Melexis N.V. (MELE.BR) 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

-36.0%

€34.86

vs €54.45 price

Levered DCF

€17.46

After debt service

Piotroski score

8 / 9

Strong

Altman Z-score

7.23

Safe zone

Rating

A-

Overall 4 / 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	20.54×	13.33×	17.34×	16.6×	32.25×	46.18×	44.7×	17.67×
P/B	4.76×	4.03×	6.58×	6.79×	10.88×	10.17×	8.98×	6.25×
P/S	2.75×	2.45×	3.76×	3.91×	6.58×	6.31×	5.52×	3.58×
EV / EBITDA	13.71×	9.32×	12.33×	11.23×	21.03×	26.02×	22.82×	11.42×
Gross margin	38.6%	43.0%	45.7%	44.8%	42.5%	39.0%	40.3%	45.9%
Operating margin	16.0%	23.6%	27.1%	27.1%	23.1%	14.9%	14.5%	24.3%
Net margin	13.4%	18.4%	21.7%	23.6%	20.4%	13.7%	12.4%	20.3%
Current ratio	5.46×	4.54×	3.63×	4.63×	4.22×	4.85×	4.38×	3.55×
Debt / equity	0.66×	0.39×	0.34×	0.01×	0.01×	0.21×	0.22×	0.11×
Interest coverage	13.56×	19.24×	42.34×	316.91×	179.3×	76.81×	66.35×	200.89×
Dividend yield	6.4%	6.5%	3.9%	3.2%	2.1%	1.6%	3.3%	4.1%
Payout ratio	131.4%	87.2%	67.5%	53.3%	67.8%	75.1%	146.2%	72.9%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	23.2%	30.2%	38.0%	40.9%	33.7%	22.0%	20.1%	35.4%
Return on invested capital	13.7%	23.0%	29.1%	37.9%	32.0%	18.1%	16.8%	31.9%
Return on assets	12.5%	19.2%	24.2%	34.0%	28.4%	16.0%	14.4%	27.0%
Free cash flow yield	4.2%	5.5%	-2.5%	4.5%	2.4%	2.2%	2.5%	1.1%
Earnings yield	4.9%	7.5%	5.8%	6.0%	3.1%	2.2%	2.2%	5.7%
Enterprise value	€2.6B	€2.5B	€3.8B	€3.2B	€4.2B	€3.2B	€2.7B	€2B
Net debt / EBITDA	1.52×	0.71×	0.49×	-0.28×	-0.15×	0.06×	0.24×	0×
Cash conversion cycle (days)	235	177	178	174	176	180	191	171