# Lenzing Aktiengesellschaft (LNZ.VI)

Canonical: https://gigainvestors.com/s/LNZ.VI

Analysis as of: 2026-10-16T07:45:48.575Z. Financial observations: FY2015–FY2026.

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

Estimated value: low EUR 9.60 per share, central EUR 9.66 per share, high EUR 9.74 per share. Buy at or below the central value EUR 9.66 per share. Valuation as of 2026-10-16T07:45:48.575Z; scenarios are not confidence intervals.

Expected annual return: 4.9% at the stated quote. About 4.9% a year at today's price (required return 10.0%). required return 10.0% a year (10% floor; AT 10-year bond 3.7% + 4 points).

## Checklist

### understandable: fail

- 6 revenue declines in the last 10 years

- more than 5 revenue declines in ten years

- more than 2 net loss years

- operating margin variation exceeds 0.35

- Financial history: 10 years

- Years with declining revenue: 6

- Years with a net loss: 5

- Operating margin variation: 2.66×

Chart: Operating margin; fiscal year observations.

- FY2017: 0.17×

- FY2018: 0.11×

- FY2019: 0.07×

- FY2020: 0.03×

- FY2021: 0.08×

- FY2022: 0.00×

- FY2023: -0.18×

- FY2024: 0.03×

- FY2025: 0.01×

- LTM to Jun 2026: 0.00×

### moat: fail

- ROIC median below threshold

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

- Recent gross margin fell 20.3pp below the typical margin (limit 4pp)

- ROIC, median of available years: 5.6%

- ROIC, second-lowest year: 0.3%

- Typical minus recent gross margin: 20.3 pp

- Typical gross margin (annual median): 33.3%

- Recent gross margin (lower of latest and 3-year median): 13.0%

- Years with nonpositive capital: 0

- Capital spending / revenue: 11.1%

- ROIC including acquisitions, ten-year median: 1.4%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: 17.5%

- FY2017: 19.9%

- FY2018: 10.5%

- FY2019: 6.0%

- FY2020: 5.2%

- FY2021: 18.0%

- FY2022: 0.3%

- FY2023: -14.2%

- FY2024: 2.3%

- FY2025: 1.2%

### economics: fail

- owner earnings cash conversion below threshold

- incremental invested capital return below threshold

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: EUR -519M

- Net income, five-year total: EUR -826M

- Return on incremental invested capital: -7.8%

- Working capital / revenue, annual change: -0.3 pp

- Working capital / revenue, change between three-year averages: -1.7 pp

- Working capital / revenue, final three-year average: 20.2%

Chart: Owner earnings · five years; fiscal year observations.

- FY2021: EUR 101M

- FY2022: EUR -72M

- FY2023: EUR -572M

- FY2024: EUR 21M

- FY2025: EUR 2.1M

### management: fail

- Historical market-dollar context (not the management verdict): 2017 to 2025 (8 years)

- buybacks unrelated to price (informational)

- ROIC first 3 years vs last 3 years: 17.5% vs 1.2%

- Per-share earnings: 5.61 to -4.45 (three-year endpoint medians)

- per-share value declined or ends nonpositive

- 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, 5-year annual growth: 7.8%

- Market cap gain: EUR -1.6B

- Cumulative retained earnings: EUR -1.2B

- Diluted shares, 5-year annual growth: 7.8%

- $1 test, starting fiscal year: FY2017

- $1 test, ending fiscal year: FY2025

- Per-share value change: EUR -10.07

- Per-share value, starting three-year median: EUR 5.61

- Per-share value, ending three-year median: EUR -4.45

- Average buyback yield: 26.2%

- Buyback history: 1 years

- Debt-funded buybacks: No

- Acquisition spending: EUR 34M

- Cumulative net income, 10 years: EUR -45M

- ROIC, first three-year median: 17.5%

- ROIC, last three-year median: 1.2%

Chart: Earnings per share; fiscal year observations.

- FY2017: EUR 10.47

- FY2018: EUR 5.61

- FY2019: EUR 4.63

- FY2020: EUR 0.24

- FY2021: EUR 5.24

- FY2022: EUR -1.67

- FY2023: EUR -19.14

- FY2024: EUR -3.31

- FY2025: EUR -4.45

### accounting: pass

- Sloan accruals: -12.8%

- Receivables to sales index (DSRI): 0.79×

- Restructuring years, last five: 0

- Earnings backed by cash: Yes

- Accounting red flags: 0

- Goodwill and intangibles / equity: 0.02×

- Stock compensation / operating cash flow: 0.0%

Chart: Sloan accruals; fiscal year observations.

- FY2016: -9.5%

- FY2017: 0.3%

- FY2018: -5.0%

- FY2019: -3.9%

- FY2020: -1.0%

- FY2021: -4.8%

- FY2022: -0.0%

- FY2023: -15.0%

- FY2024: -9.0%

- FY2025: -12.8%

## Holders

## Price story

Down 90% since Dec 2021 · sales -2.8%

Story as of 2026-10-16T10:00:13.516Z; price observation 2026-10-15.

Price needs cash profits to grow 17.4% a year for ten years

### Sales · FY2025–2026

sales -2.8%; source https://filings.xbrl.org/529900BKFJBI0QRDJH63/2025-12-31/ESEF/AT/0/Lenzing-2025-12-31-1-de/reports/Lenzing-2025-12-31-1-de.xhtml; observed 2026-03-24.

- FY2017: EUR 2.3B 

- FY2018: EUR 2.2B 

- FY2019: EUR 2.1B 

- FY2020: EUR 1.6B 

- FY2021: EUR 2.2B 

- FY2022: EUR 2.6B 

- FY2023: EUR 2.5B 

- FY2024: EUR 2.7B 

- FY2025: EUR 2.6B 

- FY2026: EUR 2.5B 

### Gross margin · FY2025

gross margin 13%; source https://filings.xbrl.org/529900BKFJBI0QRDJH63/2025-12-31/ESEF/AT/0/Lenzing-2025-12-31-1-de/reports/Lenzing-2025-12-31-1-de.xhtml; observed 2026-03-24.

- FY2016: 44.0% 

- FY2017: 47.1% 

- FY2018: 44.6% 

- FY2019: 43.8% 

- FY2020: 46.1% 

- FY2021: 22.9% 

- FY2022: 15.7% 

- FY2024: 19.1% 

- FY2025: 13.0% 

## Owner memo

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

### How it makes money

Operates in textile manufacturing; annual sales are EUR 2.6 billion.

- Source: https://eodhd.com/api/fundamentals/LNZ.VI.json#2025-12-31 (filed 2026-03-24); FY2025: revenue 2602432000; grossProfit 338377000; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); LNZ.VI: Lenzing Aktiengesellschaft, together with its subsidiaries, produces and markets regenerated cellulosic fibers for textiles and nonwovens. The company operates through Division Fiber, Division Pulp, and Others segments. It offers lyocell, modal, and viscose fibers for application in textiles and nonwovens products, such as denim, activewear, intimates, haute couture and footwear, home and interiors, luxury textiles, and workwear; body care, intimate hygiene comprising baby wipes, surface cleaning, beauty and personal care, facial sheet masks, and cosmetic wipes; and protective clothing, engineered products, packaging, filtration as well as medical and industrial applications, and automotive interiors under the TENCEL, VEOCEL, LENZING ECOVERO, and LENZING brand names. The company also provides biorefinery products, including acetic acid biobased, furfural biobased, magnesium-lignosulphonate biobased, soda ash, sodium sulphate, and xylose. In addition, it engages in training and personnel development activities and converts renewable electricity directly into process heat. The company operates in Austria; rest of Europe; Asia; North, Central, and South America; and internationally. Lenzing Aktiengesellschaft was formerly known as Chemiefaser Lenzing AG and changed its name to Lenzing Aktiengesellschaft in 1984. Lenzing Aktiengesellschaft was founded in 1892 and is headquartered in Lenzing, Austria.

### Why customers stay

It earns 5.6% on its capital.

- Source: https://eodhd.com/api/fundamentals/LNZ.VI.json#2023-12-31 (filed 2026-03-24); FY2023: grossProfit / revenue = -3%.

- Source: https://eodhd.com/api/fundamentals/LNZ.VI.json#2024-12-31 (filed 2026-03-24); FY2024: grossProfit / revenue = 19.1%.

- Source: https://eodhd.com/api/fundamentals/LNZ.VI.json#2025-12-31 (filed 2026-03-24); FY2025: grossProfit / revenue = 13%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-24); 10-year return on capital observations [[2016,0.17451314409579227],[2017,0.19925214801950805],[2018,0.10544907965833744],[2019,0.05969879062727294],[2020,0.052270817535302196],[2021,0.17986386747149263],[2022,0.0029938601114050992],[2023,-0.14199454498309108],[2024,0.02296174982411092],[2025,0.01171490982882137]]; median 0.055984804081287566. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Paid dividends in 10 of 10 years; bought back EUR 236.7 million of shares.

- Source: https://eodhd.com/api/fundamentals/LNZ.VI.json#2016-12-31 (filed 2026-03-24); FY2016: growth capex 0; upkeep 107239000; owner earnings 366135000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/api/fundamentals/LNZ.VI.json#2017-12-31 (filed 2026-03-24); FY2017: growth capex 0; upkeep 238757000; owner earnings 32348000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/api/fundamentals/LNZ.VI.json#2018-12-31 (filed 2026-03-24); FY2018: growth capex 0; upkeep 257595000; owner earnings 38642000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/api/fundamentals/LNZ.VI.json#2019-12-31 (filed 2026-03-24); FY2019: growth capex 0; upkeep 244009000; owner earnings 45756000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/api/fundamentals/LNZ.VI.json#2021-12-31 (filed 2026-03-24); FY2021: growth capex 641970985.463835; upkeep 202362014.536165; owner earnings 101002985.463835. Growth capex / owner earnings = 6.355960494788526.

- Source: https://eodhd.com/api/fundamentals/LNZ.VI.json#2024-12-31 (filed 2026-03-24); FY2024: growth capex 0; upkeep 156335000; cash acquisitions 0; owner earnings 20827000. Growth capex plus acquisitions / owner earnings = 0.

- Source: https://eodhd.com/api/fundamentals/LNZ.VI.json#2025-12-31 (filed 2026-03-24); FY2025: growth capex 0; upkeep 141083000; owner earnings 2080000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-24); Dividend observations: [[2016,53188000],[2017,111510000],[2018,79650000],[2019,79650000],[2020,28750000],[2021,28750000],[2022,144243000],[2023,29000000],[2024,28900000],[2025,100000]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://eodhd.com/api/fundamentals/LNZ.VI.json#2025-12-31 (filed 2026-03-24); FY2025: cash repurchases 236700000 EUR.

### Are managers owners

Insiders own 52.3% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); LNZ.VI SharesStats.PercentInsiders = 52.25 percentage points; cache date 2026-10-16.

### What the price says

The price assumes cash profits grow 17.4% yearly over ten years.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-24); Ten-year compound average after fade. Initial solved rate 0.23967796208830394. Price 10.94; FX 1; discount 0.1; same standard ten-year fade to terminal 0.03.  Closing-price date 2026-10-15.

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

- 2016-11: EUR 105.42 per share

- 2016-12: EUR 100.61 per share

- 2017-01: EUR 115.79 per share

- 2017-02: EUR 129.92 per share

- 2017-03: EUR 137.93 per share

- 2017-04: EUR 149.78 per share

- 2017-05: EUR 139.50 per share

- 2017-06: EUR 137.27 per share

- 2017-07: EUR 132.11 per share

- 2017-08: EUR 115.92 per share

- 2017-09: EUR 107.35 per share

- 2017-10: EUR 101.66 per share

- 2017-11: EUR 87.43 per share

- 2017-12: EUR 92.61 per share

- 2018-01: EUR 89.59 per share

- 2018-02: EUR 88.71 per share

- 2018-03: EUR 87.75 per share

- 2018-04: EUR 84.73 per share

- 2018-05: EUR 83.60 per share

- 2018-06: EUR 90.46 per share

- 2018-07: EUR 94.93 per share

- 2018-08: EUR 91.43 per share

- 2018-09: EUR 78.78 per share

- 2018-10: EUR 70.12 per share

- 2018-11: EUR 73.67 per share

- 2018-12: EUR 69.51 per share

- 2019-01: EUR 74.80 per share

- 2019-02: EUR 76.90 per share

- 2019-03: EUR 83.55 per share

- 2019-04: EUR 87.58 per share

- 2019-05: EUR 85.26 per share

- 2019-06: EUR 85.74 per share

- 2019-07: EUR 80.62 per share

- 2019-08: EUR 75.02 per share

- 2019-09: EUR 77.30 per share

- 2019-10: EUR 82.55 per share

- 2019-11: EUR 77.25 per share

- 2019-12: EUR 72.44 per share

- 2020-01: EUR 62.47 per share

- 2020-02: EUR 53.19 per share

- 2020-03: EUR 44.09 per share

- 2020-04: EUR 45.67 per share

- 2020-05: EUR 38.58 per share

- 2020-06: EUR 36.05 per share

- 2020-07: EUR 34.51 per share

- 2020-08: EUR 38.01 per share

- 2020-09: EUR 41.12 per share

- 2020-10: EUR 52.49 per share

- 2020-11: EUR 62.90 per share

- 2020-12: EUR 72.44 per share

- 2021-01: EUR 92.74 per share

- 2021-02: EUR 103.94 per share

- 2021-03: EUR 95.71 per share

- 2021-04: EUR 96.06 per share

- 2021-05: EUR 97.29 per share

- 2021-06: EUR 90.29 per share

- 2021-07: EUR 95.19 per share

- 2021-08: EUR 97.99 per share

- 2021-09: EUR 91.86 per share

- 2021-10: EUR 90.99 per share

- 2021-11: EUR 92.21 per share

- 2021-12: EUR 106.74 per share

- 2022-01: EUR 94.84 per share

- 2022-02: EUR 86.70 per share

- 2022-03: EUR 80.66 per share

- 2022-04: EUR 76.29 per share

- 2022-05: EUR 77.17 per share

- 2022-06: EUR 67.45 per share

- 2022-07: EUR 68.77 per share

- 2022-08: EUR 64.57 per share

- 2022-09: EUR 48.82 per share

- 2022-10: EUR 42.34 per share

- 2022-11: EUR 56.96 per share

- 2022-12: EUR 47.94 per share

- 2023-01: EUR 56.78 per share

- 2023-02: EUR 62.82 per share

- 2023-03: EUR 60.80 per share

- 2023-04: EUR 51.88 per share

- 2023-05: EUR 47.42 per share

- 2023-06: EUR 44.85 per share

- 2023-07: EUR 45.85 per share

- 2023-08: EUR 43.80 per share

- 2023-09: EUR 38.85 per share

- 2023-10: EUR 36.75 per share

- 2023-11: EUR 34.95 per share

- 2023-12: EUR 35.55 per share

- 2024-01: EUR 30.95 per share

- 2024-02: EUR 28.95 per share

- 2024-03: EUR 32.05 per share

- 2024-04: EUR 30.35 per share

- 2024-05: EUR 34.80 per share

- 2024-06: EUR 32.75 per share

- 2024-07: EUR 32.15 per share

- 2024-08: EUR 30.85 per share

- 2024-09: EUR 35.60 per share

- 2024-10: EUR 31.20 per share

- 2024-11: EUR 29.35 per share

- 2024-12: EUR 29.50 per share

- 2025-01: EUR 25.00 per share

- 2025-02: EUR 26.00 per share

- 2025-03: EUR 27.05 per share

- 2025-04: EUR 27.65 per share

- 2025-05: EUR 26.40 per share

- 2025-06: EUR 24.10 per share

- 2025-07: EUR 24.60 per share

- 2025-08: EUR 26.45 per share

- 2025-09: EUR 25.45 per share

- 2025-10: EUR 25.95 per share

- 2025-11: EUR 23.60 per share

- 2025-12: EUR 23.40 per share

- 2026-01: EUR 25.50 per share

- 2026-02: EUR 24.45 per share

- 2026-03: EUR 23.75 per share

- 2026-04: EUR 23.25 per share

- 2026-05: EUR 23.65 per share

- 2026-06: EUR 24.25 per share

- 2026-07: EUR 23.45 per share

- 2026-08: EUR 22.90 per share

- 2026-09: EUR 15.32 per share

- 2026-10: EUR 10.64 per share

## Annual estimated value (EUR per share)

- FY2019: low EUR 39.28 per share, central EUR 41.88 per share, high EUR 45.33 per share

- FY2020: low EUR 51.58 per share, central EUR 53.23 per share, high EUR 55.42 per share

- FY2021: low EUR 57.98 per share, central EUR 60.20 per share, high EUR 63.14 per share

- FY2022: low EUR 32.95 per share, central EUR 35.54 per share, high EUR 38.98 per share

- FY2025: low EUR 13.02 per share, central EUR 13.11 per share, high EUR 13.21 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 2026-10-15T06:51:49.205Z where newer inputs omit a numeric field or fiscal period.

## Sources

[Original ESEF filing](https://filings.xbrl.org/529900BKFJBI0QRDJH63/2025-12-31/ESEF/AT/0/Lenzing-2025-12-31-1-de/reports/Lenzing-2025-12-31-1-de.xhtml); period 2025-12-31, filed 2026-03-24.

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.