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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
-65.8%
$116.53
vs $340.39 price
Levered DCF
$171.16
After debt service
Piotroski score
7 / 9
Strong
Altman Z-score
22.25
Safe zone
Rating
B-
Overall 2 / 5
Ratios by fiscal year

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

MetricFY2026FY2025FY2024FY2023FY2022FY2021FY2020FY2019
P/E-421.97×-157.99×-161.5×-42.59×-85.29×-82.75×-52.2×-48.61×
P/B10.22×7.32×26.69×19.88×39.23×-4,393.32×110.66×18.17×
P/S12.25×10.16×16.96×11.45×29.93×37.45×21.74×18×
EV / EBITDA-993.03×-206.39×-236.37×-52.43×-100.57×-124.47×-69.31×-55.53×
Gross margin71.7%73.3%74.8%72.8%70.3%70.0%70.3%72.4%
Operating margin-5.6%-10.8%-13.9%-27.0%-33.1%-35.5%-35.1%-36.6%
Net margin-2.9%-6.4%-10.5%-26.9%-35.1%-45.2%-41.6%-37.1%
Current ratio4.65×5.2×4.4×3.8×4.02×3.22×4.59×3.44×
Debt / equity0.01×0.01×1.11×1.6×1.77×-194.55×11.14×0.82×
Interest coverage-43.79×-26.7×-24.9×-35.38×-25.57×-3.73×-7.05×-9.5×
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
MetricFY2026FY2025FY2024FY2023FY2022FY2021FY2020FY2019
Return on equity-2.4%-4.6%-16.5%-46.7%-46.0%5303.9%-211.8%-37.4%
Return on invested capital-4.4%-7.4%-10.1%-17.3%-15.0%-19.8%-13.5%-16.6%
Return on assets-1.9%-3.8%-6.2%-13.3%-12.5%-19.0%-13.2%-13.5%
Free cash flow yield1.7%0.6%0.4%-0.1%-0.0%-0.2%-0.4%-1.0%
Earnings yield-0.2%-0.6%-0.6%-2.3%-1.2%-1.2%-1.9%-2.1%
Enterprise value$29.1B$19.9B$28.9B$15.4B$26.9B$22.7B$9.4B$4.9B
Net debt / EBITDA35.83×4.7×-3.11×-2.48×-2.66×-3.02×-1.6×-0.79×
Cash conversion cycle (days)6364627274756689