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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
-25.7%
$244.47
vs $329.03 price
Levered DCF
$314.09
After debt service
Piotroski score
8 / 9
Strong
Altman Z-score
5.66
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/E35.11×27.02×22.82×24.45×27.1×36.41×24.31×19.72×
P/B6.31×5.21×4.13×3.45×3.53×5.11×3.35×4.79×
P/S7.4×6.06×4.59×3.43×3.24×4.64×3.18×3.76×
EV / EBITDA25.08×20.21×15.91×14.41×16.88×24.88×15.61×13.34×
Gross margin82.2%81.4%80.2%78.9%80.0%81.1%82.6%84.1%
Operating margin23.9%24.8%23.4%16.8%15.0%15.1%16.7%23.1%
Net margin21.1%22.4%20.1%14.0%12.0%12.7%13.1%19.1%
Current ratio1.73×1.54×1.39×1.23×1.02×1.13×1.37×1.37×
Debt / equity0.05×0.14×0.15×0.19×0.38×0.43×0.5×0×
Interest coverage0×0×0×0×0×0×0×0×
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 equity18.0%19.3%18.1%14.1%13.0%14.0%13.8%24.3%
Return on invested capital13.0%13.8%12.9%10.1%8.8%9.2%8.8%17.9%
Return on assets10.2%11.0%10.1%7.5%6.1%6.6%6.6%12.6%
Free cash flow yield3.4%4.8%5.9%6.2%4.7%5.1%8.0%7.6%
Earnings yield2.9%3.7%4.4%4.1%3.7%2.7%4.1%5.1%
Enterprise value$23.9B$17.9B$12.3B$9.4B$8.9B$12.5B$7.7B$7.8B
Net debt / EBITDA-1.45×-0.96×-0.79×-0.43×0.34×0.86×0.53×-1.02×
Cash conversion cycle (days)126104108113115483536