OHB SE (OHB.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

-89.5%

€22.20

vs €210.50 price

Levered DCF

-€1.75

After debt service

Piotroski score

4 / 9

Average

Altman Z-score

3.52

Safe zone

Rating

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	44.98×	-4,696.08×	10.43×	17.34×	22.78×	32.17×	29.59×	21.11×
P/B	5.19×	2.31×	1.82×	2.08×	2.67×	3.26×	4.17×	2.98×
P/S	1.84×	0.92×	0.71×	0.59×	0.69×	0.76×	0.75×	0.54×
EV / EBITDA	21.68×	16.92×	5.78×	7.09×	8.72×	10.32×	10.88×	8.34×
Gross margin	11.7%	17.5%	39.8%	39.0%	40.9%	41.0%	36.3%	35.3%
Operating margin	5.4%	1.3%	11.9%	3.1%	5.2%	4.7%	4.9%	4.9%
Net margin	4.1%	-0.0%	6.8%	3.4%	3.0%	2.4%	2.5%	2.6%
Current ratio	1.3×	1.22×	1.35×	1.37×	1.27×	1.23×	1.15×	1.23×
Debt / equity	0.74×	0.49×	0.8×	0.95×	0.89×	0.82×	0.92×	0.31×
Interest coverage	3.98×	0.61×	6.22×	3.21×	7.39×	5.67×	6.92×	13.49×
Dividend yield	0.5%	1.3%	1.4%	1.5%	1.2%	0.0%	1.0%	1.3%
Payout ratio	23.2%	-5862.8%	14.6%	25.8%	27.3%	0.0%	29.3%	27.8%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	11.5%	-0.0%	17.4%	12.0%	11.7%	10.1%	14.1%	14.1%
Return on invested capital	4.8%	-1.8%	11.1%	2.9%	4.8%	4.7%	6.1%	7.7%
Return on assets	3.1%	-0.0%	5.3%	3.0%	2.9%	2.3%	2.7%	3.3%
Free cash flow yield	0.2%	15.8%	-11.5%	-2.0%	-6.4%	3.4%	0.3%	6.8%
Earnings yield	2.2%	-0.0%	9.6%	5.8%	4.4%	3.1%	3.4%	4.7%
Enterprise value	€2.3B	€994.8M	€932M	€708.7M	€740M	€748.7M	€839.3M	€536.2M
Net debt / EBITDA	0.92×	1.32×	1.17×	1.49×	1.34×	1.06×	1.07×	0.12×
Cash conversion cycle (days)	193	214	177	145	135	115	81	55