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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
+84.2%
$398.90
vs $216.58 price
Levered DCF
$588.21
After debt service
Piotroski score
8 / 9
Strong
Altman Z-score
2.36
Grey zone
Rating
A-
Overall 4 / 5
Ratios by fiscal year

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

MetricFY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018
P/E-29.11×13.59×18.78×-44.5×-23.12×38.56×16.19×16.64×
P/B2.4×1.86×2.08×3.23×1.92×2.51×2.72×2.7×
P/S2.43×1.87×2.03×2.72×2.46×3.89×3.92×3.93×
EV / EBITDA54.8×7.47×8.33×10.14×12.81×9.95×9.49×9.35×
Gross margin88.2%89.0%88.6%85.2%85.8%93.7%94.1%93.6%
Operating margin5.3%17.6%15.1%-1.8%5.5%16.0%24.6%32.5%
Net margin-8.3%13.8%10.8%-6.1%-10.6%10.1%24.2%23.6%
Current ratio1.86×4.46×2.24×2.79×3.23×4.34×4.47×3.57×
Debt / equity1.26×1.51×1.55×1.88×1.55×0.61×0.57×0.58×
Interest coverage1.15×3.01×2×-0.23×0.61×3.79×7.37×7.83×
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-8.2%13.7%11.1%-7.3%-8.3%6.5%16.8%16.2%
Return on invested capital1.2%6.5%5.5%-0.4%1.5%5.4%10.2%10.7%
Return on assets-3.1%4.7%3.6%-2.1%-2.7%3.7%9.4%8.6%
Free cash flow yield11.1%17.7%13.7%7.8%9.6%5.7%7.0%9.0%
Earnings yield-3.4%7.4%5.3%-2.2%-4.3%2.6%6.2%6.0%
Enterprise value$14.4B$11.4B$12.1B$14.9B$13.2B$10.4B$9.6B$8.7B
Net debt / EBITDA15.34×2.46×2.96×3.36×5.41×1.14×1.12×1.38×
Cash conversion cycle (days)28539448148687222914988