Geratherm Medical AG (GME.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

+159.0%

€5.49

vs €2.12 price

Levered DCF

€2.17

After debt service

Piotroski score

5 / 9

Average

Altman Z-score

2.1

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	-19.27×	26.77×	25.71×	26.26×	339.27×	26.59×	145.05×	39.35×
P/B	0.8×	0.9×	1.31×	1.22×	2.24×	2.66×	2.12×	2.2×
P/S	1.05×	0.92×	1.39×	1.05×	1.68×	1.96×	2.12×	2.08×
EV / EBITDA	-67.97×	4.9×	7.44×	8.23×	22.08×	13.69×	17.7×	16.09×
Gross margin	15.9%	62.6%	29.9%	24.7%	66.2%	64.1%	68.9%	66.0%
Operating margin	-8.8%	8.6%	8.1%	5.4%	2.4%	11.1%	5.3%	9.2%
Net margin	-5.5%	3.5%	5.3%	4.0%	0.5%	7.4%	1.5%	5.4%
Current ratio	6.41×	5.21×	2.93×	10.67×	2.33×	2.73×	2.96×	3.51×
Debt / equity	0.13×	0.16×	0.32×	0.42×	0.5×	0.51×	0.38×	0.17×
Interest coverage	-16.89×	16.27×	11.09×	7.73×	4.12×	11.41×	4.53×	4.02×
Dividend yield	3.5%	2.9%	2.8%	2.4%	4.8%	2.3%	4.7%	5.2%
Payout ratio	-66.1%	76.7%	73.2%	63.8%	1619.8%	60.5%	683.1%	201.6%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	-4.2%	3.4%	5.0%	4.6%	0.7%	10.1%	1.5%	5.7%
Return on invested capital	-4.8%	4.5%	4.3%	2.4%	2.0%	6.7%	1.0%	4.5%
Return on assets	-3.2%	2.5%	3.1%	2.7%	0.4%	5.7%	0.9%	3.9%
Free cash flow yield	7.8%	6.5%	-0.7%	-0.5%	-0.9%	2.1%	-3.4%	-8.5%
Earnings yield	-5.2%	3.7%	3.8%	3.8%	0.3%	3.8%	0.7%	2.6%
Enterprise value	€10.5M	€14.4M	€31.2M	€27.7M	€48.5M	€59.5M	€45.6M	€42.8M
Net debt / EBITDA	33.19×	-1.49×	0.47×	0.17×	3.21×	1.28×	1.35×	-0.74×
Cash conversion cycle (days)	118	267	242	159	372	260	438	335