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 |
|---|---|---|---|---|---|---|---|---|
| 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 |
|---|---|---|---|---|---|---|---|---|
| Margins | ||||||||
| Gross margin | +35.97% | +39.79% | +37.55% | +37.23% | +35.44% | +37.82% | +37.74% | +35.89% |
| Operating margin | +23.63% | +27.76% | +26.90% | +26.51% | +24.68% | +26.46% | +26.59% | +26.55% |
| EBITDA margin | +43.63% | +46.93% | +46.24% | +45.50% | +44.49% | +44.97% | +46.51% | +44.48% |
| EBIT margin | +23.36% | +27.89% | +26.84% | +26.58% | +25.18% | +26.68% | +26.59% | +26.62% |
| Pre-tax margin | +19.00% | +24.07% | +22.40% | +22.08% | +20.73% | +21.19% | +21.69% | +21.41% |
| Net margin | +14.27% | +18.08% | +16.91% | +16.78% | +15.49% | +15.92% | +16.82% | +16.04% |
| Cost structure | ||||||||
| Cost of revenue / sales | +64.03% | +60.21% | +62.45% | +62.77% | +64.56% | +63.92% | +62.46% | +64.29% |
| R&D intensity | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
| SG&A intensity | +12.34% | +12.03% | +10.65% | +10.72% | +10.76% | +11.03% | +10.57% | +10.53% |
| Effective tax rate | +24.92% | +24.88% | +24.51% | +24.00% | +25.28% | +24.88% | +25.11% | +24.88% |
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 |
|---|---|---|---|---|---|---|---|---|
| Returns | ||||||||
| Return on equity (ROE) | +23.13% | +29.81% | +29.82% | +29.87% | +27.81% | +28.67% | +30.68% | +28.36% |
| Return on assets (ROA) | +6.83% | +8.70% | +9.47% | +9.14% | +8.35% | +8.88% | +9.30% | +8.91% |
| Return on capital (ROC) | +13.92% | +16.76% | +18.54% | +17.38% | +15.62% | +17.20% | +17.76% | +17.22% |
| Return on invested capital (ROIC) | +8.40% | +10.92% | +11.66% | +11.00% | +9.80% | +10.34% | +11.24% | +10.40% |
| Asset turnover | +47.88% | +48.14% | +56.01% | +54.49% | +53.90% | +55.77% | +55.27% | +55.54% |
| DuPont · ROE decomposition | ||||||||
| Net margin | +14.27% | +18.08% | +16.91% | +16.78% | +15.49% | +15.92% | +16.82% | +16.04% |
| Asset turnover (× revenue / assets) | +47.88% | +48.14% | +56.01% | +54.49% | +53.90% | +55.77% | +55.27% | +55.54% |
| Equity multiplier (× assets / equity) | +338.71% | +342.44% | +314.75% | +326.64% | +333.03% | +322.99% | +330.04% | +318.32% |
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 |
|---|---|---|---|---|---|---|---|---|
| Turnover | ||||||||
| Asset turnover | 0.48 | 0.48 | 0.56 | 0.54 | 0.54 | 0.56 | 0.55 | 0.56 |
| Fixed-asset turnover | 0.81 | 0.78 | 0.90 | 0.89 | 6.37 | — | — | — |
| Inventory turnover | 37.93 | 30.22 | 43.66 | 48.16 | 43.30 | — | — | — |
| Receivables turnover | 5.78 | 5.81 | 6.41 | 6.37 | 6.41 | — | — | — |
| Payables turnover | 7.62 | 6.15 | 9.89 | 12.88 | 13.39 | — | — | — |
| Days outstanding | ||||||||
| Days sales outstanding (DSO) | 63.11 | 62.83 | 56.92 | 57.32 | 56.91 | — | — | — |
| Days inventory outstanding (DIO) | 9.62 | 12.08 | 8.36 | 7.58 | 8.43 | — | — | — |
| Days payables outstanding (DPO) | 47.88 | 59.31 | 36.91 | 28.35 | 27.25 | — | — | — |
| Cash conversion cycle | 24.86 | 15.60 | 28.37 | 36.56 | 38.08 | — | — | — |
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 |
|---|---|---|---|---|---|---|---|---|
| Operating CF / Net income | 2.66 | 2.11 | 1.94 | 1.77 | 2.08 | 2.00 | 1.84 | 1.94 |
| FCF / Net income | 0.35 | 0.35 | 0.26 | 0.16 | 0.27 | 0.23 | 0.23 | 0.24 |
| FCF margin | +5.05% | +6.38% | +4.42% | +2.73% | +4.11% | +3.73% | +3.85% | +3.85% |
| OCF margin | +37.97% | +38.08% | +32.82% | +29.63% | +32.24% | +31.81% | +30.93% | +31.04% |
| CapEx / Revenue | +32.91% | +31.70% | +28.40% | +26.89% | +28.13% | +28.07% | +27.40% | +27.40% |
| CapEx / D&A | 1.61 | 1.66 | 1.46 | 1.42 | 1.46 | — | — | — |
| Stock-based comp / Revenue | +1.22% | +1.09% | +0.66% | +0.73% | +0.83% | — | — | — |
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 |
|---|---|---|---|---|---|---|---|---|
| EPS · diluted | 19.03 | 29.66 | 35.28 | 38.69 | 38.61 | 46.92 | 53.78 | 60.68 |
| EPS · basic | 19.14 | 29.77 | 35.40 | 38.82 | 38.71 | 46.70 | 54.13 | 60.84 |
| Book value / share | 82.27 | 99.50 | 118.32 | 129.52 | 138.82 | 148.96 | 158.47 | 173.80 |
| Tangible BV / share | -2.09 | 8.23 | 22.12 | 15.91 | 21.24 | 148.96 | 158.47 | 173.80 |
| Sales / share | 133.43 | 164.03 | 208.59 | 230.52 | 249.21 | 268.33 | 289.09 | 307.28 |
| Operating CF / share | 50.66 | 62.46 | 68.46 | 68.29 | 80.34 | 85.34 | 89.42 | 95.38 |
| Free cash flow / share | 6.74 | 10.47 | 9.23 | 6.29 | 10.25 | 10.02 | 11.13 | 11.83 |
| Dividends / share | 0.00 | 0.00 | 5.91 | 6.52 | 7.18 | 7.46 | 8.44 | 8.83 |
| Payout ratio | 0.00% | 0.00% | +16.75% | +16.85% | +18.60% | +17.46% | +17.36% | +17.92% |
| Retention ratio | +100.00% | +100.00% | +83.25% | +83.15% | +81.40% | +82.54% | +82.64% | +82.08% |
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 | 7y CAGR |
|---|---|---|---|---|---|---|---|---|---|
| Top-line | |||||||||
| Revenue · YoY | — | +19.82% | +23.11% | +7.07% | +4.91% | +7.16% | +7.30% | +7.10% | +10.73% |
| Gross profit · YoY | — | +32.53% | +16.19% | +6.15% | -0.12% | +14.36% | +7.06% | +1.86% | +10.69% |
| Profit | |||||||||
| Operating income · YoY | — | +40.77% | +19.28% | +5.53% | -2.31% | +14.89% | +7.82% | +6.95% | +12.59% |
| EBITDA · YoY | — | +28.90% | +21.28% | +5.36% | +2.58% | +8.31% | +10.99% | +2.42% | +11.03% |
| Net income · YoY | — | +51.88% | +15.15% | +6.23% | -3.15% | +10.11% | +13.38% | +2.14% | +12.60% |
| Operating | |||||||||
| EBIT · YoY | — | +43.04% | +18.45% | +6.06% | -0.61% | +13.52% | +6.94% | +7.23% | +12.81% |
| R&D · YoY | — | — | — | — | — | — | — | — | — |
| Per-share | |||||||||
| EPS · diluted · YoY | — | +55.86% | +18.95% | +9.67% | -0.21% | +21.52% | +14.63% | +12.82% | +18.02% |
| EPS · basic · YoY | — | +55.54% | +18.91% | +9.66% | -0.28% | +20.65% | +15.90% | +12.40% | +17.96% |
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 |
|---|---|---|---|---|---|---|---|---|
| Leverage | ||||||||
| Total debt | $10.51B | $12.22B | $12.66B | $14.79B | $16.48B | $16.97B | $17.56B | $19.35B |
| Net debt | $10.36B | $12.12B | $12.3B | $14.33B | $16.02B | $16.49B | $17.03B | $18.79B |
| Net debt / EBITDA | 2.44 | 2.22 | 1.86 | 2.05 | 2.24 | 2.13 | 1.98 | 2.13 |
| Debt / equity | 1.75 | 1.73 | 1.56 | 1.72 | 1.84 | 1.77 | 1.73 | 1.73 |
| Debt / assets | +51.78% | +50.54% | +49.48% | +52.51% | +55.17% | +54.86% | +52.43% | +54.22% |
| Equity / assets | +29.52% | +29.20% | +31.77% | +30.61% | +30.03% | +30.96% | +30.30% | +31.42% |
| Coverage | ||||||||
| EBITDA / interest expense | 10.00 | 12.28 | 10.44 | 10.10 | 10.00 | 10.34 | 10.58 | 10.00 |
| Operating income / interest | 5.42 | 7.26 | 6.07 | 5.89 | 5.55 | 6.08 | 6.05 | 5.97 |
| Interest expense | $424M | $445M | $635M | $691M | $716M | $750.52M | $813.44M | $881.57M |
| Liquidity | ||||||||
| Current ratio | 0.83 | 1.11 | 0.81 | 0.98 | 0.94 | — | — | — |
| Quick ratio | 0.70 | 0.86 | 0.71 | 0.86 | 0.78 | — | — | — |
| Cash ratio | 0.06 | 0.04 | 0.10 | 0.14 | 0.12 | — | — | — |
| Working capital | -$452M | $278M | -$704M | -$74M | -$211M | — | — | — |
| Working capital / revenue | -4.65% | +2.39% | -4.91% | -0.48% | -1.31% | — | — | — |
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).