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 | +27.58% | +24.60% | +32.33% | +34.36% | +34.36% | +33.40% | +32.88% | +34.63% | +34.04% |
| Operating margin | +5.39% | +3.90% | +13.21% | +17.21% | +18.54% | +16.46% | +16.72% | +15.95% | +16.50% |
| EBITDA margin | +9.68% | +10.84% | +14.92% | +14.89% | +21.56% | +17.18% | +17.43% | +16.85% | +16.72% |
| EBIT margin | +5.14% | +5.52% | +10.97% | +11.43% | +18.54% | +14.04% | +13.89% | +13.99% | +13.62% |
| Pre-tax margin | +3.33% | +2.93% | +7.78% | +9.55% | +17.03% | +11.35% | +11.22% | +11.38% | +11.59% |
| Net margin | +2.39% | +1.35% | +6.71% | +6.19% | +13.03% | +8.81% | +8.42% | +8.90% | +8.49% |
| Cost structure | |||||||||
| Cost of revenue / sales | +72.42% | +75.40% | +67.67% | +65.64% | +65.64% | +68.13% | +67.29% | +66.43% | +65.66% |
| R&D intensity | +5.33% | +4.95% | +4.42% | +4.39% | 0.00% | +2.92% | +3.02% | +2.95% | +3.02% |
| SG&A intensity | +16.86% | +15.75% | +14.70% | +12.75% | +15.81% | +14.40% | +14.80% | +14.58% | +14.40% |
| Effective tax rate | +28.04% | +54.13% | +13.77% | +35.22% | +23.49% | +24.52% | +24.17% | +24.00% | +24.43% |
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) | +8.44% | +5.31% | +22.84% | +20.37% | +33.82% | +26.18% | +25.17% | +26.49% | +26.68% |
| Return on assets (ROA) | +1.72% | +1.08% | +5.75% | +5.43% | +10.91% | +7.34% | +7.14% | +7.59% | +7.46% |
| Return on capital (ROC) | +5.93% | +4.62% | +17.64% | +23.97% | +25.83% | +22.13% | +23.05% | +21.70% | +23.07% |
| Return on invested capital (ROIC) | +2.63% | +1.59% | +8.95% | +8.62% | +18.15% | +11.85% | +11.61% | +12.11% | +11.87% |
| Asset turnover | +72.02% | +80.21% | +85.81% | +87.73% | +83.77% | +83.35% | +84.81% | +85.28% | +87.87% |
| DuPont · ROE decomposition | |||||||||
| Net margin | +2.39% | +1.35% | +6.71% | +6.19% | +13.03% | +8.81% | +8.42% | +8.90% | +8.49% |
| Asset turnover (× revenue / assets) | +72.02% | +80.21% | +85.81% | +87.73% | +83.77% | +83.35% | +84.81% | +85.28% | +87.87% |
| Equity multiplier (× assets / equity) | +489.50% | +492.11% | +396.97% | +375.16% | +309.86% | +356.52% | +352.38% | +349.16% | +357.59% |
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 | 0.72 | 0.80 | 0.86 | 0.88 | 0.84 | 0.83 | 0.85 | 0.85 | 0.88 |
| Fixed-asset turnover | 10.21 | 8.68 | 9.36 | 9.69 | 8.35 | — | — | — | — |
| Inventory turnover | 5.87 | 5.22 | 5.25 | 4.23 | 4.61 | — | — | — | — |
| Receivables turnover | 3.25 | 3.01 | 3.14 | 3.39 | 3.29 | — | — | — | — |
| Payables turnover | 4.22 | 4.36 | 4.71 | 3.99 | 3.82 | — | — | — | — |
| Days outstanding | |||||||||
| Days sales outstanding (DSO) | 112.20 | 121.13 | 116.21 | 107.64 | 110.93 | — | — | — | — |
| Days inventory outstanding (DIO) | 62.15 | 69.92 | 69.50 | 86.37 | 79.17 | — | — | — | — |
| Days payables outstanding (DPO) | 86.57 | 83.70 | 77.53 | 91.36 | 95.47 | — | — | — | — |
| Cash conversion cycle | 87.78 | 107.35 | 108.19 | 102.64 | 94.63 | — | — | — | — |
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 | 1.76 | -1.99 | 1.96 | 2.66 | 1.59 | 1.85 | 1.98 | 1.93 | 1.94 |
| FCF / Net income | 1.06 | -3.44 | 1.66 | 2.29 | 1.42 | 1.69 | 1.74 | 1.65 | 1.75 |
| FCF margin | +2.53% | -4.63% | +11.16% | +14.17% | +18.51% | +14.88% | +14.62% | +14.69% | +14.84% |
| OCF margin | +4.22% | -2.68% | +13.12% | +16.47% | +20.66% | +16.30% | +16.71% | +17.18% | +16.44% |
| CapEx / Revenue | +1.69% | +1.95% | +1.96% | +2.30% | +2.15% | +2.12% | +2.17% | +2.11% | +2.17% |
| CapEx / D&A | 0.37 | 0.37 | 0.50 | 0.66 | 2.27 | — | — | — | — |
| Stock-based comp / Revenue | +0.46% | +0.43% | +0.36% | +0.43% | +0.45% | — | — | — | — |
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 | 0.34 | -0.04 | 1.19 | 1.28 | 3.41 | 6.45 | 8.75 | 11.07 | 12.55 |
| EPS · basic | 0.34 | -0.04 | 1.21 | 1.32 | 3.49 | 6.68 | 8.95 | 11.38 | 12.92 |
| Book value / share | 3.99 | 3.81 | 5.22 | 6.30 | 10.09 | 11.99 | 15.05 | 18.14 | 19.25 |
| Tangible BV / share | -5.77 | -4.39 | -2.56 | -0.97 | 0.03 | 11.99 | 15.05 | 18.14 | 19.25 |
| Sales / share | 14.06 | 15.05 | 17.77 | 20.74 | 26.19 | 35.63 | 44.99 | 54.01 | 60.47 |
| Operating CF / share | 0.59 | -0.40 | 2.33 | 3.41 | 5.41 | 5.81 | 7.52 | 9.28 | 9.94 |
| Free cash flow / share | 0.36 | -0.70 | 1.98 | 2.94 | 4.85 | 5.30 | 6.58 | 7.94 | 8.98 |
| Dividends / share | 0.01 | 0.01 | 0.02 | 0.11 | 0.17 | 0.16 | 0.20 | 0.23 | 0.26 |
| Payout ratio | +3.18% | +4.96% | +2.06% | +8.51% | +5.00% | +5.09% | +5.27% | +4.84% | +5.01% |
| Retention ratio | +96.82% | +95.04% | +97.94% | +91.49% | +95.00% | +94.91% | +94.73% | +95.16% | +94.99% |
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 | — | +13.87% | +20.59% | +16.74% | +27.69% | +35.44% | +27.34% | +20.53% | +11.43% | +21.47% |
| Gross profit · YoY | — | +1.59% | +58.48% | +24.04% | +27.68% | +31.68% | +25.34% | +26.93% | +9.53% | +24.71% |
| Profit | ||||||||||
| Operating income · YoY | — | -17.59% | +308.51% | +52.03% | +37.58% | +20.21% | +29.39% | +14.94% | +15.26% | +39.70% |
| EBITDA · YoY | — | +27.47% | +66.00% | +16.52% | +84.91% | +7.91% | +29.24% | +16.45% | +10.61% | +30.06% |
| Net income · YoY | — | -35.95% | +500.78% | +7.74% | +168.82% | -8.42% | +21.76% | +27.28% | +6.36% | +42.31% |
| Operating | ||||||||||
| EBIT · YoY | — | +22.39% | +139.48% | +21.67% | +107.14% | +2.53% | +26.03% | +21.33% | +8.50% | +37.21% |
| R&D · YoY | — | +5.86% | +7.62% | +16.01% | -100.00% | — | +31.40% | +17.97% | +14.03% | +13.15% |
| Per-share | ||||||||||
| EPS · diluted · YoY | — | -111.12% | +3248.15% | +7.56% | +166.41% | +89.29% | +35.51% | +26.57% | +13.34% | +57.00% |
| EPS · basic · YoY | — | -111.18% | +3284.21% | +9.09% | +164.39% | +91.30% | +34.10% | +27.12% | +13.50% | +57.57% |
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 | $3.13B | $3.37B | $3.13B | $3.32B | $3.4B | $5.64B | $6.9B | $8.48B | $9.4B |
| Net debt | $2.68B | $3.09B | $2.34B | $2.08B | $1.68B | $3.63B | $4.29B | $5.43B | $5.87B |
| Net debt / EBITDA | 5.54 | 5.02 | 2.28 | 1.75 | 0.76 | 1.53 | 1.39 | 1.51 | 1.48 |
| Debt / equity | 2.21 | 2.34 | 1.55 | 1.36 | 0.86 | 1.21 | 1.17 | 1.19 | 1.25 |
| Debt / assets | +45.07% | +47.47% | +39.09% | +36.32% | +27.87% | +33.94% | +33.16% | +34.03% | +34.87% |
| Equity / assets | +20.43% | +20.32% | +25.19% | +26.66% | +32.27% | +28.05% | +28.38% | +28.64% | +27.97% |
| Coverage | |||||||||
| EBITDA / interest expense | 5.34 | 4.19 | 4.67 | 7.93 | 25.62 | 8.92 | 8.92 | 8.42 | 8.45 |
| Operating income / interest | 2.97 | 1.51 | 4.14 | 9.17 | 22.03 | 8.54 | 8.55 | 7.97 | 8.33 |
| Interest expense | $90.6M | $147.3M | $219M | $150.4M | $86.1M | $266.89M | $344.97M | $425.63M | $469.05M |
| Liquidity | |||||||||
| Current ratio | 1.45 | 1.66 | 1.74 | 1.65 | 1.55 | — | — | — | — |
| Quick ratio | 1.07 | 1.14 | 1.29 | 1.16 | 1.12 | — | — | — | — |
| Cash ratio | 0.24 | 0.14 | 0.34 | 0.40 | 0.39 | — | — | — | — |
| Working capital | $843.8M | $1.26B | $1.7B | $2B | $2.41B | — | — | — | — |
| Working capital / revenue | +16.88% | +22.15% | +24.71% | +25.02% | +23.58% | — | — | — | — |
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).