Share price
—— today— 1M · — 1YMarket cap — · Net debt 355 · Equity 15,079 (USD millions) · — shares
Market cap · monthlyRevenueNOPATEquityNet debtFY2028E · model
| Item | FY2025 | FY2026 | FY2027 | FY2028E |
|---|---|---|---|---|
| Revenue | 46,309 | 46,398 | 42,953 | 42,380 |
| NOPAT | 3,054 | 3,420 | 2,044 | 2,632 |
| Equity | 13,213 | 14,865 | 15,079 | 15,789 |
| Net debt | 1,862 | 2,006 | 355 | -581 |
Price vs model value
market cap vs the model’s equity value · r1What if
Moving a driver re-runs the model; that opens shortly. The sliders show the Official’s own values.FY2028 Core operating profit · USD millions
North America growth factorNorth America revenue growth in FY2028 (factor)
DownsideBaseUpside
100.0%
Greater China growth factorGreater China revenue growth in FY2028 (factor)
DownsideBaseUpside
92.0%
Demand creation ratioDemand creation as a share of revenue from FY2028
DownsideBaseUpside
10.5%
Effective tax rateEffective tax rate from FY2028
DownsideBaseUpside
20.0%
The model
Open the model✓ All checks pass
Profit & loss
Revenues42,380
Cost of sales24,580
Gross profit17,799
Total selling and administrative expense15,029
Interest expense (income), net-89.86
Other (income) expense, net0.00
Income before income taxes2,861
Income tax expense572
| USD millions | FY2025 | FY2026 | FY2027 | FY2028E |
|---|---|---|---|---|
| Profit & loss | ||||
| Revenues | 46,309 | 46,398 | 42,953 | 42,380 |
| Cost of sales | 26,519 | 26,487 | 25,300 | 24,580 |
| Gross profit | 19,790 | 19,911 | 17,653 | 17,799 |
| Total selling and administrative expense | 16,088 | 16,114 | 15,476 | 15,029 |
| Interest expense (income), net | -107 | -50.00 | -38.89 | -89.86 |
| Other (income) expense, net | -76.00 | -53.00 | -19.00 | 0.00 |
| Income before income taxes | 3,885 | 3,900 | 2,235 | 2,861 |
| Income tax expense | 666 | 792 | 507 | 572 |
Read-only · Your Analyst · r1Reported FY2025–FY2027 · Forecast FY2028E · All years
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