Daimler Truck Holding AG (DTG.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

+42.6%

€57.45

vs €40.29 price

Levered DCF

-€7.57

After debt service

Piotroski score

6 / 9

Average

Altman Z-score

1.56

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	14.58×	10.12×	7.38×	8.94×	11.33×	-175.18×	14.18×	13.54×
P/B	1.33×	1.32×	1.29×	1.19×	1.67×	2.98×	2.49×	2.75×
P/S	0.63×	0.54×	0.5×	0.47×	0.67×	0.68×	0.53×	0.56×
EV / EBITDA	10.3×	9.62×	6.24×	6.7×	6.65×	19.6×	10.5×	9.86×
Gross margin	23.2%	24.6%	21.4%	18.8%	18.4%	15.7%	18.8%	19.0%
Operating margin	8.9%	10.6%	8.7%	5.7%	3.7%	-0.1%	5.0%	5.7%
Net margin	4.3%	5.4%	6.8%	5.2%	5.9%	-0.4%	3.7%	4.1%
Current ratio	1.84×	1.63×	1.65×	1.54×	1.61×	1.19×	1.27×	1.23×
Debt / equity	1.35×	1.19×	1.19×	0.94×	0.95×	2.36×	2.36×	2.17×
Interest coverage	14.48×	37.15×	26.14×	15.42×	13.8×	-0.27×	11.27×	12.56×
Dividend yield	5.1%	5.2%	3.8%	0.0%	0.0%	0.1%	4.0%	2.4%
Payout ratio	74.2%	52.7%	28.3%	0.0%	0.3%	-9.8%	56.9%	32.8%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	9.1%	13.1%	17.5%	13.3%	14.7%	-1.7%	17.6%	20.3%
Return on invested capital	4.7%	7.6%	6.4%	7.1%	3.6%	0.1%	4.9%	6.9%
Return on assets	2.7%	3.9%	5.3%	4.2%	4.3%	-0.3%	3.1%	3.6%
Free cash flow yield	11.2%	0.5%	-3.3%	-6.0%	5.0%	13.8%	0.6%	-1.4%
Earnings yield	6.9%	9.9%	13.6%	11.2%	8.8%	-0.6%	7.1%	7.4%
Enterprise value	€49.3B	€49.2B	€46.5B	€36.7B	€34.4B	€42.3B	€46.7B	€43.3B
Net debt / EBITDA	4.31×	3.88×	2.5×	2.35×	1.52×	8.23×	4.99×	4.28×
Cash conversion cycle (days)	174	155	158	151	148	158	155	152