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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
+23.4%
$736.66
vs $596.75 price
Levered DCF
$869.11
After debt service
Piotroski score
6 / 9
Average
Altman Z-score
22.22
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/E16.17×13.34×10.45×17.4×20.38×13.03×-36.85×8.04×
P/B3.04×2.47×1.72×2.64×2.45×1.98×1.39×1.7×
P/S6.78×5.54×4.42×6.53×5.76×4.52×2.66×2.91×
EV / EBITDA11.03×8.8×7.05×12.01×13.04×10.48×-53×5.15×
Gross margin87.9%89.2%88.9%92.4%92.7%92.7%91.9%87.8%
Operating margin47.7%47.9%50.9%50.6%33.0%40.0%-12.9%49.5%
Net margin41.9%41.5%42.3%37.6%28.2%34.7%-7.2%36.2%
Current ratio6.6×5.25×4.41×9.85×7.61×6.7×4.03×6.39×
Debt / equity0.01×0.05×0.12×0.17×0.2×0.24×0.31×0.09×
Interest coverage77.81×32.1×19.98×30.24×29.89×25.26×-4.24×57.94×
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 equity18.8%18.5%16.5%15.2%12.0%15.2%-3.8%21.1%
Return on invested capital16.1%15.4%13.5%13.1%9.2%11.1%-3.2%20.0%
Return on assets16.9%16.2%13.7%12.0%9.2%11.2%-2.7%17.3%
Free cash flow yield4.8%6.8%7.3%5.2%4.9%10.4%-7.5%12.5%
Earnings yield6.2%7.5%9.6%5.7%4.9%7.7%-2.7%12.4%
Enterprise value$20.1B$14.6B$9.8B$12.5B$9.6B$6.8B$4B$4.3B
Net debt / EBITDA-0.84×-0.84×-0.37×-0.15×-0.13×0.09×-1.49×-0.5×
Cash conversion cycle (days)207214194285311317297182