Nagarro SE (NA9.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

+25.9%

€98.22

vs €78.00 price

Levered DCF

€136.81

After debt service

Piotroski score

7 / 9

Strong

Altman Z-score

3.5

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	24.76×	21.46×	22.14×	19.64×	79.84×	55.43×	36.94×	136.87×
P/B	6.3×	4.74×	6.38×	9.22×	24.77×	23.34×	18.71×	12.62×
P/S	0.98×	1.09×	1.27×	1.77×	4.39×	2.38×	2.34×	3.27×
EV / EBITDA	10.18×	9.06×	11.12×	11.51×	36.3×	17.28×	17.5×	32.17×
Gross margin	27.3%	25.9%	20.4%	23.3%	19.5%	24.8%	24.0%	18.2%
Operating margin	10.0%	9.7%	19.5%	14.1%	8.8%	13.4%	11.1%	6.4%
Net margin	4.0%	5.1%	5.7%	9.0%	5.5%	4.3%	6.3%	2.4%
Current ratio	2.27×	2.69×	2.1×	1.8×	1.59×	1.81×	0.73×	0.94×
Debt / equity	2.47×	1.73×	1.79×	1.65×	2.82×	5.43×	3.68×	1.57×
Interest coverage	5.01×	4.71×	9.78×	10.76×	6.11×	7.92×	8.16×	0×
Dividend yield	1.3%	2.4%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%
Payout ratio	32.0%	52.0%	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	25.5%	22.1%	28.8%	47.0%	31.0%	42.1%	50.7%	9.2%
Return on invested capital	10.2%	8.9%	24.7%	19.5%	9.3%	12.6%	13.9%	4.4%
Return on assets	5.3%	6.2%	7.7%	12.5%	5.7%	4.8%	7.5%	2.3%
Free cash flow yield	9.7%	7.5%	5.0%	5.1%	1.7%	6.4%	4.0%	0.6%
Earnings yield	4.0%	4.7%	4.5%	5.1%	1.3%	1.8%	2.7%	0.7%
Enterprise value	€1.2B	€1.2B	€1.4B	€1.7B	€2.6B	€1.2B	€1.1B	€1B
Net debt / EBITDA	2.12×	1.39×	1.73×	1.11×	2.35×	1.95×	2.28×	2.78×
Cash conversion cycle (days)	77	84	75	77	81	74	94	108