Villeroy & Boch AG (VIB3.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

+136.2%

€25.86

vs €10.95 price

Levered DCF

€31.51

After debt service

Piotroski score

3 / 9

Weak

Altman Z-score

1.23

Distress zone

Rating

C+

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	29.91×	68.64×	7.82×	6.23×	10.13×	16.74×	5.33×	10.52×
P/B	1.21×	1.1×	1.24×	1.2×	1.96×	1.54×	1.69×	1.73×
P/S	0.3×	0.28×	0.53×	0.45×	0.64×	0.47×	0.51×	0.41×
EV / EBITDA	6.02×	7.14×	2.61×	2.43×	3.79×	2.99×	2.61×	4.69×
Gross margin	37.3%	37.6%	43.5%	42.8%	44.3%	40.3%	42.4%	42.9%
Operating margin	3.9%	2.7%	9.9%	9.7%	9.6%	5.1%	12.4%	6.3%
Net margin	1.0%	0.4%	6.7%	7.2%	6.4%	2.8%	9.6%	3.9%
Current ratio	1.11×	1.17×	2.39×	1.99×	2.17×	2.31×	2.02×	1.67×
Debt / equity	1.25×	1.46×	0.66×	0.35×	0.48×	0.63×	0.62×	0.28×
Interest coverage	1.55×	1.11×	7.88×	17.6×	17.75×	7.02×	25.85×	8.61×
Dividend yield	5.3%	6.8%	6.6%	5.8%	2.3%	3.6%	3.6%	4.1%
Payout ratio	158.5%	461.0%	51.2%	36.2%	22.9%	61.1%	18.8%	42.7%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	4.1%	1.6%	15.8%	19.3%	19.4%	9.2%	32.2%	16.4%
Return on invested capital	2.7%	1.7%	7.6%	10.8%	9.0%	3.9%	12.8%	7.9%
Return on assets	0.9%	0.3%	5.5%	7.3%	6.2%	2.5%	9.0%	4.9%
Free cash flow yield	17.5%	0.0%	5.6%	3.9%	7.9%	30.7%	3.1%	-11.8%
Earnings yield	3.3%	1.5%	12.8%	16.1%	9.9%	5.9%	19.0%	9.5%
Enterprise value	€794M	€849.3M	€355.3M	€343.9M	€492.7M	€239M	€368M	€353.3M
Net debt / EBITDA	2.68×	3.77×	-0.88×	-0.7×	-0.89×	-1.77×	-0.39×	0.01×
Cash conversion cycle (days)	110	129	148	137	119	118	140	132