Is Birkenstock Holding Plc overvalued or undervalued?

As of 17 October 2025, the valuation grade for Birkenstock Holding Plc has moved from attractive to fair, indicating a shift in its perceived value. The company appears to be overvalued 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 of 17.38, all of which exceed the industry averages. In comparison, a peer such as the average valuation peer shows a P/E of 26.30 and an EV to EBITDA of 14.41, suggesting that Birkenstock is trading at a premium relative to its competitors.
Additionally, the company's recent stock performance has been underwhelming, with a year-to-date return of -25.98%, significantly lagging behind the S&P 500's return of 13.30% over the same period. This underperformance further supports the view that Birkenstock Holding Plc is currently overvalued in the market.