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Zalando

Zalando's net profit rose 127% yoy to EUR 226 mil in 2020

By Helgi Library - June 28, 2021

Zalando made a net profit of EUR 226 mil with revenues of EUR 7,982 mil in 2020, up by 127% and up by 23.1%, respec...

Zalando's price/earnings (P/E) fell 10.7% yoy to 103 in 2020

By Helgi Library - June 28, 2021

Zalando stock traded at EUR 91.1 per share at the end 2020 translating into a market capitalization of USD 28,445 mil. Since the ...

Zalando's employees fell 9.12% yoy to 14,194 in 2020

By Helgi Library - June 28, 2021

Zalando employed 14,194 employees in 2020, down 9.12% compared to the previous year. Historically, between 2011 and 202...

Profit Statement 2023 2024 2025
Sales EUR mil 14,680 17,086 19,848
Gross Profit EUR mil 6,328 7,391 8,651
EBITDA EUR mil 1,037 1,421 1,792
EBIT EUR mil 688 947 1,251
Financing Cost EUR mil ... ... ...
Pre-Tax Profit EUR mil 595 862 1,092
Net Profit EUR mil 400 548 739
Dividends EUR mil ... ... ...
Balance Sheet 2023 2024 2025
Total Assets EUR mil 9,878 11,359 13,063
Non-Current Assets EUR mil 2,373 2,728 3,138
Current Assets EUR mil ... ... ...
Working Capital EUR mil ... ... ...
Shareholders' Equity EUR mil 3,087 3,635 4,374
Liabilities EUR mil 6,791 7,724 8,689
Total Debt EUR mil 960 412 -327
Net Debt EUR mil -1,110 1,342 2,680
Ratios 2023 2024 2025
ROE % 13.9 16.3 18.4
ROCE % ... ... ...
Gross Margin % 43.1 43.3 43.6
EBITDA Margin % 7.06 8.32 9.03
EBIT Margin % 4.69 5.54 6.30
Net Margin % 2.72 3.21 3.72
Net Debt/EBITDA -1.07 0.944 1.50
Net Debt/Equity % -35.9 36.9 61.3
Cost of Financing % ... ... ...
Valuation 2023 2024 2025
Market Capitalisation USD mil 31,427 31,427 31,427
Enterprise Value (EV) USD mil 30,125 33,001 34,570
Number Of Shares mil 262 262 262
Share Price EUR 102 102 102
EV/EBITDA 24.8 19.8 16.4
EV/Sales 1.75 1.65 1.48
Price/Earnings (P/E) 67.0 48.9 36.3
Price/Book Value (P/BV) 8.68 7.37 6.13
Dividend Yield % ... ... ...

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overview Unit 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
income statement                                
Sales EUR mil                 5,388 6,483 7,982 10,299 12,362      
Gross Profit EUR mil                 2,281 2,758 3,394 4,415 5,292      
EBIT EUR mil                 119 166 367 444 521      
Net Profit EUR mil                 51.4 99.7 226 243 293      
                                   
ROE % ...               3.33 6.17 11.8 10.7 11.5      
EBIT Margin %                 2.21 2.56 4.60 4.31 4.22      
Net Margin %                 0.954 1.54 2.83 2.36 2.37      
Employees ...               15,619 15,619 14,194 ... ... ... ... ...
balance sheet                                
Total Assets EUR mil                 3,234 4,333 6,495 7,469 8,589      
Non-Current Assets EUR mil                 760 1,455 1,560 1,794 2,063      
Current Assets EUR mil                 2,474 2,878 4,935 ... ... ... ... ...
                                   
Shareholders' Equity EUR mil                 1,549 1,684 2,151 2,394 2,687      
Liabilities EUR mil                 1,685 2,649 4,344 5,075 5,902      
Non-Current Liabilities EUR mil                 70.9 543 1,404 0 0      
Current Liabilities EUR mil                 1,614 2,107 2,940 ... ... ... ... ...
                                   
Net Debt/EBITDA                 -4.53 -0.901 -1.31 -1.46 -1.34      
Net Debt/Equity %                 -60.1 -19.3 -35.3 -41.7 -40.7      
Cost of Financing % ...               9.58 4.98 2.83 ... ... ... ... ...
cash flow                                
Total Cash From Operations EUR mil                 213 327 527 ... ... ... ... ...
Total Cash From Investing EUR mil                 -207 -290 -218 ... ... ... ... ...
Total Cash From Financing EUR mil                 -75.9 -57.3 1,350 ... ... ... ... ...
Net Change In Cash EUR mil                 -69.8 -18.5 1,664 ... ... ... ... ...
valuation                                
Market Capitalisation USD mil ... ... ... ...         6,442 12,828 28,445 31,427 31,427      
Enterprise Value (EV) USD mil ... ... ... ...         5,374 12,463 27,517 30,256 30,143      
Number Of Shares mil ... ... ... ...         258 256 262 262 262      
Share Price EUR ... ... ... ...         22.4 45.2 91.1 102 102      
Price/Earnings (P/E) ... ... ... ...         112 116 103 110 91.4      
Price/Cash Earnings (P/CE) ... ... ... ...         59.2 49.8 64.1 67.3 55.0      
EV/EBITDA ... ... ... ...         22.3 30.5 40.4 36.9 31.4      
Price/Book Value (P/BV) ... ... ... ...         3.74 6.88 11.1 11.2 9.97      
Dividend Yield % ... ... ... ...         0 0 0 ... ... ... ... ...
income statement Unit 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
income statement                                
Sales EUR mil                 5,388 6,483 7,982 10,299 12,362      
Cost of Goods & Services EUR mil                 3,107 3,724 4,588 5,884 7,070      
Gross Profit EUR mil                 2,281 2,758 3,394 4,415 5,292      
Selling, General & Admin EUR mil                 2,093 2,482 2,918 ... ... ... ... ...
Research & Development EUR mil     ...           54.9 68.5 98.4 ... ... ... ... ...
Other Operating Expense EUR mil                 -42.6 -51.9 -79.7 ... ... ... ... ...
Staff Cost EUR mil ...               744 739 773 ... ... ... ... ...
Other Operating Cost (Income) EUR mil                 18.7 18.2 26.7 ... ... ... ... ...
EBITDA EUR mil                 206 361 582 685 819      
Depreciation EUR mil                 46.5 133 145 155 194      
EBIT EUR mil                 119 166 367 444 521      
Net Financing Cost EUR mil                 3.60 9.60 20.5 ... ... ... ... ...
Financing Cost EUR mil                 10.3 20.0 36.6 ... ... ... ... ...
Financing Income EUR mil                 6.70 10.4 16.1 ... ... ... ... ...
FX (Gain) Loss EUR mil                 -0.400 -6.20 0 ... ... ... ... ...
(Income) / Loss from Affiliates EUR mil                 -3.50 -3.90 -0.100 ... ... ... ... ...
Extraordinary Cost EUR mil                 0 0 0 ... ... ... ... ...
Pre-Tax Profit EUR mil                 106 145 319 369 446      
Tax EUR mil                 54.4 45.2 92.4 ... ... ... ... ...
Minorities EUR mil                 -0.200 0 0 ... ... ... ... ...
Net Profit EUR mil                 51.4 99.7 226 243 293      
Net Profit Avail. to Common EUR mil                 51.4 99.7 226 243 293      
Dividends EUR mil ...               0 0 0 ... ... ... ... ...
growth rates                                
Total Revenue Growth % ...               20.0 20.3 23.1 29.0 20.0      
Operating Cost Growth % ...               22.2 19.7 17.0 ... ... ... ... ...
Staff Cost Growth % ... ...             21.1 -0.685 4.55 ... ... ... ... ...
EBITDA Growth % ...               -16.5 75.3 61.3 17.8 19.5      
EBIT Growth % ...               -36.5 39.1 121 21.1 17.3      
Pre-Tax Profit Growth % ...               -39.7 37.2 120 15.8 20.8      
Net Profit Growth % ...               -50.1 94.0 127 7.40 20.7      
ratios                                
ROE % ...               3.33 6.17 11.8 10.7 11.5      
ROA % ...               1.65 2.64 4.18 3.48 3.65      
ROCE % ...               8.69 10.1 16.3 ... ... ... ... ...
Gross Margin %                 42.3 42.5 42.5 42.9 42.8      
EBITDA Margin %                 3.82 5.56 7.29 6.65 6.63      
EBIT Margin %                 2.21 2.56 4.60 4.31 4.22      
Net Margin %                 0.954 1.54 2.83 2.36 2.37      
Payout Ratio % ...               0 0 0 ... ... ... ... ...
Cost of Financing % ...               9.58 4.98 2.83 ... ... ... ... ...
Net Debt/EBITDA                 -4.53 -0.901 -1.31 -1.46 -1.34      
balance sheet Unit 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
balance sheet                                
Cash & Cash Equivalents EUR mil                 1,047 1,012 2,656 2,656 2,656      
Receivables EUR mil                 395 462 603 ... ... ... ... ...
Inventories EUR mil                 820 1,098 1,361 ... ... ... ... ...
Other ST Assets EUR mil                 212 305 316 ... ... ... ... ...
Current Assets EUR mil                 2,474 2,878 4,935 ... ... ... ... ...
Property, Plant & Equipment EUR mil                 546 1,234 1,290 ... ... ... ... ...
LT Investments & Receivables EUR mil                 13.7 10.1 11.0 ... ... ... ... ...
Intangible Assets EUR mil                 189 193 236 ... ... ... ... ...
Goodwill EUR mil                 49.4 49.4 56.4 ... ... ... ... ...
Non-Current Assets EUR mil                 760 1,455 1,560 1,794 2,063      
Total Assets EUR mil                 3,234 4,333 6,495 7,469 8,589      
                                   
Trade Payables EUR mil                 1,299 1,708 2,051 ... ... ... ... ...
Short-Term Debt EUR mil                 107 199 563 ... ... ... ... ...
Other ST Liabilities EUR mil                 76.4 80.5 111 ... ... ... ... ...
Current Liabilities EUR mil                 1,614 2,107 2,940 ... ... ... ... ...
Long-Term Debt EUR mil                 8.00 488 1,332 ... ... ... ... ...
Other LT Liabilities EUR mil                 62.9 54.3 71.9 ... ... ... ... ...
Non-Current Liabilities EUR mil                 70.9 543 1,404 0 0      
Liabilities EUR mil                 1,685 2,649 4,344 5,075 5,902      
Preferred Equity and Hybrid Capital EUR mil                 0 0 0 ... ... ... ... ...
Share Capital EUR mil                 248 249 253 ... ... ... ... ...
Treasury Stock EUR mil                 0 0 0 ... ... ... ... ...
Equity Before Minority Interest EUR mil                 1,549 1,684 2,151 2,394 2,687      
Minority Interest EUR mil                 -0.200 -0.200 -0.200 0 0      
Equity EUR mil                 1,549 1,684 2,151 2,394 2,687      
growth rates                                
Total Asset Growth % ...               8.50 34.0 49.9 15.0 15.0      
Shareholders' Equity Growth % ...               0.656 8.70 27.8 11.3 12.2      
Net Debt Growth % ...               -9.23 -65.1 134 31.3 9.63      
Total Debt Growth % ...               15.7 496 176 -12.8 -17.7      
ratios                                
Total Debt EUR mil                 115 687 1,896 1,653 1,360      
Net Debt EUR mil                 -931 -325 -760 -998 -1,094      
Working Capital EUR mil                 -84.3 -148 -86.8 ... ... ... ... ...
Capital Employed EUR mil                 676 1,307 1,473 ... ... ... ... ...
Net Debt/Equity %                 -60.1 -19.3 -35.3 -41.7 -40.7      
Current Ratio                 1.53 1.37 1.68 ... ... ... ... ...
Quick Ratio                 0.893 0.700 1.11 ... ... ... ... ...
cash flow Unit 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
cash flow                                
Net Profit EUR mil                 51.4 99.7 226 243 293      
Depreciation EUR mil                 46.5 133 145 155 194      
Non-Cash Items EUR mil                 59.8 5.80 28.0 ... ... ... ... ...
Change in Working Capital EUR mil                 15.1 26.9 58.8 ... ... ... ... ...
Total Cash From Operations EUR mil                 213 327 527 ... ... ... ... ...
                                   
Capital Expenditures EUR mil                 -220 -284 -217 ... ... ... ... ...
Net Change in LT Investment EUR mil                 20.0 -5.00 25.0 ... ... ... ... ...
Net Cash From Acquisitions EUR mil                 -7.10 -1.70 -31.5 ... ... ... ... ...
Other Investing Activities EUR mil                 -0.400 0.400 6.10 ... ... ... ... ...
Total Cash From Investing EUR mil                 -207 -290 -218 ... ... ... ... ...
                                   
Dividends Paid EUR mil                 0 0 0 ... ... ... ... ...
Issuance Of Shares EUR mil                 -72.7 -0.300 55.1 ... ... ... ... ...
Issuance Of Debt EUR mil                 -2.80 -57.0 1,299 ... ... ... ... ...
Other Financing Activities EUR mil                 -0.400 0 -4.00 ... ... ... ... ...
Total Cash From Financing EUR mil                 -75.9 -57.3 1,350 ... ... ... ... ...
                                   
Effect of FX Rates EUR mil                 0.300 1.90 3.90 ... ... ... ... ...
Net Change In Cash EUR mil                 -69.8 -18.5 1,664 ... ... ... ... ...
ratios                                
Days Sales Outstanding days                 26.8 26.0 27.6 ... ... ... ... ...
Days Sales Of Inventory days                 96.3 108 108 ... ... ... ... ...
Days Payable Outstanding days                 153 167 163 ... ... ... ... ...
Cash Conversion Cycle days                 -29.6 -33.8 -27.3 ... ... ... ... ...
Cash Earnings EUR mil                 97.9 232 371 398 487      
Free Cash Flow EUR mil                 5.80 36.9 310 ... ... ... ... ...
Capital Expenditures (As % of Sales) %                 4.07 4.38 2.72 ... ... ... ... ...
other ratios Unit 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
                                 
Employees ...               15,619 15,619 14,194 ... ... ... ... ...
Cost Per Employee USD per month ...               4,651 4,469 5,309 ... ... ... ... ...
Cost Per Employee (Local Currency) EUR per month ...               3,971 3,944 4,537 ... ... ... ... ...
Employee Turnover % ... ... ... ... ... ... ...   ... ... ... ... ... ... ... ...
Women (As % of Workforce) % ... ... ... ... ... ... ...   47.0 47.0 46.0 ... ... ... ... ...
Women (As % of Management) % ... ... ... ... ... ... ...   16.0 23.0 20.0 ... ... ... ... ...
Operating Cost (As % of Sales) %                 40.5 40.3 38.3 ... ... ... ... ...
Research & Development (As % of Sales) %     ...           1.02 1.06 1.23 ... ... ... ... ...
Staff Cost (As % of Sales) % ...               13.8 11.4 9.68 ... ... ... ... ...
Effective Tax Rate %                 51.5 31.2 29.0 ... ... ... ... ...
Total Revenue Growth (5-year average) % ... ... ... ... ...       25.0 24.0 22.0 23.1 22.5      
Total Revenue Growth (10-year average) % ... ... ... ... ... ... ... ... ... ... 48.4 35.1 26.7      
Customers mil ... ... ... ... ... ... ... ... ... 26.4 38.7 ... ... ... ... ...
valuation Unit 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
                                 
Market Capitalisation USD mil ... ... ... ...         6,442 12,828 28,445 31,427 31,427      
Enterprise Value (EV) USD mil ... ... ... ...         5,374 12,463 27,517 30,256 30,143      
Number Of Shares mil ... ... ... ...         258 256 262 262 262      
Share Price EUR ... ... ... ...         22.4 45.2 91.1 102 102      
EV/EBITDA ... ... ... ...         22.3 30.5 40.4 36.9 31.4      
Price/Earnings (P/E) ... ... ... ...         112 116 103 110 91.4      
Price/Cash Earnings (P/CE) ... ... ... ...         59.2 49.8 64.1 67.3 55.0      
P/FCF ... ... ... ...         999 314 76.9 ... ... ... ... ...
Price/Book Value (P/BV) ... ... ... ...         3.74 6.88 11.1 11.2 9.97      
Dividend Yield % ... ... ... ...         0 0 0 ... ... ... ... ...
Free Cash Flow Yield % ... ... ... ...         0.105 0.326 1.27 ... ... ... ... ...
Earnings Per Share (EPS) EUR ... ... ...           0.200 0.390 0.880 0.929 1.12      
Cash Earnings Per Share EUR ... ... ... ...         0.379 0.906 1.42 1.52 1.86      
Free Cash Flow Per Share EUR ... ... ... ...         0.022 0.144 1.18 ... ... ... ... ...
Book Value Per Share EUR ... ... ... ...         6.00 6.57 8.23 9.15 10.3      
Dividend Per Share EUR ... ... ... ...         0 0 0 ... ... ... ... ...
EV/Sales ... ... ... ...         0.852 1.70 2.95 2.45 2.08      
EV/EBIT ... ... ... ...         38.5 66.3 64.1 56.9 49.3      
EV/Free Cash Flow ... ... ... ...         791 298 76.0 ... ... ... ... ...
EV/Capital Employed ... ... ... ...         6.93 8.50 15.3 ... ... ... ... ...
Earnings Per Share Growth % ... ... ... ...         -50.0 95.0 126 5.53 20.7      
Cash Earnings Per Share Growth % ... ... ... ... ...       -27.0 139 56.7 7.16 22.4      
Book Value Per Share Growth % ... ... ... ... ...       1.20 9.46 25.2 11.3 12.2      
Market Value per Customer USD ... ... ... ... ... ... ... ... ... 486 735 ... ... ... ... ...
Sales per Customer USD ... ... ... ... ... ... ... ... ... 278 241 ... ... ... ... ...
EBITDA per Customer USD ... ... ... ... ... ... ... ... ... 15.5 17.6 ... ... ... ... ...
Net Profit per Customer USD ... ... ... ... ... ... ... ... ... 4.28 6.84 ... ... ... ... ...
clients & arpu Unit 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
                                 
Customers mil ... ... ... ... ... ... ... ... ... 26.4 38.7 ... ... ... ... ...

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Zalando's Capital Expenditures rose 23.5% yoy to EUR 217 mil in 2020

By Helgi Library - June 28, 2021

Zalando invested a total of EUR 217 mil in 2020, down 23.5% compared to the previous year. Historically, between 2010 - 2020, the company's investments stood at a high of EUR 284 mil in 2019 and a low of EUR 0 mil in 2010. As a percen...

Zalando's Share Price rose 102% yoy to EUR 91.1 in 2020

By Helgi Library - June 28, 2021

Zalando stock traded at EUR 91.1 per share at the end 2020 implying a market capitalization of USD 28,445 mil. Since the end of 2015, stock has appreciated by 150% implying an annual average growth of 20.1% In absolute terms, the value of the company ros...

Zalando's Net Margin rose 84.2% yoy to 2.83% in 2020

By Helgi Library - June 28, 2021

Zalando made a net profit of EUR 226 mil with revenues of EUR 7,982 mil in 2020, up by 127% and up by 23.1%, respectively, compared to the previous year. This translates into a net margin of 2.83%. Historically, between 2010 and 2020, the firm’s n...

Zalando's P/FCF fell 75.5% yoy to 76.9 in 2020

By Helgi Library - June 28, 2021

Zalando stock traded at EUR 91.1 per share at the end 2020 translating into a market capitalization of USD 28,445 mil. Since the end of 2015, the stock has appreciated by 150% representing an annual average growth of 20.1%. At the end of 2020, the firm t...

Zalando's Net Debt/EBITDA fell 45.0% yoy to -1.31 in 2020

By Helgi Library - June 28, 2021

Zalando's net debt stood at EUR -760 mil and accounted for -35.3% of equity at the end of 2020. The ratio is down 16.0 pp compared to the previous year. Historically, the firm’s net debt to equity reached a high of -19.3% in 2019 and a low of ...

Zalando's ROCE rose 61.8% yoy to 16.3% in 2020

By Helgi Library - June 28, 2021

Zalando made a net profit of EUR 226 mil in 2020, up 127% compared to the previous year. Historically, between 2010 and 2020, the company's net profit reached a high of EUR 226 mil in 2020 and a low of EUR -117 mil in 2013. The result implies a return on ...

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Finance

Zalando has been growing its sales by a year on average in the last 5 years. EBITDA has grown by 0% during that time to total of in 2025, or of sales. That’s compared to % average margin seen in last five years.

The company netted in 2025 implying ROE of and ROCE of . Again, the average figures were % and %, respectively when looking at the previous 5 years.

Zalando’s net debt amounted to at the end of 2025, or of equity. When compared to EBITDA, net debt was x, up when compared to average of x seen in the last 5 years.

Valuation

Zalando stock traded at per share at the end of 2025 resulting in a market capitalization of . Over the previous five years, stock price grew by 0% or % a year on average. The closing price put stock at a 12-month trailing EV/EBITDA of x and price to earnings (PE) of x as of 2025.

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