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 | +82.30% | +85.80% | +87.75% | +89.46% | +84.10% | +87.33% | +86.74% | +85.24% | +87.17% |
| Operating margin | +2.16% | +9.30% | +8.05% | +9.63% | +13.43% | +10.21% | +10.64% | +10.49% | +10.42% |
| EBITDA margin | +13.11% | +13.77% | +16.12% | +19.18% | +19.45% | +17.81% | +18.05% | +18.72% | +17.91% |
| EBIT margin | +3.64% | +6.99% | +9.84% | +13.06% | +13.43% | +12.42% | +12.20% | +12.17% | +12.30% |
| Pre-tax margin | -0.44% | +4.61% | +7.93% | +11.26% | +10.80% | +9.71% | +10.02% | +10.18% | +9.96% |
| Net margin | +0.14% | +3.02% | +6.21% | +9.01% | +8.78% | +7.77% | +8.01% | +7.84% | +7.79% |
| Cost structure | |||||||||
| Cost of revenue / sales | +17.70% | +14.20% | +12.25% | +10.54% | +15.90% | +12.56% | +13.04% | +12.71% | +13.22% |
| R&D intensity | +12.49% | +10.12% | +10.58% | +9.60% | +8.67% | +9.61% | +9.61% | +9.69% | +9.72% |
| SG&A intensity | +57.29% | +58.70% | +59.46% | +61.59% | +55.07% | +60.06% | +60.47% | +58.42% | +58.47% |
| Effective tax rate | — | +36.25% | +32.42% | +20.62% | +18.23% | +24.57% | +23.45% | +22.84% | +23.99% |
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) | +0.34% | +9.44% | +28.61% | +44.09% | +50.80% | +39.44% | +40.98% | +38.51% | +38.93% |
| Return on assets (ROA) | +0.06% | +1.63% | +3.68% | +5.51% | +5.29% | +4.81% | +4.70% | +4.86% | +4.81% |
| Return on capital (ROC) | +1.50% | +10.55% | +11.04% | +14.14% | +21.46% | +15.23% | +15.71% | +15.58% | +15.28% |
| Return on invested capital (ROIC) | +0.10% | +3.42% | +8.52% | +13.23% | +14.04% | +11.59% | +11.83% | +11.64% | +11.42% |
| Asset turnover | +39.90% | +54.11% | +59.32% | +61.15% | +60.25% | +61.88% | +58.68% | +62.02% | +61.77% |
| DuPont · ROE decomposition | |||||||||
| Net margin | +0.14% | +3.02% | +6.21% | +9.01% | +8.78% | +7.77% | +8.01% | +7.84% | +7.79% |
| Asset turnover (× revenue / assets) | +39.90% | +54.11% | +59.32% | +61.15% | +60.25% | +61.88% | +58.68% | +62.02% | +61.77% |
| Equity multiplier (× assets / equity) | +606.64% | +578.35% | +776.81% | +799.86% | +960.03% | +820.70% | +871.69% | +791.92% | +809.46% |
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 | 0.40 | 0.54 | 0.59 | 0.61 | 0.60 | 0.62 | 0.59 | 0.62 | 0.62 |
| Fixed-asset turnover | 3.32 | 4.53 | 4.73 | 5.04 | 5.37 | — | — | — | — |
| Inventory turnover | — | — | — | — | — | — | — | — | — |
| Receivables turnover | 6.37 | 5.51 | 4.53 | 4.21 | 3.50 | — | — | — | — |
| Payables turnover | 0.75 | 0.62 | 0.50 | 0.47 | 0.71 | — | — | — | — |
| Days outstanding | |||||||||
| Days sales outstanding (DSO) | 57.27 | 66.26 | 80.54 | 86.70 | 104.15 | — | — | — | — |
| Days inventory outstanding (DIO) | — | — | — | — | — | — | — | — | — |
| Days payables outstanding (DPO) | 484.67 | 585.06 | 723.50 | 776.54 | 512.68 | — | — | — | — |
| Cash conversion cycle | -427.40 | -518.80 | -642.96 | -689.84 | -408.53 | — | — | — | — |
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 | 312.33 | 9.77 | 3.38 | 2.50 | 3.00 | 3.03 | 2.94 | 3.03 | 3.03 |
| FCF / Net income | 256.25 | 7.89 | 2.31 | 1.89 | 2.40 | 2.22 | 2.17 | 2.28 | 2.23 |
| FCF margin | +35.76% | +23.81% | +14.36% | +17.01% | +21.11% | +17.26% | +17.42% | +17.90% | +17.38% |
| OCF margin | +43.59% | +29.48% | +20.95% | +22.53% | +26.34% | +23.51% | +23.55% | +23.74% | +23.62% |
| CapEx / Revenue | +7.83% | +5.67% | +6.59% | +5.52% | +5.23% | +5.63% | +5.85% | +5.94% | +5.67% |
| CapEx / D&A | 0.83 | 0.84 | 1.05 | 0.90 | 0.87 | — | — | — | — |
| Stock-based comp / Revenue | +4.86% | +3.21% | +3.22% | +3.35% | +2.70% | — | — | — | — |
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 | -1.80 | 2.18 | 5.31 | 8.95 | 9.81 | 19.68 | 23.10 | 27.80 | 31.06 |
| EPS · basic | -1.80 | 2.25 | 5.50 | 9.39 | 10.32 | 20.42 | 23.97 | 28.65 | 32.05 |
| Book value / share | 23.72 | 23.05 | 18.55 | 20.29 | 19.30 | 23.96 | 25.39 | 28.77 | 30.00 |
| Tangible BV / share | -33.47 | -28.59 | -33.86 | -35.25 | -38.99 | 23.96 | 25.39 | 28.77 | 30.00 |
| Sales / share | 57.42 | 72.13 | 85.46 | 99.27 | 111.66 | 121.68 | 129.86 | 141.32 | 149.98 |
| Operating CF / share | 25.03 | 21.27 | 17.91 | 22.37 | 29.41 | 28.60 | 30.59 | 33.55 | 35.43 |
| Free cash flow / share | 20.54 | 17.17 | 12.27 | 16.89 | 23.57 | 21.00 | 22.63 | 25.29 | 26.07 |
| Dividends / share | 0.45 | 0.00 | 0.00 | 0.00 | 1.52 | 0.56 | 0.58 | 0.63 | 0.66 |
| Payout ratio | +558.33% | 0.00% | 0.00% | 0.00% | +15.46% | +5.88% | +5.62% | +5.72% | +5.67% |
| Retention ratio | -458.33% | +100.00% | +100.00% | +100.00% | +84.54% | +94.12% | +94.38% | +94.28% | +94.33% |
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 | — | +35.69% | +10.05% | +6.64% | +7.61% | +8.66% | +7.04% | +8.18% | +6.50% | +10.95% |
| Gross profit · YoY | — | +41.46% | +12.55% | +8.72% | +1.16% | +12.84% | +6.32% | +6.31% | +8.92% | +11.75% |
| Profit | ||||||||||
| Operating income · YoY | — | +483.33% | -4.79% | +27.69% | +49.96% | -17.38% | +11.60% | +6.67% | +5.77% | +35.05% |
| EBITDA · YoY | — | +42.59% | +28.81% | +26.86% | +9.10% | -0.50% | +8.52% | +12.18% | +1.90% | +15.37% |
| Net income · YoY | — | +2833.33% | +126.42% | +54.83% | +4.86% | -3.92% | +10.44% | +5.86% | +5.75% | +83.42% |
| Operating | ||||||||||
| EBIT · YoY | — | +160.38% | +54.97% | +41.57% | +10.63% | +0.56% | +5.12% | +7.90% | +7.61% | +29.18% |
| R&D · YoY | — | +9.96% | +14.99% | -3.24% | -2.82% | +20.42% | +7.04% | +9.13% | +6.86% | +7.53% |
| Per-share | ||||||||||
| EPS · diluted · YoY | — | +221.11% | +143.58% | +68.55% | +9.61% | +100.61% | +17.37% | +20.35% | +11.73% | — |
| EPS · basic · YoY | — | +225.00% | +144.44% | +70.73% | +9.90% | +97.85% | +17.38% | +19.54% | +11.87% | — |
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 | $8.81B | $6.55B | $6.57B | $6.53B | $6.67B | $7.57B | $8.26B | $8.71B | $9.52B |
| Net debt | $4.7B | $2.46B | $2.34B | $2.35B | -$307M | $1.62B | $2.1B | $1.81B | $2.12B |
| Net debt / EBITDA | 4.17 | 1.53 | 1.13 | 0.89 | -0.11 | 0.57 | 0.68 | 0.52 | 0.60 |
| Debt / equity | 2.48 | 1.76 | 2.36 | 2.33 | 2.62 | 2.40 | 2.47 | 2.31 | 2.41 |
| Debt / assets | +40.89% | +30.39% | +30.34% | +29.17% | +27.27% | +29.28% | +28.29% | +29.15% | +29.77% |
| Equity / assets | +16.48% | +17.29% | +12.87% | +12.50% | +10.42% | +12.18% | +11.47% | +12.63% | +12.35% |
| Coverage | |||||||||
| EBITDA / interest expense | 3.21 | 5.80 | 8.45 | 10.67 | 9.58 | 9.07 | 9.63 | 9.58 | 9.59 |
| Operating income / interest | 0.53 | 3.92 | 4.22 | 5.36 | 6.62 | 5.20 | 5.68 | 5.37 | 5.58 |
| Interest expense | $351M | $277M | $245M | $246M | $299M | $314.25M | $321.13M | $362.11M | $368.68M |
| Liquidity | |||||||||
| Current ratio | 0.87 | 0.82 | 0.78 | 0.72 | 0.73 | — | — | — | — |
| Quick ratio | 0.60 | 0.58 | 0.60 | 0.57 | 0.69 | — | — | — | — |
| Cash ratio | 0.44 | 0.38 | 0.36 | 0.31 | 0.42 | — | — | — | — |
| Working capital | -$1.27B | -$1.99B | -$2.55B | -$3.8B | -$4.46B | — | — | — | — |
| Working capital / revenue | -14.76% | -17.03% | -19.88% | -27.73% | -30.26% | — | — | — | — |
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).