Jabil: Engineering Growth Across Industries

Jabil is one of the world’s leading manufacturing solutions providers, operating at the intersection of technology, engineering, and global supply chains. The company designs, builds, and manages products for some of the most dynamic industries, from cloud infrastructure and healthcare to automotive and renewable energy. With its deep technical expertise, global scale, and growing presence in high-value markets like AI hardware and automation, Jabil is transforming from a traditional contract manufacturer into a strategic innovation partner. The question is: Can this global manufacturing powerhouse continue to deliver long-term growth and shareholder value?

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For full disclosure, I should mention that I do not own any shares in Jabil at the time of writing this analysis. If you would like to copy or view my portfolio, you can find instructions on how to do so here. If you want to purchase shares or fractional shares of Jabil, you can do so through eToro. eToro is a highly user-friendly platform that allows you to get started on investing with as little as $50.

The Business

Jabil Inc. is a global manufacturing company that helps other companies design, build, and deliver a wide range of products, including medical devices, automotive components, data center hardware, networking equipment, consumer electronics, and warehouse automation systems. The company operates across industries such as healthcare, automotive, cloud computing, AI infrastructure, and connected devices. By combining engineering, automation, and supply chain management, Jabil supports the entire product lifecycle, from early design and prototyping to large-scale production and global distribution. Its worldwide network of factories allows it to produce goods close to where they are consumed, reducing transportation costs and supply chain risks for its customers. Jabil’s competitive moat is built on five interconnected strengths: operational excellence, a regional manufacturing footprint, scale and diversification, supply chain expertise, and the deep integration of automation and AI. Together, these capabilities make it very difficult for competitors to match Jabil’s efficiency, reliability, and ability to deliver complex manufacturing programs globally. The first advantage is operational excellence. Jabil’s culture emphasizes precision, accountability, and consistency. Its long-tenured teams have developed deep technical expertise that allows the company to execute complex projects dependably, which fosters strong and lasting relationships with customers. The second is its regional manufacturing footprint. Over the past decade, Jabil has evolved from being heavily reliant on Asia to maintaining a balanced presence across the Americas, Europe, and Asia. This allows it to produce closer to customers, avoiding tariff costs, shipping delays, and geopolitical risks, while meeting the growing demand for local production. The third strength is scale and diversification. Jabil serves hundreds of companies across different sectors, providing stability through economic cycles and flexibility to expand into new growth areas such as AI hardware, automation, and electrification. The fourth is supply chain expertise. Jabil manages one of the most complex supply networks in the world, with tens of thousands of suppliers and hundreds of thousands of unique parts. This enables it to adapt quickly to shortages or disruptions and maintain continuity of production for customers in challenging conditions. Finally, Jabil’s integration of automation and AI gives it a significant edge in both cost efficiency and quality. The company operates more than 25.000 robots and employs over 2,.000 automation engineers who develop proprietary systems that can adapt as products change. These technologies improve speed, precision, and safety, while reducing labor costs, particularly valuable as manufacturing expands in higher-cost regions like the United States. In essence, Jabil’s moat lies in its combination of global reach, technical know-how, operational discipline, and digital manufacturing capabilities. These qualities enable the company to execute large, complex projects efficiently and reliably, an ability that few competitors can replicate at the same scale or level of sophistication.

Management

Michael Dastoor serves as the CEO of Jabil Inc., a position he assumed in May 2024 after more than two decades with the company. He was also appointed to Jabil’s Board of Directors in September 2024. Over his 24-year tenure, Michael Dastoor has held several leadership roles across Jabil’s global operations, most recently serving as Executive Vice President and CFO from 2018 to 2024. Before that, he served as Senior Vice President and Controller and originally joined the company in 2000. Prior to joining Jabil, Michael Dastoor gained extensive international experience at Inchcape plc, where he served as Regional Chief Financial Officer overseeing regions such as the Eastern Mediterranean and Southeast Asia. He holds a degree in finance and accounting from the University of Bombay and is a Chartered Accountant through the Institute of Chartered Accountants in England and Wales. Michael Dastoor is known for his disciplined financial management, strategic clarity, and deep understanding of Jabil’s business model. His leadership combines analytical precision with operational expertise, developed through years of experience navigating the complexities of global manufacturing and supply chains. As CEO, he is focused on driving sustainable growth in areas such as AI infrastructure, healthcare, and automation while continuing to strengthen Jabil’s operational efficiency and regionalized manufacturing network. His measured and data-driven approach positions him to guide Jabil through its next phase of innovation and global expansion.

The Numbers

The first number we will look into is the return on invested capital, also known as ROIC. We want to see a 10-year history, with all numbers exceeding 10% in each year. Jabil has maintained a high ROIC for many years because of a combination of disciplined execution, a shift toward higher-margin markets, and efficient use of capital. Since 2018, the company has steadily improved its profitability and asset efficiency, delivering returns above 10% despite operating in an industry known for low margins. One of the main reasons is Jabil’s strong focus on efficiency. As the company has grown, it has found ways to make its operations run smoother and cheaper by improving how products are made, using more automation, and managing its supply chain more effectively. These improvements mean Jabil can earn more profit from each dollar it invests. Because it operates a large network of factories around the world and has deep experience managing its vast supply chain, Jabil can keep less money tied up in inventory or unused equipment. This efficient use of resources helps the company maintain a high ROIC. Another key factor is the company’s strategic shift toward more specialized and higher-value segments. Over the past decade, Jabil has moved away from low-margin, high-volume consumer electronics toward more engineering-driven industries such as healthcare, automotive, and AI infrastructure. These areas require more technical expertise and offer better pricing power, which helps raise margins and overall returns. Jabil’s capital discipline has also played an important role. Management has consistently divested lower-return businesses, such as its mobility unit, and redeployed resources into faster-growing, more profitable markets. Fiscal year 2025 marks an all-time high for Jabil’s ROIC, driven mainly by a surge in AI-related demand, particularly for data center and networking equipment. This growth has improved the company’s product mix, lifting margins at a time when its regionalized manufacturing model has also reduced costs and improved flexibility. Looking ahead, Jabil’s ROIC is expected to remain high and possibly improve modestly if current trends continue. Growth in automation, AI infrastructure, and healthcare manufacturing provides a strong foundation for sustained profitability, while ongoing efficiency gains should help offset any cyclical weakness in other markets. However, as with any capital-intensive business, maintaining peak levels may become harder over time as growth slows or as new investments require more upfront capital.

The next numbers are the book value + dividend. In my old format this was known as the equity growth rate. It was the most important of the four growth rates I used to use in my analyses, which is why I will continue to use it moving forward. As you are used to see the numbers in percentage, I have decided to share both the numbers and the percentage growth year over year. To put it simply, equity is the part of the company that belongs to its shareholders – like the portion of a house you truly own after paying off part of the mortgage. Growing equity over time means the company is becoming more valuable for its owners. So, when we track book value plus dividends, we’re essentially looking at how much value is being built for shareholders year after year. Jabil’s equity has dropped sharply over the past two years, reaching its lowest point in more than a decade in fiscal year 2025. This decline is not a sign of financial trouble but rather the result of intentional decisions by management. The main reason is Jabil’s large share buyback program. When the company buys back its own shares, it uses cash to do so, which reduces total assets. At the same time, those repurchased shares are recorded as “treasury stock,” which lowers the equity figure on the balance sheet. In other words, even though Jabil remains profitable and financially strong, these buybacks make its reported equity appear smaller. Another reason for the decline is that Jabil has sold parts of its business, such as its mobility division. When a company sells a division, it often ends up with fewer assets on its balance sheet, which can reduce equity. These transactions can also create one-time costs, like restructuring expenses or write-downs, that temporarily lower profits. In Jabil’s case, some of these charges have reduced retained earnings, which is a key part of total equity. It’s also worth noting that while equity has decreased, Jabil has continued to grow its cash flows and returns on capital. This suggests that the drop in equity is part of a deliberate capital allocation strategy rather than a sign of financial stress. By repurchasing shares and streamlining its business portfolio, the company is effectively shrinking its equity base while maintaining strong profitability. As a result, key efficiency metrics like ROIC have improved, even as book equity has declined. Looking ahead, Jabil’s equity could increase again if the company slows its share repurchases or retains more of its earnings. Continued profitability in high-growth areas like AI infrastructure, automation, and healthcare manufacturing would also naturally lift retained earnings over time. However, if Jabil maintains its current approach of returning large amounts of cash to shareholders, equity may remain at lower levels even as the business continues to perform well.

Finally, we will analyze the free cash flow. Free cash flow, in short, refers to the cash that a company generates after covering its operating expenses and capital expenditures. I use levered free cash flow margin because I believe that margins offer a better understanding of the numbers. Free cash flow yield refers to the amount of free cash flow per share that a company is expected to generate in relation to its market value per share. Jabil’s free cash flow was deeply negative in fiscal years 2017 and 2018 mainly because the company was in a heavy investment phase. It spent large amounts of money on new facilities, equipment, and inventory to support major customer programs that were ramping up at the time. It also had to keep more cash tied up in day-to-day operations, such as holding more inventory and waiting longer to receive payments from customers, which temporarily reduced the amount of cash left over. These investments, along with some restructuring costs, used more cash than the business generated. From 2019 onward, free cash flow turned consistently positive as those upfront investments began to pay off. Jabil became more efficient, automated more of its operations, and improved how it managed inventory and supplier relationships. The company also shifted its focus away from lower-margin consumer electronics toward higher-value areas like healthcare, automotive, cloud, and industrial systems. These changes allowed it to generate more cash while spending less on new factories, machines, and production tools compared with its revenue. Free cash flow and levered free cash flow margin reached record levels from 2023 onward, with fiscal 2025 marking an all-time high. There are several reasons for this. Selling its mobility business freed up money and allowed the company to focus on more profitable areas. At the same time, demand for products used in artificial intelligence, cloud computing, and automated warehouses grew quickly, which lifted earnings. Jabil also benefited from producing goods closer to where they are sold, which cut transportation costs and reduced the amount of money tied up in materials and inventory. All these factors helped the company turn stronger profits into higher cash flow. This improvement is expected to continue, provided that demand remains solid in high-growth areas like AI and automation and that the company maintains its focus on operational discipline. Free cash flow may fluctuate with economic cycles, but Jabil’s current mix of higher-margin business and efficient operations gives it a good foundation for sustaining strong cash generation. Jabil uses its free cash flow in a balanced way. The company invests organically in areas with the highest returns, such as AI infrastructure and healthcare technology, and selectively acquires businesses that add new capabilities. It also returns about 80% of its annual free cash flow to shareholders through share buybacks and dividends. Jabil uses its free cash flow in a balanced way. The company invests in areas with the highest potential returns, such as AI infrastructure and healthcare technology, and selectively acquires businesses that add new capabilities. It also returns about 80% of its annual free cash flow to shareholders through share buybacks and dividends. Since fiscal year 2013, Jabil has reduced its number of shares outstanding by 47%, reaching that level at the end of fiscal year 2025. Free cash flow yield indicates that Jabil is trading at one of its most attractive valuations in the past decade. However, we will return to valuation later in the analysis.

Debt

Another important area to look at is debt. A simple way to assess it is by comparing total long-term debt to earnings to see how many years it would take to pay it off. Based on this measure, Jabil has about 3,8 years of earnings in debt. That’s a little higher than ideal but not a concern. The company has a strong balance sheet, with debt equal to about 1,3 times its yearly EBITDA and around $1,9 billion in cash on hand. Its loans are spread out over several years and carry low interest rates, which reduces financial risk. Management has also said it is committed to keeping an investment-grade credit rating, showing that Jabil’s debt level is both manageable and well controlled.

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Risks

Customer demand volatility is one of Jabil’s most significant risks because the company’s entire business model depends on accurately predicting and meeting its customers’ production needs, even though those customers often change their plans with little notice. Most of Jabil’s customers only provide firm orders one quarter at a time and can freely cancel or adjust them. This uncertainty makes it difficult for Jabil to plan its production schedules, allocate labor, or decide how much inventory and equipment to invest in. When customers delay or cancel orders, Jabil can be left with unused factory capacity, excess inventory, and components that can’t be sold or reused. Since many of the company’s costs, such as staffing, equipment, and facilities, are fixed, even small changes in customer demand can quickly reduce profit margins. This risk is amplified by the nature of Jabil’s customer base, which includes large companies in fast-moving industries like electronics, cloud, and automotive. These sectors are sensitive to shifts in consumer demand, technological changes, and broader economic cycles. When end-market demand falls or customers launch fewer products, Jabil’s production volumes can decline sharply. The company also faces the opposite challenge when customers suddenly ramp up production or request relocation of manufacturing. Meeting those requests often requires rapid hiring, additional equipment purchases, or shifting production between facilities, which can drive up costs and strain resources. Periods of rapid growth bring their own form of risk. Scaling production quickly requires additional capital investments, careful supply chain coordination, and hiring skilled workers, all of which can pressure margins and disrupt operations if not managed effectively. Customer demand volatility also affects Jabil’s cash flow. The company must often invest in materials, equipment, and staff before it gets paid, and payment only arrives after products are shipped. If a customer delays production or payment, Jabil may face cash shortfalls despite having already spent significant amounts to prepare for that customer’s orders.

Customer concentration is a key risk for Jabil because a large share of its revenue depends on a relatively small number of clients. In fiscal year 2025, just five customers accounted for about 36% of total revenue, while 87 customers made up around 90%. This means that Jabil’s financial performance is closely tied to the business decisions, stability, and ongoing demand of a limited group of companies. If one of these large customers reduces its orders, shifts production to another manufacturer, or ends the relationship entirely, it could lead to a sudden and significant drop in revenue. Because many of Jabil’s manufacturing contracts are short-term or project-based, the company has limited visibility into future demand and little ability to lock customers into long-term commitments. Even a modest reduction in orders from a major customer can create challenges, especially since Jabil’s operating costs, such as factory maintenance, equipment, and staff, are relatively fixed and cannot be scaled down immediately. This dependence also exposes Jabil to risks that are outside its control. If a large customer faces its own financial problems, experiences a product failure, or undergoes a strategic shift such as outsourcing to a competitor or moving production in-house, Jabil could lose a meaningful portion of its business. Similarly, if a key customer delays payments or becomes insolvent, Jabil’s cash flow and balance sheet could be directly affected. Another layer of risk comes from Jabil’s position in fast-moving industries like electronics, cloud infrastructure, and automotive. These sectors can change rapidly as technology evolves and consumer preferences shift. When customers in these areas experience downturns, Jabil’s revenue can quickly follow. While maintaining relationships with leading companies brings stability and scale, it also means Jabil’s fortunes are heavily linked to a few partners. The company tries to mitigate this by diversifying across industries and expanding into new areas, but customer concentration will likely remain an inherent part of its business model.

Supply chain disruption is a major risk for Jabil because its business depends on a steady and affordable flow of components and materials to keep its global manufacturing operations running smoothly. Even small interruptions or price increases in the supply chain can have a ripple effect on production, profitability, and customer relationships. Jabil manages one of the most complex supply networks in the world, with tens of thousands of suppliers and hundreds of thousands of unique components. Many of the products it assembles require specialized parts, including semiconductors and custom electronic components that are sometimes available only from a single supplier. When those components become scarce, because of global shortages, natural disasters, pandemics, or geopolitical events, Jabil’s production can slow down or even stop altogether. In fiscal year 2023, for example, the company’s operations were affected by the semiconductor shortage, which limited its ability to meet customer demand in some product categories. Price volatility adds another layer of risk. If suppliers raise prices due to inflation, energy costs, or raw material shortages, Jabil’s margins can suffer, especially when price increases occur faster than the company can renegotiate its customer contracts. Although many of Jabil’s contracts allow for quarterly pricing adjustments, there are often periods when it must absorb higher component costs before passing them on. That lag can temporarily squeeze profitability. When Jabil anticipates shortages, it may buy components in advance to secure supply, but this approach comes with its own risks. Holding large amounts of inventory increases storage costs and the risk of components becoming obsolete if customer orders change or product designs evolve. In some cases, Jabil might have to turn to alternative suppliers or use brokers, which can lead to higher prices and lower quality, affecting both margins and reputation. Geopolitical risks also play a role. Conflicts like those in Ukraine and the Middle East can disrupt the availability of raw materials such as palladium, neon gas, or aluminum, key inputs in electronics manufacturing. While the direct impact has so far been limited, any escalation could strain Jabil’s supply chain and increase costs.

Reasons to invest

Intelligent Infrastructure is one of the strongest reasons to invest in Jabil because it places the company at the center of the global build-out of AI and cloud computing infrastructure, one of the largest technological shifts in decades. The segment spans three fast-growing areas: capital equipment, cloud and data center infrastructure, and networking and communications. As major technology companies race to expand computing power, increase data speeds, and improve energy efficiency, Jabil enables this transformation by designing and manufacturing fully integrated systems that combine computing hardware, power, cooling, and networking into a single solution. Unlike suppliers that make individual components, Jabil operates at the system level, building complete data center racks with advanced liquid cooling and integrated power distribution, which shortens deployment time and makes its offerings more valuable and harder to replace. In semiconductors, the company is moving closer to the core of chip manufacturing by producing critical components such as power systems, gas delivery sensors, and precision parts, deepening customer relationships and increasing its strategic importance. Its expertise in power and thermal management also drives growth in AI data centers, while in networking, Jabil is expanding into liquid-cooled switching systems and advanced optical technologies to meet the growing demand for faster and more efficient data transfer. Financially, Intelligent Infrastructure is already Jabil’s main growth engine. AI-related revenue grew from about $5 billion in fiscal 2024 to roughly $9 billion in fiscal 2025 and is expected to reach about $11,2 billion in fiscal 2026, representing 25% year-over-year growth. With its new North Carolina facility set to begin operations in 2026, Jabil expects to sustain strong double-digit AI-related growth into fiscal 2027 and beyond.

Regulated Industries is strong reason to invest in Jabil because it provides the company with a stable, diversified source of growth across three critical sectors: automotive and transportation, healthcare, and renewables and energy infrastructure. These industries are undergoing major transformations driven by technology, regulation, and long-term global trends, and Jabil’s engineering expertise, scale, and reputation for quality position it as a key partner in each. In the automotive sector, Jabil is benefiting from major technological changes as vehicles become more software-driven and increasingly equipped with advanced driver assistance systems. Although electric vehicle sales have slowed recently, the long-term outlook is strong. Automakers are now designing flexible platforms that can support electric, hybrid, and traditional engines alike. Jabil focuses on the electronic systems that make this possible, such as computing modules and power control components, which are essential in all modern vehicles. By working closely with major global and Chinese car manufacturers, Jabil is securing new projects and strengthening partnerships that are expected to drive steady growth as the industry continues to recover. In healthcare, Jabil is entering a new growth phase fueled by demographics, innovation, and outsourcing. The company helps medical device and pharmaceutical firms simplify their supply chains by offering high-quality, end-to-end manufacturing solutions that are difficult for competitors to match. Its acquisition of Pii expanded Jabil into contract drug manufacturing, while investments in sterilization, minimally invasive devices, and injectables, particularly for GLP-1s and biologics, are opening new long-term opportunities. These programs take time to ramp due to regulatory and validation processes, but they are typically high-margin, sticky, and long-lasting once established. Healthcare is also expected to play a key role in Jabil’s path toward higher operating margins. In renewables and energy infrastructure, Jabil is positioned to benefit from the global shift toward cleaner energy and the rising power needs of data centers and industrial customers. The company designs and manufactures components for solar systems, battery storage, inverters, and smart grids, technologies essential for balancing energy supply and demand as electricity consumption continues to rise. It also sees opportunities in HVAC systems and building automation, areas closely tied to the growth of data centers and modern infrastructure.

Connected Living and Digital Commerce is an increasingly attractive reason to invest in Jabil because it reflects how the company is reshaping its portfolio toward higher-margin, technology-driven growth areas that align with long-term global trends. The segment includes two major businesses, Consumer Devices and Digital Commerce & Robotics, both of which are evolving rapidly as technology transforms how people live, shop, and interact with their environment. Jabil is deliberately moving away from lower-margin, short life cycle consumer electronics and focusing on more complex, engineering-led opportunities. In Digital Commerce & Robotics, the company designs and manufactures advanced automation systems for warehouses, fulfillment centers, and retail environments. As e-commerce expands and companies look to speed up delivery while cutting labor costs, Jabil’s expertise in robotics, AI systems, and computer vision makes it a key partner in bringing large-scale automation to life. The company is already the largest manufacturing solutions provider in this industry, helping major customers deploy intelligent systems that improve efficiency and reliability. It is also investing in emerging technologies like humanoid robotics and next-generation AI-driven platforms, positioning itself for future growth as automation moves beyond warehouses into broader applications. On the consumer side, Jabil is focusing on smarter, more connected products that enhance everyday living. These include home appliances, comfort systems, and outdoor products that integrate AI, wireless power, and energy-efficient designs. The company is concentrating on premium brands and long-term programs where its engineering and design expertise can deliver higher margins and stronger customer relationships. Financially, the shift in Connected Living and Digital Commerce represents a “quality over quantity” strategy, revenue is temporarily lower due to the exit of less profitable programs, but margins and free cash flow have strengthened. This transformation is making the segment smaller but healthier, with better earnings quality and more durable growth potential.

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Valuation

Now it is time to calculate the share price. I perform three different calculations that I learned at a Phil Town seminar. If you want to make the calculations yourself for this or other stocks, you can do so through the tools page on my website, where you have access to all three calculators for free.

The first is called the Margin of Safety price, which is calculated based on earnings per share (EPS), estimated future EPS growth, and estimated future price-to-earnings ratio (P/E). The minimum acceptable rate of return is 15%. I chose to use an EPS of 5,92, which is from the fiscal year 2025. I have selected a projected future EPS growth rate of 15%. Finbox expects EPS to grow by 23,2% over the next five years, but 15% is the highest I use. Additionally, I have selected a projected future P/E ratio of 30, which is double the growth rate. This decision is based on Jabil's historically higher price-to-earnings (P/E) ratio. Finally, our minimum acceptable rate of return has already been established at 15%. After performing the calculations, we determined the sticker price (also known as fair value or intrinsic value) to be $177,60. We want to have a margin of safety of 50%, so we will divide it by 2. This means that we want to buy Jabil at a price of $88,80 (or lower, obviously) if we use the Margin of Safety price.

The second calculation is known as the Ten Cap price. The rate of return that a company owner (or stockholder) receives on the purchase price of the company essentially represents its return on investment. The minimum annual return should be at least 10%, which I calculate as follows: The operating cash flow last year was 1.640, and capital expenditures were 468. I attempted to analyze their annual report to calculate the percentage of capital expenditures allocated to maintenance. I couldn't find it, but as a rule of thumb, you can expect that 70% of the capital expenditures will be allocated to maintenance purposes. This means that we will use 328 in our calculations. The tax provision was 235. We have 107,3 outstanding shares. Hence, the calculation will be as follows: (1.640 – 328 + 235) / 107,3 x 10 = $144,18 in Ten Cap price. 

The final calculation is referred to as the Payback Time price. It is a calculation based on the free cash flow per share. With Fabrinet's free cash flow per share at $10,92 and a growth rate of 15%, if you want to recoup your investment in 8 years, the Payback Time price is $172,38.

Conclusion

I believe Jabil is an intriguing company led by strong management. It has built a durable competitive moat through its combination of global reach, technical expertise, operational discipline, and advanced digital manufacturing capabilities. The company has maintained a high ROIC since fiscal year 2016 and achieved record free cash flow and margins in fiscal year 2025, trends that are likely to continue. However, Jabil faces several risks. Customer demand volatility is one of the most significant, as clients often change or cancel orders with little notice, making it difficult to plan production efficiently. Because many of Jabil’s costs are fixed, sudden shifts in demand can leave the company with excess capacity and pressure on margins. Another risk is customer concentration, since a large portion of revenue comes from a small number of clients. Losing or seeing reduced orders from a major customer could meaningfully affect results, while financial or strategic issues among these clients could also pose challenges. Supply chain disruption is an additional risk, as Jabil depends on a stable flow of components and materials from thousands of suppliers. Shortages, price increases, or geopolitical events can quickly disrupt operations and hurt profitability. On the positive side, Jabil’s three business segments offer strong reasons to invest. Intelligent Infrastructure places the company at the center of the global build-out of AI and cloud computing, where it designs and manufactures complete systems that integrate computing, power, cooling, and networking, supporting rapid growth expected to extend well beyond 2026. Regulated Industries provides steady, diversified growth across automotive, healthcare, and renewable energy, driven by long-term shifts such as software-defined vehicles, increased healthcare outsourcing, and the expansion of clean energy. Connected Living and Digital Commerce highlights Jabil’s deliberate shift toward higher-margin, engineering-led areas like automation, robotics, and smart connected devices. By moving away from lower-margin consumer electronics, Jabil is becoming a more profitable and resilient business with durable growth potential. Overall, I believe Jabil is a high-quality company, and buying shares at the Payback Time price of $172 could represent an attractive long-term investment opportunity.

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