Morningstar
Financial ratios & Valuation

Forward Multiples (2025 – 2027)

202520262027
Price/Earnings ratio
31.0425.0221.48
Price/Sales ratio
4.564.143.80
Earnings per Share (EPS)
$8.38$10.40$12.12

Historical Multiples (2014 – 2023)

2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 TTM Median
Valuation Ratios
Price/Earnings ratio
36.9426.8019.6430.2425.5642.5044.4276.07130.8786.4144.6425.56
Price/Sales ratio
3.804.503.964.544.585.487.148.654.935.986.544.58
Price/Book Value ratio
4.425.544.535.145.005.967.8110.387.649.189.315.00
Price/Cash Flow ratio
21.8714.8714.8016.5514.8619.3225.8532.6830.9838.5325.3014.86
Price/Free Cash Flow ratio
39.1419.5720.9622.5619.6025.3932.2942.2454.8261.8032.8219.60
Price/Earnings Growth ratio
-1.060.370.79-2.130.75-2.460.95-5.51-2.060.850.640.64
Dividend Yield
1.05%0.94%1.19%0.94%0.91%0.73%0.51%0.36%0.66%0.52%0.47%0.73%
Profitability Indicator Ratios
Gross Profit Margin
58.07%58.15%56.88%57.59%59.69%59.02%59.95%58.90%58.33%49.55%54.55%59.02%
Operating Profit Margin
13.89%24.16%22.63%18.62%21.15%16.08%15.48%15.12%8.97%11.31%18.91%18.91%
Pretax Profit Margin
14.98%24.55%28.16%19.86%22.83%16.83%20.36%14.74%6.98%8.54%18.44%18.44%
Net Profit Margin
10.30%16.81%20.16%15.01%17.94%12.89%16.09%11.37%3.76%6.92%14.66%14.66%
Effective Tax Rate
31.32%32.36%28.32%23.68%20.52%22.97%21.09%24.99%43.26%18.95%20.50%22.97%
Return on Assets
7.68%12.88%11.91%9.73%12.58%6.41%8.29%6.75%2.02%4.14%9.15%9.15%
Return On Equity
11.96%20.69%23.10%17.00%19.57%14.02%17.58%13.65%5.84%10.62%22.87%19.57%
Return on Capital Employed
14.55%26.30%17.12%15.68%19.78%10.11%10.39%12.36%6.47%9.14%15.76%15.76%
Liquidity Ratios
Current Ratio
1.361.341.601.631.651.211.16N/AN/AN/A1.141.21
Quick Ratio
1.331.341.601.631.651.211.161.130.910.921.141.21
Cash ratio
0.630.680.870.951.010.670.670.610.420.380.610.67
Days of Sales Outstanding
68.9664.4566.6359.3362.2760.3054.4559.6660.0761.6853.8460.30
Days of Inventory outstanding
10.300.000.00N/AN/AN/AN/AN/AN/AN/AN/AN/A
Operating Cycle
79.2764.4566.6359.3362.2760.3054.4559.6660.0761.6853.8460.30
Days of Payables Outstanding
5.8943.3447.2842.3944.6544.50153.3039.9835.6827.8229.0044.50
Cash Conversion Cycle
73.3721.1119.3516.9417.6115.80-98.8519.6824.3833.8524.8317.61
Debt Ratios
Debt Ratio
0.020.030.180.120.040.230.180.120.310.280.240.04
Debt Equity Ratio
0.040.050.350.220.070.500.380.250.910.730.550.07
Long-term Debt to Capitalization
N/AN/A0.260.180.060.310.260.200.470.410.350.06
Total Debt to Capitalization
0.040.050.260.180.060.330.270.200.470.420.350.06
Interest Coverage Ratio
325.37381.2120.5330.8752.6317.0819.38N/AN/AN/A7.8217.08
Cash Flow to Debt Ratio
4.406.820.851.384.490.600.781.250.260.320.660.60
Company Equity Multiplier
1.551.601.931.741.552.182.122.022.872.562.271.55
Cash Flow Ratios
Operating Cash Flow / Sales Ratio
0.170.300.260.270.300.280.270.260.150.150.250.28
Free Cash Flow / Operating Cash Flow Ratio
0.550.760.700.730.750.760.800.770.560.620.770.75
Cash Flow Coverage Ratio
4.406.820.851.384.490.600.781.250.260.320.660.60
Short Term Coverage Ratio
4.406.82N/AN/AN/A7.149.63N/A9.279.85N/A7.14
Dividend Payout Ratio
38.94%25.41%23.54%28.70%23.27%31.44%22.98%28.03%87.23%45.28%20.82%31.44%