olivLaw · European equity research
ForFarmers N.V. FFARM.AS
Netherlands · Euronext Amsterdam · ISIN NL0011832811 · Vertical: Listed companies from Netherlands
ForFarmers N.V. is a European producer of compound feed for farm animals, active mainly in the Netherlands, Germany, the United Kingdom and Poland. In 2025 the company sharply expanded its base by combining its German feed activities with team agrar, and revenue rose to 3,153.1 million EUR.
At the close of 04 Nov 2026, ForFarmers N.V. (FFARM.AS) stock was 5.79 EUR (+2.66% on the day), with market capitalisation 515.9 m EUR, P/E 10.3 on diluted EPS of 0.56 EUR over the last 12 months, dividend yield 3.45%, beta 0.45, 52-week range 4.28–6.85 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)
- 53.3
- neutral
- Bollinger (20, 2)
- 5.62 – 5.84
- in the upper half of the band · %B 0.76 · band width 3.8%
- SMA 50 / 200
- 5.75 / 6.06
- mixed trend
- MACD (12, 26, 9)
- -0.02 / -0.02
- MACD below 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 | −0.3% | −1.5% | +1.2 pp | — |
| 3 months | +0.2% | −5.3% | +5.4 pp | — |
| 6 months | −1.7% | +4.7% | −6.4 pp | — |
| Year to date | +30.7% | +6.0% | +24.7 pp | — |
| 1 year | +36.1% | +8.2% | +27.9 pp | +0.5% |
| 3 years | +140.7% | +47.2% | +93.6 pp | −0.1% |
| 5 years | +49.6% | +41.8% | +7.8 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 100 percentile of its own 2-quarter history (min 7.9, median 8.8, max 9.6; quarters with earnings only).
Fiscal years
| Fiscal year | 2023 | 2024 | 2025 |
|---|---|---|---|
| Revenue | 3.0 bn | 2.7 bn | 3.2 bn |
| Revenue YoY | unavailable | −7.7% | +14.8% |
| Net income | -1.0 m | 31.4 m | 49.9 m |
| Net income YoY | unavailable | unavailable | +58.9% |
| Diluted EPS | -0.01 | 0.35 | 0.56 |
| Diluted EPS YoY | unavailable | unavailable | +60.0% |
| net % | -0.0% | 1.1% | 1.6% |
| Free cash flow | 55.1 m | 43.4 m | 97.4 m |
Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 109.7 m EUR
- Financial debt
- 169.5 m EUR
- Net debt
- 59.8 m EUR
- Equity
- 438.4 m EUR
- Total assets
- 1.1 bn EUR
- Debt / equity
- 0.39x
- Current ratio
- 1.09x
- ROE
- 12.8%
- ROA
- 4.9%
- FCF margin
- 3.1%
Financial statements (source on every figure)
Revenue and net income (EUR)
Margins
Income statement · EUR
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Revenue | 3.0 bn | 2.7 bn | 3.2 bn | esef· 04 Mar 2026verified |
| Gross profit | 477.3 m | 518.3 m | 611.2 m | esef· 04 Mar 2026verified |
| Operating income | 4.6 m | 55.4 m | 87.7 m | esef· 04 Mar 2026verified |
| Pre-tax income | 100.0 k | 42.4 m | 68.7 m | esef· 04 Mar 2026verified |
| Income tax | -1.8 m | 8.2 m | 14.3 m | esef· 04 Mar 2026verified |
| Net income | -1.0 m | 31.4 m | 49.9 m | esef· 04 Mar 2026verified |
| Diluted EPS | -0.01 | 0.35 | 0.56 | esef· 04 Mar 2026verified |
| Dividend per share | — | 0.15 | 0.20 | esef· 04 Mar 2026verified |
Balance sheet · EUR
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Cash | 46.5 m | 50.7 m | 109.7 m | esef· 04 Mar 2026verified |
| Receivables | 244.7 m | 261.3 m | 277.3 m | esef· 04 Mar 2026verified |
| Inventories | 98.8 m | 117.4 m | 149.4 m | esef· 04 Mar 2026verified |
| Current assets | 403.2 m | 450.0 m | 552.7 m | esef· 04 Mar 2026verified |
| Property, plant & equipment, net | 304.4 m | 328.2 m | 427.8 m | esef· 04 Mar 2026verified |
| Total assets | 840.8 m | 942.1 m | 1.1 bn | esef· 04 Mar 2026verified |
| Accounts payable | 349.7 m | 357.6 m | 388.8 m | esef· 04 Mar 2026verified |
| Short-term debt | 8.5 m | 11.5 m | 100.3 m | esef· 04 Mar 2026verified |
| Long-term debt | 92.0 m | 120.8 m | 69.2 m | esef· 04 Mar 2026verified |
| Current liabilities | 371.5 m | 403.6 m | 508.2 m | esef· 04 Mar 2026verified |
| Total liabilities | 520.4 m | 603.8 m | 672.0 m | esef· 04 Mar 2026verified |
| Equity | 320.4 m | 338.3 m | 438.4 m | esef· 04 Mar 2026verified |
| Shares outstanding at year end | — | 89.7 m | 89.1 m | esef· 04 Mar 2026derived |
Cash flow · EUR
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Operating cash flow | 86.5 m | 70.2 m | 148.3 m | esef· 04 Mar 2026verified |
| Capex | 31.4 m | 26.8 m | 50.9 m | esef· 04 Mar 2026verified |
| Free cash flow | 55.1 m ≈ | 43.4 m ≈ | 97.4 m ≈ | esef· 04 Mar 2026derived |
| Investing cash flow | -7.2 m | -78.3 m | -35.0 m | esef· 04 Mar 2026verified |
| Financing cash flow | -66.9 m | -7.4 m | -30.3 m | esef· 04 Mar 2026verified |
| Dividends paid | 20.5 m | 14.8 m | 23.8 m | esef· 04 Mar 2026verified |
| Share repurchases | — | 0 | 1.7 m | esef· 04 Mar 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: 56.2% of at least 60%
A scoring methodology on indicators and valuation, not investment advice.
Closing price
04 Nov 2026Source: olivLaw, closing series
Market cap: 515.9 m EUR
Key indicators
Coverage and freshness
Score by group
56% · 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: 2.72 – 12.79 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/E5.78 – 12.79 (Mid 7.72)15 companies used · median multiple 13.8x · quartiles 10.3x – 22.8xAALB.AS, ACOMO.AS, AD.AS, ADYEN.AS, AKZA.AS, ARCAD.AS, ASM.AS, AXS.AS, BAMNB.AS, BNJ.AS, CRBN.AS, CTAC.AS, ECMPA.AS, HAL.AS, HAVAS.AS
- Dividend discount (DDM)2.72 – 3.71 (Mid 3.14)
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: 56.2% of at least 60%
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | 15.1% | 77 (vs peers) | 19% |
| Net margin · Quality | 1.6% | 47 (vs peers) | 11% |
| FCF conversion · Quality | 195.2% | 100 (on a fixed band) | 11% |
| 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 | 1.1x | 24 (on a fixed band) | 7% |
| P/E (TTM) · Valuation | 10.3x | 81 (vs peers) | 19% |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | 18.9% | 100 (on a fixed band) | 15% |
| Shareholder yield (distributions) · Returns | 4.9% | 71 (on a fixed band) | 11% |
| Payout ratio (FCF) · Returns | 24.4% | 100 (on a fixed band) | 7% |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet· partial24/100 · 1/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality75/100 · 3/3 factors with a value
- Returns82/100 · 2/2 factors with a value
- Valuation89/100 · 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
ForFarmers N.V. (FFARM.AS). Latest full fiscal year: 2025; data up to 2025-12-31.
Figures computed from the financial statements: revenue 3.2 bn EUR in 2025; YoY growth 14.8%; net margin 1.6%; ROE 14.5%.
The estimated value range is 4.25–8.25 EUR per share (median of 2 methods, agreement: low); assumptions are illustrative. Against the central value of 5.43 EUR, the price of 5.79 EUR leaves a potential of -6.2% (value / price − 1) and a margin of safety of -6.6% (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: 56.2% of at least 60%).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- ROIC: 15.1%
- FCF conversion: 195.2%
- P/E (TTM): 10.3x
- FCF yield: 18.9%
- Shareholder yield (distributions): 4.9%
- Payout ratio (FCF): 24.4%
What contradicts it
- Current ratio: 1.1x
- The valuation methods diverge
Not assessed (insufficient data or a ratio without meaning): Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, Interest coverage, EV/EBITDA.
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 FFARM.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 | 3.78 Total return -32% · Per year -32% | 6.65 Total return 19% · Per year 19% | 9.97 Total return 77% · Per year 77% |
| 3 years | 4.47 Total return -13% · Per year -5% | 8.77 Total return 65% · Per year 18% | 14.32 Total return 165% · Per year 38% |
| 5 years | 5.28 Total return 9% · Per year 2% | 11.56 Total return 126% · Per year 18% | 20.57 Total return 291% · Per year 31% |
- Exit P/E± 2.19
- Net margin± 1.53
- Annual revenue growth± 1.15
- Annual dilution± 0.13
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
ForFarmers N.V. is a European producer of compound feed for farm animals, active mainly in the Netherlands, Germany, the United Kingdom and Poland. In 2025 the company sharply expanded its base by combining its German feed activities with team agrar, and revenue rose to 3,153.1 million EUR 1.
SWOT
Strengths
- Extensive European network of plants and terminals across several countries.
- Geographic and product diversification that reduces dependence on a single market.
- Demonstrated capacity to integrate large acquisitions such as the one in Germany.
Weaknesses
- Margins depend heavily on raw material costs, which are hard to pass fully on to customers.
- Integrating several entities in a short period can strain systems and management.
- The IFRS result is affected by one-off items, which makes comparisons harder.
Opportunities
- Full integration of the German activities could bring cost synergies.
- Expanding volumes in countries where the group already operates could support growth.
- Further regional asset acquisitions could complement the product portfolio.
Threats
- Volatility in grain and other raw material prices could reduce margins.
- Environmental and animal welfare regulations could raise compliance costs.
- Lower demand in the poultry or pig sectors could affect sold volumes.
Risks
- Post-acquisition integrationmedium
Combining the German activities and integrating other recent acquisitions could generate unforeseen costs and operational delays.
- Raw material costshigh
Fluctuations in grain and ingredient prices could directly affect gross margins.
- Dependence on farming sectorshigh
Demand depends on the health of the poultry, pig and dairy sectors; a health crisis could reduce volumes.
- Put option obligationsmedium
Commitments linked to the Tasomix acquisition, including the put option, could affect cash flows.
- Currency and financial exposurelow
Operations in several countries and financing costs could affect net result if conditions worsen.
Investment thesis
What would need to be true (bull case)
- If integration of the German activities succeeds, the group could capture synergies that improve medium-term operating results.
- Growth in autonomous volumes points to solid demand, which could support revenue without further acquisitions.
- Geographic diversification could limit the impact of a local problem on the whole group.
What would break the thesis
- If raw material prices rise faster than selling prices, margins could fall significantly.
- Rapid growth through acquisitions could outpace management's ability to integrate all entities.
- The gap between the IFRS result and the underlying result could raise questions about the quality of reported profit.
What to watch
- Development of gross margin and raw material costs in quarterly reportingQ1 2027
- Progress of integrating team agrar and HaBeMa in Germany2027
- Contribution of the Beukelaar Diervoeders acquisition to revenue in the Netherlands and Belgiumnext 10-K
- Deferred payment from the team agrar transaction, planned over up to three years2027
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
ForFarmers produces and sells compound feed for farm animals, along with other products and related services such as grains, fertilisers and farm products, according to the 2025 annual report 1. The group operates as a set of countries, each a separate operating segment, aggregated into reportable segments with similar economic characteristics 1. In 2025 revenue reached 3,153.1 million EUR, against 2,745.7 million EUR in 2024 1.
Segment operating result was 87.7 million EUR in 2025, compared with 55.4 million EUR in 2024, and profit before tax was 68.7 million EUR 1. Management tracks underlying metrics that exclude exceptional items such as acquisition amortisation and asset disposal effects; underlying profit for the period was 66.9 million EUR 1.
Acquisitions played a central role: on 28 February 2025 ForFarmers combined its German feed activities with team agrar and HaBeMa into a jointly owned entity consolidated by ForFarmers, and in November 2025 it acquired Beukelaar Diervoeders B.V. 1. A one-off non-cash gain linked to HaBeMa means the IFRS result includes items that differ from the underlying figures 1.
Segments
Compound feed (mengvoer)
Compound feed is the group's main revenue category, at 2,217.8 million EUR in 2025 against 2,125.9 million EUR in 2024 1. The increase reflects mainly volumes and a full year of Van Triest 1.
Other revenue and related activities
Other revenue, covering wet and liquid feeds, other traded products and services, rose to 935.3 million EUR in 2025 from 619.8 million EUR in 2024, mainly due to the acquisition of team agrar and HaBeMa 1.
Geography: Netherlands, Germany, United Kingdom, Poland
Revenue was 1,066.0 million EUR in the Netherlands, 829.8 million EUR in Germany, 733.0 million EUR in the United Kingdom and 410.0 million EUR in Poland in 2025 1. Germany grew most, from 550.1 million EUR to 829.8 million EUR, following the February 2025 acquisition 1.
Market context
Acquisitions extended the group's market presence in Germany and strengthened its position in Poland, where the Piast acquisition reinforced activity in the broiler segment 1. Market dynamics also depend on raw material prices, which influence cost of sales, a major component of the income statement 1.
Trends
- Consolidation through acquisitionsmixed
The team agrar, HaBeMa and Beukelaar acquisitions added revenue but also complex integration; if integration succeeds, it could support margin improvement 1.
- Volume growthtailwind
Autonomous volumes increased, indicating solid demand for compound feed across several European countries 1.
- Raw material costsheadwind
The cost of raw materials and production directly affects profitability; an increase could pressure margins 1.
- Personnel costsheadwind
Wage costs rose with the expansion of activity, making productivity an important variable 1.
Competitive position
ForFarmers operates in a fragmented European market where regional feed producers compete on price, logistics and services for farmers 1. The sources provided do not identify competitors listed on a US exchange.
Competition is mainly local and regional, and the group's advantage could come from its extended network of plants and transhipment terminals in Germany and Poland 1.
- Regional feed producers in Germany
Local competitors implicitly referenced through the team agrar integration, with no listed data in the source.
- Regional feed producers in Poland
Local competitors in the Polish market, including structures similar to those acquired by the group.
- Feed producers in the Netherlands
Competitors in the group's home market, with demand concentrated in the poultry and pig sectors.
- Grain distributors and traders
Companies competing in grain and by-product trade, where the group is also active.
News & filings
In the press
No news in our archive over the last 180 days.
Annual reports (ESEF)
- Annual report 202504 Mar 2026
- Annual report 202418 Mar 2025
Sources
- [1] Annual report, fiscal year ended 2025-12-31 (ESEF) · SEC / ForFarmers 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.