VCEL 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	2.05B EUR	2.28B EUR	1.64B EUR	1.82B EUR
Enterprise Value	1.98B EUR	2.24B EUR	1.63B EUR	1.82B EUR
Valuation Multiples
Trailing P/E	85.32x	93.99x	76.46x	65.65x
Forward P/E	47.4x	--	--	--
Price to Sales	6.7x	7.43x	5.62x	8.15x
Price to Book	5.55x	6.15x	4.61x	5.14x
EV/Revenue	6.47x	7.33x	5.57x	8.13x
EV/EBITDA	63.6x	58.07x	46.35x	47.92x
Price to FCF (P/FCF)	36.97x	36.92x	34.56x	56.33x
EV/FCF	35.67x	36.39x	34.25x	56.21x
FCF Yield	2.71%	2.71%	2.89%	1.78%