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 2025	<-Estimates						https://www.annualreports.com/Company/Canadian-Natural-Resources
See my website on stocks or see my blog at the following sites.						https://spbrunner.com/stocks.html				https://spbrunner.blogspot.com/				3/31/25	<-Estimates
Canadian Natural Resources					TSX	CNQ	NYSE	CNQ	https://www.cnrl.com/		Fiscal Yr:	Dec 31
Year	12/31/12	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		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
Split Dates													6/11/24									Alpha
Split													2								Split	Spread
														$37,606	<-12 mths	5.47%			Estimates		last 12 months from Qtr.
Revenue less Royalities	$14,589	$16,145	$18,863	$12,363	$10,523	$16,651	$21,027	$22,871	$16,893	$30,057	$42,298	$35,968	$35,656	$38,073	$37,112	$39,461		89.03%	<-Total Growth	10	Revenue less Royalities
Increase	5.78%	10.67%	16.83%	-34.46%	-14.88%	58.23%	26.28%	8.77%	-26.14%	77.93%	40.73%	-14.97%	-0.87%	6.78%	-2.52%	6.33%		3.95%	<-Median->	10	Increase
Royalities	$1,606	$1,800	$2,438	$804	$575	$1,018	$1,255	$1,523	$598	$2,797	$7,232	$4,867	$4,867	$1,348	$1,314	$1,397		99.63%	<-Total Growth	10	Royalities
% Roylities to Rev less Royalities	11.01%	11.15%	12.92%	6.50%	5.46%	6.11%	5.97%	6.66%	3.54%	3.54%	3.54%	3.54%	3.54%	3.54%	3.54%	3.54%		4.50%	<-Median->	10	% Roylities to Rev less Royalities
Revenue*	$16,195	$17,945	$21,301	$13,167	$11,098	$17,669	$22,282	$24,394	$17,491	$32,854	$49,530	$40,835	$40,835	$39,421	$38,426	$40,858		91.70%	<-Total Growth	10	Revenue
Increase	4.44%	10.81%	18.70%	-38.19%	-15.71%	59.21%	26.11%	9.48%	-28.30%	87.83%	50.76%	-17.56%	0.00%	-3.46%	-2.52%	6.33%		6.72%	<-IRR #YR->	10	Revenue	91.70%
5 year Running Average	$14,655	$15,009	$17,054	$16,823	$15,941	$16,236	$17,103	$17,722	$18,587	$22,938	$29,310	$33,021	$36,309	$40,695	$41,809	$40,075		10.85%	<-IRR #YR->	5	Revenue	67.40%
Revenue per Share	$7.41	$8.25	$9.75	$6.01	$4.99	$7.22	$9.27	$10.28	$7.39	$14.06	$22.46	$19.04	$19.42	$18.75	$18.27	$19.43		7.85%	<-IRR #YR->	10	5 yr Running Average	112.91%
Increase	4.86%	11.29%	18.21%	-38.35%	-16.95%	44.65%	28.30%	10.86%	-28.12%	90.33%	59.75%	-15.23%	1.99%	-3.46%	-2.52%	6.33%		15.43%	<-IRR #YR->	5	5 yr Running Average	104.88%
5 year Running Average	$6.73	$6.88	$7.81	$7.70	$7.29	$7.25	$7.45	$7.56	$7.83	$9.64	$12.69	$14.64	$16.47	$18.74	$19.59	$18.98		7.13%	<-IRR #YR->	10	Revenue per Share	99.06%
P/S (Price/Sales) Med	2.24	1.96	2.08	2.81	3.44	2.87	2.14	1.76	1.80	1.46	1.66	2.13	2.49	2.22	0.00	0.00		13.57%	<-IRR #YR->	5	Revenue per Share	88.95%
P/S (Price/Sales) Close	1.93	2.18	1.84	2.51	4.28	3.11	1.78	2.04	2.07	1.90	1.67	2.13	2.29	2.17	2.23	2.09		7.75%	<-IRR #YR->	10	5 yr Running Average	110.88%
*Product sales before Royalties in M CDN $					P/S Med	20 yr	2.36	15 yr	2.14	10 yr	2.13	5 yr	1.80		1.77%	Diff M/C		16.87%	<-IRR #YR->	5	5 yr Running Average	118.01%
			-$21,301	$0	$0	$0	$0	$0	$0	$0	$0	$0	$40,835
								-$24,394	$0	$0	$0	$0	$40,835
			-$17,054	$0	$0	$0	$0	$0	$0	$0	$0	$0	$36,309
								-$17,722	$0	$0	$0	$0	$36,309
			-$9.75	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$19.42
								-$10.28	$0.00	$0.00	$0.00	$0.00	$19.42
			-$7.81	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$16.47
								-$7.56	$0.00	$0.00	$0.00	$0.00	$16.47
														$14,626.0	<-12 mths	-1.57%
														$6.88	<-12 mths	-0.86%			Estimates		Last 12 months from Qtr
														34.39%	#DIV/0!				Estimates		Payout Ratio EPS
Adjusted Cash Flow	$6,013	$7,477	$9,587	$5,785	$4,293	$7,347	$9,088	$10,267	$5,200	$13,733	$19,791	$15,274	$14,859	$14,513				54.99%	<-Total Growth	10	Adjusted Cash Flow
Pre-split '10																					Presplit '10
Pre-split '24	$5.48	$6.87	$8.78	$5.29	$3.90	$6.25	$7.46	$8.62	$4.40	$11.63	$17.44	$14.00
AFFO basic	$2.74	$3.44	$4.39	$2.65	$1.95	$3.13	$3.73	$4.31	$2.20	$5.82	$8.72	$7.00	$6.99	$6.83				59.23%	<-Total Growth	10	AFFO basic
Pre-split '10																					Presplit '10
Pre-split '24	$5.47	$6.86	$8.74	$5.28	$3.89	$6.21	$7.43	$8.61	$4.40	$11.57	$17.22	$13.86
AFFO Diluted	$2.74	$3.43	$4.37	$2.64	$1.95	$3.11	$3.72	$4.31	$2.20	$5.79	$8.61	$6.93	$6.94	$6.78				58.81%	<-Total Growth	10	AFFO Diluted
Increase	-7.91%	25.41%	27.41%	-39.59%	-26.33%	59.64%	19.65%	15.88%	-48.90%	162.95%	48.83%	-19.51%	0.14%	-2.30%				10	0	10	Years of Data, EPS P or N	100.00%
Earnings Yield	19.1%	19.1%	24.3%	17.5%	9.1%	13.8%	22.6%	20.5%	14.4%	21.6%	22.9%	17.1%	15.6%	16.7%				4.73%	<-IRR #YR->	10	Earnings per Share	58.81%
5 year Running Average	$2.83	$2.97	$3.28	$3.23	$3.02	$3.10	$3.16	$3.14	$3.05	$3.82	$4.92	$5.57	$6.09	$7.01				10.02%	<-IRR #YR->	5	Earnings per Share	61.21%
Payout Ratio	7.40%	7.00%	10.01%	17.33%	23.65%	17.71%	18.03%	16.96%	37.50%	15.86%	16.48%	25.61%	29.90%	34.29%				6.38%	<-IRR #YR->	10	5 yr Running Average	85.65%
5 year Running Average	-10.02%	7.05%	21.97%	-35.99%	22.24%	377.15%	1.41%	36.33%	-35.41%	482.98%	9.62%	-3.87%	-3.89%	4.76%				14.16%	<-IRR #YR->	5	5 yr Running Average	93.92%
P/AFFO Med	6.06	4.71	4.64	6.41	8.84	6.69	5.33	4.20	6.05	3.56	4.34	5.84	6.96	6.13				5.94	<-Median->	10	P/AFFO Med
P/AFFO High	7.40	5.24	5.63	7.95	11.79	7.53	6.59	4.90	9.55	4.62	5.05	6.73	8.11	6.97				7.13	<-Median->	10	P/AFFO High
P/AFFO Low	4.72	4.19	3.64	4.86	5.89	5.85	4.07	3.50	2.55	2.50	3.62	4.95	5.81	5.29				4.47	<-Median->	10	P/AFFO Low
P/AFFO Close	5.24	5.24	4.11	5.72	11.00	7.23	4.43	4.88	6.95	4.62	4.37	5.84	6.39	6.00				5.78	<-Median->	10	P/AFFO Close
Trailing P/AFFO Close	4.82	6.57	5.24	3.46	8.10	11.55	5.30	5.65	3.55	12.15	6.50	4.70	6.40	5.86				6.03	<-Median->	10	Trailing P/AFFO Close
5 Year Median Values	Historical	in order	6.05	7.46	4.46	5.78	P/CF	5 Yrs	in order	5.84	6.73	3.62	5.84		2.65%	Diff M/C		0.89%	Diff M/C	10
Funds Flow to Adjusted funds flow from operations
			-$4.37	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$6.94
								-$4.31	$0.00	$0.00	$0.00	$0.00	$6.94
			-$3.28	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$6.09
								-$3.14	$0.00	$0.00	$0.00	$0.00	$6.09
														$3.79	<-12 mths	9.54%			Estimates		Last 12 months from Qtr
														67.79%	69.57%				Estimates		Payout Ratio EPS
Adjusted net earnings from operations	$1,618	$2,435	$3,811	$263	-$669	$1,403	$3,263	$3,795	-$756	$7,420	$12,863	$8,533	$7,414					94.54%	<-Total Growth	10	Adjusted net earnings from operations
Adjusted Profit CDN$	6.66%	9.45%	13.19%	0.96%	-2.55%	4.43%	10.21%	10.85%	-2.33%	20.08%	33.69%	21.42%	18.78%					10.53%	<-Median->	10	Return on Equity ROE
Return on Equity ROE	12.25%	11.09%	11.09%	9.45%	6.66%	4.43%	4.43%	4.43%	4.43%	10.21%	10.85%	20.08%	20.08%					8.06%	<-Median->	10	5 Yr Median
Pre-split '24	$1.48	$2.24	$3.49	$0.24	-$0.61	$1.19	$2.68	$3.19	-$0.64	$6.28	$11.33	$7.82
Adjusted EPS Basic	$0.74	$1.12	$1.75	$0.12	-$0.31	$0.60	$1.34	$1.60	-$0.32	$3.14	$5.67	$3.91	$3.49					100.00%	<-Total Growth	10	Adjusted EPS Basic	TD Web
Pre-split '24	$1.47	$2.23	$3.47	$0.24	-$0.61	$1.19	$2.67	$3.18	-$0.64	$6.25	$11.19	$7.74
Adjusted EPS Diluted	$0.74	$1.12	$1.74	$0.12	-$0.31	$0.60	$1.34	$1.59	-$0.32	$3.13	$5.60	$3.87	$3.46	$3.44	$3.48	$4.96		99.42%	<-Total Growth	10	Adjusted EPS Diluted
Increase	-36.09%	51.70%	55.61%	-93.08%	-354.17%	295.08%	124.37%	19.10%	-120.13%	1076.56%	79.04%	-30.83%	-10.59%	-0.58%	1.16%	42.53%		8	2	10	Years of Data, EPS P or N	80.00%
Earnings Yield	5.13%	6.20%	9.66%	0.79%	-1.43%	2.65%	8.11%	7.57%	-2.09%	11.69%	14.88%	9.56%	7.80%	8.46%	8.56%	12.20%		7.15%	<-IRR #YR->	10	Earnings per Share	99.42%
5 year Running Average	$1.18	$1.08	$1.18	$0.97	$0.68	$0.65	$0.70	$0.67	$0.58	$1.27	$2.27	$2.77	$3.15	$3.90	$3.97	$3.84		16.83%	<-IRR #YR->	5	Earnings per Share	117.61%
Payout Ratio	27.55%	21.52%	25.22%	381.25%	-150.82%	92.44%	50.19%	45.91%	-257.81%	29.36%	25.36%	45.87%	59.97%	67.59%	67.53%	47.38%		10.28%	<-IRR #YR->	10	5 yr Running Average	165.93%
5 year Running Average	12.06%	15.82%	20.14%	31.10%	52.87%	65.80%	73.99%	85.98%	111.74%	58.38%	53.52%	51.70%	54.11%	51.37%	57.67%	56.61%		36.37%	<-IRR #YR->	5	5 yr Running Average	371.66%
Price/AEPS Median	22.56	14.50	11.68	140.98	-56.35	34.90	14.83	11.37	-41.56	6.59	6.67	10.46	13.96	12.08	0.00	0.00		10.91	<-Median->	10	Price/AEPS Median
Price/AEPS High	27.54	16.12	14.18	175.00	-75.16	39.28	18.34	13.26	-65.63	8.55	7.78	12.05	16.27	13.74	0.00	0.00		12.66	<-Median->	10	Price/AEPS High
Price/AEPS Low	17.58	12.89	9.18	106.96	-37.54	30.53	11.33	9.47	-17.50	4.62	5.57	8.87	11.65	10.42	0.00	0.00		9.17	<-Median->	10	Price/AEPS Low
Price/AEPS Close	19.48	16.12	10.35	125.92	-70.15	37.75	12.34	13.21	-47.80	8.55	6.72	10.46	12.83	11.82	11.68	8.20		11.40	<-Median->	10	Price/AEPS Close
Trailing P/AEPS Close	25.95	12.84	10.36	149.67	-49.54	35.96	16.82	10.36	-65.63	4.89	4.78	9.71	11.70	12.90	11.68	8.20		10.04	<-Median->	10	Trailing P/AEPS Close
5 Year Median Values	Historical	in order	11.64	15.97	9.33	12.58	P/CF	5 Yrs	in order	6.67	8.55	5.57	8.55		77.13%	Diff M/C		8.30%	Diff M/C	10
Adjusted net earnings from operations
			-$1.74	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$3.46
								-$1.59	$0.00	$0.00	$0.00	$0.00	$3.46
			-$1.18	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$3.15
								-$0.67	$0.00	$0.00	$0.00	$0.00	$3.15
														$3.24	<-12 mths	13.68%			Estimates		Last 12 months from Qtr
Difference Basic and Diluted	0.00%	0.00%	0.56%	0.00%	0.00%	0.49%	0.47%	0.22%	0.00%	0.46%	1.24%	0.93%	0.70%					0.47%	<-Median->	10	Difference Basic and Diluted
Pre-split '24	$1.72	$2.08	$3.60	-$0.58	-$0.19	$2.04	$2.13	$4.55	-$0.37	$6.49	$9.64	$7.54
EPS Basic	$0.86	$1.04	$1.80	-$0.29	-$0.10	$1.02	$1.07	$2.28	-$0.19	$3.25	$4.82	$3.77	$2.87					59.44%	<-Total Growth	10	EPS Basic
Presplit '04
Presplit '05
Pre-split '10
Pre-split '24	$1.72	$2.08	$3.58	-$0.58	-$0.19	$2.03	$2.12	$4.54	-$0.37	$6.46	$9.52	$7.47
EPS Diluted*	$0.86	$1.04	$1.79	-$0.29	-$0.10	$1.02	$1.06	$2.27	-$0.19	$3.23	$4.76	$3.74	$2.85	$3.80	$3.78	$4.17		59.22%	<-Total Growth	10	EPS Diluted
Increase	-28.33%	20.93%	72.12%	-116.20%	67.24%	1168.42%	4.43%	114.15%	-108.15%	1845.95%	47.37%	-21.53%	-23.69%	33.37%	-0.66%	10.38%		7	3	10	Years of Data, EPS P or N	70.00%
Earnings Yield	6.0%	5.8%	10.0%	-1.9%	-0.4%	4.5%	6.4%	10.8%	-1.2%	12.1%	12.7%	9.2%	6.4%	9.3%	9.3%	10.3%		4.76%	<-IRR #YR->	10	Earnings per Share	59.22%
5 year Running Average	$1.18	$0.92	$1.13	$0.92	$0.66	$0.69	$0.70	$0.79	$0.81	$1.48	$2.23	$2.76	$2.88	$3.68	$3.78	$3.67		4.66%	<-IRR #YR->	5	Earnings per Share	25.55%
10 year Running Average	$1.00	$1.04	$1.16	$1.08	$0.95	$0.93	$0.81	$0.96	$0.87	$1.07	$1.46	$1.73	$1.84	$2.24	$2.63	$2.95		9.76%	<-IRR #YR->	10	5 yr Running Average	153.79%
* ESP per share and Earnings from Operations									E/P	10 Yrs	6.43%	5Yrs	9.22%					29.44%	<-IRR #YR->	5	5 yr Running Average	263.38%
			-$1.79	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$2.85
								-$2.27	$0.00	$0.00	$0.00	$0.00	$2.85
			-$1.13	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$2.88
								-$0.79	$0.00	$0.00	$0.00	$0.00	$2.88
Comment
Dividend*														$2.33	$2.42	$2.52			Estimates		Dividend*
Increase														12.39%	3.82%	4.25%			Estimates		Increase
Payout Ratio EPS														61.35%	64.12%	60.56%			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	$1.50	$0.00	$0.00	$0.00	$0.00			$0.00	<-Median->	10	Special Dividends
Pre-split 2024	$0.41	$0.48	$0.88	$0.92	$0.92	$1.10	$1.34	$1.46	$1.65	$1.84	$2.84	$3.55
Dividend*	$0.20	$0.24	$0.44	$0.46	$0.46	$0.55	$0.67	$0.73	$0.83	$0.92	$1.42	$1.78	$2.08	$2.33	$2.35	$2.35		374.29%	<-Total Growth	10	Dividends
Increase	17.39%	18.52%	82.29%	4.57%	0.55%	19.57%	21.82%	8.96%	13.01%	11.21%	54.63%	25.11%	16.90%	12.05%	1.08%	0.00%		23	0	23	Years of data, Count P, N
Average Increases 5 Year Running	19.98%	20.35%	35.25%	29.42%	24.66%	25.10%	25.76%	11.09%	12.78%	14.91%	21.93%	22.58%	24.17%	23.98%	21.95%	11.03%		23.38%	<-Median->	10	Average Incr 5 Year Running
Dividends 5 Yr Running	$0.14	$0.17	$0.24	$0.30	$0.36	$0.43	$0.52	$0.57	$0.65	$0.74	$1.21	$1.43	$1.70	$2.00	$2.29	$2.18		614.48%	<-Total Growth	10	Dividends 5 Yr Running
Yield H/L Price	1.22%	1.48%	2.16%	2.70%	2.68%	2.65%	3.38%	4.04%	6.20%	4.46%	3.80%	4.38%	4.30%	5.59%				3.92%	<-Median->	10	Yield H/L Price	Item
Yield on High  Price	1.00%	1.34%	1.78%	2.18%	2.01%	2.35%	2.74%	3.46%	3.93%	3.43%	3.26%	3.81%	3.69%	4.92%				3.35%	<-Median->	10	Yield on High  Price	EPS
Yield on Low Price	1.57%	1.67%	2.75%	3.56%	4.02%	3.03%	4.43%	4.85%	14.73%	6.35%	4.55%	5.17%	5.15%	6.49%				4.70%	<-Median->	10	Yield on Low Price	AEPS
Yield on Close Price	1.41%	1.34%	2.44%	3.03%	2.15%	2.45%	4.07%	3.48%	5.39%	3.43%	3.77%	4.38%	4.68%	5.72%	5.78%	5.78%		3.62%	<-Median->	10	Yield on Close Price	CFPS
Payout Ratio EPS	23.55%	23.08%	24.44%	-157.76%	-484.21%	54.19%	63.21%	32.16%	-445.95%	28.41%	29.81%	47.52%	72.81%	61.17%	62.24%	56.38%		30.98%	<-Median->	10	DPR EPS	FCF
DPR EPS 5 Yr Running	12.15%	18.60%	21.01%	32.83%	54.39%	61.99%	73.99%	72.41%	79.58%	49.97%	54.43%	51.89%	59.15%	54.48%	60.48%	59.33%		56.79%	<-Median->	10	DPR EPS 5 Yr Running
Payout Ratio CFPS	7.12%	7.23%	11.29%	17.78%	29.61%	18.52%	15.91%	19.63%	41.44%	14.81%	16.13%	30.82%	32.60%	31.86%	31.61%	26.50%		19.07%	<-Median->	10	DPR CF
DPR CF 5 Yr Running	4.96%	5.89%	7.56%	9.77%	12.69%	15.01%	16.96%	19.08%	22.40%	19.35%	24.33%	27.08%	29.24%	29.09%	32.10%	30.44%		19.22%	<-Median->	10	DPR CF 5 Yr Running
Payout Ratio CFPS WC	7.68%	7.20%	10.38%	18.57%	25.59%	19.32%	18.35%	17.57%	40.03%	15.86%	16.20%	25.78%	30.88%	31.86%	31.61%	26.50%		18.94%	<-Median->	10	DPR CF WC
DPR CF WC 5 Yr Running	4.99%	5.94%	7.51%	9.73%	12.44%	14.63%	17.20%	19.23%	22.29%	19.96%	24.83%	25.92%	28.18%	28.25%	30.85%	29.23%		19.60%	<-Median->	10	DPR CF WC 5 Yr Running
Median Values	10 Yr Med	10 Yr Cl	3.92%	3.62%	5 Yr Med	5 Yr Cl	4.38%	4.38%	5 Yr Med	Payout	29.81%	30.82%	25.78%					23.24%	<-IRR #YR->	5	Dividends
* Dividends per share	10 Yr Med	and Cur.	47.45%	59.44%	5 Yr Med	and Cur.	31.82%	31.86%	Last Div Inc --->		$0.5625	$0.5875	4.44%					16.84%	<-IRR #YR->	10	Dividends
Dividends Growth 15																		22.11%	<-IRR #YR->	15	Dividends
Dividends Growth 20																		20.87%	<-IRR #YR->	20	Dividends
Dividends Growth 25																		22.36%	<-IRR #YR->	23	Dividends
Dividends Growth 5								-$0.73	$0.00	$0.00	$0.00	$0.00	$2.08								Dividends Growth 5
Dividends Growth 10			-$0.44	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$2.08								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	$2.08								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	$2.08								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	$2.08								Dividends Growth 25
Historical Dividends	Historical	High Div	5.76%	Low Div	0.39%	10 Yr High	13.89%	10 Yr Low	2.02%	Med Div	1.35%	Close Div	1.37%								Historical Dividends
High/Ave/Median Values	Curr diff	Cheap	0.34%		1381.96%	Exp.	-58.39%		186.12%	Cheap	328.12%	Cheap	320.39%								High/Ave/Median
Future Div Yield					Div Yd	16.43%	earning in	5	Years	at IRR of	23.24%	Div Inc.	184.25%								Future Div Yield
Future Div Yield					Div Yd	46.70%	earning in	10	Years	at IRR of	23.24%	Div Inc.	707.96%								Future Div Yield
					Div Yield	132.74%	earning in	15	Years	at IRR of	23.24%	Div Inc.	2196.60%								Future Dividend Yield
					Div Paid	$6.68	earning in	5	Years	at IRR of	23.24%	Div Inc.	184.25%								Future Dividend Paid
					Div Paid	$18.99	earning in	10	Years	at IRR of	23.24%	Div Inc.	707.96%								Future Dividend Paid
					Div Paid	$53.97	earning in	15	Years	at IRR of	23.24%	Div Inc.	2196.60%								Future Dividend Paid
					Total Div	$18.63	over	5	Years	at IRR of	23.24%	Div Cov.	45.83%								Dividend Covering Cost
					Total Div	$64.92	over	10	Years	at IRR of	23.24%	Div Cov.	159.66%								Dividend Covering Cost
					Total Div	$196.49	over	15	Years	at IRR of	23.24%	Div Cov.	483.24%								Dividend Covering Cost
I am earning GC					Div Gr	459.52%	9/21/12	# yrs ->	12	2012	$31.82	Cap Gain	27.78%								I am earning GC
I am earning Div					org yield	1.32%	12/31/15	Traading	Div G Yrly	69.13%	Div start	$0.42	-1.32%	7.39%							I am earning Div
Yield if held 5 years	1.23%	1.29%	3.04%	2.36%	2.34%	3.32%	4.14%	3.60%	4.88%	5.34%	6.83%	8.96%	11.48%	17.48%	11.42%	6.29%		4.51%	<-Median->	10	Paid Median Price	Years
Yield if held 10 years	7.03%	6.50%	8.04%	4.34%	3.09%	3.35%	3.60%	5.08%	4.25%	4.67%	8.56%	10.98%	10.24%	13.74%	13.67%	11.32%		4.51%	<-Median->	10	Paid Median Price	5
Yield if held 15 years	9.11%	15.44%	23.97%	17.02%	16.68%	19.10%	18.14%	13.42%	7.83%	6.16%	8.65%	9.53%	14.43%	11.98%	11.96%	14.17%		13.92%	<-Median->	10	Paid Median Price	10
Yield if held 20 years		21.40%	38.75%	47.23%	25.10%	24.74%	43.10%	40.00%	30.70%	33.27%	49.27%	48.05%	38.13%	22.06%	15.77%	14.32%		39.07%	<-Median->	10	Paid Median Price	15
Yield if held 25 years							59.75%	64.66%	85.16%	50.06%	63.81%	114.17%	113.70%	86.51%	85.21%	81.61%		64.66%	<-Median->	7	Paid Median Price	20
Yield if held 30 years												158.31%	183.78%	240.00%	128.22%	105.69%		171.04%	<-Median->	2	Paid Median Price	25
Cost covered if held 5 years	4.35%	4.60%	8.29%	7.78%	9.15%	12.94%	15.92%	14.15%	19.12%	21.48%	29.19%	36.19%	47.10%	75.27%	55.59%	29.13%		17.52%	<-Median->	10	Paid Median Price
Cost covered if held 10 years	34.97%	32.78%	29.43%	19.00%	16.04%	17.43%	18.43%	28.23%	24.44%	27.94%	49.49%	60.24%	56.16%	78.30%	88.07%	81.55%		26.19%	<-Median->	10	Paid Median Price
Cost covered if held 15 years	47.52%	83.40%	95.02%	81.55%	95.42%	109.46%	102.48%	82.13%	49.70%	40.82%	54.37%	56.89%	87.43%	76.00%	86.18%	115.09%		81.84%	<-Median->	10	Paid Median Price
Cost covered if held 20 years		115.64%	153.58%	226.23%	144.67%	143.99%	249.03%	252.14%	201.92%	229.31%	319.97%	296.46%	238.55%	144.69%	117.60%	120.66%		233.93%	<-Median->	10	Paid Median Price
Cost covered if held 25 years							345.29%	407.56%	560.16%	346.14%	416.60%	709.97%	718.51%	574.43%	644.27%	697.66%		416.60%	<-Median->	7	Paid Median Price
Cost covered if held 30 years												984.42%	1161.39%	1593.58%	970.52%	905.71%		1072.90%	<-Median->	2	Paid Median Price
																				Yr	Item	Tot. Growth
Revenue Growth								$24,394	$17,491	$32,854	$49,530	$40,835	$40,835	$37,606	<-12 mths	-7.91%		67.40%	<-Total Growth	5	Revenue Growth	67.40%
AEPS Growth								$1.59	-$0.32	$3.13	$5.60	$3.87	$3.46	$3.79	<-12 mths	9.54%		117.61%	<-Total Growth	5	AEPS Growth	117.61%
Net Income Growth								$5,416	-$435	$7,664	$10,937	$8,233	$6,106	$7,489	<-12 mths	22.65%		12.74%	<-Total Growth	5	Net Income Growth	12.74%
Cash Flow Growth								$8,829	$4,714	$14,478	$19,391	$12,353	$13,386					51.61%	<-Total Growth	5	Cash Flow Growth	51.61%
Dividend Growth								$0.73	$0.83	$0.92	$1.42	$1.78	$2.08	$3.80	<-12 mths	83.18%		184.25%	<-Total Growth	5	Dividend Growth	184.25%
Stock Price Growth								$21.00	$15.30	$26.73	$37.60	$40.50	$44.38	$40.66	<-12 mths	-8.38%		111.33%	<-Total Growth	5	Stock Price Growth	111.33%
Revenue Growth			$21,301	$13,167	$11,098	$17,669	$22,282	$24,394	$17,491	$32,854	$49,530	$40,835	$40,835	$38,073	<-this year	-6.76%		91.70%	<-Total Growth	10	Revenue Growth	91.70%
AEPS Growth			$1.74	$0.12	-$0.31	$0.60	$1.34	$1.59	-$0.32	$3.13	$5.60	$3.87	$3.46	$3.44	<-this year	-0.58%		99.42%	<-Total Growth	10	AEPS Growth	99.42%
Net Income Growth			$3,929	-$637	-$204	$2,397	$2,591	$5,416	-$435	$7,664	$10,937	$8,233	$6,106	$80,603	<-this year	151.35%		55.41%	<-Total Growth	10	Net Income Growth	55.41%
Cash Flow Growth			$8,459	$5,632	$3,452	$7,262	$10,121	$8,829	$4,714	$14,478	$19,391	$12,353	$13,386	$15,348	<-this year	-99.98%		58.25%	<-Total Growth	10	Cash Flow Growth	58.25%
Dividend Growth			$0.44	$0.46	$0.46	$0.55	$0.67	$0.73	$0.83	$0.92	$1.42	$1.78	$2.08	$2.33	<-this year	12.39%		374.29%	<-Total Growth	10	Dividend Growth	374.29%
Stock Price Growth			$17.96	$15.11	$21.40	$22.46	$16.47	$21.00	$15.30	$26.73	$37.60	$40.50	$44.38	$40.66	<-this year	-8.38%		147.10%	<-Total Growth	10	Stock Price Growth	147.10%
Dividends on Shares				$25.62	$25.76	$30.80	$37.52	$40.88	$46.20	$51.38	$163.45	$99.40	$116.20	$130.20	$131.60	$131.60		$637.21	No of Years	10	Total Divs	12/31/14
Paid			$1,005.76	$846.16	$1,198.12	$1,257.76	$922.32	$1,176.00	$856.52	$1,496.60	$2,105.32	$2,267.72	$2,485.28	$2,276.96	$2,276.96	$2,276.96		$2,485.28	No of Years	10	Worth	$17.96
Total																		$3,122.49
Graham No. AEPS	$13.56	$17.24	$22.73	$5.80	$5.65	$13.16	$19.99	$22.96	$22.12	$33.34	$46.68	$40.21	$38.22	$38.11	$38.33	$45.77		68.19%	<-Total Growth	10	Graham Price AEPS
Price/GP Ratio Med	1.22	0.94	0.89	2.92	3.04	1.58	0.99	0.79	0.60	0.62	0.80	1.01	1.26	1.09				1.00	<-Median->	10	Price/GP Ratio
Price/GP Ratio High	1.49	1.04	1.08	3.62	4.06	1.78	1.22	0.92	0.95	0.80	0.93	1.16	1.47	1.24				1.19	<-Median->	10	Price/GP Ratio
Price/GP Ratio Low	0.95	0.83	0.70	2.21	2.03	1.38	0.76	0.66	0.25	0.43	0.67	0.85	1.05	0.94				0.81	<-Median->	10	Price/GP Ratio
Price/GP Ratio Close	1.06	1.04	0.79	2.60	3.79	1.71	0.82	0.91	0.69	0.80	0.81	1.01	1.16	1.07	1.06	0.89		0.96	<-Median->	10	Price/GP Ratio
Prem/Disc Close	5.61%	4.22%	-20.97%	160.45%	278.69%	70.62%	-17.60%	-8.55%	-30.85%	-19.85%	-19.47%	0.70%	16.11%	6.68%	6.07%	-11.16%		-3.93%	<-Median->	10	Graham Price
Graham No. EPS	$14.67	$16.65	$23.08	$16.87	$16.43	$17.19	$17.81	$27.44	$31.53	$33.90	$43.06	$39.51	$34.69	$40.06	$39.93	$41.95		50.28%	<-Total Growth	10	Graham Price EPS
Price/GP Ratio Med	1.13	0.97	0.88	1.00	1.05	1.21	1.11	0.66	0.42	0.61	0.87	1.02	1.39	1.04				1.01	<-Median->	10	Price/GP Ratio
Price/GP Ratio High	1.38	1.08	1.07	1.24	1.40	1.36	1.37	0.77	0.67	0.79	1.01	1.18	1.62	1.18				1.21	<-Median->	10	Price/GP Ratio
Price/GP Ratio Low	0.88	0.86	0.69	0.76	0.70	1.06	0.85	0.55	0.18	0.43	0.72	0.87	1.16	0.89				0.74	<-Median->	10	Price/GP Ratio
Price/GP Ratio Close	0.98	1.08	0.78	0.90	1.30	1.31	0.92	0.77	0.49	0.79	0.87	1.03	1.28	1.01	1.02	0.97		0.91	<-Median->	10	Price/GP Ratio
Prem/Disc Close	-2.37%	7.91%	-22.20%	-10.45%	30.21%	30.64%	-7.53%	-23.47%	-51.48%	-21.16%	-12.69%	2.50%	27.93%	1.49%	1.83%	-3.08%		-8.99%	<-Median->	10	Graham Price
presplit '04
presplit '05
presplit '10
presplit '24	$28.64	$35.94	$35.92	$30.22	$42.79	$44.92	$32.94	$42.00	$30.59	$53.45	$75.19	$80.99
Price Close	$14.32	$17.97	$17.96	$15.11	$21.40	$22.46	$16.47	$21.00	$15.30	$26.73	$37.60	$40.50	$44.38	$40.66	$40.66	$40.66		147.10%	<-Total Growth	10	Stock Price
Increase	-24.93%	25.49%	-0.06%	-15.87%	41.59%	4.98%	-26.67%	27.50%	-27.17%	74.73%	40.67%	7.71%	9.59%	-8.38%	0.00%	0.00%		18.13	<-Median->	10	CAPE (10 Yr P/E)
P/E	16.65	17.28	10.03	-52.10	-225.21	22.13	15.54	9.25	-82.68	8.27	7.90	10.84	15.57	10.70	10.77	9.76		16.14%	<-IRR #YR->	5	Stock Price	111.33%
Trailing P/E	11.93	20.90	17.27	8.44	-73.78	-236.42	16.23	19.81	6.74	-144.46	11.64	8.51	11.88	14.27	10.70	10.77		9.47%	<-IRR #YR->	10	Stock Price	147.10%
CAPE (10 Yr P/E)	15.55	15.88	14.76	15.88	18.61	19.46	22.98	19.52	20.89	17.64	14.52	13.56	14.22	12.77	11.62	10.99		21.86%	<-IRR #YR->	5	Price & Dividend	155.34%
Median 10, 5 Yrs		D.  per yr	3.64%	5.72%	% Tot Ret	27.77%	26.15%	T P/E	$8.47	$8.51	P/E:	$8.76	$8.27					13.11%	<-IRR #YR->	10	Price & Dividend	212.90%
Price 15		D.  per yr	2.38%		% Tot Ret	29.02%						CAPE Diff	-40.99%					5.82%	<-IRR #YR->	15	Stock Price	133.58%
Price  20		D.  per yr	1.93%		% Tot Ret	23.19%												6.41%	<-IRR #YR->	20	Stock Price	246.38%
Price  25		D.  per yr	1.95%		% Tot Ret	16.77%												9.68%	<-IRR #YR->	25	Stock Price	907.21%
Price 30		D.  per yr	1.80%		% Tot Ret	13.62%												11.45%	<-IRR #YR->	30	Stock Price
Price 35		D.  per yr	2.40%		% Tot Ret	12.45%												16.89%	<-IRR #YR->	34	Stock Price
Price & Dividend 15																		8.20%	<-IRR #YR->	15	Price & Dividend	200.28%
Price & Dividend 20																		8.34%	<-IRR #YR->	20	Price & Dividend	348.06%
Price & Dividend 25																		11.63%	<-IRR #YR->	25	Price & Dividend	1204.80%
Price & Dividend 30																		13.25%	<-IRR #YR->	30	Price & Dividend
Price & Dividend 35																		19.30%	<-IRR #YR->	34	Stock Price
Price  5								-$21.00	$0.00	$0.00	$0.00	$0.00	$44.38								Price  5
Price 10			-$17.96	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$44.38								Price 10
Price & Dividend 5								-$21.00	$0.83	$0.92	$2.92	$1.78	$46.46								Price & Dividend 5
Price & Dividend 10			-$17.96	$0.46	$0.46	$0.55	$0.67	$0.73	$0.83	$0.92	$2.92	$1.78	$46.46								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	$44.38								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	$44.38								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	$44.38								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	$44.38								Price 30
Price 35	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$44.38								Price 35
Price & Dividend 15	$0.20	$0.24	$0.44	$0.46	$0.46	$0.55	$0.67	$0.73	$0.83	$0.92	$2.92	$1.78	$46.46								Price & Dividend 15
Price & Dividend 20	$0.20	$0.24	$0.44	$0.46	$0.46	$0.55	$0.67	$0.73	$0.83	$0.92	$2.92	$1.78	$46.46								Price & Dividend 20
Price & Dividend 25	$0.20	$0.24	$0.44	$0.46	$0.46	$0.55	$0.67	$0.73	$0.83	$0.92	$2.92	$1.78	$46.46								Price & Dividend 25
Price & Dividend 30	$0.20	$0.24	$0.44	$0.46	$0.46	$0.55	$0.67	$0.73	$0.83	$0.92	$2.92	$1.78	$46.46								Price & Dividend 30
Price & Dividend 35	$0.20	$0.24	$0.44	$0.46	$0.46	$0.55	$0.67	$0.73	$0.83	$0.92	$2.92	$1.78	$46.46								Price & Dividend 35
Price H/L Med.	$16.58	$16.17	$20.26	$16.92	$17.19	$20.77	$19.80	$18.07	$13.30	$20.59	$37.34	$40.49	$48.30	$41.56				138.40%	<-Total Growth	10	Stock Price
Increase	-15.62%	-2.47%	25.29%	-16.50%	1.60%	20.83%	-4.65%	-8.74%	-26.41%	54.77%	81.37%	8.44%	19.30%	-13.95%				9.08%	<-IRR #YR->	10	Stock Price	138.40%
P/E	19.28	15.55	11.32	-58.34	-180.92	20.46	18.68	7.96	-71.89	6.37	7.84	10.84	16.95	10.93				21.73%	<-IRR #YR->	5	Stock Price	167.26%
Trailing P/E	13.82	18.80	19.48	9.45	-59.27	-218.61	19.51	17.05	5.86	-111.27	11.56	8.51	12.93	14.58				12.37%	<-IRR #YR->	10	Price & Dividend	196.72%
Forward P/E	15.94	9.03	-69.86	-178.08	16.93	19.59	8.72	-97.69	4.12	4.32	10.00	14.21	12.71	11.01				27.76%	<-IRR #YR->	5	Price & Dividend	218.39%
P/E on Running 5 yr Average	14.11	17.54	17.87	18.39	26.00	30.01	28.45	22.82	16.36	13.93	16.76	14.66	16.78	11.31				9.36	<-Median->	10	Forward P/E
P/E on Running 10 yr Average	16.53	15.49	17.50	15.66	18.04	22.25	24.48	18.77	15.35	19.25	25.58	23.42	26.32	18.52				14.34	P/E Ratio		Historical Median
Median 10, 5 Yrs		D.  per yr	3.30%	6.03%	% Tot Ret	26.64%	21.74%	T P/E	8.98	8.51	P/E:	7.90	7.84						Count	30	Years of data
			-$20.26	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$48.30
								-$18.07	$0.00	$0.00	$0.00	$0.00	$48.30
			-$20.26	$0.46	$0.46	$0.55	$0.67	$0.73	$0.83	$0.92	$2.92	$1.78	$50.38
								-$18.07	$0.83	$0.92	$2.92	$1.78	$50.38
High Months	Feb	Dec	Jul	Apr	Dec	Nov	Jul	Apr	Jan	Dec	May	Nov	Apr	Jan
presplit '04
presplit '05
pre-split '10
pre-split '24	$40.48	$35.94	$49.19	$42.00	$45.85	$46.74	$48.97	$42.17	$42.00	$53.45	$87.04	$93.29
Price High	$20.24	$17.97	$24.60	$21.00	$22.93	$23.37	$24.49	$21.09	$21.00	$26.73	$43.52	$46.65	$56.30	$47.27				128.91%	<-Total Growth	10	Stock Price
Increase	-18.55%	-11.22%	36.87%	-14.62%	9.17%	1.94%	4.77%	-13.89%	-0.40%	27.26%	62.84%	7.18%	20.70%	-16.04%				8.63%	<-IRR #YR->	10	Stock Price	128.91%
P/E	23.53	17.28	13.74	-72.41	-241.32	23.02	23.10	9.29	-113.51	8.27	9.14	12.49	19.75	12.44				21.70%	<-IRR #YR->	5	Stock Price	167.01%
Trailing P/E	16.87	20.90	23.65	11.73	-79.05	-246.00	24.12	19.89	9.25	-144.46	13.47	9.80	15.07	16.59				16.23	P/E Ratio		Historical Median
Median 10, 5 Yrs								T P/E	10.77	9.80	P/E:	9.22	9.14					27.94	P/E Ratio		Historical High
			-$24.60	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$56.30
								-$21.09	$0.00	$0.00	$0.00	$0.00	$56.30
Low Months	Jul	Jan	Dec	Oct	Jan	Jul	Dec	Aug	Mar	Jan	Jan	Mar	Feb	Apr
presplit '04
presplit '05
pre-split '10
pre-split '24	$25.84	$28.74	$31.85	$25.67	$22.90	$36.33	$30.24	$30.12	$11.20	$28.89	$62.30	$68.65
Price Low	$12.92	$14.37	$15.93	$12.84	$11.45	$18.17	$15.12	$15.06	$5.60	$14.45	$31.15	$34.33	$40.30	$35.85				153.06%	<-Total Growth	10	Stock Price
Increase	-10.59%	11.22%	10.82%	-19.40%	-10.79%	58.65%	-16.76%	-0.40%	-62.82%	157.95%	115.65%	10.19%	17.41%	-11.04%				9.73%	<-IRR #YR->	10	Stock Price	153.06%
P/E	15.02	13.82	8.90	-44.26	-120.53	17.90	14.26	6.63	-30.27	4.47	6.54	9.19	14.14	9.43				21.76%	<-IRR #YR->	5	Stock Price	167.60%
Trailing P/E	10.77	16.71	15.31	7.17	-39.48	-191.21	14.90	14.21	2.47	-78.08	9.64	7.21	10.79	12.58				10.26	P/E Ratio		Historical Median
Median 10, 5 Yrs								T P/E	7.19	7.21	P/E:	6.59	6.54					4.46	P/E Ratio		Historical Low
			-$15.93	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$40.30
								-$15.06	$0.00	$0.00	$0.00	$0.00	$40.30
Free Cash Flow Mkt Sc									$2,320	$9,985	$14,655	$10,409	$9,568	$9,491	$9,065	$8,280					Free Cash Flow Mkt Sc
Change										330.39%	46.77%	-28.97%	-8.08%	-0.80%	-4.49%	-8.66%					Change
Free Cash Flow WSJ				$514	-$700	$2,688	$5,946	$5,294	$2,159	$9,986	$14,288	$7,488	$8,095					1474.90%	<-Total Growth	9	Free Cash Flow WSJ	WSJ, Mkt Scn
Change					-236.19%	484.00%	121.21%	-10.97%	-59.22%	362.53%	43.08%	-47.59%	8.11%					$0.08	<-Median->	9	Change	MS
Free Cash Flow old				$1,164	-$345	$2,564	$5,680	$5,221	$2,154	$9,985	$14,290	$7,440									Free Cash Flow old
Change					-129.64%	843.19%	121.53%	-8.08%	-58.74%	363.56%	43.11%	-47.94%									Change
Free Cash Flow MS	$105	$151	-$2,939	$690	$190	$2,270	$4,330	$6,250	$2,320	$9,020	$14,180	$9,860	$8,750	$9,491	$9,065	$8,280		397.72%	<-Total Growth	10	Free Cash Flow MS	Disagree
Change	150.00%	43.81%	-2046%	123.48%	-72.46%	1094.74%	90.75%	44.34%	-62.88%	288.79%	57.21%	-30.47%	-11.26%	8.47%	-4.49%	-8.66%		6.96%	<-IRR #YR->	5	Free Cash Flow MS	40.00%
FCF/CF from Op Ratio	0.02	0.02	-0.35	0.12	0.06	0.31	0.43	0.71	0.49	0.62	0.73	0.80	0.65	0.62	0.58	0.44		#NUM!	<-IRR #YR->	10	Free Cash Flow MS	397.72%
Dividends paid	$444	$523	$955	$1,251	$758	$1,252	$1,562	$1,743	$1,950	$2,170	$4,926	$3,891	$4,364	$4,889	$4,942	$4,942		356.93%	<-Total Growth	10	Dividends paid
Percentage paid				181.30%	398.95%	55.15%	36.07%	27.89%	84.05%	24.06%	34.74%	39.46%	49.87%	51.52%	54.52%	59.69%		$0.45	<-Median->	10	Percentage paid
5 Year Coverage								47.82%	47.30%	35.87%	34.21%	35.26%	39.20%	39.45%	44.82%	50.67%					5 Year Coverage
Dividend Coverage Ratio				0.55	0.25	1.81	2.77	3.59	1.19	4.16	2.88	2.53	2.01	1.94	1.83	1.68		2.27	<-Median->	10	Dividend Coverage Ratio
5 Year of Coverage								2.09	2.11	2.79	2.92	2.84	2.55	2.53	2.23	1.97					5 Year of Coverage
								-$6,250	$0	$0	$0	$0	$8,750
			$2,939	$0	$0	$0	$0	$0	$0	$0	$0	$0	$8,750
Market Cap $M	$31,277	$39,078	$39,219	$33,081	$47,538	$54,927	$39,590	$49,848	$36,214	$62,449	$82,907	$86,854	$93,331	$85,508	$85,508	$85,508		137.98%	<-Total Growth	10	Market Cap	137.98%
Pre-split 2024	1,099.52	1,090.54	1,096.82	1,093.86	1,100.47	1,182.82	1,223.76	1,193.11	1,181.77	1,186.56	1,149.18	1,102.12
Diluted # of Shares in Million	2,199.04	2,181.08	2,193.64	2,187.72	2,200.94	2,365.65	2,447.52	2,386.21	2,363.54	2,373.11	2,298.36	2,204.25	2,140.43	2,140.43				-2.43%	<-Total Growth	10	Diluted
Change	-0.28%	-0.82%	0.58%	-0.27%	0.60%	7.48%	3.46%	-2.50%	-0.95%	0.41%	-3.15%	-4.09%	-2.90%	0.00%				-0.61%	<-Median->	10	Change
Difference Diluted/Basic	-0.2%	-0.2%	-0.5%	0.0%	0.0%	-0.7%	-0.4%	-0.2%	0.0%	-0.4%	-1.2%	-1.0%	-0.7%	-0.7%				-0.43%	<-Median->	10	Difference Diluted/Basic
Pre-split 2024	1,097.08	1,088.68	1,091.75	1,093.86	1,100.47	1,175.09	1,218.80	1,190.98	1,181.77	1,181.25	1,134.96	1,091.31
Basic # of Shares in Millions	2,194.17	2,177.36	2,183.51	2,187.72	2,200.94	2,350.19	2,437.60	2,381.95	2,363.54	2,362.50	2,269.92	2,182.62	2,125.80	2,125.80				-2.64%	<-Total Growth	10	Basic
Change	0.14%	-0.77%	0.28%	0.19%	0.60%	6.78%	3.72%	-2.28%	-0.77%	-0.04%	-3.92%	-3.85%	-2.60%	0.00%				-0.41%	<-Median->	10	Change
Difference Basic/Outstanding	-0.5%	-0.1%	0.0%	0.1%	1.0%	4.1%	-1.4%	-0.3%	0.2%	-1.1%	-2.8%	-1.7%	-1.1%	-1.1%				-0.71%	<-Median->	10	Difference Basic/Outstanding
Purchases
presplit '04
presplit '05
presplit '10
Pre-split 2024	1,092.07	1,087.32	1,091.84	1,094.67	1,110.95	1,222.77	1,201.89	1,186.86	1,183.87	1,168.37	1,102.64	1,072.41
# of Share in Millions	2,184.14	2,174.64	2,183.67	2,189.34	2,221.90	2,445.54	2,403.77	2,373.71	2,367.73	2,336.74	2,205.27	2,144.82	2,103.00	2,103.00	2,103.00	2,103.00		-0.38%	<-IRR #YR->	10	Shares	-3.69%
Change	-0.40%	-0.43%	0.42%	0.26%	1.49%	10.06%	-1.71%	-1.25%	-0.25%	-1.31%	-5.63%	-2.74%	-1.95%	0.00%	0.00%	0.00%		-2.39%	<-IRR #YR->	5	Shares	-11.40%
CF from Operations $Million	$6,209	$7,218	$8,459	$5,632	$3,452	$7,262	$10,121	$8,829	$4,714	$14,478	$19,391	$12,353	$13,386	$15,348	$15,636	$18,651		58.25%	<-Total Growth	10	Cash Flow
Increase	-0.54%	16.25%	17.19%	-33.42%	-38.71%	110.37%	39.37%	-12.77%	-46.61%	207.13%	33.93%	-36.30%	8.36%	14.65%	1.88%	19.29%		SO	Buy Backs		S. Issues (Purchases)
5 year Running Average	$6,263	$6,353	$6,883	$6,752	$6,194	$6,405	$6,985	$7,059	$6,876	$9,081	$11,507	$11,953	$12,864	$14,991	$15,223	$15,075		86.91%	<-Total Growth	10	CF 5 Yr Running
CFPS	$2.84	$3.32	$3.87	$2.57	$1.55	$2.97	$4.21	$3.72	$1.99	$6.20	$8.79	$5.76	$6.37	$7.30	$7.44	$8.87		64.32%	<-Total Growth	10	Cash Flow per Share
Increase	-0.14%	16.76%	16.71%	-33.59%	-39.61%	91.13%	41.79%	-11.66%	-46.47%	211.20%	41.92%	-34.50%	10.52%	14.65%	1.88%	19.29%		4.70%	<-IRR #YR->	10	Cash Flow	58.25%
5 year Running Average	$2.88	$2.91	$3.15	$3.09	$2.83	$2.86	$3.04	$3.01	$2.89	$3.82	$4.98	$5.29	$5.82	$6.88	$7.13	$7.15		8.68%	<-IRR #YR->	5	Cash Flow	51.61%
P/CF on Med Price	5.83	4.87	5.23	6.58	11.06	6.99	4.70	4.86	6.68	3.32	4.25	7.03	7.59	5.69	0.00	0.00		5.09%	<-IRR #YR->	10	Cash Flow per Share	64.32%
P/CF on Closing Price	5.04	5.41	4.64	5.87	13.77	7.56	3.91	5.65	7.68	4.31	4.28	7.03	6.97	5.57	5.47	4.58		11.34%	<-IRR #YR->	5	Cash Flow per Share	71.13%
															-15.95%	Diff M/C		6.32%	<-IRR #YR->	10	CFPS 5 yr Running	84.64%
Excl.Working Capital CF	-$447.0	$33.0	$744.0	-$239.0	$542.0	-$299	-$1,346	$1,033	$166	-$964	-$79	$2,417	$743	0.00%	0.00%	0.00%		14.14%	<-IRR #YR->	5	CFPS 5 yr Running	93.70%
CF fr Op $M WC	$5,762	$7,251	$9,203	$5,393	$3,994	$6,963	$8,775	$9,862	$4,880	$13,514	$19,312	$14,770	$14,129	$15,348	$15,636	$18,651		53.53%	<-Total Growth	10	Cash Flow less WC
Increase	-8.23%	25.84%	26.92%	-41.40%	-25.94%	74.34%	26.02%	12.39%	-50.52%	176.93%	42.90%	-23.52%	-4.34%	8.63%	1.88%	19.29%		4.38%	<-IRR #YR->	10	Cash Flow less WC	53.53%
5 year Running Average	$6,236	$6,295	$6,926	$6,778	$6,321	$6,561	$6,866	$6,997	$6,895	$8,799	$11,269	$12,468	$13,321	$15,415	$15,839	$15,707		7.46%	<-IRR #YR->	5	Cash Flow less WC	43.27%
CFPS Excl. WC	$2.64	$3.33	$4.21	$2.46	$1.80	$2.85	$3.65	$4.15	$2.06	$5.78	$8.76	$6.89	$6.72	$7.30	$7.44	$8.87		6.76%	<-IRR #YR->	10	CF less WC 5 Yr Run	92.33%
Increase	-7.87%	26.39%	26.40%	-41.55%	-27.03%	58.39%	28.21%	13.81%	-50.39%	180.60%	51.42%	-21.36%	-2.44%	8.63%	1.88%	19.29%		13.74%	<-IRR #YR->	5	CF less WC 5 Yr Run	90.37%
5 year Running Average	$2.86	$2.89	$3.17	$3.10	$2.89	$2.93	$2.99	$2.98	$2.90	$3.70	$4.88	$5.53	$6.04	$7.09	$7.42	$7.44		4.77%	<-IRR #YR->	10	CFPS - Less WC	59.42%
P/CF on Med Price	6.28	4.85	4.81	6.87	9.56	7.29	5.42	4.35	6.45	3.56	4.26	5.88	7.19	5.69	0.00	0.00		10.09%	<-IRR #YR->	5	CFPS - Less WC	61.71%
P/CF on Closing Price	5.43	5.39	4.26	6.13	11.90	7.89	4.51	5.05	7.42	4.62	4.29	5.88	6.61	5.57	5.47	4.58		6.65%	<-IRR #YR->	10	CFPS 5 yr Running	90.43%
*Operational Cash Flow per share			CF/-WC	P/CF Med	10 yr	6.63	5 yr	6.68	P/CF Med	10 yr	6.17	5 yr	5.88		-9.64%	Diff M/C		15.16%	<-IRR #YR->	5	CFPS 5 yr Running	102.55%
Google also uses net change in Non-cash WC.
			-2,183.7	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	2,103.0								Shares
								-2,373.7	0.0	0.0	0.0	0.0	2,103.0								Shares
			-$8,459	$0	$0	$0	$0	$0	$0	$0	$0	$0	$13,386								Cash Flow
								-$8,829	$0	$0	$0	$0	$13,386								Cash Flow
			-$3.87	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$6.37								Cash Flow per Share
								-$3.72	$0.00	$0.00	$0.00	$0.00	$6.37								Cash Flow per Share
			-$3.15	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$5.82								CFPS 5 yr Running
								-$3.01	$0.00	$0.00	$0.00	$0.00	$5.82								CFPS 5 yr Running
			-$9,203	$0	$0	$0	$0	$0	$0	$0	$0	$0	$14,129								Cash Flow less WC
								-$9,862	$0	$0	$0	$0	$14,129								Cash Flow less WC
			-$6,926	$0	$0	$0	$0	$0	$0	$0	$0	$0	$13,321								CF less WC 5 Yr Run
								-$6,997	$0	$0	$0	$0	$13,321								CF less WC 5 Yr Run
			-$4.21	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$6.72								CFPS - Less WC
								-$4.15	$0.00	$0.00	$0.00	$0.00	$6.72								CFPS - Less WC
			-$3.17	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$6.04								CFPS 5 yr Running
								-$2.98	$0.00	$0.00	$0.00	$0.00	$6.04								CFPS 5 yr Running
Used to include
Other		-$19.0	-$38.0	-$22.0	-$32.0	-$110	-$23	-$109	-$71	$13	-$144	$5	-$84
Abandonment Expenditures		-$207.0	-$346.0	-$370.0	-$267.0	-$274	-$290	-$296	-$249	-$307	-$449	-$509	-$646
Net change in non-cash working capital		-$33.0	-$744.0	$239.0	-$542.0	$299	$1,346	-$1,033	-$166	$964	$79	-$2,417	-$743
Other
Abandonment Expenditures
Sum		-$33.0	-$744.0	$239.0	-$542.0	$299	$1,346	-$1,033	-$166	$964	$79	-$2,417	-$743
Google		-$33.0	-$744.0	$239.0	-$542.0	$299	$1,033	-$1,438	-$486	$964	$79	-$2,417	-$743
Difference		$0.0	$0.0	$0.0	$0.0	$0	$313	$405	$320	$0	$0	$0	$0
TD			-$1,128.0	-$153.0	-$841.0	-$85	$1,346	-$1,033	-$166
Difference			$384	$392	$299	$384
Year						2022	2022	2022	2022	2022
Amt						$299	$1,346	-$1,033	-$166	$964
OPM	38.34%	40.22%	39.71%	42.77%	31.10%	41.10%	45.42%	36.19%	26.95%	44.07%	39.15%	30.25%	32.78%	38.93%				-17.45%	<-Total Growth	10	OPM
Increase	-4.77%	4.91%	-1.27%	7.71%	-27.28%	32.14%	10.52%	-20.32%	-25.54%	63.51%	-11.16%	-22.73%	8.36%	18.77%					Should increase		or be stable.
Diff from Median	1.77%	6.77%	5.42%	13.54%	-17.43%	9.10%	20.57%	-3.92%	-28.46%	16.98%	3.92%	-19.70%	-12.98%	3.35%				0.00	<-Median->	10	OPM
*Operational Profit Margin (CF/Revenue) Ratio									OPM	10 Yrs	37.67%	5 Yrs	32.78%					should be	zero, it is a		check on calculations
														$18,118	<-12 mths	10.42%
EBITDA								$11,361	$5,519	$15,750	$22,113	$16,877	$16,408	$18,696	$18,518	$18,417				5	EBITDA	From
Change									-51.42%	185.38%	40.40%	-23.68%	-2.78%	13.94%	-0.95%	-0.55%		-2.78%	<-Median->	5	Change	Mkt Sc
Margin								49.67%	32.67%	52.40%	52.28%	46.92%	46.02%	49.11%	49.90%	46.67%		48.30%	<-Median->	6	Margin
Long Term Debt	$7,938	$8,217	$13,022	$15,065	$14,993	$20,581	$19,482	$18,591	$20,110	$13,694	$11,041	$9,819	$16,419	$16,419				26.09%	<-Total Growth	10	Debt	Type
Change	-3.34%	3.51%	58.48%	15.69%	-0.48%	37.27%	-5.34%	-4.57%	8.17%	-31.90%	-19.37%	-11.07%	67.22%	0.00%				-2.53%	<-Median->	10	Change	Lg Term R
Debt/Market Cap Ratio	0.25	0.21	0.33	0.46	0.32	0.37	0.49	0.37	0.56	0.22	0.13	0.11	0.18	0.19				0.34	<-Median->	10	Debt/Market Cap Ratio	Intang/GW
Assets/Current Liabilities Ratio	12.32	9.89	11.71	12.90	11.52	11.80	15.03	11.77	14.82	10.33	8.80	10.22	8.86	8.86				11.64	<-Median->	10	Assets/Current Liab. Ratio	Liquidity
Debt to Cash Flow (Years)	1.28	1.14	1.54	2.67	4.34	2.83	1.92	2.11	4.27	0.95	0.57	0.79	1.23	1.07				2.02	<-Median->	10	Debt to Cash Flow (Years)	Liq. + CF
																						Debt Ratio
Intangibles	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0				0.00%	<-Total Growth	10	Intangibles	Leverage
Goodwill	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0				0.00%	<-Total Growth	10	Goodwill	D/E Ratio
Total	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0				0.00%	<-Total Growth	10	Total
Change		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	Change
Intangible/Market Cap Ratio	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	Intangible/Market Cap Ratio
Current Assets	$1,914	$2,216	$3,489	$4,059	$4,336	$4,897	$3,020	$4,487	$4,361	$5,942	$7,057	$7,167	$7,405	$7,405				Liquidity ratio of 1.5 and up, best
Current Liabilities	$3,976	$5,234	$5,142	$4,595	$5,092	$6,261	$4,762	$6,637	$5,078	$7,422	$8,651	$7,435	$9,631	$9,631				0.81	<-Median->	10	Ratio
Liquidity	0.48	0.42	0.68	0.88	0.85	0.78	0.63	0.68	0.86	0.80	0.82	0.96	0.77	0.77				0.82	<-Median->	5	Ratio
Liq. with CF aft div	1.93	1.70	2.14	1.89	1.33	1.73	2.42	1.75	1.40	2.46	2.70	2.11	1.71	1.85				2.11	<-Median->	5	Ratio
Liq. CF re  Inv+Div	0.78	0.73	0.67	0.86	0.76	0.56	1.20	0.83	0.90	1.64	1.71	1.28	0.69	1.85				1.28	<-Median->	5	Ratio
Current portion L T D.	$953	$1,719	$980	$1,729	$1,812	$1,877	$1,141	$2,391	$1,343	$1,000	$404	$980	$980	$980
Liquidity	0.63	0.63	0.84	1.42	1.32	1.12	0.83	1.06	1.17	0.93	0.86	1.11	0.86	0.86				0.93	<-Median->	5	Ratio
Liq. with CF aft div	2.54	2.54	2.64	3.03	2.06	2.47	3.18	2.73	1.91	2.85	2.83	2.43	1.90	2.06				2.43	<-Median->	5	Ratio
Assets	$48,980	$51,754	$60,200	$59,275	$58,648	$73,867	$71,559	$78,121	$75,276	$76,665	$76,142	$75,955	$85,359	$85,359				Debt Ratio of 1.5 and up, best
Liabilities	$24,697	$25,982	$31,309	$31,984	$32,381	$42,214	$39,585	$43,130	$42,896	$39,720	$37,967	$36,123	$45,891	$45,891				1.83	<-Median->	10	Ratio
Debt Ratio	1.98	1.99	1.92	1.85	1.81	1.75	1.81	1.81	1.75	1.93	2.01	2.10	1.86	1.86				1.93	<-Median->	5	Ratio
Estimates BVPS														$19.27	$19.50	$19.74			Estimates		Estimates BVPS
Estimate Book Value														$40,524.7	$41,008.4	$41,513.1			Estimates		Estimate Book Value
P/B Ratio (Close)														2.11	2.09	2.06			Estimates		P/B Ratio (Close)
Difference from 10 year median															43.41%	Diff M/C			Estimates		Difference from 10 yr med.
Book Value	$24,283	$25,772	$28,891	$27,291	$26,267	$31,653	$31,974	$34,991	$32,380	$36,945	$38,175	$39,832	$39,468	$39,468	$39,468	$39,468		36.61%	<-Total Growth	10	Book Value
Book Value per share	$11.12	$11.85	$13.23	$12.47	$11.82	$12.94	$13.30	$14.74	$13.68	$15.81	$17.31	$18.57	$18.77	$18.77	$18.77	$18.77		41.85%	<-Total Growth	10	Book Value per Share
Change	6.47%	6.60%	11.64%	-5.78%	-5.16%	9.49%	2.77%	10.82%	-7.23%	15.61%	9.49%	7.28%	1.06%	0.00%	0.00%	0.00%		34.94%	P/B Ratio		Current/Historical Median
P/B Ratio (Median)	1.49	1.36	1.53	1.36	1.45	1.60	1.49	1.23	0.97	1.30	2.16	2.18	2.57	2.21	0.00	0.00		1.61	P/B Ratio		Historical Median
P/B Ratio (Close)	1.29	1.52	1.36	1.21	1.81	1.74	1.24	1.42	1.12	1.69	2.17	2.18	2.36	2.17	2.17	2.17		3.56%	<-IRR #YR->	10	Book Value per Share	41.85%
Change	-29.49%	17.72%	-10.48%	-10.71%	49.30%	-4.12%	-28.65%	15.05%	-21.49%	51.14%	28.48%	0.40%	8.45%	-8.38%	0.00%	0.00%		4.95%	<-IRR #YR->	5	Book Value per Share	27.31%
Median 10 year P/B Ratio	1.95	1.95	1.95	1.74	1.57	1.57	1.51	1.49	1.47	1.41	1.41	1.47	1.47	1.55				1.47	<-Median->	5	Median 10 year P/B Ratio
Leverage (A/BK)	2.02	2.01	2.08	2.17	2.23	2.33	2.24	2.23	2.32	2.08	1.99	1.91	2.16	2.16				2.20	<-Median->	10	A/BV
Debt/Equity Ratio	1.02	1.01	1.08	1.17	1.23	1.33	1.24	1.23	1.32	1.08	0.99	0.91	1.16	1.16				1.20	<-Median->	10	Debt/Eq Ratio
Sharerholders' Equity									P/BV	10 yr Med	1.47	5 yr Med	2.16		47.25%	Diff M/C		2.24	Historical	29	A/BV
			-$13.23	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$18.77
								-$14.74	$0.00	$0.00	$0.00	$0.00	$18.77
Comprehensive Income	$1,924	$2,254	$3,938	-$613	-$209	$2,259	$2,781	$5,328	-$461	$7,655	$11,147	$8,196	$6,235					58.33%	<-Total Growth	10	Comprehensive Income
Increase	-27.67%	17.15%	74.71%	-115.57%	65.91%	1180.86%	23.11%	91.59%	-108.65%	1760.52%	45.62%	-26.47%	-23.93%					-23.93%	<-Median->	5	Comprehensive Income
5 Yr Running Average	$2,521	$1,937	$2,482	$2,033	$1,459	$1,526	$1,631	$1,909	$1,940	$3,512	$5,290	$6,373	$6,554					4.70%	<-IRR #YR->	10	Comprehensive Income	58.33%
ROE	7.9%	8.7%	13.6%	-2.2%	-0.8%	7.1%	8.7%	15.2%	-1.4%	20.7%	29.2%	20.6%	15.8%					3.19%	<-IRR #YR->	5	Comprehensive Income	17.02%
5Yr Median	7.9%	7.9%	8.7%	8.7%	7.9%	7.1%	7.1%	7.1%	7.1%	8.7%	15.2%	20.6%	20.6%					10.20%	<-IRR #YR->	10	5 Yr Running Average	164.08%
% Difference from NI	1.7%	-0.7%	0.2%	-3.8%	2.5%	-5.8%	7.3%	-1.6%	6.0%	-0.1%	1.9%	-0.4%	2.1%					27.98%	<-IRR #YR->	5	5 Yr Running Average	243.31%
Median Values										Diff	5, 10 yr	0.9%	1.9%					20.6%	<-Median->	5	Return on Equity
			-$3,938	$0	$0	$0	$0	$0	$0	$0	$0	$0	$6,235
								-$5,328	$0	$0	$0	$0	$6,235
			-$2,482	$0	$0	$0	$0	$0	$0	$0	$0	$0	$6,554
								-$1,909	$0	$0	$0	$0	$6,554
Current Liability Coverage Ratio	1.45	1.39	1.79	1.17	0.78	1.11	1.84	1.49	0.96	1.82	2.23	1.99	1.47	1.59							CFO / Current Liabilities
5 year Median	1.94	1.56	1.56	1.45	1.39	1.17	1.17	1.17	1.11	1.49	1.82	1.82	1.82	1.82				147.6%	<-Median->	10	Current Liability Cov Ratio
Asset Efficiency Ratio	11.76%	14.01%	15.29%	9.10%	6.81%	9.43%	12.26%	12.62%	6.48%	17.63%	25.36%	19.45%	16.55%	17.98%							CFO / Total Assets
5 year Median	14.38%	14.01%	14.01%	13.28%	11.76%	9.43%	9.43%	9.43%	9.43%	12.26%	12.62%	17.63%	17.63%	17.98%				12.4%	<-Median->	10	Return on Assets
Return on Assets ROA	3.86%	4.39%	6.53%	-1.07%	-0.35%	3.25%	3.62%	6.93%	-0.58%	10.00%	14.36%	10.84%	7.15%	94.43%				Net	Income/Assets		Return on Assets	ROA
5Yr Median	3.98%	3.98%	4.39%	4.39%	3.86%	3.25%	3.25%	3.25%	3.25%	3.62%	6.93%	10.00%	10.00%	10.84%				5.3%	<-Median->	10	Asset Efficiency Ratio	ROA
Return on Equity ROE	7.79%	8.81%	13.60%	-2.33%	-0.78%	7.57%	8.10%	15.48%	-1.34%	20.74%	28.65%	20.67%	15.47%	204.22%				Net Inc/	Shareholders' equity		Return on Equity	ROE
5Yr Median	8.13%	8.13%	8.81%	8.81%	7.79%	7.57%	7.57%	7.57%	7.57%	8.10%	15.48%	20.67%	20.67%	20.74%				11.8%	<-Median->	10	Return on Equity	ROE
														$7,489	<-12 mths	22.65%			Estimates		Last 12 months from Qtr
Net Income	$1,892	$2,270	$3,929	-$637	-$204	$2,397	$2,591	$5,416	-$435	$7,664	$10,937	$8,233	$6,106	$80,603	$8,260	$8,373		55.41%	<-Total Growth	10	Net Income
Increase	-28.41%	19.98%	73.08%	-116.21%	67.97%	1275.00%	8.09%	109.03%	-108.03%	1861.84%	42.71%	-24.72%	-25.84%	1220.06%	-89.75%	1.37%		EPS/CF Ratio should not be higher than 1.00
5 Yr Running Average	$2,559	$2,016	$2,486	$2,019	$1,450	$1,551	$1,615	$1,913	$1,953	$3,527	$5,235	$6,363	$6,501	$22,709	$22,828	$22,315		4.51%	<-IRR #YR->	10	Net Income	55.41%
Operating Cash Flow	$6,209	$7,218	$8,459	$5,632	$3,452	$7,262	$10,121	$8,829	$4,714	$14,478	$19,391	$12,353	$13,386					2.43%	<-IRR #YR->	5	Net Income	12.74%
Investment Cash Flow	-$5,927	-$7,006	-$11,177	-$5,465	-$3,811	-$13,102	-$4,814	-$7,255	-$2,819	-$3,703	-$4,987	-$4,858	-$14,095					10.09%	<-IRR #YR->	10	5 Yr Running Average	161.48%
Total Accruals	$1,610	$2,058	$6,647	-$804	$155	$8,237	-$2,716	$3,842	-$2,330	-$3,111	-$3,467	$738	$6,815					27.72%	<-IRR #YR->	5	5 Yr Running Average	239.90%
Total Assets	$48,980	$51,754	$60,200	$59,275	$58,648	$73,867	$71,559	$78,121	$75,276	$76,665	$76,142	$75,955	$85,359						Balance Sheet		Assets
Accruals Ratio	3.29%	3.98%	11.04%	-1.36%	0.26%	11.15%	-3.80%	4.92%	-3.10%	-4.06%	-4.55%	0.97%	7.98%					-3.10%	<-Median->	5	Ratio
EPS/CF Ratio	0.33	0.31	0.42	-0.12	-0.05	0.36	0.29	0.55	-0.09	0.56	0.54	0.54	0.42					0.39	<-Median->	10	EPS/CF Ratio
			-$3,929	$0	$0	$0	$0	$0	$0	$0	$0	$0	$6,106
								-$5,416	$0	$0	$0	$0	$6,106
			-$2,486	$0	$0	$0	$0	$0	$0	$0	$0	$0	$6,501
								-$1,913	$0	$0	$0	$0	$6,501
Change in Close	-24.93%	25.49%	-0.06%	-15.87%	41.59%	4.98%	-26.67%	27.50%	-27.17%	74.73%	40.67%	7.71%	9.59%	-8.38%	0.00%	0.00%			Count	30	Years of data
up/down	down			down	down		down							down					Count	17	56.67%
Meet Prediction?	Yes			Yes			Yes											% right	Count	6	35.29%
Financial Cash Flow	-$297	-$233	$2,727	-$123	$307	$5,960	-$5,343	-$1,536	-$1,850	-$10,215	-$14,228	-$7,538	-$37						C F Statement		Financial Cash Flow
Total Accruals	$1,907	$2,291	$3,920	-$681	-$152	$2,277	$2,627	$5,378	-$480	$7,104	$10,761	$8,276	$6,852								Accruals
Accruals Ratio	3.89%	4.43%	6.51%	-1.15%	-0.26%	3.08%	3.67%	6.88%	-0.64%	9.27%	14.13%	10.90%	8.03%					9.27%	<-Median->	5	Ratio
Cash	$37	$16	$25	$69	$17	$137	$101	$139	$184	$744	$920	$877	$131	$131							Cash
Cash per Share	$0.02	$0.01	$0.01	$0.03	$0.01	$0.06	$0.04	$0.06	$0.08	$0.32	$0.42	$0.41	$0.06	$0.06				$0.32	<-Median->	5	Cash per Share
Percentage of Stock Price	0.12%	0.04%	0.06%	0.21%	0.04%	0.25%	0.26%	0.28%	0.51%	1.19%	1.11%	1.01%	0.14%	0.15%				1.01%	<-Median->	5	% of Stock Price
Notes:
April 1, 2025.  Last estimates were for 2024, 2025 and 2026 of $36209M, $37812M, $38137M Revenue, $14808M, $14513M 2024/5 AFFO, $7.63, $9.50, $9.82 AEPS,
$7.60, $8.64, $8.34 EPS, $4.19, $4.34, $4.74 dividends, $13.80, $15.50, $15.20 CFPS, $38.20, $40.00, $41.30 BVPS, $8483M, $9380M, 8729M Net Income.
April 17, 2024.  Last estimates were for 35915M, $35773M, $32827M for Revenue, $14.05 $13.98 2024/5 for AFFO, $7.75, $8.81 and $9.43 for AEPS, $6.82, $87.50 and $8.56 for EPS,
$3.65, $3.68 and $4.29 for Dividends, $11085m, $11817M and $9024M for FCF, R14.20, $16.00 and $16.70 for CFPS, $36.50, $38.50 and $40.40 for BVPS, $8629M, $6299M 2023/4 for net Income.
April 23, 2023.  Last estimates were for 2022, 2023 and 2024 of $37712M, $32877M and $33600M for Revenue, $11.97 and $11.35 for 2022/3 for AFFO, $9.99, $8.10 and $7.39 for AEPS,  $11.30, $8.16 and $6.02 for EPS,
$2.81, $3.06 and $3.55 for Dividends, $14184M, $12999M and $9043M for FCF, $16.10 and $14.90 for CFPS 2022/3, $34.20 and $37.10 for BVPS 2022/3 and $12365M, $8629M and $6299M for Net Income.
April 17, 2022.  Last estimates were for 2021, 2022 and 2023 of $23862M, $24106M and $22636M for Revenue, $3.20, $3.08 and $2.77 for AEPS, $3.14, $3.00 and $2.69 for EPS,
$1.84, $1.89 and $1.96 for Dividends, $7441M, $7087M and $5907M for FCF, $9.47, $9.43 and $9.16 for CFPS and $3513M, $3454M and $3178M for Net Income.
April 17, 2021.  Last estimates were for 2020, 2021 and 2022 of $16082M, $18834M, $21447M for Revenue, -$0.75, $0.87 and $2.20 for Adj EPS, -$1.05, $0.85 and $1.85 for EPS,
$1.68, $1.72 and $1.76 for Dividends , $4.21M, $4628M and $6807M for FCF, $3.42, $5.29 and $8.18 for CFPS.-$2304M, -$129M and $2524M for Net Income.
December 31, 2020.  There was an earnings loss because of much lower Revenue for 2020.
April 11, 2020.  Last estimates were for 2019, 2020 and 2021 of $20707M, $22171M and $22554M for Revenue, $2.55, $3.02 and $2.99 for Adj EPS,
$2.18, $2.90 and $3.91 for EPS, $7.27, $6.57 and $9.10 for CFPS and $2617M, $3483M and $3554M for Net Income.
April 14, 2019.  Last estimates were for 2018, 2019 and 2020 of $20752M, $21404M and $22612M for Revenue, $2.74, $2.54 and $2.75 for Adj EPS,
$2.15, $1.99 and $2.53 for EPS, $8.10, $8.14 and $8.94 for CFPS, $3655m, $2319M and $2976M for Net Income.
April 14, 2018.  Last estimates were for 2017, 2018 and 2019 of $16520M, $20728M and $21785M for Revenue, $1.66, $2.79 and $3.29 for Adj EPS,
$1.49, 2.59 and $3.27 for EPS, $6.90, $8.72 and $9.44 for CFPS and $1904M, $3153M and $4352M.
April 14, 2017.  Last estimates were for 2016, 2017 and 2018 of $10273M, $13691M and $15956M for Revenue, -$1.46, $0.22 and $1.57 for Adj EPS,
-$1.70, $0.18 and $1.35 for EPS, $3.34, $5.53 and $7.49 for CFPS, -$1668M, $164M and $1080M for Net Income.
April 23, 2016.  Last estimates were for 2015, 2016 and 2017 of $14322M, $17221M and $21228M for Revenue, $3.29 and $2.87 for Adjusted EPS for 2015 and 2016, $0.19. 1.69 and $3.07 for EPS,
$5.41, $6.62 and $6.11 for CFPS and $415M, $2019M and $3401M for Net Income.
May 3, 2015.  Last estimates were for 2014, 2015 and 2016 of $20058M, $20632M and $21390M for Revenue, $3.37. $3.29 and $2.87 amd Adjusted EPS, $3.37, $3.29 and $2.87 for EPS,
$9.05, $9.36 and $9.65 for CFPS, and $3497M, $3800M and $3361M for Net Income.
May 1, 2014.  Last estimates were for 2013 and 2014 of $162420M and $18099M for Revenue, $2.43 amd $3.01 for Adjusted EPS, $2.43 and $3.01 for EPS, $6.20 and $6.77 for CFPS.
April 1, 2013.  Last estimates were for 2012 and 2013 and were $14400M and $16200M for Revenue, $3.61 for adjusted EPS for 2012, $1.76 and $2.68 for EPS and $5.14 and $6.57 for CFPS.
I got proxy notice on 28 March 2013, but audited financial statements did not appear on their site until April 1, 2013.
Sept 10, 2012.  Last estimates were for 2011 and 2012 and were for Revenue of $13.285M and $16.73M and EPS of $1.65 and 2.60 and Adjusted EPS of $2.22 and $3.61 and CF of$5.84 and $7.48
July 3, 2011.  When I last looked at the stock, I got estimates for 2010 and 2011 of $2.56 and $3.19 for EPS and $6.00 and $7.00 for CF
Aug 9. 2010.  The last time I looked, I got earnings of for 2009 and 2010 of $5.00 and $6.10 and cash flow of $11 and $12.50
Oct 7, 2009.  When I looked at this stock in June 2009, I picked up 2009 and 2010 earnings of $5.00 and $5.40. Estimates for 2009 remain, but for 2010 they have increased.
Jun 21, 2009 AR 2008.  When I last looked at the stock in Oct 2008, I got a earnings estimate of $5.98 and Cash Flow of $13.19 for 2008. Earnings was $l9.22 and Cash flow came in at $12.71
The company was founded on November 7, 1973 as AEX Minerals Corporation and adopted the present name in 1975.
Adjusted net earnings from operations is a non-GAAP measure that represents net earnings adjusted for certain items of a non-operational nature. The Company evaluates its performance based on adjusted net earnings from operations.
Sector:
Energy, Resources
What should this stock accomplish?
This stock should give you a window on the oil and gas business.  Expect a lot of volitility in the stock and its earnings, cash flow etc.
Since the give a low dividend expect decent dividend increases.
Would I buy this company and Why.
If you want an good oil and gas stock, this would be a good one to look at.
Why am I following this stock.
I started to follow this stock in 2008 because it was on the dividend growth lists that I followed.
Why I bought this stock.
I first bought CNQ in September 2012 because the dividend yield was relatively high.  The 5 and 10 year median dividend yields were 0.73% and 0.75%.  The current one was at 1.31% and I got it with a yield of 1.32%.
I sold some TransAlta  to buy this stock.  TransAlta is not doing well lately.
In April 2013 I bought more shares of this stock because the yield is now at 1.54%.
I bought another 100 shares in 2020 because the yield was 11.63%
Dividends
Dividends are paid quarterly, in cylce 1, which is in January, April July and October  The dividends are paid at the beginning of the month.  Dividends are declared for shareholders of one month and paid in following month.
For example, the a dividend was declared on March 6, 2014 for shareholders of record of March 17, 2014 and is payable on April 1, 2014.
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
For community
For investors
How they make their money.
Canadian Natural Resources Ltd is an independent crude oil and natural gas exploration, development, and production company. The company's
exploration and production operations are focused in North America, largely in Western Canada; the United Kingdom (UK) portion
of the North Sea; and Cote d'Ivoire in Offshore Africa.
Industry: Oil and Gas (Oil and Gas Producers).  Widely held.
If you do not want to sign into their site, they publish complete annual statements with the news of their results.
*Adjusted net earnings from operations is a non-GAAP method to evalute the company's performance.  And, just to confuse you, a lot of earnings estimates seem to be for the Adjusted EPS, not EPS.
Also, sites are mixing the two EPS methods without quailifing what they are using.
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	2017	April 14	2018	April 14	2019	April 11	2020	April 17	2021	April 17	2022	April 17	2023	April 17	2024			April 19	2025
Stauth, Scott Gerald												0.170	0.01%	0.172	0.01%			0.353	0.02%			104.96%
President - Shares - Amount													$6.892		$7.649				$14.362
Options - percentage												0.836	0.04%	0.930	0.04%			2.014	0.10%			116.59%
Options - amount													$33.859		$41.260				$81.875
Darel, Victor Clinton														0.017	0.00%			0.035	0.00%		Announcement 2025	111.36%
CFO - Shares - Amount															$0.736				$1.425
Options - percentage														0.103	0.00%			0.443	0.02%			330.48%
Options - amount															$4.566				$18.009
Stainthrope, Mark Allen				0.025	0.00%	0.027	0.00%	0.393	0.02%	0.032	0.00%	0.033	0.00%	0.035	0.00%						Filed last April 2019
CFO - Shares - Amount					$0.516		$0.413		$10.504		$1.197		$1.345		$1.541						cannot find 2025
Options - percentage				0.075	0.00%	0.000	0.00%	0.414	0.02%	0.491	0.02%	0.544	0.03%	0.609	0.03%
Options - amount					$1.571		$0.000		$11.053		$18.449		$22.045		$27.022
Bieber, Corey B.	0.01%	0.187	0.01%	0.192	0.01%
CFO - Shares - Amount	$4.067		$3.075		$4.038
Options - percentage	0.02%	0.033	0.00%	0.355	0.01%
Options - amount	$10.776		$0.549		$7.453
Andersen, Troy John Peter				0.015	0.00%	0.017	0.00%	0.017	0.00%	0.023	0.00%	0.026	0.00%	0.028	0.00%			0.063	0.00%			122.93%
Officer - Shares - Amount					$0.305		$0.259		$0.453		$0.870		$1.043		$1.246				$2.544
Options - percentage				0.305	0.01%	0.378	0.02%	0.462	0.02%	0.313	0.01%	0.297	0.01%	0.271	0.01%			0.628	0.03%			131.63%
Options - amount					$6.401		$5.789		$12.356		$11.759		$12.032		$12.027				$25.524
Balog, Brenda Gayle												0.028	0.00%	0.025	0.00%			0.053	0.00%			110.89%
Officer - Shares - Amount													$1.148		$1.117				$2.159
Options - percentage												0.027	0.00%	0.042	0.00%			0.120	0.01%			187.64%
Options - amount													$1.093		$1.849				$4.873
Bast, Calvin John												0.037	0.00%	0.030	0.00%			0.063	0.00%		Executive vice-chairman 2019	114.12%
Officer - Shares - Amount													$1.484		$1.315				$2.579		Director 2021
Options - percentage												0.100	0.00%	0.144	0.01%			0.382	0.02%			165.51%
Options - amount													$4.064		$6.378				$15.515
Laut, Stephen W.	0.10%	2.376	0.10%	2.376	0.10%	2.393	0.10%	2.554	0.11%	1.839	0.08%	1.430	0.07%	0.457	0.02%			0.903	0.04%		Last updated April 2025	97.67%
Director - Shares - Amount	$54.472		$39.140		$49.906		$36.595		$68.245		$69.142		$57.911		$20.270				$36.710
Options - percentage	0.09%	1.799	0.07%	1.642	0.07%	0.000	0.00%	0.621	0.03%	3.048	0.14%	3.137	0.15%	3.137	0.15%			6.274	0.30%			100.00%
Options - amount	$46.692		$29.636		$34.491		$0.000		$16.590		$114.607		$127.029		$139.216				$255.093
Best, Catherine May	0.00%	0.040	0.00%	0.044	0.00%	0.048	0.00%	0.053	0.00%	0.056	0.00%	0.059	0.00%	0.061	0.00%			0.181	0.01%			198.16%
Director - Shares - Amt	$0.820		$0.667		$0.934		$0.742		$1.415		$2.114		$2.377		$2.694				$7.359
Options - percentage	0.00%	0.000	0.00%	0.000	0.00%	0.000	0.00%	0.000	0.00%	0.000	0.00%	0.000	0.00%	0.000	0.00%			0.000	0.00%			#DIV/0!
Options - amount	$0.000		$0.000		$0.000		$0.000		$0.000		$0.000		$0.000		$0.000				$0.000
Edwards, Norman Murray	0.88%	22.014	0.92%	21.954	0.92%	21.938	0.93%	21.939	0.94%	21.502	0.98%	21.259	0.99%	21.318	1.01%			85.272	4.05%			300.00%
Chairman - Shares - Amt	$483.389		$362.571		$461.034		$335.535		$586.325		$808.356		$860.897		$946.095				$3,467.166
Options - percentage	0.09%	1.798	0.07%	2.348	0.10%	2.528	0.11%	3.020	0.13%	2.840	0.13%	2.505	0.12%	1.690	0.08%			3.751	0.18%			121.99%
Options - amount	$51.618		$29.616		$49.317		$38.669		$80.701		$106.753		$101.429		$74.988				$152.515
Increase in O/S Shares	0.73%	14.256	0.58%	9.975	0.41%	10.871	0.46%	3.979	0.17%	18.147	0.78%	11.605	0.53%	9.882	0.46%			13.531	0.64%		Average	0.52%
due to SO 2013	$348.396		$320.190		$164.288		$228.291		$60.859		$484.979		$436.290		$400.172				$600.506		seems to be not accepting
Book Value	$559.000		$466.000		$332.000		$360.000		$108.000		$707.000		$442.000		$372.000				$280.000		Options
Previous Lia. for SO	$0.000		$0.000		$0.000		$0.000		$0.000		$0.000		$0.000		$0.000				$0.000
Insider Buying	-$8.018		-$3.966		-$4.805		-$2.443		-$2.093		-$1.691		-$0.164		$285.321				-$0.234
Insider Selling	$98.356		$83.132		$52.309		$60.697		$32.583		$172.877		$145.077		$0.000				$33.043
Net Insider Selling	$90.337		$79.166		$47.504		$58.254		$30.490		$171.185		$144.913		$285.321				$32.810
% of Market Cap	0.16%		0.20%		0.10%		0.16%		0.05%		0.21%		0.17%		0.31%				0.04%
Directors		12		11		12		11		12		11		12				12
Women	18%	2	17%	2	18%	2	17%	2	18%	4	33%	3	27%	4	33%			4	33%
Minorities	9%	1	8%	1	9%	1	8%	1	9%	1	8%	1	9%	1	8%			1	8%
Institutions/Holdings	69.60%			431	67.01%	20	68.60%			20	52.66%	20	59.77%	20	59.77%			20	57.25%
Total Shares Held	34.88%			803.661	33.86%	754.250	31.86%			612.150	27.76%	657.098	30.64%	988.181	46.99%			1,201.907	57.15%
Increase/Decrease 3 Mths	0.68%			-7.979	-0.98%	28.375	3.91%			13.064	2.18%	21.762	3.43%	-32.858	-3.22%			3.335	0.28%
Starting No. of Shares	Nasdaq			811.640	Nasdaq	725.874	MS Top			599.085	MS Top	635.336	MS Top	1,021.038	MS Top			1,198.572	MS Top
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My Stock
																		21/09/12	-$3,181.99		200	$15.91
																		11/04/13	-$3,260.99		200	$16.30
																		25/03/20	-$1,461.99		200	$7.31
																		02/04/25	-$8,895.99		200	$44.48
																		08/04/25	-$10,968.99		300	$36.56
																		19/03/25	$48,868.00		1,100	$25.25
																		12.27%	XIRR		1,100	$44.43
																		13.97%
																		1.70%
																		% from	$50,259.81		Total Value	Gain
																			$0.00		Less Sale of Stock
																			-$48,868.00		Less Stock Value
																		3.29%	$1,391.81		Dividends Paid	17.61%
																			$7,904.97		Cost of Stock
																			$0.00		Sale of Stock
																		96.71%	$40,963.03		Capital Gains/Loss	518.19%
																		100.00%	$42,354.84		Total Return	535.80%
																		Start Date	21-Sep-12		Shares	300
																		End date	19-Mar-25		Dividends pd per Share	$4.64
																		years	12.49		Div less cost	-$21.71
																					Cost	$26.35
																					% paid by div	17.61%