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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
-37.7%
$27.05
vs $43.40 price
Levered DCF
$40.98
After debt service
Piotroski score
8 / 9
Strong
Altman Z-score
3.26
Safe zone
Rating
B+
Overall 3 / 5
Ratios by fiscal year

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

MetricFY2026FY2025FY2024FY2023FY2022FY2021FY2020FY2019
P/E42.25×23.85×37.65×168.37×-96.78×-62.93×-15.34×-22.02×
P/B-12.12×24.41×61.38×-135.66×-10.29×18.18×99.34×94.16×
P/S3.08×4.42×3.61×4.64×4.65×3.56×3.19×4.86×
EV / EBITDA31.34×43.57×33.86×44.65×84.39×73.98×-30.6×-32.95×
Gross margin79.2%79.1%74.9%74.5%71.5%70.8%69.0%71.5%
Operating margin7.1%7.3%4.9%3.7%-3.2%-4.9%-20.0%-22.1%
Net margin8.6%22.4%12.4%2.7%-4.7%-5.6%-20.7%-22.1%
Current ratio1.05×1.19×1.24×1.13×1.27×1.43×0.79×0.93×
Debt / equity-3.42×3.79×8.06×-15.8×-1.57×4.29×18.99×3.6×
Interest coverage7.78×13.11×13.21×7.56×-2.81×-5.37×-59.65×-424.8×
Dividend yield0.4%0.3%0.4%0.3%0.2%0.0%0.0%0.0%
Payout ratio14.8%6.1%11.6%56.2%-23.2%0.0%0.0%0.0%
Key metrics by fiscal year
MetricFY2026FY2025FY2024FY2023FY2022FY2021FY2020FY2019
Return on equity-33.9%124.0%211.4%-79.1%10.5%-28.8%-645.7%-428.6%
Return on invested capital11.2%8.2%8.6%5.3%-3.6%-4.5%-29.2%-62.4%
Return on assets6.6%14.7%10.4%2.2%-3.0%-3.2%-15.0%-20.7%
Free cash flow yield9.7%6.8%8.5%6.4%5.7%6.8%1.8%1.4%
Earnings yield2.8%5.1%3.4%0.6%-1.0%-1.6%-6.5%-4.6%
Enterprise value$4.3B$4.9B$3.9B$4.7B$4.3B$2.8B$2.4B$2.9B
Net debt / EBITDA4.76×1.08×0.95×1.01×4.06×1.4×-2.86×1.21×
Cash conversion cycle (days)-4411-12-18211018173