Royal Vopak NV (VOPKY)
OTHER OTC:VOPKY
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Royal Vopak
(OTC:VOPKY)
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Rating:77Outperform
Price Target:
$60.00
▲(31.87% Upside)
Action:UpgradedDate:03/04/26
The score is driven primarily by solid underlying financial performance (strong margins and consistent positive cash flow) and strong technical momentum (price above major moving averages with positive MACD). Valuation is also supportive with a low P/E and meaningful dividend. The main constraints are recent revenue softness and execution/FX/legal risks highlighted in guidance, including potential temporary leverage increases during the growth capex cycle.
Positive Factors
High margins & cash conversion
Sustained high operating margins and strong cash conversion create recurring free cash flow that funds growth capex, dividends and buybacks. Durable margin strength cushions earnings through cycles and enhances the company's ability to self-fund projects without persistent external financing.
Negative Factors
Choppy revenue trend
Weak and inconsistent revenue growth constrains the company's ability to absorb fixed costs and fully monetize new capacity. Persistent top-line softness may delay payback on recent capex, increase utilization risk, and limit organic cash-flow growth despite strong margins.
Read all positive and negative factors
Positive Factors
Negative Factors
High margins & cash conversion
Sustained high operating margins and strong cash conversion create recurring free cash flow that funds growth capex, dividends and buybacks. Durable margin strength cushions earnings through cycles and enhances the company's ability to self-fund projects without persistent external financing.
Read all positive factors
Royal Vopak (VOPKY) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$5.89B
Dividend Yield4.12%
Average Volume (3M)0.00
Price to Earnings (P/E)7.7
Beta (1Y)0.21
Revenue Growth-2.78%
EPS Growth16.33%
CountryUS
Employees4,928
SectorEnergy
Sector Strength52
IndustryOil & Gas Midstream
Share Statistics
EPS (TTM)2.90
Shares Outstanding115,264,200
10 Day Avg. Volume0
30 Day Avg. Volume0
Financial Highlights & Ratios
PEG Ratio0.13
Price to Book (P/B)1.36
Price to Sales (P/S)3.56
P/FCF Ratio10.55
Enterprise Value/Market Cap1.46
Enterprise Value/Revenue6.66
Enterprise Value/Gross Profit13.79
Enterprise Value/Ebitda13.70
Forecast
1Y Price TargetN/A
Price Target UpsideN/A
Rating ConsensusN/A
Number of Analyst Covering0
EPS Forecast (FY)N/A
Revenue Forecast (FY)N/A
Royal Vopak 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 loa...
How the Company Makes Money
Royal Vopak generates revenue primarily through its tank storage services, charging customers for the storage and handling of their bulk liquid products. The company operates on a fee-based model, where it earns income from long-term contracts wit...
Royal Vopak Earnings Call Summary
Earnings Call Date:Feb 25, 2026
(Q4-2025)
| % Change Since: |
Next Earnings Date:Apr 22, 2026
Earnings Call Sentiment Positive
The call conveys a clearly positive performance cycle: record cash generation, improved margins, stronger OCR (up to 15.6%), active growth investing and a material shareholder distribution program. These positives are tempered by identifiable operational and external risks — FX headwinds, underperforming specific terminals (e.g., Zhangjiagang, Veracruz), slower-than-expected progress on some energy‑transition supply chains, and an ongoing legal dispute on the REEF project. Management has a conservative balance-sheet stance and explicit plans to fund growth while returning capital, but temporary leverage upticks and localized execution risks remain.Positive Updates
Record EBITDA and Strong Profitability
Proportional EBITDA increased to EUR 1,184 million (reported), with adjusted proportional EBITDA up ~4.3% year-on-year excluding currency impacts and divestments. EBITDA margin improved to 58% and cash conversion reached 70%.
Negative Updates
Foreign Exchange Headwinds
Currency translation negatively impacted results in 2025 (noted negative exchange effects of EUR 33 million on proportional EBITDA) and management expects a further negative FX impact of ~EUR 20 million in 2026. Sensitivity: a 0.10 move in EUR-USD impacts ~EUR 32 million of annual EBITDA.
Read all updates
Q4-2025 Updates
Positive
Negative
Record EBITDA and Strong Profitability
Proportional EBITDA increased to EUR 1,184 million (reported), with adjusted proportional EBITDA up ~4.3% year-on-year excluding currency impacts and divestments. EBITDA margin improved to 58% and cash conversion reached 70%.
Read all positive updates
Company Guidance
Management guided 2026 EBITDA of EUR 1.15–1.20 billion (rebased proportional EBITDA ~EUR 1.14 billion) implying autonomous growth of 1–5%, and expects proportional operating free cash flow of around EUR 800 million; they flagged a negative FX translation headwind of about EUR 20 million for 2026, noting 28% of EBITDA is euro‑denominated and a 0.10 USD/EUR move affects annual EBITDA by ~EUR 32 million. Longer‑term targets were reiterated and upgraded: an operating cash return ambition of 13–17% (2025 OCR 15.6%) and a proportional growth CapEx ambition of EUR 4 billion through 2030 (EUR 1.9 billion committed since 2022, ~EUR 550 million committed since early 2025, EUR 650 million already commissioned, ~EUR 1.3 billion under construction with ~EUR 775 million expected to commission by year‑end 2026, ~EUR 325 million in 2027–28 and ~EUR 175 million in 2029+). Capital allocation guidance includes a shareholder distributions program of ~EUR 1.7 billion through year‑end 2030 (proposed 2025 dividend per share EUR 1.80, ambition to grow dividends ≥5% p.a. and move to semi‑annual payments), a EUR 500 million buyback target with an initial tranche up to EUR 100 million over 12 months, and a proportional leverage of 2.6x (2.06x excl. assets under construction) with a target range of 2.5–3x and temporary flexibility to 3–3.5x during construction.Royal Vopak Financial Statement Overview
Summary
Income Statement
74
Positive
Balance Sheet
64
Positive
Cash Flow
70
Positive
| Breakdown | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 1.25B | 1.32B | 1.44B | 1.38B | 1.24B |
| Gross Profit | 298.63M | 1.01B | 1.38B | 1.03B | 896.10M |
| EBITDA | 896.56M | 925.20M | 1.02B | 423.30M | 587.10M |
| Net Income | 580.16M | 375.70M | 455.70M | -168.40M | 214.20M |
Balance Sheet | |||||
| Total Assets | 7.11B | 6.80B | 6.65B | 7.00B | 7.09B |
| Cash, Cash Equivalents and Short-Term Investments | 99.46M | 94.20M | 197.00M | 33.80M | 73.40M |
| Total Debt | 2.80B | 2.77B | 2.48B | 3.08B | 3.00B |
| Total Liabilities | 3.72B | 3.56B | 3.28B | 3.85B | 3.74B |
| Stockholders Equity | 3.26B | 3.10B | 3.22B | 2.98B | 3.19B |
Cash Flow | |||||
| Free Cash Flow | 421.48M | 573.40M | 452.20M | 439.10M | 163.50M |
| Operating Cash Flow | 751.23M | 909.10M | 866.20M | 825.20M | 682.00M |
| Investing Cash Flow | -565.18M | -495.30M | 109.60M | -489.40M | -588.40M |
| Financing Cash Flow | -174.05M | -528.80M | -801.90M | -353.50M | -84.80M |
Royal Vopak Technical Analysis
Positive
45.50
Price Trends
52.33
Positive
48.40
Positive
47.83
Positive
Market Momentum
0.32
Positive
55.26
Neutral
59.33
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For VOPKY, the sentiment is Positive. The current price of 45.5 is below the 20-day moving average (MA) of 54.09, below the 50-day MA of 52.33, and below the 200-day MA of 47.83, indicating a bullish trend. The MACD of 0.32 indicates Positive momentum. The RSI at 55.26 is Neutral, neither overbought nor oversold. The STOCH value of 59.33 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for VOPKY.
Royal Vopak Peers Comparison
UnderperformOutperform
Sector (65)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
78 Outperform | $15.37B | 8.81 | 14.75% | 8.54% | -7.53% | 9.74% | |
77 Outperform | $5.89B | 7.66 | 19.37% | 4.12% | -2.78% | 16.33% | |
73 Outperform | $7.92B | 11.96 | 59.38% | 8.45% | 10.78% | 19.10% | |
71 Outperform | $2.70B | 13.53 | 461.30% | 9.78% | -1.78% | 9.32% | |
65 Neutral | $15.17B | 7.61 | 4.09% | 5.20% | 3.87% | -62.32% | |
64 Neutral | $566.29M | -169.84 | 1.44% | ― | 17.09% | 72.64% | |
62 Neutral | $5.61B | 57.40 | 3.45% | 2.68% | 19.15% | 329.74% |
* Energy Sector Average
VOPKY
Royal Vopak
54.10
11.67
27.49%
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PAA
Plains All American
21.79
3.19
17.16%
SMC
Summit Midstream
29.86
-6.95
-18.88%
DKL
Delek Logistics
50.45
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27.85%
HESM
Hess Midstream Partners
38.12
-1.44
-3.63%
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.