Lectra S.A. (LSS.PA) 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

+128.9%

€41.85

vs €18.28 price

Levered DCF

€36.77

After debt service

Piotroski score

8 / 9

Strong

Altman Z-score

1.8

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	37.5×	31.71×	34.72×	29.83×	52.5×	46.3×	24.29×	19.98×
P/B	2.81×	2.79×	2.88×	2.96×	3.75×	4.2×	3.91×	3.38×
P/S	1.91×	1.87×	2.47×	2.55×	3.85×	3.41×	2.55×	2.04×
EV / EBITDA	13.5×	11.52×	15.38×	15.64×	30.18×	25.19×	14.44×	10.39×
Gross margin	72.9%	71.6%	69.8%	66.6%	67.7%	74.7%	73.3%	72.0%
Operating margin	6.6%	9.4%	10.1%	12.4%	9.9%	10.5%	14.6%	14.2%
Net margin	5.1%	5.9%	7.1%	8.5%	7.3%	7.4%	10.5%	10.2%
Current ratio	0.83×	0.97×	1.3×	1.34×	1.27×	1.77×	1.68×	1.71×
Debt / equity	0.32×	0.38×	0.32×	0.34×	0.44×	0.08×	0.1×	0×
Interest coverage	4.96×	5.96×	8.16×	13.98×	18.53×	45.94×	222.22×	0×
Dividend yield	1.6%	1.4%	1.5%	1.0%	0.5%	1.6%	1.8%	2.1%
Payout ratio	58.5%	45.3%	53.5%	30.6%	27.7%	73.3%	43.6%	41.8%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	7.5%	8.8%	8.3%	9.9%	7.1%	9.1%	16.0%	16.9%
Return on invested capital	6.0%	5.5%	5.9%	7.6%	5.0%	12.1%	25.4%	16.5%
Return on assets	3.2%	3.4%	4.2%	5.3%	3.5%	5.1%	8.5%	9.5%
Free cash flow yield	6.6%	8.3%	4.4%	3.8%	3.2%	3.9%	5.9%	3.7%
Earnings yield	2.7%	3.2%	2.9%	3.3%	1.9%	2.2%	4.1%	5.0%
Enterprise value	€1B	€1B	€1.2B	€1.4B	€1.5B	€686.9M	€613.2M	€474M
Net debt / EBITDA	0.62×	0.59×	0.18×	0.27×	0.85×	-4.36×	-2.39×	-2.24×
Cash conversion cycle (days)	-33	128	154	125	118	112	108	127