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 | +68.56% | +70.40% | +71.64% | +71.88% | +66.07% | +70.83% | +68.29% | +71.38% | +67.84% |
| Operating margin | +31.56% | +34.71% | +33.93% | -44.73% | +48.75% | +12.63% | +12.41% | +12.74% | +12.82% |
| EBITDA margin | +54.50% | +58.27% | +58.77% | -18.89% | +64.88% | +34.06% | +34.88% | +34.86% | +34.13% |
| EBIT margin | +28.56% | +33.84% | +33.65% | -45.36% | +48.72% | +12.54% | +12.68% | +12.04% | +12.04% |
| Pre-tax margin | +18.60% | +24.21% | +21.89% | -59.06% | +26.24% | -3.74% | -3.71% | -3.74% | -3.70% |
| Net margin | +17.29% | +23.98% | +21.52% | -59.42% | +10.41% | -9.30% | -9.16% | -9.11% | -8.91% |
| Cost structure | |||||||||
| Cost of revenue / sales | +31.44% | +29.60% | +28.36% | +28.12% | +33.93% | +30.74% | +30.14% | +30.99% | +30.51% |
| R&D intensity | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
| SG&A intensity | +10.73% | +10.74% | +10.87% | +10.75% | +8.98% | +9.96% | +10.37% | +10.32% | +10.09% |
| Effective tax rate | +1.78% | +0.95% | +1.70% | — | +1.43% | — | — | — | — |
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) | +13.27% | +22.49% | +23.54% | +2934.59% | -27.16% | -41.75% | -41.95% | -42.53% | -41.34% |
| Return on assets (ROA) | +2.81% | +4.30% | +3.90% | -11.92% | +1.41% | -1.54% | -1.50% | -1.51% | -1.47% |
| Return on capital (ROC) | +5.67% | +6.85% | +6.73% | -9.97% | +7.44% | +2.38% | +2.32% | +2.29% | +2.36% |
| Return on invested capital (ROIC) | +3.11% | +4.73% | +4.27% | -7.47% | +1.59% | +1.78% | +1.74% | +1.72% | +1.77% |
| Asset turnover | +16.24% | +17.95% | +18.12% | +20.06% | +13.53% | +16.51% | +16.33% | +16.58% | +16.51% |
| DuPont · ROE decomposition | |||||||||
| Net margin | +17.29% | +23.98% | +21.52% | -59.42% | +10.41% | -9.30% | -9.16% | -9.11% | -8.91% |
| Asset turnover (× revenue / assets) | +16.24% | +17.95% | +18.12% | +20.06% | +13.53% | +16.51% | +16.33% | +16.58% | +16.51% |
| Equity multiplier (× assets / equity) | +472.75% | +522.50% | +603.78% | -24613.53% | -1927.71% | +2718.95% | +2805.10% | +2815.73% | +2808.25% |
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 | 0.16 | 0.18 | 0.18 | 0.20 | 0.14 | 0.17 | 0.16 | 0.17 | 0.17 |
| Fixed-asset turnover | 0.29 | 0.32 | 0.32 | 0.31 | 0.36 | — | — | — | — |
| Inventory turnover | — | — | — | — | — | — | — | — | — |
| Receivables turnover | 9.98 | 9.70 | 11.69 | 10.04 | 12.58 | — | — | — | — |
| Payables turnover | 8.10 | 8.76 | 7.86 | 9.62 | 20.38 | — | — | — | — |
| Days outstanding | |||||||||
| Days sales outstanding (DSO) | 36.56 | 37.62 | 31.21 | 36.34 | 29.01 | — | — | — | — |
| Days inventory outstanding (DIO) | — | — | — | — | — | — | — | — | — |
| Days payables outstanding (DPO) | 45.05 | 41.65 | 46.45 | 37.94 | 17.91 | — | — | — | — |
| Cash conversion cycle | -8.50 | -4.04 | -15.24 | -1.60 | 11.10 | — | — | — | — |
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 | 2.49 | 1.72 | 2.08 | -0.75 | 6.89 | -5.84 | -5.81 | -5.87 | -6.10 |
| FCF / Net income | 1.37 | 0.94 | 1.13 | -0.44 | 6.48 | -4.31 | -4.34 | -4.21 | -4.38 |
| FCF margin | +23.63% | +22.44% | +24.38% | +26.20% | +67.41% | +40.08% | +39.70% | +38.33% | +39.01% |
| OCF margin | +43.01% | +41.20% | +44.78% | +44.81% | +71.68% | +54.31% | +53.22% | +53.44% | +54.41% |
| CapEx / Revenue | +19.38% | +18.75% | +20.40% | +18.61% | +4.27% | +14.11% | +14.77% | +14.68% | +14.48% |
| CapEx / D&A | 0.75 | 0.77 | 0.81 | 0.70 | 0.26 | — | — | — | — |
| Stock-based comp / Revenue | +2.03% | +2.23% | +2.25% | +1.99% | +1.71% | — | — | — | — |
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 | 2.53 | 3.86 | 3.46 | -8.98 | 1.02 | 2.10 | 2.88 | 3.05 | 4.09 |
| EPS · basic | 2.54 | 3.87 | 3.46 | -8.98 | 1.02 | 2.09 | 2.92 | 3.08 | 4.12 |
| Book value / share | 19.03 | 17.16 | 14.70 | -0.31 | -3.74 | 2.06 | 2.07 | 2.05 | 2.21 |
| Tangible BV / share | -13.52 | -14.36 | -15.86 | -18.53 | -17.44 | 2.06 | 2.07 | 2.05 | 2.21 |
| Sales / share | 14.61 | 16.10 | 16.09 | 15.13 | 9.76 | 9.24 | 9.47 | 9.57 | 10.27 |
| Operating CF / share | 6.28 | 6.63 | 7.20 | 6.78 | 7.00 | 5.02 | 5.04 | 5.11 | 5.59 |
| Free cash flow / share | 3.45 | 3.61 | 3.92 | 3.97 | 6.58 | 3.70 | 3.76 | 3.67 | 4.00 |
| Dividends / share | 5.47 | 6.00 | 6.27 | 6.29 | 4.76 | 4.00 | 4.11 | 4.06 | 4.43 |
| Payout ratio | +216.51% | +155.34% | +181.29% | -69.92% | +468.47% | -466.12% | -473.67% | -465.20% | -484.15% |
| Retention ratio | -116.51% | -55.34% | -81.29% | +169.92% | -368.47% | +566.12% | +573.67% | +565.20% | +584.15% |
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 | — | +10.19% | -0.07% | -5.92% | -35.06% | -4.66% | +1.68% | +1.90% | +6.54% | -4.23% |
| Gross profit · YoY | — | +13.14% | +1.69% | -5.60% | -40.31% | +2.20% | -1.96% | +6.50% | +1.26% | -4.35% |
| Profit | ||||||||||
| Operating income · YoY | — | +21.19% | -2.31% | -224.02% | +170.76% | -75.31% | -0.07% | +4.58% | +7.24% | -14.43% |
| EBITDA · YoY | — | +17.83% | +0.79% | -130.25% | +322.97% | -49.95% | +4.12% | +1.85% | +4.31% | -9.67% |
| Net income · YoY | — | +52.83% | -10.33% | -359.85% | +111.38% | -185.15% | -0.15% | -1.35% | -4.26% | — |
| Operating | ||||||||||
| EBIT · YoY | — | +30.54% | -0.63% | -226.82% | +169.75% | -75.47% | +2.84% | -3.22% | +6.49% | -14.03% |
| R&D · YoY | — | — | — | — | — | — | — | — | — | — |
| Per-share | ||||||||||
| EPS · diluted · YoY | — | +52.57% | -10.36% | -359.54% | +111.36% | +105.40% | +37.53% | +5.92% | +33.98% | +6.18% |
| EPS · basic · YoY | — | +52.36% | -10.59% | -359.54% | +111.36% | +105.15% | +39.47% | +5.50% | +33.66% | +6.22% |
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 | $27.01B | $27.96B | $28.81B | $29.61B | $29.57B | $20.7B | $21.17B | $22.5B | $23.4B |
| Net debt | $26.72B | $27.8B | $28.71B | $29.49B | $29.3B | $20.57B | $21.03B | $22.37B | $23.25B |
| Net debt / EBITDA | 7.73 | 6.83 | 7.00 | -23.77 | 10.59 | 14.85 | 14.59 | 15.23 | 15.18 |
| Debt / equity | 3.27 | 3.75 | 4.52 | -222.65 | -18.08 | 22.85 | 23.45 | 24.94 | 24.17 |
| Debt / assets | +69.18% | +71.84% | +74.79% | +90.46% | +93.81% | +84.05% | +83.60% | +88.59% | +86.09% |
| Equity / assets | +21.15% | +19.14% | +16.56% | -0.41% | -5.19% | +3.68% | +3.56% | +3.55% | +3.56% |
| Coverage | |||||||||
| EBITDA / interest expense | 5.47 | 6.05 | 5.00 | -1.38 | 2.89 | 2.19 | 2.24 | 2.13 | 2.19 |
| Operating income / interest | 3.17 | 3.60 | 2.89 | -3.26 | 2.17 | 0.81 | 0.80 | 0.78 | 0.82 |
| Interest expense | $632M | $673M | $821M | $900M | $959M | $633.75M | $642.33M | $689.42M | $700.92M |
| Liquidity | |||||||||
| Current ratio | 0.62 | 0.45 | 0.40 | 0.50 | 0.26 | — | — | — | — |
| Quick ratio | 0.46 | 0.32 | 0.27 | 0.36 | 0.14 | — | — | — | — |
| Cash ratio | 0.14 | 0.06 | 0.04 | 0.05 | 0.06 | — | — | — | — |
| Working capital | -$772M | -$1.51B | -$1.55B | -$1.09B | -$3.34B | — | — | — | — |
| Working capital / revenue | -12.18% | -21.67% | -22.25% | -16.55% | -78.19% | — | — | — | — |
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).