Zalando SE (ZAL.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

-22.9%

€20.30

vs €26.34 price

Levered DCF

€35.42

After debt service

Piotroski score

7 / 9

Strong

Altman Z-score

2.59

Grey zone

Rating

B-

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	30.53×	33.39×	65.5×	508.6×	78.18×	101.18×	112.95×	109.33×
P/B	2.34×	3.15×	2.29×	3.88×	8.26×	10.6×	6.64×	3.67×
P/S	0.53×	0.79×	0.54×	0.83×	1.77×	2.86×	1.73×	1.05×
EV / EBITDA	7.58×	9.28×	8.32×	19.98×	26.68×	37.72×	29.58×	22.75×
Gross margin	37.4%	40.7%	36.3%	39.2%	41.8%	42.5%	42.5%	42.3%
Operating margin	3.4%	3.7%	2.3%	1.0%	4.0%	4.8%	2.7%	2.2%
Net margin	1.7%	2.4%	0.8%	0.2%	2.3%	2.8%	1.5%	1.0%
Current ratio	1.11×	1.37×	1.49×	1.45×	1.61×	1.68×	1.37×	1.53×
Debt / equity	0.51×	0.65×	0.78×	0.78×	0.71×	0.82×	0.33×	0.01×
Interest coverage	5.75×	4.23×	2.76×	1.64×	7.01×	6.5×	5.8×	7.5×
Dividend yield	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%
Payout ratio	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	7.6%	9.4%	3.5%	0.8%	10.6%	10.5%	5.9%	3.3%
Return on invested capital	5.0%	5.9%	2.6%	1.1%	7.1%	6.8%	5.3%	3.7%
Return on assets	2.2%	3.1%	1.0%	0.2%	3.4%	3.5%	2.3%	1.6%
Free cash flow yield	15.6%	5.3%	12.6%	1.3%	1.5%	1.2%	0.2%	-1.2%
Earnings yield	3.3%	3.0%	1.5%	0.2%	1.3%	1.0%	0.9%	0.9%
Enterprise value	€6.2B	€7.5B	€4.8B	€8.2B	€17.6B	€21.9B	€10.8B	€4.7B
Net debt / EBITDA	-0.54×	-1.06×	-1.19×	-0.75×	-1.08×	-1.51×	-1.16×	-4.78×
Cash conversion cycle (days)	-46	-38	-54	-38	-28	-20	-60	-30