Carrefour S.A. (CA.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

+535.3%

€82.56

vs €13.00 price

Levered DCF

€58.53

After debt service

Piotroski score

5 / 9

Average

Altman Z-score

1.76

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	30.28×	12.71×	7.14×	8.59×	11.85×	17.54×	10.53×	-62.13×
P/B	0.89×	0.85×	1.03×	1.04×	1.24×	1.15×	1.19×	1.26×
P/S	0.12×	0.11×	0.14×	0.14×	0.18×	0.16×	0.16×	0.16×
EV / EBITDA	4.09×	4.24×	6.06×	5.46×	6.29×	5.95×	7.52×	9.41×
Gross margin	19.1%	19.3%	18.7%	17.3%	18.2%	18.6%	18.9%	21.5%
Operating margin	2.6%	2.7%	2.1%	2.9%	3.1%	3.0%	2.8%	2.6%
Net margin	0.4%	0.9%	2.0%	1.6%	1.5%	0.9%	1.5%	-0.3%
Current ratio	0.87×	0.88×	0.93×	0.89×	0.8×	0.82×	0.82×	0.81×
Debt / equity	1.42×	1.47×	1.74×	1.73×	1.55×	1.7×	1.82×	1.5×
Interest coverage	2.82×	3.02×	2.75×	4.48×	7.86×	7.27×	6.1×	7.74×
Dividend yield	8.4%	6.5%	3.4%	3.3%	3.0%	0.5%	0.9%	1.3%
Payout ratio	254.5%	83.0%	24.4%	28.2%	35.7%	8.9%	9.4%	-80.9%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	2.9%	6.7%	14.4%	12.1%	10.5%	6.5%	11.4%	-2.1%
Return on invested capital	4.3%	5.1%	3.1%	5.1%	5.5%	4.4%	1.8%	0.5%
Return on assets	0.6%	1.3%	3.0%	2.4%	2.2%	1.3%	2.2%	-0.4%
Free cash flow yield	20.9%	26.4%	23.7%	20.2%	16.4%	16.8%	10.9%	4.7%
Earnings yield	3.3%	7.9%	14.0%	11.6%	8.5%	5.7%	9.6%	-1.6%
Enterprise value	€19.1B	€18.5B	€25.6B	€25.6B	€24.8B	€23.6B	€25.4B	€21B
Net debt / EBITDA	2.01×	2.14×	3.26×	2.99×	3.08×	3.1×	4.03×	4.24×
Cash conversion cycle (days)	-6	-27	4	18	21	16	18	-8