Core Laboratories N.V. (CLB) 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

+38.1%

$14.08

vs $10.20 price

Levered DCF

$8.71

After debt service

Piotroski score

7 / 9

Strong

Altman Z-score

2.67

Grey zone

Rating

B-

Overall 2 / 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	23.57×	25.84×	22.35×	48.26×	51.88×	-12.16×	17.85×	33.14×
P/B	2.8×	3.22×	3.67×	5.1×	6.56×	16.49×	9.39×	16.39×
P/S	1.42×	1.55×	1.62×	1.92×	2.18×	2.42×	2.5×	3.76×
EV / EBITDA	12.47×	13.23×	14.55×	19.53×	19.74×	21.17×	16.38×	20.56×
Gross margin	17.9%	16.9%	18.4%	16.1%	17.8%	21.0%	25.8%	25.8%
Operating margin	9.6%	11.2%	10.7%	8.5%	9.6%	-15.8%	14.5%	16.9%
Net margin	5.6%	6.0%	7.2%	4.0%	4.2%	-20.0%	15.3%	11.3%
Current ratio	2.02×	2.32×	2.53×	2.05×	2.08×	1.85×	1.98×	2.25×
Debt / equity	0.62×	0.71×	0.96×	1.21×	1.6×	4.57×	2.15×	1.8×
Interest coverage	4.78×	4.73×	4.07×	3.59×	4.95×	-5.34×	6.58×	8.9×
Dividend yield	0.3%	0.2%	0.2%	0.2%	0.2%	1.1%	5.8%	3.7%
Payout ratio	6.3%	6.0%	5.1%	9.5%	9.3%	-12.7%	95.7%	122.3%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	11.2%	12.5%	16.3%	10.6%	12.6%	-136.5%	57.3%	49.4%
Return on invested capital	6.8%	8.1%	9.7%	5.6%	5.0%	-15.7%	14.3%	16.5%
Return on assets	5.1%	5.3%	6.3%	3.4%	3.4%	-17.2%	13.2%	12.3%
Free cash flow yield	3.0%	5.3%	1.7%	1.6%	2.2%	3.9%	4.0%	3.4%
Earnings yield	4.0%	3.9%	4.4%	2.1%	1.9%	-8.3%	6.1%	3.0%
Enterprise value	$886.7M	$972.8M	$1B	$1.1B	$1.3B	$1.5B	$2B	$2.9B
Net debt / EBITDA	1.99×	2.19×	2.84×	3.53×	3.65×	4.44×	2.97×	1.95×
Cash conversion cycle (days)	98	110	122	99	98	77	86	70