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 | +46.99% | +43.72% | +38.90% | +41.02% | +39.55% | +38.92% | +39.12% | +39.04% | +40.55% |
| Operating margin | +21.29% | +11.90% | +16.44% | +20.07% | +18.29% | +17.73% | +18.06% | +18.43% | +18.56% |
| EBITDA margin | +27.09% | +25.48% | -36.19% | +29.40% | +23.45% | +18.01% | +17.73% | +17.84% | +18.65% |
| EBIT margin | +21.67% | +20.13% | -42.01% | +24.42% | +19.93% | +0.80% | +0.76% | +0.80% | +0.79% |
| Pre-tax margin | +20.40% | +18.71% | -45.73% | +19.65% | +16.89% | -3.05% | -3.14% | -3.04% | -3.11% |
| Net margin | +16.75% | +16.88% | -28.42% | +16.98% | +13.03% | +0.52% | +0.53% | +0.53% | +0.54% |
| Cost structure | |||||||||
| Cost of revenue / sales | +53.01% | +56.28% | +61.10% | +58.98% | +60.45% | +61.60% | +59.45% | +58.92% | +60.06% |
| R&D intensity | +5.59% | +5.42% | +4.56% | +4.35% | +4.69% | +4.45% | +4.44% | +4.49% | +4.48% |
| SG&A intensity | +20.11% | +26.40% | +17.89% | +16.60% | +15.94% | +16.80% | +16.71% | +17.27% | +17.25% |
| Effective tax rate | +17.81% | +9.56% | — | +16.65% | +23.81% | — | — | — | — |
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) | +39.17% | +39.11% | -143.69% | +107.16% | +68.46% | +2.87% | +2.93% | +2.89% | +2.85% |
| Return on assets (ROA) | +12.58% | +12.44% | -13.83% | +10.47% | +8.61% | +0.29% | +0.30% | +0.32% | +0.30% |
| Return on capital (ROC) | +22.51% | +12.88% | +18.72% | +28.09% | +25.80% | +22.83% | +23.55% | +23.62% | +24.16% |
| Return on invested capital (ROIC) | +17.71% | +18.27% | +14.04% | +23.77% | +18.38% | +0.67% | +0.70% | +0.69% | +0.70% |
| Asset turnover | +75.11% | +73.68% | +48.66% | +61.64% | +66.12% | +56.59% | +56.21% | +59.59% | +56.33% |
| DuPont · ROE decomposition | |||||||||
| Net margin | +16.75% | +16.88% | -28.42% | +16.98% | +13.03% | +0.52% | +0.53% | +0.53% | +0.54% |
| Asset turnover (× revenue / assets) | +75.11% | +73.68% | +48.66% | +61.64% | +66.12% | +56.59% | +56.21% | +59.59% | +56.33% |
| Equity multiplier (× assets / equity) | +311.38% | +314.52% | +1039.03% | +1023.83% | +794.88% | +976.02% | +975.57% | +906.00% | +941.31% |
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 | 0.75 | 0.74 | 0.49 | 0.62 | 0.66 | 0.57 | 0.56 | 0.60 | 0.56 |
| Fixed-asset turnover | 3.44 | 3.42 | 2.95 | 3.09 | 3.28 | — | — | — | — |
| Inventory turnover | 3.76 | 3.59 | 3.81 | 3.92 | 4.12 | — | — | — | — |
| Receivables turnover | 7.41 | 7.38 | 6.63 | 7.51 | 7.06 | — | — | — | — |
| Payables turnover | 6.26 | 6.05 | 5.42 | 5.45 | 5.58 | — | — | — | — |
| Days outstanding | |||||||||
| Days sales outstanding (DSO) | 49.24 | 49.43 | 55.02 | 48.60 | 51.69 | — | — | — | — |
| Days inventory outstanding (DIO) | 97.08 | 101.79 | 95.73 | 93.12 | 88.61 | — | — | — | — |
| Days payables outstanding (DPO) | 58.30 | 60.31 | 67.38 | 66.98 | 65.40 | — | — | — | — |
| Cash conversion cycle | 88.02 | 90.90 | 83.38 | 74.74 | 74.90 | — | — | — | — |
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 | 1.26 | 0.97 | -0.95 | 0.44 | 0.71 | 27.64 | 26.84 | 26.91 | 26.87 |
| FCF / Net income | 0.99 | 0.67 | -0.72 | 0.15 | 0.43 | 18.98 | 18.29 | 18.38 | 17.67 |
| FCF margin | +16.55% | +11.22% | +20.58% | +2.60% | +5.60% | +9.85% | +9.76% | +9.83% | +9.52% |
| OCF margin | +21.08% | +16.33% | +27.14% | +7.40% | +9.24% | +14.35% | +14.32% | +14.39% | +14.47% |
| CapEx / Revenue | +4.53% | +5.11% | +6.56% | +4.81% | +3.65% | +5.08% | +4.90% | +4.93% | +4.86% |
| CapEx / D&A | 0.84 | 0.96 | 0.81 | 0.87 | 0.70 | — | — | — | — |
| Stock-based comp / Revenue | +0.77% | +0.77% | +1.11% | +1.18% | +0.90% | — | — | — | — |
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 | 10.12 | 10.18 | -12.63 | 7.55 | 6.00 | 8.69 | 9.49 | 10.28 | 11.28 |
| EPS · basic | 10.23 | 10.21 | -12.63 | 7.58 | 6.04 | 8.72 | 9.52 | 10.26 | 11.23 |
| Book value / share | 25.83 | 26.02 | 8.79 | 7.05 | 8.81 | 8.51 | 8.70 | 9.19 | 9.83 |
| Tangible BV / share | -6.25 | -4.79 | -5.12 | -6.51 | -5.15 | 8.51 | 8.70 | 9.19 | 9.83 |
| Sales / share | 60.40 | 60.30 | 44.43 | 44.49 | 46.29 | 46.99 | 47.73 | 49.63 | 52.13 |
| Operating CF / share | 12.74 | 9.85 | 12.06 | 3.29 | 4.28 | 6.74 | 6.84 | 7.14 | 7.54 |
| Free cash flow / share | 10.00 | 6.77 | 9.14 | 1.15 | 2.59 | 4.63 | 4.66 | 4.88 | 4.96 |
| Dividends / share | 5.84 | 5.94 | 5.98 | 3.59 | 2.18 | 4.22 | 4.09 | 4.37 | 4.65 |
| Payout ratio | +57.76% | +58.32% | -47.33% | +47.50% | +36.15% | +1729.12% | +1607.18% | +1644.79% | +1657.54% |
| Retention ratio | +42.24% | +41.68% | +147.33% | +52.50% | +63.85% | -1629.12% | -1507.18% | -1544.79% | -1557.54% |
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 | — | -3.18% | -28.10% | -0.14% | +1.52% | +0.55% | +3.33% | +4.03% | +4.62% | -2.78% |
| Gross profit · YoY | — | -9.91% | -36.04% | +5.30% | -2.10% | -1.06% | +3.84% | +3.84% | +8.65% | -4.56% |
| Profit | ||||||||||
| Operating income · YoY | — | -45.88% | -0.64% | +21.84% | -7.46% | -2.55% | +5.26% | +6.20% | +5.34% | -4.43% |
| EBITDA · YoY | — | -8.93% | -202.12% | +181.13% | -19.02% | -22.77% | +1.72% | +4.64% | +9.37% | -7.22% |
| Net income · YoY | — | -2.43% | -221.08% | +159.66% | -22.12% | -95.99% | +6.20% | +4.28% | +5.34% | -36.74% |
| Operating | ||||||||||
| EBIT · YoY | — | -10.06% | -250.06% | +158.04% | -17.13% | -95.98% | -0.88% | +9.50% | +3.36% | -35.69% |
| R&D · YoY | — | -6.12% | -39.49% | -4.72% | +9.25% | -4.58% | +3.12% | +5.32% | +4.26% | -5.45% |
| Per-share | ||||||||||
| EPS · diluted · YoY | — | +0.59% | -224.07% | +159.78% | -20.53% | +44.88% | +9.16% | +8.35% | +9.67% | +1.36% |
| EPS · basic · YoY | — | -0.20% | -223.70% | +160.02% | -20.32% | +44.36% | +9.15% | +7.78% | +9.53% | +1.18% |
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 | $18.31B | $16.86B | $16.75B | $13.66B | $12.94B | $14.93B | $15.15B | $16.05B | $16.35B |
| Net debt | $13.75B | $13.2B | $11.02B | $8.06B | $7.7B | $9.39B | $9.25B | $9.85B | $9.91B |
| Net debt / EBITDA | 1.44 | 1.51 | -1.24 | 1.12 | 1.32 | 2.08 | 2.01 | 2.05 | 1.88 |
| Debt / equity | 1.21 | 1.14 | 3.44 | 3.51 | 2.73 | 3.29 | 3.21 | 3.21 | 3.07 |
| Debt / assets | +38.90% | +36.28% | +33.12% | +34.26% | +34.28% | +33.69% | +32.86% | +35.47% | +32.64% |
| Equity / assets | +32.11% | +31.79% | +9.62% | +9.77% | +12.58% | +10.25% | +10.25% | +11.04% | +10.62% |
| Coverage | |||||||||
| EBITDA / interest expense | 20.95 | 17.51 | -9.56 | 6.11 | 8.13 | 4.83 | 4.53 | 4.79 | 4.79 |
| Operating income / interest | 16.47 | 8.18 | 4.34 | 4.17 | 6.34 | 4.75 | 4.62 | 4.95 | 4.77 |
| Interest expense | $457M | $498M | $932M | $1.18B | $720M | $936.49M | $1.01B | $1B | $1.1B |
| Liquidity | |||||||||
| Current ratio | 1.70 | 1.54 | 1.07 | 1.41 | 1.71 | — | — | — | — |
| Quick ratio | 1.06 | 0.90 | 0.62 | 0.98 | 0.99 | — | — | — | — |
| Cash ratio | 0.51 | 0.38 | 0.37 | 0.50 | 0.55 | — | — | — | — |
| Working capital | $6.37B | $5.17B | $1.08B | $4.63B | $6.79B | — | — | — | — |
| Working capital / revenue | +18.01% | +15.09% | +4.40% | +18.83% | +27.22% | — | — | — | — |
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).