olivLaw · European equity research
Envipco Holding N.V. ENVI.AS
Netherlands · Euronext Amsterdam · ISIN NL0015000GX8 · Vertical: Listed companies from Netherlands
Envipco Holding N.V. develops and operates deposit return scheme equipment, reverse vending machines, operating from the Netherlands across several European countries and the United States. In 2025 the company reported revenue of 90.3 million EUR, but the auditor flagged a going concern risk linked to a breached bank covenant, which makes the timing of DRS implementations central to the company's outlook.
At the close of 04 Nov 2026, Envipco Holding N.V. (ENVI.AS) stock was 3.83 EUR (+3.24% on the day), with market capitalisation 227.9 m EUR, beta 0.71, 52-week range 3.06–5.46 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)
- 61.9
- strong (55–70)
- Bollinger (20, 2)
- 2.97 – 3.99
- in the upper half of the band · %B 0.84 · band width 29.1%
- SMA 50 / 200
- 3.48 / 4.09
- mixed trend
- MACD (12, 26, 9)
- 0.02 / -0.03
- 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 | +4.5% | −1.5% | +6.0 pp | — |
| 3 months | −5.6% | −5.3% | −0.3 pp | — |
| 6 months | −16.1% | +4.7% | −20.8 pp | — |
| Year to date | −29.2% | +6.0% | −35.2 pp | — |
| 1 year | −23.5% | +8.2% | −31.7 pp | +2.6% |
| 3 years | +66.3% | +47.2% | +19.1 pp | −0.1% |
| 5 years | +56.8% | +41.8% | +15.0 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 | 2024 | 2025 |
|---|---|---|
| Revenue | 114.0 m | 90.3 m |
| Revenue YoY | unavailable | −20.8% |
| Net income | -3.0 m | -10.7 m |
| Net income YoY | unavailable | unavailable |
| Diluted EPS | -0.05 | -0.18 |
| Diluted EPS YoY | unavailable | unavailable |
| net % | -2.6% | -11.9% |
| Free cash flow | -11.3 m | -10.0 m |
Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 59.9 m EUR
- Financial debt
- 18.8 m EUR
- Net debt
- -41.1 m EUR
- Equity
- 103.5 m EUR
- Total assets
- 160.0 m EUR
- Debt / equity
- 0.18x
- Current ratio
- 2.48x
- ROE
- -12.7%
- ROA
- -7.3%
- FCF margin
- -11.1%
Financial statements (source on every figure)
Revenue and net income (EUR)
Margins
Income statement · EUR
| Line | 2024 | 2025 | Source (latest year) |
|---|---|---|---|
| Revenue | 114.0 m | 90.3 m | esef· 21 Jul 2026verified |
| Cost of revenue | 71.7 m | 60.2 m | esef· 21 Jul 2026verified |
| Gross profit | 42.3 m | 30.2 m | esef· 21 Jul 2026verified |
| Research & development | 2.5 m | 4.2 m | esef· 21 Jul 2026verified |
| Operating income | 3.7 m | -7.6 m | esef· 21 Jul 2026verified |
| Interest expense | 3.1 m | 2.6 m | esef· 21 Jul 2026verified |
| Pre-tax income | 715.0 k | -10.0 m | esef· 21 Jul 2026verified |
| Income tax | 3.7 m | 753.0 k | esef· 21 Jul 2026verified |
| Net income | -3.0 m | -10.7 m | esef· 21 Jul 2026verified |
| Diluted EPS | -0.05 | -0.18 | esef· 21 Jul 2026verified |
Balance sheet · EUR
| Line | 2024 | 2025 | Source (latest year) |
|---|---|---|---|
| Cash | 30.7 m | 59.9 m | esef· 21 Jul 2026verified |
| Receivables | 34.3 m | 29.6 m | esef· 21 Jul 2026verified |
| Current assets | 93.9 m | 118.8 m | esef· 21 Jul 2026verified |
| Total assets | 135.9 m | 160.0 m | esef· 21 Jul 2026verified |
| Short-term debt | 18.8 m | 17.1 m | esef· 21 Jul 2026verified |
| Long-term debt | 8.2 m | 1.7 m | esef· 21 Jul 2026verified |
| Current liabilities | 52.5 m | 47.9 m | esef· 21 Jul 2026verified |
| Total liabilities | 70.7 m | 56.5 m | esef· 21 Jul 2026verified |
| Equity | 65.2 m | 103.5 m | esef· 21 Jul 2026verified |
| Shares outstanding at year end | 59.3 m | 59.6 m | esef· 21 Oct 2026derived |
Cash flow · EUR
| Line | 2024 | 2025 | Source (latest year) |
|---|---|---|---|
| Operating cash flow | -4.1 m | -5.3 m | esef· 21 Jul 2026verified |
| Capex | 7.3 m | 4.7 m | esef· 21 Jul 2026verified |
| Free cash flow | -11.3 m ≈ | -10.0 m ≈ | esef· 21 Jul 2026derived |
| Investing cash flow | -10.3 m | -7.0 m | esef· 21 Jul 2026verified |
| Financing cash flow | 32.6 m | 42.3 m | esef· 21 Jul 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
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: 5 of at least 6
- score weight coverage: 35.4% of at least 60%
- valuation methods computed: 0 of at least 1
A scoring methodology on indicators and valuation, not investment advice.
Closing price
04 Nov 2026Source: olivLaw, closing series
Market cap: 227.9 m EUR
Key indicators
Coverage and freshness
Score by group
35% · 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 · the base of the ratio is not positive
- 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: 5 of at least 6; score weight coverage: 35.4% of at least 60%; valuation methods computed: 0 of at least 1
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | -10.3% | 12 (vs peers) | 29% |
| Net margin · Quality | -11.9% | 14 (vs peers) | 18% |
| 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 | -2.9x | 0 (on a fixed band) | 18% |
| Current ratio · Balance sheet | 2.5x | 100 (on a fixed band) | 12% |
| P/E (TTM) · Valuation | unavailable | unavailable | — |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | -4.4% | 0 (on a fixed band) | 24% |
| Shareholder yield (distributions) · Returns | unavailable | unavailable | — |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet40/100 · 2/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality12/100 · 2/3 factors with a value
- Returns· partialunavailable · 0/2 factors with a value
- Valuation· partial0/100 · 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
Envipco Holding N.V. (ENVI.AS). Latest full fiscal year: 2025; data up to 2025-12-31.
Figures computed from the financial statements: revenue 90.3 m EUR in 2025; YoY growth -20.8%; net margin -11.9%; ROE -12.7%.
Valuation cannot be computed from the available data.
Insufficient data for a verdict (indicators available: 5 of at least 6; score weight coverage: 35.4% 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: 2.5x
What contradicts it
- ROIC: -10.3%
- Net margin: -11.9%
- Interest coverage: -2.9x
- FCF yield: -4.4%
Not assessed (insufficient data or a ratio without meaning): FCF conversion, Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, P/E (TTM), EV/EBITDA, Shareholder yield (distributions), 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 ENVI.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 | 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
Envipco Holding N.V. develops and operates deposit return scheme equipment, reverse vending machines, operating from the Netherlands across several European countries and the United States. In 2025 the company reported revenue of 90.3 million EUR 1, but the auditor flagged a going concern risk linked to a breached bank covenant, which makes the timing of DRS implementations central to the company's outlook.
SWOT
Strengths
- International presence across a large number of countries and a product and service portfolio covering sales, service and leasing 1.
- Quality control, field defect analytics and warranty governance processes, described as tools for reducing risk on installed products 1.
- Strategy of diversifying the customer base across regions and segments, with contractual protections in major agreements 1.
Weaknesses
- A bank covenant breach at year-end 2025 raised a going concern risk, mitigated by obtaining a waiver, but uncertainty about compliance in 2026 remains 1.
- Revenue concentrated in a small number of large customers, exposing the company to counterparty and renegotiation risk 1.
- Fragmented and dated IT systems with manual processes that can increase the risk of accounting and reporting errors 1.
Opportunities
- DRS go-lives announced in several European countries could support revenue and covenant compliance if they turn into orders 1.
- Growing services and connected solutions could strengthen customer relationships and generate recurring revenue 1.
- Partnerships, pilot programs and co-innovation with strategic customers could open new avenues for joint development 1.
Threats
- Legislative delays or slower-than-expected implementations can postpone orders and extend working capital cycles 1.
- New entrants with competitive technology could put pressure on prices and margins 1.
- Corruption and improper payment risks, given dealings with public authorities and third-party agents across several jurisdictions 1.
Risks
- Bank covenant breach and going concernhigh
A DSCR covenant was breached at 31 December 2025; the waiver obtained reduces the immediate risk, but compliance in 2026 remains uncertain 1.
- DRS implementation delayshigh
Revenue depends on the timing of DRS go-lives, and delays can postpone revenue while fixed costs remain 1.
- Customer concentrationmedium
Part of revenue comes from a small number of large customers, increasing exposure to order volumes and renegotiation pressure 1.
- Corruption and compliance riskhigh
Operating in jurisdictions with elevated corruption risk and contracts with government entities could lead to sanctions and exclusion from tenders, and the report notes the absence of a formalized policy in this area 1.
- Cybersecurity and IT systemsmedium
Attacks on the ERP system or connected machines could cause service interruptions, data loss and regulatory exposure 1.
Investment thesis
What would need to be true (bull case)
- If DRS go-lives in Poland, Portugal and the United Kingdom turn into orders, the company could recover deferred revenue and return to covenant compliance 1.
- Presence in several countries and a portfolio of services and leasing could offer a steadier revenue base than one-off equipment sales 1.
- If quality and warranty control processes keep reducing defects, unforeseen costs could decline over time 1.
What would break the thesis
- If legislative delays persist, revenue could remain deferred while fixed costs erode margins and the ability to meet covenants 1.
- Concentration on a small number of large customers could expose the company to renegotiations or volume cuts that hit revenue 1.
- If new competitors cut prices in tenders, margins could fall faster than volumes grow 1.
What to watch
- Compliance with the DSCR covenant and any further bank waivers2026
- Actual go-live timing of DRS schemes in Poland, Portugal and the United Kingdom2026
- Progress in formalizing the anti-corruption policy and corruption risk assessmentnext annual report
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
Envipco Holding N.V. is a Dutch listed company with several group entities, including Environmental Products Corporation in the United States, Envipco Automaten GmbH, Envipco Hellas SA, Envipco Solutions SRL and other European subsidiaries 1. The company operates in 14 countries 1 and focuses on deposit return systems, where revenue depends on when new schemes go live and on customer ordering patterns. Revenue for 2025 was 90.3 million EUR, combining sales of goods, services and leasing 1. The annual report shows that this model concentrates deliveries and installations in specific periods, so revenue can slip into later years.
Segments
Reverse vending machine sales
Sales of reverse vending machines are part of group revenue, and the report notes that deliveries follow customer and legislative timelines. If installations move into a later year, revenue is deferred while fixed costs remain 1.
Services and leasing
Service and leasing revenue forms part of the reported 90.3 million EUR 1. This segment may provide more predictable revenue than one-off equipment sales, although the report does not break out each category's contribution separately.
Market context
The reference market is deposit return systems, which are gradually expanding in Europe and other regions as governments adopt new legislation. The annual report indicates that several countries, including Poland, Portugal and the United Kingdom, are targeted for go-lives, and that winning orders there is central to covenant compliance 1. The auditor applied a materiality threshold of 1.3 million EUR 1, indicating the relative scale of the identified risks.
The market backdrop depends on legislative timing: delays in adopting DRS schemes can postpone customer orders and extend working capital cycles 1. Competition is rising, and new entrants or new technologies could press on prices and margins, as management acknowledges in its risk analysis.
Trends
- DRS implementation delaysmixed
The timing of DRS go-lives directly affected 2025 revenue, and postponed implementations pushed revenue into later periods 1. If rollouts accelerate in the targeted countries, revenue could recover more quickly.
- New competitors and technological innovationheadwind
The DRS market is attracting new entrants and technological innovation, which could increase pricing pressure and slow market share gains 1.
- Scheme go-lives in Poland, Portugal and the United Kingdomtailwind
Management expects go-lives in these countries to support bank covenant compliance and future revenue, but the outcome depends on winning orders 1. If these launches happen on schedule, they could support revenue.
- Macroeconomic pressure and deglobalizationheadwind
Inflation, interest rate volatility, supply-chain disruptions and geopolitical tensions could raise costs and affect demand, according to the company's risk analysis 1.
Competitive position
The competitive field includes reverse vending machine makers and DRS solution providers that bid in public tenders, where price, performance and total cost of ownership matter. The annual report notes that new entrants could reduce margins and slow market share growth, and the company responds with pricing discipline and technological differentiation 1.
The company aims to stay competitive through technology advantages and total cost of ownership, as well as by expanding its service portfolio, which could strengthen long-term customer relationships 1. How effective this strategy is will need to be seen in future tenders.
- European DRS system and reverse vending machine providers
Active competitors in DRS tenders, referred to generically in the company's risk analysis without naming them in the source.
- New entrants into the DRS market
Newer companies entering the market with technology that could reduce existing margins, according to the report.
- Collection and recycling service operators
Players that can compete within the return chain, relevant to the company's service contracts.
- Retail technology integrators
Providers of digital and connectivity solutions that can add pressure on security and product requirements.
News & filings
In the press
Annual reports (ESEF)
- Annual report 202521 Jul 2026
- Annual report 202521 Oct 2026
Sources
- [1] Annual report, fiscal year ended 2025-12-31 (ESEF) · SEC / Envipco Holding 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.