Kingspan Group plc (KRX.IR) 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

-30.8%

€64.78

vs €93.55 price

Levered DCF

€56.55

After debt service

Piotroski score

7 / 9

Strong

Altman Z-score

3.74

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	20.04×	19.3×	22.4×	15.33×	34.31×	27.86×	26.56×	20.32×
P/B	3×	3.02×	3.73×	2.77×	6.58×	4.43×	4.75×	3.84×
P/S	1.46×	1.51×	1.77×	1.1×	2.93×	2.27×	2.11×	1.54×
EV / EBITDA	12.77×	12.59×	14.27×	11.1×	22.34×	17.12×	17.28×	14.2×
Gross margin	29.1%	29.6%	28.9%	26.6%	28.6%	30.3%	29.1%	27.8%
Operating margin	9.8%	10.0%	10.3%	9.4%	11.2%	10.6%	10.2%	9.7%
Net margin	7.3%	7.7%	7.9%	7.2%	8.5%	8.2%	7.9%	7.6%
Current ratio	1.37×	1.6×	1.65×	1.78×	1.8×	2.21×	1.66×	1.59×
Debt / equity	0.6×	0.66×	0.56×	0.72×	0.54×	0.72×	0.47×	0.58×
Interest coverage	11.64×	12.79×	13.11×	19.91×	20.04×	20.11×	20.39×	22.26×
Dividend yield	0.7%	0.7%	0.6%	1.0%	0.4%	0.0%	0.8%	1.0%
Payout ratio	14.8%	14.5%	14.2%	15.7%	13.3%	0.0%	21.0%	20.6%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	15.0%	15.5%	16.6%	18.0%	19.2%	15.9%	17.8%	18.9%
Return on invested capital	9.7%	9.1%	10.9%	10.8%	12.4%	9.3%	11.7%	11.5%
Return on assets	6.8%	6.8%	8.0%	7.8%	8.7%	7.0%	8.6%	8.2%
Free cash flow yield	3.5%	4.1%	6.4%	4.6%	0.8%	4.9%	3.7%	4.4%
Earnings yield	5.0%	5.1%	4.5%	6.5%	2.9%	3.6%	3.8%	4.9%
Enterprise value	€15.6B	€14.8B	€15.6B	€10.9B	€20B	€10.8B	€10.6B	€7.4B
Net debt / EBITDA	1.73×	1.54×	1.1×	1.77×	1.02×	0.59×	1.27×	1.38×
Cash conversion cycle (days)	38	37	70	90	97	71	77	79