Muhlbauer Holding AG & Co. KGaA (MUB) AI Stock Analysis

Muhlbauer Holding AG & Co. KGaA

(XETRA:MUB)

Select Model

Rating:81Outperform

Price Target:EUR 50.00▲(16.82% Upside)

Action:reiterated

Date:09/08/26

The overall score of 81 is primarily driven by the company's pristine, debt-free balance sheet and an attractive valuation profile featuring a strong 3.44% dividend yield. Technical momentum also remains broadly positive across medium and long-term moving averages. The main risk factor constraining the score is profitability headwinds, specifically cyclical revenue declines and gross margin compression.

Positive Factors

Debt-free balance sheetA debt-free balance sheet materially lowers financial risk and preserves flexibility during weaker demand periods. It also gives Muhlbauer greater capacity to fund equipment development, customer projects, service capabilities, or shareholder returns without the burden of refinancing or rising interest costs.

Negative Factors

Declining recent revenueThe recent revenue decline signals weaker near-term demand or project timing across Muhlbauer’s capital-equipment markets. Because system deliveries and milestones can be uneven, sustained contraction would reduce operating leverage, limit growth investment, and make future earnings more dependent on margin management.

Muhlbauer Holding AG & Co. KGaA (MUB) vs. iShares MSCI Germany ETF (EWG)

Market Cap: EUR 607.41M
Dividend Yield: 3.50%
Average Volume (3M): 277
Price to Earnings (P/E): 17.3
Beta (1Y): 0.35
Revenue Growth: 1.88%
EPS Growth: 164.89%
Country: Germany
Employees: 3,812
Sector: Technology
Sector Strength: 61
Industry: Computer Hardware

Muhlbauer Holding AG & Co. KGaA Business Overview & Revenue Model

Company Description

Mühlbauer Holding AG, founded in 1981 and headquartered in Roding, Germany, is a global enterprise specializing in the manufacturing and personalization of smart cards, passports, and RFID solutions. The company's offerings span the complete producti...

How the Company Makes Money

Muhlbauer primarily generates revenue by selling capital equipment and integrated production lines used to manufacture and personalize secure ID and RFID/NFC products. A major portion of earnings is typically tied to project-based deliveries where cu...

Muhlbauer Holding AG & Co. KGaA Financial Statement Overview

Summary

Supported by an exceptional zero-debt balance sheet and robust free cash flow generation, though partially offset by recent revenue declines and significant gross margin contraction.

Income Statement

65Positive

Balance Sheet

95Very Positive

Cash Flow

80Positive

Financial statement breakdown
Breakdown	TTM	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	528.15M	484.58M	532.09M	464.41M	324.47M	343.10M
Gross Profit	136.68M	123.51M	290.36M	324.59M	249.03M	264.29M
EBITDA	60.40M	103.38M	48.06M	96.25M	25.24M	92.47M
Net Income	35.20M	24.69M	11.54M	48.41M	-3.02M	58.93M
Balance Sheet
Total Assets	603.25M	546.28M	588.68M	621.01M	542.43M	452.23M
Cash, Cash Equivalents and Short-Term Investments	81.56M	71.47M	70.20M	48.45M	78.22M	107.30M
Total Debt	0	0	0	0	0	0
Total Liabilities	329.02M	290.26M	332.03M	365.83M	318.36M	202.24M
Stockholders Equity	274.23M	256.02M	256.65M	255.18M	224.06M	249.99M
Cash Flow
Free Cash Flow	22.66M	22.66M	28.94M	-17.54M	5.37M	13.10M
Operating Cash Flow	42.89M	42.89M	55.69M	38.76M	39.68M	59.18M
Investing Cash Flow	-19.77M	-19.77M	-19.42M	-53.45M	-36.38M	-45.63M
Financing Cash Flow	-21.29M	-21.29M	-14.45M	-14.39M	-23.60M	-22.12M

Muhlbauer Holding AG & Co. KGaA Technical Analysis

Technical Analysis SentimentNeutral

Last Price42.80

Price Trends

50DMA43.29Negative

100DMA41.09Positive

200DMA39.14Positive

Market Momentum

MACD0.02Positive

RSI48.09Neutral

STOCH33.33Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For DE:MUB, the sentiment is Neutral. The current price of 42.80 is below the 20-day moving average (MA) of 42.86, below the 50-day MA of 43.29, and above the 200-day MA of 39.14, indicating a neutral trend. The MACD of 0.02 indicates Positive momentum. The RSI at 48.09 is Neutral, neither overbought nor oversold. The STOCH value of 33.33 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral sentiment for DE:MUB.

Muhlbauer Holding AG & Co. KGaA Peers Comparison

Overall Rating

UnderperformOutperform

Sector (61)

Financial Indicators

DE:MUB against its peers
Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
DE:FAA	82Outperform	EUR 177.10M	13.88	30.98%	3.11%	7.53%	36.30%
DE:MUB	81Outperform	EUR 612.39M	17.26	13.28%	3.50%	1.88%	164.89%
DE:NA9	67Neutral	EUR 1.01B	19.74	29.36%	1.27%	1.27%	30.41%
Sector *	61Neutral	$37.18B	12.37	-10.20%	1.83%	8.50%	-7.62%
DE:KTN	58Neutral	EUR 1.26B	14.40	11.87%	2.98%	-7.28%	-39.21%

* Technology Sector Average

Performance Comparison

DE:MUB and its peers over the selected period
Ticker	Company Name	Price	Change	% Change
DE:MUB	Muhlbauer Holding AG & Co. KGaA	42.80	5.24	13.95%
DE:KTN	Kontron AG	20.16	-1.52	-7.01%
DE:V3S	Vectron Systems AG	13.20	0.83	6.69%
DE:FEW0	Funkwerk AG	35.60	4.51	14.49%
DE:FAA	Fabasoft AG	16.10	1.74	12.13%
DE:NA9	Nagarro SE	78.40	32.04	69.11%

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: Sep 08, 2026

Muhlbauer Holding AG & Co. KGaA AI Stock Analysis