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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
-140.7%
-$74.62
vs $183.29 price
Levered DCF
-$15.19
After debt service
Piotroski score
6 / 9
Average
Altman Z-score
5.49
Safe zone
Rating
A-
Overall 4 / 5
Ratios by fiscal year

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

MetricFY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018
P/E18.33×14.6×22.14×-365.34×19.76×26.31×-51.34×30.76×
P/B2.94×2.36×2.75×2.73×1.55×1.9×1.16×0.85×
P/S5.37×4.48×5.54×6.09×3.17×3.86×1.92×1.98×
EV / EBITDA11.93×9.61×14.09×50.64×9.71×17.68×45.69×13.01×
Gross margin40.6%44.2%39.2%2.7%25.0%25.1%17.9%17.5%
Operating margin30.6%33.2%25.8%-1.0%20.1%11.7%-5.3%1.8%
Net margin29.3%30.7%25.0%-1.7%16.0%14.7%-3.8%6.4%
Current ratio2.67×2.45×3.55×3.65×4.39×3.56×2.73×4.57×
Debt / equity0.05×0.09×0.09×0.04×0.07×0.09×0.12×0.09×
Interest coverage36.18×35.87×66.12×-2.23×44.77×13.21×-5.98×1.55×
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
MetricFY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018
Return on equity16.0%16.2%12.4%-0.8%7.9%7.2%-2.3%2.8%
Return on invested capital13.7%12.4%8.7%1.9%7.2%5.0%-2.5%0.6%
Return on assets11.5%10.7%8.0%-0.5%6.3%5.6%-1.5%2.0%
Free cash flow yield4.2%-1.6%-4.3%-0.2%-3.3%-3.6%-8.4%-24.0%
Earnings yield5.5%6.9%4.5%-0.3%5.1%3.8%-2.0%3.2%
Enterprise value$25.7B$18B$17.1B$14.7B$8.2B$9.7B$5.1B$3.5B
Net debt / EBITDA-1.07×-0.48×-1.09×-4.29×-1.24×-1.35×-6.74×-3.47×
Cash conversion cycle (days)214292300109161133125141