Is Birkenstock Holding Plc overvalued or undervalued?

As of 12 September 2025, the valuation grade for Birkenstock Holding Plc has moved from expensive to fair. The company appears to be fairly valued based on its current metrics, with a P/E ratio of 37, a Price to Book Value of 3.41, and an EV to EBITDA ratio of 17.38. In comparison to its peer, which has a P/E of 26.30 and an EV to EBITDA of 14.41, Birkenstock's ratios suggest it is positioned reasonably within its industry.
Despite this fair valuation, Birkenstock has underperformed against the S&P 500, with a year-to-date return of -18.83% compared to the index's 12.22%. This performance discrepancy highlights potential market concerns that may not be fully reflected in the current valuation metrics.