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 2026 | 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 2026 | 2027E | 2028E | 2029E |
|---|---|---|---|---|---|---|---|---|
| Margins | ||||||||
| Gross margin | +51.78% | +50.53% | +51.28% | +51.97% | +51.73% | +50.37% | +53.10% | +51.27% |
| Operating margin | +24.33% | +24.93% | +25.65% | +26.34% | +25.75% | +26.52% | +26.65% | +25.36% |
| EBITDA margin | +27.05% | +27.88% | +28.92% | +29.77% | +28.80% | +28.71% | +29.28% | +28.78% |
| EBIT margin | +24.77% | +25.81% | +26.97% | +27.85% | +26.89% | +27.69% | +27.65% | +27.52% |
| Pre-tax margin | +23.65% | +24.83% | +26.00% | +26.88% | +25.91% | +26.18% | +27.02% | +26.36% |
| Net margin | +17.83% | +18.83% | +19.79% | +20.43% | +19.72% | +20.57% | +20.51% | +19.46% |
| Cost structure | ||||||||
| Cost of revenue / sales | +48.22% | +49.47% | +48.72% | +48.03% | +48.27% | +47.52% | +46.95% | +48.66% |
| R&D intensity | 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% | +25.54% | +25.98% | +17.61% | +16.67% | +17.41% |
| Effective tax rate | +22.69% | +22.34% | +22.09% | +22.15% | +21.98% | +21.59% | +21.30% | +21.73% |
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 2026 | 2027E | 2028E | 2029E |
|---|---|---|---|---|---|---|---|---|
| Returns | ||||||||
| Return on equity (ROE) | +19.52% | +20.24% | +19.85% | +19.27% | +17.07% | +19.35% | +18.76% | +18.43% |
| Return on assets (ROA) | +12.14% | +13.08% | +13.40% | +13.22% | +12.09% | +13.24% | +13.44% | +12.72% |
| Return on capital (ROC) | +20.51% | +20.93% | +20.56% | +20.06% | +18.23% | +20.03% | +19.74% | +19.30% |
| Return on invested capital (ROIC) | +15.03% | +15.80% | +15.87% | +15.56% | +13.96% | +15.54% | +15.19% | +14.81% |
| Asset turnover | +68.08% | +69.45% | +67.71% | +64.69% | +61.29% | +64.39% | +65.52% | +65.40% |
| DuPont · ROE decomposition | ||||||||
| Net margin | +17.83% | +18.83% | +19.79% | +20.43% | +19.72% | +20.57% | +20.51% | +19.46% |
| Asset turnover (× revenue / assets) | +68.08% | +69.45% | +67.71% | +64.69% | +61.29% | +64.39% | +65.52% | +65.40% |
| Equity multiplier (× assets / equity) | +160.80% | +154.83% | +148.13% | +145.78% | +141.22% | +146.08% | +139.60% | +144.81% |
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 2026 | 2027E | 2028E | 2029E |
|---|---|---|---|---|---|---|---|---|
| Turnover | ||||||||
| Asset turnover | 0.68 | 0.69 | 0.68 | 0.65 | 0.61 | 0.64 | 0.66 | 0.65 |
| Fixed-asset turnover | 8.07 | 8.43 | 8.32 | 8.08 | 8.11 | — | — | — |
| Inventory turnover | 2.76 | 2.32 | 2.47 | 2.60 | 2.43 | — | — | — |
| Receivables turnover | 3.45 | 3.38 | 3.39 | 3.30 | 5.85 | — | — | — |
| Payables turnover | 7.99 | 8.35 | 10.46 | 9.23 | 10.86 | — | — | — |
| Days outstanding | ||||||||
| Days sales outstanding (DSO) | 105.89 | 108.07 | 107.62 | 110.46 | 62.39 | — | — | — |
| Days inventory outstanding (DIO) | 132.22 | 157.42 | 147.53 | 140.34 | 150.35 | — | — | — |
| Days payables outstanding (DPO) | 45.66 | 43.73 | 34.91 | 39.56 | 33.60 | — | — | — |
| Cash conversion cycle | 192.45 | 221.76 | 220.24 | 211.24 | 179.14 | — | — | — |
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 2026 | 2027E | 2028E | 2029E |
|---|---|---|---|---|---|---|---|---|
| Operating CF / Net income | 1.18 | 0.74 | 1.14 | 1.17 | 1.06 | 1.10 | 1.12 | 1.16 |
| FCF / Net income | 1.09 | 0.65 | 1.05 | 1.09 | 0.99 | 1.03 | 1.02 | 1.05 |
| FCF margin | +19.48% | +12.20% | +20.73% | +22.20% | +19.51% | +21.23% | +20.98% | +20.49% |
| OCF margin | +21.01% | +13.94% | +22.59% | +23.83% | +20.98% | +22.58% | +23.00% | +22.54% |
| CapEx / Revenue | +1.52% | +1.74% | +1.86% | +1.63% | +1.47% | +1.68% | +1.61% | +1.68% |
| CapEx / D&A | 0.67 | 0.84 | 0.96 | 0.85 | 0.77 | — | — | — |
| Stock-based comp / Revenue | +0.90% | +0.70% | +0.88% | +0.56% | 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 2026 | 2027E | 2028E | 2029E |
|---|---|---|---|---|---|---|---|---|
| EPS · diluted | 14.92 | 16.82 | 18.76 | 19.51 | 19.19 | 19.92 | 21.13 | 24.42 |
| EPS · basic | 15.22 | 17.14 | 19.11 | 19.85 | 19.52 | 20.48 | 21.76 | 25.03 |
| Book value / share | 76.43 | 83.09 | 94.50 | 101.25 | 112.39 | 97.94 | 105.71 | 106.78 |
| Tangible BV / share | 50.65 | 58.72 | 69.15 | 76.50 | 86.35 | 97.94 | 105.71 | 106.78 |
| Sales / share | 83.67 | 89.35 | 94.77 | 95.48 | 97.28 | 92.12 | 96.68 | 101.12 |
| Operating CF / share | 17.57 | 12.46 | 21.41 | 22.76 | 20.41 | 20.80 | 22.24 | 22.79 |
| Free cash flow / share | 16.30 | 10.90 | 19.65 | 21.20 | 18.98 | 19.56 | 20.28 | 20.72 |
| Dividends / share | 5.01 | 5.78 | 6.60 | 7.60 | 8.72 | 7.45 | 7.75 | 8.13 |
| Payout ratio | +33.61% | +34.34% | +35.17% | +38.93% | +45.45% | +39.33% | +39.06% | +41.31% |
| Retention ratio | +66.39% | +65.66% | +64.83% | +61.07% | +54.55% | +60.67% | +60.94% | +58.69% |
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 2026 | 2027E | 2028E | 2029E | 7y CAGR |
|---|---|---|---|---|---|---|---|---|---|
| Top-line | |||||||||
| Revenue · YoY | — | +5.23% | +5.49% | +0.00% | +0.93% | -4.73% | +3.72% | +6.18% | +2.34% |
| Gross profit · YoY | — | +2.70% | +7.05% | +1.34% | +0.47% | -7.24% | +9.34% | +2.53% | +2.19% |
| Profit | |||||||||
| Operating income · YoY | — | +7.84% | +8.55% | +2.69% | -1.34% | -1.90% | +4.24% | +1.04% | +2.95% |
| EBITDA · YoY | — | +8.44% | +9.43% | +2.94% | -2.35% | -5.02% | +5.78% | +4.38% | +3.25% |
| Net income · YoY | — | +11.12% | +10.90% | +3.24% | -2.59% | -0.63% | +3.43% | +0.71% | +3.62% |
| Operating | |||||||||
| EBIT · YoY | — | +9.62% | +10.26% | +3.25% | -2.55% | -1.90% | +3.58% | +5.70% | +3.89% |
| R&D · YoY | — | — | — | — | — | — | — | — | — |
| Per-share | |||||||||
| EPS · diluted · YoY | — | +12.73% | +11.53% | +4.00% | -1.64% | +3.80% | +6.10% | +15.55% | +7.29% |
| EPS · basic · YoY | — | +12.61% | +11.49% | +3.87% | -1.66% | +4.90% | +6.26% | +15.02% | +7.36% |
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 2026 | 2027E | 2028E | 2029E |
|---|---|---|---|---|---|---|---|---|
| Leverage | ||||||||
| Total debt | $1.25B | $1.27B | $1.28B | $1.29B | $1.33B | $1.28B | $1.31B | $1.4B |
| Net debt | $474.1M | $507.9M | $277.1M | -$67.7M | -$298.3M | $25.08M | $4.48M | -$32.36M |
| Net debt / EBITDA | 0.38 | 0.38 | 0.19 | -0.04 | -0.20 | 0.02 | 0.00 | -0.02 |
| Debt / equity | 0.30 | 0.28 | 0.25 | 0.24 | 0.22 | 0.24 | 0.23 | 0.24 |
| Debt / assets | +18.55% | +18.14% | +16.95% | +16.37% | +15.77% | +16.77% | +16.82% | +16.88% |
| Equity / assets | +62.19% | +64.59% | +67.51% | +68.60% | +70.81% | +68.46% | +71.63% | +69.06% |
| Coverage | ||||||||
| EBITDA / interest expense | 23.44 | 28.66 | 29.60 | 30.66 | 28.45 | 28.54 | 29.10 | 28.41 |
| Operating income / interest | 21.08 | 25.63 | 26.26 | 27.13 | 25.43 | 26.36 | 26.48 | 25.02 |
| Interest expense | $53.1M | $47.1M | $49.9M | $49.6M | $52.2M | $49.42M | $51.27M | $54.82M |
| Liquidity | ||||||||
| Current ratio | 3.11 | 3.47 | 3.88 | 4.15 | 4.79 | — | — | — |
| Quick ratio | 2.15 | 2.26 | 2.66 | 3.02 | 2.73 | — | — | — |
| Cash ratio | 0.79 | 0.78 | 1.06 | 1.41 | 1.77 | — | — | — |
| Working capital | $2.07B | $2.4B | $2.71B | $3.03B | $3.48B | — | — | — |
| Working capital / revenue | +45.01% | +49.51% | +53.06% | +59.27% | +67.58% | — | — | — |
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).