NX Filtration N.V. (NXFIL) AI Stock Analysis

• Market Cap: €156.75M
• Dividend Yield: N/A
• Average Volume (3M): 58.08K
• Price to Earnings (P/E): ―
• Beta (1Y): 0.96
• Revenue Growth: 13.09%
• EPS Growth: 7.16%
• Country: NL
• Employees: 70
• Sector: Industrials
• Sector Strength: 72
• Industry: Regulated Water
• EPS (TTM): -0.22
• Shares Outstanding: 58,054,070
• 10 Day Avg. Volume: 47,795
• 30 Day Avg. Volume: 58,077
• PEG Ratio: -0.86
• Price to Book (P/B): 1.69
• Price to Sales (P/S): 12.82
• P/FCF Ratio: -6.75
• 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: €2.60
• Price Target Upside: -3.70% Downside
• Rating Consensus: Hold
• Number of Analyst Covering: 1
• EPS Forecast (FY): -0.3
• Revenue Forecast (FY): €24.60M

• Rating: 52 Neutral
• Price Target: €3.00 ▲(11.11% Upside)
• Action: Reiterated Date: 03/17/26
• Date: Action: Reiterated 03/17/26

The score is held back primarily by weak financial quality—large ongoing losses and persistent cash burn despite strong recent revenue growth. Technicals are supportive with price above key moving averages and a positive MACD, but momentum indicators are near overbought levels. Valuation is constrained by negative earnings and no provided dividend support.

Positive Factors

Revenue growth

Sustained ~20% revenue growth in 2025 indicates improving commercial traction and expanding end-market adoption of NX Filtration's membrane solutions. Over a 2–6 month horizon this momentum supports scaling benefits, potential operating leverage, and stronger repeat/contract opportunities as installations increase.

Product & recurring revenue model

NX Filtration's core hollow-fiber nanofiltration products create a structural recurring revenue stream from replacement membranes and service. This equipment-plus-consumables model supports predictable aftermarket revenue and long-term customer relationships, aiding margin stability and lifetime value as installed base grows.

Manageable leverage

Moderate leverage provides financial flexibility to fund near-term growth without heavy interest burden. With debt at a modest share of equity, NX Filtration can access capital markets or project financing more easily, reducing default risk and preserving capacity to invest in commercialization and scale over coming quarters.

Negative Factors

Negative cash generation

Persistent negative operating and free cash flow means the business does not self-fund its growth and requires external financing to sustain operations. Over months this increases execution risk, can dilute existing shareholders, and constrains the firm's ability to invest in capex, R&D, and go-to-market expansion without new capital.

Sustained losses

Ongoing large net losses and negative operating profitability indicate the cost base has not yet scaled efficiently with revenue. Without a clear path to EBITDA positivity, margins remain under pressure and the company may struggle to convert revenue growth into durable earnings power within a mid-term horizon.

Capital erosion / declining equity

Declining equity and asset base reduce the balance-sheet cushion against further losses and limit financial resilience. This structural capital erosion raises the chance of covenant strains or tougher financing terms, making it harder to support growth investments or weather downturns without dilutive or costly funding.

NX Filtration N.V. Business Overview & Revenue Model

Company Description

NX Filtration N.V. develops, manufactures, and sells hollow fiber membrane solutions for treating water and other liquids in the Netherlands, rest of Europe, North America, Asia, and internationally. The company offers direct nanofiltration, ultrafiltration, and microfiltration membrane modules that remove bacteria, viruses, micropollutants, color, nano plastics, and selective salts from water without pre-treatment and use of chemicals. It also provides HYDRAcap ultrafiltration modules to treat surface water, ground water, seawater, and wastewaters as primary treatment or pretreatment to reverse osmosis and nanofiltration. The company was incorporated in 2016 and is headquartered in Enschede, the Netherlands.

How the Company Makes Money

NX Filtration primarily makes money by selling its membrane-based filtration products to customers that need water purification and treatment. Key revenue streams include: (1) Product sales of hollow-fiber nanofiltration membranes and integrated filtration modules/skids used in drinking water and industrial water treatment installations. (2) Project- and application-related deliveries where its modules are supplied as part of a larger treatment solution implemented by utilities, industrial end-users, or engineering/procurement/construction (EPC) partners/system integrators. (3) Aftermarket and repeat sales associated with operating filtration assets, such as replacement membranes/modules and service or support tied to maintaining performance over time. Significant partnerships or channel factors: details of specific named partnerships, contract terms, pricing structure (e.g., one-off equipment vs. recurring consumables), or customer concentration are not available in the prompt; if required, those data points are null.

NX Filtration N.V. Financial Statement Overview

Summary

Revenue growth accelerated in 2025 (~20%), but profitability remains very weak with large net losses and negative EBIT/EBITDA. Cash flow is a major concern with consistently negative operating cash flow and worsening free cash flow in 2025, while the balance sheet is only moderately supportive due to manageable leverage but declining equity.

Income Statement

Revenue is scaling quickly in the most recent year (2025: ~20% growth after 2024’s modest increase), indicating improving commercial traction. However, profitability remains very weak: the company is still deeply loss-making with negative EBIT/EBITDA and net losses that are large relative to revenue, implying the cost base is not yet absorbing with scale. Gross margin is positive but volatile across years, which adds uncertainty to the path to sustainable profitability.

Balance Sheet

Leverage is moderate overall, with debt still a manageable share of equity (2025 debt-to-equity ~0.27), suggesting the company is not currently over-burdened by debt. That said, equity and total assets have declined from 2024 to 2025, and returns on equity are meaningfully negative due to sustained losses—highlighting ongoing capital erosion risk if losses persist.

Cash Flow

Cash generation is a key pressure point: operating cash flow and free cash flow are consistently negative, and free cash flow weakened again in 2025 versus 2024. While cash burn improved from the extremely negative 2023–2024 period, the business still does not self-fund operations, increasing reliance on external capital if the current loss and investment profile continues.

Breakdown	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	12.68M	10.09M	7.24M	7.55M	3.17M
Gross Profit	5.64M	7.88M	7.98M	5.45M	1.96M
EBITDA	-15.64M	-14.56M	-10.60M	-8.98M	-13.61M
Net Income	-25.69M	-23.09M	-23.29M	-8.64M	-11.35M
Balance Sheet
Total Assets	128.29M	156.31M	136.04M	149.33M	157.49M
Cash, Cash Equivalents and Short-Term Investments	28.50M	53.38M	49.93M	104.27M	133.43M
Total Debt	25.71M	25.51M	1.51M	1.81M	1.39M
Total Liabilities	31.84M	34.61M	16.59M	6.80M	6.35M
Stockholders Equity	96.45M	121.69M	119.45M	142.54M	151.14M
Cash Flow
Free Cash Flow	-24.07M	-47.08M	-55.68M	-28.37M	-21.83M
Operating Cash Flow	-17.69M	-21.15M	-11.74M	-15.70M	-13.21M
Investing Cash Flow	-6.38M	-25.93M	-43.94M	-12.67M	-8.62M
Financing Cash Flow	-798.00K	50.53M	1.34M	-787.00K	148.66M

NX Filtration N.V. Technical Analysis

• Technical Analysis Sentiment: Positive
• Last Price: 2.70
• 50DMA: Positive
• 100DMA: Positive
• 200DMA: Negative
• MACD: Negative
• RSI: Neutral
• STOCH: Negative

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For NL:NXFIL, the sentiment is Positive. The current price of 2.7 is above the 20-day moving average (MA) of 2.30, above the 50-day MA of 2.34, and below the 200-day MA of 2.89, indicating a neutral trend. The MACD of 0.12 indicates Negative momentum. The RSI at 68.56 is Neutral, neither overbought nor oversold. The STOCH value of 95.19 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for NL:NXFIL.

NX Filtration N.V. Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
HYDRA	74 Outperform	€283.37M	9.22	―	3.43%	-9.19%	-0.59%
KENDR	66 Neutral	€267.76M	6.86	6.36%	3.06%	-14.95%	―
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%
FUR	55 Neutral	€1.13B	-47.40	-1.54%	8.99%	-7.57%	-51.86%
NXFIL	52 Neutral	€156.75M	-6.33	-22.44%	―	13.09%	7.16%