Rankings Construction & materials Rockwool
Rockwool
73
15070100
A view of the same findings, not a new score. How it works
A strong score: the model found few serious problems, but analysts see limited upside from here.
Biggest deductions
- Margin−6
- Multiples vs own history and peers−4
- Cash flow−4
Strengths
- Insider buying+2
- Raised guidance+2
- Net cash+1
How the score is built
From 100 to 73, step by step: points off for the business, the price and the cracks, back for documented strengths, then three data adjustments.
Start
Score
Hover or select a step to see what drove it. Steps with findings open them below.
Key numbers
As of 3 Nov 2026. Analyst targets tend to be optimistic; read upside as a hint, not a forecast.
- Price
- 203.80 DKK
- Median analyst target
- 225.95 DKK
- Upside to median
- +10.9%
- Analysts
- 14
- Target range
- 194.94 – 267.97 DKK
- 52-week change
- −6%
- P/E (trailing)
- n/a
- Forward P/E
- 15.9
- PEG
- 2.03
Findings
Every deduction and every plus, with its source. Open a step to read them.
Business
Is the company getting stronger, not just bigger? · 3 findings−9 of −30
- −6MarginThe EBIT margin has fallen from 17.5% (2024) and 15.3% (2025) to 13.1% in H1 2026 (−1.5 points y/y), and full-year guidance is only 13–14%. Operating profit is expected at about EUR 520m in 2026 vs EUR 676m in 2024.
- −2Capital allocationInvestments have been raised to about EUR 750m in 2026 (19% of revenue, vs depreciation of about EUR 280m) while the margin falls. The FCF margin is 3.8% TTM, and buybacks plus dividends (about DKK 2.1bn) have exceeded FCF (DKK 1.1bn).
- −1Quality of growthH1 growth (+6% in local currency) came mainly from volume, not price. The Systems segment is shrinking: EUR 873m (2022) → 671m (2025) → 614m TTM.
Price
Today's multiples against the company's own history and its peers. · 1 finding−4 of −35
- −4Multiples vs own history and peersForward P/E 13.4 vs 13.7–15.6 in 2022–25 (25.6 in 2021); the previously cited 'average of about 19' was wrong. EV/EBITDA 6.3 vs 7.0–7.5 in 2022–25. Cheap on earnings, but P/FCF 36 and EV/FCF 36 because of the investment wave, and EPS is expected −10% in 2026.
Cracks
Cash flow, customers, debt, insiders, guidance and what sits behind the headline numbers. · 4 findings−12 of −35
- −4Cash flowOperating cash flow EUR 611m TTM vs investments of EUR 461m, rising to about 750m in 2026; FCF yield 2.75%. Net cash has fallen from EUR 281m (2024) to 103m.
- −4Cost pressure and margin guidanceRising energy, raw-material and transport costs in Q2, supply constraints in North America, higher maintenance and a weaker mix. The margin guidance was not raised along with revenue, and the stock fell 3.9% on the report.
- −3Russia (losses and lawsuit)The four Russian plants were taken over by Russian state administration and deconsolidated on 13/1/2026. On 11/8 the seized Rockwool LLC sued the parent company for RUB 8.6bn (loans + interest and penalties) at the arbitration court in the Moscow region; the administrator is threatening criminal charges.
- −1MacroConstruction-cyclical with a beta of 1.51; the stock is −20% over 52 weeks and trades 23% below its peak, and Danske Bank has cut its price target from DKK 240 to 226.
Plus
Only documented strengths. · 4 findings+6 of +15
- +2Insider buyingChairman Thomas Kähler bought 17,641 A shares for about DKK 3.5m on 20/5, and three related parties bought 500 shares each; about DKK 3.8m in total. No insider selling found.
- +2Raised guidanceRevenue guidance for 2026 raised from 3–6% to 5–7% growth in local currency after record revenue of EUR 1,000m in Q2 (+10%).
- +1Net cashNet cash of about DKK 770m (EUR 103m) and interest cover of 21x, but cash has shrunk from EUR 281m in 2024.
- +1Skin in the gameThe Rockwool Foundation and the Kähler family have controlling ownership (the foundation about 23.7%).
Caveats
What the score does not capture, or where the data is weak.
The EBIT margin has fallen from 17.5% (2024) to 13.1% in H1 2026, and it is guided to 13–14% despite raised revenue guidance. Investment of about EUR 750m in 2026 eats almost all the cash flow. The seized Russian subsidiary sued the parent company for RUB 8.6bn on 11/8. The dividend fell 34% due to the accounting loss on Russia. Alleged insider selling has not been found; only the chair's purchase in May and RSU grants.
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