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.
NSI N.V. is a leading Dutch real estate investment company specializing in office properties, primarily in Amsterdam and select prime locations across major Dutch cities like Utrecht, Rotterdam, and The Hague. Founded in 1992 and headquartered in Amsterdam, it operates as a publicly listed equity REIT, focusing on proactive asset management, value-add initiatives, and capital recycling to optimize shareholder returns. With over 30 years of experience, NSI N.V. manages a portfolio of approximately 37-43 high-quality office buildings, totaling around EUR 1.2 billion in value, enhanced by its in-house flex office operator HNK, which incubates innovative services for modern workspaces. The company emphasizes sustainability, targeting Paris Proof status by 2035, with 96% of its portfolio achieving EPC label A or better and strong GRESB rankings, including a five-star rating in 2024. Led by CEO Bernd Stahli and CFO Elke Snijder, NSI N.V. also explores opportunities in life sciences and residential redevelopment, creating sustainable spaces that foster productivity, well-being, and long-term value in the evolving Dutch real estate market.
70.27% operating margin is above average. ROIC at 4.06%. Note that capital returns lag the margin, the business may be capital-intensive despite high margins.
Revenue growth slowed to 1.6%, essentially flat. Margins also contracted 2.3pp. This is a business that needs a catalyst.
Net debt of €330M represents 7.9x FCF, leverage limits flexibility.
Profitability & Returns
Revenue (TTM)
€74M
▲ +1.6% YoY
Net Income (TTM)
-€10M
▼ -179.1% YoY
Op. Margin
70.27%
▼ -2.3pp YoY
ROIC
4.06%
Cash Flow & Balance Sheet
FCF (TTM)
€42M
▲ +5.0% YoY
Op. Cash Flow (TTM)
€42M
▲ +5.0% YoY
Net Debt
€330M
Cash & Equiv.
€30M
3Y CAGR: +1.2%
3Y CAGR: -0.8%
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