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 | +2.93% | +23.67% | +28.29% | +34.03% | +64.12% | +41.32% | +41.45% | +42.38% | +41.46% |
| Operating margin | -4.15% | +5.20% | +7.84% | +8.93% | +7.98% | +8.24% | +8.09% | +8.47% | +8.24% |
| EBITDA margin | +6.11% | +11.39% | +14.58% | +14.89% | +12.76% | +14.49% | +14.25% | +13.79% | +13.83% |
| EBIT margin | -3.98% | +5.92% | +9.61% | +9.76% | +7.79% | +8.96% | +9.29% | +8.85% | +8.85% |
| Pre-tax margin | -10.38% | +2.20% | +6.31% | +7.30% | +7.29% | +6.78% | +7.01% | +7.00% | +6.93% |
| Net margin | -7.97% | +1.64% | +4.87% | +5.52% | +5.68% | +5.26% | +5.29% | +5.39% | +5.44% |
| Cost structure | |||||||||
| Cost of revenue / sales | +97.07% | +76.33% | +71.71% | +65.97% | +35.88% | +58.84% | +57.57% | +58.21% | +56.70% |
| R&D intensity | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
| SG&A intensity | +2.75% | +3.41% | +3.68% | +3.91% | +3.57% | +3.68% | +3.62% | +3.82% | +3.70% |
| Effective tax rate | — | +25.56% | +22.70% | +24.45% | +22.13% | +23.99% | +23.10% | +23.10% | +23.42% |
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) | -39.05% | +10.69% | +28.08% | +24.84% | +21.94% | +23.40% | +23.93% | +25.21% | +24.68% |
| Return on assets (ROA) | -2.88% | +1.09% | +3.68% | +4.25% | +4.39% | +3.95% | +3.96% | +4.12% | +4.28% |
| Return on capital (ROC) | -2.30% | +5.39% | +9.14% | +11.00% | +10.18% | +10.04% | +10.02% | +10.34% | +10.23% |
| Return on invested capital (ROIC) | -1.73% | +1.70% | +5.68% | +6.80% | +7.24% | +6.41% | +6.55% | +6.58% | +6.75% |
| Asset turnover | +36.13% | +66.74% | +75.55% | +77.03% | +77.27% | +75.03% | +74.76% | +76.42% | +78.76% |
| DuPont · ROE decomposition | |||||||||
| Net margin | -7.97% | +1.64% | +4.87% | +5.52% | +5.68% | +5.26% | +5.29% | +5.39% | +5.44% |
| Asset turnover (× revenue / assets) | +36.13% | +66.74% | +75.55% | +77.03% | +77.27% | +75.03% | +74.76% | +76.42% | +78.76% |
| Equity multiplier (× assets / equity) | +1355.64% | +976.77% | +762.59% | +584.48% | +500.25% | +593.03% | +604.71% | +611.82% | +575.95% |
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 | 0.36 | 0.67 | 0.76 | 0.77 | 0.77 | 0.75 | 0.75 | 0.76 | 0.79 |
| Fixed-asset turnover | 0.67 | 1.17 | 1.23 | 1.22 | 1.14 | — | — | — | — |
| Inventory turnover | 24.33 | 30.94 | 24.68 | 23.95 | 13.62 | — | — | — | — |
| Receivables turnover | 14.81 | 24.96 | 28.30 | 26.38 | 24.71 | — | — | — | — |
| Payables turnover | 9.33 | 10.11 | 10.04 | 8.98 | 4.64 | — | — | — | — |
| Days outstanding | |||||||||
| Days sales outstanding (DSO) | 24.64 | 14.62 | 12.90 | 13.84 | 14.77 | — | — | — | — |
| Days inventory outstanding (DIO) | 15.00 | 11.80 | 14.79 | 15.24 | 26.80 | — | — | — | — |
| Days payables outstanding (DPO) | 39.11 | 36.11 | 36.34 | 40.66 | 78.66 | — | — | — | — |
| Cash conversion cycle | 0.54 | -9.69 | -8.65 | -11.58 | -37.09 | — | — | — | — |
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 | -1.05 | 8.23 | 2.64 | 3.00 | 2.51 | 2.85 | 2.83 | 2.77 | 2.61 |
| FCF / Net income | 0.02 | 1.69 | -0.10 | 1.22 | 0.76 | 0.66 | 0.67 | 0.64 | 0.64 |
| FCF margin | -0.16% | +2.77% | -0.48% | +6.71% | +4.33% | +3.47% | +3.56% | +3.45% | +3.47% |
| OCF margin | +8.39% | +13.49% | +12.87% | +16.55% | +14.27% | +14.98% | +14.96% | +14.92% | +14.22% |
| CapEx / Revenue | +8.55% | +10.72% | +13.35% | +9.84% | +9.94% | +10.86% | +11.37% | +11.18% | +11.36% |
| CapEx / D&A | 0.85 | 1.96 | 2.68 | 1.92 | — | — | — | — | — |
| Stock-based comp / Revenue | 0.00% | 0.00% | 0.00% | 0.00% | 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 | -6.10 | 2.23 | 7.89 | 9.45 | 10.22 | 9.26 | 14.41 | 16.98 | 18.04 |
| EPS · basic | -6.10 | 2.26 | 7.99 | 9.58 | 10.21 | 9.23 | 14.67 | 17.30 | 18.01 |
| Book value / share | 15.62 | 20.89 | 28.09 | 38.04 | 46.73 | 45.84 | 47.08 | 48.78 | 53.23 |
| Tangible BV / share | -7.15 | -1.19 | 6.24 | 16.40 | 24.77 | 45.84 | 47.08 | 48.78 | 53.23 |
| Sales / share | 76.53 | 136.19 | 161.85 | 171.26 | 180.64 | 203.98 | 212.83 | 228.07 | 241.46 |
| Operating CF / share | 6.42 | 18.38 | 20.82 | 28.35 | 25.78 | 30.55 | 31.84 | 34.02 | 34.34 |
| Free cash flow / share | -0.12 | 3.78 | -0.78 | 11.49 | 7.82 | 7.08 | 7.58 | 7.87 | 8.37 |
| 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 | — | +82.49% | +19.49% | +6.23% | +3.52% | +13.32% | +4.70% | +5.60% | +6.27% | +15.62% |
| Gross profit · YoY | — | +1375.73% | +42.85% | +27.77% | +95.05% | -26.99% | +5.03% | +7.98% | +3.95% | +61.03% |
| Profit | ||||||||||
| Operating income · YoY | — | +328.67% | +80.19% | +21.02% | -7.52% | +17.02% | +2.81% | +10.57% | +3.39% | — |
| EBITDA · YoY | — | +240.13% | +53.00% | +8.50% | -11.31% | +28.73% | +2.96% | +2.20% | +6.54% | +28.05% |
| Net income · YoY | — | +137.53% | +255.22% | +20.28% | +6.48% | +4.97% | +5.39% | +7.60% | +7.20% | — |
| Operating | ||||||||||
| EBIT · YoY | — | +371.73% | +93.80% | +7.92% | -17.43% | +30.47% | +8.54% | +0.55% | +6.22% | — |
| R&D · YoY | — | — | — | — | — | — | — | — | — | — |
| Per-share | ||||||||||
| EPS · diluted · YoY | — | +136.56% | +253.81% | +19.77% | +8.15% | -9.43% | +55.70% | +17.82% | +6.26% | — |
| EPS · basic · YoY | — | +137.05% | +253.54% | +19.90% | +6.58% | -9.58% | +58.91% | +17.94% | +4.07% | — |
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 | $39.37B | $36.43B | $36.74B | $33.63B | $31.04B | $39.89B | $41.1B | $44.78B | $46.01B |
| Net debt | $21.08B | $29.27B | $30.68B | $24.86B | $25.09B | $31.64B | $32.43B | $35.61B | $36.49B |
| Net debt / EBITDA | 14.01 | 5.72 | 3.92 | 2.93 | 3.33 | 3.26 | 3.25 | 3.49 | 3.35 |
| Debt / equity | 7.83 | 5.28 | 3.94 | 2.65 | 2.03 | 2.65 | 2.65 | 2.83 | 2.65 |
| Debt / assets | +57.74% | +54.09% | +51.67% | +45.40% | +40.60% | +44.71% | +43.84% | +46.24% | +46.08% |
| Equity / assets | +7.38% | +10.24% | +13.11% | +17.11% | +19.99% | +16.86% | +16.54% | +16.34% | +17.36% |
| Coverage | |||||||||
| EBITDA / interest expense | 0.95 | 3.06 | 4.41 | 6.06 | 6.18 | 5.48 | 5.53 | 5.18 | 5.41 |
| Operating income / interest | -0.65 | 1.40 | 2.37 | 3.63 | 3.86 | 3.12 | 3.14 | 3.18 | 3.23 |
| Interest expense | $1.58B | $1.67B | $1.77B | $1.4B | $1.22B | $1.77B | $1.81B | $1.97B | $2.01B |
| Liquidity | |||||||||
| Current ratio | 1.19 | 1.00 | 0.83 | 0.81 | 0.65 | — | — | — | — |
| Quick ratio | 1.10 | 0.91 | 0.73 | 0.71 | 0.56 | — | — | — | — |
| Cash ratio | 1.00 | 0.36 | 0.27 | 0.38 | 0.23 | — | — | — | — |
| Working capital | $3.53B | $66M | -$3.72B | -$4.43B | -$9.28B | — | — | — | — |
| Working capital / revenue | +14.33% | +0.15% | -6.92% | -7.77% | -15.70% | — | — | — | — |
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).