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 |
|---|---|---|---|---|---|---|---|---|
| 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 |
|---|---|---|---|---|---|---|---|---|
| Margins | ||||||||
| Gross margin | +61.05% | +60.94% | +59.87% | +59.04% | +3.69% | +41.39% | +40.72% | +39.64% |
| Operating margin | +27.59% | +29.12% | +28.76% | +28.30% | +27.15% | +28.66% | +28.60% | +27.94% |
| EBITDA margin | +58.98% | +59.29% | +62.85% | +58.64% | +53.93% | +58.75% | +56.80% | +58.15% |
| EBIT margin | +29.32% | +30.78% | +35.13% | +31.37% | +26.56% | +31.41% | +31.63% | +30.58% |
| Pre-tax margin | +13.16% | +17.19% | +21.42% | +17.39% | +13.62% | +17.15% | +17.29% | +17.76% |
| Net margin | +13.09% | +17.13% | +21.36% | +17.33% | +21.54% | +19.78% | +20.03% | +19.57% |
| Cost structure | ||||||||
| Cost of revenue / sales | +38.95% | +39.06% | +40.13% | +40.96% | +96.31% | +57.48% | +60.55% | +57.97% |
| R&D intensity | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
| SG&A intensity | +3.80% | +3.31% | +3.39% | +3.46% | +3.49% | +3.45% | +3.53% | +3.52% |
| Effective tax rate | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
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 |
|---|---|---|---|---|---|---|---|---|
| Returns | ||||||||
| Return on equity (ROE) | +2.66% | +3.71% | +5.10% | +4.64% | +6.14% | +5.18% | +5.12% | +5.04% |
| Return on assets (ROA) | +1.41% | +2.07% | +2.70% | +2.43% | +3.15% | +2.71% | +2.69% | +2.64% |
| Return on capital (ROC) | +3.09% | +3.60% | +3.73% | +4.12% | +4.13% | +4.06% | +4.02% | +3.92% |
| Return on invested capital (ROIC) | +1.47% | +2.12% | +2.77% | +2.52% | +3.28% | +2.80% | +2.81% | +2.74% |
| Asset turnover | +10.77% | +12.07% | +12.65% | +14.00% | +14.61% | +13.72% | +13.45% | +13.47% |
| DuPont · ROE decomposition | ||||||||
| Net margin | +13.09% | +17.13% | +21.36% | +17.33% | +21.54% | +19.78% | +20.03% | +19.57% |
| Asset turnover (× revenue / assets) | +10.77% | +12.07% | +12.65% | +14.00% | +14.61% | +13.72% | +13.45% | +13.47% |
| Equity multiplier (× assets / equity) | +188.42% | +179.56% | +188.62% | +190.97% | +195.24% | +190.84% | +190.10% | +190.94% |
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 |
|---|---|---|---|---|---|---|---|---|
| Turnover | ||||||||
| Asset turnover | 0.11 | 0.12 | 0.13 | 0.14 | 0.15 | 0.14 | 0.13 | 0.13 |
| Fixed-asset turnover | 59.48 | 54.56 | 54.04 | 36.61 | 26.61 | — | — | — |
| Inventory turnover | — | — | — | — | — | — | — | — |
| Receivables turnover | 53.28 | 41.38 | 40.00 | 42.77 | 45.53 | — | — | — |
| Payables turnover | — | — | — | — | — | — | — | — |
| Days outstanding | ||||||||
| Days sales outstanding (DSO) | 6.85 | 8.82 | 9.13 | 8.53 | 8.02 | — | — | — |
| Days inventory outstanding (DIO) | — | — | — | — | — | — | — | — |
| Days payables outstanding (DPO) | — | — | — | — | — | — | — | — |
| Cash conversion cycle | 6.85 | 8.82 | 9.13 | 8.53 | 8.02 | — | — | — |
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 |
|---|---|---|---|---|---|---|---|---|
| Operating CF / Net income | 3.47 | 2.67 | 2.13 | 2.38 | 2.05 | 2.19 | 2.22 | 2.22 |
| FCF / Net income | 2.85 | 2.13 | 1.71 | 1.90 | 1.64 | 1.81 | 1.78 | 1.79 |
| FCF margin | +37.30% | +36.44% | +36.43% | +32.93% | +35.30% | +35.74% | +35.66% | +34.97% |
| OCF margin | +45.46% | +45.73% | +45.52% | +41.31% | +44.20% | +43.24% | +44.43% | +43.40% |
| CapEx / Revenue | +8.16% | +9.30% | +9.09% | +8.38% | +8.89% | +9.02% | +8.71% | +8.60% |
| CapEx / D&A | 0.27 | 0.33 | 0.33 | 0.31 | 0.32 | — | — | — |
| Stock-based comp / Revenue | +1.36% | +1.29% | +1.21% | +1.07% | +1.02% | — | — | — |
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 |
|---|---|---|---|---|---|---|---|---|
| EPS · diluted | 0.45 | 0.63 | 0.85 | 0.74 | 0.96 | 0.77 | 0.73 | 0.80 |
| EPS · basic | 0.45 | 0.63 | 0.85 | 0.74 | 0.96 | 0.78 | 0.74 | 0.81 |
| Book value / share | 16.99 | 16.89 | 16.62 | 15.96 | 15.60 | 17.66 | 18.75 | 19.19 |
| Tangible BV / share | 16.54 | 16.47 | 16.20 | 15.54 | 15.18 | 17.66 | 18.75 | 19.19 |
| Sales / share | 3.45 | 3.66 | 3.97 | 4.27 | 4.45 | 4.62 | 4.79 | 4.94 |
| Operating CF / share | 1.57 | 1.67 | 1.81 | 1.76 | 1.97 | 2.00 | 2.13 | 2.14 |
| Free cash flow / share | 1.29 | 1.33 | 1.44 | 1.41 | 1.57 | 1.65 | 1.71 | 1.73 |
| Dividends / share | 0.68 | 0.88 | 1.04 | 1.12 | 1.16 | 1.18 | 1.22 | 1.31 |
| Payout ratio | +150.64% | +140.62% | +122.84% | +151.84% | +121.25% | +129.01% | +127.20% | +135.88% |
| Retention ratio | -50.64% | -40.62% | -22.84% | -51.84% | -21.25% | -29.01% | -27.20% | -35.88% |
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 | 7y CAGR |
|---|---|---|---|---|---|---|---|---|---|
| Top-line | |||||||||
| Revenue · YoY | — | +12.10% | +8.68% | +7.67% | +4.21% | +4.47% | +2.34% | +4.02% | +6.17% |
| Gross profit · YoY | — | +11.89% | +6.77% | +6.18% | -93.49% | +1071.90% | +0.66% | +1.27% | -0.18% |
| Profit | |||||||||
| Operating income · YoY | — | +18.30% | +7.34% | +5.97% | -0.04% | +10.30% | +2.12% | +1.62% | +6.36% |
| EBITDA · YoY | — | +12.69% | +15.20% | +0.46% | -4.16% | +13.80% | -1.05% | +6.49% | +5.95% |
| Net income · YoY | — | +46.63% | +35.52% | -12.62% | +29.52% | -4.09% | +3.67% | +1.63% | +12.44% |
| Operating | |||||||||
| EBIT · YoY | — | +17.67% | +24.04% | -3.87% | -11.74% | +23.53% | +3.06% | +0.55% | +6.80% |
| R&D · YoY | — | — | — | — | — | — | — | — | — |
| Per-share | |||||||||
| EPS · diluted · YoY | — | +40.00% | +34.92% | -12.94% | +29.73% | -19.51% | -5.10% | +9.42% | +8.61% |
| EPS · basic · YoY | — | +40.00% | +34.92% | -12.94% | +29.73% | -18.40% | -5.07% | +9.35% | +8.82% |
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 |
|---|---|---|---|---|---|---|---|---|
| Leverage | ||||||||
| Total debt | $8B | $7.77B | $8.55B | $8.2B | $8.38B | $9.22B | $9.36B | $9.86B |
| Net debt | $7.39B | $7.51B | $7.85B | $8.03B | $8.25B | $8.84B | $8.98B | $9.46B |
| Net debt / EBITDA | 6.27 | 5.66 | 5.13 | 5.23 | 5.60 | 5.28 | 5.42 | 5.36 |
| Debt / equity | 0.81 | 0.75 | 0.84 | 0.84 | 0.88 | 0.85 | 0.82 | 0.84 |
| Debt / assets | +43.15% | +41.91% | +44.46% | +43.86% | +44.86% | +44.37% | +43.14% | +43.78% |
| Equity / assets | +53.07% | +55.69% | +53.02% | +52.36% | +51.22% | +52.40% | +52.60% | +52.37% |
| Coverage | ||||||||
| EBITDA / interest expense | 3.65 | 4.36 | 4.58 | 4.20 | 4.17 | 4.22 | 4.32 | 4.39 |
| Operating income / interest | 1.71 | 2.14 | 2.10 | 2.02 | 2.10 | 2.06 | 2.17 | 2.11 |
| Interest expense | $322.66M | $304.09M | $333.46M | $366.07M | $353.33M | $396.86M | $383.74M | $401.64M |
| Liquidity | ||||||||
| Current ratio | 5.06 | 3.41 | 5.71 | 0.82 | 1.52 | — | — | — |
| Quick ratio | 3.34 | 1.60 | 3.80 | 0.29 | 0.51 | — | — | — |
| Cash ratio | 3.15 | 1.32 | 3.49 | 0.21 | 0.35 | — | — | — |
| Working capital | $786.45M | $479.12M | $943.83M | -$143.51M | $193.72M | — | — | — |
| Working capital / revenue | +39.39% | +21.41% | +38.80% | -5.48% | +7.10% | — | — | — |
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).