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 | +31.87% | +30.67% | +37.02% | +38.59% | +36.48% | +36.25% | +37.37% | +36.65% |
| Operating margin | +17.81% | +17.60% | +24.22% | +22.62% | +18.84% | +21.43% | +21.30% | +21.59% |
| EBITDA margin | +24.74% | +23.56% | +29.01% | +29.04% | +26.10% | +27.49% | +27.99% | +27.93% |
| EBIT margin | +19.97% | +19.87% | +25.68% | +24.85% | +21.11% | +24.00% | +24.59% | +23.89% |
| Pre-tax margin | +17.71% | +17.82% | +21.62% | +18.18% | +14.01% | +18.26% | +17.44% | +18.35% |
| Net margin | +13.86% | +13.91% | +16.87% | +14.05% | +11.25% | +13.66% | +13.86% | +14.28% |
| Cost structure | ||||||||
| Cost of revenue / sales | +68.13% | +69.33% | +62.98% | +61.41% | +63.52% | +63.73% | +63.72% | +62.53% |
| R&D intensity | +3.69% | +3.73% | +3.61% | +4.53% | +5.17% | +4.50% | +4.49% | +4.34% |
| SG&A intensity | +7.44% | +7.11% | +7.15% | +8.92% | +9.50% | +8.66% | +8.34% | +8.54% |
| Effective tax rate | +21.75% | +21.97% | +22.04% | +22.81% | +20.12% | +21.14% | +22.51% | +21.21% |
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) | +32.35% | +35.03% | +46.45% | +30.97% | +19.33% | +29.64% | +29.99% | +30.07% |
| Return on assets (ROA) | +7.09% | +7.92% | +9.77% | +6.62% | +4.74% | +6.39% | +6.70% | +6.70% |
| Return on capital (ROC) | +11.41% | +12.44% | +17.05% | +12.93% | +9.36% | +12.61% | +12.40% | +12.35% |
| Return on invested capital (ROIC) | +8.88% | +9.83% | +11.88% | +8.03% | +5.59% | +8.04% | +8.07% | +8.17% |
| Asset turnover | +51.16% | +56.96% | +57.88% | +47.07% | +42.14% | +46.80% | +48.37% | +46.93% |
| DuPont · ROE decomposition | ||||||||
| Net margin | +13.86% | +13.91% | +16.87% | +14.05% | +11.25% | +13.66% | +13.86% | +14.28% |
| Asset turnover (× revenue / assets) | +51.16% | +56.96% | +57.88% | +47.07% | +42.14% | +46.80% | +48.37% | +46.93% |
| Equity multiplier (× assets / equity) | +456.30% | +442.26% | +475.59% | +468.14% | +407.57% | +463.61% | +447.37% | +448.65% |
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 | 0.51 | 0.57 | 0.58 | 0.47 | 0.42 | 0.47 | 0.48 | 0.47 |
| Fixed-asset turnover | 3.26 | 3.92 | 4.24 | 3.27 | 2.77 | — | — | — |
| Inventory turnover | 4.29 | 4.16 | 4.62 | 4.31 | 3.78 | — | — | — |
| Receivables turnover | 1.01 | 1.05 | 1.03 | 0.87 | 0.78 | — | — | — |
| Payables turnover | 9.24 | 9.13 | 10.94 | 11.50 | 9.50 | — | — | — |
| Days outstanding | ||||||||
| Days sales outstanding (DSO) | 362.12 | 348.62 | 355.92 | 421.67 | 466.77 | — | — | — |
| Days inventory outstanding (DIO) | 85.11 | 87.67 | 79.07 | 84.70 | 96.60 | — | — | — |
| Days payables outstanding (DPO) | 39.50 | 39.98 | 33.35 | 31.74 | 38.40 | — | — | — |
| Cash conversion cycle | 407.72 | 396.30 | 401.64 | 474.62 | 524.96 | — | — | — |
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 | 1.30 | 0.66 | 0.84 | 1.30 | 1.48 | 1.17 | 1.18 | 1.17 |
| FCF / Net income | 0.86 | 0.13 | 0.41 | 0.62 | 0.64 | 0.57 | 0.54 | 0.52 |
| FCF margin | +11.96% | +1.78% | +6.84% | +8.77% | +7.23% | +7.74% | +7.47% | +7.42% |
| OCF margin | +17.95% | +9.16% | +14.26% | +18.27% | +16.70% | +16.03% | +16.34% | +16.72% |
| CapEx / Revenue | +6.00% | +7.39% | +7.42% | +9.51% | +9.47% | +8.90% | +8.67% | +8.95% |
| CapEx / D&A | 1.26 | 2.00 | 2.23 | 2.27 | 1.90 | — | — | — |
| Stock-based comp / Revenue | +0.19% | +0.17% | +0.22% | +0.41% | 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 | 18.99 | 23.28 | 34.63 | 25.62 | 18.50 | 18.01 | 22.75 | 27.39 |
| EPS · basic | 19.14 | 23.42 | 34.80 | 25.72 | 18.56 | 17.97 | 22.90 | 27.63 |
| Book value / share | 58.71 | 66.46 | 74.54 | 82.73 | 95.72 | 69.99 | 75.92 | 85.33 |
| Tangible BV / share | 43.27 | 49.23 | 55.87 | 63.02 | 75.29 | 69.99 | 75.92 | 85.33 |
| Sales / share | 137.05 | 167.42 | 205.20 | 182.31 | 164.39 | 151.84 | 164.29 | 179.66 |
| Operating CF / share | 24.61 | 15.34 | 29.25 | 33.31 | 27.45 | 24.35 | 26.85 | 30.05 |
| Free cash flow / share | 16.39 | 2.97 | 14.04 | 15.98 | 11.89 | 11.75 | 12.27 | 13.34 |
| Dividends / share | 3.31 | 4.29 | 4.86 | 5.79 | 6.33 | 4.86 | 5.29 | 5.76 |
| Payout ratio | +17.44% | +18.41% | +14.04% | +22.61% | +34.22% | +23.43% | +23.26% | +22.45% |
| Retention ratio | +82.56% | +81.59% | +85.96% | +77.39% | +65.78% | +76.57% | +76.74% | +77.55% |
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 | — | +19.17% | +17.48% | -16.15% | -11.59% | -6.76% | +8.24% | +8.90% | +1.90% |
| Gross profit · YoY | — | +14.69% | +41.81% | -12.60% | -16.41% | -7.34% | +11.57% | +6.81% | +3.95% |
| Profit | |||||||||
| Operating income · YoY | — | +17.79% | +61.66% | -21.68% | -26.35% | +6.06% | +7.56% | +10.38% | +4.74% |
| EBITDA · YoY | — | +13.52% | +44.62% | -16.04% | -20.56% | -1.77% | +10.20% | +8.66% | +3.68% |
| Net income · YoY | — | +19.59% | +42.56% | -30.16% | -29.20% | +13.19% | +9.77% | +12.25% | +2.34% |
| Operating | |||||||||
| EBIT · YoY | — | +18.55% | +51.85% | -18.86% | -24.91% | +6.02% | +10.92% | +5.78% | +4.54% |
| R&D · YoY | — | +20.48% | +13.86% | +5.19% | +0.92% | -18.95% | +7.97% | +5.36% | +4.30% |
| Per-share | |||||||||
| EPS · diluted · YoY | — | +22.59% | +48.75% | -26.02% | -27.79% | -2.67% | +26.35% | +20.38% | +5.37% |
| EPS · basic · YoY | — | +22.36% | +48.59% | -26.09% | -27.84% | -3.16% | +27.40% | +20.68% | +5.39% |
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 | $48.73B | $52.2B | $63.69B | $65.46B | $63.94B | $51.59B | $56.61B | $62.52B |
| Net debt | $40.71B | $47.43B | $56.23B | $58.14B | $55.66B | $45.31B | $49.71B | $54.97B |
| Net debt / EBITDA | 3.82 | 3.92 | 3.22 | 3.96 | 4.78 | 3.96 | 3.94 | 4.01 |
| Debt / equity | 2.64 | 2.56 | 2.91 | 2.86 | 2.46 | 2.69 | 2.72 | 2.68 |
| Debt / assets | +57.93% | +57.98% | +61.19% | +61.00% | +60.32% | +57.97% | +60.75% | +59.77% |
| Equity / assets | +21.92% | +22.61% | +21.03% | +21.36% | +24.54% | +21.57% | +22.35% | +22.29% |
| Coverage | ||||||||
| EBITDA / interest expense | 10.72 | 11.38 | 7.12 | 4.38 | 3.68 | 4.70 | 4.79 | 4.79 |
| Operating income / interest | 7.72 | 8.50 | 5.95 | 3.41 | 2.65 | 3.66 | 3.64 | 3.71 |
| Interest expense | $993M | $1.06B | $2.45B | $3.35B | $3.17B | $2.44B | $2.64B | $2.86B |
| Liquidity | ||||||||
| Current ratio | 2.22 | 2.02 | 1.96 | 2.13 | 2.31 | — | — | — |
| Quick ratio | 1.95 | 1.72 | 1.73 | 1.84 | 2.06 | — | — | — |
| Cash ratio | 0.30 | 0.15 | 0.19 | 0.20 | 0.25 | — | — | — |
| Working capital | $32.25B | $32.38B | $37.46B | $41.26B | $42.45B | — | — | — |
| Working capital / revenue | +74.94% | +63.14% | +62.17% | +81.67% | +95.03% | — | — | — |
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).