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	4. TARGET HISTORICAL FINANCIALS
	Meridian Technologies Inc. ($ in millions)
		FY2023A	FY2024A	FY2025A
	INCOME STATEMENT
	Revenue	$4,500	$4,850	$5,200
	Cost of Goods Sold	($2,700)	($2,861)	($3,016)
	Gross Profit	$1,800	$1,989	$2,184
	Gross Margin (%)	40.0%	41.0%	42.0%
	SG&A Expenses	($630)	($679)	($728)
	R&D Expenses	($315)	($339)	($364)
	Depreciation & Amortization	($225)	($243)	($260)
	Total Operating Expenses	($1,170)	($1,261)	($1,352)
	Operating Income (EBIT)	$630	$728	$832
	EBIT Margin (%)	14.0%	15.0%	16.0%
	Interest Expense	($120)	($130)	($140)
	Other Income / (Expense)	$15	$10	$12
	Pre-Tax Income (EBT)	$525	$608	$704
	Income Tax Expense	($131)	($152)	($176)
	Tax Rate (%)	25.0%	25.0%	25.0%
	Net Income	$394	$456	$528
	Net Margin (%)	8.8%	9.4%	10.2%
	EBITDA	$855	$971	$1,092
	EBITDA Margin (%)	19.0%	20.0%	21.0%
	Diluted Shares Outstanding (mm)	118.0	119.0	120.0
	Diluted EPS ($)	$3.34	$3.83	$4.40
	BALANCE SHEET
	Cash & Equivalents	$650	$720	$800
	Accounts Receivable	$675	$728	$780
	Inventory	$450	$485	$520
	Other Current Assets	$180	$195	$210
	Total Current Assets	$1,955	$2,128	$2,310
	Net PP&E	$1,400	$1,500	$1,600
	Goodwill	$900	$900	$900
	Other Intangibles	$350	$320	$300
	Other Long-Term Assets	$220	$240	$260
	Total Assets	$4,825	$5,088	$5,370
	Accounts Payable	$450	$485	$520
	Accrued Liabilities	$338	$364	$390
	Current Portion of Debt	$100	$100	$100
	Other Current Liabilities	$160	$170	$180
	Total Current Liabilities	$1,048	$1,119	$1,190
	Long-Term Debt	$1,200	$1,300	$1,400
	Other Long-Term Liabilities	$250	$260	$270
	Total Liabilities	$2,498	$2,679	$2,860
	Total Shareholders' Equity	$2,327	$2,409	$2,510
	Total Liabilities & Equity	$4,825	$5,088	$5,370
	YOY GROWTH ANALYSIS
	Revenue Growth		7.8%	7.2%
	EBITDA Growth		13.6%	12.5%
	Net Income Growth		15.8%	15.8%
	EPS Growth		14.8%	14.8%
	Note: Sample historical data for template purposes. Replace blue-font inputs with actual company financials.
	Source: Company 10-K filings, FY2023–2025. All figures in USD millions.