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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
+52.5%
$189.55
vs $124.33 price
Levered DCF
$197.96
After debt service
Piotroski score
4 / 9
Average
Altman Z-score
-0.42
Distress zone
Rating
B-
Overall 2 / 5
Ratios by fiscal year

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

MetricFY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018
P/E16.2×14.25×9.41×11.6×13.13×11.29×13.65×18.39×
P/B3.07×2.62×1.94×2.09×1.64×1.13×1.73×1.73×
P/S5.4×4.5×3.17×3.85×3.59×2.67×3.97×4.36×
EV / EBITDA9.08×7.91×3.77×4.02×3.45×4.1×6.41×10.23×
Gross margin85.0%86.9%89.6%94.0%88.1%86.0%90.9%93.0%
Operating margin41.7%42.9%45.9%45.2%34.6%32.2%39.5%32.4%
Net margin30.9%31.6%33.7%33.2%27.3%23.7%29.2%23.7%
Current ratio488.25×0.23×0.21×0.23×0.29×0.23×0.31×0.32×
Debt / equity0.01×0×0×0×0×0×0×0×
Interest coverage3.82×4.41×6.89×23.56×27.43×14.43×7.51×9.84×
Dividend yield0.7%0.8%1.0%0.7%0.0%0.0%0.0%0.0%
Payout ratio11.5%11.1%9.1%7.5%0.0%0.0%0.0%0.0%
Key metrics by fiscal year
MetricFY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018
Return on equity17.6%18.4%20.7%18.0%12.5%10.0%12.7%9.4%
Return on invested capital10.9%17.4%19.6%18.0%12.5%10.0%12.7%9.4%
Return on assets2.1%2.3%2.5%2.0%1.5%1.3%1.8%1.3%
Free cash flow yield6.4%6.3%10.2%11.4%11.5%8.8%7.4%5.5%
Earnings yield5.7%7.0%10.6%8.6%7.6%8.9%7.3%5.4%
Enterprise value$655.8M$495.2M$220.3M$166.3M$86.1M$77.1M$130.9M$130.1M
Net debt / EBITDA-3.23×-2.02×-2.83×-3.97×-5.98×-3.47×-3.02×-2.4×
Cash conversion cycle (days)2827272523312438