olivLaw · European equity research
ANDRITZ AG ANDR.VI
Austria · Wiener Börse · ISIN AT0000730007 · Vertical: Listed companies from Austria
ANDRITZ is an Austrian technology group that designs and delivers equipment, systems and services for industries such as pulp, paper, metals and energy. For investors and the public, its relevance lies in how it manages fixed-price EPC projects and geopolitical risks to its supply chains.
At the close of 04 Nov 2026, ANDRITZ AG (ANDR.VI) stock was 81.90 EUR (+0.61% on the day), with market capitalisation 8.0 bn EUR, P/E 17.6 on diluted EPS of 4.65 EUR over the last 12 months, dividend yield 3.17%, beta 0.93, 52-week range 59.50–86.10 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)
- 52.9
- neutral
- Bollinger (20, 2)
- 77.80 – 83.37
- in the upper half of the band · %B 0.74 · band width 6.9%
- SMA 50 / 200
- 82.47 / 75.55
- mixed trend
- MACD (12, 26, 9)
- -0.36 / -0.64
- MACD above 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 | −1.1% | +0.4% | −1.5 pp | — |
| 3 months | −0.1% | −3.3% | +3.1 pp | — |
| 6 months | +7.2% | +4.0% | +3.2 pp | — |
| Year to date | +22.7% | +8.1% | +14.6 pp | — |
| 1 year | +28.3% | +10.7% | +17.6 pp | +4.0% |
| 3 years | +71.6% | +50.1% | +21.5 pp | +3.6% |
| 5 years | +74.7% | +43.6% | +31.1 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.
Today's P/E sits at the 100 percentile of its own 3-quarter history (min 9.8, median 11.0, max 14.4; quarters with earnings only).
Fiscal years
| Fiscal year | 2023 | 2024 | 2025 |
|---|---|---|---|
| Revenue | 8.7 bn | 8.3 bn | 7.9 bn |
| Revenue YoY | unavailable | −4.0% | −5.2% |
| Net income | 510.2 m | 496.5 m | 456.3 m |
| Net income YoY | unavailable | −2.7% | −8.1% |
| Diluted EPS | 5.13 | 4.99 | 4.65 |
| Diluted EPS YoY | unavailable | −2.7% | −6.8% |
| net % | 5.9% | 6.0% | 5.8% |
| Free cash flow | unavailable | unavailable | unavailable |
Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 911.6 m EUR
- Financial debt
- 363.6 m EUR
- Net debt
- -548.0 m EUR
- Equity
- 2.5 bn EUR
- Total assets
- 8.6 bn EUR
- Debt / equity
- 0.15x
- Current ratio
- 1.13x
- ROE
- 19.3%
- ROA
- 5.4%
- FCF margin
- unavailable
Financial statements (source on every figure)
Revenue and net income (EUR)
Margins
Income statement · EUR
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Revenue | 8.7 bn | 8.3 bn | 7.9 bn | esef· 10 Mar 2026verified |
| Operating income | 685.2 m | 661.9 m | 582.8 m | esef· 10 Mar 2026verified |
| Interest expense | 48.9 m | 50.5 m | 48.7 m | esef· 10 Mar 2026verified |
| Pre-tax income | 688.2 m | 646.5 m | 599.3 m | esef· 10 Mar 2026verified |
| Income tax | 183.9 m | 150.0 m | 142.2 m | esef· 10 Mar 2026verified |
| Net income | 510.2 m | 496.5 m | 456.3 m | esef· 10 Mar 2026verified |
| Diluted EPS | 5.13 | 4.99 | 4.65 | esef· 10 Mar 2026verified |
| Dividend per share | 2.10 | 2.50 | 2.60 | esef· 10 Mar 2026verified |
Balance sheet · EUR
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Cash | 1.5 bn | 1.2 bn | 911.6 m | esef· 10 Mar 2026verified |
| Inventories | 1.2 bn | 1.2 bn | 1.2 bn | esef· 10 Mar 2026verified |
| Current assets | 5.9 bn | 5.5 bn | 5.5 bn | esef· 10 Mar 2026verified |
| Property, plant & equipment, net | 1.2 bn | 1.3 bn | 1.4 bn | esef· 10 Mar 2026verified |
| Goodwill | 826.3 m | 860.4 m | 1.1 bn | esef· 10 Mar 2026verified |
| Intangibles (excl. goodwill) | 142.8 m | 139.9 m | 246.0 m | esef· 10 Mar 2026verified |
| Total assets | 8.5 bn | 8.2 bn | 8.6 bn | esef· 10 Mar 2026verified |
| Long-term debt | 503.6 m | 356.6 m | 363.6 m | esef· 10 Mar 2026verified |
| Current liabilities | 5.0 bn | 4.7 bn | 4.9 bn | esef· 10 Mar 2026verified |
| Equity | 2.2 bn | 2.3 bn | 2.5 bn | esef· 10 Mar 2026verified |
| Shares outstanding at year end | 99.1 m | 98.9 m | 97.7 m | esef· 10 Mar 2026derived |
Cash flow · EUR
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Operating cash flow | 375.0 m | 636.5 m | 652.7 m | esef· 10 Mar 2026verified |
| Investing cash flow | 266.9 m | -207.5 m | -541.6 m | esef· 10 Mar 2026verified |
| Financing cash flow | -410.6 m | -753.3 m | -320.6 m | esef· 10 Mar 2026verified |
| Dividends paid | 208.3 m | 248.5 m | 253.8 m | esef· 10 Mar 2026verified |
| Share repurchases | 0 | 116.6 m | 0 | esef· 10 Mar 2026verified |
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
- score weight coverage: 43.8% of at least 60%
A scoring methodology on indicators and valuation, not investment advice.
Closing price
04 Nov 2026Source: olivLaw, closing series
Market cap: 8.0 bn EUR
Key indicators
Coverage and freshness
Score by group
44% · Insufficient data
Estimated value range
The combined range = the median of the valid methods' low, central and high values; it is not a probability interval and does not cover every result. Envelope of all methods: 35.36 – 102.04 EUR.
Valuation assumptions are editorial choices, not measured; beta is not measured.
Method ranges (EUR per share)
— — Mid · ▏ Price
Valuation methods
- DCF (discounted cash flow)unavailable · input data missing
- Peers: EV/EBITDAunavailable · input data missing
- Peers: P/E52.44 – 102.04 (Mid 76.07)24 companies used · median multiple 16.4x · quartiles 11.3x – 21.9x1AST.VI, ACAG.VI, AMAG.VI, BMAG.VI, CPI.VI, DOC.VI, ETS.VI, EVN.VI, FAA.VI, FACC.VI, FQT.VI, MMK.VI, OMV.VI, POS.VI, POST.VI, PYT.VI, ROS.VI, SBO.VI, STR.VI, SWUT.VI, TKA.VI, VER.VI, VOE.VI, WIE.VI
- Dividend discount (DDM)35.36 – 48.22 (Mid 40.80)
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: score weight coverage: 43.8% of at least 60%
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | 26.3% | 90 (vs peers) | 24% |
| Net margin · Quality | 5.8% | 74 (vs peers) | 14% |
| 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 | 12.0x | 100 (on a fixed band) | 14% |
| Current ratio · Balance sheet | 1.1x | 27 (on a fixed band) | 10% |
| P/E (TTM) · Valuation | 17.6x | 38 (vs peers) | 24% |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | unavailable | unavailable | — |
| Shareholder yield (distributions) · Returns | 3.2% | 45 (on a fixed band) | 14% |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet71/100 · 2/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality84/100 · 2/3 factors with a value
- Returns· partial45/100 · 1/2 factors with a value
- Valuation· partial38/100 · 1/3 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
Andritz AG (ANDR.VI). Latest full fiscal year: 2025; data up to 2025-12-31.
Figures computed from the financial statements: revenue 7.9 bn EUR in 2025; YoY growth -5.2%; net margin 5.8%; ROE 19.3%.
The estimated value range is 43.90–75.13 EUR per share (median of 2 methods, agreement: low); assumptions are illustrative. Against the central value of 58.44 EUR, the price of 81.90 EUR leaves a potential of -28.7% (value / price − 1) and a margin of safety of -40.2% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
Insufficient data for a verdict (score weight coverage: 43.8% of at least 60%).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- ROIC: 26.3%
- Net margin: 5.8%
- Interest coverage: 12.0x
What contradicts it
- Current ratio: 1.1x
- The price is above the estimated value range
- The valuation methods diverge
Not assessed (insufficient data or a ratio without meaning): FCF conversion, Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, EV/EBITDA, FCF yield, Payout ratio (FCF).
Versus the vertical median
Listed companies from Austria · 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 | |
|---|---|---|---|---|---|---|
| OMV.VIOmv Aktiengesellschaft | 35.4 bn | 23.3 | 8.9% | 6.3% | −7.2% | +52% / +85% |
| VER.VIVerbund AG | 24.1 bn | 16.2 | 14.7% | 18.6% | −2.8% | +9% / −21% |
| STR.VIStrabag Se | 11.9 bn | 12.9 | 17.2% | 4.9% | +7.4% | +33% / +171% |
| ANDR.VIAndritz AG | 8.0 bn | 17.6 | 19.3% | 5.8% | −5.2% | +32% / +65% |
| VOE.VIvoestalpine AG | 7.2 bn | 17.1 | 5.7% | 2.8% | −4.3% | +13% / +62% |
| EVN.VIEvn AG | 5.4 bn | 12.4 | 6.9% | 14.6% | +3.8% | +14% / +12% |
| ATS.VIAT & S Austria Technologie & Systemtechnik Aktiengesellschaft | 3.0 bn | — | -2.4% | -1.4% | +12.7% | +301% / +428% |
| DOC.VIDO & CO Aktiengesellschaft | 2.4 bn | 22.2 | 24.0% | 4.3% | +7.1% | +12% / +70% |
| CPI.VICPI Europe AG | 2.2 bn | 4.2 | 12.2% | 68.2% | −6.7% | +0% / −17% |
| POST.VIÖsterreichische Post Aktiengesellschaft | 2.2 bn | 16.3 | 18.3% | 4.3% | −2.6% | +5% / +2% |
| WIE.VIWienerberger AG | 1.9 bn | 11.5 | 5.9% | 3.6% | +1.2% | −41% / −33% |
| LNZ.VILenzing Aktiengesellschaft | 1.7 bn | — | -11.8% | -5.2% | −2.3% | −51% / −67% |
| MMK.VIMayr-Melnhof Karton Aktiengesellschaft | 1.3 bn | 17.5 | 3.6% | 1.9% | −4.8% | −19% / −40% |
| POS.VIPorr AG | 1.2 bn | 10.8 | 12.9% | 1.8% | +1.7% | +6% / +168% |
| AMAG.VIAMAG Austria Metall AG | 1.1 bn | 33.6 | 4.7% | 2.3% | +2.1% | +35% / +20% |
| BMAG.VIPIERER Mobility AG | 1.1 bn | 1.8 | 638.9% | 58.9% | −46.3% | +86% / −47% |
| FQT.VIFrequentis AG | 830.6 m | 29.5 | 15.5% | 4.9% | +20.8% | −9% / +122% |
| ETS.VIEuroTeleSites AG | 730.3 m | 21.9 | 8.8% | 11.9% | +3.7% | −7% / +31% |
| AGR.VIAGRANA Beteiligungs-Aktiengesellschaft | 729.2 m | — | -3.6% | -1.2% | −7.9% | −2% / −14% |
| FACC.VIFacc AG | 607.0 m | 28.7 | 9.1% | 2.2% | +11.3% | +23% / +129% |
| ROS.VIRosenbauer International AG | 600.7 m | 12.1 | 17.4% | 3.5% | +9.4% | +37% / +107% |
| 1AST.VIASTA Energy Solutions AG | 515.6 m | 17.1 | 42.3% | 4.3% | +8.3% | unavailable / unavailable |
| SBO.VISbo AG | 451.1 m | 19.1 | 5.2% | 5.2% | −18.8% | +4% / −31% |
| SEM.VISemperit Aktiengesellschaft Holding | 380.1 m | 905.0 | 0.1% | 0.1% | −2.1% | +40% / +28% |
| ACAG.VIAustriacard Holdings AG | 348.9 m | 25.7 | 11.4% | 4.1% | −8.2% | +77% / +65% |
1- and 3-year price returns: for ANDR.VI 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 | 43.98 Total return -44% · Per year -44% | 78.14 Total return -2% · Per year -2% | 118.24 Total return 48% · Per year 48% |
| 3 years | 34.92 Total return -51% · Per year -21% | 70.52 Total return -5% · Per year -2% | 118.24 Total return 55% · Per year 16% |
| 5 years | 27.73 Total return -57% · Per year -16% | 63.65 Total return -9% · Per year -2% | 118.24 Total return 63% · Per year 10% |
- Exit P/E± 17.63
- Net margin± 12.34
- Annual revenue growth± 11.15
- Annual dilution± 1.04
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
ANDRITZ is an Austrian technology group that designs and delivers equipment, systems and services for industries such as pulp, paper, metals and energy. For investors and the public, its relevance lies in how it manages fixed-price EPC projects and geopolitical risks to its supply chains.
SWOT
Strengths
- The group has a broad range of equipment, systems and services, backed by optimisation and lifecycle maintenance solutions 1.
- Cybersecurity certifications audited by an external body support customer trust in digital solutions 1.
- The company invests continuously in research and development, with teams spread across several locations 1.
Weaknesses
- Many contracts carry fixed prices, which can lead to gaps between actual costs and original estimates, affecting margins 1.
- Exposure to EPC projects carries risks of delay and cost overruns, with losses recorded on some earlier projects 1.
- Reliance on external suppliers for simpler components can create vulnerabilities if supply is interrupted 1.
Opportunities
- Demand for digital, cybersecurity and artificial intelligence solutions in industry could open new growth segments 1.
- Customers seeking full plant management could prefer providers able to offer integrated engineering, construction and service 1.
- Modernisation of existing plants could generate long-term optimisation and retrofit orders 1.
Threats
- Cyberattacks on the group's own systems or those of customers could cause large economic damage for which the group might be held liable 1.
- International conflicts and sanctions can disrupt supply chains and delay deliveries to customers 1.
- Litigation, including product liability claims from the past, could have a significant negative effect on results if it ends unfavourably 1.
Risks
- EPC projects and fixed priceshigh
Cost deviations and delays in fixed-price projects can affect results, and performance guarantees can trigger penalties or client withdrawal from the contract 1.
- Litigation and product liabilityhigh
Ongoing proceedings, including those linked to past asbestos exposure, could materially affect results and liquidity 1.
- Cybersecuritymedium
Greater digitalisation may expose the group and its customers to attacks that lead to data leaks or system outages 1.
- Geopolitics and supplymedium
Wars, sanctions and tensions in certain regions can interrupt supplier deliveries and slow projects 1.
- Currencymedium
Swings in the dollar and other currencies can affect euro-reported revenue and may delay decisions by customers outside the euro area 1.
Investment thesis
What would need to be true (bull case)
- If digitalisation and service solutions develop as the company plans, the group could diversify revenue beyond large, more volatile projects 1.
- Experience in complex projects and security certifications could strengthen its position in contracts with demanding industrial customers 1.
- Constant investment in research and development could sustain technological competitiveness over the long term 1.
What would break the thesis
- If material and energy costs rise again without offset, margins on fixed-price contracts could fall significantly 1.
- Litigation and possible losses on EPC projects could weigh on liquidity and results if they materialise unfavourably 1.
- Exposure to sanctions and conflicts could reduce access to certain markets or to key suppliers 1.
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
According to the annual report for fiscal 2025, ANDRITZ is an international group that supplies equipment, systems and services, including engineering and construction of plants. The group runs its activity through divisions and supports customers with process optimisation and full plant management 1. The company regards digitalisation as a growth field, focusing on cybersecurity, artificial intelligence and the latest technologies 1.
Segments
Operating divisions
The group operates through divisions that deliver equipment and systems, often in large industrial projects. The excerpt analysed does not detail per-division figures, so the description stays qualitative 1.
Market context
The source describes the market through industrial equipment and engineering projects, with customers seeking digital solutions and lifecycle maintenance services 1. Demand depends on industrial investment and customers' economic conditions; market size data does not appear in the available excerpt.
Trends
- Digitalisation of plantstailwind
The company sees digitalisation as a key growth field and invests in digital products, cybersecurity and artificial intelligence 1. It could become a growth driver if products are delivered in time.
- Raw material cost pressureheadwind
Geopolitical conflicts pushed up energy and raw material prices, and new tensions could renew pressure on margins 1. The company says it has not always fully offset these increases.
- Sanctions and supply chain reconfigurationmixed
Sanctions and conflicts may require the group to reorganise its supplier networks and adapt logistics over the medium and long term 1. The effect depends on its ability to find alternative sourcing.
- Exchange rates and dollar-denominated projectsmixed
Many contracts are billed in US dollars and other currencies, and exchange rate swings can affect revenue and earnings in euros 1. The group uses derivatives to reduce exposure but does not eliminate it entirely.
Competitive position
The source notes that many of ANDRITZ's competitors are also based in the euro area, so exchange rate changes do not automatically favour one side 1. The excerpt does not explicitly name competitors, so the list below rests strictly on the available data.
- Competitors based in the euro area
The source indicates the existence of competitors headquartered in the euro area without naming them 1.
- Global industrial technology suppliers
The company operates in international markets where it competes with global equipment and systems suppliers, not named in the source 1.
- Industrial digital solution providers
In digitalisation the company competes with specialised providers of cybersecurity and IIoT solutions, unnamed in the excerpt 1.
- EPC contractors and consortia
In EPC projects the group sometimes works in consortia with partners, which also points to competition among builders and partners 1.
News & filings
In the press
No news in our archive over the last 180 days.
Annual reports (ESEF)
- Annual report 202510 Mar 2026
- Annual report 202406 Mar 2025
Sources
- [1] Annual report, fiscal year ended 2025-12-31 (ESEF) · SEC / ANDRITZ AG · 31 Dec 2025
Figures computed by olivLaw from ESEF annual reports and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.