Covestro AG (1COV.DE) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

-63.5%

€22.08

vs €60.40 price

Levered DCF

€7.18

After debt service

Piotroski score

4 / 9

Average

Altman Z-score

2.26

Grey zone

Rating

C-

Overall 1 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
P/E	-17.79×	-39.8×	-50.13×	-25.89×	6.46×	20.46×	13.69×	4.53×
P/B	1.64×	1.59×	1.51×	0.99×	1.36×	1.67×	1.45×	1.55×
P/S	0.88×	0.75×	0.69×	0.39×	0.66×	0.88×	0.61×	0.57×
EV / EBITDA	32.72×	13.53×	11.2×	8×	4.01×	7.35×	5.39×	2.73×
Gross margin	13.3%	15.4%	16.0%	14.3%	27.8%	23.3%	22.2%	32.1%
Operating margin	-3.4%	0.2%	0.6%	1.5%	14.2%	6.8%	5.9%	17.3%
Net margin	-5.0%	-1.9%	-1.4%	-1.5%	10.2%	4.3%	4.4%	12.5%
Current ratio	1.53×	1.61×	1.79×	2.18×	1.93×	2.62×	2.21×	2.05×
Debt / equity	0.45×	0.47×	0.51×	0.52×	0.33×	0.52×	0.33×	0.23×
Interest coverage	-4.39×	0.25×	0.77×	3.48×	32.67×	11.05×	14.19×	60.1×
Dividend yield	0.0%	0.0%	0.0%	9.2%	2.4%	2.4%	5.9%	5.3%
Payout ratio	-0.3%	-0.4%	-1.5%	-238.2%	15.5%	48.1%	80.1%	24.2%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	-9.2%	-4.0%	-3.0%	-3.8%	21.0%	8.2%	10.6%	34.1%
Return on invested capital	-3.9%	0.3%	-2.0%	-5.0%	13.8%	4.9%	5.7%	21.8%
Return on assets	-4.7%	-2.0%	-1.5%	-1.9%	10.4%	3.6%	4.8%	16.4%
Free cash flow yield	-3.3%	0.8%	2.3%	2.0%	13.7%	5.6%	6.3%	20.2%
Earnings yield	-5.6%	-2.5%	-2.0%	-3.9%	15.5%	4.9%	7.3%	22.0%
Enterprise value	€13.9B	€13.2B	€12.7B	€9.5B	€12.3B	€10.9B	€8.5B	€8.6B
Net debt / EBITDA	5.84×	2.66×	2.43×	2.08×	0.61×	1×	0.63×	0.11×
Cash conversion cycle (days)	81	74	77	61	88	83	65	74