NN GROUP NV (2NN.DE) Fundamental Analysis & Valuation

FRA:2NN • NL0010773842

65.8 EUR
-2.42 (-3.55%)
Last: Mar 6, 2026, 07:00 PM
Overview Stock Chart Technical Analysis Fundamental Analysis Forecast Earnings Financials Ownership

This 2NN.DE fundamental analysis includes valuation metrics, fair value assessment, financial health analysis, profitability trends, growth metrics and dividend sustainability analysis.

Fundamental Rating

4

Overall 2NN gets a fundamental rating of 4 out of 10. We evaluated 2NN against 47 industry peers in the Insurance industry. The financial health of 2NN is average, but there are quite some concerns on its profitability. 2NN has a correct valuation and a medium growth rate.


Dividend Valuation Growth Profitability Health

3

1. 2NN.DE Profitability Analysis

1.1 Basic Checks

  • In the past year 2NN was profitable.
  • In the past year 2NN had a positive cash flow from operations.
  • Each year in the past 5 years 2NN has been profitable.
  • The reported operating cash flow has been mixed in the past 5 years: 2NN reported negative operating cash flow in multiple years.
2NN.DE Yearly Net Income VS EBIT VS OCF VS FCF2NN.DE Yearly Net Income VS EBIT VS OCF VS FCFYearly Net Income VS EBIT VS OCF VS FCF 2016 2017 2018 2019 2020 2021 2022 2023 2024 0 5B -5B

1.2 Ratios

  • Looking at the Return On Assets, with a value of 0.61%, 2NN is doing worse than 74.47% of the companies in the same industry.
  • 2NN's Return On Equity of 5.84% is on the low side compared to the rest of the industry. 2NN is outperformed by 85.11% of its industry peers.
  • 2NN has a Return On Invested Capital of 0.43%. This is in the lower half of the industry: 2NN underperforms 63.83% of its industry peers.
  • Measured over the past 3 years, the Average Return On Invested Capital for 2NN is below the industry average of 3.45%.
  • The 3 year average ROIC (0.31%) for 2NN is below the current ROIC(0.43%), indicating increased profibility in the last year.
Industry RankSector Rank
ROA 0.61%
ROE 5.84%
ROIC 0.43%
ROA(3y)0.67%
ROA(5y)0.8%
ROE(3y)6.62%
ROE(5y)6.79%
ROIC(3y)0.31%
ROIC(5y)0.56%
2NN.DE Yearly ROA, ROE, ROIC2NN.DE Yearly ROA, ROE, ROICYearly ROA, ROE, ROIC 2016 2017 2018 2019 2020 2021 2022 2023 2024 2 4 6 8

1.3 Margins

  • With a Profit Margin value of 9.91%, 2NN perfoms like the industry average, outperforming 55.32% of the companies in the same industry.
  • In the last couple of years the Profit Margin of 2NN has grown nicely.
  • 2NN's Operating Margin of 8.71% is on the low side compared to the rest of the industry. 2NN is outperformed by 63.83% of its industry peers.
  • 2NN's Operating Margin has been stable in the last couple of years.
Industry RankSector Rank
OM 8.71%
PM (TTM) 9.91%
GM N/A
OM growth 3Y-1.79%
OM growth 5Y0.69%
PM growth 3Y-3.58%
PM growth 5Y9.26%
GM growth 3YN/A
GM growth 5YN/A
2NN.DE Yearly Profit, Operating, Gross Margins2NN.DE Yearly Profit, Operating, Gross MarginsYearly Profit, Operating, Gross Margins 2016 2017 2018 2019 2020 2021 2022 2023 2024 5 10

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5

2. 2NN.DE Health Analysis

2.1 Basic Checks

  • With a Return on Invested Capital (ROIC) below the Cost of Capital (WACC), 2NN is destroying value.
  • Compared to 1 year ago, 2NN has less shares outstanding
  • 2NN has less shares outstanding than it did 5 years ago.
  • The debt/assets ratio for 2NN has been reduced compared to a year ago.
2NN.DE Yearly Shares Outstanding2NN.DE Yearly Shares OutstandingYearly Shares Outstanding 2016 2017 2018 2019 2020 2021 2022 2023 2024 100M 200M 300M
2NN.DE Yearly Total Debt VS Total Assets2NN.DE Yearly Total Debt VS Total AssetsYearly Total Debt VS Total Assets 2016 2017 2018 2019 2020 2021 2022 2023 2024 50B 100B 150B 200B 250B

2.2 Solvency

  • 2NN has an Altman-Z score of 0.13. This is a bad value and indicates that 2NN is not financially healthy and even has some risk of bankruptcy.
  • The Altman-Z score of 2NN (0.13) is better than 72.34% of its industry peers.
  • The Debt to FCF ratio of 2NN is 70.44, which is on the high side as it means it would take 2NN, 70.44 years of fcf income to pay off all of its debts.
  • 2NN's Debt to FCF ratio of 70.44 is on the low side compared to the rest of the industry. 2NN is outperformed by 76.60% of its industry peers.
  • A Debt/Equity ratio of 0.62 indicates that 2NN is somewhat dependend on debt financing.
  • Looking at the Debt to Equity ratio, with a value of 0.62, 2NN is in line with its industry, outperforming 57.45% of the companies in the same industry.
Industry RankSector Rank
Debt/Equity 0.62
Debt/FCF 70.44
Altman-Z 0.13
ROIC/WACC0.05
WACC8.27%
2NN.DE Yearly LT Debt VS Equity VS FCF2NN.DE Yearly LT Debt VS Equity VS FCFYearly LT Debt VS Equity VS FCF 2016 2017 2018 2019 2020 2021 2022 2023 2024 0 10B 20B 30B

2.3 Liquidity

  • A Current Ratio of 2.16 indicates that 2NN has no problem at all paying its short term obligations.
  • The Current ratio of 2NN (2.16) is better than 91.49% of its industry peers.
  • A Quick Ratio of 2.16 indicates that 2NN has no problem at all paying its short term obligations.
  • The Quick ratio of 2NN (2.16) is better than 91.49% of its industry peers.
Industry RankSector Rank
Current Ratio 2.16
Quick Ratio 2.16
2NN.DE Yearly Current Assets VS Current Liabilites2NN.DE Yearly Current Assets VS Current LiabilitesYearly Current Assets VS Current Liabilites 2016 2017 2018 2019 2020 2021 2022 2023 2024 2B 4B 6B 8B 10B

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4

3. 2NN.DE Growth Analysis

3.1 Past

  • 2NN shows a strong growth in Earnings Per Share. In the last year, the EPS has been growing by 10.68%, which is quite good.
  • 2NN shows a decrease in Earnings Per Share. Measured over the last years, the EPS has been decreasing by -0.60% yearly.
  • Looking at the last year, 2NN shows a small growth in Revenue. The Revenue has grown by 1.39% in the last year.
  • The Revenue for 2NN have been decreasing by -12.53% on average. This is quite bad
EPS 1Y (TTM)10.68%
EPS 3Y-18.75%
EPS 5Y-0.6%
EPS Q2Q%-40.43%
Revenue 1Y (TTM)1.39%
Revenue growth 3Y-19.29%
Revenue growth 5Y-12.53%
Sales Q2Q%6.55%

3.2 Future

  • The Earnings Per Share is expected to grow by 6.74% on average over the next years.
  • Based on estimates for the next years, 2NN will show a small growth in Revenue. The Revenue will grow by 2.04% on average per year.
EPS Next Y-2.89%
EPS Next 2Y14.51%
EPS Next 3Y11.49%
EPS Next 5Y6.74%
Revenue Next Year-1.17%
Revenue Next 2Y1.45%
Revenue Next 3Y2.29%
Revenue Next 5Y2.04%

3.3 Evolution

  • When comparing the EPS growth rate of the last years to the growth rate of the upcoming years, we see that the growth is accelerating.
  • The Revenue growth rate is accelerating: in the next years the growth will be better than in the last years.
2NN.DE Yearly Revenue VS Estimates2NN.DE Yearly Revenue VS EstimatesYearly Revenue VS Estimates 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 5B 10B 15B 20B
2NN.DE Yearly EPS VS Estimates2NN.DE Yearly EPS VS EstimatesYearly EPS VS Estimates 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2 4 6 8

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4

4. 2NN.DE Valuation Analysis

4.1 Price/Earnings Ratio

  • Based on the Price/Earnings ratio of 14.00, the valuation of 2NN can be described as correct.
  • 2NN's Price/Earnings is on the same level as the industry average.
  • 2NN's Price/Earnings ratio indicates a valuation a bit cheaper than the S&P500 average which is at 26.29.
  • Based on the Price/Forward Earnings ratio of 7.79, the valuation of 2NN can be described as very cheap.
  • Compared to the rest of the industry, the Price/Forward Earnings ratio of 2NN indicates a rather cheap valuation: 2NN is cheaper than 82.98% of the companies listed in the same industry.
  • 2NN is valuated cheaply when we compare the Price/Forward Earnings ratio to 24.60, which is the current average of the S&P500 Index.
Industry RankSector Rank
PE 14
Fwd PE 7.79
2NN.DE Price Earnings VS Forward Price Earnings2NN.DE Price Earnings VS Forward Price Earnings ChartPrice Earnings - Forward Price Earnings PE FPE 5 10 15 20 25

4.2 Price Multiples

  • 2NN's Enterprise Value to EBITDA ratio is a bit cheaper when compared to the industry. 2NN is cheaper than 63.83% of the companies in the same industry.
  • 2NN's Price/Free Cash Flow ratio is a bit more expensive when compared to the industry. 2NN is more expensive than 76.60% of the companies in the same industry.
Industry RankSector Rank
P/FCF 91.56
EV/EBITDA 18.13
2NN.DE Per share data2NN.DE EPS, Sales, OCF, FCF, BookValue per sharePer Share Data Per Share 20 40 60 80

4.3 Compensation for Growth

PEG (NY)N/A
PEG (5Y)N/A
EPS Next 2Y14.51%
EPS Next 3Y11.49%

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Price/EarningsPrice/FCFFCF per shareEV/EBITDAPEG RATIOShow best valued peers

6

5. 2NN.DE Dividend Analysis

5.1 Amount

  • With a Yearly Dividend Yield of 5.33%, 2NN is a good candidate for dividend investing.
  • Compared to an average industry Dividend Yield of 4.21, 2NN pays a bit more dividend than its industry peers.
  • 2NN's Dividend Yield is rather good when compared to the S&P500 average which is at 1.82.
Industry RankSector Rank
Dividend Yield 5.33%

5.2 History

  • The dividend of 2NN is nicely growing with an annual growth rate of 15.91%!
Dividend Growth(5Y)15.91%
Div Incr Years2
Div Non Decr Years2
2NN.DE Yearly Dividends per share2NN.DE Yearly Dividends per shareYearly Dividends per share 2022 2023 2024 2025 2026 1 2 3

5.3 Sustainability

  • 73.42% of the earnings are spent on dividend by 2NN. This is not a sustainable payout ratio.
  • 2NN's earnings are growing slower than its dividend. This means the dividend growth is not sustainable.
DP73.42%
EPS Next 2Y14.51%
EPS Next 3Y11.49%
2NN.DE Yearly Income VS Free CF VS Dividend2NN.DE Yearly Income VS Free CF VS DividendYearly Income VS Free CF VS Dividend 2016 2017 2018 2019 2020 2021 2022 2023 2024 0 5B -5B
2NN.DE Dividend Payout.2NN.DE Dividend Payout, showing the Payout Ratio.2NN.DE Dividend Payout.PayoutRetained Earnings

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2NN.DE Fundamentals: All Metrics, Ratios and Statistics

NN GROUP NV

FRA:2NN (3/6/2026, 7:00:00 PM)

65.8

-2.42 (-3.55%)

Chartmill FA Rating
GICS SectorFinancials
GICS IndustryGroupInsurance
GICS IndustryInsurance
Earnings (Last)02-12
Earnings (Next)08-06
Inst Owners59.23%
Inst Owner ChangeN/A
Ins Owners0.01%
Ins Owner ChangeN/A
Market Cap17.31B
Revenue(TTM)12.76B
Net Income(TTM)1.26B
Analysts78.4
Price Target71.35 (8.43%)
Short Float %N/A
Short RatioN/A
Dividend
Industry RankSector Rank
Dividend Yield 5.33%
Yearly Dividend2.56
Dividend Growth(5Y)15.91%
DP73.42%
Div Incr Years2
Div Non Decr Years2
Ex-DateN/A
Surprises & Revisions
EPS beat(2)N/A
Avg EPS beat(2)N/A
Min EPS beat(2)N/A
Max EPS beat(2)N/A
EPS beat(4)N/A
Avg EPS beat(4)N/A
Min EPS beat(4)N/A
Max EPS beat(4)N/A
EPS beat(8)N/A
Avg EPS beat(8)N/A
EPS beat(12)N/A
Avg EPS beat(12)N/A
EPS beat(16)N/A
Avg EPS beat(16)N/A
Revenue beat(2)N/A
Avg Revenue beat(2)N/A
Min Revenue beat(2)N/A
Max Revenue beat(2)N/A
Revenue beat(4)N/A
Avg Revenue beat(4)N/A
Min Revenue beat(4)N/A
Max Revenue beat(4)N/A
Revenue beat(8)N/A
Avg Revenue beat(8)N/A
Revenue beat(12)N/A
Avg Revenue beat(12)N/A
Revenue beat(16)N/A
Avg Revenue beat(16)N/A
PT rev (1m)4.39%
PT rev (3m)7.08%
EPS NQ rev (1m)N/A
EPS NQ rev (3m)N/A
EPS NY rev (1m)0.04%
EPS NY rev (3m)0.6%
Revenue NQ rev (1m)N/A
Revenue NQ rev (3m)N/A
Revenue NY rev (1m)-1.38%
Revenue NY rev (3m)-1.38%
Valuation
Industry RankSector Rank
PE 14
Fwd PE 7.79
P/S 1.36
P/FCF 91.56
P/OCF 69.5
P/B 0.8
P/tB 0.85
EV/EBITDA 18.13
EPS(TTM)4.7
EY7.14%
EPS(NY)8.45
Fwd EY12.84%
FCF(TTM)0.72
FCFY1.09%
OCF(TTM)0.95
OCFY1.44%
SpS48.5
BVpS82.3
TBVpS77.7
PEG (NY)N/A
PEG (5Y)N/A
Graham Number93.29
Profitability
Industry RankSector Rank
ROA 0.61%
ROE 5.84%
ROCE 0.54%
ROIC 0.43%
ROICexc 0.45%
ROICexgc 0.59%
OM 8.71%
PM (TTM) 9.91%
GM N/A
FCFM 1.48%
ROA(3y)0.67%
ROA(5y)0.8%
ROE(3y)6.62%
ROE(5y)6.79%
ROIC(3y)0.31%
ROIC(5y)0.56%
ROICexc(3y)0.32%
ROICexc(5y)0.58%
ROICexgc(3y)0.42%
ROICexgc(5y)0.75%
ROCE(3y)0.39%
ROCE(5y)0.7%
ROICexgc growth 3Y-14.7%
ROICexgc growth 5Y-8.18%
ROICexc growth 3Y-16.09%
ROICexc growth 5Y-9.11%
OM growth 3Y-1.79%
OM growth 5Y0.69%
PM growth 3Y-3.58%
PM growth 5Y9.26%
GM growth 3YN/A
GM growth 5YN/A
F-Score7
Asset Turnover0.06
Health
Industry RankSector Rank
Debt/Equity 0.62
Debt/FCF 70.44
Debt/EBITDA 10.56
Cap/Depr 40%
Cap/Sales 0.47%
Interest Coverage 0.78
Cash Conversion 19.75%
Profit Quality 14.95%
Current Ratio 2.16
Quick Ratio 2.16
Altman-Z 0.13
F-Score7
WACC8.27%
ROIC/WACC0.05
Cap/Depr(3y)N/A
Cap/Depr(5y)N/A
Cap/Sales(3y)N/A
Cap/Sales(5y)N/A
Profit Quality(3y)N/A
Profit Quality(5y)N/A
High Growth Momentum
Growth
EPS 1Y (TTM)10.68%
EPS 3Y-18.75%
EPS 5Y-0.6%
EPS Q2Q%-40.43%
EPS Next Y-2.89%
EPS Next 2Y14.51%
EPS Next 3Y11.49%
EPS Next 5Y6.74%
Revenue 1Y (TTM)1.39%
Revenue growth 3Y-19.29%
Revenue growth 5Y-12.53%
Sales Q2Q%6.55%
Revenue Next Year-1.17%
Revenue Next 2Y1.45%
Revenue Next 3Y2.29%
Revenue Next 5Y2.04%
EBIT growth 1Y62.43%
EBIT growth 3Y-20.73%
EBIT growth 5Y-11.93%
EBIT Next Year10.86%
EBIT Next 3Y7.21%
EBIT Next 5YN/A
FCF growth 1Y114.01%
FCF growth 3YN/A
FCF growth 5YN/A
OCF growth 1Y118.99%
OCF growth 3YN/A
OCF growth 5YN/A

NN GROUP NV / 2NN.DE FAQ

What is the ChartMill fundamental rating of NN GROUP NV (2NN.DE) stock?

ChartMill assigns a fundamental rating of 4 / 10 to 2NN.DE.


Can you provide the valuation status for NN GROUP NV?

ChartMill assigns a valuation rating of 4 / 10 to NN GROUP NV (2NN.DE). This can be considered as Fairly Valued.


How profitable is NN GROUP NV (2NN.DE) stock?

NN GROUP NV (2NN.DE) has a profitability rating of 3 / 10.


What is the valuation of NN GROUP NV based on its PE and PB ratios?

The Price/Earnings (PE) ratio for NN GROUP NV (2NN.DE) is 14 and the Price/Book (PB) ratio is 0.8.


Can you provide the dividend sustainability for 2NN stock?

The dividend rating of NN GROUP NV (2NN.DE) is 6 / 10 and the dividend payout ratio is 73.42%.