KEYS Valuations

Quarterly trend of key valuation metrics

Metric	Current (TTM) TTM Baseline	Q3 '26 31.07.2026	Q2 '26 30.04.2026	Q1 '26 31.01.2026	Q4 '25 31.10.2025
Market & Enterprise Value
Market Cap	65.16B EUR	54.34B EUR	59.74B EUR	37.08B EUR	31.34B EUR
Enterprise Value	63.95B EUR	54.48B EUR	60.09B EUR	37.67B EUR	32.24B EUR
Valuation Multiples
Trailing P/E	50.7x	43.13x	56.68x	52.59x	73.9x
Forward P/E	27.47x	--	--	--	--
Price to Sales	9.9x	8.26x	9.81x	8.48x	11.31x
Price to Book	9.92x	8.27x	9.44x	5.98x	5.33x
EV/Revenue	9.72x	8.28x	9.87x	8.62x	11.63x
EV/EBITDA	37.66x	28.43x	36.57x	34.47x	42.37x
Price to FCF (P/FCF)	34.9x	36.99x	44.03x	41.9x	65.55x
EV/FCF	34.25x	37.09x	44.28x	42.57x	67.45x
FCF Yield	2.87%	2.7%	2.27%	2.39%	1.53%