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 | +88.06% | +87.90% | +87.21% | +86.11% | +85.03% | +87.81% | +85.05% | +88.05% | +88.23% |
| Operating margin | +36.73% | +48.23% | +38.83% | -2.11% | +39.43% | +25.91% | +25.32% | +24.96% | +26.05% |
| EBITDA margin | +38.52% | +49.67% | +46.66% | +4.41% | +41.14% | +30.16% | +30.37% | +30.03% | +31.53% |
| EBIT margin | +36.86% | +48.01% | +44.83% | +2.53% | +39.43% | +29.22% | +29.18% | +28.30% | +29.20% |
| Pre-tax margin | +36.05% | +47.39% | +44.38% | +2.25% | +38.45% | +28.74% | +28.74% | +28.99% | +27.80% |
| Net margin | +30.92% | +37.20% | +36.68% | -4.86% | +32.74% | +21.82% | +21.22% | +21.88% | +21.29% |
| Cost structure | |||||||||
| Cost of revenue / sales | +11.94% | +12.10% | +12.79% | +13.89% | +14.97% | +13.70% | +13.86% | +14.19% | +13.78% |
| R&D intensity | +40.28% | +29.74% | +32.05% | +32.94% | +31.09% | +31.99% | +32.69% | +31.67% | +32.02% |
| SG&A intensity | +11.09% | +10.58% | +11.52% | +13.29% | +14.52% | +13.14% | +13.23% | +13.00% | +13.27% |
| Effective tax rate | +14.22% | +21.51% | +17.36% | +315.53% | +14.86% | +15.99% | +16.27% | +15.34% | +16.46% |
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) | +23.19% | +23.88% | +20.59% | -3.26% | +21.18% | +13.74% | +13.26% | +13.76% | +13.55% |
| Return on assets (ROA) | +17.44% | +18.30% | +15.92% | -2.38% | +15.12% | +9.96% | +9.78% | +10.04% | +9.76% |
| Return on capital (ROC) | +25.14% | +29.08% | +20.84% | -1.28% | +21.11% | +14.57% | +14.13% | +14.07% | +14.85% |
| Return on invested capital (ROIC) | +21.16% | +22.43% | +19.68% | -0.96% | +17.53% | +12.26% | +11.84% | +12.33% | +12.14% |
| Asset turnover | +56.39% | +49.20% | +43.42% | +48.91% | +46.19% | +45.67% | +46.11% | +45.88% | +45.84% |
| DuPont · ROE decomposition | |||||||||
| Net margin | +30.92% | +37.20% | +36.68% | -4.86% | +32.74% | +21.82% | +21.22% | +21.88% | +21.29% |
| Asset turnover (× revenue / assets) | +56.39% | +49.20% | +43.42% | +48.91% | +46.19% | +45.67% | +46.11% | +45.88% | +45.84% |
| Equity multiplier (× assets / equity) | +133.00% | +130.46% | +129.29% | +137.32% | +140.06% | +137.89% | +135.48% | +137.03% | +138.78% |
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 | 0.56 | 0.49 | 0.43 | 0.49 | 0.46 | 0.46 | 0.46 | 0.46 | 0.46 |
| Fixed-asset turnover | 5.32 | 6.13 | 6.79 | 4.26 | 3.92 | — | — | — | — |
| Inventory turnover | 2.56 | 2.35 | 1.71 | 1.27 | 1.07 | — | — | — | — |
| Receivables turnover | 6.66 | 6.19 | 6.31 | 6.85 | 5.88 | — | — | — | — |
| Payables turnover | 4.64 | 3.55 | 3.46 | 3.71 | 3.91 | — | — | — | — |
| Days outstanding | |||||||||
| Days sales outstanding (DSO) | 54.78 | 58.94 | 57.82 | 53.31 | 62.05 | — | — | — | — |
| Days inventory outstanding (DIO) | 142.54 | 155.62 | 213.64 | 287.47 | 340.70 | — | — | — | — |
| Days payables outstanding (DPO) | 78.72 | 102.68 | 105.52 | 98.49 | 93.25 | — | — | — | — |
| Cash conversion cycle | 118.60 | 111.89 | 165.94 | 242.28 | 309.50 | — | — | — | — |
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 | 1.13 | 1.24 | 0.98 | 0.92 | 0.92 | 0.92 | 0.94 | 0.95 | 0.98 |
| FCF / Net income | 1.03 | 1.18 | 0.91 | 1.48 | 0.81 | 0.80 | 0.81 | 0.81 | 0.82 |
| FCF margin | +31.80% | +43.95% | +33.22% | -7.17% | +26.45% | +17.47% | +17.26% | +17.64% | +17.55% |
| OCF margin | +34.90% | +46.24% | +35.84% | -4.47% | +30.07% | +20.13% | +20.05% | +20.70% | +20.91% |
| CapEx / Revenue | +3.10% | +2.29% | +2.62% | +2.70% | +3.62% | +3.00% | +2.91% | +2.93% | +3.06% |
| CapEx / D&A | 1.87 | 1.38 | 1.43 | 1.44 | 2.11 | — | — | — | — |
| Stock-based comp / Revenue | +5.83% | +5.50% | +5.89% | +6.34% | 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 | 9.01 | 12.82 | 13.89 | -2.08 | 15.32 | 19.31 | 21.62 | 25.00 | 28.79 |
| EPS · basic | 9.09 | 12.97 | 14.05 | -2.08 | 15.46 | 19.47 | 21.64 | 24.94 | 28.63 |
| Book value / share | 38.86 | 53.70 | 67.49 | 63.63 | 72.35 | 80.46 | 89.05 | 98.14 | 107.95 |
| Tangible BV / share | 33.47 | 47.17 | 60.09 | 56.21 | 66.49 | 80.46 | 89.05 | 98.14 | 107.95 |
| Sales / share | 29.14 | 34.47 | 37.89 | 42.73 | 46.80 | 50.66 | 55.63 | 61.70 | 68.67 |
| Operating CF / share | 10.17 | 15.94 | 13.58 | -1.91 | 14.08 | 10.20 | 11.16 | 12.77 | 14.36 |
| Free cash flow / share | 9.27 | 15.15 | 12.59 | -3.06 | 12.38 | 8.85 | 9.60 | 10.89 | 12.05 |
| 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 | — | +17.91% | +10.51% | +11.66% | +9.57% | +7.98% | +9.46% | +10.94% | +10.97% | +11.09% |
| Gross profit · YoY | — | +17.69% | +9.64% | +10.25% | +8.20% | +11.50% | +6.02% | +14.85% | +11.19% | +11.12% |
| Profit | ||||||||||
| Operating income · YoY | — | +54.83% | -11.04% | -106.08% | +2144.10% | -29.03% | +6.96% | +9.36% | +15.79% | +6.42% |
| EBITDA · YoY | — | +52.03% | +3.83% | -89.44% | +921.57% | -20.86% | +10.25% | +9.69% | +16.50% | +8.34% |
| Net income · YoY | — | +41.84% | +8.96% | -114.80% | +838.09% | -28.04% | +6.46% | +14.38% | +8.00% | +6.03% |
| Operating | ||||||||||
| EBIT · YoY | — | +53.56% | +3.19% | -93.69% | +1605.73% | -19.97% | +9.32% | +7.57% | +14.49% | +7.90% |
| R&D · YoY | — | -12.96% | +19.09% | +14.78% | +3.40% | +11.11% | +11.87% | +7.47% | +12.19% | +7.95% |
| Per-share | ||||||||||
| EPS · diluted · YoY | — | +42.29% | +8.35% | -114.97% | +836.54% | +26.02% | +11.98% | +15.63% | +15.14% | +15.63% |
| EPS · basic · YoY | — | +42.68% | +8.33% | -114.80% | +843.27% | +25.94% | +11.17% | +15.23% | +14.81% | +15.42% |
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 | $967.4M | $899.7M | $808.4M | $1.75B | $3.88B | $2.49B | $2.72B | $2.9B | $3.2B |
| Net debt | -$5.83B | -$9.6B | -$9.56B | -$2.82B | -$1.21B | -$5.83B | -$6.4B | -$7.06B | -$7.96B |
| Net debt / EBITDA | -2.00 | -2.17 | -2.08 | -5.80 | -0.24 | -1.48 | -1.48 | -1.49 | -1.44 |
| Debt / equity | 0.10 | 0.06 | 0.05 | 0.11 | 0.21 | 0.12 | 0.12 | 0.12 | 0.12 |
| Debt / assets | +7.20% | +4.96% | +3.56% | +7.76% | +14.85% | +8.72% | +8.79% | +8.41% | +8.35% |
| Equity / assets | +75.19% | +76.65% | +77.34% | +72.82% | +71.40% | +72.52% | +73.81% | +72.98% | +72.06% |
| Coverage | |||||||||
| EBITDA / interest expense | 47.44 | 80.94 | 104.43 | 15.89 | 373.53 | 109.43 | 108.36 | 108.22 | 114.69 |
| Operating income / interest | 45.24 | 78.60 | 86.89 | -7.61 | 357.95 | 94.03 | 90.33 | 89.94 | 94.74 |
| Interest expense | $61.5M | $54.8M | $44.1M | $30.6M | $13.3M | $35.93M | $40.01M | $43.94M | $48.3M |
| Liquidity | |||||||||
| Current ratio | 4.46 | 4.83 | 3.99 | 2.69 | 2.90 | — | — | — | — |
| Quick ratio | 4.04 | 4.46 | 3.60 | 2.17 | 2.24 | — | — | — | — |
| Cash ratio | 3.17 | 3.83 | 2.92 | 1.28 | 1.32 | — | — | — | — |
| Working capital | $7.42B | $10.49B | $10.6B | $6.03B | $7.34B | — | — | — | — |
| Working capital / revenue | +97.94% | +117.49% | +107.37% | +54.73% | +60.79% | — | — | — | — |
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).