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 | +30.29% | +30.38% | +30.42% | +32.41% | +31.48% | +31.91% | +31.70% | +31.94% | +30.78% |
| Operating margin | +11.20% | +12.09% | +13.08% | +15.49% | +16.74% | +15.30% | +14.80% | +15.49% | +14.87% |
| EBITDA margin | +17.32% | +17.53% | +18.47% | +19.93% | +21.22% | +20.26% | +20.37% | +19.55% | +19.63% |
| EBIT margin | +11.68% | +12.44% | +13.54% | +15.51% | +16.74% | +15.16% | +14.90% | +15.58% | +15.43% |
| Pre-tax margin | +9.42% | +10.21% | +11.28% | +13.57% | +14.26% | +12.77% | +12.99% | +13.39% | +13.09% |
| Net margin | +7.13% | +7.57% | +8.42% | +10.17% | +10.48% | +9.72% | +9.76% | +9.73% | +9.73% |
| Cost structure | |||||||||
| Cost of revenue / sales | +69.71% | +69.62% | +69.58% | +67.59% | +68.52% | +66.91% | +70.45% | +68.91% | +69.94% |
| R&D intensity | +2.25% | +2.50% | +2.25% | +1.98% | +2.00% | +2.05% | +2.03% | +2.04% | +2.10% |
| SG&A intensity | +13.17% | +12.31% | +11.77% | +12.02% | +12.74% | +11.87% | +12.39% | +12.48% | +11.91% |
| Effective tax rate | +23.34% | +24.94% | +24.45% | +24.33% | +25.69% | +24.80% | +24.78% | +23.48% | +25.38% |
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) | +5.45% | +6.24% | +7.74% | +10.42% | +10.46% | +9.36% | +9.54% | +9.53% | +9.56% |
| Return on assets (ROA) | +3.02% | +3.42% | +4.29% | +5.65% | +5.30% | +5.11% | +5.11% | +5.11% | +4.94% |
| Return on capital (ROC) | +6.13% | +7.15% | +8.68% | +11.40% | +11.17% | +10.39% | +10.23% | +10.65% | +10.24% |
| Return on invested capital (ROIC) | +3.90% | +4.47% | +5.58% | +7.48% | +6.99% | +6.60% | +6.75% | +6.69% | +6.71% |
| Asset turnover | +42.39% | +45.16% | +50.96% | +55.54% | +50.60% | +52.61% | +52.34% | +52.52% | +50.81% |
| DuPont · ROE decomposition | |||||||||
| Net margin | +7.13% | +7.57% | +8.42% | +10.17% | +10.48% | +9.72% | +9.76% | +9.73% | +9.73% |
| Asset turnover (× revenue / assets) | +42.39% | +45.16% | +50.96% | +55.54% | +50.60% | +52.61% | +52.34% | +52.52% | +50.81% |
| Equity multiplier (× assets / equity) | +180.23% | +182.48% | +180.43% | +184.57% | +197.22% | +182.97% | +186.80% | +186.48% | +193.27% |
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 | 0.42 | 0.45 | 0.51 | 0.56 | 0.51 | 0.53 | 0.52 | 0.53 | 0.51 |
| Fixed-asset turnover | 5.23 | 5.85 | 6.52 | 7.18 | 6.91 | — | — | — | — |
| Inventory turnover | 3.23 | 2.86 | 2.95 | 3.03 | 2.79 | — | — | — | — |
| Receivables turnover | 5.30 | 5.50 | 5.75 | 6.10 | 5.89 | — | — | — | — |
| Payables turnover | 5.39 | 4.48 | 5.39 | 5.40 | 5.46 | — | — | — | — |
| Days outstanding | |||||||||
| Days sales outstanding (DSO) | 68.92 | 66.30 | 63.52 | 59.81 | 62.00 | — | — | — | — |
| Days inventory outstanding (DIO) | 113.05 | 127.52 | 123.82 | 120.30 | 130.94 | — | — | — | — |
| Days payables outstanding (DPO) | 67.74 | 81.56 | 67.76 | 67.58 | 66.88 | — | — | — | — |
| Cash conversion cycle | 114.24 | 112.26 | 119.57 | 112.52 | 126.07 | — | — | — | — |
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 | 1.92 | 1.64 | 1.47 | 1.74 | 1.50 | 1.54 | 1.53 | 1.55 | 1.55 |
| FCF / Net income | 1.69 | 1.40 | 1.25 | 1.54 | 1.28 | 1.36 | 1.37 | 1.33 | 1.32 |
| FCF margin | +12.06% | +10.63% | +10.49% | +15.66% | +13.42% | +13.22% | +13.34% | +12.94% | +12.80% |
| OCF margin | +13.72% | +12.41% | +12.41% | +17.66% | +15.75% | +14.98% | +14.95% | +15.11% | +15.07% |
| CapEx / Revenue | +1.66% | +1.78% | +1.92% | +1.99% | +2.33% | +2.14% | +2.14% | +2.02% | +2.14% |
| CapEx / D&A | 0.29 | 0.35 | 0.39 | 0.45 | 0.57 | — | — | — | — |
| Stock-based comp / Revenue | +0.59% | +0.49% | +0.49% | +0.64% | +0.72% | — | — | — | — |
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 | 2.96 | 3.46 | 4.54 | 6.04 | 6.83 | 10.62 | 12.13 | 13.56 | 12.53 |
| EPS · basic | 2.96 | 3.47 | 4.56 | 6.05 | 6.86 | 10.58 | 12.23 | 13.77 | 12.39 |
| Book value / share | 54.43 | 55.51 | 58.63 | 57.97 | 65.40 | 74.60 | 79.69 | 83.17 | 81.21 |
| Tangible BV / share | -10.91 | -9.64 | -8.14 | -8.64 | -16.74 | 74.60 | 79.69 | 83.17 | 81.21 |
| Sales / share | 41.58 | 45.74 | 53.91 | 59.42 | 65.27 | 71.81 | 77.90 | 81.45 | 79.75 |
| Operating CF / share | 5.70 | 5.68 | 6.69 | 10.49 | 10.28 | 10.76 | 11.65 | 12.31 | 12.01 |
| Free cash flow / share | 5.01 | 4.86 | 5.65 | 9.31 | 8.76 | 9.49 | 10.40 | 10.54 | 10.21 |
| Dividends / share | 0.49 | 0.61 | 0.69 | 0.80 | 1.01 | 0.98 | 1.08 | 1.16 | 1.14 |
| Payout ratio | +16.49% | +17.54% | +15.09% | +13.26% | +14.79% | +14.08% | +14.16% | +14.60% | +14.68% |
| Retention ratio | +83.51% | +82.46% | +84.91% | +86.74% | +85.21% | +85.92% | +85.84% | +85.40% | +85.32% |
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 | — | +6.90% | +15.73% | +7.34% | +7.51% | +10.94% | +7.00% | +5.93% | -2.81% | +7.20% |
| Gross profit · YoY | — | +7.22% | +15.91% | +14.33% | +4.43% | +12.48% | +6.29% | +6.72% | -6.33% | +7.42% |
| Profit | ||||||||||
| Operating income · YoY | — | +15.41% | +25.22% | +27.09% | +16.16% | +1.41% | +3.47% | +10.92% | -6.75% | +11.07% |
| EBITDA · YoY | — | +8.19% | +21.90% | +15.84% | +14.49% | +5.91% | +7.56% | +1.70% | -2.43% | +8.89% |
| Net income · YoY | — | +13.44% | +28.75% | +29.57% | +10.80% | +2.93% | +7.40% | +5.62% | -2.80% | +11.45% |
| Operating | ||||||||||
| EBIT · YoY | — | +13.79% | +25.96% | +22.98% | +16.01% | +0.46% | +5.16% | +10.83% | -3.77% | +11.00% |
| R&D · YoY | — | +18.75% | +4.31% | -5.50% | +8.25% | +14.06% | +5.63% | +6.69% | +0.17% | +6.31% |
| Per-share | ||||||||||
| EPS · diluted · YoY | — | +16.89% | +31.21% | +33.04% | +13.08% | +55.45% | +14.24% | +11.78% | -7.58% | +19.77% |
| EPS · basic · YoY | — | +17.23% | +31.41% | +32.68% | +13.39% | +54.23% | +15.59% | +12.61% | -10.00% | +19.60% |
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 | $4.06B | $4B | $4.07B | $3.98B | $5.54B | $5.38B | $5.61B | $6.08B | $5.91B |
| Net debt | $3.59B | $3.46B | $3.45B | $3.27B | $4.75B | $4.52B | $4.73B | $5.12B | $5.01B |
| Net debt / EBITDA | 2.65 | 2.36 | 1.93 | 1.58 | 2.01 | 1.80 | 1.75 | 1.87 | 1.87 |
| Debt / equity | 0.40 | 0.39 | 0.39 | 0.39 | 0.50 | 0.42 | 0.41 | 0.42 | 0.43 |
| Debt / assets | +21.99% | +21.61% | +21.43% | +21.28% | +25.11% | +22.84% | +22.15% | +22.76% | +21.99% |
| Equity / assets | +55.48% | +54.80% | +55.42% | +54.18% | +50.70% | +54.65% | +53.53% | +53.63% | +51.74% |
| Coverage | |||||||||
| EBITDA / interest expense | 7.66 | 7.88 | 8.20 | 10.30 | 10.53 | 9.67 | 9.99 | 9.42 | 9.37 |
| Operating income / interest | 4.95 | 5.44 | 5.81 | 8.00 | 8.31 | 7.30 | 7.26 | 7.46 | 7.09 |
| Interest expense | $177M | $186M | $218M | $201M | $225M | $259.62M | $270.31M | $291.57M | $285.98M |
| Liquidity | |||||||||
| Current ratio | 1.32 | 1.25 | 1.20 | 1.30 | 1.11 | — | — | — | — |
| Quick ratio | 0.67 | 0.59 | 0.57 | 0.64 | 0.52 | — | — | — | — |
| Cash ratio | 0.16 | 0.16 | 0.15 | 0.19 | 0.15 | — | — | — | — |
| Working capital | $922M | $860M | $799M | $1.15B | $544M | — | — | — | — |
| Working capital / revenue | +11.79% | +10.28% | +8.26% | +11.08% | +4.87% | — | — | — | — |
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).