Koninklijke Bam Groep NV (BAMNB) AI Stock Analysis

• Market Cap: €2.70B
• Dividend Yield: 2.69%
• Average Volume (3M): 816.99K
• Price to Earnings (P/E): 12.3
• Beta (1Y): 1.19
• 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): N/A
• Revenue Forecast (FY): N/A

• Rating: 74 Outperform
• Price Target: €11.00 ▲(47.06% 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

BAM's materially higher operating cash flow (€345m) and FCF (€281m) in 2025, with FCF covering ~0.82x of earnings, indicate durable cash conversion. Robust cash generation supports reinvestment into projects, working capital needs, PPP participation and shareholder returns, improving resilience across cycles.

Recovering revenue and margins

Re-accelerating top-line (5.3% in 2025) alongside net margin improvement to ~3.0% demonstrates the company can restore pricing and execution after prior weakness. Sustained revenue momentum and improving margins enhance backlog quality and underlying operating cash flows over the medium term.

Diversified business model & PPPs

BAM's multi-segment exposure (building, civil engineering, development) and use of public-private partnerships diversifies revenue and transfers portions of project risk. This structural diversification and focus on sustainable solutions support stable contract pipelines and secular demand for green infrastructure across Europe.

Negative Factors

Rising leverage

Leverage increased meaningfully to ~0.60 in 2025 from ~0.36 the prior year, reversing earlier deleveraging. Higher debt reduces financial flexibility for bidding and working-capital swings, raises interest and refinancing risks, and leaves less buffer against project delays or cost overruns over the coming months.

Historic profitability and cash volatility

BAM's historical swings—negative cash flow in 2022 and large gross-margin variability—show inconsistent project margins and cash conversion. Such volatility undermines forecasting accuracy, complicates bidding and capital allocation decisions, and increases short-to-medium-term execution and liquidity risk.

Industry cyclicality

The construction sector's structural cyclicality makes revenue and margins sensitive to economic and public spending cycles. Coupled with BAM's recent leverage uptick, this exposes earnings and backlog to downturns and policy shifts, limiting predictability and increasing downside risk over the next 2–6 months.

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 through multiple revenue streams primarily derived from its construction and project development activities. The company generates revenue by winning contracts for construction projects, which include public infrastructure, commercial buildings, and residential developments. Key revenue streams include project management fees, construction services, and the sale of developed properties. Additionally, BAM engages in public-private partnerships (PPPs) that allow the company to share risks and rewards with governmental entities, further diversifying its income. Significant partnerships with local governments, financial institutions, and other private sector firms enable BAM to secure large-scale projects that contribute substantially to its earnings. The company's commitment to sustainable construction also positions it favorably in a market increasingly focused on green building practices.

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: 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 NL:BAMNB, the sentiment is Positive. The current price of 7.48 is below the 20-day moving average (MA) of 9.38, below the 50-day MA of 9.27, and below the 200-day MA of 8.14, indicating a bullish trend. The MACD of 0.19 indicates Negative momentum. The RSI at 56.92 is Neutral, neither overbought nor oversold. The STOCH value of 55.74 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
FUR	82 Outperform	€1.33B	9.42	9.91%	8.99%	-7.57%	-51.86%
HEIJM	77 Outperform	€2.49B	19.15	25.34%	2.44%	11.67%	36.03%
BAMNB	74 Outperform	€2.70B	12.26	11.89%	2.69%	3.64%	-22.13%
VPK	73 Outperform	€4.89B	10.81	15.92%	4.27%	-3.32%	15.52%
ARCAD	66 Neutral	€2.99B	15.10	21.45%	2.85%	-2.02%	24.14%
Sector *	63 Neutral	$10.79B	15.43	7.44%	2.01%	2.89%	-14.66%
AALB	60 Neutral	€3.78B	25.52	6.13%	4.08%	-4.31%	-50.34%