ADP 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	107.34B EUR	89.09B EUR	81.39B EUR	103.66B EUR
Enterprise Value	108.84B EUR	90.13B EUR	82.46B EUR	105.56B EUR
Valuation Multiples
Trailing P/E	24.76x	20.19x	18.73x	34.72x
Forward P/E	20.21x	--	--	--
Price to Sales	4.89x	4.06x	3.77x	6.62x
Price to Book	17.87x	14.77x	12.82x	16.22x
EV/Revenue	4.96x	4.11x	3.82x	6.74x
EV/EBITDA	16.98x	13.31x	12.32x	22.51x
Price to FCF (P/FCF)	20.47x	18.65x	16.81x	37.07x
EV/FCF	20.76x	18.87x	17.04x	37.75x
FCF Yield	4.88%	5.36%	5.95%	2.7%