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 | +36.14% | +32.13% | +38.35% | +42.70% | +60.91% | +47.88% | +47.17% | +47.25% | +47.80% |
| Operating margin | +15.64% | +14.24% | +16.55% | +19.79% | +20.22% | +18.36% | +18.55% | +18.92% | +19.21% |
| EBITDA margin | +33.25% | +29.63% | +37.22% | +40.86% | +37.32% | +38.39% | +37.33% | +37.98% | +39.25% |
| EBIT margin | +18.05% | +16.53% | +21.40% | +24.36% | +23.86% | +23.71% | +22.63% | +23.77% | +23.26% |
| Pre-tax margin | +11.23% | +10.49% | +12.78% | +14.94% | +14.62% | +13.91% | +14.25% | +14.25% | +13.75% |
| Net margin | +18.46% | +9.74% | +11.89% | +13.35% | +12.54% | +12.39% | +12.49% | +12.64% | +12.56% |
| Cost structure | |||||||||
| Cost of revenue / sales | +63.86% | +67.87% | +61.65% | +57.30% | +39.09% | +53.02% | +53.68% | +51.76% | +54.08% |
| 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% | 0.00% | 0.00% | +40.69% | +13.34% | +13.44% | +13.18% | +13.62% |
| Effective tax rate | +11.54% | +10.31% | +15.41% | +15.67% | +19.71% | +17.62% | +16.51% | +16.84% | +17.39% |
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) | +18.82% | +11.02% | +10.92% | +11.47% | +11.03% | +10.98% | +11.16% | +10.92% | +10.84% |
| Return on assets (ROA) | +4.71% | +2.67% | +2.65% | +2.79% | +2.65% | +2.68% | +2.76% | +2.65% | +2.66% |
| Return on capital (ROC) | +5.82% | +5.58% | +5.19% | +5.87% | +6.03% | +5.54% | +5.60% | +5.63% | +5.68% |
| Return on invested capital (ROIC) | +6.87% | +3.82% | +3.73% | +3.96% | +3.74% | +3.74% | +3.77% | +3.76% | +3.71% |
| Asset turnover | +25.49% | +27.42% | +22.26% | +20.92% | +21.14% | +21.62% | +22.08% | +20.95% | +21.20% |
| DuPont · ROE decomposition | |||||||||
| Net margin | +18.46% | +9.74% | +11.89% | +13.35% | +12.54% | +12.39% | +12.49% | +12.64% | +12.56% |
| Asset turnover (× revenue / assets) | +25.49% | +27.42% | +22.26% | +20.92% | +21.14% | +21.62% | +22.08% | +20.95% | +21.20% |
| Equity multiplier (× assets / equity) | +400.01% | +412.81% | +412.52% | +410.61% | +415.90% | +409.90% | +404.64% | +412.26% | +407.19% |
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 | 0.25 | 0.27 | 0.22 | 0.21 | 0.21 | 0.22 | 0.22 | 0.21 | 0.21 |
| Fixed-asset turnover | 0.33 | 0.38 | 0.30 | 0.27 | 0.28 | — | — | — | — |
| Inventory turnover | 7.02 | 5.22 | 4.90 | 5.60 | 4.22 | — | — | — | — |
| Receivables turnover | 7.77 | 5.44 | 7.90 | 7.07 | 6.45 | — | — | — | — |
| Payables turnover | 5.28 | 6.23 | 5.69 | 3.94 | 2.38 | — | — | — | — |
| Days outstanding | |||||||||
| Days sales outstanding (DSO) | 46.96 | 67.09 | 46.18 | 51.63 | 56.55 | — | — | — | — |
| Days inventory outstanding (DIO) | 52.02 | 69.88 | 74.43 | 65.18 | 86.50 | — | — | — | — |
| Days payables outstanding (DPO) | 69.10 | 58.56 | 64.19 | 92.65 | 153.53 | — | — | — | — |
| Cash conversion cycle | 29.88 | 78.41 | 56.41 | 24.17 | -10.48 | — | — | — | — |
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 | 1.34 | 1.02 | 2.60 | 2.36 | 2.09 | 2.39 | 2.38 | 2.28 | 2.33 |
| FCF / Net income | -0.19 | -1.81 | -1.03 | -0.65 | -1.48 | -1.06 | -1.07 | -1.04 | -1.06 |
| FCF margin | -3.51% | -17.67% | -12.20% | -8.62% | -18.61% | -13.12% | -13.36% | -13.11% | -13.28% |
| OCF margin | +24.82% | +9.95% | +30.94% | +31.54% | +26.17% | +29.57% | +29.69% | +28.87% | +29.23% |
| CapEx / Revenue | +28.33% | +27.62% | +43.14% | +40.16% | +44.78% | +43.56% | +41.86% | +43.10% | +43.17% |
| CapEx / D&A | 1.86 | 2.11 | 2.73 | 2.43 | 2.93 | — | — | — | — |
| Stock-based comp / Revenue | 0.00% | 0.00% | 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 | 4.66 | 2.85 | 3.01 | 3.33 | 3.53 | 3.88 | 4.17 | 4.51 | 4.87 |
| EPS · basic | 4.66 | 2.84 | 3.01 | 3.34 | 3.53 | 3.94 | 4.21 | 4.56 | 4.90 |
| Book value / share | 24.83 | 26.19 | 27.85 | 29.33 | 32.31 | 33.55 | 34.90 | 37.77 | 38.91 |
| Tangible BV / share | 24.83 | 26.19 | 27.85 | 29.33 | 32.31 | 33.55 | 34.90 | 37.77 | 38.91 |
| Sales / share | 25.32 | 29.64 | 25.58 | 25.19 | 28.41 | 29.74 | 31.19 | 32.62 | 33.59 |
| Operating CF / share | 6.28 | 2.95 | 7.92 | 7.95 | 7.44 | 8.79 | 9.26 | 9.42 | 9.82 |
| Free cash flow / share | -0.89 | -5.24 | -3.12 | -2.17 | -5.29 | -3.90 | -4.17 | -4.28 | -4.46 |
| Dividends / share | 1.76 | 1.88 | 1.98 | 2.10 | 2.21 | 2.39 | 2.53 | 2.56 | 2.67 |
| Payout ratio | +37.62% | +65.23% | +65.28% | +62.41% | +61.90% | +64.85% | +64.88% | +61.99% | +63.33% |
| Retention ratio | +62.38% | +34.77% | +34.72% | +37.59% | +38.10% | +35.15% | +35.12% | +38.01% | +36.67% |
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 | — | +17.29% | -13.19% | +0.71% | +13.63% | +4.40% | +4.12% | +5.33% | +3.06% | +4.06% |
| Gross profit · YoY | — | +4.27% | +3.62% | +12.12% | +62.08% | -17.93% | +2.58% | +5.50% | +4.26% | +7.76% |
| Profit | ||||||||||
| Operating income · YoY | — | +6.81% | +0.90% | +20.40% | +16.14% | -5.23% | +5.22% | +7.41% | +4.66% | +6.77% |
| EBITDA · YoY | — | +4.51% | +9.03% | +10.59% | +3.78% | +7.40% | +1.24% | +7.15% | +6.52% | +6.24% |
| Net income · YoY | — | -38.14% | +5.97% | +13.08% | +6.78% | +3.13% | +4.98% | +6.61% | +2.39% | -0.83% |
| Operating | ||||||||||
| EBIT · YoY | — | +7.41% | +12.39% | +14.65% | +11.25% | +3.74% | -0.61% | +10.66% | +0.82% | +7.41% |
| R&D · YoY | — | — | — | — | — | — | — | — | — | — |
| Per-share | ||||||||||
| EPS · diluted · YoY | — | -38.84% | +5.61% | +10.63% | +6.01% | +10.04% | +7.45% | +7.94% | +8.01% | +0.54% |
| EPS · basic · YoY | — | -39.06% | +5.99% | +10.96% | +5.69% | +11.73% | +6.66% | +8.41% | +7.43% | +0.63% |
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 | $12.5B | $14.34B | $15.67B | $16.59B | $18.94B | $19.51B | $20.35B | $21.53B | $22.44B |
| Net debt | $12.05B | $14.18B | $15.44B | $16.49B | $18.32B | $19.16B | $19.98B | $21.15B | $22.05B |
| Net debt / EBITDA | 4.94 | 5.57 | 5.56 | 5.37 | 5.75 | 5.60 | 5.77 | 5.70 | 5.57 |
| Debt / equity | 1.74 | 1.89 | 1.93 | 1.90 | 1.95 | 1.94 | 1.96 | 1.90 | 1.92 |
| Debt / assets | +43.48% | +45.74% | +46.75% | +46.19% | +46.89% | +47.32% | +48.41% | +46.13% | +47.21% |
| Equity / assets | +25.00% | +24.22% | +24.24% | +24.35% | +24.04% | +24.40% | +24.71% | +24.26% | +24.56% |
| Coverage | |||||||||
| EBITDA / interest expense | 4.87 | 4.91 | 4.32 | 4.34 | 4.04 | 4.21 | 3.99 | 4.27 | 4.28 |
| Operating income / interest | 2.29 | 2.36 | 1.92 | 2.10 | 2.19 | 2.01 | 1.98 | 2.13 | 2.09 |
| Interest expense | $500M | $519M | $643M | $708M | $789M | $813.91M | $869.25M | $868.68M | $924.69M |
| Liquidity | |||||||||
| Current ratio | 1.19 | 1.15 | 0.98 | 0.79 | 0.98 | — | — | — | — |
| Quick ratio | 0.63 | 0.58 | 0.40 | 0.33 | 0.55 | — | — | — | — |
| Cash ratio | 0.21 | 0.05 | 0.08 | 0.03 | 0.17 | — | — | — | — |
| Working capital | $423M | $448M | -$56M | -$731M | -$76M | — | — | — | — |
| Working capital / revenue | +5.77% | +5.21% | -0.75% | -9.73% | -0.89% | — | — | — | — |
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).