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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
+33.8%
$113.78
vs $85.07 price
Levered DCF
-$3.92
After debt service
Piotroski score
6 / 9
Average
Altman Z-score
0.46
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/E14.59×12.94×10.09×13.03×9.62×71.86×13.06×10.69×
P/B1.64×1.34×0.98×0.87×1.04×0.67×1.26×1.13×
P/S2.4×1.92×1.57×1.88×2.35×1.51×2.24×2.19×
EV / EBITDA16.64×10.32×8.65×9.97×4.16×12.27×13.15×11.21×
Gross margin64.8%62.2%66.9%87.3%100.3%73.1%79.6%83.8%
Operating margin20.4%18.6%18.8%18.7%35.6%3.0%24.6%28.2%
Net margin17.3%15.7%16.6%16.4%26.6%4.1%18.7%22.2%
Current ratio0.29×0.27×0.29×0.21×0.28×0.35×0.31×0.34×
Debt / equity2.35×1.57×1.6×1.25×1.04×1.47×1.78×1.71×
Interest coverage0.63×0.54×0.66×1.72×7.55×0.31×1.38×1.95×
Dividend yield2.2%2.6%3.3%3.4%1.9%4.9%4.1%4.2%
Payout ratio30.4%31.6%31.0%38.7%16.4%181.9%48.6%41.6%
Key metrics by fiscal year
MetricFY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018
Return on equity11.8%11.0%10.3%7.6%11.8%1.8%10.5%11.4%
Return on invested capital3.2%3.6%3.3%3.1%6.0%0.5%3.8%4.2%
Return on assets1.0%1.0%1.0%0.7%1.1%0.2%1.0%1.2%
Free cash flow yield-6.4%1.3%22.2%17.2%-5.9%1.7%2.8%16.3%
Earnings yield7.2%8.2%10.5%8.7%11.3%2.7%8.3%10.1%
Enterprise value$547.8B$319.2B$241.5B$224B$155.8B$131.6B$427.8B$382.7B
Net debt / EBITDA7.64×2.54×2.15×2.98×-1.04×0.68×5.88×4.73×
Cash conversion cycle (days)68123170194173261188217