Zalando SE (DE:ZAL)
XETRA:ZAL
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Zalando
(XETRA:ZAL)
Select Model
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Rating:57Neutral
Price Target:
€25.00
▲(6.16% Upside)
Action:Reiterated
Date:05/09/26
The score is supported by a materially strengthened balance sheet and solid absolute cash generation, but is held back by thin profitability and a recent free-cash-flow decline. Technically, the stock is in a clear downtrend (below key moving averages with negative MACD), and valuation provides limited support due to a negative P/E and no dividend yield data.
Positive Factors
Balance-sheet strength
Very low debt and a conservative debt-to-equity (~0.07 TTM) give Zalando durable financial flexibility. A strong capital structure reduces refinancing risk, supports investment in logistics and platform expansion, and provides a buffer versus cyclical retail shocks over months.
Negative Factors
Thin profitability margins
Very thin operating and net margins leave little buffer against cost inflation, promotional pressure, or supply-chain shocks. Small shifts in discounts, returns, or logistics costs can materially swing earnings, making durable profit improvement challenging without structural cost advances.
Read all positive and negative factors
Positive Factors
Negative Factors
Balance-sheet strength
Very low debt and a conservative debt-to-equity (~0.07 TTM) give Zalando durable financial flexibility. A strong capital structure reduces refinancing risk, supports investment in logistics and platform expansion, and provides a buffer versus cyclical retail shocks over months.
Read all positive factors
Zalando (ZAL) vs. iShares MSCI Germany ETF (EWG)
Market Cap
€6.36B
Dividend YieldN/A
Average Volume (3M)1.16M
Price to Earnings (P/E)53.8
Beta (1Y)1.11
Revenue Growth20.20%
EPS Growth-56.58%
CountryDE
Employees15,463
SectorGeneral
Sector StrengthN/A
IndustrySpecialty Retail
Share Statistics
EPS (TTM)0.45
Shares Outstanding264,212,280
10 Day Avg. Volume1,116,364
30 Day Avg. Volume1,158,094
Financial Highlights & Ratios
PEG Ratio-2.13
Price to Book (P/B)2.34
Price to Sales (P/S)0.53
P/FCF Ratio6.42
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
€34.10Price Target Upside44.80% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering10
EPS Forecast (FY)1.47
Revenue Forecast (FY)€13.98B
Zalando Business Overview & Revenue Model
Company Description
Zalando SE functions as a leading e-commerce platform focused on fashion and lifestyle merchandise. It offers an extensive range of apparel, footwear, accessories, and beauty products, all provided with complimentary delivery and a straightforward...
How the Company Makes Money
Zalando makes money primarily through a mix of (1) direct-to-consumer retail sales and (2) platform/service revenues earned from brands selling via Zalando.
1) Retail sales (wholesale model): Zalando buys inventory from brands and sells those pro...
Zalando Financial Statement Overview
Summary
Income Statement
62
Positive
Balance Sheet
78
Positive
Cash Flow
66
Positive
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 12.92B | 12.35B | 10.57B | 10.14B | 10.34B | 10.35B |
| Gross Profit | 5.15B | 4.61B | 4.30B | 3.68B | 4.06B | 4.33B |
| EBITDA | 978.00M | 812.80M | 811.30M | 572.50M | 395.30M | 660.20M |
| Net Income | 117.50M | 215.10M | 251.10M | 83.00M | 16.80M | 234.50M |
Balance Sheet | ||||||
| Total Assets | 8.71B | 9.69B | 7.98B | 8.11B | 7.63B | 6.90B |
| Cash, Cash Equivalents and Short-Term Investments | 1.32B | 1.88B | 2.69B | 2.62B | 2.04B | 2.29B |
| Total Debt | 1.41B | 1.44B | 1.73B | 1.85B | 1.72B | 1.57B |
| Total Liabilities | 6.01B | 6.87B | 5.32B | 5.73B | 5.43B | 4.68B |
| Stockholders Equity | 2.70B | 2.83B | 2.67B | 2.37B | 2.20B | 2.22B |
Cash Flow | ||||||
| Free Cash Flow | 643.50M | 1.03B | 447.30M | 686.30M | 108.30M | 283.30M |
| Operating Cash Flow | 831.10M | 1.13B | 654.10M | 949.50M | 459.90M | 616.20M |
| Investing Cash Flow | -702.90M | -1.08B | -269.80M | -320.70M | -476.20M | -335.90M |
| Financing Cash Flow | -833.40M | -756.40M | -325.60M | -123.60M | -245.90M | -639.80M |
Zalando Technical Analysis
Positive
23.55
Price Trends
22.21
Positive
21.81
Positive
23.35
Positive
Market Momentum
0.78
Positive
59.27
Neutral
28.27
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For DE:ZAL, the sentiment is Positive. The current price of 23.55 is below the 20-day moving average (MA) of 23.78, above the 50-day MA of 22.21, and above the 200-day MA of 23.35, indicating a bullish trend. The MACD of 0.78 indicates Positive momentum. The RSI at 59.27 is Neutral, neither overbought nor oversold. The STOCH value of 28.27 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for DE:ZAL.
Zalando Peers Comparison
UnderperformOutperform
Sector (55)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
72 Outperform | €2.68B | 11.58 | 15.61% | 3.86% | -2.71% | 9.98% | |
57 Neutral | €6.36B | 53.81 | 4.22% | ― | 20.20% | -56.58% | |
55 Neutral | $6.65B | 3.83 | -15.92% | 6.20% | 10.91% | 7.18% | |
53 Neutral | €125.87M | 89.27 | 1.15% | ― | 28.37% | ― | |
52 Neutral | €4.14B | -6.71 | -31.81% | 2.83% | -19.42% | -420.94% | |
52 Neutral | €106.46M | -1.78 | -36.61% | ― | -8.57% | 27.04% | |
46 Neutral | €42.04M | -1.52 | -54.44% | ― | -15.61% | 66.17% |
* General Sector Average
DE:ZAL
Zalando
24.25
-2.00
-7.62%
DE:PUM
PUMA SE NPV
28.23
7.17
34.05%
DE:BOSS
Hugo Boss
38.80
1.48
3.97%
DE:GFG
Global Fashion Group
0.47
0.16
50.65%
DE:BIKE
Bike24 Holding AG
2.84
0.43
17.84%
DE:MRX
Mister Spex SE
1.20
-0.22
-15.85%
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.