Target
Financial ratios & Valuation

Forward Multiples (2026 – 2029)

202620262027202720282029
Price/Earnings ratio
10.8510.2310.589.558.747.83
Price/Sales ratio
0.450.450.450.440.410.39
Earnings per Share (EPS)
$9.71$10.30$9.97$11.03$12.06$13.47

Historical Multiples (2010 – 2022)

2010 2011 2012 2016 2017 2019 2020 2022 TTM Median
Valuation Ratios
Price/Earnings ratio
15.8513.1112.8213.5113.4412.8017.2415.2914.3113.51
Price/Sales ratio
0.600.560.530.610.520.490.721.000.570.57
Price/Book Value ratio
2.562.472.373.503.353.334.788.284.313.50
Price/Cash Flow ratio
6.707.266.917.776.766.297.9412.318.497.77
Price/Free Cash Flow ratio
9.4912.1935.2310.319.4615.3113.8320.9113.6610.31
Price/Earnings Growth ratio
1.060.601.84-0.04-1.172.831.110.241.61-0.04
Dividend Yield
1.25%1.58%1.99%2.99%3.66%3.54%2.35%1.45%3.27%2.99%
Profitability Indicator Ratios
Gross Profit Margin
32.58%32.14%31.49%29.52%29.67%29.27%29.76%29.28%27.81%29.67%
Operating Profit Margin
7.14%7.79%7.61%6.65%7.15%5.45%5.96%8.43%5.54%7.15%
Pretax Profit Margin
5.92%6.67%6.37%6.67%5.70%4.87%5.36%8.40%5.24%5.70%
Net Profit Margin
3.80%4.33%4.19%4.55%3.93%3.89%4.20%6.55%4.06%4.06%
Effective Tax Rate
35.74%35.03%34.26%32.54%32.68%20.29%21.98%22.01%22.53%32.68%
Return on Assets
5.58%6.68%6.28%8.35%7.31%7.11%7.66%12.90%7.46%7.46%
Return On Equity
16.21%18.85%18.51%25.95%24.98%25.99%27.72%54.15%31.10%25.95%
Return on Capital Employed
14.07%15.61%16.45%17.76%20.09%15.64%16.46%27.90%16.24%20.09%
Liquidity Ratios
Current Ratio
1.621.701.15N/AN/AN/AN/AN/A0.94N/A
Quick Ratio
0.890.870.470.430.280.200.260.350.240.28
Cash ratio
0.050.050.040.320.190.100.170.270.150.19
Days of Sales Outstanding
44.0138.3130.963.643.935.324.494.65N/A3.93
Days of Inventory outstanding
59.4660.6360.3860.3762.0565.0359.8267.6871.2860.37
Operating Cycle
103.4898.9591.3564.0165.9870.3664.3172.3471.2864.01
Days of Payables Outstanding
53.9348.4247.9052.0754.1666.8465.9975.3667.7752.07
Cash Conversion Cycle
49.5550.5243.4411.9411.823.52-1.67-3.013.5011.82
Debt Ratios
Debt Ratio
0.650.640.660.310.340.270.260.250.270.34
Debt Equity Ratio
1.901.821.940.981.160.990.971.061.100.98
Long-term Debt to Capitalization
0.490.500.460.470.500.470.480.510.490.47
Total Debt to Capitalization
0.520.500.510.490.530.490.490.510.520.49
Interest Coverage Ratio
5.816.916.12N/AN/AN/AN/AN/A13.75N/A
Cash Flow to Debt Ratio
0.340.330.320.450.420.520.610.620.460.45
Company Equity Multiplier
2.902.822.943.103.413.653.614.194.033.10
Cash Flow Ratios
Operating Cash Flow / Sales Ratio
0.080.070.070.070.070.070.090.080.060.07
Free Cash Flow / Operating Cash Flow Ratio
0.700.590.190.750.710.410.570.580.610.71
Cash Flow Coverage Ratio
0.340.330.320.450.420.520.610.620.460.45
Short Term Coverage Ratio
3.4644.291.787.173.165.6744.2050.434.503.16
Dividend Payout Ratio
19.93%20.85%25.60%40.49%49.25%45.45%40.53%22.28%46.70%40.49%