Société Générale S.A. (GLE.PA) 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

-182.2%

-€49.89

vs €60.68 price

Levered DCF

€319.82

After debt service

Piotroski score

7 / 9

Strong

Altman Z-score

-0.15

Distress zone

Rating

B-

Overall 2 / 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	10.11×	6.2×	11.07×	15.65×	5.06×	-16.69×	10.17×	6.56×
P/B	0.74×	0.31×	0.29×	0.29×	0.39×	0.23×	0.41×	0.37×
P/S	0.6×	0.86×	0.8×	0.76×	0.99×	0.77×	1.1×	0.92×
EV / EBITDA	1.25×	-4.15×	-6.68×	-8.99×	-0.24×	-12.72×	-0.41×	18.93×
Gross margin	61.0%	100.0%	100.0%	100.0%	100.0%	100.0%	100.0%	100.0%
Operating margin	10.2%	26.9%	23.1%	29.5%	29.2%	40.5%	28.1%	29.6%
Net margin	7.0%	16.6%	10.4%	7.2%	21.9%	-1.4%	13.9%	17.0%
Current ratio	0.51×	0.84×	0.8×	0.7×	0.6×	0.75×	0.63×	0.74×
Debt / equity	2.38×	2.58×	2.73×	2.31×	2.32×	2.51×	2.21×	3.71×
Interest coverage	0.26×	0.15×	0.13×	0.42×	0.76×	0.74×	0.52×	0.61×
Dividend yield	2.5%	3.3%	7.1%	7.1%	2.6%	0.6%	8.4%	11.4%
Payout ratio	21.4%	17.1%	54.6%	75.1%	11.7%	-35.3%	66.2%	61.7%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	8.6%	6.0%	3.8%	2.7%	8.7%	-0.4%	5.1%	6.8%
Return on invested capital	0.9%	0.6%	0.5%	0.7%	0.8%	0.1%	0.8%	0.8%
Return on assets	0.4%	0.3%	0.2%	0.1%	0.4%	-0.0%	0.2%	0.3%
Free cash flow yield	-55.9%	-99.7%	133.1%	152.8%	54.1%	519.6%	12.4%	-38.9%
Earnings yield	11.6%	19.4%	13.0%	9.5%	22.1%	-1.8%	12.6%	18.5%
Enterprise value	€23.8B	-€70B	-€88.6B	-€115.7B	-€3.1B	-€66.9B	-€2.1B	€86.9B
Net debt / EBITDA	-1.47×	-5.43×	-8.13×	-10.49×	-2.21×	-15.47×	-5.37×	14.07×
Cash conversion cycle (days)	6	201	211	136	117	173	154	216