Formula One Group (FWONA) 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

+266.8%

$317.24

vs $86.50 price

Levered DCF

$143.50

After debt service

Piotroski score

4 / 9

Average

Altman Z-score

2.91

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	40.26×	-700.33×	73.39×	21.41×	-69.28×	-14.21×	-31.05×	-43.77×
P/B	2.88×	2.73×	2.11×	1.73×	2.08×	1.29×	1.85×	1.18×
P/S	4.99×	5.52×	4.21×	4.63×	6.17×	7.37×	4.79×	3.6×
EV / EBITDA	22.89×	35.58×	18.97×	17.24×	40.6×	-88.34×	59.81×	25.33×
Gross margin	24.9%	31.9%	30.5%	32.0%	30.3%	14.9%	31.1%	30.3%
Operating margin	13.5%	7.9%	9.2%	6.7%	1.9%	-38.8%	-1.7%	-6.0%
Net margin	12.4%	-0.8%	5.7%	21.7%	-8.9%	-52.1%	-15.4%	-8.2%
Current ratio	1.46×	2.67×	2.17×	2.43×	1.83×	3.27×	1.76×	0.86×
Debt / equity	0.66×	0.4×	0.45×	0.43×	0.57×	0.57×	1.08×	0.91×
Interest coverage	21.57×	1.38×	1.39×	1.16×	0.33×	-3.04×	-0.18×	-0.57×
Dividend yield	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%
Payout ratio	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	7.2%	-0.4%	2.9%	8.1%	-3.0%	-9.1%	-5.9%	-2.7%
Return on invested capital	3.4%	-4.8%	2.7%	1.7%	0.3%	-3.5%	-0.2%	-0.8%
Return on assets	3.6%	-0.3%	1.8%	5.1%	-1.6%	-5.3%	-2.7%	-1.4%
Free cash flow yield	3.4%	2.4%	1.4%	2.0%	3.5%	-1.9%	2.6%	3.9%
Earnings yield	2.5%	-0.1%	1.4%	4.7%	-1.4%	-7.1%	-3.2%	-2.3%
Enterprise value	$26.4B	$20.5B	$15.1B	$13.1B	$14.7B	$10.5B	$14.8B	$11.5B
Net debt / EBITDA	3.53×	0.63×	1.89×	1.59×	4.29×	-17.44×	20.61×	10.79×
Cash conversion cycle (days)	-44	-83	-63	-65	-64	-18	-57	-45