# Verbund Ag (VER.VI)

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

Analysis as of: 2026-10-16T07:34:31.045Z. 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 64.65 per share; close as of 2026-10-15.

Estimated value: low EUR 41.25 per share, central EUR 46.94 per share, high EUR 54.51 per share. Buy at or below the central value EUR 46.94 per share. Valuation as of 2026-10-16T07:34:31.045Z; scenarios are not confidence intervals.

Expected annual return: 8.0% at the stated quote. About 8.0% 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: pass

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

- Financial history: 10 years

- Years with declining revenue: 5

- Years with a net loss: 0

- Operating margin variation: 0.23×

Chart: Operating margin; fiscal year observations.

- FY2016: 0.22×

- FY2017: 0.14×

- FY2018: 0.23×

- FY2019: 0.22×

- FY2020: 0.29×

- FY2021: 0.27×

- FY2022: 0.18×

- FY2023: 0.32×

- FY2024: 0.33×

- FY2025: 0.26×

### moat: fail

- ROIC median below threshold

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

- ROIC, median of available years: 11.4%

- ROIC, second-lowest year: 7.3%

- Typical minus recent gross margin: -0.8 pp

- Typical gross margin (annual median): 45.4%

- Recent gross margin (lower of latest and 3-year median): 46.2%

- Years with nonpositive capital: 0

- Capital spending / revenue: 12.0%

- ROIC including acquisitions, ten-year median: 7.9%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: 7.3%

- FY2017: 4.7%

- FY2018: 7.6%

- FY2019: 9.9%

- FY2020: 10.0%

- FY2021: 12.8%

- FY2022: 14.6%

- FY2023: 23.5%

- FY2024: 19.7%

- FY2025: 14.0%

### economics: fail

- owner earnings cash conversion below threshold

- Owner earnings / net income, 5-yr: 0.78×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: EUR 6.4B

- Net income, five-year total: EUR 8.2B

- Return on incremental invested capital: 42.8%

- Working capital / revenue, annual change: 0.5 pp

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

- Working capital / revenue, final three-year average: 11.5%

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

- FY2021: 0.98×

- FY2022: 0.99×

- FY2023: 0.75×

- FY2024: 0.78×

- FY2025: 0.48×

### management: pass

- 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: 7.3% vs 19.7%

- Per-share earnings: 0.87 to 5.40 (three-year endpoint medians)

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: -0.0%

- Ordinary dilution, 5-year annual growth: -0.1%

- Market cap gain: EUR 16B

- Cumulative retained earnings: EUR 5.2B

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

- Diluted shares, 5-year annual growth: -0.1%

- $1 test, starting fiscal year: FY2016

- $1 test, ending fiscal year: FY2025

- Per-share value growth: 25.7%

- Per-share value change: EUR 4.53

- Per-share value, starting three-year median: EUR 0.87

- Per-share value, ending three-year median: EUR 5.40

- Buybacks concentrated in cheaper years (correlation): -0.50

- Average buyback yield: 0.7%

- Buyback history: 3 years

- Debt-funded buybacks: No

- Acquisition spending: EUR 712M

- Cumulative net income, 10 years: EUR 11B

- ROIC, first three-year median: 7.3%

- ROIC, last three-year median: 19.7%

Chart: Earnings per share; fiscal year observations.

- FY2016: EUR 1.22

- FY2017: EUR 0.87

- FY2018: EUR 1.25

- FY2019: EUR 1.58

- FY2020: EUR 1.81

- FY2021: EUR 2.51

- FY2022: EUR 4.94

- FY2023: EUR 6.52

- FY2024: EUR 5.40

- FY2025: EUR 4.29

### accounting: pass

- Sloan accruals: -2.3%

- Receivables to sales index (DSRI): 0.90×

- Restructuring years, last five: 0

- Earnings backed by cash: Yes

- Operating cash / earnings: 1.29×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 0.11×

- Stock compensation / operating cash flow: 0.0%

Chart: Sloan accruals; fiscal year observations.

- FY2016: -3.3%

- FY2017: -3.0%

- FY2018: -2.0%

- FY2019: -5.5%

- FY2020: -4.6%

- FY2021: 4.5%

- FY2022: -1.6%

- FY2023: -14.2%

- FY2024: -7.3%

- FY2025: -2.3%

## Holders

## Price story

Down 40% since Feb 2022 · sales -2.8%

Story as of 2026-10-16T10:00:00.948Z; price observation 2026-10-15.

Price needs cash profits to grow 4.9% a year for ten years

### Sales · FY2024–2025

sales -2.8%; source https://filings.xbrl.org/5299006UDSEJCTTEJS30/2025-12-31/ESEF/AT/1/verbundag-2025-12-31-1-de/reports/verbundag-2025-12-31-1-de.xhtml; observed 2026-04-29.

- FY2016: EUR 2.8B 

- FY2017: EUR 2.9B 

- FY2018: EUR 2.8B 

- FY2019: EUR 3.9B 

- FY2020: EUR 3.2B 

- FY2021: EUR 4.8B 

- FY2022: EUR 10B 

- FY2023: EUR 10B 

- FY2024: EUR 8.2B 

- FY2025: EUR 8.0B 

### Gross margin · FY2025

gross margin 46.2%; source https://filings.xbrl.org/5299006UDSEJCTTEJS30/2025-12-31/ESEF/AT/1/verbundag-2025-12-31-1-de/reports/verbundag-2025-12-31-1-de.xhtml; observed 2026-04-29.

- FY2016: 48.6% 

- FY2017: 45.1% 

- FY2018: 45.7% 

- FY2019: 41.9% 

- FY2020: 55.3% 

- FY2021: 38.9% 

- FY2022: 28.6% 

- FY2023: 34.3% 

- FY2024: 50.4% 

- FY2025: 46.2% 

## Owner memo

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

### How it makes money

Operates in utilities renewable; annual sales are EUR 8 billion.

- Source: https://filings.xbrl.org/5299006UDSEJCTTEJS30/2025-12-31/ESEF/AT/1/verbundag-2025-12-31-1-de/reports/verbundag-2025-12-31-1-de.xhtml (filed 2026-04-29); FY2025: revenue 8013556000; grossProfit 3703939000; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); VER.VI: VERBUND AG, together with its subsidiaries, generates, trades, and sells electricity in Austria, Germany, France, Romania, Spain, and Luxembourg. It operates through Hydro, New Renewables, Sales, Grid, and All Other segments. The company engages in the generation of hydropower, wind power, photovoltaic systems, and flexible storage systems; trading and sale activities, and business activities related to battery storage systems; electricity and thermal generation; and holds equity interests. It also offers electricity, gas, e-mobility, and large-scale photovoltaic systems. The company serves participants in energy exchange markets, traders, electric utilities, industrial companies, and household and commercial customers. VERBUND AG was founded in 1947 and is headquartered in Vienna, Austria.

### Why customers stay

Margins ranged from 34.3% to 50.4% during 2023–25; it earns 11.4% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-29); FY2023: grossProfit / revenue = 34.3%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-29); FY2024: grossProfit / revenue = 50.4%.

- Source: https://filings.xbrl.org/5299006UDSEJCTTEJS30/2025-12-31/ESEF/AT/1/verbundag-2025-12-31-1-de/reports/verbundag-2025-12-31-1-de.xhtml (filed 2026-04-29); FY2025: grossProfit / revenue = 46.2%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-29); 10-year return on capital observations [[2016,0.07342849168632568],[2017,0.04685256542773068],[2018,0.07591904282230877],[2019,0.09881882831773108],[2020,0.10048023978809584],[2021,0.1279218198684153],[2022,0.1462503851635562],[2023,0.23478247614955167],[2024,0.19719761775762953],[2025,0.14037294660616695]]; median 0.11420102982825557. 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 2026-04-29); FY2016: growth capex 0; upkeep 248146000; owner earnings 606829000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-29); FY2017: growth capex 0; upkeep 243452000; owner earnings 579610000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-29); FY2018: growth capex 0; upkeep 295557000; owner earnings 346060000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-29); FY2019: growth capex 34369000; upkeep 356795000; owner earnings 537397000. Growth capex / owner earnings = 0.0639545810639062.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-29); FY2020: growth capex 0; upkeep 602357000; owner earnings 495389000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-29); FY2021: growth capex 734149000; upkeep 119895000; owner earnings 854696000. Growth capex / owner earnings = 0.8589592088883065.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-29); FY2022: growth capex 556744000; upkeep 534483000; owner earnings 1692905758.2994785. Growth capex / owner earnings = 0.32886886778579366.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-29); FY2023: growth capex 205945960.13108635; upkeep 1192574039.8689137; owner earnings 1695747246.9250221. Growth capex / owner earnings = 0.12144850036144113.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-29); FY2024: growth capex 0; upkeep 1137511000; owner earnings 1456291000. Growth capex / owner earnings = 0.

- Source: https://filings.xbrl.org/5299006UDSEJCTTEJS30/2025-12-31/ESEF/AT/1/verbundag-2025-12-31-1-de/reports/verbundag-2025-12-31-1-de.xhtml (filed 2026-04-29); FY2025: growth capex 0; upkeep 1368319000; owner earnings 708891000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-29); Dividend observations: [[2016,164984000],[2017,122593000],[2018,178084000],[2019,178084000],[2020,291350000],[2021,319324000],[2022,477828000],[2023,1250690000],[2024,1933951000],[2025,1329416000]]. Zero only counted when supported by a complete cash-flow statement.

### Are managers owners

Insiders own 30% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); VER.VI SharesStats.PercentInsiders = 30 percentage points; cache date 2026-10-16.

### What the price says

The price assumes cash profits grow 4.9% yearly over ten years; actual growth was 5.9%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-29); Ten-year compound average after fade. Initial solved rate 0.05729596491451405. Price 64.65; FX 1; discount 0.1; same standard ten-year fade to terminal 0.03. FY2015 owner earnings/share 1.1534942145677354 → FY2025 2.0404691801970047. Closing-price date 2026-10-15.

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

- 2016-10: EUR 15.21 per share

- 2016-11: EUR 13.79 per share

- 2016-12: EUR 15.20 per share

- 2017-01: EUR 14.90 per share

- 2017-02: EUR 15.68 per share

- 2017-03: EUR 15.92 per share

- 2017-04: EUR 15.25 per share

- 2017-05: EUR 16.61 per share

- 2017-06: EUR 16.69 per share

- 2017-07: EUR 16.73 per share

- 2017-08: EUR 18.05 per share

- 2017-09: EUR 19.95 per share

- 2017-10: EUR 20.87 per share

- 2017-11: EUR 19.89 per share

- 2017-12: EUR 20.15 per share

- 2018-01: EUR 22.30 per share

- 2018-02: EUR 21.80 per share

- 2018-03: EUR 23.60 per share

- 2018-04: EUR 25.74 per share

- 2018-05: EUR 27.82 per share

- 2018-06: EUR 27.70 per share

- 2018-07: EUR 33.72 per share

- 2018-08: EUR 34.96 per share

- 2018-09: EUR 42.42 per share

- 2018-10: EUR 35.60 per share

- 2018-11: EUR 36.12 per share

- 2018-12: EUR 37.24 per share

- 2019-01: EUR 44.62 per share

- 2019-02: EUR 42.32 per share

- 2019-03: EUR 42.78 per share

- 2019-04: EUR 44.22 per share

- 2019-05: EUR 44.80 per share

- 2019-06: EUR 46.00 per share

- 2019-07: EUR 50.60 per share

- 2019-08: EUR 54.15 per share

- 2019-09: EUR 50.20 per share

- 2019-10: EUR 48.50 per share

- 2019-11: EUR 47.18 per share

- 2019-12: EUR 44.74 per share

- 2020-01: EUR 47.72 per share

- 2020-02: EUR 42.88 per share

- 2020-03: EUR 33.02 per share

- 2020-04: EUR 41.36 per share

- 2020-05: EUR 40.04 per share

- 2020-06: EUR 39.86 per share

- 2020-07: EUR 44.54 per share

- 2020-08: EUR 45.00 per share

- 2020-09: EUR 46.68 per share

- 2020-10: EUR 49.38 per share

- 2020-11: EUR 58.85 per share

- 2020-12: EUR 69.85 per share

- 2021-01: EUR 74.40 per share

- 2021-02: EUR 63.20 per share

- 2021-03: EUR 62.00 per share

- 2021-04: EUR 68.30 per share

- 2021-05: EUR 75.00 per share

- 2021-06: EUR 77.65 per share

- 2021-07: EUR 77.85 per share

- 2021-08: EUR 92.75 per share

- 2021-09: EUR 87.70 per share

- 2021-10: EUR 90.10 per share

- 2021-11: EUR 92.50 per share

- 2021-12: EUR 98.90 per share

- 2022-01: EUR 93.80 per share

- 2022-02: EUR 108.00 per share

- 2022-03: EUR 95.50 per share

- 2022-04: EUR 102.20 per share

- 2022-05: EUR 92.65 per share

- 2022-06: EUR 93.35 per share

- 2022-07: EUR 107.50 per share

- 2022-08: EUR 95.35 per share

- 2022-09: EUR 87.45 per share

- 2022-10: EUR 79.25 per share

- 2022-11: EUR 86.05 per share

- 2022-12: EUR 78.65 per share

- 2023-01: EUR 78.05 per share

- 2023-02: EUR 82.10 per share

- 2023-03: EUR 80.00 per share

- 2023-04: EUR 80.90 per share

- 2023-05: EUR 70.55 per share

- 2023-06: EUR 73.45 per share

- 2023-07: EUR 75.35 per share

- 2023-08: EUR 75.60 per share

- 2023-09: EUR 77.05 per share

- 2023-10: EUR 82.00 per share

- 2023-11: EUR 87.50 per share

- 2023-12: EUR 84.05 per share

- 2024-01: EUR 75.65 per share

- 2024-02: EUR 67.00 per share

- 2024-03: EUR 67.75 per share

- 2024-04: EUR 71.60 per share

- 2024-05: EUR 75.80 per share

- 2024-06: EUR 73.65 per share

- 2024-07: EUR 74.00 per share

- 2024-08: EUR 77.15 per share

- 2024-09: EUR 74.50 per share

- 2024-10: EUR 75.20 per share

- 2024-11: EUR 75.50 per share

- 2024-12: EUR 70.00 per share

- 2025-01: EUR 74.10 per share

- 2025-02: EUR 72.80 per share

- 2025-03: EUR 65.45 per share

- 2025-04: EUR 67.70 per share

- 2025-05: EUR 68.75 per share

- 2025-06: EUR 65.15 per share

- 2025-07: EUR 65.35 per share

- 2025-08: EUR 60.95 per share

- 2025-09: EUR 61.90 per share

- 2025-10: EUR 66.95 per share

- 2025-11: EUR 63.50 per share

- 2025-12: EUR 62.00 per share

- 2026-01: EUR 61.95 per share

- 2026-02: EUR 60.30 per share

- 2026-03: EUR 65.65 per share

- 2026-04: EUR 64.15 per share

- 2026-05: EUR 57.55 per share

- 2026-06: EUR 55.60 per share

- 2026-07: EUR 59.55 per share

- 2026-08: EUR 59.30 per share

- 2026-09: EUR 64.95 per share

- 2026-10: EUR 67.10 per share

## Annual estimated value (EUR per share)

- FY2016: low EUR 11.87 per share, central EUR 13.51 per share, high EUR 15.69 per share

- FY2017: low EUR 18.18 per share, central EUR 20.69 per share, high EUR 24.02 per share

- FY2018: low EUR 12.37 per share, central EUR 14.05 per share, high EUR 16.28 per share

- FY2019: low EUR 16.68 per share, central EUR 18.98 per share, high EUR 22.04 per share

- FY2020: low EUR 15.54 per share, central EUR 17.68 per share, high EUR 20.53 per share

- FY2021: low EUR 25.06 per share, central EUR 30.19 per share, high EUR 35.07 per share

- FY2022: low EUR 62.52 per share, central EUR 89.09 per share, high EUR 104.56 per share

- FY2023: low EUR 60.98 per share, central EUR 76.86 per share, high EUR 89.47 per share

- FY2024: low EUR 54.61 per share, central EUR 77.23 per share, high EUR 90.41 per share

- FY2025: low EUR 41.25 per share, central EUR 46.94 per share, high EUR 54.51 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 2026-10-15T06:40:17.229Z where newer inputs omit a numeric field or fiscal period.

## Sources

[Original ESEF filing](https://filings.xbrl.org/5299006UDSEJCTTEJS30/2025-12-31/ESEF/AT/1/verbundag-2025-12-31-1-de/reports/verbundag-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.

## Reported holder observations