# OMV Aktiengesellschaft (OMV.VI)

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

Analysis as of: 2026-10-01T09:06:58.354Z. Financial observations: FY2015–FY2025.

Listing currency: EUR. Reporting currency: EUR.

## Verdict

Not a wonderful business

Quality tests for Buy: not passed. Published buy qualification: no.

Share price: EUR 73.10 per share; close as of 2026-10-15.

## Checklist

### understandable: fail

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

- operating margin variation exceeds 0.35

- Financial history: 10 years

- Years with declining revenue: 5

- Years with a net loss: 1

- Operating margin variation: 0.51×

Chart: Operating margin; fiscal year observations.

- FY2016: -0.02×

- FY2017: 0.06×

- FY2018: 0.14×

- FY2019: 0.14×

- FY2020: 0.08×

- FY2021: 0.16×

- FY2022: 0.19×

- FY2023: 0.12×

- FY2024: 0.17×

- FY2025: 0.15×

### moat: fail

- ROIC median below threshold

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

- ROIC, median of available years: 13.8%

- ROIC, second-lowest year: 5.8%

- Typical minus recent gross margin: -3.1 pp

- Years with nonpositive capital: 0

- Capital spending / revenue: 9.8%

- ROIC including acquisitions, ten-year median: 10.4%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: -2.7%

- FY2017: 6.4%

- FY2018: 16.1%

- FY2019: 13.2%

- FY2020: 5.8%

- FY2021: 18.7%

- FY2022: 40.2%

- FY2023: 17.0%

- FY2024: 14.5%

- FY2025: 13.1%

### economics: pass

- Owner earnings / net income, 5-yr: 0.81×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: EUR 8.1B

- Net income, five-year total: EUR 10.0B

- Return on incremental invested capital: >100%

- Working capital / revenue, annual change: 0.5 pp

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

- Working capital / revenue, final three-year average: 8.1%

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

- FY2021: 1.44×

- FY2022: 0.94×

- FY2023: 0.40×

- FY2024: 0.61×

- FY2025: -0.03×

### management: fail

- $1 retained earnings test: 2017 to 2025 (8 years)

- buybacks unrelated to price (informational)

- ROIC first 3 years vs last 3 years: 6.4% vs 14.5%

- market cap gain below cumulative retained earnings

- Market cap gain: EUR -1.8B

- Cumulative retained earnings: EUR 6.4B

- Diluted shares, 5-year annual growth: -0.1%

- $1 test, starting fiscal year: FY2017

- $1 test, ending fiscal year: FY2025

- Per-share value growth: -0.2%

- Per-share value change: EUR -0.06

- Per-share value, starting three-year median: EUR 4.50

- Per-share value, ending three-year median: EUR 4.44

- Average buyback yield: 0.4%

- Buyback history: 1 years

- Debt-funded buybacks: No

- Acquisition spending: EUR 2.0B

- Cumulative net income, 10 years: EUR 15B

- ROIC, first three-year median: 6.4%

- ROIC, last three-year median: 14.5%

### accounting: pass

- Sloan accruals: -8.9%

- Receivables to sales index (DSRI): 0.72×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 0.0%

- Earnings backed by cash: Yes

- Operating cash / earnings: 4.84×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 0.05×

Chart: Sloan accruals; fiscal year observations.

- FY2016: -9.9%

- FY2017: -9.2%

- FY2018: -7.8%

- FY2019: -5.7%

- FY2020: -3.6%

- FY2021: -9.0%

- FY2022: -7.2%

- FY2023: -8.9%

- FY2024: -8.2%

- FY2025: -8.9%

## Holders

## Price story

Up 70% since Oct 2023 · sales -7.2%

Story as of 2026-10-03T17:10:00Z; price observation 2026-10-02.

### Sales · FY2024–2025

sales -7.2%; source https://filings.xbrl.org/549300V62YJ9HTLRI486/2025-12-31/ESEF/AT/0/omvag-2025-12-31-1-de/reports/omvag-2025-12-31-1-de.xhtml; observed 2026-04-07.

- FY2016: EUR 19B 

- FY2017: EUR 20B 

- FY2018: EUR 23B 

- FY2019: EUR 23B 

- FY2020: EUR 17B 

- FY2021: EUR 36B 

- FY2022: EUR 62B 

- FY2023: EUR 39B 

- FY2024: EUR 26B 

- FY2025: EUR 24B 

### Gross margin · FY2025

gross margin 23.3%; source https://filings.xbrl.org/549300V62YJ9HTLRI486/2025-12-31/ESEF/AT/0/omvag-2025-12-31-1-de/reports/omvag-2025-12-31-1-de.xhtml; observed 2026-04-07.

- FY2016: 12.2% 

- FY2017: 20.2% 

- FY2018: 21.6% 

- FY2019: 22.4% 

- FY2020: 11.3% 

- FY2021: 23.4% 

- FY2022: 22.9% 

- FY2023: 20.0% 

- FY2024: 23.3% 

- FY2025: 23.3% 

## Owner memo

Memo as of 2026-10-02T06:52:09.009Z.

### How it makes money

Operates in oil & gas integrated; annual sales are EUR 24.3 billion.

- Source: https://filings.xbrl.org/549300V62YJ9HTLRI486/2025-12-31/ESEF/AT/0/omvag-2025-12-31-1-de/reports/omvag-2025-12-31-1-de.xhtml (filed 2026-04-07); FY2025: revenue 24308000000; grossProfit 5659000000; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-02); OMV.VI: OMV Aktiengesellschaft operates as an oil, gas, and chemicals company in Austria, Belgium, Germany, New Zealand, Norway, Romania, the United Arab Emirates, the rest of Central and Eastern Europe, the rest of Europe, and internationally. It operates through Chemicals, Fuels & Feedstock, and Energy segments. The company provides advanced and circular polyolefin solutions, and base chemicals, as well as engages in the recycling of plastics. It also refines and markets crude oil and other feedstock; and operates refineries, filling stations, gas storage facilities, and gas-fired power plant. In addition, the company engages in the exploration, development, and production crude oil, natural gas liquids, and natural gas; development of energy sources, such as geothermal projects; Carbon Capture and Storage; provision and renewable power solutions, as well as sale, trade, and logistics of natural gas. OMV Aktiengesellschaft was incorporated in 1956 and is headquartered in Vienna, Austria.

### Why customers stay

Margins ranged from 20% to 23.3% during 2023–25; it earns 13.8% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-07); FY2023: grossProfit / revenue = 20%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-07); FY2024: grossProfit / revenue = 23.3%.

- Source: https://filings.xbrl.org/549300V62YJ9HTLRI486/2025-12-31/ESEF/AT/0/omvag-2025-12-31-1-de/reports/omvag-2025-12-31-1-de.xhtml (filed 2026-04-07); FY2025: grossProfit / revenue = 23.3%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-07); 10-year return on capital observations [[2016,-0.02741514162047232],[2017,0.06386166452442159],[2018,0.16145129071911493],[2019,0.1315880636927191],[2020,0.058304297328687575],[2021,0.18654498714652956],[2022,0.40218518326507335],[2023,0.1702339525670539],[2024,0.14464066024195202],[2025,0.13097424916887362]]; median 0.13811436196733556. 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 62 million of shares.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-07); FY2016: growth capex 0; upkeep 2022000000; owner earnings 1575000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-07); FY2017: growth capex 0; upkeep 1586000000; owner earnings 1862000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-07); FY2018: growth capex 0; upkeep 3193000000; owner earnings 1203000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-07); FY2019: growth capex 0; upkeep 2158000000; owner earnings 1815200000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-07); FY2020: growth capex 0; upkeep 1960000000; owner earnings 2362200000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-07); FY2021: growth capex 0; upkeep 2497000000; owner earnings 3421400000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-07); FY2022: growth capex 276000000; upkeep 2667000000; owner earnings 3409600000. Growth capex / owner earnings = 0.08094791177850774.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-07); FY2023: growth capex 0; upkeep 3450000000; owner earnings 403000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-07); FY2024: growth capex 0; upkeep 3513000000; owner earnings 665600000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-07); Dividend observations: [[2016,464000000],[2017,529000000],[2018,621000000],[2019,673000000],[2020,673000000],[2021,733000000],[2022,847000000],[2023,1365000000],[2024,1744000000],[2025,1634000000]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://filings.xbrl.org/549300V62YJ9HTLRI486/2025-12-31/ESEF/AT/0/omvag-2025-12-31-1-de/reports/omvag-2025-12-31-1-de.xhtml (filed 2026-04-07); FY2025: cash repurchases 62000000 EUR.

### Are managers owners

Insiders own 56.4% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-02); OMV.VI SharesStats.PercentInsiders = 56.39999999999999 percentage points; cache date 2026-10-02.

### What the price says

The price is 0.9 times annual sales; cash earnings are negative.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-07); Closing price 70.65 EUR; reporting-to-trading FX 1; FY2025 annual sales per share 74.56417541615517; price multiple 0.9475059518286162. FY2025 cash earnings/share -0.10780397723163115. Closing-price date 2026-10-01.

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

- 2016-10: EUR 28.48 per share

- 2016-11: EUR 30.50 per share

- 2016-12: EUR 33.56 per share

- 2017-01: EUR 32.37 per share

- 2017-02: EUR 36.06 per share

- 2017-03: EUR 36.88 per share

- 2017-04: EUR 42.28 per share

- 2017-05: EUR 46.40 per share

- 2017-06: EUR 45.44 per share

- 2017-07: EUR 47.82 per share

- 2017-08: EUR 48.29 per share

- 2017-09: EUR 49.29 per share

- 2017-10: EUR 51.58 per share

- 2017-11: EUR 52.26 per share

- 2017-12: EUR 52.83 per share

- 2018-01: EUR 51.86 per share

- 2018-02: EUR 47.10 per share

- 2018-03: EUR 47.28 per share

- 2018-04: EUR 51.50 per share

- 2018-05: EUR 49.20 per share

- 2018-06: EUR 48.57 per share

- 2018-07: EUR 48.36 per share

- 2018-08: EUR 45.63 per share

- 2018-09: EUR 48.39 per share

- 2018-10: EUR 49.13 per share

- 2018-11: EUR 44.62 per share

- 2018-12: EUR 38.25 per share

- 2019-01: EUR 43.40 per share

- 2019-02: EUR 46.27 per share

- 2019-03: EUR 48.37 per share

- 2019-04: EUR 47.75 per share

- 2019-05: EUR 42.09 per share

- 2019-06: EUR 42.85 per share

- 2019-07: EUR 45.31 per share

- 2019-08: EUR 46.41 per share

- 2019-09: EUR 49.24 per share

- 2019-10: EUR 52.32 per share

- 2019-11: EUR 51.74 per share

- 2019-12: EUR 50.08 per share

- 2020-01: EUR 44.99 per share

- 2020-02: EUR 37.85 per share

- 2020-03: EUR 25.16 per share

- 2020-04: EUR 29.90 per share

- 2020-05: EUR 29.72 per share

- 2020-06: EUR 29.76 per share

- 2020-07: EUR 26.72 per share

- 2020-08: EUR 27.26 per share

- 2020-09: EUR 23.40 per share

- 2020-10: EUR 19.70 per share

- 2020-11: EUR 28.40 per share

- 2020-12: EUR 33.00 per share

- 2021-01: EUR 34.74 per share

- 2021-02: EUR 39.86 per share

- 2021-03: EUR 43.26 per share

- 2021-04: EUR 41.01 per share

- 2021-05: EUR 46.82 per share

- 2021-06: EUR 47.97 per share

- 2021-07: EUR 45.52 per share

- 2021-08: EUR 46.93 per share

- 2021-09: EUR 52.18 per share

- 2021-10: EUR 52.40 per share

- 2021-11: EUR 46.97 per share

- 2021-12: EUR 49.95 per share

- 2022-01: EUR 53.96 per share

- 2022-02: EUR 42.38 per share

- 2022-03: EUR 43.39 per share

- 2022-04: EUR 49.10 per share

- 2022-05: EUR 54.40 per share

- 2022-06: EUR 44.76 per share

- 2022-07: EUR 41.42 per share

- 2022-08: EUR 40.28 per share

- 2022-09: EUR 37.37 per share

- 2022-10: EUR 46.64 per share

- 2022-11: EUR 50.16 per share

- 2022-12: EUR 48.10 per share

- 2023-01: EUR 45.85 per share

- 2023-02: EUR 46.11 per share

- 2023-03: EUR 42.26 per share

- 2023-04: EUR 42.84 per share

- 2023-05: EUR 41.68 per share

- 2023-06: EUR 38.84 per share

- 2023-07: EUR 41.00 per share

- 2023-08: EUR 42.77 per share

- 2023-09: EUR 45.32 per share

- 2023-10: EUR 41.36 per share

- 2023-11: EUR 39.15 per share

- 2023-12: EUR 39.77 per share

- 2024-01: EUR 41.31 per share

- 2024-02: EUR 40.74 per share

- 2024-03: EUR 43.86 per share

- 2024-04: EUR 44.68 per share

- 2024-05: EUR 46.24 per share

- 2024-06: EUR 40.66 per share

- 2024-07: EUR 38.70 per share

- 2024-08: EUR 39.38 per share

- 2024-09: EUR 38.36 per share

- 2024-10: EUR 38.10 per share

- 2024-11: EUR 37.92 per share

- 2024-12: EUR 37.34 per share

- 2025-01: EUR 39.88 per share

- 2025-02: EUR 42.42 per share

- 2025-03: EUR 47.50 per share

- 2025-04: EUR 45.56 per share

- 2025-05: EUR 47.10 per share

- 2025-06: EUR 46.18 per share

- 2025-07: EUR 44.68 per share

- 2025-08: EUR 47.06 per share

- 2025-09: EUR 45.42 per share

- 2025-10: EUR 47.46 per share

- 2025-11: EUR 47.68 per share

- 2025-12: EUR 47.52 per share

- 2026-01: EUR 50.05 per share

- 2026-02: EUR 54.80 per share

- 2026-03: EUR 63.20 per share

- 2026-04: EUR 60.15 per share

- 2026-05: EUR 61.65 per share

- 2026-06: EUR 55.15 per share

- 2026-07: EUR 63.15 per share

- 2026-08: EUR 68.50 per share

- 2026-09: EUR 71.40 per share

## Annual estimated value (EUR per share)

- FY2019: low EUR 60.39 per share, central EUR 67.65 per share, high EUR 77.31 per share

- FY2020: low EUR 69.44 per share, central EUR 77.75 per share, high EUR 88.82 per share

- FY2021: low EUR 75.68 per share, central EUR 84.26 per share, high EUR 95.68 per share

- FY2022: low EUR 94.00 per share, central EUR 104.45 per share, high EUR 118.37 per share

- FY2023: low EUR 39.37 per share, central EUR 42.24 per share, high EUR 46.06 per share

- FY2024: low EUR 44.44 per share, central EUR 48.52 per share, high EUR 53.97 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

[Original ESEF filing](https://filings.xbrl.org/549300V62YJ9HTLRI486/2025-12-31/ESEF/AT/0/omvag-2025-12-31-1-de/reports/omvag-2025-12-31-1-de.xhtml); period 2025-12-31, filed 2026-04-07.

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.

## Reported holder observations