Arcadis NV ARCAY

IndustrialsConstruction & EngineeringNetherlands

Last close 47.35 USD on Nov 2, 2026, +19.0% year to date

Quant rating

Quant rating D Rank 378 of 418 in Industrials

Growth D 341 of 418
Valuation C 263 of 418
Quality D 392 of 418
Revisions D 343 of 418
Momentum C 193 of 418

Historical valuation

Multiples use consensus estimates for the next twelve months. The dashed line is the 5-year average.

Growth and profitability fiscal year ends December 31

Growth and profitability by fiscal year
	2025	2024	2023	2022	2021	5Y avg
Revenue (mil)	4,416	4,017	4,149	3,231	2,915	–
Revenue growth	9.9%	−3.2%	28.4%	10.8%	−4.3%	7.7%
EPS (basic, normalized)	1.40	1.23	0.69	0.66	0.45	–
EPS growth	13.5%	78.7%	4.5%	45.6%	–	–
Gross margin	–	–	–	–	–	–
Net margin	5.5%	6.3%	4.3%	4.4%	6.5%	5.4%
ROE	18.4%	21.2%	15.5%	13.0%	17.8%	17.2%

Balance sheet, last quarter
Cash & short-term investments (mil)	–
Current ratio	–
Long-term debt (mil)	–
Net debt (mil)	–
Total equity (mil)	–
Net debt / equity	–
Net debt / EBITDA	–

Estimates and valuation

Consensus estimates and implied multiples
	Sales (mil)			EBITDA (mil)			EPS
Fiscal year	Mean est.	Growth	EV/Sales	Mean est.	Growth	EV/EBITDA	Mean est.	Growth	P/E
2025 actual	4,416	+9.9%	1.3x	–	–	–	1.40	+13.5%	33.8x

Estimate revisions

Change in consensus estimates over 1, 3 and 6 months
	Sales				EPS
Fiscal year	Estimate (mil)	1M	3M	6M	Estimate	1M	3M	6M
2026	–	–	–	–	–	–	–	–
2027	–	–	–	–	–	–	–	–
2028	–	–	–	–	–	–	–	–

Earnings surprises

Reported results versus consensus, last 10 fiscal quarters
Quarter ended	FQ-9	Dec 2006	Mar 2007	Jun 2007	Sep 2007	Dec 2007	Mar 2008	Jun 2008	Sep 2008	Dec 2008
Sales reported (mil)	–	441	435	469	560	611	599	–	–	–
Sales mean (mil)	–	–	–	–	–	–	–	–	–	–
Surprise	–	–	–	–	–	–	–	–	–	–
EPS reported	–	0.31	0.25	0.28	0.27	0.42	0.28	0.44	0.29	0.38
EPS mean	–	–	–	–	–	–	–	–	–	–
Surprise	–	–	–	–	–	–	–	–	–	–

Peer comparison Construction & Engineering

Peers in the same industry group, by market capitalization
Company	Market cap	Net debt/EBITDA	Net margin	P/B	FY1 P/E	FY2 P/E	FY1 EV/EBITDA	FY2 EV/EBITDA
ARCAY Arcadis NV	4.6B	–	5.5%	3.42x	–	–	–	–
SGEF Vinci SA	71.6B	–	6.5%	2.00x	12.1x	11.2x	6.5x	6.2x
WSP WSP Global Inc	19.0B	3.03x	6.9%	2.54x	17.2x	15.0x	10.9x	9.9x
BOUY Bouygues SA	17.8B	2.22x	2.0%	1.27x	12.4x	10.7x	5.3x	5.1x
STN Stantec Inc.	8.6B	2.07x	7.4%	3.54x	17.2x	15.5x	11.2x	10.4x
FOUG Eiffage SA	11.2B	–	3.9%	1.31x	9.0x	8.3x	5.2x	5.1x
Mean		2.44x	5.4%	2.34x	13.6x	12.1x	7.8x	7.4x
Median		2.22x	6.0%	2.27x	12.4x	11.2x	6.5x	6.2x

Technical analysis

1M+5.7%
3M−1.9%
1Y−14.7%
3Y+16.4%

Financial statements in millions of USD

Income statement in millions of USD, fiscal years

Income statement, Arcadis NV, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Total revenue	4,416	4,017	4,149	3,231	2,915	3,045
Cost of revenue	–	–	–	–	–	–
Gross profit	4,416	4,017	4,149	3,231	2,915	3,045
Selling, general & administrative expenses	3,554	3,185	3,588	2,800	2,504	2,590
Research & development	–	–	–	–	–	–
Depreciation/amortization	154	145	192	135	127	168
Interest expense (income), operating	–	–	−0.8	0.2	0.1	0
Unusual expense (income)	23.5	11.4	21.9	32.5	0.1	122
Other operating expenses	312	273	34.5	36.1	25.0	43.9
Operating income	372	403	313	227	259	122
Net interest income (expense)	−41.1	−51.8	−67.6	−23.5	−8.5	−32.3
Gain (loss) on sale of assets	–	–	–	–	–	–
Other non-operating income (expense)	0	0	0	0	0	0
Net income before taxes	331	351	246	204	250	89.4
Provision for taxes	85.7	100	69.6	63.6	58.8	67.2
Minority interest	0	1.0	0.5	0.6	−0.4	0.9
Equity in affiliates	–	–	–	–	–	–
U.S. GAAP adjustment	–	–	–	–	–	–
Net income before extraordinary items	245	252	177	141	191	23.1
Extraordinary items	–	–	–	–	–	–
Net income	245	252	177	141	191	23.1
EBIT, normalized	409	419	357	271	260	253
EBITDA, normalized	563	564	549	400	387	422
Basic EPS, normalized	1.40	1.23	0.69	0.66	0.45	–

Balance sheet in millions of USD, fiscal years

Balance sheet, Arcadis NV, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Assets
Cash & short-term investments	357	370	298	260	364	523
Receivables	1,514	1,524	1,581	1,488	1,212	1,178
Total inventory	0	0	0.3	0.3	0.3	0.3
Prepaid expenses	82.2	62.1	68.5	61.7	45.3	72.7
Other current assets	28.2	30.0	31.0	48.7	41.2	33.2
Total current assets	1,981	1,986	1,979	1,859	1,663	1,807
Property, plant & equipment	350	343	387	421	354	415
Goodwill	1,560	1,398	1,454	1,423	944	955
Intangibles	170	162	206	268	40.5	57.8
Long-term investments	23.5	15.5	17.3	16.3	23.9	12.1
Note receivable	–	–	–	–	–	–
Other long-term assets	176	139	127	122	85.0	58.6
Total assets	4,261	4,042	4,171	4,110	3,111	3,306
Liabilities
Accounts payable	378	311	345	358	264	224
Payable/accrued	82.2	79.7	89.7	66.6	62.5	85.7
Accrued expenses	450	448	449	423	378	376
Short-term debt	34.1	1.0	11.4	16.2	0.1	0.4
Current portion of long-term debt	350	156	77.7	137	158	206
Other current liabilities	640	628	672	662	505	467
Total current liabilities	1,934	1,624	1,644	1,662	1,366	1,359
Long-term debt	944	998	1,194	1,225	432	745
Minority interest	−3.5	−3.1	−2.6	−2.2	−1.3	−1.5
Other liabilities	169	146	161	160	151	144
Total liabilities	3,044	2,765	2,997	3,045	1,948	2,246
Shareholders' equity
Preferred stock	–	–	–	–	–	–
Common stock	2.3	2.1	2.0	1.9	2.1	2.2
Additional paid-in capital	437	385	411	399	423	455
Retained earnings (accumulated deficit)	1,076	962	890	758	795	742
Treasury stock	–	–	–	–	–	–
Other equity	−298	−72.5	−130	−93.5	−57.9	−139
Total equity	1,217	1,277	1,174	1,065	1,163	1,060
Total liabilities & shareholders' equity	4,261	4,042	4,171	4,110	3,111	3,306

Cash flow statement in millions of USD, fiscal years

Cash flow statement, Arcadis NV, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Operating activities
Net income	244	251	176	144	191	22.2
Depreciation, depletion & amortization	154	145	192	129	127	168
Deferred taxes	–	–	–	–	–	–
Non-cash items	150	142	151	117	64.8	208
Changes in working capital	−77.5	−175	−178	−87.3	−8.9	125
Cash from operations	471	362	341	304	375	524
Investing activities
Capital expenditures	−29.4	−46.6	−44.8	−43.0	−39.5	−30.8
Other investing cash flows	−98.7	−1.0	4.4	−851	1.4	−63.7
Cash from investing	−128	−47.6	−40.3	−894	−38.2	−94.5
Financing activities
Financing cash flow items	−3.5	8.3	−13.7	3.6	−0.7	5.7
Cash dividends paid	−105	−78.7	−73.1	−124	−35.7	−4.3
Issuance (retirement) of debt, net	–	–	–	–	–	–
Other financing cash flows	−283	−155	−183	609	−431	−215
Cash from financing	−391	−226	−270	488	−467	−213
Foreign exchange effects	−48.2	9.3	−6.2	1.4	19.3	−30.1
Net change in cash	−96.3	98.4	24.2	−99.9	−111	186
Free cash flow	442	316	296	261	335	493

Disclaimer

The financial data presented in this report is delayed and obtained from sources QDD Research believes to be reliable, including stock exchanges, SEDAR, and EDGAR. However, no representation or warranty is made as to the accuracy, completeness, or timeliness of the information. QDD Research accepts no liability for any errors, omissions, or financial losses arising from the use of this data.

This report is generated using a fully systematic and quantitative approach. All factor scores and the overall quant rating (ranging from D to A+) are derived from algorithmic models and are based solely on objective financial metrics. These scores are intended for informational purposes only and should not be interpreted as investment advice or a recommendation to buy, sell, or hold any securities.

QDD Research is not a registered investment advisor or broker-dealer and does not provide personalized financial advice. The content is not tailored to the specific investment goals, financial situation, or risk profile of any individual investor. We strongly encourage readers to consult with a licensed broker or investment advisor before making any investment decisions based on the information contained in this report.

Live quote provided by TradingView. Report data updated Nov 2, 2026 after market close.