Vitrolife AB (publ) (VITR.ST) 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

-125.6%

-SEK 29.24

vs SEK 114.30 price

Levered DCF

SEK 42.68

After debt service

Piotroski score

5 / 9

Average

Altman Z-score

1.03

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	-3.7×	56.73×	-6.85×	63.99×	188.55×	81.74×	55.95×	52.67×
P/B	2.35×	2.13×	2.07×	1.51×	4.19×	11.64×	11.95×	10.91×
P/S	5.39×	8.07×	7.51×	7.8×	38.19×	18.81×	14.48×	14.15×
EV / EBITDA	-4.41×	24.85×	-8.66×	27.49×	113.94×	49.77×	35.04×	32.67×
Gross margin	58.1%	59.3%	56.3%	55.3%	62.3%	61.6%	63.4%	66.1%
Operating margin	-140.6%	21.7%	-102.2%	20.2%	25.9%	29.7%	33.0%	34.2%
Net margin	-145.7%	14.2%	-109.7%	12.2%	20.3%	23.0%	25.9%	26.9%
Current ratio	3.4×	3.34×	3.44×	2.53×	1.47×	7.99×	5.68×	5.59×
Debt / equity	0.2×	0.15×	0.16×	0.13×	0.16×	0.03×	0.04×	0×
Interest coverage	-70.07×	8.33×	-35.19×	10.9×	43.5×	177.47×	210.87×	784.69×
Dividend yield	0.8%	0.5%	0.4%	0.4%	0.1%	0.0%	0.4%	0.5%
Payout ratio	-3.0%	26.3%	-3.0%	27.7%	25.5%	0.0%	24.1%	26.1%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	-63.5%	3.8%	-30.3%	2.4%	2.2%	14.3%	21.3%	20.7%
Return on invested capital	-45.8%	3.5%	-22.5%	2.4%	1.7%	13.8%	19.9%	19.9%
Return on assets	-45.1%	2.9%	-23.6%	1.9%	1.8%	12.4%	17.9%	18.2%
Free cash flow yield	2.5%	2.8%	2.4%	2.2%	0.5%	1.4%	1.5%	1.0%
Earnings yield	-27.0%	1.8%	-14.6%	1.6%	0.5%	1.2%	1.8%	1.9%
Enterprise value	SEK 19.3B	SEK 30.1B	SEK 27.6B	SEK 26.9B	SEK 66B	SEK 22.5B	SEK 20.8B	SEK 15.8B
Net debt / EBITDA	-0.18×	0.79×	-0.39×	1.69×	3.2×	-2.01×	-1.03×	-1.01×
Cash conversion cycle (days)	131	132	110	118	174	201	180	181