NSI NV (NSI) AI Stock Analysis

• Market Cap: €373.27M
• Dividend Yield: 12.07%
• Average Volume (3M): 28.91K
• Price to Earnings (P/E): ―
• Beta (1Y): 0.63
• Revenue Growth: 2.36%
• EPS Growth: N/A
• Country: NL
• Employees: 69
• Sector: Services
• Sector Strength: N/A
• Industry: REIT - Office
• EPS (TTM): -0.13
• Shares Outstanding: 20,155,222
• 10 Day Avg. Volume: 29,273
• 30 Day Avg. Volume: 28,911
• PEG Ratio: 0.21
• Price to Book (P/B): 0.59
• Price to Sales (P/S): 4.29
• P/FCF Ratio: 0.00
• 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: €20.60
• Price Target Upside: 0.49% Upside
• Rating Consensus: Hold
• Number of Analyst Covering: 1
• EPS Forecast (FY): N/A
• Revenue Forecast (FY): N/A

• Rating: 55 Neutral
• Price Target: €19.00 ▼(-7.32% Downside)

The score is mainly driven by middling financial performance: steady operating cash flow and moderate leverage are outweighed by volatile bottom-line results and a 2025 setback where net income turned negative and free cash flow fell to zero. Technicals are a significant drag due to a pronounced downtrend and weak momentum. Valuation is mixed—an exceptionally high dividend yield helps, but the negative P/E reflects loss-making results and elevated risk.

Positive Factors

Market Position

Concentration in prime Amsterdam and Utrecht office markets provides durable demand, higher tenant quality and pricing resilience. Long-term urban locations reduce vacancy risk and support stable leasing cash flows, underpinning the company’s core income generation over cycles.

Stable Operating Cash Flow

Relatively steady operating cash flow across multiple years supports operational stability and the ability to fund maintenance, lease-up costs and regular distributions. Consistent OCF is a structural buffer against earnings swings and helps sustain operations through cyclical downturns.

Moderate Leverage

Leverage in the mid-single digit range for a REIT is manageable, preserving financial flexibility to refinance, invest in development or make selective acquisitions. Moderate gearing reduces default risk and supports credit resilience versus peers with higher indebtedness.

Negative Factors

Earnings Volatility

Sharp swings in net income driven by revaluations or below-the-line items undermine predictability of earnings and distributions. Persistent volatility complicates capital planning, reduces investor confidence in recurring returns, and increases sensitivity to accounting and market shocks.

Free Cash Flow Decline

A collapse of free cash flow to zero materially weakens the firm's ability to self-fund capex, service debt and support dividends. Over months, this forces reliance on external financing or asset disposals, reducing strategic optionality and increasing refinancing risk in stressed markets.

Eroding Asset Base

Declining equity and asset bases point to valuation pressure or asset sales, which can shrink NAV and borrowing headroom. Structurally this raises sensitivity to future revaluations, limits growth capacity and can constrain dividend sustainability if trend persists.

NSI NV Business Overview & Revenue Model

Company Description

NSI NV (NSI) is a leading real estate investment company in the Netherlands, focusing on high-quality office properties primarily situated in the Amsterdam and Utrecht regions. The company operates in the commercial real estate sector, specializing in the acquisition, management, and development of office spaces, while also providing property-related services. NSI aims to deliver sustainable and attractive returns to its shareholders by investing in assets with strong fundamentals and growth potential.

How the Company Makes Money

NSI generates revenue primarily through leasing office spaces to various tenants, which provides a steady stream of rental income. The company also benefits from property management services, which may include maintenance and tenant relations, further contributing to its earnings. Additionally, NSI engages in property development projects that can yield significant profits upon completion and leasing. The company's strategic focus on high-demand locations and sustainable properties enhances its revenue potential. Partnerships with local businesses and municipalities may also play a role in securing favorable leases and developing new projects, thus bolstering its overall financial performance.

NSI NV Financial Statement Overview

Summary

Operating profitability and operating cash flow have been relatively steady, and leverage looks moderate for an office REIT. However, net income and ROE have been volatile with large losses in multiple years, and 2025 showed deterioration with profitability turning negative and free cash flow dropping to zero.

Income Statement

Revenue has been broadly stable in recent years, with a very large jump in 2025 (annual). Operating profitability looks strong on paper, with consistently high gross profit and EBIT/EBITDA margins. However, bottom-line results are volatile: net income swung from a profit in 2024 to a loss in 2025, with very large losses in 2022–2023, indicating earnings are heavily influenced by below-the-line items and/or revaluation effects—an important risk for consistency.

Balance Sheet

Leverage appears moderate for an office REIT, with debt-to-equity generally around ~0.4–0.56 across 2020–2025 (annual), suggesting a manageable capital structure. That said, equity and total assets have trended down since 2021, and returns on equity have been inconsistent (negative in multiple years), which points to pressure on underlying value creation and potential sensitivity to asset valuation changes.

Cash Flow

Operating cash flow is relatively steady (roughly ~€37–€43M annually from 2020–2025), which supports business stability. Free cash flow was solid through 2020–2024 but drops to zero in 2025 (annual), and cash generation versus earnings weakened materially in 2025 as net income turned negative. Overall, cash flow is a partial offset to earnings volatility, but the latest period shows a clear deterioration in free cash flow.

Breakdown	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	87.53M	86.02M	84.67M	82.33M	90.17M
Gross Profit	59.59M	64.04M	61.38M	62.09M	66.41M
EBITDA	52.96M	53.08M	49.61M	51.11M	55.71M
Net Income	-9.79M	12.37M	-142.37M	-31.37M	120.96M
Balance Sheet
Total Assets	1.04B	1.05B	1.09B	1.28B	1.37B
Cash, Cash Equivalents and Short-Term Investments	30.10M	8.45M	202.00K	196.00K	7.73M
Total Debt	357.91M	346.34M	345.96M	367.03M	391.41M
Total Liabilities	394.23M	379.06M	377.74M	392.78M	419.77M
Stockholders Equity	640.73M	672.34M	709.88M	887.01M	948.46M
Cash Flow
Free Cash Flow	0.00	39.64M	41.65M	42.66M	36.16M
Operating Cash Flow	41.61M	39.66M	41.65M	42.80M	36.94M
Investing Cash Flow	-9.29M	17.38M	14.58M	4.25M	-25.59M
Financing Cash Flow	-28.26M	-54.91M	-53.20M	-68.62M	-3.39M

NSI NV Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 20.50
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Negative
• MACD: Positive
• RSI: Positive
• STOCH: Positive

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For NL:NSI, the sentiment is Negative. The current price of 20.5 is above the 20-day moving average (MA) of 19.38, above the 50-day MA of 19.54, and below the 200-day MA of 21.03, indicating a bearish trend. The MACD of -0.29 indicates Positive momentum. The RSI at 26.96 is Positive, neither overbought nor oversold. The STOCH value of 3.03 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for NL:NSI.

NSI NV Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
SIFG	64 Neutral	€229.54M	-7.02	-14.18%	―	-2.34%	-334.31%
BRNL	59 Neutral	€377.00M	24.82	5.36%	7.15%	-7.16%	-50.45%
Sector *	55 Neutral	$13.29B	17.42	10.03%	0.93%	7.13%	-12.93%
NSI	55 Neutral	€373.27M	-35.08	0.32%	12.07%	2.36%	―
PNL	54 Neutral	€601.77M	-40.90	-12.23%	6.72%	2.44%	-179.02%
FAST	46 Neutral	€425.75M	-12.42	―	―	48.95%	-64.87%
AZRN	41 Neutral	€128.10M	-13.09	―	―	-0.63%	74.14%