# Fuchs Petrolub SE (FPE3.XETRA)

Canonical: https://gigainvestors.com/s/FPE3.XETRA

Analysis as of: 2026-10-16T07:36:49.938Z. Financial observations: FY2002–FY2026.

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

Estimated value: low EUR 32.32 per share, central EUR 40.78 per share, high EUR 47.52 per share. Buy at or below the central value EUR 40.78 per share. Valuation as of 2026-10-16T07:36:49.938Z; scenarios are not confidence intervals.

Expected annual return: 9.2% at the stated quote. About 9.2% 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

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

- Financial history: 10 years

- Years with declining revenue: 2

- Years with a net loss: 0

- Operating margin variation: 0.08×

Chart: Operating margin; fiscal year observations.

- FY2017: 0.15×

- FY2018: 0.14×

- FY2019: 0.13×

- FY2020: 0.14×

- FY2021: 0.13×

- FY2022: 0.11×

- FY2023: 0.12×

- FY2024: 0.12×

- FY2025: 0.12×

- LTM to Jun 2026: 0.13×

### moat: pass

- ROIC, median of available years: 20.3%

- ROIC, second-lowest year: 18.4%

- Typical minus recent gross margin: 1.1 pp

- Typical gross margin (annual median): 34.5%

- Recent gross margin (lower of latest and 3-year median): 33.5%

- Years with nonpositive capital: 0

- Capital spending / revenue: 3.4%

- ROIC including acquisitions, ten-year median: 16.2%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: 28.6%

- FY2017: 26.8%

- FY2018: 24.9%

- FY2019: 20.8%

- FY2020: 19.9%

- FY2021: 18.4%

- FY2022: 16.5%

- FY2023: 20.3%

- FY2024: 19.5%

- FY2025: 20.4%

### economics: pass

- Owner earnings / net income, 5-yr: 1.03×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: EUR 1.4B

- Net income, five-year total: EUR 1.4B

- Return on incremental invested capital: 13.0%

- Working capital / revenue, annual change: 0.1 pp

- Working capital / revenue, change between three-year averages: 0.2 pp

- Working capital / revenue, final three-year average: 22.6%

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

- FY2021: 1.01×

- FY2022: 1.08×

- FY2023: 1.03×

- FY2024: 1.01×

- FY2025: 1.02×

### management: pass

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

- potential debt-funded buybacks (informational)

- buybacks unrelated to price (informational)

- ROIC first 3 years vs last 3 years: 26.8% vs 20.3%

- Per-share earnings: 1.84 to 2.31 (three-year endpoint medians)

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: -0.5%

- Ordinary dilution, 5-year annual growth: -1.2%

- Market cap gain: EUR -604M

- Cumulative retained earnings: EUR 47M

- Diluted shares, 10-year annual growth: -0.5%

- Diluted shares, 5-year annual growth: -1.2%

- $1 test, starting fiscal year: FY2016

- $1 test, ending fiscal year: FY2025

- Per-share value growth: 2.8%

- Per-share value change: EUR 0.46

- Per-share value, starting three-year median: EUR 1.84

- Per-share value, ending three-year median: EUR 2.31

- Buybacks concentrated in cheaper years (correlation): -1.00

- Average buyback yield: 1.7%

- Buyback history: 3 years

- Debt-funded buybacks: Yes

- Acquisition spending: EUR 213M

- Cumulative net income, 10 years: EUR 2.7B

- ROIC, first three-year median: 26.8%

- ROIC, last three-year median: 20.3%

Chart: Earnings per share; fiscal year observations.

- FY2016: EUR 1.84

- FY2017: EUR 1.93

- FY2018: EUR 2.04

- FY2019: EUR 1.61

- FY2020: EUR 1.58

- FY2021: EUR 1.82

- FY2022: EUR 1.89

- FY2023: EUR 2.12

- FY2024: EUR 2.31

- FY2025: EUR 2.34

### accounting: pass

- Sloan accruals: -3.7%

- Receivables to sales index (DSRI): 1.03×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 0.0%

- Earnings backed by cash: Yes

- Operating cash / earnings: 1.33×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 0.21×

Chart: Sloan accruals; fiscal year observations.

- FY2016: -2.4%

- FY2017: 1.5%

- FY2018: 1.1%

- FY2019: -5.0%

- FY2020: -6.6%

- FY2021: 3.6%

- FY2022: 5.2%

- FY2023: -10.8%

- FY2024: -3.4%

- FY2025: -3.7%

## Holders

## Price story

Price needs cash profits to grow 5.5% a year for ten years · sales +5.6%

Story as of 2026-10-16T10:00:08.191Z; price observation 2026-10-15.

Price needs cash profits to grow 5.5% a year for ten years

### Sales · FY2025–2026

sales +5.6%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2017: EUR 2.5B 

- FY2018: EUR 2.6B 

- FY2019: EUR 2.6B 

- FY2020: EUR 2.4B 

- FY2021: EUR 2.9B 

- FY2022: EUR 3.4B 

- FY2023: EUR 3.5B 

- FY2024: EUR 3.5B 

- FY2025: EUR 3.6B 

- FY2026: EUR 3.8B 

### Gross margin · FY2025

gross margin 33.5%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2016: 37.5% 

- FY2017: 35.7% 

- FY2018: 35.0% 

- FY2019: 34.6% 

- FY2020: 35.9% 

- FY2021: 33.6% 

- FY2022: 30.9% 

- FY2023: 32.3% 

- FY2024: 34.5% 

- FY2025: 33.5% 

## Owner memo

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

### How it makes money

Operates in specialty chemicals; annual sales are EUR 3.6 billion.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:49.938Z); FY2025: revenue 3563000000; grossProfit 1192000000; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); FPE3.XETRA: Fuchs SE, together with its subsidiaries, develops, produces, and distributes specialty lubricants and functional fluids in Europe, the Middle East, Africa, the Asia Pacific, and North and South America. The company offers automotive and industrial lubricants, such as biodegradable lubricants, central and mobile hydraulic oils, dry coatings, engine and gear oils, motorcycle/two wheelers, service fluids, chain lubricants, machine oils, open gear lubricants, compressor and refrigeration oils, release agents, slideways oils, fluids and industrial oils, hydraulic oils, and textile machine and turbine oils, as well as various oils for the agriculture sector. It also provides lubricating greases comprising assembly pastes, biodegradable and food grade greases, multi-purpose/long-life greases, pastes for extreme temperatures, perfluorinated pastes, and wheel bearing greases, as well as gear boxes; and greases for central lubricating systems, extreme temperature, machine tools, plain and roller bearings, rail vehicles, spray cans or rattle cans, and solid lubricants. In addition, the company offers metal processing lubricants consisting of cleaners, corrosion preventives, cutting and grinding, forming lubricants, and quenching oils; and special application lubricants for lubricating oils and pastes, adhesive lubricants, concrete and asphalt release agents, solid film and food grade lubricants, metal forming lubricants, corrosion protection and rust looseners, cleaners and protective agents, sprays, and application equipment. Further, it offers open gear and surface coating services. The company serves the automotive, industry, engineering, construction, mining, transport, heavy duty, steel and cement, aerospace, wind energy, and food sectors. The company was formerly known as Fuchs Petrolub SE and changed its name to Fuchs SE in July 2023. Fuchs SE was founded in 1931 and is headquartered in Mannheim, Germany.

### Why customers stay

Margins ranged from 32.3% to 34.5% during 2023–25; it earns 20.3% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:49.938Z); FY2023: grossProfit / revenue = 32.3%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:49.938Z); FY2024: grossProfit / revenue = 34.5%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:49.938Z); FY2025: grossProfit / revenue = 33.5%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:49.938Z); 10-year return on capital observations [[2016,0.2857169465165442],[2017,0.26826748074009027],[2018,0.24896337499097018],[2019,0.20820189274447948],[2020,0.19910909537198196],[2021,0.18429806788760203],[2022,0.1652388449296994],[2023,0.20252036067230314],[2024,0.19476043472744958],[2025,0.20366481150897828]]; median 0.2030925860906407. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Paid dividends in 10 of 10 years.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:49.938Z); FY2016: growth capex 31027651.20799291; upkeep 61972348.79200709; owner earnings 244027651.2079929. Growth capex / owner earnings = 0.1271480959407629.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:49.938Z); FY2017: growth capex 36135481.909130305; upkeep 68864518.0908697; owner earnings 253135481.9091303. Growth capex / owner earnings = 0.14275154805086587.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:49.938Z); FY2018: growth capex 17384487.533504993; upkeep 103615512.466495; owner earnings 242384487.533505. Growth capex / owner earnings = 0.07172277281606944.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:49.938Z); FY2019: growth capex 1008836.0865814388; upkeep 152991163.91341856; owner earnings 154008836.08658144. Growth capex / owner earnings = 0.006550507829396791.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:49.938Z); FY2020: growth capex 0; upkeep 122000000; owner earnings 174200000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:49.938Z); FY2021: growth capex 0; upkeep 80000000; owner earnings 254600000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:49.938Z); FY2022: growth capex 0; upkeep 69000000; owner earnings 279600000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:49.938Z); FY2023: growth capex 0; upkeep 83000000; owner earnings 291200000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:49.938Z); FY2024: growth capex 0; upkeep 83000000; owner earnings 305200000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:49.938Z); FY2025: growth capex 0; upkeep 92000000; owner earnings 313000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:49.938Z); Dividend observations: [[2016,114000000],[2017,123000000],[2018,126000000],[2019,131000000],[2020,135000000],[2021,137000000],[2022,143000000],[2023,144000000],[2024,146000000],[2025,153000000]]. Zero only counted when supported by a complete cash-flow statement.

### Are managers owners

Insiders own 0% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); FPE3.XETRA SharesStats.PercentInsiders = 0 percentage points; cache date 2026-10-16.

### What the price says

The price assumes cash profits grow 5.5% yearly over ten years; actual growth was 3.4%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:49.938Z); Ten-year compound average after fade. Initial solved rate 0.07946221707995693. Price 45.64; FX 1; discount 0.1; same compounder ten-year fade to terminal 0.03. FY2015 owner earnings/share 1.7114513368626876 → FY2025 2.3893129770992365. Closing-price date 2026-10-15.

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

- 2016-10: EUR 40.73 per share

- 2016-11: EUR 37.39 per share

- 2016-12: EUR 39.88 per share

- 2017-01: EUR 42.29 per share

- 2017-02: EUR 43.71 per share

- 2017-03: EUR 45.73 per share

- 2017-04: EUR 47.36 per share

- 2017-05: EUR 49.67 per share

- 2017-06: EUR 47.68 per share

- 2017-07: EUR 50.20 per share

- 2017-08: EUR 46.70 per share

- 2017-09: EUR 50.09 per share

- 2017-10: EUR 48.20 per share

- 2017-11: EUR 44.15 per share

- 2017-12: EUR 44.25 per share

- 2018-01: EUR 44.00 per share

- 2018-02: EUR 46.66 per share

- 2018-03: EUR 44.10 per share

- 2018-04: EUR 44.54 per share

- 2018-05: EUR 44.86 per share

- 2018-06: EUR 42.24 per share

- 2018-07: EUR 48.28 per share

- 2018-08: EUR 50.45 per share

- 2018-09: EUR 48.12 per share

- 2018-10: EUR 40.94 per share

- 2018-11: EUR 36.56 per share

- 2018-12: EUR 35.98 per share

- 2019-01: EUR 40.92 per share

- 2019-02: EUR 39.30 per share

- 2019-03: EUR 36.70 per share

- 2019-04: EUR 38.78 per share

- 2019-05: EUR 34.94 per share

- 2019-06: EUR 34.58 per share

- 2019-07: EUR 34.94 per share

- 2019-08: EUR 31.78 per share

- 2019-09: EUR 34.46 per share

- 2019-10: EUR 38.28 per share

- 2019-11: EUR 39.20 per share

- 2019-12: EUR 44.16 per share

- 2020-01: EUR 40.00 per share

- 2020-02: EUR 34.52 per share

- 2020-03: EUR 32.32 per share

- 2020-04: EUR 35.46 per share

- 2020-05: EUR 35.82 per share

- 2020-06: EUR 35.74 per share

- 2020-07: EUR 37.10 per share

- 2020-08: EUR 39.62 per share

- 2020-09: EUR 43.38 per share

- 2020-10: EUR 44.18 per share

- 2020-11: EUR 47.92 per share

- 2020-12: EUR 46.44 per share

- 2021-01: EUR 46.92 per share

- 2021-02: EUR 45.34 per share

- 2021-03: EUR 40.84 per share

- 2021-04: EUR 44.34 per share

- 2021-05: EUR 41.38 per share

- 2021-06: EUR 41.02 per share

- 2021-07: EUR 42.02 per share

- 2021-08: EUR 42.86 per share

- 2021-09: EUR 40.42 per share

- 2021-10: EUR 41.44 per share

- 2021-11: EUR 39.60 per share

- 2021-12: EUR 39.92 per share

- 2022-01: EUR 38.32 per share

- 2022-02: EUR 35.50 per share

- 2022-03: EUR 32.78 per share

- 2022-04: EUR 30.08 per share

- 2022-05: EUR 28.60 per share

- 2022-06: EUR 26.60 per share

- 2022-07: EUR 29.24 per share

- 2022-08: EUR 26.98 per share

- 2022-09: EUR 26.00 per share

- 2022-10: EUR 29.00 per share

- 2022-11: EUR 33.24 per share

- 2022-12: EUR 32.74 per share

- 2023-01: EUR 36.58 per share

- 2023-02: EUR 37.96 per share

- 2023-03: EUR 37.54 per share

- 2023-04: EUR 35.80 per share

- 2023-05: EUR 33.20 per share

- 2023-06: EUR 36.22 per share

- 2023-07: EUR 37.60 per share

- 2023-08: EUR 38.30 per share

- 2023-09: EUR 36.82 per share

- 2023-10: EUR 38.32 per share

- 2023-11: EUR 38.80 per share

- 2023-12: EUR 40.30 per share

- 2024-01: EUR 40.80 per share

- 2024-02: EUR 39.38 per share

- 2024-03: EUR 45.90 per share

- 2024-04: EUR 43.82 per share

- 2024-05: EUR 44.44 per share

- 2024-06: EUR 42.68 per share

- 2024-07: EUR 40.22 per share

- 2024-08: EUR 38.06 per share

- 2024-09: EUR 43.58 per share

- 2024-10: EUR 42.82 per share

- 2024-11: EUR 42.48 per share

- 2024-12: EUR 41.66 per share

- 2025-01: EUR 43.94 per share

- 2025-02: EUR 46.96 per share

- 2025-03: EUR 44.32 per share

- 2025-04: EUR 44.04 per share

- 2025-05: EUR 44.44 per share

- 2025-06: EUR 46.84 per share

- 2025-07: EUR 40.24 per share

- 2025-08: EUR 41.02 per share

- 2025-09: EUR 38.08 per share

- 2025-10: EUR 38.78 per share

- 2025-11: EUR 39.32 per share

- 2025-12: EUR 38.14 per share

- 2026-01: EUR 36.56 per share

- 2026-02: EUR 36.76 per share

- 2026-03: EUR 36.20 per share

- 2026-04: EUR 40.18 per share

- 2026-05: EUR 39.30 per share

- 2026-06: EUR 38.24 per share

- 2026-07: EUR 40.16 per share

- 2026-08: EUR 40.26 per share

- 2026-09: EUR 43.08 per share

- 2026-10: EUR 45.64 per share

## Annual estimated value (EUR per share)

- FY2016: low EUR 25.87 per share, central EUR 37.13 per share, high EUR 43.49 per share

- FY2017: low EUR 27.47 per share, central EUR 38.26 per share, high EUR 44.77 per share

- FY2018: low EUR 28.42 per share, central EUR 39.51 per share, high EUR 46.19 per share

- FY2019: low EUR 24.66 per share, central EUR 30.94 per share, high EUR 35.96 per share

- FY2020: low EUR 18.79 per share, central EUR 21.22 per share, high EUR 24.46 per share

- FY2021: low EUR 22.41 per share, central EUR 27.75 per share, high EUR 32.27 per share

- FY2022: low EUR 24.54 per share, central EUR 30.21 per share, high EUR 35.18 per share

- FY2023: low EUR 26.68 per share, central EUR 32.94 per share, high EUR 38.31 per share

- FY2024: low EUR 29.35 per share, central EUR 38.04 per share, high EUR 44.41 per share

- FY2025: low EUR 31.10 per share, central EUR 39.11 per share, high EUR 45.50 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 2026-10-15T06:42:33.763Z 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.