Bike24 Holding AG (BIKE.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

-296.0%

-€4.02

vs €2.05 price

Levered DCF

-€2.52

After debt service

Piotroski score

6 / 9

Average

Altman Z-score

1.55

Distress zone

Rating

C+

Overall 2 / 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	-226.52×	-3.55×	-0.87×	-25.6×	307.13×	1,264.57×	-275.47×	-76.48×
P/B	1.06×	0.39×	0.51×	0.78×	3.07×	5.87×	5.89×	19.69×
P/S	0.46×	0.21×	0.31×	0.65×	2.74×	3.56×	33×	5.98×
EV / EBITDA	13×	46.33×	-1.59×	28.57×	34.21×	40.97×	-181.27×	62.52×
Gross margin	12.3%	27.2%	6.0%	26.3%	31.5%	30.8%	10.4%	14.0%
Operating margin	-1.7%	-5.9%	-9.5%	-2.9%	2.4%	4.7%	-1.2%	4.2%
Net margin	-0.2%	-6.0%	-35.5%	-2.5%	0.9%	0.3%	-12.0%	-7.6%
Current ratio	2.44×	1.51×	1.57×	1.84×	3.3×	3.14×	3.81×	1.57×
Debt / equity	0.32×	0.38×	0.41×	0.27×	0.05×	0.82×	0.85×	4.15×
Interest coverage	-1.27×	-2.99×	-3.41×	-4.45×	2.69×	2.2×	-0.18×	0.52×
Dividend yield	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%
Payout ratio	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	-0.5%	-10.9%	-58.2%	-3.0%	1.0%	0.5%	-2.1%	-25.2%
Return on invested capital	-0.3%	-4.8%	-8.5%	-1.7%	1.3%	1.7%	-0.1%	2.2%
Return on assets	-0.3%	-6.2%	-32.6%	-1.9%	0.7%	0.2%	-0.9%	-4.0%
Free cash flow yield	11.0%	11.7%	-0.2%	-15.0%	-2.3%	2.7%	-0.0%	-0.4%
Earnings yield	-0.4%	-28.0%	-115.2%	-3.9%	0.3%	0.1%	-0.4%	-1.3%
Enterprise value	€151.9M	€81.8M	€107.6M	€206M	€685M	€783.4M	€803.2M	€854.5M
Net debt / EBITDA	1.7×	18.8×	-0.56×	5.05×	-0×	3.87×	-21.19×	10.62×
Cash conversion cycle (days)	80	123	112	150	124	83	589	109