Deutsche Bank AG (DB) 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

+84.5%

$63.27

vs $34.30 price

Levered DCF

-$162.31

After debt service

Piotroski score

3 / 9

Weak

Altman Z-score

0.19

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	10.39×	11.76×	5.92×	4.45×	11.57×	128.69×	-2.79×	54.67×
P/B	0.82×	0.42×	0.35×	0.32×	0.35×	0.31×	0.26×	0.22×
P/S	1.05×	0.49×	0.43×	0.6×	0.75×	0.62×	0.42×	0.41×
EV / EBITDA	15.16×	5.79×	10.63×	4.22×	10.02×	15.41×	-5.26×	-8.14×
Gross margin	49.9%	42.5%	46.1%	68.2%	80.6%	73.3%	64.7%	66.9%
Operating margin	16.0%	8.0%	9.6%	15.0%	11.0%	3.4%	-7.6%	3.7%
Net margin	11.4%	5.1%	8.0%	14.8%	7.7%	1.6%	-15.6%	0.7%
Current ratio	0.5×	0.3×	0.5×	0.48×	0.52×	0.41×	14.07×	10.48×
Debt / equity	3.24×	1.95×	3.01×	2.77×	3.17×	3.37×	2.62×	2.56×
Interest coverage	0.34×	0.15×	0.19×	0.53×	0.62×	0.16×	-0.23×	0.12×
Dividend yield	2.0%	2.7%	2.4%	1.8%	0.0%	1.9%	1.6%	1.5%
Payout ratio	18.5%	26.2%	12.8%	7.3%	0.0%	70.5%	-4.2%	85.0%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	8.8%	4.3%	6.5%	7.8%	3.6%	0.8%	-9.6%	0.4%
Return on invested capital	1.2%	0.4%	0.9%	1.0%	0.4%	0.1%	-0.2%	0.0%
Return on assets	0.5%	0.2%	0.4%	0.4%	0.2%	0.0%	-0.4%	0.0%
Free cash flow yield	0.0%	-88.7%	20.5%	-10.9%	-15.2%	160.8%	-278.6%	-365.7%
Earnings yield	10.8%	10.3%	18.9%	24.6%	10.3%	2.6%	-36.8%	1.8%
Enterprise value	$147.3B	$30.7B	$60.4B	$31.8B	$34B	$47.5B	$13.9B	-$10.8B
Net debt / EBITDA	8.56×	-0.41×	6.18×	1.24×	3.23×	9.31×	0.29×	-19.37×
Cash conversion cycle (days)	-585	-290	-433	-1,727	-3,304	-2,755	-13,686	-2,142