VNOM 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	15.44B EUR	15.1B EUR	9.13B EUR	6.6B EUR
Enterprise Value	15.14B EUR	16.7B EUR	10.71B EUR	8.78B EUR
Valuation Multiples
Trailing P/E	2,149.5x	255.96x	--	--
Forward P/E	17.05x	--	--	--
Price to Sales	7.98x	7.42x	5.5x	5.75x
Price to Book	1.63x	3x	1.79x	1.48x
EV/Revenue	7.83x	8.2x	6.45x	7.64x
EV/EBITDA	7.99x	9.12x	7.29x	8.7x
Price to FCF (P/FCF)	335.69x	76.27x	--	--
EV/FCF	329.03x	84.36x	--	--
FCF Yield	0.3%	1.31%	-8.63%	-16.45%