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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
+74.5%
$117.37
vs $67.26 price
Levered DCF
$105.28
After debt service
Piotroski score
6 / 9
Average
Altman Z-score
3.13
Safe zone
Rating
A
Overall 4 / 5
Ratios by fiscal year

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

MetricFY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018
P/E16.95×12.81×68.41×-5.33×-161.27×-13.25×-4.38×70.46×
P/B6.3×5.86×11.14×6.64×5.49×7.29×2.62×10.26×
P/S3.28×2.87×3.36×1.53×4.55×8.03×2.86×6.68×
EV / EBITDA25.1×24.39×34.86×-7.03×238.98×-15.88×-4.58×30.49×
Gross margin39.8%39.4%39.8%38.3%46.4%53.7%53.4%54.1%
Operating margin10.7%6.4%3.0%-5.7%-22.0%-43.7%-66.1%-29.1%
Net margin19.3%22.4%5.1%-28.7%-2.8%-60.6%-65.2%9.6%
Current ratio1.14×1.07×1.19×1.04×0.98×1.44×2.47×2.03×
Debt / equity0.45×0.53×1.05×1.6×0.8×0.85×0.55×1.4×
Interest coverage12.65×5.35×1.75×-3.24×-7.94×-10.62×-15.38×-4.68×
Dividend yield0.0%0.0%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%0.0%
Key metrics by fiscal year
MetricFY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018
Return on equity37.2%45.7%16.8%-124.5%-3.4%-55.1%-59.7%14.7%
Return on invested capital11.2%6.8%3.4%-7.6%-6.8%-17.2%-32.4%-11.8%
Return on assets16.3%19.2%4.9%-28.5%-1.3%-20.3%-26.7%4.2%
Free cash flow yield5.7%5.5%2.7%0.8%-0.9%-3.8%-13.2%-3.0%
Earnings yield5.9%7.8%1.5%-18.7%-0.6%-7.6%-22.8%1.4%
Enterprise value$175.4B$131.3B$131.7B$55.6B$86B$93.9B$33.9B$72.8B
Net debt / EBITDA0.71×0.93×1.68×-0.86×18.55×-0.76×0.43×1.28×
Cash conversion cycle (days)1520282629343035