Loading…
Europe's largest online fashion retailer, selling clothing, shoes and accessories from thousands of brands via its own platform.
Europe's largest online fashion retailer, selling clothing, shoes and accessories from thousands of brands via its own platform.
Earns by buying fashion and selling it to customers, and by taking a commission when partner brands sell through its marketplace, with fulfilment fees and advertising on top. Returns are high in online fashion, so logistics cost matters. Bought German rival About You in 2025.
In one line: Germany's ASOS/Revolve, more like a European Zappos+ASOS hybrid.
Moat: narrow (scale, network effects, distribution). Large pan-European logistics network and brand selection create some network effects, but online fashion is competitive.
Headquarters: Berlin, Germany · Founded: 2008 · Employees: 17,778
Size Zalando (ZAL.DE) is a Germany Consumer Discretionary company (Internet Retail) with a market value of $7.64B, the 58th largest of 205 Germany companies the cockpit tracks. Shares closed at €27.72 on 6 Nov 2026.
Performance Over six months the shares gained 42.5%, against +7.6% for the median peer and +2.6% for the Germany market (cap-weighted) — 2nd highest of 12 in its peer set.
Growth Revenue grew 18.1% over the last twelve months (peer median +10.9%); the operating margin is 3.9% (peer median 14.3%).
Valuation It trades at 19.6× forward earnings against a peer median of 19.7× (5th cheapest of 10).
Price implies For today's price to make sense, revenue must grow about 8% a year for seven years (Req g). Recent delivered growth is +9%, so the hurdle is -2 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 3.0 points above its cost of capital (10.7% WACC).
Credit Zalando has 1 bond outstanding ($557M).
Next results Next results expected around 11 Mar 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | €13.7B | €12.3B | €10.6B | €10.1B | €10.3B |
| Revenue growth | — | +17% | +4% | -2% | — |
| Gross profit | €5.42B | €4.61B | €4.04B | €3.68B | €3.82B |
| EBITDA | €1.04B | €813M | €732M | €548M | €364M |
| Net income | €61.9M | €215M | €251M | €83.0M | €16.8M |
| Free cash flow | €741M | €1.03B | €534M | €759M | €185M |
| Capital expenditure | €261M | €222M | €207M | €263M | €352M |
| Total debt | €1.34B | €1.44B | €1.73B | €1.85B | €1.72B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| Zalando ZAL.DE | $7.64B | +42% | +18% | 4% | 19.6× | 7.6% |
| ASOS ASC.L | $670M | +88% | -15% | -1% | n/a | 1.2% |
| Amazon AMZN | $2.80T | -5% | +15% | 13% | 26.3× | n/a |
| Boozt BOOZT.ST | $1.02B | +42% | +7% | 5% | 21.5× | 21.5% |
| H&M Hennes & Mauritz HM-B.ST | $29.1B | +12% | -4% | 9% | 22.3× | 4.5% |
| Next NXT.L | $23.8B | +24% | +13% | 19% | 18.8× | 12.5% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | ZAL.DE | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +21.5% | +3.4% | highest of 12 |
| 6-month return | +42.5% | +7.6% | 2nd highest of 12 |
| Distance from 52-week high | -8.9% | -29.9% | 4th highest of 12 |
| Revenue growth (TTM) | +18.1% | +10.9% | 5th highest of 12 |
| Operating margin | 3.9% | 14.3% | 3rd lowest of 12 |
| Forward P/E | 19.6× | 19.7× | 5th cheapest of 10 |
| Growth the price implies (Req g, 7 yrs) | 7.6% | -0.8% | 4th most demanding of 8 |
| Growth delivered (Del g) | +9.1% | +10.8% | 3rd lowest of 8 |
| Hurdle (Req g minus delivered) | -1.5 pp | -13.4 pp | 3rd most demanding of 8 |
| ROIC minus cost of capital | +3.0 pp | +9.3 pp | 5th lowest of 11 |
| EV / EBITDA | 6.7× | 13.4× | 2nd cheapest of 7 |
| Net debt / EBITDA | 0.1× | 0.9× | 4th least indebted of 9 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Zalando ZAL.DE | Germany | $7.64B | +42% | +18% | 4% | 19.6× | 7.6% | +9.1% |
| Etsy ETSY | United States | $7.75B | +40% | +1% | 18% | 19.7× | 12.8% | +10.8% |
| Global-e Online GLBE | United States | $7.22B | +44% | +31% | 14% | 30.9× | 23.4% | +47.8% |
| Rakuten 4755.T | Japan | $8.59B | -18% | +11% | 6% | n/a | -2.0% | +11.4% |
| Vipshop Holdings Ltd Sponsored ADR VIPS | United States | $6.55B | -4% | +2% | 7% | 5.4× | -20.3% | 0.0% |
| Chewy CHWY | United States | $9.07B | -2% | +6% | 3% | 24.1× | 16.8% | +12.0% |
| Zozo 3092.T | Japan | $6.41B | +8% | +6% | 30% | 19.6× | -5.0% | +9.2% |
| FSN E-Commerce Ventures NYKAA.NS | India | $10.7B | +31% | +28% | 5% | 209.2× | n/a | n/a |
| USS 4732.T | Japan | $5.34B | +8% | +11% | 52% | 18.7× | -0.8% | +8.7% |
| Mercari 4385.T | Japan | $3.76B | -5% | +19% | 19% | 15.6× | n/a | n/a |
| Xingyun Technology 300209.SZ | China | $3.15B | +30% | +978% | 23% | n/a | n/a | n/a |
| Coupang CPNG | United States | $29.2B | -4% | +7% | -3% | 55.9× | n/a | n/a |
Zalando has 1 bond outstanding with $557M face value.