Veolia Environnement S.A. (VIE.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

+168.6%

€88.76

vs €33.05 price

Levered DCF

€49.99

After debt service

Piotroski score

5 / 9

Average

Altman Z-score

0.87

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	18.12×	17.72×	21.35×	23.08×	47.44×	96.45×	15.04×	22.78×
P/B	3.14×	1.51×	2.31×	4.62×	1.66×	1.54×	2.21×	3.5×
P/S	0.5×	0.44×	0.44×	0.39×	0.67×	0.43×	0.48×	0.38×
EV / EBITDA	7.71×	5.2×	7.9×	5.76×	6.67×	6.7×	2.6×	4.92×
Gross margin	17.6%	17.3%	16.4%	16.6%	16.1%	14.9%	15.9%	16.4%
Operating margin	7.8%	6.9%	6.4%	6.7%	5.7%	4.3%	5.7%	5.7%
Net margin	2.7%	2.5%	2.1%	1.7%	1.4%	0.3%	2.3%	1.4%
Current ratio	0.86×	0.91×	0.93×	0.98×	0.98×	0.86×	0.9×	0.9×
Debt / equity	4.75×	1.55×	3.68×	6.12×	1.13×	1.77×	0.29×	3.53×
Interest coverage	4.98×	4×	4.23×	5.35×	5.16×	3.09×	3.96×	4.06×
Dividend yield	5.8%	5.0%	4.4%	4.7%	2.2%	3.8%	3.9%	4.7%
Payout ratio	105.2%	89.0%	93.6%	108.3%	104.1%	479.7%	82.2%	123.6%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	17.3%	8.5%	10.8%	20.0%	3.5%	1.2%	10.4%	13.2%
Return on invested capital	6.0%	5.1%	4.2%	4.3%	2.6%	2.1%	4.0%	4.3%
Return on assets	1.7%	1.5%	1.3%	1.0%	0.8%	0.2%	1.5%	1.2%
Free cash flow yield	6.6%	10.6%	9.3%	8.3%	7.4%	10.1%	10.8%	13.7%
Earnings yield	5.5%	5.6%	4.7%	4.3%	2.1%	0.8%	4.7%	3.8%
Enterprise value	€47.4B	€29.9B	€43.3B	€29.4B	€21.6B	€18B	€9B	€15.3B
Net debt / EBITDA	4.12×	1.8×	4.25×	2.52×	0.76×	2.57×	-1.19×	1.74×
Cash conversion cycle (days)	54	42	28	61	60	70	49	64