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 |
|---|---|---|---|---|---|---|---|---|
| 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 |
|---|---|---|---|---|---|---|---|---|
| Margins | ||||||||
| Gross margin | +46.48% | +46.86% | +48.89% | +49.94% | +50.84% | +51.14% | +49.09% | +50.04% |
| Operating margin | +22.16% | +23.05% | +25.02% | +25.74% | +26.32% | +25.46% | +25.26% | +25.86% |
| EBITDA margin | +26.20% | +26.70% | +29.12% | +30.20% | +30.36% | +30.56% | +29.75% | +29.88% |
| EBIT margin | +22.80% | +23.58% | +26.07% | +27.28% | +27.99% | +27.56% | +27.19% | +27.24% |
| Pre-tax margin | +22.40% | +23.06% | +24.64% | +25.37% | +25.83% | +24.81% | +25.57% | +25.89% |
| Net margin | +17.32% | +17.87% | +18.94% | +19.54% | +19.84% | +19.52% | +19.16% | +19.47% |
| Cost structure | ||||||||
| Cost of revenue / sales | +53.52% | +53.14% | +51.11% | +50.06% | +49.16% | +50.61% | +50.37% | +49.68% |
| R&D intensity | +4.78% | +4.84% | +4.69% | +4.98% | +4.81% | +4.93% | +4.92% | +4.92% |
| SG&A intensity | +19.54% | +18.96% | +19.18% | +19.23% | +19.71% | +19.53% | +18.98% | +19.57% |
| Effective tax rate | +22.69% | +22.48% | +23.11% | +22.99% | +23.17% | +24.00% | +23.19% | +21.92% |
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 |
|---|---|---|---|---|---|---|---|---|
| Returns | ||||||||
| Return on equity (ROE) | +45.83% | +91.43% | +97.23% | +82.51% | +65.93% | +80.81% | +78.48% | +79.89% |
| Return on assets (ROA) | +5.33% | +4.68% | +6.69% | +6.90% | +7.64% | +7.01% | +7.08% | +7.08% |
| Return on capital (ROC) | +36.85% | +56.60% | +64.81% | +59.89% | +35.48% | +50.07% | +49.34% | +49.85% |
| Return on invested capital (ROIC) | +28.80% | +43.88% | +49.07% | +45.46% | +26.75% | +38.38% | +37.42% | +37.53% |
| Asset turnover | +30.77% | +26.16% | +35.34% | +35.32% | +38.53% | +35.92% | +36.96% | +36.37% |
| DuPont · ROE decomposition | ||||||||
| Net margin | +17.32% | +17.87% | +18.94% | +19.54% | +19.84% | +19.52% | +19.16% | +19.47% |
| Asset turnover (× revenue / assets) | +30.77% | +26.16% | +35.34% | +35.32% | +38.53% | +35.92% | +36.96% | +36.37% |
| Equity multiplier (× assets / equity) | +860.17% | +1955.42% | +1452.54% | +1195.42% | +862.46% | +1152.59% | +1108.65% | +1128.09% |
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 |
|---|---|---|---|---|---|---|---|---|
| Turnover | ||||||||
| Asset turnover | 0.31 | 0.26 | 0.35 | 0.35 | 0.39 | 0.36 | 0.37 | 0.36 |
| Fixed-asset turnover | 13.09 | 14.95 | 16.62 | 18.18 | 19.97 | — | — | — |
| Inventory turnover | — | — | — | — | — | — | — | — |
| Receivables turnover | 5.50 | 5.20 | 5.98 | 5.60 | 5.74 | — | — | — |
| Payables turnover | 56.92 | 79.56 | 95.11 | 95.55 | 59.78 | — | — | — |
| Days outstanding | ||||||||
| Days sales outstanding (DSO) | 66.34 | 70.14 | 60.99 | 65.16 | 63.54 | — | — | — |
| Days inventory outstanding (DIO) | — | — | — | — | — | — | — | — |
| Days payables outstanding (DPO) | 6.41 | 4.59 | 3.84 | 3.82 | 6.11 | — | — | — |
| Cash conversion cycle | 59.93 | 65.56 | 57.15 | 61.34 | 57.43 | — | — | — |
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 |
|---|---|---|---|---|---|---|---|---|
| Operating CF / Net income | 1.19 | 1.05 | 1.23 | 1.11 | 1.21 | 1.20 | 1.24 | 1.19 |
| FCF / Net income | 1.00 | 0.86 | 1.07 | 0.96 | 1.17 | 1.03 | 1.05 | 1.05 |
| FCF margin | +17.24% | +15.43% | +20.19% | +18.72% | +23.20% | +20.09% | +20.18% | +20.44% |
| OCF margin | +20.61% | +18.79% | +23.36% | +21.65% | +24.02% | +23.40% | +23.70% | +23.13% |
| CapEx / Revenue | +3.37% | +3.35% | +3.17% | +2.93% | +0.82% | +2.31% | +2.34% | +2.32% |
| CapEx / D&A | 0.99 | 1.07 | 1.04 | 1.00 | 0.35 | — | — | — |
| Stock-based comp / Revenue | +1.17% | +1.22% | +1.22% | +1.27% | +1.29% | — | — | — |
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 |
|---|---|---|---|---|---|---|---|---|
| EPS · diluted | 6.07 | 7.00 | 8.21 | 9.10 | 9.98 | 11.07 | 12.19 | 13.33 |
| EPS · basic | 6.10 | 7.04 | 8.25 | 9.14 | 10.02 | 11.01 | 12.32 | 13.47 |
| Book value / share | 13.24 | 7.66 | 8.44 | 11.03 | 15.14 | 13.04 | 13.87 | 14.53 |
| Tangible BV / share | 4.96 | -0.97 | -0.42 | 2.08 | 3.21 | 13.04 | 13.87 | 14.53 |
| Sales / share | 35.05 | 39.18 | 43.33 | 46.59 | 50.31 | 53.99 | 56.84 | 59.60 |
| Operating CF / share | 7.23 | 7.36 | 10.12 | 10.09 | 12.09 | 12.63 | 13.47 | 13.78 |
| Free cash flow / share | 6.04 | 6.05 | 8.75 | 8.72 | 11.67 | 10.85 | 11.47 | 12.18 |
| Dividends / share | 3.68 | 3.94 | 4.58 | 5.30 | 5.87 | 6.04 | 6.27 | 6.58 |
| Payout ratio | +60.63% | +56.26% | +55.79% | +58.18% | +58.80% | +57.31% | +57.55% | +56.71% |
| Retention ratio | +39.37% | +43.74% | +44.21% | +41.82% | +41.20% | +42.69% | +42.45% | +43.29% |
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 | 7y CAGR |
|---|---|---|---|---|---|---|---|---|---|
| Top-line | |||||||||
| Revenue · YoY | — | +9.95% | +9.18% | +6.61% | +7.07% | +6.55% | +5.77% | +5.90% | +7.28% |
| Gross profit · YoY | — | +10.85% | +13.90% | +8.92% | +8.98% | +7.18% | +1.53% | +7.95% | +8.42% |
| Profit | |||||||||
| Operating income · YoY | — | +14.40% | +18.48% | +9.69% | +9.49% | +3.08% | +4.91% | +8.43% | +9.68% |
| EBITDA · YoY | — | +12.05% | +19.05% | +10.59% | +7.62% | +7.26% | +2.98% | +6.33% | +9.31% |
| Net income · YoY | — | +13.48% | +15.70% | +9.96% | +8.73% | +4.82% | +3.80% | +7.64% | +9.09% |
| Operating | |||||||||
| EBIT · YoY | — | +13.72% | +20.69% | +11.56% | +9.89% | +4.91% | +4.35% | +6.08% | +10.04% |
| R&D · YoY | — | +11.44% | +5.79% | +13.13% | +3.44% | +9.29% | +5.59% | +5.90% | +7.75% |
| Per-share | |||||||||
| EPS · diluted · YoY | — | +15.32% | +17.29% | +10.84% | +9.67% | +10.93% | +10.11% | +9.31% | +11.89% |
| EPS · basic · YoY | — | +15.41% | +17.19% | +10.79% | +9.63% | +9.92% | +11.83% | +9.36% | +11.98% |
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 |
|---|---|---|---|---|---|---|---|---|
| Leverage | ||||||||
| Total debt | $3.35B | $3.49B | $3.44B | $3.71B | $9.07B | $5.85B | $6.21B | $6.75B |
| Net debt | $776.5M | $2.06B | $1.36B | $791.9M | $5.72B | $2.75B | $2.8B | $3.2B |
| Net debt / EBITDA | 0.20 | 0.47 | 0.26 | 0.14 | 0.92 | 0.41 | 0.41 | 0.44 |
| Debt / equity | 0.59 | 1.08 | 0.98 | 0.81 | 1.46 | 1.11 | 1.10 | 1.13 |
| Debt / assets | +6.87% | +5.54% | +6.76% | +6.82% | +16.99% | +9.59% | +9.90% | +10.01% |
| Equity / assets | +11.63% | +5.11% | +6.88% | +8.37% | +11.59% | +8.68% | +9.02% | +8.86% |
| Coverage | ||||||||
| EBITDA / interest expense | 65.86 | 51.05 | 20.35 | 15.86 | 13.69 | 16.73 | 16.16 | 16.35 |
| Operating income / interest | 55.69 | 44.07 | 17.49 | 13.51 | 11.87 | 13.94 | 13.71 | 14.16 |
| Interest expense | $59.7M | $86.3M | $257.7M | $365.8M | $455.9M | $400.16M | $426.76M | $448.32M |
| Liquidity | ||||||||
| Current ratio | 1.07 | 0.99 | 0.99 | 1.01 | 1.05 | — | — | — |
| Quick ratio | 0.14 | 0.08 | 0.12 | 0.15 | 0.28 | — | — | — |
| Cash ratio | 0.07 | 0.03 | 0.05 | 0.06 | 0.08 | — | — | — |
| Working capital | $2.65B | -$353.8M | -$597M | $462.5M | $1.97B | — | — | — |
| Working capital / revenue | +17.64% | -2.14% | -3.31% | +2.41% | +9.60% | — | — | — |
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).