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Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value
-252.2%
-$31.15
vs $20.47 price
Levered DCF
-$10.17
After debt service
Piotroski score
4 / 9
Average
Altman Z-score
4.87
Safe zone
Rating
A-
Overall 4 / 5
Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

MetricFY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018
P/E11.51×13.39×-84.62×-11.88×-22.23×-29.87×-26.74×-8.34×
P/B3.69×4.15×11.88×6.43×6.93×13.41×9.01×4.27×
P/S4.22×3.17×7.06×4.98×7.74×19.04×18.57×9.15×
EV / EBITDA29.19×27.69×-109.88×-11.92×-22.31×-28.68×-25.09×-7.82×
Gross margin91.7%91.5%93.7%98.0%96.0%95.3%94.2%91.8%
Operating margin9.8%24.1%-10.1%-43.2%-35.2%-64.9%-72.7%-110.6%
Net margin36.5%23.6%-8.4%-41.8%-34.7%-63.7%-69.4%-109.6%
Current ratio3.83×2.38×2.42×4.04×6.43×6.77×10.16×8.83×
Debt / equity0.04×0.07×0.13×0.15×0.12×0.08×0.01×0×
Interest coverage0×0×0×0×0×0×0×0×
Dividend yield0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%
Payout ratio0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%
Key metrics by fiscal year
MetricFY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018
Return on equity31.9%30.9%-14.2%-53.9%-31.0%-44.9%-33.7%-51.2%
Return on invested capital8.1%25.2%-14.6%-47.4%-27.8%-42.0%-34.6%-51.5%
Return on assets25.0%19.1%-8.2%-36.7%-24.0%-36.0%-30.0%-45.4%
Free cash flow yield2.3%5.2%-0.5%-4.4%-3.4%-1.7%-2.4%-8.3%
Earnings yield8.6%7.4%-1.2%-8.4%-4.5%-3.3%-3.7%-12.0%
Enterprise value$4.4B$2.8B$5B$2.5B$3.7B$8.1B$6.1B$1.9B
Net debt / EBITDA-0.83×-2.67×2.89×0.25×0.51×0.97×0.74×0.55×
Cash conversion cycle (days)14866197-17568632463