thyssenkrupp AG (TYEKF)
NEUTRAL基本面
43
价格
$13.71
市值
$8.49B
第一部分 · 这家公司值多少
概览
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.
盈利方式
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.
分部营收
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.
需求驱动因素
周期性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.
主要风险
- 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.
看多理由
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.
看空理由
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
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资产负债表与流动性
营收
$31.99B
最近12个月（截至2026/3/31）
净利润
$9M
最近12个月（截至2026/3/31）
自由现金流
$-902M
股东权益合计
$9.16B
负债合计
$772M
流动比率
1.62
利息覆盖率
-
债务/EBITDA
1.84
每股收益
营收与净利润
自由现金流
收入构成
历史财务表
利润率变化
债务变化
债务负担有多重
增长一览表
增长 — 营业收入
公允价值估算
公允价值
$11.88
当前价格
$13.71
安全边际
-15.4%
公允价值区间
$7.72 - $16.04
估算方法
估值指标
市盈率（P/E）
29.65
ROE
3.3%
市净率（P/B）
0.93
P/FCF
-
毛利率
13.5%
ROIC
2.5%
盈利能力雷达图
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.
基本面分析标准
通过（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%
未通过（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
不可用（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-评分
存在严重财务隐患
盈利质量
中等：利润与现金之间存在一定差距
股权稀释
正在回购股份，对股东友好
公司治理
管理团队
| 姓名 | 职位 | 年龄 |
|---|---|---|
| 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 | - |
审计风险
5
董事会风险
2
薪酬风险
2
股东权利风险
9
第二部分 · 价格与买入时机
这一部分不判断公司是否值得拥有：它帮助你在基本面说服你之后，选择何时买入。包含：技术分析、潜力、历史回撤、Gamma 敞口。
Latest News
Recent headlines for TYEKF, sourced from Markets Gazette.