Rankings Food, drinks & restaurants Zalando
Zalando
86
15070100
A view of the same findings, not a new score. How it works
In the 70+ zone: a score above 70 with more than 20% upside to the median analyst target.
Biggest deductions
- Margin−6
- Quality of growth−5
- ROIC−3
Strengths
- B2B growth+2
- Buybacks+2
- Synergies ahead of plan+1
How the score is built
From 100 to 86, step by step: points off for the business, the price and the cracks, back for documented strengths, then three data adjustments.
Start
Score
Hover or select a step to see what drove it. Steps with findings open them below.
Key numbers
As of 3 Nov 2026. Analyst targets tend to be optimistic; read upside as a hint, not a forecast.
- Price
- 25.55 EUR
- Median analyst target
- 35.00 EUR
- Upside to median
- +37.0%
- Analysts
- 24
- Target range
- 25.00 – 53.00 EUR
- 52-week change
- +5%
- P/E (trailing)
- 69.3
- Forward P/E
- 15.7
- PEG
- 0.70
Findings
Every deduction and every plus, with its source. Open a step to read them.
Business
Is the company getting stronger, not just bigger? · 4 findings−16 of −30
- −6MarginOperating margin 3.1% and net margin 0.7% TTM; adjusted EBIT margin 4.8% in 2025 (unchanged) vs its own 2028 target of 6–8%, and in Q2 the adjusted margin fell from 6.5% to 6.0%.
- −5Quality of growthReported revenue +20.8% in Q2, but only +1.1% pro forma (GMV +4.4%) – the growth was bought with About You; reported EPS has fallen from 0.96 EUR (2024) to 0.37 TTM.
- −3ROICROIC 7.6% TTM vs WACC 10.8% – down from 16.1% in 2024 and 12.6% in 2025 after the About You purchase.
- −2Capital allocation (About You)About You and Scayle were bought for about EUR 1.13bn (918m in cash); own FCF in 2025 was EUR −2.9m after the acquisition, while synergies are only 40m in 2026 and 100m in 2028.
Price
Today's multiples against the company's own history and its peers. · 3 findings−5 of −35
- −1Multiples vs own historyForward P/E 12.8 vs 17.2–75.8 in 2021–2025, EV/EBITDA 6.4 vs 11.1–41.9 and P/S 0.39 – the lowest ever, but the history stems from a growth period that is over.
- −2FCF after leasesP/FCF 5.8 is flattered: FCF after leases is 731 m EUR TTM, and working capital swung from −269 to −676 m in 2025; excluding the swing, FCF after leases is about 460 m (about 8.7% of market cap), and analysts expect only 363 m in 2026.
- −2Adjusted vs reported earningsTrailing P/E 59 on reported EPS of 0.37 vs. forward P/E 12.8 on adjusted EPS of 1.54; the difference is share-based pay (EUR 107m TTM), acquisition amortisation and integration costs, which are real expenses.
Cracks
Cash flow, customers, debt, insiders, guidance and what sits behind the headline numbers. · 2 findings−5 of −35
- −3Demand and guidanceThe sneaker category is weak and described as overheated; growth guidance narrowed to the lower half of 12–17%, and the share fell about 16% on the Q2 report.
- −2Liquidity and working capitalCurrent ratio 1.06 and quick ratio 0.53; cash flow depends on negative working capital (EUR −676m, supplier credit), which reverses if growth stalls. Net cash has shrunk to EUR 94m after the About You acquisition (cash balance EUR 2.59bn at end-2024 vs 1.46bn now).
Plus
Only documented strengths. · 3 findings+5 of +15
- +2B2B growthB2B revenue +27.6% to EUR 335m in Q2 with an adjusted EBIT margin of 12.2% vs 4.3% a year earlier (ZEOS fulfilment and Scayle).
- +2BuybacksBuybacks of up to EUR 300m (about 5% of the shares) in 2026 for cancellation; no dividend, so the distribution is below FCF after leasing (731m TTM, about 460m underlying). The share count fell 2.2% in the latest quarter.
- +1Synergies ahead of planOver EUR 20m of About You synergies in H1 (more than half of the annual target), and the full 100m is expected a year earlier than planned.
Caveats
What the score does not capture, or where the data is weak.
Online fashion retail does not fit the industry list: placed under 'Consumer: food, beverages & restaurants' as the nearest consumer category (alternatively Software, cloud & internet). About You was consolidated from July 2025, so reported growth is inflated (Q2 pro forma only +1.1% in revenue). Stockanalysis' FCF (912m TTM) is before leases and lifted by negative working capital; FCF after leases (731m) and an underlying FCF excluding working capital swings (about 460m) are used. Forward P/E is based on adjusted EPS (1.54) vs reported 0.37. Competition from Shein/Temu, insider trades and news from September 2026 have not been examined (web limit hit). Q3 report 3 Nov. 2026.
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