BASF Se (BAS.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

-91.2%

€4.67

vs €53.27 price

Levered DCF

€11.21

After debt service

Piotroski score

6 / 9

Average

Altman Z-score

2.42

Grey zone

Rating

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	24.41×	29.28×	195.12×	-66.27×	10.28×	-42.03×	22.6×	11.86×
P/B	1.19×	1.07×	1.23×	1.06×	1.39×	1.76×	1.49×	1.47×
P/S	0.66×	0.62×	0.63×	0.48×	0.72×	1×	1.04×	0.93×
EV / EBITDA	8.81×	9.06×	9.91×	10.54×	6.27×	10.73×	10.34×	8.82×
Gross margin	23.9%	24.6%	24.1%	24.1%	24.8%	25.5%	27.2%	28.7%
Operating margin	4.3%	5.5%	5.0%	7.7%	8.8%	5.6%	6.8%	9.2%
Net margin	2.7%	2.1%	0.3%	-0.7%	7.0%	-2.4%	4.6%	7.8%
Current ratio	1.93×	1.83×	1.98×	1.83×	1.75×	1.83×	1.87×	1.85×
Debt / equity	0.74×	0.67×	0.61×	0.53×	0.47×	0.63×	0.49×	0.57×
Interest coverage	3.12×	3.69×	3.64×	10.55×	12.67×	5.29×	5.57×	7.46×
Dividend yield	5.3%	8.0%	7.0%	7.3%	5.3%	5.1%	4.8%	5.1%
Payout ratio	128.8%	233.8%	1348.4%	-490.0%	54.9%	-213.8%	107.4%	60.5%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	4.9%	3.6%	0.6%	-1.6%	13.5%	-4.2%	6.6%	12.4%
Return on invested capital	2.5%	3.5%	1.4%	-3.2%	7.9%	4.6%	4.2%	6.6%
Return on assets	2.1%	1.6%	0.3%	-0.7%	6.3%	-1.8%	3.1%	5.5%
Free cash flow yield	3.4%	2.0%	6.2%	8.0%	6.5%	3.8%	5.9%	7.3%
Earnings yield	4.1%	3.4%	0.5%	-1.5%	9.7%	-2.4%	4.4%	8.4%
Enterprise value	€61.4B	€59.1B	€62.3B	€60.3B	€73.3B	€76.3B	€79.8B	€74.9B
Net debt / EBITDA	3.12×	3.23×	2.98×	3.22×	1.41×	2.37×	2.33×	2.25×
Cash conversion cycle (days)	115	126	115	106	106	107	117	132