PUMA Se (PUM.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

+19.7%

€32.15

vs €26.86 price

Levered DCF

-€2.39

After debt service

Piotroski score

4 / 9

Average

Altman Z-score

1.54

Distress zone

Rating

C-

Overall 1 / 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	-5.1×	23.47×	24.89×	24.03×	51.93×	174.11×	39.06×	34.72×
P/B	1.87×	2.33×	2.96×	3.43×	7.27×	8.01×	5.45×	3.81×
P/S	0.45×	0.75×	0.88×	1×	2.36×	2.64×	1.86×	1.4×
EV / EBITDA	-295.06×	8.12×	9.39×	10.06×	19.98×	28.72×	14.92×	14.69×
Gross margin	44.9%	47.4%	46.3%	46.1%	47.9%	47.0%	48.8%	48.4%
Operating margin	-4.9%	7.1%	7.2%	7.6%	8.2%	4.0%	8.0%	7.3%
Net margin	-8.8%	3.2%	3.5%	4.2%	4.5%	1.5%	4.8%	4.0%
Current ratio	1.18×	1.5×	1.55×	1.48×	1.61×	1.4×	1.59×	1.83×
Debt / equity	1.47×	0.61×	0.71×	0.63×	0.63×	0.7×	0.49×	0.01×
Interest coverage	-2.16×	4.84×	6.17×	5.18×	12.55×	4.82×	9.21×	22.34×
Dividend yield	2.7%	1.9%	1.6%	1.3%	0.1%	0.0%	0.5%	2.9%
Payout ratio	-13.9%	43.6%	40.3%	30.5%	7.7%	0.0%	19.9%	99.7%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	-36.7%	10.0%	11.9%	14.3%	14.0%	4.6%	14.0%	11.0%
Return on invested capital	-8.1%	10.0%	10.5%	11.7%	10.9%	5.1%	11.0%	12.2%
Return on assets	-10.0%	3.9%	4.6%	5.2%	5.4%	1.7%	6.0%	5.8%
Free cash flow yield	-19.3%	6.6%	4.7%	1.8%	1.6%	2.0%	3.2%	2.3%
Earnings yield	-19.7%	4.3%	4.0%	4.2%	1.9%	0.6%	2.6%	2.9%
Enterprise value	€5.6B	€7.9B	€8.8B	€9.6B	€16.7B	€14.3B	€10.6B	€6B
Net debt / EBITDA	-121.29×	1.38×	1.33×	1.15×	0.77×	1.09×	0.56×	-1.08×
Cash conversion cycle (days)	133	62	83	95	86	76	82	83