Fraport AG (FRA.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

-229.9%

-€85.93

vs €66.15 price

Levered DCF

€109.56

After debt service

Piotroski score

5 / 9

Average

Altman Z-score

0.68

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	14.98×	11.99×	12.85×	26.61×	65.76×	-6.93×	16.65×	12.09×
P/B	1.25×	1.12×	1.17×	0.9×	1.46×	1.26×	1.58×	1.37×
P/S	1.46×	1.22×	1.26×	1.1×	2.55×	2.72×	1.89×	1.65×
EV / EBITDA	11.51×	9.07×	10.62×	1.3×	3.76×	-10.81×	5.17×	7.59×
Gross margin	23.9%	25.4%	25.8%	25.8%	12.4%	-38.4%	22.9%	24.3%
Operating margin	18.9%	17.4%	17.6%	17.7%	14.6%	-42.2%	19.0%	21.0%
Net margin	9.7%	10.2%	9.8%	4.1%	3.9%	-39.2%	11.4%	13.6%
Current ratio	1.57×	1.61×	1.49×	1.44×	2.18×	1.26×	0.85×	0.94×
Debt / equity	2.37×	2.31×	2.76×	0.06×	0.06×	0.07×	0.07×	1.13×
Interest coverage	2.44×	2.18×	2.2×	1.8×	1.16×	-3.29×	3.58×	3.62×
Dividend yield	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	2.6%	2.4%
Payout ratio	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	43.9%	29.2%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	8.3%	9.3%	9.1%	3.4%	2.2%	-18.2%	9.5%	11.3%
Return on invested capital	3.1%	3.2%	3.1%	2.6%	1.7%	-4.0%	4.6%	5.5%
Return on assets	2.1%	2.2%	2.1%	0.8%	0.5%	-4.7%	3.3%	4.1%
Free cash flow yield	6.5%	-1.6%	-1.7%	1.2%	-8.8%	-23.9%	2.6%	5.5%
Earnings yield	6.7%	8.3%	7.8%	3.8%	1.5%	-14.4%	6.0%	8.3%
Enterprise value	€16B	€14.2B	€14.6B	€1.3B	€3.1B	€3.1B	€6.5B	€9.6B
Net debt / EBITDA	6.86×	5.61×	6.93×	-2.17×	-2.84×	5.34×	-0.37×	3.08×
Cash conversion cycle (days)	-3	-13	-10	-39	-21	-5	-7	-14