# Arcadis N.V. (ARCAD.AS)

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

Analysis as of: 2026-10-16T07:38:17.333Z. Financial observations: FY1996–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 40.74 per share; close as of 2026-10-15.

Estimated value: low EUR 31.71 per share, central EUR 35.79 per share, high EUR 41.23 per share. Buy at or below the central value EUR 35.79 per share. Valuation as of 2026-10-16T07:38:17.333Z; scenarios are not confidence intervals.

Expected annual return: 9.1% at the stated quote. About 9.1% 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

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

- Financial history: 10 years

- Years with declining revenue: 5

- Years with a net loss: 1

- Operating margin variation: 0.33×

Chart: Operating margin; fiscal year observations.

- FY2016: 0.03×

- FY2017: 0.04×

- FY2018: 0.03×

- FY2019: 0.05×

- FY2020: 0.02×

- FY2021: 0.07×

- FY2022: 0.05×

- FY2023: 0.06×

- 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: 20.1%

- ROIC, second-lowest year: 10.3%

- Typical minus recent gross margin: 0.0 pp

- Typical gross margin (annual median): 17.0%

- Recent gross margin (lower of latest and 3-year median): 17.0%

- Years with nonpositive capital: 2

- Capital spending / revenue: 1.1%

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

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: 9.1%

- FY2017: 10.3%

- FY2018: 15.6%

- FY2019: 19.7%

- FY2020: 11.9%

- FY2021: 44.3%

- FY2022: 20.6%

- FY2023: 32.0%

- FY2024: 43.3%

- FY2025: 45.5%

### economics: pass

- Owner earnings / net income, 5-yr: 1.18×

- Cash conversion uses consolidated totals: No

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

- Net income, five-year total: EUR 910M

- Return on incremental invested capital: >100%

- Working capital / revenue, annual change: -1.3 pp

- Working capital / revenue, change between three-year averages: -10.8 pp

- Working capital / revenue, final three-year average: 17.6%

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

- FY2021: 0.72×

- FY2022: 1.19×

- FY2023: 1.48×

- FY2024: 1.18×

- FY2025: 1.31×

### 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: 10.3% vs 43.3%

- Per-share earnings: 1.13 to 2.34 (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 2.9B

- Cumulative retained earnings: EUR 291M

- 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: 9.5%

- Per-share value change: EUR 1.21

- Per-share value, starting three-year median: EUR 1.13

- Per-share value, ending three-year median: EUR 2.34

- Buybacks concentrated in cheaper years (correlation): 0.40

- Average buyback yield: 2.2%

- Buyback history: 9 years

- Debt-funded buybacks: No

- Acquisition spending: EUR 754M

- Cumulative net income, 10 years: EUR 1.0B

- ROIC, first three-year median: 10.3%

- ROIC, last three-year median: 43.3%

Chart: Earnings per share; fiscal year observations.

- FY2016: EUR 3.47

- FY2017: EUR 1.07

- FY2018: EUR -0.61

- FY2019: EUR 0.14

- FY2020: EUR 0.21

- FY2021: EUR 1.89

- FY2022: EUR 1.47

- FY2023: EUR 1.78

- FY2024: EUR 2.70

- FY2025: EUR 2.34

### accounting: pass

- Sloan accruals: -4.9%

- Receivables to sales index (DSRI): 0.90×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 2.1%

- Earnings backed by cash: Yes

- Operating cash / earnings: 1.86×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 1.42×

Chart: Sloan accruals; fiscal year observations.

- FY2016: -2.6%

- FY2017: -2.9%

- FY2018: -8.9%

- FY2019: -6.6%

- FY2020: -15.6%

- FY2021: -5.9%

- FY2022: -4.0%

- FY2023: -3.9%

- FY2024: -2.7%

- FY2025: -4.9%

## Holders

## Price story

Down 39% since Aug 2024 · sales -2.4%

Story as of 2026-10-16T10:00:09.852Z; price observation 2026-10-15.

Price needs cash profits to grow 2.6% a year for ten years

### Sales · FY2024–2025

sales -2.4%; source https://filings.xbrl.org/7245000UZH70GO047N03/2025-12-31/ESEF/NL/0/7245000UZH70GO047N03-2025-12-31-1-en/reports/7245000UZH70GO047N03-2025-12-31-1-en.xhtml; observed 2026-03-04.

- FY2016: EUR 3.3B 

- FY2017: EUR 3.2B 

- FY2018: EUR 3.3B 

- FY2019: EUR 3.5B 

- FY2020: EUR 3.3B 

- FY2021: EUR 3.4B 

- FY2022: EUR 4.0B 

- FY2023: EUR 5.0B 

- FY2024: EUR 5.0B 

- FY2025: EUR 4.9B 

### Gross margin · FY2025

gross margin 17%; source https://filings.xbrl.org/7245000UZH70GO047N03/2025-12-31/ESEF/NL/0/7245000UZH70GO047N03-2025-12-31-1-en/reports/7245000UZH70GO047N03-2025-12-31-1-en.xhtml; observed 2026-03-04.

- FY2016: 17.1% 

- FY2017: 17.7% 

- FY2018: 17.1% 

- FY2019: 16.7% 

- FY2020: 17.0% 

- FY2021: 16.8% 

- FY2022: 16.3% 

- FY2023: 16.3% 

- FY2024: 17.9% 

- FY2025: 17.0% 

## Owner memo

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

### How it makes money

Operates in engineering & construction; annual sales are EUR 4.9 billion.

- Source: https://filings.xbrl.org/7245000UZH70GO047N03/2025-12-31/ESEF/NL/0/7245000UZH70GO047N03-2025-12-31-1-en/reports/7245000UZH70GO047N03-2025-12-31-1-en.xhtml (filed 2026-03-04); FY2025: revenue 4875000000; grossProfit 828000000; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); ARCAD.AS: Arcadis NV engages in the design, engineering, architecture, and consultancy solutions for natural and built assets in The Americas, Europe, the Middle East, and the Asia Pacific. The company operates through Places, Mobility, Resilience, and Intelligence segments. It provides architecture and urbanism services; and asset management services, such as asset management strategy and planning, asset management decision making and operational optimization, life cycle planning and asset management systems, asset information/condition assessment, risk and review, organization and people, and asset management/O&M. The company also provides business advisory services, including asset strategy and performance, business transformation and resiliency, investment and finance, operations and maintenance, and technology and information; contract solutions; cost and commercial management services; and design and engineering solutions for highways, railways, bridges, tunnels, power utilities, water utilities, ports and waterways, geotechnics, architecture, and structures, as well as building mechanical, electrical, and plumbing. In addition, it offers digital environmental health safety and sustainability, environmental restoration, and project management solutions. Further, the company provides mobility solutions for connected highways, intelligent rail and transit, integrated airports, and new mobility; places solutions; resilience solutions, such as energy transition, climate adaption, water optimization, enviro socio permitting, sustainable advisory, environmental restoration, and sustainable operations; and water supply and treatment, distribution, resource management, and industrial water and wastewater services. The company was formerly known as Heidemij NV and changed its name to Arcadis N.V. in October 1997. The company was founded in 1888 and is headquartered in Amsterdam, the Netherlands.

### Why customers stay

Margins ranged from 16.3% to 17.9% during 2023–25; it earns 20.1% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-04); FY2023: grossProfit / revenue = 16.3%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-04); FY2024: grossProfit / revenue = 17.9%.

- Source: https://filings.xbrl.org/7245000UZH70GO047N03/2025-12-31/ESEF/NL/0/7245000UZH70GO047N03-2025-12-31-1-en/reports/7245000UZH70GO047N03-2025-12-31-1-en.xhtml (filed 2026-03-04); FY2025: grossProfit / revenue = 17%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-04); 10-year return on capital observations [[2016,0.09095589789545414],[2017,0.10321251706149906],[2018,0.15567906313288674],[2019,0.19704048364050403],[2020,0.11897034596375618],[2021,0.4428862940653273],[2022,0.2056734274283371],[2023,0.3198851116852398],[2024,0.4325439491265312],[2025,0.4550963678972781]]; median 0.20135695553442057. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Can it raise prices

Kept about a 16% gross margin through 2022 cost inflation.

- Source: https://filings.xbrl.org/7245000UZH70GO047N03/2025-12-31/ESEF/NL/0/7245000UZH70GO047N03-2025-12-31-1-en/reports/7245000UZH70GO047N03-2025-12-31-1-en.xhtml (filed 2026-03-04); Gross margin observations: [[2021,0.16831977400527928],[2022,0.16270999656236698],[2023,0.1629022586448131]]; range within 2 percentage points.

### Where the cash goes

Paid dividends in 10 of 10 years; bought back EUR 136 million of shares.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-04); FY2016: growth capex 0; upkeep 64768000; owner earnings 69198000. 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 59324000; owner earnings 76559000. 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 34783000; owner earnings 121013000. 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 40138000; owner earnings 155960400. 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 40571000; owner earnings 237167600. 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 45000000; owner earnings 285600000. Growth capex / owner earnings = 0.

- Source: https://filings.xbrl.org/7245000UZH70GO047N03/2025-12-31/ESEF/NL/0/7245000UZH70GO047N03-2025-12-31-1-en/reports/7245000UZH70GO047N03-2025-12-31-1-en.xhtml (filed 2026-03-04); FY2025: growth capex 0; upkeep 17000000; owner earnings 272600000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-04); Dividend observations: [[2016,23484000],[2017,17263000],[2018,14290000],[2019,19019000],[2020,3498000],[2021,31406000],[2022,116270000],[2023,66244000],[2024,76000000],[2025,89000000]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://filings.xbrl.org/7245000UZH70GO047N03/2025-12-31/ESEF/NL/0/7245000UZH70GO047N03-2025-12-31-1-en/reports/7245000UZH70GO047N03-2025-12-31-1-en.xhtml (filed 2026-03-04); FY2025: cash repurchases 136000000 EUR.

### Are managers owners

Insiders own 20.2% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); ARCAD.AS SharesStats.PercentInsiders = 20.169999999999998 percentage points; cache date 2026-10-16.

### What could break it

An exception is made for the climate-related transition risks and opportunities identified under ESRS E1.

- Source: https://filings.xbrl.org/7245000UZH70GO047N03/2025-12-31/ESEF/NL/0/7245000UZH70GO047N03-2025-12-31-1-en/reports/7245000UZH70GO047N03-2025-12-31-1-en.xhtml (filed 2026-03-04); The time horizons are aligned with the annual financial reporting period and the three-year strategic cycle adopted at Arcadis. An exception is made for the climate-related transition risks and opportunities identified under ESRS E1. For these disclosures, the time horizons are: short term (0-3 years, from 2025 to 2028), medium term (4-8 years, from 2029 to 2033), and long term (10-30 years, from 2034 to 2050).

### What the price says

The price assumes cash profits grow 2.6% yearly over ten years; actual growth was 7.9%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-04); Ten-year compound average after fade. Initial solved rate 0.024405568512190876. Price 40.74; FX 1; discount 0.1; same standard ten-year fade to terminal 0.03. FY2015 owner earnings/share 1.4327645207964907 → FY2025 3.0722901071356925. Closing-price date 2026-10-15.

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

- 2016-11: EUR 10.66 per share

- 2016-12: EUR 12.96 per share

- 2017-01: EUR 12.22 per share

- 2017-02: EUR 12.44 per share

- 2017-03: EUR 14.37 per share

- 2017-04: EUR 15.46 per share

- 2017-05: EUR 15.30 per share

- 2017-06: EUR 15.39 per share

- 2017-07: EUR 16.80 per share

- 2017-08: EUR 17.74 per share

- 2017-09: EUR 17.73 per share

- 2017-10: EUR 19.30 per share

- 2017-11: EUR 18.86 per share

- 2017-12: EUR 18.53 per share

- 2018-01: EUR 17.80 per share

- 2018-02: EUR 19.17 per share

- 2018-03: EUR 15.51 per share

- 2018-04: EUR 15.89 per share

- 2018-05: EUR 16.84 per share

- 2018-06: EUR 15.03 per share

- 2018-07: EUR 15.21 per share

- 2018-08: EUR 14.86 per share

- 2018-09: EUR 14.01 per share

- 2018-10: EUR 11.62 per share

- 2018-11: EUR 10.82 per share

- 2018-12: EUR 10.36 per share

- 2019-01: EUR 11.01 per share

- 2019-02: EUR 14.37 per share

- 2019-03: EUR 13.49 per share

- 2019-04: EUR 16.83 per share

- 2019-05: EUR 16.62 per share

- 2019-06: EUR 16.70 per share

- 2019-07: EUR 18.45 per share

- 2019-08: EUR 17.21 per share

- 2019-09: EUR 17.14 per share

- 2019-10: EUR 17.70 per share

- 2019-11: EUR 18.46 per share

- 2019-12: EUR 20.78 per share

- 2020-01: EUR 20.56 per share

- 2020-02: EUR 20.70 per share

- 2020-03: EUR 14.50 per share

- 2020-04: EUR 14.19 per share

- 2020-05: EUR 15.40 per share

- 2020-06: EUR 16.10 per share

- 2020-07: EUR 17.35 per share

- 2020-08: EUR 19.25 per share

- 2020-09: EUR 18.56 per share

- 2020-10: EUR 20.00 per share

- 2020-11: EUR 25.66 per share

- 2020-12: EUR 27.04 per share

- 2021-01: EUR 28.90 per share

- 2021-02: EUR 28.24 per share

- 2021-03: EUR 34.76 per share

- 2021-04: EUR 35.00 per share

- 2021-05: EUR 35.70 per share

- 2021-06: EUR 34.52 per share

- 2021-07: EUR 37.32 per share

- 2021-08: EUR 41.96 per share

- 2021-09: EUR 43.18 per share

- 2021-10: EUR 42.20 per share

- 2021-11: EUR 39.30 per share

- 2021-12: EUR 42.34 per share

- 2022-01: EUR 38.76 per share

- 2022-02: EUR 40.64 per share

- 2022-03: EUR 40.90 per share

- 2022-04: EUR 39.92 per share

- 2022-05: EUR 36.92 per share

- 2022-06: EUR 32.10 per share

- 2022-07: EUR 35.96 per share

- 2022-08: EUR 31.82 per share

- 2022-09: EUR 33.60 per share

- 2022-10: EUR 34.38 per share

- 2022-11: EUR 38.48 per share

- 2022-12: EUR 36.70 per share

- 2023-01: EUR 39.72 per share

- 2023-02: EUR 39.20 per share

- 2023-03: EUR 37.76 per share

- 2023-04: EUR 37.46 per share

- 2023-05: EUR 37.94 per share

- 2023-06: EUR 38.28 per share

- 2023-07: EUR 39.90 per share

- 2023-08: EUR 43.24 per share

- 2023-09: EUR 42.60 per share

- 2023-10: EUR 39.92 per share

- 2023-11: EUR 46.06 per share

- 2023-12: EUR 48.84 per share

- 2024-01: EUR 50.95 per share

- 2024-02: EUR 53.90 per share

- 2024-03: EUR 56.75 per share

- 2024-04: EUR 58.15 per share

- 2024-05: EUR 60.05 per share

- 2024-06: EUR 59.15 per share

- 2024-07: EUR 65.95 per share

- 2024-08: EUR 66.30 per share

- 2024-09: EUR 62.20 per share

- 2024-10: EUR 63.65 per share

- 2024-11: EUR 62.45 per share

- 2024-12: EUR 58.80 per share

- 2025-01: EUR 55.25 per share

- 2025-02: EUR 47.66 per share

- 2025-03: EUR 47.00 per share

- 2025-04: EUR 42.60 per share

- 2025-05: EUR 45.48 per share

- 2025-06: EUR 41.20 per share

- 2025-07: EUR 43.74 per share

- 2025-08: EUR 39.42 per share

- 2025-09: EUR 42.90 per share

- 2025-10: EUR 41.42 per share

- 2025-11: EUR 38.12 per share

- 2025-12: EUR 35.54 per share

- 2026-01: EUR 37.82 per share

- 2026-02: EUR 29.92 per share

- 2026-03: EUR 27.42 per share

- 2026-04: EUR 36.40 per share

- 2026-05: EUR 35.00 per share

- 2026-06: EUR 33.62 per share

- 2026-07: EUR 40.62 per share

- 2026-08: EUR 44.60 per share

- 2026-09: EUR 39.70 per share

- 2026-10: EUR 41.16 per share

## Annual estimated value (EUR per share)

- FY2016: low EUR 94.03 per share, central EUR 118.41 per share, high EUR 136.66 per share

- FY2017: low EUR 23.70 per share, central EUR 28.20 per share, high EUR 32.36 per share

- FY2018: low EUR 22.34 per share, central EUR 24.99 per share, high EUR 28.51 per share

- FY2019: low EUR 12.06 per share, central EUR 14.21 per share, high EUR 16.14 per share

- FY2023: low EUR 25.20 per share, central EUR 30.38 per share, high EUR 35.11 per share

- FY2024: low EUR 26.33 per share, central EUR 29.57 per share, high EUR 33.88 per share

- FY2025: low EUR 31.02 per share, central EUR 34.94 per share, high EUR 40.17 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

## Sources

[Original ESEF filing](https://filings.xbrl.org/7245000UZH70GO047N03/2025-12-31/ESEF/NL/0/7245000UZH70GO047N03-2025-12-31-1-en/reports/7245000UZH70GO047N03-2025-12-31-1-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.

## Reported holder observations