Borussia Dortmund GmbH & Co. Kommanditgesellschaft auf Aktien (BVB.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

+79.4%

€5.49

vs €3.06 price

Levered DCF

-€5.71

After debt service

Piotroski score

4 / 9

Average

Altman Z-score

1.31

Distress zone

Rating

C+

Overall 2 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
P/E	-15×	66.72×	9.05×	48.56×	-11.93×	-7.65×	-11.94×	44×
P/B	1.11×	1.33×	1.22×	1.64×	1.38×	2.39×	1.68×	2.16×
P/S	0.72×	0.76×	0.78×	1.11×	1.07×	1.67×	1.25×	1.69×
EV / EBITDA	4.34×	3.97×	2.76×	3.9×	4.52×	16.13×	8.45×	6.32×
Gross margin	-8.8%	95.2%	93.6%	94.2%	93.6%	94.1%	84.8%	103.3%
Operating margin	-4.2%	48.5%	9.0%	4.0%	-7.4%	-21.6%	-10.5%	5.2%
Net margin	-4.7%	1.1%	8.7%	2.3%	-9.1%	-21.8%	-10.7%	3.8%
Current ratio	0.82×	0.67×	0.64×	0.44×	0.7×	0.37×	0.62×	1×
Debt / equity	0.13×	0.14×	0.12×	0.12×	0.06×	0.34×	0.08×	0.03×
Interest coverage	-3.07×	287.06×	8.82×	1.74×	-4.83×	-50.52×	-11.56×	11.02×
Dividend yield	2.0%	1.5%	0.0%	0.0%	0.0%	1.0%	1.1%	0.7%
Payout ratio	-30.5%	101.9%	0.0%	0.0%	0.0%	-7.6%	-12.6%	31.7%

Key metrics by fiscal year

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
Return on equity	-7.3%	2.0%	13.5%	3.4%	-11.7%	-31.3%	-14.4%	4.9%
Return on invested capital	-4.6%	43.6%	10.2%	4.1%	-8.1%	-20.6%	-10.1%	5.0%
Return on assets	-3.7%	1.1%	7.5%	1.9%	-7.0%	-16.2%	-8.5%	3.5%
Free cash flow yield	15.7%	11.2%	-23.2%	-20.2%	-12.2%	-13.6%	-31.0%	0.7%
Earnings yield	-6.6%	1.5%	11.1%	2.1%	-8.4%	-13.1%	-8.6%	2.3%
Enterprise value	€367.2M	€460.3M	€435.8M	€493.8M	€384.5M	€632.9M	€534.8M	€720.9M
Net debt / EBITDA	0.43×	0.23×	0.23×	0.24×	0.08×	1.94×	0.33×	-0.39×
Cash conversion cycle (days)	10	-1,214	-1,065	-1,186	-1,101	-904	-956	-938