# Gea Group (G1A.XETRA)

Canonical: https://gigainvestors.com/s/G1A.XETRA

Analysis as of: 2026-10-16T07:35:29.073Z. Financial observations: FY2004–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 69.05 per share; close as of 2026-10-15.

Estimated value: low EUR 26.52 per share, central EUR 29.99 per share, high EUR 34.61 per share. Buy at or below the central value EUR 29.99 per share. Valuation as of 2026-10-16T07:35:29.073Z; scenarios are not confidence intervals.

Expected annual return: 5.9% at the stated quote. About 5.9% 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: 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: 1

- Operating margin variation: 0.48×

Chart: Operating margin; fiscal year observations.

- FY2017: 0.09×

- FY2018: 0.05×

- FY2019: -0.02×

- FY2020: 0.06×

- FY2021: 0.08×

- FY2022: 0.09×

- FY2023: 0.09×

- FY2024: 0.11×

- FY2025: 0.12×

- LTM to Jun 2026: 0.12×

### moat: pass

- ROIC, median of available years: 74.5%

- ROIC, second-lowest year: 28.8%

- Typical minus recent gross margin: -3.6 pp

- Typical gross margin (annual median): 32.1%

- Recent gross margin (lower of latest and 3-year median): 35.7%

- Years with nonpositive capital: 0

- Capital spending / revenue: 2.8%

- ROIC including acquisitions, ten-year median: 13.0%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: 49.3%

- FY2017: 39.0%

- FY2018: 28.8%

- FY2019: -12.3%

- FY2020: >100%

- FY2021: >100%

- FY2022: 92.3%

- FY2023: 74.5%

- FY2024: 77.2%

- FY2025: 74.6%

### economics: pass

- Owner earnings / net income, 5-yr: 0.86×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: EUR 1.6B

- Net income, five-year total: EUR 1.9B

- Return on incremental invested capital: >100%

- Working capital / revenue, annual change: -1.0 pp

- Working capital / revenue, change between three-year averages: -7.8 pp

- Working capital / revenue, final three-year average: 22.4%

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

- FY2021: 1.09×

- FY2022: 0.92×

- FY2023: 0.91×

- FY2024: 0.73×

- FY2025: 0.70×

### management: pass

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

- potential debt-funded buybacks (informational)

- buybacks leaned toward cheaper years (informational)

- ROIC first 3 years vs last 3 years: 39.0% vs 74.6%

- Per-share earnings: 1.51 to 2.33 (three-year endpoint medians)

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: -1.7%

- Ordinary dilution, 5-year annual growth: -2.0%

- Market cap gain: EUR 2.2B

- Cumulative retained earnings: EUR -297M

- Diluted shares, 10-year annual growth: -1.7%

- Diluted shares, 5-year annual growth: -2.0%

- $1 test, starting fiscal year: FY2016

- $1 test, ending fiscal year: FY2025

- Per-share value growth: 5.6%

- Per-share value change: EUR 0.82

- Per-share value, starting three-year median: EUR 1.51

- Per-share value, ending three-year median: EUR 2.33

- Buybacks concentrated in cheaper years (correlation): 0.25

- Average buyback yield: 2.2%

- Buyback history: 7 years

- Debt-funded buybacks: Yes

- Acquisition spending: EUR 529M

- Cumulative net income, 10 years: EUR 2.4B

- ROIC, first three-year median: 39.0%

- ROIC, last three-year median: 74.6%

Chart: Earnings per share; fiscal year observations.

- FY2016: EUR 1.51

- FY2017: EUR 1.35

- FY2018: EUR 0.63

- FY2019: EUR -1.03

- FY2020: EUR 0.54

- FY2021: EUR 1.69

- FY2022: EUR 2.33

- FY2023: EUR 2.28

- FY2024: EUR 2.33

- FY2025: EUR 2.54

### accounting: pass

- Sloan accruals: -5.2%

- 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: 1.76×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 0.79×

Chart: Sloan accruals; fiscal year observations.

- FY2016: 2.0%

- FY2017: -0.3%

- FY2018: -2.6%

- FY2019: -11.6%

- FY2020: -10.9%

- FY2021: -6.4%

- FY2022: -1.1%

- FY2023: -2.4%

- FY2024: -5.4%

- FY2025: -5.2%

## Holders

## Price story

Price needs cash profits to grow 11.7% a year for ten years · sales +2.6%

Story as of 2026-10-16T10:00:05.090Z; price observation 2026-10-15.

Price needs cash profits to grow 11.7% a year for ten years

- 2025-07-31: GEA Raises Forecast for Fiscal Year 2025 and Provides Positive Outlook ([finance.yahoo.com](https://finance.yahoo.com/news/gea-raises-forecast-fiscal-2025-174000259.html))

- 2026-07-06: GEA Group Aktiengesellschaft Reaffirms 2026 Outlook as Orders and Margins Gain Momentum ([finance.yahoo.com](https://finance.yahoo.com/markets/stocks/articles/gea-group-aktiengesellschaft-reaffirms-2026-130221476.html))

### Sales · FY2025–2026

sales +2.6%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2017: EUR 4.6B 

- FY2018: EUR 4.8B 

- FY2019: EUR 4.9B 

- FY2020: EUR 4.6B 

- FY2021: EUR 4.7B 

- FY2022: EUR 5.2B 

- FY2023: EUR 5.4B 

- FY2024: EUR 5.4B 

- FY2025: EUR 5.5B 

- FY2026: EUR 5.6B 

### Gross margin · FY2025

gross margin 37.3%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2016: 30.9% 

- FY2017: 31.1% 

- FY2018: 29.1% 

- FY2019: 28.7% 

- FY2020: 30.6% 

- FY2021: 33.1% 

- FY2022: 33.2% 

- FY2023: 33.9% 

- FY2024: 35.7% 

- FY2025: 37.3% 

## Owner memo

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

### How it makes money

Operates in specialty industrial machinery; annual sales are EUR 5.5 billion.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:29.073Z); FY2025: revenue 5495356000; grossProfit 2047988000; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); G1A.XETRA: GEA Group Aktiengesellschaft produces and supplies systems and components to the food, beverage, and pharmaceutical industries worldwide. The company operates through Separation & Flow Technologies; Liquid & Power Technologies; Food & Health Technologies; Farm Technologies; and Heating & Refrigeration Technologies segments. It manufactures process-related components and machinery, notably separators, decanters, homogenizers, valves, and pumps; and process solutions, including brewing systems, liquid processing and filling, concentration, fermentation, crystallization, purification, drying, powder handling, and packaging, as well as systems for carbon capture and emission control for dairy, new-food, beverage, food, chemical, and other industries. The company also prepares, marinates, and processes meat, poultry, seafood, vegan products, and snack and pasta, as well as slicing, packaging lines, freeze drying, granulators, and tablet presses for pharmaceutical industry. In addition, it offers customer solutions for milk production and livestock farming comprising automatic milking and feeding system, conventional milking solutions, manure handling, and digital herd management tools; and energy solutions in the field of industrial refrigeration and heating for various industries, including food, beverage, dairy, oil and gas, supporting automation, digital, and service platform. The company was formerly known as mg technologies ag and changed its name to GEA Group Aktiengesellschaft in 2005. GEA Group Aktiengesellschaft was founded in 1881 and is headquartered in Düsseldorf, Germany.

### Why customers stay

Margins ranged from 33.9% to 37.3% during 2023–25; it earns 74.5% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:29.073Z); FY2023: grossProfit / revenue = 33.9%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:29.073Z); FY2024: grossProfit / revenue = 35.7%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:29.073Z); FY2025: grossProfit / revenue = 37.3%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:29.073Z); 10-year return on capital observations [[2016,0.4934612332634246],[2017,0.39029368051839963],[2018,0.28793309267243195],[2019,-0.12309653892951807],[2020,1.4397135114208286],[2021,6.3094038713650615],[2022,0.9232987671486511],[2023,0.7449597395776476],[2024,0.7720446366597492],[2025,0.7460246565741082]]; median 0.745492198075878. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Can it raise prices

Kept about a 33% gross margin through 2022 cost inflation.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:29.073Z); Gross margin observations: [[2021,0.33074323210866474],[2022,0.332214136155458],[2023,0.3390110823671241]]; range within 2 percentage points.

### Where the cash goes

Spends 4% of cash earnings on expansion; paid dividends in 10 of 10 years.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:29.073Z); FY2016: growth capex 0; upkeep 91007000; owner earnings 307116000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:29.073Z); FY2017: growth capex 396000; upkeep 118141000; owner earnings 243274000. Growth capex / owner earnings = 0.0016277941744699393.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:29.073Z); FY2018: growth capex 0; upkeep 132067000; owner earnings 127027000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:29.073Z); FY2019: growth capex 0; upkeep 136962000; owner earnings 123511200. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:29.073Z); FY2020: growth capex 0; upkeep 97584000; owner earnings 155794000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:29.073Z); FY2021: growth capex 0; upkeep 129854000; owner earnings 331721800. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:29.073Z); FY2022: growth capex 10737000; upkeep 193065000; owner earnings 368383400. Growth capex / owner earnings = 0.029146264462513782.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:29.073Z); FY2023: growth capex 29597899.732853204; upkeep 198764100.2671468; owner earnings 357110299.7328532. Growth capex / owner earnings = 0.08288167480746084.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:29.073Z); FY2024: growth capex 7123239.964737356; upkeep 229981760.03526264; owner earnings 280229839.96473736. Growth capex / owner earnings = 0.025419277139200117.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:29.073Z); FY2025: growth capex 11401402.952777445; upkeep 243890597.04722255; owner earnings 288564002.95277745. Growth capex / owner earnings = 0.03951082891875203.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:29.073Z); Dividend observations: [[2016,153996000],[2017,152812000],[2018,153418000],[2019,153418000],[2020,153418000],[2021,153418000],[2022,159590000],[2023,163715000],[2024,168566000],[2025,187222000]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:29.073Z); FY2025: cash repurchases 120058000 EUR.

### Are managers owners

Insiders own 0% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); G1A.XETRA SharesStats.PercentInsiders = 0 percentage points; cache date 2026-10-16.

### What the price says

The price assumes cash profits grow 11.7% yearly over ten years; actual decline was 1.4%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:29.073Z); Ten-year compound average after fade. Initial solved rate 0.15619354704829125. Price 69.05; FX 1; discount 0.1; same standard ten-year fade to terminal 0.03. FY2015 owner earnings/share 2.03387012987013 → FY2025 1.7724876518659047. Closing-price date 2026-10-15.

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

- 2016-10: EUR 35.23 per share

- 2016-11: EUR 35.17 per share

- 2016-12: EUR 38.23 per share

- 2017-01: EUR 38.24 per share

- 2017-02: EUR 36.74 per share

- 2017-03: EUR 39.84 per share

- 2017-04: EUR 39.04 per share

- 2017-05: EUR 36.58 per share

- 2017-06: EUR 35.83 per share

- 2017-07: EUR 34.35 per share

- 2017-08: EUR 37.00 per share

- 2017-09: EUR 38.49 per share

- 2017-10: EUR 41.40 per share

- 2017-11: EUR 40.54 per share

- 2017-12: EUR 40.01 per share

- 2018-01: EUR 40.03 per share

- 2018-02: EUR 38.95 per share

- 2018-03: EUR 34.55 per share

- 2018-04: EUR 32.41 per share

- 2018-05: EUR 31.50 per share

- 2018-06: EUR 28.89 per share

- 2018-07: EUR 33.40 per share

- 2018-08: EUR 32.73 per share

- 2018-09: EUR 30.68 per share

- 2018-10: EUR 26.86 per share

- 2018-11: EUR 23.84 per share

- 2018-12: EUR 22.50 per share

- 2019-01: EUR 24.02 per share

- 2019-02: EUR 21.07 per share

- 2019-03: EUR 23.35 per share

- 2019-04: EUR 24.92 per share

- 2019-05: EUR 24.48 per share

- 2019-06: EUR 25.00 per share

- 2019-07: EUR 22.65 per share

- 2019-08: EUR 24.53 per share

- 2019-09: EUR 24.77 per share

- 2019-10: EUR 27.41 per share

- 2019-11: EUR 29.17 per share

- 2019-12: EUR 29.48 per share

- 2020-01: EUR 27.09 per share

- 2020-02: EUR 23.94 per share

- 2020-03: EUR 18.73 per share

- 2020-04: EUR 20.98 per share

- 2020-05: EUR 26.79 per share

- 2020-06: EUR 28.15 per share

- 2020-07: EUR 30.63 per share

- 2020-08: EUR 30.56 per share

- 2020-09: EUR 30.01 per share

- 2020-10: EUR 28.57 per share

- 2020-11: EUR 28.71 per share

- 2020-12: EUR 29.28 per share

- 2021-01: EUR 28.54 per share

- 2021-02: EUR 28.62 per share

- 2021-03: EUR 34.95 per share

- 2021-04: EUR 36.51 per share

- 2021-05: EUR 35.87 per share

- 2021-06: EUR 34.16 per share

- 2021-07: EUR 37.39 per share

- 2021-08: EUR 39.11 per share

- 2021-09: EUR 39.59 per share

- 2021-10: EUR 42.59 per share

- 2021-11: EUR 44.73 per share

- 2021-12: EUR 48.09 per share

- 2022-01: EUR 41.75 per share

- 2022-02: EUR 39.07 per share

- 2022-03: EUR 37.31 per share

- 2022-04: EUR 37.17 per share

- 2022-05: EUR 37.15 per share

- 2022-06: EUR 32.89 per share

- 2022-07: EUR 36.37 per share

- 2022-08: EUR 34.69 per share

- 2022-09: EUR 33.34 per share

- 2022-10: EUR 35.40 per share

- 2022-11: EUR 38.88 per share

- 2022-12: EUR 38.20 per share

- 2023-01: EUR 41.35 per share

- 2023-02: EUR 41.62 per share

- 2023-03: EUR 41.95 per share

- 2023-04: EUR 42.54 per share

- 2023-05: EUR 39.29 per share

- 2023-06: EUR 38.31 per share

- 2023-07: EUR 38.59 per share

- 2023-08: EUR 36.40 per share

- 2023-09: EUR 34.96 per share

- 2023-10: EUR 32.23 per share

- 2023-11: EUR 33.72 per share

- 2023-12: EUR 37.69 per share

- 2024-01: EUR 37.20 per share

- 2024-02: EUR 37.27 per share

- 2024-03: EUR 39.19 per share

- 2024-04: EUR 37.90 per share

- 2024-05: EUR 38.28 per share

- 2024-06: EUR 38.90 per share

- 2024-07: EUR 40.84 per share

- 2024-08: EUR 42.40 per share

- 2024-09: EUR 43.96 per share

- 2024-10: EUR 45.28 per share

- 2024-11: EUR 47.32 per share

- 2024-12: EUR 47.82 per share

- 2025-01: EUR 51.05 per share

- 2025-02: EUR 55.70 per share

- 2025-03: EUR 55.90 per share

- 2025-04: EUR 57.30 per share

- 2025-05: EUR 58.90 per share

- 2025-06: EUR 59.40 per share

- 2025-07: EUR 63.10 per share

- 2025-08: EUR 62.20 per share

- 2025-09: EUR 62.85 per share

- 2025-10: EUR 62.00 per share

- 2025-11: EUR 58.40 per share

- 2025-12: EUR 57.80 per share

- 2026-01: EUR 60.40 per share

- 2026-02: EUR 65.90 per share

- 2026-03: EUR 61.20 per share

- 2026-04: EUR 58.35 per share

- 2026-05: EUR 55.45 per share

- 2026-06: EUR 60.05 per share

- 2026-07: EUR 61.65 per share

- 2026-08: EUR 67.20 per share

- 2026-09: EUR 66.30 per share

- 2026-10: EUR 69.10 per share

## Annual estimated value (EUR per share)

- FY2016: low EUR 23.59 per share, central EUR 26.17 per share, high EUR 29.61 per share

- FY2017: low EUR 21.50 per share, central EUR 24.26 per share, high EUR 27.94 per share

- FY2018: low EUR 21.82 per share, central EUR 24.58 per share, high EUR 28.25 per share

- FY2019: low EUR 18.05 per share, central EUR 20.20 per share, high EUR 23.07 per share

- FY2020: low EUR 13.72 per share, central EUR 15.02 per share, high EUR 16.75 per share

- FY2021: low EUR 14.46 per share, central EUR 15.78 per share, high EUR 17.54 per share

- FY2022: low EUR 14.78 per share, central EUR 16.29 per share, high EUR 18.31 per share

- FY2023: low EUR 25.73 per share, central EUR 28.86 per share, high EUR 33.02 per share

- FY2024: low EUR 27.00 per share, central EUR 30.28 per share, high EUR 34.65 per share

- FY2025: low EUR 27.70 per share, central EUR 31.08 per share, high EUR 35.58 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 2026-10-15T06:41:17.408Z 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.