KSB SE & Co. KGaA (KSB.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

+90.2%

€1,559.25

vs €820.00 price

Levered DCF

€1,925.63

After debt service

Piotroski score

4 / 9

Average

Altman Z-score

2.19

Grey zone

Rating

A+

Overall 5 / 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	12.01×	9.66×	7.66×	6.77×	8.66×	-49.38×	12.67×	45.85×
P/B	1.46×	1.04×	1.16×	0.76×	1.2×	0.92×	0.8×	0.73×
P/S	0.56×	0.38×	0.41×	0.27×	0.35×	0.22×	0.23×	0.22×
EV / EBITDA	4.36×	2.52×	2.87×	2.07×	2.17×	1.31×	1.84×	1.54×
Gross margin	21.3%	22.1%	21.7%	19.4%	18.8%	16.5%	18.5%	21.1%
Operating margin	7.4%	7.9%	7.7%	6.3%	6.4%	3.7%	4.8%	6.0%
Net margin	4.6%	4.0%	5.4%	4.0%	4.0%	-0.4%	1.8%	0.5%
Current ratio	1.96×	1.97×	2.01×	2.03×	2.05×	2.13×	2.06×	1.99×
Debt / equity	0.05×	0.05×	0.05×	0.06×	0.12×	0.16×	0.15×	0.11×
Interest coverage	19.13×	13.08×	16.17×	15.17×	22.57×	14.95×	16.26×	23.48×
Dividend yield	2.8%	4.0%	3.0%	3.0%	0.9%	3.1%	1.0%	2.7%
Payout ratio	33.1%	38.8%	22.6%	20.5%	7.7%	-156.8%	13.0%	118.2%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	12.1%	10.8%	15.2%	11.3%	13.9%	-1.8%	6.3%	1.6%
Return on invested capital	7.9%	7.6%	9.8%	7.4%	7.1%	0.4%	3.8%	3.1%
Return on assets	4.8%	4.0%	5.5%	4.1%	3.9%	-0.4%	1.8%	0.5%
Free cash flow yield	2.4%	11.5%	14.6%	-14.9%	10.8%	19.6%	12.6%	-1.6%
Earnings yield	8.3%	10.4%	13.1%	14.8%	11.6%	-2.0%	7.9%	2.2%
Enterprise value	€1.4B	€827.2M	€878.5M	€522.3M	€500.9M	€237.6M	€362.1M	€325.2M
Net debt / EBITDA	-0.86×	-0.95×	-0.93×	-0.71×	-1.34×	-1.38×	-0.92×	-0.84×
Cash conversion cycle (days)	148	151	154	166	141	142	149	158