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 | +72.86% | +72.78% | +71.18% | +71.19% | +44.66% | +62.04% | +62.13% | +60.98% | +62.52% |
| Operating margin | +66.37% | +66.50% | +64.04% | +64.44% | +37.03% | +55.86% | +55.57% | +55.56% | +53.83% |
| EBITDA margin | +64.07% | +64.36% | +61.29% | +62.51% | +63.10% | +61.38% | +60.66% | +63.96% | +64.11% |
| EBIT margin | +40.78% | +40.86% | +37.70% | +37.77% | +37.03% | +36.44% | +37.33% | +37.69% | +37.57% |
| Pre-tax margin | +30.51% | +38.39% | +27.14% | +27.57% | +33.23% | +30.08% | +29.07% | +30.18% | +30.00% |
| Net margin | +30.02% | +37.99% | +26.61% | +26.63% | +33.94% | +28.76% | +28.92% | +28.26% | +29.87% |
| Cost structure | |||||||||
| Cost of revenue / sales | +27.14% | +27.22% | +28.82% | +28.81% | +55.34% | +38.04% | +36.92% | +37.17% | +38.29% |
| R&D intensity | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
| SG&A intensity | +6.50% | +6.29% | +7.14% | +6.75% | +7.63% | +7.10% | +7.34% | +7.03% | +7.00% |
| Effective tax rate | +0.28% | -0.01% | +0.24% | +1.10% | 0.00% | +0.43% | +0.45% | +0.43% | +0.45% |
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) | +5.92% | +7.82% | +5.07% | +5.80% | +7.34% | +5.91% | +6.14% | +5.98% | +6.14% |
| Return on assets (ROA) | +3.35% | +4.45% | +2.93% | +3.23% | +4.06% | +3.29% | +3.35% | +3.32% | +3.56% |
| Return on capital (ROC) | +7.68% | +8.07% | +7.32% | +8.13% | +4.39% | +6.62% | +6.81% | +6.78% | +6.41% |
| Return on invested capital (ROIC) | +3.47% | +4.61% | +3.04% | +3.36% | +4.02% | +3.41% | +3.54% | +3.45% | +3.56% |
| Asset turnover | +11.15% | +11.70% | +11.02% | +12.13% | +11.95% | +11.45% | +11.59% | +11.74% | +11.92% |
| DuPont · ROE decomposition | |||||||||
| Net margin | +30.02% | +37.99% | +26.61% | +26.63% | +33.94% | +28.76% | +28.92% | +28.26% | +29.87% |
| Asset turnover (× revenue / assets) | +11.15% | +11.70% | +11.02% | +12.13% | +11.95% | +11.45% | +11.59% | +11.74% | +11.92% |
| Equity multiplier (× assets / equity) | +176.64% | +175.79% | +172.79% | +179.59% | +181.04% | +179.71% | +183.19% | +180.24% | +172.44% |
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 | 0.11 | 0.12 | 0.11 | 0.12 | 0.12 | 0.11 | 0.12 | 0.12 | 0.12 |
| Fixed-asset turnover | 4.21 | 4.52 | 4.09 | 4.55 | 4.73 | — | — | — | — |
| Inventory turnover | — | — | — | — | — | — | — | — | — |
| Receivables turnover | 7.86 | 6.73 | 6.38 | 5.53 | 5.68 | — | — | — | — |
| Payables turnover | 1.01 | 1.09 | 1.10 | 1.10 | — | — | — | — | — |
| Days outstanding | |||||||||
| Days sales outstanding (DSO) | 46.42 | 54.23 | 57.25 | 65.99 | 64.32 | — | — | — | — |
| Days inventory outstanding (DIO) | — | — | — | — | — | — | — | — | — |
| Days payables outstanding (DPO) | 360.07 | 334.74 | 331.57 | 330.65 | — | — | — | — | — |
| Cash conversion cycle | -313.66 | -280.50 | -274.32 | -264.66 | 64.32 | — | — | — | — |
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 | 1.82 | 1.36 | 1.97 | 1.97 | 1.57 | 1.89 | 1.81 | 1.81 | 1.74 |
| FCF / Net income | 1.10 | 1.04 | 1.44 | 1.12 | 0.75 | 1.07 | 1.10 | 1.12 | 1.07 |
| FCF margin | +32.95% | +39.48% | +38.37% | +29.75% | +25.35% | +30.74% | +31.82% | +31.77% | +31.91% |
| OCF margin | +54.77% | +51.59% | +52.53% | +52.56% | +53.26% | +54.35% | +52.32% | +51.23% | +51.85% |
| CapEx / Revenue | +21.82% | +12.20% | +14.26% | +22.84% | +28.00% | +22.27% | +22.16% | +21.80% | +21.71% |
| CapEx / D&A | 0.94 | 0.52 | 0.60 | 0.92 | 1.14 | — | — | — | — |
| Stock-based comp / Revenue | +1.04% | +1.30% | +1.47% | +1.56% | +1.25% | — | — | — | — |
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 | 2.12 | 2.81 | 2.04 | 2.11 | 2.82 | 2.47 | 2.55 | 2.79 | 2.81 |
| EPS · basic | 2.12 | 2.82 | 2.04 | 2.12 | 2.79 | 2.46 | 2.51 | 2.76 | 2.80 |
| Book value / share | 35.79 | 35.96 | 40.78 | 37.70 | 39.41 | 45.49 | 45.19 | 48.90 | 54.53 |
| Tangible BV / share | 33.57 | 33.84 | 38.22 | 35.53 | 37.10 | 45.49 | 45.19 | 48.90 | 54.53 |
| Sales / share | 7.05 | 7.40 | 7.77 | 8.21 | 8.53 | 9.36 | 9.60 | 10.34 | 11.21 |
| Operating CF / share | 3.86 | 3.82 | 4.08 | 4.32 | 4.54 | 5.09 | 5.02 | 5.30 | 5.81 |
| Free cash flow / share | 2.32 | 2.92 | 2.98 | 2.44 | 2.16 | 2.88 | 3.05 | 3.29 | 3.58 |
| Dividends / share | 2.36 | 2.49 | 2.57 | 2.68 | 2.81 | 2.99 | 3.18 | 3.33 | 3.63 |
| Payout ratio | +111.53% | +88.69% | +124.28% | +122.47% | +96.99% | +111.32% | +114.44% | +113.98% | +108.41% |
| Retention ratio | -11.53% | +11.31% | -24.28% | -22.47% | +3.01% | -11.32% | -14.44% | -13.98% | -8.41% |
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 | — | +5.58% | +7.77% | +9.74% | +3.39% | +8.94% | +3.14% | +6.93% | +9.34% | +6.83% |
| Gross profit · YoY | — | +5.47% | +5.40% | +9.76% | -35.14% | +51.33% | +3.28% | +4.96% | +12.10% | +4.80% |
| Profit | ||||||||||
| Operating income · YoY | — | +5.79% | +3.79% | +10.43% | -40.59% | +64.30% | +2.62% | +6.91% | +5.92% | +4.07% |
| EBITDA · YoY | — | +6.06% | +2.63% | +11.93% | +4.35% | +5.98% | +1.92% | +12.76% | +9.59% | +6.83% |
| Net income · YoY | — | +33.61% | -24.50% | +9.83% | +31.74% | -7.70% | +3.72% | +4.51% | +15.57% | +6.76% |
| Operating | ||||||||||
| EBIT · YoY | — | +5.79% | -0.56% | +9.94% | +1.38% | +7.18% | +5.66% | +7.98% | +8.98% | +5.74% |
| R&D · YoY | — | — | — | — | — | — | — | — | — | — |
| Per-share | ||||||||||
| EPS · diluted · YoY | — | +32.55% | -27.40% | +3.43% | +33.65% | -12.28% | +3.02% | +9.60% | +0.61% | +3.58% |
| EPS · basic · YoY | — | +33.02% | -27.66% | +3.92% | +31.60% | -11.87% | +1.93% | +10.28% | +1.16% | +3.52% |
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 | $4.3B | $4.29B | $4.8B | $5.02B | $5.94B | $6.06B | $6.02B | $6.48B | $7.21B |
| Net debt | $4.2B | $4.23B | $4.71B | $4.96B | $5.82B | $5.96B | $5.92B | $6.36B | $7.09B |
| Net debt / EBITDA | 5.45 | 5.17 | 5.61 | 5.28 | 5.93 | 5.74 | 5.59 | 5.33 | 5.42 |
| Debt / equity | 0.70 | 0.70 | 0.67 | 0.73 | 0.83 | 0.74 | 0.73 | 0.73 | 0.73 |
| Debt / assets | +39.82% | +39.55% | +38.61% | +40.50% | +45.66% | +40.99% | +39.98% | +40.70% | +42.11% |
| Equity / assets | +56.61% | +56.89% | +57.87% | +55.68% | +55.24% | +55.64% | +54.59% | +55.48% | +57.99% |
| Coverage | |||||||||
| EBITDA / interest expense | 5.31 | 5.60 | 5.39 | 4.97 | 4.63 | 4.88 | 4.73 | 5.17 | 5.13 |
| Operating income / interest | 5.50 | 5.78 | 5.63 | 5.13 | 2.72 | 4.44 | 4.34 | 4.49 | 4.31 |
| Interest expense | $145.36M | $146.19M | $155.78M | $189.02M | $211.98M | $212.8M | $223.73M | $230.9M | $255.08M |
| Liquidity | |||||||||
| Current ratio | 0.85 | 0.81 | 0.64 | 0.73 | 1.05 | — | — | — | — |
| Quick ratio | 0.76 | 0.80 | 0.59 | 0.72 | 1.05 | — | — | — | — |
| Cash ratio | 0.29 | 0.21 | 0.17 | 0.12 | 0.32 | — | — | — | — |
| Working capital | -$48.58M | -$59.62M | -$185.51M | -$123.63M | $17.06M | — | — | — | — |
| Working capital / revenue | -4.04% | -4.69% | -13.54% | -8.22% | +1.10% | — | — | — | — |
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).