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 | +45.12% | +44.92% | +42.17% | +45.22% | +45.44% | +45.20% | +43.48% | +45.52% | +43.98% |
| Operating margin | +11.76% | +12.09% | +10.90% | +11.88% | +11.80% | +11.62% | +11.84% | +11.83% | +11.77% |
| EBITDA margin | +22.95% | +23.37% | +22.72% | +23.88% | +22.70% | +23.62% | +22.55% | +23.71% | +22.54% |
| EBIT margin | +11.30% | +11.56% | +10.91% | +12.55% | +11.42% | +11.72% | +11.90% | +11.62% | +11.35% |
| Pre-tax margin | +8.84% | +9.45% | +8.58% | +9.94% | +8.62% | +9.27% | +8.92% | +9.17% | +8.77% |
| Net margin | +10.94% | +9.43% | +7.66% | +8.45% | +7.68% | +7.93% | +7.80% | +7.93% | +7.83% |
| Cost structure | |||||||||
| Cost of revenue / sales | +54.88% | +55.08% | +57.83% | +54.78% | +54.56% | +54.31% | +55.81% | +54.94% | +54.10% |
| R&D intensity | +6.69% | +6.66% | +6.39% | +5.90% | +5.79% | +6.13% | +6.13% | +5.99% | +6.10% |
| SG&A intensity | +24.67% | +24.95% | +24.36% | +24.07% | +24.16% | +24.76% | +24.30% | +23.92% | +24.52% |
| Effective tax rate | +5.20% | +8.30% | +7.94% | +14.96% | +10.84% | +10.96% | +11.21% | +10.77% | +11.49% |
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) | +8.84% | +7.04% | +5.75% | +6.59% | +6.61% | +6.13% | +6.08% | +6.15% | +6.41% |
| Return on assets (ROA) | +3.88% | +3.36% | +2.81% | +2.98% | +3.03% | +2.94% | +2.90% | +2.88% | +2.98% |
| Return on capital (ROC) | +5.34% | +5.40% | +4.95% | +5.05% | +5.78% | +5.14% | +5.34% | +5.34% | +5.48% |
| Return on invested capital (ROIC) | +4.97% | +4.21% | +3.48% | +3.59% | +3.76% | +3.51% | +3.52% | +3.58% | +3.65% |
| Asset turnover | +35.51% | +35.65% | +36.70% | +35.22% | +39.47% | +37.03% | +37.15% | +36.35% | +38.02% |
| DuPont · ROE decomposition | |||||||||
| Net margin | +10.94% | +9.43% | +7.66% | +8.45% | +7.68% | +7.93% | +7.80% | +7.93% | +7.83% |
| Asset turnover (× revenue / assets) | +35.51% | +35.65% | +36.70% | +35.22% | +39.47% | +37.03% | +37.15% | +36.35% | +38.02% |
| Equity multiplier (× assets / equity) | +227.56% | +209.37% | +204.60% | +221.28% | +217.90% | +208.75% | +209.82% | +213.19% | +215.25% |
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 | 0.36 | 0.36 | 0.37 | 0.35 | 0.39 | 0.37 | 0.37 | 0.36 | 0.38 |
| Fixed-asset turnover | 3.19 | 3.14 | 2.95 | 2.96 | 3.12 | — | — | — | — |
| Inventory turnover | 3.83 | 3.22 | 3.42 | 2.88 | 3.06 | — | — | — | — |
| Receivables turnover | 8.14 | 8.61 | 7.64 | 6.65 | 7.29 | — | — | — | — |
| Payables turnover | 6.04 | 6.12 | 6.83 | 5.83 | 6.04 | — | — | — | — |
| Days outstanding | |||||||||
| Days sales outstanding (DSO) | 44.84 | 42.38 | 47.74 | 54.86 | 50.04 | — | — | — | — |
| Days inventory outstanding (DIO) | 95.35 | 113.23 | 106.65 | 126.91 | 119.29 | — | — | — | — |
| Days payables outstanding (DPO) | 60.45 | 59.67 | 53.47 | 62.61 | 60.47 | — | — | — | — |
| Cash conversion cycle | 79.74 | 95.94 | 100.92 | 119.16 | 108.86 | — | — | — | — |
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 | 2.22 | 1.48 | 2.01 | 2.23 | 2.04 | 2.09 | 2.18 | 2.11 | 2.19 |
| FCF / Net income | 1.63 | 0.93 | 1.43 | 1.80 | 1.59 | 1.58 | 1.64 | 1.62 | 1.61 |
| FCF margin | +17.86% | +8.80% | +10.92% | +15.22% | +12.23% | +12.50% | +12.78% | +12.84% | +12.59% |
| OCF margin | +24.29% | +13.95% | +15.43% | +18.82% | +15.71% | +16.57% | +16.97% | +16.74% | +17.13% |
| CapEx / Revenue | +6.43% | +5.16% | +4.51% | +3.59% | +3.48% | +3.78% | +3.78% | +3.91% | +3.84% |
| CapEx / D&A | 0.54 | 0.44 | 0.38 | 0.32 | 0.31 | — | — | — | — |
| Stock-based comp / Revenue | +1.20% | +1.23% | +1.34% | +1.22% | +1.18% | — | — | — | — |
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 | 6.85 | 5.88 | 4.94 | 5.86 | 5.83 | 12.58 | 13.42 | 14.28 | 15.24 |
| EPS · basic | 6.92 | 5.93 | 4.97 | 5.88 | 5.84 | 12.63 | 13.51 | 14.38 | 15.26 |
| Book value / share | 81.06 | 87.98 | 89.45 | 88.96 | 88.43 | 86.87 | 87.41 | 91.63 | 90.47 |
| Tangible BV / share | -44.48 | -40.53 | -33.54 | -39.49 | -37.01 | 86.87 | 87.41 | 91.63 | 90.47 |
| Sales / share | 65.50 | 65.67 | 67.17 | 69.34 | 76.06 | 67.16 | 68.13 | 71.01 | 74.05 |
| Operating CF / share | 15.91 | 9.16 | 10.36 | 13.05 | 11.95 | 11.13 | 11.56 | 11.89 | 12.68 |
| Free cash flow / share | 11.70 | 5.78 | 7.33 | 10.56 | 9.30 | 8.40 | 8.70 | 9.11 | 9.32 |
| Dividends / share | 3.59 | 3.77 | 3.86 | 3.78 | 4.17 | 3.63 | 3.70 | 4.00 | 4.11 |
| Payout ratio | +50.10% | +60.82% | +75.07% | +64.52% | +71.28% | +68.07% | +69.55% | +71.04% | +70.93% |
| Retention ratio | +49.90% | +39.18% | +24.93% | +35.48% | +28.72% | +31.93% | +30.45% | +28.96% | +29.07% |
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 | — | -1.36% | +2.66% | +4.16% | +8.23% | -12.07% | +2.43% | +3.54% | +3.56% | +1.23% |
| Gross profit · YoY | — | -1.78% | -3.62% | +11.69% | +8.76% | -12.53% | -1.48% | +8.40% | +0.07% | +0.91% |
| Profit | ||||||||||
| Operating income · YoY | — | +1.42% | -7.49% | +13.55% | +7.55% | -13.46% | +4.40% | +3.45% | +3.03% | +1.24% |
| EBITDA · YoY | — | +0.43% | -0.18% | +9.47% | +2.86% | -8.50% | -2.22% | +8.91% | -1.56% | +1.00% |
| Net income · YoY | — | -14.96% | -16.58% | +14.89% | -1.58% | -9.25% | +0.74% | +5.30% | +2.29% | -2.91% |
| Operating | ||||||||||
| EBIT · YoY | — | +0.93% | -3.07% | +19.82% | -1.50% | -9.81% | +3.97% | +1.13% | +1.13% | +1.28% |
| R&D · YoY | — | -1.80% | -1.51% | -3.80% | +6.22% | -6.84% | +2.47% | +1.17% | +5.44% | +0.08% |
| Per-share | ||||||||||
| EPS · diluted · YoY | — | -14.16% | -15.99% | +18.62% | -0.51% | +115.84% | +6.62% | +6.46% | +6.73% | +10.52% |
| EPS · basic · YoY | — | -14.31% | -16.19% | +18.31% | -0.68% | +116.20% | +6.99% | +6.46% | +6.08% | +10.39% |
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 | $18.42B | $16.95B | $16.82B | $21.59B | $19.18B | $18.53B | $18.35B | $18.81B | $19.5B |
| Net debt | $16.03B | $15.79B | $15.41B | $19.73B | $18.33B | $17.22B | $17.03B | $17.44B | $18.1B |
| Net debt / EBITDA | 3.65 | 3.58 | 3.50 | 4.09 | 3.70 | 3.80 | 3.84 | 3.61 | 3.81 |
| Debt / equity | 0.78 | 0.67 | 0.65 | 0.83 | 0.76 | 0.75 | 0.73 | 0.72 | 0.76 |
| Debt / assets | +34.19% | +32.02% | +31.88% | +37.68% | +34.67% | +35.74% | +34.65% | +33.57% | +35.15% |
| Equity / assets | +43.94% | +47.76% | +48.88% | +45.19% | +45.89% | +47.90% | +47.66% | +46.91% | +46.46% |
| Coverage | |||||||||
| EBITDA / interest expense | 9.36 | 11.08 | 9.74 | 9.13 | 8.09 | 9.13 | 8.65 | 9.45 | 8.88 |
| Operating income / interest | 4.80 | 5.73 | 4.67 | 4.54 | 4.21 | 4.49 | 4.54 | 4.71 | 4.64 |
| Interest expense | $469M | $398M | $452M | $528M | $613M | $497.04M | $512.74M | $511.12M | $535.34M |
| Liquidity | |||||||||
| Current ratio | 1.33 | 1.04 | 1.31 | 1.17 | 1.11 | — | — | — | — |
| Quick ratio | 0.72 | 0.43 | 0.60 | 0.60 | 0.46 | — | — | — | — |
| Cash ratio | 0.36 | 0.15 | 0.21 | 0.21 | 0.10 | — | — | — | — |
| Working capital | $2.21B | $330M | $2.04B | $1.51B | $942M | — | — | — | — |
| Working capital / revenue | +11.56% | +1.75% | +10.50% | +7.49% | +4.31% | — | — | — | — |
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).