# ROCKWOOL International A/S (ROCK-B.CO)

Canonical: https://gigainvestors.com/s/ROCK-B.CO

Analysis as of: 2026-10-16T07:37:04.907Z. Financial observations: FY2002–FY2025.

Listing currency: DKK. 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: DKK 191.80 per share; close as of 2026-10-15.

## 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: 0.22×

Chart: Operating margin; fiscal year observations.

- FY2016: 0.10×

- FY2017: 0.11×

- FY2018: 0.13×

- FY2019: 0.14×

- FY2020: 0.13×

- FY2021: 0.13×

- FY2022: 0.09×

- FY2023: 0.19×

- FY2024: 0.18×

- FY2025: 0.15×

### moat: fail

- ROIC median below threshold

- Recent gross margin fell 38.1pp below the typical margin (limit 4pp)

- ROIC, median of available years: 14.5%

- ROIC, second-lowest year: 12.8%

- Typical minus recent gross margin: 38.1 pp

- Typical gross margin (annual median): 65.8%

- Recent gross margin (lower of latest and 3-year median): 27.7%

- Years with nonpositive capital: 0

- Capital spending / revenue: 9.4%

- ROIC including acquisitions, ten-year median: 12.0%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: 12.8%

- FY2017: 15.0%

- FY2018: 19.8%

- FY2019: 17.0%

- FY2020: 13.8%

- FY2021: 14.0%

- FY2022: 11.2%

- FY2023: 21.1%

- FY2024: 20.3%

- FY2025: 13.2%

### economics: fail

- owner earnings cash conversion below threshold

- Owner earnings / net income, 5-yr: 0.79×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: EUR 1.2B

- Net income, five-year total: EUR 1.5B

- Return on incremental invested capital: 22.0%

- Working capital / revenue, annual change: 0.3 pp

- Working capital / revenue, change between three-year averages: 2.1 pp

- Working capital / revenue, final three-year average: 13.6%

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

- FY2021: 0.96×

- FY2022: 0.94×

- FY2023: 0.79×

- FY2024: 0.97×

- FY2025: -6.00×

### 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: 15.0% vs 20.3%

- Per-share earnings: 0.77 to 1.79 (three-year endpoint medians)

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: -0.5%

- Ordinary dilution, 5-year annual growth: -1.1%

- Market cap gain: EUR 2.7B

- Cumulative retained earnings: EUR 1.4B

- Diluted shares, 10-year annual growth: -0.5%

- Diluted shares, 5-year annual growth: -1.1%

- $1 test, starting fiscal year: FY2016

- $1 test, ending fiscal year: FY2025

- Per-share value growth: 11.1%

- Per-share value change: EUR 1.02

- Per-share value, starting three-year median: EUR 0.77

- Per-share value, ending three-year median: EUR 1.79

- Buybacks concentrated in cheaper years (correlation): -0.21

- Average buyback yield: 0.6%

- Buyback history: 10 years

- Debt-funded buybacks: No

- Acquisition spending: EUR 121M

- Cumulative net income, 10 years: EUR 2.7B

- ROIC, first three-year median: 15.0%

- ROIC, last three-year median: 20.3%

Chart: Earnings per share; fiscal year observations.

- FY2016: EUR 0.77

- FY2017: EUR 0.98

- FY2018: EUR 1.21

- FY2019: EUR 1.31

- FY2020: EUR 1.14

- FY2021: EUR 1.39

- FY2022: EUR 1.27

- FY2023: EUR 1.79

- FY2024: EUR 2.60

- FY2025: EUR 0.14

### accounting: pass

- Sloan accruals: -16.0%

- Receivables to sales index (DSRI): 1.07×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 0.5%

- Earnings backed by cash: Yes

- Operating cash / earnings: 21.79×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 0.07×

Chart: Sloan accruals; fiscal year observations.

- FY2016: -8.0%

- FY2017: -5.5%

- FY2018: -5.9%

- FY2019: -4.3%

- FY2020: -6.8%

- FY2021: -4.0%

- FY2022: -3.5%

- FY2023: -8.9%

- FY2024: -6.9%

- FY2025: -16.0%

## Holders

## Price story

Down 39% since Sep 2024 · sales +0.4%

Story as of 2026-10-16T10:00:08.580Z; price observation 2026-10-15.

- 2025-08-20: ROCKWOOL adjusts outlook related to revenue and earnings for full-year 2025 ([finance.yahoo.com](https://finance.yahoo.com/news/rockwool-adjusts-outlook-related-revenue-131400715.html))

- 2025-11-11: ROCKWOOL adjusts outlook for full-year earnings for 2025 ([finance.yahoo.com](https://finance.yahoo.com/news/rockwool-adjusts-outlook-full-earnings-152600570.html))

- 2026-05-11: ROCKWOOL adjusts upwards its outlook for full-year revenue growth and investments for 2026 ([finance.yahoo.com](https://finance.yahoo.com/markets/stocks/articles/rockwool-adjusts-upwards-outlook-full-113100354.html))

### Sales · FY2024–2025

sales +0.4%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2016: EUR 2.2B 

- FY2017: EUR 2.4B 

- FY2018: EUR 2.7B 

- FY2019: EUR 2.8B 

- FY2020: EUR 2.6B 

- FY2021: EUR 3.1B 

- FY2022: EUR 3.9B 

- FY2023: EUR 3.6B 

- FY2024: EUR 3.9B 

- FY2025: EUR 3.9B 

### Gross margin · FY2025

gross margin 27.7%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2016: 66.5% 

- FY2017: 65.6% 

- FY2018: 66.0% 

- FY2019: 66.3% 

- FY2020: 67.5% 

- FY2021: 63.9% 

- FY2022: 56.9% 

- FY2023: 64.0% 

- FY2024: 66.7% 

- FY2025: 27.7% 

## Owner memo

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

### How it makes money

Operates in building products & equipment; annual sales are EUR 3.9 billion.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:04.907Z); FY2025: revenue 3870948850; grossProfit 1073322159; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); ROCK-B.CO: Rockwool A/S produces and sells stone wool insulation products in Western Europe, Eastern Europe, Russia, North America, Asia, and internationally. The company operates through two segments: Insulation and Systems segments. The company offers products, including solutions for ceiling systems, ventilated façades, friction and water management and stone wool substrate. It also offers roof, floor, façade, ceiling, partition wall, internal and exterior wall, HVAC, acoustic, and technical insulation, as well as passive fire protection, industrial insulation, marine and offshore insulation, OEM, basement, chimney, shed, and garage insulation products. In addition, the company provides acoustic ceilings and walls, cladding boards, rainwater management, and prefab building systems, engineered fibers, noise and vibration control, and horticultural substrates. It sells its products under the ROCKWOOL, Rockfon, Rockpanel, Grodan, and Lapinus brand names. Rockwool A/S was founded in 1909 and is based in Hedehusene, Denmark.

### Why customers stay

Margins ranged from 27.7% to 66.7% during 2023–25; it earns 14.5% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:04.907Z); FY2023: grossProfit / revenue = 64%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:04.907Z); FY2024: grossProfit / revenue = 66.7%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:04.907Z); FY2025: grossProfit / revenue = 27.7%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:04.907Z); 10-year return on capital observations [[2016,0.12797905781630528],[2017,0.15024322588579317],[2018,0.1979021499771279],[2019,0.17037143266886562],[2020,0.1376067474960464],[2021,0.14021205941521758],[2022,0.11238514149940823],[2023,0.21145014575538879],[2024,0.20259266918265006],[2025,0.13221352647476775]]; median 0.14522764265050536. 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 156.8 million of shares.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:04.907Z); FY2016: growth capex 0; upkeep 100200000; owner earnings 225800000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:04.907Z); FY2017: growth capex 0; upkeep 131900000; owner earnings 240900000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:04.907Z); FY2018: growth capex 57000000; upkeep 166000000; owner earnings 265000000. Growth capex / owner earnings = 0.21509433962264152.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:04.907Z); FY2019: growth capex 44309580.57943058; upkeep 355690419.4205694; owner earnings 92909580.57943058. Growth capex / owner earnings = 0.4769107803855522.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:04.907Z); FY2020: growth capex 0; upkeep 362000000; owner earnings 61000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:04.907Z); FY2021: growth capex 101000000; upkeep 201000000; owner earnings 290400000. Growth capex / owner earnings = 0.3477961432506887.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:04.907Z); FY2022: growth capex 98000000; upkeep 236000000; owner earnings 256000000. Growth capex / owner earnings = 0.3828125.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:04.907Z); FY2023: growth capex 0; upkeep 326000000; owner earnings 308600000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:04.907Z); FY2024: growth capex 124000000; upkeep 263000000; owner earnings 533400000. Growth capex / owner earnings = 0.23247094113235844.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:04.907Z); Dividend observations: [[2016,33400000],[2017,54900000],[2018,70000000],[2019,87000000],[2020,94000000],[2021,93000000],[2022,102000000],[2023,101000000],[2024,125000000],[2025,177722180]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:04.907Z); FY2025: cash repurchases 156754957 EUR.

### Are managers owners

Insiders own 0% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); ROCK-B.CO SharesStats.PercentInsiders = 0 percentage points; cache date 2026-10-16.

### What the price says

The price is 1.4 times annual sales; cash earnings are negative.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:04.907Z); Closing price 191.8 DKK; reporting-to-trading FX 7.470219853431046; FY2025 annual sales per share 18.695683997712635; price multiple 1.373326689941783. FY2025 cash earnings/share -0.8098823732181. Closing-price date 2026-10-15.

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

- 2016-10: DKK 113.40 per share

- 2016-11: DKK 113.20 per share

- 2016-12: DKK 124.60 per share

- 2017-01: DKK 122.80 per share

- 2017-02: DKK 115.90 per share

- 2017-03: DKK 123.70 per share

- 2017-04: DKK 125.00 per share

- 2017-05: DKK 132.50 per share

- 2017-06: DKK 143.30 per share

- 2017-07: DKK 143.00 per share

- 2017-08: DKK 157.10 per share

- 2017-09: DKK 170.90 per share

- 2017-10: DKK 173.50 per share

- 2017-11: DKK 172.00 per share

- 2017-12: DKK 175.90 per share

- 2018-01: DKK 167.40 per share

- 2018-02: DKK 180.90 per share

- 2018-03: DKK 179.50 per share

- 2018-04: DKK 186.40 per share

- 2018-05: DKK 224.40 per share

- 2018-06: DKK 249.20 per share

- 2018-07: DKK 255.20 per share

- 2018-08: DKK 278.20 per share

- 2018-09: DKK 275.00 per share

- 2018-10: DKK 225.20 per share

- 2018-11: DKK 171.50 per share

- 2018-12: DKK 170.00 per share

- 2019-01: DKK 174.40 per share

- 2019-02: DKK 160.10 per share

- 2019-03: DKK 155.90 per share

- 2019-04: DKK 177.80 per share

- 2019-05: DKK 170.80 per share

- 2019-06: DKK 167.60 per share

- 2019-07: DKK 165.10 per share

- 2019-08: DKK 132.30 per share

- 2019-09: DKK 137.00 per share

- 2019-10: DKK 131.60 per share

- 2019-11: DKK 151.50 per share

- 2019-12: DKK 157.80 per share

- 2020-01: DKK 157.40 per share

- 2020-02: DKK 156.10 per share

- 2020-03: DKK 123.00 per share

- 2020-04: DKK 143.00 per share

- 2020-05: DKK 187.60 per share

- 2020-06: DKK 179.50 per share

- 2020-07: DKK 205.20 per share

- 2020-08: DKK 237.00 per share

- 2020-09: DKK 244.00 per share

- 2020-10: DKK 249.80 per share

- 2020-11: DKK 228.00 per share

- 2020-12: DKK 227.80 per share

- 2021-01: DKK 232.20 per share

- 2021-02: DKK 223.40 per share

- 2021-03: DKK 267.40 per share

- 2021-04: DKK 277.70 per share

- 2021-05: DKK 302.70 per share

- 2021-06: DKK 305.30 per share

- 2021-07: DKK 332.70 per share

- 2021-08: DKK 333.30 per share

- 2021-09: DKK 275.40 per share

- 2021-10: DKK 294.00 per share

- 2021-11: DKK 273.20 per share

- 2021-12: DKK 286.00 per share

- 2022-01: DKK 252.40 per share

- 2022-02: DKK 228.10 per share

- 2022-03: DKK 223.20 per share

- 2022-04: DKK 199.40 per share

- 2022-05: DKK 192.95 per share

- 2022-06: DKK 159.75 per share

- 2022-07: DKK 179.70 per share

- 2022-08: DKK 153.05 per share

- 2022-09: DKK 120.30 per share

- 2022-10: DKK 150.00 per share

- 2022-11: DKK 154.95 per share

- 2022-12: DKK 163.30 per share

- 2023-01: DKK 195.00 per share

- 2023-02: DKK 160.25 per share

- 2023-03: DKK 168.05 per share

- 2023-04: DKK 163.25 per share

- 2023-05: DKK 166.10 per share

- 2023-06: DKK 176.30 per share

- 2023-07: DKK 182.45 per share

- 2023-08: DKK 175.85 per share

- 2023-09: DKK 171.25 per share

- 2023-10: DKK 156.80 per share

- 2023-11: DKK 184.90 per share

- 2023-12: DKK 197.60 per share

- 2024-01: DKK 189.00 per share

- 2024-02: DKK 220.50 per share

- 2024-03: DKK 226.90 per share

- 2024-04: DKK 229.60 per share

- 2024-05: DKK 288.00 per share

- 2024-06: DKK 282.60 per share

- 2024-07: DKK 304.80 per share

- 2024-08: DKK 292.40 per share

- 2024-09: DKK 314.40 per share

- 2024-10: DKK 295.40 per share

- 2024-11: DKK 257.40 per share

- 2024-12: DKK 255.20 per share

- 2025-01: DKK 255.80 per share

- 2025-02: DKK 283.00 per share

- 2025-03: DKK 284.00 per share

- 2025-04: DKK 299.00 per share

- 2025-05: DKK 311.35 per share

- 2025-06: DKK 296.40 per share

- 2025-07: DKK 286.40 per share

- 2025-08: DKK 241.00 per share

- 2025-09: DKK 236.10 per share

- 2025-10: DKK 221.90 per share

- 2025-11: DKK 217.45 per share

- 2025-12: DKK 225.40 per share

- 2026-01: DKK 213.55 per share

- 2026-02: DKK 209.55 per share

- 2026-03: DKK 176.12 per share

- 2026-04: DKK 185.10 per share

- 2026-05: DKK 202.40 per share

- 2026-06: DKK 209.20 per share

- 2026-07: DKK 207.80 per share

- 2026-08: DKK 207.20 per share

- 2026-09: DKK 187.80 per share

- 2026-10: DKK 191.80 per share

## Annual estimated value (DKK 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.