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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
-40.6%
$31.82
vs $53.55 price
Levered DCF
$61.07
After debt service
Piotroski score
3 / 9
Weak
Altman Z-score
7.82
Safe zone
Rating
C
Overall 2 / 5
Ratios by fiscal year

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

MetricFY2026FY2025FY2024FY2023FY2022FY2021FY2020
P/E-99.94×-1,819×-25.86×-42.59×-60.39×-71.65×-104.94×
P/B5.85×15.06×19.6×9.51×11.96×-59.53×-102.15×
P/S6.07×15.39×18.92×17.28×36.67×90.45×169.46×
EV / EBITDA-151.7×-153.15×-67.68×-40.88×-53.08×-63.1×-104.55×
Gross margin87.4%88.8%89.7%87.8%88.1%87.9%88.5%
Operating margin-7.4%-18.8%-32.3%-49.8%-51.0%-140.6%-158.0%
Net margin-5.9%-0.8%-73.4%-40.9%-61.4%-126.3%-161.0%
Current ratio2.54×2.45×1.9×3.65×4.35×2.74×4.94×
Debt / equity0×0×0×0×0×0×0×
Interest coverage0×0×0×0×0×0×0×
Dividend yield0.0%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%
Key metrics by fiscal year
MetricFY2026FY2025FY2024FY2023FY2022FY2021FY2020
Return on equity-5.6%-0.8%-76.0%-22.5%-20.0%83.1%97.0%
Return on invested capital-6.6%-1.8%-29.1%-24.5%-15.0%-90.9%-40.9%
Return on assets-3.2%-0.5%-32.2%-14.8%-14.2%-53.0%-33.4%
Free cash flow yield3.8%-0.6%0.3%-1.1%-0.6%-0.5%-0.4%
Earnings yield-1.0%-0.1%-3.9%-2.4%-1.7%-1.4%-0.9%
Enterprise value$5.6B$11.5B$10.7B$7B$8.4B$13.5B$13.4B
Net debt / EBITDA6.25×3.04×1.82×1.71×5.6×1.32×2.67×
Cash conversion cycle (days)951021024265333446