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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
+196.7%
$43.46
vs $14.65 price
Levered DCF
$2.74
After debt service
Piotroski score
7 / 9
Strong
Altman Z-score
0.23
Distress 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-24.8×14.8×11.58×3.92×6.07×11.86×9.38×11×
P/B0.83×0.73×0.95×0.85×1.68×2.01×1.68×1.24×
P/S0.64×0.51×2.28×1.53×1.91×1.48×1.2×0.89×
EV / EBITDA1,654.11×11.97×36.31×14.92×22.75×33.39×21.63×24.05×
Gross margin95.2%91.7%30.8%100.0%63.4%70.8%78.9%80.0%
Operating margin81.7%73.9%65.3%73.2%75.0%41.5%57.9%59.9%
Net margin-2.6%3.4%19.7%38.9%31.6%12.5%12.8%8.0%
Current ratio0.41×0.41×0.2×0.26×0.36×0.18×0.15×0.24×
Debt / equity2.11×16.35×19.35×20.5×28.68×31.78×24.49×26.58×
Interest coverage0.98×0.86×0.21×0.58×1.29×0.67×0.78×0.8×
Dividend yield3.2%3.6%3.0%3.6%2.5%2.5%2.6%3.8%
Payout ratio-78.8%53.4%34.2%14.1%14.9%29.9%24.6%42.0%
Key metrics by fiscal year
MetricFY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018
Return on equity-3.3%5.0%8.3%21.7%27.6%16.9%17.9%11.2%
Return on invested capital72.1%83.4%1.0%1.5%1.7%1.3%2.4%2.2%
Return on assets-0.2%0.3%0.4%0.9%0.9%0.5%0.6%0.4%
Free cash flow yield22.1%23.7%25.7%12.0%16.1%20.2%18.2%26.2%
Earnings yield-4.0%6.8%8.7%25.5%16.5%8.4%10.7%9.1%
Enterprise value$5B$43B$55.2B$62B$77.9B$81B$86.1B$96.6B
Net debt / EBITDA989.67×11.43×34.58×14.31×21.48×31.38×20.22×22.96×
Cash conversion cycle (days)00000000