Alstom S.A. (ALO.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

+450.6%

€61.01

vs €11.08 price

Levered DCF

€106.51

After debt service

Piotroski score

5 / 9

Average

Altman Z-score

0.8

Distress zone

Rating

B-

Overall 2 / 5

Ratios by fiscal year

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

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
P/E	34.66×	59.59×	-17.47×	-69.56×	-12.94×	43.59×	18.13×	17.71×
P/B	1.13×	0.85×	0.59×	0.99×	0.84×	1.16×	2.47×	1.87×
P/S	0.58×	0.48×	0.29×	0.54×	0.48×	1.2×	0.98×	0.95×
EV / EBITDA	8.74×	8.05×	11.5×	15.34×	13.73×	18.14×	9.08×	9.56×
Gross margin	11.3%	12.5%	12.6%	11.9%	11.1%	15.8%	17.8%	17.7%
Operating margin	3.6%	3.6%	2.8%	1.6%	0.7%	4.7%	6.8%	6.9%
Net margin	1.7%	0.8%	-1.8%	-0.8%	-3.7%	2.8%	5.7%	5.4%
Current ratio	0.94×	0.97×	0.87×	0.82×	0.8×	0.74×	1.08×	1.13×
Debt / equity	0.43×	0.34×	0.54×	0.41×	0.41×	0.32×	0.5×	0.32×
Interest coverage	8.13×	6.48×	2.76×	4.26×	2.78×	13.03×	9.77×	10.2×
Dividend yield	0.3%	0.3%	1.2%	0.5%	0.6%	0.1%	15.3%	1.1%
Payout ratio	11.7%	16.1%	-19.7%	-33.6%	-7.8%	2.4%	264.2%	19.4%

Key metrics by fiscal year

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
Return on equity	3.3%	1.4%	-3.6%	-1.4%	-6.5%	2.7%	14.3%	10.6%
Return on invested capital	2.9%	1.1%	3.1%	2.1%	0.8%	2.7%	9.1%	8.7%
Return on assets	0.9%	0.4%	-0.9%	-0.4%	-1.9%	0.9%	3.6%	3.2%
Free cash flow yield	2.9%	5.5%	-11.1%	2.0%	-13.4%	-6.8%	2.5%	2.0%
Earnings yield	2.9%	1.7%	-6.1%	-1.4%	-7.7%	2.3%	5.8%	5.7%
Enterprise value	€13.2B	€10.1B	€8.8B	€11.8B	€10.4B	€12.2B	€7.5B	€5.5B
Net debt / EBITDA	1.33×	0.99×	4.83×	3.75×	3.81×	2.5×	-0.65×	-3.64×
Cash conversion cycle (days)	209	187	218	161	145	175	148	128