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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
+7.1%
$82.99
vs $77.47 price
Levered DCF
$82.52
After debt service
Piotroski score
6 / 9
Average
Altman Z-score
-0.35
Distress zone
Rating
B+
Overall 3 / 5
Ratios by fiscal year

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

MetricFY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018
P/E9.04×11.55×8.47×7.92×11.27×9.89×12.03×10.57×
P/B1.1×0.99×0.97×1.18×1.03×0.89×1.05×1.11×
P/S2.19×1.77×1.89×2.45×3.07×2.63×3.14×2.99×
EV / EBITDA9.56×9.94×7.75×4.48×0.35×0.04×8.69×7.87×
Gross margin77.7%65.6%74.8%92.9%94.2%87.8%88.2%90.6%
Operating margin30.4%18.6%26.7%38.2%33.8%32.3%32.5%35.1%
Net margin24.3%15.4%22.4%30.9%27.3%26.5%26.1%28.3%
Current ratio0.18×0.17×0.33×0.35×0.46×0.44×0.32×0.35×
Debt / equity0.74×0.39×0.33×0.17×0.2×0.21×0.2×0.16×
Interest coverage1.31×0.64×1.19×4.81×7.46×4.64×3.49×5.99×
Dividend yield3.4%3.9%3.0%2.6%2.4%2.7%2.2%2.5%
Payout ratio30.5%44.9%25.4%20.3%26.8%26.5%25.9%26.8%
Key metrics by fiscal year
MetricFY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018
Return on equity12.2%8.6%11.5%15.0%9.1%9.0%8.8%10.5%
Return on invested capital6.6%5.6%8.0%11.5%6.9%6.7%6.5%8.1%
Return on assets1.4%0.9%1.3%1.4%1.0%1.2%1.2%1.5%
Free cash flow yield12.1%9.9%15.5%13.7%8.6%13.8%8.3%11.3%
Earnings yield11.1%8.7%11.8%12.6%8.9%10.1%8.3%9.5%
Enterprise value$1.1B$667.2M$612.7M$420.6M$24.9M$3.1M$571.9M$487.3M
Net debt / EBITDA3.14×1.81×1.25×-1.51×-7.98×-7.4×-0.25×-0.08×
Cash conversion cycle (days)3132333432303631