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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
-56.3%
$136.44
vs $312.31 price
Levered DCF
$247.16
After debt service
Piotroski score
5 / 9
Average
Altman Z-score
21.12
Safe zone
Rating
A-
Overall 4 / 5
Ratios by fiscal year

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

MetricFY2026FY2025FY2024FY2023FY2022FY2021FY2020FY2019
P/E36.74×52.89×63.43×54.32×84.78×112.27×71.87×68.59×
P/B4.63×6.47×7.17×7.13×12.45×18.81×13.01×12.71×
P/S10.44×13.75×14.09×12.3×19.59×29.09×19.63×18.25×
EV / EBITDA25.74×38.3×52.22×46.96×64.02×100.58×67.92×64.07×
Gross margin75.5%74.5%71.3%71.7%72.8%72.1%72.5%71.6%
Operating margin28.7%25.2%18.2%21.3%27.3%25.8%25.9%25.8%
Net margin28.4%26.0%22.2%22.6%23.1%25.9%27.3%26.7%
Current ratio4.89×4.51×4.24×3.94×3.7×3.23×2.78×3.57×
Debt / equity0.01×0.01×0.01×0.02×0.02×0.03×0.03×0×
Interest coverage0×0×0×0×0×0×0×0×
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
MetricFY2026FY2025FY2024FY2023FY2022FY2021FY2020FY2019
Return on equity12.6%12.2%11.3%13.1%14.7%16.8%18.1%18.6%
Return on invested capital9.5%9.0%8.1%11.5%14.1%15.6%15.9%17.1%
Return on assets10.1%9.7%8.9%10.2%11.2%12.5%13.3%13.9%
Free cash flow yield4.2%2.8%2.7%2.9%2.1%1.3%2.0%1.9%
Earnings yield2.7%1.9%1.6%1.8%1.2%0.9%1.4%1.5%
Enterprise value$32B$36.7B$32.6B$25.7B$35.2B$42B$21.2B$15.2B
Net debt / EBITDA-1.06×-1.09×-1.04×-1.51×-1.97×-1.6×-1.35×-2.33×
Cash conversion cycle (days)132125120108122132116123