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 | +47.32% | +46.51% | +46.70% | +47.46% | +48.67% | +46.78% | +47.77% | +46.41% | +48.27% |
| Operating margin | +29.87% | +30.20% | +28.86% | +28.95% | +29.22% | +28.35% | +28.60% | +28.94% | +29.57% |
| EBITDA margin | +32.03% | +32.03% | +31.89% | +32.35% | +34.02% | +33.62% | +32.26% | +33.37% | +33.21% |
| EBIT margin | +30.38% | +30.35% | +30.00% | +30.91% | +33.63% | +32.05% | +30.74% | +31.39% | +30.95% |
| Pre-tax margin | +29.36% | +29.47% | +29.10% | +30.00% | +32.68% | +30.60% | +31.12% | +30.62% | +30.02% |
| Net margin | +25.53% | +25.31% | +25.86% | +26.41% | +24.67% | +25.16% | +25.58% | +24.96% | +25.35% |
| Cost structure | |||||||||
| Cost of revenue / sales | +52.68% | +53.49% | +53.30% | +52.54% | +51.33% | +51.86% | +53.03% | +51.59% | +51.34% |
| R&D intensity | +10.77% | +10.75% | +11.70% | +11.90% | +12.58% | +12.34% | +11.85% | +11.96% | +12.19% |
| SG&A intensity | +5.33% | +5.58% | +6.14% | +6.61% | +6.23% | +6.23% | +6.20% | +6.43% | +6.48% |
| Effective tax rate | +13.04% | +14.13% | +11.15% | +11.96% | +24.52% | +16.13% | +15.35% | +15.52% | +16.56% |
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) | +48.08% | +53.51% | +41.94% | +37.77% | +34.28% | +37.99% | +37.96% | +37.43% | +38.00% |
| Return on assets (ROA) | +22.80% | +24.41% | +22.31% | +20.86% | +19.28% | +20.51% | +20.46% | +20.63% | +20.84% |
| Return on capital (ROC) | +38.27% | +43.21% | +34.25% | +30.72% | +30.18% | +31.51% | +31.44% | +31.71% | +32.70% |
| Return on invested capital (ROIC) | +32.71% | +36.20% | +30.68% | +28.03% | +25.48% | +27.97% | +28.13% | +27.36% | +28.03% |
| Asset turnover | +89.30% | +96.48% | +86.29% | +78.98% | +78.15% | +81.51% | +79.97% | +82.68% | +82.19% |
| DuPont · ROE decomposition | |||||||||
| Net margin | +25.53% | +25.31% | +25.86% | +26.41% | +24.67% | +25.16% | +25.58% | +24.96% | +25.35% |
| Asset turnover (× revenue / assets) | +89.30% | +96.48% | +86.29% | +78.98% | +78.15% | +81.51% | +79.97% | +82.68% | +82.19% |
| Equity multiplier (× assets / equity) | +210.87% | +219.17% | +187.96% | +181.09% | +177.81% | +185.22% | +185.53% | +181.39% | +182.35% |
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 | 0.89 | 0.96 | 0.86 | 0.79 | 0.78 | 0.82 | 0.80 | 0.83 | 0.82 |
| Fixed-asset turnover | 10.35 | 9.56 | 8.28 | 7.32 | 5.54 | — | — | — | — |
| Inventory turnover | 2.82 | 2.33 | 2.47 | 2.63 | 2.46 | — | — | — | — |
| Receivables turnover | 4.16 | 3.95 | 4.75 | 5.08 | 5.32 | — | — | — | — |
| Payables turnover | 8.25 | 7.86 | 9.56 | 9.09 | 7.36 | — | — | — | — |
| Days outstanding | |||||||||
| Days sales outstanding (DSO) | 87.77 | 92.42 | 76.77 | 71.91 | 68.62 | — | — | — | — |
| Days inventory outstanding (DIO) | 129.46 | 156.99 | 147.85 | 138.57 | 148.28 | — | — | — | — |
| Days payables outstanding (DPO) | 44.22 | 46.45 | 38.17 | 40.13 | 49.59 | — | — | — | — |
| Cash conversion cycle | 173.01 | 202.96 | 186.45 | 170.35 | 167.31 | — | — | — | — |
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 | 0.92 | 0.83 | 1.27 | 1.21 | 1.14 | 1.20 | 1.23 | 1.26 | 1.20 |
| FCF / Net income | 0.81 | 0.71 | 1.11 | 1.04 | 0.81 | 1.03 | 0.97 | 1.02 | 1.00 |
| FCF margin | +20.70% | +17.89% | +28.64% | +27.55% | +20.09% | +26.00% | +24.81% | +25.42% | +25.34% |
| OCF margin | +23.60% | +20.94% | +32.81% | +31.93% | +28.05% | +30.23% | +31.57% | +31.42% | +30.34% |
| CapEx / Revenue | +2.90% | +3.05% | +4.17% | +4.38% | +7.97% | +5.51% | +5.35% | +5.49% | +5.45% |
| CapEx / D&A | 1.70 | 1.77 | 2.15 | 3.04 | 5.20 | — | — | — | — |
| Stock-based comp / Revenue | +1.50% | +1.60% | +1.85% | +2.12% | +2.30% | — | — | — | — |
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 | 6.40 | 7.44 | 8.11 | 8.61 | 8.66 | 12.18 | 16.24 | 19.78 | 21.18 |
| EPS · basic | 6.47 | 7.49 | 8.16 | 8.68 | 8.71 | 12.31 | 16.58 | 19.95 | 21.24 |
| Book value / share | 13.33 | 13.90 | 19.35 | 22.78 | 25.27 | 27.54 | 35.47 | 40.01 | 43.04 |
| Tangible BV / share | 9.43 | 9.30 | 14.58 | 18.01 | 20.40 | 27.54 | 35.47 | 40.01 | 43.04 |
| Sales / share | 25.10 | 29.40 | 31.38 | 32.59 | 35.11 | 41.58 | 52.62 | 60.00 | 64.51 |
| Operating CF / share | 5.92 | 6.16 | 10.30 | 10.40 | 9.85 | 12.57 | 16.61 | 18.85 | 19.57 |
| Free cash flow / share | 5.19 | 5.26 | 8.99 | 8.98 | 7.05 | 10.81 | 13.05 | 15.25 | 16.35 |
| Dividends / share | 0.91 | 1.00 | 1.15 | 1.43 | 1.71 | 1.83 | 2.31 | 2.66 | 2.75 |
| Payout ratio | +14.23% | +13.38% | +14.22% | +16.61% | +19.78% | +17.54% | +17.18% | +17.75% | +16.80% |
| Retention ratio | +85.77% | +86.62% | +85.78% | +83.39% | +80.22% | +82.46% | +82.82% | +82.25% | +83.20% |
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 | — | +11.80% | +2.84% | +2.49% | +4.39% | +17.30% | +26.51% | +16.27% | +5.73% | +10.63% |
| Gross profit · YoY | — | +9.89% | +3.26% | +4.14% | +7.06% | +12.74% | +29.17% | +12.96% | +9.97% | +10.90% |
| Profit | ||||||||||
| Operating income · YoY | — | +13.05% | -1.72% | +2.78% | +5.36% | +13.82% | +27.61% | +17.64% | +8.07% | +10.49% |
| EBITDA · YoY | — | +11.78% | +2.40% | +3.96% | +9.77% | +15.94% | +21.38% | +20.29% | +5.23% | +11.13% |
| Net income · YoY | — | +10.82% | +5.07% | +4.68% | -2.49% | +19.65% | +28.62% | +13.43% | +7.41% | +10.54% |
| Operating | ||||||||||
| EBIT · YoY | — | +11.70% | +1.62% | +5.59% | +13.58% | +11.80% | +21.33% | +18.72% | +4.24% | +10.88% |
| R&D · YoY | — | +11.51% | +11.95% | +4.22% | +10.42% | +14.99% | +21.50% | +17.41% | +7.69% | +12.35% |
| Per-share | ||||||||||
| EPS · diluted · YoY | — | +16.25% | +9.01% | +6.17% | +0.58% | +40.68% | +33.29% | +21.81% | +7.09% | +16.14% |
| EPS · basic · YoY | — | +15.77% | +8.95% | +6.37% | +0.35% | +41.31% | +34.71% | +20.35% | +6.42% | +16.02% |
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 | $5.75B | $5.83B | $6B | $6.61B | $7.05B | $7.9B | $9.92B | $12.02B | $12.28B |
| Net debt | $758M | $3.83B | -$133M | -$1.42B | -$191M | -$985.63M | -$830.21M | -$825.29M | -$1.19B |
| Net debt / EBITDA | 0.10 | 0.46 | -0.02 | -0.16 | -0.02 | -0.09 | -0.06 | -0.05 | -0.07 |
| Debt / equity | 0.47 | 0.48 | 0.37 | 0.35 | 0.35 | 0.36 | 0.35 | 0.37 | 0.36 |
| Debt / assets | +22.28% | +21.81% | +19.52% | +19.20% | +19.42% | +19.34% | +18.84% | +20.30% | +19.50% |
| Equity / assets | +47.42% | +45.63% | +53.20% | +55.22% | +56.24% | +53.99% | +53.90% | +55.13% | +54.84% |
| Coverage | |||||||||
| EBITDA / interest expense | 31.31 | 36.22 | 35.53 | 35.59 | 35.87 | 37.08 | 35.33 | 36.83 | 36.23 |
| Operating income / interest | 29.19 | 34.16 | 32.16 | 31.85 | 30.81 | 31.27 | 31.32 | 31.94 | 32.26 |
| Interest expense | $236M | $228M | $238M | $247M | $269M | $301.71M | $384.39M | $443.46M | $474.47M |
| Liquidity | |||||||||
| Current ratio | 2.54 | 2.16 | 2.60 | 2.51 | 2.61 | — | — | — | — |
| Quick ratio | 1.73 | 1.23 | 1.69 | 1.75 | 1.74 | — | — | — | — |
| Cash ratio | 0.79 | 0.27 | 0.83 | 0.95 | 0.91 | — | — | — | — |
| Working capital | $9.76B | $8.55B | $11.78B | $12.75B | $12.88B | — | — | — | — |
| Working capital / revenue | +42.33% | +33.14% | +44.41% | +46.92% | +45.41% | — | — | — | — |
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).