olivLaw · European equity research
ARCADIS N.V. ARCAD.AS
Netherlands · Euronext Amsterdam · ISIN NL0006237562 · Vertical: Listed companies from Netherlands
ARCADIS N.V. is a global consultancy and engineering company working on projects in the built environment, mobility, climate resilience and infrastructure. It organises its work into four global business areas and has committed to net zero across its global operations by 2035, which makes it relevant for clients seeking climate adaptation solutions.
At the close of 04 Nov 2026, ARCADIS N.V. (ARCAD.AS) stock was 47.20 EUR (+0.43% on the day), with market capitalisation 4.2 bn EUR, P/E 20.3 on diluted EPS of 2.33 EUR over the last 12 months, dividend yield 2.11%, beta 0.73, 52-week range 26.14–47.52 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)
- 74.2
- overbought (≥ 70)
- Bollinger (20, 2)
- 38.26 – 47.73
- in the upper half of the band · %B 0.94 · band width 22.0%
- SMA 50 / 200
- 42.82 / 36.71
- uptrend (price > SMA50 > SMA200)
- MACD (12, 26, 9)
- 1.37 / 0.76
- 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 | +17.7% | −1.5% | +19.2 pp | — |
| 3 months | +12.2% | −5.3% | +17.5 pp | — |
| 6 months | +28.0% | +4.7% | +23.3 pp | — |
| Year to date | +32.8% | +6.0% | +26.8 pp | — |
| 1 year | +22.9% | +8.2% | +14.7 pp | +0.5% |
| 3 years | +14.7% | +47.2% | −32.5 pp | +4.2% |
| 5 years | +13.1% | +41.8% | −28.7 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 33 percentile of its own 3-quarter history (min 15.3, median 21.8, max 27.4; quarters with earnings only).
Fiscal years
| Fiscal year | 2023 | 2024 | 2025 |
|---|---|---|---|
| Revenue | 5.0 bn | 5.0 bn | 4.9 bn |
| Revenue YoY | unavailable | −0.2% | −2.4% |
| Net income | 160.0 m | 243.0 m | 208.0 m |
| Net income YoY | unavailable | +51.9% | −14.4% |
| Diluted EPS | 1.78 | 2.70 | 2.33 |
| Diluted EPS YoY | unavailable | +51.7% | −13.7% |
| net % | 3.2% | 4.9% | 4.3% |
| Free cash flow | unavailable | unavailable | unavailable |
Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 323.0 m EUR
- Financial debt
- 610.0 m EUR
- Net debt
- 287.0 m EUR
- Equity
- 1.0 bn EUR
- Total assets
- 3.6 bn EUR
- Debt / equity
- 0.59x
- Current ratio
- 1.02x
- ROE
- 18.4%
- ROA
- 5.5%
- 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 | 5.0 bn | 5.0 bn | 4.9 bn | esef· 04 Mar 2026verified |
| Operating income | 284.0 m | 389.0 m | 317.0 m | esef· 04 Mar 2026verified |
| Depreciation & amortisation | 114.0 m | 111.0 m | 106.0 m | esef· 04 Mar 2026verified |
| EBITDA | 398.0 m ≈ | 500.0 m ≈ | 423.0 m ≈ | esef· 04 Mar 2026derived |
| Interest expense | 61.0 m | 66.0 m | 85.0 m | esef· 04 Mar 2026verified |
| Pre-tax income | 223.0 m | 339.0 m | 282.0 m | esef· 04 Mar 2026verified |
| Income tax | 63.0 m | 97.0 m | 73.0 m | esef· 04 Mar 2026verified |
| Net income | 160.0 m | 243.0 m | 208.0 m | esef· 04 Mar 2026verified |
| Diluted EPS | 1.78 | 2.70 | 2.33 | esef· 04 Mar 2026verified |
| Dividend per share | 0.73 | 0.84 | 1.00 | esef· 04 Mar 2026derived |
≈ computed by olivLaw from the reported lines of the same year: Operating income + Depreciation & amortisation.
Balance sheet · EUR
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Cash | 290.0 m | 376.0 m | 323.0 m | esef· 04 Mar 2026verified |
| Current assets | 1.8 bn | 1.9 bn | 1.7 bn | esef· 04 Mar 2026verified |
| Property, plant & equipment, net | 102.0 m | 103.0 m | 76.0 m | esef· 04 Mar 2026verified |
| Total assets | 3.8 bn | 3.9 bn | 3.6 bn | esef· 04 Mar 2026verified |
| Long-term debt | 871.0 m | 772.0 m | 610.0 m | esef· 04 Mar 2026verified |
| Current liabilities | 1.5 bn | 1.6 bn | 1.6 bn | esef· 04 Mar 2026verified |
| Total liabilities | 2.7 bn | 2.7 bn | 2.6 bn | esef· 04 Mar 2026verified |
| Equity | 1.1 bn | 1.2 bn | 1.0 bn | esef· 04 Mar 2026verified |
| Shares outstanding at year end | 89.9 m | 90.0 m | 89.3 m | esef· 04 Mar 2026derived |
Cash flow · EUR
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Operating cash flow | 309.0 m | 350.0 m | 386.0 m | esef· 04 Mar 2026verified |
| Investing cash flow | -37.0 m | -46.0 m | -109.0 m | esef· 04 Mar 2026verified |
| Financing cash flow | -245.0 m | -218.0 m | -333.0 m | esef· 04 Mar 2026verified |
| Dividends paid | 66.0 m | 76.0 m | 89.0 m | esef· 04 Mar 2026verified |
| Share repurchases | 0 | 51.0 m | 136.0 m | esef· 04 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: 52 / 100
A scoring methodology on indicators and valuation, not investment advice.
Closing price
04 Nov 2026Source: olivLaw, closing series
Market cap: 4.2 bn EUR
Key indicators
Coverage and freshness
Score by group
- Balance sheet34
- Valuation44
- Returns76
- Quality74
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: 13.56 – 58.92 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/EBITDA31.25 – 58.92 (Mid 41.10)5 companies used · median multiple 9.4x · quartiles 7.3x – 13.1xBAMNB.AS, BNJ.AS, BRNL.AS, CMCOM.AS, HAVAS.AS
- Peers: P/E23.46 – 49.47 (Mid 31.96)15 companies used · median multiple 13.7x · quartiles 10.1x – 21.2xAALB.AS, ACOMO.AS, AD.AS, ADYEN.AS, AKZA.AS, ASM.AS, AXS.AS, BAMNB.AS, BNJ.AS, CRBN.AS, CTAC.AS, ECMPA.AS, FFARM.AS, HAL.AS, HAVAS.AS
- Dividend discount (DDM)13.56 – 18.49 (Mid 15.65)
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
Neutral profile · Score 52/100
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | 15.9% | 81 (vs peers) | 16% |
| Net margin · Quality | 4.3% | 64 (vs peers) | 10% |
| FCF conversion · Quality | unavailable | unavailable | — |
| Revenue CAGR 3Y · Growth | unavailable | unavailable | — |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | 0.7x | 40 (vs peers) | 16% |
| Interest coverage · Balance sheet | 3.7x | 34 (on a fixed band) | 10% |
| Current ratio · Balance sheet | 1.0x | 19 (on a fixed band) | 6% |
| P/E (TTM) · Valuation | 20.3x | 48 (vs peers) | 16% |
| EV/EBITDA · Valuation | 10.6x | 40 (vs peers) | 16% |
| FCF yield · Valuation | unavailable | unavailable | — |
| Shareholder yield (distributions) · Returns | 5.3% | 76 (on a fixed band) | 10% |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet34/100 · 3/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality74/100 · 2/3 factors with a value
- Returns· partial76/100 · 1/2 factors with a value
- Valuation44/100 · 2/3 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
ARCADIS N.V. (ARCAD.AS). Latest full fiscal year: 2025; data up to 2025-12-31.
Figures computed from the financial statements: revenue 4.9 bn EUR in 2025; YoY growth -2.4%; net margin 4.3%; ROE 18.3%; net debt/EBITDA 0.7x.
The estimated value range is 23.46–49.47 EUR per share (median of 3 methods, agreement: low); assumptions are illustrative. Against the central value of 31.96 EUR, the price of 47.20 EUR leaves a potential of -32.3% (value / price − 1) and a margin of safety of -47.7% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
olivLaw score 52/100, methodological classification: neutral profile (score, margin of safety and method agreement together; not a judgement of the right price). Groups assessed only in part: growth, returns. Not investment advice.
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- ROIC: 15.9%
- Shareholder yield (distributions): 5.3%
What contradicts it
- Current ratio: 1.0x
- The valuation methods diverge
Not assessed (insufficient data or a ratio without meaning): FCF conversion, Revenue CAGR 3Y, EPS CAGR 3Y, FCF yield, Payout ratio (FCF).
Versus the vertical median
Listed companies from Netherlands · 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 | |
|---|---|---|---|---|---|---|
| ASML.ASASML Holding N.V. | 519.6 bn | 50.9 | 44.2% | 31.3% | +15.6% | +48% / +115% |
| ASM.ASASM International N.V. | 33.5 bn | 46.5 | 18.7% | 22.8% | +8.2% | +44% / +45% |
| DSFIR.ASDSM-Firmenich AG | 32.0 bn | 114.3 | 1.2% | 2.2% | +20.4% | +52% / +24% |
| AD.ASKoninklijke Ahold Delhaize N.V. | 30.9 bn | 13.7 | 15.3% | 2.5% | +3.4% | −4% / +29% |
| ADYEN.ASAdyen N.V. | 26.9 bn | 25.4 | 22.3% | 40.1% | +18.9% | −36% / −20% |
| HAL.ASHAL Trust | 15.6 bn | 9.8 | 10.5% | 12.8% | +1.2% | +23% / +49% |
| EXO.ASExor N.V. | 15.3 bn | — | -10.6% | — | −100.0% | +3% / −17% |
| BESI.ASBE Semiconductor Industries N.V. | 12.1 bn | 91.6 | 28.7% | 22.3% | −2.7% | +17% / +18% |
| AKZA.ASAkzo Nobel N.V. | 10.8 bn | 17.1 | 13.8% | 6.3% | −5.2% | +12% / −11% |
| AALB.ASAalberts N.V. | 4.6 bn | 25.8 | 7.2% | 5.7% | −5.3% | +51% / +15% |
| ARCAD.ASArcadis N.V. | 4.2 bn | 20.3 | 18.3% | 4.3% | −2.4% | +24% / +2% |
| BNJ.ASBanijay Group N.V. | 3.4 bn | 13.8 | 343.8% | 5.1% | +1.6% | −11% / −8% |
| BAMNB.ASKoninklijke BAM Groep N.V. | 3.4 bn | 42.5 | 9.1% | 1.3% | +2.9% | +49% / +408% |
| BFIT.ASBasic-Fit N.V. | 2.0 bn | 138.2 | 3.6% | 1.0% | +16.9% | +7% / +16% |
| HAVAS.ASHavas N.V. | 1.8 bn | 9.7 | 10.2% | 6.5% | +1.7% | +27% / unavailable |
| CRBN.ASCorbion N.V. | 1.6 bn | 8.3 | 27.3% | 14.9% | +1.9% | +40% / +56% |
| ECMPA.ASEurocommercial Properties N.V. | 1.4 bn | 11.2 | 5.9% | 45.4% | +4.2% | −4% / +19% |
| FUR.ASFugro N.V. | 973.4 m | — | -1.5% | -1.1% | −18.8% | −1% / −49% |
| ACOMO.ASAcomo N.V. | 687.4 m | 15.2 | 10.7% | 3.3% | +7.6% | −3% / +37% |
| FAST.ASFastned B.V. | 667.9 m | — | -28.2% | -21.7% | +66.1% | +61% / +25% |
| FFARM.ASForFarmers N.V. | 515.9 m | 10.3 | 14.5% | 1.6% | +14.8% | +31% / +140% |
| BRNL.ASBrunel International N.V. | 386.2 m | 126.5 | 1.0% | 0.3% | −10.8% | −5% / −29% |
| ALFEN.ASAlfen N.V. | 229.8 m | — | -0.1% | -0.0% | −10.7% | +0% / −77% |
| ENVI.ASEnvipco Holding N.V. | 227.9 m | — | -12.7% | -11.9% | −20.8% | −24% / +49% |
| CMCOM.ASCM.com N.V. | 188.7 m | — | -22.2% | -1.5% | −5.4% | +21% / −31% |
1- and 3-year price returns: for ARCAD.AS 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 | 25.96 Total return -43% · Per year -43% | 46.07 Total return -0% · Per year -0% | 69.61 Total return 50% · Per year 50% |
| 3 years | 21.82 Total return -49% · Per year -20% | 43.88 Total return -1% · Per year -0% | 73.28 Total return 63% · Per year 18% |
| 5 years | 18.34 Total return -55% · Per year -15% | 41.80 Total return -2% · Per year -0% | 77.13 Total return 77% · Per year 12% |
- Exit P/E± 10.97
- Net margin± 7.68
- Annual revenue growth± 6.75
- Annual dilution± 0.65
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
ARCADIS N.V. is a global consultancy and engineering company working on projects in the built environment, mobility, climate resilience and infrastructure. It organises its work into four global business areas and has committed to net zero across its global operations by 2035, which makes it relevant for clients seeking climate adaptation solutions.
SWOT
Strengths
- The company has a well-defined position in climate adaptation and resilience consulting, with four global business areas and an integrated service portfolio.
- ESG ratings are generally strong, and the company has been noted as a leader or among the top of its industry by several rating providers.
- The governance structure includes an employee foundation that influences strategy and policies, which may support continuity.
Weaknesses
- The EcoVadis score declined slightly in 2025, and the decline was attributed to procurement, showing that the supply chain needs improvement.
- Operational waste data was recalculated, and the methodology for offices without measured data remains an estimate, which limits comparability.
- The company corrected business travel emissions for 2024, indicating difficulties in the quality of internal reporting systems.
Opportunities
- Demand for climate adaptation and water management solutions could rise, which would support the expansion of the company's services.
- Energy projects and data centres with high energy use could open new opportunities for energy-efficient solutions.
- If clients increasingly adopt the circular economy and responsible asset management, the company's services could be extended.
Threats
- Changes in CSRD regulation and ESRS standards may create uncertainty about reporting requirements and compliance costs.
- Competition from global engineering and consultancy firms may pressure margins and project selection processes.
- Climate risks may directly affect clients' infrastructure projects, which could delay or alter deliveries.
Risks
- CSRD reporting and compliancemedium
CSRD and ESRS requirements are evolving, and national transposition is not yet complete. If interpretations change, the company could need costly adjustments.
- Quality of sustainability datamedium
Corrections to travel emissions and waste data show that data collection systems can generate errors. These could affect confidence in reporting.
- Supply chainmedium
The decline of the EcoVadis score in procurement indicates that supplier management needs attention. Supply chain problems could affect reputation and costs.
- Climate risks in projectshigh
The company acknowledges climate adaptation risks in its projects. Extreme events could delay works or increase costs for clients and for the company.
- Dependence on talentlow
The company's services depend on employee skills. If the labour market becomes more competitive, retention and recruitment could become more expensive.
Investment thesis
What would need to be true (bull case)
- Positioning in climate adaptation and resilience could support service growth in a context of sustainable infrastructure investment.
- Strong ESG ratings and a governance structure with employee participation may help maintain the trust of clients and investors.
- The commitment to net zero by 2035 could reduce regulatory risks and open opportunities in low-emission projects.
What would break the thesis
- Competition from large global firms could pressure margins, especially if clients choose providers with broader portfolios.
- Data corrections and methodology changes show that sustainability reporting is still developing, which could create uncertainty.
- If public infrastructure investment slows, demand for the company's services could decline in certain markets.
What to watch
- Evolution of the EcoVadis score and supply chain management2026
- Progress towards the net zero target for global operations2026
- CSRD transposition into Dutch law and its impact on reportingnext 10-K
- Development of the number of global business areas and the service portfolio2027
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
Arcadis delivers services through four Global Business Areas: Places, Mobility, Resilience and Intelligence. These areas reflect how the business is managed and the main markets and services it offers. The 2024-2026 strategy, titled 'Accelerating a Planet Positive Future', places sustainability at the core of long-term value creation.
The company focuses on projects that accelerate a planet-positive future and add the most value, according to its business selection criteria. Arcadis supports clients in climate adaptation, water optimisation, smart buildings, sustainable operations and transport hubs.
The governance structure includes an employee foundation that holds a significant share of the company, meaning the workforce has a direct influence on strategic decisions. The company reports under the European ESRS standards and applies an annual double materiality assessment.
Segments
Places
The Places area works on buildings, architecture, urbanism and urban development, including smart and sustainable buildings. It targets clients who want more energy-efficient urban spaces.
Resilience
The Resilience area covers climate adaptation, water management and resilient infrastructure. The company describes it as well positioned to support clients facing current and future climate risks.
Mobility
The Mobility area covers transport, mobility hubs and new transport solutions. It links infrastructure projects to decarbonisation goals as part of the service portfolio.
Market context
The market for engineering and consultancy services for infrastructure and the built environment is shaped by client demand for decarbonisation, climate adaptation and energy efficiency. Arcadis describes its role as a key provider of adaptation and resilience services, which may support its market position.
The company notes rising demand for integrated solutions that combine several sustainability themes. This trend could support its portfolio if clients continue to prioritise projects with climate and social impact.
Trends
- Climate adaptationtailwind
Rising climate risks make infrastructure adaptation a priority for clients. This demand could support the company's resilience services.
- Project decarbonisationtailwind
Clients increasingly seek solutions with low lifecycle emissions, opening opportunities in sustainable design and construction consulting.
- Regulatory pressuremixed
CSRD and ESRS reporting raise transparency requirements. The company notes that CSRD transposition into Dutch law is not yet complete, which may create differences in interpretation.
- Operating costs and talentheadwind
Employee skills development and workforce management are essential to service quality. If the talent market becomes more competitive, costs and delivery capacity could be affected.
Competitive position
Arcadis operates in a sector where competition comes from global engineering, consultancy and architecture firms. The company differentiates through integrated sustainability services, strong ESG ratings and a governance structure that includes employees.
The ESG ratings obtained by the company, such as those from Sustainalytics and MSCI, may help it stand out in client selection processes. However, competitors may show similar profiles in certain markets and segments.
- Jacobs SolutionsJ
US engineering and consultancy company competing on infrastructure and environmental projects.
- WSP Global
Canadian consultancy and engineering firm active in infrastructure and sustainability.
- AECOMACM
US infrastructure and consultancy company with a comparable urban and environmental portfolio.
- Stantec
Canadian design and engineering firm focused on resilient communities and sustainable projects.
News & filings
In the press
No news in our archive over the last 180 days.
Annual reports (ESEF)
- Annual report 202504 Mar 2026
- Annual report 202504 Mar 2026
- Annual report 202404 Mar 2025
- Annual report 202404 Mar 2025
Sources
- [1] Annual report, fiscal year ended 2025-12-31 (ESEF) · SEC / ARCADIS N.V. · 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.