VOESTALPINE AG (VAS.DE) Fundamental Analysis & Valuation

FRA:VAS • AT0000937503

42.7 EUR
-3.54 (-7.66%)
Last: Mar 3, 2026, 07:00 PM
Overview Stock Chart Technical Analysis Fundamental Analysis Forecast Earnings Financials Ownership

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

Fundamental Rating

4

We assign a fundamental rating of 4 out of 10 to VAS. VAS was compared to 39 industry peers in the Metals & Mining industry. While VAS seems to be doing ok healthwise, there are quite some concerns on its profitability. A decent growth rate in combination with a cheap valuation! Better keep an eye on VAS.


Dividend Valuation Growth Profitability Health

3

1. VAS.DE Profitability Analysis

1.1 Basic Checks

  • In the past year VAS was profitable.
  • VAS had a positive operating cash flow in the past year.
  • Each year in the past 5 years VAS has been profitable.
  • VAS had a positive operating cash flow in each of the past 5 years.
VAS.DE Yearly Net Income VS EBIT VS OCF VS FCFVAS.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 2025 0 500M 1B 1.5B

1.2 Ratios

  • VAS has a worse Return On Assets (1.48%) than 64.10% of its industry peers.
  • With a Return On Equity value of 3.05%, VAS is not doing good in the industry: 64.10% of the companies in the same industry are doing better.
  • Looking at the Return On Invested Capital, with a value of 2.99%, VAS is in line with its industry, outperforming 41.03% of the companies in the same industry.
  • Measured over the past 3 years, the Average Return On Invested Capital for VAS is below the industry average of 8.60%.
Industry RankSector Rank
ROA 1.48%
ROE 3.05%
ROIC 2.99%
ROA(3y)2.62%
ROA(5y)3.15%
ROE(3y)5.95%
ROE(5y)7.48%
ROIC(3y)5.56%
ROIC(5y)5.26%
VAS.DE Yearly ROA, ROE, ROICVAS.DE Yearly ROA, ROE, ROICYearly ROA, ROE, ROIC 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 0 5 10 15

1.3 Margins

  • VAS has a worse Profit Margin (1.49%) than 61.54% of its industry peers.
  • In the last couple of years the Profit Margin of VAS has declined.
  • VAS has a Operating Margin of 3.48%. This is in the lower half of the industry: VAS underperforms 64.10% of its industry peers.
  • In the last couple of years the Operating Margin of VAS has declined.
  • With a Gross Margin value of 19.50%, VAS is not doing good in the industry: 61.54% of the companies in the same industry are doing better.
  • VAS's Gross Margin has been stable in the last couple of years.
Industry RankSector Rank
OM 3.48%
PM (TTM) 1.49%
GM 19.5%
OM growth 3Y-28.69%
OM growth 5YN/A
PM growth 3Y-51.8%
PM growth 5YN/A
GM growth 3Y-7.16%
GM growth 5Y1.22%
VAS.DE Yearly Profit, Operating, Gross MarginsVAS.DE Yearly Profit, Operating, Gross MarginsYearly Profit, Operating, Gross Margins 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 0 5 10 15 20

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4

2. VAS.DE Health Analysis

2.1 Basic Checks

  • With a Return on Invested Capital (ROIC) below the Cost of Capital (WACC), VAS is destroying value.
  • Compared to 1 year ago, VAS has about the same amount of shares outstanding.
  • The number of shares outstanding for VAS has been reduced compared to 5 years ago.
  • The debt/assets ratio for VAS has been reduced compared to a year ago.
VAS.DE Yearly Shares OutstandingVAS.DE Yearly Shares OutstandingYearly Shares Outstanding 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 50M 100M 150M
VAS.DE Yearly Total Debt VS Total AssetsVAS.DE Yearly Total Debt VS Total AssetsYearly Total Debt VS Total Assets 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 5B 10B 15B

2.2 Solvency

  • VAS has an Altman-Z score of 2.48. This is not the best score and indicates that VAS is in the grey zone with still only limited risk for bankruptcy at the moment.
  • VAS has a Altman-Z score (2.48) which is in line with its industry peers.
  • The Debt to FCF ratio of VAS is 4.24, which is a neutral value as it means it would take VAS, 4.24 years of fcf income to pay off all of its debts.
  • VAS's Debt to FCF ratio of 4.24 is fine compared to the rest of the industry. VAS outperforms 61.54% of its industry peers.
  • VAS has a Debt/Equity ratio of 0.28. This is a healthy value indicating a solid balance between debt and equity.
  • VAS has a Debt to Equity ratio of 0.28. This is comparable to the rest of the industry: VAS outperforms 41.03% of its industry peers.
Industry RankSector Rank
Debt/Equity 0.28
Debt/FCF 4.24
Altman-Z 2.48
ROIC/WACC0.36
WACC8.2%
VAS.DE Yearly LT Debt VS Equity VS FCFVAS.DE Yearly LT Debt VS Equity VS FCFYearly LT Debt VS Equity VS FCF 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 0 2B 4B 6B

2.3 Liquidity

  • VAS has a Current Ratio of 1.33. This is a normal value and indicates that VAS is financially healthy and should not expect problems in meeting its short term obligations.
  • VAS's Current ratio of 1.33 is on the low side compared to the rest of the industry. VAS is outperformed by 84.62% of its industry peers.
  • A Quick Ratio of 0.45 indicates that VAS may have some problems paying its short term obligations.
  • VAS has a worse Quick ratio (0.45) than 89.74% of its industry peers.
Industry RankSector Rank
Current Ratio 1.33
Quick Ratio 0.45
VAS.DE Yearly Current Assets VS Current LiabilitesVAS.DE Yearly Current Assets VS Current LiabilitesYearly Current Assets VS Current Liabilites 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2B 4B 6B 8B

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WACCDebt/EquityHow to determine the health of a companyAltman-Z scoreShow peers with great health

4

3. VAS.DE Growth Analysis

3.1 Past

  • VAS shows a strong growth in Earnings Per Share. In the last year, the EPS has been growing by 471.43%, which is quite impressive.
  • The earnings per share for VAS have been decreasing by -50.53% on average. This is quite bad
  • Looking at the last year, VAS shows a decrease in Revenue. The Revenue has decreased by -5.59% in the last year.
  • Measured over the past years, VAS shows a small growth in Revenue. The Revenue has been growing by 4.36% on average per year.
EPS 1Y (TTM)471.43%
EPS 3Y-50.53%
EPS 5YN/A
EPS Q2Q%169.23%
Revenue 1Y (TTM)-5.59%
Revenue growth 3Y1.8%
Revenue growth 5Y4.36%
Sales Q2Q%-4.09%

3.2 Future

  • The Earnings Per Share is expected to grow by 40.86% on average over the next years. This is a very strong growth
  • The Revenue is expected to decrease by -1.53% on average over the next years.
EPS Next Y168.57%
EPS Next 2Y103.17%
EPS Next 3Y68.29%
EPS Next 5Y40.86%
Revenue Next Year-4.89%
Revenue Next 2Y-0.6%
Revenue Next 3Y0.59%
Revenue Next 5Y-1.53%

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 decreasing: in the next years the growth will be less than in the last years.
VAS.DE Yearly Revenue VS EstimatesVAS.DE Yearly Revenue VS EstimatesYearly Revenue VS Estimates 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 5B 10B 15B
VAS.DE Yearly EPS VS EstimatesVAS.DE Yearly EPS VS EstimatesYearly EPS VS Estimates 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 0 2 4 6

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7

4. VAS.DE Valuation Analysis

4.1 Price/Earnings Ratio

  • The Price/Earnings ratio is 32.85, which means the current valuation is very expensive for VAS.
  • The rest of the industry has a similar Price/Earnings ratio as VAS.
  • VAS's Price/Earnings ratio indicates a valuation a bit more expensive than the S&P500 average which is at 26.83.
  • VAS is valuated reasonably with a Price/Forward Earnings ratio of 11.75.
  • VAS's Price/Forward Earnings ratio is rather cheap when compared to the industry. VAS is cheaper than 84.62% of the companies in the same industry.
  • The average S&P500 Price/Forward Earnings ratio is at 24.95. VAS is valued rather cheaply when compared to this.
Industry RankSector Rank
PE 32.85
Fwd PE 11.75
VAS.DE Price Earnings VS Forward Price EarningsVAS.DE Price Earnings VS Forward Price Earnings ChartPrice Earnings - Forward Price Earnings PE FPE 10 20 30

4.2 Price Multiples

  • Based on the Enterprise Value to EBITDA ratio, VAS is valued cheaper than 84.62% of the companies in the same industry.
  • VAS's Price/Free Cash Flow ratio is rather cheap when compared to the industry. VAS is cheaper than 94.87% of the companies in the same industry.
Industry RankSector Rank
P/FCF 10.11
EV/EBITDA 6.33
VAS.DE Per share dataVAS.DE EPS, Sales, OCF, FCF, BookValue per sharePer Share Data Per Share 20 40 60 80

4.3 Compensation for Growth

  • VAS's low PEG Ratio(NY), which compensates the Price/Earnings for growth, indicates a rather cheap valuation of the company.
  • VAS's earnings are expected to grow with 68.29% in the coming years. This may justify a more expensive valuation.
PEG (NY)0.19
PEG (5Y)N/A
EPS Next 2Y103.17%
EPS Next 3Y68.29%

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

6

5. VAS.DE Dividend Analysis

5.1 Amount

  • VAS has a Yearly Dividend Yield of 5.75%, which is a nice return.
  • VAS's Dividend Yield is rather good when compared to the industry average which is at 1.56. VAS pays more dividend than 94.87% of the companies in the same industry.
  • Compared to an average S&P500 Dividend Yield of 1.82, VAS pays a better dividend.
Industry RankSector Rank
Dividend Yield 5.75%

5.2 History

  • The dividend of VAS decreases each year by -10.86%.
Dividend Growth(5Y)-10.86%
Div Incr Years0
Div Non Decr Years0
VAS.DE Yearly Dividends per shareVAS.DE Yearly Dividends per shareYearly Dividends per share 2018 2019 2020 2021 2022 2023 2024 2025 0.5 1

5.3 Sustainability

  • VAS pays out 45.65% of its income as dividend. This is a bit on the high side, but may be sustainable.
DP45.65%
EPS Next 2Y103.17%
EPS Next 3Y68.29%
VAS.DE Yearly Income VS Free CF VS DividendVAS.DE Yearly Income VS Free CF VS DividendYearly Income VS Free CF VS Dividend 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 0 500M 1B
VAS.DE Dividend Payout.VAS.DE Dividend Payout, showing the Payout Ratio.VAS.DE Dividend Payout.PayoutRetained Earnings

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VAS.DE Fundamentals: All Metrics, Ratios and Statistics

VOESTALPINE AG

FRA:VAS (3/3/2026, 7:00:00 PM)

42.7

-3.54 (-7.66%)

Chartmill FA Rating
GICS SectorMaterials
GICS IndustryGroupMaterials
GICS IndustryMetals & Mining
Earnings (Last)02-11
Earnings (Next)06-03
Inst Owners23.03%
Inst Owner ChangeN/A
Ins OwnersN/A
Ins Owner ChangeN/A
Market Cap7.62B
Revenue(TTM)15.14B
Net Income(TTM)225.40M
Analysts77.5
Price Target45.13 (5.69%)
Short Float %N/A
Short RatioN/A
Dividend
Industry RankSector Rank
Dividend Yield 5.75%
Yearly Dividend0.7
Dividend Growth(5Y)-10.86%
DP45.65%
Div Incr Years0
Div Non Decr Years0
Ex-DateN/A
Surprises & Revisions
EPS beat(2)1
Avg EPS beat(2)13.13%
Min EPS beat(2)-3.6%
Max EPS beat(2)29.85%
EPS beat(4)1
Avg EPS beat(4)-39.03%
Min EPS beat(4)-172.05%
Max EPS beat(4)29.85%
EPS beat(8)2
Avg EPS beat(8)-40.24%
EPS beat(12)3
Avg EPS beat(12)-31.16%
EPS beat(16)5
Avg EPS beat(16)-21.03%
Revenue beat(2)0
Avg Revenue beat(2)-1.51%
Min Revenue beat(2)-1.51%
Max Revenue beat(2)-1.5%
Revenue beat(4)0
Avg Revenue beat(4)-2.57%
Min Revenue beat(4)-4.77%
Max Revenue beat(4)-1.5%
Revenue beat(8)1
Avg Revenue beat(8)-2.06%
Revenue beat(12)3
Avg Revenue beat(12)-0.93%
Revenue beat(16)6
Avg Revenue beat(16)0.15%
PT rev (1m)19.44%
PT rev (3m)34.5%
EPS NQ rev (1m)1.31%
EPS NQ rev (3m)-19.81%
EPS NY rev (1m)0%
EPS NY rev (3m)7.61%
Revenue NQ rev (1m)-2.24%
Revenue NQ rev (3m)-2.71%
Revenue NY rev (1m)-0.77%
Revenue NY rev (3m)-1.63%
Valuation
Industry RankSector Rank
PE 32.85
Fwd PE 11.75
P/S 0.5
P/FCF 10.11
P/OCF 4.23
P/B 1.03
P/tB 1.25
EV/EBITDA 6.33
EPS(TTM)1.3
EY3.04%
EPS(NY)3.63
Fwd EY8.51%
FCF(TTM)4.22
FCFY9.89%
OCF(TTM)10.1
OCFY23.65%
SpS84.8
BVpS41.37
TBVpS34.07
PEG (NY)0.19
PEG (5Y)N/A
Graham Number34.79
Profitability
Industry RankSector Rank
ROA 1.48%
ROE 3.05%
ROCE 5.33%
ROIC 2.99%
ROICexc 3.26%
ROICexgc 3.75%
OM 3.48%
PM (TTM) 1.49%
GM 19.5%
FCFM 4.98%
ROA(3y)2.62%
ROA(5y)3.15%
ROE(3y)5.95%
ROE(5y)7.48%
ROIC(3y)5.56%
ROIC(5y)5.26%
ROICexc(3y)6.31%
ROICexc(5y)5.9%
ROICexgc(3y)7.4%
ROICexgc(5y)6.97%
ROCE(3y)9.88%
ROCE(5y)9.39%
ROICexgc growth 3Y-25.66%
ROICexgc growth 5YN/A
ROICexc growth 3Y-24.91%
ROICexc growth 5YN/A
OM growth 3Y-28.69%
OM growth 5YN/A
PM growth 3Y-51.8%
PM growth 5YN/A
GM growth 3Y-7.16%
GM growth 5Y1.22%
F-Score6
Asset Turnover0.99
Health
Industry RankSector Rank
Debt/Equity 0.28
Debt/FCF 4.24
Debt/EBITDA 1.48
Cap/Depr 118.19%
Cap/Sales 6.93%
Interest Coverage 3.65
Cash Conversion 127.47%
Profit Quality 334.43%
Current Ratio 1.33
Quick Ratio 0.45
Altman-Z 2.48
F-Score6
WACC8.2%
ROIC/WACC0.36
Cap/Depr(3y)101.98%
Cap/Depr(5y)94.91%
Cap/Sales(3y)5.88%
Cap/Sales(5y)5.51%
Profit Quality(3y)195.15%
Profit Quality(5y)617.46%
High Growth Momentum
Growth
EPS 1Y (TTM)471.43%
EPS 3Y-50.53%
EPS 5YN/A
EPS Q2Q%169.23%
EPS Next Y168.57%
EPS Next 2Y103.17%
EPS Next 3Y68.29%
EPS Next 5Y40.86%
Revenue 1Y (TTM)-5.59%
Revenue growth 3Y1.8%
Revenue growth 5Y4.36%
Sales Q2Q%-4.09%
Revenue Next Year-4.89%
Revenue Next 2Y-0.6%
Revenue Next 3Y0.59%
Revenue Next 5Y-1.53%
EBIT growth 1Y118.19%
EBIT growth 3Y-27.41%
EBIT growth 5YN/A
EBIT Next Year162.23%
EBIT Next 3Y51.48%
EBIT Next 5Y33.23%
FCF growth 1Y-24.79%
FCF growth 3Y-19.09%
FCF growth 5Y-10.92%
OCF growth 1Y-9.17%
OCF growth 3Y4.55%
OCF growth 5Y1.73%

VOESTALPINE AG / VAS.DE FAQ

What is the ChartMill fundamental rating of VOESTALPINE AG (VAS.DE) stock?

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


Can you provide the valuation status for VOESTALPINE AG?

ChartMill assigns a valuation rating of 7 / 10 to VOESTALPINE AG (VAS.DE). This can be considered as Undervalued.


What is the profitability of VAS stock?

VOESTALPINE AG (VAS.DE) has a profitability rating of 3 / 10.


What is the valuation of VOESTALPINE AG based on its PE and PB ratios?

The Price/Earnings (PE) ratio for VOESTALPINE AG (VAS.DE) is 32.85 and the Price/Book (PB) ratio is 1.03.


Can you provide the expected EPS growth for VAS stock?

The Earnings per Share (EPS) of VOESTALPINE AG (VAS.DE) is expected to grow by 168.57% in the next year.