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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
+63.7%
$1,978.88
vs $1,208.62 price
Levered DCF
$1,062.86
After debt service
Piotroski score
6 / 9
Average
Altman Z-score
1.74
Distress zone
Rating
B-
Overall 2 / 5
Ratios by fiscal year

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

MetricFY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018
P/E41.09×55.7×38.28×39.16×60.09×57.44×37.62×22.67×
P/B-7.92×-13.11×-24.31×-8.1×-12.51×-6.85×-10.12×-11.38×
P/S8.69×10.39×7.32×5.63×7.6×5.33×5.61×5.4×
EV / EBITDA22.77×26.52×20.5×19.28×25.51×20.73×20.76×17.59×
Gross margin58.0%58.8%58.3%57.1%52.4%51.9%51.4%55.6%
Operating margin47.6%44.5%44.4%40.8%35.2%34.3%38.6%44.0%
Net margin23.5%21.6%19.7%16.0%14.2%13.7%14.9%23.8%
Current ratio3.21×1.58×4.27×3.96×4.23×4.31×3.16×4.06×
Debt / equity-3.1×-3.96×-9.96×-5.25×-6.86×-5.04×-5.84×-7.12×
Interest coverage2.56×2.63×2.4×2.05×1.54×1.65×2.33×2.5×
Dividend yield12.6%2.5%0.1%3.6%0.2%7.1%5.8%0.3%
Payout ratio464.3%118.9%2.9%126.0%10.7%275.8%219.9%6.2%
Key metrics by fiscal year
MetricFY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018
Return on equity-21.4%-27.2%-65.4%-23.0%-23.3%-17.6%-26.9%-50.2%
Return on invested capital15.3%13.8%11.8%9.9%8.8%8.9%10.5%14.0%
Return on assets9.1%6.7%6.5%4.8%3.5%3.8%4.8%7.4%
Free cash flow yield2.4%2.3%2.6%2.7%2.2%4.1%3.1%4.6%
Earnings yield2.7%2.1%2.7%2.8%1.9%2.6%2.7%4.4%
Enterprise value$103.9B$101.1B$64.5B$47.4B$51.7B$42.5B$44.7B$31.4B
Net debt / EBITDA5.96×4.89×5.18×6.85×7.51×7.46×7.16×6.06×
Cash conversion cycle (days)237237243230213210212204