Fielmann Group AG FLMNY

Consumer DiscretionarySpecialty RetailersGermany

Last close 9.01 USD on Nov 3, 2026, −11.8% year to date

Quant rating

Quant rating B Rank 89 of 297 in Consumer Discretionary

Growth C 191 of 297
Valuation B 61 of 297
Quality A 35 of 297
Revisions C 177 of 297
Momentum C 138 of 297

Wall Street consensus Buy (2.00)Average target 59.69 USD +562.8%

Historical valuation

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

Key data

Market cap: 3.8B
Enterprise value: 4.4B
52-week range: 8.55 – 10.54
3-year range: 8.55 – 14.17
Dividend yield: 3.49%
Beta (5 years): –
Shares outstanding: 84.0M
Next earnings: Nov 5, 2026

About the company

Fielmann Group AG, formerly known as, Fielmann AG is a Germany-based manufacturer of glasses, contact lenses and related eyewear products. The Company's optical product range includes frames, lenses, sunglasses, contact lenses, safety eyewear, related articles, accessories and all kinds of merchandise including bifocal and varifocal optical glasses. The Company operates through numerous subsidiaries and retailers located in Germany, Switzerland, Luxembourg, the Netherlands and Poland, among others. The production is conducted by Rathenower Optik GmbH. The Company is subsidiary of Korva SE, which is part of Inter-Optik GmbH & Co KG.

Growth and profitability fiscal year ends December 31

Growth and profitability by fiscal year
	2025	2024	2023	2022	2021	5Y avg
Revenue (mil)	2,860	2,347	2,175	1,883	1,908	–
Revenue growth	21.9%	7.9%	15.5%	−1.3%	9.3%	10.4%
EPS (basic, normalized)	3.13	2.33	1.62	1.31	1.83	–
EPS growth	34.2%	43.9%	23.4%	−28.2%	–	–
Gross margin	79.9%	79.9%	79.6%	78.4%	79.7%	79.5%
Net margin	8.4%	6.7%	6.3%	5.9%	8.2%	7.1%
ROE	21.6%	17.9%	15.7%	12.8%	17.1%	17.0%

Balance sheet, last quarter
Cash & short-term investments (mil)	406
Current ratio	1.35x
Long-term debt (mil)	899
Net debt (mil)	629
Total equity (mil)	1,253
Net debt / equity	0.50x
Net debt / EBITDA	0.92x

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	2,860	+21.9%	1.5x	681	+29.2%	6.5x	3.13	+34.2%	2.9x
2026	2,812	−1.7%	1.6x	636	−6.6%	6.9x	2.70	−13.8%	3.3x
2027	2,957	+5.2%	1.5x	687	+8.0%	6.4x	3.00	+11.1%	3.0x
2028	3,128	+5.8%	1.4x	747	+8.7%	5.9x	3.39	+13.0%	2.7x

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	2,812	−0.2%	−1.7%	−2.3%	2.70	−0.8%	−4.4%	−9.3%
2027	2,957	−0.3%	−1.9%	−2.3%	3.00	−1.3%	−4.9%	−10.0%
2028	3,128	−0.4%	−1.8%	−1.7%	3.39	−1.5%	−3.9%	−9.2%

Earnings surprises

Reported results versus consensus, last 10 fiscal quarters
Quarter ended	Mar 2024	Jun 2024	Sep 2024	FQ-6	FQ-5	FQ-4	FQ-3	FQ-2	FQ-1	FQ0
Sales reported (mil)	529	553	604	579	593	623	620	599	613	637
Sales mean (mil)	–	–	627	570	–	620	625	605	–	635
Surprise	–	–	−3.7%	+1.7%	–	+0.5%	−0.8%	−0.9%	–	+0.3%
EPS reported	0.50	0.52	0.47	–	–	–	–	–	–	–
EPS mean	–	–	0.70	–	–	–	–	–	–	–
Surprise	–	–	−32.9%	–	–	–	–	–	–	–

Peer comparison Specialty Retailers

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
FLMNY Fielmann Group AG	3.8B	0.92x	8.4%	3.08x	3.3x	3.0x	6.9x	6.4x
JUMSY JUMBO S.A.	4.1B	–	26.0%	2.28x	11.4x	11.0x	7.2x	7.0x
BOOT Boot Barn Holdings, Inc.	4.0B	−0.22x	10.0%	2.91x	14.9x	13.6x	8.5x	7.7x
PUGBY Puig Brands, S.A.	3.8B	–	11.8%	2.72x	–	–	–	–
ASO Academy Sports and Outdoors, Inc.	3.7B	0.29x	6.2%	1.73x	9.1x	8.6x	5.5x	5.4x
ABG Asbury Automotive Group Inc	3.6B	5.02x	2.7%	0.88x	8.0x	7.1x	9.3x	8.8x
Mean		1.50x	10.9%	2.27x	9.3x	8.7x	7.5x	7.1x
Median		0.61x	9.2%	2.50x	9.1x	8.6x	7.2x	7.0x

Technical analysis

1M+5.3%
3M−1.0%
1Y−23.4%
3Y+10.2%

Financial statements in millions of USD

Income statement in millions of USD, fiscal years

Income statement, Fielmann Group AG, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Total revenue	2,860	2,347	2,175	1,883	1,908	1,745
Cost of revenue	574	471	443	406	387	345
Gross profit	2,287	1,876	1,732	1,476	1,520	1,401
Selling, general & administrative expenses	1,663	1,421	1,308	1,127	1,082	1,017
Research & development	–	–	–	–	–	–
Depreciation/amortization	271	223	216	193	202	193
Interest expense (income), operating	−11.3	−18.4	1.0	2.1	0.5	1.9
Unusual expense (income)	−2.5	−7.8	−2.8	−3.2	6.4	1.0
Other operating expenses	−19.8	−6.6	−16.7	−13.0	−18.3	−30.4
Operating income	387	265	226	171	249	218
Net interest income (expense)	−44.2	−38.1	−16.7	0.9	−10.4	−3.5
Gain (loss) on sale of assets	–	–	–	–	–	–
Other non-operating income (expense)	0	0	0	0	0	0
Net income before taxes	343	227	209	172	238	214
Provision for taxes	101	67.1	68.2	54.2	74.1	66.8
Minority interest	−2.1	−2.2	−3.3	−6.5	−8.8	−5.4
Equity in affiliates	–	–	–	–	–	–
U.S. GAAP adjustment	–	–	–	–	–	–
Net income before extraordinary items	239	158	138	111	156	142
Extraordinary items	–	–	–	–	–	–
Net income	239	158	138	111	156	142
EBIT, normalized	373	239	224	170	256	221
EBITDA, normalized	643	461	441	362	457	419
Basic EPS, normalized	3.13	2.33	1.62	1.31	1.83	–

Balance sheet in millions of USD, fiscal years

Balance sheet, Fielmann Group AG, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Assets
Cash & short-term investments	266	105	90.3	166	308	309
Receivables	226	203	173	114	85.7	103
Total inventory	261	235	248	196	174	180
Prepaid expenses	40.8	34.5	52.4	48.7	44.4	41.8
Other current assets	0	0	0	0	0	0
Total current assets	794	578	563	524	612	633
Property, plant & equipment	1,225	1,036	994	886	890	893
Goodwill	499	463	331	232	201	212
Intangibles	296	299	242	180	187	238
Long-term investments	37.5	25.7	34.9	45.9	67.6	45.2
Note receivable	–	–	–	0.2	0	0.6
Other long-term assets	67.6	64.3	63.7	22.1	16.4	16.6
Total assets	2,919	2,465	2,228	1,891	1,973	2,039
Liabilities
Accounts payable	120	93.4	102	91.2	90.5	92.0
Payable/accrued	–	–	–	–	–	–
Accrued expenses	96.5	94.6	85.3	73.1	80.1	71.3
Short-term debt	0	0	0	0	0	0
Current portion of long-term debt	114	105	109	103	102	101
Other current liabilities	335	584	396	152	144	171
Total current liabilities	666	877	692	419	416	435
Long-term debt	918	483	464	411	418	418
Minority interest	19.3	14.5	64.6	55.7	60.2	69.8
Other liabilities	162	150	134	147	146	164
Total liabilities	1,766	1,524	1,354	1,033	1,041	1,087
Shareholders' equity
Preferred stock	–	–	–	–	–	–
Common stock	98.7	87.0	92.7	89.9	95.5	103
Additional paid-in capital	–	–	–	–	–	–
Retained earnings (accumulated deficit)	1,060	813	743	737	813	828
Treasury stock	−2.3	−0.5	−0.3	−0.1	–	–
Other equity	−3.1	41.4	38.2	30.5	24.0	20.6
Total equity	1,153	941	874	857	932	952
Total liabilities & shareholders' equity	2,919	2,465	2,228	1,891	1,973	2,039

Cash flow statement in millions of USD, fiscal years

Cash flow statement, Fielmann Group AG, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Operating activities
Net income	343	227	214	172	238	214
Depreciation, depletion & amortization	271	223	217	193	202	193
Deferred taxes	–	–	–	–	–	–
Non-cash items	23.8	46.4	35.1	−1.9	11.3	11.1
Changes in working capital	−54.6	−71.0	−153	−100	−57.2	−78.7
Cash from operations	583	425	312	262	394	340
Investing activities
Capital expenditures	−132	−82.5	−92.7	−87.7	−85.2	−80.2
Other investing cash flows	−0.1	−260	−65.4	−83.3	0.1	−188
Cash from investing	−132	−343	−158	−171	−85.1	−268
Financing activities
Financing cash flow items	−30.4	−32.8	−21.4	−16.8	−13.2	−7.1
Cash dividends paid	−113	−86.9	−69.5	−135	−115	–
Issuance (retirement) of debt, net	–	–	–	–	–	–
Other financing cash flows	−160	73.9	−54.7	−72.2	−101	−97.2
Cash from financing	−304	−45.8	−146	−224	−229	−104
Foreign exchange effects	4.2	0.7	0.2	0.5	0.6	−0.5
Net change in cash	151	36.6	8.5	−132	80.9	−33.0
Free cash flow	450	342	219	174	309	260

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 3, 2026 after market close.