Fugro NV (FUR) AI Stock Analysis

• Market Cap: €1.13B
• Dividend Yield: 8.99%
• Average Volume (3M): 756.16K
• Price to Earnings (P/E): ―
• Beta (1Y): 0.97
• Revenue Growth: -7.57%
• EPS Growth: -51.86%
• Country: NL
• Employees: 9,527
• Sector: Energy
• Sector Strength: 52
• Industry: Oil & Gas Equipment & Services
• EPS (TTM): 0.31
• Shares Outstanding: 112,730,965
• 10 Day Avg. Volume: 468,566
• 30 Day Avg. Volume: 756,156
• PEG Ratio: 0.44
• Price to Book (P/B): 0.73
• Price to Sales (P/S): 0.52
• P/FCF Ratio: -6.76
• 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: €12.25
• Price Target Upside: 20.81% Upside
• Rating Consensus: Moderate Buy
• Number of Analyst Covering: 2
• EPS Forecast (FY): 0.84
• Revenue Forecast (FY): €1.80B

• Rating: 55 Neutral
• Price Target: €11.00 ▲(8.48% Upside)
• Action: Downgraded Date: 03/02/26
• Date: Action: Downgraded 03/02/26

The score is held back primarily by the 2025 financial deterioration (return to net loss and negative free cash flow), despite a moderately resilient balance sheet. Technicals are mixed with near-term weakness, while valuation is helped by a high dividend yield but offset by a negative P/E driven by losses.

Positive Factors

Diversified Services & End Markets

Fugro’s broad service set and presence across oil & gas, renewables, infrastructure and mining create durable revenue diversification. This reduces dependence on any single cyclical market, supports cross-selling and backlog stability, and underpins steady demand over quarters.

Technology & Data Expertise

Proprietary data collection and analysis capabilities are high-barrier assets that increase client switching costs. Long-term contracts and recurring asset-integrity work make Fugro’s services sticky, enabling sustained margins and differentiated competitive positioning versus lower-tech peers.

Moderate Leverage / Equity Cushion

A moderate leverage profile and sizable equity base provide financial flexibility to fund project capex and bid for large contracts. This balance-sheet resilience helps absorb cyclical downturns and supports investment in technology and fleet over the medium term.

Negative Factors

2025 Revenue & Margin Deterioration

A material drop in revenue and a swing to a net loss in 2025 signal strain in core operations. If underlying demand or pricing pressures persist, profitability and reinvestment capacity will be constrained, harming long-term competitiveness and reducing buffer for strategic initiatives.

Negative Free Cash Flow in 2025

A meaningful FCF deficit undermines funding flexibility for fleet maintenance, technology upgrades and dividends. Sustained negative cash conversion increases reliance on external financing, raising refinancing risk and constraining capital allocation over the next several quarters.

Sharp Multi-year Growth Reversal

Steep declines in revenue and EPS growth reflect a reversal of prior recovery trends, suggesting either market share loss or demand contraction. Continued negative growth hampers scale economics, weakens margins and impairs the company’s ability to invest for medium-term competitiveness.

Fugro NV Business Overview & Revenue Model

Company Description

Fugro N.V. provides geo-data information through integrated data acquisition, analysis, and advice for infrastructure, energy, and water industries. It offers marine geo-consulting, marine geo-technics, geo-physical survey, metocean surveys, marine environmental, and hydrographic survey services. The company also provides geo-technical ground investigation, geological and geophysical survey, nearshore geotechnical site investigation, testing and monitoring, environmental site characterization and remediation, water consultancy services, and geo consulting services. In addition, it offers positioning and construction support, satellite positioning, monitoring and forecasting, IRM, ROV services and tooling, and marine infrastructure solutions. Further, the company provides digital plant and pipelines, surveying and mapping, raildata, roadware surveys, Roames power, and land weather forecasting services. It serves in Europe, Africa, the Americas, the Asia Pacific, the Middle East, and India. The company was incorporated in 1962 and is headquartered in Leidschendam, the Netherlands.

How the Company Makes Money

Fugro generates revenue primarily through its diverse services offered across multiple sectors. Key revenue streams include geotechnical services, which involve soil and rock testing and analysis; survey services, which encompass land, hydrographic, and aerial surveys; and subsea services that provide inspection, maintenance, and repair for underwater assets. The company also earns income from geospatial services, including mapping and spatial data analysis. Significant partnerships with major players in the oil and gas and renewable energy sectors bolster its revenue, alongside government contracts for infrastructure projects. Additionally, the company capitalizes on technological advancements and innovative solutions to enhance its service offerings, contributing to its earnings.

Fugro NV Financial Statement Overview

Summary

Financials were solid through 2024, but 2025 shows a clear reversal: revenue declined (~11.5%), margins compressed and results swung back to a net loss. The balance sheet remains a relative stabilizer with moderate leverage, but cash generation weakened sharply in 2025 with free cash flow turning meaningfully negative, increasing near-term risk.

Income Statement

After a strong 2021–2024 recovery (revenue growth and solid profitability, with net margins around 11%–12% in 2023–2024), the latest annual period (2025) shows a sharp deterioration: revenue declined ~11.5%, margins compressed materially, and the company swung back to a net loss. The mixed multi-year trajectory—good operating performance through 2024 followed by a notable setback in 2025—keeps the income statement assessment near the middle of the range.

Balance Sheet

Leverage is moderate overall, with debt-to-equity generally improving from 2020 highs and remaining reasonable in 2023–2025 (despite some year-to-year volatility). Equity levels are sizable relative to assets, supporting balance-sheet resilience; however, profitability on equity turned negative in 2025 alongside the net loss, and equity has come down from 2024, indicating reduced cushion versus the prior year.

Cash Flow

Cash generation has been inconsistent. Operating cash flow was strong in 2023–2024 but dropped sharply in 2025, and free cash flow swung to a meaningful deficit in 2025 after being positive in 2022–2024. The 2025 profile shows weaker cash conversion relative to earnings (and a negative free-cash-flow result), which raises funding and execution risk if sustained.

Breakdown	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	1.85B	2.28B	2.19B	1.77B	1.46B
Gross Profit	249.10M	1.36B	714.60M	470.71M	365.92M
EBITDA	235.20M	513.10M	397.62M	231.08M	192.69M
Net Income	-20.40M	273.99M	254.84M	74.13M	71.12M
Balance Sheet
Total Assets	2.35B	2.63B	2.40B	2.06B	1.84B
Cash, Cash Equivalents and Short-Term Investments	93.20M	319.46M	326.29M	209.09M	148.96M
Total Debt	639.80M	415.62M	436.81M	416.50M	441.67M
Total Liabilities	1.02B	1.12B	1.10B	991.13M	976.77M
Stockholders Equity	1.32B	1.50B	1.29B	1.05B	851.20M
Cash Flow
Free Cash Flow	-143.00M	145.56M	185.25M	5.86M	13.37M
Operating Cash Flow	104.60M	410.15M	367.33M	126.34M	91.17M
Investing Cash Flow	-241.20M	-246.99M	-147.93M	-102.49M	-51.69M
Financing Cash Flow	-72.50M	-181.76M	-81.93M	32.93M	-86.32M

Fugro NV Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 10.14
• 50DMA: Negative
• 100DMA: Positive
• 200DMA: Negative
• MACD: Positive
• RSI: Neutral
• STOCH: Positive

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For NL:FUR, the sentiment is Negative. The current price of 10.14 is below the 20-day moving average (MA) of 11.54, below the 50-day MA of 10.31, and below the 200-day MA of 10.40, indicating a bearish trend. The MACD of 0.12 indicates Positive momentum. The RSI at 35.30 is Neutral, neither overbought nor oversold. The STOCH value of 17.27 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for NL:FUR.

Fugro NV Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
HEIJM	77 Outperform	€2.29B	17.63	25.34%	2.44%	11.67%	36.03%
VPK	75 Outperform	€4.96B	8.67	15.92%	4.27%	-3.32%	15.52%
BAMNB	74 Outperform	€2.46B	11.18	11.89%	2.69%	3.64%	-22.13%
SBMO	71 Outperform	€5.25B	6.65	9.56%	3.46%	13.52%	-15.28%
ARCAD	66 Neutral	€2.49B	12.55	21.45%	2.85%	-2.02%	24.14%
Sector *	65 Neutral	$15.17B	7.61	4.09%	5.20%	3.87%	-62.32%
FUR	55 Neutral	€1.13B	-56.33	9.91%	8.99%	-7.57%	-51.86%