MORN 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	7.67B EUR	5.85B EUR	6.43B EUR	8.64B EUR
Enterprise Value	8.99B EUR	7.27B EUR	7.84B EUR	9.42B EUR
Valuation Multiples
Trailing P/E	19.45x	13.88x	15.96x	29.21x
Forward P/E	14.6x	--	--	--
Price to Sales	2.99x	2.28x	2.56x	4.63x
Price to Book	7.49x	5.72x	6.31x	7.07x
EV/Revenue	3.5x	2.83x	3.13x	5.06x
EV/EBITDA	13.21x	9.14x	10.45x	17.4x
Price to FCF (P/FCF)	15.41x	11.76x	14.7x	22.5x
EV/FCF	18.05x	14.61x	17.93x	24.55x
FCF Yield	6.49%	8.5%	6.8%	4.44%