thyssenkrupp AG (TYEKF)
Juste valeurFondamental
39
Prix
$13.72
Capitalisation boursière
$9.13B
Partie 1 · Ce que vaut l'entreprise
Vue d'ensemble
thyssenkrupp is a German industrial group built from five largely separate businesses: it makes steel, distributes metals and other industrial materials, builds submarines and naval systems, supplies components to carmakers, and develops technology for lower-carbon industrial processes. Unlike a focused manufacturer, its businesses share little beyond the parent's engineering heritage, and the group has been selling and restructuring divisions as part of an ongoing transformation.
Comment l'entreprise gagne de l'argent
Each segment sells physical products or engineering services and books revenue on delivery: steel and distributed materials are largely priced on commodity markets, while marine systems and automotive components are sold under multi-year contracts and supply agreements with automakers and navies. Because the segments serve very different customers and price mechanisms, group revenue is really the sum of five distinct businesses rather than one coherent model.
Chiffre d'affaires par segment
Distribution of metals, raw materials and related logistics and processing services to industrial customers, one of the largest materials distributors globally.
Production of flat steel products for automotive, construction and other industrial customers; Germany's largest steel producer.
Chassis, powertrain and other components supplied to carmakers under multi-year contracts.
Engineering and plant technology for chemical, cement and other industrial processes, including lower-carbon production methods.
Design and construction of submarines and surface naval vessels, mainly for the German navy and export customers.
Ce qui stimule la demande
CycliqueSteel, industrial materials and automotive components are classic cyclical businesses: the company's own results showed weaker demand and lower prices across Automotive Technology, Materials Services and Steel Europe in fiscal 2024/2025 as customer order intake softened. Marine Systems, tied to government defense budgets, moves on a different, less economically sensitive cycle.
Principaux risques
- Automotive demand dependency — Customer demand in Automotive Technology was restrained in fiscal 2024/2025 as the automotive sector itself went through a weak period, directly cutting order intake for the segment.
- Steel demand and pricing pressure — Steel Europe and Materials Services were hit by both weaker demand and lower prices in fiscal 2024/2025, reflecting a broader steel market environment the company describes as persistently difficult.
- Heavy decarbonization capital spending — The group's hydrogen-based steelmaking project (tkH2Steel) requires around €3 billion of investment, of which €2 billion has been secured as government funding, leaving the rest to be financed while the plant is not yet generating revenue.
Les arguments en faveur
Buyers argue that Materials Services' position as one of the world's leading materials distributors and Steel Europe's scale as Germany's largest steel producer give thyssenkrupp negotiating leverage that smaller regional players lack, and that government-backed funding for its hydrogen steelmaking transition reduces the capital burden of decarbonizing.
Les arguments contre
Sellers worry that three of the group's five segments — Automotive Technology, Steel Europe and Materials Services — are simultaneously exposed to weak, price-pressured industrial demand, and that a multi-billion-euro decarbonization investment must be funded and completed before it can generate a return.
Written by the editors, published on 18 août 2026
Direct competitors
Who this company fights with for the same customers
No editorial profile for this company yet
No competitor list for this company yet.
Bilan & Liquidités
Chiffre d'affaires
$32.63B
12 derniers mois jusqu'au dernier trimestre publié — estimation à partir de ratios par action
Résultat net
$288M
12 derniers mois jusqu'au dernier trimestre publié — estimation à partir de ratios par action
Flux de trésorerie libre
$-902M
Capitaux propres totaux
$9.72B
Passif total
$772M
Ratio de liquidité général
1.62
Couverture des intérêts
-
Dette/EBITDA
1.84
Bénéfice par action
Chiffre d'affaires & Résultat net
Flux de trésorerie libre
Décomposition du résultat
État historique
Marges dans le temps
La dette dans le temps
Le poids de la dette
Grille de la croissance
Croissance — Chiffre d'affaires
Estimation de la juste valeur
Juste valeur
$12.06
Prix actuel
$13.72
Marge de sécurité
-13.8%
Fourchette de juste valeur
$7.84 - $16.28
Écart entre les méthodes de valorisation utilisées, pas un intervalle de confiance calibré statistiquement.
Méthodes d'estimation
Indicateurs de valorisation
Ratio P/E
31.64
ROE
3.3%
Ratio P/B
0.94
P/FCF
-
Marge brute
12.1%
ROIC
2.4%
Radar de rentabilité
Création de valeur (avantage concurrentiel)
ROIC
2.4%
WACC
13.1%
ROIC − WACC
-10.8 pp
Le ROIC est inférieur au coût du capital — l'entreprise détruit de la valeur pour chaque dollar investi.
Critères d'analyse fondamentale
Réussi (8)
- P/B Ratio 0.94
- Debt/Equity ratio
- Current Ratio
- Debt/EBITDA
- Analyst Consensus 69% Buy
- Earnings Surprise avg 165.9%
- Earnings Quality (OCF/NI) 0.77
- Net Margin Trend 1.4% vs -4.3%
Échoué (10)
- Price CAGR -1.56%
- ROIC 2.3%
- Gross Margin 12.1%
- Operating Margin -0.5%
- Positive Free Cash Flow
- Price below Graham Number
- DCF valuation (Unknown)
- ROE 3.0%
- Revenue Growth 5Y 2.6%
- Piotroski F-Score 1/9
Indisponible (9)
- EPS data insufficient
- P/FCF NaN
- Dividend Payout NaN%
- CapEx intensity
- Interest Coverage
- Return on Tangible Assets
- Low reliance on intangibles
- PEG Ratio (need PE > 0 and growth > 0)
- Share Dilution (missing shares data)
Score F de Piotroski
Préoccupations financières sérieuses
Qualité des bénéfices
Modérée : certain écart entre profits et trésorerie
Dilution du capital
Rachat d'actions. Favorable aux actionnaires
Participations institutionnelles
Aucune déclaration institutionnelle pour cette entreprise.
Gouvernance
Équipe dirigeante
| Nom | Titre | Âge |
|---|---|---|
| Mr. Miguel Angel Lopez Borrego | CEO & Chairman of the Executive Board | 60 |
| Dr. Volkmar Dinstuhl | CEO of Multi Tracks and Automotive Technology segment & Member of Executive Board | 53 |
| Ms. Ilse Irene Henne | Member of Executive Board | 53 |
| Dr. Axel Hamann | CFO & Member of Executive Board | 51 |
| Mr. Wilfried von Rath | Chief Human Resources Officer & Member of Executive Board | 61 |
| Mr. Thomas S. Empelmann | Head of Corporate Finance | - |
| Mr. Andreas Trösch | Head of Investor Relations | 58 |
| Dr. Stefan Schmitt | Head of Corp. Function HR Strategy and Head of Corp. Function People Dev & Executives Management | 49 |
| Mr. Peter Walker | Chief Executive Officer of Elevator Technology Business Area | 62 |
| Mr. Volker Hellberg | Chief Executive Officer of Industrial Solutions Unit - Saudi Arabia | - |
Risque d'audit
5
Risque du conseil
2
Risque de rémunération
2
Risque droits des actionnaires
9
Partie 2 · Le prix et le moment d'entrer
Cette partie ne dit pas si l'entreprise vaut la peine : elle aide à choisir quand l'acheter, une fois que les fondamentaux vous ont convaincu. À l'intérieur : analyse technique, potentiel, baisses historiques, exposition gamma.
Latest News
Recent headlines for TYEKF, sourced from Markets Gazette.