olivLaw · European equity research
Lenzing Aktiengesellschaft LNZ.VI
Austria · Wiener Börse · ISIN AT0000644505 · Vertical: Listed companies from Austria
Lenzing Aktiengesellschaft produces regenerated cellulose fibres, used mainly in textiles and other industrial applications, with a shareholder structure dominated by the B&C group and Brazilian partner Suzano. Its 2025 annual report shows a company managing climate, energy and wood supply risks closely, and for investors the key question is how those risks feed into costs and regulation. Share capital of EUR 40.1 million is split into 38,618,180 shares.
At the close of 05 Nov 2026, Lenzing Aktiengesellschaft (LNZ.VI) stock was 12.30 EUR (+7.14% on the day), with market capitalisation 1.8 bn EUR, dividend yield 1.61%, beta 1.17, 52-week range 9.90–29.00 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)
- 48.3
- neutral
- Bollinger (20, 2)
- 9.86 – 11.82
- above the upper band · %B 1.25 · band width 18.1%
- SMA 50 / 200
- 15.91 / 22.17
- downtrend (price < SMA50 < SMA200)
- MACD (12, 26, 9)
- -1.12 / -1.65
- 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 | −4.7% | +0.4% | −5.0 pp | — |
| 3 months | −49.2% | −3.3% | −45.9 pp | — |
| 6 months | −48.9% | +4.0% | −52.8 pp | — |
| Year to date | −47.4% | +8.1% | −55.5 pp | — |
| 1 year | −50.4% | +10.7% | −61.1 pp | +5.6% |
| 3 years | −67.8% | +50.1% | −117.9 pp | +12.7% |
| 5 years | −86.8% | +43.6% | −130.4 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 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Revenue | unavailable | 2.5 bn | 2.7 bn | 2.6 bn |
| Revenue YoY | unavailable | unavailable | +5.7% | −2.3% |
| Net income | unavailable | -593.0 m | -138.3 m | -135.2 m |
| Net income YoY | unavailable | unavailable | unavailable | unavailable |
| Diluted EPS | -5.45 | -20.02 | -4.06 | -5.45 |
| Diluted EPS YoY | unavailable | unavailable | unavailable | unavailable |
| net % | unavailable | -23.5% | -5.2% | -5.2% |
| Free cash flow | unavailable | unavailable | unavailable | unavailable |
Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 675.0 m EUR
- Financial debt
- unavailable EUR
- Net debt
- unavailable EUR
- Equity
- 1.3 bn EUR
- Total assets
- 4.6 bn EUR
- Debt / equity
- unavailable
- Current ratio
- 1.36x
- ROE
- -9.1%
- ROA
- -2.8%
- FCF margin
- unavailable
Financial statements (source on every figure)
Revenue and net income (EUR)
Margins
Income statement · EUR
| Line | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|
| Revenue | — | 2.5 bn | 2.7 bn | 2.6 bn | esef· 24 Mar 2026verified |
| Cost of revenue | — | 2.6 bn | 2.2 bn | 2.3 bn | esef· 24 Mar 2026verified |
| Gross profit | — | -76.5 m | 508.1 m | 338.4 m | esef· 24 Mar 2026verified |
| Research & development | — | 69.1 m | 29.2 m | 29.1 m | esef· 24 Mar 2026verified |
| Operating income | — | -476.4 m | 88.5 m | 17.6 m | esef· 24 Mar 2026verified |
| Interest expense | — | 108.4 m | 164.3 m | 136.0 m | esef· 24 Mar 2026verified |
| Pre-tax income | — | -585.6 m | -42.0 m | -122.5 m | esef· 24 Mar 2026verified |
| Income tax | — | 7.3 m | 96.3 m | 12.7 m | esef· 24 Mar 2026verified |
| Net income | — | -593.0 m | -138.3 m | -135.2 m | esef· 24 Mar 2026verified |
| Diluted EPS | -5.45 | -20.02 | -4.06 | -5.45 | esef· 24 Mar 2026verified |
| Dividend per share | — | 0.20 | — | — | esef· 15 Apr 2025derived |
Balance sheet · EUR
| Line | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|
| Cash | 446.9 m | 725.6 m | 442.3 m | 675.0 m | esef· 24 Mar 2026verified |
| Receivables | — | 294.5 m | 318.2 m | 245.3 m | esef· 24 Mar 2026verified |
| Inventories | — | 552.9 m | 646.2 m | 531.7 m | esef· 24 Mar 2026verified |
| Current assets | — | 1.8 bn | 1.6 bn | 1.6 bn | esef· 24 Mar 2026verified |
| Property, plant & equipment, net | — | 2.9 bn | 2.9 bn | 2.5 bn | esef· 24 Mar 2026verified |
| Total assets | — | 5.2 bn | 5.0 bn | 4.6 bn | esef· 24 Mar 2026verified |
| Accounts payable | — | 296.3 m | 386.4 m | 323.6 m | esef· 24 Mar 2026verified |
| Current liabilities | — | 1.1 bn | 1.1 bn | 1.2 bn | esef· 24 Mar 2026verified |
| Equity | 2.0 bn | 1.7 bn | 1.7 bn | 1.3 bn | esef· 24 Mar 2026verified |
| Shares outstanding at year end | — | 146.0 m | — | — | esef· 15 Apr 2025derived |
Cash flow · EUR
| Line | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|
| Operating cash flow | — | 160.3 m | 395.0 m | 419.7 m | esef· 24 Mar 2026verified |
| Investing cash flow | — | -291.5 m | -152.1 m | -146.9 m | esef· 24 Mar 2026verified |
| Financing cash flow | — | 421.1 m | -535.4 m | -16.4 m | esef· 24 Mar 2026verified |
| Dividends paid | — | 29.0 m | 150.0 k | 100.0 k | esef· 24 Mar 2026verified |
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: 4 of at least 6
- score weight coverage: 22.9% of at least 60%
A scoring methodology on indicators and valuation, not investment advice.
Closing price
05 Nov 2026Source: olivLaw, closing series
Market cap: 1.8 bn EUR
Key indicators
Coverage and freshness
Score by group
23% · 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: 2.70 – 3.68 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 · 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)2.70 – 3.68 (Mid 3.12)
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: 4 of at least 6; score weight coverage: 22.9% of at least 60%
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | unavailable | unavailable | — |
| Net margin · Quality | -5.2% | 8 (vs peers) | 27% |
| 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 | 0.1x | 0 (on a fixed band) | 27% |
| Current ratio · Balance sheet | 1.4x | 47 (on a fixed band) | 18% |
| P/E (TTM) · Valuation | unavailable | unavailable | — |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | unavailable | unavailable | — |
| Shareholder yield (distributions) · Returns | 0.0% | 0 (on a fixed band) | 27% |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet19/100 · 2/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality· partial8/100 · 1/3 factors with a value
- Returns· partial0/100 · 1/2 factors with a value
- Valuation· partialunavailable · 0/3 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
Lenzing Aktiengesellschaft (LNZ.VI). Latest full fiscal year: 2025; data up to 2025-12-31.
Figures computed from the financial statements: revenue 2.6 bn EUR in 2025; YoY growth -2.3%; net margin -5.2%; ROE -11.8%.
The estimated value range is 2.70–3.68 EUR per share (median of 1 methods, agreement: single method); assumptions are illustrative. Against the central value of 3.12 EUR, the price of 12.30 EUR leaves a potential of -74.7% (value / price − 1) and a margin of safety of -294.7% (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 (indicators available: 4 of at least 6; score weight coverage: 22.9% of at least 60%).
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: -5.2%
- Interest coverage: 0.1x
- Shareholder yield (distributions): 0.0%
- The price is above the estimated value range
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, FCF yield, Payout ratio (FCF).
Versus the vertical median
Listed companies from Austria · 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 | |
|---|---|---|---|---|---|---|
| OMV.VIOmv Aktiengesellschaft | 35.6 bn | 23.4 | 8.9% | 6.3% | −7.2% | +53% / +86% |
| VER.VIVerbund AG | 26.2 bn | 17.6 | 14.7% | 18.6% | −2.8% | +19% / −14% |
| STR.VIStrabag Se | 11.7 bn | 12.8 | 17.2% | 4.9% | +7.4% | +32% / +168% |
| ANDR.VIAndritz AG | 8.1 bn | 17.7 | 19.3% | 5.8% | −5.2% | +33% / +66% |
| VOE.VIvoestalpine AG | 7.1 bn | 17.0 | 5.7% | 2.8% | −4.3% | +12% / +61% |
| EVN.VIEvn AG | 5.5 bn | 12.5 | 6.9% | 14.6% | +3.8% | +15% / +14% |
| ATS.VIAT & S Austria Technologie & Systemtechnik Aktiengesellschaft | 2.5 bn | — | -2.4% | -1.4% | +12.7% | +238% / +346% |
| DOC.VIDO & CO Aktiengesellschaft | 2.4 bn | 22.2 | 24.0% | 4.3% | +7.1% | +12% / +70% |
| CPI.VICPI Europe AG | 2.2 bn | 4.2 | 12.2% | 68.2% | −6.7% | +1% / −17% |
| POST.VIÖsterreichische Post Aktiengesellschaft | 2.2 bn | 16.4 | 18.3% | 4.3% | −2.6% | +6% / +2% |
| WIE.VIWienerberger AG | 1.9 bn | 11.7 | 5.9% | 3.6% | +1.2% | −40% / −32% |
| LNZ.VILenzing Aktiengesellschaft | 1.8 bn | — | -11.8% | -5.2% | −2.3% | −48% / −65% |
| MMK.VIMayr-Melnhof Karton Aktiengesellschaft | 1.3 bn | 17.1 | 3.6% | 1.9% | −4.8% | −21% / −41% |
| POS.VIPorr AG | 1.2 bn | 10.7 | 12.9% | 1.8% | +1.7% | +6% / +167% |
| AMAG.VIAMAG Austria Metall AG | 1.1 bn | 33.4 | 4.7% | 2.3% | +2.1% | +34% / +19% |
| BMAG.VIPIERER Mobility AG | 1.1 bn | 1.8 | 638.9% | 58.9% | −46.3% | +85% / −47% |
| FQT.VIFrequentis AG | 790.7 m | 28.1 | 15.5% | 4.9% | +20.8% | −14% / +111% |
| ETS.VIEuroTeleSites AG | 745.4 m | 22.3 | 8.8% | 11.9% | +3.7% | −6% / +34% |
| AGR.VIAGRANA Beteiligungs-Aktiengesellschaft | 722.9 m | — | -3.6% | -1.2% | −7.9% | −3% / −15% |
| FACC.VIFacc AG | 602.4 m | 28.4 | 9.1% | 2.2% | +11.3% | +22% / +127% |
| ROS.VIRosenbauer International AG | 591.1 m | 11.9 | 17.4% | 3.5% | +9.4% | +35% / +104% |
| 1AST.VIASTA Energy Solutions AG | 467.7 m | 15.5 | 42.3% | 4.3% | +8.3% | unavailable / unavailable |
| SBO.VISbo AG | 456.6 m | 19.4 | 5.2% | 5.2% | −18.8% | +5% / −30% |
| SEM.VISemperit Aktiengesellschaft Holding | 379.1 m | 902.5 | 0.1% | 0.1% | −2.1% | +39% / +28% |
| ACAG.VIAustriacard Holdings AG | 347.8 m | 25.6 | 11.4% | 4.1% | −8.2% | +76% / +65% |
1- and 3-year price returns: for LNZ.VI 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
Lenzing Aktiengesellschaft produces regenerated cellulose fibres, used mainly in textiles and other industrial applications, with a shareholder structure dominated by the B&C group and Brazilian partner Suzano. Its 2025 annual report shows a company managing climate, energy and wood supply risks closely, and for investors the key question is how those risks feed into costs and regulation. Share capital of EUR 40.1 million is split into 38,618,180 shares.
SWOT
Strengths
- Backward integration into wood supply and a declared position as a sustainability leader.
- Stable shareholder base, with a controlling group and a long-term strategic partner.
- Portfolio of low-emission products and dyeing processes with lower water impact.
Weaknesses
- High dependence on wood and energy, which exposes margins to price volatility.
- Carbon-intensive processes at some sites, with exposure to regulatory costs.
- The group's decentralised structure can complicate coordination of operating functions.
Opportunities
- Growing demand for sustainable fibres could open new contracts with large brands.
- Lower energy costs through renewable sources could create a competitive advantage.
- Innovation in low-carbon-footprint products could reinforce its leadership position.
Threats
- Reclassification of biomass as non-renewable could raise energy costs.
- Competition for wood and climate change could affect raw material availability.
- Cheaper synthetic fibres could gain market share if cellulose fibre prices rise.
Risks
- Climate risk to wood supplyhigh
Forests that are not resilient could be affected by disease, pests and drought, which could limit the availability of wood, essential for production.
- Cost of carbonmedium
New carbon pricing rules could raise costs at sites with emissions-intensive processes.
- Energy disruptionsmedium
Unforeseen energy shortages or power outages could affect operations and could generate additional costs.
- Environmental operating permitmedium
Regulatory changes on emissions could lead to the loss of the operating permit if required limits are not met.
- IT and OT securitylow
Cyberattacks or failures of IT and OT systems could interrupt production, although the company has technical measures and cyber insurance in place.
Investment thesis
What would need to be true (bull case)
- If demand for sustainable fibres keeps growing, its leadership in sustainability and upstream integration could support margins over the long term.
- The stable shareholder base and strategic partner could facilitate investments needed for decarbonisation and energy efficiency.
- If the transition to renewable energy succeeds quickly, energy costs could fall, offering an advantage over competitors.
What would break the thesis
- If wood prices rise due to climate change and competition for biomass, margins could be significantly pressured.
- Carbon regulation and the reclassification of biomass could raise costs at a time when competition remains intense.
- Dependence on energy-intensive processes could make the company vulnerable to price shocks and supply interruptions.
What to watch
- Trend in wood prices and raw material availability2027
- Progress on emissions reduction and SBTi targets2027
- Regulatory measures on biomass under the renewable energy directivenext 10-K
- Evolution of the shareholder structure following the Suzano partnership2027
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
The Lenzing Group produces regenerated cellulose fibres from wood as its main raw material and sells them to yarn spinners, brands and retailers. The annual report stresses that wood is the company's most important natural resource, and backward integration into its supply chain is part of its sourcing strategy. The company presents itself as a sustainability leader in the industry, focusing on lower emissions and products with a smaller environmental footprint.
The shareholder structure is concentrated: the B&C group controls the company, and Suzano S.A. holds a strategic stake acquired in 2024 under a long-term partnership. The remaining shares are in free float, held by Austrian and international institutional and private investors. This structure shapes how the company finances investments and sets strategic priorities.
As a global group, Lenzing runs decentralised operating structures, while key functions such as accounting, treasury and compliance are centralised at group level. Internal control over financial and sustainability reporting is subject to external review, with limited assurance on sustainability reporting. This organisation reflects the company's international footprint.
Segments
Regenerated cellulose fibres
The core segment consists of regenerated cellulose fibres made from wood, aimed mainly at the textile industry. The report shows that making these fibres requires large amounts of wood and energy, so raw material and energy costs are decisive for segment margins.
Low-emission products
The company sees products with lower CO2 emissions and innovation as an opportunity to strengthen its position in the industry's sustainable development. Examples cited include spin-dyed fibres, which reduce impact on water and the environment.
Market context
Lenzing's market is tied to the global textile industry, where demand for more sustainable fibres is growing, but where demand volatility and price pressure remain constant. The company operates in a context where emissions and sustainability regulation is tightening, especially in the European Union. Direct customers such as spinners and the brands behind them increasingly shape traceability requirements.
Access to raw material and price stability for wood and chemicals depend on the biomass market and land-use policies. The report flags that these markets could become more competitive, which could pressure the margins of integrated producers.
Trends
- Demand for sustainable fibrestailwind
Growing customer interest in products with a smaller environmental footprint could support sales of low-footprint fibres, if brands keep their sustainability commitments.
- Carbon regulationmixed
Wider carbon pricing and emissions rules could raise operating costs in locations with carbon-intensive processes, but could also favour low-emission solutions.
- Cost of wood and biomassheadwind
Rising competition for biomass and climate change could push up the price of wood, the main raw material, which could squeeze margins.
- Reclassification of biomassheadwind
Revision of the renewable energy directive could reclassify biomass as non-renewable, affecting energy costs and the company's energy strategy.
Competitive position
Lenzing competes with other regenerated cellulose producers and with synthetic materials, especially in textiles, where price and performance are key criteria. Its stated advantage lies in sustainability and upstream integration, which could offer supply stability and differentiation from competitors dependent on open raw material markets.
Competitive pressure also comes from cheaper synthetic fibres, which can gain share when cellulose fibre prices rise. The company responds with innovation and products with superior sustainability performance.
- Asian cellulose fibre producers
Price competition, especially in volume segments, with different cost structures.
- Synthetic fibre producers
Cheaper substitute for cellulose fibres, sensitive to oil prices.
- European cellulose and fibre producers
Direct competitors with a focus on sustainability and European regulation.
- Integrated pulp suppliers
Companies controlling raw material that can compete through wood access.
News & filings
In the press
No news in our archive over the last 180 days.
Annual reports (ESEF)
- Annual report 202524 Mar 2026
- Annual report 202415 Apr 2025
Sources
- [1] Annual report, fiscal year ended 2025-12-31 (ESEF) · SEC / Lenzing Aktiengesellschaft · 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.