XTB S.A. (XTB.WA) 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

+843.4%

PLN 1,226.40

vs PLN 130.00 price

Levered DCF

PLN 1,128.82

After debt service

Piotroski score

6 / 9

Average

Altman Z-score

3.26

Safe 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	13.11×	9.66×	5.62×	4.75×	8.27×	5.22×	8.06×	5.12×
P/B	4.22×	4.13×	2.56×	2.42×	2.15×	2.37×	0.94×	1.13×
P/S	3.93×	4.19×	2.66×	2.46×	3.07×	2.62×	1.93×	1.78×
EV / EBITDA	0.71×	6.64×	3.26×	2.59×	4.39×	2.86×	7.62×	0.41×
Gross margin	86.5%	94.1%	96.1%	100.9%	102.2%	102.4%	102.1%	99.3%
Operating margin	38.9%	50.0%	55.3%	62.9%	47.9%	67.2%	30.0%	39.9%
Net margin	30.0%	43.4%	47.3%	51.7%	37.1%	50.1%	24.0%	35.0%
Current ratio	697.17×	1.45×	1.62×	1.63×	1.43×	1.66×	1.83×	1.97×
Debt / equity	0.01×	0.02×	0.02×	0.02×	0.01×	0.01×	1.26×	0×
Interest coverage	0×	0×	0×	0×	0×	0×	0×	0×
Dividend yield	7.6%	7.1%	12.8%	4.8%	10.7%	1.3%	4.3%	8.0%
Payout ratio	99.5%	68.9%	72.1%	23.0%	88.3%	7.0%	34.6%	40.5%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	32.2%	42.8%	45.6%	50.9%	26.0%	45.3%	11.8%	22.3%
Return on invested capital	7.6%	38.0%	41.4%	46.7%	26.0%	46.9%	11.2%	19.4%
Return on assets	7.1%	12.9%	16.9%	18.6%	7.6%	17.6%	5.1%	10.5%
Free cash flow yield	35.0%	9.8%	10.5%	31.2%	9.7%	22.1%	12.4%	26.8%
Earnings yield	7.6%	10.4%	17.8%	21.0%	12.1%	19.1%	12.4%	19.6%
Enterprise value	PLN 611.3M	PLN 6.7B	PLN 3.1B	PLN 2.4B	PLN 1.4B	PLN 1.6B	PLN 599.1M	PLN 48.5M
Net debt / EBITDA	-9.11×	-1.57×	-1.47×	-1.26×	-1.84×	-0.97×	1.72×	-3.92×
Cash conversion cycle (days)	-8,178	-13,139	-14,614	-23,471	51,333	22,608	41,948	-87,182