Dr. Ing. h.c. F. Porsche AG (P911.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

+147.4%

€114.52

vs €46.29 price

Levered DCF

€35.27

After debt service

Piotroski score

7 / 9

Strong

Altman Z-score

1.81

Grey zone

Rating

B+

Overall 3 / 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	97.06×	14.83×	14.12×	17.42×	18.62×	23.78×	26.87×	24.12×
P/B	1.81×	2.31×	3.34×	5.04×	3.28×	3.72×	4.31×	15.27×
P/S	1.15×	1.33×	1.79×	2.28×	2.27×	2.62×	2.64×	2.91×
EV / EBITDA	8.06×	6.21×	7.03×	8.9×	8.86×	10.21×	10.57×	13.03×
Gross margin	17.5%	25.8%	28.6%	28.0%	26.7%	25.4%	26.1%	28.3%
Operating margin	4.4%	13.4%	17.3%	17.5%	16.1%	15.3%	15.6%	16.6%
Net margin	1.2%	9.0%	12.7%	13.2%	12.2%	11.0%	9.8%	12.1%
Current ratio	1.41×	1.41×	1.48×	1.22×	1.42×	1.34×	1.12×	0.93×
Debt / equity	0.49×	0.49×	0.48×	0.56×	0.42×	0.41×	0.44×	1.19×
Interest coverage	33.21×	103.15×	137.76×	235.36×	47.08×	63.42×	61.05×	0×
Dividend yield	5.1%	3.9%	6.8%	3.9%	2.5%	2.4%	3.1%	2.9%
Payout ratio	487.5%	58.5%	94.9%	67.8%	46.2%	57.0%	82.0%	69.3%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	1.9%	15.6%	23.8%	29.1%	17.6%	15.6%	16.0%	63.3%
Return on invested capital	2.6%	8.5%	12.1%	13.4%	9.1%	8.5%	9.2%	10.4%
Return on assets	0.8%	6.7%	10.2%	10.4%	7.8%	7.0%	6.6%	8.2%
Free cash flow yield	1.2%	4.9%	4.0%	6.0%	4.5%	1.8%	2.0%	0.9%
Earnings yield	1.0%	6.7%	7.1%	5.8%	5.4%	4.2%	3.7%	4.1%
Enterprise value	€47.9B	€58.2B	€77B	€91.6B	€80.2B	€79B	€79.3B	€78.4B
Net debt / EBITDA	1.07×	0.53×	0.41×	0.56×	0.56×	0.49×	0.55×	0.54×
Cash conversion cycle (days)	59	60	71	66	59	68	49	26