Voestalpine AG

VAS.DE

Steel · Basic Materials

Exchange

Frankfurt Stock Exchange

Winston Score

Winston is curious

A decent business — some strong pillars, some weaker.

Data as of Aug 23, 2026 · filings through Jun 30, 2026

How the score breaks down

Quality

Mixed

Growth

Good

Cash Flow

Strong

Stability

Strong

Valuation

Strong

Dividends

Good

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Winston Score History

The full picture

Voestalpine is an Austrian steel and technology company that makes steel products used in cars, trains, airplanes, and construction. Its core products include high-performance steel strips, railway tracks, and precision metal components, sold to automakers, rail operators, and industrial manufacturers across Europe and beyond. The company is one of Europe's leading producers of specialty steel and is particularly well known for supplying the global railway and automotive industries.

Voestalpine earns money by selling steel products and engineered metal parts, with pricing tied closely to raw material costs like iron ore and energy. It operates mainly in Europe but has production sites in North America, South America, and Asia, generating roughly €15–16 billion in annual revenue. Its competitive edge comes from producing higher-value, technically demanding steel rather than competing purely on price — but the company faces real pressure from high European energy costs and slowing demand from the automotive sector as carmakers shift toward electric vehicles.

Score breakdown

Every number that matters to educated investors.

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Quality

Profit per sale

Gross Margin

20.5%

Thin — 20.5% gross margin

Profit after running costs

Operating Margin

7.6%

Modest — 7.6% operating margin

Return on the money invested

ROCE

8.3%

Below par — 8.3% return on capital

ROIC between 5% and 15%. They earn 5 to 15 cents back per year on every dollar invested.

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Growth

Sales growth

Sales YoY

-2.2%

Shrinking sales (-2.2% YoY)

Profit growth

EPS YoY

+728.5%

Earnings growing fast (+728.5% YoY)

Earnings growing 25%+ a year. The compounder zone.

How steady the profit is

EPS Consistency

5/8 quarters

Mixed — about half the quarters showed growth

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Cash Flow

Profit that turns into cash

Cash Conversion

278%

Turns 278% of profit into real cash

Spare cash per sale

FCF Margin

2.9%

Thin free cash flow (2.9%)

FCF margin between 0% and 10%. Some cash from sales, but not a lot.

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Stability

What it owes vs what it owns

Debt / Equity

0.26

Conservative — low debt load (0.26)

Covers its interest

Interest Cover

4.43x

Adequate interest coverage (4.4x)

Interest coverage between 3 and 8. Profits cover interest several times over.

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Valuation

Price vs profit

P/E Ratio (TTM)

14.7x

no trend

Attractive valuation — P/E 14.7

P/E in the normal range. Price is roughly $15 for every $1 of yearly profit.

Cheaper or dearer next year

P/E vs Forward

+5.6

GROWING

Earnings expected to grow meaningfully — cheaper on forward P/E (14.7 → 9.1)

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Dividends

Dividend

Dividend Yield

1.65%

no trend

Small dividend — 1.65% yield

Modest yield. The bulk of any return needs to come from price appreciation.

Dividend record

Dividend Growth

+18.3%

no trend

Dividend growing fast (18.3% YoY)

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