Wolters Kluwer N.V. (WKL.AS) 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

+130.4%

€201.39

vs €87.40 price

Levered DCF

€164.03

After debt service

Piotroski score

7 / 9

Strong

Altman Z-score

2.14

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	15.61×	35.33×	31.31×	24.26×	37×	25.39×	26.22×	21.8×
P/B	25.57×	24.66×	18.02×	10.78×	11.16×	8.77×	7.38×	6.34×
P/S	3.33×	6.44×	5.64×	4.57×	5.65×	3.98×	3.81×	3.36×
EV / EBITDA	12.35×	21.34×	19.28×	15.29×	20.59×	14.45×	14.63×	11.84×
Gross margin	73.5%	72.5%	71.8%	68.5%	68.5%	67.3%	66.8%	69.5%
Operating margin	25.2%	24.4%	23.7%	23.8%	22.9%	21.7%	21.4%	19.7%
Net margin	21.4%	18.2%	18.0%	18.8%	15.3%	15.7%	14.5%	15.4%
Current ratio	0.65×	0.7×	0.73×	0.77×	0.9×	0.69×	0.65×	0.64×
Debt / equity	6.43×	2.63×	2.14×	1.56×	1.3×	1.49×	1.31×	1.36×
Interest coverage	12.88×	14.27×	49×	18.81×	16.82×	12.97×	12.82×	9.74×
Dividend yield	2.8%	1.4%	1.5%	1.7%	1.4%	1.8%	1.6%	1.9%
Payout ratio	43.0%	48.3%	46.4%	41.3%	51.2%	46.3%	41.9%	42.2%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	163.9%	69.8%	57.6%	44.5%	30.1%	34.5%	28.1%	29.1%
Return on invested capital	19.4%	18.4%	17.2%	15.9%	13.8%	13.4%	12.9%	10.9%
Return on assets	13.6%	11.4%	11.1%	10.6%	7.9%	8.6%	7.6%	7.7%
Free cash flow yield	6.7%	3.5%	3.9%	5.2%	3.9%	5.2%	5.0%	5.5%
Earnings yield	6.4%	2.8%	3.2%	4.1%	2.7%	3.9%	3.8%	4.6%
Enterprise value	€24.6B	€41.2B	€34.1B	€27.2B	€29.1B	€20.7B	€19.8B	€16.6B
Net debt / EBITDA	2.11×	1.61×	1.47×	1.28×	1.51×	1.67×	1.64×	1.63×
Cash conversion cycle (days)	-140	77	92	70	76	74	77	69