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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
-11.5%
$32.50
vs $36.70 price
Levered DCF
$50.45
After debt service
Piotroski score
6 / 9
Average
Altman Z-score
-0.34
Distress zone
Rating
A-
Overall 4 / 5
Ratios by fiscal year

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

MetricFY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018
P/E9.94×12.53×11.72×8.38×11.42×10.15×9.62×7.24×
P/B1.27×1.92×1.59×1.57×2.43×1.51×1.98×1.78×
P/S2.91×3.45×2.89×3.39×5.06×3.59×3.55×2.8×
EV / EBITDA9.25×10.58×10.69×8.23×9.16×6.78×3.69×3.05×
Gross margin62.0%59.4%56.4%84.7%91.7%85.5%81.6%85.1%
Operating margin39.2%37.2%34.4%56.2%59.3%47.4%50.3%52.3%
Net margin29.0%27.5%24.7%38.6%44.3%35.3%37.0%38.6%
Current ratio28.64×0.1×0.06×0.07×0.21×0.11×0.22×0.12×
Debt / equity0.99×0.91×0.88×1.1×1.76×0.5×0.35×0.03×
Interest coverage1.03×0.92×0.79×3.3×18.07×4.24×2.74×3.82×
Dividend yield3.6%2.6%3.0%2.8%1.7%2.8%2.4%3.1%
Payout ratio36.2%32.6%35.3%24.4%19.1%28.3%23.2%22.5%
Key metrics by fiscal year
MetricFY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018
Return on equity12.6%15.3%13.5%17.9%21.3%14.9%20.6%24.5%
Return on invested capital12.8%7.6%6.7%8.3%7.3%8.7%13.8%22.1%
Return on assets1.4%1.8%1.5%1.8%2.0%1.9%2.7%2.9%
Free cash flow yield19.9%7.7%12.8%24.1%9.2%38.4%7.2%-54.7%
Earnings yield10.0%8.0%8.5%11.4%8.8%9.8%10.4%13.8%
Enterprise value$860M$954.8M$798.1M$782.9M$782.6M$350.2M$234.7M$173.4M
Net debt / EBITDA1.83×1.62×2.59×2.45×0.91×-0.37×-3.06×-2.22×
Cash conversion cycle (days)-121110-1123321-12