Sirius XM Holdings Inc. (SIRI) 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

-11.2%

$26.28

vs $29.59 price

Levered DCF

$39.89

After debt service

Piotroski score

8 / 9

Strong

Altman Z-score

1.43

Distress 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	8.4×	-4.62×	16.78×	18.84×	19.84×	212.33×	35.75×	21.96×
P/B	0.58×	0.7×	2.09×	-6.82×	-9.83×	-12.07×	-43.73×	-14.02×
P/S	0.79×	0.89×	2.36×	2.54×	2.97×	3.43×	4.13×	4.41×
EV / EBITDA	7.78×	-24.05×	12.37×	12.49×	13.81×	26.32×	19.67×	15.6×
Gross margin	47.0%	48.3%	49.0%	50.2%	50.6%	51.0%	50.6%	51.8%
Operating margin	17.2%	-17.4%	21.7%	22.6%	23.2%	10.7%	21.1%	29.9%
Net margin	9.4%	-19.1%	14.1%	13.5%	15.1%	1.6%	11.7%	20.4%
Current ratio	0.3×	0.42×	0.34×	0.35×	0.4×	0.31×	0.3×	0.17×
Debt / equity	0.84×	0.94×	1.14×	-2.93×	-3.52×	-3.92×	-11.34×	-3.79×
Interest coverage	3.2×	-3.06×	4.6×	4.82×	4.86×	2.18×	4.22×	4.93×
Dividend yield	5.4%	1.9%	0.3%	5.9%	1.0%	0.9%	0.7%	0.8%
Payout ratio	45.3%	-8.6%	5.2%	110.4%	20.4%	180.9%	24.7%	17.1%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	7.0%	-15.0%	12.5%	-36.2%	-50.1%	-5.7%	-124.2%	-64.7%
Return on invested capital	4.6%	-6.1%	5.9%	21.1%	23.6%	3.6%	15.9%	26.6%
Return on assets	3.0%	-6.0%	4.2%	12.1%	12.8%	1.3%	8.2%	14.4%
Free cash flow yield	18.4%	13.1%	5.6%	6.8%	6.2%	6.0%	5.1%	6.0%
Earnings yield	11.9%	-21.6%	6.0%	5.3%	5.1%	0.5%	2.8%	4.6%
Enterprise value	$16.4B	$18B	$32.3B	$32.6B	$34.8B	$36.5B	$40.4B	$32.3B
Net debt / EBITDA	4.57×	-13.74×	4.29×	3.74×	3.59×	6.42×	4.01×	3.3×
Cash conversion cycle (days)	-71	-76	-75	-75	-80	-82	-77	-79