voestalpine AG

VOE.VI

Steel · Basic Materials

Price

€43.78

+0.80 (+1.86%)

Market Cap

€7.51B

Exchange

Vienna Stock Exchange

Winston Score

Winston is curious

Mixed quality — meaningful strengths and weaknesses.

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

Mixed

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Share count falling — buybacks

−11.6% over 4y

The company has reduced its share count over this period, returning value to shareholders through buybacks.

Diluted shares outstanding: 200.8M (2022) → 177.6M (2026)

Winston Score History

The full picture

voestalpine AG is an Austrian steel and technology company that makes high-quality steel products used in cars, trains, airplanes, and construction. Its core products include specialty steel, 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 premium steel and is especially known for making the rails that trains run on.

voestalpine earns money by selling steel products and engineered components, with pricing tied closely to raw material costs and industrial demand. It operates primarily in Europe but has plants and customers in North America, Asia, and other regions, generating roughly €15–16 billion in annual revenue. Its competitive edge comes from focusing on high-value, technically demanding steel rather than cheap commodity steel. The biggest risk the company faces is weak demand from the European auto industry, which has been under pressure from the shift to electric vehicles and slower economic growth.

Score breakdown

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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

+332.9%

Earnings growing fast (+332.9% 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)

14.4x

Attractive valuation — P/E 14.4

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

+5.1

GROWING

Earnings expected to grow meaningfully — cheaper on forward P/E (14.4 → 9.4)

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Dividends

Dividend

Dividend Yield

1.61%

Small dividend — 1.61% yield

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

Dividend record

Dividend Growth

+8.2%

Dividend growing modestly (8.2% YoY)

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