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 | +34.48% | +34.88% | +36.14% | +35.68% | +36.38% | +35.08% | +35.86% | +35.51% | +35.59% |
| Operating margin | +23.59% | +24.40% | +25.88% | +25.64% | +26.15% | +25.59% | +25.57% | +25.55% | +25.48% |
| EBITDA margin | +28.77% | +29.77% | +30.71% | +31.08% | +25.40% | +28.30% | +29.45% | +29.01% | +29.82% |
| EBIT margin | +23.50% | +24.58% | +25.59% | +25.56% | +25.40% | +24.97% | +25.91% | +25.93% | +25.96% |
| Pre-tax margin | +22.05% | +23.23% | +24.35% | +23.94% | +24.30% | +24.63% | +24.64% | +23.51% | +24.40% |
| Net margin | +17.85% | +18.85% | +19.91% | +19.83% | +20.00% | +20.13% | +19.82% | +19.58% | +19.68% |
| Cost structure | |||||||||
| Cost of revenue / sales | +65.52% | +65.12% | +63.86% | +64.32% | +63.62% | +64.38% | +64.93% | +63.20% | +64.68% |
| R&D intensity | +3.50% | +3.23% | +3.35% | +3.41% | 0.00% | +2.30% | +2.28% | +2.31% | +2.30% |
| SG&A intensity | +10.89% | +10.48% | +10.26% | +10.04% | +10.23% | +10.00% | +9.96% | +9.98% | +10.41% |
| Effective tax rate | +19.06% | +18.84% | +18.25% | +17.18% | +17.69% | +17.24% | +17.20% | +18.45% | +17.20% |
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) | +14.41% | +15.51% | +15.04% | +14.25% | +13.93% | +14.43% | +14.60% | +14.00% | +13.88% |
| Return on assets (ROA) | +8.32% | +9.33% | +8.74% | +9.41% | +9.21% | +8.99% | +8.87% | +8.74% | +8.84% |
| Return on capital (ROC) | +13.64% | +14.95% | +14.11% | +14.85% | +14.99% | +14.35% | +14.60% | +14.36% | +14.04% |
| Return on invested capital (ROIC) | +10.32% | +11.55% | +10.85% | +11.49% | +11.46% | +11.28% | +11.32% | +11.00% | +10.85% |
| Asset turnover | +46.62% | +49.48% | +43.91% | +47.44% | +46.06% | +44.66% | +44.77% | +44.64% | +44.94% |
| DuPont · ROE decomposition | |||||||||
| Net margin | +17.85% | +18.85% | +19.91% | +19.83% | +20.00% | +20.13% | +19.82% | +19.58% | +19.68% |
| Asset turnover (× revenue / assets) | +46.62% | +49.48% | +43.91% | +47.44% | +46.06% | +44.66% | +44.77% | +44.64% | +44.94% |
| Equity multiplier (× assets / equity) | +173.14% | +166.27% | +172.09% | +151.54% | +151.17% | +160.53% | +164.51% | +160.23% | +156.92% |
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 | 0.47 | 0.49 | 0.44 | 0.47 | 0.46 | 0.45 | 0.45 | 0.45 | 0.45 |
| Fixed-asset turnover | 7.05 | 7.63 | 5.88 | 6.58 | 6.56 | — | — | — | — |
| Inventory turnover | 4.72 | 3.84 | 3.72 | 4.37 | 4.26 | — | — | — | — |
| Receivables turnover | 6.69 | 6.69 | 6.51 | 7.32 | 6.61 | — | — | — | — |
| Payables turnover | 7.73 | 8.06 | 8.15 | 8.53 | 2.88 | — | — | — | — |
| Days outstanding | |||||||||
| Days sales outstanding (DSO) | 54.57 | 54.56 | 56.04 | 49.89 | 55.20 | — | — | — | — |
| Days inventory outstanding (DIO) | 77.26 | 95.17 | 98.13 | 83.53 | 85.77 | — | — | — | — |
| Days payables outstanding (DPO) | 47.23 | 45.30 | 44.76 | 42.78 | 126.65 | — | — | — | — |
| Cash conversion cycle | 84.59 | 104.42 | 109.41 | 90.64 | 14.32 | — | — | — | — |
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 | 1.17 | 0.99 | 1.32 | 1.33 | 1.22 | 1.27 | 1.26 | 1.28 | 1.31 |
| FCF / Net income | 1.06 | 0.87 | 1.22 | 1.24 | 1.13 | 1.15 | 1.22 | 1.24 | 1.19 |
| FCF margin | +18.93% | +16.43% | +24.24% | +24.52% | +22.58% | +23.18% | +24.22% | +24.22% | +23.48% |
| OCF margin | +20.92% | +18.69% | +26.30% | +26.35% | +24.34% | +25.52% | +25.08% | +24.99% | +25.70% |
| CapEx / Revenue | +2.00% | +2.26% | +2.07% | +1.83% | +1.76% | +1.88% | +1.91% | +1.91% | +1.84% |
| CapEx / D&A | 0.38 | 0.44 | 0.40 | 0.33 | 0.31 | — | — | — | — |
| Stock-based comp / Revenue | +0.83% | +0.77% | +0.70% | +0.69% | 0.00% | — | — | — | — |
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 | 4.25 | 5.01 | 5.67 | 5.93 | 6.40 | 8.14 | 8.81 | 9.50 | 10.03 |
| EPS · basic | 4.29 | 5.04 | 5.70 | 5.95 | 6.42 | 8.09 | 8.84 | 9.58 | 10.00 |
| Book value / share | 29.52 | 32.29 | 37.71 | 41.59 | 45.96 | 48.77 | 49.97 | 54.08 | 58.36 |
| Tangible BV / share | -7.45 | -5.35 | -8.13 | -3.51 | -5.58 | 48.77 | 49.97 | 54.08 | 58.36 |
| Sales / share | 23.82 | 26.56 | 28.50 | 29.90 | 32.00 | 34.96 | 36.80 | 38.68 | 41.16 |
| Operating CF / share | 4.98 | 4.96 | 7.50 | 7.88 | 7.79 | 8.92 | 9.23 | 9.67 | 10.58 |
| Free cash flow / share | 4.51 | 4.36 | 6.91 | 7.33 | 7.23 | 8.11 | 8.91 | 9.37 | 9.66 |
| Dividends / share | 0.79 | 0.87 | 0.99 | 1.11 | 1.23 | 1.27 | 1.36 | 1.46 | 1.48 |
| Payout ratio | +18.64% | +17.44% | +17.54% | +18.81% | +19.28% | +18.00% | +18.68% | +19.22% | +18.22% |
| Retention ratio | +81.36% | +82.56% | +82.46% | +81.19% | +80.72% | +82.00% | +81.32% | +80.78% | +81.78% |
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 | — | +10.89% | +7.26% | +5.22% | +6.63% | +8.21% | +5.90% | +6.44% | +4.71% | +6.89% |
| Gross profit · YoY | — | +12.16% | +11.15% | +3.86% | +8.73% | +4.34% | +8.25% | +5.39% | +4.95% | +7.31% |
| Profit | ||||||||||
| Operating income · YoY | — | +14.67% | +13.78% | +4.22% | +8.77% | +5.89% | +5.78% | +6.39% | +4.39% | +7.92% |
| EBITDA · YoY | — | +14.77% | +10.62% | +6.50% | -12.88% | +20.57% | +10.21% | +4.84% | +7.63% | +7.37% |
| Net income · YoY | — | +17.12% | +13.25% | +4.79% | +7.56% | +8.91% | +4.29% | +5.10% | +5.24% | +8.20% |
| Operating | ||||||||||
| EBIT · YoY | — | +15.98% | +11.66% | +5.11% | +5.92% | +6.39% | +9.88% | +6.51% | +4.86% | +8.23% |
| R&D · YoY | — | +2.37% | +11.07% | +7.16% | -100.00% | — | +5.25% | +7.60% | +4.16% | +1.40% |
| Per-share | ||||||||||
| EPS · diluted · YoY | — | +17.88% | +13.17% | +4.59% | +7.93% | +27.21% | +8.22% | +7.83% | +5.54% | +11.33% |
| EPS · basic · YoY | — | +17.48% | +13.10% | +4.39% | +7.90% | +26.07% | +9.21% | +8.34% | +4.38% | +11.15% |
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 | $2.72B | $2.56B | $3.37B | $2.32B | $2.28B | $3.12B | $3.33B | $3.44B | $3.74B |
| Net debt | $2.37B | $2.22B | $2.96B | $1.95B | $1.83B | $2.63B | $2.82B | $2.9B | $3.18B |
| Net debt / EBITDA | 1.49 | 1.21 | 1.46 | 0.90 | 0.97 | 1.16 | 1.13 | 1.11 | 1.13 |
| Debt / equity | 0.40 | 0.34 | 0.39 | 0.24 | 0.21 | 0.28 | 0.29 | 0.27 | 0.28 |
| Debt / assets | +22.87% | +20.60% | +22.46% | +15.89% | +14.21% | +17.38% | +17.60% | +17.02% | +17.81% |
| Equity / assets | +57.76% | +60.14% | +58.11% | +65.99% | +66.15% | +62.29% | +60.79% | +62.41% | +63.73% |
| Coverage | |||||||||
| EBITDA / interest expense | 19.85 | 22.01 | 24.77 | 19.10 | 23.13 | 21.02 | 22.91 | 21.54 | 22.31 |
| Operating income / interest | 16.28 | 18.04 | 20.87 | 15.75 | 23.82 | 19.01 | 19.89 | 18.97 | 19.06 |
| Interest expense | $80.38M | $83.19M | $81.8M | $112.96M | $81.25M | $107.82M | $109.03M | $121.58M | $126.32M |
| Liquidity | |||||||||
| Current ratio | 1.36 | 1.62 | 0.98 | 1.24 | 1.06 | — | — | — | — |
| Quick ratio | 0.75 | 0.81 | 0.49 | 0.63 | 0.55 | — | — | — | — |
| Cash ratio | 0.22 | 0.22 | 0.14 | 0.18 | 0.16 | — | — | — | — |
| Working capital | $565.45M | $963.86M | -$57.91M | $504.45M | $177.09M | — | — | — | — |
| Working capital / revenue | +10.19% | +15.67% | -0.88% | +7.27% | +2.39% | — | — | — | — |
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).