V 
144.90
+5.00%
Close of 9 Nov 2026, in EUR
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At a glance
Figures in EUR, from our data supplier.
Revenue
€954.7m
FY2016FY2025
Net income
−€27.8m
FY2016FY2025
Free cash flow
€386.6m
FY2016FY2025
Shareholders' equity
€248.5m
FY2016FY2025
Income statement
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | €954.7m | €802.0m | €620.9m | €422.9m | €290.3m | €247.6m | €187.9m | €153.0m | €176.9m | €111.2m |
| Gross profit | €262.3m | €222.6m | €141.3m | €103.8m | €72.5m | €58.2m | €53.9m | €39.2m | €44.1m | €35.5m |
| Research and development | €23.8m | €11.5m | €11.7m | — | — | — | — | — | — | — |
| Operating income | €23.3m | €51.5m | €31.7m | €5.2m | −€5.0m | −€14.6m | −€8.5m | −€21.0m | €8.6m | €2.7m |
| Net income | −€27.8m | €79.8m | €19.0m | €2.8m | −€6.9m | −€12.5m | −€5.9m | −€21.1m | €4.6m | €1.3m |
| Diluted earnings per share | -1.65 | 4.97 | 1.19 | 0.18 | -0.44 | -0.79 | -0.40 | -1.51 | 0.35 | 0.10 |
Balance sheet
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Total assets | €1.67bn | €1.05bn | €536.7m | €545.2m | €461.0m | €395.5m | €316.0m | €271.5m | €202.9m | €166.9m |
| Cash and short-term investments | €535.6m | €199.9m | €34.4m | €93.0m | €88.6m | €73.1m | €30.2m | €38.5m | €41.4m | €35.0m |
| Total liabilities | €1.43bn | €775.0m | €343.4m | €362.8m | €296.1m | €224.4m | €168.0m | €142.6m | €77.5m | €54.8m |
| Debt | €158.7m | €183.1m | €82.5m | €88.7m | €89.0m | €76.5m | €46.9m | €51.9m | €27.0m | €15.5m |
| Shareholders' equity | €248.5m | €280.5m | €195.8m | €184.5m | €164.9m | €171.1m | €148.0m | €128.9m | €125.4m | €112.1m |
| Shares outstanding | 17m | 16m | 16m | 16m | 16m | 16m | 15m | 14m | 13m | 13m |
Cash flow
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash from operations | €544.6m | €248.3m | €20.0m | €31.6m | €29.6m | €23.3m | −€14.1m | −€11.0m | €4.1m | €19.6m |
| Capital spending | −€158.0m | −€87.5m | −€51.0m | −€34.8m | −€32.5m | −€38.8m | −€13.1m | −€12.1m | −€9.2m | −€8.1m |
| Free cash flow | €386.6m | €160.8m | −€31.0m | −€3.2m | −€2.9m | −€15.6m | −€27.3m | −€23.0m | −€5.1m | €11.4m |
| Dividends paid | −€4.8m | — | — | — | — | — | — | — | — | — |
Latest quarters
By quarter end
| Dec 2025 | Jun 2025 | Dec 2024 | Sept 2024 | Jun 2024 | Mar 2024 | Dec 2023 | Sept 2023 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | €857.9m | €614.1m | €545.8m | €272.9m | €408.9m | €204.5m | €421.2m | €210.6m |
| Gross profit | €131.0m | €53.5m | €154.1m | €66.3m | €108.2m | €54.1m | €177.8m | €61.9m |
| Operating income | €91.6m | €17.5m | €21.6m | €104.0m | €1.6m | €823,500 | €28.8m | €14.4m |
| Net income | €152.5m | −€9.1m | −€3.9m | −€2.5m | −€23.9m | −€11.9m | −€11.8m | −€5.9m |
| Diluted earnings per share | 9.05 | -0.54 | -0.24 | -0.16 | -1.49 | -0.74 | -0.74 | -0.37 |
| Cash from operations | −€109.0m | €311.0m | €270.0m | €135.0m | €274.0m | €137.0m | €78.0m | €39.0m |
| Capital spending | −€38.0m | −€98.0m | −€80.0m | −€40.0m | −€77.0m | −€38.0m | −€39.0m | −€19.0m |
| Free cash flow | −€147.0m | €213.0m | €190.0m | €95.0m | €197.0m | €99.0m | €39.0m | €20.0m |
| Total assets | €1.56bn | €1.76bn | €1.67bn | €1.67bn | €1.37bn | €1.37bn | €1.05bn | €1.05bn |
| Cash and short-term investments | €353.0m | €644.1m | €535.6m | €535.6m | €379.5m | €379.5m | €199.9m | €199.9m |
| Debt | €47.3m | €114.2m | €119.2m | €3.9m | €173.9m | €3.9m | €173.2m | €3.4m |
| Shareholders' equity | €448.3m | €211.5m | €248.5m | €255.3m | €259.4m | €259.4m | €280.5m | €280.5m |
Financial ratios
Data as of 31 Oct 2026
| FY2025 | FY2025 | FY2024 | FY2024 | FY2023 | FY2023 | FY2022 | FY2021 | FY2020 | |
|---|---|---|---|---|---|---|---|---|---|
| Gross margin | 22.6% | 27.5% | 27.5% | 27.8% | 27.8% | 22.8% | — | — | — |
| Operating margin | 9.4% | -1.5% | -1.5% | 13.4% | 13.4% | 4.6% | — | — | — |
| Net margin | 9.7% | -2.9% | -2.9% | 9.9% | 9.9% | 3.1% | — | — | — |
| Return on equity | 32.0% | -11.2% | -11.2% | 28.4% | 28.4% | 9.7% | — | — | — |
| Return on assets | 9.2% | -1.7% | -1.7% | 7.6% | 7.6% | 3.5% | — | — | — |
| Free cash flow yield | 14.9% | — | 32.5% | — | 15.6% | — | 3.3% | 3.1% | 2.9% |
| Revenue growth | 54.2% | 0.0% | 19.0% | 0.0% | 29.2% | 0.0% | — | — | — |
| Earnings growth | -616.4% | 0.0% | -134.8% | 0.0% | 320.8% | 0.0% | — | — | — |
| Current ratio | 1.00x | 0.96x | 0.96x | 1.22x | 1.22x | 1.29x | — | — | — |
| Debt to equity | 0.11x | 0.47x | 0.59x | 0.60x | 0.63x | 0.11x | — | — | — |
| Equity ratio | 28.8% | 14.9% | 14.9% | 26.7% | 26.7% | 36.5% | — | — | — |
| Interest coverage | 8.33x | -0.42x | -0.42x | 7.51x | 8.38x | 7.88x | — | — | — |
| R&D as a share of sales | — | 2.5% | — | 1.4% | — | 1.9% | 1.9% | — | — |
| Buybacks as a share of market value | -5.0% | — | -0.7% | — | -0.7% | — | -0.2% | -0.3% | -8.0% |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | 31.2% | 31.0% | 27.9% |
| Operating income | 64.7% | — | 18.6% |
| Net income | — | 17.3% | — |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Gross margin | 27.6% | 26.1% | 25.8% | 26.3% |
| Operating margin | 4.3% | 4.0% | 2.8% | 1.9% |
| Net margin | 3.0% | 2.6% | 1.6% | 0.9% |
Valuation history
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Price to earnings | -124.0 | 35.8 | 114.2 | 284.4 | -72.1 | -19.5 | -32.7 | -5.0 | 35.7 | 113.0 |
| Price to sales | 3.6 | 3.6 | 3.5 | 1.9 | 1.7 | 1.0 | 1.0 | 0.7 | 0.9 | 1.3 |
Dividends and splits
Per share, in the currency the company pays
Paid for 2 years. Last went ex-dividend on 24 Jun 2025.
| FY2025 | FY2024 | FY2012 | |
|---|---|---|---|
| Paid in the year | 0.60 | 0.30 | 0.50 |
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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