Is Birkenstock Holding Plc overvalued or undervalued?

As of 21 November 2025, the valuation grade for Birkenstock Holding Plc has moved from expensive to fair. The company is currently fairly valued based on its valuation metrics. Key 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 the industry average P/E ratio of approximately 26.30, indicates that Birkenstock is priced slightly above its peers, while its EV to EBITDA ratio is higher than the peer average of 14.41.
Despite the fair valuation, Birkenstock has underperformed relative to the S&P 500, with a year-to-date return of -27.57% compared to the S&P's 12.26%. This suggests that while the stock may be fairly valued, its recent performance raises concerns about its growth potential in the current market environment.