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 | +35.85% | +36.99% | +37.48% | +38.47% | +36.93% | +38.46% | +37.65% | +38.49% | +38.52% |
| Operating margin | +18.03% | +18.12% | +18.51% | +19.21% | +17.54% | +18.55% | +18.04% | +18.76% | +18.60% |
| EBITDA margin | +25.59% | +22.55% | +24.07% | +24.32% | +21.92% | +23.22% | +24.09% | +24.04% | +23.02% |
| EBIT margin | +22.03% | +19.15% | +21.02% | +21.00% | +18.21% | +20.24% | +20.20% | +20.29% | +20.59% |
| Pre-tax margin | +21.04% | +17.99% | +18.76% | +17.99% | +14.63% | +16.79% | +17.48% | +17.45% | +16.77% |
| Net margin | +16.11% | +14.00% | +17.14% | +16.43% | +12.63% | +15.42% | +15.33% | +15.01% | +15.68% |
| Cost structure | |||||||||
| Cost of revenue / sales | +64.15% | +63.01% | +62.52% | +61.53% | +63.07% | +60.62% | +62.31% | +61.30% | +63.95% |
| R&D intensity | +3.88% | +4.17% | +4.17% | +4.19% | +4.84% | +4.35% | +4.52% | +4.33% | +4.47% |
| SG&A intensity | +13.95% | +14.70% | +14.81% | +15.08% | +14.56% | +14.85% | +15.17% | +14.42% | +14.45% |
| Effective tax rate | +22.46% | +22.14% | +20.38% | +20.00% | +18.41% | +20.20% | +18.79% | +18.70% | +20.12% |
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) | +28.79% | +28.66% | +34.41% | +29.77% | +30.63% | +31.14% | +31.88% | +30.45% | +31.79% |
| Return on assets (ROA) | +8.60% | +7.97% | +9.20% | +7.59% | +6.38% | +7.81% | +7.51% | +7.58% | +7.88% |
| Return on capital (ROC) | +15.55% | +16.97% | +16.09% | +12.98% | +13.13% | +13.98% | +13.64% | +14.38% | +13.93% |
| Return on invested capital (ROIC) | +13.90% | +13.12% | +14.90% | +11.10% | +9.45% | +11.62% | +11.59% | +11.51% | +11.75% |
| Asset turnover | +53.35% | +56.95% | +53.65% | +46.17% | +50.52% | +50.65% | +48.98% | +50.48% | +50.28% |
| DuPont · ROE decomposition | |||||||||
| Net margin | +16.11% | +14.00% | +17.14% | +16.43% | +12.63% | +15.42% | +15.33% | +15.01% | +15.68% |
| Asset turnover (× revenue / assets) | +53.35% | +56.95% | +53.65% | +46.17% | +50.52% | +50.65% | +48.98% | +50.48% | +50.28% |
| Equity multiplier (× assets / equity) | +334.93% | +359.43% | +374.22% | +392.44% | +480.02% | +398.71% | +424.71% | +401.76% | +403.26% |
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 | 0.53 | 0.57 | 0.54 | 0.46 | 0.51 | 0.51 | 0.49 | 0.50 | 0.50 |
| Fixed-asset turnover | 6.18 | 6.48 | 5.83 | 5.60 | 8.09 | — | — | — | — |
| Inventory turnover | 4.29 | 4.04 | 3.34 | 3.32 | 3.83 | — | — | — | — |
| Receivables turnover | 5.04 | 4.77 | 4.38 | 4.44 | 4.91 | — | — | — | — |
| Payables turnover | 3.40 | 3.53 | 3.01 | 3.10 | 3.74 | — | — | — | — |
| Days outstanding | |||||||||
| Days sales outstanding (DSO) | 72.49 | 76.57 | 83.26 | 82.21 | 74.29 | — | — | — | — |
| Days inventory outstanding (DIO) | 85.01 | 90.45 | 109.27 | 110.08 | 95.25 | — | — | — | — |
| Days payables outstanding (DPO) | 107.28 | 103.37 | 121.14 | 117.57 | 97.61 | — | — | — | — |
| Cash conversion cycle | 50.22 | 63.65 | 71.40 | 74.72 | 71.93 | — | — | — | — |
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 | 1.09 | 1.06 | 0.94 | 1.07 | 1.35 | 1.07 | 1.09 | 1.12 | 1.09 |
| FCF / Net income | 0.93 | 0.91 | 0.76 | 0.86 | 1.14 | 0.88 | 0.91 | 0.92 | 0.88 |
| FCF margin | +14.95% | +12.71% | +13.03% | +14.21% | +14.40% | +13.58% | +13.90% | +13.83% | +13.84% |
| OCF margin | +17.56% | +14.87% | +16.18% | +17.56% | +17.04% | +16.51% | +16.68% | +16.88% | +17.02% |
| CapEx / Revenue | +2.60% | +2.16% | +3.15% | +3.35% | +2.63% | +2.96% | +3.07% | +3.01% | +2.97% |
| CapEx / D&A | 0.73 | 0.64 | 0.88 | 0.87 | 0.71 | — | — | — | — |
| Stock-based comp / Revenue | +0.63% | +0.53% | +0.61% | +0.56% | 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 | 7.91 | 7.27 | 8.47 | 8.71 | 7.36 | 10.51 | 11.47 | 12.60 | 14.00 |
| EPS · basic | 8.01 | 7.33 | 8.53 | 8.76 | 7.40 | 10.72 | 11.69 | 12.49 | 14.19 |
| Book value / share | 27.48 | 25.36 | 24.60 | 29.24 | 24.02 | 30.58 | 31.34 | 34.05 | 35.78 |
| Tangible BV / share | -3.03 | -4.97 | -7.24 | -14.22 | -19.25 | 30.58 | 31.34 | 34.05 | 35.78 |
| Sales / share | 49.10 | 51.92 | 49.40 | 52.98 | 58.25 | 61.74 | 65.18 | 69.06 | 72.54 |
| Operating CF / share | 8.62 | 7.72 | 7.99 | 9.30 | 9.92 | 10.20 | 10.87 | 11.66 | 12.35 |
| Free cash flow / share | 7.34 | 6.60 | 6.44 | 7.53 | 8.39 | 8.38 | 9.06 | 9.55 | 10.04 |
| Dividends / share | 3.75 | 3.98 | 4.27 | 4.43 | 4.63 | 5.29 | 5.52 | 5.73 | 6.19 |
| Payout ratio | +47.38% | +54.75% | +50.46% | +50.87% | +62.93% | +55.56% | +55.30% | +55.28% | +54.45% |
| Retention ratio | +52.62% | +45.25% | +49.54% | +49.13% | +37.07% | +44.44% | +44.70% | +44.72% | +45.55% |
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 | — | +3.12% | -6.93% | +5.17% | +7.85% | +5.21% | +5.98% | +5.42% | +6.39% | +3.93% |
| Gross profit · YoY | — | +6.39% | -5.69% | +7.96% | +3.53% | +9.55% | +3.76% | +7.78% | +6.46% | +4.87% |
| Profit | ||||||||||
| Operating income · YoY | — | +3.66% | -4.93% | +9.13% | -1.51% | +11.27% | +3.07% | +9.63% | +5.44% | +4.34% |
| EBITDA · YoY | — | -9.14% | -0.66% | +6.29% | -2.79% | +11.42% | +9.97% | +5.21% | +1.89% | +2.57% |
| Net income · YoY | — | -10.39% | +13.93% | +0.83% | -17.11% | +28.44% | +5.34% | +3.28% | +11.12% | +3.58% |
| Operating | ||||||||||
| EBIT · YoY | — | -10.36% | +2.16% | +5.07% | -6.47% | +16.92% | +5.75% | +5.89% | +7.96% | +3.05% |
| R&D · YoY | — | +10.88% | -6.97% | +5.75% | +24.62% | -5.44% | +10.21% | +0.96% | +9.83% | +5.81% |
| Per-share | ||||||||||
| EPS · diluted · YoY | — | -8.09% | +16.51% | +2.83% | -15.50% | +42.83% | +9.12% | +9.81% | +11.15% | +7.40% |
| EPS · basic · YoY | — | -8.49% | +16.37% | +2.70% | -15.53% | +44.83% | +9.09% | +6.84% | +13.60% | +7.41% |
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 | $20.63B | $20.54B | $21.54B | $32.23B | $34.58B | $32.75B | $35.15B | $35.72B | $39.4B |
| Net debt | $9.67B | $10.91B | $13.61B | $21.66B | $22.09B | $21.37B | $22.93B | $23.2B | $25.42B |
| Net debt / EBITDA | 1.10 | 1.36 | 1.71 | 2.56 | 2.69 | 2.34 | 2.28 | 2.19 | 2.36 |
| Debt / equity | 1.07 | 1.19 | 1.31 | 1.68 | 2.24 | 1.68 | 1.75 | 1.65 | 1.71 |
| Debt / assets | +32.00% | +32.98% | +35.00% | +42.85% | +46.66% | +42.11% | +41.23% | +40.97% | +42.31% |
| Equity / assets | +29.86% | +27.82% | +26.72% | +25.48% | +20.83% | +25.08% | +23.55% | +24.89% | +24.80% |
| Coverage | |||||||||
| EBITDA / interest expense | 25.66 | 19.32 | 10.61 | 8.06 | 6.11 | 8.06 | 8.28 | 8.34 | 7.84 |
| Operating income / interest | 18.08 | 15.52 | 8.16 | 6.36 | 4.89 | 6.44 | 6.20 | 6.51 | 6.33 |
| Interest expense | $343M | $414M | $749M | $1.05B | $1.34B | $1.13B | $1.21B | $1.27B | $1.38B |
| Liquidity | |||||||||
| Current ratio | 1.30 | 1.25 | 1.27 | 1.31 | 1.32 | — | — | — | — |
| Quick ratio | 0.94 | 0.88 | 0.84 | 0.88 | 0.88 | — | — | — | — |
| Cash ratio | 0.56 | 0.48 | 0.43 | 0.50 | 0.53 | — | — | — | — |
| Working capital | $5.86B | $5.04B | $4.96B | $6.65B | $7.41B | — | — | — | — |
| Working capital / revenue | +17.05% | +14.22% | +15.04% | +19.16% | +19.79% | — | — | — | — |
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).