Adtran Networks SE (ADV.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

+1.4%

€22.20

vs €21.90 price

Levered DCF

€13.83

After debt service

Piotroski score

8 / 9

Strong

Altman Z-score

3.97

Safe 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	-51.9×	-16.63×	-71.43×	63.03×	12.03×	17.65×	57.79×	33.32×
P/B	2.92×	2.68×	2.75×	3.09×	2.11×	1.35×	1.58×	1.29×
P/S	2.36×	2.37×	1.7×	1.6×	1.19×	0.63×	0.73×	0.63×
EV / EBITDA	21.65×	22.72×	14.98×	12.22×	5.73×	4.13×	6.32×	5.4×
Gross margin	33.9%	35.8%	35.8%	33.4%	36.2%	34.8%	34.3%	36.2%
Operating margin	-4.3%	-9.7%	2.2%	2.5%	7.5%	4.9%	-8.8%	3.0%
Net margin	-4.5%	-14.3%	-2.4%	2.5%	9.8%	3.6%	1.3%	1.9%
Current ratio	2.02×	2.21×	2.46×	1.56×	1.72×	1.9×	1.69×	1.77×
Debt / equity	0.12×	0.25×	0.26×	0.21×	0.21×	0.34×	0.45×	0.37×
Interest coverage	-4.61×	-8.35×	3.68×	8.09×	24.68×	10.11×	-18.41×	9.21×
Dividend yield	2.4%	2.6%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%
Payout ratio	-123.7%	-43.2%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	-5.6%	-16.2%	-3.8%	4.9%	17.4%	7.7%	2.8%	4.0%
Return on invested capital	-4.3%	-8.0%	-6.0%	3.5%	10.4%	5.8%	-9.7%	3.4%
Return on assets	-3.5%	-9.4%	-2.2%	2.8%	9.8%	4.1%	1.3%	2.0%
Free cash flow yield	6.0%	5.0%	-2.9%	-5.1%	8.2%	10.9%	1.6%	3.8%
Earnings yield	-1.9%	-6.0%	-1.4%	1.6%	8.3%	5.7%	1.7%	3.1%
Enterprise value	€1.1B	€1.1B	€1.1B	€1.2B	€679.4M	€382.2M	€466.1M	€342.5M
Net debt / EBITDA	0.03×	1.44×	0.9×	0.2×	-0.31×	0.29×	0.83×	0.43×
Cash conversion cycle (days)	161	146	127	94	96	101	98	100