Indra Sistemas, S.A. (IDR.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

-73.6%

€16.68

vs €63.20 price

Levered DCF

€66.76

After debt service

Piotroski score

6 / 9

Average

Altman Z-score

1.73

Distress 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	19.57×	10.81×	11.97×	10.87×	11.75×	-21.15×	14.75×	13.97×
P/B	4.92×	2.31×	2.21×	1.9×	2.04×	1.85×	2.31×	2.54×
P/S	1.56×	0.62×	0.57×	0.49×	0.49×	0.4×	0.56×	0.54×
EV / EBITDA	18.45×	6.04×	5.67×	5.61×	6.35×	21.99×	7.72×	6.98×
Gross margin	23.6%	34.7%	24.8%	33.5%	30.5%	30.4%	37.2%	26.7%
Operating margin	8.7%	9.0%	8.0%	7.8%	7.5%	0.5%	6.9%	6.4%
Net margin	8.0%	5.7%	4.7%	4.5%	4.2%	-1.9%	3.8%	3.9%
Current ratio	1.24×	1.15×	1.13×	1.25×	1.55×	1.26×	1.31×	1.3×
Debt / equity	1.94×	0.66×	0.74×	1.26×	2.1×	2.91×	2.13×	2.13×
Interest coverage	7.44×	5.39×	4.84×	9.04×	7.14×	0.41×	6.68×	6.69×
Dividend yield	0.5%	1.5%	1.8%	1.4%	0.0%	0.0%	0.0%	0.0%
Payout ratio	10.1%	15.9%	21.4%	15.4%	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	25.1%	21.4%	18.4%	17.4%	17.5%	-8.6%	15.6%	18.2%
Return on invested capital	5.5%	11.5%	8.3%	7.8%	6.2%	0.4%	6.3%	6.5%
Return on assets	4.7%	5.6%	4.4%	3.8%	3.2%	-1.3%	2.8%	3.0%
Free cash flow yield	5.2%	11.3%	12.9%	15.8%	17.6%	10.6%	3.1%	10.6%
Earnings yield	5.1%	9.2%	8.3%	9.2%	8.6%	-4.7%	6.8%	7.2%
Enterprise value	€10.9B	€3.3B	€2.7B	€2.2B	€2.2B	€2B	€2.6B	€2.1B
Net debt / EBITDA	4.03×	0.54×	0.48×	0.79×	1.43×	8.33×	2.38×	1.57×
Cash conversion cycle (days)	158	86	74	102	96	98	80	57