ADTN 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	607.85M EUR	1.13B EUR	1.01B EUR	694.56M EUR
Enterprise Value	1.13B EUR	1.29B EUR	1.17B EUR	843.9M EUR
Valuation Multiples
Trailing P/E	--	--	--	--
Forward P/E	12.8x	--	--	--
Price to Sales	0.53x	0.99x	0.9x	0.83x
Price to Book	4.68x	8.72x	7.37x	4.76x
EV/Revenue	0.99x	1.14x	1.04x	1.01x
EV/EBITDA	11.69x	12.82x	12.73x	14.32x
Price to FCF (P/FCF)	24.49x	48.86x	30.94x	19.28x
EV/FCF	45.57x	55.94x	35.68x	23.43x
FCF Yield	4.08%	2.05%	3.23%	5.19%