Evonik Industries AG (EVK.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

+58.8%

€32.74

vs €20.62 price

Levered DCF

€36.77

After debt service

Piotroski score

6 / 9

Average

Altman Z-score

2.08

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	23.44×	34.85×	-18.45×	15.46×	17.79×	25.17×	16.39×	10.96×
P/B	0.77×	0.86×	0.96×	0.76×	1.43×	1.55×	1.41×	1.32×
P/S	0.44×	0.51×	0.56×	0.45×	0.89×	1.02×	0.97×	0.68×
EV / EBITDA	5.21×	6.31×	12.21×	5.75×	7.54×	8.82×	7.78×	7.1×
Gross margin	23.1%	24.7%	22.2%	22.9%	26.9%	27.6%	28.2%	30.8%
Operating margin	4.6%	6.9%	4.1%	7.7%	8.3%	7.3%	9.8%	10.4%
Net margin	1.9%	1.5%	-3.0%	2.9%	5.0%	3.8%	5.9%	6.2%
Current ratio	1.48×	1.36×	1.46×	1.83×	1.53×	1.7×	1.86×	1.67×
Debt / equity	0.48×	0.42×	0.48×	0.39×	0.39×	0.48×	0.5×	0.5×
Interest coverage	2.94×	10.73×	5.83×	11.69×	9.62×	5.18×	10.63×	12.76×
Dividend yield	8.8%	7.0%	6.3%	6.5%	4.0%	4.3%	4.2%	5.2%
Payout ratio	205.7%	245.5%	-117.2%	100.9%	71.8%	115.3%	69.3%	57.5%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	3.3%	2.5%	-5.2%	4.9%	8.0%	5.8%	8.6%	12.1%
Return on invested capital	2.6%	3.5%	3.5%	4.7%	4.7%	3.6%	5.4%	7.3%
Return on assets	1.4%	1.1%	-2.2%	2.5%	3.3%	2.2%	3.5%	4.6%
Free cash flow yield	11.2%	11.2%	9.3%	9.4%	7.0%	6.2%	3.5%	6.6%
Earnings yield	4.3%	2.8%	-5.4%	6.5%	5.6%	3.7%	6.1%	9.1%
Enterprise value	€9.6B	€11.1B	€12.1B	€11.9B	€16.5B	€15.7B	€16B	€13.1B
Net debt / EBITDA	1.83×	1.88×	3.53×	1.73×	1.46×	1.84×	1.6×	1.56×
Cash conversion cycle (days)	73	85	77	65	68	72	67	72