Pharma Mar, S.A. (PHM.MC) 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

-26.6%

€46.58

vs €63.50 price

Levered DCF

€15.88

After debt service

Piotroski score

8 / 9

Strong

Altman Z-score

6.88

Safe zone

Rating

A-

Overall 4 / 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	17.42×	53.56×	664.88×	23.55×	11.09×	9.47×	-85.68×	-43.6×
P/B	5.12×	6.72×	3.91×	5.21×	5.79×	12.64×	69.44×	11.27×
P/S	5.82×	8×	4.78×	5.91×	4.48×	4.81×	9.2×	1.49×
EV / EBITDA	27.34×	65.36×	162.54×	20.23×	9.28×	8.08×	-73.29×	-32.88×
Gross margin	94.5%	95.3%	93.9%	93.1%	92.8%	94.9%	93.9%	77.9%
Operating margin	18.2%	3.7%	-2.4%	22.4%	40.2%	57.8%	-20.4%	-8.7%
Net margin	33.9%	14.9%	0.7%	25.1%	40.4%	50.8%	-10.7%	-3.4%
Current ratio	3.02×	3.03×	2.63×	2.83×	3.42×	2.59×	0.83×	1.04×
Debt / equity	0.2×	0.25×	0.23×	0.19×	0.28×	0.55×	7.57×	4.37×
Interest coverage	16.38×	2.62×	-1.58×	18.55×	27.41×	49.92×	-4.49×	-3.4×
Dividend yield	1.1%	0.8%	1.5%	1.0%	1.1%	0.7%	0.0%	0.0%
Payout ratio	18.6%	43.7%	1028.1%	23.8%	11.7%	6.4%	0.0%	0.0%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	29.8%	12.5%	0.6%	22.1%	52.2%	133.6%	-80.7%	-25.9%
Return on invested capital	12.8%	2.3%	0.5%	14.2%	30.5%	58.3%	-7.7%	-10.7%
Return on assets	19.0%	7.5%	0.3%	12.6%	25.2%	41.6%	-7.4%	-3.5%
Free cash flow yield	3.4%	-0.7%	-3.9%	2.5%	1.7%	21.2%	-3.8%	-7.8%
Earnings yield	5.8%	1.9%	0.2%	4.3%	9.0%	10.6%	-1.2%	-2.3%
Enterprise value	€1.3B	€1.4B	€739.4M	€1.1B	€966.3M	€1.3B	€858.3M	€311.5M
Net debt / EBITDA	0.65×	-0.57×	-3.6×	-2.06×	-0.62×	-0.25×	-5.85×	-7.46×
Cash conversion cycle (days)	-45	618	448	61	-239	-206	-472	-55