# Wacker Chemie AG (WCH.XETRA)

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

Analysis as of: 2026-10-16T07:37:35.137Z. Financial observations: FY2004–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 88.45 per share; close as of 2026-10-15.

Estimated value: low EUR 37.87 per share, central EUR 39.03 per share, high EUR 40.57 per share. Buy at or below the central value EUR 39.03 per share. Valuation as of 2026-10-16T07:37:35.137Z; scenarios are not confidence intervals.

Expected annual return: 4.1% at the stated quote. About 4.1% a year at today's price (required return 10.0%). required return 10.0% a year (10% floor; DE 10-year bond 3.4% + 4 points).

## Checklist

### understandable: fail

- 6 revenue declines in the last 10 years

- more than 5 revenue declines in ten years

- operating margin variation exceeds 0.35

- Financial history: 10 years

- Years with declining revenue: 6

- Years with a net loss: 2

- Operating margin variation: 0.89×

Chart: Operating margin; fiscal year observations.

- FY2016: 0.06×

- FY2017: 0.07×

- FY2018: 0.05×

- FY2019: 0.00×

- FY2020: 0.05×

- FY2021: 0.17×

- FY2022: 0.18×

- FY2023: 0.06×

- FY2024: 0.05×

- FY2025: -0.02×

### moat: fail

- ROIC median below threshold

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

- Recent gross margin fell 5.7pp below the typical margin (limit 4pp)

- ROIC, median of available years: 6.6%

- ROIC, second-lowest year: 0.8%

- Typical minus recent gross margin: 5.7 pp

- Typical gross margin (annual median): 17.7%

- Recent gross margin (lower of latest and 3-year median): 12.0%

- Years with nonpositive capital: 0

- Capital spending / revenue: 8.3%

- ROIC including acquisitions, ten-year median: 10.0%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: 6.4%

- FY2017: 8.3%

- FY2018: 5.5%

- FY2019: 0.8%

- FY2020: 15.8%

- FY2021: 30.2%

- FY2022: 26.4%

- FY2023: 6.8%

- FY2024: 5.2%

- FY2025: -1.9%

### economics: fail

- owner earnings cash conversion below threshold

- incremental invested capital return below threshold

- Owner earnings / net income, 5-yr: 0.65×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: EUR 1.2B

- Net income, five-year total: EUR 1.8B

- Return on incremental invested capital: -141.0%

- Working capital / revenue, annual change: 0.2 pp

- Working capital / revenue, change between three-year averages: 2.8 pp

- Working capital / revenue, final three-year average: 28.2%

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

- FY2021: 1.06×

- FY2022: 0.96×

- FY2023: 0.14×

- FY2024: -0.02×

- FY2025: 1.14×

### 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: 6.4% vs 5.2%

- Per-share earnings: 4.67 to 4.82 (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: 0.0%

- Market cap gain: EUR -1.5B

- Cumulative retained earnings: EUR 663M

- 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 growth: 0.4%

- Per-share value change: EUR 0.15

- Per-share value, starting three-year median: EUR 4.67

- Per-share value, ending three-year median: EUR 4.82

- Buyback history: 0 years

- Debt-funded buybacks: No

- Acquisition spending: EUR 291M

- Cumulative net income, 10 years: EUR 2.0B

- ROIC, first three-year median: 6.4%

- ROIC, last three-year median: 5.2%

Chart: Earnings per share; fiscal year observations.

- FY2016: EUR 3.61

- FY2017: EUR 4.67

- FY2018: EUR 4.95

- FY2019: EUR -12.94

- FY2020: EUR 3.81

- FY2021: EUR 16.24

- FY2022: EUR 25.18

- FY2023: EUR 6.31

- FY2024: EUR 4.82

- FY2025: EUR -16.53

### accounting: pass

- Sloan accruals: -15.6%

- Receivables to sales index (DSRI): 1.04×

- 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: 0.07×

Chart: Sloan accruals; fiscal year observations.

- FY2016: -7.5%

- FY2017: -6.2%

- FY2018: -3.7%

- FY2019: -19.2%

- FY2020: -9.8%

- FY2021: -3.2%

- FY2022: 1.3%

- FY2023: -7.0%

- FY2024: -0.7%

- FY2025: -15.6%

## Holders

## Price story

Down 47% since May 2022 · sales -4.1%

Story as of 2026-10-16T10:00:09.247Z; price observation 2026-10-15.

Price needs cash profits to grow 24.3% a year for ten years

### Sales · FY2024–2025

sales -4.1%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2016: EUR 4.6B 

- FY2017: EUR 4.9B 

- FY2018: EUR 5.0B 

- FY2019: EUR 4.9B 

- FY2020: EUR 4.7B 

- FY2021: EUR 6.2B 

- FY2022: EUR 8.2B 

- FY2023: EUR 6.4B 

- FY2024: EUR 5.7B 

- FY2025: EUR 5.5B 

### Gross margin · FY2025

gross margin 12%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2016: 17.8% 

- FY2017: 19.4% 

- FY2018: 17.6% 

- FY2019: 14.0% 

- FY2020: 18.5% 

- FY2021: 26.9% 

- FY2022: 26.3% 

- FY2023: 16.9% 

- FY2024: 17.2% 

- FY2025: 12.0% 

## Owner memo

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

### How it makes money

Operates in specialty chemicals; annual sales are EUR 5.5 billion.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:35.137Z); FY2025: revenue 5485000000; grossProfit 657300000; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); WCH.XETRA: Wacker Chemie AG, together with its subsidiaries, produces and sells chemical products in Europe, Asia, the Americas, and internationally. The company operates through four segments: Silicones, Polymers, Biosolutions, and Polysilicon. It offers silanes, siloxanes, silicone fluids, silicone emulsions, silicone elastomers, silicone resins, and pyrogenic silica; and binders and polymeric additives, including dispersible polymer powders and dispersions. The company also provides pharmaceutical proteins, vaccines, cyclodextrins, cysteine, polyvinyl acetate solid resins, and acetylacetone, as well as pharmaceutical actives, food additives, and agrochemicals; and hyperpure polysilicon. In addition, it engages in forums; e-business, such as ERP system, EDI integration, delivery forecast, and e-invoicing; and support services. The company serves automotive, construction, chemical, semiconductor, consumer goods, medical technology, pharmaceutical, and photovoltaic industries. It exports its products. The company was formerly known as Wacker-Chemie GMBH and changed its name to Wacker Chemie AG in October 2005. Wacker Chemie AG was founded in 1914 and is headquartered in Munich, Germany. The company operates as a subsidiary of Dr. Alexander Wacker Familiengesellschaft mbH.

### Why customers stay

Margins ranged from 12% to 17.2% during 2023–25; it earns 6.6% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:35.137Z); FY2023: grossProfit / revenue = 16.9%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:35.137Z); FY2024: grossProfit / revenue = 17.2%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:35.137Z); FY2025: grossProfit / revenue = 12%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:35.137Z); 10-year return on capital observations [[2016,0.0635708306883205],[2017,0.08299043565267024],[2018,0.05519503305322738],[2019,0.008017771414132907],[2020,0.15770966305544729],[2021,0.30184156302871323],[2022,0.26374577272543226],[2023,0.06849942219926404],[2024,0.05180524745658992],[2025,-0.018884176626675436]]; median 0.06603512644379228. 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 2026-10-16T07:37:35.137Z); FY2016: growth capex 0; upkeep 514400000; owner earnings 282800000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:35.137Z); FY2017: growth capex 0; upkeep 328200000; owner earnings 494200000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:35.137Z); FY2018: growth capex 0; upkeep 408800000; owner earnings 377700000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:35.137Z); FY2020: growth capex 0; upkeep 226500000; owner earnings 341640000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:35.137Z); FY2021: growth capex 0; upkeep 321300000; owner earnings 859060000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:35.137Z); FY2022: growth capex 159100000; upkeep 402100000; owner earnings 1198780000. Growth capex / owner earnings = 0.13271826356796076.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:35.137Z); FY2023: growth capex 0; upkeep 639600000; owner earnings 44280000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:35.137Z); Dividend observations: [[2016,99400000],[2017,99400000],[2018,223600000],[2019,124200000],[2020,24800000],[2021,99400000],[2022,397400000],[2023,596100000],[2024,149000000],[2025,124200000]]. Zero only counted when supported by a complete cash-flow statement.

### Are managers owners

Insiders own 62.2% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); WCH.XETRA SharesStats.PercentInsiders = 62.17 percentage points; cache date 2026-10-16.

### What the price says

The price assumes cash profits grow 24.3% yearly over ten years.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:35.137Z); Ten-year compound average after fade. Initial solved rate 0.34211527514584716. Price 88.45; FX 1; discount 0.1; same standard ten-year fade to terminal 0.03. FY2015 owner earnings/share 4.9659809171061635 → FY2025 -18.857441926003464. Closing-price date 2026-10-15.

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

- 2016-10: EUR 81.14 per share

- 2016-11: EUR 83.33 per share

- 2016-12: EUR 98.85 per share

- 2017-01: EUR 111.60 per share

- 2017-02: EUR 105.80 per share

- 2017-03: EUR 96.55 per share

- 2017-04: EUR 97.17 per share

- 2017-05: EUR 97.60 per share

- 2017-06: EUR 95.05 per share

- 2017-07: EUR 104.90 per share

- 2017-08: EUR 107.65 per share

- 2017-09: EUR 121.30 per share

- 2017-10: EUR 133.95 per share

- 2017-11: EUR 136.90 per share

- 2017-12: EUR 162.20 per share

- 2018-01: EUR 161.65 per share

- 2018-02: EUR 140.05 per share

- 2018-03: EUR 133.35 per share

- 2018-04: EUR 149.50 per share

- 2018-05: EUR 139.00 per share

- 2018-06: EUR 112.15 per share

- 2018-07: EUR 124.55 per share

- 2018-08: EUR 124.25 per share

- 2018-09: EUR 108.30 per share

- 2018-10: EUR 79.06 per share

- 2018-11: EUR 85.00 per share

- 2018-12: EUR 79.10 per share

- 2019-01: EUR 92.16 per share

- 2019-02: EUR 90.06 per share

- 2019-03: EUR 76.80 per share

- 2019-04: EUR 78.04 per share

- 2019-05: EUR 70.86 per share

- 2019-06: EUR 69.58 per share

- 2019-07: EUR 67.50 per share

- 2019-08: EUR 70.82 per share

- 2019-09: EUR 60.30 per share

- 2019-10: EUR 70.40 per share

- 2019-11: EUR 62.60 per share

- 2019-12: EUR 67.64 per share

- 2020-01: EUR 65.12 per share

- 2020-02: EUR 63.48 per share

- 2020-03: EUR 45.51 per share

- 2020-04: EUR 53.28 per share

- 2020-05: EUR 56.18 per share

- 2020-06: EUR 61.04 per share

- 2020-07: EUR 76.54 per share

- 2020-08: EUR 81.88 per share

- 2020-09: EUR 82.90 per share

- 2020-10: EUR 82.82 per share

- 2020-11: EUR 104.70 per share

- 2020-12: EUR 116.75 per share

- 2021-01: EUR 119.60 per share

- 2021-02: EUR 107.55 per share

- 2021-03: EUR 121.35 per share

- 2021-04: EUR 125.50 per share

- 2021-05: EUR 136.80 per share

- 2021-06: EUR 130.05 per share

- 2021-07: EUR 124.20 per share

- 2021-08: EUR 149.35 per share

- 2021-09: EUR 161.40 per share

- 2021-10: EUR 155.95 per share

- 2021-11: EUR 152.05 per share

- 2021-12: EUR 131.60 per share

- 2022-01: EUR 128.15 per share

- 2022-02: EUR 138.75 per share

- 2022-03: EUR 154.75 per share

- 2022-04: EUR 152.15 per share

- 2022-05: EUR 166.55 per share

- 2022-06: EUR 137.60 per share

- 2022-07: EUR 146.55 per share

- 2022-08: EUR 142.05 per share

- 2022-09: EUR 106.15 per share

- 2022-10: EUR 117.90 per share

- 2022-11: EUR 121.15 per share

- 2022-12: EUR 119.40 per share

- 2023-01: EUR 138.45 per share

- 2023-02: EUR 148.40 per share

- 2023-03: EUR 149.40 per share

- 2023-04: EUR 139.95 per share

- 2023-05: EUR 124.20 per share

- 2023-06: EUR 125.75 per share

- 2023-07: EUR 141.35 per share

- 2023-08: EUR 136.10 per share

- 2023-09: EUR 135.65 per share

- 2023-10: EUR 115.50 per share

- 2023-11: EUR 112.30 per share

- 2023-12: EUR 114.30 per share

- 2024-01: EUR 101.45 per share

- 2024-02: EUR 101.05 per share

- 2024-03: EUR 104.55 per share

- 2024-04: EUR 100.60 per share

- 2024-05: EUR 101.90 per share

- 2024-06: EUR 101.80 per share

- 2024-07: EUR 92.80 per share

- 2024-08: EUR 87.12 per share

- 2024-09: EUR 88.60 per share

- 2024-10: EUR 77.34 per share

- 2024-11: EUR 70.76 per share

- 2024-12: EUR 70.04 per share

- 2025-01: EUR 66.40 per share

- 2025-02: EUR 68.84 per share

- 2025-03: EUR 75.78 per share

- 2025-04: EUR 66.00 per share

- 2025-05: EUR 62.55 per share

- 2025-06: EUR 62.00 per share

- 2025-07: EUR 65.70 per share

- 2025-08: EUR 65.20 per share

- 2025-09: EUR 64.10 per share

- 2025-10: EUR 68.45 per share

- 2025-11: EUR 66.30 per share

- 2025-12: EUR 69.35 per share

- 2026-01: EUR 68.65 per share

- 2026-02: EUR 80.80 per share

- 2026-03: EUR 84.10 per share

- 2026-04: EUR 93.65 per share

- 2026-05: EUR 99.30 per share

- 2026-06: EUR 90.90 per share

- 2026-07: EUR 88.50 per share

- 2026-08: EUR 93.85 per share

- 2026-09: EUR 89.95 per share

- 2026-10: EUR 88.20 per share

## Annual estimated value (EUR per share)

- FY2016: low EUR 54.89 per share, central EUR 61.44 per share, high EUR 70.16 per share

- FY2017: low EUR 71.49 per share, central EUR 80.08 per share, high EUR 91.52 per share

- FY2018: low EUR 72.56 per share, central EUR 81.78 per share, high EUR 94.05 per share

- FY2019: low EUR 75.31 per share, central EUR 84.61 per share, high EUR 96.82 per share

- FY2020: low EUR 100.23 per share, central EUR 110.60 per share, high EUR 124.39 per share

- FY2021: low EUR 134.66 per share, central EUR 148.94 per share, high EUR 167.96 per share

- FY2022: low EUR 192.02 per share, central EUR 245.41 per share, high EUR 281.82 per share

- FY2023: low EUR 137.83 per share, central EUR 166.39 per share, high EUR 189.99 per share

- FY2024: low EUR 113.17 per share, central EUR 125.74 per share, high EUR 142.46 per share

- FY2025: low EUR 35.99 per share, central EUR 37.14 per share, high EUR 38.67 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.