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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
-277.5%
-$32.58
vs $18.36 price
Levered DCF
-$148.27
After debt service
Piotroski score
6 / 9
Average
Altman Z-score
0.55
Distress zone
Rating
A+
Overall 4 / 5
Ratios by fiscal year

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

MetricFY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018
P/E5.48×5.47×6.58×6.46×11.6×9.68×5.81×9.92×
P/B0.66×0.73×0.83×0.75×0.99×1.06×0.99×0.89×
P/S0.81×0.9×1.04×0.78×1.2×1.47×1.28×0.94×
EV / EBITDA6.81×6.9×7.81×7.93×9.88×8.75×8.32×8.35×
Gross margin29.8%49.9%46.4%36.3%44.3%48.6%44.8%28.1%
Operating margin24.7%26.4%23.1%18.3%16.0%24.0%36.1%22.5%
Net margin14.7%16.5%15.7%12.0%10.4%15.3%22.1%9.5%
Current ratio0.65×0.67×0.77×0.66×0.82×0.71×0.78×0.67×
Debt / equity2.09×2×2.02×1.94×1.97×1.81×1.75×1.87×
Interest coverage2.2×2.61×2.27×3×2×2.6×4.26×0×
Dividend yield12.6%12.3%11.6%12.8%10.0%8.9%9.3%10.9%
Payout ratio69.5%67.1%76.3%82.5%116.0%86.1%54.2%108.2%
Key metrics by fiscal year
MetricFY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018
Return on equity12.1%13.3%12.6%11.6%8.5%11.0%17.0%9.0%
Return on invested capital4.2%4.3%3.9%3.5%2.7%3.8%5.0%4.1%
Return on assets2.8%3.0%2.9%2.6%1.9%2.5%4.0%1.9%
Free cash flow yield-15.1%0.8%-5.9%-10.0%-5.4%-3.7%-7.9%-6.5%
Earnings yield18.2%18.3%15.2%15.5%8.6%10.4%17.2%10.1%
Enterprise value$97.6B$89.3B$88.9B$80B$81.5B$80B$74.2B$67.7B
Net debt / EBITDA5.14×5.04×5.51×5.67×6.5×5.47×5.23×5.6×
Cash conversion cycle (days)4450623052495340