# Fielmann Aktiengesellschaft (FLMNF.US)

Canonical: https://gigainvestors.com/s/FLMNF

Analysis as of: 2026-10-16T07:28:33.652Z. Financial observations: FY2015–FY2025.

Listing currency: USD. 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: $42.50 per share; close as of 2026-10-14.

Estimated value: low $48.17 per share, central $54.40 per share, high $62.71 per share. Buy at or below the central value $54.40 per share. Valuation as of 2026-10-16T07:28:33.652Z; scenarios are not confidence intervals.

Expected annual return: 12.2% at the stated quote. About 12.2% a year at today's price (required return 10.0%). required return 10.0% a year (10% floor; US 10-year bond 5.1% + 4 points).

## Checklist

### understandable: fail

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

- operating margin variation exceeds 0.35

- Financial history: 10 years

- Years with declining revenue: 1

- Years with a net loss: 0

- Operating margin variation: 0.39×

Chart: Operating margin; fiscal year observations.

- FY2016: 0.18×

- FY2017: 0.18×

- FY2018: 0.18×

- FY2019: 0.17×

- FY2020: 0.13×

- FY2021: 0.35×

- FY2022: 0.33×

- FY2023: 0.33×

- FY2024: 0.15×

- FY2025: 0.13×

### moat: fail

- Recent gross margin fell 52.9pp below the typical margin (limit 4pp)

- ROIC, median of available years: 41.7%

- ROIC, second-lowest year: 18.8%

- Typical minus recent gross margin: 52.9 pp

- Typical gross margin (annual median): 79.9%

- Recent gross margin (lower of latest and 3-year median): 26.9%

- Years with nonpositive capital: 0

- Capital spending / revenue: 4.8%

- ROIC including acquisitions, ten-year median: 20.1%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: 47.0%

- FY2017: 49.0%

- FY2018: 41.7%

- FY2019: 22.4%

- FY2020: 15.2%

- FY2021: 46.4%

- FY2022: 41.8%

- FY2023: 43.6%

- FY2024: 19.7%

- FY2025: 18.8%

### economics: pass

- Owner earnings / net income, 5-yr: 1.76×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: EUR 1.3B

- Net income, five-year total: EUR 721M

- Return on incremental invested capital: >100%

- Working capital / revenue, annual change: 0.3 pp

- Working capital / revenue, change between three-year averages: 2.5 pp

- Working capital / revenue, final three-year average: 13.6%

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

- FY2021: 1.66×

- FY2022: 1.91×

- FY2023: 1.88×

- FY2024: 1.87×

- FY2025: 1.58×

### management: fail

- buybacks unrelated to price (informational)

- ROIC first 3 years vs last 3 years: 47.0% vs 19.7%

- Per-share earnings: 1.98 to 1.81 (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: 0.0%

- 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: -1.1%

- Per-share value change: EUR -0.17

- Per-share value, starting three-year median: EUR 1.98

- Per-share value, ending three-year median: EUR 1.81

- Buybacks concentrated in cheaper years (correlation): -0.54

- Average buyback yield: 0.3%

- Buyback history: 7 years

- Debt-funded buybacks: No

- Acquisition spending: EUR 706M

- Cumulative net income, 10 years: EUR 1.5B

- ROIC, first three-year median: 47.0%

- ROIC, last three-year median: 19.7%

Chart: Earnings per share; fiscal year observations.

- FY2016: EUR 1.98

- FY2017: EUR 2.00

- FY2018: EUR 2.02

- FY2019: EUR 2.05

- FY2020: EUR 1.39

- FY2021: EUR 1.62

- FY2022: EUR 1.23

- FY2023: EUR 1.48

- FY2024: EUR 1.81

- FY2025: EUR 2.43

### accounting: pass

- Sloan accruals: -9.8%

- Receivables to sales index (DSRI): 1.28×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 0.0%

- Earnings backed by cash: Yes

- Operating cash / earnings: 2.28×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 0.69×

Chart: Sloan accruals; fiscal year observations.

- FY2016: -5.8%

- FY2017: -12.9%

- FY2018: -3.9%

- FY2019: -9.5%

- FY2020: -9.7%

- FY2021: -12.1%

- FY2022: -9.3%

- FY2023: -7.8%

- FY2024: -10.9%

- FY2025: -9.8%

## Holders

- [Thomas Russo](https://gigainvestors.com/GR): tracked 13F investor; follow the investor page for holding quarter and amounts.

## Price story

Down 38% since Nov 2021 · sales +7.6%

Story as of 2026-10-16T09:58:46.063Z; price observation 2026-10-14.

Price needs cash profits to shrink 2.4% a year for ten years

### Sales · FY2024–2025

sales +7.6%; source https://www.fielmann-group.com/fileadmin/fielmann/Dokumente/Publikationen/Geschaeftsberichte/EN/Fielmann_Annual_Report_2025.pdf; observed 2026-10-16.

- FY2016: EUR 1.3B 

- FY2017: EUR 1.4B 

- FY2018: EUR 1.4B 

- FY2019: EUR 1.5B 

- FY2020: EUR 1.4B 

- FY2021: EUR 1.7B 

- FY2022: EUR 1.8B 

- FY2023: EUR 2.0B 

- FY2024: EUR 2.3B 

- FY2025: EUR 2.4B 

### Gross margin · FY2025

gross margin 26.9%; source https://www.fielmann-group.com/fileadmin/fielmann/Dokumente/Publikationen/Geschaeftsberichte/EN/Fielmann_Annual_Report_2025.pdf; observed 2026-10-16.

- FY2016: 79.0% 

- FY2017: 80.0% 

- FY2018: 79.8% 

- FY2019: 79.9% 

- FY2020: 80.3% 

- FY2021: 79.7% 

- FY2022: 78.4% 

- FY2023: 79.9% 

- FY2024: 80.0% 

- FY2025: 26.9% 

## Owner memo

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

### How it makes money

Operates in medical instruments & supplies; annual sales are EUR 2.4 billion.

- Source: https://www.fielmann-group.com/fileadmin/fielmann/Dokumente/Publikationen/Geschaeftsberichte/EN/Fielmann_Annual_Report_2025.pdf#reviewed-original-annual-table (filed 2026-10-16T07:28:33.652Z); FY2025: revenue 2435336000; grossProfit 655852264; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); FLMNF.US: Fielmann Group AG engages in vision care and audiology business in Germany, Switzerland, Austria, Spain, North America, and internationally. The company manufactures and sells visual aids mainly glasses, eyewear frames and lenses, sunglasses, contact lenses, ready-made reading glasses, hearing systems and its accessories, as well as personal protective equipment. It also offers its products under the fielmann, Optika Clarus, Optica & Audiologia Universitaria, Medical optica audicion, Shopko Optical, and SVS VISION brand names. The company sells its products through digital sales, retail stores, as well as Befitting, an optical e-commerce platform. The company was formerly known as Fielmann Aktiengesellschaft and changed its name to Fielmann Group AG in July 2023. Fielmann Group AG was founded in 1972 and is headquartered in Hamburg, Germany. Fielmann Group AG operates as a subsidiary of Korva SE.

### Why customers stay

Margins ranged from 26.9% to 80% during 2023–25; it earns 41.7% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:28:33.652Z); FY2023: grossProfit / revenue = 79.9%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:28:33.652Z); FY2024: grossProfit / revenue = 80%.

- Source: https://www.fielmann-group.com/fileadmin/fielmann/Dokumente/Publikationen/Geschaeftsberichte/EN/Fielmann_Annual_Report_2025.pdf (filed 2026-10-16T07:28:33.652Z); FY2025: grossProfit / revenue = 26.9%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:28:33.652Z); 10-year return on capital observations [[2016,0.47043576769549794],[2017,0.4899908428855912],[2018,0.41737995121144383],[2019,0.22350300505972542],[2020,0.1522897203069062],[2021,0.4644760744925125],[2022,0.41757007870385165],[2023,0.4361342474521729],[2024,0.1966265362188595],[2025,0.18829777961580452]]; median 0.4174750149576477. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Can it raise prices

Kept about a 78% gross margin through 2022 cost inflation.

- Source: https://www.fielmann-group.com/fileadmin/fielmann/Dokumente/Publikationen/Geschaeftsberichte/EN/Fielmann_Annual_Report_2025.pdf (filed 2026-10-16T07:28:33.652Z); Gross margin observations: [[2021,0.7970095694492695],[2022,0.7842648423005566],[2023,0.7990396530359356]]; range within 2 percentage points.

### Where the cash goes

Paid dividends in 10 of 10 years; bought back EUR 2.5 million of shares.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:28:33.652Z); FY2016: growth capex 6320909.280174725; upkeep 42372090.719825275; owner earnings 163927909.28017473. Growth capex / owner earnings = 0.03855907946322578.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:28:33.652Z); FY2017: growth capex 8335399.58000499; upkeep 57861600.41999501; owner earnings 152037399.580005. Growth capex / owner earnings = 0.05482466552987012.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:28:33.652Z); FY2018: growth capex 7313666.4520778805; upkeep 68687333.54792212; owner earnings 145311666.45207787. Growth capex / owner earnings = 0.05033089655254793.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:28:33.652Z); FY2019: growth capex 0; upkeep 100198000; owner earnings 200919000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:28:33.652Z); FY2020: growth capex 0; upkeep 90070000; owner earnings 176590000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:28:33.652Z); FY2021: growth capex 0; upkeep 86534000; owner earnings 227612000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:28:33.652Z); FY2022: growth capex 0; upkeep 85390000; owner earnings 198227000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:28:33.652Z); FY2023: growth capex 0; upkeep 86789000; owner earnings 234239000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:28:33.652Z); FY2024: growth capex 0; upkeep 82685000; owner earnings 284437000. Growth capex / owner earnings = 0.

- Source: https://www.fielmann-group.com/fileadmin/fielmann/Dokumente/Publikationen/Geschaeftsberichte/EN/Fielmann_Annual_Report_2025.pdf (filed 2026-10-16T07:28:33.652Z); FY2025: growth capex 0; upkeep 112673783; owner earnings 321467910. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:28:33.652Z); Dividend observations: [[2016,151663000],[2017,156389000],[2018,160085000],[2019,159500000],[2020,97814250.44],[2021,100754000],[2022,125979000],[2023,62986000],[2024,83971000],[2025,96495844]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://www.fielmann-group.com/fileadmin/fielmann/Dokumente/Publikationen/Geschaeftsberichte/EN/Fielmann_Annual_Report_2025.pdf (filed 2026-10-16T07:28:33.652Z); FY2025: cash repurchases 2496064 EUR.

### Are managers owners

Insiders own 72.9% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); FLMNF.US SharesStats.PercentInsiders = 72.91 percentage points; cache date 2026-10-16.

### What the price says

The price assumes cash profits shrink 2.4% yearly over ten years; actual growth was 7.8%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:28:33.652Z); Ten-year compound average after fade. Initial solved rate -0.04663922501445669. Price 42.5; FX 1.12128; discount 0.1; same standard ten-year fade to terminal 0.03. FY2015 owner earnings/share 1.8132902140253107 → FY2025 3.8289133852640607. Closing-price date 2026-10-14.

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

- 2016-11: $63.55 per share

- 2016-12: $63.47 per share

- 2017-02: $72.16 per share

- 2017-03: $76.60 per share

- 2017-05: $79.35 per share

- 2017-12: $87.00 per share

- 2018-03: $83.00 per share

- 2018-09: $60.84 per share

- 2018-10: $62.11 per share

- 2018-12: $62.04 per share

- 2019-07: $74.50 per share

- 2019-12: $78.50 per share

- 2020-01: $80.50 per share

- 2020-03: $48.41 per share

- 2020-12: $77.74 per share

- 2021-01: $87.30 per share

- 2021-08: $74.38 per share

- 2021-10: $65.30 per share

- 2021-11: $68.45 per share

- 2021-12: $63.51 per share

- 2022-01: $63.00 per share

- 2022-02: $63.64 per share

- 2022-05: $54.04 per share

- 2022-08: $36.37 per share

- 2022-09: $35.00 per share

- 2022-10: $30.00 per share

- 2023-01: $38.40 per share

- 2023-03: $41.25 per share

- 2023-04: $42.64 per share

- 2023-05: $52.38 per share

- 2023-06: $54.53 per share

- 2024-03: $46.90 per share

- 2024-05: $48.15 per share

- 2024-07: $48.00 per share

- 2024-09: $50.00 per share

- 2024-12: $42.54 per share

- 2025-03: $46.75 per share

- 2025-05: $64.00 per share

- 2025-06: $64.00 per share

- 2025-07: $61.84 per share

- 2025-09: $60.22 per share

- 2026-02: $54.95 per share

- 2026-03: $52.85 per share

- 2026-04: $50.75 per share

- 2026-09: $42.50 per share

- 2026-10: $42.50 per share

## Annual estimated value (USD per share)

- FY2019: low $28.76 per share, central $32.34 per share, high $37.11 per share

- FY2020: low $28.20 per share, central $31.73 per share, high $36.43 per share

- FY2021: low $32.85 per share, central $37.01 per share, high $42.55 per share

- FY2022: low $33.25 per share, central $37.63 per share, high $43.45 per share

- FY2023: low $35.93 per share, central $40.81 per share, high $47.30 per share

- FY2024: low $41.58 per share, central $47.21 per share, high $54.71 per share

- FY2025: low $47.04 per share, central $53.20 per share, high $61.39 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

[Original annual-report filing](https://www.fielmann-group.com/fileadmin/fielmann/Dokumente/Publikationen/Geschaeftsberichte/EN/Fielmann_Annual_Report_2025.pdf); period 2025-12-31, filed see filing.

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.