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 | +40.35% | +39.98% | +41.46% | +43.65% | +44.10% | +43.78% | +43.90% | +43.46% | +43.58% |
| Operating margin | +24.05% | +23.79% | +25.08% | +26.82% | +26.28% | +25.99% | +26.59% | +25.46% | +25.62% |
| EBITDA margin | +27.24% | +27.96% | +27.84% | +32.12% | +28.98% | +30.11% | +29.06% | +29.33% | +28.79% |
| EBIT margin | +24.41% | +25.39% | +25.39% | +29.59% | +26.54% | +26.72% | +27.33% | +27.28% | +26.83% |
| Pre-tax margin | +23.01% | +24.11% | +23.74% | +27.81% | +24.72% | +25.53% | +24.77% | +24.85% | +25.89% |
| Net margin | +18.64% | +19.04% | +18.36% | +21.94% | +19.11% | +19.88% | +20.30% | +19.97% | +19.48% |
| Cost structure | |||||||||
| Cost of revenue / sales | +59.65% | +60.02% | +58.54% | +56.35% | +55.90% | +55.77% | +58.41% | +56.24% | +57.44% |
| R&D intensity | +1.65% | +1.69% | +1.76% | +1.84% | 0.00% | +1.19% | +1.21% | +1.18% | +1.17% |
| SG&A intensity | +14.65% | +14.50% | +14.61% | +14.99% | +17.32% | +15.55% | +15.20% | +15.33% | +15.21% |
| Effective tax rate | +19.00% | +21.03% | +22.65% | +21.12% | +22.69% | +21.84% | +22.84% | +22.20% | +21.94% |
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) | +74.30% | +98.22% | +98.14% | +105.16% | +95.04% | +99.82% | +100.19% | +98.11% | +98.29% |
| Return on assets (ROA) | +16.76% | +19.67% | +19.06% | +23.15% | +18.99% | +20.23% | +20.55% | +20.67% | +20.29% |
| Return on capital (ROC) | +30.22% | +34.34% | +35.49% | +37.42% | +34.57% | +36.42% | +36.98% | +35.19% | +34.90% |
| Return on invested capital (ROIC) | +23.41% | +27.49% | +25.98% | +30.61% | +25.14% | +27.86% | +28.22% | +27.61% | +26.55% |
| Asset turnover | +89.91% | +103.31% | +103.80% | +105.52% | +99.36% | +101.77% | +101.23% | +103.50% | +104.12% |
| DuPont · ROE decomposition | |||||||||
| Net margin | +18.64% | +19.04% | +18.36% | +21.94% | +19.11% | +19.88% | +20.30% | +19.97% | +19.48% |
| Asset turnover (× revenue / assets) | +89.91% | +103.31% | +103.80% | +105.52% | +99.36% | +101.77% | +101.23% | +103.50% | +104.12% |
| Equity multiplier (× assets / equity) | +443.38% | +499.26% | +515.03% | +454.24% | +500.56% | +493.37% | +487.66% | +474.68% | +484.51% |
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 | 0.90 | 1.03 | 1.04 | 1.06 | 0.99 | 1.02 | 1.01 | 1.04 | 1.04 |
| Fixed-asset turnover | 7.99 | 8.62 | 7.24 | 6.91 | 7.19 | — | — | — | — |
| Inventory turnover | 5.09 | 4.66 | 5.52 | 5.58 | 5.41 | — | — | — | — |
| Receivables turnover | 4.91 | 4.87 | 4.95 | 5.14 | 4.97 | — | — | — | — |
| Payables turnover | 14.74 | 16.10 | 16.23 | 17.26 | 17.18 | — | — | — | — |
| Days outstanding | |||||||||
| Days sales outstanding (DSO) | 74.29 | 74.98 | 73.67 | 71.08 | 73.41 | — | — | — | — |
| Days inventory outstanding (DIO) | 71.71 | 78.40 | 66.08 | 65.39 | 67.51 | — | — | — | — |
| Days payables outstanding (DPO) | 24.77 | 22.67 | 22.49 | 21.14 | 21.24 | — | — | — | — |
| Cash conversion cycle | 121.24 | 130.71 | 117.26 | 115.33 | 119.69 | — | — | — | — |
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 | 0.95 | 0.77 | 1.20 | 0.94 | 1.02 | 1.02 | 1.00 | 1.06 | 1.08 |
| FCF / Net income | 0.84 | 0.64 | 1.04 | 0.82 | 0.88 | 0.90 | 0.89 | 0.88 | 0.91 |
| FCF margin | +15.64% | +12.15% | +19.15% | +17.89% | +16.87% | +17.93% | +18.04% | +17.57% | +17.64% |
| OCF margin | +17.69% | +14.74% | +21.97% | +20.64% | +19.48% | +20.34% | +20.35% | +21.24% | +21.07% |
| CapEx / Revenue | +2.05% | +2.59% | +2.82% | +2.75% | +2.61% | +2.79% | +2.78% | +2.78% | +2.74% |
| CapEx / D&A | 0.72 | 1.00 | 1.15 | 1.09 | 1.06 | — | — | — | — |
| Stock-based comp / Revenue | +0.37% | +0.40% | +0.43% | +0.38% | 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 | 8.51 | 9.77 | 9.74 | 11.71 | 10.49 | 11.30 | 12.09 | 12.82 | 13.51 |
| EPS · basic | 8.55 | 9.80 | 9.77 | 11.75 | 10.52 | 11.30 | 12.15 | 12.80 | 13.38 |
| Book value / share | 11.46 | 9.94 | 9.92 | 11.14 | 11.04 | 11.36 | 11.95 | 12.29 | 12.65 |
| Tangible BV / share | -7.30 | -8.18 | -8.41 | -7.10 | -8.43 | 11.36 | 11.95 | 12.29 | 12.65 |
| Sales / share | 45.69 | 51.28 | 53.05 | 53.38 | 54.89 | 57.02 | 59.00 | 60.36 | 63.81 |
| Operating CF / share | 8.08 | 7.56 | 11.66 | 11.02 | 10.69 | 11.60 | 12.01 | 12.82 | 13.45 |
| Free cash flow / share | 7.15 | 6.23 | 10.16 | 9.55 | 9.26 | 10.22 | 10.64 | 10.60 | 11.25 |
| Dividends / share | 4.62 | 4.96 | 5.32 | 5.69 | 6.11 | 5.97 | 6.17 | 6.45 | 6.72 |
| Payout ratio | +54.31% | +50.82% | +54.62% | +48.60% | +58.22% | +52.68% | +51.51% | +53.53% | +54.07% |
| Retention ratio | +45.69% | +49.18% | +45.38% | +51.40% | +41.78% | +47.32% | +48.49% | +46.47% | +45.93% |
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 | — | +10.22% | +1.10% | -1.30% | +0.92% | +3.52% | +3.55% | +3.18% | +4.23% | +3.13% |
| Gross profit · YoY | — | +9.19% | +4.85% | +3.91% | +1.96% | +2.78% | +3.84% | +2.13% | +4.52% | +4.13% |
| Profit | ||||||||||
| Operating income · YoY | — | +9.00% | +6.60% | +5.54% | -1.13% | +2.38% | +5.97% | -1.23% | +4.88% | +3.94% |
| EBITDA · YoY | — | +13.13% | +0.65% | +13.89% | -8.95% | +7.56% | -0.06% | +4.13% | +2.31% | +3.84% |
| Net income · YoY | — | +12.62% | -2.54% | +17.96% | -12.10% | +7.70% | +5.72% | +1.52% | +1.70% | +3.70% |
| Operating | ||||||||||
| EBIT · YoY | — | +14.65% | +1.09% | +15.06% | -9.50% | +4.24% | +5.92% | +2.98% | +2.50% | +4.36% |
| R&D · YoY | — | +12.55% | +5.58% | +2.82% | -100.00% | — | +5.38% | +0.64% | +3.90% | -1.18% |
| Per-share | ||||||||||
| EPS · diluted · YoY | — | +14.81% | -0.31% | +20.23% | -10.42% | +7.75% | +6.96% | +6.03% | +5.39% | +5.95% |
| EPS · basic · YoY | — | +14.62% | -0.31% | +20.27% | -10.47% | +7.41% | +7.55% | +5.32% | +4.58% | +5.76% |
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 | $7.88B | $7.95B | $8.37B | $8.08B | $8.97B | $8.54B | $8.88B | $9.23B | $9.91B |
| Net debt | $6.35B | $7.24B | $7.31B | $7.13B | $8.12B | $7.55B | $7.87B | $8.17B | $8.82B |
| Net debt / EBITDA | 1.61 | 1.63 | 1.63 | 1.40 | 1.75 | 1.51 | 1.57 | 1.57 | 1.66 |
| Debt / equity | 2.17 | 2.57 | 2.78 | 2.44 | 2.78 | 2.58 | 2.55 | 2.55 | 2.70 |
| Debt / assets | +49.02% | +51.54% | +53.94% | +53.61% | +55.54% | +52.34% | +52.29% | +53.80% | +55.77% |
| Equity / assets | +22.55% | +20.03% | +19.42% | +22.01% | +19.98% | +20.27% | +20.51% | +21.07% | +20.64% |
| Coverage | |||||||||
| EBITDA / interest expense | 19.50 | 21.95 | 16.86 | 18.05 | 15.92 | 17.12 | 16.56 | 16.32 | 15.98 |
| Operating income / interest | 17.21 | 18.67 | 15.19 | 15.07 | 14.44 | 14.78 | 15.15 | 14.16 | 14.22 |
| Interest expense | $202M | $203M | $266M | $283M | $292M | $292.06M | $301.91M | $318.96M | $333.15M |
| Liquidity | |||||||||
| Current ratio | 1.84 | 1.41 | 1.33 | 1.36 | 1.21 | — | — | — | — |
| Quick ratio | 1.29 | 0.89 | 0.92 | 0.94 | 0.80 | — | — | — | — |
| Cash ratio | 0.44 | 0.16 | 0.23 | 0.22 | 0.17 | — | — | — | — |
| Working capital | $2.9B | $1.81B | $1.56B | $1.55B | $1.07B | — | — | — | — |
| Working capital / revenue | +20.09% | +11.36% | +9.69% | +9.74% | +6.69% | — | — | — | — |
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).