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.
RATIONAL Aktiengesellschaft is a German-based Aktiengesellschaft and the global market and technology leader in innovative solutions for thermal food preparation in professional kitchens, holding approximately 50% market share. Founded in 1973 in Landsberg am Lech by Siegfried Meister, the company pioneered the combi-steamer by combining steam, convection, and precise control of time, temperature, and humidity into multifunctional appliances like the SelfCookingCenter, iCombi Pro, iCombi Classic, iVario, and CombiMaster Plus. These self-cleaning, programmable ovens range from compact tabletop units to large models capable of producing up to 500 meals daily, complemented by the VarioCooking Center from its French subsidiary FRIMA and services via the ConnectedCooking online portal. RATIONAL Aktiengesellschaft serves diverse sectors including restaurants, hotels, communal catering for hospitals, schools, military, and retirement homes, as well as quick-service outlets, supermarkets, and delivery services, distributing through independent partners in over 120 countries. With a focus on customer benefits, innovation, and financial strength—evidenced by high equity ratios around 77%, robust cash flows, and founding family ownership of over 55%—it maintains operational excellence and independence. Employing around 2,550 people, primarily in Germany, the company reported 2024 sales of EUR 1,194 million and an EBIT margin of 26%.
Margins and capital returns are both well above average: 26.53% operating margin, ROIC at 26.82%. Consistent with durable pricing power, though that alone doesn't make it a buy.
Revenue grew 5.5%, steady but not accelerating. Free cash flow declined 13% despite revenue growth, conversion is weakening.
Free cash flow declined 13% versus the prior year, cash generation momentum has weakened. ROIC dropped from 30.09% to 26.82%, capital efficiency is deteriorating.
Profitability & Returns
Revenue (TTM)
€1.28B
▲ +5.5% YoY
Net Income (TTM)
€256M
▲ +1.3% YoY
Op. Margin
26.37%
▼ -0.6pp YoY
ROIC
26.82%
▼ -3.3pp YoY
Cash Flow & Balance Sheet
FCF (TTM)
€241M
▼ -12.8% YoY
Op. Cash Flow (TTM)
€286M
▼ -2.2% YoY
Net Debt
-€504M
Net Cash Position
Cash & Equiv.
€532M
3Y CAGR: +7.2%
3Y CAGR: +21.1%
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