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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
+7.1%
$74.43
vs $69.51 price
Levered DCF
$30.08
After debt service
Piotroski score
4 / 9
Average
Altman Z-score
497.12
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/E13.61×11.87×10.96×10.15×10.5×12.38×13.34×10.9×
P/B145.99×108.52×115.59×109.19×40.76×103.18×104.03×95.92×
P/S12.97×11.44×10.64×9.91×9.98×11.32×12.57×10.38×
EV / EBITDA13.51×11.75×10.86×10.02×10.22×12.21×13.23×10.73×
Gross margin100.0%100.0%100.0%100.0%100.0%100.0%100.0%100.0%
Operating margin94.7%95.7%96.2%97.4%95.0%91.6%93.9%95.0%
Net margin95.3%96.5%97.0%97.6%95.0%91.7%94.2%95.3%
Current ratio26.2×29.41×18.37×76.73×65.76×23.63×5.32×2.44×
Debt / equity0×0×0×0×0×0×0×0×
Interest coverage0×0×0×0×0×0×0×0×
Dividend yield7.5%8.4%9.4%10.1%7.7%8.6%7.5%9.0%
Payout ratio102.5%99.8%103.1%102.8%81.1%106.1%100.0%97.8%
Key metrics by fiscal year
MetricFY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018
Return on equity1072.5%914.7%1054.5%1075.4%388.0%835.3%779.7%881.2%
Return on invested capital992.2%884.3%1001.7%761.9%359.8%700.4%776.8%878.7%
Return on assets960.8%861.0%956.3%753.5%354.4%672.4%637.1%527.6%
Free cash flow yield0.0%0.0%0.0%9.8%9.5%-0.4%7.5%9.2%
Earnings yield7.3%8.4%9.1%9.8%9.5%8.1%7.5%9.2%
Enterprise value$992.1M$935.7M$980M$1.2B$591.5M$406.6M$580.8M$534.3M
Net debt / EBITDA-0.1×-0.12×-0.1×-0.13×-0.28×-0.14×-0.15×-0.19×
Cash conversion cycle (days)00000000