Pyramid AG (M3B0.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

-33502.5%

-€450.93

vs €1.35 price

Levered DCF

-€33.23

After debt service

Piotroski score

3 / 9

Weak

Altman Z-score

-0.12

Distress zone

Rating

D+

Overall 1 / 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	48.4×	-1.65×	-1.65×	-1.9×	-5.96×	-3.04×	-0.36×	-0.18×
P/B	3.46×	0.13×	0.19×	0.26×	0.32×	0.45×	0.35×	0.29×
P/S	0.06×	0.08×	0.11×	0.1×	30.95×	2.74×	0.34×	1.02×
EV / EBITDA	17.71×	5.96×	2.3×	4.35×	-2.3×	2.53×	-0.33×	-0.18×
Gross margin	12.6%	19.9%	37.3%	1.2%	100.0%	87.3%	42.5%	11.1%
Operating margin	0.3%	-5.1%	18.7%	-7.2%	-485.1%	-75.3%	-42.2%	-113.4%
Net margin	0.1%	-4.6%	-6.5%	-5.4%	-544.2%	-90.0%	-96.2%	-571.1%
Current ratio	3.48×	1.6×	2.2×	1.09×	0.6×	10.39×	0×	3.5×
Debt / equity	10.71×	0.47×	0.26×	0.42×	0×	0×	0×	0×
Interest coverage	0.14×	-3.03×	12.28×	-10.22×	-18.32×	-209.19×	-45.39×	-83.49×
Dividend yield	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%
Payout ratio	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	7.1%	-7.4%	-11.9%	-13.5%	-5.6%	-14.7%	-97.3%	-161.4%
Return on invested capital	0.1%	-5.2%	23.4%	-8.7%	-4.5%	-11.8%	-27.2%	-28.8%
Return on assets	0.2%	-3.9%	-6.9%	-5.6%	-4.9%	-13.0%	-61.9%	-125.3%
Free cash flow yield	0.0%	-188.8%	87.7%	-2.8%	0.0%	0.0%	25.9%	0.0%
Earnings yield	2.1%	-59.0%	-61.8%	-51.9%	-17.6%	-32.9%	-280.2%	-559.6%
Enterprise value	€15.9M	€20.1M	€11.3M	€18.7M	€5.2M	-€3M	€470.1K	€863.8K
Net debt / EBITDA	12.33×	4.38×	0.67×	2.14×	3.56×	5.58×	0.05×	0×
Cash conversion cycle (days)	135	158	77	9	2,467	298	164	0