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 | +80.79% | +77.61% | +74.24% | +76.12% | +70.47% | +74.07% | +72.12% | +74.06% | +75.28% |
| Operating margin | +25.42% | +28.40% | +21.32% | +25.74% | +19.14% | +22.54% | +22.32% | +21.56% | +21.56% |
| EBITDA margin | +35.73% | +34.77% | +24.17% | +30.96% | +31.60% | +28.78% | +29.32% | +28.60% | +29.62% |
| EBIT margin | +31.29% | +29.67% | +19.14% | +24.00% | +22.07% | +21.47% | +21.27% | +22.05% | +21.90% |
| Pre-tax margin | +16.21% | +35.33% | +13.18% | +19.70% | +14.29% | +15.46% | +15.32% | +15.84% | +15.72% |
| Net margin | +14.17% | +29.95% | +11.81% | +16.87% | +13.18% | +13.59% | +13.74% | +14.06% | +13.88% |
| Cost structure | |||||||||
| Cost of revenue / sales | +19.21% | +22.39% | +25.76% | +23.88% | +29.53% | +26.81% | +25.74% | +26.83% | +27.05% |
| R&D intensity | +30.97% | +25.53% | +27.48% | +25.72% | +19.92% | +24.60% | +23.79% | +23.95% | +23.89% |
| SG&A intensity | +24.41% | +23.68% | +25.44% | +24.67% | +24.81% | +24.93% | +25.43% | +25.56% | +24.90% |
| Effective tax rate | +2.95% | +17.61% | +10.43% | +14.37% | +7.71% | +10.73% | +11.19% | +10.75% | +11.14% |
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) | +14.20% | +22.76% | +7.85% | +9.76% | +7.08% | +7.82% | +8.27% | +8.40% | +8.02% |
| Return on assets (ROA) | +6.52% | +12.41% | +4.33% | +5.82% | +4.39% | +4.62% | +4.90% | +4.99% | +4.74% |
| Return on capital (ROC) | +15.04% | +14.44% | +9.47% | +10.67% | +7.45% | +9.19% | +9.41% | +9.07% | +8.84% |
| Return on invested capital (ROIC) | +8.38% | +15.23% | +5.24% | +6.99% | +5.13% | +5.54% | +5.79% | +5.92% | +5.69% |
| Asset turnover | +45.99% | +41.43% | +36.64% | +34.50% | +33.32% | +33.99% | +35.65% | +35.51% | +34.18% |
| DuPont · ROE decomposition | |||||||||
| Net margin | +14.17% | +29.95% | +11.81% | +16.87% | +13.18% | +13.59% | +13.74% | +14.06% | +13.88% |
| Asset turnover (× revenue / assets) | +45.99% | +41.43% | +36.64% | +34.50% | +33.32% | +33.99% | +35.65% | +35.51% | +34.18% |
| Equity multiplier (× assets / equity) | +217.86% | +183.40% | +181.39% | +167.80% | +161.25% | +169.32% | +168.82% | +168.38% | +169.10% |
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 | 0.46 | 0.41 | 0.37 | 0.34 | 0.33 | 0.34 | 0.36 | 0.36 | 0.34 |
| Fixed-asset turnover | 2.90 | 2.75 | 2.64 | 2.74 | 2.95 | — | — | — | — |
| Inventory turnover | 1.56 | 1.69 | 1.00 | 0.94 | 1.34 | — | — | — | — |
| Receivables turnover | 5.60 | 4.76 | 4.68 | 5.18 | 5.25 | — | — | — | — |
| Payables turnover | 3.58 | 4.64 | 6.28 | 5.45 | 6.71 | — | — | — | — |
| Days outstanding | |||||||||
| Days sales outstanding (DSO) | 65.20 | 76.65 | 77.93 | 70.50 | 69.46 | — | — | — | — |
| Days inventory outstanding (DIO) | 233.82 | 215.38 | 364.14 | 388.71 | 273.16 | — | — | — | — |
| Days payables outstanding (DPO) | 101.94 | 78.74 | 58.11 | 67.02 | 54.43 | — | — | — | — |
| Cash conversion cycle | 197.09 | 213.29 | 383.96 | 392.19 | 288.20 | — | — | — | — |
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 | 2.34 | 0.45 | 1.33 | 1.76 | 1.70 | 1.62 | 1.63 | 1.63 | 1.61 |
| FCF / Net income | 2.17 | 0.38 | 1.06 | 1.54 | 1.59 | 1.48 | 1.44 | 1.44 | 1.46 |
| FCF margin | +30.79% | +11.25% | +12.56% | +26.00% | +20.90% | +20.18% | +19.83% | +20.19% | +20.23% |
| OCF margin | +33.15% | +13.61% | +15.73% | +29.72% | +22.47% | +22.04% | +22.46% | +22.94% | +22.37% |
| CapEx / Revenue | +2.35% | +2.36% | +3.17% | +3.72% | +1.57% | +2.76% | +2.81% | +2.84% | +2.77% |
| CapEx / D&A | 0.53 | 0.46 | 0.63 | 0.53 | 0.20 | — | — | — | — |
| Stock-based comp / Revenue | +2.17% | +2.50% | +2.69% | +3.01% | +2.96% | — | — | — | — |
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 | 10.40 | 20.87 | 7.97 | 11.19 | 8.83 | 14.62 | 16.31 | 18.12 | 19.36 |
| EPS · basic | 10.44 | 20.97 | 8.02 | 11.20 | 8.85 | 14.53 | 16.53 | 18.39 | 19.62 |
| Book value / share | 73.26 | 91.70 | 101.64 | 114.57 | 124.45 | 117.81 | 113.78 | 118.08 | 123.28 |
| Tangible BV / share | 19.90 | 39.65 | 1.49 | 3.74 | 17.64 | 117.81 | 113.78 | 118.08 | 123.28 |
| Sales / share | 73.41 | 69.68 | 67.55 | 66.32 | 66.88 | 67.81 | 68.48 | 70.60 | 71.26 |
| Operating CF / share | 24.33 | 9.48 | 10.63 | 19.71 | 15.03 | 14.94 | 15.38 | 16.20 | 15.94 |
| Free cash flow / share | 22.61 | 7.84 | 8.49 | 17.24 | 13.98 | 13.68 | 13.58 | 14.25 | 14.42 |
| Dividends / share | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Payout ratio | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
| Retention ratio | +100.00% | +100.00% | +100.00% | +100.00% | +100.00% | +100.00% | +100.00% | +100.00% | +100.00% |
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 | — | -7.36% | -3.32% | -1.62% | +1.39% | +0.92% | +1.60% | +2.15% | +2.20% | -0.56% |
| Gross profit · YoY | — | -11.01% | -7.51% | +0.87% | -6.14% | +6.08% | -1.07% | +4.89% | +3.88% | -1.43% |
| Profit | ||||||||||
| Operating income · YoY | — | +3.50% | -27.41% | +18.74% | -24.61% | +18.84% | +0.62% | -1.34% | +2.22% | -2.58% |
| EBITDA · YoY | — | -9.85% | -32.79% | +26.03% | +3.50% | -8.10% | +3.52% | -0.38% | +5.84% | -2.86% |
| Net income · YoY | — | +95.80% | -61.89% | +40.57% | -20.76% | +4.04% | +2.70% | +4.52% | +0.90% | -0.82% |
| Operating | ||||||||||
| EBIT · YoY | — | -12.14% | -37.64% | +23.39% | -6.77% | -1.81% | +0.67% | +5.89% | +1.48% | -4.89% |
| R&D · YoY | — | -23.63% | +4.07% | -7.92% | -21.45% | +24.59% | -1.72% | +2.82% | +1.94% | -3.73% |
| Per-share | ||||||||||
| EPS · diluted · YoY | — | +100.67% | -61.81% | +40.40% | -21.09% | +65.55% | +11.60% | +11.07% | +6.84% | +8.08% |
| EPS · basic · YoY | — | +100.86% | -61.75% | +39.65% | -20.98% | +64.18% | +13.77% | +11.25% | +6.69% | +8.21% |
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 | $7.6B | $6.61B | $7.34B | $6.63B | $6.95B | $7.08B | $7.15B | $7.22B | $7.44B |
| Net debt | $5.34B | $3.19B | $6.29B | $4.26B | $3.94B | $4.95B | $4.95B | $5.02B | $5.15B |
| Net debt / EBITDA | 1.36 | 0.90 | 2.65 | 1.42 | 1.27 | 1.74 | 1.68 | 1.71 | 1.65 |
| Debt / equity | 0.69 | 0.49 | 0.50 | 0.40 | 0.38 | 0.41 | 0.43 | 0.42 | 0.41 |
| Debt / assets | +31.84% | +26.94% | +27.34% | +23.64% | +23.60% | +24.31% | +25.33% | +24.96% | +24.22% |
| Equity / assets | +45.90% | +54.53% | +55.13% | +59.60% | +62.01% | +59.06% | +59.23% | +59.39% | +59.14% |
| Coverage | |||||||||
| EBITDA / interest expense | 15.47 | 14.34 | 9.63 | 11.97 | 12.60 | 11.62 | 11.63 | 11.41 | 11.86 |
| Operating income / interest | 11.01 | 11.72 | 8.49 | 9.95 | 7.63 | 9.10 | 8.85 | 8.60 | 8.63 |
| Interest expense | $253.6M | $246.6M | $246.9M | $250.3M | $246M | $245.2M | $253.71M | $257.58M | $262.36M |
| Liquidity | |||||||||
| Current ratio | 1.83 | 2.99 | 2.00 | 1.35 | 2.68 | — | — | — | — |
| Quick ratio | 1.34 | 2.15 | 0.92 | 0.77 | 1.70 | — | — | — | — |
| Cash ratio | 0.53 | 1.04 | 0.31 | 0.43 | 0.90 | — | — | — | — |
| Working capital | $3.56B | $6.52B | $3.43B | $1.93B | $5.62B | — | — | — | — |
| Working capital / revenue | +32.40% | +64.07% | +34.82% | +19.93% | +57.33% | — | — | — | — |
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).