# Aalberts Industries NV (AALB.AS)

Canonical: https://gigainvestors.com/s/AALB.AS

Analysis as of: 2026-10-16T07:37:36.622Z. Financial observations: FY2000–FY2025.

Listing currency: EUR. Reporting currency: EUR.

## Verdict

Not a wonderful business

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

Share price: EUR 40.98 per share; close as of 2026-10-15.

Estimated value: low EUR 28.06 per share, central EUR 31.79 per share, high EUR 36.75 per share. Buy at or below the central value EUR 31.79 per share. Valuation as of 2026-10-16T07:37:36.622Z; scenarios are not confidence intervals.

Expected annual return: 8.3% at the stated quote. About 8.3% a year at today's price (required return 10.0%). required return 10.0% a year (10% floor; NL 10-year bond 3.5% + 4 points).

## Checklist

### understandable: pass

- 3 revenue declines in the last 10 years (informational)

- Financial history: 10 years

- Years with declining revenue: 3

- Years with a net loss: 0

- Operating margin variation: 0.24×

Chart: Operating margin; fiscal year observations.

- FY2016: 0.11×

- FY2017: 0.11×

- FY2018: 0.12×

- FY2019: 0.11×

- FY2020: 0.07×

- FY2021: 0.17×

- FY2022: 0.14×

- FY2023: 0.14×

- FY2024: 0.09×

- FY2025: 0.08×

### moat: fail

- ROIC worst years below threshold (more than 1 bad year allowed)

- ROIC, median of available years: 15.4%

- ROIC, second-lowest year: 9.2%

- Typical minus recent gross margin: -0.5 pp

- Typical gross margin (annual median): 62.4%

- Recent gross margin (lower of latest and 3-year median): 62.9%

- Years with nonpositive capital: 0

- Capital spending / revenue: 5.4%

- ROIC including acquisitions, ten-year median: 9.0%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: 14.8%

- FY2017: 17.2%

- FY2018: 18.0%

- FY2019: 14.4%

- FY2020: 9.2%

- FY2021: 21.5%

- FY2022: 16.0%

- FY2023: 16.6%

- FY2024: 9.5%

- FY2025: 7.6%

### economics: fail

- incremental invested capital return below threshold

- Owner earnings / net income, 5-yr: 0.85×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: EUR 1.1B

- Net income, five-year total: EUR 1.3B

- Return on incremental invested capital: 0.6%

- Working capital / revenue, annual change: 0.3 pp

- Working capital / revenue, change between three-year averages: 2.2 pp

- Working capital / revenue, final three-year average: 26.0%

Chart: Annual owner cash / profit; fiscal year observations.

- FY2021: 0.90×

- FY2022: 0.89×

- FY2023: 0.89×

- FY2024: 0.53×

- FY2025: 0.90×

### management: pass

- Historical market-dollar context (not the management verdict): 2016 to 2025 (9 years)

- buybacks leaned toward cheaper years (informational)

- ROIC first 3 years vs last 3 years: 17.2% vs 9.5%

- Per-share earnings: 1.49 to 1.62 (three-year endpoint medians)

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: -0.2%

- Ordinary dilution, 5-year annual growth: -0.3%

- Market cap gain: EUR -834M

- Cumulative retained earnings: EUR 2.1B

- Diluted shares, 10-year annual growth: -0.2%

- Diluted shares, 5-year annual growth: -0.3%

- $1 test, starting fiscal year: FY2016

- $1 test, ending fiscal year: FY2025

- Per-share value growth: 1.0%

- Per-share value change: EUR 0.13

- Per-share value, starting three-year median: EUR 1.49

- Per-share value, ending three-year median: EUR 1.62

- Buybacks concentrated in cheaper years (correlation): 0.26

- Average buyback yield: 0.6%

- Buyback history: 6 years

- Debt-funded buybacks: No

- Acquisition spending: EUR 715M

- Cumulative net income, 10 years: EUR 2.3B

- ROIC, first three-year median: 17.2%

- ROIC, last three-year median: 9.5%

Chart: Earnings per share; fiscal year observations.

- FY2016: EUR 1.45

- FY2017: EUR 1.61

- FY2018: EUR 1.90

- FY2019: EUR 2.04

- FY2020: EUR 1.06

- FY2021: EUR 3.24

- FY2022: EUR 2.86

- FY2023: EUR 2.86

- FY2024: EUR 1.62

- FY2025: EUR 1.37

### accounting: pass

- Sloan accruals: -5.2%

- Receivables to sales index (DSRI): 0.79×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 0.0%

- Earnings backed by cash: Yes

- Operating cash / earnings: 2.52×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 0.65×

Chart: Sloan accruals; fiscal year observations.

- FY2016: -4.3%

- FY2017: -4.5%

- FY2018: -2.7%

- FY2019: -4.4%

- FY2020: -8.0%

- FY2021: 1.9%

- FY2022: 1.7%

- FY2023: -4.3%

- FY2024: -6.0%

- FY2025: -5.2%

## Holders

## Price story

Down 30% since Dec 2021 · sales -1.8%

Story as of 2026-10-16T10:00:09.298Z; price observation 2026-10-15.

Price needs cash profits to grow 4.2% a year for ten years

### Sales · FY2024–2025

sales -1.8%; source https://filings.xbrl.org/549300EMP9DT6Q35HZ31/2024-12-31/ESEF/NL/0/Aalberts_NV-2024-12-31-en/reports/Aalberts_NV-2024-12-31-en.xhtml; observed 2025-04-15.

- FY2016: EUR 2.5B 

- FY2017: EUR 2.7B 

- FY2018: EUR 2.8B 

- FY2019: EUR 2.8B 

- FY2020: EUR 2.6B 

- FY2021: EUR 3.0B 

- FY2022: EUR 3.2B 

- FY2023: EUR 3.3B 

- FY2024: EUR 3.1B 

- FY2025: EUR 3.1B 

### Gross margin · FY2025

gross margin 62.9%; source https://filings.xbrl.org/549300EMP9DT6Q35HZ31/2024-12-31/ESEF/NL/0/Aalberts_NV-2024-12-31-en/reports/Aalberts_NV-2024-12-31-en.xhtml; observed 2025-04-15.

- FY2016: 62.2% 

- FY2017: 62.3% 

- FY2018: 62.5% 

- FY2019: 62.8% 

- FY2020: 61.6% 

- FY2021: 61.8% 

- FY2022: 62.4% 

- FY2023: 62.4% 

- FY2024: 63.2% 

- FY2025: 62.9% 

## Owner memo

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

### How it makes money

Operates in specialty industrial machinery; annual sales are EUR 3.1 billion.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-04-15); FY2025: revenue 3090800000; grossProfit 1943600000; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); AALB.AS: Aalberts N.V., together with its subsidiaries, offers mission-critical technologies for building, industry, and semicon markets in Europe, the United States, the Asia Pacific, the Middle East, and Africa. The company operates through Building, Industry, and Semicon segments. It offers hydronic flow control systems for heating and cooling to enhance energy efficiency; integrated piping systems to distribute and control liquids and gas; advanced mechatronics specializing in vibration isolation, ultra precision frames, and high purity fluid systems; and surface technologies for surface treatments, heat treatments, polymer coatings, brazing, additive manufacturing, and post processing. It sells its products under the BROEN, Henco, ISIFLO, MIFA, and Metalis brands. The company was formerly known as Aalberts Industries N.V. and changed its name to Aalberts N.V. in April 2019. Aalberts N.V. was founded in 1975 and is headquartered in Utrecht, the Netherlands.

### Why customers stay

Margins ranged from 62.4% to 63.2% during 2023–25; it earns 15.4% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-04-15); FY2023: grossProfit / revenue = 62.4%.

- Source: https://filings.xbrl.org/549300EMP9DT6Q35HZ31/2024-12-31/ESEF/NL/0/Aalberts_NV-2024-12-31-en/reports/Aalberts_NV-2024-12-31-en.xhtml (filed 2025-04-15); FY2024: grossProfit / revenue = 63.2%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-04-15); FY2025: grossProfit / revenue = 62.9%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-04-15); 10-year return on capital observations [[2016,0.14824765335446596],[2017,0.17246557934174792],[2018,0.1804498454041892],[2019,0.14388711641224025],[2020,0.09160161996471712],[2021,0.21486674270314385],[2022,0.1601708361930403],[2023,0.16641280408606332],[2024,0.0945661012971055],[2025,0.076102050281858]]; median 0.15420924477375314. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Can it raise prices

Kept about a 62% gross margin through 2022 cost inflation.

- Source: https://filings.xbrl.org/549300EMP9DT6Q35HZ31/2024-12-31/ESEF/NL/0/Aalberts_NV-2024-12-31-en/reports/Aalberts_NV-2024-12-31-en.xhtml (filed 2025-04-15); Gross margin observations: [[2021,0.6178376019603236],[2022,0.6241486068111455],[2023,0.6237364620938628]]; range within 2 percentage points.

### Where the cash goes

Paid dividends in 10 of 10 years; bought back EUR 75.6 million of shares.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-04-15); FY2016: growth capex 0; upkeep 109700000; owner earnings 192400000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-04-15); FY2017: growth capex 0; upkeep 111200000; owner earnings 209400000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-04-15); FY2018: growth capex 600000; upkeep 127500000; owner earnings 238200000. Growth capex / owner earnings = 0.0025188916876574307.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-04-15); FY2019: growth capex 25500000; upkeep 132200000; owner earnings 191140000. Growth capex / owner earnings = 0.13341006592026786.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-04-15); FY2020: growth capex 0; upkeep 118000000; owner earnings 108280000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-04-15); FY2021: growth capex 20400000; upkeep 136400000; owner earnings 323400000. Growth capex / owner earnings = 0.06307977736549165.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-04-15); FY2022: growth capex 13900000; upkeep 188100000; owner earnings 282460000. Growth capex / owner earnings = 0.04921050768250372.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-04-15); FY2023: growth capex 34513784.65483752; upkeep 200086215.34516248; owner earnings 282533784.6548375. Growth capex / owner earnings = 0.12215807995140089.

- Source: https://filings.xbrl.org/549300EMP9DT6Q35HZ31/2024-12-31/ESEF/NL/0/Aalberts_NV-2024-12-31-en/reports/Aalberts_NV-2024-12-31-en.xhtml (filed 2025-04-15); FY2024: growth capex 0; upkeep 262900000; owner earnings 95600000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-04-15); FY2025: growth capex 0; upkeep 203700000; owner earnings 134480000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-04-15); Dividend observations: [[2016,57600000],[2017,64100000],[2018,71900000],[2019,82900000],[2020,88500000],[2021,66400000],[2022,182500000],[2023,122700000],[2024,125000000],[2025,123500000]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-04-15); FY2025: cash repurchases 75600000 EUR.

### Are managers owners

Insiders own 12% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); AALB.AS SharesStats.PercentInsiders = 11.97 percentage points; cache date 2026-10-16.

### What the price says

The price assumes cash profits grow 4.2% yearly over ten years; actual decline was 3.2%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-04-15); Ten-year compound average after fade. Initial solved rate 0.04674040535994883. Price 40.98; FX 1; discount 0.1; same standard ten-year fade to terminal 0.03. FY2015 owner earnings/share 1.7134600807065836 → FY2025 1.2339992108571376. Closing-price date 2026-10-15.

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

- 2016-10: EUR 28.78 per share

- 2016-11: EUR 28.75 per share

- 2016-12: EUR 30.82 per share

- 2017-01: EUR 32.45 per share

- 2017-02: EUR 32.56 per share

- 2017-03: EUR 35.00 per share

- 2017-04: EUR 36.42 per share

- 2017-05: EUR 36.00 per share

- 2017-06: EUR 34.86 per share

- 2017-07: EUR 36.90 per share

- 2017-08: EUR 37.38 per share

- 2017-09: EUR 40.91 per share

- 2017-10: EUR 42.35 per share

- 2017-11: EUR 42.90 per share

- 2017-12: EUR 42.40 per share

- 2018-01: EUR 44.00 per share

- 2018-02: EUR 41.27 per share

- 2018-03: EUR 41.36 per share

- 2018-04: EUR 40.84 per share

- 2018-05: EUR 41.86 per share

- 2018-06: EUR 41.02 per share

- 2018-07: EUR 38.80 per share

- 2018-08: EUR 36.94 per share

- 2018-09: EUR 36.68 per share

- 2018-10: EUR 32.45 per share

- 2018-11: EUR 30.96 per share

- 2018-12: EUR 29.05 per share

- 2019-01: EUR 30.59 per share

- 2019-02: EUR 32.49 per share

- 2019-03: EUR 30.83 per share

- 2019-04: EUR 35.00 per share

- 2019-05: EUR 29.51 per share

- 2019-06: EUR 34.57 per share

- 2019-07: EUR 36.46 per share

- 2019-08: EUR 34.36 per share

- 2019-09: EUR 36.36 per share

- 2019-10: EUR 36.06 per share

- 2019-11: EUR 38.45 per share

- 2019-12: EUR 40.01 per share

- 2020-01: EUR 39.52 per share

- 2020-02: EUR 33.75 per share

- 2020-03: EUR 21.64 per share

- 2020-04: EUR 25.70 per share

- 2020-05: EUR 24.65 per share

- 2020-06: EUR 29.19 per share

- 2020-07: EUR 30.19 per share

- 2020-08: EUR 31.64 per share

- 2020-09: EUR 30.82 per share

- 2020-10: EUR 28.84 per share

- 2020-11: EUR 36.30 per share

- 2020-12: EUR 36.46 per share

- 2021-01: EUR 37.19 per share

- 2021-02: EUR 38.64 per share

- 2021-03: EUR 43.20 per share

- 2021-04: EUR 45.05 per share

- 2021-05: EUR 46.21 per share

- 2021-06: EUR 45.32 per share

- 2021-07: EUR 51.32 per share

- 2021-08: EUR 52.90 per share

- 2021-09: EUR 49.86 per share

- 2021-10: EUR 47.85 per share

- 2021-11: EUR 54.20 per share

- 2021-12: EUR 58.26 per share

- 2022-01: EUR 53.94 per share

- 2022-02: EUR 49.71 per share

- 2022-03: EUR 47.18 per share

- 2022-04: EUR 46.63 per share

- 2022-05: EUR 46.22 per share

- 2022-06: EUR 37.19 per share

- 2022-07: EUR 41.70 per share

- 2022-08: EUR 36.56 per share

- 2022-09: EUR 33.77 per share

- 2022-10: EUR 35.18 per share

- 2022-11: EUR 37.60 per share

- 2022-12: EUR 36.23 per share

- 2023-01: EUR 43.25 per share

- 2023-02: EUR 46.04 per share

- 2023-03: EUR 43.41 per share

- 2023-04: EUR 41.78 per share

- 2023-05: EUR 39.50 per share

- 2023-06: EUR 38.53 per share

- 2023-07: EUR 41.03 per share

- 2023-08: EUR 38.41 per share

- 2023-09: EUR 34.68 per share

- 2023-10: EUR 29.42 per share

- 2023-11: EUR 36.27 per share

- 2023-12: EUR 39.26 per share

- 2024-01: EUR 36.98 per share

- 2024-02: EUR 41.50 per share

- 2024-03: EUR 44.59 per share

- 2024-04: EUR 44.92 per share

- 2024-05: EUR 43.62 per share

- 2024-06: EUR 37.92 per share

- 2024-07: EUR 35.30 per share

- 2024-08: EUR 35.22 per share

- 2024-09: EUR 36.44 per share

- 2024-10: EUR 33.16 per share

- 2024-11: EUR 36.38 per share

- 2024-12: EUR 34.34 per share

- 2025-01: EUR 34.30 per share

- 2025-02: EUR 32.18 per share

- 2025-03: EUR 31.20 per share

- 2025-04: EUR 29.14 per share

- 2025-05: EUR 30.74 per share

- 2025-06: EUR 30.76 per share

- 2025-07: EUR 28.16 per share

- 2025-08: EUR 29.92 per share

- 2025-09: EUR 28.00 per share

- 2025-10: EUR 27.58 per share

- 2025-11: EUR 27.70 per share

- 2025-12: EUR 28.06 per share

- 2026-01: EUR 32.46 per share

- 2026-02: EUR 35.22 per share

- 2026-03: EUR 29.68 per share

- 2026-04: EUR 32.28 per share

- 2026-05: EUR 39.24 per share

- 2026-06: EUR 38.98 per share

- 2026-07: EUR 42.56 per share

- 2026-08: EUR 43.84 per share

- 2026-09: EUR 42.76 per share

- 2026-10: EUR 42.32 per share

## Annual estimated value (EUR per share)

- FY2016: low EUR 16.30 per share, central EUR 18.55 per share, high EUR 21.54 per share

- FY2017: low EUR 18.32 per share, central EUR 21.63 per share, high EUR 25.17 per share

- FY2018: low EUR 19.23 per share, central EUR 22.86 per share, high EUR 26.61 per share

- FY2019: low EUR 24.15 per share, central EUR 30.93 per share, high EUR 36.14 per share

- FY2020: low EUR 19.72 per share, central EUR 22.43 per share, high EUR 26.04 per share

- FY2021: low EUR 24.46 per share, central EUR 29.85 per share, high EUR 34.78 per share

- FY2022: low EUR 30.15 per share, central EUR 37.24 per share, high EUR 43.37 per share

- FY2023: low EUR 31.01 per share, central EUR 38.44 per share, high EUR 44.75 per share

- FY2024: low EUR 26.70 per share, central EUR 30.34 per share, high EUR 35.20 per share

- FY2025: low EUR 26.90 per share, central EUR 30.53 per share, high EUR 35.37 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

Prior published observations retained from 2026-10-15T06:43:14.051Z where newer inputs omit a numeric field or fiscal period.

## Sources

[Original ESEF filing](https://filings.xbrl.org/549300EMP9DT6Q35HZ31/2024-12-31/ESEF/NL/0/Aalberts_NV-2024-12-31-en/reports/Aalberts_NV-2024-12-31-en.xhtml); period 2024-12-31, filed 2025-04-15.

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.