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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
-28.7%
$32.34
vs $45.36 price
Levered DCF
$51.65
After debt service
Piotroski score
4 / 9
Average
Altman Z-score
28.99
Safe zone
Rating
B
Overall 3 / 5
Ratios by fiscal year

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

MetricFY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018
P/E39.12×35.04×36.94×45.32×36.94×34.51×31.16×27.66×
P/B9.07×8.86×7.32×7.61×7.73×9.49×8.26×7.6×
P/S9.02×7.05×8.43×8.47×9.16×10.65×8.2×7.21×
EV / EBITDA27.94×24.62×27.09×31.94×26.71×28.28×23×19.99×
Gross margin55.8%54.0%53.1%50.3%56.1%59.2%60.0%60.3%
Operating margin29.2%25.8%27.4%25.1%32.4%35.5%33.4%33.7%
Net margin23.0%20.1%22.8%18.9%24.9%30.7%26.4%26.1%
Current ratio3.7×3.32×4.81×4.76×4.85×4.19×3.5×3×
Debt / equity0×0.06×0×0×0×0×0×0×
Interest coverage366.57×69.19×0×0×0×0×0×0×
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 equity23.1%25.3%19.8%17.0%21.0%27.3%26.6%27.5%
Return on invested capital21.7%22.1%18.1%16.5%20.1%26.0%24.5%25.1%
Return on assets19.1%19.5%16.8%14.4%17.6%22.7%21.5%21.9%
Free cash flow yield2.6%3.2%2.5%1.3%2.2%2.6%2.9%4.0%
Earnings yield2.5%2.9%2.7%2.2%2.7%2.9%3.2%3.6%
Enterprise value$72.7B$51.6B$57.9B$52.2B$49.5B$47.8B$33.7B$26.8B
Net debt / EBITDA-0.8×-0.55×-1.07×-0.8×-0.72×-0.7×-0.55×-0.48×
Cash conversion cycle (days)948810511687606653