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 | +42.41% | +40.64% | +43.06% | +44.71% | +40.10% | +41.48% | +42.96% | +42.03% | +43.11% |
| Operating margin | +21.67% | +22.07% | +23.42% | +22.26% | +23.50% | +22.95% | +22.94% | +22.58% | +23.24% |
| EBITDA margin | +42.00% | +40.14% | +44.13% | +45.14% | +46.29% | +45.26% | +44.95% | +45.42% | +46.29% |
| EBIT margin | +24.09% | +24.19% | +27.34% | +25.75% | +26.89% | +26.33% | +26.75% | +25.90% | +27.45% |
| Pre-tax margin | +16.35% | +16.84% | +17.56% | +14.47% | +15.15% | +15.42% | +15.66% | +15.79% | +15.48% |
| Net margin | +18.37% | +16.31% | +17.46% | +17.33% | +18.57% | +18.28% | +17.52% | +17.80% | +18.09% |
| Cost structure | |||||||||
| Cost of revenue / sales | +57.59% | +59.36% | +56.94% | +55.29% | +59.90% | +55.70% | +59.02% | +58.96% | +58.84% |
| R&D intensity | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
| SG&A intensity | 0.00% | +0.64% | +0.65% | 0.00% | 0.00% | +0.22% | +0.21% | +0.22% | +0.22% |
| Effective tax rate | -12.33% | +3.11% | +0.57% | -19.79% | -22.54% | +0.57% | +0.58% | +0.57% | +0.57% |
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) | +11.25% | +10.93% | +10.37% | +9.85% | +11.04% | +10.98% | +10.24% | +10.41% | +10.67% |
| Return on assets (ROA) | +3.63% | +3.40% | +3.31% | +3.04% | +3.14% | +3.16% | +3.20% | +3.15% | +3.18% |
| Return on capital (ROC) | +5.73% | +6.19% | +5.79% | +5.09% | +5.21% | +5.34% | +5.24% | +5.26% | +5.49% |
| Return on invested capital (ROIC) | +4.86% | +4.58% | +4.32% | +3.96% | +4.12% | +4.25% | +4.00% | +4.14% | +4.27% |
| Asset turnover | +19.78% | +20.86% | +18.96% | +17.53% | +16.90% | +17.27% | +18.25% | +17.69% | +17.58% |
| DuPont · ROE decomposition | |||||||||
| Net margin | +18.37% | +16.31% | +17.46% | +17.33% | +18.57% | +18.28% | +17.52% | +17.80% | +18.09% |
| Asset turnover (× revenue / assets) | +19.78% | +20.86% | +18.96% | +17.53% | +16.90% | +17.27% | +18.25% | +17.69% | +17.58% |
| Equity multiplier (× assets / equity) | +309.73% | +321.27% | +313.37% | +324.30% | +351.99% | +348.01% | +320.28% | +330.54% | +335.54% |
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 | 0.20 | 0.21 | 0.19 | 0.18 | 0.17 | 0.17 | 0.18 | 0.18 | 0.18 |
| Fixed-asset turnover | 0.24 | 0.26 | 0.23 | 0.21 | 0.21 | — | — | — | — |
| Inventory turnover | 8.59 | 7.68 | 6.69 | 7.46 | 9.07 | — | — | — | — |
| Receivables turnover | 16.23 | 12.70 | 15.55 | 15.08 | 9.16 | — | — | — | — |
| Payables turnover | 4.85 | 3.30 | 3.75 | 4.14 | 5.25 | — | — | — | — |
| Days outstanding | |||||||||
| Days sales outstanding (DSO) | 22.48 | 28.73 | 23.48 | 24.20 | 39.83 | — | — | — | — |
| Days inventory outstanding (DIO) | 42.49 | 47.53 | 54.60 | 48.92 | 40.23 | — | — | — | — |
| Days payables outstanding (DPO) | 75.31 | 110.55 | 97.26 | 88.22 | 69.56 | — | — | — | — |
| Cash conversion cycle | -10.34 | -34.30 | -19.18 | -15.10 | 10.50 | — | — | — | — |
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 | 0.86 | 0.71 | 1.23 | 1.69 | 1.44 | 1.44 | 1.50 | 1.42 | 1.43 |
| FCF / Net income | -0.87 | -1.45 | -1.40 | -1.57 | -1.62 | -1.45 | -1.55 | -1.49 | -1.50 |
| FCF margin | -16.00% | -23.73% | -24.51% | -27.18% | -30.12% | -26.59% | -27.11% | -26.60% | -27.06% |
| OCF margin | +15.86% | +11.56% | +21.53% | +29.31% | +26.80% | +26.28% | +26.24% | +25.31% | +25.82% |
| CapEx / Revenue | +31.86% | +35.29% | +46.04% | +56.49% | +56.92% | +53.98% | +54.46% | +54.26% | +53.78% |
| CapEx / D&A | 1.78 | 2.21 | 2.74 | 2.84 | 2.93 | — | — | — | — |
| Stock-based comp / Revenue | 0.00% | 0.00% | 0.00% | 0.00% | 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 | 2.63 | 2.73 | 2.78 | 2.69 | 3.14 | 3.42 | 3.68 | 4.03 | 4.36 |
| EPS · basic | 2.63 | 2.73 | 2.78 | 2.69 | 3.15 | 3.42 | 3.68 | 4.01 | 4.41 |
| Book value / share | 23.89 | 24.98 | 26.75 | 27.27 | 28.45 | 28.54 | 30.45 | 32.09 | 33.87 |
| Tangible BV / share | 23.89 | 24.98 | 26.75 | 27.27 | 28.45 | 28.54 | 30.45 | 32.09 | 33.87 |
| Sales / share | 14.64 | 16.74 | 15.90 | 15.50 | 16.92 | 17.15 | 17.80 | 18.76 | 19.98 |
| Operating CF / share | 2.32 | 1.93 | 3.42 | 4.54 | 4.53 | 4.51 | 4.67 | 4.75 | 5.16 |
| Free cash flow / share | -2.34 | -3.97 | -3.90 | -4.21 | -5.10 | -4.56 | -4.82 | -4.99 | -5.41 |
| Dividends / share | 1.61 | 1.70 | 1.80 | 1.92 | 2.02 | 2.08 | 2.09 | 2.27 | 2.40 |
| Payout ratio | +59.79% | +62.39% | +64.86% | +71.30% | +64.32% | +66.27% | +67.08% | +68.05% | +66.38% |
| Retention ratio | +40.21% | +37.61% | +35.14% | +28.70% | +35.68% | +33.73% | +32.92% | +31.95% | +33.62% |
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 | — | +14.61% | -4.23% | -1.14% | +9.57% | +0.97% | +4.32% | +6.28% | +4.80% | +4.25% |
| Gross profit · YoY | — | +9.83% | +1.46% | +2.65% | -1.74% | +4.46% | +8.04% | +3.98% | +7.49% | +4.46% |
| Profit | ||||||||||
| Operating income · YoY | — | +16.73% | +1.62% | -6.04% | +15.69% | -1.40% | +4.27% | +4.62% | +7.86% | +5.16% |
| EBITDA · YoY | — | +9.54% | +5.27% | +1.13% | +12.35% | -1.26% | +3.60% | +7.40% | +6.80% | +5.52% |
| Net income · YoY | — | +1.78% | +2.48% | -1.85% | +17.39% | -0.61% | -0.01% | +7.98% | +6.50% | +4.05% |
| Operating | ||||||||||
| EBIT · YoY | — | +15.05% | +8.26% | -6.90% | +14.44% | -1.13% | +6.00% | +2.88% | +11.08% | +5.96% |
| R&D · YoY | — | — | — | — | — | — | — | — | — | — |
| Per-share | ||||||||||
| EPS · diluted · YoY | — | +3.80% | +1.83% | -3.24% | +16.73% | +8.92% | +7.71% | +9.39% | +8.32% | +6.54% |
| EPS · basic · YoY | — | +3.80% | +1.83% | -3.24% | +17.10% | +8.46% | +7.57% | +9.09% | +9.87% | +6.66% |
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 | $8.72B | $9.51B | $10.41B | $12.35B | $11.6B | $12.24B | $12.63B | $12.99B |
| Net debt | $7.84B | $8.7B | $9.45B | $10.33B | $11.79B | $11.36B | $11.99B | $12.36B | $12.71B |
| Net debt / EBITDA | 5.09 | 5.15 | 5.32 | 5.75 | 5.84 | 5.70 | 5.81 | 5.57 | 5.37 |
| Debt / equity | 1.32 | 1.39 | 1.40 | 1.49 | 1.68 | 1.58 | 1.56 | 1.51 | 1.50 |
| Debt / assets | +42.49% | +43.24% | +44.78% | +45.81% | +47.82% | +45.46% | +48.61% | +45.74% | +44.63% |
| Equity / assets | +32.29% | +31.13% | +31.91% | +30.84% | +28.41% | +28.73% | +31.22% | +30.25% | +29.80% |
| Coverage | |||||||||
| EBITDA / interest expense | 5.43 | 5.19 | 4.51 | 4.00 | 3.94 | 4.21 | 4.22 | 4.18 | 4.36 |
| Operating income / interest | 2.80 | 2.86 | 2.39 | 1.97 | 2.00 | 2.13 | 2.15 | 2.08 | 2.19 |
| Interest expense | $284M | $325M | $394M | $449M | $512M | $473.68M | $489.02M | $530.21M | $542.84M |
| Liquidity | |||||||||
| Current ratio | 0.52 | 0.53 | 0.55 | 0.44 | 0.80 | — | — | — | — |
| Quick ratio | 0.13 | 0.15 | 0.14 | 0.13 | 0.49 | — | — | — | — |
| Cash ratio | 0.02 | 0.01 | 0.03 | 0.03 | 0.26 | — | — | — | — |
| Working capital | -$985M | -$1.11B | -$1.03B | -$1.53B | -$426M | — | — | — | — |
| Working capital / revenue | -26.85% | -26.47% | -25.63% | -38.46% | -9.77% | — | — | — | — |
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).