olivLaw · European equity research
Wolters Kluwer N.V. WKL.AS
Netherlands · Euronext Amsterdam · ISIN NL0000395903 · Vertical: Listed companies from Netherlands
Wolters Kluwer N.V. is a global provider of expert solutions for professionals in healthcare, tax, financial compliance, legal and corporate performance, backed by a largely recurring subscription base. It is now shifting its focus toward AI-powered modular platforms, which makes it relevant to investors tracking AI's impact on professional software. Revenues in 2025 were 6.1 billion EUR, of which 83% were recurring.
At the close of 05 Nov 2026, Wolters Kluwer N.V. (WKL.AS) stock was 92.42 EUR (+1.38% on the day), with market capitalisation 21.4 bn EUR, P/E 16.4 on diluted EPS of 5.64 EUR over the last 12 months, dividend yield 2.63%, beta 0.19, 52-week range 55.82–100.40 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)
- 74.4
- overbought (≥ 70)
- Bollinger (20, 2)
- 75.46 – 92.99
- in the upper half of the band · %B 0.97 · band width 20.8%
- SMA 50 / 200
- 74.86 / 67.40
- uptrend (price > SMA50 > SMA200)
- MACD (12, 26, 9)
- 4.45 / 4.18
- 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 | +33.2% | −0.6% | +33.9 pp | — |
| 3 months | +32.7% | −4.2% | +36.9 pp | — |
| 6 months | +51.0% | +4.3% | +46.7 pp | — |
| Year to date | +4.6% | +7.5% | −2.9 pp | — |
| 1 year | −15.1% | +9.9% | −25.0 pp | −0.2% |
| 3 years | −20.5% | +49.8% | −70.3 pp | +2.2% |
| 5 years | −1.9% | +42.8% | −44.7 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.
Today's P/E sits at the 33 percentile of its own 3-quarter history (min 15.7, median 31.5, max 35.5; quarters with earnings only).
Fiscal years
| Fiscal year | 2023 | 2024 | 2025 |
|---|---|---|---|
| Revenue | 5.6 bn | 5.9 bn | 6.1 bn |
| Revenue YoY | unavailable | +5.9% | +3.5% |
| Net income | 1.0 bn | 1.1 bn | 1.3 bn |
| Net income YoY | unavailable | +7.1% | +21.2% |
| Diluted EPS | 4.09 | 4.52 | 5.64 |
| Diluted EPS YoY | unavailable | +10.5% | +24.8% |
| net % | 18.0% | 18.2% | 21.4% |
| Free cash flow | unavailable | unavailable | unavailable |
Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 932.0 m EUR
- Financial debt
- 4.2 bn EUR
- Net debt
- 3.3 bn EUR
- Equity
- 798.0 m EUR
- Total assets
- 9.6 bn EUR
- Debt / equity
- 5.25x
- Current ratio
- 0.65x
- ROE
- 111.7%
- ROA
- 13.7%
- 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 | 5.6 bn | 5.9 bn | 6.1 bn | esef· 18 Mar 2026verified |
| Cost of revenue | 1.6 bn | 1.6 bn | 1.6 bn | esef· 18 Mar 2026verified |
| Gross profit | 4.0 bn | 4.3 bn | 4.5 bn | esef· 18 Mar 2026verified |
| Operating income | 1.3 bn | 1.4 bn | 1.7 bn | esef· 18 Mar 2026verified |
| Interest expense | 82.0 m | 114.0 m | 115.0 m | esef· 18 Mar 2026verified |
| Pre-tax income | 1.3 bn | 1.4 bn | 1.6 bn | esef· 18 Mar 2026verified |
| Income tax | 290.0 m | 299.0 m | 341.0 m | esef· 18 Mar 2026verified |
| Net income | 1.0 bn | 1.1 bn | 1.3 bn | esef· 18 Mar 2026verified |
| Diluted EPS | 4.09 | 4.52 | 5.64 | esef· 18 Mar 2026verified |
| Dividend per share | 1.90 | 2.19 | 2.43 | esef· 18 Mar 2026verified |
Balance sheet · EUR
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Cash | 1.1 bn | 954.0 m | 932.0 m | esef· 18 Mar 2026verified |
| Inventories | 84.0 m | 79.0 m | 62.0 m | esef· 18 Mar 2026verified |
| Current assets | 2.8 bn | 2.7 bn | 2.6 bn | esef· 18 Mar 2026verified |
| Property, plant & equipment, net | 79.0 m | 79.0 m | 68.0 m | esef· 18 Mar 2026verified |
| Goodwill | 4.3 bn | 4.7 bn | 4.8 bn | esef· 18 Mar 2026verified |
| Intangibles (excl. goodwill) | 1.6 bn | 1.7 bn | 1.8 bn | esef· 18 Mar 2026verified |
| Total assets | 9.1 bn | 9.5 bn | 9.6 bn | esef· 18 Mar 2026verified |
| Long-term debt | 3.1 bn | 3.7 bn | 4.2 bn | esef· 18 Mar 2026verified |
| Current liabilities | 3.8 bn | 3.8 bn | 4.1 bn | esef· 18 Mar 2026verified |
| Total liabilities | 7.3 bn | 8.0 bn | 8.8 bn | esef· 18 Mar 2026verified |
| Equity | 1.7 bn | 1.5 bn | 798.0 m | esef· 18 Mar 2026verified |
| Shares outstanding at year end | 245.0 m | 237.7 m | 231.1 m | esef· 18 Mar 2026derived |
Cash flow · EUR
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Operating cash flow | 1.5 bn | 1.7 bn | 1.7 bn | esef· 18 Mar 2026verified |
| Investing cash flow | -374.0 m | -646.0 m | -774.0 m | esef· 18 Mar 2026verified |
| Financing cash flow | -1.5 bn | -1.1 bn | -877.0 m | esef· 18 Mar 2026verified |
| Dividends paid | 467.0 m | 521.0 m | 563.0 m | esef· 18 Mar 2026verified |
| Share repurchases | 1.0 bn | 1.0 bn | 1.1 bn | esef· 18 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
- score weight coverage: 43.8% of at least 60%
A scoring methodology on indicators and valuation, not investment advice.
Closing price
05 Nov 2026Source: olivLaw, closing series
Market cap: 21.4 bn EUR
Key indicators
Coverage and freshness
Score by group
44% · 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: 33.05 – 144.76 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 · input data missing
- Peers: EV/EBITDAunavailable · input data missing
- Peers: P/E59.54 – 144.76 (Mid 81.83)16 companies used · median multiple 14.5x · quartiles 10.6x – 25.7xAALB.AS, ACOMO.AS, AD.AS, ADYEN.AS, AKZA.AS, ARCAD.AS, ASM.AS, ASML.AS, AXS.AS, BAMNB.AS, BNJ.AS, CRBN.AS, CTAC.AS, ECMPA.AS, FFARM.AS, HAL.AS
- Dividend discount (DDM)33.05 – 45.07 (Mid 38.13)
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: 43.8% of at least 60%
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | 33.1% | 96 (vs peers) | 24% |
| Net margin · Quality | 21.4% | 83 (vs peers) | 14% |
| 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 | 15.1x | 100 (on a fixed band) | 14% |
| Current ratio · Balance sheet | 0.6x | 0 (on a fixed band) | 10% |
| P/E (TTM) · Valuation | 16.4x | 57 (vs peers) | 24% |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | unavailable | unavailable | — |
| Shareholder yield (distributions) · Returns | 7.8% | 100 (on a fixed band) | 14% |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet60/100 · 2/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality91/100 · 2/3 factors with a value
- Returns· partial100/100 · 1/2 factors with a value
- Valuation· partial57/100 · 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
Wolters Kluwer N.V. (WKL.AS). Latest full fiscal year: 2025; data up to 2025-12-31.
Figures computed from the financial statements: revenue 6.1 bn EUR in 2025; YoY growth 3.5%; net margin 21.4%; ROE 111.7%.
The estimated value range is 46.29–94.91 EUR per share (median of 2 methods, agreement: low); assumptions are illustrative. Against the central value of 59.98 EUR, the price of 92.42 EUR leaves a potential of -35.1% (value / price − 1) and a margin of safety of -54.1% (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: 43.8% of at least 60%).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- ROIC: 33.1%
- Net margin: 21.4%
- Interest coverage: 15.1x
- Shareholder yield (distributions): 7.8%
What contradicts it
- Current ratio: 0.6x
- The valuation methods diverge
Not assessed (insufficient data or a ratio without meaning): FCF conversion, Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, EV/EBITDA, FCF yield, 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% |
| WKL.ASWolters Kluwer N.V. | 21.4 bn | 16.4 | 111.7% | 21.4% | +3.5% | +1% / −27% |
| 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% |
1- and 3-year price returns: for WKL.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 | 54.29 Total return -39% · Per year -39% | 96.02 Total return 7% · Per year 7% | 144.70 Total return 60% · Per year 60% |
| 3 years | 51.67 Total return -38% · Per year -15% | 102.93 Total return 20% · Per year 6% | 170.45 Total return 95% · Per year 25% |
| 5 years | 49.18 Total return -37% · Per year -9% | 110.33 Total return 34% · Per year 6% | 200.78 Total return 137% · Per year 19% |
- Exit P/E± 25.73
- Net margin± 18.01
- Annual revenue growth± 14.92
- Annual dilution± 1.51
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
Wolters Kluwer N.V. is a global provider of expert solutions for professionals in healthcare, tax, financial compliance, legal and corporate performance, backed by a largely recurring subscription base. It is now shifting its focus toward AI-powered modular platforms, which makes it relevant to investors tracking AI's impact on professional software. Revenues in 2025 were 6.1 billion EUR, of which 83% were recurring 1.
SWOT
Strengths
- The revenue base is largely recurring, and renewal rates for major products remain above 90% 1.
- The company holds proprietary content and domain experts who co-develop and validate its AI solutions 1.
- Global reach across many markets and a product portfolio spread over five divisions reduce reliance on any single segment 1.
Weaknesses
Opportunities
- Expanding AI-powered modular platforms could raise digital revenues and strengthen adoption rates 1.
- Acquisitions and disposals could reshape the portfolio, though they may dilute margins and returns in the near term 1.
- In-house development tools such as the FAB platform could speed up the launch of new products 1.
Threats
Risks
- Currency riskhigh
Revenues and profit from North America could be affected by euro-dollar fluctuations, with direct effects on earnings per share 1.
- Technology and business model riskhigh
Changes in technology and customer preferences, including new AI models, could reduce the value of existing products 1.
- Cybersecurity riskmedium
Security incidents could affect customer data and service continuity, although the company maintains a programme assessed annually by an independent party 1.
- Talent riskmedium
Competition for technology talent, especially in AI, could raise costs and affect execution of the strategy 1.
- Regulatory riskmedium
New rules on AI and data protection could require product adjustments and compliance costs 1.
Investment thesis
What would need to be true (bull case)
- If the recurring model and high renewal rates hold, revenues could remain predictable even during periods of economic uncertainty 1.
- If AI solutions embedded in existing products lift adoption, the share of digital revenues could keep rising 1.
- If the adjusted operating margin reaches the level guided for 2026, higher profitability could support the continuation of share repurchases 1.
What would break the thesis
- If the dollar weakens against the euro, euro-denominated profit could fall, since much of the business is in North America 1.
- If investment in development does not quickly translate into revenue, margins could be pressured by higher spending 1.
- If involuntary employee turnover keeps rising, project execution could be affected 1.
What to watch
- Delivery of organic growth and adjusted operating margin guidance2026
- Development of digital revenues from AI solutionsnext 10-K
- Pace of product development spending, guided at 12-13% of revenues2026
- Renewal rates of major subscriptions and trend in employee turnover2026
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 company delivers expert solutions that combine deep domain knowledge with artificial intelligence and other advanced technologies, used by professionals in over 180 countries 1. A growing share of revenues comes from cloud-based modular platforms that integrate customer data and proprietary content. The model rests on long-term relationships, subscriptions and high renewal rates, above 90% for the largest products 1.
Revenues are primarily recurring, based on subscriptions to information, software and services, supplemented by software licences, implementation and training services and transactional fees 1. The company employs over 21,000 people, and more than half of annual operating costs relate to employees 1. Product development spending, around 11% of revenues, supports the AI strategy 1.
Activities are organised in five customer-facing divisions, with central product innovation coordinated by a development team supporting all of them 1. A large part of the business is in North America, which generated nearly 65% of revenues and adjusted operating profit in 2025 1.
Segments
Health
The Health division provides clinical and educational solutions, with editorial content co-developed by 7,600 clinicians 1. For 2026 the company expects organic growth in line with the prior year, which was 5% 1.
Tax & Accounting
The Tax & Accounting division includes platforms with AI features for tax, audit and firm management. Organic growth in 2025 was 7%, and for 2026 the company expects a similar pace, with revenue momentum possibly picking up in the second half 1.
Financial & Corporate Compliance
This division offers solutions for managing regulatory change in the financial sector. Organic growth in 2025 was 3%, and for 2026 the company expects growth ahead of the prior year, with momentum possibly picking up in the second half 1.
Market context
The market for professional information and software solutions is shaped by subscriptions and customers' need for expert-validated tools suited to complex regulation 1. The company operates in over 180 countries, and in 2025 nearly 70% of digital revenues came from AI-powered solutions 1. The large North American weight means the dollar's move against the euro matters significantly for results 1.
Guidance for 2026 points to an adjusted operating profit margin of approximately 28%, up from 27.5% in 2025, and adjusted free cash flow of 1,300-1,350 million EUR 1. The company notes that a stronger dollar could materially change diluted adjusted EPS, so currency sensitivity remains an important factor 1.
Trends
- Generative and agentic AItailwind
Expert AI features embedded in healthcare, tax and legal products could accelerate digital revenue growth if customers adopt the new functions quickly 1. The company already reports that nearly 70% of digital revenues come from AI 1.
- Rising product development spendingmixed
Product development spending is set to rise to 12-13% of revenues in 2026 to advance the AI strategy, which could temporarily compress margins if revenue growth lags 1.
- Currency exposureheadwind
With nearly two-thirds of revenues from North America, a move in the euro-dollar rate could materially affect euro-denominated earnings per share 1.
- Recurring revenue modeltailwind
A high share of recurring revenue and high renewal rates support predictability, while new acquisitions with largely recurring models could reinforce this base 1.
Competitive position
The company competes in markets where rivals include professional information providers, compliance software vendors and AI platforms for vertical domains. This document does not name specific competitors, so only general competitor categories are described here 1.
Competitive risk is treated by management as a strategic risk, alongside macroeconomic conditions and changes in technology and customer preferences 1. The company argues that its domain expertise and proprietary content differentiate it against these pressures 1.
- Compliance and regulatory software vendors
Competitors in regulatory and obligation management, overlapping with the financial compliance division's solutions 1.
- Legal research and practice platform providers
Competitors in legal research and legal practice management, relevant to the legal and regulatory division 1.
- Tax and audit software providers
Competitors for tax, accounting and audit solutions, where the company embeds AI functions 1.
- Corporate performance and ESG software providers
Competitors in financial performance management and ESG reporting, relevant to the corporate performance division 1.
News & filings
In the press
Annual reports (ESEF)
- Annual report 202518 Mar 2026
- Annual report 202418 Mar 2025
Sources
- [1] Annual report, fiscal year ended 2025-12-31 (ESEF) · SEC / Wolters Kluwer 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.