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 | +32.04% | +33.37% | +32.07% | +35.91% | +30.95% | +33.84% | +32.75% | +32.82% | +33.22% |
| Operating margin | +5.02% | -10.66% | -18.38% | +6.67% | +9.18% | -0.83% | -0.82% | -0.83% | -0.84% |
| EBITDA margin | +15.43% | -0.88% | -8.68% | +13.92% | +7.15% | +4.21% | +4.12% | +4.22% | +4.18% |
| EBIT margin | +5.52% | -10.36% | -18.63% | +5.08% | -1.68% | -5.03% | -5.09% | -4.95% | -5.17% |
| Pre-tax margin | +3.04% | -13.06% | -21.94% | +2.42% | -3.78% | -7.92% | -7.90% | -7.73% | -7.96% |
| Net margin | +2.30% | -15.02% | -22.35% | +2.12% | -3.43% | -7.93% | -7.79% | -7.90% | -8.11% |
| Cost structure | |||||||||
| Cost of revenue / sales | +67.96% | +66.63% | +67.93% | +64.09% | +69.05% | +67.87% | +65.69% | +66.50% | +67.96% |
| R&D intensity | +5.40% | +4.85% | +5.54% | +5.84% | +6.37% | +6.09% | +6.09% | +5.95% | +5.86% |
| SG&A intensity | +15.01% | +14.21% | +15.57% | +17.37% | +15.39% | +16.24% | +16.00% | +16.12% | +15.88% |
| Effective tax rate | +21.19% | — | — | +11.15% | — | — | — | — | — |
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) | +1.26% | -10.53% | -17.52% | +1.75% | -2.64% | -6.26% | -6.17% | -6.31% | -6.32% |
| Return on assets (ROA) | +0.68% | -5.26% | -8.28% | +0.85% | -1.46% | -3.17% | -3.03% | -3.20% | -3.17% |
| Return on capital (ROC) | +1.75% | -4.50% | -8.29% | +3.26% | +4.80% | -0.40% | -0.40% | -0.40% | -0.40% |
| Return on invested capital (ROIC) | +0.80% | -3.37% | -6.21% | +1.03% | +3.60% | -0.30% | -0.30% | -0.30% | -0.30% |
| Asset turnover | +29.39% | +35.02% | +37.06% | +40.06% | +42.64% | +40.03% | +38.91% | +40.54% | +39.14% |
| DuPont · ROE decomposition | |||||||||
| Net margin | +2.30% | -15.02% | -22.35% | +2.12% | -3.43% | -7.93% | -7.79% | -7.90% | -8.11% |
| Asset turnover (× revenue / assets) | +29.39% | +35.02% | +37.06% | +40.06% | +42.64% | +40.03% | +38.91% | +40.54% | +39.14% |
| Equity multiplier (× assets / equity) | +186.87% | +200.19% | +211.57% | +206.07% | +180.03% | +197.13% | +203.50% | +197.02% | +199.09% |
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 | 0.29 | 0.35 | 0.37 | 0.40 | 0.43 | 0.40 | 0.39 | 0.41 | 0.39 |
| Fixed-asset turnover | 2.26 | 2.50 | 2.32 | 2.65 | 2.35 | — | — | — | — |
| Inventory turnover | 3.15 | 2.51 | 2.96 | 3.26 | 3.18 | — | — | — | — |
| Receivables turnover | 5.26 | 5.76 | 5.49 | 5.83 | 5.44 | — | — | — | — |
| Payables turnover | 5.17 | 5.85 | 5.66 | 5.74 | 5.84 | — | — | — | — |
| Days outstanding | |||||||||
| Days sales outstanding (DSO) | 69.36 | 63.35 | 66.49 | 62.58 | 67.07 | — | — | — | — |
| Days inventory outstanding (DIO) | 115.94 | 145.27 | 123.48 | 111.88 | 114.74 | — | — | — | — |
| Days payables outstanding (DPO) | 70.59 | 62.44 | 64.50 | 63.63 | 62.47 | — | — | — | — |
| Cash conversion cycle | 114.70 | 146.18 | 125.46 | 110.83 | 119.34 | — | — | — | — |
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 | 5.36 | -0.21 | -0.56 | 4.40 | -2.27 | -1.22 | -1.25 | -1.24 | -1.22 |
| FCF / Net income | 3.88 | 0.06 | -0.36 | 2.48 | -0.68 | -0.68 | -0.68 | -0.65 | -0.65 |
| FCF margin | +8.92% | -0.88% | +8.15% | +5.24% | +2.35% | +5.38% | +5.32% | +5.13% | +5.26% |
| OCF margin | +12.33% | +3.19% | +12.54% | +9.32% | +7.81% | +9.65% | +9.74% | +9.78% | +9.93% |
| CapEx / Revenue | +3.41% | +4.07% | +4.38% | +4.08% | +5.45% | +4.60% | +4.51% | +4.64% | +4.54% |
| CapEx / D&A | 0.34 | 0.43 | 0.44 | 0.46 | 0.62 | — | — | — | — |
| Stock-based comp / Revenue | +0.46% | +0.39% | +0.57% | +0.67% | 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 | 1.10 | -7.20 | -10.06 | 0.95 | -1.46 | 4.48 | 4.75 | 5.13 | 5.32 |
| EPS · basic | 1.10 | -7.20 | -10.06 | 0.95 | -1.46 | 4.44 | 4.70 | 5.17 | 5.25 |
| Book value / share | 87.33 | 69.58 | 57.42 | 54.34 | 55.41 | 53.71 | 53.06 | 55.47 | 59.58 |
| Tangible BV / share | -23.45 | -18.47 | -17.06 | -6.30 | -0.49 | 53.71 | 53.06 | 55.47 | 59.58 |
| Sales / share | 47.97 | 48.78 | 45.02 | 44.86 | 42.54 | 42.38 | 42.01 | 44.30 | 46.42 |
| Operating CF / share | 5.91 | 1.56 | 5.64 | 4.18 | 3.32 | 4.09 | 4.09 | 4.33 | 4.61 |
| Free cash flow / share | 4.28 | -0.43 | 3.67 | 2.35 | 1.00 | 2.28 | 2.23 | 2.27 | 2.44 |
| Dividends / share | 2.74 | 3.18 | 3.24 | 2.01 | 1.60 | 2.22 | 2.21 | 2.28 | 2.40 |
| Payout ratio | +248.88% | -43.36% | -32.20% | +211.52% | -109.36% | -66.00% | -67.41% | -65.27% | -63.75% |
| Retention ratio | -148.88% | +143.36% | +132.20% | -111.52% | +209.36% | +166.00% | +167.41% | +165.27% | +163.75% |
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 | — | +6.73% | -7.73% | +0.04% | -5.17% | -1.29% | +0.87% | +3.62% | +6.47% | +0.33% |
| Gross profit · YoY | — | +11.14% | -11.32% | +12.03% | -18.28% | +7.92% | -2.37% | +3.86% | +7.76% | +0.78% |
| Profit | ||||||||||
| Operating income · YoY | — | -326.67% | -59.13% | +136.30% | +30.55% | -108.94% | -0.03% | -4.47% | -7.58% | — |
| EBITDA · YoY | — | -106.11% | -805.45% | +260.44% | -51.25% | -41.86% | -1.31% | +6.05% | +5.49% | -14.79% |
| Net income · YoY | — | -797.01% | -37.31% | +109.47% | -253.91% | -127.87% | +0.89% | -5.03% | -9.37% | — |
| Operating | ||||||||||
| EBIT · YoY | — | -300.47% | -65.87% | +127.27% | -131.39% | -195.74% | -1.92% | -0.81% | -11.14% | — |
| R&D · YoY | — | -4.13% | +5.47% | +5.50% | +3.43% | -5.63% | +0.87% | +1.26% | +4.79% | +1.36% |
| Per-share | ||||||||||
| EPS · diluted · YoY | — | -754.55% | -39.72% | +109.44% | -253.68% | +406.80% | +6.15% | +7.96% | +3.59% | +21.77% |
| EPS · basic · YoY | — | -754.55% | -39.72% | +109.44% | -253.68% | +404.28% | +5.73% | +10.15% | +1.46% | +21.57% |
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 | $12.2B | $11.75B | $10.82B | $9.62B | $6.65B | $8.64B | $8.59B | $9.02B | $9.55B |
| Net debt | $11.49B | $11.26B | $10.12B | $9.15B | $6.06B | $8.08B | $8.04B | $8.42B | $8.94B |
| Net debt / EBITDA | 6.39 | -102.38 | -10.16 | 5.73 | 7.78 | 17.85 | 17.99 | 17.77 | 17.88 |
| Debt / equity | 0.57 | 0.66 | 0.74 | 0.69 | 0.47 | 0.63 | 0.63 | 0.64 | 0.62 |
| Debt / assets | +30.76% | +33.06% | +34.94% | +33.56% | +26.04% | +32.16% | +30.83% | +32.53% | +31.24% |
| Equity / assets | +53.51% | +49.95% | +47.27% | +48.53% | +55.55% | +50.73% | +49.14% | +50.76% | +50.23% |
| Coverage | |||||||||
| EBITDA / interest expense | 6.22 | -0.33 | -2.62 | 5.24 | 3.40 | 1.57 | 1.51 | 1.58 | 1.55 |
| Operating income / interest | 2.02 | -3.95 | -5.55 | 2.51 | 4.37 | -0.31 | -0.30 | -0.31 | -0.31 |
| Interest expense | $289M | $336M | $380M | $305M | $229M | $288.33M | $295.7M | $300.57M | $321.69M |
| Liquidity | |||||||||
| Current ratio | 1.92 | 1.99 | 1.67 | 1.84 | 1.42 | — | — | — | — |
| Quick ratio | 0.81 | 0.71 | 0.74 | 0.56 | 0.66 | — | — | — | — |
| Cash ratio | 0.20 | 0.13 | 0.19 | 0.11 | 0.15 | — | — | — | — |
| Working capital | $3.35B | $3.7B | $2.54B | $3.66B | $1.66B | — | — | — | — |
| Working capital / revenue | +28.77% | +29.77% | +22.08% | +31.87% | +15.25% | — | — | — | — |
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).