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 | +65.26% | +61.37% | +62.25% | +63.58% | +65.30% | +64.58% | +63.60% | +64.11% | +63.96% |
| Operating margin | +57.32% | +54.46% | +55.00% | +56.01% | +51.20% | +55.08% | +54.75% | +53.88% | +53.07% |
| EBITDA margin | +82.93% | +84.40% | +83.06% | +82.11% | +74.44% | +80.61% | +78.69% | +79.02% | +79.91% |
| EBIT margin | +64.41% | +63.97% | +64.48% | +64.21% | +58.16% | +62.77% | +62.13% | +62.52% | +60.98% |
| Pre-tax margin | +46.32% | +44.79% | +44.95% | +46.62% | +44.81% | +45.63% | +45.91% | +44.88% | +45.18% |
| Net margin | +34.23% | +32.93% | +33.42% | +34.06% | +32.81% | +33.94% | +32.44% | +33.69% | +33.52% |
| Cost structure | |||||||||
| Cost of revenue / sales | +34.74% | +38.63% | +37.75% | +36.42% | +34.70% | +36.62% | +35.35% | +36.41% | +36.49% |
| R&D intensity | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
| SG&A intensity | +6.59% | +6.27% | +6.39% | +7.31% | +6.98% | +6.71% | +6.95% | +6.81% | +6.98% |
| Effective tax rate | +26.10% | +26.48% | +25.65% | +26.93% | +26.77% | +26.74% | +26.79% | +27.08% | +26.85% |
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) | +14.50% | +14.88% | +17.28% | +18.95% | +20.95% | +19.18% | +18.58% | +19.49% | +19.43% |
| Return on assets (ROA) | +5.98% | +5.63% | +6.48% | +6.81% | +7.02% | +6.83% | +6.51% | +6.64% | +6.86% |
| Return on capital (ROC) | +10.27% | +9.71% | +11.40% | +12.60% | +12.41% | +12.24% | +12.10% | +12.27% | +12.07% |
| Return on invested capital (ROIC) | +6.13% | +5.87% | +6.93% | +7.66% | +7.95% | +7.54% | +7.17% | +7.67% | +7.62% |
| Asset turnover | +17.48% | +17.11% | +19.39% | +20.00% | +21.40% | +20.12% | +20.07% | +19.70% | +20.47% |
| DuPont · ROE decomposition | |||||||||
| Net margin | +34.23% | +32.93% | +33.42% | +34.06% | +32.81% | +33.94% | +32.44% | +33.69% | +33.52% |
| Asset turnover (× revenue / assets) | +17.48% | +17.11% | +19.39% | +20.00% | +21.40% | +20.12% | +20.07% | +19.70% | +20.47% |
| Equity multiplier (× assets / equity) | +242.45% | +264.16% | +266.65% | +278.13% | +298.38% | +280.88% | +285.39% | +293.62% | +283.26% |
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 | 0.17 | 0.17 | 0.19 | 0.20 | 0.21 | 0.20 | 0.20 | 0.20 | 0.20 |
| Fixed-asset turnover | 0.29 | 0.26 | 0.29 | 0.30 | 0.36 | — | — | — | — |
| Inventory turnover | — | — | — | — | — | — | — | — | — |
| Receivables turnover | 11.69 | 11.30 | 12.42 | 10.22 | 11.48 | — | — | — | — |
| Payables turnover | 14.27 | 16.74 | 39.99 | 26.10 | 27.77 | — | — | — | — |
| Days outstanding | |||||||||
| Days sales outstanding (DSO) | 31.22 | 32.30 | 29.39 | 35.72 | 31.79 | — | — | — | — |
| Days inventory outstanding (DIO) | — | — | — | — | — | — | — | — | — |
| Days payables outstanding (DPO) | 25.58 | 21.81 | 9.13 | 13.98 | 13.14 | — | — | — | — |
| Cash conversion cycle | 5.64 | 10.49 | 20.26 | 21.74 | 18.64 | — | — | — | — |
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 | 2.14 | 2.14 | 2.10 | 2.11 | 2.26 | 2.06 | 2.18 | 2.19 | 2.08 |
| FCF / Net income | 1.44 | 0.56 | 1.60 | 1.50 | 1.86 | 1.61 | 1.70 | 1.60 | 1.66 |
| FCF margin | +49.22% | +18.57% | +53.49% | +51.12% | +61.17% | +54.70% | +55.27% | +54.05% | +55.77% |
| OCF margin | +73.26% | +70.62% | +70.03% | +71.72% | +74.06% | +70.05% | +70.84% | +73.84% | +69.80% |
| CapEx / Revenue | +24.03% | +52.05% | +16.54% | +20.59% | +12.89% | +16.74% | +16.49% | +17.00% | +17.16% |
| CapEx / D&A | 1.30 | 2.55 | 0.89 | 1.15 | 1.21 | — | — | — | — |
| Stock-based comp / Revenue | +1.40% | +1.98% | +2.84% | +3.77% | +3.65% | — | — | — | — |
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 | 0.69 | 0.68 | 0.77 | 0.83 | 0.86 | 1.10 | 1.27 | 1.43 | 1.58 |
| EPS · basic | 0.69 | 0.68 | 0.77 | 0.83 | 0.86 | 1.09 | 1.28 | 1.41 | 1.60 |
| Book value / share | 4.76 | 4.56 | 4.46 | 4.36 | 4.09 | 4.81 | 5.03 | 5.20 | 5.88 |
| Tangible BV / share | 1.94 | 1.89 | 1.94 | 2.00 | 1.86 | 4.81 | 5.03 | 5.20 | 5.88 |
| Sales / share | 2.02 | 2.06 | 2.31 | 2.43 | 2.61 | 2.72 | 2.88 | 3.01 | 3.41 |
| Operating CF / share | 1.48 | 1.46 | 1.62 | 1.74 | 1.93 | 1.90 | 2.04 | 2.22 | 2.38 |
| Free cash flow / share | 0.99 | 0.38 | 1.23 | 1.24 | 1.60 | 1.49 | 1.59 | 1.63 | 1.90 |
| Dividends / share | 0.98 | 0.90 | 0.90 | 0.90 | 0.91 | 1.01 | 1.04 | 1.12 | 1.24 |
| Payout ratio | +142.08% | +132.67% | +117.11% | +109.17% | +106.26% | +109.20% | +111.03% | +110.10% | +108.83% |
| Retention ratio | -42.08% | -32.67% | -17.11% | -9.17% | -6.26% | -9.20% | -11.03% | -10.10% | -8.83% |
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 | — | +2.25% | +12.29% | +5.79% | +6.99% | +3.62% | +6.25% | +5.07% | +12.60% | +6.80% |
| Gross profit · YoY | — | -3.85% | +13.91% | +8.04% | +9.89% | +2.48% | +4.63% | +5.90% | +12.35% | +6.53% |
| Profit | ||||||||||
| Operating income · YoY | — | -2.86% | +13.42% | +7.73% | -2.20% | +11.48% | +5.61% | +3.38% | +10.91% | +5.78% |
| EBITDA · YoY | — | +4.06% | +10.52% | +4.57% | -3.01% | +12.21% | +3.72% | +5.50% | +13.86% | +6.31% |
| Net income · YoY | — | -1.62% | +13.96% | +7.83% | +3.06% | +7.17% | +1.57% | +9.09% | +12.04% | +6.52% |
| Operating | ||||||||||
| EBIT · YoY | — | +1.55% | +13.20% | +5.34% | -3.09% | +11.84% | +5.16% | +5.73% | +9.83% | +6.07% |
| R&D · YoY | — | — | — | — | — | — | — | — | — | — |
| Per-share | ||||||||||
| EPS · diluted · YoY | — | -1.45% | +13.24% | +7.79% | +3.61% | +28.15% | +15.49% | +12.66% | +10.19% | +10.91% |
| EPS · basic · YoY | — | -1.45% | +13.24% | +7.79% | +3.61% | +27.17% | +16.70% | +10.67% | +13.24% | +11.08% |
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 | $3.12B | $3.36B | $3.21B | $3.12B | $3.22B | $3.56B | $3.85B | $3.88B | $4.38B |
| Net debt | $3.12B | $3.36B | $3.21B | $3.12B | $3.04B | $3.5B | $3.79B | $3.81B | $4.3B |
| Net debt / EBITDA | 3.89 | 4.02 | 3.48 | 3.23 | 3.25 | 3.33 | 3.47 | 3.31 | 3.28 |
| Debt / equity | 1.37 | 1.53 | 1.49 | 1.47 | 1.63 | 1.54 | 1.59 | 1.54 | 1.55 |
| Debt / assets | +56.33% | +58.04% | +56.00% | +52.98% | +54.77% | +54.94% | +55.76% | +52.42% | +54.70% |
| Equity / assets | +41.25% | +37.86% | +37.50% | +35.95% | +33.51% | +35.60% | +35.04% | +34.06% | +35.30% |
| Coverage | |||||||||
| EBITDA / interest expense | 4.58 | 4.40 | 4.25 | 4.67 | 4.92 | 4.68 | 4.61 | 4.52 | 4.72 |
| Operating income / interest | 3.17 | 2.84 | 2.82 | 3.18 | 3.39 | 3.20 | 3.21 | 3.08 | 3.13 |
| Interest expense | $175.28M | $189.95M | $217.25M | $207.03M | $190.4M | $224.57M | $236.6M | $254.73M | $277.74M |
| Liquidity | |||||||||
| Current ratio | 0.74 | 0.87 | 0.95 | 1.17 | 3.41 | — | — | — | — |
| Quick ratio | 0.73 | 0.86 | 0.93 | 1.14 | 2.60 | — | — | — | — |
| Cash ratio | 0.00 | 0.00 | 0.00 | 0.00 | 1.62 | — | — | — | — |
| Working capital | -$30.21M | -$13.08M | -$5.29M | $17.45M | $268.38M | — | — | — | — |
| Working capital / revenue | -3.12% | -1.32% | -0.48% | +1.48% | +21.32% | — | — | — | — |
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).