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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
-54.2%
$19.60
vs $42.83 price
Levered DCF
$28.08
After debt service
Piotroski score
7 / 9
Strong
Altman Z-score
12.93
Safe zone
Rating
B-
Overall 3 / 5
Ratios by fiscal year

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

MetricFY2026FY2025FY2024FY2023FY2022FY2021FY2020
P/E-1,764.15×-183.93×-58.15×-28.42×-25.86×-58.81×-54.89×
P/B11.32×26.8×18.35×7.48×9.25×-23.2×-36.25×
P/S9.94×22.93×17.92×10.75×21.36×49.46×103.11×
EV / EBITDA634.78×-173.33×-62.57×-29.89×-24.38×-60.85×-55.96×
Gross margin76.7%76.1%73.6%72.0%70.9%69.8%59.7%
Operating margin-3.2%-15.2%-26.7%-39.6%-82.3%-81.1%-190.1%
Net margin-0.6%-12.4%-30.6%-37.9%-82.9%-84.1%-187.9%
Current ratio1.64×1.5×1.5×2.17×3.25×2.32×1.87×
Debt / equity0.05×0.08×0.11×0.13×0.15×-0.33×-0.54×
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-0.6%-14.5%-31.3%-26.4%-35.9%39.5%66.1%
Return on invested capital32.3%-14.9%-21.5%-21.6%-28.2%-29.1%-45.5%
Return on assets-0.4%-7.7%-16.5%-15.3%-22.6%-23.7%-35.7%
Free cash flow yield1.3%0.4%-0.1%-1.9%-2.1%-1.6%-1.8%
Earnings yield-0.1%-0.5%-1.7%-3.5%-3.9%-1.7%-1.8%
Enterprise value$15.8B$28.5B$16.8B$6.9B$8.4B$12.1B$12.3B
Net debt / EBITDA-9.86×0.9×0.13×0.34×2.26×1.14×0.08×
Cash conversion cycle (days)73382790634105