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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
-7.4%
$59.63
vs $64.39 price
Levered DCF
$60.09
After debt service
Piotroski score
4 / 9
Average
Altman Z-score
5.8
Safe zone
Rating
C+
Overall 2 / 5
Ratios by fiscal year

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

MetricFY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018
P/E-108.57×-104.07×-51.66×-22.47×-40.39×-107.32×-110×-172.55×
P/B8.66×8.58×8.5×5.77×9.01×-38.08×-36.18×-49.2×
P/S8.26×9.59×10.34×8.94×20.82×25.88×31.75×52.71×
EV / EBITDA593.16×-853.25×-83.28×-28.19×-40.89×-146.42×-136.06×-215.11×
Gross margin78.4%82.1%81.6%79.4%80.9%82.1%81.6%79.9%
Operating margin-8.9%-11.8%-22.7%-40.3%-55.5%-14.6%-28.6%-29.5%
Net margin-7.6%-9.2%-20.0%-39.8%-51.5%-24.0%-28.7%-30.4%
Current ratio1.32×1.51×1.49×1.5×1.86×1.86×0.89×1.03×
Debt / equity0.06×0.06×0.08×0.08×0.08×-0.35×-0.33×-1.66×
Interest coverage-102.14×-71.84×-110.21×-136.04×-122.82×-24.87×-88.84×-39.49×
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 equity-8.0%-8.2%-16.4%-25.7%-22.3%35.3%32.8%28.4%
Return on invested capital-8.7%-9.9%-17.1%-23.8%-20.3%-10.4%-29.6%-41.4%
Return on assets-4.5%-5.0%-10.0%-16.5%-15.7%-11.7%-16.5%-20.6%
Free cash flow yield2.0%1.6%0.5%-0.6%0.1%0.0%-0.4%-0.4%
Earnings yield-0.9%-1.0%-1.9%-4.5%-2.5%-0.9%-0.9%-0.6%
Enterprise value$10.5B$10.7B$9.6B$6.2B$10.2B$10.1B$9.1B$10.1B
Net debt / EBITDA-22.62×28.55×2.3×0.91×1.96×4.13×0.52×-5.05×
Cash conversion cycle (days)633064523525913