Iberdrola, S.A. (IBE.MC) 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

-25.2%

€16.63

vs €22.25 price

Levered DCF

-€0.05

After debt service

Piotroski score

3 / 9

Weak

Altman Z-score

1.28

Distress zone

Rating

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	19.65×	15.29×	15.83×	17.08×	18.26×	20.89×	17.65×	15.6×
P/B	2.46×	1.82×	1.77×	1.77×	1.66×	2.13×	1.63×	1.24×
P/S	2.8×	1.91×	1.55×	1.35×	1.71×	2.27×	1.68×	1.35×
EV / EBITDA	11.66×	9.64×	9.69×	9.28×	9.09×	11.11×	10.22×	9.33×
Gross margin	54.6%	53.4%	47.2%	37.4%	43.6%	48.7%	44.6%	44.0%
Operating margin	23.1%	21.7%	18.2%	14.8%	18.8%	16.8%	16.1%	15.5%
Net margin	14.3%	12.5%	9.7%	8.0%	9.9%	10.9%	9.3%	8.6%
Current ratio	0.87×	0.69×	0.82×	0.81×	0.92×	0.83×	0.71×	0.83×
Debt / equity	1.19×	1.23×	1.43×	1.23×	1.09×	1.14×	1.1×	0.98×
Interest coverage	2.37×	4.41×	3.81×	4.18×	5.89×	5.26×	5.11×	4.74×
Dividend yield	1.0%	1.4%	1.2%	1.2%	0.9%	0.7%	0.5%	0.3%
Payout ratio	20.3%	20.8%	19.8%	20.5%	14.7%	15.6%	9.7%	4.7%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	12.6%	11.9%	11.1%	10.6%	9.6%	10.2%	9.0%	7.9%
Return on invested capital	5.6%	5.0%	5.0%	4.7%	4.0%	3.9%	4.2%	4.1%
Return on assets	3.9%	3.5%	3.2%	2.8%	2.7%	2.9%	2.8%	2.7%
Free cash flow yield	1.0%	4.3%	5.8%	5.0%	1.8%	3.3%	2.2%	2.6%
Earnings yield	5.1%	6.6%	6.3%	6.0%	5.8%	4.8%	5.6%	6.4%
Enterprise value	€179.5B	€139.3B	€135B	€118.6B	€107.3B	€112.4B	€100.6B	€82B
Net debt / EBITDA	3.65×	3.71×	4.21×	3.59×	3.41×	3.67×	3.99×	3.95×
Cash conversion cycle (days)	33	-9	42	58	82	62	43	31