Capgemini SE (CAP.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

+167.2%

€334.46

vs €125.15 price

Levered DCF

€310.22

After debt service

Piotroski score

7 / 9

Strong

Altman Z-score

2.26

Grey 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	15.05×	16.1×	19.51×	17.16×	31.41×	22.21×	21.15×	19.86×
P/B	2.07×	2.29×	3.21×	2.73×	4.29×	3.48×	2.15×	1.94×
P/S	1.07×	1.22×	1.49×	1.21×	2×	1.34×	1.28×	1.1×
EV / EBITDA	9.38×	9.35×	11.51×	9.55×	16.1×	12.56×	9.83×	9.4×
Gross margin	25.1%	27.4%	26.9%	25.9%	25.7%	25.4%	26.7%	27.1%
Operating margin	11.4%	10.7%	10.4%	12.4%	12.2%	11.1%	11.8%	10.5%
Net margin	7.1%	7.6%	7.4%	7.0%	6.4%	6.0%	6.1%	5.5%
Current ratio	1.18×	1.21×	1.34×	1.26×	1.36×	1.29×	1.27×	1.45×
Debt / equity	0.81×	0.52×	0.63×	0.78×	0.9×	1.48×	0.49×	0.45×
Interest coverage	12.91×	12.87×	12.82×	18.45×	13.86×	11.39×	19.17×	22.69×
Dividend yield	2.4%	2.2%	1.7%	1.5%	0.9%	1.1%	1.6%	2.0%
Payout ratio	36.3%	34.9%	33.6%	26.4%	28.4%	23.6%	32.9%	38.9%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	13.7%	14.2%	15.9%	15.9%	13.7%	15.7%	10.2%	9.8%
Return on invested capital	8.6%	8.8%	9.2%	10.0%	8.5%	7.2%	7.5%	7.8%
Return on assets	5.5%	6.5%	6.7%	6.1%	4.8%	4.4%	4.7%	4.4%
Free cash flow yield	9.0%	8.2%	6.7%	8.1%	6.0%	6.6%	8.6%	8.0%
Earnings yield	6.6%	6.2%	4.9%	5.8%	3.2%	4.5%	4.7%	5.0%
Enterprise value	€30.5B	€30.2B	€36.7B	€29.9B	€40.5B	€27.1B	€19.5B	€15.9B
Net debt / EBITDA	1.97×	1.02×	0.96×	1.07×	1.64×	2.72×	0.72×	0.8×
Cash conversion cycle (days)	61	46	58	54	55	59	51	-44