# Krones AG (KRN.XETRA)

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

Analysis as of: 2026-10-16T07:38:15.165Z. 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 111.00 per share; close as of 2026-10-15.

Estimated value: low EUR 109.92 per share, central EUR 140.31 per share, high EUR 162.53 per share. Buy at or below the central value EUR 140.31 per share. Valuation as of 2026-10-16T07:38:15.165Z; scenarios are not confidence intervals.

Expected annual return: 12.0% at the stated quote. About 12.0% 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: 1

- Operating margin variation: 0.45×

Chart: Operating margin; fiscal year observations.

- FY2017: 0.06×

- FY2018: 0.05×

- FY2019: 0.01×

- FY2020: -0.00×

- FY2021: 0.05×

- FY2022: 0.06×

- FY2023: 0.06×

- FY2024: 0.07×

- FY2025: 0.06×

- LTM to Jun 2026: 0.06×

### moat: fail

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

- Recent gross margin fell 29.9pp below the typical margin (limit 4pp)

- ROIC, median of available years: 15.9%

- ROIC, second-lowest year: 2.7%

- Typical minus recent gross margin: 29.9 pp

- Typical gross margin (annual median): 49.9%

- Recent gross margin (lower of latest and 3-year median): 20.0%

- Years with nonpositive capital: 0

- Capital spending / revenue: 3.4%

- ROIC including acquisitions, ten-year median: 14.0%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: 20.5%

- FY2017: 15.4%

- FY2018: 14.0%

- FY2019: 2.7%

- FY2020: -0.1%

- FY2021: 14.0%

- FY2022: 21.6%

- FY2023: 16.6%

- FY2024: 19.6%

- FY2025: 16.4%

### economics: pass

- Owner earnings / net income, 5-yr: 0.94×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: EUR 1.1B

- Net income, five-year total: EUR 1.1B

- Return on incremental invested capital: 13.0%

- Working capital / revenue, annual change: -0.9 pp

- Working capital / revenue, change between three-year averages: -5.6 pp

- Working capital / revenue, final three-year average: 34.4%

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

- FY2021: 1.12×

- FY2022: 1.02×

- FY2023: 0.88×

- FY2024: 0.90×

- FY2025: 0.90×

### management: pass

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

- buybacks unrelated to price (informational)

- ROIC first 3 years vs last 3 years: 15.4% vs 16.6%

- Per-share earnings: 5.41 to 8.77 (three-year endpoint medians)

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: 0.0%

- Ordinary dilution, 5-year annual growth: 0.1%

- Market cap gain: EUR 1.6B

- Cumulative retained earnings: EUR 961M

- Diluted shares, 10-year annual growth: 0.0%

- Diluted shares, 5-year annual growth: 0.1%

- $1 test, starting fiscal year: FY2016

- $1 test, ending fiscal year: FY2025

- Per-share value growth: 6.2%

- Per-share value change: EUR 3.35

- Per-share value, starting three-year median: EUR 5.41

- Per-share value, ending three-year median: EUR 8.77

- Buyback history: 0 years

- Debt-funded buybacks: No

- Acquisition spending: EUR 482M

- Cumulative net income, 10 years: EUR 1.6B

- ROIC, first three-year median: 15.4%

- ROIC, last three-year median: 16.6%

Chart: Earnings per share; fiscal year observations.

- FY2016: EUR 5.41

- FY2017: EUR 5.99

- FY2018: EUR 4.79

- FY2019: EUR 0.30

- FY2020: EUR -2.53

- FY2021: EUR 4.49

- FY2022: EUR 5.92

- FY2023: EUR 7.11

- FY2024: EUR 8.77

- FY2025: EUR 9.44

### accounting: pass

- Sloan accruals: -3.2%

- Receivables to sales index (DSRI): 1.00×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 0.0%

- Earnings backed by cash: Yes

- Operating cash / earnings: 1.53×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 0.28×

Chart: Sloan accruals; fiscal year observations.

- FY2016: -0.8%

- FY2017: 6.4%

- FY2018: -4.9%

- FY2019: -2.5%

- FY2020: -13.2%

- FY2021: -4.7%

- FY2022: -7.0%

- FY2023: 1.5%

- FY2024: -3.7%

- FY2025: -3.2%

## Holders

## Price story

Down 21% since Jun 2025 · sales -0.2%

Story as of 2026-10-16T10:00:09.816Z; price observation 2026-10-15.

Price needs cash profits to grow 1% a year for ten years

### Sales · FY2025–2026

sales -0.2%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2017: EUR 3.7B 

- FY2018: EUR 3.9B 

- FY2019: EUR 4.0B 

- FY2020: EUR 3.3B 

- FY2021: EUR 3.6B 

- FY2022: EUR 4.2B 

- FY2023: EUR 4.7B 

- FY2024: EUR 5.3B 

- FY2025: EUR 5.7B 

- FY2026: EUR 5.7B 

### Gross margin · FY2025

gross margin 20%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2016: 49.8% 

- FY2017: 49.9% 

- FY2018: 47.7% 

- FY2019: 49.3% 

- FY2020: 50.3% 

- FY2021: 51.3% 

- FY2022: 50.9% 

- FY2023: 49.5% 

- FY2024: 51.3% 

- FY2025: 20.0% 

## Owner memo

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

### How it makes money

Operates in specialty industrial machinery; annual sales are EUR 5.7 billion.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:38:15.165Z); FY2025: revenue 5663800000; grossProfit 1132857000; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); KRN.XETRA: Krones AG, together with its subsidiaries, plans, develops, manufactures, and sells machines and lines for the fields of process, filling, and packaging technology in Germany, the rest of Europe, the Middle East, the Asia Pacific, China, the Americas, and internationally. It operates in three segments: Filling and Packaging Technology, Process Technology, and Intralogistics. The Filling and Packaging Technology segment offers machines and systems for producing PET bottles; recycling systems for converting used plastic bottles into food-grade recycled materials. The Process Technology segment supplies machines and lines for producing and processing beer, soft drinks, fruit juices, milk, dairy drinks, and alternative proteins; and provides water treatment solutions and components under the Evoguard and Ampco Pumps brands. The Intralogistics segment is involved in the planning and design of automated warehousing, and order-picking and material flow systems with automated guided vehicle systems and matching software tools. It also provides system and software solutions. The company also offers logistics systems, and custom IT and digitalization solutions that manage and optimize all production processes. It serves beverage producers; and companies from the food, chemical, pharmaceutical, and cosmetic industries. Krones AG was founded in 1951 and is headquartered in Neutraubling, Germany.

### Why customers stay

Margins ranged from 20% to 51.3% during 2023–25; it earns 15.9% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:38:15.165Z); FY2023: grossProfit / revenue = 49.5%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:38:15.165Z); FY2024: grossProfit / revenue = 51.3%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:38:15.165Z); FY2025: grossProfit / revenue = 20%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:38:15.165Z); 10-year return on capital observations [[2016,0.20505888546803017],[2017,0.15396307371711426],[2018,0.1400307169989657],[2019,0.027099274279286913],[2020,-0.0010819815748580853],[2021,0.140495798596726],[2022,0.21577368025881805],[2023,0.16570734960530875],[2024,0.19636431040700283],[2025,0.16356605041370098]]; median 0.15876456206540762. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Can it raise prices

Kept about a 51% gross margin through 2022 cost inflation.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:38:15.165Z); Gross margin observations: [[2021,0.5131213584646506],[2022,0.5092500271420287],[2023,0.4948700143792965]]; range within 2 percentage points.

### Where the cash goes

Spends 0.2% of cash earnings on expansion; paid dividends in 10 of 10 years.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:38:15.165Z); FY2016: growth capex 18473000; upkeep 92843000; owner earnings 170754000. Growth capex / owner earnings = 0.10818487414643288.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:38:15.165Z); FY2017: growth capex 38847000; upkeep 94719000; owner earnings 188759000. Growth capex / owner earnings = 0.20580210744918123.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:38:15.165Z); FY2018: growth capex 24065033.31949222; upkeep 155062966.68050778; owner earnings 98756033.31949222. Growth capex / owner earnings = 0.24368165174919318.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:38:15.165Z); FY2019: growth capex 0; upkeep 168909000; owner earnings 6087400. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:38:15.165Z); FY2021: growth capex 0; upkeep 104890000; owner earnings 158729200. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:38:15.165Z); FY2022: growth capex 0; upkeep 118157000; owner earnings 190583200. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:38:15.165Z); FY2023: growth capex 14899000; upkeep 147765000; owner earnings 197316000. Growth capex / owner earnings = 0.07550832167690405.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:38:15.165Z); FY2024: growth capex 12708000; upkeep 168430000; owner earnings 250118200. Growth capex / owner earnings = 0.05080797798800727.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:38:15.165Z); FY2025: growth capex 643000; upkeep 184457000; owner earnings 269684400. Growth capex / owner earnings = 0.0023842684263531743.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:38:15.165Z); Dividend observations: [[2016,45810000],[2017,49193000],[2018,53708000],[2019,53708000],[2020,23695000],[2021,1896000],[2022,44230000],[2023,55288000],[2024,69505000],[2025,82142000]]. Zero only counted when supported by a complete cash-flow statement.

### Are managers owners

Insiders own 57.7% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); KRN.XETRA SharesStats.PercentInsiders = 57.699999999999996 percentage points; cache date 2026-10-16.

### What the price says

The price assumes cash profits grow 1% yearly over ten years; actual growth was 5.5%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:38:15.165Z); Ten-year compound average after fade. Initial solved rate 0.0017603253807808583. Price 111; FX 1; discount 0.1; same standard ten-year fade to terminal 0.03. FY2015 owner earnings/share 4.991645132140083 → FY2025 8.511690443125868. Closing-price date 2026-10-15.

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

- 2016-10: EUR 92.85 per share

- 2016-11: EUR 85.53 per share

- 2016-12: EUR 86.90 per share

- 2017-01: EUR 94.49 per share

- 2017-02: EUR 97.90 per share

- 2017-03: EUR 105.15 per share

- 2017-04: EUR 109.00 per share

- 2017-05: EUR 110.85 per share

- 2017-06: EUR 101.40 per share

- 2017-07: EUR 105.25 per share

- 2017-08: EUR 103.90 per share

- 2017-09: EUR 117.55 per share

- 2017-10: EUR 108.55 per share

- 2017-11: EUR 106.40 per share

- 2017-12: EUR 114.50 per share

- 2018-01: EUR 112.40 per share

- 2018-02: EUR 111.20 per share

- 2018-03: EUR 109.40 per share

- 2018-04: EUR 106.40 per share

- 2018-05: EUR 110.10 per share

- 2018-06: EUR 110.70 per share

- 2018-07: EUR 105.80 per share

- 2018-08: EUR 104.70 per share

- 2018-09: EUR 90.35 per share

- 2018-10: EUR 79.05 per share

- 2018-11: EUR 78.60 per share

- 2018-12: EUR 67.50 per share

- 2019-01: EUR 72.95 per share

- 2019-02: EUR 73.45 per share

- 2019-03: EUR 78.55 per share

- 2019-04: EUR 82.95 per share

- 2019-05: EUR 70.10 per share

- 2019-06: EUR 70.95 per share

- 2019-07: EUR 51.90 per share

- 2019-08: EUR 50.00 per share

- 2019-09: EUR 55.45 per share

- 2019-10: EUR 58.65 per share

- 2019-11: EUR 63.00 per share

- 2019-12: EUR 67.50 per share

- 2020-01: EUR 68.55 per share

- 2020-02: EUR 56.60 per share

- 2020-03: EUR 48.78 per share

- 2020-04: EUR 55.05 per share

- 2020-05: EUR 58.60 per share

- 2020-06: EUR 57.10 per share

- 2020-07: EUR 51.50 per share

- 2020-08: EUR 55.25 per share

- 2020-09: EUR 52.95 per share

- 2020-10: EUR 49.02 per share

- 2020-11: EUR 61.40 per share

- 2020-12: EUR 66.05 per share

- 2021-01: EUR 68.30 per share

- 2021-02: EUR 69.85 per share

- 2021-03: EUR 69.20 per share

- 2021-04: EUR 72.50 per share

- 2021-05: EUR 77.70 per share

- 2021-06: EUR 75.35 per share

- 2021-07: EUR 83.15 per share

- 2021-08: EUR 85.75 per share

- 2021-09: EUR 84.55 per share

- 2021-10: EUR 89.25 per share

- 2021-11: EUR 89.60 per share

- 2021-12: EUR 95.90 per share

- 2022-01: EUR 87.60 per share

- 2022-02: EUR 82.40 per share

- 2022-03: EUR 75.45 per share

- 2022-04: EUR 74.15 per share

- 2022-05: EUR 83.90 per share

- 2022-06: EUR 72.80 per share

- 2022-07: EUR 84.80 per share

- 2022-08: EUR 82.15 per share

- 2022-09: EUR 90.65 per share

- 2022-10: EUR 93.75 per share

- 2022-11: EUR 108.20 per share

- 2022-12: EUR 105.00 per share

- 2023-01: EUR 107.00 per share

- 2023-02: EUR 115.20 per share

- 2023-03: EUR 108.70 per share

- 2023-04: EUR 118.80 per share

- 2023-05: EUR 104.50 per share

- 2023-06: EUR 111.10 per share

- 2023-07: EUR 109.60 per share

- 2023-08: EUR 99.90 per share

- 2023-09: EUR 97.55 per share

- 2023-10: EUR 91.80 per share

- 2023-11: EUR 103.60 per share

- 2023-12: EUR 111.80 per share

- 2024-01: EUR 115.10 per share

- 2024-02: EUR 114.30 per share

- 2024-03: EUR 122.70 per share

- 2024-04: EUR 123.60 per share

- 2024-05: EUR 126.00 per share

- 2024-06: EUR 117.20 per share

- 2024-07: EUR 125.20 per share

- 2024-08: EUR 124.00 per share

- 2024-09: EUR 129.00 per share

- 2024-10: EUR 119.60 per share

- 2024-11: EUR 118.00 per share

- 2024-12: EUR 120.00 per share

- 2025-01: EUR 132.00 per share

- 2025-02: EUR 131.00 per share

- 2025-03: EUR 125.40 per share

- 2025-04: EUR 128.40 per share

- 2025-05: EUR 138.60 per share

- 2025-06: EUR 140.00 per share

- 2025-07: EUR 130.00 per share

- 2025-08: EUR 131.40 per share

- 2025-09: EUR 124.00 per share

- 2025-10: EUR 125.80 per share

- 2025-11: EUR 130.60 per share

- 2025-12: EUR 135.80 per share

- 2026-01: EUR 135.80 per share

- 2026-02: EUR 133.00 per share

- 2026-03: EUR 115.20 per share

- 2026-04: EUR 123.40 per share

- 2026-05: EUR 118.40 per share

- 2026-06: EUR 112.20 per share

- 2026-07: EUR 111.40 per share

- 2026-08: EUR 121.00 per share

- 2026-09: EUR 106.60 per share

- 2026-10: EUR 106.60 per share

## Annual estimated value (EUR per share)

- FY2016: low EUR 68.22 per share, central EUR 82.30 per share, high EUR 94.43 per share

- FY2017: low EUR 75.75 per share, central EUR 97.80 per share, high EUR 113.82 per share

- FY2018: low EUR 74.16 per share, central EUR 88.07 per share, high EUR 101.83 per share

- FY2019: low EUR 82.55 per share, central EUR 113.11 per share, high EUR 132.46 per share

- FY2020: low EUR 34.28 per share, central EUR 38.35 per share, high EUR 43.77 per share

- FY2021: low EUR 42.22 per share, central EUR 46.68 per share, high EUR 52.62 per share

- FY2022: low EUR 60.46 per share, central EUR 72.20 per share, high EUR 81.22 per share

- FY2023: low EUR 88.40 per share, central EUR 111.13 per share, high EUR 128.03 per share

- FY2024: low EUR 102.03 per share, central EUR 130.20 per share, high EUR 150.50 per share

- FY2025: low EUR 114.35 per share, central EUR 144.72 per share, high EUR 166.92 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 2026-10-15T06:44:04.568Z 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