Hensoldt AG (HAG.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

-80.6%

€15.95

vs €82.30 price

Levered DCF

€65.42

After debt service

Piotroski score

5 / 9

Average

Altman Z-score

1.96

Grey zone

Rating

C+

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	95.32×	37.1×	48.98×	29.86×	20.87×	-22.87×	140.85×	-18.97×
P/B	8.55×	4.59×	3.28×	3.84×	3.29×	4.39×	8.18×	-5.86×
P/S	3.45×	1.79×	1.43×	1.36×	0.89×	1.21×	1.04×	1.04×
EV / EBITDA	21.75×	12.25×	9.21×	9.92×	6.83×	12.3×	8.43×	13.68×
Gross margin	21.4%	22.7%	22.5%	23.1%	22.4%	22.4%	22.9%	18.9%
Operating margin	8.3%	8.3%	8.5%	10.2%	7.9%	5.2%	10.7%	2.3%
Net margin	3.6%	4.8%	2.9%	4.6%	4.3%	-5.3%	0.7%	-5.5%
Current ratio	1.23×	1.28×	1.47×	1.37×	1.3×	1.22×	1.36×	1.37×
Debt / equity	1.65×	1.58×	1.06×	1.31×	2.36×	3.35×	7.5×	-6.26×
Interest coverage	1.92×	2.43×	1.91×	3.95×	2.79×	0.45×	1.43×	0.26×
Dividend yield	0.7%	1.1%	1.2%	1.1%	1.1%	0.0%	0.0%	0.0%
Payout ratio	65.2%	42.6%	59.3%	33.3%	22.2%	0.0%	0.0%	0.0%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	9.0%	12.4%	6.7%	12.9%	15.8%	-19.3%	5.8%	30.7%
Return on invested capital	4.4%	5.8%	4.0%	6.0%	4.6%	2.7%	1.6%	1.7%
Return on assets	1.6%	2.3%	1.4%	2.6%	2.1%	-2.2%	0.3%	-2.7%
Free cash flow yield	2.9%	2.8%	5.8%	6.4%	15.0%	6.8%	0.2%	0.5%
Earnings yield	1.0%	2.7%	2.0%	3.4%	4.8%	-4.4%	0.7%	-5.2%
Enterprise value	€9.2B	€4.6B	€2.7B	€2.6B	€1.7B	€1.9B	€2.1B	€2.2B
Net debt / EBITDA	1.66×	1.69×	0.18×	1.23×	1.64×	3×	3.74×	6.37×
Cash conversion cycle (days)	186	169	168	154	180	248	257	240