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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
+26.6%
$50.77
vs $40.11 price
Levered DCF
$55.52
After debt service
Piotroski score
5 / 9
Average
Altman Z-score
0.64
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/E8.57×11.25×11.5×10.73×9.39×10.48×11.48×14.36×
P/B1.26×1.69×2.05×1.9×1.09×0.91×1.08×1×
P/S2.26×2.2×2.59×2.73×2.63×1.91×2.29×2.28×
EV / EBITDA3.51×8.35×11.4×10.22×-2.97×1.49×7.22×12.21×
Gross margin75.5%69.8%71.6%83.7%91.6%84.3%87.8%89.0%
Operating margin32.6%24.3%28.3%31.5%35.1%22.5%25.0%19.2%
Net margin26.3%19.5%22.5%25.4%28.0%18.1%19.9%15.8%
Current ratio0.16×0.27×0.28×0.29×0.4×0.3×0.26×0.3×
Debt / equity0.12×0.77×1.54×1.09×0.12×0.16×0.07×0.36×
Interest coverage1.67×0.98×1.26×4.94×6.72×3.07×2.98×3.29×
Dividend yield2.0%1.7%1.5%1.8%2.0%2.9%2.7%3.0%
Payout ratio17.1%19.1%17.6%19.2%18.9%30.7%31.2%43.2%
Key metrics by fiscal year
MetricFY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018
Return on equity14.6%15.0%17.8%17.6%11.6%8.6%9.4%7.0%
Return on invested capital11.9%7.8%6.6%8.4%10.4%7.4%8.8%5.1%
Return on assets1.6%1.1%1.2%1.1%1.0%0.7%0.9%0.7%
Free cash flow yield11.6%10.5%12.1%11.1%9.2%8.7%9.0%9.7%
Earnings yield11.7%8.9%8.7%9.3%10.7%9.5%8.7%6.9%
Enterprise value$187.5M$306.9M$445.7M$326.7M-$84.1M$24M$114.7M$129.1M
Net debt / EBITDA-3.18×-0.2×2.73×2.03×-10.02×-6.15×-1.08×1.91×
Cash conversion cycle (days)2417172432362023