Rational AG (RAA.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

-41.3%

€370.20

vs €631.00 price

Levered DCF

€302.66

After debt service

Piotroski score

6 / 9

Average

Altman Z-score

21.38

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	29.62×	37.4×	36.85×	33.99×	82.76×	108.17×	47.51×	35.98×
P/B	7.99×	10.93×	10.45×	9.33×	16.97×	16.18×	15.76×	12.43×
P/S	5.97×	7.85×	7.06×	6.17×	13.13×	13.33×	9.66×	7.28×
EV / EBITDA	19.95×	25.36×	24.67×	22.77×	52.74×	63.86×	31.89×	25.25×
Gross margin	59.0%	59.2%	56.7%	55.3%	55.1%	55.4%	59.0%	58.7%
Operating margin	26.4%	27.1%	25.0%	23.3%	20.5%	15.9%	26.8%	26.3%
Net margin	20.2%	21.0%	19.2%	18.2%	15.9%	12.3%	20.3%	20.2%
Current ratio	4.48×	3.99×	3.78×	3.46×	3.87×	4.48×	3.37×	3.61×
Debt / equity	0.03×	0.03×	0.04×	0.03×	0.03×	0.04×	0.05×	0.03×
Interest coverage	173.6×	192.86×	215.86×	459.08×	246.91×	139.53×	269.63×	618.74×
Dividend yield	2.3%	1.6%	1.9%	1.8%	0.5%	0.7%	1.3%	2.2%
Payout ratio	67.2%	61.3%	71.1%	61.2%	44.1%	80.9%	62.9%	79.5%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	27.0%	29.2%	28.4%	27.5%	20.5%	15.0%	33.2%	34.5%
Return on invested capital	24.7%	27.3%	26.3%	26.0%	19.2%	13.9%	30.5%	32.4%
Return on assets	21.3%	22.6%	21.8%	20.7%	15.8%	11.9%	24.6%	26.0%
Free cash flow yield	3.1%	2.7%	2.8%	2.0%	1.4%	0.7%	1.9%	1.7%
Earnings yield	3.4%	2.7%	2.7%	2.9%	1.2%	0.9%	2.1%	2.8%
Enterprise value	€7.4B	€9.3B	€7.8B	€6.1B	€10B	€8.5B	€8B	€5.5B
Net debt / EBITDA	-0.43×	-0.31×	-0.35×	-0.68×	-1.19×	-1.53×	-0.6×	-0.66×
Cash conversion cycle (days)	128	112	112	135	130	137	98	94