Sanofi (SNY) 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

+162.3%

$118.77

vs $45.28 price

Levered DCF

$120.74

After debt service

Piotroski score

7 / 9

Strong

Altman Z-score

1.58

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	12.89×	21.22×	20.99×	14.2×	17.73×	8.1×	39.27×	21.94×
P/B	1.41×	1.5×	1.53×	1.51×	1.61×	1.58×	1.9×	1.6×
P/S	2.15×	2.63×	2.72×	2.79×	2.82×	2.67×	2.97×	2.65×
EV / EBITDA	9.08×	11.51×	10.82×	9.01×	10.63×	6.24×	12.01×	12.22×
Gross margin	72.1%	70.2%	69.7%	70.7%	68.7%	67.5%	68.2%	67.9%
Operating margin	20.5%	16.4%	16.7%	25.1%	20.7%	37.8%	8.1%	13.1%
Net margin	16.7%	12.6%	13.0%	20.6%	15.9%	32.9%	7.3%	12.1%
Current ratio	1.09×	1.46×	1.27×	1.42×	1.44×	1.75×	1.4×	1.41×
Debt / equity	0.28×	0.23×	0.25×	0.28×	0.33×	0.38×	0.44×	0.42×
Interest coverage	15.33×	11.65×	13.57×	26.41×	21.53×	32.76×	5.69×	9.61×
Dividend yield	5.3%	4.0%	3.9%	3.7%	3.6%	3.9%	3.4%	4.0%
Payout ratio	68.9%	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%	5.5%	5.5%	7.7%	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	10.1%	5.0%	6.5%	7.4%	7.7%	5.4%	5.3%	3.8%
Earnings yield	7.8%	4.8%	4.8%	7.4%	5.6%	12.3%	2.5%	4.6%
Enterprise value	$113.3B	$127B	$123.2B	$121.7B	$122.7B	$109.4B	$128.1B	$112.1B
Net debt / EBITDA	1.02×	0.95×	0.88×	0.63×	1.07×	0.56×	1.52×	1.93×
Cash conversion cycle (days)	166	140	164	163	167	189	179	173