How the number is built. Four grades for balance sheet, profitability, cash flow and growth, each from 0 to 5. More points is better, 20 is the maximum. The four grades are weighted equally and added; there is no weighting key and no markdown from the weakest grade. If a grade is missing because data is missing, it is not estimated: the total is then withheld and the page names what is missing. The share valuation does not enter the sum; it sits alongside as a range.
All values from audited annual reports filed with the US regulator SEC. No value is estimated, none smoothed.
| Grade | Points | Basis |
|---|---|---|
| Balance sheet | 5/5 | Net cash 2.02 bn $, no net debt · Current ratio not reportedHow this grade is builtNet debt to operating incomeNet cash 2.02 bn $, no net debt5/51: ≤ 5.0×2: ≤ 4.0×3: ≤ 3.0×4: ≤ 2.0×5: ≤ 1.0× Current rationot reported—1: ≥ 0.82: ≥ 1.03: ≥ 1.34: ≥ 1.85: ≥ 2.5 Mean 5 / 1 = 5.00, rounded 5 |
| Profitability | 3/5 | Operating margin 7.7% · Return on equity 11.7%How this grade is builtOperating margin7.7%2/51: ≥ 0.0%2: ≥ 5.0%3: ≥ 12.0%4: ≥ 20.0%5: ≥ 30.0%Next step: at least 12.0% for grade 3 Return on equity11.7%3/51: ≥ 0.0%2: ≥ 5.0%3: ≥ 10.0%4: ≥ 18.0%5: ≥ 25.0%Next step: at least 18.0% for grade 4 Mean 2 + 3 / 2 = 2.50, rounded 3 |
| Cash flow | 4/5 | Free cash flow to revenue 6.3% · Profit covered by cash flow 1.0× · Free cash flow positive 5 of 5 yearsHow this grade is builtFree cash flow to revenue6.3%2/51: ≥ 0.0%2: ≥ 5.0%3: ≥ 10.0%4: ≥ 18.0%5: ≥ 25.0%Next step: at least 10.0% for grade 3 Profit covered by cash flow1.0×4/51: ≥ 0.4×2: ≥ 0.6×3: ≥ 0.8×4: ≥ 1.0×5: ≥ 1.2×Next step: at least 1.2× for grade 5 Free cash flow positive5 of 5 years5/51: 1 of 52: 2 of 53: 3 of 54: 4 of 55: 5 of 5 Mean 2 + 4 + 5 / 3 = 3.67, rounded 4 |
| Growth | 4/5 | Revenue growth per year 4.9% · Operating income per year 32.2%How this grade is builtRevenue growth per year4.9%2/51: ≥ 0.0%2: ≥ 3.0%3: ≥ 8.0%4: ≥ 15.0%5: ≥ 25.0%Next step: at least 8.0% for grade 3 Operating income per year32.2%5/51: ≥ 0.0%2: ≥ 3.0%3: ≥ 8.0%4: ≥ 15.0%5: ≥ 25.0% Mean 2 + 5 / 2 = 3.50, rounded 4 |
Each grade is the rounded mean of two or three key figures, each placed on a five-step scale. Open the derivation under a grade to see, for every figure, the measured value, the step it reached and what the next step would have required.
The range comes from this company's own history, not from a comparison with others. Price today 75.78 EUR, range 78.99 to 98.97 EUR. The price sits below the lower edge of its own valuation range. The middle of the range sits 17.4% above today's price. Reliability: robust, from 4 methods.
| Method | Today | Series | Years |
|---|---|---|---|
| Price to revenue | 0,9 | 2016–2025 | 10 |
| Price to free cash flow | 14,7 | 2016–2025 | 10 |
| Price to book value | 1,7 | 2016–2025 | 10 |
| Enterprise value to revenue | 0,8 | 2016–2025 | 10 |
Open each method to see the arithmetic year by year.
| Year | Price | Basis | Multiple |
|---|---|---|---|
| 2016 | 48,56 | 50,62 | 1,0 |
| 2017 | 56,59 | 52,83 | 1,1 |
| 2018 | 45,65 | 55,17 | 0,8 |
| 2019 | 44,74 | 58,57 | 0,8 |
| 2020 | 48,33 | 50,88 | 0,9 |
| 2021 | 77,20 | 54,66 | 1,4 |
| 2022 | 70,80 | 59,86 | 1,2 |
| 2023 | 80,42 | 67,81 | 1,2 |
| 2024 | 77,21 | 72,00 | 1,1 |
| 2025 | 87,05 | 82,10 | 1,1 |
| heute | 75,78 | 82,10 | 0,9 |
| Year | Price | Basis | Multiple |
|---|---|---|---|
| 2016 | 48,56 | 1,76 | 27,6 |
| 2017 | 56,59 | 1,91 | 29,6 |
| 2018 | 45,65 | 2,91 | 15,7 |
| 2019 | 44,74 | 2,90 | 15,4 |
| 2020 | 48,33 | 1,97 | 24,5 |
| 2021 | 77,20 | 5,40 | 14,3 |
| 2022 | 70,80 | 5,28 | 13,4 |
| 2023 | 80,42 | 4,28 | 18,8 |
| 2024 | 77,21 | 3,42 | 22,6 |
| 2025 | 87,05 | 5,15 | 16,9 |
| heute | 75,78 | 5,15 | 14,7 |
| Year | Price | Basis | Multiple |
|---|---|---|---|
| 2016 | 48,56 | 20,47 | 2,4 |
| 2017 | 56,59 | 21,01 | 2,7 |
| 2018 | 45,65 | 20,50 | 2,2 |
| 2019 | 44,74 | 23,71 | 1,9 |
| 2020 | 48,33 | 25,53 | 1,9 |
| 2021 | 77,20 | 30,09 | 2,6 |
| 2022 | 70,80 | 33,09 | 2,1 |
| 2023 | 80,42 | 34,63 | 2,3 |
| 2024 | 77,21 | 37,85 | 2,0 |
| 2025 | 87,05 | 43,69 | 2,0 |
| heute | 75,78 | 43,69 | 1,7 |
| Year | Price | Basis | Multiple |
|---|---|---|---|
| 2016 | 48,56 | 13.788,00 | 0,9 |
| 2017 | 56,59 | 14.198,00 | 1,0 |
| 2018 | 45,65 | 13.972,00 | 0,7 |
| 2019 | 44,74 | 13.630,00 | 0,7 |
| 2020 | 48,33 | 11.651,00 | 0,8 |
| 2021 | 77,20 | 12.382,00 | 1,2 |
| 2022 | 70,80 | 12.869,00 | 1,0 |
| 2023 | 80,42 | 13.683,00 | 1,0 |
| 2024 | 77,21 | 13.702,00 | 1,0 |
| 2025 | 87,05 | 14.799,00 | 0,9 |
| heute | 75,78 | 14.799,00 | 0,8 |
Price divided by basis gives the multiple. Every row can be recomputed; if a row does not add up, this page is not built at all.
Too few graded companies in this industry at present to place this one.
Every figure comes from the annual report of that year and has not been revised afterwards. Amounts in USD.
Swipe sideways for all columns.
| Year | Revenue | Operating profit | Free cash flow | Earnings per share | Shares | Net debt |
|---|---|---|---|---|---|---|
| 2015 | 13.42 bn | 971.00 m | 670.00 m | 2.50 | 278.73 m | -1.00 bn |
| 2016 | 13.79 bn | 876.00 m | 479.00 m | 3.53 | 272.37 m | -1.30 bn |
| 2017 | 14.20 bn | 762.00 m | 513.00 m | 1.14 | 268.75 m | -1.26 bn |
| 2018 | 13.97 bn | 1.38 bn | 738.00 m | 4.83 | 253.24 m | -1.11 bn |
| 2019 | 13.63 bn | 942.00 m | 675.00 m | — | 232.71 m | -1.36 bn |
| 2020 | 11.65 bn | 282.00 m | 451.00 m | — | 228.98 m | -2.25 bn |
| 2021 | 12.38 bn | 873.00 m | 1.22 bn | 3.30 | 226.52 m | -2.12 bn |
| 2022 | 12.87 bn | 1.02 bn | 1.13 bn | 4.01 | 214.97 m | -2.04 bn |
| 2023 | 13.68 bn | 1.09 bn | 864.00 m | 4.56 | 201.77 m | -2.18 bn |
| 2024 | 13.70 bn | 943.00 m | 650.00 m | 4.33 | 190.31 m | -1.44 bn |
| 2025 | 14.80 bn | 1.14 bn | 929.00 m | 5.11 | 180.26 m | -2.02 bn |
1 of 8 points, measured over 10 years (2016 to 2025). Classification: no trace.
| Feature | Points | Basis |
|---|---|---|
| Return on capital, level | 0/3 | The company earns on average 6.0% of its assets per year as operating profit, measured over 10 years. Comparable companies are around 10%. |
| Return on capital, consistency | 0/3 | 0 of 10 years above 10%. Consistency is the real evidence, because anyone has one good year. |
| Pricing power | —/2 | Gross profit is not reported separately in the filing. |
| Stability in a downturn | 1/2 | Operating margin averaging 7%. Tested in 2020 and 2022: 2020 2%, 2022 8%. Holding counts from two thirds of the company's own average. |
What is measured is the trace of a moat: a durably high return on capital and margins that survive a downturn. The causes (switching costs, network effects, brand, licences, economies of scale) appear in no filing and are not claimed here.
Expected on 22 Oct 2026 (estimated from the rhythm of earlier filings, ± 7 days). Grades can change after a report; the page is then rebuilt.
| Produced by | Florian Maier |
| Completed on | 14.10.2026 03:58 |
| Price as of | 12 Oct 2026 |
| Latest filing | 10-Q, 28 Jul 2026 |
| Method version | 2.7.0 |
| Time horizon | The grades describe a state that can change with every annual report, so roughly quarterly. The historical analysis is computed over 36 months. |
| Own position | Not disclosed individually, see the risk notice. |
| Earlier analyses | The list of all analyses of this company from the past twelve months will appear once twelve months of analyses exist. This run is the start of the series. |
This is not investment advice. Limits of the method, assumptions and conflicts of interest: risk notice.