# Beiersdorf Aktiengesellschaft (BEI.XETRA)

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

Analysis as of: 2026-10-16T07:34:45.286Z. Financial observations: FY2002–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 81.56 per share; close as of 2026-10-15.

Estimated value: low EUR 53.18 per share, central EUR 63.97 per share, high EUR 72.75 per share. Buy at or below the central value EUR 63.97 per share. Valuation as of 2026-10-16T07:34:45.286Z; scenarios are not confidence intervals.

Expected annual return: 8.2% at the stated quote. About 8.2% a year at today's price (required return 10.0%). required return 10.0% a year (10% floor; DE 10-year bond 3.4% + 4 points).

## Checklist

### understandable: pass

- 1 revenue decline in the last 10 years (informational)

- Financial history: 10 years

- Years with declining revenue: 1

- Years with a net loss: 0

- Operating margin variation: 0.08×

Chart: Operating margin; fiscal year observations.

- FY2016: 0.15×

- FY2017: 0.15×

- FY2018: 0.15×

- FY2019: 0.15×

- FY2020: 0.13×

- FY2021: 0.13×

- FY2022: 0.14×

- FY2023: 0.12×

- FY2024: 0.13×

- FY2025: 0.14×

### moat: pass

- ROIC, median of available years: 16.2%

- ROIC, second-lowest year: 14.1%

- Typical minus recent gross margin: -0.1 pp

- Typical gross margin (annual median): 57.6%

- Recent gross margin (lower of latest and 3-year median): 57.6%

- Years with nonpositive capital: 0

- Capital spending / revenue: 4.5%

- ROIC including acquisitions, ten-year median: 13.1%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: 27.5%

- FY2017: 22.6%

- FY2018: 21.0%

- FY2019: 18.5%

- FY2020: 14.4%

- FY2021: 13.8%

- FY2022: 15.9%

- FY2023: 14.1%

- FY2024: 16.0%

- FY2025: 16.4%

### economics: pass

- Owner earnings / net income, 5-yr: 0.89×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: EUR 3.6B

- Net income, five-year total: EUR 4.0B

- Return on incremental invested capital: 17.3%

- Working capital / revenue, annual change: -0.1 pp

- Working capital / revenue, change between three-year averages: -0.9 pp

- Working capital / revenue, final three-year average: 10.4%

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

- FY2021: 0.92×

- FY2022: 0.88×

- FY2023: 0.84×

- FY2024: 0.98×

- FY2025: 0.85×

### 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: 22.6% vs 16.0%

- Per-share earnings: 2.96 to 4.09 (three-year endpoint medians)

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: -0.3%

- Ordinary dilution, 5-year annual growth: -0.7%

- Market cap gain: EUR 2.1B

- Cumulative retained earnings: EUR 5.5B

- Diluted shares, 10-year annual growth: -0.3%

- Diluted shares, 5-year annual growth: -0.7%

- $1 test, starting fiscal year: FY2016

- $1 test, ending fiscal year: FY2025

- Per-share value growth: 4.1%

- Per-share value change: EUR 1.12

- Per-share value, starting three-year median: EUR 2.96

- Per-share value, ending three-year median: EUR 4.09

- Buybacks concentrated in cheaper years (correlation): 1.00

- Average buyback yield: 2.1%

- Buyback history: 2 years

- Debt-funded buybacks: No

- Acquisition spending: EUR 1.0B

- Cumulative net income, 10 years: EUR 7.4B

- ROIC, first three-year median: 22.6%

- ROIC, last three-year median: 16.0%

Chart: Earnings per share; fiscal year observations.

- FY2016: EUR 3.12

- FY2017: EUR 2.96

- FY2018: EUR 3.21

- FY2019: EUR 3.17

- FY2020: EUR 2.47

- FY2021: EUR 2.81

- FY2022: EUR 3.33

- FY2023: EUR 3.24

- FY2024: EUR 4.09

- FY2025: EUR 4.30

### accounting: pass

- Sloan accruals: 0.9%

- Receivables to sales index (DSRI): 1.23×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 0.0%

- Earnings backed by cash: Yes

- Operating cash / earnings: 0.87×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 0.10×

Chart: Sloan accruals; fiscal year observations.

- FY2016: -3.1%

- FY2017: -2.9%

- FY2018: -1.6%

- FY2019: -2.6%

- FY2020: -4.2%

- FY2021: -3.1%

- FY2022: -0.3%

- FY2023: -1.6%

- FY2024: -2.5%

- FY2025: 0.9%

## Holders

## Price story

Down 43% since May 2024 · "Beiersdorf Shares Fall on Sluggish 2026 Outlook" (finance.yahoo.com, Mar 2026) · sales +0%

Story as of 2026-10-16T10:00:02.288Z; price observation 2026-10-15.

Price needs cash profits to grow 7% a year for ten years

- 2026-03-03: Beiersdorf Shares Fall on Sluggish 2026 Outlook ([finance.yahoo.com](https://finance.yahoo.com/m/8aa0605c-1b8e-3637-b84c-8d9ddc1fd145/beiersdorf-shares-fall-on.html))

### Sales · FY2024–2025

sales +0%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2016: EUR 6.8B 

- FY2017: EUR 7.1B 

- FY2018: EUR 7.2B 

- FY2019: EUR 7.7B 

- FY2020: EUR 7.0B 

- FY2021: EUR 7.6B 

- FY2022: EUR 8.8B 

- FY2023: EUR 9.4B 

- FY2024: EUR 9.9B 

- FY2025: EUR 9.9B 

### Gross margin · FY2025

gross margin 57.6%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2016: 58.9% 

- FY2017: 58.8% 

- FY2018: 57.5% 

- FY2019: 57.9% 

- FY2020: 57.5% 

- FY2021: 57.2% 

- FY2022: 56.3% 

- FY2023: 57.3% 

- FY2024: 58.5% 

- FY2025: 57.6% 

## Owner memo

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

### How it makes money

Operates in household & personal products; annual sales are EUR 9.9 billion.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:45.286Z); FY2025: revenue 9852000000; grossProfit 5679000000; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); BEI.XETRA: Beiersdorf Aktiengesellschaft, together with its subsidiaries, manufactures and distributes consumer goods in Europe, the United States, Africa, Asia, and Australia. The company operates through two segments: Consumer Business and Tesa Business. The Consumer Business Segment offers skin and body care products. The Tesa Business segment provides adhesive tapes and self-adhesive solutions for industries, craft businesses, and consumers. This segment also offers its system solutions to the automotive, consumer electronics, printing and packaging, and electrical systems sectors. It operates an online store. The company offers its products under the NIVEA, Eucerin, Hansaplast, La Prairie, Chantecaille, Coppertone, Labello / NIVEA Lip / Liposan, ATRIX, 8x4, HIDROFUGAL, tesa, SKIN STORIES, GAMMON, Aquaphor, Elastoplast, and CURITAS brand names, as well as regionally focused brands. Beiersdorf Aktiengesellschaft was founded in 1882 and is headquartered in Hamburg, Germany. Beiersdorf Aktiengesellschaft is a subsidiary of maxingvest ag. Beiersdorf Aktiengesellschaft operates as a subsidiary of Maxingvest GmbH & Co. KGaA.

### Why customers stay

Margins ranged from 57.3% to 58.5% during 2023–25; it earns 16.2% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:45.286Z); FY2023: grossProfit / revenue = 57.3%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:45.286Z); FY2024: grossProfit / revenue = 58.5%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:45.286Z); FY2025: grossProfit / revenue = 57.6%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:45.286Z); 10-year return on capital observations [[2016,0.27494451258688163],[2017,0.22583387961751236],[2018,0.2099829884262238],[2019,0.18504817644006463],[2020,0.14359486796757603],[2021,0.13795667657444483],[2022,0.1594211674761135],[2023,0.1407630144709641],[2024,0.15974683833939018],[2025,0.16419903146863446]]; median 0.16197293490401232. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Can it raise prices

Kept about a 56% gross margin through 2022 cost inflation.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:45.286Z); Gross margin observations: [[2021,0.571653336829684],[2022,0.5633594726673485],[2023,0.573303694294485]]; range within 2 percentage points.

### Where the cash goes

Spends 0.1% of cash earnings on expansion; paid dividends in 10 of 10 years.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:45.286Z); FY2016: growth capex 8032365.566954136; upkeep 153967634.43304586; owner earnings 703032365.5669541. Growth capex / owner earnings = 0.011425314054320254.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:45.286Z); FY2017: growth capex 37952084.99432966; upkeep 157047915.00567034; owner earnings 664952084.9943297. Growth capex / owner earnings = 0.05707491690119792.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:45.286Z); FY2018: growth capex 23222099.479267538; upkeep 334777900.52073246; owner earnings 558222099.4792676. Growth capex / owner earnings = 0.041600107736562315.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:45.286Z); FY2019: growth capex 60310940.223235935; upkeep 259689059.77676407; owner earnings 697310940.223236. Growth capex / owner earnings = 0.08649074142437532.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:45.286Z); FY2020: growth capex 0; upkeep 280000000; owner earnings 512600000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:45.286Z); FY2021: growth capex 96043301.04354882; upkeep 316956698.9564512; owner earnings 583843301.0435488. Growth capex / owner earnings = 0.1645018464233179.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:45.286Z); FY2022: growth capex 194013078.8282827; upkeep 353986921.1717173; owner earnings 664413078.8282827. Growth capex / owner earnings = 0.29200671240613146.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:45.286Z); FY2023: growth capex 124820427.70039761; upkeep 392179572.2996024; owner earnings 615420427.7003976. Growth capex / owner earnings = 0.20282139181958286.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:45.286Z); FY2024: growth capex 80000000; upkeep 357000000; owner earnings 895200000. Growth capex / owner earnings = 0.08936550491510277.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:45.286Z); FY2025: growth capex 466386.83528995514; upkeep 447533613.16471004; owner earnings 802066386.83529. Growth capex / owner earnings = 0.0005814815867426832.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:45.286Z); Dividend observations: [[2016,159000000],[2017,159000000],[2018,159000000],[2019,159000000],[2020,159000000],[2021,18000000],[2022,159000000],[2023,159000000],[2024,14000000],[2025,223000000]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:45.286Z); FY2025: cash repurchases 501000000 EUR.

### Are managers owners

Insiders own 54.2% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); BEI.XETRA SharesStats.PercentInsiders = 54.198 percentage points; cache date 2026-10-16.

### What the price says

The price assumes cash profits grow 7% yearly over ten years; actual growth was 3.5%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:45.286Z); Ten-year compound average after fade. Initial solved rate 0.08752530301626227. Price 81.56; FX 1; discount 0.1; same standard ten-year fade to terminal 0.03. FY2015 owner earnings/share 2.594878085861121 → FY2025 3.6703845843578136. Closing-price date 2026-10-15.

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

- 2016-10: EUR 80.20 per share

- 2016-11: EUR 77.08 per share

- 2016-12: EUR 80.60 per share

- 2017-01: EUR 81.94 per share

- 2017-02: EUR 86.12 per share

- 2017-03: EUR 88.73 per share

- 2017-04: EUR 91.34 per share

- 2017-05: EUR 95.60 per share

- 2017-06: EUR 92.04 per share

- 2017-07: EUR 92.70 per share

- 2017-08: EUR 89.68 per share

- 2017-09: EUR 91.03 per share

- 2017-10: EUR 96.30 per share

- 2017-11: EUR 99.99 per share

- 2017-12: EUR 97.90 per share

- 2018-01: EUR 95.50 per share

- 2018-02: EUR 90.12 per share

- 2018-03: EUR 92.02 per share

- 2018-04: EUR 93.92 per share

- 2018-05: EUR 98.26 per share

- 2018-06: EUR 97.24 per share

- 2018-07: EUR 99.60 per share

- 2018-08: EUR 100.30 per share

- 2018-09: EUR 97.18 per share

- 2018-10: EUR 91.40 per share

- 2018-11: EUR 94.54 per share

- 2018-12: EUR 91.16 per share

- 2019-01: EUR 87.30 per share

- 2019-02: EUR 81.56 per share

- 2019-03: EUR 92.74 per share

- 2019-04: EUR 97.44 per share

- 2019-05: EUR 103.05 per share

- 2019-06: EUR 105.55 per share

- 2019-07: EUR 105.00 per share

- 2019-08: EUR 114.50 per share

- 2019-09: EUR 108.20 per share

- 2019-10: EUR 106.15 per share

- 2019-11: EUR 105.85 per share

- 2019-12: EUR 106.65 per share

- 2020-01: EUR 102.40 per share

- 2020-02: EUR 94.90 per share

- 2020-03: EUR 92.56 per share

- 2020-04: EUR 95.58 per share

- 2020-05: EUR 94.26 per share

- 2020-06: EUR 101.10 per share

- 2020-07: EUR 101.15 per share

- 2020-08: EUR 96.80 per share

- 2020-09: EUR 97.00 per share

- 2020-10: EUR 89.90 per share

- 2020-11: EUR 93.74 per share

- 2020-12: EUR 94.44 per share

- 2021-01: EUR 90.34 per share

- 2021-02: EUR 81.90 per share

- 2021-03: EUR 90.10 per share

- 2021-04: EUR 93.90 per share

- 2021-05: EUR 96.84 per share

- 2021-06: EUR 101.75 per share

- 2021-07: EUR 100.15 per share

- 2021-08: EUR 102.75 per share

- 2021-09: EUR 93.46 per share

- 2021-10: EUR 91.90 per share

- 2021-11: EUR 88.22 per share

- 2021-12: EUR 90.38 per share

- 2022-01: EUR 88.08 per share

- 2022-02: EUR 90.42 per share

- 2022-03: EUR 95.20 per share

- 2022-04: EUR 95.82 per share

- 2022-05: EUR 96.52 per share

- 2022-06: EUR 97.48 per share

- 2022-07: EUR 100.65 per share

- 2022-08: EUR 100.60 per share

- 2022-09: EUR 100.95 per share

- 2022-10: EUR 97.18 per share

- 2022-11: EUR 103.95 per share

- 2022-12: EUR 107.20 per share

- 2023-01: EUR 111.60 per share

- 2023-02: EUR 113.00 per share

- 2023-03: EUR 119.95 per share

- 2023-04: EUR 126.60 per share

- 2023-05: EUR 119.15 per share

- 2023-06: EUR 121.25 per share

- 2023-07: EUR 117.80 per share

- 2023-08: EUR 120.80 per share

- 2023-09: EUR 122.15 per share

- 2023-10: EUR 124.05 per share

- 2023-11: EUR 128.70 per share

- 2023-12: EUR 135.70 per share

- 2024-01: EUR 135.85 per share

- 2024-02: EUR 132.55 per share

- 2024-03: EUR 134.95 per share

- 2024-04: EUR 140.55 per share

- 2024-05: EUR 144.35 per share

- 2024-06: EUR 136.55 per share

- 2024-07: EUR 134.20 per share

- 2024-08: EUR 130.75 per share

- 2024-09: EUR 135.15 per share

- 2024-10: EUR 124.00 per share

- 2024-11: EUR 122.65 per share

- 2024-12: EUR 124.00 per share

- 2025-01: EUR 128.95 per share

- 2025-02: EUR 132.25 per share

- 2025-03: EUR 119.40 per share

- 2025-04: EUR 124.00 per share

- 2025-05: EUR 120.65 per share

- 2025-06: EUR 106.60 per share

- 2025-07: EUR 109.00 per share

- 2025-08: EUR 98.24 per share

- 2025-09: EUR 89.00 per share

- 2025-10: EUR 91.72 per share

- 2025-11: EUR 92.66 per share

- 2025-12: EUR 93.68 per share

- 2026-01: EUR 100.45 per share

- 2026-02: EUR 107.65 per share

- 2026-03: EUR 76.58 per share

- 2026-04: EUR 70.58 per share

- 2026-05: EUR 69.18 per share

- 2026-06: EUR 75.34 per share

- 2026-07: EUR 80.72 per share

- 2026-08: EUR 79.12 per share

- 2026-09: EUR 76.94 per share

- 2026-10: EUR 79.70 per share

## Annual estimated value (EUR per share)

- FY2016: low EUR 31.81 per share, central EUR 35.08 per share, high EUR 39.44 per share

- FY2017: low EUR 38.66 per share, central EUR 44.72 per share, high EUR 50.85 per share

- FY2018: low EUR 39.76 per share, central EUR 44.23 per share, high EUR 50.17 per share

- FY2019: low EUR 45.42 per share, central EUR 53.44 per share, high EUR 61.00 per share

- FY2020: low EUR 39.15 per share, central EUR 43.65 per share, high EUR 49.64 per share

- FY2021: low EUR 37.33 per share, central EUR 42.25 per share, high EUR 48.02 per share

- FY2022: low EUR 43.63 per share, central EUR 50.77 per share, high EUR 57.87 per share

- FY2023: low EUR 47.32 per share, central EUR 55.88 per share, high EUR 63.46 per share

- FY2024: low EUR 50.99 per share, central EUR 62.26 per share, high EUR 71.01 per share

- FY2025: low EUR 51.89 per share, central EUR 62.66 per share, high EUR 71.42 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.

## Reported holder observations