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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
-1.7%
$359.33
vs $365.43 price
Levered DCF
$379.31
After debt service
Piotroski score
7 / 9
Strong
Altman Z-score
7.38
Safe zone
Rating
A
Overall 4 / 5
Ratios by fiscal year

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

MetricFY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018
P/E17.98×17.31×15.11×13.33×14.15×14.82×13.46×12.03×
P/B3.08×3.35×3.01×2.71×2.78×2.43×2.74×2.64×
P/S3.55×3.54×2.99×2.51×2.52×2.59×2.5×2.19×
EV / EBITDA12.11×11.84×10.53×9.38×9.71×10.01×9.74×8.7×
Gross margin51.7%52.0%51.3%50.5%51.8%48.7%49.4%50.0%
Operating margin25.8%26.3%25.7%24.9%24.3%24.5%25.8%25.6%
Net margin19.7%20.4%19.8%18.8%17.8%17.5%18.6%18.2%
Current ratio4.79×4.15×3.88×3.47×3.11×2.65×2.51×2.33×
Debt / equity0.22×0.24×0.25×0.28×0.3×0.39×0.35×0.37×
Interest coverage25.43×27.13×26.26×25.63×21.08×14.8×18.33×17.9×
Dividend yield2.5%2.2%2.3%2.6%2.4%2.6%2.3%2.3%
Payout ratio45.5%38.9%35.2%34.3%33.6%38.8%31.2%28.2%
Key metrics by fiscal year
MetricFY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018
Return on equity17.1%19.4%19.9%20.3%19.6%16.4%20.3%21.9%
Return on invested capital13.8%15.0%15.4%15.5%14.9%12.0%14.9%15.9%
Return on assets12.1%13.2%13.4%13.1%12.1%9.6%12.2%12.7%
Free cash flow yield5.5%6.3%6.9%4.9%7.7%10.1%6.2%8.2%
Earnings yield5.6%5.8%6.6%7.5%7.1%6.7%7.4%8.3%
Enterprise value$18B$18B$15.6B$12.7B$12.1B$9.9B$10.4B$9.2B
Net debt / EBITDA-0.2×-0.04×0.19×0.38×0.38×0.59×0.96×0.94×
Cash conversion cycle (days)230211220222192234238220