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Dutch global design, engineering and consultancy firm for infrastructure, water, environment and buildings.
Dutch global design, engineering and consultancy firm for infrastructure, water, environment and buildings.
Bills clients for its engineers' and consultants' time, either hourly or as fixed-price project fees, so earnings follow staff utilization and how many projects it wins rather than any product sold. Public-sector work is a major part. The 2022 purchase of Canada's IBI Group deepened its transport and city design work.
In one line: A global infrastructure engineering consultancy, like a Dutch AECOM/Jacobs.
Moat: narrow (brand, process know-how). Engineering expertise and long government/client relationships support repeat work.
Headquarters: Amsterdam, Netherlands · Founded: 1888 · Employees: 34,136
Size Arcadis (ARCAD.AS) is a Netherlands Industrials company (Engineering & Construction) with a market value of $4.42B, the 33rd largest of 61 Netherlands companies the cockpit tracks. Shares closed at €46.20 on 6 Nov 2026.
Performance Over six months the shares gained 31.3%, against -10.8% for the median peer and +0.4% for the Netherlands market (cap-weighted) — 4th highest of 21 in its peer set.
Growth Revenue fell 0.7% over the last twelve months (peer median +13.3%); the operating margin is 6.3% (peer median 7.9%).
Valuation It trades at 15.0× forward earnings against a peer median of 19.6× (8th cheapest of 21).
Price implies For today's price to make sense, revenue must grow about 6% a year for seven years (Req g). Recent delivered growth is +8%, so the hurdle is -3 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 3.2 points above its cost of capital (7.7% WACC).
Credit Arcadis has 2 bonds outstanding ($891M), rated BBB- by the agencies and trading like BBB- at a weighted spread of 125 bp.
Next results Next results expected around 18 Feb 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | €4.90B | €4.88B | €5.00B | €5.00B | €4.03B |
| Revenue growth | — | -2% | 0% | +24% | — |
| Gross profit | €680M | €697M | €752M | €642M | €529M |
| EBITDA | €431M | €463M | €539M | €469M | €367M |
| Net income | €203M | €208M | €243M | €160M | €132M |
| Free cash flow | €357M | €369M | €314M | €277M | €244M |
| Capital expenditure | €18.0M | €24.0M | €45.0M | €40.6M | €40.1M |
| Total debt | n/a | €1.13B | €1.12B | €1.16B | €1.29B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| Arcadis ARCAD.AS | $4.42B | +31% | -1% | 6% | 15.0× | 5.5% |
| Aecom ACM | $8.59B | -17% | -4% | 5% | 11.0× | 7.3% |
| Jacobs Solutions J | $17.4B | +26% | +20% | 5% | 18.6× | 15.8% |
| WSP Global WSP.TO | $17.5B | -19% | +10% | 10% | 14.4× | 0.0% |
| Tetra Tech TTEK | $10.3B | +33% | -8% | 12% | 24.0× | 8.3% |
| Stantec STN.TO | $8.42B | -16% | +10% | 10% | 16.0× | 3.9% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | ARCAD.AS | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +14.5% | -1.8% | 3rd highest of 21 |
| 6-month return | +31.3% | -10.8% | 4th highest of 21 |
| Distance from 52-week high | -3.0% | -34.4% | highest of 21 |
| Revenue growth (TTM) | -0.7% | +13.3% | 5th lowest of 21 |
| Operating margin | 6.3% | 7.9% | 9th lowest of 21 |
| Forward P/E | 15.0× | 19.6× | 8th cheapest of 21 |
| Growth the price implies (Req g, 7 yrs) | 5.5% | 8.0% | 7th least demanding of 15 |
| Growth delivered (Del g) | +8.1% | +11.1% | 6th lowest of 15 |
| Hurdle (Req g minus delivered) | -2.6 pp | -2.2 pp | 8th least demanding of 15 |
| ROIC minus cost of capital | +3.2 pp | +2.0 pp | 9th highest of 19 |
| EV / EBITDA | 11.6× | 12.9× | 5th cheapest of 13 |
| Net debt / EBITDA | 2.4× | 0.9× | 6th most indebted of 15 |
| Bond spread | 125 bp | n/a | — |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Arcadis ARCAD.AS | Netherlands | $4.42B | +31% | -1% | 6% | 15.0× | 5.5% | +8.1% |
| Central New Energy 1735.HK | Hong Kong | $4.42B | -11% | +76% | 1% | 63.1× | n/a | n/a |
| INFRONEER 5076.T | Japan | $4.44B | +2% | +44% | 6% | 6.2× | 0.0% | +10.7% |
| Construction Partners ROAD | United States | $4.38B | -45% | +42% | 9% | 26.5× | 12.5% | +29.1% |
| Rail Vikas Nigam RVNL.NS | India | $4.27B | -37% | +5% | 4% | 46.0× | n/a | n/a |
| Offshore Oil Engineering 600583.SS | China | $4.22B | -6% | +7% | 8% | 12.1× | n/a | n/a |
| China Nuclear Engineering and Construction 601611.SS | China | $4.22B | -29% | -14% | 4% | 26.9× | n/a | n/a |
| Tutor Perini TPC | United States | $4.73B | +8% | +25% | 4% | 18.8× | 9.6% | +0.8% |
| MYR MYRG | United States | $4.09B | -40% | +23% | 6% | 18.1× | 14.0% | +10.2% |
| MAIRE MAIRE.MI | Italy | $4.81B | -12% | +7% | 7% | 14.7× | 2.9% | +22.1% |
| Budimex BDX.WA | Poland | $4.82B | +10% | +12% | 9% | 26.5× | 15.7% | +4.1% |
| VSE VSEC | United States | $4.85B | -10% | +23% | 12% | 22.1× | n/a | n/a |
| Guangdong Provincial Expressway Development 000429.SZ | China | $4.01B | +9% | +1% | 58% | 18.2× | n/a | n/a |
| Zhejiang Weiming Environment Protection 603568.SS | China | $4.01B | -27% | -25% | 36% | 11.0× | 6.4% | +15.0% |
| Exponent EXPO | United States | $3.99B | +37% | +15% | 21% | 32.6× | 10.8% | +7.8% |
| Wuxi Taiji Industry 600667.SS | China | $3.98B | +32% | -14% | 3% | 21.9× | 13.0% | +11.5% |
| Everus Construction ECG | United States | $3.91B | -53% | +33% | 8% | 12.2× | 13.9% | +11.5% |
| China Everbright Environment 0257.HK | Hong Kong | $3.91B | -11% | -5% | 29% | 7.0× | -0.1% | -8.5% |
| Argan AGX | United States | $3.89B | -59% | +29% | 15% | 20.5× | 0.3% | +19.2% |
| Guangdong Hongda 002683.SZ | China | $3.86B | -7% | +15% | 10% | 23.7× | 4.9% | +26.1% |
| Koninklijke BAM Groep BAMNB.AS | Netherlands | $3.85B | +37% | +7% | 3% | 11.5× | -5.2% | +0.8% |
Arcadis has 2 bonds outstanding with $891M face value. The agencies rate it BBB-; its bonds trade like BBB-. Weighted yield 4.16%, a spread of 125 bp over government bonds.