# Hella KGaA Hueck & Co. (HLE.XETRA)

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

Analysis as of: 2026-10-16T07:36:11.101Z. Financial observations: FY2006–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 71.30 per share; close as of 2026-10-15.

Estimated value: low EUR 36.41 per share, central EUR 40.70 per share, high EUR 45.39 per share. Buy at or below the central value EUR 40.70 per share. Valuation as of 2026-10-16T07:36:11.101Z; scenarios are not confidence intervals.

Expected annual return: 6.4% at the stated quote. About 6.4% 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

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

- Financial history: 10 years

- Years with declining revenue: 4

- Years with a net loss: 1

- Operating margin variation: 0.33×

Chart: Operating margin; fiscal year observations.

- FY2017: 0.08×

- FY2018: 0.07×

- FY2019: 0.07×

- FY2020: 0.02×

- FY2021: 0.05×

- FY2022: 0.03×

- FY2023: 0.04×

- FY2024: 0.06×

- FY2025: 0.04×

- FY2026: 0.06×

### moat: fail

- ROIC median below threshold

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

- ROIC, median of available years: 10.8%

- ROIC, second-lowest year: 5.1%

- Typical minus recent gross margin: 1.0 pp

- Typical gross margin (annual median): 23.6%

- Recent gross margin (lower of latest and 3-year median): 22.6%

- Years with nonpositive capital: 0

- Capital spending / revenue: 8.4%

- ROIC including acquisitions, ten-year median: 9.9%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2017: 15.4%

- FY2018: 14.5%

- FY2019: 14.1%

- FY2020: 4.5%

- FY2021: 10.8%

- FY2022: 5.1%

- FY2023: 9.4%

- FY2024: 10.4%

- FY2025: 10.7%

- FY2026: 15.1%

### economics: pass

- Owner earnings / net income, 5-yr: 0.93×

- Cash conversion uses consolidated totals: No

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

- Net income, five-year total: EUR 1.5B

- Return on incremental invested capital: 15.2%

- Working capital / revenue, annual change: -1.1 pp

- Working capital / revenue, change between three-year averages: -8.2 pp

- Working capital / revenue, final three-year average: 9.8%

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

- FY2022: -0.04×

- FY2023: 1.00×

- FY2024: 0.88×

- FY2025: 0.70×

- FY2026: 3.65×

### management: fail

- Historical market-dollar context (not the management verdict): 2017 to 2026 (9 years)

- buybacks unrelated to price (informational)

- ROIC first 3 years vs last 3 years: 14.5% vs 10.7%

- Per-share earnings: 3.08 to 2.37 (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: 0.1%

- Ordinary dilution, 5-year annual growth: 0.2%

- Market cap gain: EUR 3.1B

- Cumulative retained earnings: EUR 948M

- Diluted shares, 10-year annual growth: 0.1%

- Diluted shares, 5-year annual growth: 0.2%

- $1 test, starting fiscal year: FY2017

- $1 test, ending fiscal year: FY2026

- Per-share value growth: -3.2%

- Per-share value change: EUR -0.72

- Per-share value, starting three-year median: EUR 3.08

- Per-share value, ending three-year median: EUR 2.37

- Buyback history: 0 years

- Debt-funded buybacks: No

- Acquisition spending: EUR 1.1B

- Cumulative net income, 10 years: EUR 2.8B

- ROIC, first three-year median: 14.5%

- ROIC, last three-year median: 10.7%

Chart: Earnings per share; fiscal year observations.

- FY2017: EUR 3.08

- FY2018: EUR 3.50

- FY2019: EUR 5.65

- FY2020: EUR -3.88

- FY2021: EUR 3.24

- FY2022: EUR 1.63

- FY2023: EUR 5.41

- FY2024: EUR 2.37

- FY2025: EUR 3.18

- FY2026: EUR 0.75

### accounting: pass

- Sloan accruals: -10.8%

- Receivables to sales index (DSRI): 1.06×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 0.0%

- Earnings backed by cash: Yes

- Operating cash / earnings: 10.94×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 0.26×

Chart: Sloan accruals; fiscal year observations.

- FY2017: -6.6%

- FY2018: -7.4%

- FY2019: -2.0%

- FY2020: -18.7%

- FY2021: -5.7%

- FY2022: -1.7%

- FY2023: -6.5%

- FY2024: -7.5%

- FY2025: -6.7%

- FY2026: -10.8%

## Holders

## Price story

Down 21% since Jan 2025 · sales -2.1%

Story as of 2026-10-16T10:00:07.034Z; price observation 2026-10-15.

Price needs cash profits to grow 10.8% a year for ten years

### Sales · FY2025–2026

sales -2.1%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2017: EUR 6.6B 

- FY2018: EUR 7.1B 

- FY2019: EUR 7.0B 

- FY2020: EUR 5.8B 

- FY2021: EUR 6.4B 

- FY2022: EUR 6.3B 

- FY2023: EUR 7.6B 

- FY2024: EUR 8.0B 

- FY2025: EUR 8.0B 

- FY2026: EUR 7.9B 

### Gross margin · FY2026

gross margin 22.6%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2017: 27.5% 

- FY2018: 27.8% 

- FY2019: 26.0% 

- FY2020: 23.0% 

- FY2021: 24.0% 

- FY2022: 23.1% 

- FY2023: 23.1% 

- FY2024: 25.4% 

- FY2025: 21.9% 

- FY2026: 22.6% 

## Owner memo

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

### How it makes money

Operates in auto parts; annual sales are EUR 7.9 billion.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:11.101Z); FY2026: revenue 7855474000; grossProfit 1777344000; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); HLE.XETRA: HELLA GmbH & Co. KGaA, together with its subsidiaries, develops, manufactures, and sells lighting technology and electronic components for automotive industry. It operates through three segments: Lighting, Electronics, and Lifecycle Solutions. The Lighting segment offers headlamps, com-bination rear lamps, and body and interior lighting, as well as car body lighting including radomes, illuminated logos, and front phygital shields. The Electronics segment provides automated driving products, sensors and actuators, energy management products; and body electronics, including lighting electronics and access systems. The Lifecycle Solutions segment offers vehicle diagnostics, emissions testing, battery testing, light adjustment, and calibration service, as well as data-based services; and sells vehicle wear parts, spare parts, and accessories to dealers and independent workshops. This segment develops, manufactures, and distributes lighting and electronic products for special vehicles comprising construction vehicles and agricultural, buses, trucks, and trailers, motor homes, as well as marine sectors. The company was formerly known as HELLA KGaA Hueck & Co. and changed its name to HELLA GmbH & Co. KGaA in October 2017. HELLA GmbH & Co. KGaA was founded in 1899 and is headquartered in Lippstadt, Germany. HELLA GmbH & Co. KGaA operates as a subsidiary of Forvia Germany Gmbh.

### Why customers stay

Margins ranged from 21.9% to 25.4% during 2024–26; it earns 10.8% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:11.101Z); FY2024: grossProfit / revenue = 25.4%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:11.101Z); FY2025: grossProfit / revenue = 21.9%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:11.101Z); FY2026: grossProfit / revenue = 22.6%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:11.101Z); 10-year return on capital observations [[2017,0.15378048014612186],[2018,0.14469872078027549],[2019,0.14050516866355522],[2020,0.04548718584018741],[2021,0.10829165900699946],[2022,0.0508186100859148],[2023,0.09384675624060342],[2024,0.10381219230265423],[2025,0.10726509773017223],[2026,0.1508654043244196]]; median 0.10777837836858584. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Can it raise prices

Kept about a 23% gross margin through 2022 cost inflation.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:11.101Z); Gross margin observations: [[2021,0.2402855667650093],[2022,0.2307099283810274],[2023,0.2312988260640655]]; range within 2 percentage points.

### Where the cash goes

Paid dividends in 10 of 10 years.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:11.101Z); FY2017: growth capex 63592190.523914814; upkeep 602131809.4760852; owner earnings 151571190.5239148. Growth capex / owner earnings = 0.4195532825473273.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:11.101Z); FY2018: growth capex 131564142.80722314; upkeep 494277857.19277686; owner earnings 338050142.80722314. Growth capex / owner earnings = 0.3891852898350913.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:11.101Z); FY2019: growth capex 0; upkeep 577091000; owner earnings 413382600. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:11.101Z); FY2021: growth capex 153143371.98383528; upkeep 497475628.0161647; owner earnings 274580771.9838353. Growth capex / owner earnings = 0.5577352371667559.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:11.101Z); FY2023: growth capex 101208730; upkeep 428661643; owner earnings 600904930. Growth capex / owner earnings = 0.16842719196861972.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:11.101Z); FY2024: growth capex 100741000; upkeep 534445000; owner earnings 233239000. Growth capex / owner earnings = 0.43192176265547355.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:11.101Z); FY2025: growth capex 20482393.03414631; upkeep 659874606.9658537; owner earnings 246918593.0341463. Growth capex / owner earnings = 0.08295200771419349.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:11.101Z); FY2026: growth capex 0; upkeep 357554000; owner earnings 304345400. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:11.101Z); Dividend observations: [[2017,86766000],[2018,103317000],[2019,117500000],[2020,372453000],[2021,367000],[2022,106927000],[2023,93421730],[2024,320243000],[2025,81294000],[2026,111101000]]. Zero only counted when supported by a complete cash-flow statement.

### Are managers owners

Insiders own 81.6% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); HLE.XETRA SharesStats.PercentInsiders = 81.6 percentage points; cache date 2026-10-16.

### What the price says

The price assumes cash profits grow 10.8% yearly over ten years; actual growth was 2.4%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:11.101Z); Ten-year compound average after fade. Initial solved rate 0.14300571782128968. Price 71.3; FX 1; discount 0.1; same standard ten-year fade to terminal 0.03. FY2016 owner earnings/share 2.1518790038006603 → FY2026 2.7271924055033936. Closing-price date 2026-10-15.

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

- 2016-10: EUR 34.73 per share

- 2016-11: EUR 32.88 per share

- 2016-12: EUR 35.85 per share

- 2017-01: EUR 37.70 per share

- 2017-02: EUR 37.31 per share

- 2017-03: EUR 41.53 per share

- 2017-04: EUR 45.42 per share

- 2017-05: EUR 45.14 per share

- 2017-06: EUR 43.10 per share

- 2017-07: EUR 44.70 per share

- 2017-08: EUR 46.40 per share

- 2017-09: EUR 49.88 per share

- 2017-10: EUR 51.66 per share

- 2017-11: EUR 51.58 per share

- 2017-12: EUR 51.57 per share

- 2018-01: EUR 57.35 per share

- 2018-02: EUR 55.70 per share

- 2018-03: EUR 53.40 per share

- 2018-04: EUR 51.25 per share

- 2018-05: EUR 53.80 per share

- 2018-06: EUR 48.00 per share

- 2018-07: EUR 50.35 per share

- 2018-08: EUR 52.00 per share

- 2018-09: EUR 48.04 per share

- 2018-10: EUR 41.40 per share

- 2018-11: EUR 36.58 per share

- 2018-12: EUR 34.80 per share

- 2019-01: EUR 39.66 per share

- 2019-02: EUR 39.80 per share

- 2019-03: EUR 39.20 per share

- 2019-04: EUR 48.46 per share

- 2019-05: EUR 41.44 per share

- 2019-06: EUR 43.48 per share

- 2019-07: EUR 43.10 per share

- 2019-08: EUR 37.88 per share

- 2019-09: EUR 41.02 per share

- 2019-10: EUR 43.62 per share

- 2019-11: EUR 48.98 per share

- 2019-12: EUR 49.34 per share

- 2020-01: EUR 42.58 per share

- 2020-02: EUR 37.34 per share

- 2020-03: EUR 26.56 per share

- 2020-04: EUR 33.80 per share

- 2020-05: EUR 35.10 per share

- 2020-06: EUR 36.40 per share

- 2020-07: EUR 36.98 per share

- 2020-08: EUR 41.00 per share

- 2020-09: EUR 43.02 per share

- 2020-10: EUR 37.48 per share

- 2020-11: EUR 48.10 per share

- 2020-12: EUR 52.90 per share

- 2021-01: EUR 50.40 per share

- 2021-02: EUR 49.02 per share

- 2021-03: EUR 47.82 per share

- 2021-04: EUR 49.86 per share

- 2021-05: EUR 56.50 per share

- 2021-06: EUR 57.76 per share

- 2021-07: EUR 59.06 per share

- 2021-08: EUR 60.54 per share

- 2021-09: EUR 60.44 per share

- 2021-10: EUR 60.00 per share

- 2021-11: EUR 61.60 per share

- 2021-12: EUR 62.00 per share

- 2022-01: EUR 62.16 per share

- 2022-02: EUR 62.02 per share

- 2022-03: EUR 58.24 per share

- 2022-04: EUR 60.05 per share

- 2022-05: EUR 67.05 per share

- 2022-06: EUR 64.35 per share

- 2022-07: EUR 68.55 per share

- 2022-08: EUR 70.30 per share

- 2022-09: EUR 68.10 per share

- 2022-10: EUR 79.05 per share

- 2022-11: EUR 80.20 per share

- 2022-12: EUR 76.05 per share

- 2023-01: EUR 77.25 per share

- 2023-02: EUR 80.95 per share

- 2023-03: EUR 80.15 per share

- 2023-04: EUR 76.70 per share

- 2023-05: EUR 71.10 per share

- 2023-06: EUR 72.10 per share

- 2023-07: EUR 72.10 per share

- 2023-08: EUR 65.80 per share

- 2023-09: EUR 67.00 per share

- 2023-10: EUR 71.90 per share

- 2023-11: EUR 79.80 per share

- 2023-12: EUR 82.50 per share

- 2024-01: EUR 82.10 per share

- 2024-02: EUR 81.70 per share

- 2024-03: EUR 85.20 per share

- 2024-04: EUR 82.20 per share

- 2024-05: EUR 85.00 per share

- 2024-06: EUR 85.50 per share

- 2024-07: EUR 87.40 per share

- 2024-08: EUR 90.00 per share

- 2024-09: EUR 85.80 per share

- 2024-10: EUR 86.80 per share

- 2024-11: EUR 86.30 per share

- 2024-12: EUR 88.80 per share

- 2025-01: EUR 90.10 per share

- 2025-02: EUR 89.00 per share

- 2025-03: EUR 87.10 per share

- 2025-04: EUR 88.40 per share

- 2025-05: EUR 87.20 per share

- 2025-06: EUR 86.00 per share

- 2025-07: EUR 87.00 per share

- 2025-08: EUR 83.50 per share

- 2025-09: EUR 81.20 per share

- 2025-10: EUR 80.70 per share

- 2025-11: EUR 82.00 per share

- 2025-12: EUR 82.60 per share

- 2026-01: EUR 81.60 per share

- 2026-02: EUR 80.70 per share

- 2026-03: EUR 73.50 per share

- 2026-04: EUR 71.90 per share

- 2026-05: EUR 72.70 per share

- 2026-06: EUR 71.40 per share

- 2026-07: EUR 70.70 per share

- 2026-08: EUR 70.50 per share

- 2026-09: EUR 70.30 per share

- 2026-10: EUR 69.50 per share

## Annual estimated value (EUR per share)

- FY2017: low EUR 23.65 per share, central EUR 25.71 per share, high EUR 28.45 per share

- FY2018: low EUR 33.94 per share, central EUR 37.53 per share, high EUR 42.32 per share

- FY2019: low EUR 47.84 per share, central EUR 63.38 per share, high EUR 72.43 per share

- FY2020: low EUR 35.28 per share, central EUR 38.25 per share, high EUR 42.20 per share

- FY2021: low EUR 38.86 per share, central EUR 42.60 per share, high EUR 47.59 per share

- FY2022: low EUR 34.56 per share, central EUR 38.25 per share, high EUR 43.17 per share

- FY2023: low EUR 46.24 per share, central EUR 54.43 per share, high EUR 61.56 per share

- FY2024: low EUR 33.41 per share, central EUR 38.42 per share, high EUR 43.23 per share

- FY2025: low EUR 35.46 per share, central EUR 38.81 per share, high EUR 43.27 per share

- FY2026: low EUR 36.41 per share, central EUR 40.70 per share, high EUR 45.39 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

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.

## Reported holder observations