Toyota Motor Corporation (TM) Discounted Free Cash Flow - Perpetuity

Toyota Motor Corporation

TM (NYSE)

(%)

Valuation
Toyota Motor Corporation Discounted Free Cash Flow - Perpetuity

"""
    Model: Discounted Free Cash Flow - Perpetuity

# Render model description
model.render_description(r"""
## Discounted Free Cash Flow Model

Discounted Free Cash Flow calculates the value of a share based on the company's estimated future Free Cash Flow figures.

See our [GitHub Model Documentation](https://github.com/DiscountingCashFlows/Documentation/blob/main/models-documentation/discounted-free-cash-flow.md#discounted-free-cash-flow-model-source-code)
""")

# Initialize assumptions
assumptions.init({
    "data": {
        "%discount_rate": None,
        "beta": data.get("profile:beta", default=1),
        "%risk_free_rate": data.get("treasury:year10"),
        "%market_premium": data.get("risk:totalEquityRiskPremium"),
        "%tax_rate": None,
        "%growth_in_perpetuity": "2.5%",
        "historical_years": 10,
        "projection_years": 5,
        "%revenue_growth_rate": None,
        "%operating_cash_flow_margin": None,
        "%capital_expenditure_margin": None,
    },
    "hierarchies": [{
        "parent": "%discount_rate",
        "children": [
            "beta",
            "%risk_free_rate",
            "%market_premium",
            "%tax_rate"
        ]
    }]
})

# WACC Calculation
risk_free_rate = assumptions.get("%risk_free_rate")
beta = assumptions.get("beta")
market_premium = assumptions.get("%market_premium")
cost_of_equity = risk_free_rate + beta * market_premium
cost_of_debt = data.get("income:interestExpense / balance:totalDebt")
if cost_of_debt is None:
    # Use the 10-year Treasury yield instead
    cost_of_debt = data.get("treasury:year10")

tax_rate = data.get("income:incomeTaxExpense / income:incomeBeforeTax")
if tax_rate is None or tax_rate < 0:
    # Fall back to the statutory corporate rate
    tax_rate = data.get("risk:corporateTaxRate")
assumptions.set("%tax_rate", tax_rate)

market_cap = data.get("profile:price * income:weightedAverageShsOut")
debt_weight = data.get(f"balance:totalDebt / ({market_cap} + balance:totalDebt)")
if debt_weight is None:
    # Assume zero leverage if missing
    debt_weight = 0

equity_weight = 1 - debt_weight
wacc = debt_weight * cost_of_debt * (1 - assumptions.get("%tax_rate")) + equity_weight * cost_of_equity

# Set the discount rate to the WACC
assumptions.set("%discount_rate", wacc)

data.compute({
    "%operatingCashFlowMargin": "flow:operatingCashFlow / income:revenue",
    "positiveCapitalExpenditure": "-1 * flow:capitalExpenditure",
    "%capitalExpenditureMargin": "positiveCapitalExpenditure / income:revenue",
    "%grossMargin": "income:grossProfit / income:revenue",
    "%operatingMargin": "income:operatingIncome / income:revenue",
    "%netMargin": "income:netIncome / income:revenue",
    "discountedFreeCashFlow": "flow:freeCashFlow",
    "%revenueGrowthRate": "function:growth:income:revenue",
})

data.set_default_range(f"{-assumptions.get('historical_years')}->0")

assumptions.set("%revenue_growth_rate", data.average("%revenueGrowthRate"))
# Limit revenue growth rate between 0% and 25%
assumptions.set_bounds(
    "%revenue_growth_rate", low=0, high="25%"
)

average_operating_cash_flow_margin = data.average("%operatingCashFlowMargin")
assumptions.set("%operating_cash_flow_margin", average_operating_cash_flow_margin)
# Limit OCF range from 0 to 100% (all revenue converted to OCF)
assumptions.set_bounds(
    "%operating_cash_flow_margin", low=0, high="100%"
)

average_capital_expenditure_margin = data.average("%capitalExpenditureMargin")
assumptions.set("%capital_expenditure_margin", average_capital_expenditure_margin)

# Limit CapEx range from 0 to 90% of OCF Margin
assumptions.set_bounds(
    "%capital_expenditure_margin",
    low=0,
    high=assumptions.get("%operating_cash_flow_margin")*.9
)

data.compute({
    "income:revenue": f"""
        income:revenue:-1 * 
        (1 + {assumptions.get('%revenue_growth_rate')})
    """,
    "%revenueGrowthRate": "function:growth:income:revenue",
    "flow:operatingCashFlow": f"""
        income:revenue * 
        {assumptions.get('%operating_cash_flow_margin')}
    """,
    "computedCapitalExpenditure": f"""
        income:revenue * 
        {assumptions.get('%capital_expenditure_margin')}
    """,
    "flow:freeCashFlow": "flow:operatingCashFlow - computedCapitalExpenditure",
    "positiveCapitalExpenditure": "flow:operatingCashFlow - flow:freeCashFlow",
    "discountedFreeCashFlow": f"""
        function:discount:flow:freeCashFlow 
        rate:{assumptions.get('%discount_rate')}
        continuous:true
    """,
    # Informational computations
    "%operatingCashFlowMargin": "flow:operatingCashFlow / income:revenue",
    "%capitalExpenditureMargin": "positiveCapitalExpenditure / income:revenue",
    "%freeCashFlowMargin": "flow:freeCashFlow / income:revenue",
    "#compoundedDiscountRate": f"""
        function:compound:1
        rate:{assumptions.get('%discount_rate')} 
        continuous:true
    """,
    "%compoundedDiscountRate": "#compoundedDiscountRate - 1",
}, forecast=assumptions.get("projection_years"))

# Calculating the Terminal Value
# TV = FCF * (1 + Growth in Perpetuity) / (Discount Rate - Growth in Perpetuity)
discount_rate = assumptions.get("%discount_rate")
growth_in_perpetuity = assumptions.get("%growth_in_perpetuity")
end_year = assumptions.get("projection_years")
terminal_value = data.get(f"""
    flow:freeCashFlow:{end_year} *
    (1 + {growth_in_perpetuity}) / ({discount_rate} - {growth_in_perpetuity})
""")

# Discount the terminal value into the present
tv_discount_rate = (1 + assumptions.get("%discount_rate")) ** assumptions.get('projection_years')
discounted_terminal_value = terminal_value / tv_discount_rate

# Get the sum between current date and projection years
discounted_free_cash_flow_sum = data.sum("discountedFreeCashFlow:1->*")

# Add all Discounted FCFs and the Discounted Terminal Value to calculate the enterprise value
enterprise_value = discounted_terminal_value + discounted_free_cash_flow_sum

# Equity value is calculated by adding cash and subtracting total debt from the enterprise value
equity_value = data.get(f"{enterprise_value} + balance:cashAndShortTermInvestments -  balance:totalDebt")

stock_value = equity_value / data.get("income:weightedAverageShsOut")

model.set_final_value({
    "value": stock_value,
    "units": '$'
})

fcf_5y_cagr = data.cagr(f"flow:freeCashFlow:-1->{assumptions.get('projection_years')}")
revenue_5y_cagr = data.cagr(f"income:revenue:-1->{assumptions.get('projection_years')}")

model.render_results([
    [terminal_value, "Terminal Value", "$"],
    [discounted_terminal_value, "Discounted Terminal Value", "$"],
    [discounted_free_cash_flow_sum, "Sum of Discounted Free Cash Flow", "$"],
    [enterprise_value, "Enterprise Value", "$"],
    [data.get("balance:cashAndCashEquivalents"), "Cash and Equivalents", "$"],
    [data.get("balance:totalDebt"), "Total Debt", "$"],
    [equity_value, "Equity Value", "$"],
    [data.get("income:weightedAverageShsOut"), "Shares Outstanding", "$"],
    [stock_value, "Estimated Value per Share", "$"],
    [data.get("treasury:year10"), "Yield of the U.S. 10 Year Treasury Note", "%"],
    [average_operating_cash_flow_margin, "Average Cash from Operating Activities Margin", "%"],
    [average_capital_expenditure_margin, "Average Capital Expenditure Margin", "%"],
    [cost_of_equity, "Cost of Equity", "%"],
    [equity_weight, "Equity Weight", "%"],
    [cost_of_debt, "Cost of Debt", "%"],
    [debt_weight, "Debt Weight", "%"],
    [revenue_5y_cagr, "Forecasted Revenue - 5 Year CAGR", "%"],
    [fcf_5y_cagr, "Forecasted Free Cash Flow - 5 Year CAGR", "%"],
])

model.render_chart({
    "data": {
        "income:revenue": "Revenue",
        "flow:operatingCashFlow": "Operating Cash Flow",
        "flow:freeCashFlow": "Free Cash Flow",
        "positiveCapitalExpenditure": "Capital Expenditure",
        "discountedFreeCashFlow": "Discounted Free Cash Flow"
    },
    "start": -assumptions.get("historical_years"),
    "end": "*",
    "properties": {
        "title": "Historical Values",
        "set_editable": [
            "income:revenue",
            "flow:operatingCashFlow",
            "flow:freeCashFlow"
        ],
        "hidden_keys": [
            "positiveCapitalExpenditure",
            "discountedFreeCashFlow"
        ],
        "width": "full"
    },
})

# Forecast table
model.render_table({
    "data": {
        "income:revenue": "Revenue",
        "%revenueGrowthRate": "Revenue Growth Rate",
        "flow:operatingCashFlow": "Operating Cash Flow",
        "%operatingCashFlowMargin": "Operating Cash Flow Margin",
        "positiveCapitalExpenditure": "Capital Expenditure",
        "%capitalExpenditureMargin": "Capital Expenditure Margin",
        "flow:freeCashFlow": "Free Cash Flow",
        "%freeCashFlowMargin": "Free Cash Flow Margin",
        "%compoundedDiscountRate": "Compounded Discount Rate",
        "discountedFreeCashFlow": "Discounted Free Cash Flow",
    },
    "start": -1,
    "end": "*",
    "properties": {
        "title": "Forecast Data",
        "order": "ascending",
        "include_ltm": False,
        "number_format": "M",
        "width": "full"
    },
})

# Historical table
model.render_table({
    "data": {
        "income:revenue": "Revenue",
        "%revenueGrowthRate": "Revenue Growth Rate",
        "income:costOfRevenue": "Cost of Revenue",
        "income:grossProfit": "Gross Profit",
        "%grossMargin": "Gross Margin",
        "income:operatingIncome": "Operating Income",
        "%operatingMargin": "Operating Margin",
        "income:netIncome": "Net Income",
        "%netMargin": "Net Margin",
        "flow:operatingCashFlow": "Cash from Operating Activities",
        "%operatingCashFlowMargin": "Cash from Operating Activities Margin",
        "positiveCapitalExpenditure": "Capital Expenditure",
        "%capitalExpenditureMargin": "Capital Expenditure Margin",
        "flow:freeCashFlow": "Free Cash Flow",
    },
    "start": -assumptions.get("historical_years"),
    "end": 0,
    "properties": {
        "title": "Historical Data",
        "display_averages": True,
        "order": "descending",
        "number_format": "M"
    },
})

assumptions.set_description({
    "%discount_rate": r"""
        ## Discount Rate
        
        `Discount Rate` = `Equity Weight` * `Cost of Equity` + `Debt Weight` * `Cost of Debt` * (1 - `Tax Rate`)
        
        Calculated using Weighted Average Cost of Capital (WACC) formula. It represents a firm’s average after-tax cost of capital from all sources, including common stock, preferred stock, bonds, and other forms of debt.
        
        [Read More](https://www.investopedia.com/terms/w/wacc.asp)
        
        ---
        
        ### Cost of Equity
        
        `Cost of Equity` = `Risk Free Rate` + `Beta` * `Market Premium`
        
        The cost of equity is the theoretical rate of return that an equity investment should generate. It is calculated using the CAPM formula.
        
        [Read More](https://www.investopedia.com/terms/c/costofequity.asp#mntl-sc-block_1-0-20)
        
        ---
        
        ### Cost of Debt
        
        `Cost of Debt` = `Interest Expense` / `Total Debt`
        
        The cost of debt is the effective rate that a company pays on its debt, such as bonds and loans.
        
        [Read More](https://www.investopedia.com/terms/c/costofdebt.asp)
        
        ---
        
        ### Equity & Debt Weights
        
        `Debt Weight` = `Total Debt` / (`Market Capitalization` + `Total Debt`) = 1 - `Equity Weight`
        
        The Equity Weight represents the proportion of equity-based financing (Market Capitalization), while the Debt Weight represents the proportion of debt-based financing (Total Debt).
        
        ---
        
        ### Tax Rate
        
        `Tax Rate` = `Income Tax Expense` / `Income Before Tax`
        
        The overall tax rate paid by the company on its earned income.
    """,

"beta": r"""
        ## Beta
        
        Beta measures the volatility of a stock's price in relation to the overall stock market. A higher beta indicates greater price fluctuations relative to the market.
    """,

"%risk_free_rate": r"""
        ## Risk-Free Rate
        
        The risk-free rate represents the return an investor expects from an absolutely risk-free investment over a specified time period. By default, it is set to the current yield of the U.S. 10-Year Treasury Bond.
    """,

"%tax_rate": r"""
        ## Tax Rate
        
        `Tax Rate` = `Income Tax Expense` / `Income Before Tax`
        
        This is the company’s **effective tax rate**, reflecting the average rate of tax actually paid on its pre-tax earnings (including all statutory, deferred, and non-recurring items).
        
        This rate is used to adjust the after-tax cost of debt, since interest expense is tax-deductible.
        
        ## Discount Rate
        
        `Discount Rate` =  
        `Debt Weight` × `Cost of Debt` × (1 − `Tax Rate`)  
        + `Equity Weight` × `Cost of Equity`
    """,

"%market_premium": r"""
        ## Market Premium
        
        The market risk premium represents the additional return over the risk-free rate that investors expect for taking on the risks associated with equities.
    """,

"%growth_in_perpetuity": r"""
        ## Growth in Perpetuity
        
        The rate at which the company's free cash flow is assumed to grow indefinitely. By default, this rate equals the yield of the U.S. 10-Year Treasury Bond.
    """,

"historical_years": r"""
        ## Historical Years
        
        The number of years of historical data used to calculate averages and trends for analysis.
    """,

"projection_years": r"""
        ## Projection Years
        
        The number of years into the future for which the analysis projects financial performance and metrics.
    """,

"%revenue_growth_rate": r"""
        ## Revenue Growth Rate
        
        The annual growth rate applied to projected revenue, starting from the second projection year onward.
    """,

"%operating_cash_flow_margin": r"""
        ## Operating Cash Flow Margin
        
        `Projected Operating Cash Flow` = `Projected Revenue` * `Operating Cash Flow Margin`
        
        This margin represents the percentage of revenue used to estimate future Operating Cash Flow.
    """,

"%capital_expenditure_margin": r"""
        ## Capital Expenditure Margin
        
        `Projected Free Cash Flow` = `Projected Operating Cash Flow` - `Projected Revenue` * `Capital Expenditure Margin`
        
        This margin is used to estimate future capital expenditures as a percentage of revenue, which in turn is subtracted from Operating Cash Flow to calculate Free Cash Flow.
    """,
})

print(f"End of model.")

Model Info

Estimated Value

USD

Market Price USD

* Values are not guaranteed, please do your own
research before making investment decisions.

Discounted Free Cash Flow Model

Discounted Free Cash Flow calculates the value of a share based on the company's estimated future Free Cash Flow figures.

See our GitHub Model Documentation

Interactive Assumptions

Discount Rate Discount Rate `Discount Rate` = `Equity Weight` * `Cost of Equity` + `Debt Weight` * `Cost of Debt` * (1 - `Tax Rate`) Calculated using Weighted Average Cost of Capital (WACC) formula. It represents a firm’s average after-tax cost of capital from all sources, including common stock, preferred stock, bonds, and other forms of debt. Read More Cost of Equity `Cost of Equity` = `Risk Free Rate` + `Beta` * `Market Premium` The cost of equity is the theoretical rate of return that an equity investment should generate. It is calculated using the CAPM formula. Read More Cost of Debt `Cost of Debt` = `Interest Expense` / `Total Debt` The cost of debt is the effective rate that a company pays on its debt, such as bonds and loans. Read More Equity & Debt Weights `Debt Weight` = `Total Debt` / (`Market Capitalization` + `Total Debt`) = 1 - `Equity Weight` The Equity Weight represents the proportion of equity-based financing (Market Capitalization), while the Debt Weight represents the proportion of debt-based financing (Total Debt). Tax Rate `Tax Rate` = `Income Tax Expense` / `Income Before Tax` The overall tax rate paid by the company on its earned income.	%
↳ Beta Beta Beta measures the volatility of a stock's price in relation to the overall stock market. A higher beta indicates greater price fluctuations relative to the market.	#
↳ Risk Free Rate Risk-Free Rate The risk-free rate represents the return an investor expects from an absolutely risk-free investment over a specified time period. By default, it is set to the current yield of the U.S. 10-Year Treasury Bond.	%
↳ Market Premium Market Premium The market risk premium represents the additional return over the risk-free rate that investors expect for taking on the risks associated with equities.	%
↳ Tax Rate Tax Rate `Tax Rate` = `Income Tax Expense` / `Income Before Tax` This is the company’s effective tax rate, reflecting the average rate of tax actually paid on its pre-tax earnings (including all statutory, deferred, and non-recurring items). This rate is used to adjust the after-tax cost of debt, since interest expense is tax-deductible. Discount Rate `Discount Rate` = `Debt Weight` × `Cost of Debt` × (1 − `Tax Rate`) + `Equity Weight` × `Cost of Equity`	%
Growth In Perpetuity Growth in Perpetuity The rate at which the company's free cash flow is assumed to grow indefinitely. By default, this rate equals the yield of the U.S. 10-Year Treasury Bond.	%
Historical Years Historical Years The number of years of historical data used to calculate averages and trends for analysis.	#
Projection Years Projection Years The number of years into the future for which the analysis projects financial performance and metrics.	#
Revenue Growth Rate Revenue Growth Rate The annual growth rate applied to projected revenue, starting from the second projection year onward.	%
Operating Cash Flow Margin Operating Cash Flow Margin `Projected Operating Cash Flow` = `Projected Revenue` * `Operating Cash Flow Margin` This margin represents the percentage of revenue used to estimate future Operating Cash Flow.	%
Capital Expenditure Margin Capital Expenditure Margin `Projected Free Cash Flow` = `Projected Operating Cash Flow` - `Projected Revenue` * `Capital Expenditure Margin` This margin is used to estimate future capital expenditures as a percentage of revenue, which in turn is subtracted from Operating Cash Flow to calculate Free Cash Flow.	%

Results
Terminal Value	1,197 Bil. USD
Discounted Terminal Value	1,041 Bil. USD
Sum of Discounted Free Cash Flow	16.67 Bil. USD
Enterprise Value	1,058 Bil. USD
Cash and Equivalents	54.84 Bil. USD
Total Debt	269.5 Bil. USD
Equity Value	902.5 Bil. USD
Shares Outstanding	1.3 Bil. USD
Estimated Value per Share	692.4 USD
Yield of the U.S. 10 Year Treasury Note	4.26%
Average Cash from Operating Activities Margin	10.01%
Average Capital Expenditure Margin	10.75%
Cost of Equity	5.12%
Equity Weight	52.32%
Cost of Debt	0.387%
Debt Weight	47.68%
Forecasted Revenue - 5 Year CAGR	3.36%
Forecasted Free Cash Flow - 5 Year CAGR

Historical Values

Monetary values in USD

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{"l": "2026", "x": "2026-03-31", "y": 33131881299, "oy": 33131881299, "e": true, "d": 2026, "g": 34.44, "og": 34.44}, {"l": "2027", "x": "2027-03-31", "y": 34246769105, "oy": 34246769105, "e": true, "d": 2027, "g": 3.36, "og": 3.36}, {"l": "2028", "x": "2028-03-31", "y": 35399172885, "oy": 35399172885, "e": true, "d": 2028, "g": 3.37, "og": 3.37}, {"l": "2029", "x": "2029-03-31", "y": 36590355053, "oy": 36590355053, "e": true, "d": 2029, "g": 3.36, "og": 3.36}, {"l": "2030", "x": "2030-03-31", "y": 37821620500, "oy": 37821620500, "e": true, "d": 2030, "g": 3.36, "og": 3.36}], "dataType": ".", "displayAs": "line", "dataTimeseries": "annual", "hidden": false}, {"label": "Free Cash Flow", "mappingKey": "flow:freeCashFlow", "data": [{"l": "2016", "x": "2016-03-31", "y": 3567777003}, {"l": "2017", "x": "2017-03-31", "y": -1141620000}, {"l": "2018", "x": "2018-03-31", "y": 5751129216}, {"l": "2019", "x": "2019-03-31", "y": 249916490}, {"l": "2020", "x": "2020-03-31", "y": -12535795920}, {"l": "2021", "x": "2021-03-31", "y": -64907235}, {"l": "2022", "x": "2022-03-31", "y": -884172235}, {"l": "2023", "x": "2023-03-31", "y": -5650940412}, {"l": "2024", "x": "2024-03-31", "y": -5563232747}, {"l": "2025", "x": "2025-03-31", "y": -10405579338}, {"l": "2026", "x": "2026-03-31", "y": 3313188129, "oy": 3313188129, "e": true, "d": 2026, "g": -131.8, "og": -131.8}, {"l": "2027", "x": "2027-03-31", "y": 3424676910, "oy": 3424676910, "e": true, "d": 2027, "g": 3.36, "og": 3.36}, {"l": "2028", "x": "2028-03-31", "y": 3539917288, "oy": 3539917288, "e": true, "d": 2028, "g": 3.37, "og": 3.37}, {"l": "2029", "x": "2029-03-31", "y": 3659035505, "oy": 3659035505, "e": true, "d": 2029, "g": 3.37, "og": 3.37}, {"l": "2030", "x": "2030-03-31", "y": 3782162050, "oy": 3782162050, "e": true, "d": 2030, "g": 3.36, "og": 3.36}], "dataType": ".", "displayAs": "line", "dataTimeseries": "annual", "hidden": false}, {"label": "Capital Expenditure", "mappingKey": "positiveCapitalExpenditure", "data": [{"l": "2016", "x": "2016-03-31", "y": 36058015728}, {"l": "2017", "x": "2017-03-31", "y": 31784397075}, {"l": "2018", "x": "2018-03-31", "y": 33856635456}, {"l": "2019", "x": "2019-03-31", "y": 33721021853}, {"l": "2020", "x": "2020-03-31", "y": 34839410224}, {"l": "2021", "x": "2021-03-31", "y": 297104777}, {"l": "2022", "x": "2022-03-31", "y": 31465454460}, {"l": "2023", "x": "2023-03-31", "y": 27893797464}, {"l": "2024", "x": "2024-03-31", "y": 33354739158}, {"l": "2025", "x": "2025-03-31", "y": 35049341382}, {"l": "2026", "x": "2026-03-31", "y": 29818693169}, {"l": "2027", "x": "2027-03-31", "y": 30822092194}, {"l": "2028", "x": "2028-03-31", "y": 31859255597}, {"l": "2029", "x": "2029-03-31", "y": 32931319548}, {"l": "2030", "x": "2030-03-31", "y": 34039458450}], "dataType": ".", "displayAs": "line", "dataTimeseries": "annual", "hidden": true}, {"label": "Discounted Free Cash Flow", "mappingKey": "discountedFreeCashFlow", "data": [{"l": "2016", "x": "2016-03-31", "y": 3567777003}, {"l": "2017", "x": "2017-03-31", "y": -1141620000}, {"l": "2018", "x": "2018-03-31", "y": 5751129216}, {"l": "2019", "x": "2019-03-31", "y": 249916490}, {"l": "2020", "x": "2020-03-31", "y": -12535795920}, {"l": "2021", "x": "2021-03-31", "y": -64907235}, {"l": "2022", "x": "2022-03-31", "y": -884172235}, {"l": "2023", "x": "2023-03-31", "y": -5650940412}, {"l": "2024", "x": "2024-03-31", "y": -5563232747}, {"l": "2025", "x": "2025-03-31", "y": -10405579338}, {"l": "2026", "x": "2026-03-31", "y": 3298307150}, {"l": "2027", "x": "2027-03-31", "y": 3315660921}, {"l": "2028", "x": "2028-03-31", "y": 3332851700}, {"l": "2029", "x": "2029-03-31", "y": 3350387224}, {"l": "2030", "x": "2030-03-31", "y": 3368015010}], "dataType": ".", "displayAs": "line", "dataTimeseries": "annual", "hidden": true}], "editableDates": {"2026-03-31": 38, "2027-03-31": 39, "2028-03-31": 40, "2029-03-31": 41, "2030-03-31": 42}, "properties": {"display_table": true}, "width": "full"}

Edit Chart Values	2026-03-31	2027-03-31	2028-03-31	2029-03-31	2030-03-31

↳ Growth Rate

Forecast Data

Monetary values in USD amounts except #	2025 Mar 31	2026 Mar 31	2027 Mar 31	2028 Mar 31	2029 Mar 31	2030 Mar 31
Revenue	320,213	330,988	342,126	353,638	365,538	377,838
Revenue Growth Rate	7.47%	3.36%	3.36%	3.36%	3.36%	3.36%
Operating Cash Flow	24,644	33,132	34,247	35,399	36,590	37,822
Operating Cash Flow Margin	7.7%	10.01%	10.01%	10.01%	10.01%	10.01%
Capital Expenditure	35,049	29,819	30,822	31,859	32,931	34,039
Capital Expenditure Margin	10.95%	9.01%	9.01%	9.01%	9.01%	9.01%
Free Cash Flow	-10,406	3,313	3,425	3,540	3,659	3,782
Free Cash Flow Margin	-3.25%	1%	1%	1%	1%	1%
Compounded Discount Rate		0.451%	3.29%	6.21%	9.21%	12.3%
Discounted Free Cash Flow	-10,406	3,298	3,316	3,333	3,350	3,368

Historical Data

Monetary values in USD amounts except #	Average	LTM Jan 31	2025 Mar 31	2024 Mar 31	2023 Mar 31	2022 Mar 31	2021 Mar 31	2020 Mar 31	2019 Mar 31	2018 Mar 31	2017 Mar 31	2016 Mar 31
Revenue	277,013	319,066	320,213	297,945	279,660	257,783	245,748	277,729	272,605	276,402	247,685	252,305
Revenue Growth Rate	3.36%	-0.358%	7.47%	6.54%	8.49%	4.9%	-11.52%	1.88%	-1.37%	11.59%	-1.83%	11.23%
Cost of Revenue	225,264	261,721	256,365	236,048	232,142	208,725	202,111	227,689	223,507	224,749	204,041	200,804
Gross Profit	51,749	57,344	63,847	61,896	47,518	49,057	43,636	50,040	49,098	51,653	43,644	51,501
Gross Margin	18.66%	17.97%	19.94%	20.77%	16.99%	19.03%	17.76%	18.02%	18.01%	18.69%	17.62%	20.41%
Operating Income	24,611	28,021	31,967	35,367	20,511	24,610	19,846	22,310	22,255	22,578	17,899	25,352
Operating Margin	8.84%	8.78%	9.98%	11.87%	7.33%	9.55%	8.08%	8.03%	8.16%	8.17%	7.23%	10.05%
Net Income	22,987	29,922	31,764	32,671	18,451	23,414	20,275	18,934	16,982	23,463	16,434	20,544
Net Margin	8.23%	9.38%	9.92%	10.97%	6.6%	9.08%	8.25%	6.82%	6.23%	8.49%	6.64%	8.14%
Cash from Operating Activities	27,654	31,169	24,644	27,792	22,243	30,581	232.2	22,304	33,971	39,608	32,027	39,626
Cash from Operating Activities Margin	10.01%	9.77%	7.7%	9.33%	7.95%	11.86%	0.094%	8.03%	12.46%	14.33%	12.93%	15.71%
Capital Expenditure	29,867	30,214	35,049	33,355	27,894	31,465	297.1	34,839	33,721	33,857	31,784	36,058
Capital Expenditure Margin	10.74%	9.47%	10.95%	11.19%	9.97%	12.21%	0.121%	12.54%	12.37%	12.25%	12.83%	14.29%
Free Cash Flow	-2,338	954.8	-10,406	-5,563	-5,651	-884.2	-64.91	-12,536	249.9	5,751	-1,142	3,568