Masterflex SE (MZX.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

+103.8%

€26.90

vs €13.20 price

Levered DCF

€27.81

After debt service

Piotroski score

6 / 9

Average

Altman Z-score

5.34

Safe zone

Rating

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	15.6×	10.91×	10.34×	10.17×	19×	68.57×	17.23×	20.51×
P/B	1.99×	1.43×	1.44×	1.54×	1.39×	1.33×	1.01×	1.7×
P/S	1.33×	0.92×	0.82×	0.79×	0.79×	0.76×	0.54×	0.89×
EV / EBITDA	7.17×	5.59×	5.42×	5.84×	7.61×	9.86×	7.31×	9.65×
Gross margin	31.0%	71.2%	28.0%	66.4%	67.9%	67.8%	68.1%	69.8%
Operating margin	13.5%	12.5%	11.8%	11.1%	6.7%	3.3%	5.7%	7.9%
Net margin	8.5%	8.4%	7.9%	7.8%	4.2%	1.1%	3.2%	4.4%
Current ratio	4.58×	4.63×	1.44×	3.35×	3.7×	3.87×	3.07×	2.14×
Debt / equity	0.22×	0.35×	0.42×	0.52×	0.57×	0.66×	0.72×	0.65×
Interest coverage	11.75×	9.15×	9.74×	18.7×	7.03×	2.55×	3.47×	5.76×
Dividend yield	1.9%	2.7%	2.4%	1.5%	1.2%	1.2%	1.6%	1.0%
Payout ratio	29.8%	29.7%	24.7%	14.8%	23.5%	84.9%	26.6%	20.0%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	12.7%	13.0%	14.0%	15.1%	7.3%	1.9%	5.9%	8.3%
Return on invested capital	11.2%	10.3%	10.3%	10.0%	5.3%	1.9%	4.6%	5.8%
Return on assets	9.2%	8.8%	8.5%	8.6%	4.1%	1.0%	3.1%	4.5%
Free cash flow yield	7.6%	11.8%	8.8%	5.4%	5.4%	17.0%	8.1%	-0.7%
Earnings yield	6.4%	9.1%	9.7%	9.8%	5.3%	1.5%	5.9%	4.9%
Enterprise value	€139.3M	€100.5M	€95.6M	€96.1M	€78.1M	€72.2M	€67M	€91.2M
Net debt / EBITDA	0.14×	0.57×	0.74×	1.02×	1.55×	2.44×	2.61×	2.34×
Cash conversion cycle (days)	134	290	137	236	252	249	270	267