Loading…
Dutch construction and civil engineering group building infrastructure, buildings and property in Netherlands, UK, Ireland, Germany.
Dutch construction and civil engineering group building infrastructure, buildings and property in Netherlands, UK, Ireland, Germany.
Wins contracts by competitive tender, mostly fixed-price or cost-plus, so earnings depend on cost control over multi-year projects. Dutch rail, road and building work and UK projects carry the group. It shrank to a few home markets after losses on large projects abroad.
In one line: A large Dutch construction/infrastructure builder, like a European Skanska.
Moat: none (scale). Low-margin, competitively bid construction business with little pricing power.
Headquarters: Bunnik, Netherlands · Founded: 1869 · Employees: 13,443
Size Koninklijke BAM Groep (BAMNB.AS) is a Netherlands Industrials company (Engineering & Construction) with a market value of $3.85B, the 34th largest of 61 Netherlands companies the cockpit tracks. Shares closed at €12.61 on 6 Nov 2026.
Performance Over six months the shares gained 37.4%, against -17.9% for the median peer and +0.4% for the Netherlands market (cap-weighted) — 2nd highest of 21 in its peer set.
Growth Revenue grew 7.0% over the last twelve months (peer median +5.9%); the operating margin is 3.4% (peer median 8.6%).
Valuation It trades at 11.5× forward earnings against a peer median of 18.1× (5th cheapest of 21).
Price implies For today's price to make sense, revenue must grow about -5% a year for seven years (Req g). Recent delivered growth is +1%, so the hurdle is -6 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 20.2 points above its cost of capital (6.8% WACC).
Next results Next results expected around 18 Feb 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | €7.15B | €7.04B | €6.45B | €6.27B | €6.62B |
| Revenue growth | — | +9% | +3% | -5% | — |
| Gross profit | €470M | €461M | €412M | €438M | €432M |
| EBITDA | €422M | €381M | €265M | €278M | €244M |
| Net income | €236M | €211M | €62.2M | €175M | €180M |
| Free cash flow | €499M | €281M | €184M | €25.7M | -€289M |
| Capital expenditure | €89.3M | €101M | €85.3M | €84.3M | €94.5M |
| Total debt | n/a | €382M | €323M | €296M | €227M |
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 |
|---|---|---|---|---|---|---|
| Koninklijke BAM Groep BAMNB.AS | $3.85B | +37% | +7% | 3% | 11.5× | -5.2% |
| Skanska SKA-B.ST | $12.1B | +16% | -6% | 4% | 17.1× | 8.3% |
| Koninklijke Heijmans HEIJM.AS | $2.55B | -7% | +11% | 6% | 13.5× | 3.9% |
| Balfour Beatty BBY.L | $5.34B | +1% | +12% | 2% | 17.2× | 1.0% |
| Vinci DG.PA | $69.8B | -12% | +4% | 12% | 12.2× | -1.5% |
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 | BAMNB.AS | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +8.1% | -4.8% | 5th highest of 21 |
| 6-month return | +37.4% | -17.9% | 2nd highest of 21 |
| Distance from 52-week high | -4.0% | -43.7% | highest of 21 |
| Revenue growth (TTM) | +7.0% | +5.9% | 9th highest of 21 |
| Operating margin | 3.4% | 8.6% | 3rd lowest of 21 |
| Forward P/E | 11.5× | 18.1× | 5th cheapest of 21 |
| Growth the price implies (Req g, 7 yrs) | -5.2% | 5.8% | 3rd least demanding of 17 |
| Growth delivered (Del g) | +0.8% | +11.7% | 3rd lowest of 17 |
| Hurdle (Req g minus delivered) | -6.0 pp | -2.1 pp | 7th least demanding of 17 |
| ROIC minus cost of capital | +20.2 pp | +2.0 pp | 2nd highest of 19 |
| EV / EBITDA | 7.4× | 10.2× | 3rd cheapest of 12 |
| Net debt / EBITDA | -0.7× | 1.0× | 4th least indebted of 14 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Koninklijke BAM Groep BAMNB.AS | Netherlands | $3.85B | +37% | +7% | 3% | 11.5× | -5.2% | +0.8% |
| Guangdong Hongda 002683.SZ | China | $3.86B | -7% | +15% | 10% | 23.7× | 4.9% | +26.1% |
| L&K Engineering 6139.TW | Taiwan | $3.81B | -23% | +78% | 17% | 6.5× | -9.1% | +41.0% |
| Argan AGX | United States | $3.89B | -59% | +29% | 15% | 20.5× | 0.3% | +19.2% |
| China Everbright Environment 0257.HK | Hong Kong | $3.91B | -11% | -5% | 29% | 7.0× | -0.1% | -8.5% |
| Everus Construction ECG | United States | $3.91B | -53% | +33% | 8% | 12.2× | 13.9% | +11.5% |
| Wuxi Taiji Industry 600667.SS | China | $3.98B | +32% | -14% | 3% | 21.9× | 13.0% | +11.5% |
| China Southern Power Grid Technology 688248.SS | China | $3.71B | -20% | +28% | 12% | 47.6× | 25.8% | +27.0% |
| Exponent EXPO | United States | $3.99B | +37% | +15% | 21% | 32.6× | 10.8% | +7.8% |
| Zhejiang Weiming Environment Protection 603568.SS | China | $4.01B | -27% | -25% | 36% | 11.0× | 6.4% | +15.0% |
| Guangdong Provincial Expressway Development 000429.SZ | China | $4.01B | +9% | +1% | 58% | 18.2× | n/a | n/a |
| MYR MYRG | United States | $4.09B | -40% | +23% | 6% | 18.1× | 14.0% | +10.2% |
| Sacyr SCYR.MC | Spain | $3.58B | -14% | +6% | 24% | 20.5× | -5.4% | +0.5% |
| Comsys 1721.T | Japan | $3.55B | -15% | +4% | 8% | 13.3× | -0.7% | +2.3% |
| Primoris Services PRIM | United States | $3.52B | -38% | -5% | 3% | 13.7× | 22.8% | +16.8% |
| China Nuclear Engineering and Construction 601611.SS | China | $4.22B | -29% | -14% | 4% | 26.9× | n/a | n/a |
| Offshore Oil Engineering 600583.SS | China | $4.22B | -6% | +7% | 8% | 12.1× | n/a | n/a |
| Rail Vikas Nigam RVNL.NS | India | $4.27B | -37% | +5% | 4% | 46.0× | n/a | n/a |
| Alten ATE.PA | France | $3.43B | +43% | 0% | 8% | 11.4× | 3.5% | +11.9% |
| Worley WOR.AX | Australia | $3.39B | -16% | -5% | 4% | 12.6× | 5.2% | +2.3% |
| Construction Partners ROAD | United States | $4.38B | -45% | +42% | 9% | 26.5× | 12.5% | +29.1% |