Kohl's Corporation (KSS) 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

+184.7%

$68.76

vs $24.16 price

Levered DCF

$41.21

After debt service

Piotroski score

6 / 9

Average

Altman Z-score

1.73

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	7.19×	13.48×	9.17×	-196.81×	9.37×	-41.57×	9.72×	13.67×
P/B	0.48×	0.39×	0.75×	1×	1.88×	1.31×	1.23×	1.98×
P/S	0.13×	0.09×	0.17×	0.21×	0.45×	0.43×	0.34×	0.54×
EV / EBITDA	6.4×	7.22×	6.89×	10.62×	6.03×	18.39×	5.98×	5.97×
Gross margin	40.6%	40.4%	39.9%	36.7%	41.1%	35.1%	39.2%	39.7%
Operating margin	3.3%	3.1%	4.1%	1.4%	8.6%	-1.6%	5.5%	6.7%
Net margin	1.8%	0.7%	1.8%	-0.1%	4.8%	-1.0%	3.5%	4.0%
Current ratio	1.46×	1.08×	1.31×	1.2×	1.53×	1.93×	1.68×	1.77×
Debt / equity	1.64×	1.88×	1.89×	2.01×	1.46×	1.3×	1.12×	0.63×
Interest coverage	1.77×	1.6×	2.08×	0.81×	6.46×	-0.92×	5.31×	5.32×
Dividend yield	2.9%	15.1%	7.6%	6.3%	1.7%	1.6%	6.3%	3.7%
Payout ratio	20.6%	203.7%	69.4%	-1257.9%	15.7%	-66.3%	61.2%	49.9%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	6.7%	2.9%	8.1%	-0.5%	20.1%	-3.1%	12.7%	14.5%
Return on invested capital	3.7%	4.3%	5.2%	0.7%	10.7%	-0.6%	7.0%	10.6%
Return on assets	2.0%	0.8%	2.3%	-0.1%	6.2%	-1.1%	4.7%	6.4%
Free cash flow yield	56.4%	12.4%	20.4%	-14.4%	19.0%	14.8%	11.9%	14.0%
Earnings yield	13.9%	7.4%	10.9%	-0.5%	10.7%	-2.4%	10.3%	7.3%
Enterprise value	$8.5B	$8.5B	$10.1B	$11.2B	$14B	$11.3B	$12.1B	$13.5B
Net debt / EBITDA	4.92×	5.97×	4.91×	7.03×	2.24×	7.3×	2.67×	1.13×
Cash conversion cycle (days)	65	75	64	63	48	57	70	69