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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
+17.4%
$7,345.07
vs $6,259.07 price
Levered DCF
$6,724.96
After debt service
Piotroski score
5 / 9
Average
Altman Z-score
11.9
Safe zone
Rating
A-
Overall 4 / 5
Ratios by fiscal year

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

MetricFY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018
P/E15.79×15.12×14.24×8.78×17.11×16.71×15.78×12.51×
P/B5.47×6.04×5.19×4.32×7.05×4.85×5.92×5.51×
P/S2.05×2.41×2.38×1.44×2.36×2×1.87×1.39×
EV / EBITDA11.23×11.03×10.4×5.9×12.14×11.91×12.52×9.82×
Gross margin23.0%25.5%26.0%27.3%24.5%21.3%21.0%20.7%
Operating margin16.2%18.9%19.1%20.6%16.4%13.0%12.8%12.5%
Net margin13.0%16.0%16.7%16.4%13.8%11.9%11.9%11.1%
Current ratio3.95×5.07×4.9×4.53×4.35×4.96×4.37×3.76×
Debt / equity0.31×0.24×0.23×0.29×0.53×0.51×0.29×0.33×
Interest coverage57.97×71.54×65.7×54.88×27.68×23.91×37.36×35.69×
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 equity34.7%40.0%36.5%49.2%41.2%29.0%37.5%44.1%
Return on invested capital25.8%30.2%28.0%36.8%24.9%17.4%26.8%30.9%
Return on assets22.9%26.4%24.1%30.5%21.2%15.6%23.1%25.2%
Free cash flow yield5.2%5.3%6.5%12.2%5.8%6.0%6.1%7.1%
Earnings yield6.3%6.6%7.0%11.4%5.8%6.0%6.3%8.0%
Enterprise value$20.4B$23.8B$20.5B$13.6B$20.2B$13.9B$13.4B$9.9B
Net debt / EBITDA-0.42×-0.74×-1.09×-0.66×-0.59×-1.02×-0.43×-0.11×
Cash conversion cycle (days)6679776785816663