HMS Bergbau AG (HMU) AI Stock Analysis

HMS Bergbau AG

(XETRA:HMU)

Select Model

Rating:49Neutral

Price Target:EUR 32.00▲(7.38% Upside)

Action:reiterated

Date:10/29/26

The overall score is 49, reflecting significant financial and technical headwinds. The most impactful factor is the deterioration in cash flow, with deeply negative operating and free cash flow, which raises liquidity concerns alongside rising debt. This is compounded by a bearish technical trend, with the stock trading below all major moving averages and weak momentum indicators. A superficially low P/E ratio provides some valuation appeal, but it is distorted by one-time gains and does not offset the fundamental and technical risks.

Positive Factors

Multi-year revenue growthStrong revenue expansion across 2020–2024 indicates that HMS Bergbau has demonstrated the ability to grow trading volumes and customer activity over multiple years. Although 2025 softened, the preceding trajectory provides a meaningful operating base for renewed growth if demand stabilizes.

Negative Factors

Negative operating and free cash flowThe reversal to deeply negative operating and free cash flow indicates that reported earnings are not currently converting reliably into liquidity. Persistent or recurring working-capital swings could increase funding needs, constrain investment capacity, and amplify financial volatility over the next several quarters.

HMS Bergbau AG (HMU) vs. iShares MSCI Germany ETF (EWG)

Market Cap: EUR 146.28M
Dividend Yield: 3.42%
Average Volume (3M): 841
Price to Earnings (P/E): 2.2
Beta (1Y): 0.23
Revenue Growth: 33.00%
EPS Growth: 383.79%
Country: Germany
Employees: 56
Sector: Energy
Sector Strength: 65
Industry: Coal

HMS Bergbau AG Business Overview & Revenue Model

Company Description

HMS Bergbau AG, together with its subsidiaries, engages in trading and distributing coal and other energy raw materials to energy producers, cement manufacturers, and industrial consumers worldwide. The company provides energy resources, including co...

How the Company Makes Money

HMS Bergbau AG’s earnings are primarily derived from commodity trading/marketing margins: the company sources coal from producers, arranges delivery to customers, and generates revenue from the spread between its purchase cost (including procurement...

HMS Bergbau AG Financial Statement Overview

Summary

Financial performance is mixed. Revenue has grown significantly over the long term but declined 10% in the latest year. Margins are very thin (2-3% gross, ~1.2% operating), limiting core profitability. The 2025 net income spike is from non-operating gains, while operating cash flow turned sharply negative (-€32.5M) and free cash flow is deeply negative (-€49.8M). Rising debt (debt-to-equity of 1.09) adds financial risk. Overall, weak cash conversion and recent revenue decline offset historical growth.

Income Statement

45Neutral

Balance Sheet

55Neutral

Cash Flow

35Negative

Financial statement breakdown
Breakdown	TTM	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	1.70B	1.22B	1.36B	1.30B	971.91M	427.74M
Gross Profit	42.21M	36.01M	38.58M	35.30M	20.75M	11.02M
EBITDA	29.98M	63.31M	21.19M	16.38M	15.60M	5.39M
Net Income	65.20M	54.79M	13.31M	12.37M	10.52M	3.25M
Balance Sheet
Total Assets	507.18M	357.78M	220.05M	281.60M	130.47M	98.83M
Cash, Cash Equivalents and Short-Term Investments	49.94M	37.26M	39.64M	35.99M	31.05M	25.98M
Total Debt	103.95M	92.72M	26.39M	16.54M	16.27M	11.58M
Total Liabilities	352.25M	225.14M	169.00M	240.88M	98.32M	77.71M
Stockholders Equity	103.54M	85.04M	48.51M	38.11M	29.61M	18.45M
Cash Flow
Free Cash Flow	-16.83M	-49.81M	7.89M	9.36M	-1.80M	14.45M
Operating Cash Flow	24.03M	-32.48M	8.54M	9.98M	-1.14M	15.09M
Investing Cash Flow	-37.55M	-14.46M	-405.00K	-1.32M	2.25M	-882.00K
Financing Cash Flow	3.84M	49.01M	-4.48M	-3.96M	-445.00K	7.77M

HMS Bergbau AG Technical Analysis

Technical Analysis SentimentNegative

Last Price29.80

Price Trends

50DMA37.66Negative

100DMA39.14Negative

200DMA40.91Negative

Market Momentum

MACD-1.31Negative

RSI37.66Neutral

STOCH11.11Positive

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For DE:HMU, the sentiment is Negative. The current price of 29.80 is below the 20-day moving average (MA) of 34.42, below the 50-day MA of 37.66, and below the 200-day MA of 40.91, indicating a bearish trend. The MACD of -1.31 indicates Negative momentum. The RSI at 37.66 is Neutral, neither overbought nor oversold. The STOCH value of 11.11 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for DE:HMU.

HMS Bergbau AG Peers Comparison

Overall Rating

UnderperformOutperform

Sector (65)

Financial Indicators

DE:HMU against its peers
Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
DE:DR0	81Outperform	EUR 444.17M	2.94	54.84%	2.47%	-5.55%	271.30%
DE:4DS	67Neutral	EUR 149.64M	17.61	26.65%	0.72%	34.62%	225.48%
Sector *	65Neutral	$15.17B	7.61	4.09%	5.20%	3.87%	-62.32%
DE:HMU	49Neutral	EUR 146.28M	2.23	69.14%	3.42%	33.00%	383.79%

* Energy Sector Average

Performance Comparison

DE:HMU and its peers over the selected period
Ticker	Company Name	Price	Change	% Change
DE:HMU	HMS Bergbau AG	32.20	-18.88	-36.97%
DE:DR0	Deutsche Rohstoff AG	91.20	44.47	95.17%
DE:4DS	Daldrup & Soehne AG	25.00	8.58	52.28%
DE:REL	Ichor Coal NV	0.02	0.00	5.00%

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: Oct 29, 2026

HMS Bergbau AG AI Stock Analysis