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 | +31.38% | +29.29% | +31.47% | +32.91% | +27.00% | +30.67% | +30.58% | +30.90% | +30.81% |
| Operating margin | +15.47% | +11.53% | +13.20% | +16.31% | +14.74% | +14.41% | +14.32% | +14.96% | +14.59% |
| EBITDA margin | +21.38% | +17.71% | +19.12% | +21.26% | +19.37% | +19.45% | +19.81% | +19.63% | +20.34% |
| EBIT margin | +15.52% | +11.40% | +12.98% | +15.61% | +14.12% | +14.27% | +14.51% | +14.54% | +14.22% |
| Pre-tax margin | +13.07% | +8.32% | +9.70% | +11.94% | +9.87% | +10.75% | +10.32% | +10.29% | +10.61% |
| Net margin | +8.42% | +4.83% | +5.70% | +7.31% | +5.47% | +6.03% | +6.18% | +6.28% | +6.15% |
| Cost structure | |||||||||
| Cost of revenue / sales | +68.62% | +70.71% | +68.53% | +67.09% | +73.00% | +71.08% | +69.75% | +68.24% | +69.18% |
| R&D intensity | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
| SG&A intensity | +10.29% | +11.67% | +12.14% | +12.00% | +12.27% | +11.82% | +11.93% | +11.83% | +12.07% |
| Effective tax rate | +20.20% | +20.50% | +18.70% | +18.27% | +21.76% | +19.30% | +19.53% | +20.09% | +19.21% |
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 | 2029E |
|---|---|---|---|---|---|---|---|---|---|
| Returns | |||||||||
| Return on equity (ROE) | +41.27% | +25.19% | +25.21% | +44.77% | +64.47% | +38.54% | +38.48% | +39.30% | +39.14% |
| Return on assets (ROA) | +5.71% | +3.31% | +4.09% | +5.42% | +4.27% | +4.53% | +4.61% | +4.59% | +4.52% |
| Return on capital (ROC) | +12.53% | +9.53% | +11.56% | +14.77% | +12.40% | +12.31% | +12.50% | +13.14% | +12.89% |
| Return on invested capital (ROIC) | +6.82% | +3.99% | +4.99% | +6.61% | +4.61% | +5.15% | +5.39% | +5.52% | +5.44% |
| Asset turnover | +67.86% | +68.58% | +71.86% | +74.14% | +78.05% | +75.12% | +74.68% | +73.04% | +73.43% |
| DuPont · ROE decomposition | |||||||||
| Net margin | +8.42% | +4.83% | +5.70% | +7.31% | +5.47% | +6.03% | +6.18% | +6.28% | +6.15% |
| Asset turnover (× revenue / assets) | +67.86% | +68.58% | +71.86% | +74.14% | +78.05% | +75.12% | +74.68% | +73.04% | +73.43% |
| Equity multiplier (× assets / equity) | +722.13% | +760.89% | +615.80% | +826.51% | +1508.94% | +850.98% | +833.80% | +856.47% | +866.45% |
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 | 0.68 | 0.69 | 0.72 | 0.74 | 0.78 | 0.75 | 0.75 | 0.73 | 0.73 |
| Fixed-asset turnover | 1.84 | 1.96 | 2.18 | 2.40 | 2.62 | — | — | — | — |
| Inventory turnover | 74.21 | 75.23 | 58.14 | 63.90 | 62.00 | — | — | — | — |
| Receivables turnover | 4.82 | 4.55 | 5.03 | 5.01 | 4.61 | — | — | — | — |
| Payables turnover | 19.83 | 17.11 | 16.17 | 15.71 | 14.31 | — | — | — | — |
| Days outstanding | |||||||||
| Days sales outstanding (DSO) | 75.73 | 80.19 | 72.64 | 72.85 | 79.16 | — | — | — | — |
| Days inventory outstanding (DIO) | 4.92 | 4.85 | 6.28 | 5.71 | 5.89 | — | — | — | — |
| Days payables outstanding (DPO) | 18.41 | 21.33 | 22.57 | 23.23 | 25.51 | — | — | — | — |
| Cash conversion cycle | 62.24 | 63.71 | 56.34 | 55.33 | 59.54 | — | — | — | — |
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 | 1.97 | 2.79 | 2.98 | 2.16 | 2.53 | 2.62 | 2.58 | 2.43 | 2.49 |
| FCF / Net income | 1.32 | 1.72 | 2.16 | 1.57 | 1.75 | 1.81 | 1.76 | 1.78 | 1.81 |
| FCF margin | +11.10% | +8.28% | +12.28% | +11.44% | +9.61% | +10.92% | +10.89% | +11.16% | +11.12% |
| OCF margin | +16.62% | +13.48% | +16.96% | +15.78% | +13.83% | +15.82% | +15.97% | +15.28% | +15.30% |
| CapEx / Revenue | +5.52% | +5.20% | +4.68% | +4.33% | +4.22% | +4.40% | +4.47% | +4.47% | +4.48% |
| CapEx / D&A | 0.94 | 0.82 | 0.76 | 0.77 | 0.81 | — | — | — | — |
| Stock-based comp / Revenue | +0.88% | +0.82% | +0.93% | +0.80% | +1.03% | — | — | — | — |
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 | 8.90 | 5.71 | 7.42 | 10.73 | 9.51 | 14.70 | 17.01 | 18.46 | 18.12 |
| EPS · basic | 9.30 | 5.88 | 7.62 | 11.02 | 9.72 | 15.00 | 17.47 | 19.11 | 18.65 |
| Book value / share | 21.56 | 23.22 | 29.44 | 23.96 | 13.15 | 25.22 | 26.29 | 26.91 | 28.44 |
| Tangible BV / share | -44.14 | -52.53 | -49.07 | -62.81 | -75.01 | 25.22 | 26.29 | 26.91 | 28.44 |
| Sales / share | 105.68 | 121.15 | 130.28 | 146.84 | 154.86 | 161.23 | 163.72 | 168.37 | 180.96 |
| Operating CF / share | 17.56 | 16.33 | 22.10 | 23.17 | 21.41 | 25.50 | 26.15 | 25.73 | 27.69 |
| Free cash flow / share | 11.73 | 10.03 | 16.00 | 16.80 | 14.88 | 17.60 | 17.84 | 18.80 | 20.12 |
| Dividends / share | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Payout ratio | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
| Retention ratio | +100.00% | +100.00% | +100.00% | +100.00% | +100.00% | +100.00% | +100.00% | +100.00% | +100.00% |
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 | — | -0.08% | +4.57% | +5.56% | +6.46% | +3.28% | +3.06% | +1.97% | +7.33% | +3.99% |
| Gross profit · YoY | — | -6.75% | +12.35% | +10.38% | -12.63% | +17.28% | +2.78% | +3.02% | +7.03% | +3.75% |
| Profit | ||||||||||
| Operating income · YoY | — | -25.50% | +19.69% | +30.43% | -3.82% | +0.98% | +2.42% | +6.56% | +4.66% | +3.24% |
| EBITDA · YoY | — | -17.25% | +12.90% | +17.39% | -3.03% | +3.72% | +4.98% | +1.05% | +11.19% | +3.34% |
| Net income · YoY | — | -42.73% | +23.40% | +35.40% | -20.24% | +13.74% | +5.64% | +3.65% | +5.12% | -0.01% |
| Operating | ||||||||||
| EBIT · YoY | — | -26.64% | +19.07% | +26.99% | -3.70% | +4.38% | +4.77% | +2.17% | +4.97% | +2.86% |
| R&D · YoY | — | — | — | — | — | — | — | — | — | — |
| Per-share | ||||||||||
| EPS · diluted · YoY | — | -35.84% | +29.95% | +44.61% | -11.37% | +54.59% | +15.68% | +8.54% | -1.86% | +9.29% |
| EPS · basic · YoY | — | -36.77% | +29.59% | +44.62% | -11.80% | +54.35% | +16.46% | +9.37% | -2.39% | +9.09% |
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 | $11.98B | $11.82B | $11.12B | $12.07B | $15.05B | $14.29B | $14.3B | $14.49B | $15.49B |
| Net debt | $11.51B | $11.58B | $10.74B | $11.27B | $14.29B | $13.59B | $13.58B | $13.75B | $14.69B |
| Net debt / EBITDA | 4.63 | 5.63 | 4.63 | 4.14 | 5.41 | 4.96 | 4.72 | 4.73 | 4.54 |
| Debt / equity | 5.05 | 5.31 | 4.05 | 5.77 | 12.99 | 6.48 | 6.13 | 6.12 | 6.20 |
| Debt / assets | +69.94% | +69.84% | +65.80% | +69.81% | +86.10% | +76.20% | +73.54% | +71.49% | +71.57% |
| Equity / assets | +13.85% | +13.14% | +16.24% | +12.10% | +6.63% | +11.75% | +11.99% | +11.68% | +11.54% |
| Coverage | |||||||||
| EBITDA / interest expense | 8.71 | 5.76 | 5.82 | 5.79 | 4.81 | 5.45 | 5.57 | 5.32 | 5.50 |
| Operating income / interest | 6.30 | 3.75 | 4.02 | 4.44 | 3.66 | 4.04 | 4.02 | 4.05 | 3.95 |
| Interest expense | $285.25M | $357.02M | $398.55M | $470.47M | $549.67M | $502.64M | $516.88M | $546.62M | $587.69M |
| Liquidity | |||||||||
| Current ratio | 1.32 | 1.20 | 1.19 | 1.26 | 1.29 | — | — | — | — |
| Quick ratio | 1.21 | 1.10 | 1.06 | 1.14 | 1.19 | — | — | — | — |
| Cash ratio | 0.19 | 0.09 | 0.14 | 0.27 | 0.24 | — | — | — | — |
| Working capital | $769.19M | $535.55M | $495.69M | $772.66M | $916.37M | — | — | — | — |
| Working capital / revenue | +6.62% | +4.61% | +4.08% | +6.03% | +6.72% | — | — | — | — |
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).