Volati AB (VOLO.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

+800.1%

SEK 206.57

vs SEK 22.95 price

Levered DCF

SEK 210.86

After debt service

Piotroski score

4 / 9

Average

Altman Z-score

1.87

Grey 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	35.67×	37.3×	30.54×	19.6×	56.91×	31.3×	-1,087.77×	9.84×
P/B	3.93×	3.53×	4.06×	3.27×	9.61×	2.56×	1.39×	1.04×
P/S	1.01×	0.99×	1.14×	0.89×	2.85×	1.23×	0.48×	0.44×
EV / EBITDA	10.99×	11.16×	11.16×	9.36×	22.13×	14.6×	6.83×	6.61×
Gross margin	7.2%	39.4%	38.6%	37.2%	38.2%	37.5%	45.0%	44.5%
Operating margin	7.0%	6.8%	8.2%	8.1%	9.8%	6.5%	1.9%	6.0%
Net margin	3.6%	3.5%	4.6%	5.4%	7.9%	3.9%	-0.0%	4.5%
Current ratio	2.03×	1.82×	1.75×	0.87×	0.92×	1.79×	0.91×	1.2×
Debt / equity	1.5×	1.34×	1.06×	1.12×	0.93×	0.43×	0.89×	0.47×
Interest coverage	3.74×	3.11×	4.24×	7.34×	9.25×	6.24×	1.53×	5.81×
Dividend yield	2.6%	2.8%	2.4%	2.9%	5.6%	0.4%	4.4%	3.9%
Payout ratio	73.8%	81.3%	60.4%	48.7%	201.4%	12.2%	-4766.7%	38.6%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	14.0%	12.4%	16.2%	19.7%	26.5%	8.2%	-0.1%	10.6%
Return on invested capital	7.3%	7.0%	9.4%	9.5%	11.5%	7.0%	-0.2%	7.6%
Return on assets	3.9%	3.7%	5.4%	6.2%	8.8%	4.0%	-0.0%	4.9%
Free cash flow yield	7.4%	8.6%	7.4%	5.7%	2.1%	10.7%	20.3%	13.7%
Earnings yield	3.6%	3.5%	4.0%	6.0%	2.8%	3.2%	-0.1%	10.2%
Enterprise value	SEK 11.1B	SEK 10.4B	SEK 11.2B	SEK 9.1B	SEK 19.5B	SEK 8.4B	SEK 4.9B	SEK 3.6B
Net debt / EBITDA	2.55×	2.82×	2.23×	2.22×	1.74×	0.37×	2.29×	1.75×
Cash conversion cycle (days)	95	116	105	116	97	61	48	60