MSI 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	73.51B EUR	68.73B EUR	72.13B EUR	63.52B EUR
Enterprise Value	82.92B EUR	77.64B EUR	80.83B EUR	72.12B EUR
Valuation Multiples
Trailing P/E	34.97x	32.21x	34.51x	36.84x
Forward P/E	22.86x	--	--	--
Price to Sales	6.01x	5.62x	6.08x	6.94x
Price to Book	27.51x	25.72x	28.35x	26.36x
EV/Revenue	6.78x	6.35x	6.81x	7.88x
EV/EBITDA	22.07x	20.47x	22.36x	25.2x
Price to FCF (P/FCF)	37.14x	25.67x	28.99x	30.26x
EV/FCF	41.9x	29x	32.49x	34.36x
FCF Yield	2.69%	3.89%	3.45%	3.3%