KONE Oyj (KNEBV.HE) 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

-25.0%

€42.04

vs €56.08 price

Levered DCF

€35.44

After debt service

Piotroski score

7 / 9

Strong

Altman Z-score

4.72

Safe zone

Rating

A-

Overall 4 / 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	32.04×	25.54×	25.09×	32.2×	32.16×	36.72×	32.38×	25.67×
P/B	11.23×	8.48×	8.44×	8.82×	10.29×	10.84×	9.48×	7.03×
P/S	2.79×	2.19×	2.12×	2.29×	3.11×	3.46×	3.01×	2.37×
EV / EBITDA	18.86×	15.51×	15.51×	19.11×	20.62×	23.19×	20.26×	17.15×
Gross margin	18.8%	56.5%	53.4%	50.7%	51.5%	12.2%	11.9%	11.5%
Operating margin	11.8%	11.3%	11.0%	9.5%	12.3%	12.2%	11.9%	11.5%
Net margin	8.7%	8.6%	8.5%	7.1%	9.6%	9.5%	9.3%	9.3%
Current ratio	1.08×	1.13×	1.13×	1.17×	1.22×	1.25×	1.28×	1.32×
Debt / equity	0.31×	0.29×	0.2×	0.19×	0.17×	0.16×	0.17×	0.07×
Interest coverage	26.71×	32.61×	107.15×	44.26×	59.97×	54.15×	45.69×	88.34×
Dividend yield	3.0%	3.7%	3.9%	4.3%	3.6%	2.6%	2.8%	3.9%
Payout ratio	95.1%	95.2%	97.7%	140.5%	115.0%	93.8%	91.5%	101.0%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	35.0%	33.2%	33.6%	27.3%	32.0%	29.6%	29.4%	27.4%
Return on invested capital	24.1%	23.1%	24.7%	20.7%	24.0%	22.7%	21.9%	21.7%
Return on assets	10.8%	10.2%	10.6%	8.5%	10.4%	10.7%	10.8%	10.9%
Free cash flow yield	3.7%	4.4%	4.2%	1.7%	4.6%	4.2%	3.9%	4.0%
Earnings yield	3.1%	3.9%	4.0%	3.1%	3.1%	2.7%	3.1%	3.9%
Enterprise value	€31.8B	€24.6B	€23.4B	€25B	€32.7B	€34.5B	€30B	€21.1B
Net debt / EBITDA	0.25×	0.16×	0.08×	0.03×	0.04×	0.03×	-0.08×	-0.34×
Cash conversion cycle (days)	75	90	88	88	52	85	92	90