TomTom N.V. (TOM2.AS) 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

+234.8%

€12.22

vs €3.65 price

Levered DCF

€5.91

After debt service

Piotroski score

7 / 9

Strong

Altman Z-score

1.83

Grey zone

Rating

A-

Overall 4 / 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	-106.42×	-35.64×	-39.94×	-8.11×	-12.31×	-4.28×	-8.34×	40.13×
P/B	4.88×	4.46×	4.53×	4.15×	4.12×	2.84×	2.42×	2.36×
P/S	1.23×	1.08×	1.41×	1.55×	2.3×	2.09×	2.3×	2.66×
EV / EBITDA	30.67×	23.45×	24.8×	-19.87×	-86.36×	-122.66×	23.9×	10.66×
Gross margin	88.4%	84.9%	84.8%	83.9%	80.3%	80.2%	73.5%	69.2%
Operating margin	0.3%	-3.5%	-3.4%	-18.2%	-18.4%	-54.5%	-33.1%	0.4%
Net margin	-1.2%	-3.0%	-3.6%	-19.2%	-18.7%	-48.8%	-27.5%	6.5%
Current ratio	1.68×	1.75×	1.67×	1.6×	1.82×	2.03×	2.01×	1.48×
Debt / equity	0.29×	0.31×	0.26×	0.19×	0.12×	0.11×	0.05×	0.05×
Interest coverage	1×	-10.94×	-10.27×	-82.51×	-54.31×	-147.09×	-101.53×	1.99×
Dividend yield	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	60.9%	0.0%
Payout ratio	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	-508.6%	0.0%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	-4.6%	-12.4%	-11.6%	-51.5%	-33.5%	-66.5%	-29.0%	5.8%
Return on invested capital	-0.8%	-4.2%	-3.9%	-18.7%	-15.2%	-35.3%	-23.0%	-0.1%
Return on assets	-0.9%	-2.4%	-2.6%	-12.7%	-10.6%	-26.3%	-14.7%	3.0%
Free cash flow yield	6.4%	-0.7%	2.5%	-5.0%	2.0%	-2.4%	4.3%	7.9%
Earnings yield	-0.9%	-2.8%	-2.6%	-12.4%	-8.1%	-23.4%	-12.0%	2.5%
Enterprise value	€640.3M	€606.5M	€782.5M	€734.1M	€991M	€914.1M	€1.4B	€1.6B
Net debt / EBITDA	-1.93×	-0.48×	-1.29×	2.57×	15.03×	25.21×	-3×	-1.38×
Cash conversion cycle (days)	69	54	53	120	113	127	43	33