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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
+4.6%
$116.33
vs $111.22 price
Levered DCF
$313.63
After debt service
Piotroski score
6 / 9
Average
Altman Z-score
-0.43
Distress zone
Rating
A-
Overall 4 / 5
Ratios by fiscal year

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

MetricFY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018
P/E8.76×11.86×9.85×7.03×6.44×6.12×10.12×10.33×
P/B0.9×1.04×1.07×1.05×0.88×0.7×1.16×1.23×
P/S1.26×1.41×1.55×1.66×1.32×0.91×1.53×1.59×
EV / EBITDA7.35×10.44×8.08×6.54×0.17×3.74×6.72×8.81×
Gross margin69.5%66.3%76.8%91.0%93.6%83.5%81.5%81.2%
Operating margin17.8%14.5%19.5%29.9%27.2%19.7%19.2%19.2%
Net margin14.4%11.9%15.8%23.6%20.5%14.9%15.1%15.3%
Current ratio0.18×0.06×0.26×0.27×0.33×0.21×0.28×0.28×
Debt / equity0.43×0.54×0.51×0.47×0.43×0.39×0.98×1.05×
Interest coverage0.73×0.56×1.1×4.68×4.56×2.18×1.64×2.04×
Dividend yield2.5%2.5%2.6%2.8%3.1%4.1%2.7%2.6%
Payout ratio22.2%29.1%25.4%19.7%19.8%25.1%27.2%27.4%
Key metrics by fiscal year
MetricFY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018
Return on equity10.3%8.8%10.9%14.9%13.6%11.4%11.4%11.9%
Return on invested capital6.4%5.1%6.4%9.0%8.3%6.7%5.2%5.3%
Return on assets1.0%0.8%1.0%1.3%1.3%1.1%1.1%1.2%
Free cash flow yield9.4%14.9%16.1%42.5%82.7%-66.9%-9.1%23.7%
Earnings yield11.4%8.4%10.1%14.2%15.5%16.3%9.9%9.7%
Enterprise value$269.2M$292.1M$267M$270.4M$7.2M$124.9M$186.7M$231M
Net debt / EBITDA0.93×2.04×1.04×1.58×-4.14×-0.31×-0.15×1.7×
Cash conversion cycle (days)-1-5-11-5-113-18