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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
-883.8%
-$160.83
vs $20.52 price
Levered DCF
-$300.85
After debt service
Piotroski score
6 / 9
Average
Altman Z-score
0.45
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/E5.67×5.93×6.45×6.29×5.01×17.29×7.05×5.72×
P/B0.43×0.43×0.45×0.46×0.48×0.51×0.5×0.54×
P/S0.59×0.54×0.49×0.59×0.57×0.69×0.65×0.63×
EV / EBITDA8.05×7.77×8.81×9×7.68×11.3×8.14×8.44×
Gross margin29.5%27.1%23.7%26.7%27.3%27.1%23.3%22.0%
Operating margin21.2%18.8%15.7%18.6%20.1%19.1%15.5%14.2%
Net margin11.0%9.7%8.1%10.0%12.1%4.8%9.4%10.9%
Current ratio0.32×0.45×0.61×0.68×0.82×0.41×0.42×0.5×
Debt / equity1.56×1.49×1.65×1.57×1.42×1.29×1.13×1.17×
Interest coverage2.5×2.3×2.28×3.44×4.28×3.47×2.86×2.78×
Dividend yield13.5%13.0%12.7%12.1%11.5%11.2%9.7%8.9%
Payout ratio72.6%72.6%76.2%71.1%54.6%161.4%66.4%50.9%
Key metrics by fiscal year
MetricFY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018
Return on equity8.0%7.8%7.4%7.8%10.2%3.5%7.2%9.5%
Return on invested capital4.0%3.9%3.7%3.6%4.2%4.1%3.7%4.4%
Return on assets2.3%2.3%2.1%2.2%2.9%1.1%2.4%3.1%
Free cash flow yield-23.6%3.7%-17.0%-38.4%-29.2%-13.2%-29.5%-3.5%
Earnings yield18.6%17.9%16.6%17.0%21.1%6.9%14.6%17.5%
Enterprise value$6.7B$6.2B$6.1B$5.7B$5.1B$4.5B$4.1B$3.8B
Net debt / EBITDA6.31×6.02×6.92×6.96×5.73×8.12×5.65×5.76×
Cash conversion cycle (days)5646476375382938