# Kingspan Group (KRX.IR)

Canonical: https://gigainvestors.com/s/KRX.IR

Analysis as of: 2026-10-16T07:34:45.085Z. Financial observations: FY1996–FY2025.

Listing currency: EUR. Reporting currency: EUR.

## Verdict

A wonderful business at too high a price

Quality tests for Buy: pass (profit record: pass; earnings resilience is evidence only). Published buy qualification: no.

Share price: EUR 99.05 per share; close as of 2026-10-15.

Estimated value: low EUR 51.61 per share, central EUR 71.99 per share, high EUR 84.13 per share. Buy at or below the central value EUR 71.99 per share. Valuation as of 2026-10-16T07:34:45.085Z; scenarios are not confidence intervals.

Expected annual return: 8.1% at the stated quote. About 8.1% a year at today's price (required return 10.0%). required return 10.0% a year (10% floor; IE 10-year bond 3.6% + 4 points).

## 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: 0.05×

Chart: Operating margin; fiscal year observations.

- FY2016: 0.11×

- FY2017: 0.10×

- FY2018: 0.10×

- FY2019: 0.10×

- FY2020: 0.11×

- FY2021: 0.11×

- FY2022: 0.10×

- FY2023: 0.10×

- FY2024: 0.10×

- FY2025: 0.10×

### moat: pass

- ROIC, median of available years: 28.9%

- ROIC, second-lowest year: 24.8%

- Typical minus recent gross margin: -0.6 pp

- Typical gross margin (annual median): 29.0%

- Recent gross margin (lower of latest and 3-year median): 29.6%

- Years with nonpositive capital: 0

- Capital spending / revenue: 3.3%

- ROIC including acquisitions, ten-year median: 12.3%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: 28.4%

- FY2017: 32.5%

- FY2018: 32.3%

- FY2019: 29.3%

- FY2020: 32.7%

- FY2021: 31.7%

- FY2022: 25.8%

- FY2023: 27.6%

- FY2024: 24.8%

- FY2025: 23.3%

### economics: pass

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

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: EUR 2.9B

- Net income, five-year total: EUR 3.1B

- Return on incremental invested capital: 76.7%

- Working capital / revenue, annual change: -1.2 pp

- Working capital / revenue, change between three-year averages: -8.6 pp

- Working capital / revenue, final three-year average: 11.9%

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

- FY2021: 0.94×

- FY2022: 0.93×

- FY2023: 0.92×

- FY2024: 0.93×

- FY2025: 0.93×

### management: pass

- 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: 32.3% vs 24.8%

- Per-share earnings: 1.41 to 3.66 (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 8.7B

- Cumulative retained earnings: EUR 3.6B

- 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: 12.6%

- Per-share value change: EUR 2.25

- Per-share value, starting three-year median: EUR 1.41

- Per-share value, ending three-year median: EUR 3.66

- Buybacks concentrated in cheaper years (correlation): 0.12

- Average buyback yield: 0.3%

- Buyback history: 8 years

- Debt-funded buybacks: No

- Acquisition spending: EUR 2.9B

- Cumulative net income, 10 years: EUR 4.7B

- ROIC, first three-year median: 32.3%

- ROIC, last three-year median: 24.8%

Chart: Earnings per share; fiscal year observations.

- FY2016: EUR 1.41

- FY2017: EUR 1.57

- FY2018: EUR 1.82

- FY2019: EUR 2.04

- FY2020: EUR 2.06

- FY2021: EUR 3.05

- FY2022: EUR 3.29

- FY2023: EUR 3.52

- FY2024: EUR 3.66

- FY2025: EUR 3.71

### accounting: pass

- Sloan accruals: -1.5%

- Receivables to sales index (DSRI): 1.01×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 2.6%

- Earnings backed by cash: Yes

- Operating cash / earnings: 1.22×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 0.84×

Chart: Sloan accruals; fiscal year observations.

- FY2016: -1.8%

- FY2017: 0.0%

- FY2018: -2.7%

- FY2019: -3.5%

- FY2020: -5.0%

- FY2021: 3.5%

- FY2022: -1.2%

- FY2023: -6.5%

- FY2024: -2.3%

- FY2025: -1.5%

## Holders

## Price story

Price needs cash profits to grow 10.4% a year for ten years · sales +6.9%

Story as of 2026-10-16T10:00:02.260Z; price observation 2026-10-15.

Price needs cash profits to grow 10.4% a year for ten years

### Sales · FY2024–2025

sales +6.9%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2016: EUR 3.1B 

- FY2017: EUR 3.7B 

- FY2018: EUR 4.4B 

- FY2019: EUR 4.7B 

- FY2020: EUR 4.6B 

- FY2021: EUR 6.5B 

- FY2022: EUR 8.3B 

- FY2023: EUR 8.1B 

- FY2024: EUR 8.6B 

- FY2025: EUR 9.2B 

### Gross margin · FY2025

gross margin 29.7%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2016: 30.2% 

- FY2017: 28.7% 

- FY2018: 27.8% 

- FY2019: 29.1% 

- FY2020: 30.3% 

- FY2021: 28.6% 

- FY2022: 26.6% 

- FY2023: 28.9% 

- FY2024: 29.6% 

- FY2025: 29.7% 

## Owner memo

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

### How it makes money

Operates in building products & equipment; annual sales are EUR 9.2 billion.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:45.085Z); FY2025: revenue 9199000000; grossProfit 2730300000; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); KRX.IR: Kingspan Group plc, together with its subsidiaries, provides insulation and building envelope solutions in Western and Southern Europe, Central and Northern Europe, the Americas, and internationally. It operates through two segments: Insulated Building Envelopes, and Advnsys. The Insulated Building Envelopes segment provides advanced energy-saving solutions for roofs, walls, and floors, delivering building solutions for energy efficiency in both new build and renovation applications across all building types. The Advnsys segment designs and manufactures bespoke critical infrastructure solutions, primarily focused on data centres, ventilation, and daylighting, offering high-performance systems that deliver energy efficient lighting, airflow, cooling, and ventilation for both new build and renovation projects in data centres and commercial buildings. The company offers a comprehensive suite of products, including insulated panels, insulation boards, roofing and waterproofing solutions, structural steel products and system, facades, ceiling systems, raised access floors, daylighting solutions, and water management technologies. It also provides solutions such as PowerPanel integrated solar roofing, QuadCore LEC insulated panels, Kooltherm insulation boards, and a range of lower embodied carbon and bio-based materials. Additionally, the company is involved in developing circular economy solutions, including product takeback and recycling schemes, and offers digital infrastructure, smoke management, and ventilation systems. Kingspan Group plc was founded in 1965 and is based in Kingscourt, Ireland.

### Why customers stay

Margins ranged from 28.9% to 29.7% during 2023–25; it earns 28.9% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:45.085Z); FY2023: grossProfit / revenue = 28.9%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:45.085Z); FY2024: grossProfit / revenue = 29.6%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:45.085Z); FY2025: grossProfit / revenue = 29.7%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:45.085Z); 10-year return on capital observations [[2016,0.2837382688044264],[2017,0.3249228579440882],[2018,0.32332817000954894],[2019,0.29348808644468205],[2020,0.32696163375004145],[2021,0.3165377792925201],[2022,0.25803288009342],[2023,0.27645200486026733],[2024,0.24828982865475757],[2025,0.23286842191119375]]; median 0.2886131776245542. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Can it raise prices

Much of the growth was delivered through pricing, and indeed the acquisitions added during 2022.

- Source: https://filings.xbrl.org/635400HM7V74SUB9OG75/2022-12-31/ESEF/GB/0/635400HM7V74SUB9OG75-2022-12-31/reports/635400HM7V74SUB9OG75-2022-12-31-T01.xhtml (filed 2023-02-28); Kingspan Group plc Annual Report & Financial Statements 2022 36 Worldwide sales grew encouragingly by 40% over prior year. Much of the growth was delivered through pricing, and indeed the acquisitions added during 2022. Sales volumes in Logstor ® , Kingspan’s main technical insulation platform and now 25% of the division, grew by 18% in the second half of the year which was the first like- for-like period under Kingspan ownership.

### Where the cash goes

Spends 8.1% of cash earnings on expansion; earns 76.7% on new investment.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:45.085Z); FY2016: growth capex 37500000; upkeep 75800000; owner earnings 255400000. Growth capex / owner earnings = 0.14682850430696945.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:45.085Z); FY2017: growth capex 9900000; upkeep 79900000; owner earnings 284300000. Growth capex / owner earnings = 0.03482237073513894.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:45.085Z); FY2018: growth capex 46000000; upkeep 98200000; owner earnings 330900000. Growth capex / owner earnings = 0.13901480809912362.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:45.085Z); FY2019: growth capex 24600000; upkeep 136400000; owner earnings 344420000. Growth capex / owner earnings = 0.0714244236687765.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:45.085Z); FY2020: growth capex 0; upkeep 131800000; owner earnings 364340000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:45.085Z); FY2021: growth capex 900000; upkeep 167900000; owner earnings 522500000. Growth capex / owner earnings = 0.001722488038277512.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:45.085Z); FY2022: growth capex 71700000; upkeep 197500000; owner earnings 558640000. Growth capex / owner earnings = 0.1283474151510812.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:45.085Z); FY2023: growth capex 0; upkeep 237700000; owner earnings 589080000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:45.085Z); FY2024: growth capex 90200000; upkeep 276500000; owner earnings 617780000. Growth capex / owner earnings = 0.14600666904075885.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:45.085Z); FY2025: growth capex 50500000; upkeep 314700000; owner earnings 627060000. Growth capex / owner earnings = 0.08053455809651389.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:45.085Z); Incremental return on capital 0.7669390601068014, from the economics test's unchanged annual inputs.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:45.085Z); Dividend observations: [[2016,48000000],[2017,61700000],[2018,68300000],[2019,77600000],[2020,73500000],[2021,73500000],[2022,93700000],[2023,91200000],[2024,96600000],[2025,99500000]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:45.085Z); FY2025: cash repurchases 148600000 EUR.

### Are managers owners

Insiders own 15.8% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); KRX.IR SharesStats.PercentInsiders = 15.809999999999999 percentage points; cache date 2026-10-16.

### What the price says

The price assumes cash profits grow 10.4% yearly over ten years; actual growth was 12.8%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:45.085Z); Ten-year compound average after fade. Initial solved rate 0.13613443768259736. Price 99.05; FX 1; discount 0.1; same standard ten-year fade to terminal 0.03. FY2015 owner earnings/share 1.043180230043147 → FY2025 3.4671404837651254. Closing-price date 2026-10-15.

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

- 2016-10: EUR 22.30 per share

- 2016-11: EUR 25.20 per share

- 2016-12: EUR 25.80 per share

- 2017-01: EUR 26.96 per share

- 2017-02: EUR 29.00 per share

- 2017-03: EUR 29.91 per share

- 2017-04: EUR 31.94 per share

- 2017-05: EUR 30.85 per share

- 2017-06: EUR 30.06 per share

- 2017-07: EUR 28.12 per share

- 2017-08: EUR 32.50 per share

- 2017-09: EUR 35.98 per share

- 2017-10: EUR 35.90 per share

- 2017-11: EUR 34.40 per share

- 2017-12: EUR 36.41 per share

- 2018-01: EUR 37.20 per share

- 2018-02: EUR 34.80 per share

- 2018-03: EUR 34.40 per share

- 2018-04: EUR 37.50 per share

- 2018-05: EUR 39.60 per share

- 2018-06: EUR 42.88 per share

- 2018-07: EUR 39.72 per share

- 2018-08: EUR 41.86 per share

- 2018-09: EUR 40.16 per share

- 2018-10: EUR 38.40 per share

- 2018-11: EUR 38.02 per share

- 2018-12: EUR 37.38 per share

- 2019-01: EUR 35.70 per share

- 2019-02: EUR 41.46 per share

- 2019-03: EUR 41.26 per share

- 2019-04: EUR 46.88 per share

- 2019-05: EUR 46.66 per share

- 2019-06: EUR 47.76 per share

- 2019-07: EUR 44.30 per share

- 2019-08: EUR 41.54 per share

- 2019-09: EUR 44.80 per share

- 2019-10: EUR 46.46 per share

- 2019-11: EUR 48.92 per share

- 2019-12: EUR 54.45 per share

- 2020-01: EUR 55.65 per share

- 2020-02: EUR 57.05 per share

- 2020-03: EUR 48.70 per share

- 2020-04: EUR 46.50 per share

- 2020-05: EUR 55.55 per share

- 2020-06: EUR 57.35 per share

- 2020-07: EUR 60.75 per share

- 2020-08: EUR 71.95 per share

- 2020-09: EUR 77.70 per share

- 2020-10: EUR 74.85 per share

- 2020-11: EUR 73.15 per share

- 2020-12: EUR 57.40 per share

- 2021-01: EUR 56.00 per share

- 2021-02: EUR 60.25 per share

- 2021-03: EUR 72.30 per share

- 2021-04: EUR 74.06 per share

- 2021-05: EUR 76.86 per share

- 2021-06: EUR 79.64 per share

- 2021-07: EUR 91.70 per share

- 2021-08: EUR 96.78 per share

- 2021-09: EUR 86.00 per share

- 2021-10: EUR 99.64 per share

- 2021-11: EUR 102.20 per share

- 2021-12: EUR 105.00 per share

- 2022-01: EUR 85.12 per share

- 2022-02: EUR 86.84 per share

- 2022-03: EUR 89.04 per share

- 2022-04: EUR 89.06 per share

- 2022-05: EUR 76.80 per share

- 2022-06: EUR 57.40 per share

- 2022-07: EUR 63.02 per share

- 2022-08: EUR 56.64 per share

- 2022-09: EUR 46.34 per share

- 2022-10: EUR 51.10 per share

- 2022-11: EUR 53.44 per share

- 2022-12: EUR 50.58 per share

- 2023-01: EUR 58.80 per share

- 2023-02: EUR 61.58 per share

- 2023-03: EUR 63.04 per share

- 2023-04: EUR 62.70 per share

- 2023-05: EUR 62.08 per share

- 2023-06: EUR 60.90 per share

- 2023-07: EUR 73.00 per share

- 2023-08: EUR 78.08 per share

- 2023-09: EUR 70.96 per share

- 2023-10: EUR 63.48 per share

- 2023-11: EUR 72.80 per share

- 2023-12: EUR 78.40 per share

- 2024-01: EUR 75.56 per share

- 2024-02: EUR 83.48 per share

- 2024-03: EUR 84.46 per share

- 2024-04: EUR 83.85 per share

- 2024-05: EUR 88.20 per share

- 2024-06: EUR 79.50 per share

- 2024-07: EUR 86.40 per share

- 2024-08: EUR 78.70 per share

- 2024-09: EUR 84.35 per share

- 2024-10: EUR 80.65 per share

- 2024-11: EUR 71.20 per share

- 2024-12: EUR 70.45 per share

- 2025-01: EUR 67.30 per share

- 2025-02: EUR 79.05 per share

- 2025-03: EUR 74.15 per share

- 2025-04: EUR 74.30 per share

- 2025-05: EUR 75.50 per share

- 2025-06: EUR 72.20 per share

- 2025-07: EUR 72.65 per share

- 2025-08: EUR 65.90 per share

- 2025-09: EUR 70.80 per share

- 2025-10: EUR 64.90 per share

- 2025-11: EUR 73.85 per share

- 2025-12: EUR 74.15 per share

- 2026-01: EUR 73.50 per share

- 2026-02: EUR 84.35 per share

- 2026-03: EUR 72.10 per share

- 2026-04: EUR 78.65 per share

- 2026-05: EUR 78.60 per share

- 2026-06: EUR 79.95 per share

- 2026-07: EUR 80.25 per share

- 2026-08: EUR 102.50 per share

- 2026-09: EUR 102.10 per share

- 2026-10: EUR 103.00 per share

## Annual estimated value (EUR per share)

- FY2016: low EUR 12.93 per share, central EUR 16.43 per share, high EUR 19.06 per share

- FY2017: low EUR 17.07 per share, central EUR 21.36 per share, high EUR 24.85 per share

- FY2018: low EUR 24.11 per share, central EUR 31.57 per share, high EUR 36.75 per share

- FY2019: low EUR 27.04 per share, central EUR 38.40 per share, high EUR 45.01 per share

- FY2020: low EUR 33.38 per share, central EUR 44.76 per share, high EUR 51.39 per share

- FY2021: low EUR 40.56 per share, central EUR 56.74 per share, high EUR 66.16 per share

- FY2022: low EUR 49.91 per share, central EUR 70.16 per share, high EUR 81.95 per share

- FY2023: low EUR 48.97 per share, central EUR 68.12 per share, high EUR 79.27 per share

- FY2024: low EUR 51.44 per share, central EUR 71.52 per share, high EUR 83.21 per share

- FY2025: low EUR 51.32 per share, central EUR 71.61 per share, high EUR 83.69 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.