Van Lanschot N.V. (VLK) AI Stock Analysis

• Market Cap: €2.38B
• Dividend Yield: 7.89%
• Average Volume (3M): 53.99K
• Price to Earnings (P/E): 14.3
• Beta (1Y): 1.20
• Revenue Growth: 24.42%
• EPS Growth: N/A
• Country: NL
• Employees: 2,018
• Sector: Financial
• Sector Strength: 70
• Industry: Banks - Regional
• EPS (TTM): 2.14
• Shares Outstanding: 43,036,926
• 10 Day Avg. Volume: 52,715
• 30 Day Avg. Volume: 53,994
• PEG Ratio: 1.14
• Price to Book (P/B): 1.76
• Price to Sales (P/S): 1.84
• P/FCF Ratio: 3.87
• 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: €56.50
• Price Target Upside: 0.71% Upside
• Rating Consensus: Moderate Buy
• Number of Analyst Covering: 1
• EPS Forecast (FY): 3.43
• Revenue Forecast (FY): €780.14M

• Rating: 62 Neutral
• Price Target: €56.00 ▼(-0.18% Downside)
• Action: Reiterated Date: 12/30/25
• Date: Action: Reiterated 12/30/25

The score is held back primarily by weakened 2024 cash-flow generation and meaningful leverage despite solid revenue/profitability. Offsetting factors include constructive technical momentum (price above key moving averages with positive MACD) and supportive shareholder returns via a high dividend yield, while valuation is reasonable but not clearly compelling at a ~17.5 P/E.

Positive Factors

Strong 2025 revenue and margins

A 66% revenue surge in 2025 combined with healthy ~17% operating and ~13% net margins signals meaningful scale expansion and improved earnings power. Sustained top-line growth with these margins supports reinvestment, dividend capacity and long-term competitiveness in wealth management.

Robust cash generation

Strong operating cash flow and near‑net‑income level free cash flow in 2025 provide durable internal funding for dividends, organic growth and balance-sheet repair. Consistent ability to convert earnings to cash enhances financial flexibility over medium-term planning horizons.

Diversified fee + interest business model

A mix of net interest income from lending/deposits and recurring fee income from wealth and asset management reduces single‑channel exposure. This revenue diversification links income to both rates and AUM, providing more stable, sticky client relationships and recurring fees over time.

Negative Factors

Elevated leverage

Debt-to-equity north of 2x materially increases financial and funding risk for a regional bank. Higher leverage reduces capital cushions, limits strategic flexibility for M&A or investment, and heightens vulnerability to interest‑rate or deposit shocks over the medium term.

Margin and cash conversion volatility

Historic swings in operating/net margins and uneven cash conversion reduce earnings predictability and complicate capital allocation. This variability increases the risk of dividend or reinvestment reversals and makes multi‑period planning and forecasting less reliable.

Regional scale and concentration risk

As a regional wealth manager/private bank, limited geographic scale and client concentration can constrain product breadth and pricing power versus larger competitors. That structural positioning raises sensitivity to local economic cycles and regulatory shifts over the next several quarters.

Van Lanschot N.V. Business Overview & Revenue Model

Company Description

Van Lanschot Kempen NV provides various financial services in the Netherlands, Belgium, and internationally. The company offers private banking services for entrepreneurs, family businesses, high net-worth individuals, business professionals and executives, healthcare professionals, foundations, and associations. It also provides online savings and investment coach services that guide investors towards investment, pension, and savings solutions. In addition, the company offers asset management services on various asset classes comprising small caps, property, high-dividend equities, fixed-income securities, and funds of hedge funds; and fiduciary services for institutional clients. Further, it provides specialist services, including equities research and trading, mergers and acquisitions services, capital market transactions, and debt advisory services to institutional investors, corporates, financial institutions, and public and semi-public entities. The company was formerly known as Van Lanschot Kempen Wealth Management NV and changed its name to Van Lanschot Kempen NV in July 2021. Van Lanschot Kempen NV was founded in 1737 and is headquartered in 's-Hertogenbosch, the Netherlands.

How the Company Makes Money

Van Lanschot N.V. generates revenue through a combination of private banking, asset management, and merchant banking activities. In private banking, it earns income from advisory fees, transaction commissions, and interest margins on loans and deposits. Asset management contributes through management fees and performance fees from managing investment portfolios for clients. Merchant banking provides revenue through advisory services, equity capital markets, and corporate finance activities. The company's earnings are also bolstered by strategic partnerships and collaborations that expand its service offerings and client base.

Van Lanschot N.V. Financial Statement Overview

Summary

Income statement strength is solid (revenue growth and generally healthy net margins), but the balance sheet shows meaningful leverage and the cash flow profile is the main drag: operating cash flow and free cash flow weakened sharply in 2024, reducing earnings quality and increasing uncertainty around near-term capital generation.

Income Statement

Revenue has generally trended upward over the last several years, including solid growth in 2024 (annual). Profitability is respectable with net margins around ~19–25% historically, though net margin stepped down versus the 2021 peak and remains below that high-water mark. A key weakness is volatility in operating profitability: 2024 shows an unusually weak/negative operating margin versus prior years’ healthier levels, which raises questions about cost pressure or one-offs despite higher net income.

Balance Sheet

The balance sheet shows steady equity and assets, and returns on equity have improved versus 2020 and remain around ~9–10% recently, indicating decent shareholder profitability. However, leverage is meaningful for the profile, with debt running roughly ~1.5x–2.1x equity over time; while 2024 leverage is slightly improved versus 2023, it is still a clear constraint and increases sensitivity to earnings/cycle swings.

Cash Flow

Cash generation weakened materially in 2024 (annual): operating cash flow fell sharply versus 2023 and free cash flow declined by roughly ~96% year-over-year. While free cash flow still covers a meaningful portion of net income in 2024, the steep drop and the low conversion of operating cash flow relative to reported earnings in the most recent year signal elevated volatility and potential working-capital/timing effects that investors should monitor.

Breakdown	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	1.22B	717.55M	667.35M	592.87M	616.54M
Gross Profit	769.92M	717.55M	667.35M	562.18M	563.90M
EBITDA	245.94M	0.00	188.07M	135.11M	195.48M
Net Income	157.31M	141.75M	125.20M	84.16M	143.73M
Balance Sheet
Total Assets	17.78B	16.98B	16.84B	17.02B	16.31B
Cash, Cash Equivalents and Short-Term Investments	2.25B	2.49B	3.36B	3.76B	4.24B
Total Debt	2.65B	2.40B	2.49B	2.11B	2.58B
Total Liabilities	16.50B	15.61B	15.49B	15.64B	14.90B
Stockholders Equity	1.28B	1.38B	1.35B	1.38B	1.41B
Cash Flow
Free Cash Flow	580.42M	59.15M	271.29M	219.46M	1.17B
Operating Cash Flow	653.05M	85.91M	290.25M	230.72M	1.36B
Investing Cash Flow	-373.15M	-810.69M	-365.56M	-624.97M	474.21M
Financing Cash Flow	-172.47M	-155.89M	-145.19M	-187.81M	-335.54M

Van Lanschot N.V. Technical Analysis

• Technical Analysis Sentiment: Positive
• Last Price: 56.10
• 50DMA: Positive
• 100DMA: Positive
• 200DMA: Positive
• MACD: Negative
• RSI: Neutral
• STOCH: Negative

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For NL:VLK, the sentiment is Positive. The current price of 56.1 is above the 20-day moving average (MA) of 51.49, above the 50-day MA of 52.04, and above the 200-day MA of 52.83, indicating a bullish trend. The MACD of 1.08 indicates Negative momentum. The RSI at 66.73 is Neutral, neither overbought nor oversold. The STOCH value of 87.84 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for NL:VLK.

Van Lanschot N.V. Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
Sector *	68 Neutral	$18.00B	11.42	9.92%	3.81%	9.73%	1.22%
VLK	62 Neutral	€2.38B	14.28	10.57%	7.89%	24.42%	―