Sartorius AG (SRT3.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

-80.5%

€44.70

vs €229.50 price

Levered DCF

€7.66

After debt service

Piotroski score

6 / 9

Average

Altman Z-score

2.96

Grey zone

Rating

Overall 2 / 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	85.27×	141.31×	91×	25.06×	79.97×	73.4×	54.69×	46.38×
P/B	4.87×	4.3×	9.03×	11.5×	27.09×	22.53×	14.77×	8.87×
P/S	3.73×	3.52×	5.5×	5.48×	9.9×	10.11×	6.55×	4.19×
EV / EBITDA	15.96×	19.89×	27.04×	16.44×	37.95×	40.65×	28.74×	18.39×
Gross margin	46.3%	45.1%	46.1%	52.6%	53.3%	51.6%	51.5%	51.3%
Operating margin	18.4%	12.9%	16.0%	27.2%	21.3%	22.4%	19.5%	19.2%
Net margin	4.4%	2.5%	6.0%	21.9%	12.4%	13.8%	12.0%	9.0%
Current ratio	0.9×	1.46×	1.47×	1.12×	1.16×	1.39×	1.28×	1.57×
Debt / equity	1.65×	1.65×	2.57×	1.28×	1.65×	1.99×	1.31×	1.36×
Interest coverage	3.29×	2.13×	3.46×	16.73×	16.16×	9.12×	12.79×	11.97×
Dividend yield	0.4%	0.4%	0.5%	0.4%	0.1%	0.1%	0.4%	0.5%
Payout ratio	32.7%	60.4%	47.9%	9.4%	11.3%	7.6%	19.2%	24.4%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	5.7%	3.0%	9.9%	45.9%	33.9%	30.7%	27.0%	19.1%
Return on invested capital	5.1%	3.6%	4.7%	15.3%	10.5%	9.4%	10.8%	10.2%
Return on assets	1.6%	0.8%	2.1%	13.1%	7.5%	6.8%	7.7%	5.6%
Free cash flow yield	1.6%	4.8%	1.6%	0.9%	1.3%	1.1%	1.3%	0.2%
Earnings yield	1.2%	0.7%	1.1%	4.0%	1.3%	1.4%	1.8%	2.2%
Enterprise value	€17.1B	€15.6B	€23.6B	€25.3B	€35.9B	€25.5B	€13B	€7.5B
Net debt / EBITDA	3.65×	4.76×	5.65×	1.55×	1.83×	3×	2.24×	2.34×
Cash conversion cycle (days)	116	123	183	158	126	125	205	69