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 | +17.93% | +20.07% | +19.51% | +18.77% | +18.53% | +18.70% | +18.67% | +19.31% | +18.76% |
| Operating margin | +13.48% | +12.96% | +10.33% | +9.56% | +9.56% | +9.63% | +9.67% | +9.62% | +9.54% |
| EBITDA margin | +20.81% | +18.70% | +14.01% | +13.11% | +13.79% | +14.02% | +13.52% | +13.68% | +13.78% |
| EBIT margin | +17.77% | +15.51% | +10.30% | +9.13% | +9.56% | +9.88% | +9.83% | +9.83% | +9.78% |
| Pre-tax margin | +17.07% | +14.82% | +9.45% | +8.19% | +8.08% | +8.32% | +8.83% | +8.80% | +8.36% |
| Net margin | +13.26% | +11.54% | +7.39% | +6.36% | +6.29% | +6.56% | +6.49% | +6.64% | +6.62% |
| Cost structure | |||||||||
| Cost of revenue / sales | +82.07% | +79.93% | +80.49% | +81.23% | +81.47% | +83.28% | +81.45% | +82.29% | +83.30% |
| R&D intensity | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
| SG&A intensity | +4.45% | +7.11% | +9.19% | +9.55% | +9.39% | +9.65% | +9.32% | +9.64% | +9.63% |
| Effective tax rate | +22.33% | +22.10% | +21.75% | +22.31% | +22.22% | +22.34% | +21.40% | +21.44% | +22.35% |
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) | +90.34% | +58.31% | +38.74% | +34.53% | +34.28% | +36.10% | +34.97% | +36.53% | +34.55% |
| Return on assets (ROA) | +18.57% | +16.24% | +9.47% | +8.25% | +7.62% | +8.48% | +8.27% | +8.48% | +8.44% |
| Return on capital (ROC) | +32.93% | +29.93% | +21.28% | +20.49% | +17.45% | +19.77% | +19.66% | +19.56% | +18.78% |
| Return on invested capital (ROIC) | +32.39% | +26.65% | +15.23% | +13.64% | +11.48% | +13.47% | +13.19% | +13.51% | +13.03% |
| Asset turnover | +140.05% | +140.65% | +128.07% | +129.72% | +121.27% | +129.30% | +127.40% | +127.70% | +127.47% |
| DuPont · ROE decomposition | |||||||||
| Net margin | +13.26% | +11.54% | +7.39% | +6.36% | +6.29% | +6.56% | +6.49% | +6.64% | +6.62% |
| Asset turnover (× revenue / assets) | +140.05% | +140.65% | +128.07% | +129.72% | +121.27% | +129.30% | +127.40% | +127.70% | +127.47% |
| Equity multiplier (× assets / equity) | +486.40% | +359.16% | +409.25% | +418.50% | +449.65% | +425.68% | +423.08% | +430.61% | +409.43% |
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 | 1.40 | 1.41 | 1.28 | 1.30 | 1.21 | 1.29 | 1.27 | 1.28 | 1.27 |
| Fixed-asset turnover | 2.62 | 2.60 | 2.20 | 2.20 | 2.11 | — | — | — | — |
| Inventory turnover | 111.26 | 89.94 | 78.12 | 89.39 | — | — | — | — | — |
| Receivables turnover | 7.75 | 7.95 | 8.09 | 8.36 | 7.91 | — | — | — | — |
| Payables turnover | 10.60 | 10.64 | 11.52 | 11.72 | 10.89 | — | — | — | — |
| Days outstanding | |||||||||
| Days sales outstanding (DSO) | 47.09 | 45.91 | 45.11 | 43.65 | 46.16 | — | — | — | — |
| Days inventory outstanding (DIO) | 3.28 | 4.06 | 4.67 | 4.08 | — | — | — | — | — |
| Days payables outstanding (DPO) | 34.42 | 34.31 | 31.68 | 31.15 | 33.53 | — | — | — | — |
| Cash conversion cycle | 15.95 | 15.66 | 18.10 | 16.58 | 12.63 | — | — | — | — |
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 | 1.16 | 1.22 | 1.53 | 1.75 | 1.52 | 1.64 | 1.67 | 1.57 | 1.64 |
| FCF / Net income | 0.84 | 0.81 | 0.76 | 1.07 | 0.86 | 0.88 | 0.91 | 0.89 | 0.90 |
| FCF margin | +11.12% | +9.33% | +5.60% | +6.84% | +5.38% | +5.77% | +5.91% | +5.89% | +5.96% |
| OCF margin | +15.44% | +14.10% | +11.28% | +11.14% | +9.53% | +10.76% | +10.83% | +10.40% | +10.86% |
| CapEx / Revenue | +4.31% | +4.77% | +5.68% | +4.30% | +4.16% | +4.64% | +4.76% | +4.57% | +4.61% |
| CapEx / D&A | 1.42 | 1.50 | 1.53 | 1.08 | 0.98 | — | — | — | — |
| Stock-based comp / Revenue | +0.90% | +1.57% | +0.24% | +0.03% | +0.08% | — | — | — | — |
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 | 14.68 | 13.20 | 7.80 | 6.76 | 6.56 | 7.10 | 7.92 | 8.57 | 10.05 |
| EPS · basic | 14.75 | 13.26 | 7.81 | 6.76 | 6.56 | 7.00 | 7.86 | 8.67 | 10.16 |
| Book value / share | 16.25 | 22.74 | 20.13 | 19.56 | 19.12 | 19.06 | 20.47 | 20.76 | 23.26 |
| Tangible BV / share | 9.22 | 14.68 | 10.62 | 10.96 | 7.53 | 19.06 | 20.47 | 20.76 | 23.26 |
| Sales / share | 110.71 | 114.85 | 105.52 | 106.18 | 104.28 | 104.92 | 110.35 | 114.19 | 121.42 |
| Operating CF / share | 17.09 | 16.19 | 11.90 | 11.82 | 9.94 | 11.29 | 11.96 | 11.88 | 13.18 |
| Free cash flow / share | 12.32 | 10.72 | 5.91 | 7.26 | 5.61 | 6.05 | 6.52 | 6.73 | 7.23 |
| Dividends / share | 3.91 | 5.87 | 6.25 | 6.31 | 6.35 | 6.41 | 6.67 | 6.76 | 7.28 |
| Payout ratio | +26.66% | +44.28% | +80.08% | +93.38% | +96.88% | +93.23% | +93.11% | +89.12% | +90.57% |
| Retention ratio | +73.34% | +55.72% | +19.92% | +6.62% | +3.12% | +6.77% | +6.89% | +10.88% | +9.43% |
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 | — | +2.91% | -9.29% | +0.16% | -2.49% | +1.56% | +3.88% | +3.19% | +6.19% | +0.66% |
| Gross profit · YoY | — | +15.19% | -11.82% | -3.66% | -3.72% | +2.48% | +3.72% | +6.73% | +3.17% | +1.23% |
| Profit | ||||||||||
| Operating income · YoY | — | -1.06% | -27.74% | -7.32% | -2.44% | +2.27% | +4.40% | +2.58% | +5.36% | -3.60% |
| EBITDA · YoY | — | -7.53% | -32.04% | -6.31% | +2.58% | +3.25% | +0.18% | +4.47% | +6.93% | -4.40% |
| Net income · YoY | — | -10.41% | -41.91% | -13.80% | -3.63% | +5.95% | +2.76% | +5.67% | +5.83% | -7.71% |
| Operating | ||||||||||
| EBIT · YoY | — | -10.18% | -39.76% | -11.18% | +2.05% | +4.96% | +3.40% | +3.16% | +5.60% | -6.59% |
| R&D · YoY | — | — | — | — | — | — | — | — | — | — |
| Per-share | ||||||||||
| EPS · diluted · YoY | — | -10.08% | -40.91% | -13.33% | -2.96% | +8.16% | +11.65% | +8.19% | +17.30% | -4.62% |
| EPS · basic · YoY | — | -10.10% | -41.10% | -13.44% | -2.96% | +6.69% | +12.35% | +10.27% | +17.13% | -4.56% |
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 | $25.53B | $23.52B | $26.73B | $25.65B | $32.29B | $27.47B | $28.66B | $29.9B | $32.43B |
| Net debt | $15.27B | $17.92B | $23.56B | $19.54B | $26.4B | $22.26B | $23.26B | $24.51B | $26.76B |
| Net debt / EBITDA | 0.75 | 0.96 | 1.85 | 1.64 | 2.16 | 1.76 | 1.84 | 1.86 | 1.90 |
| Debt / equity | 1.79 | 1.19 | 1.54 | 1.53 | 1.99 | 1.68 | 1.65 | 1.70 | 1.65 |
| Debt / assets | +36.78% | +33.07% | +37.72% | +36.61% | +44.18% | +39.46% | +39.04% | +39.57% | +40.35% |
| Equity / assets | +20.56% | +27.84% | +24.44% | +23.89% | +22.24% | +23.49% | +23.64% | +23.22% | +24.42% |
| Coverage | |||||||||
| EBITDA / interest expense | 29.62 | 26.96 | 16.41 | 13.84 | 12.09 | 13.99 | 14.05 | 13.62 | 13.69 |
| Operating income / interest | 19.19 | 18.69 | 12.09 | 10.09 | 8.38 | 9.61 | 10.05 | 9.57 | 9.48 |
| Interest expense | $683M | $694M | $775M | $861M | $1.01B | $902.09M | $899.84M | $969.27M | $1.03B |
| Liquidity | |||||||||
| Current ratio | 1.42 | 1.22 | 1.10 | 1.17 | 1.22 | — | — | — | — |
| Quick ratio | 1.32 | 1.11 | 0.98 | 1.05 | 1.09 | — | — | — | — |
| Cash ratio | 0.58 | 0.31 | 0.18 | 0.37 | 0.38 | — | — | — | — |
| Working capital | $7.37B | $4.08B | $1.74B | $2.87B | $3.43B | — | — | — | — |
| Working capital / revenue | +7.58% | +4.08% | +1.91% | +3.16% | +3.86% | — | — | — | — |
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).