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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
+19.0%
$138.03
vs $116.01 price
Levered DCF
$87.60
After debt service
Piotroski score
6 / 9
Average
Altman Z-score
3.09
Safe zone
Rating
B
Overall 3 / 5
Ratios by fiscal year

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

MetricFY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018
P/E11.95×22.68×22.17×18.62×30×78.48×25.86×18.69×
P/B24.27×-148.01×160.22×39.76×32.49×-1,023.79×-243.53×-22×
P/S2.75×4.23×3.69×4.39×8.08×7.61×5.14×3.88×
EV / EBITDA11.48×15.44×15.44×13.58×19.5×44.76×18.63×13.64×
Gross margin40.9%47.0%44.7%49.9%56.1%40.2%46.8%48.7%
Operating margin28.4%29.3%24.3%34.1%40.1%15.7%28.6%30.6%
Net margin23.2%18.9%16.7%23.7%27.0%9.7%20.0%20.8%
Current ratio0.87×0.73×0.31×0.8×1.34×1.69×0.73×0.77×
Debt / equity11.76×-41.69×47.24×8.31×4.17×-188.12×-37.56×-4.11×
Interest coverage4.97×5.32×5.88×10.93×9.19×2.48×6.81×6.94×
Dividend yield1.2%0.8%1.0%0.9%0.3%0.4%0.8%1.2%
Payout ratio14.5%18.5%21.8%15.8%8.7%33.5%21.6%22.5%
Key metrics by fiscal year
MetricFY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018
Return on equity204.1%-661.9%726.2%214.8%108.7%-1310.6%-948.0%-117.7%
Return on invested capital14.9%16.9%14.7%21.7%20.7%9.1%24.4%30.7%
Return on assets12.7%11.8%10.8%15.8%15.0%4.7%16.1%19.0%
Free cash flow yield2.8%2.6%3.1%4.5%3.5%1.3%3.6%4.8%
Earnings yield8.4%4.5%4.5%5.4%3.3%1.3%3.9%5.4%
Enterprise value$6.5B$8.5B$7.4B$7.4B$9.2B$6.7B$6.6B$4.8B
Net debt / EBITDA3.69×3.34×3.47×2.28×1.26×5.63×2.41×2.08×
Cash conversion cycle (days)-131-10912181316