Rankings Defence, aerospace & space Steyr Motors
Steyr Motors
55
15070100
A view of the same findings, not a new score. How it works
A good business with a real question mark: the price, a crack, or both.
Biggest deductions
- Guidance cut−9
- Multiples vs own history−8
- Margin−6
Strengths
- Order book+3
How the score is built
From 100 to 55, 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
- 35.42 EUR
- Median analyst target
- 49.50 EUR
- Upside to median
- +39.8%
- Analysts
- 2
- Target range
- 49.00 – 50.00 EUR
- 52-week change
- −28%
- P/E (trailing)
- 618.1
- Forward P/E
- 37.9
- PEG
- n/a
Findings
Every deduction and every plus, with its source. Open a step to read them.
Business
Is the company getting stronger, not just bigger? · 4 findings−19 of −30
- −6MarginEBIT margin has fallen from 15.4% (2024) to 11.7% (2025) and 2.5% TTM. In H1 2026 EBIT was −EUR 1.1m (+3.4m a year earlier), and net result was −EUR 1.2m.
- −6Quality of growthH1 2026 revenue was flat at EUR 22.8m. Defense fell 30% to 9.4m, and growth in the civil part (+38.5%) came partly from the acquisition of BUKH (1.87m). Inventories rose from EUR 17.1 to 26.4m, and operating cash burn was -4.7m.
- −4Capital allocationThe company paid a dividend of EUR 0.25 (about EUR 1.3m) in April 2026 while FCF was negative, and cash fell from EUR 7.3m to 0.3m in half a year. The acquisition of BUKH was financed with cash, credit lines and shares at EUR 42.85.
- −3MoatSteyr is a niche maker of compact monoblock diesel engines for military vehicles and boats (about 150 employees). The competitors Rolls-Royce Power Systems (mtu), Cummins and Deutz are far larger. Long-term contracts with KNDS and Rheinmetall give some lock-in, but no pricing power is documented.
Price
Today's multiples against the company's own history and its peers. · 2 findings−14 of −35
- −8Multiples vs own historyEV/EBIT is 141 TTM vs 11 in 2024 and 34 in 2025. EV/Sales is 3.6 vs 1.7 in 2024, and forward P/E is 31 vs 8 in 2024. Even on the lowered guidance (EBIT EUR 4.5-7.3m) EV/EBIT is 24-39.
- −6PeersEV/Sales 3.6 and forward P/E 31 vs Renk (EV/Sales 3.0, forward P/E 19) and Deutz (EV/Sales 1.0, forward P/E 9.4). Steyr is more expensive than both, even though the margin is now lower.
Cracks
Cash flow, customers, debt, insiders, guidance and what sits behind the headline numbers. · 3 findings−18 of −35
- −9Guidance cutIn August 2026 the 2026 guidance was lowered from EUR 75-95m in revenue and at least 15% EBIT margin to 56-61m and 8-12%. The 2027 target (about 140m in revenue and 40m in EBIT) was withdrawn and pushed to 2029. About EUR 10m of revenue from H1 will not be recovered, and the second half requires EUR 33-38m.
- −6Liquidity and debtCash was only EUR 0.3m at 30/6-2026. Bank debt has gone from 0 to EUR 5.7m, and reverse factoring from 8.3 to 9.9m. Operating cash flow was negative, and inventories rose. If the second half disappoints, a capital increase or more debt is likely.
- −3Customer and procurement riskThe delays are due to international defense projects (public tenders, approvals and acceptance tests) that Steyr does not control itself. The defense part is concentrated on a few system houses such as KNDS and Rheinmetall.
Plus
Only documented strengths. · 1 finding+3 of +15
- +3Order bookThe order book is over EUR 310m through 2030, i.e. approx. 5–6 times expected 2026 revenue, with long-term contracts with KNDS (to 2034) and Rheinmetall.
Caveats
What the score does not capture, or where the data is weak.
Steyr Motors is not a classic penny stock (price about EUR 30, market cap about EUR 157m = DKK 1,175m with 5.25m shares; Nordnet shows 1,205). The company is NOT in restructuring. The industry is set to Defence, aerospace, because the stock trades as a defence stock, but civilian marine engines made up 59% of revenue in H1 2026, so Machinery & automation would also have been a reasonable choice. Debt (EUR 19.8m) includes bank debt of 5.7m and reverse factoring of 9.9m. The NuWays report from August 2026 could not be read. Insider trades and short interest not checked. Only 2 analysts.
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