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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
+8.0%
$344.70
vs $319.15 price
Levered DCF
$243.51
After debt service
Piotroski score
8 / 9
Strong
Altman Z-score
1.91
Grey zone
Rating
B-
Overall 2 / 5
Ratios by fiscal year

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

MetricFY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018
P/E23.81×25.01×27.85×27.36×40.32×30.1×29.89×28.67×
P/B-3.67×-3.69×-3.55×-2.95×-4.89×-4.48×-3.51×-3.41×
P/S2.9×3.1×3.23×2.73×4.72×3.59×3.31×3.02×
EV / EBITDA18.04×19.51×21.04×20.63×28.89×24×23.27×22.09×
Gross margin40.0%39.3%38.6%36.3%38.7%38.7%38.8%37.9%
Operating margin19.3%18.7%18.3%16.9%17.9%17.6%17.4%16.7%
Net margin12.2%12.4%11.6%10.0%11.7%11.9%11.1%10.5%
Current ratio1.65×0.56×1.49×1.47×1.46×1.85×1.74×1.49×
Debt / equity-1.34×-1.31×-1.28×-1.25×-1.26×-1.32×-1.27×-1.16×
Interest coverage4.87×4.49×4.17×3.87×4.07×4.21×4.17×3.91×
Dividend yield1.7%1.4%1.2%1.3%0.7%0.8%0.9%0.9%
Payout ratio39.4%35.9%32.7%34.8%27.3%24.8%26.4%25.5%
Key metrics by fiscal year
MetricFY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018
Return on equity-15.4%-14.7%-12.8%-10.8%-12.1%-14.9%-11.7%-11.9%
Return on invested capital56.7%54.1%53.3%52.5%54.1%56.6%52.0%85.7%
Return on assets33.4%33.6%31.0%28.2%30.5%31.3%29.0%39.9%
Free cash flow yield4.7%3.5%3.4%3.1%2.7%3.4%3.4%2.6%
Earnings yield4.2%4.0%3.6%3.7%2.5%3.3%3.3%3.5%
Enterprise value$19.1B$19.6B$19.6B$17.6B$25.7B$19B$16.1B$13.9B
Net debt / EBITDA4.53×4.98×5.48×6.1×5.78×5.3×6×5.58×
Cash conversion cycle (days)1822202018181212