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 | +79.50% | +80.54% | +80.62% | +79.68% | +76.98% | +77.28% | +78.21% | +77.13% | +77.08% |
| Operating margin | +17.48% | +24.89% | +23.94% | +22.13% | +12.97% | +20.13% | +20.11% | +20.15% | +20.22% |
| EBITDA margin | +24.08% | +28.89% | +29.25% | +30.12% | +35.44% | +31.34% | +31.76% | +32.47% | +31.49% |
| EBIT margin | +19.24% | +23.94% | +24.60% | +25.31% | +26.08% | +25.72% | +24.57% | +25.79% | +25.90% |
| Pre-tax margin | +19.16% | +23.91% | +24.55% | +24.71% | +19.75% | +22.53% | +23.34% | +22.67% | +22.73% |
| Net margin | +18.02% | +21.33% | +23.13% | +36.94% | +18.89% | +19.78% | +20.19% | +19.22% | +19.41% |
| Cost structure | |||||||||
| Cost of revenue / sales | +20.50% | +19.46% | +19.38% | +20.32% | +23.02% | +21.20% | +21.37% | +21.33% | +20.80% |
| R&D intensity | +35.79% | +34.44% | +34.79% | +33.98% | +35.15% | +33.94% | +35.19% | +35.04% | +34.46% |
| SG&A intensity | +24.63% | +20.72% | +20.71% | +23.30% | +26.14% | +23.31% | +23.53% | +23.73% | +23.64% |
| Effective tax rate | +6.10% | +12.63% | +6.91% | +6.59% | +4.02% | +5.99% | +5.84% | +5.87% | +5.97% |
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) | +14.30% | +17.71% | +19.89% | +25.08% | +4.70% | +8.56% | +8.73% | +8.24% | +8.71% |
| Return on assets (ROA) | +8.66% | +10.45% | +11.90% | +17.31% | +2.76% | +5.35% | +5.48% | +5.19% | +5.23% |
| Return on capital (ROC) | +12.32% | +18.48% | +18.56% | +13.97% | +2.15% | +6.56% | +6.58% | +6.55% | +6.80% |
| Return on invested capital (ROIC) | +12.70% | +15.84% | +17.92% | +23.32% | +3.13% | +6.44% | +6.60% | +6.24% | +6.53% |
| Asset turnover | +48.04% | +49.01% | +51.47% | +46.87% | +14.63% | +27.03% | +27.12% | +27.03% | +26.96% |
| DuPont · ROE decomposition | |||||||||
| Net margin | +18.02% | +21.33% | +23.13% | +36.94% | +18.89% | +19.78% | +20.19% | +19.22% | +19.41% |
| Asset turnover (× revenue / assets) | +48.04% | +49.01% | +51.47% | +46.87% | +14.63% | +27.03% | +27.12% | +27.03% | +26.96% |
| Equity multiplier (× assets / equity) | +165.17% | +169.41% | +167.09% | +144.89% | +170.24% | +160.16% | +159.33% | +158.68% | +166.41% |
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 | 0.48 | 0.49 | 0.51 | 0.47 | 0.15 | 0.27 | 0.27 | 0.27 | 0.27 |
| Fixed-asset turnover | 4.35 | 4.43 | 4.79 | 5.43 | 5.04 | — | — | — | — |
| Inventory turnover | 3.76 | 4.24 | 3.17 | 3.44 | 4.45 | — | — | — | — |
| Receivables turnover | 7.40 | 5.80 | 6.21 | 6.56 | 4.69 | — | — | — | — |
| Payables turnover | 31.44 | 23.90 | 6.67 | 6.01 | 9.85 | — | — | — | — |
| Days outstanding | |||||||||
| Days sales outstanding (DSO) | 49.36 | 62.95 | 58.80 | 55.66 | 77.89 | — | — | — | — |
| Days inventory outstanding (DIO) | 97.00 | 86.14 | 115.28 | 106.06 | 82.10 | — | — | — | — |
| Days payables outstanding (DPO) | 11.61 | 15.27 | 54.74 | 60.77 | 37.04 | — | — | — | — |
| Cash conversion cycle | 134.75 | 133.82 | 119.34 | 100.95 | 122.95 | — | — | — | — |
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 | 1.97 | 1.77 | 1.38 | 0.62 | 1.14 | 1.25 | 1.23 | 1.33 | 1.28 |
| FCF / Net income | 1.84 | 1.62 | 1.23 | 0.57 | 1.01 | 1.17 | 1.11 | 1.20 | 1.15 |
| FCF margin | +33.23% | +34.66% | +28.42% | +20.95% | +19.13% | +23.17% | +22.42% | +23.05% | +22.23% |
| OCF margin | +35.50% | +37.67% | +32.03% | +22.96% | +21.53% | +24.79% | +24.82% | +25.62% | +24.86% |
| CapEx / Revenue | +2.28% | +3.01% | +3.61% | +2.01% | +2.40% | +2.69% | +2.72% | +2.66% | +2.67% |
| CapEx / D&A | 0.47 | 0.61 | 0.78 | 0.42 | 0.26 | — | — | — | — |
| Stock-based comp / Revenue | +8.21% | +9.94% | +10.59% | +11.30% | +12.66% | — | — | — | — |
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 | 4.81 | 6.29 | 7.92 | 14.51 | 8.04 | 14.77 | 17.28 | 20.51 | 23.26 |
| EPS · basic | 4.96 | 6.44 | 8.08 | 14.78 | 8.13 | 15.07 | 17.77 | 21.14 | 23.45 |
| Book value / share | 33.68 | 35.53 | 39.85 | 57.86 | 175.20 | 138.91 | 154.42 | 171.07 | 180.77 |
| Tangible BV / share | 9.18 | 8.50 | 16.74 | 34.49 | -69.59 | 138.91 | 154.42 | 171.07 | 180.77 |
| Sales / share | 26.72 | 29.50 | 34.27 | 39.29 | 43.63 | 60.14 | 66.73 | 73.36 | 81.10 |
| Operating CF / share | 9.49 | 11.11 | 10.98 | 9.02 | 9.39 | 14.91 | 16.56 | 18.79 | 20.16 |
| Free cash flow / share | 8.88 | 10.22 | 9.74 | 8.23 | 8.34 | 13.93 | 14.96 | 16.91 | 18.03 |
| Dividends / share | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Payout ratio | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
| Retention ratio | +100.00% | +100.00% | +100.00% | +100.00% | +100.00% | +100.00% | +100.00% | +100.00% | +100.00% |
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 | — | +9.79% | +15.22% | +15.22% | +15.12% | +37.14% | +10.84% | +11.63% | +9.98% | +15.33% |
| Gross profit · YoY | — | +11.23% | +15.32% | +13.88% | +11.23% | +37.66% | +12.17% | +10.09% | +9.92% | +14.89% |
| Profit | ||||||||||
| Operating income · YoY | — | +56.33% | +10.84% | +6.48% | -32.51% | +112.84% | +10.73% | +11.88% | +10.35% | +17.46% |
| EBITDA · YoY | — | +31.70% | +16.63% | +18.68% | +35.46% | +21.26% | +12.33% | +14.10% | +6.68% | +19.27% |
| Net income · YoY | — | +29.98% | +24.91% | +84.03% | -41.14% | +43.60% | +13.16% | +6.25% | +11.09% | +16.41% |
| Operating | ||||||||||
| EBIT · YoY | — | +36.63% | +18.37% | +18.54% | +18.65% | +35.23% | +5.89% | +17.15% | +10.46% | +19.70% |
| R&D · YoY | — | +5.65% | +16.36% | +12.56% | +19.06% | +32.44% | +14.90% | +11.16% | +8.14% | +14.79% |
| Per-share | ||||||||||
| EPS · diluted · YoY | — | +30.77% | +25.91% | +83.21% | -44.59% | +83.65% | +17.00% | +18.74% | +13.39% | +21.77% |
| EPS · basic · YoY | — | +29.84% | +25.47% | +82.92% | -44.99% | +85.32% | +17.93% | +18.95% | +10.97% | +21.43% |
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 | $666.77M | $656.37M | $677.6M | $684.46M | $14.29B | $7.34B | $7.97B | $8.94B | $9.79B |
| Net debt | -$766.07M | -$761.24M | -$756.37M | -$3.21B | $11.41B | $3.18B | $3.38B | $3.8B | $4.11B |
| Net debt / EBITDA | -0.76 | -0.57 | -0.49 | -1.74 | 4.56 | 1.05 | 0.99 | 0.98 | 0.99 |
| Debt / equity | 0.13 | 0.12 | 0.11 | 0.08 | 0.50 | 0.33 | 0.32 | 0.32 | 0.33 |
| Debt / assets | +7.62% | +6.97% | +6.56% | +5.24% | +29.64% | +20.51% | +20.17% | +20.18% | +20.04% |
| Equity / assets | +60.54% | +59.03% | +59.85% | +69.02% | +58.74% | +62.44% | +62.76% | +63.02% | +60.09% |
| Coverage | |||||||||
| EBITDA / interest expense | 300.91 | 785.37 | 575.40 | 50.12 | 5.60 | 13.14 | 13.54 | 13.58 | 13.48 |
| Operating income / interest | 218.36 | 676.51 | 471.05 | 36.81 | 2.05 | 8.44 | 8.58 | 8.43 | 8.66 |
| Interest expense | $3.37M | $1.7M | $2.7M | $36.83M | $446.73M | $230.69M | $251.45M | $286.18M | $307.43M |
| Liquidity | |||||||||
| Current ratio | 1.16 | 1.09 | 1.15 | 2.44 | 1.62 | — | — | — | — |
| Quick ratio | 0.89 | 0.85 | 0.82 | 1.88 | 1.20 | — | — | — | — |
| Cash ratio | 0.59 | 0.51 | 0.48 | 1.47 | 0.78 | — | — | — | — |
| Working capital | $394.86M | $238.17M | $445.17M | $3.82B | $2.29B | — | — | — | — |
| Working capital / revenue | +9.39% | +5.16% | +8.37% | +62.34% | +32.46% | — | — | — | — |
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).