| Market Cap | $795.1M | |
| Enterprise Value | $771.8M | |
| Revenue | $493.7M | +5.4% |
| Gross Profit | $419.7M | +7.9% |
| EBITDA | $37.6M | — |
| Net Income | $185.8M | — |
| Diluted EPS | $1.87 | — |
| Free Cash Flow | $125.0M | −2.8% |
| Ratio | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Trend · 9y | vs own | vs sector |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| ▾Margins | ||||||||||||
| Gross Margin | 84.03% | 85.36% | 85.22% | 85.63% | 82.81% | 81.00% | 81.93% | 82.96% | 84.95% | 61% | 94% | |
| Operating Margin | −48.12% | −35.92% | −33.40% | −31.04% | −36.15% | −34.89% | −22.35% | −12.79% | 1.19% | 94% | 51% | |
| EBITDA Margin | −46.43% | −34.48% | −31.99% | −28.57% | −33.18% | −30.19% | −17.67% | −8.38% | 3.85% | 94% | 46% | |
| NOPAT Margin | −38.01% | −28.38% | −26.38% | −24.52% | −28.55% | −27.56% | −17.65% | −10.10% | 1.19% | 94% | 50% | |
| Net Margin | −47.91% | −34.58% | −30.26% | −32.26% | −38.19% | −34.63% | −17.46% | −9.14% | 35.20% | 94% | 95% | |
| FCF Margin | −15.90% | −7.93% | −3.21% | 2.84% | −3.37% | 3.33% | 16.21% | 24.62% | 22.72% | 83% | 81% | |
| FCFF Margin | — | — | — | — | — | — | — | — | 24.52% | — | 50% | 71% |
| OCF Margin | −14.86% | −4.76% | −0.10% | 4.73% | −2.14% | 4.58% | 16.71% | 25.22% | 23.32% | 83% | 76% | |
| Gross Profitability | — | 50.99% | 32.56% | 22.99% | 28.90% | 36.72% | 38.14% | 41.83% | 42.24% | 81% | 75% | |
| Capex Intensity | 1.03% | 3.17% | 3.11% | 1.89% | 1.23% | 1.25% | 0.50% | 0.60% | 0.60% | 28% | 23% | |
| ▸Returns on Capital · 6 ratios | ||||||||||||
| ▸DuPont factors (ROE drivers) · 4 ratios | ||||||||||||
| ▸Earnings quality · 7 ratios | ||||||||||||
| ▸Liquidity & coverage · 8 ratios | ||||||||||||
| ▸Leverage · 9 ratios | ||||||||||||
| ▸Working capital · 5 ratios | ||||||||||||
| ▸Capital allocation · 2 ratios | ||||||||||||
| ▸Per share · 6 ratios | ||||||||||||
| ▸Other · 1 ratios | ||||||||||||
The five drivers multiply to 70.6% vs reported ROE 90.4%. High ROE from margin and turnover is earned; from the equity multiplier it is borrowed.
| Line | 2018↗ | 2019↗ | 2020↗ | 2021↗ | 2022↗ | 2023↗ | 2024↗ | 2025↗ | 2026↗ |
|---|---|---|---|---|---|---|---|---|---|
| Revenue | $79.6M | $117.8M | $166.4M | $213.6M | $281.4M | $370.8M | $430.7M | $467.5M | $492.5M |
| YoY % | +48.0% | +41.2% | +28.4% | +31.8% | +31.8% | +16.2% | +8.5% | +5.4% | |
| Cost of Revenue | $12.7M | $17.3M | $24.6M | $30.7M | $48.4M | $70.4M | $77.8M | $79.7M | $74.1M |
| YoY % | +35.7% | +42.4% | +24.8% | +57.6% | +45.6% | +10.5% | +2.4% | -6.9% | |
| Gross Profit | $66.9M | $100.6M | $141.8M | $182.9M | $233.0M | $300.4M | $352.9M | $387.8M | $418.4M |
| YoY % | +50.3% | +41.0% | +29.0% | +27.4% | +28.9% | +17.5% | +9.9% | +7.9% | |
| R&D Expense | $33.5M | $38.9M | $49.0M | $64.6M | $95.7M | $134.9M | $139.8M | $141.5M | $126.9M |
| YoY % | +15.9% | +26.1% | +31.7% | +48.2% | +41.0% | +3.6% | +1.2% | -10.3% | |
| Selling & Marketing Expense | $47.4M | $64.1M | $97.3M | $122.2M | $161.6M | $195.6M | $196.8M | $201.8M | $184.0M |
| YoY % | +35.3% | +52.0% | +25.5% | +32.3% | +21.0% | +0.6% | +2.6% | -8.8% | |
| SG&A Expense | $24.3M | $40.0M | $51.0M | $62.4M | $77.4M | $99.2M | $112.6M | $104.3M | $101.6M |
| YoY % | +64.2% | +27.5% | +22.5% | +24.0% | +28.2% | +13.4% | -7.4% | -2.6% | |
| Total Operating Expenses | $105.2M | $142.9M | $197.3M | $249.2M | $334.7M | $429.7M | $449.1M | $447.6M | $412.6M |
| YoY % | +35.8% | +38.1% | +26.3% | +34.4% | +28.4% | +4.5% | -0.3% | -7.8% | |
| Operating Income | -$38.3M | -$42.3M | -$55.6M | -$66.3M | -$101.7M | -$129.4M | -$96.2M | -$59.8M | $5.8M |
| Interest Expense | — | — | — | — | — | $5.4M | $6.5M | $9.3M | $8.9M |
| YoY % | +19.6% | +42.4% | -4.3% | ||||||
| Interest & Investment Income | $371,000 | $1.2M | $5.7M | $4.2M | $762,000 | $5.4M | $22.1M | $27.5M | $22.7M |
| YoY % | +236.7% | +355.7% | -25.7% | -82.0% | +606.4% | +310.6% | +24.4% | -17.5% | |
| Other Non-Operating Income | $682,000 | $1.0M | $203,000 | -$794,000 | -$573,000 | -$637,000 | -$433,000 | -$215,000 | $489,000 |
| YoY % | +51.3% | -80.3% | |||||||
| Impairment of Real Estate | — | — | — | $0 | $0 | $1.2M | $8.4M | $0 | $1.2M |
| YoY % | +597.3% | -100.0% | |||||||
| Pretax Income | -$38.0M | -$40.0M | -$49.7M | -$72.8M | -$106.9M | -$130.1M | -$77.4M | -$41.8M | $20.2M |
| Income Tax | $184,000 | $701,000 | $675,000 | -$3.9M | $535,000 | -$839,000 | -$12,000 | $1.8M | -$152.5M |
| YoY % | +281.0% | -3.7% | |||||||
| Net Income (incl. NCI) | — | — | — | -$68.9M | -$107.5M | -$129.2M | -$77.4M | -$43.5M | $172.7M |
| Net Income | -$38.1M | -$40.7M | -$50.3M | -$68.9M | -$107.5M | -$128.4M | -$75.2M | -$42.7M | $173.4M |
| Net Income to Common | — | — | — | — | -$107.5M | -$128.4M | -$81.8M | -$54.5M | $173.9M |
| EPS (Basic) | — | — | -$0.77 | -$0.87 | -$1.27 | -$1.45 | -$0.89 | -$0.59 | $1.91 |
| EPS (Diluted) | — | — | -$0.77 | -$0.87 | -$1.27 | -$1.45 | -$0.89 | -$0.59 | $1.87 |
| Weighted Avg Shares (Basic) | — | — | 65.5M | 79.6M | 84.5M | 88.7M | 92.3M | 92.0M | 91.2M |
| YoY % | +21.5% | +6.2% | +5.0% | +4.1% | -0.4% | -0.9% | |||
| Weighted Avg Shares (Diluted) | — | — | 65.5M | 79.6M | 84.5M | 88.7M | 92.3M | 92.0M | 93.0M |
| YoY % | +21.5% | +6.2% | +5.0% | +4.1% | -0.4% | +1.1% |
The sector classification is SIC-derived, not official GICS. Statement lines are XBRL facts as filed with the company's home regulator (SEC EDGAR for US filers; ESEF/EDINET and other national regulators for foreign filers); ratios and other derived figures are computed from them. A blank cell means the tag was absent — never imputed.
