# Evn Ag (EVN.VI)

Canonical: https://gigainvestors.com/s/EVN.VI

Analysis as of: 2026-10-16T07:37:02.663Z. Financial observations: FY2015–FY2026.

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 29.20 per share; close as of 2026-10-15.

Estimated value: low EUR 10.74 per share, central EUR 11.88 per share, high EUR 13.39 per share. Buy at or below the central value EUR 11.88 per share. Valuation as of 2026-10-16T07:37:02.663Z; scenarios are not confidence intervals.

Expected annual return: 5.4% at the stated quote. About 5.4% a year at today's price (required return 10.0%). required return 10.0% a year (10% floor; AT 10-year bond 3.7% + 4 points).

## Checklist

### understandable: pass

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

- Financial history: 10 years

- Years with declining revenue: 4

- Years with a net loss: 0

- Operating margin variation: 0.29×

Chart: Operating margin; fiscal year observations.

- FY2017: 0.14×

- FY2018: 0.09×

- FY2019: 0.09×

- FY2020: 0.09×

- FY2021: 0.06×

- FY2022: 0.07×

- FY2023: 0.17×

- FY2024: 0.13×

- FY2025: 0.12×

- LTM to Jun 2026: 0.12×

### moat: fail

- ROIC median below threshold

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

- ROIC, median of available years: 3.9%

- ROIC, second-lowest year: 2.7%

- Typical minus recent gross margin: 0.2 pp

- Typical gross margin (annual median): 41.1%

- Recent gross margin (lower of latest and 3-year median): 40.9%

- Years with nonpositive capital: 0

- Capital spending / revenue: 17.4%

- ROIC including acquisitions, ten-year median: 2.5%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: 6.0%

- FY2017: 6.6%

- FY2018: 3.2%

- FY2019: 3.6%

- FY2020: 3.4%

- FY2021: 2.1%

- FY2022: 2.7%

- FY2023: 7.6%

- FY2024: 4.9%

- FY2025: 4.3%

### economics: fail

- owner earnings cash conversion below threshold

- Owner earnings / net income, 5-yr: 0.44×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: EUR 871M

- Net income, five-year total: EUR 2.0B

- Return on incremental invested capital: 12.1%

- Working capital / revenue, annual change: 0.5 pp

- Working capital / revenue, change between three-year averages: 1.5 pp

- Working capital / revenue, final three-year average: 0.1%

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

- FY2021: 1.07×

- FY2022: 0.94×

- FY2023: 0.31×

- FY2024: 0.16×

- FY2025: 0.19×

### management: pass

- Historical market-dollar context (not the management verdict): 2017 to 2025 (8 years)

- buybacks unrelated to price (informational)

- ROIC first 3 years vs last 3 years: 6.0% vs 4.9%

- Per-share earnings: 1.43 to 2.65 (three-year endpoint medians)

- Management verdict uses per-share economic progress: Yes

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

- Market cap gain: EUR 1.8B

- Cumulative retained earnings: EUR 1.8B

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

- $1 test, starting fiscal year: FY2017

- $1 test, ending fiscal year: FY2025

- Per-share value growth: 10.8%

- Per-share value change: EUR 1.22

- Per-share value, starting three-year median: EUR 1.43

- Per-share value, ending three-year median: EUR 2.65

- Buyback history: 0 years

- Debt-funded buybacks: No

- Acquisition spending: EUR 162M

- Cumulative net income, 10 years: EUR 3.1B

- ROIC, first three-year median: 6.0%

- ROIC, last three-year median: 4.9%

Chart: Earnings per share; fiscal year observations.

- FY2017: EUR 1.41

- FY2018: EUR 1.43

- FY2019: EUR 1.70

- FY2020: EUR 1.12

- FY2021: EUR 1.83

- FY2022: EUR 1.18

- FY2023: EUR 2.97

- FY2024: EUR 2.65

- FY2025: EUR 2.45

### accounting: pass

- Sloan accruals: -4.5%

- Receivables to sales index (DSRI): 1.00×

- Restructuring years, last five: 0

- Earnings backed by cash: Yes

- Operating cash / earnings: 2.14×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 0.05×

- Stock compensation / operating cash flow: 0.0%

Chart: Sloan accruals; fiscal year observations.

- FY2016: -4.7%

- FY2017: -4.0%

- FY2018: -4.5%

- FY2019: -1.6%

- FY2020: -2.5%

- FY2021: -4.2%

- FY2022: 0.5%

- FY2023: -3.8%

- FY2024: -6.4%

- FY2025: -4.5%

## Holders

## Price story

Price needs cash profits to grow 14.1% a year for ten years · sales +2.4%

Story as of 2026-10-16T10:00:08.538Z; price observation 2026-10-15.

Price needs cash profits to grow 14.1% a year for ten years

### Sales · FY2025–2026

sales +2.4%; source https://filings.xbrl.org/529900P4JZBFEVNEAE60/2025-09-30/ESEF/AT/0/evnag-2025-09-30-2-en/reports/evnag-2025-09-30-2-en.xhtml; observed 2026-01-14.

- FY2017: EUR 2.2B 

- FY2018: EUR 2.1B 

- FY2019: EUR 2.2B 

- FY2020: EUR 2.1B 

- FY2021: EUR 2.4B 

- FY2022: EUR 4.1B 

- FY2023: EUR 3.8B 

- FY2024: EUR 2.9B 

- FY2025: EUR 3.0B 

- FY2026: EUR 3.1B 

### Gross margin · FY2025

gross margin 40.9%; source https://filings.xbrl.org/529900P4JZBFEVNEAE60/2025-09-30/ESEF/AT/0/evnag-2025-09-30-2-en/reports/evnag-2025-09-30-2-en.xhtml; observed 2026-01-14.

- FY2016: 43.0% 

- FY2017: 41.7% 

- FY2018: 41.3% 

- FY2019: 39.5% 

- FY2020: 42.3% 

- FY2021: 35.6% 

- FY2022: 26.8% 

- FY2023: 38.5% 

- FY2024: 43.5% 

- FY2025: 40.9% 

## Owner memo

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

### How it makes money

Operates in utilities diversified; annual sales are EUR 3 billion.

- Source: https://filings.xbrl.org/529900P4JZBFEVNEAE60/2025-09-30/ESEF/AT/0/evnag-2025-09-30-2-en/reports/evnag-2025-09-30-2-en.xhtml (filed 2026-01-14); FY2025: revenue 3000000000; grossProfit 1225600000; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); EVN.VI: EVN AG provides energy and environmental services in Austria, Bulgaria, North Macedonia, Croatia, Germany, and Albania. The company operates through Energy, Generation, Networks, South East Europe, Environmental, and All Other segments. It is involved in energy generation; operation of distribution networks; production and supply of electricity, natural gas, and heat to end customers, as well as investment activities. The company also offers environmental services, such as supply of drinking water; procures, trades, markets, and sells electricity, natural gas, and primary energy carriers to end customers and wholesale markets. In addition, it plans, constructs, finances, and/or operates water supply, wastewater treatment, and thermal waste utilization services; provides internet and telecommunication services; generates electricity from renewable energy, hydropower, and photovoltaics; and constructs and operates natural gas networks. The company was founded in 1922 and is based in Maria Enzersdorf, Austria. EVN AG operates as a subsidiary of NÖ Landes-Beteiligungsholding GmbH.

### Why customers stay

Margins ranged from 38.5% to 43.5% during 2023–25; it earns 3.9% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-01-14); FY2023: grossProfit / revenue = 38.5%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-01-14); FY2024: grossProfit / revenue = 43.5%.

- Source: https://filings.xbrl.org/529900P4JZBFEVNEAE60/2025-09-30/ESEF/AT/0/evnag-2025-09-30-2-en/reports/evnag-2025-09-30-2-en.xhtml (filed 2026-01-14); FY2025: grossProfit / revenue = 40.9%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-01-14); 10-year return on capital observations [[2016,0.060447966605864094],[2017,0.06620304485533954],[2018,0.03185896322320556],[2019,0.035801373203222804],[2020,0.03355388577561491],[2021,0.02102895180069687],[2022,0.02724086628495544],[2023,0.07561895322382456],[2024,0.049018376138851474],[2025,0.043190975788176926]]; median 0.039496174495699865. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Earns 12.1% on new investment; paid dividends in 10 of 10 years.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-01-14); FY2016: growth capex 0; upkeep 315900000; owner earnings 184500000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-01-14); FY2017: growth capex 0; upkeep 306400000; owner earnings 202500000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-01-14); FY2018: growth capex 0; upkeep 351300000; owner earnings 182200000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-01-14); FY2019: growth capex 0; upkeep 391900000; owner earnings 37020000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-01-14); FY2020: growth capex 0; upkeep 367500000; owner earnings 134000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-01-14); FY2021: growth capex 0; upkeep 415400000; owner earnings 347880000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-01-14); FY2022: growth capex 141000000; upkeep 423200000; owner earnings 197240000. Growth capex / owner earnings = 0.7148651389170554.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-01-14); FY2023: growth capex 0; upkeep 691000000; owner earnings 164680000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-01-14); FY2024: growth capex 0; upkeep 752500000; owner earnings 76660000. Growth capex / owner earnings = 0.

- Source: https://filings.xbrl.org/529900P4JZBFEVNEAE60/2025-09-30/ESEF/AT/0/evnag-2025-09-30-2-en/reports/evnag-2025-09-30-2-en.xhtml (filed 2026-01-14); FY2025: growth capex 154044075.111961; upkeep 755355924.888039; owner earnings 84584075.111961. Growth capex / owner earnings = 1.8211947687322727.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-01-14); Incremental return on capital 0.1209313491508299, from the economics test's unchanged annual inputs.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-01-14); Dividend observations: [[2016,74700000],[2017,74700000],[2018,78260000],[2019,78360000],[2020,84000000],[2021,87300000],[2022,92700000],[2023,92700000],[2024,203200000],[2025,160500000]]. Zero only counted when supported by a complete cash-flow statement.

### Are managers owners

Insiders own 79.4% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); EVN.VI SharesStats.PercentInsiders = 79.4 percentage points; cache date 2026-10-16.

### What the price says

The price assumes cash profits grow 14.1% yearly over ten years.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-01-14); Ten-year compound average after fade. Initial solved rate 0.19123761946449835. Price 29.2; FX 1; discount 0.1; same standard ten-year fade to terminal 0.03.  Closing-price date 2026-10-15.

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

- 2016-10: EUR 10.65 per share

- 2016-11: EUR 10.73 per share

- 2016-12: EUR 11.19 per share

- 2017-01: EUR 11.34 per share

- 2017-02: EUR 11.70 per share

- 2017-03: EUR 11.95 per share

- 2017-04: EUR 12.16 per share

- 2017-05: EUR 12.90 per share

- 2017-06: EUR 13.09 per share

- 2017-07: EUR 12.94 per share

- 2017-08: EUR 13.00 per share

- 2017-09: EUR 13.22 per share

- 2017-10: EUR 13.55 per share

- 2017-11: EUR 14.62 per share

- 2017-12: EUR 16.70 per share

- 2018-01: EUR 16.50 per share

- 2018-02: EUR 16.00 per share

- 2018-03: EUR 15.86 per share

- 2018-04: EUR 16.98 per share

- 2018-05: EUR 16.92 per share

- 2018-06: EUR 16.00 per share

- 2018-07: EUR 17.02 per share

- 2018-08: EUR 16.08 per share

- 2018-09: EUR 16.88 per share

- 2018-10: EUR 15.44 per share

- 2018-11: EUR 14.08 per share

- 2018-12: EUR 12.58 per share

- 2019-01: EUR 14.12 per share

- 2019-02: EUR 13.22 per share

- 2019-03: EUR 12.98 per share

- 2019-04: EUR 13.30 per share

- 2019-05: EUR 12.94 per share

- 2019-06: EUR 13.30 per share

- 2019-07: EUR 14.38 per share

- 2019-08: EUR 15.34 per share

- 2019-09: EUR 16.14 per share

- 2019-10: EUR 16.38 per share

- 2019-11: EUR 16.48 per share

- 2019-12: EUR 17.30 per share

- 2020-01: EUR 17.80 per share

- 2020-02: EUR 15.16 per share

- 2020-03: EUR 13.34 per share

- 2020-04: EUR 14.24 per share

- 2020-05: EUR 15.38 per share

- 2020-06: EUR 15.02 per share

- 2020-07: EUR 14.06 per share

- 2020-08: EUR 14.12 per share

- 2020-09: EUR 14.28 per share

- 2020-10: EUR 13.70 per share

- 2020-11: EUR 14.82 per share

- 2020-12: EUR 17.88 per share

- 2021-01: EUR 19.28 per share

- 2021-02: EUR 18.00 per share

- 2021-03: EUR 18.36 per share

- 2021-04: EUR 18.98 per share

- 2021-05: EUR 19.86 per share

- 2021-06: EUR 19.88 per share

- 2021-07: EUR 20.40 per share

- 2021-08: EUR 22.55 per share

- 2021-09: EUR 22.95 per share

- 2021-10: EUR 24.40 per share

- 2021-11: EUR 25.40 per share

- 2021-12: EUR 26.60 per share

- 2022-01: EUR 26.05 per share

- 2022-02: EUR 24.85 per share

- 2022-03: EUR 23.30 per share

- 2022-04: EUR 24.35 per share

- 2022-05: EUR 23.30 per share

- 2022-06: EUR 20.20 per share

- 2022-07: EUR 23.00 per share

- 2022-08: EUR 19.34 per share

- 2022-09: EUR 17.04 per share

- 2022-10: EUR 16.84 per share

- 2022-11: EUR 17.68 per share

- 2022-12: EUR 16.90 per share

- 2023-01: EUR 19.38 per share

- 2023-02: EUR 20.75 per share

- 2023-03: EUR 20.45 per share

- 2023-04: EUR 21.85 per share

- 2023-05: EUR 20.85 per share

- 2023-06: EUR 20.30 per share

- 2023-07: EUR 21.55 per share

- 2023-08: EUR 22.85 per share

- 2023-09: EUR 25.30 per share

- 2023-10: EUR 25.65 per share

- 2023-11: EUR 27.00 per share

- 2023-12: EUR 28.45 per share

- 2024-01: EUR 25.65 per share

- 2024-02: EUR 24.00 per share

- 2024-03: EUR 24.50 per share

- 2024-04: EUR 28.85 per share

- 2024-05: EUR 28.75 per share

- 2024-06: EUR 29.80 per share

- 2024-07: EUR 30.20 per share

- 2024-08: EUR 31.55 per share

- 2024-09: EUR 28.35 per share

- 2024-10: EUR 25.55 per share

- 2024-11: EUR 24.50 per share

- 2024-12: EUR 22.00 per share

- 2025-01: EUR 23.30 per share

- 2025-02: EUR 23.40 per share

- 2025-03: EUR 21.45 per share

- 2025-04: EUR 23.10 per share

- 2025-05: EUR 23.65 per share

- 2025-06: EUR 23.40 per share

- 2025-07: EUR 23.70 per share

- 2025-08: EUR 23.40 per share

- 2025-09: EUR 23.40 per share

- 2025-10: EUR 25.30 per share

- 2025-11: EUR 26.55 per share

- 2025-12: EUR 27.15 per share

- 2026-01: EUR 28.45 per share

- 2026-02: EUR 29.60 per share

- 2026-03: EUR 28.40 per share

- 2026-04: EUR 28.95 per share

- 2026-05: EUR 28.25 per share

- 2026-06: EUR 28.60 per share

- 2026-07: EUR 29.30 per share

- 2026-08: EUR 29.45 per share

- 2026-09: EUR 29.20 per share

- 2026-10: EUR 29.70 per share

## Annual estimated value (EUR per share)

- FY2019: low EUR 13.53 per share, central EUR 15.17 per share, high EUR 17.36 per share

- FY2020: low EUR 13.76 per share, central EUR 15.33 per share, high EUR 17.41 per share

- FY2021: low EUR 15.57 per share, central EUR 17.35 per share, high EUR 19.72 per share

- FY2022: low EUR 18.19 per share, central EUR 20.38 per share, high EUR 23.28 per share

- FY2023: low EUR 12.56 per share, central EUR 14.11 per share, high EUR 16.17 per share

- FY2024: low EUR 9.62 per share, central EUR 10.80 per share, high EUR 12.38 per share

- FY2025: low EUR 9.25 per share, central EUR 10.36 per share, high EUR 11.84 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 2026-10-15T06:42:46.920Z where newer inputs omit a numeric field or fiscal period.

## Sources

[Original ESEF filing](https://filings.xbrl.org/529900P4JZBFEVNEAE60/2025-09-30/ESEF/AT/0/evnag-2025-09-30-2-en/reports/evnag-2025-09-30-2-en.xhtml); period 2025-09-30, filed 2026-01-14.

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.