Sanofi (SAN.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

+172.4%

€222.43

vs €81.67 price

Levered DCF

€216.39

After debt service

Piotroski score

7 / 9

Strong

Altman Z-score

2.2

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	12.92×	21.35×	20.83×	13.43×	17.82×	8.01×	40.01×	21.93×
P/B	1.41×	1.51×	1.52×	1.5×	1.62×	1.56×	1.9×	1.6×
P/S	2.16×	2.65×	2.73×	2.79×	2.83×	2.64×	2.98×	2.64×
EV / EBITDA	9.13×	10.26×	9.73×	8.97×	10.54×	10.34×	12.19×	11.81×
Gross margin	72.1%	70.2%	69.3%	70.6%	68.7%	67.6%	68.2%	68.3%
Operating margin	20.5%	32.6%	31.6%	32.6%	20.7%	37.8%	8.1%	13.1%
Net margin	16.7%	12.6%	13.1%	20.8%	15.9%	32.9%	7.3%	12.1%
Current ratio	1.09×	1.46×	1.27×	1.42×	1.44×	1.75×	1.42×	1.42×
Debt / equity	0.28×	0.23×	0.25×	0.28×	0.33×	0.38×	0.44×	0.42×
Interest coverage	15.33×	24.24×	24.87×	33.37×	22.45×	30.48×	5.61×	9.93×
Dividend yield	4.7%	4.0%	4.0%	3.7%	3.6%	4.0%	3.4%	4.0%
Payout ratio	61.1%	84.6%	82.5%	49.8%	64.4%	32.0%	139.2%	87.6%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	10.9%	7.2%	7.3%	11.2%	9.1%	19.5%	4.7%	7.3%
Return on invested capital	7.7%	11.0%	10.3%	9.9%	6.4%	12.5%	3.0%	4.4%
Return on assets	6.2%	4.2%	4.3%	6.6%	5.2%	10.7%	2.4%	3.9%
Free cash flow yield	8.9%	5.0%	7.7%	7.4%	7.6%	5.4%	5.3%	3.8%
Earnings yield	7.7%	4.7%	4.8%	7.4%	5.6%	12.5%	2.5%	4.6%
Enterprise value	€113.9B	€127.8B	€122.1B	€120.9B	€123.3B	€112.2B	€128.5B	€112.1B
Net debt / EBITDA	1.04×	0.84×	0.77×	0.63×	1.05×	1.25×	1.56×	1.87×
Cash conversion cycle (days)	-555	140	166	163	167	199	180	174