# Akzo Nobel NV (AKZA.AS)

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

Analysis as of: 2026-10-16T07:35:41.037Z. Financial observations: FY1996–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 59.16 per share; close as of 2026-10-15.

Estimated value: low EUR 51.38 per share, central EUR 55.83 per share, high EUR 61.76 per share. Buy at or below the central value EUR 55.83 per share. Valuation as of 2026-10-16T07:35:41.037Z; scenarios are not confidence intervals.

Expected annual return: 9.4% at the stated quote. About 9.4% 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: fail

- 6 revenue declines in the last 10 years

- more than 5 revenue declines in ten years

- Financial history: 10 years

- Years with declining revenue: 6

- Years with a net loss: 0

- Operating margin variation: 0.19×

Chart: Operating margin; fiscal year observations.

- FY2016: 0.11×

- FY2017: 0.09×

- FY2018: 0.07×

- FY2019: 0.09×

- FY2020: 0.11×

- FY2021: 0.12×

- FY2022: 0.07×

- FY2023: 0.10×

- FY2024: 0.09×

- FY2025: 0.08×

### moat: fail

- ROIC median below threshold

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

- ROIC, median of available years: 9.7%

- ROIC, second-lowest year: 8.0%

- Typical minus recent gross margin: 1.5 pp

- Typical gross margin (annual median): 41.4%

- Recent gross margin (lower of latest and 3-year median): 39.9%

- Years with nonpositive capital: 0

- Capital spending / revenue: 2.9%

- ROIC including acquisitions, ten-year median: 8.0%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: 17.7%

- FY2017: 8.0%

- FY2018: 9.6%

- FY2019: 9.8%

- FY2020: 12.5%

- FY2021: 13.1%

- FY2022: 6.5%

- FY2023: 10.0%

- FY2024: 9.2%

- FY2025: 8.4%

### economics: fail

- incremental invested capital return below threshold

- Owner earnings / net income, 5-yr: 1.02×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: EUR 2.9B

- Net income, five-year total: EUR 2.8B

- Return on incremental invested capital: 0.0%

- Working capital / revenue, annual change: -0.9 pp

- Working capital / revenue, change between three-year averages: -6.5 pp

- Working capital / revenue, final three-year average: 13.7%

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

- FY2021: 1.00×

- FY2022: 1.05×

- FY2023: 1.03×

- FY2024: 1.01×

- FY2025: 1.02×

### management: fail

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

- potential debt-funded buybacks (informational)

- ROIC first 3 years vs last 3 years: 9.6% vs 9.2%

- Per-share earnings: 4.32 to 3.17 (three-year endpoint medians)

- per-share value declined or ends nonpositive

- material buybacks concentrated at lower earnings yields (Spearman rho below threshold)

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: -2.5%

- Ordinary dilution, 5-year annual growth: -1.9%

- Market cap gain: EUR -4.8B

- Cumulative retained earnings: EUR 4.4B

- Diluted shares, 10-year annual growth: -2.5%

- Diluted shares, 5-year annual growth: -1.9%

- $1 test, starting fiscal year: FY2016

- $1 test, ending fiscal year: FY2025

- Per-share value growth: -3.8%

- Per-share value change: EUR -1.15

- Per-share value, starting three-year median: EUR 4.32

- Per-share value, ending three-year median: EUR 3.17

- Buybacks concentrated in cheaper years (correlation): -0.61

- Average buyback yield: 6.3%

- Buyback history: 7 years

- Debt-funded buybacks: Yes

- Acquisition spending: EUR 1.0B

- Cumulative net income, 10 years: EUR 12B

- ROIC, first three-year median: 9.6%

- ROIC, last three-year median: 9.2%

Chart: Earnings per share; fiscal year observations.

- FY2016: EUR 4.32

- FY2017: EUR 3.71

- FY2018: EUR 29.31

- FY2019: EUR 2.78

- FY2020: EUR 3.34

- FY2021: EUR 4.67

- FY2022: EUR 2.05

- FY2023: EUR 2.59

- FY2024: EUR 3.17

- FY2025: EUR 3.70

### accounting: pass

- Sloan accruals: -2.0%

- Receivables to sales index (DSRI): 1.21×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 0.0%

- Earnings backed by cash: Yes

- Operating cash / earnings: 1.44×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 0.82×

Chart: Sloan accruals; fiscal year observations.

- FY2016: -2.0%

- FY2017: -0.8%

- FY2018: 34.7%

- FY2019: 3.9%

- FY2020: -4.5%

- FY2021: 1.6%

- FY2022: 0.7%

- FY2023: -4.7%

- FY2024: -0.9%

- FY2025: -2.0%

## Holders

## Price story

Down 40% since Oct 2021 · "Akzo Nobel Flags Flat Earnings Outlook as Shares Drop 4.9%" (finance.yahoo.com, Feb 2026) · sales -5.2%

Story as of 2026-10-16T10:00:05.818Z; price observation 2026-10-15.

Price needs cash profits to grow 2% a year for ten years

- 2025-07-22: Akzo Nobel Posts Lower Profit, Sales on Currency Hit, Tepid Markets ([finance.yahoo.com](https://finance.yahoo.com/m/6d1c91d0-379d-34f9-9800-27704ae4d3cf/akzo-nobel-posts-lower.html))

- 2026-02-03: Akzo Nobel Flags Flat Earnings Outlook as Shares Drop 4.9% ([finance.yahoo.com](https://finance.yahoo.com/news/akzo-nobel-flags-flat-earnings-152523673.html))

### Sales · FY2024–2025

sales -5.2%; source https://filings.xbrl.org/724500XYIJUGXAA5QD70/2025-12-31/ESEF/NL/0/akzonobel-2025-12-31-1-en/reports/akzonobel-2025-12-31-1-en.xhtml; observed 2026-03-04.

- FY2016: EUR 14B 

- FY2017: EUR 9.6B 

- FY2018: EUR 9.3B 

- FY2019: EUR 9.3B 

- FY2020: EUR 8.5B 

- FY2021: EUR 9.6B 

- FY2022: EUR 11B 

- FY2023: EUR 11B 

- FY2024: EUR 11B 

- FY2025: EUR 10B 

### Gross margin · FY2025

gross margin 39.9%; source https://filings.xbrl.org/724500XYIJUGXAA5QD70/2025-12-31/ESEF/NL/0/akzonobel-2025-12-31-1-en/reports/akzonobel-2025-12-31-1-en.xhtml; observed 2026-03-04.

- FY2016: 42.3% 

- FY2017: 44.0% 

- FY2018: 42.4% 

- FY2019: 42.8% 

- FY2020: 44.4% 

- FY2021: 40.2% 

- FY2022: 36.2% 

- FY2023: 39.7% 

- FY2024: 40.5% 

- FY2025: 39.9% 

## Owner memo

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

### How it makes money

Operates in specialty chemicals; annual sales are EUR 10.2 billion.

- Source: https://filings.xbrl.org/724500XYIJUGXAA5QD70/2025-12-31/ESEF/NL/0/akzonobel-2025-12-31-1-en/reports/akzonobel-2025-12-31-1-en.xhtml (filed 2026-03-04); FY2025: revenue 10158000000; grossProfit 4049000000; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); AKZA.AS: Akzo Nobel N.V. produces and sells paints and coatings worldwide. It operates through Decorative Paints and Performance Coatings segments. The company offers decorative paints, including paints, enamels, varnishes, and surface preparation products; and a range of mixing machines, color concepts and advice, and training for applicators. It also provides performance coatings that produces engineered coatings designed to deliver functional properties, such as corrosion and fouling control, anti-scratch performance, and fire protection to protect and enhance ships, cars, aircraft, yachts, and architectural components, consumer goods, and oil and gas facilities. The company offers its products under the AkzoNobel, Alabastine, Alba, Andercol, Apla, Armstead Trade, Astral, Astral Batiment, AwlGrip, Brikol, Bruguer, Cetabever, Cetol, Chemcraft, Colourland Paints, CONSOLAN, Coral, Cromadex, Cuprinol, Dulux, Dynacoat, Flexa, Glitsa, Grip-Gard, Hammerite, Herbol, Inca, Innenweis, Interlux, International, Interpon, Lesonal, Levis, Luxol, Mactra, Marshall, Mauvilac, Maxilite, Modern Classikk, Molto, Nordsjo, Oxirite, Pintuco, Pinotex, Polycell, Polyfilla, Procolor, Protecto, Relest, Resicoat, Sadolin, Salcomix, Savana, Sea Hawk, Sikkens, Sparlack, Taubmans, Titanlux, Trimetal, U-Tech, Vivechrom, VPowdertech, Wanda, Xyladecor, and Xylazel brands. The company serves energy, packaging, infrastructure, and shipbuilding and maintenance industries, as well as general industries, such as agricultural and construction equipment, construction-related steel, metal fabrication, pipes, appliances, and transportation. The company was formerly known as Akzo NV and changed its name to Akzo Nobel N.V. in 1994. Akzo Nobel N.V. was founded in 1646 and is headquartered in Amsterdam, the Netherlands.

### Why customers stay

Margins ranged from 39.7% to 40.5% during 2023–25; it earns 9.7% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-04); FY2023: grossProfit / revenue = 39.7%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-04); FY2024: grossProfit / revenue = 40.5%.

- Source: https://filings.xbrl.org/724500XYIJUGXAA5QD70/2025-12-31/ESEF/NL/0/akzonobel-2025-12-31-1-en/reports/akzonobel-2025-12-31-1-en.xhtml (filed 2026-03-04); FY2025: grossProfit / revenue = 39.9%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-04); 10-year return on capital observations [[2016,0.17685235752183612],[2017,0.08030850505310658],[2018,0.09619746138647353],[2019,0.09800434427029803],[2020,0.1249932039154636],[2021,0.1314834920352407],[2022,0.06532292405961675],[2023,0.10017223303878987],[2024,0.09212301894374439],[2025,0.08393788704805327]]; median 0.09710090282838578. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Paid dividends in 10 of 10 years.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-04); FY2016: growth capex 0; upkeep 634000000; owner earnings 618000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-04); FY2017: growth capex 0; upkeep 613000000; owner earnings 495000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-04); FY2018: growth capex 0; upkeep 160000000; owner earnings 6753000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-04); FY2019: growth capex 0; upkeep 214000000; owner earnings 614600000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-04); FY2020: growth capex 0; upkeep 258000000; owner earnings 668200000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-04); FY2021: growth capex 0; upkeep 288000000; owner earnings 832200000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-04); FY2022: growth capex 0; upkeep 292000000; owner earnings 371200000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-04); FY2023: growth capex 0; upkeep 286000000; owner earnings 454400000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-04); FY2024: growth capex 0; upkeep 306000000; owner earnings 548600000. Growth capex / owner earnings = 0.

- Source: https://filings.xbrl.org/724500XYIJUGXAA5QD70/2025-12-31/ESEF/NL/0/akzonobel-2025-12-31-1-en/reports/akzonobel-2025-12-31-1-en.xhtml (filed 2026-03-04); FY2025: growth capex 0; upkeep 309000000; owner earnings 649200000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-04); Dividend observations: [[2016,336000000],[2017,1187000000],[2018,636000000],[2019,1423000000],[2020,366000000],[2021,364000000],[2022,350000000],[2023,343000000],[2024,385000000],[2025,339000000]]. Zero only counted when supported by a complete cash-flow statement.

### Are managers owners

Insiders own 0.1% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); AKZA.AS SharesStats.PercentInsiders = 0.067 percentage points; cache date 2026-10-16.

### What the price says

The price assumes cash profits grow 2% yearly over ten years; actual decline was 1.5%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-04); Ten-year compound average after fade. Initial solved rate 0.015433264677553571. Price 59.16; FX 1; discount 0.1; same standard ten-year fade to terminal 0.03. FY2015 owner earnings/share 4.414328214997173 → FY2025 3.777952747657547. Closing-price date 2026-10-15.

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

- 2016-11: EUR 66.10 per share

- 2016-12: EUR 66.81 per share

- 2017-01: EUR 70.64 per share

- 2017-02: EUR 71.22 per share

- 2017-03: EUR 87.45 per share

- 2017-04: EUR 90.31 per share

- 2017-05: EUR 83.82 per share

- 2017-06: EUR 85.60 per share

- 2017-07: EUR 85.97 per share

- 2017-08: EUR 86.40 per share

- 2017-09: EUR 87.88 per share

- 2017-10: EUR 87.46 per share

- 2017-11: EUR 85.16 per share

- 2017-12: EUR 82.15 per share

- 2018-01: EUR 84.85 per share

- 2018-02: EUR 89.73 per share

- 2018-03: EUR 86.33 per share

- 2018-04: EUR 84.26 per share

- 2018-05: EUR 84.49 per share

- 2018-06: EUR 82.48 per share

- 2018-07: EUR 88.99 per share

- 2018-08: EUR 90.88 per share

- 2018-09: EUR 90.61 per share

- 2018-10: EUR 83.56 per share

- 2018-11: EUR 83.36 per share

- 2018-12: EUR 79.20 per share

- 2019-01: EUR 75.36 per share

- 2019-02: EUR 79.73 per share

- 2019-03: EUR 78.99 per share

- 2019-04: EUR 75.70 per share

- 2019-05: EUR 75.52 per share

- 2019-06: EUR 82.64 per share

- 2019-07: EUR 85.45 per share

- 2019-08: EUR 81.47 per share

- 2019-09: EUR 81.79 per share

- 2019-10: EUR 82.55 per share

- 2019-11: EUR 86.92 per share

- 2019-12: EUR 90.64 per share

- 2020-01: EUR 85.30 per share

- 2020-02: EUR 72.15 per share

- 2020-03: EUR 60.01 per share

- 2020-04: EUR 69.20 per share

- 2020-05: EUR 73.60 per share

- 2020-06: EUR 79.74 per share

- 2020-07: EUR 79.74 per share

- 2020-08: EUR 82.94 per share

- 2020-09: EUR 86.42 per share

- 2020-10: EUR 82.70 per share

- 2020-11: EUR 89.06 per share

- 2020-12: EUR 87.86 per share

- 2021-01: EUR 83.84 per share

- 2021-02: EUR 85.56 per share

- 2021-03: EUR 95.28 per share

- 2021-04: EUR 99.92 per share

- 2021-05: EUR 105.30 per share

- 2021-06: EUR 104.20 per share

- 2021-07: EUR 104.10 per share

- 2021-08: EUR 104.40 per share

- 2021-09: EUR 94.38 per share

- 2021-10: EUR 99.42 per share

- 2021-11: EUR 92.92 per share

- 2021-12: EUR 96.50 per share

- 2022-01: EUR 91.56 per share

- 2022-02: EUR 85.00 per share

- 2022-03: EUR 78.22 per share

- 2022-04: EUR 83.10 per share

- 2022-05: EUR 81.30 per share

- 2022-06: EUR 62.62 per share

- 2022-07: EUR 65.78 per share

- 2022-08: EUR 63.04 per share

- 2022-09: EUR 58.32 per share

- 2022-10: EUR 62.44 per share

- 2022-11: EUR 68.22 per share

- 2022-12: EUR 62.56 per share

- 2023-01: EUR 68.14 per share

- 2023-02: EUR 69.24 per share

- 2023-03: EUR 71.98 per share

- 2023-04: EUR 75.14 per share

- 2023-05: EUR 70.44 per share

- 2023-06: EUR 74.72 per share

- 2023-07: EUR 77.76 per share

- 2023-08: EUR 75.04 per share

- 2023-09: EUR 68.48 per share

- 2023-10: EUR 63.26 per share

- 2023-11: EUR 70.46 per share

- 2023-12: EUR 74.82 per share

- 2024-01: EUR 71.24 per share

- 2024-02: EUR 67.34 per share

- 2024-03: EUR 69.18 per share

- 2024-04: EUR 62.14 per share

- 2024-05: EUR 64.14 per share

- 2024-06: EUR 56.78 per share

- 2024-07: EUR 57.12 per share

- 2024-08: EUR 57.70 per share

- 2024-09: EUR 63.30 per share

- 2024-10: EUR 58.48 per share

- 2024-11: EUR 55.30 per share

- 2024-12: EUR 57.96 per share

- 2025-01: EUR 55.06 per share

- 2025-02: EUR 59.52 per share

- 2025-03: EUR 56.68 per share

- 2025-04: EUR 55.56 per share

- 2025-05: EUR 59.96 per share

- 2025-06: EUR 59.40 per share

- 2025-07: EUR 55.08 per share

- 2025-08: EUR 59.00 per share

- 2025-09: EUR 60.60 per share

- 2025-10: EUR 57.44 per share

- 2025-11: EUR 56.04 per share

- 2025-12: EUR 59.20 per share

- 2026-01: EUR 59.30 per share

- 2026-02: EUR 59.62 per share

- 2026-03: EUR 49.20 per share

- 2026-04: EUR 49.88 per share

- 2026-05: EUR 65.66 per share

- 2026-06: EUR 59.34 per share

- 2026-07: EUR 60.72 per share

- 2026-08: EUR 61.70 per share

- 2026-09: EUR 56.86 per share

- 2026-10: EUR 58.74 per share

## Annual estimated value (EUR per share)

- FY2016: low EUR 35.40 per share, central EUR 39.55 per share, high EUR 45.07 per share

- FY2017: low EUR 26.65 per share, central EUR 29.63 per share, high EUR 33.59 per share

- FY2018: low EUR 58.28 per share, central EUR 61.44 per share, high EUR 65.64 per share

- FY2019: low EUR 40.70 per share, central EUR 45.45 per share, high EUR 51.77 per share

- FY2020: low EUR 41.65 per share, central EUR 46.16 per share, high EUR 52.16 per share

- FY2021: low EUR 51.92 per share, central EUR 58.29 per share, high EUR 66.77 per share

- FY2022: low EUR 63.30 per share, central EUR 70.76 per share, high EUR 80.70 per share

- FY2023: low EUR 54.46 per share, central EUR 60.70 per share, high EUR 69.01 per share

- FY2024: low EUR 42.44 per share, central EUR 47.28 per share, high EUR 53.73 per share

- FY2025: low EUR 43.08 per share, central EUR 47.65 per share, high EUR 53.72 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 2026-10-15T06:41:25.509Z where newer inputs omit a numeric field or fiscal period.

## Sources

[Original ESEF filing](https://filings.xbrl.org/724500XYIJUGXAA5QD70/2025-12-31/ESEF/NL/0/akzonobel-2025-12-31-1-en/reports/akzonobel-2025-12-31-1-en.xhtml); period 2025-12-31, filed 2026-03-04.

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.