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 | +74.57% | +72.64% | +71.98% | +71.99% | +71.45% | +73.42% | +73.36% | +72.88% | +72.68% |
| Operating margin | +28.05% | +23.99% | +19.20% | +22.54% | +20.51% | +20.50% | +21.22% | +20.93% | +20.84% |
| EBITDA margin | +11.22% | -9.43% | +43.25% | +27.82% | +25.68% | +31.89% | +33.10% | +31.60% | +32.25% |
| EBIT margin | +6.40% | -13.95% | +39.26% | +24.67% | +23.00% | +28.13% | +29.22% | +29.27% | +29.81% |
| Pre-tax margin | +3.82% | -16.35% | +36.66% | +22.15% | +20.78% | +26.08% | +26.93% | +27.25% | +26.16% |
| Net margin | +130.60% | -12.96% | +27.36% | +19.21% | +18.30% | +21.33% | +20.94% | +20.48% | +21.03% |
| Cost structure | |||||||||
| Cost of revenue / sales | +25.43% | +27.36% | +28.02% | +28.01% | +28.55% | +27.93% | +28.32% | +27.40% | +28.55% |
| R&D intensity | +12.72% | +13.58% | +15.27% | +14.38% | +14.79% | +14.96% | +14.73% | +14.55% | +14.59% |
| SG&A intensity | +29.66% | +31.64% | +33.75% | +31.44% | +32.36% | +32.83% | +33.48% | +32.86% | +33.09% |
| Effective tax rate | +36.68% | — | +25.14% | +13.04% | +13.48% | +17.17% | +17.40% | +16.53% | +17.76% |
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) | +139.17% | -24.63% | +43.26% | +38.29% | +44.01% | +40.39% | +40.39% | +39.62% | +42.08% |
| Return on assets (ROA) | +51.11% | -6.09% | +12.80% | +10.20% | +11.53% | +11.12% | +10.97% | +10.98% | +11.20% |
| Return on capital (ROC) | +15.22% | +16.13% | +13.27% | +17.80% | +18.99% | +16.06% | +16.81% | +16.77% | +16.63% |
| Return on invested capital (ROIC) | +70.84% | +12.09% | +18.92% | +15.17% | +16.94% | +16.71% | +16.58% | +16.41% | +16.78% |
| Asset turnover | +39.13% | +46.98% | +46.77% | +53.10% | +63.03% | +52.12% | +52.40% | +53.60% | +53.28% |
| DuPont · ROE decomposition | |||||||||
| Net margin | +130.60% | -12.96% | +27.36% | +19.21% | +18.30% | +21.33% | +20.94% | +20.48% | +21.03% |
| Asset turnover (× revenue / assets) | +39.13% | +46.98% | +46.77% | +53.10% | +63.03% | +52.12% | +52.40% | +53.60% | +53.28% |
| Equity multiplier (× assets / equity) | +272.31% | +404.62% | +338.02% | +375.44% | +381.58% | +363.32% | +368.25% | +361.00% | +375.56% |
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 | 0.39 | 0.47 | 0.47 | 0.53 | 0.63 | 0.52 | 0.52 | 0.54 | 0.53 |
| Fixed-asset turnover | 6.83 | 5.59 | 5.82 | 6.08 | 6.29 | — | — | — | — |
| Inventory turnover | — | — | — | — | — | — | — | — | — |
| Receivables turnover | 13.38 | 10.05 | 8.38 | 10.86 | 8.67 | — | — | — | — |
| Payables turnover | 10.11 | 10.27 | 10.61 | 11.21 | 2.08 | — | — | — | — |
| Days outstanding | |||||||||
| Days sales outstanding (DSO) | 27.29 | 36.33 | 43.53 | 33.61 | 42.09 | — | — | — | — |
| Days inventory outstanding (DIO) | — | — | — | — | — | — | — | — | — |
| Days payables outstanding (DPO) | 36.09 | 35.55 | 34.40 | 32.57 | 175.30 | — | — | — | — |
| Cash conversion cycle | -8.80 | 0.79 | 9.13 | 1.04 | -133.21 | — | — | — | — |
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 | 0.20 | -1.78 | 0.88 | 1.22 | 1.08 | 1.07 | 1.09 | 1.09 | 1.07 |
| FCF / Net income | 0.16 | -1.42 | 0.71 | 0.99 | 0.82 | 0.82 | 0.83 | 0.89 | 0.86 |
| FCF margin | +21.24% | +18.43% | +19.48% | +19.02% | +14.96% | +17.46% | +17.39% | +18.17% | +18.10% |
| OCF margin | +25.50% | +23.01% | +23.99% | +23.48% | +19.69% | +22.82% | +22.85% | +22.29% | +22.47% |
| CapEx / Revenue | +4.26% | +4.58% | +4.51% | +4.45% | +4.73% | +4.51% | +4.51% | +4.69% | +4.50% |
| CapEx / D&A | 0.88 | 1.02 | 1.13 | 1.41 | 1.29 | — | — | — | — |
| Stock-based comp / Revenue | +4.58% | +5.04% | +5.69% | +5.72% | 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 | 20.87 | -2.28 | 5.19 | 3.94 | 4.34 | 6.11 | 6.75 | 7.52 | 8.40 |
| EPS · basic | 20.87 | -2.28 | 5.22 | 3.98 | 4.44 | 6.28 | 6.90 | 7.62 | 8.56 |
| Book value / share | 15.00 | 9.23 | 12.00 | 10.30 | 10.03 | 13.83 | 14.31 | 15.06 | 15.36 |
| Tangible BV / share | 8.58 | 1.39 | 3.78 | 1.54 | 0.32 | 13.83 | 14.31 | 15.06 | 15.36 |
| Sales / share | 15.98 | 17.55 | 18.97 | 20.52 | 24.13 | 26.19 | 27.60 | 29.13 | 30.73 |
| Operating CF / share | 4.08 | 4.04 | 4.55 | 4.82 | 4.75 | 5.98 | 6.31 | 6.49 | 6.91 |
| Free cash flow / share | 3.39 | 3.23 | 3.70 | 3.90 | 3.61 | 4.57 | 4.80 | 5.29 | 5.56 |
| Dividends / share | 0.71 | 0.88 | 0.99 | 1.06 | 1.15 | 1.35 | 1.43 | 1.52 | 1.53 |
| Payout ratio | +3.42% | -38.53% | +19.08% | +26.99% | +26.14% | +24.25% | +24.80% | +25.44% | +23.73% |
| Retention ratio | +96.58% | +138.53% | +80.92% | +73.01% | +73.86% | +75.75% | +75.20% | +74.56% | +76.27% |
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 | — | -6.00% | +3.24% | +1.69% | +7.95% | +9.59% | +5.27% | +5.09% | +4.86% | +3.86% |
| Gross profit · YoY | — | -8.43% | +2.30% | +1.70% | +7.13% | +12.62% | +5.18% | +4.41% | +4.57% | +3.53% |
| Profit | ||||||||||
| Operating income · YoY | — | -19.60% | -17.40% | +19.42% | -1.77% | +9.53% | +8.98% | +3.63% | +4.42% | +0.08% |
| EBITDA · YoY | — | -179.04% | +573.27% | -34.58% | -0.35% | +36.09% | +9.26% | +0.32% | +7.01% | +18.52% |
| Net income · YoY | — | -109.33% | +318.05% | -28.62% | +2.84% | +27.77% | +3.32% | +2.80% | +7.67% | -17.33% |
| Operating | ||||||||||
| EBIT · YoY | — | -304.80% | +390.63% | -36.10% | +0.63% | +34.04% | +9.34% | +5.29% | +6.79% | +25.89% |
| R&D · YoY | — | +0.38% | +16.09% | -4.21% | +11.02% | +10.84% | +3.66% | +3.78% | +5.19% | +5.67% |
| Per-share | ||||||||||
| EPS · diluted · YoY | — | -110.92% | +327.63% | -24.08% | +10.15% | +40.88% | +10.40% | +11.42% | +11.65% | -10.76% |
| EPS · basic · YoY | — | -110.92% | +328.95% | -23.75% | +11.56% | +41.51% | +9.81% | +10.43% | +12.40% | -10.54% |
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 | $9.43B | $9.42B | $8.23B | $7.86B | $7.38B | $9.11B | $9.53B | $9.84B | $10.63B |
| Net debt | $8.03B | $7.23B | $6.22B | $5.1B | $5.51B | $6.49B | $6.9B | $6.96B | $7.59B |
| Net debt / EBITDA | 6.87 | -7.82 | 1.42 | 1.78 | 1.93 | 1.67 | 1.63 | 1.64 | 1.67 |
| Debt / equity | 0.96 | 1.83 | 1.29 | 1.52 | 1.60 | 1.42 | 1.44 | 1.41 | 1.51 |
| Debt / assets | +35.42% | +45.18% | +38.06% | +40.60% | +41.89% | +39.02% | +38.99% | +39.17% | +40.14% |
| Equity / assets | +36.72% | +24.71% | +29.58% | +26.64% | +26.21% | +27.52% | +27.16% | +27.70% | +26.63% |
| Coverage | |||||||||
| EBITDA / interest expense | 4.35 | -3.93 | 16.63 | 11.05 | 11.59 | 12.87 | 13.36 | 13.19 | 13.49 |
| Operating income / interest | 10.87 | 10.00 | 7.38 | 8.95 | 9.26 | 8.27 | 8.57 | 8.74 | 8.72 |
| Interest expense | $269M | $235M | $263M | $259M | $246M | $301.47M | $317.29M | $322.37M | $337.28M |
| Liquidity | |||||||||
| Current ratio | 1.97 | 2.18 | 2.44 | 1.24 | 1.10 | — | — | — | — |
| Quick ratio | 1.75 | 1.99 | 2.26 | 1.17 | 0.91 | — | — | — | — |
| Cash ratio | 0.30 | 0.51 | 0.44 | 0.45 | 0.40 | — | — | — | — |
| Working capital | $4.49B | $5.02B | $6.5B | $1.47B | $449M | — | — | — | — |
| Working capital / revenue | +43.08% | +51.24% | +64.24% | +14.29% | +4.05% | — | — | — | — |
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).