thyssenkrupp AG (TYEKF)
割高ファンダメンタル
39
株価
$14.64
時価総額
$9.13B
パート1 · 企業の価値
概要
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.
収益の仕組み
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.
セグメント別売上高
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.
需要を左右する要因
景気循環型Steel, 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.
主なリスク
- 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.
強気材料
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.
弱気材料
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 2026年8月18日
Direct competitors
Who this company fights with for the same customers
No editorial profile for this company yet
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貸借対照表と流動性
売上高
$32.63B
直近の公表四半期までの12か月 — 1株当たり指標からの推計
純利益
$288M
直近の公表四半期までの12か月 — 1株当たり指標からの推計
フリーキャッシュフロー
$-902M
自己資本合計
$9.72B
負債合計
$772M
流動比率
1.62
利払い倍率
-
負債/EBITDA
1.84
一株当たり利益（EPS）
売上高と純利益
フリーキャッシュフロー
収益内訳
財務推移表
利益率の推移
負債の推移
負債の重さ
成長率グリッド
成長率 — 売上高
適正価値の推定
適正価値
$12.06
現在株価
$14.64
安全マージン
-21.4%
適正価値レンジ
$7.84 - $16.28
使用した評価手法間のばらつきであり、統計的に較正された信頼区間ではありません。
推定方法
バリュエーション指標
P/E レシオ
31.64
ROE
3.3%
P/B レシオ
0.94
P/FCF
-
粗利益率
12.1%
ROIC
2.4%
収益性レーダー
価値創造（経済的モート）
ROIC
2.4%
WACC
13.1%
ROIC − WACC
-10.8 pp
ROICが資本コストを下回っています。投資した1ドルごとに企業は価値を破壊しています。
ファンダメンタル分析基準
合格（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%
不合格（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
データなし（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)
Piotroski F-スコア
重大な財務上の懸念
利益の質
中程度：利益とキャッシュの間にギャップがある
株式希薄化
株式を買い戻している。株主に友好的
機関投資家の保有
この企業について機関投資家の報告はありません。
ガバナンス
経営陣
| 氏名 | 役職 | 年齢 |
|---|---|---|
| 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 | - |
監査リスク
5
取締役会リスク
2
報酬リスク
2
株主権利リスク
9
パート2 · 株価と買い時
この部分は企業に価値があるかを判断するものではありません。ファンダメンタルズに納得したうえで、いつ買うかを選ぶためのものです。内容：テクニカル分析、ポテンシャル、過去のドローダウン、ガンマエクスポージャー。
Latest News
Recent headlines for TYEKF, sourced from Markets Gazette.