# Rwe Ag (RWE.XETRA)

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

Analysis as of: 2026-10-16T07:33:55.708Z. Financial observations: FY2002–FY2025.

Listing currency: EUR. Reporting currency: EUR.

## Verdict

Not a wonderful business

Quality tests for Buy: not passed (profit record: fail; earnings resilience is evidence only). Published buy qualification: no.

Share price: EUR 57.92 per share; close as of 2026-10-15.

## Checklist

### understandable: fail

- 7 revenue declines in the last 10 years

- more than 5 revenue declines in ten years

- operating margin variation exceeds 0.35

- Financial history: 10 years

- Years with declining revenue: 7

- Years with a net loss: 2

- Operating margin variation: 2.77×

Chart: Operating margin; fiscal year observations.

- FY2016: -0.10×

- FY2017: 0.07×

- FY2018: -0.01×

- FY2019: 0.08×

- FY2020: -0.12×

- FY2021: 0.12×

- FY2022: 0.08×

- FY2023: -0.01×

- FY2024: 0.15×

- FY2025: 0.05×

### moat: fail

- Years with nonpositive invested capital use equity plus debt and leases; positive earnings with no positive capital are shown above 100%.

- ROIC median below threshold

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

- Recent gross margin fell 17.3pp below the typical margin (limit 4pp)

- ROIC, median of available years: 4.5%

- ROIC, second-lowest year: -12.4%

- Typical minus recent gross margin: 17.3 pp

- Typical gross margin (annual median): 25.2%

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

- Years with nonpositive capital: 1

- Capital spending / revenue: 14.3%

- ROIC including acquisitions, ten-year median: 1.9%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: -17.2%

- FY2017: 71.3%

- FY2018: -3.8%

- FY2019: 6.3%

- FY2020: -12.4%

- FY2021: 17.3%

- FY2022: 14.1%

- FY2023: -0.9%

- FY2024: 9.8%

- FY2025: 2.6%

### economics: fail

- owner earnings cash conversion below threshold

- incremental invested capital return below threshold

- Owner earnings / net income, 5-yr: -0.26×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: EUR -3.4B

- Net income, five-year total: EUR 13B

- Return on incremental invested capital: 11.1%

- Working capital / revenue, annual change: 2.7 pp

- Working capital / revenue, change between three-year averages: 5.5 pp

- Working capital / revenue, final three-year average: 17.0%

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

- FY2021: 0.61×

- FY2022: 1.00×

- FY2023: -0.18×

- FY2024: -0.29×

- FY2025: -1.54×

### management: fail

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

- potential debt-funded buybacks (informational)

- buybacks unrelated to price (informational)

- ROIC first 3 years vs last 3 years: -3.8% vs 2.6%

- Per-share earnings: -0.12 to 4.21 (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: 1.9%

- Ordinary dilution, 5-year annual growth: 3.2%

- Market cap gain: EUR 26B

- Cumulative retained earnings: EUR 24B

- Diluted shares, 10-year annual growth: 1.9%

- Diluted shares, 5-year annual growth: 3.2%

- $1 test, starting fiscal year: FY2016

- $1 test, ending fiscal year: FY2025

- Per-share value change: EUR 4.33

- Per-share value, starting three-year median: EUR -0.12

- Per-share value, ending three-year median: EUR 4.21

- Buybacks concentrated in cheaper years (correlation): -0.09

- Average buyback yield: 0.8%

- Buyback history: 6 years

- Debt-funded buybacks: Yes

- Acquisition spending: EUR 8.3B

- Cumulative net income, 10 years: EUR 10B

- ROIC, first three-year median: -3.8%

- ROIC, last three-year median: 2.6%

Chart: Earnings per share; fiscal year observations.

- FY2016: EUR -9.19

- FY2017: EUR 3.16

- FY2018: EUR 0.64

- FY2019: EUR -1.07

- FY2020: EUR 1.65

- FY2021: EUR 1.06

- FY2022: EUR 4.02

- FY2023: EUR 1.95

- FY2024: EUR 6.90

- FY2025: EUR 4.21

### accounting: pass

- Sloan accruals: -1.7%

- Receivables to sales index (DSRI): 1.38×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 0.0%

- Earnings backed by cash: Yes

- Operating cash / earnings: 1.58×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 0.25×

Chart: Sloan accruals; fiscal year observations.

- FY2016: -10.5%

- FY2017: 5.4%

- FY2018: -7.8%

- FY2019: 1.3%

- FY2020: -5.1%

- FY2021: -4.6%

- FY2022: 0.2%

- FY2023: -2.6%

- FY2024: -1.5%

- FY2025: -1.7%

## Holders

## Price story

Up 60% since Oct 2023 · "RWE Plans $20 Billion Expansion in U.S. to Meet Data Center Demand" (finance.yahoo.com, Mar 2026) · sales -27.2%

Story as of 2026-10-16T09:59:58.342Z; price observation 2026-10-15.

- 2025-11-12: RWE shares soar near 15-year high after data centre sale boosts AI hopes ([finance.yahoo.com](https://finance.yahoo.com/news/rwes-nine-month-profit-beats-060230843.html))

- 2026-03-12: RWE Plans $20 Billion Expansion in U.S. to Meet Data Center Demand ([finance.yahoo.com](https://finance.yahoo.com/m/e5180846-e494-313a-8276-458419a4ac5c/rwe-plans-%2420-billion.html))

- 2026-08-12: Google inks deal to source entire output from RWE’s Oklahoma solar project ([finance.yahoo.com](https://finance.yahoo.com/energy/articles/google-inks-deal-source-entire-125721555.html))

### Sales · FY2024–2025

sales -27.2%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2016: EUR 44B 

- FY2017: EUR 42B 

- FY2018: EUR 13B 

- FY2019: EUR 13B 

- FY2020: EUR 14B 

- FY2021: EUR 25B 

- FY2022: EUR 38B 

- FY2023: EUR 29B 

- FY2024: EUR 24B 

- FY2025: EUR 18B 

### Gross margin · FY2025

gross margin 7.9%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2016: 23.3% 

- FY2017: 25.1% 

- FY2018: 20.4% 

- FY2019: 27.7% 

- FY2020: 25.3% 

- FY2021: 25.9% 

- FY2022: 17.4% 

- FY2023: 27.7% 

- FY2024: 35.7% 

- FY2025: 7.9% 

## Owner memo

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

### How it makes money

Operates in utilities diversified; annual sales are EUR 17.6 billion.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:55.708Z); FY2025: revenue 17628000000; grossProfit 1400000000; margin = grossProfit / revenue.

### Why customers stay

Margins ranged from 7.9% to 35.7% during 2023–25; it earns 4.5% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:55.708Z); FY2023: grossProfit / revenue = 27.7%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:55.708Z); FY2024: grossProfit / revenue = 35.7%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:55.708Z); FY2025: grossProfit / revenue = 7.9%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:55.708Z); 10-year return on capital observations [[2016,-0.17165608945300695],[2017,0.7130101974301745],[2018,-0.03831982313927782],[2019,0.06307791371538957],[2020,-0.1235013386537535],[2021,0.17334137515078407],[2022,0.14091799608172403],[2023,-0.009122370936902486],[2024,0.09826674352180685],[2025,0.026382391440826037]]; median 0.0447301525781078. 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 913 million of shares.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:55.708Z); FY2017: growth capex 0; upkeep 2235000000; owner earnings 858000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:55.708Z); FY2018: growth capex 0; upkeep 1050000000; owner earnings 302000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:55.708Z); FY2019: growth capex 0; upkeep 1767000000; owner earnings 106600000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:55.708Z); FY2020: growth capex 197000000; upkeep 3161000000; owner earnings 813600000. Growth capex / owner earnings = 0.24213372664700097.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:55.708Z); FY2021: growth capex 2133000000; upkeep 1556000000; owner earnings 439200000. Growth capex / owner earnings = 4.85655737704918.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:55.708Z); FY2022: growth capex 3897000000; upkeep 587000000; owner earnings 2717000000. Growth capex / owner earnings = 1.4343025395656974.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:55.708Z); Dividend observations: [[2016,407000000],[2017,603000000],[2018,1025000000],[2019,560000000],[2020,522000000],[2021,730000000],[2022,913000000],[2023,669000000],[2024,744000000],[2025,809000000]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:55.708Z); FY2025: cash repurchases 913000000 EUR.

### Are managers owners

Insiders own 4.9% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); RWE.XETRA SharesStats.PercentInsiders = 4.9239999999999995 percentage points; cache date 2026-10-16.

### What the price says

The price is 2.4 times annual sales; cash earnings are negative.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:55.708Z); Closing price 57.92 EUR; reporting-to-trading FX 1; FY2025 annual sales per share 23.698606638083504; price multiple 2.444025544815067. FY2025 cash earnings/share -6.4812956280711385. Closing-price date 2026-10-15.

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

- 2016-10: EUR 14.46 per share

- 2016-11: EUR 11.86 per share

- 2016-12: EUR 11.82 per share

- 2017-01: EUR 12.26 per share

- 2017-02: EUR 13.46 per share

- 2017-03: EUR 15.54 per share

- 2017-04: EUR 15.21 per share

- 2017-05: EUR 18.08 per share

- 2017-06: EUR 17.45 per share

- 2017-07: EUR 17.82 per share

- 2017-08: EUR 20.96 per share

- 2017-09: EUR 19.22 per share

- 2017-10: EUR 21.46 per share

- 2017-11: EUR 19.25 per share

- 2017-12: EUR 17.00 per share

- 2018-01: EUR 16.12 per share

- 2018-02: EUR 16.41 per share

- 2018-03: EUR 20.06 per share

- 2018-04: EUR 19.88 per share

- 2018-05: EUR 19.40 per share

- 2018-06: EUR 19.53 per share

- 2018-07: EUR 22.44 per share

- 2018-08: EUR 21.85 per share

- 2018-09: EUR 21.25 per share

- 2018-10: EUR 17.22 per share

- 2018-11: EUR 19.07 per share

- 2018-12: EUR 18.97 per share

- 2019-01: EUR 21.64 per share

- 2019-02: EUR 21.46 per share

- 2019-03: EUR 23.90 per share

- 2019-04: EUR 22.77 per share

- 2019-05: EUR 22.36 per share

- 2019-06: EUR 21.67 per share

- 2019-07: EUR 24.46 per share

- 2019-08: EUR 25.91 per share

- 2019-09: EUR 28.69 per share

- 2019-10: EUR 27.33 per share

- 2019-11: EUR 26.91 per share

- 2019-12: EUR 27.35 per share

- 2020-01: EUR 31.34 per share

- 2020-02: EUR 31.16 per share

- 2020-03: EUR 23.96 per share

- 2020-04: EUR 26.24 per share

- 2020-05: EUR 29.79 per share

- 2020-06: EUR 31.11 per share

- 2020-07: EUR 31.98 per share

- 2020-08: EUR 33.30 per share

- 2020-09: EUR 31.98 per share

- 2020-10: EUR 31.79 per share

- 2020-11: EUR 34.77 per share

- 2020-12: EUR 34.57 per share

- 2021-01: EUR 35.46 per share

- 2021-02: EUR 31.34 per share

- 2021-03: EUR 33.42 per share

- 2021-04: EUR 31.54 per share

- 2021-05: EUR 30.85 per share

- 2021-06: EUR 30.56 per share

- 2021-07: EUR 30.01 per share

- 2021-08: EUR 33.09 per share

- 2021-09: EUR 30.55 per share

- 2021-10: EUR 33.27 per share

- 2021-11: EUR 34.15 per share

- 2021-12: EUR 35.72 per share

- 2022-01: EUR 37.31 per share

- 2022-02: EUR 41.49 per share

- 2022-03: EUR 39.53 per share

- 2022-04: EUR 39.59 per share

- 2022-05: EUR 41.00 per share

- 2022-06: EUR 35.08 per share

- 2022-07: EUR 40.18 per share

- 2022-08: EUR 38.08 per share

- 2022-09: EUR 37.79 per share

- 2022-10: EUR 38.99 per share

- 2022-11: EUR 42.00 per share

- 2022-12: EUR 41.59 per share

- 2023-01: EUR 40.80 per share

- 2023-02: EUR 40.24 per share

- 2023-03: EUR 39.64 per share

- 2023-04: EUR 42.55 per share

- 2023-05: EUR 39.12 per share

- 2023-06: EUR 39.87 per share

- 2023-07: EUR 39.13 per share

- 2023-08: EUR 38.06 per share

- 2023-09: EUR 35.15 per share

- 2023-10: EUR 36.13 per share

- 2023-11: EUR 39.37 per share

- 2023-12: EUR 41.18 per share

- 2024-01: EUR 34.33 per share

- 2024-02: EUR 31.00 per share

- 2024-03: EUR 31.46 per share

- 2024-04: EUR 32.63 per share

- 2024-05: EUR 34.84 per share

- 2024-06: EUR 31.95 per share

- 2024-07: EUR 34.49 per share

- 2024-08: EUR 32.63 per share

- 2024-09: EUR 32.68 per share

- 2024-10: EUR 29.77 per share

- 2024-11: EUR 31.87 per share

- 2024-12: EUR 28.83 per share

- 2025-01: EUR 29.88 per share

- 2025-02: EUR 30.32 per share

- 2025-03: EUR 33.02 per share

- 2025-04: EUR 34.20 per share

- 2025-05: EUR 33.13 per share

- 2025-06: EUR 35.43 per share

- 2025-07: EUR 35.91 per share

- 2025-08: EUR 34.24 per share

- 2025-09: EUR 37.82 per share

- 2025-10: EUR 42.66 per share

- 2025-11: EUR 43.74 per share

- 2025-12: EUR 45.26 per share

- 2026-01: EUR 53.52 per share

- 2026-02: EUR 54.54 per share

- 2026-03: EUR 57.68 per share

- 2026-04: EUR 61.98 per share

- 2026-05: EUR 54.56 per share

- 2026-06: EUR 56.62 per share

- 2026-07: EUR 57.18 per share

- 2026-08: EUR 58.64 per share

- 2026-09: EUR 59.30 per share

- 2026-10: EUR 59.24 per share

## Annual estimated value (EUR per share)

- FY2016: low EUR 47.61 per share, central EUR 51.14 per share, high EUR 55.84 per share

- FY2017: low EUR 28.23 per share, central EUR 30.34 per share, high EUR 33.14 per share

- FY2018: low EUR 16.57 per share, central EUR 17.31 per share, high EUR 18.30 per share

- FY2019: low EUR 14.79 per share, central EUR 15.44 per share, high EUR 16.30 per share

- FY2020: low EUR 18.45 per share, central EUR 19.10 per share, high EUR 19.97 per share

- FY2021: low EUR 27.73 per share, central EUR 28.83 per share, high EUR 30.30 per share

- FY2022: low EUR 43.10 per share, central EUR 45.03 per share, high EUR 47.60 per share

- FY2023: low EUR 26.43 per share, central EUR 27.47 per share, high EUR 28.85 per share

- FY2024: low EUR 21.78 per share, central EUR 22.65 per share, high EUR 23.82 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.

## Reported holder observations