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Rockwool A/S (ROCK-B) Fair Value & Analysis

Industrials · DK · Market cap 42.3B DKK

RA Rockwool A/S ROCK-B · CO
Pricekr 212.40
Fair Valuekr 232.55
Upside+9.5%
Quality59/100
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Healthy Growth
Loss over the last twelve months · -4.5% net margin · fiscal year 2025 0.7%
Low debt · generates free cash flow
0.30% dividend yield
Mixed vs. peers (7/14)
Narrow moat 37/100
Evidence: High Range kr 132.68 – kr 437.72 Share as image

Fair value as of: Aug 19, 2026

From 25 valuation models · updated yesterday

Fair value updated Aug 19, 2026, revised from kr 143.97 to kr 232.55 (+61.5%) since Jun 11, 2026. Share price +6.8% over the past month.

A solid business, currently priced close to our fair value.

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What matters now

  • The model range is unusually wide (kr 132.68 to kr 437.72). The outcome hinges heavily on assumptions, so read the point estimate with caution.
  • The price sits close to our fair value, market and models broadly agree here, little valuation tension.
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Price vs Fair Value (5 years)

kr 312.97 kr 105.69 Fair Value kr 232.55 May 2021 Aug 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Aug 19, 2026.

How to read this chart

60‑month range kr 105.69 – kr 312.97 · fair‑value band kr 132.68 – kr 437.72 · the kr 212.40 price screens below the kr 232.55 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Aug 19, 2026.

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Analysis

Rockwool A/S (ROCK-B) currently trades at kr 212.40, while our model-based Fair Value estimate is kr 232.55, implying the stock looks roughly 9.5% fairly valued today. The Quality Score stands at 59/100 (solid quality), in the Industrials sector. Bull case: trading below our estimate, it may offer upside if the fundamentals hold. Bear case: a low price can be a value trap when quality is weak or the data is thin (evidence: high), always confirm before acting.

Over the trailing twelve months, Rockwool A/S generated revenue of 3.9B DKK at a net margin of -4.5%. It earns a return on equity of 0.1%. Net debt stands at €217M. Fundamentals as of Aug 19, 2026

Our scenario range runs from kr 132.68 (bear case) to kr 437.72 (bull case); at kr 212.40, 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 31% below its 52-week high and 35% above its 52-week low, currently below its 200-day average. For context, the median of 10 Industrials peers we cover trades at -60% fair-value upside, at 9%, ROCK-B screens cheaper than that median.

Fair Value models

Each model estimates fair value its own way; the Fair Value above is the evidence-weighted 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.

Note: the current price implies far more future growth than the conservative anchors of our models allow (base growth is deliberately capped, we do not regard such extreme rates as sustainable). Our models are not designed for expectations this high; that is why the individual models scatter extremely (kr 0.7400 to kr 53.46). Read the values as a conservative anchor, not as a price target.
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
Growth DCF kr 8.55 kr 12.21 kr 17.34 80
Residual Income kr 9.16 kr 8.65 kr 6.33 76
Rev-Margin DCF kr 17.70 kr 29.84 kr 43.25 74
All 25 models by family
DCF Models
FCF DCF kr 8.37 kr 12.42 kr 18.42 38
5Y Revenue Exit kr 17.70 kr 30.03 kr 45.76 39
5Y EBITDA Exit kr 25.91 kr 45.05 kr 67.21 41
5Y P/E Exit kr 4.44 kr 5.75 kr 7.03 38
10Y Revenue Exit kr 13.49 kr 23.91 kr 37.79 36
10Y EBITDA Exit kr 19.38 kr 34.22 kr 53.84 37
10Y P/E Exit kr 5.81 kr 7.25 kr 8.83 35
Earnings-Based
Graham-Dodd kr 0.9200 kr 2.57 kr 3.37 54
Lynch FV kr 0.5100 kr 0.7400 kr 0.9600 50
PEG = 1.0 kr 0.5100 kr 0.7400 kr 0.9600 46
EPV kr 19.11 kr 22.23 kr 24.96 59
Dividend Discount
Gordon GGM kr 7.93 kr 16.50 kr 26.17 70
DDM Multi-Stage kr 7.93 kr 12.50 kr 17.31 61
Multiples
P/E Multiple kr 2.14 kr 2.85 kr 3.57 63
P/S Multiple kr 1.73 kr 2.31 kr 2.89 58
P/B Multiple kr 1.73 kr 2.31 kr 2.89 55
EV/EBIT kr 35.60 kr 47.34 kr 59.08 53
EV/EBITDA kr 40.19 kr 53.46 kr 66.73 54
EV/Revenue kr 24.10 kr 34.26 kr 44.42 43
Asset-Based
NCAV (Graham) kr 6.66 kr 8.92 kr 13.32 50
Growth DCF
Growth DCF kr 8.55 kr 12.21 kr 17.34 80
Rev-Margin DCF kr 17.70 kr 29.84 kr 43.25 74
Economic Profit
Residual Income kr 9.16 kr 8.65 kr 6.33 76
ROIC Compounder kr 20.05 kr 25.08 kr 30.99 72
Growth Earnings
Growth-Adj P/E kr 1.70 kr 2.43 kr 3.17 68

Widest divergence: DCF Models (kr 23.91) versus Earnings-Based (kr 0.7400). Highest evidence: Growth DCF (80).

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Key figures & financial health

Revenue (TTM) 3.9B DKK
Net margin -4.5%
Return on equity 0.1%
Free cash flow €149M FY2025
Operating margin 13.3%
Dividend yield 0.3%
More key figures
EPS growth (YoY) -14.3%
Net debt €217M FY2025

Figures from reported company fundamentals · as of Aug 19, 2026. TTM = trailing twelve months.

Quality Score breakdown

Overall quality 59/100

Of which business quality 59 · Market factors (momentum, volatility) 30

Profitability 38
Margins and returns on capital today
Quality Growth 21
Are margins and returns improving?
Cashflow 47
Earnings quality: real cash, not paper profit
Fin. Strength 81
Balance sheet, leverage, solvency risk
Investment 75
Disciplined investing over empire-building
Low Volatility 34
Calm price path (market factor)
Momentum 32
Price trend over the last 3–12 months (market factor)
52W Momentum 25
Distance to the 52-week high (market factor)
Net Issuance 100
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.

About the company

Rockwool A/S produces and sells stone wool insulation products in Western Europe, Eastern Europe, Russia, North America, Asia, and internationally. The company operates through two segments: Insulation and Systems segments.

Full company description

Rockwool A/S produces and sells stone wool insulation products in Western Europe, Eastern Europe, Russia, North America, Asia, and internationally. The company operates through two segments: Insulation and Systems segments. The company offers products, including solutions for ceiling systems, ventilated façades, friction and water management and stone wool substrate. It also offers roof, floor, façade, ceiling, partition wall, internal and exterior wall, HVAC, acoustic, and technical insulation, as well as passive fire protection, industrial insulation, marine and offshore insulation, OEM, basement, chimney, shed, and garage insulation products. In addition, the company provides acoustic ceilings and walls, cladding boards, rainwater management, and prefab building systems, engineered fibers, noise and vibration control, and horticultural substrates. It sells its products under the ROCKWOOL, Rockfon, Rockpanel, Grodan, and Lapinus brand names. Rockwool A/S was founded in 1909 and is based in Hedehusene, Denmark.

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

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

Rockwool A/S reported revenue of €3.9B in FY2025 versus €3.1B in FY2021, a compound +5.8%/yr. Reported net income was €28.0M in FY2025, compounding −44.9%/yr from FY2021.

Growth Quality 72/100
Revenue growth appears healthy and is supported by profitability and cash-flow quality.
Latest Revenue (FY 2025)
€3.9B
Latest YoY
+0.4%
Avg. 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.
−0.3%
Avg. 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.
+8.3%
Avg. growth/yr (23Y) 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.
+5.8%
Revenue +5.8%/yr
FY21 €3.1B
FY22 €3.9B
FY23 €3.6B
FY24 €3.9B
FY25 €3.9B
Net income −44.9%/yr
FY21 €303M
FY22 €273M
FY23 €389M
FY24 €550M
FY25 €28.0M
Character of growth · EPS growth decomposed (2014-2025) +11.6 % p.a.
Revenue per share +6.5 pp

of which total revenue +6.2 pp · buybacks/dilution +0.3 pp

EBIT margin +8.9 pp
Tax rate −0.5 pp
Residual (interest, one-offs) −3.4 pp

Absolute contributions in percentage points per year; they sum to the EPS growth rate. Start and end points are 3-year averages (details on hover).

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Cite: Fair Value Calculator (2026). "Rockwool A/S Fair Value". https://www.fairvalue-calculator.com/stock/ROCK-B

Earlier news

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

Peer Group

Building Products & Equipment · 250 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 59 · Above median
Fair Value upside +10% · Above median
Return on equity (TTM) 0% · Below median
Return on assets 9% · Top 25%
Net margin (TTM) -4% · Bottom 25%
Operating margin (TTM) 13% · Top 25%
Revenue growth 0% · Below median
Dividend yield (TTM) 0.3% · Bottom 25%
Debt / equity 0.01× · Lower than 75% of peers

Valuation Multiples vs Building Products & Equipment median · lower = cheaper

P/B 2.40× · Pricier than median
P/S (TTM) 1.70× · Pricier than median
P/FCF 44.2× · Pricier than 75% of peers
EV/EBITDA 8.0× · Cheaper than median
PEG 1.57× · Cheaper than median

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
VALUE46 · sector 0
FUTURE0 · sector 10
PAST1 · sector 23
HEALTH99 · sector 94
DIVIDEND6 · sector 38

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

ESG scores are not available for this stock yet. Values and ESG data are contextual and can differ between providers.

Similar stocks

10 more Building Products & Equipment stocks, each showing price versus our Fair Value estimate (as of Aug 19, 2026).

Stock Price Fair Value vs Fair Value
Trane Technologies plc TT $480.20 $208.50 -57%
Johnson Controls International plc JCI $152.79 $44.75 -71%
Carrier Global Corporation CARR $63.08 $16.85 -73%
Compagnie de Saint-Gobain S.A SGO €84.24 €97.97 +16%
PT Impack Pratama Industri Tbk, IMPC 1,405 IDR 179.76 IDR -87%
NIBE Industrier AB NIBEB kr 38.91 kr 25.37 -35%
Beijing New Building Materials Public Limited 000786 ¥18.73 ¥31.73 +69%
Moon Environment Technology Co 000811 ¥42.22 ¥11.94 -72%
The Supreme Industries Limited SUPREMEIND ₹3,460 ₹1,376 -60%
Aditya Infotech Limited CPPLUS ₹3,343 ₹763.08 -77%

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Frequently asked questions

Is Rockwool A/S (ROCK-B) overvalued or undervalued?
As of Aug 19, 2026, our model estimates a fair value of kr 232.55 versus a price of kr 212.40, about +9% (fairly valued).
What is the fair value of ROCK-B?
Our model-based fair value for Rockwool A/S is kr 232.55 (as of Aug 19, 2026), built from audited fundamentals. The current price: kr 212.40.
What is the quality score of ROCK-B?
Rockwool A/S has a Quality Score of 59/100. 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 Rockwool A/S (ROCK-B)?
Rockwool A/S reported trailing-twelve-month revenue of about 3.9B DKK (latest available figure, as of Aug 19, 2026).
What is the net profit margin of ROCK-B?
The net profit margin of Rockwool A/S is about -4.5%, meaning it is currently running at a net loss. Based on the latest reported figures.
Does Rockwool A/S pay a dividend?
Rockwool A/S currently shows a dividend yield of about 0.30% relative to its recent price (as of Aug 19, 2026).

How we calculate Fair Value

Each company is valued through a stack of independent intrinsic-value models (DCF variants, residual-income, multiples and more), blended into one family-balanced consensus and weighted by how much trustworthy data backs it. A separate quality layer scores the fundamentals. Every input is real reported data, nothing guessed.

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