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 |
|---|---|---|---|---|---|---|---|---|
| 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 |
|---|---|---|---|---|---|---|---|---|
| Margins | ||||||||
| Gross margin | +14.59% | +11.48% | +14.28% | +15.59% | +14.86% | +14.91% | +14.47% | +15.10% |
| Operating margin | +8.84% | +6.63% | +9.78% | +8.41% | +10.56% | +9.43% | +9.71% | +9.43% |
| EBITDA margin | +14.18% | +12.30% | +14.64% | +12.37% | +15.89% | +14.26% | +14.10% | +14.14% |
| EBIT margin | +9.16% | +7.91% | +8.94% | +7.11% | +11.16% | +9.00% | +9.18% | +9.09% |
| Pre-tax margin | +7.42% | +5.83% | +5.27% | +4.77% | +8.78% | +6.30% | +6.29% | +6.31% |
| Net margin | +6.30% | +4.70% | +5.88% | +33.97% | +6.93% | +9.57% | +9.82% | +9.31% |
| Cost structure | ||||||||
| Cost of revenue / sales | +85.41% | +88.52% | +85.72% | +84.41% | +85.14% | +86.44% | +86.66% | +86.06% |
| R&D intensity | +0.40% | +0.36% | +0.46% | 0.00% | 0.00% | +0.16% | +0.15% | +0.15% |
| SG&A intensity | +5.34% | +4.49% | +4.43% | +7.18% | +4.30% | +5.40% | +5.20% | +5.15% |
| Effective tax rate | +15.09% | +17.85% | +23.03% | +23.62% | +20.78% | +21.74% | +22.04% | +22.67% |
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 |
|---|---|---|---|---|---|---|---|---|
| Returns | ||||||||
| Return on equity (ROE) | +23.83% | +20.39% | +18.43% | +67.59% | +16.82% | +22.51% | +24.41% | +22.42% |
| Return on assets (ROA) | +4.45% | +3.61% | +3.66% | +22.74% | +4.67% | +6.32% | +6.49% | +5.92% |
| Return on capital (ROC) | +10.40% | +7.84% | +9.48% | +8.30% | +11.18% | +9.19% | +9.88% | +9.29% |
| Return on invested capital (ROIC) | +7.41% | +5.56% | +5.70% | +33.55% | +7.34% | +9.33% | +10.00% | +9.17% |
| Asset turnover | +70.67% | +76.80% | +62.26% | +66.93% | +67.41% | +66.05% | +66.10% | +63.56% |
| DuPont · ROE decomposition | ||||||||
| Net margin | +6.30% | +4.70% | +5.88% | +33.97% | +6.93% | +9.57% | +9.82% | +9.31% |
| Asset turnover (× revenue / assets) | +70.67% | +76.80% | +62.26% | +66.93% | +67.41% | +66.05% | +66.10% | +63.56% |
| Equity multiplier (× assets / equity) | +534.98% | +564.47% | +503.08% | +297.27% | +360.15% | +356.00% | +376.00% | +378.81% |
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 |
|---|---|---|---|---|---|---|---|---|
| Turnover | ||||||||
| Asset turnover | 0.71 | 0.77 | 0.62 | 0.67 | 0.67 | 0.66 | 0.66 | 0.64 |
| Fixed-asset turnover | 2.01 | 2.04 | 1.70 | 1.81 | 1.98 | — | — | — |
| Inventory turnover | 6.63 | 6.21 | 6.73 | 6.74 | 5.57 | — | — | — |
| Receivables turnover | 5.44 | 5.89 | 5.84 | 5.45 | 5.05 | — | — | — |
| Payables turnover | 2.50 | 3.09 | 2.81 | 2.91 | 2.05 | — | — | — |
| Days outstanding | ||||||||
| Days sales outstanding (DSO) | 67.07 | 61.92 | 62.47 | 67.01 | 72.27 | — | — | — |
| Days inventory outstanding (DIO) | 55.06 | 58.76 | 54.24 | 54.13 | 65.57 | — | — | — |
| Days payables outstanding (DPO) | 145.97 | 118.20 | 129.70 | 125.27 | 178.05 | — | — | — |
| Cash conversion cycle | -23.84 | 2.49 | -12.99 | -4.13 | -40.21 | — | — | — |
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 |
|---|---|---|---|---|---|---|---|---|
| Operating CF / Net income | 2.00 | 0.39 | 2.64 | 0.03 | 1.38 | 0.89 | 0.91 | 0.91 |
| FCF / Net income | 0.04 | -1.90 | 1.16 | -0.09 | 0.86 | 0.34 | 0.32 | 0.34 |
| FCF margin | +0.24% | -8.95% | +6.81% | -3.13% | +5.99% | +3.28% | +3.16% | +3.21% |
| OCF margin | +12.63% | +1.85% | +15.50% | +0.97% | +9.59% | +8.52% | +8.92% | +8.49% |
| CapEx / Revenue | +12.39% | +10.80% | +8.69% | +4.10% | +3.60% | +5.60% | +5.48% | +5.59% |
| CapEx / D&A | 2.47 | 2.46 | 1.52 | 0.78 | 0.76 | — | — | — |
| Stock-based comp / Revenue | +0.29% | +0.26% | 0.00% | 0.00% | 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 |
|---|---|---|---|---|---|---|---|---|
| EPS · diluted | 2.65 | 2.25 | 2.23 | 13.00 | 3.30 | 4.00 | 4.52 | 5.04 |
| EPS · basic | 2.69 | 2.27 | 2.25 | 13.12 | 3.33 | 4.04 | 4.58 | 5.14 |
| Book value / share | 11.11 | 11.02 | 12.10 | 19.24 | 19.64 | 22.43 | 22.06 | 23.30 |
| Tangible BV / share | -7.18 | -6.64 | -5.24 | 2.20 | 0.22 | 22.43 | 22.06 | 23.30 |
| Sales / share | 42.01 | 47.78 | 37.91 | 38.28 | 47.69 | 52.74 | 54.82 | 56.10 |
| Operating CF / share | 5.31 | 0.88 | 5.88 | 0.37 | 4.57 | 4.49 | 4.89 | 4.76 |
| Free cash flow / share | 0.10 | -4.27 | 2.58 | -1.20 | 2.86 | 1.73 | 1.73 | 1.80 |
| Dividends / share | 0.69 | 0.79 | 0.79 | 0.79 | 0.80 | 1.02 | 1.06 | 1.11 |
| Payout ratio | +26.08% | +35.33% | +35.64% | +6.09% | +24.12% | +20.24% | +19.62% | +21.21% |
| Retention ratio | +73.92% | +64.67% | +64.36% | +93.91% | +75.88% | +79.76% | +80.38% | +78.79% |
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 | 7y CAGR |
|---|---|---|---|---|---|---|---|---|---|
| Top-line | |||||||||
| Revenue · YoY | — | +9.75% | -21.39% | -1.84% | +11.55% | +10.24% | +3.45% | +2.92% | +1.49% |
| Gross profit · YoY | — | -13.63% | -2.22% | +7.17% | +6.36% | +10.60% | +0.37% | +7.41% | +1.99% |
| Profit | |||||||||
| Operating income · YoY | — | -17.78% | +16.09% | -15.65% | +40.12% | -1.54% | +6.47% | -0.00% | +2.43% |
| EBITDA · YoY | — | -4.81% | -6.43% | -17.10% | +43.32% | -1.06% | +2.28% | +3.20% | +1.44% |
| Net income · YoY | — | -18.11% | -1.67% | +466.90% | -77.25% | +52.27% | +6.14% | -2.42% | +7.31% |
| Operating | |||||||||
| EBIT · YoY | — | -5.25% | -11.17% | -21.88% | +75.09% | -11.15% | +5.60% | +1.91% | +1.38% |
| R&D · YoY | — | -1.79% | 0.00% | -100.00% | — | — | +1.68% | -0.10% | -11.89% |
| Per-share | |||||||||
| EPS · diluted · YoY | — | -15.09% | -0.89% | +482.96% | -74.62% | +21.31% | +12.84% | +11.57% | +9.62% |
| EPS · basic · YoY | — | -15.61% | -0.88% | +483.11% | -74.62% | +21.31% | +13.26% | +12.44% | +9.70% |
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 |
|---|---|---|---|---|---|---|---|---|
| Leverage | ||||||||
| Total debt | $8.16B | $9.4B | $8.57B | $6.02B | $7.01B | $8.72B | $8.7B | $9.27B |
| Net debt | $7.59B | $8.85B | $7.87B | $5.12B | $5.8B | $7.66B | $7.59B | $8.1B |
| Net debt / EBITDA | 3.84 | 4.71 | 4.47 | 3.51 | 2.77 | 3.70 | 3.59 | 3.71 |
| Debt / equity | 2.21 | 2.67 | 2.23 | 1.01 | 1.29 | 1.41 | 1.44 | 1.44 |
| Debt / assets | +41.38% | +47.21% | +44.39% | +34.13% | +35.91% | +39.70% | +38.33% | +38.13% |
| Equity / assets | +18.69% | +17.72% | +19.88% | +33.64% | +27.77% | +28.09% | +26.60% | +26.40% |
| Coverage | ||||||||
| EBITDA / interest expense | 7.32 | 6.01 | 3.83 | 4.98 | 6.66 | 5.03 | 5.00 | 4.93 |
| Operating income / interest | 4.56 | 3.24 | 2.56 | 3.39 | 4.43 | 3.33 | 3.45 | 3.29 |
| Interest expense | $270M | $313M | $460M | $293M | $314M | $411.53M | $422.93M | $442.91M |
| Liquidity | ||||||||
| Current ratio | 0.88 | 0.78 | 0.79 | 1.00 | 1.11 | — | — | — |
| Quick ratio | 0.52 | 0.45 | 0.44 | 0.63 | 0.70 | — | — | — |
| Cash ratio | 0.09 | 0.08 | 0.11 | 0.18 | 0.22 | — | — | — |
| Working capital | -$730M | -$1.52B | -$1.3B | -$6M | $626M | — | — | — |
| Working capital / revenue | -5.24% | -9.93% | -10.83% | -0.05% | +4.76% | — | — | — |
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).