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 | +47.67% | +48.35% | +48.36% | +48.94% | +51.32% | +49.75% | +49.00% | +50.11% | +50.04% |
| Operating margin | +16.70% | +16.52% | +17.62% | +15.18% | +19.96% | +17.33% | +17.90% | +18.03% | +18.08% |
| EBITDA margin | +39.20% | +40.23% | +41.17% | +39.33% | +43.97% | +41.49% | +41.61% | +42.45% | +40.89% |
| EBIT margin | +14.24% | +16.32% | +18.64% | +16.37% | +21.66% | +18.90% | +18.74% | +18.98% | +19.22% |
| Pre-tax margin | +9.18% | +11.41% | +13.73% | +11.15% | +16.29% | +13.51% | +13.70% | +13.50% | +13.37% |
| Net margin | +7.54% | +9.70% | +11.84% | +9.32% | +14.58% | +11.79% | +11.71% | +12.11% | +11.99% |
| Cost structure | |||||||||
| Cost of revenue / sales | +52.33% | +51.64% | +51.64% | +51.06% | +48.68% | +50.09% | +49.82% | +49.00% | +51.35% |
| R&D intensity | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
| SG&A intensity | +30.79% | +31.47% | +30.64% | +30.37% | +29.65% | +29.73% | +30.38% | +30.41% | +30.67% |
| Effective tax rate | +17.94% | +14.96% | +13.79% | +16.51% | +10.61% | +13.66% | +13.42% | +13.54% | +13.77% |
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) | +4.60% | +6.12% | +7.74% | +6.01% | +9.52% | +7.76% | +7.64% | +7.96% | +7.94% |
| Return on assets (ROA) | +1.79% | +2.32% | +2.97% | +2.32% | +3.36% | +2.94% | +2.85% | +2.97% | +3.01% |
| Return on capital (ROC) | +4.28% | +4.29% | +4.82% | +4.08% | +5.01% | +4.65% | +4.72% | +4.73% | +4.80% |
| Return on invested capital (ROIC) | +1.93% | +2.52% | +3.23% | +2.51% | +3.66% | +3.16% | +3.09% | +3.18% | +3.19% |
| Asset turnover | +23.77% | +23.96% | +25.08% | +24.93% | +23.07% | +24.90% | +24.29% | +24.52% | +25.07% |
| DuPont · ROE decomposition | |||||||||
| Net margin | +7.54% | +9.70% | +11.84% | +9.32% | +14.58% | +11.79% | +11.71% | +12.11% | +11.99% |
| Asset turnover (× revenue / assets) | +23.77% | +23.96% | +25.08% | +24.93% | +23.07% | +24.90% | +24.29% | +24.52% | +25.07% |
| Equity multiplier (× assets / equity) | +256.56% | +263.44% | +260.92% | +258.89% | +283.12% | +264.53% | +268.30% | +268.16% | +264.06% |
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 | 0.24 | 0.24 | 0.25 | 0.25 | 0.23 | 0.25 | 0.24 | 0.25 | 0.25 |
| Fixed-asset turnover | 0.40 | 0.40 | 0.41 | 0.42 | 0.37 | — | — | — | — |
| Inventory turnover | — | — | — | — | — | — | — | — | — |
| Receivables turnover | 7.10 | 6.51 | 6.28 | 6.34 | 9.25 | — | — | — | — |
| Payables turnover | 41.30 | 32.35 | 26.10 | 33.59 | 35.50 | — | — | — | — |
| Days outstanding | |||||||||
| Days sales outstanding (DSO) | 51.41 | 56.04 | 58.08 | 57.58 | 39.46 | — | — | — | — |
| Days inventory outstanding (DIO) | — | — | — | — | — | — | — | — | — |
| Days payables outstanding (DPO) | 8.84 | 11.28 | 13.99 | 10.87 | 10.28 | — | — | — | — |
| Cash conversion cycle | 42.57 | 44.76 | 44.10 | 46.71 | 29.17 | — | — | — | — |
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 | 5.09 | 4.21 | 3.32 | 3.99 | 2.90 | 3.39 | 3.44 | 3.19 | 3.33 |
| FCF / Net income | -0.41 | 0.97 | 0.45 | 0.22 | -0.30 | 0.09 | 0.09 | 0.09 | 0.08 |
| FCF margin | -3.08% | +9.43% | +5.32% | +2.09% | -4.32% | +1.05% | +1.01% | +1.06% | +1.01% |
| OCF margin | +38.39% | +40.80% | +39.28% | +37.14% | +42.24% | +39.97% | +40.28% | +38.62% | +39.95% |
| CapEx / Revenue | +41.47% | +31.36% | +33.96% | +35.05% | +46.56% | +39.15% | +38.20% | +37.44% | +37.81% |
| CapEx / D&A | 1.66 | 1.31 | 1.51 | 1.53 | 2.09 | — | — | — | — |
| Stock-based comp / Revenue | +5.48% | +5.56% | +4.98% | +5.28% | +5.38% | — | — | — | — |
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 | 5.53 | 7.67 | 10.31 | 8.50 | 13.76 | 17.18 | 18.84 | 20.85 | 23.18 |
| EPS · basic | 5.57 | 7.69 | 10.35 | 8.54 | 13.79 | 17.13 | 19.03 | 20.84 | 23.37 |
| Book value / share | 120.36 | 125.30 | 133.11 | 141.42 | 144.49 | 157.49 | 174.35 | 191.48 | 212.37 |
| Tangible BV / share | 39.54 | 43.06 | 53.95 | 69.20 | 70.10 | 157.49 | 174.35 | 191.48 | 212.37 |
| Sales / share | 73.39 | 79.09 | 87.10 | 91.29 | 94.37 | 103.74 | 113.64 | 125.90 | 140.58 |
| Operating CF / share | 28.17 | 32.27 | 34.22 | 33.90 | 39.86 | 41.46 | 45.78 | 48.62 | 56.16 |
| Free cash flow / share | -2.26 | 7.46 | 4.63 | 1.91 | -4.08 | 1.09 | 1.14 | 1.34 | 1.41 |
| Dividends / share | 11.54 | 12.54 | 14.62 | 17.15 | 18.92 | 19.28 | 20.88 | 22.79 | 26.03 |
| Payout ratio | +208.50% | +163.48% | +141.79% | +201.60% | +137.48% | +157.66% | +156.89% | +149.44% | +154.47% |
| Retention ratio | -108.50% | -63.48% | -41.79% | -101.60% | -37.48% | -57.66% | -56.89% | -49.44% | -54.47% |
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 | — | +9.46% | +12.74% | +6.84% | +5.85% | +10.61% | +9.89% | +10.01% | +10.85% | +9.51% |
| Gross profit · YoY | — | +11.03% | +12.76% | +8.11% | +11.00% | +7.24% | +8.22% | +12.50% | +10.71% | +10.18% |
| Profit | ||||||||||
| Operating income · YoY | — | +8.29% | +20.25% | -7.97% | +39.16% | -3.95% | +13.50% | +10.83% | +11.14% | +10.60% |
| EBITDA · YoY | — | +12.33% | +15.37% | +2.08% | +18.34% | +4.37% | +10.19% | +12.25% | +6.77% | +10.09% |
| Net income · YoY | — | +40.82% | +37.60% | -15.91% | +65.64% | -10.57% | +9.21% | +13.77% | +9.70% | +16.05% |
| Operating | ||||||||||
| EBIT · YoY | — | +25.39% | +28.78% | -6.16% | +40.08% | -3.52% | +8.96% | +11.42% | +12.27% | +13.69% |
| R&D · YoY | — | — | — | — | — | — | — | — | — | — |
| Per-share | ||||||||||
| EPS · diluted · YoY | — | +38.70% | +34.42% | -17.56% | +61.88% | +24.85% | +9.68% | +10.68% | +11.15% | +19.62% |
| EPS · basic · YoY | — | +38.06% | +34.59% | -17.49% | +61.48% | +24.24% | +11.05% | +9.52% | +12.16% | +19.63% |
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 | $14.99B | $16.47B | $17.45B | $18.96B | $22.73B | $22.65B | $25.41B | $28.39B | $30.91B |
| Net debt | $13.46B | $14.56B | $15.36B | $15.88B | $21B | $19.91B | $22.46B | $25.02B | $27.25B |
| Net debt / EBITDA | 5.17 | 4.98 | 4.56 | 4.61 | 5.16 | 4.69 | 4.80 | 4.76 | 4.86 |
| Debt / equity | 1.38 | 1.43 | 1.39 | 1.40 | 1.60 | 1.46 | 1.47 | 1.51 | 1.49 |
| Debt / assets | +53.70% | +54.34% | +53.46% | +54.04% | +56.62% | +55.06% | +54.84% | +56.21% | +56.46% |
| Equity / assets | +38.98% | +37.96% | +38.33% | +38.63% | +35.32% | +37.80% | +37.27% | +37.29% | +37.87% |
| Coverage | |||||||||
| EBITDA / interest expense | 7.74 | 8.21 | 8.39 | 7.53 | 7.16 | 7.88 | 7.60 | 7.72 | 7.55 |
| Operating income / interest | 3.30 | 3.37 | 3.59 | 2.91 | 3.25 | 3.29 | 3.27 | 3.28 | 3.34 |
| Interest expense | $336.08M | $356M | $402M | $457M | $569M | $539.28M | $615.91M | $681.2M | $742.92M |
| Liquidity | |||||||||
| Current ratio | 1.84 | 1.80 | 1.13 | 1.63 | 1.32 | — | — | — | — |
| Quick ratio | 1.54 | 1.64 | 1.07 | 1.49 | 1.09 | — | — | — | — |
| Cash ratio | 0.96 | 1.04 | 0.66 | 0.92 | 0.44 | — | — | — | — |
| Working capital | $1.35B | $1.47B | $406M | $2.1B | $1.23B | — | — | — | — |
| Working capital / revenue | +20.36% | +20.20% | +4.96% | +23.98% | +13.30% | — | — | — | — |
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).