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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
-778.2%
-$1,296.33
vs $191.13 price
Levered DCF
-$1,802.62
After debt service
Piotroski score
5 / 9
Average
Altman Z-score
0.84
Distress zone
Rating
B
Overall 3 / 5
Ratios by fiscal year

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

MetricFY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018
P/E18.56×19.87×16.86×24.11×25.79×19.66×28.37×12.6×
P/B2.21×2.27×1.89×1.85×1.83×1.49×1.61×1.49×
P/S3.49×3.5×3.04×2.96×2.93×2.41×2.46×1.96×
EV / EBITDA10.95×13.24×12.73×13.35×12.29×12.7×12.21×10.16×
Gross margin48.6%48.0%45.9%45.0%42.9%40.9%41.0%39.4%
Operating margin30.7%29.9%27.5%26.7%23.6%23.7%23.4%23.0%
Net margin19.2%17.9%18.4%12.2%11.4%12.5%17.6%15.5%
Current ratio1.27×3.04×3.03×3.08×2.17×2.54×0.64×1.09×
Debt / equity4.66×3.45×3.35×3.31×3.07×2.93×2.85×2.55×
Interest coverage1.27×1.39×1.47×1.59×1.46×1.51×1.56×1.92×
Dividend yield1.5%1.5%1.9%2.0%2.0%2.4%2.3%2.6%
Payout ratio26.9%29.8%31.1%49.1%51.9%46.9%32.8%32.8%
Key metrics by fiscal year
MetricFY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018
Return on equity12.1%11.7%11.4%7.7%7.1%7.7%11.5%11.8%
Return on invested capital2.5%3.2%2.9%2.6%2.3%2.6%2.4%3.5%
Return on assets1.8%2.3%2.3%1.5%1.5%1.7%2.5%2.8%
Free cash flow yield-11.3%-19.3%-26.7%-19.2%-16.9%-14.9%-8.8%-18.3%
Earnings yield5.5%5.1%6.0%4.1%3.9%5.2%7.1%7.9%
Enterprise value$13.9B$13.6B$11.5B$10.2B$9.5B$8.4B$8B$7.1B
Net debt / EBITDA6.17×7.82×7.96×8.41×7.53×8.27×7.72×6.36×
Cash conversion cycle (days)-867892-28-361155