Pernod Ricard S.A. (RI.PA) 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

+168.0%

€186.25

vs €69.50 price

Levered DCF

€92.78

After debt service

Piotroski score

6 / 9

Average

Altman Z-score

1.21

Distress zone

Rating

B+

Overall 3 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
P/E	13.36×	13.12×	21.74×	22.92×	22.74×	37.44×	112.04×	29.56×
P/B	1.04×	1.4×	2.04×	3.3×	2.85×	3.29×	2.64×	2.69×
P/S	1.71×	1.95×	2.76×	4.27×	4.24×	5.53×	4.36×	4.69×
EV / EBITDA	9.44×	9.51×	12.09×	16.49×	15.87×	20.19×	17.35×	17.69×
Gross margin	58.4%	59.5%	60.1%	59.7%	60.5%	60.0%	60.2%	61.5%
Operating margin	25.8%	26.9%	26.9%	27.6%	28.3%	27.5%	26.8%	28.1%
Net margin	12.8%	14.8%	12.7%	18.6%	18.7%	14.8%	3.9%	15.8%
Current ratio	2.47×	1.92×	1.9×	1.73×	1.95×	2.45×	2.08×	1.74×
Debt / equity	0.82×	0.83×	0.86×	0.76×	0.7×	0.65×	0.75×	0.47×
Interest coverage	4.89×	5.72×	6.79×	11.91×	12.1×	8.75×	6.35×	7.8×
Dividend yield	7.6%	5.6%	3.8%	2.1%	1.8%	1.4%	2.3%	1.5%
Payout ratio	101.9%	73.9%	81.8%	47.4%	41.4%	53.9%	258.1%	44.3%

Key metrics by fiscal year

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
Return on equity	7.8%	10.7%	9.4%	14.4%	12.5%	8.8%	2.4%	9.1%
Return on invested capital	5.3%	6.8%	6.0%	8.0%	7.3%	5.7%	4.6%	7.6%
Return on assets	3.2%	4.4%	3.8%	6.0%	5.5%	4.1%	1.0%	4.7%
Free cash flow yield	7.4%	5.3%	3.0%	2.6%	3.9%	3.2%	2.2%	3.1%
Earnings yield	7.5%	7.6%	4.6%	4.4%	4.4%	2.7%	0.9%	3.4%
Enterprise value	€26.8B	€32.1B	€43B	€62.1B	€54.1B	€56.3B	€45.3B	€49.7B
Net debt / EBITDA	3.77×	3.19×	3.07×	2.73×	2.54×	2.69×	3.25×	2.36×
Cash conversion cycle (days)	603	518	471	406	428	488	510	417