Kering S.A. (KER.PA) 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

-9.4%

€162.11

vs €178.86 price

Levered DCF

€157.69

After debt service

Piotroski score

4 / 9

Average

Altman Z-score

1.25

Distress zone

Rating

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	510.17×	25.78×	16.13×	16.21×	27.73×	34.56×	34.48×	19.59×
P/B	2.5×	1.96×	3.16×	4.18×	6.6×	6.29×	7.15×	5.23×
P/S	2.5×	1.7×	2.46×	2.88×	4.99×	5.67×	4.62×	3.79×
EV / EBITDA	15.24×	9.82×	9.64×	9.35×	15.04×	17.51×	14.08×	12.99×
Gross margin	53.7%	73.8%	76.3%	74.7%	74.1%	72.6%	74.1%	74.6%
Operating margin	11.1%	13.4%	24.3%	27.5%	27.2%	25.2%	29.0%	27.2%
Net margin	0.5%	6.6%	15.2%	17.8%	18.0%	16.4%	14.5%	19.4%
Current ratio	1.34×	1.21×	1.38×	1.37×	1.3×	1.34×	0.93×	1.1×
Debt / equity	1.6×	1.35×	1.17×	0.8×	0.72×	0.78×	0.92×	0.4×
Interest coverage	2.59×	3.74×	13.15×	28.52×	28.51×	18.17×	26.25×	32.16×
Dividend yield	2.0%	5.9%	3.6%	2.5%	1.1%	1.3%	1.8%	1.5%
Payout ratio	1022.2%	151.5%	57.4%	41.0%	31.4%	46.5%	57.2%	28.6%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	0.5%	7.6%	19.6%	25.8%	23.8%	18.2%	22.5%	26.7%
Return on invested capital	0.4%	4.4%	9.6%	14.2%	13.6%	10.4%	10.7%	17.8%
Return on assets	0.2%	2.6%	7.2%	10.6%	10.2%	7.7%	8.5%	12.4%
Free cash flow yield	4.6%	4.8%	3.8%	5.5%	4.5%	2.8%	2.1%	5.7%
Earnings yield	0.2%	3.9%	6.2%	6.2%	3.6%	2.9%	3.1%	5.1%
Enterprise value	€56B	€45.8B	€62B	€65.4B	€92.4B	€80.1B	€80.6B	€53.6B
Net debt / EBITDA	5.25×	3.56×	2.16×	0.98×	0.71×	1.27×	1.25×	0.42×
Cash conversion cycle (days)	128	174	206	177	150	164	214	201