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German maker of machines that personalize and inspect smart cards, ePassports and RFID tags, plus precision parts for aerospace and semiconductors.
German maker of machines that personalize and inspect smart cards, ePassports and RFID tags, plus precision parts for aerospace and semiconductors.
Sells capital machines in project orders, notably to governments rolling out new passports and ID cards, plus RFID tag production lines, so results shift with a few large programmes. Family-controlled, it also makes precision parts for aerospace and chip equipment as a second business.
In one line: No direct US analogue (niche ID-document/smart-card production machinery).
Moat: narrow (process know-how, installed base, customer qualification). Long-standing supplier to government ID programs; calls itself a world leader in RFID production systems.
Headquarters: Roding, Germany · Founded: 1981 · Employees: 4,000
Size Muhlbauer Holding AG & Co. KGaA (MUB.DE) is a Germany Information Technology company (Computer Peripherals) with a market value of $684M, the 162nd largest of 205 Germany companies the cockpit tracks. Shares closed at €42.60 on 6 Nov 2026.
Performance Over six months the shares gained 9.2%, against -16.9% for the median peer and +2.6% for the Germany market (cap-weighted) — 3rd highest of 21 in its peer set.
Growth Revenue grew 1.9% over the last twelve months (peer median +10.9%); the operating margin is 7.2% (peer median 0.8%).
Valuation It trades at 1.0× enterprise value to sales against a peer median of 2.0× (7th 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 +11%, so the hurdle is -16 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 8.9 points above its cost of capital (5.0% WACC).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | €528M | €485M | €522M | €464M | €324M |
| Revenue growth | — | -7% | +13% | +43% | — |
| Gross profit | €137M | €124M | €84.1M | €141M | €67.8M |
| EBITDA | €60.4M | €103M | €68.2M | €123M | €46.7M |
| Net income | €35.2M | €24.7M | €11.5M | €48.4M | -€3.02M |
| Free cash flow | n/a | €22.7M | €29.9M | -€16.7M | €5.76M |
| Capital expenditure | n/a | €20.7M | €26.7M | €56.9M | €37.0M |
| Total debt | n/a | €0 | €0 | €0 | €0 |
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 | EV / Sales | Req g |
|---|---|---|---|---|---|---|
| Muhlbauer Holding AG & Co. KGaA MUB.DE | $684M | +9% | +2% | 7% | 1.0× | -4.9% |
| Thales HO.PA | $51.1B | -1% | +7% | 11% | 2.0× | -2.8% |
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 | MUB.DE | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -0.5% | -15.4% | 4th highest of 21 |
| 6-month return | +9.2% | -16.9% | 3rd highest of 21 |
| Distance from 52-week high | -7.0% | -39.2% | highest of 21 |
| Revenue growth (TTM) | +1.9% | +10.9% | 8th lowest of 21 |
| Operating margin | 7.2% | 0.8% | 7th highest of 21 |
| EV / Sales | 1.0× | 2.0× | 7th cheapest of 21 |
| Growth the price implies (Req g, 7 yrs) | -4.9% | 21.5% | 3rd least demanding of 6 |
| Growth delivered (Del g) | +11.4% | +0.9% | 2nd highest of 6 |
| Hurdle (Req g minus delivered) | -16.3 pp | +20.6 pp | 2nd least demanding of 6 |
| ROIC minus cost of capital | +8.9 pp | -3.4 pp | 5th highest of 20 |
| EV / EBITDA | 8.7× | 11.2× | 5th cheapest of 9 |
| Net debt / EBITDA | -1.4× | -1.4× | 5th least indebted of 10 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | EV / Sales | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Muhlbauer Holding AG & Co. KGaA MUB.DE | Germany | $684M | +9% | +2% | 7% | 1.0× | -4.9% | +11.4% |
| Shenzhen Minde Electronics Technology 300656.SZ | China | $681M | -13% | -14% | -60% | 16.6× | n/a | n/a |
| Shenzhen Chengtian Weiye Technology Co 300689.SZ | China | $679M | -27% | +19% | 0% | 8.6× | n/a | n/a |
| Urovo Technology 300531.SZ | China | $693M | -23% | +33% | 8% | 2.6× | n/a | n/a |
| TES Touch Embedded Solutions (Xiamen) 003019.SZ | China | $668M | -28% | +24% | 8% | 1.7× | n/a | n/a |
| Hebei Huijin 300368.SZ | China | $667M | -17% | -18% | -124% | 41.8× | n/a | n/a |
| PC Partner PCT.SI | Singapore | $662M | +4% | +18% | 7% | 0.3× | n/a | n/a |
| Apacer Technology 8271.TW | Taiwan | $655M | -28% | +182% | 31% | 0.8× | n/a | n/a |
| Fujian Furi Electronics 600203.SS | China | $736M | -32% | +35% | 0% | 0.5× | n/a | n/a |
| AAEON Technology 6579.TW | Taiwan | $633M | -10% | +30% | 9% | 2.1× | n/a | n/a |
| Primax Electronics 4915.TW | Taiwan | $744M | -29% | +9% | 4% | 0.3× | n/a | n/a |
| Shenzhen Rapoo Technology 002577.SZ | China | $754M | +4% | +11% | -2% | 10.1× | n/a | n/a |
| Chengdu Jiafaantai Education Technology 300559.SZ | China | $602M | -26% | -26% | 0% | 10.8× | 35.7% | -6.0% |
| Hanwang Technology 002362.SZ | China | $596M | -12% | -2% | -13% | 2.2× | n/a | n/a |
| Shandong New Beiyang Information Technology 002376.SZ | China | $794M | -9% | +21% | 0% | 1.9× | 23.8% | +3.1% |
| Wacom 6727.T | Japan | $570M | -6% | -3% | 13% | 0.7× | -6.0% | +0.3% |
| Quantum QMCO | United States | $570M | +100% | +11% | 0% | 1.8× | n/a | n/a |
| Newcapec Electronics 300248.SZ | China | $567M | -17% | +1% | 1% | 3.7× | 21.5% | +0.9% |
| Stratasys SSYS | United States | $565M | -25% | -3% | -14% | 0.7× | n/a | n/a |
| ShunSin Technology 6451.TW | Taiwan | $866M | -53% | +8% | 4% | 4.2× | n/a | n/a |
| Ai Holdings Corporation 3076.T | Japan | $885M | +10% | +28% | 13% | 1.0× | -6.9% | +13.0% |