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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
+83.6%
$25.34
vs $13.80 price
Levered DCF
-$29.05
After debt service
Piotroski score
8 / 9
Strong
Altman Z-score
2.18
Grey zone
Rating
C
Overall 2 / 5
Ratios by fiscal year

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

MetricFY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018
P/E-4.52×-25.02×10.88×13.57×13.15×20.44×24.9×19.47×
P/B-0.39×-1.08×-1.98×-2.13×-2.67×-2.31×-3.19×-4×
P/S0.25×0.58×0.84×1.07×1.91×1.8×2.48×2.72×
EV / EBITDA94.94×29.62×13.17×15.22×12.99×16.42×13.69×11.79×
Gross margin28.7%29.5%30.0%29.5%36.0%34.7%36.3%42.5%
Operating margin-1.2%5.3%16.5%16.9%25.4%22.6%21.3%26.8%
Net margin-5.5%-2.3%7.7%7.9%14.5%8.8%9.9%14.0%
Current ratio0.51×0.42×0.58×0.54×0.51×0.99×1.44×0.52×
Debt / equity-3.33×-3.74×-4.4×-4.3×-2.73×-2.94×-1.73×-1.81×
Interest coverage-0.22×1×3.38×2.88×4.3×3.43×2.38×5.13×
Dividend yield4.6%3.7%2.5%2.4%1.7%1.5%1.8%1.9%
Payout ratio-20.6%-92.6%27.4%31.9%22.5%30.7%43.6%37.4%
Key metrics by fiscal year
MetricFY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018
Return on equity8.6%4.3%-18.2%-15.7%-20.3%-11.3%-12.8%-20.5%
Return on invested capital-0.6%3.3%7.4%6.8%13.8%9.7%20.0%19.5%
Return on assets-3.1%-1.3%4.4%4.0%9.5%4.7%9.9%14.7%
Free cash flow yield20.3%-5.1%9.8%7.4%7.3%6.8%5.1%3.2%
Earnings yield-22.1%-4.0%9.2%7.4%7.6%4.9%4.0%5.1%
Enterprise value$3.4B$4.1B$4.4B$4.6B$4.4B$4B$3.5B$3.4B
Net debt / EBITDA84.86×22.96×8.94×10.05×6.49×8.83×4.49×3.67×
Cash conversion cycle (days)-1-2-341012-4-7