# Koninklijke BAM Groep NV (BAMNB.AS)

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

Analysis as of: 2026-10-16T07:38:56.654Z. Financial observations: FY2002–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 11.15 per share; close as of 2026-10-15.

Estimated value: low EUR 9.77 per share, central EUR 10.81 per share, high EUR 12.20 per share. Buy at or below the central value EUR 10.81 per share. Valuation as of 2026-10-16T07:38:56.654Z; scenarios are not confidence intervals.

Expected annual return: 9.7% at the stated quote. About 9.7% 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

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

- operating margin variation exceeds 0.35

- Financial history: 10 years

- Years with declining revenue: 5

- Years with a net loss: 1

- Operating margin variation: 1.16×

Chart: Operating margin; fiscal year observations.

- FY2016: 0.01×

- FY2017: 0.01×

- FY2018: 0.01×

- FY2019: 0.01×

- FY2020: -0.02×

- FY2021: 0.01×

- FY2022: 0.03×

- FY2023: 0.03×

- FY2024: 0.01×

- FY2025: 0.03×

### moat: fail

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

- ROIC median below threshold

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

- Recent gross margin fell 19.7pp below the typical margin (limit 4pp)

- ROIC, median of available years: 12.3%

- ROIC, second-lowest year: 2.7%

- Typical minus recent gross margin: 19.7 pp

- Typical gross margin (annual median): 26.1%

- Recent gross margin (lower of latest and 3-year median): 6.5%

- Years with nonpositive capital: 5

- Capital spending / revenue: 1.2%

- ROIC including acquisitions, ten-year median: 5.2%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: 20.4%

- FY2017: 7.6%

- FY2018: 5.4%

- FY2019: 2.7%

- FY2020: -7.1%

- FY2021: 5.1%

- FY2022: 16.9%

- FY2023: >100%

- FY2024: 41.7%

- FY2025: >100%

### economics: pass

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

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: EUR 711M

- Net income, five-year total: EUR 666M

- Return on incremental invested capital: >100%

- Working capital / revenue, annual change: -3.2 pp

- Working capital / revenue, change between three-year averages: -20.8 pp

- Working capital / revenue, final three-year average: -0.6%

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

- FY2021: 2.81×

- FY2022: 0.93×

- FY2023: 0.96×

- FY2024: 0.95×

- FY2025: 1.17×

### 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: 7.6% vs 116.1%

- Per-share earnings: 0.09 to 0.64 (three-year endpoint medians)

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: -0.4%

- Ordinary dilution, 5-year annual growth: -0.9%

- Market cap gain: EUR 1.8B

- Cumulative retained earnings: EUR 44M

- Diluted shares, 10-year annual growth: -0.4%

- Diluted shares, 5-year annual growth: -0.9%

- $1 test, starting fiscal year: FY2016

- $1 test, ending fiscal year: FY2025

- Per-share value growth: 27.4%

- Per-share value change: EUR 0.54

- Per-share value, starting three-year median: EUR 0.09

- Per-share value, ending three-year median: EUR 0.64

- Buybacks concentrated in cheaper years (correlation): 0.07

- Average buyback yield: 2.6%

- Buyback history: 8 years

- Debt-funded buybacks: No

- Acquisition spending: EUR 80M

- Cumulative net income, 10 years: EUR 639M

- ROIC, first three-year median: 7.6%

- ROIC, last three-year median: >100%

Chart: Earnings per share; fiscal year observations.

- FY2016: EUR 0.34

- FY2017: EUR 0.09

- FY2018: EUR 0.19

- FY2019: EUR 0.04

- FY2020: EUR -0.45

- FY2021: EUR 0.07

- FY2022: EUR 0.65

- FY2023: EUR 0.64

- FY2024: EUR 0.28

- FY2025: EUR 0.81

### accounting: pass

- Sloan accruals: -3.3%

- Receivables to sales index (DSRI): 0.95×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 0.8%

- Earnings backed by cash: Yes

- Operating cash / earnings: 1.63×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 0.39×

Chart: Sloan accruals; fiscal year observations.

- FY2016: -0.4%

- FY2017: -1.2%

- FY2018: -4.0%

- FY2019: -7.8%

- FY2020: -14.1%

- FY2021: -6.7%

- FY2022: 9.8%

- FY2023: 1.8%

- FY2024: -4.5%

- FY2025: -3.3%

## Holders

## Price story

Price needs cash profits to grow 1.4% a year for ten years · sales +9.1%

Story as of 2026-10-16T10:00:10.339Z; price observation 2026-10-15.

Price needs cash profits to grow 1.4% a year for ten years

### Sales · FY2024–2025

sales +9.1%; source https://filings.xbrl.org/724500V38C5KTDY5BS93/2024-12-31/ESEF/NL/0/724500V38C5KTDY5BS93-2024-12-31-en/reports/724500V38C5KTDY5BS93-2024-12-31-en.xhtml; observed 2025-03-04.

- FY2016: EUR 7.0B 

- FY2017: EUR 6.6B 

- FY2018: EUR 7.2B 

- FY2019: EUR 7.2B 

- FY2020: EUR 6.8B 

- FY2021: EUR 7.3B 

- FY2022: EUR 6.6B 

- FY2023: EUR 6.3B 

- FY2024: EUR 6.5B 

- FY2025: EUR 7.0B 

### Gross margin · FY2025

gross margin 6.5%; source https://filings.xbrl.org/724500V38C5KTDY5BS93/2024-12-31/ESEF/NL/0/724500V38C5KTDY5BS93-2024-12-31-en/reports/724500V38C5KTDY5BS93-2024-12-31-en.xhtml; observed 2025-03-04.

- FY2016: 23.9% 

- FY2017: 24.5% 

- FY2018: 24.7% 

- FY2019: 26.0% 

- FY2020: 56.9% 

- FY2021: 57.4% 

- FY2022: 26.2% 

- FY2023: 27.1% 

- FY2024: 27.2% 

- FY2025: 6.5% 

## Owner memo

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

### How it makes money

Operates in engineering & construction; annual sales are EUR 7 billion.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-03-04); FY2025: revenue 7039900000; grossProfit 454299999; margin = grossProfit / revenue.

### Why customers stay

Margins ranged from 6.5% to 27.2% during 2023–25; it earns 12.3% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-03-04); FY2023: grossProfit / revenue = 27.1%.

- Source: https://filings.xbrl.org/724500V38C5KTDY5BS93/2024-12-31/ESEF/NL/0/724500V38C5KTDY5BS93-2024-12-31-en/reports/724500V38C5KTDY5BS93-2024-12-31-en.xhtml (filed 2025-03-04); FY2024: grossProfit / revenue = 27.2%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-03-04); FY2025: grossProfit / revenue = 6.5%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-03-04); 10-year return on capital observations [[2016,0.20434292909444682],[2017,0.07626889734270481],[2018,0.05373163850241834],[2019,0.027430067491442858],[2020,-0.07129435364660737],[2021,0.05143378937770491],[2022,0.1694413278484747],[2023,1.1606841743250502],[2024,0.417444301511819],[2025,1.3485000000822043]]; median 0.12285511259558976. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Paid dividends in 8 of 10 years; bought back EUR 50 million of shares.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-03-04); FY2016: growth capex 0; upkeep 66920000; owner earnings 44360000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-03-04); FY2018: growth capex 10432000; upkeep 69776000; owner earnings 23773000. Growth capex / owner earnings = 0.4388171455011988.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-03-04); FY2019: growth capex 0; upkeep 87123000; owner earnings 21965800. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-03-04); FY2021: growth capex 0; upkeep 69460000; owner earnings 50882800. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-03-04); FY2022: growth capex 0; upkeep 94482000; owner earnings 166828600. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-03-04); FY2023: growth capex 0; upkeep 84317000; owner earnings 168683000. Growth capex / owner earnings = 0.

- Source: https://filings.xbrl.org/724500V38C5KTDY5BS93/2024-12-31/ESEF/NL/0/724500V38C5KTDY5BS93-2024-12-31-en/reports/724500V38C5KTDY5BS93-2024-12-31-en.xhtml (filed 2025-03-04); FY2024: growth capex 0; upkeep 85300000; owner earnings 77820000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-03-04); FY2025: growth capex 0; upkeep 63500000; owner earnings 247140000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-03-04); Dividend observations: [[2016,1978000],[2017,7466000],[2018,11429000],[2019,19456000],[2020,100000],[2021,0],[2022,0],[2023,21998000],[2024,26100000],[2025,66000000]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-03-04); FY2025: cash repurchases 50000000 EUR.

### 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); BAMNB.AS SharesStats.PercentInsiders = 0.038 percentage points; cache date 2026-10-16.

### What the price says

The price assumes cash profits grow 1.4% yearly over ten years; actual growth was 38.1%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-03-04); Ten-year compound average after fade. Initial solved rate 0.006843309725166105. Price 11.15; FX 1; discount 0.1; same standard ten-year fade to terminal 0.03. FY2015 owner earnings/share 0.037570579868057216 → FY2025 0.947935285408532. Closing-price date 2026-10-15.

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

- 2016-10: EUR 4.24 per share

- 2016-11: EUR 4.08 per share

- 2016-12: EUR 4.39 per share

- 2017-01: EUR 4.37 per share

- 2017-02: EUR 4.93 per share

- 2017-03: EUR 5.06 per share

- 2017-04: EUR 5.17 per share

- 2017-05: EUR 4.72 per share

- 2017-06: EUR 4.76 per share

- 2017-07: EUR 5.03 per share

- 2017-08: EUR 5.04 per share

- 2017-09: EUR 4.84 per share

- 2017-10: EUR 4.85 per share

- 2017-11: EUR 4.56 per share

- 2017-12: EUR 3.83 per share

- 2018-01: EUR 3.94 per share

- 2018-02: EUR 3.63 per share

- 2018-03: EUR 3.78 per share

- 2018-04: EUR 3.95 per share

- 2018-05: EUR 4.00 per share

- 2018-06: EUR 3.60 per share

- 2018-07: EUR 3.51 per share

- 2018-08: EUR 3.53 per share

- 2018-09: EUR 3.31 per share

- 2018-10: EUR 3.04 per share

- 2018-11: EUR 2.77 per share

- 2018-12: EUR 2.51 per share

- 2019-01: EUR 3.12 per share

- 2019-02: EUR 3.58 per share

- 2019-03: EUR 3.84 per share

- 2019-04: EUR 4.34 per share

- 2019-05: EUR 3.80 per share

- 2019-06: EUR 3.91 per share

- 2019-07: EUR 3.04 per share

- 2019-08: EUR 2.67 per share

- 2019-09: EUR 2.29 per share

- 2019-10: EUR 2.27 per share

- 2019-11: EUR 2.48 per share

- 2019-12: EUR 2.69 per share

- 2020-01: EUR 2.49 per share

- 2020-02: EUR 2.46 per share

- 2020-03: EUR 1.28 per share

- 2020-04: EUR 1.52 per share

- 2020-05: EUR 1.52 per share

- 2020-06: EUR 1.61 per share

- 2020-07: EUR 1.31 per share

- 2020-08: EUR 1.29 per share

- 2020-09: EUR 1.08 per share

- 2020-10: EUR 1.07 per share

- 2020-11: EUR 1.81 per share

- 2020-12: EUR 1.71 per share

- 2021-01: EUR 1.62 per share

- 2021-02: EUR 2.22 per share

- 2021-03: EUR 2.16 per share

- 2021-04: EUR 2.31 per share

- 2021-05: EUR 2.41 per share

- 2021-06: EUR 2.34 per share

- 2021-07: EUR 2.38 per share

- 2021-08: EUR 2.80 per share

- 2021-09: EUR 2.74 per share

- 2021-10: EUR 2.51 per share

- 2021-11: EUR 2.63 per share

- 2021-12: EUR 2.69 per share

- 2022-01: EUR 2.95 per share

- 2022-02: EUR 2.51 per share

- 2022-03: EUR 2.74 per share

- 2022-04: EUR 2.65 per share

- 2022-05: EUR 2.67 per share

- 2022-06: EUR 2.26 per share

- 2022-07: EUR 2.37 per share

- 2022-08: EUR 2.66 per share

- 2022-09: EUR 2.53 per share

- 2022-10: EUR 2.21 per share

- 2022-11: EUR 2.23 per share

- 2022-12: EUR 2.17 per share

- 2023-01: EUR 2.34 per share

- 2023-02: EUR 2.42 per share

- 2023-03: EUR 2.19 per share

- 2023-04: EUR 1.98 per share

- 2023-05: EUR 1.90 per share

- 2023-06: EUR 1.76 per share

- 2023-07: EUR 2.12 per share

- 2023-08: EUR 1.97 per share

- 2023-09: EUR 2.01 per share

- 2023-10: EUR 1.95 per share

- 2023-11: EUR 2.51 per share

- 2023-12: EUR 2.42 per share

- 2024-01: EUR 2.56 per share

- 2024-02: EUR 3.30 per share

- 2024-03: EUR 3.51 per share

- 2024-04: EUR 3.83 per share

- 2024-05: EUR 3.85 per share

- 2024-06: EUR 3.92 per share

- 2024-07: EUR 3.83 per share

- 2024-08: EUR 3.77 per share

- 2024-09: EUR 4.20 per share

- 2024-10: EUR 4.24 per share

- 2024-11: EUR 4.06 per share

- 2024-12: EUR 4.20 per share

- 2025-01: EUR 4.25 per share

- 2025-02: EUR 5.16 per share

- 2025-03: EUR 5.15 per share

- 2025-04: EUR 5.95 per share

- 2025-05: EUR 7.37 per share

- 2025-06: EUR 7.56 per share

- 2025-07: EUR 7.68 per share

- 2025-08: EUR 7.62 per share

- 2025-09: EUR 8.04 per share

- 2025-10: EUR 8.06 per share

- 2025-11: EUR 8.55 per share

- 2025-12: EUR 9.30 per share

- 2026-01: EUR 8.84 per share

- 2026-02: EUR 9.55 per share

- 2026-03: EUR 8.62 per share

- 2026-04: EUR 9.35 per share

- 2026-05: EUR 11.14 per share

- 2026-06: EUR 12.27 per share

- 2026-07: EUR 11.59 per share

- 2026-08: EUR 11.62 per share

- 2026-09: EUR 12.68 per share

- 2026-10: EUR 11.53 per share

## Annual estimated value (EUR per share)

- FY2016: low EUR 5.06 per share, central EUR 5.16 per share, high EUR 5.30 per share

- FY2017: low EUR 4.86 per share, central EUR 4.96 per share, high EUR 5.09 per share

- FY2018: low EUR 5.52 per share, central EUR 5.64 per share, high EUR 5.79 per share

- FY2019: low EUR 3.48 per share, central EUR 3.60 per share, high EUR 3.76 per share

- FY2020: low EUR 5.76 per share, central EUR 5.87 per share, high EUR 6.02 per share

- FY2021: low EUR 5.06 per share, central EUR 5.18 per share, high EUR 5.34 per share

- FY2022: low EUR 3.42 per share, central EUR 3.54 per share, high EUR 3.69 per share

- FY2023: low EUR 4.03 per share, central EUR 4.27 per share, high EUR 4.59 per share

- FY2024: low EUR 5.12 per share, central EUR 5.53 per share, high EUR 6.06 per share

- FY2025: low EUR 10.29 per share, central EUR 11.31 per share, high EUR 12.68 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 2026-10-15T06:44:35.783Z where newer inputs omit a numeric field or fiscal period.

## Sources

[Original ESEF filing](https://filings.xbrl.org/724500V38C5KTDY5BS93/2024-12-31/ESEF/NL/0/724500V38C5KTDY5BS93-2024-12-31-en/reports/724500V38C5KTDY5BS93-2024-12-31-en.xhtml); period 2024-12-31, filed 2025-03-04.

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.