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 |
|---|---|---|---|---|---|---|---|---|
| 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 |
|---|---|---|---|---|---|---|---|---|
| Margins | ||||||||
| Gross margin | +42.36% | +41.74% | +42.39% | +42.78% | +42.27% | +42.88% | +42.85% | +41.90% |
| Operating margin | +21.76% | +20.66% | +23.23% | +23.78% | +23.06% | +23.10% | +22.99% | +22.86% |
| EBITDA margin | +27.24% | +25.43% | +27.78% | +28.32% | +27.41% | +28.04% | +27.42% | +28.52% |
| EBIT margin | +23.47% | +21.96% | +24.65% | +25.27% | +24.04% | +25.10% | +24.74% | +24.47% |
| Pre-tax margin | +21.23% | +19.70% | +22.11% | +22.41% | +20.53% | +21.65% | +21.81% | +22.13% |
| Net margin | +15.86% | +14.72% | +16.52% | +16.60% | +15.42% | +16.24% | +16.41% | +15.87% |
| Cost structure | ||||||||
| Cost of revenue / sales | +57.64% | +58.26% | +57.61% | +57.22% | +57.73% | +58.47% | +55.90% | +56.84% |
| R&D intensity | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
| SG&A intensity | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
| Effective tax rate | +24.57% | +24.38% | +24.35% | +24.87% | +23.56% | +24.59% | +24.23% | +24.03% |
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 |
|---|---|---|---|---|---|---|---|---|
| Returns | ||||||||
| Return on equity (ROE) | +28.01% | +28.37% | +30.36% | +30.00% | +27.16% | +29.12% | +29.23% | +28.03% |
| Return on assets (ROA) | +9.14% | +6.91% | +7.82% | +7.19% | +7.09% | +7.44% | +7.36% | +7.05% |
| Return on capital (ROC) | +17.68% | +17.67% | +19.00% | +16.43% | +16.93% | +17.16% | +16.83% | +16.85% |
| Return on invested capital (ROIC) | +12.89% | +12.59% | +13.51% | +11.47% | +11.32% | +12.06% | +12.02% | +11.70% |
| Asset turnover | +57.64% | +46.97% | +47.34% | +43.30% | +45.96% | +45.83% | +44.85% | +44.45% |
| DuPont · ROE decomposition | ||||||||
| Net margin | +15.86% | +14.72% | +16.52% | +16.60% | +15.42% | +16.24% | +16.41% | +15.87% |
| Asset turnover (× revenue / assets) | +57.64% | +46.97% | +47.34% | +43.30% | +45.96% | +45.83% | +44.85% | +44.45% |
| Equity multiplier (× assets / equity) | +306.43% | +410.40% | +388.28% | +417.30% | +383.35% | +391.20% | +397.13% | +397.34% |
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 |
|---|---|---|---|---|---|---|---|---|
| Turnover | ||||||||
| Asset turnover | 0.58 | 0.47 | 0.47 | 0.43 | 0.46 | 0.46 | 0.45 | 0.44 |
| Fixed-asset turnover | 7.30 | 8.52 | 9.38 | 10.38 | 11.79 | — | — | — |
| Inventory turnover | — | — | — | — | — | — | — | — |
| Receivables turnover | 3.55 | 3.54 | 3.54 | 3.42 | 3.52 | — | — | — |
| Payables turnover | 3.61 | 3.68 | 3.85 | 4.11 | 4.27 | — | — | — |
| Days outstanding | ||||||||
| Days sales outstanding (DSO) | 102.87 | 103.09 | 103.03 | 106.79 | 103.76 | — | — | — |
| Days inventory outstanding (DIO) | — | — | — | — | — | — | — | — |
| Days payables outstanding (DPO) | 101.11 | 99.12 | 94.82 | 88.72 | 85.57 | — | — | — |
| Cash conversion cycle | 1.76 | 3.97 | 8.21 | 18.07 | 18.19 | — | — | — |
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 |
|---|---|---|---|---|---|---|---|---|
| Operating CF / Net income | 1.12 | 1.14 | 1.13 | 1.06 | 1.27 | 1.12 | 1.14 | 1.16 |
| FCF / Net income | 0.99 | 0.98 | 1.02 | 0.98 | 1.20 | 1.07 | 1.05 | 1.09 |
| FCF margin | +15.69% | +14.45% | +16.90% | +16.30% | +18.54% | +17.30% | +17.19% | +17.28% |
| OCF margin | +17.74% | +16.72% | +18.73% | +17.59% | +19.61% | +18.19% | +18.72% | +18.38% |
| CapEx / Revenue | +2.05% | +2.27% | +1.83% | +1.29% | +1.08% | +1.40% | +1.39% | +1.42% |
| CapEx / D&A | 0.54 | 0.65 | 0.58 | 0.42 | 0.32 | — | — | — |
| Stock-based comp / Revenue | +1.76% | +1.77% | +1.60% | +1.50% | +1.46% | — | — | — |
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 |
|---|---|---|---|---|---|---|---|---|
| EPS · diluted | 6.13 | 6.04 | 7.53 | 8.18 | 8.43 | 10.40 | 11.32 | 12.33 |
| EPS · basic | 6.20 | 6.11 | 7.60 | 8.25 | 8.48 | 10.53 | 11.36 | 12.49 |
| Book value / share | 21.88 | 21.29 | 24.79 | 27.29 | 31.26 | 32.25 | 34.49 | 36.28 |
| Tangible BV / share | -15.41 | -15.92 | -15.01 | -29.42 | -28.10 | 32.25 | 34.49 | 36.28 |
| Sales / share | 38.64 | 41.03 | 45.56 | 49.31 | 55.06 | 57.82 | 61.43 | 64.07 |
| Operating CF / share | 6.85 | 6.86 | 8.53 | 8.67 | 10.80 | 10.52 | 11.50 | 11.78 |
| Free cash flow / share | 6.06 | 5.93 | 7.70 | 8.04 | 10.21 | 10.00 | 10.56 | 11.07 |
| Dividends / share | 2.00 | 2.25 | 2.60 | 3.05 | 3.47 | 3.60 | 3.74 | 3.96 |
| Payout ratio | +32.64% | +37.31% | +34.56% | +37.27% | +40.84% | +38.33% | +37.11% | +38.94% |
| Retention ratio | +67.36% | +62.69% | +65.44% | +62.73% | +59.16% | +61.67% | +62.89% | +61.06% |
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 | 7y CAGR |
|---|---|---|---|---|---|---|---|---|---|
| Top-line | |||||||||
| Revenue · YoY | — | +4.54% | +9.73% | +7.57% | +10.32% | +5.38% | +4.96% | +5.05% | +6.77% |
| Gross profit · YoY | — | +3.03% | +11.42% | +8.56% | +9.00% | +6.90% | +4.88% | +2.72% | +6.60% |
| Profit | |||||||||
| Operating income · YoY | — | -0.74% | +23.41% | +10.13% | +6.98% | +5.55% | +4.47% | +4.45% | +7.53% |
| EBITDA · YoY | — | -2.39% | +19.87% | +9.64% | +6.77% | +7.81% | +2.62% | +9.27% | +7.47% |
| Net income · YoY | — | -2.96% | +23.15% | +8.09% | +2.46% | +11.02% | +6.05% | +1.57% | +6.78% |
| Operating | |||||||||
| EBIT · YoY | — | -2.17% | +23.14% | +10.28% | +4.94% | +10.06% | +3.43% | +3.92% | +7.41% |
| R&D · YoY | — | — | — | — | — | — | — | — | — |
| Per-share | |||||||||
| EPS · diluted · YoY | — | -1.47% | +24.67% | +8.63% | +3.06% | +23.40% | +8.83% | +8.88% | +10.49% |
| EPS · basic · YoY | — | -1.45% | +24.39% | +8.55% | +2.79% | +24.14% | +7.95% | +9.93% | +10.53% |
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 |
|---|---|---|---|---|---|---|---|---|
| Leverage | ||||||||
| Total debt | $13.16B | $13.47B | $15.44B | $21.86B | $21.45B | $22.43B | $24.01B | $24.78B |
| Net debt | $11.41B | $12.03B | $12.08B | $19.46B | $18.76B | $19.13B | $20.48B | $21.22B |
| Net debt / EBITDA | 2.11 | 2.28 | 1.91 | 2.81 | 2.54 | 2.40 | 2.50 | 2.37 |
| Debt / equity | 1.17 | 1.25 | 1.25 | 1.62 | 1.40 | 1.41 | 1.43 | 1.40 |
| Debt / assets | +38.27% | +30.54% | +32.14% | +38.71% | +36.53% | +36.15% | +36.08% | +35.14% |
| Equity / assets | +32.63% | +24.37% | +25.75% | +23.96% | +26.09% | +25.56% | +25.18% | +25.17% |
| Coverage | ||||||||
| EBITDA / interest expense | 12.16 | 11.24 | 10.93 | 9.89 | 7.70 | 9.21 | 9.41 | 9.84 |
| Operating income / interest | 9.71 | 9.13 | 9.14 | 8.31 | 6.48 | 7.59 | 7.89 | 7.89 |
| Interest expense | $444M | $469M | $578M | $700M | $960M | $865.81M | $869.81M | $908.65M |
| Liquidity | ||||||||
| Current ratio | 1.24 | 1.06 | 1.10 | 1.13 | 1.10 | — | — | — |
| Quick ratio | 1.10 | 0.41 | 0.49 | 0.49 | 0.49 | — | — | — |
| Cash ratio | 0.26 | 0.08 | 0.17 | 0.12 | 0.13 | — | — | — |
| Working capital | $1.61B | $1.13B | $1.95B | $2.6B | $2.14B | — | — | — |
| Working capital / revenue | +8.12% | +5.44% | +8.59% | +10.63% | +7.93% | — | — | — |
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).