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 | +75.18% | +73.59% | +76.61% | +77.32% | +41.61% | +66.11% | +67.13% | +63.75% | +64.89% |
| Operating margin | +33.89% | +35.14% | +34.06% | +53.58% | +48.67% | +46.48% | +44.96% | +44.48% | +46.38% |
| EBITDA margin | +65.57% | +63.64% | +66.07% | +66.97% | +77.67% | +68.59% | +69.24% | +71.65% | +70.60% |
| EBIT margin | +35.24% | +36.77% | +39.65% | +56.91% | +60.74% | +51.65% | +53.07% | +52.81% | +53.27% |
| Pre-tax margin | +10.94% | +19.97% | +20.23% | +28.83% | +44.12% | +31.48% | +30.92% | +30.50% | +30.84% |
| Net margin | +10.29% | +17.52% | +18.51% | +27.97% | +37.43% | +27.59% | +27.17% | +27.32% | +28.62% |
| Cost structure | |||||||||
| Cost of revenue / sales | +24.82% | +26.41% | +23.39% | +22.68% | +58.39% | +34.03% | +34.44% | +34.89% | +35.33% |
| R&D intensity | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
| SG&A intensity | +9.53% | +9.94% | +9.85% | +9.68% | +9.86% | +9.52% | +9.64% | +9.79% | +9.53% |
| Effective tax rate | +5.92% | +12.56% | +9.31% | +3.10% | +15.10% | +9.01% | +9.42% | +9.48% | +9.06% |
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) | -4.51% | -8.80% | -9.77% | -14.83% | -22.06% | -15.44% | -14.41% | -14.54% | -16.09% |
| Return on assets (ROA) | +2.42% | +4.36% | +4.93% | +6.56% | +9.10% | +6.98% | +6.67% | +6.67% | +7.30% |
| Return on capital (ROC) | +8.45% | +9.32% | +9.90% | +13.42% | +12.99% | +12.77% | +12.59% | +11.70% | +12.23% |
| Return on invested capital (ROIC) | +2.57% | +4.65% | +5.38% | +7.00% | +9.99% | +7.58% | +7.61% | +7.19% | +7.55% |
| Asset turnover | +23.56% | +24.88% | +26.64% | +23.47% | +24.32% | +25.31% | +24.56% | +24.43% | +25.49% |
| DuPont · ROE decomposition | |||||||||
| Net margin | +10.29% | +17.52% | +18.51% | +27.97% | +37.43% | +27.59% | +27.17% | +27.32% | +28.62% |
| Asset turnover (× revenue / assets) | +23.56% | +24.88% | +26.64% | +23.47% | +24.32% | +25.31% | +24.56% | +24.43% | +25.49% |
| Equity multiplier (× assets / equity) | -186.13% | -201.83% | -198.18% | -225.83% | -242.40% | -221.19% | -215.98% | -217.97% | -220.52% |
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 | 0.24 | 0.25 | 0.27 | 0.23 | 0.24 | 0.25 | 0.25 | 0.24 | 0.25 |
| Fixed-asset turnover | 0.40 | 0.40 | 0.42 | 0.42 | 0.73 | — | — | — | — |
| Inventory turnover | — | — | — | — | — | — | — | — | — |
| Receivables turnover | 15.31 | 9.96 | 13.42 | 9.42 | 4.24 | — | — | — | — |
| Payables turnover | 16.82 | 13.52 | 15.03 | 10.20 | 22.51 | — | — | — | — |
| Days outstanding | |||||||||
| Days sales outstanding (DSO) | 23.84 | 36.65 | 27.21 | 38.76 | 86.08 | — | — | — | — |
| Days inventory outstanding (DIO) | — | — | — | — | — | — | — | — | — |
| Days payables outstanding (DPO) | 21.70 | 26.99 | 24.28 | 35.77 | 16.22 | — | — | — | — |
| Cash conversion cycle | 2.14 | 9.66 | 2.92 | 2.99 | 69.87 | — | — | — | — |
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 | 5.01 | 2.79 | 3.08 | 1.78 | 1.23 | 1.87 | 1.87 | 1.81 | 1.79 |
| FCF / Net income | 4.44 | 2.32 | 2.61 | 1.48 | 1.01 | 1.52 | 1.53 | 1.52 | 1.47 |
| FCF margin | +45.75% | +40.68% | +48.23% | +41.30% | +37.88% | +41.99% | +41.64% | +41.41% | +42.08% |
| OCF margin | +51.54% | +48.82% | +56.96% | +49.82% | +45.87% | +51.71% | +50.92% | +49.49% | +51.19% |
| CapEx / Revenue | +5.79% | +8.14% | +8.73% | +8.51% | +7.99% | +8.16% | +8.43% | +8.65% | +8.44% |
| CapEx / D&A | 0.19 | 0.30 | 0.32 | 0.85 | 0.77 | — | — | — | — |
| Stock-based comp / Revenue | +3.66% | +3.79% | +3.24% | +2.78% | +2.69% | — | — | — | — |
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 | 2.14 | 4.22 | 4.61 | 6.94 | 9.80 | 7.42 | 8.40 | 9.16 | 9.40 |
| EPS · basic | 2.17 | 4.27 | 4.64 | 6.96 | 9.83 | 7.44 | 8.41 | 9.15 | 9.48 |
| Book value / share | -47.37 | -47.95 | -47.16 | -46.78 | -44.41 | -47.81 | -51.55 | -53.51 | -52.18 |
| Tangible BV / share | -72.58 | -73.33 | -69.71 | -68.88 | -71.21 | -47.81 | -51.55 | -53.51 | -52.18 |
| Sales / share | 20.77 | 24.07 | 24.90 | 24.79 | 26.18 | 26.76 | 27.35 | 28.49 | 29.33 |
| Operating CF / share | 10.70 | 11.75 | 14.18 | 12.35 | 12.01 | 13.84 | 13.92 | 14.10 | 15.02 |
| Free cash flow / share | 9.50 | 9.79 | 12.01 | 10.24 | 9.92 | 11.24 | 11.39 | 11.80 | 12.34 |
| Dividends / share | 2.28 | 2.80 | 3.40 | 3.92 | 4.45 | 4.16 | 4.30 | 4.36 | 4.52 |
| Payout ratio | +106.71% | +66.48% | +73.72% | +56.59% | +45.46% | +56.35% | +57.91% | +55.98% | +53.81% |
| Retention ratio | -6.71% | +33.52% | +26.28% | +43.41% | +54.54% | +43.65% | +42.09% | +44.02% | +46.19% |
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 | — | +14.06% | +2.97% | -1.18% | +5.06% | +1.61% | +2.68% | +3.77% | +4.20% | +4.07% |
| Gross profit · YoY | — | +11.65% | +7.19% | -0.26% | -43.47% | +61.46% | +4.25% | -1.46% | +6.07% | +2.17% |
| Profit | ||||||||||
| Operating income · YoY | — | +18.26% | -0.19% | +55.44% | -4.57% | -2.96% | -0.69% | +2.67% | +8.66% | +8.23% |
| EBITDA · YoY | — | +10.70% | +6.90% | +0.17% | +21.83% | -10.26% | +3.64% | +7.39% | +2.68% | +5.03% |
| Net income · YoY | — | +94.18% | +8.75% | +49.37% | +40.57% | -25.10% | +1.11% | +4.34% | +9.19% | +18.26% |
| Operating | ||||||||||
| EBIT · YoY | — | +19.00% | +11.04% | +41.85% | +12.12% | -13.59% | +5.49% | +3.27% | +5.10% | +9.58% |
| R&D · YoY | — | — | — | — | — | — | — | — | — | — |
| Per-share | ||||||||||
| EPS · diluted · YoY | — | +97.20% | +9.24% | +50.54% | +41.21% | -24.30% | +13.17% | +9.12% | +2.60% | +20.32% |
| EPS · basic · YoY | — | +96.77% | +8.67% | +50.00% | +41.24% | -24.28% | +13.02% | +8.75% | +3.58% | +20.23% |
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 | $14.52B | $15.17B | $14.46B | $15.76B | $15.32B | $15.52B | $16.03B | $17.31B | $17.69B |
| Net debt | $14.16B | $15.03B | $14.25B | $15.57B | $14.89B | $15.23B | $15.74B | $17B | $17.38B |
| Net debt / EBITDA | 9.35 | 8.97 | 7.96 | 8.67 | 6.81 | 7.76 | 7.74 | 7.79 | 7.75 |
| Debt / equity | -2.76 | -2.89 | -2.82 | -3.12 | -3.21 | -3.04 | -2.89 | -3.02 | -3.13 |
| Debt / assets | +148.16% | +143.33% | +142.10% | +138.00% | +132.35% | +137.33% | +134.04% | +138.71% | +141.99% |
| Equity / assets | -53.73% | -49.55% | -50.46% | -44.28% | -41.25% | -45.21% | -46.30% | -45.88% | -45.35% |
| Coverage | |||||||||
| EBITDA / interest expense | — | — | — | — | 4.67 | 12.30 | 12.28 | 13.00 | 13.01 |
| Operating income / interest | — | — | — | — | 2.93 | 8.33 | 7.97 | 8.07 | 8.54 |
| Interest expense | $0 | $0 | $0 | $0 | $467.91M | $159.55M | $165.64M | $167.92M | $172.39M |
| Liquidity | |||||||||
| Current ratio | 1.00 | 0.69 | 0.36 | 1.10 | 0.49 | — | — | — | — |
| Quick ratio | 0.84 | 0.59 | 0.30 | 0.41 | 0.49 | — | — | — | — |
| Cash ratio | 0.60 | 0.21 | 0.15 | 0.11 | 0.19 | — | — | — | — |
| Working capital | -$1.89M | -$214.03M | -$878.99M | $180.78M | -$1.13B | — | — | — | — |
| Working capital / revenue | -0.08% | -8.13% | -32.42% | +6.75% | -40.23% | — | — | — | — |
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).