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.
Grammer AG is a German manufacturer specializing in the development and production of components and systems for automotive interiors as well as driver and passenger seats for off-road vehicles, trucks, buses, and trains. Organized into two main divisions—Automotive and Commercial Vehicles—the Automotive Division supplies headrests, armrests, center consoles, interior components, operating elements like eAirvents, and innovative thermoplastic solutions to OEMs and Tier 1 suppliers. The Commercial Vehicles Division focuses on ergonomic seating systems for heavy-duty applications, including agricultural machinery, construction equipment, forklifts, and public transport. With a history tracing back to 1880 when it began as a saddlery in Amberg, Grammer AG has expanded globally, operating over 48 production and distribution sites across 20 countries in the Americas, EMEA, and APAC regions. Headquartered in Ursensollen, Germany, and majority-owned by Jiye Auto Parts GmbH (an affiliate of Ningbo Jifeng) with 86.2% stake as of late 2024, the company employs around 12,332 people and plays a key role in enhancing vehicle safety, comfort, and functionality in the automotive and commercial sectors.
Operating margin is thin at 3.33%. Limited cushion if revenue slows or costs rise, not the profile of a wide-moat business.
Revenue declined 5.2% YoY. The question is whether this is cyclical or a structural shift.
Net debt of €473M represents 5.9x FCF, leverage limits flexibility.
Profitability & Returns
Revenue (TTM)
€1.82B
▼ -5.2% YoY
Net Income (TTM)
€23M
▲ +125.3% YoY
Op. Margin
3.33%
▲ +1.5pp YoY
ROIC
4.75%
▲ +1.7pp YoY
Cash Flow & Balance Sheet
FCF (TTM)
€80M
▲ +303.3% YoY
Op. Cash Flow (TTM)
€90M
▲ +67.2% YoY
Net Debt
€473M
Cash & Equiv.
€153M
3Y CAGR: -5.5%
3Y CAGR: +43.1%
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