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 | +42.24% | +38.48% | +38.23% | +37.87% | +33.25% | +36.18% | +37.44% | +36.65% | +35.38% |
| Operating margin | +41.20% | +40.09% | +37.30% | +36.91% | +32.08% | +35.62% | +35.53% | +34.98% | +35.99% |
| EBITDA margin | +56.64% | +51.09% | +49.63% | +48.65% | +41.63% | +47.56% | +47.24% | +47.73% | +45.91% |
| EBIT margin | +45.30% | +40.98% | +38.47% | +37.05% | +32.57% | +36.31% | +36.81% | +35.73% | +35.66% |
| Pre-tax margin | +39.54% | +35.99% | +32.95% | +31.33% | +26.75% | +30.29% | +30.81% | +31.02% | +30.41% |
| Net margin | +30.19% | +27.70% | +25.03% | +23.87% | +20.50% | +22.83% | +23.28% | +23.60% | +22.59% |
| Cost structure | |||||||||
| Cost of revenue / sales | +57.76% | +61.52% | +61.77% | +62.13% | +66.75% | +62.97% | +62.84% | +62.65% | +62.52% |
| R&D intensity | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
| SG&A intensity | -0.51% | -0.53% | -0.20% | -0.34% | 0.00% | -0.18% | -0.18% | -0.18% | -0.18% |
| Effective tax rate | +23.63% | +23.03% | +24.04% | +23.82% | +23.35% | +24.35% | +23.40% | +23.32% | +23.25% |
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) | +27.99% | +32.56% | +30.60% | +27.74% | +21.95% | +26.44% | +26.29% | +26.66% | +25.74% |
| Return on assets (ROA) | +9.33% | +9.82% | +8.69% | +8.11% | +6.61% | +7.78% | +7.90% | +7.77% | +7.39% |
| Return on capital (ROC) | +17.00% | +19.10% | +17.63% | +17.04% | +13.91% | +16.55% | +16.24% | +15.71% | +16.38% |
| Return on invested capital (ROIC) | +12.46% | +13.20% | +11.83% | +11.02% | +8.89% | +10.61% | +10.64% | +10.60% | +10.28% |
| Asset turnover | +30.89% | +35.44% | +34.72% | +34.00% | +32.26% | +34.09% | +33.93% | +32.91% | +32.71% |
| DuPont · ROE decomposition | |||||||||
| Net margin | +30.19% | +27.70% | +25.03% | +23.87% | +20.50% | +22.83% | +23.28% | +23.60% | +22.59% |
| Asset turnover (× revenue / assets) | +30.89% | +35.44% | +34.72% | +34.00% | +32.26% | +34.09% | +33.93% | +32.91% | +32.71% |
| Equity multiplier (× assets / equity) | +300.01% | +331.71% | +352.21% | +341.92% | +331.93% | +339.72% | +332.82% | +343.29% | +348.38% |
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 | 0.31 | 0.35 | 0.35 | 0.34 | 0.32 | 0.34 | 0.34 | 0.33 | 0.33 |
| Fixed-asset turnover | 0.37 | 0.43 | 0.42 | 0.40 | 0.38 | — | — | — | — |
| Inventory turnover | 21.34 | 26.79 | 20.58 | 21.82 | 24.12 | — | — | — | — |
| Receivables turnover | 10.91 | 11.31 | 10.52 | 10.97 | 10.86 | — | — | — | — |
| Payables turnover | 7.51 | 8.09 | 7.32 | 7.00 | 8.19 | — | — | — | — |
| Days outstanding | |||||||||
| Days sales outstanding (DSO) | 33.46 | 32.27 | 34.69 | 33.29 | 33.62 | — | — | — | — |
| Days inventory outstanding (DIO) | 17.11 | 13.62 | 17.74 | 16.73 | 15.13 | — | — | — | — |
| Days payables outstanding (DPO) | 48.60 | 45.14 | 49.87 | 52.12 | 44.58 | — | — | — | — |
| Cash conversion cycle | 1.97 | 0.75 | 2.56 | -2.11 | 4.17 | — | — | — | — |
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 | 1.35 | 1.37 | 1.50 | 1.51 | 1.60 | 1.55 | 1.52 | 1.54 | 1.54 |
| FCF / Net income | 0.87 | 0.85 | 0.89 | 0.78 | 0.59 | 0.79 | 0.74 | 0.76 | 0.76 |
| FCF margin | +26.42% | +23.47% | +22.22% | +18.69% | +12.14% | +18.06% | +17.33% | +18.03% | +17.27% |
| OCF margin | +40.72% | +37.83% | +37.62% | +36.09% | +32.73% | +35.46% | +35.40% | +36.26% | +34.83% |
| CapEx / Revenue | +14.30% | +14.36% | +15.40% | +17.39% | +20.59% | +18.22% | +17.31% | +17.28% | +18.18% |
| CapEx / D&A | 1.26 | 1.42 | 1.40 | 1.53 | 1.73 | — | — | — | — |
| Stock-based comp / Revenue | 0.00% | +0.50% | 0.00% | +0.28% | 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 | 1.68 | 1.95 | 1.82 | 1.79 | 1.54 | 1.91 | 2.17 | 2.35 | 2.54 |
| EPS · basic | 1.68 | 1.95 | 1.83 | 1.79 | 1.54 | 1.93 | 2.18 | 2.37 | 2.51 |
| Book value / share | 5.99 | 5.90 | 5.95 | 6.44 | 7.06 | 6.91 | 7.38 | 7.55 | 7.90 |
| Tangible BV / share | 5.79 | 5.67 | 5.70 | 6.21 | 6.92 | 6.91 | 7.38 | 7.55 | 7.90 |
| Sales / share | 5.55 | 6.94 | 7.28 | 7.48 | 7.56 | 8.01 | 8.34 | 8.53 | 9.00 |
| Operating CF / share | 2.26 | 2.62 | 2.74 | 2.70 | 2.47 | 2.84 | 2.95 | 3.09 | 3.13 |
| Free cash flow / share | 1.47 | 1.63 | 1.62 | 1.40 | 0.92 | 1.45 | 1.44 | 1.54 | 1.55 |
| Dividends / share | 0.37 | 0.40 | 0.44 | 0.48 | 0.52 | 0.52 | 0.52 | 0.55 | 0.58 |
| Payout ratio | +22.19% | +20.71% | +24.05% | +26.80% | +33.64% | +28.31% | +26.92% | +27.39% | +28.36% |
| Retention ratio | +77.81% | +79.29% | +75.95% | +73.20% | +66.36% | +71.69% | +73.08% | +72.61% | +71.64% |
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 | — | +18.62% | -1.32% | -0.80% | -3.08% | +4.92% | +4.69% | +3.18% | +5.91% | +3.83% |
| Gross profit · YoY | — | +8.07% | -1.98% | -1.73% | -14.91% | +14.17% | +8.35% | +0.99% | +2.25% | +1.56% |
| Profit | ||||||||||
| Operating income · YoY | — | +15.41% | -8.18% | -1.85% | -15.75% | +16.49% | +4.43% | +1.59% | +8.97% | +2.09% |
| EBITDA · YoY | — | +6.99% | -4.15% | -2.76% | -17.06% | +19.88% | +3.98% | +4.25% | +1.88% | +1.14% |
| Net income · YoY | — | +8.81% | -10.84% | -5.40% | -16.74% | +16.85% | +6.74% | +4.60% | +1.37% | +0.13% |
| Operating | ||||||||||
| EBIT · YoY | — | +7.30% | -7.38% | -4.45% | -14.79% | +16.97% | +6.13% | +0.14% | +5.71% | +0.77% |
| R&D · YoY | — | — | — | — | — | — | — | — | — | — |
| Per-share | ||||||||||
| EPS · diluted · YoY | — | +16.07% | -6.67% | -1.65% | -13.97% | +23.98% | +13.43% | +8.71% | +7.71% | +5.28% |
| EPS · basic · YoY | — | +16.07% | -6.15% | -2.19% | -13.97% | +25.08% | +13.41% | +8.42% | +6.02% | +5.15% |
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 | $16.84B | $18.54B | $19.02B | $18.99B | $19.35B | $19.05B | $20.15B | $21.43B | $22.33B |
| Net debt | $14.61B | $16.58B | $17.67B | $18.06B | $18.68B | $18.03B | $19.08B | $20.33B | $21.15B |
| Net debt / EBITDA | 2.06 | 2.18 | 2.43 | 2.55 | 3.18 | 2.56 | 2.61 | 2.67 | 2.72 |
| Debt / equity | 1.25 | 1.47 | 1.59 | 1.52 | 1.47 | 1.49 | 1.47 | 1.52 | 1.50 |
| Debt / assets | +41.56% | +44.22% | +45.07% | +44.40% | +44.30% | +43.94% | +44.18% | +44.15% | +43.19% |
| Equity / assets | +33.33% | +30.15% | +28.39% | +29.25% | +30.13% | +29.44% | +30.05% | +29.13% | +28.70% |
| Coverage | |||||||||
| EBITDA / interest expense | 9.82 | 10.23 | 8.99 | 8.50 | 6.95 | 8.27 | 8.29 | 8.20 | 8.09 |
| Operating income / interest | 7.15 | 8.02 | 6.76 | 6.45 | 5.36 | 6.19 | 6.24 | 6.01 | 6.34 |
| Interest expense | $722M | $742M | $809M | $832M | $844M | $850.75M | $881.57M | $929.48M | $960.22M |
| Liquidity | |||||||||
| Current ratio | 1.73 | 1.56 | 1.04 | 0.86 | 0.81 | — | — | — | — |
| Quick ratio | 1.55 | 1.38 | 0.88 | 0.71 | 0.63 | — | — | — | — |
| Cash ratio | 1.00 | 0.79 | 0.42 | 0.28 | 0.21 | — | — | — | — |
| Working capital | $1.64B | $1.38B | $136M | -$456M | -$583M | — | — | — | — |
| Working capital / revenue | +13.10% | +9.28% | +0.93% | -3.14% | -4.14% | — | — | — | — |
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).