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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
+80.9%
$30.67
vs $16.95 price
Levered DCF
$34.96
After debt service
Piotroski score
4 / 9
Average
Altman Z-score
1.56
Distress zone
Rating
A
Overall 4 / 5
Ratios by fiscal year

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

MetricFY2026FY2025FY2024FY2023FY2022FY2021FY2020FY2019
P/E5.55×-31.39×-26.61×-20.54×-26×-58.18×-30.29×-69.55×
P/B3.81×13.12×12.74×10.97×10.45×10.99×4.96×27.05×
P/S1.96×3.64×5.08×7.13×9.92×18.87×9.19×23.9×
EV / EBITDA28.84×-125.41×-43.27×-23.93×-29.44×-67.61×-29.68×-70.09×
Gross margin84.9%83.0%81.9%81.0%82.8%85.6%85.2%85.4%
Operating margin1.2%-12.8%-22.3%-34.9%-36.1%-31.0%-33.4%-35.9%
Net margin35.3%-9.1%-19.0%-34.6%-38.2%-32.3%-30.3%-34.6%
Current ratio2.01×1.87×2.5×2.21×2.84×3.7×3.52×1.95×
Debt / equity1.63×3.57×2.69×1.25×1.15×0.68×0×0×
Interest coverage0.66×-9.02×-14.81×-23.81×-18.84×-6.65×0×0×
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
MetricFY2026FY2025FY2024FY2023FY2022FY2021FY2020FY2019
Return on equity68.6%-32.9%-47.6%-53.3%-40.2%-18.8%-16.3%-39.1%
Return on invested capital0.8%-9.7%-14.8%-23.3%-17.4%-10.0%-17.3%-39.0%
Return on assets17.6%-4.6%-8.8%-15.7%-13.3%-8.7%-11.6%-20.7%
Free cash flow yield11.6%6.4%2.9%0.3%-0.5%0.1%-0.3%-0.3%
Earnings yield18.0%-2.5%-3.7%-4.9%-3.9%-1.7%-3.3%-1.4%
Enterprise value$1.1B$1.8B$2.3B$2.7B$2.7B$3.9B$1.4B$2.7B
Net debt / EBITDA4.44×-8.07×-1.86×-0.25×0.45×1.54×2.62×3.33×
Cash conversion cycle (days)475056522626-14-15