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 key ratios, including a P/E ratio of 37, a Price to Book Value of 3.41, and an EV to EBITDA of 21.09. In comparison, a peer such as the average in its industry shows a more favorable P/E ratio of approximately 26.30, suggesting that Birkenstock's valuation is higher than its peers.
The company's recent performance has also been underwhelming, with a year-to-date return of -25.98%, significantly lagging behind the S&P 500's return of 13.30% during the same period. This underperformance, coupled with the valuation metrics, supports the conclusion that Birkenstock Holding Plc is currently overvalued.