NN GROUP NV (NN.AS) Fundamental Analysis & Valuation

AMS:NN • NL0010773842

65.18 EUR
-0.38 (-0.58%)
Last: Mar 9, 2026, 04:45 PM
Overview Stock Chart Technical Analysis Fundamental Analysis Forecast Earnings Financials Ownership

This NN.AS fundamental analysis includes valuation metrics, fair value assessment, financial health analysis, profitability trends, growth metrics and dividend sustainability analysis.

Fundamental Rating

4

Taking everything into account, NN scores 4 out of 10 in our fundamental rating. NN was compared to 47 industry peers in the Insurance industry. While NN seems to be doing ok healthwise, there are quite some concerns on its profitability. NN has a correct valuation and a medium growth rate.


Dividend Valuation Growth Profitability Health

3

1. NN.AS Profitability Analysis

1.1 Basic Checks

  • NN had positive earnings in the past year.
  • NN had a positive operating cash flow in the past year.
  • In the past 5 years NN has always been profitable.
  • In multiple years NN reported negative operating cash flow during the last 5 years.
NN.AS Yearly Net Income VS EBIT VS OCF VS FCFNN.AS Yearly Net Income VS EBIT VS OCF VS FCFYearly Net Income VS EBIT VS OCF VS FCF 2016 2017 2018 2019 2020 2021 2022 2023 2024 0 5B -5B

1.2 Ratios

  • NN has a Return On Assets of 0.61%. This is in the lower half of the industry: NN underperforms 72.34% of its industry peers.
  • The Return On Equity of NN (5.84%) is worse than 82.98% of its industry peers.
  • The Return On Invested Capital of NN (0.43%) is worse than 61.70% of its industry peers.
  • The Average Return On Invested Capital over the past 3 years for NN is below the industry average of 3.45%.
  • The last Return On Invested Capital (0.43%) for NN is above the 3 year average (0.31%), which is a sign of increasing profitability.
Industry RankSector Rank
ROA 0.61%
ROE 5.84%
ROIC 0.43%
ROA(3y)0.67%
ROA(5y)0.8%
ROE(3y)6.62%
ROE(5y)6.79%
ROIC(3y)0.31%
ROIC(5y)0.56%
NN.AS Yearly ROA, ROE, ROICNN.AS Yearly ROA, ROE, ROICYearly ROA, ROE, ROIC 2016 2017 2018 2019 2020 2021 2022 2023 2024 2 4 6 8

1.3 Margins

  • NN has a Profit Margin (9.91%) which is comparable to the rest of the industry.
  • NN's Profit Margin has improved in the last couple of years.
  • With a Operating Margin value of 8.71%, NN is not doing good in the industry: 61.70% of the companies in the same industry are doing better.
  • In the last couple of years the Operating Margin of NN has remained more or less at the same level.
Industry RankSector Rank
OM 8.71%
PM (TTM) 9.91%
GM N/A
OM growth 3Y-1.79%
OM growth 5Y0.69%
PM growth 3Y-3.58%
PM growth 5Y9.26%
GM growth 3YN/A
GM growth 5YN/A
NN.AS Yearly Profit, Operating, Gross MarginsNN.AS Yearly Profit, Operating, Gross MarginsYearly Profit, Operating, Gross Margins 2016 2017 2018 2019 2020 2021 2022 2023 2024 5 10

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5

2. NN.AS Health Analysis

2.1 Basic Checks

  • NN has a Return on Invested Capital (ROIC), which is below the Cost of Capital (WACC), which means it is destroying value.
  • NN has less shares outstanding than it did 1 year ago.
  • Compared to 5 years ago, NN has less shares outstanding
  • The debt/assets ratio for NN has been reduced compared to a year ago.
NN.AS Yearly Shares OutstandingNN.AS Yearly Shares OutstandingYearly Shares Outstanding 2016 2017 2018 2019 2020 2021 2022 2023 2024 100M 200M 300M
NN.AS Yearly Total Debt VS Total AssetsNN.AS Yearly Total Debt VS Total AssetsYearly Total Debt VS Total Assets 2016 2017 2018 2019 2020 2021 2022 2023 2024 50B 100B 150B 200B 250B

2.2 Solvency

  • NN has an Altman-Z score of 0.13. This is a bad value and indicates that NN is not financially healthy and even has some risk of bankruptcy.
  • NN has a Altman-Z score of 0.13. This is in the better half of the industry: NN outperforms 70.21% of its industry peers.
  • NN has a debt to FCF ratio of 70.44. This is a negative value and a sign of low solvency as NN would need 70.44 years to pay back of all of its debts.
  • Looking at the Debt to FCF ratio, with a value of 70.44, NN is doing worse than 74.47% of the companies in the same industry.
  • NN has a Debt/Equity ratio of 0.62. This is a neutral value indicating NN is somewhat dependend on debt financing.
  • NN has a Debt to Equity ratio of 0.62. This is comparable to the rest of the industry: NN outperforms 59.57% of its industry peers.
Industry RankSector Rank
Debt/Equity 0.62
Debt/FCF 70.44
Altman-Z 0.13
ROIC/WACC0.05
WACC8.28%
NN.AS Yearly LT Debt VS Equity VS FCFNN.AS Yearly LT Debt VS Equity VS FCFYearly LT Debt VS Equity VS FCF 2016 2017 2018 2019 2020 2021 2022 2023 2024 0 10B 20B 30B

2.3 Liquidity

  • A Current Ratio of 2.16 indicates that NN has no problem at all paying its short term obligations.
  • With an excellent Current ratio value of 2.16, NN belongs to the best of the industry, outperforming 93.62% of the companies in the same industry.
  • NN has a Quick Ratio of 2.16. This indicates that NN is financially healthy and has no problem in meeting its short term obligations.
  • NN's Quick ratio of 2.16 is amongst the best of the industry. NN outperforms 93.62% of its industry peers.
Industry RankSector Rank
Current Ratio 2.16
Quick Ratio 2.16
NN.AS Yearly Current Assets VS Current LiabilitesNN.AS Yearly Current Assets VS Current LiabilitesYearly Current Assets VS Current Liabilites 2016 2017 2018 2019 2020 2021 2022 2023 2024 2B 4B 6B 8B 10B

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4

3. NN.AS Growth Analysis

3.1 Past

  • The Earnings Per Share has grown by an nice 10.68% over the past year.
  • The Earnings Per Share has been decreasing by -0.60% on average over the past years.
  • The Revenue has been growing slightly by 1.39% in the past year.
  • Measured over the past years, NN shows a very negative growth in Revenue. The Revenue has been decreasing by -12.53% on average per year.
EPS 1Y (TTM)10.68%
EPS 3Y-18.75%
EPS 5Y-0.6%
EPS Q2Q%-40.43%
Revenue 1Y (TTM)1.39%
Revenue growth 3Y-19.29%
Revenue growth 5Y-12.53%
Sales Q2Q%6.55%

3.2 Future

  • Based on estimates for the next years, NN will show a small growth in Earnings Per Share. The EPS will grow by 6.74% on average per year.
  • Based on estimates for the next years, NN will show a small growth in Revenue. The Revenue will grow by 2.04% on average per year.
EPS Next Y-2.89%
EPS Next 2Y14.51%
EPS Next 3Y11.49%
EPS Next 5Y6.74%
Revenue Next Year-1.17%
Revenue Next 2Y1.45%
Revenue Next 3Y2.29%
Revenue Next 5Y2.04%

3.3 Evolution

  • When comparing the EPS growth rate of the last years to the growth rate of the upcoming years, we see that the growth is accelerating.
  • The Revenue growth rate is accelerating: in the next years the growth will be better than in the last years.
NN.AS Yearly Revenue VS EstimatesNN.AS Yearly Revenue VS EstimatesYearly Revenue VS Estimates 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 5B 10B 15B 20B
NN.AS Yearly EPS VS EstimatesNN.AS Yearly EPS VS EstimatesYearly EPS VS Estimates 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2 4 6 8

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4

4. NN.AS Valuation Analysis

4.1 Price/Earnings Ratio

  • A Price/Earnings ratio of 13.87 indicates a correct valuation of NN.
  • NN's Price/Earnings ratio is in line with the industry average.
  • NN is valuated rather cheaply when we compare the Price/Earnings ratio to 26.29, which is the current average of the S&P500 Index.
  • With a Price/Forward Earnings ratio of 7.71, the valuation of NN can be described as very cheap.
  • Compared to the rest of the industry, the Price/Forward Earnings ratio of NN indicates a rather cheap valuation: NN is cheaper than 87.23% of the companies listed in the same industry.
  • NN is valuated cheaply when we compare the Price/Forward Earnings ratio to 24.60, which is the current average of the S&P500 Index.
Industry RankSector Rank
PE 13.87
Fwd PE 7.71
NN.AS Price Earnings VS Forward Price EarningsNN.AS Price Earnings VS Forward Price Earnings ChartPrice Earnings - Forward Price Earnings PE FPE 5 10 15 20 25

4.2 Price Multiples

  • 65.96% of the companies in the same industry are more expensive than NN, based on the Enterprise Value to EBITDA ratio.
  • Based on the Price/Free Cash Flow ratio, NN is valued a bit more expensive than 74.47% of the companies in the same industry.
Industry RankSector Rank
P/FCF 90.7
EV/EBITDA 18.08
NN.AS Per share dataNN.AS EPS, Sales, OCF, FCF, BookValue per sharePer Share Data Per Share 20 40 60 80

4.3 Compensation for Growth

PEG (NY)N/A
PEG (5Y)N/A
EPS Next 2Y14.51%
EPS Next 3Y11.49%

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Price/EarningsPrice/FCFFCF per shareEV/EBITDAPEG RATIOShow best valued peers

6

5. NN.AS Dividend Analysis

5.1 Amount

  • With a Yearly Dividend Yield of 5.33%, NN is a good candidate for dividend investing.
  • NN's Dividend Yield is a higher than the industry average which is at 4.21.
  • NN's Dividend Yield is rather good when compared to the S&P500 average which is at 1.82.
Industry RankSector Rank
Dividend Yield 5.33%

5.2 History

  • The dividend of NN is nicely growing with an annual growth rate of 15.91%!
Dividend Growth(5Y)15.91%
Div Incr Years6
Div Non Decr Years6
NN.AS Yearly Dividends per shareNN.AS Yearly Dividends per shareYearly Dividends per share 2018 2019 2020 2021 2022 2023 2024 2025 2026 1 2 3

5.3 Sustainability

  • 73.42% of the earnings are spent on dividend by NN. This is not a sustainable payout ratio.
  • NN's earnings are growing slower than its dividend. This means the dividend growth is not sustainable.
DP73.42%
EPS Next 2Y14.51%
EPS Next 3Y11.49%
NN.AS Yearly Income VS Free CF VS DividendNN.AS Yearly Income VS Free CF VS DividendYearly Income VS Free CF VS Dividend 2016 2017 2018 2019 2020 2021 2022 2023 2024 0 5B -5B
NN.AS Dividend Payout.NN.AS Dividend Payout, showing the Payout Ratio.NN.AS Dividend Payout.PayoutRetained Earnings

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NN.AS Fundamentals: All Metrics, Ratios and Statistics

NN GROUP NV

AMS:NN (3/9/2026, 4:45:20 PM)

65.18

-0.38 (-0.58%)

Chartmill FA Rating
GICS SectorFinancials
GICS IndustryGroupInsurance
GICS IndustryInsurance
Earnings (Last)02-12
Earnings (Next)08-06
Inst Owners59.23%
Inst Owner ChangeN/A
Ins Owners0.01%
Ins Owner ChangeN/A
Market Cap17.14B
Revenue(TTM)12.76B
Net Income(TTM)1.26B
Analysts78.4
Price Target71.43 (9.59%)
Short Float %N/A
Short RatioN/A
Dividend
Industry RankSector Rank
Dividend Yield 5.33%
Yearly Dividend2.56
Dividend Growth(5Y)15.91%
DP73.42%
Div Incr Years6
Div Non Decr Years6
Ex-DateN/A
Surprises & Revisions
EPS beat(2)N/A
Avg EPS beat(2)N/A
Min EPS beat(2)N/A
Max EPS beat(2)N/A
EPS beat(4)N/A
Avg EPS beat(4)N/A
Min EPS beat(4)N/A
Max EPS beat(4)N/A
EPS beat(8)N/A
Avg EPS beat(8)N/A
EPS beat(12)N/A
Avg EPS beat(12)N/A
EPS beat(16)N/A
Avg EPS beat(16)N/A
Revenue beat(2)N/A
Avg Revenue beat(2)N/A
Min Revenue beat(2)N/A
Max Revenue beat(2)N/A
Revenue beat(4)N/A
Avg Revenue beat(4)N/A
Min Revenue beat(4)N/A
Max Revenue beat(4)N/A
Revenue beat(8)N/A
Avg Revenue beat(8)N/A
Revenue beat(12)N/A
Avg Revenue beat(12)N/A
Revenue beat(16)N/A
Avg Revenue beat(16)N/A
PT rev (1m)4.24%
PT rev (3m)7.21%
EPS NQ rev (1m)N/A
EPS NQ rev (3m)N/A
EPS NY rev (1m)0.04%
EPS NY rev (3m)0.6%
Revenue NQ rev (1m)N/A
Revenue NQ rev (3m)N/A
Revenue NY rev (1m)-1.38%
Revenue NY rev (3m)-1.38%
Valuation
Industry RankSector Rank
PE 13.87
Fwd PE 7.71
P/S 1.34
P/FCF 90.7
P/OCF 68.84
P/B 0.79
P/tB 0.84
EV/EBITDA 18.08
EPS(TTM)4.7
EY7.21%
EPS(NY)8.45
Fwd EY12.97%
FCF(TTM)0.72
FCFY1.1%
OCF(TTM)0.95
OCFY1.45%
SpS48.5
BVpS82.3
TBVpS77.7
PEG (NY)N/A
PEG (5Y)N/A
Graham Number93.29
Profitability
Industry RankSector Rank
ROA 0.61%
ROE 5.84%
ROCE 0.54%
ROIC 0.43%
ROICexc 0.45%
ROICexgc 0.59%
OM 8.71%
PM (TTM) 9.91%
GM N/A
FCFM 1.48%
ROA(3y)0.67%
ROA(5y)0.8%
ROE(3y)6.62%
ROE(5y)6.79%
ROIC(3y)0.31%
ROIC(5y)0.56%
ROICexc(3y)0.32%
ROICexc(5y)0.58%
ROICexgc(3y)0.42%
ROICexgc(5y)0.75%
ROCE(3y)0.39%
ROCE(5y)0.7%
ROICexgc growth 3Y-14.7%
ROICexgc growth 5Y-8.18%
ROICexc growth 3Y-16.09%
ROICexc growth 5Y-9.11%
OM growth 3Y-1.79%
OM growth 5Y0.69%
PM growth 3Y-3.58%
PM growth 5Y9.26%
GM growth 3YN/A
GM growth 5YN/A
F-Score7
Asset Turnover0.06
Health
Industry RankSector Rank
Debt/Equity 0.62
Debt/FCF 70.44
Debt/EBITDA 10.56
Cap/Depr 40%
Cap/Sales 0.47%
Interest Coverage 0.78
Cash Conversion 19.75%
Profit Quality 14.95%
Current Ratio 2.16
Quick Ratio 2.16
Altman-Z 0.13
F-Score7
WACC8.28%
ROIC/WACC0.05
Cap/Depr(3y)N/A
Cap/Depr(5y)N/A
Cap/Sales(3y)N/A
Cap/Sales(5y)N/A
Profit Quality(3y)N/A
Profit Quality(5y)N/A
High Growth Momentum
Growth
EPS 1Y (TTM)10.68%
EPS 3Y-18.75%
EPS 5Y-0.6%
EPS Q2Q%-40.43%
EPS Next Y-2.89%
EPS Next 2Y14.51%
EPS Next 3Y11.49%
EPS Next 5Y6.74%
Revenue 1Y (TTM)1.39%
Revenue growth 3Y-19.29%
Revenue growth 5Y-12.53%
Sales Q2Q%6.55%
Revenue Next Year-1.17%
Revenue Next 2Y1.45%
Revenue Next 3Y2.29%
Revenue Next 5Y2.04%
EBIT growth 1Y62.43%
EBIT growth 3Y-20.73%
EBIT growth 5Y-11.93%
EBIT Next Year10.86%
EBIT Next 3Y7.21%
EBIT Next 5YN/A
FCF growth 1Y114.01%
FCF growth 3YN/A
FCF growth 5YN/A
OCF growth 1Y118.99%
OCF growth 3YN/A
OCF growth 5YN/A

NN GROUP NV / NN.AS FAQ

Can you provide the ChartMill fundamental rating for NN GROUP NV?

ChartMill assigns a fundamental rating of 4 / 10 to NN.AS.


Can you provide the valuation status for NN GROUP NV?

ChartMill assigns a valuation rating of 4 / 10 to NN GROUP NV (NN.AS). This can be considered as Fairly Valued.


What is the profitability of NN stock?

NN GROUP NV (NN.AS) has a profitability rating of 3 / 10.


What is the expected EPS growth for NN GROUP NV (NN.AS) stock?

The Earnings per Share (EPS) of NN GROUP NV (NN.AS) is expected to decline by -2.89% in the next year.


Is the dividend of NN GROUP NV sustainable?

The dividend rating of NN GROUP NV (NN.AS) is 6 / 10 and the dividend payout ratio is 73.42%.