olivLaw · European equity research
voestalpine AG VOE.VI
Austria · Wiener Börse · ISIN AT0000937503 · Vertical: Listed companies from Austria
voestalpine AG is an Austrian industrial group active in steel, high-performance metals, metal engineering and metal forming, with significant investment and sales in European and North American markets. In its latest fiscal year the group invested 1,069.2 Mio. EUR, and for fiscal 2026/27 management expects an EBITDA between 1.60 and 1.85 billion EUR, amid an uncertain geopolitical context.
At the close of 05 Nov 2026, voestalpine AG (VOE.VI) stock was 41.58 EUR (−0.57% on the day), with market capitalisation 7.1 bn EUR, P/E 17.0 on diluted EPS of 2.44 EUR over the last 12 months, beta 1.36, 52-week range 31.14–49.02 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)
- 41.4
- weak (30–45)
- Bollinger (20, 2)
- 40.57 – 45.26
- in the lower half of the band · %B 0.22 · band width 10.9%
- SMA 50 / 200
- 44.35 / 43.93
- mixed trend
- MACD (12, 26, 9)
- -0.80 / -0.72
- 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 | −6.8% | +0.4% | −7.1 pp | — |
| 3 months | −11.8% | −3.3% | −8.5 pp | — |
| 6 months | −8.7% | +4.0% | −12.7 pp | — |
| Year to date | +10.1% | +8.1% | +2.0 pp | — |
| 1 year | +37.0% | +10.7% | +26.3 pp | +5.3% |
| 3 years | +70.8% | +50.1% | +20.7 pp | +3.6% |
| 5 years | +27.2% | +43.6% | −16.4 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.
Today's P/E sits at the 33 percentile of its own 3-quarter history (min 15.5, median 25.0, max 44.1; quarters with earnings only).
Fiscal years
| Fiscal year | 2024 | 2025 | 2026 |
|---|---|---|---|
| Revenue | 16.7 bn | 15.7 bn | 15.1 bn |
| Revenue YoY | unavailable | −5.6% | −4.3% |
| Net income | 100.8 m | 153.5 m | 424.7 m |
| Net income YoY | unavailable | +52.3% | +176.7% |
| Diluted EPS | 0.59 | 0.90 | 2.44 |
| Diluted EPS YoY | unavailable | +52.5% | +171.1% |
| net % | 0.6% | 1.0% | 2.8% |
| Free cash flow | unavailable | unavailable | unavailable |
Balance sheet & financial health
Fiscal year 2026 · 31 Mar 2026
- Cash
- 1.1 bn EUR
- Financial debt
- unavailable EUR
- Net debt
- unavailable EUR
- Equity
- 7.8 bn EUR
- Total assets
- 16.0 bn EUR
- Debt / equity
- unavailable
- Current ratio
- 1.35x
- ROE
- 5.6%
- ROA
- 2.7%
- FCF margin
- unavailable
Financial statements (source on every figure)
Revenue and net income (EUR)
Margins
Income statement · EUR
| Line | 2024 | 2025 | 2026 | Source (latest year) |
|---|---|---|---|---|
| Revenue | 16.7 bn | 15.7 bn | 15.1 bn | esef· 11 Jun 2026verified |
| Cost of revenue | 13.9 bn | 12.9 bn | 12.0 bn | esef· 11 Jun 2026verified |
| Gross profit | 2.8 bn | 2.8 bn | 3.0 bn | esef· 11 Jun 2026verified |
| Operating income | 569.3 m | 455.1 m | 723.5 m | esef· 11 Jun 2026verified |
| Interest expense | 281.4 m | 240.4 m | 192.7 m | esef· 11 Jun 2026verified |
| Pre-tax income | 383.4 m | 270.5 m | 586.6 m | esef· 11 Jun 2026verified |
| Income tax | 167.8 m | 91.9 m | 162.3 m | esef· 11 Jun 2026verified |
| Net income | 100.8 m | 153.5 m | 424.7 m | esef· 11 Jun 2026verified |
| Diluted EPS | 0.59 | 0.90 | 2.44 | esef· 11 Jun 2026verified |
Balance sheet · EUR
| Line | 2024 | 2025 | 2026 | Source (latest year) |
|---|---|---|---|---|
| Cash | 1.3 bn | 781.8 m | 1.1 bn | esef· 11 Jun 2026verified |
| Receivables | 2.0 bn | 1.8 bn | 1.9 bn | esef· 11 Jun 2026verified |
| Inventories | 5.1 bn | 4.7 bn | 4.5 bn | esef· 11 Jun 2026verified |
| Current assets | 8.7 bn | 7.6 bn | 7.6 bn | esef· 11 Jun 2026verified |
| Property, plant & equipment, net | 6.0 bn | 6.4 bn | — | esef· 10 Jun 2025verified |
| Goodwill | 1.1 bn | 999.4 m | 998.9 m | esef· 11 Jun 2026verified |
| Intangibles (excl. goodwill) | 312.8 m | 310.2 m | 315.7 m | esef· 11 Jun 2026verified |
| Total assets | 16.6 bn | 15.7 bn | 16.0 bn | esef· 11 Jun 2026verified |
| Current liabilities | 6.5 bn | 5.3 bn | 5.7 bn | esef· 11 Jun 2026verified |
| Equity | 7.5 bn | 7.5 bn | 7.8 bn | esef· 11 Jun 2026verified |
| Shares outstanding at year end | 170.8 m | 170.6 m | 171.3 m | esef· 11 Jun 2026derived |
Cash flow · EUR
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: 33.3% of at least 60%
A scoring methodology on indicators and valuation, not investment advice.
Closing price
05 Nov 2026Source: olivLaw, closing series
Market cap: 7.1 bn EUR
Key indicators
Coverage and freshness
Score by group
33% · 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: 27.92 – 54.27 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/E27.92 – 54.27 (Mid 40.93)24 companies used · median multiple 16.8x · quartiles 11.4x – 22.2x1AST.VI, ACAG.VI, AMAG.VI, ANDR.VI, BMAG.VI, CPI.VI, DOC.VI, ETS.VI, EVN.VI, FAA.VI, FACC.VI, FQT.VI, MMK.VI, OMV.VI, POS.VI, POST.VI, PYT.VI, ROS.VI, SBO.VI, STR.VI, SWUT.VI, TKA.VI, VER.VI, WIE.VI
- Dividend discount (DDM)unavailable · the company pays no dividend: a dividend model needs an explicit initiation assumption
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: 33.3% of at least 60%
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | unavailable | unavailable | — |
| Net margin · Quality | 2.8% | 46 (vs peers) | 19% |
| 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 | 3.8x | 35 (on a fixed band) | 19% |
| Current ratio · Balance sheet | 1.3x | 46 (on a fixed band) | 13% |
| P/E (TTM) · Valuation | 17.0x | 54 (vs peers) | 31% |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | unavailable | unavailable | — |
| Shareholder yield (distributions) · Returns | 0.0% | 0 (on a fixed band) | 19% |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet39/100 · 2/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality· partial46/100 · 1/3 factors with a value
- Returns· partial0/100 · 1/2 factors with a value
- Valuation· partial54/100 · 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
voestalpine AG (VOE.VI). Latest full fiscal year: 2026; data up to 2026-03-31.
Figures computed from the financial statements: revenue 15.1 bn EUR in 2026; YoY growth -4.3%; net margin 2.8%; ROE 5.7%.
The estimated value range is 27.92–54.27 EUR per share (median of 1 methods, agreement: single method); assumptions are illustrative. Against the central value of 40.93 EUR, the price of 41.58 EUR leaves a potential of -1.6% (value / price − 1) and a margin of safety of -1.6% (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 (indicators available: 5 of at least 6; score weight coverage: 33.3% 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
- 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, 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 VOE.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 | 22.77 Total return -45% · Per year -45% | 40.43 Total return -3% · Per year -3% | 61.16 Total return 47% · Per year 47% |
| 3 years | 18.35 Total return -56% · Per year -24% | 37.01 Total return -11% · Per year -4% | 61.99 Total return 49% · Per year 14% |
| 5 years | 14.79 Total return -64% · Per year -19% | 33.88 Total return -19% · Per year -4% | 62.84 Total return 51% · Per year 9% |
- Exit P/E± 9.25
- Net margin± 6.48
- Annual revenue growth± 5.81
- Annual dilution± 0.54
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
voestalpine AG is an Austrian industrial group active in steel, high-performance metals, metal engineering and metal forming, with significant investment and sales in European and North American markets. In its latest fiscal year the group invested 1,069.2 Mio. EUR, and for fiscal 2026/27 management expects an EBITDA between 1.60 and 1.85 billion EUR, amid an uncertain geopolitical context.
SWOT
Strengths
- A broad portfolio of divisions that reduces dependence on a single market.
- A consolidated position in railway systems, extended through recent acquisitions.
- Low-emission technology projects, such as greentec steel, on track with budget and schedule.
Weaknesses
- Lower results in Metal Engineering, especially in the tubes segment.
- Dependence on the European automotive market, which stayed weak in the year analyzed.
- Reduced investment in some divisions that carried out reorganizations.
Opportunities
- CBAM and post-safeguard measures could support European steel producers.
- Demand for automated storage systems and aerospace materials.
- The Hy4Smelt project could open new steel production technologies.
Threats
- Trade tariffs between Europe and North America could continue to affect exports.
- Geopolitical conflicts and their effect on energy prices could raise costs.
- Competition from China and industry overcapacity could press prices.
Risks
- US import tariffshigh
Tariffs could reduce volumes and prices for seamless tubes, affecting Metal Engineering.
- Automotive industry demandhigh
A slowdown in European and Chinese auto production could reduce sales of the Metal Forming division.
- Energy pricesmedium
Geopolitical conflicts could raise energy costs, affecting steel margins.
- Execution of major projectsmedium
The greentec steel project depends on schedules and assembly, and delays could increase costs.
- Reorganizations and restructuringlow
Reorganizations at Automotive Components could have unforeseen effects on staff and operations.
Investment thesis
What would need to be true (bull case)
- If the CBAM and post-safeguard measures work as planned, margins of European steel producers could gradually recover.
- Rising demand for automated storage systems and the reorganization of the Metal Forming division could support results.
- Acquisitions and disposals in fiscal 2025/26 could sharpen the portfolio toward segments with better margins.
What would break the thesis
- If US tariffs and trade uncertainty persist, tube volumes could stay below earlier levels.
- Weak demand from the European automotive industry could limit the recovery of the Metal Forming division.
- Geopolitical conflicts and energy pressure could reduce margins in fiscal 2026/27.
What to watch
- Achievement of the EBITDA guidance between 1.60 and 1.85 billion EUR2026/27
- Development of US tariffs on seamless tubes2026/27
- Commissioning of the new secondary metallurgy plant at LinzSpring 2027
- Implementation of the European Union post-safeguard measuresSummer 2026
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
voestalpine AG is an industrial group based in Austria, organized in divisions covering steel production, high-performance metals, metal engineering and metal forming. The company describes its strategy as resting on a broad setup and on the transformation towards low-emission steel production. The Steel Division invested 536.9 Mio. EUR in fiscal 2025/26 1, mainly in the greentec steel project at Linz and Donawitz.
Segments
Metal Engineering Division
In fiscal 2025/26 the division generated sales of 4,054.7 Mio. EUR 1, down from the prior year, due to lower shipment volumes and lower contract prices for seamless tubes, which faced high US import tariffs 1. The Railway Systems segment remained a positive area, and division EBITDA rose significantly in the fourth quarter 1.
Market context
The European steel market benefits from the introduction of CBAM and the expected post-safeguard measures, which could balance CO2 costs and import volumes 1. At the same time, demand from the European automotive and construction industries stayed weak, and US tariffs affect exports, which could keep pressure on margins 1.
Trends
- CBAM and post-safeguard measurestailwind
The introduction of CBAM at the start of the calendar year and the planned measures of the European Union could improve conditions for European steel producers 1.
- Trade tariffs between Europe and the USheadwind
US import tariffs reduced volumes of seamless tubes and created uncertainty for North American customers 1.
- Logistics automationtailwind
Demand for automated storage systems stayed high in Europe and North America, supporting the Metal Forming division 1.
- Geopolitical and energy uncertaintymixed
The Middle East conflict and its effects on energy prices and inflation could influence results in fiscal 2026/27 1.
Competitive position
The annual report does not detail the group's competitors. Competitive pressure is mentioned in particular in China, in automotive and in tubes, where overcapacity has affected prices 1.
- Chinese steel and tube producers
Competition increased in China, especially in the automotive industry, according to the report 1.
- Seamless tube importers
Imports into the US were affected by tariffs, which changed competitive dynamics 1.
- European automotive component suppliers
Weak demand from the European automotive industry increased competitive pressure on Automotive Components 1.
- Industrial profile and special steel producers
The market for industrial profiles and special steels is fragmented, as described in the report 1.
News & filings
In the press
No news in our archive over the last 180 days.
Annual reports (ESEF)
- Annual report 202611 Jun 2026
- Annual report 202510 Jun 2025
Sources
- [1] Annual report, fiscal year ended 2026-03-31 (ESEF) · SEC / voestalpine AG · 31 Mar 2026
Figures computed by olivLaw from ESEF annual reports and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.