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 | +44.62% | +39.50% | +39.28% | +41.70% | +25.41% | +36.28% | +34.72% | +36.22% | +35.84% |
| Operating margin | +21.17% | +16.93% | +17.56% | +19.75% | +20.94% | +19.87% | +19.11% | +18.91% | +18.87% |
| EBITDA margin | +44.65% | +38.13% | +37.93% | +40.40% | +39.89% | +39.03% | +38.35% | +39.35% | +38.32% |
| EBIT margin | +25.74% | +19.22% | +19.74% | +21.74% | +21.73% | +21.59% | +20.90% | +21.04% | +20.80% |
| Pre-tax margin | +19.61% | +13.31% | +12.69% | +14.37% | +13.83% | +13.96% | +13.78% | +13.87% | +13.70% |
| Net margin | +16.27% | +11.18% | +10.68% | +11.88% | +11.55% | +11.62% | +11.15% | +11.29% | +11.50% |
| Cost structure | |||||||||
| Cost of revenue / sales | +55.38% | +60.50% | +60.72% | +58.30% | +74.59% | +66.13% | +64.10% | +66.41% | +65.57% |
| 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% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
| Effective tax rate | +14.76% | +13.00% | +12.91% | +15.01% | +14.45% | +13.45% | +14.16% | +13.57% | +13.81% |
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) | +10.28% | +7.85% | +7.98% | +8.88% | +8.70% | +8.88% | +8.15% | +8.67% | +8.57% |
| Return on assets (ROA) | +2.81% | +2.13% | +2.03% | +2.33% | +1.95% | +2.16% | +2.10% | +2.12% | +2.12% |
| Return on capital (ROC) | +5.67% | +4.87% | +4.97% | +5.65% | +4.48% | +5.20% | +4.94% | +4.99% | +4.86% |
| Return on invested capital (ROIC) | +4.36% | +3.22% | +3.02% | +3.40% | +2.47% | +3.04% | +2.88% | +2.98% | +2.96% |
| Asset turnover | +17.29% | +19.03% | +19.04% | +19.63% | +16.85% | +18.58% | +18.83% | +18.73% | +18.46% |
| DuPont · ROE decomposition | |||||||||
| Net margin | +16.27% | +11.18% | +10.68% | +11.88% | +11.55% | +11.62% | +11.15% | +11.29% | +11.50% |
| Asset turnover (× revenue / assets) | +17.29% | +19.03% | +19.04% | +19.63% | +16.85% | +18.58% | +18.83% | +18.73% | +18.46% |
| Equity multiplier (× assets / equity) | +365.41% | +368.89% | +392.39% | +380.65% | +447.05% | +411.36% | +388.24% | +409.98% | +403.72% |
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 | 0.17 | 0.19 | 0.19 | 0.20 | 0.17 | 0.19 | 0.19 | 0.19 | 0.18 |
| Fixed-asset turnover | 0.23 | 0.25 | 0.25 | 0.25 | 0.22 | — | — | — | — |
| Inventory turnover | 5.74 | 5.81 | 5.78 | 5.96 | 7.05 | — | — | — | — |
| Receivables turnover | 7.49 | 7.11 | 7.12 | 7.56 | 7.28 | — | — | — | — |
| Payables turnover | 5.36 | 6.08 | 6.44 | 6.15 | 5.86 | — | — | — | — |
| Days outstanding | |||||||||
| Days sales outstanding (DSO) | 48.75 | 51.34 | 51.25 | 48.26 | 50.17 | — | — | — | — |
| Days inventory outstanding (DIO) | 63.62 | 62.87 | 63.18 | 61.26 | 51.79 | — | — | — | — |
| Days payables outstanding (DPO) | 68.11 | 60.05 | 56.64 | 59.30 | 62.33 | — | — | — | — |
| Cash conversion cycle | 44.26 | 54.16 | 57.79 | 50.22 | 39.63 | — | — | — | — |
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 | 1.39 | 2.57 | 2.41 | 2.64 | 2.93 | 2.62 | 2.80 | 2.63 | 2.64 |
| FCF / Net income | -0.99 | -0.96 | -1.27 | -1.05 | -1.33 | -1.17 | -1.26 | -1.22 | -1.22 |
| FCF margin | -16.13% | -10.78% | -13.60% | -12.48% | -15.35% | -13.55% | -14.05% | -13.75% | -14.05% |
| OCF margin | +22.61% | +28.71% | +25.72% | +31.41% | +33.80% | +30.40% | +31.21% | +29.66% | +30.37% |
| CapEx / Revenue | +38.74% | +39.49% | +39.32% | +43.89% | +49.15% | +44.98% | +45.41% | +43.51% | +42.88% |
| CapEx / D&A | 2.05 | 2.09 | 2.16 | 2.35 | 2.71 | — | — | — | — |
| Stock-based comp / Revenue | +0.49% | +0.37% | +0.37% | +0.46% | 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 | 5.47 | 4.26 | 4.41 | 5.24 | 5.05 | 4.74 | 5.56 | 6.12 | 6.62 |
| EPS · basic | 5.48 | 4.27 | 4.42 | 5.35 | 5.15 | 4.84 | 5.69 | 6.23 | 6.80 |
| Book value / share | 53.20 | 54.31 | 55.23 | 59.00 | 58.10 | 58.98 | 66.61 | 66.98 | 72.64 |
| Tangible BV / share | 50.78 | 52.03 | 52.88 | 53.91 | 53.38 | 58.98 | 66.61 | 66.98 | 72.64 |
| Sales / share | 33.61 | 38.13 | 41.26 | 44.09 | 43.78 | 45.08 | 48.69 | 51.43 | 54.13 |
| Operating CF / share | 7.60 | 10.95 | 10.61 | 13.85 | 14.80 | 13.70 | 15.19 | 15.26 | 16.44 |
| Free cash flow / share | -5.42 | -4.11 | -5.61 | -5.50 | -6.72 | -6.11 | -6.84 | -7.07 | -7.61 |
| Dividends / share | 3.26 | 3.34 | 3.40 | 3.40 | 3.47 | 3.64 | 3.77 | 4.19 | 4.42 |
| Payout ratio | +59.72% | +78.35% | +77.06% | +64.83% | +68.58% | +69.59% | +69.47% | +72.19% | +71.04% |
| Retention ratio | +40.28% | +21.65% | +22.94% | +35.17% | +31.42% | +30.41% | +30.53% | +27.81% | +28.96% |
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 | — | +13.68% | +8.59% | +9.13% | +4.20% | +3.84% | +7.37% | +6.00% | +4.93% | +7.17% |
| Gross profit · YoY | — | +0.63% | +8.00% | +15.86% | -36.52% | +48.28% | +2.76% | +10.56% | +3.83% | +4.28% |
| Profit | ||||||||||
| Operating income · YoY | — | -9.11% | +12.67% | +22.73% | +10.49% | -1.48% | +3.25% | +4.91% | +4.71% | +5.65% |
| EBITDA · YoY | — | -2.91% | +8.01% | +16.23% | +2.89% | +1.62% | +5.48% | +8.77% | +2.18% | +5.15% |
| Net income · YoY | — | -21.84% | +3.71% | +21.38% | +1.27% | +4.46% | +3.04% | +7.39% | +6.89% | +2.63% |
| Operating | ||||||||||
| EBIT · YoY | — | -15.12% | +11.53% | +20.17% | +4.16% | +3.16% | +3.93% | +6.72% | +3.76% | +4.36% |
| R&D · YoY | — | — | — | — | — | — | — | — | — | — |
| Per-share | ||||||||||
| EPS · diluted · YoY | — | -22.12% | +3.52% | +18.82% | -3.63% | -6.13% | +17.22% | +10.15% | +8.18% | +2.42% |
| EPS · basic · YoY | — | -22.08% | +3.51% | +21.04% | -3.74% | -5.96% | +17.54% | +9.41% | +9.14% | +2.73% |
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 | $8.18B | $8.88B | $10.3B | $11.05B | $17.85B | $13.93B | $14.9B | $15.7B | $16.83B |
| Net debt | $8.17B | $8.87B | $10.3B | $11.04B | $17.84B | $13.93B | $14.89B | $15.7B | $16.83B |
| Net debt / EBITDA | 4.81 | 5.38 | 5.78 | 5.33 | 8.38 | 6.44 | 6.52 | 6.32 | 6.63 |
| Debt / equity | 1.36 | 1.44 | 1.64 | 1.61 | 2.52 | 1.92 | 1.83 | 1.91 | 1.89 |
| Debt / assets | +37.20% | +39.07% | +41.78% | +42.33% | +56.33% | +46.69% | +47.12% | +46.61% | +46.93% |
| Equity / assets | +27.37% | +27.11% | +25.48% | +26.27% | +22.37% | +24.31% | +25.76% | +24.39% | +24.77% |
| Coverage | |||||||||
| EBITDA / interest expense | 7.28 | 6.45 | 5.38 | 5.48 | 5.05 | 5.25 | 5.24 | 5.20 | 5.05 |
| Operating income / interest | 3.45 | 2.86 | 2.49 | 2.68 | 2.65 | 2.67 | 2.61 | 2.50 | 2.49 |
| Interest expense | $233.26M | $255.54M | $331.32M | $377.47M | $421.97M | $412.37M | $435.86M | $477.12M | $502.19M |
| Liquidity | |||||||||
| Current ratio | 0.88 | 0.99 | 0.67 | 0.59 | 0.49 | — | — | — | — |
| Quick ratio | 0.29 | 0.35 | 0.23 | 0.24 | 0.24 | — | — | — | — |
| Cash ratio | 0.01 | 0.00 | 0.00 | 0.00 | 0.00 | — | — | — | — |
| Working capital | -$205.77M | -$11.59M | -$962.38M | -$1.15B | -$1.61B | — | — | — | — |
| Working capital / revenue | -5.41% | -0.27% | -20.49% | -22.53% | -30.08% | — | — | — | — |
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).