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Austrian maker of communication and control-room systems used by air traffic control, airports and public-safety agencies.
Austrian maker of communication and control-room systems used by air traffic control, airports and public-safety agencies.
Wins multi-year projects to deliver and certify systems, billed as work progresses, then earns steadier service and upgrade fees for years because the equipment must keep running and stay approved. Air traffic management is the larger of its two divisions, with the other serving public safety and transport.
In one line: An Austrian niche supplier like a smaller Leidos for air-traffic-control systems.
Moat: narrow (customer qualification, regulatory licence, installed base). Mission-critical, certified systems embedded in national air-traffic infrastructure create high switching costs and long contracts.
Headquarters: Vienna, Austria · Founded: 1947 · Employees: 2,783
Size Frequentis (FQT.DE) is a Germany Information Technology company (Packaged Software) with a market value of $870M, the 154th largest of 205 Germany companies the cockpit tracks. Shares closed at €59.90 on 6 Nov 2026.
Performance Over six months the shares fell 14.7%, against -14.6% for the median peer and +2.6% for the Germany market (cap-weighted) — 11th highest of 21 in its peer set.
Growth Revenue grew 34.3% over the last twelve months (peer median +20.4%); the operating margin is 8.9% (peer median 7.1%).
Valuation It trades at 19.0× forward earnings against a peer median of 26.4× (4th cheapest of 16).
Price implies For today's price to make sense, revenue must grow about -8% a year for seven years (Req g). Recent delivered growth is +14%, so the hurdle is -22 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 23.0 points above its cost of capital (5.3% WACC).
Next results Next results expected around 14 Apr 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | €686M | €580M | €480M | €427M | €386M |
| Revenue growth | — | +21% | +12% | +11% | — |
| Gross profit | €147M | €110M | €86.8M | €76.1M | €63.4M |
| EBITDA | €82.3M | €60.1M | €46.1M | €40.0M | €40.0M |
| Net income | €43.9M | €28.3M | €22.0M | €18.4M | €18.7M |
| Free cash flow | €50.7M | €35.9M | €12.9M | €15.2M | €5.06M |
| Capital expenditure | €15.3M | €13.8M | €10.1M | €11.7M | €10.1M |
| Total debt | n/a | €55.7M | €50.8M | €40.2M | €39.6M |
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 |
|---|---|---|---|---|---|---|
| Frequentis FQT.DE | $870M | -15% | +34% | 9% | 19.0× | -7.6% |
| Leidos LDOS | $16.2B | +2% | +3% | 12% | 11.4× | -6.4% |
| Thales HO.PA | $51.1B | -1% | +7% | 11% | 20.6× | -2.8% |
| Indra Sistemas IDR.MC | $11.2B | +12% | +28% | 10% | 19.7× | 4.2% |
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 | FQT.DE | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -10.3% | -0.3% | 5th lowest of 21 |
| 6-month return | -14.7% | -14.6% | 11th highest of 21 |
| Distance from 52-week high | -31.0% | -38.5% | 9th highest of 21 |
| Revenue growth (TTM) | +34.3% | +20.4% | 3rd highest of 21 |
| Operating margin | 8.9% | 7.1% | 9th highest of 21 |
| Forward P/E | 19.0× | 26.4× | 4th cheapest of 16 |
| Growth the price implies (Req g, 7 yrs) | -7.6% | 14.6% | least demanding of 12 |
| Growth delivered (Del g) | +14.1% | +15.8% | 6th lowest of 12 |
| Hurdle (Req g minus delivered) | -21.7 pp | -6.7 pp | 3rd least demanding of 12 |
| ROIC minus cost of capital | +23.0 pp | -4.9 pp | 3rd highest of 21 |
| EV / EBITDA | 8.8× | 14.2× | 2nd cheapest of 9 |
| Net debt / EBITDA | -0.7× | -0.4× | 4th least indebted of 10 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Frequentis FQT.DE | Germany | $870M | -15% | +34% | 9% | 19.0× | -7.6% | +14.1% |
| Rastar 300043.SZ | China | $870M | -20% | -43% | 20% | n/a | 10.6% | +3.7% |
| Appier 4180.T | Japan | $869M | +50% | +28% | 7% | 30.7× | 19.5% | +37.3% |
| BlackSky Technology BKSY | United States | $873M | -46% | +4% | -43% | n/a | n/a | n/a |
| Shenzhen Farben Information Technology 300925.SZ | China | $867M | -27% | +22% | 1% | 45.7× | n/a | n/a |
| Montnets Cloud Technology 002123.SZ | China | $875M | -21% | -30% | -11% | 22.8× | n/a | n/a |
| Beijing Shenzhou Aerospace Software Technology 688562.SS | China | $878M | -21% | +24% | -5% | n/a | n/a | n/a |
| Timee 215A.T | Japan | $878M | +9% | +56% | 18% | 21.0× | 0.0% | +89.1% |
| Cybozu 4776.T | Japan | $862M | +43% | +20% | 27% | 16.8× | -2.8% | +19.0% |
| Fujian Boss Software 300525.SZ | China | $861M | -24% | -5% | 8% | 26.4× | 5.4% | +12.1% |
| HealthStream HSTM | United States | $884M | +21% | +10% | 8% | 38.7× | 14.6% | +4.4% |
| Beijing Global Safety Technology 300523.SZ | China | $855M | -14% | +29% | -11% | 34.9× | n/a | n/a |
| Viant Technology DSP | United States | $854M | +7% | +22% | 36% | 50.8× | -4.6% | +15.8% |
| Qt Group Plc QTCOM.HE | Finland | $887M | +62% | +17% | 16% | 26.8× | 16.4% | +22.2% |
| Youon Technology 603776.SS | China | $852M | +3% | +34% | -28% | n/a | 16.7% | -14.0% |
| Beijing eGOVA 300075.SZ | China | $851M | -29% | -5% | -102% | 25.4× | n/a | n/a |
| PAR Technology PAR | United States | $850M | +43% | +19% | -10% | 17.7× | n/a | n/a |
| Fujian Apex Software 603383.SS | China | $848M | -15% | -8% | 25% | 27.8× | 16.4% | +10.7% |
| Lunit 328130.KS | South Korea | $846M | -25% | +24% | -76% | n/a | n/a | n/a |
| Vobile 3738.HK | Hong Kong | $844M | -17% | +20% | 13% | 18.8× | n/a | n/a |
| RateGain Travel Technologies RATEGAIN.NS | India | $910M | +15% | +114% | 15% | 22.9× | 32.4% | +48.7% |