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German construction group building infrastructure, buildings and mining services worldwide; majority owned by Spain's ACS and owns Australia's CIMIC.
German construction group building infrastructure, buildings and mining services worldwide; majority owned by Spain's ACS and owns Australia's CIMIC.
Wins contracts by competitive bid and books revenue as work progresses, often as construction manager for a fee, which keeps margins thin but limits risk. Turner in the US and CIMIC in Australia, which also provides contract mining services, carry most of the group. Turner has been winning data-centre construction work.
In one line: Germany's Fluor/Bechtel, with a US arm via Turner Construction.
Moat: narrow (scale, installed base, customer qualification). Scale and track record win large public infrastructure and building contracts, but construction margins stay thin.
Headquarters: Essen, Germany · Founded: 1873 · Employees: 61,519
Size HOCHTIEF Aktiengesellschaft (HOT.DE) is a Germany Industrials company (Engineering & Construction) with a market value of $30.9B, the 30th largest of 205 Germany companies the cockpit tracks. Shares closed at €365.60 on 6 Nov 2026.
Performance Over six months the shares fell 31.0%, against -12.9% for the median peer and +2.6% for the Germany market (cap-weighted) — 5th lowest of 21 in its peer set.
Growth Revenue grew 8.1% over the last twelve months (peer median +5.6%); the operating margin is 4.1% (peer median 8.2%).
Valuation It trades at 25.1× forward earnings against a peer median of 15.5× (4th most expensive of 20).
Price implies For today's price to make sense, revenue must grow about 3% a year for seven years (Req g). Recent delivered growth is +11%, so the hurdle is -8 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 40.1 points above its cost of capital (6.8% WACC).
Credit HOCHTIEF Aktiengesellschaft has 6 bonds outstanding ($3.34B), rated BBB by the agencies and trading like A- at a weighted spread of 103 bp.
Next results Next results expected around 25 Feb 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | €40.0B | €38.2B | €33.3B | €27.8B | €26.2B |
| Revenue growth | — | +15% | +20% | +6% | — |
| Gross profit | €3.21B | €2.91B | €2.10B | €1.72B | €1.51B |
| EBITDA | €2.29B | €1.66B | €1.10B | €820M | €478M |
| Net income | €889M | €902M | €776M | €523M | €482M |
| Free cash flow | €1.87B | €1.61B | €1.66B | €1.12B | €863M |
| Capital expenditure | €453M | €425M | €474M | €211M | €188M |
| Total debt | €9.92B | €8.23B | €8.22B | €5.50B | €5.67B |
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 |
|---|---|---|---|---|---|---|
| HOCHTIEF Aktiengesellschaft HOT.DE | $30.9B | -31% | +8% | 4% | 25.1× | 2.6% |
| Vinci DG.PA | $69.8B | -12% | +4% | 12% | 12.2× | -1.5% |
| Bouygues EN.PA | $18.3B | -18% | -1% | 5% | 12.9× | -0.8% |
| Fluor FLR | $6.22B | +7% | -5% | -2% | 14.2× | n/a |
| ACS, Actividades de Construccion y Servicios ACS.MC | $26.0B | -37% | +10% | 3% | 20.6× | -2.6% |
| Skanska SKA-B.ST | $12.1B | +16% | -6% | 4% | 17.1× | 8.3% |
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 | HOT.DE | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -6.3% | +3.4% | 6th lowest of 21 |
| 6-month return | -31.0% | -12.9% | 5th lowest of 21 |
| Distance from 52-week high | -34.0% | -27.4% | 9th lowest of 21 |
| Revenue growth (TTM) | +8.1% | +5.6% | 9th highest of 21 |
| Operating margin | 4.1% | 8.2% | 4th lowest of 20 |
| Forward P/E | 25.1× | 15.5× | 4th most expensive of 20 |
| Growth the price implies (Req g, 7 yrs) | 2.6% | 6.4% | 7th least demanding of 17 |
| Growth delivered (Del g) | +10.7% | +12.7% | 7th lowest of 17 |
| Hurdle (Req g minus delivered) | -8.1 pp | -4.0 pp | 8th least demanding of 17 |
| ROIC minus cost of capital | +40.1 pp | -0.8 pp | 3rd highest of 20 |
| EV / EBITDA | 12.5× | 12.6× | 8th cheapest of 15 |
| Net debt / EBITDA | 0.4× | 2.9× | 4th least indebted of 18 |
| Bond spread | 103 bp | 90 bp | 3rd widest of 7 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| HOCHTIEF Aktiengesellschaft HOT.DE | Germany | $30.9B | -31% | +8% | 4% | 25.1× | 2.6% | +10.7% |
| Samsung C&t 028260.KS | South Korea | $31.3B | -8% | +14% | 8% | 15.0× | 5.9% | +6.2% |
| Otis Worldwide OTIS | United States | $30.1B | +6% | +6% | 15% | 18.1× | 2.3% | +2.5% |
| China State Construction Engineering 601668.SS | China | $28.3B | -4% | -9% | n/a | 5.6× | n/a | n/a |
| Comfort Systems USA FIX | United States | $35.6B | -48% | +51% | 17% | 16.2× | 12.4% | +26.1% |
| Emcor EME | United States | $26.6B | -34% | +22% | 10% | 15.5× | 6.2% | +14.1% |
| ACS, Actividades de Construccion y Servicios ACS.MC | Spain | $26.0B | -37% | +10% | 3% | 20.6× | -2.6% | +11.2% |
| Ferrovial FER.MC | Spain | $42.3B | -10% | +5% | 10% | 55.5× | 21.9% | +8.1% |
| Geberit GEBN.SW | Switzerland | $22.1B | +14% | +3% | 29% | 29.8× | 6.6% | +1.2% |
| Cellnex Telecom CLNX.MC | Spain | $19.6B | -7% | 0% | 13% | n/a | 29.7% | +22.5% |
| Bouygues EN.PA | France | $18.3B | -18% | -1% | 5% | 12.9× | -0.8% | +10.4% |
| APi APG | United States | $17.5B | -7% | +16% | 7% | 20.7× | 27.8% | +17.1% |
| WSP Global WSP.TO | Canada | $17.5B | -19% | +10% | 10% | 14.4× | 0.0% | +15.7% |
| Larsen & Toubro LT.NS | India | $59.8B | +2% | +11% | 8% | 27.6× | 29.7% | +16.1% |
| China Railway 601390.SS | China | $15.1B | -13% | -7% | 4% | 6.0× | n/a | n/a |
| MasTec MTZ | United States | $14.0B | -58% | +26% | 5% | 15.0× | 21.6% | +17.7% |
| Vinci DG.PA | France | $69.8B | -12% | +4% | 12% | 12.2× | -1.5% | +11.4% |
| China Energy Engineering 601868.SS | China | $13.6B | -18% | -5% | 4% | 17.9× | n/a | n/a |
| Acciona ANA.MC | Spain | $13.4B | -16% | +8% | 6% | 19.8× | 8.2% | +25.6% |
| China Communications Construction 601800.SS | China | $12.8B | -12% | -4% | 3% | 6.8× | n/a | n/a |
| Kajima 1812.T | Japan | $12.5B | -27% | +4% | 8% | 10.8× | -1.9% | +10.0% |
HOCHTIEF Aktiengesellschaft has 6 bonds outstanding with $3.34B face value. The agencies rate it BBB; its bonds trade like A-. Weighted yield 3.85%, a spread of 103 bp over government bonds.