This report should not be construed as providing investment advice. It is for educational purposes only.  Before making any investment decision, you should always do your own research or consult a investment professional.														Estimates	Estimates	Estimates
While I try to be accurate, I assume no responsibility for any figure in this spreadsheet.														Q1 2026							https://www.annualreports.com/Company/arc-resources-limited
See my website on stocks or see my blog at the following sites.							https://spbrunner.com/stocks.html				https://spbrunner.blogspot.com/			3/31/26	<-Estimates
ARC Resources Ltd					TSX:	ARX	OTC:	AETUF	https://www.arcresources.com/			Fiscal Yr:	Dec 31
Year	12/31/13	12/31/14	12/31/15	12/31/16	12/31/17	12/31/18	12/31/19	12/31/20	12/31/21	12/31/22	12/31/23	12/31/24	12/31/25	12/31/26	12/31/27	12/31/28		Value	Description	#Y	Item	Total G
Accounting rules	IFRS	IFRS	IFRS	IFRS	IFRS	IFRS	IFRS	IFRS	IFRS	IFRS	IFRS	IFRS	IFRS	IFRS	IFRS	IFRS					Accounting rules
Commodity Sales From Prod to 2021								Cannot figures out from 2022 where figures are coming from						$5,208	<-12 mths	6.18%
Net Sales Mark Sc from 2022	$1,624.3	$2,107.7	$1,193.7	$1,063.5	$1,225.7	$1,362.2	$1,189.5	$1,167.0	$4,573	$6,781	$4,566	$4,099	$4,905	$6,356	$6,225	$6,661
Increase	16.91%	29.76%	-43.36%	-10.91%	15.25%	11.14%	-12.68%	-1.89%	291.86%	48.28%	-32.66%	-10.23%	19.66%	29.58%	-2.06%	7.00%		15.18%	<-IRR #YR->	10	Revenue	310.91%
5 year Running Average	$1,329	$1,555	$1,551	$1,476	$1,443	$1,391	$1,207	$1,202	$1,903	$3,015	$3,655	$4,237	$4,985	$5,341	$5,230	$5,649		33.26%	<-IRR #YR->	5	Revenue	320.31%
Revenue per Share	$5.17	$6.60	$3.44	$3.01	$3.47	$3.85	$3.37	$3.30	$6.59	$10.92	$7.65	$6.95	$8.60	$11.14	$10.91	$11.67		12.39%	<-IRR #YR->	10	5 yr Running Average	221.46%
Increase	14.98%	27.58%	-47.88%	-12.47%	15.19%	11.14%	-12.67%	-1.88%	99.67%	65.63%	-29.95%	-9.13%	23.65%	29.58%	-2.06%	7.00%		32.92%	<-IRR #YR->	5	5 yr Running Average	314.85%
5 year Running Average	$4.61	$5.10	$4.94	$4.54	$4.34	$4.07	$3.43	$3.40	$4.12	$5.61	$6.37	$7.08	$8.14	$9.05	$9.05	$9.85		9.59%	<-IRR #YR->	10	Revenue per Share	149.95%
P/S (Price/Sales) Med	5.13	4.38	6.72	6.56	5.32	3.04	2.35	1.66	1.45	1.56	2.47	3.35	3.21	2.21	0.00	0.00		21.09%	<-IRR #YR->	5	Revenue per Share	160.30%
P/S (Price/Sales) Close	5.72	3.81	4.86	7.68	4.25	2.10	2.43	1.82	1.74	1.67	2.57	3.75	3.00	2.19	2.24	2.09		5.13%	<-IRR #YR->	10	5 yr Running Average	64.93%
*Revenue in M CDN $										10 yr	2.75	5 yr	2.47		-20.37%	Diff M/C		19.08%	<-IRR #YR->	5	5 yr Running Average	139.49%
			-$1,193.7	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$4,905.0
								-$1,167.0	$0.0	$0.0	$0.0	$0.0	$4,905.0
			-$1,550.7	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$4,984.8
								-$1,201.6	$0.0	$0.0	$0.0	$0.0	$4,984.8
			-$3.44	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$8.60
								-$3.30	$0.00	$0.00	$0.00	$0.00	$8.60
			-$4.94	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$8.14
								-$3.40	$0.00	$0.00	$0.00	$0.00	$8.14
													$4,352	<-12 mths	6.69%
Comment									Markt Sc	$6,781
Commodity Sales From Prod	$1,624.3	$2,107.7	$1,193.7	$1,063.5	$1,225.7	$1,362.2	$1,189.5	$1,167.0	$4,572.6	$7,969.9	$5,260.4	$4,603.7	$5,421.7					354.19%	<-Total Growth	10	Commodity Sales From Prod	Before Roy.
Royalities	$223.1	$298.0	$103.3	$89.0	$102.8	$115.7	$70.5	$47.5	$400.7	$1,209.2	$706.8	$524.9	$536.8					419.65%	<-Total Growth	10	Royalities
Sales of Thir-party Purchases												$1,020.2	$1,190.8
Net of Royalities	$1,401.2	$1,809.7	$1,090.4	$974.5	$1,122.9	$1,246.5	$1,119.0	$1,119.5	$4,171.9	$6,760.7	$4,553.6	$4,078.8	$4,884.9					347.99%	<-Total Growth	10	Net of Royalities
Increase	17.38%	29.15%	-39.75%	-10.63%	15.23%	11.01%	-10.23%	0.04%	272.66%	62.05%	-32.65%	-10.43%	19.76%					16.18%	<-IRR #YR->	10	Revenue	347.99%
5 year Running Average	$1,198	$1,366	$1,343	$1,294	$1,280	$1,249	$1,111	$1,116	$1,756	$2,884	$3,545	$4,137	$4,890					34.27%	<-IRR #YR->	5	Revenue	336.35%
Revenue per Share	$4.46	$5.67	$3.14	$2.76	$3.18	$3.53	$3.17	$3.17	$6.02	$10.89	$7.63	$6.92	$8.56					13.80%	<-IRR #YR->	10	5 yr Running Average	264.17%
Increase	15.45%	26.98%	-44.55%	-12.20%	15.17%	11.01%	-10.22%	0.05%	89.88%	81.01%	-29.93%	-9.33%	23.76%					34.37%	<-IRR #YR->	5	5 yr Running Average	337.98%
5 year Running Average	$4.18	$4.49	$4.27	$3.98	$3.84	$3.65	$3.15	$3.16	$3.81	$5.35	$6.17	$6.92	$8.00					10.54%	<-IRR #YR->	10	Revenue per Share	172.50%
P/S (Price/Sales) Med	5.95	5.10	7.35	7.16	5.81	3.32	2.50	1.73	1.58	1.56	2.48	3.37	3.22					22.00%	<-IRR #YR->	5	Revenue per Share	170.23%
P/S (Price/Sales) Close	6.63	4.44	5.32	8.38	4.64	2.30	2.58	1.89	1.91	1.68	2.58	3.77	3.01					6.48%	<-IRR #YR->	10	5 yr Running Average	87.39%
*Revenue in M CDN $					P/S Med	20 yr	3.86	15 yr	3.37	10 yr	2.86	5 yr	2.48		-100.00%	Diff M/C		20.43%	<-IRR #YR->	5	5 yr Running Average	153.30%
			-$1,090.4	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$4,884.9
								-$1,119.5	$0.0	$0.0	$0.0	$0.0	$4,884.9
			-$1,342.8	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$4,890.0
								-$1,116.5	$0.0	$0.0	$0.0	$0.0	$4,890.0
			-$3.14	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$8.56
								-$3.17	$0.00	$0.00	$0.00	$0.00	$8.56
			-$4.27	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$8.00
								-$3.16	$0.00	$0.00	$0.00	$0.00	$8.00
Hedging													$5,246	<-12 mths	2.88%
Net Revenue fr commodity Sales Prod.	$1,447.5	$1,809.7	$1,090.4	$974.5	$1,122.9	$1,389.5	$1,214.0	$1,135.5	$5,110.8	$8,641.2	$5,655.1	$5,099.0	$6,075.7					457.20%	<-Total Growth	10	Net Revenue from commodity Sales Prod.
Increase	21.26%	25.02%	-39.75%	-10.63%	15.23%	23.74%	-12.63%	-6.47%	350.09%	69.08%	-34.56%	-9.83%	19.15%
Net Revenue	$1,447.5	$1,985.9	$1,428.4	$937.8	$1,405.7	$1,499.2	$1,051.2	$1,119.8	$4,086.7	$7,662.3	$6,021.8	$5,391.9	$6,107.1					327.55%	<-Total Growth	10	Net Revenue
Revenue*	$1,447.5	$1,809.7	$1,090.4	$974.5	$1,122.9	$1,389.5	$1,214.0	$1,135.5	$5,110.8	$8,641.2	$5,655.1	$5,099.0	$6,075.7					457.20%	<-Total Growth	10	Revenue
Increase	21.26%	25.02%	-39.75%	-10.63%	15.23%	23.74%	-12.63%	-6.47%	350.09%	69.08%	-34.56%	-9.83%	19.15%					18.74%	<-IRR #YR->	10	Revenue	457.20%
5 year Running Average	$1,208	$1,375	$1,352	$1,303	$1,289	$1,277	$1,158	$1,167	$1,995	$3,498	$4,351	$5,128	$6,116					39.86%	<-IRR #YR->	5	Revenue	435.07%
Revenue per Share	$4.61	$5.67	$3.14	$2.76	$3.18	$3.93	$3.44	$3.21	$7.37	$13.92	$9.47	$8.65	$10.65					16.29%	<-IRR #YR->	10	5 yr Running Average	352.38%
Increase	19.26%	22.92%	-44.55%	-12.20%	15.17%	23.75%	-12.62%	-6.46%	129.34%	88.85%	-31.92%	-8.73%	23.13%					39.27%	<-IRR #YR->	5	5 yr Running Average	423.98%
5 year Running Average	$4.21	$4.52	$4.30	$4.01	$3.87	$3.73	$3.29	$3.30	$4.23	$6.37	$7.48	$8.52	$10.01					12.98%	<-IRR #YR->	10	Revenue per Share	238.93%
P/S (Price/Sales) Med	5.76	5.10	7.35	7.16	5.81	2.98	2.31	1.71	1.29	1.22	2.00	2.69	2.59					27.08%	<-IRR #YR->	5	Revenue per Share	231.37%
P/S (Price/Sales) Close	6.42	4.44	5.32	8.38	4.64	2.06	2.38	1.87	1.56	1.31	2.08	3.01	2.42					8.82%	<-IRR #YR->	10	5 yr Running Average	132.83%
*Revenue in M CDN $					P/S Med	20 yr	3.86	15 yr	2.98	10 yr	2.45	5 yr	2.00		-100.00%	Diff M/C		24.83%	<-IRR #YR->	5	5 yr Running Average	203.10%
*Total Revenue 2025
			-$1,090.4	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$6,075.7
								-$1,135.5	$0.0	$0.0	$0.0	$0.0	$6,075.7
			-$1,352.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$6,116.4
								-$1,167.3	$0.0	$0.0	$0.0	$0.0	$6,116.4
			-$3.14	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$10.65
								-$3.21	$0.00	$0.00	$0.00	$0.00	$10.65
			-$4.30	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$10.01
								-$3.30	$0.00	$0.00	$0.00	$0.00	$10.01
														$5.33	<-12 mths	-2.74%
Funds from Operations	$861.8	$1,124.0	$773.4	$633.3	$731.9	$819.0	$697.4	$667.7	$2,415.4	$3,712.5	$2,639.6	$2,472.5	$3,192.4	$3,023.0	$3,273.0			312.77%	<-Total Growth	10	Funds from Operations
Distributable Cash Flow, FFO	$2.76	$3.54	$2.27	$1.80	$2.07	$2.31	$1.97	$1.89	$3.85	$5.60	$4.32	$4.15	$5.48	$5.29	$6.10			141.41%	<-Total Growth	10	FFO
Increase	14.05%	28.26%	-35.88%	-20.70%	15.00%	11.59%	-14.72%	-4.06%	103.70%	45.45%	-22.86%	-3.94%	32.05%	-3.47%	15.31%			10	0	10	Years of Data, EPS P or N	100.00%
5 year Running Average	$2.52	$2.81	$2.79	$2.56	$2.49	$2.40	$2.08	$2.01	$2.42	$3.12	$3.53	$3.96	$4.68	$4.97	$5.07			9.21%	<-IRR #YR->	10	FFO	141.41%
FFO Yield	9.33%	14.07%	13.59%	7.79%	14.03%	28.52%	24.08%	31.50%	33.48%	30.68%	21.96%	15.92%	21.28%	21.65%	24.97%			23.73%	<-IRR #YR->	5	FFO	189.95%
Payout Ratio	43.48%	33.90%	52.86%	38.89%	28.99%	25.97%	30.46%	12.70%	6.39%	7.86%	14.81%	16.39%	13.87%	15.88%	13.77%			5.32%	<-IRR #YR->	10	5 yr Running Average	67.86%
5 year Running Average	48.38%	42.74%	43.04%	43.00%	39.39%	35.86%	35.51%	27.29%	18.91%	13.61%	12.29%	11.34%	11.82%	13.53%	14.84%			18.44%	<-IRR #YR->	5	5 yr Running Average	133.07%
Price/FFO Median	9.62	8.16	10.17	10.98	8.92	5.06	4.02	2.90	2.48	3.04	4.38	5.61	5.03	4.65	0.00			4.71	<-Median->	10	P/FFO Med
Price/FFO High	10.79	9.41	11.11	13.59	11.13	6.77	5.26	4.37	3.42	3.95	5.43	6.50	5.71	4.99	0.00			5.57	<-Median->	10	P/FFO High
Price/FFO Low	8.44	6.90	9.23	8.36	6.71	3.36	2.79	1.43	1.54	2.12	3.33	4.72	4.36	4.32	0.00			3.35	<-Median->	10	P/FFO Low
Price/FFO Close	10.71	7.11	7.36	12.84	7.13	3.51	4.15	3.17	2.99	3.26	4.55	6.28	4.70	4.62	4.00			4.35	<-Median->	10	P/FFO Close
Trailing P/FFO	12.22	9.12	4.72	10.18	8.19	3.91	3.54	3.05	6.08	4.74	3.51	6.03	6.20	4.46	4.62			5.39	<-Median->	10	Trailing P/FFO Close
Median Values	Historical	in order	6.46	7.20	5.16	6.23	P/FFO	5 Yrs	in order	4.38	5.43	3.33	4.55		5.47%	Diff M/C		-1.87%	Diff M/C	10	DPR 75% to 95% best
Funds From Operations
			-$2.27	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$5.48
								-$1.89	$0.00	$0.00	$0.00	$0.00	$5.48
			-$2.79	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$4.68
								-$2.01	$0.00	$0.00	$0.00	$0.00	$4.68
Free Funds Flow				$179.9	-$97.8	$139.6	$5.9	$324.4	$1,353.6	$2,270.6	$789.8	$627.0	$1,283.7	$2,039.1				613.56%	<-Total Growth	9	Free Funds Flow
FFF per Share				$0.39	$0.39	$0.39	$0.02	$0.92	$2.16	$3.42	$1.29	$1.05	$2.20	$3.50	$3.85	$4.00		464.10%	<-Total Growth	9	Free Funds Flow
Increase					0.00%	0.00%	-94.87%	4500.00%	134.78%	58.33%	-62.28%	-18.60%	109.52%	59.09%	10.00%	3.90%		10	0	10	Years of Data, EPS P or N	100.00%
5 year Running Average								$0.42	$0.78	$1.38	$1.56	$1.77	$2.02	$2.29	$2.38	$2.92		24.14%	<-IRR #YR->	9	FFF	#DIV/0!
FCF Yield				1.7%	2.6%	4.8%	0.2%	15.3%	18.8%	18.7%	6.6%	4.0%	8.5%	14.3%	15.8%	16.4%		0.46%	<-IRR #YR->	5	FFF	139.13%
Payout Ratio				179.49%	153.85%	153.85%	3000.00%	26.09%	11.39%	12.87%	49.61%	64.76%	34.55%	24.00%	21.82%	21.00%		27.08%	<-IRR #YR->	4	5 yr Running Average	#DIV/0!
5 year Running Average								129.86%	58.92%	30.77%	27.73%	25.41%	27.33%	29.32%	31.62%	27.12%		27.08%	<-IRR #YR->	4	5 yr Running Average	379.62%
Price/FFF Median				50.65	47.32	30.00	396.25	5.96	4.41	4.97	14.66	22.17	12.54	7.03	0.00	0.00		18.42	<-Median->	10	Price/FFF Median
Price/FFF High				62.74	59.05	40.08	518.00	8.98	6.09	6.47	18.17	25.69	14.22	7.55	0.00	0.00		21.93	<-Median->	10	Price/FFF High
Price/FFF Low				38.56	35.59	19.92	274.50	2.95	2.74	3.47	11.16	18.66	10.85	6.52	0.00	0.00		14.91	<-Median->	10	Price/FFF Low
Price/FFF Close				59.26	37.82	20.77	409.00	6.52	5.32	5.34	15.25	24.83	11.70	6.98	6.35	6.11		18.01	<-Median->	10	Price/FFF Close
Trailing P/FFF							20.97	300.00	12.50	8.45	5.75	20.21	24.52	11.10	6.98	6.35		20.21	<-Median->	7	Trailing P/FFF
Median Values		DPR	10 Yrs	57.19%	5 Yrs	34.55%	P/CF	5 Yrs	in order	12.54	14.22	10.85	11.70		-44.33%	Diff M/C		-62.10%	Diff M/C	10	DPR 75% to 95% best
Free Funds Flow
					-$0.39	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$2.20
									-$2.16	$0.00	$0.00	$0.00	$2.20
									-$0.78	$0.00	$0.00	$0.00	$2.02
									-$0.78	$0.00	$0.00	$0.00	$2.02
														$2.02	<-12 mths	-7.76%
Difference Basic and Diluted	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.79%	0.29%	0.38%	0.53%	0.00%
EPS Basic	$0.77	$1.20	-$1.01	$0.57	$1.10	$0.60	-$0.08	-$1.55	$1.26	$3.48	$2.62	$1.89	$2.19					316.83%	<-Total Growth	10	EPS Basic
EPS Diluted*	$0.77	$1.20	-$1.01	$0.57	$1.10	$0.60	-$0.08	-$1.55	$1.25	$3.47	$2.61	$1.88	$2.19	$2.27	$2.14	$1.73		316.83%	<-Total Growth	10	EPS Diluted
Increase	63.83%	55.84%	-184.17%	156.44%	92.98%	-45.45%	-113.33%	-1837.50%	180.65%	177.60%	-24.78%	-27.97%	16.49%	3.47%	-5.47%	-19.23%		8	2	10	Years of Data, EPS P or N	80.00%
Earnings Yield	2.6%	4.8%	-6.0%	2.5%	7.5%	7.4%	-1.0%	-25.8%	10.9%	19.0%	13.3%	7.2%	8.5%	9.3%	8.8%	7.1%		#NUM!	<-IRR #YR->	10	Earnings per Share	316.83%
5 year Running Average	$0.84	$0.89	$0.49	$0.40	$0.53	$0.49	$0.24	$0.13	$0.26	$0.74	$1.14	$1.53	$2.28	$2.48	$2.22	$2.04		27.83%	<-IRR #YR->	5	Earnings per Share	241.29%
10 year Running Average	$1.45	$1.44	$1.15	$0.98	$0.86	$0.67	$0.56	$0.31	$0.33	$0.63	$0.82	$0.88	$1.20	$1.37	$1.48	$1.59		16.72%	<-IRR #YR->	10	5 yr Running Average	369.14%
* Diluted ESP per share									E/P	10 Yrs	7.43%	5Yrs	10.87%					77.89%	<-IRR #YR->	5	5 yr Running Average	1681.25%
			$1.01	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$2.19
								$1.55	$0.00	$0.00	$0.00	$0.00	$2.19
			-$0.49	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$2.28
								-$0.13	$0.00	$0.00	$0.00	$0.00	$2.28
Dividends														$0.84	$0.87	$0.90			Estimates		Dividends
Increase														10.53%	3.57%	3.83%			Estimates		Increase
Payout Ratio EPS														37.07%	40.62%	52.21%			Estimates		Payout Ratio EPS
Special Dividends	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00		$0.00	<-Median->	10	Special Dividends
Dividends*	$1.2000	$1.2000	$1.2000	$0.7000	$0.6000	$0.6000	$0.6000	$0.2400	$0.2460	$0.4400	$0.6400	$0.6800	$0.7600	$0.8400	$0.8400	$0.8400		-36.67%	<-Total Growth	10	Dividends
Increase	0.00%	0.00%	0.00%	-41.67%	-14.29%	0.00%	0.00%	-60.00%	2.50%	78.86%	45.45%	6.25%	11.76%	10.53%	0.00%	0.00%		12	8	29	Years of data, Count P, N	41.38%
Average Increases 5 Year Running	-11.80%	-1.54%	0.00%	-8.33%	-11.19%	-11.19%	-11.19%	-23.19%	-14.36%	4.27%	13.36%	14.61%	28.97%	30.57%	14.80%	5.71%		-9.76%	<-Median->	10	Average Incr 5 Year Running
Dividends 5 Yr Running	$1.22	$1.20	$1.20	$1.10	$0.98	$0.86	$0.74	$0.55	$0.46	$0.43	$0.43	$0.45	$0.55	$0.67	$0.75	$0.79		55.06%	<-Median->	10	Dividends 5 Yr Running
Yield H/L Price	4.52%	4.16%	5.20%	3.54%	3.25%	5.13%	7.57%	4.38%	2.58%	2.59%	3.38%	2.92%	2.76%	3.41%				3.32%	<-Median->	10	Yield H/L Price	Item
Yield on High  Price	4.03%	3.60%	4.76%	2.86%	2.61%	3.84%	5.79%	2.91%	1.87%	1.99%	2.73%	2.52%	2.43%	3.18%				2.67%	<-Median->	10	Yield on High  Price	EPS
Yield on Low Price	5.15%	4.91%	5.73%	4.65%	4.32%	7.72%	10.93%	8.86%	4.16%	3.70%	4.45%	3.47%	3.18%	3.68%				4.39%	<-Median->	10	Yield on Low Price	FFO
Yield on Close Price	4.06%	4.77%	7.19%	3.03%	4.07%	7.41%	7.33%	4.00%	2.14%	2.41%	3.25%	2.61%	2.95%	3.44%	3.44%	3.44%		3.14%	<-Median->	10	Yield on Close Price	FFF
Payout Ratio EPS	155.84%	100.00%	0.00%	122.81%	54.55%	100.00%	0.00%	0.00%	19.68%	12.68%	24.52%	36.17%	34.70%	37.07%	39.22%	48.55%		29.61%	<-Median->	10	DPR EPS	CFPS
DPR EPS 5 Yr Running	145.58%	135.44%	246.91%	275.00%	186.31%	174.80%	313.56%	428.13%	173.18%	57.62%	38.00%	29.32%	24.26%	27.06%	33.91%	38.79%		173.99%	<-Median->	10	DPR EPS 5 Yr Running	FCF
Payout Ratio CFPS	47.01%	33.25%	60.45%	39.21%	31.52%	24.58%	33.19%	12.93%	8.50%	7.13%	15.95%	17.07%	14.02%	16.16%	14.50%	13.12%		16.51%	<-Median->	10	DPR CF
DPR CF 5 Yr Running	49.09%	43.06%	44.28%	45.05%	41.40%	36.68%	37.29%	27.98%	20.97%	14.01%	12.94%	11.87%	12.30%	13.55%	15.40%	14.78%		24.47%	<-Median->	10	DPR CF 5 Yr Running
Payout Ratio CFPS WC	43.73%	34.10%	53.85%	39.05%	28.98%	25.89%	30.40%	12.70%	7.06%	7.36%	14.47%	16.22%	13.58%	16.16%	14.50%	13.12%		15.34%	<-Median->	10	DPR CF WC
DPR CF WC 5 Yr Running	48.49%	43.14%	43.66%	43.60%	39.66%	36.05%	35.64%	27.28%	19.48%	13.59%	12.20%	11.25%	11.68%	13.23%	14.92%	14.57%		23.38%	<-Median->	10	DPR CF WC 5 Yr Running
Median Values	10 Yr Med	10 Yr Cl	3.32%	3.14%	5 Yr Med	5 Yr Cl	2.76%	2.61%	5 Yr Med	Payout	24.52%	14.02%	13.58%					25.93%	<-IRR #YR->	5	Dividends	216.67%
* Dividends per share.	10 Yr Med	and Cur.	3.65%	9.46%	5 Yr Med	and Cur.	24.80%	31.82%	Last Div Inc --->		$0.1900	$0.2100	10.53%					-4.46%	<-IRR #YR->	10	Dividends	-36.67%
Dividends Growth 15																		-3.00%	<-IRR #YR->	15	Dividends	-36.67%
Dividends Growth 20																		-4.70%	<-IRR #YR->	20	Dividends	-61.81%
Dividends Growth 25																		-3.82%	<-IRR #YR->	25	Dividends	-63.64%
Dividends Growth 30																		-2.58%	<-IRR #YR->	29	Dividends
Dividends Growth 5								-$0.24	$0.00	$0.00	$0.00	$0.00	$0.76								Dividends Growth 5
Dividends Growth 10			-$1.20	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.76								Dividends Growth 10
Dividends Growth 15	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.76								Dividends Growth 15
Dividends Growth 20	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.76								Dividends Growth 20
Dividends Growth 25	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.76								Dividends Growth 25
Dividends Growth 30	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.76								Dividends Growth 30
Historical Dividends	Historical	High Div	21.56%	Low Div	2.44%	10 Yr High	10.72%	10 Yr Low	1.88%	Med Div	6.50%	Close Div	7.26%								Historical Dividends
High/Ave/Median Values	Curr diff	Exp.	-84.05%		40.92%	Exp.	-67.93%		82.89%	Exp.	-47.10%	Exp.	-52.64%					4.16%	Since 2011		High/Ave/Median
																		-17.35%
Future Dividend Yield					Div Yd	34.48%	earning in	10	Years	at IRR of	25.93%	Div Inc.	902.78%								Future Dividend Yield
Future Dividend Yield					Div Yd	34.48%	earning in	10	Years	at IRR of	25.93%	Div Inc.	902.78%								Future Dividend Yield
Future Dividend Yield					Div Yd	109.18%	earning in	15	Years	at IRR of	25.93%	Div Inc.	3075.46%								Future Dividend Yield
Future Dividend Paid					Div Paid	$2.66	earning in	5	Years	at IRR of	25.93%	Div Inc.	216.67%								Future Dividend Paid
Future Dividend Paid					Div Paid	$8.42	earning in	10	Years	at IRR of	25.93%	Div Inc.	902.78%								Future Dividend Paid
Future Dividend Paid					Div Paid	$26.67	earning in	15	Years	at IRR of	25.93%	Div Inc.	3075.46%								Future Dividend Paid
Dividend Covering Cost					Total Div	$7.02	over	5	Years	at IRR of	25.93%	Div Cov.	28.73%								Dividend Covering Cost
Dividend Covering Cost					Total Div	$26.59	over	10	Years	at IRR of	25.93%	Div Cov.	108.83%								Dividend Covering Cost
Dividend Covering Cost					Total Div	$88.56	over	15	Years	at IRR of	25.93%	Div Cov.	362.49%								Dividend Covering Cost
Yield if held 5 yrs	4.90%	7.14%	5.33%	2.85%	2.72%	2.26%	2.08%	1.04%	1.25%	2.38%	5.47%	8.58%	13.86%	8.81%	4.94%	4.44%		2.55%	<-Median->	10	Paid Median Price
Yield if held 10 yrs	9.44%	7.41%	5.42%	2.77%	2.81%	2.45%	3.57%	1.07%	1.00%	1.99%	2.41%	2.36%	3.29%	4.25%	4.55%	7.18%		2.43%	<-Median->	10	Paid Median Price
Yield if held 15 yrs	14.12%	15.64%	11.74%	5.91%	4.91%	4.72%	3.70%	1.08%	0.97%	2.06%	2.61%	4.05%	3.38%	3.42%	3.80%	3.16%		3.54%	<-Median->	10	Paid Median Price
Yield if held 20 yrs				6.13%	5.13%	7.06%	7.82%	2.35%	2.08%	3.60%	5.03%	4.20%	3.43%	3.33%	3.93%	3.43%		4.61%	<-Median->	10	Paid Median Price
Yield if held 25 yrs									2.15%	3.76%	7.53%	8.86%	7.43%	7.09%	6.88%	6.61%		7.43%	<-Median->	5	Paid Median Price
Yield if held 30 yrs															7.18%	9.88%		#NUM!	<-Median->	0	Paid Median Price
Cost covered if held 5 years	24.92%	35.69%	26.65%	22.38%	22.18%	16.20%	12.82%	11.86%	11.57%	11.52%	18.51%	28.34%	50.43%	35.26%	22.10%	20.94%		17.36%	<-Median->	10	Paid Median Price
Cost covered if held 10 years	136.53%	103.42%	72.12%	56.51%	58.34%	42.48%	57.70%	38.83%	31.68%	31.81%	24.36%	20.60%	23.84%	28.58%	31.89%	52.36%		35.32%	<-Median->	10	Paid Median Price
Cost covered if held 15 years	310.47%	341.89%	248.70%	201.10%	187.22%	170.35%	126.26%	84.49%	65.57%	68.29%	51.33%	71.06%	51.12%	45.36%	48.83%	39.28%		77.78%	<-Median->	10	Paid Median Price
Cost covered if held 20 years				280.88%	267.44%	361.06%	390.10%	275.50%	220.40%	204.64%	187.38%	140.12%	96.98%	78.88%	85.88%	67.51%		243.92%	<-Median->	10	Paid Median Price
Cost covered if held 25 years									300.88%	285.61%	386.54%	419.36%	302.55%	248.76%	235.43%	218.53%		302.55%	<-Median->	5	Paid Median Price
Cost covered if held 30 years															317.74%	433.13%		#NUM!	<-Median->	0	Paid Median Price
																				Yr	Item	Tot. Growth
Revenue Growth								$1,119.5	$4,171.9	$6,760.7	$4,553.6	$4,078.8	$4,884.9	<-12 mths	<-12 mths	#VALUE!		336.35%	<-Total Growth	5	Revenue Growth	336.35%
EPS Growth								-$1.55	$1.25	$3.47	$2.61	$1.88	$2.19	$2.02	<-12 mths	-7.76%		241.29%	<-Total Growth	5	EPS Growth	241.29%
Net Income Growth								-$547.2	$786.6	$2,302.3	$1,596.5	$1,124.1	$1,275.1	$1,220.5	<-12 mths	-4.28%		333.02%	<-Total Growth	5	Net Income Growth	333.02%
Cash Flow Growth								$655.7	$2,006.5	$3,833.3	$2,394.3	$2,348.6	$3,093.5					371.79%	<-Total Growth	5	Cash Flow Growth	371.79%
Dividend Growth								$0.24	$0.25	$0.44	$0.64	$0.68	$0.76	$0.84	<-12 mths	10.53%		216.67%	<-Total Growth	5	Dividend Growth	216.67%
Stock Price Growth								$6.00	$11.50	$18.25	$19.67	$26.07	$25.75	$24.43	<-12 mths	-5.13%		329.17%	<-Total Growth	5	Stock Price Growth	329.17%
Revenue Growth			$1,090.4	$974.5	$1,122.9	$1,246.5	$1,119.0	$1,119.5	$4,171.9	$6,760.7	$4,553.6	$4,078.8	$4,884.9	$0.0	<-this year	-100.00%		347.99%	<-Total Growth	10	Revenue Growth	347.99%
EPS Growth			-$1.01	$0.57	$1.10	$0.60	-$0.08	-$1.55	$1.25	$3.47	$2.61	$1.88	$2.19	$2.27	<-this year	3.47%		316.83%	<-Total Growth	10	EPS Growth	316.83%
Net Income Growth			-$342.7	$201.3	$388.9	$213.8	-$27.6	-$547.2	$786.6	$2,302.3	$1,596.5	$1,124.1	$1,275.1	$1,321.0	<-this year	3.60%		472.07%	<-Total Growth	10	Net Income Growth	472.07%
Cash Flow Growth			$689.0	$630.7	$672.8	$862.8	$638.8	$655.7	$2,006.5	$3,833.3	$2,394.3	$2,348.6	$3,093.5	$2,966.5	<-this year	-4.10%		348.98%	<-Total Growth	10	Cash Flow Growth	348.98%
Dividend Growth			$1.20	$0.70	$0.60	$0.60	$0.60	$0.24	$0.25	$0.44	$0.64	$0.68	$0.76	$0.84	<-this year	10.53%		-36.67%	<-Total Growth	10	Dividend Growth	-36.67%
Stock Price Growth			$16.70	$23.11	$14.75	$8.10	$8.18	$6.00	$11.50	$18.25	$19.67	$26.07	$25.75	$24.43	<-this year	-5.13%		54.19%	<-Total Growth	10	Stock Price Growth	54.19%
Dividends on Shares	$105.60	$105.60	$105.60	$61.60	$52.80	$52.80	$52.80	$21.12	$21.65	$38.72	$56.32	$59.84	$66.88	$73.92	$73.92	$73.92		$2,722.37	No of Years	25	Total Divs	12/31/00
Paid	$2,602.16	$2,214.08	$1,469.60	$2,033.68	$1,298.00	$712.80	$719.84	$528.00	$1,012.00	$1,606.00	$1,730.96	$2,294.16	$2,266.00	$2,149.84	$2,149.84	$2,149.84		$2,266.00	No of Years	25	Worth	$11.40
Total																		$4,988.37			Total
Dividends on Shares				$42.00	$36.00	$36.00	$36.00	$14.40	$14.76	$26.40	$38.40	$40.80	$45.60	$50.40	$50.40	$50.40		$330.36	No of Years	10	Total Divs	12/31/15
Paid			$1,002.00	$1,386.60	$885.00	$486.00	$490.80	$360.00	$690.00	$1,095.00	$1,180.20	$1,564.20	$1,545.00	$1,465.80	$1,465.80	$1,465.80		$1,545.00	No of Years	10	Worth	$16.70
Total																		$1,875.36			Total
Dividends on Shares									$41.08	$73.48	$106.88	$113.56	$126.92	$140.28	$140.28	$140.28		$461.92	No of Years	5	Total Divs	12/31/20
Paid								$1,002.00	$1,920.50	$3,047.75	$3,284.89	$4,353.69	$4,300.25	$4,079.81	$4,079.81	$4,079.81		$4,300.25	No of Years	5	Worth	$6.00
Total																		$4,762.17			Total
Graham No.	$13.69	$17.33	$11.19	$11.25	$16.03	$11.85	$16.55	$10.33	$15.50	$28.93	$27.03	$23.88	$29.62	$27.17	$26.42	$23.74		164.70%	<-Total Growth	10	Graham Price
Price/GP Ratio Med	1.94	1.67	2.06	1.76	1.15	0.99	0.48	0.53	0.61	0.59	0.70	0.97	0.93	0.91				0.82	<-Median->	10	Price/GP Ratio
Price/GP Ratio High	2.18	1.92	2.25	2.18	1.44	1.32	0.63	0.80	0.85	0.77	0.87	1.13	1.06	0.97				0.96	<-Median->	10	Price/GP Ratio
Price/GP Ratio Low	1.70	1.41	1.87	1.34	0.87	0.66	0.33	0.26	0.38	0.41	0.53	0.82	0.81	0.84				0.59	<-Median->	10	Price/GP Ratio
Price/GP Ratio Close	2.16	1.45	1.49	2.05	0.92	0.68	0.49	0.58	0.74	0.63	0.73	1.09	0.87	0.90	0.92	1.03		0.73	<-Median->	10	Price/GP Ratio
Prem/Disc Close	116.04%	45.21%	49.25%	105.47%	-7.97%	-31.64%	-50.56%	-41.89%	-25.83%	-36.91%	-27.24%	9.18%	-13.06%	-10.10%	-7.53%	2.89%		-26.53%	<-Median->	10	Graham Price
Price Close	$29.57	$25.16	$16.70	$23.11	$14.75	$8.10	$8.18	$6.00	$11.50	$18.25	$19.67	$26.07	$25.75	$24.43	$24.43	$24.43		54.19%	<-Total Growth	10	Stock Price
Increase	20.99%	-14.91%	-33.62%	38.38%	-36.17%	-45.08%	0.99%	-26.65%	91.67%	58.70%	7.78%	32.54%	-1.23%	-5.13%	0.00%	0.00%		25.88	<-Median->	10	CAPE (10 Yr P/E)
P/E	38.40	20.97	-16.53	40.54	13.41	13.50	-102.25	-3.87	9.20	5.26	7.54	13.87	11.76	10.78	11.41	14.12		33.82%	<-IRR #YR->	5	Stock Price	329.17%
Trailing P/E	62.91	32.68	13.92	-22.88	25.88	7.36	13.63	-75.00	-7.42	14.60	5.67	9.99	13.70	11.16	10.78	11.41		4.43%	<-IRR #YR->	10	Stock Price	54.19%
CAPE (10 Yr P/E)	15.93	16.56	19.85	23.36	26.23	31.92	35.74	58.99	50.45	25.53	18.56	17.23	13.40	11.84	11.66	11.86		38.67%	<-IRR #YR->	5	Price & Dividend	379.27%
Median 10, 5 Yrs		D.  per yr	2.76%	4.85%	% Tot Ret	38.39%	12.54%	T P/E	8.68	9.99	P/E:	10.48	9.20					7.18%	<-IRR #YR->	10	Price & Dividend	94.35%
Price 15		D.  per yr	3.14%		% Tot Ret	97.25%						CAPE Diff	-58.34%					0.09%	<-IRR #YR->	15	Stock Price	1.34%
Price  20		D.  per yr	4.67%		% Tot Ret	103.21%												-0.15%	<-IRR #YR->	20	Stock Price	-2.87%
Price  25		D.  per yr	12.56%		% Tot Ret	79.13%												3.31%	<-IRR #YR->	25	Stock Price	125.88%
Price  30		D.  per yr	10.40%		% Tot Ret	81.09%												2.43%	<-IRR #YR->	29	Stock Price
Price & Dividend 15																		3.23%	<-IRR #YR->	15	Price & Dividend	51.34%
Price & Dividend 20																		4.53%	<-IRR #YR->	20	Price & Dividend	85.65%
Price & Dividend 25																		15.87%	<-IRR #YR->	25	Price & Dividend	414.88%
Price & Dividend 30																		12.83%	<-IRR #YR->	29	Price & Dividend
Price  5								-$6.00	$0.00	$0.00	$0.00	$0.00	$25.75								Price  5
Price 10			-$16.70	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$25.75								Price 10
Price & Dividend 5								-$6.00	$0.25	$0.44	$0.64	$0.68	$26.51								Price & Dividend 5
Price & Dividend 10			-$16.70	$0.70	$0.60	$0.60	$0.60	$0.24	$0.25	$0.44	$0.64	$0.68	$26.51								Price & Dividend 10
Price 15	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$25.75								Price 15
Price  20	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$25.75								Price  20
Price  25	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$25.75								Price  25
Price  30	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$25.75								Price  30
Price & Dividend 15	$1.20	$1.20	$1.20	$0.70	$0.60	$0.60	$0.60	$0.24	$0.25	$0.44	$0.64	$0.68	$26.51								Price & Dividend 15
Price & Dividend 20	$1.20	$1.20	$1.20	$0.70	$0.60	$0.60	$0.60	$0.24	$0.25	$0.44	$0.64	$0.68	$26.51								Price & Dividend 20
Price & Dividend 25	$1.20	$1.20	$1.20	$0.70	$0.60	$0.60	$0.60	$0.24	$0.25	$0.44	$0.64	$0.68	$26.51								Price & Dividend 25
Price & Dividend 30	$1.20	$1.20	$1.20	$0.70	$0.60	$0.60	$0.60	$0.24	$0.25	$0.44	$0.64	$0.68	$26.51								Price & Dividend 30
Price H/L Median	$26.55	$28.87	$23.10	$19.76	$18.46	$11.70	$7.93	$5.49	$9.53	$17.01	$18.92	$23.28	$27.59	$24.62				19.44%	<-Total Growth	10	Stock Price
Increase	20.17%	8.76%	-20.00%	-14.46%	-6.58%	-36.60%	-32.26%	-30.79%	73.75%	78.49%	11.20%	23.08%	18.49%	-10.75%				1.79%	<-IRR #YR->	10	Stock Price	19.44%
P/E	34.47	24.06	-22.87	34.66	16.78	19.50	-99.06	-3.54	7.62	4.90	7.25	12.38	12.60	10.86				38.13%	<-IRR #YR->	5	Stock Price	402.92%
Trailing P/E	56.48	37.49	19.25	-19.56	32.38	10.64	13.21	-68.56	-6.15	13.61	5.45	8.92	14.67	11.24				4.00%	<-IRR #YR->	10	Price & Dividend	48.48%
P/E on Running 5 yr Average	31.68	32.58	47.52	49.39	35.09	23.78	33.58	42.85	36.10	23.05	16.59	15.20	12.10	9.91				43.13%	<-IRR #YR->	5	Price & Dividend	457.72%
P/E on Running 10 yr Average	18.26	20.01	20.01	20.08	21.58	17.59	14.13	17.87	28.70	26.91	23.18	26.33	22.91	17.92				12.18	P/E Ratio		Historical Median
Median 10, 5 Yrs		D.  per yr	2.21%	5.00%	% Tot Ret	55.19%	11.59%	T P/E	9.78	8.92	P/E:	10.00	7.62						Count	30	Years of data
			-$23.10	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$27.59
								-$5.49	$0.00	$0.00	$0.00	$0.00	$27.59
			-$23.10	$0.70	$0.60	$0.60	$0.60	$0.24	$0.25	$0.44	$0.64	$0.68	$28.35
								-$5.49	$0.25	$0.44	$0.64	$0.68	$28.35
High Months	Dec	Jun	Apr	Oct	Jan	Jul	Feb	Jan	Nov	Jun	Nov	Nov	Jun	Feb
Price High	$29.79	$33.31	$25.23	$24.47	$23.03	$15.63	$10.36	$8.26	$13.15	$22.14	$23.44	$26.97	$31.29	$26.41				24.02%	<-Total Growth	10	Stock Price
Increase	16.00%	11.82%	-24.26%	-3.01%	-5.88%	-32.13%	-33.72%	-20.27%	59.20%	68.37%	5.87%	15.06%	16.02%	-15.60%				2.18%	<-IRR #YR->	10	Stock Price	24.02%
P/E	38.69	27.76	-24.98	42.93	20.94	26.05	-129.50	-5.33	10.52	6.38	8.98	14.35	14.29	11.65				30.52%	<-IRR #YR->	5	Stock Price	278.81%
Trailing P/E	63.38	43.26	21.03	-24.23	40.40	14.21	17.27	-103.25	-8.48	17.71	6.76	10.33	16.64	12.06				14.29	P/E Ratio		Historical Median
Median 10, 5 Yrs								T P/E	12.27	10.33	P/E:	12.40	10.52					27.45	P/E Ratio		Historical High
			-$25.23	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$31.29
								-$8.26	$0.00	$0.00	$0.00	$0.00	$31.29
Low Months	Jan	Dec	Jan	Jan	Dec	Dec	Aug	Mar	Jan	Jan	Feb	Jan	Apr	Feb
Price Low	$23.30	$24.43	$20.96	$15.04	$13.88	$7.77	$5.49	$2.71	$5.91	$11.88	$14.39	$19.59	$23.88	$22.83				13.93%	<-Total Growth	10	Stock Price
Increase	25.95%	4.85%	-14.20%	-28.24%	-7.71%	-44.02%	-29.34%	-50.64%	118.08%	101.02%	21.13%	36.14%	21.90%	-4.40%				1.31%	<-IRR #YR->	10	Stock Price	13.93%
P/E	30.26	20.36	-20.75	26.39	12.62	12.95	-68.63	-1.75	4.73	3.42	5.51	10.42	10.90	10.08				54.53%	<-IRR #YR->	5	Stock Price	781.18%
Trailing P/E	49.57	31.73	17.47	-14.89	24.35	7.06	9.15	-33.88	-3.81	9.50	4.15	7.51	12.70	10.42				10.05	P/E Ratio		Historical Median
Median 10, 5 Yrs								T P/E	7.28	7.51	P/E:	7.97	5.51					4.77	P/E Ratio		Historical Low
			-$20.96	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$23.88
								-$2.71	$0.00	$0.00	$0.00	$0.00	$23.88
													None given for 2025
Market Screener FCF						$139.00	$11.70	$320.00	$1,354	$2,271	$1,198	$627	$1,667	$1,109	$1,058	$1,030					Market Screener
Change							-91.58%	2635.04%	323.13%	67.73%	-47.25%	-47.66%	165.87%	-33.47%	-4.60%	-2.65%					Change
Free Cash Flow WSJ			$160.60	$40.20	-$140.00	$242.70	-$44.80	$321	$954	$2,411	$568	$547	$1,257	$1,109	$1,058	$1,030		682.69%	<-Total Growth	10	Free Cash Flow WSJ
Change				-74.97%	-448.26%	273.36%	-118.46%	816.52%	197.20%	152.73%	-76.44%	-3.70%	129.80%	-11.77%	-4.60%	-2.65%		31.39%	<-IRR #YR->	5	Free Cash Flow MS
FCF/CF from Op Ratio			0.23	0.06	-0.21	0.28	-0.07	0.49	0.48	0.63	0.24	0.23	0.41	0.37	0.32	0.28		22.85%	<-IRR #YR->	10	Free Cash Flow MS	682.69%
Dividends paid in cash	$243.40	$228.60	$212.3	$128.0	$209.2	$212.3	$212.4	$102.7	$133.1	$133.1	$392.0	$405.7	$444.0	$479.30	$479.30	$479.30		109.14%	<-Total Growth	10	Dividends paid
Percentage paid			132.19%	318.41%	0.00%	87.47%	0.00%	31.99%	13.95%	5.52%	69.01%	74.17%	35.32%	43.22%	45.30%	46.53%		$0.34	<-Median->	10	Percentage paid
5 Year Coverage							376.58%	206.30%	65.25%	20.43%	23.12%	24.30%	26.28%	31.47%	48.48%	45.74%					5 Year Coverage
Dividend Coverage Ratio			0.76	0.31	-0.67	1.14	-0.21	3.13	7.17	18.11	1.45	1.35	2.83	2.31	2.21	2.15		1.40	<-Median->	10	Dividend Coverage Ratio
5 Year of Coverage							0.27	0.48	1.53	4.89	4.32	4.12	3.80	3.18	2.06	2.19					5 Year of Coverage
								-$321	$0	$0	$0	$0	$1,257
			-$161	$0	$0	$0	$0	$0	$0	$0	$0	$0	$1,257
Free Cash Flow MS	-$108.90	$73.70	$126.70	$2.20	-$256.00	$182.00	-$46.90	$320.20	$951.60	$2,410.90	$402.70	$640.00	$1,664	$1,763				1213.34%	<-Total Growth	10	Free Cash Flow	MS, WSJ
Change				-98.26%	-11736%	171.09%	-125.77%	782.73%	197.19%	153.35%	-83.30%	58.93%	160.00%	5.95%				39.04%	<-IRR #YR->	5	Free Cash Flow MS	419.68%
FCF/CF from Op Ratio		0.06	0.18	0.00	-0.38	0.21	-0.07	0.49	0.47	0.63	0.17	0.27	0.54	0.59				29.37%	<-IRR #YR->	10	Free Cash Flow MS	1213.34%
Dividends paid in cash	$243.40	$228.60	$212.3	$128.0	$209.2	$212.3	$212.4	$102.7	$133.1	$133.1	$392.0	$405.7	$433.66	$479.30				104.27%	<-Total Growth	10	Dividends paid
Percentage paid			167.56%	5818.18%	0.00%	116.65%	0.00%	32.07%	13.99%	5.52%	97.34%	63.39%	26.06%	27.19%				$0.29	<-Median->	10	Percentage paid
5 Year Coverage							12177.50%	429.08%	75.57%	20.79%	24.10%	24.69%	24.67%	26.80%							5 Year Coverage
Dividend Coverage Ratio			0.60	0.02	-1.22	0.86	-0.22	3.12	7.15	18.11	1.03	1.58	3.84	3.68				1.30	<-Median->	10	Dividend Coverage Ratio
5 Year of Coverage							0.01	0.23	1.32	4.81	4.15	4.05	4.05	3.73							5 Year of Coverage
								-$320	$0	$0	$0	$0	$1,664
			-$127	$0	$0	$0	$0	$0	$0	$0	$0	$0	$1,664
Market Cap	$9,287	$8,037	$5,796	$8,164	$5,214	$2,863	$2,891	$2,120	$7,975	$11,331	$11,740	$15,372	$14,693	$13,940	$13,940			153.49%	<-Total Growth	10	Market Cap
Diluted # of Shares in Million	311.90	317.21	340.54	351.31	353.86	353.85	353.4	353.4	627.3	663.1	610.6	596.4	582.6	582.6				71.08%	<-Total Growth	10	Diluted
Change	4.93%	1.70%	7.36%	3.16%	0.72%	0.00%	-0.13%	0.00%	77.51%	5.71%	-7.92%	-2.33%	-2.32%	0.00%				0.00%	<-Median->	10	Change
Difference Diluted/Basic	-0.1%	-0.2%	0.0%	-0.1%	-0.1%	-0.1%	0.0%	0.0%	-0.2%	-0.3%	-0.3%	-0.3%	0.0%	0.0%				-0.12%	<-Median->	10	Difference Diluted/Basic
Average # of Shares in Million	311.54	316.62	340.54	350.91	353.43	353.46	353.4	353.4	626.3	661.2	608.8	594.9	582.6	582.6				71.08%	<-Total Growth	10	Average
Change	4.84%	1.63%	7.56%	3.04%	0.72%	0.01%	-0.02%	0.00%	77.21%	5.58%	-7.92%	-2.30%	-2.06%	0.00%				0.00%	<-Median->	10	Change
Difference Basic/Outstanding	0.8%	0.9%	1.9%	0.7%	0.0%	0.0%	0.0%	0.0%	10.7%	-6.1%	-2.0%	-0.9%	-2.1%	-2.1%				-0.01%	<-Median->	10	Difference Basic/Outstanding
											$3,833	<-12 mths	0.00%
Increase Reason
# of Share in Millions	314.067	319.439	347.084	353.287	353.462	353.443	353.4	353.4	693.5	620.9	596.9	589.626	570.600	570.600	570.600	570.600		5.10%	<-IRR #YR->	10	Shares	64.40%
Change	1.68%	1.71%	8.65%	1.79%	0.05%	-0.01%	-0.01%	-0.01%	96.26%	-10.47%	-3.87%	-1.21%	-3.23%	0.00%	0.00%	0.00%		10.06%	<-IRR #YR->	5	Shares	61.47%
CF fr Operations $Millon	$801.7	$1,153.0	$689.0	$630.7	$672.8	$862.8	$638.8	$655.7	$2,006.5	$3,833.3	$2,394.3	$2,348.6	$3,093.5	$2,966.5	$3,305.5	$3,654.1		348.98%	<-Total Growth	10	Cash Flow
Increase	13.96%	43.82%	-40.24%	-8.46%	6.68%	28.24%	-25.96%	2.65%	206.01%	91.04%	-37.54%	-1.91%	31.72%	-4.10%	11.43%	10.55%		SO	S Issues, DRIP
5 year Running Average	$715.8	$847.0	$850.0	$795.6	$789.4	$801.7	$698.8	$692.2	$967.3	$1,599.4	$1,905.7	$2,247.7	$2,735.2	$2,927.2	$2,821.7	$3,073.7		221.80%	<-Total Growth	10	CF 5 Yr Running
CFPS	$2.55	$3.61	$1.99	$1.79	$1.90	$2.44	$1.81	$1.86	$2.89	$6.17	$4.01	$3.98	$5.42	$5.20	$5.79	$6.40		173.11%	<-Total Growth	10	Cash Flow per Share
Increase	12.08%	41.40%	-45.00%	-10.07%	6.62%	28.25%	-25.95%	2.65%	55.92%	113.39%	-35.02%	-0.71%	36.11%	-4.10%	11.43%	10.55%		16.20%	<-IRR #YR->	10	Cash Flow	348.98%
5 year Running Average	$2.49	$2.79	$2.71	$2.44	$2.37	$2.34	$1.98	$1.96	$2.18	$3.03	$3.35	$3.78	$4.50	$4.96	$4.88	$5.36		36.38%	<-IRR #YR->	5	Cash Flow	371.79%
P/CF on Med Price	10.40	8.00	11.63	11.07	9.70	4.79	4.38	2.96	3.29	2.76	4.72	5.84	5.09	4.74	0.00	0.00		10.57%	<-IRR #YR->	10	Cash Flow per Share	173.11%
P/CF on Closing Price	11.58	6.97	8.41	12.95	7.75	3.32	4.53	3.23	3.97	2.96	4.90	6.54	4.75	4.70	4.22	3.81		23.92%	<-IRR #YR->	5	Cash Flow per Share	192.18%
															-1.16%	Diff M/C		5.19%	<-IRR #YR->	10	CFPS 5 yr Running	65.94%
Excl.Working Capital CF	$60.1	-$29.0	$84.4	$2.6	$59.1	-$43.8	$58.6	$11.9	$408.9	-$120.8	$245.3	$123.9	$98.9	$0.0	$0.0	$0.0		18.08%	<-IRR #YR->	5	CFPS 5 yr Running	129.59%
CF fr Op $M WC	$861.8	$1,124.0	$773.4	$633.3	$731.9	$819.0	$697.4	$667.6	$2,415.4	$3,712.5	$2,639.6	$2,472.5	$3,192.4	$2,966.5	$3,305.5	$3,654.1		312.77%	<-Total Growth	10	Cash Flow less WC
Increase	19.73%	30.42%	-31.19%	-18.11%	15.57%	11.90%	-14.85%	-4.27%	261.80%	53.70%	-28.90%	-6.33%	29.12%	-7.07%	11.43%	10.55%		15.23%	<-IRR #YR->	10	Cash Flow less WC	312.77%
5 year Running Average	$724.9	$846.1	$864.7	$822.5	$824.9	$816.3	$731.0	$709.8	$1,066.3	$1,662.4	$2,026.5	$2,381.5	$2,886.5	$2,996.7	$2,915.3	$3,118.2		36.75%	<-IRR #YR->	5	Cash Flow less WC	378.19%
CFPS Excl. WC	$2.74	$3.52	$2.23	$1.79	$2.07	$2.32	$1.97	$1.89	$3.48	$5.98	$4.42	$4.19	$5.59	$5.20	$5.79	$6.40		12.81%	<-IRR #YR->	10	CF less WC 5 Yr Run	233.83%
Increase	17.75%	28.23%	-36.67%	-19.55%	15.51%	11.91%	-14.84%	-4.27%	84.35%	71.68%	-26.04%	-5.18%	33.42%	-7.07%	11.43%	10.55%		32.39%	<-IRR #YR->	5	CF less WC 5 Yr Run	306.64%
5 year Running Average	$2.52	$2.78	$2.75	$2.52	$2.47	$2.39	$2.08	$2.01	$2.35	$3.13	$3.55	$3.99	$4.73	$5.08	$5.04	$5.44		9.64%	<-IRR #YR->	10	CFPS - Less WC	151.08%
P/CF on Med Price	9.67	8.20	10.36	11.02	8.91	5.05	4.02	2.90	2.74	2.84	4.28	5.55	4.93	4.74	0.00	0.00		24.25%	<-IRR #YR->	5	CFPS - Less WC	196.14%
P/CF on Closing Price	10.78	7.15	7.49	12.89	7.12	3.50	4.15	3.18	3.30	3.05	4.45	6.22	4.60	4.70	4.22	3.81		5.59%	<-IRR #YR->	10	CFPS 5 yr Running	72.24%
*Operational Cash Flow per share			CF/-WC	P/CF Med	10 yr	4.75	5 yr	4.72	P/CF Med	10 yr	4.60	5 yr	4.28		2.07%	Diff M/C		18.71%	<-IRR #YR->	5	CFPS 5 yr Running	135.71%
			-347.1	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	570.6								Shares
								-353.4	0.0	0.0	0.0	0.0	570.6								Shares
			-$689.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$3,093.5								Cash Flow
								-$655.7	$0.0	$0.0	$0.0	$0.0	$3,093.5								Cash Flow
			-$1.99	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$5.42								Cash Flow per Share
								-$1.86	$0.00	$0.00	$0.00	$0.00	$5.42								Cash Flow per Share
			-$2.71	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$4.50								CFPS 5 yr Running
								-$1.96	$0.00	$0.00	$0.00	$0.00	$4.50								CFPS 5 yr Running
			-$773.4	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$3,192.4								Cash Flow less WC
								-$667.6	$0.0	$0.0	$0.0	$0.0	$3,192.4								Cash Flow less WC
			-$864.7	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$2,886.5								CF less WC 5 Yr Run
								-$709.8	$0.0	$0.0	$0.0	$0.0	$2,886.5								CF less WC 5 Yr Run
			-$2.23	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$5.59								CFPS - Less WC
								-$1.89	$0.00	$0.00	$0.00	$0.00	$5.59								CFPS - Less WC
			-$2.75	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$4.73								CFPS 5 yr Running
								-$2.01	$0.00	$0.00	$0.00	$0.00	$4.73								CFPS 5 yr Running
Change in non-cash working capital	-$43.5	$49.4	-$62.4	-$4.7	-$30.4	-$20.9	-$58.3	-$19.5	-$184.1	$250.0	-$236.0	-$104.0	-$3.5
Net change in other liabilities	-$16.6	-$20.4	-$22.0	$2.1	-$28.7	$64.7	-$0.3	$7.6	-$224.8	-$129.2	-$9.3	-$19.9	-$95.4
Expenditures on site restoration and reclamation
Sum	-$60.1	$29.0	-$84.4	-$2.6	-$59.1	$43.8	-$58.6	-$11.9	-$408.9	$120.8	-$245.3	-$123.9	-$98.9
Google--->TD	-$60.1	$29.0	-$84.4	-$2.6	-$59.1	$44	-$59	-$12	-$409	$121	-$245	-$124	-$99
Difference	$0.0	$0.0	$0.0	$0.0	$0.0	$0	$0	$0	$0	$0	$0	$0	$0
Google--->TD		$29	-$84	-$3	-$59
Difference		$0	$0	$0	$0
OPM	49.36%	54.70%	57.72%	59.30%	54.89%	63.34%	53.70%	56.19%	43.88%	56.53%	52.44%	57.30%	63.07%	46.67%				9.27%	<-Total Growth	10	OPM
Increase	-2.52%	10.83%	5.51%	2.75%	-7.44%	15.39%	-15.21%	4.62%	-21.91%	28.84%	-7.24%	9.27%	10.07%	-26.00%					Should increase		or be stable.
Diff from Median	-12.42%	-2.94%	2.42%	5.23%	-2.60%	12.39%	-4.71%	-0.30%	-22.15%	0.30%	-6.96%	1.67%	11.91%	-17.19%				0.00	<-Median->	10	OPM
*Operational Profit Margin (CF/Revenue) Ratio									OPM	10 Yrs	56.36%	5 Yrs	56.53%					should be	zero, it is a		check on calculations
														$2,187	<-12 mths	2.17%
EBITDA							$459	$565	$2,175	$4,393	$3,096	$2,067	$2,140	$3,466	$3,522	$3,377					EBITDA	from Mkt Sc
Change								23.01%	285.23%	101.98%	-29.52%	-33.24%	3.53%	61.96%	1.62%	-4.12%					Change
Margin							38.59%	48.38%	47.56%	64.78%	67.81%	50.43%	43.63%	54.53%	56.58%	50.70%					Margin
														$511	<-12 mths	-13.87%
EBIT									$1,112	$2,978	$1,690	$706	$593	$1,776	$1,780	$1,736
Change										167.81%	-43.25%	-58.22%	-16.05%	199.65%	0.23%	-2.47%
Margin										64.78%	67.81%	50.43%	43.63%	54.53%	56.58%	50.70%
Long Term Debt	$895.2	$1,025.3	$1,056.4	$974.5	$837.4	$828.7	$728.7	$555.2	$1,705.3	$990.0	$1,148.9	$1,387.4	$2,428.1	$2,428.1				129.85%	<-Total Growth	10	Debt	Type
Change	19.73%	14.53%	3.03%	-7.75%	-14.07%	-1.04%	-12.07%	-23.81%	207.15%	-41.95%	16.05%	20.76%	75.01%	0.00%				-4.40%	<-Median->	10	Change	Lg Term R
Debt/Market Cap Ratio	0.10	0.13	0.18	0.12	0.16	0.29	0.25	0.26	0.21	0.09	0.10	0.09	0.17	0.17				0.16	<-Median->	10	Debt/Market Cap Ratio	Intang/GW
Assets/Current Liabilities Ratio	14.86	14.37	23.76	13.42	12.52	21.15	15.83	13.47	7.53	6.78	12.62	14.87	10.27	10.27				13.02	<-Median->	10	Assets/Current Liab Ratio	Liquidity
Current Liabilities/Asset Ratio	0.07	0.07	0.04	0.07	0.08	0.05	0.06	0.07	0.13	0.15	0.08	0.07	0.10	0.10				0.08	<-Median->	10	Current Liab/Asset Ratio	Liq. + CF
Debt to Cash Flow (Years)	1.12	0.89	1.53	1.55	1.24	0.96	1.14	0.85	0.85	0.26	0.48	0.59	0.78	0.82				0.85	<-Median->	10	Debt to Cash Flow (Years)	Debt Ratio
																						Leverage
Intangibles	$265.4	$266.4	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0				#DIV/0!	<-Total Growth	10	Intangibles	D/E Ratio
Goodwill	$248.2	$248.2	$248.2	$248.2	$248.2	$248.2	$248.2	$248.2	$248.2	$248.2	$248.2	$248.2	$248.2	$248.2				0.00%	<-Total Growth	10	Goodwill
Total	$513.6	$514.6	$248.2	$248.2	$248.2	$248.2	$248.2	$248.2	$248.2	$248.2	$248.2	$248.2	$248.2	$248.2				0.00%	<-Total Growth	10	Total
Change	5.61%	0.19%	-51.77%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%							Change
Intangible/Market Cap Ratio	0.06	0.06	0.04	0.03	0.05	0.09	0.09	0.12	0.03	0.02	0.02	0.02	0.02	0.02				0.03	<-Median->	10	Intangible/Market Cap Ratio
Current Assets	$200.10	$327.60	$508.90	$1,150.3	$818.7	$559.4	$193.2	$162.3	$730.0	$986.5	$893.4	$1,000.9	$1,046.3	$1,046.3				Liquidity ratio of 1.5 and up, best
Current Liabilities	$386.00	$440.10	$249.70	$446.5	$497.3	$284.5	$365.0	$367.7	$1,511.1	$1,715.7	$981.6	$880.7	$1,491.5	$1,491.5				0.81	<-Median->	10	Ratio
Liquidity	0.52	0.74	2.04	2.58	1.65	1.97	0.53	0.44	0.48	0.57	0.91	1.14	0.70	0.70				0.70	<-Median->	5	Ratio
Liq. with CF aft div	1.62	2.49	3.13	3.43	2.57	4.25	1.70	1.99	1.70	2.65	2.96	3.35	2.48	2.37				2.65	<-Median->	5	Ratio
Liq. CF re  Inv+Div	0.52	0.75	0.96	1.83	1.40	1.48	0.60	1.00	1.11	1.45	1.09	1.06	0.74	2.37				1.09	<-Median->	5	Ratio
Curr Long Term Debt	$42.10	$49.50	$59.70	$51.50	$73.10	$80.50	$80.50	$146.70	$0.00	$0.00	$0.00	$0.00	$450.00	$450.00
Liquidity Less CLTD	0.58	0.84	2.68	2.91	1.93	2.74	0.68	0.73	0.48	0.57	0.91	1.14	1.00	1.00				0.91	<-Median->	5	Ratio
Liq. with CF aft div	1.82	2.81	4.11	3.88	3.02	5.93	2.18	3.32	1.70	2.65	2.96	3.35	3.56	3.39				2.96	<-Median->	5	Ratio
Assets	$5,736.0	$6,325.5	$5,932.2	$5,990.5	$6,224.0	$6,016.2	$5,778.3	$4,954.2	$11,380.3	$11,623.9	$12,382.9	$13,099.7	$15,310.3	$15,310.3				Debt Ratio of 1.5 and up, best
Liabilities	$2,339.9	$2,773.7	$2,543.7	$2,505.7	$2,555.1	$2,340.4	$2,338.4	$2,163.6	$5,452.8	$4,970.4	$4,955.1	$5,151.5	$5,151.5	$7,046.3				2.45	<-Median->	10	Ratio
Debt Ratio	2.45	2.28	2.33	2.39	2.44	2.57	2.47	2.29	2.09	2.34	2.50	2.54	2.97	2.17				2.50	<-Median->	5	Ratio
Estimates BVPS														$14.88	$15.91				Estimates		Estimates BVPS
Estimate Book Value														$8,490.5	$9,078.2				Estimates		Estimate Book Value
P/B Ratio (Close)														1.64	1.54				Estimates		P/B Ratio (Close)
Difference from 10 year median															6.98%				Estimates		Difference from 10 yr med.
Liab. Inc NCI CK	$3,396.1	$3,551.8	$3,388.5	$3,484.8	$3,668.9	$3,675.8	$3,439.9	$2,790.6	$5,927.5	$6,653.5	$7,427.8	$7,948.2	$10,158.8	$8,264.0							Liab. Inc NCI CK
Total Book Value	$3,396.1	$3,551.8	$3,388.5	$3,484.8	$3,668.9	$3,675.8	$3,439.9	$2,790.6	$5,927.5	$6,653.5	$7,427.8	$7,948.2	$10,158.8	$8,264.0							Total Book Value
Non-Cont Int	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0							Non-Cont Int
Book Value	$3,396.1	$3,551.8	$3,388.5	$3,484.8	$3,668.9	$3,675.8	$3,439.9	$2,790.6	$5,927.5	$6,653.5	$7,427.8	$7,948.2	$10,158.8	$8,264.0	$8,264.0	$8,264.0		199.80%	<-Total Growth	10	Book Value
Book Value per share	$10.81	$11.12	$9.76	$9.86	$10.38	$10.40	$9.73	$7.90	$8.55	$10.72	$12.44	$13.48	$17.80	$14.48	$14.48	$14.48		82.36%	<-Total Growth	10	Book Value
Change	-1.67%	2.83%	-12.20%	1.04%	5.23%	0.19%	-6.41%	-18.87%	8.23%	25.38%	16.13%	8.32%	32.07%	-18.65%	0.00%	0.00%		-1.08%	P/B Ratio		Current/Historical Median
P/B Ratio (Median)	2.45	2.60	2.37	2.00	1.78	1.13	0.81	0.69	1.12	1.59	1.52	1.73	1.55	1.70	0.00	0.00		1.71	P/B Ratio		Historical Median
P/B Ratio (Close)	2.73	2.26	1.71	2.34	1.42	0.78	0.84	0.76	1.35	1.70	1.58	1.93	1.45	1.69	1.69	1.69		6.19%	<-IRR #YR->	10	Book Value	82.36%
Change	23.04%	-17.25%	-24.40%	36.96%	-39.35%	-45.19%	7.90%	-9.59%	77.09%	26.57%	-7.19%	22.36%	-25.21%	16.63%	0.00%	0.00%		17.65%	<-IRR #YR->	5	Book Value	125.45%
Leverage (A/BK)	1.69	1.78	1.75	1.72	1.70	1.64	1.68	1.78	1.92	1.75	1.67	1.65	1.51	1.85				1.69	<-Median->	10	A/BV
Debt/Equity Ratio	0.69	0.78	0.75	0.72	0.70	0.64	0.68	0.78	0.92	0.75	0.67	0.65	0.51	0.85				0.69	<-Median->	10	Debt/Eq Ratio
Sharerholders Equity (Assets less liabilities)									P/BV	10 yr Med	1.53	5 yr Med	1.55		9.91%	Diff M/C
		-$11.12	-$9.76	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$17.80
								-$7.90	$0.00	$0.00	$0.00	$0.00	$17.80
Comprehensive Income	$240.70	$380.80	-$342.60	$201.50	$388.50	$213.90	-$27.60	-$547.20	$784.10	$2,281.70	$1,601.70	$1,135.80	$1,279.30					473.41%	<-Total Growth	10	Comprehensive Income
NCI	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00								NCI
Shareholders	$240.70	$380.80	-$342.60	$201.50	$388.50	$213.90	-$27.60	-$547.20	$784.10	$2,281.70	$1,601.70	$1,135.80	$1,279.30					473.41%	<-Total Growth	10	Shareholders
Increase	72.92%	58.21%	-189.97%	158.81%	92.80%	-44.94%	-112.90%	-1882.61%	243.29%	191.00%	-29.80%	-29.09%	12.63%					12.63%	<-Median->	5	Comprehensive Income
5 Yr Running Average	$229.72	$261.82	$141.04	$123.92	$173.78	$168.42	$86.74	$45.82	$162.34	$540.98	$818.54	$1,051.22	$1,416.52					#NUM!	<-IRR #YR->	10	Comprehensive Income	473.41%
ROE	7.1%	10.7%	-10.1%	5.8%	10.6%	5.8%	-0.8%	-19.6%	13.2%	34.3%	21.6%	14.3%	12.6%					#NUM!	<-IRR #YR->	5	Comprehensive Income	333.79%
5Yr Median	8.2%	8.2%	7.1%	5.8%	7.1%	5.8%	5.8%	5.8%	5.8%	5.8%	13.2%	14.3%	14.3%					25.95%	<-IRR #YR->	10	5 Yr Running Average	904.34%
% Difference from NI	0.0%	0.0%	0.0%	0.1%	-0.1%	0.0%	0.0%	0.0%	-0.3%	-0.9%	0.3%	1.0%	0.3%					98.62%	<-IRR #YR->	5	5 Yr Running Average	2991.49%
Median Values										Diff	5, 10 yr	0.0%	0.3%					14.3%	<-Median->	5	Return on Equity
			$342.6	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$1,279.3
								$547.2	$0.0	$0.0	$0.0	$0.0	$1,279.3
			-$141.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$1,416.5
								-$45.8	$0.0	$0.0	$0.0	$0.0	$1,416.5
Current Liability Coverage Ratio	2.23	2.55	3.10	1.42	1.47	2.88	1.91	1.82	1.60	2.16	2.69	2.81	2.14	1.99							CFO / Current Liabilities
5 year Median	2.23	2.23	2.23	2.23	2.23	2.55	1.91	1.82	1.82	1.91	1.91	2.16	2.16	2.16				202.6%	<-Median->	10	Current Liability Cov Ratio
Asset Efficiency Ratio	15.02%	17.77%	13.04%	10.57%	11.76%	13.61%	12.07%	13.48%	21.22%	31.94%	21.32%	18.87%	20.85%	19.38%							CFO / Total Assets
5 year Median	13.76%	15.02%	15.02%	13.04%	13.04%	13.04%	12.07%	12.07%	13.48%	13.61%	21.22%	21.22%	21.22%	20.85%				16.2%	<-Median->	10	Return on Assets
Return on Assets ROA	4.20%	6.02%	-5.78%	3.36%	6.25%	3.55%	-0.48%	-11.05%	6.91%	19.81%	12.89%	8.58%	8.33%	8.63%				Net	Income/Assets		Return on Assets
5Yr Median	5.27%	5.27%	4.20%	3.36%	4.20%	3.55%	3.36%	3.36%	3.55%	3.55%	6.91%	8.58%	8.58%	8.63%				6.6%	<-Median->	10	Asset Efficiency Ratio
Return on Equity ROE	7.09%	10.72%	-10.11%	5.78%	10.60%	5.82%	-0.80%	-19.61%	13.27%	34.60%	21.49%	14.14%	12.55%	15.98%				Net Inc/	Shareholders' equity		Return on Equity
5Yr Median	8.17%	8.17%	7.09%	5.78%	7.09%	5.82%	5.78%	5.78%	5.82%	5.82%	13.27%	14.14%	14.14%	15.98%				11.6%	<-Median->	10	Return on Equity
														$1,220.5	<-12 mths	-4.28%
Net Income	$240.7	$380.80	-$342.70	$201.30	$388.90	$213.80	-$27.60	-$547.20	$786.6	$2,302.3	$1,596.5	$1,124.1	$1,275.1					472.07%	<-Total Growth	10	Net Income
NCI	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00								NCI
Shareholders	$240.70	$380.80	-$342.70	$201.30	$388.90	$213.80	-$27.60	-$547.20	$786.6	$2,302.3	$1,596.5	$1,124.1	$1,275.1	$1,321	$1,186	$941		472.07%	<-Total Growth	10	Shareholders
Increase	72.92%	58.21%	-189.99%	-158.74%	93.19%	-45.02%	-112.91%	1882.61%	-243.75%	192.69%	-30.66%	-29.59%	13.43%	3.60%	-10.22%	-20.70%		EPS/CF Ratio should not be higher than 1.00
5 Yr Running Average	$230.1	$261.7	$141.0	$123.9	$173.8	$168.4	$86.7	$45.8	$162.9	$545.6	$822.1	$1,052.5	$1,416.9	$1,523.8	$1,300.5	$1,169.3		#NUM!	<-IRR #YR->	10	Net Income	472.07%
Operating Cash Flow	$801.7	$1,153.0	$689.0	$630.7	$672.8	$862.8	$638.8	$655.7	$2,006.5	$3,833.3	$2,394.3	$2,348.6	$3,093.5					#NUM!	<-IRR #YR->	5	Net Income	333.02%
Investment Cash Flow	-$818.4	-$1,017.9	-$564.8	-$393.3	-$416.4	-$534.7	-$673.3	-$364.3	-$808.1	-$1,413.2	-$1,690.7	-$1,902.2	-$3,536.0					25.95%	<-IRR #YR->	10	5 Yr Running Average	904.91%
Total Accruals	$257.4	$245.7	-$466.9	-$36.1	$132.5	-$114.3	$6.9	-$838.6	-$411.8	-$117.8	$892.9	$677.7	$1,717.6					98.62%	<-IRR #YR->	5	5 Yr Running Average	2991.01%
Total Assets	$5,736.0	$6,325.5	$5,932.2	$5,990.5	$6,224.0	$6,016.2	$5,778.3	$4,954.2	$11,380.3	$11,623.9	$12,382.9	$13,099.7	$15,310.3						Balance Sheet		Assets
Accruals Ratio	4.49%	3.88%	-7.87%	-0.60%	2.13%	-1.90%	0.12%	-16.93%	-3.62%	-1.01%	7.21%	5.17%	11.22%					5.17%	<-Median->	5	Ratio
EPS/CF Ratio	0.28	0.34	-0.45	0.32	0.53	0.26	-0.04	-0.82	0.36	0.58	0.59	0.45	0.39					0.38	<-Median->	10	EPS/CF Ratio
																		Should not be higher than 1.00
			$343	$0	$0	$0	$0	$0	$0	$0	$0	$0	$1,275
								$547	$0	$0	$0	$0	$1,275
			-$141	$0	$0	$0	$0	$0	$0	$0	$0	$0	$1,417
								-$46	$0	$0	$0	$0	$1,417
Change in Close	20.99%	-14.91%	-33.62%	38.38%	-36.17%	-45.08%	0.99%	-26.65%	91.67%	58.70%	7.78%	32.54%	-1.23%	-5.13%	0.00%	0.00%			Count	31	Years of data
up/down				up					up			Down	Down	Down					Count	13	41.94%
Meet Prediction?				Yes					Yes				Yes					% right	Count	8	61.54%
Financial Cash Flow	-$177.9	-$128.0	$36.0	-$182.5	-$268.4	-$288.7	-$216.6	-$299.5	-$1,198.8	-$2,363.0	-$759.6	-$443.5	$449.5						C F Statement		Financial CF
Accruals	$435.3	$373.7	-$502.9	$146.4	$400.9	$174.4	$223.5	-$539.1	$787.0	$2,245.2	$1,652.5	$1,121.2	$1,268.1								Accruals
Accruals Ratio	7.59%	5.91%	-8.48%	2.44%	6.44%	2.90%	3.87%	-10.88%	6.92%	19.32%	13.35%	8.56%	8.28%					8.56%	<-Median->	5	Ratio
Cash	$0.0	$7.1	$167.3	$222.2	$220.2	$220.2	$8.5	$0.4	$0.0	$57.1	$1.1	$0.0	$7.0	$7.0							Cash
Cash per Share	$0.00	$0.02	$0.48	$0.63	$0.62	$0.62	$0.02	$0.00	$0.00	$0.09	$0.00	$0.00	$0.01	$0.01				$0.00	<-Median->	5	Cash per Share
Percentage of Stock Price	0.00%	0.09%	2.89%	2.72%	4.22%	7.69%	0.29%	0.02%	0.00%	0.50%	0.01%	0.00%	0.05%	0.05%				0.01%	<-Median->	5	% of Stock Price
	Yes, 0
Notes:
February 7, 2026.  Last estimates were for 2025, 2026, 2027 of $5744M, $5976M, $5898M Revenue, $5554M, $6112M, $5898M Sales, $5.90, $5.83 2025/6 FFO $2.93, $2.97, $3.03 EPS, $0.76, $0.80, $0.76
Dividends, $1667M, $1637M, $1198M FCF, $5.87, 6.32, $6.91 CFPS, $3755M, $3714M 2025/6 EBITDA, $14.93, $16.39 2025/6 BVPS, $1709M, $1730M, $1574M Net Income.
February 8, 2025.  Last estimates were for 2024, 2025, 2026 of $4858M, $6437M, $6641M Revenue, $4.70, $5.34 FFO, $2.19, $3.55, $5.50 EPS,
$0.68, $0.71, $0.68 Dividends, $682M, $1664M, $1763M for FCF, $4.48, $5.77, $6.87 CFPS, $1473M, $2163M $3283M Net Income.
February 10, 2023.  Last estimates were for 2023 and 2024 of $5913M, $5744M for Revenue, $5.40 and $5.65 for FFO, $3.16, $3.32 ane $5.15 for EPS 2023/5,
$0.60 and $0.72 for Dividends, $1667M, $1484M and $1080M 2023/5 for FCF, $5.27, $5.57 and $8.06 2023/5 for CFPS, $2100, $2200 and $3198M 2023/5 for Net Income.
February 12, 2023, Last estimates were for 2022, 2023 and 2024 of 5093M and $5257M for 2022-23 for Revenue, $4.32, $4.05 2022-23 for FFO, $2.13, $2.08 and $3.15 for EPS,
$0.41, $0.45 and $0.62 for Dividends, $1844M, $1645M and $1194M for FCF, $4.68, $4.74 and $6.03 for CFPS, $1366M, $1802M 2022-23 for Net Income.
February 19, 2022.  Last estimates were for 2021, 2022 and 2023 of $2825M, $3721M and $4589M for Revenue, $2.37 for FFO for 2021, $0.80, $1.05 and 2.76 for EPS,
$0.25, $0.24 and $0.24 for Dividends, $691M, $977M and $1235M for FCF, $2.91, $3.18 and $5.10 for CFPS, and $487M, $793M and $978M for Net Income.
February 19, 2021.  Last estimates were for 2020 and 2021 of $1328, $1529 for Revenue, $2.57 for FFO, $0.28, $0.45 and $0.35 for EPS for 2020 to 2022,
$0.60 and $0.60 for Dividends, $2.06, $2.25 and $2.38 for CFPS for 2020 to 2022 and $102M, and $152M  for Net Income.
February 8, 2020.  Last estimates were for 2019, 2020 and 2021 of $1275M, $1468M and $1659M for Revenue, $2.18 and 2.37 for 2019 and 2020 for FFO,
$0.44, $0.53 and $0.84 for EPS, $2.08, $2.33 and $2.67 for CFPS and $53M for Net Income for 2019.
February 10, 2019.  Last estimates were for 2018, 2019 and 2020 of $1348M, $1454M and $2004M for Revenue, $0.46, $0.32 and 0.30 for EPS,
$2.15, $2.09 and $2.70 for CFPS and $67.5M and $50.2M for Net Income for 2018 and 2019.
February 10, 2018.  Last estimates were for 2017, 2018 and 2019 of $1408M, $1627M and $1693M for Revenue, $2.27 and $2.75 for FFO for 2017 and 2018,
$0.52, $0.47 and $0.59, $1.92 and $2.78 for CFPS fo 2017 and 2018 and $59.6M for Net Income for 2017
February 11, 2017.  Last estimates were for 2016, 2017 and 2018 of $1289M, $1527M and $1844M for Revenue, $1.93 and $2.12 for DCF for 2016 and 2017, $0.01, $0.17 and $0.63 for EPS,
$1.92, $2.18 and $2.78 for CFPS and $-36.2M and $59.6M for 2016 and 2017 of Net Income.
February 18, 2015.  Last estimates were for 2014, 2015 and 2016 of $1883M $2085M, and $2131M for Revenue, $2.76 for Distri Cash Flow for 2014,
$0.95, $1.05 and $1.19 for EPS, $3.17, $3.43 and $3.88 for CFPS and $2.94M and $339M for 2014 and 2015 for Net Income.
February 11, 2014.  Last estimates ere for 2013 and 2014 of $1515M and $1844M for Revenue, $0.58 and $0.80 for EPS and $2.31 and $2.97 for CFPS.
Mar 9, 2013.  Last estimates were for 2012 and 2013 of $1343 and $1551M for Revenue, $.036 and f$0.51 for EPS and f$2.40 and $2.78 for CFPS.
Storm Exploration Inc. acquitions included exchangeable shares issued.
October 29, 2012.  Last estimates were for 2011 and 2012 with $1.398M and $1,601M for Revenue, $1.32 and $1.14 for EPS and $3.06 and $3.10 for CFPS
Sep 25, 2011.  Estimates I got for 2010 and 2011 when I last looked were $2.44 and $2.81 for distributable income, $1.18 and $1.22 for earnings and $2.61 and $3.09 for CF.
Company was converted from an Income Trust ARC Energy Trust (TSX-AET.UN) to ARC Resources Ltd. (TSX-ARX) on January 2011.
Aug 24, 2010.  When I last looked, I got 2010 and 2011 Distri CF of $2.44 and $2.81, Earnings of $1.05 and $1.22 and CF of $2.70 and $2.90 and Dis of $1.20 and $1.20.
The company expects to convert to a corporation in 2011 with distribution depending on commodities prices.
Apr 28, 2010.  I last got estimates for 2009 and 2010 for Distributable Cash of $2.08 and $1.92, earnings of $.53 and $1.05 and cash flow of $2.00 and $2.80.
In May 2009 when I looked for DI, I got, for 2009 and 2010 $1.85 and $2.80. For earnings I got $.26 and $1.01.  For Cash Flow I got $1.85 and $2.80.
May 11, 2009 AR 2008.  when I looked at this stock in Jan 2009, I got Distributable cash flow of $4.35 and earnings of $2.48 and they came at $4.37 and $2.50.  Close.
Formed in 1996 as an Income Trust.  The shares are always increasing due to dividend reinvestment program.
Part of  S&P Long-Term Value Creation Index
Sector:
Energy, Resources
What should this stock accomplish?
You should make both capital gains and dividends over the longer term, but expect a lot of volatility
Would I buy this company and Why.
You would buy this stock for diversification into the oil and gas business in Canada.
I would consider it if I was looking for a oil and gas company.
Why am I following this stock.
When TFSA first came out, this stock was recommended for this account as it was an income trust at that point and most of the distributions were taxable.
This stock is no longer an income trust and the distributions are now dividends and taxed as normal Canadian dividends.
Dividends
2020.  Dividends paid quarterly, in January, April, July and October .
Dividends are paid monthly. Dividends are declared for shareholders of one month and paid in the following month.
For example, the dividends payable to shareholders of record on February 28, 2014 is payable on March 17, 2014.
Dividends can vary due to the price of oil.
Currently, (2016) ARC Resources anticipates that its dividends will be “eligible dividends” and, as a result, subject to the enhanced dividend tax credit which is typically applied to dividends from most Canadian public companies.
Misson Statement or closes thing I can find.
What I am looking for is a statement that the company wants to do well by their customers, employees, and community and and thereby earn shareholders a reasonable return.
For customers
For employees:  ARC Ltd says it is committed to running our business in a manner that protects the health and safety of those who work for us
For community"  ARC Resources Ltd is committed to conducting their business in a manner than safeguards the environment.
For investors:  ARC has a long history of expertise and providing superior long-term returns to shareholders.
ARC Ltd. says their vision has been to be a leading oil and gas producer as measured by quality of assets, management expertise and long-term returns;
to achieve this we have focused on what we call ‘risk managed value creation’.
2003 report says their mission is to combine our excellent managerial and technical expertise to maximize value to our unitholders
How they make their money.
Arc Resources is a natural gas and condensate-focused producer in Canada's Western Sedimentary Basin.
Taxes
Foreign
Cap Gain
Taxable Inc
Ret of Cap.
Total
For Tax Cr
For most ratios, lower is better when looking for a good stock price.  However, there are exceptions such as for yield and asset/liability ratios and here you want a higher ratios to indicate a good stock price.
Also, for the Operational Profit Margin, a higher percentage is better.  With the OPM, you should only compare companies in similar industries.
Shares; '%, Value $M	%, Val $M	Shares	%, Val $M	Shares	%, Val $M	Shares	%, Val $M	Shares	%, Val $M	Shares	%, Val $M	Shares	%, Val $M	Shares	%, Val $M			Shares	%, Val $M			Change
Date	2018	Feb 10	2019	Feb 8	2020	Feb 19	2021	Feb 19	2022	Feb 12	2023	Feb 10	2024	Feb 8	2025			Feb 7	2026
Anderson, Terry Michael	0.04%	0.169	0.05%	0.215	0.06%	0.341	0.05%	0.369	0.06%	0.372	0.06%	0.383	0.06%	0.491	0.09%			0.527	0.09%		Was officer, CEO in 2021	7.17%
CEO - Shares - Amount	$1.089		$1.384		$1.288		$3.927		$6.735		$7.308		$9.980		$12.650				$12.863
Options - percentage	0.14%	0.614	0.17%	0.744	0.21%	1.173	0.17%	1.335	0.21%	1.249	0.21%	0.876	0.15%	0.586	0.10%			0.569	0.10%			-2.79%
Options - amount	$3.871		$5.022		$4.465		$13.491		$24.362		$24.558		$22.826		$15.085				$13.912
Stadnyk, Myron Maurice	0.14%	0.642	0.18%	0.774	0.22%
CEO - Shares - Amount	$3.901		$5.249		$4.644
Options - percentage	0.26%	1.201	0.34%	1.379	0.39%
Options - amount	$7.476		$9.828		$8.276
Reuters Options Value
Bibby, Kristen Jon				0.200	0.06%	0.126	0.02%	0.136	0.02%	0.144	0.02%	0.154	0.03%	0.161	0.03%			0.187	0.03%			15.62%
CFO - Shares - Amount					$1.198		$1.453		$2.483		$2.831		$4.008		$4.157				$4.560
Options - percentage				0.576	0.16%	0.382	0.06%	0.424	0.07%	0.423	0.07%	0.292	0.05%	0.214	0.04%			0.217	0.04%			1.17%
Options - amount					$3.458		$4.395		$7.738		$8.316		$7.601		$5.523				$5.301
Dafoe, P. Van R.	0.03%	0.128	0.04%
CFO - Shares - Amount	$0.795		$1.048
Options - percentage	0.11%	0.484	0.14%
Options - amount	$3.071		$3.958
Berrett, Ryan Victor						0.060	0.01%	0.070	0.01%	0.070	0.01%	0.072	0.01%	0.073	0.01%			0.078	0.01%			7.73%
Officer - Shares - Amount							$0.686		$1.277		$1.384		$1.874		$1.874				$1.916
Options - percentage						0.215	0.03%	0.230	0.04%	0.203	0.03%	0.145	0.02%	0.123	0.02%			0.135	0.02%			10.38%
Options - amount							$2.476		$4.194		$3.998		$3.771		$3.157				$3.306
Calder, Sean Ross Allen										0.088	0.01%	0.093	0.02%	0.096	0.02%			0.098	0.02%			2.20%
Officer - Shares - Amount											$1.732		$2.431		$2.472				$2.397
Options - percentage										0.210	0.04%	0.132	0.02%	0.082	0.01%			0.065	0.01%			-20.92%
Options - amount											$4.135		$3.431		$2.104				$1.579
Collyer, David Ralph						0.020	0.00%	0.020	0.00%	0.020	0.00%	0.020	0.00%	0.020	0.00%			0.020	0.00%			0.00%
Director - Shares - Amount							$0.230		$0.365		$0.393		$0.521		$0.515				$0.489
Options - percentage						0.074	0.01%	0.090	0.01%	0.100	0.02%	0.114	0.02%	0.125	0.02%			0.136	0.02%			8.50%
Options - amount							$0.848		$1.648		$1.972		$2.967		$3.222				$3.317
Banducci, Carol T.												0.001	0.00%	0.003	0.00%			0.009	0.00%			196.29%
Director - Shares - Amount													$0.026		$0.076				$0.215
Options - percentage												0.030	0.01%	0.042	0.01%			0.053	0.01%			25.39%
Options - amount													$0.794		$1.081				$1.286
McAllister, Michael												0.089	0.02%	0.129	0.02%			0.131	0.02%			1.26%
Director - Shares - Amount													$2.311		$3.325				$3.194
Options - percentage												0.181	0.03%	0.044	0.01%			0.051	0.01%			16.11%
Options - amount													$4.710		$1.132				$1.247
McAdam, William										0.089	0.01%	0.089	0.02%
Director - Shares - Amount											$1.744		$2.311
Options - percentage										0.164	0.03%	0.181	0.03%
Options - amount											$3.232		$4.710
Kvisle, Harold N.	0.03%	0.150	0.04%	0.150	0.04%	0.150	0.02%	0.170	0.03%	0.170	0.03%	0.170	0.03%	0.150	0.03%			0.170	0.03%			13.33%
Chairman - Shares - Amt	$0.932		$1.227		$0.900		$1.725		$3.103		$3.344		$4.432		$3.863				$4.153
Options - percentage	0.02%	0.117	0.03%	0.199	0.06%	0.295	0.04%	0.346	0.06%	0.376	0.06%	0.420	0.07%	0.451	0.08%			0.481	0.08%			6.49%
Options - amount	$0.665		$0.961		$1.194		$3.395		$6.319		$7.405		$10.944		$11.625				$11.745
Van Wielingen, Mac Howard
Chairman - Shares - Amt
Options - percentage
Options - amount
Insider ownership
Increase in O/S Shares	0.01%	0.154	0.04%	0.284	0.08%	0.218	0.06%	1.649	0.24%	1.963	0.32%	1.239	0.21%	1.278	0.22%			0.703	0.12%
due to SO 2013	$0.443		$1.247		$2.323		$1.308		$18.964		$35.825		$24.371		$33.317				$18.102
Book Value	$4.300		$5.300		$4.800		$4.200		$18.000		$37.300		$21.600		$20.800				$11.700
Insider Buying	-$2.649		-$4.865		-$2.504		-$0.378		-$0.899		-$0.775		-$1.562		-$4.095				-$3.339
Insider Selling	$0.753		$0.365		$0.563		$1.953		$1.043		$9.647		$3.798		$13.687				$0.521
Net Insider Selling	-$1.896		-$4.500		-$1.941		$1.575		$0.144		$8.871		$2.236		$9.592				-$2.818
% of Market Cap	-0.07%		-0.16%		-0.09%		0.02%		0.00%		0.08%		0.01%		0.07%				-0.02%
Directors		10		10		10		12		11		10		10				12
Women	18%	2	20%	2	20%	2	20%	5	42%	4	36%	3	30%	3	30%			4	33%
Minorities	0%	0	0%	1	10%	1	10%	1	8%	1	9%	0	0%	0	0%			1	8%
				Arab? Man
Institutions/Holdings	47.32%	208	51.07%	20	37.21%	20	41.58%	20	21.92%	20	21.96%	20	23.98%	20	26.22%			20	29.85%
Total Shares Held	47.36%	180.736	51.14%	131.496	37.21%	146.934	21.19%	151.985	24.48%	136.329	22.84%	145.071	24.60%	154.600	27.09%			170.323	29.85%
Increase/Decrease	2.69%	-5.337	-2.87%	-3.124	-2.32%	5.605	3.97%	-28.117	-15.61%	-12.345	-8.30%	11.134	8.31%	-6.269	-3.90%			-9.182	-5.12%
Starting No. of Shares		186.073		134.620	Top 20 MS	141.329	Top 20 MS	180.102	Top 20 MS	148.674	Top 20 MS	133.937	Top 20 MS	160.870	Top 20 MS			179.506	Top 20 MS
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