Ratios & metrics
Profitability, returns on capital, growth, and credit — all derived from the historical income statement, balance sheet, and cash flow rows in our data warehouse.
Valuation multiples
Price- and EV-based multiples plus shareholder yields. Snapshot at each fiscal year-end from key_metrics (FMP).
ActualEstimate
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2026E | 2027E | 2028E | 2029E |
|---|---|---|---|---|---|---|---|---|---|
| Headline | |||||||||
| Market cap | — | — | — | — | — | — | — | — | — |
| Enterprise value | — | — | — | — | — | — | — | — | — |
| Multiples | |||||||||
| P / E | — | — | — | — | — | — | — | — | — |
| P / B | — | — | — | — | — | — | — | — | — |
| EV / EBITDA | — | — | — | — | — | — | — | — | — |
| EV / Sales | — | — | — | — | — | — | — | — | — |
| EV / FCF | — | — | — | — | — | — | — | — | — |
| Yields | |||||||||
| Earnings yield | — | — | — | — | — | — | — | — | — |
| Free cash flow yield | — | — | — | — | — | — | — | — | — |
| Dividend yield | — | — | — | — | — | — | — | — | — |
Profitability
Margin structure across the last 5 fiscal years
ActualEstimate
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2026E | 2027E | 2028E | 2029E |
|---|---|---|---|---|---|---|---|---|---|
| Margins | |||||||||
| Gross margin | +41.78% | +43.31% | +44.13% | +46.21% | +46.91% | +46.74% | +46.30% | +47.03% | +46.46% |
| Operating margin | +29.78% | +30.29% | +29.82% | +31.51% | +31.97% | +30.89% | +30.32% | +31.07% | +30.92% |
| EBITDA margin | +33.66% | +33.76% | +33.71% | +34.51% | +34.70% | +35.12% | +35.15% | +33.88% | +35.14% |
| EBIT margin | +30.58% | +30.95% | +30.70% | +31.58% | +31.89% | +31.59% | +31.06% | +31.39% | +30.45% |
| Pre-tax margin | +29.85% | +30.20% | +29.67% | +31.58% | +31.89% | +31.62% | +30.72% | +30.86% | +31.31% |
| Net margin | +25.88% | +25.31% | +25.31% | +23.97% | +26.92% | +25.06% | +25.07% | +26.07% | +25.49% |
| Cost structure | |||||||||
| Cost of revenue / sales | +58.22% | +56.69% | +55.87% | +53.79% | +53.09% | +55.52% | +53.46% | +55.55% | +55.83% |
| R&D intensity | +5.99% | +6.66% | +7.80% | +8.02% | +8.30% | +8.00% | +8.16% | +8.00% | +8.03% |
| SG&A intensity | +6.01% | +6.36% | +6.50% | +6.67% | +6.63% | +6.44% | +6.43% | +6.76% | +6.51% |
| Effective tax rate | +13.30% | +16.20% | +14.72% | +24.09% | +15.61% | +18.21% | +18.38% | +17.82% | +17.90% |
Returns on capital
ROE / ROA / ROC / ROIC over the relevant capital base, plus the 3-step DuPont decomposition of ROE.
ActualEstimate
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2026E | 2027E | 2028E | 2029E |
|---|---|---|---|---|---|---|---|---|---|
| Returns | |||||||||
| Return on equity (ROE) | +150.07% | +196.96% | +156.08% | +164.59% | +151.91% | +153.75% | +154.65% | +157.87% | +155.30% |
| Return on assets (ROA) | +26.97% | +28.29% | +27.51% | +25.68% | +31.18% | +28.40% | +27.37% | +29.34% | +27.97% |
| Return on capital (ROC) | +54.58% | +65.21% | +61.43% | +70.01% | +71.49% | +66.80% | +64.88% | +67.98% | +67.84% |
| Return on invested capital (ROIC) | +47.43% | +54.49% | +52.13% | +53.26% | +60.18% | +54.20% | +53.64% | +57.05% | +55.93% |
| Asset turnover | +104.22% | +111.79% | +108.71% | +107.14% | +115.84% | +113.30% | +109.17% | +112.52% | +109.72% |
| DuPont · ROE decomposition | |||||||||
| Net margin | +25.88% | +25.31% | +25.31% | +23.97% | +26.92% | +25.06% | +25.07% | +26.07% | +25.49% |
| Asset turnover (× revenue / assets) | +104.22% | +111.79% | +108.71% | +107.14% | +115.84% | +113.30% | +109.17% | +112.52% | +109.72% |
| Equity multiplier (× assets / equity) | +556.35% | +696.15% | +567.35% | +640.88% | +487.22% | +541.41% | +565.14% | +538.13% | +555.31% |
Activity & efficiency
Turnover ratios and days-outstanding — how efficiently the business converts assets and working capital into sales and cash.
ActualEstimate
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2026E | 2027E | 2028E | 2029E |
|---|---|---|---|---|---|---|---|---|---|
| Turnover | |||||||||
| Asset turnover | 1.04 | 1.12 | 1.09 | 1.07 | 1.16 | 1.13 | 1.09 | 1.13 | 1.10 |
| Fixed-asset turnover | 7.39 | 7.51 | 7.05 | 8.56 | 8.35 | — | — | — | — |
| Inventory turnover | 32.37 | 45.20 | 33.82 | 28.87 | 38.64 | — | — | — | — |
| Receivables turnover | 7.10 | 6.47 | 6.28 | 5.90 | 5.70 | — | — | — | — |
| Payables turnover | 3.89 | 3.49 | 3.42 | 3.05 | 3.16 | — | — | — | — |
| Days outstanding | |||||||||
| Days sales outstanding (DSO) | 51.39 | 56.40 | 58.08 | 61.83 | 63.99 | — | — | — | — |
| Days inventory outstanding (DIO) | 11.28 | 8.08 | 10.79 | 12.64 | 9.45 | — | — | — | — |
| Days payables outstanding (DPO) | 93.85 | 104.69 | 106.72 | 119.66 | 115.40 | — | — | — | — |
| Cash conversion cycle | -31.18 | -40.21 | -37.85 | -45.18 | -41.97 | — | — | — | — |
Cash flow quality
How well reported earnings translate into operating and free cash flow, plus reinvestment intensity.
ActualEstimate
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2026E | 2027E | 2028E | 2029E |
|---|---|---|---|---|---|---|---|---|---|
| Operating CF / Net income | 1.10 | 1.22 | 1.14 | 1.26 | 1.00 | 1.12 | 1.12 | 1.08 | 1.15 |
| FCF / Net income | 0.98 | 1.12 | 1.03 | 1.16 | 0.88 | 1.06 | 1.03 | 1.02 | 0.99 |
| FCF margin | +25.41% | +28.26% | +25.98% | +27.83% | +23.73% | +26.51% | +25.82% | +26.53% | +25.33% |
| OCF margin | +28.44% | +30.98% | +28.84% | +30.24% | +26.79% | +28.10% | +28.14% | +28.22% | +29.34% |
| CapEx / Revenue | +3.03% | +2.72% | +2.86% | +2.42% | +3.06% | +2.83% | +2.85% | +2.72% | +2.73% |
| CapEx / D&A | 0.98 | 0.96 | 0.95 | 0.83 | 1.09 | — | — | — | — |
| Stock-based comp / Revenue | +2.16% | +2.29% | +2.83% | +2.99% | +3.09% | — | — | — | — |
Per-share & shareholder yield
EPS, book value, sales, cash flow and dividends per share — plus payout / retention.
ActualEstimate
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2026E | 2027E | 2028E | 2029E |
|---|---|---|---|---|---|---|---|---|---|
| EPS · diluted | 5.61 | 6.11 | 6.13 | 6.08 | 7.46 | 8.75 | 9.62 | 10.62 | 11.62 |
| EPS · basic | 5.67 | 6.15 | 6.16 | 6.11 | 7.49 | 8.78 | 9.63 | 10.71 | 11.52 |
| Book value / share | 3.74 | 3.10 | 3.93 | 3.70 | 4.91 | 5.19 | 5.61 | 6.10 | 6.55 |
| Tangible BV / share | 3.74 | 3.10 | 3.93 | 3.70 | 4.91 | 5.19 | 5.61 | 6.10 | 6.55 |
| Sales / share | 21.69 | 24.15 | 24.24 | 25.38 | 27.74 | 31.85 | 34.58 | 36.94 | 39.93 |
| Operating CF / share | 6.17 | 7.48 | 6.99 | 7.67 | 7.43 | 8.95 | 9.73 | 10.42 | 11.72 |
| Free cash flow / share | 5.51 | 6.83 | 6.30 | 7.06 | 6.58 | 8.44 | 8.93 | 9.80 | 10.12 |
| Dividends / share | 0.86 | 0.91 | 0.95 | 0.99 | 1.03 | 1.20 | 1.32 | 1.42 | 1.53 |
| Payout ratio | +15.28% | +14.87% | +15.49% | +16.25% | +13.77% | +15.08% | +15.25% | +14.75% | +15.00% |
| Retention ratio | +84.72% | +85.13% | +84.51% | +83.75% | +86.23% | +84.92% | +84.75% | +85.25% | +85.00% |
Growth
Year-over-year change for headline P&L lines, plus through-cycle CAGR
ActualEstimate
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2026E | 2027E | 2028E | 2029E | 8y CAGR |
|---|---|---|---|---|---|---|---|---|---|---|
| Top-line | ||||||||||
| Revenue · YoY | — | +7.79% | -2.80% | +2.02% | +6.43% | +14.66% | +8.34% | +7.14% | +7.40% | +6.27% |
| Gross profit · YoY | — | +11.74% | -0.96% | +6.82% | +8.04% | +14.27% | +7.31% | +8.83% | +6.10% | +7.69% |
| Profit | ||||||||||
| Operating income · YoY | — | +9.63% | -4.30% | +7.80% | +7.98% | +10.78% | +6.34% | +9.78% | +6.90% | +6.77% |
| EBITDA · YoY | — | +8.12% | -2.97% | +4.44% | +7.04% | +16.03% | +8.44% | +3.28% | +11.39% | +6.84% |
| Net income · YoY | — | +5.41% | -2.81% | -3.36% | +19.50% | +6.77% | +8.35% | +11.44% | +5.00% | +6.06% |
| Operating | ||||||||||
| EBIT · YoY | — | +9.10% | -3.58% | +4.94% | +7.49% | +13.56% | +6.51% | +8.28% | +4.21% | +6.21% |
| R&D · YoY | — | +19.79% | +13.96% | +4.86% | +10.14% | +10.55% | +10.49% | +5.04% | +7.82% | +10.24% |
| Per-share | ||||||||||
| EPS · diluted · YoY | — | +8.91% | +0.33% | -0.82% | +22.70% | +17.26% | +9.96% | +10.39% | +9.46% | +9.53% |
| EPS · basic · YoY | — | +8.47% | +0.16% | -0.81% | +22.59% | +17.22% | +9.66% | +11.23% | +7.60% | +9.27% |
Credit & leverage
Balance-sheet health + interest coverage + liquidity. Coverage ratios use period-end debt and trailing interest expense.
ActualEstimate
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2026E | 2027E | 2028E | 2029E |
|---|---|---|---|---|---|---|---|---|---|
| Leverage | |||||||||
| Total debt | $136.52B | $132.48B | $123.93B | $119.06B | $112.38B | $142.86B | $157.79B | $161.64B | $173.5B |
| Net debt | $101.58B | $108.83B | $93.97B | $89.12B | $76.44B | $105.56B | $115.29B | $117.93B | $127.06B |
| Net debt / EBITDA | 0.82 | 0.82 | 0.73 | 0.66 | 0.53 | 0.63 | 0.63 | 0.63 | 0.61 |
| Debt / equity | 2.16 | 2.61 | 1.99 | 2.09 | 1.52 | 1.84 | 1.88 | 1.77 | 1.78 |
| Debt / assets | +38.89% | +37.56% | +35.15% | +32.62% | +31.28% | +33.92% | +33.32% | +32.84% | +32.00% |
| Equity / assets | +17.97% | +14.36% | +17.63% | +15.60% | +20.52% | +18.47% | +17.69% | +18.58% | +18.01% |
| Coverage | |||||||||
| EBITDA / interest expense | 46.55 | 45.42 | 32.85 | — | — | 103.51 | 104.30 | 96.28 | 100.42 |
| Operating income / interest | 41.19 | 40.75 | 29.06 | — | — | 91.03 | 89.96 | 88.27 | 88.36 |
| Interest expense | $2.65B | $2.93B | $3.93B | $0 | $0 | $1.62B | $1.74B | $1.95B | $2.08B |
| Liquidity | |||||||||
| Current ratio | 1.07 | 0.88 | 0.99 | 0.87 | 0.89 | — | — | — | — |
| Quick ratio | 0.91 | 0.71 | 0.84 | 0.75 | 0.77 | — | — | — | — |
| Cash ratio | 0.28 | 0.15 | 0.21 | 0.17 | 0.22 | — | — | — | — |
| Working capital | $9.36B | -$18.58B | -$1.74B | -$23.41B | -$17.67B | — | — | — | — |
| Working capital / revenue | +2.56% | -4.71% | -0.45% | -5.99% | -4.25% | — | — | — | — |
Methodology. ROE / ROA / ROC use period-end balance-sheet denominators (no average-of- period smoothing). ROIC = Operating Income × (1 − inferred effective tax rate) over invested capital, with the effective tax inferred from net-to-operating income when both are positive and a 25% default otherwise. Net debt / EBITDA, debt ratios, and interest-coverage ratios are calculated point-in-time at each fiscal year-end. TTM = trailing 4 quarters (income / cash flow summed, balance sheet = most-recent quarterly snapshot). Through-cycle CAGR in the Growth panel uses the geometric mean of first-to-last period growth across the window (positive values only).