Deutsche Lufthansa AG (LHA.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

+1137.6%

€93.59

vs €7.56 price

Levered DCF

€1.70

After debt service

Piotroski score

6 / 9

Average

Altman Z-score

1.16

Distress zone

Rating

B-

Overall 2 / 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	7.51×	5.37×	5.56×	11.77×	-2.08×	-0.86×	6.43×	4.31×
P/B	0.87×	0.64×	0.96×	1.11×	1.03×	4.32×	0.77×	0.99×
P/S	0.25×	0.2×	0.26×	0.3×	0.27×	0.43×	0.21×	0.26×
EV / EBITDA	4.97×	4.52×	4.29×	5.56×	3,789.69×	-5.4×	4.38×	3.4×
Gross margin	9.5%	9.9%	12.1%	10.0%	-6.5%	-31.1%	11.7%	15.4%
Operating margin	2.1%	2.0%	4.3%	2.4%	-17.8%	-45.2%	2.5%	5.9%
Net margin	3.4%	3.7%	4.7%	2.6%	-13.0%	-49.5%	3.3%	6.1%
Current ratio	0.81×	0.83×	0.79×	0.86×	0.92×	0.68×	0.71×	0.66×
Debt / equity	1.25×	1.23×	1.44×	1.81×	3.75×	11.42×	0.99×	0.71×
Interest coverage	1.9×	1.54×	2.99×	1.89×	-8.4×	-20.03×	3.31×	19.64×
Dividend yield	3.6%	5.0%	0.3%	0.1%	0.4%	0.4%	4.9%	3.7%
Payout ratio	26.8%	27.0%	1.5%	1.0%	-0.9%	-0.3%	31.3%	16.1%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	11.5%	12.0%	17.3%	9.4%	-49.2%	-499.3%	12.0%	22.9%
Return on invested capital	1.8%	2.1%	4.3%	2.1%	-8.3%	-16.9%	2.1%	6.8%
Return on assets	2.7%	2.9%	3.6%	1.8%	-5.0%	-16.8%	2.8%	5.6%
Free cash flow yield	-7.3%	-0.1%	7.1%	28.6%	-15.3%	-61.5%	4.0%	0.1%
Earnings yield	13.3%	18.7%	18.0%	8.5%	-48.0%	-115.6%	15.5%	23.2%
Enterprise value	€23.5B	€19.8B	€21.7B	€22.7B	€18.9B	€19.4B	€16.4B	€14.6B
Net debt / EBITDA	2.83×	2.83×	2.45×	3.28×	2,876.8×	-3.78×	2.3×	1.22×
Cash conversion cycle (days)	22	19	10	13	44	60	27	25