TUI AG (TUI1.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

+1178.1%

€93.18

vs €7.29 price

Levered DCF

€80.89

After debt service

Piotroski score

6 / 9

Average

Altman Z-score

1.21

Distress zone

Rating

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	6.19×	6.84×	6.96×	-9.48×	-1.45×	-0.59×	14.59×	12.9×
P/B	2.23×	3.63×	1.89×	-14.27×	-3.31×	-4.13×	1.76×	2.55×
P/S	0.16×	0.15×	0.1×	0.12×	0.76×	0.23×	0.32×	0.48×
EV / EBITDA	2.87×	2.64×	2.9×	4.96×	-8.06×	-2.34×	6.94×	7.5×
Gross margin	9.2%	8.4%	7.8%	5.6%	-25.9%	-25.0%	8.8%	10.1%
Operating margin	4.9%	3.9%	3.0%	1.8%	-48.3%	-35.0%	4.6%	5.4%
Net margin	2.6%	2.2%	1.5%	-1.3%	-52.4%	-39.5%	2.2%	3.8%
Current ratio	0.55×	0.53×	0.51×	0.45×	0.43×	0.43×	0.59×	0.72×
Debt / equity	2.52×	4.75×	3.75×	-36.7×	-5.97×	-7.58×	0.77×	0.65×
Interest coverage	3.15×	1.77×	1.22×	0.63×	-5.07×	-9.23×	5.6×	7.08×
Dividend yield	0.0%	0.0%	0.8%	35.7%	0.0%	17.2%	7.0%	4.0%
Payout ratio	0.0%	0.0%	5.5%	-339.6%	0.0%	-10.1%	101.7%	52.1%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	36.1%	53.0%	27.2%	150.1%	228.5%	700.1%	12.1%	19.8%
Return on invested capital	10.4%	8.9%	6.4%	4.0%	-27.9%	-26.5%	7.3%	9.6%
Return on assets	3.4%	2.9%	1.9%	-1.4%	-17.5%	-20.5%	2.6%	4.7%
Free cash flow yield	25.2%	34.5%	45.8%	77.3%	-12.6%	-181.5%	2.1%	2.1%
Earnings yield	16.2%	14.6%	14.4%	-10.5%	-69.1%	-169.6%	6.8%	7.8%
Enterprise value	€5.2B	€5.9B	€4.3B	€5.5B	€9B	€4.3B	€7.2B	€9.3B
Net debt / EBITDA	0.72×	1.08×	1.46×	3.13×	-4.84×	-1.34×	1.08×	-0.1×
Cash conversion cycle (days)	-42	-31	-56	-35	-103	16	-43	-41