thyssenkrupp AG (TYEKF)
NEUTRALFundamental
43
Price
$13.71
Market Cap
$8.49B
Part 1 · What the company is worth
Overview
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.
How it makes money
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.
Revenue by 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.
What drives demand
CyclicalSteel, 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.
Key risks
- 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.
The case for
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.
The case against
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 August 18, 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.
Balance Sheet & Liquidity
Revenue
$31.99B
Trailing 12 months (through 3/31/2026)
Net Income
$9M
Trailing 12 months (through 3/31/2026)
Free Cash Flow
$-902M
Total Equity
$9.16B
Total Liabilities
$772M
Current Ratio
1.62
Interest Coverage
-
Debt/EBITDA
1.84
Earnings Per Share
Revenue & Net Income
Free Cash Flow
Income Breakdown
Historical statement
Margins over time
Debt over time
How heavy the debt is
Growth grid
Growth — Revenue
Fair Value Estimation
Fair Value
$11.88
Current Price
$13.71
Margin of Safety
-15.4%
Fair Value Range
$7.72 - $16.04
Estimation Methods
Valuation Metrics
P/E Ratio
29.65
ROE
3.3%
P/B Ratio
0.93
P/FCF
-
Gross Margin
13.5%
ROIC
2.5%
Profitability Radar
Value Creation (Economic Moat)
ROIC
2.5%
WACC
12.6%
ROIC − WACC
-10.1 pp
ROIC is below the cost of capital — the company is destroying value for every dollar invested.
Fundamental Analysis Criteria
Passed (8)
- P/B Ratio 0.93
- Debt/Equity ratio
- Current Ratio
- Debt/EBITDA
- Analyst Consensus 63% Buy
- Earnings Surprise avg 175.8%
- Earnings Quality (OCF/NI) 0.77
- Net Margin Trend 1.4% vs -4.3%
Failed (8)
- Price CAGR -2.68%
- ROIC 2.5%
- Gross Margin 13.5%
- Positive Free Cash Flow
- DCF valuation (Unknown)
- ROE 0.1%
- Revenue Growth 5Y 2.6%
- Piotroski F-Score 1/9
Unavailable (11)
- EPS data insufficient
- P/FCF NaN
- Dividend Payout NaN%
- Operating Margin NaN%
- CapEx intensity
- Interest Coverage
- Return on Tangible Assets
- Low reliance on intangibles
- Price below Graham Number
- PEG Ratio (need PE > 0 and growth > 0)
- Share Dilution (missing shares data)
Piotroski F-Score
Serious financial concerns
Earnings Quality
Moderate: some gap between profits and cash
Share Dilution
Buying back shares. Shareholder friendly
Governance
Executive Team
| Name | Title | Age |
|---|---|---|
| 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 | - |
Audit Risk
5
Board Risk
2
Compensation Risk
2
Shareholder Rights Risk
9
Part 2 · The price and when to enter
This part won't tell you whether the company is worth owning: it helps you choose when to buy it, once the fundamentals have convinced you. Inside: technical analysis, potential, historical drawdowns, gamma exposure.
Latest News
Recent headlines for TYEKF, sourced from Markets Gazette.