# thyssenkrupp AG (TKA.XETRA)

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

Analysis as of: 2026-10-16T07:35:58.355Z. Financial observations: FY1999–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 13.94 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

- negative average operating margin

- operating margin variation exceeds 0.35

- Financial history: 10 years

- Years with declining revenue: 6

- Years with a net loss: 6

- Operating margin variation: 2.68×

Chart: Operating margin; fiscal year observations.

- FY2017: 0.03×

- FY2018: 0.01×

- FY2019: 0.00×

- FY2020: -0.18×

- FY2021: 0.01×

- FY2022: 0.03×

- FY2023: -0.04×

- FY2024: -0.03×

- FY2025: -0.02×

- LTM to Jun 2026: -0.03×

### moat: fail

- ROIC median below threshold

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

- Recent gross margin fell 4.0pp below the typical margin (limit 4pp)

- ROIC, median of available years: 4.7%

- ROIC, second-lowest year: -22.2%

- Typical minus recent gross margin: 4.0 pp

- Typical gross margin (annual median): 13.3%

- Recent gross margin (lower of latest and 3-year median): 9.3%

- Years with nonpositive capital: 0

- Capital spending / revenue: 4.0%

- ROIC including acquisitions, ten-year median: -3.3%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: 42.6%

- FY2017: 70.2%

- FY2018: 18.4%

- FY2019: 6.3%

- FY2020: -145.4%

- FY2021: 3.1%

- FY2022: 12.2%

- FY2023: -18.8%

- FY2024: -22.2%

- FY2025: -10.9%

### economics: fail

- owner earnings cash conversion below threshold

- incremental invested capital return below threshold

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: EUR -935M

- Net income, five-year total: EUR -2.0B

- Return on incremental invested capital: 0.0%

- Working capital / revenue, annual change: 0.3 pp

- Working capital / revenue, change between three-year averages: -0.9 pp

- Working capital / revenue, final three-year average: 24.2%

Chart: Owner earnings · five years; fiscal year observations.

- FY2021: EUR -143M

- FY2022: EUR 1.1B

- FY2023: EUR -844M

- FY2024: EUR -1.3B

- FY2025: EUR 197M

### management: fail

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

- buybacks unrelated to price (informational)

- ROIC first 3 years vs last 3 years: 42.6% vs -18.8%

- Per-share earnings: 0.52 to -2.42 (three-year endpoint medians)

- per-share value declined or ends nonpositive

- acquired goodwill and intangibles (proxy) exceeds half of ten-year net income with low and deteriorating ROIC

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: 1.0%

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

- Market cap gain: EUR -6.3B

- Cumulative retained earnings: EUR 7.0B

- Diluted shares, 10-year annual growth: 1.0%

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

- $1 test, starting fiscal year: FY2017

- $1 test, ending fiscal year: FY2025

- Per-share value change: EUR -2.94

- Per-share value, starting three-year median: EUR 0.52

- Per-share value, ending three-year median: EUR -2.42

- Buybacks concentrated in cheaper years (correlation): -0.10

- Average buyback yield: 0.8%

- Buyback history: 5 years

- Debt-funded buybacks: No

- Acquisition spending: EUR 905M

- Cumulative net income, 10 years: EUR -8.1B

- ROIC, first three-year median: 42.6%

- ROIC, last three-year median: -18.8%

Chart: Earnings per share; fiscal year observations.

- FY2016: EUR 0.52

- FY2017: EUR -1.04

- FY2018: EUR 0.01

- FY2019: EUR -0.42

- FY2020: EUR -8.90

- FY2021: EUR -0.03

- FY2022: EUR 1.82

- FY2023: EUR -3.33

- FY2024: EUR -2.42

- FY2025: EUR 0.75

### accounting: pass

- Sloan accruals: -4.0%

- Receivables to sales index (DSRI): 1.03×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 0.0%

- Earnings backed by cash: Yes

- Operating cash / earnings: 3.62×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 0.18×

Chart: Sloan accruals; fiscal year observations.

- FY2016: -3.1%

- FY2017: -3.6%

- FY2018: -3.5%

- FY2019: -0.9%

- FY2020: -6.1%

- FY2021: -0.3%

- FY2022: 1.4%

- FY2023: -12.4%

- FY2024: -9.7%

- FY2025: -4.0%

## Holders

## Price story

Up 183% since Oct 2023 · "Thyssenkrupp ADR jumps nearly 8% on Canada submarine contract report" (finance.yahoo.com, Jul 2026) · sales -0.6%

Story as of 2026-10-16T10:00:06.422Z; price observation 2026-10-15.

- 2025-08-14: ThyssenKrupp shares plunge after conglomerate slashes full-year sales guidance ([finance.yahoo.com](https://finance.yahoo.com/news/thyssenkrupp-shares-plunge-conglomerate-slashes-084628178.html))

- 2025-09-30: Thyssenkrupp’s Warship Arm Sees Over $70 Billion Market as Europe Expands Navies ([finance.yahoo.com](https://finance.yahoo.com/m/e423cd12-5e0e-37fc-b8c4-8f3b84407aae/thyssenkrupp%E2%80%99s-warship-arm.html))

- 2026-03-25: Thyssenkrupp, Jindal steel sale talks falter on pension, energy costs, sources say ([sg.finance.yahoo.com](https://sg.finance.yahoo.com/news/thyssenkrupp-jindal-steel-sale-talks-180609701.html))

- 2026-05-12: Thyssenkrupp cuts sales outlook on Mideast war ([finance.yahoo.com](https://finance.yahoo.com/economy/articles/thyssenkrupp-cuts-sales-outlook-mideast-061719540.html))

- 2026-07-06: Thyssenkrupp ADR jumps nearly 8% on Canada submarine contract report ([finance.yahoo.com](https://finance.yahoo.com/markets/stocks/articles/thyssenkrupp-adr-jumps-nearly-8-134230749.html))

### Sales · FY2025–2026

sales -0.6%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2017: EUR 41B 

- FY2018: EUR 35B 

- FY2019: EUR 42B 

- FY2020: EUR 29B 

- FY2021: EUR 34B 

- FY2022: EUR 41B 

- FY2023: EUR 38B 

- FY2024: EUR 35B 

- FY2025: EUR 33B 

- FY2026: EUR 33B 

### Gross margin · FY2025

gross margin 11.3%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2016: 16.9% 

- FY2017: 16.8% 

- FY2018: 14.2% 

- FY2019: 13.8% 

- FY2021: 12.8% 

- FY2022: 13.8% 

- FY2023: 7.1% 

- FY2024: 9.3% 

- FY2025: 11.3% 

## Owner memo

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

### How it makes money

Operates in conglomerates; annual sales are EUR 32.8 billion.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:58.355Z); FY2025: revenue 32837000000; grossProfit 3719000000; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); TKA.XETRA: thyssenkrupp AG, together with its subsidiaries, provides industrial and technology solutions and services in Germany and internationally. The company operates in five segments: Automotive Technology, Decarbon Technologies, Materials Services, Steel Europe, and Marine Systems. It offers axle assembly and logistics, body in white, camshafts and electric engine components, carValoo, dampers, dies, plant engineering for batteries and powertrain, prototypes, serial production, springs and stabilizers, steering, crankshafts and conrods, thermal management, and undercarriages, as well as systems, automation, and mechatronic solutions; and slewing bearings and rings, chemical plants, coke plant technologies, green ammonia, methanol, and hydrogen, high-pressure processing, refinery services and cement plants. The company also provides alloys, logistics services, industrial minerals, material services, nonferrous metals, plastics, and stainless steel; composite materials, cut-to-length sheet products, electrical and packaging steel, hot and precision steel strips, organic coated strips and sheets, and sheet and coated products; and naval services, surface vessels, and submarines. It serves automotive, chemicals, energy generation and distribution, food and beverages, white goods, aerospace, mechanical and plant engineering, oil and gas, shipbuilding, and special vehicles, as well as construction, infrastructure, and buildings industries. The company was founded in 1811 and is headquartered in Essen, Germany.

### Why customers stay

Margins ranged from 7.1% to 11.3% during 2023–25; it earns 4.7% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:58.355Z); FY2023: grossProfit / revenue = 7.1%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:58.355Z); FY2024: grossProfit / revenue = 9.3%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:58.355Z); FY2025: grossProfit / revenue = 11.3%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:58.355Z); 10-year return on capital observations [[2016,0.42578890097932537],[2017,0.7015873015873015],[2018,0.18382264829239064],[2019,0.06289808917197452],[2020,-1.4544627231361569],[2021,0.03097128894318876],[2022,0.12160795605458377],[2023,-0.18801535445932702],[2024,-0.2215727391874181],[2025,-0.10891396332863187]]; median 0.04693468905758164. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Paid dividends in 7 of 10 years.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:58.355Z); FY2016: growth capex 0; upkeep 1362000000; owner earnings 50000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:58.355Z); FY2018: growth capex 0; upkeep 925000000; owner earnings 201000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:58.355Z); FY2022: growth capex 0; upkeep 1296000000; owner earnings 1135000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:58.355Z); FY2025: growth capex 0; upkeep 1563000000; owner earnings 197400000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:58.355Z); Dividend observations: [[2016,85000000],[2017,85000000],[2018,93000000],[2019,93000000],[2020,0],[2021,0],[2022,0],[2023,93000000],[2024,93000000],[2025,93000000]]. Zero only counted when supported by a complete cash-flow statement.

### Are managers owners

Insiders own 2.9% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); TKA.XETRA SharesStats.PercentInsiders = 2.936 percentage points; cache date 2026-10-16.

### What the price says

The price is 0.3 times annual sales.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:58.355Z); Closing price 13.935 EUR; reporting-to-trading FX 1; FY2025 annual sales per share 52.747514704873666; price multiple 0.26418306299296523. FY2025 cash earnings/share 0.31709228622413926. Closing-price date 2026-10-15.

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

- 2016-10: EUR 15.84 per share

- 2016-11: EUR 16.09 per share

- 2016-12: EUR 17.01 per share

- 2017-01: EUR 17.54 per share

- 2017-02: EUR 17.72 per share

- 2017-03: EUR 17.25 per share

- 2017-04: EUR 16.42 per share

- 2017-05: EUR 17.73 per share

- 2017-06: EUR 18.68 per share

- 2017-07: EUR 18.84 per share

- 2017-08: EUR 18.92 per share

- 2017-09: EUR 18.83 per share

- 2017-10: EUR 17.20 per share

- 2017-11: EUR 17.27 per share

- 2017-12: EUR 18.19 per share

- 2018-01: EUR 19.03 per share

- 2018-02: EUR 16.77 per share

- 2018-03: EUR 15.92 per share

- 2018-04: EUR 16.22 per share

- 2018-05: EUR 16.95 per share

- 2018-06: EUR 15.64 per share

- 2018-07: EUR 17.14 per share

- 2018-08: EUR 14.96 per share

- 2018-09: EUR 16.33 per share

- 2018-10: EUR 13.95 per share

- 2018-11: EUR 12.39 per share

- 2018-12: EUR 11.25 per share

- 2019-01: EUR 11.62 per share

- 2019-02: EUR 9.88 per share

- 2019-03: EUR 9.20 per share

- 2019-04: EUR 9.42 per share

- 2019-05: EUR 8.51 per share

- 2019-06: EUR 9.63 per share

- 2019-07: EUR 8.78 per share

- 2019-08: EUR 8.35 per share

- 2019-09: EUR 9.54 per share

- 2019-10: EUR 9.61 per share

- 2019-11: EUR 8.55 per share

- 2019-12: EUR 9.04 per share

- 2020-01: EUR 8.39 per share

- 2020-02: EUR 6.54 per share

- 2020-03: EUR 3.58 per share

- 2020-04: EUR 4.57 per share

- 2020-05: EUR 4.55 per share

- 2020-06: EUR 4.74 per share

- 2020-07: EUR 4.94 per share

- 2020-08: EUR 4.52 per share

- 2020-09: EUR 3.24 per share

- 2020-10: EUR 3.08 per share

- 2020-11: EUR 4.21 per share

- 2020-12: EUR 6.10 per share

- 2021-01: EUR 7.22 per share

- 2021-02: EUR 8.38 per share

- 2021-03: EUR 8.55 per share

- 2021-04: EUR 8.35 per share

- 2021-05: EUR 7.26 per share

- 2021-06: EUR 6.60 per share

- 2021-07: EUR 6.32 per share

- 2021-08: EUR 7.09 per share

- 2021-09: EUR 6.89 per share

- 2021-10: EUR 6.75 per share

- 2021-11: EUR 7.31 per share

- 2021-12: EUR 7.27 per share

- 2022-01: EUR 6.77 per share

- 2022-02: EUR 7.21 per share

- 2022-03: EUR 5.85 per share

- 2022-04: EUR 5.54 per share

- 2022-05: EUR 6.72 per share

- 2022-06: EUR 4.06 per share

- 2022-07: EUR 4.51 per share

- 2022-08: EUR 4.18 per share

- 2022-09: EUR 3.29 per share

- 2022-10: EUR 4.01 per share

- 2022-11: EUR 3.99 per share

- 2022-12: EUR 4.28 per share

- 2023-01: EUR 5.39 per share

- 2023-02: EUR 5.34 per share

- 2023-03: EUR 4.97 per share

- 2023-04: EUR 4.89 per share

- 2023-05: EUR 4.83 per share

- 2023-06: EUR 5.38 per share

- 2023-07: EUR 5.43 per share

- 2023-08: EUR 5.34 per share

- 2023-09: EUR 5.43 per share

- 2023-10: EUR 4.93 per share

- 2023-11: EUR 5.19 per share

- 2023-12: EUR 4.74 per share

- 2024-01: EUR 4.33 per share

- 2024-02: EUR 3.55 per share

- 2024-03: EUR 3.74 per share

- 2024-04: EUR 3.54 per share

- 2024-05: EUR 3.40 per share

- 2024-06: EUR 3.03 per share

- 2024-07: EUR 2.66 per share

- 2024-08: EUR 2.40 per share

- 2024-09: EUR 2.61 per share

- 2024-10: EUR 2.41 per share

- 2024-11: EUR 2.91 per share

- 2024-12: EUR 2.95 per share

- 2025-01: EUR 3.61 per share

- 2025-02: EUR 5.71 per share

- 2025-03: EUR 7.11 per share

- 2025-04: EUR 7.53 per share

- 2025-05: EUR 6.45 per share

- 2025-06: EUR 6.85 per share

- 2025-07: EUR 7.68 per share

- 2025-08: EUR 6.78 per share

- 2025-09: EUR 8.77 per share

- 2025-10: EUR 9.08 per share

- 2025-11: EUR 9.41 per share

- 2025-12: EUR 9.27 per share

- 2026-01: EUR 11.29 per share

- 2026-02: EUR 10.55 per share

- 2026-03: EUR 7.41 per share

- 2026-04: EUR 10.09 per share

- 2026-05: EUR 11.75 per share

- 2026-06: EUR 10.41 per share

- 2026-07: EUR 12.06 per share

- 2026-08: EUR 14.45 per share

- 2026-09: EUR 14.64 per share

- 2026-10: EUR 13.83 per share

## Annual estimated value (EUR per share)

- FY2016: low EUR 6.84 per share, central EUR 6.98 per share, high EUR 7.15 per share

- FY2017: low EUR 8.11 per share, central EUR 8.23 per share, high EUR 8.40 per share

- FY2018: low EUR 6.79 per share, central EUR 7.22 per share, high EUR 7.79 per share

- FY2019: low EUR 6.44 per share, central EUR 6.57 per share, high EUR 6.74 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 2026-10-15T06:41:43.862Z 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