Virbac S.A. (VIRP.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

-26.8%

€257.20

vs €351.50 price

Levered DCF

€376.22

After debt service

Piotroski score

5 / 9

Average

Altman Z-score

3.33

Safe 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	19.88×	18.25×	24.97×	15.79×	31.68×	14.76×	38.71×	47.62×
P/B	2.67×	2.54×	3.37×	2.29×	4.95×	3.23×	3.85×	2.08×
P/S	2.05×	1.9×	2.43×	1.58×	3.37×	2.15×	2.13×	1.1×
EV / EBITDA	11.39×	10.17×	12.91×	8.56×	17.59×	8.38×	14.79×	11.74×
Gross margin	35.4%	67.1%	64.9%	35.1%	35.6%	31.1%	66.5%	66.1%
Operating margin	14.8%	15.5%	14.8%	15.0%	15.0%	19.7%	11.2%	8.6%
Net margin	10.3%	10.4%	9.7%	10.0%	10.6%	14.6%	5.5%	2.3%
Current ratio	1.53×	1.82×	1.93×	1.85×	1.68×	1.83×	1.21×	1.23×
Debt / equity	0.26×	0.29×	0.13×	0.12×	0.13×	0.19×	0.89×	1.06×
Interest coverage	24.54×	19.52×	20.81×	49.53×	26.76×	17.15×	5.89×	4.16×
Dividend yield	0.4%	0.4%	0.4%	0.5%	0.2%	0.0%	0.0%	0.0%
Payout ratio	8.1%	7.6%	9.2%	8.7%	5.6%	0.0%	0.0%	0.0%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	13.4%	13.9%	13.5%	14.5%	15.6%	21.9%	10.0%	4.4%
Return on invested capital	10.5%	10.5%	11.5%	12.3%	13.6%	17.8%	6.9%	3.7%
Return on assets	7.9%	7.9%	8.3%	9.0%	9.2%	12.3%	3.9%	1.6%
Free cash flow yield	3.4%	5.1%	2.6%	2.4%	2.2%	4.0%	5.8%	6.0%
Earnings yield	5.0%	5.5%	4.0%	6.3%	3.2%	6.8%	2.6%	2.1%
Enterprise value	€3.2B	€2.8B	€3B	€1.8B	€3.5B	€1.9B	€2.4B	€1.4B
Net debt / EBITDA	0.6×	0.57×	-0.24×	-0.37×	-0.39×	-0.29×	2.3×	3.6×
Cash conversion cycle (days)	154	272	243	149	142	129	190	194