Zalando SE ZLNDY

Consumer DiscretionarySoftware & IT ServicesGermany

Last close 14.88 USD on Nov 1, 2026, +0.8% year to date

Quant rating

Quant rating D Rank 248 of 297 in Consumer Discretionary

Growth D 250 of 297
Valuation D 220 of 297
Quality D 218 of 297
Revisions D 256 of 297
Momentum B 61 of 297

Historical valuation

Multiples use consensus estimates for the next twelve months. The dashed line is the 5-year average.

Key data

Market cap: 7.5B
Enterprise value: 7.4B
52-week range: 10.84 – 17.37
3-year range: 8.82 – 20.57
Dividend yield: –
Beta (5 years): 1.48
Shares outstanding: 250M
Next earnings: Nov 3, 2026

About the company

Zalando SE is a Germany-based online European platform for fashion and lifestyle e-commerce. The Company offers a portfolio of women, men and children clothing. Its assortment comprises a range of shoes, clothes, accessories, beauty products and sports goods from more than 6,000 brands. Zalando is operating under two segments such as Business-to-Consumer (B2C) and Business-to-Business (B2B). Zalando is providing multi-brand shopping experience for fashion and lifestyle products to customers in B2C. In B2B it is providing logistics infrastructure, software, and services to support brands and retailers in managing and scaling their entire e-commerce business.

Growth and profitability fiscal year ends December 31

Growth and profitability by fiscal year
	2025	2024	2023	2022	2021	5Y avg
Revenue (mil)	14,500	10,946	11,194	11,071	11,770	–
Revenue growth	32.5%	−2.2%	1.1%	−5.9%	20.7%	8.3%
EPS (basic, normalized)	–	–	0.18	0.03	–	–
EPS growth	–	–	453.5%	–	–	–
Gross margin	39.9%	40.7%	38.7%	39.2%	41.8%	40.1%
Net margin	1.7%	2.4%	0.8%	0.2%	2.3%	1.5%
ROE	7.8%	10.0%	3.6%	0.8%	10.7%	6.6%

Balance sheet, last quarter
Cash & short-term investments (mil)	1,672
Current ratio	1.06x
Long-term debt (mil)	1,352
Net debt (mil)	−108
Total equity (mil)	2,930
Net debt / equity	−0.04x
Net debt / EBITDA	–

Estimates and valuation

Consensus estimates and implied multiples
	Sales (mil)			EBITDA (mil)			EPS
Fiscal year	Mean est.	Growth	EV/Sales	Mean est.	Growth	EV/EBITDA	Mean est.	Growth	P/E
2025 actual	14,500	+32.5%	0.5x	–	–	–	–	–	–

Estimate revisions

Change in consensus estimates over 1, 3 and 6 months
	Sales				EPS
Fiscal year	Estimate (mil)	1M	3M	6M	Estimate	1M	3M	6M
2026	–	–	–	–	–	–	–	–
2027	–	–	–	–	–	–	–	–
2028	–	–	–	–	–	–	–	–

Earnings surprises

Reported results versus consensus, last 10 fiscal quarters
	FQ-9	FQ-8	FQ-7	FQ-6	FQ-5	FQ-4	FQ-3	FQ-2	FQ-1	FQ0
Sales reported (mil)	–	–	–	–	–	–	–	–	–	–
Sales mean (mil)	–	–	–	–	–	–	–	–	–	–
Surprise	–	–	–	–	–	–	–	–	–	–
EPS reported	–	–	–	–	–	–	–	–	–	–
EPS mean	–	–	–	–	–	–	–	–	–	–
Surprise	–	–	–	–	–	–	–	–	–	–

FQ0 is the most recent reported quarter, FQ-1 the one before, and so on.

Peer comparison Software & IT Services

Peers in the same industry group, by market capitalization
Company	Market cap	Net debt/EBITDA	Net margin	P/B	FY1 P/E	FY2 P/E	FY1 EV/EBITDA	FY2 EV/EBITDA
ZLNDY Zalando SE	7.5B	–	1.7%	2.54x	–	–	–	–
LUXE LuxExperience BV	1.4B	−10.68x	−6.3%	0.99x	215.9x	22.8x	16.3x	8.9x
SFIX Stitch Fix, Inc.	361M	−3.23x	−0.9%	1.82x	−18.4x	−31.4x	5.2x	4.1x
TDUP ThredUp Inc.	273M	−2.57x	−6.5%	4.50x	−13.1x	−20.3x	14.8x	10.3x
DBGI Digital Brands Group Inc	1M	–	−411.3%	0.71x	–	–	–	–
BRAV Bravada International Ltd	0M	–	−5.9%	–	–	–	–	–
Mean		−5.49x	−71.5%	2.11x	61.5x	−9.6x	12.1x	7.8x
Median		−3.23x	−6.1%	1.82x	−13.1x	−20.3x	14.8x	8.9x

Technical analysis

1M+19.6%
3M−12.3%
1Y−0.7%
3Y+34.4%

Financial statements in millions of USD

Income statement in millions of USD, fiscal years

Income statement, Zalando SE, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Total revenue	14,500	10,946	11,194	11,071	11,770	9,748
Cost of revenue	8,718	6,492	6,856	6,731	6,852	5,603
Gross profit	5,783	4,454	4,338	4,340	4,918	4,145
Selling, general & administrative expenses	5,072	3,884	4,085	4,267	4,459	3,707
Research & development	–	–	–	–	–	–
Depreciation/amortization	223	165	–	–	–	–
Interest expense (income), operating	–	–	–	–	–	–
Unusual expense (income)	–	–	–	–	−15.5	–
Other operating expenses	32.8	−0.8	41.8	−13.9	−8.6	−9.8
Operating income	455	406	211	86.7	483	448
Net interest income (expense)	−33.4	−18.9	−41.9	−45.2	−80.1	−55.6
Gain (loss) on sale of assets	–	–	–	–	–	–
Other non-operating income (expense)	−0.6	−5.8	0	0	0.1	−3.7
Net income before taxes	421	381	169	41.5	403	389
Provision for taxes	171	121	77.1	23.5	136	113
Minority interest	2.8	–	–	0	0	0
Equity in affiliates	–	–	–	–	–	–
U.S. GAAP adjustment	–	–	–	–	–	–
Net income before extraordinary items	253	260	91.6	18.0	267	276
Extraordinary items	–	–	–	–	–	–
Net income	253	260	91.6	18.0	267	276
EBIT, normalized	594	453	273	108	467	448
EBITDA, normalized	1,061	806	627	424	735	706
Basic EPS, normalized	–	–	0.18	0.03	–	–

Balance sheet in millions of USD, fiscal years

Balance sheet, Zalando SE, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Assets
Cash & short-term investments	2,311	2,804	2,918	2,251	2,658	3,268
Receivables	1,414	1,098	1,100	1,220	1,072	928
Total inventory	2,472	1,604	1,590	1,937	1,759	1,662
Prepaid expenses	–	–	26.2	25.4	20.8	18.7
Other current assets	248	138	159	222	170	150
Total current assets	6,445	5,644	5,793	5,655	5,679	6,027
Property, plant & equipment	2,359	2,041	2,251	1,953	1,755	1,575
Goodwill	899	144	151	146	64.1	68.9
Intangibles	1,048	273	289	297	235	219
Long-term investments	59.4	99.7	42.0	37.9	15.3	12.5
Note receivable	49.6	50.2	59.6	61.6	69.8	–
Other long-term assets	13.3	14.0	10.6	11.1	22.6	29.2
Total assets	10,873	8,266	8,597	8,161	7,841	7,932
Liabilities
Accounts payable	4,603	2,842	3,070	3,140	2,770	2,504
Payable/accrued	–	–	–	–	–	–
Accrued expenses	–	–	–	–	258	271
Short-term debt	0	0	0	0	0	0
Current portion of long-term debt	204	562	146	139	115	551
Other current liabilities	1,019	727	675	645	378	264
Total current liabilities	5,825	4,131	3,891	3,924	3,521	3,590
Long-term debt	1,490	1,224	1,898	1,698	1,676	1,608
Minority interest	–	–	–	0	−0.2	−0.2
Other liabilities	240	151	189	185	121	107
Total liabilities	7,554	5,506	5,978	5,808	5,318	5,305
Shareholders' equity
Preferred stock	–	–	–	–	–	–
Common stock	303	268	287	277	294	309
Additional paid-in capital	1,494	1,366	1,461	1,325	1,462	1,745
Retained earnings (accumulated deficit)	1,500	1,099	895	779	808	582
Treasury stock	–	–	–	–	–	–
Other equity	22.0	25.3	−24.4	−27.2	−41.7	−8.9
Total equity	3,319	2,759	2,619	2,354	2,523	2,627
Total liabilities & shareholders' equity	10,873	8,266	8,597	8,161	7,841	7,932

Cash flow statement in millions of USD, fiscal years

Cash flow statement, Zalando SE, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Operating activities
Net income	250	260	91.6	18.0	267	276
Depreciation, depletion & amortization	476	362	354	316	268	257
Deferred taxes	–	–	–	–	–	–
Non-cash items	261	234	213	141	198	181
Changes in working capital	337	−179	390	16.6	−31.4	−71.0
Cash from operations	1,323	677	1,048	492	700	644
Investing activities
Capital expenditures	−261	−214	−290	−376	−378	−305
Other investing cash flows	−1,007	−65.2	−63.5	−133	−3.4	39.4
Cash from investing	−1,269	−279	−354	−510	−382	−266
Financing activities
Financing cash flow items	−113	−0.1	–	–	−0.1	–
Cash dividends paid	–	–	–	–	–	–
Issuance (retirement) of debt, net	–	–	–	–	–	–
Other financing cash flows	−775	−337	−136	−263	−727	1,654
Cash from financing	−888	−337	−136	−263	−727	1,654
Foreign exchange effects	−0.1	−4.3	3.5	−1.0	4.0	4.8
Net change in cash	−834	56.4	561	−282	−405	2,037
Free cash flow	1,062	463	757	116	322	339

Disclaimer

The financial data presented in this report is delayed and obtained from sources QDD Research believes to be reliable, including stock exchanges, SEDAR, and EDGAR. However, no representation or warranty is made as to the accuracy, completeness, or timeliness of the information. QDD Research accepts no liability for any errors, omissions, or financial losses arising from the use of this data.

This report is generated using a fully systematic and quantitative approach. All factor scores and the overall quant rating (ranging from D to A+) are derived from algorithmic models and are based solely on objective financial metrics. These scores are intended for informational purposes only and should not be interpreted as investment advice or a recommendation to buy, sell, or hold any securities.

QDD Research is not a registered investment advisor or broker-dealer and does not provide personalized financial advice. The content is not tailored to the specific investment goals, financial situation, or risk profile of any individual investor. We strongly encourage readers to consult with a licensed broker or investment advisor before making any investment decisions based on the information contained in this report.

Live quote provided by TradingView. Report data updated Nov 1, 2026 after market close.