Siemens AG (SIE.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

-45.4%

€144.80

vs €265.40 price

Levered DCF

€115.47

After debt service

Piotroski score

7 / 9

Strong

Altman Z-score

2.64

Grey zone

Rating

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	18.71×	17.2×	13.51×	21.76×	21.63×	21.58×	15.3×	15.5×
P/B	2.89×	2.79×	2.25×	1.66×	2.56×	2.39×	1.65×	1.98×
P/S	2.28×	1.88×	1.43×	1.13×	1.83×	1.57×	1.36×	1.08×
EV / EBITDA	13.96×	11.84×	9.51×	8.99×	13.14×	11.85×	10.27×	8.84×
Gross margin	38.5%	39.3%	38.9%	35.9%	36.5%	36.0%	37.0%	29.9%
Operating margin	11.5%	12.6%	12.6%	10.3%	10.7%	8.6%	10.7%	7.7%
Net margin	12.2%	10.9%	10.6%	5.2%	8.4%	7.3%	8.9%	7.0%
Current ratio	1.37×	1.4×	1.35×	1.38×	1.31×	1.55×	1.39×	1.35×
Debt / equity	0.9×	0.93×	0.97×	1.04×	1.1×	1.22×	0.76×	0.71×
Interest coverage	5.54×	5.36×	6.9×	10.74×	10.39×	5.82×	6.51×	5.84×
Dividend yield	2.3%	2.6%	3.1%	4.0%	2.5%	3.6%	3.9%	3.3%
Payout ratio	42.5%	44.7%	42.3%	86.4%	53.3%	78.7%	59.0%	51.9%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	15.5%	16.2%	16.6%	7.6%	11.9%	11.1%	10.8%	12.8%
Return on invested capital	5.4%	6.9%	6.7%	4.0%	4.7%	3.7%	4.4%	4.9%
Return on assets	5.8%	5.6%	5.5%	2.5%	3.8%	3.3%	3.4%	4.2%
Free cash flow yield	5.0%	6.7%	9.4%	10.1%	7.3%	7.5%	8.4%	6.5%
Earnings yield	5.3%	5.8%	7.4%	4.6%	4.6%	4.6%	6.5%	6.5%
Enterprise value	€221.5B	€181.6B	€143.9B	€121.3B	€153B	€117.5B	€103.4B	€111B
Net debt / EBITDA	2.62×	2.53×	2.41×	2.98×	3.36×	3.08×	2.39×	1.68×
Cash conversion cycle (days)	171	183	177	164	170	171	272	173