# Porr Ag (POS.VI)

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

Analysis as of: 2026-10-16T07:42:48.738Z. 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 30.65 per share; close as of 2026-10-15.

Estimated value: low EUR 13.13 per share, central EUR 14.05 per share, high EUR 15.27 per share. Buy at or below the central value EUR 14.05 per share. Valuation as of 2026-10-16T07:42:48.738Z; scenarios are not confidence intervals.

Expected annual return: 5.1% at the stated quote. About 5.1% 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

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

- operating margin variation exceeds 0.35

- Financial history: 10 years

- Years with declining revenue: 2

- Years with a net loss: 1

- Operating margin variation: 0.63×

Chart: Operating margin; fiscal year observations.

- FY2016: 0.03×

- FY2017: 0.02×

- FY2018: 0.02×

- FY2019: 0.01×

- FY2020: -0.01×

- FY2021: 0.02×

- FY2022: 0.02×

- FY2023: 0.01×

- FY2024: 0.02×

- FY2025: 0.02×

### moat: fail

- ROIC median below threshold

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

- ROIC, median of available years: 12.8%

- ROIC, second-lowest year: 3.4%

- Typical minus recent gross margin: -1.1 pp

- Typical gross margin (annual median): 32.9%

- Recent gross margin (lower of latest and 3-year median): 34.0%

- Years with nonpositive capital: 0

- Capital spending / revenue: 3.2%

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

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: 27.3%

- FY2017: 12.8%

- FY2018: 12.8%

- FY2019: 3.4%

- FY2020: -3.6%

- FY2021: 12.7%

- FY2022: 14.7%

- FY2023: 9.2%

- FY2024: 14.7%

- FY2025: 15.8%

### economics: fail

- owner earnings cash conversion below threshold

- Owner earnings / net income, 5-yr: 0.27×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: EUR 124M

- Net income, five-year total: EUR 467M

- Return on incremental invested capital: >100%

- Working capital / revenue, annual change: -1.6 pp

- Working capital / revenue, change between three-year averages: -13.3 pp

- Working capital / revenue, final three-year average: -4.7%

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

- FY2021: -0.40×

- FY2022: 0.25×

- FY2023: 0.23×

- FY2024: 0.24×

- FY2025: 0.60×

### management: fail

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

- buybacks leaned toward cheaper years (informational)

- ROIC first 3 years vs last 3 years: 12.8% vs 14.7%

- Per-share earnings: 2.06 to 2.77 (three-year endpoint medians)

- five-year and ten-year diluted share growth both above threshold

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: 2.7%

- Ordinary dilution, 5-year annual growth: 6.3%

- Market cap gain: EUR 146M

- Diluted shares, 10-year annual growth: 2.7%

- Diluted shares, 5-year annual growth: 6.3%

- $1 test, starting fiscal year: FY2016

- $1 test, ending fiscal year: FY2025

- Per-share value growth: 3.8%

- Per-share value change: EUR 0.71

- Per-share value, starting three-year median: EUR 2.06

- Per-share value, ending three-year median: EUR 2.77

- Buybacks concentrated in cheaper years (correlation): 0.40

- Average buyback yield: 0.9%

- Buyback history: 4 years

- Debt-funded buybacks: No

- Acquisition spending: EUR 191M

- Cumulative net income, 10 years: EUR 646M

- ROIC, first three-year median: 12.8%

- ROIC, last three-year median: 14.7%

- Cumulative retained earnings: EUR 207M

Chart: Earnings per share; fiscal year observations.

- FY2016: EUR 2.19

- FY2017: EUR 2.06

- FY2018: EUR 2.14

- FY2019: EUR 0.83

- FY2020: EUR -1.47

- FY2021: EUR 1.76

- FY2022: EUR 2.06

- FY2023: EUR 2.67

- FY2024: EUR 2.77

- FY2025: EUR 3.32

### accounting: pass

- Sloan accruals: -5.4%

- Receivables to sales index (DSRI): 1.13×

- Restructuring years, last five: 0

- Earnings backed by cash: Yes

- Operating cash / earnings: 2.91×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 0.26×

- Stock compensation / operating cash flow: 0.0%

Chart: Sloan accruals; fiscal year observations.

- FY2016: 0.4%

- FY2017: 2.7%

- FY2018: -3.9%

- FY2019: -6.1%

- FY2020: -6.0%

- FY2021: -9.0%

- FY2022: -5.0%

- FY2023: -4.3%

- FY2024: -6.3%

- FY2025: -5.4%

## Holders

## Price story

Down 31% since Jun 2026 · sales +1.7%

Story as of 2026-10-16T10:00:12.515Z; price observation 2026-10-15.

Price needs cash profits to grow 15.6% a year for ten years

### Sales · FY2024–2025

sales +1.7%; source https://filings.xbrl.org/529900ARBU9SBJFNX419/2025-12-31/ESEF/AT/0/529900ARBU9SBJFNX419-2025-12-31-1-de/reports/529900ARBU9SBJFNX419-2025-12-31-1-de.xhtml; observed 2026-04-07.

- FY2016: EUR 3.4B 

- FY2017: EUR 4.3B 

- FY2018: EUR 5.0B 

- FY2019: EUR 4.9B 

- FY2020: EUR 4.7B 

- FY2021: EUR 5.2B 

- FY2022: EUR 5.8B 

- FY2023: EUR 6.0B 

- FY2024: EUR 6.2B 

- FY2025: EUR 6.3B 

### Gross margin · FY2025

gross margin 34.4%; source https://filings.xbrl.org/529900ARBU9SBJFNX419/2025-12-31/ESEF/AT/0/529900ARBU9SBJFNX419-2025-12-31-1-de/reports/529900ARBU9SBJFNX419-2025-12-31-1-de.xhtml; observed 2026-04-07.

- FY2016: 34.1% 

- FY2017: 31.5% 

- FY2018: 30.3% 

- FY2019: 32.7% 

- FY2020: 33.1% 

- FY2021: 33.4% 

- FY2022: 31.3% 

- FY2023: 31.6% 

- FY2024: 34.0% 

- FY2025: 34.4% 

## Owner memo

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

### How it makes money

Operates in engineering & construction; annual sales are EUR 6.3 billion.

- Source: https://filings.xbrl.org/529900ARBU9SBJFNX419/2025-12-31/ESEF/AT/0/529900ARBU9SBJFNX419-2025-12-31-1-de/reports/529900ARBU9SBJFNX419-2025-12-31-1-de.xhtml (filed 2026-04-07); FY2025: revenue 6295892000; grossProfit 2164286000; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); POS.VI: PORR AG operates as a construction company in Austria, Germany, Poland, the Czech Republic, Italy, Romania, Switzerland, Serbia, Great Britain, Slovakia, Norway, Belgium, and internationally. It offers building construction services for residential construction, office buildings, hotels, healthcare facilities, revitalisation, industrial construction, educational institutions, shopping centers, and stadium construction. The company also provides civil engineering and infrastructure construction services in the fields of railway construction, civil engineering, bridge construction, rock technology, structural engineering, power plant construction, special civil engineering, road construction, tunneling, hydraulic engineering and harbours, pipeline construction, and project management. In addition, it involved in environmental activities, including demolition, waste management, remediation of contaminated sites, asbestos and hazardous substance removal, landfill operation, earthworks, and gravels. Further, the company provides design and engineering services comprising building information modeling, fire protection, general planning, architecture, construction preparation and building certification, LEAN management, construction supervision, technical building services planning, and structural design. Additionally, it offers sealing, asphalt and concrete production, concrete slab construction, facility management, facade construction, slab tracks, airport construction, mastic asphalt, healthcare, high-alpine construction, high-rise construction, timber construction, public private partnerships, property management, and steel construction services. PORR AG was founded in 1869 and is headquartered in Vienna, Austria.

### Why customers stay

Margins ranged from 31.6% to 34.4% during 2023–25; it earns 12.8% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-07); FY2023: grossProfit / revenue = 31.6%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-07); FY2024: grossProfit / revenue = 34%.

- Source: https://filings.xbrl.org/529900ARBU9SBJFNX419/2025-12-31/ESEF/AT/0/529900ARBU9SBJFNX419-2025-12-31-1-de/reports/529900ARBU9SBJFNX419-2025-12-31-1-de.xhtml (filed 2026-04-07); FY2025: grossProfit / revenue = 34.4%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-07); 10-year return on capital observations [[2016,0.27262417934375144],[2017,0.12788726916663698],[2018,0.12822574203229523],[2019,0.034476453596839374],[2020,-0.03612850376608701],[2021,0.12732782944147528],[2022,0.14682765091943248],[2023,0.09174651584895113],[2024,0.1474861034352034],[2025,0.15835810269100287]]; median 0.1280565055994661. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Paid dividends in 8 of 8 years; bought back EUR 11.3 million of shares.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-07); FY2016: growth capex 18123000; upkeep 88485000; owner earnings 66544000. Growth capex / owner earnings = 0.2723461168550132.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-07); FY2017: growth capex 50162000; upkeep 113945000; owner earnings 63156000. Growth capex / owner earnings = 0.7942554943314966.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-07); FY2018: growth capex 0; upkeep 122207000; owner earnings 67422000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-07); FY2022: growth capex 0; upkeep 172617000; owner earnings 19302400. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-07); FY2023: growth capex 30773000; upkeep 204367000; owner earnings 22963000. Growth capex / owner earnings = 1.3401123546574925.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-07); FY2024: growth capex 27783198.565523624; upkeep 212856801.43447638; owner earnings 25730998.565523624. Growth capex / owner earnings = 1.0797559408654158.

- Source: https://filings.xbrl.org/529900ARBU9SBJFNX419/2025-12-31/ESEF/AT/0/529900ARBU9SBJFNX419-2025-12-31-1-de/reports/529900ARBU9SBJFNX419-2025-12-31-1-de.xhtml (filed 2026-04-07); FY2025: growth capex 0; upkeep 190574000; owner earnings 77859600. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-07); Dividend observations: [[2016,47637000],[2017,36118000],[2018,42992000],[2019,42993000],[2020,12147000],[2021,18840000],[2022,36268000],[2023,37232000]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://filings.xbrl.org/529900ARBU9SBJFNX419/2025-12-31/ESEF/AT/0/529900ARBU9SBJFNX419-2025-12-31-1-de/reports/529900ARBU9SBJFNX419-2025-12-31-1-de.xhtml (filed 2026-04-07); FY2025: cash repurchases 11325000 EUR.

### Are managers owners

Insiders own 47.2% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); POS.VI SharesStats.PercentInsiders = 47.166000000000004 percentage points; cache date 2026-10-16.

### What the price says

The price assumes cash profits grow 15.6% yearly over ten years; actual decline was 0.2%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-07); Ten-year compound average after fade. Initial solved rate 0.21285011841350154. Price 30.65; FX 1; discount 0.1; same standard ten-year fade to terminal 0.03. FY2015 owner earnings/share 2.014672368912836 → FY2025 1.9822573561703996. Closing-price date 2026-10-15.

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

- 2016-11: EUR 33.38 per share

- 2016-12: EUR 36.73 per share

- 2017-01: EUR 37.92 per share

- 2017-02: EUR 36.37 per share

- 2017-03: EUR 32.86 per share

- 2017-04: EUR 31.00 per share

- 2017-05: EUR 28.57 per share

- 2017-06: EUR 26.08 per share

- 2017-07: EUR 28.42 per share

- 2017-08: EUR 22.60 per share

- 2017-09: EUR 25.22 per share

- 2017-10: EUR 25.34 per share

- 2017-11: EUR 25.48 per share

- 2017-12: EUR 26.27 per share

- 2018-01: EUR 26.24 per share

- 2018-02: EUR 25.95 per share

- 2018-03: EUR 26.38 per share

- 2018-04: EUR 27.84 per share

- 2018-05: EUR 29.82 per share

- 2018-06: EUR 27.18 per share

- 2018-07: EUR 28.60 per share

- 2018-08: EUR 24.91 per share

- 2018-09: EUR 24.07 per share

- 2018-10: EUR 22.56 per share

- 2018-11: EUR 18.87 per share

- 2018-12: EUR 16.46 per share

- 2019-01: EUR 18.86 per share

- 2019-02: EUR 17.99 per share

- 2019-03: EUR 18.80 per share

- 2019-04: EUR 22.37 per share

- 2019-05: EUR 19.82 per share

- 2019-06: EUR 18.31 per share

- 2019-07: EUR 18.69 per share

- 2019-08: EUR 17.61 per share

- 2019-09: EUR 17.84 per share

- 2019-10: EUR 20.01 per share

- 2019-11: EUR 15.82 per share

- 2019-12: EUR 14.57 per share

- 2020-01: EUR 14.87 per share

- 2020-02: EUR 15.18 per share

- 2020-03: EUR 14.21 per share

- 2020-04: EUR 14.78 per share

- 2020-05: EUR 14.34 per share

- 2020-06: EUR 13.89 per share

- 2020-07: EUR 13.02 per share

- 2020-08: EUR 11.34 per share

- 2020-09: EUR 11.00 per share

- 2020-10: EUR 10.80 per share

- 2020-11: EUR 12.80 per share

- 2020-12: EUR 12.17 per share

- 2021-01: EUR 13.12 per share

- 2021-02: EUR 14.44 per share

- 2021-03: EUR 14.72 per share

- 2021-04: EUR 14.91 per share

- 2021-05: EUR 15.85 per share

- 2021-06: EUR 15.10 per share

- 2021-07: EUR 15.53 per share

- 2021-08: EUR 16.04 per share

- 2021-09: EUR 14.53 per share

- 2021-10: EUR 12.40 per share

- 2021-11: EUR 12.14 per share

- 2021-12: EUR 13.74 per share

- 2022-01: EUR 12.56 per share

- 2022-02: EUR 12.00 per share

- 2022-03: EUR 11.80 per share

- 2022-04: EUR 12.08 per share

- 2022-05: EUR 12.50 per share

- 2022-06: EUR 12.26 per share

- 2022-07: EUR 12.12 per share

- 2022-08: EUR 11.42 per share

- 2022-09: EUR 9.00 per share

- 2022-10: EUR 10.44 per share

- 2022-11: EUR 12.98 per share

- 2022-12: EUR 11.76 per share

- 2023-01: EUR 13.22 per share

- 2023-02: EUR 14.00 per share

- 2023-03: EUR 13.50 per share

- 2023-04: EUR 13.86 per share

- 2023-05: EUR 13.44 per share

- 2023-06: EUR 12.96 per share

- 2023-07: EUR 12.68 per share

- 2023-08: EUR 12.06 per share

- 2023-09: EUR 11.74 per share

- 2023-10: EUR 11.30 per share

- 2023-11: EUR 12.02 per share

- 2023-12: EUR 12.70 per share

- 2024-01: EUR 13.00 per share

- 2024-02: EUR 13.56 per share

- 2024-03: EUR 14.20 per share

- 2024-04: EUR 14.22 per share

- 2024-05: EUR 14.02 per share

- 2024-06: EUR 14.00 per share

- 2024-07: EUR 14.04 per share

- 2024-08: EUR 13.60 per share

- 2024-09: EUR 13.58 per share

- 2024-10: EUR 14.50 per share

- 2024-11: EUR 16.12 per share

- 2024-12: EUR 17.74 per share

- 2025-01: EUR 20.40 per share

- 2025-02: EUR 23.25 per share

- 2025-03: EUR 26.25 per share

- 2025-04: EUR 30.80 per share

- 2025-05: EUR 29.10 per share

- 2025-06: EUR 28.20 per share

- 2025-07: EUR 29.70 per share

- 2025-08: EUR 29.65 per share

- 2025-09: EUR 28.45 per share

- 2025-10: EUR 27.55 per share

- 2025-11: EUR 30.35 per share

- 2025-12: EUR 32.15 per share

- 2026-01: EUR 34.85 per share

- 2026-02: EUR 39.15 per share

- 2026-03: EUR 35.80 per share

- 2026-04: EUR 39.00 per share

- 2026-05: EUR 40.50 per share

- 2026-06: EUR 44.25 per share

- 2026-07: EUR 37.55 per share

- 2026-08: EUR 37.25 per share

- 2026-09: EUR 32.20 per share

- 2026-10: EUR 30.65 per share

## Annual estimated value (EUR per share)

- FY2016: low EUR 38.71 per share, central EUR 42.06 per share, high EUR 46.46 per share

- FY2017: low EUR 40.76 per share, central EUR 44.86 per share, high EUR 50.32 per share

- FY2018: low EUR 36.10 per share, central EUR 39.81 per share, high EUR 44.74 per share

- FY2019: low EUR 43.04 per share, central EUR 46.57 per share, high EUR 51.28 per share

- FY2020: low EUR 44.81 per share, central EUR 48.11 per share, high EUR 52.50 per share

- FY2024: low EUR 19.33 per share, central EUR 20.15 per share, high EUR 21.24 per share

- FY2025: low EUR 27.27 per share, central EUR 28.19 per share, high EUR 29.41 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 2026-10-15T06:48:33.271Z where newer inputs omit a numeric field or fiscal period.

## Sources

[Original ESEF filing](https://filings.xbrl.org/529900ARBU9SBJFNX419/2025-12-31/ESEF/AT/0/529900ARBU9SBJFNX419-2025-12-31-1-de/reports/529900ARBU9SBJFNX419-2025-12-31-1-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.