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 | +83.88% | +69.02% | +68.13% | +68.06% | +68.82% | +69.05% | +69.87% | +67.04% | +68.89% |
| Operating margin | +36.79% | +37.04% | +35.00% | +39.62% | +43.88% | +38.52% | +38.93% | +38.53% | +40.57% |
| EBITDA margin | +104.39% | +74.44% | +71.41% | +91.69% | +82.23% | +84.05% | +83.11% | +83.94% | +81.97% |
| EBIT margin | +68.29% | +40.88% | +38.55% | +58.99% | +50.26% | +48.95% | +48.10% | +49.78% | +50.19% |
| Pre-tax margin | +35.80% | +26.95% | +25.80% | +45.72% | +36.72% | +36.09% | +37.15% | +37.01% | +36.92% |
| Net margin | +33.91% | +25.41% | +24.31% | +41.79% | +35.38% | +34.37% | +33.26% | +34.51% | +33.92% |
| Cost structure | |||||||||
| Cost of revenue / sales | +16.12% | +30.98% | +31.87% | +31.94% | +31.18% | +31.94% | +30.73% | +32.59% | +31.56% |
| R&D intensity | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
| SG&A intensity | +3.60% | +3.52% | +3.80% | +5.57% | +3.61% | +4.21% | +4.41% | +4.25% | +4.43% |
| Effective tax rate | 0.00% | 0.00% | 0.00% | 0.00% | +0.04% | +0.01% | +0.01% | +0.01% | +0.01% |
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) | +7.87% | +6.89% | +7.21% | +12.89% | +11.72% | +10.80% | +10.20% | +10.69% | +10.55% |
| Return on assets (ROA) | +3.76% | +3.30% | +3.28% | +5.74% | +5.11% | +4.84% | +4.52% | +4.79% | +4.58% |
| Return on capital (ROC) | +4.22% | +4.98% | +4.91% | +5.67% | +6.60% | +5.52% | +5.53% | +5.48% | +5.82% |
| Return on invested capital (ROIC) | +3.89% | +3.42% | +3.41% | +5.98% | +5.32% | +4.92% | +4.72% | +4.91% | +4.87% |
| Asset turnover | +11.08% | +12.99% | +13.50% | +13.73% | +14.44% | +14.08% | +13.60% | +13.87% | +13.49% |
| DuPont · ROE decomposition | |||||||||
| Net margin | +33.91% | +25.41% | +24.31% | +41.79% | +35.38% | +34.37% | +33.26% | +34.51% | +33.92% |
| Asset turnover (× revenue / assets) | +11.08% | +12.99% | +13.50% | +13.73% | +14.44% | +14.08% | +13.60% | +13.87% | +13.49% |
| Equity multiplier (× assets / equity) | +209.27% | +208.92% | +219.71% | +224.78% | +229.38% | +223.19% | +225.52% | +223.31% | +230.48% |
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 | 0.11 | 0.13 | 0.14 | 0.14 | 0.14 | 0.14 | 0.14 | 0.14 | 0.13 |
| Fixed-asset turnover | 20.89 | 23.90 | 26.18 | 34.42 | 37.39 | — | — | — | — |
| Inventory turnover | — | — | — | — | — | — | — | — | — |
| Receivables turnover | 4.22 | 15.59 | 9.56 | 8.58 | 13.42 | — | — | — | — |
| Payables turnover | 1.28 | 3.01 | 3.02 | 2.66 | 2.68 | — | — | — | — |
| Days outstanding | |||||||||
| Days sales outstanding (DSO) | 86.41 | 23.41 | 38.18 | 42.52 | 27.19 | — | — | — | — |
| Days inventory outstanding (DIO) | — | — | — | — | — | — | — | — | — |
| Days payables outstanding (DPO) | 284.07 | 121.34 | 121.02 | 137.00 | 136.21 | — | — | — | — |
| Cash conversion cycle | -197.66 | -97.93 | -82.84 | -94.48 | -109.02 | — | — | — | — |
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 | 1.85 | 2.39 | 2.41 | 1.44 | 1.60 | 1.74 | 1.72 | 1.71 | 1.76 |
| FCF / Net income | 1.60 | 1.99 | 2.07 | 1.26 | 1.60 | 1.56 | 1.56 | 1.53 | 1.54 |
| FCF margin | +54.43% | +50.56% | +50.30% | +52.52% | +56.53% | +53.56% | +51.77% | +52.85% | +52.25% |
| OCF margin | +62.84% | +60.72% | +58.71% | +60.20% | +56.53% | +59.64% | +57.14% | +58.87% | +59.53% |
| CapEx / Revenue | +8.41% | +10.16% | +8.41% | +7.69% | 0.00% | +5.30% | +5.51% | +5.27% | +5.47% |
| CapEx / D&A | 0.23 | 0.30 | 0.26 | 0.24 | 0.00 | — | — | — | — |
| Stock-based comp / Revenue | +0.51% | +0.45% | +0.48% | +0.40% | +0.54% | — | — | — | — |
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 | 7.51 | 6.27 | 6.32 | 11.54 | 10.41 | 5.82 | 5.98 | 6.33 | 7.98 |
| EPS · basic | 7.51 | 6.27 | 6.32 | 11.55 | 10.41 | 5.74 | 5.96 | 6.34 | 7.95 |
| Book value / share | 95.43 | 90.97 | 87.56 | 89.51 | 89.00 | 96.05 | 102.04 | 104.45 | 105.71 |
| Tangible BV / share | 95.29 | 90.86 | 87.47 | 89.39 | 88.89 | 96.05 | 102.04 | 104.45 | 105.71 |
| Sales / share | 22.13 | 24.68 | 25.98 | 27.62 | 29.49 | 30.18 | 31.29 | 32.36 | 32.87 |
| Operating CF / share | 13.91 | 14.99 | 15.25 | 16.63 | 16.67 | 18.00 | 17.88 | 19.05 | 19.57 |
| Free cash flow / share | 12.05 | 12.48 | 13.07 | 14.50 | 16.67 | 16.17 | 16.20 | 17.10 | 17.17 |
| Dividends / share | 8.34 | 8.69 | 9.14 | 9.66 | 10.15 | 10.24 | 10.67 | 11.15 | 11.36 |
| Payout ratio | +111.12% | +138.60% | +144.64% | +83.67% | +97.26% | +98.68% | +102.50% | +99.83% | +101.95% |
| Retention ratio | -11.12% | -38.60% | -44.64% | +16.33% | +2.74% | +1.32% | -2.50% | +0.17% | -1.95% |
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 | — | +11.54% | +3.89% | +6.29% | +7.11% | +2.53% | +3.24% | +3.87% | +1.29% | +4.93% |
| Gross profit · YoY | — | -8.21% | +2.55% | +6.18% | +8.31% | +2.87% | +4.47% | -0.33% | +4.08% | +2.38% |
| Profit | ||||||||||
| Operating income · YoY | — | +12.31% | -1.83% | +20.32% | +18.62% | -10.00% | +4.33% | +2.81% | +6.67% | +6.22% |
| EBITDA · YoY | — | -20.46% | -0.34% | +36.49% | -3.95% | +4.80% | +2.09% | +4.90% | -1.08% | +1.80% |
| Net income · YoY | — | -16.42% | -0.61% | +82.72% | -9.31% | -0.40% | -0.09% | +7.76% | -0.45% | +4.93% |
| Operating | ||||||||||
| EBIT · YoY | — | -33.23% | -2.01% | +62.65% | -8.75% | -0.14% | +1.45% | +7.49% | +2.13% | +0.97% |
| R&D · YoY | — | — | — | — | — | — | — | — | — | — |
| Per-share | ||||||||||
| EPS · diluted · YoY | — | -16.51% | +0.80% | +82.59% | -9.79% | -44.09% | +2.69% | +5.97% | +25.99% | +0.76% |
| EPS · basic · YoY | — | -16.51% | +0.80% | +82.75% | -9.87% | -44.85% | +3.76% | +6.36% | +25.49% | +0.72% |
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 | $6.36B | $6.03B | $6.27B | $6.65B | $6.9B | $7.4B | $7.6B | $7.95B | $7.94B |
| Net debt | $6.31B | $5.99B | $5.88B | $6.59B | $6.82B | $7.19B | $7.39B | $7.73B | $7.72B |
| Net debt / EBITDA | 4.20 | 5.01 | 4.93 | 4.05 | 4.36 | 4.39 | 4.42 | 4.41 | 4.45 |
| Debt / equity | 1.02 | 1.02 | 1.11 | 1.16 | 1.20 | 1.19 | 1.16 | 1.18 | 1.17 |
| Debt / assets | +48.92% | +48.71% | +50.73% | +51.47% | +52.46% | +53.48% | +51.38% | +52.78% | +50.61% |
| Equity / assets | +47.79% | +47.86% | +45.51% | +44.49% | +43.60% | +44.81% | +44.34% | +44.78% | +43.39% |
| Coverage | |||||||||
| EBITDA / interest expense | 7.40 | 5.34 | 5.60 | 6.91 | 6.07 | 6.37 | 6.26 | 6.35 | 6.10 |
| Operating income / interest | 2.61 | 2.66 | 2.74 | 2.99 | 3.24 | 2.92 | 2.93 | 2.92 | 3.02 |
| Interest expense | $203.13M | $223.84M | $212.91M | $235.53M | $257.25M | $257.23M | $266.93M | $276.02M | $284.24M |
| Liquidity | |||||||||
| Current ratio | 0.85 | 0.66 | 1.88 | 0.66 | 2.30 | — | — | — | — |
| Quick ratio | 0.84 | 0.64 | 1.85 | 0.65 | 3.29 | — | — | — | — |
| Cash ratio | 0.07 | 0.09 | 1.11 | 0.13 | 0.87 | — | — | — | — |
| Working capital | -$102.86M | -$131.39M | $310M | -$178.14M | $128.34M | — | — | — | — |
| Working capital / revenue | -7.14% | -8.18% | +18.57% | -10.04% | +6.75% | — | — | — | — |
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).