| in millions) | 2020 | | 2019 | | 2018 | | U.S. GAAP net (loss) earnings | $ | (669.9) | | | $ | 16.8 | | | $ | 352.5 | | | Add / (deduct) adjustments: | | | | | | | Net contribution attributable to equity method investments | 48.4 | | | 62.1 | | | 78.7 | | | Income tax (benefit) provision | (51.3) | | | 137.6 | | | (54.1) | |
Interest expense (a)
| 497.8 | | | 517.3 | | | 542.3 | |
Depreciation and amortization (b)
| 2,216.1 | | | 2,019.3 | | | 2,109.9 | | | EBITDA | $ | 2,041.1 | | | $ | 2,753.1 | | | $ | 3,029.3 | | | Add / (deduct) adjustments: | | | | | | | Share-based compensation expense (income) | 79.2 | | | 56.8 | | | (3.3) | | | Litigation settlements and other contingencies, net | 107.8 | | | (21.4) | | | (49.5) | |
Restructuring, acquisition related and other special items (c)
| 1,426.0 | | | 751.2 | | | 646.4 | | | Adjusted EBITDA | $ | 3,654.1 | | | $ | 3,539.7 | | | $ | 3,622.9 | |
sec.gov
The PE ratio you see is based on EBITDA, and doesn't reflect the ITA, which given the enormous D&A and the respectable amount of interest, comes out to a much less desirable PE. There's a good reason to favor GAAP measurements when considering any stock. I see that it's a remnant of Mylan labs, everyone's favorite value trap back in the day. |
