CaixaBank, S.A. (CABK.MC) 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

+236.0%

€37.90

vs €11.28 price

Levered DCF

€52.48

After debt service

Piotroski score

4 / 9

Average

Altman Z-score

0.2

Distress zone

Rating

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	13.06×	6.89×	6.11×	9.92×	3.65×	10×	10.77×	9.58×
P/B	1.91×	1.03×	0.77×	0.85×	0.52×	0.5×	0.67×	0.79×
P/S	2.82×	1.33×	1.07×	1.68×	1.03×	1.15×	1.48×	1.9×
EV / EBITDA	12.33×	7.45×	14.59×	12.07×	-6.32×	30.25×	16.01×	11.64×
Gross margin	68.2%	62.1%	64.2%	79.3%	84.1%	65.1%	77.8%	78.2%
Operating margin	32.2%	28.2%	25.5%	24.0%	27.7%	11.9%	14.6%	19.9%
Net margin	22.6%	20.2%	18.5%	18.4%	29.6%	12.7%	15.1%	20.0%
Current ratio	0.1×	0.12×	12.94×	0.05×	79.41×	44.16×	11.56×	21.18×
Debt / equity	2.22×	2.11×	2.33×	1.49×	1.43×	3.74×	1.34×	1.17×
Interest coverage	1.14×	0.82×	0.82×	1.55×	2.55×	0.69×	0.79×	0.97×
Dividend yield	4.4%	10.4%	6.2%	4.1%	1.2%	3.3%	3.6%	4.8%
Payout ratio	54.5%	68.2%	35.9%	37.6%	4.1%	30.3%	35.3%	45.4%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	15.3%	15.7%	13.3%	9.3%	14.8%	5.5%	6.8%	8.3%
Return on invested capital	2.3%	2.5%	1.8%	1.5%	2.2%	0.9%	1.8%	1.6%
Return on assets	0.9%	0.9%	0.8%	0.5%	0.8%	0.3%	0.4%	0.5%
Free cash flow yield	57.1%	43.4%	53.6%	-281.5%	207.9%	293.8%	-43.1%	-29.7%
Earnings yield	8.0%	15.2%	17.3%	10.9%	28.6%	11.0%	10.2%	10.5%
Enterprise value	€113.2B	€65.8B	€108.2B	€58.3B	-€35.3B	€55.4B	€35.2B	€27.8B
Net debt / EBITDA	4.32×	3.14×	10.83×	6.12×	-9.59×	23.4×	8.39×	3.72×
Cash conversion cycle (days)	4	-43	-1,878	-3,666	-15,936	-112	-4,291	-5,584