TKMS AG & Co. KGaA (TKMS.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

-65.2%

€30.35

vs €87.20 price

Levered DCF

€240.46

After debt service

Piotroski score

5 / 9

Average

Altman Z-score

1.23

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
P/E	49.15×	61.91×	90.11×	477.06×
P/B	4.81×	3.25×	2.5×	2.64×
P/S	2.37×	2.59×	2.64×	3.04×
EV / EBITDA	18.97×	36.57×	32.74×	54.61×
Gross margin	17.6%	15.8%	15.8%	14.1%
Operating margin	4.9%	3.9%	4.6%	1.5%
Net margin	4.8%	4.3%	2.9%	0.7%
Current ratio	0.92×	1.11×	1.3×	1.3×
Debt / equity	0.03×	0.02×	0.02×	0.02×
Interest coverage	3.54×	3.45×	3.38×	2.57×
Dividend yield	0.0%	0.0%	0.0%	0.0%
Payout ratio	0.0%	0.0%	0.0%	0.0%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022
Return on equity	9.8%	5.3%	2.8%	0.6%
Return on invested capital	4.3%	2.4%	1.8%	0.4%
Return on assets	1.9%	1.7%	1.1%	0.2%
Free cash flow yield	16.1%	7.3%	3.8%	5.7%
Earnings yield	2.0%	1.6%	1.1%	0.2%
Enterprise value	€3.5B	€5.1B	€5B	€4.9B
Net debt / EBITDA	-9.26×	-0.65×	-0.78×	-2.56×
Cash conversion cycle (days)	78	89	88	143