ATOSS Software AG (AOF.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

-22.2%

€71.77

vs €92.20 price

Levered DCF

€60.87

After debt service

Piotroski score

5 / 9

Average

Altman Z-score

15.73

Safe 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	37.96×	39.93×	45.44×	57.05×	88.93×	71.17×	42.21×	27.5×
P/B	18.89×	22.68×	26.29×	23.21×	43.63×	38.8×	22.97×	10.74×
P/S	9.7×	10.65×	10.76×	9.72×	17.78×	14.6×	7.99×	4.89×
EV / EBITDA	24.03×	25.61×	28.15×	31.49×	54.76×	41.77×	25.11×	15.9×
Gross margin	76.6%	77.1%	77.1%	72.6%	73.0%	72.4%	70.3%	70.5%
Operating margin	36.0%	37.2%	34.3%	27.0%	28.1%	30.4%	27.0%	27.0%
Net margin	25.6%	26.6%	23.7%	17.0%	19.9%	20.6%	19.0%	17.9%
Current ratio	2.75×	2.37×	2.34×	2.48×	2.56×	2.73×	2.54×	2.93×
Debt / equity	0.07×	0.08×	0.14×	0.21×	0.27×	0.32×	0.46×	0×
Interest coverage	151.3×	522.28×	325.95×	186.4×	247.26×	80.44×	151.01×	10.2×
Dividend yield	1.8%	1.5%	1.4%	1.3%	0.8%	0.8%	2.8%	1.5%
Payout ratio	70.0%	59.0%	62.9%	74.7%	68.7%	57.2%	117.5%	41.5%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	49.8%	56.8%	57.8%	40.6%	48.9%	54.7%	54.5%	39.3%
Return on invested capital	40.2%	45.8%	45.5%	32.6%	33.3%	35.8%	30.5%	33.9%
Return on assets	30.2%	31.7%	31.3%	21.4%	23.7%	26.1%	23.3%	23.8%
Free cash flow yield	2.5%	3.2%	3.1%	2.3%	1.5%	1.8%	2.6%	3.5%
Earnings yield	2.6%	2.5%	2.2%	1.8%	1.1%	1.4%	2.4%	3.7%
Enterprise value	€1.8B	€1.7B	€1.6B	€1.1B	€1.7B	€1.2B	€564.6M	€284.9M
Net debt / EBITDA	-1.16×	-1.12×	-1×	-0.48×	-0.31×	-0.44×	-0.27×	-1.19×
Cash conversion cycle (days)	6	2	0	12	30	29	24	26