Infineon Technologies AG (IFX.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

-93.1%

€3.49

vs €50.28 price

Levered DCF

€3.97

After debt service

Piotroski score

4 / 9

Average

Altman Z-score

4.04

Safe 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	43.68×	32.1×	13.12×	13.76×	40.38×	92.77×	22.01×	21.04×
P/B	2.54×	2.38×	2.4×	1.98×	4.06×	2.98×	2.22×	3.51×
P/S	2.96×	2.74×	2.51×	2.08×	4.18×	3.56×	2.39×	2.97×
EV / EBITDA	13.98×	10.58×	7.57×	7.51×	17.03×	20.27×	10.01×	12.09×
Gross margin	40.2%	41.3%	46.7%	44.7%	38.1%	32.3%	36.7%	37.5%
Operating margin	13.9%	17.0%	24.9%	21.6%	11.8%	6.0%	12.8%	14.1%
Net margin	6.9%	8.7%	19.2%	15.3%	10.6%	4.3%	10.8%	14.1%
Current ratio	1.7×	1.9×	1.89×	1.69×	1.86×	2.08×	3.58×	2.49×
Debt / equity	0.42×	0.3×	0.3×	0.4×	0.61×	0.72×	0.18×	0.24×
Interest coverage	8.81×	15.7×	25.57×	18.71×	7.01×	2.91×	10.49×	15.79×
Dividend yield	1.0%	1.1%	1.0%	1.2%	0.6%	1.1%	1.6%	1.3%
Payout ratio	44.8%	35.0%	13.3%	16.1%	24.5%	91.3%	35.1%	26.3%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	6.0%	7.6%	18.4%	14.6%	10.3%	3.6%	10.1%	16.7%
Return on invested capital	5.8%	8.7%	14.0%	11.1%	5.9%	2.4%	7.4%	10.6%
Return on assets	3.3%	4.5%	11.0%	8.1%	5.0%	1.7%	6.5%	9.9%
Free cash flow yield	3.3%	0.1%	2.4%	5.6%	3.4%	2.3%	0.8%	1.4%
Earnings yield	2.3%	3.2%	7.7%	7.4%	2.5%	1.2%	4.5%	4.8%
Enterprise value	€49.3B	€44.3B	€44.2B	€34.2B	€51.4B	€36B	€19.7B	€23.4B
Net debt / EBITDA	1.66×	0.8×	0.56×	1.01×	1.71×	3.09×	0.27×	0.41×
Cash conversion cycle (days)	147	148	108	100	98	125	112	72