Sodexo S.A. (SW.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

+647.1%

€444.89

vs €59.55 price

Levered DCF

€337.11

After debt service

Piotroski score

7 / 9

Strong

Altman Z-score

2.26

Grey zone

Rating

Overall 3 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
P/E	27.7×	10.88×	70×	13.7×	12.09×	55.39×	-20.58×	16.99×
P/B	2.24×	2×	3.12×	2.39×	1.9×	2.43×	2.38×	2.53×
P/S	0.35×	0.31×	0.5×	0.48×	0.4×	0.44×	0.34×	0.51×
EV / EBITDA	14.89×	6.89×	9.17×	11.03×	9.13×	10.77×	11.23×	9.05×
Gross margin	10.6%	11.6%	12.0%	12.0%	14.4%	13.9%	12.8%	14.3%
Operating margin	3.4%	4.5%	4.6%	3.7%	5.0%	3.3%	0.7%	5.2%
Net margin	1.3%	2.9%	0.7%	3.5%	3.3%	0.8%	-1.7%	3.0%
Current ratio	0.88×	1.08×	1.08×	1.16×	1.09×	1.09×	0.98×	0.97×
Debt / equity	1.24×	1.44×	1.45×	1.41×	1.51×	2.22×	2.31×	0.92×
Interest coverage	4.23×	6.36×	6.03×	4.55×	8.71×	4.81×	0.46×	8.58×
Dividend yield	4.7%	5.1%	11.6%	3.2%	3.5%	0.0%	6.5%	3.6%
Payout ratio	129.6%	55.8%	817.3%	44.3%	42.3%	0.0%	-133.2%	60.6%

Key metrics by fiscal year

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
Return on equity	8.1%	18.4%	4.4%	17.5%	15.7%	4.4%	-11.6%	14.9%
Return on invested capital	6.7%	8.6%	8.3%	5.5%	6.5%	2.9%	1.4%	8.5%
Return on assets	2.1%	4.7%	1.1%	3.8%	3.3%	0.7%	-1.8%	3.8%
Free cash flow yield	6.4%	8.3%	8.2%	9.5%	8.2%	8.9%	3.6%	7.7%
Earnings yield	3.6%	9.2%	1.4%	7.3%	8.3%	1.8%	-4.9%	5.9%
Enterprise value	€12B	€10.9B	€15.1B	€15.2B	€11.8B	€10.4B	€10.9B	€12.9B
Net debt / EBITDA	4.39×	2.12×	2.02×	3.16×	2.65×	2.82×	4.46×	1.16×
Cash conversion cycle (days)	-17	17	15	15	37	40	30	29