olivLaw · European equity research
AGFA-GEVAERT AGFB.BR
Belgium · Euronext Brussels · ISIN BE0003755692 · Vertical: Listed companies from Belgium
Agfa-Gevaert is a Belgian group active in medical imaging, hospital software, digital print technology, chemicals and green hydrogen membranes. In 2024 it reorganised its portfolio into four divisions after the sale of Offset, and management expects continued growth in several of them in 2025.
At the close of 05 Nov 2026, AGFA-GEVAERT (AGFB.BR) stock was 0.39 EUR (−2.28% on the day), with market capitalisation 60.2 m EUR, beta 0.61, 52-week range 0.37–0.84 EUR.
Data as of · AI analysis dated · Source: ESEF annual reports and closing prices, computed by olivLaw.
Price history
Loading chart…
Technical reading
- RSI (14)
- 39.3
- weak (30–45)
- Bollinger (20, 2)
- 0.39 – 0.42
- below the lower band · %B -0.03 · band width 9.3%
- SMA 50 / 200
- 0.42 / 0.44
- downtrend (price < SMA50 < SMA200)
- MACD (12, 26, 9)
- -0.01 / -0.01
- MACD below signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | EURO STOXX 50 | vs EURO STOXX 50 | Vertical median | |
|---|---|---|---|---|
| 1 month | −10.4% | +0.4% | −10.8 pp | — |
| 3 months | +1.6% | −3.3% | +4.8 pp | — |
| 6 months | −16.6% | +4.0% | −20.6 pp | — |
| Year to date | −23.4% | +8.1% | −31.5 pp | — |
| 1 year | −52.7% | +10.7% | −63.4 pp | +8.1% |
| 3 years | −76.2% | +50.1% | −126.3 pp | −4.6% |
| 5 years | −89.9% | +43.6% | −133.5 pp | — |
Price returns, dividends excluded.
Quarterly results
ESEF annual reports carry no quarters: the results are annual (below).
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Fiscal years
| Fiscal year | 2023 | 2024 |
|---|---|---|
| Revenue | 1.2 bn | 1.1 bn |
| Revenue YoY | unavailable | −1.0% |
| Net income | -102.0 m | -92.0 m |
| Net income YoY | unavailable | unavailable |
| Diluted EPS | -0.66 | -0.59 |
| Diluted EPS YoY | unavailable | unavailable |
| net % | -8.9% | -8.1% |
| Free cash flow | unavailable | unavailable |
Balance sheet & financial health
Fiscal year 2024 · 31 Dec 2024
- Cash
- 68.0 m EUR
- Financial debt
- 156.0 m EUR
- Net debt
- 88.0 m EUR
- Equity
- 324.0 m EUR
- Total assets
- 1.4 bn EUR
- Debt / equity
- 0.48x
- Current ratio
- 2.00x
- ROE
- -25.6%
- ROA
- -6.7%
- FCF margin
- unavailable
Financial statements (source on every figure)
Revenue and net income (EUR)
Margins
Income statement · EUR
| Line | 2023 | 2024 | Source (latest year) |
|---|---|---|---|
| Revenue | 1.2 bn | 1.1 bn | esef· 15 Apr 2025verified |
| Cost of revenue | 792.0 m | 784.0 m | esef· 15 Apr 2025verified |
| Gross profit | 359.0 m | 353.0 m | esef· 15 Apr 2025verified |
| Research & development | 73.0 m | 70.0 m | esef· 15 Apr 2025verified |
| Pre-tax income | -35.0 m | -75.0 m | esef· 15 Apr 2025verified |
| Income tax | 16.0 m | 15.0 m | esef· 15 Apr 2025verified |
| Net income | -102.0 m | -92.0 m | esef· 15 Apr 2025verified |
| Diluted EPS | -0.66 | -0.59 | esef· 15 Apr 2025verified |
Balance sheet · EUR
| Line | 2023 | 2024 | Source (latest year) |
|---|---|---|---|
| Cash | 77.0 m | 68.0 m | esef· 15 Apr 2025verified |
| Inventories | 289.0 m | 293.0 m | esef· 15 Apr 2025verified |
| Current assets | 792.0 m | 793.0 m | esef· 15 Apr 2025verified |
| Property, plant & equipment, net | 115.0 m | 104.0 m | esef· 15 Apr 2025verified |
| Goodwill | 215.0 m | 217.0 m | esef· 15 Apr 2025verified |
| Intangibles (excl. goodwill) | 24.0 m | 28.0 m | esef· 15 Apr 2025verified |
| Total assets | 1.4 bn | 1.4 bn | esef· 15 Apr 2025verified |
| Short-term debt | 14.0 m | 15.0 m | esef· 15 Apr 2025verified |
| Long-term debt | 69.0 m | 141.0 m | esef· 15 Apr 2025verified |
| Current liabilities | 388.0 m | 396.0 m | esef· 15 Apr 2025verified |
| Equity | 396.0 m | 324.0 m | esef· 15 Apr 2025verified |
| Shares outstanding at year end | 154.5 m | 155.9 m | esef· 15 Apr 2025derived |
Cash flow · EUR
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
- indicators available: 3 of at least 6
- score weight coverage: 16.7% of at least 60%
- valuation methods computed: 0 of at least 1
A scoring methodology on indicators and valuation, not investment advice.
Closing price
05 Nov 2026Source: olivLaw, closing series
Market cap: 60.2 m EUR
Key indicators
Coverage and freshness
The data is older than the freshness threshold.
Score by group
17% · Insufficient data
Estimated value range
unavailable — no valuation method could be computed
Valuation assumptions are editorial choices, not measured; beta is not measured.
Valuation methods
- DCF (discounted cash flow)unavailable · input data missing
- Peers: EV/EBITDAunavailable · input data missing
- Peers: P/Eunavailable · the base of the ratio is not positive
- Dividend discount (DDM)unavailable · the company pays no dividend: a dividend model needs an explicit initiation assumption
no valuation method could be computed
Assumptions (illustrative, editorial)
- Risk-free rate
- 3.0%
- Equity risk premium
- 5.5%
- Beta (default)
- 1.00
- Cost of equity
- 8.5%
- Terminal growth
- 2.0%
Factor scorecard
Insufficient data
Minimum-evidence gate: indicators available: 3 of at least 6; score weight coverage: 16.7% of at least 60%; valuation methods computed: 0 of at least 1
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | unavailable | unavailable | — |
| Net margin · Quality | -8.1% | 15 (vs peers) | 38% |
| FCF conversion · Quality | unavailable | unavailable | — |
| Revenue CAGR 3Y · Growth | unavailable | unavailable | — |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | unavailable | unavailable | — |
| Current ratio · Balance sheet | 2.0x | 100 (on a fixed band) | 25% |
| P/E (TTM) · Valuation | unavailable | unavailable | — |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | unavailable | unavailable | — |
| Shareholder yield (distributions) · Returns | 0.0% | 0 (on a fixed band) | 38% |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet· partial100/100 · 1/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality· partial15/100 · 1/3 factors with a value
- Returns· partial0/100 · 1/2 factors with a value
- Valuation· partialunavailable · 0/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
AGFA-GEVAERT (AGFB.BR). Latest full fiscal year: 2024; data up to 2024-12-31.
Figures computed from the financial statements: revenue 1.1 bn EUR in 2024; YoY growth -1.0%; net margin -8.1%; ROE -25.6%.
Valuation cannot be computed from the available data.
Insufficient data for a verdict (indicators available: 3 of at least 6; score weight coverage: 16.7% of at least 60%; valuation methods computed: 0 of at least 1).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- Current ratio: 2.0x
What contradicts it
- Net margin: -8.1%
- Shareholder yield (distributions): 0.0%
Not assessed (insufficient data or a ratio without meaning): ROIC, FCF conversion, Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, Interest coverage, P/E (TTM), EV/EBITDA, FCF yield, Payout ratio (FCF).
Versus the vertical median
Listed companies from Belgium · same country · compared with 39 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| ELI.BRElia Group | 11.9 bn | 23.3 | 9.6% | 13.6% | −2.0% | +28% / +34% |
| LOTB.BRLotus Bakeries | 11.4 bn | 66.4 | 20.9% | 12.7% | +10.0% | +82% / +76% |
| GBLB.BRGroupe Bruxelles Lambert - Groep Brussel Lambert | 10.6 bn | 82.4 | 0.8% | 2.1% | +1.0% | +6% / +9% |
| DIE.BRD'ieteren Group | 9.7 bn | 23.2 | — | 5.3% | −1.5% | +22% / +16% |
| ACKB.BRAckermans & Van Haaren | 8.8 bn | 22.2 | 8.4% | 7.6% | +18.6% | +22% / +77% |
| COLR.BRColruyt Group | 4.4 bn | 14.6 | 9.4% | 2.9% | +3.1% | +12% / −6% |
| DEME.BRDeme Group | 4.2 bn | 12.2 | 15.5% | 8.3% | +1.3% | +21% / +72% |
| AZE.BRAzelis Group | 2.9 bn | 16.1 | 6.6% | 4.3% | +1.5% | +29% / −42% |
| MELE.BRMelexis | 2.1 bn | 12.4 | 30.7% | 18.4% | −3.3% | −1% / −38% |
| BEKB.BRNV Bekaert SA | 2.1 bn | 30.7 | 3.1% | 1.8% | −6.4% | +10% / −5% |
| FAGR.BRFagron | 1.8 bn | 22.2 | 16.7% | 9.2% | +14.3% | +15% / +40% |
| KIN.BRKinepolis Group | 1.4 bn | 33.9 | 19.3% | 7.0% | −4.5% | +62% / +11% |
| JEN.BRJensen Group | 706.9 m | 17.2 | 15.1% | 9.1% | +13.3% | +28% / +111% |
| BAR.BRBarco | 563.5 m | 9.1 | 7.9% | 6.7% | −9.9% | −48% / −59% |
| IBAB.BRIon Beam Applications | 487.2 m | 39.5 | 10.7% | 2.1% | +24.5% | +48% / +52% |
| DECB.BRDeceuninck | 341.3 m | 24.6 | 4.3% | 1.7% | −4.5% | +8% / +8% |
| CAMB.BRCampine | 272.3 m | 12.2 | 28.6% | 6.1% | +13.4% | −12% / +161% |
| CFEB.BRAannemingsmaatschappij Cfe | 266.8 m | 11.1 | 9.9% | 2.0% | −5.3% | +22% / +48% |
| MOUR.BRMoury Construct | 261.2 m | 10.7 | 21.3% | 13.1% | −4.0% | +11% / +76% |
| EVS.BREvs Broadcast Equipment | 245.9 m | 6.0 | 20.8% | 21.7% | +14.3% | −49% / −36% |
| BPOST.BRBpost | 229.8 m | 3.5 | 6.3% | 1.5% | −2.6% | −39% / −75% |
| ECONB.BREconocom Group | 210.7 m | 40.5 | 1.2% | 0.2% | +4.3% | −1% / −36% |
| IMMO.BRImmobel | 172.2 m | — | -7.4% | -25.2% | −32.8% | −24% / −36% |
| MONNI.BRKeyware Technologies | 171.0 m | 162.0 | 3.5% | 4.5% | −5.9% | −5% / −17% |
| HYSG.BRHybrid Software Group PLC | 121.3 m | — | -2.5% | -5.5% | +7.2% | −4% / +13% |
1- and 3-year price returns: for AGFB.BR from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (EUR)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
| 3 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
| 5 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
In brief
Agfa-Gevaert is a Belgian group active in medical imaging, hospital software, digital print technology, chemicals and green hydrogen membranes. In 2024 it reorganised its portfolio into four divisions after the sale of Offset, and management expects continued growth in several of them in 2025.
SWOT
Strengths
- The group has long experience in medical imaging and a broad range of integrated solutions, from equipment to software 1.
- ZIRFON membranes and inkjet technology give the Digital Print and Chemicals division strong positions in specialised markets 1.
- The Enterprise Imaging platform and subscription model offer recurring revenue as customers move to the cloud 1.
Weaknesses
- Medical film activity is declining and pressures the results of the Radiology Solutions division 1.
- The sale of the Offset division changed the reporting structure, and CONOPS depends on deliveries to former group partners 1.
- The 2025 outlook shows a slower start to the year because of seasonal factors, concentrating results in the second half 1.
Opportunities
- If the green hydrogen economy develops, ZIRFON membranes could become an important source of growth 1.
- Hospitals moving from analogue to digital systems could become new customers for the group's equipment and software 1.
- Screening solutions such as DensityScan could help identify osteoporosis earlier 1.
Risks
- Decline of medical filmmedium
If the fall in demand for medical film accelerates, the traditional activity in Radiology Solutions could reduce revenue faster than new systems compensate 1.
- Dependence on large ordersmedium
Projects for ministries and hospital networks are important, and a delayed contract could affect the quarter concerned 1.
- Transition to cloudmedium
The move to a subscription model may delay revenue recognition in HealthCare IT, even if it could be beneficial over the long term 1.
- Green hydrogen developmenthigh
If the green hydrogen market grows more slowly than anticipated, the Digital Print and Chemicals division could miss its targeted growth 1.
- Structure after the Offset salelow
Deliveries to the former owner of the Offset division depend on existing contracts, and changes in these relationships could affect CONOPS revenue 1.
Investment thesis
What would need to be true (bull case)
- If HealthCare IT maintains its order momentum and moves successfully to the cloud, the group could benefit from more predictable revenue 1.
- If ZIRFON membranes gain positions in the green hydrogen economy, the Digital Print and Chemicals division could accelerate growth 1.
- The group's experience of over a century in medical imaging and its large customers could strengthen its market position 1.
What would break the thesis
- If the decline in medical film is not offset by digital systems, the Radiology Solutions division could remain under pressure 1.
- The 2025 outlook depends on a stronger second half, which could expose the group to shortfalls if demand weakens 1.
- If hospital budgets tighten, investment in new equipment could be postponed, limiting growth in the imaging divisions 1.
What to watch
- Order intake trend in HealthCare IT and the shift to the subscription model2025
- Growth pace of Digital Print Solutions and Green Hydrogen Solutions2025
- Decline in medical film revenue in Radiology Solutions2025
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
The business
Agfa-Gevaert structures its activity into four divisions: HealthCare IT, Digital Print and Chemicals, Radiology Solutions and CONOPS 1. The divisions are defined by technology and solutions, and the group says the structure will allow it to seek partnerships in future 1. The CONOPS division arose after the sale of Offset and covers film and chemical deliveries to its former owner 1.
Segments
HealthCare IT
The division offers the Enterprise Imaging platform, which makes patient images available to all members of the care team regardless of location 1. For 2025 management expects a good order intake and performance broadly in line with the prior year, amid the shift to cloud and a subscription model 1.
Digital Print and Chemicals
The division serves the sign, display and packaging printing industries with large-format inkjet printers and inks, and supplies ZIRFON membranes for hydrogen production 1. For 2025 management anticipates a continued considerable growth in revenue and profitability, driven by Digital Print Solutions and Green Hydrogen Solutions 1.
Radiology Solutions
The division supplies analogue and digital imaging technology for hospitals and imaging centres, including DR systems and the MUSICA software 1. For 2025 management expects stable performance, with continued progress in Direct Radiography and ongoing pressure on the medical film business 1.
Market context
The medical imaging market is moving toward digital systems, and hospital customers are looking for integrated, cost-controlled solutions 1. The examples in the report show public and private buyers replacing analogue equipment with mobile or fully integrated digital systems 1. The market for print materials and hydrogen membranes depends on industrial adoption of these technologies 1.
Trends
- Shift to digital imagingtailwind
Hospitals and imaging centres are replacing analogue systems with digital radiography, which supports sales in the Radiology Solutions division 1.
- Artificial intelligence in radiologymixed
AI-based tools such as SmartRotate and CriticalScan reduce working time and help flag critical cases quickly 1. Adoption, however, depends on clinical acceptance and the regulatory framework 1.
- Decline of medical filmheadwind
Demand for analogue medical film is falling, which pressures the traditional activity of the Radiology Solutions division 1.
- Green hydrogentailwind
Development of a green hydrogen economy could increase demand for ZIRFON membranes in the Digital Print and Chemicals division 1.
Competitive position
Agfa-Gevaert competes in medical imaging with makers of equipment and hospital software, and in industrial printing with suppliers of inkjet systems 1. The report does not name direct competitors, so its competitive position can only be assessed from information on its portfolio and customers 1.
- Medical imaging equipment makers
Manufacturers of radiography equipment and imaging platforms that compete for hospitals and diagnostic centres; not named in the report.
- Hospital software providers
Companies offering imaging platforms and image management, competing with the HealthCare IT division; not named in the report.
- Industrial inkjet system makers
Suppliers of large-format printers and inks for signage and packaging; not named in the report.
- Electrolysis membrane producers
Companies active in membranes for hydrogen production, in a market where Agfa targets the green hydrogen economy; not named in the report.
News & filings
In the press
No news in our archive over the last 180 days.
Annual reports (ESEF)
- Annual report 202415 Apr 2025
Sources
- [1] Annual report, fiscal year ended 2024-12-31 (ESEF) · SEC / AGFA-GEVAERT · 31 Dec 2024
Figures computed by olivLaw from ESEF annual reports and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.