olivLaw · European equity research
MotorK PLC MTRK.AS
Netherlands · Euronext Amsterdam · Vertical: Listed companies from Netherlands
MotorK PLC is a pan-European SaaS software provider for automotive retail, offering the modular SparK platform to dealers and manufacturers. In 2025 the company reported total revenue of 40.9 million EUR, and the shift to the agency model makes integrated digital infrastructure increasingly important for the industry.
At the close of 05 Nov 2026, MotorK PLC (MTRK.AS) stock was 2.35 EUR (+0.00% on the day), with market capitalisation 113.0 m EUR, beta 0.08, 52-week range 2.15–4.28 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)
- 63.6
- strong (55–70)
- Bollinger (20, 2)
- 2.08 – 2.32
- above the upper band · %B 1.13 · band width 11.0%
- SMA 50 / 200
- 2.32 / 3.12
- mixed trend
- MACD (12, 26, 9)
- -0.01 / -0.05
- 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 | +7.3% | −0.6% | +8.0 pp | — |
| 3 months | −5.6% | −4.2% | −1.5 pp | — |
| 6 months | −12.0% | +4.3% | −16.3 pp | — |
| Year to date | −44.8% | +7.5% | −52.3 pp | — |
| 1 year | −43.2% | +9.9% | −53.2 pp | −0.2% |
| 3 years | −14.9% | +49.8% | −64.7 pp | +2.2% |
| 5 years | −60.8% | +42.8% | −103.7 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 | 2023 | 2024 | 2025 |
|---|---|---|---|
| Revenue | 38.5 m | 40.3 m | 40.9 m |
| Revenue YoY | unavailable | +4.7% | +1.5% |
| Net income | -17.7 m | -13.1 m | -12.0 m |
| Net income YoY | unavailable | unavailable | unavailable |
| Diluted EPS | -0.44 | -0.29 | -0.25 |
| Diluted EPS YoY | unavailable | unavailable | unavailable |
| net % | -45.9% | -32.4% | -29.4% |
| Free cash flow | -6.3 m | -5.3 m | 6.0 m |
Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 3.7 m EUR
- Financial debt
- unavailable EUR
- Net debt
- unavailable EUR
- Equity
- 23.6 m EUR
- Total assets
- 62.0 m EUR
- Debt / equity
- unavailable
- Current ratio
- 0.63x
- ROE
- -46.6%
- ROA
- -18.1%
- FCF margin
- 14.6%
Financial statements (source on every figure)
Revenue and net income (EUR)
Margins
Income statement · EUR
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Revenue | 38.5 m | 40.3 m | 40.9 m | esef· 12 May 2026verified |
| Research & development | -9.3 m | -8.3 m | -6.6 m | esef· 12 May 2026verified |
| Operating income | -18.9 m | -11.0 m | -9.5 m | esef· 12 May 2026verified |
| Depreciation & amortisation | 8.7 m | 10.0 m | 10.7 m | esef· 12 May 2026verified |
| EBITDA | -10.2 m ≈ | -976.0 k ≈ | 1.2 m ≈ | esef· 12 May 2026derived |
| Interest expense | 767.0 k | 2.3 m | 2.4 m | esef· 12 May 2026verified |
| Pre-tax income | -20.0 m | -13.1 m | -11.9 m | esef· 12 May 2026verified |
| Income tax | -2.3 m | -4.0 k | 160.0 k | esef· 12 May 2026verified |
| Net income | -17.7 m | -13.1 m | -12.0 m | esef· 12 May 2026verified |
| Diluted EPS | -0.44 | -0.29 | -0.25 | esef· 12 May 2026verified |
≈ 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 | 3.5 m | 3.4 m | 3.7 m | esef· 12 May 2026verified |
| Receivables | 13.4 m | 14.0 m | 11.7 m | esef· 12 May 2026verified |
| Current assets | 16.9 m | 17.3 m | 15.4 m | esef· 12 May 2026verified |
| Property, plant & equipment, net | 4.6 m | 3.4 m | — | esef· 23 Apr 2025verified |
| Total assets | 71.7 m | 70.8 m | 62.0 m | esef· 12 May 2026verified |
| Accounts payable | 14.7 m | 11.3 m | 11.5 m | esef· 12 May 2026verified |
| Current liabilities | 27.4 m | 36.5 m | 24.4 m | esef· 12 May 2026verified |
| Total liabilities | 44.8 m | 42.8 m | 38.4 m | esef· 12 May 2026verified |
| Equity | 27.0 m | 28.0 m | 23.6 m | esef· 12 May 2026verified |
| Shares outstanding at year end | 40.1 m | 45.0 m | 48.1 m | esef· 12 May 2026derived |
Cash flow · EUR
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Operating cash flow | -6.2 m | -5.2 m | 6.0 m | esef· 12 May 2026verified |
| Capex | 92.0 k | 27.0 k | 14.0 k | esef· 12 May 2026verified |
| Free cash flow | -6.3 m ≈ | -5.3 m ≈ | 6.0 m ≈ | esef· 12 May 2026derived |
| Investing cash flow | -13.4 m | -13.5 m | -3.4 m | esef· 12 May 2026verified |
| Financing cash flow | 3.9 m | 18.6 m | -2.3 m | esef· 12 May 2026verified |
| Share repurchases | 2.3 m | 0 | — | esef· 23 Apr 2025verified |
≈ 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
- indicators available: 5 of at least 6
- score weight coverage: 31.2% of at least 60%
- valuation methods computed: 0 of at least 1
A scoring methodology on indicators and valuation, not investment advice.
Closing price
05 Nov 2026Source: olivLaw, closing series
Market cap: 113.0 m EUR
Key indicators
Coverage and freshness
Score by group
31% · Insufficient data
Estimated value range
unavailable — no valuation method could be computed
Valuation assumptions are editorial choices, not measured; beta is not measured.
Valuation methods
- DCF (discounted cash flow)unavailable · net debt missing: EV cannot be bridged to equity (missing debt is not zero)
- 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)unavailable · the company pays no dividend: a dividend model needs an explicit initiation assumption
no valuation method could be computed
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: 5 of at least 6; score weight coverage: 31.2% of at least 60%; valuation methods computed: 0 of at least 1
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | unavailable | unavailable | — |
| Net margin · Quality | -29.4% | 8 (vs peers) | 20% |
| 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 | -4.0x | 0 (on a fixed band) | 20% |
| Current ratio · Balance sheet | 0.6x | 0 (on a fixed band) | 13% |
| P/E (TTM) · Valuation | unavailable | unavailable | — |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | 5.3% | 66 (on a fixed band) | 27% |
| Shareholder yield (distributions) · Returns | 0.0% | 0 (on a fixed band) | 20% |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet0/100 · 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· partial66/100 · 1/3 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
MOTORK PLC (MTRK.AS). Latest full fiscal year: 2025; data up to 2025-12-31.
Figures computed from the financial statements: revenue 40.9 m EUR in 2025; YoY growth 1.5%; net margin -29.4%; ROE -46.6%.
Valuation cannot be computed from the available data.
Insufficient data for a verdict (indicators available: 5 of at least 6; score weight coverage: 31.2% of at least 60%; valuation methods computed: 0 of at least 1).
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: -29.4%
- Interest coverage: -4.0x
- Current ratio: 0.6x
- Shareholder yield (distributions): 0.0%
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, Payout ratio (FCF).
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% |
| 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% |
| AJAX.ASAFC Ajax N.V. | 140.9 m | — | -18.0% | -21.0% | +17.2% | −15% / −29% |
1- and 3-year price returns: for MTRK.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 | 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
MotorK PLC is a pan-European SaaS software provider for automotive retail, offering the modular SparK platform to dealers and manufacturers. In 2025 the company reported total revenue of 40.9 million EUR, and the shift to the agency model makes integrated digital infrastructure increasingly important for the industry.
SWOT
Strengths
- Integrated pan-European platform, with recurring SaaS revenue making up most of income and ISO 27001 surveillance audit passed with zero non-conformities 1.
- Land and Expand model in which clients can be extended to more modules, with high switching costs 1.
- Improved profitability in 2025, with adjusted EBITDA turning positive after a loss in the prior year 1.
Weaknesses
Opportunities
- Consolidation of outdated local vendors in Europe through acquisitions and migration of their customers onto SparK 1.
- The shift of manufacturers to the agency model, which could generate demand for centralised platforms 1.
- AI services and vehicle data monetisation, which could create recurring revenue for dealers 1.
Risks
- Cybersecurityhigh
The company processes large volumes of sensitive customer data, and a breach could lead to financial loss and regulatory penalties 1.
- Slow sales growthmedium
Revenue growth has slowed close to stagnation, and part of the pipeline must be converted into CARR to meet targets 1.
- Geopolitical tensions and tariffsmedium
Regional conflicts and tariffs in the US and Europe could disrupt the supply chains of the company's customers 1.
- Funding and cashmedium
Negative Cash EBITDA in 2025 keeps access to funding important for growth 1.
- ESG reporting readinesslow
Preparation for CSRD compliance is still underway, which could bring additional costs and reporting requirements 1.
Investment thesis
What would need to be true (bull case)
- If the shift to the agency model accelerates, the company's integrated platform could become standard infrastructure for manufacturers and dealer groups 1.
- Recurring revenue making up most of income and a stable CARR base could support predictable growth 1.
- Improved margins and positive adjusted EBITDA in 2025 could show that the operating model has strengthened 1.
What would break the thesis
- If revenue growth remains below the prior year's pace, the targets set for 2026 could be hard to reach 1.
- Large markets such as France and Germany have declined, and the phase-out of legacy contracts could keep weighing on revenue 1.
- Competition from local vendors and manufacturers' in-house solutions could limit adoption of the platform 1.
What to watch
- Evolution of CARR against the single-digit growth target2026
- Delivery of positive Cash EBITDA for the full year2026
- Conversion of the 13 million EUR sales pipeline into recurring revenue2026
- Revenue trend in France and Germany after the legacy contract phase-outnext 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
MotorK provides digital infrastructure for European automotive distribution through the SparK cloud platform, which brings sales, marketing and operations into a single source of truth. Its model rests on SaaS subscriptions, which made up 74% of revenue in 2025 1. The company operates in five markets: Italy, Spain, France, Germany and Benelux 1.
Strategy rests on three pillars: innovation, by turning SparK into an AI operating system for retail; Land and Expand, by growing clients from one module to the full platform; and consolidation, by acquiring outdated local vendors and migrating their customers onto SparK 1. For 2026 management targets a single-digit CARR increase and positive Cash EBITDA for the full year 1.
Revenue is concentrated in recurring income: CARR of 36.7 million EUR at the end of 2025 points to a stable customer base, while the reduction of legacy contracts in France improved revenue quality 1. The company reached positive adjusted EBITDA of 4.3 million EUR in 2025, compared with a loss in the prior year 1.
Segments
Italy
Italy is the group's main engine, with revenue of 27.6 million EUR in 2025, or 67% of the total, growing by nearly 5% year on year 1. Existing clients have increasingly adopted the SparK suite 1.
Market context
MotorK estimates the EU5 automotive retail software market at approximately 2.8 billion EUR, a fragmented market with many local vendors offering point solutions 1. Margin pressure and the move to the agency model, where distribution costs can reach 17% of a vehicle's price, favour integrated platforms 1.
Demand for electric vehicles is rising: BEV registrations in the EU grew 22% in the first half of 2025, reaching a 15.6% market share 1. The company argues that this transition and the entry of Asian manufacturers create a need for scalable digital infrastructure 1.
Trends
- Shift to the agency modeltailwind
Manufacturers take control of inventory and pricing while dealers become fulfilment agents, which makes IT integration between manufacturers and networks necessary and makes siloed systems a problem 1. This could favour vendors with centralised platforms such as MotorK 1.
- Electrification and new entrantstailwind
Stricter CO2 targets push manufacturers toward electric vehicle sales, and Chinese brands are gaining ground in Europe, requiring rapid launches of sales networks 1. This could increase demand for ready-to-deploy infrastructure 1.
- Data monetisation and AImixed
As margins on vehicle sales shrink, profitability shifts to the vehicle lifecycle through recurring services, and AI automation could turn telematics signals into service bookings 1. If dealers do not adopt these tools, the advantage could be limited 1.
- Geopolitics and tariffsheadwind
Regional conflicts and the introduction of tariffs in the US and Europe could affect costs and market dynamics in the automotive sector, with indirect effects on the company's customers 1. This adds uncertainty to industry demand 1.
Competitive position
Competition comes from many fragmented local vendors offering point solutions, and from the entry of Asian manufacturers that may require rapid digital solutions 1. MotorK differentiates itself as the only pan-European provider with a fully integrated end-to-end platform 1.
The reviewed sources do not identify listed competitors and provide no comparative market share data. The company's stated advantage lies in modular integration and pan-European scale, and its consolidation strategy could reduce the number of local vendors 1.
- Fragmented local DMS and dealer software vendors
Point solutions often lacking multinational integration, which MotorK targets through consolidation 1.
- Dealer platform and automotive CRM providers
Rivals offering isolated modules compared with the integrated SparK platform 1.
- Asian automotive manufacturers entering Europe
Potential clients needing rapid sales network launches, though they may also develop in-house solutions 1.
- Manufacturers' in-house digital teams
An alternative for manufacturers preferring to keep digital control of inventory and pricing internally 1.
News & filings
In the press
No news in our archive over the last 180 days.
Annual reports (ESEF)
- Annual report 202512 May 2026
- Annual report 202423 Apr 2025
Sources
- [1] Annual report, fiscal year ended 2025-12-31 (ESEF) · SEC / MotorK PLC · 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.