Aurubis (NDA) AI Stock Analysis

• Market Cap: €7.03B
• Dividend Yield: 1.26%
• Average Volume (3M): 143.34K
• Price to Earnings (P/E): 11.6
• Beta (1Y): 1.07
• Revenue Growth: 6.03%
• EPS Growth: 29.57%
• Country: DE
• Employees: 7,000
• Sector: General
• Sector Strength: N/A
• Industry: Copper
• EPS (TTM): 1.86
• Shares Outstanding: 44,956,722
• 10 Day Avg. Volume: 182,420
• 30 Day Avg. Volume: 143,336
• PEG Ratio: 0.29
• Price to Book (P/B): 0.92
• Price to Sales (P/S): 0.26
• P/FCF Ratio: -55.86
• 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: €153.90
• Price Target Upside: -4.47% Downside
• Rating Consensus: Hold
• Number of Analyst Covering: 6
• EPS Forecast (FY): 7.95
• Revenue Forecast (FY): €23.00B

• Rating: 72 Outperform
• Price Target: €183.00 ▲(13.59% Upside)
• Action: Reiterated Date: 02/08/26
• Date: Action: Reiterated 02/08/26

The score is driven by a strong, low-leverage balance sheet and clear bullish price trend above all major moving averages. Offsetting these strengths are persistently negative free cash flow and weak cash conversion, while valuation is supportive with a moderate P/E but only a modest dividend yield.

Positive Factors

Low Leverage Balance Sheet

Very low debt-to-equity (~0.11 TTM) grants Aurubis durable financial flexibility to absorb copper-price cycles, fund recycling and processing investments, and maintain operations without heavy interest costs. This supports long-term capital allocation, resilience and strategic optionality.

Leading Copper Recycler & Market Position

Scale as a top global copper recycler and non‑ferrous provider secures feedstock access and long-term customer relationships across electronics, automotive and construction. Structural demand for recycled metals and scale advantages underpin competitive moat and consistent industrial relevance.

Stable Revenue Growth & Sector-Profitability

Consistent TTM revenue growth (~5.8%) and improved margins versus 2023 demonstrate operational resilience across end markets. Coupled with a healthy ROE (~10.9% TTM), this underpins ongoing earnings capacity and the ability to reinvest in core recycling/process capabilities over the medium term.

Negative Factors

Persistent Negative Free Cash Flow

Sustained negative free cash flow (TTM ~-€225m) is a structural concern: it constrains internal funding for capex, dividends or working-capital needs and increases reliance on external financing. Over time this pressure can impede strategic investments and reduce financial optionality.

Weak Cash Conversion

Operating cash flow underperforming reported earnings indicates weak cash conversion, likely from working‑capital absorption or elevated capex. This reduces liquidity buffer and makes the business more vulnerable to commodity-driven earnings swings, limiting the firm's self-financing ability.

Margin Sensitivity to Cyclical Prices

Profitability remains cyclical and below earlier peaks, reflecting exposure to volatile metal prices and input-cost pressure. This structural margin volatility makes earnings less predictable and ties long-term operating performance to commodity cycles and the company's ability to manage costs.

Aurubis Business Overview & Revenue Model

Company Description

Aurubis AG processes metal concentrates and recycling materials in Germany. The company processes scrap metals, organic and inorganic metalbearing recycling raw materials, and industrial residues. It also offers wire rods and specialty wires, shapes, bars and profiles, industrial rolled products, and architectural rolled products. In addition, the company also produces gold, silver, lead, lead-bismuth alloy, lead-antimony litharge, tellurium metals, and tellurium dioxide. Further, the company engages in the recycling of copper, copper scrap, alloy scrap and other recycling materials, precious metals, and other non-ferrous metals; and product businesses. Additionally, it produces sulfuric acid, iron-silicate, smelter intermediates, and selenium, as well as produces various products from purchased copper and copper alloy scrap, electronic scrap, and industrial residues. The company was formerly known as Norddeutsche Affinerie AG and changed its name to Aurubis AG in April 2009. Aurubis AG was founded in 1866 and is headquartered in Hamburg, Germany.

How the Company Makes Money

Aurubis generates revenue primarily through the production and sale of copper cathodes, which are sold to various industries for further processing into various copper products. Additionally, the company has significant revenue streams from the recycling of copper and precious metals, deriving income from the processing of scrap metals. Key partnerships with suppliers and customers enhance its operational efficiency and market presence. The company also benefits from fluctuating metal prices in global markets, which can impact its earnings positively or negatively, depending on market conditions.

Aurubis Financial Statement Overview

Summary

Earnings have improved (TTM revenue ~+5.8% with solid profitability for the sector), and the balance sheet is a major strength with conservative leverage (debt-to-equity ~0.11) and healthy ROE (~10.9%). The primary drag is persistent negative free cash flow since 2022 (TTM about -€225m) and weak cash conversion, which lowers financial quality despite better margins versus 2023.

Income Statement

TTM (Trailing-Twelve-Months) revenue grew ~5.8% and profitability is solid for a copper business (net margin ~3.1%, operating margin ~4.3%). Results have rebounded meaningfully versus 2023 (very low margins), but margins remain below the stronger 2021–2022 period, showing sensitivity to cycle/price and cost conditions.

Balance Sheet

Leverage is conservative with low debt relative to equity (debt-to-equity ~0.11 in TTM (Trailing-Twelve-Months)), providing balance-sheet flexibility. Equity has grown over time and returns on equity are healthy (~10.9% TTM (Trailing-Twelve-Months)), though still below the peak levels seen in 2021–2022.

Cash Flow

Cash generation is the key weak spot: while operating cash flow is positive, free cash flow is negative in every period since 2022 (TTM (Trailing-Twelve-Months) about -€225m). Cash conversion is also weak, with operating cash flow modest versus reported earnings and free cash flow running below net income, suggesting higher capital spending and/or working-capital absorption.

Breakdown	TTM	Sep 2025	Sep 2024	Sep 2023	Sep 2022	Sep 2021
Income Statement
Total Revenue	19.29B	18.17B	17.14B	17.11B	18.52B	16.37B
Gross Profit	1.56B	996.00M	1.67B	1.09B	1.81B	1.91B
EBITDA	1.07B	981.00M	770.86M	372.10M	1.12B	1.04B
Net Income	605.00M	539.00M	416.10M	140.93M	714.67M	612.80M
Balance Sheet
Total Assets	9.82B	8.97B	7.85B	7.26B	7.45B	6.61B
Cash, Cash Equivalents and Short-Term Investments	211.00M	355.00M	364.21M	609.72M	766.37M	974.65M
Total Debt	566.00M	541.00M	383.22M	262.67M	327.50M	581.31M
Total Liabilities	4.49B	3.96B	3.29B	3.01B	3.19B	3.17B
Stockholders Equity	5.33B	5.01B	4.55B	4.24B	4.26B	3.44B
Cash Flow
Free Cash Flow	-225.00M	-83.00M	-309.20M	-52.28M	-59.23M	559.64M
Operating Cash Flow	500.00M	675.00M	537.47M	572.71M	287.82M	812.08M
Investing Cash Flow	-727.00M	-769.00M	-725.82M	-609.70M	-201.26M	-232.06M
Financing Cash Flow	-14.00M	91.00M	17.20M	-174.52M	-347.17M	-95.95M

Aurubis Technical Analysis

• Technical Analysis Sentiment: Neutral
• Last Price: 161.10
• 50DMA: Positive
• 100DMA: Positive
• 200DMA: Positive
• MACD: Positive
• RSI: Neutral
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For DE:NDA, the sentiment is Neutral. The current price of 161.1 is below the 20-day moving average (MA) of 167.46, above the 50-day MA of 150.72, and above the 200-day MA of 111.37, indicating a neutral trend. The MACD of 4.67 indicates Positive momentum. The RSI at 48.07 is Neutral, neither overbought nor oversold. The STOCH value of 46.46 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral sentiment for DE:NDA.

Aurubis Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
NDA	72 Outperform	€7.03B	11.63	11.26%	1.26%	6.03%	29.57%
WCH	62 Neutral	$3.47B	-4.45	―	3.75%	-10.63%	-23.15%
BAS	57 Neutral	€40.55B	25.02	0.71%	5.16%	-2.94%	-45.21%
Sector *	55 Neutral	$6.65B	3.83	-15.92%	6.20%	10.91%	7.18%
SDF	55 Neutral	€2.71B	-1.59	-32.34%	1.23%	-1.67%	-6688.89%
LXS	46 Neutral	€1.45B	-5.98	-5.69%	0.59%	-6.82%	71.94%