MCD Valuations

Quarterly trend of key valuation metrics

Metric	Current (TTM) TTM Baseline	Q2 '26 30.06.2026	Q1 '26 31.03.2026	Q4 '25 31.12.2025
Market & Enterprise Value
Market Cap	166.46B EUR	191.28B EUR	220.82B EUR	217.18B EUR
Enterprise Value	221.42B EUR	245.05B EUR	274.53B EUR	271.22B EUR
Valuation Multiples
Trailing P/E	19.11x	21.77x	25.45x	32.44x
Forward P/E	17.09x	--	--	--
Price to Sales	6.01x	6.91x	8.05x	10.38x
Price to Book	--	--	--	--
EV/Revenue	7.99x	8.85x	10x	12.96x
EV/EBITDA	14.83x	16.11x	18.12x	23.31x
Price to FCF (P/FCF)	26.58x	24.65x	31.37x	40.91x
EV/FCF	35.36x	31.57x	39x	51.09x
FCF Yield	3.76%	4.06%	3.19%	2.44%