# Salzgitter AG (SZG.XETRA)

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

Analysis as of: 2026-10-16T07:39:20.865Z. Financial observations: FY1999–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 47.86 per share; close as of 2026-10-15.

## Checklist

### understandable: fail

- 6 revenue declines in the last 10 years

- more than 5 revenue declines in ten years

- more than 2 net loss years

- operating margin variation exceeds 0.35

- Financial history: 10 years

- Years with declining revenue: 6

- Years with a net loss: 4

- Operating margin variation: 1.58×

Chart: Operating margin; fiscal year observations.

- FY2016: 0.02×

- FY2017: 0.04×

- FY2018: 0.05×

- FY2019: -0.00×

- FY2020: -0.02×

- FY2021: 0.06×

- FY2022: 0.10×

- FY2023: 0.12×

- FY2024: -0.01×

- FY2025: -0.03×

### moat: fail

- ROIC median below threshold

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

- Recent gross margin fell 28.7pp below the typical margin (limit 4pp)

- ROIC, median of available years: 7.5%

- ROIC, second-lowest year: -3.8%

- Typical minus recent gross margin: 28.7 pp

- Typical gross margin (annual median): 33.8%

- Recent gross margin (lower of latest and 3-year median): 5.1%

- Years with nonpositive capital: 0

- Capital spending / revenue: 4.8%

- ROIC including acquisitions, ten-year median: -1.6%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: 5.6%

- FY2017: 9.5%

- FY2018: 10.1%

- FY2019: -1.0%

- FY2020: -4.2%

- FY2021: 12.1%

- FY2022: 20.1%

- FY2023: 22.0%

- FY2024: -2.2%

- FY2025: -3.8%

### economics: fail

- owner earnings cash conversion below threshold

- incremental invested capital return below threshold

- Owner earnings / net income, 5-yr: -0.27×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: EUR -386M

- Net income, five-year total: EUR 1.4B

- Return on incremental invested capital: -16.2%

- Working capital / revenue, annual change: 0.3 pp

- Working capital / revenue, change between three-year averages: 1.6 pp

- Working capital / revenue, final three-year average: 31.2%

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

- FY2021: 1.23×

- FY2022: 0.97×

- FY2023: -1.29×

- FY2024: 2.95×

- FY2025: 11.58×

### 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: 9.5% vs -2.2%

- Per-share earnings: 1.00 to -1.37 (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: 0.0%

- Ordinary dilution, 5-year annual growth: 0.0%

- Market cap gain: EUR 360M

- Cumulative retained earnings: EUR 1.6B

- Diluted shares, 10-year annual growth: 0.0%

- Diluted shares, 5-year annual growth: 0.0%

- $1 test, starting fiscal year: FY2016

- $1 test, ending fiscal year: FY2025

- Per-share value change: EUR -2.38

- Per-share value, starting three-year median: EUR 1.00

- Per-share value, ending three-year median: EUR -1.37

- Buybacks concentrated in cheaper years (correlation): 1.00

- Average buyback yield: 1.7%

- Buyback history: 2 years

- Debt-funded buybacks: No

- Acquisition spending: EUR 81M

- Cumulative net income, 10 years: EUR 1.4B

- ROIC, first three-year median: 9.5%

- ROIC, last three-year median: -2.2%

Chart: Earnings per share; fiscal year observations.

- FY2016: EUR 1.00

- FY2017: EUR 3.53

- FY2018: EUR 5.07

- FY2019: EUR -4.40

- FY2020: EUR -5.08

- FY2021: EUR 10.76

- FY2022: EUR 20.00

- FY2023: EUR 3.70

- FY2024: EUR -6.51

- FY2025: EUR -1.37

### accounting: pass

- Sloan accruals: -4.7%

- Receivables to sales index (DSRI): 1.09×

- 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: 0.04×

Chart: Sloan accruals; fiscal year observations.

- FY2016: -2.8%

- FY2017: -1.0%

- FY2018: -2.9%

- FY2019: -5.7%

- FY2020: -3.5%

- FY2021: 2.5%

- FY2022: 4.4%

- FY2023: -6.6%

- FY2024: -7.3%

- FY2025: -4.7%

## Holders

## Price story

Down 22% since May 2026 · sales -10.3%

Story as of 2026-10-16T10:00:10.719Z; price observation 2026-10-15.

- 2025-07-18: Salzgitter Shares Tumble on Profit Warning ([finance.yahoo.com](https://finance.yahoo.com/m/6fc03286-eae9-32cd-bb9e-1d341cc01b64/salzgitter-shares-tumble-on.html))

### Sales · FY2024–2025

sales -10.3%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2016: EUR 7.9B 

- FY2017: EUR 9.0B 

- FY2018: EUR 9.3B 

- FY2019: EUR 8.5B 

- FY2020: EUR 7.1B 

- FY2021: EUR 9.8B 

- FY2022: EUR 13B 

- FY2023: EUR 11B 

- FY2024: EUR 10B 

- FY2025: EUR 9.0B 

### Gross margin · FY2025

gross margin 5.1%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2016: 35.0% 

- FY2017: 34.9% 

- FY2018: 35.7% 

- FY2019: 34.4% 

- FY2020: 33.2% 

- FY2021: 36.3% 

- FY2022: 33.2% 

- FY2023: 31.3% 

- FY2024: 4.5% 

- FY2025: 5.1% 

## Owner memo

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

### How it makes money

Operates in steel; annual sales are EUR 9 billion.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:39:20.865Z); FY2025: revenue 8981300000; grossProfit 457100000; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); SZG.XETRA: Salzgitter AG, together with its subsidiaries, engages in steel and technology businesses worldwide. The company operates through four segments: Steel Production, Steel Processing, Trading, and Technology. Its Steel Production segment manufactures steel and special steels, such as hot-rolled wide strip, steel sheet, sections, tailored blanks, as well as scrap trading. The Steel Processing segment produces various high-grade heavy plate products; and manufactures line pipes, HFI-welded tubes, and precision tubes. Its Trading segment operates a European sales network, as well as trading companies and agencies worldwide. The Technology segment engages in the provision of machinery and plants for the filling and packaging of beverages, as well as special machinery engineering for elastomer production. It also provides IT, facility management, logistics, automotive engineering, and research and development services, as well as supplies raw materials. The company was founded in 1858 and is headquartered in Salzgitter, Germany.

### Why customers stay

Margins ranged from 4.5% to 31.3% during 2023–25; it earns 7.5% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:39:20.865Z); FY2023: grossProfit / revenue = 31.3%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:39:20.865Z); FY2024: grossProfit / revenue = 4.5%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:39:20.865Z); FY2025: grossProfit / revenue = 5.1%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:39:20.865Z); 10-year return on capital observations [[2016,0.055996671405291076],[2017,0.09476467954070861],[2018,0.10121651990193381],[2019,-0.010040410895517785],[2020,-0.04222550843064914],[2021,0.12100184753977855],[2022,0.2009501420968701],[2023,0.22026879919069822],[2024,-0.022416308930255837],[2025,-0.03842439984979857]]; median 0.07538067547299984. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Paid dividends in 8 of 10 years.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:39:20.865Z); FY2016: growth capex 0; upkeep 347800000; owner earnings 48400000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:39:20.865Z); FY2017: growth capex 0; upkeep 296900000; owner earnings 234900000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:39:20.865Z); FY2018: growth capex 3800000; upkeep 338700000; owner earnings 273700000. Growth capex / owner earnings = 0.013883814395323347.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:39:20.865Z); FY2021: growth capex 0; upkeep 343400000; owner earnings 717320000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:39:20.865Z); FY2022: growth capex 136500000; upkeep 306000000; owner earnings 1052760000. Growth capex / owner earnings = 0.12965918157984727.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:39:20.865Z); Dividend observations: [[2016,13500000],[2017,16200000],[2018,24300000],[2019,29700000],[2020,0],[2021,0],[2022,40600000],[2023,54100000],[2024,24300000],[2025,10800000]]. Zero only counted when supported by a complete cash-flow statement.

### Are managers owners

Insiders own 39.9% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); SZG.XETRA SharesStats.PercentInsiders = 39.885999999999996 percentage points; cache date 2026-10-16.

### What the price says

The price is 0.3 times annual sales; cash earnings are negative.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:39:20.865Z); Closing price 47.86 EUR; reporting-to-trading FX 1; FY2025 annual sales per share 166.05191976674746; price multiple 0.2882231055637825. FY2025 cash earnings/share -15.889866937340189. Closing-price date 2026-10-15.

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

- 2016-10: EUR 29.90 per share

- 2016-11: EUR 30.83 per share

- 2016-12: EUR 33.55 per share

- 2017-01: EUR 35.43 per share

- 2017-02: EUR 34.51 per share

- 2017-03: EUR 33.94 per share

- 2017-04: EUR 31.48 per share

- 2017-05: EUR 33.90 per share

- 2017-06: EUR 35.72 per share

- 2017-07: EUR 37.92 per share

- 2017-08: EUR 37.75 per share

- 2017-09: EUR 38.38 per share

- 2017-10: EUR 41.51 per share

- 2017-11: EUR 43.27 per share

- 2017-12: EUR 47.60 per share

- 2018-01: EUR 48.60 per share

- 2018-02: EUR 47.21 per share

- 2018-03: EUR 41.54 per share

- 2018-04: EUR 45.57 per share

- 2018-05: EUR 43.76 per share

- 2018-06: EUR 37.35 per share

- 2018-07: EUR 42.30 per share

- 2018-08: EUR 39.03 per share

- 2018-09: EUR 43.05 per share

- 2018-10: EUR 35.38 per share

- 2018-11: EUR 28.34 per share

- 2018-12: EUR 25.57 per share

- 2019-01: EUR 26.32 per share

- 2019-02: EUR 26.86 per share

- 2019-03: EUR 25.78 per share

- 2019-04: EUR 29.37 per share

- 2019-05: EUR 23.27 per share

- 2019-06: EUR 25.18 per share

- 2019-07: EUR 19.85 per share

- 2019-08: EUR 16.51 per share

- 2019-09: EUR 15.40 per share

- 2019-10: EUR 16.23 per share

- 2019-11: EUR 17.95 per share

- 2019-12: EUR 19.76 per share

- 2020-01: EUR 15.20 per share

- 2020-02: EUR 14.94 per share

- 2020-03: EUR 10.81 per share

- 2020-04: EUR 12.19 per share

- 2020-05: EUR 12.10 per share

- 2020-06: EUR 12.53 per share

- 2020-07: EUR 11.64 per share

- 2020-08: EUR 13.51 per share

- 2020-09: EUR 14.12 per share

- 2020-10: EUR 12.50 per share

- 2020-11: EUR 16.93 per share

- 2020-12: EUR 21.70 per share

- 2021-01: EUR 21.42 per share

- 2021-02: EUR 24.74 per share

- 2021-03: EUR 26.64 per share

- 2021-04: EUR 26.48 per share

- 2021-05: EUR 26.72 per share

- 2021-06: EUR 25.06 per share

- 2021-07: EUR 32.78 per share

- 2021-08: EUR 31.84 per share

- 2021-09: EUR 29.22 per share

- 2021-10: EUR 31.82 per share

- 2021-11: EUR 26.20 per share

- 2021-12: EUR 31.42 per share

- 2022-01: EUR 30.12 per share

- 2022-02: EUR 39.38 per share

- 2022-03: EUR 42.28 per share

- 2022-04: EUR 39.82 per share

- 2022-05: EUR 38.02 per share

- 2022-06: EUR 23.22 per share

- 2022-07: EUR 24.78 per share

- 2022-08: EUR 24.54 per share

- 2022-09: EUR 19.57 per share

- 2022-10: EUR 22.64 per share

- 2022-11: EUR 27.72 per share

- 2022-12: EUR 28.52 per share

- 2023-01: EUR 37.34 per share

- 2023-02: EUR 39.78 per share

- 2023-03: EUR 36.40 per share

- 2023-04: EUR 35.84 per share

- 2023-05: EUR 30.38 per share

- 2023-06: EUR 33.14 per share

- 2023-07: EUR 31.50 per share

- 2023-08: EUR 27.20 per share

- 2023-09: EUR 25.10 per share

- 2023-10: EUR 23.52 per share

- 2023-11: EUR 27.18 per share

- 2023-12: EUR 28.00 per share

- 2024-01: EUR 25.98 per share

- 2024-02: EUR 23.70 per share

- 2024-03: EUR 24.20 per share

- 2024-04: EUR 24.20 per share

- 2024-05: EUR 22.70 per share

- 2024-06: EUR 18.05 per share

- 2024-07: EUR 16.56 per share

- 2024-08: EUR 15.82 per share

- 2024-09: EUR 16.41 per share

- 2024-10: EUR 14.03 per share

- 2024-11: EUR 16.40 per share

- 2024-12: EUR 15.84 per share

- 2025-01: EUR 17.89 per share

- 2025-02: EUR 19.57 per share

- 2025-03: EUR 23.48 per share

- 2025-04: EUR 21.72 per share

- 2025-05: EUR 21.00 per share

- 2025-06: EUR 20.48 per share

- 2025-07: EUR 22.84 per share

- 2025-08: EUR 22.28 per share

- 2025-09: EUR 25.74 per share

- 2025-10: EUR 28.12 per share

- 2025-11: EUR 35.62 per share

- 2025-12: EUR 40.14 per share

- 2026-01: EUR 45.40 per share

- 2026-02: EUR 54.55 per share

- 2026-03: EUR 36.50 per share

- 2026-04: EUR 48.04 per share

- 2026-05: EUR 61.40 per share

- 2026-06: EUR 45.26 per share

- 2026-07: EUR 51.55 per share

- 2026-08: EUR 56.90 per share

- 2026-09: EUR 50.85 per share

- 2026-10: EUR 47.92 per share

## Annual estimated value (EUR per share)

- FY2017: low EUR 21.84 per share, central EUR 23.38 per share, high EUR 25.43 per share

- FY2018: low EUR 19.81 per share, central EUR 21.42 per share, high EUR 23.57 per share

- FY2019: low EUR 21.37 per share, central EUR 22.83 per share, high EUR 24.78 per share

- FY2020: low EUR 17.69 per share, central EUR 18.91 per share, high EUR 20.52 per share

- FY2021: low EUR 62.68 per share, central EUR 69.80 per share, high EUR 79.28 per share

- FY2022: low EUR 92.28 per share, central EUR 107.92 per share, high EUR 123.44 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