olivLaw · European equity research
FLUIDRA S.A. FDR.MC
Spain · BME Madrid · ISIN ES0137650018 · Vertical: Listed companies from Spain
Fluidra is a group in the pool and wellness sector with operations in several regions, whose fiscal 2025 sustainability reporting shows governance built into executive incentive plans. The company applies a double materiality assessment, so sustainability targets bear directly on remuneration and long-term strategy.
At the close of 04 Nov 2026, FLUIDRA S.A. (FDR.MC) stock was 19.86 EUR (+1.27% on the day), with market capitalisation 3.8 bn EUR, P/E 21.4 on diluted EPS of 0.93 EUR over the last 12 months, dividend yield 3.10%, beta 1.02, 52-week range 17.00–25.96 EUR.
Data as of · AI analysis dated · Source: ESEF annual reports and closing prices, computed by olivLaw.
Price history
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Technical reading
- RSI (14)
- 76.2
- overbought (≥ 70)
- Bollinger (20, 2)
- 16.41 – 19.83
- above the upper band · %B 1.01 · band width 18.9%
- SMA 50 / 200
- 18.16 / 19.88
- mixed trend
- MACD (12, 26, 9)
- 0.43 / 0.19
- 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 | +12.6% | −1.5% | +14.1 pp | — |
| 3 months | −2.0% | −5.3% | +3.3 pp | — |
| 6 months | −1.3% | +4.7% | −6.0 pp | — |
| Year to date | −14.2% | +6.0% | −20.3 pp | — |
| 1 year | −17.9% | +8.2% | −26.1 pp | +3.3% |
| 3 years | +12.5% | +47.2% | −34.7 pp | +30.3% |
| 5 years | −40.0% | +41.8% | −81.8 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 0 percentile of its own 3-quarter history (min 25.0, median 31.4, max 32.3; quarters with earnings only).
Fiscal years
| Fiscal year | 2023 | 2024 | 2025 |
|---|---|---|---|
| Revenue | 2.1 bn | 2.2 bn | 2.2 bn |
| Revenue YoY | unavailable | +2.6% | +4.1% |
| Net income | 113.8 m | 138.1 m | 176.0 m |
| Net income YoY | unavailable | +21.3% | +27.5% |
| Diluted EPS | 0.60 | 0.73 | 0.93 |
| Diluted EPS YoY | unavailable | +21.2% | +27.5% |
| net % | 5.4% | 6.4% | 7.8% |
| Free cash flow | 390.8 m | 271.2 m | 302.1 m |
Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 120.7 m EUR
- Financial debt
- 1.0 bn EUR
- Net debt
- 910.7 m EUR
- Equity
- 1.6 bn EUR
- Total assets
- 3.4 bn EUR
- Debt / equity
- 0.64x
- Current ratio
- 1.78x
- ROE
- 10.8%
- ROA
- 5.0%
- FCF margin
- 13.4%
Financial statements (source on every figure)
Revenue and net income (EUR)
Margins
Income statement · EUR
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Revenue | 2.1 bn | 2.2 bn | 2.2 bn | esef· 20 Oct 2026verified |
| Operating income | 236.1 m | 259.7 m | 309.3 m | esef· 20 Oct 2026verified |
| Interest expense | 64.6 m | 61.3 m | 53.8 m | esef· 20 Oct 2026verified |
| Pre-tax income | 158.1 m | 193.1 m | 242.9 m | esef· 20 Oct 2026verified |
| Income tax | 41.3 m | 51.0 m | 64.0 m | esef· 20 Oct 2026verified |
| Net income | 113.8 m | 138.1 m | 176.0 m | esef· 20 Oct 2026verified |
| Diluted EPS | 0.60 | 0.73 | 0.93 | esef· 20 Oct 2026verified |
| Dividend per share | 0.71 | 0.57 | 0.61 | esef· 20 Oct 2026derived |
Balance sheet · EUR
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Cash | 112.9 m | 162.2 m | 120.7 m | esef· 20 Oct 2026verified |
| Receivables | 273.4 m | 291.1 m | 262.3 m | esef· 20 Oct 2026verified |
| Inventories | 427.1 m | 466.3 m | 437.2 m | esef· 20 Oct 2026verified |
| Current assets | 824.4 m | 921.3 m | 828.8 m | esef· 20 Oct 2026verified |
| Property, plant & equipment, net | 185.3 m | 194.5 m | 208.3 m | esef· 20 Oct 2026verified |
| Goodwill | 1.3 bn | 1.3 bn | 1.3 bn | esef· 20 Oct 2026verified |
| Intangibles (excl. goodwill) | 876.6 m | 870.5 m | 738.1 m | esef· 20 Oct 2026verified |
| Total assets | 3.5 bn | 3.6 bn | 3.4 bn | esef· 20 Oct 2026verified |
| Accounts payable | 329.4 m | 390.9 m | 341.4 m | esef· 20 Oct 2026verified |
| Long-term debt | 1.1 bn | 1.1 bn | 1.0 bn | esef· 20 Oct 2026verified |
| Current liabilities | 469.6 m | 513.7 m | 465.5 m | esef· 20 Oct 2026verified |
| Total liabilities | 1.9 bn | 2.0 bn | 1.8 bn | esef· 20 Oct 2026verified |
| Equity | 1.6 bn | 1.7 bn | 1.6 bn | esef· 20 Oct 2026verified |
| Shares outstanding at year end | 189.6 m | 189.8 m | 189.9 m | esef· 20 Oct 2026derived |
Cash flow · EUR
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Operating cash flow | 428.9 m | 310.6 m | 342.6 m | esef· 20 Oct 2026verified |
| Capex | 38.2 m | 39.4 m | 40.5 m | esef· 20 Oct 2026verified |
| Free cash flow | 390.8 m ≈ | 271.2 m ≈ | 302.1 m ≈ | esef· 20 Oct 2026derived |
| Investing cash flow | -94.3 m | -74.3 m | -183.8 m | esef· 20 Oct 2026verified |
| Financing cash flow | -293.3 m | -190.6 m | -181.4 m | esef· 20 Oct 2026verified |
| Dividends paid | 133.8 m | 107.7 m | 116.7 m | esef· 20 Oct 2026verified |
| Share repurchases | 152.0 m | 108.9 m | 108.0 m | esef· 20 Oct 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: 66 / 100
A scoring methodology on indicators and valuation, not investment advice.
Closing price
04 Nov 2026Source: olivLaw, closing series
Market cap: 3.8 bn EUR
Key indicators
Coverage and freshness
Score by group
- Quality51
- Returns91
- Valuation67
- Balance sheet72
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: 8.36 – 42.92 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)23.29 – 42.92 (Mid 30.42)WACC 7.5% · starting FCFF 341.6 m EUR · terminal value share of EV 77%The WACC × g sensitivity gives the method's bounds; these are not probabilities.Reverse DCF: starting growth implied by the price (fading linearly to terminal growth, everything else fixed): -10.7%
- Peers: EV/EBITDAunavailable · input data missing
- Peers: P/E13.39 – 22.29 (Mid 18.38)20 companies used · median multiple 19.8x · quartiles 14.4x – 24.0xACS.MC, ADX.MC, ADZ.MC, AEDAS.MC, AENA.MC, AMS.MC, ANA.MC, CAF.MC, CLEO.MC, CMO.MC, DESA.MC, DIA.MC, EAT.MC, EBRO.MC, EDR.MC, ELE.MC, ENER.MC, ENO.MC, FAE.MC, FCC.MC
- Dividend discount (DDM)8.36 – 11.40 (Mid 9.65)
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
Neutral profile · Score 66/100
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | 8.9% | 14 (vs peers) | 17% |
| Net margin · Quality | 7.8% | 65 (vs peers) | 10% |
| FCF conversion · Quality | 171.6% | 100 (on a fixed band) | 10% |
| Revenue CAGR 3Y · Growth | unavailable | unavailable | — |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | 5.8x | 65 (on a fixed band) | 10% |
| Current ratio · Balance sheet | 1.8x | 82 (on a fixed band) | 7% |
| P/E (TTM) · Valuation | 21.4x | 41 (vs peers) | 17% |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | 8.0% | 100 (on a fixed band) | 13% |
| Shareholder yield (distributions) · Returns | 6.0% | 85 (on a fixed band) | 10% |
| Payout ratio (FCF) · Returns | 38.6% | 100 (on a fixed band) | 7% |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet72/100 · 2/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality51/100 · 3/3 factors with a value
- Returns91/100 · 2/2 factors with a value
- Valuation67/100 · 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
FLUIDRA S.A. (FDR.MC). Latest full fiscal year: 2025; data up to 2025-12-31.
Figures computed from the financial statements: revenue 2.2 bn EUR in 2025; YoY growth 4.1%; net margin 7.8%; ROE 10.9%.
The estimated value range is 13.39–22.29 EUR per share (median of 3 methods, agreement: low); assumptions are illustrative. Against the central value of 18.38 EUR, the price of 19.86 EUR leaves a potential of -7.4% (value / price − 1) and a margin of safety of -8.0% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
olivLaw score 66/100, methodological classification: neutral profile (score, margin of safety and method agreement together; not a judgement of the right price). Groups assessed only in part: growth. Not investment advice.
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- FCF conversion: 171.6%
- Current ratio: 1.8x
- FCF yield: 8.0%
- Shareholder yield (distributions): 6.0%
- Payout ratio (FCF): 38.6%
What contradicts it
- ROIC: 8.9%
- The valuation methods diverge
Not assessed (insufficient data or a ratio without meaning): Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, EV/EBITDA.
Versus the vertical median
Listed companies from Spain · 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 | |
|---|---|---|---|---|---|---|
| ELE.MCEndesa SA | 46.9 bn | 21.4 | 26.4% | 10.5% | +0.5% | +43% / +134% |
| AENA.MCAena S.m.e. SA | 42.4 bn | 19.8 | 24.2% | 34.0% | +8.9% | +20% / +78% |
| AMS.MCAmadeus It Group Sociedad Anonima | 26.2 bn | 19.8 | 26.9% | 20.5% | +6.1% | −6% / −5% |
| ACS.MCAcs Actividades De Construccion Y Servicios, S.A. | 22.6 bn | 23.7 | 19.9% | 1.9% | +19.7% | +10% / +142% |
| ANA.MCAcciona SA | 11.6 bn | 14.5 | 16.9% | 4.0% | +5.5% | +23% / +65% |
| FCC.MCFomento De Construcciones Y Contratas S.A. | 5.0 bn | 30.5 | 5.3% | 1.7% | +6.9% | −8% / −13% |
| FDR.MCFluidra S.A. | 3.8 bn | 21.4 | 10.9% | 7.8% | +4.1% | −17% / +5% |
| DIA.MCDistribuidora Internacional De Alimentacion SA | 2.7 bn | 20.7 | 165.6% | 2.2% | −2.7% | +52% / +383,650% |
| CMO.MCCementos Molins S.A. | 2.5 bn | 13.6 | 14.3% | 18.0% | −3.1% | +31% / unavailable |
| ENO.MCElecnor SA | 2.5 bn | 22.2 | 10.5% | 2.5% | +15.1% | −2% / +60% |
| ALM.MCAlmirall S.A. | 2.3 bn | 50.5 | 3.1% | 4.2% | +12.4% | −12% / +31% |
| FAE.MCFaes Farma SA | 1.5 bn | 19.3 | 10.8% | 13.0% | +23.7% | +3% / +57% |
| AEDAS.MCAedas Homes SA | 1.0 bn | 17.1 | 57.8% | 7.0% | −24.8% | +0% / +38% |
| EDR.MCEdreams Odigeo SA | 571.1 m | 11.4 | 21.0% | 7.8% | −0.4% | +40% / −24% |
| EAT.MCAmRest Holdings SE | 510.6 m | 31.7 | 4.3% | 0.6% | +0.1% | −34% / −61% |
| ADX.MCAudax Renovables S.A. | 489.0 m | 25.0 | 9.3% | 1.0% | −5.4% | −19% / −14% |
| ATRY.MCAtrys Health, S.A. | 199.3 m | — | -49.5% | -71.1% | +8.5% | −3% / −29% |
| ENER.MCEcoener, S.A. | 178.8 m | 32.8 | 4.2% | 6.4% | +3.6% | −32% / −4% |
| ADZ.MCAdolfo Dominguez SA | 62.4 m | 38.1 | 9.0% | 1.2% | +1.8% | +38% / +39% |
| DESA.MCDesarrollos Especiales De Sistemas De Anclaje S.A. | 49.6 m | 10.2 | 152.3% | 10.0% | +2.2% | +32% / unavailable |
| EZE.MCGrupo Ezentis SA | 30.0 m | — | — | -9.3% | +147.2% | −27% / −35% |
| CLEO.MCCompañia Levantina De Edificacion Y Obras Publicas SA | 17.3 m | 14.4 | 4.1% | 3.4% | +13.4% | unavailable / unavailable |
| AYC.MCAyco Grupo Inmobiliario, S.A. | 16.4 m | — | -33.8% | — | −100.0% | unavailable / unavailable |
| EBRO.MCEbro Foods, S.A. | 3.0 m | 0.0 | 10.0% | 7.7% | −4.0% | −0% / +19% |
| A3M.MCAtresmedia Corporacion De Medios De Comunicacion, S.A. | — | — | 7.9% | 6.9% | −2.7% | +12% / +59% |
1- and 3-year price returns: for FDR.MC 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 | 11.69 Total return -39% · Per year -39% | 20.67 Total return 7% · Per year 7% | 31.13 Total return 61% · Per year 61% |
| 3 years | 11.24 Total return -36% · Per year -14% | 22.38 Total return 23% · Per year 7% | 37.03 Total return 99% · Per year 26% |
| 5 years | 10.81 Total return -34% · Per year -8% | 24.23 Total return 39% · Per year 7% | 44.04 Total return 145% · Per year 20% |
- Exit P/E± 5.59
- Net margin± 3.92
- Annual revenue growth± 3.23
- Annual dilution± 0.33
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
Fluidra is a group in the pool and wellness sector with operations in several regions, whose fiscal 2025 sustainability reporting shows governance built into executive incentive plans 1. The company applies a double materiality assessment, so sustainability targets bear directly on remuneration and long-term strategy 1.
SWOT
Strengths
Weaknesses
Opportunities
Risks
- Climate risksmedium
Climate change could affect operations and demand, and is assessed as a material risk in the double materiality analysis 1.
- Human rights in the supply chainhigh
Incidents in the supply chain could cause reputational and legal losses if not remediated 1.
- CSRD and CSDDD compliancemedium
Failing reporting or due diligence requirements could bring penalties and additional costs 1.
- Sustainability-linked remunerationlow
If incentive targets are not met, long-term plans could have limited effect on motivation 1.
- Incentive recalculationlow
Incorrect information could lead to recalculation and recovery of incentives, which could affect trust in reporting 1.
Investment thesis
What would need to be true (bull case)
- Embedding sustainability in remuneration and strategy could support long-term performance if objectives are met 1.
- A materiality process aligned with European requirements could reduce the risk of non-compliance 1.
- Commitments on water and carbon could become a competitive advantage in the pool sector 1.
What would break the thesis
What to watch
- Results of the S&P Corporate Sustainability Assessment2026
- Update of the materiality assessment2026
- Cycle 2024-2026 of the long-term incentive plan2027
- Progress on carbon footprint reduction targetsnext 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
According to the annual report for fiscal 2025, Fluidra structures its activity around a Responsibility Blueprint, which coordinates global and regional committees EMEA, AMER and APAC to deliver environmental, social and governance strategy 1. The company has an Executive Committee (MAC) that tracks performance against the S&P Corporate Sustainability Assessment 1. Own operations include manufacturing and logistics, where audits are coordinated through the sustainability department 1. Fundació Fluidra handles social action and is outside the reporting perimeter 1.
Long-term incentive plans 2022-2026 and 2025-2029 include sustainability objectives, with the 2025-2029 plan weighting 10% on the S&P score 1. The 2025-2027 cycle had 115 beneficiaries at the end of fiscal 2025 1. Malus and clawback mechanisms apply to remuneration 1.
The due diligence process was redefined to integrate CSRD and CSDDD requirements, with an annual assessment of impacts, risks and opportunities along the value chain 1. The company identified 13 relevant sustainability topics at group level 1.
Segments
Own operations
Manufacturing and logistics are the core of own operations, where the annual human rights action plan provides for on-site audits covering health, safety and working conditions 1.
Supply chain
Assessments of direct tier-one suppliers are part of the due diligence process, and audits aim to verify compliance with human rights and environmental standards 1.
Remuneration and governance
The Appointments and Remuneration Committee approves annual incentive objectives, which include sustainability and own-workforce topics, and supervises their achievement at year end 1.
Market context
The report describes the pool and wellness sector as the reference market, with an analysis of sector peers and the ESG regulatory framework 1. If European sustainability reporting rules become stricter, transparency requirements could raise compliance costs for the company 1.
Climate and water risks are assessed as material topics, and demand for energy-efficient products could support growth in the sustainable segment 1.
Trends
- CSRD and CSDDD directivesmixed
Applying CSRD and CSDDD requires integrated reporting and due diligence across the value chain, which could raise administrative costs but also credibility 1.
- Water pressuretailwind
The Water Positive strategy and water efficiency in operations are tracked as objectives, which could become a competitive advantage if regulation tightens 1.
- Compliance costsheadwind
Due diligence requirements could strain sustainability and procurement resources if the volume of audits grows 1.
- Decarbonisationtailwind
The carbon footprint reduction target is built into executive incentives, which may support the climate transition if the target is met 1.
Competitive position
The annual report does not explicitly name competitors, but compares the company with sector peers in its materiality analysis 1. Competition could be assessed by comparing ESG performance with these companies.
Differentiation through sustainability may matter to customers and investors who use ESG scores, and Fluidra tracks its S&P score as an internal indicator 1.
- Pool and wellness companies
The source refers to sector peers without naming them, with analysis based on public information 1.
- Global pool equipment suppliers
Under the sustainability framework, competition is measured through ESG benchmarking and client requirements 1.
- Regional suppliers in EMEA and APAC
Regional activity is organised across three areas, each with its own competitive dynamics 1.
- ESG rating agencies
S&P and CDP ratings serve as benchmarks for comparison with other companies 1.
News & filings
In the press
No news in our archive over the last 180 days.
Annual reports (ESEF)
- Annual report 202520 Oct 2026
- Annual report 202408 May 2025
Sources
- [1] Annual report, fiscal year ended 2025-12-31 (ESEF) · SEC / FLUIDRA S.A. · 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.