# Bilfinger SE (GBF.XETRA)

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

Analysis as of: 2026-10-16T07:40:26.007Z. Financial observations: FY2004–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 54.90 per share; close as of 2026-10-15.

Estimated value: low EUR 66.58 per share, central EUR 75.31 per share, high EUR 86.93 per share. Buy at or below the central value EUR 75.31 per share. Valuation as of 2026-10-16T07:40:26.007Z; scenarios are not confidence intervals.

Expected annual return: 12.9% at the stated quote. About 12.9% 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

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

- operating margin variation exceeds 0.35

- Financial history: 10 years

- Years with declining revenue: 2

- Years with a net loss: 2

- Operating margin variation: 0.70×

Chart: Operating margin; fiscal year observations.

- FY2017: -0.01×

- FY2018: -0.00×

- FY2019: 0.02×

- FY2020: 0.06×

- FY2021: 0.04×

- FY2022: 0.03×

- FY2023: 0.04×

- FY2024: 0.05×

- FY2025: 0.05×

- LTM to Jun 2026: 0.05×

### moat: fail

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

- ROIC, median of available years: 50.0%

- ROIC, second-lowest year: -0.2%

- Typical minus recent gross margin: -0.8 pp

- Typical gross margin (annual median): 10.2%

- Recent gross margin (lower of latest and 3-year median): 11.1%

- Years with nonpositive capital: 0

- Capital spending / revenue: 1.3%

- ROIC including acquisitions, ten-year median: 15.4%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2017: -12.0%

- FY2018: -0.2%

- FY2019: 12.3%

- FY2020: >100%

- FY2021: >100%

- FY2022: 68.0%

- FY2023: 60.3%

- FY2024: 50.6%

- FY2025: 49.3%

- LTM to Jun 2026: 42.7%

### economics: pass

- Owner earnings / net income, 5-yr: 1.12×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: EUR 777M

- Net income, five-year total: EUR 695M

- Return on incremental invested capital: >100%

- Working capital / revenue, annual change: 0.1 pp

- Working capital / revenue, change between three-year averages: 0.8 pp

- Working capital / revenue, final three-year average: 17.1%

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

- FY2021: 1.09×

- FY2022: 1.38×

- FY2023: 1.04×

- FY2024: 1.12×

- FY2025: 1.18×

### management: fail

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

- potential debt-funded buybacks (informational)

- ROIC first 3 years vs last 3 years: -12.0% vs 50.6%

- Per-share earnings: -2.20 to 4.76 (three-year endpoint medians)

- material buybacks concentrated at lower earnings yields (Spearman rho below threshold)

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: -0.9%

- Ordinary dilution, 5-year annual growth: -1.7%

- Market cap gain: EUR 2.5B

- Cumulative retained earnings: EUR -278M

- Diluted shares, 10-year annual growth: -0.9%

- Diluted shares, 5-year annual growth: -1.7%

- $1 test, starting fiscal year: FY2016

- $1 test, ending fiscal year: FY2025

- Per-share value change: EUR 6.96

- Per-share value, starting three-year median: EUR -2.20

- Per-share value, ending three-year median: EUR 4.76

- Buybacks concentrated in cheaper years (correlation): -0.86

- Average buyback yield: 3.0%

- Buyback history: 8 years

- Debt-funded buybacks: Yes

- Acquisition spending: EUR 63M

- Cumulative net income, 10 years: EUR 954M

- ROIC, first three-year median: -12.0%

- ROIC, last three-year median: 50.6%

Chart: Earnings per share; fiscal year observations.

- FY2016: EUR 6.71

- FY2017: EUR -2.20

- FY2018: EUR -0.60

- FY2019: EUR 0.06

- FY2020: EUR 2.47

- FY2021: EUR 3.18

- FY2022: EUR 0.72

- FY2023: EUR 4.82

- FY2024: EUR 4.76

- FY2025: EUR 4.76

### accounting: pass

- Sloan accruals: -5.1%

- Receivables to sales index (DSRI): 0.94×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 0.0%

- Earnings backed by cash: Yes

- Operating cash / earnings: 2.07×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 0.62×

Chart: Sloan accruals; fiscal year observations.

- FY2016: 15.4%

- FY2017: -0.2%

- FY2018: -1.7%

- FY2019: -2.3%

- FY2020: -0.4%

- FY2021: 0.5%

- FY2022: -4.3%

- FY2023: 1.1%

- FY2024: -1.8%

- FY2025: -5.1%

## Holders

## Price story

Down 54% since Feb 2026 · "Statutory earnings fell 7.1% short of analyst forecasts, reaching €0.99 per share." (finance.yahoo.com, May 2026) · sales +2.6%

Story as of 2026-10-16T10:00:11.474Z; price observation 2026-10-15.

Price needs cash profits to shrink 3.3% a year for ten years

- 2025-05-22: Bilfinger UK wins contract to maintain the National Transmission System ([finance.yahoo.com](https://finance.yahoo.com/news/bilfinger-uk-wins-contract-maintain-143923354.html))

### Sales · FY2025–2026

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

- FY2017: EUR 4.0B 

- FY2018: EUR 4.2B 

- FY2019: EUR 4.3B 

- FY2020: EUR 3.5B 

- FY2021: EUR 3.7B 

- FY2022: EUR 4.3B 

- FY2023: EUR 4.5B 

- FY2024: EUR 5.0B 

- FY2025: EUR 5.4B 

- FY2026: EUR 5.6B 

### Gross margin · FY2026

gross margin 11.1%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2017: 8.3% 

- FY2018: 9.4% 

- FY2019: 9.5% 

- FY2020: 8.6% 

- FY2021: 10.4% 

- FY2022: 10.1% 

- FY2023: 10.3% 

- FY2024: 10.9% 

- FY2025: 11.4% 

- FY2026: 11.1% 

## Owner memo

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

### How it makes money

Operates in engineering & construction; annual sales are EUR 5.4 billion.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:40:26.007Z); FY2025: revenue 5427000000; grossProfit 617200000; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); GBF.XETRA: Bilfinger SE provides industrial services to customers in the process industry primarily in Europe, North America, and the Middle East. It operates through three segments: Engineering & Maintenance Europe; Engineering & Maintenance International; and Technologies. The company offers engineering, project, maintenance, turnaround, rotating equipment, inspection, insulation, scaffolding, corrosion protection, mechanical, electrical, instrumentation, control, digital services, and decommissioning of nuclear power plants. It also provides services in the field of nuclear energy, battery production, district heating and waste heat, hydropower, waste recycling and wastewater treatment, hydrogen, carbon capture and storage, wind power, biogas, and environmental tech. In addition, the company offers consulting and engineering; prefabrication and installation; and access and insulation services, as well as maintenance, engineering, extension, new construction, and operation of industrial plants. The company serves customers in energy, chemicals and petrochemicals, pharma and biopharma, and oil and gas industries. Bilfinger SE was founded in 1880 and is headquartered in Mannheim, Germany.

### Why customers stay

Margins ranged from 10.3% to 11.4% during 2023–25; it earns 50% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:40:26.007Z); FY2023: grossProfit / revenue = 10.3%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:40:26.007Z); FY2024: grossProfit / revenue = 10.9%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:40:26.007Z); FY2025: grossProfit / revenue = 11.4%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:40:26.007Z); 10-year return on capital observations [[2017,-0.120394656952034],[2018,-0.0021529659741041855],[2019,0.12321634726391134],[2020,7.625104066394361],[2021,1.2115211521152116],[2022,0.6799245283018868],[2023,0.6032568467801629],[2024,0.5059140959824574],[2025,0.49328676648158604],[2026,0.42706489484485044]]; median 0.4996004312320217. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Can it raise prices

Kept about a 10% gross margin through 2022 cost inflation.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:40:26.007Z); Gross margin observations: [[2021,0.10354792101460909],[2022,0.1013682745825603],[2023,0.103330658105939]]; range within 2 percentage points.

### Where the cash goes

Paid dividends in 9 of 10 years; bought back EUR 50 million of shares.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:40:26.007Z); FY2016: growth capex 0; upkeep 69700000; owner earnings 293500000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:40:26.007Z); FY2019: growth capex 0; upkeep 63600000; owner earnings 4100000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:40:26.007Z); FY2020: growth capex 0; upkeep 36600000; owner earnings 148320000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:40:26.007Z); FY2021: growth capex 0; upkeep 61300000; owner earnings 141020000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:40:26.007Z); FY2022: growth capex 0; upkeep 51700000; owner earnings 38980000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:40:26.007Z); FY2023: growth capex 0; upkeep 58600000; owner earnings 188560000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:40:26.007Z); FY2024: growth capex 0; upkeep 63200000; owner earnings 200400000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:40:26.007Z); FY2025: growth capex 0; upkeep 65300000; owner earnings 208460000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:40:26.007Z); Dividend observations: [[2016,0],[2017,44200000],[2018,42000000],[2019,40300000],[2020,4800000],[2021,76500000],[2022,193700000],[2023,48600000],[2024,67500000],[2025,89300000]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:40:26.007Z); FY2025: cash repurchases 50000000 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); GBF.XETRA SharesStats.PercentInsiders = 0 percentage points; cache date 2026-10-16.

### What the price says

The price assumes cash profits shrink 3.3% yearly over ten years.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:40:26.007Z); Ten-year compound average after fade. Initial solved rate -0.059049794539021094. Price 54.9; FX 1; discount 0.1; same standard ten-year fade to terminal 0.03. FY2015 owner earnings/share -10.620083868886628 → FY2025 5.643205197617759. Closing-price date 2026-10-15.

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

- 2016-10: EUR 32.10 per share

- 2016-11: EUR 35.65 per share

- 2016-12: EUR 36.58 per share

- 2017-01: EUR 38.37 per share

- 2017-02: EUR 37.22 per share

- 2017-03: EUR 36.09 per share

- 2017-04: EUR 39.88 per share

- 2017-05: EUR 34.42 per share

- 2017-06: EUR 34.30 per share

- 2017-07: EUR 34.56 per share

- 2017-08: EUR 34.04 per share

- 2017-09: EUR 35.43 per share

- 2017-10: EUR 34.54 per share

- 2017-11: EUR 36.93 per share

- 2017-12: EUR 39.57 per share

- 2018-01: EUR 37.74 per share

- 2018-02: EUR 37.36 per share

- 2018-03: EUR 37.00 per share

- 2018-04: EUR 39.60 per share

- 2018-05: EUR 37.88 per share

- 2018-06: EUR 43.56 per share

- 2018-07: EUR 44.04 per share

- 2018-08: EUR 41.54 per share

- 2018-09: EUR 43.48 per share

- 2018-10: EUR 38.52 per share

- 2018-11: EUR 28.94 per share

- 2018-12: EUR 25.48 per share

- 2019-01: EUR 27.84 per share

- 2019-02: EUR 34.04 per share

- 2019-03: EUR 31.00 per share

- 2019-04: EUR 32.90 per share

- 2019-05: EUR 27.20 per share

- 2019-06: EUR 28.46 per share

- 2019-07: EUR 26.68 per share

- 2019-08: EUR 24.96 per share

- 2019-09: EUR 26.80 per share

- 2019-10: EUR 29.92 per share

- 2019-11: EUR 32.72 per share

- 2019-12: EUR 34.58 per share

- 2020-01: EUR 31.96 per share

- 2020-02: EUR 27.02 per share

- 2020-03: EUR 15.36 per share

- 2020-04: EUR 17.17 per share

- 2020-05: EUR 17.14 per share

- 2020-06: EUR 17.00 per share

- 2020-07: EUR 14.73 per share

- 2020-08: EUR 16.80 per share

- 2020-09: EUR 15.59 per share

- 2020-10: EUR 15.68 per share

- 2020-11: EUR 23.16 per share

- 2020-12: EUR 25.86 per share

- 2021-01: EUR 27.92 per share

- 2021-02: EUR 29.50 per share

- 2021-03: EUR 31.18 per share

- 2021-04: EUR 31.08 per share

- 2021-05: EUR 26.60 per share

- 2021-06: EUR 25.24 per share

- 2021-07: EUR 25.94 per share

- 2021-08: EUR 29.70 per share

- 2021-09: EUR 30.18 per share

- 2021-10: EUR 30.36 per share

- 2021-11: EUR 28.46 per share

- 2021-12: EUR 29.90 per share

- 2022-01: EUR 30.62 per share

- 2022-02: EUR 33.88 per share

- 2022-03: EUR 34.56 per share

- 2022-04: EUR 38.66 per share

- 2022-05: EUR 28.90 per share

- 2022-06: EUR 27.88 per share

- 2022-07: EUR 29.46 per share

- 2022-08: EUR 29.60 per share

- 2022-09: EUR 25.80 per share

- 2022-10: EUR 28.20 per share

- 2022-11: EUR 27.30 per share

- 2022-12: EUR 27.08 per share

- 2023-01: EUR 31.56 per share

- 2023-02: EUR 37.64 per share

- 2023-03: EUR 39.10 per share

- 2023-04: EUR 39.20 per share

- 2023-05: EUR 33.08 per share

- 2023-06: EUR 35.62 per share

- 2023-07: EUR 32.94 per share

- 2023-08: EUR 32.00 per share

- 2023-09: EUR 32.44 per share

- 2023-10: EUR 34.62 per share

- 2023-11: EUR 35.40 per share

- 2023-12: EUR 34.82 per share

- 2024-01: EUR 39.42 per share

- 2024-02: EUR 42.54 per share

- 2024-03: EUR 43.30 per share

- 2024-04: EUR 43.70 per share

- 2024-05: EUR 50.20 per share

- 2024-06: EUR 49.10 per share

- 2024-07: EUR 51.90 per share

- 2024-08: EUR 47.60 per share

- 2024-09: EUR 48.40 per share

- 2024-10: EUR 44.10 per share

- 2024-11: EUR 43.60 per share

- 2024-12: EUR 46.25 per share

- 2025-01: EUR 49.70 per share

- 2025-02: EUR 55.70 per share

- 2025-03: EUR 66.20 per share

- 2025-04: EUR 74.60 per share

- 2025-05: EUR 77.95 per share

- 2025-06: EUR 81.65 per share

- 2025-07: EUR 94.70 per share

- 2025-08: EUR 88.55 per share

- 2025-09: EUR 93.70 per share

- 2025-10: EUR 93.50 per share

- 2025-11: EUR 101.60 per share

- 2025-12: EUR 107.40 per share

- 2026-01: EUR 118.50 per share

- 2026-02: EUR 119.10 per share

- 2026-03: EUR 98.00 per share

- 2026-04: EUR 98.10 per share

- 2026-05: EUR 87.55 per share

- 2026-06: EUR 80.35 per share

- 2026-07: EUR 82.50 per share

- 2026-08: EUR 83.80 per share

- 2026-09: EUR 56.00 per share

- 2026-10: EUR 54.60 per share

## Annual estimated value (EUR per share)

- FY2016: low EUR 51.28 per share, central EUR 54.96 per share, high EUR 59.87 per share

- FY2020: low EUR 23.72 per share, central EUR 23.84 per share, high EUR 24.01 per share

- FY2021: low EUR 20.27 per share, central EUR 20.40 per share, high EUR 20.58 per share

- FY2022: low EUR 24.33 per share, central EUR 25.82 per share, high EUR 27.81 per share

- FY2023: low EUR 66.07 per share, central EUR 72.84 per share, high EUR 81.85 per share

- FY2024: low EUR 69.59 per share, central EUR 77.60 per share, high EUR 88.27 per share

- FY2025: low EUR 72.80 per share, central EUR 81.30 per share, high EUR 92.62 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 2026-10-15T06:46:05.861Z 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.