# Aurubis AG (NDA.XETRA)

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

Analysis as of: 2026-10-16T07:36:30.189Z. Financial observations: FY2003–FY2025.

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

Estimated value: low EUR 43.91 per share, central EUR 49.97 per share, high EUR 58.03 per share. Buy at or below the central value EUR 49.97 per share. Valuation as of 2026-10-16T07:36:30.189Z; scenarios are not confidence intervals.

Expected annual return: 5.2% at the stated quote. About 5.2% 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

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

- operating margin variation exceeds 0.35

- Financial history: 10 years

- Years with declining revenue: 3

- Years with a net loss: 0

- Operating margin variation: 0.38×

Chart: Operating margin; fiscal year observations.

- FY2016: 0.02×

- FY2017: 0.04×

- FY2018: 0.03×

- FY2019: 0.03×

- FY2020: 0.03×

- FY2021: 0.05×

- FY2022: 0.05×

- FY2023: 0.01×

- FY2024: 0.03×

- FY2025: 0.03×

### moat: fail

- ROIC median below threshold

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

- Recent gross margin fell 4.3pp below the typical margin (limit 4pp)

- ROIC, median of available years: 9.2%

- ROIC, second-lowest year: 7.0%

- Typical minus recent gross margin: 4.3 pp

- Typical gross margin (annual median): 9.8%

- Recent gross margin (lower of latest and 3-year median): 5.5%

- Years with nonpositive capital: 0

- Capital spending / revenue: 1.9%

- ROIC including acquisitions, ten-year median: 6.6%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: 7.0%

- FY2017: 17.1%

- FY2018: 11.5%

- FY2019: 8.3%

- FY2020: 9.3%

- FY2021: 20.3%

- FY2022: 18.6%

- FY2023: 3.5%

- FY2024: 9.0%

- FY2025: 8.9%

### economics: fail

- owner earnings cash conversion below threshold

- incremental invested capital return below threshold

- Owner earnings / net income, 5-yr: 0.38×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: EUR 933M

- Net income, five-year total: EUR 2.4B

- Return on incremental invested capital: 8.1%

- Working capital / revenue, annual change: 0.4 pp

- Working capital / revenue, change between three-year averages: 3.8 pp

- Working capital / revenue, final three-year average: 15.2%

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

- FY2021: 0.98×

- FY2022: 0.98×

- FY2023: -2.07×

- FY2024: -0.54×

- FY2025: 0.27×

### management: pass

- 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: 11.5% vs 8.9%

- Per-share earnings: 2.96 to 9.54 (three-year endpoint medians)

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: -0.3%

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

- Market cap gain: EUR 1.6B

- Cumulative retained earnings: EUR 2.2B

- Diluted shares, 10-year annual growth: -0.3%

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

- $1 test, starting fiscal year: FY2017

- $1 test, ending fiscal year: FY2025

- Per-share value growth: 15.8%

- Per-share value change: EUR 6.59

- Per-share value, starting three-year median: EUR 2.96

- Per-share value, ending three-year median: EUR 9.54

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

- Average buyback yield: 1.1%

- Buyback history: 2 years

- Debt-funded buybacks: No

- Acquisition spending: EUR 98M

- Cumulative net income, 10 years: EUR 3.6B

- ROIC, first three-year median: 11.5%

- ROIC, last three-year median: 8.9%

Chart: Earnings per share; fiscal year observations.

- FY2016: EUR 2.71

- FY2017: EUR 7.82

- FY2018: EUR 6.60

- FY2019: EUR 4.29

- FY2020: EUR 6.06

- FY2021: EUR 14.04

- FY2022: EUR 16.37

- FY2023: EUR 3.23

- FY2024: EUR 9.54

- FY2025: EUR 12.35

### accounting: pass

- Sloan accruals: -1.5%

- Receivables to sales index (DSRI): 1.08×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 0.0%

- Earnings backed by cash: Yes

- Operating cash / earnings: 1.25×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 0.03×

Chart: Sloan accruals; fiscal year observations.

- FY2016: -2.8%

- FY2017: -3.0%

- FY2018: 1.9%

- FY2019: -1.8%

- FY2020: -3.5%

- FY2021: -3.0%

- FY2022: 5.7%

- FY2023: -5.9%

- FY2024: -1.5%

- FY2025: -1.5%

## Holders

## Price story

Down 28% since May 2026 · sales +6%

Story as of 2026-10-16T10:00:07.576Z; price observation 2026-10-15.

Price needs cash profits to grow 15.3% a year for ten years

### Sales · FY2024–2025

sales +6%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2016: EUR 9.5B 

- FY2017: EUR 11B 

- FY2018: EUR 10B 

- FY2019: EUR 11B 

- FY2020: EUR 12B 

- FY2021: EUR 16B 

- FY2022: EUR 19B 

- FY2023: EUR 17B 

- FY2024: EUR 17B 

- FY2025: EUR 18B 

### Gross margin · FY2025

gross margin 5.5%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2016: 10.0% 

- FY2017: 11.6% 

- FY2018: 9.4% 

- FY2019: 9.0% 

- FY2020: 11.0% 

- FY2021: 11.7% 

- FY2022: 9.7% 

- FY2023: 6.4% 

- FY2024: 9.8% 

- FY2025: 5.5% 

## Owner memo

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

### How it makes money

Operates in metal fabrication; annual sales are EUR 18.2 billion.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:30.189Z); FY2025: revenue 18171000000; grossProfit 996000000; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); NDA.XETRA: Aurubis AG processes metal concentrates and recycling materials in Germany. The company engages in processing of scrap metals, organic and inorganic metalbearing recycling raw materials, and industrial residues. It also offers copper cast rods and specialty wires, shapes, bars and profiles, industrial rolled products, and architectural rolled products. In addition, the company produces gold, silver, tin, lead, lead-bismuth alloy, lead-antimony litharge, tellurium metals, and tellurium dioxide. Further, the company engages in the recycling of copper and alloy scrap; printed circuit board and electronic scrap; mixed heavy metal fractions and shredder; residues, slimes, and sludges; preciouse metal recycling material; tin scrap; and copper iron and bimetal scrap. Additionally, it provides sulfuric acid, iron-silicate, smelter intermediates, and selenium, as well as produces various products from purchased copper and copper alloy scrap, electronic scrap, and industrial residues. The company was formerly known as Norddeutsche Affinerie AG and changed its name to Aurubis AG in April 2009. Aurubis AG was incorporated in 1866 and is headquartered in Hamburg, Germany.

### Why customers stay

Margins ranged from 5.5% to 9.8% during 2023–25; it earns 9.2% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:30.189Z); FY2023: grossProfit / revenue = 6.4%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:30.189Z); FY2024: grossProfit / revenue = 9.8%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:30.189Z); FY2025: grossProfit / revenue = 5.5%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:30.189Z); 10-year return on capital observations [[2016,0.07009767416643786],[2017,0.17091380803799483],[2018,0.11457291227677854],[2019,0.08316236608138695],[2020,0.09276865683495708],[2021,0.2028323382996358],[2022,0.18577278351240345],[2023,0.03525869204905206],[2024,0.09034449496070288],[2025,0.08927068558576365]]; median 0.09155657589782998. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Spends 96.5% of cash earnings on expansion; earns 8.1% on new investment.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:30.189Z); FY2016: growth capex 0; upkeep 143143000; owner earnings 113512000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:30.189Z); FY2017: growth capex 44330000; upkeep 120715000; owner earnings 350883000. Growth capex / owner earnings = 0.12633840909932942.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:30.189Z); FY2018: growth capex 0; upkeep 168174000; owner earnings 241549000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:30.189Z); FY2019: growth capex 40675587.727721125; upkeep 180805412.27227888; owner earnings 142490987.72772112. Growth capex / owner earnings = 0.2854607745820814.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:30.189Z); FY2020: growth capex 20129000; upkeep 209826000; owner earnings 252174800. Growth capex / owner earnings = 0.07982161579983409.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:30.189Z); FY2021: growth capex 60229000; upkeep 192215000; owner earnings 601862000. Growth capex / owner earnings = 0.10007111264708521.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:30.189Z); FY2022: growth capex 155031000; upkeep 192017000; owner earnings 703798000. Growth capex / owner earnings = 0.22027769331541153.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:30.189Z); FY2025: growth capex 138837304.0407436; upkeep 619162695.9592564; owner earnings 143837304.0407436. Growth capex / owner earnings = 0.9652385030896874.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:30.189Z); Incremental return on capital 0.08098065330050651, from the economics test's unchanged annual inputs.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:30.189Z); Dividend observations: [[2016,61780000],[2017,57705000],[2018,66557000],[2019,69683000],[2020,56386000],[2021,56946000],[2022,70063000],[2023,78656000],[2024,61193000],[2025,66000000]]. Zero only counted when supported by a complete cash-flow statement.

### Are managers owners

Insiders own 31.1% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); NDA.XETRA SharesStats.PercentInsiders = 31.072 percentage points; cache date 2026-10-16.

### What the price says

The price assumes cash profits grow 15.3% yearly over ten years; actual decline was 0.9%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:30.189Z); Ten-year compound average after fade. Initial solved rate 0.20844034870551253. Price 155.9; FX 1; discount 0.1; same standard ten-year fade to terminal 0.03. FY2015 owner earnings/share 3.598148363077967 → FY2025 3.294562496638576. Closing-price date 2026-10-15.

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

- 2016-10: EUR 47.39 per share

- 2016-11: EUR 49.97 per share

- 2016-12: EUR 54.80 per share

- 2017-01: EUR 54.48 per share

- 2017-02: EUR 54.45 per share

- 2017-03: EUR 62.82 per share

- 2017-04: EUR 64.18 per share

- 2017-05: EUR 69.34 per share

- 2017-06: EUR 68.75 per share

- 2017-07: EUR 75.28 per share

- 2017-08: EUR 75.07 per share

- 2017-09: EUR 68.54 per share

- 2017-10: EUR 70.25 per share

- 2017-11: EUR 69.70 per share

- 2017-12: EUR 77.58 per share

- 2018-01: EUR 84.54 per share

- 2018-02: EUR 69.18 per share

- 2018-03: EUR 68.28 per share

- 2018-04: EUR 74.12 per share

- 2018-05: EUR 69.44 per share

- 2018-06: EUR 65.50 per share

- 2018-07: EUR 70.02 per share

- 2018-08: EUR 63.38 per share

- 2018-09: EUR 60.24 per share

- 2018-10: EUR 53.68 per share

- 2018-11: EUR 48.08 per share

- 2018-12: EUR 43.22 per share

- 2019-01: EUR 47.73 per share

- 2019-02: EUR 48.37 per share

- 2019-03: EUR 47.77 per share

- 2019-04: EUR 43.42 per share

- 2019-05: EUR 39.21 per share

- 2019-06: EUR 42.83 per share

- 2019-07: EUR 39.56 per share

- 2019-08: EUR 40.30 per share

- 2019-09: EUR 40.89 per share

- 2019-10: EUR 43.99 per share

- 2019-11: EUR 42.96 per share

- 2019-12: EUR 54.72 per share

- 2020-01: EUR 49.31 per share

- 2020-02: EUR 42.74 per share

- 2020-03: EUR 37.80 per share

- 2020-04: EUR 47.74 per share

- 2020-05: EUR 52.00 per share

- 2020-06: EUR 54.88 per share

- 2020-07: EUR 56.52 per share

- 2020-08: EUR 60.14 per share

- 2020-09: EUR 58.14 per share

- 2020-10: EUR 54.94 per share

- 2020-11: EUR 63.86 per share

- 2020-12: EUR 63.66 per share

- 2021-01: EUR 63.60 per share

- 2021-02: EUR 72.30 per share

- 2021-03: EUR 70.64 per share

- 2021-04: EUR 71.54 per share

- 2021-05: EUR 78.20 per share

- 2021-06: EUR 78.16 per share

- 2021-07: EUR 85.30 per share

- 2021-08: EUR 71.88 per share

- 2021-09: EUR 65.38 per share

- 2021-10: EUR 74.64 per share

- 2021-11: EUR 75.78 per share

- 2021-12: EUR 88.06 per share

- 2022-01: EUR 91.82 per share

- 2022-02: EUR 105.05 per share

- 2022-03: EUR 108.45 per share

- 2022-04: EUR 109.15 per share

- 2022-05: EUR 87.68 per share

- 2022-06: EUR 64.76 per share

- 2022-07: EUR 70.22 per share

- 2022-08: EUR 60.42 per share

- 2022-09: EUR 53.98 per share

- 2022-10: EUR 63.92 per share

- 2022-11: EUR 75.82 per share

- 2022-12: EUR 76.36 per share

- 2023-01: EUR 96.68 per share

- 2023-02: EUR 92.74 per share

- 2023-03: EUR 85.06 per share

- 2023-04: EUR 84.80 per share

- 2023-05: EUR 71.52 per share

- 2023-06: EUR 78.54 per share

- 2023-07: EUR 85.54 per share

- 2023-08: EUR 76.46 per share

- 2023-09: EUR 70.14 per share

- 2023-10: EUR 77.66 per share

- 2023-11: EUR 75.80 per share

- 2023-12: EUR 74.26 per share

- 2024-01: EUR 67.06 per share

- 2024-02: EUR 58.58 per share

- 2024-03: EUR 65.18 per share

- 2024-04: EUR 75.20 per share

- 2024-05: EUR 77.65 per share

- 2024-06: EUR 73.25 per share

- 2024-07: EUR 72.05 per share

- 2024-08: EUR 68.30 per share

- 2024-09: EUR 65.85 per share

- 2024-10: EUR 72.15 per share

- 2024-11: EUR 74.50 per share

- 2024-12: EUR 76.70 per share

- 2025-01: EUR 75.85 per share

- 2025-02: EUR 83.45 per share

- 2025-03: EUR 87.05 per share

- 2025-04: EUR 76.55 per share

- 2025-05: EUR 77.30 per share

- 2025-06: EUR 88.30 per share

- 2025-07: EUR 87.65 per share

- 2025-08: EUR 97.00 per share

- 2025-09: EUR 106.20 per share

- 2025-10: EUR 112.90 per share

- 2025-11: EUR 119.20 per share

- 2025-12: EUR 124.20 per share

- 2026-01: EUR 160.40 per share

- 2026-02: EUR 172.80 per share

- 2026-03: EUR 150.00 per share

- 2026-04: EUR 183.30 per share

- 2026-05: EUR 216.20 per share

- 2026-06: EUR 181.20 per share

- 2026-07: EUR 181.60 per share

- 2026-08: EUR 177.00 per share

- 2026-09: EUR 160.90 per share

- 2026-10: EUR 158.40 per share

## Annual estimated value (EUR per share)

- FY2016: low EUR 34.54 per share, central EUR 38.35 per share, high EUR 43.41 per share

- FY2017: low EUR 40.75 per share, central EUR 45.19 per share, high EUR 51.10 per share

- FY2018: low EUR 44.34 per share, central EUR 49.57 per share, high EUR 56.55 per share

- FY2019: low EUR 48.52 per share, central EUR 60.18 per share, high EUR 69.39 per share

- FY2020: low EUR 68.73 per share, central EUR 77.41 per share, high EUR 88.98 per share

- FY2021: low EUR 115.58 per share, central EUR 136.81 per share, high EUR 156.96 per share

- FY2022: low EUR 126.83 per share, central EUR 156.60 per share, high EUR 181.28 per share

- FY2023: low EUR 101.73 per share, central EUR 126.38 per share, high EUR 146.52 per share

- FY2024: low EUR 98.95 per share, central EUR 127.82 per share, high EUR 149.35 per share

- FY2025: low EUR 36.01 per share, central EUR 40.98 per share, high EUR 47.58 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 2026-10-15T06:42:10.607Z where newer inputs omit a numeric field or fiscal period.

## 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.