Netflix, Inc.

NasdaqGS
USD- 479.98 (As on 14-12-2023)
52 Week Range 273.41 - 485.00

About the Company:

Netflix is an American subscription video on-demand over-the-top streaming service. The service
primarily distributes original and acquired films and television shows from various genres, and it is
available internationally in multiple languages. Launched on January 16, 2007, nearly a decade after
Netflix, Inc. began its pioneering DVD‑by‑mail movie rental service, Netflix is the most-subscribed
video on demand streaming media service, with 238.39 million paid memberships in more than 190
countries. By 2022, "Netflix Original" productions accounted for half of its library in the United States
and the namesake company had ventured into other categories, such as video game publishing of
mobile games via its flagship service. As of October 2023, Netflix is the 24th most-visited website in
the world with 23.66% of its traffic coming from the United States, followed by the United Kingdom at
5.84% and Brazil at 5.64%.

Financial Summary:

Revenue Net Profit

5,502 5,487
35,370 5,116
33,987
31,616
29,698 4,492

24,996

2,761

2020A 2021A 2022A 2023E 2024E 2020A 2021A 2022A 2023E 2024E

Total Average Asset Revenue By Segment

48,177
47,722
146
46,590

41,932
31,473

2021A 2022A 2023E 2024E Streaming revenues DVD revenues

 CONTENTS
Income Statement
Balance Sheet
Cash Flow Statement
Revenue Model
Schedules
Debt Schedule
DCF
Vertical & Horizontal Analysis (Income Statement)
Vertical & Horizontal Analysis (Balance Sheet)
Ratio Analysis
 Income Statement
2020A 2021A 2022A 2023E 2024E 2025E 2026E 2027E

Revenues 24,996 29,698 31,616 33,987 35,370 36,809 38,306 39,862

Cost of revenues 15,276 17,333 19,168 20,392 21,222 22,086 22,983 23,917
Marketing 2,228 2,545 2,531 2,889 3,006 3,129 3,256 3,388
Technology and development 1,830 2,274 2,711 3,059 3,183 3,313 3,448 3,588
General and administrative 1,076 1,352 1,573 1,699 1,769 1,840 1,915 1,993
Operating income 4,585 6,195 5,633 5,948 6,190 6,442 6,704 6,976
Other income (expense):
Interest expense -767 -766 -706 525 266 82 - -
Interest and other income (expense) -618 411 337 - - - - -
Income before income taxes 3,199 5,840 5,264 6,473 6,456 6,524 6,704 6,976
Provision for income taxes -438 -724 -772 -971 -968 -979 -1,006 -1,046
Net income 2,761 5,116 4,492 5,502 5,487 5,545 5,698 5,930
 Balance Sheet
2020A 2021A 2022A 2023E 2024E 2025E 2026E 2027E

Assets
Current assets:
Cash and cash equivalents 8,206 6,028 5,147 680 707 1,017 5,341 10,044
Short-term investments - - 911 911 911 911 911 911
Trade Receivables 611 804 989 1,020 1,061 1,104 1,149 1,196
Other current assets 945 1,238 2,219 2,219 2,219 2,219 2,219 2,219
Total current assets 9,762 8,070 9,266 4,830 4,899 5,252 9,621 14,371
Content assets, net 25,384 30,920 32,737 35,096 37,422 39,701 41,936 44,141
Property and equipment, net 960 1,323 1,398 1,729 1,991 2,180 2,294 2,329
Other non-current assets 3,175 4,272 5,193 5,193 5,193 5,193 5,193 5,193
Total assets 39,280 44,585 48,595 46,848 49,505 52,326 59,043 66,034
Liabilities and Stockholders’ Equity 41,932 46,590 47,722 48,177
Current liabilities:
Current content liabilities 4,430 4,293 4,480 3,081 3,312 3,447 3,587 3,733
Accounts payable 656 837 672 826 860 894 931 969
Accrued expenses and other liabilities 1,102 1,449 1,515 1,515 1,515 1,515 1,515 1,515
Deferred revenue 1,118 1,209 1,265 1,265 1,265 1,265 1,265 1,265
Short-term debt 500 700 - - - - - -
Total current liabilities 7,806 8,489 7,931 6,686 6,951 7,121 7,298 7,481
Non-current content liabilities 2,618 3,094 3,081 3,312 3,447 3,587 3,733 3,885
Long-term debt 15,809 14,693 14,353 7,499 3,626 -79 -79 -79
Other non-current liabilities 1,982 2,459 2,452 2,452 2,452 2,452 2,452 2,452
Total liabilities 28,215 28,735 27,817 19,950 16,476 13,082 13,404 13,739

Stockholders’ equity:
Preferred stock - - - - - - - -
Common stock 3,448 4,025 4,638 5,256 5,900 6,570 7,267 7,993
Treasury stock at cost - -824 -824 -824 -824 -824 -824 -824
Accumulated other comprehensive loss 44 -40 -217 -217 -217 -217 -217 -217
Retained earnings 7,573 12,689 17,181 22,683 28,171 33,716 39,414 45,343
Total stockholders’ equity 11,065 15,849 20,777 26,898 33,029 39,244 45,639 52,294
Total liabilities and stockholders’ equity 39,280 44,585 48,595 46,848 49,505 52,326 59,043 66,034

Balance Check 0 0 0 0 0 0 0 0
 Revenue Model
2020A 2021A 2022A 2023E 2024E 2025E 2026E 2027E

Streaming revenues 24,759 29,515 31,473 33,862 35,265 36,724 38,240 39,816
DVD revenues 239 182 146 126 106 86 66 46
Total revenues 24,999 29,698 31,618 33,987 35,370 36,809 38,306 39,862

United States and Canada (UCAN)

Revenues 11,459 12,970 14,084 14,797 15,432 16,093 16,782 17,500
Paid net membership additions (losses) 6 1 -1
-80% -172% -0.5 -0.5 -0.5 -0.5 -0.5
Paid memberships at end of period (1) 74 75 74 74 73 73 72 72
Average paying memberships 72 74 74 74 74 73 73 72
Average monthly revenue per paying membership 13 15 16 17 17 18 19 20
Growth rate 9% 9% 5% 5% 5% 5% 5%

Europe, Middle East, and Africa (EMEA)

Revenues 7,773 9,702 9,746 10,590 11,047 11,523 12,019 12,536
Paid net membership additions (losses) 15 7 3
-51% -63% -0.5 -0.5 -0.5 -0.5 -0.5
Paid memberships at end of period (1) 67 74 77 76 76 75 75 74
Average paying memberships 60 70 74 76 76 75 75 74
Average monthly revenue per paying membership 11 12 11 12 12 13 13 14
8% -6% 5% 5% 5% 5% 5%
 Revenue Model
2020A 2021A 2022A 2023E 2024E 2025E 2026E 2027E
Latin America (LATAM)
Revenues 3,156 3,578 4,070 4,429 4,594 4,765 4,941 5,123
Paid net membership additions (losses) 6 2 2
-60% -28% -0.5 -0.5 -0.5 -0.5 -0.5
Paid memberships at end of period (1) 38 40 42 41 41 40 40 39
Average paying memberships 35 39 40 41 41 40 40 39
Average monthly revenue per paying membership 7 8 8 9 9 10 10 11
4% 10% 5% 5% 5% 5% 5%
Asia-Pacific (APAC)
Revenues 2,372 3,265 3,572 4,045 4,192 4,342 4,497 4,657
Paid net membership additions (losses) 9 7 5
-23% -24% -0.5 -0.5 -0.5 -0.5 -0.5
Paid memberships at end of period (1) 25 33 38 38 37 37 36 36
Average paying memberships 22 28 35 38 37 37 36 36
Average monthly revenue per paying membership 9 10 9 9 9 10 10 11
5% -11% 5% 5% 5% 5% 5%
As a % of Sales
Cost of revenues 61% 58% 61% 60.0% 60.0% 60.0% 60.0% 60.0%
Marketing 9% 9% 8% 8.5% 8.5% 8.5% 8.5% 8.5%
Technology and development 7% 8% 9% 9.0% 9.0% 9.0% 9.0% 9.0%
General and administrative 4% 5% 5% 5.0% 5.0% 5.0% 5.0% 5.0%

Effective Tax Rate 14% 12% 15% 15.0% 15.0% 15.0% 15.0% 15.0%
 Debt Schedule
2020A 2021A 2022A 2023E 2024E 2025E 2026E 2027E

Free Cash Before Debt: 2,386 3,901 4,014 4,324 4,703

Add: Opening Cash Balance 5,147 680 707 1,017 5,341
Less: minimum Cash Balance 2% 680 707 736 766 797
Free Cash For Debt: 6,854 3,874 3,985 4,575 9,247

Opening Debt Rate Due Year

Bank Loan 0 0 0 0 0

Senior Notes 5.50% 2022 - - - - -

Senior Notes 5.75% 2024 400 - - - -
Senior Notes 5.88% 2025 800 - - - -
Senior Notes 3.00% 2025 503 - - - -
Senior Notes 3.63% 2025 500 - - - -
Senior Notes 4.38% 2026 1,000 - - - -
Senior Notes 3.63% 2027 1,391 - - - -
Senior Notes 4.88% 2028 1,600 - - - -
Senior Notes 5.88% 2028 1,900 1,240 - - -
Senior Notes 4.63% 2029 1,177 1,177 - - -
Senior Notes 6.38% 2029 800 800 - - -
Senior Notes 3.88% 2029 1,284 1,284 628 - -
Senior Notes 5.38% 2029 900 900 900 - -
Senior Notes 3.63% 2030 1,177 1,177 1,177 - -
Senior Notes 4.88% 2030 1,000 1,000 1,000 - -
 Debt Schedule
2020A 2021A 2022A 2023E 2024E 2025E 2026E 2027E

Change in Debt Rate Due Year Prepay

Bank Loan

1 Senior Notes 5.50% 2022 - - - - -

1 Senior Notes 5.75% 2024 -400 - - - -
1 Senior Notes 5.88% 2025 -800 - - - -
1 Senior Notes 3.00% 2025 -503 - - - -
1 Senior Notes 3.63% 2025 -500 - - - -
1 Senior Notes 4.38% 2026 -1,000 - - - -
1 Senior Notes 3.63% 2027 -1,391 - - - -
1 Senior Notes 4.88% 2028 -1,600 - - - -
1 Senior Notes 5.88% 2028 -660 -1,240 - - -
1 Senior Notes 4.63% 2029 - -1,177 - - -
1 Senior Notes 6.38% 2029 - -800 - - -
1 Senior Notes 3.88% 2029 - -656 -628 - -
1 Senior Notes 5.38% 2029 - - -900 - -
1 Senior Notes 3.63% 2030 - - -1,177 - -
1 Senior Notes 4.88% 2030 - - -1,000 - -
 Debt Schedule
2020A 2021A 2022A 2023E 2024E 2025E 2026E 2027E

Closing Debt Rate Due Year Amount

Bank Loan 0 0 0 0 0 0

Senior Notes 5.50% 2022 - - - - - -

Senior Notes 5.75% 2024 400 - - - - -
Senior Notes 5.88% 2025 800 - - - - -
Senior Notes 3.00% 2025 503 - - - - -
Senior Notes 3.63% 2025 500 - - - - -
Senior Notes 4.38% 2026 1,000 - - - - -
Senior Notes 3.63% 2027 1,391 - - - - -
Senior Notes 4.88% 2028 1,600 - - - - -
Senior Notes 5.88% 2028 1,900 1,240 - - - -
Senior Notes 4.63% 2029 1,177 1,177 - - - -
Senior Notes 6.38% 2029 800 800 - - - -
Senior Notes 3.88% 2029 1,284 1,284 628 - - -
Senior Notes 5.38% 2029 900 900 900 - - -
Senior Notes 3.63% 2030 1,177 1,177 1,177 - - -
Senior Notes 4.88% 2030 1,000 1,000 1,000 - - -
-79 -79 -79 -79 -79 -79
Total Debt 14,353 7,499 3,626 -79 -79 -79
ST Debt - - - - -
LT Debt 7,499 3,626 -79 -79 -79
 Debt Schedule
2020A 2021A 2022A 2023E 2024E 2025E 2026E 2027E

Interest Rate
Item Rate Year
Senior Notes 5.50% 2022 - - - - -
Senior Notes 5.75% 2024 12 - - - -
Senior Notes 5.88% 2025 24 - - - -
Senior Notes 3.00% 2025 8 - - - -
Senior Notes 3.63% 2025 9 - - - -
Senior Notes 4.38% 2026 22 - - - -
Senior Notes 3.63% 2027 25 - - - -
Senior Notes 4.88% 2028 39 - - - -
Senior Notes 5.88% 2028 92 36 - - -
Senior Notes 4.63% 2029 54 27 - - -
Senior Notes 6.38% 2029 51 26 - - -
Senior Notes 3.88% 2029 50 37 12 - -
Senior Notes 5.38% 2029 48 48 24 - -
Senior Notes 3.63% 2030 43 43 21 - -
Senior Notes 4.88% 2030 49 49 24 - -

Total Interest 525 266 82 - -

 Cash Flow Statement
2020A 2021A 2022A 2023E 2024E 2025E 2026E 2027E

PAT 5,502 5,487 5,545 5,698 5,930

Dep 349 446 547 652 762
Amort 14,673 15,399 16,167 16,961 17,771
SBC 575 619 644 670 697 726
Change in AR -31 -41 -43 -45 -47
Change in Others - - - - -
Change in AP 154 34 35 36 38
Change in Others - - - - -
Additions to Contents Assets -17,032 -17,725 -18,446 -19,196 -19,976
Change in Contents Liab -1,168 366 275 286 298
Cash From Operations 3,066 4,609 4,750 5,090 5,501

CapEx on PP&E -680 -707 -736 -766 -797

Others 0 0 0 0 0
Cash From Investments: -680 -707 -736 -766 -797

Dividend Paid 0 0 0 0 0
Equity Issue 0 0 0 0 0
Equity Buyback 0 0 0 0 0
Debt Reayment/Borrowing -6854 -3874 -3705 0 0
Cash From Financing: -6854 -3874 -3705 0 0

Surplus / Deficit -4,467 28 310 4,324 4,703

Oepning Cash Balance 5,147 680 707 1,017 5,341
Closing Cash Balance 680 707 1,017 5,341 10,044
 Operations
2020A 2021A 2022A 2023E 2024E 2025E 2026E 2027E

Working Capital

Sales 24,996 29,698 31,616 33,987 35,370 36,809 38,306 39,862

SGA 3,305 3,897 4,103 4,588 4,775 4,969 5,171 5,381

Trade Receivables 804 989 1020 1061 1104 1149 1196

Accounts payable 837 672 826 860 894 931 969

AR as a % of Sales 3% 3% 3% 3% 3% 3%
AP as a % of SGA 18% 18% 18% 18% 18% 18%
 Operations
2020A 2021A 2022A 2023E 2024E 2025E 2026E 2027E

PP&E Schedule:

Opening Gross PP&E 2,152 2,832 3,539 4,275 5,041

Add: CapEx of the Year 498 525 408 680 707 736 766 797
Closing Gross PP&E 1,455 1,940 2,152 2,832 3,539 4,275 5,041 5,839

Opening Accum Dep 754 1,103 1,549 2,096 2,748

Dep of the Year 349 446 547 652 762
Closing Accum Dep 495 616 754 1,103 1,549 2,096 2,748 3,509

Net PP&E 960 1,323 1,398 1,729 1,991 2,180 2,294 2,329

CapEx as a % of Sales 2% 2% 1% 2% 2% 2% 2% 2%

Dep & Amort 208 337 349 446 547 652 762

D&A as a % of Gross Assets 12% 16% 14% 14% 14% 14% 14%
 Operations
2020A 2021A 2022A 2023E 2024E 2025E 2026E 2027E

Content Assets, Net 35,096 37,422 39,701 41,936 44,141

Licenced Contents

Gross Licensed content 13,799 12,733 12,377 12,335 12,497 12,794

Additions During the Year 6,615 7,112 7,401 7,702 8,015 8,341
Amortization 8,056 7,682 7,467 7,442 7,540 7,719 7,953
Licensed content, net 13,799 12,733 12,377 12,335 12,497 12,794 13,182

Additions as a % of Total Revenue 21% 21% 21% 21% 21% 21%

Amortization as a % of Licenced Content 38% 38% 38% 38% 38% 38%

Produced Contents

Gross Produced content 17,120 20,004 22,719 25,087 27,204 29,142

Additions During the Year 9,228 9,920 10,324 10,744 11,181 11,635
Amortization 4,175 6,344 7,205 7,956 8,627 9,242 9,818
Produced content, net 17,120 20,004 22,719 25,087 27,204 29,142 30,959

Additions as a % of Total Revenue 29% 29% 29% 29% 29% 29%

Amortization as a % of Produced Content 24% 24% 24% 24% 24% 24%

 Operations
2020A 2021A 2022A 2023E 2024E 2025E 2026E 2027E

Content Liabilities

Current content liabilities Opening 4,480 3,081 3,312 3,447 3,587

Non-current content liabilities Opening 3,081 3,312 3,447 3,587 3,733

Current content liabilities Additions 3,081 3,312 3,447 3,587 3,733

Non-current content liabilities Additions 3312 3447 3587 3733 3885

Current content liabilities Repayment -4,480 -3,081 -3,312 -3,447 -3,587

Non-current content liabilities Repayments -3,081 -3,312 -3,447 -3,587 -3,733

Current content liabilities Closing 4,293 4,480 3,081 3,312 3,447 3,587 3,733
Non-current content liabilities Closing 3,094 3,081 3,312 3,447 3,587 3,733 3,885

Non-current content liabilities as a % of Total Content Additions 19% 19% 19% 19% 19% 19%
 DCF
DCF Valuations: 2020A 2021A 2022A 2023E 2024E 2025E 2026E 2027E

EBIT 5,948 6,190 6,442 6,704 6,976

Tax Rate 15% 15% 15% 15% 15%
NOPAT 5,056 5,261 5,475 5,698 5,930
Dep 349 446 547 652 762
Amort 14,673 15,399 16,167 16,961 17,771
SBC 619 644 670 697 726
Change in CA -31 -41 -43 -45 -47
Change in CL 154 34 35 36 38
Change in Content Asset -17,032 -17,725 -18,446 -19,196 -19,976
Change in Content Liabilities -1,168 366 275 286 298
Capex -680 -707 -736 -766 -797
1 FCFF | UnLevered FCF: 1,940 3,675 3,945 4,324 4,703

Discount period 0.5 1.5 2.5 3.5 4.5

PV of FCF 1,875.29 3,319.75 3,329.22 3,410.12 3,466.16

Sum of PV of FCF 15,401
Terminal Value 85,874

Emplied Enterprise Value 1,01,274

Less: Non equity Claim 8,295
Emplied Equity Value 92,980
Diluted Shares 452
Emplied Equity Price 206
 DCF Valuations: 2020A 2021A 2022A 2023E
DCF
2024E 2025E 2026E 2027E

2 WACC Analysis: Options Strike Price Dilutions Debt Sp Dilutions in the money
Basic Shares Outstanding 445 Traunch 1 19.9 242.22 6.69 0 0
Risk Free Rate 3.7% Dilutions 6.69 Traunch 2 0.00 0 0
Beta 0.6 Total Diluted shares 452.04 Traunch 3 0.00 0 0
Risk Premium 5.6% Market Price 365 Traunch 4 0.00 0 0
Market Cap 1,64,995 Traunch 5 0.00 0 0
Cost of Equity: 7.1% Total 6.69 0 0
ST Debt 0
Risk Free Rate 3.7% LT Debt 14,353
Credit Spread 4%

Cost of Debt 6.55% Total Debt 14353

WACC 7.02% Total Capital 1,79,348

Equity% 92.00%
Debt% 8.00%
 DCF
DCF Valuations: 2020A 2021A 2022A 2023E 2024E 2025E 2026E 2027E

3 Terminal Value:

[Link] Method

Growth Rate 3%
Terminal Value 1,20,548
PV of TV 85,874

2 Multiple Method

Terminal EBITDA 25,509

Assumed Multiple 7
Enterprise Value 1,78,561
PV of TV 1,27,200

Select Method 1

PV of TV 85874
 Vertical Analysis:
Income Statement 2020A 2021A 2022A

Revenues 100% 100% 100%

Cost of revenues 61% 58% 61%
Marketing 9% 9% 8%
Technology and development 7% 8% 9%
General and administrative 4% 5% 5%
Operating income 18% 21% 18%
Other income (expense): 0% 0% 0%
Interest expense -3% -3% -2%
Interest and other income (expense) -2% 1% 1%
Income before income taxes 13% 20% 17%
Provision for income taxes -2% -2% -2%
Net income 11% 17% 14%
 (Increase/ (Increase/
Income Statement Decrease) % Change Decrease) % Change
2021A 2021A 2022A 2022A

Revenues 4702 19% 1918 6%

Cost of revenues 2056 13% 1836 11%
Marketing 317 14% -15 -1%
Technology and development 444 24% 437 19%
General and administrative 275 26% 221 16%
Operating income 1609 35% -562 -9%
Other income (expense): 0 0% 0 0%
Interest expense 2 0% 59 -8%
Interest and other income (expense) 1030 -166% -74 -18%
Income before income taxes 2641 83% -576 -10%
Provision for income taxes -286 65% -48 7%
Net income 2355 85% -624 -12%
Vertical Analysis: Balance Sheet 2021A 2022A

Assets
Current assets:
Cash and cash equivalents 14% 11%
Short-term investments 0% 2%
Trade Receivables 2% 2%
Other current assets 3% 5%
Total current assets 18% 19%
Content assets, net 69% 67%
Property and equipment, net 3% 3%
Other non-current assets 10% 11%
Total assets 100% 100%

Liabilities and Stockholders’ Equity

Current liabilities:
Current content liabilities 10% 9%
Accounts payable 2% 1%
Accrued expenses and other liabilities 3% 3%
Deferred revenue 3% 3%
Short-term debt 2% 0%
Total current liabilities 19% 16%
Non-current content liabilities 7% 6%
Long-term debt 33% 30%
Other non-current liabilities 6% 5%
Total liabilities 64% 57%

Stockholders’ equity: 0% 0%
Preferred stock 0% 0%
Common stock 9% 10%
Treasury stock at cost -2% -2%
Accumulated other comprehensive loss 0% 0%
Retained earnings 28% 35%
Total stockholders’ equity 36% 43%
Total liabilities and stockholders’ equity 100% 100%
 (Increase/ % (Increase/D %
Horizontal Analysis: Balance Sheet Decrease) Change ecrease) Change
2021A 2021A 2022E 2022E

Assets
Current assets: 0
Cash and cash equivalents -2,178 -27% -881 -15%
Short-term investments 0 0% 911 0%
Trade Receivables 193 32% 185 23%
Other current assets 293 31% 981 79%
Total current assets -1,692 -17% 1,197 15%
Content assets, net 5,536 22% 1,817 6%
Property and equipment, net 363 38% 75 6%
Other non-current assets 1,097 35% 921 22%
Total assets 3,613 14% 4,010 9%
Liabilities and Stockholders’ Equity
Current liabilities:
Current content liabilities -137 -3% 187 4%
Accounts payable 181 28% -166 -20%
Accrued expenses and other liabilities 347 31% 65 5%
Deferred revenue 91 8% 55 5%
Short-term debt 200 40% -700 -100%
Total current liabilities 683 9% -558 -7%
Non-current content liabilities 476 18% -13 0%
Long-term debt -1,116 -7% -340 -2%
Other non-current liabilities 477 24% -7 0%
Total liabilities 520 2% -918 -3%

Stockholders’ equity: 0 0% 0 0%
Preferred stock 0 0% 0 0%
Common stock 577 17% 613 15%
Treasury stock at cost -824 0% 0 0%
Accumulated other comprehensive loss -85 -191% -177 437%
Retained earnings 5,116 68% 4,492 35%
Total stockholders’ equity 4,784 43% 4,928 31%
Total liabilities and stockholders’ equity 5,304 14% 4,010 9%
sales 24,996 29,698 31,616
cogs

Ratio Analysis: 2020A 2021A 2022A

Liquidity Ratio:

Current Ratio 1.25 0.95 1.17

Quick Ratio 1.25 0.95 1.17
Cash Ratio 1.05 0.71 0.65

Turnover Ratio:

Receivable Turnover Ratio 41.97 35.26

Payable Turnover Ratio 8.29 1.79
Collection Period (365) 9 10
Payment Period (365) 44 204

Efficiency Ratio:

Fixed Asset Turn over Ratio 0.89 0.89

Total Asset Turn over Ratio 0.71 0.68
Equity Turn over Ratio 2.21 1.73

Profitability Ratio:

Gross Profit Margin 38.89% 41.64% 39.37%

Operating profit Margin 18.34% 20.86% 17.82%
Pre-Tax Margin 12.80% 19.67% 16.65%
Net Profit Margin 11.05% 17.23% 14.21%
Return on Asset 12% 10%
Return on Equity 38% 25%