voestalpine AG (VOE.VI) 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

-39.8%

€24.98

vs €41.46 price

Levered DCF

€54.56

After debt service

Piotroski score

7 / 9

Strong

Altman Z-score

2.42

Grey zone

Rating

A-

Overall 4 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
P/E	15.25×	25×	43.49×	5.2×	3.71×	147.21×	-14.95×	12.14×
P/B	0.86×	0.6×	0.69×	0.84×	0.78×	1.28×	0.68×	0.85×
P/S	0.43×	0.28×	0.3×	0.34×	0.36×	0.65×	0.29×	0.41×
EV / EBITDA	5.5×	4.47×	3.85×	3.35×	3.51×	9×	9.39×	5.55×
Gross margin	19.3%	18.0%	16.8%	19.9%	22.5%	16.8%	17.0%	20.5%
Operating margin	4.5%	2.8%	2.2%	7.2%	8.7%	0.3%	-0.7%	5.7%
Net margin	2.8%	1.0%	0.6%	5.8%	8.7%	0.4%	-1.6%	3.2%
Current ratio	1.34×	1.44×	1.34×	1.55×	1.47×	1.26×	1.51×	1.43×
Debt / equity	0.33×	0.37×	0.43×	0.4×	0.46×	0.73×	0.83×	0.55×
Interest coverage	3.55×	1.84×	1.28×	7.19×	12.07×	0.27×	-0.54×	4.68×
Dividend yield	1.6%	2.8%	5.2%	3.4%	1.6%	0.5%	6.0%	5.0%
Payout ratio	24.2%	78.2%	255.2%	20.1%	6.9%	84.8%	-106.3%	63.1%

Key metrics by fiscal year

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
Return on equity	5.6%	2.1%	1.4%	14.3%	18.8%	0.8%	-3.8%	6.7%
Return on invested capital	4.3%	2.6%	1.6%	7.8%	8.7%	0.3%	-0.7%	4.6%
Return on assets	2.6%	1.0%	0.6%	6.2%	7.6%	0.3%	-1.4%	2.8%
Free cash flow yield	8.6%	7.2%	7.4%	3.3%	10.9%	14.6%	14.9%	2.2%
Earnings yield	6.5%	3.5%	2.0%	17.1%	23.9%	0.6%	-5.6%	7.9%
Enterprise value	€7.9B	€6.2B	€6.7B	€8.2B	€7.8B	€10B	€7.5B	€8.7B
Net debt / EBITDA	0.97×	1.36×	1×	0.79×	1.06×	2.59×	4.71×	2×
Cash conversion cycle (days)	94	100	99	95	71	123	124	130