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 | +13.97% | +8.74% | +13.26% | +25.42% | +75.83% | +38.60% | +38.53% | +38.50% | +38.29% |
| Operating margin | -1.76% | +2.03% | +6.46% | +18.47% | +12.09% | +12.22% | +12.64% | +12.42% | +12.30% |
| EBITDA margin | +19.38% | +11.95% | +16.94% | +29.59% | +19.61% | +21.68% | +22.04% | +21.88% | +21.95% |
| EBIT margin | +6.21% | +2.02% | +6.85% | +18.13% | +15.75% | +13.34% | +13.55% | +13.24% | +13.76% |
| Pre-tax margin | +0.72% | -2.27% | +9.78% | +19.14% | +13.75% | +14.53% | +14.14% | +14.61% | +14.31% |
| Net margin | -1.04% | -0.65% | +6.51% | +15.91% | +9.08% | +10.61% | +10.34% | +10.44% | +10.48% |
| Cost structure | |||||||||
| Cost of revenue / sales | +86.03% | +91.26% | +86.74% | +74.58% | +24.12% | +61.74% | +61.43% | +63.20% | +60.59% |
| R&D intensity | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
| SG&A intensity | 0.00% | 0.00% | +0.22% | +0.03% | 0.00% | +0.08% | +0.08% | +0.08% | +0.08% |
| Effective tax rate | +158.45% | — | +35.26% | +17.15% | +33.81% | +28.96% | +28.45% | +27.21% | +28.77% |
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) | -1.77% | -1.41% | +14.38% | +27.69% | +15.61% | +19.67% | +19.78% | +19.66% | +19.53% |
| Return on assets (ROA) | -0.43% | -0.34% | +3.20% | +7.08% | +4.05% | +5.01% | +4.71% | +4.84% | +4.77% |
| Return on capital (ROC) | -1.75% | +2.89% | +7.84% | +19.83% | +12.94% | +13.70% | +14.31% | +13.94% | +13.59% |
| Return on invested capital (ROIC) | -1.31% | +2.17% | +7.90% | +17.08% | +9.73% | +11.89% | +11.70% | +11.71% | +11.57% |
| Asset turnover | +40.86% | +52.10% | +49.09% | +44.53% | +44.60% | +47.20% | +45.52% | +46.40% | +45.51% |
| DuPont · ROE decomposition | |||||||||
| Net margin | -1.04% | -0.65% | +6.51% | +15.91% | +9.08% | +10.61% | +10.34% | +10.44% | +10.48% |
| Asset turnover (× revenue / assets) | +40.86% | +52.10% | +49.09% | +44.53% | +44.60% | +47.20% | +45.52% | +46.40% | +45.51% |
| Equity multiplier (× assets / equity) | +414.03% | +412.50% | +449.74% | +390.92% | +385.44% | +392.93% | +420.33% | +405.90% | +409.76% |
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 | 0.41 | 0.52 | 0.49 | 0.45 | 0.45 | 0.47 | 0.46 | 0.46 | 0.46 |
| Fixed-asset turnover | 1.00 | 1.23 | 1.13 | 1.11 | 1.14 | — | — | — | — |
| Inventory turnover | 13.12 | 14.82 | 14.41 | 10.99 | 3.55 | — | — | — | — |
| Receivables turnover | 8.12 | 7.37 | 8.74 | 6.34 | 5.99 | — | — | — | — |
| Payables turnover | 9.62 | 7.89 | — | — | — | — | — | — | — |
| Days outstanding | |||||||||
| Days sales outstanding (DSO) | 44.97 | 49.52 | 41.76 | 57.58 | 60.98 | — | — | — | — |
| Days inventory outstanding (DIO) | 27.81 | 24.63 | 25.33 | 33.22 | 102.88 | — | — | — | — |
| Days payables outstanding (DPO) | 37.94 | 46.28 | — | — | — | — | — | — | — |
| Cash conversion cycle | 34.85 | 27.87 | 67.09 | 90.80 | 163.86 | — | — | — | — |
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 | 6.53 | 14.71 | -3.27 | -0.66 | 1.83 | -0.48 | -0.50 | -0.49 | -0.47 |
| FCF / Net income | 13.01 | 25.26 | -4.76 | -1.34 | 0.56 | -1.51 | -1.50 | -1.51 | -1.49 |
| FCF margin | -13.57% | -16.54% | -30.99% | -21.34% | +5.04% | -16.06% | -15.46% | -15.80% | -15.64% |
| OCF margin | -6.81% | -9.63% | -21.27% | -10.45% | +16.59% | -5.06% | -5.17% | -5.13% | -4.93% |
| CapEx / Revenue | +6.76% | +6.91% | +9.72% | +10.88% | +11.55% | +10.88% | +10.74% | +10.94% | +10.57% |
| CapEx / D&A | 0.33 | 0.70 | 0.96 | 0.95 | 1.13 | — | — | — | — |
| Stock-based comp / Revenue | +0.24% | +0.47% | 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 | 2029E |
|---|---|---|---|---|---|---|---|---|---|
| EPS · diluted | -0.63 | -0.49 | 5.01 | 11.90 | 7.40 | 11.72 | 13.55 | 17.23 | 19.63 |
| EPS · basic | -0.63 | -0.49 | 5.02 | 11.90 | 7.40 | 11.71 | 13.57 | 17.32 | 19.81 |
| Book value / share | 35.55 | 34.67 | 34.83 | 42.98 | 47.30 | 53.32 | 55.98 | 59.35 | 66.13 |
| Tangible BV / share | 35.55 | 34.53 | 33.52 | 41.65 | 45.96 | 53.32 | 55.98 | 59.35 | 66.13 |
| Sales / share | 60.15 | 74.51 | 76.91 | 74.82 | 81.32 | 98.88 | 107.10 | 111.78 | 123.33 |
| Operating CF / share | -4.10 | -7.17 | -16.36 | -7.82 | 13.49 | -5.00 | -5.54 | -5.74 | -6.08 |
| Free cash flow / share | -8.16 | -12.32 | -23.84 | -15.97 | 4.10 | -15.88 | -16.55 | -17.66 | -19.29 |
| Dividends / share | 5.61 | 0.56 | 1.13 | 1.41 | 1.55 | 1.76 | 1.82 | 1.94 | 2.14 |
| Payout ratio | -893.66% | -115.63% | +22.55% | +11.84% | +20.96% | +16.81% | +16.46% | +16.62% | +16.53% |
| Retention ratio | +993.66% | +215.63% | +77.45% | +88.16% | +79.04% | +83.19% | +83.54% | +83.38% | +83.47% |
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 | — | +24.38% | +1.96% | -5.42% | +8.34% | +22.39% | +6.55% | +5.09% | +10.31% | +8.81% |
| Gross profit · YoY | — | -22.15% | +54.56% | +81.35% | +223.22% | -37.69% | +6.35% | +5.00% | +9.72% | +23.42% |
| Profit | ||||||||||
| Operating income · YoY | — | +243.06% | +225.25% | +170.31% | -29.09% | +23.80% | +10.15% | +3.31% | +9.23% | — |
| EBITDA · YoY | — | -23.27% | +44.54% | +65.16% | -28.19% | +35.33% | +8.29% | +4.36% | +10.66% | +10.52% |
| Net income · YoY | — | +21.95% | +1114.38% | +130.99% | -38.14% | +42.93% | +3.86% | +6.11% | +10.71% | — |
| Operating | ||||||||||
| EBIT · YoY | — | -59.51% | +245.75% | +150.18% | -5.87% | +3.67% | +8.19% | +2.70% | +14.68% | +20.19% |
| R&D · YoY | — | — | — | — | — | — | — | — | — | — |
| Per-share | ||||||||||
| EPS · diluted · YoY | — | +22.28% | +1127.06% | +137.52% | -37.82% | +58.34% | +15.64% | +27.19% | +13.89% | — |
| EPS · basic · YoY | — | +22.28% | +1129.11% | +137.05% | -37.82% | +58.20% | +15.89% | +27.63% | +14.41% | — |
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 | $8.2B | $5.77B | $9.26B | $8.41B | $8.99B | $11.03B | $12.01B | $12.62B | $14.24B |
| Net debt | $7.69B | $5.35B | $8.89B | $5.39B | $5.24B | $7.95B | $8.88B | $9.18B | $10.58B |
| Net debt / EBITDA | 2.02 | 1.83 | 2.11 | 0.77 | 1.05 | 1.17 | 1.21 | 1.20 | 1.25 |
| Debt / equity | 0.71 | 0.51 | 0.82 | 0.62 | 0.61 | 0.65 | 0.69 | 0.68 | 0.69 |
| Debt / assets | +17.04% | +12.30% | +18.25% | +15.89% | +15.71% | +16.67% | +16.41% | +16.73% | +16.79% |
| Equity / assets | +24.15% | +24.24% | +22.23% | +25.58% | +25.94% | +25.45% | +23.79% | +24.64% | +24.40% |
| Coverage | |||||||||
| EBITDA / interest expense | 12.82 | 11.64 | 9.80 | 13.78 | 9.80 | 10.87 | 11.10 | 11.39 | 10.89 |
| Operating income / interest | -1.16 | 1.97 | 3.74 | 8.60 | 6.04 | 6.13 | 6.37 | 6.47 | 6.10 |
| Interest expense | $297M | $251M | $431M | $506M | $511M | $623.44M | $661.09M | $672.23M | $778.16M |
| Liquidity | |||||||||
| Current ratio | 1.00 | 1.19 | 1.31 | 1.57 | 1.53 | — | — | — | — |
| Quick ratio | 0.37 | 0.48 | 0.51 | 0.98 | 1.01 | — | — | — | — |
| Cash ratio | 0.06 | 0.05 | 0.06 | 0.44 | 0.47 | — | — | — | — |
| Working capital | -$15M | $1.52B | $1.98B | $3.93B | $4.18B | — | — | — | — |
| Working capital / revenue | -0.08% | +6.22% | +7.95% | +16.68% | +16.35% | — | — | — | — |
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).