# K+S Aktiengesellschaft (SDF.XETRA)

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

Analysis as of: 2026-10-16T07:39:31.923Z. Financial observations: FY1998–FY2026.

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 13.98 per share; close as of 2026-10-15.

Estimated value: low EUR 15.22 per share, central EUR 16.76 per share, high EUR 18.80 per share. Buy at or below the central value EUR 16.76 per share. Valuation as of 2026-10-16T07:39:31.923Z; scenarios are not confidence intervals.

Expected annual return: 12.0% at the stated quote. About 12.0% 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: fail

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

- more than 2 net loss years

- operating margin variation exceeds 0.35

- Financial history: 10 years

- Years with declining revenue: 4

- Years with a net loss: 3

- Operating margin variation: 4.85×

Chart: Operating margin; fiscal year observations.

- FY2017: 0.07×

- FY2018: 0.06×

- FY2019: 0.07×

- FY2020: -0.80×

- FY2021: 1.20×

- FY2022: 0.40×

- FY2023: 0.08×

- FY2024: 0.00×

- FY2025: -0.39×

- LTM to Jun 2026: 0.33×

### moat: fail

- ROIC median below threshold

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

- Recent gross margin fell 15.7pp below the typical margin (limit 4pp)

- ROIC, median of available years: 2.8%

- ROIC, second-lowest year: -22.0%

- Typical minus recent gross margin: 15.7 pp

- Typical gross margin (annual median): 24.2%

- Recent gross margin (lower of latest and 3-year median): 8.4%

- Years with nonpositive capital: 0

- Capital spending / revenue: 13.2%

- ROIC including acquisitions, ten-year median: 0.1%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2017: 2.8%

- FY2018: 2.8%

- FY2019: 2.8%

- FY2020: -28.1%

- FY2021: 57.2%

- FY2022: 24.6%

- FY2023: 3.5%

- FY2024: 0.1%

- FY2025: -22.0%

- LTM to Jun 2026: 20.9%

### economics: fail

- incremental invested capital return below threshold

- Owner earnings / net income, 5-yr: 0.97×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: EUR 2.7B

- Net income, five-year total: EUR 2.7B

- Return on incremental invested capital: 0.0%

- Working capital / revenue, annual change: -0.2 pp

- Working capital / revenue, change between three-year averages: -1.1 pp

- Working capital / revenue, final three-year average: 30.4%

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

- FY2021: 1.00×

- FY2022: 1.00×

- FY2023: 0.87×

- FY2024: 0.44×

- FY2025: 1.09×

### management: fail

- 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: 2.8% vs 0.1%

- Per-share earnings: 0.96 to -0.37 (three-year endpoint medians)

- per-share value declined or ends nonpositive

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: -0.7%

- Ordinary dilution, 5-year annual growth: -1.3%

- Market cap gain: EUR -2.1B

- Cumulative retained earnings: EUR 1.4B

- Diluted shares, 10-year annual growth: -0.7%

- Diluted shares, 5-year annual growth: -1.3%

- $1 test, starting fiscal year: FY2016

- $1 test, ending fiscal year: FY2025

- Per-share value change: EUR -1.34

- Per-share value, starting three-year median: EUR 0.96

- Per-share value, ending three-year median: EUR -0.37

- Buybacks concentrated in cheaper years (correlation): -0.40

- Average buyback yield: 2.0%

- Buyback history: 4 years

- Debt-funded buybacks: No

- Acquisition spending: EUR 153M

- Cumulative net income, 10 years: EUR 1.3B

- ROIC, first three-year median: 2.8%

- ROIC, last three-year median: 0.1%

Chart: Earnings per share; fiscal year observations.

- FY2016: EUR 0.91

- FY2017: EUR 0.96

- FY2018: EUR 0.22

- FY2019: EUR 0.46

- FY2020: EUR -9.88

- FY2021: EUR 11.35

- FY2022: EUR 7.88

- FY2023: EUR 1.17

- FY2024: EUR -0.37

- FY2025: EUR -6.01

### accounting: pass

- Sloan accruals: -20.9%

- Receivables to sales index (DSRI): 1.14×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 0.0%

- Earnings backed by cash: Yes

- Accounting red flags: 0

- Goodwill and intangibles / equity: 0.02×

Chart: Sloan accruals; fiscal year observations.

- FY2016: -2.8%

- FY2017: -1.3%

- FY2018: -2.7%

- FY2019: -5.2%

- FY2020: -27.7%

- FY2021: 21.1%

- FY2022: 1.2%

- FY2023: -6.2%

- FY2024: -7.0%

- FY2025: -20.9%

## Holders

## Price story

Down 57% since Apr 2022 · sales +5.6%

Story as of 2026-10-16T10:00:10.846Z; price observation 2026-10-15.

Price needs cash profits to shrink 2.2% a year for ten years

### Sales · FY2025–2026

sales +5.6%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2017: EUR 3.6B 

- FY2018: EUR 4.0B 

- FY2019: EUR 4.1B 

- FY2020: EUR 2.4B 

- FY2021: EUR 3.2B 

- FY2022: EUR 5.7B 

- FY2023: EUR 3.9B 

- FY2024: EUR 3.7B 

- FY2025: EUR 3.6B 

- FY2026: EUR 3.9B 

### Gross margin · FY2026

gross margin 39%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2017: 33.4% 

- FY2018: 31.2% 

- FY2019: 17.1% 

- FY2021: 77.2% 

- FY2022: 43.3% 

- FY2023: 14.6% 

- FY2024: 8.4% 

- FY2026: 39.0% 

## Owner memo

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

### How it makes money

Operates in agricultural inputs; annual sales are EUR 3.6 billion.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:39:31.923Z); FY2025: revenue 3647900000; grossProfit -1136000000; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); SDF.XETRA: K+S Aktiengesellschaft, together with its subsidiaries, operates as a supplier of mineral products for the agricultural, industrial, pharma, consumer, and community sectors in Europe, Germany, North America, South America, Asia, Africa, and Oceania. The company offers potassium chloride for crops, such as grain, corn, rice, soybeans, and sugar cane; fertilizer specialties that are used for crops with magnesium and sulfur requirements, including rapeseed, sugar beet, and potatoes, as well as for chloride-sensitive specialty crops such as citrus, grapes, coffee, almond trees, and vegetables; and water-soluble fertilizers for use in fertigation of fruit and vegetables under the KALISOP, KORN-KALI, ROLLKALI, PATENTKALI, ESTA KIESERIT, GRANUAID, MAGNESIA-KAINIT, SOLUMOP, SOLUSOP, SOLUCMS, EPSO TOP, EPSO MICROTOP, EPSO COMBITOP, EPSO PROFITOP, and EPSO BORTOP brands. It also provides soil, fertigation, foliar fertilizers, natural rock salt, high-purity vaccum salt and mineral salt mixtures, potassium chloride, potassium sulphate, Epsom salt, minerals for pets and livestock, potassium, magnesium, salt, salt licks for farm and wild animals, sodium chloride, salt tablets, and vacuum salt granules under the k-DRILL, KaSa, SOLSEL, NUTRIKS, AXAL PRO, REGINET, Regesal, Marina, Marina Plus, Solea, and APISAL brands. In addition, the company offers salts under the Cérébos brand; rock salt under the Solné mlýny Olomouc brand; sea salt under the Vatel and Salinas d'Algarve brands; Saltissimo brands; optimal solutions for their homes under the AXAL Pro and AXAL brand; rock and pink salts under the Saldoro brand; dishwasher salt under the Regesoft brand; and Coarse rock salt under the DI-MIX brand. Further, the company provides waste management; and transportation and logistics services. Aktiengesellschaft was founded in 1889 and is headquartered in Kassel, Germany.

### Why customers stay

It earns 2.8% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:39:31.923Z); FY2023: grossProfit / revenue = 14.6%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:39:31.923Z); FY2024: grossProfit / revenue = 8.4%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:39:31.923Z); FY2025: grossProfit / revenue = -31.1%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:39:31.923Z); 10-year return on capital observations [[2017,0.028360132761898624],[2018,0.027917922965047037],[2019,0.027748621635168204],[2020,-0.2808009111617312],[2021,0.5721515358542524],[2022,0.24633685000057684],[2023,0.035026313314101526],[2024,0.0010212759329636782],[2025,-0.2201586593479062],[2026,0.20915640168626567]]; median 0.028139027863472832. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Paid dividends in 10 of 10 years.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:39:31.923Z); FY2018: growth capex 135600000; upkeep 379100000; owner earnings 42100000. Growth capex / owner earnings = 3.2209026128266034.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:39:31.923Z); FY2019: growth capex 52775267.99112761; upkeep 453124732.0088724; owner earnings 67675267.99112761. Growth capex / owner earnings = 0.7798309420517784.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:39:31.923Z); FY2021: growth capex 25300000; upkeep 333400000; owner earnings 2173000000. Growth capex / owner earnings = 0.011642890013805798.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:39:31.923Z); FY2022: growth capex 30500000; upkeep 443800000; owner earnings 1508300000. Growth capex / owner earnings = 0.02022144135782006.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:39:31.923Z); FY2023: growth capex 0; upkeep 482200000; owner earnings 183800000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:39:31.923Z); Dividend observations: [[2016,220100000],[2017,57400000],[2018,67000000],[2019,47900000],[2020,7700000],[2021,38300000],[2022,38300000],[2023,191400000],[2024,126200000],[2025,26900000]]. Zero only counted when supported by a complete cash-flow statement.

### Are managers owners

Insiders own 0.9% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); SDF.XETRA SharesStats.PercentInsiders = 0.868 percentage points; cache date 2026-10-16.

### What the price says

The price assumes cash profits shrink 2.2% yearly over ten years.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:39:31.923Z); Ten-year compound average after fade. Initial solved rate -0.043760508676622095. Price 13.98; FX 1; discount 0.1; same standard ten-year fade to terminal 0.03. FY2015 owner earnings/share -2.693897072343789 → FY2025 -6.534338358458961. Closing-price date 2026-10-15.

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

- 2016-10: EUR 18.43 per share

- 2016-11: EUR 19.15 per share

- 2016-12: EUR 22.69 per share

- 2017-01: EUR 23.44 per share

- 2017-02: EUR 22.07 per share

- 2017-03: EUR 21.79 per share

- 2017-04: EUR 21.91 per share

- 2017-05: EUR 22.78 per share

- 2017-06: EUR 22.42 per share

- 2017-07: EUR 22.00 per share

- 2017-08: EUR 20.02 per share

- 2017-09: EUR 23.05 per share

- 2017-10: EUR 20.82 per share

- 2017-11: EUR 19.68 per share

- 2017-12: EUR 20.76 per share

- 2018-01: EUR 22.62 per share

- 2018-02: EUR 22.95 per share

- 2018-03: EUR 23.44 per share

- 2018-04: EUR 24.41 per share

- 2018-05: EUR 22.90 per share

- 2018-06: EUR 21.15 per share

- 2018-07: EUR 22.59 per share

- 2018-08: EUR 19.60 per share

- 2018-09: EUR 18.08 per share

- 2018-10: EUR 16.47 per share

- 2018-11: EUR 15.51 per share

- 2018-12: EUR 15.72 per share

- 2019-01: EUR 16.98 per share

- 2019-02: EUR 16.76 per share

- 2019-03: EUR 16.34 per share

- 2019-04: EUR 18.08 per share

- 2019-05: EUR 15.20 per share

- 2019-06: EUR 16.38 per share

- 2019-07: EUR 14.73 per share

- 2019-08: EUR 14.37 per share

- 2019-09: EUR 12.72 per share

- 2019-10: EUR 12.76 per share

- 2019-11: EUR 10.26 per share

- 2019-12: EUR 11.12 per share

- 2020-01: EUR 8.80 per share

- 2020-02: EUR 7.39 per share

- 2020-03: EUR 5.31 per share

- 2020-04: EUR 6.15 per share

- 2020-05: EUR 5.71 per share

- 2020-06: EUR 5.62 per share

- 2020-07: EUR 5.61 per share

- 2020-08: EUR 5.84 per share

- 2020-09: EUR 5.88 per share

- 2020-10: EUR 5.75 per share

- 2020-11: EUR 7.55 per share

- 2020-12: EUR 7.79 per share

- 2021-01: EUR 9.33 per share

- 2021-02: EUR 9.24 per share

- 2021-03: EUR 8.47 per share

- 2021-04: EUR 9.23 per share

- 2021-05: EUR 11.35 per share

- 2021-06: EUR 11.48 per share

- 2021-07: EUR 12.10 per share

- 2021-08: EUR 12.07 per share

- 2021-09: EUR 13.96 per share

- 2021-10: EUR 14.90 per share

- 2021-11: EUR 15.03 per share

- 2021-12: EUR 15.19 per share

- 2022-01: EUR 16.73 per share

- 2022-02: EUR 22.94 per share

- 2022-03: EUR 27.45 per share

- 2022-04: EUR 32.19 per share

- 2022-05: EUR 26.13 per share

- 2022-06: EUR 23.19 per share

- 2022-07: EUR 20.61 per share

- 2022-08: EUR 22.70 per share

- 2022-09: EUR 19.40 per share

- 2022-10: EUR 22.36 per share

- 2022-11: EUR 20.97 per share

- 2022-12: EUR 18.38 per share

- 2023-01: EUR 21.96 per share

- 2023-02: EUR 22.49 per share

- 2023-03: EUR 19.60 per share

- 2023-04: EUR 18.09 per share

- 2023-05: EUR 15.05 per share

- 2023-06: EUR 15.96 per share

- 2023-07: EUR 17.33 per share

- 2023-08: EUR 17.35 per share

- 2023-09: EUR 17.18 per share

- 2023-10: EUR 15.87 per share

- 2023-11: EUR 13.60 per share

- 2023-12: EUR 14.31 per share

- 2024-01: EUR 13.07 per share

- 2024-02: EUR 12.90 per share

- 2024-03: EUR 14.46 per share

- 2024-04: EUR 14.03 per share

- 2024-05: EUR 13.50 per share

- 2024-06: EUR 12.58 per share

- 2024-07: EUR 11.93 per share

- 2024-08: EUR 10.71 per share

- 2024-09: EUR 11.51 per share

- 2024-10: EUR 11.15 per share

- 2024-11: EUR 11.22 per share

- 2024-12: EUR 10.46 per share

- 2025-01: EUR 13.42 per share

- 2025-02: EUR 13.25 per share

- 2025-03: EUR 12.60 per share

- 2025-04: EUR 15.33 per share

- 2025-05: EUR 16.03 per share

- 2025-06: EUR 15.56 per share

- 2025-07: EUR 13.28 per share

- 2025-08: EUR 11.55 per share

- 2025-09: EUR 11.54 per share

- 2025-10: EUR 11.31 per share

- 2025-11: EUR 11.73 per share

- 2025-12: EUR 12.42 per share

- 2026-01: EUR 13.82 per share

- 2026-02: EUR 14.99 per share

- 2026-03: EUR 16.30 per share

- 2026-04: EUR 15.96 per share

- 2026-05: EUR 14.81 per share

- 2026-06: EUR 13.21 per share

- 2026-07: EUR 14.56 per share

- 2026-08: EUR 16.51 per share

- 2026-09: EUR 15.32 per share

- 2026-10: EUR 13.98 per share

## Annual estimated value (EUR per share)

- FY2021: low EUR 5.28 per share, central EUR 5.54 per share, high EUR 5.90 per share

- FY2022: low EUR 11.03 per share, central EUR 12.56 per share, high EUR 13.82 per share

- FY2023: low EUR 13.61 per share, central EUR 15.16 per share, high EUR 17.22 per share

- FY2024: low EUR 13.08 per share, central EUR 14.54 per share, high EUR 16.48 per share

- FY2025: low EUR 12.84 per share, central EUR 14.30 per share, high EUR 16.24 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 2026-10-15T06:44:57.878Z 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.

## Reported holder observations