Wacker Chemie AG (WCH.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

-5.9%

€77.39

vs €82.25 price

Levered DCF

€26.76

After debt service

Piotroski score

4 / 9

Average

Altman Z-score

2.13

Grey zone

Rating

C+

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	-4.2×	14.44×	17.96×	4.74×	8.1×	30.64×	-5.23×	16.04×
P/B	0.96×	0.75×	1.27×	1.22×	2.17×	3.57×	1.71×	1.28×
P/S	0.63×	0.61×	0.88×	0.72×	1.05×	1.24×	0.68×	0.79×
EV / EBITDA	11.87×	5.42×	6.97×	3.45×	4.7×	9.55×	-55.17×	5.7×
Gross margin	12.0%	17.2%	16.9%	26.3%	26.9%	18.5%	14.0%	17.6%
Operating margin	-1.9%	4.7%	5.5%	17.6%	16.7%	5.5%	0.5%	4.7%
Net margin	-15.0%	4.2%	4.9%	15.2%	13.0%	4.0%	-13.0%	4.9%
Current ratio	3.06×	2.66×	2.21×	2.42×	2.25×	4.33×	3.12×	2.5×
Debt / equity	0.66×	0.42×	0.34×	0.28×	0.41×	0.76×	0.49×	0.23×
Interest coverage	-0.62×	3.56×	2.77×	28.28×	24.78×	5.26×	0.42×	4.08×
Dividend yield	3.6%	4.3%	10.6%	6.7%	1.5%	0.4%	3.7%	5.7%
Payout ratio	-15.1%	61.8%	190.1%	31.8%	12.3%	13.1%	-19.3%	90.9%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	-22.8%	5.2%	7.1%	25.7%	26.7%	11.6%	-32.7%	8.0%
Return on invested capital	-1.4%	3.3%	4.0%	14.4%	11.5%	3.8%	0.4%	3.0%
Return on assets	-9.3%	2.6%	3.5%	13.3%	9.9%	2.7%	-9.9%	3.5%
Free cash flow yield	-0.1%	-9.8%	5.3%	9.5%	11.4%	11.2%	5.7%	2.6%
Earnings yield	-23.8%	6.9%	5.6%	21.1%	12.3%	3.3%	-19.1%	6.2%
Enterprise value	€4.7B	€4.4B	€6.1B	€6.4B	€6.9B	€6.4B	€3.9B	€4.3B
Net debt / EBITDA	3.19×	1.11×	0.56×	0.24×	0.22×	0.9×	-7.37×	0.48×
Cash conversion cycle (days)	115	125	96	89	35	96	111	100