# Wienerberger AG (WIE.VI)

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

Analysis as of: 2026-10-16T07:41:08.018Z. Financial observations: FY2015–FY2026.

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

Estimated value: low EUR 27.02 per share, central EUR 30.50 per share, high EUR 35.15 per share. Buy at or below the central value EUR 30.50 per share. Valuation as of 2026-10-16T07:41:08.018Z; scenarios are not confidence intervals.

Expected annual return: 17.7% at the stated quote. About 17.7% 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

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

- Financial history: 10 years

- Years with declining revenue: 3

- Years with a net loss: 0

- Operating margin variation: 0.33×

Chart: Operating margin; fiscal year observations.

- FY2017: 0.06×

- FY2018: 0.07×

- FY2019: 0.10×

- FY2020: 0.04×

- FY2021: 0.11×

- FY2022: 0.14×

- FY2023: 0.11×

- FY2024: 0.08×

- FY2025: 0.08×

- LTM to Mar 2026: 0.07×

### moat: fail

- ROIC median below threshold

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

- ROIC, median of available years: 9.1%

- ROIC, second-lowest year: 5.6%

- Typical minus recent gross margin: 0.3 pp

- Typical gross margin (annual median): 35.4%

- Recent gross margin (lower of latest and 3-year median): 35.1%

- Years with nonpositive capital: 0

- Capital spending / revenue: 6.7%

- ROIC including acquisitions, ten-year median: 5.1%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: 7.2%

- FY2017: 9.3%

- FY2018: 8.8%

- FY2019: 12.1%

- FY2020: 3.8%

- FY2021: 12.4%

- FY2022: 19.2%

- FY2023: 11.2%

- FY2024: 5.6%

- FY2025: 6.5%

### economics: pass

- Owner earnings / net income, 5-yr: 0.88×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: EUR 1.3B

- Net income, five-year total: EUR 1.5B

- Return on incremental invested capital: 43.9%

- Working capital / revenue, annual change: 0.2 pp

- Working capital / revenue, change between three-year averages: 2.7 pp

- Working capital / revenue, final three-year average: 26.1%

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

- FY2021: 0.84×

- FY2022: 0.91×

- FY2023: 0.69×

- FY2024: 0.88×

- FY2025: 1.21×

### management: pass

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

- buybacks leaned toward cheaper years (informational)

- ROIC first 3 years vs last 3 years: 8.8% vs 6.5%

- Per-share earnings: 1.17 to 1.52 (three-year endpoint medians)

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 5-year annual growth: -0.5%

- Market cap gain: EUR 987M

- Cumulative retained earnings: EUR 1.3B

- Diluted shares, 5-year annual growth: -0.5%

- $1 test, starting fiscal year: FY2017

- $1 test, ending fiscal year: FY2025

- Per-share value growth: 4.4%

- Per-share value change: EUR 0.35

- Per-share value, starting three-year median: EUR 1.17

- Per-share value, ending three-year median: EUR 1.52

- Buybacks concentrated in cheaper years (correlation): 0.36

- Average buyback yield: 2.6%

- Buyback history: 8 years

- Debt-funded buybacks: No

- Acquisition spending: EUR 557M

- Cumulative net income, 10 years: EUR 2.2B

- ROIC, first three-year median: 8.8%

- ROIC, last three-year median: 6.5%

Chart: Earnings per share; fiscal year observations.

- FY2017: EUR 1.17

- FY2018: EUR 0.93

- FY2019: EUR 2.31

- FY2020: EUR 0.89

- FY2021: EUR 2.78

- FY2022: EUR 5.17

- FY2023: EUR 3.17

- FY2024: EUR 0.72

- FY2025: EUR 1.52

### accounting: pass

- Sloan accruals: -7.6%

- Receivables to sales index (DSRI): 0.71×

- Restructuring years, last five: 0

- Earnings backed by cash: Yes

- Operating cash / earnings: 3.80×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 0.38×

- Stock compensation / operating cash flow: 0.0%

Chart: Sloan accruals; fiscal year observations.

- FY2016: -6.1%

- FY2017: -3.7%

- FY2018: -4.6%

- FY2019: -4.1%

- FY2020: -9.4%

- FY2021: -4.1%

- FY2022: -3.0%

- FY2023: -1.4%

- FY2024: -8.2%

- FY2025: -7.6%

## Holders

## Price story

Down 54% since May 2024 · sales -1.6%

Story as of 2026-10-16T10:00:11.806Z; price observation 2026-10-15.

Price needs cash profits to shrink 8.1% a year for ten years

### Sales · FY2025–2026

sales -1.6%; source https://filings.xbrl.org/529900VXIFBHO0SW2I31/2025-12-31/ESEF/AT/0/529900VXIFBHO0SW2I31-2025-12-31-1-de/reports/529900VXIFBHO0SW2I31-2025-12-31-1-de.xhtml; observed 2026-04-07.

- FY2017: EUR 3.1B 

- FY2018: EUR 3.3B 

- FY2019: EUR 3.5B 

- FY2020: EUR 3.3B 

- FY2021: EUR 4.0B 

- FY2022: EUR 5.0B 

- FY2023: EUR 4.2B 

- FY2024: EUR 4.5B 

- FY2025: EUR 4.6B 

- FY2026: EUR 4.5B 

### Gross margin · FY2025

gross margin 35.1%; source https://filings.xbrl.org/529900VXIFBHO0SW2I31/2025-12-31/ESEF/AT/0/529900VXIFBHO0SW2I31-2025-12-31-1-de/reports/529900VXIFBHO0SW2I31-2025-12-31-1-de.xhtml; observed 2026-04-07.

- FY2016: 32.4% 

- FY2017: 32.9% 

- FY2018: 35.0% 

- FY2019: 36.1% 

- FY2020: 33.5% 

- FY2021: 35.6% 

- FY2022: 39.1% 

- FY2023: 38.2% 

- FY2024: 35.7% 

- FY2025: 35.1% 

## Owner memo

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

### How it makes money

Operates in building materials; annual sales are EUR 4.6 billion.

- Source: https://filings.xbrl.org/529900VXIFBHO0SW2I31/2025-12-31/ESEF/AT/0/529900VXIFBHO0SW2I31-2025-12-31-1-de/reports/529900VXIFBHO0SW2I31-2025-12-31-1-de.xhtml (filed 2026-04-07); FY2025: revenue 4566000000; grossProfit 1603000000; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); WIE.VI: Wienerberger AG produces and sells clay blocks, facing bricks, roof tiles, and ceramic pavers in Europe West, Europe East, and North America. The company offers wall, facade, and roof system for single, two, and multi-family homes, as well as non-residential construction; and electrical cooling and heating installation, drinking water and wastewater, garden irrigation, irrigation systems and water storage. It also provides engineering services for buildings; pipe systems for safe and secure energy; and water supply and systems for rainwater management and wastewater disposal. In addition, the company offers freshwater, stormwater, and wastewater; transport energy; and agricultural solutions. Wienerberger AG was founded in 1819 and is headquartered in Vienna, Austria.

### Why customers stay

Margins ranged from 35.1% to 38.2% during 2023–25; it earns 9.1% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-07); FY2023: grossProfit / revenue = 38.2%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-07); FY2024: grossProfit / revenue = 35.7%.

- Source: https://filings.xbrl.org/529900VXIFBHO0SW2I31/2025-12-31/ESEF/AT/0/529900VXIFBHO0SW2I31-2025-12-31-1-de/reports/529900VXIFBHO0SW2I31-2025-12-31-1-de.xhtml (filed 2026-04-07); FY2025: grossProfit / revenue = 35.1%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-07); 10-year return on capital observations [[2016,0.07193607872099193],[2017,0.09334832951747996],[2018,0.08810823736682465],[2019,0.12098153960885238],[2020,0.03779423821053823],[2021,0.12394530248014712],[2022,0.19175812714358084],[2023,0.1121295647161806],[2024,0.05566355513368091],[2025,0.06503555653018389]]; median 0.09072828344215231. 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 29 million of shares.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-07); FY2016: growth capex 0; upkeep 163575000; owner earnings 170196000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-07); FY2017: growth capex 0; upkeep 163186000; owner earnings 109148000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-07); FY2018: growth capex 0; upkeep 215847000; owner earnings 103578000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-07); FY2019: growth capex 16478000; upkeep 238987000; owner earnings 219238200. Growth capex / owner earnings = 0.07516025948032778.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-07); FY2020: growth capex 0; upkeep 201067000; owner earnings 99466200. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-07); FY2021: growth capex 28519000; upkeep 251237000; owner earnings 262831400. Growth capex / owner earnings = 0.10850682224422196.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-07); FY2022: growth capex 76316000; upkeep 276257000; owner earnings 518384400. Growth capex / owner earnings = 0.14721893637231367.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-07); FY2023: growth capex 0; upkeep 351233000; owner earnings 229366000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-07); FY2024: growth capex 0; upkeep 312000000; owner earnings 69384800. Growth capex / owner earnings = 0.

- Source: https://filings.xbrl.org/529900VXIFBHO0SW2I31/2025-12-31/ESEF/AT/0/529900VXIFBHO0SW2I31-2025-12-31-1-de/reports/529900VXIFBHO0SW2I31-2025-12-31-1-de.xhtml (filed 2026-04-07); FY2025: growth capex 0; upkeep 281000000; owner earnings 201000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-07); Dividend observations: [[2016,23391000],[2017,61476000],[2018,48421000],[2019,71575000],[2020,79896000],[2021,78091000],[2022,83871000],[2023,94848000],[2024,100000000],[2025,104000000]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://filings.xbrl.org/529900VXIFBHO0SW2I31/2025-12-31/ESEF/AT/0/529900VXIFBHO0SW2I31-2025-12-31-1-de/reports/529900VXIFBHO0SW2I31-2025-12-31-1-de.xhtml (filed 2026-04-07); FY2025: cash repurchases 29000000 EUR.

### Are managers owners

Insiders own 0.4% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); WIE.VI SharesStats.PercentInsiders = 0.35000000000000003 percentage points; cache date 2026-10-16.

### What the price says

The price assumes cash profits shrink 8.1% yearly over ten years.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-07); Ten-year compound average after fade. Initial solved rate -0.12603480710410814. Price 15.85; 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 14.57 per share

- 2016-11: EUR 16.71 per share

- 2016-12: EUR 16.90 per share

- 2017-01: EUR 17.86 per share

- 2017-02: EUR 18.60 per share

- 2017-03: EUR 19.88 per share

- 2017-04: EUR 21.50 per share

- 2017-05: EUR 20.99 per share

- 2017-06: EUR 19.89 per share

- 2017-07: EUR 19.44 per share

- 2017-08: EUR 18.13 per share

- 2017-09: EUR 20.69 per share

- 2017-10: EUR 22.06 per share

- 2017-11: EUR 19.08 per share

- 2017-12: EUR 20.17 per share

- 2018-01: EUR 21.96 per share

- 2018-02: EUR 22.14 per share

- 2018-03: EUR 20.32 per share

- 2018-04: EUR 20.90 per share

- 2018-05: EUR 22.82 per share

- 2018-06: EUR 21.38 per share

- 2018-07: EUR 20.98 per share

- 2018-08: EUR 23.56 per share

- 2018-09: EUR 21.54 per share

- 2018-10: EUR 20.32 per share

- 2018-11: EUR 19.80 per share

- 2018-12: EUR 18.00 per share

- 2019-01: EUR 19.60 per share

- 2019-02: EUR 19.90 per share

- 2019-03: EUR 18.93 per share

- 2019-04: EUR 20.46 per share

- 2019-05: EUR 19.32 per share

- 2019-06: EUR 21.70 per share

- 2019-07: EUR 20.70 per share

- 2019-08: EUR 20.92 per share

- 2019-09: EUR 22.34 per share

- 2019-10: EUR 24.24 per share

- 2019-11: EUR 24.90 per share

- 2019-12: EUR 26.42 per share

- 2020-01: EUR 25.62 per share

- 2020-02: EUR 23.08 per share

- 2020-03: EUR 14.39 per share

- 2020-04: EUR 17.05 per share

- 2020-05: EUR 18.00 per share

- 2020-06: EUR 19.39 per share

- 2020-07: EUR 19.47 per share

- 2020-08: EUR 22.62 per share

- 2020-09: EUR 22.54 per share

- 2020-10: EUR 21.66 per share

- 2020-11: EUR 23.24 per share

- 2020-12: EUR 26.08 per share

- 2021-01: EUR 28.04 per share

- 2021-02: EUR 27.68 per share

- 2021-03: EUR 31.20 per share

- 2021-04: EUR 32.62 per share

- 2021-05: EUR 31.54 per share

- 2021-06: EUR 32.50 per share

- 2021-07: EUR 34.46 per share

- 2021-08: EUR 33.24 per share

- 2021-09: EUR 29.14 per share

- 2021-10: EUR 30.62 per share

- 2021-11: EUR 32.50 per share

- 2021-12: EUR 32.34 per share

- 2022-01: EUR 31.98 per share

- 2022-02: EUR 26.78 per share

- 2022-03: EUR 27.40 per share

- 2022-04: EUR 27.00 per share

- 2022-05: EUR 25.72 per share

- 2022-06: EUR 20.48 per share

- 2022-07: EUR 22.44 per share

- 2022-08: EUR 23.34 per share

- 2022-09: EUR 20.60 per share

- 2022-10: EUR 23.14 per share

- 2022-11: EUR 25.18 per share

- 2022-12: EUR 22.56 per share

- 2023-01: EUR 27.50 per share

- 2023-02: EUR 29.48 per share

- 2023-03: EUR 26.64 per share

- 2023-04: EUR 27.30 per share

- 2023-05: EUR 26.44 per share

- 2023-06: EUR 28.04 per share

- 2023-07: EUR 29.82 per share

- 2023-08: EUR 25.44 per share

- 2023-09: EUR 24.04 per share

- 2023-10: EUR 22.94 per share

- 2023-11: EUR 26.18 per share

- 2023-12: EUR 30.22 per share

- 2024-01: EUR 31.48 per share

- 2024-02: EUR 32.30 per share

- 2024-03: EUR 33.76 per share

- 2024-04: EUR 33.56 per share

- 2024-05: EUR 34.50 per share

- 2024-06: EUR 30.96 per share

- 2024-07: EUR 32.76 per share

- 2024-08: EUR 29.86 per share

- 2024-09: EUR 29.70 per share

- 2024-10: EUR 27.70 per share

- 2024-11: EUR 26.62 per share

- 2024-12: EUR 26.78 per share

- 2025-01: EUR 28.26 per share

- 2025-02: EUR 31.64 per share

- 2025-03: EUR 30.68 per share

- 2025-04: EUR 30.88 per share

- 2025-05: EUR 32.60 per share

- 2025-06: EUR 31.62 per share

- 2025-07: EUR 29.52 per share

- 2025-08: EUR 29.76 per share

- 2025-09: EUR 27.42 per share

- 2025-10: EUR 25.74 per share

- 2025-11: EUR 29.52 per share

- 2025-12: EUR 30.62 per share

- 2026-01: EUR 27.90 per share

- 2026-02: EUR 27.80 per share

- 2026-03: EUR 22.78 per share

- 2026-04: EUR 24.64 per share

- 2026-05: EUR 24.20 per share

- 2026-06: EUR 22.60 per share

- 2026-07: EUR 21.26 per share

- 2026-08: EUR 19.60 per share

- 2026-09: EUR 17.06 per share

- 2026-10: EUR 15.28 per share

## Annual estimated value (EUR per share)

- FY2019: low EUR 14.35 per share, central EUR 16.24 per share, high EUR 18.77 per share

- FY2020: low EUR 16.61 per share, central EUR 18.15 per share, high EUR 20.21 per share

- FY2021: low EUR 16.11 per share, central EUR 17.97 per share, high EUR 20.45 per share

- FY2022: low EUR 33.19 per share, central EUR 37.51 per share, high EUR 43.26 per share

- FY2023: low EUR 30.84 per share, central EUR 34.66 per share, high EUR 39.74 per share

- FY2024: low EUR 26.86 per share, central EUR 30.21 per share, high EUR 34.67 per share

- FY2025: low EUR 26.55 per share, central EUR 29.96 per share, high EUR 34.52 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 2026-10-15T06:46:58.603Z where newer inputs omit a numeric field or fiscal period.

## Sources

[Original ESEF filing](https://filings.xbrl.org/529900VXIFBHO0SW2I31/2025-12-31/ESEF/AT/0/529900VXIFBHO0SW2I31-2025-12-31-1-de/reports/529900VXIFBHO0SW2I31-2025-12-31-1-de.xhtml); period 2025-12-31, filed 2026-04-07.

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