# CSG N.V. (CSG.AS)

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

Analysis as of: 2026-10-16T07:35:00.032Z. Financial observations: FY2015–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 14.87 per share; close as of 2026-10-15.

Estimated value: low EUR 9.18 per share, central EUR 10.23 per share, high EUR 11.62 per share. Buy at or below the central value EUR 10.23 per share. Valuation as of 2026-10-16T07:35:00.032Z; scenarios are not confidence intervals.

Expected annual return: 7.5% at the stated quote. About 7.5% 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

- 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: 0.32×

Chart: Operating margin; fiscal year observations.

- FY2016: 0.18×

- FY2017: 0.13×

- FY2018: 0.14×

- FY2019: 0.12×

- FY2020: 0.10×

- FY2021: 0.09×

- FY2022: 0.16×

- FY2023: 0.22×

- FY2024: 0.23×

- FY2025: 0.24×

### moat: fail

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

- Recent gross margin fell 7.3pp below the typical margin (limit 4pp)

- ROIC, median of available years: 21.7%

- ROIC, second-lowest year: 7.7%

- Typical minus recent gross margin: 7.3 pp

- Typical gross margin (annual median): 52.3%

- Recent gross margin (lower of latest and 3-year median): 45.0%

- Years with nonpositive capital: 0

- Capital spending / revenue: 7.6%

- ROIC including acquisitions, ten-year median: 11.2%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: 11.7%

- FY2017: 9.0%

- FY2018: 10.2%

- FY2019: 7.3%

- FY2020: 7.7%

- FY2021: >100%

- FY2022: >100%

- FY2023: 46.2%

- FY2024: 94.1%

- FY2025: 31.8%

### economics: pass

- Owner earnings / net income, 5-yr: 1.00×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: EUR 5.6B

- Net income, five-year total: EUR 5.6B

- Return on incremental invested capital: 32.4%

- Working capital / revenue, annual change: -4.0 pp

- Working capital / revenue, change between three-year averages: -26.7 pp

- Working capital / revenue, final three-year average: 25.9%

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

- FY2021: 1.00×

- FY2022: 1.00×

- FY2023: 0.94×

- FY2024: 1.00×

- FY2025: 1.00×

### management: pass

- ROIC first 3 years vs last 3 years: 10.2% vs 46.2%

- Per-share earnings: 0.03 to 0.55 (three-year endpoint medians)

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: 0.0%

- Ordinary dilution, 5-year annual growth: 0.0%

- Diluted shares, 10-year annual growth: 0.0%

- Diluted shares, 5-year annual growth: 0.0%

- Per-share value growth: 44.5%

- Per-share value change: EUR 0.52

- Per-share value, starting three-year median: EUR 0.03

- Per-share value, ending three-year median: EUR 0.55

- Buyback history: 0 years

- Debt-funded buybacks: No

- Acquisition spending: EUR 2.3B

- Cumulative net income, 10 years: EUR 5.8B

- ROIC, first three-year median: 10.2%

- ROIC, last three-year median: 46.2%

Chart: Earnings per share; fiscal year observations.

- FY2016: EUR 0.02

- FY2017: EUR 0.03

- FY2018: EUR 0.03

- FY2019: EUR 0.05

- FY2020: EUR 0.03

- FY2021: EUR 1.23

- FY2022: EUR 2.97

- FY2023: EUR 0.17

- FY2024: EUR 0.55

- FY2025: EUR 0.69

### accounting: fail

- latest-year receivables to sales index (DSRI) exceeds 1.465

- earnings not backed by cash

- Sloan accruals: 7.7%

- Receivables to sales index (DSRI): 1.84×

- Restructuring years, last five: 0

- Earnings backed by cash: No

- Operating cash / earnings: -0.06×

- Accounting red flags: 1

- Goodwill and intangibles / equity: 1.41×

Chart: Sloan accruals; fiscal year observations.

- FY2016: 6.9%

- FY2017: -0.7%

- FY2018: 5.1%

- FY2019: -1.9%

- FY2020: -2.4%

- FY2021: -188.0%

- FY2022: -166.3%

- FY2023: -0.7%

- FY2024: -3.8%

- FY2025: 7.7%

## Holders

## Price story

Down 53% since Feb 2026 · sales +30.1%

Story as of 2026-10-16T10:00:03.310Z; price observation 2026-10-15.

Price needs cash profits to grow 6.3% a year for ten years

### Sales · FY2024–2025

sales +30.1%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2016: EUR 212M 

- FY2017: EUR 302M 

- FY2018: EUR 445M 

- FY2019: EUR 466M 

- FY2020: EUR 573M 

- FY2021: EUR 14B 

- FY2022: EUR 25B 

- FY2023: EUR 1.7B 

- FY2024: EUR 5.2B 

- FY2025: EUR 6.7B 

### Gross margin · FY2025

gross margin 45%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2016: 65.8% 

- FY2017: 57.1% 

- FY2018: 55.4% 

- FY2019: 55.6% 

- FY2020: 55.9% 

- FY2021: 45.7% 

- FY2022: 41.4% 

- FY2023: 44.7% 

- FY2024: 49.3% 

- FY2025: 45.0% 

## Owner memo

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

### How it makes money

Operates in aerospace & defense; annual sales are EUR 6.7 billion.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:00.032Z); FY2025: revenue 6741315000; grossProfit 3035613000; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); CSG.AS: CSG N.V. manufactures and sells defence products in the Czech Republic, Europe, the United States, and the Asia Pacific. The company operates through CSG Defence Systems and CSG Ammo + segments. The CSG Defence Systems segment focuses on the production, sale, service, and maintenance of military and defence equipment to customers, including governments and private companies. Its products include medium and large calibre ammunition (105-155mm and other artillery ammunition, as well as tank ammunition, rockets, mortar bombs and medium calibre ammunition); land systems include military-use vehicles, such as military, wheeled and tracked vehicles, heavy off-road trucks and weapon systems; Aero space and defence electronics, including military radars for land vehicles and air defence systems, surveillance radars, and systems for air traffic control; and advanced systems, focuses on turbojet engines for unmanned aerial vehicles (UAVs) and missiles. The CSG Ammo + segment provides small calibre ammunicato products, including ammunition for pistols, revolvers, rifles and shotguns for civilian customers, law enforcement, and the military. The company has a strategic collaboration with FNSS Savunma Sistemleri A.S. for the development of advanced armored platforms. The company has strategic joint ventures with Hellenic Defence Systems S.A. in Greece to produce large-calibre ammunition and explosives supply security, and with partners in India to expand manufacturing capabilities and secure access to critical inputs for ammunition production. The company was founded in 1995 and is based in Prague, the Czech Republic. CSG N.V. operates as a subsidiary of CSG FIN a.s.

### Why customers stay

Margins ranged from 44.7% to 49.3% during 2023–25; it earns 21.7% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:00.032Z); FY2023: grossProfit / revenue = 44.7%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:00.032Z); FY2024: grossProfit / revenue = 49.3%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:00.032Z); FY2025: grossProfit / revenue = 45%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:00.032Z); 10-year return on capital observations [[2016,0.11659266671093518],[2017,0.08965231361638677],[2018,0.10165256714420494],[2019,0.07330588204341741],[2020,0.07691732108086644],[2021,1.8158768558757092],[2022,6.987219643242576],[2023,0.4618433923903439],[2024,0.94071969252589],[2025,0.3176325893804762]]; median 0.2171126280457057. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Spends 9.2% of cash earnings on expansion; earns 32.4% on new investment.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:00.032Z); FY2016: growth capex 9580567; upkeep 11924878; owner earnings 24630478. Growth capex / owner earnings = 0.3889720288822653.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:00.032Z); FY2017: growth capex 16983144; upkeep 13163136; owner earnings 28966000. Growth capex / owner earnings = 0.5863130566871505.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:00.032Z); FY2018: growth capex 18747625; upkeep 15669134; owner earnings 31464993. Growth capex / owner earnings = 0.5958248584387099.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:00.032Z); FY2019: growth capex 9947479.279028788; upkeep 59752626.72097121; owner earnings 12408702.279028788. Growth capex / owner earnings = 0.8016534731307425.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:00.032Z); FY2020: growth capex 22337940; upkeep 26593736; owner earnings 29107797. Growth capex / owner earnings = 0.7674211827160949.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:00.032Z); FY2021: growth capex 385363000; upkeep 702559000; owner earnings 1227630000. Growth capex / owner earnings = 0.31390809934589414.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:00.032Z); FY2022: growth capex 908615000; upkeep 694887000; owner earnings 2973281000. Growth capex / owner earnings = 0.3055933832019241.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:00.032Z); FY2023: growth capex 0; upkeep 74246000; owner earnings 162800805.1196179. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:00.032Z); FY2024: growth capex 50513000; upkeep 66291000; owner earnings 549261000. Growth capex / owner earnings = 0.09196538621893781.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:00.032Z); FY2025: growth capex 64050000; upkeep 161176000; owner earnings 694063000. Growth capex / owner earnings = 0.09228268903543338.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:00.032Z); Incremental return on capital 0.3243869099680941, from the economics test's unchanged annual inputs.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:00.032Z); Dividend observations: [[2016,288662],[2017,0],[2018,0],[2019,0],[2020,0],[2021,19931000],[2022,23771000],[2023,6295000],[2024,15954000],[2025,53192000]]. Zero only counted when supported by a complete cash-flow statement.

### Are managers owners

Insiders own 84.8% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); CSG.AS SharesStats.PercentInsiders = 84.783 percentage points; cache date 2026-10-16.

### What the price says

The price assumes cash profits grow 6.3% yearly over ten years; actual growth was 41.8%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:00.032Z); Ten-year compound average after fade. Initial solved rate 0.07715633932518362. Price 14.866; FX 1; discount 0.1; same standard ten-year fade to terminal 0.03. FY2015 owner earnings/share 0.021159621 → FY2025 0.694063. Closing-price date 2026-10-15.

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

- 2026-01: EUR 30.56 per share

- 2026-02: EUR 31.83 per share

- 2026-03: EUR 23.34 per share

- 2026-04: EUR 18.42 per share

- 2026-05: EUR 17.98 per share

- 2026-06: EUR 12.77 per share

- 2026-07: EUR 16.52 per share

- 2026-08: EUR 18.13 per share

- 2026-09: EUR 14.65 per share

- 2026-10: EUR 13.91 per share

## Annual estimated value (EUR per share)

- FY2019: low EUR 0.51 per share, central EUR 0.58 per share, high EUR 0.67 per share

- FY2020: low EUR 0.49 per share, central EUR 0.56 per share, high EUR 0.64 per share

- FY2021: low EUR 11.16 per share, central EUR 12.70 per share, high EUR 14.75 per share

- FY2022: low EUR 19.26 per share, central EUR 21.92 per share, high EUR 25.45 per share

- FY2023: low EUR 2.05 per share, central EUR 2.27 per share, high EUR 2.57 per share

- FY2024: low EUR 6.27 per share, central EUR 7.01 per share, high EUR 7.98 per share

- FY2025: low EUR 8.15 per share, central EUR 9.19 per share, high EUR 10.58 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 2026-10-15T06:40:47.416Z where newer inputs omit a numeric field or fiscal period.

## 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.