Abbott Laboratories's Competitiveness
A competitive positioning analysis and financial ratio benchmarking of Abbott Laboratories (ABT) against its publicly traded competitors: sales growth, net income, profitability, valuation and market share, plus each peer's market capitalization, revenue, income and employees. Free below: the top 5 peers. Subscriber access adds the full competitor list and CSV downloads.
Key Findings: Abbott Laboratories vs Its Competitors
- TTM: Trailing 12-month revenue of 45,134M vs 838,920M combined for tracked competitors (5.1% combined share).
- Trending: Latest-quarter revenue run-rate is holding steady (-1.1% annualized vs trailing 12 months), vs decelerating (-3.8%) for its tracked peer group.
- Growth: Abbott Laboratories generated 7.8% revenue growth year over year in Q1 2026, vs 9.0% for its tracked competitors combined.
- Profitability: Its 9.7% net margin compares with 12.6% for the peer group.
- Scale: Abbott Laboratories ranks #7 of 544 companies by market capitalization in the Major Pharmaceutical Preparations industry, holding 3.2% of industry market cap.
- Peer revenue share: Abbott Laboratories accounted for 5.2% of combined revenue among its tracked peer group, down from 5.3% a year earlier.
- Peer differentiation: Revenue per employee of $0.39M compares with $0.69M for the peer group (0.6x).
Every figure above is sourced and cited in detail further down this page (Market Structure, Profitability & Cost Structure, Productivity vs Peers).
ABT Sales vs. its Competitors, Q1 2026
Abbott Laboratories reported revenue growth of 7.78 % year on year in Q1 2026, below its competitors' combined revenue growth of 8.98 %.
With a net margin of 9.65 %, Abbott Laboratories reported lower profitability than its competitors (12.61 %).
Abbott Laboratories generated 5.24 % of the combined sales of its peer group, down from 5.30 % a year earlier.
Abbott Laboratories vs. its Competitors, Q1 2026
Revenue growth, year on year
Net income growth, year on year
Net margin
Revenue run-rate vs trailing 12 months
TTM net margin
TTM = trailing twelve months. Run-rate annualizes the latest quarter (×4) and compares it to TTM. In millions of $. High-Confidence Competitors are named as a competitor directly in an SEC filing; Similar-Size Competitors are the closest peers by market-cap rank within the same industry; Similar Growth & Profitability Competitors are the closest peers by combined revenue growth, operating margin and ROIC, all independent of the competitor list.
TTM revenue, latest-quarter run-rate and net income/margin benchmarked across Abbott Laboratories and its 4 competitor groupings. Available under Commercial License.
| Entity | TTM Revenue | Rev Run-rate vs TTM |
|---|---|---|
| Abbott Laboratories | $12,345M | +12.3% · Accelerating |
| Competitors combined | $12,345M | +12.3% · Accelerating |
| High-Confidence Competitors (27) | $12,345M | +12.3% · Accelerating |
| Similar-Size Competitors (8) | $12,345M | +12.3% · Accelerating |
| Similar Growth & Profitability (5) | $12,345M | +12.3% · Accelerating |
TTM revenue, run-rate and net margin benchmarking across Abbott Laboratories's competitor groups requires a Commercial License.
For context: the Major Pharmaceutical Preparations industry grew revenue 7.2% year over year, combined, vs 7.8% for Abbott Laboratories. Abbott Laboratories's share of combined industry revenue moved from 1.44% to 1.45%, a gain of 0.01 percentage points.
Abbott Laboratories's Competitor Quality Breadth
Share of each group, trailing 12 months: profitable (net margin > 0), expanding (revenue growth > 0), growing faster than the industry's own median, and financially distressed (Piotroski F-Score of 2 or below).
| Entity | Profitable | Expanding | Above Industry Growth | Distressed |
|---|---|---|---|---|
| Abbott Laboratories | Yes | Yes | No | No |
| Competitors combined (127) | ||||
| High-Confidence Competitors (35) | ||||
| Similar-Size Competitors (10) | ||||
| Similar Growth & Profitability (8) | 100.00 % (8 of 8) | 100.00 % (8 of 8) | 37.50 % (3 of 8) | 25.00 % (2 of 8) |
Source: CSIMarket API, trailing 12 months. Altman Z-Score is not shown here: it is not populated in the underlying data for any company. Percentages are of companies in each group that report the relevant metric, not of the full group size.
ABT Stock Performance relative to its Competitors
ABT Stock Performance relative to High-Confidence Competitors
ABT Stock Performance relative to Similar-Size Competitors
ABT Stock Performance relative to Similar Growth & Profitability Competitors
5 Best-Performing Tracked Competitors, Trailing 12 Months
| # | Competitor | TTM Share Price Return | vs U.S.A. 500 |
|---|---|---|---|
| 1 | Ventyx Biosciences Inc | 282.9% | Outperformed |
| 2 | Rockwell Medical inc | 282.9% | Outperformed |
| 3 | Elite Health Systems Inc | 282.9% | Outperformed |
| 4 | Damora Therapeutics Inc | 282.9% | Outperformed |
| 5 | Dupont De Nemours Inc | 282.9% | Outperformed |
TTM share price return and U.S.A. 500 outperformance for Abbott Laboratories's best-performing tracked competitors requires a Commercial License.
Source: CSIMarket API, trailing 12 months.
Abbott Laboratories's Comment on Competition and Industry Peers
Publicly Traded Peers of Abbott Laboratories
Revenue and income for trailing 12 months, in millions of $, except employees| Company | Market Cap | Revenues |
|---|---|---|
| Abbott Laboratories | 176,419.43 | 45,134.00 |
| Eli Lilly And Company | 1,058,837.89 | 79,665.80 |
| Johnson and Johnson | 663,585.20 | 97,929.00 |
| Abbvie Inc | 471,581.88 | 64,386.00 |
| Merck and Co Inc | 367,264.30 | 66,569.00 |
| Novartis Ag | 287,150.40 | 56,674.00 |
| SUBTOTAL | 5,596,190.12 | 1,096,551.86 |
Sign in to see all competitors of Abbott Laboratories.
Sources: Abbott Laboratories's official press releases and regulatory filings; CSIMarket.com's market research; and the financial filings and press releases of the other companies cited.
Updated on:
Focus of this report: publicly traded companies. Ten additional tables on Abbott Laboratories versus competitors, including market share analysis, are in the navigation menu under Competition. To download the tables, please subscribe.
Abbott Laboratories's Competitors Named by the Company
Competitive relationships identified from SEC filings and corroborating sources, each with a basis and confidence.| Competitor | Basis | Confidence |
|---|---|---|
| Agilent Technologies inc | Named by the company | 85% |
| Volitionrx Limited | Named by the company | 85% |
| Movano Inc | Named by the company | 85% |
| Quanterix Corporation | Named by the company | 85% |
| Acutus Medical Inc | Named by the company | 85% |
| Co diagnostics Inc | Named by the company | 85% |
| Manhattan Scientifics Inc | Named by the company | 85% |
| Neuroone Medical Technologies Corp | Named by the company | 85% |
| Pulse Biosciences Inc | Named by the company | 85% |
| Streamex Corp | Named by the company | 85% |
| Avinger Inc | Named by the company | 85% |
| Senseonics Holdings Inc | Named by the company | 85% |
| Usbc Inc | Named by the company | 85% |
| Edwards Lifesciences Corporation | Named by the company | 85% |
| Inspiremd Inc | Named by the company | 85% |
| Quidelortho Corp | Named by the company | 85% |
| Shockwave Medical Inc | Named by the company | 85% |
| Catheter Precision Inc | Named by the company | 85% |
| Orchestra Biomed Holdings Inc | Named by the company | 85% |
| Silk Road Medical Inc | Named by the company | 85% |
| Artivion Inc | Named by the company | 85% |
| BSGM | Named by the company | 85% |
| Glucotrack Inc | Named by the company | 85% |
| Northview Acquisition Corp | Named by the company | 85% |
| Cannaisseur Group Inc. | Named by the company | 85% |
| Voyager Therapeutics Inc | Named by the company | 85% |
| AWH | Named by the company | 85% |
| Virax Biolabs Group Limited | Named by the company | 85% |
| Boston Scientific Corporation | Named by the company | 85% |
| KNW | Named by the company | 85% |
| Inari Medical Inc | Named by the company | 85% |
| Nevro Corp | Named by the company | 85% |
| Angiodynamics Inc | Named by the company | 85% |
| Aspira Women s Health inc | Named by the company | 85% |
| Minimed Group Inc | Named by the company | 85% |
| Avanos Medical Inc | Named by the company | 85% |
| Codexis inc | Named by the company | 85% |
| Lemaitre Vascular Inc | Named by the company | 85% |
| Nemaura Medical Inc | Named by the company | 85% |
| Diagnostic Products | Named by the company | 85% |
Filing basis, confidence, active dates and source counts for Abbott Laboratories's named competitors require a Commercial License.
Methodology: relationships are extracted from SEC filings (named-competitor disclosures) and corroborating sources. Named by the company = explicitly disclosed as a competitor; Inferred = derived from corroborating signals. Confidence reflects evidence strength.
Abbott Laboratories's Business Segment Mix vs Peers
Revenue by operating segment or division, as named and reported by each company. Segment names are the filer's own and are not standardized across companies. Do not assume a same-named or similarly-named segment is defined identically between two companies. Shares are of each company's own total revenue and are not required to sum to 100% (intersegment revenue, unallocated items).| Company | Largest Segment |
|---|---|
| Abbott Laboratories | Diabetes Care 17.78 % |
| Eli Lilly And Company | Reportable 100.00 % |
| Johnson and Johnson | Oncology 29.26 % |
| Merck and Co Inc | Pharmaceutical segment 88.88 % |
| Thermo Fisher Scientific Inc | Clinical Research 19.98 % |
| Amgen Inc | Reportable 100.00 % |
Source: operating segment revenue as reported in each company's SEC filings (10-K/10-Q), via the CSIMarket API, leaf-level reportable segments only (parent roll-up segments are excluded where sub-segments are separately disclosed).
Sign in to see all peers for Abbott Laboratories.
Abbott Laboratories's Productivity vs Peers Comparison
Revenue and income per employee, trailing 12 months, in $; market cap in millions of $| Company | Market Cap | Revenue / Employee | Income / Employee |
|---|---|---|---|
| Abbott Laboratories | 176,419 | 392,470 | 54,574 |
| Eli Lilly And Company | 1,058,838 | 1,593,316 | 534,224 |
| Johnson and Johnson | 663,585 | 695,518 | 149,411 |
| Abbvie Inc | 471,582 | 1,129,579 | 110,807 |
| Merck and Co Inc | 367,264 | 887,587 | 42,267 |
| Novartis Ag | 287,150 | 752,973 | 185,566 |
| PEERS TOTAL | 5,419,771 | 691,445 | 92,564 |
Sign in to see all peers for Abbott Laboratories.
Abbott Laboratories's Geographic Revenue Exposure vs Peers
Revenue by country/region as reported in each company's most recent filing. Disclosure granularity varies by filer (some report by country, others by broad region) and is shown as disclosed.| Company | Largest Market |
|---|---|
| Abbott Laboratories | Non-US 61.62 % |
| Eli Lilly And Company | United States 61.21 % |
| Johnson and Johnson | United States 57.42 % |
| Merck and Co Inc | EMEA 23.60 % |
| Thermo Fisher Scientific Inc | North America 51.27 % |
| Gilead Sciences Inc | United States 70.78 % |
Source: revenue geography as reported in each company's SEC filings (10-K/10-Q), via the CSIMarket API. Percentages are of that company's own total consolidated revenue for its most recent reported period.
Sign in to see all peers for Abbott Laboratories.
Abbott Laboratories's Position in Industry Market Structure
Market-capitalization share and concentration across all 498 companies in Abbott Laboratories's industry classification, broader than the peer set above. Market cap in millions of $.Abbott Laboratories ranks #7 of 498 companies by market capitalization in its industry, holding 3.21 % of total industry market cap. The industry's Herfindahl-Hirschman Index (HHI) is 827, indicating a unconcentrated market structure (U.S. antitrust guidance: below 1,500 unconcentrated, 1,500 to 2,500 moderately concentrated, above 2,500 highly concentrated).
| Rank | Company | Market Cap | Industry Share |
|---|---|---|---|
| 1 | Eli Lilly And Company | 1,062,533 | 19.39 % |
| 2 | Johnson and Johnson | 664,610 | 12.13 % |
| 3 | Beone Medicines Ltd | 545,679 | 9.96 % |
| 4 | Abbvie Inc | 467,633 | 8.54 % |
| 5 | Merck and Co Inc | 1,234 | 5.2% |
| 6 | Novartis Ag | 1,234 | 5.2% |
| 7 | Abbott Laboratories | 176,035 | 3.21 % |
| 8 | Novo Nordisk A | 1,234 | 5.2% |
| 9 | Pfizer Inc | 1,234 | 5.2% |
| 10 | Vertex Pharmaceuticals Inc | 1,234 | 5.2% |
Market cap and industry share for the rest of Abbott Laboratories's industry peers requires a Commercial License.
Source: CSIMarket API (daily market-structure computation) across CSIMarket's industry classification, market capitalization as of 2026-09-28.
Abbott Laboratories's Same-Size Peers & Stock Performance
Peers chosen by closeness in market-cap rank within the same industry classification (not the named-competitor list above). Trailing 12-month total return, 3-month price momentum, beta and Sharpe ratio vs the broad U.S. market.| Rank | Company | Market Cap | TTM Return |
|---|---|---|---|
| 2 | Johnson and Johnson | 664,610 | 53.25 % |
| 3 | Beone Medicines Ltd | 545,679 | 10.28 % |
| 4 | Abbvie Inc | 467,633 | 20.82 % |
| 5 | Merck and Co Inc | 365,684 | 90.79 % |
| 6 | Novartis Ag | 1,234 | 12.3% |
| 7 | Abbott Laboratories | 176,035 | -24.42 % |
| 8 | Novo Nordisk A | 1,234 | 12.3% |
| 9 | Pfizer Inc | 1,234 | 12.3% |
| 10 | Vertex Pharmaceuticals Inc | 1,234 | 12.3% |
| 11 | Astrazeneca Plc | 1,234 | 12.3% |
| 12 | Bristol myers Squibb Company | 1,234 | 12.3% |
Market cap, return, momentum, beta and Sharpe ratio for the rest of Abbott Laboratories's same-size peers requires a Commercial License.
Source: CSIMarket API (daily market-structure computation); returns and risk metrics as of 2026-09-28. Beta and Sharpe ratio are versus the broad U.S. equity market, not this industry.
Abbott Laboratories's Profitability & Cost Structure
Trailing 12-month margins from SEC-filed financials. Operating margin is compared to the Major Pharmaceutical Preparations industry median; gross margin, EBITDA margin and capital intensity are compared to the live industry average (341 companies).| Metric | Company | Industry | Difference |
|---|---|---|---|
| Gross Margin | 56.26 % | 64.89 % (avg) | -8.6 pp |
| Operating Margin | 17.07 % | industry median | +54.5 pp |
| EBITDA Margin | 25.04 % | -7.21 % (avg) | +32.3 pp |
| Capital Intensity (Capex / Revenue) | 4.62 % | 4.92 % (avg) | -0.3 pp |
Source: CSIMarket API, trailing 12 months. SG&A and R&D as a share of revenue have limited coverage as this data is backfilled and appear only where reported. Higher capital intensity is not inherently negative; it reflects the industry's asset requirements.
Abbott Laboratories's Valuation vs Competitive Position
Valuation multiples vs the Major Pharmaceutical Preparations industry average (341 companies, excluding loss-making/negative-equity outliers), alongside returns on capital for context on whether a premium or discount lines up with measurably stronger or weaker returns.| Metric | Company | Industry Average | Difference |
|---|---|---|---|
| P/E | 29.5x | 25.1x | +4.4x |
| EV / EBITDA | 17.3x | 17.3x | +0.1x |
| P/B | 3.6x | 4.5x | -0.9x |
| Return on Equity | 12.09 % | industry aggregate | -4.81 % |
| Return on Invested Capital | 5.98 % | -2.95 % (avg) | 8.93 % |
Source: CSIMarket API, trailing 12 months. A valuation premium or discount is not, by itself, a judgment of over- or under-valuation. Compare it against the return and growth context shown elsewhere on this page.
Abbott Laboratories's Multi-Year Financial Trajectory
Fiscal-year revenue growth, operating margin, return on invested capital and P/E, as reported in SEC filings.| Metric | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Revenue Growth | 11.64 % | 4.34 % | 8.48 % | 24.47 % | 1.34 % | -8.12 % | 4.59 % | 5.67 % |
| Operating Margin | 11.94 % | 14.21 % | 15.48 % | 19.56 % | 19.16 % | 16.15 % | 16.27 % | 18.17 % |
| Return on Invested Capital | 4.02 % | 5.03 % | 5.95 % | 8.79 % | 8.63 % | 6.73 % | 6.48 % | 6.56 % |
| P/E | 53.0x | 41.8x | 44.0x | 33.1x | 27.4x | 32.5x | 15.2x | 33.1x |
Source: CSIMarket API, fiscal-year figures. P/E is this company's own historical ratio at each fiscal year end and can swing sharply around an earnings trough: that is real, not a data error.
Abbott Laboratories's Strategic Group Map
Every company in Abbott Laboratories's industry and named-competitor list, plotted by trailing 12-month revenue growth and operating margin. Abbott Laboratories is shown in red; its closest peers by combined growth, margin and ROIC (the Similar Growth & Profitability group above) are labeled.
Source: CSIMarket API, trailing 12 months. Extreme outlier values (from near-zero-revenue companies) are excluded from the plotted cloud but never from the highlighted company or its labeled peers.
Abbott Laboratories's BCG Growth-Share Matrix
Relative market share (vs Abbott Laboratories's largest competitor by market cap) against industry revenue growth, using the standard textbook thresholds (1.0x share, 10% growth) a common framework, not a precision instrument.
Abbott Laboratories falls in the Dog quadrant: relative market share of 0.17x vs its largest competitor, in an industry growing revenue 8.0% (median, trailing 12 months).
Source: CSIMarket API (market-cap share and industry revenue growth). The 10% growth and 1.0x share lines are standard textbook thresholds, not derived from this industry's own distribution.
Abbott Laboratories's Competitive Forces (Porter's Five Forces)
Only the forces this data can support honestly are shown; the other three are marked as such rather than guessed.| Force | Assessment | Basis |
|---|---|---|
| Competitive Rivalry | High | Industry HHI of 827 (see Industry Market Structure & Concentration above) |
| Barriers to Entry | Moderate, in line with the industry | Capital intensity (capex / revenue) of 4.62 % vs industry average 4.92 % (see Profitability & Cost Structure above) |
| Supplier Power | Not covered on this page | See Abbott Laboratories's dedicated suppliers page for concentration and dependency data |
| Buyer Power | Not covered on this page | See Abbott Laboratories's dedicated customers page for concentration and dependency data |
| Threat of Substitutes | - | No systematic data source for cross-product substitution exists in this system; not estimated |
Note: this is a partial, data-grounded application of the framework, not a complete strategic assessment. Rivalry and barriers-to-entry readings are mechanical translations of the HHI and capital-intensity figures shown elsewhere on this page, not independent judgments.
Abbott Laboratories's Industry Attractiveness & Competitive Strength
A CSIMarket composite, not a standard field: each axis is an equal-weighted average of three factors already shown elsewhere on this page (industry growth, industry profitability and rivalry for attractiveness; relative market share, profitability and growth vs industry for strength). Disclosed as a designed methodology, not a precision measurement.
Abbott Laboratories falls in the Low attractiveness / Medium strength cell: Harvest.
Source: CSIMarket API, trailing 12 months. Each axis score is a simple 1(low)/2(medium)/3(high) average across its three inputs -- a transparent, disclosed simplification, not a validated academic scoring model.
Abbott Laboratories's SWOT
Every point below is a fixed rule applied to a metric already shown elsewhere on this page (Market Structure, Profitability, Valuation, Run-Rate, Stock Performance, Quality Breadth) not an independent strategic assessment. A blank quadrant means no rule was met, not that none apply.Strengths
- Operating margin 54.5 points above the industry median.
Weaknesses
- Underperforming the U.S.A. 500 over the trailing 12 months.
- Low relative market share vs the industry leader (0.17x).
Opportunities
- A meaningful share of tracked competitors (31.00 %) show financial-distress signals, a possible opening to gain share.
Threats
- Tracked peer group's revenue run-rate is broadly decelerating (-3.8% annualized).
Methodology: mechanical, rule-based SWOT. Each bullet reuses a figure already sourced and cited elsewhere on this page; nothing here is generated narrative or independent analyst judgment.
Abbott Laboratories's Financial Strength vs Peers Comparison
Quick ratio, working capital, debt to equity and asset turnover, trailing 12 months| Company | Quick Ratio | Working Capital | Debt / Equity |
|---|---|---|---|
| Abbott Laboratories | 0.47 | 1.60 | 0.35 |
| Eli Lilly And Company | 0.20 | 1.48 | 1.59 |
| Johnson and Johnson | 0.37 | 1.05 | 0.60 |
| Abbvie Inc | 0.16 | 0.75 | - |
| Merck and Co Inc | 0.40 | 1.46 | 1.01 |
| Novartis Ag | 0.42 | 1.12 | 0.02 |
Sign in to see all peers for Abbott Laboratories.
Quick ratio = cash / current liabilities; working capital ratio = current assets / current liabilities; asset turnover = revenue / total assets. Peers in the Blank Checks industry are excluded.
Abbott Laboratories's Revenue and Income Growth vs Peers
Quarterly revenue and net income growth, year over year and quarter over quarter| Company | Period | Revenue Y/Y | Income Y/Y |
|---|---|---|---|
| Abbott Laboratories | Q1 2026 | +7.8 % | -18.7 % |
| Eli Lilly And Company | Q2 2026 | +47.7 % | +25.3 % |
| Johnson and Johnson | Q2 2026 | +6.6 % | -0.1 % |
| Abbvie Inc | Q2 2026 | +10.2 % | +284.3 % |
| Merck and Co Inc | Q2 2026 | +5.1 % | - |
| Novartis Ag | Q4 2025 | +9.6 % | +17.0 % |
| PEERS TOTAL | +8.3 % | -7.5 % |
Sign in to see all peers for Abbott Laboratories.
Growth is shown only where both periods are positive. Peers in the Blank Checks industry are excluded.
Abbott Laboratories's Peers' Costs of Sales and Capital Expenditures
Context for revenue growth: peer costs and capex, year over year and quarter over quarter| Company | Period | Costs Y/Y | Capex Y/Y |
|---|---|---|---|
| Abbott Laboratories | Q1 2026 | +9.4 % | -17.6 % |
| Eli Lilly And Company | Q2 2026 | +33.5 % | +72.8 % |
| Johnson and Johnson | Q2 2026 | +5.5 % | +26.7 % |
| Abbvie Inc | Q2 2026 | -1.3 % | +19.7 % |
| Merck and Co Inc | Q2 2026 | +23.6 % | +16.9 % |
| Novartis Ag | Q4 2025 | +18.3 % | +13.3 % |
Sign in to see all peers for Abbott Laboratories.
Abbott Laboratories's Returns and Turnover vs Peers
ROA, ROI and ROE (trailing 12 months), receivables and inventory turnover| Company | ROA | ROI | ROE |
|---|---|---|---|
| Abbott Laboratories | 6.87% | 8.15% | 12.09% |
| Eli Lilly And Company | 21.97% | 33.95% | 92.54% |
| Johnson and Johnson | 10.60% | 13.30% | 25.74% |
| Abbvie Inc | 4.68% | 9.11% | - |
| Merck and Co Inc | 2.42% | 3.24% | 6.59% |
| Novartis Ag | 12.59% | 12.62% | 30.00% |
Sign in to see all peers for Abbott Laboratories.
ROA = net income / total assets; ROI = net income / investments; ROE = net income / equity; turnover ratios use trailing 12 month revenue (receivables) and cost of sales (inventory).
Abbott Laboratories's Valuation vs Peers
P/E, price to sales, PEG, price to cash flow and price to book| Company | P/E | Price / Sales |
|---|---|---|
| Abbott Laboratories | 28.13 | 3.91 |
| Eli Lilly And Company | 39.77 | 13.29 |
| Johnson and Johnson | 31.48 | 6.78 |
| Abbvie Inc | 75.22 | 7.32 |
| Merck and Co Inc | 119.91 | 5.52 |
| Novartis Ag | 20.53 | 5.07 |
| PEERS AVERAGE | 38.06 | 5.10 |
Sign in to see all peers for Abbott Laboratories.
P/E = price / diluted EPS (trailing 12 months); PEG = P/E divided by EPS growth; the average row divides the peers' combined market cap by their combined income, sales, cash flow and equity.