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Arcadis N.V. (ARCAD) Fair Value & Analysis

Industrials · NL · Market cap €2.9B · ISIN NL0006237562

What is Arcadis N.V. really worth?

AN Arcadis N.V. ARCAD · AS
Price€44.42
Fair Value€51.36
Upside+15.6%
Quality65/100

A solid business, trading 14% below our fair value of €51.36.

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Strengths

Moderate debt · generates free cash flow

Risks

!Mixed Growth (revenue 5y +8.1 %/yr)
!Thin margins · 4.3% net margin
!Mixed vs. peers (7/15)
!Moderate moat 48/100

For context

·2.36% dividend yield
Evidence: High Range €35.75 – €64.20

Fair value as of: Aug 13, 2026

From 26 valuation models · updated 22 days ago

Share price +5.6% over the past month.

What runs behind every stock

69 individual criteria per stock, every one traceable See the method →

What matters now

  • The price sits in the lower half of our model range, the side with the larger margin of safety.
  • The data supports the verdict: every model runs on fully documented inputs.

Price vs Fair Value (5 years)

€63.45 €25.37 Fair Value €51.36 Jul 2021 Sep 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Aug 13, 2026.

How to read this chart

60‑month range €25.37 – €63.45 · fair‑value band €35.75 – €64.20 · the €44.42 price screens below the €51.36 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Aug 13, 2026.

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Analysis

Arcadis N.V. (ARCAD) currently trades at €44.42, while our model-based Fair Value estimate is €51.36, implying the stock looks roughly 13.5% undervalued today. The Quality Score stands at 65/100 (solid quality), in the Industrials sector. Bull case: the DCF Models group reads highest at a median of €57.08 per share, and 16 of the 26 models we run sit above the €44.42 price. Bear case: the Asset-Based group reads lowest at €8.16, and 10 of the 26 models stay below the price. Evidence for this calculation is high.

Over the trailing twelve months, Arcadis N.V. generated revenue of €4.9B at a net margin of 4.3%. Revenue declined 2.5% year over year. It earns a return on equity of 18.4%. Net debt stands at €1.0B. Fundamentals as of Aug 13, 2026

Our scenario range runs from €35.75 (bear case) to €64.20 (bull case); at €44.42, the current price sits within that range. Bear and bull are the same models run on conservative and optimistic assumptions (margins, growth, valuation multiples), so a plausible valuation range, not a price target. The share trades about 11% below its 52-week high and 77% above its 52-week low, currently above its 200-day average. For context, the median of 10 Industrials peers we cover trades at −46% fair-value upside, at 16%, ARCAD screens cheaper than that median.

Fair Value models

This estimate rests on fiscal year 2025 figures, and about 8 months have passed since. In that time the company retained roughly €0.8697 per share, which is 1.7 % of the fair value. The fair value deliberately does not add this in: the models value reported figures, not a projection.

Each model estimates fair value its own way; the Fair Value above is the evidence-weighted, family-balanced blend. Evidence (0–100) measures how completely this model’s inputs are available: well-fed models carry more weight in the blend. The spread across models is intentional, each one stresses a different value driver; dividend models, for instance, come out structurally low when payout is small. Every input is real reported data, nothing guessed.

Model Bear Bear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull Bull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target. Evidence
Highest evidence
FCF DCF €43.75 €68.98 €106.17 79
Growth DCF €44.35 €66.44 €96.94 78
Owner Earnings €37.75 €59.76 €92.22 75
All 26 models by family
DCF Models
FCF DCF €43.75 €68.98 €106.17 79
Owner Earnings €37.75 €59.76 €92.22 75
5Y Revenue Exit €34.30 €54.57 €80.15 72
5Y EBITDA Exit €42.85 €70.64 €102.94 74
5Y P/E Exit €35.54 €56.90 €79.16 70
10Y Revenue Exit €36.38 €55.49 €80.75 66
10Y EBITDA Exit €42.71 €66.43 €97.82 68
10Y P/E Exit €38.14 €57.08 €80.01 64
Earnings-Based
Graham-Dodd €16.63 €53.04 €70.71 64
Lynch FV €11.71 €16.73 €21.75 61
PEG = 1.0 €11.71 €16.73 €21.75 57
EPV €22.71 €26.83 €30.38 74
Dividend Discount
Gordon GGM €9.19 €18.31 €27.73 67
DDM Multi-Stage €9.19 €15.10 €19.33 67
Multiples
P/E Multiple €38.52 €51.36 €64.20 63
P/S Multiple €31.18 €41.58 €51.97 58
P/B Multiple €31.18 €41.58 €51.97 55
EV/EBIT €44.15 €60.00 €75.84 66
EV/EBITDA €47.99 €65.11 €82.23 67
EV/Revenue €30.55 €45.09 €59.62 53
Asset-Based
NCAV (Graham) €6.09 €8.16 €12.18 54
Growth DCF
Growth DCF €44.35 €66.44 €96.94 78
Rev-Margin DCF €34.30 €54.86 €78.74 72
Economic Profit
Residual Income €15.16 €19.53 €62.53 64
ROIC Compounder €24.48 €31.62 €39.94 72
Growth Earnings
Growth-Adj P/E €32.12 €45.89 €59.66 67

Widest divergence: DCF Models (€57.08) versus Asset-Based (€8.16). Highest evidence: FCF DCF (79).

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Key figures & financial health

P/E ratio 19.1
P/S ratio 0.81 P/E × margin
EPS (TTM) €2.33 price ÷ EPS = P/E 19.1
Dividend yield 2.4% payout 45.1%
Net margin 4.3% FY2025
Return on equity 18.4% TTM
More key figures
Profitability
Return on assets (EBIT) 8.0% avg 5y
Operating margin 6.6% TTM
Growth
Revenue (TTM) €4.9B TTM
Revenue growth (YoY) −2.5% 3y avg +6.6%
EPS growth (YoY) −21.8%
Balance sheet & cash flow
Free cash flow €369M FY2025
Net debt €1.0B FY2025 · ≈ 2.7 yrs of FCF

Figures from reported company fundamentals · as of Aug 13, 2026. TTM = trailing twelve months.

Quality Score breakdown

Overall quality 65/100

Of which business quality 64 · Market factors (momentum, volatility) 67

Profitability 57
Margins and returns on capital today
Quality Growth 44
Are margins and returns improving?
Cashflow 67
Earnings quality: real cash, not paper profit
Fin. Strength 46
Balance sheet, leverage, solvency risk
Investment 98
Disciplined investing over empire-building
Low Volatility 60
Calm price path (market factor)
Momentum 74
Price trend over the last 3–12 months (market factor)
52W Momentum 65
Distance to the 52-week high (market factor)
Net Issuance 87
Buybacks instead of dilution

Non-valuation factor families (profitability, growth, cashflow, financial strength, momentum …), each academically grounded. Valuation itself sits in the Fair Value and is deliberately excluded here to avoid double-counting.

All values are scores from 0 to 100 (100 = best against fixed, research-based bands), not percentages. The three market factors (momentum, 52-week proximity, low volatility) are displayed but carry zero weight in the headline number: market sentiment is not a business property.

About the company

Arcadis NV engages in the design, engineering, architecture, and consultancy solutions for natural and built assets in The Americas, Europe, the Middle East, and the Asia Pacific. The company operates through Places, Mobility, Resilience, and Intelligence segments.

Full company description

Arcadis NV engages in the design, engineering, architecture, and consultancy solutions for natural and built assets in The Americas, Europe, the Middle East, and the Asia Pacific. The company operates through Places, Mobility, Resilience, and Intelligence segments. It provides architecture and urbanism services; and asset management services, such as asset management strategy and planning, asset management decision making and operational optimization, life cycle planning and asset management systems, asset information/condition assessment, risk and review, organization and people, and asset management/O&M. The company also provides business advisory services, including asset strategy and performance, business transformation and resiliency, investment and finance, operations and maintenance, and technology and information; contract solutions; cost and commercial management services; and design and engineering solutions for highways, railways, bridges, tunnels, power utilities, water utilities, ports and waterways, geotechnics, architecture, and structures, as well as building mechanical, electrical, and plumbing. In addition, it offers digital environmental health safety and sustainability, environmental restoration, and project management solutions. Further, the company provides mobility solutions for connected highways, intelligent rail and transit, integrated airports, and new mobility; places solutions; resilience solutions, such as energy transition, climate adaption, water optimization, enviro socio permitting, sustainable advisory, environmental restoration, and sustainable operations; and water supply and treatment, distribution, resource management, and industrial water and wastewater services. The company was formerly known as Heidemij NV and changed its name to Arcadis N.V. in October 1997. The company was founded in 1888 and is headquartered in Amsterdam, the Netherlands.

Company description, as reported by the company or data provider.

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

Arcadis N.V. reported revenue of €4.9B in FY2025 versus €3.4B in FY2021, a compound +9.6%/yr. Reported net income was €208M in FY2025, compounding +5.5%/yr from FY2021.

Growth Quality 70/100
Revenue is growing, but margins or cash flow do not fully confirm the trend.
Latest Revenue (FY 2025)
€4.9B
Latest YoY
−2.4%
Avg. revenue growth/yr (3Y) Measures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump.
+6.6%
Avg. revenue growth/yr (5Y) Measures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump.
+8.1%
Avg. revenue growth/yr (32Y) Measures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump.
+9.7%
Value creation/yr (5Y) Earnings growth per share (CAGR 5 years) plus dividend yield: value created per share and year.
+64.4% (62.0 + 2.4)
Revenue +9.6%/yr
FY21 €3.4B
FY22 €4.0B
FY23 €5.0B
FY24 €5.0B
FY25 €4.9B
Net income +5.5%/yr
FY21 €168M
FY22 €132M
FY23 €160M
FY24 €243M
FY25 €208M
Character of growth · EPS growth decomposed (2014-2025) +9.6 % p.a.
Revenue per share +4.7 %

of which total revenue +5.3 % · buybacks/dilution −0.6 %

EBIT margin +4.4 %
Tax rate −0.4 %
Residual (interest, one-offs) +0.7 %

Annual growth per factor. These are factors, not summands: multiplied they give the EPS growth rate, added they do not quite. Start and end points are 3-year averages (details on hover).

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Cite: Fair Value Calculator (2026). "Arcadis N.V. Fair Value". https://www.fairvalue-calculator.com/stock/ARCAD

Earlier news

External third-party headlines (Yahoo Finance, Reuters and others), not an editorial selection.

Peer Group

Engineering & Construction · 816 stocks

How this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.

Quality Score 65 · Top 25%
Fair Value upside +16% · Above median
Return on equity (TTM) 18% · Top 25%
Return on assets 6% · Top 25%
Net margin (TTM) 4% · Above median
Operating margin (TTM) 7% · Above median
Revenue growth −3% · Below median
Dividend yield (TTM) 2.4% · Above median
Debt / equity 0.59× · Higher than 75% of peers

Valuation Multiples vs Engineering & Construction median · lower = cheaper

P/E (TTM) 19.1× · Pricier than median
P/B 3.29× · Pricier than 75% of peers
P/S (TTM) 0.70× · Pricier than median
P/FCF 9.2× · Pricier than 75% of peers
EV/EBITDA 9.4× · Pricier than median
PEG 2.94× · Pricier than 75% of peers

Strength profile in five axes (Snowflake)

Five quick dimensions, each 0 to 100: VALUE (fair-value potential), FUTURE (revenue growth), PAST (return on equity), HEALTH (low debt), DIVIDEND (yield). Green = this stock, grey = typical sector peer.

VALUEFUTUREPASTHEALTHDIVIDEND
This stock
VALUEFUTUREPASTHEALTHDIVIDEND
Sector peers
VALUE54 · sector 16
FUTURE0 · sector 11
PAST74 · sector 26
HEALTH71 · sector 94
DIVIDEND47 · sector 39

Insider activity: 40/100

Values & ESG

Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.

None of the checked exposures detected

Similar stocks

10 more Engineering & Construction stocks, each showing price versus our Fair Value estimate (as of Aug 13, 2026).

Stock Price Fair Value vs Fair Value
Quanta Services, Inc PWR $620.06 $143.92 −77%
Vinci SA DG €114.35 €185.62 +62%
Comfort Systems USA, Inc FIX $1,615 $519.97 −68%
Larsen & Toubro Limited LT ₹4,072 ₹2,196 −46%
Ferrovial N.V FER €57.28 €19.17 −67%
HOCHTIEF Aktiengesellschaft HOT €426.40 €203.87 −52%
Samsung C&T Corporation 028260 373,000 KRW 261,411 KRW −30%
EMCOR Group EME $775.04 $549.47 −29%
MasTec, Inc MTZ $241.00 $100.00 −59%
Bouygues SA EN €46.65 €65.67 +41%

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Frequently asked questions

Is Arcadis N.V. (ARCAD) overvalued or undervalued?
As of Aug 13, 2026, our model estimates a fair value of €51.36 versus a price of €44.42, about +16% upside (undervalued).
What is the fair value of ARCAD?
Our model-based fair value for Arcadis N.V. is €51.36 (as of Aug 13, 2026), built from audited fundamentals. The current price: €44.42.
What is the quality score of ARCAD?
Arcadis N.V. has a Quality Score of 65/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the revenue of Arcadis N.V. (ARCAD)?
Arcadis N.V. reported trailing-twelve-month revenue of about €4.9B (latest available figure, as of Aug 13, 2026).
What is the net profit margin of ARCAD?
The net profit margin of Arcadis N.V. is about 4.3%, meaning it keeps roughly 4.3% of revenue as net income. Based on the latest reported figures.
Does Arcadis N.V. pay a dividend?
Arcadis N.V. currently shows a dividend yield of about 2.36% relative to its recent price (as of Aug 13, 2026).
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