# Ackermans & Van Haaren NV (ACKB.BR)

Canonical: https://gigainvestors.com/s/ACKB.BR

Analysis as of: 2026-10-16T07:35:59.517Z. 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 260.20 per share; close as of 2026-10-15.

Estimated value: low EUR 256.44 per share, central EUR 313.73 per share, high EUR 358.25 per share. Buy at or below the central value EUR 313.73 per share. Valuation as of 2026-10-16T07:35:59.517Z; scenarios are not confidence intervals.

Expected annual return: 11.8% at the stated quote. About 11.8% a year at today's price (required return 10.0%). required return 10.0% a year (10% floor; BE 10-year bond 4.3% + 4 points).

## Checklist

### understandable: pass

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

- Financial history: 10 years

- Years with declining revenue: 4

- Years with a net loss: 0

- Operating margin variation: 0.22×

Chart: Operating margin; fiscal year observations.

- FY2016: 0.10×

- FY2017: 0.09×

- FY2018: 0.09×

- FY2019: 0.09×

- FY2020: 0.05×

- FY2021: 0.09×

- FY2022: 0.08×

- FY2023: 0.08×

- FY2024: 0.08×

- FY2025: 0.14×

### moat: fail

- ROIC median below threshold

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

- Recent gross margin fell 14.3pp below the typical margin (limit 4pp)

- ROIC, median of available years: 3.4%

- ROIC, second-lowest year: 2.7%

- Typical minus recent gross margin: 14.3 pp

- Typical gross margin (annual median): 28.0%

- Recent gross margin (lower of latest and 3-year median): 13.7%

- Years with nonpositive capital: 0

- Capital spending / revenue: 8.1%

- ROIC including acquisitions, ten-year median: 3.4%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: 4.4%

- FY2017: 3.8%

- FY2018: 3.9%

- FY2019: 3.2%

- FY2020: 1.3%

- FY2021: 2.7%

- FY2022: 2.7%

- FY2023: 2.8%

- FY2024: 3.5%

- FY2025: 4.9%

### economics: fail

- incremental invested capital return below threshold

- working capital as a share of revenue rose more than 10pp and ends positive

- Owner earnings / net income, 5-yr: 0.97×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: EUR 2.5B

- Net income, five-year total: EUR 2.6B

- Return on incremental invested capital: 10.8%

- Working capital / revenue, annual change: 3.3 pp

- Working capital / revenue, change between three-year averages: 24.1 pp

- Working capital / revenue, final three-year average: 60.4%

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

- FY2021: 0.99×

- FY2022: 0.84×

- FY2023: 0.93×

- FY2024: 1.13×

- FY2025: 1.03×

### 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: 3.9% vs 3.5%

- Per-share earnings: 8.55 to 14.06 (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 3.2B

- Cumulative retained earnings: EUR 3.0B

- 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: 6.4%

- Per-share value change: EUR 5.51

- Per-share value, starting three-year median: EUR 8.55

- Per-share value, ending three-year median: EUR 14.06

- Buybacks concentrated in cheaper years (correlation): 0.50

- Average buyback yield: 0.6%

- Buyback history: 10 years

- Debt-funded buybacks: No

- Acquisition spending: EUR 357M

- Cumulative net income, 10 years: EUR 4.0B

- ROIC, first three-year median: 3.9%

- ROIC, last three-year median: 3.5%

Chart: Earnings per share; fiscal year observations.

- FY2016: EUR 6.74

- FY2017: EUR 9.10

- FY2018: EUR 8.71

- FY2019: EUR 11.89

- FY2020: EUR 6.93

- FY2021: EUR 12.26

- FY2022: EUR 21.38

- FY2023: EUR 12.17

- FY2024: EUR 14.06

- FY2025: EUR 18.11

### accounting: pass

- Sloan accruals: -0.7%

- Receivables to sales index (DSRI): 1.37×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 0.1%

- Earnings backed by cash: Yes

- Operating cash / earnings: 1.25×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 0.08×

Chart: Sloan accruals; fiscal year observations.

- FY2016: -3.4%

- FY2017: -1.8%

- FY2018: -1.0%

- FY2019: -1.1%

- FY2020: -2.1%

- FY2021: -2.1%

- FY2022: 0.0%

- FY2023: -1.3%

- FY2024: -4.7%

- FY2025: -0.7%

## Holders

## Price story

Price needs cash profits to grow 0.9% a year for ten years · sales -1.4%

Story as of 2026-10-16T10:00:06.472Z; price observation 2026-10-15.

Price needs cash profits to grow 0.9% a year for ten years

### Sales · FY2024–2025

sales -1.4%; source https://filings.xbrl.org/5493005E2GHATS0Z6J59/2023-12-31/ESEF/BE/0/5493005E2GHATS0Z6J59-2023-12-31-nl/reports/5493005E2GHATS0Z6J59-2023-12-31-nl.xhtml; observed 2024-04-02.

- FY2016: EUR 3.7B 

- FY2017: EUR 4.0B 

- FY2018: EUR 4.5B 

- FY2019: EUR 4.3B 

- FY2020: EUR 3.9B 

- FY2021: EUR 4.3B 

- FY2022: EUR 4.4B 

- FY2023: EUR 5.2B 

- FY2024: EUR 6.0B 

- FY2025: EUR 6.0B 

### Gross margin · FY2025

gross margin 13.7%; source https://filings.xbrl.org/5493005E2GHATS0Z6J59/2023-12-31/ESEF/BE/0/5493005E2GHATS0Z6J59-2023-12-31-nl/reports/5493005E2GHATS0Z6J59-2023-12-31-nl.xhtml; observed 2024-04-02.

- FY2016: 52.3% 

- FY2017: 50.0% 

- FY2018: 48.8% 

- FY2019: 21.4% 

- FY2020: 5.4% 

- FY2021: 9.5% 

- FY2022: 8.5% 

- FY2023: 36.1% 

- FY2024: 34.6% 

- FY2025: 13.7% 

## Owner memo

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

### How it makes money

Operates in engineering & construction; annual sales are EUR 6 billion.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2024-04-02); FY2025: revenue 5961612000; grossProfit 819533000; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); ACKB.BR: Ackermans & Van Haaren NV engages in marine engineering and contracting, private banking, real estate, energy and resources, and growth capital businesses worldwide. The Marine Engineering & Contracting segment engages in the marine construction activities, including dredging and civil works on water, as well as offshore activities in the areas of renewable energy, oil and gas, soil and sludge remediation, and aggregate and mineral extraction; real estate development, multitechnics, and construction and renovation activities; and development of port projects and related industrial zones, as well as offshore wind farms. The Private Banking segment offers discretionary asset management services for private clients; and specialized advisory banking services for entrepreneurs and liberal professionals, as well as financing and financial leasing services for cars, equipment, charging stations, and bicycles. The Real Estate segment develops mixed real estate projects, including redevelopment of iconic buildings and new constructions and residential, retail, and office properties. The Energy & Resources segment produces crude palm oil and bananas; offers hybrid palm oil seeds; and manufactures cement. The AvH & Growth Capital segment provides engineering and solutions in production process automation; validation and compliance services; compact biogas installation; specialty chemicals; and logistics services for rail, port and road transport, and intermodal transport, and warehousing. It also offers crop and food protection products and deals and leases commercial vehicles, as well as distributes aftermarket products. The company also develops medical devices and medicines for the treatment of cancer and genetic diseases. Ackermans & Van Haaren NV was founded in 1876 and is based in Antwerp, Belgium.

### Why customers stay

Margins ranged from 13.7% to 36.1% during 2023–25; it earns 3.4% on its capital.

- Source: https://filings.xbrl.org/5493005E2GHATS0Z6J59/2023-12-31/ESEF/BE/0/5493005E2GHATS0Z6J59-2023-12-31-nl/reports/5493005E2GHATS0Z6J59-2023-12-31-nl.xhtml (filed 2024-04-02); FY2023: grossProfit / revenue = 36.1%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2024-04-02); FY2024: grossProfit / revenue = 34.6%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2024-04-02); FY2025: grossProfit / revenue = 13.7%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2024-04-02); 10-year return on capital observations [[2016,0.04362095790265196],[2017,0.0376704699937431],[2018,0.038984718543559525],[2019,0.0322330896551107],[2020,0.01306148318413508],[2021,0.027067695910982705],[2022,0.027451393559741917],[2023,0.028082669058330293],[2024,0.03535180754094862],[2025,0.0485159939997976]]; median 0.033792448598029656. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Paid dividends in 10 of 10 years; bought back EUR 11.3 million of shares.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2024-04-02); FY2016: growth capex 0; upkeep 217138000; owner earnings 270009000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2024-04-02); FY2017: growth capex 222526000; upkeep 269315000; owner earnings 302530000. Growth capex / owner earnings = 0.7355501933692526.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2024-04-02); FY2018: growth capex 208872000; upkeep 297044000; owner earnings 289639000. Growth capex / owner earnings = 0.721145978269501.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2024-04-02); FY2019: growth capex 0; upkeep 503154000; owner earnings 195757800. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2024-04-02); FY2020: growth capex 0; upkeep 236598000; owner earnings 309558600. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2024-04-02); FY2021: growth capex 0; upkeep 319018000; owner earnings 401206600. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2024-04-02); FY2022: growth capex 58216555.49147242; upkeep 456313444.5085276; owner earnings 597097208.7335042. Growth capex / owner earnings = 0.09749929264441692.

- Source: https://filings.xbrl.org/5493005E2GHATS0Z6J59/2023-12-31/ESEF/BE/0/5493005E2GHATS0Z6J59-2023-12-31-nl/reports/5493005E2GHATS0Z6J59-2023-12-31-nl.xhtml (filed 2024-04-02); FY2023: growth capex 48703000; upkeep 385286000; owner earnings 371323055.68870896. Growth capex / owner earnings = 0.13116072178623123.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2024-04-02); FY2024: growth capex 0; upkeep 310160000; owner earnings 521939503.7844702. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2024-04-02); FY2025: growth capex 0; upkeep 469425000; owner earnings 610050807.3900748. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2024-04-02); Dividend observations: [[2016,64980000],[2017,67638000],[2018,73019000],[2019,76741000],[2020,76813000],[2021,77890000],[2022,91085000],[2023,102511000],[2024,111301000],[2025,124432000]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2024-04-02); FY2025: cash repurchases 11309000 EUR.

### Are managers owners

Insiders own 33.3% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); ACKB.BR SharesStats.PercentInsiders = 33.338 percentage points; cache date 2026-10-16.

### What the price says

The price assumes cash profits grow 0.9% yearly over ten years; actual growth was 9.8%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2024-04-02); Ten-year compound average after fade. Initial solved rate -0.0002783141691393154. Price 260.2; FX 1; discount 0.1; same standard ten-year fade to terminal 0.03. FY2015 owner earnings/share 7.309958067807937 → FY2025 18.642875267856702. Closing-price date 2026-10-15.

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

- 2016-10: EUR 126.55 per share

- 2016-11: EUR 123.70 per share

- 2016-12: EUR 132.10 per share

- 2017-01: EUR 126.10 per share

- 2017-02: EUR 130.50 per share

- 2017-03: EUR 147.30 per share

- 2017-04: EUR 150.20 per share

- 2017-05: EUR 151.65 per share

- 2017-06: EUR 146.20 per share

- 2017-07: EUR 152.80 per share

- 2017-08: EUR 141.20 per share

- 2017-09: EUR 148.35 per share

- 2017-10: EUR 147.05 per share

- 2017-11: EUR 146.75 per share

- 2017-12: EUR 145.15 per share

- 2018-01: EUR 150.10 per share

- 2018-02: EUR 148.30 per share

- 2018-03: EUR 142.20 per share

- 2018-04: EUR 149.80 per share

- 2018-05: EUR 146.00 per share

- 2018-06: EUR 147.50 per share

- 2018-07: EUR 156.00 per share

- 2018-08: EUR 153.60 per share

- 2018-09: EUR 149.90 per share

- 2018-10: EUR 139.10 per share

- 2018-11: EUR 141.90 per share

- 2018-12: EUR 131.80 per share

- 2019-01: EUR 139.70 per share

- 2019-02: EUR 138.50 per share

- 2019-03: EUR 134.50 per share

- 2019-04: EUR 143.40 per share

- 2019-05: EUR 137.10 per share

- 2019-06: EUR 131.90 per share

- 2019-07: EUR 131.80 per share

- 2019-08: EUR 131.60 per share

- 2019-09: EUR 139.40 per share

- 2019-10: EUR 137.30 per share

- 2019-11: EUR 136.50 per share

- 2019-12: EUR 139.70 per share

- 2020-01: EUR 144.50 per share

- 2020-02: EUR 129.50 per share

- 2020-03: EUR 118.70 per share

- 2020-04: EUR 120.90 per share

- 2020-05: EUR 123.70 per share

- 2020-06: EUR 116.40 per share

- 2020-07: EUR 109.00 per share

- 2020-08: EUR 119.10 per share

- 2020-09: EUR 110.70 per share

- 2020-10: EUR 105.60 per share

- 2020-11: EUR 122.00 per share

- 2020-12: EUR 123.00 per share

- 2021-01: EUR 126.20 per share

- 2021-02: EUR 133.60 per share

- 2021-03: EUR 135.60 per share

- 2021-04: EUR 133.00 per share

- 2021-05: EUR 132.10 per share

- 2021-06: EUR 142.40 per share

- 2021-07: EUR 145.30 per share

- 2021-08: EUR 156.00 per share

- 2021-09: EUR 148.90 per share

- 2021-10: EUR 148.70 per share

- 2021-11: EUR 146.20 per share

- 2021-12: EUR 168.70 per share

- 2022-01: EUR 171.00 per share

- 2022-02: EUR 167.00 per share

- 2022-03: EUR 169.20 per share

- 2022-04: EUR 170.40 per share

- 2022-05: EUR 157.30 per share

- 2022-06: EUR 142.50 per share

- 2022-07: EUR 143.60 per share

- 2022-08: EUR 145.80 per share

- 2022-09: EUR 130.10 per share

- 2022-10: EUR 141.10 per share

- 2022-11: EUR 151.00 per share

- 2022-12: EUR 160.20 per share

- 2023-01: EUR 158.90 per share

- 2023-02: EUR 160.30 per share

- 2023-03: EUR 152.00 per share

- 2023-04: EUR 159.60 per share

- 2023-05: EUR 153.30 per share

- 2023-06: EUR 150.80 per share

- 2023-07: EUR 158.40 per share

- 2023-08: EUR 145.20 per share

- 2023-09: EUR 143.10 per share

- 2023-10: EUR 140.30 per share

- 2023-11: EUR 151.70 per share

- 2023-12: EUR 158.80 per share

- 2024-01: EUR 154.90 per share

- 2024-02: EUR 155.30 per share

- 2024-03: EUR 162.00 per share

- 2024-04: EUR 161.50 per share

- 2024-05: EUR 162.90 per share

- 2024-06: EUR 161.50 per share

- 2024-07: EUR 177.40 per share

- 2024-08: EUR 179.80 per share

- 2024-09: EUR 190.70 per share

- 2024-10: EUR 186.70 per share

- 2024-11: EUR 187.90 per share

- 2024-12: EUR 190.50 per share

- 2025-01: EUR 187.60 per share

- 2025-02: EUR 195.80 per share

- 2025-03: EUR 199.80 per share

- 2025-04: EUR 215.20 per share

- 2025-05: EUR 224.00 per share

- 2025-06: EUR 217.00 per share

- 2025-07: EUR 215.40 per share

- 2025-08: EUR 221.60 per share

- 2025-09: EUR 218.00 per share

- 2025-10: EUR 216.00 per share

- 2025-11: EUR 220.40 per share

- 2025-12: EUR 232.00 per share

- 2026-01: EUR 249.80 per share

- 2026-02: EUR 290.60 per share

- 2026-03: EUR 262.60 per share

- 2026-04: EUR 280.20 per share

- 2026-05: EUR 271.80 per share

- 2026-06: EUR 285.80 per share

- 2026-07: EUR 269.20 per share

- 2026-08: EUR 273.40 per share

- 2026-09: EUR 264.60 per share

- 2026-10: EUR 263.20 per share

## Annual estimated value (EUR per share)

- FY2016: low EUR 127.95 per share, central EUR 140.18 per share, high EUR 156.48 per share

- FY2017: low EUR 127.03 per share, central EUR 140.29 per share, high EUR 157.95 per share

- FY2018: low EUR 146.12 per share, central EUR 196.89 per share, high EUR 226.45 per share

- FY2019: low EUR 140.19 per share, central EUR 168.46 per share, high EUR 190.35 per share

- FY2020: low EUR 134.55 per share, central EUR 147.65 per share, high EUR 165.10 per share

- FY2021: low EUR 149.78 per share, central EUR 164.72 per share, high EUR 184.61 per share

- FY2022: low EUR 185.75 per share, central EUR 246.99 per share, high EUR 282.65 per share

- FY2023: low EUR 182.88 per share, central EUR 215.68 per share, high EUR 245.56 per share

- FY2024: low EUR 279.60 per share, central EUR 326.98 per share, high EUR 366.72 per share

- FY2025: low EUR 255.02 per share, central EUR 312.21 per share, high EUR 356.64 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 2026-10-15T06:41:42.815Z where newer inputs omit a numeric field or fiscal period.

## Sources

[Original ESEF filing](https://filings.xbrl.org/5493005E2GHATS0Z6J59/2023-12-31/ESEF/BE/0/5493005E2GHATS0Z6J59-2023-12-31-nl/reports/5493005E2GHATS0Z6J59-2023-12-31-nl.xhtml); period 2023-12-31, filed 2024-04-02.

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.