Quaker Houghton (KWR) 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

-41.7%

$88.65

vs $151.96 price

Levered DCF

$233.63

After debt service

Piotroski score

6 / 9

Average

Altman Z-score

2.48

Grey 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	-980.79×	21.62×	34.04×	-187.53×	33.99×	113.63×	78.72×	39.67×
P/B	1.75×	1.85×	2.76×	2.33×	2.96×	3.4×	2.01×	5.42×
P/S	1.27×	1.36×	1.95×	1.53×	2.33×	3.17×	2.2×	2.72×
EV / EBITDA	21.78×	10.9×	15.44×	31.53×	19.05×	38.21×	36.67×	18.79×
Gross margin	36.0%	37.3%	36.1%	31.5%	33.8%	36.2%	34.6%	36.0%
Operating margin	9.4%	10.6%	11.0%	2.7%	8.5%	4.2%	4.1%	10.1%
Net margin	-0.1%	6.3%	5.8%	-0.8%	6.9%	2.8%	2.8%	6.9%
Current ratio	2.42×	2.31×	2.52×	2.8×	2.14×	2.07×	1.99×	2.76×
Debt / equity	0.68×	0.55×	0.57×	0.78×	0.67×	0.7×	0.78×	0.08×
Interest coverage	4.02×	4.25×	4.23×	1.61×	6.74×	2.23×	2.72×	14.25×
Dividend yield	1.4%	1.3%	0.8%	1.0%	0.7%	0.6%	0.9%	0.8%
Payout ratio	-1382.4%	28.4%	28.1%	-189.0%	23.6%	69.5%	69.0%	32.5%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	-0.2%	8.6%	8.1%	-1.2%	8.7%	3.0%	2.5%	13.7%
Return on invested capital	-0.8%	6.0%	6.0%	-3.7%	4.5%	2.3%	1.7%	11.0%
Return on assets	-0.1%	4.5%	4.2%	-0.6%	4.1%	1.4%	1.1%	8.4%
Free cash flow yield	3.4%	8.6%	6.3%	0.4%	0.7%	3.6%	2.7%	2.8%
Earnings yield	-0.1%	4.7%	3.0%	-0.5%	3.0%	0.9%	1.3%	2.5%
Enterprise value	$3.1B	$3.1B	$4.4B	$3.8B	$4.9B	$5.2B	$3.3B	$2.3B
Net debt / EBITDA	5.18×	1.96×	2.08×	6.75×	2.99×	5.43×	9.25×	-0.55×
Cash conversion cycle (days)	101	89	97	114	101	94	126	89