Doxee S.p.A. (DOX.MI) 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

-244.8%

-€5.11

vs €3.53 price

Levered DCF

€13.41

After debt service

Piotroski score

6 / 9

Average

Altman Z-score

0.68

Distress zone

Rating

C+

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	128.81×	-5.34×	-7.61×	175.49×	53.26×	26.62×	26.64×	6.17×
P/B	5.09×	2.31×	5.9×	6.32×	11.01×	3.71×	3.08×	8.69×
P/S	1.45×	0.7×	1.34×	3.46×	4.64×	1.35×	1.8×	0.23×
EV / EBITDA	9.45×	12.74×	-273.05×	25.48×	16.98×	6.22×	6.36×	3.54×
Gross margin	50.4%	106.4%	10.7%	59.5%	62.5%	110.0%	59.9%	23.3%
Operating margin	4.5%	-8.0%	-18.8%	0.4%	7.4%	7.8%	15.0%	0.1%
Net margin	1.1%	-13.1%	-17.8%	2.0%	8.6%	5.1%	10.6%	3.7%
Current ratio	0.63×	0.62×	0.63×	0.91×	1.33×	1.15×	1.25×	0.76×
Debt / equity	1.76×	2.3×	3.3×	1.27×	1.04×	0.91×	0.69×	18.43×
Interest coverage	2.99×	-1.96×	-5.08×	0.27×	4.53×	5.72×	10.04×	0.08×
Dividend yield	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%
Payout ratio	0.0%	0.0%	0.0%	0.0%	0.1%	0.0%	0.0%	0.0%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	4.0%	-43.2%	-78.0%	3.6%	20.4%	14.0%	18.2%	141.0%
Return on invested capital	1.8%	-6.7%	-14.5%	0.2%	7.0%	5.9%	9.9%	0.1%
Return on assets	0.8%	-8.4%	-10.9%	1.1%	5.8%	4.0%	6.9%	3.8%
Free cash flow yield	12.2%	-7.3%	-15.1%	-2.7%	-1.0%	-0.0%	1.3%	41.7%
Earnings yield	0.8%	-18.7%	-13.2%	0.6%	1.9%	3.8%	5.9%	16.2%
Enterprise value	€59.2M	€38M	€59.4M	€103.2M	€100M	€27.8M	€29.3M	€11M
Net debt / EBITDA	2.26×	6.18×	-95.73×	4.46×	0.56×	0.64×	0.54×	2.35×
Cash conversion cycle (days)	25	1,047	21	-65	-178	938	-19	43