# Viscofan (VIS.MC)

Canonical: https://gigainvestors.com/s/VIS.MC

Analysis as of: 2026-10-16T07:39:39.162Z. Financial observations: FY2001–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 53.50 per share; close as of 2026-10-15.

Estimated value: low EUR 43.63 per share, central EUR 54.06 per share, high EUR 62.95 per share. Buy at or below the central value EUR 54.06 per share. Valuation as of 2026-10-16T07:39:39.162Z; scenarios are not confidence intervals.

Expected annual return: 10.1% at the stated quote. About 10.1% a year at today's price (required return 10.0%). required return 10.0% a year (10% floor; ES 10-year bond 4.0% + 4 points).

## Checklist

### understandable: pass

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

- Financial history: 10 years

- Years with declining revenue: 2

- Years with a net loss: 0

- Operating margin variation: 0.11×

Chart: Operating margin; fiscal year observations.

- FY2016: 0.21×

- FY2017: 0.20×

- FY2018: 0.19×

- FY2019: 0.15×

- FY2020: 0.18×

- FY2021: 0.18×

- FY2022: 0.16×

- FY2023: 0.15×

- FY2024: 0.17×

- FY2025: 0.16×

### moat: fail

- Recent gross margin fell 31.7pp below the typical margin (limit 4pp)

- ROIC, median of available years: 15.3%

- ROIC, second-lowest year: 14.0%

- Typical minus recent gross margin: 31.7 pp

- Typical gross margin (annual median): 69.1%

- Recent gross margin (lower of latest and 3-year median): 37.3%

- Years with nonpositive capital: 0

- Capital spending / revenue: 8.3%

- ROIC including acquisitions, ten-year median: 13.6%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: 17.5%

- FY2017: 17.1%

- FY2018: 14.8%

- FY2019: 12.6%

- FY2020: 15.9%

- FY2021: 15.8%

- FY2022: 14.1%

- FY2023: 14.0%

- FY2024: 14.2%

- FY2025: 16.4%

### economics: pass

- Owner earnings / net income, 5-yr: 1.01×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: EUR 738M

- Net income, five-year total: EUR 730M

- Return on incremental invested capital: 12.7%

- Working capital / revenue, annual change: 0.4 pp

- Working capital / revenue, change between three-year averages: 2.9 pp

- Working capital / revenue, final three-year average: 51.1%

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

- FY2021: 0.98×

- FY2022: 0.98×

- FY2023: 1.03×

- FY2024: 1.04×

- FY2025: 1.01×

### management: pass

- 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: 17.1% vs 14.2%

- Per-share earnings: 2.62 to 3.43 (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 300M

- Cumulative retained earnings: EUR 35M

- 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: 3.4%

- Per-share value change: EUR 0.81

- Per-share value, starting three-year median: EUR 2.62

- Per-share value, ending three-year median: EUR 3.43

- Buybacks concentrated in cheaper years (correlation): 0.36

- Average buyback yield: 1.2%

- Buyback history: 7 years

- Debt-funded buybacks: No

- Acquisition spending: EUR 27M

- Cumulative net income, 10 years: EUR 1.3B

- ROIC, first three-year median: 17.1%

- ROIC, last three-year median: 14.2%

Chart: Earnings per share; fiscal year observations.

- FY2016: EUR 2.68

- FY2017: EUR 2.62

- FY2018: EUR 2.66

- FY2019: EUR 2.28

- FY2020: EUR 2.64

- FY2021: EUR 2.87

- FY2022: EUR 3.02

- FY2023: EUR 3.06

- FY2024: EUR 3.43

- FY2025: EUR 3.44

### accounting: pass

- Sloan accruals: -2.0%

- Receivables to sales index (DSRI): 1.04×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 3.6%

- Earnings backed by cash: Yes

- Operating cash / earnings: 1.18×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 0.04×

Chart: Sloan accruals; fiscal year observations.

- FY2016: -1.7%

- FY2017: -3.7%

- FY2018: -0.1%

- FY2019: -6.7%

- FY2020: -5.4%

- FY2021: -7.6%

- FY2022: 1.4%

- FY2023: -0.3%

- FY2024: -5.6%

- FY2025: -2.0%

## Holders

## Price story

Down 2% since Oct 2023 · sales +4%

Story as of 2026-10-16T10:00:10.957Z; price observation 2026-10-15.

Price needs cash profits to grow 2.9% a year for ten years

### Sales · FY2024–2025

sales +4%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2016: EUR 731M 

- FY2017: EUR 778M 

- FY2018: EUR 786M 

- FY2019: EUR 850M 

- FY2020: EUR 912M 

- FY2021: EUR 969M 

- FY2022: EUR 1.2B 

- FY2023: EUR 1.2B 

- FY2024: EUR 1.2B 

- FY2025: EUR 1.3B 

### Gross margin · FY2025

gross margin 37.3%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2016: 72.2% 

- FY2017: 72.9% 

- FY2018: 71.1% 

- FY2019: 68.0% 

- FY2020: 70.1% 

- FY2021: 70.8% 

- FY2022: 67.6% 

- FY2023: 65.7% 

- FY2024: 67.6% 

- FY2025: 37.3% 

## Owner memo

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

### How it makes money

Operates in packaging & containers; annual sales are EUR 1.3 billion.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:39:39.162Z); FY2025: revenue 1251983000; grossProfit 467494000; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); VIS.MC: Viscofan, S.A., together with its subsidiaries, manufactures, produces, and distributes casings in Spain, Rest of Europe, Middle East, Africa, Pacific Asia, North America, South America, and internationally. The company offers cellulose, collagen, fibrous, functional solutions, plastics, viscofan veggie, efan, edileaf, nutra-pharma collinstant, nutra-pharma satiscoll, and medical. It also provides collagen casings for processed and pre-cooked fried sausages, and dry-cured snacks, as well as collagen film cover for meat products under the Total Control Net brand. In addition, it offers fibrous casings under the TITANIUM LINE brand. Viscofan, S.A. was incorporated in 1975 and is based in Tajonar, Spain.

### Why customers stay

Margins ranged from 37.3% to 67.6% during 2023–25; it earns 15.3% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:39:39.162Z); FY2023: grossProfit / revenue = 65.7%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:39:39.162Z); FY2024: grossProfit / revenue = 67.6%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:39:39.162Z); FY2025: grossProfit / revenue = 37.3%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:39:39.162Z); 10-year return on capital observations [[2016,0.17465184770933986],[2017,0.17099719307772462],[2018,0.14798685208548382],[2019,0.12550841268551638],[2020,0.1589176902275098],[2021,0.15753002967038154],[2022,0.141350595946812],[2023,0.1397971031533127],[2024,0.14232877708692415],[2025,0.16384530592791013]]; median 0.15275844087793267. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Paid dividends in 10 of 10 years; bought back EUR 94 million of shares.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:39:39.162Z); FY2016: growth capex 0; upkeep 80747000; owner earnings 94036000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:39:39.162Z); FY2017: growth capex 26881612.89359328; upkeep 84679387.10640672; owner earnings 93803612.89359328. Growth capex / owner earnings = 0.2865733212652119.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:39:39.162Z); FY2018: growth capex 4549836.293053269; upkeep 67399163.70694673; owner earnings 118871836.29305327. Growth capex / owner earnings = 0.03827514098324025.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:39:39.162Z); FY2019: growth capex 0; upkeep 62755000; owner earnings 109637000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:39:39.162Z); FY2020: growth capex 0; upkeep 55320000; owner earnings 135582000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:39:39.162Z); FY2021: growth capex 23498000; upkeep 72281000; owner earnings 130218800. Growth capex / owner earnings = 0.18045013469637255.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:39:39.162Z); FY2022: growth capex 37418000; upkeep 78148000; owner earnings 137332000. Growth capex / owner earnings = 0.2724638103282556.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:39:39.162Z); FY2023: growth capex 0; upkeep 77126000; owner earnings 145240800. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:39:39.162Z); FY2024: growth capex 0; upkeep 75027000; owner earnings 163416200. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:39:39.162Z); FY2025: growth capex 0; upkeep 80447000; owner earnings 162217400. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:39:39.162Z); Dividend observations: [[2016,64779000],[2017,69439000],[2018,78694000],[2019,74302000],[2020,109411000],[2021,78328000],[2022,84517000],[2023,89508000],[2024,60063000],[2025,51144000]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:39:39.162Z); FY2025: cash repurchases 93984000 EUR.

### Are managers owners

Insiders own 13.6% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); VIS.MC SharesStats.PercentInsiders = 13.566 percentage points; cache date 2026-10-16.

### What the price says

The price assumes cash profits grow 2.9% yearly over ten years; actual growth was 3.1%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:39:39.162Z); Ten-year compound average after fade. Initial solved rate 0.028927445527447415. Price 53.5; FX 1; discount 0.1; same standard ten-year fade to terminal 0.03. FY2015 owner earnings/share 2.5753749165838764 → FY2025 3.4886212606722724. Closing-price date 2026-10-15.

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

- 2016-10: EUR 42.94 per share

- 2016-11: EUR 45.50 per share

- 2016-12: EUR 46.85 per share

- 2017-01: EUR 47.02 per share

- 2017-02: EUR 49.43 per share

- 2017-03: EUR 48.47 per share

- 2017-04: EUR 54.94 per share

- 2017-05: EUR 54.43 per share

- 2017-06: EUR 51.80 per share

- 2017-07: EUR 50.39 per share

- 2017-08: EUR 50.70 per share

- 2017-09: EUR 51.83 per share

- 2017-10: EUR 51.98 per share

- 2017-11: EUR 53.82 per share

- 2017-12: EUR 55.01 per share

- 2018-01: EUR 56.30 per share

- 2018-02: EUR 52.30 per share

- 2018-03: EUR 56.10 per share

- 2018-04: EUR 55.00 per share

- 2018-05: EUR 56.95 per share

- 2018-06: EUR 58.35 per share

- 2018-07: EUR 59.00 per share

- 2018-08: EUR 62.75 per share

- 2018-09: EUR 62.80 per share

- 2018-10: EUR 52.80 per share

- 2018-11: EUR 50.40 per share

- 2018-12: EUR 48.12 per share

- 2019-01: EUR 48.64 per share

- 2019-02: EUR 51.35 per share

- 2019-03: EUR 55.75 per share

- 2019-04: EUR 53.55 per share

- 2019-05: EUR 46.50 per share

- 2019-06: EUR 46.06 per share

- 2019-07: EUR 44.32 per share

- 2019-08: EUR 42.38 per share

- 2019-09: EUR 43.00 per share

- 2019-10: EUR 48.58 per share

- 2019-11: EUR 48.34 per share

- 2019-12: EUR 47.10 per share

- 2020-01: EUR 48.08 per share

- 2020-02: EUR 48.30 per share

- 2020-03: EUR 49.84 per share

- 2020-04: EUR 58.45 per share

- 2020-05: EUR 59.20 per share

- 2020-06: EUR 58.10 per share

- 2020-07: EUR 62.25 per share

- 2020-08: EUR 62.00 per share

- 2020-09: EUR 56.90 per share

- 2020-10: EUR 57.95 per share

- 2020-11: EUR 59.50 per share

- 2020-12: EUR 58.05 per share

- 2021-01: EUR 58.20 per share

- 2021-02: EUR 58.25 per share

- 2021-03: EUR 58.90 per share

- 2021-04: EUR 56.90 per share

- 2021-05: EUR 57.85 per share

- 2021-06: EUR 58.80 per share

- 2021-07: EUR 58.55 per share

- 2021-08: EUR 59.80 per share

- 2021-09: EUR 56.55 per share

- 2021-10: EUR 59.15 per share

- 2021-11: EUR 56.10 per share

- 2021-12: EUR 56.90 per share

- 2022-01: EUR 53.95 per share

- 2022-02: EUR 55.30 per share

- 2022-03: EUR 53.80 per share

- 2022-04: EUR 52.55 per share

- 2022-05: EUR 50.10 per share

- 2022-06: EUR 52.50 per share

- 2022-07: EUR 56.90 per share

- 2022-08: EUR 55.90 per share

- 2022-09: EUR 55.90 per share

- 2022-10: EUR 60.25 per share

- 2022-11: EUR 59.55 per share

- 2022-12: EUR 60.20 per share

- 2023-01: EUR 59.15 per share

- 2023-02: EUR 60.60 per share

- 2023-03: EUR 66.00 per share

- 2023-04: EUR 62.20 per share

- 2023-05: EUR 62.50 per share

- 2023-06: EUR 63.30 per share

- 2023-07: EUR 59.00 per share

- 2023-08: EUR 60.00 per share

- 2023-09: EUR 57.80 per share

- 2023-10: EUR 54.60 per share

- 2023-11: EUR 56.30 per share

- 2023-12: EUR 53.60 per share

- 2024-01: EUR 54.20 per share

- 2024-02: EUR 52.10 per share

- 2024-03: EUR 58.90 per share

- 2024-04: EUR 59.70 per share

- 2024-05: EUR 60.10 per share

- 2024-06: EUR 61.50 per share

- 2024-07: EUR 61.60 per share

- 2024-08: EUR 61.10 per share

- 2024-09: EUR 63.70 per share

- 2024-10: EUR 61.40 per share

- 2024-11: EUR 61.10 per share

- 2024-12: EUR 61.00 per share

- 2025-01: EUR 61.10 per share

- 2025-02: EUR 60.90 per share

- 2025-03: EUR 63.90 per share

- 2025-04: EUR 63.60 per share

- 2025-05: EUR 63.40 per share

- 2025-06: EUR 60.40 per share

- 2025-07: EUR 60.00 per share

- 2025-08: EUR 59.80 per share

- 2025-09: EUR 58.10 per share

- 2025-10: EUR 53.90 per share

- 2025-11: EUR 53.60 per share

- 2025-12: EUR 53.40 per share

- 2026-01: EUR 56.40 per share

- 2026-02: EUR 59.30 per share

- 2026-03: EUR 60.20 per share

- 2026-04: EUR 60.00 per share

- 2026-05: EUR 59.40 per share

- 2026-06: EUR 58.40 per share

- 2026-07: EUR 57.40 per share

- 2026-08: EUR 57.30 per share

- 2026-09: EUR 53.20 per share

- 2026-10: EUR 53.10 per share

## Annual estimated value (EUR per share)

- FY2016: low EUR 24.61 per share, central EUR 27.91 per share, high EUR 32.30 per share

- FY2017: low EUR 26.82 per share, central EUR 34.50 per share, high EUR 40.27 per share

- FY2018: low EUR 31.11 per share, central EUR 39.07 per share, high EUR 45.56 per share

- FY2019: low EUR 29.13 per share, central EUR 36.34 per share, high EUR 42.30 per share

- FY2020: low EUR 31.28 per share, central EUR 39.15 per share, high EUR 45.59 per share

- FY2021: low EUR 35.02 per share, central EUR 43.16 per share, high EUR 50.09 per share

- FY2022: low EUR 41.72 per share, central EUR 51.17 per share, high EUR 59.57 per share

- FY2023: low EUR 42.83 per share, central EUR 54.98 per share, high EUR 64.16 per share

- FY2024: low EUR 43.37 per share, central EUR 54.65 per share, high EUR 63.70 per share

- FY2025: low EUR 42.31 per share, central EUR 52.40 per share, high EUR 61.00 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 2026-10-15T06:45:24.335Z 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.