EnBW Energie Baden-Wurttemberg (EBK) AI Stock Analysis

EnBW Energie Baden-Wurttemberg

(XETRA:EBK)

Select Model

Rating:44Neutral

Price Target:EUR 66.00▼(-0.90% Downside)

Action:reiterated

Date:08/17/26

EnBW scores below average, driven primarily by its deteriorating profitability — the swing to net losses and margin compression are the most significant negative factors. The negative P/E and modest dividend yield further weigh on the valuation assessment. However, the score is supported above the lowest range by robust free cash flow generation (€3.7B TTM), which suggests the underlying business remains operationally viable and that reported losses may stem from non-cash items. Technical indicators are neutral, offering neither upside catalyst nor immediate downside risk. The very low beta provides defensive characteristics. For the score to improve materially, investors would need to see a clear path back to profitability and margin recovery alongside continued strong cash flow.

Positive Factors

Strong Free Cash FlowSustained positive operating and free cash flow gives EnBW internal funding capacity for network investment, renewable expansion, and debt service. The improvement versus prior years strengthens financial resilience, although continued consistency remains important.

Negative Factors

Negative ProfitabilityCurrent losses and negative returns on equity weaken the company’s ability to compound shareholder value and reduce earnings visibility. Persistent profitability pressure could constrain investment flexibility even while operating cash flow remains strong.

EnBW Energie Baden-Wurttemberg (EBK) vs. iShares MSCI Germany ETF (EWG)

Market Cap: EUR 21.53B
Dividend Yield: 2.55%
Average Volume (3M): 212
Price to Earnings (P/E): -48.6
Beta (1Y): 0.17
Revenue Growth: 9.20%
EPS Growth: -205.54%
Country: Germany
Employees: 29,326
Sector: General
Sector Strength: 55
Industry: Diversified Utilities

EnBW Energie Baden-Wurttemberg Business Overview & Revenue Model

Company Description

EnBW Energie Baden-Württemberg AG operates as an integrated energy company in Germany, Rest of Europe, and internationally. It operates through three segments: Sustainable Generation Infrastructure, Critical Infrastructure, and Smart Infrastructure f...

How the Company Makes Money

EnBW primarily makes money through multiple, vertically integrated revenue streams across the energy sector: (1) Power and heat generation: EnBW earns revenue by producing electricity (including from renewable and conventional plants) and selling it...

EnBW Energie Baden-Wurttemberg Financial Statement Overview

Summary

EnBW's financials are under significant pressure. The swing to net losses (-€207M in 2025, -€447M TTM) and collapsing gross margins (~8.9% in 2025) are major negatives. Revenue has normalized downward from the 2022 energy crisis peak. However, strong operating and free cash flow (€3.7B FCF TTM) partially offsets the reported losses, suggesting non-cash charges are a key driver. The balance sheet carries elevated leverage (1.53x debt-to-equity) but equity has grown meaningfully over recent years. Blending the income statement score (32), balance sheet score (40), and cash flow score (62), the overall financial picture is weak but not dire, with cash flow providing a critical lifeline.

Income Statement

32Negative

Balance Sheet

40Negative

Cash Flow

62Positive

Financial statement breakdown
Breakdown	TTM	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	36.02B	34.39B	34.52B	44.43B	56.00B	32.15B
Gross Profit	4.12B	3.07B	8.99B	9.21B	5.21B	6.47B
EBITDA	4.96B	3.46B	5.99B	6.30B	4.42B	2.40B
Net Income	-446.70M	-206.80M	1.24B	1.54B	1.74B	363.20M
Balance Sheet
Total Assets	68.17B	72.72B	64.28B	64.72B	69.50B	71.27B
Cash, Cash Equivalents and Short-Term Investments	7.93B	9.34B	8.44B	8.55B	6.16B	6.58B
Total Debt	19.44B	21.23B	19.38B	16.18B	12.57B	11.35B
Total Liabilities	46.35B	51.00B	46.51B	48.87B	56.73B	62.77B
Stockholders Equity	12.67B	12.90B	10.23B	9.31B	8.96B	4.65B
Cash Flow
Free Cash Flow	3.73B	4.22B	-2.86B	-3.50B	-965.90M	5.24B
Operating Cash Flow	3.78B	4.54B	2.62B	899.70M	1.80B	7.60B
Investing Cash Flow	-7.68B	-8.53B	-6.21B	-5.80B	-2.73B	-2.86B
Financing Cash Flow	2.33B	2.63B	2.38B	4.42B	734.60M	600.10M

EnBW Energie Baden-Wurttemberg Technical Analysis

Technical Analysis SentimentNegative

Last Price66.60

Price Trends

50DMA67.87Negative

100DMA68.38Negative

200DMA68.04Negative

Market Momentum

MACD-0.49Positive

RSI46.16Neutral

STOCH57.41Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For DE:EBK, the sentiment is Negative. The current price of 66.60 is below the 20-day moving average (MA) of 67.10, below the 50-day MA of 67.87, and below the 200-day MA of 68.04, indicating a bearish trend. The MACD of -0.49 indicates Positive momentum. The RSI at 46.16 is Neutral, neither overbought nor oversold. The STOCH value of 57.41 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for DE:EBK.

EnBW Energie Baden-Wurttemberg Peers Comparison

Overall Rating

UnderperformOutperform

Sector (55)

Financial Indicators

DE:EBK against its peers
Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
DE:RWE	72Outperform	EUR 44.88B	13.42	9.03%	2.09%	-34.12%	23.51%
DE:EOAN	62Neutral	EUR 49.40B	14.76	16.83%	3.02%	-8.43%	7.19%
Sector *	55Neutral	$6.65B	3.83	-15.92%	6.20%	10.91%	7.18%
DE:MVV1	50Neutral	EUR 1.99B	46.36	1.88%	4.30%	-7.56%	-71.88%
DE:EBK	44Neutral	EUR 21.53B	-48.61	-3.42%	2.55%	9.20%	-205.54%
DE:PNE3	41Neutral	EUR 419.09M	-13.78	-20.05%	0.73%	13.19%	-27.65%

* General Sector Average

Performance Comparison

DE:EBK and its peers over the selected period
Ticker	Company Name	Price	Change	% Change
DE:EBK	Enbw Energie Baden-Wurttemberg Ag	66.60	0.26	0.39%
DE:EOAN	E.ON SE (UK)	18.91	3.48	22.58%
DE:WWG	Gelsenwasser AG	535.00	-22.27	-4.00%
DE:MVV1	MVV Energie	30.20	0.35	1.17%
DE:PNE3	PNE WIND (0KUY)	5.49	-4.81	-46.68%
DE:RWE	Rwe Ag (UK)	57.54	15.48	36.81%

EnBW Energie Baden-Wurttemberg Corporate Events

Financial Disclosures

EnBW sets publication dates for 2026 annual and 2027 half-year reports

Neutral

Aug 7, 2026

EnBW Energie Baden-Württemberg AG has announced the scheduled publication dates for its upcoming financial reports, covering both the standalone and group annual reports for the 2026 financial year. These reports, for the period from 1 January t...

Glossary

BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.

HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.

SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.

Disclaimer

This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.

Date of analysis: Aug 17, 2026

EnBW Energie Baden-Wurttemberg AI Stock Analysis