Kion Group AG (KGX.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

+419.0%

€172.98

vs €33.33 price

Levered DCF

€168.64

After debt service

Piotroski score

6 / 9

Average

Altman Z-score

1.13

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	38.78×	11.59×	16.6×	35.69×	22.28×	39.31×	15.95×	12.94×
P/B	1.47×	0.67×	0.88×	0.63×	2.44×	1.98×	2.03×	1.57×
P/S	0.79×	0.36×	0.44×	0.32×	1.23×	1.01×	0.82×	0.65×
EV / EBITDA	8.41×	5.39×	6.24×	6.98×	9.57×	9.54×	7.57×	6.42×
Gross margin	26.1%	26.9%	24.3%	19.1%	24.5%	24.5%	26.5%	26.2%
Operating margin	4.4%	6.9%	5.7%	2.4%	8.4%	5.5%	8.7%	7.6%
Net margin	2.0%	3.1%	2.7%	0.9%	5.5%	2.6%	5.2%	5.0%
Current ratio	0.99×	1.01×	1.05×	1.05×	0.92×	0.89×	0.78×	0.77×
Debt / equity	1.22×	1.24×	1.14×	1.07×	0.99×	1.15×	1.49×	1.5×
Interest coverage	1.57×	2.19×	2.13×	1.8×	8.15×	3.46×	5.41×	4.29×
Dividend yield	1.2%	2.2%	0.5%	5.6%	0.4%	0.1%	2.0%	2.3%
Payout ratio	46.7%	25.5%	8.1%	200.7%	9.4%	2.2%	31.1%	29.2%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	3.8%	5.8%	5.3%	1.7%	11.0%	5.0%	12.7%	12.1%
Return on invested capital	2.1%	3.2%	2.9%	1.5%	5.2%	2.8%	4.9%	4.3%
Return on assets	1.2%	1.9%	1.8%	0.6%	3.6%	1.5%	3.3%	3.1%
Free cash flow yield	7.8%	28.0%	12.8%	-20.8%	4.3%	2.9%	7.7%	9.8%
Earnings yield	2.6%	8.6%	6.0%	2.8%	4.5%	2.5%	6.3%	7.7%
Enterprise value	€15.9B	€11.1B	€11.3B	€9.2B	€17.3B	€13.1B	€12.3B	€10B
Net debt / EBITDA	3.69×	3.35×	3.45×	4.31×	2.57×	3.37×	3.12×	3.09×
Cash conversion cycle (days)	107	88	115	97	88	68	74	69