Safran S.A. (SAF.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

-23.0%

€218.19

vs €283.50 price

Levered DCF

€247.13

After debt service

Piotroski score

6 / 9

Average

Altman Z-score

2.28

Grey zone

Rating

B+

Overall 3 / 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	17.32×	-132.56×	19.22×	-20.3×	1,076.6×	139.7×	24.19×	35.37×
P/B	8.38×	8.67×	5.78×	4.79×	3.58×	4×	4.78×	3.8×
P/S	3.98×	3.18×	2.83×	2.56×	3×	2.94×	2.34×	2.14×
EV / EBITDA	21.85×	15.95×	14.79×	13.26×	18.21×	18.38×	12.36×	14.87×
Gross margin	14.3%	48.5%	47.4%	47.0%	49.4%	46.5%	46.7%	43.8%
Operating margin	13.3%	15.1%	11.8%	10.5%	5.6%	5.5%	15.2%	10.2%
Net margin	23.0%	-2.4%	14.6%	-12.6%	0.3%	2.1%	9.7%	6.1%
Current ratio	0.9×	0.84×	0.95×	0.88×	1.01×	0.93×	0.86×	0.86×
Debt / equity	0.36×	0.5×	0.57×	0.67×	0.56×	0.57×	0.59×	0.52×
Interest coverage	35.12×	27.95×	19.99×	21.73×	8.64×	11.59×	47.37×	16.04×
Dividend yield	1.0%	1.0%	0.8%	0.4%	0.4%	0.0%	1.3%	1.5%
Payout ratio	16.9%	-136.6%	16.4%	-8.7%	425.6%	0.0%	32.1%	54.2%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	48.4%	-6.6%	29.7%	-23.6%	0.3%	2.9%	19.8%	10.7%
Return on invested capital	12.8%	15.1%	9.4%	7.7%	0.9%	2.7%	11.8%	9.9%
Return on assets	11.6%	-1.2%	6.8%	-5.3%	0.1%	0.9%	5.7%	3.2%
Free cash flow yield	3.6%	4.2%	5.1%	5.9%	4.3%	2.7%	3.8%	5.0%
Earnings yield	5.8%	-0.8%	5.1%	-4.9%	0.1%	0.7%	4.1%	2.8%
Enterprise value	€122.8B	€86.8B	€66.8B	€50.1B	€47.8B	€52.7B	€63.8B	€49.3B
Net debt / EBITDA	-0.26×	-0.27×	-0.02×	0.07×	0.72×	1.14×	0.9×	1.16×
Cash conversion cycle (days)	167	295	245	300	350	283	233	224