Zalando SE (ZAL) - Net Assets
Based on the latest financial reports, Zalando SE (ZAL) has net assets worth €2.83 Billion EUR (≈ $3.30 Billion USD) as of December 2025. Net assets (also known as shareholders' equity or book value) represent the difference between a company's total assets (€9.69 Billion ≈ $11.33 Billion USD) and total liabilities (€6.87 Billion ≈ $8.03 Billion USD). This figure indicates the residual interest in the assets after deducting liabilities, essentially showing what would remain for shareholders if all assets were liquidated and all debts paid off. Check Zalando SE (ZAL) asset resilience to evaluate the company's liquid asset resilience ratio.
Key Net Assets Metrics
| Metric | Value |
|---|---|
| Current Net Assets | €2.83 Billion |
| % of Total Assets | 29.16% |
| Annual Growth Rate | 33.98% |
| 5-Year Change | 27.36% |
| 10-Year Change | 100.78% |
| Growth Volatility | 91.9 |
Zalando SE - Net Assets Trend (2010–2025)
This chart illustrates how Zalando SE's net assets have evolved over time, based on quarterly financial data. Also explore how large is Zalando SE's balance sheet for the complete picture of this company's asset base.
Annual Net Assets for Zalando SE (2010–2025)
The table below shows the annual net assets of Zalando SE from 2010 to 2025. For live valuation and market cap data, see ZAL market cap.
| Year | Net Assets | Change |
|---|---|---|
| 2025-12-31 | €2.83 Billion ≈ $3.30 Billion |
+6.02% |
| 2024-12-31 | €2.67 Billion ≈ $3.12 Billion |
+12.31% |
| 2023-12-31 | €2.37 Billion ≈ $2.77 Billion |
+7.91% |
| 2022-12-31 | €2.20 Billion ≈ $2.57 Billion |
-0.88% |
| 2021-12-31 | €2.22 Billion ≈ $2.59 Billion |
+3.15% |
| 2020-12-31 | €2.15 Billion ≈ $2.51 Billion |
+27.76% |
| 2019-12-31 | €1.68 Billion ≈ $1.97 Billion |
+8.69% |
| 2018-12-31 | €1.55 Billion ≈ $1.81 Billion |
+0.66% |
| 2017-12-31 | €1.54 Billion ≈ $1.80 Billion |
+9.34% |
| 2016-12-31 | €1.41 Billion ≈ $1.65 Billion |
+10.71% |
| 2015-12-31 | €1.27 Billion ≈ $1.49 Billion |
+12.83% |
| 2014-12-31 | €1.13 Billion ≈ $1.32 Billion |
+106.16% |
| 2013-12-31 | €546.51 Million ≈ $638.93 Million |
+19.27% |
| 2012-12-31 | €458.20 Million ≈ $535.68 Million |
+334.21% |
| 2011-12-31 | €105.52 Million ≈ $123.37 Million |
+200.65% |
| 2010-12-31 | €35.10 Million ≈ $41.03 Million |
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Equity Component Analysis
This analysis shows how different components contribute to Zalando SE's total equity over time. Equity components include common stock, retained earnings, additional paid-in capital, and other elements.
Equity Composition Insights
- Retained earnings have grown by 130208500000.0% over the analyzed period, indicating profitable operations and earnings retention.
Current Equity Component Breakdown (December 2025)
| Component | Amount | Percentage |
|---|---|---|
| Retained Earnings | €1.28 Billion | 45.19% |
| Common Stock | €258.20 Million | 9.14% |
| Other Comprehensive Income | €18.70 Million | 0.66% |
| Other Components | €1.27 Billion | 45.01% |
| Total Equity | €2.83 Billion | 100.00% |
Zalando SE Competitors by Market Cap
The table below lists competitors of Zalando SE ranked by their market capitalization.
| Company | Market Cap |
|---|---|
|
B2Gold Corp
TO:BTO
|
$5.74 Billion |
|
IOI Properties Group Bhd
KLSE:5249
|
$5.74 Billion |
|
Hubei Xingfa Chemicals Group Co Ltd
SHG:600141
|
$5.74 Billion |
|
Onex Corp
TO:ONEX
|
$5.74 Billion |
|
SSR Mining Inc
NASDAQ:SSRM
|
$5.73 Billion |
|
Rumo S.A
SA:RAIL3
|
$5.73 Billion |
|
Kion Group AG
XETRA:KGX
|
$5.73 Billion |
|
Technip Energies BV
PA:TE
|
$5.73 Billion |
Equity Growth Attribution
This analysis shows how different factors contributed to changes in Zalando SE's equity between the two most recent reporting periods.
Equity Growth Insights
- From 2024 to 2025, total equity changed from 2,665,300,000 to 2,825,800,000, a change of 160,500,000 (6.0%).
- Net income of 215,100,000 contributed positively to equity growth.
- Share repurchases of 194,800,000 reduced equity.
- New share issuances of 600,000 increased equity.
- Other comprehensive income decreased equity by 5,700,000.
- Other factors increased equity by 145,300,000.
Equity Change Factors (2024 to 2025)
| Factor | Impact | Contribution |
|---|---|---|
| Net Income | €215.10 Million | +7.61% |
| Share Repurchases | €194.80 Million | -6.89% |
| Share Issuances | €600.00K | +0.02% |
| Other Comprehensive Income | €-5.70 Million | -0.2% |
| Other Changes | €145.30 Million | +5.14% |
| Total Change | €- | 6.02% |
Book Value vs Market Value Analysis
This analysis compares Zalando SE's book value (net assets) with its market value over time. The relationship between these values can provide insights into investor sentiment and company valuation.
Valuation Insights
- Current price-to-book ratio: 1.96x
- The company is trading above its book value, indicating the market recognizes value beyond its reported assets.
- The price-to-book ratio has decreased from 146.66x to 1.96x over the analyzed period, indicating reduced market premium.
Historical Price-to-Book Ratios
| Date | Book Value per Share | Market Price | P/B Ratio |
|---|---|---|---|
| 2010-12-31 | €0.14 | €21.03 | x |
| 2011-12-31 | €0.43 | €21.03 | x |
| 2012-12-31 | €1.87 | €21.03 | x |
| 2013-12-31 | €2.23 | €21.03 | x |
| 2014-12-31 | €4.89 | €21.03 | x |
| 2015-12-31 | €5.00 | €21.03 | x |
| 2016-12-31 | €5.49 | €21.03 | x |
| 2017-12-31 | €5.93 | €21.03 | x |
| 2018-12-31 | €6.00 | €21.03 | x |
| 2019-12-31 | €6.57 | €21.03 | x |
| 2020-12-31 | €8.23 | €21.03 | x |
| 2021-12-31 | €8.37 | €21.03 | x |
| 2022-12-31 | €8.47 | €21.03 | x |
| 2023-12-31 | €9.06 | €21.03 | x |
| 2024-12-31 | €10.18 | €21.03 | x |
| 2025-12-31 | €10.74 | €21.03 | x |
Capital Efficiency Dashboard
This dashboard shows how efficiently Zalando SE utilizes its equity to generate returns, including Return on Equity (ROE) and its components based on the DuPont analysis framework.
Capital Efficiency Insights
- Current Return on Equity (ROE): 7.61%
- The company has moderate efficiency in generating returns from equity.
- DuPont Analysis Breakdown:
- • Net Profit Margin: 1.74%
- • Asset Turnover: 1.27x
- • Equity Multiplier: 3.43x
- Recent ROE (7.61%) is above the historical average (-5.11%), indicating improving capital efficiency.
Historical Capital Efficiency Metrics
| Year | Return on Equity | Net Profit Margin | Asset Turnover | Equity Multiplier | Economic Value Added |
|---|---|---|---|---|---|
| 2010 | -65.88% | -15.02% | 1.57x | 2.80x | €-26.63 Million |
| 2011 | -56.62% | -11.72% | 1.86x | 2.60x | €-70.29 Million |
| 2012 | -18.57% | -7.34% | 1.40x | 1.80x | €-130.89 Million |
| 2013 | -21.33% | -6.62% | 1.64x | 1.96x | €-171.24 Million |
| 2014 | 4.18% | 2.13% | 1.24x | 1.58x | €-65.57 Million |
| 2015 | 9.56% | 4.11% | 1.40x | 1.66x | €-5.63 Million |
| 2016 | 8.56% | 3.31% | 1.43x | 1.80x | €-20.24 Million |
| 2017 | 6.70% | 2.30% | 1.51x | 1.94x | €-50.80 Million |
| 2018 | 3.32% | 0.95% | 1.67x | 2.09x | €-103.52 Million |
| 2019 | 5.92% | 1.54% | 1.50x | 2.57x | €-68.69 Million |
| 2020 | 10.51% | 2.83% | 1.23x | 3.02x | €10.97 Million |
| 2021 | 10.57% | 2.26% | 1.50x | 3.11x | €12.60 Million |
| 2022 | 0.76% | 0.16% | 1.36x | 3.47x | €-203.12 Million |
| 2023 | 3.50% | 0.82% | 1.25x | 3.42x | €-154.31 Million |
| 2024 | 9.42% | 2.38% | 1.32x | 3.00x | €-15.43 Million |
| 2025 | 7.61% | 1.74% | 1.27x | 3.43x | €-67.48 Million |
Industry Comparison
This section compares Zalando SE's net assets metrics with peer companies in the Internet Retail industry.
Industry Context
- Industry: Internet Retail
- Average net assets among peers: $84,350,462,608
- Average return on equity (ROE) among peers: -28.69%
Peer Company Comparison
| Company | Net Assets | Return on Equity | Debt-to-Equity | Market Cap |
|---|---|---|---|---|
| Zalando SE (ZAL) | €2.83 Billion | -65.88% | 2.43x | $5.73 Billion |
| JD.com Inc Adr (013A) | $313.30 Billion | 13.20% | 1.23x | $34.07 Billion |
| JD.com Inc. (013C) | $246.78 Billion | -1.44% | 1.01x | $38.44 Billion |
| Vipshop Holdings Limited (1VPA) | $22.25 Billion | 18.05% | 1.18x | $5.78 Billion |
| Baozun Inc (2BZA) | $5.78 Billion | -3.20% | 0.77x | $124.11 Million |
| GIGLIO.COM S.P.A. O.N. (5JR0) | $7.84 Million | -16.31% | 1.07x | $6.29 Million |
| MERCARI INC. UNSP.ADR/1/2 (6TP0) | $99.64 Billion | 26.21% | 4.46x | $3.35 Billion |
| Coupang Inc. (788) | $2.18 Billion | -70.91% | 2.97x | $33.56 Billion |
| D-MARKET E.S.+T.SP.ADR/1B (8WZ) | $3.37 Billion | -205.50% | 3.93x | $834.81 Million |
| MEITUAN UNSP.ADR/2B (9MDA) | $125.56 Billion | -18.75% | 0.92x | $58.22 Billion |
| Pinduoduo Inc (9PDA) | $24.65 Billion | -28.27% | 2.09x | $124.36 Billion |
About Zalando SE
Zalando SE operates an online platform for fashion and lifestyle products in Germany and internationally. The company operates through Business-to-Business and Business-to-Consumer segments. It engages in the development, sourcing, marketing, retail, and commission sale of various type of goods, including shoes, apparel, accessories, and beauty products with free delivery and returns, as well as … Read more