Arcadis N.V. (ARCAD.AS) 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

+144.0%

€114.27

vs €46.84 price

Levered DCF

€73.61

After debt service

Piotroski score

7 / 9

Strong

Altman Z-score

2.85

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	15.25×	21.78×	27.27×	24.97×	22.52×	128.76×	148.43×	-33.42×
P/B	3.06×	4.29×	4.1×	3.3×	3.7×	2.79×	1.99×	0.95×
P/S	0.65×	1.06×	0.87×	0.81×	1.12×	0.73×	0.53×	0.27×
EV / EBITDA	7.98×	11.11×	10.88×	12.54×	11.25×	11.53×	10.61×	11.93×
Gross margin	17.0%	17.9%	16.3%	16.3%	16.8%	17.0%	16.7%	17.1%
Operating margin	6.5%	7.8%	5.7%	5.3%	6.7%	2.4%	5.1%	3.0%
Net margin	4.3%	4.9%	3.2%	3.3%	5.0%	0.6%	0.4%	-0.8%
Current ratio	1.03×	1.22×	1.2×	1.12×	1.22×	1.33×	1.17×	1.19×
Debt / equity	1.09×	0.91×	1.09×	1.29×	0.51×	0.9×	0.98×	0.62×
Interest coverage	3.73×	5.89×	3.31×	7.5×	10.25×	2.71×	4.16×	2.66×
Dividend yield	2.8%	1.4%	1.5%	3.5%	0.8%	0.1%	1.0%	1.6%
Payout ratio	42.8%	31.3%	41.4%	88.4%	18.7%	18.5%	154.6%	-53.5%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	20.1%	19.7%	15.1%	13.2%	16.4%	2.2%	1.3%	-2.8%
Return on invested capital	10.1%	11.2%	8.6%	6.0%	10.3%	1.1%	2.5%	-32.6%
Return on assets	5.7%	6.2%	4.2%	3.4%	6.1%	0.7%	0.4%	-1.0%
Free cash flow yield	11.7%	5.8%	6.2%	7.4%	7.8%	16.7%	9.2%	16.3%
Earnings yield	6.6%	4.6%	3.7%	4.0%	4.4%	0.8%	0.7%	-3.0%
Enterprise value	€4B	€6.1B	€5.3B	€4.3B	€4B	€2.8B	€2.4B	€1.3B
Net debt / EBITDA	1.62×	1.39×	1.85×	3.03×	0.56×	1.46×	2.63×	3.59×
Cash conversion cycle (days)	23	77	71	88	82	81	41	98