BNP Paribas S.A. (BNP.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

+272.8%

€322.58

vs €86.52 price

Levered DCF

-€586.16

After debt service

Piotroski score

6 / 9

Average

Altman Z-score

-0.48

Distress 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	7.85×	6.19×	7.29×	7.08×	9.1×	8.12×	8.51×	6.89×
P/B	0.72×	0.52×	0.61×	0.54×	0.64×	0.48×	0.61×	0.49×
P/S	0.63×	0.44×	0.53×	0.65×	0.69×	0.6×	0.6×	0.52×
EV / EBITDA	23.53×	21.39×	19.59×	-7.76×	21.23×	29.41×	9.09×	6.27×
Gross margin	63.0%	56.7%	54.9%	77.2%	88.1%	81.3%	82.4%	81.4%
Operating margin	11.3%	10.1%	7.9%	12.4%	11.1%	10.3%	10.4%	10.9%
Net margin	8.5%	7.6%	7.8%	9.8%	8.6%	7.8%	7.5%	8.0%
Current ratio	0.5×	0.69×	0.6×	0.58×	0.63×	0.57×	0.25×	0.26×
Debt / equity	6.45×	5.68×	5.44×	2.42×	6.09×	6.09×	2.97×	2.89×
Interest coverage	0.32×	0.24×	0.18×	0.62×	1.19×	0.79×	0.7×	0.7×
Dividend yield	3.2%	8.9%	7.2%	7.5%	6.0%	0.8%	6.0%	8.2%
Payout ratio	23.6%	50.8%	49.2%	49.8%	47.8%	6.0%	48.8%	53.7%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	9.7%	9.1%	8.9%	8.1%	8.0%	6.3%	7.6%	7.4%
Return on invested capital	0.6%	0.6%	0.4%	0.5%	0.5%	0.4%	-4.2%	-2.7%
Return on assets	0.4%	0.4%	0.4%	0.4%	0.4%	0.3%	0.4%	0.4%
Free cash flow yield	48.3%	-148.3%	-48.5%	32.4%	34.5%	8.2%	-80.1%	-4.8%
Earnings yield	13.5%	17.4%	14.6%	15.0%	12.5%	13.1%	12.4%	15.3%
Enterprise value	€572.7B	€486.9B	€340.4B	-€115.3B	€309.7B	€328.5B	€153.8B	€92.4B
Net debt / EBITDA	19.81×	18.44×	15.26×	-12.17×	16.04×	24.59×	5.19×	2.93×
Cash conversion cycle (days)	132	116	-1,868	-6,595	-11,857	150	-9,581	-10,166