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 | +65.33% | +66.98% | +67.31% | +68.73% | +67.31% | +68.02% | +69.70% | +67.56% | +67.45% |
| Operating margin | +37.01% | +56.33% | +42.21% | +43.51% | +44.58% | +43.28% | +43.41% | +44.59% | +44.21% |
| EBITDA margin | +52.67% | +69.73% | +53.11% | +57.57% | +54.95% | +56.86% | +55.98% | +56.29% | +56.79% |
| EBIT margin | +37.10% | +56.12% | +42.62% | +46.96% | +44.91% | +43.99% | +45.20% | +45.07% | +44.49% |
| Pre-tax margin | +31.94% | +50.56% | +38.31% | +42.63% | +38.12% | +39.58% | +39.60% | +39.76% | +40.43% |
| Net margin | +27.06% | +38.22% | +22.91% | +33.23% | +29.56% | +27.95% | +29.33% | +28.13% | +27.83% |
| Cost structure | |||||||||
| Cost of revenue / sales | +34.67% | +33.02% | +32.69% | +31.27% | +32.69% | +31.49% | +32.12% | +32.36% | +32.68% |
| R&D intensity | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
| SG&A intensity | +12.72% | +15.28% | +14.61% | +14.18% | +14.67% | +14.36% | +14.70% | +14.88% | +14.66% |
| Effective tax rate | +22.81% | +17.45% | +25.19% | +22.62% | +22.45% | +23.32% | +22.93% | +22.85% | +23.34% |
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) | +23.44% | +53.99% | +190.69% | +911.90% | +293.19% | +330.64% | +353.87% | +330.62% | +334.47% |
| Return on assets (ROA) | +8.53% | +13.71% | +14.07% | +22.45% | +14.66% | +16.34% | +17.58% | +16.47% | +15.93% |
| Return on capital (ROC) | +14.20% | +24.58% | +33.11% | +37.42% | +25.62% | +31.44% | +31.89% | +31.74% | +32.21% |
| Return on invested capital (ROIC) | +10.38% | +16.67% | +17.98% | +28.58% | +16.99% | +20.30% | +21.55% | +20.03% | +20.28% |
| Asset turnover | +31.54% | +35.87% | +61.41% | +67.57% | +49.60% | +58.48% | +59.95% | +58.55% | +57.24% |
| DuPont · ROE decomposition | |||||||||
| Net margin | +27.06% | +38.22% | +22.91% | +33.23% | +29.56% | +27.95% | +29.33% | +28.13% | +27.83% |
| Asset turnover (× revenue / assets) | +31.54% | +35.87% | +61.41% | +67.57% | +49.60% | +58.48% | +59.95% | +58.55% | +57.24% |
| Equity multiplier (× assets / equity) | +274.69% | +393.79% | +1355.09% | +4061.62% | +1999.84% | +2023.02% | +2012.40% | +2007.19% | +2099.60% |
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 | 0.32 | 0.36 | 0.61 | 0.68 | 0.50 | 0.58 | 0.60 | 0.59 | 0.57 |
| Fixed-asset turnover | 3.26 | 3.45 | 3.37 | 3.78 | 4.26 | — | — | — | — |
| Inventory turnover | — | — | — | — | — | — | — | — | — |
| Receivables turnover | 7.22 | 7.47 | 7.50 | 5.57 | 6.53 | — | — | — | — |
| Payables turnover | 9.26 | 6.41 | 5.53 | 10.54 | 13.72 | — | — | — | — |
| Days outstanding | |||||||||
| Days sales outstanding (DSO) | 50.59 | 48.87 | 48.69 | 65.57 | 55.93 | — | — | — | — |
| Days inventory outstanding (DIO) | — | — | — | — | — | — | — | — | — |
| Days payables outstanding (DPO) | 39.42 | 56.97 | 65.96 | 34.63 | 26.60 | — | — | — | — |
| Cash conversion cycle | 11.17 | -8.10 | -17.27 | 30.94 | 29.32 | — | — | — | — |
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 | 1.73 | 1.11 | 1.73 | 1.19 | 1.58 | 1.51 | 1.45 | 1.50 | 1.47 |
| FCF / Net income | 1.33 | 0.82 | 1.35 | 0.96 | 1.31 | 1.24 | 1.15 | 1.23 | 1.24 |
| FCF margin | +36.03% | +31.41% | +30.98% | +31.93% | +38.79% | +34.71% | +33.83% | +34.65% | +34.57% |
| OCF margin | +46.93% | +42.41% | +39.56% | +39.70% | +46.73% | +42.33% | +42.67% | +42.30% | +40.94% |
| CapEx / Revenue | +10.90% | +11.00% | +8.58% | +7.77% | +7.94% | +8.32% | +8.09% | +8.23% | +8.33% |
| CapEx / D&A | 0.70 | 0.81 | 0.82 | 0.73 | 0.75 | — | — | — | — |
| Stock-based comp / Revenue | +2.26% | +2.26% | +2.01% | +1.66% | +1.76% | — | — | — | — |
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 | 4.08 | 6.00 | 4.17 | 6.71 | 6.49 | 7.65 | 8.66 | 9.68 | 10.60 |
| EPS · basic | 4.12 | 6.04 | 4.19 | 6.74 | 6.51 | 7.65 | 8.77 | 9.77 | 10.65 |
| Book value / share | 17.40 | 11.12 | 2.19 | 0.74 | 2.23 | 1.95 | 2.03 | 2.22 | 2.31 |
| Tangible BV / share | 1.91 | -2.60 | -12.97 | -14.10 | -13.77 | 1.95 | 2.03 | 2.22 | 2.31 |
| Sales / share | 15.08 | 15.71 | 18.20 | 20.17 | 22.09 | 23.07 | 24.47 | 26.10 | 27.81 |
| Operating CF / share | 7.08 | 6.66 | 7.20 | 8.01 | 10.32 | 9.77 | 10.44 | 11.04 | 11.39 |
| Free cash flow / share | 5.43 | 4.93 | 5.64 | 6.44 | 8.57 | 8.01 | 8.28 | 9.04 | 9.62 |
| Dividends / share | 1.15 | 1.23 | 1.34 | 1.55 | 1.81 | 1.81 | 1.94 | 1.98 | 2.15 |
| Payout ratio | +28.25% | +20.45% | +32.03% | +23.11% | +27.65% | +28.06% | +27.02% | +26.92% | +27.83% |
| Retention ratio | +71.75% | +79.55% | +67.97% | +76.89% | +72.35% | +71.94% | +72.98% | +73.08% | +72.17% |
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 | — | +1.40% | +7.38% | +7.47% | +6.63% | +4.73% | +6.76% | +6.40% | +6.14% | +5.85% |
| Gross profit · YoY | — | +3.95% | +7.92% | +9.73% | +4.43% | +5.82% | +9.40% | +3.14% | +5.98% | +6.27% |
| Profit | ||||||||||
| Operating income · YoY | — | +54.32% | -19.54% | +10.80% | +9.24% | +1.67% | +7.09% | +9.28% | +5.24% | +8.22% |
| EBITDA · YoY | — | +34.24% | -18.21% | +16.50% | +1.76% | +8.37% | +5.11% | +7.00% | +7.08% | +6.85% |
| Net income · YoY | — | +43.22% | -35.62% | +55.84% | -5.14% | -0.99% | +12.05% | +2.05% | +5.00% | +6.22% |
| Operating | ||||||||||
| EBIT · YoY | — | +53.39% | -18.45% | +18.42% | +1.97% | +2.59% | +9.69% | +6.09% | +4.78% | +8.28% |
| R&D · YoY | — | — | — | — | — | — | — | — | — | — |
| Per-share | ||||||||||
| EPS · diluted · YoY | — | +47.06% | -30.50% | +60.91% | -3.28% | +17.87% | +13.18% | +11.84% | +9.49% | +12.68% |
| EPS · basic · YoY | — | +46.60% | -30.63% | +60.86% | -3.41% | +17.46% | +14.73% | +11.32% | +9.01% | +12.60% |
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 | $3.58B | $3.96B | $3.1B | $3.25B | $5.04B | $4.16B | $4.39B | $4.82B | $5B |
| Net debt | $3.47B | $3.84B | $2.79B | $2.95B | $2.86B | $3.17B | $3.31B | $3.69B | $3.8B |
| Net debt / EBITDA | 2.67 | 2.21 | 1.96 | 1.78 | 1.69 | 1.73 | 1.72 | 1.79 | 1.72 |
| Debt / equity | 1.26 | 2.24 | 9.61 | 30.91 | 16.26 | 15.28 | 15.42 | 15.51 | 15.49 |
| Debt / assets | +45.81% | +56.82% | +70.90% | +76.11% | +81.31% | +75.55% | +76.65% | +77.26% | +73.79% |
| Equity / assets | +36.40% | +25.39% | +7.38% | +2.46% | +5.00% | +4.94% | +4.97% | +4.98% | +4.76% |
| Coverage | |||||||||
| EBITDA / interest expense | 10.21 | 12.54 | 12.33 | 13.32 | 9.88 | 11.85 | 12.05 | 11.68 | 11.84 |
| Operating income / interest | 7.18 | 10.13 | 9.80 | 10.06 | 8.02 | 9.02 | 9.35 | 9.25 | 9.21 |
| Interest expense | $127M | $138.8M | $115.5M | $124.6M | $170.9M | $154.41M | $159.56M | $176.12M | $186.15M |
| Liquidity | |||||||||
| Current ratio | 0.49 | 0.40 | 1.05 | 0.74 | 1.20 | — | — | — | — |
| Quick ratio | 0.25 | 0.19 | 0.86 | 0.65 | 1.15 | — | — | — | — |
| Cash ratio | 0.06 | 0.05 | 0.39 | 0.24 | 0.95 | — | — | — | — |
| Working capital | -$940.6M | -$1.39B | $38.7M | -$327.3M | $465.1M | — | — | — | — |
| Working capital / revenue | -38.20% | -55.83% | +1.44% | -11.36% | +15.14% | — | — | — | — |
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).