Porsche Automobil Holding SE (PAH3.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

-148.8%

-€12.58

vs €25.76 price

Levered DCF

-€34.78

After debt service

Piotroski score

6 / 9

Average

Altman Z-score

1.73

Distress 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	4.62×	-0.56×	2.78×	2.86×	5.6×	6.58×	4.63×	4.5×
P/B	0.16×	0.32×	0.26×	0.31×	0.61×	0.48×	0.58×	0.47×
P/S	2.23×	-0.56×	2.72×	2.97×	5.51×	6.39×	4.51×	4.17×
EV / EBITDA	4.09×	-0.86×	3.75×	4.2×	5.51×	6.42×	4.55×	4.17×
Gross margin	100.0%	100.1%	104.1%	99.5%	100.0%	100.0%	99.6%	99.6%
Operating margin	98.1%	100.2%	103.5%	99.2%	99.0%	98.3%	95.9%	93.9%
Net margin	96.6%	100.9%	97.4%	104.1%	98.5%	97.1%	97.5%	93.2%
Current ratio	9.94×	16.13×	7.52×	0.19×	6.44×	6.07×	6.71×	6.89×
Debt / equity	0.19×	0.22×	0.12×	0.14×	0×	0×	0×	0×
Interest coverage	8.65×	-54.03×	16.53×	654.13×	764.83×	885.33×	0×	1,172×
Dividend yield	9.6%	7.0%	5.5%	5.0%	2.6%	3.9%	3.3%	3.4%
Payout ratio	22.0%	-3.9%	15.4%	14.3%	14.8%	25.8%	15.3%	15.4%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	7.0%	-57.0%	9.2%	10.7%	10.8%	7.3%	12.5%	10.4%
Return on invested capital	6.0%	-46.1%	8.6%	9.0%	10.8%	7.3%	12.2%	10.4%
Return on assets	5.9%	-46.7%	8.1%	9.3%	10.7%	7.2%	12.4%	10.4%
Free cash flow yield	11.5%	12.9%	13.2%	52.8%	2.9%	4.5%	3.5%	3.5%
Earnings yield	43.4%	-179.8%	35.8%	35.0%	17.9%	15.2%	21.6%	22.4%
Enterprise value	€12.1B	€17B	€20.4B	€22.7B	€25.3B	€17.1B	€20.1B	€15B
Net debt / EBITDA	2.03×	-0.3×	1.14×	1.3×	-0.06×	-0.08×	-0.07×	-0.17×
Cash conversion cycle (days)	0	-46	-14	-39	-730	3	7	3