Cash flow Zalando SE

Equities

ZAL

DE000ZAL1111

Internet Services

Real-time Estimate Tradegate Other stock markets 13:18:02 11/05/2026 BST			5-day change	1st Jan Change
20.12 ^EUR	+1.31%		-4.49%	-21.15%

08:08am	ZALANDO : JP Morgan reiterates its Neutral rating	ZD
08:07am	ZALANDO : RBC reiterates its Buy rating	ZD

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Published financial data: ZALANDO SE

Annual

Quarterly

Halfyear

YTD

LTM

Fiscal Period: December	2021	2022	2023	2024	2025
Revenues	10.35B	10.34B	10.14B	10.57B	12.35B
Total Revenues	10.35B	10.34B	10.14B	10.57B	12.35B
Cost of Goods Sold, Total	6.03B	6.29B	6.21B	6.27B	7.42B
Gross Profit	4.33B	4.06B	3.93B	4.3B	4.92B
Selling General & Admin Expenses, Total	3.92B	3.99B	3.7B	3.91B	4.51B
Other Operating Expenses	-7.7M	-13M	5.5M	-800K	-14.8M
Other Operating Expenses, Total	3.92B	3.97B	3.71B	3.91B	4.49B
Operating Income	411M	81M	223M	392M	430M
Interest Expense, Total	-59.3M	-62.7M	-85.6M	-93.4M	-72.9M
Interest And Investment Income	4.2M	8.6M	46.5M	75.7M	38.8M
Net Interest Expenses	-55.1M	-54.1M	-39.1M	-17.7M	-34.1M
Income (Loss) On Equity Invest.	-	-	-	-	-
Currency Exchange Gains (Loss)	-13.4M	13.1M	7M	-8.7M	7.9M
Other Non Operating Income (Expenses)	-2.1M	-1.2M	-5.9M	2.5M	-2.6M
EBT, Excl. Unusual Items	341M	38.8M	185M	368M	401M
Restructuring Charges	-	-	-32.4M	-	-42.8M
Asset Writedown	-	-	-	-	-
Other Unusual Items	13.6M	-	-	-	-
EBT, Incl. Unusual Items	354M	38.8M	153M	368M	358M
Income Tax Expense	120M	22M	69.9M	117M	146M
Earnings From Continuing Operations	234M	16.8M	83M	251M	213M
Net Income to Company	234M	16.8M	83M	251M	213M
Minority Interest	-	-	-	-	2.4M
Net Income - (IS)	234M	16.8M	83M	251M	215M
Net Income to Common Incl Extra Items	234M	16.8M	83M	251M	215M
Net Income to Common Excl. Extra Items	234M	16.8M	83M	251M	215M
Per Share Items
Net EPS - Basic	0.91	0.07	0.32	0.97	0.83
Basic EPS - Continuing Operations	0.91	0.07	0.32	0.97	0.83
Basic Weighted Average Shares Outstanding	258M	258M	260M	259M	260M
Net EPS - Diluted	0.88	0.06	0.32	0.96	0.82
Diluted EPS - Continuing Operations	0.88	0.06	0.32	0.96	0.82
Diluted Weighted Average Shares Outstanding	265M	260M	262M	262M	263M
Normalized Basic EPS	0.83	0.09	0.45	0.89	0.97
Normalized Diluted EPS	0.8	0.09	0.44	0.88	0.96
American Depositary Receipts Ratio (ADR)	0.5	0.5	0.5	0.5	0.5
Supplemental Items
EBITDA	500M	204M	364M	535M	598M
EBITA	419M	95.8M	238M	406M	468M
EBIT	411M	81M	223M	392M	430M
EBITDAR	505M	211M	371M	550M	608M
Effective Tax Rate - (Ratio)	33.79	56.7	45.72	31.77	40.65
Total Current Taxes	110M	22M	78.5M	144M	151M
Total Deferred Taxes	10M	-	-8.5M	-27.5M	-5.2M
Normalized Net Income	213M	24.25M	116M	230M	253M
Interest on Long-Term Debt	14.6M	41.1M	43.4M	26.8M	27.9M
Supplemental Operating Expense Items
Marketing Expenses	930M	794M	752M	979M	1.13B
Selling and Marketing Expenses	930M	794M	752M	979M	1.13B
General and Administrative Expenses	393M	480M	491M	513M	541M
Research And Development Expense From Footnotes	57.4M	59.8M	65.8M	68M	78.8M
Net Rental Expense, Total	4.4M	6.1M	7M	15.5M	9.9M
Imputed Operating Lease Interest Expense	1.25M	1.86M	2.69M	6.48M	3.65M
Imputed Operating Lease Depreciation	3.15M	4.24M	4.31M	9.02M	6.25M
Stock-Based Comp., COGS (Total)	-	-	-	-	-
Stock-Based Comp., S&M Exp. (Total)	-	-	-	-	-
Stock-Based Comp., G&A Exp. (Total)	-	-	-	-	-
Stock-Based Comp., Other (Total)	57.3M	72.5M	83M	82.4M	91.9M
Total Stock-Based Compensation	57.3M	72.5M	83M	82.4M	91.9M

Fiscal Period: December	2021	2022	2023	2024	2025
Assets
Cash And Equivalents	2.29B	2.02B	2.53B	2.59B	1.88B
Short Term Investments	300K	13.5M	85.7M	89.1M	48M
Total Cash And Short Term Investments	2.29B	2.04B	2.62B	2.68B	1.93B
Accounts Receivable, Total	727M	760M	597M	594M	821M
Other Receivables	277M	483M	459M	480M	416M
Total Receivables	1B	1.24B	1.06B	1.07B	1.24B
Inventory	1.55B	1.81B	1.44B	1.55B	2.11B
Other Current Assets, Total	156M	193M	134M	151M	220M
Total Current Assets	5B	5.28B	5.25B	5.45B	5.49B
Gross Property Plant And Equipment	1.55B	1.89B	2.13B	2.24B	2.43B
Accumulated Depreciation	-317M	-402M	-527M	-641M	-762M
Net Property Plant And Equipment	1.24B	1.49B	1.61B	1.6B	1.66B
Long-term Investments	13.5M	35.4M	38.1M	96.3M	50.6M
Goodwill	56.4M	137M	137M	139M	765M
Other Intangibles, Total	27.7M	88.5M	73.8M	64M	650M
Accounts Receivable Long-Term	61.4M	57.6M	54M	48.5M	42.2M
Deferred Tax Assets Long-Term	11.2M	5.7M	6.4M	9M	9.3M
Deferred Charges Long-Term	90.9M	115M	142M	150M	160M
Other Long-Term Assets, Total	405M	415M	483M	430M	428M
Total Assets	6.9B	7.63B	7.79B	7.98B	9.26B
Liabilities
Accounts Payable, Total	2.44B	2.93B	2.78B	2.75B	3.92B
Accrued Expenses, Total	209M	206M	217M	239M	273M
Current Portion of Long-Term Debt	-	-	-	394M	-
Current Portion of Leases	101M	130M	132M	149M	173M
Current Income Taxes Payable	25.2M	24.8M	20.6M	60.7M	43.4M
Unearned Revenue Current, Total	99.4M	109M	118M	141M	168M
Other Current Liabilities	226M	263M	256M	262M	383M
Total Current Liabilities	3.1B	3.67B	3.53B	3.99B	4.96B
Long-Term Debt	895M	917M	939M	470M	481M
Long-Term Leases	579M	670M	780M	713M	787M
Deferred Tax Liability Non Current	33.5M	71M	55.1M	41.4M	99.1M
Other Non Current Liabilities	73.2M	102M	116M	104M	105M
Total Liabilities	4.68B	5.43B	5.42B	5.32B	6.43B
Common Stock, Total	259M	259M	260M	259M	258M
Retained Earnings	711M	728M	811M	1.06B	1.28B
Comprehensive Income and Other	1.25B	1.21B	1.3B	1.34B	1.29B
Total Common Equity	2.22B	2.2B	2.37B	2.67B	2.83B
Minority Interest	-200K	-	-	-	-
Total Equity	2.22B	2.2B	2.37B	2.67B	2.83B
Total Liabilities And Equity	6.9B	7.63B	7.79B	7.98B	9.26B
Supplemental Items
ECS Total Shares Outstanding on Filing Date	259M	259M	260M	259M	260M
ECS Total Common Shares Outstanding	259M	259M	260M	259M	260M
Book Value / Share	8.58	8.49	9.11	10.28	10.88
Tangible Book Value	2.13B	1.97B	2.16B	2.46B	1.41B
Tangible Book Value Per Share	8.25	7.62	8.3	9.5	5.43
Total Debt	1.58B	1.72B	1.85B	1.73B	1.44B
Net Debt	-713M	-322M	-767M	-951M	-484M
Debt Equivalent Oper. Leases	35.2M	48.8M	56M	124M	79.2M
Minority Interest, Total (Incl. Fin. Div)	-200K	-	-	-	-
Equity Method Investments, Total	1.7M	8.3M	6.9M	1.4M	7M
Account Code - Inventory Valuation	6	6	6	6	6
Inventories - Finished Goods, Total	1.55B	1.81B	1.44B	1.55B	2.11B
Land - (BS)	21.9M	77.4M	95.3M	114M	120M
Machinery, Total	946M	1.13B	1.25B	1.38B	1.51B
Full Time Employees	17.04K	17K	15.79K	12.87K	14.51K
Part Time Employees	-	-	-	2.94K	3.26K
Accumulated Allowance for Doubtful Accounts (Supple)	136M	-	-	-	-

Fiscal Period: December	2021	2022	2023	2024	2025
Net Income	234M	16.8M	83M	251M	215M
Depreciation & Amortization - CF	170M	238M	254M	268M	289M
Amortization of Goodwill and Intangible Assets - (CF)	7.6M	14.8M	14.5M	14M	37.5M
Depreciation & Amortization, Total	178M	253M	268M	282M	326M
Amortization of Deferred Charges, Total - (CF)	57.4M	59.8M	65.8M	68M	78.8M
Stock-Based Compensation (CF)	57.3M	72.5M	83M	82.4M	91.9M
Other Operating Activities, Total	10.7M	-28.4M	38.8M	60.6M	-38.5M
Change In Accounts Receivable	-126M	-170M	13.7M	-26.8M	-114M
Change In Inventories	-186M	-260M	369M	-109M	-179M
Change In Accounts Payable	392M	490M	-169M	-18.1M	606M
Change in Other Net Operating Assets	-1.6M	26.3M	197M	63.8M	140M
Cash from Operations	616M	460M	950M	654M	1.13B
Capital Expenditure	-240M	-274M	-190M	-121M	-98M
Sale of Property, Plant, and Equipment	-	-	3.5M	-	-
Cash Acquisitions	-	-	-	-	-
Divestitures	-	-	-	-	-
Sale (Purchase) of Intangible assets	-92.5M	-77.1M	-72.7M	-86.2M	-124M
Investment in Marketable and Equity Securities, Total	-3M	-127M	-56.1M	-67.9M	-858M
Other Investing Activities, Total	-	2.4M	-4.9M	4.9M	-
Cash from Investing	-336M	-476M	-321M	-270M	-1.08B
Long-Term Debt Issued, Total	-	-	-	-	-
Total Debt Issued	-	-	-	-	-
Long-Term Debt Repaid, Total	-462M	-114M	-128M	-230M	-562M
Total Debt Repaid	-462M	-114M	-128M	-230M	-562M
Issuance of Common Stock	22.5M	30.9M	4.5M	4M	600K
Repurchase of Common Stock	-200M	-136M	-	-99.5M	-98.2M
Other Financing Activities, Total	-100K	-26.5M	-	-100K	-96.5M
Cash from Financing	-640M	-246M	-124M	-326M	-756M
Foreign Exchange Rate Adjustments	3.5M	-900K	3.2M	-4.2M	-100K
Miscellaneous Cash Flow Adjustments	-	-	-	-	100K
Net Change in Cash	-356M	-263M	508M	54.5M	-710M
Supplemental Items
Cash Interest Paid	32.7M	35.1M	55.8M	70.3M	51M
Cash Income Tax Paid (Refund)	106M	64.1M	39M	75.4M	180M
Levered Free Cash Flow	271M	47.34M	712M	321M	1.05B
Unlevered Free Cash Flow	308M	86.52M	765M	379M	1.09B
Change In Net Working Capital	-91.1M	-2.6M	-472M	91.1M	-551M
Net Debt Issued / Repaid	-462M	-114M	-128M	-230M	-562M

Fiscal Period: December	2021	2022	2023	2024	2025
Profitability
Return on Assets	3.84	0.7	1.81	3.11	3.12
Return on Total Capital	6.66	1.31	3.43	5.69	6.21
Return On Equity %	10.73	0.76	3.63	9.97	7.75
Return on Common Equity	10.73	0.76	3.63	9.97	7.83
Margin Analysis
Gross Profit Margin %	41.78	39.2	38.75	40.69	39.88
SG&A Margin	37.89	38.55	36.49	36.99	36.52
EBITDA Margin %	4.83	1.98	3.58	5.06	4.85
EBITA Margin %	4.04	0.93	2.34	3.84	3.79
EBIT Margin %	3.97	0.78	2.2	3.71	3.48
Income From Continuing Operations Margin %	2.26	0.16	0.82	2.38	1.72
Net Income Margin %	2.26	0.16	0.82	2.38	1.74
Net Avail. For Common Margin %	2.26	0.16	0.82	2.38	1.74
Normalized Net Income Margin	2.06	0.23	1.14	2.18	2.05
Levered Free Cash Flow Margin	2.62	0.46	7.02	3.04	8.49
Unlevered Free Cash Flow Margin	2.97	0.84	7.55	3.59	8.86
Asset Turnover
Asset Turnover	1.55	1.42	1.32	1.34	1.43
Fixed Assets Turnover	8.82	7.6	6.56	6.6	7.57
Receivables Turnover (Average Receivables)	15.57	13.91	14.95	17.76	17.45
Inventory Turnover (Average Inventory)	4.14	3.75	3.82	4.19	4.06
Short Term Liquidity
Current Ratio	1.61	1.44	1.49	1.37	1.11
Quick Ratio	1.06	0.89	1.04	0.94	0.64
Operating Cash Flow to Current Liabilities	0.2	0.13	0.27	0.16	0.23
Days Sales Outstanding (Average Receivables)	23.44	26.24	24.41	20.61	20.92
Days Outstanding Inventory (Average Inventory)	88.06	97.41	95.48	87.28	89.86
Average Days Payable Outstanding	131.8	149.62	178.5	158.55	152.44
Cash Conversion Cycle (Average Days)	-20.29	-25.97	-58.61	-50.67	-41.66
Long Term Solvency
Total Debt/Equity	70.98	78.06	78.02	64.74	51.02
Total Debt / Total Capital	41.52	43.84	43.83	39.3	33.78
LT Debt/Equity	66.43	72.16	72.45	44.37	44.88
Long-Term Debt / Total Capital	38.85	40.53	40.7	26.93	29.72
Total Liabilities / Total Assets	67.83	71.16	69.54	66.62	69.48
EBIT / Interest Expense	6.93	1.29	2.61	4.2	5.9
EBITDA / Interest Expense	9.94	5.32	5.74	7.21	10.37
(EBITDA - Capex) / Interest Expense	5.88	0.94	3.52	5.92	9.03
Total Debt / EBITDA	2.67	5.15	3.77	2.56	1.91
Net Debt / EBITDA	-1.21	-0.96	-1.56	-1.41	-0.64
Total Debt / (EBITDA - Capex)	4.52	29.05	6.15	3.12	2.19
Net Debt / (EBITDA - Capex)	-2.04	-5.44	-2.55	-1.72	-0.74
Growth Over Prior Year
Total Revenues, 1 Yr. Growth %	29.72	-0.09	-1.95	4.23	16.78
Gross Profit, 1 Yr. Growth %	27.46	-6.26	-3.08	9.45	14.45
EBITDA, 1 Yr. Growth %	11.18	-60.21	77.8	47.11	11.83
EBITA, 1 Yr. Growth %	12.04	-77.84	148.23	70.69	15.18
EBIT, 1 Yr. Growth %	12.04	-80.93	175.68	75.5	9.72
Earnings From Cont. Operations, 1 Yr. Growth %	3.72	-92.84	394.05	202.53	-15.29
Net Income, 1 Yr. Growth %	3.72	-92.84	394.05	202.53	-14.34
Normalized Net Income, 1 Yr. Growth %	6.94	-89.05	377.58	98.6	10.07
Diluted EPS Before Extra, 1 Yr. Growth %	2.33	-93.18	432.66	200.38	-14.58
Accounts Receivable, 1 Yr. Growth %	20.73	4.47	-21.49	-0.45	38.27
Inventory, 1 Yr. Growth %	13.68	16.94	-20.37	7.55	35.84
Net Property, Plant and Equip., 1 Yr. Growth %	11.14	20.5	7.88	-0.59	4.25
Total Assets, 1 Yr. Growth %	6.19	10.57	2.15	2.49	15.95
Tangible Book Value, 1 Yr. Growth %	3.31	-7.54	9.53	13.89	-42.7
Common Equity, 1 Yr. Growth %	3.15	-0.89	7.91	12.31	6.02
Cash From Operations, 1 Yr. Growth %	16.84	-25.37	106.46	-31.11	72.19
Capital Expenditures, 1 Yr. Growth %	35.36	14.18	-30.6	-36.69	-18.74
Levered Free Cash Flow, 1 Yr. Growth %	8.92	-83.05	1.4K	-54.91	226.76
Unlevered Free Cash Flow, 1 Yr. Growth %	8.04	-72.65	784.56	-50.44	188.49
Compound Annual Growth Rate Over Two Years
Total Revenues, 2 Yr. CAGR %	26.38	13.84	-1.02	1.09	10.33
Gross Profit, 2 Yr. CAGR %	25.01	9.31	-4.69	2.99	11.93
EBITDA, 2 Yr. CAGR %	39.66	-32.59	-15.89	61.73	28.27
EBITA, 2 Yr. CAGR %	47.65	-49.38	-25.84	105.84	40.21
EBIT, 2 Yr. CAGR %	51.65	-53.02	-27.5	119.96	38.77
Earnings From Cont. Operations, 2 Yr. CAGR %	53.36	-72.74	-40.51	286.61	60.08
Net Income, 2 Yr. CAGR %	53.36	-72.74	-40.51	286.61	60.98
Normalized Net Income, 2 Yr. CAGR %	46.82	-65.1	-27.67	207.97	47.85
Diluted EPS Before Extra, 2 Yr. CAGR %	50.21	-73.59	-39.74	300	60.18
Accounts Receivable, 2 Yr. CAGR %	25.42	12.31	-9.44	-11.59	17.32
Inventory, 2 Yr. CAGR %	18.7	15.3	-3.5	-7.46	20.87
Net Property, Plant and Equip., 2 Yr. CAGR %	10.55	15.73	14.02	3.56	1.8
Total Assets, 2 Yr. CAGR %	26.16	8.36	6.27	2.32	9.02
Tangible Book Value, 2 Yr. CAGR %	14.75	-2.26	0.64	11.69	-19.22
Common Equity, 2 Yr. CAGR %	14.79	1.11	3.41	10.09	9.12
Cash From Operations, 2 Yr. CAGR %	37.23	-6.62	24.13	19.26	8.91
Capital Expenditures, 2 Yr. CAGR %	1.42	24.32	-10.98	-33.72	-28.28
Levered Free Cash Flow, 2 Yr. CAGR %	397.9	-56.37	59.64	160.39	21.38
Unlevered Free Cash Flow, 2 Yr. CAGR %	542.88	-44.9	55.53	109.38	19.58
Compound Annual Growth Rate Over Three Years
Total Revenues, 3 Yr. CAGR %	24.33	16.86	8.31	0.7	6.07
Gross Profit, 3 Yr. CAGR %	23.79	13.57	5.01	-0.19	6.68
EBITDA, 3 Yr. CAGR %	42.55	-7.27	-6.86	1.34	43.02
EBITA, 3 Yr. CAGR %	49.16	-20.7	-13.99	-2.09	69.62
EBIT, 3 Yr. CAGR %	51.1	-23.2	-15.26	-2.65	74.45
Earnings From Cont. Operations, 3 Yr. CAGR %	66.07	-44.77	-28.4	2.31	133.07
Net Income, 3 Yr. CAGR %	65.85	-44.77	-28.4	2.31	133.94
Normalized Net Income, 3 Yr. CAGR %	47.6	-37.38	-16.52	1.28	118.55
Diluted EPS Before Extra, 3 Yr. CAGR %	63.86	-46.42	-28.1	2.94	139.09
Accounts Receivable, 3 Yr. CAGR %	22.56	18.01	-0.33	-6.54	2.62
Inventory, 3 Yr. CAGR %	23.6	18.11	1.91	0.05	5.17
Net Property, Plant and Equip., 3 Yr. CAGR %	46.45	13.77	13.05	8.93	3.79
Total Assets, 3 Yr. CAGR %	28.72	20.74	6.25	5	6.68
Tangible Book Value, 3 Yr. CAGR %	13.08	6.78	1.52	4.88	-10.59
Common Equity, 3 Yr. CAGR %	12.73	9.31	3.32	6.3	8.72
Cash From Operations, 3 Yr. CAGR %	42.53	12.02	21.65	2.01	34.79
Capital Expenditures, 3 Yr. CAGR %	2.07	5.51	2.36	-20.54	-29.06
Levered Free Cash Flow, 3 Yr. CAGR %	91.13	63.03	41.99	4.74	180.86
Unlevered Free Cash Flow, 3 Yr. CAGR %	85.04	126.46	39	6.23	132.99
Compound Annual Growth Rate Over Five Years
Total Revenues, 5 Yr. CAGR %	23.26	18.17	13.49	10.28	9.11
Gross Profit, 5 Yr. CAGR %	21.87	15.66	11.5	9.22	7.72
EBITDA, 5 Yr. CAGR %	17.49	-2.01	16.06	15.83	5.86
EBITA, 5 Yr. CAGR %	15.57	-13.21	13.51	16.14	4.58
EBIT, 5 Yr. CAGR %	15.93	-15.46	13.38	16.99	3.22
Earnings From Cont. Operations, 5 Yr. CAGR %	14.24	-30.21	10.14	20.29	-1.21
Net Income, 5 Yr. CAGR %	14.24	-30.43	10.06	20.29	-0.99
Normalized Net Income, 5 Yr. CAGR %	13.3	-26.24	11.84	18.42	4.92
Diluted EPS Before Extra, 5 Yr. CAGR %	13.36	-31.57	9.83	19.74	-0.95
Accounts Receivable, 5 Yr. CAGR %	27.49	22.21	8.59	5.13	6.39
Inventory, 5 Yr. CAGR %	21.81	18.36	11.95	7.13	9.11
Net Property, Plant and Equip., 5 Yr. CAGR %	50.75	44.73	32.5	9.57	8.41
Total Assets, 5 Yr. CAGR %	22.13	20.67	19.22	13	7.35
Tangible Book Value, 5 Yr. CAGR %	9.18	6.25	7.93	8.72	-7.35
Common Equity, 5 Yr. CAGR %	9.53	7.4	8.9	9.62	5.61
Cash From Operations, 5 Yr. CAGR %	17.44	18.88	34.87	14.86	16.39
Capital Expenditures, 5 Yr. CAGR %	14.51	7.74	-3.37	-12.39	-11.21
Levered Free Cash Flow, 5 Yr. CAGR %	35.01	-17.88	78.95	96.61	33.36
Unlevered Free Cash Flow, 5 Yr. CAGR %	35.36	-5.98	73.56	119.47	30.88