STM 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	46.63B EUR	66.83B EUR	30.71B EUR	23.05B EUR
Enterprise Value	45.65B EUR	67.32B EUR	31.6B EUR	22.57B EUR
Valuation Multiples
Trailing P/E	1,301.5x	1,856.44x	131.23x	117.03x
Forward P/E	20.49x	--	--	--
Price to Sales	3.56x	5.1x	2.48x	2.48x
Price to Book	2.63x	3.64x	1.73x	1.29x
EV/Revenue	3.49x	5.14x	2.55x	2.43x
EV/EBITDA	16.39x	23.72x	11.52x	10.71x
Price to FCF (P/FCF)	439.91x	309.41x	--	--
EV/FCF	430.68x	311.66x	--	--
FCF Yield	0.23%	0.32%	-0.19%	-0.11%