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 | +39.18% | +37.14% | +23.10% | +31.05% | +42.43% | +32.75% | +32.71% | +31.42% | +32.34% |
| Operating margin | +39.18% | +37.14% | +23.10% | +31.05% | +32.91% | +28.27% | +29.18% | +29.49% | +29.35% |
| EBITDA margin | +51.20% | +47.41% | +35.70% | +45.28% | +48.03% | +44.28% | +42.69% | +43.47% | +42.23% |
| EBIT margin | +40.60% | +37.83% | +25.02% | +34.12% | +36.59% | +32.83% | +31.07% | +31.62% | +31.18% |
| Pre-tax margin | +34.81% | +32.40% | +19.09% | +27.46% | +30.09% | +24.89% | +25.51% | +25.48% | +25.57% |
| Net margin | +26.97% | +25.66% | +15.03% | +21.63% | +23.59% | +19.64% | +20.52% | +19.49% | +19.75% |
| Cost structure | |||||||||
| Cost of revenue / sales | +60.82% | +62.86% | +76.90% | +68.95% | +57.57% | +67.16% | +67.47% | +69.68% | +65.95% |
| R&D intensity | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
| SG&A intensity | -0.92% | -0.99% | -0.96% | -0.99% | +6.18% | +1.39% | +1.45% | +1.42% | +1.40% |
| Effective tax rate | +22.51% | +20.82% | +21.25% | +21.24% | +21.61% | +21.57% | +21.69% | +20.80% | +21.38% |
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) | +22.03% | +25.68% | +14.29% | +18.33% | +18.48% | +16.37% | +18.01% | +17.20% | +16.91% |
| Return on assets (ROA) | +7.81% | +8.41% | +4.39% | +6.00% | +6.35% | +5.54% | +5.65% | +5.39% | +5.36% |
| Return on capital (ROC) | +15.65% | +16.71% | +9.25% | +11.84% | +12.28% | +10.84% | +11.29% | +11.57% | +11.35% |
| Return on invested capital (ROIC) | +10.77% | +11.54% | +6.02% | +8.25% | +8.80% | +7.53% | +7.94% | +7.65% | +7.64% |
| Asset turnover | +28.95% | +32.78% | +29.18% | +27.75% | +26.93% | +28.18% | +27.55% | +27.67% | +27.13% |
| DuPont · ROE decomposition | |||||||||
| Net margin | +26.97% | +25.66% | +15.03% | +21.63% | +23.59% | +19.64% | +20.52% | +19.49% | +19.75% |
| Asset turnover (× revenue / assets) | +28.95% | +32.78% | +29.18% | +27.75% | +26.93% | +28.18% | +27.55% | +27.67% | +27.13% |
| Equity multiplier (× assets / equity) | +282.19% | +305.39% | +325.89% | +305.34% | +290.96% | +295.66% | +318.60% | +318.89% | +315.56% |
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 | 0.29 | 0.33 | 0.29 | 0.28 | 0.27 | 0.28 | 0.28 | 0.28 | 0.27 |
| Fixed-asset turnover | 0.35 | 0.40 | 0.36 | 0.34 | — | — | — | — | — |
| Inventory turnover | 31.09 | 31.67 | 35.41 | 30.18 | — | — | — | — | — |
| Receivables turnover | 11.42 | 11.10 | 10.60 | 11.34 | 12.33 | — | — | — | — |
| Payables turnover | 7.97 | 11.25 | 9.38 | 8.49 | 3.76 | — | — | — | — |
| Days outstanding | |||||||||
| Days sales outstanding (DSO) | 31.97 | 32.88 | 34.44 | 32.19 | 29.61 | — | — | — | — |
| Days inventory outstanding (DIO) | 11.74 | 11.53 | 10.31 | 12.10 | — | — | — | — | — |
| Days payables outstanding (DPO) | 45.78 | 32.44 | 38.93 | 43.01 | 96.98 | — | — | — | — |
| Cash conversion cycle | -2.07 | 11.97 | 5.82 | 1.27 | -67.37 | — | — | — | — |
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 | 1.42 | 1.29 | 1.74 | 1.55 | 1.52 | 1.62 | 1.53 | 1.63 | 1.61 |
| FCF / Net income | 0.93 | 0.70 | 0.45 | 0.64 | 0.75 | 0.65 | 0.61 | 0.67 | 0.65 |
| FCF margin | +25.00% | +17.84% | +6.83% | +13.78% | +17.71% | +12.68% | +12.48% | +13.13% | +12.93% |
| OCF margin | +38.19% | +33.13% | +26.15% | +33.42% | +35.80% | +31.83% | +31.42% | +31.85% | +31.74% |
| CapEx / Revenue | +13.19% | +15.28% | +19.32% | +19.64% | +18.10% | +19.02% | +18.72% | +19.34% | +19.48% |
| CapEx / D&A | 1.24 | 1.60 | 1.81 | 1.76 | 1.58 | — | — | — | — |
| Stock-based comp / Revenue | 0.00% | +0.42% | 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 | 12.11 | 13.88 | 8.02 | 11.57 | 12.75 | 12.14 | 13.50 | 14.79 | 16.50 |
| EPS · basic | 12.16 | 13.92 | 8.04 | 11.58 | 12.75 | 12.06 | 13.42 | 14.78 | 16.55 |
| Book value / share | 54.98 | 54.04 | 56.20 | 63.19 | 69.16 | 67.41 | 67.40 | 70.26 | 77.38 |
| Tangible BV / share | 54.98 | 54.04 | 56.20 | 63.19 | 69.16 | 67.41 | 67.40 | 70.26 | 77.38 |
| Sales / share | 44.91 | 54.10 | 53.46 | 53.55 | 54.18 | 56.17 | 59.16 | 61.99 | 66.24 |
| Operating CF / share | 17.15 | 17.92 | 13.98 | 17.90 | 19.40 | 17.88 | 18.59 | 19.75 | 21.02 |
| Free cash flow / share | 11.23 | 9.65 | 3.65 | 7.38 | 9.60 | 7.12 | 7.38 | 8.14 | 8.56 |
| Dividends / share | 4.14 | 4.95 | 5.39 | 5.39 | 5.40 | 5.65 | 5.91 | 6.41 | 6.52 |
| Payout ratio | +34.21% | +35.69% | +67.05% | +46.57% | +42.29% | +51.25% | +48.72% | +53.07% | +49.84% |
| Retention ratio | +65.79% | +64.31% | +32.95% | +53.43% | +57.71% | +48.75% | +51.28% | +46.93% | +50.16% |
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 | — | +14.39% | -4.62% | -0.27% | +0.47% | +4.25% | +4.41% | +4.23% | +8.48% | +3.78% |
| Gross profit · YoY | — | +8.43% | -40.67% | +34.05% | +37.30% | -19.53% | +4.29% | +0.11% | +11.66% | +1.32% |
| Profit | ||||||||||
| Operating income · YoY | — | +8.43% | -40.67% | +34.05% | +6.48% | -10.44% | +7.77% | +5.34% | +8.00% | +0.10% |
| EBITDA · YoY | — | +5.92% | -28.18% | +26.47% | +6.58% | -3.89% | +0.66% | +6.14% | +5.38% | +1.31% |
| Net income · YoY | — | +8.82% | -44.13% | +43.51% | +9.57% | -13.18% | +9.07% | -1.01% | +9.95% | -0.18% |
| Operating | ||||||||||
| EBIT · YoY | — | +6.59% | -36.91% | +35.96% | +7.76% | -6.45% | -1.20% | +6.06% | +7.00% | +0.41% |
| R&D · YoY | — | — | — | — | — | — | — | — | — | — |
| Per-share | ||||||||||
| EPS · diluted · YoY | — | +14.62% | -42.22% | +44.26% | +10.20% | -4.81% | +11.27% | +9.50% | +11.59% | +3.94% |
| EPS · basic · YoY | — | +14.47% | -42.24% | +44.03% | +10.10% | -5.40% | +11.29% | +10.10% | +11.96% | +3.93% |
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 | $14.25B | $15.59B | $17.57B | $17.48B | $17.09B | $17.89B | $19.18B | $19.56B | $21.25B |
| Net debt | $13.41B | $15.14B | $16B | $15.84B | $15.56B | $16.22B | $17.43B | $17.77B | $19.29B |
| Net debt / EBITDA | 2.35 | 2.50 | 3.69 | 2.89 | 2.66 | 2.88 | 3.08 | 2.96 | 3.05 |
| Debt / equity | 1.04 | 1.22 | 1.37 | 1.22 | 1.10 | 1.17 | 1.27 | 1.25 | 1.21 |
| Debt / assets | +37.03% | +40.10% | +42.19% | +40.01% | +37.77% | +39.70% | +39.85% | +39.16% | +38.46% |
| Equity / assets | +35.44% | +32.75% | +30.69% | +32.75% | +34.37% | +33.82% | +31.39% | +31.36% | +31.69% |
| Coverage | |||||||||
| EBITDA / interest expense | 8.83 | 8.73 | 6.01 | 6.80 | 7.39 | 7.04 | 6.85 | 6.88 | 6.60 |
| Operating income / interest | 6.76 | 6.84 | 3.89 | 4.66 | 5.06 | 4.50 | 4.68 | 4.67 | 4.59 |
| Interest expense | $646M | $692M | $722M | $807M | $792M | $798.15M | $825.95M | $872.77M | $958.63M |
| Liquidity | |||||||||
| Current ratio | 0.86 | 0.76 | 1.24 | 0.90 | 0.85 | — | — | — | — |
| Quick ratio | 0.72 | 0.61 | 1.03 | 0.76 | 0.67 | — | — | — | — |
| Cash ratio | 0.33 | 0.17 | 0.60 | 0.46 | 0.41 | — | — | — | — |
| Working capital | -$354M | -$642M | $639M | -$357M | -$577M | — | — | — | — |
| Working capital / revenue | -3.18% | -5.04% | +5.26% | -2.94% | -4.74% | — | — | — | — |
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).