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German manufacturer of combi-steamer cooking equipment for professional kitchens worldwide.
German manufacturer of combi-steamer cooking equipment for professional kitchens worldwide.
Sells the cooking equipment itself plus accessories and cleaning products, which bring repeat orders, and service on installed units. It is built in Germany and sold worldwide, mostly outside Germany.
Moat: wide (brand, installed base, switching costs). Category-defining, high-share combi-steamer brand with strong service/loyalty in professional kitchens.
Headquarters: Landsberg am Lech, Germany · Founded: 1973 · Employees: 2,838
Size Rational Aktiengesellschaft (RAA.DE) is a Germany Industrials company (Industrial Machinery) with a market value of $7.95B, the 57th largest of 205 Germany companies the cockpit tracks. Shares closed at €623.50 on 6 Nov 2026.
Performance Over six months the shares fell 4.2%, against -16.8% for the median peer and +2.6% for the Germany market (cap-weighted) — 7th highest of 21 in its peer set.
Growth Revenue grew 6.3% over the last twelve months (peer median +12.4%); the operating margin is 26.9% (peer median 12.5%).
Valuation It trades at 26.1× forward earnings against a peer median of 21.6× (9th most expensive of 21).
Price implies For today's price to make sense, revenue must grow about 15% a year for seven years (Req g). Recent delivered growth is +14%, so the hurdle is +1 pp: the price needs faster growth than the company has been delivering — of companies that just grew 25–50% a year, 93.8% slowed down over the next four years.
Capital Return on invested capital runs 26.7 points above its cost of capital (9.9% WACC).
Next results Next results expected around 25 Mar 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | €1.29B | €1.26B | €1.19B | €1.13B | €1.02B |
| Revenue growth | — | +6% | +6% | +10% | — |
| Gross profit | €769M | €743M | €707M | €639M | €565M |
| EBITDA | €385M | €369M | €359M | €312M | €268M |
| Net income | €266M | €254M | €251M | €214M | €186M |
| Free cash flow | €274M | €230M | €261M | €228M | €133M |
| Capital expenditure | €41.1M | €33.7M | €31.6M | €34.6M | €37.2M |
| Total debt | €27.6M | €27.1M | €29.8M | €28.1M | €19.0M |
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 |
|---|---|---|---|---|---|---|
| Rational Aktiengesellschaft RAA.DE | $7.95B | -4% | +6% | 27% | 26.1× | 14.8% |
| Middleby MIDD | $6.17B | +3% | -7% | 17% | 18.5× | 6.9% |
| Electrolux Professional EPRO-B.ST | $1.52B | +20% | -4% | 10% | 16.2× | 4.9% |
| HOSHIZAKI 6465.T | $4.93B | +5% | +12% | 10% | 17.8× | -4.5% |
| Illinois Tool Works ITW | $79.8B | +11% | +5% | 27% | 23.4× | 9.7% |
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 | RAA.DE | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +11.9% | -14.8% | 2nd highest of 21 |
| 6-month return | -4.2% | -16.8% | 7th highest of 21 |
| Distance from 52-week high | -19.7% | -53.8% | 5th highest of 21 |
| Revenue growth (TTM) | +6.3% | +12.4% | 7th lowest of 21 |
| Operating margin | 26.9% | 12.5% | 3rd highest of 21 |
| Forward P/E | 26.1× | 21.6× | 9th most expensive of 21 |
| Growth the price implies (Req g, 7 yrs) | 14.8% | 14.3% | 7th most demanding of 14 |
| Growth delivered (Del g) | +14.2% | +7.4% | 5th highest of 14 |
| Hurdle (Req g minus delivered) | +0.6 pp | +13.1 pp | 4th least demanding of 14 |
| ROIC minus cost of capital | +26.7 pp | -0.9 pp | highest of 21 |
| EV / EBITDA | 18.0× | 14.6× | 2nd most expensive of 10 |
| Net debt / EBITDA | -0.5× | 0.6× | least indebted of 10 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Rational Aktiengesellschaft RAA.DE | Germany | $7.95B | -4% | +6% | 27% | 26.1× | 14.8% | +14.2% |
| Wuxi Lead Intelligent Equipment 0470.HK | Hong Kong | $7.95B | -61% | +35% | 10% | 13.3× | 8.2% | +19.0% |
| Han's Laser Technology Industry 002008.SZ | China | $7.97B | -48% | +59% | 12% | 19.1× | 19.6% | +9.5% |
| Leader Harmonious Drive Systems 688017.SS | China | $7.84B | +27% | +46% | 15% | 283.8× | n/a | n/a |
| GlobalWafers 6488.TWO | Taiwan | $8.15B | -23% | -6% | 11% | 21.4× | n/a | n/a |
| Zhejiang Jingsheng Mechanical & Electrical 300316.SZ | China | $7.69B | -13% | -25% | 0% | 74.3× | 39.6% | +24.6% |
| Zoomlion Heavy Industry Science & Technology 1157.HK | Hong Kong | $7.63B | -36% | +23% | 7% | 8.1× | 12.6% | -5.0% |
| Kokusai Electric 6525.T | Japan | $7.62B | -21% | +15% | 19% | 20.0× | 30.9% | -1.5% |
| Sulzer SUN.SW | Switzerland | $7.39B | +23% | -3% | 13% | 17.9× | -1.4% | +3.7% |
| Shenzhen Han's CNC Technology 3200.HK | Hong Kong | $8.58B | -66% | +109% | 21% | 9.9× | n/a | n/a |
| Robotechnik Intelligent Technology 300757.SZ | China | $7.37B | -42% | +203% | 9% | 219.2× | n/a | n/a |
| Spirax SPX.L | United Kingdom | $7.24B | +2% | +5% | 18% | 22.7× | 20.5% | +7.4% |
| IMI IMI.L | United Kingdom | $8.81B | +3% | +8% | 21% | 19.9× | 14.3% | +4.8% |
| Zurn Elkay Water Solutions ZWS | United States | $7.18B | -15% | +10% | 23% | 21.8× | 10.9% | -2.4% |
| Shenzhen Envicool Technology 002837.SZ | China | $7.13B | -49% | +22% | 9% | 53.5× | 56.2% | +29.0% |
| Timken TKR | United States | $7.07B | -14% | +6% | 15% | 14.5× | 3.7% | +5.5% |
| Beijing E-Town Semiconductor Technology 688729.SS | China | $8.94B | -14% | +10% | 12% | 52.3× | n/a | n/a |
| Beijing Huafeng Test & Control Technology 688200.SS | China | $6.87B | -4% | +44% | 36% | 50.0× | 47.7% | +27.6% |
| Guangdong Dtech Technology 301377.SZ | China | $9.23B | -18% | +119% | 36% | 50.9× | n/a | n/a |
| NIBE Industrier NIBE-B.ST | Sweden | $9.25B | +7% | +2% | 10% | 27.3× | 13.5% | +8.5% |
| Ebara 6361.T | Japan | $9.28B | -40% | +9% | 11% | 14.5× | n/a | n/a |