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 | +95.53% | +95.58% | +73.71% | +98.25% | +94.37% | +88.72% | +86.47% | +89.86% | +86.78% |
| Operating margin | -827.12% | -659.65% | -6528.75% | -267.22% | -113.35% | -2349.71% | -2343.97% | -2312.85% | -2235.90% |
| EBITDA margin | -765.73% | -511.85% | -6078.34% | -196.86% | -134.02% | -2131.15% | -2116.38% | -2138.79% | -2183.87% |
| EBIT margin | -774.11% | -520.57% | -6148.15% | -199.59% | -135.81% | -2155.26% | -2185.27% | -2120.19% | -2116.22% |
| Pre-tax margin | -841.20% | -624.17% | -7021.94% | -244.34% | -146.39% | -2411.79% | -2454.24% | -2470.82% | -2421.41% |
| Net margin | -806.90% | -619.70% | -6913.92% | -241.44% | -145.26% | -2418.48% | -2460.66% | -2499.09% | -2392.65% |
| Cost structure | |||||||||
| Cost of revenue / sales | +4.47% | +4.42% | +26.29% | +1.75% | +5.63% | +11.00% | +10.98% | +10.97% | +10.94% |
| R&D intensity | +646.94% | +514.45% | +4898.54% | +228.24% | +95.11% | +1698.19% | +1690.47% | +1720.82% | +1719.79% |
| SG&A intensity | +275.70% | +184.41% | +1618.73% | +130.21% | +110.57% | +611.49% | +621.51% | +634.22% | +602.41% |
| Effective tax rate | — | — | — | — | — | — | — | — | — |
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) | +64.99% | +38.65% | +47.91% | +36.76% | +35.11% | +52.23% | +54.88% | +55.76% | +53.86% |
| Return on assets (ROA) | -55.54% | -77.23% | -117.72% | -58.28% | -77.92% | -109.44% | -110.84% | -115.86% | -110.25% |
| Return on capital (ROC) | -67.00% | -107.01% | -152.87% | -217.23% | -87.34% | -107.38% | -116.36% | -104.39% | -104.71% |
| Return on invested capital (ROIC) | -50.25% | -80.26% | -114.65% | -162.92% | -65.51% | -80.54% | -87.27% | -78.29% | -78.54% |
| Asset turnover | +6.88% | +12.46% | +1.70% | +24.14% | +53.64% | +4.53% | +4.50% | +4.64% | +4.61% |
| DuPont · ROE decomposition | |||||||||
| Net margin | -806.90% | -619.70% | -6913.92% | -241.44% | -145.26% | -2418.48% | -2460.66% | -2499.09% | -2392.65% |
| Asset turnover (× revenue / assets) | +6.88% | +12.46% | +1.70% | +24.14% | +53.64% | +4.53% | +4.50% | +4.64% | +4.61% |
| Equity multiplier (× assets / equity) | -117.01% | -50.05% | -40.70% | -63.07% | -45.06% | -47.72% | -49.51% | -48.13% | -48.86% |
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 | 0.07 | 0.12 | 0.02 | 0.24 | 0.54 | 0.05 | 0.05 | 0.05 | 0.05 |
| Fixed-asset turnover | 1.52 | 3.08 | 0.47 | 17.37 | 37.15 | — | — | — | — |
| Inventory turnover | — | — | — | — | 1.06 | — | — | — | — |
| Receivables turnover | 3.53 | 4.55 | 5.31 | 46.99 | 3.60 | — | — | — | — |
| Payables turnover | 0.26 | 0.30 | 0.23 | 0.40 | 0.78 | — | — | — | — |
| Days outstanding | |||||||||
| Days sales outstanding (DSO) | 103.40 | 80.28 | 68.70 | 7.77 | 101.37 | — | — | — | — |
| Days inventory outstanding (DIO) | — | — | — | — | 345.38 | — | — | — | — |
| Days payables outstanding (DPO) | 1392.95 | 1228.50 | 1589.97 | 905.25 | 467.70 | — | — | — | — |
| Cash conversion cycle | -1289.56 | -1148.22 | -1521.27 | -897.49 | -20.95 | — | — | — | — |
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 | 0.89 | 0.87 | 0.82 | 0.97 | 0.61 | 0.81 | 0.79 | 0.80 | 0.85 |
| FCF / Net income | 0.97 | 0.88 | 0.82 | 0.97 | 0.61 | 0.83 | 0.83 | 0.80 | 0.85 |
| FCF margin | -783.44% | -548.39% | -5686.62% | -235.09% | -89.03% | -2002.81% | -2041.10% | -1999.87% | -2033.72% |
| OCF margin | -714.23% | -540.25% | -5672.58% | -234.66% | -88.81% | -1959.01% | -1951.77% | -1999.90% | -2039.34% |
| CapEx / Revenue | +69.20% | +8.14% | +14.04% | +0.42% | +0.22% | +4.80% | +4.84% | +4.82% | +4.78% |
| CapEx / D&A | 8.26 | 0.93 | 0.20 | 0.15 | 0.18 | — | — | — | — |
| Stock-based comp / Revenue | +142.73% | +117.92% | 0.00% | +43.17% | +26.49% | — | — | — | — |
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 | -3.90 | -3.35 | -3.95 | -2.88 | -3.79 | -2.19 | 0.62 | 3.69 | 7.12 |
| EPS · basic | -3.90 | -3.35 | -3.95 | -2.88 | -3.79 | -2.20 | 0.62 | 3.69 | 7.21 |
| Book value / share | -6.00 | -8.44 | -8.25 | -7.83 | -10.53 | -225.11 | -361.93 | -549.47 | -760.34 |
| Tangible BV / share | -6.31 | -8.64 | -8.41 | -7.96 | -10.67 | -225.11 | -361.93 | -549.47 | -760.34 |
| Sales / share | 0.48 | 0.53 | 0.06 | 1.19 | 2.55 | 4.86 | 8.07 | 12.26 | 17.12 |
| Operating CF / share | -3.45 | -2.84 | -3.24 | -2.80 | -2.26 | -95.23 | -157.55 | -245.19 | -349.06 |
| Free cash flow / share | -3.78 | -2.89 | -3.25 | -2.80 | -2.27 | -97.36 | -164.76 | -245.18 | -348.09 |
| 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 | — | +11.38% | -88.02% | +2285.27% | +126.26% | +91.81% | +66.81% | +50.07% | +40.19% | +62.44% |
| Gross profit · YoY | — | +11.43% | -90.76% | +3079.58% | +117.32% | +80.32% | +62.59% | +55.96% | +35.38% | +60.50% |
| Profit | ||||||||||
| Operating income · YoY | — | +11.17% | -18.58% | +2.37% | +4.03% | -3876.23% | -66.41% | -48.08% | -35.53% | — |
| EBITDA · YoY | — | +25.55% | -42.28% | +22.75% | -54.04% | -2950.06% | -65.66% | -51.66% | -43.15% | — |
| Net income · YoY | — | +14.46% | -33.67% | +16.70% | -36.12% | -3093.50% | -69.72% | -52.42% | -34.22% | — |
| Operating | ||||||||||
| EBIT · YoY | — | +25.10% | -41.50% | +22.56% | -53.96% | -2943.85% | -69.14% | -45.60% | -39.93% | — |
| R&D · YoY | — | -11.43% | +14.08% | +11.14% | -5.71% | +3324.64% | +66.06% | +52.77% | +40.11% | +83.56% |
| Per-share | ||||||||||
| EPS · diluted · YoY | — | +14.10% | -17.91% | +27.09% | -31.60% | +42.20% | +128.20% | +497.87% | +92.76% | — |
| EPS · basic · YoY | — | +14.10% | -17.91% | +27.09% | -31.60% | +42.04% | +128.16% | +496.28% | +95.51% | — |
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 | $1.73B | $1.72B | $1.74B | $1.73B | $2.73B | $65.67B | $104.39B | $161.47B | $222.31B |
| Net debt | $1.33B | $1.35B | $1.36B | $1.05B | $2.16B | $51.28B | $80.28B | $125.75B | $170.99B |
| Net debt / EBITDA | -2.50 | -3.39 | -2.41 | -2.40 | -3.21 | -2.50 | -2.36 | -2.44 | -2.32 |
| Debt / equity | -1.99 | -1.38 | -1.30 | -1.19 | -1.31 | -1.47 | -1.45 | -1.49 | -1.48 |
| Debt / assets | +170.44% | +276.64% | +318.43% | +188.24% | +291.52% | +308.57% | +292.71% | +310.52% | +303.07% |
| Equity / assets | -85.46% | -199.82% | -245.71% | -158.55% | -221.91% | -209.55% | -201.97% | -207.79% | -204.68% |
| Coverage | |||||||||
| EBITDA / interest expense | -11.41 | -4.94 | -6.96 | -4.40 | -12.67 | -7.03 | -6.64 | -6.98 | -6.87 |
| Operating income / interest | -12.33 | -6.37 | -7.47 | -5.97 | -10.72 | -7.75 | -7.35 | -7.55 | -7.04 |
| Interest expense | $46.78M | $80.44M | $81.29M | $99.29M | $53.1M | $2.92B | $5.12B | $7.38B | $10.74B |
| Liquidity | |||||||||
| Current ratio | 6.58 | 4.52 | 3.32 | 4.67 | 2.62 | — | — | — | — |
| Quick ratio | 6.34 | 4.03 | 3.04 | 4.44 | 2.52 | — | — | — | — |
| Cash ratio | 2.92 | 3.10 | 2.61 | 4.41 | 1.98 | — | — | — | — |
| Working capital | $753.79M | $427.43M | $333.75M | $566.29M | $465.71M | — | — | — | — |
| Working capital / revenue | +1081.23% | +550.46% | +3587.54% | +255.20% | +92.76% | — | — | — | — |
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).