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 | +27.90% | +26.75% | +23.71% | +27.20% | +29.15% | +27.36% | +26.77% | +26.68% | +27.12% |
| Operating margin | +23.34% | +22.67% | +19.43% | +21.85% | +23.72% | +21.42% | +22.05% | +21.99% | +21.31% |
| EBITDA margin | +24.96% | +28.40% | +38.70% | +45.15% | +50.09% | +45.12% | +44.35% | +45.50% | +44.11% |
| EBIT margin | +10.76% | +15.42% | +24.61% | +26.34% | +31.40% | +28.04% | +26.89% | +27.62% | +28.23% |
| Pre-tax margin | +11.96% | +18.27% | +26.00% | +28.70% | +20.22% | +24.68% | +24.55% | +24.95% | +25.46% |
| Net margin | +10.09% | +13.75% | +19.46% | +22.09% | +13.40% | +18.19% | +18.34% | +18.33% | +18.10% |
| Cost structure | |||||||||
| Cost of revenue / sales | +72.10% | +73.25% | +76.29% | +72.80% | +70.85% | +74.94% | +71.89% | +74.67% | +75.27% |
| R&D intensity | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
| SG&A intensity | +4.56% | +4.08% | +4.28% | +5.35% | +5.43% | +4.98% | +5.11% | +5.14% | +5.17% |
| Effective tax rate | +6.34% | +19.57% | +11.93% | +5.89% | +25.28% | +14.53% | +14.33% | +14.39% | +13.74% |
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) | +4.81% | +7.31% | +9.14% | +7.57% | +4.37% | +6.75% | +6.79% | +6.96% | +6.61% |
| Return on assets (ROA) | +1.83% | +2.72% | +3.53% | +2.98% | +1.66% | +2.53% | +2.68% | +2.59% | +2.62% |
| Return on capital (ROC) | +5.85% | +6.06% | +4.74% | +3.84% | +4.16% | +4.13% | +4.28% | +4.35% | +4.11% |
| Return on invested capital (ROIC) | +2.53% | +3.68% | +4.75% | +3.89% | +2.35% | +3.50% | +3.56% | +3.63% | +3.49% |
| Asset turnover | +18.13% | +19.80% | +18.13% | +13.48% | +12.37% | +13.91% | +14.60% | +14.15% | +14.46% |
| DuPont · ROE decomposition | |||||||||
| Net margin | +10.09% | +13.75% | +19.46% | +22.09% | +13.40% | +18.19% | +18.34% | +18.33% | +18.10% |
| Asset turnover (× revenue / assets) | +18.13% | +19.80% | +18.13% | +13.48% | +12.37% | +13.91% | +14.60% | +14.15% | +14.46% |
| Equity multiplier (× assets / equity) | +262.76% | +268.57% | +259.05% | +254.46% | +264.00% | +266.86% | +253.72% | +268.17% | +252.61% |
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 | 0.18 | 0.20 | 0.18 | 0.13 | 0.12 | 0.14 | 0.15 | 0.14 | 0.14 |
| Fixed-asset turnover | 0.29 | 0.32 | 0.28 | 0.21 | 0.27 | — | — | — | — |
| Inventory turnover | 24.21 | 28.27 | 25.01 | 16.87 | 17.32 | — | — | — | — |
| Receivables turnover | 5.08 | 4.46 | 5.57 | 5.22 | 6.87 | — | — | — | — |
| Payables turnover | 5.64 | 5.71 | 5.45 | 4.21 | 6.65 | — | — | — | — |
| Days outstanding | |||||||||
| Days sales outstanding (DSO) | 71.85 | 81.83 | 65.53 | 69.95 | 53.10 | — | — | — | — |
| Days inventory outstanding (DIO) | 15.08 | 12.91 | 14.59 | 21.63 | 21.08 | — | — | — | — |
| Days payables outstanding (DPO) | 64.77 | 63.88 | 66.94 | 86.60 | 54.89 | — | — | — | — |
| Cash conversion cycle | 22.16 | 30.86 | 13.18 | 4.98 | 19.29 | — | — | — | — |
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 | 2.92 | 0.53 | 2.02 | 1.71 | 2.49 | 2.08 | 1.99 | 1.98 | 2.06 |
| FCF / Net income | -0.89 | -1.97 | -0.71 | -1.16 | -3.29 | -1.56 | -1.51 | -1.56 | -1.57 |
| FCF margin | -8.98% | -27.10% | -13.79% | -25.53% | -44.10% | -28.31% | -27.65% | -28.52% | -28.41% |
| OCF margin | +29.42% | +7.34% | +39.35% | +37.87% | +33.29% | +37.84% | +36.54% | +36.32% | +37.30% |
| CapEx / Revenue | +38.40% | +34.44% | +53.14% | +63.40% | +77.39% | +65.04% | +64.85% | +63.84% | +65.99% |
| CapEx / D&A | 2.70 | 2.65 | 3.77 | 3.37 | 4.14 | — | — | — | — |
| Stock-based comp / Revenue | +0.48% | +0.46% | +0.51% | +0.66% | 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 2025 | 2026E | 2027E | 2028E | 2029E |
|---|---|---|---|---|---|---|---|---|---|
| EPS · diluted | 2.00 | 3.31 | 4.79 | 4.42 | 2.75 | 5.11 | 5.52 | 5.99 | 6.50 |
| EPS · basic | 2.01 | 3.32 | 4.81 | 4.44 | 2.75 | 5.09 | 5.59 | 5.97 | 6.46 |
| Book value / share | 43.80 | 46.24 | 53.19 | 59.23 | 64.35 | 57.18 | 55.93 | 56.17 | 58.53 |
| Tangible BV / share | 40.65 | 43.16 | 50.15 | 56.27 | 64.35 | 57.18 | 55.93 | 56.17 | 58.53 |
| Sales / share | 20.86 | 24.58 | 24.97 | 20.31 | 21.01 | 21.22 | 20.71 | 21.31 | 21.38 |
| Operating CF / share | 6.14 | 1.80 | 9.83 | 7.69 | 6.99 | 8.03 | 7.57 | 7.74 | 7.97 |
| Free cash flow / share | -1.87 | -6.66 | -3.44 | -5.19 | -9.26 | -6.01 | -5.73 | -6.08 | -6.07 |
| Dividends / share | 2.13 | 2.26 | 2.34 | 2.35 | 2.46 | 2.29 | 2.28 | 2.39 | 2.33 |
| Payout ratio | +100.99% | +66.85% | +48.23% | +52.38% | +87.26% | +59.21% | +60.05% | +61.06% | +60.21% |
| Retention ratio | -0.99% | +33.15% | +51.77% | +47.62% | +12.74% | +40.79% | +39.95% | +38.94% | +39.79% |
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 | — | +19.09% | +1.59% | -18.00% | +5.83% | +0.35% | -1.62% | +1.97% | +0.42% | +0.75% |
| Gross profit · YoY | — | +14.19% | -9.95% | -5.95% | +13.42% | -5.82% | -3.76% | +1.63% | +2.08% | +0.39% |
| Profit | ||||||||||
| Operating income · YoY | — | +15.68% | -12.93% | -7.79% | +14.91% | -9.38% | +1.25% | +1.71% | -2.70% | -0.39% |
| EBITDA · YoY | — | +35.49% | +38.47% | -4.35% | +17.40% | -9.60% | -3.30% | +4.60% | -2.66% | +8.18% |
| Net income · YoY | — | +62.29% | +43.76% | -6.93% | -35.81% | +36.23% | -0.77% | +1.91% | -0.87% | +8.38% |
| Operating | ||||||||||
| EBIT · YoY | — | +70.68% | +62.18% | -12.24% | +26.14% | -10.39% | -5.63% | +4.71% | +2.64% | +13.66% |
| R&D · YoY | — | — | — | — | — | — | — | — | — | — |
| Per-share | ||||||||||
| EPS · diluted · YoY | — | +65.22% | +44.71% | -7.70% | -37.78% | +85.81% | +7.99% | +8.50% | +8.59% | +15.86% |
| EPS · basic · YoY | — | +65.18% | +44.71% | -7.64% | -38.06% | +85.20% | +9.80% | +6.80% | +8.16% | +15.70% |
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 | $24.65B | $28.92B | $31.08B | $35.85B | $36.29B | $34.36B | $33.21B | $33.38B | $33.94B |
| Net debt | $24.09B | $28.55B | $30.84B | $34.28B | $36.29B | $33.72B | $32.61B | $32.76B | $33.31B |
| Net debt / EBITDA | 7.39 | 6.46 | 5.04 | 5.86 | 5.28 | 5.43 | 5.43 | 5.22 | 5.45 |
| Debt / equity | 0.90 | 0.99 | 0.92 | 0.95 | 0.86 | 0.93 | 0.91 | 0.92 | 0.89 |
| Debt / assets | +34.21% | +36.80% | +35.65% | +37.28% | +32.73% | +34.73% | +35.81% | +34.21% | +35.40% |
| Equity / assets | +38.06% | +37.23% | +38.60% | +39.30% | +37.88% | +37.47% | +39.41% | +37.29% | +39.59% |
| Coverage | |||||||||
| EBITDA / interest expense | 2.75 | 4.19 | 4.85 | 4.49 | 4.48 | 4.70 | 4.44 | 4.55 | 4.56 |
| Operating income / interest | 2.57 | 3.34 | 2.43 | 2.17 | 2.12 | 2.23 | 2.21 | 2.20 | 2.20 |
| Interest expense | $1.19B | $1.06B | $1.26B | $1.3B | $1.53B | $1.32B | $1.35B | $1.38B | $1.34B |
| Liquidity | |||||||||
| Current ratio | 0.44 | 0.60 | 0.54 | 0.55 | 1.59 | — | — | — | — |
| Quick ratio | 0.31 | 0.39 | 0.30 | 0.42 | 0.09 | — | — | — | — |
| Cash ratio | 0.06 | 0.04 | 0.02 | 0.16 | 0.00 | — | — | — | — |
| Working capital | -$5.66B | -$3.99B | -$4.62B | -$4.39B | $12.94B | — | — | — | — |
| Working capital / revenue | -43.34% | -25.63% | -29.24% | -33.89% | +94.39% | — | — | — | — |
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).