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 | +64.20% | +63.47% | +62.85% | +61.20% | +60.56% | +60.58% | +62.30% | +60.75% | +60.88% |
| Operating margin | +33.69% | +34.15% | +31.73% | +29.99% | +55.71% | +39.61% | +38.70% | +38.15% | +39.82% |
| EBITDA margin | +61.49% | +71.09% | +52.05% | +47.50% | +55.67% | +50.70% | +51.06% | +50.49% | +53.01% |
| EBIT margin | +36.53% | +46.89% | +26.61% | +21.40% | +29.63% | +25.42% | +25.39% | +26.15% | +25.40% |
| Pre-tax margin | +21.88% | +32.83% | +8.90% | +2.47% | +11.03% | +7.56% | +7.56% | +7.62% | +7.31% |
| Net margin | +17.49% | +27.31% | +5.81% | +0.42% | +7.95% | +4.63% | +4.78% | +4.64% | +4.80% |
| Cost structure | |||||||||
| Cost of revenue / sales | +35.80% | +36.53% | +37.15% | +38.80% | +39.44% | +39.27% | +37.40% | +38.25% | +39.50% |
| R&D intensity | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
| SG&A intensity | +5.68% | +5.21% | +5.74% | +5.18% | +4.85% | +5.23% | +5.27% | +5.18% | +5.29% |
| Effective tax rate | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
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) | +6.28% | +10.14% | +2.32% | +0.18% | +3.60% | +1.99% | +2.04% | +2.00% | +2.09% |
| Return on assets (ROA) | +2.26% | +3.51% | +0.73% | +0.05% | +1.06% | +0.60% | +0.62% | +0.60% | +0.62% |
| Return on capital (ROC) | +4.55% | +4.60% | +4.19% | +4.05% | +7.75% | +5.41% | +5.27% | +5.14% | +5.41% |
| Return on invested capital (ROIC) | +2.36% | +3.68% | +0.77% | +0.06% | +1.11% | +0.63% | +0.65% | +0.62% | +0.65% |
| Asset turnover | +12.92% | +12.84% | +12.58% | +13.06% | +13.31% | +12.88% | +13.00% | +12.94% | +12.93% |
| DuPont · ROE decomposition | |||||||||
| Net margin | +17.49% | +27.31% | +5.81% | +0.42% | +7.95% | +4.63% | +4.78% | +4.64% | +4.80% |
| Asset turnover (× revenue / assets) | +12.92% | +12.84% | +12.58% | +13.06% | +13.31% | +12.88% | +13.00% | +12.94% | +12.93% |
| Equity multiplier (× assets / equity) | +278.08% | +289.20% | +317.69% | +328.60% | +340.50% | +334.59% | +328.74% | +332.49% | +336.75% |
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 | 0.13 | 0.13 | 0.13 | 0.13 | 0.13 | 0.13 | 0.13 | 0.13 | 0.13 |
| Fixed-asset turnover | — | 7.68 | — | 4.82 | 0.17 | — | — | — | — |
| Inventory turnover | — | — | — | — | — | — | — | — | — |
| Receivables turnover | 2.09 | 2.14 | 2.07 | 2.03 | 2.11 | — | — | — | — |
| Payables turnover | 3.22 | 2.72 | 2.65 | 3.29 | 2.86 | — | — | — | — |
| Days outstanding | |||||||||
| Days sales outstanding (DSO) | 174.99 | 170.18 | 176.37 | 180.16 | 172.61 | — | — | — | — |
| Days inventory outstanding (DIO) | — | — | — | — | — | — | — | — | — |
| Days payables outstanding (DPO) | 113.22 | 134.21 | 137.55 | 110.95 | 127.58 | — | — | — | — |
| Cash conversion cycle | 61.78 | 35.97 | 38.82 | 69.22 | 45.04 | — | — | — | — |
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 | 2.24 | 1.51 | 6.84 | 86.50 | 4.50 | 7.85 | 7.57 | 8.05 | 7.86 |
| FCF / Net income | 2.22 | 1.04 | 4.31 | 55.11 | 2.49 | 4.85 | 4.65 | 4.88 | 4.70 |
| FCF margin | +38.76% | +28.45% | +25.02% | +23.08% | +19.80% | +22.42% | +22.19% | +22.65% | +22.58% |
| OCF margin | +39.23% | +41.25% | +39.76% | +36.23% | +35.76% | +36.33% | +36.19% | +37.36% | +37.75% |
| CapEx / Revenue | +0.47% | +12.81% | +14.73% | +13.15% | +15.95% | +14.56% | +15.03% | +14.21% | +14.86% |
| CapEx / D&A | 0.02 | 0.53 | 0.58 | 0.50 | 0.61 | — | — | — | — |
| Stock-based comp / Revenue | +1.76% | +1.67% | +1.57% | +1.29% | 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 | 3.17 | 5.40 | 1.21 | 0.09 | 1.74 | 1.96 | 1.79 | 1.99 | 2.01 |
| EPS · basic | 3.18 | 5.42 | 1.21 | 0.09 | 1.75 | 1.94 | 1.82 | 2.01 | 2.03 |
| Book value / share | 51.43 | 53.27 | 52.11 | 50.31 | 48.37 | 51.16 | 53.27 | 53.46 | 51.49 |
| Tangible BV / share | 51.43 | 48.72 | 52.11 | 50.31 | 48.37 | 51.16 | 53.27 | 53.46 | 51.49 |
| Sales / share | 18.47 | 19.78 | 20.82 | 21.60 | 21.92 | 22.05 | 22.78 | 23.00 | 22.42 |
| Operating CF / share | 7.25 | 8.16 | 8.28 | 7.82 | 7.84 | 8.01 | 8.24 | 8.59 | 8.46 |
| Free cash flow / share | 7.16 | 5.63 | 5.21 | 4.98 | 4.34 | 4.94 | 5.05 | 5.21 | 5.06 |
| Dividends / share | 4.37 | 4.36 | 4.38 | 4.37 | 4.05 | 4.28 | 4.48 | 4.51 | 4.54 |
| Payout ratio | +135.34% | +80.69% | +361.60% | +4833.73% | +232.34% | +419.77% | +411.29% | +422.34% | +421.20% |
| Retention ratio | -35.34% | +19.31% | -261.60% | -4733.73% | -132.34% | -319.77% | -311.29% | -322.34% | -321.20% |
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 | — | +7.61% | +5.31% | +4.10% | +2.19% | +0.08% | +3.05% | +0.95% | -0.88% | +2.77% |
| Gross profit · YoY | — | +6.39% | +4.28% | +1.37% | +1.12% | +0.11% | +5.97% | -1.56% | -0.67% | +2.09% |
| Profit | ||||||||||
| Operating income · YoY | — | +9.08% | -2.15% | -1.61% | +89.85% | -28.84% | +0.67% | -0.50% | +3.47% | +4.94% |
| EBITDA · YoY | — | +24.42% | -22.90% | -4.99% | +19.75% | -8.86% | +3.79% | -0.18% | +4.07% | +0.88% |
| Net income · YoY | — | +68.04% | -77.59% | -92.50% | +1839.46% | -41.76% | +6.44% | -1.98% | +2.63% | -12.56% |
| Operating | ||||||||||
| EBIT · YoY | — | +38.14% | -40.25% | -16.27% | +41.46% | -14.12% | +2.91% | +3.98% | -3.72% | -1.80% |
| R&D · YoY | — | — | — | — | — | — | — | — | — | — |
| Per-share | ||||||||||
| EPS · diluted · YoY | — | +70.35% | -77.59% | -92.56% | +1833.33% | +12.40% | -8.42% | +10.95% | +1.15% | -5.54% |
| EPS · basic · YoY | — | +70.44% | -77.68% | -92.51% | +1831.57% | +10.95% | -6.41% | +10.57% | +0.87% | -5.48% |
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 | $13.35B | $14.69B | $16.62B | $17.32B | $17.36B | $17.44B | $17.95B | $18.5B | $18.22B |
| Net debt | $12.89B | $14B | $15.09B | $16.07B | $15.88B | $16B | $16.46B | $17.02B | $16.73B |
| Net debt / EBITDA | 7.26 | 6.34 | 8.86 | 9.93 | 8.19 | 9.06 | 8.97 | 9.30 | 8.79 |
| Debt / equity | 1.66 | 1.76 | 2.03 | 2.18 | 2.26 | 2.16 | 2.14 | 2.20 | 2.21 |
| Debt / assets | +59.67% | +60.70% | +63.88% | +66.41% | +66.34% | +64.47% | +65.00% | +66.04% | +65.54% |
| Equity / assets | +35.96% | +34.58% | +31.48% | +30.43% | +29.37% | +29.89% | +30.42% | +30.08% | +29.70% |
| Coverage | |||||||||
| EBITDA / interest expense | 4.20 | 5.06 | 2.97 | 2.51 | 2.99 | 2.79 | 2.77 | 2.76 | 2.92 |
| Operating income / interest | 2.30 | 2.43 | 1.81 | 1.58 | 3.00 | 2.18 | 2.10 | 2.09 | 2.20 |
| Interest expense | $423.35M | $437.14M | $572.87M | $645.12M | $647.66M | $632.45M | $662.93M | $662.58M | $651.89M |
| Liquidity | |||||||||
| Current ratio | 2.58 | 3.16 | 4.19 | 2.56 | 2.28 | — | — | — | — |
| Quick ratio | 2.52 | 3.09 | 4.08 | 2.44 | 2.11 | — | — | — | — |
| Cash ratio | 0.62 | 1.00 | 2.01 | 1.04 | 1.00 | — | — | — | — |
| Working capital | $1.16B | $1.49B | $2.43B | $1.88B | $1.9B | — | — | — | — |
| Working capital / revenue | +40.01% | +48.07% | +74.27% | +55.13% | +54.43% | — | — | — | — |
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).