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Zalando

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

By Helgi Analytics - 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 Analytics - 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 ...

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

By Helgi Analytics - June 29, 2021

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

Profit Statement 2018 2019 2020
Sales EUR mil 5,388 6,483 7,982
Gross Profit EUR mil 2,281 2,758 3,394
EBITDA EUR mil 206 361 582
EBIT EUR mil 119 166 367
Financing Cost EUR mil 10.3 20.0 36.6
Pre-Tax Profit EUR mil 106 145 319
Net Profit EUR mil 51.4 99.7 226
Dividends EUR mil 0 0 0
Balance Sheet 2018 2019 2020
Total Assets EUR mil 3,234 4,333 6,495
Non-Current Assets EUR mil 760 1,455 1,560
Current Assets EUR mil 2,474 2,878 4,935
Working Capital EUR mil -84.3 -148 -86.8
Shareholders' Equity EUR mil 1,549 1,684 2,151
Liabilities EUR mil 1,685 2,649 4,344
Total Debt EUR mil 115 687 1,896
Net Debt EUR mil -931 -325 -760
Ratios 2018 2019 2020
ROE % 3.33 6.17 11.8
ROCE % 8.69 10.1 16.3
Gross Margin % 42.3 42.5 42.5
EBITDA Margin % 3.82 5.56 7.29
EBIT Margin % 2.21 2.56 4.60
Net Margin % 0.954 1.54 2.83
Net Debt/EBITDA -4.53 -0.901 -1.31
Net Debt/Equity % -60.1 -19.3 -35.3
Cost of Financing % 9.58 4.98 2.83
Valuation 2018 2019 2020
Market Capitalisation USD mil 6,442 12,828 28,445
Enterprise Value (EV) USD mil 5,374 12,463 27,517
Number Of Shares mil 258 256 262
Share Price EUR 22.4 45.2 91.1
EV/EBITDA 22.3 30.5 40.4
EV/Sales 0.852 1.70 2.95
Price/Earnings (P/E) 112 116 103
Price/Book Value (P/BV) 3.74 6.88 11.1
Dividend Yield % 0 0 0

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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             3,639 4,489 5,388 6,483 7,982          
Gross Profit EUR mil             1,609 1,959 2,281 2,758 3,394          
EBIT EUR mil             207 188 119 166 367          
Net Profit EUR mil             121 103 51.4 99.7 226          
                                   
ROE % ...           9.00 7.00 3.33 6.17 11.8          
EBIT Margin %             5.69 4.18 2.21 2.56 4.60          
Net Margin %             3.31 2.30 0.954 1.54 2.83          
Employees ...           11,998 15,091 15,619 15,619 14,194 ... ... ... ... ...
balance sheet                                
Total Assets EUR mil             2,538 2,980 3,234 4,333 6,495          
Non-Current Assets EUR mil             393 570 760 1,455 1,560          
Current Assets EUR mil             2,146 2,411 2,474 2,878 4,935 ... ... ... ... ...
                                   
Shareholders' Equity EUR mil             1,408 1,539 1,549 1,684 2,151          
Liabilities EUR mil             1,131 1,441 1,685 2,649 4,344          
Non-Current Liabilities EUR mil             32.5 71.8 70.9 543 1,404          
Current Liabilities EUR mil             1,098 1,370 1,614 2,107 2,940 ... ... ... ... ...
                                   
Net Debt/EBITDA             -4.44 -4.17 -4.53 -0.901 -1.31          
Net Debt/Equity %             -80.5 -66.7 -60.1 -19.3 -35.3          
Cost of Financing % ...           13.1 11.1 9.58 4.98 2.83 ... ... ... ... ...
cash flow                                
Total Cash From Operations EUR mil             276 194 213 327 527 ... ... ... ... ...
Total Cash From Investing EUR mil             -277 -88.3 -207 -290 -218 ... ... ... ... ...
Total Cash From Financing EUR mil             -2.80 -10.6 -75.9 -57.3 1,350 ... ... ... ... ...
Net Change In Cash EUR mil             -3.60 92.9 -69.8 -18.5 1,664 ... ... ... ... ...
valuation                                
Market Capitalisation USD mil ... ... ... ...     9,464 13,120 6,442 12,828 28,445          
Enterprise Value (EV) USD mil ... ... ... ...     8,268 11,890 5,374 12,463 27,517          
Number Of Shares mil ... ... ... ...     256 260 258 256 262          
Share Price EUR ... ... ... ...     36.3 44.1 22.4 45.2 91.1          
Price/Earnings (P/E) ... ... ... ...     77.2 110 112 116 103          
Price/Cash Earnings (P/CE) ... ... ... ...     66.0 84.9 59.2 49.8 64.1          
EV/EBITDA ... ... ... ...     30.2 43.0 22.3 30.5 40.4          
Price/Book Value (P/BV) ... ... ... ...     6.61 7.44 3.74 6.88 11.1          
Dividend Yield % ... ... ... ...     0 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             3,639 4,489 5,388 6,483 7,982          
Cost of Goods & Services EUR mil             2,030 2,530 3,107 3,724 4,588          
Gross Profit EUR mil             1,609 1,959 2,281 2,758 3,394          
Selling, General & Admin EUR mil             1,374 1,723 2,093 2,482 2,918 ... ... ... ... ...
Research & Development EUR mil     ...       57.7 51.2 54.9 68.5 98.4 ... ... ... ... ...
Other Operating Expense EUR mil             -53.6 -41.2 -42.6 -51.9 -79.7 ... ... ... ... ...
Staff Cost EUR mil ...           458 615 744 739 773 ... ... ... ... ...
Other Operating Cost (Income) EUR mil             16.7 11.8 18.7 18.2 26.7 ... ... ... ... ...
EBITDA EUR mil             255 246 206 361 582          
Depreciation EUR mil             20.4 31.8 46.5 133 145          
EBIT EUR mil             207 188 119 166 367          
Net Financing Cost EUR mil             9.60 6.40 3.60 9.60 20.5 ... ... ... ... ...
Financing Cost EUR mil             11.7 10.3 10.3 20.0 36.6 ... ... ... ... ...
Financing Income EUR mil             2.10 3.90 6.70 10.4 16.1 ... ... ... ... ...
FX (Gain) Loss EUR mil             0.200 2.20 -0.400 -6.20 0 ... ... ... ... ...
(Income) / Loss from Affiliates EUR mil             3.60 -0.300 -3.50 -3.90 -0.100 ... ... ... ... ...
Extraordinary Cost EUR mil             0 0 0 0 0 ... ... ... ... ...
Pre-Tax Profit EUR mil             193 175 106 145 319          
Tax EUR mil             72.4 73.6 54.4 45.2 92.4 ... ... ... ... ...
Minorities EUR mil             0 -1.60 -0.200 0 0 ... ... ... ... ...
Net Profit EUR mil             121 103 51.4 99.7 226          
Net Profit Avail. to Common EUR mil             121 103 51.4 99.7 226          
Dividends EUR mil ...           0 0 0 0 0 ... ... ... ... ...
growth rates                                
Total Revenue Growth % ...           23.0 23.4 20.0 20.3 23.1          
Operating Cost Growth % ...           13.1 25.7 22.2 19.7 17.0 ... ... ... ... ...
Staff Cost Growth % ... ...         44.6 34.3 21.1 -0.685 4.55 ... ... ... ... ...
EBITDA Growth % ...           106 -3.49 -16.5 75.3 61.3          
EBIT Growth % ...           131 -9.37 -36.5 39.1 121          
Pre-Tax Profit Growth % ...           123 -9.23 -39.7 37.2 120          
Net Profit Growth % ...           -0.823 -14.4 -50.1 94.0 127          
ratios                                
ROE % ...           9.00 7.00 3.33 6.17 11.8          
ROA % ...           5.18 3.74 1.65 2.64 4.18          
ROCE % ...           46.7 26.7 8.69 10.1 16.3 ... ... ... ... ...
Gross Margin %             44.2 43.6 42.3 42.5 42.5          
EBITDA Margin %             7.01 5.49 3.82 5.56 7.29          
EBIT Margin %             5.69 4.18 2.21 2.56 4.60          
Net Margin %             3.31 2.30 0.954 1.54 2.83          
Payout Ratio % ...           0 0 0 0 0 ... ... ... ... ...
Cost of Financing % ...           13.1 11.1 9.58 4.98 2.83 ... ... ... ... ...
Net Debt/EBITDA             -4.44 -4.17 -4.53 -0.901 -1.31          
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             1,218 1,126 1,047 1,012 2,656          
Receivables EUR mil             216 279 395 462 603 ... ... ... ... ...
Inventories EUR mil             577 779 820 1,098 1,361 ... ... ... ... ...
Other ST Assets EUR mil             134 228 212 305 316 ... ... ... ... ...
Current Assets EUR mil             2,146 2,411 2,474 2,878 4,935 ... ... ... ... ...
Property, Plant & Equipment EUR mil             243 351 546 1,234 1,290 ... ... ... ... ...
LT Investments & Receivables EUR mil             29.2 25.9 13.7 10.1 11.0 ... ... ... ... ...
Intangible Assets EUR mil             101 182 189 193 236 ... ... ... ... ...
Goodwill EUR mil             13.9 50.4 49.4 49.4 56.4 ... ... ... ... ...
Non-Current Assets EUR mil             393 570 760 1,455 1,560          
Total Assets EUR mil             2,538 2,980 3,234 4,333 6,495          
                                   
Trade Payables EUR mil             921 1,120 1,299 1,708 2,051 ... ... ... ... ...
Short-Term Debt EUR mil             72.2 86.8 107 199 563 ... ... ... ... ...
Other ST Liabilities EUR mil             53.3 64.6 76.4 80.5 111 ... ... ... ... ...
Current Liabilities EUR mil             1,098 1,370 1,614 2,107 2,940 ... ... ... ... ...
Long-Term Debt EUR mil             13.5 12.9 8.00 488 1,332 ... ... ... ... ...
Other LT Liabilities EUR mil             19.0 58.9 62.9 54.3 71.9 ... ... ... ... ...
Non-Current Liabilities EUR mil             32.5 71.8 70.9 543 1,404          
Liabilities EUR mil             1,131 1,441 1,685 2,649 4,344          
Preferred Equity and Hybrid Capital EUR mil             0 0 0 0 0 ... ... ... ... ...
Share Capital EUR mil             247 247 248 249 253 ... ... ... ... ...
Treasury Stock EUR mil             0 0 0 0 0 ... ... ... ... ...
Equity Before Minority Interest EUR mil             1,408 1,539 1,549 1,684 2,151          
Minority Interest EUR mil             0 -0.100 -0.200 -0.200 -0.200          
Equity EUR mil             1,408 1,539 1,549 1,684 2,151          
growth rates                                
Total Asset Growth % ...           19.9 17.4 8.50 34.0 49.9          
Shareholders' Equity Growth % ...           10.7 9.34 0.656 8.70 27.8          
Net Debt Growth % ...           6.98 -9.43 -9.23 -65.1 134          
Total Debt Growth % ...           -8.15 16.3 15.7 496 176          
ratios                                
Total Debt EUR mil             85.7 99.7 115 687 1,896          
Net Debt EUR mil             -1,133 -1,026 -931 -325 -760          
Working Capital EUR mil             -128 -62.4 -84.3 -148 -86.8 ... ... ... ... ...
Capital Employed EUR mil             265 507 676 1,307 1,473 ... ... ... ... ...
Net Debt/Equity %             -80.5 -66.7 -60.1 -19.3 -35.3          
Current Ratio             1.95 1.76 1.53 1.37 1.68 ... ... ... ... ...
Quick Ratio             1.31 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             121 103 51.4 99.7 226          
Depreciation EUR mil             20.4 31.8 46.5 133 145          
Non-Cash Items EUR mil             59.9 55.3 59.8 5.80 28.0 ... ... ... ... ...
Change in Working Capital EUR mil             47.2 -23.4 15.1 26.9 58.8 ... ... ... ... ...
Total Cash From Operations EUR mil             276 194 213 327 527 ... ... ... ... ...
                                   
Capital Expenditures EUR mil             -182 -244 -220 -284 -217 ... ... ... ... ...
Net Change in LT Investment EUR mil             -65.0 180 20.0 -5.00 25.0 ... ... ... ... ...
Net Cash From Acquisitions EUR mil             -30.4 -34.9 -7.10 -1.70 -31.5 ... ... ... ... ...
Other Investing Activities EUR mil             0 10.5 -0.400 0.400 6.10 ... ... ... ... ...
Total Cash From Investing EUR mil             -277 -88.3 -207 -290 -218 ... ... ... ... ...
                                   
Dividends Paid EUR mil             0 0 0 0 0 ... ... ... ... ...
Issuance Of Shares EUR mil             0.400 -2.80 -72.7 -0.300 55.1 ... ... ... ... ...
Issuance Of Debt EUR mil             -3.20 -3.20 -2.80 -57.0 1,299 ... ... ... ... ...
Other Financing Activities EUR mil             0 -4.60 -0.400 0 -4.00 ... ... ... ... ...
Total Cash From Financing EUR mil             -2.80 -10.6 -75.9 -57.3 1,350 ... ... ... ... ...
                                   
Effect of FX Rates EUR mil             0.500 -1.90 0.300 1.90 3.90 ... ... ... ... ...
Net Change In Cash EUR mil             -3.60 92.9 -69.8 -18.5 1,664 ... ... ... ... ...
ratios                                
Days Sales Outstanding days             21.7 22.7 26.8 26.0 27.6 ... ... ... ... ...
Days Sales Of Inventory days             104 112 96.3 108 108 ... ... ... ... ...
Days Payable Outstanding days             166 162 153 167 163 ... ... ... ... ...
Cash Conversion Cycle days             -40.1 -26.6 -29.6 -33.8 -27.3 ... ... ... ... ...
Cash Earnings EUR mil             141 135 97.9 232 371          
Free Cash Flow EUR mil             -1.30 105 5.80 36.9 310 ... ... ... ... ...
Capital Expenditures (As % of Sales) %             4.99 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 ...           11,998 15,091 15,619 15,619 14,194 ... ... ... ... ...
Cost Per Employee USD per month ...           3,408 3,811 4,651 4,469 5,309 ... ... ... ... ...
Cost Per Employee (Local Currency) EUR per month ...           3,179 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) %             39.0 39.7 40.5 40.3 38.3 ... ... ... ... ...
Research & Development (As % of Sales) %     ...       1.59 1.14 1.02 1.06 1.23 ... ... ... ... ...
Staff Cost (As % of Sales) % ...           12.6 13.7 13.8 11.4 9.68 ... ... ... ... ...
Effective Tax Rate %             37.5 42.0 51.5 31.2 29.0 ... ... ... ... ...
Total Revenue Growth (5-year average) % ... ... ... ... ...   48.1 31.1 25.0 24.0 22.0          
Total Revenue Growth (10-year average) % ... ... ... ... ... ... ... ... ... ... 48.4          
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 ... ... ... ...     9,464 13,120 6,442 12,828 28,445          
Enterprise Value (EV) USD mil ... ... ... ...     8,268 11,890 5,374 12,463 27,517          
Number Of Shares mil ... ... ... ...     256 260 258 256 262          
Share Price EUR ... ... ... ...     36.3 44.1 22.4 45.2 91.1          
EV/EBITDA ... ... ... ...     30.2 43.0 22.3 30.5 40.4          
Price/Earnings (P/E) ... ... ... ...     77.2 110 112 116 103          
Price/Cash Earnings (P/CE) ... ... ... ...     66.0 84.9 59.2 49.8 64.1          
P/FCF ... ... ... ...     -7,155 109 999 314 76.9 ... ... ... ... ...
Price/Book Value (P/BV) ... ... ... ...     6.61 7.44 3.74 6.88 11.1          
Dividend Yield % ... ... ... ...     0 0 0 0 0 ... ... ... ... ...
Free Cash Flow Yield % ... ... ... ...     -0.015 0.902 0.105 0.326 1.27 ... ... ... ... ...
Earnings Per Share (EPS) EUR ... ... ...       0.470 0.400 0.200 0.390 0.880          
Cash Earnings Per Share EUR ... ... ... ...     0.550 0.520 0.379 0.906 1.42          
Free Cash Flow Per Share EUR ... ... ... ...     -0.005 0.406 0.022 0.144 1.18 ... ... ... ... ...
Book Value Per Share EUR ... ... ... ...     5.49 5.93 6.00 6.57 8.23          
Dividend Per Share EUR ... ... ... ...     0 0 0 0 0 ... ... ... ... ...
EV/Sales ... ... ... ...     2.12 2.36 0.852 1.70 2.95          
EV/EBIT ... ... ... ...     37.3 56.4 38.5 66.3 64.1          
EV/Free Cash Flow ... ... ... ...     -5,932 100 791 298 76.0 ... ... ... ... ...
EV/Capital Employed ... ... ... ...     29.5 19.6 6.93 8.50 15.3 ... ... ... ... ...
Earnings Per Share Growth % ... ... ... ...     -2.08 -14.9 -50.0 95.0 126          
Cash Earnings Per Share Growth % ... ... ... ... ...   1.78 -5.44 -27.0 139 56.7          
Book Value Per Share Growth % ... ... ... ... ...   9.80 7.99 1.20 9.46 25.2          
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 Share Price rose 102% yoy to EUR 91.1 in 2020

By Helgi Analytics - 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 Analytics - 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 P/FCF fell 75.5% yoy to 76.9 in 2020

By Helgi Analytics - 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 Net Debt/EBITDA fell 45.0% yoy to -1.31 in 2020

By Helgi Analytics - June 29, 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 Analytics - June 29, 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 ...

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

By Helgi Analytics - 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...

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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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