olivLaw · European equity research
PALFINGER AG PAL.VI
Austria · Wiener Börse · ISIN AT0000758305 · Vertical: Listed companies from Austria
PALFINGER AG designs cranes, loading equipment and hydraulic systems for trucks, offshore and marine use, with a large share of sales and service. In fiscal 2025 it generated revenue of 2,339.3 mn EUR, nearly flat, while profitability fell under pressure from structural costs and US tariffs. The company reduced net debt and increased free cash flow, giving a mixed picture for the current period.
At the close of 05 Nov 2026, PALFINGER AG (PAL.VI) stock was 27.70 EUR (+1.28% on the day), with beta 0.99, 52-week range 26.20–40.40 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)
- 50.2
- neutral
- Bollinger (20, 2)
- 26.00 – 28.07
- in the upper half of the band · %B 0.82 · band width 7.7%
- SMA 50 / 200
- 28.87 / 33.07
- downtrend (price < SMA50 < SMA200)
- MACD (12, 26, 9)
- -0.26 / -0.47
- 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 | +0.4% | −0.6% | +1.0 pp | — |
| 3 months | −8.3% | −4.2% | −4.1 pp | — |
| 6 months | −22.7% | +4.3% | −27.1 pp | — |
| Year to date | −16.9% | +7.5% | −24.5 pp | — |
| 1 year | −11.1% | +9.9% | −21.0 pp | +5.6% |
| 3 years | +23.4% | +49.8% | −26.5 pp | +3.6% |
| 5 years | −28.7% | +42.8% | −71.5 pp | — |
Price returns, dividends excluded.
Quarterly results
ESEF annual reports carry no quarters: the results are annual (below).
E/P over time
EPS unavailable in the issuer's structured filings (e.g. a partnership reports per unit, not per share).
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 | 2025 |
|---|---|---|---|
| Revenue | 2.4 bn | 2.4 bn | 2.3 bn |
| Revenue YoY | unavailable | −3.5% | −0.9% |
| Net income | 107.7 m | 100.0 m | 96.7 m |
| Net income YoY | unavailable | −7.1% | −3.3% |
| Diluted EPS | unavailable | unavailable | unavailable |
| Diluted EPS YoY | unavailable | unavailable | unavailable |
| net % | 4.4% | 4.2% | 4.1% |
| Free cash flow | unavailable | unavailable | unavailable |
Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 157.5 m EUR
- Financial debt
- unavailable EUR
- Net debt
- unavailable EUR
- Equity
- 919.2 m EUR
- Total assets
- 2.1 bn EUR
- Debt / equity
- unavailable
- Current ratio
- 1.68x
- ROE
- 11.6%
- ROA
- 4.5%
- 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 | 2.4 bn | 2.4 bn | 2.3 bn | esef· 10 Mar 2026verified |
| Cost of revenue | 1.8 bn | 1.8 bn | 1.7 bn | esef· 10 Mar 2026verified |
| Gross profit | 627.4 m | 600.2 m | 613.8 m | esef· 10 Mar 2026verified |
| Research & development | 70.1 m | 66.9 m | 68.8 m | esef· 10 Mar 2026verified |
| Operating income | 210.2 m | 185.6 m | 174.3 m | esef· 10 Mar 2026verified |
| Pre-tax income | 173.4 m | 142.0 m | 138.4 m | esef· 10 Mar 2026verified |
| Income tax | 47.4 m | 31.2 m | 32.7 m | esef· 10 Mar 2026verified |
| Net income | 107.7 m | 100.0 m | 96.7 m | esef· 10 Mar 2026verified |
Balance sheet · EUR
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Cash | 76.5 m | 131.8 m | 157.5 m | esef· 10 Mar 2026verified |
| Inventories | 619.9 m | 622.0 m | 553.2 m | esef· 10 Mar 2026verified |
| Current assets | 1.1 bn | 1.1 bn | 1.1 bn | esef· 10 Mar 2026verified |
| Property, plant & equipment, net | 595.3 m | 649.1 m | 661.1 m | esef· 10 Mar 2026verified |
| Total assets | 2.1 bn | 2.1 bn | 2.1 bn | esef· 10 Mar 2026verified |
| Accounts payable | 405.9 m | 387.9 m | 403.8 m | esef· 10 Mar 2026verified |
| Current liabilities | 684.3 m | 628.5 m | 649.7 m | esef· 10 Mar 2026verified |
| Equity | 715.5 m | 753.1 m | 919.2 m | esef· 10 Mar 2026verified |
Cash flow · EUR
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Operating cash flow | 186.7 m | 228.0 m | 255.5 m | esef· 10 Mar 2026verified |
| Investing cash flow | -165.7 m | -141.2 m | -99.5 m | esef· 10 Mar 2026verified |
| Financing cash flow | 2.6 m | -27.7 m | -132.3 m | esef· 10 Mar 2026verified |
| Dividends paid | 26.8 m | 36.5 m | 31.3 m | 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
- indicators available: 2 of at least 6
- score weight coverage: 10.4% of at least 60%
- valuation methods computed: 0 of at least 1
A scoring methodology on indicators and valuation, not investment advice.
Closing price
05 Nov 2026Source: olivLaw, closing series
Market cap: unavailable
Key indicators
Coverage and freshness
Score by group
10% · 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 · net debt missing: EV cannot be bridged to equity (missing debt is not zero)
- Peers: P/Eunavailable · input data missing
- Dividend discount (DDM)unavailable · input data missing
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: 2 of at least 6; score weight coverage: 10.4% of at least 60%; valuation methods computed: 0 of at least 1
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | unavailable | unavailable | — |
| Net margin · Quality | 4.1% | 56 (vs peers) | 60% |
| 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 | 1.7x | 73 (on a fixed band) | 40% |
| P/E (TTM) · Valuation | unavailable | unavailable | — |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | unavailable | unavailable | — |
| 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· partial73/100 · 1/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality· partial56/100 · 1/3 factors with a value
- Returns· partialunavailable · 0/2 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
PALFINGER AG (PAL.VI). Latest full fiscal year: 2025; data up to 2025-12-31.
Figures computed from the financial statements: revenue 2.3 bn EUR in 2025; YoY growth -0.9%; net margin 4.1%; ROE 12.4%.
Valuation cannot be computed from the available data.
Insufficient data for a verdict (indicators available: 2 of at least 6; score weight coverage: 10.4% 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: 1.7x
What contradicts it
No signal among the computed factors. That is not an absence of risk: factors without data were not assessed, and business risks (margins, inventory, demand) are in the source-based analysis.
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, Shareholder yield (distributions), 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 | 35.6 bn | 23.4 | 8.9% | 6.3% | −7.2% | +53% / +86% |
| VER.VIVerbund AG | 26.2 bn | 17.6 | 14.7% | 18.6% | −2.8% | +19% / −14% |
| STR.VIStrabag Se | 11.7 bn | 12.8 | 17.2% | 4.9% | +7.4% | +32% / +168% |
| ANDR.VIAndritz AG | 8.1 bn | 17.7 | 19.3% | 5.8% | −5.2% | +33% / +66% |
| VOE.VIvoestalpine AG | 7.1 bn | 17.0 | 5.7% | 2.8% | −4.3% | +12% / +61% |
| EVN.VIEvn AG | 5.5 bn | 12.5 | 6.9% | 14.6% | +3.8% | +15% / +14% |
| ATS.VIAT & S Austria Technologie & Systemtechnik Aktiengesellschaft | 2.5 bn | — | -2.4% | -1.4% | +12.7% | +238% / +346% |
| 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% | +1% / −17% |
| POST.VIÖsterreichische Post Aktiengesellschaft | 2.2 bn | 16.4 | 18.3% | 4.3% | −2.6% | +6% / +2% |
| WIE.VIWienerberger AG | 1.9 bn | 11.7 | 5.9% | 3.6% | +1.2% | −40% / −32% |
| LNZ.VILenzing Aktiengesellschaft | 1.8 bn | — | -11.8% | -5.2% | −2.3% | −48% / −65% |
| MMK.VIMayr-Melnhof Karton Aktiengesellschaft | 1.3 bn | 17.1 | 3.6% | 1.9% | −4.8% | −21% / −41% |
| POS.VIPorr AG | 1.2 bn | 10.7 | 12.9% | 1.8% | +1.7% | +6% / +167% |
| AMAG.VIAMAG Austria Metall AG | 1.1 bn | 33.4 | 4.7% | 2.3% | +2.1% | +34% / +19% |
| BMAG.VIPIERER Mobility AG | 1.1 bn | 1.8 | 638.9% | 58.9% | −46.3% | +85% / −47% |
| FQT.VIFrequentis AG | 790.7 m | 28.1 | 15.5% | 4.9% | +20.8% | −14% / +111% |
| ETS.VIEuroTeleSites AG | 745.4 m | 22.3 | 8.8% | 11.9% | +3.7% | −6% / +34% |
| AGR.VIAGRANA Beteiligungs-Aktiengesellschaft | 722.9 m | — | -3.6% | -1.2% | −7.9% | −3% / −15% |
| FACC.VIFacc AG | 602.4 m | 28.4 | 9.1% | 2.2% | +11.3% | +22% / +127% |
| ROS.VIRosenbauer International AG | 591.1 m | 11.9 | 17.4% | 3.5% | +9.4% | +35% / +104% |
| 1AST.VIASTA Energy Solutions AG | 467.7 m | 15.5 | 42.3% | 4.3% | +8.3% | unavailable / unavailable |
| SBO.VISbo AG | 456.6 m | 19.4 | 5.2% | 5.2% | −18.8% | +5% / −30% |
| SEM.VISemperit Aktiengesellschaft Holding | 379.1 m | 902.5 | 0.1% | 0.1% | −2.1% | +39% / +28% |
| ACAG.VIAustriacard Holdings AG | 347.8 m | 25.6 | 11.4% | 4.1% | −8.2% | +76% / +65% |
1- and 3-year price returns: for PAL.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
Scenarios are not available. input data missing
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
PALFINGER AG designs cranes, loading equipment and hydraulic systems for trucks, offshore and marine use, with a large share of sales and service. In fiscal 2025 it generated revenue of 2,339.3 mn EUR, nearly flat, while profitability fell under pressure from structural costs and US tariffs. The company reduced net debt and increased free cash flow, giving a mixed picture for the current period.
SWOT
Strengths
- A broad product range, from truck-mounted cranes to offshore solutions, reduces dependence on a single segment.
- A global service and spare parts network supports recurring revenue and customer loyalty.
- A strengthened balance sheet: net debt fell and equity rose, giving financial flexibility.
Weaknesses
- Structural costs rose and reduced operating margin compared with the prior year.
- The Operations segment has thin margins and limited external sales, making its profitability vulnerable.
- Dependence on cyclical markets such as construction and logistics exposes the group to regional downturns.
Opportunities
- Digitalisation, digital twins and telematics could grow service revenue and integrated solutions.
- Demand for offshore equipment and remote control could grow alongside energy projects.
- Expanding the Ormož and Pune plants could lower costs and improve deliveries in growing regions.
Threats
- US tariffs could keep reducing margins if they cannot be passed on to customers.
- Economic weakness in CIS and NAM could reduce orders and utilisation of production capacity.
- Currency fluctuations affect sales reported in euros.
Risks
- US tariffshigh
Tariffs could not be fully passed on to customers, which reduced EBITDA. A high tariff level could continue to weigh on margins.
- CIS markethigh
Sales in CIS fell sharply in 2025. If this trend continues, regional volumes could decline further.
- Structural costsmedium
Rising research and administration costs could reduce profitability if efficiency gains do not offset inflation.
- Exchange ratesmedium
Currency effects reduced reported sales. Movements in local currencies can affect euro-based results.
- ERP implementationlow
The group's migration to SAP S/4 HANA could cause operational disruption if the rollout is not carefully managed.
Investment thesis
What would need to be true (bull case)
- If the balance sheet keeps strengthening and free cash flow stays high, the company would have room to invest in technology and digitalisation.
- If EMEA markets and the marine segment keep improving, margins could gradually return to earlier levels.
- Growth in service and spare parts revenue could stabilise results regardless of customers' investment cycles.
What would break the thesis
- If US tariffs remain high, pressure on North American margins could persist and limit group results.
- If structural costs keep growing faster than revenue, operating profitability could remain under pressure.
- If the economies of CIS and NAM do not recover, volumes in these regions could keep declining.
What to watch
- Development of EBITDA margin versus the 2025 level of 11.5%2026
- Impact of US tariffs on NAM marginsQ1 2027
- Progress of the 'Reach Higher' strategy to 2027 and digitalisation investments2027
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
PALFINGER is a global supplier of lifting and handling solutions, including truck-mounted cranes, access platforms, marine and offshore equipment, mini loaders and tail lifts. The group organises its business into the Sales and Service segment, which covers sales and service units and accounts for 90.6% of external revenue, and the Operations segment, which runs production. The 'Reach Higher' strategy to 2027 focuses on integrated technology, digitalisation and expanding the service and spare parts network.
Segments
Sales and Service
The segment generated external revenue of 2,120.4 mn EUR in 2025, nearly identical to the prior year, supported by fourth-quarter volumes and growth in EMEA, LATAM and APAC. The segment EBIT margin was 9.5%, slightly above 2024, suggesting better cost discipline in sales and service.
Operations
The segment generated external revenue of 133.6 mn EUR, stable, but EBITDA fell to 66.1 mn EUR due to higher production costs and lower volumes for third parties. Third-party manufacturing and the expansion of the Ormož and Pune plants are key elements for the future.
Market context
Markets developed unevenly: EMEA saw a slight economic recovery, while NAM and CIS contracted, with a decline of -10% in NAM and -29% in CIS. Growth in EMEA, APAC and LATAM partly offset these losses. Exchange rate effects reduced revenue by 25.5 mn EUR, and regional market pressure remains an important factor for the group outlook.
Trends
- US tariffsheadwind
US tariffs could not be fully passed on to customers, which weighed on EBITDA. If tariffs remain high, margins in the North American market could continue to be affected.
- EMEA market recoverytailwind
A moderate economic recovery in Europe and better utilisation of EMEA plants supported volumes and margins, particularly in marine.
- Automation and autonomous operationsmixed
Projects for remotely operated offshore cranes and autonomy in forestry and recycling cranes create new opportunities but require continued research investment.
- Rising structural costsheadwind
Research, sales and administration costs rose under inflation and group projects, reducing operating margin unless offset by efficiency gains.
Competitive position
The market for cranes and lifting platforms is concentrated, with competitors including European and Asian producers of lifting equipment and specialist machinery. PALFINGER differentiates through its broad product range, global service network and integrated marine and offshore solutions that competitors do not fully cover.
- Terex CorporationTEX
US manufacturer of lifting equipment and access platforms, a direct competitor in truck-mounted cranes and platforms.
- Manitowoc CompanyMTW
US maker of mobile and tower cranes active in construction and heavy lifting markets, with partial product overlap.
- Hiab (Cargotec)
Important Finnish competitor in truck-mounted cranes and tail lifts, with strong presence in Europe and Northern Europe.
- HMF Group
Norwegian maker of marine and offshore cranes, a direct competitor for PALFINGER's marine segment.
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 / PALFINGER 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.