Jenoptik AG (JEN.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

-59.2%

€15.41

vs €37.74 price

Levered DCF

€28.54

After debt service

Piotroski score

7 / 9

Strong

Altman Z-score

3.46

Safe 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	15.53×	13.85×	22.39×	26.63×	25.97×	34.41×	21.59×	15.52×
P/B	1.12×	1.34×	1.82×	1.76×	2.77×	2.12×	2.23×	2.28×
P/S	1.07×	1.15×	1.53×	1.49×	2.83×	2.34×	1.71×	1.63×
EV / EBITDA	7.7×	7.62×	10.32×	11.18×	16.4×	16.59×	11.31×	11.04×
Gross margin	29.5%	33.4%	34.8%	31.7%	34.2%	42.6%	34.1%	35.1%
Operating margin	10.5%	12.9%	13.3%	9.1%	10.6%	9.0%	10.7%	11.5%
Net margin	6.9%	8.3%	6.8%	5.6%	10.9%	6.8%	7.9%	10.5%
Current ratio	1.6×	2.26×	2.07×	1.76×	1.37×	1.18×	2.1×	2.27×
Debt / equity	0.4×	0.5×	0.55×	0.65×	0.78×	0.4×	0.24×	0.2×
Interest coverage	8.18×	9.33×	8.62×	9.39×	10.41×	9.31×	17.42×	21.2×
Dividend yield	1.9%	1.6%	1.1%	1.0%	0.7%	0.5%	1.4%	1.3%
Payout ratio	30.2%	21.6%	23.7%	26.0%	17.5%	17.8%	29.6%	19.6%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	7.2%	9.6%	8.1%	6.6%	10.7%	6.2%	10.3%	14.7%
Return on invested capital	5.2%	6.8%	6.3%	4.2%	5.0%	4.2%	8.4%	11.8%
Return on assets	4.2%	5.3%	4.3%	3.3%	4.7%	3.1%	6.2%	8.9%
Free cash flow yield	10.6%	5.7%	4.8%	4.3%	2.4%	3.2%	4.4%	6.9%
Earnings yield	6.4%	7.2%	4.5%	3.8%	3.9%	2.9%	4.6%	6.4%
Enterprise value	€1.4B	€1.7B	€2.1B	€1.9B	€2.7B	€1.6B	€1.5B	€1.4B
Net debt / EBITDA	1.71×	1.8×	2.13×	2.76×	3.34×	2.08×	0.45×	0.26×
Cash conversion cycle (days)	152	152	157	174	191	208	140	149