Almirall, S.A. (ALM.MC) 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

+30.9%

€14.13

vs €10.80 price

Levered DCF

€25.61

After debt service

Piotroski score

7 / 9

Strong

Altman Z-score

2.93

Grey zone

Rating

B+

Overall 3 / 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	58.36×	171.67×	-42.15×	381.43×	-49.13×	26×	24×	32.61×
P/B	1.85×	1.17×	1.13×	1.24×	1.57×	1.47×	1.99×	2.11×
P/S	2.49×	1.77×	1.86×	1.89×	2.44×	1.18×	2.98×	3.32×
EV / EBITDA	12.62×	10.21×	14.66×	11.4×	16.71×	10.55×	11.12×	17.11×
Gross margin	41.2%	77.9%	64.5%	78.9%	79.3%	89.3%	77.5%	78.5%
Operating margin	6.1%	3.7%	-0.6%	5.4%	12.7%	5.7%	17.5%	11.5%
Net margin	4.2%	1.0%	-4.3%	0.5%	-4.9%	4.6%	12.4%	10.3%
Current ratio	2.04×	2.1×	2.05×	2.01×	1.78×	1.03×	1.51×	1.7×
Debt / equity	0.23×	0.27×	0.28×	0.31×	0.31×	0.38×	0.39×	0.45×
Interest coverage	3.79×	2.2×	-0.34×	6.3×	8.12×	8.37×	10.12×	10.95×
Dividend yield	0.9%	0.2%	0.2%	0.8%	0.6%	0.1%	0.9%	0.9%
Payout ratio	56.7%	32.4%	-6.7%	290.1%	-28.7%	2.9%	22.8%	29.2%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	3.1%	0.7%	-2.6%	0.3%	-3.2%	5.7%	8.3%	6.5%
Return on invested capital	2.1%	0.7%	-0.3%	0.3%	5.6%	4.2%	5.8%	4.1%
Return on assets	2.0%	0.4%	-1.6%	0.2%	-1.9%	3.2%	4.3%	3.3%
Free cash flow yield	4.9%	-0.0%	-4.0%	2.4%	8.0%	4.6%	5.5%	-18.1%
Earnings yield	1.7%	0.6%	-2.3%	0.3%	-2.0%	3.9%	4.2%	3.1%
Enterprise value	€2.8B	€1.8B	€1.7B	€1.8B	€2.2B	€2.3B	€2.9B	€3B
Net debt / EBITDA	0.02×	0.18×	0.13×	0.99×	1.43×	1.58×	1.46×	2.6×
Cash conversion cycle (days)	49	31	33	-41	-55	-48	-117	-110