How the number is built. Four grades for balance sheet, profitability, cash flow and growth, each from 0 to 5. More points is better, 20 is the maximum. The four grades are weighted equally and added; there is no weighting key and no markdown from the weakest grade. If a grade is missing because data is missing, it is not estimated: the total is then withheld and the page names what is missing. The share valuation does not enter the sum; it sits alongside as a range.
All values from audited annual reports filed with the US regulator SEC. No value is estimated, none smoothed.
| Grade | Points | Basis |
|---|---|---|
| Balance sheet | 4/5 | Equity ratio 11.2%How this grade is builtEquity ratio11.2%4/51: ≥ 4.0%2: ≥ 6.0%3: ≥ 8.0%4: ≥ 11.0%5: ≥ 15.0%Next step: at least 15.0% for grade 5 Mean 4 / 1 = 4.00, rounded 4 |
| Profitability | 5/5 | Operating margin 33.4% · Return on equity 32.4%How this grade is builtOperating margin33.4%5/51: ≥ 0.0%2: ≥ 5.0%3: ≥ 12.0%4: ≥ 20.0%5: ≥ 30.0% Return on equity32.4%5/51: ≥ 0.0%2: ≥ 5.0%3: ≥ 10.0%4: ≥ 18.0%5: ≥ 25.0% Mean 5 + 5 / 2 = 5.00, rounded 5 |
| Cash flow | — | Not given for banks and insurers: their cash flow follows lending and deposits, not earning power. |
| Growth | 4/5 | Revenue growth per year 13.5% · Operating income per year 26.3%How this grade is builtRevenue growth per year13.5%3/51: ≥ 0.0%2: ≥ 3.0%3: ≥ 8.0%4: ≥ 15.0%5: ≥ 25.0%Next step: at least 15.0% for grade 4 Operating income per year26.3%5/51: ≥ 0.0%2: ≥ 3.0%3: ≥ 8.0%4: ≥ 15.0%5: ≥ 25.0% Mean 3 + 5 / 2 = 4.00, rounded 4 |
Each grade is the rounded mean of two or three key figures, each placed on a five-step scale. Open the derivation under a grade to see, for every figure, the measured value, the step it reached and what the next step would have required.
The range comes from this company's own history, not from a comparison with others. Price today 311.53 EUR, range 226.08 to 308.59 EUR. The price sits above the upper edge of its own valuation range. The middle of the range sits 14.2% below today's price. Reliability: limited, from 2 methods.
| Method | Today | Series | Years |
|---|---|---|---|
| Price to earnings | 20,3 | 2019–2025 | 7 |
| Price to book value | 6,5 | 2016–2025 | 10 |
Open each method to see the arithmetic year by year.
| Year | Price | Basis | Multiple |
|---|---|---|---|
| 2019 | 124,49 | 7,99 | 15,6 |
| 2020 | 120,91 | 3,77 | 32,1 |
| 2021 | 163,60 | 10,02 | 16,3 |
| 2022 | 147,75 | 9,85 | 15,0 |
| 2023 | 187,34 | 11,21 | 16,7 |
| 2024 | 296,79 | 14,01 | 21,2 |
| 2025 | 369,95 | 15,38 | 24,1 |
| heute | 311,53 | 15,38 | 20,3 |
| Year | Price | Basis | Multiple |
|---|---|---|---|
| 2016 | 74,08 | 21,95 | 3,4 |
| 2017 | 99,31 | 20,61 | 4,8 |
| 2018 | 95,32 | 25,95 | 3,7 |
| 2019 | 124,49 | 27,80 | 4,5 |
| 2020 | 120,91 | 28,52 | 4,2 |
| 2021 | 163,60 | 28,07 | 5,8 |
| 2022 | 147,75 | 32,86 | 4,5 |
| 2023 | 187,34 | 38,12 | 4,9 |
| 2024 | 296,79 | 42,45 | 7,0 |
| 2025 | 369,95 | 48,09 | 7,7 |
| heute | 311,53 | 48,09 | 6,5 |
Price divided by basis gives the multiple. Every row can be recomputed; if a row does not add up, this page is not built at all.
Too few graded companies in this industry at present to place this one.
Every figure comes from the annual report of that year and has not been revised afterwards. Amounts in USD.
Swipe sideways for all columns.
| Year | Revenue | Operating profit | Free cash flow | Earnings per share | Shares | Net debt |
|---|---|---|---|---|---|---|
| 2015 | 32.82 bn | — | 9.37 bn | — | 1.00 bn | 29.63 bn |
| 2016 | 24.23 bn | — | 6.92 bn | — | 935.00 m | 27.08 bn |
| 2017 | 24.78 bn | — | 12.48 bn | — | 886.00 m | 25.75 bn |
| 2018 | 26.61 bn | — | 7.62 bn | — | 859.00 m | 33.55 bn |
| 2019 | 28.16 bn | 8.43 bn | 11.99 bn | 7.99 | 830.00 m | 39.61 bn |
| 2020 | 21.97 bn | 4.30 bn | 4.11 bn | 3.77 | 806.00 m | 11.71 bn |
| 2021 | 27.72 bn | 10.69 bn | 13.10 bn | 10.02 | 790.00 m | 18.70 bn |
| 2022 | 34.22 bn | 9.59 bn | 19.22 bn | 9.85 | 752.00 m | 9.70 bn |
| 2023 | 37.22 bn | 10.51 bn | 17.00 bn | 11.21 | 736.00 m | 2.40 bn |
| 2024 | 38.83 bn | 12.89 bn | 12.14 bn | 14.01 | 713.00 m | 10.23 bn |
| 2025 | 41.30 bn | 13.79 bn | 16.00 bn | 15.38 | 696.00 m | 9.22 bn |
Expected on 16 Oct 2026 (estimated from the rhythm of earlier filings, ± 7 days). Grades can change after a report; the page is then rebuilt.
| Produced by | Florian Maier |
| Completed on | 14.10.2026 03:58 |
| Price as of | 12 Oct 2026 |
| Latest filing | 10-Q, 24 Jul 2026 |
| Method version | 2.7.0 |
| Time horizon | The grades describe a state that can change with every annual report, so roughly quarterly. The historical analysis is computed over 36 months. |
| Own position | Not disclosed individually, see the risk notice. |
| Earlier analyses | The list of all analyses of this company from the past twelve months will appear once twelve months of analyses exist. This run is the start of the series. |
This is not investment advice. Limits of the method, assumptions and conflicts of interest: risk notice.