# Strabag SE (STR.VI)

Canonical: https://gigainvestors.com/s/STR.VI

Analysis as of: 2026-10-16T07:35:22.804Z. Financial observations: FY2005–FY2025.

Listing currency: EUR. 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: EUR 102.00 per share; close as of 2026-10-15.

Estimated value: low EUR 99.79 per share, central EUR 109.54 per share, high EUR 122.51 per share. Buy at or below the central value EUR 109.54 per share. Valuation as of 2026-10-16T07:35:22.804Z; scenarios are not confidence intervals.

Expected annual return: 10.7% at the stated quote. About 10.7% a year at today's price (required return 10.0%). required return 10.0% a year (10% floor; AT 10-year bond 3.7% + 4 points).

## Checklist

### understandable: fail

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

- operating margin variation exceeds 0.35

- Financial history: 10 years

- Years with declining revenue: 3

- Years with a net loss: 0

- Operating margin variation: 0.63×

Chart: Operating margin; fiscal year observations.

- FY2016: 0.02×

- FY2017: 0.01×

- FY2018: 0.02×

- FY2019: 0.03×

- FY2020: 0.04×

- FY2021: 0.05×

- FY2022: 0.04×

- FY2023: 0.11×

- FY2024: 0.05×

- FY2025: 0.05×

### moat: fail

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

- ROIC, median of available years: 22.6%

- ROIC, second-lowest year: 9.1%

- Typical minus recent gross margin: -4.6 pp

- Typical gross margin (annual median): 36.6%

- Recent gross margin (lower of latest and 3-year median): 41.2%

- Years with nonpositive capital: 0

- Capital spending / revenue: 3.5%

- ROIC including acquisitions, ten-year median: 16.3%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: 9.1%

- FY2017: 8.1%

- FY2018: 9.8%

- FY2019: 14.4%

- FY2020: 19.6%

- FY2021: 32.0%

- FY2022: 25.7%

- FY2023: >100%

- FY2024: 40.6%

- FY2025: 55.1%

### economics: pass

- Owner earnings / net income, 5-yr: 0.91×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: EUR 3.1B

- Net income, five-year total: EUR 3.4B

- Return on incremental invested capital: >100%

- Working capital / revenue, annual change: -1.1 pp

- Working capital / revenue, change between three-year averages: -7.5 pp

- Working capital / revenue, final three-year average: 4.3%

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

- FY2021: 1.04×

- FY2022: 0.86×

- FY2023: 0.88×

- FY2024: 0.85×

- FY2025: 0.92×

### management: fail

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

- buybacks leaned toward cheaper years (informational)

- ROIC first 3 years vs last 3 years: 9.1% vs 55.1%

- Per-share earnings: 2.71 to 7.59 (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: 1.1%

- Ordinary dilution, 5-year annual growth: 2.4%

- Market cap gain: EUR 6.0B

- Cumulative retained earnings: EUR 3.1B

- Diluted shares, 10-year annual growth: 1.1%

- Diluted shares, 5-year annual growth: 2.4%

- $1 test, starting fiscal year: FY2016

- $1 test, ending fiscal year: FY2025

- Per-share value growth: 13.8%

- Per-share value change: EUR 4.88

- Per-share value, starting three-year median: EUR 2.71

- Per-share value, ending three-year median: EUR 7.59

- Buybacks concentrated in cheaper years (correlation): 1.00

- Average buyback yield: 2.3%

- Buyback history: 2 years

- Debt-funded buybacks: No

- Acquisition spending: EUR 859M

- Cumulative net income, 10 years: EUR 5.1B

- ROIC, first three-year median: 9.1%

- ROIC, last three-year median: 55.1%

Chart: Earnings per share; fiscal year observations.

- FY2016: EUR 2.71

- FY2017: EUR 2.72

- FY2018: EUR 3.45

- FY2019: EUR 3.62

- FY2020: EUR 3.85

- FY2021: EUR 5.71

- FY2022: EUR 4.60

- FY2023: EUR 6.32

- FY2024: EUR 7.59

- FY2025: EUR 7.94

### accounting: pass

- Sloan accruals: -5.6%

- Receivables to sales index (DSRI): 0.99×

- Restructuring years, last five: 0

- Earnings backed by cash: Yes

- Operating cash / earnings: 1.97×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 0.21×

- Stock compensation / operating cash flow: 0.0%

Chart: Sloan accruals; fiscal year observations.

- FY2016: 0.1%

- FY2017: -9.6%

- FY2018: -3.3%

- FY2019: -5.7%

- FY2020: -7.3%

- FY2021: -5.2%

- FY2022: -2.7%

- FY2023: -8.7%

- FY2024: -3.8%

- FY2025: -5.6%

## Holders

## Price story

Price needs cash profits to shrink 0.3% a year for ten years · sales +7.4%

Story as of 2026-10-16T10:00:04.692Z; price observation 2026-10-15.

Price needs cash profits to shrink 0.3% a year for ten years

### Sales · FY2024–2025

sales +7.4%; source https://filings.xbrl.org/529900TYYSRJH2VJSP60/2025-12-31/ESEF/AT/1/529900TYYSRJH2VJSP60-2025-12-31-1-de/reports/529900TYYSRJH2VJSP60-2025-12-31-1-de.xhtml; observed 2026-04-29.

- FY2016: EUR 12B 

- FY2017: EUR 14B 

- FY2018: EUR 15B 

- FY2019: EUR 16B 

- FY2020: EUR 15B 

- FY2021: EUR 15B 

- FY2022: EUR 17B 

- FY2023: EUR 18B 

- FY2024: EUR 17B 

- FY2025: EUR 19B 

### Gross margin · FY2025

gross margin 41.3%; source https://filings.xbrl.org/529900TYYSRJH2VJSP60/2025-12-31/ESEF/AT/1/529900TYYSRJH2VJSP60-2025-12-31-1-de/reports/529900TYYSRJH2VJSP60-2025-12-31-1-de.xhtml; observed 2026-04-29.

- FY2016: 36.1% 

- FY2017: 34.2% 

- FY2018: 33.3% 

- FY2019: 35.7% 

- FY2020: 37.1% 

- FY2021: 37.7% 

- FY2022: 35.5% 

- FY2023: 37.0% 

- FY2024: 41.2% 

- FY2025: 41.3% 

## Owner memo

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

### How it makes money

Operates in engineering & construction; annual sales are EUR 18.7 billion.

- Source: https://filings.xbrl.org/529900TYYSRJH2VJSP60/2025-12-31/ESEF/AT/1/529900TYYSRJH2VJSP60-2025-12-31-1-de/reports/529900TYYSRJH2VJSP60-2025-12-31-1-de.xhtml (filed 2026-04-29); FY2025: revenue 18714281000; grossProfit 7738272000; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); STR.VI: Strabag SE engages in the construction projects. The company provides building construction and civil engineering services, including bridge budling, prefabricated elements, commercial and industrial construction, civil engineering, power plants, metal construction, public buildings, environmental technology, water technologies, and residential construction. It also engages in the transportation infrastructures activities, such as railway construction, construction materials, canalisation engineering, pipeline and sewer construction, town planning and landscape, architecture, road construction and earthworks, rock engineering and protective structures, waterway and dyke construction, and sports and recreational facilities. In addition, the company is involved in operation, maintenance and marketing of public-private partnerships; real estate development; infrastructure development; international business; property and facility services; tunnelling; and ground engineering. Strabag SE was formerly known as Bau Holding Strabag AG and changed its name to Strabag SE in April 2006. Strabag SE was founded in 1835 and is headquartered in Villach, Austria.

### Why customers stay

Margins ranged from 37% to 41.3% during 2023–25; it earns 22.6% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-29); FY2023: grossProfit / revenue = 37%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-29); FY2024: grossProfit / revenue = 41.2%.

- Source: https://filings.xbrl.org/529900TYYSRJH2VJSP60/2025-12-31/ESEF/AT/1/529900TYYSRJH2VJSP60-2025-12-31-1-de/reports/529900TYYSRJH2VJSP60-2025-12-31-1-de.xhtml (filed 2026-04-29); FY2025: grossProfit / revenue = 41.3%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-29); 10-year return on capital observations [[2016,0.09122230216877002],[2017,0.0810327613116379],[2018,0.09814379566967538],[2019,0.143610342663449],[2020,0.1956385045939778],[2021,0.320152534098508],[2022,0.2565885764885333],[2023,1.063497857346835],[2024,0.4063960845233039],[2025,0.5506747475465847]]; median 0.22611354054125554. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Spends 1.8% of cash earnings on expansion; paid dividends in 10 of 10 years.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-29); FY2016: growth capex 0; upkeep 412455000; owner earnings 246857000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-29); FY2017: growth capex 85498000; upkeep 372118000; owner earnings 278913000. Growth capex / owner earnings = 0.3065400321964197.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-29); FY2018: growth capex 254964431.77963877; upkeep 390023568.22036123; owner earnings 352355431.77963877. Growth capex / owner earnings = 0.7236001173357594.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-29); FY2019: growth capex 67039076.086643934; upkeep 580400923.9133561; owner earnings 221787276.08664393. Growth capex / owner earnings = 0.3022674576717119.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-29); FY2020: growth capex 0; upkeep 450955000; owner earnings 421281000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-29); FY2021: growth capex 0; upkeep 456338000; owner earnings 610103800. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-29); FY2022: growth capex 96563000; upkeep 533960000; owner earnings 405966400. Growth capex / owner earnings = 0.23785958640912155.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-29); FY2023: growth capex 16193000; upkeep 524778000; owner earnings 557663400. Growth capex / owner earnings = 0.029037229267690867.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-29); FY2024: growth capex 0; upkeep 644574000; owner earnings 697005200. Growth capex / owner earnings = 0.

- Source: https://filings.xbrl.org/529900TYYSRJH2VJSP60/2025-12-31/ESEF/AT/1/529900TYYSRJH2VJSP60-2025-12-31-1-de/reports/529900TYYSRJH2VJSP60-2025-12-31-1-de.xhtml (filed 2026-04-29); FY2025: growth capex 15284000; upkeep 649680000; owner earnings 842684600. Growth capex / owner earnings = 0.018137272236848755.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-29); Dividend observations: [[2016,66690000],[2017,100702000],[2018,109953000],[2019,110014000],[2020,105813000],[2021,707940000],[2022,173369000],[2023,161812000],[2024,209595000],[2025,242917000]]. Zero only counted when supported by a complete cash-flow statement.

### Are managers owners

Insiders own 64.2% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); STR.VI SharesStats.PercentInsiders = 64.22 percentage points; cache date 2026-10-16.

### What the price says

The price assumes cash profits shrink 0.3% yearly over ten years; actual growth was 11%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-29); Ten-year compound average after fade. Initial solved rate -0.017485354495091865. Price 102; FX 1; discount 0.1; same standard ten-year fade to terminal 0.03. FY2015 owner earnings/share 2.5704140843652863 → FY2025 7.299592171686635. Closing-price date 2026-10-15.

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

- 2016-10: EUR 30.57 per share

- 2016-11: EUR 31.75 per share

- 2016-12: EUR 32.87 per share

- 2017-01: EUR 33.90 per share

- 2017-02: EUR 35.10 per share

- 2017-03: EUR 36.60 per share

- 2017-04: EUR 37.56 per share

- 2017-05: EUR 37.08 per share

- 2017-06: EUR 37.86 per share

- 2017-07: EUR 37.49 per share

- 2017-08: EUR 36.14 per share

- 2017-09: EUR 36.79 per share

- 2017-10: EUR 35.88 per share

- 2017-11: EUR 32.56 per share

- 2017-12: EUR 34.03 per share

- 2018-01: EUR 34.80 per share

- 2018-02: EUR 32.65 per share

- 2018-03: EUR 32.20 per share

- 2018-04: EUR 34.05 per share

- 2018-05: EUR 35.90 per share

- 2018-06: EUR 33.50 per share

- 2018-07: EUR 34.40 per share

- 2018-08: EUR 33.85 per share

- 2018-09: EUR 34.00 per share

- 2018-10: EUR 31.05 per share

- 2018-11: EUR 31.35 per share

- 2018-12: EUR 25.65 per share

- 2019-01: EUR 30.60 per share

- 2019-02: EUR 29.95 per share

- 2019-03: EUR 28.50 per share

- 2019-04: EUR 29.90 per share

- 2019-05: EUR 29.50 per share

- 2019-06: EUR 30.50 per share

- 2019-07: EUR 29.10 per share

- 2019-08: EUR 29.70 per share

- 2019-09: EUR 29.45 per share

- 2019-10: EUR 29.80 per share

- 2019-11: EUR 31.40 per share

- 2019-12: EUR 31.00 per share

- 2020-01: EUR 30.00 per share

- 2020-02: EUR 27.30 per share

- 2020-03: EUR 20.75 per share

- 2020-04: EUR 25.55 per share

- 2020-05: EUR 26.90 per share

- 2020-06: EUR 22.95 per share

- 2020-07: EUR 24.95 per share

- 2020-08: EUR 25.80 per share

- 2020-09: EUR 26.25 per share

- 2020-10: EUR 24.90 per share

- 2020-11: EUR 26.60 per share

- 2020-12: EUR 28.45 per share

- 2021-01: EUR 28.40 per share

- 2021-02: EUR 30.10 per share

- 2021-03: EUR 30.15 per share

- 2021-04: EUR 33.00 per share

- 2021-05: EUR 36.40 per share

- 2021-06: EUR 36.15 per share

- 2021-07: EUR 38.25 per share

- 2021-08: EUR 38.50 per share

- 2021-09: EUR 39.45 per share

- 2021-10: EUR 37.10 per share

- 2021-11: EUR 34.80 per share

- 2021-12: EUR 36.65 per share

- 2022-01: EUR 38.05 per share

- 2022-02: EUR 36.15 per share

- 2022-03: EUR 36.25 per share

- 2022-04: EUR 37.20 per share

- 2022-05: EUR 41.15 per share

- 2022-06: EUR 40.55 per share

- 2022-07: EUR 40.45 per share

- 2022-08: EUR 38.25 per share

- 2022-09: EUR 38.60 per share

- 2022-10: EUR 38.85 per share

- 2022-11: EUR 40.00 per share

- 2022-12: EUR 39.10 per share

- 2023-01: EUR 38.80 per share

- 2023-02: EUR 37.45 per share

- 2023-03: EUR 39.45 per share

- 2023-04: EUR 39.55 per share

- 2023-05: EUR 38.20 per share

- 2023-06: EUR 37.25 per share

- 2023-07: EUR 38.20 per share

- 2023-08: EUR 39.35 per share

- 2023-09: EUR 37.40 per share

- 2023-10: EUR 37.35 per share

- 2023-11: EUR 37.95 per share

- 2023-12: EUR 41.40 per share

- 2024-01: EUR 43.35 per share

- 2024-02: EUR 43.60 per share

- 2024-03: EUR 39.05 per share

- 2024-04: EUR 39.90 per share

- 2024-05: EUR 40.60 per share

- 2024-06: EUR 38.95 per share

- 2024-07: EUR 38.70 per share

- 2024-08: EUR 39.20 per share

- 2024-09: EUR 37.50 per share

- 2024-10: EUR 36.25 per share

- 2024-11: EUR 38.60 per share

- 2024-12: EUR 39.50 per share

- 2025-01: EUR 47.20 per share

- 2025-02: EUR 56.20 per share

- 2025-03: EUR 66.10 per share

- 2025-04: EUR 77.30 per share

- 2025-05: EUR 77.50 per share

- 2025-06: EUR 80.70 per share

- 2025-07: EUR 82.40 per share

- 2025-08: EUR 78.50 per share

- 2025-09: EUR 77.60 per share

- 2025-10: EUR 67.90 per share

- 2025-11: EUR 77.10 per share

- 2025-12: EUR 81.00 per share

- 2026-01: EUR 87.50 per share

- 2026-02: EUR 95.20 per share

- 2026-03: EUR 85.60 per share

- 2026-04: EUR 89.90 per share

- 2026-05: EUR 95.10 per share

- 2026-06: EUR 89.10 per share

- 2026-07: EUR 83.80 per share

- 2026-08: EUR 94.50 per share

- 2026-09: EUR 104.60 per share

- 2026-10: EUR 103.00 per share

## Annual estimated value (EUR per share)

- FY2016: low EUR 43.12 per share, central EUR 46.52 per share, high EUR 51.04 per share

- FY2017: low EUR 54.16 per share, central EUR 58.11 per share, high EUR 63.37 per share

- FY2018: low EUR 55.12 per share, central EUR 61.34 per share, high EUR 67.94 per share

- FY2019: low EUR 57.78 per share, central EUR 65.38 per share, high EUR 72.56 per share

- FY2020: low EUR 59.95 per share, central EUR 66.49 per share, high EUR 73.15 per share

- FY2021: low EUR 65.46 per share, central EUR 71.90 per share, high EUR 79.24 per share

- FY2022: low EUR 70.94 per share, central EUR 82.42 per share, high EUR 92.19 per share

- FY2023: low EUR 92.11 per share, central EUR 106.95 per share, high EUR 119.48 per share

- FY2024: low EUR 87.24 per share, central EUR 94.88 per share, high EUR 105.05 per share

- FY2025: low EUR 105.56 per share, central EUR 115.31 per share, high EUR 128.28 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 2026-10-15T06:41:05.417Z where newer inputs omit a numeric field or fiscal period.

## Sources

[Original ESEF filing](https://filings.xbrl.org/529900TYYSRJH2VJSP60/2025-12-31/ESEF/AT/1/529900TYYSRJH2VJSP60-2025-12-31-1-de/reports/529900TYYSRJH2VJSP60-2025-12-31-1-de.xhtml); period 2025-12-31, filed 2026-04-29.

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.