NN Group N.V. (NN.AS) 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

-114.7%

-€11.37

vs €77.32 price

Levered DCF

-€52.12

After debt service

Piotroski score

5 / 9

Average

Altman Z-score

0.13

Distress zone

Rating

B-

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	15.76×	7.54×	9.06×	23.7×	4.57×	6.05×	5.87×	10.45×
P/B	0.98×	0.53×	0.52×	0.63×	0.42×	0.29×	0.34×	0.47×
P/S	6.24×	0.91×	0.77×	1.33×	0.77×	0.6×	0.55×	0.59×
EV / EBITDA	9.14×	102.1×	105.54×	137.04×	133.47×	68.36×	117.13×	66.37×
Gross margin	100.0%	100.0%	100.0%	100.0%	100.0%	100.0%	100.0%	100.0%
Operating margin	50.3%	78.5%	76.8%	69.2%	92.2%	92.0%	91.9%	91.8%
Net margin	39.6%	12.5%	8.9%	19.2%	17.2%	10.2%	9.7%	5.7%
Current ratio	0.05×	7.27×	9.09×	106.7×	143.16×	130.3×	117.95×	126.07×
Debt / equity	0.72×	0.53×	0.72×	0.87×	0.35×	0.31×	0.38×	0.41×
Interest coverage	1.26×	7.57×	9.8×	9.99×	33.76×	33.73×	35.88×	38.19×
Dividend yield	5.0%	6.7%	4.2%	4.7%	2.8%	3.5%	3.5%	3.6%
Payout ratio	79.0%	48.3%	36.5%	32.7%	12.6%	20.7%	19.7%	37.7%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	6.2%	7.3%	6.0%	9.2%	9.5%	4.9%	6.0%	4.5%
Return on invested capital	2.0%	2.7%	2.6%	2.7%	6.1%	5.2%	5.9%	5.4%
Return on assets	0.6%	0.8%	0.6%	0.8%	1.3%	0.7%	0.8%	0.5%
Free cash flow yield	-12.5%	-3.5%	0.6%	-72.9%	-18.0%	62.3%	23.4%	-21.7%
Earnings yield	6.3%	13.8%	11.5%	14.5%	22.3%	17.1%	17.6%	9.6%
Enterprise value	€26B	€16B	€16B	€20B	€20B	€10.7B	€17.1B	€12.9B
Net debt / EBITDA	2.56×	29.3×	38.77×	59.8×	35.43×	-2.73×	40.58×	6.49×
Cash conversion cycle (days)	125	0	0	0	0	0	0	0