# Merck KGaA (MRK.XETRA)

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

Analysis as of: 2026-10-16T07:33:47.647Z. Financial observations: FY2002–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 143.25 per share; close as of 2026-10-15.

Estimated value: low EUR 73.38 per share, central EUR 83.01 per share, high EUR 95.84 per share. Buy at or below the central value EUR 83.01 per share. Valuation as of 2026-10-16T07:33:47.647Z; scenarios are not confidence intervals.

Expected annual return: 6.9% at the stated quote. About 6.9% 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: pass

- 3 revenue declines in the last 10 years (informational)

- Financial history: 10 years

- Years with declining revenue: 3

- Years with a net loss: 0

- Operating margin variation: 0.21×

Chart: Operating margin; fiscal year observations.

- FY2016: 0.16×

- FY2017: 0.14×

- FY2018: 0.12×

- FY2019: 0.12×

- FY2020: 0.18×

- FY2021: 0.22×

- FY2022: 0.22×

- FY2023: 0.19×

- FY2024: 0.21×

- FY2025: 0.19×

### moat: fail

- ROIC median below threshold

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

- ROIC, median of available years: 9.0%

- ROIC, second-lowest year: 5.6%

- Typical minus recent gross margin: 0.5 pp

- Typical gross margin (annual median): 56.8%

- Recent gross margin (lower of latest and 3-year median): 56.4%

- Years with nonpositive capital: 0

- Capital spending / revenue: 7.8%

- ROIC including acquisitions, ten-year median: 6.2%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: 6.9%

- FY2017: 8.4%

- FY2018: 5.6%

- FY2019: 5.4%

- FY2020: 8.7%

- FY2021: 9.3%

- FY2022: 23.9%

- FY2023: 20.1%

- FY2024: 18.8%

- FY2025: 16.3%

### economics: pass

- Owner earnings / net income, 5-yr: 0.97×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: EUR 14B

- Net income, five-year total: EUR 15B

- Return on incremental invested capital: 325.6%

- Working capital / revenue, annual change: -0.2 pp

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

- Working capital / revenue, final three-year average: 34.5%

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

- FY2021: 1.08×

- FY2022: 0.97×

- FY2023: 0.88×

- FY2024: 0.83×

- FY2025: 1.06×

### management: pass

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

- potential debt-funded buybacks (informational)

- buybacks unrelated to price (informational)

- ROIC first 3 years vs last 3 years: 6.9% vs 18.8%

- Per-share earnings: 3.74 to 6.39 (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: -0.0%

- Market cap gain: EUR 10B

- Cumulative retained earnings: EUR 16B

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

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

- $1 test, starting fiscal year: FY2016

- $1 test, ending fiscal year: FY2025

- Per-share value growth: 6.9%

- Per-share value change: EUR 2.64

- Per-share value, starting three-year median: EUR 3.74

- Per-share value, ending three-year median: EUR 6.39

- Buybacks concentrated in cheaper years (correlation): -0.43

- Average buyback yield: 8.1%

- Buyback history: 6 years

- Debt-funded buybacks: Yes

- Acquisition spending: EUR 8.6B

- Cumulative net income, 10 years: EUR 23B

- ROIC, first three-year median: 6.9%

- ROIC, last three-year median: 18.8%

Chart: Earnings per share; fiscal year observations.

- FY2016: EUR 3.74

- FY2017: EUR 5.98

- FY2018: EUR 2.59

- FY2019: EUR 3.04

- FY2020: EUR 4.57

- FY2021: EUR 7.03

- FY2022: EUR 7.65

- FY2023: EUR 6.50

- FY2024: EUR 6.39

- FY2025: EUR 6.00

### accounting: pass

- Sloan accruals: -2.5%

- Receivables to sales index (DSRI): 1.17×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 0.0%

- Earnings backed by cash: Yes

- Operating cash / earnings: 1.51×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 0.90×

Chart: Sloan accruals; fiscal year observations.

- FY2016: -2.3%

- FY2017: -0.3%

- FY2018: -3.0%

- FY2019: -3.5%

- FY2020: -3.6%

- FY2021: -3.4%

- FY2022: -1.9%

- FY2023: -2.0%

- FY2024: -3.5%

- FY2025: -2.5%

## Holders

## Price story

Down 37% since Dec 2021 · "Germany’s Merck KGaA Expects Currency Headwinds to Weigh on Earnings" (finance.yahoo.com, Mar 2026) · sales -0.3%

Story as of 2026-10-16T09:59:57.795Z; price observation 2026-10-15.

Price needs cash profits to grow 8% a year for ten years

- 2025-11-13: Germany’s Merck KGaA Shares Rise After Semiconductor, Pharma Demand Boost Results ([finance.yahoo.com](https://finance.yahoo.com/m/2058fa91-5549-38a0-be76-a543d0204c97/germany%E2%80%99s-merck-kgaa-shares.html))

- 2026-03-05: Germany’s Merck KGaA Expects Currency Headwinds to Weigh on Earnings ([finance.yahoo.com](https://finance.yahoo.com/m/e564f533-0d73-3e20-8c55-ee82bed0109a/germany%E2%80%99s-merck-kgaa-expects.html))

- 2026-06-26: Germany’s Merck Pumps Up Life Sciences Biz with $11.3B Bio-Techne Deal ([finance.yahoo.com](https://finance.yahoo.com/healthcare/articles/germany-merck-pumps-life-sciences-040100766.html))

### Sales · FY2024–2025

sales -0.3%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2016: EUR 15B 

- FY2017: EUR 15B 

- FY2018: EUR 15B 

- FY2019: EUR 16B 

- FY2020: EUR 18B 

- FY2021: EUR 20B 

- FY2022: EUR 22B 

- FY2023: EUR 21B 

- FY2024: EUR 21B 

- FY2025: EUR 21B 

### Gross margin · FY2025

gross margin 56.4%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2016: 57.8% 

- FY2017: 57.9% 

- FY2018: 56.7% 

- FY2019: 56.7% 

- FY2020: 56.9% 

- FY2021: 58.9% 

- FY2022: 57.8% 

- FY2023: 55.6% 

- FY2024: 56.5% 

- FY2025: 56.4% 

## Owner memo

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

### How it makes money

Operates in drug manufacturers specialty & generic; annual sales are EUR 21.1 billion.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:47.647Z); FY2025: revenue 21102000000; grossProfit 11891000000; margin = grossProfit / revenue.

### Why customers stay

Margins ranged from 55.6% to 56.5% during 2023–25; it earns 9% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:47.647Z); FY2023: grossProfit / revenue = 55.6%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:47.647Z); FY2024: grossProfit / revenue = 56.5%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:47.647Z); FY2025: grossProfit / revenue = 56.4%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:47.647Z); 10-year return on capital observations [[2016,0.06907427158061348],[2017,0.08401288002341822],[2018,0.05637979349359371],[2019,0.05447991126836674],[2020,0.08683917353539168],[2021,0.09317298044691635],[2022,0.2391945067082285],[2023,0.20098447443768752],[2024,0.18777240317818727],[2025,0.163109205107285]]; median 0.09000607699115401. 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 2026-10-16T07:33:47.647Z); FY2016: growth capex 0; upkeep 848000000; owner earnings 2587000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:47.647Z); FY2017: growth capex 0; upkeep 1311000000; owner earnings 3052000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:47.647Z); FY2018: growth capex 0; upkeep 1016000000; owner earnings 1926000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:47.647Z); FY2019: growth capex 0; upkeep 1021000000; owner earnings 2129600000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:47.647Z); FY2020: growth capex 0; upkeep 1563000000; owner earnings 2094200000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:47.647Z); FY2021: growth capex 0; upkeep 1421000000; owner earnings 3309200000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:47.647Z); FY2022: growth capex 8000000; upkeep 1798000000; owner earnings 3226800000. Growth capex / owner earnings = 0.0024792363951902812.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:47.647Z); FY2023: growth capex 0; upkeep 2023000000; owner earnings 2480000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:47.647Z); FY2024: growth capex 65428372.075737715; upkeep 2118571627.9242623; owner earnings 2312028372.075738. Growth capex / owner earnings = 0.028299121613717983.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:47.647Z); FY2025: growth capex 0; upkeep 1584000000; owner earnings 2774400000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:47.647Z); Dividend observations: [[2016,597000000],[2017,621000000],[2018,755000000],[2019,677000000],[2020,680000000],[2021,748000000],[2022,955000000],[2023,1152000000],[2024,284000000],[2025,1039000000]]. 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); MRK.XETRA SharesStats.PercentInsiders = 0 percentage points; cache date 2026-10-16.

### What could break it

"The Company is dependent on its patent rights" (SEC filing, Feb 2026)

- Source: https://www.sec.gov/Archives/edgar/data/310158/000031015826000063/mrk-20251231.htm (filed 2026-02-24); The Company is dependent on its patent rights

### What the price says

The price assumes cash profits grow 8% yearly over ten years; actual growth was 4.4%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:47.647Z); Ten-year compound average after fade. Initial solved rate 0.10155810257752229. Price 143.25; FX 1; discount 0.1; same standard ten-year fade to terminal 0.03. FY2015 owner earnings/share 4.165846474295883 → FY2025 6.3811891082780425. Closing-price date 2026-10-15.

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

- 2016-10: EUR 93.66 per share

- 2016-11: EUR 94.54 per share

- 2016-12: EUR 99.15 per share

- 2017-01: EUR 101.65 per share

- 2017-02: EUR 103.15 per share

- 2017-03: EUR 106.80 per share

- 2017-04: EUR 107.80 per share

- 2017-05: EUR 107.45 per share

- 2017-06: EUR 105.75 per share

- 2017-07: EUR 92.85 per share

- 2017-08: EUR 92.26 per share

- 2017-09: EUR 94.12 per share

- 2017-10: EUR 91.89 per share

- 2017-11: EUR 89.43 per share

- 2017-12: EUR 89.75 per share

- 2018-01: EUR 88.02 per share

- 2018-02: EUR 82.22 per share

- 2018-03: EUR 77.90 per share

- 2018-04: EUR 81.22 per share

- 2018-05: EUR 87.34 per share

- 2018-06: EUR 83.62 per share

- 2018-07: EUR 87.88 per share

- 2018-08: EUR 90.48 per share

- 2018-09: EUR 89.00 per share

- 2018-10: EUR 94.62 per share

- 2018-11: EUR 97.36 per share

- 2018-12: EUR 89.98 per share

- 2019-01: EUR 91.58 per share

- 2019-02: EUR 90.78 per share

- 2019-03: EUR 101.65 per share

- 2019-04: EUR 94.88 per share

- 2019-05: EUR 86.46 per share

- 2019-06: EUR 91.96 per share

- 2019-07: EUR 92.44 per share

- 2019-08: EUR 97.26 per share

- 2019-09: EUR 103.35 per share

- 2019-10: EUR 106.90 per share

- 2019-11: EUR 106.00 per share

- 2019-12: EUR 105.35 per share

- 2020-01: EUR 115.90 per share

- 2020-02: EUR 109.05 per share

- 2020-03: EUR 93.62 per share

- 2020-04: EUR 106.10 per share

- 2020-05: EUR 103.15 per share

- 2020-06: EUR 103.30 per share

- 2020-07: EUR 108.05 per share

- 2020-08: EUR 113.65 per share

- 2020-09: EUR 124.55 per share

- 2020-10: EUR 127.15 per share

- 2020-11: EUR 133.85 per share

- 2020-12: EUR 140.35 per share

- 2021-01: EUR 137.70 per share

- 2021-02: EUR 134.55 per share

- 2021-03: EUR 145.80 per share

- 2021-04: EUR 146.15 per share

- 2021-05: EUR 147.55 per share

- 2021-06: EUR 161.70 per share

- 2021-07: EUR 172.65 per share

- 2021-08: EUR 201.20 per share

- 2021-09: EUR 187.65 per share

- 2021-10: EUR 204.20 per share

- 2021-11: EUR 218.90 per share

- 2021-12: EUR 227.00 per share

- 2022-01: EUR 193.90 per share

- 2022-02: EUR 177.55 per share

- 2022-03: EUR 189.85 per share

- 2022-04: EUR 176.95 per share

- 2022-05: EUR 175.00 per share

- 2022-06: EUR 161.00 per share

- 2022-07: EUR 185.70 per share

- 2022-08: EUR 171.40 per share

- 2022-09: EUR 166.80 per share

- 2022-10: EUR 165.00 per share

- 2022-11: EUR 173.80 per share

- 2022-12: EUR 180.90 per share

- 2023-01: EUR 191.05 per share

- 2023-02: EUR 179.35 per share

- 2023-03: EUR 171.55 per share

- 2023-04: EUR 162.55 per share

- 2023-05: EUR 162.75 per share

- 2023-06: EUR 151.55 per share

- 2023-07: EUR 159.80 per share

- 2023-08: EUR 166.00 per share

- 2023-09: EUR 158.15 per share

- 2023-10: EUR 142.35 per share

- 2023-11: EUR 160.15 per share

- 2023-12: EUR 144.10 per share

- 2024-01: EUR 152.40 per share

- 2024-02: EUR 157.80 per share

- 2024-03: EUR 163.60 per share

- 2024-04: EUR 148.95 per share

- 2024-05: EUR 166.50 per share

- 2024-06: EUR 154.75 per share

- 2024-07: EUR 165.80 per share

- 2024-08: EUR 175.85 per share

- 2024-09: EUR 158.00 per share

- 2024-10: EUR 152.00 per share

- 2024-11: EUR 141.60 per share

- 2024-12: EUR 139.90 per share

- 2025-01: EUR 146.40 per share

- 2025-02: EUR 136.05 per share

- 2025-03: EUR 126.60 per share

- 2025-04: EUR 121.90 per share

- 2025-05: EUR 115.50 per share

- 2025-06: EUR 110.00 per share

- 2025-07: EUR 110.30 per share

- 2025-08: EUR 108.30 per share

- 2025-09: EUR 109.45 per share

- 2025-10: EUR 113.45 per share

- 2025-11: EUR 116.00 per share

- 2025-12: EUR 122.60 per share

- 2026-01: EUR 125.55 per share

- 2026-02: EUR 128.30 per share

- 2026-03: EUR 107.60 per share

- 2026-04: EUR 110.05 per share

- 2026-05: EUR 130.85 per share

- 2026-06: EUR 146.85 per share

- 2026-07: EUR 143.15 per share

- 2026-08: EUR 139.00 per share

- 2026-09: EUR 138.10 per share

- 2026-10: EUR 137.60 per share

## Annual estimated value (EUR per share)

- FY2016: low EUR 61.16 per share, central EUR 69.38 per share, high EUR 80.32 per share

- FY2017: low EUR 63.46 per share, central EUR 72.10 per share, high EUR 83.61 per share

- FY2018: low EUR 63.08 per share, central EUR 71.18 per share, high EUR 81.97 per share

- FY2019: low EUR 57.72 per share, central EUR 65.59 per share, high EUR 76.08 per share

- FY2020: low EUR 59.88 per share, central EUR 67.89 per share, high EUR 78.55 per share

- FY2021: low EUR 68.07 per share, central EUR 77.07 per share, high EUR 89.04 per share

- FY2022: low EUR 76.44 per share, central EUR 86.61 per share, high EUR 100.13 per share

- FY2023: low EUR 74.17 per share, central EUR 83.76 per share, high EUR 96.53 per share

- FY2024: low EUR 71.73 per share, central EUR 84.60 per share, high EUR 97.64 per share

- FY2025: low EUR 75.50 per share, central EUR 85.12 per share, high EUR 97.92 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

Excluded another issuer's SEC filing https://www.sec.gov/Archives/edgar/data/310158/000031015826000063/mrk-20251231.htm; this company is analysed without it.

## 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.

Merck KGaA

MRK · XETRA

DAX 40

Not a wonderful business

1 quality test fails. A lower price would not fix the business.

Share price: EUR 143.25
Buy up to: EUR 83.01
Expected / yr: 6.9% at today's price (10.0% at central value)

The business

How it makes money
Why customers stay
Where the cash goes
Are managers owners
What could break it
What the price says

1. Is this a good business?

Evidence only; not required for Buy

Margins varied 20.9% around their average (limit 35%), and no loss years were recorded (limit 2).

Operating margin

10y median: 18.6%
Worst year: 11.8%
Latest · 2025: 19.3%

Capital return excluding acquisitions: median 9% (minimum 15%), and the second-worst year 5.6% (minimum 10%).

ROIC excluding acquisitions

10y median: 9.0%
Worst year: 5.4%
Latest · 2025: 16.3%

Each $1 of profit left $0.97 for owners over five years (minimum $0.80).

Annual owner cash / profit

Five-year totals: 0.97×
Annual median: 0.97×
Latest · 2025: 1.06×

Per-share value rose from 3.74 to 6.39, comparing three-year medians at each end (must rise and stay positive).

Earnings per share

10y median: EUR 5.99
Worst year: EUR 2.59
Latest · 2025: EUR 6.00

Profits were backed by cash: accruals were -2.5% of assets (limit 10%).

Sloan accruals

10y median: -2.7%
Worst year: -0.3%
Latest · 2025: -2.5%

Profit record · pass 0 loss years in 10 (at most 2), mean operating margin 17.5%, three-year average owner earnings per share 5.8 EUR.

2. Is the price low enough?

PriceEstimated rangeBuy price

2016-10 · Price EUR 93.66 · Value 69.38 · Buy at or below 69.38; 2016-11 · Price EUR 94.54 · Value 69.38 · Buy at or below 69.38; 2016-12 · Price EUR 99.15 · Value 69.38 · Buy at or below 69.38; 2017-01 · Price EUR 101.65 · Value 69.38 · Buy at or below 69.38; 2017-02 · Price EUR 103.15 · Value 72.10 · Buy at or below 72.10; 2017-03 · Price EUR 106.80 · Value 72.10 · Buy at or below 72.10; 2017-04 · Price EUR 107.80 · Value 72.10 · Buy at or below 72.10; 2017-05 · Price EUR 107.45 · Value 72.10 · Buy at or below 72.10; 2017-06 · Price EUR 105.75 · Value 72.10 · Buy at or below 72.10; 2017-07 · Price EUR 92.85 · Value 72.10 · Buy at or below 72.10; 2017-08 · Price EUR 92.26 · Value 72.10 · Buy at or below 72.10; 2017-09 · Price EUR 94.12 · Value 72.10 · Buy at or below 72.10; 2017-10 · Price EUR 91.89 · Value 72.10 · Buy at or below 72.10; 2017-11 · Price EUR 89.43 · Value 72.10 · Buy at or below 72.10; 2017-12 · Price EUR 89.75 · Value 72.10 · Buy at or below 72.10; 2018-01 · Price EUR 88.02 · Value 72.10 · Buy at or below 72.10; 2018-02 · Price EUR 82.22 · Value 71.18 · Buy at or below 71.18; 2018-03 · Price EUR 77.90 · Value 71.18 · Buy at or below 71.18; 2018-04 · Price EUR 81.22 · Value 71.18 · Buy at or below 71.18; 2018-05 · Price EUR 87.34 · Value 71.18 · Buy at or below 71.18; 2018-06 · Price EUR 83.62 · Value 71.18 · Buy at or below 71.18; 2018-07 · Price EUR 87.88 · Value 71.18 · Buy at or below 71.18; 2018-08 · Price EUR 90.48 · Value 71.18 · Buy at or below 71.18; 2018-09 · Price EUR 89.00 · Value 71.18 · Buy at or below 71.18; 2018-10 · Price EUR 94.62 · Value 71.18 · Buy at or below 71.18; 2018-11 · Price EUR 97.36 · Value 71.18 · Buy at or below 71.18; 2018-12 · Price EUR 89.98 · Value 71.18 · Buy at or below 71.18; 2019-01 · Price EUR 91.58 · Value 71.18 · Buy at or below 71.18; 2019-02 · Price EUR 90.78 · Value 65.59 · Buy at or below 65.59; 2019-03 · Price EUR 101.65 · Value 65.59 · Buy at or below 65.59; 2019-04 · Price EUR 94.88 · Value 65.59 · Buy at or below 65.59; 2019-05 · Price EUR 86.46 · Value 65.59 · Buy at or below 65.59; 2019-06 · Price EUR 91.96 · Value 65.59 · Buy at or below 65.59; 2019-07 · Price EUR 92.44 · Value 65.59 · Buy at or below 65.59; 2019-08 · Price EUR 97.26 · Value 65.59 · Buy at or below 65.59; 2019-09 · Price EUR 103.35 · Value 65.59 · Buy at or below 65.59; 2019-10 · Price EUR 106.90 · Value 65.59 · Buy at or below 65.59; 2019-11 · Price EUR 106.00 · Value 65.59 · Buy at or below 65.59; 2019-12 · Price EUR 105.35 · Value 65.59 · Buy at or below 65.59; 2020-01 · Price EUR 115.90 · Value 65.59 · Buy at or below 65.59; 2020-02 · Price EUR 109.05 · Value 67.89 · Buy at or below 67.89; 2020-03 · Price EUR 93.62 · Value 67.89 · Buy at or below 67.89; 2020-04 · Price EUR 106.10 · Value 67.89 · Buy at or below 67.89; 2020-05 · Price EUR 103.15 · Value 67.89 · Buy at or below 67.89; 2020-06 · Price EUR 103.30 · Value 67.89 · Buy at or below 67.89; 2020-07 · Price EUR 108.05 · Value 67.89 · Buy at or below 67.89; 2020-08 · Price EUR 113.65 · Value 67.89 · Buy at or below 67.89; 2020-09 · Price EUR 124.55 · Value 67.89 · Buy at or below 67.89; 2020-10 · Price EUR 127.15 · Value 67.89 · Buy at or below 67.89; 2020-11 · Price EUR 133.85 · Value 67.89 · Buy at or below 67.89; 2020-12 · Price EUR 140.35 · Value 67.89 · Buy at or below 67.89; 2021-01 · Price EUR 137.70 · Value 67.89 · Buy at or below 67.89; 2021-02 · Price EUR 134.55 · Value 77.07 · Buy at or below 77.07; 2021-03 · Price EUR 145.80 · Value 77.07 · Buy at or below 77.07; 2021-04 · Price EUR 146.15 · Value 77.07 · Buy at or below 77.07; 2021-05 · Price EUR 147.55 · Value 77.07 · Buy at or below 77.07; 2021-06 · Price EUR 161.70 · Value 77.07 · Buy at or below 77.07; 2021-07 · Price EUR 172.65 · Value 77.07 · Buy at or below 77.07; 2021-08 · Price EUR 201.20 · Value 77.07 · Buy at or below 77.07; 2021-09 · Price EUR 187.65 · Value 77.07 · Buy at or below 77.07; 2021-10 · Price EUR 204.20 · Value 77.07 · Buy at or below 77.07; 2021-11 · Price EUR 218.90 · Value 77.07 · Buy at or below 77.07; 2021-12 · Price EUR 227.00 · Value 77.07 · Buy at or below 77.07; 2022-01 · Price EUR 193.90 · Value 77.07 · Buy at or below 77.07; 2022-02 · Price EUR 177.55 · Value 86.61 · Buy at or below 86.61; 2022-03 · Price EUR 189.85 · Value 86.61 · Buy at or below 86.61; 2022-04 · Price EUR 176.95 · Value 86.61 · Buy at or below 86.61; 2022-05 · Price EUR 175.00 · Value 86.61 · Buy at or below 86.61; 2022-06 · Price EUR 161.00 · Value 86.61 · Buy at or below 86.61; 2022-07 · Price EUR 185.70 · Value 86.61 · Buy at or below 86.61; 2022-08 · Price EUR 171.40 · Value 86.61 · Buy at or below 86.61; 2022-09 · Price EUR 166.80 · Value 86.61 · Buy at or below 86.61; 2022-10 · Price EUR 165.00 · Value 86.61 · Buy at or below 86.61; 2022-11 · Price EUR 173.80 · Value 86.61 · Buy at or below 86.61; 2022-12 · Price EUR 180.90 · Value 86.61 · Buy at or below 86.61; 2023-01 · Price EUR 191.05 · Value 86.61 · Buy at or below 86.61; 2023-02 · Price EUR 179.35 · Value 83.76 · Buy at or below 83.76; 2023-03 · Price EUR 171.55 · Value 83.76 · Buy at or below 83.76; 2023-04 · Price EUR 162.55 · Value 83.76 · Buy at or below 83.76; 2023-05 · Price EUR 162.75 · Value 83.76 · Buy at or below 83.76; 2023-06 · Price EUR 151.55 · Value 83.76 · Buy at or below 83.76; 2023-07 · Price EUR 159.80 · Value 83.76 · Buy at or below 83.76; 2023-08 · Price EUR 166.00 · Value 83.76 · Buy at or below 83.76; 2023-09 · Price EUR 158.15 · Value 83.76 · Buy at or below 83.76; 2023-10 · Price EUR 142.35 · Value 83.76 · Buy at or below 83.76; 2023-11 · Price EUR 160.15 · Value 83.76 · Buy at or below 83.76; 2023-12 · Price EUR 144.10 · Value 83.76 · Buy at or below 83.76; 2024-01 · Price EUR 152.40 · Value 83.76 · Buy at or below 83.76; 2024-02 · Price EUR 157.80 · Value 84.60 · Buy at or below 84.60; 2024-03 · Price EUR 163.60 · Value 84.60 · Buy at or below 84.60; 2024-04 · Price EUR 148.95 · Value 84.60 · Buy at or below 84.60; 2024-05 · Price EUR 166.50 · Value 84.60 · Buy at or below 84.60; 2024-06 · Price EUR 154.75 · Value 84.60 · Buy at or below 84.60; 2024-07 · Price EUR 165.80 · Value 84.60 · Buy at or below 84.60; 2024-08 · Price EUR 175.85 · Value 84.60 · Buy at or below 84.60; 2024-09 · Price EUR 158.00 · Value 84.60 · Buy at or below 84.60; 2024-10 · Price EUR 152.00 · Value 84.60 · Buy at or below 84.60; 2024-11 · Price EUR 141.60 · Value 84.60 · Buy at or below 84.60; 2024-12 · Price EUR 139.90 · Value 84.60 · Buy at or below 84.60; 2025-01 · Price EUR 146.40 · Value 84.60 · Buy at or below 84.60; 2025-02 · Price EUR 136.05 · Value 85.12 · Buy at or below 85.12; 2025-03 · Price EUR 126.60 · Value 85.12 · Buy at or below 85.12; 2025-04 · Price EUR 121.90 · Value 85.12 · Buy at or below 85.12; 2025-05 · Price EUR 115.50 · Value 85.12 · Buy at or below 85.12; 2025-06 · Price EUR 110.00 · Value 85.12 · Buy at or below 85.12; 2025-07 · Price EUR 110.30 · Value 85.12 · Buy at or below 85.12; 2025-08 · Price EUR 108.30 · Value 85.12 · Buy at or below 85.12; 2025-09 · Price EUR 109.45 · Value 85.12 · Buy at or below 85.12; 2025-10 · Price EUR 113.45 · Value 85.12 · Buy at or below 85.12; 2025-11 · Price EUR 116.00 · Value 85.12 · Buy at or below 85.12; 2025-12 · Price EUR 122.60 · Value 85.12 · Buy at or below 85.12; 2026-01 · Price EUR 125.55 · Value 85.12 · Buy at or below 85.12; 2026-02 · Price EUR 128.30 · Value 83.01 · Buy at or below 83.01; 2026-03 · Price EUR 107.60 · Value 83.01 · Buy at or below 83.01; 2026-04 · Price EUR 110.05 · Value 83.01 · Buy at or below 83.01; 2026-05 · Price EUR 130.85 · Value 83.01 · Buy at or below 83.01; 2026-06 · Price EUR 146.85 · Value 83.01 · Buy at or below 83.01; 2026-07 · Price EUR 143.15 · Value 83.01 · Buy at or below 83.01; 2026-08 · Price EUR 139.00 · Value 83.01 · Buy at or below 83.01; 2026-09 · Price EUR 138.10 · Value 83.01 · Buy at or below 83.01; 2026-10 · Price EUR 137.60 · Value 83.01 · Buy at or below 83.01; 2026-10 · Price EUR 143.25 · Value 83.01 · Buy at or below 83.01

EUR per share · annual estimates

Price & return math
Value range	EUR 73.38 – EUR 95.84
Buy at or below	Central value EUR 83.01
Discount to value	1 − 143.25 / 83.01 = -72.6%
Return / year	About 6.9% a year at today's price (required return 10.0%)
Cash-flow inputs	Owner cash EUR 6.39/share; 0.0% growth for 5 years, then fades to 3.0%; excess cash EUR 3.52/share today.
Required return	10.0% / year, earned by construction at the central value

RevenueEUR 21B

Revenue

Owner earningsEUR 2.8B

Owner earnings

Operating margin19.3%

Operating margin

Net cash / debtEUR -9.0B

Net cash / debt

Diluted shares435M

Diluted shares

Prices 15 Oct 2026 · FY2025