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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
-5.6%
$22.70
vs $24.04 price
Levered DCF
$28.60
After debt service
Piotroski score
3 / 9
Weak
Altman Z-score
4.15
Safe zone
Rating
C
Overall 2 / 5
Ratios by fiscal year

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

MetricFY2026FY2025FY2024FY2023FY2022FY2021FY2020
P/E-10.2×-26.03×-23.3×-11.1×-28.69×-77.27×-118.06×
P/B3.21×4.52×4.96×2.53×4.72×-28.53×-40.78×
P/S4.61×9.18×12.72×9.93×38.03×98.27×196.77×
EV / EBITDA-19.84×-30.89×-26.2×-11.57×-23.52×-77.88×-125.84×
Gross margin73.2%74.3%71.3%65.8%60.1%57.7%60.6%
Operating margin-30.9%-40.1%-60.9%-95.4%-130.5%-124.1%-161.3%
Net margin-45.0%-35.1%-54.5%-89.7%-132.4%-126.3%-164.8%
Current ratio1.39×1.74×2.2×1.93×6.46×3.6×1.24×
Debt / equity0.01×0.01×0.01×0.02×0.02×-0.13×-0.09×
Interest coverage0×-1,926.08×-311.2×-219.99×-339.56×-82.45×-37.21×
Dividend yield0.0%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%
Key metrics by fiscal year
MetricFY2026FY2025FY2024FY2023FY2022FY2021FY2020
Return on equity-31.4%-17.3%-21.2%-22.9%-16.4%36.7%34.1%
Return on invested capital-18.3%-18.3%-21.8%-22.2%-15.1%-29.2%-184.2%
Return on assets-18.5%-12.0%-14.6%-16.8%-13.3%-22.6%-68.1%
Free cash flow yield1.6%0.1%-1.1%-5.1%-1.4%-0.8%-0.5%
Earnings yield-9.8%-3.8%-4.3%-9.0%-3.5%-1.3%-0.8%
Enterprise value$4.5B$7.4B$7.7B$4.1B$6.1B$8.8B$9.1B
Net debt / EBITDA0.69×0.7×0.8×0.31×6.27×3.13×0.36×
Cash conversion cycle (days)9191112199260181319