Vallourec S.A. (VK.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

+96.9%

€35.94

vs €18.25 price

Levered DCF

€15.26

After debt service

Piotroski score

8 / 9

Strong

Altman Z-score

2.96

Grey zone

Rating

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	10.32×	8.38×	6.47×	-7.67×	26.67×	-0.23×	-3.83×	-1.48×
P/B	1.59×	1.5×	1.49×	1.71×	0.6×	-1.64×	0.88×	0.41×
P/S	0.96×	0.94×	0.63×	0.58×	0.31×	0.09×	0.31×	0.19×
EV / EBITDA	4.73×	4.5×	3.21×	38.3×	3.63×	-3.61×	13.21×	-313.38×
Gross margin	24.5%	29.5%	31.2%	22.0%	24.3%	18.8%	17.7%	14.7%
Operating margin	15.0%	15.5%	16.8%	-2.5%	10.9%	-10.0%	0.6%	-7.1%
Net margin	9.3%	11.2%	9.7%	-7.5%	1.1%	-40.9%	-8.1%	-12.8%
Current ratio	2.31×	2.14×	2×	1.64×	1.8×	1.06×	1.16×	1.32×
Debt / equity	0.4×	0.47×	0.71×	1.07×	0.82×	-19.88×	2.69×	1.3×
Interest coverage	7.45×	22.45×	6.82×	-1.1×	2.14×	-1.41×	0.12×	-1.46×
Dividend yield	9.6%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%
Payout ratio	99.4%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	15.4%	18.0%	23.0%	-22.3%	2.2%	708.3%	-22.9%	-27.9%
Return on invested capital	10.5%	11.4%	13.3%	-3.1%	2.8%	-7.7%	0.4%	-5.2%
Return on assets	7.3%	8.2%	8.7%	-6.8%	0.8%	-26.3%	-4.6%	-7.8%
Free cash flow yield	10.5%	8.5%	15.5%	-7.7%	-26.8%	-36.3%	-3.1%	-65.6%
Earnings yield	9.6%	12.0%	15.4%	-13.0%	3.7%	-433.0%	-26.1%	-67.5%
Enterprise value	€3.6B	€3.8B	€3.8B	€4B	€1.9B	€2.6B	€3.4B	€2.3B
Net debt / EBITDA	-0.05×	0.08×	0.52×	11.45×	1.59×	-3.19×	8.27×	-214.03×
Cash conversion cycle (days)	85	109	101	107	95	85	97	115