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 | +75.16% | +75.66% | +70.15% | +61.53% | +70.80% | +69.14% | +67.47% | +66.77% | +66.88% |
| Operating margin | +29.40% | +36.34% | +28.01% | +21.71% | +29.06% | +25.66% | +25.58% | +26.09% | +26.37% |
| EBITDA margin | +43.48% | +46.23% | +52.50% | +39.96% | +43.12% | +45.18% | +45.81% | +45.85% | +45.44% |
| EBIT margin | +30.40% | +33.25% | +38.06% | +23.23% | +29.06% | +29.86% | +30.80% | +29.32% | +29.77% |
| Pre-tax margin | +25.79% | +27.91% | +27.86% | +13.79% | +24.43% | +21.62% | +21.61% | +22.08% | +21.75% |
| Net margin | +22.68% | +24.89% | +23.83% | +12.24% | +20.99% | +19.45% | +18.53% | +19.56% | +18.62% |
| Cost structure | |||||||||
| Cost of revenue / sales | +24.84% | +24.34% | +29.85% | +38.47% | +29.20% | +31.86% | +33.18% | +32.36% | +32.10% |
| R&D intensity | +24.34% | +16.84% | +16.97% | +17.84% | +18.98% | +17.61% | +17.87% | +17.81% | +17.47% |
| SG&A intensity | +20.66% | +20.57% | +21.92% | +21.23% | +19.19% | +21.23% | +20.73% | +21.16% | +20.20% |
| Effective tax rate | +12.06% | +10.81% | +14.49% | +11.26% | +14.09% | +13.28% | +13.50% | +13.51% | +13.23% |
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) | +87.96% | +178.97% | +107.78% | +69.59% | +89.06% | +88.21% | +87.50% | +88.35% | +87.14% |
| Return on assets (ROA) | +9.63% | +10.06% | +6.91% | +4.45% | +8.51% | +6.61% | +6.52% | +6.73% | +6.54% |
| Return on capital (ROC) | +19.09% | +22.45% | +11.15% | +11.00% | +16.88% | +12.11% | +12.68% | +12.24% | +12.81% |
| Return on invested capital (ROIC) | +14.73% | +15.38% | +9.48% | +6.20% | +12.19% | +9.18% | +9.18% | +9.18% | +9.04% |
| Asset turnover | +42.47% | +40.42% | +29.02% | +36.39% | +40.56% | +33.95% | +35.18% | +34.42% | +35.15% |
| DuPont · ROE decomposition | |||||||||
| Net margin | +22.68% | +24.89% | +23.83% | +12.24% | +20.99% | +19.45% | +18.53% | +19.56% | +18.62% |
| Asset turnover (× revenue / assets) | +42.47% | +40.42% | +29.02% | +36.39% | +40.56% | +33.95% | +35.18% | +34.42% | +35.15% |
| Equity multiplier (× assets / equity) | +912.91% | +1778.78% | +1558.95% | +1562.69% | +1046.27% | +1335.35% | +1342.16% | +1312.49% | +1331.50% |
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 | 0.42 | 0.40 | 0.29 | 0.36 | 0.41 | 0.34 | 0.35 | 0.34 | 0.35 |
| Fixed-asset turnover | 5.01 | 4.85 | 4.74 | 5.11 | 4.64 | — | — | — | — |
| Inventory turnover | 1.58 | 1.30 | 0.88 | 1.84 | 1.72 | — | — | — | — |
| Receivables turnover | 4.45 | 4.12 | 3.55 | 4.46 | 3.84 | — | — | — | — |
| Payables turnover | 4.72 | 4.08 | 5.29 | 6.74 | 0.51 | — | — | — | — |
| Days outstanding | |||||||||
| Days sales outstanding (DSO) | 82.04 | 88.63 | 102.83 | 81.91 | 95.07 | — | — | — | — |
| Days inventory outstanding (DIO) | 231.08 | 280.90 | 412.84 | 198.65 | 211.77 | — | — | — | — |
| Days payables outstanding (DPO) | 77.25 | 89.57 | 68.97 | 54.16 | 710.68 | — | — | — | — |
| Cash conversion cycle | 235.86 | 279.96 | 446.71 | 226.40 | -403.83 | — | — | — | — |
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 | 1.57 | 1.48 | 1.26 | 2.81 | 1.29 | 1.60 | 1.67 | 1.53 | 1.66 |
| FCF / Net income | 1.42 | 1.34 | 1.10 | 2.54 | 1.05 | 1.36 | 1.38 | 1.38 | 1.46 |
| FCF margin | +32.26% | +33.37% | +26.11% | +31.10% | +22.05% | +26.54% | +25.63% | +27.07% | +27.18% |
| OCF margin | +35.65% | +36.93% | +30.05% | +34.38% | +27.10% | +31.14% | +30.89% | +29.89% | +30.93% |
| CapEx / Revenue | +3.39% | +3.56% | +3.94% | +3.28% | +5.06% | +4.00% | +4.12% | +4.12% | +4.07% |
| CapEx / D&A | 0.26 | 0.27 | 0.27 | 0.20 | 0.36 | — | — | — | — |
| Stock-based comp / Revenue | +1.31% | +1.52% | +1.53% | +1.59% | 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 | 10.28 | 12.11 | 12.49 | 7.56 | 14.23 | 22.39 | 23.45 | 24.37 | 25.88 |
| EPS · basic | 10.34 | 12.18 | 12.56 | 7.62 | 14.33 | 22.54 | 23.28 | 24.33 | 25.96 |
| Book value / share | 11.69 | 6.77 | 11.58 | 10.86 | 15.97 | 15.52 | 15.10 | 16.16 | 16.08 |
| Tangible BV / share | -40.79 | -51.66 | -83.71 | -74.79 | -59.59 | 15.52 | 15.10 | 16.16 | 16.08 |
| Sales / share | 45.34 | 48.66 | 52.40 | 61.78 | 67.79 | 70.36 | 71.29 | 72.99 | 75.25 |
| Operating CF / share | 16.16 | 17.97 | 15.75 | 21.24 | 18.37 | 21.91 | 22.02 | 21.81 | 23.28 |
| Free cash flow / share | 14.63 | 16.24 | 13.68 | 19.21 | 14.94 | 18.68 | 18.27 | 19.75 | 20.45 |
| Dividends / share | 7.00 | 7.76 | 8.47 | 8.93 | 9.45 | 10.16 | 10.79 | 10.91 | 11.00 |
| Payout ratio | +68.10% | +64.04% | +67.83% | +118.14% | +66.45% | +74.20% | +81.68% | +76.45% | +78.53% |
| Retention ratio | +31.90% | +35.96% | +32.17% | -18.14% | +33.55% | +25.80% | +18.32% | +23.55% | +21.47% |
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 | — | +1.32% | +7.09% | +18.57% | +9.92% | +2.89% | +2.63% | +2.49% | +3.44% | +5.91% |
| Gross profit · YoY | — | +2.01% | -0.71% | +4.00% | +26.48% | +0.48% | +0.14% | +1.43% | +3.61% | +4.38% |
| Profit | ||||||||||
| Operating income · YoY | — | +25.23% | -17.45% | -8.09% | +47.09% | -9.13% | +2.30% | +4.52% | +4.56% | +4.48% |
| EBITDA · YoY | — | +7.73% | +21.63% | -9.76% | +18.62% | +7.81% | +4.06% | +2.56% | +2.52% | +6.50% |
| Net income · YoY | — | +11.18% | +2.52% | -39.11% | +88.53% | -4.62% | -2.23% | +8.16% | -1.53% | +3.33% |
| Operating | ||||||||||
| EBIT · YoY | — | +10.81% | +22.60% | -27.64% | +37.51% | +5.73% | +5.85% | -2.42% | +5.03% | +5.63% |
| R&D · YoY | — | -29.89% | +7.89% | +24.67% | +16.93% | -4.56% | +4.14% | +2.18% | +1.46% | +1.61% |
| Per-share | ||||||||||
| EPS · diluted · YoY | — | +17.80% | +3.14% | -39.47% | +88.23% | +57.34% | +4.74% | +3.91% | +6.22% | +12.23% |
| EPS · basic · YoY | — | +17.79% | +3.12% | -39.33% | +88.06% | +57.27% | +3.31% | +4.49% | +6.69% | +12.19% |
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 | $33.31B | $38.95B | $64.61B | $60.1B | $54.6B | $71.78B | $70.08B | $75.96B | $75.91B |
| Net debt | $25.32B | $31.32B | $53.67B | $48.13B | $45.48B | $59.22B | $57.49B | $62.91B | $62.41B |
| Net debt / EBITDA | 2.24 | 2.57 | 3.63 | 3.60 | 2.87 | 3.47 | 3.23 | 3.45 | 3.34 |
| Debt / equity | 4.97 | 10.64 | 10.37 | 10.23 | 6.31 | 8.61 | 8.53 | 8.63 | 8.64 |
| Debt / assets | +54.46% | +59.80% | +66.51% | +65.44% | +60.28% | +64.48% | +63.54% | +65.75% | +64.87% |
| Equity / assets | +10.95% | +5.62% | +6.41% | +6.40% | +9.56% | +7.49% | +7.45% | +7.62% | +7.51% |
| Coverage | |||||||||
| EBITDA / interest expense | 9.44 | 8.66 | 5.15 | 4.23 | 5.75 | 4.86 | 5.06 | 5.08 | 5.00 |
| Operating income / interest | 6.38 | 6.80 | 2.75 | 2.30 | 3.88 | 2.76 | 2.83 | 2.89 | 2.90 |
| Interest expense | $1.2B | $1.41B | $2.88B | $3.16B | $2.76B | $3.51B | $3.51B | $3.59B | $3.74B |
| Liquidity | |||||||||
| Current ratio | 1.59 | 1.41 | 1.65 | 1.26 | 1.14 | — | — | — | — |
| Quick ratio | 1.14 | 1.00 | 1.03 | 0.84 | 0.73 | — | — | — | — |
| Cash ratio | 0.66 | 0.49 | 0.60 | 0.52 | 0.36 | — | — | — | — |
| Working capital | $7.2B | $6.5B | $11.94B | $5.93B | $3.57B | — | — | — | — |
| Working capital / revenue | +27.72% | +24.69% | +42.36% | +17.74% | +9.71% | — | — | — | — |
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).