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 | +55.17% | +50.05% | +46.03% | +46.10% | +46.62% | +46.30% | +46.94% | +44.94% | +46.19% |
| Operating margin | +16.80% | +13.94% | +16.89% | +16.75% | +18.28% | +17.66% | +16.80% | +17.66% | +17.52% |
| EBITDA margin | +22.06% | +18.12% | +22.94% | +21.21% | +23.20% | +22.75% | +22.49% | +22.68% | +22.18% |
| EBIT margin | +17.07% | +13.34% | +19.34% | +17.96% | +20.30% | +19.72% | +19.39% | +18.89% | +19.09% |
| Pre-tax margin | +16.16% | +12.23% | +18.18% | +16.76% | +18.97% | +17.72% | +18.24% | +18.14% | +18.13% |
| Net margin | +16.43% | +8.79% | +14.26% | +13.04% | +15.78% | +14.46% | +14.01% | +14.51% | +14.26% |
| Cost structure | |||||||||
| Cost of revenue / sales | +44.83% | +49.95% | +53.97% | +53.90% | +53.38% | +52.90% | +54.07% | +54.00% | +52.25% |
| R&D intensity | +11.97% | +11.82% | +9.99% | +9.37% | +9.35% | +9.68% | +9.55% | +9.33% | +9.33% |
| SG&A intensity | +17.97% | +15.83% | +12.99% | +13.05% | +12.85% | +13.09% | +12.90% | +13.19% | +12.97% |
| Effective tax rate | -1.71% | +28.13% | +21.53% | +22.18% | +16.83% | +20.39% | +19.79% | +19.76% | +20.51% |
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) | +19.19% | +11.93% | +20.17% | +20.31% | +25.83% | +22.64% | +21.41% | +22.46% | +22.15% |
| Return on assets (ROA) | +5.50% | +3.08% | +5.17% | +5.08% | +6.53% | +5.76% | +5.39% | +5.70% | +5.45% |
| Return on capital (ROC) | +13.85% | +12.50% | +16.36% | +17.58% | +20.05% | +18.58% | +17.41% | +18.43% | +18.41% |
| Return on invested capital (ROIC) | +13.55% | +7.88% | +13.82% | +13.69% | +17.30% | +15.21% | +14.53% | +15.14% | +14.98% |
| Asset turnover | +33.47% | +35.00% | +36.23% | +38.96% | +41.38% | +39.88% | +38.49% | +39.29% | +38.19% |
| DuPont · ROE decomposition | |||||||||
| Net margin | +16.43% | +8.79% | +14.26% | +13.04% | +15.78% | +14.46% | +14.01% | +14.51% | +14.26% |
| Asset turnover (× revenue / assets) | +33.47% | +35.00% | +36.23% | +38.96% | +41.38% | +39.88% | +38.49% | +39.29% | +38.19% |
| Equity multiplier (× assets / equity) | +348.89% | +387.81% | +390.32% | +399.72% | +395.80% | +392.81% | +396.97% | +393.81% | +406.63% |
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 | 0.33 | 0.35 | 0.36 | 0.39 | 0.41 | 0.40 | 0.38 | 0.39 | 0.38 |
| Fixed-asset turnover | 13.29 | 15.91 | 20.01 | 21.09 | 19.51 | — | — | — | — |
| Inventory turnover | — | — | — | — | — | — | — | — | — |
| Receivables turnover | 0.61 | 0.62 | 0.65 | 0.70 | 0.70 | — | — | — | — |
| Payables turnover | 0.29 | 0.34 | 0.38 | 0.43 | 0.44 | — | — | — | — |
| Days outstanding | |||||||||
| Days sales outstanding (DSO) | 601.17 | 592.35 | 563.97 | 523.65 | 522.76 | — | — | — | — |
| Days inventory outstanding (DIO) | — | — | — | — | — | — | — | — | — |
| Days payables outstanding (DPO) | 1252.65 | 1065.92 | 955.81 | 849.69 | 833.56 | — | — | — | — |
| Cash conversion cycle | -651.48 | -473.58 | -391.84 | -326.03 | -310.80 | — | — | — | — |
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 | 2.40 | 1.14 | 1.80 | 1.23 | 1.36 | 1.42 | 1.34 | 1.37 |
| FCF / Net income | 1.17 | 2.11 | 0.99 | 1.63 | 1.06 | 1.19 | 1.26 | 1.17 | 1.25 |
| FCF margin | +19.27% | +18.56% | +14.17% | +21.28% | +16.77% | +17.18% | +17.60% | +16.95% | +17.76% |
| OCF margin | +22.85% | +21.12% | +16.27% | +23.43% | +19.34% | +19.64% | +19.94% | +19.38% | +19.57% |
| CapEx / Revenue | +3.58% | +2.57% | +2.09% | +2.15% | +2.57% | +2.21% | +2.30% | +2.33% | +2.28% |
| CapEx / D&A | 0.72 | 0.54 | 0.58 | 0.66 | 0.88 | — | — | — | — |
| Stock-based comp / Revenue | +5.42% | +4.58% | +4.95% | +3.87% | +3.02% | — | — | — | — |
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 | 3.52 | 2.09 | 3.84 | 3.99 | 5.41 | 5.31 | 5.76 | 6.32 | 6.23 |
| EPS · basic | 3.55 | 2.10 | 3.85 | 4.03 | 5.46 | 5.37 | 5.88 | 6.29 | 6.36 |
| Book value / share | 18.32 | 17.51 | 19.02 | 19.65 | 20.93 | 22.81 | 23.96 | 25.13 | 25.55 |
| Tangible BV / share | 7.54 | 7.15 | 8.57 | 8.91 | 9.49 | 22.81 | 23.96 | 25.13 | 25.55 |
| Sales / share | 21.39 | 23.76 | 26.89 | 30.60 | 34.27 | 35.73 | 36.61 | 38.88 | 39.67 |
| Operating CF / share | 4.89 | 5.02 | 4.37 | 7.17 | 6.63 | 7.02 | 7.30 | 7.54 | 7.76 |
| Free cash flow / share | 4.12 | 4.41 | 3.81 | 6.51 | 5.75 | 6.14 | 6.44 | 6.59 | 7.04 |
| Dividends / share | 0.00 | 0.00 | 0.00 | 0.00 | 0.13 | 0.05 | 0.05 | 0.05 | 0.05 |
| Payout ratio | 0.00% | 0.00% | 0.00% | 0.00% | +2.48% | +0.91% | +0.95% | +0.92% | +0.94% |
| Retention ratio | +100.00% | +100.00% | +100.00% | +100.00% | +97.52% | +99.09% | +99.05% | +99.08% | +99.06% |
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 | — | +8.46% | +8.19% | +6.81% | +4.32% | +3.62% | +4.11% | +4.51% | +1.77% | +5.20% |
| Gross profit · YoY | — | -1.59% | -0.50% | +6.96% | +5.51% | +2.90% | +5.57% | +0.04% | +4.60% | +2.89% |
| Profit | ||||||||||
| Operating income · YoY | — | -9.97% | +31.04% | +5.91% | +13.90% | +0.08% | -0.96% | +9.88% | +0.95% | +5.75% |
| EBITDA · YoY | — | -10.88% | +36.96% | -1.27% | +14.13% | +1.62% | +2.94% | +5.35% | -0.46% | +5.27% |
| Net income · YoY | — | -41.98% | +75.53% | -2.33% | +26.19% | -5.05% | +0.93% | +8.24% | +0.00% | +3.35% |
| Operating | ||||||||||
| EBIT · YoY | — | -15.26% | +56.89% | -0.82% | +17.90% | +0.67% | +2.37% | +1.82% | +2.84% | +6.68% |
| R&D · YoY | — | +7.08% | -8.61% | +0.20% | +4.16% | +7.23% | +2.68% | +2.14% | +1.77% | +1.97% |
| Per-share | ||||||||||
| EPS · diluted · YoY | — | -40.63% | +83.73% | +3.91% | +35.59% | -1.85% | +8.54% | +9.65% | -1.45% | +7.39% |
| EPS · basic · YoY | — | -40.85% | +83.33% | +4.68% | +35.48% | -1.66% | +9.55% | +6.90% | +1.15% | +7.56% |
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 | $9.05B | $10.42B | $9.68B | $9.88B | $9.99B | $10.72B | $11.1B | $11.68B | $11.72B |
| Net debt | $3.85B | $2.64B | $595M | $3.32B | $1.94B | $2.06B | $1.86B | $2.45B | $1.93B |
| Net debt / EBITDA | 0.69 | 0.53 | 0.09 | 0.49 | 0.25 | 0.26 | 0.23 | 0.29 | 0.23 |
| Debt / equity | 0.42 | 0.51 | 0.46 | 0.48 | 0.49 | 0.49 | 0.47 | 0.48 | 0.48 |
| Debt / assets | +11.94% | +13.25% | +11.78% | +12.10% | +12.46% | +12.44% | +11.94% | +12.27% | +11.76% |
| Equity / assets | +28.66% | +25.79% | +25.62% | +25.02% | +25.27% | +25.46% | +25.19% | +25.39% | +24.59% |
| Coverage | |||||||||
| EBITDA / interest expense | 24.12 | 16.40 | 19.68 | 17.65 | 17.45 | 18.75 | 18.44 | 18.64 | 17.93 |
| Operating income / interest | 18.37 | 12.62 | 14.49 | 13.94 | 13.75 | 14.56 | 13.77 | 14.52 | 14.16 |
| Interest expense | $232M | $304M | $347M | $382M | $441M | $417.02M | $436.45M | $454.96M | $470.82M |
| Liquidity | |||||||||
| Current ratio | 1.22 | 1.28 | 1.29 | 1.26 | 1.29 | — | — | — | — |
| Quick ratio | 1.19 | 1.23 | 1.24 | 1.17 | 1.25 | — | — | — | — |
| Cash ratio | 0.12 | 0.17 | 0.19 | 0.14 | 0.17 | — | — | — | — |
| Working capital | $9.55B | $12.42B | $14.1B | $12.72B | $13.32B | — | — | — | — |
| Working capital / revenue | +37.62% | +45.12% | +47.37% | +39.99% | +40.14% | — | — | — | — |
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).