MA 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	516.09B EUR	450.94B EUR	443.15B EUR	510.39B EUR
Enterprise Value	516.52B EUR	464.29B EUR	454.2B EUR	518.82B EUR
Valuation Multiples
Trailing P/E	32.41x	27.74x	28.46x	43.67x
Forward P/E	25.58x	--	--	--
Price to Sales	14.71x	12.85x	13.06x	19.98x
Price to Book	92.11x	80.37x	65.95x	65.97x
EV/Revenue	14.72x	13.23x	13.38x	20.31x
EV/EBITDA	23.27x	20.69x	21.05x	31.94x
Price to FCF (P/FCF)	30.43x	28.23x	25.95x	35.42x
EV/FCF	30.45x	29.06x	26.6x	36x
FCF Yield	3.29%	3.54%	3.85%	2.82%