Sif Holding N.V. (SIFG) AI Stock Analysis

• Market Cap: €182.02M
• Dividend Yield: N/A
• Average Volume (3M): 49.12K
• Price to Earnings (P/E): ―
• Beta (1Y): 0.29
• Revenue Growth: -2.34%
• EPS Growth: -334.31%
• Country: NL
• Employees: 677
• Sector: Industrials
• Sector Strength: 72
• Industry: Manufacturing - Metal Fabrication
• EPS (TTM): -0.45
• Shares Outstanding: 29,888,613
• 10 Day Avg. Volume: 40,967
• 30 Day Avg. Volume: 49,118
• PEG Ratio: >-0.01
• Price to Book (P/B): 0.94
• Price to Sales (P/S): 0.31
• P/FCF Ratio: 25.33
• 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: €8.75
• Price Target Upside: 43.68% Upside
• Rating Consensus: Hold
• Number of Analyst Covering: 1
• EPS Forecast (FY): 0.96
• Revenue Forecast (FY): €709.00M

• Rating: 41 Neutral
• Price Target: €6.00 ▼(-1.48% Downside)
• Action: Reiterated Date: 03/15/26
• Date: Action: Reiterated 03/15/26

The score is primarily held down by weak financial performance, driven by the 2025 swing to significant operating and net losses alongside higher leverage and reduced equity. Technicals add further pressure with the stock trading below major moving averages and negative MACD. Valuation provides limited offset because the negative P/E reflects current losses and no dividend yield data is available.

Positive Factors

Focused Offshore-Wind Manufacturing

Sif’s core business of fabricating large steel monopiles and transition pieces is structurally tied to long-duration offshore wind project pipelines. Specialized heavy fabrication, project-based contracts and European market focus create durable demand and high technical barriers to entry versus generic steelmakers.

Significant Revenue Recovery

A ~31% revenue rebound in 2025 signals recovering project activity and stronger utilization of scale-sensitive production lines. Sustained higher throughput improves fixed-cost absorption and underpins a larger recurring revenue base when offshore project schedules remain multi-year and pipeline-driven.

Positive Operating and Free Cash Flow in 2025

Despite earnings volatility, positive operating cash flow (~€32M) and a return to small positive free cash flow (~€7M) show the business can convert activity into cash. This cash generation supports near-term execution, servicing of liabilities and selective reinvestment without immediate reliance on equity issuance.

Negative Factors

Sharp Profitability Deterioration

The swing to large operating and net losses undermines margin sustainability and raises doubts about contract pricing or cost-pass-through. For a capital- and energy-intensive fabricator, prolonged margin weakness reduces retained earnings, constrains reinvestment and threatens long-term competitive positioning.

Material Increase in Leverage

Debt rising materially while equity declines weakens balance-sheet flexibility. Higher leverage increases refinancing and interest-rate exposure, limits capacity to fund large project-specific capex, and heightens vulnerability to project delays or cost overruns in a project-timed revenue model.

Volatile Free Cash Flow Profile

Irregular free-cash-flow with a large 2024 outflow and only modest 2025 recovery creates funding uncertainty for a project-driven business. Volatility constrains strategic planning, may force external financing around peak working-capital needs, and increases execution risk on multi-year offshore contracts.

Sif Holding N.V. Business Overview & Revenue Model

Company Description

Sif Holding N.V. manufactures and sells tubular steel foundations for offshore wind farms and metal structures, for the offshore industry in the Netherlands and internationally. The company operates through three segments: Wind, Marshalling, and Other. It engages in the production and delivery of monopiles, parts of metal structures, pipes, pipe structures, and components, as well as cans and cones, transition pieces, pin piles, jacket legs, and pile sleeves. The company rents logistical area and facilities; and delivers logistical services to the offshore wind industry. It serves energy companies, developers, and fabricators, as well as engineering, procurement, construction, and installation contractors. Sif Holding N.V. was founded in 1948 and is headquartered in Roermond, the Netherlands.

How the Company Makes Money

Sif makes money by manufacturing and delivering heavy steel foundation components for offshore wind farms under customer contracts. Its core revenue stream is the sale of monopiles (large tubular steel piles that form the primary foundation for many offshore wind turbines) and related foundation components/services (e.g., transition pieces and associated fabrication activities where applicable). Revenue is recognized through contract manufacturing arrangements in which customers place orders tied to specific offshore wind projects, with pricing generally driven by factors such as steel input requirements, fabrication complexity, project specifications, delivery schedules, and capacity utilization at Sif’s production facilities. Earnings are influenced by the company’s secured order book (project pipeline and contracted volumes), production throughput, execution efficiency (welding, rolling, coating/finishing, quality control), and margin management (including the ability to pass through or manage raw-material and energy-cost fluctuations depending on contract terms). Partnerships or specific named counterparties: null.

Sif Holding N.V. Financial Statement Overview

Summary

Despite strong 2025 revenue growth (~31% to ~€597M), profitability deteriorated sharply with EBIT swinging to a large loss and net income turning into a sizable loss. Leverage increased versus 2023 (debt ~€238M) while equity declined in 2025 (~€200M), raising financial risk. Operating cash flow stayed positive (~€32M) and free cash flow turned slightly positive (~€7M) in 2025, but multi-year free-cash-flow volatility and prior large outflows keep quality below average.

Income Statement

Revenue rebounded strongly in 2025 (annual revenue up ~31% to ~€597M), but profitability deteriorated sharply: EBIT swung from a small profit in 2024 to a large loss in 2025, and net income moved from slightly positive in 2024 to a sizable loss in 2025. Earlier years (2020–2023) show generally positive operating profits and modest net profitability, but the latest year’s margin compression and loss-making results materially weaken earnings quality and reduce confidence in near-term stability.

Balance Sheet

Leverage has increased materially versus 2023: total debt rose to ~€238M in 2024–2025 (from ~€132M in 2023), while equity declined to ~€200M in 2025 (from ~€236M in 2024), consistent with the latest-year loss. The company still has a sizable asset base (~€720M–€739M in 2024–2025), but the combination of higher debt and reduced equity raises financial risk and reduces balance-sheet flexibility compared with the stronger 2023 position.

Cash Flow

Operating cash flow remained positive in 2025 (~€32M) but fell meaningfully from 2024 (~€68M), indicating weaker cash generation alongside the earnings downturn. Free cash flow is volatile: strongly positive in 2020–2021, positive in 2022, then negative in 2023–2024 (including a very large outflow in 2024), before returning to a small positive level in 2025 (~€7M). The return to positive free cash flow is a near-term plus, but the multi-year volatility and prior large burn keep overall cash-flow quality below average.

Breakdown	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	597.04M	428.99M	454.30M	374.54M	422.54M
Gross Profit	27.10M	60.59M	81.94M	75.42M	70.78M
EBITDA	21.13M	26.24M	26.04M	36.42M	39.08M
Net Income	-36.69M	1.20M	10.86M	7.22M	11.59M
Balance Sheet
Total Assets	719.94M	739.31M	600.02M	357.30M	321.18M
Cash, Cash Equivalents and Short-Term Investments	95.57M	113.76M	131.39M	89.83M	73.20M
Total Debt	238.49M	238.01M	131.81M	107.40M	105.68M
Total Liabilities	515.54M	501.00M	353.01M	251.54M	218.08M
Stockholders Equity	199.99M	236.47M	245.53M	104.64M	102.28M
Cash Flow
Free Cash Flow	7.40M	-101.75M	-62.32M	30.08M	80.30M
Operating Cash Flow	32.37M	67.87M	106.48M	50.36M	91.23M
Investing Cash Flow	-27.80M	-171.54M	-169.86M	-20.28M	-11.49M
Financing Cash Flow	-22.77M	86.05M	104.93M	-13.45M	-9.18M

Sif Holding N.V. Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 6.09
• 50DMA: Negative
• 100DMA: Negative
• 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:SIFG, the sentiment is Negative. The current price of 6.09 is below the 20-day moving average (MA) of 6.95, below the 50-day MA of 7.11, and below the 200-day MA of 7.64, indicating a bearish trend. The MACD of -0.30 indicates Positive momentum. The RSI at 30.18 is Neutral, neither overbought nor oversold. The STOCH value of 13.82 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for NL:SIFG.

Sif Holding N.V. Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
LIGHT	64 Neutral	€2.21B	10.16	11.48%	7.57%	-4.73%	17.93%
Sector *	63 Neutral	$10.79B	15.43	7.44%	2.01%	2.89%	-14.66%
BRNL	51 Neutral	€333.15M	128.24	5.36%	7.15%	-7.16%	-50.45%
PNL	50 Neutral	€565.14M	-31.57	-12.23%	6.72%	2.44%	-179.02%
FAST	46 Neutral	€411.20M	-5.51	―	―	48.95%	-64.87%
AZRN	45 Neutral	€113.79M	-3.99	―	―	-0.63%	74.14%
SIFG	41 Neutral	€182.02M	-2.49	-14.18%	―	-2.34%	-334.31%