# Kion Group AG (KGX.XETRA)

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

Analysis as of: 2026-10-16T07:37:33.618Z. Financial observations: FY2009–FY2025.

Listing currency: EUR. Reporting currency: EUR.

## Verdict

Not a wonderful business

Quality tests for Buy: not passed (profit record: fail; earnings resilience is evidence only). Published buy qualification: no.

Share price: EUR 33.78 per share; close as of 2026-10-15.

## 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: 0.29×

Chart: Operating margin; fiscal year observations.

- FY2016: 0.07×

- FY2017: 0.07×

- FY2018: 0.08×

- FY2019: 0.09×

- FY2020: 0.06×

- FY2021: 0.08×

- FY2022: 0.02×

- FY2023: 0.06×

- FY2024: 0.07×

- FY2025: 0.04×

### moat: fail

- ROIC median below threshold

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

- ROIC, median of available years: 7.3%

- ROIC, second-lowest year: 3.5%

- Typical minus recent gross margin: -0.3 pp

- Typical gross margin (annual median): 25.8%

- Recent gross margin (lower of latest and 3-year median): 26.1%

- Years with nonpositive capital: 0

- Capital spending / revenue: 3.3%

- ROIC including acquisitions, ten-year median: 3.6%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: 8.7%

- FY2017: 12.2%

- FY2018: 9.7%

- FY2019: 10.7%

- FY2020: 5.9%

- FY2021: 10.3%

- FY2022: 2.7%

- FY2023: 5.3%

- FY2024: 5.5%

- FY2025: 3.5%

### economics: fail

- owner earnings cash conversion below threshold

- working capital as a share of revenue rose more than 10pp and ends positive

- Owner earnings / net income, 5-yr: -0.14×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: EUR -225M

- Net income, five-year total: EUR 1.6B

- Return on incremental invested capital: >100%

- Working capital / revenue, annual change: 2.0 pp

- Working capital / revenue, change between three-year averages: 13.9 pp

- Working capital / revenue, final three-year average: 26.7%

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

- FY2021: 0.72×

- FY2022: -1.22×

- FY2023: -0.35×

- FY2024: -0.45×

- FY2025: -1.07×

### management: fail

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

- buybacks leaned toward cheaper years (informational)

- ROIC first 3 years vs last 3 years: 9.7% vs 5.3%

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

- five-year and ten-year diluted share growth both above threshold

- acquired goodwill and intangibles (proxy) exceeds half of ten-year net income with low and deteriorating ROIC

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: 2.8%

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

- Market cap gain: EUR 3.4B

- Cumulative retained earnings: EUR 2.1B

- Diluted shares, 10-year annual growth: 2.8%

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

- $1 test, starting fiscal year: FY2016

- $1 test, ending fiscal year: FY2025

- Per-share value growth: 0.0%

- Per-share value change: EUR 0.01

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

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

- Buybacks concentrated in cheaper years (correlation): 0.40

- Average buyback yield: 0.1%

- Buyback history: 4 years

- Debt-funded buybacks: No

- Acquisition spending: EUR 4.2B

- Cumulative net income, 10 years: EUR 3.3B

- ROIC, first three-year median: 9.7%

- ROIC, last three-year median: 5.3%

Chart: Earnings per share; fiscal year observations.

- FY2016: EUR 2.33

- FY2017: EUR 3.60

- FY2018: EUR 3.37

- FY2019: EUR 3.83

- FY2020: EUR 1.81

- FY2021: EUR 4.33

- FY2022: EUR 0.75

- FY2023: EUR 2.33

- FY2024: EUR 2.75

- FY2025: EUR 1.76

### accounting: pass

- Sloan accruals: -4.4%

- Receivables to sales index (DSRI): 1.44×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 0.0%

- Earnings backed by cash: Yes

- Operating cash / earnings: 4.77×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 0.90×

Chart: Sloan accruals; fiscal year observations.

- FY2016: -1.5%

- FY2017: -1.7%

- FY2018: -2.8%

- FY2019: -2.8%

- FY2020: -2.2%

- FY2021: -2.0%

- FY2022: 2.7%

- FY2023: -4.5%

- FY2024: -4.3%

- FY2025: -4.4%

## Holders

## Price story

Down 65% since Dec 2021 · "Kion cuts 2026 outlook as Q3 orders fall short, delays margin goals past 2027" (finance.yahoo.com, Oct 2026) · sales -1.8%

Story as of 2026-10-16T10:00:09.221Z; price observation 2026-10-15.

- 2026-10-14: Kion cuts 2026 outlook as Q3 orders fall short, delays margin goals past 2027 ([finance.yahoo.com](https://finance.yahoo.com/markets/stocks/articles/kion-cuts-2026-outlook-q3-095131591.html))

### Sales · FY2024–2025

sales -1.8%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2016: EUR 5.6B 

- FY2017: EUR 7.7B 

- FY2018: EUR 8.0B 

- FY2019: EUR 8.8B 

- FY2020: EUR 8.3B 

- FY2021: EUR 10B 

- FY2022: EUR 11B 

- FY2023: EUR 11B 

- FY2024: EUR 12B 

- FY2025: EUR 11B 

### Gross margin · FY2025

gross margin 26.1%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2016: 27.8% 

- FY2017: 25.5% 

- FY2018: 26.2% 

- FY2019: 26.5% 

- FY2020: 24.5% 

- FY2021: 24.5% 

- FY2022: 19.1% 

- FY2023: 24.3% 

- FY2024: 26.9% 

- FY2025: 26.1% 

## Owner memo

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

### How it makes money

Operates in farm & heavy construction machinery; annual sales are EUR 11.3 billion.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:33.618Z); FY2025: revenue 11297200000; grossProfit 2950200000; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); KGX.XETRA: KION GROUP AG provides industrial trucks and supply chain solutions in Western and Eastern Europe, the Middle East, Africa, North America, Central and South America, China, and the rest of the Asia Pacific. It operates through Industrial Trucks & Services; and Supply Chain Solutions segments. The company offers forklift and heavy trucks, counterbalance trucks with electric drive and internal combustion engine, intralogistics systems, components and spare parts, narrow aisle trucks, lithium-ion batteries, and industrial and warehouse trucks under the Linde, STILL, Baoli, Fenwick, and OM brands. It also leases and rents industrial trucks and related equipment; and provides maintenance and repair services, fleet management solutions, driver assistance systems, and service options, as well as finance solutions. In addition, the company provides integrated technology and software solutions, automated guided vehicle systems, warehouse automation solutions, palletizers, storage and picking equipment, automated storage and retrieval systems, system components and racking, sorters, and conveyors under the Dematic brand. Further, it offers logistics solutions. The company was formerly known as KION Holding 1 GmbH. KION GROUP AG was founded in 2006 and is headquartered in Frankfurt am Main, Germany.

### Why customers stay

Margins ranged from 24.3% to 26.9% during 2023–25; it earns 7.3% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:33.618Z); FY2023: grossProfit / revenue = 24.3%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:33.618Z); FY2024: grossProfit / revenue = 26.9%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:33.618Z); FY2025: grossProfit / revenue = 26.1%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:33.618Z); 10-year return on capital observations [[2016,0.08650523617622262],[2017,0.12204406978417609],[2018,0.09697622433822288],[2019,0.10707916781074708],[2020,0.05869468026082911],[2021,0.10296391102987476],[2022,0.026541586529026176],[2023,0.05269043419252672],[2024,0.055055964997982286],[2025,0.03530783141766162]]; median 0.07259995821852586. 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 2026-10-16T07:37:33.618Z); FY2016: growth capex 0; upkeep 166700000; owner earnings 533500000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:33.618Z); FY2017: growth capex 0; upkeep 218300000; owner earnings 1088200000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:33.618Z); FY2018: growth capex 0; upkeep 258500000; owner earnings 1032900000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:33.618Z); FY2019: growth capex 0; upkeep 287400000; owner earnings 467760000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:33.618Z); FY2020: growth capex 0; upkeep 283800000; owner earnings 282780000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:33.618Z); FY2021: growth capex 0; upkeep 333800000; owner earnings 410040000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:33.618Z); Dividend observations: [[2016,76000000],[2017,86900000],[2018,116800000],[2019,141500000],[2020,4700000],[2021,53700000],[2022,196700000],[2023,24900000],[2024,91800000],[2025,107500000]]. Zero only counted when supported by a complete cash-flow statement.

### Are managers owners

Insiders own 46.5% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); KGX.XETRA SharesStats.PercentInsiders = 46.52 percentage points; cache date 2026-10-16.

### What the price says

The price is 0.4 times annual sales; cash earnings are negative.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:33.618Z); Closing price 33.78 EUR; reporting-to-trading FX 1; FY2025 annual sales per share 86.1723874904653; price multiple 0.3920049215734872. FY2025 cash earnings/share -1.8802440884820748. Closing-price date 2026-10-15.

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

- 2016-10: EUR 55.02 per share

- 2016-11: EUR 53.48 per share

- 2016-12: EUR 52.86 per share

- 2017-01: EUR 56.30 per share

- 2017-02: EUR 55.06 per share

- 2017-03: EUR 61.23 per share

- 2017-04: EUR 62.19 per share

- 2017-05: EUR 65.86 per share

- 2017-06: EUR 66.92 per share

- 2017-07: EUR 73.33 per share

- 2017-08: EUR 76.62 per share

- 2017-09: EUR 80.97 per share

- 2017-10: EUR 68.71 per share

- 2017-11: EUR 68.38 per share

- 2017-12: EUR 71.98 per share

- 2018-01: EUR 73.92 per share

- 2018-02: EUR 70.48 per share

- 2018-03: EUR 75.74 per share

- 2018-04: EUR 69.30 per share

- 2018-05: EUR 69.54 per share

- 2018-06: EUR 61.64 per share

- 2018-07: EUR 58.74 per share

- 2018-08: EUR 58.82 per share

- 2018-09: EUR 52.94 per share

- 2018-10: EUR 51.70 per share

- 2018-11: EUR 49.82 per share

- 2018-12: EUR 44.33 per share

- 2019-01: EUR 50.42 per share

- 2019-02: EUR 50.12 per share

- 2019-03: EUR 46.59 per share

- 2019-04: EUR 61.04 per share

- 2019-05: EUR 48.84 per share

- 2019-06: EUR 55.44 per share

- 2019-07: EUR 48.61 per share

- 2019-08: EUR 43.99 per share

- 2019-09: EUR 48.25 per share

- 2019-10: EUR 59.58 per share

- 2019-11: EUR 60.22 per share

- 2019-12: EUR 61.56 per share

- 2020-01: EUR 56.70 per share

- 2020-02: EUR 48.20 per share

- 2020-03: EUR 39.44 per share

- 2020-04: EUR 45.31 per share

- 2020-05: EUR 50.20 per share

- 2020-06: EUR 54.80 per share

- 2020-07: EUR 65.20 per share

- 2020-08: EUR 70.86 per share

- 2020-09: EUR 73.18 per share

- 2020-10: EUR 66.84 per share

- 2020-11: EUR 64.44 per share

- 2020-12: EUR 71.16 per share

- 2021-01: EUR 71.36 per share

- 2021-02: EUR 69.94 per share

- 2021-03: EUR 84.20 per share

- 2021-04: EUR 82.94 per share

- 2021-05: EUR 87.42 per share

- 2021-06: EUR 89.88 per share

- 2021-07: EUR 89.50 per share

- 2021-08: EUR 90.62 per share

- 2021-09: EUR 80.86 per share

- 2021-10: EUR 94.40 per share

- 2021-11: EUR 95.40 per share

- 2021-12: EUR 96.48 per share

- 2022-01: EUR 81.28 per share

- 2022-02: EUR 72.16 per share

- 2022-03: EUR 60.00 per share

- 2022-04: EUR 53.26 per share

- 2022-05: EUR 45.67 per share

- 2022-06: EUR 39.59 per share

- 2022-07: EUR 44.35 per share

- 2022-08: EUR 39.83 per share

- 2022-09: EUR 19.82 per share

- 2022-10: EUR 22.47 per share

- 2022-11: EUR 26.97 per share

- 2022-12: EUR 26.77 per share

- 2023-01: EUR 36.87 per share

- 2023-02: EUR 37.19 per share

- 2023-03: EUR 35.61 per share

- 2023-04: EUR 37.42 per share

- 2023-05: EUR 32.60 per share

- 2023-06: EUR 36.86 per share

- 2023-07: EUR 38.12 per share

- 2023-08: EUR 36.90 per share

- 2023-09: EUR 36.39 per share

- 2023-10: EUR 28.84 per share

- 2023-11: EUR 33.40 per share

- 2023-12: EUR 38.67 per share

- 2024-01: EUR 42.60 per share

- 2024-02: EUR 46.62 per share

- 2024-03: EUR 48.78 per share

- 2024-04: EUR 43.38 per share

- 2024-05: EUR 43.06 per share

- 2024-06: EUR 39.09 per share

- 2024-07: EUR 36.62 per share

- 2024-08: EUR 35.05 per share

- 2024-09: EUR 35.31 per share

- 2024-10: EUR 35.64 per share

- 2024-11: EUR 33.77 per share

- 2024-12: EUR 31.86 per share

- 2025-01: EUR 36.09 per share

- 2025-02: EUR 38.69 per share

- 2025-03: EUR 38.30 per share

- 2025-04: EUR 37.22 per share

- 2025-05: EUR 40.90 per share

- 2025-06: EUR 47.24 per share

- 2025-07: EUR 54.25 per share

- 2025-08: EUR 55.60 per share

- 2025-09: EUR 57.45 per share

- 2025-10: EUR 61.50 per share

- 2025-11: EUR 64.55 per share

- 2025-12: EUR 68.25 per share

- 2026-01: EUR 59.70 per share

- 2026-02: EUR 58.00 per share

- 2026-03: EUR 44.46 per share

- 2026-04: EUR 44.30 per share

- 2026-05: EUR 43.85 per share

- 2026-06: EUR 38.77 per share

- 2026-07: EUR 38.93 per share

- 2026-08: EUR 44.32 per share

- 2026-09: EUR 39.72 per share

- 2026-10: EUR 34.30 per share

## Annual estimated value (EUR per share)

- FY2016: low EUR 46.80 per share, central EUR 52.97 per share, high EUR 61.19 per share

- FY2017: low EUR 55.47 per share, central EUR 63.03 per share, high EUR 73.09 per share

- FY2018: low EUR 70.72 per share, central EUR 80.41 per share, high EUR 93.31 per share

- FY2019: low EUR 78.02 per share, central EUR 88.70 per share, high EUR 102.90 per share

- FY2020: low EUR 74.88 per share, central EUR 84.98 per share, high EUR 98.43 per share

- FY2021: low EUR 47.96 per share, central EUR 54.25 per share, high EUR 62.62 per share

- FY2022: low EUR 37.99 per share, central EUR 43.09 per share, high EUR 49.87 per share

- FY2023: low EUR 33.27 per share, central EUR 37.72 per share, high EUR 43.65 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

## 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.