Zalando SE
5-year stock timeline
As of 2026-03-25 the latest price for Zalando (ZAL.F) is 21.28.
Five-year timeline
2020–2021: The pandemic accelerated Zalando's shift to a platform model and rapid partner and fulfillment expansion, driving strong GMV and active-customer growth after management announced platform acceleration and cost measures in 2020.
2023–2025: Management executed cost controls and a formal strategy update in 2024 to scale B2C and B2B ecosystems, completed leadership changes to accelerate B2B focus with a new co-CEO role effective September 2024, and reported accelerating growth and improving operating metrics into 2024 and 2025. The company also pursued material M&A and strategic moves announced late 2024, including the About You acquisition, as part of ecosystem expansion.
Investor perception
Early 2020s: Investors viewed Zalando as a high-growth e-commerce beneficiary of the pandemic platform opportunity, supporting premium growth multiples after rapid active-customer and GMV gains.
2024–2025: As strategy execution, cost discipline and ecosystem ambitions became clearer, sentiment moved toward a turnaround and execution thesis with renewed analyst interest and selective buy ratings during the recovery phase.
Technical phases
2020–early 2021: Strong uptrend and multiple rallies as pandemic demand accelerated platform adoption and top-line expansion.
2023–2025: Gradual recovery with periods of consolidation and breakout attempts aligned to cost-out results, the 2024 strategy update, leadership changes and M&A headlines that supported renewed rallies into 2024 and 2025.
Key risks and downside factors
Zalando operates in a densely competitive European online-fashion market where multi-brand marketplaces and fast-fashion retailers compete primarily on assortment breadth, pricing, and logistics speed [6][5]. The competitive landscape includes established players like ASOS, Inditex (Zara), H&M and Farfetch, alongside regional platforms such as Boozt that fragment the market further [16][13][25][18][24]. The company faces material headwinds around margin compression from price competition, the complexity of managing inventory and logistics across multiple countries, reliance on brand partnerships, and an expanding regulatory environment around data protection and compliance [5][8][1][6].
- Sustained margin compression driven by aggressive pricing pressure from fast-fashion competitors and discount platforms squeezing gross margins [5][6]
- Inventory management, product returns, and cross-border logistics create meaningful headwinds on working capital and operating expenses.
- Loss of brand partnerships or merchant economics deteriorating as brands diversify to other marketplaces and direct channels [1][9]
- Compliance costs and operational risks are rising across European markets as regulatory, tax, and data-privacy requirements grow more complex across jurisdictions.
Competitive landscape
Zalando holds the leading position in pan-European online fashion, though it operates within a fragmented and fiercely competitive apparel market split across numerous local regions. The competitive landscape spans multi-brand pure players like ASOS and ABOUT YOU, large vertically integrated retailers such as Inditex and H&M, and specialized marketplaces like Farfetch. Beyond these traditional competitors, private resale platforms and low-cost marketplaces including Vinted and Shein add another layer of pressure on pricing power and customer loyalty. The core risks center on margin compression from intense competition, elevated logistics and returns costs throughout Europe, reliance on brand partnerships, and exposure to fluctuations in consumer discretionary spending alongside regulatory shifts.
| Company | Ticker |
|---|---|
| Inditex | ITX.MC |
| H & M Hennes & Mauritz AB | HM-B.ST |
| Farfetch Ltd. | FTCH.NYSE |
Private competitors
- Vinted [web:17]
- Shein [web:18]
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Start Free TrialPerformance Figures of Zalando SE
Relative Performance vs Benchmarks
| Period | Zalando SE | vs DAX | vs S&P 500 (SPY) |
|---|---|---|---|
| 1M | +4.99% | +10.96% | +9.98% |
| 3M | -17.84% | -12.44% | -13.47% |
| 6M | -22.77% | -17.80% | -20.50% |
| 1Y | -35.78% | -38.56% | -53.04% |
| 3Y | -46.17% | -94.40% | -111.25% |
| 5Y | -75.65% | -129.00% | -149.47% |
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Start Free TrialHistorical valuation trends
How the company’s key valuation ratios (P/E, P/S, P/B and P/CF) have evolved over time compared to today.
| Period | P/E Ratio | P/S Ratio | P/B Ratio | P/CF Ratio |
|---|---|---|---|---|
| Current | 25.2 | 0.4 | 1.9 | 4.8 |
| 1Y ago | 30.9 | 0.8 | 3.1 | 13.6 |
| 3Y ago | 253.0 | 1.0 | 4.6 | 13.3 |
| 5Y ago | 60.9 | 2.4 | 9.5 | 30.8 |
Key Metrics
Valuation Metrics
Profitability Metrics
Growth Metrics
Dividend history
Long-term record of paid dividends (amount per share and dividend yield at the time of payment).
Earnings history & estimates
Historical earnings performance shows how consistently the company meets or exceeds analyst expectations. Forward estimates provide insight into expected profitability and growth trajectory.
Historical earnings performance
Upcoming earnings report
Analyst estimates for upcoming periods
Key financial figures
Selected income statement, balance sheet and cash flow figures. Annual and quarterly, based on reported IFRS/GAAP financials.
| 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|
| Revenue | 12.35B | 10.57B | 10.14B | 10.34B | 10.35B |
| Operating income (EBIT) | 415.20M | 391.90M | 228.80M | 99.50M | 415.60M |
| Net income | 215.10M | 251.10M | 83.00M | 16.80M | 234.50M |
| Free cash flow | 1.03B | 447.30M | 686.30M | 108.30M | 283.30M |
| Total assets | 9.69B | 7.98B | 8.11B | 7.63B | 6.90B |
| Equity | 2.83B | 2.67B | 2.37B | 2.20B | 2.22B |
| Net debt | -435.80M | -862.30M | -681.60M | -308.10M | -712.90M |
PWP Leeway UG (haftungsbeschränkt)
