olivLaw · European equity research
Rosenbauer International AG ROS.VI
Austria · Wiener Börse · ISIN AT0000922554 · Vertical: Listed companies from Austria
Rosenbauer International AG is an Austrian maker of fire trucks and firefighting equipment, with sales led by vehicles and a global customer service business. For 2025 the company reported growth in its vehicle segment while fire prevention activity fell sharply, and a US antitrust lawsuit is ongoing.
At the close of 04 Nov 2026, Rosenbauer International AG (ROS.VI) stock was 62.40 EUR (−0.64% on the day), with market capitalisation 600.7 m EUR, P/E 12.1 on diluted EPS of 5.17 EUR over the last 12 months, dividend yield 0.00%, beta 0.42, 52-week range 43.10–66.80 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)
- 50.9
- neutral
- Bollinger (20, 2)
- 60.25 – 63.29
- in the upper half of the band · %B 0.71 · band width 4.9%
- SMA 50 / 200
- 63.06 / 57.40
- mixed trend
- MACD (12, 26, 9)
- -0.21 / -0.36
- 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 | +0.6% | −1.5% | +2.2 pp | — |
| 3 months | −4.0% | −5.3% | +1.3 pp | — |
| 6 months | +6.5% | +4.7% | +1.8 pp | — |
| Year to date | +34.2% | +6.0% | +28.2 pp | — |
| 1 year | +39.0% | +8.2% | +30.8 pp | +4.0% |
| 3 years | +102.6% | +47.2% | +55.4 pp | +3.6% |
| 5 years | +31.4% | +41.8% | −10.4 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 67 percentile of its own 3-quarter history (min 8.7, median 9.0, max 180.0; quarters with earnings only).
Fiscal years
| Fiscal year | 2023 | 2024 | 2025 |
|---|---|---|---|
| Revenue | 1.1 bn | 1.3 bn | 1.4 bn |
| Revenue YoY | unavailable | +22.7% | +9.4% |
| Net income | -1.1 m | -27.0 m | 49.8 m |
| Net income YoY | unavailable | unavailable | unavailable |
| Diluted EPS | 0.16 | 3.96 | 5.17 |
| Diluted EPS YoY | unavailable | +2,375.0% | +30.6% |
| net % | -0.1% | -2.1% | 3.5% |
| Free cash flow | -106.3 m | 52.6 m | 46.8 m |
Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 60.2 m EUR
- Financial debt
- unavailable EUR
- Net debt
- unavailable EUR
- Equity
- 371.0 m EUR
- Total assets
- 1.3 bn EUR
- Debt / equity
- unavailable
- Current ratio
- 1.34x
- ROE
- 17.2%
- ROA
- 3.8%
- FCF margin
- 3.3%
Financial statements (source on every figure)
Revenue and net income (EUR)
Margins
Income statement · EUR
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Revenue | 1.1 bn | 1.3 bn | 1.4 bn | esef· 15 Apr 2026verified |
| Cost of revenue | 899.4 m | 1.1 bn | 1.2 bn | esef· 15 Apr 2026verified |
| Gross profit | 165.1 m | 222.0 m | 275.0 m | esef· 15 Apr 2026verified |
| Research & development | 21.7 m | 27.3 m | 30.6 m | esef· 15 Apr 2026verified |
| Operating income | 37.5 m | 64.9 m | 84.5 m | esef· 15 Apr 2026verified |
| Interest expense | 34.3 m | 43.0 m | 30.3 m | esef· 15 Apr 2026verified |
| Pre-tax income | 7.0 m | 26.3 m | 54.7 m | esef· 15 Apr 2026verified |
| Income tax | 5.8 m | -3.5 m | 382.0 k | esef· 15 Apr 2026verified |
| Net income | -1.1 m | -27.0 m | 49.8 m | esef· 15 Apr 2026verified |
| Diluted EPS | 0.16 | 3.96 | 5.17 | esef· 15 Apr 2026verified |
| Weighted average diluted shares | — | 6.8 m | 9.6 m | esef· 15 Apr 2026verified |
Balance sheet · EUR
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Cash | 34.9 m | 33.1 m | 60.2 m | esef· 15 Apr 2026verified |
| Receivables | 278.0 m | 332.6 m | 307.8 m | esef· 15 Apr 2026verified |
| Inventories | 591.1 m | 602.2 m | 649.3 m | esef· 15 Apr 2026verified |
| Current assets | 904.7 m | 970.0 m | 1.0 bn | esef· 15 Apr 2026verified |
| Property, plant & equipment, net | 150.1 m | 151.4 m | 165.1 m | esef· 15 Apr 2026verified |
| Intangibles (excl. goodwill) | 58.0 m | 64.8 m | 63.6 m | esef· 15 Apr 2026verified |
| Total assets | 1.2 bn | 1.3 bn | 1.3 bn | esef· 15 Apr 2026verified |
| Accounts payable | 114.9 m | 111.0 m | 98.9 m | esef· 15 Apr 2026verified |
| Current liabilities | 922.9 m | 982.6 m | 758.7 m | esef· 15 Apr 2026verified |
| Equity | 183.1 m | 208.1 m | 371.0 m | esef· 15 Apr 2026verified |
| Shares outstanding at year end | — | — | 9.6 m | esef· 15 Apr 2026derived |
Cash flow · EUR
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Operating cash flow | -82.8 m | 82.2 m | 87.1 m | esef· 15 Apr 2026verified |
| Capex | 23.5 m | 29.6 m | 40.4 m | esef· 15 Apr 2026verified |
| Free cash flow | -106.3 m ≈ | 52.6 m ≈ | 46.8 m ≈ | esef· 15 Apr 2026derived |
| Investing cash flow | -23.9 m | -31.3 m | -40.4 m | esef· 15 Apr 2026verified |
| Financing cash flow | 105.8 m | -51.9 m | -20.9 m | esef· 15 Apr 2026verified |
| Dividends paid | 0 | 0 | — | 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
- score weight coverage: 52.1% of at least 60%
A scoring methodology on indicators and valuation, not investment advice.
Closing price
04 Nov 2026Source: olivLaw, closing series
Market cap: 600.7 m EUR
Key indicators
Coverage and freshness
Score by group
52% · Insufficient data
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: 58.31 – 113.45 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 · net debt missing: EV cannot be bridged to equity (missing debt is not zero)
- Peers: EV/EBITDAunavailable · net debt missing: EV cannot be bridged to equity (missing debt is not zero)
- Peers: P/E58.31 – 113.45 (Mid 86.68)24 companies used · median multiple 16.8x · quartiles 11.3x – 21.9x1AST.VI, ACAG.VI, AMAG.VI, ANDR.VI, BMAG.VI, CPI.VI, DOC.VI, ETS.VI, EVN.VI, FAA.VI, FACC.VI, FQT.VI, MMK.VI, OMV.VI, POS.VI, POST.VI, PYT.VI, SBO.VI, STR.VI, SWUT.VI, TKA.VI, VER.VI, VOE.VI, WIE.VI
- Dividend discount (DDM)unavailable · input data missing
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: score weight coverage: 52.1% of at least 60%
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | unavailable | unavailable | — |
| Net margin · Quality | 3.5% | 49 (vs peers) | 12% |
| FCF conversion · Quality | 94.0% | 91 (on a fixed band) | 12% |
| Revenue CAGR 3Y · Growth | unavailable | unavailable | — |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | 2.8x | 20 (on a fixed band) | 12% |
| Current ratio · Balance sheet | 1.3x | 45 (on a fixed band) | 8% |
| P/E (TTM) · Valuation | 12.1x | 73 (vs peers) | 20% |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | 7.8% | 97 (on a fixed band) | 16% |
| Shareholder yield (distributions) · Returns | 0.0% | 0 (on a fixed band) | 12% |
| Payout ratio (FCF) · Returns | 0.0% | 100 (on a fixed band) | 8% |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet30/100 · 2/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality70/100 · 2/3 factors with a value
- Returns40/100 · 2/2 factors with a value
- Valuation84/100 · 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
Rosenbauer International AG (ROS.VI). Latest full fiscal year: 2025; data up to 2025-12-31.
Figures computed from the financial statements: revenue 1.4 bn EUR in 2025; YoY growth 9.4%; net margin 3.5%; ROE 17.4%.
The estimated value range is 58.31–113.45 EUR per share (median of 1 methods, agreement: single method); assumptions are illustrative. Against the central value of 86.68 EUR, the price of 62.40 EUR leaves a potential of 38.9% (value / price − 1) and a margin of safety of 28.0% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
Insufficient data for a verdict (score weight coverage: 52.1% of at least 60%).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- FCF conversion: 94.0%
- P/E (TTM): 12.1x
- FCF yield: 7.8%
- Payout ratio (FCF): 0.0%
What contradicts it
- Interest coverage: 2.8x
- Shareholder yield (distributions): 0.0%
Not assessed (insufficient data or a ratio without meaning): ROIC, Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, EV/EBITDA.
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 | 35.4 bn | 23.3 | 8.9% | 6.3% | −7.2% | +52% / +85% |
| VER.VIVerbund AG | 24.1 bn | 16.2 | 14.7% | 18.6% | −2.8% | +9% / −21% |
| STR.VIStrabag Se | 11.9 bn | 12.9 | 17.2% | 4.9% | +7.4% | +33% / +171% |
| ANDR.VIAndritz AG | 8.0 bn | 17.6 | 19.3% | 5.8% | −5.2% | +32% / +65% |
| VOE.VIvoestalpine AG | 7.2 bn | 17.1 | 5.7% | 2.8% | −4.3% | +13% / +62% |
| EVN.VIEvn AG | 5.4 bn | 12.4 | 6.9% | 14.6% | +3.8% | +14% / +12% |
| ATS.VIAT & S Austria Technologie & Systemtechnik Aktiengesellschaft | 3.0 bn | — | -2.4% | -1.4% | +12.7% | +301% / +428% |
| 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% | +0% / −17% |
| POST.VIÖsterreichische Post Aktiengesellschaft | 2.2 bn | 16.3 | 18.3% | 4.3% | −2.6% | +5% / +2% |
| WIE.VIWienerberger AG | 1.9 bn | 11.5 | 5.9% | 3.6% | +1.2% | −41% / −33% |
| LNZ.VILenzing Aktiengesellschaft | 1.7 bn | — | -11.8% | -5.2% | −2.3% | −51% / −67% |
| MMK.VIMayr-Melnhof Karton Aktiengesellschaft | 1.3 bn | 17.5 | 3.6% | 1.9% | −4.8% | −19% / −40% |
| POS.VIPorr AG | 1.2 bn | 10.8 | 12.9% | 1.8% | +1.7% | +6% / +168% |
| AMAG.VIAMAG Austria Metall AG | 1.1 bn | 33.6 | 4.7% | 2.3% | +2.1% | +35% / +20% |
| BMAG.VIPIERER Mobility AG | 1.1 bn | 1.8 | 638.9% | 58.9% | −46.3% | +86% / −47% |
| FQT.VIFrequentis AG | 830.6 m | 29.5 | 15.5% | 4.9% | +20.8% | −9% / +122% |
| ETS.VIEuroTeleSites AG | 730.3 m | 21.9 | 8.8% | 11.9% | +3.7% | −7% / +31% |
| AGR.VIAGRANA Beteiligungs-Aktiengesellschaft | 729.2 m | — | -3.6% | -1.2% | −7.9% | −2% / −14% |
| FACC.VIFacc AG | 607.0 m | 28.7 | 9.1% | 2.2% | +11.3% | +23% / +129% |
| ROS.VIRosenbauer International AG | 600.7 m | 12.1 | 17.4% | 3.5% | +9.4% | +37% / +107% |
| 1AST.VIASTA Energy Solutions AG | 515.6 m | 17.1 | 42.3% | 4.3% | +8.3% | unavailable / unavailable |
| SBO.VISbo AG | 451.1 m | 19.1 | 5.2% | 5.2% | −18.8% | +4% / −31% |
| SEM.VISemperit Aktiengesellschaft Holding | 380.1 m | 905.0 | 0.1% | 0.1% | −2.1% | +40% / +28% |
| ACAG.VIAustriacard Holdings AG | 348.9 m | 25.7 | 11.4% | 4.1% | −8.2% | +77% / +65% |
1- and 3-year price returns: for ROS.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 | 38.71 Total return -38% · Per year -38% | 68.28 Total return 9% · Per year 9% | 102.64 Total return 64% · Per year 64% |
| 3 years | 41.38 Total return -34% · Per year -13% | 81.75 Total return 31% · Per year 9% | 134.37 Total return 115% · Per year 29% |
| 5 years | 44.23 Total return -29% · Per year -7% | 97.88 Total return 57% · Per year 9% | 175.93 Total return 182% · Per year 23% |
- Exit P/E± 20.44
- Net margin± 14.31
- Annual revenue growth± 11.21
- Annual dilution± 1.20
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
Rosenbauer International AG is an Austrian maker of fire trucks and firefighting equipment, with sales led by vehicles and a global customer service business. For 2025 the company reported growth in its vehicle segment while fire prevention activity fell sharply, and a US antitrust lawsuit is ongoing 1.
SWOT
Strengths
- Leading position in fire vehicles, with production on several continents and a global sales and service network 1.
- Customers are predominantly from the public sector, which brings relatively predictable demand and a low likelihood of non-payment 1.
- Ability to deliver quickly and adapt to customer needs through modular products and extensive services 1.
Weaknesses
Opportunities
- Growing demand for CO2 extinguishing in data centres, linked to digitalisation and artificial intelligence 1.
- Electrification of fire vehicles, already tested in Europe and North America, could open new markets 1.
- Expansion of digital services such as fleet management and training simulators could raise recurring revenue 1.
Risks
- US antitrust lawsuithigh
US subsidiaries face civil claims over alleged arrangements between manufacturers, which could bring legal costs or damages if upheld 1.
- Refinancing and liquidityhigh
The group concluded a syndicated loan of 330 million EUR in 2025, maturing in February 2028, and continuity depends on meeting its conditions 1.
- Sourcing and tariffsmedium
Geopolitical changes and tariffs can raise procurement costs, and delays at chassis suppliers can affect deliveries 1.
- Preventive fire protectionmedium
This segment remains fragile, and a further impairment is possible if recovery is delayed 1.
- Climate riskslow
Some US sites could be affected by storms, drought or extreme heat, and adaptation costs could rise 1.
Investment thesis
What would need to be true (bull case)
- If the electrification of fire vehicles and demand for data centre protection materialise, revenue could diversify beyond classic vehicles 1.
- The leading vehicle position and global service network can support market share, especially if customers choose higher-value technical solutions 1.
- Long-term refinancing appears to have improved liquidity, which could ease pressure on investment 1.
What would break the thesis
- New vehicle orders have fallen, and tight public budgets could delay purchases or reduce the take-up of premium solutions 1.
- The US antitrust lawsuit could bring unforeseen costs and affect relations with public customers in this market 1.
- The loss in preventive fire protection shows that some diversified activities do not yet have a stable profitability profile 1.
What to watch
- Development of new vehicle orders and Customer Service revenueQ1 2027
- Development of preventive fire protection and related impairments2027
- Compliance with the syndicated loan conditions and the outlook for refinancing before 20282027
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
Rosenbauer develops and produces fire vehicles for municipal, industrial and airport customers, as well as aerial rescue equipment. The group also offers personal protective equipment for crews, from helmets and suits to technical gear. The Customer Service segment covers service, spare parts, repairs, rental and digital products such as incident management systems 1.
In 2025 vehicles made up about 78 % of group revenue, with 2,107 vehicles delivered, while equipment and services each contributed about 9 % 1. Products are sold mainly to the public sector, which makes demand relatively stable but tied to municipal budgets 1.
Preventive fire protection, which includes special extinguishing systems and gas or CO2 systems, shrank to a marginal revenue base in 2025, and the company aims to expand this activity in niches such as data centres 1.
Segments
Vehicles
The vehicle segment is the group's largest, with revenue of 1,115.8 million EUR in 2025, and most vehicles were built for fire services in Austria, Germany and the US 1. Order intake eased slightly from the prior year to 1,222.2 million EUR 1.
Market context
The international fire service market is largely driven by public procurement with long planning cycles, and demand typically reacts with a delay of 12 to 24 months to economic weakness 1. Natural disasters can generate additional purchases, although these are not predictable 1.
Competitive and price pressure is strongest in municipal vehicles, and centralised procurement can bring both transparency and the risk of losing large contracts 1. Production on four continents and a global service network help offset regional fluctuations 1.
Trends
- Centralised public procurementmixed
Bundling purchases into larger tenders can bring fairer competition, but it raises the risk of losing important orders if a rival offers a lower price 1.
- Tight public budgetsheadwind
Tight budgets could lead customers to choose minimum equipment specifications instead of the company's technologically superior but more expensive solutions 1.
- Electrification of vehiclestailwind
The shift to electric fire vehicles, already tested with the PANTHER electric, could open new demand if the technology matures 1.
- Demand for protection in data centrestailwind
Digitalisation and the use of artificial intelligence could create demand for CO2 extinguishing systems in data centres, an area the company is pursuing 1.
Competitive position
Rosenbauer competes with other fire vehicle manufacturers, mainly in the municipal segment, where price pressure is greatest 1. The company emphasises modular products and services to differentiate itself from competitors 1.
The analysed sources do not name direct competitors, so the list below is limited to what can be verified from the report 1.
- US fire vehicle manufacturers
Mentioned in the report only as parties to a civil lawsuit over alleged price arrangements; they are not named in the source 1.
- Chassis and engine suppliers
Not direct competitors, but they can influence costs and delivery timing; the source does not name them 1.
- Other municipal vehicle makers
Competition in this segment is described as the most intense, without competitors being named in the report 1.
- Protective equipment suppliers
Competition in protective equipment is not detailed in the source, and names are not given 1.
News & filings
In the press
No news in our archive over the last 180 days.
Annual reports (ESEF)
- Annual report 202515 Apr 2026
- Annual report 202415 Apr 2025
Sources
- [1] Annual report, fiscal year ended 2025-12-31 (ESEF) · SEC / Rosenbauer International 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.