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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
-2.4%
$91.43
vs $93.66 price
Levered DCF
$201.49
After debt service
Piotroski score
4 / 9
Average
Altman Z-score
9.85
Safe zone
Rating
S
Overall 5 / 5
Ratios by fiscal year

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

MetricFY2026FY2025FY2024FY2023FY2022FY2021FY2020FY2019
P/E14.57×26.51×30.48×214.29×33.25×161.15×819.55×2,198.58×
P/B2.82×3×2.42×3.58×7.91×28.08×21.38×-2,240.34×
P/S5.68×5.74×4.29×5.06×11.15×40.89×28.63×50.42×
EV / EBITDA10.36×17.72×19.16×64.09×38.93×154.32×604.43×1,261.26×
Gross margin77.0%75.8%76.2%74.9%74.3%69.0%81.5%81.5%
Operating margin23.1%17.4%11.6%5.6%25.9%24.9%2.0%1.9%
Net margin39.0%21.7%14.1%2.4%33.6%25.4%4.1%2.3%
Current ratio4.33×4.56×4.5×3.66×3.91×3.8×3.28×1.82×
Debt / equity0.01×0.01×0.01×0.02×0.02×0.03×0.09×-2×
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 equity19.4%11.3%7.9%1.7%23.8%17.4%3.0%-101.9%
Return on invested capital8.8%6.9%4.9%1.6%17.7%16.1%1.3%2.8%
Return on assets15.9%9.2%6.4%1.3%18.2%12.7%2.0%2.1%
Free cash flow yield7.0%6.8%7.6%5.3%3.2%1.3%0.6%0.1%
Earnings yield6.9%3.8%3.3%0.5%3.0%0.6%0.1%0.0%
Enterprise value$26.5B$25.5B$17.9B$21.3B$44.8B$106.3B$17.6B$16.6B
Net debt / EBITDA-0.48×-0.89×-1.59×-2.99×-0.83×-3.1×-7.23×-3.7×
Cash conversion cycle (days)3536404235376641