Hugo Boss AG (BOSS.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

+273.2%

€144.06

vs €38.60 price

Levered DCF

€115.85

After debt service

Piotroski score

7 / 9

Strong

Altman Z-score

3.13

Safe 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	10.01×	14.49×	18.04×	17.82×	26.88×	-8.58×	14.57×	15.99×
P/B	1.62×	2.17×	3.6×	3.35×	3.99×	2.5×	2.98×	3.85×
P/S	0.58×	0.72×	1.11×	1.02×	1.33×	0.97×	1.04×	1.35×
EV / EBITDA	4.27×	5.94×	7.61×	7.08×	8.22×	26.78×	5.76×	8.05×
Gross margin	53.2%	53.4%	61.5%	61.8%	61.8%	61.0%	65.0%	65.2%
Operating margin	9.8%	9.4%	9.8%	9.2%	8.2%	-12.1%	11.9%	12.4%
Net margin	5.8%	5.0%	6.2%	5.7%	4.9%	-11.3%	7.1%	8.4%
Current ratio	1.63×	1.54×	1.64×	1.33×	1.31×	1.23×	1.32×	1.8×
Debt / equity	0.77×	0.98×	0.87×	0.82×	0.99×	1.55×	1.18×	0.17×
Interest coverage	8.54×	7.66×	9.44×	14.06×	10.79×	-8.6×	13.74×	201.63×
Dividend yield	3.9%	3.0%	1.5%	1.3%	0.1%	0.1%	6.2%	4.8%
Payout ratio	38.7%	43.6%	26.7%	23.1%	2.0%	-1.3%	90.8%	77.4%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	16.2%	15.0%	20.0%	18.8%	14.8%	-29.1%	20.5%	24.1%
Return on invested capital	10.9%	10.1%	12.1%	12.1%	8.5%	-9.3%	10.1%	18.7%
Return on assets	6.6%	5.6%	7.4%	6.7%	5.0%	-8.5%	7.1%	12.7%
Free cash flow yield	20.3%	16.3%	2.3%	4.9%	15.1%	8.3%	15.8%	4.5%
Earnings yield	10.0%	6.9%	5.5%	5.6%	3.7%	-11.6%	6.9%	6.3%
Enterprise value	€3.3B	€4.3B	€5.7B	€4.5B	€4.3B	€2.9B	€4B	€3.8B
Net debt / EBITDA	1.07×	1.65×	1.35×	1.2×	1.19×	9.56×	1.5×	0.05×
Cash conversion cycle (days)	109	109	144	119	79	186	166	154