# HOCHTIEF Aktiengesellschaft (HOT.XETRA)

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

Analysis as of: 2026-10-16T07:34:18.094Z. Financial observations: FY2003–FY2025.

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

Estimated value: low EUR 230.98 per share, central EUR 247.88 per share, high EUR 270.37 per share. Buy at or below the central value EUR 247.88 per share. Valuation as of 2026-10-16T07:34:18.094Z; scenarios are not confidence intervals.

Expected annual return: 6.7% at the stated quote. About 6.7% 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

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

- operating margin variation exceeds 0.35

- Financial history: 10 years

- Years with declining revenue: 3

- Years with a net loss: 1

- Operating margin variation: 0.72×

Chart: Operating margin; fiscal year observations.

- FY2016: 0.03×

- FY2017: 0.03×

- FY2018: 0.03×

- FY2019: 0.05×

- FY2020: -0.02×

- FY2021: 0.03×

- FY2022: 0.02×

- FY2023: 0.06×

- FY2024: 0.02×

- FY2025: 0.03×

### moat: fail

- Years with nonpositive invested capital use equity plus debt and leases; positive earnings with no positive capital are shown above 100%.

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

- Recent gross margin fell 17.4pp below the typical margin (limit 4pp)

- ROIC, median of available years: 86.5%

- ROIC, second-lowest year: 7.6%

- Typical minus recent gross margin: 17.4 pp

- Typical gross margin (annual median): 25.0%

- Recent gross margin (lower of latest and 3-year median): 7.6%

- Years with nonpositive capital: 4

- Capital spending / revenue: 1.4%

- ROIC including acquisitions, ten-year median: 31.1%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: >100%

- FY2017: 12.9%

- FY2018: >100%

- FY2019: >100%

- FY2020: -5.0%

- FY2021: >100%

- FY2022: 47.2%

- FY2023: 18.9%

- FY2024: >100%

- FY2025: 7.6%

### economics: pass

- Owner earnings / net income, 5-yr: 1.11×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: EUR 3.3B

- Net income, five-year total: EUR 3.0B

- Return on incremental invested capital: >100%

- Working capital / revenue, annual change: -0.1 pp

- Working capital / revenue, change between three-year averages: -0.9 pp

- Working capital / revenue, final three-year average: -2.7%

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

- FY2021: 1.54×

- FY2022: 1.13×

- FY2023: 1.04×

- FY2024: 0.96×

- FY2025: 1.13×

### 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: 125.8% vs 18.9%

- Per-share earnings: 4.65 to 10.31 (three-year endpoint medians)

- Management verdict uses per-share economic progress: Yes

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

- Ordinary dilution, 5-year annual growth: 1.8%

- Market cap gain: EUR 16B

- Cumulative retained earnings: EUR -1.3B

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

- Diluted shares, 5-year annual growth: 1.8%

- $1 test, starting fiscal year: FY2016

- $1 test, ending fiscal year: FY2025

- Per-share value growth: 10.5%

- Per-share value change: EUR 5.66

- Per-share value, starting three-year median: EUR 4.65

- Per-share value, ending three-year median: EUR 10.31

- Buybacks concentrated in cheaper years (correlation): 0.00

- Average buyback yield: 2.7%

- Buyback history: 5 years

- Debt-funded buybacks: Yes

- Acquisition spending: EUR 2.9B

- Cumulative net income, 10 years: EUR 4.4B

- ROIC, first three-year median: >100%

- ROIC, last three-year median: 18.9%

Chart: Earnings per share; fiscal year observations.

- FY2016: EUR 4.65

- FY2017: EUR 6.10

- FY2018: EUR 7.85

- FY2019: EUR -4.86

- FY2020: EUR 6.20

- FY2021: EUR 4.30

- FY2022: EUR 6.41

- FY2023: EUR 6.95

- FY2024: EUR 10.31

- FY2025: EUR 11.99

### accounting: pass

- Sloan accruals: -4.6%

- Receivables to sales index (DSRI): 0.98×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 0.0%

- Earnings backed by cash: Yes

- Operating cash / earnings: 2.26×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 2.76×

Chart: Sloan accruals; fiscal year observations.

- FY2016: -6.1%

- FY2017: -7.1%

- FY2018: -5.8%

- FY2019: -10.8%

- FY2020: -1.6%

- FY2021: -0.6%

- FY2022: -3.1%

- FY2023: -4.3%

- FY2024: -5.5%

- FY2025: -4.6%

## Holders

## Price story

Down 27% since Jun 2026 · sales +14.8%

Story as of 2026-10-16T10:00:00.017Z; price observation 2026-10-15.

Price needs cash profits to grow 8.7% a year for ten years

### Sales · FY2024–2025

sales +14.8%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2016: EUR 20B 

- FY2017: EUR 23B 

- FY2018: EUR 24B 

- FY2019: EUR 26B 

- FY2020: EUR 23B 

- FY2021: EUR 21B 

- FY2022: EUR 26B 

- FY2023: EUR 28B 

- FY2024: EUR 33B 

- FY2025: EUR 38B 

### Gross margin · FY2025

gross margin 7.6%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2016: 25.3% 

- FY2017: 28.0% 

- FY2018: 27.1% 

- FY2019: 26.6% 

- FY2020: 24.2% 

- FY2021: 24.7% 

- FY2022: 24.1% 

- FY2023: 24.7% 

- FY2024: 26.4% 

- FY2025: 7.6% 

## Owner memo

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

### How it makes money

Operates in engineering & construction; annual sales are EUR 38.2 billion.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:18.094Z); FY2025: revenue 38236464000; grossProfit 2913274000; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); HOT.XETRA: HOCHTIEF Aktiengesellschaft engages in the construction business worldwide. It operates under Turner, CIMIC, Engineering and construction, and Abertis segment. The company provides solutions for large-scale building, civil engineering and industrial projects, including engineering, project management, supply chain, and procurement services to the execution of civil works and industrial and infrastructure maintenance services, as well as construction management services. It also engages in the engineering and construction businesses for public and private clients; infrastructure investment activities; and industrial, energy, natural resources, and civil infrastructure business. HOCHTIEF Aktiengesellschaft was founded in 1873 and is headquartered in Essen, Germany. HOCHTIEF Aktiengesellschaft is a subsidiary of ACS, Actividades de Construcción y Servicios, S.A.

### Why customers stay

Margins ranged from 7.6% to 26.4% during 2023–25; it earns 86.5% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:18.094Z); FY2023: grossProfit / revenue = 24.7%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:18.094Z); FY2024: grossProfit / revenue = 26.4%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:18.094Z); FY2025: grossProfit / revenue = 7.6%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:18.094Z); 10-year return on capital observations [[2016,3.9178062409184866],[2017,0.1289636855291729],[2018,1.25842769258956],[2019,18.585803145722586],[2020,-0.049746480045646524],[2021,3.546032646896844],[2022,0.47189766718529774],[2023,0.18937872133032355],[2024,2.8370114069179073],[2025,0.0759064867607409]]; median 0.8651626798874289. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Can it raise prices

Kept about a 24% gross margin through 2022 cost inflation.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:18.094Z); Gross margin observations: [[2021,0.24723510859873157],[2022,0.2410892848071034],[2023,0.24674137663556256]]; 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 2026-10-16T07:34:18.094Z); FY2016: growth capex 0; upkeep 272575000; owner earnings 328626000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:18.094Z); FY2017: growth capex 0; upkeep 357373000; owner earnings 453324000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:18.094Z); FY2018: growth capex 0; upkeep 411373000; owner earnings 691912000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:18.094Z); FY2020: growth capex 0; upkeep 397256000; owner earnings 653132000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:18.094Z); FY2021: growth capex 0; upkeep 79237000; owner earnings 450881600. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:18.094Z); FY2022: growth capex 0; upkeep 187539000; owner earnings 543720200. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:18.094Z); FY2023: growth capex 0; upkeep 210789000; owner earnings 544316800. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:18.094Z); FY2024: growth capex 0; upkeep 473704000; owner earnings 741530891.6810033. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:18.094Z); FY2025: growth capex 0; upkeep 424743000; owner earnings 1017574400. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:18.094Z); Dividend observations: [[2016,225375000],[2017,167044000],[2018,317905000],[2019,461986000],[2020,441021000],[2021,319333000],[2022,161821000],[2023,300755000],[2024,385514000],[2025,508936000]]. Zero only counted when supported by a complete cash-flow statement.

### Are managers owners

Insiders own 75.7% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); HOT.XETRA SharesStats.PercentInsiders = 75.714 percentage points; cache date 2026-10-16.

### What the price says

The price assumes cash profits grow 8.7% yearly over ten years; actual growth was 10.9%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:18.094Z); Ten-year compound average after fade. Initial solved rate 0.11231747079948973. Price 368.4; FX 1; discount 0.1; same standard ten-year fade to terminal 0.03. FY2015 owner earnings/share 4.8257925113837405 → FY2025 13.524093054905796. Closing-price date 2026-10-15.

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

- 2016-10: EUR 124.35 per share

- 2016-11: EUR 134.20 per share

- 2016-12: EUR 133.05 per share

- 2017-01: EUR 131.45 per share

- 2017-02: EUR 144.00 per share

- 2017-03: EUR 154.95 per share

- 2017-04: EUR 165.40 per share

- 2017-05: EUR 163.75 per share

- 2017-06: EUR 160.40 per share

- 2017-07: EUR 151.00 per share

- 2017-08: EUR 148.05 per share

- 2017-09: EUR 142.75 per share

- 2017-10: EUR 151.50 per share

- 2017-11: EUR 147.65 per share

- 2017-12: EUR 147.60 per share

- 2018-01: EUR 145.50 per share

- 2018-02: EUR 138.50 per share

- 2018-03: EUR 151.70 per share

- 2018-04: EUR 151.60 per share

- 2018-05: EUR 157.20 per share

- 2018-06: EUR 154.80 per share

- 2018-07: EUR 153.70 per share

- 2018-08: EUR 139.80 per share

- 2018-09: EUR 142.80 per share

- 2018-10: EUR 131.00 per share

- 2018-11: EUR 125.60 per share

- 2018-12: EUR 117.70 per share

- 2019-01: EUR 130.50 per share

- 2019-02: EUR 139.40 per share

- 2019-03: EUR 129.00 per share

- 2019-04: EUR 133.00 per share

- 2019-05: EUR 106.60 per share

- 2019-06: EUR 107.10 per share

- 2019-07: EUR 102.80 per share

- 2019-08: EUR 98.95 per share

- 2019-09: EUR 104.60 per share

- 2019-10: EUR 111.80 per share

- 2019-11: EUR 111.50 per share

- 2019-12: EUR 113.70 per share

- 2020-01: EUR 104.60 per share

- 2020-02: EUR 88.95 per share

- 2020-03: EUR 60.50 per share

- 2020-04: EUR 71.75 per share

- 2020-05: EUR 79.10 per share

- 2020-06: EUR 78.95 per share

- 2020-07: EUR 69.00 per share

- 2020-08: EUR 74.30 per share

- 2020-09: EUR 66.45 per share

- 2020-10: EUR 63.20 per share

- 2020-11: EUR 80.90 per share

- 2020-12: EUR 79.55 per share

- 2021-01: EUR 76.75 per share

- 2021-02: EUR 73.85 per share

- 2021-03: EUR 76.30 per share

- 2021-04: EUR 77.98 per share

- 2021-05: EUR 68.82 per share

- 2021-06: EUR 64.76 per share

- 2021-07: EUR 66.88 per share

- 2021-08: EUR 67.80 per share

- 2021-09: EUR 69.34 per share

- 2021-10: EUR 66.70 per share

- 2021-11: EUR 66.64 per share

- 2021-12: EUR 71.00 per share

- 2022-01: EUR 68.58 per share

- 2022-02: EUR 60.28 per share

- 2022-03: EUR 61.20 per share

- 2022-04: EUR 58.14 per share

- 2022-05: EUR 60.36 per share

- 2022-06: EUR 46.45 per share

- 2022-07: EUR 52.24 per share

- 2022-08: EUR 49.27 per share

- 2022-09: EUR 48.86 per share

- 2022-10: EUR 53.80 per share

- 2022-11: EUR 55.14 per share

- 2022-12: EUR 52.68 per share

- 2023-01: EUR 58.08 per share

- 2023-02: EUR 64.48 per share

- 2023-03: EUR 76.86 per share

- 2023-04: EUR 75.75 per share

- 2023-05: EUR 77.80 per share

- 2023-06: EUR 79.20 per share

- 2023-07: EUR 89.55 per share

- 2023-08: EUR 98.65 per share

- 2023-09: EUR 95.75 per share

- 2023-10: EUR 97.60 per share

- 2023-11: EUR 99.15 per share

- 2023-12: EUR 100.30 per share

- 2024-01: EUR 99.75 per share

- 2024-02: EUR 109.60 per share

- 2024-03: EUR 107.70 per share

- 2024-04: EUR 98.70 per share

- 2024-05: EUR 100.10 per share

- 2024-06: EUR 106.20 per share

- 2024-07: EUR 110.00 per share

- 2024-08: EUR 110.60 per share

- 2024-09: EUR 110.60 per share

- 2024-10: EUR 112.40 per share

- 2024-11: EUR 117.80 per share

- 2024-12: EUR 129.70 per share

- 2025-01: EUR 139.80 per share

- 2025-02: EUR 150.50 per share

- 2025-03: EUR 157.00 per share

- 2025-04: EUR 166.00 per share

- 2025-05: EUR 162.00 per share

- 2025-06: EUR 167.30 per share

- 2025-07: EUR 191.70 per share

- 2025-08: EUR 216.20 per share

- 2025-09: EUR 227.80 per share

- 2025-10: EUR 248.60 per share

- 2025-11: EUR 304.80 per share

- 2025-12: EUR 337.00 per share

- 2026-01: EUR 354.80 per share

- 2026-02: EUR 412.60 per share

- 2026-03: EUR 382.80 per share

- 2026-04: EUR 457.20 per share

- 2026-05: EUR 486.60 per share

- 2026-06: EUR 507.00 per share

- 2026-07: EUR 443.20 per share

- 2026-08: EUR 418.40 per share

- 2026-09: EUR 387.40 per share

- 2026-10: EUR 387.00 per share

## Annual estimated value (EUR per share)

- FY2016: low EUR 67.52 per share, central EUR 71.05 per share, high EUR 75.75 per share

- FY2017: low EUR 102.67 per share, central EUR 116.76 per share, high EUR 129.24 per share

- FY2018: low EUR 111.95 per share, central EUR 125.63 per share, high EUR 138.80 per share

- FY2019: low EUR 127.05 per share, central EUR 136.38 per share, high EUR 148.79 per share

- FY2020: low EUR 140.74 per share, central EUR 150.78 per share, high EUR 164.16 per share

- FY2021: low EUR 133.06 per share, central EUR 143.02 per share, high EUR 156.29 per share

- FY2022: low EUR 139.18 per share, central EUR 150.26 per share, high EUR 165.02 per share

- FY2023: low EUR 153.07 per share, central EUR 164.60 per share, high EUR 179.95 per share

- FY2024: low EUR 168.42 per share, central EUR 182.49 per share, high EUR 201.22 per share

- FY2025: low EUR 200.99 per share, central EUR 217.15 per share, high EUR 238.65 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 2026-10-15T06:40:01.380Z 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.

## Reported holder observations