Randstad N.V. (RAND.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

+2.2%

€41.78

vs €40.88 price

Levered DCF

€52.47

After debt service

Piotroski score

6 / 9

Average

Altman Z-score

3.05

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	19.5×	62.63×	16.44×	11.3×	14.54×	32.86×	16.8×	10.44×
P/B	1.42×	1.74×	2.15×	2.12×	2.25×	2.09×	2.23×	1.64×
P/S	0.25×	0.3×	0.4×	0.38×	0.45×	0.47×	0.42×	0.31×
EV / EBITDA	8.5×	14.9×	9.45×	7.66×	8.27×	12.54×	8.98×	6.61×
Gross margin	18.7%	19.5%	20.8%	20.9%	19.9%	19.1%	19.9%	19.7%
Operating margin	2.2%	1.7%	3.3%	4.1%	4.2%	1.9%	3.6%	3.4%
Net margin	1.3%	0.5%	2.5%	3.4%	3.1%	1.5%	2.6%	3.0%
Current ratio	1.21×	1.26×	1.11×	1.24×	1.33×	1.17×	1.01×	1.11×
Debt / equity	0.48×	0.54×	0.25×	0.23×	0.26×	0.16×	0.36×	0.28×
Interest coverage	5.39×	4.4×	10.01×	29.15×	38.26×	10.67×	16.21×	15.63×
Dividend yield	5.1%	8.9%	5.2%	8.9%	5.5%	0.1%	6.3%	7.1%
Payout ratio	97.7%	516.3%	84.9%	99.2%	78.6%	3.9%	104.3%	73.6%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	7.5%	3.0%	13.3%	18.9%	15.7%	6.5%	13.6%	15.7%
Return on invested capital	5.2%	3.9%	11.1%	14.8%	12.1%	5.7%	10.0%	11.4%
Return on assets	2.7%	1.1%	5.8%	8.4%	7.0%	3.2%	6.0%	7.1%
Free cash flow yield	14.1%	7.9%	10.9%	9.1%	7.1%	13.9%	11.5%	8.6%
Earnings yield	5.3%	1.7%	6.2%	8.9%	7.0%	3.1%	6.1%	9.6%
Enterprise value	€7.2B	€9B	€11B	€11.3B	€11.5B	€10B	€11.4B	€8.3B
Net debt / EBITDA	1.79×	3.07×	0.79×	0.59×	0.3×	0.32×	1.09×	0.78×
Cash conversion cycle (days)	61	61	48	49	52	53	47	-14