# LANXESS Aktiengesellschaft (LXS.XETRA)

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

Analysis as of: 2026-10-16T07:43:17.164Z. Financial observations: FY2003–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 12.83 per share; close as of 2026-10-15.

Estimated value: low EUR 32.15 per share, central EUR 35.04 per share, high EUR 38.89 per share. Buy at or below the central value EUR 35.04 per share. Valuation as of 2026-10-16T07:43:17.164Z; scenarios are not confidence intervals.

Expected annual return: 114.6% at the stated quote. About 114.6% 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

- 7 revenue declines in the last 10 years

- more than 5 revenue declines in ten years

- operating margin variation exceeds 0.35

- Financial history: 10 years

- Years with declining revenue: 7

- Years with a net loss: 2

- Operating margin variation: 1.52×

Chart: Operating margin; fiscal year observations.

- FY2016: 0.06×

- FY2017: 0.04×

- FY2018: 0.07×

- FY2019: 0.09×

- FY2020: 0.22×

- FY2021: 0.07×

- FY2022: 0.06×

- FY2023: -0.10×

- FY2024: -0.00×

- FY2025: -0.01×

### moat: fail

- ROIC median below threshold

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

- ROIC, median of available years: 7.2%

- ROIC, second-lowest year: -0.6%

- Typical minus recent gross margin: 3.4 pp

- Typical gross margin (annual median): 23.4%

- Recent gross margin (lower of latest and 3-year median): 19.9%

- Years with nonpositive capital: 0

- Capital spending / revenue: 5.7%

- ROIC including acquisitions, ten-year median: 3.5%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: 6.7%

- FY2017: 7.7%

- FY2018: 10.6%

- FY2019: 12.3%

- FY2020: 34.9%

- FY2021: 8.3%

- FY2022: 5.5%

- FY2023: -9.3%

- FY2024: -0.4%

- FY2025: -0.6%

### economics: fail

- incremental invested capital return below threshold

- Owner earnings / net income, 5-yr: 5.56×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: EUR 783M

- Net income, five-year total: EUR 141M

- Return on incremental invested capital: 0.0%

- Working capital / revenue, annual change: -0.4 pp

- Working capital / revenue, change between three-year averages: -4.2 pp

- Working capital / revenue, final three-year average: 25.0%

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

- FY2021: 0.85×

- FY2022: 1.54×

- FY2023: 1.44×

- FY2024: -0.18×

- FY2025: 0.69×

### 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: 7.7% vs -0.6%

- Per-share earnings: 1.80 to -2.05 (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, 10-year annual growth: -0.6%

- Ordinary dilution, 5-year annual growth: 0.0%

- Market cap gain: EUR -4.2B

- Cumulative retained earnings: EUR -769M

- Diluted shares, 10-year annual growth: -0.6%

- Diluted shares, 5-year annual growth: 0.0%

- $1 test, starting fiscal year: FY2016

- $1 test, ending fiscal year: FY2025

- Per-share value change: EUR -3.85

- Per-share value, starting three-year median: EUR 1.80

- Per-share value, ending three-year median: EUR -2.05

- Buybacks concentrated in cheaper years (correlation): -1.00

- Average buyback yield: 2.3%

- Buyback history: 2 years

- Debt-funded buybacks: No

- Acquisition spending: EUR 3.1B

- Cumulative net income, 10 years: EUR 1.9B

- ROIC, first three-year median: 7.7%

- ROIC, last three-year median: -0.6%

Chart: Earnings per share; fiscal year observations.

- FY2016: EUR 2.10

- FY2017: EUR 0.95

- FY2018: EUR 4.71

- FY2019: EUR 2.34

- FY2020: EUR 10.25

- FY2021: EUR 3.09

- FY2022: EUR 2.14

- FY2023: EUR 5.13

- FY2024: EUR -2.05

- FY2025: EUR -6.68

### accounting: pass

- Sloan accruals: -10.4%

- Receivables to sales index (DSRI): 1.12×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 0.0%

- Earnings backed by cash: Yes

- Accounting red flags: 0

- Goodwill and intangibles / equity: 0.58×

Chart: Sloan accruals; fiscal year observations.

- FY2016: -5.0%

- FY2017: -7.5%

- FY2018: -1.8%

- FY2019: -5.0%

- FY2020: 3.4%

- FY2021: -1.3%

- FY2022: 0.2%

- FY2023: -4.1%

- FY2024: -7.1%

- FY2025: -10.4%

## Holders

## Price story

Down 78% since Oct 2021 · "LANXESS Targets Deeper Cuts, Deleveraging as Chemical Markets Stay Weak" (finance.yahoo.com, Aug 2026) · sales -10.9%

Story as of 2026-10-16T10:00:12.653Z; price observation 2026-10-15.

Price needs cash profits to shrink 37.3% a year for ten years

- 2026-08-25: LANXESS Targets Deeper Cuts, Deleveraging as Chemical Markets Stay Weak ([finance.yahoo.com](https://finance.yahoo.com/markets/stocks/articles/lanxess-targets-deeper-cuts-deleveraging-110211266.html))

### Sales · FY2024–2025

sales -10.9%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2016: EUR 7.7B 

- FY2017: EUR 9.7B 

- FY2018: EUR 7.2B 

- FY2019: EUR 6.8B 

- FY2020: EUR 6.1B 

- FY2021: EUR 7.6B 

- FY2022: EUR 8.1B 

- FY2023: EUR 6.7B 

- FY2024: EUR 6.4B 

- FY2025: EUR 5.7B 

### Gross margin · FY2025

gross margin 19.9%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2016: 22.8% 

- FY2017: 22.2% 

- FY2018: 25.5% 

- FY2019: 25.9% 

- FY2020: 25.5% 

- FY2021: 24.4% 

- FY2022: 23.9% 

- FY2023: 18.9% 

- FY2024: 20.4% 

- FY2025: 19.9% 

## Owner memo

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

### How it makes money

Operates in specialty chemicals; annual sales are EUR 5.7 billion.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:43:17.164Z); FY2025: revenue 5673000000; grossProfit 1131000000; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); LXS.XETRA: LANXESS Aktiengesellschaft, a specialty chemicals company, engages in the development, manufacture, and marketing of chemical intermediates, additives, and consumer protection products worldwide. It operates through three segments: Consumer Protection, Specialty Additives, and Advanced Intermediates. The company provides material protection products; disinfectant, hygiene, and preservative solutions; flavors and fragrances; liquid purification technologies for the treatment of water and other liquids; and precursors and intermediates for the agrochemicals, pharmaceuticals, and specialty chemicals industries. It also offers additives, lubricants, flame retardants, plasticizers, and bromine derivatives for various rubber, plastic and paint, electrical/electronics, and construction industries. In addition, the company provides basic and fine chemicals, organometallics, and inorganic pigments for the coloring of construction materials, as well as paints and coatings. It serves the energy, natural resources, industrial applications, nutrition, health, consumer goods, agriculture, animal health, construction, chemicals, and mobility industries. LANXESS Aktiengesellschaft was founded in 1863 and is headquartered in Cologne, Germany.

### Why customers stay

Margins ranged from 18.9% to 20.4% during 2023–25; it earns 7.2% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:43:17.164Z); FY2023: grossProfit / revenue = 18.9%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:43:17.164Z); FY2024: grossProfit / revenue = 20.4%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:43:17.164Z); FY2025: grossProfit / revenue = 19.9%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:43:17.164Z); 10-year return on capital observations [[2016,0.06672566371681415],[2017,0.07659516698343742],[2018,0.10616360383802244],[2019,0.12316002073491585],[2020,0.3485824349175084],[2021,0.08254071771591188],[2022,0.055398574536760885],[2023,-0.09290845070422535],[2024,-0.0038563458856345884],[2025,-0.0060345989665243766]]; median 0.0716604153501258. 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 2026-10-16T07:43:17.164Z); FY2016: growth capex 0; upkeep 439000000; owner earnings 234000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:43:17.164Z); FY2017: growth capex 184000000; upkeep 363000000; owner earnings 87000000. Growth capex / owner earnings = 2.1149425287356323.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:43:17.164Z); FY2018: growth capex 0; upkeep 497000000; owner earnings 349000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:43:17.164Z); FY2019: growth capex 0; upkeep 508000000; owner earnings 128800000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:43:17.164Z); FY2020: growth capex 0; upkeep 456000000; owner earnings 867800000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:43:17.164Z); FY2021: growth capex 22000000; upkeep 457000000; owner earnings 226000000. Growth capex / owner earnings = 0.09734513274336283.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:43:17.164Z); FY2022: growth capex 0; upkeep 407000000; owner earnings 285600000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:43:17.164Z); FY2023: growth capex 0; upkeep 326000000; owner earnings 638200000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:43:17.164Z); FY2024: growth capex 0; upkeep 320000000; owner earnings 31000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:43:17.164Z); Dividend observations: [[2016,55000000],[2017,67000000],[2018,74000000],[2019,79000000],[2020,82000000],[2021,86000000],[2022,91000000],[2023,91000000],[2024,9000000],[2025,10000000]]. Zero only counted when supported by a complete cash-flow statement.

### Are managers owners

Insiders own 2.6% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); LXS.XETRA SharesStats.PercentInsiders = 2.636 percentage points; cache date 2026-10-16.

### What the price says

The price assumes cash profits shrink 37.3% yearly over ten years.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:43:17.164Z); Ten-year compound average after fade. Initial solved rate -0.5090245042230894. Price 12.83; FX 1; discount 0.1; same standard ten-year fade to terminal 0.03. FY2015 owner earnings/share 1.628007853772116 → FY2025 -4.602397554961822. Closing-price date 2026-10-15.

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

- 2016-10: EUR 58.33 per share

- 2016-11: EUR 58.19 per share

- 2016-12: EUR 62.35 per share

- 2017-01: EUR 67.15 per share

- 2017-02: EUR 64.10 per share

- 2017-03: EUR 62.89 per share

- 2017-04: EUR 66.30 per share

- 2017-05: EUR 66.43 per share

- 2017-06: EUR 66.29 per share

- 2017-07: EUR 65.22 per share

- 2017-08: EUR 62.65 per share

- 2017-09: EUR 66.76 per share

- 2017-10: EUR 67.08 per share

- 2017-11: EUR 63.82 per share

- 2017-12: EUR 66.29 per share

- 2018-01: EUR 70.22 per share

- 2018-02: EUR 68.60 per share

- 2018-03: EUR 62.20 per share

- 2018-04: EUR 61.56 per share

- 2018-05: EUR 67.68 per share

- 2018-06: EUR 66.80 per share

- 2018-07: EUR 70.30 per share

- 2018-08: EUR 67.68 per share

- 2018-09: EUR 63.08 per share

- 2018-10: EUR 54.76 per share

- 2018-11: EUR 48.42 per share

- 2018-12: EUR 40.20 per share

- 2019-01: EUR 48.02 per share

- 2019-02: EUR 47.65 per share

- 2019-03: EUR 47.54 per share

- 2019-04: EUR 51.50 per share

- 2019-05: EUR 44.87 per share

- 2019-06: EUR 52.26 per share

- 2019-07: EUR 54.14 per share

- 2019-08: EUR 54.70 per share

- 2019-09: EUR 56.00 per share

- 2019-10: EUR 58.30 per share

- 2019-11: EUR 60.50 per share

- 2019-12: EUR 59.82 per share

- 2020-01: EUR 54.32 per share

- 2020-02: EUR 47.31 per share

- 2020-03: EUR 36.42 per share

- 2020-04: EUR 44.96 per share

- 2020-05: EUR 46.48 per share

- 2020-06: EUR 46.96 per share

- 2020-07: EUR 44.00 per share

- 2020-08: EUR 49.01 per share

- 2020-09: EUR 48.95 per share

- 2020-10: EUR 43.52 per share

- 2020-11: EUR 58.66 per share

- 2020-12: EUR 62.76 per share

- 2021-01: EUR 62.16 per share

- 2021-02: EUR 61.32 per share

- 2021-03: EUR 62.86 per share

- 2021-04: EUR 61.22 per share

- 2021-05: EUR 61.30 per share

- 2021-06: EUR 57.82 per share

- 2021-07: EUR 61.06 per share

- 2021-08: EUR 61.74 per share

- 2021-09: EUR 58.58 per share

- 2021-10: EUR 58.26 per share

- 2021-11: EUR 51.28 per share

- 2021-12: EUR 54.50 per share

- 2022-01: EUR 53.72 per share

- 2022-02: EUR 43.58 per share

- 2022-03: EUR 39.89 per share

- 2022-04: EUR 37.09 per share

- 2022-05: EUR 43.37 per share

- 2022-06: EUR 34.18 per share

- 2022-07: EUR 35.83 per share

- 2022-08: EUR 33.65 per share

- 2022-09: EUR 30.07 per share

- 2022-10: EUR 34.25 per share

- 2022-11: EUR 38.00 per share

- 2022-12: EUR 37.70 per share

- 2023-01: EUR 45.62 per share

- 2023-02: EUR 44.10 per share

- 2023-03: EUR 37.83 per share

- 2023-04: EUR 36.86 per share

- 2023-05: EUR 33.57 per share

- 2023-06: EUR 27.60 per share

- 2023-07: EUR 30.62 per share

- 2023-08: EUR 29.18 per share

- 2023-09: EUR 24.05 per share

- 2023-10: EUR 21.60 per share

- 2023-11: EUR 22.30 per share

- 2023-12: EUR 28.37 per share

- 2024-01: EUR 24.95 per share

- 2024-02: EUR 23.35 per share

- 2024-03: EUR 24.81 per share

- 2024-04: EUR 26.53 per share

- 2024-05: EUR 24.80 per share

- 2024-06: EUR 22.98 per share

- 2024-07: EUR 24.18 per share

- 2024-08: EUR 25.53 per share

- 2024-09: EUR 28.38 per share

- 2024-10: EUR 26.58 per share

- 2024-11: EUR 23.66 per share

- 2024-12: EUR 23.58 per share

- 2025-01: EUR 26.26 per share

- 2025-02: EUR 28.67 per share

- 2025-03: EUR 27.81 per share

- 2025-04: EUR 26.22 per share

- 2025-05: EUR 27.16 per share

- 2025-06: EUR 25.26 per share

- 2025-07: EUR 24.20 per share

- 2025-08: EUR 24.24 per share

- 2025-09: EUR 21.10 per share

- 2025-10: EUR 20.64 per share

- 2025-11: EUR 17.47 per share

- 2025-12: EUR 17.62 per share

- 2026-01: EUR 17.46 per share

- 2026-02: EUR 19.12 per share

- 2026-03: EUR 18.65 per share

- 2026-04: EUR 18.16 per share

- 2026-05: EUR 16.50 per share

- 2026-06: EUR 15.16 per share

- 2026-07: EUR 16.54 per share

- 2026-08: EUR 14.95 per share

- 2026-09: EUR 12.60 per share

- 2026-10: EUR 12.12 per share

## Annual estimated value (EUR per share)

- FY2016: low EUR 21.89 per share, central EUR 24.28 per share, high EUR 27.47 per share

- FY2017: low EUR 14.71 per share, central EUR 16.15 per share, high EUR 18.05 per share

- FY2018: low EUR 29.26 per share, central EUR 31.50 per share, high EUR 34.47 per share

- FY2019: low EUR 26.85 per share, central EUR 29.07 per share, high EUR 32.02 per share

- FY2020: low EUR 42.85 per share, central EUR 46.09 per share, high EUR 50.40 per share

- FY2021: low EUR 41.15 per share, central EUR 45.09 per share, high EUR 50.34 per share

- FY2022: low EUR 38.95 per share, central EUR 43.93 per share, high EUR 50.57 per share

- FY2023: low EUR 34.20 per share, central EUR 38.34 per share, high EUR 43.85 per share

- FY2024: low EUR 34.10 per share, central EUR 38.03 per share, high EUR 43.25 per share

- FY2025: low EUR 25.92 per share, central EUR 28.88 per share, high EUR 32.82 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.