Viatris Inc. (VTRS) 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

+6.4%

$19.99

vs $18.79 price

Levered DCF

$14.60

After debt service

Piotroski score

7 / 9

Strong

Altman Z-score

1.15

Distress zone

Rating

Overall 2 / 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	-4.15×	-23.49×	237.5×	6.51×	-12.89×	-16.88×	670×	39.71×
P/B	0.99×	0.8×	0.64×	0.64×	0.8×	0.49×	0.87×	1.16×
P/S	1.02×	1.01×	0.84×	0.83×	0.91×	0.94×	0.9×	1.24×
EV / EBITDA	-70.63×	10.79×	8.64×	4.94×	8.71×	18.36×	8.48×	9.35×
Gross margin	35.1%	38.2%	41.7%	40.0%	31.2%	31.8%	33.9%	35.0%
Operating margin	-18.6%	0.1%	5.0%	9.9%	-0.2%	-1.8%	6.2%	7.9%
Net margin	-24.6%	-4.3%	0.4%	12.8%	-7.1%	-5.6%	0.1%	3.1%
Current ratio	1.3×	1.65×	1.67×	1.58×	1.1×	1.22×	1.21×	1.39×
Debt / equity	1×	0.77×	0.9×	0.93×	1.14×	1.14×	1.09×	1.14×
Interest coverage	-5.65×	0.02×	1.34×	2.73×	-0.05×	-0.42×	1.38×	1.67×
Dividend yield	3.9%	3.9%	4.4%	4.3%	2.4%	0.0%	0.0%	0.0%
Payout ratio	-16.0%	-90.6%	1052.3%	28.0%	-31.4%	0.0%	0.0%	0.0%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	-23.9%	-3.4%	0.3%	9.9%	-6.2%	-2.9%	0.1%	2.9%
Return on invested capital	-7.9%	0.0%	0.5%	2.7%	-0.1%	-0.4%	0.3%	3.1%
Return on assets	-9.5%	-1.5%	0.1%	4.2%	-2.3%	-1.1%	0.1%	1.1%
Free cash flow yield	13.3%	13.3%	17.9%	18.6%	15.3%	4.9%	13.5%	14.8%
Earnings yield	-24.1%	-4.3%	0.4%	15.4%	-7.8%	-5.9%	0.2%	2.5%
Enterprise value	$27.9B	$28.4B	$30.4B	$31.8B	$39B	$36.6B	$22.8B	$27.6B
Net debt / EBITDA	-33.77×	5.15×	4.94×	2.84×	5.06×	12.7×	4.63×	4.55×
Cash conversion cycle (days)	192	187	180	181	174	333	174	143