olivLaw · European equity research
AFC Ajax N.V. AJAX.AS
Netherlands · Euronext Amsterdam · ISIN NL0000018034 · Vertical: Listed companies from Netherlands
AFC Ajax is a professional football club in Amsterdam whose income comes from matches, European prize money, sponsorship, merchandising and above all the transfer of players. In fiscal 2024/2025 the club reported net revenue of 178.1 million EUR but a net loss of 37.3 million EUR, driven by a lower transfer result. The club is now trying to stabilise its costs and build a more flexible financial structure.
At the close of 04 Nov 2026, AFC Ajax N.V. (AJAX.AS) stock was 7.62 EUR (−1.04% on the day), with market capitalisation 139.5 m EUR, dividend yield 0.00%, beta 0.04, 52-week range 7.60–9.50 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)
- 36.8
- weak (30–45)
- Bollinger (20, 2)
- 7.57 – 7.97
- in the lower half of the band · %B 0.13 · band width 5.2%
- SMA 50 / 200
- 8.27 / 8.58
- downtrend (price < SMA50 < SMA200)
- MACD (12, 26, 9)
- -0.16 / -0.18
- 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 | −5.2% | −1.5% | −3.7 pp | — |
| 3 months | −15.9% | −5.3% | −10.6 pp | — |
| 6 months | −10.6% | +4.7% | −15.2 pp | — |
| Year to date | −10.4% | +6.0% | −16.4 pp | — |
| 1 year | −16.1% | +8.2% | −24.3 pp | +2.6% |
| 3 years | −30.4% | +47.2% | −77.6 pp | +6.8% |
| 5 years | −49.5% | +41.8% | −91.3 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 | 196.3 m | 152.0 m | 178.1 m |
| Revenue YoY | unavailable | −22.6% | +17.2% |
| Net income | 39.0 m | -9.8 m | -37.3 m |
| Net income YoY | unavailable | −125.0% | unavailable |
| Diluted EPS | 2.13 | -0.53 | -2.04 |
| Diluted EPS YoY | unavailable | −124.9% | unavailable |
| net % | 19.9% | -6.4% | -21.0% |
| Free cash flow | -21.0 m | -19.1 m | -41.6 m |
Balance sheet & financial health
Fiscal year 2025 · 30 Jun 2025
- Cash
- 40.3 m EUR
- Financial debt
- unavailable EUR
- Net debt
- unavailable EUR
- Equity
- 189.1 m EUR
- Total assets
- 455.8 m EUR
- Debt / equity
- unavailable
- Current ratio
- 1.13x
- ROE
- -18.0%
- ROA
- -7.2%
- FCF margin
- -23.3%
Financial statements (source on every figure)
Revenue and net income (EUR)
Margins
Income statement · EUR
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Revenue | 196.3 m | 152.0 m | 178.1 m | esef· 14 Oct 2025verified |
| Cost of revenue | 19.3 m | 15.6 m | 18.5 m | esef· 14 Oct 2025verified |
| Gross profit | 177.0 m ≈ | 136.4 m ≈ | 159.7 m ≈ | esef· 14 Oct 2025derived |
| Operating income | 62.1 m | -8.0 m | -50.4 m | esef· 14 Oct 2025verified |
| Depreciation & amortisation | 10.3 m | 11.1 m | 11.2 m | esef· 14 Oct 2025verified |
| EBITDA | 72.4 m ≈ | 3.1 m ≈ | -39.2 m ≈ | esef· 14 Oct 2025derived |
| Interest expense | 10.8 m | 15.4 m | 10.7 m | esef· 14 Oct 2025verified |
| Pre-tax income | 55.1 m | -12.9 m | -51.5 m | esef· 14 Oct 2025verified |
| Income tax | 16.2 m | -3.1 m | -14.2 m | esef· 14 Oct 2025verified |
| Net income | 39.0 m | -9.8 m | -37.3 m | esef· 14 Oct 2025verified |
| Diluted EPS | 2.13 | -0.53 | -2.04 | esef· 14 Oct 2025verified |
| Dividend per share | 0.00 | 0.02 | 0.00 | esef· 14 Oct 2025derived |
≈ computed by olivLaw from the reported lines of the same year: Revenue − Cost of revenue; Operating income + Depreciation & amortisation.
Balance sheet · EUR
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Cash | 11.3 m | 34.6 m | 40.3 m | esef· 14 Oct 2025verified |
| Receivables | 105.4 m | 118.8 m | 99.3 m | esef· 14 Oct 2025verified |
| Inventories | 7.0 m | 7.9 m | 6.4 m | esef· 14 Oct 2025verified |
| Current assets | 146.1 m | 184.3 m | 146.0 m | esef· 14 Oct 2025verified |
| Property, plant & equipment, net | 20.7 m | 26.5 m | 45.4 m | esef· 14 Oct 2025verified |
| Intangibles (excl. goodwill) | 145.7 m | 153.5 m | 96.0 m | esef· 14 Oct 2025verified |
| Total assets | 538.9 m | 580.4 m | 455.8 m | esef· 14 Oct 2025verified |
| Current liabilities | 126.7 m | 164.3 m | 129.7 m | esef· 14 Oct 2025verified |
| Equity | 236.6 m | 226.4 m | 189.1 m | esef· 14 Oct 2025verified |
| Shares outstanding at year end | 18.3 m | 18.4 m | 18.3 m | esef· 14 Oct 2025derived |
Cash flow · EUR
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Operating cash flow | -17.5 m | -10.5 m | -20.1 m | esef· 14 Oct 2025verified |
| Capex | 3.5 m | 8.5 m | 21.5 m | esef· 14 Oct 2025verified |
| Free cash flow | -21.0 m ≈ | -19.1 m ≈ | -41.6 m ≈ | esef· 14 Oct 2025derived |
| Investing cash flow | 13.7 m | 40.4 m | 32.4 m | esef· 14 Oct 2025verified |
| Financing cash flow | -5.3 m | -6.4 m | -6.6 m | esef· 14 Oct 2025verified |
| Dividends paid | 0 | 447.0 k | 0 | esef· 14 Oct 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: 5 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: 139.5 m EUR
Key indicators
Coverage and freshness
The data is older than the freshness threshold.
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 · 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/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: 5 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 | unavailable | unavailable | — |
| Net margin · Quality | -21.0% | 11 (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 | -4.7x | 0 (on a fixed band) | 20% |
| Current ratio · Balance sheet | 1.1x | 27 (on a fixed band) | 13% |
| P/E (TTM) · Valuation | unavailable | unavailable | — |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | -29.8% | 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 sheet11/100 · 2/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality· partial11/100 · 1/3 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
AFC Ajax N.V. (AJAX.AS). Latest full fiscal year: 2025; data up to 2025-06-30.
Figures computed from the financial statements: revenue 178.1 m EUR in 2025; YoY growth 17.2%; net margin -21.0%; ROE -18.0%.
Valuation cannot be computed from the available data.
Insufficient data for a verdict (indicators available: 5 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
- Net margin: -21.0%
- Interest coverage: -4.7x
- Current ratio: 1.1x
- FCF yield: -29.8%
- Shareholder yield (distributions): 0.0%
Not assessed (insufficient data or a ratio without meaning): ROIC, FCF conversion, Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, P/E (TTM), EV/EBITDA, 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. | 519.6 bn | 50.9 | 44.2% | 31.3% | +15.6% | +48% / +115% |
| ASM.ASASM International N.V. | 33.5 bn | 46.5 | 18.7% | 22.8% | +8.2% | +44% / +45% |
| DSFIR.ASDSM-Firmenich AG | 32.0 bn | 114.3 | 1.2% | 2.2% | +20.4% | +52% / +24% |
| AD.ASKoninklijke Ahold Delhaize N.V. | 30.9 bn | 13.7 | 15.3% | 2.5% | +3.4% | −4% / +29% |
| ADYEN.ASAdyen N.V. | 26.9 bn | 25.4 | 22.3% | 40.1% | +18.9% | −36% / −20% |
| HAL.ASHAL Trust | 15.6 bn | 9.8 | 10.5% | 12.8% | +1.2% | +23% / +49% |
| EXO.ASExor N.V. | 15.3 bn | — | -10.6% | — | −100.0% | +3% / −17% |
| BESI.ASBE Semiconductor Industries N.V. | 12.1 bn | 91.6 | 28.7% | 22.3% | −2.7% | +17% / +18% |
| AKZA.ASAkzo Nobel N.V. | 10.8 bn | 17.1 | 13.8% | 6.3% | −5.2% | +12% / −11% |
| AALB.ASAalberts N.V. | 4.6 bn | 25.8 | 7.2% | 5.7% | −5.3% | +51% / +15% |
| ARCAD.ASArcadis N.V. | 4.2 bn | 20.3 | 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. | 3.4 bn | 42.5 | 9.1% | 1.3% | +2.9% | +49% / +408% |
| BFIT.ASBasic-Fit N.V. | 2.0 bn | 138.2 | 3.6% | 1.0% | +16.9% | +7% / +16% |
| HAVAS.ASHavas N.V. | 1.8 bn | 9.7 | 10.2% | 6.5% | +1.7% | +27% / unavailable |
| CRBN.ASCorbion N.V. | 1.6 bn | 8.3 | 27.3% | 14.9% | +1.9% | +40% / +56% |
| ECMPA.ASEurocommercial Properties N.V. | 1.4 bn | 11.2 | 5.9% | 45.4% | +4.2% | −4% / +19% |
| FUR.ASFugro N.V. | 973.4 m | — | -1.5% | -1.1% | −18.8% | −1% / −49% |
| ACOMO.ASAcomo N.V. | 687.4 m | 15.2 | 10.7% | 3.3% | +7.6% | −3% / +37% |
| FAST.ASFastned B.V. | 667.9 m | — | -28.2% | -21.7% | +66.1% | +61% / +25% |
| FFARM.ASForFarmers N.V. | 515.9 m | 10.3 | 14.5% | 1.6% | +14.8% | +31% / +140% |
| BRNL.ASBrunel International N.V. | 386.2 m | 126.5 | 1.0% | 0.3% | −10.8% | −5% / −29% |
| ALFEN.ASAlfen N.V. | 229.8 m | — | -0.1% | -0.0% | −10.7% | +0% / −77% |
| ENVI.ASEnvipco Holding N.V. | 227.9 m | — | -12.7% | -11.9% | −20.8% | −24% / +49% |
| CMCOM.ASCM.com N.V. | 188.7 m | — | -22.2% | -1.5% | −5.4% | +21% / −31% |
1- and 3-year price returns: for AJAX.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
AFC Ajax is a professional football club in Amsterdam whose income comes from matches, European prize money, sponsorship, merchandising and above all the transfer of players. In fiscal 2024/2025 the club reported net revenue of 178.1 million EUR but a net loss of 37.3 million EUR 1, driven by a lower transfer result. The club is now trying to stabilise its costs and build a more flexible financial structure 1.
SWOT
Strengths
- The club has a strong fan base, well-sold business seats and skyboxes and a recognised brand, which support ticket and merchandising revenue 1.
- Ajax reported equity of 189.1 million EUR at year-end, giving a financial base for more difficult periods 1.
- The club runs a youth development programme and a scouting network, which can support long-term transfers 1.
Weaknesses
- The net result was negative in fiscal 2024/2025 and transfer revenue fell, showing dependence on player sales 1.
- Operating costs are high and rose over the past year, with salaries and bonuses tied to results 1.
- Revenue depends largely on sporting performance, which makes financial results more volatile 1.
Opportunities
- Reaching the UEFA Champions League group stage in 2025/2026 could bring additional prize money and revenue 1.
- Growing merchandising and commercial partnerships could lift revenue that is not tied to transfers 1.
- A more flexible cost structure could allow the club to adapt more easily to changes in results 1.
Threats
- A fall in European results could reduce prize money and match revenue, directly affecting the club's budget 1.
- International competition for players and the growing influence of intermediaries could push transfer prices up 1.
- Regulatory changes and compliance risks could generate extra costs and reputational problems 1.
Risks
- Transfer riskhigh
The club could fail to attract or retain the right players, and complex deals under tight deadlines can lead to sporting and financial setbacks 1.
- Balance between sporting ambitions and financial stabilityhigh
Dependence on sporting results produces volatile revenue, while the cost structure is hard to reduce quickly 1.
- Liquidity and cash flow volatilitymedium
The club's revenue model depends on transfers and performance, which could limit financial flexibility in some periods 1.
- Safety at matches and in the stadiummedium
Misconduct, vandalism or violence could lead to sanctions, costs and reputational damage 1.
- Regulatory change and compliancelow
New rules from UEFA, the KNVB or European legislation could require costly adjustments to contracts and processes 1.
Investment thesis
What would need to be true (bull case)
- If the return to European competition translates into stable sporting revenue, the club could reduce its losses, helped by a more flexible cost structure 1.
- Partnership, merchandising and ticket revenue grew, showing that the Ajax brand can generate income beyond transfers 1.
- The positive result reported from summer 2025 transfers could indicate a recovery in player-sale revenue 1.
What would break the thesis
- The net loss and the fall in transfer results show the business still depends on player sales, which makes profitability uncertain 1.
- Operating costs have risen, and a weak European season could put pressure on revenue and liquidity 1.
- International competition for players and the growing influence of intermediaries could make transfers more expensive or riskier 1.
What to watch
- Results in the UEFA Champions League and prize money revenue2025/2026
- Transfer result and the value of player sales2025/2026
- Development of salary and operating costs2025/2026
- Next annual report and development of liquiditynext annual report
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
AFC Ajax N.V. is the company that runs the football teams of the Ajax club, based in Amsterdam at the Johan Cruijff ArenA 1. Revenue comes from several sources: European prize money and receipts, ticket sales and business seats and skyboxes, commercial partnerships, television, merchandising and player transfers 1. Transfer revenue is volatile, and the club describes its financial model as closely tied to sporting performance and player sales 1.
In fiscal 2024/2025 the club improved its operating result but saw its transfer result fall, which led to the net loss 1. Ajax finished second in the Eredivisie, securing direct entry into the UEFA Champions League group stage in 2025/2026, while the women's team finished third in its league 1.
The club emphasises several dimensions: sporting performance, financial sustainability and social responsibility through the Ajax Foundation, which supports young people in Amsterdam 1. Its cost and transfer strategy is presented as the basis for long-term stability 1.
Segments
Football (European prize money, tickets, matches)
The football segment generated 85.0 million EUR in fiscal 2024/2025, up 28% 1. European prize money rose to 20.7 million EUR and ticket sales to 59.8 million EUR, supported by more matches and business seats and skyboxes 1.
Partnerships and television
Commercial partnerships brought in 42.5 million EUR in fiscal 2024/2025, up 6% 1. Television revenue fell to 11.7 million EUR, due to a change in the distribution of prize money for European tournaments 1.
Merchandising
Merchandising brought in 33.4 million EUR and grew, supported by sporting success and the anniversary collection for the club's 125th year 1.
Market context
The club operates in the European professional football market, where revenue depends on participation in UEFA competitions and on the ability to attract and sell players at good prices 1. Competition in the transfer market is described as intense and increasingly international, with the influence of agents growing 1. Commercial income also depends on the team's popularity and match audiences 1.
The market for TV rights and European prize money is changing with the new UEFA competition format, which increased the number of matches but altered how revenue is shared 1. The club says its revenue structure remains sensitive to sporting results 1.
Trends
- European prize money and matchesmixed
The new format of European competitions brought more matches and larger prize money, which supported revenue in 2024/2025 1. If European results do not hold up, revenue could decline.
- Player transfersmixed
The transfer result fell considerably compared with the previous season, but summer 2025 sales brought a positive result reported to date 1. Results depend on the timing and value of deals.
- More flexible salary coststailwind
The club has partly linked player salaries to the sporting scenario, which could reduce costs if results are weaker 1. This could soften the impact of a fall in European prize money.
- Pressure from staff and overhead costsheadwind
Salary costs rose with prize money and bonuses, and operating expenses remain high 1. If revenue does not grow at the same pace, margins could stay under pressure.
Competitive position
Ajax competes with other top European clubs, especially for young players and for places in UEFA competitions 1. The reference source does not name other competitors, so these cannot be detailed here.
- Top European clubs
Competition for players and for places in European competitions, as described in the annual report 1.
- Clubs involved in transfer negotiations
Transfer risk is described as linked to rising competition and the internationalisation of player markets 1.
- Other Eredivisie clubs
Domestic competition for the national title and for match and ticket revenue 1.
- Clubs in foreign leagues
Competition in the transfer market, where several intermediaries and clubs influence prices 1.
News & filings
In the press
- Henk Spaan vergelijkt uitblinkende Ajax - speler met grote ster van PSGSurge — GDELT DOC · 24 Oct 2026 · RO
- Campioana Universitatea Craiova, locul 11 în ierarhia din Conference League: Peste Ajax, Atalanta și GentG4Media · 23 Oct 2026 · RO
- Arrests made for pro-Nazi chants at Hajduk Split-Ajax match in CroatiaAl Jazeera English · 17 Oct 2026 · EN
- Pro-Nazi chants before Ajax match slammed by Croatia leadersAl Jazeera English · 16 Oct 2026 · EN
- Valse start Ajax bij debuut in Conference League : nederlaag bij Hajduk SplitSurge — GDELT DOC · 15 Oct 2026 · RO
- Frank de Boer deelt alvast waarschuwing uit aan AjaxSurge — GDELT DOC · 15 Oct 2026 · RO
- Spelersrapport Ajax na Conference League - duel met Hajduk SplitSurge — GDELT DOC · 15 Oct 2026 · RO
- UEL / UECL : Sadiki voorkomt megastunt , Kroatische blamage AjaxSurge — GDELT DOC · 15 Oct 2026 · RO
- FC Barcelona îl împrumută pe portarul Marc-André ter Stegen la Ajax AmsterdamMediafax · 04 Aug 2026 · RO
- Fostul internațional neerlandez Daley Blind revine pentru a treia oară la Ajax Amsterdam, la 36 de aniMediafax · 08 Jul 2026 · RO
- Dutch police arrests suspect linked to Ajax football club hackBleepingComputer · 27 May 2026 · RO
Annual reports (ESEF)
- Annual report 202514 Oct 2025
- Annual report 202405 Nov 2024
Sources
- [1] Annual report, fiscal year ended 2025-06-30 (ESEF) · SEC / AFC Ajax N.V. · 30 Jun 2025
Figures computed by olivLaw from ESEF annual reports and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.