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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
-1460.5%
-$203.12
vs $14.93 price
Levered DCF
-$303.47
After debt service
Piotroski score
7 / 9
Strong
Altman Z-score
0.62
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/E2.42×2.68×2.91×3.44×5.59×3.83×4.06×4.14×
P/B0.29×0.32×0.37×0.36×0.58×0.42×0.41×0.45×
P/S0.23×0.3×0.32×0.19×0.34×0.45×0.39×0.33×
EV / EBITDA6.6×6.59×6.38×6.95×7.9×8.09×8.16×6.39×
Gross margin16.9%81.8%34.0%12.0%22.3%18.0%24.8%14.8%
Operating margin13.4%16.8%17.6%9.6%10.0%14.5%11.8%12.0%
Net margin9.6%11.3%11.0%5.6%6.1%11.9%9.6%7.9%
Current ratio0.8×0.71×0.6×0.81×0.52×1.3×0.77×0.73×
Debt / equity2.16×2×1.9×1.85×2.1×1.58×1.51×1.39×
Interest coverage1.94×2.2×2.63×2.58×2.23×2.63×2.1×3.11×
Dividend yield24.7%21.5%18.5%18.4%15.6%14.5%14.6%13.4%
Payout ratio59.6%57.7%53.8%63.4%87.2%55.6%59.2%55.5%
Key metrics by fiscal year
MetricFY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018
Return on equity11.9%12.0%12.6%10.4%10.4%11.0%10.0%10.9%
Return on invested capital3.8%4.5%4.7%4.5%4.0%3.7%3.3%4.6%
Return on assets2.7%2.9%3.1%2.5%2.3%3.0%2.8%3.1%
Free cash flow yield-28.4%-21.1%-17.0%-37.2%-13.6%-2.6%-7.1%-0.5%
Earnings yield41.4%37.3%34.4%29.0%17.9%26.1%24.7%24.1%
Enterprise value$29.8B$27.1B$25B$22.9B$23.3B$24.4B$22.3B$18.8B
Net debt / EBITDA5.82×5.68×5.34×5.82×6.18×6.35×6.42×4.81×
Cash conversion cycle (days)4031382724424433