# Wilmar International (RTHA.F)

Canonical: https://gigainvestors.com/s/RTHA.F

Analysis as of: 2026-10-16T07:33:28.923Z. Financial observations: FY2016–FY2025.

Listing currency: EUR. Reporting currency: USD.

## 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 2.39 per share; close as of 2026-10-15.

Estimated value: low EUR 4.02 per share, central EUR 4.38 per share, high EUR 4.84 per share. Buy at or below the central value EUR 4.38 per share. Valuation as of 2026-10-16T07:33:28.923Z; scenarios are not confidence intervals.

Expected annual return: 26.3% at the stated quote. About 26.3% a year at today's price (required return 10.0%). required return 10.0% a year (10% floor; SG 10-year bond 2.3% + 4 points).

## Checklist

### understandable: pass

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

- Financial history: 10 years

- Years with declining revenue: 2

- Years with a net loss: 0

- Operating margin variation: 0.20×

Chart: Operating margin; fiscal year observations.

- FY2016: 0.03×

- FY2017: 0.03×

- FY2018: 0.04×

- FY2019: 0.05×

- FY2020: 0.05×

- FY2021: 0.04×

- FY2022: 0.05×

- FY2023: 0.03×

- FY2024: 0.03×

- 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: 4.4%

- ROIC, second-lowest year: 3.6%

- Typical minus recent gross margin: 1.5 pp

- Typical gross margin (annual median): 9.3%

- Recent gross margin (lower of latest and 3-year median): 7.9%

- Years with nonpositive capital: 0

- Capital spending / revenue: 3.1%

- ROIC including acquisitions, ten-year median: 2.8%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: 4.2%

- FY2017: 3.6%

- FY2018: 4.3%

- FY2019: 4.6%

- FY2020: 5.6%

- FY2021: 5.5%

- FY2022: 7.1%

- FY2023: 5.0%

- FY2024: 4.3%

- FY2025: 3.3%

### economics: fail

- incremental invested capital return below threshold

- Owner earnings / net income, 5-yr: 0.87×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: $7.3B

- Net income, five-year total: $8.4B

- Return on incremental invested capital: 1.1%

- Working capital / revenue, annual change: -0.0 pp

- Working capital / revenue, change between three-year averages: -0.4 pp

- Working capital / revenue, final three-year average: 22.0%

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

- FY2021: 0.97×

- FY2022: 0.98×

- FY2023: 0.37×

- FY2024: 0.78×

- FY2025: 1.16×

### management: pass

- Historical market-dollar context (not the management verdict): 2017 to 2025 (8 years)

- potential debt-funded buybacks (informational)

- buybacks leaned toward cheaper years (informational)

- ROIC first 3 years vs last 3 years: 4.2% vs 4.3%

- Per-share earnings: 0.19 to 0.23 (three-year endpoint medians)

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 5-year annual growth: -0.2%

- Market cap gain: $149M

- Cumulative retained earnings: $4.8B

- Diluted shares, 5-year annual growth: -0.2%

- $1 test, starting fiscal year: FY2017

- $1 test, ending fiscal year: FY2025

- Per-share value growth: 2.7%

- Per-share value change: $0.03

- Per-share value, starting three-year median: $0.19

- Per-share value, ending three-year median: $0.23

- Buybacks concentrated in cheaper years (correlation): 0.50

- Average buyback yield: 0.7%

- Buyback history: 3 years

- Debt-funded buybacks: Yes

- Cumulative net income, 10 years: $15B

- ROIC, first three-year median: 4.2%

- ROIC, last three-year median: 4.3%

Chart: Earnings per share; fiscal year observations.

- FY2017: $0.19

- FY2018: $0.18

- FY2019: $0.20

- FY2020: $0.24

- FY2021: $0.30

- FY2022: $0.38

- FY2023: $0.24

- FY2024: $0.19

- FY2025: $0.23

### accounting: pass

- Sloan accruals: -1.4%

- Receivables to sales index (DSRI): 0.90×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 1.7%

- Earnings backed by cash: Yes

- Operating cash / earnings: 1.67×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 0.32×

Chart: Sloan accruals; fiscal year observations.

- FY2016: -0.4%

- FY2017: 2.0%

- FY2018: -0.8%

- FY2019: -4.3%

- FY2020: 1.9%

- FY2021: 3.3%

- FY2022: 0.6%

- FY2023: -3.8%

- FY2024: -0.3%

- FY2025: -1.4%

## Holders

## Price story

Down 25% since Mar 2022 · sales +4.5%

Story as of 2026-10-16T09:59:56.382Z; price observation 2026-10-15.

Price needs cash profits to shrink 13.8% a year for ten years

### Sales · FY2024–2025

sales +4.5%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2016: $41B 

- FY2017: $44B 

- FY2018: $44B 

- FY2019: $43B 

- FY2020: $51B 

- FY2021: $66B 

- FY2022: $73B 

- FY2023: $67B 

- FY2024: $67B 

- FY2025: $70B 

### Gross margin · FY2025

gross margin 8.2%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2016: 9.7% 

- FY2017: 7.9% 

- FY2018: 9.9% 

- FY2019: 10.5% 

- FY2020: 11.1% 

- FY2021: 11.0% 

- FY2022: 8.9% 

- FY2023: 7.9% 

- FY2024: 7.7% 

- FY2025: 8.2% 

## Owner memo

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

### How it makes money

Annual sales are USD 70.4 billion.

- Source: https://eodhd.com/api/fundamentals/RTHA.STU.json#2025-12-31 (filed 2026-10-16T07:33:28.923Z); FY2025: revenue 70415698000; grossProfit 5795770000; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); RTHA.F: Wilmar International Limited, together with its subsidiaries, operates as an agribusiness company in Singapore, the People's Republic of China, Indonesia, Malaysia, Australia, Europe, South Africa, Nigeria, Vietnam, India, and internationally. It operates in four segments: Food Products, Feed and Industrial Products, Plantation and Sugar Milling, and Others. The Food Products segment engages in the processing, branding, and distribution of a range of edible food products, including vegetable oils, sugar, flour, rice, noodles, specialty fats, snacks, bakery, and dairy products; and ready-to-eat meals and central kitchen products. Its Feed and Industrial Products segment is involved in the processing, merchandising, and distribution of products, such as animal feeds, non-edible palm and lauric products, agricultural commodities, oleochemicals, gas oil, and biodiesel. The Plantation and Sugar Milling segment engages in oil palm plantation and sugar milling activities, as well as production of compound fertilizers. Its Others segment provides logistics and jetty port services; and involvement in investment activities. The company also offers specialty fats; vegetarian food; agricultural and technical advisory services; management consulting, investment, industrial estate, warehousing, seaport, and e-commerce services; plastic package and bleaching earth; ethanol; molasses and co-generated electricity; grains; and beverages. In addition, it engages in the trading of electricity/power design; undertaking and erection of turnkey projects; owning, chartering, brokering, and management of ships; and operation of finance and treasury centers. Wilmar International Limited was founded in 1991 and is headquartered in Singapore.

### Why customers stay

Margins ranged from 7.7% to 8.2% during 2023–25; it earns 4.4% on its capital.

- Source: https://eodhd.com/api/fundamentals/RTHA.STU.json#2023-12-31 (filed 2026-10-16T07:33:28.923Z); FY2023: grossProfit / revenue = 7.9%.

- Source: https://eodhd.com/api/fundamentals/RTHA.STU.json#2024-12-31 (filed 2026-10-16T07:33:28.923Z); FY2024: grossProfit / revenue = 7.7%.

- Source: https://eodhd.com/api/fundamentals/RTHA.STU.json#2025-12-31 (filed 2026-10-16T07:33:28.923Z); FY2025: grossProfit / revenue = 8.2%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:28.923Z); 10-year return on capital observations [[2016,0.04162611335516901],[2017,0.03604011459519046],[2018,0.042630505067659585],[2019,0.0457251555517468],[2020,0.05631764508541172],[2021,0.054914491725486535],[2022,0.0709481149538635],[2023,0.049867098279228174],[2024,0.04315813306225594],[2025,0.03255115068545868]]; median 0.04444164430700137. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Reinvests 27.3% of cash earnings; earns 1.1% on new investment.

- Source: https://eodhd.com/api/fundamentals/RTHA.STU.json#2016-12-31 (filed 2026-10-16T07:33:28.923Z); FY2016: growth capex 0; upkeep 777391000; owner earnings 959072000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/api/fundamentals/RTHA.STU.json#2018-12-31 (filed 2026-10-16T07:33:28.923Z); FY2018: growth capex 0; upkeep 1325444000; owner earnings 175630000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/api/fundamentals/RTHA.STU.json#2019-12-31 (filed 2026-10-16T07:33:28.923Z); FY2019: growth capex 0; upkeep 1813215000; owner earnings 316438400. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/api/fundamentals/RTHA.STU.json#2020-12-31 (filed 2026-10-16T07:33:28.923Z); FY2020: growth capex 919131000; upkeep 1057995000; owner earnings 1481114600. Growth capex / owner earnings = 0.6205671053408022.

- Source: https://eodhd.com/api/fundamentals/RTHA.STU.json#2021-12-31 (filed 2026-10-16T07:33:28.923Z); FY2021: growth capex 1380602000; upkeep 1146656000; owner earnings 1837491200. Growth capex / owner earnings = 0.75135162552071.

- Source: https://eodhd.com/api/fundamentals/RTHA.STU.json#2022-12-31 (filed 2026-10-16T07:33:28.923Z); FY2022: growth capex 1329622000; upkeep 1153414000; cash acquisitions 76141000; owner earnings 2359518784.0309496. Growth capex plus acquisitions / owner earnings = 0.5957837714681914.

- Source: https://eodhd.com/api/fundamentals/RTHA.STU.json#2023-12-31 (filed 2026-10-16T07:33:28.923Z); FY2023: growth capex 0; upkeep 2210542000; cash acquisitions 0; owner earnings 568929774.7665806. Growth capex plus acquisitions / owner earnings = 0.

- Source: https://eodhd.com/api/fundamentals/RTHA.STU.json#2024-12-31 (filed 2026-10-16T07:33:28.923Z); FY2024: growth capex 50894263.69354868; upkeep 1520997736.3064513; cash acquisitions 60055000; owner earnings 909302409.3026476. Growth capex plus acquisitions / owner earnings = 0.12201580305790313.

- Source: https://eodhd.com/api/fundamentals/RTHA.STU.json#2025-12-31 (filed 2026-10-16T07:33:28.923Z); FY2025: growth capex 0; upkeep 1080973000; cash acquisitions 445766000; owner earnings 1632105282.5358336. Growth capex plus acquisitions / owner earnings = 0.27312331181687294.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:28.923Z); Incremental return on capital 0.011268337864742056, from the economics test's unchanged annual inputs.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:28.923Z); Dividend observations: [[2016,371241000],[2017,319532000],[2018,494889000],[2019,461833000],[2020,618578000],[2021,968301000],[2022,755435000],[2023,794976000],[2024,796310000],[2025,663285000]]. Zero only counted when supported by a complete cash-flow statement.

### Are managers owners

Insiders own 70.3% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); RTHA.F SharesStats.PercentInsiders = 70.287 percentage points; cache date 2026-10-16.

### What the price says

The price assumes cash profits shrink 13.8% yearly over ten years.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:28.923Z); Ten-year compound average after fade. Initial solved rate -0.20483614373518405. Price 2.392; FX 0.891837899543379; discount 0.1; same standard ten-year fade to terminal 0.03.  Closing-price date 2026-10-15.

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

- 2016-10: EUR 2.18 per share

- 2016-11: EUR 2.30 per share

- 2016-12: EUR 2.33 per share

- 2017-01: EUR 2.50 per share

- 2017-02: EUR 2.45 per share

- 2017-03: EUR 2.32 per share

- 2017-04: EUR 2.26 per share

- 2017-05: EUR 2.25 per share

- 2017-06: EUR 2.09 per share

- 2017-07: EUR 2.07 per share

- 2017-08: EUR 2.03 per share

- 2017-09: EUR 1.94 per share

- 2017-10: EUR 2.12 per share

- 2017-11: EUR 1.94 per share

- 2017-12: EUR 1.93 per share

- 2018-01: EUR 1.95 per share

- 2018-02: EUR 1.96 per share

- 2018-03: EUR 1.94 per share

- 2018-04: EUR 2.07 per share

- 2018-05: EUR 2.04 per share

- 2018-06: EUR 1.91 per share

- 2018-07: EUR 1.93 per share

- 2018-08: EUR 1.98 per share

- 2018-09: EUR 1.99 per share

- 2018-10: EUR 1.97 per share

- 2018-11: EUR 1.96 per share

- 2018-12: EUR 1.98 per share

- 2019-01: EUR 2.19 per share

- 2019-02: EUR 2.05 per share

- 2019-03: EUR 2.15 per share

- 2019-04: EUR 2.37 per share

- 2019-05: EUR 2.10 per share

- 2019-06: EUR 2.36 per share

- 2019-07: EUR 2.56 per share

- 2019-08: EUR 2.44 per share

- 2019-09: EUR 2.43 per share

- 2019-10: EUR 2.46 per share

- 2019-11: EUR 2.69 per share

- 2019-12: EUR 2.75 per share

- 2020-01: EUR 2.55 per share

- 2020-02: EUR 2.49 per share

- 2020-03: EUR 2.03 per share

- 2020-04: EUR 2.32 per share

- 2020-05: EUR 2.55 per share

- 2020-06: EUR 2.57 per share

- 2020-07: EUR 2.80 per share

- 2020-08: EUR 2.68 per share

- 2020-09: EUR 2.71 per share

- 2020-10: EUR 2.52 per share

- 2020-11: EUR 2.64 per share

- 2020-12: EUR 2.90 per share

- 2021-01: EUR 3.18 per share

- 2021-02: EUR 3.24 per share

- 2021-03: EUR 3.41 per share

- 2021-04: EUR 3.27 per share

- 2021-05: EUR 2.94 per share

- 2021-06: EUR 2.83 per share

- 2021-07: EUR 2.69 per share

- 2021-08: EUR 2.61 per share

- 2021-09: EUR 2.66 per share

- 2021-10: EUR 2.76 per share

- 2021-11: EUR 2.64 per share

- 2021-12: EUR 2.69 per share

- 2022-01: EUR 2.80 per share

- 2022-02: EUR 2.88 per share

- 2022-03: EUR 3.19 per share

- 2022-04: EUR 3.05 per share

- 2022-05: EUR 2.85 per share

- 2022-06: EUR 2.81 per share

- 2022-07: EUR 2.83 per share

- 2022-08: EUR 2.91 per share

- 2022-09: EUR 2.66 per share

- 2022-10: EUR 2.78 per share

- 2022-11: EUR 2.89 per share

- 2022-12: EUR 2.84 per share

- 2023-01: EUR 2.82 per share

- 2023-02: EUR 2.70 per share

- 2023-03: EUR 2.89 per share

- 2023-04: EUR 2.66 per share

- 2023-05: EUR 2.63 per share

- 2023-06: EUR 2.64 per share

- 2023-07: EUR 2.62 per share

- 2023-08: EUR 2.54 per share

- 2023-09: EUR 2.57 per share

- 2023-10: EUR 2.42 per share

- 2023-11: EUR 2.42 per share

- 2023-12: EUR 2.40 per share

- 2024-01: EUR 2.29 per share

- 2024-02: EUR 2.26 per share

- 2024-03: EUR 2.35 per share

- 2024-04: EUR 2.19 per share

- 2024-05: EUR 2.09 per share

- 2024-06: EUR 2.11 per share

- 2024-07: EUR 2.12 per share

- 2024-08: EUR 2.12 per share

- 2024-09: EUR 2.27 per share

- 2024-10: EUR 2.19 per share

- 2024-11: EUR 2.10 per share

- 2024-12: EUR 2.11 per share

- 2025-01: EUR 2.25 per share

- 2025-02: EUR 2.22 per share

- 2025-03: EUR 2.27 per share

- 2025-04: EUR 2.02 per share

- 2025-05: EUR 2.06 per share

- 2025-06: EUR 1.97 per share

- 2025-07: EUR 1.96 per share

- 2025-08: EUR 1.91 per share

- 2025-09: EUR 1.87 per share

- 2025-10: EUR 2.05 per share

- 2025-11: EUR 2.11 per share

- 2025-12: EUR 1.98 per share

- 2026-01: EUR 2.26 per share

- 2026-02: EUR 2.31 per share

- 2026-03: EUR 2.57 per share

- 2026-04: EUR 2.35 per share

- 2026-05: EUR 2.36 per share

- 2026-06: EUR 2.39 per share

- 2026-07: EUR 2.62 per share

- 2026-08: EUR 2.55 per share

- 2026-09: EUR 2.43 per share

- 2026-10: EUR 2.37 per share

## Annual estimated value (EUR per share)

- FY2020: low EUR 1.66 per share, central EUR 1.74 per share, high EUR 1.85 per share

- FY2021: low EUR 1.69 per share, central EUR 1.79 per share, high EUR 1.93 per share

- FY2022: low EUR 4.10 per share, central EUR 4.54 per share, high EUR 5.12 per share

- FY2023: low EUR 4.13 per share, central EUR 4.54 per share, high EUR 5.07 per share

- FY2024: low EUR 3.96 per share, central EUR 4.36 per share, high EUR 4.90 per share

- FY2025: low EUR 3.78 per share, central EUR 4.13 per share, high EUR 4.60 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 2026-10-15T06:39:14.492Z 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.