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 | +100.00% | +100.00% | +100.00% | +100.00% | +33.11% | +77.03% | +75.68% | +76.20% | +79.12% |
| Operating margin | +21.42% | +18.42% | +18.53% | +17.73% | +19.81% | +18.25% | +18.31% | +18.89% | +19.10% |
| EBITDA margin | +27.99% | +17.42% | +16.74% | +20.73% | +23.61% | +20.12% | +20.96% | +20.86% | +20.67% |
| EBIT margin | +25.66% | +14.82% | +13.98% | +17.95% | +21.25% | +18.13% | +17.48% | +17.83% | +17.65% |
| Pre-tax margin | +22.60% | +12.12% | +11.64% | +15.05% | +18.78% | +14.95% | +15.50% | +15.60% | +15.61% |
| Net margin | +16.66% | +8.62% | +8.31% | +10.74% | +13.88% | +10.90% | +10.68% | +10.78% | +10.79% |
| Cost structure | |||||||||
| Cost of revenue / sales | 0.00% | 0.00% | 0.00% | 0.00% | +66.89% | +22.79% | +22.58% | +22.43% | +21.83% |
| R&D intensity | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
| SG&A intensity | +14.00% | +13.74% | +13.74% | +14.48% | +13.30% | +13.55% | +13.59% | +13.48% | +13.68% |
| Effective tax rate | +24.57% | +27.21% | +27.82% | +26.14% | +25.09% | +26.76% | +25.22% | +25.25% | +25.00% |
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) | +18.88% | +10.42% | +11.63% | +13.58% | +18.32% | +14.70% | +14.04% | +14.44% | +14.74% |
| Return on assets (ROA) | +9.38% | +5.43% | +5.67% | +6.83% | +9.76% | +7.14% | +7.06% | +7.46% | +7.28% |
| Return on capital (ROC) | +13.94% | +13.35% | +14.65% | +12.90% | +16.29% | +14.32% | +14.19% | +14.73% | +15.02% |
| Return on invested capital (ROIC) | +10.84% | +6.25% | +6.57% | +7.81% | +11.42% | +8.55% | +8.28% | +8.41% | +8.49% |
| Asset turnover | +56.31% | +62.99% | +68.20% | +63.63% | +70.27% | +65.55% | +66.11% | +69.25% | +67.49% |
| DuPont · ROE decomposition | |||||||||
| Net margin | +16.66% | +8.62% | +8.31% | +10.74% | +13.88% | +10.90% | +10.68% | +10.78% | +10.79% |
| Asset turnover (× revenue / assets) | +56.31% | +62.99% | +68.20% | +63.63% | +70.27% | +65.55% | +66.11% | +69.25% | +67.49% |
| Equity multiplier (× assets / equity) | +201.35% | +191.86% | +205.16% | +198.73% | +187.74% | +205.79% | +198.86% | +193.44% | +202.31% |
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 | 0.56 | 0.63 | 0.68 | 0.64 | 0.70 | 0.66 | 0.66 | 0.69 | 0.67 |
| Fixed-asset turnover | 5.93 | 6.47 | 5.62 | 5.38 | 6.47 | — | — | — | — |
| Inventory turnover | 0.00 | 0.00 | 0.00 | 0.00 | 25.24 | — | — | — | — |
| Receivables turnover | 6.36 | 6.57 | 6.85 | 5.91 | 6.59 | — | — | — | — |
| Payables turnover | — | — | — | — | — | — | — | — | — |
| Days outstanding | |||||||||
| Days sales outstanding (DSO) | 57.37 | 55.58 | 53.28 | 61.72 | 55.35 | — | — | — | — |
| Days inventory outstanding (DIO) | — | — | — | — | 14.46 | — | — | — | — |
| Days payables outstanding (DPO) | — | — | — | — | — | — | — | — | — |
| Cash conversion cycle | — | — | — | — | 69.82 | — | — | — | — |
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 | 1.23 | 1.56 | 1.45 | 1.23 | 1.47 | 1.42 | 1.42 | 1.37 | 1.40 |
| FCF / Net income | 1.00 | 1.31 | 1.16 | 1.00 | 1.32 | 1.22 | 1.18 | 1.22 | 1.17 |
| FCF margin | +16.69% | +11.29% | +9.68% | +10.69% | +18.36% | +13.28% | +12.64% | +13.11% | +12.66% |
| OCF margin | +20.44% | +13.48% | +12.07% | +13.16% | +20.39% | +15.47% | +15.21% | +14.82% | +15.16% |
| CapEx / Revenue | +3.75% | +2.20% | +2.39% | +2.47% | +2.03% | +2.30% | +2.36% | +2.24% | +2.35% |
| CapEx / D&A | 1.61 | 0.85 | 0.87 | 0.89 | 0.86 | — | — | — | — |
| Stock-based comp / Revenue | +1.14% | +0.73% | +0.50% | +0.64% | +0.83% | — | — | — | — |
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 | 3.61 | 2.11 | 2.33 | 3.13 | 4.91 | 5.01 | 5.69 | 5.55 | 5.53 |
| EPS · basic | 3.64 | 2.13 | 2.34 | 3.14 | 4.97 | 5.02 | 5.65 | 5.55 | 5.62 |
| Book value / share | 19.14 | 20.29 | 20.07 | 23.03 | 26.80 | 26.54 | 28.25 | 28.25 | 28.57 |
| Tangible BV / share | 8.06 | 8.51 | 7.56 | 9.32 | 12.47 | 26.54 | 28.25 | 28.25 | 28.57 |
| Sales / share | 21.70 | 24.52 | 28.08 | 29.13 | 35.36 | 35.80 | 37.14 | 37.84 | 39.00 |
| Operating CF / share | 4.44 | 3.31 | 3.39 | 3.83 | 7.21 | 5.54 | 5.65 | 5.61 | 5.91 |
| Free cash flow / share | 3.62 | 2.77 | 2.72 | 3.11 | 6.49 | 4.75 | 4.69 | 4.96 | 4.94 |
| Dividends / share | 0.55 | 0.54 | 0.56 | 0.59 | 0.60 | 0.68 | 0.72 | 0.72 | 0.74 |
| Payout ratio | +15.35% | +25.48% | +24.13% | +18.72% | +12.24% | +17.37% | +18.13% | +17.67% | +17.64% |
| Retention ratio | +84.65% | +74.52% | +75.87% | +81.28% | +87.76% | +82.63% | +81.87% | +82.33% | +82.36% |
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 | — | +8.25% | +6.72% | -6.26% | +16.60% | +1.29% | +4.48% | +0.63% | +3.96% | +4.27% |
| Gross profit · YoY | — | +8.25% | +6.72% | -6.26% | -61.39% | +135.64% | +2.64% | +1.32% | +7.93% | +1.27% |
| Profit | ||||||||||
| Operating income · YoY | — | -6.91% | +7.38% | -10.35% | +30.31% | -6.69% | +4.80% | +3.84% | +5.12% | +2.79% |
| EBITDA · YoY | — | -32.63% | +2.55% | +16.11% | +32.82% | -13.68% | +8.81% | +0.14% | +3.05% | +0.40% |
| Net income · YoY | — | -43.95% | +2.82% | +21.15% | +50.77% | -20.50% | +2.36% | +1.61% | +4.08% | -1.23% |
| Operating | ||||||||||
| EBIT · YoY | — | -37.49% | +0.68% | +20.34% | +38.06% | -13.61% | +0.78% | +2.59% | +2.93% | -0.49% |
| R&D · YoY | — | — | — | — | — | — | — | — | — | — |
| Per-share | ||||||||||
| EPS · diluted · YoY | — | -41.55% | +10.43% | +34.33% | +56.87% | +2.08% | +13.51% | -2.46% | -0.40% | +5.47% |
| EPS · basic · YoY | — | -41.48% | +9.86% | +34.19% | +58.28% | +0.95% | +12.55% | -1.64% | +1.18% | +5.58% |
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 | $8.45B | $7.72B | $8.21B | $8.15B | $7.47B | $8.8B | $9.13B | $9.3B | $9.73B |
| Net debt | $2.57B | $2.52B | $3.94B | $3.83B | $2.11B | $3.62B | $3.7B | $3.92B | $4.19B |
| Net debt / EBITDA | 0.71 | 1.03 | 1.58 | 1.32 | 0.55 | 1.09 | 1.02 | 1.08 | 1.12 |
| Debt / equity | 0.74 | 0.67 | 0.77 | 0.74 | 0.60 | 0.72 | 0.70 | 0.72 | 0.74 |
| Debt / assets | +36.87% | +34.79% | +37.53% | +37.10% | +32.18% | +34.94% | +34.99% | +37.09% | +36.38% |
| Equity / assets | +49.66% | +52.12% | +48.74% | +50.32% | +53.27% | +48.59% | +50.29% | +51.70% | +49.43% |
| Coverage | |||||||||
| EBITDA / interest expense | 9.15 | 6.46 | 7.15 | 7.16 | 9.55 | 7.79 | 8.14 | 8.27 | 8.21 |
| Operating income / interest | 7.00 | 6.83 | 7.92 | 6.12 | 8.01 | 7.06 | 7.11 | 7.49 | 7.59 |
| Interest expense | $395M | $377M | $349M | $405M | $403M | $426.54M | $443.9M | $437.91M | $454.35M |
| Liquidity | |||||||||
| Current ratio | 2.91 | 3.61 | 1.93 | 2.54 | 2.91 | — | — | — | — |
| Quick ratio | 2.64 | 3.19 | 1.71 | 2.26 | 2.70 | — | — | — | — |
| Cash ratio | 1.96 | 2.26 | 1.14 | 1.46 | 1.85 | — | — | — | — |
| Working capital | $5.75B | $5.99B | $3.49B | $4.55B | $5.53B | — | — | — | — |
| Working capital / revenue | +44.52% | +42.83% | +23.43% | +32.54% | +33.94% | — | — | — | — |
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).