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Accenture PLC (NYSE:ACN)

Economic Value Added (EVA)

Microsoft Excel

Economic Profit

Accenture PLC, economic profit calculation

US$ in thousands

Microsoft Excel
12 months ended: Aug 31, 2026 Aug 31, 2025 Aug 31, 2024 Aug 31, 2023 Aug 31, 2022 Aug 31, 2021
Net operating profit after taxes (NOPAT)1 9,276,242 9,111,886 7,515,553 7,011,593 7,128,082 6,771,649
Cost of capital2 18.08% 18.65% 19.20% 19.22% 19.14% 19.22%
Invested capital3 52,369,506 45,311,761 36,963,067 33,174,004 29,793,146 26,216,920
 
Economic profit4 (191,768) 663,281 418,506 635,630 1,424,813 1,731,943

Based on: 10-K (reporting date: 2026-08-31), 10-K (reporting date: 2025-08-31), 10-K (reporting date: 2024-08-31), 10-K (reporting date: 2023-08-31), 10-K (reporting date: 2022-08-31), 10-K (reporting date: 2021-08-31).

1 NOPAT. See details »

2 Cost of capital. See details »

3 Invested capital. See details »

4 2026 Calculation
Economic profit = NOPAT – Cost of capital × Invested capital
= 9,276,242 – 18.08% × 52,369,506 = -191,768


The financial performance of the organization demonstrates a diverging trend between absolute operational profitability and the creation of economic value. While the Net Operating Profit After Taxes (NOPAT) shows a consistent long-term upward trajectory, this growth has been outpaced by a rapid expansion in the invested capital base, resulting in a steady erosion of economic profit over the analyzed period.

Net Operating Profit After Taxes (NOPAT)
NOPAT exhibits a general growth trend, increasing from US$ 6.77 billion in 2021 to US$ 9.28 billion by 2026. Although a slight contraction occurred in 2023, the subsequent years show significant acceleration, particularly between 2024 and 2025, indicating an increase in the absolute scale of operational earnings.
Invested Capital Expansion
There is a substantial and continuous increase in invested capital, which grew from US$ 26.22 billion in 2021 to US$ 52.37 billion in 2026. This represents an approximate doubling of the capital base over the six-year period, signaling an aggressive investment strategy or a significant increase in the assets required to generate revenue.
Cost of Capital Stability
The cost of capital remained relatively stable throughout the majority of the period, hovering around 19.2%. A gradual decline is observed in the final two years, reaching 18.08% by 2026. Despite this slight reduction in the required rate of return, the decrease was insufficient to offset the impact of the growing capital base.
Economic Profit and Value Creation
Economic profit shows a critical downward trend, falling from a peak of US$ 1.73 billion in 2021 to a negative value of US$ 191.77 million in 2026. The data reveals that the returns generated from the additional invested capital are lower than the cost of that capital. Consequently, the organization transitioned from generating economic value to destroying economic value by the end of the period, as the charge for capital exceeded the NOPAT.

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Net Operating Profit after Taxes (NOPAT)

Accenture PLC, NOPAT calculation

US$ in thousands

Microsoft Excel
12 months ended: Aug 31, 2026 Aug 31, 2025 Aug 31, 2024 Aug 31, 2023 Aug 31, 2022 Aug 31, 2021
Net income attributable to Accenture plc 8,367,056 7,678,433 7,264,787 6,871,557 6,877,169 5,906,809
Deferred income tax expense (benefit)1 125,071 357,348 (93,988) (268,953) (213,294) 60,930
Increase (decrease) in allowance for credit losses2 9,423 4,686 1,218 557 (6,420) (8,071)
Increase (decrease) in deferred revenues3 546,729 899,517 254,908 370,343 261,506 601,585
Increase (decrease) in equity equivalents4 681,223 1,261,551 162,138 101,947 41,792 654,444
Interest expense 303,397 228,555 58,969 47,525 47,320 59,492
Interest expense, operating lease liability5 151,121 130,471 130,019 114,043 121,015 134,202
Adjusted interest expense 454,518 359,026 188,988 161,568 168,335 193,694
Tax benefit of interest expense6 (95,449) (75,395) (39,687) (33,929) (35,350) (40,676)
Adjusted interest expense, after taxes7 359,069 283,631 149,301 127,639 132,985 153,018
Interest income (363,205) (336,324) (272,256) (280,409) (45,133) (33,365)
Investment income, before taxes (363,205) (336,324) (272,256) (280,409) (45,133) (33,365)
Tax expense (benefit) of investment income8 76,273 70,628 57,174 58,886 9,478 7,007
Investment income, after taxes9 (286,932) (265,696) (215,082) (221,523) (35,655) (26,358)
Net income (loss) attributable to noncontrolling interest 155,826 153,967 154,410 131,973 111,791 83,736
Net operating profit after taxes (NOPAT) 9,276,242 9,111,886 7,515,553 7,011,593 7,128,082 6,771,649

Based on: 10-K (reporting date: 2026-08-31), 10-K (reporting date: 2025-08-31), 10-K (reporting date: 2024-08-31), 10-K (reporting date: 2023-08-31), 10-K (reporting date: 2022-08-31), 10-K (reporting date: 2021-08-31).

1 Elimination of deferred tax expense. See details »

2 Addition of increase (decrease) in allowance for credit losses.

3 Addition of increase (decrease) in deferred revenues.

4 Addition of increase (decrease) in equity equivalents to net income attributable to Accenture plc.

5 2026 Calculation
Interest expense on capitalized operating leases = Operating lease liability × Discount rate
= 3,285,232 × 4.60% = 151,121

6 2026 Calculation
Tax benefit of interest expense = Adjusted interest expense × Statutory income tax rate
= 454,518 × 21.00% = 95,449

7 Addition of after taxes interest expense to net income attributable to Accenture plc.

8 2026 Calculation
Tax expense (benefit) of investment income = Investment income, before tax × Statutory income tax rate
= 363,205 × 21.00% = 76,273

9 Elimination of after taxes investment income.


An analysis of the financial performance from August 31, 2021, to August 31, 2026, reveals a consistent upward trajectory in both net income and net operating profit after taxes (NOPAT), indicating sustained growth in operational efficiency and overall profitability.

Net Income Trends
Net income attributable to Accenture plc demonstrated steady growth, increasing from 5,906,809 thousand US dollars in 2021 to 8,367,056 thousand US dollars by 2026. While a marginal plateau occurred between 2022 and 2023, the subsequent years showed accelerated growth, with the most significant increase occurring between 2025 and 2026.
NOPAT Performance
Net operating profit after taxes followed a similar growth pattern, beginning at 6,771,649 thousand US dollars in 2021 and reaching 9,276,242 thousand US dollars by 2026. A slight contraction was observed in 2023, followed by a substantial surge in 2025, where NOPAT increased by approximately 21.4% over the previous year, suggesting a significant improvement in core operational profitability during that period.
Comparative Analysis of NOPAT and Net Income
NOPAT consistently exceeded net income throughout the observed period, which indicates that the company's operational earnings are stronger than its final bottom-line results. The variance between these two metrics widened notably in 2025 and 2026. This diverging trend suggests that while operational profitability grew aggressively, non-operating expenses, interest obligations, or tax adjustments may have limited the full translation of these operational gains into net income.

The overall correlation between the two metrics suggests a robust operational foundation. The capacity to increase NOPAT to over 9.2 billion US dollars by 2026 reflects a strong ability to generate value from core business activities, providing a positive outlook for the company's economic value added (EVA) potential.

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Cash Operating Taxes

Accenture PLC, cash operating taxes calculation

US$ in thousands

Microsoft Excel
12 months ended: Aug 31, 2026 Aug 31, 2025 Aug 31, 2024 Aug 31, 2023 Aug 31, 2022 Aug 31, 2021
Income tax expense 2,849,333 2,437,993 2,280,126 2,135,802 2,207,207 1,770,571
Less: Deferred income tax expense (benefit) 125,071 357,348 (93,988) (268,953) (213,294) 60,930
Add: Tax savings from interest expense 95,449 75,395 39,687 33,929 35,350 40,676
Less: Tax imposed on investment income 76,273 70,628 57,174 58,886 9,478 7,007
Cash operating taxes 2,743,438 2,085,412 2,356,628 2,379,798 2,446,374 1,743,310

Based on: 10-K (reporting date: 2026-08-31), 10-K (reporting date: 2025-08-31), 10-K (reporting date: 2024-08-31), 10-K (reporting date: 2023-08-31), 10-K (reporting date: 2022-08-31), 10-K (reporting date: 2021-08-31).


The financial trajectory of tax obligations exhibits a general upward trend over the analyzed six-year period, characterized by an overall increase in both statutory tax expenses and actual cash outflows for taxes.

Income Tax Expense Trends
Income tax expense demonstrates a consistent growth pattern, rising from 1,770,571 thousand US$ in 2021 to 2,849,333 thousand US$ by 2026. Although a marginal contraction occurred in 2023, the subsequent years show a steady acceleration, with the most significant increase occurring between 2025 and 2026.
Cash Operating Taxes Trends
Cash operating taxes exhibit higher volatility compared to accrual-based expenses. After a sharp increase between 2021 and 2022, where payments rose to 2,446,374 thousand US$, a gradual downward trend was observed through 2025, reaching a period low of 2,085,412 thousand US$. This decline was sharply reversed in 2026, with payments increasing to 2,743,438 thousand US$.
Analysis of Accrual versus Cash Divergence
A notable divergence is observed between 2024 and 2025, during which income tax expenses continued to rise while cash operating taxes decreased. This suggests a temporary decoupling of recognized tax liabilities and actual cash disbursements. By 2026, both metrics converged toward a sharp upward trajectory, indicating a synchronization of tax recognition and payment outflows.

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Invested Capital

Accenture PLC, invested capital calculation (financing approach)

US$ in thousands

Microsoft Excel
Aug 31, 2026 Aug 31, 2025 Aug 31, 2024 Aug 31, 2023 Aug 31, 2022 Aug 31, 2021
Current portion of long-term debt and bank borrowings 113,069 114,484 946,229 104,810 9,175 12,080
Long-term debt, excluding current portion 9,998,689 5,034,169 78,628 43,093 45,893 53,473
Operating lease liability1 3,285,232 3,034,213 3,095,692 3,001,131 3,270,688 3,441,081
Total reported debt & leases 13,396,990 8,182,866 4,120,549 3,149,034 3,325,756 3,506,634
Total Accenture plc shareholders’ equity 31,567,256 31,195,446 28,288,646 25,692,839 22,106,097 19,529,454
Net deferred tax (assets) liabilities2 (2,957,500) (3,319,284) (3,718,651) (3,759,598) (3,682,616) (3,763,494)
Allowance for credit losses3 41,670 32,247 27,561 26,343 25,786 32,206
Deferred revenues4 7,262,260 6,715,531 5,816,014 5,561,106 5,190,763 4,929,257
Equity equivalents5 4,346,430 3,428,494 2,124,924 1,827,851 1,533,933 1,197,969
Accumulated other comprehensive (income) loss, net of tax6 1,375,268 1,465,379 1,554,742 1,743,101 2,190,342 1,419,497
Redeemable noncontrolling interests 532,762 — — — — —
Noncontrolling interests 1,157,098 1,045,521 879,602 765,754 640,991 567,660
Adjusted total Accenture plc shareholders’ equity 38,978,814 37,134,840 32,847,914 30,029,545 26,471,363 22,714,580
Short-term investments7 (6,298) (5,945) (5,396) (4,575) (3,973) (4,294)
Invested capital 52,369,506 45,311,761 36,963,067 33,174,004 29,793,146 26,216,920

Based on: 10-K (reporting date: 2026-08-31), 10-K (reporting date: 2025-08-31), 10-K (reporting date: 2024-08-31), 10-K (reporting date: 2023-08-31), 10-K (reporting date: 2022-08-31), 10-K (reporting date: 2021-08-31).

1 Addition of capitalized operating leases.

2 Elimination of deferred taxes from assets and liabilities. See details »

3 Addition of allowance for doubtful accounts receivable.

4 Addition of deferred revenues.

5 Addition of equity equivalents to total Accenture plc shareholders’ equity.

6 Removal of accumulated other comprehensive income.

7 Subtraction of short-term investments.


Invested capital exhibits a consistent and accelerating upward trajectory over the analyzed period, growing from 26,216,920 thousand US dollars in August 2021 to 52,369,506 thousand US dollars by August 2026. This expansion represents a doubling of the capital base over six years, reflecting a significant increase in the resources deployed to generate economic value.

Invested Capital Components and Trends
The growth in invested capital is driven by both shareholders' equity and reported debt and leases, although the contribution of each varies across the timeline. Between 2021 and 2024, the expansion was primarily fueled by a steady increase in shareholders' equity, while debt levels remained relatively stable or experienced minor fluctuations.
Shareholders' Equity Analysis
Shareholders' equity shows a sustained increase from 19,529,454 thousand US dollars in 2021 to 31,567,256 thousand US dollars in 2026. The growth rate is most pronounced between 2021 and 2025, after which a significant deceleration is observed, with equity increasing by only approximately 371,810 thousand US dollars between August 2025 and August 2026.
Debt and Lease Obligations Analysis
A distinct pivot in financing strategy is observable in the reported debt and leases. From 2021 to 2023, debt levels trended slightly downward, decreasing from 3,506,634 thousand US dollars to 3,149,034 thousand US dollars. However, starting in 2024, a sharp upward trend emerges, with debt increasing to 4,120,549 thousand US dollars in 2024, 8,182,866 thousand US dollars in 2025, and peaking at 13,396,990 thousand US dollars in 2026.
Capital Structure Shift
The composition of invested capital shifts markedly toward a higher reliance on leverage in the latter part of the period. In 2021, debt and leases accounted for approximately 13.4% of total invested capital. By 2026, this proportion increases to approximately 25.6%, indicating that recent growth in the capital base is increasingly financed through debt rather than equity accumulation.

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Cost of Capital

Accenture PLC, cost of capital calculations

Capital (fair value)1 Weights Cost of capital
Equity2 135,749,642 135,749,642 ÷ 149,002,351 = 0.91 0.91 × 19.49% = 17.75%
Debt and bank borrowings3 9,967,477 9,967,477 ÷ 149,002,351 = 0.07 0.07 × 4.66% × (1 – 21.00%) = 0.25%
Operating lease liability4 3,285,232 3,285,232 ÷ 149,002,351 = 0.02 0.02 × 4.60% × (1 – 21.00%) = 0.08%
Total: 149,002,351 1.00 18.08%

Based on: 10-K (reporting date: 2026-08-31).

1 US$ in thousands

2 Equity. See details »

3 Debt and bank borrowings. See details »

4 Operating lease liability. See details »

Capital (fair value)1 Weights Cost of capital
Equity2 149,489,115 149,489,115 ÷ 157,704,755 = 0.95 0.95 × 19.49% = 18.47%
Debt and bank borrowings3 5,181,427 5,181,427 ÷ 157,704,755 = 0.03 0.03 × 4.21% × (1 – 21.00%) = 0.11%
Operating lease liability4 3,034,213 3,034,213 ÷ 157,704,755 = 0.02 0.02 × 4.30% × (1 – 21.00%) = 0.07%
Total: 157,704,755 1.00 18.65%

Based on: 10-K (reporting date: 2025-08-31).

1 US$ in thousands

2 Equity. See details »

3 Debt and bank borrowings. See details »

4 Operating lease liability. See details »

Capital (fair value)1 Weights Cost of capital
Equity2 225,727,750 225,727,750 ÷ 229,848,299 = 0.98 0.98 × 19.49% = 19.14%
Debt and bank borrowings3 1,024,857 1,024,857 ÷ 229,848,299 = 0.00 0.00 × 5.40% × (1 – 21.00%) = 0.02%
Operating lease liability4 3,095,692 3,095,692 ÷ 229,848,299 = 0.01 0.01 × 4.20% × (1 – 21.00%) = 0.04%
Total: 229,848,299 1.00 19.20%

Based on: 10-K (reporting date: 2024-08-31).

1 US$ in thousands

2 Equity. See details »

3 Debt and bank borrowings. See details »

4 Operating lease liability. See details »

Capital (fair value)1 Weights Cost of capital
Equity2 191,119,074 191,119,074 ÷ 194,268,108 = 0.98 0.98 × 19.49% = 19.17%
Debt and bank borrowings3 147,903 147,903 ÷ 194,268,108 = 0.00 0.00 × 5.40% × (1 – 21.00%) = 0.00%
Operating lease liability4 3,001,131 3,001,131 ÷ 194,268,108 = 0.02 0.02 × 3.80% × (1 – 21.00%) = 0.05%
Total: 194,268,108 1.00 19.22%

Based on: 10-K (reporting date: 2023-08-31).

1 US$ in thousands

2 Equity. See details »

3 Debt and bank borrowings. See details »

4 Operating lease liability. See details »

Capital (fair value)1 Weights Cost of capital
Equity2 157,689,340 157,689,340 ÷ 161,015,096 = 0.98 0.98 × 19.49% = 19.08%
Debt and bank borrowings3 55,068 55,068 ÷ 161,015,096 = 0.00 0.00 × 0.00% × (1 – 21.00%) = 0.00%
Operating lease liability4 3,270,688 3,270,688 ÷ 161,015,096 = 0.02 0.02 × 3.70% × (1 – 21.00%) = 0.06%
Total: 161,015,096 1.00 19.14%

Based on: 10-K (reporting date: 2022-08-31).

1 US$ in thousands

2 Equity. See details »

3 Debt and bank borrowings. See details »

4 Operating lease liability. See details »

Capital (fair value)1 Weights Cost of capital
Equity2 216,082,660 216,082,660 ÷ 219,589,294 = 0.98 0.98 × 19.49% = 19.17%
Debt and bank borrowings3 65,553 65,553 ÷ 219,589,294 = 0.00 0.00 × 0.00% × (1 – 21.00%) = 0.00%
Operating lease liability4 3,441,081 3,441,081 ÷ 219,589,294 = 0.02 0.02 × 3.90% × (1 – 21.00%) = 0.05%
Total: 219,589,294 1.00 19.22%

Based on: 10-K (reporting date: 2021-08-31).

1 US$ in thousands

2 Equity. See details »

3 Debt and bank borrowings. See details »

4 Operating lease liability. See details »


Economic Spread Ratio

Accenture PLC, economic spread ratio calculation, comparison to benchmarks

Microsoft Excel
Aug 31, 2026 Aug 31, 2025 Aug 31, 2024 Aug 31, 2023 Aug 31, 2022 Aug 31, 2021
Selected Financial Data (US$ in thousands)
Economic profit1 (191,768) 663,281 418,506 635,630 1,424,813 1,731,943
Invested capital2 52,369,506 45,311,761 36,963,067 33,174,004 29,793,146 26,216,920
Performance Ratio
Economic spread ratio3 -0.37% 1.46% 1.13% 1.92% 4.78% 6.61%
Benchmarks
Economic Spread Ratio, Competitors4
Adobe Inc. — 13.11% 0.83% 1.00% 6.49% 8.87%
AppLovin Corp. — 28.42% 0.70% -20.45% -26.69% -30.02%
Cadence Design Systems Inc. — -1.28% -2.88% 7.17% 6.58% 6.80%
Datadog Inc. — -8.84% -9.53% -6.05% -11.80% -3.98%
International Business Machines Corp. — -0.75% -7.59% -3.55% -11.30% -6.16%
Intuit Inc. 7.82% -2.91% -6.59% -8.64% -7.53% 0.10%
Microsoft Corp. 8.85% 5.59% 7.48% 10.52% 18.51% 27.55%
Oracle Corp. -3.89% -8.03% -7.89% -8.69% -7.67% 0.54%
Palantir Technologies Inc. — 41.65% -12.27% -8.99% -32.73% -40.19%
Palo Alto Networks Inc. -12.81% -3.84% 5.35% 11.48% 3.51% -5.19%
Salesforce Inc. -7.05% -12.48% -14.29% -17.73% -14.61% -12.46%
ServiceNow Inc. — 2.67% 5.94% 5.24% 0.73% 1.95%
Synopsys Inc. — -12.42% -8.17% -7.47% -0.87% -6.90%
Workday Inc. -9.53% -11.63% -13.04% -19.26% -14.09% -19.34%

Based on: 10-K (reporting date: 2026-08-31), 10-K (reporting date: 2025-08-31), 10-K (reporting date: 2024-08-31), 10-K (reporting date: 2023-08-31), 10-K (reporting date: 2022-08-31), 10-K (reporting date: 2021-08-31).

1 Economic profit. See details »

2 Invested capital. See details »

3 2026 Calculation
Economic spread ratio = 100 × Economic profit ÷ Invested capital
= 100 × -191,768 ÷ 52,369,506 = -0.37%

4 Click competitor name to see calculations.


The financial trajectory between August 2021 and August 2026 indicates a significant erosion in the organization's ability to generate economic value. While the capital base has expanded consistently, the resulting economic profit has generally declined, leading to a substantial compression of the economic spread ratio.

Economic Profit Trends
A sustained decrease in economic profit is observed, falling from US$ 1,731,943 thousand in 2021 to a low of US$ 418,506 thousand in 2024. Despite a moderate recovery to US$ 663,281 thousand in 2025, the profit turns negative by August 2026, reaching -US$ 191,768 thousand.
Invested Capital Expansion
Invested capital exhibits a continuous and aggressive upward trend throughout the analyzed period. Starting at US$ 26,216,920 thousand in 2021, the capital base grows steadily each year, effectively doubling to reach US$ 52,369,506 thousand by August 2026.
Economic Spread Ratio Analysis
The economic spread ratio demonstrates a consistent downward trajectory, reflecting a diminishing margin between the return on invested capital and the cost of capital. The ratio declines from 6.61% in 2021 to 1.13% in 2024. A brief stabilization is noted in 2025 at 1.46%, but the ratio ultimately falls into negative territory at -0.37% in 2026.

The divergence between the steady growth in invested capital and the decline in economic profit suggests that subsequent capital deployments are not yielding returns sufficient to cover their associated costs. The transition to a negative economic spread ratio by 2026 indicates a shift from value creation to value destruction.

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Economic Profit Margin

Accenture PLC, economic profit margin calculation, comparison to benchmarks

Microsoft Excel
Aug 31, 2026 Aug 31, 2025 Aug 31, 2024 Aug 31, 2023 Aug 31, 2022 Aug 31, 2021
Selected Financial Data (US$ in thousands)
Economic profit1 (191,768) 663,281 418,506 635,630 1,424,813 1,731,943
 
Revenues 74,183,445 69,672,977 64,896,464 64,111,745 61,594,305 50,533,389
Add: Increase (decrease) in deferred revenues 546,729 899,517 254,908 370,343 261,506 601,585
Adjusted revenues 74,730,174 70,572,494 65,151,372 64,482,088 61,855,811 51,134,974
Performance Ratio
Economic profit margin2 -0.26% 0.94% 0.64% 0.99% 2.30% 3.39%
Benchmarks
Economic Profit Margin, Competitors3
Adobe Inc. — 11.86% 0.94% 1.25% 7.56% 11.05%
AppLovin Corp. — 29.21% 0.68% -27.99% -49.97% -60.11%
Cadence Design Systems Inc. — -1.92% -4.41% 7.14% 6.57% 6.90%
Datadog Inc. — -5.24% -8.65% -3.79% -8.16% -3.16%
International Business Machines Corp. — -1.33% -13.42% -6.31% -19.56% -11.71%
Intuit Inc. 9.55% -3.77% -10.13% -14.15% -14.49% 0.13%
Microsoft Corp. 14.86% 8.34% 10.45% 11.98% 17.74% 22.86%
Oracle Corp. -9.55% -16.10% -15.00% -16.81% -14.08% 1.07%
Palantir Technologies Inc. — 21.57% -10.64% -4.83% -54.91% -66.20%
Palo Alto Networks Inc. -35.61% -4.55% 5.68% 11.39% 4.09% -6.98%
Salesforce Inc. -15.10% -26.94% -33.02% -44.83% -40.55% -28.58%
ServiceNow Inc. — 2.94% 4.89% 4.21% 0.59% 1.68%
Synopsys Inc. — -72.47% -13.69% -10.54% -1.23% -10.97%
Workday Inc. -11.47% -12.36% -14.52% -23.63% -19.10% -25.24%

Based on: 10-K (reporting date: 2026-08-31), 10-K (reporting date: 2025-08-31), 10-K (reporting date: 2024-08-31), 10-K (reporting date: 2023-08-31), 10-K (reporting date: 2022-08-31), 10-K (reporting date: 2021-08-31).

1 Economic profit. See details »

2 2026 Calculation
Economic profit margin = 100 × Economic profit ÷ Adjusted revenues
= 100 × -191,768 ÷ 74,730,174 = -0.26%

3 Click competitor name to see calculations.


The financial performance over the analyzed period reflects a divergence between top-line growth and economic value creation. While adjusted revenues demonstrate a consistent upward trajectory, economic profit and the corresponding profit margin exhibit a significant long-term decline, eventually entering negative territory.

Adjusted Revenues
A steady growth pattern is observed in adjusted revenues, increasing from 51,134,974 thousand US dollars in 2021 to 74,730,174 thousand US dollars by 2026. This represents a consistent expansion of the company's operational scale over the six-year period.
Economic Profit
Economic profit shows a pronounced downward trend, falling from a peak of 1,731,943 thousand US dollars in 2021 to a low of 418,506 thousand US dollars in 2024. Despite a brief recovery to 663,281 thousand US dollars in 2025, the figure declines sharply to a deficit of -191,768 thousand US dollars by 2026, indicating that the company failed to generate returns above its cost of capital in the final year.
Economic Profit Margin
The economic profit margin experiences severe compression, decreasing from 3.39% in 2021 to -0.26% in 2026. The margin declined steadily through 2024, reaching 0.64%, before a slight uptick in 2025 and a final drop into negative values. This trend suggests that the growth in adjusted revenues was not accompanied by a proportional increase in economic value, resulting in diminishing efficiency in capital utilization.

The convergence of increasing revenues and decreasing economic profit indicates that the cost of capital or operational inefficiencies have outpaced the gains from scale. The transition to a negative economic profit margin by 2026 signifies that the business ceased to create economic value during that period, despite the continued growth in overall revenue.

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