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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
+307.8%
$386.88
vs $94.86 price
Levered DCF
$509.65
After debt service
Piotroski score
7 / 9
Strong
Altman Z-score
0.02
Distress zone
Rating
C+
Overall 2 / 5
Ratios by fiscal year

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

MetricFY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018
P/E16.14×12.08×9.61×8.18×10.59×10.19×11.23×10.02×
P/B1.32×1.07×0.87×1.08×1.41×0.98×1.37×1.31×
P/S1.56×2.98×2.11×2.53×3.22×2.14×3.05×3.04×
EV / EBITDA45.6×30.77×25.3×22.82×18.49×-0.2×5.57×3.28×
Gross margin44.3%100.3%100.0%100.0%100.0%100.0%100.0%100.0%
Operating margin14.4%44.7%27.3%90.3%40.4%26.6%35.9%80.8%
Net margin10.6%26.3%23.3%31.8%31.1%21.7%27.7%30.3%
Current ratio0.12×0.17×0.24×0.93×1.39×1.91×0.73×1.15×
Debt / equity5.8×3.65×4.08×4.25×3.47×0.11×0.29×0.21×
Interest coverage0.29×0.31×0.23×1.82×1.56×0.67×0.7×1.92×
Dividend yield5.1%6.4%8.1%6.5%4.6%6.8%4.8%4.9%
Payout ratio75.4%73.1%73.2%51.6%47.8%67.3%52.9%48.8%
Key metrics by fiscal year
MetricFY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018
Return on equity9.0%9.4%9.6%13.5%13.6%9.9%12.4%13.1%
Return on invested capital1.1%1.3%0.7%6.2%2.7%2.2%4.5%8.7%
Return on assets0.5%0.5%0.5%0.7%0.8%0.6%0.8%0.9%
Free cash flow yield4.4%17.2%46.5%20.7%-13.3%83.3%-13.2%20.3%
Earnings yield6.8%8.8%11.0%12.6%9.7%10.1%9.1%10.0%
Enterprise value$552.3B$324.8B$290.7B$323.9B$258.8B-$2B$65B$37.3B
Net debt / EBITDA36.16×22.43×19.45×17.26×11.38×-7.12×-2.33×-4.25×
Cash conversion cycle (days)-85301611571071029497