# Basf Se (BAS.XETRA)

Canonical: https://gigainvestors.com/s/BAS.XETRA

Analysis as of: 2026-10-16T07:33:54.560Z. Financial observations: FY1999–FY2025.

Listing currency: EUR. Reporting currency: EUR.

## Verdict

Not a wonderful business

Quality tests for Buy: not passed (profit record: fail; earnings resilience is evidence only). Published buy qualification: no.

Share price: EUR 52.62 per share; close as of 2026-10-15.

## Checklist

### understandable: fail

- 7 revenue declines in the last 10 years

- more than 5 revenue declines in ten years

- Financial history: 10 years

- Years with declining revenue: 7

- Years with a net loss: 2

- Operating margin variation: 0.33×

Chart: Operating margin; fiscal year observations.

- FY2016: 0.11×

- FY2017: 0.12×

- FY2018: 0.09×

- FY2019: 0.07×

- FY2020: 0.06×

- FY2021: 0.09×

- FY2022: 0.08×

- FY2023: 0.06×

- FY2024: 0.06×

- FY2025: 0.04×

### moat: fail

- ROIC median below threshold

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

- ROIC, median of available years: 7.5%

- ROIC, second-lowest year: 4.8%

- Typical minus recent gross margin: 1.3 pp

- Typical gross margin (annual median): 25.2%

- Recent gross margin (lower of latest and 3-year median): 23.9%

- Years with nonpositive capital: 0

- Capital spending / revenue: 6.5%

- ROIC including acquisitions, ten-year median: 3.9%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: 13.2%

- FY2017: 15.9%

- FY2018: 9.2%

- FY2019: 6.1%

- FY2020: 6.0%

- FY2021: 11.3%

- FY2022: 8.8%

- FY2023: 5.3%

- FY2024: 4.8%

- FY2025: 3.4%

### economics: fail

- owner earnings cash conversion below threshold

- incremental invested capital return below threshold

- Owner earnings / net income, 5-yr: 0.41×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: EUR 3.3B

- Net income, five-year total: EUR 8.0B

- Return on incremental invested capital: -79.5%

- Working capital / revenue, annual change: -0.2 pp

- Working capital / revenue, change between three-year averages: -1.3 pp

- Working capital / revenue, final three-year average: 29.2%

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

- FY2021: 1.00×

- FY2022: 1.47×

- FY2023: -2.48×

- FY2024: -1.15×

- FY2025: 0.46×

### management: fail

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

- buybacks unrelated to price (informational)

- ROIC first 3 years vs last 3 years: 13.2% vs 4.8%

- Per-share earnings: 4.43 to 1.45 (three-year endpoint medians)

- per-share value declined or ends nonpositive

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: -0.2%

- Ordinary dilution, 5-year annual growth: -0.5%

- Market cap gain: EUR -41B

- Cumulative retained earnings: EUR -2.7B

- Diluted shares, 10-year annual growth: -0.2%

- Diluted shares, 5-year annual growth: -0.5%

- $1 test, starting fiscal year: FY2016

- $1 test, ending fiscal year: FY2025

- Per-share value growth: -13.0%

- Per-share value change: EUR -2.98

- Per-share value, starting three-year median: EUR 4.43

- Per-share value, ending three-year median: EUR 1.45

- Buybacks concentrated in cheaper years (correlation): -0.40

- Average buyback yield: 1.1%

- Buyback history: 4 years

- Debt-funded buybacks: No

- Acquisition spending: EUR 5.9B

- Cumulative net income, 10 years: EUR 30B

- ROIC, first three-year median: 13.2%

- ROIC, last three-year median: 4.8%

Chart: Earnings per share; fiscal year observations.

- FY2016: EUR 4.43

- FY2017: EUR 6.60

- FY2018: EUR 5.14

- FY2019: EUR 9.17

- FY2020: EUR -1.54

- FY2021: EUR 6.01

- FY2022: EUR -0.69

- FY2023: EUR 0.25

- FY2024: EUR 1.45

- FY2025: EUR 1.80

### accounting: pass

- Sloan accruals: -5.1%

- Receivables to sales index (DSRI): 0.84×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 0.0%

- Earnings backed by cash: Yes

- Operating cash / earnings: 3.47×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 0.29×

Chart: Sloan accruals; fiscal year observations.

- FY2016: -4.8%

- FY2017: -3.5%

- FY2018: -3.8%

- FY2019: 1.1%

- FY2020: -8.5%

- FY2021: -2.0%

- FY2022: -9.9%

- FY2023: -9.9%

- FY2024: -7.0%

- FY2025: -5.1%

## Holders

## Price story

Down 22% since Jan 2022 · "BASF CEO warns of automotive supply chain risks from Iran war" (finance.yahoo.com, Jun 2026) · sales -2.9%

Story as of 2026-10-16T09:59:58.243Z; price observation 2026-10-15.

- 2025-07-11: BASF Cuts Outlook on Global Economic Uncertainty ([finance.yahoo.com](https://finance.yahoo.com/m/35c87fd1-7929-34f2-ac86-1410a4396a19/basf-cuts-outlook-on-global.html))

- 2025-10-29: BASF Sales, Profit Fall on Adverse Currency Effects, Lower Prices ([finance.yahoo.com](https://finance.yahoo.com/m/4ed88d92-d579-3edb-b9b3-05096b17b3c7/basf-sales%2C-profit-fall-on.html))

- 2026-02-27: BASF Swings to Net Profit on Accelerated Cost Savings ([finance.yahoo.com](https://finance.yahoo.com/m/7c40a803-806d-3074-b692-081115c5d38d/basf-swings-to-net-profit-on.html))

- 2026-03-18: BASF Hikes Prices as Iran War Heaps Fresh Cost Pressure on Europe ([finance.yahoo.com](https://finance.yahoo.com/m/0111f726-e367-3e42-963e-97c6e9e08547/basf-hikes-prices-as-iran-war.html))

- 2026-07-16: BASFY's Preliminary Q2 Sales Rise, FY26 Earnings Outlook Raised ([finance.yahoo.com](https://finance.yahoo.com/markets/stocks/articles/basfys-preliminary-q2-sales-rise-140600306.html))

### Sales · FY2024–2025

sales -2.9%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2016: EUR 58B 

- FY2017: EUR 61B 

- FY2018: EUR 60B 

- FY2019: EUR 59B 

- FY2020: EUR 59B 

- FY2021: EUR 79B 

- FY2022: EUR 87B 

- FY2023: EUR 69B 

- FY2024: EUR 61B 

- FY2025: EUR 60B 

### Gross margin · FY2025

gross margin 23.9%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2016: 31.6% 

- FY2017: 31.7% 

- FY2018: 28.7% 

- FY2019: 27.4% 

- FY2020: 25.5% 

- FY2021: 24.8% 

- FY2022: 24.1% 

- FY2023: 24.2% 

- FY2024: 24.6% 

- FY2025: 23.9% 

## Owner memo

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

### How it makes money

Operates in chemicals; annual sales are EUR 59.7 billion.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:54.560Z); FY2025: revenue 59657000000; grossProfit 14242000000; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); BAS.XETRA: BASF SE operates as a chemical company worldwide. It operates through six segments: Chemicals, Materials, Industrial Solutions, Surface Technologies, Nutrition & Care, and Agricultural Solutions. The Chemicals segment provides petrochemicals and intermediates. The Materials segment offers advanced materials and their precursors for applications and systems comprising isocyanates, polyamides, and inorganic basic products, as well as specialties for the plastics and plastics processing industries. The Industrial Solutions segment develops and markets ingredients and additives for industrial applications, such as polymer dispersions, resins, additives, chemical and refining catalysts, electronic materials, and antioxidants for automotive, petrochemical and petroleum processing, plastics and electronics, construction, electronics, paper coatings, and energy and resources industries. The Surface Technologies segment provides catalysts, battery materials, automotive OEM and refinish coatings, surface treatment, and precious and base metal services for the automotive and chemical industries. The Nutrition & Care segment offers ingredients for consumer applications in the areas of nutrition, home, and personal care applications; and serves the food and feed producers, pharmaceutical, cosmetics, detergents, and cleaner industries, as well as the consumer goods sector. The Agricultural Solutions segment provides seeds and traits, and seed treatment products; fungicides, herbicides, insecticides, and biological crop protection products; and digital solutions. The company engages in engineering and other; rental and leasing; and renewable energy trading, commodity trading activities. BASF SE was founded in 1865 and is headquartered in Ludwigshafen am Rhein, Germany.

### Why customers stay

Margins ranged from 23.9% to 24.6% during 2023–25; it earns 7.5% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:54.560Z); FY2023: grossProfit / revenue = 24.2%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:54.560Z); FY2024: grossProfit / revenue = 24.6%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:54.560Z); FY2025: grossProfit / revenue = 23.9%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:54.560Z); 10-year return on capital observations [[2016,0.13200816981688793],[2017,0.15908061093158105],[2018,0.09191877244715134],[2019,0.06137845049980366],[2020,0.0601241191912679],[2021,0.11333804540050649],[2022,0.08778030711475868],[2023,0.053262858742222315],[2024,0.0478463030932031],[2025,0.03444920605345424]]; median 0.07457937880728116. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Can it raise prices

Kept about a 24% gross margin through 2022 cost inflation.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:54.560Z); Gross margin observations: [[2021,0.24849232804905977],[2022,0.2405670640237269],[2023,0.24240225247452904]]; range within 2 percentage points.

### Where the cash goes

Paid dividends in 10 of 10 years; bought back EUR 355 million of shares.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:54.560Z); FY2016: growth capex 0; upkeep 4145000000; owner earnings 3847000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:54.560Z); FY2017: growth capex 0; upkeep 3996000000; owner earnings 6284000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:54.560Z); FY2018: growth capex 0; upkeep 3894000000; owner earnings 3756000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:54.560Z); FY2019: growth capex 0; upkeep 3824000000; owner earnings 8297000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:54.560Z); FY2021: growth capex 0; upkeep 3532000000; owner earnings 5508600000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:54.560Z); FY2025: growth capex 0; upkeep 4267000000; owner earnings 738200000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:54.560Z); Dividend observations: [[2016,2664000000],[2017,2755000000],[2018,2847000000],[2019,2939000000],[2020,3031000000],[2021,3031000000],[2022,3072000000],[2023,3034000000],[2024,3035000000],[2025,2086000000]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:54.560Z); FY2025: cash repurchases 355000000 EUR.

### Are managers owners

Insiders own 0% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); BAS.XETRA SharesStats.PercentInsiders = 0 percentage points; cache date 2026-10-16.

### What the price says

The price is 0.8 times annual sales.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:54.560Z); Closing price 52.62 EUR; reporting-to-trading FX 1; FY2025 annual sales per share 66.50917417896171; price multiple 0.7911690477228154. FY2025 cash earnings/share 0.822989295118922. Closing-price date 2026-10-15.

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

- 2016-10: EUR 80.30 per share

- 2016-11: EUR 80.99 per share

- 2016-12: EUR 88.31 per share

- 2017-01: EUR 89.12 per share

- 2017-02: EUR 87.90 per share

- 2017-03: EUR 92.92 per share

- 2017-04: EUR 89.46 per share

- 2017-05: EUR 83.84 per share

- 2017-06: EUR 81.09 per share

- 2017-07: EUR 80.59 per share

- 2017-08: EUR 81.37 per share

- 2017-09: EUR 90.04 per share

- 2017-10: EUR 93.62 per share

- 2017-11: EUR 94.00 per share

- 2017-12: EUR 91.74 per share

- 2018-01: EUR 94.32 per share

- 2018-02: EUR 86.41 per share

- 2018-03: EUR 82.47 per share

- 2018-04: EUR 86.32 per share

- 2018-05: EUR 84.25 per share

- 2018-06: EUR 81.91 per share

- 2018-07: EUR 82.16 per share

- 2018-08: EUR 79.69 per share

- 2018-09: EUR 76.55 per share

- 2018-10: EUR 68.03 per share

- 2018-11: EUR 64.37 per share

- 2018-12: EUR 60.40 per share

- 2019-01: EUR 63.82 per share

- 2019-02: EUR 66.99 per share

- 2019-03: EUR 65.53 per share

- 2019-04: EUR 72.49 per share

- 2019-05: EUR 59.06 per share

- 2019-06: EUR 63.92 per share

- 2019-07: EUR 60.53 per share

- 2019-08: EUR 60.18 per share

- 2019-09: EUR 64.12 per share

- 2019-10: EUR 68.23 per share

- 2019-11: EUR 68.22 per share

- 2019-12: EUR 67.35 per share

- 2020-01: EUR 61.07 per share

- 2020-02: EUR 53.08 per share

- 2020-03: EUR 43.15 per share

- 2020-04: EUR 46.69 per share

- 2020-05: EUR 48.65 per share

- 2020-06: EUR 49.88 per share

- 2020-07: EUR 46.81 per share

- 2020-08: EUR 51.06 per share

- 2020-09: EUR 51.98 per share

- 2020-10: EUR 47.07 per share

- 2020-11: EUR 61.33 per share

- 2020-12: EUR 64.72 per share

- 2021-01: EUR 63.83 per share

- 2021-02: EUR 67.73 per share

- 2021-03: EUR 70.84 per share

- 2021-04: EUR 67.08 per share

- 2021-05: EUR 66.66 per share

- 2021-06: EUR 66.44 per share

- 2021-07: EUR 66.22 per share

- 2021-08: EUR 65.52 per share

- 2021-09: EUR 65.85 per share

- 2021-10: EUR 62.28 per share

- 2021-11: EUR 57.88 per share

- 2021-12: EUR 61.78 per share

- 2022-01: EUR 67.52 per share

- 2022-02: EUR 59.25 per share

- 2022-03: EUR 51.76 per share

- 2022-04: EUR 50.41 per share

- 2022-05: EUR 51.29 per share

- 2022-06: EUR 41.53 per share

- 2022-07: EUR 43.42 per share

- 2022-08: EUR 42.07 per share

- 2022-09: EUR 39.60 per share

- 2022-10: EUR 45.44 per share

- 2022-11: EUR 48.52 per share

- 2022-12: EUR 46.39 per share

- 2023-01: EUR 52.40 per share

- 2023-02: EUR 48.48 per share

- 2023-03: EUR 48.36 per share

- 2023-04: EUR 46.85 per share

- 2023-05: EUR 44.42 per share

- 2023-06: EUR 44.47 per share

- 2023-07: EUR 48.77 per share

- 2023-08: EUR 46.79 per share

- 2023-09: EUR 42.95 per share

- 2023-10: EUR 43.54 per share

- 2023-11: EUR 42.69 per share

- 2023-12: EUR 48.78 per share

- 2024-01: EUR 44.46 per share

- 2024-02: EUR 47.08 per share

- 2024-03: EUR 52.93 per share

- 2024-04: EUR 49.16 per share

- 2024-05: EUR 48.41 per share

- 2024-06: EUR 45.19 per share

- 2024-07: EUR 43.10 per share

- 2024-08: EUR 45.85 per share

- 2024-09: EUR 47.56 per share

- 2024-10: EUR 44.65 per share

- 2024-11: EUR 42.42 per share

- 2024-12: EUR 42.46 per share

- 2025-01: EUR 46.61 per share

- 2025-02: EUR 49.21 per share

- 2025-03: EUR 45.90 per share

- 2025-04: EUR 44.63 per share

- 2025-05: EUR 42.40 per share

- 2025-06: EUR 41.86 per share

- 2025-07: EUR 43.16 per share

- 2025-08: EUR 45.36 per share

- 2025-09: EUR 42.39 per share

- 2025-10: EUR 42.79 per share

- 2025-11: EUR 44.90 per share

- 2025-12: EUR 44.43 per share

- 2026-01: EUR 45.96 per share

- 2026-02: EUR 48.70 per share

- 2026-03: EUR 52.40 per share

- 2026-04: EUR 54.74 per share

- 2026-05: EUR 50.82 per share

- 2026-06: EUR 46.78 per share

- 2026-07: EUR 50.40 per share

- 2026-08: EUR 52.98 per share

- 2026-09: EUR 50.18 per share

- 2026-10: EUR 51.42 per share

## Annual estimated value (EUR per share)

- FY2016: low EUR 34.81 per share, central EUR 39.49 per share, high EUR 45.73 per share

- FY2017: low EUR 41.69 per share, central EUR 46.65 per share, high EUR 53.24 per share

- FY2018: low EUR 46.39 per share, central EUR 52.57 per share, high EUR 60.79 per share

- FY2019: low EUR 49.02 per share, central EUR 55.53 per share, high EUR 64.19 per share

- FY2020: low EUR 50.70 per share, central EUR 57.19 per share, high EUR 65.83 per share

- FY2021: low EUR 66.93 per share, central EUR 75.96 per share, high EUR 88.00 per share

- FY2022: low EUR 66.96 per share, central EUR 76.04 per share, high EUR 88.12 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

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.