# Andritz AG (ANDR.VI)

Canonical: https://gigainvestors.com/s/ANDR.VI

Analysis as of: 2026-10-16T07:36:10.009Z. Financial observations: FY2000–FY2025.

Listing currency: EUR. Reporting currency: EUR.

## Verdict

A wonderful business at too high a price

Quality tests for Buy: pass (profit record: pass; earnings resilience is evidence only). Published buy qualification: no.

Share price: EUR 80.20 per share; close as of 2026-10-15.

Estimated value: low EUR 62.60 per share, central EUR 69.92 per share, high EUR 79.65 per share. Buy at or below the central value EUR 69.92 per share. Valuation as of 2026-10-16T07:36:10.009Z; scenarios are not confidence intervals.

Expected annual return: 9.0% at the stated quote. About 9.0% a year at today's price (required return 10.0%). required return 10.0% a year (10% floor; AT 10-year bond 3.7% + 4 points).

## Checklist

### understandable: pass

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

- Financial history: 10 years

- Years with declining revenue: 5

- Years with a net loss: 0

- Operating margin variation: 0.17×

Chart: Operating margin; fiscal year observations.

- FY2016: 0.07×

- FY2017: 0.06×

- FY2018: 0.06×

- FY2019: 0.04×

- FY2020: 0.06×

- FY2021: 0.07×

- FY2022: 0.07×

- FY2023: 0.08×

- FY2024: 0.08×

- FY2025: 0.07×

### moat: pass

- Years with nonpositive invested capital use equity plus debt and leases; positive earnings with no positive capital are shown above 100%.

- ROIC, median of available years: 59.2%

- ROIC, second-lowest year: 14.4%

- Typical minus recent gross margin: -0.4 pp

- Typical gross margin (annual median): 49.0%

- Recent gross margin (lower of latest and 3-year median): 49.3%

- Years with nonpositive capital: 2

- Capital spending / revenue: 2.0%

- ROIC including acquisitions, ten-year median: 29.3%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: 14.4%

- FY2017: 9.9%

- FY2018: 34.2%

- FY2019: 34.7%

- FY2020: 72.6%

- FY2021: 77.1%

- FY2022: >100%

- FY2023: 67.6%

- FY2024: 66.2%

- FY2025: 52.1%

### economics: pass

- Owner earnings / net income, 5-yr: 1.07×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: EUR 2.3B

- Net income, five-year total: EUR 2.2B

- Return on incremental invested capital: >100%

- Working capital / revenue, annual change: -2.9 pp

- Working capital / revenue, change between three-year averages: -21.3 pp

- Working capital / revenue, final three-year average: 16.7%

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

- FY2021: 1.25×

- FY2022: 1.14×

- FY2023: 1.02×

- FY2024: 1.01×

- FY2025: 0.99×

### management: pass

- Historical market-dollar context (not the management verdict): 2017 to 2025 (8 years)

- potential debt-funded buybacks (informational)

- buybacks leaned toward cheaper years (informational)

- ROIC first 3 years vs last 3 years: 14.4% vs 66.2%

- Per-share earnings: 2.20 to 4.99 (three-year endpoint medians)

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 5-year annual growth: -0.2%

- Market cap gain: EUR 1.8B

- Cumulative retained earnings: EUR 1.4B

- Diluted shares, 5-year annual growth: -0.2%

- $1 test, starting fiscal year: FY2017

- $1 test, ending fiscal year: FY2025

- Per-share value growth: 14.6%

- Per-share value change: EUR 2.79

- Per-share value, starting three-year median: EUR 2.20

- Per-share value, ending three-year median: EUR 4.99

- Buybacks concentrated in cheaper years (correlation): 0.04

- Average buyback yield: 0.8%

- Buyback history: 7 years

- Debt-funded buybacks: Yes

- Acquisition spending: EUR 911M

- Cumulative net income, 10 years: EUR 3.3B

- ROIC, first three-year median: 14.4%

- ROIC, last three-year median: 66.2%

Chart: Earnings per share; fiscal year observations.

- FY2017: EUR 2.60

- FY2018: EUR 2.20

- FY2019: EUR 1.28

- FY2020: EUR 2.09

- FY2021: EUR 3.28

- FY2022: EUR 4.13

- FY2023: EUR 5.13

- FY2024: EUR 4.99

- FY2025: EUR 4.65

### accounting: pass

- Sloan accruals: -2.3%

- Receivables to sales index (DSRI): 1.16×

- Restructuring years, last five: 0

- Earnings backed by cash: Yes

- Operating cash / earnings: 1.43×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 0.56×

- Stock compensation / operating cash flow: 0.0%

Chart: Sloan accruals; fiscal year observations.

- FY2016: -1.5%

- FY2017: 0.3%

- FY2018: 3.1%

- FY2019: -9.6%

- FY2020: -3.6%

- FY2021: -2.7%

- FY2022: -3.5%

- FY2023: 1.6%

- FY2024: -1.7%

- FY2025: -2.3%

## Holders

## Price story

Price needs cash profits to grow 2.9% a year for ten years · sales -5.2%

Story as of 2026-10-16T10:00:06.993Z; price observation 2026-10-15.

Price needs cash profits to grow 2.9% a year for ten years

### Sales · FY2024–2025

sales -5.2%; source https://filings.xbrl.org/549300VZKC61IR5U8G96/2025-12-31/ESEF/AT/0/andritz-2025-12-31-1-de/reports/andritz-2025-01-31-1-de.xhtml; observed 2026-03-10.

- FY2016: EUR 6.0B 

- FY2017: EUR 5.9B 

- FY2018: EUR 6.0B 

- FY2019: EUR 6.7B 

- FY2020: EUR 6.7B 

- FY2021: EUR 6.5B 

- FY2022: EUR 7.5B 

- FY2023: EUR 8.7B 

- FY2024: EUR 8.3B 

- FY2025: EUR 7.9B 

### Gross margin · FY2025

gross margin 51.1%; source https://filings.xbrl.org/549300VZKC61IR5U8G96/2025-12-31/ESEF/AT/0/andritz-2025-12-31-1-de/reports/andritz-2025-01-31-1-de.xhtml; observed 2026-03-10.

- FY2016: 48.5% 

- FY2017: 49.2% 

- FY2018: 50.4% 

- FY2019: 50.1% 

- FY2020: 45.4% 

- FY2021: 48.7% 

- FY2022: 47.9% 

- FY2023: 45.9% 

- FY2024: 49.3% 

- FY2025: 51.1% 

## Owner memo

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

### How it makes money

Operates in specialty industrial machinery; annual sales are EUR 7.9 billion.

- Source: https://filings.xbrl.org/549300VZKC61IR5U8G96/2025-12-31/ESEF/AT/0/andritz-2025-12-31-1-de/reports/andritz-2025-01-31-1-de.xhtml (filed 2026-03-10); FY2025: revenue 7883100000; grossProfit 4032200000; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); ANDR.VI: Andritz AG engages in the provision of industrial machinery, equipment, and services in Europe, North America, South America, China, Asia, Africa, Australia, and internationally. It operates through four segments: Pulp & Paper, Metals, Hydropower, and Environment & Energy. The Pulp & Paper segment provides technology, automation, and service solutions to produce pulp, paper, board, and tissue; boilers for power generation; nonwovens technologies; panelboard production systems; and recycling, shredding, and energy solutions for various waste materials. Its Metals segment provides technologies, plants, and digital solutions, including automation and software solutions, and process know-how and services; and solutions for the production and processing of flat products for welding systems and furnaces, as well as services for the metals processing industry. The Hydro segment supplies electromechanical equipment, solutions, and services for hydropower stations; services and digital solutions for the operation and maintenance of hydropower plants; and turbo generators for the thermal industry. The Environment & Energy segment provides technologies to produce green hydrogen and renewable fuels, carbon capture and emission reduction, mechanical and thermal solid/liquid separation, grinding, pelletizing, and pumping fluids. It also serves agriculture, aluminum, architecture, automotive and e-mobility, carbon steel, chemicals, desalination, environment, feed, food and beverages, glass, kraft pulp, lime and cement, marine/offshore, mining and minerals, non-ferrous metals, non-woven and textile, oil and gas, panelboard, paper and packaging, pharmaceutical, power generation, recycling, solid biofuels, stainless steel, sugar, thermal power, tissue, and waste industries. The company was founded in 1852 and is headquartered in Graz, Austria.

### Why customers stay

Margins ranged from 45.9% to 51.1% during 2023–25; it earns 59.2% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-10); FY2023: grossProfit / revenue = 45.9%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-10); FY2024: grossProfit / revenue = 49.3%.

- Source: https://filings.xbrl.org/549300VZKC61IR5U8G96/2025-12-31/ESEF/AT/0/andritz-2025-12-31-1-de/reports/andritz-2025-01-31-1-de.xhtml (filed 2026-03-10); FY2025: grossProfit / revenue = 51.1%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-10); 10-year return on capital observations [[2016,0.14389228659997605],[2017,0.09896547810015793],[2018,0.34190922649961303],[2019,0.3473637447542096],[2020,0.7256445673005915],[2021,0.7714071385481827],[2022,1.2592690343680073],[2023,0.6764368140966966],[2024,0.662190159059696],[2025,0.521385496940457]]; median 0.5917878280000766. 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 2026-03-10); FY2016: growth capex 0; upkeep 122086000; owner earnings 309166000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-10); FY2017: growth capex 0; upkeep 115453000; owner earnings 289912000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-10); FY2019: growth capex 0; upkeep 122036000; owner earnings 253422400. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-10); FY2020: growth capex 0; upkeep 87900000; owner earnings 328712200. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-10); FY2021: growth capex 0; upkeep 110300000; owner earnings 407660000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-10); FY2022: growth capex 0; upkeep 155000000; owner earnings 465920000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-10); FY2023: growth capex 0; upkeep 170800000; owner earnings 522500000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-10); FY2024: growth capex 0; upkeep 179500000; owner earnings 501260000. Growth capex / owner earnings = 0.

- Source: https://filings.xbrl.org/549300VZKC61IR5U8G96/2025-12-31/ESEF/AT/0/andritz-2025-12-31-1-de/reports/andritz-2025-01-31-1-de.xhtml (filed 2026-03-10); FY2025: growth capex 0; upkeep 198100000; owner earnings 449460000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-10); Dividend observations: [[2016,137802000],[2017,153090000],[2018,156642000],[2019,156492000],[2020,49700000],[2021,99200000],[2022,163200000],[2023,208300000],[2024,248500000],[2025,253800000]]. Zero only counted when supported by a complete cash-flow statement.

### Are managers owners

Insiders own 31.5% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); ANDR.VI SharesStats.PercentInsiders = 31.5 percentage points; cache date 2026-10-16.

### What the price says

The price assumes cash profits grow 2.9% yearly over ten years.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-10); Ten-year compound average after fade. Initial solved rate 0.028065735761260924. Price 80.2; FX 1; discount 0.1; same standard ten-year fade to terminal 0.03.  Closing-price date 2026-10-15.

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

- 2016-10: EUR 47.65 per share

- 2016-11: EUR 48.68 per share

- 2016-12: EUR 47.70 per share

- 2017-01: EUR 49.97 per share

- 2017-02: EUR 49.31 per share

- 2017-03: EUR 46.89 per share

- 2017-04: EUR 50.77 per share

- 2017-05: EUR 53.41 per share

- 2017-06: EUR 52.74 per share

- 2017-07: EUR 51.77 per share

- 2017-08: EUR 45.71 per share

- 2017-09: EUR 48.91 per share

- 2017-10: EUR 48.54 per share

- 2017-11: EUR 47.06 per share

- 2017-12: EUR 47.09 per share

- 2018-01: EUR 48.32 per share

- 2018-02: EUR 47.70 per share

- 2018-03: EUR 45.40 per share

- 2018-04: EUR 44.56 per share

- 2018-05: EUR 42.70 per share

- 2018-06: EUR 45.46 per share

- 2018-07: EUR 48.52 per share

- 2018-08: EUR 51.00 per share

- 2018-09: EUR 50.25 per share

- 2018-10: EUR 45.76 per share

- 2018-11: EUR 42.52 per share

- 2018-12: EUR 40.12 per share

- 2019-01: EUR 43.12 per share

- 2019-02: EUR 43.90 per share

- 2019-03: EUR 38.24 per share

- 2019-04: EUR 42.50 per share

- 2019-05: EUR 32.20 per share

- 2019-06: EUR 33.10 per share

- 2019-07: EUR 32.36 per share

- 2019-08: EUR 32.04 per share

- 2019-09: EUR 37.50 per share

- 2019-10: EUR 40.28 per share

- 2019-11: EUR 35.40 per share

- 2019-12: EUR 38.40 per share

- 2020-01: EUR 35.56 per share

- 2020-02: EUR 31.92 per share

- 2020-03: EUR 28.58 per share

- 2020-04: EUR 30.00 per share

- 2020-05: EUR 33.74 per share

- 2020-06: EUR 32.40 per share

- 2020-07: EUR 28.48 per share

- 2020-08: EUR 28.04 per share

- 2020-09: EUR 26.36 per share

- 2020-10: EUR 28.92 per share

- 2020-11: EUR 35.34 per share

- 2020-12: EUR 37.48 per share

- 2021-01: EUR 39.20 per share

- 2021-02: EUR 39.72 per share

- 2021-03: EUR 38.34 per share

- 2021-04: EUR 45.20 per share

- 2021-05: EUR 47.16 per share

- 2021-06: EUR 47.38 per share

- 2021-07: EUR 46.48 per share

- 2021-08: EUR 48.66 per share

- 2021-09: EUR 47.28 per share

- 2021-10: EUR 48.98 per share

- 2021-11: EUR 42.00 per share

- 2021-12: EUR 45.38 per share

- 2022-01: EUR 47.04 per share

- 2022-02: EUR 40.00 per share

- 2022-03: EUR 41.98 per share

- 2022-04: EUR 40.76 per share

- 2022-05: EUR 43.12 per share

- 2022-06: EUR 38.44 per share

- 2022-07: EUR 45.54 per share

- 2022-08: EUR 45.98 per share

- 2022-09: EUR 43.64 per share

- 2022-10: EUR 47.06 per share

- 2022-11: EUR 51.95 per share

- 2022-12: EUR 53.55 per share

- 2023-01: EUR 54.80 per share

- 2023-02: EUR 58.45 per share

- 2023-03: EUR 62.30 per share

- 2023-04: EUR 58.85 per share

- 2023-05: EUR 50.15 per share

- 2023-06: EUR 51.05 per share

- 2023-07: EUR 48.06 per share

- 2023-08: EUR 49.08 per share

- 2023-09: EUR 47.82 per share

- 2023-10: EUR 43.40 per share

- 2023-11: EUR 49.76 per share

- 2023-12: EUR 56.40 per share

- 2024-01: EUR 57.15 per share

- 2024-02: EUR 58.10 per share

- 2024-03: EUR 57.80 per share

- 2024-04: EUR 51.40 per share

- 2024-05: EUR 54.95 per share

- 2024-06: EUR 57.85 per share

- 2024-07: EUR 59.15 per share

- 2024-08: EUR 59.60 per share

- 2024-09: EUR 63.65 per share

- 2024-10: EUR 55.35 per share

- 2024-11: EUR 52.90 per share

- 2024-12: EUR 48.98 per share

- 2025-01: EUR 54.80 per share

- 2025-02: EUR 56.70 per share

- 2025-03: EUR 51.70 per share

- 2025-04: EUR 63.05 per share

- 2025-05: EUR 60.85 per share

- 2025-06: EUR 63.10 per share

- 2025-07: EUR 61.25 per share

- 2025-08: EUR 60.15 per share

- 2025-09: EUR 59.90 per share

- 2025-10: EUR 65.60 per share

- 2025-11: EUR 62.25 per share

- 2025-12: EUR 66.75 per share

- 2026-01: EUR 73.00 per share

- 2026-02: EUR 73.55 per share

- 2026-03: EUR 59.50 per share

- 2026-04: EUR 72.30 per share

- 2026-05: EUR 78.10 per share

- 2026-06: EUR 75.60 per share

- 2026-07: EUR 81.20 per share

- 2026-08: EUR 83.40 per share

- 2026-09: EUR 83.60 per share

- 2026-10: EUR 81.80 per share

## Annual estimated value (EUR per share)

- FY2017: low EUR 40.63 per share, central EUR 44.16 per share, high EUR 48.86 per share

- FY2018: low EUR 36.77 per share, central EUR 40.39 per share, high EUR 45.21 per share

- FY2019: low EUR 41.47 per share, central EUR 45.29 per share, high EUR 50.38 per share

- FY2020: low EUR 51.41 per share, central EUR 56.41 per share, high EUR 63.05 per share

- FY2021: low EUR 51.36 per share, central EUR 56.18 per share, high EUR 62.59 per share

- FY2022: low EUR 59.74 per share, central EUR 65.36 per share, high EUR 72.85 per share

- FY2023: low EUR 73.46 per share, central EUR 81.37 per share, high EUR 91.90 per share

- FY2024: low EUR 68.31 per share, central EUR 75.92 per share, high EUR 86.04 per share

- FY2025: low EUR 64.57 per share, central EUR 71.88 per share, high EUR 81.60 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 2026-10-15T06:41:50.764Z where newer inputs omit a numeric field or fiscal period.

## Sources

[Original ESEF filing](https://filings.xbrl.org/549300VZKC61IR5U8G96/2025-12-31/ESEF/AT/0/andritz-2025-12-31-1-de/reports/andritz-2025-01-31-1-de.xhtml); period 2025-12-31, filed 2026-03-10.

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.