olivLaw · European equity research
NV BEKAERT SA BEKB.BR
Belgium · Euronext Brussels · ISIN BE0974258874 · Vertical: Listed companies from Belgium
Bekaert is a Belgian industrial group specialised in steel wire products and advanced materials, active in several divisions from tyre reinforcement to cables and durable construction. For 2025 the group reported revenue of 3706 million EUR, and management expects revenue and margins to hold at 2025 levels in 2026, with a recovery in demand for durable construction in North America if market conditions persist.
At the close of 05 Nov 2026, NV BEKAERT SA (BEKB.BR) stock was 40.65 EUR (+0.00% on the day), with market capitalisation 2.1 bn EUR, P/E 30.7 on diluted EPS of 1.33 EUR over the last 12 months, beta 0.94, 52-week range 34.45–44.70 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)
- 57.3
- strong (55–70)
- Bollinger (20, 2)
- 38.90 – 41.31
- in the upper half of the band · %B 0.73 · band width 6.0%
- SMA 50 / 200
- 39.13 / 40.53
- mixed trend
- MACD (12, 26, 9)
- 0.45 / 0.44
- 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 | +0.1% | +0.4% | −0.3 pp | — |
| 3 months | +6.0% | −3.3% | +9.3 pp | — |
| 6 months | −6.3% | +4.0% | −10.3 pp | — |
| Year to date | +7.3% | +8.1% | −0.8 pp | — |
| 1 year | +14.5% | +10.7% | +3.8 pp | +6.3% |
| 3 years | +4.8% | +50.1% | −45.3 pp | −6.5% |
| 5 years | +4.7% | +43.6% | −38.9 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 100 percentile of its own 2-quarter history (min 7.4, median 18.0, max 28.6; quarters with earnings only).
Fiscal years
| Fiscal year | 2024 | 2025 |
|---|---|---|
| Revenue | 4.0 bn | 3.7 bn |
| Revenue YoY | unavailable | −6.4% |
| Net income | 238.9 m | 67.4 m |
| Net income YoY | unavailable | −71.8% |
| Diluted EPS | 4.55 | 1.33 |
| Diluted EPS YoY | unavailable | −70.8% |
| net % | 6.0% | 1.8% |
| Free cash flow | 177.9 m | 310.5 m |
Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 526.6 m EUR
- Financial debt
- 372.4 m EUR
- Net debt
- -154.2 m EUR
- Equity
- 2.1 bn EUR
- Total assets
- 3.8 bn EUR
- Debt / equity
- 0.18x
- Current ratio
- 1.62x
- ROE
- 3.1%
- ROA
- 1.7%
- FCF margin
- 8.4%
Financial statements (source on every figure)
Revenue and net income (EUR)
Margins
Income statement · EUR
| Line | 2024 | 2025 | Source (latest year) |
|---|---|---|---|
| Revenue | 4.0 bn | 3.7 bn | esef· 07 Apr 2026verified |
| Cost of revenue | 3.3 bn | 3.2 bn | esef· 07 Apr 2026verified |
| Gross profit | 655.3 m | 482.2 m | esef· 07 Apr 2026verified |
| Research & development | 56.7 m | 59.3 m | esef· 07 Apr 2026verified |
| Operating income | 296.2 m | 134.8 m | esef· 07 Apr 2026verified |
| Pre-tax income | 257.6 m | 85.6 m | esef· 07 Apr 2026verified |
| Income tax | 62.9 m | 59.2 m | esef· 07 Apr 2026verified |
| Net income | 238.9 m | 67.4 m | esef· 07 Apr 2026verified |
| Diluted EPS | 4.55 | 1.33 | esef· 07 Apr 2026verified |
Balance sheet · EUR
| Line | 2024 | 2025 | Source (latest year) |
|---|---|---|---|
| Cash | 504.4 m | 526.6 m | esef· 07 Apr 2026verified |
| Inventories | 834.0 m | 735.2 m | esef· 07 Apr 2026verified |
| Current assets | 2.2 bn | 2.0 bn | esef· 07 Apr 2026verified |
| Property, plant & equipment, net | 1.2 bn | 1.0 bn | esef· 07 Apr 2026verified |
| Goodwill | 166.4 m | 164.6 m | esef· 07 Apr 2026verified |
| Intangibles (excl. goodwill) | 92.9 m | 92.8 m | esef· 07 Apr 2026verified |
| Total assets | 4.2 bn | 3.8 bn | esef· 07 Apr 2026verified |
| Long-term debt | 496.2 m | 372.4 m | esef· 07 Apr 2026verified |
| Current liabilities | 1.2 bn | 1.2 bn | esef· 07 Apr 2026verified |
| Equity | 2.3 bn | 2.1 bn | esef· 07 Apr 2026verified |
| Shares outstanding at year end | 52.4 m | 50.7 m | esef· 07 Apr 2026derived |
Cash flow · EUR
| Line | 2024 | 2025 | Source (latest year) |
|---|---|---|---|
| Operating cash flow | 374.0 m | 449.7 m | esef· 07 Apr 2026verified |
| Capex | 196.1 m | 139.2 m | esef· 07 Apr 2026verified |
| Free cash flow | 177.9 m ≈ | 310.5 m ≈ | esef· 07 Apr 2026derived |
| Investing cash flow | -200.4 m | -79.0 m | esef· 07 Apr 2026verified |
| Financing cash flow | -306.9 m | -316.0 m | esef· 07 Apr 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
- score weight coverage: 45.8% of at least 60%
A scoring methodology on indicators and valuation, not investment advice.
Closing price
05 Nov 2026Source: olivLaw, closing series
Market cap: 2.1 bn EUR
Key indicators
Coverage and freshness
Score by group
46% · 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: 13.11 – 30.06 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/E13.11 – 30.06 (Mid 18.99)23 companies used · median multiple 14.3x · quartiles 9.9x – 22.7xACKB.BR, AGS.BR, AZE.BR, BAR.BR, BELYS.BR, BPOST.BR, CAMB.BR, CFEB.BR, COLR.BR, DECB.BR, DEME.BR, DIE.BR, ECONB.BR, ELI.BR, EVS.BR, FAGR.BR, FLOB.BR, FOU.BR, IBAB.BR, JEN.BR, KIN.BR, MELE.BR, MOUR.BR
- Dividend discount (DDM)unavailable · the company pays no dividend: a dividend model needs an explicit initiation assumption
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: 45.8% of at least 60%
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | 5.3% | 33 (vs peers) | 23% |
| Net margin · Quality | 1.8% | 33 (vs peers) | 14% |
| FCF conversion · Quality | 461.0% | 100 (on a fixed band) | 14% |
| 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 | 1.6x | 68 (on a fixed band) | 9% |
| P/E (TTM) · Valuation | 30.7x | 26 (vs peers) | 23% |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | 15.1% | 100 (on a fixed band) | 18% |
| 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· partial68/100 · 1/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality52/100 · 3/3 factors with a value
- Returns· partialunavailable · 0/2 factors with a value
- Valuation59/100 · 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
NV BEKAERT SA (BEKB.BR). Latest full fiscal year: 2025; data up to 2025-12-31.
Figures computed from the financial statements: revenue 3.7 bn EUR in 2025; YoY growth -6.4%; net margin 1.8%; ROE 3.1%.
The estimated value range is 13.11–30.06 EUR per share (median of 1 methods, agreement: single method); assumptions are illustrative. Against the central value of 18.99 EUR, the price of 40.65 EUR leaves a potential of -53.3% (value / price − 1) and a margin of safety of -114.0% (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: 45.8% of at least 60%).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- FCF conversion: 461.0%
- FCF yield: 15.1%
What contradicts it
- P/E (TTM): 30.7x
- The price is above the estimated value range
Not assessed (insufficient data or a ratio without meaning): Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, Interest coverage, EV/EBITDA, Shareholder yield (distributions), Payout ratio (FCF).
Versus the vertical median
Listed companies from Belgium · 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 | |
|---|---|---|---|---|---|---|
| ELI.BRElia Group | 11.9 bn | 23.3 | 9.6% | 13.6% | −2.0% | +28% / +34% |
| LOTB.BRLotus Bakeries | 11.4 bn | 66.4 | 20.9% | 12.7% | +10.0% | +82% / +76% |
| GBLB.BRGroupe Bruxelles Lambert - Groep Brussel Lambert | 10.6 bn | 82.4 | 0.8% | 2.1% | +1.0% | +6% / +9% |
| DIE.BRD'ieteren Group | 9.7 bn | 23.2 | — | 5.3% | −1.5% | +22% / +16% |
| ACKB.BRAckermans & Van Haaren | 8.8 bn | 22.2 | 8.4% | 7.6% | +18.6% | +22% / +77% |
| COLR.BRColruyt Group | 4.4 bn | 14.6 | 9.4% | 2.9% | +3.1% | +12% / −6% |
| DEME.BRDeme Group | 4.2 bn | 12.2 | 15.5% | 8.3% | +1.3% | +21% / +72% |
| AZE.BRAzelis Group | 2.9 bn | 16.1 | 6.6% | 4.3% | +1.5% | +29% / −42% |
| MELE.BRMelexis | 2.1 bn | 12.4 | 30.7% | 18.4% | −3.3% | −1% / −38% |
| BEKB.BRNV Bekaert SA | 2.1 bn | 30.7 | 3.1% | 1.8% | −6.4% | +10% / −5% |
| FAGR.BRFagron | 1.8 bn | 22.2 | 16.7% | 9.2% | +14.3% | +15% / +40% |
| KIN.BRKinepolis Group | 1.4 bn | 33.9 | 19.3% | 7.0% | −4.5% | +62% / +11% |
| JEN.BRJensen Group | 706.9 m | 17.2 | 15.1% | 9.1% | +13.3% | +28% / +111% |
| BAR.BRBarco | 563.5 m | 9.1 | 7.9% | 6.7% | −9.9% | −48% / −59% |
| IBAB.BRIon Beam Applications | 487.2 m | 39.5 | 10.7% | 2.1% | +24.5% | +48% / +52% |
| DECB.BRDeceuninck | 341.3 m | 24.6 | 4.3% | 1.7% | −4.5% | +8% / +8% |
| CAMB.BRCampine | 272.3 m | 12.2 | 28.6% | 6.1% | +13.4% | −12% / +161% |
| CFEB.BRAannemingsmaatschappij Cfe | 266.8 m | 11.1 | 9.9% | 2.0% | −5.3% | +22% / +48% |
| MOUR.BRMoury Construct | 261.2 m | 10.7 | 21.3% | 13.1% | −4.0% | +11% / +76% |
| EVS.BREvs Broadcast Equipment | 245.9 m | 6.0 | 20.8% | 21.7% | +14.3% | −49% / −36% |
| BPOST.BRBpost | 229.8 m | 3.5 | 6.3% | 1.5% | −2.6% | −39% / −75% |
| ECONB.BREconocom Group | 210.7 m | 40.5 | 1.2% | 0.2% | +4.3% | −1% / −36% |
| IMMO.BRImmobel | 172.2 m | — | -7.4% | -25.2% | −32.8% | −24% / −36% |
| MONNI.BRKeyware Technologies | 171.0 m | 162.0 | 3.5% | 4.5% | −5.9% | −5% / −17% |
| HYSG.BRHybrid Software Group PLC | 121.3 m | — | -2.5% | -5.5% | +7.2% | −4% / +13% |
1- and 3-year price returns: for BEKB.BR 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 | 21.78 Total return -46% · Per year -46% | 38.70 Total return -5% · Per year -5% | 58.57 Total return 44% · Per year 44% |
| 3 years | 17.30 Total return -57% · Per year -25% | 34.93 Total return -14% · Per year -5% | 58.57 Total return 44% · Per year 13% |
| 5 years | 13.73 Total return -66% · Per year -20% | 31.53 Total return -22% · Per year -5% | 58.57 Total return 44% · Per year 8% |
- Exit P/E± 8.73
- Net margin± 6.11
- Annual revenue growth± 5.52
- Annual dilution± 0.51
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
Bekaert is a Belgian industrial group specialised in steel wire products and advanced materials, active in several divisions from tyre reinforcement to cables and durable construction. For 2025 the group reported revenue of 3706 million EUR, and management expects revenue and margins to hold at 2025 levels in 2026, with a recovery in demand for durable construction in North America if market conditions persist.
SWOT
Strengths
- Global presence with a broad customer base across several industries and a divisional structure that allows strategies adapted to each market.
- Solid technological position in steel wire and advanced materials, supported by co-development relationships with major customers.
- Leadership with international experience in the materials industry and in managing operations at global scale.
Weaknesses
- The reported result is weaker than the underlying one, showing a significant impact of exceptional items on profitability.
- Dependence on mature tyre and cable markets exposes the group to price pressure and economic cycles.
- Frequent changes in some key executive functions can create discontinuity in strategy execution.
Opportunities
- A recovery in demand for durable construction, especially in North America, could support growth in the Specialty Businesses division.
- Investment in energy, utilities and infrastructure may generate new contracts for the group's cables and wire products.
- The transition to clean energy and sustainable materials could open new demand for low-impact solutions.
Threats
- Geopolitical uncertainty and changes in trade policy can reduce demand and complicate supply chains.
- Intense competition from Asian producers and global groups may squeeze margins in mature markets.
- A slowdown in decarbonisation in some regions could delay adoption of the group's new products.
Risks
- Margin pressurehigh
If competition and price pressure remain high in mature markets, operating margins could fall below past levels.
- Geopolitical uncertaintyhigh
Geopolitical tensions and trade changes could disrupt demand and supply chains, affecting results in several divisions.
- Exceptional itemsmedium
The gap between reported and underlying results shows that exceptional items can significantly influence the final result in a given year.
- Leadership changesmedium
Recent departures from key executive functions could create continuity risk in implementing strategy over the medium term.
- Pace of decarbonisationlow
If the energy transition and decarbonisation progress more slowly than management expects, demand for sustainable products could stay below forecasts.
Investment thesis
What would need to be true (bull case)
- If the recovery in durable construction in North America is confirmed and energy contracts materialise, the group could benefit from higher revenue in the Specialty Businesses division.
- The global footprint and co-development relationships with customers could support more stable margins if mature markets recover.
- If the energy transition accelerates, the group's sustainable products could become an additional source of medium-term growth.
What would break the thesis
- If competitive pressure in the mature tyre and cable markets persists, margins could remain below historical levels.
- Geopolitical and trade uncertainty could reduce demand across several divisions at once, limiting revenue growth.
- The gap between reported and underlying results could point to earnings quality that needs attention in coming periods.
What to watch
- Quarterly results and the evolution of underlying EBIT against the 2026 outlookQ1 2027
- Evolution of demand for durable construction in North America2026
- Stability of the executive team and replacements in key functions2026
- Next annual report and how exceptional items are explainednext 10-K
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
NV Bekaert SA is an industrial group headquartered in Belgium, employing more than 19000 people and offering steel wire products and advanced materials solutions to an international customer base. Its operating structure comprises four divisions, each with global responsibility for strategy and results, according to the annual report 1. The group focuses on customers in industry, energy, construction and mobility.
In 2025 consolidated revenue was 3706 million EUR, compared with 3958 million EUR in 2024, and reported EBIT was 135 million EUR, down from 296 million EUR in 2024 1. Underlying EBIT, the adjusted figure, was 297 million EUR, showing the impact of exceptional items on the reported result 1.
Operational leadership is provided by an executive committee made up of the chief executive, the chief financial officer and the heads of divisions and global functions, and the board of directors has a monist structure, with a non-executive chair and a managing director 1. The strategy includes sustainability components that shape product and market priorities.
Segments
Rubber Reinforcement
The Rubber Reinforcement division supplies steel cord and wire for the tyre industry. It is led by a dedicated CEO appointed in October 2025, and for 2026 management expects the mature markets of this division to remain challenging because of geopolitical uncertainty and competitive pressure 1.
Steel Wire Solutions and Bridon-Bekaert Ropes Group
The Steel Wire Solutions division delivers wire products for energy, utilities, agriculture and construction, while Bridon-Bekaert Ropes Group produces steel cables, synthetic ropes and high-performance cables. Both are led by the same divisional CEO, which indicates joint coordination of these activities 1.
Specialty Businesses
The Specialty Businesses division includes the Building Solutions subsegment, which is expected to benefit from a demand recovery, especially in North America, along with other subsegments such as technical fibres, combustion technologies and hose wire reinforcement. Management estimates growth in energy and utilities markets, supported by new contracts 1.
Market context
Bekaert's core markets are tyres, construction, energy and general industry. Sales volumes are linked to the automotive cycle, infrastructure investment and industrial activity. The annual report indicates that mature markets such as tyres remain under pressure from geopolitical uncertainty and competition 1.
For 2026 management anticipates a recovery in demand for durable construction, mainly in North America, and growth in the energy and utilities markets. If these trends are confirmed, revenue and margins could remain at the 2025 level, in a volatile economic context 1.
Trends
- Recovery in durable constructiontailwind
Management expects demand for durable construction to continue recovering in 2026, especially in North America, which would support the Specialty Businesses division if the trend holds.
- Investment in energy and utilitiestailwind
Rising investment in energy and utilities, and recently won contracts, support demand for the group's cables and wire products, according to management's outlook.
- Geopolitical and trade uncertaintyheadwind
Changes in global trade policy and geopolitical uncertainty could affect the mature tyre and cable markets, where competition remains intense.
- Decarbonisation and energy transitionmixed
The shift to clean energy and demand for efficient materials create opportunities for sustainable products, but the pace of decarbonisation depends on public policy and technological progress, which are uncertain.
Competitive position
Bekaert competes with global producers of steel wire, cables and advanced materials, particularly in tyre reinforcement and industrial cables. Competition is heightened in mature markets, where price and production capacity are decisive. Differentiation rests on innovation, quality and customer service.
In durable construction and energy markets, competition comes from specialised suppliers and larger industrial companies that can offer integrated solutions. Bekaert's advantage lies in its global presence and its ability to co-develop with customers, according to the annual report 1.
- Nucor CorporationNUE
US steel producer with activity in wire and steel products, a potential competitor in certain steel product segments.
- Insteel IndustriesIIIN
US manufacturer specialised in steel wire and related construction products, competing in the construction wire segment.
- Prysmian Group
European cable group competing in energy and telecom cables, listed outside the United States.
- Kiswire Ltd.
Korean producer of steel cord for tyres, a direct competitor in the Rubber Reinforcement division.
News & filings
In the press
- P & G , Nestle , Mars , AstraZeneca , ITC and Bekaert win OMP Supply Chain AwardsSurge — GDELT DOC · 22 Oct 2026 · RO
- Private equity swaps software for energy: Cherry BekaertYahoo Finance — News · 26 Aug 2026 · EN
Annual reports (ESEF)
- Annual report 202507 Apr 2026
Sources
- [1] Annual report, fiscal year ended 2025-12-31 (ESEF) · SEC / NV BEKAERT SA · 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.