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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
+57.5%
$80.31
vs $51.00 price
Levered DCF
-$185.40
After debt service
Piotroski score
5 / 9
Average
Altman Z-score
2.35
Grey zone
Rating
B-
Overall 3 / 5
Ratios by fiscal year

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

MetricFY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018
P/E36.64×43.84×50.09×0.82×35.87×31.31×-13.29×1.36×
P/B0.6×0.31×0.36×0.47×0.96×0.61×1.05×0.69×
P/S10.32×5.75×6.35×11.2×8.93×4.01×7.52×2.04×
EV / EBITDA17.24×14.58×13.34×0.97×13.88×11.65×39.52×2.4×
Gross margin-26.7%39.5%40.7%46.2%44.8%53.1%45.5%50.9%
Operating margin-12.9%-12.9%-21.2%-27.2%-42.8%-0.1%-16.6%13.3%
Net margin28.1%13.1%12.6%1374.0%24.9%12.8%-58.2%150.0%
Current ratio9.49×14.24×32.44×9.84×7.1×10.8×8.97×10.55×
Debt / equity0.25×0.22×0.22×0.38×1.04×1.39×1.4×1.2×
Interest coverage-0.95×-0.76×-1.08×-0.47×-0.66×-0×-0.24×0.27×
Dividend yield0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.4%
Payout ratio0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.5%
Key metrics by fiscal year
MetricFY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018
Return on equity1.6%0.7%0.7%57.1%2.7%2.0%-8.1%50.4%
Return on invested capital-0.4%-0.4%-0.8%-0.7%-2.2%-0.0%-0.9%1.9%
Return on assets1.2%0.5%0.6%38.4%1.2%0.8%-3.1%21.0%
Free cash flow yield-16.3%-22.0%-10.4%-11.9%-5.6%-5.7%-21.0%-105.3%
Earnings yield2.7%2.3%2.0%122.7%2.8%3.2%-7.7%73.5%
Enterprise value$703.2M$419.5M$441M$581.9M$653.3M$645.5M$761.3M$642.3M
Net debt / EBITDA4.82×5.63×4.31×0.33×6.7×7.89×21.47×1.48×
Cash conversion cycle (days)2,6922,5422,4771,8481,8091,5921,565492