# Voestalpine AG (VOE.VI)

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

Analysis as of: 2026-10-16T07:36:14.393Z. Financial observations: FY2016–FY2027.

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 44.50 per share; close as of 2026-10-15.

Estimated value: low EUR 13.58 per share, central EUR 14.72 per share, high EUR 16.25 per share. Buy at or below the central value EUR 14.72 per share. Valuation as of 2026-10-16T07:36:14.393Z; scenarios are not confidence intervals.

Expected annual return: 4.6% at the stated quote. About 4.6% 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

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

- operating margin variation exceeds 0.35

- Financial history: 10 years

- Years with declining revenue: 5

- Years with a net loss: 1

- Operating margin variation: 0.67×

Chart: Operating margin; fiscal year observations.

- FY2018: 0.09×

- FY2019: 0.06×

- FY2020: -0.01×

- FY2021: 0.01×

- FY2022: 0.09×

- FY2023: 0.08×

- FY2024: 0.03×

- FY2025: 0.03×

- FY2026: 0.05×

- LTM to Jun 2026: 0.06×

### moat: fail

- ROIC median below threshold

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

- ROIC, median of available years: 7.0%

- ROIC, second-lowest year: 1.6%

- Typical minus recent gross margin: 2.0 pp

- Typical gross margin (annual median): 20.0%

- Recent gross margin (lower of latest and 3-year median): 18.0%

- Years with nonpositive capital: 0

- Capital spending / revenue: 6.5%

- ROIC including acquisitions, ten-year median: 2.0%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2017: 8.1%

- FY2018: 12.3%

- FY2019: 6.8%

- FY2020: -1.1%

- FY2021: 1.6%

- FY2022: 14.2%

- FY2023: 15.6%

- FY2024: 5.7%

- FY2025: 4.5%

- FY2026: 7.2%

### economics: fail

- owner earnings cash conversion below threshold

- incremental invested capital return below threshold

- Owner earnings / net income, 5-yr: 0.80×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: EUR 2.4B

- Net income, five-year total: EUR 3.0B

- Return on incremental invested capital: 0.0%

- Working capital / revenue, annual change: -1.8 pp

- Working capital / revenue, change between three-year averages: -13.6 pp

- Working capital / revenue, final three-year average: 20.2%

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

- FY2022: 0.95×

- FY2023: 1.11×

- FY2024: 0.18×

- FY2025: -0.85×

- FY2026: 0.31×

### management: fail

- Historical market-dollar context (not the management verdict): 2017 to 2026 (9 years)

- buybacks leaned toward cheaper years (informational)

- ROIC first 3 years vs last 3 years: 8.1% vs 5.7%

- Per-share earnings: 2.95 to 0.90 (three-year endpoint medians)

- per-share value declined or ends nonpositive

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 5-year annual growth: -0.8%

- Market cap gain: EUR -22M

- Cumulative retained earnings: EUR 2.6B

- Diluted shares, 5-year annual growth: -0.8%

- $1 test, starting fiscal year: FY2017

- $1 test, ending fiscal year: FY2026

- Per-share value growth: -15.6%

- Per-share value change: EUR -2.05

- Per-share value, starting three-year median: EUR 2.95

- Per-share value, ending three-year median: EUR 0.90

- Buybacks concentrated in cheaper years (correlation): 1.00

- Average buyback yield: 2.1%

- Buyback history: 2 years

- Debt-funded buybacks: No

- Acquisition spending: EUR 73M

- Cumulative net income, 10 years: EUR 4.6B

- ROIC, first three-year median: 8.1%

- ROIC, last three-year median: 5.7%

Chart: Earnings per share; fiscal year observations.

- FY2017: EUR 2.95

- FY2018: EUR 5.09

- FY2019: EUR 2.49

- FY2020: EUR -1.17

- FY2021: EUR 0.24

- FY2022: EUR 7.34

- FY2023: EUR 6.21

- FY2024: EUR 0.59

- FY2025: EUR 0.90

- FY2026: EUR 2.48

### accounting: pass

- Sloan accruals: -7.0%

- Receivables to sales index (DSRI): 1.07×

- Restructuring years, last five: 0

- Earnings backed by cash: Yes

- Operating cash / earnings: 3.63×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 0.17×

- Stock compensation / operating cash flow: 0.0%

Chart: Sloan accruals; fiscal year observations.

- FY2017: -4.3%

- FY2018: -2.6%

- FY2019: -4.7%

- FY2020: -10.1%

- FY2021: -10.7%

- FY2022: 0.3%

- FY2023: 0.6%

- FY2024: -8.1%

- FY2025: -8.1%

- FY2026: -7.0%

## Holders

## Price story

Price needs cash profits to grow 19% a year for ten years · sales +0.6%

Story as of 2026-10-16T10:00:07.109Z; price observation 2026-10-15.

Price needs cash profits to grow 19% a year for ten years

### Sales · FY2026–2027

sales +0.6%; source https://filings.xbrl.org/529900ZAXBMQDIWPNB72/2026-03-31/ESEF/AT/0/voestalpineag-2026-03-31-1-de/reports/voestalpineag-2026-03-31-1-de.xhtml; observed 2026-06-11.

- FY2018: EUR 13B 

- FY2019: EUR 14B 

- FY2020: EUR 13B 

- FY2021: EUR 11B 

- FY2022: EUR 15B 

- FY2023: EUR 18B 

- FY2024: EUR 17B 

- FY2025: EUR 16B 

- FY2026: EUR 15B 

- FY2027: EUR 15B 

### Gross margin · FY2026

gross margin 20%; source https://filings.xbrl.org/529900ZAXBMQDIWPNB72/2026-03-31/ESEF/AT/0/voestalpineag-2026-03-31-1-de/reports/voestalpineag-2026-03-31-1-de.xhtml; observed 2026-06-11.

- FY2017: 22.3% 

- FY2018: 23.1% 

- FY2019: 20.5% 

- FY2020: 17.0% 

- FY2021: 16.5% 

- FY2022: 22.5% 

- FY2023: 19.9% 

- FY2024: 16.8% 

- FY2025: 18.0% 

- FY2026: 20.0% 

## Owner memo

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

### How it makes money

Operates in steel; annual sales are EUR 15.1 billion.

- Source: https://filings.xbrl.org/529900ZAXBMQDIWPNB72/2026-03-31/ESEF/AT/0/voestalpineag-2026-03-31-1-de/reports/voestalpineag-2026-03-31-1-de.xhtml (filed 2026-06-11); FY2026: revenue 15063100000; grossProfit 3014900000; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); VOE.VI: Voestalpine AG processes, develops, manufactures, and sells steel and technology products in Austria, the European Union, and internationally. It operates through five divisions: Steel Division, High Performance Metals Division, Metal Engineering Division, Metal Forming Division, and Holding & Group Services. The Steel division produces hot and cold-rolled steel strips, as well as electrogalvanized, hot-dip galvanized, and organically coated steel strips; heavy plates, and foundry products for the energy sector; and turbine casings. The High Performance Metals division offers special high-alloy tool and high-speed steel for the oil and natural gas, aerospace, and energy engineering industries; utilizing nickel-base and titanium alloys; tool manufacturing, component processing, heat treatment, and coating services; warehousing and preprocessing of special steels; and various services, including logistics, distribution, and processing for the oil and natural gas industries. The Metal Engineering division provides wire rods and drawn wires, seamless tubes for special applications, and welding consumables and machinery; rails and digital monitoring systems; and services related to rail infrastructure. The Metal Forming segment manufactures refined special sections, tubes, and precision strip steel products; pre-finished system components made from pressed, punched, and roll-profiled parts; and storage system solutions for manufacturers in the automotive production and supply industries, as well as various companies in the commercial vehicle, construction, storage, energy, and agricultural machinery industries. It serves automotive, energy, railway systems, construction, mechanical engineering, white goods/consumer goods, aerospace, and other industries. Voestalpine AG is headquartered in Linz, Austria.

### Why customers stay

Margins ranged from 16.8% to 20% during 2024–26; it earns 7% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-06-11); FY2024: grossProfit / revenue = 16.8%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-06-11); FY2025: grossProfit / revenue = 18%.

- Source: https://filings.xbrl.org/529900ZAXBMQDIWPNB72/2026-03-31/ESEF/AT/0/voestalpineag-2026-03-31-1-de/reports/voestalpineag-2026-03-31-1-de.xhtml (filed 2026-06-11); FY2026: grossProfit / revenue = 20%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-06-11); 10-year return on capital observations [[2017,0.08100717526506411],[2018,0.12314563486371904],[2019,0.06835173925007841],[2020,-0.010765996772010204],[2021,0.016132380415764657],[2022,0.14238568820009942],[2023,0.1555554546869326],[2024,0.05653095589291075],[2025,0.04455566487356733],[2026,0.07190209018077239]]; median 0.0701269147154254. 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 2026-06-11); FY2017: growth capex 0; upkeep 1068100000; owner earnings 82300000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-06-11); FY2018: growth capex 0; upkeep 850200000; owner earnings 344900000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-06-11); FY2019: growth capex 0; upkeep 1045700000; owner earnings 117840000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-06-11); FY2020: growth capex 0; upkeep 747900000; owner earnings 239480000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-06-11); FY2021: growth capex 0; upkeep 599300000; owner earnings 376760000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-06-11); FY2022: growth capex 55800000; upkeep 598200000; owner earnings 1231380000. Growth capex / owner earnings = 0.04531501242508405.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-06-11); FY2023: growth capex 0; upkeep 752100000; owner earnings 1180960000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-06-11); FY2024: growth capex 0; upkeep 1081900000; owner earnings 17840000. Growth capex / owner earnings = 0.

- Source: https://filings.xbrl.org/529900ZAXBMQDIWPNB72/2026-03-31/ESEF/AT/0/voestalpineag-2026-03-31-1-de/reports/voestalpineag-2026-03-31-1-de.xhtml (filed 2026-06-11); FY2026: growth capex 0; upkeep 983400000; owner earnings 129660000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-06-11); Dividend observations: [[2017,213700000],[2018,223900000],[2019,276800000],[2020,222000000],[2021,35700000],[2022,89300000],[2023,214200000],[2024,257200000],[2025,120000000],[2026,102900000]]. Zero only counted when supported by a complete cash-flow statement.

### Are managers owners

Insiders own 28.5% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); VOE.VI SharesStats.PercentInsiders = 28.466 percentage points; cache date 2026-10-16.

### What the price says

The price assumes cash profits grow 19% yearly over ten years.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-06-11); Ten-year compound average after fade. Initial solved rate 0.263198323175314. Price 44.5; FX 1; discount 0.1; same standard ten-year fade to terminal 0.03.  Closing-price date 2026-10-15.

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

- 2016-10: EUR 32.23 per share

- 2016-11: EUR 35.76 per share

- 2016-12: EUR 37.91 per share

- 2017-01: EUR 39.20 per share

- 2017-02: EUR 39.73 per share

- 2017-03: EUR 36.90 per share

- 2017-04: EUR 38.36 per share

- 2017-05: EUR 40.31 per share

- 2017-06: EUR 40.80 per share

- 2017-07: EUR 42.86 per share

- 2017-08: EUR 43.59 per share

- 2017-09: EUR 43.15 per share

- 2017-10: EUR 47.24 per share

- 2017-11: EUR 48.81 per share

- 2017-12: EUR 49.85 per share

- 2018-01: EUR 52.28 per share

- 2018-02: EUR 47.60 per share

- 2018-03: EUR 42.57 per share

- 2018-04: EUR 43.71 per share

- 2018-05: EUR 45.96 per share

- 2018-06: EUR 39.45 per share

- 2018-07: EUR 42.87 per share

- 2018-08: EUR 38.64 per share

- 2018-09: EUR 39.40 per share

- 2018-10: EUR 31.39 per share

- 2018-11: EUR 29.35 per share

- 2018-12: EUR 26.10 per share

- 2019-01: EUR 27.88 per share

- 2019-02: EUR 27.22 per share

- 2019-03: EUR 27.07 per share

- 2019-04: EUR 28.63 per share

- 2019-05: EUR 23.37 per share

- 2019-06: EUR 27.17 per share

- 2019-07: EUR 24.04 per share

- 2019-08: EUR 20.95 per share

- 2019-09: EUR 21.08 per share

- 2019-10: EUR 22.45 per share

- 2019-11: EUR 24.05 per share

- 2019-12: EUR 24.86 per share

- 2020-01: EUR 21.92 per share

- 2020-02: EUR 19.78 per share

- 2020-03: EUR 18.54 per share

- 2020-04: EUR 18.90 per share

- 2020-05: EUR 17.54 per share

- 2020-06: EUR 19.15 per share

- 2020-07: EUR 18.75 per share

- 2020-08: EUR 20.81 per share

- 2020-09: EUR 22.50 per share

- 2020-10: EUR 23.85 per share

- 2020-11: EUR 26.84 per share

- 2020-12: EUR 29.30 per share

- 2021-01: EUR 30.12 per share

- 2021-02: EUR 32.84 per share

- 2021-03: EUR 35.33 per share

- 2021-04: EUR 36.10 per share

- 2021-05: EUR 36.96 per share

- 2021-06: EUR 34.34 per share

- 2021-07: EUR 37.18 per share

- 2021-08: EUR 38.40 per share

- 2021-09: EUR 32.04 per share

- 2021-10: EUR 32.84 per share

- 2021-11: EUR 29.88 per share

- 2021-12: EUR 32.00 per share

- 2022-01: EUR 29.42 per share

- 2022-02: EUR 29.44 per share

- 2022-03: EUR 27.02 per share

- 2022-04: EUR 25.06 per share

- 2022-05: EUR 27.28 per share

- 2022-06: EUR 20.28 per share

- 2022-07: EUR 21.90 per share

- 2022-08: EUR 20.12 per share

- 2022-09: EUR 17.51 per share

- 2022-10: EUR 21.98 per share

- 2022-11: EUR 25.96 per share

- 2022-12: EUR 24.78 per share

- 2023-01: EUR 30.40 per share

- 2023-02: EUR 35.02 per share

- 2023-03: EUR 31.28 per share

- 2023-04: EUR 31.38 per share

- 2023-05: EUR 28.98 per share

- 2023-06: EUR 32.90 per share

- 2023-07: EUR 30.10 per share

- 2023-08: EUR 26.98 per share

- 2023-09: EUR 25.84 per share

- 2023-10: EUR 23.56 per share

- 2023-11: EUR 25.82 per share

- 2023-12: EUR 28.56 per share

- 2024-01: EUR 27.60 per share

- 2024-02: EUR 25.24 per share

- 2024-03: EUR 26.00 per share

- 2024-04: EUR 25.12 per share

- 2024-05: EUR 26.86 per share

- 2024-06: EUR 25.22 per share

- 2024-07: EUR 23.66 per share

- 2024-08: EUR 22.08 per share

- 2024-09: EUR 23.38 per share

- 2024-10: EUR 19.05 per share

- 2024-11: EUR 18.32 per share

- 2024-12: EUR 18.33 per share

- 2025-01: EUR 20.24 per share

- 2025-02: EUR 22.12 per share

- 2025-03: EUR 22.50 per share

- 2025-04: EUR 23.16 per share

- 2025-05: EUR 23.18 per share

- 2025-06: EUR 23.90 per share

- 2025-07: EUR 24.22 per share

- 2025-08: EUR 28.30 per share

- 2025-09: EUR 30.38 per share

- 2025-10: EUR 30.88 per share

- 2025-11: EUR 37.16 per share

- 2025-12: EUR 37.78 per share

- 2026-01: EUR 40.00 per share

- 2026-02: EUR 48.54 per share

- 2026-03: EUR 37.82 per share

- 2026-04: EUR 43.90 per share

- 2026-05: EUR 48.40 per share

- 2026-06: EUR 40.84 per share

- 2026-07: EUR 44.98 per share

- 2026-08: EUR 45.70 per share

- 2026-09: EUR 45.22 per share

- 2026-10: EUR 43.88 per share

## Annual estimated value (EUR per share)

- FY2020: low EUR 10.10 per share, central EUR 11.04 per share, high EUR 12.28 per share

- FY2021: low EUR 19.04 per share, central EUR 20.83 per share, high EUR 23.21 per share

- FY2022: low EUR 28.53 per share, central EUR 31.93 per share, high EUR 36.45 per share

- FY2023: low EUR 44.88 per share, central EUR 50.23 per share, high EUR 57.36 per share

- FY2024: low EUR 42.26 per share, central EUR 47.16 per share, high EUR 53.69 per share

- FY2025: low EUR 38.06 per share, central EUR 42.69 per share, high EUR 48.85 per share

- FY2026: low EUR 13.54 per share, central EUR 14.68 per share, high EUR 16.19 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 2026-10-15T06:41:58.617Z where newer inputs omit a numeric field or fiscal period.

## Sources

[Original ESEF filing](https://filings.xbrl.org/529900ZAXBMQDIWPNB72/2026-03-31/ESEF/AT/0/voestalpineag-2026-03-31-1-de/reports/voestalpineag-2026-03-31-1-de.xhtml); period 2026-03-31, filed 2026-06-11.

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.