Vonovia SE (VNA.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

+27.7%

€21.08

vs €16.51 price

Levered DCF

€24.76

After debt service

Piotroski score

4 / 9

Average

Altman Z-score

0.7

Distress 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	5.49×	-26.9×	-3.6×	-25.91×	13.59×	12.04×	25.4×	10.32×
P/B	0.74×	1×	0.88×	0.55×	0.91×	1.61×	1.49×	1.26×
P/S	4.11×	4.04×	4.33×	3.36×	8.38×	12.34×	10.38×	8.8×
EV / EBITDA	19.64×	31.02×	-8.14×	49.21×	7.82×	11.44×	9.43×	8.75×
Gross margin	50.1%	37.9%	47.1%	55.6%	61.6%	66.0%	66.6%	64.8%
Operating margin	35.8%	16.9%	33.7%	-7.1%	166.4%	173.6%	122.4%	35.6%
Net margin	74.8%	-15.1%	-120.2%	-13.0%	74.0%	103.9%	40.8%	85.2%
Current ratio	0.97×	1.06×	1.34×	0.98×	0.75×	0.61×	0.39×	0.42×
Debt / equity	1.58×	1.8×	1.7×	1.46×	1.43×	1.02×	1.19×	1.07×
Interest coverage	47.26×	1.14×	2.16×	-0.58×	12.6×	13.03×	8.5×	2.5×
Dividend yield	3.2%	2.1%	1.6%	3.9%	1.7%	1.3%	1.4%	1.7%
Payout ratio	17.4%	-56.5%	-5.9%	-100.4%	19.2%	15.9%	35.2%	17.4%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	13.6%	-3.7%	-24.5%	-2.1%	8.1%	13.5%	5.8%	12.2%
Return on invested capital	1.9%	1.1%	1.4%	-0.3%	3.0%	5.9%	2.7%	1.2%
Return on assets	4.0%	-1.0%	-6.8%	-0.7%	2.5%	5.2%	2.1%	4.7%
Free cash flow yield	6.4%	10.0%	8.4%	10.7%	4.8%	3.0%	4.8%	3.5%
Earnings yield	18.2%	-3.7%	-27.8%	-3.9%	8.8%	8.4%	3.9%	9.7%
Enterprise value	€60.5B	€65.5B	€64.8B	€61.8B	€76.8B	€63B	€53.9B	€43.6B
Net debt / EBITDA	13.01×	19.65×	-5.3×	35.44×	4.73×	4.39×	4.15×	3.96×
Cash conversion cycle (days)	258	207	272	348	218	153	57	32