Henkel AG & Co. KGaA (HEN.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

+51.5%

€123.22

vs €81.32 price

Levered DCF

€122.34

After debt service

Piotroski score

7 / 9

Strong

Altman Z-score

3.8

Safe zone

Rating

A-

Overall 4 / 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	14.17×	17.72×	23.41×	22.12×	18.92×	28.49×	19.21×	17.96×
P/B	1.41×	1.64×	1.54×	1.39×	1.49×	2.05×	2.16×	2.46×
P/S	1.41×	1.65×	1.43×	1.24×	1.54×	2.08×	1.99×	2.09×
EV / EBITDA	8.16×	10.05×	11.31×	11.7×	10.76×	15.16×	11.79×	12.07×
Gross margin	51.1%	50.1%	45.7%	42.3%	45.2%	46.7%	45.7%	45.9%
Operating margin	14.6%	13.1%	9.3%	9.6%	12.9%	11.6%	15.7%	16.8%
Net margin	9.9%	9.3%	6.1%	5.6%	8.1%	7.3%	10.4%	11.6%
Current ratio	1.19×	1.21×	1.2×	1.13×	1.12×	1.11×	1.07×	0.96×
Debt / equity	0.18×	0.2×	0.15×	0.18×	0.14×	0.16×	0.24×	0.25×
Interest coverage	18.49×	13.11×	17.19×	13.52×	143.44×	54.66×	25.1×	35.25×
Dividend yield	2.9%	2.2%	2.5%	2.9%	2.6%	2.0%	2.0%	1.9%
Payout ratio	41.8%	38.4%	58.5%	63.1%	48.8%	56.7%	38.3%	33.4%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	9.9%	9.2%	6.6%	6.3%	7.9%	7.2%	11.3%	13.7%
Return on invested capital	8.5%	7.6%	5.8%	6.3%	8.4%	7.5%	9.3%	10.9%
Return on assets	6.1%	5.7%	4.2%	3.8%	5.0%	4.7%	6.5%	7.7%
Free cash flow yield	6.3%	7.0%	8.6%	2.1%	4.8%	5.9%	6.2%	4.3%
Earnings yield	7.1%	5.6%	4.3%	4.5%	5.3%	3.5%	5.2%	5.6%
Enterprise value	€29.8B	€37B	€31.7B	€30.3B	€31.7B	€41.6B	€43.1B	€44.6B
Net debt / EBITDA	0.27×	0.38×	0.33×	0.95×	0.29×	0.54×	0.83×	0.83×
Cash conversion cycle (days)	24	11	22	18	16	20	32	37