Leonardo S.p.A. (LDO.MI) 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

-99.4%

€0.32

vs €51.38 price

Levered DCF

€43.05

After debt service

Piotroski score

7 / 9

Strong

Altman Z-score

1.6

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	23.19×	13.87×	13.11×	5.01×	6.18×	14.07×	7.31×	8.63×
P/B	2.97×	1.66×	1.1×	0.65×	0.56×	0.65×	1.13×	0.98×
P/S	1.45×	0.84×	0.56×	0.32×	0.26×	0.25×	0.44×	0.36×
EV / EBITDA	11.8×	7.19×	6.5×	4.29×	4.76×	5.95×	6.06×	5.64×
Gross margin	8.8%	8.2%	8.0%	8.3%	7.4%	7.7%	8.7%	7.5%
Operating margin	6.4%	6.5%	5.7%	5.8%	5.9%	4.8%	6.9%	5.0%
Net margin	6.3%	6.0%	4.3%	6.3%	4.1%	1.8%	6.0%	4.2%
Current ratio	0.98×	0.96×	0.96×	0.96×	1×	0.95×	0.94×	0.89×
Debt / equity	0.47×	0.52×	0.63×	0.64×	0.88×	1.08×	0.94×	0.86×
Interest coverage	6.14×	4.3×	2.76×	3.21×	4.24×	2.76×	3.29×	2.11×
Dividend yield	1.1%	1.2%	0.9%	1.7%	0.0%	2.4%	1.3%	1.8%
Payout ratio	24.5%	16.5%	12.3%	8.5%	0.0%	33.2%	9.7%	15.9%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	12.8%	11.9%	8.4%	12.9%	9.1%	4.6%	15.4%	11.3%
Return on invested capital	5.7%	5.3%	4.7%	5.6%	4.5%	5.1%	6.7%	4.6%
Return on assets	3.5%	3.2%	2.1%	3.2%	2.1%	0.9%	3.1%	2.0%
Free cash flow yield	3.4%	4.3%	4.7%	11.3%	5.2%	-1.1%	0.8%	2.5%
Earnings yield	4.3%	7.2%	7.7%	20.0%	16.2%	7.1%	13.7%	11.5%
Enterprise value	€29.6B	€17.1B	€11.1B	€7.7B	€6.8B	€6.9B	€9.1B	€6.2B
Net debt / EBITDA	0.5×	0.9×	1.47×	1.72×	2.23×	3.01×	2.04×	1.65×
Cash conversion cycle (days)	207	234	249	243	246	246	227	183