NYSE: IR · Industrial Machinery & Supplies & Components
Ingersoll Rand
Ingersoll Rand, based in Davidson, North Carolina, makes compressors, vacuum pumps, blowers, pumps and other flow-creation equipment for industrial and life-science customers. It sells under more than 90 brands, including Ingersoll Rand, Gardner Denver, Nash, CompAir and Elmo Rietschle. It reports Industrial Technologies and Services ($6,056 million of 2025 segment revenue) and Precision and Science Technologies ($1,595 million), which includes positive displacement pumps and the ILC Dover life-science and aerospace products acquired in 2024. 2025 revenue rose 5.7% to $7,651 million, but net income fell to $581 million (diluted EPS $1.45) after goodwill and intangible impairments on ILC Dover businesses. The company keeps a token dividend of $0.08 a year and spends heavily on acquisitions and buybacks. In 2026 it recovered $187.5 million under ILC Dover representations-and-warranties insurance.
Last updated
Analysis last edited: October 31, 2026 · Financial data fetched: October 25, 2026 14:11 (SEC EDGAR) · Source 10-K filed: February 17, 2026
Built on10-K FY2025 · filed 2026-02-1710-Q (quarter ended 2026-09-30) · filed 2026-10-30Proxy statement (2026)
Next update expectedAfter FY2026’s 10-K is filed (roughly 60–90 days after fiscal year end (sooner for larger filers)), financials and analysis will be refreshed.
01
At a glanceFrom SEC data
Eight headline measures, each placed among the companies covered on this site.
- Revenue growthCAGRSmooths out year-to-year swings into "grew X% a year on average." Makes growth pace comparable across companies of very different sizes.
- 14.0%
- Operating marginOperating marginHow many cents of operating profit are left per dollar of revenue. Reflects pricing power and cost structure.
- 15.0%
- ROIC minus WACCROIC − WACC spreadThe difference between ROIC and WACC. Consistently positive implies value creation; consistently negative implies value destruction.
- -4.1 pts
- Net debt ÷ EBITDAEBITDAOperating income with D&A added back. A rough proxy for cash-generating power that’s less distorted by capital intensity, depreciation method, or financing/tax differences than net income.
- 2.1x
- Cash conversionOperating CF ÷ net income (cash conversion)How much of reported profit shows up as actual cash. 1x or higher means profit is backed by cash.
- 2.33x
- Dividend raisesDividend per shareTotal annual dividend paid per share (sum of all declared payments for the year).
- 0 of 5
- P/E todayP/EShare price ÷ EPS — how many years of current earnings the stock price represents. This site uses the period-end figure as reported in the filing.
- 23.6x
- Betaβ (beta)How much a stock moves, on average, for a 1% move in the overall market. Above 1 means more volatile than the market, which raises the return shareholders require. This site computes it from about 2.5 years (roughly 130 weeks) of weekly returns, built from Yahoo Finance daily prices, regressed against an S&P 500 ETF (SPY) as the market proxy, then applies the well-known long-run mean-reversion adjustment (0.67 × β + 0.33) as the WACC default.
- 1.07
Higher than 77% of 372 non-financial companies
Average yearly growth over the years shown
Higher than 38% of 311 non-financial companies
Latest fiscal year (FY2025)
Higher than 13% of 311 non-financial companies
Return on capital above (or below) its estimated cost
Higher than 58% of 304 non-financial companies
Below 0 means more cash than debt
Higher than 81% of 349 non-financial companies
Operating cash flow ÷ net income
Years the dividend per share rose, of the last 5
Latest close 2026-11-04; trailing 12 months to 2026-09-30
Above 1 = moves more than the market
Each marker shows where this company sits among the non-financial companies covered on this site, not all listed companies (left = lowest, right = highest). A high position is not automatically good — for net debt ÷ EBITDA, higher means more debt. Details and formulas are in the sections below and in How to read this.
02
Valuation todayFrom SEC data
Price-based measures at the latest close, next to the same measures at the last fiscal year-end.
Share price$83.65close on 2026-11-04
Market cap$32.72B
- P/EP/EShare price ÷ EPS — how many years of current earnings the stock price represents. This site uses the period-end figure as reported in the filing. today
- 23.6x
- P/BP/BShare price ÷ book value per share. Below 1x means the market values the company below its accounting net worth. This site uses the closing price nearest the fiscal year-end and highlights sub-1x readings. today
- 3.2x
- EV/EBITDAEV/EBITDAEnterprise value (≈ market cap + interest-bearing debt − cash) as a multiple of EBITDA — roughly, "how many years of EBITDA to buy the whole company." Lower is generally viewed as cheaper, and it’s more comparable than P/E across companies with different debt loads or depreciation policies. This site excludes noncontrolling interests from the EV calculation. today
- 22.0x
- FCF yieldFree cash flow (FCF)Operating CF minus capital expenditures — cash generated by the business after funding its own investment, available for dividends, buybacks, acquisitions, or debt paydown. Acquisitions and securities purchases (also in investing CF) are not subtracted, so FCF can be positive in a year when total investing CF exceeds operating CF. today
- 3.7%
- Dividend yieldDividend per shareTotal annual dividend paid per share (sum of all declared payments for the year). today
- 0.1%
At FY2025 year-end: 54.6x
Earnings: trailing 12 months to 2026-09-30
At FY2025 year-end: 3.1x
Book value at FY2025 year-end
At FY2025 year-end: 20.9x
EBITDA for FY2025
At FY2025 year-end: 3.9%
Free cash flow for FY2025
Dividends per share for FY2025
“Today” uses the latest closing price (2026-11-04, Yahoo Finance daily closing prices) and shares outstanding at the last fiscal year-end. The rest of this page — including the financial table and ROIC vs. WACC — uses fiscal year-end prices. These are reference figures, not a judgment of whether the stock is cheap or expensive.
03
What changed since last earningsFrom SEC data
The latest reported quarter against the same quarter a year earlier, the balance sheet against the previous quarter-end, and what management said in its latest earnings release.
Quarter ended Sep 30, 2026.
- Revenue$1.96B → $2.06B (vs. a year earlier)↑ +5.6%$1.96B → $2.06B (vs. a year earlier)
- Operating margin19.2% → 37.9% (vs. a year earlier)↑ +18.7 pts19.2% → 37.9% (vs. a year earlier)
- Net income$244M → $670M (vs. a year earlier)↑ +174.4%$244M → $670M (vs. a year earlier)
- Diluted EPS$0.61 → $1.73 (vs. a year earlier)↑ +183.6%$0.61 → $1.73 (vs. a year earlier)
- Cash$1.17B → $1.34B (vs. previous quarter-end)↑ +14.4%$1.17B → $1.34B (vs. previous quarter-end)
Source: Form 10-Q ↗ (SEC XBRL). Long-term debt is the tagged long-term debt figure and leaves out short-term borrowings.
From the earnings release of Oct 29, 2026.
Management outlook • Issued
Updated its full-year 2026 guidance. Source sentence
Ingersoll Rand is updating its full-year 2026 guidance.
Key changes
Adjusted EBITDA excluding tariff refunds $552M, up 1%. Source sentence
◦ Adjusted EBITDA 1 , excluding IEEPA Tariff Refunds, of $552 million, up 1%, with a margin of 26.7%
Written by AI. A line appears only if its figures and direction match the quoted sentence, which an automatic check confirms. Companies' outlooks are their own and may not be met. Read the release ↗
04
Company profileFrom SEC dataShow
- Legal name
- Ingersoll Rand Inc.
- Headquarters
- DAVIDSON, NC
- Incorporated in
- Delaware
- Fiscal year end
- 12/31
- Exchange & ticker
- NYSE: IR
- Industry
- Industrial Machinery & Supplies & Components
- CIK
- 1699150
- Website
- https://www.irco.com/ ↗
Workforce (as of FY2025 year-end)
Employees
21,000
Source: Form 10-K (FY2025) cover page and business description
05
Earnings calendarFrom SEC dataShow
When the company reports each quarter: the quarter-end date, the day results were released, and when the 10-Q or 10-K was filed.
Next report
Q4 FY2026
Quarter end: December 2026. In past years, Q4 results were released 43–46 days after quarter end (Feb 12, 2026; Feb 13, 2025; Feb 15, 2024). No date has been announced in the sources this site uses.
Reporting pattern
- Fiscal year ends around December 31.
- Reports four times a year: three quarterly reports (10-Q) and an annual report (10-K) for Q4.
- Earnings releases came 28–46 days after quarter end over the last 12 quarters.
| Quarter | Quarter ended | Earnings release (8-K) | Report filed (10-Q / 10-K) |
|---|---|---|---|
| Q3 FY2026 | Sep 30, 2026 | Oct 29, 2026 (+29 days) | Oct 30, 2026 10-Q (+30 days) |
| Q2 FY2026 | Jun 30, 2026 | Jul 30, 2026 (+30 days) | Jul 31, 2026 10-Q (+31 days) |
| Q1 FY2026 | Mar 31, 2026 | Apr 28, 2026 (+28 days) | Apr 29, 2026 10-Q (+29 days) |
| Q4 FY2025 | Dec 31, 2025 | Feb 12, 2026 (+43 days) | Feb 17, 2026 10-K (+48 days) |
| Q3 FY2025 | Sep 30, 2025 | Oct 30, 2025 (+30 days) | Oct 31, 2025 10-Q (+31 days) |
| Q2 FY2025 | Jun 30, 2025 | Jul 31, 2025 (+31 days) | Jul 31, 2025 10-Q (+31 days) |
| Q1 FY2025 | Mar 31, 2025 | May 1, 2025 (+31 days) | May 2, 2025 10-Q (+32 days) |
| Q4 FY2024 | Dec 31, 2024 | Feb 13, 2025 (+44 days) | Feb 19, 2025 10-K (+50 days) |
| Q3 FY2024 | Sep 30, 2024 | Oct 31, 2024 (+31 days) | Nov 1, 2024 10-Q (+32 days) |
| Q2 FY2024 | Jun 30, 2024 | Jul 31, 2024 (+31 days) | Aug 2, 2024 10-Q (+33 days) |
| Q1 FY2024 | Mar 31, 2024 | May 2, 2024 (+32 days) | May 3, 2024 10-Q (+33 days) |
| Q4 FY2023 | Dec 31, 2023 | Feb 15, 2024 (+46 days) | Feb 23, 2024 10-K (+54 days) |
Source: SEC EDGAR filing history. Release dates are the dates the earnings release was furnished to the SEC on Form 8-K (Item 2.02), which is normally the day results are announced. For a quarter whose 10-Q or 10-K isn’t filed yet, the date is the latest Item 2.02 8-K since the previous report, which may be a preliminary or other results-related update. Fiscal years are labeled by the calendar year in which they end.
06
Flagship products & servicesSite analysis
Industrial Technologies and Services
Compression, vacuum and blowers
Air and gas compressors, vacuum pumps and blowers sold under many brands, plus aftermarket parts and service; SSI Aeration (wastewater) acquired February 2025.
Industrial Technologies and Services
Power tools and lifting
Industrial power tools and lifting equipment.
Precision and Science Technologies
Pumps and fluid management
Positive displacement pumps — diaphragm, vane, piston, progressive cavity, peristaltic and gear — for industrial, medical and life-science uses.
Precision and Science Technologies
ILC Dover
Single-use liquid bags, isolators and related products for biopharma workflows, plus aerospace and defense products.
From the Form 10-K, FY2025.
U.S., worldwide and country/regional share of flagship products/services
Only shares the company itself states (in its filings or press releases, sometimes citing a research firm) are shown. Scope and timing vary by figure — treat these as approximate.
Flow creation products
Air, gas, powder and liquid handling
U.S. share
—
Not disclosedWorldwide share
Global market leader
Company-disclosed“We are a global market leader with a broad flow creation and industrial product portfolio…”
Positive displacement pumps
Positive displacement pumps
U.S. share
—
Not disclosedWorldwide share
Market leader
Company-disclosed“We are a market leader in positive displacement pumps…”
07
Recent strategic focusSite analysis
Recent developments.
2025 results
Revenue $7,651M (+5.7%); net income attributable to IR $581M; diluted EPS $1.45.
Source: Form 10-K (FY2025)
Q3 2026
Orders $2,345M (+21%, organic +18%); revenue $2,065M (+6%); net income attributable $670M ($1.73 per share), lifted by insurance recoveries; adjusted EPS $1.07 (+24%); free cash flow $623M.
Source: Q3 2026 earnings release
ILC Dover insurance recovery
In the first nine months of 2026 Ingersoll Rand reached settlements with insurers and other parties for about $425.1M of gross recoveries for breaches of representations and warranties in the ILC Dover deal, recording $380.1M of net recoveries in Q3.
Source: Form 10-Q (quarter ended 2026-09-30)
Acquisitions
Bought SSI Aeration ($97.8M, February 2025) and other businesses in 2025.
Source: Form 10-K (FY2025)
Leadership
Michael Weatherred, SVP of the Precision and Science Technologies segment, retired on October 27, 2026 and will advise the company through May 2028.
Source: 8-K filed 2026-10-30 (Item 5.02)
Capex ÷ D&A (FY2025)
0.27x
Below depreciation — investment is being pared back
formulacapital expenditures ÷ depreciation & amortization
e.g.$136M ÷ $506M = 0.27x
termsCapital expenditures (capex) · Depreciation & amortization (D&A)
R&D-to-revenue ratio (FY2025)
1.5%
formularesearch & development expense ÷ revenue × 100
e.g.$114M ÷ $7,651M × 100 = 1.5%
M&A spend (6-year total)
$5.66B
Latest year: $525M
Cash-flow-statement spending on acquisitions, net of cash acquired
Where the money goes, over time
Unit: $M. Capex went from $42M in FY2020 to $136M in FY2025
- Capex
- R&D
- M&A spend
formulacapital expenditures ÷ depreciation & amortization
termsCapital expenditures (capex) · Depreciation & amortization (D&A)
Source: each period's Form 10-K (SEC EDGAR). Latest: filed 2026-02-17
08
Key figures at a glanceFrom SEC data
FY2020–FY2025, 6 years.
Revenue (FY2025)
$7.65B
As reported in the 10-K
Revenue CAGR (5 years)
+14.0%▲favorable
formula(last-period revenue ÷ first-period revenue) ^ (1 ÷ years) − 1
e.g.($7,651M ÷ $3,973M) ^ (1÷5) − 1 = 14.0%
termsCAGR · ^ (exponent) · Revenue (net sales)
Operating margin (FY2025)
15.0%▲favorable
+13.5pt vs. 5 years ago
formulaoperating income ÷ revenue × 100
e.g.$1,145M ÷ $7,651M × 100 = 15.0%
ROE (FY2025)
5.7%
6-year average: 5.8%
As reported in the 10-K
P/B (FY2025 end)
3.07x
formulafiscal year-end closing price ÷ book value per share
e.g.$79.22 ÷ $25.80 = 3.07x
Period-end (fiscal year-end) value, not today's P/B
EV/EBITDA (FY2025 end)
20.9x
formula(market cap + interest-bearing debt − cash and equivalents) ÷ (operating income + depreciation & amortization)
e.g.($30,985M + $4,785M − $1,249M) ÷ ($1,145M + $506M) = 20.9x
termsEV/EBITDA · Market capitalization · Interest-bearing debt · EBITDA · Depreciation & amortization (D&A)
Period-end (fiscal year-end) value, not today's multiple
- ▲
Revenue grew +14.0% a year over 5 years (strong growth)
From $3.97B in FY2020 to $7.65B in FY2025. The annualized rate (CAGR) makes it possible to compare growth pace across companies of different sizes.
- ▲
Operating margin improved: 1.5% → 15.0%
How much operating profit is left per $100 of revenue. It moved +13.5 points over 5 years — pricing power, cost control, and product mix all show up here.
- ▲
Equity ratio is 55.1% (a high level of financial stability)
The share of total assets funded by equity rather than debt. 50%+ is often read as low bankruptcy risk, though the right level varies by industry (real estate and leasing run lower, for instance).
- ▲
Free cash flow was positive in 6 of 6 years
Operating cash flow minus capital expenditures: the cash left over after funding the business’s own investment, available for dividends, buybacks, acquisitions, or debt paydown. A negative year can mean heavy investment, or weak core earnings — worth distinguishing.
- ―
ROE averaged 5.8% over 6 years (latest: 5.7%)
How much profit was generated on shareholders’ equity. Roughly 10%+ is often cited as solid for a U.S. company, though this varies a lot by industry and capital intensity.
09
Business modelSite analysis
Business Model Canvas
The whole company in nine blocks. Left side: how it delivers (partners, activities, resources, costs). Right side: who it serves and how it earns. Every entry comes from the company’s filings shown on this page.
08 · who helps
Key partners
- ILC Dover
- SSI Aeration
07 · what it does
Key activities
- ITS: compressors, vacuum and blower products, power tools and lifting equipment
- PST: positive displacement pumps, fluid management, life-science and aerospace components (ILC Dover)
06 · what it draws on
Key resources
- Over 21,000 employees (about 6,100 in the U.S.)
- Over 60 key manufacturing facilities and over 50 service and repair centers on six continents
- Acquisitions (about $525M in 2025, $2,959M in 2024)
02 · why customers buy
Value propositions
- Compressors, vacuum, blowers, pumps and fluid handling products.
04 · how it keeps them
Customer relationships
- Recurring aftermarket parts and service on installed equipment.
03 · how it reaches them
Channels
- Direct sales and distributors.
01 · who it serves
Customer segments
- Industrial, energy, water, food, medical and life-science customers; no customer above 10% of revenue
09 · where money goes
Cost structure
FY2025, share of revenue ($7.65B)
- Cost of revenue56.4%
- Research & development1.5%
- Selling, general & administrative18.8%
- Other operating costs8.3%
Operating profit left: 15.0% of revenue. Depreciation & amortization (inside the costs above): $506M. Capital spending: $136M.
Source: Form 10-K income statement and cash-flow statement (SEC XBRL).
05 · how money comes in
Revenue streams
- ITS $6,056M
- PST $1,595M (2025 segment revenue)
Value propositions, channels and customer relationships: Form 10-K (FY2025)
Sells compressors, vacuum, blowers, pumps and fluid-handling products and earns recurring aftermarket parts and service revenue; grows through many bolt-on acquisitions.
01 what it draws on
Inputs & resources
- Over 21,000 employees (about 6,100 in the U.S.)
- Over 60 key manufacturing facilities and over 50 service and repair centers on six continents
- Acquisitions (about $525M in 2025, $2,959M in 2024)
02 what it does
Activities
- ITS: compressors, vacuum and blower products, power tools and lifting equipment
- PST: positive displacement pumps, fluid management, life-science and aerospace components (ILC Dover)
03 who it serves
Customers
- Industrial, energy, water, food, medical and life-science customers; no customer above 10% of revenue
04 how money comes in
How it earns
- ITS $6,056M
- PST $1,595M (2025 segment revenue)
How the business makes money
- 2025 Segment Adjusted EBITDA: ITS $1,748M (28.9% margin), PST $478M (30.0%).
- Orders 2025: ITS $6,120M (+7.2%), PST $1,596M (+14.1%).
- Sold three asbestos-liability subsidiaries to a Third Point-affiliated buyer in June 2024.
Government & regulation around the business
Non-market factors from the company’s filings: what governments and regulators fund, buy, set, approve or restrict, and which part of the flow above each one touches.
Ingersoll Rand faces steel and aluminum tariffs and Superfund laws.
Trade & export rules
Tariffs and trade rules
U.S. tariffs on imports including steel and aluminum affect costs.
Constrains the businessTouches: Inputs & resourcesSource: Form 10-K (FY2025)
Environmental rules
Environmental cleanup (Superfund)
Subject to Superfund and similar state laws on hazardous waste cleanup.
Constrains the businessTouches: ActivitiesSource: Form 10-K (FY2025)
Revenue by segment (FY2025)
Unit: $M — bar length = revenue, (%) = share of total company revenue
Industrial Technologies and Services
6,056.4 (79%)Precision and Science Technologies
1,594.5 (21%)
Source: Form 10-K (FY2025) Segment revenues; total revenues $7,651M.
10
Where it earnsSite analysis
Many U.S.-listed companies earn most of their revenue outside the U.S. — this breaks down revenue by country/region so it's clear where the business actually makes its money.
Largest market (FY2025)
United States — 42% of revenue
Revenue by country / region (FY2025)
Unit: $M — bar length = revenue, (%) = share of total company revenue
United States
3,189.9 (42%)Other Americas
612.1 (8%)EMEIA
2,601.5 (34%)China
789.5 (10%)Other Asia Pacific
457.9 (6%)
Source: Form 10-K (FY2025) Revenue by destination.
11
Contract structureSite analysisShow
Short-term or spot sales carry different earnings quality than long-term or auto-renewing contracts — this shows how the company actually contracts with its customers.
12
Alliances & capital tiesSite analysisShow
Equity stakes, joint ventures, and strategic partnerships disclosed across the 10-K, 8-Ks, and proxy statement.
Pending or recent acquisition
ILC Dover
Acquired in 2024; partly funded with 2027, 2029 and 2031 notes.
Source: Form 10-K (FY2025)
Pending or recent acquisition
SSI Aeration
Acquired February 2025 for $97.8M.
Source: Form 10-K (FY2025)
13
Customers & suppliersSite analysis
Who the company sells to and buys from. Companies rarely name either, so named counterparties come only from the company's own filings and press releases; otherwise this lists the concentration figures the 10-K discloses.
Customers
Industrial and life-science customers worldwide.
Named by the company
No customer provided more than 10% of 2025 consolidated revenue.
Suppliers
Metals, components and motor suppliers.
Named by the company
No single supplier is named as material.
14
Competitors & peersSite analysis
Competitors the 10-K names, and the peer group the company itself chose in its proxy statement. Nothing here is this site's own pick.
Ingersoll Rand names Atlas Copco, Flowserve, IDEX, Kaeser, Kaishan and Elgi in compression, vacuum and blowers, and Dover, Graco, IDEX, KNF Neuberger, Netzsch, NOV, Sartorius, SPX Flow, Thermo Fisher and Watson-Marlow in precision and science technologies.
Competitors named in the 10-K
Peer group the company chose
Compensation peer group (13 companies), from the proxy statement. Peers are companies the board considers comparable — for example when setting executive pay — not necessarily direct competitors.
Industrial and life-science companies of comparable revenue and market cap; unchanged in 2025.
- Agilent Technologiessite ↗
- AMETEKsite ↗
- Avantorsite ↗
- Becton Dickinsonsite ↗
- Doversite ↗
- Fortivesite ↗
- IDEXsite ↗
- Illinois Tool Workssite ↗
- Mettler-Toledosite ↗
- Parker-Hannifinsite ↗
- Rockwell Automationsite ↗
- TransDigmsite ↗
- Xylemsite ↗
Company names link to this site’s analysis where one exists; “site ↗” opens the company’s own website.
15
Six years of financialsFrom SEC data
Each chart's axis holds a single unit (never mixing dollars, %, and $/share). The table's per-period header links to the filing the numbers came from.
Revenue over time
Unit: $M
Source: each period's Form 10-K (SEC EDGAR). Latest: filed 2026-02-17
Profit over time (operating → net)
Unit: $M
- Operating income
- Pretax income
- Net income
Source: each period's Form 10-K (SEC EDGAR). Latest: filed 2026-02-17
Margins over time
Unit: %
- Operating margin
- Net margin
formulaoperating income ÷ revenue × 100
formulanet income attributable to the company ÷ revenue × 100
Cash flow over time
Unit: $M (below zero = cash went out)
- Operating CF
- Investing CF
- Free CF
formulacash flow from operations − capital expenditures
termsFree cash flow (FCF) · Cash flow from operations (operating CF) · Capital expenditures (capex)
Source: each period's Form 10-K (SEC EDGAR). Latest: filed 2026-02-17
Financial stability & capital efficiency
Unit: %
- Equity ratio
- ROE
formulatotal equity ÷ total assets × 100 (as reported in the 10-K)
termsStockholders’ equity · Total assets
formulanet income ÷ average equity (beginning + ending, ÷2) × 100 (as reported in the 10-K)
termsNet income (attributable to the company) · Stockholders’ equity
Earnings per share (EPS) and dividend per share
Unit: $
- EPS
- Dividend per share
Source: each period's Form 10-K (SEC EDGAR). Latest: filed 2026-02-17
| Line item | FY202010-K on EDGAR ↗ | FY202110-K on EDGAR ↗ | FY202210-K on EDGAR ↗ | FY202310-K on EDGAR ↗ | FY202410-K on EDGAR ↗ | FY202510-K on EDGAR ↗ |
|---|---|---|---|---|---|---|
| Income statement ($M) | ||||||
| Revenue | 3,973 | 5,152 | 5,916 | 6,876 | 7,235 | 7,651 |
| Operating income | 60 | 566 | 817 | 1,164 | 1,300 | 1,145 |
| Pretax income | -45 | 513 | 742 | 1,031 | 1,133 | 935 |
| Net income (attributable) | -33 | 563 | 605 | 779 | 839 | 581 |
| Revenue growthcalc(this year’s revenue − last year’s revenue) ÷ last year’s revenue × 100 | — | 29.7% | 14.8% | 16.2% | 5.2% | 5.7% |
| Operating margincalcoperating income ÷ revenue × 100 | 1.5% | 11.0% | 13.8% | 16.9% | 18.0% | 15.0% |
| Net margincalcnet income attributable to the company ÷ revenue × 100 | -0.8% | 10.9% | 10.2% | 11.3% | 11.6% | 7.6% |
| Balance sheet ($M) | ||||||
| Total assets | 16,059 | 15,155 | 14,766 | 15,564 | 18,010 | 18,297 |
| Total equity | 9,190 | 9,071 | 9,257 | 9,847 | 10,245 | 10,154 |
| Interest-bearing debtSum of short- and long-term borrowings, notes/bonds payable | 3,859 | 3,441 | 2,753 | 2,724 | 4,758 | 4,785 |
| Equity ratio | 56.8% | 59.4% | 62.3% | 62.9% | 56.5% | 55.1% |
| ROE | -0.4% | 6.2% | 6.6% | 8.2% | 8.4% | 5.7% |
| Cash flow ($M) | ||||||
| Operating CF | 914 | 628 | 865 | 1,377 | 1,397 | 1,356 |
| Investing CF | -38 | -1,029 | -337 | -1,060 | -3,108 | -661 |
| Financing CF | 329 | -1,157 | -954 | -337 | 1,708 | -1,054 |
| Free cash flowcalccash flow from operations − capital expenditures | 872 | 564 | 771 | 1,272 | 1,248 | 1,220 |
| Cash and equivalents | 1,751 | 2,110 | 1,613 | 1,596 | 1,541 | 1,249 |
| Per share & other | ||||||
| EPS ($) | -0.09 | 1.34 | 1.47 | 1.90 | 2.06 | 1.45 |
| BVPS ($) | 21.78 | 22.07 | 22.70 | 24.26 | 25.27 | 25.80 |
| Dividend per share ($) | — | 0.02 | 0.08 | 0.08 | 0.08 | 0.08 |
| Payout ratiocalcdividend per share ÷ diluted EPS × 100 | — | 1.5% | 5.4% | 4.2% | 3.9% | 5.5% |
| P/E (x) | — | 46.2 | 35.5 | 40.7 | 43.9 | 54.6 |
| EV/EBITDA (x)calc(market cap + interest-bearing debt − cash and equivalents) ÷ (operating income + depreciation & amortization) | 44.9 | 26.9 | 17.8 | 19.9 | 22.3 | 20.9 |
| P/B (x)calcfiscal year-end closing price ÷ book value per share | 2.09 | 2.80 | 2.30 | 3.19 | 3.58 | 3.07 |
P/B and EV/EBITDA use each period’s period-end (fiscal year-end) figures, not the current share price. Figures without a "calc" tag are as reported in the Form 10-K (the consolidated financial statements and, for older years, earlier 10-Ks), pulled automatically from SEC EDGAR. Where a later filing restated a prior period, the restated figure is used.
Last 8 quarters
Three-month figures from 10-Q filings. Change is versus the same quarter a year earlier. Newest quarter on top.
| Quarter ended | Revenue | Operating income | Net income | Diluted EPS |
|---|---|---|---|---|
| 2026-09-30 | $2.06B+5.6% | $783M+108.4% | $670M+174.4% | $1.73 |
| 2026-06-30 | $2.05B+8.5% | $380M+397.8% | $257M | $0.66 |
| 2026-03-31 | $1.85B+7.6% | $290M-4.2% | $192M+3.0% | $0.49 |
| 2025-12-31 † | $2.09B+10.1% | $390M+3.0% | $266M+15.8% | — |
| 2025-09-30 | $1.96B | $376M | $244M | $0.61 |
| 2025-06-30 | $1.89B | $76M | −$115M | $-0.29 |
| 2025-03-31 | $1.72B | $303M | $187M | $0.46 |
| 2024-12-31 † | $1.9B | $379M | $230M | — |
† Fourth quarter = the 10-K’s annual figure minus the first three quarters; quarterly EPS isn’t derived this way because share counts change during the year.
16
Is ROIC above WACC?From SEC data
ROIC (the return on money invested in the business) above WACC (the cost of raising that money) means the company is creating value. WACC is an estimate, so its assumptions can be adjusted below.
ROIC (FY2025)
5.8%
formulaoperating income × (1 − tax rate) ÷ invested capital × 100 *invested capital = interest-bearing debt + total equity (average of beginning/ending)
e.g.$1,145M × (1 − 23.5%) ÷ $14,971M × 100 = 5.8%
termsOperating income · Effective tax rate · Invested capital · Interest-bearing debt · Total equity
WACC (this site’s estimate)
9.93%
formulacost of equity × equity weight + cost of debt × (1 − tax rate) × debt weight
e.g.Equity weight: $30.98B ÷ ($30.98B + $4.78B) = 86.6%
e.g.Debt weight: $4.78B ÷ ($30.98B + $4.78B) = 13.4%
e.g.WACC: 10.8% × 86.6% + 5.3% × (1 − 23.5%) × 13.4% = 9.93%
termsCost of equity · Equity weight (E/(D+E)) · Cost of debt · (1 − tax rate) · Debt weight (D/(D+E)) · Market capitalization
How firm is this? With the equity risk premium ±1 point and beta ±0.2, WACC runs 8.2%–12.0% and ROIC − WACC runs −6.1 to −2.4 points. The sign holds across this range. This describes the latest year and does not predict future value creation.
WACC 9.93% is this site’s estimate under the assumptions below (not a figure the company has published)
- Risk-free rate
- 4.95% (10-year Treasury, 2026-11-03)
- β
- 1.07 (price-derived adjusted beta)
- Equity risk premium
- 5.5%
- Cost of equity
- 10.84%
- Cost of debt
- 5.31%
- Tax rate
- 23.5% (effective rate, FY2023–FY2025)
- Capital structure (equity : debt)
- 87% : 13%
ROIC over time, vs. WACC
Unit: % — bars = each period's ROIC, horizontal line = latest WACC. Bars above the line are green, below are red
- ROIC (above WACC)
- ROIC (below WACC)
- WACC 9.93%
formulaoperating income × (1 − tax rate) ÷ invested capital × 100 *invested capital = interest-bearing debt + total equity (average of beginning/ending)
termsOperating income · Effective tax rate · Invested capital · Interest-bearing debt · Total equity
formulacost of equity × equity weight + cost of debt × (1 − tax rate) × debt weight
termsCost of equity · Equity weight (E/(D+E)) · Cost of debt · (1 − tax rate) · Debt weight (D/(D+E)) · Market capitalization
Try different WACC assumptions
β and the equity risk premium are estimates with a real range of plausible values — move the sliders to check whether ROIC > WACC still holds. The risk-free rate starts at the 10-year Treasury yield on 2026-11-03 (U.S. Treasury).
Initial β: 1.07 (price-derived adjusted beta. Raw β 1.11, R² 0.27, 130 weeks)
formula0.67 × β + 0.33 (β = the slope of weekly stock returns regressed on weekly market returns)
e.g.0.67 × 1.110 + 0.33 = 1.074
termsβ (beta)
Period 2024-05-10–2026-11-04, using S&P 500 ETF (SPY) as the market proxy. Source: Yahoo Finance price history.
formularisk-free rate + β × equity risk premium
e.g.5.0% + 1.07 × 5.5% = 10.8%
termsCAPM · Risk-free rate · β (beta) · Equity risk premium (market risk premium)
formulafiscal year-end closing price × shares outstanding (= market cap)
formulainterest expense ÷ interest-bearing debt × 100 (clamped to 0–10%; falls back to the risk-free rate if there’s no debt)
17
What the price implies (DCF)From SEC data
A company's value can be written as its free cash flow divided by (cost of capital − perpetual growth). Working that backwards from the market's valuation shows how much growth the share price assumed — compared here with the company's actual past growth.
Growth the price implies (price on 2026-11-04)
6.6%
Perpetual FCF growth: g = r − FCF ÷ EV = 9.9% − 3.4%
Past FCF growth (FY2020–FY2025)
+6.9%
Compound annual rate, 5 years
Past revenue growth (FY2020–FY2025)
+14.0%
Compound annual rate, 5 years
Inputs (FY2025): free cash flow $1.22B (operating CF − capex); enterprise value $36.25B = market cap $32.72B (latest close, 2026-11-04) + debt $4.78B − cash and short-term investments $1.25B; r = WACC of 9.9% using this page’s default assumptions (β 1.07, risk-free 5.0%, market premium 5.5%).
Three WACC scenarios
The same calculation under cautious, base and optimistic cost-of-capital assumptions (risk-free rate fixed at the 10-year Treasury yield). Pick one to load it into the sliders below.
Try your own assumptions
V = FCF ÷ (r − g). It starts at the implied growth rate, where the theoretical value equals today’s enterprise value.
Theoretical enterprise value
$36.97B
FCF $1.22B ÷ (9.9% − 6.6%)
Theoretical ÷ actual enterprise value
1.02x
Above 1x: these assumptions value the business above the market did
How sensitive the answer is
Theoretical ÷ actual enterprise value for each combination of r and g.
| g \ r | 7.9% | 8.9% | 9.9% | 10.9% | 11.9% |
|---|---|---|---|---|---|
| 0% | 0.43x | 0.38x | 0.34x | 0.31x | 0.28x |
| 2% | 0.57x | 0.49x | 0.43x | 0.38x | 0.34x |
| 4% | 0.86x | 0.69x | 0.57x | 0.49x | 0.43x |
| 6% | 1.77x | 1.16x | 0.86x | 0.69x | 0.57x |
| 8% | — | 3.74x | 1.77x | 1.16x | 0.86x |
A simplified model for seeing what the market price assumes, not a forecast or a target price. It treats free cash flow as growing at one constant rate forever; the result swings widely with small changes in r and g, and is undefined when g reaches r. Free cash flow here is operating cash flow minus capex, which is after interest — a full DCF of enterprise value would use cash flow before interest. Market cap uses the latest close (2026-11-04) × shares at fiscal year-end; free cash flow and WACC inputs are from the latest fiscal year.
18
Earnings qualityFrom SEC dataShow
The same reported profit can mean different things depending on whether it's backed by cash, driven by the core business, or the result of a one-off item. Four checks below.
- ✓
Operating CF ÷ net income: averages 1.66x
Profit is backed by cash coming in.
- ✓
Accrual ratio (latest): -4.3%
A small share of profit rests on accounting estimates.
- ✓
Core-earnings share (operating income ÷ pretax income): 122%
Most profit comes from core operations.
- ✓
Days sales outstanding: 79 → 68 days
No major slowdown in collecting on sales.
Operating CF vs. net income
Unit: $M — operating CF above net income means profit is backed by cash
- Operating CF
- Net income
formulacash flow from operations ÷ net income attributable to the company
termsCash flow from operations (operating CF) · Net income (attributable to the company)
formula(net income − operating CF) ÷ average total assets × 100
termsNet income (attributable to the company) · Cash flow from operations (operating CF) · Total assets
Source: each period's Form 10-K (SEC EDGAR). Latest: filed 2026-02-17
Profit bridge (FY2025)
Unit: $M — what moved profit from operating income to net income
- Profit (each stage)
- Pushed profit up
- Pushed profit down
formulaoperating income ÷ income before income taxes × 100
termsOperating income · Income before income taxes (pretax income)
Source: each period's Form 10-K (SEC EDGAR). Latest: filed 2026-02-17
Receivables & inventory days
Unit: days — days grow when receivables or inventory build up faster than sales
- Days sales outstanding
- Days inventory outstanding
formulaaverage receivables (opening + closing ÷ 2) ÷ revenue × 365
formulaaverage inventory (opening + closing ÷ 2) ÷ cost of revenue × 365
termsInventory · Cost of revenue (COGS)
Worked examples (latest period)
formulacash flow from operations ÷ net income attributable to the company
e.g.$1,356M ÷ $581M = 2.33x
termsCash flow from operations (operating CF) · Net income (attributable to the company)
formulaoperating income ÷ income before income taxes × 100
e.g.$1,145M ÷ $935M × 100 = 122%
termsOperating income · Income before income taxes (pretax income)
formulaaverage receivables (opening + closing ÷ 2) ÷ revenue × 365
e.g.($1,335M + $1,518M) ÷ 2 ÷ $7,651M × 365 = 68 days
formulaaverage inventory (opening + closing ÷ 2) ÷ cost of revenue × 365
e.g.($1,055M + $1,173M) ÷ 2 ÷ $4,315M × 365 = 94 days
termsInventory · Cost of revenue (COGS)
19
Who holds the sharesFrom SEC dataShow
How much of the stock large institutional investors report owning on SEC Form 13F, how much the directors and executive officers hold (and how much of the vote they control), and roughly how much is left for individual investors. Shown next to beta so the holder mix can be read alongside how much the stock swings.
Institutions, insiders and everyone else, 13F holdings as of 2026-06-30
“Everyone else” is what remains after shares reported on Form 13F and shares held by directors and executive officers: mostly individual investors, plus non-insider families or foundations and smaller or foreign institutions. The figures have different dates and 13F reports count some shares twice — read it as an approximate split.
- Held by 13F filers
- 100%+
- Directors & officers (shares)
- <1%
- Everyone else (est.)
- ≈0%
- Directors & officers (voting power)
- <1%
- Institutional-ownership rank
- 30 of 416
- Beta (adjusted)
- 1.07
Reported total 103.6%
individuals and other non-13F holders
no separate voting figure; shown as shares
1 = most institutional; 7% of covered companies have more
above 1 = swings more than the market
- 401.8M shares reported by 893 13F filers ÷ 388.0M shares outstanding on 2026-07-24. Option positions are excluded.
- The 13F total exceeds shares outstanding because some shares are reported twice — for example shares lent to short sellers and then bought by another manager, or holdings that overlapping managers both report.
- Directors and executive officers as a group, from the proxy statement’s beneficial-ownership table; includes shares they can acquire within 60 days.
- A large “everyone else” share can still reflect a family, trust or foundation stake held outside the board; check the proxy statement’s 5% holders.
Sources: SEC Form 13F data set (holdings as of 2026-06-30) · Form DEF 14A filed 2026-04-24 (beneficial ownership table) · Form 10-Q cover page (shares outstanding as of 2026-07-24)
20
Strengths & weaknessesSite analysis
Strengths
1. Market leadership
A global market leader in flow creation and a market leader in positive displacement pumps.
Evidence: Form 10-K (FY2025)
2. High margins
Segment Adjusted EBITDA margins of about 29–30% in 2025.
Evidence: Form 10-K (FY2025)
3. Diverse customers
No customer provided more than 10% of 2025 revenue.
Evidence: Form 10-K (FY2025)
Weaknesses
1. Acquisition write-downs
2025 net income fell $257.5M, mainly from impairments of ILC Dover goodwill ($170.3M Biopharma, $59.4M Aerospace & Defense) and other intangibles.
Evidence: Form 10-Q (quarter ended 2026-06-30)
2. Tiny dividend
Dividend of only $0.08 per share a year.
Evidence: Form 10-K (FY2025)
21
What draws investors to itSite analysis
Why the stock can look attractive to investors — each point paired with what has to hold for it to stay true, and the opposing view. This is this site's analysis, not a recommendation to buy or sell.
P/E (FY2025)
54.6x
Price at fiscal year-end ÷ diluted EPS
Dividend yield (FY2025)
0.10%
Dividends per share ÷ fiscal year-end price
Payout ratio (FY2025)
6%
Dividends per share ÷ diluted EPS
FCF yield (FY2025)
3.9%
(Operating CF − capex) ÷ market cap
1. Compounding through M&A
Bolt-on deals expand products and aftermarket revenue.
- What has to hold
- Integration succeeds.
- The other side
- ILC Dover impairments.
Evidence: Form 10-K (FY2025)
2. Recurring aftermarket
Installed equipment generates parts and service sales.
- What has to hold
- Installed base keeps growing.
- The other side
- Industrial slowdowns.
Evidence: Form 10-K (FY2025)
The company pays a small $0.08 annual dividend; DPS for 2021–2025 is from the 10-Ks.
22
ResilienceSite analysisShow
How well the company could absorb a bad year: its financial buffer, how its revenue and profit held up in the worst year on record, and what the 10-K says about the business's exposure to shocks. Figures and filing statements only — no overall rating.
1. Financial buffer (FY2025)
Cash & short-term investments ÷ debt due within a year
100x+
$1.25B vs. $1M
Interest coverage (operating income ÷ interest expense)
4.5x
$1.14B vs. $254M
Free cash flow ÷ dividends paid
38.4x
$1.22B vs. $32M (FCF = operating CF − capex)
2. Worst year in the record, and the recovery
| Figure | Worst year-over-year change | Back to the prior level? |
|---|---|---|
| Revenue | No decline in the record | — |
| Operating income | -12.0% in FY2025 ($1.3B → $1.14B) | Not yet, as of FY2025 |
Covers only the 6 fiscal years on record (FY2020–FY2025), which may not include a full recession — the worst year here isn’t necessarily how the company would fare in a severe downturn.
3. Business resilience (from the 10-K)
Profitable since 2021
Net income was positive every year 2021–2025 after a small 2020 loss.
Source: Form 10-K (FY2025)
23
Legal & regulatory mattersSite analysisShow
Lawsuits, government investigations, enforcement actions and settlements the company discloses — where each stands, what is at stake, and what comes next. From the 10-K's Legal Proceedings and contingencies note, the latest 10-Q, and 8-Ks.
Ingersoll Rand transferred its asbestos liabilities by selling the subsidiaries that held them in June 2024; its remaining environmental reserves are about $10M and it does not expect material effects.
1 open matter · 1 settled or closed
Environmental remediation
PendingEnvironmentalU.S. environmental agencies
IR is a potentially responsible party at waste sites but says it was a small contributor; undiscounted liabilities were $10.6M at end-2025.
Asbestos portfolio sale
Closed, no actionProduct liabilityOnyx TopCo LLC (Delticus/Third Point)
On June 10, 2024 IR transferred three subsidiaries holding asbestos and silica liabilities and related insurance to a Delticus (Third Point) affiliate; they were capitalized with $188.5M ($143.5M insurance proceeds, $35.0M from Delticus, $10.0M from IR) and indemnify IR.
- Amounts
- $10.0M IR contribution
Company statement: Other proceedings are described as ordinary-course and not expected to be material.
Based on Form 10-K (FY2025) — Note 21 Contingencies, reviewed 2026-10-25. Routine ordinary-course claims are not listed. “Major” is this site’s judgment of which matters could materially affect results.
24
Risks (including geopolitical)Site analysis
Starting from the 10-K's Risk Factors section, organized by category — geopolitical, currency, raw materials, regulatory, disaster, and more — with impact and likelihood assessed by this site.
Risk map
Vertical = impact on results, horizontal = likelihood. Upper right = most severe. Numbers match the list below (placement is this site’s own assessment).
Likelihood →
"Company disclosure" vs. "this site’s assessment"
The description and mitigation for each risk are this site’s summary of the 10-K’s "Risk Factors" section. Impact and likelihood are this site’s own assessment, not the company’s — where the company discloses its own likelihood assessment, that is noted in the summary.
Impact is judged from how large the affected business is relative to total revenue/profit, and from the risk’s track record of moving results in the past. Likelihood is judged from the filing’s wording and the current business environment (already occurring, or recurring). See the rating criteria.
- 1M&A & integration
Acquisition risk
- Company disclosure (summarized from the 10-K)
- Growth depends on acquisitions; ILC Dover required impairments.
- Company’s stated mitigation
- Not stated in the filings.
- This site’s assessment
- Impact Med / Likelihood High
- 2Demand & macro
Industrial cycle
- Company disclosure (summarized from the 10-K)
- Demand tracks industrial capital spending.
- Company’s stated mitigation
- Not stated in the filings.
- This site’s assessment
- Impact Med / Likelihood High
- 3Competition & technology shift
Competition
- Company disclosure (summarized from the 10-K)
- Atlas Copco, Kaeser, Kaishan, Elgi, Flowserve and IDEX in compressors; Dover, Graco, Sartorius, Thermo Fisher and others in precision products.
- Company’s stated mitigation
- Not stated in the filings.
- This site’s assessment
- Impact Med / Likelihood High
- 4FX & interest rates
Currency
- Company disclosure (summarized from the 10-K)
- About 58% of revenue is outside the U.S.
- Company’s stated mitigation
- We also enter into foreign currency forward contracts to manage the risk arising from transaction gains and losses associated with intercompany loans with foreign subsidiaries.
- This site’s assessment
- Impact High / Likelihood High
- 5Geopolitics & supply chain
Tariffs and China
- Company disclosure (summarized from the 10-K)
- China revenue $790M; U.S. tariffs (some later ruled unauthorized) affected costs.
- Company’s stated mitigation
- Not stated in the filings.
- This site’s assessment
- Impact Med / Likelihood Med
25
What changed in the risk factorsFrom SEC data
Paragraphs in the latest 10-K's Risk Factors that have little overlap with the year before, and paragraphs that were dropped.
New or substantially reworded (6)
Changes in U.S. tariff policy or reciprocal tariffs by foreign governments, remain uncertain and could impact our financial results.
The current U.S. presidential administration has implemented tariffs on imports from various countries, including tariffs on steel and aluminum products under Section 232 of the Trade Expansion Act of 1962, which also apply to certain derivative steel products used in our operations. Some affected countries have announced or imposed reciprocal tariffs on U.S. goods. These measures have contributed to higher costs for certain materials and components. The extent and duration of these tariffs, and their effect on economic conditions and our business, remain uncertain and depend on factors such as legal challenges, negotiations between the U.S. and other countries, potential relief measures, availability and cost of alternative supply sources, and demand for our products in affected markets. Tariffs may increase costs or reduce demand for our products, which could
affect our financial results. In addition, competitors may experience different levels of exposure or have greater ability to mitigate these impacts.
In addition, the successful development and deployment of AI in our business depends on our ability to timely and effectively upskill our existing workforce and attract and retain personnel with AI‑related skills and experience. Read more
Competition for AI‑native talent is intense, and if we are unable to develop or recruit the necessary capabilities, we may be unable to fully realize potential efficiency gains, innovation opportunities or competitive advantages from AI, or to respond effectively to AI‑enabled competitive, technological or regulatory developments.
On July 4, 2025, the One Big Beautiful Bill Act (“OBBBA”) was signed into law by the president of the United States. Read more
It includes a broad range of tax reform provisions affecting businesses, including extending and modifying certain key provisions (both U.S. and non-U.S.) of the Tax Cuts & Jobs Act of 2017, and expanding certain Inflation Reduction Act incentives while accelerating the phase-out of others. The impact of the OBBBA is currently reflected on our consolidated financial statements as of December 31, 2025 and we are continuing to assess the impact for future years.
We are also subject to the examination of our tax returns and other tax matters by the U.S. Read more
Internal Revenue Service and other tax authorities and governmental bodies. We regularly assess the likelihood of an adverse outcome resulting from these examinations to determine the adequacy of its provision for taxes. The outcome of such examinations is inherently uncertain. If our effective tax rates were to increase, or if the ultimate determination of our taxes owed is for an amount in excess of amounts
No longer in the text (1)
In 2017, the U.S. government enacted comprehensive tax legislation commonly referred to as the Tax Cuts and Jobs Act (“Tax Act”). Read more
The Tax Act makes broad and complex changes to the U.S. tax code that affected 2017 and 2018, including, but not limited to (1) requiring a one-time transition tax on certain unrepatriated earnings of foreign subsidiaries that is payable over eight years and (2) bonus depreciation that will allow for full expensing of qualified property. The Tax Act also established new tax laws that significantly affected recent and future tax years.
Matched automatically, quoted as filed, and may include rewording of an existing risk. Compares Item 1A of the 10-K filed Feb 17, 2026 ↗ with the 10-K filed Feb 19, 2025 ↗.
26
What to watch going forwardSite analysis
- Organic orders growth versus acquisition-driven growth.
- Further recoveries or impairments related to ILC Dover.
- Margins in PST.
- Share buybacks and debt.
27
Source documentsShow
This page's financial figures come from the Form 10-Ks listed below. Check the original filings for full detail.
Other sources referenced in the analysis
Last updated
Analysis last edited: October 31, 2026 · Financial data fetched: October 25, 2026 14:11 (SEC EDGAR) · Source 10-K filed: February 17, 2026
Built on10-K FY2025 · filed 2026-02-17Proxy statement (2026)
Next update expectedAfter FY2026’s 10-K is filed (roughly 60–90 days after fiscal year end (sooner for larger filers)), financials and analysis will be refreshed.
This page is this site’s own analysis based on public information, and does not represent Ingersoll Rand’s views. It is not a recommendation to buy or sell any security, and this site does not guarantee the accuracy of any figure or statement here. Always verify against the original source documents before making an investment decision.