Orange S.A. (ORA.PA) 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

+138.2%

€34.75

vs €14.59 price

Levered DCF

€31.35

After debt service

Piotroski score

6 / 9

Average

Altman Z-score

0.64

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	101.43×	11.74×	12.12×	12.71×	3,136.67×	5.66×	12.74×	22.48×
P/B	1.5×	0.81×	0.86×	0.92×	0.93×	0.9×	1.34×	1.23×
P/S	0.93×	0.64×	0.62×	0.57×	0.59×	0.61×	0.82×	0.91×
EV / EBITDA	6.39×	4.19×	4.55×	4.99×	5.25×	4.87×	5.76×	6.39×
Gross margin	15.8%	39.6%	37.8%	38.5%	36.6%	40.2%	40.1%	38.1%
Operating margin	8.1%	12.7%	11.3%	11.0%	5.9%	13.1%	14.0%	11.7%
Net margin	1.3%	5.8%	5.5%	4.9%	0.5%	11.4%	7.1%	4.7%
Current ratio	1.1×	0.92×	0.83×	0.91×	0.94×	0.88×	0.9×	0.72×
Debt / equity	1.98×	1.34×	1.24×	1.98×	1.94×	1.79×	2.09×	1.46×
Interest coverage	2.45×	3.9×	3.49×	4.1×	2.21×	4.34×	4.28×	3.58×
Dividend yield	5.3%	7.5%	6.8%	7.5%	8.5%	6.2%	5.3%	4.9%
Payout ratio	370.6%	81.5%	76.3%	86.7%	912.9%	33.1%	61.8%	95.2%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	2.1%	7.4%	7.7%	8.0%	0.9%	16.8%	11.6%	6.4%
Return on invested capital	1.8%	4.1%	4.7%	3.6%	1.3%	6.1%	4.7%	3.9%
Return on assets	0.5%	2.3%	2.2%	1.9%	0.2%	4.3%	2.7%	2.0%
Free cash flow yield	9.2%	13.6%	15.4%	10.0%	9.9%	16.1%	5.1%	5.0%
Earnings yield	1.4%	9.2%	8.9%	8.7%	0.9%	18.7%	8.6%	5.2%
Enterprise value	€75.6B	€59.5B	€61.1B	€71.8B	€68.4B	€69.3B	€82.4B	€76.6B
Net debt / EBITDA	3.2×	2.39×	2.51×	3.27×	3.33×	3.05×	3.33×	3.26×
Cash conversion cycle (days)	12	-17	25	-6	-4	-13	-16	11