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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
-101.8%
-$5.48
vs $299.38 price
Levered DCF
$94.50
After debt service
Piotroski score
3 / 9
Weak
Altman Z-score
8.44
Safe zone
Rating
C-
Overall 1 / 5
Ratios by fiscal year

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

MetricFY2026FY2025FY2024FY2023FY2022FY2021FY2020FY2019
P/E-48.78×-47.02×-76.72×-62.58×-122.08×-150.8×-201.53×-338.57×
P/B33.8×20.13×12.39×9.14×16.41×16.45×-128.98×-193.71×
P/S13.88×16.65×22.86×24.14×67.94×137.14×265.39×626.17×
EV / EBITDA-59.96×-54.96×-85.96×-65.35×-125.05×-150.86×-198.4×-328.24×
Gross margin67.2%66.5%68.0%65.3%62.4%59.0%56.0%46.5%
Operating margin-30.6%-40.2%-39.0%-40.8%-58.6%-91.9%-135.3%-191.9%
Net margin-28.4%-35.5%-29.8%-38.6%-55.8%-91.1%-131.6%-184.2%
Current ratio1.3×1.75×1.85×2.5×3.29×5.45×1.6×4.82×
Debt / equity1.42×0.9×0.06×0.05×0.04×0.04×-0.39×-0.05×
Interest coverage-172.95×-527.73×0×0×0×0×0×0×
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 equity-69.2%-42.9%-16.1%-14.6%-13.5%-10.9%64.0%57.0%
Return on invested capital-30.1%-25.2%-19.5%-14.3%-13.5%-10.6%-58.3%-29.7%
Return on assets-14.6%-14.2%-10.2%-10.3%-10.2%-9.1%-34.4%-23.3%
Free cash flow yield1.7%1.5%1.2%1.0%0.1%-0.1%-0.3%-0.2%
Earnings yield-2.0%-2.1%-1.3%-1.6%-0.8%-0.7%-0.5%-0.3%
Enterprise value$64.9B$60.4B$62.7B$49.2B$82B$80.6B$70.3B$60.4B
Net debt / EBITDA0.08×-0.05×2.02×0.91×1.34×1.15×-0.24×0.54×
Cash conversion cycle (days)6844100114153173221181