Designer Brands Inc. (DBI) 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

+179.6%

$19.04

vs $6.81 price

Levered DCF

$19.16

After debt service

Piotroski score

7 / 9

Strong

Altman Z-score

1.86

Grey zone

Rating

B+

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	-37.29×	-25.15×	18.23×	4.28×	6.21×	-1.8×	11.13×	-104.81×
P/B	1.1×	0.97×	1.46×	1.62×	2.33×	3.62×	1.45×	2.57×
P/S	0.11×	0.09×	0.17×	0.21×	0.3×	0.39×	0.3×	0.67×
EV / EBITDA	13.76×	15.18×	12.39×	9.27×	6.75×	-5.55×	10.15×	23.84×
Gross margin	43.6%	42.7%	31.7%	32.6%	33.4%	13.9%	28.6%	29.7%
Operating margin	1.4%	1.2%	2.4%	3.3%	4.0%	-19.8%	1.3%	1.9%
Net margin	-0.3%	-0.4%	0.9%	4.9%	4.8%	-21.9%	2.7%	-0.6%
Current ratio	1.2×	1.24×	1.25×	1.24×	1.2×	1.04×	1.32×	2.06×
Debt / equity	4.27×	4.62×	3.45×	4.03×	2.48×	7.96×	1.7×	0.19×
Interest coverage	0.91×	0.75×	2.25×	7.3×	4.01×	-18.39×	5.17×	24.25×
Dividend yield	3.1%	3.9%	2.3%	1.9%	1.4%	0.8%	6.9%	3.7%
Payout ratio	-115.3%	-99.1%	41.8%	8.3%	8.7%	-1.5%	76.8%	-389.9%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	-3.0%	-3.8%	8.1%	37.9%	37.5%	-201.1%	13.1%	-2.5%
Return on invested capital	-10.7%	2.0%	3.2%	7.1%	7.9%	-23.2%	1.8%	-9.1%
Return on assets	-0.4%	-0.5%	1.4%	8.1%	7.7%	-24.7%	3.8%	-1.3%
Free cash flow yield	36.2%	32.3%	20.4%	21.0%	14.4%	-21.0%	11.3%	5.1%
Earnings yield	-2.7%	-3.9%	5.5%	23.3%	16.1%	-55.5%	9.0%	-1.0%
Enterprise value	$1.5B	$1.5B	$1.7B	$2.4B	$1.9B	$2.8B	$2.2B	$2.2B
Net debt / EBITDA	10.84×	12.47×	8.6×	6.55×	3.35×	-3.78×	5.28×	0.66×
Cash conversion cycle (days)	81	76	59	66	65	75	58	70