olivLaw · European equity research
NX Filtration N.V. NXFIL.AS
Netherlands · Euronext Amsterdam · ISIN NL0015000D50 · Vertical: Listed companies from Netherlands
NX Filtration develops hollow fiber HFNF nanofiltration membranes for water treatment, sold mainly as modules to original equipment manufacturers and municipal clients. The company started its new large-scale factory in 2024 and targets revenue growth of 50% to 70% in 2025, making the coming year a key test of scaling the business.
At the close of 05 Nov 2026, NX Filtration N.V. (NXFIL.AS) stock was 3.01 EUR (+0.00% on the day), with market capitalisation 169.5 m EUR, beta 0.37, 52-week range 1.92–4.07 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)
- 37.0
- weak (30–45)
- Bollinger (20, 2)
- 3.02 – 3.38
- below the lower band · %B -0.03 · band width 11.2%
- SMA 50 / 200
- 3.21 / 2.92
- mixed trend
- MACD (12, 26, 9)
- -0.05 / -0.02
- 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 | −9.1% | −0.6% | −8.4 pp | — |
| 3 months | −8.8% | −4.2% | −4.6 pp | — |
| 6 months | +10.7% | +4.3% | +6.3 pp | — |
| Year to date | +7.7% | +7.5% | +0.2 pp | — |
| 1 year | +9.5% | +9.9% | −0.5 pp | −0.2% |
| 3 years | −53.8% | +49.8% | −103.6 pp | +2.2% |
| 5 years | −73.8% | +42.8% | −116.7 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.
Fiscal years
| Fiscal year | 2022 | 2023 | 2024 |
|---|---|---|---|
| Revenue | 7.5 m | 7.2 m | 10.1 m |
| Revenue YoY | unavailable | −4.1% | +39.3% |
| Net income | -8.6 m | -23.3 m | -23.1 m |
| Net income YoY | unavailable | unavailable | unavailable |
| Diluted EPS | -0.17 | -0.47 | -0.41 |
| Diluted EPS YoY | unavailable | unavailable | unavailable |
| net % | -114.5% | -321.8% | -228.9% |
| Free cash flow | -27.4 m | -54.7 m | -45.3 m |
Balance sheet & financial health
Fiscal year 2024 · 31 Dec 2024
- Cash
- 53.4 m EUR
- Financial debt
- 25.0 m EUR
- Net debt
- -28.4 m EUR
- Equity
- 121.7 m EUR
- Total assets
- 156.3 m EUR
- Debt / equity
- 0.21x
- Current ratio
- 8.30x
- ROE
- -19.1%
- ROA
- -15.8%
- FCF margin
- -448.9%
Financial statements (source on every figure)
Revenue and net income (EUR)
Margins
Income statement · EUR
| Line | 2022 | 2023 | 2024 | Source (latest year) |
|---|---|---|---|---|
| Revenue | 7.5 m | 7.2 m | 10.1 m | esef· 15 Apr 2025verified |
| Research & development | 843.0 k | 596.0 k | 786.0 k | esef· 15 Apr 2025verified |
| Operating income | -11.6 m | -16.3 m | -23.8 m | esef· 15 Apr 2025verified |
| Pre-tax income | -11.9 m | -14.3 m | -23.1 m | esef· 15 Apr 2025verified |
| Income tax | -3.3 m | 8.9 m | 20.0 k | esef· 15 Apr 2025verified |
| Net income | -8.6 m | -23.3 m | -23.1 m | esef· 15 Apr 2025verified |
| Diluted EPS | -0.17 | -0.47 | -0.41 | esef· 15 Apr 2025verified |
Balance sheet · EUR
| Line | 2022 | 2023 | 2024 | Source (latest year) |
|---|---|---|---|---|
| Cash | 104.3 m | 49.9 m | 53.4 m | esef· 15 Apr 2025verified |
| Receivables | 7.2 m | 9.1 m | 5.5 m | esef· 15 Apr 2025verified |
| Inventories | 6.3 m | 15.1 m | 18.1 m | esef· 15 Apr 2025verified |
| Current assets | 117.7 m | 74.0 m | 77.0 m | esef· 15 Apr 2025verified |
| Property, plant & equipment, net | 18.5 m | 57.9 m | 75.1 m | esef· 15 Apr 2025verified |
| Intangibles (excl. goodwill) | 2.4 m | 2.6 m | 3.7 m | esef· 15 Apr 2025verified |
| Total assets | 149.3 m | 136.0 m | 156.3 m | esef· 15 Apr 2025verified |
| Accounts payable | 5.0 m | 15.1 m | 9.1 m | esef· 15 Apr 2025verified |
| Long-term debt | — | 0 | 25.0 m | esef· 15 Apr 2025verified |
| Current liabilities | 5.5 m | 15.6 m | 9.3 m | esef· 15 Apr 2025verified |
| Total liabilities | 6.8 m | 16.6 m | 34.6 m | esef· 15 Apr 2025verified |
| Equity | 142.5 m | 119.5 m | 121.7 m | esef· 15 Apr 2025verified |
| Shares outstanding at year end | 50.8 m | 49.6 m | 56.3 m | esef· 15 Apr 2025derived |
Cash flow · EUR
| Line | 2022 | 2023 | 2024 | Source (latest year) |
|---|---|---|---|---|
| Operating cash flow | -15.7 m | -11.7 m | -21.2 m | esef· 15 Apr 2025verified |
| Capex | 11.7 m | 43.0 m | 24.1 m | esef· 15 Apr 2025verified |
| Free cash flow | -27.4 m ≈ | -54.7 m ≈ | -45.3 m ≈ | esef· 15 Apr 2025derived |
| Investing cash flow | -12.7 m | -43.9 m | -25.9 m | esef· 15 Apr 2025verified |
| Financing cash flow | -787.0 k | 1.3 m | 50.5 m | esef· 15 Apr 2025verified |
≈ 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: 4 of at least 6
- score weight coverage: 29.2% 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: 169.5 m EUR
Key indicators
Coverage and freshness
The data is older than the freshness threshold.
Score by group
29% · 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: 4 of at least 6; score weight coverage: 29.2% of at least 60%; valuation methods computed: 0 of at least 1
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | -24.5% | 4 (vs peers) | 36% |
| Net margin · Quality | -228.9% | 3 (vs peers) | 21% |
| 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 | 8.3x | 100 (on a fixed band) | 14% |
| P/E (TTM) · Valuation | unavailable | unavailable | — |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | -26.7% | 0 (on a fixed band) | 29% |
| 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 sheet· partial100/100 · 1/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality3/100 · 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
NX Filtration N.V. (NXFIL.AS). Latest full fiscal year: 2024; data up to 2024-12-31.
Figures computed from the financial statements: revenue 10.1 m EUR in 2024; YoY growth 39.3%; net margin -228.9%; ROE -19.1%.
Valuation cannot be computed from the available data.
Insufficient data for a verdict (indicators available: 4 of at least 6; score weight coverage: 29.2% 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: 8.3x
What contradicts it
- ROIC: -24.5%
- Net margin: -228.9%
- FCF yield: -26.7%
Not assessed (insufficient data or a ratio without meaning): FCF conversion, Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, Interest coverage, 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. | 485.6 bn | 47.6 | 44.2% | 31.3% | +15.6% | +38% / +101% |
| DSFIR.ASDSM-Firmenich AG | 33.7 bn | 120.5 | 1.2% | 2.2% | +20.4% | +60% / +30% |
| AD.ASKoninklijke Ahold Delhaize N.V. | 31.2 bn | 13.9 | 15.3% | 2.5% | +3.4% | −3% / +30% |
| ASM.ASASM International N.V. | 31.2 bn | 43.3 | 18.7% | 22.8% | +8.2% | +34% / +35% |
| ADYEN.ASAdyen N.V. | 28.1 bn | 26.6 | 22.3% | 40.1% | +18.9% | −33% / −17% |
| HAL.ASHAL Trust | 15.5 bn | 9.7 | 10.5% | 12.8% | +1.2% | +22% / +47% |
| EXO.ASExor N.V. | 15.0 bn | — | -10.6% | — | −100.0% | +1% / −18% |
| BESI.ASBE Semiconductor Industries N.V. | 11.2 bn | 84.9 | 28.7% | 22.3% | −2.7% | +8% / +10% |
| AKZA.ASAkzo Nobel N.V. | 10.7 bn | 17.0 | 13.8% | 6.3% | −5.2% | +12% / −11% |
| AALB.ASAalberts N.V. | 4.5 bn | 25.4 | 7.2% | 5.7% | −5.3% | +48% / +13% |
| ARCAD.ASArcadis N.V. | 4.2 bn | 20.2 | 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. | 3.3 bn | 41.8 | 9.1% | 1.3% | +2.9% | +47% / +400% |
| BFIT.ASBasic-Fit N.V. | 2.0 bn | 138.2 | 3.6% | 1.0% | +16.9% | +7% / +16% |
| CRBN.ASCorbion N.V. | 1.6 bn | 8.3 | 27.3% | 14.9% | +1.9% | +40% / +55% |
| ECMPA.ASEurocommercial Properties N.V. | 1.4 bn | 11.2 | 5.9% | 45.4% | +4.2% | −4% / +19% |
| FUR.ASFugro N.V. | 985.3 m | — | -1.5% | -1.1% | −18.8% | −0% / −49% |
| ACOMO.ASAcomo N.V. | 685.9 m | 15.2 | 10.7% | 3.3% | +7.6% | −3% / +37% |
| FAST.ASFastned B.V. | 663.0 m | — | -28.2% | -21.7% | +66.1% | +60% / +25% |
| FFARM.ASForFarmers N.V. | 479.4 m | 9.6 | 14.5% | 1.6% | +14.8% | +22% / +123% |
| BRNL.ASBrunel International N.V. | 383.2 m | 125.5 | 1.0% | 0.3% | −10.8% | −6% / −29% |
| ENVI.ASEnvipco Holding N.V. | 224.1 m | — | -12.7% | -11.9% | −20.8% | −25% / +47% |
| ALFEN.ASAlfen N.V. | 219.8 m | — | -0.1% | -0.0% | −10.7% | −4% / −78% |
| CMCOM.ASCM.com N.V. | 192.5 m | — | -22.2% | -1.5% | −5.4% | +23% / −30% |
| NXFIL.ASNX Filtration N.V. | 169.5 m | — | -19.1% | -228.9% | +39.3% | +11% / −52% |
1- and 3-year price returns: for NXFIL.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
NX Filtration develops hollow fiber HFNF nanofiltration membranes for water treatment, sold mainly as modules to original equipment manufacturers and municipal clients. The company started its new large-scale factory in 2024 and targets revenue growth of 50% to 70% in 2025, making the coming year a key test of scaling the business 1.
SWOT
Strengths
- Patented HFNF technology that reduces energy use and removes chemical pretreatment gives clients a cost advantage 1.
- The new factory was started up according to schedule and within the planned capex budget, supporting capacity for larger volumes 1.
- The company has also gained sustainability recognition through its B Corp certification and internal ESG framework 1.
Weaknesses
- Revenue depends on a relatively small number of customers and OEM relationships, and losing them would have a significant impact 1.
- The company has not yet reached break-even operations, and the timing of that goal depends on the pace of growth 1.
- Many projects are still at pilot stage, and not all of them convert into full-scale installations 1.
Opportunities
- If OEMs integrate the technology widely into their systems, the company could accelerate adoption across several markets 1.
- Regulation, emerging contaminants and industrial sustainability demand could open new customer categories 1.
- Building its global sales and distribution network could allow faster roll-out of the product in new geographic markets 1.
Threats
- Large competitors with greater research budgets could launch similar products or improvements that reduce the company's market share 1.
- Changes in decarbonisation policy or incentives could reduce demand for the company's solutions 1.
- Competitive pressure could lead to price cuts from rivals with lower production costs 1.
Risks
- Dependence on OEMs and large customershigh
If relationships with original equipment manufacturers do not develop, the company could lose significant order volumes 1.
- Customer acceptance of the technologyhigh
If governments and companies are not convinced of HFNF effectiveness, the company could struggle to generate significant revenue 1.
- Municipal clientsmedium
Public procurement processes, budget decisions and government contracting requirements could delay projects 1.
- Need for additional financingmedium
The company may need more financing, which might not be available on favourable terms or at all 1.
- Pilot system performancemedium
If products do not perform as expected, the company could be required to repair or improve them, affecting margins 1.
Investment thesis
What would need to be true (bull case)
- If the HFNF technology confirms its cost and energy advantages in full-scale projects, the company could benefit from structural demand for clean water 1.
- The new factory, started in 2024, could support volume growth if OEM demand materialises 1.
- The 2025 revenue growth target could show whether pilot projects turn into repeat orders 1.
What would break the thesis
- If HFNF adoption remains slow compared with conventional technologies, the company could find it hard to reach break-even operations 1.
- Dependence on a small number of customers and OEMs could make revenue volatile and hard to forecast 1.
- If large competitors invest in similar technologies, the company's pricing position could come under pressure 1.
What to watch
- Delivery of the 2025 total revenue growth target2025
- Conversion of pilot projects into full-scale installations and repeat orders2025
- Timing of break-even operations and details presented at the Capital Markets Day2025
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
NX Filtration N.V. is a Netherlands-based company that sells HFNF membranes (inside-out hollow fiber nanofiltration), based on patented technology and production methods. Products are sold as modules, usually through OEM partners who integrate the technology into their systems, and end customers include governments, municipalities and industrial companies. The commercial model starts with pilot systems that customers test before deciding on a demo or full-scale installation 1. In 2024 the company started up a new large-scale module factory with expanded capacity 1.
The company describes its technology as removing micropollutants, colour and selected salts in one step, without chemical pretreatment and with lower energy use 1. It says this allows competitive operating costs for clients, and its pricing is based on total cost of ownership comparisons with conventional technologies 1.
On sustainability, the company became a certified B Corp in 2024 and states that its products enable emission savings over module lifetimes by avoiding chemicals and energy used in conventional water treatment 1.
Segments
HFNF and UF membrane modules
The main segment is sales of membrane modules, especially HFNF and to a lesser extent UF. The company sold roughly 3,800 modules in these categories in 2024, and revenue depends on converting pilot projects into full-scale installations 1.
Pilot systems and demo projects
Pilot systems are the entry stage into customer relationships and a pipeline for follow-on orders. Management says the pilot fleet has provided insight into the most favourable product-market combinations, which it uses to channel OEMs toward full-scale projects 1.
Technical services and support
The company offers on-site commissioning, technical support and training by its engineers, which forms part of the model for converting pilots into projects 1.
Market context
The market is driven by structural water scarcity and water quality problems, including the fact that much wastewater returns to nature untreated, and management notes that about two-thirds of the world population may face water shortages by the end of 2025 1. The company observes that conventional technologies such as reverse osmosis, UF and traditional nanofiltration are large and well established, which may slow adoption of HFNF 1.
Demand also depends on sustainability trends, regulation and corporate water footprint reduction in sectors such as agriculture, food and beverage, textiles, power, mining and semiconductors; the company states these trends could change due to factors outside its control 1.
Trends
- Regulation and climate pressuretailwind
Governments and local authorities are adopting stricter environmental standards and customers are asking for products that contribute to decarbonisation, which supports demand for HFNF solutions 1.
- Water scarcity and pollutiontailwind
Lack of access to drinkable water and rising requirements to remove micropollutants and nanoplastics increase interest in advanced filtration 1.
- Changes in incentive policiesheadwind
If economic incentives for decarbonisation are modified or removed, demand for the company's products could fall significantly 1.
- Market inertia toward new technologiesmixed
Customers and authorities tend to stay with well-established conventional technologies, which may make HFNF adoption slower than expected 1.
Competitive position
The company says the water treatment market is highly competitive, with large international competitors and smaller regional players that have global distribution networks and economies of scale. Competition comes from conventional technologies such as reverse osmosis, adsorption and oxidation, as well as from similar or alternative products 1.
The company competes on price, technology performance, delivery times, energy use and sustainability benefits, and aims to use its lower operating cost advantage. It warns that larger players investing in HFNF or UF research could affect its market position 1.
- Reverse osmosis suppliers
Well-established conventional technology offered by large global players; the source does not name individual companies.
- Adsorption and oxidation providers
Conventional treatment processes competing with the company, offered by organisations with global sales networks.
- Regional water treatment players
Smaller competitors in certain markets that may have better access to local governments and industrial relationships.
- New entrants with greater financial resources
Companies not yet competing that could enter the market and change the competitive environment.
News & filings
In the press
No news in our archive over the last 180 days.
Annual reports (ESEF)
- Annual report 202415 Apr 2025
- Annual report 202301 May 2024
Sources
- [1] Annual report, fiscal year ended 2024-12-31 (ESEF) · SEC / NX Filtration N.V. · 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.