Wolftank-Adisa Holding AG (WAH) AI Stock Analysis

• Market Cap: €23.24M
• Dividend Yield: N/A
• Average Volume (3M): 4.72K
• Price to Earnings (P/E): ―
• Beta (1Y): 0.42
• Revenue Growth: 1.31%
• EPS Growth: -60.90%
• Country: DE
• Employees: 428
• Sector: Industrials
• Sector Strength: 72
• Industry: Industrial - Pollution & Treatment Controls
• EPS (TTM): N/A
• Shares Outstanding: 5,281,654
• 10 Day Avg. Volume: 9,152
• 30 Day Avg. Volume: 4,721
• PEG Ratio: -0.33
• Price to Book (P/B): 2.46
• Price to Sales (P/S): 0.35
• P/FCF Ratio: 32.87
• 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: N/A
• Price Target Upside: N/A
• Rating Consensus: N/A
• Number of Analyst Covering: 0
• EPS Forecast (FY): 0.08
• Revenue Forecast (FY): €130.80M

• Rating: 54 Neutral
• Price Target: €4.00 ▼(-15.97% Downside)
• Action: Reiterated Date: 12/02/25
• Date: Action: Reiterated 12/02/25

The overall stock score is primarily influenced by financial performance challenges, including low net profit margins and high leverage. Technical analysis shows a bearish trend, while valuation metrics are unattractive due to a negative P/E ratio and lack of dividend yield.

Positive Factors

Revenue Growth Trend

Consistent top-line expansion (RevenueGrowth ~1.31) and a reported significant revenue increase from 2023 to 2024 indicate improving project wins and market traction. For a project-based environmental services firm, sustained revenue growth supports scale, backlog accumulation and long-term contract leverage that can underpin durable cash generation if maintained.

Improved Gross Profit & Operational Margins

Management reporting of improved gross profit margin and modest EBIT/EBITDA margin gains suggests better cost control and project execution. Improved unit economics in an engineering/services model can be persistent if pricing discipline and execution standards hold, supporting sustainable operating profitability over the medium term.

Exposure to Clean Mobility & Remediation Markets

Wolftank-Adisa operates in environmental remediation and alternative-fuel infrastructure (including hydrogen) — areas aligned with long-term decarbonization and tighter environmental regulation trends. Structural demand for remediation and clean-mobility projects supports multi-year revenue opportunities and strategic positioning versus cyclical industrial services alone.

Negative Factors

High Leverage / Increased Debt

Balance-sheet commentary notes a rising debt-to-equity ratio and a relatively low equity ratio, indicating increased leverage and dependence on debt financing. Higher leverage raises refinancing and interest-cost risk, limits financial flexibility for large projects or downturns, and can impede strategic investments or balance-sheet repairs over the medium term.

Weak Free Cash Flow Generation

Although operating cash flow has improved, free cash flow growth is negative and operating cash flow to net income is low. This indicates difficulty converting reported earnings into discretionary cash after capex, constraining de-leveraging, reinvestment capacity, and robustness of liquidity during project timing variability or longer receivable cycles.

Low Net Profit Margin

The income-statement summary highlights that net profit margin remains low even as revenues and gross margins improved. Persistently weak bottom-line conversion reduces retained earnings for balance-sheet strengthening, provides limited buffers against project cost overruns, and constrains long-term returns to shareholders absent further margin recovery.

Wolftank-Adisa Holding AG Business Overview & Revenue Model

Company Description

Wolftank-Adisa Holding AG offers engineering and environmental protection services for contaminated soils and facilities. The company cleaning and degassing, surface preparation, sludge removal, and spill absorbing; contamination monitoring and detection system, bioremediation, phyto-remediation, and geoengineering; structural lining and corrosion protection systems; primers for steel, concrete, and asphalt; resins for tank lining and lamination resins for tank lining; conductive coatings, flooring, surface sealing, and containments; repair and levelling coatings; outside corrosion protection and tank inside paintings products; sealing products; and other installation services. It serves terminals and storage, gas stations, public and industrial water, and industrial engineering sectors. The company is headquartered in Innsbruck, Austria.

How the Company Makes Money

Wolftank-Adisa Holding AG generates revenue through several key streams. The company primarily earns income from the sale of its proprietary tank and pipeline technologies, which include specialized lining systems and leak detection solutions. Additionally, WAH provides consulting and project management services for environmental remediation and energy efficiency projects, which contribute significantly to its earnings. The company also engages in strategic partnerships with other firms and governmental bodies to expand its service offerings and reach new markets. These collaborations often lead to joint projects that enhance revenue potential. Moreover, WAH benefits from a growing demand for sustainable and eco-friendly solutions, further bolstering its financial performance.

Wolftank-Adisa Holding AG Financial Statement Overview

Summary

Wolftank-Adisa Holding AG shows positive revenue growth and improved profitability metrics, but faces challenges with cash flow management and high leverage. The net profit margin is low, and the company relies heavily on debt financing.

Income Statement

Wolftank-Adisa Holding AG has shown a positive revenue growth trend over the years, with a significant increase in total revenue from 2023 to 2024. The gross profit margin has improved, indicating better cost management. However, the net profit margin remains low, suggesting challenges in converting revenue into profit. The EBIT and EBITDA margins are modest, reflecting operational efficiency improvements but still leaving room for growth.

Balance Sheet

The company's debt-to-equity ratio has increased, indicating higher leverage, which could pose a risk if not managed properly. Return on equity has improved from negative to positive, showing better profitability for shareholders. However, the equity ratio is relatively low, suggesting a higher reliance on debt financing.

Cash Flow

The cash flow situation presents mixed signals. While the operating cash flow has improved, the free cash flow growth rate is negative, indicating challenges in generating cash after capital expenditures. The operating cash flow to net income ratio is low, suggesting limited cash generation relative to reported earnings.

Breakdown	TTM	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020
Income Statement
Total Revenue	120.49M	121.50M	86.79M	62.73M	44.63M	35.02M
Gross Profit	12.60M	43.47M	18.14M	9.54M	15.63M	9.93M
EBITDA	1.66M	5.20M	8.54M	3.59M	1.21M	265.27K
Net Income	-2.97M	1.00M	-3.27M	-1.87M	-2.95M	-2.22M
Balance Sheet
Total Assets	108.33M	108.70M	109.93M	62.80M	61.79M	51.03M
Cash, Cash Equivalents and Short-Term Investments	11.76M	9.79M	11.75M	12.75M	7.48M	3.15M
Total Debt	31.27M	29.12M	27.32M	12.45M	12.90M	5.31M
Total Liabilities	90.35M	83.85M	85.31M	42.30M	45.60M	43.56M
Stockholders Equity	11.93M	17.37M	17.46M	17.84M	22.42M	11.49M
Cash Flow
Free Cash Flow	0.00	1.30M	-1.92M	-2.27M	2.51M	1.43M
Operating Cash Flow	0.00	1.30M	7.21M	277.86K	4.85M	484.71K
Investing Cash Flow	0.00	-4.68M	-8.49M	-2.50M	-5.33M	-4.70M
Financing Cash Flow	0.00	2.00M	6.23M	6.34M	7.98M	3.53M

Wolftank-Adisa Holding AG Technical Analysis

• Technical Analysis Sentiment: Neutral
• Last Price: 4.76
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Negative
• MACD: Negative
• RSI: Neutral
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For DE:WAH, the sentiment is Neutral. The current price of 4.76 is above the 20-day moving average (MA) of 4.34, above the 50-day MA of 4.51, and below the 200-day MA of 5.72, indicating a neutral trend. The MACD of -0.06 indicates Negative momentum. The RSI at 51.04 is Neutral, neither overbought nor oversold. The STOCH value of 38.10 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral sentiment for DE:WAH.

Wolftank-Adisa Holding AG Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
Sector *	63 Neutral	$10.79B	15.43	7.44%	2.01%	2.89%	-14.66%
WAH	54 Neutral	€23.24M	-4.12	-36.72%	―	1.31%	-60.90%