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 | +75.82% | +79.26% | +76.04% | +78.26% | +86.69% | +79.50% | +78.23% | +80.88% | +82.09% |
| Operating margin | +36.32% | +26.87% | +28.05% | +5.78% | +40.14% | +25.23% | +24.17% | +24.01% | +24.72% |
| EBITDA margin | +41.49% | +32.45% | +38.71% | +15.42% | +36.75% | +30.30% | +30.33% | +29.56% | +29.66% |
| EBIT margin | +33.98% | +24.74% | +28.78% | +5.80% | +36.75% | +23.86% | +23.42% | +24.29% | +23.82% |
| Pre-tax margin | +30.32% | +21.31% | +25.30% | +2.40% | +33.27% | +20.53% | +20.19% | +20.66% | +20.29% |
| Net margin | +22.80% | +16.83% | +20.89% | +1.67% | +28.90% | +16.66% | +16.80% | +17.30% | +17.05% |
| Cost structure | |||||||||
| Cost of revenue / sales | +24.18% | +20.74% | +23.96% | +21.74% | +13.31% | +20.22% | +19.19% | +19.24% | +19.56% |
| R&D intensity | +16.85% | +18.24% | +21.09% | +20.54% | +19.32% | +20.77% | +20.75% | +19.91% | +20.09% |
| SG&A intensity | +19.21% | +20.79% | +22.46% | +21.18% | +19.39% | +21.28% | +21.08% | +20.78% | +20.76% |
| Effective tax rate | +25.09% | +21.47% | +18.18% | +30.58% | +13.13% | +20.47% | +20.98% | +20.76% | +21.15% |
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) | +29.55% | +21.65% | +24.90% | +2.49% | +37.62% | +21.39% | +22.59% | +22.27% | +22.39% |
| Return on assets (ROA) | +9.16% | +7.27% | +9.12% | +0.81% | +14.42% | +7.75% | +8.15% | +8.33% | +7.88% |
| Return on capital (ROC) | +20.77% | +15.78% | +15.93% | +3.62% | +25.03% | +15.20% | +14.64% | +14.41% | +14.92% |
| Return on invested capital (ROIC) | +13.03% | +9.89% | +11.87% | +1.04% | +18.03% | +10.04% | +10.17% | +10.38% | +10.29% |
| Asset turnover | +40.18% | +43.19% | +43.65% | +48.74% | +49.88% | +46.50% | +48.49% | +48.17% | +46.20% |
| DuPont · ROE decomposition | |||||||||
| Net margin | +22.80% | +16.83% | +20.89% | +1.67% | +28.90% | +16.66% | +16.80% | +17.30% | +17.05% |
| Asset turnover (× revenue / assets) | +40.18% | +43.19% | +43.65% | +48.74% | +49.88% | +46.50% | +48.49% | +48.17% | +46.20% |
| Equity multiplier (× assets / equity) | +322.60% | +297.85% | +273.09% | +306.53% | +260.96% | +276.21% | +277.25% | +267.30% | +284.24% |
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 | 0.43 | 0.44 | 0.49 | 0.50 | 0.47 | 0.48 | 0.48 | 0.46 |
| Fixed-asset turnover | 5.33 | 4.98 | 5.10 | 5.31 | 5.25 | — | — | — | — |
| Inventory turnover | 4.08 | 3.75 | 3.64 | 3.66 | 0.90 | — | — | — | — |
| Receivables turnover | 6.08 | 5.71 | 5.82 | 6.51 | 5.99 | — | — | — | — |
| Payables turnover | 9.36 | 6.25 | 11.81 | 7.50 | — | — | — | — | — |
| Days outstanding | |||||||||
| Days sales outstanding (DSO) | 60.06 | 63.91 | 62.73 | 56.11 | 60.91 | — | — | — | — |
| Days inventory outstanding (DIO) | 89.47 | 97.23 | 100.38 | 99.85 | 406.71 | — | — | — | — |
| Days payables outstanding (DPO) | 38.98 | 58.39 | 30.89 | 48.64 | — | — | — | — | — |
| Cash conversion cycle | 110.54 | 102.75 | 132.21 | 107.32 | 467.62 | — | — | — | — |
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 | 1.83 | 1.98 | 1.41 | 22.56 | 1.18 | 2.07 | 2.03 | 1.91 | 1.94 |
| FCF / Net income | 1.74 | 1.82 | 1.31 | 21.47 | 1.11 | 1.86 | 1.95 | 1.82 | 1.86 |
| FCF margin | +39.57% | +30.59% | +27.37% | +35.84% | +32.12% | +31.01% | +32.70% | +31.42% | +31.67% |
| OCF margin | +41.69% | +33.25% | +29.53% | +37.66% | +34.03% | +34.44% | +34.03% | +32.98% | +33.04% |
| CapEx / Revenue | +2.12% | +2.67% | +2.16% | +1.82% | +1.91% | +1.93% | +2.02% | +1.92% | +1.92% |
| CapEx / D&A | 0.28 | 0.35 | 0.22 | 0.19 | 0.20 | — | — | — | — |
| Stock-based comp / Revenue | +2.33% | +2.36% | +2.82% | +2.90% | 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 | 4.93 | 3.64 | 4.50 | 0.38 | 6.78 | 0.26 | 9.63 | 10.55 | 11.71 |
| EPS · basic | 4.96 | 3.66 | 4.54 | 0.38 | 6.84 | 0.26 | 9.60 | 10.49 | 11.72 |
| Book value / share | 16.69 | 16.81 | 18.08 | 15.34 | 18.02 | 18.88 | 19.07 | 20.96 | 22.02 |
| Tangible BV / share | -16.42 | -12.68 | -9.55 | -7.18 | -2.13 | 18.88 | 19.07 | 20.96 | 22.02 |
| Sales / share | 21.64 | 21.62 | 21.55 | 22.91 | 23.46 | 24.25 | 25.63 | 26.99 | 28.91 |
| Operating CF / share | 9.02 | 7.19 | 6.36 | 8.63 | 7.98 | 8.35 | 8.72 | 8.90 | 9.55 |
| Free cash flow / share | 8.56 | 6.61 | 5.90 | 8.21 | 7.53 | 7.52 | 8.38 | 8.48 | 9.16 |
| Dividends / share | 2.86 | 2.94 | 3.03 | 3.12 | 3.19 | 3.42 | 3.59 | 3.80 | 3.91 |
| Payout ratio | +57.91% | +80.77% | +67.24% | +816.25% | +47.04% | +84.72% | +83.29% | +81.40% | +79.31% |
| Retention ratio | +42.09% | +19.23% | +32.76% | -716.25% | +52.96% | +15.28% | +16.71% | +18.60% | +20.69% |
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 | — | -0.09% | -0.60% | +6.04% | +2.40% | +3.38% | +6.30% | +5.68% | +5.99% | +3.60% |
| Gross profit · YoY | — | +4.44% | -4.65% | +9.14% | +13.42% | -5.19% | +4.60% | +9.26% | +7.57% | +4.63% |
| Profit | ||||||||||
| Operating income · YoY | — | -26.09% | +3.75% | -78.15% | +611.01% | -35.01% | +1.84% | +4.98% | +9.08% | -1.27% |
| EBITDA · YoY | — | -21.86% | +18.57% | -57.76% | +144.02% | -14.75% | +6.40% | +3.01% | +6.34% | -0.65% |
| Net income · YoY | — | -26.23% | +23.37% | -91.53% | +1672.92% | -40.43% | +7.23% | +8.78% | +4.49% | -0.09% |
| Operating | ||||||||||
| EBIT · YoY | — | -27.27% | +15.62% | -78.64% | +549.07% | -32.89% | +4.34% | +9.62% | +3.94% | -0.90% |
| R&D · YoY | — | +8.17% | +14.89% | +3.31% | -3.72% | +11.18% | +6.17% | +1.39% | +6.97% | +5.91% |
| Per-share | ||||||||||
| EPS · diluted · YoY | — | -26.17% | +23.63% | -91.56% | +1684.21% | -96.14% | +3577.46% | +9.55% | +11.05% | +11.43% |
| EPS · basic · YoY | — | -26.21% | +24.04% | -91.63% | +1700.00% | -96.14% | +3533.78% | +9.21% | +11.78% | +11.35% |
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 | $26.7B | $25.23B | $24.99B | $26.71B | $24.59B | $26.82B | $29.36B | $30.44B | $32.44B |
| Net debt | $21.36B | $19.82B | $18.9B | $16.72B | $17.03B | $18.2B | $20.42B | $21.21B | $22.71B |
| Net debt / EBITDA | 1.89 | 2.24 | 1.80 | 3.77 | 1.57 | 1.97 | 2.08 | 2.10 | 2.11 |
| Debt / equity | 1.27 | 1.19 | 1.10 | 1.39 | 1.09 | 1.13 | 1.22 | 1.15 | 1.18 |
| Debt / assets | +39.29% | +39.94% | +40.22% | +45.28% | +41.67% | +40.98% | +44.00% | +42.88% | +41.36% |
| Equity / assets | +31.00% | +33.57% | +36.62% | +32.62% | +38.32% | +36.20% | +36.07% | +37.41% | +35.18% |
| Coverage | |||||||||
| EBITDA / interest expense | 11.32 | 9.47 | 11.12 | 4.54 | 10.57 | 8.95 | 8.69 | 8.33 | 8.48 |
| Operating income / interest | 9.91 | 7.84 | 8.06 | 1.70 | 11.54 | 7.46 | 6.93 | 6.77 | 7.07 |
| Interest expense | $1B | $935M | $944M | $977M | $1.02B | $1.03B | $1.13B | $1.21B | $1.27B |
| Liquidity | |||||||||
| Current ratio | 1.27 | 1.29 | 1.43 | 1.60 | 1.68 | — | — | — | — |
| Quick ratio | 0.95 | 0.99 | 1.06 | 1.33 | 1.31 | — | — | — | — |
| Cash ratio | 0.46 | 0.48 | 0.54 | 0.83 | 0.64 | — | — | — | — |
| Working capital | $3.16B | $3.21B | $4.81B | $7.17B | $8.07B | — | — | — | — |
| Working capital / revenue | +11.58% | +11.75% | +17.72% | +24.93% | +27.42% | — | — | — | — |
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).