ON 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	30.18B EUR	36.8B EUR	24.26B EUR	21.48B EUR
Enterprise Value	31.78B EUR	37.77B EUR	25.27B EUR	22.34B EUR
Valuation Multiples
Trailing P/E	50.02x	58.4x	42.3x	35.39x
Forward P/E	17.12x	--	--	--
Price to Sales	4.87x	5.94x	4x	4.72x
Price to Book	4.18x	5.1x	3.32x	2.8x
EV/Revenue	5.13x	6.09x	4.17x	4.91x
EV/EBITDA	15.21x	18.74x	12.8x	16.07x
Price to FCF (P/FCF)	18.22x	24.53x	20.54x	22.29x
EV/FCF	19.18x	25.17x	21.39x	23.18x
FCF Yield	5.49%	4.08%	4.87%	4.49%