Fugro N.V. (FUR.AS) 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

+119.6%

€18.06

vs €8.23 price

Levered DCF

€6.68

After debt service

Piotroski score

3 / 9

Weak

Altman Z-score

1.78

Distress 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	-47.17×	6.85×	7.95×	16×	10.13×	-2.67×	-26.46×	-14.37×
P/B	0.73×	1.25×	1.56×	1.13×	0.82×	0.66×	1×	0.68×
P/S	0.52×	0.82×	0.92×	0.67×	0.48×	0.33×	0.37×	0.29×
EV / EBITDA	5.74×	3.84×	5.32×	6.04×	5.15×	5.58×	8.48×	8.62×
Gross margin	13.5%	59.9%	32.7%	26.7%	25.0%	24.1%	25.4%	23.6%
Operating margin	3.2%	13.5%	11.5%	5.3%	4.1%	1.4%	2.0%	1.7%
Net margin	-1.1%	12.0%	11.7%	4.2%	4.9%	-12.5%	-6.7%	-2.0%
Current ratio	1.26×	1.47×	1.45×	1.45×	1.2×	1.28×	1.66×	1.8×
Debt / equity	0.36×	0.28×	0.34×	0.4×	0.52×	0.68×	1.42×	1.1×
Interest coverage	2.62×	9.36×	7.45×	2.63×	1.58×	0.43×	0.61×	0.65×
Dividend yield	8.6%	2.4%	0.2%	0.4%	0.4%	0.7%	0.5%	0.8%
Payout ratio	-409.8%	16.7%	1.3%	6.3%	4.0%	-1.7%	-2.9%	-11.9%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	-1.5%	18.3%	19.8%	7.1%	8.4%	-24.8%	-18.2%	-4.7%
Return on invested capital	1.2%	13.3%	14.0%	5.6%	4.4%	1.5%	2.1%	1.7%
Return on assets	-0.9%	10.4%	10.6%	3.6%	3.9%	-10.2%	-5.3%	-1.6%
Free cash flow yield	-14.8%	7.8%	9.2%	0.5%	1.9%	8.7%	4.8%	-10.2%
Earnings yield	-2.1%	14.6%	12.7%	6.2%	10.2%	-37.5%	-18.1%	-7.0%
Enterprise value	€1.3B	€2B	€2.1B	€1.4B	€992M	€759M	€1.2B	€959.3M
Net debt / EBITDA	1.63×	0.19×	0.28×	0.9×	1.52×	2.17×	4.4×	4.54×
Cash conversion cycle (days)	44	68	83	98	79	92	95	101