Data sourced from SEC EDGAR filings and third-party price providers. Scores, valuations, and metrics are algorithmic estimates. This is not investment advice. See our Terms and Methodology.
Data sourced from SEC EDGAR filings and third-party price providers. Scores, valuations, and metrics are algorithmic estimates. This is not investment advice. See our Terms and Methodology.
AFC Ajax NV is a publicly traded Dutch football club company, established as a Naamloze vennootschap in 1998 and listed on Euronext Amsterdam, making it the only Dutch club with an initial public offering. Primarily operating the storied AFC Ajax professional football team in the Eredivisie, the top tier of Dutch football, it also manages the Johan Cruyff Arena stadium and the renowned De Toekomst youth academy, famous for developing talents through its 'Total Football' philosophy. Revenue streams include matchday ticket sales and subscriptions (around 44%), sponsorships (26%), audiovisual rights (8%), and merchandise (22%), supplemented by broadcasting deals and commercial partnerships. The AFC Ajax Association holds 73% of shares, ensuring fan influence, with the rest publicly traded among investors like insurance firms and individuals. Founded in 1900 in Amsterdam, AFC Ajax NV has a rich history of domestic dominance and European successes, including four Champions League titles, while maintaining global operations through merchandising and past international youth academies and partnerships. With about 488 employees, it plays a key role in the leisure and recreation sector, blending sporting legacy with commercial enterprise.
The business is unprofitable at the operating level (-60.66% margin). The thesis depends entirely on whether and when it reaches sustainable profitability.
Revenue declined 21.8% YoY. Margins deteriorated 31.4pp alongside, both lines moving the wrong way.
ROIC dropped from -11.38% to -20.89%, capital efficiency is deteriorating. Negative free cash flow of -€19M. The business is consuming cash, not generating it.
Profitability & Returns
Revenue (TTM)
€148M
▼ -21.8% YoY
Net Income (TTM)
-€10M
▼ -125.0% YoY
Op. Margin
-60.66%
▼ -31.4pp YoY
ROIC
-20.89%
▼ -9.5pp YoY
Cash Flow & Balance Sheet
FCF (TTM)
-€19M
▲ +8.9% YoY
Op. Cash Flow (TTM)
-€17M
▲ +3.9% YoY
Net Debt
€52M
Cash & Equiv.
€58M
3Y CAGR: +10.7%
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