Deutsche Bank AG (DBK.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

+482.0%

€175.38

vs €30.14 price

Levered DCF

-€253.02

After debt service

Piotroski score

4 / 9

Average

Altman Z-score

0.2

Distress 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	10.48×	11.89×	5.97×	4.38×	11.6×	129.15×	-2.78×	55×
P/B	0.82×	0.43×	0.35×	0.31×	0.35×	0.31×	0.24×	0.22×
P/S	1.06×	0.5×	0.43×	0.59×	0.75×	0.62×	0.42×	0.42×
EV / EBITDA	26.63×	19.63×	-2.61×	4.17×	-3.72×	15.43×	-191.32×	14.15×
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	0.37×	0.3×	2.21×	0.35×	3.92×	0.41×	0.34×	0.4×
Debt / equity	4.56×	2.88×	1.97×	2.77×	2.35×	3.37×	3.23×	3.32×
Interest coverage	0.34×	0.15×	0.19×	0.53×	0.62×	0.16×	-0.23×	0.12×
Dividend yield	2.1%	2.7%	2.4%	1.8%	1.6%	1.8%	1.6%	1.5%
Payout ratio	19.2%	26.2%	12.8%	7.3%	15.3%	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%	-8.9%	0.4%
Return on invested capital	1.0%	0.6%	0.6%	1.0%	0.7%	0.1%	-0.4%	0.1%
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%	-87.8%	20.3%	-11.1%	-15.2%	160.2%	-279.3%	-362.8%
Earnings yield	10.7%	10.1%	18.7%	25.0%	10.2%	2.6%	-36.9%	1.8%
Enterprise value	€259B	€103.9B	-€14.8B	€31.5B	-€20.1B	€47.6B	€62.9B	€40.4B
Net debt / EBITDA	19.97×	13.36×	-7.1×	1.24×	-8×	9.31×	-146.94×	8.88×
Cash conversion cycle (days)	-1,316	-290	-5,941	-1,881	-31,187	-2,755	-1,501	-2,142