7% | -14.4% | |
| FCF Growth (YoY) | -17.1% | +17.1% | -5.9% | -70.5% | +154.2% | +49.1% | -301.1% | +166.1% | -103.3% | -1,469.8% | -93.9% | +22.8% | +128.7% | +278.1% | -52.3% | +67.7% | -59.5% | +124.9% | +225.4% | +0.0% | +21.6% | -90.7% | -500.6% | +142.8% | |
| Gross Margin | 31.6% | 32.1% | 31.3% | 30.2% | 29.2% | 29.1% | 28.8% | 25.9% | 25.2% | 27.3% | 25.5% | 25.6% | 26.0% | 25.3% | 22.4% | 22.4% | 21.9% | 20.8% | 20.6% | 20.7% | 20.5% | 19.7% | 21.6% | 21.5% | 16.5% |
| Operating Margin | 9.0% | 8.6% | 7.4% | 7.3% | 8.8% | 7.7% | 7.9% | 1.9% | 4.2% | 6.4% | 2.9% | 5.5% | 7.0% | 5.3% | 3.4% | 6.0% | 5.4% | 4.6% | 4.2% | 5.0% | 6.0% | 4.6% | 6.8% | 5.6% | -1.9% |
| EBITDA Margin | 11.7% | 11.4% | 10.0% | 9.9% | 11.4% | 11.0% | 12.3% | 8.2% | 11.4% | 13.7% | 10.4% | 11.1% | 13.0% | 11.5% | 9.0% | 12.1% | 12.0% | 10.8% | 10.1% | 9.6% | 10.3% | 9.7% | 12.2% | 9.8% | 4.5% |
| Net Margin | 4.9% | 5.4% | 5.7% | 5.6% | 6.0% | 5.3% | 5.0% | 1.4% | 3.1% | 6.0% | 2.7% | 3.7% | 5.3% | 4.0% | 2.4% | 4.4% | 6.9% | 3.8% | 3.1% | 5.0% | 4.9% | 3.9% | 5.4% | 3.9% | -1.9% |
| FCF Margin | 6.1% | 4.7% | 5.3% | 4.7% | 1.2% | 2.8% | 3.8% | -9.2% | 7.1% | -0.2% | -4.0% | -6.3% | -4.0% | 1.1% | 3.6% | 1.8% | 2.7% | 1.1% | 2.5% | 9.3% | 8.5% | 8.9% | 0.7% | -2.6% | 1.1% |
| Effective Tax Rate | 41.8% | 36.5% | 39.4% | 40.6% | 38.9% | 35.8% | 43.2% | 67.9% | 43.7% | 32.8% | 52.7% | 36.6% | 28.7% | 30.4% | 36.1% | 32.5% | -1.2% | 30.9% | 35.4% | 23.9% | 28.9% | 18.4% | 28.0% | 31.5% | 12.5% |
Per-Share Data (10y)
| Year | 2002 | 2003 | 2004 | 2005 | 2006 | 2007 | 2008 | 2009 | 2010 | 2011 | 2012 | 2013 | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| FCF Per Share | $229.49 | $190.15 | $227.61 | $218.83 | $65.54 | $167.69 | $251.91 | $-506.83 | $335.13 | $-11.27 | $-177.24 | $-343.59 | $-265.26 | $76.17 | $287.99 | $137.39 | $231.55 | $95.58 | $215.84 | $712.60 | $715.36 | $882.23 | $84.84 | $-356.61 | $178.41 |
| Dividends Per Share | $12.55 | $15.43 | $17.55 | $25.61 | $38.62 | $80.92 | $89.13 | $77.00 | $34.00 | $51.03 | $60.00 | $72.00 | $79.00 | $88.00 | $88.00 | $90.00 | $97.16 | $110.41 | $112.33 | $109.11 | $109.54 | $125.85 | $148.03 | $223.36 | $213.44 |
| Shares Outstanding (Basic) | 1,946.2 M | 1,949.4 M | 1,907.3 M | 1,867.5 M | 1,840.8 M | 1,828.8 M | 1,806.8 M | 1,814.6 M | 1,814.6 M | 1,806.4 M | 1,802.3 M | 1,802.3 M | 1,802.3 M | 1,802.3 M | 1,802.3 M | 1,802.3 M | 1,793.1 M | 1,759.6 M | 1,752.0 M | 1,726.6 M | 1,720.0 M | 1,696.3 M | 1,633.9 M | 1,557.1 M | 1,332.4 M |
What to look at in Consumer Cyclical companies
- 5y avg operating margin (Cycle average) — Look at the cycle average, not the current year (peak or trough).
- Inventory turnover (>=4x/year) — Healthy retail rotates inventory fast. A drop signals weak demand.
- 5y avg ROIC (>=12%) — Cyclicals with avg ROIC >12% are structural winners.
- Net debt / EBITDA (peak) (<3x trough) — In cyclicals debt kills in recessions.
- Current Ratio (>1.5x) — Survives 12-18 months without operating cash.
- Altman Z-Score (>2.99 safe) — Bankruptcy model — key in cyclicals sensitive to recessions.
Profitability
| Return on Equity | -1.40% |
| Return on Invested Capital | -0.43% |
| Return on Assets | -0.49% |
| Gross Margin | 17.23% |
| Operating Margin | -0.57% |
| Net Margin | -0.75% |
Financial Health
| Debt / Equity | 1.14 |
| Current Ratio | 1.29 |
| Piotroski F-Score | 3 |
| Altman Z-Score | 1.25 |
Key Ratios (10y)
| Year | 2002 | 2003 | 2004 | 2005 | 2006 | 2007 | 2008 | 2009 | 2010 | 2011 | 2012 | 2013 | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| P/E | 14.81 | 8.96 | 9.91 | 10.30 | 11.24 | 12.68 | 8.67 | 31.06 | 22.30 | 10.54 | 27.13 | 16.93 | 10.52 | 13.92 | 16.10 | 9.85 | 6.12 | 8.95 | 9.28 | 8.78 | 8.36 | 9.16 | 8.24 | 7.58 | -12.13 |
| P/B | 2.10 | 1.45 | 1.60 | 1.52 | 1.63 | 1.68 | 1.15 | 1.06 | 1.38 | 1.27 | 1.30 | 1.23 | 1.04 | 1.05 | 0.82 | 0.83 | 0.82 | 0.66 | 0.53 | 0.64 | 0.56 | 0.53 | 0.72 | 0.51 | 0.43 |
| P/S | 0.73 | 0.48 | 0.56 | 0.58 | 0.68 | 0.68 | 0.43 | 0.43 | 0.70 | 0.63 | 0.72 | 0.63 | 0.56 | 0.56 | 0.38 | 0.43 | 0.42 | 0.34 | 0.28 | 0.44 | 0.41 | 0.35 | 0.45 | 0.29 | 0.24 |
| Gross Margin | 31.6% | 32.1% | 31.3% | 30.2% | 29.2% | 29.1% | 28.8% | 25.9% | 25.2% | 27.3% | 25.5% | 25.6% | 26.0% | 25.3% | 22.4% | 22.4% | 21.9% | 20.8% | 20.6% | 20.7% | 20.5% | 19.7% | 21.6% | 21.5% | 16.5% |
| Operating Margin | 9.0% | 8.6% | 7.4% | 7.3% | 8.8% | 7.7% | 7.9% | 1.9% | 4.2% | 6.4% | 2.9% | 5.5% | 7.0% | 5.3% | 3.4% | 6.0% | 5.4% | 4.6% | 4.2% | 5.0% | 6.0% | 4.6% | 6.8% | 5.6% | -1.9% |
| Net Margin | 4.9% | 5.4% | 5.7% | 5.6% | 6.0% | 5.3% | 5.0% | 1.4% | 3.1% | 6.0% | 2.7% | 3.7% | 5.3% | 4.0% | 2.4% | 4.4% | 6.9% | 3.8% | 3.1% | 5.0% | 4.9% | 3.9% | 5.4% | 3.9% | -1.9% |
Related companies: TM · GM · RACE · F
Explore sector: Consumer Cyclical · Auto - Manufacturers
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