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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
+185.0%
$136.38
vs $47.85 price
Levered DCF
$320.75
After debt service
Piotroski score
7 / 9
Strong
Altman Z-score
0.59
Distress zone
Rating
B+
Overall 3 / 5
Ratios by fiscal year

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

MetricFY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018
P/E10.14×13.7×9.53×16.84×9.97×15.34×17.64×14.77×
P/B1.11×1.25×1.16×1.34×0.94×0.83×1×1.07×
P/S0.88×0.94×0.87×0.97×1.04×0.99×1.13×1.18×
EV / EBITDA8.49×11.24×8.37×14.34×8.88×13.24×10.53×12.16×
Gross margin30.7%31.9%33.6%31.5%32.3%29.1%33.2%31.8%
Operating margin11.0%8.7%11.6%6.8%12.7%7.7%11.4%9.5%
Net margin8.7%6.9%9.2%5.7%10.3%6.5%9.3%8.0%
Current ratio0.38×0×0×0×0×0×0×0×
Debt / equity0.26×0.31×0.33×0.35×0.24×0.24×0.25×0.24×
Interest coverage12×9.11×11.95×7.27×12.94×6.73×9.34×6.99×
Dividend yield8.1%7.8%6.9%8.6%5.2%9.0%7.6%7.5%
Payout ratio81.9%106.9%65.3%144.0%52.4%137.7%92.9%110.2%
Key metrics by fiscal year
MetricFY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018
Return on equity11.0%9.1%12.2%8.0%9.2%5.4%8.2%7.2%
Return on invested capital4.1%1.6%2.0%1.2%1.9%1.1%1.8%1.5%
Return on assets1.8%1.6%2.0%1.2%1.9%1.1%1.8%1.5%
Free cash flow yield18.6%18.9%19.1%21.3%16.5%16.6%14.4%9.4%
Earnings yield9.9%7.3%10.5%5.9%9.9%6.5%8.2%6.8%
Enterprise value$15.5B$15.9B$14.4B$14B$14.5B$13.3B$15B$14.4B
Net debt / EBITDA1.4×1.94×1.69×2.59×1.53×2.69×1.97×2.01×
Cash conversion cycle (days)26396969793898384