# LEG Immobilien SE (LEG.XETRA)

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

Analysis as of: 2026-10-16T07:38:09.634Z. Financial observations: FY2008–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 46.68 per share; close as of 2026-10-15.

Estimated value: low EUR 68.94 per share, central EUR 77.67 per share, high EUR 89.28 per share. Buy at or below the central value EUR 77.67 per share. Valuation as of 2026-10-16T07:38:09.634Z; scenarios are not confidence intervals.

Expected annual return: 15.6% at the stated quote. About 15.6% 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

- 1 revenue decline in the last 10 years (informational)

- operating margin variation exceeds 0.35

- Financial history: 10 years

- Years with declining revenue: 1

- Years with a net loss: 1

- Operating margin variation: 1.07×

Chart: Operating margin; fiscal year observations.

- FY2016: 1.22×

- FY2017: 1.76×

- FY2018: 1.53×

- FY2019: 1.59×

- FY2020: 1.78×

- FY2021: 2.34×

- FY2022: 0.55×

- FY2023: -1.50×

- FY2024: 0.25×

- FY2025: 0.34×

### moat: fail

- ROIC median below threshold

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

- Recent gross margin fell 11.6pp below the typical margin (limit 4pp)

- ROIC, median of available years: 9.9%

- ROIC, second-lowest year: 1.3%

- Typical minus recent gross margin: 11.6 pp

- Typical gross margin (annual median): 49.0%

- Recent gross margin (lower of latest and 3-year median): 37.3%

- Years with nonpositive capital: 0

- Capital spending / revenue: 1.2%

- ROIC including acquisitions, ten-year median: 2.6%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: 10.0%

- FY2017: 13.2%

- FY2018: 10.1%

- FY2019: 9.7%

- FY2020: 11.7%

- FY2021: 10.8%

- FY2022: 2.2%

- FY2023: -8.9%

- FY2024: 1.3%

- FY2025: 2.8%

### economics: fail

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

- Owner earnings / net income, 5-yr: 1.30×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: EUR 2.5B

- Net income, five-year total: EUR 1.9B

- Return on incremental invested capital: >100%

- Working capital / revenue, annual change: 7.3 pp

- Working capital / revenue, change between three-year averages: 56.1 pp

- Working capital / revenue, final three-year average: 16.3%

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

- FY2021: 0.18×

- FY2022: 1.26×

- FY2023: -0.26×

- FY2024: 0.61×

- FY2025: 0.98×

### management: fail

- 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: 10.1% vs 1.3%

- Per-share earnings: 6.90 to 0.79 (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: 0.2%

- Ordinary dilution, 5-year annual growth: 0.4%

- Market cap gain: EUR -827M

- Cumulative retained earnings: EUR 3.9B

- Diluted shares, 10-year annual growth: 0.2%

- Diluted shares, 5-year annual growth: 0.4%

- $1 test, starting fiscal year: FY2016

- $1 test, ending fiscal year: FY2025

- Per-share value growth: -23.7%

- Per-share value change: EUR -6.11

- Per-share value, starting three-year median: EUR 6.90

- Per-share value, ending three-year median: EUR 0.79

- Buyback history: 0 years

- Debt-funded buybacks: No

- Acquisition spending: EUR 351M

- Cumulative net income, 10 years: EUR 6.4B

- ROIC, first three-year median: 10.1%

- ROIC, last three-year median: 1.3%

Chart: Earnings per share; fiscal year observations.

- FY2016: EUR 6.90

- FY2017: EUR 10.04

- FY2018: EUR 10.06

- FY2019: EUR 9.75

- FY2020: EUR 16.24

- FY2021: EUR 22.79

- FY2022: EUR 2.88

- FY2023: EUR -19.14

- FY2024: EUR 0.79

- FY2025: EUR 17.04

### accounting: pass

- Sloan accruals: 4.7%

- Receivables to sales index (DSRI): 0.20×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 0.0%

- Earnings backed by cash: Yes

- Operating cash / earnings: 0.32×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 0.00×

Chart: Sloan accruals; fiscal year observations.

- FY2016: 4.4%

- FY2017: 5.7%

- FY2018: 5.0%

- FY2019: 3.9%

- FY2020: 6.8%

- FY2021: 6.7%

- FY2022: -0.7%

- FY2023: -10.4%

- FY2024: -1.9%

- FY2025: 4.7%

## Holders

## Price story

Down 64% since Oct 2021 · sales +14.4%

Story as of 2026-10-16T10:00:09.780Z; price observation 2026-10-15.

Price needs cash profits to shrink 6.2% a year for ten years

### Sales · FY2024–2025

sales +14.4%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2016: EUR 765M 

- FY2017: EUR 796M 

- FY2018: EUR 769M 

- FY2019: EUR 812M 

- FY2020: EUR 861M 

- FY2021: EUR 962M 

- FY2022: EUR 1.1B 

- FY2023: EUR 1.2B 

- FY2024: EUR 1.3B 

- FY2025: EUR 1.5B 

### Gross margin · FY2025

gross margin 37.3%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2016: 48.3% 

- FY2017: 49.8% 

- FY2018: 54.1% 

- FY2019: 53.3% 

- FY2020: 49.6% 

- FY2021: 54.2% 

- FY2022: 35.9% 

- FY2023: 46.7% 

- FY2024: 47.7% 

- FY2025: 37.3% 

## Owner memo

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

### How it makes money

Operates in real estate services; annual sales are EUR 1.5 billion.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:38:09.634Z); FY2025: revenue 1490500000; grossProfit 556300000; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); LEG.XETRA: LEG Immobilien SE, together with its subsidiaries, operates as an integrated property company in Germany. It engages in the performance of services and management of equity investments; property management and location development; performance of services for third parties and housing industry services; and generation of electricity and heat. The company also provides information technology (IT) services for third parties and management services for third-party properties. Additionally, it offers residential and commercial units, as well as garages and parking spaces. LEG Immobilien SE was founded in 1970 and is headquartered in Düsseldorf, Germany.

### Why customers stay

Margins ranged from 37.3% to 47.7% during 2023–25; it earns 9.9% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:38:09.634Z); FY2023: grossProfit / revenue = 46.7%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:38:09.634Z); FY2024: grossProfit / revenue = 47.7%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:38:09.634Z); FY2025: grossProfit / revenue = 37.3%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:38:09.634Z); 10-year return on capital observations [[2016,0.10013682230203522],[2017,0.13156822650874678],[2018,0.10067429729408583],[2019,0.09740987833981524],[2020,0.1173026908625528],[2021,0.1084309002940751],[2022,0.022482914713996993],[2023,-0.08893850194728738],[2024,0.012605530168073736],[2025,0.028094203739629797]]; median 0.09877335032092523. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Paid dividends in 9 of 10 years.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:38:09.634Z); FY2016: growth capex 0; upkeep 7800000; owner earnings 198359000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:38:09.634Z); FY2017: growth capex 0; upkeep 5700000; owner earnings 262508000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:38:09.634Z); FY2018: growth capex 0; upkeep 7000000; owner earnings 280850000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:38:09.634Z); FY2019: growth capex 0; upkeep 9700000; owner earnings 306478000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:38:09.634Z); FY2020: growth capex 0; upkeep 15600000; owner earnings 291200000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:38:09.634Z); FY2021: growth capex 0; upkeep 11300000; owner earnings 317840000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:38:09.634Z); FY2022: growth capex 0; upkeep 77900000; owner earnings 294440000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:38:09.634Z); FY2023: growth capex 0; upkeep 15500000; owner earnings 404013000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:38:09.634Z); FY2024: growth capex 0; upkeep 18800000; owner earnings 40200000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:38:09.634Z); FY2025: growth capex 0; upkeep 19000000; owner earnings 1433860000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:38:09.634Z); Dividend observations: [[2016,141900000],[2017,174400000],[2018,192100000],[2019,223100000],[2020,172400000],[2021,185600000],[2022,183300000],[2023,0],[2024,153200000],[2025,124700000]]. Zero only counted when supported by a complete cash-flow statement.

### Are managers owners

Insiders own 0% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); LEG.XETRA SharesStats.PercentInsiders = 0 percentage points; cache date 2026-10-16.

### What the price says

The price assumes cash profits shrink 6.2% yearly over ten years; actual growth was 20.2%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:38:09.634Z); Ten-year compound average after fade. Initial solved rate -0.09964421504465276. Price 46.68; FX 1; discount 0.1; same standard ten-year fade to terminal 0.03. FY2015 owner earnings/share 2.6694510739856803 → FY2025 16.75942817185468. Closing-price date 2026-10-15.

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

- 2016-11: EUR 71.14 per share

- 2016-12: EUR 73.42 per share

- 2017-01: EUR 72.29 per share

- 2017-02: EUR 77.39 per share

- 2017-03: EUR 76.45 per share

- 2017-04: EUR 78.46 per share

- 2017-05: EUR 83.49 per share

- 2017-06: EUR 81.89 per share

- 2017-07: EUR 80.88 per share

- 2017-08: EUR 84.47 per share

- 2017-09: EUR 85.15 per share

- 2017-10: EUR 86.76 per share

- 2017-11: EUR 88.86 per share

- 2017-12: EUR 94.80 per share

- 2018-01: EUR 90.36 per share

- 2018-02: EUR 85.04 per share

- 2018-03: EUR 90.87 per share

- 2018-04: EUR 95.05 per share

- 2018-05: EUR 93.28 per share

- 2018-06: EUR 92.61 per share

- 2018-07: EUR 95.75 per share

- 2018-08: EUR 104.61 per share

- 2018-09: EUR 101.73 per share

- 2018-10: EUR 96.17 per share

- 2018-11: EUR 101.03 per share

- 2018-12: EUR 90.66 per share

- 2019-01: EUR 101.98 per share

- 2019-02: EUR 97.66 per share

- 2019-03: EUR 108.89 per share

- 2019-04: EUR 103.22 per share

- 2019-05: EUR 106.36 per share

- 2019-06: EUR 98.69 per share

- 2019-07: EUR 104.17 per share

- 2019-08: EUR 106.26 per share

- 2019-09: EUR 104.47 per share

- 2019-10: EUR 102.38 per share

- 2019-11: EUR 101.93 per share

- 2019-12: EUR 105.01 per share

- 2020-01: EUR 110.78 per share

- 2020-02: EUR 107.55 per share

- 2020-03: EUR 102.18 per share

- 2020-04: EUR 104.31 per share

- 2020-05: EUR 111.51 per share

- 2020-06: EUR 112.42 per share

- 2020-07: EUR 117.66 per share

- 2020-08: EUR 122.63 per share

- 2020-09: EUR 121.18 per share

- 2020-10: EUR 115.43 per share

- 2020-11: EUR 118.85 per share

- 2020-12: EUR 126.41 per share

- 2021-01: EUR 117.80 per share

- 2021-02: EUR 112.56 per share

- 2021-03: EUR 111.59 per share

- 2021-04: EUR 115.11 per share

- 2021-05: EUR 119.29 per share

- 2021-06: EUR 120.83 per share

- 2021-07: EUR 132.67 per share

- 2021-08: EUR 134.31 per share

- 2021-09: EUR 121.58 per share

- 2021-10: EUR 127.99 per share

- 2021-11: EUR 122.87 per share

- 2021-12: EUR 122.08 per share

- 2022-01: EUR 116.90 per share

- 2022-02: EUR 114.71 per share

- 2022-03: EUR 102.72 per share

- 2022-04: EUR 97.10 per share

- 2022-05: EUR 95.86 per share

- 2022-06: EUR 79.12 per share

- 2022-07: EUR 88.64 per share

- 2022-08: EUR 75.32 per share

- 2022-09: EUR 61.36 per share

- 2022-10: EUR 66.12 per share

- 2022-11: EUR 60.70 per share

- 2022-12: EUR 60.86 per share

- 2023-01: EUR 71.58 per share

- 2023-02: EUR 68.78 per share

- 2023-03: EUR 50.48 per share

- 2023-04: EUR 56.38 per share

- 2023-05: EUR 48.51 per share

- 2023-06: EUR 52.64 per share

- 2023-07: EUR 64.36 per share

- 2023-08: EUR 66.60 per share

- 2023-09: EUR 65.34 per share

- 2023-10: EUR 58.84 per share

- 2023-11: EUR 70.14 per share

- 2023-12: EUR 79.32 per share

- 2024-01: EUR 77.46 per share

- 2024-02: EUR 68.02 per share

- 2024-03: EUR 79.58 per share

- 2024-04: EUR 79.92 per share

- 2024-05: EUR 81.24 per share

- 2024-06: EUR 76.26 per share

- 2024-07: EUR 80.86 per share

- 2024-08: EUR 87.06 per share

- 2024-09: EUR 93.78 per share

- 2024-10: EUR 86.82 per share

- 2024-11: EUR 87.74 per share

- 2024-12: EUR 81.80 per share

- 2025-01: EUR 79.68 per share

- 2025-02: EUR 80.22 per share

- 2025-03: EUR 65.46 per share

- 2025-04: EUR 74.55 per share

- 2025-05: EUR 74.75 per share

- 2025-06: EUR 75.35 per share

- 2025-07: EUR 69.75 per share

- 2025-08: EUR 71.55 per share

- 2025-09: EUR 67.70 per share

- 2025-10: EUR 66.05 per share

- 2025-11: EUR 64.80 per share

- 2025-12: EUR 62.25 per share

- 2026-01: EUR 60.80 per share

- 2026-02: EUR 70.80 per share

- 2026-03: EUR 56.10 per share

- 2026-04: EUR 59.65 per share

- 2026-05: EUR 55.75 per share

- 2026-06: EUR 55.25 per share

- 2026-07: EUR 52.05 per share

- 2026-08: EUR 49.18 per share

- 2026-09: EUR 45.84 per share

- 2026-10: EUR 45.14 per share

## Annual estimated value (EUR per share)

- FY2016: low EUR 29.39 per share, central EUR 33.20 per share, high EUR 38.28 per share

- FY2017: low EUR 31.95 per share, central EUR 35.92 per share, high EUR 41.19 per share

- FY2018: low EUR 35.59 per share, central EUR 40.15 per share, high EUR 46.22 per share

- FY2019: low EUR 41.88 per share, central EUR 46.94 per share, high EUR 53.68 per share

- FY2020: low EUR 41.75 per share, central EUR 46.99 per share, high EUR 53.96 per share

- FY2021: low EUR 55.73 per share, central EUR 62.22 per share, high EUR 70.86 per share

- FY2022: low EUR 56.40 per share, central EUR 63.60 per share, high EUR 73.19 per share

- FY2023: low EUR 57.78 per share, central EUR 65.32 per share, high EUR 75.36 per share

- FY2024: low EUR 58.78 per share, central EUR 66.42 per share, high EUR 76.60 per share

- FY2025: low EUR 70.49 per share, central EUR 79.04 per share, high EUR 90.42 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.