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.
Koenig & Bauer AG is a German public limited company and the world's oldest printing press manufacturer, founded in 1817 by Friedrich Koenig and Andreas Bauer in Würzburg. It specializes in developing, producing, and distributing high-tech printing presses and systems tailored to customer needs across sheetfed offset, digital, webfed, flexo, and special applications, including flatbed die-cutters, folding-box gluers, and coding solutions. The company serves diverse markets such as packaging for food, beverages, pharmaceuticals, and cosmetics; banknote and security printing—where it holds global leadership, printing 95% of the world's banknotes; commercial, publication, metal decorating, and industrial printing on substrates like paper, cardboard, foil, glass, and metal. With eleven production sites in Europe, an 88.6% export ratio, and approximately 5,485 employees as of 2022, Koenig & Bauer maintains a decentralized holding structure with segments including Sheetfed, Digital & Webfed, Special, and Industrial. It emphasizes innovation, sustainability through circular economy solutions, digital services aiming for 30% of revenue, and a pioneering vocational training tradition dating back to 1868, shaping the global printing industry's evolution over more than 200 years.
Operating margin is thin at 2.55%. Limited cushion if revenue slows or costs rise, not the profile of a wide-moat business.
Revenue growth slowed to 2.2%, essentially flat. This is a business that needs a catalyst.
Free cash flow declined 63% versus the prior year, cash generation momentum has weakened. Net debt of €176M represents 15.8x FCF, leverage limits flexibility.
Profitability & Returns
Revenue (TTM)
€1.31B
▲ +2.2% YoY
Net Income (TTM)
-€18M
▲ +80.7% YoY
Op. Margin
1.92%
▲ +5.3pp YoY
ROIC
2.59%
▲ +6.9pp YoY
Cash Flow & Balance Sheet
FCF (TTM)
€3M
▼ -63.0% YoY
Op. Cash Flow (TTM)
€3M
▼ -63.0% YoY
Net Debt
€176M
Cash & Equiv.
€138M
3Y CAGR: +3.2%
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