VOESTALPINE AG (VAS.DE) Fundamental Analysis & Valuation

FRA:VAS • AT0000937503

41.8 EUR
+2.8 (+7.18%)
Last: Mar 10, 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

Overall VAS gets a fundamental rating of 4 out of 10. We evaluated VAS against 44 industry peers in the Metals & Mining industry. While VAS seems to be doing ok healthwise, there are quite some concerns on its profitability. VAS has a decent growth rate and is not valued too expensively.


Dividend Valuation Growth Profitability Health

3

1. VAS.DE Profitability Analysis

1.1 Basic Checks

  • VAS had positive earnings in the past year.
  • In the past year VAS had a positive cash flow from operations.
  • In the past 5 years VAS has always been profitable.
  • In the past 5 years VAS always reported a positive cash flow from operatings.
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

  • Looking at the Return On Assets, with a value of 1.48%, VAS is doing worse than 63.64% of the companies in the same industry.
  • VAS has a worse Return On Equity (3.05%) than 63.64% of its industry peers.
  • VAS has a Return On Invested Capital of 2.99%. This is comparable to the rest of the industry: VAS outperforms 40.91% of its industry peers.
  • Measured over the past 3 years, the Average Return On Invested Capital for VAS is below the industry average of 8.75%.
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 Profit Margin of 1.49%. This is in the lower half of the industry: VAS underperforms 61.36% of its industry peers.
  • VAS's Profit Margin has declined in the last couple of years.
  • VAS has a Operating Margin of 3.48%. This is in the lower half of the industry: VAS underperforms 63.64% of its industry peers.
  • VAS's Operating Margin has declined in the last couple of years.
  • VAS's Gross Margin of 19.50% is in line compared to the rest of the industry. VAS outperforms 43.18% of its industry peers.
  • 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

  • VAS has a Return on Invested Capital (ROIC), which is below the Cost of Capital (WACC), which means it is destroying value.
  • VAS has about the same amout of shares outstanding than it did 1 year ago.
  • The number of shares outstanding for VAS has been reduced compared to 5 years ago.
  • Compared to 1 year ago, VAS has an improved debt to assets ratio.
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

  • An Altman-Z score of 2.43 indicates that VAS is not a great score, but indicates only limited risk for bankruptcy at the moment.
  • Looking at the Altman-Z score, with a value of 2.43, VAS is in line with its industry, outperforming 54.55% of the companies in the same industry.
  • 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.
  • With a decent Debt to FCF ratio value of 4.24, VAS is doing good in the industry, outperforming 65.91% of the companies in the same industry.
  • VAS has a Debt/Equity ratio of 0.28. This is a healthy value indicating a solid balance between debt and equity.
  • VAS's Debt to Equity ratio of 0.28 is in line compared to the rest of the industry. VAS outperforms 43.18% of its industry peers.
Industry RankSector Rank
Debt/Equity 0.28
Debt/FCF 4.24
Altman-Z 2.43
ROIC/WACC0.35
WACC8.51%
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 84.09% of its industry peers.
  • VAS has a Quick Ratio of 1.33. This is a bad value and indicates that VAS is not financially healthy enough and could expect problems in meeting its short term obligations.
  • Looking at the Quick ratio, with a value of 0.45, VAS is doing worse than 90.91% of the companies in the same industry.
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

  • Based on estimates for the next years, VAS will show a very strong growth in Earnings Per Share. The EPS will grow by 41.51% on average per year.
  • VAS is expected to show a decrease in Revenue. In the coming years, the Revenue will decrease by -1.07% yearly.
EPS Next Y160.25%
EPS Next 2Y107.09%
EPS Next 3Y71.44%
EPS Next 5Y41.51%
Revenue Next Year-4.87%
Revenue Next 2Y-0.55%
Revenue Next 3Y0.61%
Revenue Next 5Y-1.07%

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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6

4. VAS.DE Valuation Analysis

4.1 Price/Earnings Ratio

  • VAS is valuated quite expensively with a Price/Earnings ratio of 32.15.
  • VAS's Price/Earnings is on the same level as the industry average.
  • VAS is valuated rather expensively when we compare the Price/Earnings ratio to 26.25, which is the current average of the S&P500 Index.
  • A Price/Forward Earnings ratio of 11.08 indicates a reasonable valuation of VAS.
  • Based on the Price/Forward Earnings ratio, VAS is valued a bit cheaper than the industry average as 79.55% of the companies are valued more expensively.
  • VAS's Price/Forward Earnings ratio indicates a rather cheap valuation when compared to the S&P500 average which is at 24.39.
Industry RankSector Rank
PE 32.15
Fwd PE 11.08
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

  • Compared to the rest of the industry, the Enterprise Value to EBITDA ratio of VAS indicates a rather cheap valuation: VAS is cheaper than 88.64% of the companies listed in the same industry.
  • Based on the Price/Free Cash Flow ratio, VAS is valued cheaper than 97.73% of the companies in the same industry.
Industry RankSector Rank
P/FCF 9.9
EV/EBITDA 5.87
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 71.44% in the coming years. This may justify a more expensive valuation.
PEG (NY)0.2
PEG (5Y)N/A
EPS Next 2Y107.09%
EPS Next 3Y71.44%

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6

5. VAS.DE Dividend Analysis

5.1 Amount

  • With a Yearly Dividend Yield of 5.75%, VAS is a good candidate for dividend investing.
  • VAS's Dividend Yield is rather good when compared to the industry average which is at 1.50. VAS pays more dividend than 97.73% 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 2Y107.09%
EPS Next 3Y71.44%
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 (3/10/2026, 7:00:00 PM)

41.8

+2.8 (+7.18%)

Chartmill FA Rating
GICS SectorMaterials
GICS IndustryGroupMaterials
GICS IndustryMetals & Mining
Earnings (Last)02-11
Earnings (Next)06-03
Inst Owners25.69%
Inst Owner ChangeN/A
Ins OwnersN/A
Ins Owner ChangeN/A
Market Cap7.46B
Revenue(TTM)15.14B
Net Income(TTM)225.40M
Analysts76
Price Target45.13 (7.97%)
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)6.8%
PT rev (3m)19.44%
EPS NQ rev (1m)2.73%
EPS NQ rev (3m)-0.11%
EPS NY rev (1m)-3.1%
EPS NY rev (3m)-0.6%
Revenue NQ rev (1m)-2.24%
Revenue NQ rev (3m)-2.15%
Revenue NY rev (1m)-0.75%
Revenue NY rev (3m)-0.7%
Valuation
Industry RankSector Rank
PE 32.15
Fwd PE 11.08
P/S 0.49
P/FCF 9.9
P/OCF 4.14
P/B 1.01
P/tB 1.23
EV/EBITDA 5.87
EPS(TTM)1.3
EY3.11%
EPS(NY)3.77
Fwd EY9.03%
FCF(TTM)4.22
FCFY10.1%
OCF(TTM)10.1
OCFY24.16%
SpS84.8
BVpS41.37
TBVpS34.07
PEG (NY)0.2
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 2.43
F-Score6
WACC8.51%
ROIC/WACC0.35
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 Y160.25%
EPS Next 2Y107.09%
EPS Next 3Y71.44%
EPS Next 5Y41.51%
Revenue 1Y (TTM)-5.59%
Revenue growth 3Y1.8%
Revenue growth 5Y4.36%
Sales Q2Q%-4.09%
Revenue Next Year-4.87%
Revenue Next 2Y-0.55%
Revenue Next 3Y0.61%
Revenue Next 5Y-1.07%
EBIT growth 1Y118.19%
EBIT growth 3Y-27.41%
EBIT growth 5YN/A
EBIT Next Year162.05%
EBIT Next 3Y51.94%
EBIT Next 5Y33.85%
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 6 / 10 to VOESTALPINE AG (VAS.DE). This can be considered as Fairly Valued.


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 32.15 and the Price/Book (PB) ratio is 1.01.


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 160.25% in the next year.