HelloFresh SE (HFG.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

+680.3%

€22.51

vs €2.89 price

Levered DCF

€37.96

After debt service

Piotroski score

4 / 9

Average

Altman Z-score

3.04

Safe zone

Rating

C-

Overall 1 / 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	-10.44×	-14.34×	143.1×	27.74×	48.24×	28.86×	-303.41×	-12.1×
P/B	1.43×	2.19×	2.41×	3.67×	13.09×	16.21×	12.44×	4.19×
P/S	0.14×	0.25×	0.32×	0.46×	1.96×	2.84×	1.69×	0.78×
EV / EBITDA	6.14×	7.83×	8.33×	9.37×	23.3×	22.56×	70.68×	-12.34×
Gross margin	58.1%	62.6%	64.8%	65.6%	65.9%	66.0%	64.6%	62.8%
Operating margin	-0.1%	-2.3%	1.5%	2.9%	6.5%	11.4%	0.4%	-6.5%
Net margin	-1.4%	-1.8%	0.3%	1.7%	4.1%	9.8%	-0.6%	-6.4%
Current ratio	0.78×	0.91×	0.9×	0.94×	1.4×	1.77×	1.32×	1.74×
Debt / equity	1.05×	1.03×	0.7×	0.69×	0.52×	0.46×	0.52×	0×
Interest coverage	-0.11×	-4.59×	3.19×	7.3×	14.46×	42.59×	1.22×	-69×
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	-13.8%	-15.3%	1.9%	13.2%	27.1%	56.2%	-4.1%	-34.8%
Return on invested capital	-0.3%	-7.1%	1.4%	8.2%	21.0%	38.4%	2.3%	-33.0%
Return on assets	-4.3%	-5.2%	0.8%	5.0%	11.0%	24.2%	-1.8%	-20.8%
Free cash flow yield	23.2%	3.7%	3.2%	-3.0%	1.8%	4.9%	0.1%	-7.4%
Earnings yield	-9.6%	-7.0%	0.8%	3.6%	2.1%	3.5%	-0.3%	-8.3%
Enterprise value	€1.5B	€2.4B	€2.7B	€3.7B	€11.4B	€10.2B	€3B	€800.6M
Net debt / EBITDA	2.07×	1.41×	0.85×	0.41×	-0.75×	-0.94×	-1.54×	2.98×
Cash conversion cycle (days)	-22	-36	-45	-38	-36	-46	-48	-58