Commerzbank AG (CBK.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

-90.3%

€3.65

vs €37.51 price

Levered DCF

€10.04

After debt service

Piotroski score

4 / 9

Average

Altman Z-score

-0.66

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	15.49×	7.56×	6.71×	8.93×	29.09×	-2.3×	11.74×	8.36×
P/B	1.2×	0.54×	0.43×	0.37×	0.29×	0.24×	0.24×	0.26×
P/S	3.66×	0.74×	0.63×	0.78×	0.69×	0.58×	0.55×	0.58×
EV / EBITDA	31.15×	-1.2×	4.83×	-11.3×	-8.15×	-30.87×	2.82×	-4.54×
Gross margin	93.5%	49.0%	54.4%	72.9%	79.9%	77.0%	70.5%	68.6%
Operating margin	35.5%	15.2%	15.7%	14.1%	0.9%	-23.1%	9.0%	9.9%
Net margin	23.6%	10.6%	10.2%	10.1%	3.6%	-25.2%	4.7%	6.9%
Current ratio	455.82×	0.21×	5.17×	3.35×	1.75×	107.08×	55.26×	1.09×
Debt / equity	4.22×	1.59×	3.41×	1.46×	1.52×	4.61×	1.54×	1.64×
Interest coverage	0×	0.3×	0.34×	0.52×	0.04×	-1.01×	0.3×	0.32×
Dividend yield	2.6%	3.4%	3.3%	0.0%	0.0%	0.0%	3.6%	0.0%
Payout ratio	39.7%	23.4%	20.0%	0.0%	0.0%	0.0%	42.7%	0.0%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	7.8%	7.8%	7.0%	4.8%	1.5%	-10.4%	2.0%	3.1%
Return on invested capital	0.5%	2.3%	0.4%	0.9%	0.0%	-1.2%	0.4%	0.9%
Return on assets	0.4%	0.5%	0.4%	0.3%	0.1%	-0.6%	0.1%	0.2%
Free cash flow yield	124.4%	-114.9%	141.5%	227.5%	-301.2%	496.6%	-166.2%	-31.6%
Earnings yield	6.4%	14.3%	16.3%	13.0%	5.1%	-43.5%	8.5%	11.9%
Enterprise value	€123B	-€5.6B	€20.2B	-€31.8B	-€8B	€52.1B	€6B	-€8.7B
Net debt / EBITDA	20.85×	-5.22×	1.57×	-15.23×	-16.7×	-26.95×	-0.43×	-8.34×
Cash conversion cycle (days)	10	3	-3,793	-10,306	-13,413	9	-9,323	-10,319