Is Birkenstock Holding Plc overvalued or undervalued?

As of 31 October 2025, the valuation grade for Birkenstock Holding Plc moved from expensive to fair, indicating a shift in perception regarding its market value. The company appears fairly valued at this time. Key valuation ratios include a P/E ratio of 37, a Price to Book Value of 3.41, and an EV to EBITDA of 17.38. In comparison, a peer such as Birkenstock Holding Plc has a lower P/E ratio of 26.30 and an EV to EBITDA of 14.41, suggesting that it may be more attractively priced relative to its earnings potential.
Despite this fair valuation, Birkenstock has underperformed against the S&P 500, with a year-to-date return of -29.56% compared to the index's 16.30%. This underperformance may reflect broader market trends or specific challenges faced by the company.