Bertrandt (BDT) AI Stock Analysis

• Market Cap: €182.91M
• Dividend Yield: 1.38%
• Average Volume (3M): 3.41K
• Price to Earnings (P/E): ―
• Beta (1Y): 0.71
• Revenue Growth: -17.63%
• EPS Growth: 30.27%
• Country: DE
• Employees: 13,605
• Sector: Industrials
• Sector Strength: 72
• Industry: Auto - Parts
• EPS (TTM): -0.30
• Shares Outstanding: 10,143,240
• 10 Day Avg. Volume: 6,536
• 30 Day Avg. Volume: 3,411
• PEG Ratio: 0.11
• Price to Book (P/B): 0.61
• Price to Sales (P/S): 0.19
• P/FCF Ratio: 33.43
• Enterprise Value/Market Cap: N/A
• Enterprise Value/Revenue: N/A
• Enterprise Value/Gross Profit: N/A
• Enterprise Value/Ebitda: N/A
• 1Y Price Target: €21.00
• Price Target Upside: 15.13% Upside
• Rating Consensus: Hold
• Number of Analyst Covering: 1
• EPS Forecast (FY): N/A
• Revenue Forecast (FY): N/A

• Rating: 52 Neutral
• Price Target: €20.00 ▲(9.65% Upside)
• Action: Reiterated Date: 02/20/26
• Date: Action: Reiterated 02/20/26

The score is primarily held back by weak financial performance (declining revenue, negative margins, and liquidity/cash conversion concerns). Technicals are only moderately supportive with price above key moving averages but negative MACD and soft momentum, while valuation is mixed due to a negative P/E and only a modest dividend yield.

Positive Factors

Diversified engineering services

Bertrandt's broad service set across product development, testing and digitalization creates multiple revenue streams and cross-sell opportunities. This diversification reduces reliance on any single program or OEM cycle, supporting steadier long-term utilization and resilience to isolated demand shocks.

Long-term client partnerships

Established, multi-year project relationships with major OEMs provide revenue visibility and repeat work. Long-term contracts and deep technical collaboration raise switching costs and support recurring bookings, aiding backlog stability and enabling gradual expansion of higher-margin digital and engineering services.

Manageable leverage profile

A debt-to-equity near 1 with a stable equity proportion indicates Bertrandt is not overlevered versus many industrial peers. That balance affords flexibility to fund working capital and targeted investments without excessive interest burden, giving management room to execute restructuring or growth initiatives over the medium term.

Negative Factors

Declining revenue and margins

Sustained negative revenue growth and falling gross margins signal loss of pricing power or cost control deterioration. Over months this compresses scale economics, pressures R&D and headcount investments, and undermines the margin base needed to generate consistent operating profits and support strategic initiatives.

Weak cash conversion and FCF decline

Declining free cash flow and poor conversion of reported income into operating cash reduce internal funding for capex, digitalization projects and debt reduction. Persistently weak cash generation increases reliance on external financing and constrains the company's ability to invest in competitive upgrades or absorb cyclical downturns.

Negative return on equity

A negative ROE indicates the business is destroying shareholder value rather than creating it. Over the medium term this signals structural profitability issues, limits capacity for dividend or share-funded growth, and may force strategic restructuring or asset repositioning to restore acceptable returns.

Bertrandt Business Overview & Revenue Model

Company Description

Bertrandt AG is a leading engineering and consulting company headquartered in Germany, specializing in the automotive and aerospace industries. Founded in 1974, the company offers a wide range of services, including product development, testing, and optimization, as well as IT solutions and digitalization services. Bertrandt is known for its innovative approach in providing tailored solutions that enhance efficiency and quality in engineering processes, serving clients across Europe and beyond.

How the Company Makes Money

Bertrandt generates revenue primarily through engineering services and consulting in the automotive and aerospace sectors. Key revenue streams include project-based contracts for product development and testing, which often involve long-term partnerships with major automotive manufacturers and suppliers. The company also earns income from IT solutions and digitalization services that support clients in modernizing their operations. Additionally, Bertrandt benefits from strategic alliances and collaborations with industry players, enhancing its capabilities and market reach, which contribute significantly to its overall earnings.

Bertrandt Financial Statement Overview

Summary

Weak profitability and trends: revenue growth has turned negative, gross margin has fallen, and EBIT/EBITDA and net margins are negative. Balance sheet leverage is moderate (debt-to-equity near 1) but ROE is negative, and cash flow shows declining free cash flow growth and weak cash conversion.

Income Statement

Bertrandt's income statement reveals a challenging financial period with declining revenue and profitability. The gross profit margin has significantly decreased from previous years, indicating cost pressures or pricing challenges. The net profit margin is negative, reflecting ongoing losses. Revenue growth has turned negative, suggesting a contraction in business activity. The EBIT and EBITDA margins are also negative, highlighting operational inefficiencies. Overall, the income statement suggests a need for strategic improvements to reverse the downward trend.

Balance Sheet

The balance sheet shows a moderate financial position with a debt-to-equity ratio close to 1, indicating a balanced approach to leveraging. However, the return on equity is negative, reflecting the company's inability to generate profits from shareholders' investments. The equity ratio is stable, suggesting a reasonable proportion of equity financing. While the balance sheet is not overly leveraged, the negative ROE is a concern for long-term sustainability.

Cash Flow

Cash flow analysis indicates a decline in free cash flow growth, which is concerning for future liquidity. The operating cash flow to net income ratio is low, suggesting inefficiencies in converting income into cash. The free cash flow to net income ratio is moderate, indicating some ability to generate cash despite net losses. Overall, the cash flow statement highlights liquidity challenges that need addressing to ensure financial stability.

Breakdown	Sep 2025	Sep 2024	Sep 2023	Sep 2022	Sep 2021
Income Statement
Total Revenue	976.52M	1.19B	1.16B	1.01B	848.59M
Gross Profit	27.12M	1.03B	108.07M	895.61M	771.17M
EBITDA	17.87M	15.49M	105.87M	96.16M	74.56M
Net Income	-53.81M	-77.17M	30.44M	21.13M	6.91M
Balance Sheet
Total Assets	759.04M	879.54M	956.12M	956.05M	916.39M
Cash, Cash Equivalents and Short-Term Investments	89.48M	122.31M	121.36M	161.56M	190.21M
Total Debt	291.55M	306.73M	314.64M	335.33M	347.99M
Total Liabilities	451.97M	515.80M	501.49M	524.20M	507.56M
Stockholders Equity	307.07M	363.74M	454.63M	431.85M	408.83M
Cash Flow
Free Cash Flow	5.62M	57.58M	12.04M	25.90M	35.36M
Operating Cash Flow	13.76M	76.88M	38.46M	56.90M	73.66M
Investing Cash Flow	-7.54M	-22.36M	-31.35M	-47.94M	-37.76M
Financing Cash Flow	-33.99M	-61.29M	-46.71M	-38.64M	-33.10M

Bertrandt Technical Analysis

• Technical Analysis Sentiment: Positive
• Last Price: 18.24
• 50DMA: Positive
• 100DMA: Positive
• 200DMA: Positive
• MACD: Negative
• RSI: Neutral
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For DE:BDT, the sentiment is Positive. The current price of 18.24 is below the 20-day moving average (MA) of 18.70, below the 50-day MA of 18.73, and below the 200-day MA of 19.31, indicating a bullish trend. The MACD of 0.10 indicates Negative momentum. The RSI at 59.04 is Neutral, neither overbought nor oversold. The STOCH value of 79.80 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for DE:BDT.

Bertrandt Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
PWO	72 Outperform	€80.00M	6.93	7.17%	5.91%	-4.01%	-10.36%
Sector *	63 Neutral	$10.79B	15.43	7.44%	2.01%	2.89%	-14.66%
NVM	61 Neutral	€129.95M	6.52	19.67%	―	-9.08%	-34.48%
BDT	52 Neutral	€182.91M	-3.74	-16.04%	1.38%	-17.63%	30.27%
ZIL2	46 Neutral	€267.70M	-2.31	-16.55%	3.51%	-6.21%	-995.53%
GMM	46 Neutral	€113.99M	6.79	9.81%	―	-10.08%	―
ED4	42 Neutral	€96.25M	-1.52	-47.18%	10.96%	-13.53%	-394.79%

Bertrandt Corporate Events

Institutional Investor Takes 3.07% Stake in Bertrandt AG

Bertrandt AG has disclosed a change in its shareholder structure following a voting rights notification under German securities law. The Baden-Württembergische Versorgungsanstalt für Ärzte, Zahnärzte und Tierärzte, a German pension institution, has acquired 3.07% of the company’s voting rights via direct shareholdings, equivalent to 311,000 shares.

The crossing of the 3% threshold, reported as of 9 February 2026, brings the investor’s total voting rights to 3.07% without the use of derivative instruments. The move signals growing institutional interest in Bertrandt’s stock and slightly broadens its shareholder base, which may enhance the company’s visibility and liquidity in the German capital market.

The most recent analyst rating on (DE:BDT) stock is a Sell with a EUR17.00 price target. To see the full list of analyst forecasts on Bertrandt stock, see the DE:BDT Stock Forecast page.

Union Investment Cuts Bertrandt Stake Below 3% Threshold

Bertrandt AG has disclosed a change in its shareholder structure following a voting rights announcement under German securities law. Union Investment Privatfonds GmbH, based in Frankfurt, has reduced its stake in Bertrandt below the 3% threshold, now holding 1.97% of the company’s voting rights as of 10 February 2026.

The notification indicates that Union Investment holds no additional voting rights via financial instruments and does not control, nor is controlled by, other undertakings with interests in Bertrandt. The reduced holding may signal a portfolio adjustment by the institutional investor and marginally increase the company’s free float, but it does not imply any immediate change in control or governance at Bertrandt.

The most recent analyst rating on (DE:BDT) stock is a Sell with a EUR17.00 price target. To see the full list of analyst forecasts on Bertrandt stock, see the DE:BDT Stock Forecast page.

LBBW Asset Management Raises Bertrandt Stake Above 3% Threshold

Bertrandt AG has disclosed a change in its shareholder structure following a notification under Germany’s securities trading law. LBBW Asset Management Investmentgesellschaft mbH, based in Stuttgart, reported that its managed special funds have increased their stake in Bertrandt, crossing the 3% voting rights threshold on 9 February 2026 to reach 3.31% of the company’s voting rights.

The position, up from a previously reported 2.88%, consists entirely of voting rights attached directly and indirectly to shares and involves no additional financial instruments. While LBBW Asset Management is not part of a larger controlling group in relation to Bertrandt, the increased holding underscores growing institutional investor interest in the engineering services provider’s equity.

The most recent analyst rating on (DE:BDT) stock is a Sell with a EUR17.00 price target. To see the full list of analyst forecasts on Bertrandt stock, see the DE:BDT Stock Forecast page.

Major Shareholder Frank Ferchau Increases Stake in Bertrandt to 12.03%

Bertrandt AG has disclosed a change in significant shareholdings under German securities law, following a voluntary group notification triggered when a subsidiary crossed a voting-rights threshold. Investor Frank Ferchau, via his controlled entities FFI First Finance Invest Objects GmbH and FERCHAU Verwaltungs-GmbH, now holds a total of 12.03% of Bertrandt’s voting rights, up from just over 10%, corresponding to 1,220,611 voting rights attached to shares as of 19 December 2025. This increased stake, concentrated in the hands of a single investor group, may signal a strengthening of long-term shareholder influence in Bertrandt and is relevant for corporate governance watchers and other investors monitoring ownership concentration in the company.

The most recent analyst rating on (DE:BDT) stock is a Hold with a EUR18.00 price target. To see the full list of analyst forecasts on Bertrandt stock, see the DE:BDT Stock Forecast page.