NFON AG (NFN.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

+607.3%

€23.70

vs €3.35 price

Levered DCF

€20.42

After debt service

Piotroski score

6 / 9

Average

Altman Z-score

0.92

Distress zone

Rating

C+

Overall 2 / 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	25.57×	113.75×	-128.4×	-6.62×	-27.73×	-121×	-12.6×	-11.93×
P/B	1.18×	1.67×	2.18×	2.15×	3.91×	6×	2.92×	2.22×
P/S	0.67×	0.93×	1.25×	1.28×	3.26×	4.04×	2.41×	2.25×
EV / EBITDA	6.25×	7.72×	14.42×	-18.18×	-111.84×	113.6×	-17.28×	-7.14×
Gross margin	33.2%	49.7%	29.9%	44.5%	81.0%	79.3%	76.1%	74.3%
Operating margin	3.7%	3.4%	-0.6%	-14.8%	-11.8%	-2.5%	-17.4%	-19.5%
Net margin	2.5%	0.8%	-1.0%	-19.3%	-11.7%	-3.3%	-19.1%	-18.9%
Current ratio	1.23×	1.3×	1.59×	1.76×	2.74×	1.58×	1.77×	6.67×
Debt / equity	0.42×	0.31×	0.21×	0.12×	0.08×	0.33×	0.4×	0×
Interest coverage	3.26×	4.74×	-1.44×	-63.68×	-32.54×	-3.29×	-11.63×	-49.92×
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	4.5%	1.5%	-1.7%	-32.6%	-14.1%	-4.9%	-23.2%	-18.6%
Return on invested capital	4.0%	1.5%	-0.9%	-21.1%	-12.4%	-2.6%	-15.0%	-17.9%
Return on assets	2.6%	0.8%	-1.1%	-22.4%	-10.7%	-3.0%	-14.2%	-15.8%
Free cash flow yield	13.3%	7.9%	0.9%	-12.0%	-3.9%	-2.4%	-9.0%	-6.2%
Earnings yield	3.8%	0.9%	-0.8%	-15.1%	-3.6%	-0.8%	-7.9%	-8.4%
Enterprise value	€67.2M	€82.6M	€100.6M	€95.7M	€224.5M	€265.5M	€120.1M	€55.5M
Net debt / EBITDA	0.74×	0.17×	-0.34×	1.4×	11.29×	-3.32×	2.52×	5.32×
Cash conversion cycle (days)	18	1	9	10	-95	-70	-80	-47