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Zalando

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

By Helgi Library - June 29, 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 net profit rose 127% yoy to EUR 226 mil in 2020

By Helgi Library - June 29, 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 29, 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 ...

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               4,489 5,388 6,483 7,982 10,299        
Gross Profit EUR mil               1,959 2,281 2,758 3,394 4,415        
EBIT EUR mil               188 119 166 367 444        
Net Profit EUR mil               103 51.4 99.7 226 243        
                                   
ROE % ...             7.00 3.33 6.17 11.8 10.7        
EBIT Margin %               4.18 2.21 2.56 4.60 4.31        
Net Margin %               2.30 0.954 1.54 2.83 2.36        
Employees ...             15,091 15,619 15,619 14,194 ... ... ... ... ...
balance sheet                                
Total Assets EUR mil               2,980 3,234 4,333 6,495 7,469        
Non-Current Assets EUR mil               570 760 1,455 1,560 1,794        
Current Assets EUR mil               2,411 2,474 2,878 4,935 ... ... ... ... ...
                                   
Shareholders' Equity EUR mil               1,539 1,549 1,684 2,151 2,394        
Liabilities EUR mil               1,441 1,685 2,649 4,344 5,075        
Non-Current Liabilities EUR mil               71.8 70.9 543 1,404 0        
Current Liabilities EUR mil               1,370 1,614 2,107 2,940 ... ... ... ... ...
                                   
Net Debt/EBITDA               -4.17 -4.53 -0.901 -1.31 -1.46        
Net Debt/Equity %               -66.7 -60.1 -19.3 -35.3 -41.7        
Cost of Financing % ...             11.1 9.58 4.98 2.83 ... ... ... ... ...
cash flow                                
Total Cash From Operations EUR mil               194 213 327 527 ... ... ... ... ...
Total Cash From Investing EUR mil               -88.3 -207 -290 -218 ... ... ... ... ...
Total Cash From Financing EUR mil               -10.6 -75.9 -57.3 1,350 ... ... ... ... ...
Net Change In Cash EUR mil               92.9 -69.8 -18.5 1,664 ... ... ... ... ...
valuation                                
Market Capitalisation USD mil ... ... ... ...       13,120 6,442 12,828 28,445 31,427        
Enterprise Value (EV) USD mil ... ... ... ...       11,890 5,374 12,463 27,517 30,256        
Number Of Shares mil ... ... ... ...       260 258 256 262 262        
Share Price EUR ... ... ... ...       44.1 22.4 45.2 91.1 102        
Price/Earnings (P/E) ... ... ... ...       110 112 116 103 110        
Price/Cash Earnings (P/CE) ... ... ... ...       84.9 59.2 49.8 64.1 67.3        
EV/EBITDA ... ... ... ...       43.0 22.3 30.5 40.4 36.9        
Price/Book Value (P/BV) ... ... ... ...       7.44 3.74 6.88 11.1 11.2        
Dividend Yield % ... ... ... ...       0 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               4,489 5,388 6,483 7,982 10,299        
Cost of Goods & Services EUR mil               2,530 3,107 3,724 4,588 5,884        
Gross Profit EUR mil               1,959 2,281 2,758 3,394 4,415        
Selling, General & Admin EUR mil               1,723 2,093 2,482 2,918 ... ... ... ... ...
Research & Development EUR mil     ...         51.2 54.9 68.5 98.4 ... ... ... ... ...
Other Operating Expense EUR mil               -41.2 -42.6 -51.9 -79.7 ... ... ... ... ...
Staff Cost EUR mil ...             615 744 739 773 ... ... ... ... ...
Other Operating Cost (Income) EUR mil               11.8 18.7 18.2 26.7 ... ... ... ... ...
EBITDA EUR mil               246 206 361 582 685        
Depreciation EUR mil               31.8 46.5 133 145 155        
EBIT EUR mil               188 119 166 367 444        
Net Financing Cost EUR mil               6.40 3.60 9.60 20.5 ... ... ... ... ...
Financing Cost EUR mil               10.3 10.3 20.0 36.6 ... ... ... ... ...
Financing Income EUR mil               3.90 6.70 10.4 16.1 ... ... ... ... ...
FX (Gain) Loss EUR mil               2.20 -0.400 -6.20 0 ... ... ... ... ...
(Income) / Loss from Affiliates EUR mil               -0.300 -3.50 -3.90 -0.100 ... ... ... ... ...
Extraordinary Cost EUR mil               0 0 0 0 ... ... ... ... ...
Pre-Tax Profit EUR mil               175 106 145 319 369        
Tax EUR mil               73.6 54.4 45.2 92.4 ... ... ... ... ...
Minorities EUR mil               -1.60 -0.200 0 0 ... ... ... ... ...
Net Profit EUR mil               103 51.4 99.7 226 243        
Net Profit Avail. to Common EUR mil               103 51.4 99.7 226 243        
Dividends EUR mil ...             0 0 0 0 ... ... ... ... ...
growth rates                                
Total Revenue Growth % ...             23.4 20.0 20.3 23.1 29.0        
Operating Cost Growth % ...             25.7 22.2 19.7 17.0 ... ... ... ... ...
Staff Cost Growth % ... ...           34.3 21.1 -0.685 4.55 ... ... ... ... ...
EBITDA Growth % ...             -3.49 -16.5 75.3 61.3 17.8        
EBIT Growth % ...             -9.37 -36.5 39.1 121 21.1        
Pre-Tax Profit Growth % ...             -9.23 -39.7 37.2 120 15.8        
Net Profit Growth % ...             -14.4 -50.1 94.0 127 7.40        
ratios                                
ROE % ...             7.00 3.33 6.17 11.8 10.7        
ROA % ...             3.74 1.65 2.64 4.18 3.48        
ROCE % ...             26.7 8.69 10.1 16.3 ... ... ... ... ...
Gross Margin %               43.6 42.3 42.5 42.5 42.9        
EBITDA Margin %               5.49 3.82 5.56 7.29 6.65        
EBIT Margin %               4.18 2.21 2.56 4.60 4.31        
Net Margin %               2.30 0.954 1.54 2.83 2.36        
Payout Ratio % ...             0 0 0 0 ... ... ... ... ...
Cost of Financing % ...             11.1 9.58 4.98 2.83 ... ... ... ... ...
Net Debt/EBITDA               -4.17 -4.53 -0.901 -1.31 -1.46        
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               1,126 1,047 1,012 2,656 2,656        
Receivables EUR mil               279 395 462 603 ... ... ... ... ...
Inventories EUR mil               779 820 1,098 1,361 ... ... ... ... ...
Other ST Assets EUR mil               228 212 305 316 ... ... ... ... ...
Current Assets EUR mil               2,411 2,474 2,878 4,935 ... ... ... ... ...
Property, Plant & Equipment EUR mil               351 546 1,234 1,290 ... ... ... ... ...
LT Investments & Receivables EUR mil               25.9 13.7 10.1 11.0 ... ... ... ... ...
Intangible Assets EUR mil               182 189 193 236 ... ... ... ... ...
Goodwill EUR mil               50.4 49.4 49.4 56.4 ... ... ... ... ...
Non-Current Assets EUR mil               570 760 1,455 1,560 1,794        
Total Assets EUR mil               2,980 3,234 4,333 6,495 7,469        
                                   
Trade Payables EUR mil               1,120 1,299 1,708 2,051 ... ... ... ... ...
Short-Term Debt EUR mil               86.8 107 199 563 ... ... ... ... ...
Other ST Liabilities EUR mil               64.6 76.4 80.5 111 ... ... ... ... ...
Current Liabilities EUR mil               1,370 1,614 2,107 2,940 ... ... ... ... ...
Long-Term Debt EUR mil               12.9 8.00 488 1,332 ... ... ... ... ...
Other LT Liabilities EUR mil               58.9 62.9 54.3 71.9 ... ... ... ... ...
Non-Current Liabilities EUR mil               71.8 70.9 543 1,404 0        
Liabilities EUR mil               1,441 1,685 2,649 4,344 5,075        
Preferred Equity and Hybrid Capital EUR mil               0 0 0 0 ... ... ... ... ...
Share Capital EUR mil               247 248 249 253 ... ... ... ... ...
Treasury Stock EUR mil               0 0 0 0 ... ... ... ... ...
Equity Before Minority Interest EUR mil               1,539 1,549 1,684 2,151 2,394        
Minority Interest EUR mil               -0.100 -0.200 -0.200 -0.200 0        
Equity EUR mil               1,539 1,549 1,684 2,151 2,394        
growth rates                                
Total Asset Growth % ...             17.4 8.50 34.0 49.9 15.0        
Shareholders' Equity Growth % ...             9.34 0.656 8.70 27.8 11.3        
Net Debt Growth % ...             -9.43 -9.23 -65.1 134 31.3        
Total Debt Growth % ...             16.3 15.7 496 176 -12.8        
ratios                                
Total Debt EUR mil               99.7 115 687 1,896 1,653        
Net Debt EUR mil               -1,026 -931 -325 -760 -998        
Working Capital EUR mil               -62.4 -84.3 -148 -86.8 ... ... ... ... ...
Capital Employed EUR mil               507 676 1,307 1,473 ... ... ... ... ...
Net Debt/Equity %               -66.7 -60.1 -19.3 -35.3 -41.7        
Current Ratio               1.76 1.53 1.37 1.68 ... ... ... ... ...
Quick Ratio               1.03 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               103 51.4 99.7 226 243        
Depreciation EUR mil               31.8 46.5 133 145 155        
Non-Cash Items EUR mil               55.3 59.8 5.80 28.0 ... ... ... ... ...
Change in Working Capital EUR mil               -23.4 15.1 26.9 58.8 ... ... ... ... ...
Total Cash From Operations EUR mil               194 213 327 527 ... ... ... ... ...
                                   
Capital Expenditures EUR mil               -244 -220 -284 -217 ... ... ... ... ...
Net Change in LT Investment EUR mil               180 20.0 -5.00 25.0 ... ... ... ... ...
Net Cash From Acquisitions EUR mil               -34.9 -7.10 -1.70 -31.5 ... ... ... ... ...
Other Investing Activities EUR mil               10.5 -0.400 0.400 6.10 ... ... ... ... ...
Total Cash From Investing EUR mil               -88.3 -207 -290 -218 ... ... ... ... ...
                                   
Dividends Paid EUR mil               0 0 0 0 ... ... ... ... ...
Issuance Of Shares EUR mil               -2.80 -72.7 -0.300 55.1 ... ... ... ... ...
Issuance Of Debt EUR mil               -3.20 -2.80 -57.0 1,299 ... ... ... ... ...
Other Financing Activities EUR mil               -4.60 -0.400 0 -4.00 ... ... ... ... ...
Total Cash From Financing EUR mil               -10.6 -75.9 -57.3 1,350 ... ... ... ... ...
                                   
Effect of FX Rates EUR mil               -1.90 0.300 1.90 3.90 ... ... ... ... ...
Net Change In Cash EUR mil               92.9 -69.8 -18.5 1,664 ... ... ... ... ...
ratios                                
Days Sales Outstanding days               22.7 26.8 26.0 27.6 ... ... ... ... ...
Days Sales Of Inventory days               112 96.3 108 108 ... ... ... ... ...
Days Payable Outstanding days               162 153 167 163 ... ... ... ... ...
Cash Conversion Cycle days               -26.6 -29.6 -33.8 -27.3 ... ... ... ... ...
Cash Earnings EUR mil               135 97.9 232 371 398        
Free Cash Flow EUR mil               105 5.80 36.9 310 ... ... ... ... ...
Capital Expenditures (As % of Sales) %               5.43 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 ...             15,091 15,619 15,619 14,194 ... ... ... ... ...
Cost Per Employee USD per month ...             3,811 4,651 4,469 5,309 ... ... ... ... ...
Cost Per Employee (Local Currency) EUR per month ...             3,394 3,971 3,944 4,537 ... ... ... ... ...
Employee Turnover % ... ... ... ... ... ... ... 25.0 ... ... ... ... ... ... ... ...
Women (As % of Workforce) % ... ... ... ... ... ... ... 47.0 47.0 47.0 46.0 ... ... ... ... ...
Women (As % of Management) % ... ... ... ... ... ... ... 19.0 16.0 23.0 20.0 ... ... ... ... ...
Operating Cost (As % of Sales) %               39.7 40.5 40.3 38.3 ... ... ... ... ...
Research & Development (As % of Sales) %     ...         1.14 1.02 1.06 1.23 ... ... ... ... ...
Staff Cost (As % of Sales) % ...             13.7 13.8 11.4 9.68 ... ... ... ... ...
Effective Tax Rate %               42.0 51.5 31.2 29.0 ... ... ... ... ...
Total Revenue Growth (5-year average) % ... ... ... ... ...     31.1 25.0 24.0 22.0 23.1        
Total Revenue Growth (10-year average) % ... ... ... ... ... ... ... ... ... ... 48.4 35.1        
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 ... ... ... ...       13,120 6,442 12,828 28,445 31,427        
Enterprise Value (EV) USD mil ... ... ... ...       11,890 5,374 12,463 27,517 30,256        
Number Of Shares mil ... ... ... ...       260 258 256 262 262        
Share Price EUR ... ... ... ...       44.1 22.4 45.2 91.1 102        
EV/EBITDA ... ... ... ...       43.0 22.3 30.5 40.4 36.9        
Price/Earnings (P/E) ... ... ... ...       110 112 116 103 110        
Price/Cash Earnings (P/CE) ... ... ... ...       84.9 59.2 49.8 64.1 67.3        
P/FCF ... ... ... ...       109 999 314 76.9 ... ... ... ... ...
Price/Book Value (P/BV) ... ... ... ...       7.44 3.74 6.88 11.1 11.2        
Dividend Yield % ... ... ... ...       0 0 0 0 ... ... ... ... ...
Free Cash Flow Yield % ... ... ... ...       0.902 0.105 0.326 1.27 ... ... ... ... ...
Earnings Per Share (EPS) EUR ... ... ...         0.400 0.200 0.390 0.880 0.929        
Cash Earnings Per Share EUR ... ... ... ...       0.520 0.379 0.906 1.42 1.52        
Free Cash Flow Per Share EUR ... ... ... ...       0.406 0.022 0.144 1.18 ... ... ... ... ...
Book Value Per Share EUR ... ... ... ...       5.93 6.00 6.57 8.23 9.15        
Dividend Per Share EUR ... ... ... ...       0 0 0 0 ... ... ... ... ...
EV/Sales ... ... ... ...       2.36 0.852 1.70 2.95 2.45        
EV/EBIT ... ... ... ...       56.4 38.5 66.3 64.1 56.9        
EV/Free Cash Flow ... ... ... ...       100 791 298 76.0 ... ... ... ... ...
EV/Capital Employed ... ... ... ...       19.6 6.93 8.50 15.3 ... ... ... ... ...
Earnings Per Share Growth % ... ... ... ...       -14.9 -50.0 95.0 126 5.53        
Cash Earnings Per Share Growth % ... ... ... ... ...     -5.44 -27.0 139 56.7 7.16        
Book Value Per Share Growth % ... ... ... ... ...     7.99 1.20 9.46 25.2 11.3        
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 ... ... ... ... ...

Get all company financials in excel:

Download Sample   $19.99

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

By Helgi Library - June 29, 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, stock has appreciated by 150% representing an annual average growth of 20.1%. In absolute terms, the value of t...

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

By Helgi Library - June 29, 2021

Zalando employed 14,194 employees in 2020, down 9.12% compared to the previous year. Historically, between 2011 and 2020, the firm's workforce hit a high of 15,619 employees in 2019 and a low of 350 employees in 2011. Average personnel cost stood at ...

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

By Helgi Library - June 29, 2021

Zalando employed 14,194 employees in 2020, down 9.12% compared to the previous year. Historically, between 2011 and 2020, the firm's workforce hit a high of 15,619 employees in 2019 and a low of 350 employees in 2011. Average personnel cost stood at ...

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

By Helgi Library - June 29, 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 Share Price rose 102% yoy to EUR 91.1 in 2020

By Helgi Library - June 29, 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 Capital Expenditures rose 23.5% yoy to EUR 217 mil in 2020

By Helgi Library - June 29, 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 Capital Expenditures rose 23.5% yoy to EUR 217 mil in 2020

By Helgi Library - June 29, 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 Net Margin rose 84.2% yoy to 2.83% in 2020

By Helgi Library - June 29, 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 29, 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 P/FCF fell 75.5% yoy to 76.9 in 2020

By Helgi Library - June 29, 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...

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Finance

Zalando has been growing its sales by 20.0% a year on average in the last 5 years. EBITDA has grown on average by 25.2% a year during that time to total of EUR 1,792 mil in 2025, or 9.03% of sales. That’s compared to 7.54% average margin seen in last five years.

The company netted EUR 739 mil in 2025 implying ROE of 18.4% and ROCE of . Again, the average figures were 14.2% and %, respectively when looking at the previous 5 years.

Zalando’s net debt amounted to EUR 2,680 mil at the end of 2025, or 61.3% of equity. When compared to EBITDA, net debt was 1.50x, up when compared to average of -0.285x seen in the last 5 years.

Valuation

Zalando stock traded at EUR 102 per share at the end of 2025 resulting in a market capitalization of USD 31,427 mil. Over the previous five years, stock price grew by 12.5% or 2.39% a year on average. The closing price put stock at a 12-month trailing EV/EBITDA of 16.4x and price to earnings (PE) of 36.3x as of 2025.

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