Crédit Agricole S.A. (ACA.PA) 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

+423.6%

€77.64

vs €14.83 price

Levered DCF

-€372.72

After debt service

Piotroski score

5 / 9

Average

Altman Z-score

0.04

Distress zone

Rating

B-

Overall 2 / 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	8.05×	6.3×	6.73×	5.99×	6.82×	12.9×	8.74×	6.78×
P/B	0.76×	0.59×	0.62×	0.49×	0.59×	0.5×	0.64×	0.5×
P/S	0.47×	0.38×	0.41×	0.64×	0.59×	0.72×	0.57×	0.6×
EV / EBITDA	32.99×	44.4×	44.36×	50.44×	40.54×	62.37×	53.8×	48.25×
Gross margin	62.6%	51.7%	52.4%	58.6%	79.0%	65.2%	77.1%	67.8%
Operating margin	9.7%	9.9%	9.6%	16.5%	12.2%	10.1%	8.6%	13.9%
Net margin	6.3%	6.8%	6.5%	11.6%	9.2%	6.5%	7.4%	9.8%
Current ratio	2.36×	1.45×	1.34×	1.26×	2.22×	2.72×	1.69×	1.76×
Debt / equity	7.47×	9.54×	9.5×	10.17×	8.88×	8.41×	7.2×	7.07×
Interest coverage	0.27×	0.21×	0.21×	0.44×	0.66×	0.36×	0.41×	0.47×
Dividend yield	6.3%	9.8%	9.6%	10.7%	6.4%	0.0%	5.3%	6.7%
Payout ratio	47.0%	55.2%	59.9%	59.1%	40.9%	0.0%	40.9%	40.9%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	10.2%	10.5%	9.9%	8.8%	9.2%	4.5%	8.4%	8.2%
Return on invested capital	0.4%	0.3%	0.3%	0.3%	0.3%	0.2%	0.3%	0.3%
Return on assets	0.3%	0.3%	0.3%	0.2%	0.3%	0.1%	0.3%	0.3%
Free cash flow yield	33.7%	-72.3%	-142.9%	1.4%	26.8%	189.9%	15.9%	90.1%
Earnings yield	13.3%	17.7%	16.0%	18.1%	15.6%	9.0%	13.0%	16.4%
Enterprise value	€404.8B	€518.5B	€465.8B	€434B	€359.9B	€331.7B	€357.7B	€337.8B
Net debt / EBITDA	28.66×	40.97×	40.59×	47.03×	36.32×	56.77×	48.21×	44.41×
Cash conversion cycle (days)	0	0	0	0	0	0	0	0