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 | +41.87% | +38.47% | +45.00% | +51.47% | +58.57% | +51.06% | +52.10% | +50.60% | +50.37% |
| Operating margin | +20.55% | +21.64% | +23.53% | +26.68% | +27.63% | +25.76% | +25.29% | +25.82% | +25.54% |
| EBITDA margin | +36.71% | +36.74% | +40.38% | +47.10% | +45.22% | +45.47% | +44.72% | +43.61% | +43.86% |
| EBIT margin | +21.43% | +22.71% | +23.89% | +27.97% | +27.64% | +26.39% | +26.53% | +25.90% | +26.90% |
| Pre-tax margin | +14.42% | +16.35% | +14.78% | +18.38% | +18.31% | +16.80% | +17.32% | +17.24% | +17.04% |
| Net margin | +11.94% | +13.74% | +12.97% | +13.94% | +13.99% | +14.00% | +13.74% | +13.43% | +13.67% |
| Cost structure | |||||||||
| Cost of revenue / sales | +58.13% | +61.53% | +55.00% | +48.53% | +41.43% | +47.20% | +47.34% | +47.40% | +49.75% |
| R&D intensity | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
| SG&A intensity | -0.72% | -0.47% | +0.44% | +0.25% | +25.75% | +8.67% | +8.82% | +8.74% | +8.83% |
| Effective tax rate | +16.67% | +17.21% | +17.14% | +15.77% | +16.75% | +17.42% | +16.05% | +16.27% | +16.39% |
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) | +8.04% | +10.18% | +7.05% | +7.13% | +7.97% | +7.80% | +7.32% | +7.42% | +7.51% |
| Return on assets (ROA) | +2.42% | +3.01% | +2.30% | +2.39% | +2.54% | +2.47% | +2.39% | +2.31% | +2.43% |
| Return on capital (ROC) | +5.83% | +6.52% | +5.34% | +5.91% | +6.58% | +6.02% | +5.82% | +6.05% | +5.85% |
| Return on invested capital (ROIC) | +3.39% | +4.14% | +2.94% | +3.09% | +3.33% | +3.27% | +3.16% | +3.14% | +3.13% |
| Asset turnover | +20.28% | +21.88% | +17.72% | +17.16% | +18.17% | +17.64% | +17.40% | +17.18% | +17.76% |
| DuPont · ROE decomposition | |||||||||
| Net margin | +11.94% | +13.74% | +12.97% | +13.94% | +13.99% | +14.00% | +13.74% | +13.43% | +13.67% |
| Asset turnover (× revenue / assets) | +20.28% | +21.88% | +17.72% | +17.16% | +18.17% | +17.64% | +17.40% | +17.18% | +17.76% |
| Equity multiplier (× assets / equity) | +332.15% | +338.36% | +306.59% | +297.97% | +313.48% | +315.92% | +306.27% | +321.58% | +309.26% |
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 | 0.20 | 0.22 | 0.18 | 0.17 | 0.18 | 0.18 | 0.17 | 0.17 | 0.18 |
| Fixed-asset turnover | 0.27 | 0.29 | 0.25 | 0.21 | 0.23 | — | — | — | — |
| Inventory turnover | 5.71 | 4.79 | 6.02 | 6.80 | 6.12 | — | — | — | — |
| Receivables turnover | 5.30 | 5.00 | 5.93 | 5.40 | 5.26 | — | — | — | — |
| Payables turnover | 4.08 | 4.00 | 4.04 | 3.07 | 2.20 | — | — | — | — |
| Days outstanding | |||||||||
| Days sales outstanding (DSO) | 68.92 | 72.99 | 61.53 | 67.57 | 69.43 | — | — | — | — |
| Days inventory outstanding (DIO) | 63.91 | 76.24 | 60.65 | 53.65 | 59.62 | — | — | — | — |
| Days payables outstanding (DPO) | 89.42 | 91.20 | 90.33 | 119.00 | 165.78 | — | — | — | — |
| Cash conversion cycle | 43.41 | 58.03 | 31.85 | 2.22 | -36.73 | — | — | — | — |
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 | 2.08 | 1.75 | 2.71 | 2.34 | 2.54 | 2.47 | 2.56 | 2.51 | 2.49 |
| FCF / Net income | -1.06 | -0.99 | -0.99 | -1.13 | -0.45 | -0.82 | -0.87 | -0.87 | -0.83 |
| FCF margin | -12.66% | -13.57% | -12.91% | -15.79% | -6.32% | -11.47% | -12.01% | -11.61% | -11.34% |
| OCF margin | +24.86% | +24.09% | +35.15% | +32.66% | +35.57% | +34.58% | +35.13% | +33.64% | +34.07% |
| CapEx / Revenue | +37.51% | +37.66% | +48.06% | +48.45% | +41.89% | +47.28% | +45.39% | +46.50% | +47.45% |
| CapEx / D&A | 2.46 | 2.68 | 2.91 | 2.53 | 2.38 | — | — | — | — |
| Stock-based comp / Revenue | +0.50% | +0.43% | +0.43% | +0.59% | 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 | 1.27 | 1.70 | 1.48 | 1.62 | 1.95 | 2.06 | 2.24 | 2.44 | 2.68 |
| EPS · basic | 1.35 | 1.84 | 1.59 | 1.63 | 1.96 | 2.13 | 2.30 | 2.53 | 2.72 |
| Book value / share | 17.43 | 17.85 | 22.63 | 23.40 | 24.57 | 26.42 | 29.14 | 29.49 | 33.41 |
| Tangible BV / share | 13.87 | 14.49 | 19.31 | 20.14 | 21.44 | 26.42 | 29.14 | 29.49 | 33.41 |
| Sales / share | 11.74 | 13.22 | 12.29 | 11.96 | 14.00 | 14.72 | 15.53 | 16.30 | 18.34 |
| Operating CF / share | 2.92 | 3.18 | 4.32 | 3.91 | 4.98 | 5.09 | 5.45 | 5.48 | 6.25 |
| Free cash flow / share | -1.49 | -1.79 | -1.59 | -1.89 | -0.89 | -1.69 | -1.86 | -1.89 | -2.08 |
| Dividends / share | 0.83 | 0.86 | 0.92 | 1.05 | 1.12 | 1.22 | 1.29 | 1.35 | 1.47 |
| Payout ratio | +59.02% | +47.44% | +57.89% | +63.26% | +57.06% | +59.26% | +60.51% | +61.55% | +58.59% |
| Retention ratio | +40.98% | +52.56% | +42.11% | +36.74% | +42.94% | +40.74% | +39.49% | +38.45% | +41.41% |
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 | — | +19.41% | -5.90% | -0.91% | +21.76% | +4.52% | +5.49% | +6.46% | +10.53% | +7.31% |
| Gross profit · YoY | — | +9.72% | +10.06% | +13.34% | +38.55% | -8.87% | +7.63% | +3.40% | +10.03% | +9.82% |
| Profit | ||||||||||
| Operating income · YoY | — | +25.71% | +2.35% | +12.35% | +26.09% | -2.55% | +3.57% | +8.68% | +9.31% | +10.27% |
| EBITDA · YoY | — | +19.52% | +3.44% | +15.55% | +16.91% | +5.09% | +3.75% | +3.83% | +11.15% | +9.73% |
| Net income · YoY | — | +37.48% | -11.17% | +6.45% | +22.24% | +4.54% | +3.54% | +4.05% | +12.54% | +9.15% |
| Operating | ||||||||||
| EBIT · YoY | — | +26.53% | -1.02% | +16.03% | +20.32% | -0.19% | +6.04% | +3.94% | +14.78% | +10.41% |
| R&D · YoY | — | — | — | — | — | — | — | — | — | — |
| Per-share | ||||||||||
| EPS · diluted · YoY | — | +33.86% | -12.94% | +9.46% | +20.37% | +5.55% | +8.80% | +8.94% | +9.68% | +9.76% |
| EPS · basic · YoY | — | +36.30% | -13.59% | +2.52% | +20.25% | +8.79% | +7.64% | +10.11% | +7.45% | +9.13% |
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 | $9.99B | $11.53B | $14.13B | $13.96B | $16.24B | $17.23B | $18.08B | $19.18B | $21.93B |
| Net debt | $9.91B | $11.49B | $11.88B | $13.8B | $16.1B | $16.15B | $16.97B | $17.98B | $20.58B |
| Net debt / EBITDA | 5.51 | 5.34 | 5.34 | 5.37 | 5.36 | 5.12 | 5.18 | 5.29 | 5.45 |
| Debt / equity | 1.37 | 1.46 | 1.39 | 1.31 | 1.39 | 1.38 | 1.32 | 1.36 | 1.40 |
| Debt / assets | +41.37% | +43.11% | +45.46% | +43.92% | +44.43% | +43.78% | +42.96% | +42.28% | +45.18% |
| Equity / assets | +30.11% | +29.55% | +32.62% | +33.56% | +31.90% | +31.65% | +32.65% | +31.10% | +32.34% |
| Coverage | |||||||||
| EBITDA / interest expense | 5.27 | 5.96 | 4.54 | 4.97 | 4.70 | 4.89 | 4.89 | 4.76 | 4.78 |
| Operating income / interest | 2.95 | 3.51 | 2.65 | 2.81 | 2.87 | 2.77 | 2.77 | 2.82 | 2.78 |
| Interest expense | $341.1M | $360.5M | $489.6M | $517.2M | $639M | $646.11M | $669.03M | $714.01M | $790.24M |
| Liquidity | |||||||||
| Current ratio | 0.70 | 0.55 | 0.85 | 0.51 | 0.69 | — | — | — | — |
| Quick ratio | 0.37 | 0.26 | 0.60 | 0.28 | 0.40 | — | — | — | — |
| Cash ratio | 0.03 | 0.01 | 0.43 | 0.04 | 0.04 | — | — | — | — |
| Working capital | -$825.4M | -$2.08B | -$765.7M | -$2.03B | -$1.08B | — | — | — | — |
| Working capital / revenue | -16.85% | -35.49% | -13.91% | -37.27% | -16.26% | — | — | — | — |
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).