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 | +76.23% | +76.33% | +76.01% | +76.31% | +83.43% | +77.09% | +78.76% | +76.87% | +76.35% |
| Operating margin | +53.39% | +55.15% | +55.81% | +55.32% | +59.17% | +56.36% | +57.52% | +55.75% | +57.26% |
| EBITDA margin | +60.71% | +58.25% | +59.82% | +59.63% | +61.58% | +58.92% | +59.27% | +61.07% | +61.40% |
| EBIT margin | +56.86% | +54.88% | +56.63% | +56.45% | +58.10% | +57.56% | +56.99% | +55.85% | +58.41% |
| Pre-tax margin | +54.58% | +52.76% | +54.34% | +54.16% | +56.66% | +56.12% | +54.87% | +53.49% | +54.45% |
| Net margin | +46.00% | +44.66% | +44.61% | +45.71% | +45.65% | +46.64% | +46.56% | +46.51% | +43.97% |
| Cost structure | |||||||||
| Cost of revenue / sales | +23.77% | +23.67% | +23.99% | +23.69% | +16.57% | +21.26% | +21.58% | +21.92% | +21.74% |
| R&D intensity | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
| SG&A intensity | +18.23% | +15.75% | +14.53% | +15.16% | +21.79% | +17.48% | +16.67% | +17.62% | +17.32% |
| Effective tax rate | +15.72% | +15.36% | +17.92% | +15.60% | +19.43% | +17.71% | +18.07% | +17.62% | +17.61% |
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) | +117.20% | +155.72% | +160.00% | +197.61% | +193.24% | +189.12% | +188.91% | +185.35% | +177.95% |
| Return on assets (ROA) | +23.06% | +25.64% | +26.37% | +26.78% | +27.64% | +28.05% | +27.08% | +28.02% | +26.35% |
| Return on capital (ROC) | +47.30% | +60.12% | +61.77% | +62.98% | +72.54% | +65.93% | +67.35% | +64.70% | +65.13% |
| Return on invested capital (ROIC) | +40.76% | +48.68% | +49.37% | +52.04% | +55.96% | +54.56% | +54.51% | +53.98% | +50.01% |
| Asset turnover | +50.13% | +57.42% | +59.13% | +58.58% | +60.55% | +60.14% | +58.16% | +60.24% | +59.93% |
| DuPont · ROE decomposition | |||||||||
| Net margin | +46.00% | +44.66% | +44.61% | +45.71% | +45.65% | +46.64% | +46.56% | +46.51% | +43.97% |
| Asset turnover (× revenue / assets) | +50.13% | +57.42% | +59.13% | +58.58% | +60.55% | +60.14% | +58.16% | +60.24% | +59.93% |
| Equity multiplier (× assets / equity) | +508.22% | +607.24% | +606.66% | +738.00% | +699.16% | +674.24% | +697.59% | +661.46% | +675.40% |
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 | 0.50 | 0.57 | 0.59 | 0.59 | 0.61 | 0.60 | 0.58 | 0.60 | 0.60 |
| Fixed-asset turnover | 9.90 | 11.09 | 12.18 | 13.17 | 14.24 | — | — | — | — |
| Inventory turnover | — | — | — | — | — | — | — | — | — |
| Receivables turnover | 6.28 | 6.49 | 6.18 | 7.47 | 7.11 | — | — | — | — |
| Payables turnover | 6.08 | 5.68 | 7.22 | 7.18 | 5.44 | — | — | — | — |
| Days outstanding | |||||||||
| Days sales outstanding (DSO) | 58.10 | 56.22 | 59.04 | 48.89 | 51.30 | — | — | — | — |
| Days inventory outstanding (DIO) | — | — | — | — | — | — | — | — | — |
| Days payables outstanding (DPO) | 60.01 | 64.22 | 50.55 | 50.81 | 67.11 | — | — | — | — |
| Cash conversion cycle | -1.91 | -8.00 | 8.49 | -1.92 | -15.81 | — | — | — | — |
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 | 1.13 | 1.07 | 1.15 | 1.16 | 1.07 | 1.07 | 1.07 | 1.13 |
| FCF / Net income | 1.00 | 1.02 | 1.04 | 1.11 | 1.13 | 1.03 | 1.09 | 1.06 | 1.13 |
| FCF margin | +45.80% | +45.41% | +46.25% | +50.79% | +51.58% | +48.18% | +50.64% | +49.24% | +49.80% |
| OCF margin | +50.11% | +50.34% | +47.73% | +52.47% | +53.07% | +50.13% | +49.97% | +49.70% | +49.60% |
| CapEx / Revenue | +4.31% | +4.93% | +1.48% | +1.68% | +1.49% | +1.55% | +1.55% | +1.54% | +1.55% |
| CapEx / D&A | 1.12 | 1.46 | 0.46 | 0.53 | 0.23 | — | — | — | — |
| Stock-based comp / Revenue | +1.45% | +1.33% | +1.83% | +1.87% | +1.82% | — | — | — | — |
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 | 8.76 | 10.23 | 11.83 | 13.89 | 16.52 | 19.68 | 22.80 | 26.46 | 30.18 |
| EPS · basic | 8.79 | 10.26 | 11.86 | 13.92 | 16.55 | 19.84 | 23.04 | 26.16 | 30.20 |
| Book value / share | 7.47 | 6.57 | 7.40 | 7.03 | 8.63 | 10.13 | 11.48 | 13.02 | 14.87 |
| Tangible BV / share | -3.95 | -5.15 | -5.02 | -8.77 | -8.20 | 10.13 | 11.48 | 13.02 | 14.87 |
| Sales / share | 19.04 | 22.90 | 26.53 | 30.39 | 36.52 | 41.07 | 46.59 | 51.87 | 60.18 |
| Operating CF / share | 9.54 | 11.53 | 12.66 | 15.94 | 19.38 | 20.59 | 23.28 | 25.78 | 29.85 |
| Free cash flow / share | 8.72 | 10.40 | 12.27 | 15.43 | 18.83 | 19.79 | 23.59 | 25.54 | 29.97 |
| Dividends / share | 1.76 | 1.96 | 2.28 | 2.64 | 3.07 | 3.57 | 4.08 | 4.35 | 5.08 |
| Payout ratio | +20.04% | +19.16% | +19.28% | +19.02% | +18.41% | +18.66% | +18.80% | +18.02% | +19.22% |
| Retention ratio | +79.96% | +80.84% | +80.72% | +80.98% | +81.59% | +81.34% | +81.20% | +81.98% | +80.78% |
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 | — | +17.76% | +12.87% | +12.23% | +16.42% | +13.09% | +12.60% | +12.18% | +14.49% | +13.94% |
| Gross profit · YoY | — | +17.92% | +12.38% | +12.68% | +27.28% | +4.49% | +15.04% | +9.49% | +13.71% | +13.96% |
| Profit | ||||||||||
| Operating income · YoY | — | +21.64% | +14.22% | +11.24% | +24.51% | +7.73% | +14.92% | +8.73% | +17.59% | +14.94% |
| EBITDA · YoY | — | +12.99% | +15.90% | +11.88% | +20.22% | +8.20% | +13.27% | +15.58% | +15.10% | +14.10% |
| Net income · YoY | — | +14.31% | +12.74% | +15.00% | +16.27% | +15.55% | +12.40% | +12.07% | +8.21% | +13.29% |
| Operating | ||||||||||
| EBIT · YoY | — | +13.64% | +16.48% | +11.86% | +19.82% | +12.04% | +11.48% | +9.93% | +19.74% | +14.32% |
| R&D · YoY | — | — | — | — | — | — | — | — | — | — |
| Per-share | ||||||||||
| EPS · diluted · YoY | — | +16.78% | +15.64% | +17.41% | +18.93% | +19.10% | +15.86% | +16.06% | +14.09% | +16.72% |
| EPS · basic · YoY | — | +16.72% | +15.59% | +17.37% | +18.89% | +19.87% | +16.15% | +13.55% | +15.44% | +16.68% |
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 | $13.9B | $14.02B | $15.68B | $18.23B | $19B | $22.56B | $25.37B | $28.6B | $33.9B |
| Net debt | $6.48B | $7.02B | $7.09B | $9.78B | $8.43B | $10.6B | $11.62B | $13.33B | $17.13B |
| Net debt / EBITDA | 0.57 | 0.54 | 0.47 | 0.58 | 0.42 | 0.49 | 0.47 | 0.47 | 0.52 |
| Debt / equity | 1.88 | 2.20 | 2.24 | 2.80 | 2.45 | 2.47 | 2.47 | 2.43 | 2.56 |
| Debt / assets | +36.90% | +36.21% | +36.94% | +37.91% | +35.08% | +36.58% | +35.34% | +36.79% | +37.88% |
| Equity / assets | +19.68% | +16.47% | +16.48% | +13.55% | +14.30% | +14.83% | +14.34% | +15.12% | +14.81% |
| Coverage | |||||||||
| EBITDA / interest expense | 26.60 | 27.50 | 26.11 | 26.00 | 27.97 | 26.13 | 26.04 | 26.83 | 27.73 |
| Operating income / interest | 23.39 | 26.04 | 24.36 | 24.12 | 26.87 | 24.99 | 25.27 | 24.50 | 25.86 |
| Interest expense | $431M | $471M | $575M | $646M | $722M | $836.2M | $950.29M | $1.07B | $1.19B |
| Liquidity | |||||||||
| Current ratio | 1.29 | 1.17 | 1.17 | 1.03 | 1.03 | — | — | — | — |
| Quick ratio | 0.83 | 0.76 | 0.81 | 0.65 | 0.68 | — | — | — | — |
| Cash ratio | 0.56 | 0.49 | 0.53 | 0.44 | 0.46 | — | — | — | — |
| Working capital | $3.79B | $2.44B | $2.7B | $504M | $796M | — | — | — | — |
| Working capital / revenue | +20.05% | +10.95% | +10.75% | +1.79% | +2.43% | — | — | — | — |
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).