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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
+168.5%
$35.50
vs $13.22 price
Levered DCF
$9.70
After debt service
Piotroski score
6 / 9
Average
Altman Z-score
2.35
Grey zone
Rating
B-
Overall 2 / 5
Ratios by fiscal year

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

MetricFY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018
P/E5.81×2.64×10.6×4.56×9.7×16.98×21.09×29.77×
P/B-2.57×-0.84×-1.42×-1.16×-3.11×-7.38×-16.79×-12.18×
P/S0.26×0.13×0.3×0.28×0.75×1.14×1.34×1.8×
EV / EBITDA5.42×5.36×7.68×5.71×8.2×10.6×11.37×12.85×
Gross margin75.6%77.9%76.5%77.4%78.6%79.2%80.4%81.2%
Operating margin8.8%7.7%7.0%10.5%12.7%11.6%11.6%14.0%
Net margin4.5%5.1%2.8%6.2%7.7%6.7%6.4%6.1%
Current ratio1.13×0.93×1.1×1.39×1.33×1.58×1.54×1.14×
Debt / equity-4.54×-3.08×-2.61×-2.31×-2.16×-3.12×-5.15×-3.39×
Interest coverage2.06×1.77×2.15×3.91×4.79×4.82×3.71×3.77×
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 equity-44.3%-31.7%-13.4%-25.4%-32.1%-43.5%-79.7%-41.0%
Return on invested capital20.0%21.2%13.3%22.6%32.3%23.0%22.0%23.2%
Return on assets8.2%9.3%5.1%11.8%15.9%12.1%11.6%10.6%
Free cash flow yield19.1%24.3%14.7%13.4%7.1%8.2%5.4%6.4%
Earnings yield17.2%37.8%9.4%21.9%10.3%5.9%4.7%3.4%
Enterprise value$3.3B$2.7B$3.7B$3.9B$6.7B$7.9B$7.7B$10.1B
Net debt / EBITDA3.25×4.03×4.55×3.55×2.93×2.17×1.72×1.6×
Cash conversion cycle (days)129139135158147136141125