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German maker of industrial electrolysis plants for chlorine production and green hydrogen generation, majority owned by thyssenkrupp.
German maker of industrial electrolysis plants for chlorine production and green hydrogen generation, majority owned by thyssenkrupp.
Sells large electrolysis plants as projects, booking revenue as each plant is built, so order intake today turns into sales over the following years. Chlor-alkali, a mature business that makes chlorine and caustic soda from salt water, has been the steady earner, while green hydrogen is the newer build-out. It listed in 2023, with thyssenkrupp keeping majority ownership.
In one line: A German hydrogen-electrolyzer maker like a specialized Plug Power for industrial scale.
Moat: narrow (process know-how, IP / patents, installed base). Decades of chlor-alkali electrolysis expertise now applied to hydrogen, but green hydrogen demand/economics remain unproven at scale.
Headquarters: Dortmund, Germany · Founded: 2021 · Employees: 1,092
Size thyssenkrupp nucera AG & Co. KGaA (NCH2.DE) is a Germany Industrials company (Engineering & Construction) with a market value of $1.09B, the 139th largest of 205 Germany companies the cockpit tracks. Shares closed at €7.68 on 6 Nov 2026.
Performance Over six months the shares fell 13.0%, against -23.3% for the median peer and +2.6% for the Germany market (cap-weighted) — 8th highest of 21 in its peer set.
Growth Revenue fell 42.5% over the last twelve months (peer median +6.1%); the operating margin is -13.4% (peer median 6.9%).
Valuation It trades at 0.7× enterprise value to sales against a peer median of 1.5× (3rd cheapest of 20).
Capital Return on invested capital runs 86.4 points below its cost of capital (8.2% WACC).
Next results Next results expected around 16 Dec 2026 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | €525M | €845M | €862M | €661M | €383M |
| Revenue growth | — | -2% | +30% | +73% | — |
| Gross profit | €49.5M | €112M | €91.0M | €96.0M | €71.4M |
| EBITDA | -€54.5M | €7.90M | -€17.0M | €25.0M | €10.1M |
| Net income | -€66.1M | €4.60M | €11.0M | €24.0M | €6.04M |
| Free cash flow | -€28.2M | €10.8M | -€68.0M | -€17.0M | €86.1M |
| Capital expenditure | €43.3M | €39.3M | €13.0M | €4.00M | €1.19M |
| Total debt | €28.0M | €28.2M | €5.00M | €5.00M | €4.12M |
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 |
|---|---|---|---|---|---|---|
| thyssenkrupp nucera AG & Co. KGaA NCH2.DE | $1.09B | -13% | -42% | -13% | 0.7× | n/a |
| Nel NEL.OL | $393M | -34% | -29% | -191% | 3.7× | n/a |
| Plug Power PLUG | $2.03B | -54% | +11% | -68% | 3.7× | n/a |
| Siemens Energy ENR.DE | $111B | -33% | +9% | 9% | 2.2× | 17.3% |
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 | NCH2.DE | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -9.7% | -2.5% | 3rd lowest of 21 |
| 6-month return | -13.0% | -23.3% | 8th highest of 21 |
| Distance from 52-week high | -20.2% | -34.0% | 5th highest of 21 |
| Revenue growth (TTM) | -42.5% | +6.1% | 2nd lowest of 21 |
| Operating margin | -13.4% | 6.9% | 2nd lowest of 21 |
| EV / Sales | 0.7× | 1.5× | 3rd cheapest of 20 |
| ROIC minus cost of capital | -86.4 pp | -1.5 pp | 2nd lowest of 20 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | EV / Sales | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| thyssenkrupp nucera AG & Co. KGaA NCH2.DE | Germany | $1.09B | -13% | -42% | -13% | 0.7× | n/a | n/a |
| IRCON International IRCON.NS | India | $1.08B | -33% | -3% | 7% | 1.1× | n/a | n/a |
| Chiyoda 6366.T | Japan | $1.07B | -35% | +16% | 17% | n/a | n/a | n/a |
| Anhui Construction Engineering 600502.SS | China | $1.07B | -23% | -4% | 6% | 1.4× | n/a | n/a |
| Norbit NORBT.OL | Norway | $1.12B | -28% | +34% | 22% | 3.8× | -5.3% | +32.2% |
| Toa Corporation (Construction) 1885.T | Japan | $1.06B | -29% | +2% | 7% | 0.4× | -12.2% | +13.6% |
| Fugro FUR.AS | Netherlands | $1.06B | -29% | -11% | 3% | 0.8× | n/a | n/a |
| IPARK Hyundai Development 294870.KS | South Korea | $1.12B | +4% | -13% | 11% | 0.4× | n/a | n/a |
| Decai Decoration 605287.SS | China | $1.12B | -3% | +17% | 5% | 2.5× | 25.3% | -5.4% |
| Jiangsu Zeyu Intelligent Electric Power 301179.SZ | China | $1.13B | -20% | +8% | 8% | 4.7× | 24.8% | +15.4% |
| HuaDian Heavy Industries 601226.SS | China | $1.04B | -32% | +18% | 2% | 0.7× | 18.2% | +3.2% |
| Norconsult NORCO.OL | Norway | $1.14B | +2% | +13% | 7% | 1.0× | -5.9% | +10.6% |
| Techno Electric & Engineering TECHNOE.NS | India | $1.14B | -28% | +39% | 13% | 3.2× | n/a | n/a |
| Instalco INSTAL.ST | Sweden | $1.15B | +9% | +9% | 5% | 1.1× | 10.9% | +13.8% |
| Ameresco AMRC | United States | $1.15B | -28% | +9% | 7% | 1.5× | n/a | n/a |
| Renew RNWH.L | United Kingdom | $1.15B | +19% | +8% | 6% | 0.8× | 7.7% | +11.7% |
| Shenzhen Zhongzhuang Construction 002822.SZ | China | $1.15B | -15% | -56% | -96% | 11.4× | n/a | n/a |
| Jiangsu Libert 605167.SS | China | $1.02B | -24% | -29% | 8% | 3.2× | n/a | n/a |
| China Bester Group Telecom 603220.SS | China | $1.17B | -48% | +3% | 6% | 3.7× | n/a | n/a |
| Guangzhou Metro Design & Research Institute 003013.SZ | China | $1.01B | +9% | -8% | 15% | 2.8× | n/a | n/a |
| EPIC Suisse EPIC.SW | Switzerland | $1.17B | +2% | +4% | 78% | 21.7× | 7.1% | +4.3% |