voestalpine AG

VOE.VI

Steel · Basic Materials

Price

€46.14

-0.98 (-2.08%)

Market Cap

€7.91B

Exchange

Vienna Stock Exchange

Winston Score

Winston is serious

Mixed quality — meaningful strengths and weaknesses.

Data as of Aug 9, 2026 · filings through Mar 31, 2026

Share count falling — buybacks

−96.0% over 4y

The company has reduced its share count over this period, returning value to shareholders through buybacks.

Diluted shares outstanding: 4.46B (2022) → 177.6M (2026)

voestalpine AG is an Austrian steel and technology company that makes high-quality steel products used in cars, trains, airplanes, and construction. Its core products include specialty steel, railway tracks, and precision metal components, sold to automakers, rail operators, and industrial manufacturers across Europe and beyond. The company is one of Europe's leading producers of premium steel and is especially known for making the rails that trains run on.

voestalpine earns money by selling steel products and engineered components, with pricing tied closely to raw material costs and industrial demand. It operates primarily in Europe but has plants and customers in North America, Asia, and other regions, generating roughly €15–16 billion in annual revenue. Its competitive edge comes from focusing on high-value, technically demanding steel rather than cheap commodity steel. The biggest risk the company faces is weak demand from the European auto industry, which has been under pressure from the shift to electric vehicles and slower economic growth.

Winston Score History

Score breakdown

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Quality

Gross Margin

21.0%

Thin — 21.0% gross margin

Operating Margin

5.6%

Thin — 5.6% operating margin

ROCE

2.2%

Weak — 2.2% return on capital

ROIC between 0% and 5%. They earn a few cents back per dollar invested in the business.

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Growth

Sales YoY

-4.3%

Shrinking sales (-4.3% YoY)

EPS YoY

>+1,000%

Earnings growing fast (>+1,000% YoY)

Earnings growing 25%+ a year. The compounder zone.

EPS Consistency

4/8 quarters

Earnings inconsistent quarter-to-quarter

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Cash Flow

Cash Conversion

363%

Turns 363% of profit into real cash

FCF Margin

3.7%

Thin free cash flow (3.7%)

FCF margin between 0% and 10%. Some cash from sales, but not a lot.

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Stability

Debt / Equity

0.30

Conservative — low debt load (0.30)

Interest Cover

3.55x

Tight — interest eats into profit (3.6x)

Interest coverage between 3 and 8. Profits cover interest several times over.

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Valuation

P/E Ratio (TTM)

38.6x

Pricey — P/E 38.6

P/E over 35. The market is pricing in heavy, sustained growth.

P/E vs Forward

+29.3

GROWING

Earnings expected to grow meaningfully — cheaper on forward P/E (38.6 → 9.4)

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Dividends

Dividend Yield

1.61%

Small dividend — 1.61% yield

Modest yield. The bulk of any return needs to come from price appreciation.

Dividend Growth

+8.2%

Dividend growing modestly (8.2% YoY)

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