# Zalando SE (ZLDSF.US)

Canonical: https://gigainvestors.com/s/ZLDSF

Analysis as of: 2026-10-16T07:33:22.262Z. 

Listing currency: USD. Reporting currency: EUR.

## Verdict

Not enough history yet

Quality tests for Buy: not passed (profit record: pass; earnings resilience is evidence only). Published buy qualification: no.

Share price: $23.63 per share; close as of 2026-10-14.

## Checklist

### understandable: na

### moat: na

### economics: na

### management: na

### accounting: na

## Holders

- [Thomas Russo](https://gigainvestors.com/GR): tracked 13F investor; follow the investor page for holding quarter and amounts.

## Price story

Down 75% since Oct 2021

Story as of 2026-10-16T10:01:27.891Z; price observation 2026-10-14.

## Owner memo

Memo as of 2026-10-16T08:06:05.509Z.

### How it makes money

Operates in internet retail; annual sales are EUR 12.3 billion.

- Source: https://corporate.zalando.com/public/media-download/zalando-se_annual-report-2025_eng_261003_s.pdf?VersionId=NigyLbpXizEX3JRpWbGFjm2b6HWXnsnW#reviewed-original-annual-table (filed 2026-10-16T07:33:22.262Z); FY2025: revenue 12346100000; grossProfit 4923800000; margin = grossProfit / revenue.

### Why customers stay

Margins ranged from 38.7% to 40.7% during 2023–25.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:22.262Z); FY2023: grossProfit / revenue = 38.7%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:22.262Z); FY2024: grossProfit / revenue = 40.7%.

- Source: https://corporate.zalando.com/public/media-download/zalando-se_annual-report-2025_eng_261003_s.pdf?VersionId=NigyLbpXizEX3JRpWbGFjm2b6HWXnsnW (filed 2026-10-16T07:33:22.262Z); FY2025: grossProfit / revenue = 39.9%.

### Where the cash goes

Paid no dividends in 3 years; bought back EUR 98.2 million of shares.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:22.262Z); FY2020: growth capex 0; upkeep 177600000; owner earnings 263000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:22.262Z); FY2021: growth capex 5000000; upkeep 235400000; owner earnings 234500000. Growth capex / owner earnings = 0.021321961620469083.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:22.262Z); FY2022: growth capex 0; upkeep 274500000; owner earnings 54700000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:22.262Z); FY2023: growth capex 0; upkeep 263200000; owner earnings 153800000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:22.262Z); FY2024: growth capex 0; upkeep 206800000; owner earnings 394200000. Growth capex / owner earnings = 0.

- Source: https://corporate.zalando.com/public/media-download/zalando-se_annual-report-2025_eng_261003_s.pdf?VersionId=NigyLbpXizEX3JRpWbGFjm2b6HWXnsnW (filed 2026-10-16T07:33:22.262Z); FY2025: growth capex 0; upkeep 222500000; owner earnings 397500000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:22.262Z); Dividend observations: [[2020,0],[2021,0],[2022,0]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://corporate.zalando.com/public/media-download/zalando-se_annual-report-2025_eng_261003_s.pdf?VersionId=NigyLbpXizEX3JRpWbGFjm2b6HWXnsnW (filed 2026-10-16T07:33:22.262Z); FY2025: cash repurchases 98200000 EUR.

### Are managers owners

Insiders own 11.5% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); ZLDSF.US SharesStats.PercentInsiders = 11.469999999999999 percentage points; cache date 2026-10-16.

### What the price says

The price is 0.4 times annual sales.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:22.262Z); Closing price 23.63 USD; reporting-to-trading FX 1.12128; FY2025 annual sales per share 46.90767477203647; price multiple 0.44926826300017686. FY2025 cash earnings/share 1.510258358662614. Closing-price date 2026-10-14.

## Monthly share-price history (USD per share)

- 2017-03: $38.65 per share

- 2017-04: $44.00 per share

- 2017-05: $44.00 per share

- 2017-06: $48.23 per share

- 2017-11: $51.25 per share

- 2018-01: $58.50 per share

- 2018-03: $58.10 per share

- 2018-05: $52.71 per share

- 2018-06: $55.35 per share

- 2018-08: $53.00 per share

- 2018-09: $38.50 per share

- 2018-10: $38.32 per share

- 2018-11: $31.50 per share

- 2018-12: $26.00 per share

- 2019-01: $31.69 per share

- 2019-02: $36.69 per share

- 2019-03: $39.46 per share

- 2019-04: $46.50 per share

- 2019-06: $44.15 per share

- 2019-07: $45.45 per share

- 2019-08: $48.75 per share

- 2019-10: $46.00 per share

- 2019-11: $42.18 per share

- 2020-01: $50.00 per share

- 2020-02: $48.93 per share

- 2020-03: $34.89 per share

- 2020-04: $45.35 per share

- 2020-05: $51.87 per share

- 2020-06: $71.20 per share

- 2020-07: $72.97 per share

- 2020-08: $86.00 per share

- 2020-09: $93.76 per share

- 2020-10: $95.85 per share

- 2020-11: $98.00 per share

- 2020-12: $107.50 per share

- 2021-01: $115.80 per share

- 2021-02: $120.00 per share

- 2021-03: $104.00 per share

- 2021-04: $109.25 per share

- 2021-05: $103.41 per share

- 2021-06: $119.51 per share

- 2021-07: $118.78 per share

- 2021-08: $111.00 per share

- 2021-09: $112.30 per share

- 2021-10: $93.52 per share

- 2021-11: $88.00 per share

- 2021-12: $79.14 per share

- 2022-01: $75.00 per share

- 2022-02: $66.00 per share

- 2022-03: $51.26 per share

- 2022-04: $51.26 per share

- 2022-05: $35.61 per share

- 2022-06: $26.64 per share

- 2022-07: $26.64 per share

- 2022-08: $23.96 per share

- 2022-09: $22.58 per share

- 2022-10: $24.66 per share

- 2022-11: $35.13 per share

- 2022-12: $35.64 per share

- 2023-01: $35.64 per share

- 2023-02: $40.12 per share

- 2023-03: $39.26 per share

- 2023-04: $39.25 per share

- 2023-05: $39.25 per share

- 2023-06: $29.12 per share

- 2023-07: $29.12 per share

- 2023-08: $29.19 per share

- 2023-09: $29.19 per share

- 2023-10: $21.09 per share

- 2023-11: $25.10 per share

- 2023-12: $23.18 per share

- 2024-01: $19.65 per share

- 2024-02: $21.08 per share

- 2024-03: $21.08 per share

- 2024-04: $28.22 per share

- 2024-05: $26.41 per share

- 2024-06: $23.44 per share

- 2024-07: $23.44 per share

- 2024-08: $23.44 per share

- 2024-09: $32.00 per share

- 2024-10: $31.23 per share

- 2024-11: $29.19 per share

- 2024-12: $32.75 per share

- 2025-01: $32.55 per share

- 2025-02: $38.51 per share

- 2025-03: $31.92 per share

- 2025-04: $31.92 per share

- 2025-05: $34.99 per share

- 2025-06: $30.51 per share

- 2025-07: $31.77 per share

- 2025-08: $29.11 per share

- 2025-09: $29.11 per share

- 2025-10: $31.01 per share

- 2025-11: $31.01 per share

- 2025-12: $26.98 per share

- 2026-01: $30.50 per share

- 2026-02: $30.50 per share

- 2026-03: $30.50 per share

- 2026-04: $30.50 per share

- 2026-05: $26.00 per share

- 2026-06: $26.00 per share

- 2026-07: $26.00 per share

- 2026-08: $26.40 per share

- 2026-09: $26.40 per share

- 2026-10: $23.63 per share

## Annual estimated value (USD per share)

Historical values use today's bond yield for every fiscal year

Historical values use today's FX rate into trading currency for every fiscal year

Historical values use current restated fundamentals and current commodity classification; they are not point-in-time estimates

## Sources

[Original annual-report filing](https://corporate.zalando.com/public/media-download/zalando-se_annual-report-2025_eng_261003_s.pdf?VersionId=NigyLbpXizEX3JRpWbGFjm2b6HWXnsnW); period 2025-12-31, filed see filing.

Estimates depend on assumptions and are not guarantees or investment advice. Underlying data remains subject to its source licenses; public reading does not grant bulk redistribution rights.