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 | +5.69% | +5.48% | +8.14% | +6.39% | +4.51% | +6.52% | +6.53% | +6.17% |
| Operating margin | +3.60% | +3.44% | +5.26% | +3.04% | +1.51% | +3.18% | +3.33% | +3.33% |
| EBITDA margin | +5.46% | +4.28% | +6.75% | +4.64% | +2.51% | +4.60% | +4.67% | +4.67% |
| EBIT margin | +4.75% | +3.67% | +5.99% | +3.76% | +1.51% | +3.66% | +3.85% | +3.82% |
| Pre-tax margin | +4.34% | +3.07% | +5.12% | +2.87% | +1.61% | +3.11% | +3.11% | +3.17% |
| Net margin | +3.51% | +2.39% | +3.77% | +2.14% | +1.16% | +2.29% | +2.35% | +2.37% |
| Cost structure | ||||||||
| Cost of revenue / sales | +94.31% | +94.52% | +91.86% | +93.61% | +95.49% | +95.59% | +94.54% | +91.43% |
| R&D intensity | 0.00% | 0.00% | 0.00% | 0.00% | +0.04% | +0.01% | +0.01% | +0.01% |
| SG&A intensity | +2.09% | +2.04% | +2.88% | +3.34% | +2.97% | +3.11% | +3.08% | +3.10% |
| Effective tax rate | +15.52% | +18.78% | +23.40% | +22.05% | +25.40% | +24.38% | +23.98% | +24.35% |
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) | +25.32% | +16.16% | +18.98% | +10.38% | +4.70% | +10.60% | +10.38% | +10.66% |
| Return on assets (ROA) | +8.72% | +6.55% | +8.84% | +4.57% | +1.84% | +4.63% | +4.71% | +4.77% |
| Return on capital (ROC) | +14.17% | +14.84% | +17.81% | +8.95% | +3.08% | +8.61% | +8.61% | +8.75% |
| Return on invested capital (ROIC) | +13.83% | +10.33% | +12.77% | +6.29% | +2.38% | +6.21% | +6.07% | +6.23% |
| Asset turnover | +248.34% | +273.52% | +234.67% | +213.29% | +157.93% | +201.90% | +200.54% | +201.47% |
| DuPont · ROE decomposition | ||||||||
| Net margin | +3.51% | +2.39% | +3.77% | +2.14% | +1.16% | +2.29% | +2.35% | +2.37% |
| Asset turnover (× revenue / assets) | +248.34% | +273.52% | +234.67% | +213.29% | +157.93% | +201.90% | +200.54% | +201.47% |
| Equity multiplier (× assets / equity) | +290.26% | +246.79% | +214.74% | +227.41% | +255.58% | +228.89% | +220.45% | +223.41% |
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 | 2.48 | 2.74 | 2.35 | 2.13 | 1.58 | 2.02 | 2.01 | 2.01 |
| Fixed-asset turnover | 13.41 | 14.49 | 10.89 | 8.59 | 5.26 | — | — | — |
| Inventory turnover | 6.62 | 7.56 | 7.70 | 7.66 | 5.09 | — | — | — |
| Receivables turnover | 23.60 | 20.40 | 19.69 | 19.40 | 18.17 | — | — | — |
| Payables turnover | 13.13 | 14.49 | 14.93 | 17.90 | 13.76 | — | — | — |
| Days outstanding | ||||||||
| Days sales outstanding (DSO) | 15.46 | 17.89 | 18.54 | 18.81 | 20.09 | — | — | — |
| Days inventory outstanding (DIO) | 55.16 | 48.29 | 47.41 | 47.66 | 71.74 | — | — | — |
| Days payables outstanding (DPO) | 27.81 | 25.19 | 24.45 | 20.39 | 26.53 | — | — | — |
| Cash conversion cycle | 42.82 | 40.99 | 41.50 | 46.08 | 65.29 | — | — | — |
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 | -1.39 | -3.45 | 1.47 | 1.67 | 0.98 | 1.45 | 1.49 | 1.40 |
| FCF / Net income | -1.58 | -3.79 | 0.97 | 0.46 | -1.13 | 0.49 | 0.46 | 0.48 |
| FCF margin | -5.57% | -9.08% | +3.67% | +0.99% | -1.31% | +1.13% | +1.08% | +1.13% |
| OCF margin | -4.89% | -8.25% | +5.56% | +3.58% | +1.14% | +3.33% | +3.50% | +3.32% |
| CapEx / Revenue | +0.67% | +0.83% | +1.88% | +2.59% | +2.45% | +2.32% | +2.27% | +2.38% |
| CapEx / D&A | 0.94 | 1.36 | 2.49 | 2.94 | 2.45 | — | — | — |
| Stock-based comp / Revenue | +0.10% | +0.10% | +0.12% | +0.12% | 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 | 13.64 | 10.51 | 14.87 | 7.99 | 4.92 | 9.15 | 10.95 | 11.25 |
| EPS · basic | 14.49 | 10.74 | 15.07 | 8.09 | 4.96 | 9.20 | 10.99 | 11.24 |
| Book value / share | 53.86 | 65.04 | 78.36 | 77.11 | 104.66 | 120.41 | 131.44 | 128.03 |
| Tangible BV / share | 47.85 | 59.62 | 72.47 | 71.65 | 83.93 | 120.41 | 131.44 | 128.03 |
| Sales / share | 388.22 | 439.04 | 394.86 | 374.00 | 422.46 | 556.47 | 581.08 | 576.28 |
| Operating CF / share | -18.99 | -36.24 | 21.94 | 13.38 | 4.81 | 18.51 | 20.36 | 19.15 |
| Free cash flow / share | -21.61 | -39.86 | 14.50 | 3.69 | -5.54 | 6.30 | 6.30 | 6.53 |
| Dividends / share | 1.90 | 2.28 | 2.54 | 2.66 | 2.76 | 3.65 | 3.98 | 3.92 |
| Payout ratio | +13.91% | +21.68% | +17.08% | +33.25% | +56.04% | +28.61% | +29.15% | +28.70% |
| Retention ratio | +86.09% | +78.32% | +82.92% | +66.75% | +43.96% | +71.39% | +70.85% | +71.30% |
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 | — | +13.66% | -11.44% | -10.80% | +32.42% | +30.90% | +4.26% | +0.24% | +7.20% |
| Gross profit · YoY | — | +9.49% | +31.59% | -29.97% | -6.45% | +89.16% | +4.32% | -5.18% | +8.46% |
| Profit | |||||||||
| Operating income · YoY | — | +8.64% | +35.32% | -48.34% | -34.45% | +176.24% | +9.14% | +0.17% | +6.00% |
| EBITDA · YoY | — | -10.98% | +39.66% | -38.70% | -28.42% | +140.02% | +5.99% | +0.22% | +4.83% |
| Net income · YoY | — | -22.52% | +39.32% | -49.31% | -27.97% | +157.89% | +6.73% | +1.10% | +1.33% |
| Operating | |||||||||
| EBIT · YoY | — | -12.07% | +44.47% | -44.07% | -46.87% | +218.13% | +9.70% | -0.59% | +3.93% |
| R&D · YoY | — | — | — | — | — | -55.29% | +4.26% | -3.83% | — |
| Per-share | |||||||||
| EPS · diluted · YoY | — | -22.95% | +41.48% | -46.27% | -38.42% | +85.95% | +19.68% | +2.71% | -2.72% |
| EPS · basic · YoY | — | -25.88% | +40.32% | -46.32% | -38.69% | +85.43% | +19.54% | +2.27% | -3.56% |
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 | $6.82B | $5.62B | $5.76B | $7.12B | $16.95B | $14.07B | $15.41B | $15.23B |
| Net debt | $5.92B | $4.52B | $3.15B | $3.81B | $15.82B | $10.39B | $11.44B | $11.38B |
| Net debt / EBITDA | 1.83 | 1.57 | 0.78 | 1.55 | 8.97 | 2.45 | 2.55 | 2.53 |
| Debt / equity | 0.83 | 0.56 | 0.49 | 0.65 | 0.97 | 0.71 | 0.71 | 0.71 |
| Debt / assets | +28.63% | +22.88% | +22.69% | +28.59% | +38.07% | +30.86% | +32.19% | +31.89% |
| Equity / assets | +34.45% | +40.52% | +46.57% | +43.97% | +39.13% | +43.69% | +45.36% | +44.76% |
| Coverage | ||||||||
| EBITDA / interest expense | 13.30 | 7.14 | 7.79 | 5.23 | 3.25 | 5.44 | 5.47 | 5.42 |
| Operating income / interest | 8.76 | 5.74 | 6.07 | 3.43 | 1.96 | 3.76 | 3.90 | 3.86 |
| Interest expense | $243M | $403M | $516M | $471M | $542M | $778.5M | $820.14M | $828.59M |
| Liquidity | ||||||||
| Current ratio | 1.77 | 1.75 | 2.13 | 2.15 | 1.61 | — | — | — |
| Quick ratio | 0.42 | 0.47 | 0.75 | 0.88 | 0.34 | — | — | — |
| Cash ratio | 0.10 | 0.12 | 0.34 | 0.45 | 0.08 | — | — | — |
| Working capital | $7.14B | $7.16B | $8.66B | $8.52B | $9.26B | — | — | — |
| Working capital / revenue | +12.06% | +10.65% | +14.55% | +16.05% | +13.17% | — | — | — |
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).