# RATIONAL Aktiengesellschaft (RAA.XETRA)

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

Analysis as of: 2026-10-16T07:36:25.504Z. Financial observations: FY2002–FY2025.

Listing currency: EUR. Reporting currency: EUR.

## Verdict

A wonderful business at too high a price

Quality tests for Buy: pass (profit record: pass; earnings resilience is evidence only). Published buy qualification: no.

Share price: EUR 611.00 per share; close as of 2026-10-15.

Estimated value: low EUR 344.40 per share, central EUR 486.01 per share, high EUR 564.99 per share. Buy at or below the central value EUR 486.01 per share. Valuation as of 2026-10-16T07:36:25.504Z; scenarios are not confidence intervals.

Expected annual return: 8.5% at the stated quote. About 8.5% 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

- 1 revenue decline in the last 10 years (informational)

- Financial history: 10 years

- Years with declining revenue: 1

- Years with a net loss: 0

- Operating margin variation: 0.15×

Chart: Operating margin; fiscal year observations.

- FY2016: 0.28×

- FY2017: 0.27×

- FY2018: 0.26×

- FY2019: 0.27×

- FY2020: 0.16×

- FY2021: 0.20×

- FY2022: 0.23×

- FY2023: 0.25×

- FY2024: 0.27×

- FY2025: 0.26×

### moat: pass

- ROIC, median of available years: 56.6%

- ROIC, second-lowest year: 33.0%

- Typical minus recent gross margin: -0.2 pp

- Typical gross margin (annual median): 58.9%

- Recent gross margin (lower of latest and 3-year median): 59.0%

- Years with nonpositive capital: 0

- Capital spending / revenue: 3.8%

- ROIC including acquisitions, ten-year median: 51.7%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: 39.8%

- FY2017: 61.1%

- FY2018: 70.3%

- FY2019: 64.9%

- FY2020: 24.4%

- FY2021: 33.0%

- FY2022: 37.8%

- FY2023: 55.4%

- FY2024: 63.4%

- FY2025: 57.7%

### economics: pass

- Owner earnings / net income, 5-yr: 0.99×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: EUR 1.0B

- Net income, five-year total: EUR 1.0B

- Return on incremental invested capital: 43.6%

- Working capital / revenue, annual change: 0.6 pp

- Working capital / revenue, change between three-year averages: 3.7 pp

- Working capital / revenue, final three-year average: 22.7%

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

- FY2021: 1.01×

- FY2022: 0.98×

- FY2023: 0.97×

- FY2024: 1.00×

- FY2025: 0.99×

### management: pass

- 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: 61.1% vs 57.7%

- Per-share earnings: 11.18 to 22.03 (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 2.7B

- Cumulative retained earnings: EUR 546M

- 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: 8.9%

- Per-share value change: EUR 10.86

- Per-share value, starting three-year median: EUR 11.18

- Per-share value, ending three-year median: EUR 22.03

- Buyback history: 0 years

- Debt-funded buybacks: No

- Acquisition spending: EUR 18M

- Cumulative net income, 10 years: EUR 1.7B

- ROIC, first three-year median: 61.1%

- ROIC, last three-year median: 57.7%

Chart: Earnings per share; fiscal year observations.

- FY2016: EUR 11.18

- FY2017: EUR 12.58

- FY2018: EUR 13.84

- FY2019: EUR 15.09

- FY2020: EUR 7.04

- FY2021: EUR 10.88

- FY2022: EUR 16.33

- FY2023: EUR 18.98

- FY2024: EUR 22.03

- FY2025: EUR 22.33

### accounting: pass

- Sloan accruals: -0.8%

- Receivables to sales index (DSRI): 1.12×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 0.0%

- Earnings backed by cash: Yes

- Operating cash / earnings: 1.04×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 0.02×

Chart: Sloan accruals; fiscal year observations.

- FY2016: -0.4%

- FY2017: -0.5%

- FY2018: 2.1%

- FY2019: -3.9%

- FY2020: -1.9%

- FY2021: -6.1%

- FY2022: 2.8%

- FY2023: -4.3%

- FY2024: -2.9%

- FY2025: -0.8%

## Holders

## Price story

Down 33% since Sep 2024 · sales +5.5%

Story as of 2026-10-16T10:00:07.463Z; price observation 2026-10-15.

Price needs cash profits to grow 10.5% a year for ten years

### Sales · FY2024–2025

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

- FY2016: EUR 613M 

- FY2017: EUR 702M 

- FY2018: EUR 778M 

- FY2019: EUR 844M 

- FY2020: EUR 650M 

- FY2021: EUR 780M 

- FY2022: EUR 1.0B 

- FY2023: EUR 1.1B 

- FY2024: EUR 1.2B 

- FY2025: EUR 1.3B 

### Gross margin · FY2025

gross margin 59%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2016: 61.8% 

- FY2017: 60.7% 

- FY2018: 58.7% 

- FY2019: 59.0% 

- FY2020: 55.4% 

- FY2021: 55.1% 

- FY2022: 55.3% 

- FY2023: 56.7% 

- FY2024: 59.2% 

- FY2025: 59.0% 

## Owner memo

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

### How it makes money

Operates in specialty industrial machinery; annual sales are EUR 1.3 billion.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:25.504Z); FY2025: revenue 1259558000; grossProfit 743442000; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); RAA.XETRA: RATIONAL Aktiengesellschaft engages in the development, production, and sale of cooking systems for industrial kitchens in Germany, Austria, Switzerland, United States, Canada, Mexico, China, Japan, and South Korea. The company offers iCombi Pro; iCombi Classic; combi ovens; iVario Pro, a multi-functional cooking system; The iHexagon; and ConnectedCooking, a digital kitchen management solution. It also provides accessories, care products, service parts, and services. The company serves restaurants and hotels; catering, such as company canteens, hospitals, schools, universities, military facilities, prisons, and retirement homes; and quick service restaurants, caterers, supermarkets, bakeries, snack outlets, butchers' shops, service stations, and delivery services. It sells its products through independent distribution partners. The company was founded in 1973 and is headquartered in Landsberg am Lech, Germany.

### Why customers stay

Margins ranged from 56.7% to 59.2% during 2023–25; it earns 56.6% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:25.504Z); FY2023: grossProfit / revenue = 56.7%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:25.504Z); FY2024: grossProfit / revenue = 59.2%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:25.504Z); FY2025: grossProfit / revenue = 59%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:25.504Z); 10-year return on capital observations [[2016,0.3980475180305602],[2017,0.6106853001231988],[2018,0.702571279586745],[2019,0.64862019114388],[2020,0.24386637291792995],[2021,0.33012829176216746],[2022,0.37794137922894566],[2023,0.554255469792084],[2024,0.6335244114814721],[2025,0.577303718306257]]; median 0.5657795940491706. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Can it raise prices

Kept about a 55% gross margin through 2022 cost inflation.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:25.504Z); Gross margin observations: [[2021,0.5505390299768895],[2022,0.5527155705754907],[2023,0.5672405799058123]]; range within 2 percentage points.

### Where the cash goes

Paid dividends in 10 of 10 years.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:25.504Z); FY2016: growth capex 6416633.351256289; upkeep 18175366.64874371; owner earnings 118831633.35125628. Growth capex / owner earnings = 0.05399768706611363.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:25.504Z); FY2017: growth capex 12435938.586124353; upkeep 21788061.413875647; owner earnings 133039938.58612436. Growth capex / owner earnings = 0.09347522795249832.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:25.504Z); FY2018: growth capex 11409002.35064482; upkeep 34756997.64935518; owner earnings 136530002.35064483. Growth capex / owner earnings = 0.08356406763506465.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:25.504Z); FY2019: growth capex 10995945.148867987; upkeep 29678054.851132013; owner earnings 163474145.148868. Growth capex / owner earnings = 0.0672641238701968.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:25.504Z); FY2020: growth capex 0; upkeep 33397000; owner earnings 72361800. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:25.504Z); FY2021: growth capex 0; upkeep 25820000; owner earnings 124663400. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:25.504Z); FY2022: growth capex 6266000; upkeep 30918000; owner earnings 182111400. Growth capex / owner earnings = 0.034407511006999014.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:25.504Z); FY2023: growth capex 2013000; upkeep 32619000; owner earnings 210146400. Growth capex / owner earnings = 0.00957903632895924.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:25.504Z); FY2024: growth capex 0; upkeep 31618000; owner earnings 250346600. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:25.504Z); FY2025: growth capex 0; upkeep 33704000; owner earnings 251728200. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:25.504Z); Dividend observations: [[2016,85275000],[2017,113700000],[2018,125070000],[2019,108015000],[2020,64809000],[2021,54576000],[2022,113700000],[2023,153495000],[2024,153495000],[2025,170550000]]. Zero only counted when supported by a complete cash-flow statement.

### Are managers owners

Insiders own 55.2% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); RAA.XETRA SharesStats.PercentInsiders = 55.2 percentage points; cache date 2026-10-16.

### What could break it

US import tariffs could raise product costs.

- Source: https://www.rational-online.com/media/investor-relations/veroeffentlichungen-gj-2025/rational-ag---annual-report-fy-2025-(double-pages).pdf (filed ); modity
Outlook
 costs for 2026.
Outlook assumptions
Our outlook takes into account all factors deemed material Assessment of geopolitical prospects
affecting business performance at the time this report was The current political and military conflicts around the world are
prepared. Such factors include general market indicators as well not expected to have a material impact on our value chains and
as sector and company-specific matters. The market-related business performance, provided they do not spread to other
parameters are growth of the global economy, movements in regions. The US import tariffs introduced in spring 2025 are
exchange rates and commodity prices, and the geopolitical having a negative impact on export conditions. Currency
situation. Sector-related matters relate to the users of our fluctuations are another contributing factor as they make
products, dealers and the competitive situation. Company- costings more difficult and eat into margins.
specific factors are customer and empl

al requirements. In 2026, we will again consciously
infrastructure programmes provide additional growth increase some of our operating expenses, while critically
opportunities, even though short-term risks such as tariffs and examining the need for others. We are planning targeted
currency fluctuations may have a negative impact. measures in sales to continue to win more customers and
 increase customer proximity. We will not raise costs not related
In the overseas markets, the assessment of the overall to sales to the same extent. Overall, we expect that the Group’s
economic situation is somewhat more positive. With our easy- operating costs will rise slightly faster than consolidated sales
to-use and energy-efficient cooking systems, we help our revenues.
customers to counter rising input prices and skills shortages.
We see growing demand and the promotion of energy-saving On this basis, we anticipate that EBIT will rise slower than sales
and climate-friendly investments in commercial kitchens as revenues. We expect an EBIT margin of between 25% and
positive factors for our business performance. Our cooking 26%. ROCE in fiscal year 2026 is projected to be at around
systems use less water and power than conventional cooking 35%.
appliances and, we believe, can also provide healthier food.
 Fundamental
information
 Significant
 events
 Economic
 report
 Outlook and report on
 o

r than conventional cooking 35%.
appliances and, we believe, can also provide healthier food.
 Fundamental
information
 Significant
 events
 Economic
 report
 Outlook and report on
 opportunities and risks
 Group Sustainability
 Statement
 Takeover-related
 disclosures
 Combined corporate
 governance statement 21
about the
Group
10 13 14 20 32 100 100




Sustainably solid underlying financial position We anticipate that, together with our employees and
For 2026, we expect the G

### What the price says

The price assumes cash profits grow 10.5% yearly over ten years; actual growth was 7.7%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:25.504Z); Ten-year compound average after fade. Initial solved rate 0.18227631761517016. Price 611; FX 1; discount 0.1; same compounder ten-year fade to terminal 0.03. FY2015 owner earnings/share 10.548367195161127 → FY2025 22.139683377308707. Closing-price date 2026-10-15.

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

- 2016-10: EUR 472.50 per share

- 2016-11: EUR 415.40 per share

- 2016-12: EUR 424.00 per share

- 2017-01: EUR 420.00 per share

- 2017-02: EUR 432.10 per share

- 2017-03: EUR 436.55 per share

- 2017-04: EUR 461.30 per share

- 2017-05: EUR 480.40 per share

- 2017-06: EUR 466.00 per share

- 2017-07: EUR 531.05 per share

- 2017-08: EUR 545.50 per share

- 2017-09: EUR 582.20 per share

- 2017-10: EUR 563.00 per share

- 2017-11: EUR 549.60 per share

- 2017-12: EUR 537.20 per share

- 2018-01: EUR 566.00 per share

- 2018-02: EUR 533.50 per share

- 2018-03: EUR 511.00 per share

- 2018-04: EUR 519.50 per share

- 2018-05: EUR 535.00 per share

- 2018-06: EUR 559.00 per share

- 2018-07: EUR 586.00 per share

- 2018-08: EUR 687.00 per share

- 2018-09: EUR 624.00 per share

- 2018-10: EUR 512.00 per share

- 2018-11: EUR 502.50 per share

- 2018-12: EUR 496.00 per share

- 2019-01: EUR 547.00 per share

- 2019-02: EUR 576.00 per share

- 2019-03: EUR 550.00 per share

- 2019-04: EUR 602.00 per share

- 2019-05: EUR 569.50 per share

- 2019-06: EUR 605.50 per share

- 2019-07: EUR 616.00 per share

- 2019-08: EUR 634.00 per share

- 2019-09: EUR 658.00 per share

- 2019-10: EUR 682.50 per share

- 2019-11: EUR 695.00 per share

- 2019-12: EUR 717.00 per share

- 2020-01: EUR 679.50 per share

- 2020-02: EUR 607.50 per share

- 2020-03: EUR 483.80 per share

- 2020-04: EUR 440.80 per share

- 2020-05: EUR 482.40 per share

- 2020-06: EUR 498.40 per share

- 2020-07: EUR 506.00 per share

- 2020-08: EUR 536.00 per share

- 2020-09: EUR 669.00 per share

- 2020-10: EUR 643.50 per share

- 2020-11: EUR 745.00 per share

- 2020-12: EUR 761.50 per share

- 2021-01: EUR 793.50 per share

- 2021-02: EUR 709.00 per share

- 2021-03: EUR 662.50 per share

- 2021-04: EUR 693.60 per share

- 2021-05: EUR 735.00 per share

- 2021-06: EUR 764.00 per share

- 2021-07: EUR 915.80 per share

- 2021-08: EUR 968.60 per share

- 2021-09: EUR 814.60 per share

- 2021-10: EUR 859.60 per share

- 2021-11: EUR 814.20 per share

- 2021-12: EUR 900.40 per share

- 2022-01: EUR 739.80 per share

- 2022-02: EUR 658.00 per share

- 2022-03: EUR 627.00 per share

- 2022-04: EUR 583.50 per share

- 2022-05: EUR 605.00 per share

- 2022-06: EUR 554.50 per share

- 2022-07: EUR 678.50 per share

- 2022-08: EUR 538.50 per share

- 2022-09: EUR 500.50 per share

- 2022-10: EUR 571.00 per share

- 2022-11: EUR 592.50 per share

- 2022-12: EUR 555.00 per share

- 2023-01: EUR 602.00 per share

- 2023-02: EUR 628.00 per share

- 2023-03: EUR 617.00 per share

- 2023-04: EUR 655.00 per share

- 2023-05: EUR 627.50 per share

- 2023-06: EUR 663.00 per share

- 2023-07: EUR 680.50 per share

- 2023-08: EUR 703.50 per share

- 2023-09: EUR 600.00 per share

- 2023-10: EUR 537.50 per share

- 2023-11: EUR 587.50 per share

- 2023-12: EUR 699.50 per share

- 2024-01: EUR 714.00 per share

- 2024-02: EUR 760.00 per share

- 2024-03: EUR 799.00 per share

- 2024-04: EUR 804.00 per share

- 2024-05: EUR 779.00 per share

- 2024-06: EUR 777.50 per share

- 2024-07: EUR 809.50 per share

- 2024-08: EUR 911.50 per share

- 2024-09: EUR 915.00 per share

- 2024-10: EUR 900.00 per share

- 2024-11: EUR 885.00 per share

- 2024-12: EUR 824.00 per share

- 2025-01: EUR 858.50 per share

- 2025-02: EUR 867.50 per share

- 2025-03: EUR 765.00 per share

- 2025-04: EUR 752.50 per share

- 2025-05: EUR 723.50 per share

- 2025-06: EUR 712.00 per share

- 2025-07: EUR 679.50 per share

- 2025-08: EUR 637.00 per share

- 2025-09: EUR 649.00 per share

- 2025-10: EUR 635.50 per share

- 2025-11: EUR 644.00 per share

- 2025-12: EUR 661.50 per share

- 2026-01: EUR 678.00 per share

- 2026-02: EUR 738.50 per share

- 2026-03: EUR 622.00 per share

- 2026-04: EUR 623.50 per share

- 2026-05: EUR 659.00 per share

- 2026-06: EUR 640.50 per share

- 2026-07: EUR 674.00 per share

- 2026-08: EUR 630.50 per share

- 2026-09: EUR 569.00 per share

- 2026-10: EUR 603.50 per share

## Annual estimated value (EUR per share)

- FY2016: low EUR 160.28 per share, central EUR 211.72 per share, high EUR 246.69 per share

- FY2017: low EUR 187.49 per share, central EUR 245.04 per share, high EUR 284.26 per share

- FY2018: low EUR 198.73 per share, central EUR 262.00 per share, high EUR 303.62 per share

- FY2019: low EUR 216.79 per share, central EUR 285.39 per share, high EUR 330.51 per share

- FY2020: low EUR 137.12 per share, central EUR 153.43 per share, high EUR 175.15 per share

- FY2021: low EUR 165.84 per share, central EUR 204.42 per share, high EUR 235.33 per share

- FY2022: low EUR 224.34 per share, central EUR 304.73 per share, high EUR 354.70 per share

- FY2023: low EUR 289.55 per share, central EUR 407.05 per share, high EUR 472.59 per share

- FY2024: low EUR 312.83 per share, central EUR 437.40 per share, high EUR 506.87 per share

- FY2025: low EUR 345.48 per share, central EUR 483.23 per share, high EUR 560.05 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.