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German engineering and construction company that builds pipeline and grid infrastructure for gas, hydrogen and power transmission.
German engineering and construction company that builds pipeline and grid infrastructure for gas, hydrogen and power transmission.
Paid per project, often under framework contracts that bring repeat work from the same network operators, so it follows their investment budgets, which German regulation lets them recover through network charges. Gas pipelines have been the base, with hydrogen and power-grid work building on it. Based in Tostedt near Hamburg.
In one line: A German pipeline construction specialist like a smaller MasTec.
Moat: narrow (process know-how, customer qualification, installed base). Specialized pipeline-construction expertise positioned for Germany's energy-infrastructure buildout, but project-based, competitive bidding business.
Headquarters: Tostedt, Germany · Founded: 1965 · Employees: 2,243
Size Friedrich Vorwerk (VH2.DE) is a Germany Energy company (Oil & Gas Pipelines) with a market value of $1.50B, the 124th largest of 205 Germany companies the cockpit tracks. Shares closed at €67.05 on 6 Nov 2026.
Performance Over six months the shares fell 5.4%, against -8.7% for the median peer and +2.6% for the Germany market (cap-weighted) — 4th highest of 9 in its peer set.
Growth Revenue grew 21.6% over the last twelve months (peer median +12.1%); the operating margin is 18.6% (peer median 15.7%).
Valuation It trades at 11.1× forward earnings against a peer median of 11.9× (3rd cheapest of 8).
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 +19%, so the hurdle is -27 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 70.5 points above its cost of capital (7.2% WACC).
Next results Next results expected around 12 Nov 2026 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | €739M | €704M | €498M | €373M | €368M |
| Revenue growth | — | +41% | +33% | +1% | — |
| Gross profit | €199M | €171M | €89.2M | €29.8M | €43.7M |
| EBITDA | €168M | €136M | €69.6M | €11.5M | €29.7M |
| Net income | €108M | €86.5M | €35.8M | €10.1M | €17.1M |
| Free cash flow | €156M | €120M | €119M | €19.0M | -€43.2M |
| Capital expenditure | €53.0M | €51.9M | €35.8M | €31.1M | €32.1M |
| Total debt | €15.5M | €17.8M | €22.4M | €16.3M | €21.2M |
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 |
|---|---|---|---|---|---|---|
| Friedrich Vorwerk VH2.DE | $1.50B | -5% | +22% | 19% | 11.1× | -8.0% |
| Bilfinger GBF.DE | $2.57B | -31% | +6% | 5% | 15.5× | -6.7% |
| MasTec MTZ | $14.0B | -58% | +26% | 5% | 15.0× | 21.6% |
| Vinci DG.PA | $69.8B | -12% | +4% | 12% | 12.2× | -1.5% |
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 | VH2.DE | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +7.9% | -6.1% | 2nd highest of 9 |
| 6-month return | -5.4% | -8.7% | 4th highest of 9 |
| Distance from 52-week high | -34.9% | -22.5% | 2nd lowest of 9 |
| Revenue growth (TTM) | +21.6% | +12.1% | 3rd highest of 9 |
| Operating margin | 18.6% | 15.7% | 4th highest of 9 |
| Forward P/E | 11.1× | 11.9× | 3rd cheapest of 8 |
| Growth the price implies (Req g, 7 yrs) | -8.0% | 5.1% | least demanding of 7 |
| Growth delivered (Del g) | +19.3% | +10.1% | 2nd highest of 7 |
| Hurdle (Req g minus delivered) | -27.3 pp | +1.9 pp | least demanding of 7 |
| ROIC minus cost of capital | +70.5 pp | -1.4 pp | highest of 9 |
| EV / EBITDA | 6.9× | 13.4× | cheapest of 7 |
| Net debt / EBITDA | -1.1× | 5.0× | 2nd least indebted of 8 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Friedrich Vorwerk VH2.DE | Germany | $1.50B | -5% | +22% | 19% | 11.1× | -8.0% | +19.3% |
| Sinopec Kantons 0934.HK | Hong Kong | $1.31B | +3% | +10% | 27% | 9.2× | 7.7% | +1.8% |
| NGL Energy Partners LP NGL | United States | $1.87B | -8% | -22% | 12% | 11.9× | 1.2% | -9.6% |
| Rockpoint Gas Storage RGSI.TO | Canada | $2.26B | -16% | +15% | 75% | 8.7× | -3.8% | +21.7% |
| Delek Logistics Partners LP DKL | United States | $2.99B | +1% | +30% | 15% | 11.8× | 13.0% | +12.2% |
| Sichuan Shudao Equipment and Technology 300540.SZ | China | $742M | -41% | -14% | 8% | 48.0× | n/a | n/a |
| Summit Midstream SMC | United States | $551M | -9% | +21% | 16% | 147.3× | 10.9% | +7.9% |
| Golar LNG GLNG | United States | $4.40B | -23% | +95% | 46% | n/a | n/a | n/a |
| Plains GP Holdings LP PAGP | United States | $5.10B | +11% | +9% | 3% | 14.7× | 2.6% | +13.4% |