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 | +69.05% | +63.14% | +63.90% | +67.52% | +54.77% | +61.29% | +63.26% | +60.43% | +62.41% |
| Operating margin | +15.50% | +15.33% | +17.61% | +17.63% | +18.77% | +17.89% | +17.93% | +17.82% | +17.79% |
| EBITDA margin | +38.51% | +30.25% | +30.71% | +30.46% | +29.08% | +30.17% | +30.77% | +30.61% | +30.76% |
| EBIT margin | +23.56% | +19.22% | +19.36% | +18.67% | +18.77% | +18.87% | +18.86% | +19.13% | +19.34% |
| Pre-tax margin | +14.00% | +11.55% | +11.38% | +11.16% | +10.33% | +10.76% | +11.07% | +11.01% | +11.24% |
| Net margin | +11.53% | +3.26% | +8.56% | +7.26% | +6.76% | +7.47% | +7.53% | +7.57% | +7.58% |
| Cost structure | |||||||||
| Cost of revenue / sales | +30.95% | +36.86% | +36.10% | +32.48% | +45.23% | +38.61% | +38.65% | +36.81% | +38.15% |
| R&D intensity | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
| SG&A intensity | -3.43% | -0.58% | +0.61% | 0.00% | 0.00% | +0.20% | +0.20% | +0.20% | +0.20% |
| Effective tax rate | +20.53% | +69.49% | +18.24% | +25.07% | +18.47% | +21.15% | +20.93% | +20.05% | +20.29% |
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) | +14.79% | +3.81% | +10.10% | +7.13% | +7.32% | +8.04% | +7.89% | +8.00% | +8.30% |
| Return on assets (ROA) | +2.82% | +0.88% | +2.26% | +1.88% | +1.82% | +1.92% | +2.03% | +2.00% | +1.99% |
| Return on capital (ROC) | +5.31% | +5.91% | +6.33% | +6.25% | +6.91% | +6.36% | +6.48% | +6.26% | +6.36% |
| Return on invested capital (ROIC) | +3.94% | +1.26% | +3.08% | +2.57% | +2.49% | +2.66% | +2.72% | +2.66% | +2.71% |
| Asset turnover | +24.50% | +27.02% | +26.39% | +25.89% | +26.99% | +25.65% | +26.93% | +26.48% | +26.29% |
| DuPont · ROE decomposition | |||||||||
| Net margin | +11.53% | +3.26% | +8.56% | +7.26% | +6.76% | +7.47% | +7.53% | +7.57% | +7.58% |
| Asset turnover (× revenue / assets) | +24.50% | +27.02% | +26.39% | +25.89% | +26.99% | +25.65% | +26.93% | +26.48% | +26.29% |
| Equity multiplier (× assets / equity) | +523.71% | +433.22% | +446.75% | +379.33% | +401.44% | +419.26% | +388.78% | +399.18% | +416.45% |
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 | 0.25 | 0.27 | 0.26 | 0.26 | 0.27 | 0.26 | 0.27 | 0.26 | 0.26 |
| Fixed-asset turnover | 0.32 | 0.34 | 0.34 | 0.33 | 0.34 | — | — | — | — |
| Inventory turnover | 13.25 | 10.91 | 9.07 | 7.97 | 11.83 | — | — | — | — |
| Receivables turnover | 8.70 | 7.93 | 8.13 | 7.35 | 7.47 | — | — | — | — |
| Payables turnover | 3.65 | 3.06 | 3.41 | 2.78 | 3.41 | — | — | — | — |
| Days outstanding | |||||||||
| Days sales outstanding (DSO) | 41.94 | 46.02 | 44.92 | 49.66 | 48.88 | — | — | — | — |
| Days inventory outstanding (DIO) | 27.55 | 33.46 | 40.22 | 45.79 | 30.86 | — | — | — | — |
| Days payables outstanding (DPO) | 99.91 | 119.44 | 107.00 | 131.37 | 107.07 | — | — | — | — |
| Cash conversion cycle | -30.43 | -39.96 | -21.85 | -35.92 | -27.32 | — | — | — | — |
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 | 2.19 | 6.61 | 1.26 | 2.96 | 3.63 | 2.55 | 2.55 | 2.47 | 2.42 |
| FCF / Net income | 0.29 | -0.18 | -1.79 | -1.16 | -0.99 | -1.36 | -1.32 | -1.31 | -1.31 |
| FCF margin | +3.29% | -0.59% | -15.30% | -8.45% | -6.66% | -10.16% | -9.90% | -9.93% | -9.89% |
| OCF margin | +25.25% | +21.53% | +10.78% | +21.46% | +24.52% | +19.06% | +19.21% | +18.69% | +18.36% |
| CapEx / Revenue | +21.96% | +22.12% | +26.08% | +29.91% | +31.18% | +29.63% | +28.87% | +28.99% | +29.41% |
| CapEx / D&A | 1.47 | 2.09 | 2.62 | 2.54 | 2.93 | — | — | — | — |
| 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 | 2.35 | 0.71 | 1.92 | 1.70 | 1.76 | 2.73 | 2.95 | 3.18 | 3.40 |
| EPS · basic | 2.35 | 0.71 | 1.92 | 1.70 | 1.77 | 2.73 | 2.96 | 3.17 | 3.41 |
| Book value / share | 15.89 | 18.61 | 19.02 | 23.78 | 24.09 | 24.76 | 26.62 | 27.82 | 27.45 |
| Tangible BV / share | 5.60 | 8.78 | 9.23 | 14.04 | 14.37 | 24.76 | 26.62 | 27.82 | 27.45 |
| Sales / share | 20.39 | 21.78 | 22.42 | 23.35 | 26.11 | 26.63 | 27.88 | 29.41 | 30.06 |
| Operating CF / share | 5.15 | 4.69 | 2.42 | 5.01 | 6.40 | 5.07 | 5.36 | 5.50 | 5.52 |
| Free cash flow / share | 0.67 | -0.13 | -3.43 | -1.97 | -1.74 | -2.71 | -2.76 | -2.92 | -2.97 |
| Dividends / share | 1.55 | 1.56 | 1.58 | 1.68 | 1.76 | 1.89 | 1.93 | 2.05 | 2.13 |
| Payout ratio | +66.17% | +219.46% | +82.21% | +99.18% | +99.61% | +95.00% | +92.11% | +92.15% | +93.39% |
| Retention ratio | +33.83% | -119.46% | +17.79% | +0.82% | +0.39% | +5.00% | +7.89% | +7.85% | +6.61% |
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 | — | +11.92% | +3.30% | +4.68% | +12.01% | +2.60% | +4.80% | +4.95% | +2.78% | +5.82% |
| Gross profit · YoY | — | +2.33% | +4.55% | +10.60% | -9.14% | +14.80% | +8.17% | +0.26% | +6.14% | +4.49% |
| Profit | ||||||||||
| Operating income · YoY | — | +10.66% | +18.64% | +4.81% | +19.28% | -2.23% | +5.02% | +4.32% | +2.60% | +7.65% |
| EBITDA · YoY | — | -12.08% | +4.86% | +3.82% | +6.95% | +6.46% | +6.86% | +4.42% | +3.29% | +2.89% |
| Net income · YoY | — | -68.36% | +171.43% | -11.25% | +4.29% | +13.45% | +5.58% | +5.51% | +2.89% | +0.42% |
| Operating | ||||||||||
| EBIT · YoY | — | -8.73% | +4.05% | +0.96% | +12.64% | +3.13% | +4.73% | +6.48% | +3.91% | +3.24% |
| R&D · YoY | — | — | — | — | — | — | — | — | — | — |
| Per-share | ||||||||||
| EPS · diluted · YoY | — | -69.79% | +170.42% | -11.46% | +3.53% | +55.22% | +7.81% | +7.92% | +6.84% | +4.71% |
| EPS · basic · YoY | — | -69.79% | +170.42% | -11.46% | +4.12% | +54.24% | +8.29% | +7.31% | +7.37% | +4.75% |
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 | $23.85B | $21.66B | $24.91B | $24.27B | $27.07B | $29.15B | $29.41B | $32.33B | $32.97B |
| Net debt | $22.39B | $21.5B | $24.77B | $24.16B | $26.97B | $29.02B | $29.27B | $32.19B | $32.83B |
| Net debt / EBITDA | 5.22 | 5.70 | 6.27 | 5.89 | 6.15 | 6.21 | 5.86 | 6.18 | 6.10 |
| Debt / equity | 2.75 | 2.04 | 2.28 | 1.77 | 1.94 | 2.02 | 1.90 | 2.01 | 2.06 |
| Debt / assets | +52.50% | +46.98% | +51.08% | +46.63% | +48.42% | +48.30% | +48.82% | +50.28% | +49.54% |
| Equity / assets | +19.09% | +23.08% | +22.38% | +26.36% | +24.91% | +23.85% | +25.72% | +25.05% | +24.01% |
| Coverage | |||||||||
| EBITDA / interest expense | 4.03 | 3.95 | 3.85 | 4.06 | 3.85 | 3.91 | 4.09 | 4.05 | 3.92 |
| Operating income / interest | 1.62 | 2.00 | 2.21 | 2.35 | 2.49 | 2.32 | 2.38 | 2.36 | 2.27 |
| Interest expense | $1.06B | $955M | $1.03B | $1.01B | $1.14B | $1.19B | $1.22B | $1.29B | $1.37B |
| Liquidity | |||||||||
| Current ratio | 0.73 | 0.61 | 0.48 | 0.56 | 0.57 | — | — | — | — |
| Quick ratio | 0.62 | 0.44 | 0.32 | 0.39 | 0.40 | — | — | — | — |
| Cash ratio | 0.33 | 0.04 | 0.03 | 0.02 | 0.02 | — | — | — | — |
| Working capital | -$1.18B | -$1.54B | -$2.82B | -$2.22B | -$2.29B | — | — | — | — |
| Working capital / revenue | -10.59% | -12.38% | -21.90% | -16.49% | -15.19% | — | — | — | — |
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).