Koninklijke Philips N.V. (PHIA.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

+67.4%

€43.52

vs €26.00 price

Levered DCF

€8.23

After debt service

Piotroski score

7 / 9

Strong

Altman Z-score

2.14

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	24.72×	-32.53×	-43.38×	-7.36×	8.92×	33.49×	32.63×	25.28×
P/B	2.01×	1.9×	1.68×	0.9×	1.98×	3.24×	3.02×	2.28×
P/S	1.24×	1.26×	1.11×	0.67×	1.67×	1.97×	1.95×	1.52×
EV / EBITDA	9.86×	15.07×	25.01×	155.45×	16.65×	14.77×	13.74×	11.09×
Gross margin	45.2%	43.1%	41.0%	40.4%	41.8%	45.0%	45.6%	47.2%
Operating margin	9.2%	2.9%	-0.6%	-8.6%	3.2%	6.5%	8.4%	9.5%
Net margin	5.0%	-3.9%	-2.6%	-9.0%	19.3%	6.1%	6.0%	6.0%
Current ratio	1.32×	1.23×	1.2×	1.29×	1.39×	1.45×	1.36×	1.21×
Debt / equity	0.74×	0.62×	0.64×	0.62×	0.48×	0.58×	0.43×	0.4×
Interest coverage	4.76×	1.57×	-0.42×	-6.14×	3.33×	7.44×	7.06×	6.51×
Dividend yield	1.5%	0.0%	0.0%	3.5%	1.7%	0.0%	1.2%	1.5%
Payout ratio	36.6%	-0.1%	-0.4%	-25.6%	14.5%	0.1%	38.8%	36.8%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	8.2%	-5.8%	-3.9%	-12.1%	23.0%	10.0%	9.3%	9.0%
Return on invested capital	6.1%	-17.0%	-0.5%	-6.0%	2.3%	4.9%	6.2%	7.7%
Return on assets	3.3%	-2.4%	-1.6%	-5.2%	10.7%	4.3%	4.3%	4.2%
Free cash flow yield	4.1%	3.9%	7.4%	-8.2%	3.0%	4.8%	2.7%	3.4%
Earnings yield	4.1%	-3.1%	-2.3%	-13.5%	11.6%	3.1%	3.1%	4.0%
Enterprise value	€27.3B	€27.9B	€26B	€19B	€33.3B	€42.1B	€42B	€30.7B
Net debt / EBITDA	1.91×	2.75×	5.59×	57.61×	2.34×	1.3×	1.32×	1.13×
Cash conversion cycle (days)	109	132	139	167	149	115	108	104