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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
-1017.9%
-$1,466.74
vs $159.80 price
Levered DCF
-$878.69
After debt service
Piotroski score
5 / 9
Average
Altman Z-score
3.79
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/E166.38×-107.94×-54.38×-25.55×-23.55×-17.42×-14.2×-9.63×
P/B66.01×447.73×-108.36×-182.78×34.15×14.71×8.75×5.63×
P/S14.03×13.36×13.08×27.88×23.79×30.32×57.26×97.91×
EV / EBITDA81.9×-169.79×-94.49×-31.7×-30.63×-21.49×-14.85×-9.21×
Gross margin81.8%85.6%83.0%83.7%83.4%84.2%88.6%97.6%
Operating margin13.5%-7.9%-15.4%-75.7%-83.9%-168.1%-427.5%-1087.6%
Net margin8.4%-12.4%-24.1%-109.0%-101.0%-174.1%-403.2%-1016.6%
Current ratio2.76×2.78×3.08×3.51×4.04×4.47×4.87×6.69×
Debt / equity1.62×19.32×-5.92×-8.34×1.7×0.51×0.21×0.02×
Interest coverage1.99×-1.25×-2.33×-5.03×-4.95×-9.8×0×0×
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 equity39.8%-414.6%199.5%714.9%-145.0%-84.5%-61.6%-58.5%
Return on invested capital13.7%-4.2%-9.7%-27.8%-23.7%-29.0%-45.4%-58.4%
Return on assets6.3%-6.6%-11.5%-31.9%-23.4%-25.2%-37.0%-48.4%
Free cash flow yield0.9%-0.1%0.2%-2.1%-3.6%-4.6%-3.3%-9.4%
Earnings yield0.6%-0.9%-1.8%-3.9%-4.2%-5.7%-7.0%-10.4%
Enterprise value$51.7B$30.4B$24.4B$29.4B$20.3B$15B$12.3B$6.9B
Net debt / EBITDA-0.6×-1.84×-1.91×-0.49×-0.27×-0.04×0.29×0.52×
Cash conversion cycle (days)5955105150120555166-7,128