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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
+18.3%
$40.40
vs $34.16 price
Levered DCF
$31.68
After debt service
Piotroski score
6 / 9
Average
Altman Z-score
11.44
Safe zone
Rating
B+
Overall 3 / 5
Ratios by fiscal year

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

MetricFY2025FY2024FY2023FY2022FY2021FY2020FY2019
P/E60.19×1,072.06×-38.85×-25.04×-35.78×-115.76×-138.91×
P/B9.73×13.19×8.14×8.4×15.91×-61.21×-87.25×
P/S3.36×4.11×2.51×3.38×10.18×35.03×43.35×
EV / EBITDA46.86×180.62×-43.18×-34.68×-36.43×-140.03×-142.12×
Gross margin25.8%24.0%21.6%18.7%18.4%17.0%9.3%
Operating margin5.0%0.3%-7.4%-14.1%-13.4%-26.7%-32.0%
Net margin5.6%0.4%-6.4%-10.1%-28.6%-30.1%-31.4%
Current ratio2.75×2.34×2.28×2.75×4.13×4.81×1.64×
Debt / equity0.02×0.02×0.04×0.09×0.09×-2.17×-1.38×
Interest coverage0×0×0×0×-19×-17.39×0×
Dividend yield0.0%0.0%0.0%0.0%0.0%0.0%0.0%
Payout ratio0.0%0.0%0.0%0.0%0.0%0.0%0.0%
Key metrics by fiscal year
MetricFY2025FY2024FY2023FY2022FY2021FY2020FY2019
Return on equity16.1%1.2%-20.6%-25.0%-44.6%52.7%63.3%
Return on invested capital13.9%0.8%-22.0%-29.8%-16.1%-34.4%-119.8%
Return on assets10.9%0.8%-12.6%-15.6%-28.1%-32.0%-68.4%
Free cash flow yield2.9%1.5%1.0%-2.0%-0.1%-0.6%-0.5%
Earnings yield1.7%0.1%-2.5%-3.0%-2.8%-0.9%-0.7%
Enterprise value$19.4B$19.5B$9.2B$8.8B$16.6B$29.3B$29.1B
Net debt / EBITDA-3.18×-8.05×2.65×1.79×1.55×-2.1×-1.49×
Cash conversion cycle (days)1316232718915