Dassault Aviation S.A. (AM.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

-15.7%

€255.23

vs €302.60 price

Levered DCF

€663.17

After debt service

Piotroski score

7 / 9

Strong

Altman Z-score

1.16

Distress zone

Rating

A-

Overall 4 / 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	21.87×	16.74×	20.91×	18.35×	13.05×	24.64×	13.65×	17.51×
P/B	3.21×	2.44×	2.53×	2.19×	1.49×	1.64×	2.19×	2.35×
P/S	2.88×	2.48×	3.02×	1.89×	1.09×	1.36×	1.32×	1.96×
EV / EBITDA	24.53×	18.51×	13.22×	12.15×	5.94×	11.31×	7.21×	14.64×
Gross margin	7.7%	37.8%	37.6%	8.6%	13.2%	2.3%	12.5%	34.8%
Operating margin	8.0%	8.4%	7.3%	8.1%	6.9%	4.7%	10.3%	9.1%
Net margin	13.2%	14.8%	14.4%	10.3%	8.4%	5.5%	9.7%	11.2%
Current ratio	1.06×	1.06×	1.07×	1.12×	1.14×	1.14×	1.12×	1.13×
Debt / equity	0.03×	0.04×	0.05×	0.04×	0.04×	0.06×	0.13×	0.23×
Interest coverage	79.74×	-3.43×	55.02×	14.92×	127.26×	6.17×	10.14×	4.93×
Dividend yield	1.7%	1.7%	1.7%	1.6%	1.3%	0.0%	1.8%	1.3%
Payout ratio	37.8%	28.7%	35.4%	28.9%	16.9%	0.0%	24.7%	22.1%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	14.7%	14.6%	12.1%	11.9%	11.4%	6.6%	16.0%	13.4%
Return on invested capital	7.0%	6.7%	4.9%	7.2%	6.8%	4.3%	10.3%	7.2%
Return on assets	3.0%	3.2%	3.0%	3.2%	3.7%	2.2%	4.6%	3.4%
Free cash flow yield	7.7%	9.9%	-7.0%	37.5%	18.9%	-13.9%	-2.9%	11.1%
Earnings yield	4.6%	6.0%	4.8%	5.4%	7.7%	4.1%	7.3%	5.7%
Enterprise value	€19.6B	€14.1B	€13.3B	€9.4B	€4.1B	€5B	€6.8B	€8B
Net debt / EBITDA	-2.2×	-1.8×	-1.19×	-4.84×	-5.49×	-5.45×	-3.18×	-3.64×
Cash conversion cycle (days)	894	622	575	414	339	109	332	369