Vossloh AG (VOS.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

+20.2%

€59.38

vs €49.40 price

Levered DCF

€170.38

After debt service

Piotroski score

3 / 9

Weak

Altman Z-score

1.48

Distress zone

Rating

Overall 3 / 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	23.51×	12.09×	19.18×	16.43×	34.47×	42.19×	-9.37×	38.6×
P/B	2.42×	1.05×	1.6×	1.15×	1.42×	1.83×	1.58×	1.37×
P/S	1.1×	0.63×	0.61×	0.66×	0.84×	0.84×	0.68×	0.81×
EV / EBITDA	13.49×	5.44×	6.24×	6.94×	8.09×	7.79×	9.69×	10.9×
Gross margin	25.7%	27.2%	26.0%	22.6%	23.1%	22.6%	18.6%	21.5%
Operating margin	6.8%	8.2%	7.9%	7.2%	6.5%	6.1%	0.7%	5.7%
Net margin	5.1%	5.7%	3.7%	4.6%	3.0%	2.0%	-7.2%	2.1%
Current ratio	1.1×	1.3×	1.1×	1.48×	1.33×	0.99×	1.36×	1.43×
Debt / equity	1.37×	0.31×	0.69×	0.54×	0.52×	1.05×	1.07×	0.7×
Interest coverage	3.12×	5.14×	4.81×	4.16×	4.83×	2.39×	0.3×	3.53×
Dividend yield	1.4%	3.7%	2.4%	3.9%	3.3%	0.6%	2.6%	2.9%
Payout ratio	31.0%	40.8%	39.4%	55.6%	92.9%	24.4%	-24.1%	111.5%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	11.2%	9.5%	9.7%	8.0%	5.0%	4.3%	-16.8%	3.6%
Return on invested capital	4.9%	8.2%	6.2%	6.1%	3.6%	4.8%	0.7%	3.4%
Return on assets	3.2%	4.6%	3.2%	3.5%	2.2%	1.4%	-5.0%	1.4%
Free cash flow yield	5.1%	10.5%	9.4%	3.9%	3.7%	0.6%	-6.3%	-2.8%
Earnings yield	4.7%	9.0%	6.0%	6.9%	3.6%	2.4%	-10.7%	2.6%
Enterprise value	€2.2B	€894.7M	€961.8M	€930.5M	€1B	€1.1B	€987.7M	€1B
Net debt / EBITDA	4.3×	0.79×	1.43×	1.82×	1.73×	2.52×	3.59×	3.32×
Cash conversion cycle (days)	99	101	103	118	116	110	113	126