Is The Business Growing?

Yes, it's part of the magnificent seven, but what about the years they didn’t hit “10% in each growth metric”?

• 2015/2016: Acquisition of Nokia didn’t go well at all (but if you’re interested, HMD Global sells the Nokia brand now)

• 2018: Tax Cuts and Jobs Act (TCJA) one-time deemed repatriation tax of $13.7B (unrelated to the ongoing dispute with the IRS over $29B of back taxes for 2004-2013)

• 2023: severance expenses from layoffs, more CapEx to support cloud demand, cybersecurity concerns, and 20% decline in More Personal Computing segment (offset by revenue from cloud services, 55% of the total that year)

The numbers: 

• Revenue: 10.9% 10-year CAGR / 14.3% 5-year CAGR / 15.7% annual growth in 2024

• Net Income: 14.8% 10-year CAGR / 17.6% 5-year CAGR / 21.8 % annual growth in 2024

• Total Equity: 21.3% 5-year CAGR / 30.2% annual growth in 2024

• FCF: 14.1% 5-year CAGR / 24.5% annual growth in 2024