olivLaw · European equity research
Hydratec Industries N.V. HYDRA.AS
Netherlands · Euronext Amsterdam · ISIN NL0009391242 · Vertical: Listed companies from Netherlands
Hydratec Industries N.V. is a Dutch group based in Amsterdam that designs industrial systems and high-tech components for the food, medical and mobility industries. In 2025 it kept most of its revenue outside the Netherlands but saw sales decline, while operating profitability improved, on net revenue of 263.1 million EUR in fiscal 2025.
At the close of 05 Nov 2026, Hydratec Industries N.V. (HYDRA.AS) stock was 198.00 EUR (−5.71% on the day), with market capitalisation 257.3 m EUR, P/E 10.7 on diluted EPS of 18.53 EUR over the last 12 months, dividend yield 3.03%, beta 0.08, 52-week range 170.00–288.00 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)
- 34.5
- weak (30–45)
- Bollinger (20, 2)
- 187.50 – 248.40
- in the lower half of the band · %B 0.17 · band width 27.9%
- SMA 50 / 200
- 243.26 / 213.61
- mixed trend
- MACD (12, 26, 9)
- -10.91 / -11.02
- 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 | −18.2% | +0.4% | −18.6 pp | — |
| 3 months | −26.1% | −3.3% | −22.9 pp | — |
| 6 months | −7.5% | +4.0% | −11.4 pp | — |
| Year to date | +15.8% | +8.1% | +7.7 pp | — |
| 1 year | +10.6% | +10.7% | −0.1 pp | −0.2% |
| 3 years | +127.6% | +50.1% | +77.5 pp | +2.2% |
| 5 years | +158.8% | +43.6% | +115.2 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 67 percentile of its own 3-quarter history (min 7.4, median 9.2, max 11.4; quarters with earnings only).
Fiscal years
| Fiscal year | 2023 | 2024 | 2025 |
|---|---|---|---|
| Revenue | 282.7 m | 270.2 m | 263.1 m |
| Revenue YoY | unavailable | −4.4% | −2.6% |
| Net income | 15.7 m | 18.2 m | 24.1 m |
| Net income YoY | unavailable | +16.1% | +32.3% |
| Diluted EPS | 12.09 | 14.03 | 18.53 |
| Diluted EPS YoY | unavailable | +16.0% | +32.1% |
| net % | 5.6% | 6.7% | 9.2% |
| Free cash flow | -6.8 m | 31.4 m | 29.6 m |
Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 24.9 m EUR
- Financial debt
- 0 EUR
- Net debt
- -24.9 m EUR
- Equity
- 117.3 m EUR
- Total assets
- 222.2 m EUR
- Debt / equity
- 0.00x
- Current ratio
- 1.27x
- ROE
- 21.7%
- ROA
- 11.0%
- FCF margin
- 11.2%
Financial statements (source on every figure)
Revenue and net income (EUR)
Margins
Income statement · EUR
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Revenue | 282.7 m | 270.2 m | 263.1 m | esef· 04 Mar 2026verified |
| Operating income | 22.0 m | 25.3 m | 30.4 m | esef· 04 Mar 2026verified |
| Depreciation & amortisation | 10.9 m | 9.9 m | 10.0 m | esef· 04 Mar 2026verified |
| EBITDA | 32.9 m ≈ | 35.2 m ≈ | 40.5 m ≈ | esef· 04 Mar 2026derived |
| Interest expense | 1.3 m | 1.2 m | 861.0 k | esef· 04 Mar 2026verified |
| Pre-tax income | 21.1 m | 24.3 m | 29.7 m | esef· 04 Mar 2026verified |
| Income tax | 5.3 m | 6.0 m | 7.4 m | esef· 04 Mar 2026verified |
| Net income | 15.7 m | 18.2 m | 24.1 m | esef· 04 Mar 2026verified |
| Diluted EPS | 12.09 | 14.03 | 18.53 | esef· 04 Mar 2026verified |
| Dividend per share | 5.88 | 5.90 | 6.00 | esef· 04 Mar 2026derived |
≈ computed by olivLaw from the reported lines of the same year: Operating income + Depreciation & amortisation.
Balance sheet · EUR
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Cash | 11.1 m | 9.1 m | 24.9 m | esef· 04 Mar 2026verified |
| Inventories | 38.2 m | 25.6 m | 23.4 m | esef· 04 Mar 2026verified |
| Current assets | 115.5 m | 98.8 m | 109.4 m | esef· 04 Mar 2026verified |
| Property, plant & equipment, net | 67.8 m | 67.1 m | 62.5 m | esef· 04 Mar 2026verified |
| Total assets | 220.9 m | 216.4 m | 222.2 m | esef· 04 Mar 2026verified |
| Short-term debt | 7.6 m | 0 | 0 | esef· 04 Mar 2026verified |
| Current liabilities | 105.4 m | 92.8 m | 86.3 m | esef· 04 Mar 2026verified |
| Equity | 94.0 m | 104.8 m | 117.3 m | esef· 04 Mar 2026verified |
| Shares outstanding at year end | 1.3 m | 1.3 m | 1.3 m | esef· 04 Mar 2026derived |
Cash flow · EUR
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Operating cash flow | 4.7 m | 37.5 m | 33.5 m | esef· 04 Mar 2026verified |
| Capex | 11.6 m | 6.1 m | 4.0 m | esef· 04 Mar 2026verified |
| Free cash flow | -6.8 m ≈ | 31.4 m ≈ | 29.6 m ≈ | esef· 04 Mar 2026derived |
| Investing cash flow | -11.3 m | -20.0 m | -4.2 m | esef· 04 Mar 2026verified |
| Financing cash flow | -7.4 m | -19.1 m | -12.9 m | esef· 04 Mar 2026verified |
| Dividends paid | 7.6 m | 7.7 m | 7.8 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: 85 / 100
A scoring methodology on indicators and valuation, not investment advice.
score >= 65 · margin_of_safety >= 0.15 · agreement in ['high', 'medium']
Closing price
05 Nov 2026Source: olivLaw, closing series
Market cap: 257.3 m EUR
Key indicators
Coverage and freshness
Score by group
- Quality90
- Balance sheet78
- Valuation93
- Returns66
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: 81.53 – 475.60 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)290.14 – 437.23 (Mid 346.84)WACC 8.5% · starting FCFF 30.2 m EUR · terminal value share of EV 73%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): -25.8%
- Peers: EV/EBITDA307.95 – 433.90 (Mid 349.65)5 companies used · median multiple 10.6x · quartiles 9.3x – 13.3xARCAD.AS, BAMNB.AS, BNJ.AS, BRNL.AS, CMCOM.AS
- Peers: P/E195.61 – 475.60 (Mid 268.86)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)81.53 – 111.18 (Mid 94.08)
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
Attractive profile · Score 85/100
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | 24.3% | 92 (vs peers) | 13% |
| Net margin · Quality | 9.2% | 78 (vs peers) | 8% |
| FCF conversion · Quality | 122.8% | 100 (on a fixed band) | 8% |
| Revenue CAGR 3Y · Growth | unavailable | unavailable | — |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | -0.6x | 80 (vs peers) | 13% |
| Interest coverage · Balance sheet | 35.3x | 100 (on a fixed band) | 8% |
| Current ratio · Balance sheet | 1.3x | 39 (on a fixed band) | 5% |
| P/E (TTM) · Valuation | 10.7x | 81 (vs peers) | 13% |
| EV/EBITDA · Valuation | 5.7x | 100 (vs peers) | 13% |
| FCF yield · Valuation | 11.5% | 100 (on a fixed band) | 10% |
| Shareholder yield (distributions) · Returns | 3.0% | 43 (on a fixed band) | 8% |
| Payout ratio (FCF) · Returns | 26.3% | 100 (on a fixed band) | 5% |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet78/100 · 3/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality90/100 · 3/3 factors with a value
- Returns66/100 · 2/2 factors with a value
- Valuation93/100 · 3/3 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
Hydratec Industries N.V. (HYDRA.AS). Latest full fiscal year: 2025; data up to 2025-12-31.
Figures computed from the financial statements: revenue 263.1 m EUR in 2025; YoY growth -2.6%; net margin 9.2%; ROE 21.7%; net debt/EBITDA -0.6x.
The estimated value range is 242.88–435.56 EUR per share (median of 4 methods, agreement: high); assumptions are illustrative. Against the central value of 307.85 EUR, the price of 198.00 EUR leaves a potential of 55.5% (value / price − 1) and a margin of safety of 35.7% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
olivLaw score 85/100, methodological classification: attractive 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
- ROIC: 24.3%
- Net margin: 9.2%
- FCF conversion: 122.8%
- Net debt / EBITDA: -0.6x
- Interest coverage: 35.3x
- P/E (TTM): 10.7x
- EV/EBITDA: 5.7x
- FCF yield: 11.5%
- Payout ratio (FCF): 26.3%
- The price is below the estimated value range
What contradicts it
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.
Not assessed (insufficient data or a ratio without meaning): Revenue CAGR 3Y, EPS CAGR 3Y.
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% |
| 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% |
| HYDRA.ASHydratec Industries N.V. | 257.3 m | 10.7 | 21.7% | 9.2% | −2.6% | +13% / +120% |
| 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 HYDRA.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 | 108.78 Total return -43% · Per year -43% | 193.02 Total return 0% · Per year 0% | 291.72 Total return 51% · Per year 51% |
| 3 years | 91.01 Total return -48% · Per year -20% | 183.05 Total return 1% · Per year 0% | 305.78 Total return 65% · Per year 18% |
| 5 years | 76.14 Total return -52% · Per year -14% | 173.59 Total return 2% · Per year 0% | 320.52 Total return 81% · Per year 13% |
- Exit P/E± 45.76
- Net margin± 32.03
- Annual revenue growth± 28.22
- Annual dilution± 2.69
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
Hydratec Industries N.V. is a Dutch group based in Amsterdam that designs industrial systems and high-tech components for the food, medical and mobility industries. In 2025 it kept most of its revenue outside the Netherlands but saw sales decline, while operating profitability improved, on net revenue of 263.1 million EUR in fiscal 2025.
SWOT
Strengths
- Strong position in specialised niches, with solutions tailored to customers and a large share of revenue generated outside the home country 1.
- Solid financial structure, with high solvency and growth in operating profitability in 2025 1.
- Investment in innovation, including AI-based vision technology, which differentiates the products 1.
Weaknesses
- Reliance on project-based markets such as poultry leads to large swings in results from year to year 1.
- Exposure of the mobility segment to weaker sales and intense competition reduced revenue in Hightech Components 1.
- One-off costs linked to relocating and closing sites temporarily affected results 1.
Opportunities
- Growing demand for complex medical components and smart consumables could support the Health segment 1.
- Expanding and consolidating the stake in Eqraft could bring a more complete integration of the sorting business 1.
- Efficiency gains from closing a site could appear in the coming years if cost reductions hold 1.
Risks
- Geopolitical and trade marketshigh
Conflicts, tariffs and export restrictions could affect execution of the strategy and financial results, according to the company's assessment 1.
- Dependence on the mobility segmenthigh
Lower mobility sales and competitive pressure could continue to reduce revenue in the Hightech Components segment 1.
- Currencies and inflationmedium
Currency fluctuations and inflation could reduce margins, although the company uses hedging contracts and price-adjustment clauses 1.
- Supply chainmedium
Supply limitations and volatile material prices could affect costs, which the company seeks to mitigate by sourcing from several suppliers 1.
- Loss of qualified stafflow
A shortage of qualified personnel or difficulty retaining it could affect project execution, and the company relies on talent and training programmes 1.
Investment thesis
What would need to be true (bull case)
- If demand in the medical and industrial segments keeps growing, the rise in operating profitability seen in 2025 could be sustained 1.
- A portfolio of niches with strong market positions and solid solvency could provide flexibility for acquisitions 1.
- Efficiency effects from closing a site and the full consolidation of Eqraft could support margins in the coming years 1.
What would break the thesis
- If customer investment stays cautious, revenue could keep declining, as it did in 2025 1.
- Dependence on the mobility market, where competition is rising, could limit revenue in the Hightech Components segment 1.
- Exposure to currencies and tariffs could reduce results reported in euros, especially if the rupee remains weak 1.
What to watch
- Development of new orders and the order book in Industrial SystemsQ1 2026
- Effects of full consolidation of Eqraft after the stake increase to 80%2026
- Cost reductions after closing the Hellevoetsluis site2026
- Development of mobility sales and competitionnext 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
Hydratec Industries N.V., listed on Euronext Amsterdam, describes its business model as supplying industrial systems and high-tech components that meet needs for food, health and mobility. The group states its aim is to add lasting value to customers' processes by reducing waste, and its revenue comes mainly from the Industrial Systems and Hightech Components segments 1. In fiscal 2025 net revenue was 263.1 million EUR, down from the prior year, while operating profitability rose 1. The company had 957 own employees at the end of 2025 1.
The group operates as a holding structure with operating companies specialised in niches, which allows decentralised management of products and customers. The stated strategy aims to lift margins through higher value-added products and acquisitions, which the company funds from operating results 1. The company reports a solid capital structure, with a solvency ratio of 52.8% at the end of 2025 1.
The company is majority controlled by Ten Cate Investeringsmaatschappij B.V., which shapes the shareholder structure, a point of relevance for minority investors 1. Executive management is provided by two co-CEOs, and oversight is exercised by a supervisory board that includes a chair and an audit committee chair 1.
Segments
Industrial Systems
The Industrial Systems segment generated revenue of 157.8 million EUR in 2025, a slight increase from 155.9 million EUR in 2024 1. Its main end markets are the global poultry, convenience food and animal feed sectors, as well as water pipe systems. The company notes that demand for automation and material-saving solutions held up, even though customers' investment decisions took longer 1.
Hightech Components
The Hightech Components segment recorded revenue of 107.1 million EUR in 2025, compared with 115.0 million EUR in 2024 1. The decline was driven mainly by the mobility market, where sales were weaker and competition intensified, while the medical market grew 1. The company announced the closure of a site in the Netherlands, which it expects to yield efficiency benefits from 2026 1.
Market context
According to the report, customers worldwide stayed cautious about investment in 2025, and geopolitical conflicts and import tariffs lengthened decision-making 1. The poultry market is described as highly project-based, with large swings in results from year to year 1. The company also notes that the pace of adoption of electric or autonomous driving appears to be slowing, which has increased competitive pressure 1.
In 2025 demand rose in Africa and in the medical segment, but fell in the United States poultry market and in Asia and South America 1. The company remains exposed to volatile currencies and inflation, which it mitigates through forward contracts and price-adjustment clauses 1.
Trends
- Cautious customer investmentheadwind
Industrial customers stayed reluctant to invest, and decision processes lengthened because of geopolitical uncertainty and tariffs, which could delay new orders 1.
- Demand for automation and material efficiencytailwind
The company observes that the strategic need to invest in automation and material-saving solutions did not decline, supporting the Industrial Systems segment 1.
- Slowing electric and autonomous mobilityheadwind
The adoption pace of electric or autonomous vehicles appears to be slowing, and competition in mobility has intensified, which could continue to weigh on sales 1.
- Growth in the medical sectortailwind
Demand for complex medical components and smart consumables increased, which could support growth in the Health segment if new solutions reach the market quickly 1.
Competitive position
The report does not explicitly name the company's competitors, but it describes intensified competition in the mobility segment, where pricing and volume pressure is high 1. In industrial systems markets the company positions itself as a niche supplier with deep knowledge of customer applications, which limits its exposure to generalist competition 1.
- Mobility component suppliers
The report mentions intensified competition in plastic automotive components without naming specific companies 1.
- Sorting and vision system providers
The company is active in sorting with AI-based vision technology through its stake in Eqraft, and the market includes several providers not named in the report 1.
- Pipe extrusion system manufacturers
Rollepaal, part of the group, competes in supplying extrusion lines for water pipes, and specific competitors are not identified in the text 1.
- Poultry incubation equipment suppliers
Royal Pas Reform operates in a project-based market with unnamed competitors, and volumes can vary significantly between years 1.
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 / Hydratec Industries 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.