Alfen NV (ALFEN) AI Stock Analysis

• Market Cap: €193.47M
• Dividend Yield: N/A
• Average Volume (3M): 276.86K
• Price to Earnings (P/E): ―
• Beta (1Y): 1.37
• Revenue Growth: -13.84%
• EPS Growth: -286.67%
• Country: NL
• Employees: 1,053
• Sector: Industrials
• Sector Strength: 72
• Industry: Electrical Equipment & Parts
• EPS (TTM): 0.05
• Shares Outstanding: 21,750,000
• 10 Day Avg. Volume: 332,264
• 30 Day Avg. Volume: 276,855
• PEG Ratio: 12.17
• Price to Book (P/B): 1.49
• Price to Sales (P/S): 0.52
• P/FCF Ratio: 12.30
• 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: €8.17
• Price Target Upside: -7.37% Downside
• Rating Consensus: Moderate Sell
• Number of Analyst Covering: 3
• EPS Forecast (FY): 0.08
• Revenue Forecast (FY): €450.68M

• Rating: 50 Neutral
• Price Target: €9.00 ▲(2.04% Upside)
• Action: Reiterated Date: 02/18/26
• Date: Action: Reiterated 02/18/26

Overall score is held back primarily by weak price momentum (below major moving averages with negative MACD) and inconsistent operating performance (revenue softness and volatile profitability). Moderate balance-sheet leverage and recent positive operating/free cash flow provide some support, but cash-flow reliability and negative earnings keep the score in the lower-middle range.

Positive Factors

Diversified product portfolio in energy transition

Alfen's product breadth across EV charging, energy storage and grid automation positions it to capture multiple durable secular trends in electrification and renewables. Multi-product exposure reduces single-market risk and supports cross-selling to utilities, fleets and developers over the next several quarters.

Recurring services and strategic partnerships

Long-term service agreements, installation and maintenance contracts create recurring revenue and deeper customer relationships, improving lifetime value and predictability. Strategic partnerships with municipalities, energy companies and automakers strengthen distribution and repeat demand over a multi-quarter horizon.

Moderate balance-sheet leverage

A relatively low debt-to-equity ratio provides financial flexibility to fund working capital, capex and incremental growth without heavy refinancing risk. This balance-sheet cushion supports durability through cyclical dips and enables continued investment in products and service capabilities.

Negative Factors

Stalled and declining revenue trend

Two consecutive years of flat-to-declining top-line growth weaken the firm's scale economics and may constrain investments in R&D, manufacturing capacity and sales expansion. Without renewed revenue momentum, profitability and market-share gains are harder to sustain across upcoming quarters.

Volatile profitability and recent net loss

Earnings volatility and a recent net loss signal inconsistent margin capture and operational execution risk. This undermines the predictability of returns, complicates long-term planning, and can reduce bargaining power with suppliers and customers over multiple quarters.

Uneven cash generation; sharp FCF decline

A large FCF decline and historic swings in cash conversion point to working-capital or investment timing risks. Reduced free cash flow constrains internal funding for capex and growth, increasing reliance on external financing and elevating financial risk over the medium term.

Alfen NV Business Overview & Revenue Model

Company Description

Alfen N.V., through its subsidiaries, designs, engineers, develops, produces, and sells products, systems, and services related to the electricity grid. The company offers smart grid solutions, including secondary transformer substations, devices for grid automation, and proprietary back-end systems for remote management and control of electricity grids, as well as micro-grids, grid connections, and supplementary offerings for the greenhouse horticulture sector, EV fast-charging hubs, and solar PV farms. It also provides energy storage systems comprising modular energy storage systems for load balancing, peak shaving, grid frequency control, and energy trading solutions, as well as stationary and mobile battery energy storage solutions. In addition, the company offers smart and connected electric vehicle chargers for use at the home, office, and public locations, as well as an online management platform for charging infrastructure and standardized solutions for smart charging, load balancing, and charging hubs. It operates primarily in the Netherlands, Belgium, Finland, France, Germany, Italy, Norway, Poland, Spain, Sweden, the United Kingdom, and the rest of Europe. The company was founded in 1937 and is headquartered in Almere, the Netherlands.

How the Company Makes Money

Alfen generates revenue through multiple streams, primarily from the sale of its EV charging stations and energy storage systems. The company also earns income from the installation and maintenance of its products, which are often bundled with these hardware sales. Additionally, Alfen benefits from long-term service agreements and partnerships with various stakeholders in the renewable energy sector, including municipalities, energy companies, and automotive manufacturers. The growth in electric vehicle adoption and the increasing demand for energy transition solutions further enhance its revenue potential, making strategic collaborations and innovative product offerings critical to its financial performance.

Alfen NV Financial Statement Overview

Summary

Mixed fundamentals. Revenue has stalled/declined recently and profitability was volatile (loss in 2024, only partial recovery in 2025). Balance sheet leverage appears moderate (debt-to-equity ~0.31), but cash flow remains uneven with a sharp free-cash-flow drop in 2025 versus 2024.

Income Statement

Revenue has stalled and turned slightly down in the last two annual periods (2025: -3.9%, 2024: ~-0.03%) after strong growth in 2021–2023. Profitability has been volatile: 2022–2023 showed healthy operating and net margins, 2024 swung to a meaningful loss, and 2025 recovered to near break-even with positive operating profit but still slightly negative net income. Gross margin remains decent but has not been consistent year-to-year.

Balance Sheet

Leverage appears moderate, with debt-to-equity around ~0.31 in 2024–2025 and a manageable debt base relative to equity. Equity levels have been relatively stable, supporting balance-sheet resilience. The main weakness is earnings volatility impacting shareholder returns (return on equity turned negative in 2024) and the lack of clear momentum in asset efficiency based on the limited data provided.

Cash Flow

Cash generation is uneven. 2024–2025 show solid positive operating cash flow and positive free cash flow, which helps fund the business internally. However, 2021–2023 included periods of negative free cash flow (and extremely weak operating cash conversion in 2022–2023), pointing to working-capital or investment-driven swings. Free cash flow also fell sharply in 2025 versus 2024 (down ~69%), reducing near-term cash-flow reliability.

Breakdown	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	435.62M	487.64M	504.48M	439.88M	249.68M
Gross Profit	124.89M	115.39M	151.09M	88.73M	41.29M
EBITDA	20.06M	-4.19M	50.82M	74.43M	33.21M
Net Income	-189.00K	-27.01M	29.68M	53.05M	21.45M
Balance Sheet
Total Assets	312.53M	362.75M	395.97M	321.07M	194.18M
Cash, Cash Equivalents and Short-Term Investments	26.67M	17.07M	2.07M	22.84M	47.28M
Total Debt	47.37M	49.75M	57.17M	18.40M	18.40M
Total Liabilities	159.77M	210.51M	216.36M	170.49M	97.86M
Stockholders Equity	152.76M	152.24M	179.61M	150.58M	96.32M
Cash Flow
Free Cash Flow	18.56M	31.25M	-29.06M	-20.60M	-1.14M
Operating Cash Flow	32.54M	55.82M	5.64M	429.00K	10.54M
Investing Cash Flow	-13.98M	1.15M	-59.10M	-21.02M	-11.68M
Financing Cash Flow	-8.95M	-35.57M	26.30M	-3.84M	-3.92M

Alfen NV Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 8.82
• 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 NL:ALFEN, the sentiment is Negative. The current price of 8.82 is below the 20-day moving average (MA) of 9.14, below the 50-day MA of 10.22, and below the 200-day MA of 10.33, indicating a bearish trend. The MACD of -0.45 indicates Negative momentum. The RSI at 36.83 is Neutral, neither overbought nor oversold. The STOCH value of 25.18 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for NL:ALFEN.

Alfen NV Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
BAMNB	74 Outperform	€2.47B	11.48	11.89%	2.69%	3.64%	-22.13%
HYDRA	74 Outperform	€275.57M	9.22	―	3.43%	-9.19%	-0.59%
KENDR	66 Neutral	€262.11M	6.86	6.36%	3.06%	-14.95%	―
LIGHT	64 Neutral	€2.24B	10.16	11.48%	7.57%	-4.73%	17.93%
Sector *	63 Neutral	$10.79B	15.43	7.44%	2.01%	2.89%	-14.66%
FUR	55 Neutral	€1.20B	-47.40	-1.54%	8.99%	-7.57%	-51.86%
ALFEN	50 Neutral	€193.47M	-1,208.06	-10.80%	―	-13.84%	-286.67%