Dynatrace, Inc. (DT) 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

-17.0%

$46.51

vs $56.03 price

Levered DCF

$68.99

After debt service

Piotroski score

6 / 9

Average

Altman Z-score

6.86

Safe zone

Rating

Overall 3 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
P/E	68.48×	29.1×	86.3×	111.32×	261.67×	178.67×	-15.09×	-56.79×
P/B	4.21×	5.37×	6.67×	7.58×	10.26×	12.15×	6.54×	-16.84×
P/S	5.45×	8.28×	9.4×	10.5×	14.4×	19.23×	11.57×	15.25×
EV / EBITDA	31.1×	48.34×	60.71×	78.99×	95.58×	89.17×	-61.91×	810.23×
Gross margin	81.6%	81.2%	81.4%	80.8%	81.4%	81.8%	76.4%	75.2%
Operating margin	13.1%	10.6%	9.0%	8.0%	8.7%	13.1%	-31.5%	-16.9%
Net margin	8.1%	28.5%	10.8%	9.3%	5.6%	10.8%	-75.8%	-27.0%
Current ratio	1.35×	1.4×	1.28×	1.08×	1.1×	1.05×	1×	0.22×
Debt / equity	0.06×	0.03×	0.03×	0.05×	0.26×	0.39×	0.53×	-4.15×
Interest coverage	0×	0×	0×	27.23×	7.98×	6.47×	-3.79×	-1.04×
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%	0.0%	0.0%	0.0%	0.0%

Key metrics by fiscal year

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
Return on equity	6.2%	18.5%	7.7%	6.7%	4.0%	6.8%	-42.9%	29.8%
Return on invested capital	5.0%	6.5%	5.9%	5.3%	3.5%	5.5%	-11.0%	-4.1%
Return on assets	3.7%	11.7%	4.5%	3.9%	2.1%	3.4%	-20.2%	-6.4%
Free cash flow yield	4.8%	3.1%	2.6%	2.7%	1.7%	1.5%	-2.6%	2.1%
Earnings yield	1.5%	3.4%	1.1%	0.9%	0.4%	0.6%	-6.6%	-1.8%
Enterprise value	$10.1B	$13.1B	$12.7B	$11.7B	$13.3B	$13.6B	$6.6B	$8.1B
Net debt / EBITDA	-2.88×	-3.47×	-3.38×	-3.24×	-0.9×	0.75×	-2.78×	156.01×
Cash conversion cycle (days)	131	106	127	103	90	98	74	75