Koninklijke Bam Groep NV (BAMNB) AI Stock Analysis

• Market Cap: €2.51B
• Dividend Yield: 2.69%
• Average Volume (3M): 816.99K
• Price to Earnings (P/E): 11.5
• Beta (1Y): 1.15
• Revenue Growth: 3.64%
• EPS Growth: -22.13%
• Country: NL
• Employees: 13,082
• Sector: Industrials
• Sector Strength: 72
• Industry: Engineering & Construction
• EPS (TTM): 0.42
• Shares Outstanding: 272,000,000
• 10 Day Avg. Volume: 780,763
• 30 Day Avg. Volume: 816,987
• PEG Ratio: 0.07
• Price to Book (P/B): 2.53
• Price to Sales (P/S): 0.34
• P/FCF Ratio: 8.61
• 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: €10.50
• Price Target Upside: 40.37% Upside
• Rating Consensus: Moderate Buy
• Number of Analyst Covering: 1
• EPS Forecast (FY): 0.92
• Revenue Forecast (FY): €7.17B

• Rating: 74 Outperform
• Price Target: €10.00 ▲(33.69% Upside)
• Action: Reiterated Date: 02/20/26
• Date: Action: Reiterated 02/20/26

The score is driven primarily by improved recent financial performance and strong free cash flow, supported by an overall bullish technical trend (price above key moving averages, positive MACD). Valuation is reasonable (P/E ~12.26 with ~2.54% yield), while the main risk is historical cyclicality/volatility and rising leverage into 2025.

Positive Factors

Strong cash generation

Consistent, material free cash flow in 2025 shows the business converts project revenue into liquidity, improving flexibility to fund working capital, invest in capabilities, and withstand project timing shocks. Strong cash generation supports capital allocation and deleveraging over the medium term.

Recovering profitability and revenue

A rebound in top-line growth and improved net margin indicate better project pricing and execution discipline. Sustained improvement suggests the company is moving past prior margin compression and can leverage scale and project management to produce healthier, more predictable operating profits over the next several quarters.

Balance-sheet resilience via equity growth

Material equity growth over the cycle strengthens the capital base, improving solvency and capacity to bid larger contracts or absorb project overruns. Higher equity reduces bankruptcy risk and underpins long-term creditworthiness, enabling strategic investments and partnerships in core markets.

Negative Factors

Rising leverage

The step-up in leverage notably reduces financial flexibility and increases interest and refinancing risk. For a project-heavy contractor, higher debt constrains the ability to absorb cost overruns or make selective bids, and it raises sensitivity to slower cash conversion in adverse cycles over the medium term.

Earnings and margin volatility

Large year-to-year swings in margins and earnings reflect project execution and accounting variability inherent in construction. That volatility undermines predictability of profits and cash, complicates planning and capital allocation, and increases downside risk if adverse project or input-cost shocks recur.

Demand cyclicality exposure

Revenue and backlog are structurally tied to public investment cycles and private-sector construction demand. This exposure means macro or fiscal tightening can materially depress tender volumes and margins, leaving the company vulnerable to prolonged downturns and competitive pressure in bid-driven markets.

Koninklijke Bam Groep NV Business Overview & Revenue Model

Company Description

Koninklijke Bam Groep NV (BAMNB) is a leading European construction and project development company headquartered in the Netherlands. The company operates primarily in the construction and infrastructure sectors, delivering a wide range of services including building construction, civil engineering, and property development. BAM is involved in various projects across multiple sectors such as residential, commercial, and public infrastructure, focusing on sustainable building practices and innovative solutions.

How the Company Makes Money

BAM makes money primarily by contracting and delivering construction and civil engineering projects for clients. Its core revenue comes from (1) construction/building projects, where it is paid under agreed contract structures (e.g., fixed-price or reimbursable arrangements) for delivering buildings and associated works; and (2) infrastructure and civil engineering works, where it earns contract revenue for designing and building/maintaining transport and public infrastructure assets. Revenue is generally recognized as projects progress, and profitability depends on effective project execution, cost control, and risk management (including managing design changes, subcontractor performance, inflation in materials/labor, and schedule impacts). Additional earnings can come from property-related activities when BAM develops or participates in real-estate development projects and realizes value through sales or development margins; however, if specific segment-level contributions are not available, the exact mix of revenue and profit by activity is null. Significant factors influencing earnings include the volume of public infrastructure spending and private construction demand in its core geographies, the ability to win tenders at acceptable risk-adjusted margins, and disciplined management of large/complex projects and joint ventures/consortia used to deliver major contracts; specific named partnerships are null.

Koninklijke Bam Groep NV Financial Statement Overview

Summary

Recent results improved, with net margin rising to ~3.0% (2025) and revenue growth re-accelerating to ~5.3%. Free cash flow is strong and growing (to ~€281m in 2025). Offsetting this, profitability and cash flows have been volatile across years and leverage increased in 2025 (debt-to-equity ~0.60).

Income Statement

Profitability improved meaningfully in the most recent year, with net margin rising to ~3.0% (2025) versus ~1.3% (2024) and negative profitability back in 2020. Revenue growth re-accelerated to ~5.3% in 2025 after low growth in 2024 and declines in 2022–2023, showing a recovering top-line trajectory. The key weakness is volatility: gross margin swung sharply (2024 ~27% vs 2025 ~6%), and earnings have not been consistently stable across the cycle, which is a notable risk profile for an Engineering & Construction business.

Balance Sheet

Leverage remains moderate overall, with debt-to-equity around ~0.60 in 2025 (up from ~0.36 in 2024 and ~0.32–0.28 in 2022–2023), indicating a recent step-up in balance-sheet risk. Equity has grown versus earlier years (e.g., ~€958m in 2025 vs ~€583m in 2020), which supports resilience. The main concern is the direction of leverage—rising debt load into 2025 reduces flexibility compared with the stronger deleveraging position seen after 2020.

Cash Flow

Cash generation is a clear strength recently: operating cash flow increased to ~€345m in 2025 from ~€257m in 2024, while free cash flow rose to ~€281m (up ~29% year over year). Free cash flow also covered a large portion of earnings in 2025 (~0.82x), indicating good cash conversion. The primary weakness is historical volatility—2022 showed negative operating and free cash flow, highlighting that cash performance can swing materially across years.

Breakdown	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	7.04B	6.46B	6.27B	6.62B	7.32B
Gross Profit	454.30M	1.76B	1.70B	1.74B	1.89B
EBITDA	371.60M	214.40M	285.37M	280.38M	177.17M
Net Income	211.00M	82.20M	174.99M	179.64M	18.12M
Balance Sheet
Total Assets	4.10B	3.89B	3.93B	3.82B	4.50B
Cash, Cash Equivalents and Short-Term Investments	883.40M	763.40M	757.33M	842.77M	1.28B
Total Debt	572.10M	323.20M	295.79M	227.31M	280.82M
Total Liabilities	3.14B	3.00B	3.01B	3.01B	3.84B
Stockholders Equity	958.00M	895.50M	920.50M	810.59M	653.59M
Cash Flow
Free Cash Flow	281.20M	171.40M	21.39M	-290.40M	250.77M
Operating Cash Flow	344.70M	256.70M	105.71M	-195.91M	320.23M
Investing Cash Flow	4.10M	-107.60M	-91.45M	-163.03M	-165.56M
Financing Cash Flow	-197.90M	-172.40M	-108.51M	-93.22M	-662.08M

Koninklijke Bam Groep NV Technical Analysis

• Technical Analysis Sentiment: Positive
• Last Price: 7.48
• 50DMA: Negative
• 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 NL:BAMNB, the sentiment is Positive. The current price of 7.48 is below the 20-day moving average (MA) of 9.30, below the 50-day MA of 9.25, and below the 200-day MA of 8.30, indicating a neutral trend. The MACD of -0.14 indicates Positive momentum. The RSI at 47.92 is Neutral, neither overbought nor oversold. The STOCH value of 36.21 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for NL:BAMNB.

Koninklijke Bam Groep NV Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
HEIJM	77 Outperform	€2.16B	14.29	25.42%	2.44%	11.67%	36.03%
VPK	75 Outperform	€5.17B	7.24	15.92%	4.27%	-3.32%	15.52%
BAMNB	74 Outperform	€2.51B	11.48	11.89%	2.69%	3.64%	-22.13%
ARCAD	66 Neutral	€2.39B	15.23	14.59%	2.85%	-2.02%	24.14%
Sector *	63 Neutral	$10.79B	15.43	7.44%	2.01%	2.89%	-14.66%
AALB	62 Neutral	€3.41B	20.51	6.13%	4.08%	-4.31%	-50.34%
FUR	55 Neutral	€1.13B	-47.40	-1.54%	8.99%	-7.57%	-51.86%