Overall Score

Revenue Quality Mix

Gross margin remains strong at 61.2%, supporting a healthy product mix.

Revenue per share of 22.73 and price-to-sales of 1.00 suggest a reasonably valued top line.

Profitability Operating Efficiency

EBIT margin is 8.8% and operating margin is 8.0%, indicating modest but positive operating leverage.

Asset turnover of 0.81 and fixed asset turnover of 1.85 show acceptable efficiency, while ROIC of 5.8% remains only moderate.

Cash Conversion Working Capital

Free cash flow conversion is solid, with FCF at 84.3% of operating cash flow and FCF yield at 7.6%.

The current ratio of 2.06 and quick ratio of 1.06 indicate adequate liquidity, though the cash conversion cycle remains long at 194.8 days due to 241 days of inventory outstanding.

Balance Sheet Financial Risk

Leverage is manageable with debt-to-equity of 0.26 and net debt to EBITDA of 0.75.

Interest coverage is extremely strong at 265.1x, and the cash ratio of 0.50 provides a reasonable liquidity cushion.

Capital Allocation Shareholder Returns

Dividend yield is high at 7.9%, but the dividend payout ratio of 91.0% leaves limited room for reinvestment or cushion.

Book value per share of 18.50 and price-to-book of 1.23 suggest the market is not assigning a large premium to equity capital.