olivLaw · European equity research
RATH Aktiengesellschaft RAT.VI
Austria · Wiener Börse · ISIN AT0000767306 · Vertical: Listed companies from Austria
RATH AG, based in Vienna, is the holding company of an international group producing refractory materials for the steel, aluminium, glass and ceramics industries. The group closed 2025 with lower revenue, and management expects a slight sales increase and better profitability in 2026 if markets recover. Group revenue reached 94.26 mn EUR, down 15.3 percent.
At the close of 04 Nov 2026, RATH Aktiengesellschaft (RAT.VI) stock was 24.40 EUR (+0.00% on the day), with market capitalisation 36.6 m EUR, dividend yield 0.00%, beta 0.23, 52-week range 19.00–26.80 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)
- 57.6
- strong (55–70)
- Bollinger (20, 2)
- 18.34 – 26.85
- in the upper half of the band · %B 0.71 · band width 37.7%
- SMA 50 / 200
- 22.53 / 25.16
- mixed trend
- MACD (12, 26, 9)
- 0.56 / 0.32
- 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 | unavailable | +0.4% | unavailable | — |
| 3 months | +3.4% | −3.3% | +6.7 pp | — |
| 6 months | +6.1% | +4.0% | +2.1 pp | — |
| Year to date | unavailable | +8.1% | unavailable | — |
| 1 year | +6.1% | +10.7% | −4.6 pp | +5.3% |
| 3 years | unavailable | +50.1% | unavailable | +12.7% |
| 5 years | −18.7% | +43.6% | −62.3 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 | 2023 | 2024 | 2025 |
|---|---|---|---|
| Revenue | unavailable | 111.3 m | 94.3 m |
| Revenue YoY | unavailable | unavailable | −15.3% |
| Net income | -1.4 m | -1.4 m | -8.8 m |
| Net income YoY | unavailable | unavailable | unavailable |
| Diluted EPS | unavailable | -0.93 | -5.88 |
| Diluted EPS YoY | unavailable | unavailable | unavailable |
| net % | unavailable | -1.3% | -9.4% |
| Free cash flow | unavailable | -5.5 m | -526.0 k |
Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 7.5 m EUR
- Financial debt
- 48.7 m EUR
- Net debt
- 41.2 m EUR
- Equity
- 44.3 m EUR
- Total assets
- 116.6 m EUR
- Debt / equity
- 1.10x
- Current ratio
- unavailable
- ROE
- -18.0%
- ROA
- -7.3%
- FCF margin
- -0.6%
Financial statements (source on every figure)
Revenue and net income (EUR)
Margins
Income statement · EUR
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Revenue | — | 111.3 m | 94.3 m | esef· 12 May 2026verified |
| Cost of revenue | — | 52.1 m | 44.6 m | esef· 12 May 2026verified |
| Gross profit | — | 59.2 m ≈ | 49.6 m ≈ | esef· 12 May 2026derived |
| Operating income | — | -162.0 k | -6.1 m | esef· 12 May 2026verified |
| Pre-tax income | — | -1.3 m | -11.1 m | esef· 12 May 2026verified |
| Income tax | — | 54.0 k | -2.3 m | esef· 12 May 2026verified |
| Net income | -1.4 m | -1.4 m | -8.8 m | esef· 12 May 2026verified |
| Diluted EPS | — | -0.93 | -5.88 | esef· 12 May 2026verified |
| Dividend per share | — | 1.00 | 0.00 | esef· 12 May 2026derived |
≈ computed by olivLaw from the reported lines of the same year: Revenue − Cost of revenue.
Balance sheet · EUR
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Cash | 22.0 m | 9.0 m | 7.5 m | esef· 12 May 2026verified |
| Inventories | — | 26.4 m | 24.2 m | esef· 12 May 2026verified |
| Current assets | — | 61.5 m | 53.9 m | esef· 12 May 2026verified |
| Property, plant & equipment, net | — | 53.9 m | 50.5 m | esef· 12 May 2026verified |
| Total assets | — | 124.6 m | 116.6 m | esef· 12 May 2026verified |
| Short-term debt | — | 3.5 m | 723.0 k | esef· 12 May 2026verified |
| Long-term debt | — | 42.7 m | 48.0 m | esef· 12 May 2026verified |
| Equity | 57.2 m | 53.9 m | 44.3 m | esef· 12 May 2026verified |
| Shares outstanding at year end | — | 1.5 m | 1.5 m | esef· 27 May 2026derived |
Cash flow · EUR
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Operating cash flow | — | 4.2 m | 4.2 m | esef· 12 May 2026verified |
| Capex | — | 9.7 m | 4.7 m | esef· 12 May 2026verified |
| Free cash flow | — | -5.5 m ≈ | -526.0 k ≈ | esef· 12 May 2026derived |
| Investing cash flow | — | -13.1 m | -6.2 m | esef· 12 May 2026verified |
| Financing cash flow | — | -4.2 m | 595.0 k | esef· 12 May 2026verified |
| Dividends paid | — | 1.5 m | 0 | esef· 12 May 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: 4 of at least 6
- score weight coverage: 31.2% of at least 60%
- valuation methods computed: 0 of at least 1
A scoring methodology on indicators and valuation, not investment advice.
Closing price
04 Nov 2026Source: olivLaw, closing series
Market cap: 36.6 m EUR
Key indicators
Coverage and freshness
Score by group
31% · 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 base of the ratio is not positive
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: 31.2% of at least 60%; valuation methods computed: 0 of at least 1
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | -5.8% | 0 (vs peers) | 33% |
| Net margin · Quality | -9.4% | 5 (vs peers) | 20% |
| 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 | unavailable | unavailable | — |
| P/E (TTM) · Valuation | unavailable | unavailable | — |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | -1.4% | 0 (on a fixed band) | 27% |
| Shareholder yield (distributions) · Returns | 0.0% | 0 (on a fixed band) | 20% |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet· partialunavailable · 0/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality2/100 · 2/3 factors with a value
- Returns· partial0/100 · 1/2 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
Rath Aktiengesellschaft (RAT.VI). Latest full fiscal year: 2025; data up to 2025-12-31.
Figures computed from the financial statements: revenue 94.3 m EUR in 2025; YoY growth -15.3%; net margin -9.4%; ROE -18.0%.
Valuation cannot be computed from the available data.
Insufficient data for a verdict (indicators available: 4 of at least 6; score weight coverage: 31.2% 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
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.
What contradicts it
- ROIC: -5.8%
- Net margin: -9.4%
- FCF yield: -1.4%
- Shareholder yield (distributions): 0.0%
Not assessed (insufficient data or a ratio without meaning): FCF conversion, Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, Interest coverage, Current ratio, P/E (TTM), EV/EBITDA, 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 RAT.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 | 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
RATH AG, based in Vienna, is the holding company of an international group producing refractory materials for the steel, aluminium, glass and ceramics industries. The group closed 2025 with lower revenue, and management expects a slight sales increase and better profitability in 2026 if markets recover. Group revenue reached 94.26 mn EUR, down 15.3 percent.
SWOT
Strengths
- The group has recognised technological expertise and a broadly diversified product portfolio. It covers the full value chain from materials to engineering, assembly and supervision.
- Continuous development through research and innovation supports its positioning as a premium supplier. Recycled-material projects and new products for demanding applications are examples.
- A stable shareholder structure with a majority family holding provides long-term strategic continuity.
Weaknesses
- Revenue fell in all three sales units in 2025, and the second half was weaker than expected. Reliance on large projects makes revenue sensitive to postponements.
- EBITDA turned negative in the second half of 2025, and the operating margin deteriorated significantly. The company reported a net loss for 2025.
- Exposure to high energy costs in Europe and to the German plants weighs on the group's cost competitiveness.
Opportunities
- The transition to clean energy and hydrogen could create demand for new refractory solutions. If postponed investments in Europe and the USA resume, order volume could recover.
- The R2 alliance with Refratechnik could broaden the offer for glass plants and lift market share in that segment.
- The cost reduction and staff adjustment programme included in the 2026 budget could improve profitability if revenue stabilises.
Threats
- US tariffs and protectionist policy may keep delaying customer investment in heavy industry.
- Price pressure from Asian producers could force margins lower if demand does not recover.
- Competition from plastic packaging in beverage and food containers may further reduce demand for glass and related refractories.
Risks
- Liquidity and financinghigh
Financial liabilities, particularly the Schuldscheindarlehen loans, are significant relative to equity. If operating results do not improve, refinancing could become more costly.
- Declining demand and ordershigh
Orders were postponed or cancelled in many projects, and the order backlog was volatile. A further weakening of demand could reduce revenue again.
- Currency and interest exposuremedium
The holding monitors exchange rates and interest rate developments without hedging instruments in place. Adverse moves could affect the financial result.
- Impairment of investmentsmedium
Write-downs of investments were recorded at the parent company in 2025. If subsidiary performance does not improve, further value adjustments could arise.
- Energy and workforce costslow
High energy costs and repeated cost and staff adjustment programmes could affect morale and production. The effectiveness of these plans depends on stabilising demand.
Investment thesis
What would need to be true (bull case)
- If industrial investments postponed in Europe and the United States resume, revenue could recover, and scale effects at the plants could improve margins.
- The technology position and the R2 alliance could strengthen the premium offer, which could help protect the company from price competition with Asian producers.
- The energy transition and higher requirements for refractories could open new demand segments over the medium and long term.
What would break the thesis
- If demand stays weak, the operating losses and the net loss of 2025 could persist, and the debt load could become a burden.
- Tariffs and trade uncertainty could prolong the postponement of customer investment, especially in the USA and in the special furnaces segment.
- Price pressure from Asia and competition from plastic packaging could limit the ability to win back lost market share.
What to watch
- Development of revenue and order intake in each sales unit compared with the guided slight increase2026
- Return of EBITDA to positive territory after the losses in the second half of 2025H1 2026
- Effect of the cost reduction and staff adjustment programme on margins2026
- Trend in financial debt and refinancing terms of the Schuldscheindarlehen loansnext annual report 2026
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
The RATH group produces refractory materials and special furnaces, and also offers engineering, assembly and supervision for industrial projects. The parent RATH Aktiengesellschaft acts as a holding and finances its subsidiaries, while operations are run through companies in Austria, Germany, Hungary and the United States. The shareholder structure is concentrated, with the family holding RATH Holding GmbH owning 66.7 percent of capital.
Segments
METALS & FCE
The METALS & FCE segment serves the steel, aluminium and non-ferrous metals industries with a broad product range and engineering services. Sales fell 13 percent in 2025 to 49.9 mn EUR because of investments postponed in Europe.
CERAMICS & SFU
This unit covers sanitary, tableware and technical ceramics, as well as special furnaces for laboratories, dental use and battery material production. Sales fell 11 percent in 2025, reflecting restrained investment in technical ceramics linked to semiconductors and in battery materials.
GLASS
The GLASS unit supplies refractory products for container, flat and specialty glass plants. Sales fell 29 percent in 2025, hit by high energy costs in Europe and the return of plastic packaging gains in the USA.
Market context
The global refractories market grew moderately in 2025, supported by investment in energy-efficient industrial processes and decarbonisation. Demand in Europe was weak and price competition intensified. According to the OECD, global economic growth was about 3.1 percent in 2025, still below the pre-financial-crisis average.
Trends
- Trade uncertainty and tariffsheadwind
US tariffs and protectionist policy led customers to postpone investments, especially in the special furnaces segment. The effect could turn favourable if deferred projects are resumed.
- High energy costs in Europeheadwind
Energy prices stayed high, slowing industrial investment in the region and weighing on glass and metals. Lower costs could support demand.
- Energy transition and hydrogentailwind
The shift toward new energy systems, including hydrogen, raises demand for high-performance refractories. This is a long-term opportunity, though its realisation depends on the pace of investment.
- Asian price competitionmixed
Aggressive offers from Asia have pressured prices and margins. The group chose not to join the price war, which could limit share loss if the pressure persists.
Competitive position
RATH operates in a competitive market where Asian producers offer aggressive prices and European demand is weak. The group is shifting its focus toward technology-based solutions and created a technology alliance under the R2 brand with Refratechnik for glass plants, to become a full-service supplier.
- Refratechnik
Technology partner of RATH under the R2 brand for glass plants, referenced in the report as part of the 2024 alliance.
- Asian refractory suppliers
Their aggressively priced offers intensified competitive pressure in 2025, according to the report.
- Plastic packaging manufacturers
In the USA, plastic packaging gained share at the expense of glass, affecting demand for refractories in the GLASS segment.
- Other European refractory suppliers
Competition in the European market intensified amid weak demand and pressured prices, according to the report.
News & filings
In the press
No news in our archive over the last 180 days.
Annual reports (ESEF)
- Annual report 202512 May 2026
- Annual report 202527 May 2026
- Annual report 202412 May 2026
Sources
- [1] Annual report, fiscal year ended 2025-12-31 (ESEF) · SEC / RATH Aktiengesellschaft · 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.