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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
-52.4%
$44.84
vs $94.19 price
Levered DCF
$132.69
After debt service
Piotroski score
5 / 9
Average
Altman Z-score
4.24
Safe zone
Rating
A-
Overall 4 / 5
Ratios by fiscal year

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

MetricFY2026FY2025FY2024FY2023FY2022FY2021FY2020FY2019
P/E13.3×-82.88×164.87×-22.86×-34.61×-81.5×-30.25×-45.99×
P/B3.83×9.64×13.8×13.55×16.96×23.33×12.22×17.86×
P/S2.81×6.02×8.04×5.06×8.17×17.29×11.82×17.29×
EV / EBITDA135.88×1,454.34×-130.23×-31.23×-43.09×-97.29×-30.67×-45.98×
Gross margin76.1%74.4%74.0%72.3%73.1%73.5%71.3%71.3%
Operating margin-1.9%-3.7%-10.3%-20.5%-20.1%-21.3%-40.0%-37.3%
Net margin21.1%-7.3%4.9%-22.1%-23.6%-21.3%-39.1%-37.7%
Current ratio1.59×1.92×1.76×1.78×1.96×1.42×1.44×2.11×
Debt / equity0.46×0.64×0.8×1.49×1.43×0.06×0.09×0×
Interest coverage-1.33×-2.17×-4.97×-8.71×-8.38×-699.88×0×0×
Dividend yield0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%
Payout ratio0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%
Key metrics by fiscal year
MetricFY2026FY2025FY2024FY2023FY2022FY2021FY2020FY2019
Return on equity28.8%-11.7%8.4%-59.2%-49.1%-28.7%-40.4%-38.9%
Return on invested capital273.8%-3.4%4.7%-21.1%-16.4%-24.4%-35.3%-35.9%
Return on assets11.7%-4.2%2.8%-13.5%-12.4%-13.3%-20.8%-21.1%
Free cash flow yield6.6%2.9%1.4%0.6%-0.0%0.2%-0.7%-0.6%
Earnings yield7.5%-1.2%0.6%-4.4%-2.9%-1.2%-3.3%-2.2%
Enterprise value$4.7B$8.8B$10.2B$5.4B$6.8B$10.1B$4.8B$4.4B
Net debt / EBITDA-5.16×-21.89×-0.68×0.29×1.7×3.57×1.67×3.12×
Cash conversion cycle (days)9076644646807688