Rockwool A/S RCWLY

IndustrialsConstruction MaterialsDenmark

Last close 30.50 USD on Nov 2, 2026, −32.5% year to date

Quant rating

Quant rating C Rank 241 of 418 in Industrials

Growth B 92 of 418
Valuation D 377 of 418
Quality B 100 of 418
Revisions C 220 of 418
Momentum D 319 of 418

Wall Street consensus Buy (2.44)Average target 34.54 USD +13.2%

Historical valuation

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

Key data

Market cap: 6.6B
Enterprise value: 6.5B
52-week range: 30.00 – 35.00
3-year range: 30.00 – 46.00
Dividend yield: 2.14%
Beta (5 years): –
Shares outstanding: 207M
Next earnings: Nov 25, 2026

About the company

Rockwool A/S, formerly Rockwool International A/S is a Denmark-based manufacturer of mineral wool products. The Company offers floor insulation that is made from stone wool and aim to improve a building's thermal and acoustic performance. Rockwool A/S consists of five brands: Rockwool, Rockfon, Rockpanel, Lapinus, and Grodan. Rockwool is a supplier of fire resilient stone wool insulation. Rockfon provides customers with a complete ceiling system offer. Rockpanel manufactures board material mostly used in ventilated constructions. Lapinus develops products used in applications, including friction and water management. Grodan is involved in the supply of stone wool substrate solutions. The Company operates through two business segments: Insulation and Systems.

Growth and profitability fiscal year ends December 31

Growth and profitability by fiscal year
	2025	2024	2023	2022	2021	5Y avg
Revenue (mil)	4,554	3,991	3,995	4,181	3,510	–
Revenue growth	14.1%	−0.1%	−4.5%	19.1%	10.5%	7.5%
EPS (basic, normalized)	2.37	2.67	1.94	1.35	1.60	–
EPS growth	−11.3%	37.6%	43.7%	−15.7%	–	–
Gross margin	67.4%	66.7%	64.0%	56.9%	63.9%	63.8%
Net margin	0.7%	14.3%	10.7%	7.0%	9.8%	8.5%
ROE	1.0%	18.7%	14.5%	11.0%	13.5%	11.7%

Balance sheet, last quarter
Cash & short-term investments (mil)	118
Current ratio	1.11x
Long-term debt (mil)	0
Net debt (mil)	−118
Total equity (mil)	3,210
Net debt / equity	−0.04x
Net debt / EBITDA	−0.12x

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	4,554	+14.1%	1.4x	1,002	+3.3%	6.5x	2.37	−11.3%	12.9x
2026	4,315	−5.2%	1.5x	907	−9.4%	7.1x	2.03	−14.2%	15.0x
2027	4,569	+5.9%	1.4x	986	+8.7%	6.6x	2.22	+9.5%	13.7x
2028	4,817	+5.4%	1.3x	1,073	+8.8%	6.0x	2.39	+7.4%	12.8x

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	4,315	−0.1%	+2.0%	+3.2%	2.03	−0.8%	−2.9%	+1.2%
2027	4,569	+0.4%	+2.9%	+4.3%	2.22	−0.7%	+1.3%	+3.4%
2028	4,817	−0.2%	+2.6%	+4.5%	2.39	−0.1%	−0.7%	+1.7%

Earnings surprises

Reported results versus consensus, last 10 fiscal quarters
Quarter ended	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Sales reported (mil)	918	1,010	957	970	959	988	963	967	906	1,000
Sales mean (mil)	876	973	953	957	948	1,042	956	951	902	974
Surprise	+4.8%	+3.9%	+0.5%	+1.4%	+1.2%	−5.1%	+0.7%	+1.7%	+0.4%	+2.7%
EPS reported	0.54	0.66	0.72	0.64	0.54	0.60	0.60	0.29	−0.40	0.40
EPS mean	0.51	0.65	0.64	0.55	0.41	0.66	0.60	0.47	0.43	0.48
Surprise	+6.6%	+2.2%	+13.0%	+15.6%	+32.3%	−9.4%	−0.7%	−37.9%	−193.5%	−16.7%

Peer comparison Construction Materials

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
RCWLY Rockwool A/S	6.6B	−0.12x	0.7%	2.05x	15.0x	13.7x	7.1x	6.6x
BZZUY Buzzi SpA	8.4B	–	20.4%	1.03x	4.7x	4.4x	5.7x	5.4x
EXP Eagle Materials Inc	6.0B	1.97x	18.4%	4.05x	16.0x	14.3x	10.6x	9.8x
CMTOY Cementos Argos SA	4.1B	–	10.1%	1.43x	–	–	–	–
USLM United States Lime & Minerals Inc	3.4B	−2.40x	36.0%	4.65x	22.8x	19.8x	14.6x	12.8x
KNF Knife River Corp	3.3B	3.18x	5.0%	2.04x	23.1x	20.1x	9.6x	8.8x
Mean		0.66x	15.1%	2.54x	16.3x	14.5x	9.5x	8.7x
Median		0.92x	14.2%	2.04x	16.0x	14.3x	9.6x	8.8x

Technical analysis

1M0.0%
3M−4.7%
1Y−32.5%
3Y−16.0%

Financial statements in millions of USD

Income statement in millions of USD, fiscal years

Income statement, Rockwool A/S, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Total revenue	4,554	3,991	3,995	4,181	3,510	3,178
Cost of revenue	1,485	1,327	1,437	1,800	1,269	1,032
Gross profit	3,069	2,664	2,558	2,381	2,242	2,146
Selling, general & administrative expenses	1,668	1,394	1,384	1,422	1,331	1,291
Research & development	–	–	–	–	–	–
Depreciation/amortization	319	265	278	253	228	221
Interest expense (income), operating	–	–	–	–	–	–
Unusual expense (income)	25.8	7.2	9.9	–	0	3.7
Other operating expenses	847	297	315	276	226	217
Operating income	209	701	572	430	456	413
Net interest income (expense)	17.6	19.7	4.4	−47.1	−9.1	−15.9
Gain (loss) on sale of assets	–	–	–	–	–	–
Other non-operating income (expense)	0	0	0	0	0	0
Net income before taxes	227	721	576	383	447	397
Provision for taxes	194	151	147	91.0	102	90.4
Minority interest	0	–	–	–	0	0
Equity in affiliates	–	–	–	–	–	–
U.S. GAAP adjustment	–	–	–	–	–	–
Net income before extraordinary items	32.9	569	429	292	344	307
Extraordinary items	–	–	–	–	–	–
Net income	32.9	569	429	292	344	307
EBIT, normalized	235	708	582	430	456	416
EBITDA, normalized	554	973	860	683	684	638
Basic EPS, normalized	2.37	2.67	1.94	1.35	1.60	–

Balance sheet in millions of USD, fiscal years

Balance sheet, Rockwool A/S, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Assets
Cash & short-term investments	127	417	391	224	189	294
Receivables	500	441	479	486	505	421
Total inventory	439	394	414	463	360	264
Prepaid expenses	49.3	32.1	33.1	33.2	27.3	18.3
Other current assets	0	0	0	0	0	0
Total current assets	1,116	1,285	1,317	1,206	1,081	998
Property, plant & equipment	2,835	2,418	2,374	2,221	2,149	2,047
Goodwill	134	141	108	115	116	117
Intangibles	76.3	79.7	51.9	62.1	84.1	104
Long-term investments	21.1	23.8	21.0	13.9	12.5	19.5
Note receivable	–	–	–	–	–	–
Other long-term assets	95.1	77.6	50.8	51.4	59.1	66.0
Total assets	4,278	4,025	3,922	3,669	3,501	3,351
Liabilities
Accounts payable	285	265	266	289	322	225
Payable/accrued	–	–	–	–	–	–
Accrued expenses	–	–	–	–	–	–
Short-term debt	0	1.0	1.1	7.5	1.1	1.2
Current portion of long-term debt	233	51.8	46.4	135	31.8	144
Other current liabilities	270	300	295	256	240	233
Total current liabilities	788	618	608	687	595	603
Long-term debt	91.6	73.5	79.5	107	69.3	33.0
Minority interest	0	1.0	–	0	0	4.9
Other liabilities	179	139	140	113	116	160
Total liabilities	1,058	831	828	908	780	801
Shareholders' equity
Preferred stock	–	–	–	–	–	–
Common stock	32.9	30.0	32.0	31.0	33.0	35.4
Additional paid-in capital	–	–	–	–	–	–
Retained earnings (accumulated deficit)	3,425	3,334	3,254	2,856	2,842	2,775
Treasury stock	–	–	–	–	–	–
Other equity	−238	−170	−192	−126	−153	−260
Total equity	3,219	3,194	3,094	2,761	2,722	2,550
Total liabilities & shareholders' equity	4,278	4,025	3,922	3,669	3,501	3,351

Cash flow statement in millions of USD, fiscal years

Cash flow statement, Rockwool A/S, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Operating activities
Net income	669	701	572	430	456	413
Depreciation, depletion & amortization	345	272	288	253	228	221
Deferred taxes	–	–	–	–	–	–
Non-cash items	8.2	−15.5	−2.2	4.3	−5.7	12.2
Changes in working capital	−592	−112	−77.3	−265	−194	−111
Cash from operations	431	846	780	422	484	535
Investing activities
Capital expenditures	−556	−401	−360	−357	−343	−442
Other investing cash flows	−2.3	−68.3	15.5	0	−9.1	0
Cash from investing	−558	−469	−344	−357	−352	−442
Financing activities
Financing cash flow items	1.2	−3.1	−5.5	0	0	4.9
Cash dividends paid	−209	−129	−111	−109	−106	−115
Issuance (retirement) of debt, net	–	–	–	–	–	–
Other financing cash flows	−48.2	−187	−146	94.2	−115	−2.4
Cash from financing	−256	−320	−263	−15.0	−221	−112
Foreign exchange effects	23.5	−6.2	−6.6	−9.6	3.4	−15.9
Net change in cash	−359	50.7	167	39.6	−85.3	−35.4
Free cash flow	−124	445	420	64.2	141	92.8

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.