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 | +52.75% | +52.13% | +51.96% | +53.09% | +52.62% | +51.78% | +53.90% | +53.01% | +51.13% |
| Operating margin | +20.13% | +20.12% | +19.90% | +20.49% | +19.06% | +19.73% | +19.37% | +20.39% | +20.22% |
| EBITDA margin | +22.95% | +22.88% | +22.82% | +23.52% | +22.30% | +22.25% | +22.65% | +23.39% | +22.36% |
| EBIT margin | +20.16% | +20.16% | +19.97% | +20.55% | +19.06% | +19.65% | +19.44% | +19.83% | +19.75% |
| Pre-tax margin | +18.79% | +18.95% | +18.15% | +18.05% | +16.55% | +17.81% | +17.73% | +17.07% | +17.62% |
| Net margin | +14.84% | +14.95% | +14.48% | +14.40% | +13.19% | +13.74% | +14.09% | +14.07% | +13.62% |
| Cost structure | |||||||||
| Cost of revenue / sales | +47.25% | +47.87% | +48.04% | +46.91% | +47.38% | +48.68% | +46.22% | +46.85% | +47.85% |
| R&D intensity | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
| SG&A intensity | +32.63% | +32.01% | +32.06% | +32.60% | +33.56% | +32.18% | +32.43% | +33.59% | +32.56% |
| Effective tax rate | +21.06% | +21.09% | +20.18% | +20.22% | +20.29% | +19.69% | +20.06% | +20.96% | +20.52% |
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) | -120.74% | -68.65% | -58.13% | -56.06% | -73.17% | -59.70% | -60.51% | -60.34% | -59.18% |
| Return on assets (ROA) | +14.95% | +15.91% | +15.82% | +15.50% | +12.91% | +14.29% | +15.06% | +14.53% | +13.99% |
| Return on capital (ROC) | +45.78% | +56.81% | +52.80% | +49.74% | +40.68% | +45.54% | +47.18% | +51.07% | +49.17% |
| Return on invested capital (ROIC) | +33.74% | +42.20% | +38.43% | +34.95% | +28.15% | +31.72% | +34.32% | +35.24% | +33.13% |
| Asset turnover | +100.78% | +106.40% | +109.20% | +107.65% | +97.85% | +104.05% | +106.89% | +103.26% | +102.71% |
| DuPont · ROE decomposition | |||||||||
| Net margin | +14.84% | +14.95% | +14.48% | +14.40% | +13.19% | +13.74% | +14.09% | +14.07% | +13.62% |
| Asset turnover (× revenue / assets) | +100.78% | +106.40% | +109.20% | +107.65% | +97.85% | +104.05% | +106.89% | +103.26% | +102.71% |
| Equity multiplier (× assets / equity) | -807.56% | -431.63% | -367.50% | -361.64% | -566.89% | -417.63% | -401.78% | -415.45% | -422.93% |
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 | 1.01 | 1.06 | 1.09 | 1.08 | 0.98 | 1.04 | 1.07 | 1.03 | 1.03 |
| Fixed-asset turnover | 1.93 | 2.01 | 2.03 | 2.00 | 1.85 | — | — | — | — |
| Inventory turnover | 1.49 | 1.38 | 1.45 | 1.41 | 1.28 | — | — | — | — |
| Receivables turnover | 38.66 | 32.19 | 33.55 | 33.89 | 28.26 | — | — | — | — |
| Payables turnover | 1.15 | 1.07 | 1.16 | 1.18 | 1.12 | — | — | — | — |
| Days outstanding | |||||||||
| Days sales outstanding (DSO) | 9.44 | 11.34 | 10.88 | 10.77 | 12.92 | — | — | — | — |
| Days inventory outstanding (DIO) | 245.02 | 264.52 | 250.86 | 259.03 | 285.81 | — | — | — | — |
| Days payables outstanding (DPO) | 317.58 | 342.56 | 313.41 | 309.55 | 326.49 | — | — | — | — |
| Cash conversion cycle | -63.12 | -66.70 | -51.67 | -39.75 | -27.76 | — | — | — | — |
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 | 1.62 | 1.32 | 1.16 | 1.13 | 1.25 | 1.23 | 1.17 | 1.15 | 1.20 |
| FCF / Net income | 1.33 | 1.04 | 0.85 | 0.73 | 0.72 | 0.77 | 0.77 | 0.76 | 0.76 |
| FCF margin | +19.80% | +15.62% | +12.28% | +10.45% | +9.45% | +10.56% | +10.84% | +10.69% | +10.42% |
| OCF margin | +24.05% | +19.76% | +16.85% | +16.25% | +16.46% | +16.90% | +16.47% | +16.20% | +16.31% |
| CapEx / Revenue | +4.25% | +4.14% | +4.56% | +5.80% | +7.01% | +5.83% | +5.73% | +5.63% | +5.94% |
| CapEx / D&A | 1.53 | 1.52 | 1.60 | 1.95 | 2.16 | — | — | — | — |
| Stock-based comp / Revenue | +0.38% | +0.43% | +0.53% | +0.57% | +0.66% | — | — | — | — |
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 | 95.19 | 117.19 | 132.36 | 149.55 | 144.87 | 151.00 | 175.52 | 196.24 | 221.10 |
| EPS · basic | 97.60 | 120.83 | 136.60 | 153.82 | 148.80 | 156.01 | 181.12 | 200.48 | 227.86 |
| Book value / share | -78.84 | -170.69 | -227.71 | -266.79 | -197.99 | -275.96 | -295.59 | -319.83 | -338.28 |
| Tangible BV / share | -92.12 | -185.29 | -243.55 | -283.79 | -215.54 | -275.96 | -295.59 | -319.83 | -338.28 |
| Sales / share | 641.68 | 783.88 | 913.85 | 1038.60 | 1098.21 | 1199.18 | 1269.48 | 1371.99 | 1469.41 |
| Operating CF / share | 154.33 | 154.88 | 153.94 | 168.74 | 180.77 | 202.68 | 209.06 | 222.31 | 239.65 |
| Free cash flow / share | 127.06 | 122.45 | 112.24 | 108.49 | 103.80 | 126.63 | 137.64 | 146.71 | 153.11 |
| Dividends / share | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Payout ratio | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
| Retention ratio | +100.00% | +100.00% | +100.00% | +100.00% | +100.00% | +100.00% | +100.00% | +100.00% | +100.00% |
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 | — | +11.09% | +7.41% | +5.92% | +2.43% | +8.20% | +7.52% | +7.06% | +7.67% | +7.14% |
| Gross profit · YoY | — | +9.78% | +7.06% | +8.23% | +1.52% | +6.47% | +11.91% | +5.29% | +3.85% | +6.72% |
| Profit | ||||||||||
| Operating income · YoY | — | +11.08% | +6.21% | +9.06% | -4.71% | +11.96% | +5.57% | +12.69% | +6.80% | +7.20% |
| EBITDA · YoY | — | +10.76% | +7.12% | +9.19% | -2.91% | +7.94% | +9.44% | +10.57% | +2.94% | +6.79% |
| Net income · YoY | — | +11.95% | +4.07% | +5.30% | -6.17% | +12.69% | +10.25% | +6.90% | +4.27% | +6.00% |
| Operating | ||||||||||
| EBIT · YoY | — | +11.08% | +6.39% | +9.01% | -5.00% | +11.53% | +6.36% | +9.21% | +7.24% | +6.86% |
| R&D · YoY | — | — | — | — | — | — | — | — | — | — |
| Per-share | ||||||||||
| EPS · diluted · YoY | — | +23.11% | +12.94% | +12.99% | -3.13% | +4.23% | +16.24% | +11.80% | +12.67% | +11.11% |
| EPS · basic · YoY | — | +23.80% | +13.05% | +12.61% | -3.26% | +4.85% | +16.09% | +10.69% | +13.66% | +11.18% |
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 | $8.23B | $9.3B | $10.93B | $12.37B | $12.29B | $13.59B | $14.17B | $14.91B | $16.29B |
| Net debt | $7.06B | $9.03B | $10.65B | $12.07B | $12.02B | $13.27B | $13.83B | $14.55B | $15.89B |
| Net debt / EBITDA | 2.10 | 2.43 | 2.67 | 2.77 | 2.85 | 2.91 | 2.77 | 2.64 | 2.80 |
| Debt / equity | -4.58 | -2.63 | -2.51 | -2.60 | -3.60 | -2.88 | -2.76 | -2.71 | -2.79 |
| Debt / assets | +56.69% | +60.86% | +68.37% | +72.00% | +63.49% | +69.02% | +68.77% | +65.29% | +65.88% |
| Equity / assets | -12.38% | -23.17% | -27.21% | -27.65% | -17.64% | -23.94% | -24.89% | -24.07% | -23.64% |
| Coverage | |||||||||
| EBITDA / interest expense | 17.04 | 19.16 | 12.62 | 9.44 | 8.68 | 9.83 | 9.75 | 10.01 | 9.83 |
| Operating income / interest | 14.94 | 16.85 | 11.01 | 8.23 | 7.42 | 8.72 | 8.34 | 8.72 | 8.89 |
| Interest expense | $197.05M | $194.09M | $315.63M | $460.59M | $486.8M | $463.72M | $511.61M | $551.28M | $577.41M |
| Liquidity | |||||||||
| Current ratio | 0.87 | 0.77 | 0.80 | 0.84 | 0.88 | — | — | — | — |
| Quick ratio | 0.21 | 0.09 | 0.09 | 0.10 | 0.10 | — | — | — | — |
| Cash ratio | 0.16 | 0.03 | 0.03 | 0.03 | 0.03 | — | — | — | — |
| Working capital | -$954.45M | -$1.96B | -$1.73B | -$1.41B | -$1.18B | — | — | — | — |
| Working capital / revenue | -6.52% | -12.06% | -9.92% | -7.61% | -6.22% | — | — | — | — |
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).