Birkenstock Holding plc
BIRKdata completeness 88%4 fiscal years on fileData notes: no data for concept 'interestExpense'
Birkenstock Holding plc earns about 9% on invested capital, below its ~9% cost of capital, but has diluted owners by 2% over 4 years — no moat visible in the numbers. The estimate methods put fair value between €10.52 and €99.2 a share.Whether it’s worth owning at today’s price is the last question — and yours to answer, below.
| Figure | FY 2022 | FY 2023 | FY 2024 | FY 2025 |
|---|---|---|---|---|
| Revenue | €1.24B1 | €1.49B1 | €1.8B1 | €2.1B2 |
| Net income | €187.1M3 | €75M4 | €191.6M4 | €348.3M4 |
| Operating cash flow | €234.1M5 | €358.7M6 | €428.7M6 | €384.3M6 |
| Capital expenditure | €70.8M7 | €102.2M8 | €65.4M8 | €76.7M8 |
| Free cash flow (derived) | €163.4M5 | €256.6M6 | €363.3M6 | €307.6M6 |
| Total debt | — | €1.84B9 | — | — |
| Cash & equivalents | €307.1M10 | €344.4M10 | €355.8M10 | €329.1M10 |
| Diluted shares | 182.7M | 182.7M | 187.8M | 186.5M |
Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom).
10 shares is a claim on €145.98 of net worth that earned you €18.68 and generated €16.49 of cash last year.
It earned about 9% on invested capital against a ~9% cost of capital — below the cost of funding. The numbers show no moat.
seeing a moat in the numbers →Share count is up 2% over 4 years — owners have been diluted. Worth asking what they got for it. Total debt has held roughly steady.
reading capital allocation →Signals, not verdicts — read from the filings above. Numbers don’t prove a moat; they show its footprint. You decide.
The 3 estimate methods that apply put fair value between €10.52 and €99.2 a share. They rest on different assumptions, so where they diverge is the story; the Graham Number is a stricter floor, not a target.
assumptions (10)
- riskFreeRate4.7%
- equityRiskPremium5.0%
- beta100.0%
- equityWeight85.0%
- costOfDebtSpread1.5%
- taxRate21.0%
- terminalGrowth2.5%
- projectionYears10
- fcfGrowth19.9%
- fcfBase€307.6M
assumptions (10)
- riskFreeRate4.7%
- equityRiskPremium5.0%
- beta100.0%
- equityWeight85.0%
- costOfDebtSpread1.5%
- taxRate21.0%
- terminalGrowth2.5%
- projectionYears5
- fcfGrowth19.9%
- fcfBase€307.6M
assumptions (8)
- riskFreeRate4.7%
- equityRiskPremium5.0%
- beta100.0%
- equityWeight85.0%
- costOfDebtSpread1.5%
- taxRate21.0%
- normalizedEarnings€189.4M
- growthAssumed0.0%
assumptions (1)
- grahamMultiplier2250.0%
Different models answer different questions — which to trust when →
| Bear | 0.0% | €25.33 |
| Base | 19.9% | €55.27 |
| Bull | 20.0% | €55.53 |
Bear/base/bull growth = 0% / filed history / history + 5pp. Type a price to see the return each case implies.
Default growth 19.9%= this company’s own filed history (median-to-median FCF CAGR, clamped 0–20%). Your adjustments are recorded anonymously. They become the “what do owners actually believe” dataset.
- 20-F · period ending 2022-09-30 · accession 0000950170-24-137610 (Revenue)
- 20-F · period ending 2025-09-30 · accession 0001193125-25-323599 (RevenueFromContractsWithCustomers)
- 20-F · period ending 2022-09-30 · accession 0000950170-24-137610 (ProfitLossAttributableToOwnersOfParent)
- 20-F · period ending 2023-09-30 · accession 0001193125-25-323599 (ProfitLossAttributableToOwnersOfParent)
- 20-F · period ending 2022-09-30 · accession 0000950170-24-137610 (CashFlowsFromUsedInOperatingActivities)
- 20-F · period ending 2023-09-30 · accession 0001193125-25-323599 (CashFlowsFromUsedInOperatingActivities)
- 20-F · period ending 2022-09-30 · accession 0000950170-24-137610 (PurchaseOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities)
- 20-F · period ending 2023-09-30 · accession 0001193125-25-323599 (PurchaseOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities)
- 20-F · period ending 2023-09-30 · accession 0000950170-24-005395 (Borrowings)
- 20-F · period ending 2022-09-30 · accession 0001193125-25-323599 (CashAndCashEquivalents)