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 | +38.38% | +35.55% | +41.09% | +41.01% | +57.83% | +47.61% | +47.54% | +48.02% | +46.38% |
| Operating margin | +9.91% | +8.61% | +16.08% | +16.65% | +36.72% | +23.35% | +23.14% | +22.65% | +22.77% |
| EBITDA margin | +26.85% | +25.92% | +35.79% | +36.20% | +42.69% | +38.08% | +38.43% | +38.40% | +37.87% |
| EBIT margin | +11.50% | +10.63% | +19.14% | +19.50% | +28.33% | +22.00% | +21.67% | +22.76% | +22.06% |
| Pre-tax margin | +5.29% | +3.84% | +9.27% | +8.88% | +29.77% | +15.63% | +15.90% | +15.52% | +15.56% |
| Net margin | +6.21% | +4.79% | +8.61% | +8.78% | +23.59% | +13.78% | +13.64% | +13.72% | +13.56% |
| Cost structure | |||||||||
| Cost of revenue / sales | +61.62% | +64.45% | +58.91% | +58.99% | +42.17% | +52.52% | +52.95% | +54.29% | +52.13% |
| R&D intensity | 0.00% | 0.00% | 0.00% | 0.00% | +2.40% | +0.80% | +0.82% | +0.82% | +0.81% |
| SG&A intensity | +10.00% | +8.87% | +5.39% | +4.53% | +9.30% | +6.22% | +6.51% | +6.37% | +6.53% |
| Effective tax rate | -17.24% | -24.47% | +7.13% | +1.09% | +22.45% | +10.25% | +10.47% | +10.46% | +10.29% |
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) | +5.20% | +4.70% | +7.84% | +8.71% | +23.66% | +13.56% | +12.92% | +13.59% | +12.89% |
| Return on assets (ROA) | +1.24% | +1.06% | +1.72% | +1.81% | +4.85% | +2.87% | +2.78% | +2.86% | +2.73% |
| Return on capital (ROC) | +3.12% | +2.93% | +4.93% | +5.28% | +11.47% | +7.39% | +7.06% | +6.98% | +6.99% |
| Return on invested capital (ROIC) | +1.95% | +1.63% | +2.64% | +2.79% | +7.37% | +4.36% | +4.16% | +4.23% | +4.16% |
| Asset turnover | +19.94% | +22.07% | +19.98% | +20.56% | +20.54% | +20.85% | +20.38% | +20.83% | +20.10% |
| DuPont · ROE decomposition | |||||||||
| Net margin | +6.21% | +4.79% | +8.61% | +8.78% | +23.59% | +13.78% | +13.64% | +13.72% | +13.56% |
| Asset turnover (× revenue / assets) | +19.94% | +22.07% | +19.98% | +20.56% | +20.54% | +20.85% | +20.38% | +20.83% | +20.10% |
| Equity multiplier (× assets / equity) | +420.18% | +445.39% | +455.63% | +482.41% | +488.22% | +471.60% | +464.82% | +475.41% | +472.97% |
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 | 0.20 | 0.22 | 0.20 | 0.21 | 0.21 | 0.21 | 0.20 | 0.21 | 0.20 |
| Fixed-asset turnover | 0.28 | 0.31 | 0.29 | 0.29 | 0.30 | — | — | — | — |
| Inventory turnover | 21.87 | 23.42 | 18.26 | 19.30 | 15.23 | — | — | — | — |
| Receivables turnover | 6.80 | 7.37 | 5.92 | 5.83 | 7.15 | — | — | — | — |
| Payables turnover | 4.59 | 4.70 | 4.85 | 5.19 | 3.48 | — | — | — | — |
| Days outstanding | |||||||||
| Days sales outstanding (DSO) | 53.68 | 49.51 | 61.62 | 62.57 | 51.04 | — | — | — | — |
| Days inventory outstanding (DIO) | 16.69 | 15.59 | 19.99 | 18.92 | 23.97 | — | — | — | — |
| Days payables outstanding (DPO) | 79.56 | 77.58 | 75.21 | 70.32 | 105.03 | — | — | — | — |
| Cash conversion cycle | -9.19 | -12.48 | 6.39 | 11.17 | -30.02 | — | — | — | — |
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 | 0.01 | 3.90 | 2.42 | 3.24 | 1.27 | 1.94 | 1.89 | 1.95 | 1.98 |
| FCF / Net income | -5.94 | -3.11 | -1.45 | -0.45 | -0.16 | -0.50 | -0.50 | -0.50 | -0.50 |
| FCF margin | -36.86% | -14.88% | -12.53% | -3.94% | -3.70% | -6.90% | -6.88% | -6.91% | -6.74% |
| OCF margin | +0.07% | +18.68% | +20.82% | +28.49% | +30.03% | +26.73% | +25.83% | +26.75% | +26.92% |
| CapEx / Revenue | +36.93% | +33.55% | +33.35% | +32.43% | +33.73% | +33.16% | +33.60% | +33.49% | +32.60% |
| CapEx / D&A | 2.41 | 2.19 | 2.00 | 1.94 | 2.01 | — | — | — | — |
| 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 | 2.00 | 1.60 | 3.11 | 3.31 | 11.55 | 6.12 | 6.52 | 6.92 | 7.17 |
| EPS · basic | 2.00 | 1.61 | 3.13 | 3.33 | 11.58 | 6.11 | 6.48 | 7.06 | 7.19 |
| Book value / share | 46.81 | 45.75 | 46.61 | 45.72 | 50.02 | 50.13 | 54.58 | 53.98 | 60.20 |
| Tangible BV / share | 46.81 | 45.75 | 46.61 | 45.72 | 50.02 | 50.13 | 54.58 | 53.98 | 60.20 |
| Sales / share | 39.22 | 44.96 | 42.44 | 45.36 | 50.17 | 49.29 | 51.69 | 53.45 | 57.23 |
| Operating CF / share | 0.03 | 8.40 | 8.83 | 12.92 | 15.06 | 13.18 | 13.35 | 14.30 | 15.40 |
| Free cash flow / share | -14.46 | -6.69 | -5.32 | -1.79 | -1.86 | -3.40 | -3.56 | -3.69 | -3.85 |
| Dividends / share | 2.60 | 2.74 | 2.89 | 3.09 | 3.31 | 3.26 | 3.50 | 3.67 | 3.97 |
| Payout ratio | +106.81% | +127.43% | +79.03% | +77.49% | +27.96% | +47.96% | +49.67% | +49.98% | +51.10% |
| Retention ratio | -6.81% | -27.43% | +20.97% | +22.51% | +72.04% | +52.04% | +50.33% | +50.02% | +48.90% |
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 | — | +15.53% | -5.12% | +7.72% | +9.76% | -0.95% | +4.44% | +3.30% | +5.69% | +4.88% |
| Gross profit · YoY | — | +7.01% | +9.69% | +7.51% | +54.77% | -18.45% | +4.28% | +4.35% | +2.08% | +7.39% |
| Profit | ||||||||||
| Operating income · YoY | — | +0.41% | +77.14% | +11.53% | +142.08% | -37.02% | +3.53% | +1.10% | +6.24% | +16.37% |
| EBITDA · YoY | — | +11.54% | +31.00% | +8.94% | +29.45% | -11.65% | +5.39% | +3.23% | +4.23% | +9.48% |
| Net income · YoY | — | -10.92% | +70.75% | +9.88% | +194.76% | -42.13% | +3.35% | +3.93% | +4.48% | +15.65% |
| Operating | ||||||||||
| EBIT · YoY | — | +6.83% | +70.78% | +9.75% | +59.47% | -23.09% | +2.86% | +8.51% | +2.47% | +13.78% |
| R&D · YoY | — | — | — | — | — | -66.85% | +6.43% | +3.60% | +4.20% | — |
| Per-share | ||||||||||
| EPS · diluted · YoY | — | -20.00% | +94.37% | +6.43% | +248.94% | -46.99% | +6.41% | +6.27% | +3.58% | +17.31% |
| EPS · basic · YoY | — | -19.50% | +94.41% | +6.39% | +247.75% | -47.20% | +5.93% | +9.00% | +1.91% | +17.35% |
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 | $29.53B | $33.1B | $35.31B | $37.76B | $42.59B | $41.03B | $44.44B | $46.1B | $48.14B |
| Net debt | $29.14B | $32.18B | $34.97B | $37.57B | $42.43B | $40.77B | $44.18B | $45.83B | $47.85B |
| Net debt / EBITDA | 7.28 | 7.21 | 5.98 | 5.90 | 5.15 | 5.60 | 5.75 | 5.78 | 5.79 |
| Debt / equity | 1.66 | 1.89 | 1.97 | 2.13 | 2.21 | 2.11 | 2.11 | 2.21 | 2.10 |
| Debt / assets | +39.51% | +42.41% | +43.19% | +44.12% | +45.30% | +44.71% | +45.32% | +46.51% | +44.35% |
| Equity / assets | +23.80% | +22.45% | +21.95% | +20.73% | +20.48% | +21.20% | +21.51% | +21.03% | +21.14% |
| Coverage | |||||||||
| EBITDA / interest expense | 4.33 | 3.82 | 3.63 | 3.41 | 5.36 | 4.04 | 4.10 | 4.09 | 3.92 |
| Operating income / interest | 1.60 | 1.27 | 1.63 | 1.57 | 4.61 | 2.47 | 2.47 | 2.41 | 2.36 |
| Interest expense | $925M | $1.17B | $1.61B | $1.87B | $1.54B | $1.81B | $1.87B | $1.94B | $2.11B |
| Liquidity | |||||||||
| Current ratio | 0.64 | 0.68 | 0.79 | 0.85 | 0.73 | — | — | — | — |
| Quick ratio | 0.30 | 0.31 | 0.36 | 0.38 | 0.27 | — | — | — | — |
| Cash ratio | 0.05 | 0.09 | 0.04 | 0.02 | 0.01 | — | — | — | — |
| Working capital | -$3.12B | -$3.28B | -$1.79B | -$1.28B | -$2.85B | — | — | — | — |
| Working capital / revenue | -20.92% | -19.03% | -10.94% | -7.30% | -14.75% | — | — | — | — |
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).