Royal Vopak (VOPKY) AI Stock Analysis

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Royal Vopak

(Other OTC:VOPKY)

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Rating:70Outperform

Price Target:$67.00▲(10.33% Upside)

Action:reiterated

Date:08/29/26

The score is primarily supported by solid financial performance (strong margins and consistently positive cash generation) and an attractive valuation (low P/E with a ~3.8% yield). Technicals are moderately positive but not strong, reflecting neutral momentum and limited short-term trend strength, while recent revenue softness and historical earnings volatility temper the overall rating.

Positive Factors

Strong ProfitabilityStrong operating and net profitability indicates that Vopak’s terminal infrastructure generates substantial earnings from its asset base. Healthy EBITDA margins across several years also suggest the business has meaningful operating resilience and supports reinvestment, debt service, and shareholder distributions.

Negative Factors

Recent Revenue DeclineThe two consecutive years of revenue contraction show that Vopak’s top-line growth is currently uneven despite strong profitability. Sustained weakness could reduce operating leverage, limit expansion capacity, and make future earnings increasingly dependent on margins rather than business volume.

Royal Vopak (VOPKY) vs. SPDR S&P 500 ETF (SPY)

Market Cap: $6.80B
Dividend Yield: 4.72%
Average Volume (3M): 404
Price to Earnings (P/E): 13.2
Beta (1Y): 0.14
Revenue Growth: 8.18%
EPS Growth: 6.80%
Country: US
Employees: 5,007
Sector: Energy
Sector Strength: 65
Industry: Oil & Gas Midstream

Royal Vopak Business Overview & Revenue Model

Company Description

Koninklijke Vopak N.V. operates as an independent, global provider of tank storage solutions, specializing in the secure storage and efficient handling of a wide array of bulk liquids and gases. Its core services encompass liquid chemicals, liquefied...

How the Company Makes Money

Vopak primarily makes money by operating tank terminal infrastructure and charging customers for the right to store and handle products in its facilities. The core of its revenue model is based on long-term, capacity-reservation style arrangements (o...

Royal Vopak Earnings Call Summary

Earnings Call Date:Apr 21, 2026(Q1-2026)|% Change Since:28.38%|Next Earnings Date:Nov 04, 2018

Earnings Call SentimentPositive

The call conveyed a predominantly positive operational and financial start to 2026: healthy occupancy (91%), proportional EBITDA of EUR 295 million with ~4.2% organic growth, strong cash conversion (76%) and reaffirmed full‑year guidance (proportional EBITDA EUR 1.15–1.20 billion; operating free cash flow ~EUR 800 million). Management also highlighted clear progress on key growth projects (Gate tank #4, REEF LPG, Deer Park biofuels) and a disciplined capital allocation strategy including EUR 1.7 billion shareholder distributions and a EUR 4 billion investment ambition through 2030. The main negatives were elevated uncertainty and operational impacts from the Middle East conflict (including ~8% Fujairah capacity out of service), a small decline in gas terminal performance, and currency/divestment headwinds (EUR 15m and EUR 2m respectively). Taken together, the positives — solid organic growth, strong cash generation, low adjusted leverage and visible near‑term project commissions — materially outweigh the current geopolitical and FX headwinds, though management cautioned uncertainty remains and they will continue to monitor customer stress and FID timelines.

Positive Updates

High Utilization and Healthy Demand

Proportional occupancy remained strong at 91% in Q1 2026, reflecting healthy customer demand across Vopak's network despite market volatility.

Negative Updates

Middle East Conflict — Supply Shock and Uncertainty

The conflict triggered historic supply‑side shocks, commodity price volatility and redirected flows, increasing customer caution and overall market uncertainty. Management noted that while the portfolio is resilient it is not immune to these disruptions.

Company Guidance

Vopak reconfirmed its FY2026 guidance, reiterating proportional operating free cash flow of around EUR 800m and proportional EBITDA of EUR 1.15–1.20bn, while noting the outlook remains subject to market volatility and FX movements from the Middle East conflict; Q1 contributed a proportional EBITDA of EUR 295m with a 91% occupancy rate, 76% EBITDA-to-operating-free-cash-flow conversion and an operating cash return of 16.6% (vs 16.8% in Q1 2025). The company said proportional EBITDA grew ~4.2% (adjusted for EUR 15m negative FX and EUR 2m divestments) with ~EUR 9m from growth projects, proportional OFCF per share up 7.1% on an autonomous basis, proportional leverage stable at 2.6x (1.99x excl. assets under construction; ambition 2.5–3x, temporary 3–3.5x during construction), ~EUR 1.9bn growth spend since 2022 (EUR 650m commissioned, EUR 1.3bn under construction), expect ~EUR 775m commissioning near year-end and target EUR 4bn growth CapEx by 2030, while distributing ~EUR 1.7bn to shareholders through 2030.

Royal Vopak Financial Statement Overview

Summary

Strong profitability and consistently positive operating/free cash flow support the score, and leverage appears manageable with improving debt-to-equity versus 2022. Offsetting factors are weakening revenue in 2024–2025 and uneven earnings/returns across the cycle (including a 2022 loss), which reduces consistency.

Income Statement

74Positive

Balance Sheet

64Positive

Cash Flow

70Positive

Financial statement breakdown
Breakdown	TTM	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	1.33B	1.30B	1.32B	1.44B	1.38B	1.24B
Gross Profit	1.01B	983.70M	1.01B	1.38B	1.03B	896.10M
EBITDA	932.07M	896.56M	925.20M	1.02B	423.30M	643.80M
Net Income	469.69M	580.16M	375.70M	455.70M	-168.40M	214.20M
Balance Sheet
Total Assets	7.09B	7.11B	6.80B	6.65B	7.00B	7.09B
Cash, Cash Equivalents and Short-Term Investments	99.10M	99.46M	94.20M	197.00M	33.80M	73.40M
Total Debt	2.94B	2.80B	2.77B	2.48B	3.08B	3.00B
Total Liabilities	3.68B	3.72B	3.56B	3.28B	3.85B	3.74B
Stockholders Equity	3.28B	3.26B	3.10B	3.22B	2.98B	3.19B
Cash Flow
Free Cash Flow	473.36M	421.48M	573.40M	452.20M	439.10M	163.50M
Operating Cash Flow	830.25M	751.23M	909.10M	866.20M	825.20M	682.00M
Investing Cash Flow	-488.76M	-565.18M	-495.30M	109.60M	-489.40M	-588.40M
Financing Cash Flow	-300.64M	-174.05M	-528.80M	-801.90M	-353.50M	-84.80M

Royal Vopak Technical Analysis

Technical Analysis SentimentPositive

Last Price60.73

Price Trends

50DMA56.29Positive

100DMA54.63Positive

200DMA52.40Positive

Market Momentum

MACD1.38Negative

RSI67.62Neutral

STOCH83.51Negative

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For VOPKY, the sentiment is Positive. The current price of 60.73 is above the 20-day moving average (MA) of 58.94, above the 50-day MA of 56.29, and above the 200-day MA of 52.40, indicating a bullish trend. The MACD of 1.38 indicates Negative momentum. The RSI at 67.62 is Neutral, neither overbought nor oversold. The STOCH value of 83.51 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for VOPKY.

Royal Vopak Peers Comparison

Overall Rating

UnderperformOutperform

Sector (65)

Financial Indicators

VOPKY against its peers
Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
MPLX	85Outperform	$60.99B	12.91	33.42%	7.16%	4.79%	10.20%
PAA	85Outperform	$18.70B	7.34	27.46%	6.30%	9.00%	299.23%
ET	82Outperform	$72.00B	12.57	16.77%	6.43%	33.27%	12.55%
KMI	78Outperform	$75.45B	20.91	11.46%	3.48%	12.24%	32.06%
EPD	72Outperform	$82.38B	12.67	22.21%	5.82%	22.19%	―
VOPKY	70Outperform	$6.67B	13.20	14.41%	4.72%	8.18%	6.80%
Sector *	65Neutral	$15.17B	7.61	4.09%	5.20%	3.87%	-62.32%

* Energy Sector Average

Performance Comparison

VOPKY and its peers over the selected period
Ticker	Company Name	Price	Change	% Change
VOPKY	Royal Vopak NV	60.73	17.61	40.86%
ET	Energy Transfer Equity	20.91	5.25	33.54%
EPD	Enterprise Products Partners	38.15	9.36	32.53%
KMI	Kinder Morgan Inc	33.87	8.51	33.58%
PAA	Plains All American Pipeline	26.51	11.35	74.85%
MPLX	MPLX LP	60.16	13.12	27.88%

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 28, 2026

Royal Vopak AI Stock Analysis