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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
+77.8%
$24.20
vs $13.61 price
Levered DCF
$35.16
After debt service
Piotroski score
7 / 9
Strong
Altman Z-score
1.31
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/E-1.85×-251.44×50.06×25.72×33.5×41.09×98.78×61.78×
P/B0.91×1.13×2.14×2.58×3.37×3.63×3.52×2.72×
P/S0.58×1.08×2.21×2.99×3.68×4.01×3.29×2.54×
EV / EBITDA-8.46×18.03×18.79×15.26×18.83×25.21×27.96×20.98×
Gross margin51.7%54.8%57.4%62.3%61.2%62.0%62.8%61.2%
Operating margin4.2%1.8%7.2%15.3%12.8%11.0%6.2%7.5%
Net margin-31.6%-0.4%4.4%11.6%11.0%9.8%3.3%4.1%
Current ratio2.54×1.17×3.45×3.62×3.39×3.09×2.59×2.95×
Debt / equity1.95×1.28×1.06×0.9×0.99×1.09×1.03×0.98×
Interest coverage0.79×0.4×2.17×4.82×3.91×2.11×1.74×1.72×
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-49.5%-0.4%4.3%10.0%10.0%8.8%3.5%4.4%
Return on invested capital1.9%0.3%2.7%5.5%4.4%4.5%2.6%3.9%
Return on assets-14.3%-0.2%1.8%4.6%4.5%3.7%1.5%2.0%
Free cash flow yield-4.7%1.4%2.1%4.7%4.7%2.5%1.9%3.3%
Earnings yield-54.2%-0.4%2.0%3.9%3.0%2.4%1.0%1.6%
Enterprise value$2.8B$3.5B$4.8B$5.8B$6.8B$6.7B$6.2B$5B
Net debt / EBITDA-5.53×8.99×5.49×3.07×3.18×4.47×5.63×5.15×
Cash conversion cycle (days)246235227200214239197196