Fluidra, S.A. (FDR.MC) 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

+39.1%

€26.98

vs €19.40 price

Levered DCF

€29.46

After debt service

Piotroski score

5 / 9

Average

Altman Z-score

2.46

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	24.9×	32.22×	31.42×	17.08×	26.67×	41.9×	281.11×	-44.5×
P/B	2.76×	2.71×	2.28×	1.64×	4.16×	2.86×	1.65×	1.04×
P/S	1.98×	2.09×	1.72×	1.13×	3.02×	2.69×	1.7×	1.42×
EV / EBITDA	11.95×	13.46×	12.51×	9.45×	15.69×	15.63×	15.65×	36.47×
Gross margin	31.8%	58.4%	54.9%	52.7%	54.2%	54.5%	22.8%	48.2%
Operating margin	14.0%	12.2%	11.3%	12.5%	17.2%	12.2%	5.4%	-0.1%
Net margin	7.9%	6.5%	5.5%	6.6%	11.4%	6.4%	0.6%	-3.2%
Current ratio	1.78×	1.79×	1.76×	1.73×	1.07×	1.91×	2.26×	2.38×
Debt / equity	0.85×	0.8×	0.85×	0.87×	0.72×	0.57×	0.7×	0.63×
Interest coverage	5.4×	3.65×	3.15×	4.25×	9.38×	4.41×	1.4×	-0.05×
Dividend yield	2.7%	2.4%	3.7%	5.8%	1.1%	1.1%	0.2%	0.2%
Payout ratio	66.3%	78.0%	116.7%	100.0%	30.1%	44.4%	52.6%	-10.8%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	11.1%	8.4%	7.3%	9.6%	15.6%	6.8%	0.6%	-2.4%
Return on invested capital	7.6%	6.0%	5.6%	6.5%	9.5%	5.4%	2.0%	-0.1%
Return on assets	5.2%	3.8%	3.2%	4.2%	7.2%	3.4%	0.3%	-1.2%
Free cash flow yield	6.9%	5.3%	10.2%	1.5%	4.0%	6.2%	4.6%	-0.5%
Earnings yield	4.0%	3.1%	3.2%	5.8%	3.8%	2.4%	0.4%	-2.3%
Enterprise value	€5.6B	€5.6B	€4.8B	€4.1B	€7.8B	€4.6B	€3.1B	€2.2B
Net debt / EBITDA	2.62×	2.77×	3.17×	3.17×	2.17×	1.95×	3.79×	12.08×
Cash conversion cycle (days)	94	132	131	167	116	97	219	146