Royal Vopak NV (VPK) AI Stock Analysis

• Market Cap: €4.97B
• Dividend Yield: 4.27%
• Average Volume (3M): 117.48K
• Price to Earnings (P/E): 7.2
• Beta (1Y): 0.43
• Revenue Growth: -3.32%
• EPS Growth: 15.52%
• Country: NL
• Employees: 4,928
• Sector: Energy
• Sector Strength: 52
• Industry: Oil & Gas Midstream
• EPS (TTM): 0.94
• Shares Outstanding: 115,264,200
• 10 Day Avg. Volume: 120,746
• 30 Day Avg. Volume: 117,484
• PEG Ratio: 0.11
• Price to Book (P/B): 1.34
• Price to Sales (P/S): 3.37
• P/FCF Ratio: 9.97
• 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: €44.50
• Price Target Upside: -1.85% Downside
• Rating Consensus: Hold
• Number of Analyst Covering: 1
• EPS Forecast (FY): 3.45
• Revenue Forecast (FY): €1.36B

• Rating: 75 Outperform
• Price Target: €52.00 ▲(14.69% Upside)
• Action: Reiterated Date: 03/02/26
• Date: Action: Reiterated 03/02/26

The score is driven primarily by solid financial performance (strong profitability and cash generation) and attractive valuation (low P/E with a healthy dividend yield). Technicals are supportive but tempered by an elevated RSI that suggests the stock is nearing overbought conditions, while revenue declines and rising leverage remain key risks.

Positive Factors

High profitability & earnings rebound

Vopak delivered a clear earnings rebound from a 2022 loss to solid profits in 2023–2025, supported by very high operating and net margins. Durable margin strength helps fund maintenance capex, dividends and joint-venture investments, providing resilience through cycles.

Solid cash generation and positive FCF

Consistent operating cash flow that covers reported earnings and positive free cash flow supports ongoing operations, reinvestment and shareholder distributions. Over the medium term this cash generation underpins capital allocation and reduces reliance on external financing.

Resilient fee-for-service model & global footprint

A global network of strategically located terminals and a fee-for-service storage model produce steady, contractable revenue streams. Specialised capabilities (LNG, biofuels) and JV partnerships position Vopak to capture durable demand from energy and chemical supply chains and the energy transition.

Negative Factors

Recent revenue declines

Two consecutive years of negative revenue growth weaken utilization and may indicate softer demand or competitive pressure. If revenues remain depressed, it could erode the margin cushion, limit pricing power on renewals and constrain long-term free cash flow generation.

Rising leverage reduces flexibility

Higher leverage cuts financial flexibility and raises interest exposure, especially if rates stay elevated. Increased debt-to-equity restricts capacity for strategic investments, makes covenant risk more relevant and reduces the margin for error if earnings normalize.

Weak free-cash-flow conversion

FCF converting to roughly 56–63% of net income and a year‑over‑year decline signal that reported profits are not fully cash-backed. This limits discretionary uses (debt paydown, M&A, dividends) and increases vulnerability to working-capital swings or capital spending needs.

Royal Vopak NV Business Overview & Revenue Model

Company Description

Koninklijke Vopak N.V., an independent tank storage company, stores and handles liquid chemicals, gases and LNG, oil products, biofuels, and vegetable oils worldwide. It owns and operates specialized facilities, including tanks, jetties, truck loading stations, and pipelines. The company operates 73 terminals in 23 countries with a storage capacity of 36.2 million cubic meters. Koninklijke Vopak N.V. was founded in 1616 and is headquartered in Rotterdam, the Netherlands.

How the Company Makes Money

Royal Vopak generates revenue primarily through its tank storage services, which are offered on a fee-for-service basis. The company charges clients for the storage and handling of their products, which can include long-term contracts and spot market transactions. Key revenue streams include storage fees, loading and unloading services, and ancillary logistics services. Additionally, Vopak may engage in joint ventures and partnerships with other industry players to expand its service offerings and geographic reach, contributing to revenue growth. The company’s financial performance is also influenced by global demand for energy and chemicals, operational efficiency, and regulatory factors affecting the storage and transportation of hazardous materials.

Royal Vopak NV Financial Statement Overview

Summary

Overall fundamentals are solid: strong profitability and a clear earnings rebound (2023–2025) supported by solid operating cash flow and positive free cash flow. Offsetting factors are declining revenue in 2024–2025, rising leverage (debt-to-equity ~1.04 in 2025), and free cash flow translating to only ~56–63% of net income in 2024–2025.

Income Statement

Profitability is strong, with very high operating and net profit margins in recent years (2024–2025), and earnings rebounded sharply from the 2022 loss to solid profits in 2023–2025. However, revenue growth has turned negative in 2024 and 2025 after modest growth in 2021–2023, and the large year-to-year swings in gross profit and margins suggest less stable underlying performance than the headline profitability implies.

Balance Sheet

The balance sheet is serviceable with equity broadly stable and returns on equity improving meaningfully in 2023–2025. That said, leverage has increased, with debt-to-equity rising to ~1.04 in 2025 (from ~0.77 in 2023), which reduces financial flexibility and raises risk if earnings normalize or rates remain elevated.

Cash Flow

Cash generation is solid: operating cash flow remains strong and generally covers reported earnings (coverage above 1.0 in 2023–2025). Free cash flow is positive and sizable, but it declined in 2025 (down ~11% year over year) after a stronger 2024, and free cash flow runs at only ~56–63% of net income in 2024–2025, indicating not all accounting profits are translating into discretionary cash.

Breakdown	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	1.30B	1.32B	1.43B	1.37B	1.23B
Gross Profit	310.90M	1.01B	651.80M	596.90M	400.00M
EBITDA	933.40M	925.20M	801.70M	232.10M	610.60M
Net Income	604.00M	375.70M	455.70M	-168.40M	214.20M
Balance Sheet
Total Assets	7.11B	6.80B	6.75B	7.06B	7.25B
Cash, Cash Equivalents and Short-Term Investments	99.50M	94.20M	197.00M	33.80M	73.40M
Total Debt	3.38B	2.77B	2.48B	3.08B	3.00B
Total Liabilities	3.73B	3.56B	3.38B	3.91B	3.91B
Stockholders Equity	3.27B	3.10B	3.22B	2.98B	3.19B
Cash Flow
Free Cash Flow	438.80M	573.40M	452.20M	332.30M	85.70M
Operating Cash Flow	782.10M	909.10M	866.20M	719.30M	605.50M
Investing Cash Flow	-588.40M	-495.30M	109.60M	-489.40M	-588.40M
Financing Cash Flow	-181.20M	-528.80M	-801.90M	-353.50M	-84.80M

Royal Vopak NV Technical Analysis

• Technical Analysis Sentiment: Positive
• Last Price: 45.34
• 50DMA: Positive
• 100DMA: Positive
• 200DMA: Positive
• MACD: Negative
• RSI: Neutral
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For NL:VPK, the sentiment is Positive. The current price of 45.34 is above the 20-day moving average (MA) of 44.28, above the 50-day MA of 41.47, and above the 200-day MA of 40.37, indicating a bullish trend. The MACD of 1.26 indicates Negative momentum. The RSI at 61.70 is Neutral, neither overbought nor oversold. The STOCH value of 57.28 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for NL:VPK.

Royal Vopak NV Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
HEIJM	77 Outperform	€2.36B	14.29	25.34%	2.44%	11.67%	36.03%
VPK	75 Outperform	€4.97B	7.24	15.92%	4.27%	-3.32%	15.52%
BAMNB	74 Outperform	€2.46B	11.48	11.89%	2.69%	3.64%	-22.13%
ARCAD	66 Neutral	€2.49B	15.23	21.45%	2.85%	-2.02%	24.14%
Sector *	65 Neutral	$15.17B	7.61	4.09%	5.20%	3.87%	-62.32%
AALB	62 Neutral	€3.64B	20.51	6.13%	4.08%	-4.31%	-50.34%
FUR	55 Neutral	€1.17B	-47.40	9.91%	8.99%	-7.57%	-51.86%