Knorr-Bremse AG (KBX.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

-49.9%

€45.46

vs €90.65 price

Levered DCF

€58.58

After debt service

Piotroski score

8 / 9

Strong

Altman Z-score

3.33

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	28.75×	25.4×	17.14×	16.79×	22.57×	36.38×	24.86×	21.46×
P/B	5.29×	3.72×	3.34×	3.21×	6.02×	9.83×	8.2×	8.48×
P/S	2.1×	1.44×	1.2×	1.15×	2.09×	2.92×	2.11×	1.92×
EV / EBITDA	14.09×	11.81×	9.07×	9.19×	12.11×	17.59×	12.81×	11.79×
Gross margin	21.7%	53.7%	50.7%	49.2%	51.5%	53.0%	51.7%	51.1%
Operating margin	11.3%	11.1%	11.2%	10.8%	13.9%	13.5%	15.3%	14.8%
Net margin	6.8%	5.6%	7.0%	6.8%	9.3%	8.0%	8.5%	9.0%
Current ratio	1.87×	1.63×	1.75×	1.65×	1.46×	1.32×	1.68×	1.76×
Debt / equity	0.99×	1.32×	0.97×	1.05×	0.92×	1.63×	1.42×	1.45×
Interest coverage	8.09×	8.16×	8.8×	16.38×	17.67×	19.71×	20.99×	32.68×
Dividend yield	1.7%	2.3%	2.5%	3.6%	1.7%	1.6%	1.9%	6.8%
Payout ratio	52.8%	59.3%	42.3%	61.0%	39.4%	58.6%	47.9%	147.0%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	17.2%	14.6%	19.5%	19.1%	26.7%	27.1%	33.0%	39.5%
Return on invested capital	8.6%	8.3%	10.1%	9.5%	12.8%	10.3%	14.2%	17.9%
Return on assets	5.8%	4.6%	6.7%	6.1%	8.6%	6.7%	8.6%	9.5%
Free cash flow yield	5.1%	6.2%	5.7%	2.3%	4.1%	3.7%	4.6%	3.2%
Earnings yield	3.3%	3.9%	5.8%	5.9%	4.4%	2.8%	4.0%	4.7%
Enterprise value	€17.8B	€13.1B	€10.9B	€9.6B	€14.8B	€18.7B	€15.3B	€13.1B
Net debt / EBITDA	1.07×	1.6×	1.22×	1.28×	0.63×	0.66×	0.55×	0.37×
Cash conversion cycle (days)	67	80	61	73	59	55	55	61