Sorry I meant profit. On a 5% interest, you get 1bn (pure profit with no risks) per year for a 20bn of capital. Their revenue grew 140% YoY but does that account for new acquisitions? Also, their profit needs to grow x10 in order to match bonds. It may have made sense in a 0% interest rate world but not at 5.

It's a business model that's like a shark: perpetually swimming and eating or it's dying. That's how they can show big increases in revenue, but the profits are always decaying along with the products.