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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
-31.5%
$91.01
vs $132.91 price
Levered DCF
$71.30
After debt service
Piotroski score
8 / 9
Strong
Altman Z-score
8.2
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/E-27.25×72.58×43.44×19.22×47.31×57.94×48.91×20.77×
P/B1.41×1.51×1.95×1.91×4.57×2.84×2.48×2.15×
P/S2.08×2.28×2.7×2.31×5.48×3.61×2.58×2.07×
EV / EBITDA164.1×17.85×18.63×19.75×29.85×18.04×14.01×11.55×
Gross margin31.7%33.4%33.8%33.1%37.4%36.4%35.0%35.4%
Operating margin6.4%3.0%9.4%14.9%12.6%8.4%12.3%12.8%
Net margin-7.6%3.1%6.2%12.0%11.6%6.2%5.3%10.0%
Current ratio3.97×4×4.53×4.63×3.56×4.25×4.63×4.53×
Debt / equity0.02×0.02×0.04×0.19×0.17×0.03×0.14×0.28×
Interest coverage43.42×11.32×7.55×14.11×38.09×13.79×12.73×17×
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-5.2%2.1%4.5%9.9%9.7%4.9%5.1%10.3%
Return on invested capital4.0%1.4%4.5%8.0%7.0%4.2%8.1%7.6%
Return on assets-4.3%1.8%3.7%7.1%6.8%4.0%3.7%6.9%
Free cash flow yield4.2%3.8%3.0%0.6%1.0%4.3%4.7%1.1%
Earnings yield-3.7%1.4%2.3%5.2%2.1%1.7%2.0%4.8%
Enterprise value$1.5B$1.8B$2.4B$2.2B$5.1B$2.7B$2.3B$1.9B
Net debt / EBITDA-19.04×-1.38×-0.64×-0.07×-0.25×-1.03×-0.21×0.4×
Cash conversion cycle (days)128134148153122122123130